It was a strange situation to see Margot Wallström take the floor before the Congress of the Party of European Socialists (PES) in Madrid on 1 December. Vice-President of a European Commission decried by the Socialists as “ultra-liberal” and criticised for its passiveness in recent years over the regulation of financial markets, Ms Wallström gave her “full support” to the party's manifesto for the European elections which, among other things, calls for an end to economic casualness and in-depth reform of the financial markets (EUROPE 9794). The Swedish Social-Democrat pulled herself out of a tight spot saying: “The financial crisis has shown that market forces and economic liberalism are good servants, but bad masters”. There was applause from PES representatives present but it is not certain that her boss at the Berlaymont will show the same approval. (H.B./transl.jl)