25 years of EU Economic and Monetary Union in Austria: a macroeconomic assessment

Christian Ragacs and Klaus Vondra ()
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Klaus Vondra: Oesterreichische Nationalbank, Economic Analysis Division

Monetary Policy & the Economy, 2024, issue Q4/23, 17-39

Abstract: This article reviews the macroeconomic developments of 25 years living with the euro. At the time Austria adopted the euro, it had one of the highest GDP per head ratios in the euro area. Since then, it was able to maintain its above average position. This comes as a result of both GDP and population growth development being above the euro area average. During the last 25 years, except for the last two years, the inflation rate in Austria stood at 1.8% on average. This is in line with the price stability target of the European Central Bank (ECB) for the euro area. In this paper, we look at key macro variables of the Austrian economy and provide a comprehensive overview on empirical studies trying to assess the GDP and inflation effects of the Single European Market and the introduction of the euro on Austria. Most of these studies find significant, positive growth effects in the short term.

Keywords: Economic and monetary union; euro; European integration; growth effects (search for similar items in EconPapers)
JEL-codes: E6 F4 N13 (search for similar items in EconPapers)
Date: 2024
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