The Economic and Financial Affairs Council (ECOFIN) is one of the oldest configurations of the Council of the European Union 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. It also prepares and adopts every year, together with the European Parliament, the budget of the European Union which is about €145 bn.
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. 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. For example, that Group has resolved issues of tax policy on Jersey, Gibraltar and other "dependent or associated territories", and investigated the UK Patent Box tax treatment.
Members
| Member | Representing | Political party | Member since | ||
|---|---|---|---|---|---|
| Makis Keravnos | Acting President Cyprus | Progressive Alliance of Socialists and Democrats National: Democratic Party | 1 March 2023 | ||
| Markus Marterbauer | Austria | Party of European Socialists National: Social Democratic Party | 3 March 2025 | ||
| Vincent Van Peteghem | Belgium | European People's Party National: Christian Democratic and Flemish | 1 October 2020 | ||
| Temenuzhka Petkova | Bulgaria | European People's Party National: GERB | 25 January 2025 | ||
| Marko Primorac | Croatia | Independent | 15 July 2022 | ||
| Zbyněk Stanjura | Czechia | European Conservatives and Reformists Party National: Civil Democratic Party | 17 December 2021 | ||
| Stephanie Lose | Denmark | Alliance of Liberals and Democrats for Europe Party National: Venstre | 23 November 2023 | ||
| Jürgen Ligi | Estonia | Alliance of Liberals and Democrats for Europe Party National: Estonian Reform Party | 23 July 2024 | ||
| Riikka Purra | Finland | European Conservatives and Reformists Party National: Finns Party | 20 June 2023 | ||
| Roland Lescure | France | Independent National: Renaissance | 5 October 2025 | ||
| Lars Klingbeil | Germany | Party of European Socialists National: Social Democratic Party | 6 May 2025 | ||
| Kyriakos Pierrakakis | Greece | European People's Party National: New Democracy | 15 March 2025 | ||
| Márton Nagy | Hungary | Independent | May 24, 2022 | ||
| Simon Harris | Ireland | European People's Party National: Fine Gael | 18 November 2025 | ||
| Giancarlo Giorgetti | Italy | Patriots National: League | 22 October 2022 | ||
| Arvils Ašeradens | Latvia | European People's Party National: Unity | 14 December 2022 | ||
| Kristupas Vaitiekūnas | Lithuania | Party of European Socialists National: Social Democratic Party | 25 September 2025 | ||
| Gilles Roth | Luxembourg | European People's Party National: Christian Social People's Party | 17 November 2023 | ||
| Clyde Caruana | Malta | Party of European Socialists National: Labour Party | 22 November 2020 | ||
| Eelco Heinen | Netherlands | Alliance of Liberals and Democrats for Europe Party National: People's Party for Freedom and Democracy | 2 July 2024 | ||
| Andrzej Domański | Poland | European People's Party National: Civic Coalition | 13 December 2023 | ||
| Joaquim Miranda Sarmento | Portugal | European People's Party National: Social Democratic Party | 2 April 2024 | ||
| Alexandru Nazare | Romania | European People's Party National: National Liberal Party | 23 June 2025 | ||
| Ladislav Kamenický | Slovakia | Independent National: Direction – Social Democracy | 25 October 2023 | ||
| Klemen Boštjančič | Slovenia | Renew Europe National: Freedom Movement | 1 June 2022 | ||
| Carlos Cuerpo | Spain | Independent | 29 December 2023 | ||
| Elisabeth Svantesson | Sweden | European People's Party National: Moderate Party | 18 October 2022 | ||
See also
- Eurogroup (finance ministers only of the eurozone states)
- List of acronyms: European sovereign-debt crisis
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