Austria: stable society and crisis-exposed banks

Zdenek Kudrna

No 1, Working Papers of the Vienna Institute for European integration research (EIF) from Institute for European integration research (EIF)

Abstract: Austria passed through recent crises relatively unscathed, although its banking sector remains vulnerable to shocks. Austria is the wealthiest EU country, with some of the highest living stand-ards and lowest unemployment. As in many past crises, its unique system of a social partnership coordinating its economic and social policies served it well, despite increasing internal and external tensions that put it under pressure. During the two decades of its EU membership, Austria was more exposed to external shocks as its economy in general and banking sector in particular became more open. Austrian authorities managed to reduce the destabilizing effects of financial contagion and contributed to coordinated international responses to the financial crises. At the same time, the crisis experience undermined public support for European integration, as is indicated by the 20 per cent of votes for the populist right in the recent national and European elections. Nonetheless, the government remains broadly pro-European and support for EU policies and reforms is above the EU and Euro area averages.

Keywords: political science; economic shocks; banks; austria; european union (search for similar items in EconPapers)
Date: 2015-03-15
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Persistent link: https://EconPapers.repec.org/RePEc:erp:eifxxx:p0030

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