• Bank for International Settlement (BIS) states that world is experiencing an exceptional period of growth, moderate inflation and unusual low risks. Risk factor for this situation is increasing inflation and deceleration of United States economy growth. • President Vaclav Klaus described government’s reform proposal as a step in the right direction, but also a step which is only a partial solution and does not solve the fundaments. Reform should be more aggressive and could come earlier, according to Klaus. • Hungarian retail sales in April decreased by 2.5% y/y after 0.5% decline in March. • According to International Monetary Fund the most probable scenario for US economy is so-called „soft landing“ due to growth revival and inflation decline. This year, US GDP should add 2% and next year 2.75%, according to IMF. • German index of business climate published by Ifo reached 107 in June which is below expectations of 108.4.