• Czech Republic’s GDP growth should decelerate to 5.5% this year and to 5.0% next year. The reason is decline of domestic consumption and exports, according OECD. • Vladimir Tomsik will be absent from meeting of Czech National Bank board next week. He is one of the doves within the board. • Business climate index Ifo in Germany remained flat at 108.6 in May which is slightly below market expectations of 108.8. • According to governor of Hungarian National Bank, Hungary can start to consider euro adoption only in 2008-2009. He also warned that without structural reforms, the country is in risk of returning to crisis. • In March, number of new houses sold in the USA increased to 981k while market was expecting 860k. Purchases of long-term goods increased by 0.6% which is below estimates.