natgillin/translations-raw huggingface dataset:
At the end of 1998 this House voted in a new Banking Law, which made it possible for the CNB to act much faster and more efficiently, and to reduce the costs of future banking difficulties.
Koncem 1998. godine ovaj je visoki dom izglasao novi Zakon o bankama, koji HNB-u omogućuje mnogo brže i učinkovitije djelovanje, a time i smanjenje troškova bankarskih teškoća u budućnosti.
The Supervision and Control Section, which is still in the process of being created, is today at more or less the same level as those in other advanced transitional countries with which we should compare ourselves.
Sektor nadzora i kontrole, iako još uvijek "u nastajanju”, danas je na približno istoj razini kao u drugim naprednim tranzicijskim zemljama s kojima se moramo uspoređivati.
It is capable of coping with the current situation in the banking system.
Sposoban je nositi se s trenutačnom situacijom u bankovnom sustavu.
I would particularly lay stress upon the fact that those who consider the Croatian National Bank alone could in its work make up for the years of accumulated financial indiscipline, that it could have stopped corruption and business crimes, that it could have corrected the mistakes made in privatisation, that it could have made up for the non-existence of a special institution dealing with financial frauds of the most complex kind, that it could have made up for the ineffective work of the supervisory boards in the banks, and finally, for the work of those who made the decisions about where to lend money, the banks' managements, are living in an illusion.
Posebno ističem da u iluziji žive oni koji smatraju da je sama Hrvatska narodna banka mogla svojim radom nadomjestiti godinama gomilanu financijsku nedisciplinu, da je mogla spriječiti korupciju i privredni kriminal, da je mogla ispraviti pogreške u privatizaciji, da je mogla supstiturati nejasne zakone i sporost pravosuđa te rad loših revizora, da je mogla nadomjestiti nepostojanje posebne institucije koja bi se bavila financijskim prijevarama najsloženijeg oblika, da je mogla zamijeniti neadekvatan rad nadzornih odbora u bankama i, konačno, rad onih koji su odluke o plasmanima sredstava donosili - uprava banaka.
We have drawn public attention to this for years.
Na sve to smo godinama javno upozoravali.
I do not wish here to evade my own share of the responsibility.
Ovime ne želim pobjeći od svoga dijela odgovornosti.
I would only like there to be a just weighing of the roles of all the institutions in Croatia in the recent construction of financial discipline and a state ruled by law and order.
Jedino želim neka se pravedno vagne uloga svih institucija u Hrvatskoj u proteklom razdoblju u izgradnji financijske discipline i pravne države.
Please be objective; demand a great deal from the Croatian National Bank and its Governor, but do not expect the impossible.
Budite objektivni, tražite od Hrvatske narodne banke i guvernera puno, ali ne očekujte nemoguće.
What I cannot accept is that, without good reasons and objective professional evaluations about what supervision of the banks can and cannot achieve, there should be attempts to conceal the real reasons for the problems and difficulties in our banking sector and indeed in the whole of the economy.
Ono što ne mogu prihvatiti jest da se bez argumenata i objektivne ocjene struke o tome što nadzor nad bankama može, a što ne može, nastoji sakriti prave uzroke problema i teškoća u našem bankarstvu, pa i u ukupnom gospodarstvu.
Bear this in mind: does this kind of viewpoint, this kind of debate, make any contribution to the detection and solution of the real causes of the difficulties?
Da li takva stajališta pridonose rješavanju stvarnih uzroka teškoća?
2. Monetary policy
2. Monetarna politika
I would like to devote the second, much shorter, part of this address to the implementation of monetary policy.
Drugi dio svoga izlaganja, znatno kraći, posvetio bih provođenju monetarne politike.
Its basic objective is price and exchange rate stability.
Njezin je temeljni cilj stabilnost tečaja i cijena.
During recent years we have had exceptionally good results in the maintenance of price and exchange rate stability.
Tijekom posljednjih godina imali smo izuzetno dobre rezultate u očuvanju cjenovne i tečajne stabilnosti.
The mean rate of inflation in the last medium term period was lower in Croatia than in any other transition country.
Prosječna stopa inflacije u posljednjem je srednjoročnom razdoblju u Hrvatskoj bila niža nego i u jednoj drugoj tranzicijskoj zemlji.
We can be proud of that.
Budimo na to ponosni.
In the situation we are in, any sudden change in the exchange rate would threaten all those who have obligations denominated in a foreign currency or indexed to one, but whose income is in kuna.
Moram naglasiti kako je to ostvareno u situaciji u kojoj nismo fiksirali tečaj, već smo ga puštali da se prilagođuje promjenama ekonomskih fundamenata, ali tako da ne ugrozi stabilnost.
For this reason, among other things, the Croatian National Bank has for years resisted the idea that devaluation is a solution to the problems of the economy.
HNB već godinama odbacuje ideje o devalvaciji kao rješenju problema gospodarstva.
Alongside the idea of devaluation, in recent times the idea of Euroisation has appeared, that is, the total replacement of the kuna by the Euro, as the only legal means of payment in Croatia.
Uz ideju devalvacije, u posljednje se vrijeme javila ideja eurizacije, odnosno potpune zamjene kune eurom kao isključivim zakonitim sredstvom plaćanja u Hrvatskoj.
Without going here into a detailed discussion about the reasons for and against Euroisation, one ought say quite clearly that there is no exchange rate regime that can make up for or replace structural changes.
Ne ulazeći ovdje u podrobniju raspravu o razlozima za i protiv eurizacije, valja jasno reći kako nikakav tečajni režim ne može nadoknaditi ili zamijeniti strukturne promjene.
With or without the Euro, we will have to work more, better and more efficiently.
Sa ili bez eura, valja nam raditi više, bolje i efikasnije.
This year's budget is on the way towards what we in the CNB have been advocating over the last few years, that is, constraints on the growth of public expenditure, and bringing order into the state's finances, that is, of meeting the financial obligations of the government on time, when they become due.
Ovogodišnji proračun na tragu je onoga za što smo mi iz HNB-a pledirali posljednjih nekoliko godina, znači za ograničavanje rasta javne potrošnje i za uvođenje reda u državne financije, tj. za podmirivanje državnih obveza na vrijeme, o dospijeću.
This has given the CNB more manoeuvring space in which to run its monetary policy.
Time je HNB dobio više manevarskog prostora za vođenje monetarne politike.
I would like, however, once again to stress the point that monetary policy is not the main determining factor in the amount of the interest rate on the Croatian market.
Kamatne su stope u Hrvatskoj danas visoke, posebice u usporedbi s kamatnim stopama u razvijenim zemljama.
Interest rates are high in Croatia today, particularly as compared with those in developed countries.
Želio bih, međutim, ponovno naglasiti da monetarna politika nije glavna determinanta visine kamatnih stopa na hrvatskom tržištu.
However, it is worth recalling that in March 1996 the overnight market interest rate was about 30 per cent, that the lending interest rates of the commercial banks were about 25 per cent, and that today the overnight rates are practically in single figures, and lending bank rates are exactly a half of what they were four years ago.
Visina kamatnih stopa, kako to ponavljamo iz godine u godinu, rezultat je brojnih strukturnih faktora poput: mikroekonomske efikasnosti banaka, tj. njihova restrukturiranja i smanjenja troškova, strukture bankovnog tržišta koje je segmentirano, učinkovitosti pravosudnog sustava u zaštiti vjerovnika itd.
Mainly this is a matter of offering "as a panacea for all the ills in our economy” changes in monetary policy in the direction of much greater expansiveness.
Najčešće se nudi promjena monetarne politike u smjeru njezine znatno veće ekspanzivnosti.
The logic behind such thinking is that a greater money supply will reduce interest, solve the problem of "lack of liquidity” (which is in essence the problem of insolvency and lack of financial discipline), increase investment, increase growth, reduce the value of the "over-valued kuna” and thus stimulate exports, and thanks to all this the problem of very great unemployment will also be solved and of course provide the standard of living that all the citizens of this country have the right to want.
Logika takvih razmišljanja jest da će veća ponuda novca smanjiti kamate, riješiti problem "nelikvidnosti” (koji je u svojoj biti problem insolventnosti i financijske nediscipline), povećati investicije, povećati rast, smanjiti vrijednost "precijenjene” kune i time potaknuti izvoz, a zahvaljujući svemu tome riješit će se i pitanje vrlo velike nezaposlenosti i, naravno, osigurati standard kakav svi građani ove zemlje opravdano žele.
One gets the impression that in most of our economic woes, it is monetary policy that is the primary problem.
Dame i gospodo, koje li sreće da su rješenja tako laka.
Why does that Europe we so often refer to and to which we aspire not employ such solutions, but is on the contrary hard at work on the new economy of the 21st century, on increasing knowledge, expansion via the Internet, on the new technologies and restructuring?
Zašto onda Europa, na koju se stalno pozivamo i kojoj težimo, ne primjenjuje takva rješenja, već intenzivno radi na novoj ekonomiji XXI. stoljeća, povećanju znanja, širenju preko Interneta, novim tehnologijama i restrukturiranju?
Monetary policy is a powerful instrument, especially in the maintenance of price stability.
Monetarna je politika moćan instrument, posebice u održanju stabilnosti cijena.
And so let us not set it tasks that it is incapable of performing satisfactorily.
Zato joj nemojmo davati zadatke koje ne može obaviti na zadovoljavajući način.
3. In Conclusion
3. Zaključno
There are, I repeat, no quick and easy solutions.
Ponovo naglašavam, nema brzih i lakih rješenja.
Secondly, go on with structural changes in the banking sector by concluding the privatisation of the rehabilitated state banks and the consolidation of the rest of the sector.
Drugo, nastaviti strukturne promjene u bankarskom sektoru dovršetkom privatizacije rehabilitiranih državnih banaka i konsolidacije ostaloga dijela sektora.
Thirdly, go on with the stepping up of the supervision of the banks.
Treće, nastaviti intenzivno jačati funkciju nadzora nad bankama.
Fourthly, in the conditions created by the new fiscal policy, attempt to reduce the proportion of the mandatory reserves, to the extent allowed by the achievement of the primary objectives.
Četvrto, u uvjetima koje je stvorila nova fiskalna politika nastojati smanjiti stopu obvezne rezerve koliko to dopušta postizanje glavnih ciljeva.
Fifthly, improve the regulatory framework, including the law about the central bank, which needs updating in line with European standards.
Peto, unaprijediti regulativu, uključujući i zakon o središnjoj banci koji treba modernizirati u skladu s europskim standardima.
Sixthly, go on with and complete the changes in the payments clearing system.
Šesto, nastaviti i okončati promjene u sustavu platnog prometa.
Seventhly, maintain and reinforce the international reserves, which have in the last few years played the important rôle of guarantor of stability.
Sedmo, čuvati i dalje povećavati međunarodne pričuve, koje su i u proteklim godinama odigrale važnu ulogu jamca stabilnosti.
It is particularly important to step up the payment of insured savings, which is the responsibility of the government, and will have an effect on confidence in the Croatian financial system.
Posebno je važno ubrzati isplatu osigurane štednje, što je odgovornost Vlade, a što će izravno utjecati na povjerenje u hrvatski financijski sustav.
The independence of the Croatian National Bank in future, which we all believe in, must not however mean its isolation.
Neovisnost Hrvatske narodne banke u budućnosti, ne smije značiti i njezinu osamljenost.
It can completely achieve its aims only in cooperation with others.
Ona svoje ciljeve može u potpunosti postići samo u suradnji s drugima.
The implementation of the objectives of the CNB depends, that is, among other things, on: firstly, institutional conditions, such as the functioning of the judicial system; secondly, on the existence of an at least outline consensus on the optimum combination of monetary and fiscal policies; thirdly, on a reinforcement of all the institutions that are essential to provide equal market competition, with a special emphasis being placed on the strengthening of financial discipline and the application of institutional sanctions to corruption; fourthly, attracting foreign direct investment, and entry into various trade and economic associations (WTO, CEFTA, OECD, EU); and fifthly, a stable political environment and still greater openness to the world, for there is simply no alternative to this route.
Provedba ciljeva HNB-a ovisi, naime, između ostalog i o: prvo, institucionalnim uvjetima, poput funkcioniranja hrvatskog pravosuđa; drugo, o postojanju barem približnog konsenzusa o optimalnoj kombinaciji monetarne i fiskalne politike; treće, o jačanju svih institucija koje su nužne za ravnopravnu tržišnu utakmicu, uz poseban naglasak na jačanje financijske discipline i institucionalno sankcioniranje korupcije; četvrto, o privlačenju stranih izravnih investicija i ulasku u trgovačke i ekonomske asocijacije (WTO, CEFTA, OECD, EU); peto, o stabilnom političkom okruženju i još većoj otvorenost prema svijetu, jer taj put jednostavno nema alternative.
The implementation of these objectives also depends a great deal on the degree of public support that the policy of the CNB either has or does not have.
Provedba navedenih ciljeva svakako uvelike ovisi i o stupnju podrške javnosti.
For without clear and unambiguous backing from the public at large for the healthy policies and tasks that I have mentioned, they will be for a certainty impossible to implement.
Jer, bez jasne i nedvojbene podrške najšire javnosti zdravim politikama i zadacima koje sam spomenuo, oni se sigurno neće moći provesti.
I would particularly like to ask you, ladies and gentlemen, members of this House, let us use together this most important platform in Croatia to send a message to Croatian savers and the Croatian public that Croatian banking is more stable than it was two years ago, and much more stable than it was five years ago.
Posebno vas molim, dame i gospodo zastupnici, iskoristimo zajedno ovu najvažniju govornicu u Hrvatskoj za to da hrvatskim štedišama i hrvatskoj javnosti uputimo poruku da je hrvatsko bankarstvo danas stabilnije nego što je bilo prije dvije godine i puno stabilnije nego prije pet godina.
The difficulties we are now in, and those that we will certainly come up against, must not be a reason for us to give up on the objective.
Teškoće na koje smo nailazili i na koje ćemo jamačno nailaziti sigurno ne smiju biti razlog odustajanja od cilja.
On the contrary, they have to be an additional spur to us to persevere, for our own sakes, for the sakes of our children and their children.
Naprotiv, one moraju biti dodatni motiv da u tome ustrajemo, i to ponajprije radi nas, naše djece i radi njihove djece.
Ladies and gentlemen, members of this House, I invite you to take part in a calm, professional and reasoned discussion about the situation in the banking system and the work of the central bank, in this place where this debate should be held, in this House.
Dame i gospodo zastupnici, pozivam na mirnu, stručnu i argumentiranu raspravu o stanju u bankovnom sustavu i radu središnje banke na mjestu na kojem se ta rasprava treba voditi, u ovom visokom domu.
Monetary policy and the stability of the banking system are too serious things for judgements about them to be made without such a debate.
Monetarna politika i stabilnost bankovnog sustava previše su ozbiljne stvari da bi se prosudbe o njima mogle donijeti bez jedne takve rasprave.
Let us try to rise above the artificially created atmosphere in which the central bank and its governor are, on the one hand, accused of having helped to create the so-called tycoons and, on the other, put in dock by those same tycoons for having brought about their downfall.
Pokušajmo nadići umjetno stvoreni ambijent u kojem se središnju banku i njezina guvernera, s jedne strane, optužuje da je pomagala takozvanim tajkunima, a, s druge je strane, ti isti tajkuni žele postaviti na optuženičku klupu kao uzrok njihova kraha.
Let us be above the sweeping judgements that would, on the one hand, suggest that it was a firm monetary policy that brought down the last government, while, on the other, they hint that the same policy was simply servile to that government.
Budimo iznad paušalnih ocjena koje, s jedne strane, sugeriraju da je čvrsta monetarna politika srušila prethodnu Vladu, dok se, s druge strane, sugerira da je ta ista politika bila prema toj Vladi poslušnička.
One the one hand they accuse us of having let the managements of the problematic banks alone for too long, and on the other they say that we are taking precipitate measures without letting them find their own way out of their difficulties.
S jedne nas strane optužuju da predugo puštamo na miru uprave problematičnih banaka, dok s druge strane govore da ishitreno poduzimamo mjere ne dopuštajući im da same pronađu izlaz iz teškoća.
And as for the recent avalanche of attacks because we have put a provisional administrator into Istarska Banka, let it once and for all be said whether there was anything in this against the current laws of this country, and whether we behaved towards this bank in any way differently than to other banks in the same situation.
A i kad je riječ o najnovijoj lavini napada zbog upućivanja privremenog upravitelja u Istarsku banku, neka se konačno kaže je li pritom išta bilo protivno važećim zakonima ove zemlje.
Let us respond today to the question: what really is the nature of this policy?
Odgovorimo danas na pitanje: kakva je stvarno ta politika?
The public has the right to a serious answer to this question.
Javnost ima pravo dobiti ozbiljan odgovor na to pitanje.
Behind the Croatian central bank, during the four years I have held the office of governor, there are four years of price and exchange rate stability; international reserves have been at a historic high, contributing to the investment rating of Croatia with the most important world agencies; there has been the achievement of difficult consolidation of the banking system in which a systemic crisis was avoided, and which has led to interest rates that are half what they were at the beginning of my period of office.
Iza hrvatske središnje banke tijekom protekle četiri godine mog guvernerskog mandata stoji četiri godine stabilnosti cijena i tečaja, povijesni maksimum međunarodnih pričuva, sačuvana međunarodna likvidnost zemlje, doprinos investicijskom rejtingu Hrvatske kod najvažnijih svjetskih agencija i teška konsolidacija bankovnog sustava u kojoj je izbjegnuta sistemska kriza, a što je dovelo do upola nižih kamatnih stopa nego na početku moga mandata.
For this reason, I cannot offer my resignation until the public, the Council of the Croatian National Bank, its employees, and I personally have been told what there was in our work that outweighed all this.
Upravo zbog toga, ostavku ne mogu podnijeti dok se javnosti, Savjetu Hrvatske narodne banke, njezinim djelatnicima i meni osobno jasno ne kaže što je to u našem dosadašnjom radu imalo veću težinu od pobrojanih činjenica.
For this kind of debate about the reports of the Croatian National Bank, I am at your service today.
Za takvu raspravu o izvješćima Hrvatske narodne banke stojim vam danas ovdje na raspolaganju.
Type
Vrsta
Speech
Govor
Speaker
Govornik
Boris Vujčić, Governor of the CNB
Prof. dr. Boris Vujčić, guverner
Semi-annual information for 2015
Polugodišnja informacija za 2015.
Croatian Parliament session
Sjednica Hrvatskog sabora
Venue
Mjesto događanja Zagreb
Zagreb
Datum događanja 9. ožujka 2016.
Date
Datum objave
9 March 2016 Date of publication 9 March 2016
9. ožujka 2016.
Governor Vujčić presented to the Members of Parliament the Semi-annual information of the Croatian National Bank on the financial condition, degree of price stability and monetary policy implementation for the first half of 2015.
Guverner Vujčić iznio je zastupnicima Polugodišnju informaciju o financijskom stanju, stupnju ostvarenja stabilnosti cijena i provedbi monetarne politike Hrvatske narodne banke za prvo polugodište 2015. godine
Dear Mr Speaker and Members of the Parliament, ladies and gentlemen,
Poštovani gospodine Predsjedniče, uvažene zastupnice i zastupnici, poštovane dame i
With such a complex background, it is a great challenge for central bankers to simply
U tom kompleksnom okružju velik je izazov za središnje bankare jednostavno i
and clearly communicate their actions and the role of monetary policy in general, which is a necessary prerequisite for attaining and preserving central bank's reputation.
razumljivo iznošenje vlastitog djelovanja i općenito uloge monetarne politike, što je nužan preduvjet za stjecanje i očuvanje reputacije.
The CNB has made an ongoing and consistent effort to explain the character, operation and attainable goals of the monetary
Mi u HNB-u kontinuirano i ustrajno objašnjavamo karakter, djelovanje i objektivne dosege monetarne
My colleagues from the CNB management and I will be pleased to welcome you at the CNB and discuss with you all current issues within the scope of central bank operations.
Kolege iz rukovodstva i ja sa zadovoljstvom ćemo vas primiti i s vama raspraviti o svim aktualnim pitanjima iz djelokruga rada središnje banke.
At this point I would like to elaborate on the limitations inherent in the conduct of
Dopustite da sada pojasnim ograničenja u vođenju monetarne politike u Hrvatskoj, kao i
monetary policy in Croatia and on its several-year strong expansionary stance, boosted additionally in 2016.
aktualnu orijentaciju monetarne politike, odnosno njezinu izrazitu, sada već višegodišnju ekspanzivnost, koju smo u recentnoj 2016. godini dodatno osnažili.
As soon as thirty years ago, small and open developing economies had no “systematic
Male otvorene zemlje u razvoju, još do prije tridesetak godina, zapravo uopće nisu
monetary economics or macroeconomics theoretical frameworks, with the exception of a few sporadic papers dealing mostly with the effects of devaluation” (Frankel, 2011).
imale “sustavan teorijski okvir monetarne ekonomije ili makroekonomije, osim nekoliko sporadičnih radova koji su se bavili uglavnom učincima devalvacije” (Frankel, 2011.).
Under
U takvim se
The very definition of a small and open economy
Sama definicija male otvorene ekonomije
comprises several elements, including, for example, the share of foreign trade in GDP, the facts that a country is a global price taker, that it has no influence on global trade and capital flows and that it cannot, as a rule, borrow in its own currency.
sadržava više elemenata, a neki su od njih: udio vanjskotrgovinske razmjene u BDP-u, zatim da je zemlja preuzimatelj svjetskih cijena te da ne utječe na globalne trgovinske i kapitalne tokove, kao i to da se na međunarodnom tržištu, u pravilu, ne može zadužiti u vlastitoj valuti.
The impossibility of external borrowing in the domestic currency is in small and open
Na nemogućnost inozemnog zaduživanja u domaćoj valuti u malim otvorenim
economies is often accompanied by domestic euroisation (Figure 1).
ekonomijama često se nadovezuje i domaća euroizacija (Slika 1.).
Note: Foreign currency deposits include deposits with a currency clause.
Napomena: Devizni depoziti uključuju i depozite s valutnom klauzulom.
Source: national central banks.
Izvor: Nacionalne središnje banke
In addition, in a euroised economy, household expectations of changes in goods and
Isto tako, u euroiziranom gospodarstvu kućanstva svoja očekivanja o promjenama
services prices depend on exchange rate changes.
cijena dobara i usluga vezuju uz promjene tečaja.