Austria

Austria fixed its exchange rate to the DM from the mid-1970s and more tightly from the 1980s, although it entered the EU and the EMS only in 1995, and then EMU in 1999.

Years Targets and attainment Classification
1974-9 informal participation in Snake (with wider, 4.5%, margins) and then in EMS, with particularly close relation to DM from July 1976; exchange rate as ‘cornerstone’ of monetary policy, whose instruments included bank lending controls, refinancing, OMOs and increasingly interest rates loose exchange rate targeting LERT
1980-98 informal association till 1994 with EMS, with constant very-narrow-margin hard peg to DM; from 1995 formal member of EMS, continued very-narrow-margin hard peg to DM; monetary policy subordinate to exchange rate policy but operated via indirect instruments, primarily interest rates full exchange rate targeting FERT
1999-2014 membership of European Monetary Union currency union CU

Selected IMF references: RED 1977 pp61-2; RED 1979 pp43-4, 61-2; SR 1979 pp5-6; RED 1982 pp25-7, 38-9; RED 1985 pp23-4; EDI 1993 pp13-14; EDI 1995 pp40-41; SR 1995 pp13-14.

Additional source: Houben (2000, especially pp197-8, 298-9).

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