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Vienna , 09 May 2012 Signing of new stability pact represents a major success Fekter: “Through our joint efforts, we have secured Austria’s future viability.”

The Agreement on the Austrian Stability Pact 2012 between the Austrian federal government, Länder and municipal authorities was signed today (9 May 2012) in Vienna. “We have now reached agreement with the Länder to secure the stability of our public finances in a lasting way,” Austrian Finance Minister Dr. Maria Fekter was pleased to note.

Clear signal on sustainable budget policies

The Stability Pact 2012 goes beyond implementing the package of reforms and the debt brake – it also implements the new EU rules on sustainable budget policies within Austria. “It was clear to me that everyone – the federal government, the Länder and the municipal authorities – would have to take part in a common austerity programme. Through constructive collaboration, we have managed to achieve this. The document we have signed today is a pact of historic dimensions”, the Finance Minister emphasised.

Stability pact ensures zero deficit by 2012

The primary aim of the new stability pact is to systematically pare down the deficit and thus achieve a balanced budget by 2016. “The new stability pact secures substantial consolidation measures at all levels of federal, regional and local government within Austria”, Dr. Fekter stated. In addition to securing a zero deficit by 2016, it was also important to the Finance Minister to ensure that the stability pact would continue in force for an unlimited term and to provide for appropriate sanctions in the event of a failure to adhere to deficit targets. “I am particularly pleased to see that our intense negotiations ultimately have borne fruit and we were able to achieve an outcome in which Austria emerges as the clear winner. We have demonstrated our intention to achieve savings and we are well on the way towards a balanced budget”, Finance Minister Dr. Fekter stated in closing.