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Fiscal Policy

Serbia: Struggle for Central Bank Sharpens

After the resignation of governor Dejan Soskic, the EU warns Serbia of abolishing the independence of the Serbian Central Bank.

August 6, 2012

IHS Pleads for Inheritance Tax

Christian Keuschnigg, director of the Austrian Institute of Advanced Studies, thinks that an inheritance tax would be a contribution for more equality.

August 4, 2012

Dispute Over Bank Taxes

In Austria, only 82 of 787 banks have to pay bank taxes. Above all, the Raiffeisen sector and the Volksbanken sector are excluded.

August 2, 2012

Budget Crisis: Serbia to Reduce Foreign Exchange Reserves

In order to mend Serbia´s budget hole, the government plans to amend the Central Bank law.

August 2, 2012

Constitutional Court: ESM Examination Takes up to 6 Months

According to the biggest Austrian opposition party FPÖ, the European Stability Mechanism violates the Austrian constitution.

July 25, 2012

EU: "Growth without New Debt"

Austrian State Secretary Wolfgang Waldner at the General Affairs Council in Brussels: “Further intensive work on Europe in the next six months under Cypriot EU Presidency”

July 25, 2012

Rising Serbian Budget Deficit Causes Worries

This year, Serbia has to borrow € 4.2bn. A budget deficit of € 300m is forecasted in 2012.

July 24, 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

Austrian Tax Intake on the Rise

In the first half year, tax intake was up by 4.7% to € 33.4bn. Bank taxes and withholding taxes were down.

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

IMF: Doubt on Hungary´s Economic Data

For the IMF, the budgetary forecasts are too optimistic. The negotiations on the € 15bn loan continue.

July 23, 2012

Bank Insolvency Law: No Austrian Solo Run

Austria´s government changed its mind. There will be no national bank insolvency law. Austria will wait for a European solution instead.

July 23, 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

Slovakia: Bank Tax Should Reach € 1.0bn

The Slovakian government raised the bank tax up to 0.4% on deposits. Once the tax intake totals € 1.0bn, the tax should be abolished.

July 21, 2012

"Wage Cuts in Southern Europe Inevitable"

Christian Keuschnigg, director of the Austrian Institute of Advanced Studies thinks that a fiscal union will not work. The recession in Southern Europe will go on.

July 21, 2012

Nowotny: „Germany Has Key Function“

The governor of OeNB (Austrian Central Bank) is against forced loans in Austria. Regarding Eurobonds, Germany as Europe´s biggest economy would have the key function.

July 18, 2012

Austria Plans „Young Entrepreneur Funds“ Worth € 110m

The Austria Ministry of Finance and the Ministry of Economics present a „young entrepreneurs scheme“.

July 18, 2012

Switzerland: Popular Vote on Tax Treaty with Austria?

The bilateral tax treaty should bring Austria up to € 1.0bn After the treaty is signed and ratified, a popular vote may prevent the deal now.

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

Fekter Against Forced Loans

Austria´s Finance Minister Maria Fekter opposes to DIW´s suggestion to impose forced loans on wealthy persons.

July 16, 2012

Hungary: IMF Talks Begin Next Week

The financially stricken country seeks a second bailout by IMF. Hungary negotiates over a loan sized € 15bn.

July 14, 2012

SPÖ Supports Idea of Forced Loans

Like their German counterparts, the Austrian Social Democrats want to introduce forced loans for rich persons.

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

Stability of Austrian Budget Endangered

Public expenses are on the rise. At the same time, the tax intake shrinks. Economist Felderer warns of expensive election gifts.

July 12, 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

Fischer Wants to Check ESM

Austria´s Federal President Heinz Fischer does not sign the ESM approval by the Austrian Parliament yet. „I am not under time pressure.“ he says.

July 11, 2012

Slovakia: Flat Tax to be Abolished

This summer, the Slovakian government will resolve a package of 22 measures in order to fight public debt.

July 10, 2012

Austrian Industry Urges Government to Continue Austerity Policies

The Austrian government has to perform its job in order to retain competitiveness and economic growth in future. Finance Minister Fekter is highly satisfied with the government´s economic report.

July 10, 2012

Nowotny on Greece: „We Do Not Have Unlimited Time“

Ewald Nowotny, the governor of OeNB (Austrian Central Bank) is concerned about the Greek austerity program.

July 9, 2012

Hungary Plans to Boost Economy

With a € 1.0bn programme, the Hungarian government aims to create more jobs and stimulate consumption.

July 9, 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

Austria Ratifies ESM

The government parties SPÖ and ÖVP got support by the oppositional Green Party. The remaining opposition parties criticized the „loss of sovereignty“ massively.

July 2, 2012

Hungary: Financial Transaction Tax to be Extended

The Hungarian government plans a growth stimulus program, which should be funded with the extension of the current financial transaction tax.

June 30, 2012

Euro-Crisis Continues

According to RCB, the factional dispute between Germany and France decisive for the eurozone. An easing of the situation is not expected.

June 29, 2012

WIFO Wants Unlimited Firewall

According to the Austrian Institute of Economic Research, the firewall must be big enough in order to make speculation against the euro unattractive.

June 28, 2012

EU Discusses Growth and Employment Pact

Austria´s State Secretary Waldner at the General Affairs Council in Luxembourg: „Putting and end to the negative spiral“.

June 27, 2012

Fiscal Pact More Expansive for Austria than for Germany

According to the latest calculations, small Eurozone member states would have to pay higher transfers than Germany.

June 26, 2012

Schwarzenberg: „Czech Republic Should be Europe´s Hard Core“

The Czech Minister of Foreign Affairs thinks that the Czech Republic should be among the EU´s core nations. This would be the only useful alternative for the country, Schwarzenberg says.

June 26, 2012

„The end of the Euro would mean Europe´s Explosion“

Ewald Nowotny, governor of the Austrian Central Bank (OeNB) reaffirms that Europe needs the Euro.

June 25, 2012

Treichl: „Europe Does Not Need the Euro“

Andreas Treichl, CEO of Austrian Erste Group thinks that the European Union would work very well without the common currency. A common army would be more important.

June 25, 2012

Nowotny: „Bank Aids Rescue Economy“

The governor of the Austrian Central Bank OeNB underlines the necessity of the bail-out of Spanish banks.

June 23, 2012

Fekter Promotes Financial Transaction Tax

There was no agreement on a common financial transaction tax in all EU member states. Austria´s Finance Minister Fekter wants to introduce the tax in a group of countries instead.

June 23, 2012

Green Party: ESM Approval Depends on Financial Transaction Tax

The Austrian Green party will only vote for the ESM if there is a basic consent for the financial transaction tax.

June 22, 2012

Government´s Plans on Bank Insolvency Law Failed

The Austrian government initially planned to initiate a bank insolvency law in order to liquidate financially stricken banks without major difficulties. Now, the plan has failed.

June 22, 2012

Controversy About Nowotny

Ewald Nowotny, the governor Austrian Central Bank (OeNB) argued that the austerity policy in the 1930s caused the rise of the Nazi regime. A wave of indignation emerged.

June 21, 2012

FPÖ Claims Popular Vote on ESM

The biggest Austrian opposition party warns of giving up the sovereignty. Together with the smallest opposition party BZÖ, FPÖ will vote against ESM.

June 21, 2012

Fekter Declines Mercy for Greece

Austria´s Finance Minister Maria Fekter is poised for amending several points oft he Greek austerity program. This is no accomodation, Fekter emphasizes. In the future, the EU should be completely centralized, Fekter says.

June 21, 2012

„Austria Is Threatened by a National Bankruptcy“

The Austrian economist Eva Pichler warns of the ESM and appeals on the Austrian Parliament not to ratify the „recue package“.

June 20, 2012

Fitch: Austria´s AAA Not Endangered

According to the U.S. rating agency, Austria´s creditworthiness remains at a high level. Nevertheless, reforms would be needed.

June 19, 2012

„Austria Must Not Become Mediocre“

The Austrian Chamber of Commerce (WKO) and the Federation of Austrian Industries (IV) call for an acceleration of reforms as the Austrian position in competitive rankings deteriorates.

June 18, 2012
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