The Committee on Monetary, Financial and Balance of Payments Statistics (CMFB) was established by Council Decision in 1991 to assist the European Commission in drawing up and implementing work programmes concerning monetary, financial and balance of payments statistics, and to offer opinions on these areas of statistics and on their links with other areas of economic statistics, in particular national accounts. (Indeed, the government statistician members of the CMFB are usually responsible for macroeconomic statistics in their countries.)
The context was the need to make statistical preparations for Economic and Monetary Union (EMU). The CMFB is an independent committee with advisory functions; it has no legislative powers. The original Council Decision has been amended to reflect changes since 1991.