This article addresses interregionalism in EU external relations. It considers the nature of interregionalism centred on two functional varieties - an internally focused, capacity building interregionalism and an externally focused, globally active form - and, in broad brush strokes, the evidence for each of these forms in EU interregional strategies. On this basis, it notes a capability-expectations gap in the EU's approach to interregionalism, with a certain dissonance between the Union's apparent acknowledgement of limited regional actorness in its partner groupings on the one hand and, on the other, its coincident high-level expectations as to what is achievable in the context of these relationships. The article concludes by suggesting priority areas for EU interregional strategy.