Economic and Financial Affairs Council Meeting is a monthly meeting of the Finance Ministers of the European Union member states. The ministers discuss coordination of economic measures, budgetary policies and financial markets of the EU countries.
The Economic and Financial Affairs Council Meeting (ECOFIN) is one of the oldest advisory body of the Council of the European Union. It is composed of the economics and finance ministers of 28 EU member states. Budget Ministers of member states are also invited when budgetary issues are discussed.
The Council covers a number of policy areas, such as coordination of Member States' economic policies, economic surveillance, monitoring of budgetary policy, the euro (legal, practical and international aspects), regulation of financial markets, capital movements and economic relations with third countries. Together with the European Parliament, the Council prepares and adopts the budget for the European Union.
When the Council discusses euro-related issues, the Member States with a different currency (for example, the Czech Republic or Norway) do not participate in voting.
Decisions taken at the meeting may have an impact on the euro rate.