Recognizes and binds the 7-methylguanosine-containing mRNA cap during an early step in the initiation of protein synthesis and facilitates ribosome binding by inducing the unwinding of the mRNAs secondary structures (PubMed:10635326). In addition to its role in translation initiation, also acts as a regulator of translation and stability in the cytoplasm (By similarity). Maternal RNA in oocytes remain in a dormant state as tacc3/maskin outcompetes eif4g to bind eif4e, thereby preventing translation (PubMed:10635326). During oocyte maturation this complex dissolves and eif4g binds eif4e to allow translation of maternal RNAs (PubMed:10635326). eIF4F is a multi-subunit complex, the composition of which varies with external and internal environmental conditions. It is composed of at least eif4a, eif4e and eif4g. eif4e is also known to interact with other partners (By similarity). tacc3/maskin competes with eif4g for binding to eif4e (PubMed:10635326). When interacting with tacc3/maskin. Expressed both maternally and zygotically. Belongs to the eukaryotic initiation factor 4E family.