The EU agricultural budget
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CTA. 2003. The EU agricultural budget. Agritrade, July 2003. CTA, Wageningen, The Netherlands.
Permanent link to this item: http://hdl.handle.net/10568/52451
2003 will see the last agricultural budget for the 15-member EU. The total...
2003 will see the last agricultural budget for the 15-member EU. The total budget is €44.762 billion, with €40 billion going to market measures and €4.7 billion going to rural development. This represents a 6.36% increase over 2001 and a 0.63% increase since 2002. There will be increased expenditures in the dairy sector (c. €760 million), the livestock sectors (c. €1,409 million) and the sugar sector (c. €81 million). This reflects a strengthening of the € against the US$ and the consequent need for increased levels of financing for export refunds in these sectors. Comment: The increased expenditures on export refunds, is the reverse side of the coin to the savings made when the € was weak against the US $. Exchange-rate movements between the US $ and the € will have a strong bearing on the EU's position in the WTO negotiations and accounts for the EU's rather conservative approach in certain areas.