The European Agricultural Guarantee Fund (EAGF) consumes a large part of the general budget of the European Union. It finances direct payments to farmers under the Common Agricultural Policy (CAP) and measures to regulate agricultural markets such as intervention and export refunds.
The EAGF and the European Agricultural Fund for Rural Development (EAFRD), which finances the rural development programmes of the Member States, were set-up on 1 January 2007 following Council Regulation (EC) No 1290/2005 of 21 June 2005 on the financing of the CAP. They both replaced the European Agricultural Guidance and Guarantee Fund (EAGGF), which had been set up by Regulation No 25 of 1962 on the financing of the CAP (as amended by Regulation (EEC) No 728/70.
The Fund is administered by the European Commission and the Member States, the Fund Committee consisting of representatives of the Member States and of the Commission.
Famous quotes containing the words european, guarantee and/or fund:
“We say that slavery has vanished from European civilization, but this is not true. Slavery still exists, but now it applies only to women and its name is prostitution.”
—Victor Hugo (1802–1885)
“It is difficult for parents to guarantee the virtue of their sons and daughters.”
—Chinese proverb.
“I am advised that there is an unexpended balance of about $45,000 of the fund appropriated for the relief of the sufferers by flood upon the Mississippi River and its tributaries, and I recommend that authority be given to use this fund to meet the most urgent necessities of the poorer people in Oklahoma.”
—Benjamin Harrison (1833–1901)