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They call it 'The Council' it has a life President. This office is given to the technically male child who can prove ancestry back to Charlemagne and that they are their own cousin, father and sister. As is the custom with Royalty they must also marry somebody else from the shallow end of the gene pool.
The post of President is currently up for grabs.
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My bet’s on Liz:
survived WW2 and her countries helped save the rest of them;
owns the strongest combined armed forces (Uk, Oz, Canadia, etc) complete with aircraft carriers and nukes;
her favourite homeland is the second largest European economy;
has a permanent voice on the UN Security Council;
probably the best known and arguably most liked of them all.
if the all european royals were a mafiosi type family who would be the godfather ?
the lord high supreme lizard if you will