This Regulation should contribute to such comprehensive approach by setting out a common framework for the actions of the Union and of the Member States, each within their respective competences, in the field of asylum and relevant migration management policies, by upholding and elaborating on the principle of solidarity and fair sharing of responsibility, including the financial implications of that principle, between the Member States, which governs the policies in the area of asylum and migration in accordance with Article 80 of the Treaty on the Functioning of the European Union (TFEU). The principle of solidarity and fair sharing of responsibility should be the premise on the basis of which the Member States collectively share the responsibility to manage migration, in particular in the area governed by the Common European Asylum System.