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In December 2002, the Copenhagen summit of the European Council opened the way to the fifth enlargement of the European Union to 10 countries, eight of which are in Central and Eastern Europe. Following the ratification of the adhesion treaty in Athens in March 2003 and the full ratification process, the ten countries will become EU members May 1, 2004. The first part of this paper considers the important decisions made in terms of financing in order to carry out this enlargement and facilitate the convergence process. It also summarizes the more political aspects and the administrative consequences linked to this process. The second part focuses on three main themes directly related to the enlargement policy: the common agricultural policy, structural funds, and competition policy. It concludes with some reflections on the feasibility of the ongoing enlargement and the expected positive impact on both new and old members of the EU.