An informal summit held by the European Union's (EU) first full-time president today (February 11th) will draw up an economic blueprint for the region.

Herman Van Rompuy will chair a meeting of representatives from the 27-nation union to discuss the direction of economic policies for the next decade - with particular emphasis on creating a renewed strategy for jobs growth.

This conference follows an informal event earlier this month in Barcelona, when EU employment ministers met to debate the replacement of the Lisbon Strategy, which is due to expire this year.

In an invitation to heads of state, Van Rompuy claimed the region must "act together … to keep up with the other major economies in the world".

He said: "All European economies are facing major challenges. Our structural growth rate is not high enough to create jobs and sustain our social model."

Last week, the Organization for Economic Cooperation and Development suggested that the average unemployment rate for the eurozone rose by 0.1 per cent to ten per cent in 2009.