Directorate General III

Slogan

Recognizing new trends in economic policies early enough! Elaborating adequately prepared documents for planning action!

Data and facts

• Head: Mag. Thomas Wieser
• 2 Sub-directorates
• 8 Divisions
• approximately 95 employees

The Directorate General for "Economic Policy and Financial Markets" is the central interface between Austrian, European and global economic and financial policies and is primarily responsible for preparing draft legislation on financial market and financial market supervision.

Economic policy instruments are developed on the basis of Austrian interests and against the background of international and national discussions.

International context and global links

In the area of economic policy the main issues are strongly determined by international requirements, in particular by the EU. The increasing economic interpenetration is mainly felt by intensified observation and analysis of domestic economic and structural policies by international organisations (International Monetary Fund, OECD, EU) and financial markets.

The incorporation of the Austrian financial market into an overall European market has also resulted in increased competition in banking, insurance, pension funds and securities trading enterprises. Therefore it is all the more necessary to establish a modern regulatory framework which is most effective in overall economic terms.

Increasing orientation towards international requirements necessitates more emphasis on a comprehensive approach with interaction between Directorates General and Ministries as regards the treatment and co-ordination of subjects and issues.

An important strategic task of Directorate General III is to recognize new trends early enough and elaborate adequately processed information and strategies in order to use or cope with such trends. These must be adequately and consistently communicated to the decision-makers and principals, but also to the relevant parties interested in economic policy.

Range of activities

• Establishing the general principles of economic policies and analyses for the policies of the Ministry of Finance in Austria and on an international level.
• Co-ordinating and ensuring coherent positions of the Ministry of Finance with regard to issues of European integration, enlargement of the EU and trade policy as well as efficiently implementing such positions in the inter-ministerial co-ordination process.
  
  
• Responsibility for the management of public investments in international financial institutions as well as subsidies within the framework of such institutions with the aim to co-ordinate multilateral and bilateral development co-operation, taking into account Austria’s economic interests in the most efficient way.
  
  
• Safeguarding the smooth functioning of the Austrian financial market and financial market supervision by adequate measures and representing Austrian interests on the international level in the most efficient way.
  
  
• Translating EU law into national law in a timely manner and safeguarding that national laws in the areas of banking, capital market and gaming supervision are in line with EU law. Draft legislation in all areas.
  
  
• Representing Austrian interests in international insurance law and defining the criteria and standards for state guarantees as well as efficient administration of hallmarking.
  
  
• Legislative measues and risk-oriented management with regard to export financing and international export policies and establishing a system of risk controlling.
  
  
• Legislative measures with regard to export promotion and export guarantees and optimal representation in national and international institutions on the basis of ecological considerations.

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