European commissioner for economic and monetary affairs Olli Rehn has been appointed head of the euro as part of last night's package to deal with the economic crisis.
In a speech to the European Parliament in Strasbourg this morning, just hours after the deal had been agreed, European Commission president José Manuel Barosso announced Mr Rehn's appointment as commission vice-president for economic and monetary affairs and the euro.
He said the post was of symbolic as well as substantive importance.
"Having a commissioner specially dedicated to the euro, we assert that we want the euro governance to take place inside the community method and with the community institutions," Mr Barosso said.
Appointing a head of the euro was the best way to guarantee "the independence, objectivity and efficiency" of the Commission's responsibilities in the area of economic governance of the union and of the euro area in particular, he said.
Mr Barosso also outlined detailed of the financial package agreed in the early hours of this morning to MEPs, saying it demonstrated that the unity, solidarity and determination of the European Union. "Today we are witnessing a level of determination that should give hope and confidence to us all," he said.
He also told MEPs he would bring forward proposals to change the Lisbon Treaty.
"Any possible treaty change should not appear as the immediate solution to the current crisis. But it is true that by working to embed stricter discipline and stronger governance into the Euro area in particular, we may help to prevent a future crisis," he said.
He pledged to consult widely with the European Parliament on the proposed changes.
Mr Barosso also said he was pleased with Italy's "strong commitment" to undertake further structural reforms, including increasing the pension age of its citizens.