Spain takes over US presidency?

The headline says:

That really would be headline news but the story which follows is somewhat less sensational:

Spain took over the presidency of the European Union on Friday. . . The six-month rotating post passed from Sweden to Spain at the stroke of midnight. . .

We usually refer to the European Union as the EU. In Spain it’s the Union Europeo and they call it the UE, but I don’t know any language where it’s the US.