The Study aims to provide the necessary clarity by carrying out an in-depth assessment of the EUTFs and the FRT, thereby informing a democratic debate on the current state of affairs and on the choices for the future, in particular the next MFF and possible changes to the Financial Regulation. The recent years’ tendency to add new EUTFs should be reflected upon, with the aim to devise strategies to reduce complexity, increase coherence and reinforce venues for democratic and financial accountability.