A large part of the preparatory work for European decision making in economic and financial affairs is done by the Economic and Financial Committee (EFC). This committee is composed of senior officials from national administrations and central banks, the ECB and the Commission. The committee also meets in a euro area configuration: the Euro Working Group (EWG).

A number of technical subcommittees prepare the work of the EFC/EWG: the EFC Alternates, the sub-committee on EU sovereign debt markets, the Euro coin sub-committee, the sub-committee on the IMF and related issues, the sub-committee on statistics and ad hoc working groups and ad hoc working groups and task forces on financial stability and services issues.

IEFA participates in a number of subcommittees of the EFC: EFC Alternates, the sub-committee on the IMF and related issues, ad hoc working groups and task forces on financial stability and services issues.

IEFA assists the full member representing the Minister of Finance in the EFC/EWG. IEFA contributes to the preparation of discussions at ministerial level.