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YVES HERMAN/REUTERS

NEW FARM POLICY? When the cows come home

Keep 'Em Down On Reform
How radical can a reform of the E.U.'s €45 billion Common Agricultural Policy (CAP) truly be if the French support it? In short, not very. Brussels officials are cheering last week's farm deal, in which the E.U. for the first time agreed to decouple farm subsidies from production. That should remove farmers' incentive to overproduce crops they know they can sell at a fixed price, and perhaps remove a big obstacle to a new world-trade accord. Yet farmers will still get handouts if they meet environmental or food safety standards....

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