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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