The Élysée Palace is the official residence of the President of the French Republic, containing his office, and is where the Council of Ministers meets. It is located near the Champs-Élysées in the 8th arrondissement of Paris, the name Élysée deriving from Elysian Fields, the place of the blessed dead in Greek mythology.
Important foreign visitors are hosted at the nearby Hôtel de Marigny, a palatial residence. The Élysée has gardens, in which presidents hosted parties on the afternoon of Bastille Day until 2010. Since then, Nicolas Sarkozy, the former President of France, decided to stop organizing this event because of France's high debt and the economic crisis. François Hollande, the President of France since 2012, currently resides at the palace.