The EU’s multiannual budget is generally assumed to be marked by policy stability over its seven-year duration. This paper analyses how change and stability have affected EU budget policy during the current 2007-13 period. The theories of incrementalism and advocacy coalition framework are applied to conceptualise policy change. It is argued that overall the budget is marked by stability but changes were seen within and across specific policies leading to three revisions of the MFF during the Barroso I Commission. These changes and the new institutional provisions of the Lisbon Treaty may hold interesting projections for the next multiannual budget period starting in 2014.