Austria is grappling with a significant budget crisis as its government faces pressure to consolidate a multi-billion euro deficit.

The debate centers on whether to accept an EU deficit procedure, which would impose strict financial oversight from Brussels.

While some economists argue this could be a cost-effective solution, critics warn it would limit Austria's financial autonomy and evoke memories of past external control.

Industrial Association President Georg Knill has urged swift action, emphasizing the need for spending cuts in areas like pensions and healthcare.

He strongly opposes the EU procedure, calling it a form of self-surrender.

The new government, expected to form by January, must decide how to address the deficit without compromising national sovereignty.