From a strictly economic point of view, if we adopt different targets but allow an exchange of permits between the two countries, the price of the permit would necessarily have to be the same for both countries. As long as there is some fluidity between the two markets, the emission reduction will take place wherever it is least costly. From a theoretical and economic standpoint that's what will happen. However, if the targets are different in the two countries, the permit revenue will also be different, which will have repercussions on the way we could reduce emissions.
On November 26th, 2009. See this statement in context.