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Despite a broad consensus in the EU on the necessity of enlargement, it is far from a done deal. Especially the financial implications a Ukraine accession pose uncertainties. In our policy paper, Johannes Lindner, Thu Nguyen and Romy Hansum show that the next enlargement round would have less of an impact on the EU budget than is generally assumed. This is largely because the EU’s multiannual financial framework (MFF) has inherent adaptation mechanisms to mitigate significant fluctuations. At the same time, we stress that is impossible to predict precisely what the EU’s MFF, under which accession will happen, will look like as the rules and allocations are subject to political negotiations. Lastly, enlargement is not the only issue adding pressure on the EU budget in a Union that faces huge challenges.