. "85;96" . . "2"^^ . . "LIV" . "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 consists 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 fulfils the needs of all EMU member countries in terms of optimal monetary policy. In the first part the authors analyse differences between the preferences of the ECB and national authorities (governme" . "Taylor Rule and EMU - Monetary Policy Determination and ECB's Preferences"@en . "2"^^ . "1211-8516" . . "Taylor Rule and EMU - Monetary Policy Determination and ECB's Preferences" . "Taylorovo pravidlo a EMU - determinace monet\u00E1rn\u00ED politiky a preferenc\u00ED ECB"@cs . "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 consists 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 fulfils the needs of all EMU member countries in terms of optimal monetary policy. In the first part the authors analyse differences between the preferences of the ECB and national authorities (governme"@en . "Prim\u00E1rn\u00EDm c\u00EDlem ECB, definovan\u00FDm v Maastrichtsk\u00FDch krit\u00E9ri\u00EDch, je udr\u017Een\u00ED stabiln\u00ED cenov\u00E9 hladiny. V p\u0159\u00EDpad\u011B, \u017Ee je tento c\u00EDl spln\u011Bn, m\u016F\u017Ee tato centr\u00E1ln\u00ED banka svou monet\u00E1rn\u00ED politiku zam\u011B\u0159it na stimulaci r\u016Fstu a zam\u011Bstnanosti v HMU. Obavy z nespln\u011Bn\u00ED prim\u00E1rn\u00EDho c\u00EDle s d\u016Fsledkem ztr\u00E1ty kredibility stav\u00ED ECB do role velmi konzervativn\u00ED banky. Jej\u00ED konzervativn\u00ED p\u0159\u00EDstup je kritizov\u00E1n nejen ze stran kandid\u00E1tsk\u00FDch zem\u00ED na vstup do HMU, kter\u00E9 maj\u00ED v porovn\u00E1n\u00ED s HMU tendence dosahovat vy\u0161\u0161\u00EDho r\u016Fstu za cenu vy\u0161\u0161\u00EDho r\u016Fstu cenov\u00E9 hladiny, ale tak\u00E9 ze stran st\u00E1vaj\u00EDc\u00EDch \u010Dlensk\u00FDch st\u00E1t\u016F HMU. Odli\u0161n\u00E9 po\u017Eadavky na expanzivnost \u010Di restriktivnost monet\u00E1rn\u00ED politiky ECB se vyskytuj\u00ED z d\u016Fvodu rozd\u00EDln\u00FDch temp r\u016Fstu a inflace v jednotliv\u00FDch st\u00E1tech Euroz\u00F3ny. Elegantn\u00EDm n\u00E1strojem pro v\u00FDpo\u010Det po\u017Eadovan\u00E9 v\u00FD\u0161e \u00FArokov\u00E9 sazby na z\u00E1klad\u011B mezery r\u016Fstu a infla\u010Dn\u00ED mezery, tedy odchylky inflace od c\u00EDlov\u00E9 hodnoty, je Taylorovo pravidlo. Hlavn\u00EDm p\u0159\u00EDnosem \u010Dl\u00E1nku je diskuse na t\u00E9ma konzistentnosti preferenc\u00ED ECB a n\u00E1rodn\u00EDch centr\u00E1ln\u00EDc"@cs . "inflation targeting; interest rates determination; monetary integration"@en . "503044" . "Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis" . "43110" . . . "RIV/62156489:43110/06:00108198" . . "Taylor Rule and EMU - Monetary Policy Determination and ECB's Preferences"@en . . "Taylorovo pravidlo a EMU - determinace monet\u00E1rn\u00ED politiky a preferenc\u00ED ECB"@cs . "Kapounek, Svatopluk" . "Lacina, Lubor" . "Z(MSM6215648904)" . "Taylor Rule and EMU - Monetary Policy Determination and ECB's Preferences" . . . . . . "[8601C62E9550]" . "CZ - \u010Cesk\u00E1 republika" . . "6" . . "RIV/62156489:43110/06:00108198!RIV07-MSM-43110___" . . "12"^^ .