Multilevel governance and management of shared stocks with integrated markets: The European anchovy case

► Bioeconomics of shared stocks and market integration are considered jointly. ► Multilevel governance in two sea basins is analyzed using the IAD framework. ► Governance is more concerned with biological rather than market interactions. ► Trade is essential to balance supply and demand and for the formation of price. ► Fishermen should cooperate internationally if they do not want to be price-takers.