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Taken as a single entity, Europe is the world’s largest aid donor. The European Commission and the member states together provide about 55% of development assistance, roughly equivalent to $50 billion per year, more than twice what the U.S. provides. In December the European Union adopted a new development policy statement that for the first time commits the entire EU to a shared vision. The new European Development Consensus defines objectives, values, principles and aid modalities that the EU will use in supporting poverty eradication. How will this document change European development assistance? What are the implications for developing countries, and for the U.S. and other donors? This event is the second in a series of CGD events on European aid.