The upcoming negotiations on the EU’s funding architecture after 2020 promise to be challenging. They take place against the backdrop of Brexit, division between the Member States about the desirability of deeper integration, and worrying political developments in some Member States that undermine the EU’s founding principles. A lot is at stake for asylum-seekers, refugees and migrants inside and outside Europe in the next Multi Annual Financial Framework (MFF), the EU’s seven-year budget, 2021-2027. Negotiations will concern the overall budget, the division among policy areas (headings), and the details of individual funding programmes set out in legal instruments. This policy note is ECRE’s preliminary analysis of the overall European Commission proposal that was published in early May 2017 and its implications for refugee rights inside the EU and at its borders. A more detailed assessment will be provided once the draft legislative instruments are available.