Andriana Vlachou, Department of Economics, Athens University of Economics and Business, Greece

1. Introduction 2. The climate change problem and instruments to mitigate it 3. The basic design of EU ETS and the workings of the first trading period (2005-2007) 4. The second trading period (2008-2012) 5. The revision of EU ETS and the initiation of the third trading period (2013-2020) 6. The EU ETS as applied to a peripheral country: The case of Greece 7. An Assessment of the EU ETS from a critical perspective 8. Conclusions and way forward