In other words, if stock levels remain at a minimum of 38,000 tonnes and never fall below that threshold, there are no limits on the amount of fishing that can be done, provided this threshold, or boundary, is respected. This year, since stock levels moved into the critical zone status, the minister announced that if strict measures were taken, any further decline could be arrested and stocks could be given a chance to regenerate and recover to acceptable levels.
There was no such boundary established for cod stocks, which continued to decline. We can always blame the situation today on grey seals or on some other factor, but the reality is that stock levels may have fallen to such a low point that they may never recover.
The precautionary approach has enabled us to view the fishery in a whole new light. We now know what constitutes a healthy stock and we can manage the fishery to exploit optimum economic potential, while practising long-term conservation. As a result of this approach, we have reversed the trend and are aiming to bring stocks back into the healthy zone.
You were wondering how, given variations over time, we can determine a sound reference point. I think we now have a good reference point. In any event, this approach has certainly proven to be an amazing tool for us.