Policymakers need to agree to the post-Kyoto climate architecture soon to implement it in 2012. Using a set of quantitative indicators, this column assesses a number of proposed international climate policy architectures and evaluates their economic efficiency, environmental effectiveness, distributional implications, and enforceability. Unfortunately, the most effective policies are the most costly and hardest to enforce.
In a future phase of the crisis, the issue of sovereign debt relief is likely to arise. Such debt relief has historically been marked by political failure and short-term thinking, and not delivered promising results. Drawing on recent research, this article argues for tying debt relief to good governance goals is one way to improve the outcome.