The European Union's Emissions Trading System (EU ETS) is the
world's largest carbon trading market. This book offers a new
perspective on the EU ETS as a multi-level governance regime, in
which the regulatory process is composed of three distinct
'competences' - norm setting, implementation, and enforcement. Are
these competences best combined in a single regulator at one level
of government or would they be better allocated among a variety of
regulators at different levels of government? The combined legal,
economic, and political analysis in this book reveals that the
actual allocation of competences within the EU ETS diverges from a
hypothetical ideal allocation in important ways, and provides a
political economy explanation for the existing allocation of norm
setting, implementation and enforcement competences among various
levels of European government.
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