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EU European Union

Austria Ratifies ESM

The government parties SPÖ and ÖVP got support by the oppositional Green Party. The remaining opposition parties criticized the „loss of sovereignty“ massively.

July 2, 2012

Strong Increase in Unit Labor Costs

Since 2008, the Austrain economy records a disproportionately high increase in unit labor costs. The average of the eurozone amounts to 6.4%. In Austria, the unit labor costs were up by 11.1%.

June 29, 2012

Orange Sale: EU Commission is Concerned too

After the Austrian Federal Competition Authority (BWB) expressed its concerns about the acquisition of Orange by Hutchison Austria, the EU Commission announces to deepen its examination.

June 29, 2012

Euro-Crisis Continues

According to RCB, the factional dispute between Germany and France decisive for the eurozone. An easing of the situation is not expected.

June 29, 2012

Austria´s Fischer Absolved State Visit in Armenia

The Austrian President Heinz Fischer met his Armenian counterpart Serzh Sargsyan. Both heads of states agreen on deepening economic and cultural relations.

June 28, 2012

Spindelegger: „Austria Must Delegate Competencies“

The Austrian Vice Chancellor and chairman of ÖVP Michael Spindelegger wants the centralize the European Union.

June 27, 2012

Leitl: „Securing Austria´s Top Ranking“

WKO´s President Christoph Leitl calls for reforms. In order retain Austria´s economic position, reforms should be accelerated and taxes should be cut.

June 27, 2012

Austria Still Blocks Agreement on Taxation of Interest Income

The Commission of the European Union wishes Austria to give up its blockade against a reform of the direction on the taxation of interest income. Austria stands by its oppositional attitude.

June 27, 2012

EU Discusses Growth and Employment Pact

Austria´s State Secretary Waldner at the General Affairs Council in Luxembourg: „Putting and end to the negative spiral“.

June 27, 2012

Austria Appreciates Opening of Accession Negotiations

After the beginning of the accession negotiations with the EU, the Austrian government congratulates Montenegro.

June 26, 2012

Austria Among More Expensive EU Countries

In 2011, the price levels varied from 51% of the EU27 average in Bulgaria to 142% in Denmark. Austria came at 107%.

June 26, 2012

Schwarzenberg: „Czech Republic Should be Europe´s Hard Core“

The Czech Minister of Foreign Affairs thinks that the Czech Republic should be among the EU´s core nations. This would be the only useful alternative for the country, Schwarzenberg says.

June 26, 2012

„The end of the Euro would mean Europe´s Explosion“

Ewald Nowotny, governor of the Austrian Central Bank (OeNB) reaffirms that Europe needs the Euro.

June 25, 2012

Treichl: „Europe Does Not Need the Euro“

Andreas Treichl, CEO of Austrian Erste Group thinks that the European Union would work very well without the common currency. A common army would be more important.

June 25, 2012

Nowotny: „Bank Aids Rescue Economy“

The governor of the Austrian Central Bank OeNB underlines the necessity of the bail-out of Spanish banks.

June 23, 2012

Fekter Promotes Financial Transaction Tax

There was no agreement on a common financial transaction tax in all EU member states. Austria´s Finance Minister Fekter wants to introduce the tax in a group of countries instead.

June 23, 2012

Nabucco „Not Essential“ for EU

For the EU Commissioner Günther Oettinger, it is not important which pipeline ships natural gas to Europe.

June 22, 2012

Green Party: ESM Approval Depends on Financial Transaction Tax

The Austrian Green party will only vote for the ESM if there is a basic consent for the financial transaction tax.

June 22, 2012

Government´s Plans on Bank Insolvency Law Failed

The Austrian government initially planned to initiate a bank insolvency law in order to liquidate financially stricken banks without major difficulties. Now, the plan has failed.

June 22, 2012

Chemical Industry Warns of Investment Stop

Peter Untersperger, CEO of the fiber manufacturer Lenzing and chairman of the Austrian chemcial industry is very critical of the energy efficiency act.

June 22, 2012

Fekter Declines Mercy for Greece

Austria´s Finance Minister Maria Fekter is poised for amending several points oft he Greek austerity program. This is no accomodation, Fekter emphasizes. In the future, the EU should be completely centralized, Fekter says.

June 21, 2012

Austria Pushes for Danube Strategy

Together with Germany, Slovakia and Bulgaria, Austria wants to implement a common transport strategy for the Danube.

June 21, 2012

„Austria Is Threatened by a National Bankruptcy“

The Austrian economist Eva Pichler warns of the ESM and appeals on the Austrian Parliament not to ratify the „recue package“.

June 20, 2012

Austrian GDP Per Capital Third Highest in EU

According to first estimates for 2011, the GDP per capita in the Member States ranged from 45% to 274% of the EU27 average in 2011.

June 20, 2012

Tricky Climate for Austrian Economy

The economic activity continues to lose pace – a weaker economic growth is expected for the remainder of the year. Exports and stable domestic demand support an unchanged GDP forecast of 0.8 per cent for 2012.

June 19, 2012

Nabucco: EU Commission is in Doubt

The Commission of the European Union emphasizes that Nabucco is still an option. Nevertheless, there would be cheaper options.

June 18, 2012

Fekter Approves Greek Election Results

The Austrian Minister of Finance Maria Fekter is happy with the „Pro-European „ statement oft he Greeks. Minor adjustments to aid packages would be possible.

June 18, 2012

Austria Among European Renewable Energy Nations

The contribution of renewable energy was up to 12.4% of energy consumption in the EU27 in 2010. The highest share is observed in Sweden, Latvia, Finland, Austria and Portugal.

June 18, 2012

Orange Takeover to be Postponed

The Commission of the EU identified several shortcomings in the takeover of Orange by the Hong Kong based Hutchison.

June 15, 2012

RZB Wants to Keep Austrian Deposit Protection

Raiffeisen Zentralbank´s CEO Walter Rothensteiner is skeptical of the European deposit protection proposal.

June 15, 2012

8th Conference of European Regions and Cities (CERC) in Austria

The Institute of the Regions of Europe (IRE) is holding the 8th conference of European Regions and Cities in Grafenegg.

June 14, 2012

Austrian Hourly Labor Costs Rise Significantly

First quarter 2012 compared with first quarter 2011: Euro area hourly labour costs rose by 2.0%.

June 14, 2012

Austria Stresses Balance Between Growth and Austerity

At the negotiations on the EU financial plan 2014 – 2020 in Denmark, Austria proposes to establish a growth fund accessible to SMEs.

June 13, 2012

Monti Angry at Fekter

Italy´s Prime Minister Mario Monti is unhappy with the statement of Austria´s Finance Minister Maria Fekter on Italy. Fekter considered that Italy may need help by the EU.

June 12, 2012

Austria to Strengthen Cooperation with Baltic States

Austrian State Secretary meets the Speaker of the Latvian Parliament and underlines Latvia´s successful austerity course.

June 12, 2012

Spain: „ESM would be a Better Safeguard“

Austria´s Minister of Finance Maria Fekter wants Spain to call for aid via the ESM.

June 11, 2012

Austria Promotes Political Cooperation in Black Sea Region

Conference in Tbilisi discusses issues of management of institutional administration and rule of law.

June 11, 2012

EU-Crisis: Austrian Government Underlines Necessity of „Solidarity“

The Austrian State Secretary Wolfgang Waldner calls for a centralization of economic and financial policies.

June 8, 2012

Kommunalkredit Sale: Austria Hires Morgan Stanley

The nationalized Austrian lender Kommunalkredit should be sold until 2013. The U.S. investment bank should act as commission agent.

June 6, 2012

„Bank Union is Still Far Away“

Ewald Nowotny, Governor of Austria´s Central Bank, thinks that a bank union in the Eurozone would still take some time. Erste Group´s CEO Andreas Treichl approves the idea.

June 6, 2012

Russians Push New Railway Line to Vienna

Russian Railways intends to establish an axis between China and Europe.

June 4, 2012

Spindelegger: “Great respect for future-oriented decision taken by Ireland”

The Austrian Vice Chancellor congratulates his Irish colleague Eamon Gilmore on the outcome of the referendum.

June 4, 2012

Trade Unions Wants „Just Taxation“

The Austrian Trade Unions warn of a strict austerity policy and pushes for growth stimulating measures.

June 2, 2012

EU Calls on Austria to Accelerate Reforms

Austria has to put more effort in reforms. In the fields of education, labor market, retirement plan and budget consolidation, Austria shows deficits.

June 1, 2012

Treichl: „Spain Needs Help“

The CEO of theAustrian Erste Group Andreas Treichl is in doubt whether Spain may conquer the crisis without help. Regarding Greece, Europe has to pay anyway, Treichl thinks.

June 1, 2012

More than 300,000 Unemployed

The situation of theAustrian labor market remains tensioned. At the end of May, 300,000 persons did not have a job.

June 1, 2012

Economic Balance: EU Warns Austria

The Commission of the EU issues an early warning for Austria as the thresholds of three macro-economic indicators were exceeded.

May 31, 2012

OeNB Reacts to EU-Commission´s Critique

The EU Commission warned Austria of the big lending exposure in Eastern Europe. According to the Austrian Central Bank, the CESEE region must be seen differantiated.

May 31, 2012

The Euro - A Big Error (Part 4)

The common currency did not create convergence, but widened the gap between Northern and Southern Eurozone member states.

May 31, 2012

Austrian Industry: „Growth Instead of Redistribution“

After the Austrian Chamber of Labor claimed he Federation of Austrian Industry underlines that Austria has the highest redistribution quota among OECD members.

May 30, 2012