This article reports on the key issues regarding the multi‑annual financial framework for the years 2014–2020. In the first section, the authors look at the budget revenues in the wider context of the proposed reforms and extra‑budgetary sources of financing EU policies. An overview of the European Added Value – the foundation for the MFF – is presented as well. Next, the expenditures during the next MFF, including its volume, structure, and flexibility, are analysed. The final section explores the institutional aspects of the MFF decision‑making procedure and achievements of the negotiations to date.