MEMPHYS:A large scale water Cerenkov detector at Fr\'ejus

A water \v{C}erenkov detector project, of megaton scale, to be installed in the Fr\'ejus underground site and dedicated to nucleon decay, neutrinos from supernovae, solar and atmospheric neutrinos, as well as neutrinos from a super-beam and/or a beta-beam coming from CERN, is presented and compared with competitor projects in Japan and in the USA. The performances of the European project are discussed, including the possibility to measure the mixing angle $\theta_{13}$ and the CP-violating phase $\delta$.