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Policy Brief 10-19
Revisiting the NAFTA Agenda on Climate Change
[pdf]
Jeffrey J. Schott and
Meera Fickling
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The three NAFTA signatories have a shared interest in harmonizing climate change policy, and while they have taken steps in that direction, there is still much that can be done to promote renewable energy development and other measures to reduce greenhouse gas emissions. Authors Jeffrey J. Schott and Meera Fickling examine channels for energy and environmental cooperation among the three North American countries in light of the limited progress in international climate talks and scaled back energy legislation being considered in the US Senate. Suggestions include: harmonizing renewable energy standards and trading of renewable electricity credits, improving cross-border transmission capacity between the United States and Mexico, and using NAFTA institutions for data collection and monitoring of regional climate policies and for capacity building in Mexico.
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>>See also: US and Canadian Climate Legislation by State and Province
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Op-ed
A Roosevelt Moment for America's Megabanks?
Simon Johnson |
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The Dodd-Frank Financial Reform Bill provides a much-needed form of antitrust via the Kanjorski Amendment. According to Simon Johnson, the bill and especially this amendment give federal regulators the ability to limit the scope of big banks, breaking them up when they become a "grave risk" to financial stability. While the regulators will have this new power, they will need political direction from the highest level to make real progress.
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Peterson Perspectives Interviews
Lessons from China's Housing Bubble
Nicholas R. Lardy explains China's nuanced approach to letting the air out of its housing bubble, providing potential lessons for the United States.
European Bank Stress Tests Succeed by Falling Short
Anders Åslund says the long-awaited stress test results, released July 23, were too easy on the banks but provide useful data that could strengthen the system.
Europe's Stress Tests: Not Reassuring
Morris Goldstein finds that the stress tests announced July 23 indicate a reluctance in Europe to admit the seriousness of the banks' difficulties.
What the Fed Can Still Do
Joseph E. Gagnon argues that with inflation well below the danger zone, the Federal Reserve should lower one-year and two-year rates to spur the economy.
A New Financial Irritant Between the United States and Japan
Gary Clyde Hufbauer discusses the US opposition to Japan's efforts to rescind the privatization of Japan Post, the largest financial institution in the world.
PIIE Noted in the News and on the Web
New York Times
Paul Krugman: Joe Gagnon Is Right
Paul Krugman writes that implementing PIIE Senior Fellow Joseph E. Gagnon's suggestions to the Fed are worth trying and may have large potential benefits.
University of Sydney
Trade Issues Arising from China, Iran, and the Gulf Oil Spill
In an interview at the United States Studies Centre, University of Sydney, Jeffrey J. Schott discusses the importance of the Asia-Pacific region to the US economy and the way forward for US-China economic relations. The author of several studies on economic sanctions, Schott also addresses the effectiveness of recent UN trade sanctions against Iran as well as the impact of the Gulf oil spill on the White House's attention to trade issues.
PRI's The World
Cameron Visits White House
Anchor Marco Werman speaks with Jacob Funk Kirkegaard about the July 20 talks between President Obama and British Prime Minister David Cameron. The two leaders have been following different economic paths recently, with Britain looking at deep budget cuts, while the United States continues to focus on stimulus measures to revive the economy.
Dow Jones Newswire
Posen: More Bond Buys the Most Likely Next Move
In an interview with Dow Jones Newswires, Bank of England Monetary Policy Committee member Adam S. Posen said that while an interest-rate hike can't be ruled out before the end of the year, further stimulus through the central bank's bond purchasing program could equally be needed. Posen highlighted a range of factors that could sway policy ahead: the absence of a hoped-for pickup in exports, continued strains in the euro area, cash hoarding by companies, and a persistently high rate of inflation.
Preview of Our Next Issue
Policy Brief
Germany, EMU, and the Politics of Global Macroeconomic Conflict
C. Randall Henning
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