Austria: 2007 Article IV Consultation—Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Austria.

Author: International Monetary Fund

Volume/Issue: Volume 2007 Issue 145

Publication date: May 2007

ISBN: 9781451802399

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Topics covered in this book

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Banks and Banking , Exports and Imports , Labor , Economics- Macroeconomics , Public Finance , ISCR , CR , government , government program , budget proposal , proposal , government plan , staff approach , expenditure saving , assessment of Austria's economic situation , long-term projection , staff's assessment , Budget planning and preparation , Labor costs , Employment , Europe

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Summary

This 2007 Article IV Consultation highlights that the favorable economic outcome for Austria is owed to a combination of stability-oriented macropolicies, a range of structural reforms, strong international competitiveness resulting from a social partnership that facilitates wage moderation, and an orientation toward fast-growing economies in Central, Eastern, and Southeastern Europe (CESE). The banking sector continues to do well overall. The authorities are taking action to further improve monitoring of the Austrian banks’ activities in CESE, including foreign currency lending, and are also stepping up collaboration with host supervisors.