The EU Finance Ministers supervise the financial affairs of the European Union. The Finance Ministers of European Union are responsible for the preparation of budgets and the management of Eurozone issues. The European Union Finance Ministers perform their functions with the help of an unofficial group, which is comprised of the ministers of the Eurozone member countries only.
They form a part of the Council of European Union, which is a legal institution under the European Union. There is another legislative institution under the European Union and that is known as the European Parliament. At present, there are 27 members under the European Union.
The Council of European Union performs the coordination of the economic policies of the member states on the broader perspective. The Eurozone is also known as Eurosystem, Euro Area, or Euroland and it refers to those member states of the European Union, which have followed the Euro Currency Union.
At present, there are thirteen member states who have adopted Euro as their official currency. The European Union Finance Ministers function under the division of Economic and Financial Affairs (Ecofin), which is a separate council under the Council of the European Union.
The Council of Economic and Financial Affairs consists of finance and economic ministers of the member states of the European Union. The responsibility of the planning and execution of the monetary policies in the Eurozone lies on the European Central Bank (ECB).
The Council of European Union is the principal decision making authority of the European Union. It holds regular meetings in which the member state ministers participate and discuss on various agenda. The Finance Minister of any member state is responsible for the representation of that issue (finance).
Council of the European Union
Rue de la Loi, 175 B-1048 Bruxelles
Telephone: (32-2) 281 61 11
Fax: (32-2) 281 69 34
Last Updated on : 1st August 2013