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18. 05. 10. - 15:00

Mitterlehner relaxed about Euro crisis

People’s Party (ÖVP) Economy Minister Reinhold Mitterlehner has said he will "observe the Euro crisis in a relaxed manner for the next few weeks."

Speaking last night (Mon) Mitterlehner said the best Euro-dollar exchange rate would be "in the middle" since changes in it caused both "advantages and disadvantages" in that a stronger dollar made Austrian exports cheaper but imports more expensive.

He claimed that Austrian had weathered recession relatively well and it was now a matter of becoming more competitive, a process in which the country was "well underway."

Industry and retail-trade had coped with economic decline through such expedients as part-time work regimes and last year’s programme of bonuses for the junking of old cars, he added.

The minister called for more exports to new markets like India, China and the Middle and Near East and claimed "eco-innovations" would help increase economic growth.

Europe’s problem, he noted, was lack of enough growth, but it was also necessary to lower state debt and curb speculation. If savings plans worked, things would become quieter, if not, social tension would rise, he added.

He called proposals for "taxes on the rich" a bad idea.

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