Finmins

DEFINITION of 'Finmins'

Nickname given to the finance ministers from various countries who meet at global trade summits. Finance ministers are appointed and, depending on the country, the position can be given to an elected representative or to a non-elected official. The role played by a finance minister and the power he or she holds will vary among countries, but "finmins" are generally responsible for shaping or advising on the budget of a country and helping with other economic policies.

BREAKING DOWN 'Finmins'

This term is most often seen in the financial press, in reference to meetings between the financial ministers of various countries, especially the eurozone meetings. For example, you might see the headline, "G7 finmins meet in Canada to discuss debt repayments from third world".