The EU's financial instruments for fisheries : meeting the changing needs of the European Union's fisheries sector and the effects on the Maltese islands

Abstract

The EU's structural policy for fisheries has from its inception been a very important component of the Common Fisheries Policy as the entity that manages the living marine resources of the Union. During its four decades of existence it has addressed the challenges of overfishing and declining fishing stocks by restructuring the fishing fleet and other sections of the sector. However, its success in conserving the marine ecosystem and modifying the fleet to become more sustainable has been questioned from time to time. In the beginning of the 1970s the first proposals started being put into legislation. Yet, it was only a requirement for Member States to coordinate their national structural policies to achieve the set objectives. In 1983 the CFP came into place and introduced the Multi - Annual Guidance Programme which was an instrument having the sole of aim of reducing fishing capacity. Four MAGPs were enacted in all but several problems rendered them ineffective and unable to control the fleet. In fact, in the CFP reform of 2002 it was decided to abandon the initiative and replace it with a more effective entry - exit mechanism. Nonetheless, in 1993 the EU had already prepared an innovative framework that though sharing some of the aims of the MAGPs it aimed at restructuring the entire fisheries sector in a different much more successful way. The Financial Instrument for Fisheries Guidance lasted till 2006 when it was replaced by the European Fisheries Fund. While it does not differ from the predecessor it its principal objectives, it has amended some of the parts and introduced new ones with the aim of producing greater positive effects in the 2007 - 2013 period. The Maltese Islands have also been affected by this system as a result of accession of the EU in 2004. Already a number of projects have been implemented under the FIFO and have changed the character of the fisheries sector. This positive development is expected to continue and even increase under the EFF because of its improved aspects. Altogether, it can thus be stated that it is true that the EU's Structural Policy for Fisheries has experienced some major shortfalls in its launching period and some particular programmes. However, the current approach that carries itself from the middle of the 1990s is surely assisting in the development of the fisheries sector while conserving the living marine resources.