Our aim, during our Presidency in the next six months will be to lead this challenge, to show that Europe can function in a mature and responsible way, to start delivering tangible results that show we are taking people's concerns seriously.

But we need to show that the EU can modernise itself, can adapt to the needs of its citizens, can take their views into account. That will be our ambition for the UK Presidency.

But we can turn challenges into opportunities if we look outwards to the realities of the global economy and modernise our internal institutions in ways that will equip Europe to meet that challenge and create confidence amongst the public.

We should start to see some recovery. But I'm looking for very high volatility for the next three to six months. We should have more stability in the market towards the end of the year.

Six months after he called for a new approach in Europe, there is little sign of it.

I would be very surprised if they did not emerge in the next six months. But they've had a lot of misfires, and if they were better focused at the top they'd be out by now. They can get out, but if they don't do it with new management they'll be back in if they're not careful.