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180 P.J.J. Welfens et al.<br />

Fig. 10 <strong>The</strong> EIIW-vita global sustainability indicator<br />

4 Policy conclusions<br />

<strong>The</strong>re is a broad <strong>international</strong> challenge for the European countries <strong>and</strong> the global<br />

community, respectively. <strong>The</strong> energy sector has two particular traits that make it<br />

important in both an economic <strong>and</strong> a political perspective:<br />

& Investment in the energy-producing sector is characterized by a high capital<br />

intensity <strong>and</strong> long amortization periods, so adequate long-term planning in the<br />

private <strong>and</strong> the public sectors is required. Such long term planning—including<br />

financing—is not available in the whole world economy; <strong>and</strong> the Transatlantic<br />

Banking Crisis has clearly undermined the stability <strong>of</strong> the <strong>international</strong> financial<br />

system <strong>and</strong> created serious problems for long term financing. Thus, the banking

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