natgillin/translations-raw huggingface dataset:
We hope that the lessons learned from the crisis will be profound and lasting enough to provide the energy for us to follow through with the fundamental reforms we have initiated in the EU. 
We hope that the lessons learned from the crisis will be profound and lasting enough to provide the energy for us to follow through with the fundamental reforms we have initiated in the EU.
We also now understand the need to remain vigilant and ready to act against possible new risks to financial stability. 
We also now understand the need to remain vigilant and ready to act against possible new risks to financial stability.
Today’s conference will take a close look at the challenges and rewards involved in the evolution of a new paradigm in the operation and regulation of the European financial sector. 
Today’s conference will take a close look at the challenges and rewards involved in the evolution of a new paradigm in the operation and regulation of the European financial sector.
The financial sector in the Nordic-Baltic region is regularly used as an example of regional integration and cooperation. 
The financial sector in the Nordic-Baltic region is regularly used as an example of regional integration and cooperation.
In my remarks, I would like to highlight the key features of the region and put them in the broader context of European developments. 
In my remarks, I would like to highlight the key features of the region and put them in the broader context of European developments.
Taking care of the large Nordic-Baltic ‘home market’ 
Taking care of the large Nordic-Baltic ‘home market’
First of all, we should keep in mind that the Nordic-Baltic region is characterized by considerable diversity: diversity in monetary policy frameworks, models of economic development and financial structures. 
First of all, we should keep in mind that the Nordic-Baltic region is characterized by considerable diversity: diversity in monetary policy frameworks, models of economic development and financial structures.
The second key word of the Nordic-Baltic region is integration – the region is characterized by tight trade and financial ties within the region as well as with Europe and global markets. 
The second key word of the Nordic-Baltic region is integration – the region is characterized by tight trade and financial ties within the region as well as with Europe and global markets.
Therefore, the region’s competitiveness and growth potential are important to each country in the region. 
Therefore, the region’s competitiveness and growth potential are important to each country in the region.
The bank groups that finance growth in the region are largely the same in every country. 
The bank groups that finance growth in the region are largely the same in every country.
All these groups are currently highly rated and well capitalized in comparison to others in Europe. 
All these groups are currently highly rated and well capitalized in comparison to others in Europe.
As a result of mergers and natural growth, the total assets of the larger banks have risen to a high level compared to regional GDP, not to mention their very high level as a ratio to the GDP of their home countries. 
As a result of mergers and natural growth, the total assets of the larger banks have risen to a high level compared to regional GDP, not to mention their very high level as a ratio to the GDP of their home countries.
The combination of common economic interests and financial sector integration has fostered the emergence of a unique feature of the Nordic banking groups: they have extended the concept of the ‘home market’ well beyond their home country’s borders. 
The combination of common economic interests and financial sector integration has fostered the emergence of a unique feature of the Nordic banking groups: they have extended the concept of the ‘home market’ well beyond their home country’s borders.
For example, Nordic parent banks continued to provide liquidity to their Baltic affiliates even during the years of the deepest crisis in the Baltic economies. 
For example, Nordic parent banks continued to provide liquidity to their Baltic affiliates even during the years of the deepest crisis in the Baltic economies.
In today’s slow growth environment, it remains important for competitiveness and growth that there should be an appropriate level of financing in the whole region. 
In today’s slow growth environment, it remains important for competitiveness and growth that there should be an appropriate level of financing in the whole region.
The broader concept of the ‘home market’ should be developed further. 
The broader concept of the ‘home market’ should be developed further.
One of the challenges will be to ensure strong competition in retail markets so that the benefits of integration could be felt by consumers across the region. 
One of the challenges will be to ensure strong competition in retail markets so that the benefits of integration could be felt by consumers across the region.
Fostering sustainable growth in the region requires us to take a systemic view when designing harmonized regulation for the financial sector, and this is where the quality and proactivity of macro-prudential supervision becomes so important. 
Fostering sustainable growth in the region requires us to take a systemic view when designing harmonized regulation for the financial sector, and this is where the quality and proactivity of macro-prudential supervision becomes so important.
The Nordic-Baltic dimension adds two nuances to the design of macro-prudential policies. 
The Nordic-Baltic dimension adds two nuances to the design of macro-prudential policies.
First, our own experience of the past decade was a stark reminder of the particular challenges of managing capital flows in highly integrated economies and financial sectors. 
First, our own experience of the past decade was a stark reminder of the particular challenges of managing capital flows in highly integrated economies and financial sectors.
Second, most of the large Nordic banking groups have been considered as too big to fail in almost all countries in the region. 
Second, most of the large Nordic banking groups have been considered as too big to fail in almost all countries in the region.
Diversity in the financial sector structures is a challenge for cross-border cooperation 
Diversity in the financial sector structures is a challenge for cross-border cooperation
As I said earlier, the economies and financial sectors of the Nordic-Baltic region are diverse as well as closely integrated. 
As I said earlier, the economies and financial sectors of the Nordic-Baltic region are diverse as well as closely integrated.
Different countries in the region have opted for different policy frameworks; the structure of the financial sector also differs by country. 
Different countries in the region have opted for different policy frameworks; the structure of the financial sector also differs by country.
It turns out that in a region of only eight countries, some of which are very small, one needs to tackle very much the same array of problems that make the coordination of financial sector policy and supervision so challenging in Europe. 
It turns out that in a region of only eight countries, some of which are very small, one needs to tackle very much the same array of problems that make the coordination of financial sector policy and supervision so challenging in Europe.
There are home and host countries; there are non-EU member states, EU member states, and euro area member states. 
There are home and host countries; there are non-EU member states, EU member states, and euro area member states.
There are differences in economic, lending and asset price cycles, and there are also differences in economic history, crisis experience and institutional arrangements. 
There are differences in economic, lending and asset price cycles, and there are also differences in economic history, crisis experience and institutional arrangements.
The developments in recent years have exacerbated these dissimilarities and perhaps even created new ones. 
The developments in recent years have exacerbated these dissimilarities and perhaps even created new ones.
It appears to me that the success in combining the positive aspects of diversity and integration in the Nordic-Baltic region may serve as a model for the European Union. 
It appears to me that the success in combining the positive aspects of diversity and integration in the Nordic-Baltic region may serve as a model for the European Union.
If cooperation and coordination has been possible in this region, there is reason to hope for the same in the European Union as a whole. 
If cooperation and coordination has been possible in this region, there is reason to hope for the same in the European Union as a whole.
Cooperation between the institutions responsible for financial stability in the region has a history of over 10 years. 
Cooperation between the institutions responsible for financial stability in the region has a history of over 10 years.
This cooperation has become considerably closer since the outbreak of the global financial crisis and the reversal of capital flows in our countries. 
This cooperation has become considerably closer since the outbreak of the global financial crisis and the reversal of capital flows in our countries.
Routine work is done in supervisory colleges, and there are high-level multilateral groups for coordinating macro-prudential supervision and crisis management. 
Routine work is done in supervisory colleges, and there are high-level multilateral groups for coordinating macro-prudential supervision and crisis management.
It has been very important that trust and open communication as well as mutual support and a willingness to take responsibility have remained in place when the financial stability of a Nordic-Baltic country is really at stake. 
It has been very important that trust and open communication as well as mutual support and a willingness to take responsibility have remained in place when the financial stability of a Nordic-Baltic country is really at stake.
A shared understanding of the need to deal with macroeconomic and financial stability risks at a national level has provided a solid foundation for Nordic-Baltic cooperation. 
A shared understanding of the need to deal with macroeconomic and financial stability risks at a national level has provided a solid foundation for Nordic-Baltic cooperation.
2014 will bring new challenges for Europe 
2014 will bring new challenges for Europe
The year 2014 will bring new challenges. 
The year 2014 will bring new challenges.
New financial sector regulation (I am referring to the CRR/CRD and the forthcoming BRRD) and single banking supervision will add new aspects and new partners to Nordic-Baltic cooperation. 
New financial sector regulation (I am referring to the CRR/CRD and the forthcoming BRRD) and single banking supervision will add new aspects and new partners to Nordic-Baltic cooperation.
The goal of harmonisation of cross-border regulatory and supervisory practices is to create an operating environment for banks and other financial institutions that fosters mutual trust and helps ensure that the provision of financial services is continuous and satisfies the needs of the real economy. 
The goal of harmonisation of cross-border regulatory and supervisory practices is to create an operating environment for banks and other financial institutions that fosters mutual trust and helps ensure that the provision of financial services is continuous and satisfies the needs of the real economy.
When the SSM becomes operational, it will have important effects on the routine supervisory work in the Nordic-Baltic region. 
When the SSM becomes operational, it will have important effects on the routine supervisory work in the Nordic-Baltic region.
The home countries of several subsidiaries that will be included under direct supervision by the SSM/ECB will probably remain outside the SSM. 
The home countries of several subsidiaries that will be included under direct supervision by the SSM/ECB will probably remain outside the SSM.
This presents a new challenge for the Nordic-Baltic cooperation framework. 
This presents a new challenge for the Nordic-Baltic cooperation framework.
In the light of the success of our regional cooperation it is rational that we build the new principles of supervision on the existing foundation wherever possible. 
In the light of the success of our regional cooperation it is rational that we build the new principles of supervision on the existing foundation wherever possible.
I hope and believe that in this new and more complex framework we will be able to preserve an important value – the spirit of cooperation. 
I hope and believe that in this new and more complex framework we will be able to preserve an important value – the spirit of cooperation.
In view of the development of the single market it is also important that the building of the banking union be completed – the SSM must be followed by the SRM. 
In view of the development of the single market it is also important that the building of the banking union be completed – the SSM must be followed by the SRM.
Ideally, this would create the balance between rights and responsibilities which has been the guiding principle in safeguarding cross-border financial stability for nearly a decade. 
Ideally, this would create the balance between rights and responsibilities which has been the guiding principle in safeguarding cross-border financial stability for nearly a decade.
There is no doubt that the special features of the Nordic-Baltic region complicate agreements on joint crisis management, and the design of cooperation in this matter will be crucial. 
There is no doubt that the special features of the Nordic-Baltic region complicate agreements on joint crisis management, and the design of cooperation in this matter will be crucial.
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It is a great honour and privilege to host this conference on issues which are highly topical not just in our region but also in Europe and globally. 
It is a great honour and privilege to host this conference on issues which are highly topical not just in our region but also in Europe and globally.
The conference has brought together prominent speakers and an audience who have great potential to provide different viewpoints in the discussions. 
The conference has brought together prominent speakers and an audience who have great potential to provide different viewpoints in the discussions.
In the light of today’s topic, let us also consider the values that have made the Nordic-Baltic region so successful. 
In the light of today’s topic, let us also consider the values that have made the Nordic-Baltic region so successful.
Let us consider how to preserve and build upon these values and possibly share them with the rest of Europe. 
Let us consider how to preserve and build upon these values and possibly share them with the rest of Europe.
And finally, let us not exaggerate the difficulties of cooperation; let us not underestimate the rewards of success or the risks that stem from inaction. 
And finally, let us not exaggerate the difficulties of cooperation; let us not underestimate the rewards of success or the risks that stem from inaction.
Building the foundation for the future of Nordic-Baltic finance is not for the fainthearted. 
Building the foundation for the future of Nordic-Baltic finance is not for the fainthearted.
The support for the Estonian economy from exports has been less than was earlier forecast because growth in Estonia's main trading partners was weaker than expected in the first half of the year. 
Ekspordi tugi on jäänud Eesti majandusele varem prognoositust väiksemaks, kuna aasta esimesel poolel oli Eesti peamiste kaubanduspartnerite kasv oodatust kesisem.
The consequence was that the Estonian economy declined in the first half of 2013. 
Eesti majandus oli seetõttu 2013. aasta esimesel poolel languses.
Although growth recovered in the third quarter, growth for the full year will be a modest 1%. 
Kuigi kolmandas kvartalis majanduskasv taastus, jääb aastane kasv siiski tagasihoidliku 1% juurde.
Estonian economic growth will accelerate as export markets recover, reaching 2.6% in 2014 and 3.9% in 2015. 
Majanduskasv kiireneb eksporditurgude kosumise toel 2014. aastal 2,6%ni ning 2015. aastal 3,9%ni.
The joint forecast produced by the central banks of the euro area sees that the euro area economy should grow by 1.1% in 2014 and 1.5% in 2015. 
Euroala keskpankade koostöös valminud prognoosi kohaselt kasvab euroala majandus 2014. aastal 1,1% ja 2015. aastal 1,5%.
Inflation in the euro area will stay at 1.4% this year and will slow to 1.1% next year as domestic demand is weak, food commodity prices are falling, and energy price rises will be small as the oil price falls. 
Euroala inflatsioon jääb sellel aastal 1,4% juurde ja aeglustub järgmisel aastal 1,1%ni, sest sisenõudlus on kesine, toidutoorme hinnad langevad ja energia hinna kasv on nafta odavnemise tõttu väike.
It is expected that euro area inflation will pick up to 1.3% in 2015. 
2015. aastal oodatakse euroala inflatsiooni kiirenemist 1,3%ni.
Limited price pressures mean that financial markets expect interest rates to remain very low throughout the forecast horizon. 
Piiratud hinnasurve tõttu oodatakse finantsturgudel väga madalate intressimäärade püsimist kogu prognoosiperioodi jooksul.
The Governing Council of the European Central Bank has equally confirmed that its monetary policy interest rates will remain low for an extended time. 
Ka Euroopa Keskpanga nõukogu on kinnitanud, et rahapoliitilised intressimäärad jäävad madalale tasemele pikemaks ajaks.
Interest rates have stayed low in the Estonian lending market and access to bank loans has been good but despite this, growth in fixed capital formation came to a stop in 2013. 
Intressimäärad on püsinud Eesti laenuturul madalad ja pangalaenudele ligipääsetavus on hea, kuid sellest hoolimata on 2013. aastal kapitalimahutus põhivarasse seiskunud.
The main reason was that companies had little need for investment as their existing production resources have been underused. 
Selle peamine põhjus on ettevõtete vähene investeerimisvajadus, kuna olemasolev tootmisressurss on olnud alarakendatud.
The recovery in export markets should encourage companies to invest in increasing their fixed assets. 
Eksporditurgude taastumine peaks julgustama ettevõtteid investeeringuid põhivarasse suurendama.
Increased production capital and an improved supply of capital to labour will allow competitiveness to be maintained and will raise production levels even as the working age population is shrinking and labour costs are rising rapidly. 
Tootmiskapitali laiendamine ja töötajate kapitaliga varustatuse parandamine võimaldab säilitada konkurentsivõimet ning suurendada toodangu mahtu ka olukorras, kui tööealiste inimeste hulk väheneb ja tööjõukulud kasvavad kiiresti.
Low levels of investment activity will threaten both the development prospects for companies and the sustainability of economic growth. 
Vähene investeerimisaktiivsus ohustaks nii ettevõtete arenguväljavaadet kui ka majanduskasvu kestlikkust.
Employment increased rapidly in the first half of 2013, but the growth levelled off in the third quarter. 
Hõive suurenes 2013. aasta esimesel poolel kiiresti, kuid selle kasv rauges kolmandas kvartalis.
A small but constant fall in employment is expected in the coming years. 
Eelolevatel aastatel on oodata hõive väikest, kuid püsivat kahanemist.
Employment is mainly falling due to the ageing of the population and emigration, and therefore unemployment will similarly fall in the next few years. 
Kuna hõive väheneb peamiselt rahvastiku vananemise ja väljarände tõttu, kahaneb järgmistel aastatel ka tööpuudus.
Unemployment will fall slowly because the current workforce can be employed more intensively through increases to the working hours that were cut after the crisis. 
Tööpuudus väheneb aeglaselt, sest ettevõtetel on võimalik olemasolevat tööjõudu intensiivsemalt rakendada, suurendades pärast kriisi vähendatud töötundide arvu.
Higher productivity of employees, rises in the minimum wage and an increased public sector payroll will keep growth in household incomes strong in the years to come. 
Töötajate suurem tootlikkus, alampalga tõus ning avaliku sektori palgafondi suurenemine hoiavad majapidamiste sissetulekute kasvu hoogsana ka järgmistel aastatel.
The rapid rise in incomes will improve the real purchasing power of households, but combined with consistently low interest rates it could push real estate prices to rise too fast. 
Kuigi sissetulekute kiire kasv parandab majapidamiste reaalset ostujõudu, kujutab see koos püsivalt madalate intressimääradega ohtu kinnisvara hindade ülemääraseks tõusuks.
Estonian companies have thus far managed to cover their rapidly rising wage costs with price rises, but this is mainly the case for businesses that are focused on the domestic market. 
Eesti ettevõtted on seni suutnud kiirelt kasvanud palgakulud katta hinnatõusu arvelt, kuid seda peamiselt siseturule orienteeritud tegevusvaldkondades.
Those that are exposed to foreign competition have not been able to raise prices to the same extent. 
Väliskonkurentsile avatud tegevusaladel pole see samas ulatuses olnud võimalik.
In the economy as a whole, wage growth has outstripped the growth in labour productivity, but wage growth and productivity growth are forecast to come more into line as economic activity recovers. 
Majanduses tervikuna on palgakasv edestanud tööjõu tootlikkuse kasvu, kuid prognoosi kohaselt palga ja tootlikkuse kasvu kooskõla majandusaktiivsuse suurenemise toel taastub.
If economic growth remains weak, it will be exporting companies that will primarily find it hard to maintain profitability in the face of rapid and constant wage rises, and this could lead them to reduce their numbers of employees. 
Kui majanduskasv jääb kesisemaks, võib eelkõige eksportivatel ettevõtetel kiire ja püsiva palgakasvu tõttu olla raske säilitada kasumlikkust, ning see võib viia töötajate arvu vähendamiseni.
Consumer price growth will remain moderate in Estonia in the coming years, reaching 2.1% in 2014 and 2.9% in 2015. 
Tarbijahinna kasv püsib Eestis järgmistel aastatel mõõdukas ning ulatub 2014. aastal 2,1%ni ja 2015. aastal 2,9%ni.
Prices will rise more slowly than in previous years, partly because the impact of the sharp rise in electricity prices on the consumer basket will pass out from the comparison base at the start of 2014. 
Varasemate aastatega võrreldes aeglasem hinnakasv on tingitud osaliselt sellest, et 2014. aasta alguses taandub tarbijakorvi võrdlusbaasist elektri järsk kallinemine.
Price pressures will also be reduced by a fall in the price of oil. 
Hinnasurvet vähendab ka nafta odavnemine.
The prices of imported goods will start to rise gradually as the euro area economy recovers. 
Importtoodete hinnad hakkavad vastavalt euroala majanduse kosumisele tasahaaval kasvama.
Core inflation will increase at the same time, driven by domestic factors, principally wage rises. 
Alusinflatsioon samal ajal kiireneb, mida mõjutavad kodumaised tegurid ja eelkõige palgakasv.
The risks to prices are more on the upside because a recovery in global economic growth that is faster than expected could lead demand for commodities, including oil, to push prices higher. 
Hinnakasvu ümbritsevad pigem tõusuriskid, kuna maailma majanduskasvu oodatust kiirema taastumise korral hakkab nõudlus toormete, sh nafta hinnataset tõstma.
The fiscal position of the general government will remain strong in the next few years. 
Valitsemissektori eelarvepositsioon püsib järgmisel kahel aastal tugev.
Spending under the budget will still exceed income throughout the forecast horizon. 
Eelarve kulud ületavad siiski tulude mahtu kõigil prognoosiaastatel.
The structural fiscal position with cyclical effects stripped out will remain in surplus throughout the years covered by the forecast, but the surplus will shrink. 
Struktuurne eelarvepositsioon ehk eelarve ilma majandustsükli mõjuta jääb prognoosiaastatel ülejääki, kuid selle suurus väheneb.