Are we capable of leading Europe?

(Summary from an article in The Financial Times)
Spain took over the presidency from Sweden on January 1.
The European Union single market and the euro may be damaged unless the bloc’s 27 countries do a better job of co-ordinating their recovery from the financial crisis and recession, the EU’s Spanish presidency warned on Thursday.
“Without co-ordination of economic policies the single market and single currency could suffer heavily,“ The lesson from the crisis is that when we act separately we fail. When we act together, we get results,” said Lopez Garrido
“The long-term outlook is not bright,” Mr Van Rompuy told a Christian Social Union party conference in Wildbad Kreuth, Germany, according to a speech text. “The crisis has a potential negative impact on longer-term growth prospects.”
Spain’s economy has been particularly hard hit with unemployment soaring to almost 20 per cent of the workforce, but ministers said this would not affect the country’s ability to lead the EU over the next six months.
“Are we capable of leading Europe at this decisive moment in time? I think we are,” said María Teresa Fernández de la Vega, Spain’s deputy prime minister.
She acknowledged, however, that the crisis had struck Spain’s construction industry - which provided much of the impetus behind its recent economic growth especially hard and would force the nation to diversify its economy.
“Spain is going to overcome the crisis and come out of it stronger with a new productive model. Our economy was based on bricks and construction and this is going to change. A shift of this kind can’t be imposed from above but you can lay the ground work.” she said
She added that Spain was determined to make a success of the new Lisbon treaty arrangements, including the full time presidency, even though they imply a less prominent role for the country that holds the six month rotating position.
“I think there is room for everyone . No problem. But we have to work with a will to coordinate , recognising that this is a very complex institutional set-up “
In particular Spain intended to drive forward the creation of the EU’s new diplomatic service - expected to employ about 3,000 officials - which Lady Ashton will head . “By April we want the road map for the steps that need to be taken, so that we can say we have begun to build our European diplomatic service. With it we will be able to make our voice in the world heard better, “ she said.