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EU European Union

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

Exposure in Eastern Europe Remains Austria´s Weak Point

The Commission of the European Union warned Austria of the big exposure of domestic banks in Eastern Europe. Moreover, the austerity package was criticized.

May 30, 2012

Austrian Proposal for EU Growth and Innovation Fund

In-depth discussion at the General Affairs Council on the multi-annual financial framework of the EU. Austria pushes for more economizations.

May 30, 2012

Switzerland: Resistance Against Tax Deal with Austria

Swiss parties are against the tax agreement with Austria. The social democrats and the Swiss People´s Party oppose the plan.

May 29, 2012

The Euro - A Big Error (Part 3)

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

May 29, 2012

"Europe Needs Economic Growth and Budget Discipline“

Structural reforms are necessary to make Europe sustainably more competitive, Christoph Leitl, President of Austria´s Chamber of Commerce (WKO) says.

May 26, 2012

Fekter Emphasizes: „Eurobonds Do Not Solve Debt Problem“

Maria Fekter, Austria´s Minister of Finance, thinks that the idea of common bonds is no real solution, but only symptom fighting.

May 26, 2012

Fekter: “Strengthen Partnership with Eastern Neighbours”

Austria´s Finance Minister Maria Fekter emphasizes the necessity of a closer political and economic integration needed with partners in the East.

May 26, 2012

The Euro – A Big Error (Part 2)

The system of the common currency has failed to work, but is still kept alive artificially. The euro brings enormous difficulties to stronger as well as weaker European economies.

May 23, 2012

Austrian Industrial Sector Pushes for Austerity

The Federation of Austrian Industries sees still a huge potential to reduce public expenses and underlines the importance of the industrial sector.

May 22, 2012

Fekter: Hollande´s Suggestions are “Nonsense”

Vice-Chancellor Spindelegger and Finance Minister Fekter are strictly against the introduction of Eurobonds and any amendments of the Fiscal Treaty.

May 22, 2012

Rothensteiner: Return to Drachma would be „Utter Chaos“

The CEO of the Austrian RZB (Raiffeisen Zentralbank) warns of a Greek exit. At the moment, there would be not contagiousness for Spain or Italy.

May 21, 2012

The Euro – A Big Error (Part 1)

The system of the common currency has failed to work, but is still kept alive artificially. The euro brings enormous difficulties to stronger as well as weaker European economies.

May 20, 2012

Downsizing Program at Hypo Tirol

After the major losses in 2011, the Austrian regional bank is obliged to withdraw from Germany, Switzerland and Italy.

May 19, 2012

Bank Secret: EU Commission is Frustrated

The European Commission is dissatisfied with Austria´s and Luxembourg´s blockage of the interest taxation directive.

May 16, 2012

Austria´s Bank Secret Endangered

„I will withstand.“ Maria Fekter, Austria´s Minister of Finance said. The resistance against the EU directive on the taxation of interest will not be given up, Fekter reaffirmed.

May 15, 2012

Passenger Growth: Vienna Airport Ranks Second

Regarding growth in number of passengers, only Copenhagne Airport could record a higher increase than Vienna Airport.

May 14, 2012

„Combining Austerity and Growth Measures“

The Austrian Minister of Economics and the President of the Austrian Chamber of Commerce claim a European growth strategy without turning down austerity policies.

May 11, 2012

Constant Rise in Austrian Research Spending

Austrian spending on research and development is set to increase by 4.2% in 2012 to reach € 8.6bn.

May 10, 2012

Raiffeisen Against Bank Insolvency Act

The Austrian government announced to introduce a bank insolvency act in summer. Raiffeisen wants a European solution.

May 9, 2012

Orange Takeover: T-Mobile Claims Legal Restraints

According to the Austrian subsidiary of Deutsche Telekom, the takeover of the third-largest Austrian telecommunication service provider would lead to a distortion of competitions.

May 8, 2012

Leitl: „EU Needs Budget Consolidation and Growth Measures“

The President of the Austrian Chamber of Commerce claims to create a European fund in order to support small and medium-sized enterprises.

May 5, 2012

Decent Growth in Austrian Retail Trade Sector

Sales rose by 2.3% for Austrian retail trade in the first quarter 2012.

May 4, 2012

ESM: The Final Ruin of Europe

Solidarity with financially stricken EU countries cannot justify the irrevocable loss of national sovereignty. The transfer union will only work until the financial collapse of Germany and Austria.

May 2, 2012

Austrian Unemployment Still Lowest in EU

The EU unemployment rate rose to 10.9% in March 2012 from 9.9% the year before. Since 2000, taxes on labor rose dramatically in Austria.

May 2, 2012

Unemployment Rises by 6.7%

In Austria, the number of unemployed persons rose up to 321,817 in April. Simultaneously, employment reaches a new record level.

May 1, 2012

Austria Strengthens Political and Economic Cooperation with South Asia

The Austrian State Secretary Wolfgang Waldner attends 19th EU-ASEAN Ministerial Meeting in Brunei.

April 30, 2012

“Russia now among top 10 Austrian Trading Partners”

Austrian Foreign Minister Spindelegger meets with Russia’s Deputy Prime Minister Zubkov.

April 25, 2012

Austria Wants to Raise Efficiency in EU Funds

The Austrian State Secretary Waldner participates in the negotiations of the EU financial framework 2014-2020 and calls for setting a regional and environmental course.

April 25, 2012

Austria to Intensify Cooperation with Croatia

The Austrian Minister of Economics met his Croatian counterpart in Vienna. Above all, the EU-accession and investments were discussed.

April 24, 2012

Labor Costs: Austria in the Upper Third

Hourly labor costs ranged between € 3.5 and € 39.3 in the EU27 Member States. In Austria, labor costs reach € 29.20.

April 24, 2012

Austrian Ministry of Finance Records Higher Tax Intake

In the first three months of 2012, tax proceeds were up by 3.8%. The Ministry of Finance registered revenues of € 16.2bn.

April 23, 2012

Fekter meets British Chancellor of the Exchequer Osborne

The Austrian Minister of Finance Maria Fekter and George Osborne talked about Basel III, the EU budget and taxation.

April 23, 2012

Maastricht Criteria: Austria in the Middle Field

In 2011, the government deficit of both the euro area (EA17) and the EU27 decreased in absolute terms compared with 2010, while the government debt rose in both zones.

April 23, 2012

Waldner: “Germany and Austria are Role Models in the Eurozone“

The Austrian State Secretary Wolfgang Waldner had a work meeting today with his colleague in the German Federal Foreign Office, Minister of State Michael Link.

April 23, 2012

Waldner Wants Closer Cooperation with Spain

Austrian State Secretary Waldner is meeting his counterpart in the Spanish Foreign Ministry, State Secretary Gonzalo de Benito Secades, and EU State Secretary Inigo Mendez de Vigo today.

April 19, 2012

Roiss Claims European „Fracking“ Strategy

OMV´s CEO Gerhard Roiss calls for a common strategy to exploit shale gas. The European industrial sector should become more competitive.

April 18, 2012

Mitterlehner: „AAA is still Far Away“

Austria´s Minister of Economics does not believe that S&P gives back the “AAA” rating soon. However, the debate about Austria´s rating is overvalued, he thinks.

April 17, 2012

Austria Supports EU Capitalization Plans for Banks

Regulators in the European Union may be allowed to impose capital surcharges on banks

April 17, 2012
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