The future connectivity landscape and, notably, the 5G wireless systems will feature Ultra-Reliable Low Latency Communication (URLLC). The coupling of high reliability and low latency requirements in URLLC use cases makes the wireless access design very challenging, in terms of both the protocol design and of the associated transmission techniques. This paper aims to provide a broad perspective on the fundamental tradeoffs in URLLC, as well as the principles used in building access protocols. Two specific technologies are considered in the context of URLLC: massive MIMO and multi-connectivity, also termed interface diversity. The paper also touches upon the important question of the proper statistical methodology for designing and assessing extremely high reliability levels.