Thanks to its proximity and its traditional ties to the CESEE region, Austria is in an excellent position to take advantage of this growth process. CESEE’s share in Austria’s total goods exports rose to 22% (2013) – with the euro area countries still accounting for half of all Austrian exports.
Conversely, Austrian banks’ high international exposure is concentrated with their CESEE subsidiaries despite a slight decline in the respective exposures due to reduced activities in countries like Hungary and Ukraine. While a tendency toward greater diversity is desirable, banks ought to promote a sustainable growth model in countries with adequate economic and legal conditions – in the spirit of the Vienna Initiative.