| EXECUTIVE SUMMARY | 1 |
| INTRODUCTION | 4 |
| 1. THE EUROPEAN PARLIAMENT AND THE ELECTION OF THE COMMISSION PRESIDENT | 5 |
| 2. THE LISBON TREATY (PARAGRAPHS 34 AND 35) | 8 |
| 3. THE ECONOMIC, FINANCIAL AND SOCIAL SITUATION (PARAGRAPHS 1-23 PLUS ANNEX I) | 8 |
| 3.1 RESTATING A CONSENSUS | 8 |
| The financial markets | 8 |
| To stimulate or not to stimulate | 9 |
| The single market | 10 |
| Solidarity within and beyond the euro area | 11 |
| 3.2 THE COMMISSION’S €5 BILLION CONTRIBUTION TO EUROPEAN RECOVERY | 12 |
| 3.3 THE LISBON STRATEGY | 15 |
| 3.4 THE SOCIAL IMPACT OF THE CRISIS AND THE EMPLOYMENT SUMMIT IN PRAGUE | 16 |
| 3.5 PREPARING FOR THE G20 SUMMIT | 17 |
| 4. ENERGY AND CLIMATE CHANGE (PARAGRAPHS 24-28) | 19 |
| 4.1 ENERGY SECURITY (PARAGRAPH 24) | 20 |
| 4.2 PREPARING THE COPENHAGEN CONFERENCE ON CLIMATE CHANGE (PARAGRAPHS 25-28) | 21 |
| 5. EUROPEAN NEIGHBOURHOOD POLICY (PARAGRAPHS 29-32) | 24 |
| 6. THE EU AND PRESIDENT OBAMA (PARAGRAPH 33) | 27 |
| 7. BEYOND THE SPRING COUNCIL: CONCLUSIONS AND CONSEQUENCES | 28 |
| ENDNOTES | 32 |
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