Economic policy for every country in the European Union is determined by what is called the “Troika”. The Troika consists of the European Commission, the European Central Bank, and the International Monetary Fund.
Yes. The IMF has an acknowledged and superior role in setting economic policy in Europe.
The Troika dictates policy to the Euro Group (a committee of finance
ministers from every country using the Euro), and the Euro Group members take that policy to EcoFin, a committee of finance ministers from every EU country.
Now, consider this; the Euro Group does not exist in law, and neither does the Troika. These bodies were not formed by treaties or agreements; they are not included in the European Constitution.
They have no legal status; yet they have complete control over the economic policy of the continent, they set taxation programs, pension policies, wages, everything, and they set out policies that are to be followed for as long as 20 years into the future; far longer than the tenure of any national government administration.
None of this is subject to democratic processes. So bear this in mind when the West talks about democracy. European economic policy is dictated by an unofficial, un-elected, shadow committee led by the IMF.