This article reports on a workshop facilitated by IDS for representatives of six European development donor agencies. The aim was to create some space for reflection on how aid agencies will need to adapt to, and influence, the changes in the external environment over the next ten years. We identified three key aims for development assistance: narrow national interest, the achievement of the Millennium Development Goals and sustainable global management. The trade‐offs and overlaps between these three aims were explored and their implications for the approach, form, capacities and accountabilities of future development agencies were outlined. The authors observed that the space for reflection was much valued by the participants, and argue that the existence of these spaces will come under increased pressure if the results agenda is not sufficiently innovative.