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Austria: stable society and crisis-exposed banks

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  • Zdenek Kudrna

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.

Suggested Citation

  • Zdenek Kudrna, 2015. "Austria: stable society and crisis-exposed banks," Working Papers of the Vienna Institute for European integration research (EIF) 1, Institute for European integration research (EIF).
    • Handle: RePEc:erp:eifxxx:p0030
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    References listed on IDEAS

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    1. Zdenek Kudrna & Daniela Gabor, 2013. "The Return of Political Risk: Foreign-Owned Banks in Emerging Europe," Europe-Asia Studies, Taylor & Francis Journals, vol. 65(3), pages 548-566.
    2. Zdenek Kudrna, 2014. "The future of the Euro: agreements to disagree and prospective scenarios from the 2014 Vienna debate," Working Papers of the Vienna Institute for European integration research (EIF) 3, Institute for European integration research (EIF).
    3. Scharpf, Fritz W., 1987. "A Game-Theoretical Interpretation of Inflation and Unemployment in Western Europe," Journal of Public Policy, Cambridge University Press, vol. 7(3), pages 227-257, July.
    4. Zdenek Kudrna, 2012. "Cross‐Border Resolution of Failed Banks in the European Union after the Crisis: Business as Usual," Journal of Common Market Studies, Wiley Blackwell, vol. 50(2), pages 283-299, March.
    5. Julia Bock-Schappelwein & Helmut Mahringer & Eva Rückert, 2011. "Kurzarbeit in Deutschland und Österreich," WIFO Studies, WIFO, number 41278, April.
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