Impact of the European Enlargement and Cap Reforms on Agricultural Markets. Much Ado About Nothing? The
AbstractPolicy reforms in the EU require careful consideration because the EU is a significant player in international agricultural markets for many commodities. We analyze the effects on world agricultural markets of the 2003 Common Agricultural Policy (CAP) reform and the accession of ten new member states (NMS) to the EU on May 1, 2004. Given past reforms, changes introduced in the 2003 CAP have only a moderate impact on the EU-15, causing small decreases in production for most commodities and raising domestic prices marginally. Beef, rice, and dairy experience the greatest changes. Accession leads to substantial increases in domestic prices of several commodities in the ten NMS because their prices were historically below EU-15 prices. Consequently, consumption of agricultural products in these countries decreases while production rises. Trade with the NMS causes EU-15 prices to decline modestly, and the two reforms combined have moderate or negligible effects on world markets.
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Bibliographic InfoPaper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 12731.
Date of creation: 02 Feb 2005
Date of revision:
Publication status: Published in Journal of International Agricultural Trade and Development, Spring 2007, vol. 3 no. 1, pp. 57-70
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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
Fax: +1 515.294.0221
Web page: http://www.econ.iastate.edu
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CAP reform; common agricultural policy; EU enlargement; European agriculture; new member states;
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