The Common Agricultural Policy (CAP) is at an impasse. While it is said that existing policies are not tenable, all recent reform plans have been condemned as unacceptable. However, a #bond scheme#, as part of reform that pays more attention to society#s aspirations for the environment and rural development, offers a way forward. This book demystifies the bond scheme proposal and explores concerns expressed by farmers and policy makers. Written by economists, a political scientist and a practising politician, it offers rare insights into EU farm policy. Main Contents Decoupled Payments and a Triad of Policy Objectives: Compensation, Farm Income Support and Multifunctionality, Alan Swinbank Direct Payments in the EU and their Treatment in the WTO, Alan Swinbank Compensation Proposals for EU Farm Policy Reform, Jonathan Little, University of Reading, UK, Thomas Knapp, Georg-August Universität Göttingen, Germany, Miguel Sottomayor, The Portuguese Catholic University, Portugal, and Alan Swinbank A Bond Scheme to Facilitate CAP Reform, Alan Swinbank, and Stefan Tangermann, OECD, Paris, France From CAP to CARPE: Embedding the Bond Scheme Proposal in a Comprehensive Reform, Leonardo Costa, The Porguguese Catholic University, Portugal, Arlindo Cunha, Portugal, Américo Mendes and Miguel Sottomayor, The Portuguese Catholic University, Portugal Why a Bond Scheme was not Adopted in 1992, Carsten Daugbjerg, University of Aarhus, Denmark Implementing a Bond Scheme, Alan Swinbank, Jonathan Little, Thomas Knapp, and Miguel Sottomayor Asking Farmers about their Response to the Proposed Bond Scheme, Richard Tranter, Leonardo Costa, Portugual, Thomas Knapp, Jonathan Little, and Miguel Sottomayor A Role for Direct Payments? The Doha Round, EU Enlargement and Prospects for CAP Reform, Arlindo Cunha, Portugal Concluding Comments, Alan Swinbank and Richard Tranter