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EU European Union

"Serbia can count on Austria to be its partner"

The Austrian State Secretary encourages Serbia to embark on pro-European course.

October 5, 2012

EU: Highest Shadow Economy in Bulgaria

A World Bank report shows that the Bulgarian economy is still dominated by illegal work. Among EU-countries, Bulgaria clearly ranks first. Austria has the lowest shadow economy.

September 14, 2012

EU Against Orange-Takeover

The Commission of the European Union does not allow Hutchison Austria to take over its competitor Orange for the time being.

September 13, 2012

Unemployment: Highest Payments for Austrians

According to the globalization fund, Austrian unemployed receive three times as much than the EU average.

September 7, 2012

Austrian Growth Above EU Average

Unlike the Eurozone, Austria faces no recession. In the Eurozone, GDP was down by 0.2%.

September 6, 2012

Slovenia: „Irish or Greek Way“

The Slovenian economist Egon Zakrajsek explains that Slovenia´s illiquidity only a question of time. The problem banks should be sold, he recommends.

September 5, 2012

Merkel Meets Austrian Government

This Friday, Germany´s Chancellor Angela Merkel will have talks with the top of the Austrian government in Vienna.

September 4, 2012

Five Potential Buyers for Kommunalkredit

Next year, the nationalized bank should be re-privatized. The sale should be finished until the end of this year.

September 4, 2012

Industrial Producer Prices Most Stable In Austria

July 2012 compared with June 2012: Industrial producer prices up by 0.4% in both euro area and EU27. In Austria, the lowest annual increase was observed.

September 4, 2012

Slovakia: Budget Deficit Reached € 2.67bn

In August, Slovakia´s budget shortfall increased to € 2.675bn from € 2.239bn in July.

September 4, 2012

Slovenia: “Danger for Austrian Banks is Limited”

Although Austria would be most affected by a Slovenian national bankruptcy, the likeliness of this scenario is rather low, analysts say.

September 3, 2012

„Europe Is Stronger than Many Think”

Austria´s Federal President Heinz Fischer thinks that the exclusion of certain member states out of the Eurozone is “highly problematic”. In two or three years, the crisis in the Eurozone is managed, he believes.

September 3, 2012

Slovenian Bankruptcy Would Hit Austria Particularly Hard

Prime Minister Janez Jansa announced that Slovenia may have to declare its national bankruptcy in October. Austria´s share in foreign direct investment made in Slovenia reaches about 50%.

September 3, 2012

Austrian Audit Court to Check Gold Reserves

According to rumours, only a small part of Austria´s gold reserves are located in Austria. The biggest part should be in London and Basel, Switzerland.

September 1, 2012

Bank Union: Austrian Banking Industry Cautious

European Forum Alpbach: In mid-September, the EU Commission will present its plans regarding the bank union. The bank union should not be implemented too fast, the Austrian Financial Market Authority says.

September 1, 2012

Next Pension Reform Ahead

European Forum Alpbach: In 2016, the next pension reform may be necessary in Austria.

September 1, 2012

EU Budget Proposal “Excessive” for Austria

EU multiannual budget 2014 – 2020 negotiated in Cyprus: Austria underlines its position as net contributor.

August 31, 2012

Austrian Unemployment Up, but Lowest in EU

In July, the Euro area unemployment rate came at 11.3%. Austria´s youth unemployment rate is the second-lowest.

August 31, 2012

“We Must Go On with a Political Union”

On the occasion of the European Forum Alpbach 2012, Anna Diamantopoulou, Former European Commissioner for Employment and Social Affairs calls for a completion of the European project.

August 30, 2012

Barroso: “We Must Complete Europe” (Part 2)

At the Alpbach Economic Symposium 2012, the President of the EU-Commission José Manuel Barroso explained the “logics of integration”. In order to meet new challenges, the EU has to promote integration, Barroso says.

August 30, 2012

Faymann Against Breaking Up the Eurozone (Part 2)

At the Alpbach Economic Symposium 2012, Austria´s Federal Chancellor Werner Faymann underlines the “advantages of the EU”. Without the euro, Austria would face a dramatic recession, he warns.

August 30, 2012

Barroso: “We Must Complete Europe” (Part 1)

At the Alpbach Economic Symposium 2012, the President of the EU-Commission José Manuel Barroso explained the “logic of integration”. In order to meet new challenges, the EU has to promote integration, Barroso says.

August 30, 2012

Spindelegger: “What We Need Is more Self-Confidence!”

At the Alpbach Forum 2012, Austria´s Vice Chancellor Michael Spindelegger explains that Europe suffers from a lack of confidence and self-confidence. The European people expect a message from the EU.

August 30, 2012

Spindelegger: “No United States of Europe”

The Austrian Vice-Chancellor wants to promote a political union in Europe. However, this system should not be the same like in the U.S.

August 30, 2012

Serbians Push Government for Reforms

The support for an EU membership has fallen below 50%. However, more Serbians call for economic and social reforms.

August 27, 2012

Austrian Guarantees Total € 80bn

In the worst case, Austria´s public debt quota may increase up to 100%, the Austrian opposition warns.

August 27, 2012

Kapsch Sees Austria´s Main Problem in Education Sector

In the last years, Austria fell behind in all competitive rankings. For the President of the Federation of Austrian Industries Georg Kapsch, education is the key factor.

August 22, 2012

Exclusion from the Eurozone: Westerwelle Supports Spindelegger

The German Minister of Foreign Affairs Guido Westerwelle thinks that a breach of contract should lead to the exclusion from the Eurozone.

August 22, 2012

Bulgaria Installs Debt Brake

The Bulgarian Ministry of Finance prepared a new Public Finances Act. The budget deficit must not exceed 2.0% of GDP.

August 22, 2012

Austrian Work More than EU Average

According to a report of the Germany Statistical Office, Germans and Austrians tend to work more. The relevance of leisure is shrinking.

August 20, 2012

Does the Euro Collapse Now? (Part 1)

The nervousness among Europe´s leaders is growing. Not only Finland warns of a breakdown.

August 17, 2012

Austria Faces No Recession Yet

According to a flash estimate for the second quarter of 2012, the Euro area and EU27 GDP was down by 0.2%.

August 14, 2012

Serbia: Struggle for Central Bank Sharpens

After the resignation of governor Dejan Soskic, the EU warns Serbia of abolishing the independence of the Serbian Central Bank.

August 6, 2012

Telekom Austria Reconsiders Takover of „Yesss!“

The takeover of Hutchison/Orange and Telekom Austria/Yesss! becomes difficult. After the new EU requirements, Telekom Austria wants to examine the acquisition again.

August 4, 2012

Stable Retail Trade in Austria

In June 2012, the Volume of retail trade up by 0.1% in euro area was down by 0.3% in EU27.

August 3, 2012

New Unemployment Record in Eurozone

The Euro area unemployment rate came at 11.2% in June 2012. Austria leads the ranking.

July 31, 2012

Austria: Guarantees Reach Half of Public Debt

Among EU members, only Ireland has more guarantees as a percentage of GDP.

July 30, 2012

Spindelegger: “EU human rights policy has been given a voice and face”

Austria’s Foreign Minister congratulates Stavros Lambrinidis on his appointment of EU Special Representative for Human Rights.

July 30, 2012

Government Puts Kommunalkredit for Sale

The nationalized Austrian lender Kommunalkredit should be sold until 2013. Offers must be to submit to Morgan Stanley until August 16.

July 26, 2012

EU: "Growth without New Debt"

Austrian State Secretary Wolfgang Waldner at the General Affairs Council in Brussels: “Further intensive work on Europe in the next six months under Cypriot EU Presidency”

July 25, 2012

EU Commission Approves Orange Takeover

The Hong Kong-based telecommunication company Hutchison is allowed to acquire the third-largest player in Austria.

July 23, 2012

IMF: Doubt on Hungary´s Economic Data

For the IMF, the budgetary forecasts are too optimistic. The negotiations on the € 15bn loan continue.

July 23, 2012

Bank Insolvency Law: No Austrian Solo Run

Austria´s government changed its mind. There will be no national bank insolvency law. Austria will wait for a European solution instead.

July 23, 2012

Rise in Public Debt Unstopped

In the Euro area, government debt was up to 88.2% of GDP. Due to the European debt crisis, Austria´s public debt level will increase from 72.2% to 74.7% of the country´s GDP.

July 23, 2012

"Wage Cuts in Southern Europe Inevitable"

Christian Keuschnigg, director of the Austrian Institute of Advanced Studies thinks that a fiscal union will not work. The recession in Southern Europe will go on.

July 21, 2012

Hutchison: „Telecommunication Network Overburdened in Two Years“

Jan Trionow, CEO of Hutchison Austria, appeals on authorities to approve the takeover of the competitor Orange. The Austrian telecommunication network will face capacity problems soon.

July 21, 2012

Hutchison´s CEO: „Austria Benefits from Merger“

Hutchison Austria still holds on the acquisition of the third largest telecommunication service supplier Orange.

July 19, 2012

Austria Has Fourth Biggest Net Surplus

The EU27 current account shows a deficit € 4.1bn. € 31.1bn surplus for trade in services.

July 19, 2012

Nowotny: „Germany Has Key Function“

The governor of OeNB (Austrian Central Bank) is against forced loans in Austria. Regarding Eurobonds, Germany as Europe´s biggest economy would have the key function.

July 18, 2012

Fischer Signs ESM and Fiscal Pact

The Austrian Federal President Heinz Fischer approves the parliamentary referanda on the highly controversial ESM and Fiscal Pact. Now, only a constitutional complaint may prevent these issues.

July 17, 2012