We analyse the present experimental evidence for a complex CKM matrix, even allowing for New Physics contributions to , %, , , and the piece of $% B\to \rho \rho B\to \rho \pi $. We emphasize the crucial r^{o}le played by the angle in both providing irrefutable evidence for a 33 complex CKM matrix and placing constraints on the size of NP contributions. It is shown that even if one allows for New Physics a real CKM matrix is excluded at a 99.92% C.L., and the probability for the phase to be in the interval is 99.7%. Large value of the phase , e.g. of order , is only possible in models where the unitarity of the Cabibbo-Kobayashi-Maskawa matrix is violated through the introduction of extra quarks. We study the allowed range for and the effect of a large on various low-energy observables, such as CP asymmetries in meson decays. We also discuss the correlated effects which would be observable at high energy colliders, like decays , etc…

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