Nowotny Expected to Remain for Full Term

Published: January 9, 2013; 18:48 · (FriedlNews)

Finance Minister Fekter thinks that Nowotny will not resign before the end of his new term.

Ewald Nowotny, governor of Austrian National Bank (OeNB), was re-elected by the Austrian government. Hence, he will stay at OeNB for another six years. Austria´s Chancellor Werner Faymann emphasized to be delighted that Nowotny will keep his function. “Nowotny enjoys a very high level of acceptance on the European level. In the last years, he could win trust and confidence.”

Andreas Ittner becomes Nowotny´s deputy governor. Besides that, Kurt Pribil and Peter Mooslechner have joined the board of directors. Until now, Pribil has acted as director of the Austrian Financial Market Authority. State Secretary Andreas Schieder announced that a successor for Pribil will be found soon. Insiders report that Finance Minister Maria Fekter has rejected Pribil´s contract extension at FMA.

According to Schieder, Nowotny´s re-election is a “signal of stability”. Finance Minister Maria Fekter thinks that Nowotny will not leave OeNB before the end of his term in 2019. According to rumors, Nowotny may pass on his seat to former ECB director Gertrude Tumpel-Gugerell.

Nowotny explained that he will stay at OeNB “if my health allows it”. Nowotny became OeNB´s governor in 2008. Before, the economist was CEO of the Austrian bank Bawag and Professor at Vienna University for Economics and Business Administration.