- (Photo: EUobserver.com)
Popular abbreviation for the Council of Economic and Financial Affairs Ministers that also governs the Economic and Monetary Union.
Before official meetings ministers of the countries which have adopted the Euro often hold informal meetings.
The Lisbon Treaty provides for a more formal role for the ECOFIN ministers from the Eurozone countries. According to a special protocol on the Euro-Group, an informal Euro-club has been established with a president elected for 2½ years and unified representation in international financial institutions.
In the EU of 28 countries, by 2014 18 were Euro-members, although all the new member states are committed in their accession treaties to join the Euro when they fulfil the criteria.