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This paper highlights the growing concern regarding adequacy of education and training in a global environment. It draws upon the OECD program 'Definition and selection of competencies: theoretical and conceptual foundations' (DeSeCo). The goals of DeSeCo, launched within the framework of the OECD indicators project, are to strengthen the theoretical foundations for defining and selecting key competencies and to provide guidelines for future development work for the assessment of key competencies in an international context. The paper begins by outlining the basic considerations underlying the DeSeCo project and describes the definition and selection process of key competencies and the rationale for this selection. It goes on to provide an overview of the debates and discussions that took place during DeSeCo's work program. DeSeCo's key results, the overarching frame of reference and the nine key competencies, are presented. These key competencies are listed under three categories: acting autonomously; using tools interactively; and functioning in socially heterogeneous groups. The paper concludes by briefly discussing the applicability DeSeCo's frame of reference beyond OECD.