The Economic Council was established by law in 1962. The objective of the Council is to monitor the Danish economy and analyze the long-term economic development. Another objective of the Council is to improve coordination between the different economic interests in the Danish society. Therefore the Council plays an important role in the public debate on economic policy issues in Denmark.

The Economic Council has 17 members representing unions, employers' federations, the Central Bank and the Government. The members are proposed by the individual organizations, and are formally appointed by the Minister of Economic Affairs.

The Environmental Economic Council was established by law in 2007. The Council has 17 members representing unions, employer's federations, Goverment institutions as well as non govermental organizations.

The two councils are presided over by a common chairmanship. The Chairmanship, which is appointed by the Minister as well, consists of 4 independent economic experts, ususally university professors. The Chairmanship is usually called the "wise men".

The Chairmanship prepares a report to the meetings in the two councils. The report to the Economic Council contains economic analyses and policy statements on economic policy. The reports always contain a forecast of the Danish economy for the next 2 to 3 years. Special analyses on issues such as labour market policies, distribution, the welfare state or the EMU are also incluced in the reports. The reports to the Environmental Economic Council contains analyses on issuses on environmental ecnomics - e.g. energy policy, climate change, transport sector etc.
 
The reports are presented to and discussed by the members at the meetings of the two councils. The Economic Council meets twice a year, and the Environmental Economic Council meets once a year. The reports, which are the sole responsibility of the Chairmanship, contain a short summary of the discussions of the meeting. The reports are not public until after the meeting has been held. The reports are in Danish, but include an English summary.

The current chairmanship is:
Professor Hans Jørgen Whitta-Jacobsen, Professor at University of Copenhagen, Department of Economics (head chairman). jacob@econ.ku.dk

Professor Michael Rosholm, Professor at Aarhus School of Business, Department of Economics. rom@asb.dk

Professor Claus Thustrup Kreiner, professor at University of Copenhagen, Department of Economics. ctk@econ.ku.dk

Professor Eirik Schrøder Amundsen, Professor at University of Copenhagen, Institute of Food and Resource Economics, Department of Economics. eirik.amundsen@econ.uib.no

Member organizations of the Economic Council:
Ministry of Economic and Business Affairs (Økonomi- og Erhvervsministeriet)
Ministry of Finance (Finansministeriet)
The National Association of Local Authorities in Denmark (Kommunale Organisationer, KL)
The National Bank of Denmark (Danmarks Nationalbank)
The Confederation of Danish Employers (Dansk Arbejdsgiverforening)
The Danish Construction Association (Dansk Byggeri)
The Danish Confederation of Trade Unions (Landsorganisationen i Danmark)
The Danish Confederation of Professional Associations (Akademikernes Centralorganisation)
Confederation of Danish Industry (DI - Organisation for Erhvervslivet)
The Danish Federation of Small and Medium-Sized Enterprises (Håndværksrådet)
The Danish Agricultural Council (Landbrug og Fødevarer)
The Danish Chamber of Commerce (Dansk Erhverv)
The Danish Consumer Council (Forbrugerrådet)
The Danish Bankers Association (Finansrådet)
Confederation of Professionals in Denmark (FTF - Hovedorganisation for offentligt og privat ansatte)
Economic Council of the Labour Movement (Arbejderbevægelsens Erhvervsråd)
Academic experts (Særlige sagkyndige)

Member organizations of the Environmental Economic Council:
Ministry of Economic and Business Affairs (Økonomi- og Erhvervsministeriet)
Ministry of Finance (Finansministeriet)
Ministry of climate and energy (Klima- og Energiministeriet)
Ministry of the environment (Miljøministeriet)
Ministry of Food, Agriculture and Fisheries (Fødevareministeriet)
Local Government Denmark (Kommunale organisationer, KL)
The Danish Society for Nature Conservation (Danmarks Naturfredningsforening)
The Danish Outdoor Council (Friluftsrådet)
World Wide Fund for Nature (WWF Verdensnaturfonden)
Waste Denmark / Danish Energy Association / Danish District Heating Association / Danish Water and Waste Water Association / Renosam (Affald Danmark / Dansk Energi / Dansk Fjernvarme / Dansk Vand- og Spildevandsforening og RenoSam)
LO / CO-industri / The Economic Council of the Labour Movement (Landsorganisationen i Danmark / CO-industri / Arbejderbevægelsens Erhvervsråd)
The Danish Agriculture & Food Council (Landbrug og Fødevarer)
DI - Confederation of Danish Industry (DI)
The Danish Chamber of Commerce (Dansk Erhverv)
The Danish Consumer Council (Forbrugerrådet)
Academic experts (særlige sagkyndige)