Is the Austrian EU referendum up next?


June 27, AtoZForex In the aftermath of the UK EU referendum, a number of the European countries have decided to hold their own referendums. In fact, countries like the Netherlands, France, Italy and France have been outspoken about organizing an EU referendum in their own nations, right after the UK’s EU referendum. Does this mark the start of the Brexit domino effect, having each of the EU members leaving one by one? The latest country that is contemplating is Austria, as the Austrian EU referendum could be organized within a year.

Is Austria also up for an EU-exit?

Earlier this year the citizens of Austria voted to elect a new president, Austria also got into the anti-EU trend. More than 260,000 citizens have signed a petition that forced Austrian parliament to open a discussion on their own EU referendum to leave the Eurozone. As the leader of Austria’s EU Exit Party, Robert Marschall said:

“We need a referendum similar to the referendum in Great Britain, so the people of Austria can decide.”

Apparently, the migrant crisis of more than 1 million newcomers entering Europe last year, appears as a main driver of the movement to part from the EU. For example, last year Austria took in 90,000 migrants, which accumulates to 1 % of its population. Mr. Marschall stated:

“Many people do not understand why they want people to come to Austria if there is such a high unemployment rate.”

The Austrian EU referendum could be organized within a year, as it was reported by a far-right candidate in Austria, Norbert Hofer. Hofer almost won the presidential election earlier this year. The anti-immigration Freedom Party In Austria accompanied by a leader Heinz-Christian Strache said that an Austrian EU referendum can become a party goal in the future. Additionally, Hofer has stated:

“If a course is set within a year further towards centralization instead of taking (the EU’s) core values into account, then we must ask Austrians whether they want to be members.”

Anti-EU movements in Austria are unsuccessful?

Even though Austrian officials believe in the domino effect of post-Brexit cannot be avoided, the anti-EU movement in Austria could not get enough support. Sebastian Kurz, the Austrian Foreign Minister has stated:

“A domino effect on other countries cannot be ruled out.”

The Austrian petition to launch a campaign to exit the Eurozone led to a round of talks on a referendum in parliament on January 27 this year. This did not result in anything significant, as none of 183 introduced a bill. Even if FPO’s plan will be successful, the president alone does not have the power to order an EU referendum. What is more, Austrian Chancellor Christian Kern has said Austria won’t hold an ‘Auxit’ referendum.

See also: CHF traders: SNB intervened Brexit Swiss Franc rates

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