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Entry into the European Union (1995)
Austria's entry into the European Union was relatively easy. Austria first accepted to be a member of the European Economic Area in 1992, together with the other EFTA members, although she wanted to be a member of all the affections.
In 1993, negotiations for the entry of Austria into the EU began with the acceptance by Austria of all the clauses on security and foreign policy of the Maastricht Treaty. The negotiations continued until 1994, when an agreement was finally reached and a referendum was held where 69% of the population voted "yes" to Europe. In 1995, Austria was already a full member of the European Union.
Almost 1,600 companies went bankrupt in 1996, which was associated with the admission in the EU, which increased economic competition. In 1999, it adopted the European monetary system. In that same year, the Liberal Party (FPO) became the second force.
Austria, which after the Second World War was one of the poorest countries in Europe, has experienced a development in recent decades that has turned it to one of the richest countries in the world.
Balance of entry into the European Union:
- Total expenditure of the EU in Austria: 1,743 million euros.
- Total contribution of Austria to the EU budget: 2,429 million euros.
As a curiosity, Austria is the largest producer of renewable electricity in the European Union.
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