{
  "title": "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",
  "publication": "IMF Staff Country Reports, September 21, 2009",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/austria-2009-article-iv-consultation-staff-report-staff-statement-public-information-notice-23301",
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  "summary": "This report is focused on the impact of the financial crisis on the Austrian economy and the financial sector, the authorities’ policy responses, and macrofinancial linkages and spillovers. The financial sector has been expanding rapidly, mostly outside Austria.",
  "sections": [
    {
      "heading": "Impact of the financial crisis on the economy and financial sector",
      "content": "- Focus: impact of the financial crisis on the Austrian economy and the financial sector, the authorities’ policy responses, and macrofinancial linkages and spillovers.\n- Finding: Maintaining financial stability will be essential for ensuring macroeconomic stability, fiscal sustainability, and a return to growth.\n- Finding: Austria traditionally benefits from a low unemployment rate compared with the euro area."
    },
    {
      "heading": "Financial sector expansion, benefits, and vulnerabilities",
      "content": "- Finding: The financial sector has been expanding rapidly, mostly outside Austria.\n- Finding: Expansion has brought substantial benefits, but also increased risks and vulnerabilities.\n- Implication: Financial sector developments have important spillovers to regional financial stability."
    },
    {
      "heading": "Policy responses and priorities",
      "content": "- Priority: Maintain financial stability to support macroeconomic stability and fiscal sustainability.\n- Focus areas implied by the report: authorities’ policy responses to the crisis and measures addressing macrofinancial linkages and spillovers."
    },
    {
      "heading": "Macrofinancial linkages and regional spillovers",
      "content": "- Finding: Macrofinancial linkages and spillovers are central concerns given Austria’s financial sector footprint outside Austria.\n- Implication: Austria’s policies have important spillovers to regional financial stability."
    },
    {
      "heading": "Subjects and keywords (as listed)",
      "content": "- Subjects: Banking, Commercial banks, Expenditure, Financial institutions, Financial sector, Financial sector policy and analysis, Income, Loans, National accounts, Stress testing\n- 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\n\n---\n\n Content in this bundle\n\n- cr09295\n  - cr09295 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr09295 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: September 21, 2009",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781451802474.002",
    "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.",
    "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.",
    "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.",
    "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: 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",
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