The young woman signifies Austria. The cross on her chest was the emblem of the Austrian Fatherland Front, the fascist dictatorship which held power in Austria from 1933 until Nazi Germany invaded in 1938. The Fatherland Front was strongly Catholic and much more sympathetic to Catholic Italy than to Protestant Germany. In 1937, the Austrian Fatherland Front was trying to play off Germany and Italy in an attempt to preserve Austria as an independent fascist or corporate state, while being anti-Nazi. This juggling act is represented by the dance of the three skaters, Hitler, Austria and Mussolini.

The figure in the background, labelled "OTTO" is Otto von Habsburg who was the inheritor of the Austro-Hungarian Empire but had neither crown nor kingdom and lived in exile. In 1937, he still claimed to be Archduke of Austria. He attempted to keep Austria free from both Nazi and Communist influence but, despite his popularity with the Austrian people, could do nothing as he was prohibited from returning to Austria.