In more than three years of a crisis that has threatened the very existence of Europe’s single currency, one thing has become evident: no meaningful action – be it a multibillion-euro bailout or new fiscal rules – can go forward without the consent of Angela Merkel, Germany’s chancellor.
As policy makers, traders and companies mull the fate of the EU’s carbon market, the world’s largest, they are discovering the same may hold true here.
Last week, the price of an EU carbon allowance briefly tumbled to a record low of €2.81 a tonne, heaping embarrassment on the EU’s flagship policy to combat global warming.
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