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Energy Security: A Critical Issue in the European Energy Policy


  • Ana Bobirca

    () (Academy of Economic Studies, Bucharest, Romania)

  • Paul-Gabriel Miclaus

    () (Academy of Economic Studies, Bucharest, Romania)

  • Stefan Ungureanu

    () (Academy of Economic Studies, Bucharest, Romania)


The topic of energy security has become an issue of high salience over the last few years. As fears about the stability of the world’s energy resources grow, policymakers tend to merge the security concerns into the climate change policies that they are considering. There are currently three major challenges of the global energy policy: the oil shock and higher prices, greater threats to security of supply, and climate change. Our paper seeks to bring an analytical perspective on these questions. To this end, it starts by individually analyzing the above-mentioned challenges at the EU level and by exploring strategies for meeting them. The paper subsequently concentrates on the European Emissions Trading Scheme (EU ETS), as the flagship of EU climate change policy, for a number of political, environmental and economic reasons. In the last part of the paper issues related to the climate change policy in Romania are addressed. The paper concludes with a review of the progress towards a single European energy market.

Suggested Citation

  • Ana Bobirca & Paul-Gabriel Miclaus & Stefan Ungureanu, 2007. "Energy Security: A Critical Issue in the European Energy Policy," Romanian Economic Journal, Department of International Business and Economics from the Academy of Economic Studies Bucharest, vol. 10(25bis), pages 79-105, November.
  • Handle: RePEc:rej:journl:v:10:y:2007:i:25bis:p:79-105

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    security; climate change; energy policy; carbon market; EU ETS;

    JEL classification:

    • Q48 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Government Policy
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • F18 - International Economics - - Trade - - - Trade and Environment


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