The Committee on Economic and Monetary Affairs is one of the most influential of all committees in the European Parliament. Its power stretches across topics ranging from regulating the financial sector, maintaining the free movement of payment and capital, establishing rules on competition, public aid and tax laws.
The role of the ECON committee is especially crucial nowadays in the light of fighting with the economic crisis. The key issue is not only to minimize the effects of the said crisis, but also to create legal regulations which could successfully prevent the occurrence of another such crisis in the future.
The committee meets twice per month on average. There are 48 members and 46 substitutes.