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To reduce the need for disorderly ex-post adjustments that are largely responsible for the EU budget鈥檚 currently opaque governance structure, the long-term EU budget should be endowed with a new type of in-built flexibility. Various options are presented, which would deliver in qualitative terms, but would need to be supplemented by an 鈥渋n-budget鈥� (as opposed to off-budget) borrowing capacity.