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Monetary Policy

State Visit: Klaus Received by Fischer

Today, the Czech President Vaclav Klaus has met his Austrian counterpart Heinz Fischer in Vienna. The commonalities are rather small.

November 13, 2012

Czech Republic Does not Leave Recession Behind

The country does not only stay in a recession, the situation worsens further, economists say.

November 13, 2012

Polish National Bank Cuts Interest Rate

In order to support economic growth, NBP decided to ease its monetary policy.

November 8, 2012

Nowotny: More Power for Big Countries

The governor of Austrian National Bank OeNB Ewald Nowotny proposes to amend the voting rights at ECB.

November 7, 2012

Romania: Joining Eurozone Will Take up to 30 Years

Economists think that Romania´s economy is far from being ready for the euro. The convergence process may take decades.

November 7, 2012

Poland: Lending Criteria to Tighten

According to the Polish National Bank (NBP), banks will tighten lending conditions further. NBP wants to support economic growth, but has to prevent a credit bubble.

November 6, 2012

Romania: Joining Eurozone is „Not for Sure”

Romania´s Prime Minister Victor Ponta expressed his concerns about introducing the euro in Romania.

November 5, 2012

IHS: Collapse of Eurozone would Cost 157,000 Jobs

The Austrian Institute of Advances Studies IHS says that Austria´s economic growth would be lower by 11 percentage points until 2016.

November 5, 2012

CNB: Interest Rate at Historical Low

Today, the Czech National Bank (CNB) decided to cut the interest rate to 0.05%. Now, foreign exchange interventions are the only tool for CNB.

November 2, 2012

Czech Household Debt on the Rise

Against 2011, Czech household debt was up by 4.2%. At the end of September, the level of debt of Czech households to banks reached € 45.8bn.

October 31, 2012

Hungary Cuts Interest Rates Again

The Council of Hungarian National Bank, which is dominated by representatives of the Hungarian government decided to cut the base rate from 6.50% to 6.25%.

October 31, 2012

„Banking Union Weakens Central Banks“

The Czech President Vaclav Klaus criticizes that a common banking supervision limits the competencies of national central banks.

October 30, 2012

Austrian Managers Lose Confidence in EU

Only a third of the Austrian managers believes that the problem in the Eurozone can be solved.

October 29, 2012

Nowotny: Greek Haircut for ECB “No Issue”

The governor of Austria´s National Bank (OeNB) Ewald Nowotny thinks that ECB would not participate in a haircut.

October 29, 2012

Tusk: Joining Banking Union Only if it Does not Weaken Poland

The Polish Prime Minister does not exclude to enter the banking union. However, this measure must not weaken Poland´s position.

October 22, 2012

Polish Government: Austerity in Order to Enter Eurozone

The Polish Minister of Foreign Affairs Radoslaw Sikorski says that Poland will fulfill the Maastricht Criteria in 2015.

October 19, 2012

Hungary Reaffirms Not to Enter Eurozone

After the meeting with Germany´s Chancellor Angela Merkel, Hungary´s Prime Minister Viktor Orban explained that the euro must offer a perspective again.

October 16, 2012

Czech National Bank Open for Interventions

At the moment, the Czech National Bank (CNB) sees no reason for weakening the exchange rate of the Czech Crown. However, CNB is ready to start interventions if necessary.

October 12, 2012

Orban Rejects Joining Eurozone

The Hungarian Prime Minister Viktor Orban thinks that the introduction of the euro in Hungary would be “irresponsible”.

October 10, 2012

Fekter Welcomes Entry into Force of ESM

Austria´s Minister of Finance "No cause for celebration, however, as we are still in the middle of stabilising the Eurozone."

October 10, 2012

Serbia´s National Bank Fights Against Inflation

Today, the Serbian National Bank raised the base rate from 10.50% to 10.75%. IMF has lowered the economic outlook for Serbia.

October 9, 2012

Belarus Has Lost an Important Source of Export Revenues

The economic prospects for the Belorussian economy are bad. The ruble will have to devalue. External support will be necessary, the Centre for Eastern Studies says.

October 5, 2012

Poland´s National Bank Holds Interest Rate

After analysts expected that the Polish NBP cut the interest rate, the decision to hold the rate at 4.75% came as a surprise.

October 4, 2012

Poland: Interest Cut Expected

The Polish National Bank NBP is anticipated to announce a cut in the base rate. At the moment, the base rate stands at 4.75%.

October 2, 2012

Klaus: Exit Will Not Destroy Eurozone

The Czech President Vaclav Klaus says that a reduction of the member states will not destroy the Eurozone.

September 27, 2012

Czech National Bank Expects More Interest Rate Cuts

The governor of the Czech National Bank Miroslav Singer explained that the monetary easing program will continue.

September 27, 2012

Hungary: Simor Criticizes Interest Cut

The governor of Hungary´s National Bank Andras Simor warns of an increase in inflation.

September 26, 2012

Latvian Government Intends to Join the Eurozone in 2014

Despite the skeptical citizens of Latvia and the crisis in the Eurozone, the Latvian government wants to introduce the euro in 2014.

September 26, 2012

Poland: Joining Eurozone After Crisis

For the governor of the National Bank of Poland Marek Belka, entering the Eurozone is conceivable as soon as the Eurozone has recovered.

September 25, 2012

Austrian Elections 2013: Stronach Confirms Candidacy

This week, the former CEO of Magna Frank Stronach will present the program of his party. The name of the party is not fixed yet.

September 25, 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

Poland´s Central Bank Retains Interest Rate

The Polish Monetary Policy Council held the base rate flat. Before, an interest rate cut of 50 bps or 25 bps were discussed.

September 22, 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

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

Implementation of Banking Union to be Postponed

Initially, the Commission of the EU intended to introduce the banking union in 2013. After the fierce resistance of some member states, the Commission gives up its plans for the time being.

September 17, 2012

Hungarian Central Bank Call for Growth Stimulating Measures

In August, the Hungarian Central Bank cut the base rate by 0.25 percentage points. According to the Council, growth should be supported.

September 15, 2012

Nowotny: Not Overcharging ECB

Ewald Nowotny, governor of Austrian Central Bank (OeNB) argues that ECB should not control all banks.

September 13, 2012

Banking Union: Poland Demonstrates Skepticism

Yesterday, the EU-Commission has made proposals regarding the banking union. The decision making process for non-Eurozone members would be unclear.

September 13, 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

Kapsch Against Excluding Greece

The President of the Federation of Austrian Industries (IV) thinks that the Austrian pension system shows a substantial savings potential.

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

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

Polish Central Bank Retains Interest Rate

NBP (National Bank of Poland) kept the base rate at 4.75%. In the last weeks, a cut was discussed.

September 7, 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

Poland´s Central Bank Dissatisfied with GDP Growth

In the second quarter, Poland grew by 2.4% instead of 3.0%. The Polish Central Bank does not want to postpone quantitative easing measures any longer.

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

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

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
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