Evidently, the cod alarm helped to accelerate the reform of the CFP. On 20 December 2002, following tough negotiations, the Council of Ministers finally reached an agreement. Among the accepted Commission's proposals were: the introduction of multi-annual management plans, a new fleet capacity reduction system and targets (3% in 2003/2004), and an elevated level of the European Community support for scrapping of vessels and for displaced fishermen, and doing away with support for permanent export of vessels. Support for construction of new vessels will also be eliminated, but becomes fully operational only after a two-year transitional period. The agreement marks the end of a two-year consultation and discussion process. Based on this agreement, Council approved amendments to the EU’s fisheries structural funds regulation and passed a completely new regulation governing conservation of EU fisheries resources, including a regulation, which establishes a higher level of fisheries management for fishing of important deep sea stocks in Community waters, including observer programmes, vessel monitoring, effort controls and a designated landing ports scheme.