Economic and Financial Affairs Council (ECOFIN)
The Economic and Financial Affairs Council (ECOFIN) is responsible for the EU’s economic policy, taxation issues and the regulation of financial services. Its remit also includes legal and practical issues regarding the euro, the coordination of EU positions for meetings at international level and the financial aspects of international negotiations on measures to tackle climate change. ECOFIN generally meets once a month and is made up of the Economics and Finance Ministers of all the Member States. The day before each ECOFIN Council meeting, a meeting of the Eurogroup Ministers takes place. The Eurogroup was created to meet the need for enhanced economic policy coordination amongst Member States sharing the single currency, the euro.