Former Belgian prime minister Herman Van Rompuy will be reappointed European Union President this week and be given the task of chairing regular eurozone summits, diplomats in Brussels said Tuesday, February 28, M&C reported citing DPA.

The decisions are to be announced on the first of a two-day summit on Thursday, EU sources said.

Van Rompuy's two-and-a-half year mandate expires at the end of May. His role, which was created by the Lisbon Treaty - the EU's new rulebook - is to chair and prepare leaders' meetings and represent the bloc in meetings with other nations.

Over the past two years, as Europe was plunged into its debt crisis, he has also informally chaired eurozone-only summit meetings.

The fiscal compact, a budget discipline treaty approved in January and due to be signed at this week's EU summit, has institutionalized that role by creating the position of “President of the Euro Summit.”