natgillin/translations-raw huggingface dataset:
For this reason all parties that in the preparation of the reform confirmed their political will and bound themselves to respect the rules should behave responsibly and with discipline, literally apply the provisions of the Pact, and by so doing help the European Central Bank in the preservation of monetary stability. 
Stoga bi se sve strane koje su u pripremi reforme potvrdile političku volju i obvezale se na poštovanje pravila trebale ponašati odgovorno te strogo i dosljedno primjenjivati odredbe Pakta, kako bi na taj način pomogle Europskoj središnjoj banci u očuvanju monetarne stabilnosti.
“Reforming the Stability and 
“Reforming the Stability and Gro
able from: [www.sieps.se]. 
lable from: [www.sieps.se].
European Commission, various years. 
European Commission, razna godišta.
EMU: What future after five years of experience?” 
EMU: Wha five future after years of experience?”
cial Journal L 174, 07/07/2005. 
al Journal L 174, 07/07/2005.
European Council: Presidency conclusions, 22-23 March 2005, Report on Improve 
European Council: Presidency conclusions, 22-23 March 2005, Report on Impro
ment of the Implementation of the Stability and Growth Pact. 
vement of the Implementation of the Stability and Growth Pact.
Opinion of the European Central Bank on a proposal for a Council regulation amending Regulation (EC) No. 1466/97. 
Opinion of the European Central Bank on a proposal for a Council reguation amending Regulation (EC) No. 1466/97.
COORDINATION OF PUBLIC DEBT MANAGEMENT AND RUNNING MONETARY POLICY IN CROATIA1 
KOORDINACIJA UPRAVLJANJA JAVNIM DUGOM I VOĐENJA MONETARNE POLITIKE U HRVATSKOJ1
Zorica RASPUDIĆ GOLOMEJIĆ, MSc. 
mr. sc. Zorica RASPUDIĆ GOLOMEJIĆ
This paper deals with the issue of the coordination of public debt management and 
Ovaj se rad bavi pitanjem koordinacije upravljanja javnim dugom i vođenja mone
running monetary policy in Croatia, and draws attention to the importance of this kind of coordination for macroeconomic stability. 
tarne politike u Hrvatskoj i upozorava na važnost te koordinacije za makroekonomsku stabilnost.
Particular attention is paid to the management of public debt and the running of monetary policy in Croatia as practiced to date, and the problems that have arisen the while. 
Posebno se obrađuje dosadašnja koordinacija upravljanja javnim dugom i vođenja monetarne politike u Hrvatskoj i problemi koji pritom nastaju.
Also given are the most important measures that the Croatian National Bank has taken to make it easier to manage the public debt and achieve better coordination with the Finance Ministry. 
Također se navode najvažnije mjere koje je poduzeo HNB za lakše upravljanje javnim dugom i bolju koordinaciju s Ministarstvom financija.
There is more detailed discussion of the introduction of open market operations, the most important step taken towards better coordination of the running of monetary policy and the management of the public debt. 
Detaljnije se govori o uvođenju operacija na otvorenom tržištu, kao najvažnijem koraku ka boljoj koordinaciji vođenja monetarne politike i upravljanja javnim dugom.
Since the introduction of open market operations, interest rates on the interbank market and on the government bonds market have oscillated far less and have stabilized at a lower level. 
Od uvođenja operacija na otvorenom tržištu kamatne stope na međubankarskom tržištu, ali i na tržištu državnih vrijednosnica sve manje osciliraju i na nižoj su razini.
This should facilitate public debt management and provide for greater predictability in the planning of debt management costs. 
To bi trebalo olakšati upravljanje javnim dugom i osigurati veću predvidivost u planiranju troškova upravljanja dugom.
The final section discusses the importance of the further development of the government bonds market for the improvement of coordination in Croatia. 
U završnom dijelu govori se o značenju daljnjeg razvoja tržišta državnih vrijednosnica za unapređenje koordinacije u Hrvatskoj.
The first part of the paper discusses the links between public debt management policy and monetary policy and their basic objectives. 
Prvi dio rada govori o povezanosti politike upravljanja javnim dugom i monetarne politike te o njihovim osnovnim ciljevima.
Also discussed is the meaning of the independence of the central bank in running monetary policy, and examples drawn from several countries of threats to the independence of the central banks are given. 
Također se govori o značenju neovisnosti središnje banke u vođenju monetarne politike te se navode primjeri ugrožavanja neovisnosti središnjih banaka nekih zemalja.
In part two, several possible solutions are offered for the coordination of public debt management and the running of monetary policy, and attention is drawn to certain specific features of this coordination in transition and developed countries. 
U drugom dijelu rada autorica nudi moguća rješenja za koordinaciju upravljanja javnim dugom i vođenja monetarne politike te upozorava na određene specifičnosti te koordinacije u tranzicijskim i razvijenim zemljama.
Also briefly discussed are the most common causes of conflicts between public debt management policy and monetary policy. 
Također se ukratko govori o najčešćim uzrocima konflikata politike upravljanja javnim dugom i monetarne politike.
Part three exhibits coordination to date of public debt management and monetary policy running in Croatia. 
U trećem dijelu rada prikazuje se dosadašnja koordinacija upravljanja javnim dugom i vođenja monetarne politike u Hrvatskoj.
The degree of Croatian National Bank (CNB) independence is evaluated, and there is a brief discussion of the main obstacles in the way of accomplishing better coordination of public debt management and running monetary policy in Croatia. 
Ocjenjuje se stupanj neovisnosti HNB-a te se ukratko govori o glavnim preprekama u ostvarivanju bolje koordinacije upravljanja javnim dugom i vođenja monetarne politike u Hrvatskoj.
In the continuation the most important measures that the CNB has undertaken to facilitate management of the public debt and better coordination with the Finance Ministry, and detailed reference is made to the introduction of open market operations, the most important step taken towards coordination of running monetary policy and public debt management. 
U nastavku se navode najvažnije mjere koje je HNB poduzeo radi olakšavanja upravljanja javnim dugom i bolje koordinacije s Ministarstvom financija te se detaljnije govori o uvođenju operacija na otvorenom tržištu (OOT) kao o najvažnijem koraku ka boljoj koordinaciji vođenja monetarne politike i upravljanja javnim dugom.
The fourth part deals with the importance of further development in the government securities market for the improvement of coordination in Croatia for it has turned out that coordination is much better in countries that have already carried out important financial reforms, in which the government has reduced central government budget deficit to a reasonable minimum and that have in addition a well developed market for government securities. 
U četvrtom dijelu rada govori se o važnosti daljnjeg razvoja tržišta državnih vrijednosnica za unapređenje koordinacije u Hrvatskoj jer se pokazalo da je koordinacija mnogo bolja u zemljama koje su već provele značajne financijske reforme, u kojima je država proračunski deficit svela na razumnu razinu i koje, k tome, imaju dobro razvijeno tržište državnih vrijednosnica.
In the final part of the work, pertinent proposals are made for the improvement of coordination between public debt management and the running of monetary policy in Croatia. 
U zaključnom dijelu rada daju se odgovarajući prijedlozi za unapređenje koordinacije upravljanja dugom i vođenja monetarne politike u Hrvatskoj.
2 The connection of public debt management policy and monetary policy 
2. Povezanost politike upravljanja javnim dugom i monetarne politike
There is no doubt that public debt management policy and monetary policy are con 
Povezanost politike upravljanja javnim dugom i monetarne politike nedvojbena je
nected, and thus numerous papers have pointed out the importance of the structure of public debt for being able to conduct an optimal monetary policy over the short- and long-term (Cosimano and Gapen, 2003). 
pa tako mnogi radovi ističu važnost strukture javnog duga za provođenje optimalne monetarne politike u kratkom i dugom roku (Cosimano i Gapen, 2003).
In many transition countries, it is the structure of the public debt and not the level that is the chief reason for financial crises and general macroeconomic instability (Mihaljek, 2002). 
U mnogim zemljama u tranziciji upravo je struktura duga, a ne njegova razina, bila glavnim razlogom financijskih kriza i opće makroekonomske nestabilnosti (Mihaljek, 2002).
When the structure of the debt is discussed, it is logical to ask what debt structure would be appropriate for the achievement of stable economic development in some country. 
Kada se govori o strukturi duga, logično se nameće pitanje koja bi struktura duga bila poželjna za postizanje stabilnoga gospodarskog razvoja neke zemlje.
Public debt management can be defined briefly as a set of procedures undertaken and 
Upravljanje javnim dugom ukratko se može definirati kao skup postupaka i odluka
decisions made for the sake of obtaining the financial resources necessary for the government. 
koje se donose radi pribavljanja financijskih sredstava potrebnih državi.
Some of the most important decisions adopted are concerned with the size of the debt, the debt servicing period, the currency structure and so on. 
Neke od najvažnijih odluka koje se pritom donose jesu one o veličini duga, roku otplate, valutnoj strukturi i sl.
It is highly important here to pay attention to the risks and costs that derive from such decisions. 
Pritom je vrlo važno voditi brigu o riziku i troškovima koji proizlaze iz tih odluka.
2 It is very important for every country to have a long-term debt management strategy, which should be developed with reference to the overall macroeconomic situation in the land. 
2 Za svaku je zemlju vrlo važno imati dugoročnu strategiju upravljanja dugom, koju se treba izgrađivati s obzirom na svekoliku makroekonomsku situaciju u zemlji.
The basic objective of public debt management policy in most countries is to meet 
Temeljni cilj politike upravljanja javnim dugom u većini zemalja jest podmirenje po
the needs of the government for financial resources while taking on only a reasonable level of risk. 
treba države za financijskim sredstvima, uz preuzimanje razumne razine rizika.
However, in some countries, minimisation of the costs of debt management is privileged. 
Međutim, u nekim je zemljama ispred tog cilja postavljeno minimiziranje troškova upravljanja dugom.
A highly rated objective in many lands is active support to the macroeconomic policy of the country. 
Visoko rangirani cilj u mnogim zemljama jest i aktivna potpora makroekonomskoj politici zemlje.
Many theorists think that debt management is also essential for the handling of taxation policy (Barro, 1997), for the existence of a debt gives the government greater degree of freedom in running economic policy and reducing the effects of distorting taxes and the growth of the money supply, particularly in periods of economic shocks (Cosimano and Gapen, 2003). 
Mnogi teoretičari smatraju kako je upravljanje dugom bitno i za vođenje porezne politike (Barro, 1997) jer postojanje duga osigurava državi veći stupanj slobode u vođenju ekonomske politike i smanjenju utjecaja distorzivnih poreza i rasta novčane mase, posebno u razdobljima ekonomskih šokova (Cosimano i Gapen, 2003).
Still, it can be said that today, instead of the onetime greater focus on the budget for the sake of avoiding major tax changes, debt managers are more attentive to reduction of interest charges on the public debt and to avoidance of major fluctuations in the trends in such costs (Wolswijk de Haan, 2005). 
Ipak, može se reći da se danas, umjesto nekadašnjeg većeg fokusiranja na proračun radi izbjegavanja velikih promjena poreza, upravljači dugom mnogo više fokusiraju na snižavanje troškova kamata na javni dug te na izbjegavanje velikih fluktuacija u kretanju tih troškova (Wolswijk, de Haan, 2005).
The legislative and institutional framework of public debt management must be such 
Zakonodavni i institucionalni okvir za upravljanje javnim dugom mora biti takav da
as to enable those charged with managing the debt to realise their objectives effectively. 
zaduženima za upravljanje dugom omogući efikasno ostvarivanje njihovih ciljeva.
It should also provide investors with certain guarantees that funds invested will be safe. 
On također treba pružiti investitorima određena jamstva da će uložena sredstva biti sigurna.
The finance ministry manages the public debt and is responsible for tactical, strategic and many other functions (Slovenia, Italy). 
Ministarstvo financija upravlja javnim dugom i odgovorno je za taktičke i strateške, ali i za mnoge druge funkcije (Slovenija, Italija).
The central bank here is responsible only for technical aspects of debt management, such as the sale of debt instruments and running the system of payments and settlements. 
Pritom je središnja banka odgovorna samo za tehničke aspekte upravljanja dugom kao što je prodaja instrumenata duga i vođenje sustava plaćanja i namirenja.
The central bank has the most important role in formulating the debt management 
Mnoge funkcije upravljanja javnim dugom obavlja poseban ured ili agencija za upravljanje dugom (Švedska, Irska).
policy and is responsible for strategic policies and short-term public debt management (Denmark). 
Tim se rješenjem ostvaruje potpunije razdvajanje fiskalne i monetarne politike od politike upravljanja dugom.
There are no strict rules for the division of given debt management functions. 
Ne postoje stroga pravila za podjelu pojedinih funkcija upravljanja dugom.
nance ministry and central bank are always, to a greater or lesser degree, involved in debt management affairs, and in some countries, as well as them, debt management affairs are handled by an independent agency. 
stvo financija i središnja banka svugdje su u većoj ili manjoj mjeri uključeni u poslove upravljanja dugom, a u nekim se zemljama, osim njih, poslovima upravljanja dugom bavi i samostalna agencija.
The definition of the status of such an agency is not always very easy, and the degree to which it is really independent can vary, depending upon the current statutory regulations. 
Definiranje statusa takve agencije nije uvijek jednostavno, a stupanj njezine neovisnosti može varirati, ovisno o trenutačnim zakonskim propisima.
Via such an agency, one of the most important aims of debt management can certainly be achieved - paring down costs, for the persons who work in such an agency are usually highly specialised and very well acquainted with the state of the market, and are thus the more capable of predicting any changes in this state that there might be. 
Putem takve agencije lakše se može ostvariti jedan od najvažnijih ciljeva upravljanja dugom - minimiziranje troškova, jer su osobe koje rade u takvoj agenciji obično usko specijalizirane i vrlo dobro upućene u stanje na tržištu, pa lakše mogu predvidjeti i eventualne promjene tog stanja.
In setting up such an agency, the government sends a clear signal that it does not consider debt management part of the running of monetary policy, for which the central bank alone is responsible, but a separate mater that has a great significance for government finances. 
Osnivanjem takve agencije svaka vlada jasno daje do znanja da upravljanje dugom ne smatra dijelom vođenja monetarne politike, za koje je isključivo nadležna središnja banka, već da je to zaseban posao koji ima veliko značenje za državne financije.
By contrast, in countries in which the financial market is insufficiently developed, a 
Nasuprot tome, u zemljama u kojima je financijsko tržište nedovoljno razvijeno, po
special debt management agency can complicate rather than help in the better coordination of public debt management and monetary policy running. 
sebna agencija za upravljanje dugom može više zakomplicirati nego pomoći boljoj koordinaciji upravljanja javnim dugom i vođenjem monetarne politike.
4 Accordingly in such countries special agencies tend not to be set up, rather public debt management is kept inside the finance ministry, in close collaboration with the central bank (Kalderen, 1997). 
4 Zato se u tim zemljama ne osnivaju posebne agencije već se upravljanje dugom zadržava unutar ministarstva financija, uz usku suradnju sa središnjom bankom (Kalderen, 1997).
It should be said that, irrespective of the institutional solution chosen for debt manage 
Bitno je reći da, bez obzira na to koje se institucionalno rješenje odabere za upravlja
ment, this does not totally exclude other institutions, for in many cases individual functions and activities are intertwined and supplement each other. 
nje dugom, to ne isključuje u potpunosti ostale institucije jer se u mnogim slučajevima pojedine funkcije i aktivnosti isprepleću i dopunjuju.
For this reason good collaboration among these institutions and coordination of their activities are very important. 
Zbog toga je vrlo važna dobra suradnja između svih tih institucija i koordinacija njihovih aktivnosti.
Division of responsibility among Finance Ministry and central bank and, if it exists, 
Vrlo je važna podjela odgovornosti između ministarstva financija, središnje banke i, ako
the special agency is very important with respect to the conduct of all the matters related to debt management. 
postoji, posebne agencije u smislu obavljanja svih poslova vezanih za upravljanje dugom.
The objectives of debt management should be clear and accessible to the public, and 
Zato je najbolje da se svi podaci o domaćem programu zaduživanja redovito objavljuju.
All activities related to debt management should be subject to annual independent auditing. 
Sve aktivnosti vezane za upravljanje dugom trebale bi biti podložne godišnjoj vanjskoj reviziji.
In some countries there is actually an official body for the scrutiny of all government transactions, and it draws up regular reports about the legality of the way in which these transactions have been carried out. 
U nekim zemljama postoji i službeno tijelo za nadzor svih državnih transakcija i ono izrađuje redovita izvješća o zakonitosti obavljanja tih transakcija.
It is the basic objective of the monetary policy of most countries to preserve price stability, for this stability is the foundation for the achievement of economic growth, a high degree of employment and improvement in living standards. 
Osnovni je cilj monetarne politike u većini zemalja očuvanje stabilnosti cijena jer je ta stabilnost osnova za ostvarivanje gospodarskog rasta, visokog stupnja zaposlenosti i poboljšanja životnog standarda.
In many undeveloped countries the central banks are under strong governmental influ 
U mnogim nerazvijenim zemljama središnje su banke još uvijek pod snažnim utje
ence, one of their roles being to loan to the state at minimum rates of interest. 
cajem države i jedna od njihovih zadaća jest i kreditiranje države, uz minimalnu kamatnu stopu.
Of course, such financing of the government is completely against market principles, which require that all, including the government, must meet their financial needs on the market, on equal terms. 
Naravno, takvo financiranje države potpuno je protivno tržišnim načelima, koja zahtijevaju da svi, pa tako i država, sve svoje financijske potrebe moraju podmirivati na tržištu, a uz jednake uvjete.
The Treaty of Maastricht in Article 107 forbids central banks to finance the government and guarantees the independence of the European Central Bank (ECB) and the central national banks of all the member states. 
I Ugovor iz Maastrichta u članku 107. zabranjuje središnjim bankama da financiraju državu i jamči neovisnost Europske središnje banke (dalje: ECB) te središnjih nacionalnih banaka svih zemalja članica.
No central bank of any EU member country is allowed to seek or receive instructions from the government or any other institution of the EU, and all these institutions must refrain from exerting any influence on the policies of the ECB or the national central banks (Treaty on European Union, 1992, Maastricht). 
Središnje banke zemalja članica EU ne smiju tražiti ni primati nikakve instrukcije od vlade ili bilo koje druge institucije EU, a sve te institucije trebaju se suzdržavati od bilo kakvog utjecaja na politiku ECB-a ili nacionalnih banaka (Ugovor iz Maastrichta - Ugovor o Europskoj uniji, 1992, Maastricht).
It is interesting to point out that in debates about the obligations and responsibilities of debt and monetary management institutions stress is always laid on the importance of central bank independence from the finance ministry or any institution charged with public debt management. 
Zanimljivo je naglasiti da se u raspravama o obvezama i odgovornostima institucija za upravljanje dugom i monetarno upravljanje uvijek naglašava važnost neovisnosti središnje banke o ministarstvu financija ili drugoj instituciji zaduženoj za upravljanje javnim dugom.
At a minimum this responsibility includes: 
za postizanje ciljeva monetarne politike.
• an advisory function; the central bank will inform the finance ministry about liquid 
• funkcija agenta pri emisiji - središnja banka u mnogim zemljama upravlja aukcija
ity of the banking system, the trends in interest rates, monetary and credit aggregates. 
ma državnih vrijednosnica te organizira i vodi sustav namire i plaćanja
This information is very important for decision making about the way of financing 
• funkcija fiskalnog agenta - središnja banka obavlja plaćanja i naplate u ime države
• function of issuing agent - in many countries the central bank manages the auctions 
Dakle, središnja banka može obavljati neke funkcije vezane za upravljanje javnim
for in this way it will better coordinate with public debt management policy and ensure the realisation of its objectives. 
Osnovni preduvjeti za dobru koordinaciju jesu razvijenost financijskog tržišta, neovisnost središnje banke i transparentnost fiskalne politike.
Implicit coordination exists in countries with developed financial markets and is conducted in order for debt management objectives to be harmonised with those of running monetary policy. 
Implicitna koordinacija postoji u zemljama s razvijenim financijskim tržištima i provodi se na njima kako bi se uskladili ciljevi upravljanja dugom i vođenja monetarne politike.
Coordination is much harder in countries in which the financial market is undeveloped for then the sources of financing the government are limited, which also limits the independence of the central bank. 
Koordinacija je mnogo teža u zemljama u kojima je financijsko tržište nedovoljno razvijeno jer su tada i izvori financiranja države ograničeni, što ograničava i neovisnost središnje banke.
Then the financial market will function as a disciplined mechanism sending timely and accurate signals to the decision makers and making it easier for them to harmonise their policies. 
Tada bi financijsko tržište funkcioniralo kao disciplinirani mehanizam koji bi slao pravodobne i točne signale donositeljima odluka i olakšao im usklađivanje njihovih politika.
In economies in transition, in which the financial markets are usually not well enough developed, the development of this market is the common objective of the monetary and financial authorities, and monetary management and public debt management need not be totally separate. 
U ekonomijama u tranziciji, u kojima financijsko tržište najčešće nije dovoljno razvijeno, razvoj tog tržišta zajednički je cilj monetarnih i fiskalnih vlasti, pa monetarno upravljanje i upravljanje javnim dugom ne bi trebali biti potpuno odvojeni.
If, as in Croatia, these segments are separate, there must be good coordination of the objectives and instruments of monetary and of debt management policy. 
Ako su, kao u Hrvatskoj, ti segmenti odvojeni, morala bi postojati dobra koordinacija ciljeva i instrumenata monetarne politike i politike upravljanja dugom.
Why such coordination is important can be seen from the following table. 
Zašto je koordinacija važna, vidi se iz sljedeće tablice.