UPDATE 5: The gathering has broken up with nobody speaking to the press. Lagarde left first, followed by Sarkozy. The EU’s Barroso, Van Rompuy and Rehn then left together. Merkel exited by the back door.
UPDATE 4: The meeting is expected to break up shortly so Trichet and Draghi can attend an 8pm concert in their honour.
UPDATE 3: Ralph Atkins, our man in Frankfurt, reports the meeting of leaders is now underway at the Alte Oper, Frankfurt’s concert hall.
UPDATE 2: European officials are now saying that Nicolas Sarkozy will also be flying to Frankfurt to meet with his counterparts, after the arrival of his new daughter.
UPDATE: Our Frankfurt bureau chief, Ralph Atkins, reports that IMF cheif Christine Lagarde is also in attendance.
If anyone is looking for where deals on the highly-anticipated Sunday summit might be struck today, they may want to cast an eye towards Frankfurt.
Several of the European Union’s big hitters will be in Germany’s financial capital for a leaving celebration for Jean-Claude Trichet, who departs from the helm of the European Central Bank at the end of the month. Read more