Using media, elite and public opinion data generated by an on-going international project “The EU in the Eyes of Asia-Pacific” (www.euperceptions.canterbury.ac.nz), the paper will explore the dynamics of EU external perceptions held by the Union’s ten key partners in Asia-Pacific: China, Japan, South Korea, India, Russia, Singapore, Thailand, Malaysia, Australia and New Zealand. The paper will advance theoretical knowledge by using empirical findings to test two influential hypotheses in the field of EU international identity and foreign policy studies – the “capabilities-expectations gap” (Hill 1993) and its later reiteration of “expectations deficit” (Tsuruoka 2004). In the former case, it is hypothesized that there exists a gap between excessive expectations on the EU from both inside and outside the Union and an insufficient capability of the EU that cannot match these expectations. In the latter case, the gap appears when expectations of the EU in the international arena remain low despite the growing weight and influence of the EU as an international actor. The post-Lisbon EU reality marked by the on-going economic and financial crises is argued to present a fresh opportunity to revisit these two theories and examine the “coherence” between those images the EU wishes to convey in a time of crisis with those held among its international partners.