Membership in the European Union requires national economic policies to be oriented towards the Community goals of economic growth, stability and cohesion. When entering the EU in 1995, Austria's economy was characterized by a high productivity level and a successful hard currency policy, i.e....

The Great Recession has triggered an ongoing discussion on its causes and on the conditions to avoid future crises. Although the international community has considered a number of improvements in the area of policy coordination and regulation of financial markets, the implementation of such...