For example, banking systems have been renationalised in some advanced economies, including in the euro area, and other market segmentations have been re-introduced along national lines.
Thus, a good climate policy corrects prices and enhances the functioning of the market economy over the longer term. Right now, it’s practically impossible to come up with a serious estimate of how much the transition to a low-carbon economy will cost and who will have to bear the burden of the adjustment at the end of the day.