Download or read book Progress of Reform of the Common Fisheries Policy written by Great Britain. Parliament. House of Lords. European Union Committee and published by . This book was released on 2003 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Committee's report finds that the promising reform proposals for the EU Common Fisheries Policy (CFP), recommended by the European Commission in May 2002, were seriously compromised by decisions taken by the Agriculture and Fisheries Council in December 2002, as a result of special pleading by EU Member States. Despite some positive aspects, the Committee has no confidence that the CFP regulation agreed upon will deliver sustainable fisheries management nor will it prevent the irreversible decline in key fish stocks, particularly cod and hake, unless it is substantially improved. The setting of total allowable catches (TAC) levels and EU funding for construction of new fishing vessels are also criticised. The report argues that transitional financial aid, linked to stock recovery plans, is needed to promote diversification of coastal economies and the development of alternative employment opportunities.