Europe's Common Agricultural Policy (CAP), its evolving role and financial and political significance have long been hot topics among rural stakeholders. This article analyses a ten‐country study examining the nature and key points of discussion concerning the new reform of the CAP, finally agreed in September 2013. The study examined stakeholder views on the Commission's November 2010 Communication, the Impact Assessment and the October 2011 draft legislative proposals for the 2014–2020 period. Case‐studies for each country and comparative analysis were used to stimulate discussion at an international policy conference in early 2012. The article updates Erjavec et al.'s analysis of the changing discourse in Brussels, contrasting its move from a neoliberal to a more neo‐mercantilist position, with the nuanced, heavily path‐dependent attitudes and negotiating stances in the Member States, even when key interest groups express consistent views across national boundaries. In this context, we see why what looked from Brussels like a consensus‐oriented package still failed to offer a clear way forward for the Council and Parliament. Taking stock in October 2013, we note the outcome – a potentially greener and slightly more cohesion‐sensitive policy, with weaker differentiation between its pillars but much increased national differentiation – and its future implications.