EU AGRICULTURAL FOLLOWING MACSHARRY'S REFORMS IN CONDITIONS CREATED BY DIFFERENT ECONOMIC POLICY OPTIONS

The aim of the article is to present on the example of the European Union how the shape of agricultural policy changes under the influence of conditions created by the implementation of different economic policy options. The period covered by the analysis makes it possible to portray the evolution of the Common Agricultural Policy. The concept of the article is based on the agricultural policy's universals. The first part of the article describes the factors which determine the specific features of agriculture as a sector of the food economy. Next, the authors identify the macroeconomic indicators that shaped the EU's economic policy after MacSharry's reforms and then, they define the relation between the earlier mentioned determinants of the economic policy and their influence on prices and incomes in agriculture. Such analytical method allowed the authors of the article to identify changes altering the EU agricultural policy in the conditions of domination of the monetary option and fiscal option after 1991.