"Given the extent of the current economic and financial crisis, there are significant

challenges ahead. Although I do not count myself among those who believe that the

global recession is necessarily a prelude to political and social apocalypse, I think that

some of the current economic and financial problems will affect EU social cohesion,

political stability, energy and environmental matters, and foreign affairs. There will,

therefore, be a burgeoning European agenda of matters to address and deal with not

only this year but in the next few years as well. Before I turn to the agenda items, let

me deal first with the challenges."