AN 80-year-old self-made billionaire has launched his own political party in Austria, taking a swipe at German Chancellor Angela Merkel and vowing an as-yet vague but radical shake-up of the eurozone.

"Either she (Merkel) is stupid ... or she is in league with the banks," Frank Stronach, founder of auto parts giant Magna, told a news conference on Thursday as he unveiled his "Team Stronach" party to contest elections due next year.