This report is designed to provide guidance on the available options and choices for conducting ecosystem services valuation and accounting, with the intention to support EU Member States in addressing Target 2, Action 5 of the EU Biodiversity Strategy1 , that is, to map and assess the state of ecosystems and their services in the national territories of EU Member States by 2014, assess the economic value of such services, and promote the integration of these values into accounting and reporting systems at EU and national level by 2020.  The report takes stock of existing national and international initiatives related to The Economics of Ecosystems and Biodiversity (TEEB), their main objectives and focus, progress, lessons learned, key issues, and future research priorities. Besides screening reports, proceedings from workshops and websites, representatives from 15 European Member States were contacted by telephone. In addition, opinions on progress, lessons learned and future research needs from close to 50 international experts and practitioners were elicited via two web-based surveys.