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Brussels

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

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

Szczurek: EU Funds to Create Growth

Poland´s designated Minister of Finance Mateusz Szczurek explained that EU contributions will be used to support Polish GDP growth.

November 23, 2013

Slovakia Benefits Substantially from EU

In the next fiscal term from 2014 to 2020, Slovakia will receive net contributions of € 14bn. Without the EU contributions, Slovakia´s fiscal situation would be difficult.

November 23, 2013

Ukraine Leaves Path Towards EU

After the Association Agreement between the Ukraine and the European Union failed head of state Mykola Asarov stated economic reasons for the abrupt stop.

November 22, 2013

Eurozone: Nouy New Manager of ECB’s Banking Suvervision

Daniele Nouy will become the new head of the ECB’s banking supervision.

November 21, 2013

Czech National Bank Not Intending Further Forex Interventions

According to Miroslav Singer, governor of the Czech National Bank, the authority is not planning on taking further measures at the forex market to weaken the Czech Crown (CZK).

November 21, 2013

Poland: Reshufflement at Government

A major reshufflement is currently under way at the Polish government.

November 20, 2013

Hypo Group: Investors Claim Refunds

A group of aggrieved investors in Hypo Group Alpe Adria files claims for damages. These so-called small investors provided amounts from € 30,000 to € 300,000 and feel disadvantaged compared to bigger investors.

November 20, 2013

Austria: High Tax Country

According to the new tax report of PrinceWaterhouseCoopers (PwC), the tax burden in Austria is ten percent higher than the average tax rate in the European Union and even beats Sweden.

November 19, 2013

OECD: Restructuring of Banks Required

The Organization for Economic Cooperation and Development (OECD) calls for a fast progress in the establishing of a banking union in the Eurozone and restructuring of the banking sector to boost economic growth.

November 19, 2013

Slovenia Issues New Eurobonds

The issuance of a new bond in the amount of € 1.5bn on Friday came as surprise as Prime Minister Alenka Bratusek has annouced earlier no such measures will be made until the beginning of the new year.

November 18, 2013

Banking Union: No Progress

The EU countries could not agree on a common bank resolution mechanism yet. Once more, the pressure on Berlin is growing.

November 16, 2013

EU Commission Criticizes Austria Once More

The EU Commission has again criticized Austria and Luxembourg and demands the countries to stop blocking the extensive exchange of tax data.

November 15, 2013

Slovenian Government Wins Vote of Confidence

As expected, on Friday the Slovenian center-left government of Prime Minister Alenka Bratusek has won a vote of confidence.

November 15, 2013

EU Commission: Slovenia Makes “Key Progress”

Slovenia is among 16 EU member states that require comprehensive assessment of macroeconomic imbalances. According to a report published by the EU Commission, the small country shows significant improvement.

November 14, 2013

ECB Still Has Further Tools

In spite of the most recent cut of the key rate by the European Central Bank (ECB) there is still some leeway downward. However, measures will affect the exchange rate of the common currency.

November 13, 2013

Austria: Downsizing Options for Hypo Group under Discussion

In the discussion about establishing a downsizing unit for ailing bank Hypo Group Alpe Adria, several possibilities are taken into account.

November 12, 2013

Half of Austrians Consider the Country Stuck in Recession

According to an online survey, the Austrians are confident and not concerned by the most recent recession in the Eurozone. With a total of 87 index points consumer’s confidence remained stable in the third quarter of 2013.

November 12, 2013

Austria: Nowotny Rejects Mood of Opposition against ECB

Ewald Nowotny, governor of OeNB, rejects the idea of having been part of a protest group against the European Central Bank’s (ECB) most recent monetary measures by cutting the key rate to an all-time low.

November 12, 2013

Western Balkans Struggling with NPL

The high percentage of non-performing loans in the Western Balkan region is affecting the financial stability of the region’s countries.

November 11, 2013

Nowotny Against ECB’s Key Rate Cut

The governor of the Austrian National Bank has, according to reports, voted against the ECB’s most recent interventions.

November 11, 2013

Czech Republic: CNB to Intervene in Forex Market

After the Czech koruna (CZK) was devalued, the Czech National Bank (CNB) is keen on preventing a deflation. However, the key rate cannot be cut anymore as it is close to zero.

November 11, 2013

Stable Outlook for Recovery of Austrian Economy

The outlook for economic improvement has stabilized. Both Wifo’s economy test and Wifo’s early indicator point to an upward trend.

November 8, 2013

Austrian Banks Forced to Prepare in Case of Bankruptcy

From 2014 on, the Austrian Banks are required to start planning the emergency scenario in case of a liquidation in order to be able and react more quickly.

November 7, 2013

ECB to Keep Interest Rate Low

Despite a low inflation, the European Central Bank (ECB) will keep the interest rate low. The Council of ECB has held a meeting on Thursday morning

November 7, 2013

Bulgaria: Banks Have More Assets at Disposal

With more money available, banks in Bulgaria are now able to grant more loans.

November 6, 2013

Romania: Growth Rates to Exceed Forecasts

According to the autumn forecast published by the EU Commission on Tuesday, Romania will exceed the previous estimates.

November 6, 2013

Austria: Compulsory Levy on Assets Simply “Out of Question“

Top bankers and economists in Austria consider the compulsory levy of ten percent on household assets “out of question” and “ludicrous”.

November 5, 2013

Hypo Group: Restraining Effect on Budget Consolidation

According to the EU’s autumn prognosis, nationalized Hypo Group and its liabilities running in the billions still have a restraining effect on the Austrian budget consolidation.

November 5, 2013

Serbia: FDI as Driver for Economy

Further decline in FDI could affect economic growth in the Western Balkan state. The Serbian government announced to push forward with amendmends to improve business environment and boost economic growth.

November 4, 2013