Euro summit
Encyclopedia
The Euro summit is the meeting of the heads of state
or government
of the member states of the eurozone
(those EU states
which have adopted the euro
). It is not to be confused with the European Council
, the meeting of all EU leaders.
, which is the meeting of the eurozone member's finance ministers. French President Nicolas Sarkozy
called for the Euro summit to replace the Euro Group as a "clearly identified economic government" for the eurozone, stating it was not possible for the eurozone to continue without it. The eurozone economic government would discuss issues with the European Central Bank, which would remain independent. Sarkozy stated that "only heads of state and government have the necessary democratic legitimacy" for the role. This idea was based on the meeting of eurozone leaders in 2008 who met to agree a co-ordinated eurozone response to the banking crisis.
They first met in the summit format in October 2008, in response to the debt crisis. Subsequent meetings took place in May 2010, July 2011 and October 2011. In the October 2011 meeting, it was agreed to formalise the Euro summit via a possible new treaty change. A Euro summit President, separate from the Euro Group
President, would be elected at the same time as the President of the European Council
and under the same rules. Until such an election takes place, the European Council President fulfils that role.
. The proposals for formalisation of the summit include electing a President along the same lines as the European Council President and until then, Van Rompuy continues to chair the summit.
Notes
The European Council President chairs but does not vote. Presidents of other EU institutions, such as the President of the European Commission
and the Euro Group President also attend but do not vote. In some summits, other leaders might attend discussions, for example the British Prime Minister attending the 2008 summit.
Head of State
A head of state is the individual that serves as the chief public representative of a monarchy, republic, federation, commonwealth or other kind of state. His or her role generally includes legitimizing the state and exercising the political powers, functions, and duties granted to the head of...
or government
Head of government
Head of government is the chief officer of the executive branch of a government, often presiding over a cabinet. In a parliamentary system, the head of government is often styled prime minister, chief minister, premier, etc...
of the member states of the eurozone
Eurozone
The eurozone , officially called the euro area, is an economic and monetary union of seventeen European Union member states that have adopted the euro as their common currency and sole legal tender...
(those EU states
Member State of the European Union
A member state of the European Union is a state that is party to treaties of the European Union and has thereby undertaken the privileges and obligations that EU membership entails. Unlike membership of an international organisation, being an EU member state places a country under binding laws in...
which have adopted the euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
). It is not to be confused with the European Council
European Council
The European Council is an institution of the European Union. It comprises the heads of state or government of the EU member states, along with the President of the European Commission and the President of the European Council, currently Herman Van Rompuy...
, the meeting of all EU leaders.
History
The Euro summit began as an off shoot of the Euro GroupEuro Group
The Euro Group or Eurogroup is a meeting of the finance ministers of the eurozone . It is the political control over the euro currency and related aspects of the EU's monetary union such as the Stability and Growth Pact...
, which is the meeting of the eurozone member's finance ministers. French President Nicolas Sarkozy
Nicolas Sarkozy
Nicolas Sarkozy is the 23rd and current President of the French Republic and ex officio Co-Prince of Andorra. He assumed the office on 16 May 2007 after defeating the Socialist Party candidate Ségolène Royal 10 days earlier....
called for the Euro summit to replace the Euro Group as a "clearly identified economic government" for the eurozone, stating it was not possible for the eurozone to continue without it. The eurozone economic government would discuss issues with the European Central Bank, which would remain independent. Sarkozy stated that "only heads of state and government have the necessary democratic legitimacy" for the role. This idea was based on the meeting of eurozone leaders in 2008 who met to agree a co-ordinated eurozone response to the banking crisis.
They first met in the summit format in October 2008, in response to the debt crisis. Subsequent meetings took place in May 2010, July 2011 and October 2011. In the October 2011 meeting, it was agreed to formalise the Euro summit via a possible new treaty change. A Euro summit President, separate from the Euro Group
Euro Group
The Euro Group or Eurogroup is a meeting of the finance ministers of the eurozone . It is the political control over the euro currency and related aspects of the EU's monetary union such as the Stability and Growth Pact...
President, would be elected at the same time as the President of the European Council
President of the European Council
The President of the European Council is a principal representative of the European Union on the world stage, and the person presiding over and driving forward the work of the European Council...
and under the same rules. Until such an election takes place, the European Council President fulfils that role.
President
In its informal capacity, the de facto summit President has been the European Council President Herman Van RompuyHerman Van Rompuy
Herman Achille Van Rompuy is the first long-term and full-time President of the European Council...
. The proposals for formalisation of the summit include electing a President along the same lines as the European Council President and until then, Van Rompuy continues to chair the summit.
Members
| Representative | Picture | Member State | State joined eurozone | |
|---|---|---|---|---|
 |
 Austria |
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 Belgium |
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 Cyprus |
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 Estonia |
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 Finland |
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 Early Modern France |
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 Germany |
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 Greece |
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 Republic of Ireland Ireland |
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 Italy |
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 Luxembourg |
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 Malta |
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 Netherlands |
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 Portugal |
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 Slovakia |
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 |
 Slovenia |
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 |
 Spain |
Notes
The European Council President chairs but does not vote. Presidents of other EU institutions, such as the President of the European Commission
President of the European Commission
The President of the European Commission is the head of the European Commission ― the executive branch of the :European Union ― the most powerful officeholder in the EU. The President is responsible for allocating portfolios to members of the Commission and can reshuffle or dismiss them if needed...
and the Euro Group President also attend but do not vote. In some summits, other leaders might attend discussions, for example the British Prime Minister attending the 2008 summit.