Calendar of Economic Events. Second Quarter 2014

The European Council proposes to the European Parliament that Jean-Claude Juncker become president of the European Commission. Aiming to get the inflation rate in the euro area back to the 2 percent threshold, the ECB introduces, for the first time in its history, negative interest rates for ECB deposits by commercial banks as well as other measures to improve liquidity. The political conflict between Russia and Ukraine threatens Europe's gas supply. Against a background of further military escalation between the two countries, the EU and Ukraine sign an association agreement which, i.a., provides for the almost complete waiver of customs duties as well as close cooperation in the energy sector. – The decision to have owners of secondary loans, which should be guaranteed by the province of Carinthia, chip in on the cost of the deconstruction of Hypo Alpe-Adria-Bank AG results in the downrating of some banks. The European Council closes the deficit proceedings against Austria. Delayed by the parliamentary elections held in the autumn of 2013, the Federal Finances Act for 2014 and 2015 is passed by the parliament only in May 2014.