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Brussels

Romania: Lowest Importance of Service Sector in EU

Almost 70% of employed persons in the EU27 worked in the service sector in 2011. The scope ranges from 43% in Romania to 85% in Luxembourg.

October 5, 2012

Eastern Europe Remains Austria´s Future Region

The Austrian economist Christian Keuschnigg thinks that the opening of Austrian companies toward Eastern Europe was a “highly favourable event”.

October 4, 2012

Fekter Rejects Deposit Protection in EU

At the Alpbach Financial Symposium, Austria´s Minister of Finance Maria Fekter underlined to reject the European deposit protection.

October 4, 2012

EU as „Serbia´s Most Important Market“

The U.S. economist Paul Krugman thinks that Serbia´s future is the European Union. The EU is worried about the turn towards Russia.

October 4, 2012

Nine Prime Minister Discuss EU Budget in Bratislava

The Prime Ministers of nine countries of Central and Eastern Europe will meet in the Slovak capital on October 5.

October 3, 2012

Merger Hutchison 3G-Orange: EU Still Sceptical

EU Commissioner Joaqin Almunia expresses his concerns on the merger. “The number of operators would go down to three from four in Austria.” He says.

October 2, 2012

Financial Transaction Tax: Austrian Government Under Pressure

In its last austerity package, the Austrian government has anticipated a financial transaction tax to be introduced in 2014. The time pressure is growing.

October 2, 2012

Fekter Promotes Financial Transaction Tax

The Austrian Minister of Finance wrote a letter to the EU Commission. She argues that a financial transaction tax would be economically reasonable.

October 1, 2012

Austrian Budget Targets Will Not Hold

In August, Finance Minister Maria Fekter underlined that the budget deficit will not exceed 2.9% of GDP. Due to the banking package, the budget deficit will be higher, though.

October 1, 2012

Bank Secret: Semeta Criticizes Austria´s Position

According to the EU Commissioner Algirdas Semeta, Austria´s bank secret is “out-dated”. He criticizes that Austria and Luxembourg still reject to give up the bank secret.

October 1, 2012

Klaus: Exit Will Not Destroy Eurozone

The Czech President Vaclav Klaus says that a reduction of the member states will not destroy the Eurozone.

September 27, 2012

“No Recession in Poland”

The Polish economist Jan Krzysztof Bielecki is optimistic regarding the development of Poland´s economy.

September 27, 2012

Slovenia “No Bail-Out Candidate”

Slovenia ´s former Prime Minister Anton Rop is optimistic that the country will manage the crisis.

September 27, 2012

Spindelegger: "Political progress more urgently needed than ever before"

Austria´s Minister of Foreign Affairs meets President of the Palestinian National Authority Abbas and the Foreign Ministers of Tunisia and the United Arab Emirates in New York.

September 27, 2012

Stronach Founds New Party: „Historical Event“

The former CEO of the Canadian automotive group Magna has presented his new party “Team Stronach” today.

September 27, 2012

Hungary „Still Obtains Funding from the Financial Market“

Vince Szalay-Bobrovniczky, the Hungarian ambassador in Vienna, emphasized that Hungary is not dependent on the IMF loan. The IMF urges Hungary to reduce its bureaucracy, he says.

September 26, 2012

“European Union Not Endangered”

Austrian Vice-Chancellor Michael Spindelegger defends the euro at the renowned US university Harvard and emphasises Austria’s performance on the international stage

September 26, 2012

OMV Considers Joining Tanap

The Austrian oil and gas company intends to invest up to $ 7.0bn in the Turkish-Azeri project.

September 25, 2012

EU Calls Bulgaria to Intensify Fight Against Corruption

The European Union recommends Bulgaria and Romania to increase their effort regarding the fight against organized crime and corruption.

September 25, 2012

“EU administration must be screened for savings potential”

Austrian State Secretary Lopatka repeats Austria’s central demands at the General Affairs Council in Brussels.

September 25, 2012

Hutchison: Market Share of 30% until 2015

Hutchison Austria, the smallest telecommunication supplier in Austria, wants to become a hard competitor for the market leader Telekom Austria.

September 24, 2012

Waiglein Becomes Director of ESM

Austria´s Minister of Finance Maria Fekter mandates Harald Waiglein as member of the board of directors.

September 22, 2012

Serbia: „EU Cannot Force Us to Recognize Kosovo´s Independence“

The Serbian Prime Minister is ready to continue talks with Kosovo at a higher political level. For the EU, a recognition of Kosovo´s indepence is the precondition for Serbia´s EU accession.

September 22, 2012

Croatian EU-Accession: Slovenia as Obstacle

Slovenia may put a veto on Croatia´s EU accession. Croatia should withdraw lawsuits against the biggest Slovenian bank NLB, Slovenia says.

September 22, 2012

EU: Germany Biggest Net Payer, Poland Biggest Net Recipient

In 2011, Poland received EU-aids of € 11bn. Among the new EU members, Hungary ranks second. In terms of GDP, Hungary is the biggest beneficiary.

September 21, 2012

Breuss: „We Must Feed Them All“

The Austrian economist expresses his concerns regarding the second package for Greece.

September 21, 2012

VBAG to Cut More than 1,000 Jobs

Today, the Austrian problem bank announced to sharpen its austerity program radically. Until 2017, VBAG must be downsized to the half of its current size.

September 21, 2012

Austria Claims Financial Transaction Tax

State Secretary Lopatka presents Austria’s positions to EU Commissioner Lewandowski.

September 21, 2012

Austria to Pay higher Contributions to EU

In the next financial period of the EU from 2014 to 2020, Austria´s contribution will increase substantially. Austria calls for keeping the discount system.

September 20, 2012

Westerwelle and Sikorski Want a Stronger EU

The German and the Polish Ministers of Foreign Affairs wrote a common article in The International Herald Tribune.

September 19, 2012

Serbian EU Approach Endangered

The Serbian government rejects making concessions to Kosovo. The EU accession may be damaged, however.

September 19, 2012

Croatia Wants to Join the Eurozone

In July 2013, Croatia becomes the 28th member of the EU. After the accession, the Croatia should join the Eurozone too, the government says.

September 19, 2012

European Commission Approves State Aid for VBAG

The European Commission has today approved the comprehensive restructuring plan developed by Österreichische Volksbanken-AG (VBAG) in the wake of the financial and economic crisis to restore long-term profitability.

September 19, 2012

Fekter: “Spanish Banks Need € 60bn”

According to Austria´s Minister of Finance Maria Fekter, the European Union focuses on Spain. A Greek exit would be no issue anymore.

September 18, 2012

Banking Supervision: Nowotny Warns of Over-Ambition

According to the governor of OeNB (Austrian Central Bank), it would be dangerous to establish new institutions without a democratic legitimization.

September 18, 2012

Klaus: Czechs Against Banking Union

The Czech President notes that the Czech Republic cannot achieve anything without a recovery of the European economy. However, it would be advantageous to stay outside the Eurozone.

September 18, 2012

Implementation of Banking Union to be Postponed

Initially, the Commission of the EU intended to introduce the banking union in 2013. After the fierce resistance of some member states, the Commission gives up its plans for the time being.

September 17, 2012

Strong Increase in Hourly Labor Costs in Hungary and Romania

Second quarter 2012 compared with second quarter 2011: Euro area hourly labour costs rose by 1.6% and by 1.8% in EU27.

September 17, 2012

Czech Republic: EU-Subsidies to be Cut Massively

Due to EU-aid manipulation, the Czech Republic will lose at least € 1.0bn.

September 15, 2012

Austrian Banks View Savers Protection to be Endangered

The planned unification of the deposit protection is met with skepticism at Austrian banks. As the details are not clear yet, the deposit protection is yet no issue anyway.

September 15, 2012

Klaus Does Not Want European Federation

The Czech President Vaclav Klaus rejects the idea of the head of the EU-Commission José Manuel Barroso.

September 14, 2012

Austria Second-Largest Investor in Slovakia

Foreign Minister Spindelegger opens new Austrian Embassy premises in Bratislava and underlines the close economic ties between Slovakia and Austria.

September 14, 2012

Austrian Inflation Rate Below EU Average

In August, the official consumer price inflation rate increased by 2.2%. In the Euro area, annual inflation was up to 2.6%.

September 14, 2012

Banking Union: Austrian FMA Wants to Integrate Eastern European Countries

According to the board of Austria´s Financial Market Authority, not only the banks of the Eurozone should be supervised.

September 13, 2012

Nowotny: Not Overcharging ECB

Ewald Nowotny, governor of Austrian Central Bank (OeNB) argues that ECB should not control all banks.

September 13, 2012

Infringement Proceedings Against Hungary?

The Commission of the European Union is said to start infringement proceedings against Hungary because of the introduction of financial transaction taxes.

September 13, 2012

„Banking Union Must Not Become Burden for Real Economy“

The Federation of Austrian Industries (IV) underlines that the banking union must be competition-neutral. Above all, the real economy must not face liquidity constraints, IV says.

September 13, 2012

Austrian Chamber of Economics Supports ESM Decision in Germany

Austria´s Minister of Economics Reinhold Mitterlehner: “The decision of the German Constitution Court is an important signal for investments and will promote growth.”

September 12, 2012

Fekter: “Relieved to have a clear Judgement”

Austrian Finance Minister Maria Fekter delighted at decision on ESM by German constitutional judges.

September 12, 2012

Tusk: Good Prospects to Become Head of EU Commission

According to the German magazine “Der Spiegel”, the Polish Prime Minister Donald Tusk is considered as favorite candidate for the next President of the EU Commission.

September 11, 2012