Spain today takes over the helm of the EU for the coming six months.
It is the country's fourth stint in the presidency since it joined the EU in 1986. This time, however, Madrid will be facing a new challenge when it shares the EU's driving seat with Permanent EU President Herman Van Rompuy in a role newly-created by the Lisbon Treaty.
In fact, implementing the treaty will be one of the main challenges facing the Spanish presidency in the coming six months. Madrid will aim to forge the future rules on how the new cohabitation will work.
Spain has already said that its Prime Minister, Socialist Luis Rodriguez Zapatero, will not try to take the limelight and will be giving a free hand to the Permanent President. However, many observers think this is easier said than done, especially when the rotating presidency is taken over by a large EU member state.
Under the Lisbon Treaty, Spain should get an additional four seats in the European Parliament and because of this it is very interested in getting through the legal formalities to make this happen as soon as possible. Malta stands to benefit from this drive as it will gain a sixth seat.
Following a proposal endorsed by the European Council last month, the president of the European Parliament is expected to invite the 18 new MEPs, including Labour's Joseph Cuschieri, as observers.
However, it is still not certain when this will happen and whether they will be given a salary. Despite various Spanish efforts expected in the coming months, the new MEPs will have to wait for the ratification of a new legal instrument to become fully-fledged members and this will probably take about two more years.
Spain is also expected to work on a legal framework for the implementation of the so-called citizens' initiative through which a million EU citizens would have the right to call for new legislation to be considered.
However, with a record 20 per cent unemployment, Spain's major focus during its presidency will be on the economy and job creation, putting illegal immigration, Malta's top priority, on the back burner.
Most of the presidency's work will be taken up with re-launching the so-called Lisbon Agenda, setting new economic and social benchmarks for member states to be reached by 2020 and a coordinated exit strategy from the economic crisis.
Spain has also declared it intends acting fast on the setting up of a new system of financial supervision, being negotiated with the European Parliament.
In its programme, Spain also considers it a priority to ensure that the EU continues to lead the world on climate change action and will insist that member states stick to their commitments to cut emissions and produce more renewable energy.
For the first time, the Spanish presidency programme has been drawn up in collaboration with the next two incoming presidencies - Belgium and Hungary - in order to secure a more continuous schedule based on an 18-month calendar, as envisaged by the new treaty.