April 15, 2009
EU to reduce intervention in agricultural markets
The European Parliament has recently released its adopted budget for the EU for fiscal 2009-10, and the figures indicate lesser intervention in agricultural markets.
The budget commits EUR5.48 billion (US$7.2 billion) to agriculture and rural development, up two percent from the previous year's budget.
While more of the funds will be spent on direct aids and rural development, expenditure on intervention including refunds, aid for storage and exceptional support measures, in agricultural markets has been reduced by 15 percent.
Beef export refunds and exceptional support measures are expected to receive less funding, while more spending is anticipated for the pork industry.
