The Commission has published a reflection paper that examines the future of EU finances in an environment where the EU budget must fund more with less. The reflection paper published on 28 June puts the key elements for discussion on the table, structured around the five scenarios of the White paper on the future of Europe: will the EU simply carry on, do less together, move ahead at different levels of intensity, do less but more efficiently or do much more together? Each of these scenarios would have different consequences – both in terms of how much to spend for what purpose, and on where the money could come from. The EU is expected to play a bigger role in new policy areas like migration, internal and external security or defence. And Europe should also preserve its leading role on the global stage, as a major humanitarian and development aid donor and as a leader in the fight against climate change. On 31 May the Commission published another reflection paper on possible ways forward for deepening the Economic and Monetary Union (EMU).