Final Entry

After its defeat in World War I, both Austria's power and size were greatly reduced. The Nazi's occupied it throughout World War II, until the Allies came in and overthrew the Nazi regime. A State Treaty of 1955 ended the Allied occupation of Austria and forbid Austria and Germany to ever unify. The Soviets withdrew from the nation after Austria formally agreed to stay as a netural country. In 1995, Austria entered the European Union. It is a well-to-do, democratic area today. In 1999, Austria entered the European Union's Monetary Union. There was an internal riot in 2006 regarding the closing of a Czech nuclear power plant. There is a very high standard of living in Austria, and its economy is linked closely to that of Germany's. Trade with other areas of Europe, especially in south-eastern Europe, generates much wealth - mostly in banking. It is a great country to invest money in. To continue its status as a prosperous nation, Austria will have to keep up with new competitors, such as countries who have only recently joined the European Union.

After the Austrian-Hungarian empire faded after WWI, Hungary became its own nation. It unfortunately became Communist after World War II. When in 1956, Hungary proclaimed that it was withdrawing from the Warsaw Pact, the USSR became alarmed. A rebellion took place. In 1968, Kadar attempted to liberalize the economy. After the Communist USSR collapsed around 1990, free elections and free markets were introduced. Hungary joined NATO in 1999 and joined the European Union in the year 2004. Currently, there are frequent disputes between Hungary and Slovakia. When the nation first joined the EU, it was one of the poorest members; however, Hungary has made remarkable strides economically in recent years. The only concern international trade partners have expressed is the amount of deficit Hungary possesses. Germany is by far Hungary's most compatible trading partner. It is necessary that the Hungarian government pass several reforms to keep Hungary's economy on the rise.