Since 1999 Austria has been part of the euro area, whose single monetary policy is carried out by the Eurosystem. As a member of the Eurosystem, the Oesterreichische Nationalbank (OeNB), whose governor participates in the Governing Council of the ECB, is actively involved in euro area monetary policy decisions. When it comes to the decentralized implementation of these decisions, the OeNB’s responsibilities center around the use of monetary policy instruments, reserve management and ensuring smooth cash supply procedures in Austria.
Next to the areas outlined above, this section contains information on the institutional aspects of the single monetary policy, on the Eurosystem’s monetary policy strategy as well as on its monetary policy decisions, objectives and instruments. Moreover, you will gain insights into the interrelationship of monetary policy and financial stability.
For a detailed description of the ECB’s monetary policy please refer to the following publication: