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The Economic and Financial Affairs Council (ECOFIN) is one of the oldest configurations of the Council of the European Unionand is composed of the economics and finance ministers of the 27 European Union member states, as well as Budget Ministers when budgetary issues are discussed.
ECOFIN often works with the European Commissioner for Economic and Financial Affairs and the President of the European Central Bank.
The Council covers a number of EU policy areas, such as economic policy coordination, 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.It also prepares and adopts every year, together with the European Parliament, the budget of the European Union which is about €145 bn.
The council meets once a month and decides mainly by qualified majority, in consultation or codecision with the European Parliament, with the exception of fiscal matters which are decided by unanimity.When the Ecofin Council examines dossiers related to the euro and EMU, the representatives of the Member States whose currency is not the euro do not take part in the vote of the Council.
ECOFIN delegates some of its tasks to the Code of Conduct Group.For example, that Group has resolved issues of tax policy on Jersey, Gibraltar and other "dependent or associated territories", and investigated the UK Patent Box tax treatment.
The Council of the European Union, often referred to in the treaties and other official documents simply as the Council and informally known as Council of Ministers, is the third of the seven Institutions of the European Union (EU) as listed in the Treaty on European Union. It is one of two legislative bodies and together with the European Parliament serves to amend and approve the proposals of the European Commission.
The European Union (EU) is a political and economic union of 27 member states that are located primarily in Europe. Its members have a combined area of 4,233,255.3 km2 (1,634,469.0 sq mi) and an estimated total population of about 447 million. The EU has developed an internal single market through a standardised system of laws that apply in all member states in those matters, and only those matters, where members have agreed to act as one. EU policies aim to ensure the free movement of people, goods, services and capital within the internal market, enact legislation in justice and home affairs and maintain common policies on trade, agriculture, fisheries and regional development. For travel within the Schengen Area, passport controls have been abolished. A monetary union was established in 1999, coming into full force in 2002, and is composed of 19 EU member states which use the euro currency.
The eurozone, officially called the euro area, is a monetary union of 19 of the 27 European Union (EU) member states which have adopted the euro (€) as their common currency and sole legal tender. The monetary authority of the eurozone is the Eurosystem. The other eight members of the European Union continue to use their own national currencies, although most of them are obliged to adopt the euro in the future.
The Stability and Growth Pact (SGP) is an agreement, among the 28 member states of the European Union, to facilitate and maintain the stability of the Economic and Monetary Union (EMU). Based primarily on Articles 121 and 126 of the Treaty on the Functioning of the European Union, it consists of fiscal monitoring of members by the European Commission and the Council of Ministers, and the issuing of a yearly recommendation for policy actions to ensure a full compliance with the SGP also in the medium-term. If a Member State breaches the SGP's outlined maximum limit for government deficit and debt, the surveillance and request for corrective action will intensify through the declaration of an Excessive Deficit Procedure (EDP); and if these corrective actions continue to remain absent after multiple warnings, the Member State can ultimately be issued economic sanctions. The pact was outlined by a resolution and two council regulations in July 1997. The first regulation "on the strengthening of the surveillance of budgetary positions and the surveillance and coordination of economic policies", known as the "preventive arm", entered into force 1 July 1998. The second regulation "on speeding up and clarifying the implementation of the excessive deficit procedure", known as the "dissuasive arm", entered into force 1 January 1999.
Anders Gunnar Hökmark is a Swedish politician who served as a Member of the European Parliament (MEP) from 2004 until 2019. He is member of the Moderate Party, part of the European People's Party. He previously served as Secretary of the Moderate Party from 1991 to 1999 and Member of the Riksdag (MP) for Stockholm County from 1982 to 2004.
The economy of the European Union is the joint economy of the member countries of the European Union (EU). It is the second largest economy in the world both in nominal terms and according to purchasing power parity or PPP. The European Union's GDP was estimated to be $18.8 trillion (nominal) in 2018, representing ~22% of global economy.
The European Union has a budget to finance policies carried out at European level.
The euro came into existence on 1 January 1999, although it had been a goal of the European Union (EU) and its predecessors since the 1960s. After tough negotiations, particularly due to opposition from the United Kingdom, the Maastricht Treaty entered into force in 1993 with the goal of creating an economic and monetary union by 1999 for all EU states except the UK and Denmark.
The Commissioner for Industry and Entrepreneurship is a Vice-President of the European Commission. The current commissioner is Jyrki Katainen.
European Union (EU) concepts, acronyms, and jargon are a terminology set that has developed as a form of shorthand, to quickly express a (formal) EU process, an (informal) institutional working practice, or an EU body, function or decision, and which is commonly understood among EU officials or external people who regularly deal with EU institutions.
In the European Union (EU), enhanced cooperation is a procedure where a minimum of nine EU member states are allowed to establish advanced integration or cooperation in an area within EU structures but without the other members being involved. As of October 2017 this procedure is being used in the fields of divorce law, patents, property regimes of international couples, and European Public Prosecutor and is approved for the field of a financial transaction tax.
The Eurogroup is the recognised collective term for informal meetings of the finance ministers of the eurozone—those member states of the European Union (EU) which have adopted the euro as their official currency. The group has 19 members. It exercises political control over the currency and related aspects of the EU's monetary union such as the Stability and Growth Pact. The current President of the Eurogroup is Mário Centeno, the Minister of Finance of Portugal.
Fiscal union is the integration of the fiscal policy of nations or states. Under fiscal union decisions about the collection and expenditure of taxes are taken by common institutions, shared by the participating governments. A fiscal union does not imply the centralisation of spending and tax decisions at the supranational level. Centralisation of these decisions would open up not only the possibility of inherent risk sharing through the supranational tax and transfer system but also economic stabilisation through debt management at the supranational level. Proper management would reduce the effects of asymmetric shocks that would be shared both with other countries and with future generations. Fiscal union also implies that the debt would be financed not by individual countries but by a common bond.
The Euro-Plus Pact was adopted in March 2011 under EU's Open Method of Coordination, as an intergovernmental agreement between all member states of the European Union, in which concrete commitments were made to be working continuously within a new commonly agreed political general framework for the implementation of structural reforms intended to improve competitiveness, employment, financial stability and the fiscal strength of each country. The plan was advocated by the French and German governments as one of many needed political responses to strengthen the EMU in areas which the European sovereign-debt crisis had revealed as being too poorly constructed.
The EU economic governance, Sixpack describes a set of European legislative measures to reform the Stability and Growth Pact and introduces greater macroeconomic surveillance, in response to the European debt crisis of 2009. These measures were bundled into a "six pack" of regulations, tabled in September 2010 as two versions respectively by the European Commission and a European Council task force. In March 2011, the ECOFIN council reached a preliminary agreement for the content of the Sixpack with the Commission, and negotiations for endorsement by the European Parliament then started. Ultimately it entered into force 13 December 2011, after one year of preceding negotiations. The six regulations aim at strengthening the procedures to reduce public deficits and address macroeconomic imbalances.
Denmark in the European Union refers to the historical and current issues of Denmark's membership in the European Union (EU). Denmark has a permanent representation to the EU in Brussels, led by ambassador Jeppe Tranholm-Mikkelsen.
A patent box is a special very low corporate tax regime used by several countries to incentivise research and development by taxing patent revenues differently from other commercial revenues. It is also known as intellectual property box regime, innovation box or IP box. Patent boxes have also been used as base erosion and profit shifting (BEPS) tools, to avoid corporate taxes.
Events in the year 2014 in the European Union.
Thomas Wieser is an American-Austrian economist working for the European Union. He was the president of Economic and Financial Committee (EFC) of the EU as well as the president of the Eurogroup Working Group (EWG), both advisory bodies of the Eurogroup, until February 2018.