Prospects for agricultural markets and income 2005-2012, July 2005 4 Methodological approach Main assumptions: –Uruguay Round Agreement on Agriculture maintained constant –Favourable, though moderate world agricultural market outlook –Return to modest economic and population growth –$/ exchange rate to reach 1.15 by 2012 –By 2012 direct payments are assumed to be 90% decoupled (milk 100 %, arable crops 93 %, beef 78 %, sheep 73 %)
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