natgillin/translations-raw huggingface dataset:
This contributes to the effective transmission of monetary policy to the wider euro area economy, and thereby to maintaining price stability in the euro area over the medium term.
This contributes to the effective transmission of monetary policy to the wider euro area economy, and thereby to maintaining price stability in the euro area over the medium term.
The TARGET2 balances will decline again (and the liquidity provision throughout the Eurosystem will normalise) when access to funding sources of credit institutions will normalise across the euro area, and the current abnormal cross-border capital flows will then revert to a more normal level, more or less reflecting current account surpluses and deficits.
The TARGET2 balances will decline again (and the liquidity provision throughout the Eurosystem will normalise) when access to funding sources of credit institutions will normalise across the euro area, and the current abnormal cross-border capital flows will then revert to a more normal level, more or less reflecting current account surpluses and deficits.
What do you think are the most important objectives for the strategy for jobs and growth until 2020?
What do you think are the most important objectives for the strategy for jobs and growth until 2020?
How could the ECB and the instruments of economic policy co-ordination contribute to the success of this strategy?
How could the ECB and the instruments of economic policy co-ordination contribute to the success of this strategy?
Please list in order of importance the structural reforms which you believe are a priority in the EU and justify your choices.
Please list in order of importance the structural reforms which you believe are a priority in the EU and justify your choices.
Europe needs to raise its potential of sustainable growth to raise the living standards and to help bringing public finances on a sustainable path despite the costs of ageing.
Europe needs to raise its potential of sustainable growth to raise the living standards and to help bringing public finances on a sustainable path despite the costs of ageing.
In the years prior to the crisis, some countries experienced sustained losses in international competitiveness and/or rising current account deficits over extended periods of time, frequently reflecting high nominal wage growth combined with poor productivity performance and, in some cases, an excessive shift of production towards non-tradable sectors such as construction or the public sector.
In the years prior to the crisis, some countries experienced sustained losses in international competitiveness and/or rising current account deficits over extended periods of time, frequently reflecting high nominal wage growth combined with poor productivity performance and, in some cases, an excessive shift of production towards non-tradable sectors such as construction or the public sector.
In a monetary union such as the euro area, with a single currency and a single monetary policy, the main adjustment mechanism is via price and cost adjustment.
In a monetary union such as the euro area, with a single currency and a single monetary policy, the main adjustment mechanism is via price and cost adjustment.
Accordingly, structural reforms targeted at removing rigidities and enhancing wage flexibility are essential.
Accordingly, structural reforms targeted at removing rigidities and enhancing wage flexibility are essential.
This includes the elimination of automatic wage indexation clauses and a strengthening of firm-level agreements.
This includes the elimination of automatic wage indexation clauses and a strengthening of firm-level agreements.
In addition, changes to unemployment insurance systems and active labour market policies should also aim to help facilitating the reallocation of resources towards more competitive firms and sectors.
In addition, changes to unemployment insurance systems and active labour market policies should also aim to help facilitating the reallocation of resources towards more competitive firms and sectors.
These measures should be accompanied by structural reforms enhancing domestic and cross-border competition and supporting innovation.
These measures should be accompanied by structural reforms enhancing domestic and cross-border competition and supporting innovation.
The Single Market has produced enormous benefits for European citizens but as established by the Monti report of 2010, it is at a critical juncture as it faces the challenge of an eroding political and social support for market integration and, in Mario Monti’s words, “a sense of complacency that gained strength in the past decade, as if the single market had been really completed and could thus be put to rest as a political priority”.
The Single Market has produced enormous benefits for European citizens but as established by the Monti report of 2010, it is at a critical juncture as it faces the challenge of an eroding political and social support for market integration and, in Mario Monti’s words, “a sense of complacency that gained strength in the past decade, as if the single market had been really completed and could thus be put to rest as a political priority”.
Liberalisation of product markets should thus be continued, and competition should be enhanced in particular in services, including the liberalisation of closed professions.
Liberalisation of product markets should thus be continued, and competition should be enhanced in particular in services, including the liberalisation of closed professions.
Indeed, while the manufacturing industry is in many cases at the competititive margin, there is a well-documented relationship between the degree of competition and productivity gains in the service sectors.
Indeed, while the manufacturing industry is in many cases at the competititive margin, there is a well-documented relationship between the degree of competition and productivity gains in the service sectors.
Moreover, a lower cost of services will support manufacturing competitiveness as the price of inputs will go down.
Moreover, a lower cost of services will support manufacturing competitiveness as the price of inputs will go down.
Further progress towards attaining the objective of a single market needs to be achieved through the full implementation of the services directive, improving access to finance – especially for small and medium enterprises (SMEs).
Further progress towards attaining the objective of a single market needs to be achieved through the full implementation of the services directive, improving access to finance – especially for small and medium enterprises (SMEs).
As for innovation, it can be supported by reforming higher education, supporting research & development, improving the business environment for corporations, and when needed by public investment in frontier technologies, with due respect of the objective of bringing public finances back to balance.
As for innovation, it can be supported by reforming higher education, supporting research & development, improving the business environment for corporations, and when needed by public investment in frontier technologies, with due respect of the objective of bringing public finances back to balance.
Structural reforms should also be supported by an appropriate reorganisation and consolidation of the banking sector.
Structural reforms should also be supported by an appropriate reorganisation and consolidation of the banking sector.
Sound balance sheets, effective risk management and transparent, robust business models remain key to strengthening banks' resilience to shocks and to ensuring adequate access to finance, thereby laying the foundations for sustainable growth and financial stability.
Sound balance sheets, effective risk management and transparent, robust business models remain key to strengthening banks' resilience to shocks and to ensuring adequate access to finance, thereby laying the foundations for sustainable growth and financial stability.
As for the ECB, it is by ensuring price stability that it will best contribute to a growth-enhancing environment and to fostering long-term private-sector investment.
As for the ECB, it is by ensuring price stability that it will best contribute to a growth-enhancing environment and to fostering long-term private-sector investment.
What is your opinion regarding the pace at which the New Member States should join the monetary union and adopt the Euro, considering all of the convergence criteria and the participation in the exchange rate mechanism (ERM II)?
What is your opinion regarding the pace at which the New Member States should join the monetary union and adopt the Euro, considering all of the convergence criteria and the participation in the exchange rate mechanism (ERM II)?
The Member States outside the euro area should pursue stability-oriented economic policies and adopt the euro once they fulfil the convergence criteria in a sustainable manner.
The Member States outside the euro area should pursue stability-oriented economic policies and adopt the euro once they fulfil the convergence criteria in a sustainable manner.
The precise timing of euro adoption will differ from country to country as it depends on the degree of convergence achieved.
The precise timing of euro adoption will differ from country to country as it depends on the degree of convergence achieved.
The assessment of a country’s readiness should be based on the existing convergence framework as laid down in Article 140 (TFEU) and in the Protocol on the convergence criteria.
The assessment of a country’s readiness should be based on the existing convergence framework as laid down in Article 140 (TFEU) and in the Protocol on the convergence criteria.
During ERM II participation, which precedes euro adoption, Member States should demonstrate that they can maintain price stability, fiscal discipline and competitiveness at the same time without major changes in the exchange rate.
During ERM II participation, which precedes euro adoption, Member States should demonstrate that they can maintain price stability, fiscal discipline and competitiveness at the same time without major changes in the exchange rate.
The current challenges that some euro area countries are facing illustrate very clearly the importance of achieving a high degree of sustainable convergence.
The current challenges that some euro area countries are facing illustrate very clearly the importance of achieving a high degree of sustainable convergence.
Adopting the euro is a fundamental policy decision that should not be taken lightly.
Adopting the euro is a fundamental policy decision that should not be taken lightly.
It has implications for domestic economic policies and countries that would like to adopt the euro should be very well aware of that.
It has implications for domestic economic policies and countries that would like to adopt the euro should be very well aware of that.
At the same time, the benefits of the euro and euro area enlargement should not be lost out of sight.
At the same time, the benefits of the euro and euro area enlargement should not be lost out of sight.
Euro area enlargement will further extend the benefits of the single market with a single currency to more countries, which can strengthen the euro area.
Euro area enlargement will further extend the benefits of the single market with a single currency to more countries, which can strengthen the euro area.
What is your view on the taxation of short-term financial transactions?
What is your view on the taxation of short-term financial transactions?
Do you think that a tax on currency transactions involving the euro could have beneficial effects – for example by stabilising the exchange rates of countries wishing to join the euro area in the future?
Do you think that a tax on currency transactions involving the euro could have beneficial effects – for example by stabilising the exchange rates of countries wishing to join the euro area in the future?
If agreed by all major financial jurisdictions, a financial transaction tax can be useful to lever resources at a low rate and out of a wide taxable base, and/or to hamper the developments of markets that would be proved to be prejudicial to financial stability.
If agreed by all major financial jurisdictions, a financial transaction tax can be useful to lever resources at a low rate and out of a wide taxable base, and/or to hamper the developments of markets that would be proved to be prejudicial to financial stability.
However the consequences of such a tax would have to be carefully weighted.
However the consequences of such a tax would have to be carefully weighted.
The tax on currency transactions is a case in point.
The tax on currency transactions is a case in point.
The hoped-for reduction in volatility, for example, has not been confirmed in theoretical or empirical research.
The hoped-for reduction in volatility, for example, has not been confirmed in theoretical or empirical research.
Actually, the resulting lower market liquidity could well further increase volatility.
Actually, the resulting lower market liquidity could well further increase volatility.
Moreover, such a tax breaks with the principle of taxing outturns, such as profits.
Moreover, such a tax breaks with the principle of taxing outturns, such as profits.
Internationally diversified businesses could be particularly strongly affected, as each intermediate transaction involving payments between suppliers and subcontractors would be taxed.
Internationally diversified businesses could be particularly strongly affected, as each intermediate transaction involving payments between suppliers and subcontractors would be taxed.
In addition, a tax on currency transactions is unlikely to be compatible with EU treaties, and I am aware that the ECB has already raised legal questions about this in an official opinion.
In addition, a tax on currency transactions is unlikely to be compatible with EU treaties, and I am aware that the ECB has already raised legal questions about this in an official opinion.
Although this may not apply to all financial transaction taxes, this indicates that the pros and cons should be carefully weighted.
Although this may not apply to all financial transaction taxes, this indicates that the pros and cons should be carefully weighted.
In particular, I would not advise unilateral adoption of such taxes without global agreement, including with financial centres outside the EU.
In particular, I would not advise unilateral adoption of such taxes without global agreement, including with financial centres outside the EU.
What is your view on the respective roles of the Council and the ECB in terms of external representation of the Euro zone?
What is your view on the respective roles of the Council and the ECB in terms of external representation of the Euro zone?
The ECB bears exclusive responsibility for representing the single monetary policy.
The ECB bears exclusive responsibility for representing the single monetary policy.
As for the euro exchange rate policy, both the Council and the ECB are involved in the exercise of this competence.
As for the euro exchange rate policy, both the Council and the ECB are involved in the exercise of this competence.
In contrast, economic policies are represented by Member States in the relevant international institutions and fora.
In contrast, economic policies are represented by Member States in the relevant international institutions and fora.
As economic policy coordination and rules in the euro area are strengthened, they should ultimately be reflected in the external representation of EMU.
As economic policy coordination and rules in the euro area are strengthened, they should ultimately be reflected in the external representation of EMU.
That said, any such decisions are a political prerogative and fall in the remit of the Council.
That said, any such decisions are a political prerogative and fall in the remit of the Council.
How do you assess the recent evolution of the USD/EUR exchange rate?
How do you assess the recent evolution of the USD/EUR exchange rate?
All authorities responsible for major floating currencies share a common interest in a strong and stable international financial system based on market determined exchange rates .
All authorities responsible for major floating currencies share a common interest in a strong and stable international financial system based on market determined exchange rates.
Excess volatility and disorderly movements in exchange rates have adverse implications for economic and financial stability.
Excess volatility and disorderly movements in exchange rates have adverse implications for economic and financial stability.
In the course of 2011 the bilateral exchange rate of the euro against the US dollar has been characterised by rather wide swings.
In the course of 2011 the bilateral exchange rate of the euro against the US dollar has been characterised by rather wide swings.
After an appreciation of the euro towards the US dollar from early January to end-April, and a sideway movement in the four months thereafter, the euro has depreciated against the US dollar since late August amid elevated volatility.
After an appreciation of the euro towards the US dollar from early January to end-April, and a sideway movement in the four months thereafter, the euro has depreciated against the US dollar since late August amid elevated volatility.
Against this background, the euro continued to be a remarkably stable currency, also when compared with other major currencies.
Against this background, the euro continued to be a remarkably stable currency, also when compared with other major currencies.
Recently, given the strains in European sovereign bonds market, the euro has remained remarkably steady, in a range of 1.33-1.40 US dollar and has not fallen as in 2010.
Recently, given the strains in European sovereign bonds market, the euro has remained remarkably steady, in a range of 1.33-1.40 US dollar and has not fallen as in 2010.
This highlights the fact that the ongoing euro area crisis is a fiscal and financial crisis but does not endanger the value of the currency, be it internal or external.
This highlights the fact that the ongoing euro area crisis is a fiscal and financial crisis but does not endanger the value of the currency, be it internal or external.
How do you assess the recent evolution of the Renminbi/EUR exchange rate?
How do you assess the recent evolution of the Renminbi/EUR exchange rate?
Do you think that Central Banks are able to fight efficiently against excessive volatility?
Do you think that Central Banks are able to fight efficiently against excessive volatility?
Do you think that the international role of the Euro should be encouraged?
Do you think that the international role of the Euro should be encouraged?
In spite of the exit from its de facto peg to the US dollar in the middle of last year, the Chinese RMB has lost more than 1% vis-à-vis the euro.
In spite of the exit from its de facto peg to the US dollar in the middle of last year, the Chinese RMB has lost more than 1% vis-à-vis the euro.
As a matter of fact, the appreciation of the RMB against the US dollar (7%) has been offset by the depreciation of the dollar against the euro (9%).
As a matter of fact, the appreciation of the RMB against the US dollar (7%) has been offset by the depreciation of the dollar against the euro (9%).
Market-oriented exchange rates that reflect underlying economic fundamentals contribute to global economic stability.
Market-oriented exchange rates that reflect underlying economic fundamentals contribute to global economic stability.
Against this background, China’s commitment in the Cannes Action Plan for Growth and Jobs to increase exchange rate flexibility consistent with underlying market fundamentals, as a way to address short-term vulnerabilities, should be commended.
Against this background, China’s commitment in the Cannes Action Plan for Growth and Jobs to increase exchange rate flexibility consistent with underlying market fundamentals, as a way to address short-term vulnerabilities, should be commended.
Excess volatility and disorderly movements in exchange rates have adverse implications for economic and financial stability, which warrants to consult closely in regard to actions in exchange markets and to cooperate as appropriate.
Excess volatility and disorderly movements in exchange rates have adverse implications for economic and financial stability, which warrants to consult closely in regard to actions in exchange markets and to cooperate as appropriate.
Cooperation in foreign exchange markets in exceptional circumstances may be effective if interventions are concerted, consistent with fundamentals, and undertaken when misalignments are large, according to academic studies.
Cooperation in foreign exchange markets in exceptional circumstances may be effective if interventions are concerted, consistent with fundamentals, and undertaken when misalignments are large, according to academic studies.
For instance, the last two concerted interventions by the G7 (on the euro in 2000 and on the yen after the Fukushima-Daiichi earthquake) are widely seen as having been successful.
For instance, the last two concerted interventions by the G7 (on the euro in 2000 and on the yen after the Fukushima-Daiichi earthquake) are widely seen as having been successful.
Uncoordinated interventions, on the contrary, are less likely to be successful.
Uncoordinated interventions, on the contrary, are less likely to be successful.
I believe the EU should try neither to hinder nor foster the international use of the euro.
I believe the EU should try neither to hinder nor foster the international use of the euro.
The international use of currencies is essentially the outcome of a market-driven process.
The international use of currencies is essentially the outcome of a market-driven process.
That said, the international community has a responsibility to make sure that the internationalisation process of currencies is smooth and does not in itself generate financial instability.
That said, the international community has a responsibility to make sure that the internationalisation process of currencies is smooth and does not in itself generate financial instability.
This is why the G-20 has encouraged the broadening of the Special Drawing Rights currency basket in 2015 or earlier, as a way to encourage the use of freely-usable currencies and oversee the transition to a multi-polar reserve-currency system.
This is why the G-20 has encouraged the broadening of the Special Drawing Rights currency basket in 2015 or earlier, as a way to encourage the use of freely-usable currencies and oversee the transition to a multi-polar reserve-currency system.
How do you assess the achievements of the G20?
How do you assess the achievements of the G20?
What are your views on the current level of coordination?
What are your views on the current level of coordination?
The G20 as the premier forum for global economic governance has played a crucial role in providing high-level political impetus for crisis containment, crisis management and future crisis prevention.
The G20 as the premier forum for global economic governance has played a crucial role in providing high-level political impetus for crisis containment, crisis management and future crisis prevention.
G20 cohesion must be ensured also once the crisis is over.
G20 cohesion must be ensured also once the crisis is over.
Looking forward, the main challenge for the G20 will be to shift smoothly from its current crisis-management role to a policy coordination role in good times, as incentives could then be weaker to sustain cooperation.
Looking forward, the main challenge for the G20 will be to shift smoothly from its current crisis-management role to a policy coordination role in good times, as incentives could then be weaker to sustain cooperation.
The G20 Framework for Strong, Sustainable and Balanced Growth is a key mechanism in multilateral cooperation.
The G20 Framework for Strong, Sustainable and Balanced Growth is a key mechanism in multilateral cooperation.