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The framework of the European emission allowance trading scheme : an environmental Bretton Woods

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  • Romain Frémont

Abstract

[eng] The Kyoto Protocol created an original international monetary system, the purpose of which was to stabilise climatic conditions. Its characteristics are in many ways similar to the structure put in place at the Bretton Woods conference. It could even be said that the European allowance exchange system has gone further than Bretton Woods as the environmental monetary policies of the member States are primarily based on coordination in order to maintain a degree of parity in the absence of a regulator in the IMS. In practice, competition between the international standard (AAU) introduced by the Kyoto Protocol and the single European currency (EUA) introduced by the European directive has already begun. The promising start made by the European market suggests that the European allowance has significant potential to develop and may rapidly become the international currency standard to which the other environmental currencies will find themselves pegged. . JEL classification : Q54, Q58

Suggested Citation

  • Romain Frémont, 2006. "The framework of the European emission allowance trading scheme : an environmental Bretton Woods," Revue d'Économie Financière, Programme National Persée, vol. 83(2), pages 29-43.
    • Handle: RePEc:prs:recofi:ecofi_1767-4603_2006_num_83_2_4421
    DOI: 10.3406/ecofi.2006.4421
    Note: DOI:10.3406/ecofi.2006.4421
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    More about this item

    JEL classification:

    • Q54 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Climate; Natural Disasters and their Management; Global Warming
    • Q58 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Government Policy

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