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The Common Fisheries Policy (CFP) is the fisheries policy of the European Union (EU). It sets quotas for which member states are allowed to catch each type of fish, as well as encouraging the fishing industry by various market interventions. In 2004 it had a budget of €931 million, approximately 0.75% of the EU budget.[citation needed]
When it came into force, the Treaty of Lisbon formally enshrined fisheries conservation policy as one of the handful of "exclusive competences" reserved for the European Union, to be decided by Qualified Majority Voting.[1] However, general fisheries policy remains a "shared competence" of the Union and its member states.[2] Thus decisions are still made primarily by the Council of the European Union, as was the case previously.
The common fisheries policy was created to manage fish stock for the European Union as a whole. Article 38 of the 1957 Treaty of Rome, which created the European Communities (now European Union), stated that there should be a common policy for fisheries.
