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.
An informal Ecofin meeting is held every six months instead of a formal meeting. This is organised by and held in the Member State which is chairing the Council of the European Union, to allow an informal exchange of views on current economic and financial issues.
The Eurogroup (comprising the Finance Ministers of the Member States which have adopted the Euro) meets on the day before the Ecofin meeting. They discuss issues relating to the Economic and Monetary Union (EMU), such as the Stability and Growth Pact. The aim of the Stability and Growth Pact is to avoid excessive budget deficits amongst the Member States, in order to guarantee the stability of the European currency, the euro. The Eurogroup is an informal body and is not part of the Ecofin Council.
The EU Budget Ministers also meet once a year in the Ecofin Council, where they vote, in conjunction with the European Parliament, on the budget put forward by the European Commission, in conjunction with the European Parliament. The European Parliament together with the Council of the European Union constitutes the EU’s budget authority.
During Belgium’s Presidency of the Council of the European Union, the Ecofin Council is scheduled to hold a formal meeting on 13th July, 17th November and 7th December in Brussels and on 19th October in Luxembourg. The informal Ecofin Council meeting is to be held on 30th September and 1st October in Brussels.