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Economic and Financial Affairs Council

The Economic and Financial Affairs Council (ECOFIN) works to create strong and resilient economies across the EU.

The Economic and Financial Affairs Council is responsible for developing and adopting EU legislation and policies aiming at ensuring financial stability and promoting economic growth across the European Union.

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Areas of work of the Economy and Financial Affairs Council

The Council coordinates national economic policies to promote sound and sustainable public finances, strengthen resilience through reforms and investments, and prevent excessive government deficits.

The Council works to harmonise taxation standards for companies and individuals, support the free movement of goods and services, fight tax fraud, and adapt tax rules to an increasingly digitalised world.

The Council works to deepen the capital markets union to improve companies' access to financing and broaden investment opportunities for citizens.

The Council works to maintain a secure and resilient banking system, to protect financial stability and citizens' savings.

The Council takes care of the single currency's legal aspects, including for EU member states to introduce the euro.

The Council adopts the EU's annual budget and works on the EU's own resources, ensuring funding for EU priorities.

The Council also coordinates EU positions for international meetings, such as the G20 and the International Monetary Fund. It is also responsible for the financial aspects of international negotiations on measures to tackle climate change.

How does the Economy and Financial Affairs Council work

Depending on the agenda, the Economic and Financial Affairs Council brings together ministers responsible for economic affairs, finance and the EU budget from all member states. The Economic and Financial Council meets in two different compositions.

Economic and Financial Affairs

The Economic and Financial Affairs Council is composed of the economy and finance ministers. They focus on the coordination of national economic policies, taxation issues and the regulation of financial services in the EU. Meetings generally take place once a month.

Budget

The ECOFIN Council (Budget) is composed of the ministers responsible for the EU budget from all EU member states. The meeting takes place at least once a year with the aim of preparing the EU's annual budget.

The relevant European Commissioners also participate in meetings.

The work of the ECOFIN Council is prepared by a number of specialised working parties and by Coreper II.

Work programme during the Irish presidency

The Irish presidency’s priorities include strengthening the EU's competitiveness and productivity, safeguarding economic resilience and fiscal sustainability, and remaining agile in the face of international economic developments.

The presidency focuses on advancing the savings and investments union, progressing work on the digital euro, deepening European capital markets, and strengthening the integration and competitiveness of the EU banking sector.

The presidency also places strong emphasis on regulatory simplification and effectiveness, while advancing economic coordination through the European Semester in support of sound fiscal policies and debt sustainability.

Eurogroup

The Eurogroup brings together ministers of the euro area member states responsible for finance to discuss issues related to the EU's common currency, the euro.

Its main role, as an informal body, is to coordinate economic policies within the euro area and to promote conditions for stronger economic growth.

The Eurogroup meets once a month, on the eve of the ECOFIN meeting.

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Eurogroup

Eurogroup

Economic and Financial Affairs Council meetings

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Press contacts

  • Patrick McCullough Press officer

    Economic and Financial Affairs, Budget, Multiannual financial framework (MFF)

  • +32 471 33 38 46
  • +32 2 281 91 19

If you are not a journalist, please send your request to the public information service.

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Last review: 7 July 2026