The Third Way has, inevitably, become the common point of reference for all European social-democratic parties. Although the Third Way has lost some of its initial appeal and spirit - due to the ambigious record of the New Labour Government and to the fact that controversies between 'traditionalists' and 'modernisers' within various center-left parties faded away - the Third Way, nevertheless, has survived as the catch-phrase which summarises the ideological and programmactic renewal of social democracy.