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Economic and Financial Affairs Council meaning

Published by a LexisNexis EU Law expert
What does Economic and Financial Affairs Council mean?
In legal practice, the Economic and Financial Affairs Council (ECOFIN) is the formation of the Council of the European Union where Member States’ finance and economy ministers meet to adopt EU tax and financial services legislation, coordinate economic policy and oversee EU budgetary matters. When the annual EU budget or other budget dossiers are discussed, national budget ministers also attend (often termed the Budget Council). ECOFIN is an EU institutional term used in the Treaties and the Council’s Rules of Procedure, not a defined term in UK legislation. It is relevant to lawyers advising on EU tax law (including VAT and excise directives and anti-avoidance measures), financial services and capital markets regulation, and economic governance (such as the Stability and Growth Pact). Many instruments are adopted with the European Parliament under the ordinary legislative procedure; direct taxation typically requires unanimity in the Council. Usage is consistent across England & Wales, Scotland, Northern Ireland and Ireland. Following the UK’s withdrawal from the EU, the UK no longer participates in ECOFIN; Ireland continues to do so. ECOFIN is distinct from the Eurogroup, which comprises only euro area finance ministers and meets separately.
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CHECKLISTS
EU and UK PRIIPs Regulation: timeline of KID requirements, UCITS exemptions and divergence (2007–2023) [Archived]

ARCHIVED This Practice Note has been archived and is no longer being maintained or updated, and will not be maintained further. This timeline sets out both the regulatory activity leading up to the adoption of a legislative proposal for the regulation and the later developments relating to Regulation 1286/2014/EU on Key Information Documents (KIDs) for packaged retail and insurance-based investment products (PRIIPs) (EU PRIIPs Regulation), together with the onshored UK counterpart (Retained Regulation 1286/2014/EU, UK PRIIPs Regulation). The EU and UK PRIIPs regimes establish harmonised rules for the format and content of KIDs produced by PRIIPs manufacturers, and for providing those KIDs to retail investors in order that they can understand the principal features and risks of PRIIPs. A detailed regulatory framework has been developed to tackle the risks, gaps and inconsistencies encountered when seeking to ensure investor protection and trust in packaged retail investment products. The European Commission’s (the Commission) work on packaged investment products originated in a request from the Economic and Financial...

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NEWS
UK and EU environmental law weekly briefing: reforms, climate and energy, permitting, ESG, chemicals, waste, biodiversity, and water judgments—10 April 2025

In this issue: Key developments and materials Air emissions and climate change Energy efficiency and buildings Energy for environmental lawyers Environmental information Environmental permits and consents Environmental taxes, reliefs and incentives ESG and sustainability Hazardous substances and chemicals Nature, biodiversity and habitat conservation Waste Water, flooding and drainage Daily and weekly news alerts New and updated content Key developments and materials Major reforms to environmental regulation to boost growth and protect nature A fresh review, commissioned by Steve Reed and chaired by Dan Corry, reports that today’s environmental regulatory framework is out of date, patchy and overly complicated—failing both nature and economic expansion. It rejects a wholesale ‘bonfire’ of rules. Instead, it sets out 29 proposals to simplify the regime, which the government is actively examining. Under the Plan for Change, it advocates a more agile, streamlined system to spur growth while protecting the natural world. See News Analysis:...

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NEWS
UK environmental law update: EU dynamic alignment inquiry, ETS maritime expansion, nuclear regime reform, EOR replacing EIA, EA enforcement powers, key judgments, plus Welsh waste, marine and flood updates

In this issue: Key developments Air emissions and climate change Energy for environmental lawyers Environmental assessment Environmental disputes and proceedings Environmental enforcement and prosecutions Environmental information Environmental taxes, reliefs and incentives ESG and sustainability Hazardous substances and chemicals Nature, biodiversity and habitat protection Marine Waste Waste producer responsibility Water, flooding and drainage Daily and weekly news alerts New and updated content Key developments European Affairs Committee launches inquiry into UK-EU dynamic alignment The House of Lords European Affairs Committee has opened a call for evidence for a fresh inquiry into dynamic alignment, as part of the parliamentary scrutiny of the government’s UK-EU reset. As the tenth anniversary of the Brexit vote nears, the inquiry will assess the implications of prospective UK-EU arrangements under which the UK would align with specified areas of EU law, engage in EU law decision-shaping processes, and make financial contributions to relevant...

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NEWS
Environmental law weekly: consultations, guidance, regulatory updates and cases across climate, energy, air quality, waste, chemicals, biodiversity, marine and ESG—17 October 2024

In this issue: Key developments Air emissions and climate change Contamination and pollution Energy efficiency and buildings Energy for environmental lawyers Environmental assessment Environmental disputes and proceedings ESG and sustainability Hazardous substances and chemicals Marine Nature, biodiversity and habitat conservation Waste Waste producer responsibility regimes Daily and weekly news alerts New and updated content Trackers Useful information Key developments Dan Corry to lead Defra regulatory review Economist Dan Corry has been tasked with an internal examination of regulation and the bodies overseeing it across the Department for Environment, Food and Rural Affairs (Defra). The review will assess whether the present framework is fit for purpose and set out proposals to ensure Defra’s rules stimulate economic growth whilst safeguarding the environment. See: LNB News 16/10/2024 10. DBT opens consultation on new Industrial Strategy The Department for Business and Trade (DBT) has begun consulting on the...

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PRACTICE NOTES
2018 appellate civil litigation: Supreme Court, Court of Appeal, Privy Council and CJEU key cases on jurisdiction, contracts, tort, privilege, injunctions, costs and enforcement

ARCHIVED : This Practice Note has been archived and is not maintained. This Practice Note compiles principal appellate cases (ie rulings of the Court of Appeal and the Supreme Court and, where applicable, selected judgments of the Court of Justice of the EU (CJEU)) that we have covered, to make it simpler for users to locate those decisions. You can navigate the material via the collapsible table of contents on the left-hand margin and/or by using the hyperlinks listed below. The cases are arranged under these headings: Key DR Developments Brexit Applicable law Rome I Jurisdiction Jurisdiction and choice of court agreements Stays and disputing the court’s jurisdiction Brussels I (EC regulation) Brussels I (recast) (EU regulation) Service Service in the jurisdiction Service...

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