The aim of this paper is to analyse whether the Agenda 2000 and the Luxembourg 2003 reforms have achieved the objective of reducing the prices of cereals and milk, which are the two products that were the most heavily reformed during these two processes of amendments. The study will be based on Germany, Spain, France, Italy and United Kingdom.

The paper is organized as follows. Section I provides an overview of the origins and reforms of the Common Agricultural Policy inside the context of the process of the European integration. Section II explains the specific reforms that were introduced in the cereal and dairy sector during the 2000 and 2003 reforms. Based on the previous section, Section III analyses if during the years in which the reforms were implemented, there was any level shift on the prices of cereals and milk. Section IV concludes. In the Appendix, the data used is outlined and the procedure and the difficulties that appeared during the elaboration of the data set are explained.