TheEconomic and Financial Affairs Council (ECOFIN) is one of the oldest configurations of theCouncil of the European Union[1] and is composed of the economics andfinance ministers of the 27European Union member states, as well as Budget Ministers when budgetary issues are discussed.
ECOFIN often works with theEuropean Commissioner for Economic and Financial Affairs and thePresident of the European Central Bank.
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, theeuro (legal, practical and international aspects),financial markets andcapital movements and economic relations with third countries.[1] It also prepares and adopts every year, together with theEuropean Parliament, thebudget of the European Union which is about €145 bn.[2]
Art. 284 of the TFEU enables the ECOFIN president can attend the meetings of the ECB's Governing Council as an observer.
The council meets once a month and decides mainly byqualified majority, inconsultation orcodecision 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 theCode of Conduct Group.[3] For example, that Group has resolved issues of tax policy onJersey,Gibraltar and other "dependent or associated territories",[3] and investigated the UKPatent Box tax treatment.[4][5][6]
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