Economic and Financial Affairs Council

13 July 2010
10:30 - 20:00

The Ecofin Council, which is composed of the Ministers of the Economy and/or Finance of the EU Member States, meets once a month. The Ministers discuss issues including the coordination of economic policy, financial services, tax and the euro. The EU Budget Ministers also tackle the adoption of the EU budget within this Council.

The 3027th session of the Council of the European Union - ECONOMIC and FINANCIAL AFFAIRS - will take place on 13 July 2010 (10.30), in the Justus Lipsius Building, Brussels, under the presidency of Mr Didier REYNDERS, Deputy Prime Minister for Finance and Institutional Reforms of Belgium.

The following items will be discussed at this session:

Legislative deliberations

- Public deliberation

Financial supervision

Proposal for a Council Regulation entrusting the European Central Bank with specific tasks concerning the functioning of the European Systemic Risk Board
Proposal for a Regulation of the European Parliament and of the Council on Community macro prudential oversight of the financial system and establishing a European Systemic Risk Board
Proposal for a Regulation of the European Parliament and of the Council establishing a European Insurance and Occupational Pensions Authority
Proposal for a Regulation of the European Parliament and of the Council establishing a European Securities and Markets Authority
Proposal for a Regulation of the European Parliament and of the Council establishing a European Banking Authority
Proposal for a Directive of the European Parliament and of the Council amending Directives 1998/26/EC, 2002/87/EC, 2003/6/EC, 2003/41/EC, 2003/71/EC, 2004/39/EC, 2004/109/EC, 2005/60/EC, 2006/48/EC, 2006/49/EC, and 2009/65/EC in respect of the powers of the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority

Non-legislative activities

Programme of the Belgian Presidency - Public debate
Follow-up to European Council
Commission communication on reinforcing economic policy coordination - Commission presentation
Other items from the European Council - Exchange of views
Broad Economic Policy Guidelines - Adoption
Implementation of the Stability and Growth Pact
Adoption of the euro by Estonia - Adoption of legal acts
- Decision on the adoption of the euro by Estonia on 1 January 2011
- Regulation on the introduction of the euro in Estonia
- Regulation on the conversion rate to the euro for Estonia

The presidency will hold a press conference at the end of the council.

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Councils: Economic and Financial Affairs

Where

Justus Lipsius, Rue de la Loi 175, 1000 Brussels

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Decision-making process

Council of the EU:
The Council decides

The Council decides on legislative proposals. This takes place in accordance with normal legislative procedure, in consultation with the European Parliament. The Council meets in various configurations. There have been ten council configurations since the Treaty of Lisbon came into effect. Each council configuration deals with a number of fixed areas and is comprised of the authorised national ministers. Every minister in the Council is authorised to enter into agreements on behalf of their government. Each council configuration – except for the Foreign Affairs Council, which is chaired by the High Representative – is chaired by the member state currently presiding over the rotating six month role.
European Parliament:
The European Parliament decides

The European Parliament has various commissions. They prepare the contents of the recommendations for the legislative proposals. The European Parliament, together with the Council, accepts legislative proposals from the European Commission. Since the Treaty of Lisbon came into effect, the procedure whereby both institutions decide on the vast majority of the areas on an equal footing (normal legislative procedure) has been applicable. In this normal legislative procedure, both institutions must approve the legislative proposal in question. The European Parliament can accept, reject or change the content of legislative proposals.
Council working groups and the COREPER:
The council working groups and the COREPER prepare

The council working groups and the Permanent Representatives Committee prepare the Council activities. They attempt to prepare the ground as much as possible for a compromise. There is therefore a long and intensive preparation before every Council meeting. The member state chairing the Council presides over the Coreper and the bulk of the council working groups.
European Commission:
The European Commission draws up new legislative proposals

The European Commission draws up legislative proposals that it presents to the Parliament and the Council. These proposals must protect the interests of the EU as a whole. The Commission is comprised of 27 members. Each member state therefore nominates one member. The College of Commissioners meets every week on Wednesday mornings in Brussels. In these meetings they discuss each point on the agenda and then make a collective decision. Each member of the Commission can request a vote. The European Commission decides by normal majority.

Belgian Presidency of the Council of the European Union

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