The conference of the so-called Berlin club will be presided over by the German Foreign Minister Guido Westerwele and Spain's current financial crisis is expected to be top of the agenda.
The ministers from Germany, France, Spain, Portugal, Belgium, Luxembourg, Poland, Holland, Denmark, Italy and Austria will meet this afternoon at the Hotel Meliá Victoria for a first round of talks during which they are going to reflect on the future of Europe.
Prior to the conference opening, all of the ministers will meet the Balearic President, Jose Ramon Bauza who will also be attending a private dinner at the German Foreign Minister's house in Son Vida.
Although the Berlin club is not an officially recognised body, is has nevertheless generated some tension in the past because it does not include members representative from all of the EU member states and, for that reason, most of the topics on the agenda are kept secret.
However, if they are going to be reflecting on the future of Europe, Spain and its problems are certainly going to be discussed.
The conference comes to a close tomorrow when all of the ministers will be received by Crown Prince Felipe at Almudaina Palace.
The King of Spain has been unable to attend the meeting or the Copa del Rey because he is in Russia on a business trip.