Dublin will play host to a ceremony that will mark the beginning of the Ireland's six-month presidency of the European Council.

The event being organized at the Dublin Castle will mark the beginning of Ireland's seventh EU presidency, the 40th anniversary of EU accession and the European Year of Citizens. The general public has been invited for the flag-raising ceremony that is expected to begin at 10.45am this morning.

Tanaiste and Minister for Foreign Affairs and Trade Eamon Gilmore, Minister of State for European Affairs Lucinda Creighton and Lord Mayor of Dublin Fine Gael Cllr Naoise O Muiri besides Taoiseach Enda Kenny will be present at the event. Ireland's European commissioner Maire Geogeghan-Quinn, opposition members, Irish MEPs, heads of EU offices in Dublin and other dignitaries are also expected to attend.

The Defence Forces Band will play both the Irish and EU anthems and children will release 40 balloons, representing the 40 each year of EU membership. The Methodist College Choir from Belfast will perform an Irish Blessing.

The Irish presidency said in a statement, "The core themes of the Irish presidency will be stability, jobs and growth in Europe. The year 2013 will usher in a new phase in the European Union's drive for recovery. The Irish presidency of the council is about securing stability and ensuring that it leads to jobs and growth."

The core priorities of the presidency will be the banking union and strengthening financial regulation as well as improving the overall economic co-ordination across the European region.