'The EU budget... [was] designed as an internal financial transfer system to compensate perceived losers from European integration. While this was an historical necessity, in today’s more integrated EU... the budget needs to adapt to become an effective financial and fiscal instrument to face common pressing needs... The challenge lies in achieving this reform given the governance structures of the EU budget.' Reconstructing the Union was the fourth CEPS’ fourth big forum for debate, the Ideas Lab, which featured prominent speakers from different countries and policy domains. This discussion on the future of the EU Budget held at The Egg in Brussels was moderated by Jorge Núñez and had the participation of Mario Monti, Nadia Calviño and Giacomo Benedetto.