The Commission is convinced that overall these benefits will outweigh the costs - although this may not be immediately apparent, since the costs will be front-loaded, while the benefits will take time to accrue.

113. Urges the Commission to make greater efforts to draw up clearly defined objectives and indicators allowing the impact of this programme to be measured, so that the added value of European spending in this area can be assessed; stresses the need for a clear and competent analysis showing divergences between private and social costs and benefits or between local and Community level costs and benefits, as it is necessarily those divergences that justify the programme in the first place;

12. UNDERLINES that addressing climate change has costs but also brings opportunities and incentives for innovation in support of the Lisbon Agenda goals of economic growth, full employment and sustainable development; NOTES that broader participation in efforts to reduce greenhouse gas emissions is necessary to achieve the environmental objective and will contribute to mitigate economic adjustment costs and avoid distortions in competition; EMPHASISES that when evaluating costs and benefits of future climate change policies it is vital to include monetary, non-monetary and non-tangible aspects of climate change policies into both the ...[+++]costs of action (taking into account such aspects as technological developments, reduction potentials and consumption patterns) and the costs of inaction (such as damage from more frequent severe weather events, risks of abrupt climate change, loss of biodiversity, irreversible impacts, social and safety aspects and implications for other regions, and positive effects such as ancillary benefits and the contribution of technology innovation to competitiveness and economic growth); LOOKS FORWARD to the Commission’s report on costs and benefits in view of the 2005 Spring European Council consideration of medium and longer term emission reduction strategies, including targets".

“The Costs and Benefits of Diversity” report points to short and medium term benefits, such as improved cash flow through resolving labour shortages, opening up new markets, reducing costs and improving performance in existing markets, as well as long term benefits, including building a differentiated reputation with key stakeholders and customers and improving the quality of human capital.

The proposal weighs economic, health and environmental costs and benefits, and concludes that health and environmental protection benefits outweigh the costs.

Without waiting for the fuller study which the Commission is currently preparing on this subject, the costs and benefits of economic and monetary union can be grouped under five main headings: - the manifold advantages of permanent price stability; - stronger economic growth as a result of increased cost savings and market integration; - an impact on public finances due to the fall in average interest rates; - an impact on employment and regional balance given that it will no longer be possible for adjustments to be made through ch ...[+++]anges in nominal exchange rates; - finally, an impact on the international economic and monetary system, with the benefits of a more prominent Community presence and of the growing role of its single currency.