Other EU cooperation

Other important EU institutions, in addition to the ECB, include the European Parliament, the Council of the European Union, the European Commission and the European Court of Justice. The Riksbank is mainly affected by cooperation in the economic and financial areas within the Council of the European Union. The Council decides on joint legislation, in most cases together with the European Parliament.

Relationship

Informal ECOFIN

At the informal ECOFIN meetings, finance ministers and central bank governors of all EU Member States meet. These meetings are held twice a year to discuss issues of common interest. No formal decisions are taken at these meetings but agreements can be reached on political guidelines for further cooperation within the EU. Finance ministers also meet at formal meetings of the ECOFIN Council, where decisions are taken on, inter alia, economic policy coordination within the EU and, in conjunction with the European Parliament, financial legislation for the EU internal market.

In addition to this, the Riksbank, usually together with the Finance Ministry, takes part in almost 15 committees and working groups within the EU. The most important are:

The Economic and Financial Committee (EFC)

The EFC consists of state secretaries in the ministries of finance and deputy governors of the central banks of the EU Member States, as well as representatives of the ECB and the European Commission. The EFC’s primary task is to provide advice on important economic policy and financial issues to the ECOFIN Council and the European Commission. The European Supervisory Authorities (ESA) and the European Systemic Risk Board (ESRB) are also involved in this work. The EFC is also preparing entry and central rate agreements for the ERM II exchange rate mechanism.

European Banking Authority (EBA)

Representatives of the bank supervisory authorities and the central banks of the EU Member States meet 5 or 6 times a year under the framework of the Board of Supervisors of the EBA. The EBA’s task is to promote a uniform application of the regulations in the member states and coordination of the national financial supervisory authorities.

More information

More information on EU cooperation in Brussels is available under external links (see below). The information is mostly in English but some of it is in Swedish.

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Updated 13/08/2021