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MIT's Ellerman discusses new report on Europe's emissions trading scheme

As the European Union begins the second phase of its emissions trading scheme (ETS), what are the lessons that the United States can apply to its own carbon trading program? During today's OnPoint, Massachusetts Institute of Technology's Denny Ellerman, discusses his new report, "The European Union's Emissions Trading System in Perspective." Ellerman assesses the success of the ETS thus far and explains which areas the United States should focus on for improvement. Ellerman discusses some of the key issues with the first phase of the ETS and explains how the United States can minimize the price volatility of carbon credits that Europe experienced early on.