The chapter first identifies two macro trends, which in recent years have come to characterize international politics worldwide and within the OSCE area in particular. These trends pertain to growing geopolitical competition – specifically the rift between Russia and the West – and to the weakening of cooperative security provided through multilateral organizations. Based on this, in a second step, the analysis outlines three implications for the specific context of the OSCE. These include the paradoxical consequences of the crisis in and around Ukraine and the often-prevailing zero-sum mentality among participating states. The chapter concludes with reflections about where the organization currently stands and what challenges it has to tackle in the future.