The Monterrey Consensus agreed at the UN summit on Financing for Development in 2002 promised a breakthrough in terms of donor generosity, aid effectiveness and new means of financing. However, the development orientation of world leaders proved to be short‐lived. This is even though our evaluation reveals progress since Monterrey in some areas, notably debt relief and private (FDI) flows. Calls for substantially scaling‐up regular aid had less effect than envisaged, and financial innovations have contributed only marginally to overall development financing so far. Nor is there much progress from the perspective of critics focusing on the quality of aid. In particular, the targeting of aid according to need and merit leaves much to be desired. The gap between words and deeds continues to be wide with regard to aid proliferation and donor co‐ordination as well.
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