Following an introductory discussion of the Treaty provisions on agriculture, this illuminating work examines the four regulations that currently govern the Common Agricultural Policy in the areas of Direct Payments, Rural Development, Finance, and the Common Organisation of the markets and considers their interpretation by the European Courts. It concludes with an astute assessment of the proposals for further reform, which will give Member States greater discretion in fine-tuning the principles of the policy established at European level to the particular characteristics of their agricultural sector.