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International Monetary Fund. European Dept.

analyses various refinements to the envisioned policy package that might meet the 2030 commitments with lower costs and greater fiscal and domestic environmental benefits (though implications for energy security are not considered). The results suggest potential economic and fiscal benefits from greater reliance on emissions pricing—for example, replacing tighter energy efficiency regulations with a higher ETS emissions price and use of carbon taxes (or tax-like instruments) for emissions outside the ETS sector. Other options, such as equating carbon charges across

International Monetary Fund. Asia and Pacific Dept

70 percent in Phase 2 (2018-2020). 14 The ETS cap cumulated over the three years of Phase II was 1,796 MtCO 2e , or on average 599 MtCO 2e a year. In Phase 3 the annual average emissions cap will be reduced 4.7 percent relative to 2017–2019 ETS emissions. Allowances are largely given away for free (based on companies’ 2011–2013 emissions) though 10 percent will be auctioned in Phase 3 15 —EITE industries will continue to receive 100 percent free allowance allocations. 16 Auctions are subject to a minimum price based on recent emissions prices. Various banking

International Monetary Fund. Asia and Pacific Dept

International Perspectives E. Summary of Recommendations References FIGURES 1. Global Fossil Fuel CO2 Emissions Trends 2. Breakdown of GHG Emissions 3. Fossil Fuel CO2 Emissions Trends 4. Current Prices, Supply, and non-Carbon Environmental Costs, Selected Fuels and Countries, 2015 5. Korea: ETS Emissions Caps under Pathways to Emissions Neutrality 6. History of Prices in ETSs 7. United States: Efficiency Costs of $50 Carbon Tax or Equivalent Instruments, 2030 8. CO 2 Emissions Reductions for Mitigation Pledges and from Carbon Pricing 9. CO 2

International Monetary Fund. European Dept.

other greenhouse gases (GHGs) by 40 percent relative to 1990 levels by 2030. The Netherlands is planning to go further, increasing its own GHG reduction target for 2030 to 49 percent below 1990 levels. Existing policies designed to meet the EU pledge include: (i) the EU Emissions Trading System (ETS) reducing power generation and large industrial emissions 43 percent below 2005 levels by 2030; (ii) national-level targets for non-ETS emissions—for the Netherlands a 36 percent reduction below 2005 levels by 2030; 2 (iii) EU goals for energy efficiency (a 30 percent

International Monetary Fund

Regimes for Hydro and Geothermal Energy References Abbreviations and Acronyms ACC Allowance for corporate capital ALG Association of Local Governments ASAs Aviation service agreements CHB Closely held business CO2 Carbon dioxide CPI Consumer price index CIT Corporate Income Tax EEA European Economic Area EFTA European Free Trade Association ETP Electricity transfer price ETS Emissions Trading System EU European Union

International Monetary Fund

Recommendations A bbreviations and A cronyms ACE Allowance for corporate equity CIT Corporate income tax CPI Consumer price index EBIT Earnings before interest (paid) and taxes EBITDA Earnings before interest (paid), taxes, depreciation, and amortization EEA European Economic Area ETS Emissions Trading System EU European Union EU15 First 15 members of the EU: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands

International Monetary Fund. European Dept.
This paper focuses on the convergence performance of euro area countries before and after euro introduction. The analysis compares per capita incomes across countries, both for the initial group of twelve countries that adopted the euro before 2002 (the so-called EA-12) as well as the current group of 19 euro area members (EA-19). The convergence process has stalled since the introduction of the euro, except for new euro area members which reduced their income gaps vis-à-vis the founding members until their adoption of the common currency. The convergence of income levels is not a prerequisite for a functioning monetary union, but has been considered an important objective of the European economic integration process. Lagging productivity growth in countries with lower initial GDP per capita is found to be the main explanation for the lack of convergence, suggesting that structural reforms can help to restart the convergence process.
International Monetary Fund. European Dept.
This Selected Issues paper analyzes the wage moderation in the Netherlands. Wage growth has been subdued in the Netherlands despite tighter labor market conditions in recent years. Besides various cyclical factors, rising labor market flexibility may have contributed to the wage moderation in the Netherlands. Like other advanced economies, slower productivity growth and lower expected inflation are important drivers to the wage moderation in the recent years. In addition to that, remaining slack in the labor market also weighed on wage growth. Going forward, wages are expected to grow faster given higher expected inflation, foreign wage spillovers, and tightening labor market.
Mr. Nicolas Arregui, Ms. Ruo Chen, Mr. Christian H Ebeke, Jan-Martin Frie, Mr. Daniel Garcia-Macia, Ms. Dora M Iakova, Andreas Jobst, Louise Rabier, Mr. James Roaf, Ms. Anna Shabunina, and Mr. Sebastian Weber

Sharing Regulation ETS Emissions Trading System EU European Union FAO Food and Agriculture Organization of the United Nations GDP gross domestic product GHG greenhouse gas HDVs High Duty Vehicles HFC hydrofuorocarbons ICAO International Civil Aviation Organization ICCT International Climate Change Taskforce IPCC Intergovernmental Panel on Climate Change IRENA International Renewable Energy Agency KfW Kreditanstalt für

Ian W.H. Parry and Victor Mylonas

fed directly into the pipeline distribution system, and coal may go straight from the mine mouth to the power plant, but such fuel use should be taxable at an alternative upstream point. See Calder (2015) . 31 This scheme is currently operating for power generation emissions in the United Kingdom, where the tax (out to 2021) is set equal to the difference between £18 ($32) per tonne and the EU ETS emissions price, currently €5 (£4 or $7.5) per tonne (e.g., Ares and Delebarre 2016 ). 32 Authors calculations using WBG (2017) . 33 Stern and