\section{Schedule} The following table presents an optimal schedule for the European project taking into account the key date of the completion of the new tunnel excavation around 2010. Soon after, CERN will have to decide its post-LHC strategy, while nuclear physicists will hopefully choose CERN as the host laboratory for the EURISOL project. We would also like to stress that the schedule of the neutrino beams from CERN is not constraining the start of the other non accelerator items of research. \begin{figure}[htb] \vspace{4cm} \epsfig{figure=./figures/sch_new.eps,width=\textwidth,angle=0} %\epsfig{figure=./figures/sch.eps,width=0.6\textwidth,angle=-90} \end{figure} \newpage \section{Conclusions} In conclusion a megaton scale Water \v{C}erenkov detector at the Frejus site will address a series of fundamental issues : \begin{itemize} \item explore the nucleon decay with a sensitivity an order of magnitude better than current limits on different channels \item in the case of a galactic or near galactic supernova explosion, track the explosion in unprecedented detail providing at the same time information on the third oscillation angle beyond what is currently achievable in terrestrial experiments \item provide a trigger for supernova explosions for other astroparticle detectors for supernova exploding in a range of up to 3 Mpc, knowing that 1 supernova explosion per year is expected within a distance of 10 Mpc \item provide a 4 sigma detection of diffuse supernova neutrinos after 2-3 years of operation \item in association with a superbeam and betabeam from CERN obtain a sensitivity to the third oscillation angle down to $\sin^2(2\theta_{13}) \sim 10^{-4}$ and detect maximal CP violation at 3 sigmas for $\sin^2(2\theta_{13})$ larger than $3\cdot 10^{-4}$ \end{itemize} A series of other physics topics, not mentioned here, will also be adressed\,: for instance neutrino physics, as well as interdisciplinary topics in rock mechanics, geobiology, geochemistry, geohydrology, geomechanics and geophysics that could benefit from a large scale underground excavation. We believe that our project compares favorably with other similar projects around the world, and should be seriously considered as a very attractive major European project after the LHC. The proposed strategy is thus the following: a megaton-scale detector could be installed at Fr{\'e}jus and start physics in 2018. It would start proton decay and supernova searches, which would last several decades. As soon as the neutrino beam from SPL is available, neutrino oscillation studies can start, and the advent of a beta beam would increase significantly the performances of the detector. The signatories are eager to see the MEMPHYS project come to life. They are aware that the actual location of a megaton detector will depend on many issues, in particular the share of future big equipments (such as linear colliders) worldwide. They are prepared to do the proposed physics in any country, and have already set up collaborations with their japanese and american colleagues. An inter-regional yearly (US-Europe-Japan) workshop series NNN-XX (Next generation of Nucleon decay and Neutrino Physics detectors) organizes and structures this convergence of interests. The authors of this document hope however that Europe will not miss a unique opportunity to keep a leading role in the underground physics, complementary to the Gran Sasso. Furthermore, it is obvious that the current proposal is complementary to other proposals for large undergrounds detectors using liquid scintillator (LENA) or liquid argon technologies (GLACIER) in order to pursue the same physics goals. The advantage of the water \v{C}erenkov technique lies on the possibility to instrument very large masses, while liquid argon detectors can have an excellent resolution and liquid scintillators very low detection thresholds for neutrino physics. On the technology side the water \v{C}erenkov seems a straightforward extension of the existing techniques while for instance the liquid argon option presents daring technological challenges. The realisation of the complementarities in physics potential and the common R\&D issues (large underground caverns and containers: excavation issues and safety, large area low cost photodetection and electronics, purification and background issues, interdisciplinary issues, etc.) prompted the proponents of the above solutions to start federating their efforts in order to exploit the possible synergies in view of common future proposals to the European Union ~\cite{Laguna} and elsewhere. \section {Acknowledgements} The authors would like to thank the engineers of the IN2P3-CNRS laboratories, especially Ch. de La Taille (LAL) and J. Pouthas (IPNO), for their decisive contributions.