The difficult negotiations on the multiannual financial framework (MFF) of the European Union have so far been characterised by continuity and path dependencies. Now, the COVID-19 pandemic has changed the framework, the conditions, the topics and also the established procedure of MFF negotiations. The coincidence in time between these negotiations and the Corona crisis opened up the possibility of fundamental changes and reforms. This article first presents the agreement of the European Council of 21 July 2020 on the new MFF 2021-2027 of around 1 trillion euros and on the “Next Generation EU” (NGEU) stimulus budget of additional 750 billion euros. It traces the negotiation process and finally analyses the consequences for integration policy. The amendments to the system of own resources for financing the MFF and the agreement on the additional stimulus budget NGEU could lead to fundamental changes in the European budgetary system.