Austria: 2009 Article IV Consultation-Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Austria
IMF Staff Country Reports, September 21, 2009
Source details
- Canonical URL
- Austria: 2009 Article IV Consultation-Staff Report; Staff Statement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Austria
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Bibliographic details
- Published: September 21, 2009
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781451802474.002
Impact of the financial crisis on the economy and financial sector
- Focus: impact of the financial crisis on the Austrian economy and the financial sector, the authorities’ policy responses, and macrofinancial linkages and spillovers.
- Finding: Maintaining financial stability will be essential for ensuring macroeconomic stability, fiscal sustainability, and a return to growth.
- Finding: Austria traditionally benefits from a low unemployment rate compared with the euro area.
Financial sector expansion, benefits, and vulnerabilities
- Finding: The financial sector has been expanding rapidly, mostly outside Austria.
- Finding: Expansion has brought substantial benefits, but also increased risks and vulnerabilities.
- Implication: Financial sector developments have important spillovers to regional financial stability.
Policy responses and priorities
- Priority: Maintain financial stability to support macroeconomic stability and fiscal sustainability.
- Focus areas implied by the report: authorities’ policy responses to the crisis and measures addressing macrofinancial linkages and spillovers.
Macrofinancial linkages and regional spillovers
- Finding: Macrofinancial linkages and spillovers are central concerns given Austria’s financial sector footprint outside Austria.
- Implication: Austria’s policies have important spillovers to regional financial stability.
Subjects and keywords (as listed)
- Subjects: Banking, Commercial banks, Expenditure, Financial institutions, Financial sector, Financial sector policy and analysis, Income, Loans, National accounts, Stress testing
- Keywords: asset guarantee, Commercial banks, core inflation, core inflation in Austria, CR, Eastern Europe, Europe, Global, headline inflation, IMF staff representative, Income, ISCR, Loans, participation capital, staff appraisal, Stress testing