natgillin/translations-raw huggingface dataset:
It is probably quite a good idea for a small country to let someone else own the banks, but they can always liquidate and leave.
Za malu državu vjerojatno je dobra ideja da dopusti da je netko drugi vlasnik banaka, ali taj drugi uvijek može unovčiti svoju imovinu i otići.
The best protection for a small sovereign would be a centralised system of deposit insurance, bank supervision and bank resolution.
Najbolja zaštita za malu državu bio bi centralizirani sustav osiguranja depozita, nadzora banaka i rješavanja problema u bankama.
In a fully functioning currency union, such as the dollar area, these functions are centralised.
U potpuno funkcionalnoj valutnoj uniji, kao što je područje dolara, te su funkcije centralizirane.
If a bank headquartered in North Carolina, as some very large banks happen to be, goes bust, the Governor of North Carolina is not expected to pick up the pieces using only the tax base and sovereign credit of North Carolina.
Ako propadne banka koja ima sjedište u Sjevernoj Karolini, kao što je slučaj kod nekih velikih banaka, ne očekuje se da će guverner Sjeverne Karoline rješavati problem koristeći se samo poreznim prihodima i državnim kreditom Sjeverne Karoline.
If this were the US system, state governors would refuse to allow banks to be based in their states.
Kad bi u SAD-u postojao takav sustav, guverneri država ne bi dopuštali bankama da u njihovim državama imaju sjedište.
Or decline to join the dollar area when invited.
Ili bi odbili poziv da uđu u područje dolara.
The responsibility which has been centralised in the eurozone since 1999 has been the conduct of credit and monetary policy, with an independent central bank and an inflation target which has been taken seriously.
Odgovornost koja je u eurozoni centralizirana od 1999. jest provedba kreditne i monetarne politike, uz postojanje neovisne središnje banke i ciljanu inflaciju, koja se shvaća vrlo ozbiljno.
The result has been the mother of all banking crises which remains unresolved.
Rezultat je još uvijek neriješena bankovna kriza veća od svih dosadašnjih.
The response to the banking crisis has induced an avoidable sovereign debt debacle which now extends to about half of the eurozone sovereign bond market.
Reakcija na bankovnu krizu izazvala je slom državnog duga koji se mogao izbjeći, a koji sad obuhvaća oko polovine tržišta državnih obveznica eurozone.
It could have been confined to Greece, or possibly to Greece and Portugal, if the scale of the banking crisis had been admitted from the beginning.
Da se od početka priznao razmjer bankovne krize, taj je slom mogao ostati ograničen na Grčku ili na Grčku i Portugal.
The political response to date has consisted, especially in creditor countries in Northern Europe, of pressures for a centralisation of fiscal policy and an intensified European oversight of state budgets.
Dosadašnji odgovor politike sastojao se, posebice u državama kreditorima sjeverne Europe, od pritisaka da se fiskalna politika centralizira i da se pojača europski nadzor nad državnim proračunima.
The failure of the Stability and Growth Pact, first breached by France and Germany, not by Ireland and Spain, has resulted in demands for a stronger fiscal pact with additional sanctions.
Propast Sporazuma o stabilnosti i rastu, koji su najprije prekršile Francuska i Njemačka, a ne Irska i Španjolska, dovela je do zahtjeva za snažnijim fiskalnim sporazumom koji bi sadržavao dodatne sankcije.
It is extraordinary how often the failure of a policy leads to demands that the failed policy be intensified.
Nevjerojatno je koliko često neuspjeh neke politike dovodi do zahtjeva da se provedba te neuspjele politike pojača.
What Europe needs, and what Croatia should expect, is a European Central Bank which is empowered to take responsibility for financial stability in the single capital market.
Europi je potrebna (a Hrvatska bi to trebala i očekivati) europska središnja banka koja je ovlaštena preuzeti odgovornost za financijsku stabilnost na jedinstvenom tržištu kapitala.
This means centralised bank supervision and resolution, centralised deposit insurance and an end to moral hazard and the implicit subsidisation of capital for banks.
To bi značilo centralizirani nadzor banaka i rješavanja problema u bankama, centralizirano osiguranje depozita i kraj moralnog hazarda te implicitnog subvencioniranja kapitala za banke.
It does not need fiscal union, for which there is no democratic consent: fiscal discipline for the foreseeable future can safely be entrusted to the bond market vigilantes, who have thankfully risen from their slumber.
Za to nije potrebna fiskalna unija, za koju i ne postoji demokratski pristanak - fiskalna disciplina u izglednoj budućnosti može se sigurno povjeriti budnim sudionicima na tržištu obveznica koji su se, srećom, probudili iz svojeg drijemeža.
References:
Literatura:
Buiter, Willem (2011): A Greek Exit from the Euro Area: A Disaster for Greece, a Crisis for the World, Citigroup Global Markets, September 13th.
Buiter, Willem (2011.): A Greek Exit from the Euro Area: A Disaster for Greece, a Crisis for the World, Citigroup Global Markets, 13. rujna.
Kelly, Morgan (2009): The Irish Credit Bubble, School of Economics, University College Dublin, Working PaperKelly, Morgan (2009): The Irish Credit Bubble, School of Economics, University College Dublin, Working Paper WP09/32, December 2009.
Kelly, Morgan (2009.): The Irish Credit Bubble, School of Economics, University College Dublin, Working Paper WP09/32, prosinac 2009.
Kraft, Evan and Tomislav Galac (2011): Macroprudential Regulation of Credit Booms and Busts - the Case of Croatia, World Bank WPS 5772.
Kraft, Evan i Galac, Tomislav (2011.): Macroprudential Regulation of Credit Booms and Busts - the Case of Croatia, World Bank WPS 5772.
McCarthy, Colm (2009): Ireland's second round of cuts: a comparison with the last time, in John Springford (Ed), Dealing with Debt, CentreForum, London.
McCarthy, Colm (2009.): Ireland's second round of cuts: a comparison with the last time, u John Springford (ur.), Dealing with Debt, CentreForum, London.
...is a graduate of University College Dublin and of the University of Essex.
...je diplomirao na Sveučilišnom koledžu u Dublinu i na Sveučilištu u Essexu.
He currently lectures in Economics at University College Dublin, having worked also at the Irish Central Bank, Dublin's Economic and Social Research Institute and in the financial sector.
Predaje ekonomiju na Sveučilišnom koledžu u Dublinu, a radio je i u Središnjoj banci Irske, dablinskom Institutu za ekonomska i društvena istraživanja te u financijskom sektoru.
He has published extensively on topics in applied economics in Irish and international journals and has chaired recent reviews of public spending and of privatisation options for the Irish government.
Objavio je velik broj radova o primijenjenoj ekonomiji u irskim i međunarodnim publikacijama te je za potrebe irske vlade predvodio nedavnu reviziju javne potrošnje i privatizacijskih opcija.
The 2013 Ante Čičin-Šain Lecture
Kieran Corrigan i partneri d.o.o.
Kieran Corrigan & Co. Ltd.
Zapis izlaganja:
Thank you very much for the invitation to respond to Boris's very insightful and very interesting speech on the single supervisory mechanism and the banking union, which was very embracing and a very in depth outline of some of the issues being considered.
Hvala što ste me pozvali da odgovorim na Borisov vrlo pronicav i vrlo zanimljiv govor o jedinstvenom nadzornom mehanizmu i bankarskoj uniji, na njegov sveoubuhvatan i vrlo detaljan pregled nekih od problema o kojima se razgovara.
This is an interesting and a very important development.
To je zanimljivo i vrlo važan razvoj situacije.
Again, just to summarize, as a single supervisory mechanism with a single resolution mechanism, meaning that it is a way of handling all the banks in difficulty on a common basis, in conjunction with the harmonized deposit guarantee scheme.
Samo da rezimiram, jedinstveni nadzorni mehanizam s jedinstvenim mehanizmom sanacije znači upravljanje svim bankama u teškoćama na zajedničkoj osnovi, uz usklađen sustav osiguranja depozita.
We are only introducing the first stage, which is the BSSM, in itself somewhat problematic because it is not a part of the package, yet we have all been asked to sign up for it.
Tek uvodimo prvu fazu, koja je jedinstveni supervizor, i koja je problematična jer nije dio paketa, ali se očekivalo da svi na njega pristanemo.
I noticed yesterday in the Financial Times that a thousand new people are being recruited to start the asset quality review next month and carry this all out in the course of the year so we are going to have a very big new bureaucracy built up from Frankfurt to take over what was traditionally done at home country level.
Jučer sam pročitao u Financial Timesu da će se regrutirati tisuću novih ljudi koji bi sljedeći mjesec trebali započeti pregled kvalitete aktive i provesti ga tijekom godinu dana, tako da ćemo imati vrlo veliku novu birokraciju izgrađenu u Frankfurtu, koja će preuzeti ono što se tradicionalno činilo na razini matične države.
I want to address some other aspects of this new introduction, this new concept, and although I can see very clear reasons why it might be something that we need to deal with, we need to introduce, there are also arguments against it, views that people are concerned about some aspects of it, especially in smaller countries on the periphery, away from the center and large countries.
Želim se dotaknuti nekih drugih aspekata ove novine i premda vidim vrlo jasne razloge zašto bi to bilo nešto čime bismo se trebali pozabaviti, i što bismo trebali uvesti, postoje i argumenti protiv, zabrinutost glede nekih aspekata, pogotovo u manjim zemljama na periferiji, daleko od središta i velikih zemalja.
My purpose is to address Boris's speech by looking at some of these arguments and issues.
Cilj mi je referirati se na Borisov govor sagledavanjem nekih od tih argumenata i problema.
I will turn to the euro first because, to an extent, this whole mechanism is built on the concept that if the euro works, it will continue to be with us for a long time and work for all the countries in it, therefore we need this mechanism in order to coordinate ourselves within it.
Krenut ću od eura jer je do neke mjere, čitav taj mehanizam izgrađen na konceptu, da ako euro funkcionira, bit će s nama još dugo vremena i funkcionirat će za sve zemlje pa nam je potreban ovaj mehanizam kako bismo se koordinirali unutar toga.
However, the fact of the matter is, the euro has not worked for all jurisdictions, certainly not Ireland in my view.
Međutim, činjenica je da euro ne funkcionira za sve, za Irsku sigurno ne po mome mišljenju.
There are still many difficulties with it.
Još uvijek postoje mnoge poteškoće s njim.
The one-shoe-fits-all concept of the euro has now been applied to one-shoe-fits-all for the SSM.
Isto za sve, što je koncept eura, sada se primjenjuje i za SSM.
What's good for Germany is good for Ireland, for Croatia, for everybody else, as was the euro, but it is clear that the one-shoe- fits-all euro did not fit all quite the same by any manner of means.
Ono što je dobro za Njemačku, dobro je za Irsku, za Hrvatsku, za sve druge, kao što je i euro, ali je jasno da isti euro za sve nije ni na koji način svima isto odgovarao.
The fact of the matter is that a lot of peripheral countries because of the euro, have overvalued currencies to quite a considerable extent and Germany very arguably has an undervalued currency.
Činjenica je da mnogo perifernih zemalja zbog eura ima poprilično precijenjenu valutu, a Njemačka vrlo vjerojatno ima podcijenjenu valutu.
They built it into commerce and industry, into building their industries, and built a very strong industrial base at a very low interest cost and a very low exchange rate in terms of the industrial market.
Uveli su je u trgovinu i industriju, u izgradnju svoje industrije, i izgradili su vrlo jake industrijske temelje uz vrlo nisku kamatnu stopu i nizak tečaj u smislu industrijskog tržišta.
Countries like Ireland ended up with a very overvalued currency, as well as Spain and Portugal, and cheap money was used through the banking system to invest into what turned out to be a property bubble, which, when it collapsed, brought the economies down with it.
Zemlje poput Irske završile su pak s jako precijenjenom valutom, kao i Španjolska i Portugal, a jeftini novac kroz bankarski se sustav ulagao u ono što je zapravo bio nekretninski balon, koji je, kad je propao, povukao gospodarstvo za sobom.
So I don't always agree that Germany are paying a very high cost for bailing countries out when you take into account the benefits they have received by this whole euro mechanism.
Tako da se ja ne slažem uvijek s mišljenjem da Njemačka plaća vrlo visoku cijenu za spašavanje zemalja kada se uzmu u obzir prednosti koje je izvukla iz čitavog tog mehanizma oko eura.
That's not just my view.
To nije samo moje mišljenje.
It is the view expressed by many significant financial commentaries in the Financial Times and elsewhere, but it is sometimes not ...
To je stajalište koje su izrazili mnogi značajni financijski komentatori u Financial Timesu i drugdje, ali to katkad nije...
I don't think that I have often enough and forcibly enough expressed it in terms of where we are.
Ne mislim da sam ga dovoljno često i dovoljno glasno izrazio s obzirom na to gdje se trenutno nalazimo.
The fact of the matter is that because of an overvalued euro, in jurisdictions such as Ireland etc., the only way that smaller countries can compete on international markets is through what is called internal devaluation, which means countries have to reduce employment levels and wages, they have to make their goods cheaper and domestically produced in order to compete on the international market.
Činjenica je da se zbog precijenjenog eura, zemlje poput Irske, malene zemlje, mogu natjecati na međunarodnom tržištu samo kroz ono što se naziva unutarnjom devalvacijom, što znači da moraju smanjiti visinu zaposlenosti i plaća, moraju učiniti svoju robu jeftinijom i proizvesti je kod kuće kako bi bili konkurentni na međunarodnom tržištu.
In fact, official numbers just released in Europe suggest that the rate of earnings growth in Europe has dropped from 1.8 % per quarter to 1.1 %, and in the last quarter, growth and wages fell for 0.6 % in Spain, 1 % in Portugal, 6 % in Cypress and 10 % in Greece, believe it or not.
Naime, tek objavljene službene brojke u Europi pokazuju da je stopa rasta zarade u Europi pala s 1,8% po tromjesečju na 1,1%, a u posljednjem tromjesečju, a stopa rasta plaća za 0,6% u Španjolskoj, 1% u Portugalu, 6% u Cipru i 10% u Grčkoj, vjerovali ili ne.
So real wages growth is declining significantly in all these jurisdictions in order to become competitive.
Dakle, realni rast plaća značajno pada u svim tim zemljama kako bi postale konkurentnima.
Real wages growth has increased by 2 % in Germany over the last quarter, which is actually below recent levels.
Realni rast plaća u Njemačkoj tijekom posljednjeg tromjesečja porastao je za 2%, što je zapravo ispod nedavnih razina.
Many people in the European Union argue that this is a good thing.
U Europskoj Uniji mnogi tvrde da je to dobro.
President Herman Van Rompuy has said that this is an indicative situation, that lower wage costs in euro shows that euro is on the mend so the fact that these people are taking major cuts in salaries, that people have been laid off, is a good thing for the euro.
Predsjednik Herman Van Rompuy rekao je da je to indikativno, da niži trošak plaća u eurima pokazuje da se euro oporavlja, da je činjenica da se ljudima plaće znatno smanjuju, da ih se otpušta, zapravo dobra za euro.
However, there is obviously another view, that these reduced labor costs and employment conditions put real stress on domestic economy, on governments to support the increased unemployment, on issues concerning a lack of domestic demand.
Međutim, tu postoji i drukčiji pogled, a to je da ti smanjeni troškovi rada i uvjeta za zapošljavanje stvaraju pravi pritisak na domaće gospodarstvo, na državu koja snosi trošak povećane nezaposlenosti, na probleme koji proizlaze iz nedostatka domaće potražnje.
A gentleman called László Andor, the EU's top employment official, said that this recent change in employment growth was going to cause severe difficulties within the eurozone and that eurozone itself could suffer some spiraling debt and other difficult conditions going forward if this is allowed to continue.
Gospodin László Andor, visoki dužnosnik EU-a za zapošljavanje, rekao je da će ova nedavna promjena u rastu zaposlenosti izazvati ozbiljne poteškoće u eurozoni i da bi se sama eurozona mogla suočiti s rastućim dugom i drugim ozbiljnim problemima dopusti li se da se to nastavi.
So this internal devaluation principle, which we in the outer regions of Europe have to deal with, is a very difficult pill to swallow and a difficult one to take and you really have to ask the question, and so should many countries: Why are we doing this, why are we continuing with the currency in this situation?
Dakle, to načelo interne devalvacije, koje smo mi u vanjskim predjelima Europe morali primijeniti, teško je prihvatiti i doista moramo postaviti pitanje, kao i mnoge druge zemlje: Zašto to radimo, zašto nastavljamo s tom valutom u ovoj situaciji?
Another situation is that internal devaluation is particularly difficult for countries within eurozone with competitor countries that are not.
Nadalje, interna devalvacija posebno je teška za zemlje unutar eurozone s konkurentskim zemljama koje u njoj nisu.
This is particularly so in the tourism industry.
To je osobito slučaj u turizmu.
If Croatia were in the euro, as a measure in tourism industry, and suddenly Turkey and Greece went out of it and their prices dropped by 30 %, and you are in euro, the only way you could compete would be to reduce labor costs, reduce unemployment, reduce what you charge for your product.
Da Hrvatska uvede euro, kao mjeru u turizmu, i odjednom Turska i Grčka izađu iz eurozone i njihove cijene padnu za 30%, a vi imate euro, jedini način na koji biste bili konkurentni bio bi smanjiti troškove rada, smanjiti nezaposlenost, smanjiti cijenu svog proizvoda.
It is a very difficult situation to be in, but it is something you have to except and something even the President of the European Council feels is a good thing, which wouldn't be my view of the matter, I have to say.
Teško je biti u toj situaciji, ali to je nešto što morate prihvatiti i za što i predsjednik Europskog vijeća misli da je dobro, a što nije mišljenje koje i ja dijelim.
Now I want to go back to the European Union and the banking union in that context.
Sada bih se vratio Europskoj uniji i bankarskoj uniji u tom kontekstu.
Again, the banking union would work for all states if it were logical and in the interest of all states and if, what happened in Germany in terms of regulations of how countries, how banks should be handled, in terms how they should lend their customers and assess their credit worthiness, the factors they should take into account, if it were the same in Ireand as it is in Germany.
Bankarska unija funkcionirala bi za sve države kad bi to bilo logično i u interesu svih država i kad bi propisi o tome kako država uređuje poslovanje svojih banaka, kako se daju krediti i procjenjuje bonitet, koji se čimbenici uzimaju u obzir, kad bi sve to bilo isto u Irskoj kao što je u Njemačkoj.
And is it right that a thousand new bureaucrats should make all those decisions rather than people on the ground, in these territories, who know the circumstances much more familiarly than they could ever possibly know.
I je li ispravno da tisuću novih birokrata donosi sve te odluke, a ne oni koji su na poprištu događaja, koji znaju okolnosti puno bolje nego što bi ih oni ikada mogli znati?
It has been said by a recent article in the Financial Times that a monetary policy can be conducted from an ivory tower; but bank supervisory from people only very knowledgeable of it is a context for it with immediate political consequences when a bank fails.
U nedavnom članku u Financial Timesu stoji da se monetarna politika može voditi iz kule od slonovače; bankarski nadzor koji provode ljudi koji tek mnogo znaju o tome kontekst je za to, ali s trenutnim političkim posljedicama, kada banka propadne.
But it is not just about numbers, analyses, statistics and figures.
Ovdje nije samo riječ o brojevima, analizama, statistikama.
It is about dealing with situations and not economy.
Riječ je o rješavanju problema.
For instance in Ireland we have a situation which I have always argued, and my colleagues in Ireland have never quite understood it, but people are still trying to convince me that I am very wrong and they are right.
Na primjer, u Irskoj imamo situaciju o kojoj sam oduvijek imao svoje mišljenje, s kojim se irski kolege ne slažu i uvjeravaju me da oni imaju pravo.
It is 5 % per year, assuming it produces 5 % in income per year.
Tu je prinos od 5% godišnje, uz pretpostavku da kuća toliko donosi.
You give a yield of five and you multiple the rent by twenty, and you get the value.
Imate prinos od pet i ako pomnožite najam s dvadeset, dobivate vrijednost.
It is the same in most international cities.
Tako je to u većini europskih gradova.
In Dublin that doesn't work.
U Dublinu to ne funkcionira.
In Dublin, for the houses that earn only thirty thousand a year in rent, which suggest that their value isn't more than five or six hundred, people are still looking for 1-1,5 million.
U Dublinu, za kuće čijim se najmom zaradi svega trideset tisuća godišnje, a što je naznaka da njihova vrijednost nije veća od pet ili šest stotina, ljudi i dalje traže 1-1,5 milijun.
Because the value of the property bears no relationship with any objective analysis of yield.
Zato što vrijednost imovine nije ni u kakvoj vezi s analizom prinosa.
That is probably wrong.
To je vjerojatno pogrešno.
My view is that it is wrong.
Ja mislim da je pogrešno.
Why should Dublin be different from the rest of the planet?
Zašto bi Dublin bio drukčiji od ostatka planeta?
People say that if you want to buy a house on that road, you have to pay that price.
Kažu da ako želite kupiti kuću u toj ulici, morate platiti tu cijenu.
When we bring in all these new rules, then Dublin, and how the market in Dublin is valued will be a very significant issue.
Kad uvedemo sva ta nova pravila, onda će Dublin, to kako se određuje vrijednost na dablinskom tržištu postati ozbiljan problem.
Local intelligence is, in my view, really important in these matters, and throwing it out in this manner is, in my view, potentially throwing the baby out with the bathwater and should be more finely evaluated in this whole concept of SSM.
Lokalno znanje, po mom mišljenju, jako je važno u tome, i ovako ga izbaciti, po mom mišljenju, potencijalno znači izbaciti i dobro s lošim, tj. o tome bi trebalo detaljnije razmisliti u cijelom tom konceptu SSM-a.
Monetary policy will gain insights from the fact that they know how they have been operating in various countries, but there are very definite and clear potential conflicts of interest.
Monetarna politika krojit će se na temelju iskustva u različitim zemljama, ali tu postoji vrlo određen i jasan potencijalni sukob interesa.
That monetary policy has been set for a union, yet the same organization is conducting individual checks of the banking system.
Ta je monetarna politika propisana za uniju, a ista organizacija provodi pojedinačne provjere bankarskog sustava.
Many people have identified why this could produce many conflicts that don't arise from it because the ECB has a very specific policy and the regulators have another.
Mnogi su identificirali zašto bi to moglo proizvesti brojne sukobe koji se sada ne događaju jer ESB ima svoju vrlo specifičnu politiku, a regulatori svoju.
That also must be addressed as we go forward.
Taj će se problem morati riješiti kako budemo napredovali.
Another thing about the banking union in that sense is that it is very disappointing.
Ima još nešto kod bankarske unije što je vrlo razočaravajuće.