The Germans already have one, at Frohburg and it's the final round of the International Road Racing Championship.  The 2015 dates are already established and can be found here: http://www.irrc.eu/

There is road racing in Eastern Europe, probably the best known being at Horice, which is also part of the championship. The biggest problem as far as riders we're familiar with competing in this series is that some of the rounds clash with the TT, UGP & MGP.

You can't help but wonder whether it wouldn't have been better to look at a mutually beneficial arrangement with this pre-existing championship.