Fifteen years after the collapse of the US investment bank Lehman Brothers triggered a devastating global financial crisis, the banking system is in trouble again. Central bankers and financial regulators each seem to bear some of the blame for the recent tumult, but there is significant disagreement over how much – and what, if anything, can be done to avoid a deeper crisis.
RIGA -- Instead of helping all EU member states to meet their own Kyoto goals, the European Commission is shifting what should be a shared burden onto its newest members, which are already the most environmentally efficient in the European Union. In doing so, the Commission is rewarding inefficiency and reducing the effectiveness of its commitments to clean up the environment.
The Commission’s decision on Latvia’s National Allocation Plan (NAP) for 2008-2012 left only 55% of the CO2 emissions that Latvia requested. Similarly, Estonia and Lithuania received only 52-53% of their requested quotas. Serious cuts were also made to other new EU members’ quotas, prompting Poland, the Czech Republic, and Slovakia, as well as Latvia, to launch legal challenges. Yet almost all of the old EU members received more than 90% of the requested quotas.
What is going on here?
To continue reading, register now.
Subscribe now for unlimited access to everything PS has to offer.
Subscribe
As a registered user, you can enjoy more PS content every month – for free.
Register
Already have an account? Log in