The aid system is at a crossroads. On one hand, rich countries have pledged to drastically increase development assistance to help poor countries reach the MDGs. On the other hand, numerous critics claim that aid often does more harm than good, and that the aid system needs to be drastically reformed. Underlying this discourse is the evolving role of aid in the domestic political economy of aid recipient countries. At the same time, questions have arisen over significant new sources of aid—countries as well as major private donors—and the nature of their integration into the current system. During this two-day conference, co-sponsored by Oxford’s Global Economic Governance Programme and Cornell University, these challenges were discussed. This report, compiled by eight GEG Research Associates, captures some of the discussion.