Chapter 9: Alternative solutions
This chapter considers the problem of externalities in EU marine fisheries where the EU has instituted a system that supports an industry that is functioning with no requirement to internalise its costs. The issue has not been addressed under the CFP reform and has not even been raised in the vast literature underpinning the regulation of the sector. A new approach to fisheries sustainability is suggested, whereby the responsibility for the state of the resource is transferred to operators. It is proposed that regulation of fisheries builds on the experience of the regulation of the water and waste industries by employing user-pays MBIs. The establishment of a fund is suggested in order to transfer the responsibility for the sustainability of the fish resource from the regulator to the industry and the costs of overexploitation from the public to the industry. If this were to be done, complex regulation of the sector would no longer be required, freeing the regulator to execute its proper function of controlling the industry.
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