That would solve a specific cause of a drop in carbon prices only. But an economic re-structuring (for example an accelerated exodus of heavy industry to the developing world), a change in conventional energy technology (for example a boost to fracking), or the temporary greater-than-planned success of the very energy sources you want to promote can have the same result. One might attempt to design a very complex carbon market that takes all of these and other eventualities into account, but the basic fact remains that you have a clear goal (reduction in emissions) but approach it in a very indirect and roundabout way, and got yourself the natural INstability of markets.

Had the EU carbon market never existed, Böhm might well now be writing about the failure of carbon taxes.

In my mind, carbon markets are the failure of carbon taxes: they are in effect nothing more than a fig leaf for the failure to agree on carbon taxes, a welcome excuse for a proper emissions reduction policy for a few years at least.

_{*Lunatic*, n.
One whose delusions are out of fashion.}