Read the latest headlines about developments in Austrian - European Union (Brussels) politics with reference to the international interest
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Austria - European Union Political News

Slovenia: PM Bratusek Confident About Tackling State Debts

Even though the country is expected to issue new state bonds next year to tackle state debts Prime Minister Alenka Bratusek suggested that Slovenia does not require loans immediately.

December 23, 2013

Austria: New Government Already Disappoints in the First Week

In 2014, Austria will not achieve its fiscal objectives, new Minister of Finance Michael Spindelegger admitted. Austria´s fiscal situation is observed critically. The country faces a new austerity package.

December 23, 2013

Bulgaria: Economic Upturn Not Sooner Than 2015

As reported by Bulgarian daily Standart, an economist at World Bank pointed out that the country has not yet reached the economic situation of before the start of the financial crisis in 2008.

December 20, 2013

Slovenia: EU Commission Approves Bank Aid

On Wednesday the European Commission has approved state aid for five Slovenian banks.

December 19, 2013

Banking Union Completed

The Finance Ministers of the Eurozone have reached a compromise on the last pillar of the banking union. The deposit protection mechanism will come into power in 2015.

December 19, 2013

Wifo: Sluggish Growth Because of Weak Consumption

According to Wifo’s (Austrian Institute of Economic Research) prognosis for the coming years, economic upturn in Austria will remain flat because of weak consumption.

December 19, 2013

Slovenia: Three Arrestments at NLB

According to Slovenian authorities, three persons in the bank’s environment were arrested because of alleged malpractice.

December 18, 2013

Serbia: EU Accession Talks in January Fixed

Prime Minister Dacic considers results as “historic event” for Serbia.

December 18, 2013

Labor Costs: No Clear Trend in CESEE

In the Baltic countries and in Romania, unit labor costs rose most. In Slovenia and in the Czech Republic, by contrast, unit labor costs were down.

December 18, 2013

Austria: Major Banks Exhibit Significant Shortages in Core Capital Quota

Both Erste Group’s and RBI’s core capital quota is below the European average.

December 17, 2013

Banking Union: Bank Resolution as Hot Topic

The Finance Ministers of the Eurogroup countries are discussing the future of the banking union in Brussels today.

December 17, 2013

Czech Republic: Lowest Increase in Public Debts in 17 Years

According to the government’s Funding and Debt Management Strategy, public debt should exceed CZK 2,000bn by the end of 2016.

December 17, 2013

Slovenia: Bad Bank to Operate Longer than Expected

According to executive director Mannson, the collecting and selling of non-performing loans would take at least ten to fifteen years.

December 16, 2013

Austria: Opening Balance Reveals Massive Mountain of Debt

Public debts exceed the federal assets by more than double the amount, as revealed by the opening balance published by outgoing Finance Minister Maria Fekter last weekend.

December 16, 2013

Poland: Budget Bill Approved by Lower House

On Friday, the Polish lower house Sejm approved next year’s budget bill which schedules the budget deficit of PLN 47.6bn not to be exceeded.

December 16, 2013

Slovenia: Haircut for Junior Bondholders

Subordinated bond holders of the state-owned Slovenian banks will lose their investments completely. This is part of the recapitalization scheme.

December 14, 2013

BayernLB to Keep Hungarian MKB Unit

BayernLB’s plans to seperate from loss-making Hungarian affiliate MKB were not put on hold. Instead, the German bank wants to continue to push forward with austerity measures and cut jobs.

December 14, 2013

Austria: Spindelegger Replaces Fekter

The designated cabinet members were presented to the public today. Maria Fekter will not be a cabinet member anymore.

December 13, 2013

Slovenia Pushes Forward with Privatizations

In spite of the capital shortfall of € 4.78bn of the banks in Slovenia, the bank stress test was passed by the financial institutes.

December 13, 2013

Austrian GDP per Capita Second-Highest in EU

In terms of GDP per capita, Austria is the second-richest EU country.

December 12, 2013

Hungary: Stable Outlook Yet Still Junk Status

In spite of Matolcsy, governor of the Hungarian National Bank (MNB), demanding a better rating for the country’s credibility, the major rating agencies have not raised them.

December 12, 2013

Slovenian Banks Exhibit Capital Gap of Almost € 5bn

The capital gap of Slovenian banks comes at a total of 4.78bn, according to the stress test published today.

December 12, 2013

Austria: Nowotny Reiterates Statement

Ewald Nowotny, governor of the Austrian National Bank (OeNB), reiterated his view on Hypo Group.

December 11, 2013

No Major Progresses in Banking Union

Tuesday night the Finance Ministers of the European Union have gradually approached on the outstanding issues in the handling with banks threatened by bankruptcy.

December 11, 2013

Croatia: EU Introduces Excessive Deficit Procedure

In the last years, Croatia´s fiscal situation has deteriorated considerably. Not only the budget deficit remains above 3.0% of GDP, but also the public debt quota has climbed above 60% of GDP.

December 11, 2013

Slovenia Still Wants to Solve Problems on Its Own

According to head of Eurogroup Jeroen Dijsselbloem, the highly indebted country intends to get a grip on the problems of its banking sector.

December 10, 2013

Former Kazakh Embassador Facing Trial in Austria

Rachat Alijew is facing prosecution in Austria because of alleged money laundering. Moreover, a former Austrian Chancellor is suspected of spying.

December 10, 2013

EU Demands € 55bn for Banking Union

The Finance Ministers of the European Union are still negotiating about a mechanism aimed at preventing states from having to take over financial difficulties from banks, the banking union.

December 9, 2013

Austria: Tax Increases Contemplated by Government

During the coalition negotiations increases of taxes on tobacco and alcohol is currently considered by the Social Democrats (SPÖ) and the People’s Party (ÖVP).

December 9, 2013

Wifo: Austrian Economic Growth Still Sluggish

Seasonally adjusted and corrected for working day effects, GDP increased by 0.2 percent compared to the second quarter. The upturn becomes evident only in a very moderate pace.

December 9, 2013

Austria: Oppositional FPÖ Wants Return to Shilling

The largest Austrian opposition party wants to leave the Eurozone.

December 7, 2013

Austria: Slight Increase in Exports

In spite of a continuing difficult international environment domestic exports increased by 0.7 percent. According to Economy Minister Mitterlehner the Austrian exports are on a record high.

December 6, 2013

Slovenia: Bank Stress Test Results Expected Earlier

According to a source within the European Union, the test results of the asset review of Slovenian banks will be published on December 12.

December 6, 2013

Croatia Ready for Allocation of EU Funds

Croatia has been given access to 1.12 billion euros in all EU programmes.

December 6, 2013

Austria to Raise Capital of up to € 30bn

In 2014, the Austria state will raise capital in the amount of € 28bn to 30bn from international capital markets. This year around € 29bn were raised.

December 6, 2013

Moody's: ECB Rate Cut Does Little for Economic Growth

ECB rate cut to a record low 0.25% will likely do little to support economic growth, according to Moody's Analytics.

December 5, 2013

ECB: Debates about Further Measures in Monetary Policy

Today the 23 member of the European Central Bank’s Council have initiated debates about the the stance of monetary policy. The base rate, lowered to 0.25 percent last month, is expected to remain unchanged.

December 5, 2013

Bratusek: Slovenia Will Manage Bank Rescue

According to Prime Minister Bratusek, Slovenia will manage the bank rescue on its own.

December 3, 2013

Austria: Debt Quota to Increase Slightly

Because of the new EU regulations the debt quota will increase by around 2.5 percent.

December 3, 2013

Hungary: Matolcsy Demands Resignation of EU Commissioner

György Matolcsy, Governor of the Hungarian National Bank (MNB), demands a better rating for Hungary and the resignation of EU Commissioner Olli Rehn.

December 2, 2013

RBI Calls for Better SME Financing in Europe and CEE

RBI CEO Karl Sevelda calls for improvement of SME financing.

November 28, 2013

PwC: Turbulent Years for Banks

According to a study by PricewaterhouseCoopers (PwC) the core capital of European banks need to be increased significantly.

November 28, 2013

Germany Claims Key Positions at EU Banking Regulator

The German federal government claims one key position in the European banking regulator.

November 28, 2013

EU Needs Investments for Growth

Europe will not see any substantial growth without serious investment in research and innovation.

November 28, 2013

ECB Considers Restricting Credits

The ECB takes the option of restricting banking to industrial enterprises only into consideration.

November 27, 2013

EU Financial Transaction Tax to Become a Flop?

Experts do not expect the financial transaction tax to become effective next year.

November 27, 2013

CESEE: Austrian Banks Face New Challenges

For Austrian banks, the assessment by the ECB may bring new difficulties. Non-performing loans in CESEE are said to be higher than officially known.

November 26, 2013

Dispute about NLB Reignites between Slovenia and Croatia

Damaged savers of NLB filed lawsuit against the bank at the European Court for Human Rights.

November 26, 2013

WKO: Better Framework Conditions for SMEs

Small and medium sized enterprises (SMEs), with between 10 to 249 persons employed, are a driver of the European economy, creating jobs and contributing to economic growth. WKO calls for better framework conditions for SMEs.

November 26, 2013

ECB Does Not See Danger of Deflation

Benoit Coeure, member of ECB’s supervisory board, does not see the danger of deflation in Europe.

November 25, 2013