stability photos on Flickr

082818 SECVA Fort Snelling 3 by U.S. Department of Veterans Affairs

Secretary Wilkie Speaks at VSO Conventions, Tours VA Facilities

Customer service, stability and quality care for Veterans remain top priorities for Secretary Robert Wilkie at the Department of Veterans Affairs. He reinforced that pledge as incoming VA Secretary while visiting medical facilities and attended national Veteran engagements in three states last week. Secretary Wilkie served as keynote speaker at the American Legion’s 100th National Convention in Minneapolis, MN. He called members of the nation’s largest wartime Veterans service organization “powerful advocates” and said “let me thank you, thank the entire American Legion past and present for everything you have done to make this the last best hope of man on earth.”

In referring to his prime directive of customer service, Secretary Wilkie said “we have to talk to Veterans, we have to listen to Veterans, because every major advance and relief for those who have ‘borne the battle’ has come through the efforts of Veterans themselves, not waiting on the slow machine of government to move.” He also lauded the passing of the MISSION Act in making it easier for eligible Veterans of all eras to navigate the system and ensure they receive the best health care possible whether delivered in VA facilities or in the community.

While in Minnesota, the Secretary also visited with patients and was given an expansive tour and briefing by leadership at the Minneapolis VA Health Care System. The facility has an excellent reputation and is known worldwide for its strong research and academic services focused on Veterans. The facility is recognized for its overall performance and rated a 5-Star. Secretary Wilkie was particularly impressed with the advancements in prosthetic technology that is now available to Veterans there.

Secretary Wilkie was also welcomed at Fort Snelling National Cemetery which is listed on the National Register of Historic Places. The cemetery is the final resting place for Minneapolis area Veterans dating back to the Revolutionary War era with more than 225,000 interments.

The Secretary then headed to Dallas, TX to visit with Paralyzed Veterans of America (PVA) leadership and speak to hundreds of attendees at the PVA’s 8th annual Heath Care Summit & Expo. The Secretary reinforced his top priorities and his commitment to working hand in hand with health care professionals saying “as the Secretary of this department, I am the temporary custodian of the flame that first burned on Revolutionary fields in the 1700’s, it is a flame that you all carry and are trusted with and my pledge to you is to be part of your team.” He went on to say, “I am honored to serve with you and I thank you for carrying on the most noble mission in the federal government.”

Secretary Wilkie also engaged with Veterans and leadership at the VA North Texas Health Care System (VANTHCS) in Dallas. Topics of discussion included progress in suicide prevention and mental health awareness outreach, innovative surgical care procedures and modernization efforts. As VA’s second-largest health care system, VANTHCS is available to 600,000 Veterans that live in the northern Texas and southern Oklahoma region.

At the final stop in Cleveland, OH, the secretary served as a keynote speaker for the unveiling of a Gold Star Families Memorial Monument and Medal of Honor ribbon cutting ceremony alongside retired U.S. Marine Corps warrant officer and VA Veterans service representative Woody Williams. Williams received the Medal of Honor during the Battle of Iwo Jima in World War II. Secretary Wilkie also participated in several media interviews including Cleveland’s Morning News in which he told the host “the Gold Star Families…have given the most of all of us and they remind us every day why all of us sleep soundly at night.”

Photos Courtesy Dept. Veteran Affairs

EGA 2018 dia 25_0047 by Iscte - Instituto Universitário de Lisboa

Almost two years after the presentation of the EU Global Strategy and more than a year after Jean Claude Juncker’s white book on the future of Europe, the European Union still struggles with major challenges and threats that seem to undermine the stability of the security environment within its borders and in its neighbourhood. In the aftermath of Brexit and with the proximity of to the European Parliament elections in 2019, the third International Conference Europe as a Global Actor (Lisbon, May 24 & 25, 2018) will discuss the role the EU can play in the current global transformations, as well as the domestic and external obstacles it faces as a global actor.

The Center for International Studies of ISCTE-IUL organized the third edition of the International Conference “Europe as a global actor”, on 24 and 25 May.

The opening lecture was given by the Portuguese Minister of Foreign Affairs, Augusto Santos Silva, on May 24, at 09:30 am.

The Conference Program also included a debate on the state of the Union with the presence of Portuguese MEPs, panels and round-tables on the challenges of the Common Security and Defense Policy, the future of European security and defense, the EU’s relationship with other global players and the future of the European Union as a global player. In addition to the presence of several invited scholars, in plenary sessions moderated by Portuguese journalists, the program also included the presentation of communications by around 40 international researchers in this area of knowledge.

May 25th

10h00-12h00 | Roundtable III

Roundtable: State of the Union – Portuguese Members of the European Parliament (Aud. B203) – session in Portuguese

Moderator: Ricardo Alexandre (CEI-IUL; Journalist TSF)

Cláudia Monteiro de Aguiar (EPP)

Carlos Zorrinho (S&D)

António Marinho e Pinto (ALDE)

João Ferreira (GUE / NGL)

Pedro Mota Soares (CDS-PP) (tbc)

12h00 – 14h00 – Lunch Break

14h00 – 15h45 |Parallel Sessions III

Panel 7 – Economy, Energy and Geopolitics (Room C201)

Moderator: Timea Pal (CEI-IUL)

Simon Schlegel (ISG) & Allison Nathan Araujo de Miranda (ISCSP): “EU Global Strategy 2020-2030: the Revival of the Franco-German Consensus-Engine in face of the EU-Lusophone Trade Relations”

Paloma Diaz Topete (College of Europe): “In Varietate Concordia or Divide et Impera? The Security Implications of Chinese FDI in EU Member States”

Natallia Tsiareshchanka (College of Europe; University of Kent): “Nord Stream 2: when geopolitical and commercial interests are at stake”

Zuzanna Gulczyńska (Adam Mickiewicz University, College of Europe, University Lille 2): “The energy cooperation between the EU and Algeria – what legal future?”

Panel 8 – Soft & Normative Power (Room C302)

Moderator: Ana Mónica Fonseca (CEI-IUL)

Idalina Conde (ISCTE-IUL): “Tables as metaphors. Europe in the World and cultural diplomacy”

Andrea Perilli (College of Europe): “Erasmus student or EU ambassador? People-to-people contact in the European Neighbourhood policy: the cases of Georgia, Ukraine and Tunisia”

Osman Sabri Kiratli (Bogazici University): “When do Voters Choose to Delegate?: Europeans’ Attitudes on Multilateral Aid”

João Espada Rodrigues (CEI-IUL): “EU and Democracy Promotion”

Nezka Figelj (University of Trieste): “EU not only a payer but also a player in the Middle-East and North Africa (MENA)”

15h45 – 16h15 – Coffee Break

16h15 – 17h45 | Parallel Sessions IV

Panel 9 – EU and Crisis Management (Room C201)

Moderator: Diogo Lemos (CEI-IUL)

Csaba Toro (Karoli Gaspar University of the Reformed Church in Hungary): “External institutional partnerships as vehicles of implementation in pursuit of effective and adaptive EU contribution to international crisis management”

Inês Marques Ribeiro (CEI-IUL): “A critical discourse analysis of the normative justification of the EU’s crisis management actorness”

Pablo Arconada Ledesma (Universidad de Valladolid): “European Union’s Missions In Somalia: Ten Years Of Successes And Failures (2008-2018)”

Panel 10 – Political Parties, Populism, Euroscepticism (Room C301)

Moderator: Riccardo Marchi (CEI-IUL)

Ewa Szczepankiewicz-Rudzka (Jagiellonian University, Krakow): “From Consensus to Skepticism?: Attitudes of Polish Society towards European Integration”

Ana Mónica Fonseca (CEI-IUL): “The SPD in government: a party in crisis”

Pedro Ponte e Sousa (FCSH-UNL & IPRI): “Portuguese foreign relations with the United States in the age of Trump: aligning with the superpower or supporting a European global stance?”

Teona Lavrelashvili (European Commission, KU Leuven) & Alex Andrione-Moylan (KU Leuven): “The populist playbook in the Western Balkans: Case of Serbia and Montenegro”

18h00 – 20h00 | Roundtable IV

Closing Roundtable The Future of Transatlantic Relations (Aud. B203):

Moderator: Bárbara Reis (Público)

Sven Biscop (Egmont Royal Institute for Foreign Relations, Brussels)

Mike Haltzel (Center for Transatlantic Relations; Johns Hopkins University SAIS)

Carlos Gaspar (IPRI-NOVA)

Susana Pedro

200804-N-RU810-1026 by U.S. Pacific Fleet

1

200EAST CHINA SEA (Aug. 4, 2020) Sailors assigned to Helicopter Sea Combat Squadron (HSC) 25 conduct maintenance on an MH-60S Sea Hawk helicopter in the hangar bay of the forward-deployed amphibious assault ship USS America (LHA 6). America, flag ship of America Expeditionary Strike Group, is operating in the 7th Fleet area of responsibility to enhance interoperability with allies and partners as a ready response force to maintain security and stability in the Indo-Pacific region. (U.S. Navy photo by Mass Communication Specialist 3rd Class Vincent E. Zline)

01-2010 U.S. Army Africa discussions on peacekeeping with Burundian military by U.S. Army Southern European Task Force, Africa

www.usaraf.army.mil

U.S. Army Africa supports Burundi's peacekeeping efforts in Somalia

By Rick Scavetta, U.S. Army Africa

BUJUMBURA, Burundi – When U.S. Army Col. Steve Smith recently joined discussions with Burundian generals about how Burundi conducts peacekeeping efforts in Somalia, he was leading the way for U.S. Army Africa partnerships on the continent.

In mid-January, Smith led a team to work with Burundian officers on ways to enhance Burundi’s leadership capacity as their military prepares to deploy its next rotation of peacekeepers to Mogadishu. Smith, of the U.S. Army’s Peacekeeping and Stability Operations Institute and Lt. Col. Ronald Miller, an Africa expert from U.S. Army Africa headquarters, held discussions with senior Burundian military officers at the Ministry of Defense in Bujumbura.

“We discussed the U.S. military’s way of planning for operations at the brigade level, using what we call MDMP, the military decision making process,” Smith said. “We also talked about how U.S. Army officers run a brigade-level command post.”

Burundi and Uganda share peacekeeping duties under the African Union Mission in Somalia, an operation designed to stabilize Somalia’s security situation following decades of war and chaos. African peacekeepers in Somalia face daily challenges as they mentor Somalis in security operations and work to counter extremist groups like al-Shabaab.

The U.S. Army effort is part of a larger effort by the U.S. government to support Burundi in its peacekeeping efforts, said Brig. Gen. Cyprien Ndikuryio, chief of Burundi’s land forces. The U.S. has helped with training and equipment, followed by these senior leader discussions, he said.

“My colleagues and I are senior officers. One of them, or I, could be appointed to higher responsibilities in Somalia’s peacekeeping mission and use what we have learned,” Ndikuryio said.

Until now, Burundi’s military planned missions similar to the way Belgian and French militaries work. The Ugandan People’s Defense Force, Burundi’s partner in AMISOM, already employs a planning system that is similar to the U.S. military, Smith said.

“It’s incredibly important for Burundi, as they are working alongside other armies using the U.S.-based model, to promote interoperability and overall efficiency,” Smith said.

In 2006, Burundi ended its 12-year civil war. Since then, Burundi has made strides toward partnering with its East African neighbors and the United States.

In October 2009, Burundian troops took part in Natural Fire 10, a U.S. Army Africa-led humanitarian and civil assistance exercise held in Uganda. During that time, Maj. Gen. William B. Garrett III, commander of U.S. Army Africa, visited Bujumbura to watch Burundian troops undergoing training with the U.S. State Department-led African Contingency Operations Training and Assistance program.

Burundian senior leaders then asked U.S. Army Africa to help with a familiarization event on brigade-level peacekeeping operations. Leaders from PKSOI at Carlisle Barracks in Pennsylvania offered their expertise for the event.

“This effort in Burundi has been a great opportunity for the U.S. Army to engage with a partner nation’s land forces on the continent,” Smith said. “There’s a tremendous potential here, a great thirst for knowledge.”

Smith’s Burundi assignment also benefits PKSOI in their efforts, he said.

“I’m taking back with me a better understanding of U.S. Army Africa operations and what’s happening on the ground in Africa,” Smith said. “That knowledge will help PKSOI plan to support future missions.”

The talks came at a key time for the Burundian military, as they prepare to deploy a new rotation of peacekeepers to Somali.

“This support was very important and effective,” Ndikuryio said. “We appreciate this cooperation with U.S. Army Africa. We hope to interact with the command in the future.”

Cleared for public release.

Photos by Rick Scavetta, U.S. Army Africa

To learn more about U.S. Army Africa visit our official website at www.usaraf.army.mil

Official Twitter Feed: www.twitter.com/usarmyafrica

Official YouTube video channel: www.youtube.com/usarmyafrica

Labour Party Leader Eamon Gilmore, Deputy Leader Joan Burton and Labour TD John Lyons launched Labour's latest Stability Treaty poster today by William Murphy

The Labour Party in Ireland is a social-democratic political party. The Party was founded in 1912 in Clonmel, County Tipperary, by James Connolly, James Larkin and William X. O'Brien as the political wing of the Irish Trade Union Congress. Unlike the other main Irish political parties, Labour does not trace its origins to the original Sinn Féin. In the 2011 general election it gained 37 of the 166 seats in Dáil Éireann, almost double its total of 20 in the 2007 election, making it the second largest political party in the 31st Dáil. The Labour Party has served in government for a total of nineteen years, six times in coalition either with Fine Gael alone or with Fine Gael and other smaller parties, and once with Fianna Fáil, giving it the second-longest time in government of Irish parties, next to Fianna Fáil. As of 9 March 2011 it is the junior partner in a coalition with Fine Gael for the period of the 31st Dáil.

The current party leader is Eamon Gilmore, elected in October 2007 alongside Joan Burton as deputy leader. Gilmore is the current Tánaiste (deputy prime minister).

The Labour Party is a member of the Socialist International and the Party of European Socialists, whilst the party's MEPs sit in the European Parliament group of the Progressive Alliance of Socialists and Democrats. Through these bodies Labour is linked with the Social Democratic and Labour Party in Northern Ireland.

www.streetsofdublin.com

Orbell Street at junction with Fortune Street, Dalmore, 1926 by Dunedin City Council Archives

Stability works after slip. DCC Archives, Photo 82/2. Photographer: Pattillo

Wien, 9. Bezirk (very historical buildings of Vienna), die Österreichische Nationalbank, National Bank of Austria, el Banco Central de la República de Austria, la Banque Centrale de la République d'Autriche, la Banca Centrale della Repubblica d'Austria by alfred lex

Oesterreichische Nationalbank

Logo of the Austrian National Bank

Headquarters Vienna, Austria

Central Bank of Austria

Currency€

To ISO 4217 EUR

website

www.oenb.at/

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

Wien, 9. Bezirk (very historic buildings of Vienna), die Österreichische Nationalbank, National Bank of Austria, el Banco Central de la República de Austria, la Banque Centrale de la République d'Autriche, la Banca Centrale della Repubblica d'Austria by Alfred Lex

(Otto-Wagner-Platz)