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In 2005, ministers and heads of development agencies signed what became known as the Paris Declaration, calling for developing country ownership of their own development agenda and the alignment of international aid with the latter. This was an important event that translated the need for a new development partnership into basic principles designed to increase aid effectiveness and accountability on both sides: the donors and the recipient governments. Development aid had until then had mixed results, at best. Even when its impact had been positive, it proved of short duration.

Five years after the Paris Declaration and 10 after the Millenium Summit that produced the Millenium Development Goals (MDGs), few feel that it has...