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Eurozone

Slovenia: Economy to Shrink Despite of Austerity Measures

Slovenian economy expected to contract 2.2 percent in 2013. Prior forecast: -1.9 percent.

July 26, 2013

Latvia: Saying Goodbye to the Lat

The introduction of the Euro in the Baltic country has been postponed due to the financial crisis. Latvia originally planned to join the single currency union in 2008 already.

July 26, 2013

Austria: Economists Predict Rosy Days

The Austrian economy will be growing by 1.7 percent on an annual basis and is developing much better than the rest of the Eurozone, the Austrian Institute for Higher Studies (IHS) predicts.

July 24, 2013

Poland: Dispute Between NBP and Finance Ministry

Finance Minister Jacek Rostowski and Governor of Polish National Bank Marek Belka are blaming each other for the poor performance of Poland´s economy.

July 23, 2013

Orban: Not Joining Eurozone in the Next Ten Years

Hungary´s Prime Minister thinks that his country should not become a member of the euro area in the medium term.

July 23, 2013

Russia: Inflation on the Rise

In the first six months of 2013, the inflation rate came at 3.5%. Compared to the reference period of 2012, the inflation rate was up by 0.4 percentage points.

July 23, 2013

Poland to Enter the Eurozone in the Medium Term

The biggest new EU member country will become a member of the Eurozone, political observers say unanimously. The only question is when.

July 23, 2013

Russia: Recession Not Excluded Anymore

Above all, Russia suffers from a shrinking industrial sector and a decline in foreign direct investments.

July 22, 2013

CESEE Countries Show More Fiscal Discipline

Euro area government debt up to 92.2% of GDP. EU27 debt up to 85.9%. The debt increase in Hungary, Poland, Bulgaria, Romania and the Baltic countries was very decent or even negative.

July 22, 2013

EU: Highest Inflation in Romania, lowest in Poland

Euro area annual inflation up to 1.6%. In the EU, the inflation was up to 1.7%

July 17, 2013

EU: Trade Surplus with Turkey Grows, Trade Deficit with Russia Shrinks

Euro area international trade in goods surplus 15.2 bn euro.

July 17, 2013

Construction Industry Shrinks Drastically in Czech Republic and Poland

Euro area production in construction down by 0.3% and down by 0.2% in EU27.

July 17, 2013

Austria: Most Risks Do not Come from Eurozone

The greatest risks threatening a continued economic recovery in Austria currently stem from the global economic trend and, to a lesser extent, from the Eurozone, Ban Austria reports.

July 17, 2013

Austrian GDP Growth Above European Average

In 2012, Austria saw a growth of GDP of 0.9 percent which is signifantly above the European average.

July 12, 2013

Austrian Economy Dependent on Neighbor Countries

Austria’s economy is getting through the crisis better than the Eurozone. However, the country owes this partly to neighboring countries.

July 11, 2013

Slovenia Can Afford Bank Sector Cleanup Itself

Slovenia intends to use its own funds and avoid having to ask the Eurozone or IMF for aid to restore the stability of its banking sector, said the country's finance minister Uros Cufer.

July 10, 2013

IMF Downgrades Growth Prognosis for Eurozone

According to the International Monetary Fund (IMF), the prospects of growth in the Eurozone are still positive. However, they are not as good as in April. Germany and Austria are concerned as well.

July 10, 2013

Latvia: Joining the Eurozone

Lativa is becoming the 18th country in the Eurozone. The EU Economy and Finance Ministers have given their green light for the admission.

July 9, 2013

Fekter: Eurozone More Stable Than A Year Ago

Austrian Finance Minister Maria Fekter has described the condition of the Eurozone as “better” than compared to a year ago.

July 9, 2013

Orban Accuses European Union of “Soviet-style Methods”

Hungarian Prime Minister Viktor Orban criticized the “troops of bureaucrats" who were unable to solve the economic crisis in Europe and who were now trying to denounce Hungary, which was on the road to recovery again.

July 5, 2013

Austria: Moderate Economic Upturn

After one year of a phase of stagnation, the Austrian economy shows recovery, according to the results of economic indicator by the OeNB (Austrian National Bank).

July 5, 2013

CEE Slowly Escapes Economic Crisis

Slovenia, Croatia and the Czech Republic have slipped into recession. Experts are particularly worried about the newest EU member.

July 4, 2013

Slovenia: Trying to Make a Difference

The crisis measures approved by Brussels are partially starting to make an impact. Since July 1, the higher tax rate of 22 percent is binding. However, the country does much more than just raise taxes.

July 3, 2013

Crisis in Slovenia Might Take Longer Than Expected

According to the latest economic report by auditing firm Ernst&Young;, the financial crisis in Slovenia will take longer than expected beforehand. However, the country should still be able to avoid international bailout.

July 1, 2013

Austria: WIFO and IHS to Adjust Growth Perspectives Downwards

Experts at the Austrian Institute for Economic Research (WIFO) and the Institute for Higher Studies (HIS) have significantly cut their prognoses for the growth of domestic economy in 2013. However, both institutes are still optimistic for 2014.

June 28, 2013

Latvia Joining The Eurozone As 18th Member

Today the heads of states and governments of the European Union gave their blessing to Latvia’s entry to the Eurozone in 2014.

June 28, 2013

Mitterlehner: „4,000 New Austrian Exporters Within Two Years“

Internationalization Offensive (IO) “go international” will be prologued until 2015. Economy Minister Mitterlehner and head of the Chamber of Commerce (WKO) Leitl present their main targets for Austrian export.

June 21, 2013

Slovenia’s Economic Outlook to Deteriorate Further

The Institute for Macroeconomic Analysis and Development expects GDP in Slovenia to shrink more than projected earlier.

June 21, 2013

Green Light for Latvia’s Euro Accession

The Eurogroup gave green light for the admission of Lativa to the common European currency.

June 21, 2013

Cyprus Demands Further Capital Aid

In a letter to the European Union, President of Cyprus Nikos Anastasiades demands further capital support for the Bank of Cyprus, the “Wallstreet Journal” reports. According to him, Cyprus’ economy depended on it.

June 19, 2013

Eurozone and EU27 to Increase International Trade

Euro area international trade in goods surplus 14.9 bn euro. 9.2 bn euro surplus for EU27

June 17, 2013

EU27 Foreign Direct Investment Amounts to € 171bn in 2012

Over 60% of investments from the rest of the world into the EU27 came from the USA in 2012.

June 13, 2013

Austria: Leitl Welcomes Latvia to Join Eurozone

Head of the Austrian Chamber of Commerce Leitl considers the Euro adoption as an important political signal for the cooperation and the strengthening of the European currency union.

June 5, 2013

Croatia to Expect Disciplinary Procedure by EU

The Ex-Yugoslavian country has to face harder scrutinizing than its CESEE peers which joined the EU in the last decade.

June 5, 2013

Slovenia: Bailout As An Option

Prime Minister Bratusek announced her consent to introduce fiscal rule in 2015.

June 4, 2013

Latvia: Euro to Be Introduced 2014

Latvia will be able introduce the Euro on January 1 2014. According to diplomats, this is what the EU Commission will recommend on Wednesday in Brussels.

June 4, 2013

Fitch to Downgrade Cyprus Again

The rating agency sees high risks for aid programs.

June 4, 2013

Czech Repubic to Restrict Budget Cuts

To boost domestic economy, the Finance Ministry announced to temporarily restrict budget cuts.

May 31, 2013

Czech Republic Not to Introduce Euro Before 2019

According to reports by the Czech media, the new government intends to apply for the Euro only in 2016.

May 31, 2013

Commission to Publish Reform Recommendations

24 countries, among them Austria, will receive recommendations for reforms by the EU Commission.

May 28, 2013

Hungary: EDP to Be Dropped.

Hungary can count on the termination of the Excessive Deficit Procedure (EDP) by the European Union.

May 27, 2013

Commission Welcomes Slovenia’s Commitment

The EU Commission approved of Slovenia’s adoption of a balanced budget rule on Friday last week.

May 27, 2013

Croatia: PM Anxious About Country’s Image

Prime Minister Zoran Milanovic announced that Croatia had to fight hard for its reputation within the European Union.

May 27, 2013

Slovenia Hoping for Soon Recovery

Crisis-struck Slovenia intends to make more room financially by starting to privatize its state-owned banks. Experts regard the process to be carried out too slowly.

May 21, 2013

Poland Pressed to Cut Rates

IMF urges Poland to further cut rates.

May 17, 2013

Romania: Significant Decline in FDI

Foreign direct investments in Romania declined 41 percent due to ongoing economic difficulties in Eurozone member countries.

May 17, 2013

Majority of Czechs Want to Keep the Koruna

A clear majority of Czech citizens reject the Euro and want to keep their national currency, the Czech Koruna.

May 14, 2013

Slovenia Pressed to Take “Swift and Decisive” Actions

On Monday Eurozone Finance Ministers warned Slovenia to take “swift and decisive” action to address its economic imbalances.

May 14, 2013

CEE/CESEE: Banking Sector on Fastlane

The banking sector in CEE continues to outperform its Western European counterpart.

May 13, 2013

Slovenia Likely To Require More State Funds Than Expected

According to Morgan Stanley, the Slovenian national treasury will need a further amount of € 11bn until 2016. Slovenian Finance Minister Cufer is expected to present the new program in Brussels today.

May 13, 2013