It is generally not a good idea to develop climate policy with the banks, whether its with a few of them or with them all. However, this was the essence of a debate which took place recently concerning a meeting scheduled between a high-level official from DG Clima and the carbon traders lobby, the International Emissions Trading Association (IETA). Peter Zapfel, a key man at the Commission responsible for the Emissions Trading System (ETS), the EU flagship climate policy, had scheduled a private briefing with IETA to discuss the Commission's planned measures to boost carbon prices.