Schelling: Moody's confirms need for structural reforms in Austria No immediate effect on Austrian national finances – interest rates for funding the national budget continue to be at the best terms

“The rating published by the Moody's rating agency today shows clearly that structural reforms are needed in Austria and announcements alone bring no results”, according to Austrian Minister of Finance Hans Jörg Schelling. The revised rating has no immediate effect on Austria's national finances. The interest rates for funding the national budget remain very low and we do not expect any adverse effect on Austria's excellent access to the market.

The key points in the Moody's analysis were too slow a reduction in debt and weakening growth. The international rating agency considers the tax reform to be a step in the right direction and confirms, along with Austrian experts, its positive effects. “Austria, however, requires further growth stimulus. Confidence is the strongest currency for growth. Reforms cannot be an isolated project of the Minister of Finance”, stated Schelling, concluding with: “Countries like the Netherlands are showing us what to do. Economic momentum and growth increased when they implemented structural reforms in the past. I am therefore also confident we will get back our triple A rating, like the Netherlands, if we implement the proper reforms.”