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Austria - European Union Political News
Read the latest headlines about developments in Austrian - European Union (Brussels) politics with reference to the international interest
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Fekter: „Austerity Package is Structural Reform Package“

In spite of criticism by economists, for the Austrian Minister of Finance, the austerity package is a “big success”.
February 20, 2012
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„Financial Transaction Tax Could Cause Recession“

According to the CEO of Vienna Stock Exchange, Michael Buhl, a financial transaction tax would cost productivity at enterprises.
February 14, 2012
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Illegal Income from Switzerland Should Support Government´s Plans

The Austrian government hopes that proceeds from illegal income in Switzerland reach € 1.0bn in 2013. However, an agreement with Switzerland has not been concluded so far.
February 13, 2012


Austrian Government Presents € 27bn Austerity Package

The largest austerity package in Austria´s history mainly consists of cuts in expenditures. The government emphasized the socially balanced measures and the necessity due to reasons of competitiveness.
February 11, 2012
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Kommunalkredit: More Costly than Hypo Group

The Austrian state had to made expenses of € 4.65bn for the nationalized Kommunalkredit. In total, the bank package´s volume reaches € 11bn.
February 9, 2012


Problems on European Level as Burden for Austria

Over the last months, the European economy lost its impetus, which is a major burden for the Austrian economy.
February 9, 2012
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Oettinger Expects Succesful Contracts Over Gas Deliveries

The EU-Commissioner for Energy, Günther Oettinger, anticipates that Azerbaijan will close contracts over natural gas deliveries within the coming months.
February 8, 2012


Still Capital Requirement at Kommunalkredit

The „bad bank“ of the nationalized Austrian bank, KA Finanz, receives € 190m by the Austrian state. Moreover, another € 600m are needed in the first half of 2012.
February 7, 2012


Innovation Index: Austria Falls Behind

Austria again loses in competitiveness: among the EU member countries, Austria occupies the eighth rank.
February 7, 2012
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Euro-Crisis: Austrian Managers are Optimistic

In spite of the current euro-crisis, most Austrian managers believe that the currency will remain. Moreover, a deepening of the cooperation between EU-member states is expected.
February 6, 2012


Austrian Government Debt Quota Declining Slightly

Euro area government debt down to 87.4% of GDP in the third quarter 2011 compared with second quarter 2011.
February 6, 2012
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Austria Still With Lowest Unemployment Rate in EU

Euro area unemployment rate stands at 10.4%. Austria has second-lowest youth unemployment rate.
January 31, 2012


FPÖ Wants Cuts in Spendings

The biggest Austrian opposition party suggests reducing public expenditures in order to reduce the budget deficit. Chairman Strache calls for a “subsidy brake”.
January 30, 2012


Austrian Trust in Euro Decreases

Austrians became more skeptical to the common currency. Analysts see a “crisis of confidence”.
January 27, 2012
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Strache Claims Cut in Subsidies

The chairman of the Austrian opposition party FPÖ criticized the government fiercely for its fiscal policy.
January 23, 2012


Leitl: „Croatians are Most Welcome“

The President of the Austrian Chamber of Commerce is looking forward to Croatia´s EU accession in 2013.
January 23, 2012
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Central Bank Act: Orban Gives In

Hungary waives the planned merger of the Central Bank and the Financial Market Authority. Yesterday, Austria´s Minister of Foreign Affairs visited Orban in Budapest.
January 21, 2012


RWE Considers Alternative to Nabucco

German RWE shows interest in rival project TANAP and considers getting out of Nabucco.
January 20, 2012


Austrian Lending Restrictions Under Observation

The plan of the Austrian FMA and OeNB to restrict lending in CEE countries could be a violation of EU-law.
January 19, 2012
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Hungarian Crisis: BIS Warns Austria Insistently

A collapse of the Hungarian economy would hit Austria very hard, says the Bank for International Settlements (BIS). Austrian Banks have a high exposure.
January 9, 2012


Austrian Banks Have $ 41.0bn Exposure in Hungary

After another downgrade, a national bankruptcy of Hungary is not excluded anymore. Consequences for Austrian banks would not be foreseeable.
January 7, 2012
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Austrian Has Lowest Unemployment Rate in EU

Euro area unemployment rate at 10.3%, EU27 at 9.8%. Austria ranks first with 4.0%. Regarding youth unemployment, only the German unemployment rate is lower.
January 7, 2012


Hungary Becomes Fundamental Risk Factor for Austrian Banks

Over the last weeks, fears of a Hungarian bankruptcy grew drastically. The Hungarian Forint has reached a new record low.
January 5, 2012


Tannpapier Fears For its Existence

The Austrian manufacturer of cigarette papers suffers from the tightening of the EU-tobacco-directive.
December 13, 2011
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Austria Fifth Richest Country in EU

GDP per capita in the Member States ranged from 44% to 271% of the EU27 average in 2010. Austria´s figure amounts to 126%.
December 13, 2011


Austria’s Unemployment Rate Is the Lowest in the EU

The EU27 unemployment rate was 9.8% in October, compared with 9.7% in September 2011 and 9.6% in October 2010
November 30, 2011
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Austrian Minister of Economics Criticizes Hungary

On the occasion of a bilateral meeting between the Hungarian and the Austrian Minister of Economics Reinhold Mitterlehner repeated his critics regarding Hungarian foreign currency loans.
November 21, 2011


Uniqa Expects Loss of € 300m

The Austrian insurance group is writing down all of its Greek government bonds at fair value in the third quarter and will therefore not break even in profit on ordinary activities as originally anticipated.
November 3, 2011


Austria Keeps Lowest Unemployment Rate in EU

The EU27 unemployment rate was 9.7% in September 2011, compared with 9.6% in August4. It was 9.6% in September 2010. Austria leads the official statistics.
October 31, 2011
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„Austria´s Triple A Not in Danger“

For the Austrian Minister of Finance, Maria Fekter, the status of the domestic economy is “well prepared”.
October 29, 2011


EU Calls for Opening of Labor Markets to Romanians and Bulgarians

The European Parliament wants a solution by the end of 2011 and does not see any negative effects on social welfare systems.
October 27, 2011


Majority of Austrians Opposed to EU Rescue Package

850 respondents were asked their opinion before Wednesday’s summit meeting. 71% believe that the package is disadvantageous for Austria.
October 27, 2011


European Banking Authority: Austrian Banks Need € 2.9bn

Banks are required to establish a buffer such that the Core Tier 1 capital ratio reaches 9%. A major part of the capital needs is attributable to Volksbank Group.
October 27, 2011


Austrian Railways to be Widened

The EU Commission declares the Austrian South Axis to be strategically important.
October 19, 2011
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Austria Ranks Third in EU Productivity Study

The report points out structural weaknesses and suggests more effective public spending in the fields of education, research and innovation.
October 14, 2011


OMV Promotes Nabucco Project Abroad

The Austrian oil corporation OMV pushes the gas pipeline project Nabucco in Turkey, Azerbaijan and Turkmenistan.
October 11, 2011


Slight Increase in Unemployment

Austria´s unemployment grew by 1.9% in September 2011. The main reason is the lower number of trainings.
October 1, 2011


Intercell: EU Invests € 30m in Research Program

The Austrian pharmaceutical company will receive co-funding for a collaborative research project from the European Union.
September 29, 2011


Cartel Suspicions Against OMV

The Commission of the EU suspects ten gas companies of market abuse. The Austrian OMV wants to cooperate with the authorities.
September 27, 2011
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Austria´s Triple A „Not Endangered“

From a global view, 18 countries have a “AAA-status”. The current debt crisis makes market observers nervous.
September 26, 2011


Austria Considers Lawsuit Against Hungary

The Austrian Minister of Foreign Affairs, Michael Spindelegger (ÖVP) threatens Hungary to file a lawsuit at the European Court of Justice. Hungary plans to stress banks massively.
September 12, 2011


Saloon Talks in Polish Ambassy: „Europe Needs New Leadership“

In the Polish Ambassy in Vienna, the former Prime Ministers of Poland, Aleksander Kwasniewski and Austria, Wolfgang Schüssel, talked about their vision for the European Union.
September 8, 2011


Agrana Raises Sugar Price Drastically

The Austrian sugar and starch company confirmed that the sugar price will rise significantly by the beginning of October. This is due to the “world market price”, the company stated.
September 6, 2011


Austrian Foreign Trade Rising Significantly

January to June 2011: Austrian imports rose by almost 19%, Austrian exports increased by more than 17%
September 6, 2011


Austria Confirms Top Ranking in EU Unemployment Statistics

The Austrian unemployment rate continued to decline in July. It dropped to 3.7% from 3.9% in June.
August 31, 2011


OMV Affected by Sanctions against Syria

The Austrian oil and gas company does not have a local production but buys 7% of its oil supplies from the Arabic country.
August 29, 2011


“Austria Was Boosted by EU Accession, Euro and Opening to Eastern Europe”

Bank Austria analyzed the development of Austria since the EU accession in 1995. It concluded that the economy has taken full advantage of the opportunities offered by the changes.
July 28, 2011


voestalpine Sues EU Over Plans for Carbon Emissions

The Austrian steel company and four German competitors filed a lawsuit against the EU. They argue that CO2 emission targets are unrealistic and unachievable.
July 21, 2011


Stress Test: Erste Group and Raiffeisen Passed, Volksbank Failed

Volksbanken Group is the only Austrian bank that failed the stress test. Taking into account the measures that are currently being implemented, the core tier I ratio would be above the benchmark.
July 15, 2011


Volksbanken Group Speeds Up Sale of VBI

In the face of the looming negative result of the stress test, the Austrian bank is trying to conclude negotiations with Russian Sberbank.
July 13, 2011
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