The Economic and Financial Affairs Council ("Ecofin") is composed of the Economics and Finance Ministers of the Member States, as well as Budget Ministers when budgetary issues are discussed. It meets once a month.

This Council covers EU policy in a number of areas including: economic policy coordination, economic surveillance, monitoring of Member States' budgetary policy and public finances, the euro, financial markets and capital movements and economic relations with third countries. It decides mainly by qualified majority, in consultation or codecision with the European Parliament, with the exception of fiscal matters which are decided by unanimity.

The Ecofin Council also prepares and adopts every year, together with the European Parliament, the budget of the European Union.