The European Commission's recommendation came after last Friday's general meeting of the ICAO, which agreed to move towards a market-based mechanism for emissions trading.

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We have a market-based mechanism for determining the value of currencies.

WHITEHOUSE: Diplomatic Reception Room

Early last year another group of U.S. businesses, known as the U.S. Climate Action Partnership, also rallied around the creation of a market-based mechanism for lowering greenhouse gas emissions.

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At which point the problem reverts back to the previous problem facing any central bank trying to manage a fiat currency a problem the post-Bretton-Woods experience has revealed to be insoluble without a market-based link to a hard commodity like gold to reveal money demand through the price mechanism.

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