The  European Academy of Yuste Foundation set up the Carlos V European Award in order to reward the work of people, organisations, projects, or initiatives which through their efforts and dedication have contributed to the general knowledge and enhancement of Europe'ss cultural, social, scientific, and historical values, as well as to the process of European construction and integration

In order to highlight the work of these leaders, the Carlos V European Award is presented by a jury made up of distinguished figures. The presentation of the award takes place at a ceremony at the Royal Monastery of Yuste, presided over by the Spanish Royal Family. The Carlos V European Award represents the spirit of the construction of a united Europe