The Economic and Financial Affairs Council (ECOFIN) covers EU policy in a number of areas including: economic policy coordination and economic surveillance, monitoring of Member States’ budgetary policy and public finances, the euro (legal, practical and international aspects), financial markets and capital movements and economic relations with third countries. The Council also prepares and adopts every year, together with the European Parliament, the budget of the European Union. The Council 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.
For more information please see: http://www.consilium.europa.eu/policies/council-configurations/economic-and-financial-affairs?lang=en.