EX Hya is one of the best studied, but still enigmatic intermediate polars. We present phase-resolved blue VLT/UVES high-resolution (λ/Δλ ≃ 16.000) spectra of EX Hya taken in January 2004. Our analysis involves a unique decomposition of the Balmer line profiles into the spin-modulated line wings that represent streaming motions in the magnetosphere and the orbital-phase modulated line core that represents the accretion disk. Spectral analysis and tomography show that the division line between the two is solidly located at ∣υrad ∣ ≃ 1200 km s−1, defining the inner edge of the accretion disk at rin ≃ 7 × 109 cm or ∼10R1 (WD radii). This large central hole allows an unimpeded view of the tall accretion curtain at the lower pole with a shock height up to hsh ∼ 1R1 that is required by X-ray and optical observations. Our results contradict models that advocate a small magnetosphere and a small inner disk hole. Equating rin with the magnetospheric radius in the orbital plane allows us to derive a magnetic moment of the WD of μ1 ≃ 1.3 × 1032 G cm3 and a surface field strength B1 ∼ 0.35 MG. Given a polar field strength Bp ≲ 1.0 MG, optical circular polarization is not expected. With an accretion rate Ṁ = 3.9 × 10−11 M⊙ yr−1, the accretion torque is Gacc ≃ 2.2 × 1033 g cm2 s−2. The magnetostatic torque is of similar magnitude, suggesting that EX Hya is not far from being synchronized. We measured the orbital radial-velocity amplitude of the WD, K1 = 58.7 ± 3.9 km s−1, and found a spin-dependent velocity modulation as well. The former is in perfect agreement with the mean velocity amplitude obtained by other researchers, confirming the published component masses M1 ≃ 0.79 M⊙ and M2 ≃ 0.11 M⊙.