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Declining Real Income: UBS Defends Report
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Paul Donovan, author of the controversial study, was criticized by Austria´s Central Bank and Bank Austria. Donovan underlines that his study is correct.
Declining Real Income: UBS Defends Report / Picture: © Vindobona.org
Last week, UBS issued a study “Who wins with the Euro?”. The authors of the study stated that Austria did not benefit at all from the introduction of the euro. Since 2000, the Austrian real income fell in all income groups, UBS reported. The highest decrease was observed for the poorest income group, for which the real income was down by 35%. The analyst Paul Donovan comments that…
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