President Heinz Fischer said his six-month term will be one of reflection after voters in France and the Netherlands rejected an EU constitution, the BBC reports.
Fischer said a discussion over the constitution's terms will take place but no constitution will be put in place.
Romania, Bulgaria and Turkey are all applying for membership, with Turkey's bid remaining controversial.
A plan to ease trade restrictions between EU members is also expected to test Fischer's diplomatic skills. Britain is spearheading the trade change while others, including France, vehemently oppose it.
Notable deaths of 2014 [PHOTOS]