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International Trade - Research Paper Example

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Through this paper I have tried to touch various aspects of the Austrian economy and the impact on it due to introduction of the common European currency - euro. This paper has been written especially with the point of view of the banking sector. Austria, being one of the richer…
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International Trade
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Download file to see previous pages wing the standards required for being a part of the euro-zone (Maastricht criteria) would indirectly mean not just stability of currency, but also good economic policies and sustained growth for the region
Austria or the Republic of Austria is a landlocked country with a population of about 8.5 million. It forms a trade route between eastern and western Europe and as such, its location in central Europe is quite strategic. Austrias terrain is highly mountainous due to the presence of the Alps; only 32% of the country is below 500 metres (1,600 ft). As such, it is a very beautiful county and a major tourist destination.
Austria has a well-developed economy with a high standard of living. Austria has achieved sustained economic growth and belongs to the richest countries in the EU (4th after Luxembourg, Ireland, and the Netherlands). After a period of low growth of only around 1.0% annually during 2001-2003, Austrias economy recovered again in 2004 and 2005 and grew 2.5% and 2.9%, respectively, driven by booming exports in response to strong world economic growth. Primarily due to higher growth in Europe, particularly Central and Eastern Europe, and continued export growth, Austrian real GDP grew 3.3% in 2006 and 3.4% in 2007. (US Dept of State, 2009)
Austria, being one of the richest countries in world as well as in the EU, has a very developed banking system. The Oesterreichische Nationalbank (OeNB) is the central bank of Austria and, as such, an integral part of both the European System of Central Banks (ESCB) and the Eurozone.
Though the banking sector of Austria has been going through a period of steady restructuring and consolidation since 1990, this period has also seen the rise of relatively large banking groups (e.g., Erste Bank and Raiffeisen Zentralbank (RZB)). Also, smaller banks have clustered together and became increasingly tied through cross-guarantee schemes. Nevertheless, with some 900 (although mostly small) banks, “Austria retains one of ...Download file to see next pagesRead More
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