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EU to change CAP financing

02/06/2005

EU agriculture ministers have reached an agreement on changes to the way the Union's Common Agricultural Policy will be financed from 1 January 2007. The existing rules will be brought under one single regulation to simplify CAP financing with the view to modernise management and control of the EU's agriculture finances.

 

The new regulation creates two funds: the European Agricultural Guarantee Fund (EAGF) and the European Agricultural Fund for Rural Development (EAFRD).

Rural Development programmes will now be brought under one single fund (EAFRD) and governed by a single regulation, under a single programming, management and control system.

 


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