Sponsored Content
Maastricht Criteria
Taxes Rising, Deficit Growing: Austria Faces EU Criminal Proceedings
Austria is threatened with EU deficit proceedings - at 4.7 percent of GDP, the budget deficit is well above the Maastricht limit. To counteract this, the federal government is taking the first noticeable steps - above all, tax increases on tobacco, betting, e-vehicles, and court fees. However, experts warn that the road to budget consolidation is rocky and politically explosive.
April 1, 2025
Aging Population Might Cause Debt Problems in the Future for Austria
The Austrian Ministry of Finance published a budget prognosis for the upcoming 30 to 40 years. The financial future looks bleak in Austria. More specifically, the level of debt will be rising in the next years due to an aging population.
January 5, 2023
Blümel Presents Budget With EUR 21 Billion Deficit
Austria's Finance Minister Blümel presented the budget draft for 2021 to the National Council. Due to Covid-19, a deficit of over 20% is planned to provide enough aid for the struggling economy and job market in Austria. While the Federal Ministers show signs of relief with regard to the major budget increase, the opposition parties are furious.
October 14, 2020
"Massive New Debt" in 2021
Federal Minister Blümel announces massive new government borrowing for next year in order to tackle the ongoing Covid-19 crisis. He hopes to return to meeting the Maastricht criteria again in the next years.
September 7, 2020
Poland: Economic Upswing not before 2014
Poland´s National Bank NBP expects that the country´s economic performance will not improve visibly this year.
July 16, 2013
Poland Sharpens Austerity Measures
In order to fulfill the Maastricht Criteria sustainably, Poland wants to reduce the budget deficit to 1.0% of GDP in 2015.
March 15, 2013
Latvia: Letter Requesting the Convergence Report is Signed
The Baltic country wants to become a member of the Eurozone by 2014.
March 5, 2013
Latvia: Eager for the Euro. But ready?
Latvia’s leadership considers adopting the Euro in 2015 or 2016. Despite of showing the fastest economic growth rate at 5.1 % in Europe, there is scepticism Latvian population.
March 4, 2013
Czech Republic: CNB Fights Against Recession
As the interest rate was cut to a technical zero, the Czech National Bank considers intervening against the crown.
March 4, 2013
Austria Become Second Most Important Trading Partner for Hungary
Last year, only the foreign trade volume between Hungary and Germany was higher. Peter Szijjarto, spokesman of Prime Minister Viktor Orban´s party Fidesz says.
February 23, 2013
Austria: Budget Deficit Lower than Anticipated
The Austrian federal government's administrative deficit during 2012 was approx. € 7bn. Relative to the budgeted figure of approx. € 11.1bn, this represents a savings of approx. € 4.2bn.
February 1, 2013
„Whatever Happens to the Euro, Happens to Our Currency“
In an interview with the Austrian daily newspaper “Kurier”, Latvia´s Prime Minister Valdis Dombrovskis explains why Latvia joins the Eurozone. However, the Latvians are not convinced at all.
January 30, 2013
Slovenia Sharpens Austerity Measures
The Slovenian Parliament resolved the budgets for 2013 and 2014. The country tries to fulfill the Maastricht criteria.
December 8, 2012
Hungary: Next Austerity Package Resolved
The Hungarian government is caught between the need to lower the budget deficit and to support economic growth.
November 17, 2012
Austrian Budget: Experts Call for Further Reforms (Part 3)
Economists think that the budget does not contain enough reform steps. The opposition does not see any signs of progress.
October 16, 2012
Austria to Violate Maastricht Criteria in 2012
This year, the Austria budget deficit will not be below the 3.0% threshold. This is mainly due to the banking package.
October 15, 2012
Slovenia Resolves Financial Transaction Tax
The Slovenian government wants to introduce a 6.5% tax on securities trading. The financial industry criticizes the government massively.
October 9, 2012
Slovenia to Sharpen Austerity Measures
The Slovenian centre-right government announces new austerity cuts. The budget deficit should be lowered to 3.0% of GDP.
October 5, 2012
Austrian Public Debt at 75% of GDP
Public Finances 2011: Public deficit at 2.5%, Public debt at 72.4% of GDP. In the first half of 2012, Austria´s public debt level grew by € 6bn.
September 28, 2012
Latvia: Introduction of the Euro Wobbles
The majority of the Latvians are against joining the Eurozone. The Latvian government is under pressure.
September 22, 2012
Latvia: Fit for the Eurozone
According to Latvia´s Central Bank, the country will fulfill the Maastricht criteria by the end of the year.
September 18, 2012
Bulgarian President Wants to Attract Austrian Investors
On the occasion with a meeting between the Bulgarian President Rosen Plevneliev, the Austrian President Heinz Fischer and Lower Austria´s governor Erwin Pröll, Plevneliev underlined the importance of Austrian investors for Bulgaria.
September 17, 2012
„I´m Concerned About the Atmosphere in Southeastern Europe“
In an interview with the Austrian newspaper “Presse”, the Croatian Minister of Foreign Affairs Vesna Pusic explains that Croatia still aims to become a member of the Eurozone. The Maastricht Criteria would not be fulfilled yet, she says.
September 11, 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
Slovakia: Budget Deficit Reached € 2.67bn
In August, Slovakia´s budget shortfall increased to € 2.675bn from € 2.239bn in July.
September 4, 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
Maastricht Criteria: Austria in the Middle Field
In 2011, the government deficit of both the euro area (EA17) and the EU27 decreased in absolute terms compared with 2010, while the government debt rose in both zones.
April 23, 2012
VBAG´s Rescue Endangers Austerity Targets
In 2012, savings should reach € 576m. However, only write-offs in VBAG cost € 700m. The Austrian government seeks for additional revenues.
February 29, 2012
Austrian Government Debt Quota Declining Slightly
Euro area government debt down to 87.4% of GDP in the third quarter 2011 compared with second quarter 2011.
February 6, 2012
Austrian „Debt Brake“ Resolved
Due to the lack in approval by the opposition parties, the „debt brake“ will only be resolved as a simple act.
December 8, 2011
Austrian Budget: 3.2% Deficit in 2012
Today, the Austrian Minister of Finance, Maria Fekter, presented the budget for 2012. The debt quota rises further until 2015.
October 19, 2011
New High for Austria´s New Indebtedness
Austria´s budget deficit for 2010 is at 4.6%, which is the highest one in the last 15 years. However, the average of EU-countries is even higher.
April 27, 2011
Austrian Public Deficit up to 4.6%
Public Finance 2010: Public deficit at 4.6%, public debt at 72.3% of GDP
April 1, 2011
Leitl Demands Reduction of Public Debt
The President of the Austrian Economic Chamber sees potential for efficiency in the administration, as well as in the health and pension system
April 1, 2011
Budget-saving Measures in Austria are Insufficient
According to the WIFO, budget deficit and public debt are lower than the EU average; central potential savings have been neglected however.
January 26, 2011
Nowotny Calls for Consistent Budget Consolidation
The Governor of the OeNB draws balance at the end of the year and gives his outlook on the challenges for 2011
December 30, 2010
Raiffeisen Foresees a Weak Decade for Europe
RLB Niederösterreich-Wien expects hardly any economic growth, particularly in the euro countries. Austria is however relatively well positioned.
December 28, 2010
Austrian Official Debt Level Rises
Due to the EU-wide commitment to a more transparent presentation of liabilities, the official debt ratio of Austria will continue to increase.
December 21, 2010
Austria's Tax Revenues are Higher than Expected
As the economy developed relatively well this year relatively, tax revenues increased. The deficit for 2010 might therefore turn out to be lower than planned.
December 17, 2010
Bank Austria´s Economic Analysis: 2% Growth in 2011
The analysis of the Austrian economy forecasts a strong recovery. Improvements in the labour market will continue, but the positive trend weakens.
December 16, 2010
Extra-budgetary Debts Grow Unabated
Debt levels which are not attributed to the Austrian Federal Budget rise exorbitantly. Above all, the ÖBB and Asfinag are responsible.
November 30, 2010
The ÖBB is a Risk Factor for the State Budget
While the investment projects for the ÖBB are being reduced by Transport Minister Doris Bures, a fiasco is threatening on the revenue side.
November 15, 2010
New Budget: Details and Reactions
The entire tax package will bring additional revenues for around 1.2 billion euro. There are further saving measures for 1.6 billion euro. Reactions from the economic actors are ambivalent.
October 25, 2010
Austrian Federal Railways in Debt Crisis
Several infrastructure projects will increase the debt burden of the Federal Railways dramatically. This could bring considerable effects for the financial situation of the whole Federation.
October 19, 2010
Tax Evaders Targeted by the Ministers of Finance
Budget problems plague the majority of EU countries. In addition to budget discipline, the prosecution of tax evaders is to be addressed.
October 18, 2010
Austria exceeds the Maastricht GDP reference value by 0.5%
Public Finances 2009: Public deficit increases to 3.5% due to the economic and financial crisis.
September 30, 2010
Fast News Search
