The requirement under the Treaty of Maastricht to harmonize the central bank statutes with the provisions of the Treaty by the time the ESCB is established therefore implied no major change in the OeNB’s role as a central bank. Nevertheless, two areas required adjustments, spelled out in a recently adopted amendment to the Oesterreichische Nationalbank Act.
In turn, manageable inflation has given us ample leeway to maintain low interest rates that support continued economic growth. We also implemented liquidity-enhancing measures to help relieve possible stresses in the financial system coming from the global downturn.