The objective of this paper is to assess the impacts of further reform of the Common Agricultural Policy (CAP) on the agri-food sector in Finland. An econometric model for Finnish agriculture - built as a part of the AGMEMOD project - was utilised. The simulations presented in the paper demonstrate that the model provides the basis for agricultural policy analysis. The impacts of the CAP reform experiments in Finland analysed can be summarised as follows: A small projected reduction in the production level, but a large decrease in farm income as a result of cuts in CAP support payments.