The European Commission has adopted a Green Paper on the future of the EU''s Common Fisheries Policy (CFP).

The paper analyses the current Policy's shortcomings and launches consultation on how these shortcomings should be tackled.

Fishermen, other interested parties from the sector, scientists, civil society and interested citizens have until 31 December 2009 to have their say.

Commissioner for Maritime Affairs and Fisheries Joe Borg said: "We are asking questions even on the fundamentals of the current policy and should leave no stone unturned. We are not looking for just another reform. It is time to design a modern, simple and sustainable system for managing fisheries in the EU, which is able to last well into the 21st century."

The Green Paper has two purposes: to raise awareness of the challenges faced by the sector in recent years; and to elicit a public response which can grow into a new, innovative and more consensual approach to fisheries regulation.

The Paper explains that one of the main problems that persists, despite the progress made since the reform of 2002, is the depleted state of European fish stocks. However, many fisheries are still fishing two or three times more than what the stocks can sustain, mostly as a result of overcapacity.

The Paper identifies four other structural shortcomings of the present approach:

• Lack of precise policy objectives

• Decision-making system is too centralised and focused on short-term solutions

• Framework does not give sufficient responsibility to the industry

• Absence of political will towards compliance with the fishing limitations

The Commission wants to project the CFP into the 21st century - the benefits of which it says will be shared by fishermen, costal communities and Europe's citizens.

Although the Commission is only legally bound to review some parts of the CFP by 2012, the prevailing situation has convinced it of the need to launch the reform process now. The consultation will close on 31 December 2009 and the Commission will sum up its results in the first half of 2010. The Commission will then prepare an impact assessment report and develop a proposal for a new basic regulation. This could then be presented to the European Parliament and Council early in 2011, with a view for adoption in 2012.