In July, the European Commission fired the starting gun on the negotiations of the next Multiannual Financial Framework – the EU’s budget. Against a tough geopolitical and economic backdrop, the call to bolster Brussels’ public finances clashes with the reluctance of some member states to spend more centrally. This column outlines a possible way forward by linking EU funds to national reform and investment projects. Such a move offers a pragmatic ‘middle way’ out of the current ‘bipolar’