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This article presents the initial results of a research project on the politics of local referendums in the Czech Republic, situating the Czech experience in the context of other Visegrad states. Data on Czech local referendums from 20002005 have been compiled from multiple sources -- local and national newspapers, data from municipal, district and regional authorities, interviews, and statistical indicators -- to ensure the completeness and comprehensiveness of the dataset. The article conceptualizes local referendums as the product of often arduous civic campaigns that, in the light of local political opposition, frequently fail to carry out the referendum. The study thus takes a referendum campaign's level of "success" as the dependent variable, and considers a range of demographic, political and civic factors as independent variables. Quantitative as well as case-study evidence is provided. The article finds that of the 114 local referendum campaigns that were initiated from 20002005, 82 referendums were ultimately held, of which about 48 were initiated by environmental NGOs or directly addressed environmental issues. The key variables determining the success of local referendum campaigns are municipal size, referendum theme, and the legal capacities and campaign strategies of the referendum initiators. In that regard, environmental NGOs have demonstrated a high level of organizational and political efficacy in comparison to other actors. Adapted from the source document.

Central banks of major advanced economies have already started their sixth year of the greatest ever experiment in monetary policy at place. First, special measures were taken to prevent collapse of financial intermediation. At the same time main policy rates were cut down to historical lows hitting the zero lower bound quite soon after the onset of the financial crisis. After that central banks realised various unconventional measures in order to support their weak economies. While exceptional instruments aimed at restoring financial markets seem to have been inevitable to avert a collapse of a much greater magnitude in the short run, some other measures have remained disputable. Not only had these measures limited effectiveness in restoring stronger and sustainable economic growth, but concerns have also been raised recently about their unintended consequences. These side-effects concern not only domestic economies but international spillovers on many vulnerable less advanced and/or developing economies have been evident. Moreover, potential risks of the unprecedented measures may start to act fully in a longer horizon. Quantitative easing has led to enormous increases in balance sheets of the Fed, the BoE and ECB; however structural differences on the asset side have been evident. Main challenge for major central banks thus seems to be the right timing and structure of inevitable exit strategies in the near future so that a smooth exit with minimal side effects could be guaranteed. Adapted from the source document.