In the context of quantum gravity, but also in other places, I have heard the question "does this effective field theory admit an UV completion?". However, I really don't understand this question, in the following sense.
It is my understanding that an effective field theory is a field theory that is valid at low energies up to some scale, and that can be obtained (but not necessarily) by integrating "high-energy degrees of freedom", by renormalisation for example. From this point of view, how could an effective field theory have no UV completion? By definition an effective field theory describes approximatively well some system at low energies, but if there is no UV completion, would it mean that the system doesn't exist at high energies?
Take the example of general relativity, which is an EFT. What would it mean for it to not have an UV completion? What happens at higher energies? There is just no theory?