Directorate-General for Economic and Financial Affairs (European Commission)
Encyclopedia
The Directorate-General for Economic and Financial Affairs (ECFIN) is a Directorate-General
Directorate-General
A Directorate-General is a branch of an administration dedicated to a specific field of expertise.* The European Commission: Commission Directorates-General are each headed by a European Commissioner;* The European Patent Office: EPO Directorates-General;...

 of the European Commission
European Commission
The European Commission is the executive body of the European Union. The body is responsible for proposing legislation, implementing decisions, upholding the Union's treaties and the general day-to-day running of the Union....

. The DG ECFIN is located in Brussels
Brussels
Brussels , officially the Brussels Region or Brussels-Capital Region , is the capital of Belgium and the de facto capital of the European Union...

, Belgium
Belgium
Belgium , officially the Kingdom of Belgium, is a federal state in Western Europe. It is a founding member of the European Union and hosts the EU's headquarters, and those of several other major international organisations such as NATO.Belgium is also a member of, or affiliated to, many...

, and Luxembourg
Luxembourg
Luxembourg , officially the Grand Duchy of Luxembourg , is a landlocked country in western Europe, bordered by Belgium, France, and Germany. It has two principal regions: the Oesling in the North as part of the Ardennes massif, and the Gutland in the south...

. Its main responsibility is to encourage the development of Economic and Monetary Union
Economic and monetary union
An economic and monetary union is a type of trade bloc which is composed of an economic union with a monetary union. It is to be distinguished from a mere monetary union , which does not involve a common market. This is the fifth stage of economic integration...

 both inside and outside the European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...

, by advancing economic policy coordination, conducting economic surveillance and providing policy assessment and advice.

Policy areas

The Directorate-General’s policy areas include:
  • Economic surveillance (euro area
    Eurozone
    The eurozone , officially called the euro area, is an economic and monetary union of seventeen European Union member states that have adopted the euro as their common currency and sole legal tender...

     and EU)
    • Monitoring of the economy of the euro area
      Eurozone
      The eurozone , officially called the euro area, is an economic and monetary union of seventeen European Union member states that have adopted the euro as their common currency and sole legal tender...

       and of the EU
    • Key indicators
    • Economic forecasts (spring and autumn)
    • Business and consumer surveys
    • Annual Review on the EU economy
    • Convergence
      Convergence criteria
      The euro convergence criteria are the criteria for European Union member states to enter the third stage of European Economic and Monetary Union and adopt the euro as their currency...

       reports
  • Monitoring budgetary policy and public finances
    • Stability and Growth Pact
      Stability and Growth Pact
      The Stability and Growth Pact is an agreement among the 27 Member states of the European Union that take part in the Eurozone, to facilitate and maintain the stability of the Economic and Monetary Union...

       (SGP) and fiscal surveillance
    • Annual « Public Finance Report »
    • Contribution of public finances to economic growth
      Economic growth
      In economics, economic growth is defined as the increasing capacity of the economy to satisfy the wants of goods and services of the members of society. Economic growth is enabled by increases in productivity, which lowers the inputs for a given amount of output. Lowered costs increase demand...

       and employment
      Employment
      Employment is a contract between two parties, one being the employer and the other being the employee. An employee may be defined as:- Employee :...

    • The consequences of ageing
      Ageing
      Ageing or aging is the accumulation of changes in a person over time. Ageing in humans refers to a multidimensional process of physical, psychological, and social change. Some dimensions of ageing grow and expand over time, while others decline...

  • Economic policy coordination
    • BEPG (Broad Economic Policy Guidelines, described as the EU's Stability and Growth Pact) (incl. Implementation report)
    • Structural reforms
    • Luxembourg, Cardiff and Cologne processes
    • Assessing the policy-mix in the euro area
      Eurozone
      The eurozone , officially called the euro area, is an economic and monetary union of seventeen European Union member states that have adopted the euro as their common currency and sole legal tender...

  • The euro
    Euro
    The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...

    : legal, practical and institutional aspects
    • Legal and institutional issues of the euro
      Euro
      The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...

    • Euro
      Euro
      The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...

       coins
    • Update and maintenance of the Commission
      European Commission
      The European Commission is the executive body of the European Union. The body is responsible for proposing legislation, implementing decisions, upholding the Union's treaties and the general day-to-day running of the Union....

      's euro web site
  • Financial markets and capital movement
    • Integration of EU financial markets
    • Freedom of capital movements
  • Economic relations with third countries
    • Accession countries: economic aspects of enlargement
    • G7
      G8
      The Group of Eight is a forum, created by France in 1975, for the governments of seven major economies: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. In 1997, the group added Russia, thus becoming the G8...

       Countries
    • Russia
      Russia
      Russia or , officially known as both Russia and the Russian Federation , is a country in northern Eurasia. It is a federal semi-presidential republic, comprising 83 federal subjects...

    • Western Balkan Countries, Mediterranean Countries, and development issues
    • Macro-financial assistance to third countries
    • Relations with international financial institutions (International Monetary Fund
      International Monetary Fund
      The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...

      , World Bank
      World Bank
      The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...

      , EBRD
      European Bank for Reconstruction and Development
      Founded in 1991, the European Bank for Reconstruction and Development uses the tools of investment to help build market economies and democracies in 30 countries from central Europe to central Asia. Its mission was to support the formerly communist countries in the process of establishing their...

      ,...)
  • Financing
    • Investment Financing
    • EIB
      European Investment Bank
      The European Investment Bank is the European Union's long-term lending institution established in 1958 under the Treaty of Rome. A policy-driven bank, the EIB supports the EU’s priority objectives, especially European integration and the development of economically weak regions...

    • EIF
      European Investment Fund
      The European Investment Fund, established in 1994, is a European Union agency for the provision of finance to SMEs headquartered in Luxembourg....

    • Funding Programmes for SME
      Small and medium enterprise
      Small and medium enterprises or small and medium-sized enterprises are companies whose headcount or turnover falls below certain limits.The abbreviation "SME" occurs commonly...

      s
    • Funding for Trans-European Networks
      Trans-European Networks
      The Trans-European Networks were created by the European Union by Articles 154-156 of the Treaty of Rome , with the stated goals of the creation of an internal market and the reinforcement of economic and social cohesion...

    • Euratom loans
    • Opinions and surveys on investments for the European Coal and Steel Community
      European Coal and Steel Community
      The European Coal and Steel Community was a six-nation international organisation serving to unify Western Europe during the Cold War and create the foundation for the modern-day developments of the European Union...

       (ECSC)


Resources

  • Commissioner: Olli Rehn
    Olli Rehn
    Olli Ilmari Rehn is a Finnish politician, currently serving as European Commissioner for Economic and Financial Affairs. He had previously served as Commissioner for Enlargement...

  • Director General: Marco Buti

See also

  • Economic and Monetary Union of the European Union
    Economic and Monetary Union of the European Union
    The Economic and Monetary Union is an umbrella term for the group of policies aimed at converging the economies of members of the European Union in three stages so as to allow them to adopt a single currency, the euro. As such, it is largely synonymous with the eurozone.All member states of the...

  • Economy of the European Union
    Economy of the European Union
    The economy of the European Union generates a GDP of over €12,279.033 billion according to the International Monetary Fund , making it the largest economy in the world...

  • General Agreement on Tariffs and Trade
    General Agreement on Tariffs and Trade
    The General Agreement on Tariffs and Trade was negotiated during the UN Conference on Trade and Employment and was the outcome of the failure of negotiating governments to create the International Trade Organization . GATT was signed in 1947 and lasted until 1993, when it was replaced by the World...

     (GATT)
  • United Nations Monetary and Financial Conference
    United Nations Monetary and Financial Conference
    The United Nations Monetary and Financial Conference, commonly known as the Bretton Woods conference, was a gathering of 730 delegates from all 44 Allied nations at the Mount Washington Hotel, situated in Bretton Woods, New Hampshire, to regulate the international monetary and financial order after...

    (Bretton Woods)

External links



This article incorporates information from http://ec.europa.eu/dgs/economy_finance/index_en.htm on the European Union web site. According to its copyright policy, reproduction is authorised, provided the source is acknowledged.
The source of this article is wikipedia, the free encyclopedia.  The text of this article is licensed under the GFDL.
 
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