Policy formulation refers to how problems identified in the agenda-setting phase transform into government programs. As the process of designing policy alternatives expresses and allocates power among different interests, policy formulation affects both implementation and outcomes. This paper examines the Swedish moose policy of 2010, revealing that the policy portrays the issue of moose as an ecological problem, while motivations for adopting policy measures are largely described in economic terms. Because of this incongruity, the policy may not achieve its goals. Furthermore, implementation principles stemming from different design strategies clash in the attempt to incorporate both local and ecosystem-based levels of management into a single system, leaving the policy implementation with many uncertainties and tensions. To deliver the policy’s goal, the government could consider clarifying the operationalization of the ecosystem-based management approach and identifying the prerequisites necessary for building capacity, dealing with strong stakeholders, and ensuring fair representation of key actors. Future research should further explore the consequences of policy imbalances in relation to intended goals, the importance of understanding the rationales and design strategies underpinning implementation principles, and the need to discuss operationalization of EBM in relation to different types of objects of management and to issues of scale.