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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〔(Economic and Financial Affairs )〕 and is composed of the economics and finance ministers of the 28 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 €100 bn.
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