Economy of Austria As a member of the economic and monetary union of the European Union (EMU), Austria's economy is closely integrated with other EU member countries, especially with Germany. On 1 January 1999, Austria introduced the new Euro currency for accounting purposes. In January 2002, Euro notes and coins were introduced, replacing those of the Austrian schilling. In Austria, Euros appear as 1999, however all Austrian euro coins introduced in 2002 have this year on it; unlike other countries of the Eurozone where mint year is minted in the coin. Eight different designs, one per face value, were selected for the Austrian
International status and usage of the euro standing, mostly at the expense of the dollar. The increase of 4.4% in 2002 is due to the introduction of euro banknotes and coins in January 2002. The possibility of the euro's becoming the first international reserve currency is now widely debated among economists. Former Federal Reserve Chairman Alan Greenspan gave his opinion in September 2007 that the euro could indeed replace the US dollar as the world's primary reserve currency. He said it is "absolutely conceivable that the euro will replace the dollar as reserve currency, or will be traded as an equally important reserve currency." In the second