Dal coordinamento alla capacità politica: il nuovo bilancio europeo nel tempo della policrisi

This article analyses the European Union’s proposed 2028-2034 Multiannual Financial Framework as a moment of constitutional transformation of European integration in the context of contemporary polycrisis. Through an examination of the new European financial governance, common debt mecha- nisms, the growing centrality of competitiveness, defence and strategic autonomy, as well as the tensions between flexibility, cohesion and democratic legitimacy, the article argues that the European budget is progressively acquiring functions typical of a supranational political capacity. However, this evolution remains incomplete due to the persistent dependence on national contributions, the intergovernmental logic of EU finances and the ambiguities of the new model of multilevel governance.