The European Works Council (EWC) Directive of 1994 allowed for the creation of European works councils, which were envisaged as supranational institutions with sufficient regulatory powers to constitute a potential cornerstone of a European industrial relations system. This article examines the extent to which the expectations placed in EWCs have been met. The article comprises four sections: an assessment of the number of EWC agreements and the coverage of the Directive; a review of the content of the EWC agreements and the factors that influence their terms; an identification of the principal items dealt with by EWCs; and a presentation of the views of EWC representatives on an agenda to improve the functioning of EWCs. The article argues that EWCs are an institution in process; the coverage of EWCs has been extended, but insufficient attention has been devoted to developing the agenda of those EWCs that are in place. Although the European Industry Federations have taken the initiative to develop EWCs in many areas, it is unclear whether they have the resources to deepen the activities of the EWCs.