EST European Solar Telescope is a pan-european project, presently in its Conceptual Design Study financed by the European Commission in the framework of FP7, involving 29 partners, from 14 different countries. The EST project is aimed at the realization of a 4-m class telescope, characterized by an optical design and a set of instruments optimized for extremely high resolution imaging and spectropolarimetric observations from near UV to NIR. EST will be four times larger than any existing high resolution solar telescope and it is designated with the highest priority among the ground-based, medium term (2016-2020) new projects in the ASTRONET Roadmap (Panel C). The EST instruments will measure fundamental astrophysical processes at their intrinsic scales in the Sun's atmosphere to establish the mechanism of magnetic field generation and removal, and of energy transfer from the surface to the upper solar atmosphere and eventually to the whole heliosphere. The conceptual Design Study started on February 2008 and will finish during 2011. EST will be operational at the same time as major ESA and NASA space missions aimed at studying solar activity.