CELEX ID: 12016E134

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Document:
7.6.2016
EN
Official Journal of the European Union
C 202/105
Article 134
(ex Article 114 TEC)
1.   In order to promote coordination of the policies of Member States to the full extent needed for the functioning of the internal market, an Economic and Financial Committee is hereby set up.
2.   The Economic and Financial Committee shall have the following tasks:
—
to deliver opinions at the request of the Council or of the Commission, or on its own initiative for submission to those institutions,
—
to keep under review the economic and financial situation of the Member States and of the Union and to report regularly thereon to the Council and to the Commission, in particular on financial relations with third countries and international institutions,
—
without prejudice to Article 240, to contribute to the preparation of the work of the Council referred to in Articles 66, 75, 121(2), (3), (4) and (6), 122, 124, 125, 126, 127(6), 128(2), 129(3) and (4), 138, 140(2) and (3), 143, 144(2) and (3), and in Article 219, and to carry out other advisory and preparatory tasks assigned to it by the Council,
—
to examine, at least once a year, the situation regarding the movement of capital and the freedom of payments, as they result from the application of the Treaties and of measures adopted by the Council; the examination shall cover all measures relating to capital movements and payments; the Committee shall report to the Commission and to the Council on the outcome of this examination.
The Member States, the Commission and the European Central Bank shall each appoint no more than two members of the Committee.
3.   The Council shall, on a proposal from the Commission and after consulting the European Central Bank and the Committee referred to in this Article, lay down detailed provisions concerning the composition of the Economic and Financial Committee. The President of the Council shall inform the European Parliament of such a decision.
4.   In addition to the tasks set out in paragraph 2, if and as long as there are Member States with a derogation as referred to in Article 139, the Committee shall keep under review the monetary and financial situation and the general payments system of those Member States and report regularly thereon to the Council and to the Commission.

Summary:
European economic forecasts
SUMMARY OF:
Article 134 of the Treaty on the Functioning of the European Union
WHAT IS THE AIM OF THE ARTICLE AND OF THE FORECASTS?
Article 134 sets up the Economic and Financial Committee (EFC). The aim of the EFC is to promote economic policy coordination among EU countries, being the review of the economic and financial situation of the EU and EU countries one of its main tasks.
Forecasts analyse current and possible future macroeconomic developments and feed into EU policy-making.
KEY POINTS
The forecasts are published in the 
institutional papers series
. They:
are prepared by the Directorate-General for Economic and Financial Affairs (DG ECFIN) of the 
European Commission
;
cover the EU, EU countries, the 
euro area
, some of the world’s other major economies, such as the US, Japan, China, Russia and the 
European Free Trade Association
 countries, and EU 
candidate countries
 (Montenegro, former Yugoslav Republic of Macedonia, Albania, Serbia and Turkey);
analyse issues such as 
gross domestic product (GDP) growth and its drivers;
the labour market, inflation and wages and public finances;
consider macroeconomic policies to the extent that these shape the outlook for GDP growth and inflation;
focus on a time span of at least 2 years;
cover about 180 variables;
are published 4 times a year (2 fully-fledged forecasts in May and November and 2 interim forecasts in February and July) in line with the EU’s annual cycle of economic surveillance procedures, known as the 
European semester
.
DG ECFIN also publishes:
economic briefs to inform policy discussion and debate;
discussion papers to increase awareness of the DG’s technical work;
technical papers on reports and data.
BACKGROUND
For more information, see:
Economic forecasts
 (
European Commission
).
MAIN DOCUMENT
Consolidated version of the Treaty on the Functioning of the European Union — Part Three — Union policies and internal actions — Title VIII — Economic and monetary policy — Chapter 3 — Institutional provisions — 
Article 134
 (ex Article 114 TEC) (OJ C 202, 
7.6.2016
, 
pp. 105-106
)
last update 
18.5.2018

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