  We review a recent proposal of a first principles approach to the electronic
structure of materials with strong electronic correlations. The scheme combines
the GW method with dynamical mean field theory, which enables one to treat
strong interaction effects. It allows for a parameter-free description of
Coulomb interactions and screening, and thus avoids the conceptual problems
inherent to conventional ``LDA+DMFT'', such as Hubbard interaction {\it
parameters} and double counting terms. We describe the application of a
simplified version of the approach to the electronic structure of nickel
yielding encouraging results. Finally, open questions and further perspectives
for the development of the scheme are discussed.
