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The main aim of this article is to find out whether there is a significant relationship between money supply growth and inflation in the Eurozone. For this reason, the monetary policy strategy of the European Central Bank (ECB) has been evaluated. Since the establishment of the ECB in January 1999 to May 2003 the ECB's monetary policy strategy consisted of three main elements: a quantitative definition of price stability, a prominent role for money in the assessment of risks to price stability (aggregate M3 as a reference value), and a broadly based assessment of the outlook for price developments. Nevertheless, since May 2003 M3 or any other monetary aggregate has lost its prominent role in the ECB's strategy. Therefore the nowadays ECB's monetary policy strategy consists of a quantitative definition of the primary objective of price stability and an analytical framework based on two pillars - economic analysis and monetary analysis. These two pillars are used by the ECB's Governing Council in the overall assessment of risks to price stability and in monetary policy decisions.
The empirical part of this article is based on time series correlation between money supply growth and inflation in selected member countries of the Economic and Monetary Union (EMU - Eurozone) during the period 1995-2005. The time series are divided into two parts. The first part covers data for selected member countries of the European Union from 1995 till 1998, i.e. before the establishment of the EMU. Whereas the second part includes data for the whole Eurozone since its official start in 1999 to 2005. The time series are adjusted by SARIMA models.

The paper describes trade operations in leasing companies as specific businesses enabling acquisition of possession by legal and physical persons by gradual repayments of the purchase price. On a diagram it shows the complexity of business relations between the main participants of a leasing transaction, which are production companies, leasing companies and those interested in the subject of leasing. To capture the complexity of relations, there are also included all other participants. Their function in a leasing transaction starts only at the moment, when the leaseholders are not able to pay their liabilities to which they agreed in the innominate contract. Paper clarifies the term "leasing with zero mark-up". With the help of calculation it describes the basis of a leasing transaction, where significantly participates also the production company, insurance company and commercial bank. All these subjects have certain benefits from a realized transaction. These are enabled by their close business relationships with the leasing company, which is sufficiently clear from the diagram and it is also substantiated by calculations. Paper includes a definition of leasing operations, as well as a mathematical model of leasing payments calculation for a car. A part of the paper is also dealing with a cession of a leasing contract in the person of a leaseholder as a specific case enforced by financial issues of the leaseholder. The paper elaborates alternatives of evaluating client's bonding capacity with the help of financial indicators.

The pepper (Capsicum annuum L.) is very popular annual vegetable either for fresh consume either as spice after drying and grinding. The fruit contains high amounts of vitamin C, provitamin A, E, P (citrin), B₁ (thiamine), B₂ (riboflavin) and B₃ (niacin). Crop Research Institute (CRI), Department of Vegetable and Special Crops, Olomouc, the Czech Republic is the holder of the collection of pepper genetic resources. The collection of pepper consists of 504 accessions, currently. It is necessary to find duplications within collection for effective work with genetics resources. For analyses totally 41 accessions were chosen. These were divided into ten groups according name: 1. Astrachanskij, 2. Aufrechte Cayenne, 3. Bogyisloi, 4. Hatvani, 5. Japan Hontakka, 6. Japan Madarszen, 7. Kalocsai Fuszer (Edes), 8. Konservnyj Belyj 289, 9. Tetenyi and 10. Vinedale. Two approaches were used for the detection of duplications - morphological description and polymorphism of DNA. The accessions were characterized for 54 morphological traits: 1 character in seedlings, 8 characters in the plants, 10 characters in leaves, 10 characters in flowers and 25 characters in fruits. The polymorphism of DNA was analysed using the SSR (Simple Sequence Repeats) method with 8 SSR markers (Hpms 1-1, Hpms 1-5, Hpms 1-168, Hpms 1-172, Hpms 1-274, Hpms 2-21, Cams 163 and Cams 647) which are localised on different chromosomes. The results from DNA analysis were complemented with the morphological characterization. Possible duplications were in 4 groups: 1. Astrachanskij, 4. Hatvani, 5. Japan Hontakka and 7. Kalocsai Fuszer (Edes). This work is the first step for the determination of duplications in the Czech germplasm collection of pepper.

From 2003 to 2005, this work studied the preference of tree species on non-forest land in the forest district Soutok (Southern Moravia, Czech Republic) in order to evaluate the suitability of the area for the development and the its importance in relation to the decrease of damage in neighbouring production forests. The diet included the total of 14 tree species with diameter interval reaching from 1-10 cm to 191-200 cm. The most preferred species was Common Ash (Fraxinus excelsior) (40.5 %) with the diameter 1-10 cm and willow (Salix spp.) (31.7 %) with the diameter 11-20 cm - both species with good ability to regenerate. Activities of European beaver negatively influenced the population of European white elm (Ulmus laevis), which belongs to the endangered species. Significant is the low ratio of poplars Populus spp. (7.9 %) caused by the forest management. Maintaining the suitable tree composition and a sufficiently high percentage of individual tree species - in favour of willows and poplars - can result in the needed decrease of stress caused by the population of beaver on the adjacent forest stands and in the decrease of possible damage.

The aim of the article is to evaluate the preferences of the ECB in monetary policy and to compare them with preferences of the central banks of new EU member countries from Central and Eastern Europe. The ECB's responsibility for the primary objective (price stability) often contrasts with the requirement for economic growth stabilization policy from the national governments.
There are doubts if the current members of Eurozone constitute an optimum currency area (the Eurozone 12 is recently the combination of rapidly growing and slow-growing - low inflationary countries). The differences between the countries will even expand during the European monetary union enlargement by new EU member countries. Consequently the probability of asymmetric shocks will increase. The main question is the ability of ECB to fulfill the needs of all EMU member countries in terms of optimal monetary policy. In the first part the authors analyze differences between the preferences of the ECB and national authorities (governments). The negative experiences of Ireland, Italy and other EMU members with current status quo help us to understand fear of future member countries from possible impact of common monetary policy on their national economies.
The second part of the paper deals with interest rates determination by ECB and compares it with expectations (requirements) from EMU member and EMU candidate countries. The main contribution of the article may be seen in central bank's preferences analyses - the preferences are defined as the parameters in Taylor rule (the weights given by ECB and national authorities to the price stability and economic growth stimulation).
The hypothesis is defined as following: are the preferences of ECB in line with the preferences of national central banks of EMU candidate countries?
The empirical analysis is based on the Taylor rule decomposition. The hypothesis is tested by regression analysis. Time series regression model uses relations between the inflation target, potential output, current macroeconomic situation on the one side and current monetary policy strategy, represented by interest rates, on the other side.
A range of empirical studies refers to differences between the desired interest rates of member and future member countries of EMU. The level of desired interest rates changes continuously according to the current economic situation of individual national economies. The differences are given by dissimilarities in financial systems, transmission mechanisms, and historical context of monetary arrangements. The authors suppose that the national authorities' and central banks' preferences are constant in the short time or identical before and after enlargement. The main idea of the article is that the traditional approach, which compares desired interest rates by national central banks, is irrelevant before full membership in EMU. The center of the problem is the mutual agreement on preferences of common monetary policy. The answer to the question: how to evaluate real impact of common monetary policy on real economy of EMU candidate countries after their entrance to Eurozone, is expected result of the article.

The aim of the paper was to identify the present situation in innovation policies of small and medium-sized enterprises in the South Moravian and Moravian Silesian regions. In order to achieve the specified objective, quantitative research was carried out in the small and medium-sized enterprises by way of questionnaires. The achieved results imply that the enterprises under investigation apply competitive strategy focusing on top quality of goods on offer. The research manifested that the companies focused markedly on innovations in supplying products on offer with additional functions or features. The research results show that the companies do not conduct changes in production organization frequently, not even following their earlier innovative activities. The results of the research into the innovative activity "change in product design" imply that this activity is not applied frequently in comparison with the above-mentioned activities. Based on the interviewed companies' weak points in human resources, the elementary drawbacks include lack of management's command of foreign languages as well as production staff's expert skills. The results of the research imply that the interviewed companies perceive the sphere of products (improved product quality, extension of a product range), the sphere of new technologies and the sphere of an increase in market potential as the most significant. The questionnaire inquiry shows that innovative and development activities are most frequently financed from companies' own funds, subsidies/grants, bank credits and leases. Mortgages and venture capital are only made used of occasionally.

Funding development of the company through the "Initial Public Offering" has a high representation globally, the Czech Republic unlike, and belongs to traditional methods of raising funds necessary for development of business in the developed capital markets. In the United States of America, Japan and in the Western Europe countries the method of company funding through IPO has been applying for several decades already. The first public stock offerings began to be applied in these markets in higher volumes from the beginning of the 60^th of the last century. From that period importance of IPO goes up globally and the initial public stock offerings begin to be applied more and more even in the Central and Eastern European countries. In the conditions of the Czech capital market it is possible to identify only few companies, who attempted to funding through the IPO way at present. Greater part of the Czech companies still undergo the debit funding for financing their further development, namely in the form of bank loans. At the same time it is necessary to take into account, that the debit financing starts, thanks to so-called mortgage crisis in the USA, causing problems and mark up. Admittance of a stakeholder into the company is not convenient for all and thus IPO represents an interesting option of how to acquire a no arrear capital. The aim of this article is to determine the IPO concept, analyse its development at the world stockholder markets, describe the reasons for IPO implementation according to the contemporary professional literature and compare it with the approaches to this particular form of funding with companies that have already implemented IPO at the Czech capital market.

Czech economy went through a substantial transformation in last two decades affecting business environments of all fields. This paper presents partial results of the Czech development market analysis. It explains the characteristics of real-estate development, real-estate development market and the complexity of the real-estate development process, including market research, site selection (using feasibility analysis), due diligence, property acquisition, project design, obtaining entitlements, financing, construction, lease-up or sale or operation, if the project is retained as and asset.
The significant growth in last decade of the analyzed market is slowing down due to current greater circumspection of banks when providing credits for new development projects, drop of real property prices in Western Europe and at the same time greater revenues from real properties in Eastern Europe. The inhibition of the investment in commercial real property (both what number of transactions concerns, and total volume of investment) is influenced by so-called mortgage crisis on the U. S. and British real estate market. In Czech market, the factors are reflected in a number of respects.
The paper suggests future steps of the intended research, focus on identification of factors affecting decision-making process when preparing real-estate development project, finding interrelationships among these factors, quantification and setting weight of the factors, creation of a decision-making process model and its test on a real case. The model should contribute to decrease waste of time and money investment in these feasibility calculations by providing a tool which helps pre-select projects with higher chance of success in earlier phase.

In the last decade a new financial product - bankinsurance - became very popular on international financial markets. The cooperation between banks and insurance companies is based on the goal to achieve financial synergic effects and to make complex supply of financial services "under one roof". The aim of this article is to clarify possible positive and negative impacts of this form of cooperation. These impacts are shown on the fusion of Allianz and Dresdner Bank. Through this fusion arised the biggest company in the field of bankinsurance. Nowadays there are connected many problems with this fusion.

Using live trapping devices we performed surveillance of small vertebrates in the game bird farm in Jinačovice in 2005 to 2006. The study was aimed at determining the species composition and numbers within individual technologies of rearing as well as finding possible reservoirs or sources of infectious agents. Five study areas were examined in 2005 and other three located within buildings were added in 2006. A line of 10 traps approximately 2 metres apart was employed on each study area. Small mammals trapped were sampled for parasitology and serology.
Until the present, a total of 92 common species were captured - i.e., yellow-necked fieldmouse (Apodemus flavicollis), house mouse (Mus musculus), common vole (Microtus arvalis) and bank vole (Clethrionomys glareolus). Considering endoparasites, we found nematodes such as Aspicularis tetraptera and Syphacia obvelata, Catenotaenia spp. and undetermined members of the order Eucoccidiida. Ectoparasites included members of the order Siphonaptera - Ctenophthalmus solutus, Ctenophthalmus agyrtes, Megabothris (Gebiella) turbidus and Ctenophthalmus (Euct.) assimilis and order Acarina - Ixodes ricinus and Laelaps hilaris. Serology revealed antibodies against Leptospira grippotyphosa and L. sejroe.

Presented article is focused on evaluation efficiency of the building and loan associations sector between years 1999-2005 and on identification of the fundamental factors which influence the efficiency of the sector. From the efficiency indicators, ROAA, rate margin, commission margin, cost margin and risk margin were used. These indicators were rated from the building and loan associations accounting data. The criterion for the valuation of the building and loan associations sector were average values of the efficiency indicators achieved in the CZ bank sector as unit in given period. For evaluation of influence individual partial margin significance on ROAA correlation analysis was used.

Aegopodium podagraria is a species from the family Apiaceae, very common in the Czech Republic. It occurs mostly on banks of rivers, in woodlands, and it is a weed in gardens and in fields. It belongs to plants with clonal growth, it spreads especially by rhizomes. Some aspects of its biology, which may influence competitive ability of this species - i.e. seed germination, production of above- and belowground biomass, vegetative growth and regeneration after removal of aboveground biomass have been studied. Seeds of Aegopodium podagraria germinated only under field conditions, in the laboratory despite various conditions and temperature stratification there no seeds germinated. It corresponds with fact, that most clonal species disperse by vegetative growth and sexual reproduction is low by these species. Production of biomass differed between two stands. Production of above- and bellowground biomass was severalfold higher on the stand A (situated near the bank of the river) than on the stand B (in wet alder grove). Most bellowground biomass of Aegopodium podagraria is accumulated in the depht of soil between 0-5 cm. Vegetative growth of this species is very intensive, because a parent plant produced 8.2 daughter ramets on an average in first growing season. In the regeneration experiments was found that after double removal of aboveground biomass only 10-20 % ramets grow again on both stands. Results from experiments and some facts from literature were used to evaluate expansivity of this species in comparison with most expansive species in our country.

The weed infestation was assessed in a field experiment at the Research Institute for Folder Crops Ltd., Troubsko near Brno in 2001-2004. Numbers of individual weed species were determined using a counting method on the area of 0.25 m² in winter wheat stands within the 6-crop rotation (peas, winter wheat, spring barley, oilseed rape, winter wheat, winter wheat) in different variants of soil tillage and straw management. The highest weed infestation in all variants was found when winter wheat followed winter wheat. The highest number of weeds was assessed in the variant with stubble tillage to the depth of 0.12-0.15 m, planting with a precision drill and straw chopping. The lowest number of weeds was found in winter wheat after peas in the variant with incorporation of chopped straw using a tiller to 0.12-0.15 m and planting with a drilling combination, and in the variant where chopped straw was sprayed with the BETA-LIQ preparation, incorporation with a tiller to 0.12-0.15 m and planting with a drilling combination.

Considering contemporary trends in development of the world's economy, all kinds of companies are made to analyse and implement new access to firm's strategies. This article deals with new trends in marketing analysis focused on measurement and evaluation of customer satisfaction. We tried to apply methodology of ECSI (European customer satisfaction index) into Czech service market. We counted the total customer satisfaction indexes for two chosen travel agencies (85% for the first travel agency, and 74% for the second one) and for two chosen banks (72% for the first bank, and 82% for the second one).

The paper analyses market trends of the building societies in the Czech Republic in years 1995-2003. The main aim of the contribution is to verify the following thesis:
1. In previous development, it comes to the permanently increasing growth in the market of deposits and loans of building saving.
2. Concentration in the market of building saving decreases.
Analyses is made on two partial markets : deposit market and market of building saving loans. Growth rate index was chosen for the evaluation of the growth of both submarkets. Herfindahl-Hirchman index was chosen for evaluation of concentration trends. Analyses of the building saving market using the stated methodical approaches enables to enunciate the findings for the appointed hypothesis.
Both submarkets do not show permanent increasing of growth rate in the period 1995-2003. The growth rates of both markets are declining in the first part of the period, the growth rates are increasing in the second part of the period. The concentration level of both markets is decreasing in years 1998-2003. This trend in the building societies market was influenced namely by general trend of market rate of interest in this period, by increasing exploitation of the real estate credit as a form of housing financing and by more activ credit policy used by minority building societies.
The concentration development in the market of deposits and loans of building saving is not identical with the development of concentration in the market of deposits and loans in the whole bank sector. It may be deduced, that the development in the whole bank sector has been affected by the factors that have not operated in the market of building saving - decrease of banks in the bank sector of Czech Republic and educing of the part of redressed bank assets out of Czech Republic bank sector.