摘要：This paper explicitly refers to a previous work published on this same journal on the topic of modulation, and updates the analysis on the base of the final decisions about the Health Check on the CAP. Modulation, in fact, has been quite deeply changed in the final agreements on the CAP reform, although its main rationale has remained unvaried. More specifically, the additional component of modulation has been reduced to an extra 5% (to be reached in four years), while the progressive one involves only the payments over a threshold of 300.000 euro, on which a cut of 4% is applied. As a result, the new modulation has been significantly reduced in its capacity of shifting resources form the first to the second pillar of the CAP, compared to the previous proposal, although it is more effective than the actual version implemented. Modulation has always been considered a successful policy, addressing relevant matters that meet the social consensus. However, the latest political debate on the CAP reform has shown a different attitude towards this instrument, as a consequence of a deeper “rethinking” involving the relationship between the first and the second pillar of the CAP, the effectiveness of the CAP expenditure in the second pillar and the national co-financing of the CAP.
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