The changeover to EU law and the intense cooperation and communication with EU institutions, together with the process of gradually getting used to the rules of the new and stiffer competition of a single market, have triggered extensive reforms, which have been in the genuine interest of Austria.
On the SARB’s mandate, independence and ownership The issue of the SARB’s mandate, as I have said earlier, is a topic that often raises emotions, partly because some people do not fully appreciate what the central bank can and cannot do, what the role of its private shareholders is, and how its accountability is ensured.