European Agricultural Guidance and Guarantee Fund

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A fund set up under the Common Agricultural Policy to buy produce from farmers in EU member states at pre-arranged minimum prices and to sell when prices have risen. It also provides money for agricultural improvement in the European Union. Criticism of the uses of the fund to create the ‘butter mountain’ and ‘wine lake’ of the 1970s led to the imposition of production quotas in the 1980s.

Subjects: Financial Institutions and Services.

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