Cedar Valley Realtor

Jurisdictional perspectives

A study issued by the UN Economic Commission for Europe compared German, US, and Danish mortgage systems. The German Bausparkassen have reported nominal interest rates of approximately 6 per cent per annum in the last 40 years (as of 2004). In addition, they charge administration and service fees (about 1.5 per cent of the loan amount). In the United States, the average interest rates for fixed-rate mortgages in the housing market started in the tens and twenties in the 1980s and have (as of 2004) reached about 6 per cent per annum. However, gross borrowing costs are substantially higher than the nominal interest rate and amounted for the last 30 years to 10.46 per cent. In Denmark, similar to the United States capital market, interest rates have fallen to 6 per cent per annum. A risk and administration fee amounts to 0.5 per cent of the outstanding debt. In addition, an acquisition fee is charged which amounts to one per cent of the principal. The United Nations Economic Commission for Europe (UNECE or ECE) was established in 1947[1][2] to encourage economic cooperation among its member states. It is one of five regional commissions under the administrative direction of United Nations headquarters. It has 56 member states, and reports to the UN Economic and Social Council (ECOSOC). As well as countries in Europe, it includes Canada, the Central Asian republics, Israel and the United States of America. The UNECE secretariat headquarters is in Geneva, Switzerland, and has an approximate budget of US$50 million. Committee on Economic Cooperation and Integration This Committee pro

otes a policy, financial and regulatory environment conducive to economic growth, innovative development and higher competitiveness in the UNECE region, focusing mainly on countries with economies in transition. Its main areas of work are innovation and competitiveness policies, intellectual property, financing innovative development, entrepreneurship and enterprise development, and public-private partnerships. [edit]Committee on Environmental Policy UNECEs concern with problems of the environment dates back at least to 1971, when the group of Senior Advisors to the UNECE governments on environmental issues was created which led to the establishment of the Committee on Environmental Policy, which now meets annually. The committee provides collective policy direction in the area of environment and sustainable development, prepares ministerial meetings, develops international environmental law and supports international initiatives in the region. The committees work is based on three strategic pillars:[5] Participation in the two major international cooperative processes, the "Environment for Europe" process and the regional promotion of Agenda 21; The development and carrying-out of Environmental Performance Reviews in the central and eastern European countries; and The increase of the overall effectiveness of environmental conventions and of the exchange of experience on their implementation. See for example the UNECE Espoo Convention, Aarhus Convention, Convention on Long-Range Transboundary Air Pollution and Convention on the Transboundary Effects of Industrial Accidents.