The Heads of State or Government of the EU-27 will make their first formal decisions in the process to develop the "Europe 2020" strategy that aims to achieve sustainable economic growth, job creation as well as recognition for the European social model.

Chaired by the President of the European Council, Herman Van Rompuy, the 27 leaders of Member States will outline during the first day the points that will guide Europe's future economic governance, as well as measures to incentivise and monitor that countries meet their specific targets. This will be followed by the design of the Europe 2020 strategy that will replace the Lisbon Strategy approved in 2000 to make the EU economy the most competitive in the world.

Based on the European Commission's "Europe 2020" report, the Council will be asked to approve the general framework of the new EU strategy. The intention is that "Europe 2020" will be definitively approved at the European Council in June, when Spain completes its rotating presidency.

A limited number of quantitative objectives at an EU level could be approved, which will subsequently be translated into different national targets. The European leaders will also review the specific national strategies for dealing with the economic crisis.

Furthermore, it will also tackle common economic governance and the coordination of policies to help put an end to the differences in competitiveness between the various countries of the EU. For example, the recently issued Regional Innovation Scoreboard highlights differences among countries in the field of innovation, a clue factor for competitiveness.

The other subject highlighted at the summit meeting is an evaluation of the work on the fight against climate change. The Council will attempt to impress a new dynamic following the Copenhagen climate summit, to adequately prepare the upcoming meetings in Bonn and Cancun. This involves maintaining and confirming the financial commitments and the issues relating to a reduction in emissions.