AbstractNextGenerationEU (NGEU) constitutes an unprecedented EU response, but it is expected to end in 2026, as it has been conceived as a one‐off programme to counter the effects of the Covid‐19 pandemic. Yet, new challenges are emerging, and the EU needs to adapt accordingly. This article analyses the features of the Recovery and Resilience Facility, the main component of NGEU, exploring the most successful elements, as well as those where there is margin for improvement. It then presents the lessons learnt and principles any new EU financial facility should be based on to be potentially successful and, on that basis, elaborates on three complementary proposals of EU instruments. It finally suggests funding sources for these proposals.