Directorate-General for Economic and Financial Affairs (European Commission)
Encyclopedia
The Directorate-General for Economic and Financial Affairs (ECFIN) is a Directorate-General
of the European Commission
. The DG ECFIN is located in Brussels
, Belgium
, and Luxembourg
. Its main responsibility is to encourage the development of Economic and Monetary Union
both inside and outside the European Union
, by advancing economic policy coordination, conducting economic surveillance and providing policy assessment and advice.
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 areaEurozoneThe 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 areaEurozoneThe 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
- ConvergenceConvergence criteriaThe 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 of the economy of the euro area
- Monitoring budgetary policy and public finances
- Stability and Growth PactStability and Growth PactThe 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 growthEconomic growthIn 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 employmentEmploymentEmployment 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 ageingAgeingAgeing 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...
- Stability and Growth Pact
- 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 areaEurozoneThe 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 euroEuroThe 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 euroEuroThe 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,...
- EuroEuroThe 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 CommissionEuropean CommissionThe 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
- Legal and institutional issues of the euro
- 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
- G7G8The 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 - RussiaRussiaRussia 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 FundInternational Monetary FundThe 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 BankWorld BankThe 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...
, EBRDEuropean Bank for Reconstruction and DevelopmentFounded 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
- EIBEuropean Investment BankThe 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...
- EIFEuropean Investment FundThe European Investment Fund, established in 1994, is a European Union agency for the provision of finance to SMEs headquartered in Luxembourg....
- Funding Programmes for SMESmall and medium enterpriseSmall 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 NetworksTrans-European NetworksThe 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 CommunityEuropean Coal and Steel CommunityThe 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 RehnOlli RehnOlli 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 UnionEconomic and Monetary Union of the European UnionThe 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 UnionEconomy of the European UnionThe 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 TradeGeneral Agreement on Tariffs and TradeThe 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 ConferenceUnited Nations Monetary and Financial ConferenceThe 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.