This edited volume on the EU Multiannual Financial Framework 2021-2027 is the outcome of an initiative by the Robert Schuman Centre for Advanced Studies at the European University Institute of Florence. In mid-October 2019, academics, think tankers, practitioners and experts in European finance and politics discussed how to improve the Multiannual Financial Framework for the next decade. The discussion was both conceptual and policy-relevant. It was therefore not limited to the MFF but also reflected on the objectives and needs of major EU policies. This discussion was timed to coincide with the renewal of the 2021-2027 MFF, which was being negotiated by the EU institutions. Subsequently, events changed the timeline. The arrival of the Von der Leyen Commission added a new dimension to the initial proposal (May 2018) by adding the Green Deal, and later, following the pandemic crisis, another new layer: Next Generation EU, which created the exceptional opportunity for the Commission to borrow capital on the financial market and offer it to the Member States partly in grants and partly in loans. The contributions gathered in this edited volume go beyond the situation in mid-October and take into account the severe impact that Covid-19 has had on the European economies, and in particular the new proposals by the Commission of May 2020 and the European Council agreement of July 2020. Therefore, the present volume offers a global comment on all the issues touched by the MFF and Next Generation EU (NGEU), highlighting the potentialities of the new situation. It provides insights into the ideas of key actors and experts on the practical functioning of the MFF and their reflections on its future development. A common thread links all the chapters: how the MFF and NGEU can drive reform to make the European Union more resilient to face the new challenges of the next decades. The reader can navigate through the three sections of the book. The first is rich in ideas on how to enhance the MFF as a governance tool which could drive reforms of the EU. The second part focuses on the impact of long-term planning on the most relevant EU policies. The authors highlight current challenges and offer their views on how to make policies more efficient. Finally, the third part presents ideas on how to introduce innovation in the financing of the European Union with additional creative financial tools.