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
Hungary and the euro announced their intention to keep the 2010 deficit at 3.8%. After more pressure, in September they also accepted a reduction of 3% in 2011. In 2010, Finance Minister György Matolcsy said they would discuss euro adoption in 2012. Mihály Varga, another member of the party, talked about possible euro adoption in 2014 or 2015. However, in February 2011, Prime Minister Viktor Orbán made clear that he does not expect the euro to be adopted in Hungary before 2020. Later, Matolcsy also confirmed this statement. Orbán said the country was not yet ready to adopt the currency and they would not