Hannes Richter

Austria’s EU Membership

Hannes Richter

According to accounts by an expert of the Austrian National Bank, each and every Austrian citizen has made a profit of anywhere between 700 to 5,000 Euros from Austria’s EU membership. In contrast to Switzerland, which is not a member of the EU, Austria has attained a 25.3 percent higher economic growth rate since 1990. And although the entire difference cannot be attributed to membership in the EU, Austria has profited ‘considerably’ from its having joined the single European market, whereas Switzerland, which said a definitve ‘no’ to membership in the European Economic Area (EEA) beginning in the 90s, has suffered a clear dip in growth.

In sum, the European Monetary Union has saved Austria almost double the amount in interest than the payments have cost for having become a member of the EU.