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Every morning farmers drop off milk collected from therir dairy cows at one of three collection centres for Ruth and Hirut Dairy in Cha Cha, Amhara, Ethiopia. When the milk has been collected it is run through the cream separator. Enzymes are added to the Skim milk, which is turned into cheese and transported in big blocks to founder and owner Hirut Yohannes's house in Addis Ababa. The cheese is cut into pieces and put in boiling water. It is then stirred and made to fill molds which are brined and made into provolone cheese. Hirut's cheeses (she also makes mozzarella) and her other dairy products including yoghurt and butter, are then purchased by hotels, restaurants, supermarkets and individuals in the capital where the market for dairy products is far greater than it is in rural Cha Cha.
Photo by Kelley Lynch
101 Oil Studies, No. 50
Objective: Capture value and gradation of a three-dimensional curve: primary color series; monochrome series; human skin tones series.
Painted in 5 sessions: 27 Dec 2024 to 7 Jan 2025
Pigments (Winsor & Newton Artists' oil colour unless noted otherwise): Ivory black, permalbra white (Weber), terra rosa, yellow ochre, Winsor yellow, cadmium lemon, cadmium yellow, cadmium orange, cadmium red. cobalt blue, indigo. Mediums: Gamsol, Oleogel.
Centurion OP DLX oil primed linen, 30.5 x 40.6 cm (12 x 16 inches)
As much an excerise as a study, this project put me to the test for painting values and gradations. The top row (excluding the leftmost sphere) took in the primary colors. The middle row is a monochrome series, and the bottom row is a skin-tone series. The top left sphere expresses value with color temperature—from searing cadmium lemon to frigid indigo.
A very light film of Oleogel appied to the brush helped along Gradation.
Flowers from my mom's garden, which she values so dearly.
Thought I'd go out and take macros of her flowers before summer ends.
Constructed in 1807.
"Society Hill is a historic neighborhood in Center City Philadelphia, with a population of 6,215 as of the 2010 United States Census. Settled in the early 1680s, Society Hill is one of the oldest residential neighborhoods in Philadelphia. After urban decay developed between the late 19th and early 20th centuries, an urban renewal program began in the 1950s, restoring the area and its many historic buildings. Society Hill has since become one of the most expensive neighborhoods with the highest average income and second-highest real estate values in Philadelphia. Society Hill's historic colonial architecture, along with planning and restoration efforts, led the American Planning Association to designate it, in 2008, as one of the great American neighborhoods and a good example of sustainable urban living.
The neighborhood hosts one of the largest concentrations of original 18th- and early 19th-century buildings in the United States. Society Hill is noted for its Franklin street lamps, brick sidewalks, cobblestone and Belgian block streets bordered by two- to four-story brick rowhouses in Federal and Georgian architecture, and public buildings in Greek Revival architecture such as the Merchants' Exchange Building and the Old Pine Street Church.
Philadelphia, often called Philly, is the largest city in the Commonwealth of Pennsylvania, the sixth-largest city in the U.S., the second-largest city in both the Northeast megalopolis and Mid-Atlantic regions after New York City, and the 68th-largest city in the world. Since 1854, the city has been coextensive with Philadelphia County, the most populous county in Pennsylvania and the urban core of the Delaware Valley, the nation's seventh-largest and world's 68th-largest metropolitan region, with 6.245 million residents as of 2020. The city's population as of the 2020 census was 1,603,797, and over 56 million people live within 250 mi (400 km) of Philadelphia.
Philadelphia was founded in 1682 by William Penn, an English Quaker. The city served as capital of the Pennsylvania Colony during the British colonial era and went on to play a historic and vital role as the central meeting place for the nation's founding fathers whose plans and actions in Philadelphia ultimately inspired the American Revolution and the nation's independence. Philadelphia hosted the First Continental Congress in 1774 following the Boston Tea Party, preserved the Liberty Bell, and hosted the Second Continental Congress during which the founders signed the Declaration of Independence, which historian Joseph Ellis has described as "the most potent and consequential words in American history". Once the Revolutionary War commenced, both the Battle of Germantown and the Siege of Fort Mifflin were fought within Philadelphia's city limits. The U.S. Constitution was later ratified in Philadelphia at the Philadelphia Convention of 1787. Philadelphia remained the nation's largest city until 1790, when it was surpassed by New York City, and served as the nation's first capital from May 10, 1775, until December 12, 1776, and on four subsequent occasions during and following the American Revolution, including from 1790 to 1800 while the new national capital of Washington, D.C. was under construction.
During the 19th and 20th centuries, Philadelphia emerged as a major national industrial center and railroad hub. The city’s blossoming industrial sector attracted European immigrants, predominantly from Germany and Ireland, the two largest reported ancestry groups in the city as of 2015. In the 20th century, immigrant waves from Italy and elsewhere in Southern Europe arrived. Following the end of the Civil War in 1865, Philadelphia became a leading destination for African Americans in the Great Migration. In the 20th century, Puerto Rican Americans moved to the city in large numbers. Between 1890 and 1950, Philadelphia's population doubled to 2.07 million. Philadelphia has since attracted immigrants from East and South Asia, Eastern Europe, and Latin America.
With 18 four-year universities and colleges, Philadelphia is one of the nation's leading centers for higher education and academic research. As of 2021, the Philadelphia metropolitan area was the nation's ninth-largest metropolitan economy with a gross metropolitan product (GMP) of US$479 billion. Philadelphia is the largest center of economic activity in Pennsylvania and the broader multi-state Delaware Valley region; the city is home to five Fortune 500 corporate headquarters as of 2022. The Philadelphia skyline, which includes several globally renowned commercial skyscrapers, is expanding, primarily with new residential high-rise condominiums. The city and the Delaware Valley are a biotechnology and venture capital hub; and the Philadelphia Stock Exchange, owned by NASDAQ, is the nation's oldest stock exchange and a global leader in options trading. 30th Street Station, the city's primary rail station, is the third-busiest Amtrak hub in the nation, and the city's multimodal transport and logistics infrastructure, including Philadelphia International Airport, the PhilaPort seaport, freight rail infrastructure, roadway traffic capacity, and warehouse storage space, are all expanding.
Philadelphia is a national cultural hub, hosting more outdoor sculptures and murals than any other American city. Fairmount Park, when combined with adjacent Wissahickon Valley Park in the same watershed, is 2,052 acres (830 ha), representing one of the nation's largest contiguous urban parks and the 45th largest urban park in the world. The city is known for its arts, culture, cuisine, and colonial and Revolution-era history; in 2016, it attracted 42 million domestic tourists who spent $6.8 billion, representing $11 billion in total economic impact to the city and surrounding Pennsylvania counties.
With five professional sports teams and a hugely loyal fan base, the city is often ranked as the nation's best city for professional sports fans. The city has a culturally and philanthropically active LGBTQ+ community. Philadelphia also has played an immensely influential historic and ongoing role in the development and evolution of American music, especially R&B, soul, and rock.
Philadelphia is a city of many firsts, including the nation's first library (1731), hospital (1751), medical school (1765), national capital (1774), university (by some accounts) (1779), stock exchange (1790), zoo (1874), and business school (1881). Philadelphia contains 67 National Historic Landmarks, including Independence Hall. From the city's 17th century founding through the present, Philadelphia has been the birthplace or home to an extensive number of prominent and influential Americans. In 2021, Time magazine named Philadelphia one of the world's greatest 100 places." - info from Wikipedia.
The fall of 2022 I did my 3rd major cycling tour. I began my adventure in Montreal, Canada and finished in Savannah, GA. This tour took me through the oldest parts of Quebec and the 13 original US states. During this adventure I cycled 7,126 km over the course of 2.5 months and took more than 68,000 photos. As with my previous tours, a major focus was to photograph historic architecture.
Now on Instagram.
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An exercise for practicing values or different shades of gray. This time the values are obtained by varying the pressure used in holding the pencils. Just two pencils are used (HB and 2B). The exercise is proposed by Brenda Hoddinott at www.drawspace.com.
Website:
www.museudooriente.pt/?lang=en
PORTUGUESE PRESENCE IN ASIA
english
The unifying concept underpinning this wide reaching exhibition was the
construction of an Oriental utopia by the Portuguese, from the 15th century right through to contemporary times based on trade, proselytism and the interchange of cultures. Given the boundaries to the collection theme allusive to the Portuguese presence in Asia, an enormous effort was therefore put into conceptualising and staging a narrative that would serve to maximise its unquestionable values and offset any shortcomings.
The visitor is welcomed into the central area on level 1 dedicated to Macau, a territory formerly under Portuguese administration and where the Fundação Oriente was founded in 1988. The large exhibition area is dominated by the four magnificent Chinese folding screens belonging to the collection. The oldest displays a Portuguese nau sailing the China Sea and flanked by another, essentially decorative in nature, bearing the coat of arms of the Gonçalves Zarco family and another inscribed with “do Coromandel”, with interesting Christian iconography echoing the school of painting founded by the Jesuits in Japan and that later spread to Macau. The fourth highly rare screen, displaying representations of the cities of Canton and Macau, is located next to the section dedicated to the iconography of the Cidade do Nome de Deus de Macau, with exhibits particularly focusing on the 17th and 18th centuries complemented by pieces from the 19th.
A granite statue, a crude depiction of a Dutchman, recalls the failed attempt to conquer Macau by Holland in 1622. This exhibition section also features a number of paintings and engravings from the period known as “China Trade” (18-19th centuries), both by Western and by Chinese artists.
A small set of designs and a charming painted miniature recall the extensive twenty seven year stay in Macau of the famous painter Georges Chinnery (1774-1852). This exponent of romantic Oriental landscapes left a sizeable legacy of urban, natural and human landscapes across the territory just as its final period of splendour as a key trading post between China and the West came to a close. On visits to Praia Grande or the sampans next to the A-Má Temple, the artist captured surprising instants of daily life dominated by the presence of the Chinese population going about their affairs against a backdrop influenced by a nostalgic European presence.
The role of Macau in international trade is extensively documented in the opposite section with highlights including the collection of porcelain bearing coats of arms laid out with the plates, dishes, terrines or jugs forming a dragon. Furthermore, there is a significant selection of examples of “China Trade” gouaches portraying the production and trade in tea and porcelain as well as Chinese fans so highly appreciated in the West.
Moving onto the eastern sector of level 1, leading onto the staircase, we encounter the following sections:
• And among remote people was founded/ A new kingdom held in great exaltation. Portuguese presence in Asia, in which, “guided” by the words of Camões in his epic Os Lusíadas in addition to those of Fernão Mendes Pinto in Peregrinação and based on a carefully selected range of objects (furniture, textiles, gold jewellery, painting and ivory pieces), complemented by maps and scale models, the establishment and expansion of the Portuguese Empire in the Orient is set out. Centred around Goa, this section features cities and strongholds, the social and cultural interchange resulting from the dialogue and confrontation between cultures and religions. Within this scope, of particular importance are an 18th century treatise written by a Goan on Hindu gentiles along with a set of watercolours making up an album portraying the traditional characters, professions and military authorities in India,
• The Far East, which testifies to the Portuguese discovery of the culture of the Middle Empire and the lucrative trade in luxury products that came about while also incorporating the role of the missionaries that would accompany the traders and soldiers and who first founded the Christian Church in China, as well as those martyred for their faith. The profitable interchange with Japan throughout the 16th and 17th centuries is brilliantly encapsulated by two folding screens and the Namban lacquered pieces, among the most significant pieces in the entire collection,
• The mother of pearl route: from the Holy Land to Oriental Asia, a collection made up of devotional pieces and “remembrances”, of small and medium size, destined either for export or the local Christian community with crucifixes and fixed crosses to the fore in a collection built up over decades by the sculptor Domingos Soares Branco and acquired by the Fundação Oriente.
With this section over, the visitor again returns to the central area of the Macau section and enters the western wing given over to the following:
• East Timor, peoples and cultures, a very rich collection that documents, through pieces related either to the daily reality and the genealogic traditions or to the sacred, the unity and diversity of the cultures presented in addition to the close ties these peoples held and still hold with Portugal. The seed remover and the bench are located in the daily world of working instruments while the bracelets, necklaces, insignias of power or circumcision knives project us into the worlds of ceremony and ritual and developed through the various types of mask present. The various types of cloth woven by Timorese women illustrate the genealogical traditions within community while the decorative doors and panels of homes or votive statues takes us into the microcosm of Timorese homes with their succession of storeys — from ground level, home to animals and lesser spirits, up to the quarters of the living before rising to the area given over to the worship of ancestors.
• Collecting the Art of East Asia contains a collection of terracotta and other antique Chinese, Japanese and Korean pieces acquired by the Fundação Oriente complemented by loans from Machado de Castro National Museum in Coimbra, enriched by the bequests of the poet Camilo Pessanha and the politician and writer Manuel Teixeira Gomes.
Given the extent of the Chinese ceramics collection, covering the most diverse period and techniques, the exhibition documents the typological evolution of funereal terracotta works, with examples dating back to the Neolithic period and running through to the Ming dynasty, as well as ceramics and porcelain both for practical daily purposes and pieces made for export.
The display further contains a small but significant set of bronzes in the majority deriving from the Camilo Pessanha Collection, some of them highly rare either due to their age or their artistic quality. A set of images, of various origins, and paintings in the Pessanha Collection provide a point of reference to the most erudite of Buddhist and Taoist artistic expression.
Courtesy of the painting and costumes in the Pessanha Collection, it is possible to evoke the office and artistic tastes of a 19th century Chinese man of letters with all his “cherished items”, libation recipients, screens and folding screens, objects of devotion and the roles and albums of traditional Chinese painting and calligraphy in addition to their respective means of execution.
From the notable collection of Chinese snuff flasks built up by Manuel Teixeira Gomes, the second largest in Europe, there is a representative selection of existing different types. The same level is reached with the Japanese collection of the same type: inrô (small and portable personal containers), netzuke (to close the inrô and mask shaped mostly with depictions of the leading characters from Nô Theatre) and tsuba (sword hand guards), covering a broad chronological period and which in the case of Japan are complemented by three monumental sets of armour and other ceramics, bronzes, painting and furniture.
Concluding this section, there is a display of Korean pieces: a lacquered wooden box set with mother of pearl incrustations and an interesting set of watercolours from the late 19th century by the Korean artist Kim Jun-geun, known by his artistic name of Kisan, depicting the clothing, costumes and festivals of Korea and produced for European and American markets.
português
O conceito gerador deste grande módulo expositivo foi a construção de uma utopia oriental pelos Portugueses, desde o século XV até aos nossos dias, baseada no comércio, na missionação e no encontro de culturas. Dados os referidos condicionalismos da colecção alusiva à presença portuguesa na Ásia, houve que fazer um enorme esforço de conceptualização e de encenação narrativa para de algum modo potenciar os seus indiscutíveis valores e minorar as suas fraquezas.
O visitante é acolhido no espaço central do piso 1, que é dedicado a Macau, território outrora sob administração portuguesa onde foi fundada a Fundação Oriente, em 1988. Este amplo espaço é dominado pela exposição de quatro magníficos biombos chineses da colecção: o mais antigo representa uma nau portuguesa nos mares da China e encontra-se ladeado por outros dois, um de carácter essencialmente decorativo, decorado com as armas da família Gonçalves Zarco, e um outro, dito “do Coromandel”, com interessante iconografia cristã, eco da escola de pintura criada no Japão pelos Jesuítas, que mais tarde se estenderia a Macau. O quarto biombo, raríssimo exemplar decorado com as representações das cidades de Cantão e de Macau, encontra-se junto à secção dedicada à iconografia da Cidade do Nome de Deus de Macau, com exemplares que remontam aos séculos XVII e XVIII e se estendem pelo século XIX.
Uma estátua em granito, representando toscamente um holandês, evoca a tentativa frustrada de conquista de Macau pelos Holandeses, em 1622. Neste módulo expositivo destacam-se ainda várias pinturas e gravuras do chamado período “China Trade” (séculos XVIII-XIX), tanto de autores ocidentais como de autores chineses.
Um pequeno conjunto de desenhos e uma encantadora pinturinha lembram a prolongada presença de vinte e sete anos em Macau do famoso pintor britânico Georges Chinnery (1774-1852), expoente do paisagismo romântico no Oriente, que deixou um notável registo das paisagens urbana, natural e humana do território no derradeiro período do seu esplendor como entreposto entre a China e o Ocidente. Nas vistas da Praia Grande ou das sampanas junto ao Templo de A-Má surpreendem-se instantâneos do quotidiano que envolvem dominantemente a presença da população chinesa nas suas tarefas, em cenários marcados por uma nostálgica presença europeia.
O papel de Macau no comércio internacional está extensivamente documentado na secção oposta, salientando-se a colecção de porcelana brasonada, formando, na disposição de pratos, travessas, terrinas ou jarras, um dragão. Contudo, não deixam de ser significativas as séries de gouaches “China Trade” que representam o fabrico e o comércio do chá e da porcelana, assim como os leques chineses, muito apreciados no Ocidente.
Passando ao sector nascente do piso 1, fronteiro ao acesso por escada, sucedem-se os seguintes módulos:
• E entre gente remota edificaram/Novo reino que tanto sublimaram. Presença portuguesa na Ásia, em que, “guiados” pelas palavras de Camões n’ Os Lusíadas mas também pelas de Fernão Mendes Pinto na Peregrinação, se procura documentar, a partir de uma criteriosa selecção de objectos (mobiliário, têxteis, ourivesaria, pintura e marfins), complementada por mapas e maquetas, o estabelecimento e a construção do Império Português do Oriente, centrado em Goa, com as suas cidades e praças-fortes, as suas sociedade e cultura miscigenadas, em que se deu o diálogo e o confronto entre culturas e religiões. Neste particular destacam-se um exemplar setecentista de um tratado escrito por um goês sobre o gentilismo hindu, assim como as aguarelas de um álbum que representa tipos populares, profissões e autoridades militares da Índia;
• Ásia Extrema, em que se evidencia a descoberta, pelos Portugueses, da cultura do Império do Meio e do lucrativo comércio de produtos de luxo que com ele poderiam realizar, não esquecendo o papel dos missionários que acompanhavam os comerciantes e os soldados e deram início à Igreja Católica na China, inclusive os que sofreram o martírio pela Fé. O frutuoso encontro com o Japão nos séculos XVI e XVII é brilhantemente ilustrado por dois biombos e por lacas namban que estão entre as mais relevantes peças de toda a colecção;
Findo este sector, o visitante atravessa, de novo, o espaço central dedicado a Macau e entra no sector poente, em que se desenvolvem outros dois módulos:
• Timor-Leste, povos e culturas, colecção muito rica que documenta, através de peças relacionadas quer com as vivências quotidianas e as tradições linhagísticas quer com o sagrado, a unidade e a diversidade das culturas em presença, assim como os estreitos laços que esses povos souberam manter com Portugal. O descaroçador e o banco situam-nos no mundo quotidiano dos instrumentos de trabalho, enquanto as pulseiras, os colares, as insígnias de poder ou as facas de circuncisão nos projectam no universo cerimonial e ritual, tal como acontece com as diversas máscaras presentes. Os vários tipos de panos tecidos pelas mulheres timorenses ilustram os patrimónios linhagísticos das comunidades, enquanto as portas e os painéis decorativos das casas ou a estatuária votiva nos projectam no microcosmo da casa timorense com a sua sucessão de andares — do nível térreo, morada dos animais e dos espíritos inferiores, passando pela residência dos vivos, até ao lugar de culto dos antepassados.
• O coleccionismo de arte do Extremo Oriente, constituído pela colecção de terracotas e de outras antiguidades chinesas, japonesas e coreanas que foi adquirida pela Fundação Oriente, a que se acrescentaram os acervos em depósito provenientes do Museu Nacional de Machado de Castro, em Coimbra, em que se destacam os legados do poeta Camilo Pessanha e do político e escritor Manuel Teixeira Gomes.
Atendendo ao elevado número de exemplares de cerâmica chinesa dos mais diversos períodos e técnicas, é possível documentar a evolução tipológica das terracotas funerárias, com exemplares que remontam ao Neolítico e se estendem até à dinastia Ming, assim como da cerâmica e da porcelana de uso quotidiano, nela incluindo alguma de exportação.
Expõe-se também um pequeno mas significativo conjunto de bronzes provenientes, na sua maioria, da Colecção Camilo Pessanha, alguns deles de grande raridade pela sua antiguidade e pela qualidade artística. Um grupo de imagens de vária proveniência e algumas pinturas da Colecção Pessanha permitem referenciar a expressão artística mais erudita do budismo e do taoísmo.
Graças à pintura e ao traje da Colecção Pessanha, evoca-se o ambiente do gabinete e o gosto artístico de um letrado chinês de oitocentos, com as “preciosidades”, as taças de libação, os ecrãs e os biombos, os objectos devocionais ou os rolos e álbuns de pintura tradicional chinesa e de caligrafia, bem como os respectivos apetrechos de execução.
Da notável colecção de frascos de rapé de fabrico chinês de Manuel Teixeira Gomes, a segunda maior da Europa, apresenta-se uma significativa selecção das diferentes tipologias que a constituem. O mesmo se passa com as peças japonesas da mesma proveniência: os inrô (pequenos contentores portáteis pessoais), as netzuke (fechos dos inrô em forma de máscara, com personagens, na sua maioria, do Teatro Nô) e as tsuba (guarda-mãos de espada), peças de cronologia alargada, a que se acrescentam, ainda no âmbito do Japão, as três monumentais armaduras e outros objectos de cerâmica, bronze, pintura e mobiliário.
Concluindo este módulo, expõem-se também peças coreanas: uma caixa em madeira lacada com incrustações de madrepérola e uma curiosa série de aguarelas de finais de oitocentos da autoria do pintor coreano Kim Jun-geun, conhecido pelo nome artístico de Kisan, sobre trajos, costumes e festas da Coreia, realizadas para o mercado europeu e americano.
_______________________________________________________-
english
The Museum of the Orient (Portuguese: Museu do Oriente) in Lisbon, Portugal celebrates the history of Portuguese exploration with a collection of Asian artifacts. The museum opened in May, 2008, and is located in a refurbished industrial building on the Alcântara waterfront. The collection includes Indonesian textiles, Japanese screens, antique snuff bottles, crucifixes made in Asia for Western export, and the Kwok On Collection of masks, costumes, and accessories.
português
O Museu do Oriente está instalado no edifício Pedro Álvares Cabral, antigos armazéns da Comissão Reguladora do Comércio do Bacalhau em Alcântara, Lisboa.
O museu reúne colecções que têm o Oriente como temática principal, nas vertentes histórica, religiosa, antropológica e artística.
A exposição permanente engloba 1400 peças alusivas à presença portuguesa na Ásia e 650 peças pertencentes à colecção Kwok On.
O museu é da responsabilidade da Fundação Oriente e foi inaugurado no dia 8 de Maio de 2008.
A actual directora é Maria Manuela d'Oliveira Martins.
Foi classificado como Monumento de interesse público (MIP) pelo IGESPAR em 15 de junho de 2010.
This picture best represents value since it shows the color of the top of the leaves first which is yellow and then it gradually turns into a darker orange color. I edited the levels to make the picture a little bit brighter and used a shutter speed of 1/ 100 and an aperature of F. 6.3.
Our “Factory and Farmers“ milk collection programme in Shuangcheng, north-east China provides farmers like Zhengjun Wang with proper manure storage facilities as well as biogas digesters to reduce effluents contaminating local water resources.
The Valley Fair Mall opened in 1955; supposedly as the first modern enclosed mall in the United States.
Originally, it was little more than a shopping center; with a handful of tenants "anchored" by W.T. Grant and a Krambo (later Kroger) food store. Most of these names were gone by the late 1970s, when the mall underwent a massive expansion and renovation that included the addition of a Kohl's department store/supermarket combo and Marcus cinema.
Due to competition from the newer Northland and Fox River malls and other myriad factors, Valley Fair began to slowly empty out in the 1980s and 1990s. After a brief stint as a "youth mall" under the ownership of Youth Futures (a "faith-based non-profit corporation"), the end came. All that's left now is the "Valley Value Cinema," the empty Kohl's building, and some piles of dirt.
One of the lessons learned in World War II was the value of radar in intercepting aircraft: Chain Home radar used during the Battle of Britain proved invaluable to the Royal Air Force in getting its fighters in the air to fend off Luftwaffe attacks. Ground radar, however, was generally limited to line-of-sight, thus the curvature of the Earth prevented long-range detection.
To put large ground radars aloft required a bigger aircraft, and in June 1949, the US Navy acquired two Lockheed L-749 Constellation airliners, adding an APS-45 height-finder radar above the fuselage and an APS-20 search radar below it. Despite the ungainly appearance of the aircraft, flight performance was not overly handicapped and the experiment was deemed a success. Initially designated PO-1W, the Navy changed the designation to WV-2 in 1952, as production aircraft were based on the larger, longer-ranged L-1049 Super Constellation; though it was officially named Warning Star by Lockheed, its crews used the phonetic alphabet to coin a more long-lasting nickname: Willy Victor. The usefulness of an airborne early warning aircraft was apparent to the USAF as well, and in 1953, it acquired WV-2s diverted from Navy production, designated EC-121D.
The initial purpose of both the WV-2s and EC-121s was to operate the “ocean barrier,” along the coasts of the United States, providing early warning of any Soviet attack from the sea or against Alaska or Hawaii. Typically up to five aircraft from either or both services would be on station at any given time, and EC-121s were forward deployed to Japan and Iceland as well. These aircraft were used extensively during the Cuban Missile Crisis of 1962, tracking Soviet ships approaching the blockade line, as well as monitoring Cuban air activity over the island itself. As satellites began to take over the early warning role, the barrier patrols were discontinued in 1965.
It would be in Vietnam that the AEW concept first proved itself. At the beginning of Operation Rolling Thunder in 1965, there were significant gaps in American radar coverage of North Vietnam, and 7th Air Force requested a detachment of EC-121Ds be deployed to Southeast Asia under Operation Big Eye. Orbiting over Laos, the EC-121s did provide some assistance to USAF strike crews, while US Navy WV-2s did the same over Tonkin Gulf; the first successful EC-121 controlled intercept took place in July 1965 and resulted in the downing of two MiG-17s.
However, as the EC-121 had been designed to detect targets over water, the mountains of North Vietnam provided plenty of hiding places for North Vietnamese MiG fighters, communications between fighters and controllers was poor, and the APS-70 height finder did not have the range from Laos to reach the vital “Pak Six” area over Hanoi, which limited Big Eye EC-121s primarily to raid warning. Moreover, the air conditioning system on the EC-121 had never been designed for a tropical environment, and eight-hour missions in a sweltering hot fuselage were distinctly uncomfortable.
Beginning in April 1967, USAF strike forces began noticing a distinct improvement in the EC-121s’ raid warning and interception coordination, as their callsign shifted to College Eye. Unbeknownst to most of the USAF, the EC-121s had been secretly fitted with QRC-248 sensors that homed in on the Identification Friend/Foe (IFF) signals sent out by North Vietnamese MiGs. College Eye EC-121s still could not give altitude, but they could instantly warn the force when MiGs were taking off and their general direction of attack.
During the pause between Rolling Thunder and Operation Linebacker in 1972, the USAF modified its EC-121Ds to EC-121T standard. Besides making the QRC-248 standard, it also fitted the Warning Stars with equipment codenamed Rivet Top and Rivet Gym: the former allowed the EC-121s to detect radar transponders used by MiGs even when their IFF was turned off, while the latter allowed Vietnamese-speaking personnel to listen in on radio traffic between the MiGs and their ground controllers.
Most of this equipment was highly secret: even more so was the EC-121s’ integration into Teaball, a coordinated ground-air detection system. Now with the callsign Disco, EC-121Ts could, in theory, provide instant detection, warning, and coordination for American fighters; Disco was, however, limited by its radar setup, the need to route information through the ground-based Teaball system, and the secretive nature of its equipment. Rarely was Disco able to give real-time warning. When the system worked, however, it was very effective. 25 MiG kills were done with College Eye/Disco assistance, while rescue coordination by EC-121s led to the recovery of 80 downed Americans. Despite 98,000 combat hours, no EC-121s were lost during the Vietnam War.
The limitations of the EC-121 and its increasing age (there were no losses over Vietnam, but accidents elsewhere cost both services no less than 31 aircraft) meant that, following the end of American involvement in Vietnam, a more advanced replacement was required: the US Navy had already begun with the introduction of the E-2 Hawkeye, while the USAF began experimenting with the EC-137D, which became the E-3 Sentry. The EC-121 was gradually withdrawn, with the last EC-121T of the USAF leaving Air Force Reserve units in 1979. 232 aircraft were built and 12 survive in museums, with two aircraft being restored to flyable condition.
This EC-121T is an aircraft of the 552nd Airborne Early Warning and Control Wing, based at McClellan AFB, California, and detached to the 553rd Reconnaissance Wing at Korat Royal Thai AFB, Thailand. It is painted in standard EC-121 colors of overall light gray, with both Tactical Air Command and Air Defense Command patches on the tail.
My students were using 10-longs and unit cubes to create numbers using a place value mat. This student created the number 15 using 1 ten and 5 ones (10 + 5 = 15)
Podium at the Values Voter Summit in Washington, DC.
Please attribute to Gage Skidmore if used elsewhere.
GMS East West Economic Corridor (EWEC) - Organic Vegetable Value Chains. Technician from the government is conducting a testing and evaluation of vegetables being grown by farmers.
Project Result: Two Thai Women and a Passion for Organic Food
Read more on:
Don't knock it 'til you try it. Any port in a storm I say. Along with Tesco value chocolate digestives, these babies have kept my cocoa cravings bubbling under during many a lean period. Nothing special, with a chocolate coating measured in microns, it nevertheless does the job with room to spare. If it were an aircraft, it would be the De Havilland Mosquito - quick, light and made of tasty balsa wood.
Continuing to create a sample board of value and key-stoning for my online workshop - to be filmed next month.
This picture has light from outside of the underneath path of the stairs and shadow as well because of how the stairs cover the sky.
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