In view of the meeting on ERA Action 13, on 23 June, YERUN shares its reflections regarding the ongoing process towards a future European Excellence Initiative. This contribution draws from the discussions with YERUN members, in the context of the YERUN Policy Platform, of existing national initiatives for excellence, as well as of the current opportunities coming from the EU. This reflection aims to identify where the added value of such an Initiative lays, looking at what it could bring to the European university sector and how it could help research excellence thrive across Europe in an inclusive and sustainable way.