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The Economic and Financial Affairs Council (ECOFIN) is part of the Council of the European Union and brings together the finance and economy ministers of all EU member states. Within the EU system, ECOFIN acts as a main forum for discussing and coordinating economic and financial policies. It works under EU treaties and cooperates closely with institutions such as the European Commission and the European Central Bank to support economic stability and long-term growth in the European Union.

ECOFIN’s main responsibilities include coordinating national economic policies, supervising public finances, and developing rules for financial markets. The committee also deals with taxation, movement of capital, and economic coordination between member states. In addition, ECOFIN plays an important role in managing economic crises and improving transparency and trust in the EU’s financial system.

The committee addresses issues such as macroeconomic coordination, financial crime, market regulation, and the digital transformation of finance. Through its work, ECOFIN supports sustainable and inclusive economic development, helps reduce financial risks, and strengthens economic institutions.

Agenda Topics

Topic A: Regulating Digital currencies and Preventing Illicit Financial Flows

Digital currencies, including cryptocurrencies and other blockchain-based financial tools, are becoming an increasingly important part of the global financial system. They are now used for payments, investments, and cross-border transfers, often outside traditional banking structures. While these technologies can improve efficiency and expand access to financial services, their rapid growth has also created new risks for financial regulation and oversight. Because digital transactions can move quickly across borders, existing regulatory systems often struggle to keep pace.

One of the main challenges is the uneven regulation of digital currencies across countries. Differences in national laws make international monitoring difficult, especially when transactions are anonymous or use decentralized platforms. This has raised concerns about the use of digital currencies for money laundering, terrorist financing, tax evasion, and the circumvention of financial sanctions. At the same time, ongoing debates highlight tensions between encouraging innovation, protecting user privacy, and maintaining effective financial supervision.

This issue is particularly relevant to ECOFIN, given its role in coordinating financial regulation within the European Union and protecting the stability and integrity of financial markets. Addressing risks linked to digital currencies is closely connected to sustainable economic growth, strong institutions, and the reduction of illicit financial activity.

Topic B: EU Economic Dependency on the United States and Strategic Autonomy

For a long time, the European Union has maintained strong economic ties with the United States through trade, financial markets, investments, technology cooperation, and monetary relations. So far, such interdependence has brought gains in economic growth and stability for both sides. However, recent events, including supply chain disruptions, geopolitical tensions, sanctions policies, and shifts in U.S. economic priorities increasingly raised concerns about the level of dependency the EU has on the U.S. and its capacity to act as an independent actor. As economic decisions have a direct impact on security and foreign policy, the issue has gained renewed urgency in current times.

Key challenges revolve around the principle of how to balance the benefits of a deep cooperation with the concerns over economic resilience and economic and policy autonomy. Discussions at the ECOFIN level involve issues such as reliance on external financial infrastructures, exposure to external shocks, and the different positions on risk and competitiveness. There is a tension between how to make the EU’s economic and financial capacity stronger while still remaining open and having a rule-based international economic system.

The topic is of particular interest to ECOFIN given its role in coordinating economic policy, financial regulation, and fiscal governance within the European Union. Moreover, the EU-U.S. economic relationship has global implications for financial stability, trade, and multilateral cooperation.