EU ETS: Business ambition and commitment is key to success

The EU ETS has been around for 10 years and, like other emissions trading systems, has been plagued by an excess of allowances keeping prices low and reducing the incentives for business.  Yet Europe has decoupled its growth from its carbon emissions  - the former up 19% and the latter down 45% over the period of the ETS.  Is all of this down to the recession and downturn in production?