The paper focuses on the current European Education and Training (ET) Strategy/ Policy and its relation to Reskilling, Social Inclusion and Employability, within the framework of the “Europe 2020” Strategy. In particular, it focuses on the ongoing European Education & Training Strategy, in the context of the “Europe2020”, underlining the main modifications in education, training and LLL (indicators, benchmarks, etc.), as well as the new policy tools developed and implemented (such as JAF). It provides a brief presentation of the major priorities of the E&T 2020 Work Programme, highlighting the emphasis on reskilling, LLL, competence-based learning and VET as prime movers for increasing employability and promoting social inclusion. Then, the paper proceeds in an critical review of the current state of play regarding EU M-S performance in benchmarks such as low achievers in the key-competences, early school leaving, early childhood education and care, tertiary educational attainment, adult participation in learning, recent graduates' employability etc, while it raises issues related to education poverty and socio-economic and educational inequalities. Taking the above-mentioned into account, the paper finally proceeds in presenting the rising challenges for Teachers in Europe, emphasizing their continuous professional development.