Agricultural support system of the EU ( q.v.), under which farmers' incomes are maintained through a system of target prices for agricultural commodities.
the group of measures forming the common approach by the members of the European Commission, towards the regulation of agricultural markets.
First established in 1962, the CAP aims at ensuring the free trade of farm products within the European Union (EU-- q.v.), guaranteeing the prices of these products, and maintaining protective tariffs against farm products from outside the EU.
The Common Agricultural Policy aims to increase agricultural productivity; to ensure a fair standard of living for the agricultural community; to stabilise markets; to assure the availability of supplies; and to ensure that supplies reach consumers at reasonable prices.
One of Europe's first big projects, it has been hampered by bureaucracy and may struggle to deal with enlargement.
A set of regulations by which members of the European Union (EU) seek to merge their individual agricultural programs into a unified effort to promote regional agricultural development, fair and rising standards of living for the farm population, stable agricultural markets, increased agricultural productivity, and methods of dealing with food supply security.
Originally created with three main components: a single market for agricultural products, with common prices; a common external tariff (CET) on agricultural imports; and common financial responsibility. Its core is the guaranteed price system and the intervention system (where food surpluses occur), administered by the European Agricultural Guidance and Guarantee Fund (EAGGF).
The system of agricultural subsidies employed the European Union.
The Common Agricultural Policy aims to ensure reasonable prices for Europe's consumers and fair incomes for its farmers. Although largely successful in meeting its objectives, it is highly expensive and is considered damaging to the EU's external relations. It is likely to be reformed in coming years, with greater emphasis given to rural development. (See also Common organisations of the market; EAGGF.)
One of the most controversial issues in the EU, the CAP was set up against a backdrop of food shortages and rationing following the second world war. It was intended to stabilise food supplies by ensuring minimum prices for farmers within the EU. If the price of wheat, for example, fell below an agreed minimum, the EU stepped in to buy wheat, driving up the price again. CAP comprises around half of the total £60bn EU budget and produced Europe's infamous wine lakes and butter-mountains. In June 2003, the EU announced what it called landmark reform to keep international trade talks afloat.
The agricultural policy of the European Economic Community.
The European Union's comprehensive system of production targets and marketing mechanisms designed to manage agricultural trade within the EU and with the rest of the world.
The Common Agricultural Policy (CAP) is a system of European Union agricultural subsidies and programmes. It represents about 44% of the EU's budget (€43 billion scheduled spending for 2005 http://news.bbc.co.uk/2/hi/europe/4407792.stm). These subsidies work by guaranteeing a minimum price to producers and by direct payment of a subsidy for crops planted.
