Article 134 [Economic and Financial Committee]

The Economic and Financial Committee (EFC) is an EU committee established by Article 134 of the Treaty on the Functioning of the European Union (TFEU) to monitor the economic and financial situation of the Union and promote policy coordination among the Member States (MSs). This body is a place for discussion and interaction between political and monetary institutions because (i) it has competence in monetary and financial policies, economic policies and the free circulation of capital, and the institutions represented here carry out various tasks; (ii) States with and without derogation are all represented, thus enjoying equal rights; (iii) each State is represented by a member of the government and one of the central bank (and the Union too is represented by the Commission and by the European Central Bank (ECB)).