This article focuses on the perspectives of unions and employers towards the new areas of opportunity provided by transnational collective bargaining. It examines how the emergence of European framework agreements prompted the European Trade Union Federations, and in particular the European Metalworkers’ Federation, to formalize their procedures to regulate the negotiation of such agreements. They also encouraged the European Trade Union Confederation to elaborate key conditions for a possible legal framework for transnational company agreement. Finally, the article highlights the political developments and blockages which affect transnational collective bargaining, and possible solutions.