| EXECUTIVE SUMMARY | 1 |
| INTRODUCTION | 3 |
| 1. LOOKING BACK ON THE LAST 14 MONTHS | 3 |
| 2. SETTING EU PRIORITIES IN UNCERTAIN TIMES | 12 |
| 2.1 TO BE OR NOT TO BE: CAN THE UNION SURVIVE? | 13 |
| 2.2 STRIKING A NEW BARGAIN BETWEEN THE STRONG AND THE WEAK | 14 |
| 2.3 REVERSING THE DRIFT IN THE EU’S RELATIONS WITH ITS NEAREST NEIGHBOURS | 16 |
| 2.4 COMING TO TERMS WITH THE MULTIPOLAR WORLD | 17 |
| 2.5 RENEWING THE EU’S LEADERSHIP | 19 |
| ENDNOTES | 21 |
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