Economic and Financial Committee (European Union)

[1] Prior to the third stage of the Economic and Monetary Union (EMU) which began on 1 January 1999,[2] the Economic and Financial Committee was preceded by the Monetary Committee, which was established by article 105 of the Treaty of Rome in 1957.

[3][4] In May, as part of the European Semester 2016 Spring Package, the committee was tasked with making Article 126(3) reports on Belgium, Finland and Italy's government debt.

[5][6] The EFC is an advisory body, set up to promote coordination of member states' policies necessary for the functioning of the internal market.

The EFC:[7] The EFC is composed of senior officials from national administrations and EU central banks, the European Central Bank and the commission.

[7] The EFC also meets in a euro area configuration: the Eurogroup Working Group (EWG), in which only the euro area countries, the Commission and the European Central Bank are represented.