The European Union is taking steps towards a fundamental overhaul of its Common Agricultural Policy, that is, a policy that accounts for over 40% of its annual budget and is mostly devoted to direct payments to farmers.
The question looming is whether the EU can afford to devote 40% of its budget on 7% or less of its population, especially if it cannot make the case of multiplier effects on positive effects for the environment, social cohesion, and rural development.
In the 1970s CAP represen...
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