The Board is tasked with providing the Federal Minister for Economic Affairs and Energy with independent advice on all aspects of economic policy. The Board sets its own agenda and meets five times a year. It submits the results of its deliberations in the form of expert opinions. These are published regularly. The Board was the first independent body providing academic policy advice in post-war Germany. It has gained an outstanding reputation for academic policy advice.
The roots of the "Board of Academic Advisors to the Federal Ministry for Economic Affairs and Energy" reach back to the time of the Second World War. From 1943, some of the subsequent members of the Board held meetings chaired by Prof. Erwin von Beckerath in order to prepare for Germany's economic future following the war. This "Erwin von Beckerath working group" became the Board of Academic Advisors, which was established in early 1948 and was formally constituted on 23 January 1948 at the invitation of the Economic Administration of the Bizone, the predecessor of the Federal Ministry for Economic Affairs and Energy, in Königstein/Taunus. The Advisory Board had 17 founding members, including Professors Franz Böhm, Walter Eucken, Alfred Müller-Armack, Oswald v. Nell-Breuning, Erich Preiser and Karl Schiller.
The Board currently has 37 members. They are all academics teaching at higher education institutions in the field of economics or law. They are appointed and discharged from the Board at the proposal of the Federal Minister for Economic Affairs and Energy.