And it has done so. Thus, the euro is a stable anchor for Europe and the international financial system. Ladies and gentlemen! Let me now turn very briefly to Austria’s experience with full integration in the European Union. Over the past decades, Austria has become one of the leading small open economies in Europe, ranking above average in terms of growth performance.
The slowdown in economic growth recorded in the mid-1990s (i.e. between 1993 and 1996) can be traced to the general economic development in the European Union as well as to the adjustment costs resulting from Austria's accession to the European Economic Area and to the EU.