The Economic and Financial Affairs Council (ECOFIN) is one of the key configurations of the Council of the European Union. It is responsible for economic policy, taxation, financial markets and capital movements, and economic relations with countries outside the EU. ECOFIN is composed of the economic and finance ministers from all EU member states, along with relevant European Commissioners.

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ECOFIN plays a crucial role in coordinating EU economic policies, monitoring member states’ budgets, managing the EU’s financial regulations, and adopting legislative proposals related to the EU’s internal market and economic governance. It also prepares the EU’s annual budget in coordination with the European Parliament.