Economic and Financial Affairs Council

{{Short description|Configuration of the Council of the European Union}} {{Redirect|Ecofin|the UN body|Economic and Financial Committee (United Nations)}} {{distinguish|Economic and Financial Committee (European Union)}} {{Politics of the European Union}} The '''Economic and Financial Affairs Council''' ('''ECOFIN''') is one of the oldest configurations of the Council of the European Union<ref name=C>[http://www.consilium.europa.eu/en/policies/?top%5B%5D=271 Economic and Financial Affairs<!-- Bot generated title -->]</ref> and is composed of the economics and finance ministers of the 27 European Union member states, as well as Budget Ministers when budgetary issues are discussed.

ECOFIN often works with the European Commissioner for Economic and Financial Affairs and the President of the European Central Bank.

==Tasks== 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.<ref name=C/> It also prepares and adopts every year, together with the European Parliament, the budget of the European Union which is about €145 bn.<ref>{{cite web |url=http://europa.eu/pol/financ/index_en.htm |title=EUROPA - Activities of the European Union - Budget |website=europa.eu |url-status=dead |archive-url=https://web.archive.org/web/20060615105457/http://europa.eu/pol/financ/index_en.htm |archive-date=2006-06-15}} </ref>

Art. 284 of the TFEU enables the ECOFIN president can attend the meetings of the ECB's Governing Council as an observer.

==Decision making== 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.<ref name=C/> 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.<ref name=cofc>[http://ec.europa.eu/taxation_customs/taxation/company_tax/harmful_tax_practices/index_en.htm ec.europa.eu: Taxation and Customs Union - Harmful tax competition - Code of Conduct]</ref> For example, that Group has resolved issues of tax policy on Jersey, Gibraltar and other "dependent or associated territories",<ref name=cofc/> and investigated the UK Patent Box tax treatment.<ref>[http://www.tmf-group.com/en/media-centre/news-and-insights/october-2013/eu-code-of-conduct-group-finds-uk-patent-box-harmful TMF Group: "EU’s Code of Conduct Group finds UK’s Patent Box harmful" 25 Oct 2013]</ref><ref>{{Cite web |url=http://www.dlapiper.com/files/Publication/306a0b81-36bf-40c7-9ae9-ba9eb0d9c568/Presentation/PublicationAttachment/f2e7a02c-21bc-4925-a7b4-cec05d94899f/EC_challenges_the_uk_patent_box.pdf |title=DLA Piper: "EC CHALLENGES THE UK PATENT BOX" Oct 2013 |access-date=2014-03-05 |archive-date=2021-12-03 |archive-url=https://web.archive.org/web/20211203092129/http://www.dlapiper.com/files/Publication/306a0b81-36bf-40c7-9ae9-ba9eb0d9c568/Presentation/PublicationAttachment/f2e7a02c-21bc-4925-a7b4-cec05d94899f/EC_challenges_the_uk_patent_box.pdf |url-status=dead }}</ref><ref>[http://www.reddie.co.uk/news-and-resources/ip-developments/uk-patent-box-taxing-times Reddie & Grose: "18 December 2013: UK Patent Box – Taxing times?"] {{webarchive|url=https://web.archive.org/web/20140305042317/http://www.reddie.co.uk/news-and-resources/ip-developments/uk-patent-box-taxing-times |date=5 March 2014 }}</ref>

==Members==

{| class="wikitable sortable" style="background:white;" |- ! colspan="3" class="unsortable" |Member<ref>{{cite web |title=Members of the Eurogroup (in inclusive format)|url=https://www.consilium.europa.eu/en/eurogroup/eurogroup-members/eurogroup-inclusive-members/ |publisher=European Council |access-date=23 January 2026}}</ref> !Representing !Political party !Member since |- | style="background-color: {{party color|Independent}}"| |90px |{{sortname|Makis|Keravnos}} |Council Chair (1 January - 30 June 2026) {{flag|Cyprus}} |Independent<br />{{small|''National: Democratic Party''}} |{{Date table sorting|format=dmy|2023|3|1}} |- | style="background-color: {{party color|Party of European Socialists}}"| |90px |{{sortname|Markus|Marterbauer}} |{{flag|Austria}} |Party of European Socialists<br />{{small|''National: Social Democratic Party''}} |{{Date table sorting|format=dmy|2025|3|3}} |- | style="background-color: {{party color|European People's Party}}"| |90px |{{sortname|Vincent|Van Peteghem}} |{{flag|Belgium}} |European People's Party<br />{{small|''National: Christian Democratic and Flemish''}} |{{Date table sorting|format=dmy|2020|10|1}} |- | style="background-color: {{party color|Independent politician}}"| |90px |{{sortname|Georgi|Klissurski}} |{{flag|Bulgaria}} |Independent |{{Date table sorting|format=dmy|2026|2|19}} |- | style="background-color: {{party color|European People's Party}}"| |90px |{{sortname|Tomislav|Ćorić}} |{{flag|Croatia}} |European People's Party<br />{{small|''National: Croatian Democratic Union''}} |{{Date table sorting|format=dmy|2026|1|29}} |- | style="background-color: {{party color|Patriots for Europe}}"| |90px |{{sortname|Alena|Schillerová}} |{{flag|Czechia}} |Patriots.eu<br />{{small|''National: ANO 2011''}} |{{Date table sorting|format=dmy|2025|12|15}} |- | style="background-color: {{party color|Alliance of Liberals and Democrats for Europe}}"| |90px |{{sortname|Stephanie|Lose}} |{{flag|Denmark}} |Alliance of Liberals and Democrats for Europe Party<br />{{small|''National: Venstre''}} |{{Date table sorting|format=dmy|2023|11|23}} |- | style="background-color: {{party color|Alliance of Liberals and Democrats for Europe}}"| |90px |{{sortname|Jürgen|Ligi}} |{{flag|Estonia}} |Alliance of Liberals and Democrats for Europe Party<br />{{small|''National: Estonian Reform Party''}} |{{Date table sorting|format=dmy|2024|7|23}} |- | style="background-color: {{party color|European Conservatives and Reformists Party}}"| |90px |{{sortname|Riikka|Purra}} |{{flag|Finland}} |European Conservatives and Reformists Party<br />{{small|''National: Finns Party''}} |{{Date table sorting|format=dmy|2023|6|20}} |- | style="background-color: {{party color|Independent}}"| |90px |{{sortname|Roland|Lescure}} |{{flag|France}} |Independent<br />{{small|''National: Renaissance''}} |{{Date table sorting|format=dmy|2025|10|05}} |- | style="background-color: {{party color|Party of European Socialists}}"| |90px |{{sortname|Lars|Klingbeil}} |{{flag|Germany}} |Party of European Socialists<br />{{small|''National: Social Democratic Party''}} |{{Date table sorting|format=dmy|2025|5|6}} |- | style="background-color: {{party color|European People's Party}}"| |90px |{{sortname|Kyriakos|Pierrakakis}} |{{flag|Greece}} |European People's Party<br />{{small|''National: New Democracy''}} |{{Date table sorting|format=dmy|2025|3|15}}f |- | style="background-color: {{party color|Independent}}"| |90px |{{sortname|Márton|Nagy}} |{{flag|Hungary}} |Independent |{{Date table sorting|2022|5|24}} |- | style="background-color: {{party color|European People's Party}}"| |90px |{{sortname|Simon|Harris}} |{{flag|Ireland}} |European People's Party<br />{{small|''National: Fine Gael''}} |{{Date table sorting|format=dmy|2025|11|18}} |- | style="background-color: {{party color|Patriots.eu}}"| |90px |{{sortname|Giancarlo|Giorgetti}} |{{flag|Italy}} |Patriots<br />{{small|''National: League''}} |{{Date table sorting|format=dmy|2022|10|22}} |- | style="background-color: {{party color|European People's Party}}"| |90px |{{sortname|Arvils|Ašeradens}} |{{flag|Latvia}} |European People's Party<br />{{small|''National: Unity''}} |{{Date table sorting|format=dmy|2022|12|14}} |- | style="background-color: {{party color|Party of European Socialists}}"| | |{{sortname|Kristupas|Vaitiekūnas}} |{{flag|Lithuania}} |Party of European Socialists<br />{{small|''National: Social Democratic Party''}} |{{Date table sorting|format=dmy|2025|09|25}} |- | style="background-color: {{party color|European People's Party}}"| | 90px |{{sortname|Gilles|Roth}} |{{flag|Luxembourg}} |European People's Party<br />{{small|''National: Christian Social People's Party''}} |{{Date table sorting|format=dmy|2023|11|17}} |- | style="background-color: {{party color|Party of European Socialists}}"| |90px |{{sortname|Clyde|Caruana}} |{{flag|Malta}} |Party of European Socialists<br />{{small|''National: Labour Party''}} |{{Date table sorting|format=dmy|2020|11|22}} |- | style="background-color: {{party color|Alliance of Liberals and Democrats for Europe}}"| |90px |{{sortname|Eelco|Heinen}} |{{flag|Netherlands}} |Alliance of Liberals and Democrats for Europe Party<br />{{small|''National: People's Party for Freedom and Democracy''}} |{{Date table sorting|format=dmy|2024|7|2}} |- | style="background-color: {{party color|European People's Party}}"| |90px |{{sortname|Andrzej|Domański}} |{{flag|Poland}} |European People's Party<br />{{small|''National: Civic Coalition''}} |{{Date table sorting|format=dmy|2023|12|13}} |- | style="background-color: {{party color|European People's Party}}"| |90px |{{sortname|Joaquim|Miranda Sarmento}} |{{flag|Portugal}} |European People's Party<br />{{small|''National: Social Democratic Party''}} |{{Date table sorting|format=dmy|2024|4|2}} |- | style="background-color: {{party color|European People's Party}}"| | |{{sortname|Alexandru|Nazare}} |{{flag|Romania}} |European People's Party<br />{{small|''National: National Liberal Party''}} |{{Date table sorting|format=dmy|2025|6|23}} |- | style="background-color: {{party color|Independent politician}}"| |90px |{{sortname|Ladislav|Kamenický}} |{{flag|Slovakia}} |Independent <br />{{small|''National: Direction – Social Democracy''}} |{{Date table sorting|format=dmy|2023|10|25}} |- | style="background-color: {{party color|Renew Europe}}"| |90px |{{sortname|Klemen|Boštjančič}} |{{flag|Slovenia}} |Renew Europe<br />{{small|''National: Freedom Movement''}} |{{Date table sorting|format=dmy|2022|6|1}} |- | style="background-color: {{party color|Independent politician}}"| |90px |{{sortname|Carlos|Cuerpo}} |{{flag|Spain}} |Independent |{{Date table sorting|format=dmy|2023|12|29}} |- | style="background-color: {{party color|European People's Party}}"| |90px |{{sortname|Elisabeth|Svantesson}} |{{flag|Sweden}} |European People's Party<br />{{small|''National: Moderate Party''}} |{{Date table sorting|format=dmy|2022|10|18}} |}

==See also== * Eurogroup (finance ministers only of the eurozone states) * List of acronyms: European sovereign-debt crisis

==References== {{reflist}}

==External links== * {{Commonscatinline}} * [http://www.consilium.europa.eu/en/council-eu/configurations/ecofin/ About the Economic and Financial Affairs Council] * [http://www.consilium.europa.eu/en/press/press-releases/?cc%5B%5D=604&stDt=20150217 Press releases of the Economic and Financial Affairs Council]

{{Euro topics}} {{Council of the European Union}}

Category:Council of the European Union Category:Finance in the European Union