Is it time for a major rethink of the EU budget? The current budget is very small relative to GDP, and focuses largely on regional cohesion and natural resources. The 7-year frameworks prevent the EU budget playing a meaningful role in stabilisation. Moreover, using national contributions to finance the EU budget encourages countries to reason in terms of net contributions rather than policy effectiveness. Could a greater use of “own resources” improve the situation, and how might this revenue be raised?