Accession to the EU generated considerable net welfare effects; that is, the cost of offsetting measures was more than compensated by welfare gains. Solid economic growth, a sound labor market, stable prices, moderate unit labor costs and high price competitiveness, the consolidation of public finances, growing attractiveness for foreign investors, the traditional monetary stability, and social peace have significantly increased Austria’s international competitiveness.
The growing integration of different economic areas and the increasing mobility of the production factor capital have  BIS Review 22/2005  1  shifted the focus of the economic debate on questions of competitiveness and advantages of business locations. Austria’s attractiveness as a business location has substantially benefited from participation in the single market and in monetary union.