European Parliament Committee on Economic and Monetary Affairs
European Parliament committee
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The Committee on Economic and Monetary Affairs (ECON) is a standing committee of the European Parliament. It is responsible for economic and monetary policy, the functioning of Economic and Monetary Union, financial services and markets, the free movement of capital and payments, taxation, competition policy and the international monetary and financial system.[1]
| Committee on Economic and Monetary Affairs | |
|---|---|
| Abbreviation | ECON |
| Type | Standing committee |
| Legislature | European Parliament |
| Parliamentary term | 10th European Parliament |
| Chair | Aurore Lalucq S&D, France |
| Vice-Chairs | Damian Boeselager (Greens/EFA) Ľudovít Ódor (Renew) Luděk Niedermayer (EPP) Marlena Maląg (ECR) |
| Members | 60 |
| Political composition | EPP: 16 · S&D: 11 · ECR: 7 · Renew: 6 PfE: 7 · Greens/EFA: 4 · The Left: 4 · ESN: 2 · NI: 3 |
| Jurisdiction | Economic and monetary policy, financial services, capital and payments, taxation, competition and the international financial system |
| Counterpart | Economic and Financial Affairs Council |
| Website | Official website |
Responsibilities
The committee is responsible for the economic and monetary policies of the European Union and the functioning of Economic and Monetary Union. It also deals with the European monetary and financial system and relations with relevant institutions and international organisations.[2]
Its remit includes:
- economic governance and coordination of the economic policies of the member states;
- monetary policy and parliamentary scrutiny of the European Central Bank;
- the free movement of capital and payments, including cross-border payments and the Single Euro Payments Area;
- the international monetary and financial system;
- competition rules and state aid;
- tax provisions;
- the regulation and supervision of financial services, institutions and markets;
- financial reporting, auditing, accounting rules and corporate governance where these concern financial services; and
- relevant financial activities of the European Investment Bank as part of economic governance in the euro area.[2]
The committee conducts regular monetary dialogues with the President of the European Central Bank and scrutinises commissioners, finance ministers and the heads of relevant EU agencies. In taxation matters, it is assisted by the Subcommittee on Tax Matters.[1]
Chairs
The following table lists the chairs of the committee since 2004.
| Name | Political group | Member state | Took office | Left office | |
|---|---|---|---|---|---|
| Pervenche Berès | PES |  France |
2004 | 2009 | |
| Sharon Bowles | ALDE |  United Kingdom |
2009 | 2014 | |
| Roberto Gualtieri | S&D |  Italy |
2014 | 2019 | |
| Irene Tinagli | S&D | Italy |
2019 | 2024 | |
| Aurore Lalucq | S&D | France |
2024 | Incumbent[3] |
Members
10th Parliament, 2024–2029
The committee consists of 60 full members. Its current composition is shown below, with the chair and vice-chairs indicated in italics.[3]
Substitute members
Monetary dialogue
Since the establishment of Economic and Monetary Union, one of the committee's principal scrutiny functions has been its regular monetary dialogue with the European Central Bank. The President of the ECB normally appears before the committee four times a year to explain monetary-policy decisions and answer questions from members. The committee also considers appointments to the ECB's Executive Board and other senior posts in the European system of financial supervision.
Research support
The committee's work is supported by the research services of the European Parliament. These services provide studies, briefings and other analyses concerning economic governance, monetary policy, financial regulation, banking, capital markets, taxation and competition.[4]
Publications prepared for the committee are made available through its online database of supporting analyses and through the European Parliament's Think Tank.[5]