After highlighting the budgetary context and the historical trends on the funding of the CAP, this paper considers contemporary debates about its reform in the context of two ‘historic firsts’. Negotiations about the multiannual financial framework (MFF) for 2014-20 for the first time took place in tandem with a proposed CAP reform, within the broader context set by the financial crisis after 2008. Second, the CAP reform debates took place within the new institutional arrangements introduced in the Lisbon Treaty, which by extending the co-decision mechanism to the CAP potentially has increased the influence of the European Parliament (EP). Indeed the CAP reform dossiers were the first real test of these new arrangements and provide an i...