This paper provides a review and assessment of the current state of the debate on the future of Cohesion policy. It begins, by setting out the context for reform in terms of economic governance, institutional changes and the policy priorities of Europe 2020. It then reviews the state-of-play of the budget debate, highlighting different national positions. For Cohesion policy, an analysis is provided of one of the key issues underlying Member State positions – their eligibility for Structural and Cohesion Funds, and the likely financial allocations, based on the latest Eurostat data. The political and policy dimensions of Cohesion policy reform are reviewed in detail, and the paper concludes with issues and questions for discussion.