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GLOSSARY

Economic and Financial Affairs Council definition

Published by a LexisNexis EU Law expert

What does Economic and Financial Affairs Council mean?

ECOFIN is one of the oldest configurations of the Council which is made up of the Ministers of Economics and Finance of the Member States and also the budget Ministers when budgetary issues are discussed.

ECOFIN covers a number of policy areas including economic policy coordination, economic surveillance, monitoring the budgetary policy and public finances of the Member States, the euro, financial markets and capital movements, and economic relations with third countries. ECOFIN, together with the European Parliament, is responsible for the preparation and adoption of the budget of the Union.

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European supra-national bodies—how policy ideas are translated into national legislative initiatives

BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see: Brexit and financial services: materials on the post-Brexit UK/EU regulatory regime.Starting the process of translating policy to legislationAt the European level, the development and enforcement of rules by supra-national bodies is governed by the Lamfalussy process, which was designed by the 'Committee of Wise Men' on the Regulation of European Securities Markets (the Lamfalussy Committee) and described in its final report published on 15 February 2001. The four level Lamfalussy process is explained in diagrammatical form in Appendix 1, and Levels 1 and 2 are examined in more detail in Appendices 2 and 3. However, it is always important to bear in mind who makes up the constituent...

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