The post is responsible for the European Union's economic, financial and monetary affairs, often combined with similar portfolios.

[5] The DG responsible to the Commissioner is the Directorate-General for Economic and Financial Affairs, headed by Marco Buti.

There are a number of other economic-related Commissioner positions in the college: There have been suggestions from politicians such as Ségolène Royal that there should be an economic government for the eurozone,[6] and at the start of the Barroso Commission Germany suggested an economic "super-commissioner"[7] – which could see a change in this position.

That idea however was dropped but the Enterprise and Industry Commissioner was strengthened in response.

[8] In October 2011 the position gained added responsibility for the euro, particularly eurozone reform and bail outs, and was made a vice president.