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Emissions Trading at Work: The EU Emissions Trading Scheme and the Challenges for Large Scale Auctioning
Abstract
After introducing the foundations of cap-and-trade markets, the authors of this chapter confirm that the market architecture of the EU ETS is working and that secondary market trading is functioning. But they also illustrate frictions in price discovery and variability in pricing relations. This leads to the conclusion that efficiency and integrity of the emissions markets are particularly susceptible to institutional uncertainty and supply and demand constraints. Against this background the authors set out recommendations for integrating auctioning into the existing market infrastructure and institutions. This way, large-scale auctioning could ensure a smooth and effective supply of the underlying emission allowances into the markets.
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