The Impact of EU Accession on Austria's Financial Structure

Walter Waschiczek ()
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Walter Waschiczek: Oesterreichische Nationalbank, Economic Analysis Division

Monetary Policy & the Economy, 2005, issue 2, 117–129

Abstract: The trend toward deregulation in the Austrian financial system has gained considerable momentum owing to the country's EU accession in 1995. The relative importance of bank intermediation has declined, while the competitive pressure of euro area banks has remained fairly low to date. Austrian banks reacted to the challenges posed by EU membership by adopting, in essence, three strategies: stepping up the number of mergers and acquisitions, cutting resources and internationalizing their business activities, moving especially into the financial markets of Central and Eastern Europe (CEE). The spectrum of enterprises' financing options has increased considerably as a result of EU membership, whereas hardly any effects have been observed on households' investment decisions.

Keywords: Financial Structure; Austria; Eu Accession (search for similar items in EconPapers)
Date: 2005
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