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This report (available for free ) contains an analysis of changes to the Common Agricultural Policy agreed by European Member States in June 2003. It sheds light on the implications of the proposed changes, compared to a continuation of policies in place or planned under Agenda 2000, in the European Union of 15 Member States in terms of production incentives, market developments and levels of support, using information and tools available to the OECD Secretariat. It also provides a preliminary, overall evaluation of the reform in light of OECD Ministerial principles for agricultural policy reform.