The logical corollary is that we need to compensate for these “missing institutions” by establishing a much stronger financial and economic union. One area in which the absence of stabilising institutions has been keenly felt is that of current account imbalances within the euro area. These imbalances existed before the crisis for many years, although many said they were irrelevant in a monetary union.
Development of the real estate industry is characterized by long production period, intensive capital requirements and time difference between capital supply and demand. Accordingly, financial support is needed to solve the difference. In the European and American countries, except housing construction, other housing related business falls in the category of financial service.