Since the beginning of the month, the European Emissions Trading System has been facing the strongest political attack in its 20‑year history.

To the usual suspects of Eastern Europe, the Chancellor of Germany has now been added, calling for a slowdown in the decarbonization pace of the European economy. A few days ago, the Italian government — through its industry minister — essentially requested that the ETS be suspended, while also stating that Italy is preparing a major overhaul of its electricity market.

It is true that the European Commission has become largely self‑referential, and this understandably frustrates both producers and consumers. On the other hand, it has proven that it knows how to find the golden mean and move forward. In the case of the ETS, this would mean less bureaucracy and more reasonable allowance prices.