At its first meeting on 21 March, the economic council discussed the economic consequences of Russia's invasion of Ukraine.

In 2020 an advisory group was created for then Minister for Finance Magdalena Andersson. The group’s task was to discuss the economic situation impacted by the Covid-19 pandemic and it has evolved into the current permanent economic council.

Robert Östling, who specializes in applied microeconomics and behavioral economics, is one of six professors from various economic fields who serve on the council which is chaired by the Minister for Finance.

The coucil consists of Minister for Finance Mikael Damberg and Professors Lars Calmfors, Karolina Ekholm, Olof Johansson-Stenman, Helena Svaleryd, Daniel Waldenström and Robert Östling.