In April 2005, the European Commission issued a proposal for a Council regulation ’establishing Community financial measures for the implementation of the Common Fisheries Policy and in the area of the Law of the Sea’.
The proposal will provide the necessary legal base for Community financing in the above mentioned areas of the CFP and the law of the sea, in the context of the new financial perspectives for the period 2007-2013. It will constitute the second pillar of the legal framework for the financing of the CFP alongside the proposal establishing the European Fisheries Fund (EFF).