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Fiscal Policy

Austrian Industry Claims Tax Cut

The Federation of Austrian Industries (IV) wants a tax relief. In the coming years, the tax quota should be reduced to 38%.

September 20, 2012

Westerwelle and Sikorski Want a Stronger EU

The German and the Polish Ministers of Foreign Affairs wrote a common article in The International Herald Tribune.

September 19, 2012

National Bank of Slovakia Adapts GDP Growth Forecast

According to NBS, the Slovak economic growth is expected to reach 2.7%. This is higher by 0.2 percentage points than NBS forecasted in June.

September 19, 2012

IMF-Loan: Orban Demonstrates Optimism

According to Hungary´s Prime Minister Viktor Orban, the negotiations with IMF are proceeding on schedule.

September 18, 2012

Poland Rejects Joining Banking Union

According to Poland´s Minister of Finance, a common supervision for banks is “not interesting”.

September 17, 2012

Faymann Demands Property and Inheritance Tax

Austria´s Chancellor Werner Faymann calls for a re-introduction of a property and inheritance tax.

September 17, 2012

Slovenia´s ESM Contribution to Reach € 137m

Until the end of October, Slovenia has to pay € 137m to the European Stability Mechanism.

September 15, 2012

Hungary Becomes Tax Haven for Czech and Slovak Enterprises

In the last three years, the number of Czech enterprises with head office in Hungary was up by 41%.

September 15, 2012

Czech Public Debt Growing Rapidly

Until the end of the year, public debt is expected to increase to € 63.77bn. At the end of 2011, the public debt level came at € 58.5bn.

September 14, 2012

Czech Republic Threatened of Downgrade

Because of its instable political situation, the Czech Republic may be downgraded. Debt service costs may increase substantially.

September 14, 2012

Hungarian Central Bank Against Bank Taxes

According to the governor of Hungary´s Central Bank, the bank taxes are causing the lending freeze.

September 14, 2012

ESM: Austrian Budget Has Already Appropriated the funds

Austria´s share in the ESM comes to € 19.5bn. The capital share is about € 2.2bn. The Austrian Finance Ministry underlines the importance of the ESM.

September 14, 2012

Infringement Proceedings Against Hungary?

The Commission of the European Union is said to start infringement proceedings against Hungary because of the introduction of financial transaction taxes.

September 13, 2012

Hungary: Difficult Negotiations with IMF

The relation between Hungary´s Prime Minister and IMF is chronically tensioned. Another delay of the conclusions of the negotiations is likely.

September 12, 2012

Fekter: “Relieved to have a clear Judgement”

Austrian Finance Minister Maria Fekter delighted at decision on ESM by German constitutional judges.

September 12, 2012

Orban to Visit Germany

In October, Hungary´s Prime Minister will be on an official state visit in Berlin in October.

September 12, 2012

Serbia Lifts VAT Rate

In order to prevent the national bankruptcy, the Serbian government raises the VAT by two percentage points.

September 11, 2012

Hungary: Bank Tax Intake Lower than Expected

The bank tax proceeds only reach 40% of the planned volume.

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

Hungary: Orban Rejects IMF´s Conditions

This week, a list containing IMF´s conditions for a € 15bn loan became public. However, it is not known whether the list is a counterfeit. Not at this price and not in this way.” Hungary´s Prime Minister Viktor Orban said.

September 8, 2012

Temporary Surplus in Serbia´s Budget

Due to the VAT intake, Serbia faced a budget surplus in July. In June, Serbia recorded a massive deficit.

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

Poland Adapts Austerity Targets

Due to the economic crisis in Europe, the Polish government gives up its aim to reach a budget deficit below 2.2% of GDP.

September 5, 2012

Merkel Meets Austrian Government

This Friday, Germany´s Chancellor Angela Merkel will have talks with the top of the Austrian government in Vienna.

September 4, 2012

Czech VAT Increase to be Resolved

The Czech government wants to increase the tax intake by € 1.0bn. Economists warn of a deepening of the recession.

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

Slovenia: “Danger for Austrian Banks is Limited”

Although Austria would be most affected by a Slovenian national bankruptcy, the likeliness of this scenario is rather low, analysts say.

September 3, 2012

IMF: Austria Must Prevent Spillover Effects

The Executive Board of the International Monetary Fund (IMF) has concluded the Article IV consultation with Austria. The Austrian banking sector is “overly ambitious” in the CESEE region, IMF says.

September 3, 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

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

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

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

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

Fekter Wants Tax Reform

In an interview with the Austrian newspaper „Presse“, Finance Minister Maria Fekter said to plan a tax reform. The entry tax rate should be lowered.

August 29, 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

No Leeway for Wage Tax Reduction

Austrian social democrats call for a relief of medium-income earners. Finance Minister Maria Fekter opposes to this idea.

August 27, 2012

S&P Confirms Czech Rating

The U.S. rating agency retained the rating for the Rczech Republic.

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

Fekter: Enhanced “debt burden check” to Prevent Cost Explosion

Fekter in favour of a law against financially onerous “election-year pork”.

August 23, 2012

New Property Tax in Croatia

Slavko Linic, Finance Minister of Croatia, confirmed that Croatia will introduce a property tax in 2013. There would be no need for an IMF loan, Linic argues.

August 21, 2012

Czech VAT to Increase

In order to increase public revenues, the Czech government may increase value added taxes.

August 21, 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

Switzerland: „Austrian Tax Deal Will Withstand“

The Swiss Parliament´s President Hans Altherr thinks that the Swiss tax deal with Austria will withstand a popular vote.

August 16, 2012

Hungary Faces Recession Again

In the second quarter of 2012, Hungary´s GDP was dwon by 0.2%. The decrease in exports is the main reason.

August 16, 2012

Slovakia Fights Against Budget Deficit

In order to comply with the EU Stability Pact, Slovakia needs to cut public expenses by € 630m.

August 16, 2012

Tax Deal with Switzerland in Doubt

After a CD containing data of foreign tax evaders was bought by German authorities, Switzerland may hold a popular vote on the tax deal with Austria.

August 13, 2012

Hungary: Most Foreign Firms from Austria

In Hungary, foreign companies employ 25% of the workforce. However, the share of foreign companies only reaches 3.3%

August 7, 2012