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Five years after the “EU-Turkey statement” it is time for a review. This statement of 29 November 2015 has defined a comprehensive roadmap for deepening EU-Turkey relations. It is perceived to represent an institutional shift from a rules-based accession process to an interest-driven transactional character of the relationship. This paper analyses whether such a change in perspective can indeed be identified. To this end, the question is addressed as to which different goals and thus also inherent path dependencies the declaration pursues. The conceptual classification of Turkey as a candidate country, a key partner and a strategic partner is helpful in this respect. In a further step, the extent to which circumstances in these three areas have changed after the statement and how this affects the implementation of the objectives and path dependencies is discussed. The paper concludes with a critical assessment and draws lessons for the future development of EU-Turkey relations.