This article calls for the inclusion of emotional competencies within basic competencies considered in compulsory schooling and in the objectives of pre-service teacher training that is now being designed within the European Space for Higher Education. Toward this end, we review current research on the fundamental role of emotional competencies, concretely, emotional intelligence (EI; Mayer and Salovey, 1997), on students' personal, social and academic functioning, as well as on teacher effectiveness and well-being. In addition, we analyze the multiple functions that educational legislation requires of the teacher. By presenting the scientific evidence for the predictive validity of emotional intelligence and its relation to present educational objectives, this paper seeks to demonstrate the need for developing emotional competencies in teacher education in order to enhance well-being and job performance, both in teachers as well in their future students. We propose pre-service teaching training as the priority educational context for this type of learning, which is also an indispensable requirement for later ongoing professional development.