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
Austria its perpetual neutrality in foreign political affairs in 1955. Austria has been a member of the United Nations since 1955, joined the European Union in 1995, and is a founder of the OECD. Austria also signed the Schengen Agreement in 1995, and adopted the euro currency in 1999. The German name for Austria, , derives from the Old High German "Ostarrîchi", which meant "eastern realm" and which first appeared in the "Ostarrîchi document" of 996. This word is probably a translation of Medieval Latin into a local (Bavarian) dialect. Another theory says that this name comes from the local name