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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.

Grapevine fanleaf virus (GFLV) and Arabis mosaic virus (ArMV) are two important agents from the Nepoviruses genus. At present, serodiagnostic method is one of routine methods of virus pathogens testing also in grapevines. The aim of this study was to determine a suitable date of grapevine tissue sampling using the ELISA method and to follow visible symptoms of GFVL and ArMV infestation of vines. Positive results of tests for the occurrence of GFLV were obtained in the following growth stages: B (intensive growth - growth apex), C (beginning of flowering - young leaves) and D (beginning of flowering - inflorescence). Samples evaluated by ELISA method as positive for ArMV were found out in growth stages B (intensive growth - growth apex) and C (beginning of flowering - inflorescence). In all other stages the results of performed tests were negative. It is concluded that the stage B (intensive growth - growth apex) seems to be the most suitable for sampling of grapevine tissue.

The main objective of this paper is presentation of findings gathered through an analysis of items that cause deferred income tax in commercial insurance companies in the Czech insurance market. The evaluation of the subject is focused in accordance with the concept of the presented paper as regards structure analysis of the deferred tax, working with a selection of insurers - members of the Czech Insurance Association. We study, document and evaluate the influence of the deferred income tax being related with the given available income, as well as related to the effective income tax rate in a commercial insurance company. This analysis concerns the evaluation of the present-day degree of transformation and approximation of the Czech system of insurance in the process of harmonization with the European insurance system.

Woody and herbal growth growing on banks and along watercourses are called vegetative accompaniment of watercourses. In the Czech Republic, there has not been a unified methodology for the assessment of vegetative accompaniment of watercourses. Main objective of the work was to desing a simple methodology for the assessment of vegetative accompaniment of watercourses, verify it for each individual category of watercourses and formulate principles of measures to improve its status. The methodology for the assessment of vegetative accompaniment was developed on the basis of literature search and field experience. The ground of the assessment is a field research in each locality. The main characteristic of stream and the existing state of riparian stands are recorded and then assessed on the basis of proposed criteria. Clasification system developed for comparison of watercourses or their stretches and for determination of restoration principles and maintenance of vegetative accompaniment includes five classes of management.

In today's dynamically changing environment marketing has a significant role. Creating successful marketing strategies requires large amount of high quality information of various kinds and data types. A powerful database management system is a necessary condition for marketing strategies creation support. The paper briefly describes the field of marketing strategies and specifies the features that should be provided by database systems in connection with these strategies support. Major commercial (Oracle, DB2, MS SQL, Sybase) and open-source (PostgreSQL, MySQL, Firebird) databases are than examined from the point of view of accordance with these characteristics and their comparison in made. The results are useful for making the decision before acquisition of a database system during information system's hardware architecture specification.

The first part of the paper is devoted to the problems of the households purchase behavior in the Czech Republic. The main part is based on own empirical results from own marketing research conducted in 2005-2006. The results concerns on influences of food-stuffs purchases, clothes and shoes purchases, household equipments purchases and differences among them.
In the second part is presented increasing number of shopping - amusing centres in the Czech Republic. These trends are changing purchase behavior our consumers. In Spring 2006 was conducted own marketing research of visitors shopping - amusing centre Olympia in Brno Modřice. Some more detail results give their basic sociodemographic characteristics as well as shopping orientations. The purchase in the shopping - amusing centres is a part of the contemporary life style, leisure and amusement.

The yield of sugar beet is directly affected by LAI (leaf area index) and values of LAD (leaf area duration). The integral leaf area plays, except for other factors, an important role during the damage or reduction of leaf apparatus. There are many sources of leaf damage: natural disasters (hailstorm), diseases, pests (including game browsing) etc. The intensity of the root production and quality differs in relation to the growth stage of the damage plant. The aim of this study was to evaluate the extent of losses in the root yield and the quality of sugar beet upon gradual reduction of the leaf area. Two diploid varieties Monza and Compact were used in the small-plot trials conducted in years 2004 to 2006 (in the experimental station Žabčice - maize production region, zone K2, average altitude 184 m, soil type was classified as gley fluvisoil, soil is medium heavy to heavy, clay-loam to loam type). The leaf area was manually reduced by 25% and 50% at BBCH 18-19 growth phase (8-9 leaves unfolded). The results were statistically evaluated by analysis of variance and testing by Tukey test (at the significance level α = 5%). Reduction of the leaf area was reflected on the decrease of the root yield by 1 to 10% depending on the year of harvest. In addition, the stressful state of the plants after defoliation resulted in the decrease of the yield of polarization sugar per hectare, namely by 0.45 to 1.66 t.ha^-1. In 2005, the leaf area reduction caused a rise of the α-amino nitrogen content. The rise in the potassium and sodium cations content caused by the leaf area reduction also increased the sugar content in the treacle (by 0.1 to 0.16%). The increasing leaf area reduction lead to decreasing of yield of polarization sugar. However, this descent was statistically significant in harvest year 2006 only.

The paper deals with analysis of the macroeconomic associations of trade development and its position in Czech Republic as one of the national economy branch. The development of main macroeconomic indicators for period of 1998-2004 is completed and then it follows up with progress of the trade structures and trade chains. In that frame the given indicators (number of registered and active business units in trade, turnover and number of employees) are monitoring according to Economic Subjects Register (provided by Czech Statistical Office) and Classification of Economic Activities in the European Union. On the basis of research of consulting and research institutions the overview and turnover comparison for TOP 10 trade firms for period of 2000-2004 is carried out. Inseparable part of the paper is analysis of the Czech Republic foreign trade results. In this field the export, import and trade balance are discussing on the one hand in general and on the other hand in territorial and commodity structures.

The studies aimed at identification of various ash doses effect on the amount of yield and concentrations of Cr, Zn, Pb, Cu, Cd and Ni in maize. The studies were conducted as a pot experiment on mineral soil, to which ash doses of between 13.33 and 800.0 g∙pot^-1 were supplied in proportions corresponding to quantities between 10 and 600 t∙ha^-1. The amount of maize yield was diversified and depending on the treatment ranged between 35.59-121.64 g d.m.∙pot^-1. Ash dose of 13.33 g.pot^-1 significantly affected an increase in maize yield, while the dose over 26.67 g.pot^-1 and equivalent to over 20 t.ha^-1 applied to the soil markedly declined maize yield. Element concentrations in maize was diversified, depending on the treatment and plant part, and fluctuated from 0.32-3.48 mg Cr; 13.45-341.19 mg Zn; 0.50-5.02 mg Pb; 1.83-22.10 mg Cu; 0.02-1.71 mg Cd and 0.15-6.07 mg Ni∙kg^-1d.m. It was found that with increasing ash dose Cr and Cu content increased systematically, whereas Zn, Pb, Cd and Ni concentrations in maize decreased. The content of investigated heavy metals in maize aboveground parts fulfilled the norms for good quality fodder. Under the influence of growing ash doses added to the soil a regularly declining Cr, Zn, Pb, Cd and Ni uptake by maize aboveground parts was observed.

The aim of the paper is to demonstrate the existing state of environmental accounting as used in business and to discuss the shift of system application, focusing on the enterprises that have already implemented the environmental management systems. The paper summarizes the research outcomes of 2005, carried out by the Czech Environmental Management Centre and the Czech Environmental Information Agency. The research was targeted at the experience of companies with an implementation and operation of the environmental accounting system in the Czech Republic. The subject of the research was tracing and evaluating of environmental costs and benefit of the system of environmental accounting for company management.

Seven new species of the subgenus Glaucolepis Braun, 1917 of the genus Trifurcula Zeller, 1848 have been described from southern Europe, viz. Trifurcula (Glaucolepis) helladica Z. Laštůvka & A. Laštůvka sp. n. from Peloponnisos and Crete, Greece, T. (G.) corleyi Z. Laštůvka & A. Laštůvka sp. n. from Spain and Portugal, T. (G.) andalusica Z. Laštůvka & A. Laštůvka sp. n. from Andalusia, T. (G.) pederi Z. Laštůvka & A. Laštůvka sp. n. and T. (G.) salvifoliae Z. Laštůvka & A. Laštůvka sp. n. from various parts of Spain, T. (G.) montana Z. Laštůvka, A. Laštůvka & van Nieukerken sp. n. from Spain and Sardinia, and T. (G.) lavandulae sp. n. from Spain and southern France. The bionomics of five species is unknown, the host plant of T. (G.) salvifoliae sp. n. is Salvia lavandulifolia Vahl, those of T. (G.) lavandulae sp. n. are Lavandula latifolia Medicus and L. angustifolia Miller.

The effect of the χ-casein (C-CSN) and β -casein (B-CSN) loci on the milk production traits (milk yield, fat, protein and lactose content) was estimated for 807 and 488 Czech Fleckvieh and 402 and 244 Holstein cows, respectively. Genotypes of C-CNS and B-CNS were determined by the use of PCR-RFLP method. The genotypes were detected by use of electrophoresis on agarose gel. The associations of studied polymorphisms with milk production traits were estimated using the mixed linear model procedure REML in SAS for Windows 9.1.3. Results indicated that protein content is significantly affected (P ≤ 0.01) by C-CSN genotype (genotype BB > AB > AA). Fat and lactose content were not affected by C-CSN locus. The B-CNS locus had no significant effect on any milk production traits.

Thickness of the bark has serious influence on the round wood volume inside bark, if the diameter is measured over bark. The measured value of the bark thickness depends on measuring method. To analyse the possible bark thickness differences of spruce, given by different measuring methods and Peintinger's bark thickness tables and to calculate the corresponding round wood volume differences, given by different bark thickness deduction compared with the Czech Standard is the principle goal of presented research.
Three ways of bark thickness measuring were realized: by using bark gauge, increment hammer and slide caliper. Bark gauge gives the highest bark thickness values - 2,2 mm higher compared with our standard, corresponding volume decrease is 3,4%. Measuring by this method is very carefully to the bark and it gives the real values of the thickness of the undamaged bark layer. It is close to the results of electronic diameter measuring. Slide caliper give the values 0,9 mm higher compared with our standard, corresponding volume decrease is 1,5%. Slide caliper partly damages the surface layer of the bark. Increment hammer gives 0,1 mm higher values of the bark thickness compared with our standard thanks to the destruction of the surface bark layer. Corresponding volume decrease can be approx. 0,1%. Peintinger's bark thickness tables give 1,3 mm higher spruce bark thickness, it means to 1,9 % lower round wood volume. It means, Peintingers tables correspond better with the measured values than with the Czech Standard.
We can recommend the using of Peintinger's table for deduction of spruce bark thickness in electronic measuring of the round wood over bark and to use the bark gauge for test measuring. Both two methods gave the closest results to real values while our tests and it is very simple to use this instrument.

Fruits, as it has been proved by many archaeological discoveries, accompanied and still accompanies Man from the beginning of its existence. At first Man gathered fruits only occasionally in the nature. It's only after some time that he learned how to grow these plants and later how to breed them by some kind of empirical selection. However fruits have not only been used as alimentation, they also became a source of pleasure and beauty as well as an instrument making the environment healthier. Most of the fruit species cultivated in our country come from the European and Asian temperate zone. Residues of apples, pears, sweet and sour cherries, prunes, hazel nuts and later on of walnuts and grapevines were found in our country at a period ascending to the Stone (or Neolithic) age in middle European archaeological localities. From the first century AC residues of peaches have also been discovered. It seems that it's only from the Laten period (Celtic culture 4th-1st century BC) and under the influence of grown up antique cultures that a more intensive development of the cultivation of fruits and an increase of their qualities took place.

The paper is focused on characteristic of winegrowing and wine-production in New Zealand, country, which together with Australia, Chile, Argentina, California, and South Africa belongs to the countries of the so-called New World, and these countries become very important producers of wine in the world. Thus, they become a part of the competitive environment in winegrowing and wine-production of the Czech Republic. One of the necessary premises for determination of the competitive position is a detailed analysis of competition. This was also dealt with by Černíková, Žufan (2004), Duda (2004), Hrabalová (2004), Kudová (2005), Lišková (2004), Tomšík, Chládková (2005).
Winegrowing regions of New Zealand are located in the areas of higher average temperature than the European regions. This climate suits mostly for blue grapes. The beginning of winegrowing is connected with the name of a Scot James Busby, who produced the first wine in 1836. In the middle of the 19th century, two winegrowing regions were known worldwide - Auckland, and Hawkes Bay. Currently, there are 14 winegrowing regions with the area of 18.112 ha of fertile vineyards, and in 2006 the area of fertile vineyards should grow by 15% (to 20.877 ha). The area with the largest area of vineyards is Marlbourough (8.194 ha), where there are 275 growers of vine being processed by 84 wine-producers. The total number of wine producers in New Zealand in 2004 was 471, only four of them producing more than 2 mil. l (the biggest company is Montana).
The harvest in 2004 was 162.100 tons of grapes, in New Zealand, which means 123% growth in comparison with 1995. The highest growth of harvested grapes was in the region of Hawkes Bay - by 181%. Wine production is changing from year to year, but for the 2004 a growth is expected due to the volume of harvested grapes. The exports of New Zealand's wine have grown almost 3.5-times in the period of 1995-2003 in terms of its volume, and recounting it from NZ$ to €, the growth was even 6.8-times higher. The exports of New Zealand wine are continuously growing - the highest amount from 1995 was exported to Great Britain (25.756 mil. l). The exports to the Czech Republic have grown almost 15-times in the period of 1999-2003, with a prevalence of the white wine. The average price of one litre of wine imported to the Czech Republic in 2003 was € 6.7. Imports of wine to New Zealand have grown by 74% in the period of 1995-2003. Most of the imports are realized from Australia (73% of the total imports in 2004). Within the monitored period, there was a change in the prevailing type of the imported wine - from a prevalence of the white wine in 1999 to the currently prevailing red wine (growth by 17% in 2003). Consumption of alcohol have grown by 6.5% in the period of 1998-2003, most of which was caused by the growing consumption drinks with the alcohol content of more than 23% (growth by 60.8%).
The paper is a part of solution of the grant focused on analysis and formulation of further development of winegrowing and wine-production in the Czech Republic provided by the Ministry of Agriculture (No. QF 3276), and it is also a part of solution of the research plan of the Faculty of Business and Economics, MUAF in Brno (No. MSM 6215648904).

In the region of Rýchory (KRNAP - the Krkonoše National Park), effects of roe deer and red deer browsing on the condition and development and natural and artificial regeneration of stands was studied in 2003-2004. Winter and summer browsing were observed in 14 couples of plots (always one with mechanical protection, the second without the protection) and in one control couple in a wintering preserve for red deer. In both years, winter browsing predominated in the region and thus, it is possible to suppose that roe deer was the main browser. As for natural regeneration, silver fir (26% in winter 2003), rowan (36% in winter 2003) and sycamore maple (26% in winter 2004) were the most damaged species. In artificial regeneration, silver fir damage predominated (68% in winter 2003). In the wintering game preserve with the high winter concentration of red deer, damage to all trees exceeded 40% and heavy damage showed also species slightly damaged out of the preserve such as spruce (63%) and beech (75%). Artificial regeneration was damaged more markedly than natural regeneration in all terms of monitoring. The percentage of browsing damage increased with the distance of the additional feeding device.

The paper focuses on development of consumer behavior on the basis of household expenditures in 1996, 1999 and 2002 in individual countries in Europe. As a tool to examine the changes in behavior was used cluster analysis. The results of this analysis are illustrated in dendrograms, which help to estimate the greatest differences in consumer behavior among north-western European countries and new countries joining EU, then also among western European countries and south European countries. For the analysis of factors with influence on consumer behavior is required a research about motives of behavior and consumption of main agricultural commodities.

The first part of the paper is devoted to the problems of city tourism in the Czech Republic. As an example of the possibilities of city tourism is mentioned own marketing research of Brno citizens about their recreation and sport activities in the town and nearest surroudings. The marketing research was conducted for the first time in 1997 and repeated once again at the end of 2001.
The second part is oriented to the problems of the country tourism. As a practical case is used Southern Moravia project called Moravian Wine Trails. Empirical own experiences, especially personal interviews with local public administration authorities in 2003 and 2004 are compared with theory of local tourism marketing.

The contribution describes the methodology of work with human assets, and namely talent management representing a system of work with employees having over-average potential and representing the source of competitive advantage for the company. The work introduces methodological tools for implementing the system of talent management in the following fields: defining the talent, identification of talents, creating the conditions, care at the side of management, individual or group related technical education, development by way of key competences and evaluation of results, both regarding the abilities and skills of individuals through key competences, and by way of indicators of working performance. Describes evaluation using key competences minimal, optimal and actual competence profile and the way of describing competences by behavioural scale.

This article is focused on the topic of customer protection. The protection covers insolvency of travel agency and comes out from the Council Directive 90/314/EEC. In the Czech Republic this Council directive is implemented into Czech law through the Act No. 159/1999 Coll. on Conducting Business in Some Areas of the Tourism Sector. Unfortunately, the act is considered to be not up to date therefore novelization is being prepared. The article describes insurance as the one and only customer protection in the Czech Republic. Simultaneously, there are set other possibilities of customer guarantee in case of travel agency bankrupt which are successfully used in other European countries. One part of the article is dedicated to detail analysis of this problem in Great Britain. The result of provided analyses and research - proposal of guarantee model through insurance section which would be a part of Association of Travel Agencies and Tour operators. The goal of the model is to clear away present weaknesses in this field.

The work was carried out to study the influence of additional sowing and differentiated systems of use in the summer period on the production of grass sward in the autumn and winter period. An additional sowing of Festuca arundinacea and Festulolium was made into the grass stand with dominating Festuca rubra, Taraxacum officinale, Agropyron repens, Dactylis glomerata, Trisetum flavescens, Agrostis stolonifera and Phleum pratense. In summer (preparatory cut), the grass stand was utilized in June, July and August. In the autumn (main use), it was utilized in November, December and January. The additional sowing, the preparatory cut and the main use were monitored for their influence on the yield of dry matter. Another assessment was made of the share of Festuca arundinacea and Festulolium in the harvested herbage. In June 2001, the share of additionally sown herb species in the harvested herbage did not exceed 2%. However, their proportion increased to more than 20% in four years of the study. In the summer period, the additional sowing did not show any significant effect on dry matter yields. The additionally sown herb species exhibited a pronounced dominance in November. The shares of Festuca arundinacea and Festulolium in the harvested herbage were 80.1% and 71.3%, respectively. Yields from the additionally sown grass stands were higher from the third year of the study (by 1.07-1.26 t.ha^-1) than those from the grass stand with no additional sowing (0.66-0.97 t.ha^-1) the variance being insignificant. In the autumn and in winter, a significant decrease (P < 0.05) was seen in yields from the grass stand utilized until the beginning of August and the yields further decreased with the proceeding winter.

During the years 1993-2001 the monitoring of the soil surface fauna was carried out in a floodplain forest in the Ranšpurk National Nature Reserve (south Moravia). The harvestmen assemblages fluctuation is described in detail in this paper. The method of pitfall traps was used. A total of 3174 individuals of seven harvestmen species were collected. The species composition was very similar to other research results from the southern Moravian floodplain forest. Only the dominance values differ from the values in the other localities. All of the registered species prefer moisture and shadow places. The highest abundance was observed in Astrobunus laevipes (Canestrini, 1872), Nemastoma lugubre (Müller, 1776), Oligolophus tridens (C. L. Koch, 1936) and Rilaena triangularis (Herbst, 1799). The dynamics of harvestmen occurrence during the year had a different development than in other groups of invertebrates. Harvestmen mostly occurred in pitfall traps in autumn and winter months. The highest abundance of harvestmen in traps was observed in December and January. In July 1997, disastrous flood affected all groups of invertebrates. The flood had a minimal impact on the abundance of harvestmen in pitfall traps.

The aim of the article is to provide a survey of approaches to the investigation of social capital. And the another purpose is to present a proposal for a concept of social capital that would make it possible to quantify the market-unrealised capital potential with respect to sustainable development of multifunctional agriculture. For identification of social capital due to the specificities of our conditions - mobilizational individual capital and its manifestations in identification with the environment is in order to capture the individual dimensions of the approache mentioned.

The dependence farrowing interval on litter parity, average daily gains, percentage of lean meat and backfat thickness was analysed in a set of 8 285 and 2 850 sows of Czech Large White and Czech Landrace breeds, respectively. The parameters under study were recorded in the Pig Breeders Association in Bohemia and Moravia. The highest farrowing interval (174.39 days) was found out in sows classified into the group with the lowest average daily gains (< 470 g). The farrowing interval slightly decreased with the increasing growth intensity. No explicit relationship between the farrowing interval and the intensity of growth was found out in sows of the CL breed. No dependence of farrowing interval of individual groups of sows on the percentage of lean meat was found out in sows of the CLW breed; however, there was a statistically significant (P ≤ 0.05) difference between groups with lean meat shares of 54.1-55.9% and 58.0-59.9. With the exception of the group with the lowest share of lean meat (< 54%), the farrowing interval decreased in dependence on the LM % in sows of the CL breed. In sows of the CLW breed, there was a tendency to increasing farrowing interval with the increasing values of BT. The only exception was the group with BT below 8 mm in which the farrowing interval was 199 days. A similar trend was observed also in sows of the CL breed. The average farrowing interval decreased with the increasing parity rank in both breeds; in CLW sows this value decreased from 175.01 days (after the 1^st parturiton) to 158.18 days (after the 7^th and the following litters). A similar tendency (from 181.64 days after the 1^st parturition to 161.64 days after the 7^th and the following parturitions) was observed also in sows of the CL breed.

The first part of the paper is devoted to the theoretical problems of consumer behavior and decision masking. In the second part is used so called "beer local patriotism" as an concrete example of the mentioned problems. The third part presents own empirical results from marketing research in the Czech Republic in October-November 2004. The fourth part contents description of the contemporary life style changes and its influences for consumer behavior. In the fifth part is the purchase seen as a part of the contemporary life style and entretaiment. The last part deals with the changes of consumer behavior in the shopping centres.

For the ecological-physiological research, and in particular water exchange, it is necessary to study a plant entire. The data about the daytime change of whole woody plant transpiration help to determine a degree of this or that woody species influence on air humidizing and that way on a microclimate as well, and also to receive necessary information about rational formation of woody plantings as the city boundaries and forest shelterbelts and on sites with various water-security.

In June 2004 the Basel Committee on Banking Supervision published the new capital adequacy framework commonly known as Basel II. Basel II contains international capital standards for banking organizations and will replace the relatively risk-invariant requirements in the current Basel I accord. The Committee intends Basel II to be available for implementation as of year-end 2006. The goal of this paper is to analyze the current situation in bank preparation for Basel II in the Czech Republic. For this reason a survey was done in the Czech banks in September and October 2004. Results of this survey are subject of this article. Results are separately discussed for four groups of banks (according to balance sum) - large, middle and small banks and building societies. The research is divided into three sections. The first section is concentrated on the current phase of preparation of Czech banks for Basel II. Results of this section showed that large banks are best prepared in comparison to other three groups of banks. The goal of the second section of the research was to find out how banks evaluate difficulty of activities connected with implementation of Basel II. Problems are mostly connected with changes in IT systems and lack of data. The goal of the third section was to find out which approach for calculating capital requirements on credit risk are banks most likely to adopt at the Basel implementation date. Majority of banks is most likely to adopt the Standardised approach.

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 paper is a particular contribution to study of changes in the business environment, which were induced by the Integration of the Czech Republic to the European Union. It includes the opportunities and threats of the Czech Republic and strengths and weaknesses of businesses, which managers of small and medium - sized enterprises identified in 2001 - it meant before the Integration and in 2004 - after the Integration of the Czech Republic into the European Union. 34% of managers from analyzed businesses identified this integration of the Czech Republic into the EU as an opportunity in 2001 and 77% of managers from analyzed businesses in 2004. A change can be seen in the focusing of managers towards the increase of business competitiveness in the different conditions in the internal environment.

The paper is focused on the analysis of stock market returns of American and European stock market for different investment horizon from the view of an American and European investor. The paper also partly resumes, in the part of analysis of USD/EUR exchange rate influence on market returns of mentioned stock market, research paper REJNUŠ, O., ŠOBA, O.: Changes in the USD/EUR exchange rate and their impact on the return of stock indexes from the viewpoint of a European and of an American investor. ACTA UNIVERSITATIS AGRICULTURAE ET SILVICULTURAE MENDELIANAE BRUNENSIS, Vol. LII, No. 6, 2004, pg. 145-159, ISSN 1211-8516.
The development of both American and European stock market is put on the development of two, structure-similar Standard & Poor's exchange indexes, particularly S&P 500 and S&P Europe 350. According to the USD/EUR exchange rate, there were used the values published by FED, with the oldest data there were accepted the count ECU to EUR. The data were taken both from the weekly closing values of mentioned stock indexes and weekly closing values of USD/EUR exchange rate.
The analysis was done with using the methods of quantification of "running market returns" (recount to the average annual values) of indexes from the view of both investors within the set investment horizon. The elemental statistical level characteristic - simple average, median and statistical characteristic of variability - standard deviation and variation coefficient were quantified from this time series of annual running market returns.
The analysis, which was purposely oriented to six basic different long investment horizon (1 year, 2 years, 3 years, 5 years, 7 years, 10 years), has approved that in focused term of 1980-2004 the market returns of picked stock market from the view of both investors (American and European) was generally higher in longer investment horizon than in the shorter investment horizon. The values of variation coefficient in particular investment horizon indicated the decreasing riskiness of investments in analyzed markets with elongating length of investment horizon, from view of both investors on both stock markets. The influence of the exchange rates changes on the values of quantified characteristic of indexes market returns (stock markets) was relatively insignificant, so the conclusions of the mentioned research paper, which resumes partly this paper, where in practice verified.