A Shift In Austria’s Central Bank Leadership: A New Era Begins

by THEFUTURE.TEAM

August 8, 2024

In a significant development for European monetary policy, Robert Holzmann, renowned as the European Central Bank’s (ECB) most hawkish member, is set to step down as Governor of the Austrian National Bank (OeNB). This transition marks the end of an era characterised by Holzmann’s stringent stance on inflation and interest rates.

Holzmann, who consistently opposed the ECB’s recent rate cuts, will remain in his role until August 2025, ensuring his influence persists during a critical period for Europe’s monetary policy. His successor, Martin Kocher, brings a blend of academic expertise and political experience to the position.

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Kocher, currently a prominent economist and former Minister of Labour and Digital and Economic Affairs, has been nominated by Austria’s Ministry of Finance. His background includes leading the Institute for Advanced Studies in Vienna, signifying a shift towards a more balanced approach to monetary policy.

Holzmann’s departure is part of a broader restructuring within the OeNB, with three out of four board members set to be replaced within the next year. This overhaul aims to inject fresh perspectives into the institution’s strategic direction.

Kocher’s appointment, pending confirmation by President Alexander Van der Bellen, is expected to bring a nuanced approach to Austria’s central banking. His diverse expertise suggests a potential recalibration of the OeNB’s policies, balancing between the needs for economic growth and inflation control.

As the ECB navigates through a challenging economic landscape, Kocher’s leadership will be pivotal. His ability to bridge academic insights with pragmatic policy-making will be crucial in addressing both national and broader European financial stability.

This leadership change in Austria’s central bank highlights the dynamic nature of European financial governance, reflecting the ongoing evolution in response to complex economic challenges. The financial community will be closely watching how Kocher’s policies influence both Austria’s and Europe’s economic trajectories in the coming years.

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Amazon Says It Has Enough Satellites To Begin Initial Leo Internet Service This Year

by THEFUTURE.TEAM

July 3, 2026

Amazon says its low Earth orbit internet business, Leo, has reached an important milestone, with enough satellites now in orbit to begin initial commercial service later this year.

Reaching A Critical Threshold

The company launched 29 additional satellites shortly after 12:30 a.m. ET on Thursday aboard a United Launch Alliance Atlas V rocket, bringing its constellation to more than 390 satellites.

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According to Chris Weber, Amazon Leo’s vice president of business and product, that is enough to provide continuous service across the first coverage areas. Amazon began offering an enterprise preview to selected businesses in November but has yet to launch the service for consumers or government customers.

The milestone moves Amazon closer to becoming a meaningful competitor to SpaceX’s Starlink in the rapidly growing satellite broadband market.

Building Coverage, One Launch At A Time

The initial rollout will cover only selected regions, with future launches expanding both capacity and geographic reach as the constellation grows.

Unlike traditional broadband networks, satellite internet depends on several elements progressing together, including satellite production, launch availability, orbital deployment and ground infrastructure.

Catching Up With Starlink

Amazon still has considerable ground to make up. While the company announced the project in 2019, SpaceX began building Starlink in 2015 and has since deployed around 10,000 satellites, serving more than 10 million customers worldwide.

Amazon ultimately plans to deploy roughly 7,700 satellites, but progress has been slowed by limited launch capacity. Earlier this year, the company asked regulators to extend deployment deadlines, citing industry-wide shortages of available rockets.

Although Amazon secured launch agreements with ULA, Arianespace, Blue Origin and later SpaceX, several providers have experienced delays. One setback came in May, when Blue Origin’s New Glenn rocket exploded during a hot-fire test just days before it was scheduled to launch Amazon satellites.

Next Phase Of Deployment

Amazon’s next Leo mission will use ULA’s Vulcan rocket, which can carry larger payloads and help accelerate deployment. Melissa Wuerl, Leo’s director of launch systems, said the company already has hundreds of flight-ready satellites at Cape Canaveral, along with dedicated production facilities to support a faster launch cadence.

“We have a clear path to increase launch and deployment cadence,” Wuerl said, adding that Amazon intends to expand network coverage rapidly once commercial service begins later this year.

For Amazon, reaching the 390-satellite mark represents more than another successful launch. It marks the transition from building the network to bringing it into commercial operation as the company attempts to challenge Starlink’s early lead in the satellite internet market.

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