The UN has recently embarked in a comprehensive debate concerning the reform of its peace and security response. Improved financing mechanisms and other support modalities are called for. Currently, the EU is engaged in a strategic and operational cooperation framework with the UN, but only its Member States contribute troops, civilian police, and funding to the UN peace operations. This article explores the feasibility and potential benefits for the maintenance of international peace and security of an enhanced role of the EU as an entity in funding UN peace operations and other activities related to them. It first contends that this development would increase the effectiveness of the EU foreign policy. It then analyses the institutional and legal challenges that it would raise in the UN setting. It finally concludes that using this financing tool to invigorate the EU leadership in foreign policy would benefit the European integration project.