An international consensus in policy regarding water management has emerged, based on growing concern about efficiency in the use of government and donor resources, disappointing outcomes of past efforts and greater awareness of environmental issues (FAO 2004). These concerns are manifested in the recently adopted EU Water Framework Directive (WFD) (2000/60/EC) which calls for the application of economic principles, economic methods and economic instruments for achieving good water status for all EUwaters in the most effective manner. Protection of water resources, of fresh and salt water ecosystems and of the water we drink and bathe in is one of the cornerstones of environmental protection within the European Union. Various types of legislation have been developed and implemented since the 1970s. These have focused primarily on the efforts to reduce emissions of certain substances from different sources, such as hazardous substances from industries or eutrophying substances from wastewater or agriculture, as well as water quality objectives for drinking water, bathing and shellfish water. Whereas previously adopted water-related directives addressed individual issues, the WFD aims to provide an overall framework for the management of water, both in terms of quality and quantity, thus enabling an integrated approach to be taken to achieve the objective of sustainable water management. However, existing legislation under the Urban Waste Water Treatment (UWWT), Dangerous Substances, Shellfish Waters, Nitrates, Bathing Water and the Integrated Pollution Prevention and Control (IPPC) Directives remains in force.