Measures to extend the “closed” economy of the Reich to Austria were outlined here today by Reich Economy Minister Walther Funk.
Addressing an audience of Austrian economists, Funk declared the German insurance system would assume the additional burden of 290,000,000 schillings necessary to cover the collapse of the Phoenix Insurance Company several years ago. He explained that the schilling was fixed at three for two in relation to the mark to augment Austrian purchasing power.
Among the preparatory moves necessary to incorporate Austria into the Reich’s economy, Funk listed a ban on starting new business enterprises and various measures taken to strengthen the domestic market.
The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
