Born on Oct. 4, 1937, in Vienna, Franz Vranitzky studied at the College of Commerce (now the University of Economics) in Vienna from which he graduated in 1960. In 1969, after several years of practical work, he received a doctorate in economics. In 1961, Mr. Vranitzky joined the Austrian National Bank and was assigned to the economic research department. In 1970, he became advisor for economic and fiscal policy to the Austrian Minister of Finance.  

Mr. Vranitzky was named deputy chairman of the Board of Directors of Creditanstalt-Bankverein in 1976 and five years later took over the same position in Oesterreichische Laenderbank. In 1981, he was promoted to chairman of the board of Laenderbank. Mr. Vranitzky joined the Federal Government of Austria in 1984 as minister of finance, a position he held until June 16, 1986, when he was sworn in as federal chancellor of the Republic of Austria. In 1988, he was elected chairman of the Social Democratic Party.  

On Nov. 29, 1994, Mr. Vranitzky was sworn in for the fourth time as head of government by Federal President Thomas Klestil. He headed, as in the years from 1987 to 1994, a "Grand Coalition" government of Social Democrats (SPOe) and Christian Democrats (OeVP).  

As federal chancellor, Mr. Vranitzky led Austria to membership in the European Union. For his efforts in behalf of European unity, he was awarded the 1995 Karlspreis (Charlemagne) Award by the city of Aachen, Germany.  

Mr. Vranitzky was instrumental in helping the countries of Central and Eastern Europe pursue a democratic future for their peoples. Under his leadership, Austria has provided the highest per capita level of economic assitance to that region and has strongly supported international investment there. Mr. Vranitzky also led Austria's humanitarian assistance to the victims of war in the former Yugoslavia and to Soviet Jews seeking safe transit from the Soviet Union during the 1980s. In 1989, Austria's decision to open the border between Austria and Hungary allowed thousands of East Germans seeking freedom to come to the West.

Mr. Vranitzky is married and has two children.