National Bank of Austria - Annual Report 2003

The National Bank of Austria has published its Annual Report for the year ended 2003. In 2003 Austria slightly outperformed its main trading partners and the euro area as a whole, which was attributable, among other things, to the economic stimulus and location development packages launched by the federal government.

The global economic outlook brightened considerably in 2003, but euphoria is unwarranted. The U.S. twin deficit as well as sudden and sharp exchange rate movements corroborate the

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