Long-term government policy

The economy drives the mortgage markets, but governments also play a role. In many countries it has been long-term government policy to promote home ownership, usually through the tax system, and particularly targeting low income households. These schemes have generally been successful but the level of home ownership still varies considerably across Europe (see Exhibit 11.2). 

Table 17 provides an overview of political risks. A mitigation strategy for such risks would by default involve the development and the implementation of long-term consistent policies for risk reduction, which is impossible without the participation of the governments concerned. Bilateral and multilateral instruments and other forms of cooperation are required, often with considerable input and advice from industry. 

Our survey of the activities of the Government, industry and voluntary bodies in the control of pollution discloses several issues which need further enquiry. The first and most difficult of these is how to balance the considerations which determine the levels of public and private expenditure on pollution control. Some forms of pollution bear more heavily on society than others some forms are cheaper than others to control and the public are more willing to pay for some forms of pollution control than for others. There are also short and long-term considerations in the short-term the incidence of pollution control on individual industries or categories of labor may be heavy but. . . what may appear to be the cheapest policy in the short-term may prove in the long-term to have been a false economy. 

Short term 2003-2007, will focus on demonstrations to prove the economic and technical feasibility of the technology, establish carbon reduction potential, and foster the development of early hydrogen infrastructure. Increasing awareness and benefits will also be included. Building on this Vision, the Government will develop a clear policy framework for fuel cells in order to provide a long-term continuity and a context in which industry can flourish. 

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