ECOFIN
- (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 16 countries which have adopted the Euro (the Eurozone countries, sometimes popularly known as Euroland), sometimes hold informal meetings. These meetings are also called Euro-X meetings from the time when it was uncertain how many countries would adopt the Euro currency.
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 will be established with a president elected for 2½ years and unified representation in international financial institutions and conferences.
In the EU of 27 countries, 16 are Euroland-members, although all the new member states are committed in their accession treaties to join the Euro eventually.
Links
http://consilium.europa.eu/showPage.aspx?id=250&lang=en
