: Many believe that today's Web has not yet reached the full potential which globally distributed systems may achieve in terms of information access and use. Realizing this potential may indeed turn the Web into a vast knowledge and service space. We discuss some of the issues involved and present a number of activities initiated and supported by the European Commission that are likely to make significant contributions towards attaining this goal. Key Words: semantic web, grid computing, knowledge technologies, European research funding Category: A.m, H.0, H.4, K.4.1