Economic and Financial Affairs
The Economic and Financial Affairs Council is commonly known as the Ecofin Council and is composed of the Member States’ Economics and Finance Ministers. During its Presidency, Finland will hold four meetings of the Ecofin Council in Brussels and Luxembourg. The meetings will be chaired by Minister of Finance, Eero Heinäluoma. The Eurogroup, currently composed of the twelve countries that have adopted the euro, always meets the day before the Ecofin meeting.
When issues relating to the EU budget are discussed, the Ecofin Council also brings together the ministers responsible for budget matters in the Member States. During Finland’s EU Presidency, the Ecofin Council will meet twice to consider budget affairs. The meetings will be chaired by Coordinate Minister for Finance, Ulla-Maj Wideroos.
Main issues
Finland’s EU Presidency will focus on ways to promote economic growth and employment in Europe and to strengthen Europe’s global position.
The priorities in relation to economic and financial matters include economic policy coordination, the stability and integration of financial markets, enlargement of the euro zone, cooperation on taxation issues (including a Directive on the taxation of alcohol), reform of the European Investment Bank’s external lending mandate, and implementation of initiatives concerned with better regulation. Other key issues are: preparation of the EU’s budget for 2007 and finalisation of a Council decision on the EU’s system of financing, the “own resources” system. With regard to the budget process, Finland holds the Presidency for the whole of 2006.
Meetings
The Ecofin Council will meet seven times during Finland’s EU Presidency. In addition to the official meetings of the Ecofin Council in Brussels and Luxembourg, Finland will hold an informal meeting of the EU ministers responsible for economic and financial affairs in Helsinki in September. The meeting will discuss the current state of the global economy and the outlook, issues relating to the stability of financial markets and the institutional development of the International Monetary Fund. In addition, the ministers will discuss how, by removing obstacles, to promote risk financing in a competitive global environment and to encourage the use of innovations in business.
In addition to the informal Ecofin Council, Finland will also host a meeting of the Budget Committee.
More on this website:
- Other document, 08 Jul 2006, 11:19
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Council Work Programme (ECOFIN) - Other document, 06 Jul 2006, 12:52
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Letter by the Minister of Finance, Eero Heinäluoma, to his colleagues - Other document, 04 Jul 2006, 17:32
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Finnish Presidency objective is improving EU conditions for economic growth and employment - Other document, 04 Jul 2006, 15:33
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Finland's Presidency of the European Union: themes of the Ecofin sector - Press release, 04 Jul 2006, 12:30
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Finnish Presidency objective is improving EU conditions for economic growth and employment
Links:
The Council of the European Union: Ecofin Press Releases
Ministry of Finance: Other meetings organised in Finland
