Reforming the EU Emissions Trading System: An Alternative to the Market Stability Reserve
Manuel Frondel and
Stephan Sommer ()
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Stephan Sommer: RWI
Intereconomics: Review of European Economic Policy, 2016, vol. 51, issue 2, 87-93
Abstract Prices for emission allowances in Europe’s Emissions Trading System (ETS) have remained low for many years. This has given rise to controversies on whether there is a need for a fundamental reform of the ETS. Potential reform proposals include the introduction of a price fl oor for certifi cates and a market stability reserve, which is a rule-based mechanism for steering the market volume of allowances and is the preferred approach of the European Commission. In this article, we instead recommend retaining the ETS and suggest correcting past mistakes by a single intervention.
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