natgillin/translations-raw huggingface dataset:
− като взе предвид резолюцията си от 15 февруари 2007 г. относно европейското икономическо положение: подготвителен доклад относно общите насоки за икономическа политика за 2007 г.
– having regard to its resolution of 15 February 2007 on the situation of the European economy: preparatory report on the broad economic policy guidelines for 2007
Приети текстове , Р6_ТА(2007)0051. ,
Texts Adopted , P6_TA(2007)0051 . ,
− като взе предвид резолюцията си от 26 април 2007 г. относно публичните финанси в ИПС през 2006 г.
– having regard to its resolution of 26 April 2007 on public finances in the EMU 2006
Приети текстове , Р6_ТА(2007)0168. ,
Texts Adopted , P6_TA(2007)0168 . ,
− като взе предвид съобщението на Комисията относно петгодишнината от пускането в обръщение на евро банкноти и монети (СОМ(2006)0862),
– having regard to the Communication from the Commission on Five years of euro banknotes and coins ( COM(2006)0862 ),
− като взе предвид доклада на ЕЦБ относно финансовата стабилност от декември 2006 г. и доклада относно финансовата интеграция в Европа от март 2007 г.,
– having regard to the ECB's Financial Stability Review December 2006 and its report on Financial Integration in Europe of March 2007,
− като взе предвид пролетните икономически прогнози на Комисията от 7 май 2007 г.,
– having regard to the Commission's Spring Economic Forecasts of 7 May 2007,
− като взе предвид член 45 от своя правилник,
– having regard to Rule 45 of its Rules of Procedure,
− като взе предвид доклада на комисията по икономически и парични въпроси (А6-0266/2007),
– having regard to the report of the Committee on Economic and Monetary Affairs ( A6‑0266/2007 ),
А. като има предвид, че БВП в еврозоната е нараснал с 2,7% през 2006 г., с 1,4% повече от 2005 г., което е най-добрият резултат от 2000 г. насам, докато равнището на инфлация от 2,2% остава непроменено спрямо 2005 г., което обаче не трябва да води до успокоение,
A. whereas the GDP of the euro zone increased by 2,7% in 2006, up from 1,4% in 2005, which leaves no room for complacency, the best performance since 2000, whilst the inflation rate was 2,2%, unchanged compared with 2005,
Б. като има предвид, че вътрешното търсене, и по-конкретно инвестициите са основната движеща сила, обуславяща растежа в еврозоната,
B. whereas internal demand, notably investment, was the main driving force behind the increase in growth in the euro zone,
В. като има предвид, че повишаването на цените на енергията, започнало през 2005 г., не предизвиква вътрешен инфлационен натиск, тъй като повишението на заплатите се запазва умерено и не се наблюдават вторични ефекти,
C. whereas the increase in energy prices which started in 2005 did not give rise to internal inflationary pressure, since wage increases remained moderate and no second-round effects were observed,
Г. като има предвид, че формулираните от Парламента препоръки в предишните му резолюции относно годишния доклад на ЕЦБ, отнасящи се до прозрачността при гласуване и публикуването на протоколите, все още не са взети предвид,
D. whereas the recommendations put forward in Parliament's previous resolutions on the ECB annual report concerning transparency of voting and publication of minutes have not yet been taken into account,
Д. като има предвид, че Парламентът желае да помогне за засилване ролята и международната позиция на ЕЦБ и на еврозоната на международната сцена,
E. whereas Parliament wishes to help strengthen the role and international authority of the ECB and the euro zone on the international stage,
Е. като има предвид наличието на много кандидати за назначаване на старши длъжности в МВФ, СТО и ОИСР, доста различни от тези в Световната банка,
F. whereas there have been many applicants for appointment to senior positions at the IMF, WTO or OECD, quite apart from those at the World Bank,
Ж. като има предвид, че ЕЦБ продължи да коригира лихвените проценти през 2006 г., които от декември 2005 г. бяха повишени осем пъти и нараснаха с 200 базисни пункта, като достигнаха до 4% към настоящия момент,
G. whereas the ECB continued to adjust interest rates in 2006, interest rates having been raised eight times since December 2005, by 200 basis points up to the current 4%,
З. като има предвид, че в резултат на затягането на паричната политика се очаква темпът на растеж да се забави и през 2007 г. да достигне 2,6%, а инфлацията да се понижи до 1,9%,
H. whereas growth is expected to slow down somewhat to 2,6 % in 2007 reflecting the withdrawal of monetary accommodation, with a decline in inflation to 1,9 %,
И. като има предвид, че дефицитът по текущата сметка на САЩ продължи да нараства до 6,5% от БВП през 2006 г. и Евросистемата продължи да подчертава рисковете и несигурността, свързани със запазването на големи дисбаланси по текущата сметка в глобален мащаб,
I. whereas the US current account deficit continued to rise up to 6,5 % of GDP in 2006 and the Eurosystem continued to stress the risks and uncertainties related to the continuation of large global current account imbalances,
Й. като има предвид, че големите дисбаланси в глобален мащаб продължават да представляват риск за развитието на обменния курс и на икономическия растеж в световен мащаб, и като има предвид, че е задължително да се обърне внимание на тези рискове,
J. whereas large global imbalances continue to represent a risk for exchange rate developments and worldwide economic growth and whereas it is imperative that these risks be addressed,
К. като има предвид, че през 2006 г. валутният курс на еврото се повиши с 11,4% спрямо щатския долар, с 12,4% спрямо японската йена и с 8% спрямо китайското ренминби,
K. whereas in 2006 the exchange rate of the euro appreciated by 11,4 % against the US dollar, 12,4 % against the Japanese yen and 8 % against the Chinese renminbi,
Развитие на финансите и икономиката
Monetary and economic developments
8. отбелязва, че някои икономики в еврозоната, а именно Ирландия, Люксембург, Гърция, Финландия и Испания, се представят много по-добре от други по отношение на растежа, като постигат по-високо средно равнище на растеж от средното за еврозоната; отбелязва, че няколко европейски страни извън еврозоната също са постигнали растеж, по-висок от средното равнище; счита, че от тези тенденции могат да се извлекат полезни уроци и че би било полезно ЕЦБ да извърши конкретно проучване;
Observes that some economies in the euro zone have performed much better than others in terms of growth, with, notably, Ireland, Luxembourg , Greece, Finland and Spain achieving a higher average growth rate than the euro zone average; notes that higher average growth has also applied to several European countries outside the euro area; considers that useful lessons could be drawn from such developments and that a specific study by the ECB of the reasons underlying these trends would be useful;
14. счита, че степента на зрялост, достигната от всички участници в Механизма на обменните курсове, следва да улесни възникването на съчетание от политики, което да съпътства ефективното изпълнение на необходимото структурно адаптиране, от което зависи увеличаването на потенциала за растеж в еврозоната; призовава за по-активен макроикономически диалог между Съвета, Комисията, ЕЦБ, Парламента и европейските социални партньори и подкрепя усилията на Еврогрупата за започване на такъв диалог;
Takes the view that the degree of maturity achieved by all the players in the European Exchange Rate Mechanism should facilitate the emergence of a policy mix to accompany the effective implementation of the requisite structural adjustments on which any increase in the potential for growth in the euro zone depends; advocates a more active macroeconomic dialogue between the Council, the Commission, the ECB, the Parliament and the European social partners and supports the Eurogroup's efforts to bring about such dialogue;
Финансова стабилност и интеграция
Financial stability and integration
Външна роля на еврото
External role of the euro
Демократичен контрол
Democratic scrutiny
26. подчертава, че доверието в ЕЦБ до голяма степен зависи също и от прозрачността в процеса на вземане на нейните решения; поради това подновява призива си след заседанията на Управителния съвет на ЕЦБ да се публикува резюме на протоколите от тези заседания, в което ясно да са посочени аргументите „за” и „против” взетите решения и дали тези решения са били взети единодушно;
Emphasises that the credibility of the ECB is also dependent on a high degree of transparency in its decision-making process; therefore reiterates its call that, shortly after meetings of the Governing Council of the ECB, summary minutes of these meetings be published containing a clear statement of the arguments in favour and against the decisions taken and whether or not these decisions were taken unanimously;
In its resolution it adopts on the ECB's annual report, the European Parliament assesses the work of the Central bank.
In its resolution it adopts on the ECB's annual report, the European Parliament assesses the work of the Central bank.
This year I would like to stress the role of the ECB in terms of financial stability and financial integration, and also address in the context of the 5 years of the launch of the Euro the mixed perception of the Euro by European citizens.
This year I would like to stress the role of the ECB in terms of financial stability and financial integration, and also address in the context of the 5 years of the launch of the Euro the mixed perception of the Euro by European citizens.
Comment on the monetary and economic developments which took place in 2006.
Comment on the monetary and economic developments which took place in 2006.
First some facts and then some observations.
First some facts and then some observations.
1.1 Facts
1.1 Facts
The fact is that the economic situation was much better for the Euro zone in 2006: the GDP of the Euro zone increased by 2.8% in 2006, up from 1.5% in 2005 and the best performance since 2000.
The fact is that the economic situation was much better for the Euro zone in 2006: the GDP of the Euro zone increased by 2.8% in 2006, up from 1.5% in 2005 and the best performance since 2000.
Internal demand, notably investment, was the main driving force behind the pick-up.
Internal demand, notably investment, was the main driving force behind the pick-up.
The economic recovery in the Euro zone has become a self sustaining process with domestic demand acting as the main driver.
The economic recovery in the Euro zone has become a self sustaining process with domestic demand acting as the main driver.
2 million jobs were created in 2006 and unemployment fell from 8.4 % to 7.5 %, all of which contributes to enhancing consumer confidence.
2 million jobs were created in 2006 and unemployment fell from 8.4 % to 7.5 %, all of which contributes to enhancing consumer confidence.
The inflation rate was 2.2%, unchanged compared with 2005.
The inflation rate was 2.2%, unchanged compared with 2005.
The increase in energy prices which started in 2005 did not give rise to internal inflationary pressure, since wage increases remained moderate and no second-round effects were observed.
The increase in energy prices which started in 2005 did not give rise to internal inflationary pressure, since wage increases remained moderate and no second-round effects were observed.
But there is no room for complacency.
But there is no room for complacency.
In this context of recovery the ECB continued to adjust interest rates in 2006, interest rates having been raised seven times since December 2005 by 175 basis points up to the current 3.75 %.
In this context of recovery the ECB continued to adjust interest rates in 2006, interest rates having been raised seven times since December 2005 by 175 basis points up to the current 3.75 %.
Turning to the future, growth could slow down somewhat in 2007 reflecting notably the withdrawal of monetary accommodation.
Turning to the future, growth could slow down somewhat in 2007 reflecting notably the withdrawal of monetary accommodation.
1.2 Observations
1.2 Observations
In this context of recovery, I would like to make following observations:
In this context of recovery, I would like to make following observations:
It is still too early to distinguish the cyclical dimension from the structural one in this recovery.
It is still too early to distinguish the cyclical dimension from the structural one in this recovery.
However, it can be considered that some structural reforms may have already fed through into growth.
However, it can be considered that some structural reforms may have already fed through into growth.
In this context such a recovery should be taken as an incentive to pursue national reforms adapted to each country notably in the domain of research, innovation and education in order to increase the potential for growth of the Euro zone.
In this context such a recovery should be taken as an incentive to pursue national reforms adapted to each country notably in the domain of research, innovation and education in order to increase the potential for growth of the Euro zone.
It is crucial that wages increase in line with productivity developments in order to preserve competitiveness in member states and to allow for job creation in a non inflationary environment.
It is crucial that wages increase in line with productivity developments in order to preserve competitiveness in member states and to allow for job creation in a non inflationary environment.
Fiscal consolidation is key and all the more necessary in good times in order to achieve long-term growth.
Fiscal consolidation is key and all the more necessary in good times in order to achieve long-term growth.
Such consolidation must be carefully designed so as to enhance the quality of public expenditures.
Such consolidation must be carefully designed so as to enhance the quality of public expenditures.
The golden rule is a significant step in this direction;
The golden rule is a significant step in this direction;
"Small" economies have performed better than "large" economies since the creation of the Euro zone in terms of growth with notably Ireland, Finland, and Luxembourg achieving a higher average growth rate than the Euro zone average.
"Small" economies have performed better than "large" economies since the creation of the Euro zone in terms of growth with notably Ireland, Finland, and Luxembourg achieving a higher average growth rate than the Euro zone average.
Lessons might be drawn from such developments and a specific study by the ECB of the reasons underlying these trends would be useful.
Lessons might be drawn from such developments and a specific study by the ECB of the reasons underlying these trends would be useful.
I would like also to underline the risks associated with large global current account imbalances (the US current account deficit continued to rise up to 6.5 % of GDP in 2006) which could result in additional increases in the Euro exchange rate.
I would like also to underline the risks associated with large global current account imbalances (the US current account deficit continued to rise up to 6.5 % of GDP in 2006) which could result in additional increases in the Euro exchange rate.
In 2006 the exchange rate of the Euro appreciated by 11.4 % against the US dollar, 12.4 % against the yen and 8 % against the Chinese renminbi.
In 2006 the exchange rate of the Euro appreciated by 11.4 % against the US dollar, 12.4 % against the yen and 8 % against the Chinese renminbi.
Such a trend will not be sustainable for the Euro zone and I note the European Commission Annual Report on the Euro Area - 2007 states that there is now a broad consensus among policy makers on how to tackle the problem of global imbalances following multilateral consultation launched by the IMF in April 2006.
Such a trend will not be sustainable for the Euro zone and I note the European Commission Annual Report on the Euro Area - 2007 states that there is now a broad consensus among policy makers on how to tackle the problem of global imbalances following multilateral consultation launched by the IMF in April 2006.
I would like to draw the attention to developments in real estate prices.
I would like to draw the attention to developments in real estate prices.
All over the Euro zone real estate prices have experienced stark increases for about 10 years now with few exceptions, most notably in Germany.
All over the Euro zone real estate prices have experienced stark increases for about 10 years now with few exceptions, most notably in Germany.
There are some signs that this development is slowing down, but credit granted to households for housing purchases is still rising by around 10 % per year.
There are some signs that this development is slowing down, but credit granted to households for housing purchases is still rising by around 10 % per year.
There has been a recent decline in the US housing prices and a deterioration in the mortgage credit market which could have an impact on the real economy.
There has been a recent decline in the US housing prices and a deterioration in the mortgage credit market which could have an impact on the real economy.
I suggest that such a development should be taken as a warning for what could take place in the Euro zone.
I suggest that such a development should be taken as a warning for what could take place in the Euro zone.
Therefore the ECB should monitor closely these developments which have the potential to have consequences for the real economy.
Therefore the ECB should monitor closely these developments which have the potential to have consequences for the real economy.
It would be useful for the ECB to present ways forward with their respective advantages such as: including real estate in the Harmonised Index of Consumer Prices or devise a specific type of indicator or to suggest specific measures to be taken at national levels due to heterogeneities among national markets.
It would be useful for the ECB to present ways forward with their respective advantages such as: including real estate in the Harmonised Index of Consumer Prices or devise a specific type of indicator or to suggest specific measures to be taken at national levels due to heterogeneities among national markets.
I would also like to draw attention to the fact that interest rates on loans to households for consumption purposes show the highest level of dispersion.
I would also like to draw attention to the fact that interest rates on loans to households for consumption purposes show the highest level of dispersion.
In particular, interest rates on overdrafts vary considerably within the Euro area from less that 7% to 13.5% or more and should be the subject of further ECB research and report.
In particular, interest rates on overdrafts vary considerably within the Euro area from less that 7% to 13.5% or more and should be the subject of further ECB research and report.
Turning to the financial stability and integration
Turning to the financial stability and integration
I welcome the publication of a new ECB annual report on Financial integration in Europe.
I welcome the publication of a new ECB annual report on Financial integration in Europe.
Financial integration and financial stability is a major issue taking into account the significant changes in the financial sector currently occurring with an incredible speed, in terms of means of financing for corporates, financial innovation, new types of financial actors and cross border mergers of financial actors.
Financial integration and financial stability is a major issue taking into account the significant changes in the financial sector currently occurring with an incredible speed, in terms of means of financing for corporates, financial innovation, new types of financial actors and cross border mergers of financial actors.
We should first fully support the ECB efforts to foster Euro zone financial integration notably by acting as a catalyst for private sector initiatives such as SEPA and STEP.
We should first fully support the ECB efforts to foster Euro zone financial integration notably by acting as a catalyst for private sector initiatives such as SEPA and STEP.
Central bank services can also foster European financial integration.
Central bank services can also foster European financial integration.
In this respect TARGET has been instrumental in achieving a high integration of the money markets and the repo market.
In this respect TARGET has been instrumental in achieving a high integration of the money markets and the repo market.
The Target 2 Securities project has the potential to foster the integration, the efficiency and the safety of the clearing and settlement infrastructure which currently offers an insufficient degree of integration and interoperability.
The Target 2 Securities project has the potential to foster the integration, the efficiency and the safety of the clearing and settlement infrastructure which currently offers an insufficient degree of integration and interoperability.
Therefore we should support the Target 2 Securities project provided that an appropriate governance is set up, and we should continue to closely monitor developments in this project.
Therefore we should support the Target 2 Securities project provided that an appropriate governance is set up, and we should continue to closely monitor developments in this project.
Regarding new actors in the financial sector, the issue of hedge funds needs to be adressed.
Regarding new actors in the financial sector, the issue of hedge funds needs to be adressed.
It is generally agreed that hedge funds have positive impacts on financial stability notably by delivering liquidity and fostering dispersion of risks.
It is generally agreed that hedge funds have positive impacts on financial stability notably by delivering liquidity and fostering dispersion of risks.
But it is also generally agreed that combined with the increased use of complex financial instruments they also have the potential for making the financial system more vulnerable to unexpected shocks.
But it is also generally agreed that combined with the increased use of complex financial instruments they also have the potential for making the financial system more vulnerable to unexpected shocks.
Therefore, due to the global dimension of financial markets, I feel we should support strong international cooperation to foster transparency through higher disclosure and exchange of information among financial supervisors and central banks.
Therefore, due to the global dimension of financial markets, I feel we should support strong international cooperation to foster transparency through higher disclosure and exchange of information among financial supervisors and central banks.
We should also support increased indirect supervision by which supervisors are ensured that banks assess and monitor carefully their exposures to their hedge funds counterparts.
We should also support increased indirect supervision by which supervisors are ensured that banks assess and monitor carefully their exposures to their hedge funds counterparts.
We can also observe that new non-bank lenders (private equity) are playing an increasing role in the leveraged sector in the EU.
We can also observe that new non-bank lenders (private equity) are playing an increasing role in the leveraged sector in the EU.
Without entering into the debate of pros and cons, I suggest that it could raise problems when the credit cycle next turns and could lead to a much more complex cycle of large corporate debt restructuring.
Without entering into the debate of pros and cons, I suggest that it could raise problems when the credit cycle next turns and could lead to a much more complex cycle of large corporate debt restructuring.
Therefore we should request the ECB and other bodies involved to assess the adequacy of current debt restructuring processes in this new context.
Therefore we should request the ECB and other bodies involved to assess the adequacy of current debt restructuring processes in this new context.
I also take note of the strong position taken by the ECB against detailed plans for a public bail-out of a failing bank within the European Union.
I also take note of the strong position taken by the ECB against detailed plans for a public bail-out of a failing bank within the European Union.