In its White Paper on the Future of Europe, published in March, the European Commission promised to bring out a series of ‘reflection papers’ on specific topics, the last of which, on the future of the EU’s finances, has now been released. While its main purpose is to inform public debate on how the EU budget should evolve during the next multi-annual financial framework (MFF), due to start in 2021, it also highlights a number of tricky issues deriving from the exit of the UK.