EU Reaches Deal Reshaping Bloc’s Farm Policy in Next 7 Years

European Union negotiators agreed on the bloc’s future common agricultural policy, after two years of discussions on how to spend what may total 373.2 billion euros ($485 billion) over seven years.

The new policy will cut some subsidies in the 27-nation bloc and tie others to environmental measures, the European Commission, the EU’s executive arm, wrote in an e-mailed statement today. A plan by farm ministers to trim payments above 150,000 euros for a single farm was left out of final talks as there was no consensus, Paolo De Castro, chairman of the European Parliament’s agriculture committee, said at a news conference in Brussels yesterday.