Calendar of Economic Events. Fourth Quarter 2013

With the progress achieved in the implementation of a Single Supervisory Mechanism (SSM) and the agreement on a future procedure for a Single Resolution Mechanism (SRM) for distressed banks, the EU has taken an important step towards establishing a Banking Union. Spain and Ireland have declared not to request further financial support from the EU. This, together with an upgrade of Greece by rating agencies, is a first indication of successful crisis management. The US Congress fails to agree on an emergency budget, leading to a "government shut-down" for over two weeks. In Ukraine, the anti-EU course steered by the government and the economic turn towards Russia is giving rise to popular unrest. – In Austria, the required amount of fiscal consolidation is defined at € 18.44 billion, with an additional € 5.8 billion possibly being required for support to banks in distress. The Fiscal Council warns that consolidation achieved so far may fall short of medium-term fiscal targets. The new Federal government continues to adhere to a broadly balanced budget to be achieved by 2016. Measures foreseen by the Coalition Agreement will only be implemented if covered by the budgets of the respective ministries. The multiband auction raises over € 2 billion for the Federal budget.