The ECOFIN Council is one of 10 configurations of the Council of the EU, being also one of 3 oldest (next to Agriculture and Fisheries Council and General Affairs Council). Members of ECOFIN are the economics and finance ministers from all member states. In Poland, the Minister of Finance is the competent minister to participate and communicate a binding position at the meetings.

The ECOFIN Council is responsible for coordination of economic policies of the EU Member States. It deals with the monitoring of budgetary policies and public finances, including the excessive deficit procedure. The Council also ensures the proper functioning of the Economic and Monetary Union and adopts appropriate measures with regard to the single currency - euro. Only the countries of the euro area are entitled to vote on euro matters. The ECOFIN Council has also competence in financial services and taxation as well as the EU budget.

The ECOFIN Council decides mainly by qualified majority, after consultation or as part of the codecision with the European Parliament. Exceptions are tax issues, where ECOFIN Council decisions are made unanimously.

The ECOFIN meetings are held once a month in Brussels, except for April, June, September and October. In June and October, ministers meet in Luxembourg in accordance with the EU rules. Whereas, usually in April and September ECOFIN meetings are informal and are organized by and in the country holding the Council of the EU presidency in the given half-year. On the eve of the ECOFIN Council, meetings of finance ministers in the Eurogroup format are held. Eurogroup is a discussion forum where the ministers of the euro area member states discuss matters relating to their shared responsibilities.

Further information: