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Fiscal Policy

Bulgaria: S&P Downgrade Criticized Sharply

Bulgarian Minister of Economy Dragomir Stynev does not agree with S&P´s view on Bulgaria´s creditworthiness.

December 16, 2013

Poland: Budget Deficit Expected to Fall

In view of the accelerating economy, Poland´s fiscal shortfall will be smaller than initially projected, the rating agency Fitch states.

December 13, 2013

Austria: Spindelegger Replaces Fekter

The designated cabinet members were presented to the public today. Maria Fekter will not be a cabinet member anymore.

December 13, 2013

Austria´s Government: Old Turns into New

The leaders of the old government, Chancellor Werner Faymann and Deputy Chancellor Michael Spindelegger, announced to form a new government.

December 12, 2013

Croatia: EU Introduces Excessive Deficit Procedure

In the last years, Croatia´s fiscal situation has deteriorated considerably. Not only the budget deficit remains above 3.0% of GDP, but also the public debt quota has climbed above 60% of GDP.

December 11, 2013

Bulgaria: Prime Minister Stresses Positive Development

Plamen Oresharski stressed that Bulgaria has performed better than expected in 2013.

December 10, 2013

Slovakia Reverts Fiscal Strategy

The Slovak parliament has approved the government-authored corporate tax rate cut from 23% to 22%. Further cuts are expected to come.

December 10, 2013

Poland: Parliament Approves Nationalization of Pension Fund

Today, the Polish Lower House approved the controversial pension reform. With the reform, the Polish pension system will be partly re-nationalized.

December 10, 2013

Bank of Albania Presses for Agreement with IMF

The Albanian economy from short-term adjustment toward long-term sustainable growth. Why Albania needs an agreement with the IMF.

December 4, 2013

Austria: President Presses for Progress in Coalition Negotiations

It has been two months after since the coalition negotiations started after the elections for the National Assembley. However, there has been not visible progress.

December 2, 2013

Hungary: Economic Acceleration Takes Form

According to French BNP, the Hungarian economy starts to grow again. Nevertheless, the banking industry does not face better times yet.

November 29, 2013

Austria: Tax Losses Amount to € 2bn in 2014

The Austrian People’s Party estimates tax losses in the amount of € 2bn for the coming fiscal year as announced by State Secretary for Foreign Affairs Reinhold Lopatka in an interview with radio station Ö1.

November 29, 2013

CESEE: Slight Growth Acceleration, but Uncertainties Persist

The Vienna Institute for International Economic Studies (wiiw) has published the economic forecast for the CESEE region today. The economic performance varies substantially from country to country.

November 28, 2013

Hungarian Parliament Resolves 2014 Budget

Hungary´s scheduled budget deficit in 2014 comes at 2.9% of the GDP. Economists are in doubt whether the deficit will be achieved.

November 27, 2013

Serbia: Further Austerity Measures Probable

In October, Serbia´s government has resolved a drastic austerity package.

November 27, 2013

Croatia: HNB Pushes Credits

According to reports by Reuters, the Croatian National Bank (HNB) intends to issue HRK 4bn (US-$ 707m) to support credits. Further details will be published by the Central Bank later this week.

November 27, 2013

Poland: Szczurek Calls for Radical Tax Reform

Poland´s designated Minister of Finance Mateusz Szczurek wants the change the current Polish tax system fundamentally.

November 26, 2013

Austria: Decent Economic Outlook

Despite an economic acceleration, the macro-economic frame conditions remain difficult in 2014. A major risk factor is the fiscal situation.

November 24, 2013

Slovenia: Stress Tests Result Published on December 13

Bostjan Jazbec, governor of the Slovenian National Bank (SNB), is optimistic that no Slovenian bank will have to be liquidated.

November 23, 2013

Czech Budget Deficit Shrinks

Despite the unfavorable macro-economic develoment, the Czech Republic´s budget deficit was down slightly. This is mainly due the the better tax collection, the Czech Statistical Office (CSU) reports.

November 23, 2013

Szczurek: EU Funds to Create Growth

Poland´s designated Minister of Finance Mateusz Szczurek explained that EU contributions will be used to support Polish GDP growth.

November 23, 2013

Slovakia Benefits Substantially from EU

In the next fiscal term from 2014 to 2020, Slovakia will receive net contributions of € 14bn. Without the EU contributions, Slovakia´s fiscal situation would be difficult.

November 23, 2013

Romania Faces Upgrade

Next year, Romanian sovereign bonds may be upgraded by Standard & Poor´s.

November 23, 2013

Pressure on Slovenia Dampens

After Slovenia´s governing coalition has won the vote of confidence, the yield on Slovenian sovereign bonds is going down slightly.

November 22, 2013

Szczurek Stresses Importance of Balanced Fiscal Policy

Poland´s new Minister of Finance Mateusz Szczurek underlines the importance of a fiscal stability.

November 21, 2013

OECD: Restructuring of Banks Required

The Organization for Economic Cooperation and Development (OECD) calls for a fast progress in the establishing of a banking union in the Eurozone and restructuring of the banking sector to boost economic growth.

November 19, 2013

Bulgaria: Fiscal Plans “Too Ambitious”

According to the IMF, the underlying assumptions of Bulgaria´s government are not realistic. The banking industry is stable, though.

November 16, 2013

Linic: No Aid from IMF Needed

According to Croatia´s Minister of Finance Slavko Linic, the country will manage the financial crisis on its own.

November 15, 2013

EU Commission: Slovenia Makes “Key Progress”

Slovenia is among 16 EU member states that require comprehensive assessment of macroeconomic imbalances. According to a report published by the EU Commission, the small country shows significant improvement.

November 14, 2013

Austrian Budget Gap „Only € 18.4bn“

The Austrian government has re-calculated the fiscal shortfall. Scheduled Bank aids come at € 5.8bn. There will be no austerity package, the government claims.

November 14, 2013

Austria: Budget Gap Smaller than Expected

The budget gap will, according to the latest reports, comes at an amount between € 21bn and 25bn until the year 2018. Earlier there had been talk of a shortfall amounting up to € 30bn to € 40bn.

November 13, 2013

Crucial Days for Slovenia´s Government

Slovenia´s government has presented the 2014 budget to the Parliament. Prime Minister Alenka Bratusek has linked the approval to a vote of confidence. However, the budget approval is not the biggest risk factor for the ailing country.

November 13, 2013

Controversy Over Special Taxes in Romania

The Romanian government plans to impose new taxes in 2014. Foreign investors may leave the country.

November 12, 2013

IMF Puts Pressure on Croatia

Although Croatia´s economic situation will improve slightly next year, the country is seen as next bail-out candidate. The International Monetary Fund wants Croatia to accelerate economic reforms.

November 12, 2013

Romanian Inflation Forecast Adjusted by NBR

The National Bank of Romania (NBR) has adjusted the inflation forecast downward for 2013 and 2014.

November 11, 2013

Austrian Government Hid Enormous Fiscal Shortfall

In the next five years, Austria´s fiscal shortfall may total up to € 40bn. The Austrian government did not disclose details yet.

November 8, 2013

Serbia: Key Policy Rate Cut to 10 Percent

In its meeting on November 7, the NBS Executive Board voted to cut the key policy rate by half a percentage point, to 10 percent.

November 8, 2013

Bulgaria: Finance Ministry Approves Schuldschein Loan

In order to close the Bulgarian budget deficit gap, the Finance Ministry has decided to take out a Schuldschein loan in the amount of € 360m.

November 8, 2013

Croatia Under Brussel´s Observation

The new EU member country fights against a number of economic problems. Now, the EU-Commission considers starting an excessive deficit procedure.

November 7, 2013

Slovenia: Banking Act Rejected by Parliament

The Slovenian parliament has disapproved of the banking act which planned to introduce bail-in rules throughout the European Union.

November 6, 2013

Romania: Growth Rates to Exceed Forecasts

According to the autumn forecast published by the EU Commission on Tuesday, Romania will exceed the previous estimates.

November 6, 2013

Austria: New Austerity Package to Come?

Austrian economists expect that the new government will draft another austerity package. Otherwise the fiscal objectives will not be achieved.

November 6, 2013

Hypo Group: Restraining Effect on Budget Consolidation

According to the EU’s autumn prognosis, nationalized Hypo Group and its liabilities running in the billions still have a restraining effect on the Austrian budget consolidation.

November 5, 2013

Slovenia: Petition Against Real Estate Tax Initiated

On Monday, a petition against the planned real estate tax was initiated. In an attempt to reduce the massive fiscal shortfall, Slovenia is looking for new revenues. The property tax is supposed to bring about more than € 400m.

November 5, 2013

CESEE Region: Booming Exports Prevent Recession

The underlying reason for the improving economic sentiment in the CESEE region is the expanding industrial sector. However, the region remains vulnerable to foreign trade and foreign investments.

November 5, 2013

Slovakia Imposes Tax on Tax Evasion

In order to reduce the capital outflow, Slovakia imposes a 35% tax rate on transactions to tax havens.

November 4, 2013

Czech Republic Crawls Out of the Recession

The recession in the Czech Republic comes to an end. Fixed investments are still the main weak point.

November 4, 2013

Croatia: Excessive Deficit Procedure Ahead

Neither in 2013 nor in 2014, Croatia will achieve a budget deficit below 3.0% of GDP.

November 4, 2013

Slovenia´s Government Hopes for More FDI

In order to promote more foreign direct investments, Prime Minister Alenka Bratusek plans to hold investment conferences across Europe.

November 1, 2013

“Property Tax Cannot Finance Wage Tax Cut”

Bernhard Felderer, head of the Austrian public debt committee, stresses that the Austrian government must reduce the public debt level as soon as possible.

October 31, 2013
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