The European Union hopes to complete a reform of its Common Fisheries Policy, which it launched in 2008, by the end of next year, EU Fisheries Commissioner Maria Damanaki said on Wednesday. She spoke at an informal gathering of fisheries ministers from the 27-nation EU in Vigo, the largest fishing port in Spain. She stressed that the EU needs a 'turning point' for its policy because of 'overfishing and overcapacity of the European fleets'." The search for sustainable fisheries continues to elude the EU decades after the first CFP.

There was a discussion of the creation of transferable fishing quotas. Spain supports the establishment of a European market for fishing rights but it has found itself isolated on this point as almost all other member states opposed it, fearing the massive overcapacity of the Spanish fleet, even those who had implemented ITQs in their own waters.

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