edit ms

analysis/paper/paper.Rmd

@@ -1050,7 +1050,7 @@ To achieve the aggregated final energy targets of the different 1.5°C compatibl
 
 This illustrates an immense political challenge: ensuring a decent standard of living for all at the targeted final energy level of the minimum demand scenarios (between around 15 to 53 household GJ per adult equivalent [@grubler_low_2018] [@millward-hopkins_providing_2020], down from an average of `r energy_pae_mean` household GJ/ae) requires a fundamental reorganization of almost all areas of life and economy. It seems hard to imagine how, for example, the living space per capita can be reduced from about 40m² to 30m² (LED) [@grubler_low_2018], let alone to 15m² (DLE) [@millward-hopkins_providing_2020], or that air travel can be reduced to one short-to-medium-haul return flight every three years per person, which is an assumption behind the DLE scenario [@millward-hopkins_providing_2020]. However, the important insight of our study is, that each increase in the minimum energy use for a decent life inevitably increases the need to redistribute the energy footprint between countries and expenditure groups, i.e. to reduce energy inequality ever more drastically. Achieving this seems at least as difficult politically. This shows that, in addition to measures to reduce average energy consumption and emissions, instruments to reduce inequality in energy intensity and energy consumption must be developed to ensure a just transition that "leaves no one behind", as the European Green Deal promises [@european_commission_communication_2019]. 
 
-Particularly in the coming phase of necessary restructuring of the European economy, a social protection mechanism of whatever kind assuring a decent life will play a central role. However, Europe's and in particular the eurozone's current institutions offer little monetary or fiscal leeway to its member states, especially the less wealthy where it would be particularly important, to strengthen or introduce such measures. In the eurozone, implementation fails due to the lack of a common economic policy, as well as the fact that the European Central Bank (ECB) (unlike other central banks) only has a mandate to stabilize prices, but not to provide full employment or other effective means of social protection for European citizens [@european_parliament_ecbs_2020]. In general there is a great need for action to increase the scope for national and/or EU-wide policy making; both to ensure the social protection of citizens and to enable the necessary investments to restructure infrastructure and the economy.
+Particularly in the coming phase of necessary restructuring of the European economy, a social protection mechanism of whatever kind assuring a decent life will play a central role. However, Europe's and in particular the eurozone's current institutions offer little monetary or fiscal leeway to its member states, especially the less wealthy where it would be particularly important, to strengthen or introduce such measures. In the eurozone, implementation fails due to the lack of a common economic policy, as well as the fact that the European Central Bank (ECB) (unlike other central banks) only has a mandate to stabilize prices, but not to provide full employment or other effective means of social protection for European citizens [@european_parliament_ecbs_2020]. In general there is a great need for action to increase the scope for national and/or EU-wide policy making; both to ensure the social protection of citizens and to enable the necessary investments to restructure infrastructure and the economy [@lagarde_climate_2021].
 
 Strong progressive carbon pricing could have a positive distributional effect besides its effect on absolute emission reduction [@klenert_making_2018]. In addition, other distribution and transfer instruments [@gough_recomposing_2017], such as wealth and inheritance taxes, or more progressive income taxes [@chancel_carbon_2015], will have to be discussed in order to reduce the large differences in purchasing power within and between the countries of Europe, at least as long as expenditure remains coupled to environmental footprints [@haberl_systematic_2020]. 
 

analysis/paper/references.bib

@@ -1078,4 +1078,16 @@ Equality in global income shifts household energy footprints towards subsistence
 	year = {2021},
 	pages = {034007},
 	file = {IOP Full Text PDF:/home/jaccard/.mozilla/firefox/67kb6jd5.default/zotero/storage/7QH69PJV/Millward-Hopkins and Oswald - 2021 - `Fair' inequality, consumption and climate mitigat.pdf:application/pdf;Millward-Hopkins_2021_Environ._Res._Lett._16_034007.pdf:/home/jaccard/.mozilla/firefox/67kb6jd5.default/zotero/storage/5KULVLET/Millward-Hopkins_2021_Environ._Res._Lett._16_034007.pdf:application/pdf}
+}
+
+@article{lagarde_climate_2021,
+	title = {Climate change and central banking [{Speech}]},
+	url = {https://www.ecb.europa.eu/press/key/date/2021/html/ecb.sp210125~f87e826ca5.en.html},
+	abstract = {The European Central Bank (ECB) is the central bank of the 19 European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purchasing power of the single currency.},
+	language = {en},
+	urldate = {2021-02-23},
+	author = {Lagarde, Christine},
+	month = jan,
+	year = {2021},
+	file = {Snapshot:/home/jaccard/.mozilla/firefox/67kb6jd5.default/zotero/storage/FMBW4F5X/ecb.sp210125~f87e826ca5.en.html:text/html}
 }
\ No newline at end of file