Since 2005, the EU ETS has provided a market-based price signal for European carbon emissions, accompanied by increasing economic research related to this policy instrument. In this paper, we carry out a review of the empirical literature examining allowance price formation. A consensus has...

In this paper, we attempt to examine the speculative efficiency hypothesis on CO2 emission allowance prices negotiated on Bluenext, by testing the relationship between futures and spot prices from the Fama (1970) framework. This approach is based on the joint hypothesis of no risk premium and...

"In the EU experience, the very concept of union was formally used for the first time in the preamble of the 1957 Rome Treaty establishing the European Economic Community (EEC), when the signatory states expressed their determination "to lay the foundations of an ever-closer union among the...