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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Problems occur with corporate bond ETFs in a fast-moving market because the arbitrage mechanism starts breaking down.

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Economic liberals argue that the market itself is the greatest price-discovery mechanism known to man.

ECONOMIST: The invisible green hand

The decree said the government should pull out from matters that can be self-regulated by trade guilds and market mechanism, said the editorials.

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Granted, that is small beer, given that prices have trebled since the central London property market took off after Britain was ejected from the exchange-rate mechanism in 1992.

ECONOMIST: Property prices

Ultimately, a mechanism for licence-holders to trade their rights on a secondary market, similar to a bond or commodity market, could lead to more efficient allocation.

ECONOMIST: Spectrum policy

Unlike the classical gold standard, there is no market feedback mechanism to bring the quantity of money in line with the demand for money while maintaining long-run price stability.

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The inability of the market mechanism to achieve a higher efficiency value is due, in part, to the incentive U-Type bidders have to strategically reduce their demands for the second block of spectrum.

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