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Eurozone

„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

Downward Trend in Austrian Industrial Sector Accelerates

Due to the crisis in the Eurozone, the downward trend in Austria accelerates.

September 3, 2012

Austrian Government and National Bank Against Return to Shillling

Federal Chancellor Werner Faymann and Governor Ewald Nowotny oppose to the idea of returning to Austria´s former currency.

September 1, 2012

FPÖ Wants Nowotny to Resign

The biggest Austrian opposition party criticizes the governor of Austrian Central Bank (OeNB) sharply. FPÖ´s leader Strache blames Nowotny to violate the “no bailout” clause.

September 1, 2012

Slovenia in a Vicious Circle

Slovenia´s Prime Minister Janez Jansa warns that his country may has to announce its national bankruptcy in October.

August 31, 2012

Nowotny: Austrian Banking Sector “More Boring, but More Stable”

European Forum Alpbach: Ewald Nowotny, governor of the Austrian Central Bank (OeNB) thinks that banks will fight for deposits in future. In the last years, ECB had to prevent a collapse of the financial system several times.

August 31, 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

Debt Crisis: “Somebody Will Have to Pay”

European Forum Alpbach 2012: Andreas Treichl, CEO of Erste Group thinks that the internationalization of the banking industry cannot be reversed. According to Treichl, the European citizens will have to pay for the crisis.

August 30, 2012

Austrian Budget Targets “Will be Met”

According to Austria´s Finance Minister Maria Fekter, Austria´s budget deficit will be below 3.0% of GDP. “Our domestic fiscal position is very strong now”. she underlines.

August 30, 2012

Fekter in Favour of Mechanism for Excluding Countries from Eurozone

Austria´s Finance Minister Maria Fekter: “It will take time to implement”. Fekter wants to address countries which constantly create financial burdens for other member states.

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

Faymann Against Breaking Up the Eurozone (Part 1)

At the AlpbachE conomic 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

FPÖ´s Strache Calls for Leaving Eurozone

Heinz-Christian Strache, chairman of the Austrian oppositional freedom party (FPÖ), suggests an Austrian exit.

August 29, 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

Austrian Middle Class Demonstrates Optimism

According to a recent study, Austria´s middle sized firms expect a positive future. The willingness to invest is growing.

August 25, 2012

Majority of Poles Against Joining Eurozone

About 58% of the Polish citiczens are against the introduction of the euro, TNS Polska reports. Only 12% think that joining the Eurozone would be good for Poland´s economy.

August 24, 2012

Austrian Business Lending On the Rise

In the second quarter of 2012, business loans were up by 2.8%. By contrast, lending in the Eurozone decreased by 0.6%.

August 24, 2012

Orban Underlines Success of Hungarian Crisis Management

Hungary´s Prime Minister Viktor Orban wants to lower the public debt quota further. Hungary´s recession would be due to the weak Eurozone, he says. Orban forgot to mention some details, however.

August 24, 2012

Declining Real Income: UBS Defends Report

Paul Donovan, author of the controversial study, was criticized by Austria´s Central Bank and Bank Austria. Donovan underlines that his study is correct.

August 24, 2012

Investment in Czech Republic Still Below Pre-Crisis Level

The global financial crisis, which originated in the USA in 2007 also hit the Czech Republic quite hard despite the fact that neither its internal nor external imbalances were excessive, the Czech Central bank stated.

August 24, 2012

Fekter Does Not Exclude Further Bank Aids Anymore

Austria´s Finance Minister Maria Fekter admits that the three nationalized banks Hypo Group and Kommunalkredit/KA Finanz may need further capital injections. In the past, Fekter denied the need of further bank aids.

August 23, 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

Is the Euro Bad for Austria?

According to UBS, the Austrian real income was down by 35% since 2000. The introduction of the euro is the main reason, UBS says. UniCredit and the Federation of Austrian Industries oppose to the study.

August 22, 2012

Austrian Real Income Fell Dramatically

Economists often say that Austria has benefitted from the euro. According to a study of UBS, Austria has lost a substantial degree of prosperity, however.

August 20, 2012

Does the Euro Collapse Now? (Part 2)

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

August 18, 2012

Austrian Economy to Stagnate

Domestic economy set to stagnate in the third quarter – chances of a slight upswing towards the end of 2012. Thanks to a good first half of the year, economic growth will come in at around 1 per cent in 2012.

August 18, 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

Poland´s Deficit Target in Danger

The Polish government may fail the 3.0% deficit target in 2012. Above all, the economic slowdown is a risk factor.

August 17, 2012

Solid Growth in 2012 Ahead

2011 was a record year for exports – and the first quarter of 2012 has seen the Austrian economy growing yet again. Thus, Austria is significantly below the performance of the Eurozone.

August 16, 2012

Austrian Inflation Rate Slightly Down

Slight decrease of consumer price inflation to 2.1% in July 2012. In the Eurozone, inflation is stable at 2.4%.

August 16, 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

Stronach Enters Political Stage

The Austro-Canadian industrialist Frank Stronach founds his own party and intends to run for the next election in 2013. Stronach wants Austria to leave the Eurozone.

August 13, 2012

Crisis in European Union Weakens Austria

The economic crisis in the Eurozone is a major burden for the Austrian economy. The real economy begins to weaken.

August 9, 2012

Czech Republic: Erste Group´s CEO Advises Against Introducing the Euro

According to Andreas Treichl, the Czech Republic should not enter the Eurozone now.

August 2, 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

Industrial Activity in Austria Contracts

For the first time this year, the production output declines dramatically. Moreover, a drop in orders – especially foreign orders – leads to a persistent decline in employment figures

July 31, 2012

IHS: Austria Grows Faster Than Eurozone

The Austrian Institute of Advanced Studies expects an average economic growth of 1.7% until 2017.

July 26, 2012

Aiginger: „Feeding Banks Makes No Sense“

The director of WIFO (Austrian Institute of Economic Research) thinks that Spanish banks must be able to become insolvent.

July 24, 2012

Fekter: Greek Exit is „No Issue“

Austria´s Finance Minister Maria Fekter thinks that a Greek exit is no option for the time being. „We wait for the report of the Troika.“

July 24, 2012

Moody´s to Watch Austria Carefully

After the U.S. rating agency has lowered the outlook for the AAA-countries Germany, Netherlands and Luxembourg, Austria´s rating will be checked thoroughly.

July 24, 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

Bail-Outs: Is Slovenia Next?

The Slovenian banking industry becomes an increasing problem for Austria´s Southern neighbour. Non-performing loans may total up to € 6.0bn.

July 17, 2012

Europe Hinders Austrian Economy

Due to the European economic weakness, Austria almost stagnates. Slight corrections in austerity programmes, weaker euro and lower oil prices indicate an economic stabilisation in late 2012 though.

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

Poland Not to Enter the Eurozone Soon

For the time being, Poland will keep the Zloty. After the Eurozone has managed the current crisis, an accession is conceivable, Foreign Minister Radoslaw Sikorski says.

July 14, 2012

Austrian Opposition Parties Fight Against Fiscal Pact

The three Austrian opposition parties FPÖ, The Greens and BZÖ announced to bring a complaint of unconstitutionality against the Fiscal Pact.

July 13, 2012

Grexit would Cost Austria € 11.0bn

The Brussels-based think tank CEPS states that Austria would have to bear costs of € 10.9bn in case of a Greek exit out of the Eurozone.

July 13, 2012

Austrian AAA „Not in Danger“

The Austrian economist and chairman of the public debt council Bernhard Felderer thinks that Austria will keep its Triple-A rating. Felderer´s statement is not undisputed.

July 12, 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
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