Does the European Union's development aid policy require a major policy rethink?

This essay attempts to establish whether the current development aid policy
of the European Union would need a major policy rethink. In fact, in a period of austerity, fiscal consolidation is prima facie understandable, and hence cuts on foreign aid funds. However, is it really about cutting on aid? Or is it about aid effectiveness and the challenges posed by the new emerging economies? Scholars have been pointing out the need for a cohesive aid structure, because at present the shared competence between the EU and the
member states is creating a fragmented European aid agenda. For the purpose of this essay, I will strictly consider the impact that the European development aid policies have on its image abroad. I will answer the abovementioned questions by asserting that a major rethink of the EU development aid policies should be accompanied by a win-win situation for donor and recipient countries by investing in the private sector. This new approach will solve the lack of effectiveness of the current patchy European aid projects, and also the challenges posed to the EU aid regime by the emerging economies. Moreover, this essay argues that cutting on aid could be perilous for the future of the EU, especially when such cuts will affect African recipients.