Since the European Commission’s 2028-34 Multiannual Financial Framework proposal in July, much has been written about its ambitions, the levels of funding involved, and its structure and priorities. This column argues that the proposal scores high on composition and flexibility, but poorly on size. The EU budget will likely fall prey of the logic of the ‘juste retour’ that is heightened by the identity politics prevailing in most EU countries. Keeping the public’s attention alive on the