This monograph was prepared under the Multi-Annual Programme 2015-2019 “The Polish and the EU agricultures 2020+. Challenges, chances, threats, proposals”. The publication is a collection of selected papers delivered at the 22th edition of the International Scientific Conference organized by the Institute of Agricultural and Food Economics - National Research Institute. The theme of the conference was "The Common Agricultural Policy of the European Union – the present and the future. The conference was placed on 5-7 December 2017 in Stary Jab􀃡onki in Poland. Common Agricultural Policy was and still is one of the key pillars of European integration. Published in two volumes materials refer directly to the current and future of the CAP in EU and non EU member states, the strategic objectives and principles of agricultural policy for the agri-food sector and rural areas, address the issues of equilibrium between agriculture, forestry and land use, relate to the dilemmas for the EU budget and the CAP after 2020, CAP instruments and their adjustment, transformations of the rural economy and programming of the rural and agricultural policy, as well as productivity and production efficiency and tensions between sectoral action and between different models of territorial activities. Chapters: Tasks of the CAP after 2020. An assessment of the regional impacts of post-2020 CAP budgetary cuts on production structures and agricultural incomes in the EU. Is there room for financial instruments in the Common Agricultural Policy? Casus of Poland. The past, present and future of the CAP – the Hungarian viewpoint. Going beyond the Rural Development Programme: a Master Plan for Austria’s rural areas in the framework of the CAP. Possibilities to connect the Romanian agricultural research to the market requirements. Price relationships of the production factors as exogenous determinants of production in agriculture. Effects of direct payments on agricultural development in Bulgaria. Re-adjusting risk management within the CAP: evidences on the implementation of the Income Stabilisation Tool in Italy. Comparison of risk management tools under the CAP of the EU, the US Farm Bill and in the Czech agriculture. Factors determining the crop insurance level in Poland taking into account the level of farm subsidising. Farms and agricultural enterprises for development of sustainable and smart cooperatives: a multifactor approach using digital farm management. Brexit – potential implications for the Polish food sector. The Transatlantic Trade and Investment Partnership (TTIP): a threat or an opportunity for the EU-Mediterranean agriculture and agri-food sector? An exploratory survey. The concept of short supply chains in the food economy. The CAP implementation in Wallonia – today performance and questions for the future – A brief supplementary comment from Warmia and Mazury perspective. Afforestation of agricultural land financed from the RDP 2014-2020. The scale and conditions of deagrarianisation in Poland. Socio-economic and environmental parameters and results of rural development under the CAP: the case of Bulgaria.