Franz Vranitzky

Vranitzky, Franz (b. 4 Oct. 1937). Chancellor of Austria 1986–97 Born in Vienna, he obtained a doctorate in economics and in 1961 took employment with the Austrian National Bank (Österreichische Nationalbank). A staunch member of the Social Democratic Party (SPÖ), he became a close adviser to the Finance Minister, Androsch, 1970–6. In 1981, he was appointed General Director of the Federal Bank (Länderbank). He became Finance Minister in 1984, and on 16 June 1986 became Chancellor. From 1987, he ruled with the help of a grand coalition, and was often at pains to stop the electoral decline of the Social Democratic Party in the face of a fragmentation of the political spectrum and the rise of the neo-Fascist Liberal Party. He pursued a rigorous monetary policy, and eventually succeeded in securing Austria's abandonment of its principle of neutrality through accession to the European Union, which came into effect on 1 January 1995. Against most predictions, he emerged as a clear winner from the elections on 17 December 1995. To general surprise, he resigned in early 1997, and was was succeeded as party leader and Chancellor by Viktor Klima, 1997–2000.

Franz Vranitzky , 1937-, Austrian political leader, chancellor of Austria (1986-97), b. Vienna. After receiving a doctorate in economics he became a banker (1961-70). Vranitzky was an adviser on economic and fiscal policy to the minister of finance (1970-76) and returned to banking (1976-84) before becoming minister of finance in 1984. A Social Democrat and head of his party, he led numerous coalition governments. During the 1990s he was actively involved in the downsizing of Austria's welfare state and the reduction of the nation's budget deficit.