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The term 'European Grand Prix' was first used to describe the 1923 Italian Grand Prix. Rather than describing a particular grand prix, the term was awarded to the finest grand prix in Europe, a tradition that continued until 1977 when the British Grand Prix became the last grand prix to be awarded the European Grand Prix honorific. During the mid-1980s the European Grand Prix was resurrected to describe a succession of stopgap European races that filled the void caused by the late cancellation of scheduled grand prix. In 1993 the European Grand Prix was established as a Formula One fixture, but led a nomadic existence and rotated around racecourses throughout Europe, before finding a home at Germany's Nürburgring circuit in 1999. In 2007 it was announced that Germany would forfeit the European Grand Prix in compliance with Bernie Ecclestone's policy of allowing each European country to host only one grand prix race during a given season. A decision was subsequently made to move the European Grand Prix to Spain. Many in the Formula One community regarded this decision as perverse, since it indicated preferential treatment of Spain by awarding it with a second Formula One Grand Prix event per season In 2007 Bernie Ecclestone announced that the European Grand Prix would be hosted in Valencia until at least 2016, guaranteeing Spain two grand prix for the foreseeable future. While the future of the European Grand Prix is assured, there has been speculation that the name of the race may change before Valencia's contract with Formula One's governing body expires.

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Q: Formula one why is the European grand prix now held in Spain?
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