The Economic and Financial Committee is a committee of the European Union set up to promote policy coordination among Member States. It provides opinions at the request of the Council of the European Union or the European Commission or on its own initiative.
The Maastricht Treaty provided for the creation of an Economic and Financial 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.
The EFC members representing the member states are senior officials from national administrations (ministries and national central banks) appointed in line with national procedures.
The proceedings of the EFC and its sub-committees are restricted and participation to the meetings is limited to members appointed by national authorities, the Commission and the ECB.