The European Agricultural Guarantee Fund (EAGF) consumes a large part of the general budget of the European Union. It finances direct payments to farmers under the Common Agricultural Policy (CAP), as well as measures to regulate the common markets such as intervention and export refunds under both the CAP and the Common Fisheries Policy (CFP).
The fund is administered by the European Commission and the Member States, the Fund Committee consisting of representatives of the Member States and of the commission.
