Europe's single currency is set to have its own "finance minister", able to represent the euro on the world stage and lead efforts to improve economic co-operation and budgetary discipline.

Mr Valéry Giscard d'Estaing, president of the European Convention, has accepted a raft of proposals designed to give members of the euro zone more political control over their currency.

One is that the euro area could appoint a semi-permanent finance minister, serving a term of two years, to provide political leadership for the currency.

The minister would head the eurogroup, the informal monthly meeting of the 12 single currency finance ministers.

One of the job's tasks, if it was agreed among member-states, would be the representation of the euro area on world economic bodies such as the International Monetary Fund.

The euro finance minister, expected to be chosen from among the ranks of 12 serving finance ministers, would replace the current rotating six-month chairmanship of the eurogroup, which has been criticised for leading to a lack of continuity.

He or she could become the public political face of the euro, and would be expected to give leadership in areas such as the enforcement of the euro's budget rules: the stability and growth pact.