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Eurozone
Euro-Crisis Enters Austria
In the second quarter, the Austrian GDP only grew by 0.1%, WIFO says (Austrian Institute of Economic Research). A recession is not excluded anymore.
September 10, 2012
Nowotny Hopes for ESM
The governor of OeNB (Austrian Central Bank) thinks that the bond purchases are not sufficient. Politics must help ECB, he argues.
September 10, 2012
Austerity Package: Czech Government Asks for Vote of Confidence
After the austerity package was disapproved by the Czech Parliament, the government resubmits the bill to the Chamber of Deputies.
September 10, 2012
Merkel and Faymann Reaffirm their Commitment to the Euro
The German Federal Chancellor Angela Merkel met her Austrian counterpart Werner Faymann and Vice Chancellor Michael Spindelegger in Vienna. It was Merkel´s first state visit in Austria since 2006.
September 8, 2012
Czech Republic: No VAT Increase
The governing coalition failed in seeking approval by the parliament. In order to lower the budget deficit, the government intended to lift the VAT rates.
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
Latvia: Majority Rejects Euro
According to a opinion poll by “Latvijas fakit”, 59% of the Latvians does not want to join the Eurozone.
September 5, 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
„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
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