Education issues have traditionally not played a central role within the European Union (EU). This has gradually started to change in recent years. At the Lisbon European Council in March 2000, the heads of states and governments of the EU member countries, in response to the challenges of globalisation and the information society, set out a new strategic objective for the coming decade: ‘Becoming the most competitive and dynamic knowledge-based economy in the world capable of sustainable economic growth with more and better jobs and greater social cohesion’. This implies major changes, and education will be among the areas affected. Two questions can be raised in relation to this development: (1) How can a European education policy be created within the existing framework of the EU? (2) What could be the content of such an education policy? This article sets out to answer these questions by examining new methods of working and the initiatives that have been undertaken. It goes on to look at some of the problems and challenges confronting the EU in adapting Europe's education and training systems to the demands of the knowledge society, and, using an examination of how the EU is trying to find new methods for cooperation in the field of education and how elements of a European education policy can be found in present initiatives, it explores some scenarios setting out how the work of the EU and a European education policy can develop.