TABLE OF CONTENTS

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