Since there are many different definitions of competitiveness today, for policy makers and scientists it is difficult to find a common definition. Starting from this issue, the objective of this work is to introduce different definitions of competitiveness and to give an answer to the following question: How is competitiveness defined in each memory country of the Monetary Union? To find an appropriate answer to this question the paper consists of three parts. In the first part, different definitions of competitiveness are represented, analyzed and compared to find fundamental differences between countries within the members of Monetary Union and Austria. In former approaches only costs have been part in the consideration of competitiveness, but the analysis of competitiveness depends on much more factors such as productivity. The content of the second part therefore is the wage issue and different approaches to wage adjustment. Furthermore this paper attemts to connect competitiveness with welfare assessments of the so called beyond-GDP. This approach combines an analysis of inputs or processes on the one hand and a valuation of outputs on the other hand. In another step productivity improvements were included to enhace competitiveness of a country or region. This includes factors such as the functioning of labor-and product markets, the general educational level of employees, the technology and innovation level and the quality of infrastructure. In the third and empirical part of this paper the expanded indicators of competitiveness are examined, evaluated and compared with in the Monetary Union members. Finally, the competitiveness position of Austria is illustrated in detail.