The purpose of this chapter is to trace the changes that have occurred in the European Union (EU) transport policy, account for them, and attempt to describe the emerging system of governance in EU transport. The challenge of accounting for the development of a common transport policy (CTP) and describing the emerging governance system in transport must come to grips with the following puzzle: given that a common transport policy was always seen as an essential element of European integration, why did a new European-level governance system for transport only begin to take shape in the mid-1980s, and in the form that it did? The answer to this puzzle has two parts. The first part has to do with the timing of the change and the second part with the nature of the change.