The article reviews recent developments in and under the Common Agricultural Policy of the European Community. It shows the complicated systems of market regulations, points to the performance of markets and informs on the latest proposals and decisions (prior to 1 April, 1987). The main features and effects of the agri-monetary regime are explained as well as the new proposals for its modification. Finally, the budgetary constraints are considered. The main conclusions are that the CAP is going to change although a thorough reform is not in sight. At present, the most urgent task is to cut down useless intervention stocks and to prevent their immediate resurgence.