The geopolitical urgency created in Europe by the Russian invasion and the war in Ukraine has moved the project of a ‘major enlargement’ to the Western Balkans (Albania, Bosnia-Herzegovina, Kosovo, North Macedonia, Montenegro and Serbia) and to the East (Ukraine, Moldova and Georgia) at the top of the European political agenda. This new enlargement could transform the EU in a fundamental way. After the Informal European Council of June 2002, the recent informal European Council summit held in Granada on 6 October under the Spanish Presidency of the Council of the EU expressed consensus on the intention to undertake that enlargement. That set off a long process in which this ‘major enlargement’ needs to be addressed in terms of four aspects: how it is done (institutions and reforms); how and how much is invested in it (resources); what it is invested in (policies) and where it is invested (geographical areas).