The Economic and Financial Committee was established on the basis of the Maastricht Treaty, which provides for mandating a Committee to discuss the economic and financial issues arising in the third stage of the Economic and Monetary Union (EMU), which began on 1 January 1999. Before stage three of the Economic and Monetary Union, the Economic and Financial Committee was preceded by the Monetary Committee, whose role was to promote policy coordination of the policies of the Member States to the extent needed for the functioning of the internal market.
Under Article 134 (2) and (4) of the Treaty on the Functioning of the European Union (Article 114 TEC), the Committee's tasks are:
The Committee may also prepare the Council's reviews of the exchange rate of the euro. It may be consulted in the procedure leading to decisions relating to the exchange-rate mechanism of the third stage of Economic and Monetary Union (ERM II), and may provide the framework for the dialogue between the Council and the ECB at the level of senior officials from ministries, national central banks, the Commission and the ECB.
The specific working arrangements of the Economic and Financial Committee were set out in:
and last revised by