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EU European Union

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

Bulgaria Aims to Join Eurozone

Bulgaria´s Finance Minister Simeon Djankov underlines the importance of the banking supervision and the Fiscal Pact, but wants to keep the fiscal competence.

July 16, 2012

Further Increase in Austrian National Debt

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 16, 2012

“The time has come to design the EU of the 21st century”

„Europe – Quo Vadis?“ The Austrian Foreign State Secretary Waldner opens the Forum Europe in Styria with a keynote speech.

July 16, 2012

EU – An Escape for Serbia?

The economic prospects for Serbia are gloomy. The priority of the new Serbian government is to join the European Union.

July 14, 2012

Income Grows Slower Than GDP

For years, the increase in wages and salaries is lower than the rise in company profits.

July 14, 2012

Austrian Foreign Trade Figures Flattening

After record results in 2011, the growth in Austrian foreign trade was substantially down in the first months of 2012. Austrian politics promotes exports to non-European markets like China, Brazil and the U.S.

July 12, 2012

Slovenia Remains in Recession

According to estimations, the recession in Slovenia will sharpen this year. A turnaround is expected in 2013. The banking sector is an enormous burden for the Souteastern European country.

July 12, 2012

Crossing Borders - Expectations towards Europe

From Date: Saturday, September 1, 9:00 am to 2:00 pm, the Alpbach Closing Event “Crossing Borders - Expectations towards Europe” takes place.

July 12, 2012

Austrian Banks Fulfilled EBA Requirements

The European Banking Authority published today an overview report on the implementation of the capital exercise. The vast majority of the banks in the sample meet the required ratio of 9% Core Tier 1 (CT1).

July 11, 2012

Austrian Industry Urges Government to Continue Austerity Policies

The Austrian government has to perform its job in order to retain competitiveness and economic growth in future. Finance Minister Fekter is highly satisfied with the government´s economic report.

July 10, 2012

ESM Approved by Austrian Parliament

The controversial European Stability Mechanism was ratified by the Austrian National Council. The right opposition parties criticized the approval massively.

July 6, 2012

Alpbach Forum “Lobbying and Networking in the European Union”

From Saturday, August 25, 9:00 a.m. to Sunday, August 26 1:45 p.m, the Alpbach Forum will deal with lobbying and networking in the EU.

July 5, 2012

Austria Leads European Employment Rankings

Regarding regional unemployment and total unemployment, Austria ranks first. The youth unemployment rate is the second-lowest in the EU.

July 4, 2012

Banking Supervision: Satisfaction and Criticism

Austrian Members of the European Parliament welcomed the decisions taken by the euro summit. By contrast, the opposition party FPÖ criticizes the result as „final step towards a debt union“.

July 3, 2012