In this work, a balance on the present status of the study of the equatorial electrojet is presented. Particular attention is paid to a better understanding of what one can expect from the worldwide cooperation for the International Equatorial Electrojet Year, (IEEY) regarding the theoretical and experimental aspects. It will be seen that our limited knowledge of this phenomenon is due to the impossibility of the existing observatories to provide data with satisfactory time and height resolutions for all parameters required to test the theoretical models. We also investigate the possibility that equatorial phenomena related with the electrojet may contribute to evaluate some of these parameters.