Calendar of Economic Events. Fourth Quarter of 2017

The second phase of the Brexit negotiations began. The UK aims for a transition phase of two years. During this period, the UK will not have any say in the EU but needs to continue its payments into the EU budget. The European social summit in Gothenburg adopted a European Pillar of Social Rights. A programme to reform the Economic and Monetary Union proposed setting up a European Monetary Fund and a European Minister of Economy and Finance for the Eurogroup. A procedure under Article 7 of the Treaty on European Union was commenced against Poland for breaches of EU law. China provided financial resources to CEE countries for developing a new Silk Road. The US Congress adopted a major tax reform. The central banks responded to the global economic upswing: the European Central Bank halved its volume of monthly loan purchases, and the Federal Reserve Bank raised its interest rates by 25 basis points. – In its last session prior to the election to the National Council, parliament passed economic policy bills that had previously been unable to obtain a majority. The new coalition government by Federal Chancellor Kurz (Austrian People's Party) and Vice-Chancellor Strache (Austrian Freedom Party) presented its programme and was sworn in before Christmas.