A €2 Trillion Negotiation: The Stakes of the Next European Financial Framework 2028–2034

Introduction

Negotiations on the next Multiannual Financial Framework (2028–2034), potentially reaching €2 trillion, are underway among EU Member States and with the European Parliament, following proposals presented by the European Commission in July 2025. These talks involve major political decisions: setting strategic priorities, defining the collective level of ambition, and shaping common policies, solidarity mechanisms, and instruments of action.

How much should be allocated? What should be spent? How will it be financed? Are new own resources on the table?

This negotiation comes at a time of rapid geopolitical fragmentation. In this context, the EU budget has become a political test: will Member States manage to agree on bold, shared priorities that reflect a common strategic vision? Or will the outcome be minimal compromises, reflecting ongoing disagreements over foreign policy, strategic autonomy, the climate transition, funding, or industrial priorities?

Is Europe ready to make deliberate political choices — and does it have the institutional and financial capacity to do so?

Maxime Lefebvre and Vanessa Strauss-Kahn, co-directors of the Geopolitics Institute at ESCP, will host:

• Nicolas-Jean Brehon, economist, Budget Advisor at the Robert Schuman Foundation and Honorary Advisor to the French Senate
• Jérome Creel, Professor of European Economics and Macroeconomics at ESCP

Together, they will provide a nuanced analysis connecting macroeconomic constraints, institutional dynamics, and geopolitical challenges.

Webinar will be held in French. Registration is mandatory.