The new Common Fisheries Policy (CFP): Towards sustainable management and a profitable fisheries sector?

The new Common Fisheries Policy (CFP) entered into force on 1 January 2003 and has four main elements:

1. Long-term sustainable management approach;
2. A new policy for the fleets, balancing fishing capacity and available resources;
3. Better application and enforcement of rules;
4. Improving stakeholders' involvement.

The framework Regulation is in place, but several main elements are still to be decided and others have not yet been presented in a final draft.

The article seeks to provide an overview of the implementation of the new CFP. After a description of the main elements and the achievements so far, unfinished business and major challenges ahead will be analysed - with particular emphasis on the economic dimension.