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In a new international context characterised by the economic crisis and the failure of the Copenhagen conference, Europe needs to consider several reforms of its internal climate policy. Those reforms are substantial and complementary. They concern the greenhouse gas emissions reduction objective by 2020, the implementation of an adequate border adjustment mechanism to protect EU competitiveness and to encourage cuts in emissions outside Europe, and, finally, the reinforcement of the carbon market and the control of the prices of the emission rights. JEL Classification : Q54, Q58