Due to the complex nature of the housing market, the number of different actors and their interactions, policies can affect the market in complex ways. Take for example, infrastructure investment. In the long term, this infrastructure will provide support for more housing.
Like all innovations, a process of steady adjustment and refinement is needed in order to create the finished product. The way ahead is not necessarily to imitate other forms of political union – such as the United States’ fiscal federation. Europe’s undertaking has no precedent. It demands original thinking, as much as, if not more than, that of America’s founding fathers in their times.