Although most of the early reports of the Conference of Faith and Order held at Lund expressed disappointment and sometimes even depreciation of the work undertaken there, it is becoming increasingly clear that quite another verdict must be given. Lund marks the end of an old era in ecumenica1 theology, and the beginning of a new era in which we have the promise of a development in modern times that may well correspond eventually to the development of ecumenical theology in the fourth and fifth centuries.