A new report by CGD’s High Level Panel on the Future of Multilateral Development Banking offers a frank assessment of current MDB policies and practices, situating them in the context of new development challenges. For over five decades the multilateral development banks have combined financial heft and technical knowledge to support investments in post-conflict reconstruction, growth, and poverty reduction. However, the geo-economic landscape has changed dramatically in this century. There are new banks, and also new challenges that call for global collective action and financing of the sort the MDBs are well-suited to provide but have been handicapped in doing so effectively. How should the MDBs respond?