The Economic and Financial Affairs Council (ECOFIN) is composed of the Ministers for Economic and Financial Affairs of the member states or, when the situation so requires, by budget ministers. It meets once a month and deals with a number of issues like coordination of economic policies, monitoring of financial and budgetary policy of member states, the euro, financial markets, financial transactions and relations with third countries.
ECOFIN, together with the European Parliament, prepares the annual budget of the European Union. It takes decisions by qualified majority, by consultations or co-decision with the European Parliament. For tax matters, it takes decisions by unanimity. The day before the meeting of the Ecofin Council, the Eurogroup formed by the Ministers for Economic and Financial Affairs of the Eurozone countries meets.
For more information visit the website of the Council of the European Union.