The ECOFIN Council, composed of the economic and financial Ministers of the governments of the EU member states, is the main decision-making body as regards the decisions on and the coordination of EU policies in the economic and financial field. In particular, it formulates general guidelines for economic policy, ensures the correct application of the Growth and Stability Pact by the member states, has to power to impose sanctions on member states who fail to respect the measures for the containment of public deficit and decides on the structural budgetary reforms necessary for the efficient functioning of the EMU.
