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Discussions on the next EU multiannual financial framework are expected to begin soon. These talks on the allocation of future budget resources have a direct impact on all European Union policies, including EU cohesion policy. A reflection on the future of cohesion policy is underway, engaging EU institutions and advisory bodies, EU Member States, regional and local authorities, and stakeholders. The European Commission set up a high-level group of specialists to examine the direction of cohesion policy, which came up with a number of conclusions in March 2024. These conclusions fed into the ninth report on economic, social and territorial cohesion, which acts as a compass for the Commission's reform options for the future design of cohesion policy. Nevertheless, there are still some crucial decisions ahead. This reflection process not only entails technical matters, but also touches upon many other policy issues, some of which have highly political content. Negative scenarios for the cohesion budget, competing thematic priority allocations, a possible recentralisation of funds, or the future relationship with the Recovery and Resilience Facility, all have the potential for political friction. Issues requiring discussion include simplification and flexibility, better coordination of European Structural and Investment Funds with other instruments, and a more focused 'place-based' approach to cohesion policy. Local and regional authorities across all EU Member States highly value and support EU cohesion policy. However, political division between budget net-recipient Member States and net contributors could lead to cohesion policy being contested, especially in the light of new emerging priorities for the EU (e.g. in immigration, security and defence, or enlargement). The appointment of a new College of Commissioners on 1 December 2024 and the beginning of a new legislative process provide a unique opportunity for regional and local stakeholders to influence national positions and those of the European institutions at an early stage. This is an update of an October 2023 briefing by Balazs Szechy.