  The Hamiltonian constraint remains the major unsolved problem in Loop Quantum
Gravity (LQG). Seven years ago a mathematically consistent candidate
Hamiltonian constraint has been proposed but there are still several unsettled
questions which concern the algebra of commutators among smeared Hamiltonian
constraints which must be faced in order to make progress. In this paper we
propose a solution to this set of problems based on the so-called {\bf Master
Constraint} which combines the smeared Hamiltonian constraints for all smearing
functions into a single constraint. If certain mathematical conditions, which
still have to be proved, hold, then not only the problems with the commutator
algebra could disappear, also chances are good that one can control the
solution space and the (quantum) Dirac observables of LQG. Even a decision on
whether the theory has the correct classical limit and a connection with the
path integral (or spin foam) formulation could be in reach. While these are
exciting possibilities, we should warn the reader from the outset that, since
the proposal is, to the best of our knowledge, completely new and has been
barely tested in solvable models, there might be caveats which we are presently
unaware of and render the whole {\bf Master Constraint Programme} obsolete.
Thus, this paper should really be viewed as a proposal only, rather than a
presentation of hard results, which however we intend to supply in future
submissions.
