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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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