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The Copenhagen Accord, agreed to on Saturday, is neither earth-shattering nor a failure. It avoids an international political mess that appeared likely as late as Friday afternoon. It falls short of expectations mainly because expectations had been ratcheted up far beyond what could be realistically supported. It is a meaningful step forward, but its ultimate value remains to be determined.

Attention should now turn to elaborating the transparency measures contained in the text, and to implementing ambitious and intelligent domestic emissions-cutting efforts in the major emitting countries. It would be unwise to place significant hopes on converting the deal into a legally-binding pact soon.