The European Fisheries Commissioner, Maria Damanaki, has unveiled a radical overhaul of the Common Fisheries Policy.
The new plans are aimed at restoring hope to EU trawler fleets after decades of dwindling white fish stocks and declining fishing communities.
The European Commission in Brussels wants backing from EU governments for the programme which includes a ban on the practice of dumping accidentally caught non-quota fish species back into the sea, dead.
Under the new system - when approved by EU fisheries ministers - fishermen must land their entire catch.
The proposed changes also put more control in the hands of regional fishing authorities, which will be responsible for negotiating individual 'trade-able' catch shares, giving local fishing communities more flexibility and control over their businesses.
Commissioner Damanaki says the public no longer tolerates a policy that encourages waste when most white fish stocks are dangerously depleted.
