ECOFIN is an acronym for “Economic and Financial Affairs Council” and it is one of the 10 configurations of the Council of the European Union (EU), as well as one of the oldest ones. The sessions of ECOFIN are usually conducted once a month and Economics and Finance ministers of all twenty eight member states, as well as relevant European Commissioners participate in these meetings. The main responsibilities of this configuration of the Council are to decide upon the economic policy, taxation matters, financial markets and capital movements of the EU and coordinating the economic relations of the EU with third parties. ECOFIN handles the legal and practical aspects of the currency Euro (€) and determines the annual budget of the EU with the European Parliament.
Furthermore, the position of European Union within international organizations; such as G20, the International Monetary Fund and the World Bank, is determined in the Economic and Financial Affairs Council. The council coordinates the economic integration of member states and has played a crucial role in the matter. In accordance with the recent developments in the EU’s economy, the sessions of ECOFIN have become more crucial and the debates about economic integration have intensified. The decisions that are made in these sessions will determine the future of the EU as a whole.
Under-Secretary General Responsible for the Committee
Duygu ÇINAR: email@example.com