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Abstract
Some EU common policies could be more efficient if they were managed in a decentralised way by national agents (member states or regions) who are more able to fine-tune these policies to local conditions. This might, however, lead to a renationalisation of the CAP, generating competition distortions between countries. Delegation of EU policies to national agents is seen as a trade-off between information (efficiency of local management) and the risk of "conclusion" (i.e. a converging interests between States and producers for benefiting from EU funding). Recent contributions of economic theory of contracts and information are illustrated with the case of EU agri-environmental payments.