Eurofi is a

Paris Paris () is the capital and most populous city of France, with an estimated population of 2,165,423 residents in 2019 in an area of more than 105 km² (41 sq mi), making it the 30th most densely populated city in the world in 2020. S ...

-based nonprofit association that organizes non-public gatherings on European economic and financial policy. Eurofi meetings have become a regular venue for exchange between EU economic and financial policymakers and senior financial sector executives. In a 2019 feature article, the ''

Financial Times The ''Financial Times'' (''FT'') is a British daily newspaper printed in broadsheet and published digitally that focuses on business and economic current affairs. Based in London, England, the paper is owned by a Japanese holding company, Nik ...

'' called it "the think tank at the heart of the EU" while adding: "Although it describes itself as a think-tank, Eurofi defies categorisation."

History and activity

Eurofi was created in 2000 by French consultant Didier Cahen. It was initially co-chaired by and

Jacques de Larosière Jacques de Larosière de Champfeu (born 12 November 1929) is a French former civil servant who served as the president of the European Bank for Reconstruction and Development from 1993 to 1998. He previously served as the governor of the Banque de ...

. Lebègue left in 2011, and in 2016 David Wright, former head of the

European Commission The European Commission (EC) is the executive of the European Union (EU). It operates as a cabinet government, with 27 members of the Commission (informally known as "Commissioners") headed by a President. It includes an administrative body o ...

's Directorate-General for the Internal Market (now DG FISMA), succeeded Larosière as Eurofi chair. The main meetings organized by Eurofi are held twice a year, on the side of the informal

ECOFIN The Economic and Financial Affairs Council (ECOFIN) is one of the oldest configurations of the Council of the European Union and is composed of the economics and finance ministers of the 27 European Union member states, as well as Budget Minist ...

meeting under the rotating

presidency of the Council of the European Union The presidency of the Council of the European Union is responsible for the functioning of the Council of the European Union, which is the co-legislator of the EU legislature alongside the European Parliament. It rotates among the member state ...

: the "high-level seminar" in March or April, and the "financial forum" in September. The meetings are not public. Public officials who speak at Eurofi often publish the text of their speech on their own institution's website. Eurofi itself publishes curated summaries of the discussions, as well as articles by featured speakers assembled in twice-yearly volumes branded ''Views Magazine''. Eurofi is mainly financed by yearly subscriptions from its member organizations, most of which are financial firms. It had 66 members in 2019 and a budget above €3 million. It lists all member firms on its website.

Controversy

A full-page investigative article published by the ''

'' in September 2019 raised questions about the nature and role of Eurofi. It criticized Eurofi for lack of transparency, as its events have been closed to journalists since 2013; for letting its agenda be dominated by the special interests of the financial industry, particularly since 2010; for maintaining ambiguity about its official status, e.g. by using the logo of the six-month presidency of the Council; and for the high level of compensation of its consultant staff. It also observed that "Many EU officials contacted by the FT see going to Eurofi as part of their job."

Notes

European integration think tanks Political and economic think tanks based in France Political and economic think tanks based in the European Union Lobbying organizations in Europe {{EU-stub

History and activity

Controversy

See also

Notes