The EU not only aims at making Europe climate-neutral by 2050, but also at aligning decarbonisation with efforts to strengthen resilience, growth and social cohesion. Raising the price of carbon should ideally be combined with an investment push to facilitate the transition. Stronger long-term growth and technological progress will help us to reduce carbon emissions in the future.
This legislative trend culminated in the Gramm-Leach-Bliley Act of 1999, which consolidated and extended the administrative changes that had allowed more extensive affiliations of commercial banks with investment banks, broker-dealers, merchant banks, and other financial firms.