Forty years after accession, Henrique Burnay assesses whether the original expectations of political stability, economic convergence and stronger international standing have been realised. He argues that while membership delivered important structural gains — market access, institutional stability and funding — unfulfilled promises remain in terms of full economic convergence, social cohesion and consistent EU foreign and defence policy. The conversation lays out short- and long-term scenarios, highlighting the need for renewed domestic reform, clearer European-level strategic choices and pragmatic adaptations if the Union is to meet citizens’ expectations in the coming decades.