The adoption of the EU’s Multi-annual Financial Framework (MFF) 2021-2027 will bring profound changes to the set-up of the EU’s instruments for crisis prevention, conflict management and peacebuilding in fragile and conflict-affected countries, which aim to improve the EU’s ability to engage in these contexts. However, reforming the EU’s financial instruments alone is not sufficient to address key underlying challenges. What is needed is an overarching strategic framework that puts policy coherence for sustainable peace at the centre of EU crisis prevention, conflict management and peacebuilding.