In this sense, it needs to be highlighted that even the undeniable success of the EU ETS in achieving exceptional emission reductions in a short while period could also be questioned on the idea of the concurrent function performed the great financial crisis that affected Europe in recent times. Which was it - NFP or Europe? This type of fraud, that exploits the way in which VAT is treated within multi-jurisdictional trading, has applied to a number of different items in the past (e.g. microchips, cellphones, well being products, jewellery, etc.) causing related losses to the EU price range (cf. 2006) for an evaluation of the implications of the EU choice to ban banking in Phase I and of the associated efficiency losses based mostly on simulation results. See Decision No 1359/2013/EU of the European Parliament and of the Council of 17 December 2013 amending Directive 2003/87/EC clarifying provisions on the timing of auctions of greenhouse fuel. At the moment of writing, the choice of the European Parliament and of the Council regarding the establishment and operation of a market stability reserve is still awaiting publication on the Official Journal of the European Union. As an illustration, info on transactions within the EU ETS are yet to be released for the year 2013 in the EU Transaction Log, the official EU registry of all transactions taking place in the EU carbon market.

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