Summary: This report: - analyses the management of fisheries through the system of Individual Transferable Rights (ITQs) and its possible application to the Common Fisheries Policy (CFP); - considers the present situation, the theoretical aspects of property rights in fisheries management and the legal aspect; - describes and compares the practice of ITQs in four countries: Iceland, Netherlands, New Zealand and UK; - assesses the effectiveness of the present CFP and analyses the possible application of an ITQ system. Aspects dealt with include the possible nature of an ITQ system, likely effects, legal aspects,the principle of relative stability and subsidiarity.
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