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This report, the result of a collaboration involving researchers from INRAE (including Alain Carpentier, Pierre Dupraz and Carl Gaigné) and IDDRI, analyses the variables of the next CAP reform by proposing a qualitative assessment of the current CAP, a review of the main challenges facing the European agri-food sector and a critical overview of the Strategic Dialogue. Building on the findings of the first three points, it provides an analytical framework that allows the equation of the next CAP to be discussed through five possible agricultural pathways.