Economic and Financial Affairs

In contrast to Environment and Agriculture, the Economic and Financial Affairs area does not constitute a cohesive policy field. Many observers distinguish between at least two major sub-fields: measures related to the European Monetary Union and measures related to the Budget. ¹ The two sub-fields are characterised by different actors, institutions and mechanisms involved in policy-making. ² The same is true for the less prominent, smaller sub-fields of Financial Services and Taxation. The Community method of policy-making is most prevalent in these sub-areas. The Commission introduces proposals and the Council together with the Parliament decide on binding legislation. In the case of Financial Services, a qualified majority is sufficient to make a decision in the Council and legislative decision-making occurs through the co-decision procedure. In the case of Taxation, the consultation procedure applies and the Council can adopt acts only by unanimity. The latter feature makes the field of Taxation a good comparison case for an examination of the effect of the voting rule on committee decision-making.