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You'd better bet on the ETS / Georg Zachmann, April 2013, 8 p. (Bruegel policy brief  ; 2013/02)http://www.bruegel.org/download/parent/775-youd-better-bet-on-the-ets/file/1655-youd-better-bet-on-the-etsThe European Union's emissions trading system (ETS), introduced in 2005, is the centerpiece of EU decarbonisation efforts and the biggest emissions trading scheme in the world. After a peak in May 2008, the price of ETS carbon allowances started to collapse, and industry, civil society and policymakers began to think about how to "repair the ETS". However, the ETS is an effective and efficient tool to mitigate greenhouse gas emissions, and although prices have not been stable, it has evolved to cover more sectors and greenhouse gases, and to become more robust and less distorting. Prices are depressed because of an interplay of fundamental factors and a lack of confidence in the system. (© Bruegel)