The critique of conditionality has led to the recent emphasis on "ownership" by the recipient government. To promote ownership it has been suggested that traditional ex ante conditionality based on (promises) of policy changes be replaced by ex post conditionality in which aid is based on performance in terms of ultimate objectives. In this spirit, the European Commission has reformed its adjustment aid. This article reviews early experience with the EU initiative in four countries: Benin, Burkina Faso, Madagascar and Uganda. We find a shift toward intermediate indicators, which are too distant from the final impact of the policies. © 2004 Elsevier Ltd. All rights reserved.