The Problem of Regulation in EU Fisheries

Abstract

The European Union's common fisheries policy is undergoing reform but the essential problem, in that those exploiting the resource bear no responsibility for its sustainable maintenance, is not addressed. The proposals devised by the Commission for reform are expressly predicated on the tragedy of the commons. The Commission subscribes to the concept of property as regulation and proposes to address the problems of overfishing and overcapacity through an ecosystem-based approach with a ban on discards, the adoption of multiannual plans and the introduction of a target to restore stocks, together with a system of transferable fishing concessions for appropriators to engender a greater sense of responsibility. However, the inability of complex fisheries regulation to redress degradation suggests its utility may be coming to an end and that the Commission should look to market-based solutions and impose the cost of marine fisheries depletion on those permitted to extract from the resource.