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THE European Commission has just kicked off a new debate on the reform of the common agricultural policy, or CAP—a mere 40 years or so after the first such debate began. During 2011 this will be subsumed into a bigger argument about the European Union's next five-year budget. With money tight, even the loudest advocates of farm subsidies are changing their arguments. To simplify, money (a visible cost) may come to matter less than wheezes to regulate markets (which impose a hidden cost).