countries take the import tariffs of other importers as given) are normally time-inconsistent. The paper shows why, and derives … time-consistent, open-loop Nash tariffs in a natural formulation of the problem. The two tariffs can be readily computed … and compared, and differ except for a special class of import demands. The time paths of tariffs and the welfare cost of …

The EU faces challenges in reforming the Gas and Electricity Directives to implement the single market in electricity …. A key issue is striking the right balance between complete liberalisation and ensuring adequate capacity and investment …