3.7.97 Official Journal of the European Communities No L 175/27 (Acts whose publication is not obligatory) COUNCIL COUNCIL DECISION of 26 June 1997 concerning the objectives and detailed rules for restructuring the Community fisheries sector for the period from 1 January 1997 to 31 December 2001 with a view to achieving a balance on a sustainable basis between resources and their exploitation (97/413/EC) THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Community, Having regard to Council Regulation (EEC) No 3760/92 of 20 December 1992 establishing a Community system for fisheries and aquaculture (), and in particular Article 11 thereof, Having regard to the proposal from the Commission (3), Having regard to the opinion of the European Par- liament (%), Whereas the Community fishing fleet should be restruc- tured with the aim of providing the sector with clear per- spectives for sustainable fishing activities, taking into account the characteristics of each fishery and the possible economic and social consequences; Whereas the objectives and detailed rules should be fixed by fleet segment or fishery in relation to the state of the stocks taking account of the third Multiannual Guidance Programme (MAGP III), the differing situations in Member States and of the fact that Member States should (') OJ No L 389, 31. 12. 1992, p. 1. Regulation as amended by the 1994 Act of Accession. (» OJ No C 259, 6. 9. 1996, p. 6. () OJ No C 20, 20. 1. 1997, p. 372. be able to deploy the necessary fishing effort to take the quota actually available; Whereas the employment generated by the sector in areas dependent on fishing should be taken into account in order to safeguard the particular needs of those regions; Whereas it is necessary to safeguard existing balances and the acquis communautaire, having due regard to the prin- ciple of relative stability; Whereas in light of the most recent scientific advice available regarding the state of resources accessible to Community vessels, there is an urgent need to reduce the fishing mortality of certain stocks; Whereas to that end it is necessary to adopt specific guidelines for reducing the fishing effort on the stocks in question, over an appropriate period of time; Whereas the fishing effort reduction rates should target depletion risk and overfished stocks; Whereas the precautionary approach requires that fishing effort on other stocks should not increase unless such an increase is duly justified; Whereas in the case of fisheries composed of several species it is appropriate that the reductions in fishing effort be weighted to reflect the relative quantities of critical stocks in the overall catch;