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This paper discusses the revision process of the EU emissions trading system (ETS). The ETS has so far operated on the basis of a main directive adopted in 2003 and a 'linking directive' adopted in 2004. In January 2008 the European Commission put forward a formal proposal for a revision of the system and hence new rules for trading in the 2013-20 period. The proposal was debated in the EU decision-making bodies in the course of 2008 and the final revised directive was adopted in December 2008. With the outcome of the process and the significant changes adopted as the dependent variable, the paper discusses three main explanations. First, applying 'intergovernmentalist' lenses, the key determinants for EU policy are found at the level of member states. The member states are the ultimate and main decision-makers, through decisions in the Council. Second, applying the lenses of multi-level governance theory, key determinants for EU policy are (increasingly) found in the positions and actions of the European Commission and the European Parliament. The Commission is the formal agenda-setter in the EU, but has also formal and informal influence in the decision-making phase. The Parliament has become a formal co-decider in the EU. Third, looking through global lenses, key determinants for EU policy may be found in global factors and institutions. Not least, EU policy-making is often embedded in global regimes/institutions. ..PAT.-Unpublished Manuscript [ABSTRACT FROM AUTHOR]