Calendar of Economic Events. First Quarter 2015

The European Central Bank starts to purchase government bonds of euro-zone countries; the Expanded Asset Purchase Programme (EAPP) is intended to increase liquidity in order to ward off the risks of a prolonged low inflation phase. Greece requires more financial aid. The sanctions imposed by the EU and USA prevent Russia from gaining access to the western capital market; the state needs to extend financial support to banks and businesses. – The new Act Governing the Reorganisation and Liquidation of Banks has instituted the Financial Market Authority as the agency to wind up insolvent banks. An assets check of HETA Asset Resolution AG, the bad bank of Hypo Alpe Adria Bank International AG, found a gap of between € 4.0 billion and € 7.6 billion. The Federal Government will not use tax revenues to close the gap but will liquidate the bank in line with the new EU directive. The Federal Government presents the tax reform of 2016: at its core are a reform of the wages and income tax rates to the tune of about € 4.5 billion and ways and means to counterfinance the resultant lower revenues.