THE BANKS EMERGE FROM OBSCURITY
Austria’s policymakers are preoccupied with a banking problem of their own making. In 1979 they introduced legislation that allowed the different types of banks to engage in all manner of banking business. All the savings institutions were placed on the same footing and in 1980 fixed-interest rates were removed. The result was a tremendous upsurge in competition in a very short time–too short, as it turned out, for the banks to adjust.
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