Visit of OeNB - Austrian National Bank

The Oesterreichische Nationalbank (OeNB) is the central bank of the Republic of Austria and as such an integral part of the European System of Central Banks (ESCB).

Our last event in 2023 was the visit to ÖNB, Österreichische Nationalbank (Austrian National Bank) on 7 November 2023. The Vice-Governor of the Austrian National Bank, Univ.-Prof. MMag. Dr. Gottfried Haber, gave us an overview on "Economic and Financial Market Developments". In a power point he presented some key indicators for the Austrian economy of October 2023, followed by a regional pattern of Austrian goods exports, current account balances of EU member states UK, US and Japan. He made a comparison of net international investment positions of EU countries. Other topics were gross value added in Austria, an international comparison of unemployment rates, current consumer prices followed by other indicators.

 Concerning inflation Vice-Governor Haber pointed out that subsidies drove up inflation, the labour market was still tight and consumption was a driving factor. He discussed the consequences of rising interest rates. A reduction of overevaluation took place. Furthermore he emphasized that the banking sector was stable. Austrian banks had a good capital basis which could not be put in danger by a real estate crisis. Questioned about cash payments he confirmed that these were going down. Further elaborating on digital money apart of cash he pointed out that digital currency is meant for transactions among banks not as an asset.

The presentation was followed by a most interesting and vivid Q&A session with the Vice-Governor patiently answering all questions.

The Oesterreichische Nationalbank (OeNB) is the central bank of the Republic of Austria and as such an integral part of the European System of Central Banks (ESCB). The OeNB contributes, in the public interest, to monetary and economic policy decision-making in Austria and the euro area. In fulfilling this role, the OeNB is independent and not bound by any instructions. The OeNB adheres to the guiding principles “stability and security.”

Its core business areas are cash management, monetary policy, financial stability, statistics, and payments. An organization committed to diversity and sustainability, the OeNB also promotes the sciences and research, and it supports cultural activities.