This paper aims at analysing the recent CAP reform from the perspective of the current general and strategic objectives of the EU as defined by the Lisbon Strategy. A critical appraisal of the CAP impact in terms of regional growth is carried out. Firstly from a strictly conceptual and methodological point of view, then by analysing more in detail how CAP reform (of both Pillar I and II) might have actually affected the role of the CAP in promoting (or hindering) regional growth and, therefore, convergence. Empirical evidence provided by the different available methodologies has progressively emerged in the very last years. Though a conclusive answer on the impact of the reform can not be drawn, it still emerges that the role of CAP design and implementation in affecting regional growth and convergence is usually underestimated and often neglected in the discussions about the future of the CAP. At the same time, however, this role is not univocal and strongly case-specific, as it substantially differs across regions according to their socio-economic structure and how reforms are jointly implemented.