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The Economic and Financial Affairs Council
Economic and Financial Affairs Council
(ECOFIN) is one of the oldest configurations of the Council of the European Union[1] and is composed of the economics and finance ministers of the 28 European Union member states, as well as Budget Ministers when budgetary issues are discussed. ECOFIN often works with the European Commissioner
European Commissioner
for Economic and Financial Affairs and the President of the European Central Bank.

Contents

1 Tasks 2 Decision making 3 See also 4 References 5 External links

Tasks[edit] The Council covers a number of EU policy areas, such as economic policy coordination, economic surveillance, monitoring of Member States' budgetary policy and public finances, the euro (legal, practical and international aspects), financial markets and capital movements and economic relations with third countries.[1] It also prepares and adopts every year, together with the European Parliament, the budget of the European Union
European Union
which is about €145 bn.[2] Decision making[edit] The council meets once a month and decides mainly by qualified majority, in consultation or codecision with the European Parliament, with the exception of fiscal matters which are decided by unanimity.[1] When the Ecofin Council examines dossiers related to the euro and EMU, the representatives of the Member States whose currency is not the euro do not take part in the vote of the Council. ECOFIN delegates some of its tasks to the Code of Conduct Group.[3] For example, that Group has resolved issues of tax policy on Jersey, Gibraltar
Gibraltar
and other "dependent or associated territories",[3] and investigated the UK Patent Box tax treatment.[4][5][6] See also[edit]

Code of Conduct Group Eurogroup
Eurogroup
(finance ministers only of the eurozone states) List of acronyms: European sovereign-debt crisis

References[edit]

^ a b c Economic and Financial Affairs ^ http://europa.eu/pol/financ/index_en.htm ^ a b ec.europa.eu: Taxation and Customs Union - Harmful tax competition - Code of Conduct ^ TMF Group: "EU’s Code of Conduct Group finds UK’s Patent Box harmful" 25 Oct 2013 ^ DLA Piper: "EC CHALLENGES THE UK PATENT BOX" Oct 2013 ^ Reddie & Grose: "18 December 2013: UK Patent Box – Taxing times?" Archived 5 March 2014 at the Wayback Machine.

External links[edit]

About the Economic and Financial Affairs Council Press releases of the Economic and Financial Affairs Council

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Euro
Euro
topics

General

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Euro
sign Eurozone Linguistic issues

Administration

European Central Bank ECB President European System of Central Banks Eurosystem Ecofin Eurogroup Euro
Euro
summit

Fiscal provisions

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Euro
Plus Pact Six pack European Fiscal Compact

History

"Snake in the tunnel" European Monetary System

I ECU II ERM III EMU

European Monetary Cooperation Fund European Monetary Institute Enlargement Black Wednesday

Economy

Economy of Europe Economy of the European Union Eonia Euro
Euro
calculator Euro
Euro
Interbank Offered Rate (Euribor) Single Euro
Euro
Payments Area (SEPA)

International status

Proposed eurobonds Reserve currency Petroeuro World currency

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coins

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Euro
mint

banknotes

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Non-EU

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Potential adoption by other countries

EU

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Non-EU

Kosovo Montenegro

Currencies yielded

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Currencies remaining

ERM II

Danish krone

other (EU)

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Gibraltar
pound) Bulgarian lev Croatian kuna Czech koruna Hungarian forint Polish złoty Romanian leu Swedish krona

European Union
European Union
portal Numismatics portal

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Council of the European Union
European Union

Operation

Presidency (current trio: Bulgaria Austria Romania) Voting

Configurations

Agriculture and Fisheries Council Economic and Financial Affairs Council
Economic and Financial Affairs Council
(Eurogroup) Education, Youth, Culture and Sport Council Employment, Social Policy, Health and Consumer Affairs Council Environment Council Competitiveness Council Foreign Affairs Council General Affairs Council Justice and Home Affairs Council Transport, Telecommunications and Energy Council

Administration

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Buildings

Justus Lipsius Lex Europa

Eur

.