International audienceThe model proposed by Wilson and Cowan (1972) describes the dynamics of two interacting subpopulations of excitatory and inhibitory neurons. It has been used to model neural structures like the olfactory bulb, whisker barrels, and the subthalamo-pallidal system. It is well-known that this system can exhibit an oscillatory behavior that is amplified by the presence of delays. In the absence of delays, the conditions for stability are well-known. The aim of our paper is to clarify these conditions when delays are included in the model. The first ingredient of our methods is a new necessary and sufficient condition for the existence of multiple equilibria. This condition is related to those for local asymptotic stability....