Economy of Hungary account transactions, and subsequent to OECD membership in 1996, for almost all capital account transactions as well. Since 1995, Hungary has pegged the forint against a basket of currencies (in which the U.S. dollar is 30%), and the central rate against the basket is devalued at a preannounced rate, originally set at 0.8% per month, the Forint is now an entirely free-floating currency. The government privatization program ended on schedule in 1998: 80% of GDP is now produced by the private sector, and foreign owners control 70% of financial institutions, 66% of industry, 90% of telecommunications, and 50% of the
Austria-Hungary at least on paper, on shakier ground than Hungary. While what was left of Austria had been a single unit for over 700 years, it was united only by loyalty to the Habsburgs. With the loss of 60% of the Austrian Empire's prewar territory, Vienna was now an imperial capital without an empire to support it. By comparison, Hungary had been a nation and a state for over 900 years. However, after a brief period of upheaval and the Allies' foreclosure of union with Germany, Austria established itself as a federal republic. Despite the temporary "Anschluss" with Nazi Germany, it