The key competences proposed by the European Union are one of the most important education policies stemming from the work done by this supranational organization, first, because the key competences measure has a real impact on the educational policies of Member States and, secondly and more importantly, because this new educational approach aims to respond more adequately to the main challenges of contemporary society (something that other international organizations and institutions have been insisting on for years). Analysis of the original EU documents on this topic provides much food for thought that has only rarely been reflected in educational, academic and political discussions. This paper offers a thoughtful synthesis of the concept and implications of competence-based learning in general and the key competences in particular. Placing this new approach within the framework of today's society and the lifelong learning approach is the first objective the authors propose; this would facilitate a deeper understanding of the competence-based learning approach, its significance and its relevance and above all would help to overcome the widespread idea in education that the competence-based approach involves no major changes from the status quo. The authors warn again pedagogical idealism: There are risks and challenges in this new educational proposal that must be considered. Altogether, the authors argue that we must not waste any further opportunities to really adjust our educational system to competence-based learning and, above all, the acquisition of key competences by all citizens of the European Union at the end of their compulsory education.