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Prospects for the future development of the BSEC

A fruitful exchange of views on new challenges and opportunities for the BSEC in the twenty‐first century cannot occur without considering the institutional aspects of the organization's future development and consolidation, as well as its enlargement prospects, A substantial discussion should take into account the stages of the BSEC's evolution and the prospects for its development. The first stage, shaping the BSEC's past trajectory, might be considered the formative period. The second, already entered into, could be appreciated as the phase of the organization's consolidation and further development. Finally, the third phase is meant to ensure the transformation of the BSEC into a fully‐grown mechanism, well equipped for twenty‐first‐century problems, challenges and opportunities.