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Javier Ramírez mostró los beneficios de Spring Framework de código abierto para desarrollo de aplicaciones en la plataforma Java
Foto: @falconantonio
Javier Ramírez mostró los beneficios de Spring Framework de código abierto para desarrollo de aplicaciones en la plataforma Java
Foto: @falconantonio
John Swinney, Cabinet Secretary for Finance, Constitution and Economy, Scottish Government appeared before the Finance Committee to give evidence on the Scotland’s Fiscal Framework. 02 March 2016. Pic - Andrew Cowan/Scottish Parliament
Most raised-bed garden books use a 4'x4' model. The slope and general arrangement of my backyard wouldn't really allow for that. I mean, it is possible, but not ideal. Boja, being the visual genius that she is, suggested a 2'x8' arrangement. As is usually the case with all of her spoken statements, she was completely right.
I decided on a place to lay the frame down and beat up the area with a mattock.
The frame is plain pine wood from Home Depot. It was difficult to find wood that was actually dry and not split or warped. I couldn't believe how heavy the wood was there. It must have seriously been cut the day before.
I would have preferred Trex or even treated wood, but I couldn't find it in the sizes I wanted. Both were too expensive anyway. Most people think that treated wood can leach chemicals into the soil, but I saw a couple of studies online that showed that this effect is negligible and not a problem at all. The sawdust is a problem during cutting, however. It might also be a bad idea to use treated wood as a cutting board. I also wouldn't use it for a crib. Homemade toothbrushes with the stuff ... yeah, they are also bad. Anyway, if I could find the sizes I wanted, I would make future beds with treated wood - it lasts much longer.
What you see here came from two 10' pieces of ~1.5"x~11.5" wood. We had two 2' pieces cut off of each big plank at Home Depot.
We drilled some holes in the sides and put big screws in there. Making sure the holes and everything lined up while dealing with these very unwieldy boards made me want to try and break them with my head. I highly recommend drinking heavily before assembly. The whole process will take just as long, but at least you will have a good time. Also, being angry and violent while drunk is somewhat acceptable.
After it was all put together, Boja and I took our frame "out back" and put it down in the area I had prepared. I made sure the box was at least somewhat level and filled in the gaps underneath the frame.
When that part was done, I stood around and posed and smiled very smugly. I really should have a stockpile of trophies for moments like those.
When the prospect of anyone besides Boja noticing how magnificent everything looked dwindled, I brought down the giant, redolent bags of soil. I don't remember how many bags we had. Maybe 16 cubic feet? Anyway, I dumped that all in, watered it, and let it sit for a couple of days before planting anything.
Yay!
(further pictures and information you can see by clicking on the link at the end of page)
History of the Austrian Province of the Order
About four centuries of eventful events
The history of the Order in Central Europe has its roots on the Tiber Island in Rome. There runs the dynamic, just now by the Pope confirmed Hospital Fraternities Order of St John of God since 1584 a Hospital. In this Hospital 1604 some of the staff of Prince Karl I of Liechtenstein, Envoy of Emperor Rudolf II in Rome, that have fallen ill from malaria are so excellently treated, that the prince shall ask the General Superior to send him some brothers for his territory in Lower Austria and Moravia. Those brothers take over in 1605 under the leadership of Fr John Baptist de Cassinetti the hospital to Saint Barbara in Feldsberg, the residence of the prince.
The second step follows with the delegation of Brother Gabriel Ferrara, an in Italy highly respected surgeon, to Vienna. He installs in 1614 on the road "towards Tabor" a small hospital with 20 beds. Through him Vienna became the starting point for further operations. Already in 1615 another house was founded in Graz. This is followed by Prague in 1620 and 1622 in Neuburg an der Donau. Those foundations form the framework for the further expansions of the Order in the countries of Central Europe.
The first generation of the brothers consists primarily of Italians who are struggling with social difficulties. The brothers win but by their exemplary nursing more and more prestige because their hospitals differ significantly from the in this country already existing hospital facilities, predominantly being hostels, retirement homes and infirmaries - as the Holy Spirit hospitals in Vienna and Graz. The branches of the Hospital Brothers are exclusively hospitals and therefore represent, regardless of their size of first 12 to 20 beds, in the countries of Central Europe the first hospitals in present-day understanding. One of the biggest sponsors was Emperor Ferdinand II, in 1624 the Vienna home endowing with the privilege to be allowed to collect alms in all Habsburg lands.
Due to the Thirty Years' War, the construction initially was just tough. In this by wars and pestilence devastated time, the Brothers of Charity are always to be found where their help is desperately needed. Many of them lose, as a result, their lives - as in 1679 with the great plague in Vienna.
Garden front of the Graz hospital in 1790
Establishment of the "Province of St. Michael the Archangel"
The six hospitals, Feldsberg, Vienna, Prague, Graz, Neuburg an der Donau and Triest, 1659 are raised to the province of the holy Archangel Michael. Until that time, still dominate Italians and some Spaniards that provide about half of the brothers in the convents of the Order in the countries of Central Europe. The exemplary commitment of the brethren but is bearing fruits, and many locals are joining the Order. From 1680 to 1700 a total of 165 brothers are making their profession.
At the end of the 17th Century in all plants of the brothers extensions and conversions are necessary. It develops a certain type of building with church, monastery, hospital and pharmacy in a front. The monks themselves are the nurses and surgeons. For internal diseases a postdoctoral secular physician is appointed who has the title "Spitalsphysikus (hospital physician)".
In principle, the sick are cared for free of charge. For daily maintenance ensure the collections. Despite the collection privilege and other privileges, the Order for the maintenance of the patients, for necessary purchases and for structural measures is dependent on contributions of the respective local lords and donations of wealthy nobles as well as civic benefactors.
Heyday
Within a few decades, doubled the number of the hospitals: Münster, Timisoara, Wroclaw, Eger, Neustadt/Silesia and Proßnitz are significant start-ups. The quality of training of the young brothers is leveled to those in the Latin countries, and since 1718 training centers in Prague and Feldsberg (Valtice - Czech Republic) are being built.
In addition to the imperial family and the Prince of Liechtenstein, other noble houses build on their dominions hospitals. The branches of the Order reach at the end of the 18th Century from Westphalia to the territory of today's Romania. The 31 hospitals of the province with about 500 monks represent a nationwide, well organized and cooperatively-led "network of Hospitality".
Towards the end of the 18th Century occur profound changes in the from Vienna led province. The Age of Enlightenment, the Josephinism, the side effects of the French Revolution and the changes in the Napoleonic period shape the processes strongly. 1781 Emperor Joseph II dissolves the German branches outside of the Habsburg patrimonial lands from the Provincial Association. The branches in the Habsburg lands themselves he separates from the Order leadership in Rome. Although he promotes the Order, but it comes to the isolation of the individual convents.
View of the Johannes von Gott Care Center in Kainbach in the 19th century
"Vienna and Graz Province"
1853 the province can again be linked to the General Curia in Rome and to reform-minded brothers in 1859 the Graz Convention is passed. This built in Algersdorf at Graz a convalescent home, which later on develops into the Hospital Graz-Eggenberg. In Kainbach at Graz 1875 a nursing home for the chronically ill is established and in 1876 in St. Veit an der Glan a new hospital built. Thus, the conditions for an own province are given, which in 1879 as the Inner Austrian province to the Sacred Heart of Jesus is established.
Due to the increase of Slovenian brothers in Graz the next step was to build in Kram in Rudolfswerth/Kandia a hospital, which is opened in 1898. From this house with its auxiliary facilities in Vrbinje, Kamnik and Stari Grad develops after the disintegration of the Austro-Hungarian Empire a separate Yugoslav General Delegation, whose existence in 1948 comes to an end by the state confiscation of religious institutions.
Archduke Leopold Salvator visits wounded people in the hospital Graz in 1915 .
Well-trained and recognized personalities lead in this period the Province of Vienna, including Celestine Opitz (1810-1866), who is also a great pioneer of the anesthesia surgery, and his student Johannes de Deo Sobel (1839-1903), who is able to bring the surgery in Prague to the most modern stand. These religious men know how to combine the requirements of progress in medicine with the care of the sick in the sense of the order's founder. The time of the great ancient wards once and for all is over, significant new buildings complement or replace the old hospitals in Vienna, Feldsberg, Linz and Graz.
1914 belong to the Austro-Bohemian Province 15 hospitals with a total of 1,550 beds. However, the World War brought lasting changes, because the majority of hospitals is converted into military hospitals and largely deprived of the power of disposition of the brothers. Due to the going to pieces of the Danube Monarchy the for centuries solid unit with Bohemia and Moravia goes astray, which is 1919 canonically separated, too.
Frater Medardus Oszmeyer treats a patient in the dental clinic in Vienna, 1937
Hardships after the First World War
The Viennese province remain next to the hospital in Vienna Leopoldstadt still the hospital in Linz and the convalescent home in Vienna Hütteldorf. In order to remain Province, in Kritzendorf in 1919 a fourth Convention is built. In 1922 comes the hospital in Eisenstadt because of the integration of the German-speaking areas of western Hungary (Burgenland) to the Vienna province. Only with great difficulty operation in the hospitals can be started. Now that all have to fight for the existence and the old foundation and support funds are worthless, the Order has virtually no resources. The closure of the Viennese house can be avoided only by support from foreign aid agencies. Fortunately, the Vienna City Administration allows an annual public collection.
Soon it comes to the expansion of the province: 1923 through the acquisition of Salzburg's troops Hospital and 1931 by the opening of the Kneipp spa hotel in Schärding. Another convent was founded in Walding at Linz, where a brothers holiday house is installed. As fourth foundation Wien-Gersthof comes along where a maternity ward is taken over and from 1936 on a general hospital is run.
Hospital Bad Kreckelmoos near Reutte in Tirol, 1950
Something similar happens with the Graz province. It can build in 1925 a small hospital in Kreckelmoos near Reutte despite difficult financial circumstances. For the first time gynecological departments in 1926 in St. Veit and Linz are opened. The hospitals of both provinces in this time are literally Hospitals of the poors - the distress in the cities is great, and the brothers themselves are living in modest conditions.
The outpatient clinics, where medical help is available free of charge, are constantly crowded, and also among the hospitalized patients, there are many who are totally destitute and absolutely not are able to pay anything, but nonetheless are looked after free of charge to the best of their knowledge and belief. Especially in Vienna and Graz are - despite of all its own financial woes - even hundreds of hungry people fed daily with a warm meal.
Reconstruction after the Second World War
The next turning point occurs at the time of National Socialism and the Second World War. Except for the Viennese house, all branch offices are expropriated. The main event of this period is the merger of the two in Austria located provinces for "Austrian province" in 1951.
Some facilities have been made soon after the war, so Gersthof 1945, the hospital in Nazareth in 1959, Kreckelmoos 1961 and Hütteldorf 1962. Since then, the brothers lead seven hospitals (Vienna, Graz, Linz, Eisenstadt, Graz-Eggenberg, St. Veit, Salzburg), two nursing centers (John of God Care Center in Kainbach, retirement and nursing home in Kritzendorf) and a spa (Kneipp and health center in Schärding). Since 1978 the Order in Vienna also has its own "school for general health and medical care".
Order and works newly profiled
With the creation of central structures, as in 1975 with the computing center of the province in Eisenstadt, important organizational requirements for responsible economic activity are created. Modernizations concern since the mid-70s all of the facilities. They entail the opening of new departments, and also the appearance of all of the houses changes to this day continuously.
Although traditionally the focus of the work of the Brothers of Charity in the Austrian Province of the Order lies on the hospital sector, becomes the caring for people in the sense of the "option for the poor", ousted from the social center because of special disabilities or by their kind of living increasingly important.
In addition to the traditional forms of hospitality emerge various forms of the so-called "New Hospitality". Socially marginalized groups and self-help groups find in the houses of the Order their nursing and medical home. In addition to traditional outpatient clinics for destitutes (dental clinic and general outpatient clinic in Vienna), in Linz (1993 ) and Vienna (1999) are created outpatient clinics for the deaf and in Vienna a special station for acutely ill Justice prisoners. The latter find here because they are not admitted by most of the Vienna's hospitals because of fear of contact and loss of reputation, the necessary nursing and medical care.
In July 1999, the life-world Schenkenfelden (Upper Austria/Mühlviertel) can, an establishment for the deaf and deaf-blind people with special needs, its work start and 2004 is in Kainbach opened a drug treatment center - for the first time in a Central European religious institution.
"Do good and do it well - for the love of Christ". To his motto of St. John of God, the Austrian Province of the Order feels today so deeply committed as 400 years ago.
www.barmherzige-brueder.at/site/barmherzigebrueder/ordens...
Regional agreement on maritime piracy to broaden scope to other illicit activity
An international agreement that has been instrumental in repressing piracy and armed robbery against ships in the western Indian Ocean and the Gulf of Aden is set to significantly broaden its scope.
Signatories to the Djibouti Code of Conduct have agreed to work towards extending its remit to address other illicit maritime activity that threatens safety and security in the region, such as marine terrorism, environmental crimes, human trafficking and Illegal, unreported and unregulated fishing.
National focal points for the code, which was adopted under the auspices of the IMO in 2009,
have adopted a resolution expressing concern at the increasing risks from transnational organized crimes at sea and other threats to maritime safety and security in the region. They agreed to encourage information sharing on all illicit activities.
Training and other capacity-building activities implemented under the auspices of the Djibouti Code of Conduct have been credited with contributing to the reduction of piracy in the Western Indian Ocean and the Gulf of Aden, alongside the efforts of merchant ships to implement IMO guidance and best management practices, naval forces continuing to deter and disrupt pirate activities and States continuing to prosecute suspected pirates and increasing their maritime law-enforcement capabilities.
But the focal points recognized that piracy in the region has merely been suppressed and its root causes have yet to be addressed. They agreed that, nonetheless, there is now a window of opportunity for IMO Member States in the region to implement capacity-building programmes to prevent a resurgence of piracy and to address wider maritime security issues, as a basis for sustainable development of the maritime sector.
The focal points were meeting this week (11-12 November) in the newly-completed Djibouti Regional Training Centre, which was formally opened by Mr. Moussa Ahmed Hassan, Djibouti’s Minister of Equipment and Transport, on Thursday 12 November. The Djibouti Regional Training Centre will play a key role in regional capacity-building initiatives under the Code of Conduct.
IMO Secretary-General Koji Sekimizu, speaking by video message during the ceremony, encouraged the Government of Djibouti to be imaginative in its use of the new building and to be proactive in maximizing its potential, for the benefit of the whole region. The centre could be used as a venue for wider port, maritime, law-enforcement or indeed any other training, conferences and meetings, as well as being a centre of excellence for regional maritime security training, he said.
“This impressive new centre will be a vital component in the provision of maritime security and other training in the Gulf of Aden and Western Indian Ocean area and fully supports IMO’s 2015 World Maritime Day theme: “Maritime education and training”. It should be an asset to Djibouti and to the region for many years to come,” Mr. Sekimizu said.
The national focal points meeting also approved the 2016 plan for regional training for Djibouti Code of Conduct countries.
Construction of the Djibouti Regional Training Centre was funded by Japan, through the Djibouti Code Trust Fund, with equipment provided by Denmark and the Republic of Korea.
IMO continues to support Member States to implement the Djibouti Code of Conduct through its Integrated Technical Cooperation Programme (ITCP) and through the Djibouti Code Trust Fund. It also maintains a presence in the region, focussed on the code, with two staff members based in Nairobi, Kenya, whose primary role is training.
The opening ceremony was also attended by Mr. Chris Trelawny, Special Advisor to the IMO Secretary-General; His Excellency Tatsuo Arai, Ambassador of Japan to the Republic of Djibouti; His Excellency Joseph Silva, European Union Ambassador to Djibouti, Mr. Hassan Darar Houffaneh, Minister of Defence of Djibouti; Mr. Ali Mirah Chehem Daoud, Director of Maritime Affairs of Djibouti; Ms. Mina Houssein Doualeh, Director of the Djibouti Regional Training Centre; as well as senior government officials from Djibouti. Also present were representatives from Somalia and from Djibouti Code of Conduct signatories, donor countries and international training partners.
Djibouti code of conduct
The Code of Conduct concerning the Repression of Piracy and Armed Robbery against Ships in the Western Indian Ocean and the Gulf of Aden (the Djibouti Code of Conduct) provides a framework for capacity building in the Gulf of Aden and Western Indian Ocean to counter the threat of piracy. The Code was signed on 29 January 2009 by the representatives of: Djibouti, Ethiopia, Kenya, Madagascar, Maldives, Seychelles, Somalia, the United Republic of Tanzania and Yemen. Comoros, Egypt, Eritrea, Jordan, Mauritius, Mozambique, Oman, Saudi Arabia, South Africa, Sudan and the United Arab Emirates have since signed, bringing the total to 20 countries. Since its adoption, the Code has become the major focus for facilitating transnational communication, coordination and cooperation in its four thematic broad pillars: delivering national and regional training, enhancing national legislation, information sharing and building counter-piracy capacity.
Oesterreichische Nationalbank
Logo of the Austrian National Bank
Headquarters Vienna, Austria
Central Bank of Austria
Currency€
To ISO 4217 EUR
website
Previous Austro- Hungarian Bank
List of Central Banks
Oesterreichische Nationalbank, at Otto-Wagner -Platz No. 3, Vienna
The Austrian National Bank (OeNB), Austria's central bank as an integral part of the European System of Central Banks (ESCB) and the Eurosystem. It is instrumental in the design of the economic development in Austria and in the euro area. Legally, the OeNB is a public limited company.. However, it is also subject to further enshrined in the National Bank Act regulations resulting from its separate position as a central bank. In the framework of the Eurosystem, the OeNB contributes to a stability-oriented monetary policy. At the national level, it cares about the preservation of financial stability and the money supply and manage foreign exchange reserves to hedge against the euro in times of crisis. The guideline values in terms of the tasks of the Austrian National Bank are "security, stability and trust".
Contents
1 History
1.1 1816 to 1818
1.2 1818 to 1878
1.3 1878 to 1922
1.4 1922 to 1938
1.5 1938 to 1945
1.6 1945 to 1998
1.7 From 1999
2 The OeNB as a modern central bank
3 Legal form and organs
3.1 Legal framework
3.2 organs
3.2.1 General
3.2.2 General
3.2.3 Board of Directors
4 Tasks
4.1 Monetary policy strategies and monetary policy decision-making process
4.1.1 Economic analysis
4.1.2 Production of statistical information
4.1.3 Contribute to international organizations
4.2 Implementation of monetary policy
4.2.1 use of monetary policy instruments
4.2.2 Reserve Management
4.2.3 Money Supply
4.3 Communication of monetary policy
4.4 ensure financial stability
4.4.1 Financial Stability
4.4.2 Payment System Stability and payments
5 The OeNB in the European System of National Banks
6 President / Governors
7 See also
8 Literature
9 links
10 Notes and references
History
1816-1818
As long as 50 years before the founding of the National Bank the Habsburgs carried out first experiments with securities in the form of paper money. Finally, in the 18th Century the issue of banknotes transferred to a state independent institution, while the issue of paper money called "Banco notes," founded in 1705 by the "Vienna City Bank" took place in 1762.
In wartime governance took back control of the money issue, so there was an inflation of Banco-Zettel 1796-1810. The state ordered the forced acceptance of paper money in private transport, which led to a fast-growing discount on bills in the market. 1799 was therefore one for 100 guilders paper money only 92 guilders in silver coins, and at the end of 1810 the value of the paper florin had fallen to 15 % of the nominal value of the Banco-Zettel. Later, the Habsburgs declared a devaluation of the Banco-Zettel in the ratio of 5:1. This act was considered by the business community as a sovereign default, which the paper money experienced a rapid devaluation.
At the end of the Napoleonic wars the Habsburg multinational state ( → Habsburg Monarchy) faced a new challenge: the restoration of a European balance. Church, the nobility, the army and the bureaucracy as elements in the Ancien Régime were not sufficient to solve this problem, a well -founded economic situation was needed. Moreover, one could not ignore readily the laws of supply and demand.
In this regard, were the first June 1816 by Emperor Francis I two patents issued (later to distinguish the "main patent" or "bank patent"), the "privileged Austrian National Bank", conceived as a public company, had to constitute itself as soon a possible, propose the emperor three of its directors for selection of the governor and take up their activity provisionally on 1 July 1816.
The National Bank had henceforth a monopoly on the issuance of paper money, which led to a slowdown in the Austrian monetary system and an increase in the value of paper money. The economy was again a solid source of money keeping constant the value of money regardless of the spending plans of the State. The equity of the Bank justified this by share issues.
Initially comprised the activities of the bank - under temporary management - the redemption of paper money and the issuance of shares. The full effectiveness attained the National Bank until after the issue of 1,000 shares and the associated possibility of shareholders to set the management themselves.
1818-1878
On 15 July 1817 recieved the National Bank as the "first Bankprivilegium" the exclusive right to unrestricted issue of banknotes and in this context a special position in terms of Rediskontgeschäfts (rediscount business). Beginning of 1818 the definitive bank management was ready. Part of it were among leading figures of Viennese society, including the banker Johann Heinrich von Geymüller and Bernard of Eskeles. From 1830 to 1837 the Office of the Governor was held by Adrian Nicholas Baron Barbier.
In the countries of the Habsburg Monarchy, which were characterized in large part by an agricultural oriented activity pattern, some regions showed a lively commercial-industrial growth. The goal now was to create a system of economic exchange between these areas. Successively established the National Bank branch network and thus guaranteed a uniform money and credit supply. From its headquarters in Vienna this network extended over early industrial areas and commercial centers in Eastern and Central Europe to the northern Mediterranean.
Trade bills and coins were preferred assets of the National Bank, less the supply of money to the state. With the exchange transactions, the National Bank supported the economic growth of the monarchy and secured at the same time the supply of silver coins in the event that the need for these increases in exchange for bank notes, contrary to expectations. 1818 was the National Bank, however, by increasing public debt, due to high spending in times of crisis, not spared to make an increase in the government debt positions on the asset side of its balance sheet.
The patent provisions of the founding of the National Bank not sufficiently secured against the autonomy of governance. At the center of the struggle for independence, this was the question of the extent to which the issue of banknotes must be made on the basis of government bonds. In 1841, a renewal of Bankprivilegiums got a weakening of the independence by pushing back the influence of the shareholders in favor of the state administration. During the revolution of 1848/49 followers of constitutional goals received great support from senior figures in the National Bank. For about a hundred years, the Austrian branch of the Rothschild bank (from which from 1855, the "Royal Privileged Austrian Credit-Institute for Commerce and Industry", the later Creditanstalt, was born) was playing a leading role in the banking center of Vienna. Salomon Mayer von Rothschild was involved during the pre-March in all major transactions of the National Bank for the rehabilitation of the state budget.
Special focus the National Bank was putting on the development of the premium that was payable at the exchange of banknotes into silver money in business dealings. The increase, which corresponded to a depreciation of the notes issued by the Bank should be prevented. From an overall state perspective, the increase of the silver premium means a deterioration in terms of the exchange ratio towards foreign countries, influencing the price competitiveness of the Austrian foreign trade adversely. The stabilization of the premium were set some limits. Although the height of the emission activitiy was depending on the Bank, but also the price of silver and the potential effects of increased government debt materially affected the silver premium. Especially the 1848 revolution and conflicts in the following years caused an increasement of the silver premium.
Mid-century, the private banking and wholesale houses were no longer able to cope with the rapidly growing financial intermediation of the Habsburg monarchy. New forms of capital formation were required. From an initiative of the House of Rothschild, the first by the government approved and private joint-stock bank was created. This formation was followed in 1863 and 1864 by two other joint-stock banks, whose major shareholders included important personalities of the aristocracy, who possessed large liquid funds. Overall, grew with these banks the money creation potential of the "financial center of Vienna".
The central bank faced another difficult task: with its limited resources it had to secure sufficient liquidity on the one hand and on the other hand prevent the inflationary expansion of the money supply. Through close contacts with the shareholders of Vienna was a financial center (informal) ballot, especially in times of crisis, easily dealt out. In contrast, it gave differences of opinion in the Fed Board, which required enforcement of decisions.
In 1861, Friedrich Schey Koromla became director of the National Bank. On 27 December 1862 experienced the Bankprivilegium another innovation. The independence of the National Bank of the State was restored and anchored. Furthermore, was introduced the direct allocation of banknotes in circulation by the system of "Peel'schen Bank Act", which states that the fixed budget of 200 million guilders exceeding circulation of banknotes must be covered by silver coins. In 1866, when the German war ended in defeat for Austria, the compliance of the system was no longer met. The state felt itself forced to pay compensation for breach of privilege. This balance was supported by a law of 1872, after the National Bank may issue notes up to a maximum of 200 million guilders and each additional payment must be fully backed by gold or silver.
1873 the economic boom of the Habsburg monarchy was represented in a long-lasting rise in the share price. A now to be expecting break could by the behavior of the Vienna Stock not be intercepted, so it came to the "Great Crash of 1873". The in 1872 fixed restrictions of the circulation of notes for a short time have been suspended. Contrary to expectations, the money supply in crisis peak but only outgrew by nearly 1% the prescribed limit in the bank acts. The banks and the industrial and commercial companies survived the crash without major losses, although the share prices significantly lay below the initial level.
The years with high growth were followed by a period of stagnation.
1878-1922
As part of the compensation negotiations between Austria and Hungary in 1867, the National Bank was able to exercise fully their Privilegialrechte, the Kingdom of Hungary but now had the certified right, every ten years exercisable, to found an own central bank (bank note). As resulted from the first 10 -year period that furthermore none of the two parts of the monarchy wanted to build an independent money-issuing bank (Zettelbank), was built on 28 June 1878, initially to 31 December 1887 limited, an Austro-Hungarian Bank, and equipped with the Fed privilege. The first privilege of the new bank was a compromise in which on the one hand, regulations on liability for national debts as well as regulations limiting the influence of the government on banking businesses were included. 1878 Gustav Leonhardt was Secretary of the Bank.
The General Assembly and the General Council formed the unit of the bank management. Two directorates and major institutions - in Vienna and Budapest - represented the dual nature of the bank. 1892-1900 followed a long discussion finally the currency conversion from guilders (silver currency) to the crown (gold standard) with "Gold Crown" said coins.
Since the new banknotes were very popular in the public, now many gold coins piled up in the vaults of the Austro-Hungarian Bank. This period was characterized by a balanced combination of price growth and damping, the "per capita national product" grew while prices remained mostly stable. Against this background, it was easy for the Fed to encourage a new wave of industrialization.
With a third privilege in 1899 conditions were established under which the bank could be put into the financial services of the two countries, on the other hand there have been important innovations that paved a good exchange policy. By 1914, the exchange ratio of the Austro-Hungarian currency was unchanged with only minor fluctuations. In contrast, was the by conflicts marked political development.
The expansive foreign policy quickly led to high costs from which had to be shouldered by the central bank a significant part. The stability of the currency was in danger. Shortly after the beginning of World War I in 1914, laid down the Military Command to indemnify any seized property with double the price. There was an increasing scarcity of goods, connected with an ongoing expansion of the money supply and finally the increase in the price level on the 16-fold.
The resulting cost of the war of the Dual Monarchy were covered to 40% on central bank loans and 60% through war bonds. Over the duration of the war, the power force built up in recent decades has been frozen at the end of the conflict in 1918, the real income of the workers had fallen to one-fifth of the last year of peace.
With the end of the war the end for the old order had come, too. The decay of Cisleithania and Transleithania caused in several successor states, despite the efforts of the central bank to maintain the order, a currency separation (see Crown Currency in the decay of the monarchy, successor states). First, a separate "Austrian management" of the bank was introduced. It was encouraged to shoulder the shortcomings of the state budget of the Republic of Austria founded in 1918.
The new South Slav state began in January 1919 stamping its crown banknotes. The newly founded Czechoslovak Republic retained the crown currency (to date), but their printed banknotes in circulation as of February 1919 with indications that now these ar Czechoslovak crowns. (The country could an inflation as experienced by Austria avoide.) In March 1919, German Austria began to stamp its crown banknotes.
The Treaty of Saint-Germain-en-Laye of 10 September 1919, by Austria on 25 October 1919 ratified and which on 16 July 1920 came into force, determined the cancellation and replacement of all crown banknotes of all successor states of Austria-Hungary as well as the complete liquidation of the Austro-Hungarian Bank under the supervision of the war winners. The last meetings of the Bank took place mid 1921 and at the end of 1922.
After a period of overvaluation of the crown the dollar rate rose from 1919 again. 1921, had to be paid over 5,000 Austrian crowns per dollar. In addition to the significant drop in the external value existed in Austria rising inflation. End of 1922 was ultimately a rehabilitation program with foreign assistance - the "Geneva Protocol" - passed which slowed down the inflation.
1922-1938
With Federal Law of 24 July 1922 the Minister of Finance was commissioned to build a central bank, which had to take over the entire note circulation plus current liabilities of the Austrian management of the Austro-Hungarian Bank. With Federal Law of 14 November 1922, certain provisions of the law were amended and promulgated the statutes of the Austrian National Bank. By order of the Federal Government Seipel I 29 December 1922, the Board of the Austrian Austro-Hungarian Bank issued authorization for the central bank union activity with 1 January 1923 have been declared extinct and was made known the commencement of operations of the Oesterreichische Nationalbank this day.
The statutes of the Austrian National Bank (OeNB) secured the independence from the state, the independence of the Bank under exclusion of external influences and the corresponding equity. First, the stabilization of the Austrian currency was at the forefront. With the Schilling Act of 20 December 1924 was the schilling currency (First Republic) with 1 Introduced in March 1925, it replaced the crown currency. For 10,000 crowns now you got a shilling.
As an important personality in terms of the order of the state budget, Dr. Victor Kienböck has to be mentioned. He was in the time from 1922 to 1924 and from 1926 to 1929 finance minister of the First Republic and from 1932 to 1938 President of the Austrian National Bank. Through his work remained the Austrian Schilling, also beyound the global economy crisis, stable. Under this condition, the Fed was able to cope with the large number of bank failures of the past.
1938-1945
According to the on 13th March issued Anschlussgesetz (annexation law) , the Reichsmark with order of the Fuehrer and Chancellor of 17 was March 1938 introduced in the country Austria and determines the course: A Reichsmark is equal to one shilling fifty pence. On the same day, the Chancellor ordered that the management of the to be liquidated National Bank was transferred to the Reichsbank.
With regulation of three ministers of the German Reich of 23 April 1938, the National Bank was established as a property of the Reichsbank and its banknotes the quality as legal tender by 25 April 1938 withdrawn; public funds had Schilling banknotes until 15th of may in 1938 to accept. All the gold and foreign exchange reserves were transferred to Berlin.
The Second World War weakened the Austrian economy to a great extent, the production force after the war corresponded to only 40% of that of 1937 (see also air raids on Austria). To finance the war, the Reichsbank brought to a high degree banknotes in circulation, which only a great victory of the kingdom (Reich) actual values would have been opposable. Since prices were strictly regulated, inflation virtually could be "banned" during the war.
1945-1998
In occupied postwar Austria about 10 billion shillings by Allied military occupying powers were initially printed, which contributed to significant price increases.
With the re-establishment of the Republic of Austria by the Austrian declaration of independence of 27 April 1945, it came to the resumption of activities of the Oesterreichische Nationalbank. By the "Fed Transition Act" of July 1945 preliminary legal regulations for the operations of the Bank have been established. The restoration of the Austrian currency was their first big job. The goal was the summary of all currencies, which at the time were in circulation, and their secondment to a new Austrian currency. The "Schilling Act" of November 1945, the basis for the re-introduction of the Schilling (Second Republic) as legal tender in Austria. The next step was to reduce excess liquidity to make necessary funds for new business investment available and to make the external value of the shilling for the development of the economy competitive. First, however, less changed the inflationary situation and also the shilling was still significantly undervalued in relation to other currencies.
The "Currency Protection Act" of 1947 brought a significant change in the monetary overhang. Some deposits have been deleted without replacement, others converted into claims against the Federal Treasury. The following exchange operations also significantly reduced the amount of cash: banknotes from 1945 were canceled and exchanged for new schilling notes in the ratio 1:3. Only 150 shillings per person could go 1-1.
To control inflation, the social partners came to the foreground. The associations of employers and employees set in 1947 prices for supplies, wages were also raised. This was the first of the five "wage-price agreements" of the social partners. In 1952, inflation was held back by limiting the use of monetary policy instruments by the National Bank. Also, the external sector slowly relaxed after the end of the Korean War.
In 1955, the Austrian National Bank was re-established by the new National Bank Act as a corporation and the by the National Bank Transition of Authorities Act (Nationalbank-Überleitungsgesetz) established provisional arragement abolished. The National Bank Act stipulated that each half of the capital should be situated at the federal government and private shareholders. In addition to the independence of bank loans of the state, the new National Bank Act also contained an order that the central bank must watch within their monetary and credit policies on the economic policies of the federal government. From now on also included within the instruments of the National Bank were the areas open market and minimum reserve policy.
The Austrian economy increasingly stabilized, through good fiscal and monetary policy a high growth could be attained, with low inflation and long-term maintenance of external equilibrium.
1960, Austria joined the European Free Trade Association and participated in the European integration.
In the sixties came the international monetary system based on gold-dollar convertibility into currency fluctuations and political reforms were necessary. First, the loosening of exchange rate adjustments between several states was an option. However, U.S. balance of payments problems brought with it restrictions on capital movements, and then the Euro-Dollar market was born. In 1971, the convertibility of the U.S. dollar was lifted.
1975 interrupted a recession increasing growth time. International unbalanced ayments caused very extensive foreign exchange movements, whereby the intervention force of Austrian monetary policy has been strongly challenged. Their task now was to control the effect of foreign exchange on domestic economic activities to stabilize the shilling in the context of constantly shifting exchange rates and to control the price rise appropriately. Since the inflow of foreign funds reached to high proportions, so that the economic stability has been compromised, the policy went the way of the independent course design in a pool of selected European currencies.
The collapse of the economy forced the policy makers to a new course with active mutual credit control, subdued wage growth, financial impulses in supply and demand, and interest rates are kept low. This system of regulation, however, kept back the need for structural change, so it had to be given up in 1979. In the same year a fire destroyed large parts of the main building of the Austrian National Bank in Vienna. The repairs lasted until 1985.
Target in the eighties was to strengthen the economic performance using a competitive power comparison. The findings from the seventies stimulated the Austrian monetary policy to align the Schilling course at the Deutsche Mark to ensure price stability in the country. In addition, the structural change was initiated by inclusion in a large area. Stable, if not necessarily comfortable environment of monetary policy was a prerequisite, to secure the companies long-term productivity gains and thus safeguard their position in the economy.
Initially, this development stood a high level of unemployment in the way. Growth until the second half of the decade increased, at the same time increased the competitiveness and current accounts could be kept in balance.
In the nineties, the annexation of Austria took place in the European Community. 1995 Austria became a member of the European Union (EU) and joined the exchange rate mechanism of the European Monetary System. In 1998, the Central Banks (ESCB) have established the independence of institutions or bodies of the European Community and the governments of the EU Member States through an amendment to the National Bank Act of the Austrian National Bank to implement the goals and tasks of the European System. Thus, the legal basis for the participation of Austria in the third stage of Economic and Monetary Union (EMU) was created in 1999.
As of 1999
The Austrian National Bank, and other national central banks including the European Central Bank ( ECB), belongs to the European System of Central Banks.
On 1 January 1999 was introduced in the third stage of Economic and Monetary Union in Austria and ten other EU Member States, the euro as a common currency. The European Central Bank is henceforth responsible for monetary and currency policy, decisions in this regard will be taken in accordance with the Council of the European Central Bank.
Since May 2010, the OeNB is in full possession of the Republic of Austria, after originally lobbies, banks and insurance companies were involved with 50 % of the share capital in it. In 2011, the National Bank Act was adapted by an amendment (Federal Law Gazette I No. 50 /2011) in this circumstance, a renewed privatization is thus excluded by law.
The OeNB as a modern central bank
With the withdrawal from the retail business in the sixties as well as the first major internationalization and implementation of a strategic management in the seventies, the OeNB went on the way to a future-oriented central bank. Another major reform of banking began at the end of the eighties.
In terms of global development, the OeNB established in 1988 as a service company and expanded its guiding values - "security, stability and trust" - to the principles of " fficiency" and "cost-consciousness". The business center was optimized and strategic business experienced through targeted improvements a reinforcement. Be mentioned as examples are intensifying domestic cooperation in the area of payments by encouraging the creation of the Society for the Study co-payments (STUZZA), the liberalization of capital movements, the professional management of foreign exchange reserves, the improvement of the supply of money through the construction of the money center and the internationalization of business activities through the establishment of representative offices in Brussels (European Union), Paris (OECD) and the financial center of New York.
After Austria's accession to the EU in 1995, the OeNB participated in the European Monetary System (EMS ) and its Exchange Rate Mechanism. The integration in the third stage of Economic and Monetary Union (EMU) was the next step towards further development of policy stability. Since the conclusion of the Maastricht Treaty, the Austrian National Bank has very fully considered its role in the ESCB and created a basis for inclusion in the community. The profound economic and monetary policy of Austria was also a reference that qualified the OeNB to actively participate in the monetary future of Europe, a greater harmonization of the statistical framework and monetary policy instruments with a view to the euro system, the preparation of the issue of European banknotes, and the establishment of operational processes and organizational integration of business processes within the ESCB being specific objectives of the OeNB.
In the following, it came, inter alia, to the establishement of an economic study department, of an education or training initiative and to strengthen the position of payment transactions through the TARGET system.
A in 1996 created "OeNB master plan" provided important points for the upcoming transition to the euro.
In May 1998, a new pension system came into force, by which new employees were incorporated into a two-pillar model.
1999, Austria's participation in the third stage of EMU was manifest. The Austrian National Bank - as part of the ESCB - became the owner of the European Central Bank and received new powers in this context in the sense of participation in the monetary policy decision-making at the level of the European Community. With the introduction of the euro, monetary policy functions of the General Council have been transferred to the Governing Council. However, the implementation remains the responsibility of national central banks.
Activities of the Oesterreichische Nationalbank were or are, for example, the further professionalization of asset management, the expansion of the network of representative offices by opening a representative office in the financial center of London, preparation of the smooth introduction of euro cash in 2002 and the participation of the OeNB on the creation of the "A-SIT" (Center for secure Information Technology Center - Austria) and the "A-Trust" (society of electronic security systems in traffic GmbH ) in order to promote security in information technology.
Simulations by Oak Ridge National Laboratory and Rensselaer Polytechnic Institute reveal the potential of graphene oxide frameworks, pictured in black, to remove contaminants such as salt ions, seen in blue and green, from water. Image credit: Adrien Nicolaï/RPI.
More info at www.ornl.gov/ornl/news/features/2014/e89b38c1-8cbd-4c32-a...
The Australian Flexible Framework team will no longer be sharing offices with the Teaching and Learning team at TAFE and are moving into head office in the city.
Secretary of State Antony J. Blinken delivers remarks and signs a U.S.-Japan Space Cooperation Framework Agreement with Japanese Prime Minister Fumio Kishida, Japanese Foreign Minister Yoshimasa Hayashi, NASA Administrator Bill Nelson, and U.S. Ambassador to Japan Rahm Emmanuel at NASA headquarters in Washington, D.C. on January 13, 2023. [State Department photo by Freddie Everett/ Public Domain]
Lab2014 students presented their final design explorations for Benjamin Bratton's Critical Frameworks section, "2 or 3 Things I Know About The Stack" at The California Institute for Telecommunications and Information Technology (Calit2) at UCSD. The group visited an immersive 3-D projection "CAVE", a 4K digital theater and the nanotech cleanrooms on campus, as well as The Salk Institute for Biological Studies.
Oesterreichische Nationalbank
Logo of the Austrian National Bank
Headquarters Vienna, Austria
Central Bank of Austria
Currency€
To ISO 4217 EUR
website
Previous Austro- Hungarian Bank
List of Central Banks
Oesterreichische Nationalbank, at Otto-Wagner -Platz No. 3, Vienna
The Austrian National Bank (OeNB), Austria's central bank as an integral part of the European System of Central Banks (ESCB) and the Eurosystem. It is instrumental in the design of the economic development in Austria and in the euro area. Legally, the OeNB is a public limited company.. However, it is also subject to further enshrined in the National Bank Act regulations resulting from its separate position as a central bank. In the framework of the Eurosystem, the OeNB contributes to a stability-oriented monetary policy. At the national level, it cares about the preservation of financial stability and the money supply and manage foreign exchange reserves to hedge against the euro in times of crisis. The guideline values in terms of the tasks of the Austrian National Bank are "security, stability and trust".
Contents
1 History
1.1 1816 to 1818
1.2 1818 to 1878
1.3 1878 to 1922
1.4 1922 to 1938
1.5 1938 to 1945
1.6 1945 to 1998
1.7 From 1999
2 The OeNB as a modern central bank
3 Legal form and organs
3.1 Legal framework
3.2 organs
3.2.1 General
3.2.2 General
3.2.3 Board of Directors
4 Tasks
4.1 Monetary policy strategies and monetary policy decision-making process
4.1.1 Economic analysis
4.1.2 Production of statistical information
4.1.3 Contribute to international organizations
4.2 Implementation of monetary policy
4.2.1 use of monetary policy instruments
4.2.2 Reserve Management
4.2.3 Money Supply
4.3 Communication of monetary policy
4.4 ensure financial stability
4.4.1 Financial Stability
4.4.2 Payment System Stability and payments
5 The OeNB in the European System of National Banks
6 President / Governors
7 See also
8 Literature
9 links
10 Notes and references
History
1816-1818
As long as 50 years before the founding of the National Bank the Habsburgs carried out first experiments with securities in the form of paper money. Finally, in the 18th Century the issue of banknotes transferred to a state independent institution, while the issue of paper money called "Banco notes," founded in 1705 by the "Vienna City Bank" took place in 1762.
In wartime governance took back control of the money issue, so there was an inflation of Banco-Zettel 1796-1810. The state ordered the forced acceptance of paper money in private transport, which led to a fast-growing discount on bills in the market. 1799 was therefore one for 100 guilders paper money only 92 guilders in silver coins, and at the end of 1810 the value of the paper florin had fallen to 15 % of the nominal value of the Banco-Zettel. Later, the Habsburgs declared a devaluation of the Banco-Zettel in the ratio of 5:1. This act was considered by the business community as a sovereign default, which the paper money experienced a rapid devaluation.
At the end of the Napoleonic wars the Habsburg multinational state ( → Habsburg Monarchy) faced a new challenge: the restoration of a European balance. Church, the nobility, the army and the bureaucracy as elements in the Ancien Régime were not sufficient to solve this problem, a well -founded economic situation was needed. Moreover, one could not ignore readily the laws of supply and demand.
In this regard, were the first June 1816 by Emperor Francis I two patents issued (later to distinguish the "main patent" or "bank patent"), the "privileged Austrian National Bank", conceived as a public company, had to constitute itself as soon a possible, propose the emperor three of its directors for selection of the governor and take up their activity provisionally on 1 July 1816.
The National Bank had henceforth a monopoly on the issuance of paper money, which led to a slowdown in the Austrian monetary system and an increase in the value of paper money. The economy was again a solid source of money keeping constant the value of money regardless of the spending plans of the State. The equity of the Bank justified this by share issues.
Initially comprised the activities of the bank - under temporary management - the redemption of paper money and the issuance of shares. The full effectiveness attained the National Bank until after the issue of 1,000 shares and the associated possibility of shareholders to set the management themselves.
1818-1878
On 15 July 1817 recieved the National Bank as the "first Bankprivilegium" the exclusive right to unrestricted issue of banknotes and in this context a special position in terms of Rediskontgeschäfts (rediscount business). Beginning of 1818 the definitive bank management was ready. Part of it were among leading figures of Viennese society, including the banker Johann Heinrich von Geymüller and Bernard of Eskeles. From 1830 to 1837 the Office of the Governor was held by Adrian Nicholas Baron Barbier.
In the countries of the Habsburg Monarchy, which were characterized in large part by an agricultural oriented activity pattern, some regions showed a lively commercial-industrial growth. The goal now was to create a system of economic exchange between these areas. Successively established the National Bank branch network and thus guaranteed a uniform money and credit supply. From its headquarters in Vienna this network extended over early industrial areas and commercial centers in Eastern and Central Europe to the northern Mediterranean.
Trade bills and coins were preferred assets of the National Bank, less the supply of money to the state. With the exchange transactions, the National Bank supported the economic growth of the monarchy and secured at the same time the supply of silver coins in the event that the need for these increases in exchange for bank notes, contrary to expectations. 1818 was the National Bank, however, by increasing public debt, due to high spending in times of crisis, not spared to make an increase in the government debt positions on the asset side of its balance sheet.
The patent provisions of the founding of the National Bank not sufficiently secured against the autonomy of governance. At the center of the struggle for independence, this was the question of the extent to which the issue of banknotes must be made on the basis of government bonds. In 1841, a renewal of Bankprivilegiums got a weakening of the independence by pushing back the influence of the shareholders in favor of the state administration. During the revolution of 1848/49 followers of constitutional goals received great support from senior figures in the National Bank. For about a hundred years, the Austrian branch of the Rothschild bank (from which from 1855, the "Royal Privileged Austrian Credit-Institute for Commerce and Industry", the later Creditanstalt, was born) was playing a leading role in the banking center of Vienna. Salomon Mayer von Rothschild was involved during the pre-March in all major transactions of the National Bank for the rehabilitation of the state budget.
Special focus the National Bank was putting on the development of the premium that was payable at the exchange of banknotes into silver money in business dealings. The increase, which corresponded to a depreciation of the notes issued by the Bank should be prevented. From an overall state perspective, the increase of the silver premium means a deterioration in terms of the exchange ratio towards foreign countries, influencing the price competitiveness of the Austrian foreign trade adversely. The stabilization of the premium were set some limits. Although the height of the emission activitiy was depending on the Bank, but also the price of silver and the potential effects of increased government debt materially affected the silver premium. Especially the 1848 revolution and conflicts in the following years caused an increasement of the silver premium.
Mid-century, the private banking and wholesale houses were no longer able to cope with the rapidly growing financial intermediation of the Habsburg monarchy. New forms of capital formation were required. From an initiative of the House of Rothschild, the first by the government approved and private joint-stock bank was created. This formation was followed in 1863 and 1864 by two other joint-stock banks, whose major shareholders included important personalities of the aristocracy, who possessed large liquid funds. Overall, grew with these banks the money creation potential of the "financial center of Vienna".
The central bank faced another difficult task: with its limited resources it had to secure sufficient liquidity on the one hand and on the other hand prevent the inflationary expansion of the money supply. Through close contacts with the shareholders of Vienna was a financial center (informal) ballot, especially in times of crisis, easily dealt out. In contrast, it gave differences of opinion in the Fed Board, which required enforcement of decisions.
In 1861, Friedrich Schey Koromla became director of the National Bank. On 27 December 1862 experienced the Bankprivilegium another innovation. The independence of the National Bank of the State was restored and anchored. Furthermore, was introduced the direct allocation of banknotes in circulation by the system of "Peel'schen Bank Act", which states that the fixed budget of 200 million guilders exceeding circulation of banknotes must be covered by silver coins. In 1866, when the German war ended in defeat for Austria, the compliance of the system was no longer met. The state felt itself forced to pay compensation for breach of privilege. This balance was supported by a law of 1872, after the National Bank may issue notes up to a maximum of 200 million guilders and each additional payment must be fully backed by gold or silver.
1873 the economic boom of the Habsburg monarchy was represented in a long-lasting rise in the share price. A now to be expecting break could by the behavior of the Vienna Stock not be intercepted, so it came to the "Great Crash of 1873". The in 1872 fixed restrictions of the circulation of notes for a short time have been suspended. Contrary to expectations, the money supply in crisis peak but only outgrew by nearly 1% the prescribed limit in the bank acts. The banks and the industrial and commercial companies survived the crash without major losses, although the share prices significantly lay below the initial level.
The years with high growth were followed by a period of stagnation.
1878-1922
As part of the compensation negotiations between Austria and Hungary in 1867, the National Bank was able to exercise fully their Privilegialrechte, the Kingdom of Hungary but now had the certified right, every ten years exercisable, to found an own central bank (bank note). As resulted from the first 10 -year period that furthermore none of the two parts of the monarchy wanted to build an independent money-issuing bank (Zettelbank), was built on 28 June 1878, initially to 31 December 1887 limited, an Austro-Hungarian Bank, and equipped with the Fed privilege. The first privilege of the new bank was a compromise in which on the one hand, regulations on liability for national debts as well as regulations limiting the influence of the government on banking businesses were included. 1878 Gustav Leonhardt was Secretary of the Bank.
The General Assembly and the General Council formed the unit of the bank management. Two directorates and major institutions - in Vienna and Budapest - represented the dual nature of the bank. 1892-1900 followed a long discussion finally the currency conversion from guilders (silver currency) to the crown (gold standard) with "Gold Crown" said coins.
Since the new banknotes were very popular in the public, now many gold coins piled up in the vaults of the Austro-Hungarian Bank. This period was characterized by a balanced combination of price growth and damping, the "per capita national product" grew while prices remained mostly stable. Against this background, it was easy for the Fed to encourage a new wave of industrialization.
With a third privilege in 1899 conditions were established under which the bank could be put into the financial services of the two countries, on the other hand there have been important innovations that paved a good exchange policy. By 1914, the exchange ratio of the Austro-Hungarian currency was unchanged with only minor fluctuations. In contrast, was the by conflicts marked political development.
The expansive foreign policy quickly led to high costs from which had to be shouldered by the central bank a significant part. The stability of the currency was in danger. Shortly after the beginning of World War I in 1914, laid down the Military Command to indemnify any seized property with double the price. There was an increasing scarcity of goods, connected with an ongoing expansion of the money supply and finally the increase in the price level on the 16-fold.
The resulting cost of the war of the Dual Monarchy were covered to 40% on central bank loans and 60% through war bonds. Over the duration of the war, the power force built up in recent decades has been frozen at the end of the conflict in 1918, the real income of the workers had fallen to one-fifth of the last year of peace.
With the end of the war the end for the old order had come, too. The decay of Cisleithania and Transleithania caused in several successor states, despite the efforts of the central bank to maintain the order, a currency separation (see Crown Currency in the decay of the monarchy, successor states). First, a separate "Austrian management" of the bank was introduced. It was encouraged to shoulder the shortcomings of the state budget of the Republic of Austria founded in 1918.
The new South Slav state began in January 1919 stamping its crown banknotes. The newly founded Czechoslovak Republic retained the crown currency (to date), but their printed banknotes in circulation as of February 1919 with indications that now these ar Czechoslovak crowns. (The country could an inflation as experienced by Austria avoide.) In March 1919, German Austria began to stamp its crown banknotes.
The Treaty of Saint-Germain-en-Laye of 10 September 1919, by Austria on 25 October 1919 ratified and which on 16 July 1920 came into force, determined the cancellation and replacement of all crown banknotes of all successor states of Austria-Hungary as well as the complete liquidation of the Austro-Hungarian Bank under the supervision of the war winners. The last meetings of the Bank took place mid 1921 and at the end of 1922.
After a period of overvaluation of the crown the dollar rate rose from 1919 again. 1921, had to be paid over 5,000 Austrian crowns per dollar. In addition to the significant drop in the external value existed in Austria rising inflation. End of 1922 was ultimately a rehabilitation program with foreign assistance - the "Geneva Protocol" - passed which slowed down the inflation.
1922-1938
With Federal Law of 24 July 1922 the Minister of Finance was commissioned to build a central bank, which had to take over the entire note circulation plus current liabilities of the Austrian management of the Austro-Hungarian Bank. With Federal Law of 14 November 1922, certain provisions of the law were amended and promulgated the statutes of the Austrian National Bank. By order of the Federal Government Seipel I 29 December 1922, the Board of the Austrian Austro-Hungarian Bank issued authorization for the central bank union activity with 1 January 1923 have been declared extinct and was made known the commencement of operations of the Oesterreichische Nationalbank this day.
The statutes of the Austrian National Bank (OeNB) secured the independence from the state, the independence of the Bank under exclusion of external influences and the corresponding equity. First, the stabilization of the Austrian currency was at the forefront. With the Schilling Act of 20 December 1924 was the schilling currency (First Republic) with 1 Introduced in March 1925, it replaced the crown currency. For 10,000 crowns now you got a shilling.
As an important personality in terms of the order of the state budget, Dr. Victor Kienböck has to be mentioned. He was in the time from 1922 to 1924 and from 1926 to 1929 finance minister of the First Republic and from 1932 to 1938 President of the Austrian National Bank. Through his work remained the Austrian Schilling, also beyound the global economy crisis, stable. Under this condition, the Fed was able to cope with the large number of bank failures of the past.
1938-1945
According to the on 13th March issued Anschlussgesetz (annexation law) , the Reichsmark with order of the Fuehrer and Chancellor of 17 was March 1938 introduced in the country Austria and determines the course: A Reichsmark is equal to one shilling fifty pence. On the same day, the Chancellor ordered that the management of the to be liquidated National Bank was transferred to the Reichsbank.
With regulation of three ministers of the German Reich of 23 April 1938, the National Bank was established as a property of the Reichsbank and its banknotes the quality as legal tender by 25 April 1938 withdrawn; public funds had Schilling banknotes until 15th of may in 1938 to accept. All the gold and foreign exchange reserves were transferred to Berlin.
The Second World War weakened the Austrian economy to a great extent, the production force after the war corresponded to only 40% of that of 1937 (see also air raids on Austria). To finance the war, the Reichsbank brought to a high degree banknotes in circulation, which only a great victory of the kingdom (Reich) actual values would have been opposable. Since prices were strictly regulated, inflation virtually could be "banned" during the war.
1945-1998
In occupied postwar Austria about 10 billion shillings by Allied military occupying powers were initially printed, which contributed to significant price increases.
With the re-establishment of the Republic of Austria by the Austrian declaration of independence of 27 April 1945, it came to the resumption of activities of the Oesterreichische Nationalbank. By the "Fed Transition Act" of July 1945 preliminary legal regulations for the operations of the Bank have been established. The restoration of the Austrian currency was their first big job. The goal was the summary of all currencies, which at the time were in circulation, and their secondment to a new Austrian currency. The "Schilling Act" of November 1945, the basis for the re-introduction of the Schilling (Second Republic) as legal tender in Austria. The next step was to reduce excess liquidity to make necessary funds for new business investment available and to make the external value of the shilling for the development of the economy competitive. First, however, less changed the inflationary situation and also the shilling was still significantly undervalued in relation to other currencies.
The "Currency Protection Act" of 1947 brought a significant change in the monetary overhang. Some deposits have been deleted without replacement, others converted into claims against the Federal Treasury. The following exchange operations also significantly reduced the amount of cash: banknotes from 1945 were canceled and exchanged for new schilling notes in the ratio 1:3. Only 150 shillings per person could go 1-1.
To control inflation, the social partners came to the foreground. The associations of employers and employees set in 1947 prices for supplies, wages were also raised. This was the first of the five "wage-price agreements" of the social partners. In 1952, inflation was held back by limiting the use of monetary policy instruments by the National Bank. Also, the external sector slowly relaxed after the end of the Korean War.
In 1955, the Austrian National Bank was re-established by the new National Bank Act as a corporation and the by the National Bank Transition of Authorities Act (Nationalbank-Überleitungsgesetz) established provisional arragement abolished. The National Bank Act stipulated that each half of the capital should be situated at the federal government and private shareholders. In addition to the independence of bank loans of the state, the new National Bank Act also contained an order that the central bank must watch within their monetary and credit policies on the economic policies of the federal government. From now on also included within the instruments of the National Bank were the areas open market and minimum reserve policy.
The Austrian economy increasingly stabilized, through good fiscal and monetary policy a high growth could be attained, with low inflation and long-term maintenance of external equilibrium.
1960, Austria joined the European Free Trade Association and participated in the European integration.
In the sixties came the international monetary system based on gold-dollar convertibility into currency fluctuations and political reforms were necessary. First, the loosening of exchange rate adjustments between several states was an option. However, U.S. balance of payments problems brought with it restrictions on capital movements, and then the Euro-Dollar market was born. In 1971, the convertibility of the U.S. dollar was lifted.
1975 interrupted a recession increasing growth time. International unbalanced ayments caused very extensive foreign exchange movements, whereby the intervention force of Austrian monetary policy has been strongly challenged. Their task now was to control the effect of foreign exchange on domestic economic activities to stabilize the shilling in the context of constantly shifting exchange rates and to control the price rise appropriately. Since the inflow of foreign funds reached to high proportions, so that the economic stability has been compromised, the policy went the way of the independent course design in a pool of selected European currencies.
The collapse of the economy forced the policy makers to a new course with active mutual credit control, subdued wage growth, financial impulses in supply and demand, and interest rates are kept low. This system of regulation, however, kept back the need for structural change, so it had to be given up in 1979. In the same year a fire destroyed large parts of the main building of the Austrian National Bank in Vienna. The repairs lasted until 1985.
Target in the eighties was to strengthen the economic performance using a competitive power comparison. The findings from the seventies stimulated the Austrian monetary policy to align the Schilling course at the Deutsche Mark to ensure price stability in the country. In addition, the structural change was initiated by inclusion in a large area. Stable, if not necessarily comfortable environment of monetary policy was a prerequisite, to secure the companies long-term productivity gains and thus safeguard their position in the economy.
Initially, this development stood a high level of unemployment in the way. Growth until the second half of the decade increased, at the same time increased the competitiveness and current accounts could be kept in balance.
In the nineties, the annexation of Austria took place in the European Community. 1995 Austria became a member of the European Union (EU) and joined the exchange rate mechanism of the European Monetary System. In 1998, the Central Banks (ESCB) have established the independence of institutions or bodies of the European Community and the governments of the EU Member States through an amendment to the National Bank Act of the Austrian National Bank to implement the goals and tasks of the European System. Thus, the legal basis for the participation of Austria in the third stage of Economic and Monetary Union (EMU) was created in 1999.
As of 1999
The Austrian National Bank, and other national central banks including the European Central Bank ( ECB), belongs to the European System of Central Banks.
On 1 January 1999 was introduced in the third stage of Economic and Monetary Union in Austria and ten other EU Member States, the euro as a common currency. The European Central Bank is henceforth responsible for monetary and currency policy, decisions in this regard will be taken in accordance with the Council of the European Central Bank.
Since May 2010, the OeNB is in full possession of the Republic of Austria, after originally lobbies, banks and insurance companies were involved with 50 % of the share capital in it. In 2011, the National Bank Act was adapted by an amendment (Federal Law Gazette I No. 50 /2011) in this circumstance, a renewed privatization is thus excluded by law.
The OeNB as a modern central bank
With the withdrawal from the retail business in the sixties as well as the first major internationalization and implementation of a strategic management in the seventies, the OeNB went on the way to a future-oriented central bank. Another major reform of banking began at the end of the eighties.
In terms of global development, the OeNB established in 1988 as a service company and expanded its guiding values - "security, stability and trust" - to the principles of " fficiency" and "cost-consciousness". The business center was optimized and strategic business experienced through targeted improvements a reinforcement. Be mentioned as examples are intensifying domestic cooperation in the area of payments by encouraging the creation of the Society for the Study co-payments (STUZZA), the liberalization of capital movements, the professional management of foreign exchange reserves, the improvement of the supply of money through the construction of the money center and the internationalization of business activities through the establishment of representative offices in Brussels (European Union), Paris (OECD) and the financial center of New York.
After Austria's accession to the EU in 1995, the OeNB participated in the European Monetary System (EMS ) and its Exchange Rate Mechanism. The integration in the third stage of Economic and Monetary Union (EMU) was the next step towards further development of policy stability. Since the conclusion of the Maastricht Treaty, the Austrian National Bank has very fully considered its role in the ESCB and created a basis for inclusion in the community. The profound economic and monetary policy of Austria was also a reference that qualified the OeNB to actively participate in the monetary future of Europe, a greater harmonization of the statistical framework and monetary policy instruments with a view to the euro system, the preparation of the issue of European banknotes, and the establishment of operational processes and organizational integration of business processes within the ESCB being specific objectives of the OeNB.
In the following, it came, inter alia, to the establishement of an economic study department, of an education or training initiative and to strengthen the position of payment transactions through the TARGET system.
A in 1996 created "OeNB master plan" provided important points for the upcoming transition to the euro.
In May 1998, a new pension system came into force, by which new employees were incorporated into a two-pillar model.
1999, Austria's participation in the third stage of EMU was manifest. The Austrian National Bank - as part of the ESCB - became the owner of the European Central Bank and received new powers in this context in the sense of participation in the monetary policy decision-making at the level of the European Community. With the introduction of the euro, monetary policy functions of the General Council have been transferred to the Governing Council. However, the implementation remains the responsibility of national central banks.
Activities of the Oesterreichische Nationalbank were or are, for example, the further professionalization of asset management, the expansion of the network of representative offices by opening a representative office in the financial center of London, preparation of the smooth introduction of euro cash in 2002 and the participation of the OeNB on the creation of the "A-SIT" (Center for secure Information Technology Center - Austria) and the "A-Trust" (society of electronic security systems in traffic GmbH ) in order to promote security in information technology.
de.wikipedia.org/wiki/Oesterreichische_Nationalbank
This framework once was part of the longest aerial tramway in the United States at the time. It was constructed in 1889 and carried ore from the Blaine Shaft in Granite to the Bi-Metallic mill in Kirkville, Montana.
Otra forma de representar visualmente a Scrum.
Esta vez, en Medellín durante un curso oficial de la Scrum Alliance, by Kleer.
The UN Framework Convention on Climate Change (UNFCCC) held its 23rd Conference of the Parties (COP 23) from November 6-17, 2017 in Bonn, Germany. Led by the Presidency of Fiji, negotiators from nearly 200 countries convened to advance implementation of the Paris Agreement. WRI’s experts hosted or participated numerous events.
Photo credit: Rhys Gerholdt (WRI)
BEIRUT—A two-day international conference on “The Armenian Genocide and International Law,” organized by Haigazian University and the Armenian National Committee of the Middle East (ANC-ME), concluded on Sept. 4.
A scene from the conference.
The conference drew in 13 experts in genocide and international law from the U.S., Canada, Switzerland, Ireland, Armenia, Turkey, the United Arab Emirates, Egypt, and Lebanon, who joined more than 80 local political scientists, activists, sociologists, historians, religious leaders, educators, international correspondents, journalists, and students in addressing the consequences of the Armenian Genocide and promoting a fair perspective through international law.
It covered such topics as genocide denial and recognition, Turkish nationalism, and the politics of denial, as well as the economic aspect of the genocide and the issue of lands and assets. Within the framework of international law, the conference discussed the general topic of genocide and crimes against humanity, retribution, and the preservation of the Armenian cultural heritage.
More specifically, Dr. George Charaf (University of Lebanon) lectured on the problem of minorities and majorities, discussing the case of the Ottoman Empire. Dr. Ugur Ungor (University of Sheffield) talked about demographic engineering in the Ottoman Empire and the genocide. Dr. Mohammad Rifaat (University of Alexandria) discussed the Armenian Question according to Arab sources. Dr. William Schabas (National University of Ireland) discussed the problems and prospects of the genocide and international law, 60 years after the International Genocide Convention. Dr. Alfred De Zayas (Geneva School of Diplomacy and International Relations) elaborated on the issues of justice and international law regarding the genocide. Khatchig Mouradian (Ph.D. student, Clark University) lectured on the Armenians, Raphael Lemkin, and the UN Convention. Dr. Taner Akcam’s paper, entitled “Turkish Nationalism and the Armenian Genocide Issue in Turkey Today,” was presented in absentia. Dr. Ragip Zarakolu (vice president, Human Rights Association of Turkey) tackled the issue of genocide denial and law in Turkey.
Mouradian, Manoyan, Schabas, and De Zayas.
Mouradian, Manoyan, Schabas, and De Zayas.
In the same context, Dr. Seyhan Bayraktar (University of Zurich) covered the evolution of Armenian Genocide denial in the Turkish press. Bilgin Ayata (PhD. Candidate, John Hopkins University) discussed Kurdish-Armenian relations and the Armenian Genocide. Dr. Roger Smith (professor emeritus of government, College of William and Mary) lectured on professional ethics and the denial of the Armenian Genocide. Dr. Henry Theriault (Worcester State College) discussed restorative justice and alleviating the consequences of genocide. And finally, Dr. Richard Hovannisian (UCLA) covered the issue of universalizing the legacy of the Armenian Genocide.
The sessions were moderated by Dr. Arda Ekmekji, Dr. Naila Kaidbey, Giro Manoyan, Dr. Rania Masri, Dr. Joseph Bayeh, Dr. Ohannes Geukjian, Antranig Dakessian, and Dr. Haig Demoyan. Conference organizers have announced that the presentations will be published in a volume.
Rev. Dr. Paul Haidostian, the president of Haigazian University, said that such conferences keep the genocide issue alive and add to the increasingly growing international momentum toward recognition. “The topic of genocide, and this conference in particular, will hopefully open the door to further academic studies and research, activating deeper study in the economic, social, and legal aspects of inter-state relations,” he said.
“The Armenian Genocide is not simply an Armenian problem but essentially an international burden,” he added. “The victim carries a strong sense of ownership of pain, but human civilization cannot be considered as highly developed if it does not embrace a sense of advocacy for the victimized.”
Haidostian spoke about four key points. First, “that injustices of any nation against any other nation are part of the same human manifestation of evil that require joint and effective global action.” Second, “that this international conference convenes in a country, Lebanon, which continues to be a unique land of dialogue and culture despite the ever-present seeds of misunderstanding.” Third, giving the example of Haigazian University, and more specifically the name of Armenag Haigazian, a victim of the genocide, Haidostian emphasized that “our calling has been and continues to be standing up for new life not only for Armenians but especially for our Arab brothers and sisters, and really, all people of the world.” Finally, Haidostian explained that given the fact that the conference was being held at a university no academic community can be value-neutral. “A university may be a neutral medium of dialogue, but it is essentially a forum of passion for deeper knowledge, responsibility, and enlightenment.”
In her message, Vera Yacoubian, the executive director of the ANC-ME, spoke about the efforts of the ANC in highlighting the Armenian community’s role throughout the Middle East, its coexistence with surrounding Arab and Islamic communities, and its efforts in addressing the Armenian Cause.
Yacoubian expressed hope that the conference would provide a significant breakthrough in analyzing the Armenian Genocide, as it brought together a large group of specialists in the arena of genocide and international law.
Regarding Turkish-Armenian relations, Yacoubian noted, “We cannot ignore or disregard recent developments and address these pending issues without resolving past history between the two nations. Indeed, Turkish-Armenian relations carry the heavy burden of the Armenian Genocide and there is high level of doubt and mistrust regarding Turkish intentions.”
Yacoubian concluded by questioning Turkey’s responsibility towards acknowledging the Armenian Genocide and the future of the Armenian Cause.
Marios Garoyan, the president of the House of Representatives of Cyprus, gave the inaugural speech at the conference on Sept. 2. His presence as the guest speaker, he said, was driven by his country’s “commitment to international law, peace, security, and stability, but also the determination to continue to condemn, on every possible occasion, any infringement of international law by acts of genocide.”
“On the one hand, governments and parliaments should act together and closely cooperate in terms of assessing the progress made with regard to the implementation of the United Nations Convention on the Prevention and Punishment of the Crime of Genocide and identify measures to be taken at all levels,” he said. “On the other hand, it is the states that must cooperate for the prevention and punishment of those responsible for the crime of genocide.”
Garoyian questioned Turkey’s role as mediator, peacemaker, and peacekeeper in the wider Middle East, while Turkey continues to deny the truth of the crimes perpetrated by its Ottoman predecessors.
He noted that Cyprus has always stood by the Armenian people in their struggle for the recognition of the Armenian Genocide. In 1975, the Cyprus House of Representatives was one of the first parliaments in the world to adopt a resolution calling the atrocities inflicted upon the Armenians “genocide.” Garoyian added that Cyprus and its people have many more reasons to understand the injustice of the genocide due to “the implementation of Turkey’s policy of ethnic cleansing against Cyprus’ population during the 1974 invasion and the continuing occupation of 37 percent of Cyprus’ territory.”
Among the capacity audience were Minister Alain Tabourian, representing the Lebanese president, Michel Suleiman; parliament member Hagop Pakradouni, representing the parliament speaker, Nabih Berry; Minister Jean Oghasabian, representing the president of the Council of Ministers, Fouad Sanioura; parliament member Sebouh Kalpakian, representing the appointed president of the Council of Ministers, Saad Rafic Hariri; parliament member Shant Chinchinian; ambassadors of the United Kingdom, Cyprus, Uruguay, and the Czech Republic; the president of the Union of Armenian Evangelical Churches in the Near East, Rev. Megrdich Karagozian; the Prelate of the Armenian Apostolic Church of Lebanon, Bishop Kegham Khatcherian; the president of the Armenian Protestant community in Syria, Rev. Haroutune Selimian; representatives of embassies, Armenian and Lebanese political parties, and cultural associations; former members of parliament; ministers; religious leaders; and guests of the conference.
The inaugural session of the conference took place at the hall of the First Armenian Evangelical Church of Beirut. Public lectures by some of the participants of the conference took place during the first week of September.
www.aztagdaily.com copyright@Ashnag
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When it comes to defining Metallica, most people use James Hetfield as their guide. There's never any bullshit with James and there's never any shirking of duties. Example? When he threw his back out on the Summer Sanitarium 2000 tour, James ploughed his way through three weeks of intense physical therapy in four days, according to his physical therapist. And when the going got really tough, and James needed help in 2001, he sought it out, took it on and came back stronger than ever. It is precisely this sort of fierce, unbending dedication, devotion and spirit which has made James such an inspirational focal point through the years for millions of fans.
Ironically, the voice of Metallica (indeed, a defining voice of his rock'n'roll generation) very nearly wasn't a voice at all, simply because in the early days, James Hetfield didn't fancy being a lead vocalist. Metallica tried a few different vocal/guitar configurations. Some of the options considered included adding another
guitar player, having then-lead guitar player Dave Mustaine play the sole guitar and asking John Bush from Armored Saint to sing for the band. Of course common sense prevailed, James decided to fight harder to establish himself as a frontman and the results are, ahem, history
To trace the roots of Hetfield's unflinching dedication and determination, you have to go back to a childhood that was often tough but laid a foundation, which underscores James today. Born to a truck driver and light opera singer on August 3rd, 1963, in Los Angeles, his family's Christian Science religious beliefs played a large part in the young Hetfield's life, and subsequently form a central point for many of Metallica's lyrics. He was 9 years old when he first took piano lessons before taking on brother David's drums and finally picking up a guitar in his pre-teens.
With the likes of Black Sabbath, Led Zeppelin and Thin Lizzy providing inspiration, James quickly set about the task of becoming a rock star in his first band, Obsession. Made up of the Veloz brothers on bass and drums, with Jim Arnold on guitar, plenty of time was spent in the Veloz's garage jamming with Ron McGoveny and Dave Marrs acting as roadies. McGovney subsequently stepped in alongside Marrs and Hetfield when the Veloz brothers incarnation ended.
After moving to Brea, California, James attended Brea Olinda High School and met up with drummer Jim Mulligan. The two jammed at lunch time scaring fellow guitarists with their loud and heavy sounds before a guy called Hugh Tanner was seen carrying around part of a flying V guitar at school. Phantom Lord was born with Hugh on guitar, Mulligan on drums and James singing plus playing guitar. The group went through a few bass players until graduation when James moved back to Downey.
Back in Downey, James moved into a house owned by Ron McGovney's parents that was slated for demolition due to an expressway expansion. It was the perfect place for James and Ron to crash, rehearse and jam. James talked Ron into taking up bass, Phantom Lord was no more and the third band under Hetfield's leadership.
Leather Charm, was born. The only difference between Charm and Lord, was James singing without guitar and Ron playing bass guitar, Hugh Tanner and Jim Mulligan retaining their former 'Lord positions. Leather Charm was a largely hard rock combo, playing some originals and covers such as Iron Maiden's 'Remember Tomorrow' amongst others. The band managed to perform at a few parties and recorded a demo, but then began to fall apart.
First Tanner left the band (replaced by Troy James), then Mulligan left for a more progressive, Rush-like band. And with no drummer, the band was forced to call it quits. Although it was Mulligan's departure that led to James searching for a new drummer, we can safely say that Hugh Tanner was responsible for the catalytic moment which would change the course of James Hetfield's life and out him on the path to achieving his childhood ambition. How? Simple...Tanner introduced James to Lars Ulrich. The rest, as you'll read elsewhere, is a long, illustrious (occasionally curious) and still-evolving history...
James is the main songwriter in Metallica, co-creating the framework and structure for most Metallimaterial. When he's not writing, singing or playing, James enjoys a variety of outdoor activities including hunting, snowboarding, water and jet-skiing, sketching, annoying neighbors with guns and loud pipes on his chopper "The Saga", watching his favorite Oakland Raiders and going to hot-rod shows. He also collects older guitars (particularly those from 1963) and enjoys working on old cars. Amongst his favorites are a '55 Chevy BelAir (which he helped built and restore himself), and 'The Beast', a fearsome all-terrain 4-wheel drive Blazer that is designed to survive everything from earthquakes to nuclear holocausts. Aside from these pursuits, James is often happiest spending time with his wife Francesca and three children, Cali, Castor, and Marcella.
andyarthur.org/central-leatherstocking/chenango-county-2/...
Berry Hill Firetower on Friday Apr 5, 2013.
Copyright (c)2013 Andy Arthur. Creative Commons License.
The Australian Flexible Framework team will no longer be sharing offices with the Teaching and Learning team at TAFE and are moving into head office in the city.
Fit for purpose? Or beyond repair? Europe’s border management framework has developed a lot over the past decade with the creation of the Schengen Information System, the Visa Information System and the border agency Frontex. Yet, all these instruments already seem overwhelmed by the rapid influx of immigrants and refugees and by the ever present threat of terrorism.
The Euranet Plus and SKAI panels asked if it’s the fault of the EU border member states, such as Greece, Hungary, Italy, that the influx of refugees was so huge; or it is the fault of broader EU failings? The panels also considered whether the EU should accelerate negotiations with states such as Turkey, FYROM and Serbia, in order to convince them to do more to stop the refugees?
The English and Greek language sections asked if Frontex’ tasks of budget, organisation ad regulation are sufficient to get the job done? And, what should the role of Frontex be in Eurosur, the information-exchange framework designed to improve the management of Europe’s external borders? Is a real European system of border guards needed?
The debate was jointly produced by Euranet Plus and Skaï Radio, Greek member of the Euranet Plus network, and was hosted by Skaï Radio’s Stavros Samouilidis, in Greek and in English. A student from the Romanian campus radio station affiliated to Euranet Plus also joined the debate.
Get all the details and the video recording at
euranetplus-inside.eu/citizens-corner-debate-migration-ma...
Guests:
Dimitrios PAPADIMOULIS, MEP, Greece, European Parliament Vice-President, Confederal Group of the European United Left – Nordic Green Left, www, @papadimoulis
Eva KAILI, MEP, Greece, Group of the Progressive Alliance of Socialists and Democrats in the European Parliament, @EvaKaili
Miltiadis KYRKOS, MEP, Greece, Group of the Progressive Alliance of Socialists and Democrats in the European Parliament, Substitute of the Committee on Civil Liberties, Justice and Home Affairs, www, @miltos_kyrkos
Georgios KYRTSOS, MEP, Greece, Group of the European People’s Party (Christian Democrats), www, @GiorgosKyrtsos
Sofia SAKORAFA, MEP, Greece, Confederal Group of the European United Left – Nordic Green Left, Member of the Committee on Foreign Affairs, www, @SofiaSakorafa
Evangelia KEKELEKI, Greece, Member of the European Economic and Social Committee, Various Interests Group (Group III)
after a long time taking pictures and maybe edit some in photoshop (1%) i get bored of seeing them on the screen only.
i started get some prints and do individual frames in wood.
it is a great pleasure to work with wood instead of bits and bites...
Oesterreichische Nationalbank
Logo of the Austrian National Bank
Headquarters Vienna, Austria
Central Bank of Austria
Currency€
To ISO 4217 EUR
website
Previous Austro- Hungarian Bank
List of Central Banks
Oesterreichische Nationalbank, at Otto-Wagner -Platz No. 3, Vienna
The Austrian National Bank (OeNB), Austria's central bank as an integral part of the European System of Central Banks (ESCB) and the Eurosystem. It is instrumental in the design of the economic development in Austria and in the euro area. Legally, the OeNB is a public limited company.. However, it is also subject to further enshrined in the National Bank Act regulations resulting from its separate position as a central bank. In the framework of the Eurosystem, the OeNB contributes to a stability-oriented monetary policy. At the national level, it cares about the preservation of financial stability and the money supply and manage foreign exchange reserves to hedge against the euro in times of crisis. The guideline values in terms of the tasks of the Austrian National Bank are "security, stability and trust".
Contents
1 History
1.1 1816 to 1818
1.2 1818 to 1878
1.3 1878 to 1922
1.4 1922 to 1938
1.5 1938 to 1945
1.6 1945 to 1998
1.7 From 1999
2 The OeNB as a modern central bank
3 Legal form and organs
3.1 Legal framework
3.2 organs
3.2.1 General
3.2.2 General
3.2.3 Board of Directors
4 Tasks
4.1 Monetary policy strategies and monetary policy decision-making process
4.1.1 Economic analysis
4.1.2 Production of statistical information
4.1.3 Contribute to international organizations
4.2 Implementation of monetary policy
4.2.1 use of monetary policy instruments
4.2.2 Reserve Management
4.2.3 Money Supply
4.3 Communication of monetary policy
4.4 ensure financial stability
4.4.1 Financial Stability
4.4.2 Payment System Stability and payments
5 The OeNB in the European System of National Banks
6 President / Governors
7 See also
8 Literature
9 links
10 Notes and references
History
1816-1818
As long as 50 years before the founding of the National Bank the Habsburgs carried out first experiments with securities in the form of paper money. Finally, in the 18th Century the issue of banknotes transferred to a state independent institution, while the issue of paper money called "Banco notes," founded in 1705 by the "Vienna City Bank" took place in 1762.
In wartime governance took back control of the money issue, so there was an inflation of Banco-Zettel 1796-1810. The state ordered the forced acceptance of paper money in private transport, which led to a fast-growing discount on bills in the market. 1799 was therefore one for 100 guilders paper money only 92 guilders in silver coins, and at the end of 1810 the value of the paper florin had fallen to 15 % of the nominal value of the Banco-Zettel. Later, the Habsburgs declared a devaluation of the Banco-Zettel in the ratio of 5:1. This act was considered by the business community as a sovereign default, which the paper money experienced a rapid devaluation.
At the end of the Napoleonic wars the Habsburg multinational state ( → Habsburg Monarchy) faced a new challenge: the restoration of a European balance. Church, the nobility, the army and the bureaucracy as elements in the Ancien Régime were not sufficient to solve this problem, a well -founded economic situation was needed. Moreover, one could not ignore readily the laws of supply and demand.
In this regard, were the first June 1816 by Emperor Francis I two patents issued (later to distinguish the "main patent" or "bank patent"), the "privileged Austrian National Bank", conceived as a public company, had to constitute itself as soon a possible, propose the emperor three of its directors for selection of the governor and take up their activity provisionally on 1 July 1816.
The National Bank had henceforth a monopoly on the issuance of paper money, which led to a slowdown in the Austrian monetary system and an increase in the value of paper money. The economy was again a solid source of money keeping constant the value of money regardless of the spending plans of the State. The equity of the Bank justified this by share issues.
Initially comprised the activities of the bank - under temporary management - the redemption of paper money and the issuance of shares. The full effectiveness attained the National Bank until after the issue of 1,000 shares and the associated possibility of shareholders to set the management themselves.
1818-1878
On 15 July 1817 recieved the National Bank as the "first Bankprivilegium" the exclusive right to unrestricted issue of banknotes and in this context a special position in terms of Rediskontgeschäfts (rediscount business). Beginning of 1818 the definitive bank management was ready. Part of it were among leading figures of Viennese society, including the banker Johann Heinrich von Geymüller and Bernard of Eskeles. From 1830 to 1837 the Office of the Governor was held by Adrian Nicholas Baron Barbier.
In the countries of the Habsburg Monarchy, which were characterized in large part by an agricultural oriented activity pattern, some regions showed a lively commercial-industrial growth. The goal now was to create a system of economic exchange between these areas. Successively established the National Bank branch network and thus guaranteed a uniform money and credit supply. From its headquarters in Vienna this network extended over early industrial areas and commercial centers in Eastern and Central Europe to the northern Mediterranean.
Trade bills and coins were preferred assets of the National Bank, less the supply of money to the state. With the exchange transactions, the National Bank supported the economic growth of the monarchy and secured at the same time the supply of silver coins in the event that the need for these increases in exchange for bank notes, contrary to expectations. 1818 was the National Bank, however, by increasing public debt, due to high spending in times of crisis, not spared to make an increase in the government debt positions on the asset side of its balance sheet.
The patent provisions of the founding of the National Bank not sufficiently secured against the autonomy of governance. At the center of the struggle for independence, this was the question of the extent to which the issue of banknotes must be made on the basis of government bonds. In 1841, a renewal of Bankprivilegiums got a weakening of the independence by pushing back the influence of the shareholders in favor of the state administration. During the revolution of 1848/49 followers of constitutional goals received great support from senior figures in the National Bank. For about a hundred years, the Austrian branch of the Rothschild bank (from which from 1855, the "Royal Privileged Austrian Credit-Institute for Commerce and Industry", the later Creditanstalt, was born) was playing a leading role in the banking center of Vienna. Salomon Mayer von Rothschild was involved during the pre-March in all major transactions of the National Bank for the rehabilitation of the state budget.
Special focus the National Bank was putting on the development of the premium that was payable at the exchange of banknotes into silver money in business dealings. The increase, which corresponded to a depreciation of the notes issued by the Bank should be prevented. From an overall state perspective, the increase of the silver premium means a deterioration in terms of the exchange ratio towards foreign countries, influencing the price competitiveness of the Austrian foreign trade adversely. The stabilization of the premium were set some limits. Although the height of the emission activitiy was depending on the Bank, but also the price of silver and the potential effects of increased government debt materially affected the silver premium. Especially the 1848 revolution and conflicts in the following years caused an increasement of the silver premium.
Mid-century, the private banking and wholesale houses were no longer able to cope with the rapidly growing financial intermediation of the Habsburg monarchy. New forms of capital formation were required. From an initiative of the House of Rothschild, the first by the government approved and private joint-stock bank was created. This formation was followed in 1863 and 1864 by two other joint-stock banks, whose major shareholders included important personalities of the aristocracy, who possessed large liquid funds. Overall, grew with these banks the money creation potential of the "financial center of Vienna".
The central bank faced another difficult task: with its limited resources it had to secure sufficient liquidity on the one hand and on the other hand prevent the inflationary expansion of the money supply. Through close contacts with the shareholders of Vienna was a financial center (informal) ballot, especially in times of crisis, easily dealt out. In contrast, it gave differences of opinion in the Fed Board, which required enforcement of decisions.
In 1861, Friedrich Schey Koromla became director of the National Bank. On 27 December 1862 experienced the Bankprivilegium another innovation. The independence of the National Bank of the State was restored and anchored. Furthermore, was introduced the direct allocation of banknotes in circulation by the system of "Peel'schen Bank Act", which states that the fixed budget of 200 million guilders exceeding circulation of banknotes must be covered by silver coins. In 1866, when the German war ended in defeat for Austria, the compliance of the system was no longer met. The state felt itself forced to pay compensation for breach of privilege. This balance was supported by a law of 1872, after the National Bank may issue notes up to a maximum of 200 million guilders and each additional payment must be fully backed by gold or silver.
1873 the economic boom of the Habsburg monarchy was represented in a long-lasting rise in the share price. A now to be expecting break could by the behavior of the Vienna Stock not be intercepted, so it came to the "Great Crash of 1873". The in 1872 fixed restrictions of the circulation of notes for a short time have been suspended. Contrary to expectations, the money supply in crisis peak but only outgrew by nearly 1% the prescribed limit in the bank acts. The banks and the industrial and commercial companies survived the crash without major losses, although the share prices significantly lay below the initial level.
The years with high growth were followed by a period of stagnation.
1878-1922
As part of the compensation negotiations between Austria and Hungary in 1867, the National Bank was able to exercise fully their Privilegialrechte, the Kingdom of Hungary but now had the certified right, every ten years exercisable, to found an own central bank (bank note). As resulted from the first 10 -year period that furthermore none of the two parts of the monarchy wanted to build an independent money-issuing bank (Zettelbank), was built on 28 June 1878, initially to 31 December 1887 limited, an Austro-Hungarian Bank, and equipped with the Fed privilege. The first privilege of the new bank was a compromise in which on the one hand, regulations on liability for national debts as well as regulations limiting the influence of the government on banking businesses were included. 1878 Gustav Leonhardt was Secretary of the Bank.
The General Assembly and the General Council formed the unit of the bank management. Two directorates and major institutions - in Vienna and Budapest - represented the dual nature of the bank. 1892-1900 followed a long discussion finally the currency conversion from guilders (silver currency) to the crown (gold standard) with "Gold Crown" said coins.
Since the new banknotes were very popular in the public, now many gold coins piled up in the vaults of the Austro-Hungarian Bank. This period was characterized by a balanced combination of price growth and damping, the "per capita national product" grew while prices remained mostly stable. Against this background, it was easy for the Fed to encourage a new wave of industrialization.
With a third privilege in 1899 conditions were established under which the bank could be put into the financial services of the two countries, on the other hand there have been important innovations that paved a good exchange policy. By 1914, the exchange ratio of the Austro-Hungarian currency was unchanged with only minor fluctuations. In contrast, was the by conflicts marked political development.
The expansive foreign policy quickly led to high costs from which had to be shouldered by the central bank a significant part. The stability of the currency was in danger. Shortly after the beginning of World War I in 1914, laid down the Military Command to indemnify any seized property with double the price. There was an increasing scarcity of goods, connected with an ongoing expansion of the money supply and finally the increase in the price level on the 16-fold.
The resulting cost of the war of the Dual Monarchy were covered to 40% on central bank loans and 60% through war bonds. Over the duration of the war, the power force built up in recent decades has been frozen at the end of the conflict in 1918, the real income of the workers had fallen to one-fifth of the last year of peace.
With the end of the war the end for the old order had come, too. The decay of Cisleithania and Transleithania caused in several successor states, despite the efforts of the central bank to maintain the order, a currency separation (see Crown Currency in the decay of the monarchy, successor states). First, a separate "Austrian management" of the bank was introduced. It was encouraged to shoulder the shortcomings of the state budget of the Republic of Austria founded in 1918.
The new South Slav state began in January 1919 stamping its crown banknotes. The newly founded Czechoslovak Republic retained the crown currency (to date), but their printed banknotes in circulation as of February 1919 with indications that now these ar Czechoslovak crowns. (The country could an inflation as experienced by Austria avoide.) In March 1919, German Austria began to stamp its crown banknotes.
The Treaty of Saint-Germain-en-Laye of 10 September 1919, by Austria on 25 October 1919 ratified and which on 16 July 1920 came into force, determined the cancellation and replacement of all crown banknotes of all successor states of Austria-Hungary as well as the complete liquidation of the Austro-Hungarian Bank under the supervision of the war winners. The last meetings of the Bank took place mid 1921 and at the end of 1922.
After a period of overvaluation of the crown the dollar rate rose from 1919 again. 1921, had to be paid over 5,000 Austrian crowns per dollar. In addition to the significant drop in the external value existed in Austria rising inflation. End of 1922 was ultimately a rehabilitation program with foreign assistance - the "Geneva Protocol" - passed which slowed down the inflation.
1922-1938
With Federal Law of 24 July 1922 the Minister of Finance was commissioned to build a central bank, which had to take over the entire note circulation plus current liabilities of the Austrian management of the Austro-Hungarian Bank. With Federal Law of 14 November 1922, certain provisions of the law were amended and promulgated the statutes of the Austrian National Bank. By order of the Federal Government Seipel I 29 December 1922, the Board of the Austrian Austro-Hungarian Bank issued authorization for the central bank union activity with 1 January 1923 have been declared extinct and was made known the commencement of operations of the Oesterreichische Nationalbank this day.
The statutes of the Austrian National Bank (OeNB) secured the independence from the state, the independence of the Bank under exclusion of external influences and the corresponding equity. First, the stabilization of the Austrian currency was at the forefront. With the Schilling Act of 20 December 1924 was the schilling currency (First Republic) with 1 Introduced in March 1925, it replaced the crown currency. For 10,000 crowns now you got a shilling.
As an important personality in terms of the order of the state budget, Dr. Victor Kienböck has to be mentioned. He was in the time from 1922 to 1924 and from 1926 to 1929 finance minister of the First Republic and from 1932 to 1938 President of the Austrian National Bank. Through his work remained the Austrian Schilling, also beyound the global economy crisis, stable. Under this condition, the Fed was able to cope with the large number of bank failures of the past.
1938-1945
According to the on 13th March issued Anschlussgesetz (annexation law) , the Reichsmark with order of the Fuehrer and Chancellor of 17 was March 1938 introduced in the country Austria and determines the course: A Reichsmark is equal to one shilling fifty pence. On the same day, the Chancellor ordered that the management of the to be liquidated National Bank was transferred to the Reichsbank.
With regulation of three ministers of the German Reich of 23 April 1938, the National Bank was established as a property of the Reichsbank and its banknotes the quality as legal tender by 25 April 1938 withdrawn; public funds had Schilling banknotes until 15th of may in 1938 to accept. All the gold and foreign exchange reserves were transferred to Berlin.
The Second World War weakened the Austrian economy to a great extent, the production force after the war corresponded to only 40% of that of 1937 (see also air raids on Austria). To finance the war, the Reichsbank brought to a high degree banknotes in circulation, which only a great victory of the kingdom (Reich) actual values would have been opposable. Since prices were strictly regulated, inflation virtually could be "banned" during the war.
1945-1998
In occupied postwar Austria about 10 billion shillings by Allied military occupying powers were initially printed, which contributed to significant price increases.
With the re-establishment of the Republic of Austria by the Austrian declaration of independence of 27 April 1945, it came to the resumption of activities of the Oesterreichische Nationalbank. By the "Fed Transition Act" of July 1945 preliminary legal regulations for the operations of the Bank have been established. The restoration of the Austrian currency was their first big job. The goal was the summary of all currencies, which at the time were in circulation, and their secondment to a new Austrian currency. The "Schilling Act" of November 1945, the basis for the re-introduction of the Schilling (Second Republic) as legal tender in Austria. The next step was to reduce excess liquidity to make necessary funds for new business investment available and to make the external value of the shilling for the development of the economy competitive. First, however, less changed the inflationary situation and also the shilling was still significantly undervalued in relation to other currencies.
The "Currency Protection Act" of 1947 brought a significant change in the monetary overhang. Some deposits have been deleted without replacement, others converted into claims against the Federal Treasury. The following exchange operations also significantly reduced the amount of cash: banknotes from 1945 were canceled and exchanged for new schilling notes in the ratio 1:3. Only 150 shillings per person could go 1-1.
To control inflation, the social partners came to the foreground. The associations of employers and employees set in 1947 prices for supplies, wages were also raised. This was the first of the five "wage-price agreements" of the social partners. In 1952, inflation was held back by limiting the use of monetary policy instruments by the National Bank. Also, the external sector slowly relaxed after the end of the Korean War.
In 1955, the Austrian National Bank was re-established by the new National Bank Act as a corporation and the by the National Bank Transition of Authorities Act (Nationalbank-Überleitungsgesetz) established provisional arragement abolished. The National Bank Act stipulated that each half of the capital should be situated at the federal government and private shareholders. In addition to the independence of bank loans of the state, the new National Bank Act also contained an order that the central bank must watch within their monetary and credit policies on the economic policies of the federal government. From now on also included within the instruments of the National Bank were the areas open market and minimum reserve policy.
The Austrian economy increasingly stabilized, through good fiscal and monetary policy a high growth could be attained, with low inflation and long-term maintenance of external equilibrium.
1960, Austria joined the European Free Trade Association and participated in the European integration.
In the sixties came the international monetary system based on gold-dollar convertibility into currency fluctuations and political reforms were necessary. First, the loosening of exchange rate adjustments between several states was an option. However, U.S. balance of payments problems brought with it restrictions on capital movements, and then the Euro-Dollar market was born. In 1971, the convertibility of the U.S. dollar was lifted.
1975 interrupted a recession increasing growth time. International unbalanced ayments caused very extensive foreign exchange movements, whereby the intervention force of Austrian monetary policy has been strongly challenged. Their task now was to control the effect of foreign exchange on domestic economic activities to stabilize the shilling in the context of constantly shifting exchange rates and to control the price rise appropriately. Since the inflow of foreign funds reached to high proportions, so that the economic stability has been compromised, the policy went the way of the independent course design in a pool of selected European currencies.
The collapse of the economy forced the policy makers to a new course with active mutual credit control, subdued wage growth, financial impulses in supply and demand, and interest rates are kept low. This system of regulation, however, kept back the need for structural change, so it had to be given up in 1979. In the same year a fire destroyed large parts of the main building of the Austrian National Bank in Vienna. The repairs lasted until 1985.
Target in the eighties was to strengthen the economic performance using a competitive power comparison. The findings from the seventies stimulated the Austrian monetary policy to align the Schilling course at the Deutsche Mark to ensure price stability in the country. In addition, the structural change was initiated by inclusion in a large area. Stable, if not necessarily comfortable environment of monetary policy was a prerequisite, to secure the companies long-term productivity gains and thus safeguard their position in the economy.
Initially, this development stood a high level of unemployment in the way. Growth until the second half of the decade increased, at the same time increased the competitiveness and current accounts could be kept in balance.
In the nineties, the annexation of Austria took place in the European Community. 1995 Austria became a member of the European Union (EU) and joined the exchange rate mechanism of the European Monetary System. In 1998, the Central Banks (ESCB) have established the independence of institutions or bodies of the European Community and the governments of the EU Member States through an amendment to the National Bank Act of the Austrian National Bank to implement the goals and tasks of the European System. Thus, the legal basis for the participation of Austria in the third stage of Economic and Monetary Union (EMU) was created in 1999.
As of 1999
The Austrian National Bank, and other national central banks including the European Central Bank ( ECB), belongs to the European System of Central Banks.
On 1 January 1999 was introduced in the third stage of Economic and Monetary Union in Austria and ten other EU Member States, the euro as a common currency. The European Central Bank is henceforth responsible for monetary and currency policy, decisions in this regard will be taken in accordance with the Council of the European Central Bank.
Since May 2010, the OeNB is in full possession of the Republic of Austria, after originally lobbies, banks and insurance companies were involved with 50 % of the share capital in it. In 2011, the National Bank Act was adapted by an amendment (Federal Law Gazette I No. 50 /2011) in this circumstance, a renewed privatization is thus excluded by law.
The OeNB as a modern central bank
With the withdrawal from the retail business in the sixties as well as the first major internationalization and implementation of a strategic management in the seventies, the OeNB went on the way to a future-oriented central bank. Another major reform of banking began at the end of the eighties.
In terms of global development, the OeNB established in 1988 as a service company and expanded its guiding values - "security, stability and trust" - to the principles of " fficiency" and "cost-consciousness". The business center was optimized and strategic business experienced through targeted improvements a reinforcement. Be mentioned as examples are intensifying domestic cooperation in the area of payments by encouraging the creation of the Society for the Study co-payments (STUZZA), the liberalization of capital movements, the professional management of foreign exchange reserves, the improvement of the supply of money through the construction of the money center and the internationalization of business activities through the establishment of representative offices in Brussels (European Union), Paris (OECD) and the financial center of New York.
After Austria's accession to the EU in 1995, the OeNB participated in the European Monetary System (EMS ) and its Exchange Rate Mechanism. The integration in the third stage of Economic and Monetary Union (EMU) was the next step towards further development of policy stability. Since the conclusion of the Maastricht Treaty, the Austrian National Bank has very fully considered its role in the ESCB and created a basis for inclusion in the community. The profound economic and monetary policy of Austria was also a reference that qualified the OeNB to actively participate in the monetary future of Europe, a greater harmonization of the statistical framework and monetary policy instruments with a view to the euro system, the preparation of the issue of European banknotes, and the establishment of operational processes and organizational integration of business processes within the ESCB being specific objectives of the OeNB.
In the following, it came, inter alia, to the establishement of an economic study department, of an education or training initiative and to strengthen the position of payment transactions through the TARGET system.
A in 1996 created "OeNB master plan" provided important points for the upcoming transition to the euro.
In May 1998, a new pension system came into force, by which new employees were incorporated into a two-pillar model.
1999, Austria's participation in the third stage of EMU was manifest. The Austrian National Bank - as part of the ESCB - became the owner of the European Central Bank and received new powers in this context in the sense of participation in the monetary policy decision-making at the level of the European Community. With the introduction of the euro, monetary policy functions of the General Council have been transferred to the Governing Council. However, the implementation remains the responsibility of national central banks.
Activities of the Oesterreichische Nationalbank were or are, for example, the further professionalization of asset management, the expansion of the network of representative offices by opening a representative office in the financial center of London, preparation of the smooth introduction of euro cash in 2002 and the participation of the OeNB on the creation of the "A-SIT" (Center for secure Information Technology Center - Austria) and the "A-Trust" (society of electronic security systems in traffic GmbH ) in order to promote security in information technology.