The Riksbank is mainly affected by cooperation in the economic and financial areas.
The ECOFIN Council
The ECOFIN Council consists of the finance ministers of the EU countries. It coordinates economic policy in the EU. Decisions on financial legislation for the single market are made in consultation with the European Parliament. The Council usually meets once a month.
The informal ECOFIN Council
The informal ECOFIN Council consists of the finance ministers and central bank governors of the EU countries, which means the Governor of the Riksbank takes part. It usually meets twice a year to discuss issues of common interest. No formal decisions are made at these meetings.
In addition to this, the Riksbank, usually together with the Finance Ministry, takes part in 10-15 committees and working groups. The most important are:
The Economic and Financial Committee (EFC)
Senior officials from finance ministries and deputy central bank governors of the EU countries as well as two representatives of the ECB and the European Commission meet every second month. In addition, a smaller circle of the committee, comprising the senior ministry officials, the ECB and European Commission representatives meets approximately once a month. The EFC’s primary task is to provide advice on important economic policy issues to the ECOFIN Council and to the European Commission.
The Committee of European Banking Supervisors (CEBS)
High level representatives from the financial supervisory authorities and central banks within the EU meet five or six times a year, with the central bank representatives in the role of observers. This is a newly-established committee with the task of participating in the shaping of banking legislation within the EU. It shall also promote a uniform application of the regulations in the member states and coordination of the national financial supervisory authorities.