Over the past year, Massive Open Online Courses (MOOCs) have received a great deal of attention from the academic community and the media. The EUA Secretariat has followed the development of the MOOCs since the beginning of 2012, surveying discussion forums and publications, but also assessing the websites of MOOC providers and participating in several MOOCs in order to gain first-hand experience of this developing phenomenon. The EUA Board discussed this development during its meeting on 30 November 2012. The paper--slightly altered--was presented and discussed at the EUA Council in Istanbul on January 25, 2013. It provides an overview of the literature on this topic and identifies the key issues in order to inform the Council's discussion. A list of universities that partnered up with Coursera is provided in an annex.