introduced austerity policies. In October 1922 Britain, France, Italy and Czechoslovakia provided a loan of 650 million gold kronen after Seipel promised not to attempt Anschluss with Germany for the next 20 years and allowed the League of Nations to control Austria's economy. During the next two years the state budget was stabilized and international supervision over finances ended in March 1926. Austria's central bank Oesterreichische Nationalbank was re-established in 1923, a sales tax was introduced in 1923, and the Austrian Schilling replaced the Krone in December 1924. The Great Depression hit Austria hard and in May 1931 the largest bank in Austria, Creditanstalt Bank collapsed. To improve its economy, Austria wanted to conclude a customs union with Germany, but in 1931 this was denied by France and the countries of the Little Entente. Austrofascism Chancellor Engelbert Dollfuss of the Christian Social Party took power in Austria on 20 May 1932, and moved the party and Austria towards dictatorship, centralization and fascism, in part because fascist Italy was its strongest international ally against Germany. In March 1933, Dollfuss suspended the parliament, which gave him the opportunity to establish an authoritarian government without a parliament. In May 1933 he created the Fatherland Front (). While outwardly fascist, it was mostly Catholic and influenced by the papal encyclical Quadragesimo anno of 1931 which refuted liberalism and socialism in favour of corporatism. The government was in competition with the growing Austrian Nazi party, which wanted Austria to join Germany. Dollfuss's Austrofascism tied Austrian identity to the Roman Catholic Church as an argument against a union of Austria with predominantly Protestant Germany. Political violence escalated into the Austrian Civil War of February 1934, between Nazis, Social Democrats and government forces. On 1 May 1934, Dollfuss created a one-party state, to be led by the Fatherland Front, with the proclamation of the authoritarian "May Constitution". The name of the country was changed from the "Republic of Austria" to the "Federal State of Austria". The flag, coat of arms and anthem were changed, too. Federalism and the controlling powers of the Federal Council were curtailed, while elections for the National Council were abolished, its members nominated by four non-elective, corporatist-styled councils – the State Council (Staatsrat), Federal Culture Council (Bundeskulturrat), Federal Economic Council (Bundeswirtschaftsrat) and the States' Council (Länderrat), supposedly providing their best opinions on respective areas. In practice all legislation and appointments were exercised from