The electrocaloric effect (ECE), i.e., the reversible temperature change due to the adiabatic variation of the electric field, is of great interest due to its potential technological applications. Based on entropy arguments, we present a new framework to attain giant ECE. Our findings are fourfold: $i$) we employ the recently-proposed electric Gruneisen parameter $Gamma_E$ to quantify the ECE and discuss its advantages over the existing so-called electrocaloric strength; $ii$) prediction of giant caloric effects $close$ to $any$ critical end point; $iii$) proposal of potential key-ingredients to enhance the ECE; $iv$) demonstration of $Gamma_E$ as a proper parameter to probe quantum ferroelectricity in connection with the celebrated Barretts formula. Our findings enable us to interpret the recently-reported large ECE at room-temperature in oxide multilayer capacitors [Nature 575, 468 (2019)], paving thus the way for new venues in the field.