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Two years since the entry into force of the Lisbon Treaty the implementation of the constitutional and institutional changes it introduced is ongoing. This paper examines the potential and actual implications of these novelties for the capacity of the European Union (EU) to act as an effective multilateral security actor, placing special emphasis on coordination, flexibility and coherence in the areas of Common Foreign and Security Policy (CFSP) and Common Security and Defence Policy (CSDP). The structure is twofold. First, the main constitutional changes to the areas of CFSP and CSDP will be examined in a critical light. The legal personality of the EU, its crosscutting external relations objectives,