Since Baddeley and Hitch's (1974) seminal proposal to distinguish between short-term and working memory, several influential models and theories have been put forward to account for the structure and functioning of a working memory thought of as the core system of cognition devoted to the maintenance and processing of relevant information. As Engle and Oransky (1999) suggested, deas about temporary storage in memory during the previous decades have moved from multi-store models and structural approaches championed by Baddeley and Hitch (1974;Baddeley and Logie 1999) to more dynamic or process-oriented models of working memory (Cowan 1995(Cowan 1999Engle, Cantor and Carullo 1992;Engle, Kane and Tuholski 1999; Lovett, Reder and Lebiere 1999; Schneider and Detweiller 1987). By conceiving working memory as the activated part of long-term memory rather than as a structure or a set of cognitive structures, these theories have emphasized functional aspects of cognition related to the way activation is produced, maintained or even inhibited, and to the way cognitive processes use the activated items of knowledge. The main question, which seemed to be 'How is working memory organized?' has progressively become 'How does working memory work?'. We do not claim to know how working memory works and admit that the reader will not find the final answer in this chapter. However, we hope to provide some elements to shed light on questions such as 'How is the relevant information maintained active during concurrent processing?', 'What is the nature of the resource to be shared between maintenance and processing?', 'How is this sharing achieved?' , and thus 'What are the limiting factors of working memory functioning?' .Retracing the history of the literature on short-term and working memory, Engle and Oransky (1999) noted that models have become more complex and more flexible. Whereas the first descriptions of working memory functioning mainly concerned the articulatory loop, which is closest in character to the original concept of a short-term store, further models provided thorough descriptions of the relationships between short-and long-term memory, of processes devoted to the activation and maintenance of information, as well as of the role of attention in selecting relevant information and monitoring working memory functioning. Several complex span tasks designed to evaluate working memory capacity proved to be reliable and predictive of high level cognition, and the relations between working memory capacity, controlled attention and general intelligence have been investigated extensively. However, these models might have overlooked an important factor in accounting for cognition, namely time.Many models of working memory mentioned time as an important factor, but almost exclusively to account for forgetting from short-term memory. For example, Baddeley (1990Baddeley ( , 2000 suggested that the traces within the articulatory or phonological loop decay within about 2 s unless they are maintained by a process of subvocal arti...