- Economic and Financial Affairs Council
The Economic and Financial Affairs Council (ECOFIN) is one of the oldest configurations of the
Council of the European Union[http://www.consilium.europa.eu/cms3_fo/showPage.asp?id=250&lang=en Economic and Financial Affairs ] ] 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.
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. It also prepares and adopts every year, together with the European Parliament, the budget of the European Union which is about €100 bn.
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. 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.
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