This EUROMESCO report aims at providing a broad evaluation of the UFM, taking stock of the conclusions of the Paris Declaration and of the Marseille conference. After an introductory section, the report considers, in the first section, how the UFM and the EMP could be amalgamated in the framework of complementary relations and harmonisation vs. separation and competition. In the second section, the report will discuss the added value that can be attributed to the new Euro-Mediterranean policy – first, from an institutional-political perspective, then, from an economic viewpoint, and finally, from a security perspective. The third section is devoted to issues of compatibility. In the fourth and final section of the report, some conclusions and a set of policy recommendations are outlined. By Roberto Aliboni, Fouad M. Ammor.