natgillin/translations-raw huggingface dataset:
Croatia, although it has seen a significant deleveraging in the second half of 2012, actually saw an increase in the leverage compared to the beginning of the crisis, if you look at the whole period as such. 
Premda je u Hrvatskoj došlo do značajnog smanjivanja financijske poluge u drugoj polovici 2012., zapravo je riječ o povećanju poluge u odnosu na početak krize, pogledamo li cijelo razdoblje.
The idea we discussed in Europe a long time ago was to think about the harmonization of the supervision in Europe. 
Ono o čemu smo još davno razgovarali u Europi jest usklađen nadzor.
We were always aware that the regulatory rules across Europe were different, that even the data we look at in many instances are not comparable and we talked about how to harmonize that. 
Uvijek smo znali da su pravila diljem Europe drukčija, da su čak i podaci koje uzimamo u obzir nerijetko neusporedivi pa smo razgovarali o tome kako to uskladiti.
When the crisis struck, we saw that we had to make two or three bold steps, make a whole banking union and forget about harmonizing only supervisory rules. 
Kad je nastupila kriza, uvjerili smo se da treba napraviti dva ili tri hrabra koraka, osnovati cijelu bankarsku uniju i zaboraviti na usklađivanje samo pravila nadzora.
Europe kind of decided to create a banking union, a system which will consist of a supervising mechanism, a single supervisor, which will be the Central European Bank, a single resolution mechanism and a harmonize deposit guarantee scheme, the three pillars based on a common set of rules, the so called single handbook. 
Europa je odlučila osnovati bankarsku uniju, sustav koji će se sastojati od nadzornog mehanizma, jedinstvenog supervizora, SSMa, koji će biti Središnja europska banka, jedinstvenog sanacijskog mehanizma i programa osiguranja depozita, tri stupa utemeljena u zajedničkim pravilima, tzv. Jedinstvenom priručniku o nadzornim praksama.
The reason why Europe has to decidedly move in that direction is that there is a need to break the negative feedback loop between the sovereigns and the banks and this drawing shows the negative feedback loop between the sovereigns and the banks. 
Europa mora odlučno kretati u tom smjeru da se prekine negativna povratna sprega između vladara i banaka, ilustrirana ovim prikazom.
I am not going to spend too much time on it, but basically, the banks get too exposed toward sovereigns and the sovereign gets downgraded. 
Neću trošiti previše vremena na to, ali to znači da su banke previše izložene prema vladarima pa se i njihov rejting snižava.
If a sovereign has a problem that feeds into the problems of banks' balance sheets, it increases the problems about the solvency of the banks and increases their funding costs, which puts leveraging pressure on them and can then feed into the higher bale out probability for the government. 
Ako vladar ima problem koji se odražavaju na bilancu banke, to povećava probleme solventnosti banaka i povećava njihove troškove financiranja, što na njih potom stavlja pritisak smanjivanja financijske poluge, čime se potencijalno povećava vjerojatnost državne intervencije.
If that happens, the government gets downgraded even more and is considered even more risky, which feeds back again into the bank's problem. 
Ako se to dogodi, državni rejting dodatno pada i država se smatra još rizičnijom, što se ponovno odražava na banke.
The question, now that we have this increased home bias and the exposure of the banks towards the sovereigns and both week sovereigns and weak banks, how to break the negative feedback loop between the two? 
Sada kada imamo tu povećanu sklonost domaćem tržištu i izloženost banaka prema vladaru, to jest slabe vladare i slabe banke, kako prekinuti tu negativnu povratnu spregu između njih?
The banking union is an obvious answer. 
Bankarska unija očigledan je odgovor.
If not a full one, then a crucial part of the answer to this problem. 
Ako ne potpuni odgovor, onda njezin ključan dio.
I don't want to go into too much detail in everything. 
Ne želim ulaziti u detalje.
What is the main advantage of creating the banking union? 
Što je glavna prednost stvaranja bankarske unije?
One reason to create it is to improve the regulatory framework. 
Jedan od razloga za njezino stvaranje unaprjeđenje je regulatornog okvira.
And that makes sense. 
I to ima smisla.
It definitely increases the likelihood that you will have an impartial supervisor and a level playing field on the banking market in Europe. 
Time se svakako povećava i vjerojatnost da ćete imati nepristranog supervizora i ravnopravnu tržišnu utakmicu na bankarskom tržištu u Europi.
The second thing is that you will have a common safety net and the backstops, which is crucial for breaking the negative feedback loop between the sovereigns and the banks because then you will have a supernational fund again to take care of the resolution of the bank once they get into trouble. 
Drugo, imat ćete i zajedničku sigurnosnu mrežu i backstop fond, što je presudno za prekid negativne povratne sprege između vladara i banke, jer ćete imati nadnacionalni fond kojim će se banka sanirati upadne li u probleme.
This is the way to break negative feedback. 
To je način da se prekine negativna povratna sprega.
Thirdly, when you put together more timely supervision and the common backstops at the European level, it will reduce the overall costs of the banking crisis, once it happens in Europe. 
Treće, kada se spoji pravovremeni nadzor i zajednički backstop fond na europskoj razini, to će smanjiti ukupne troškove bankarske krize, kada se ona eventualno u Europi i dogodi.
This sounds very well. 
To zvuči vrlo dobro.
One thing that happens in the process is something we discussed even much before and that's the harmonization of the banking regulation and supervisory practices, which should improve the assessment of the true state of the banks' balance sheets and make the data of the banks that we often use and that you have seen in my presentation more comparable than they are even in this presentation. 
U tom procesu ima i nešto o čemu smo razgovarali mnogo prije, a to je usklađivanje bankarske regulative i nadzornih praksi, što bi trebalo poboljšati procjenu pravog stanja bilanci banaka i učiniti podatke o bankama, kojima se često koristimo i koje ste vidjeli u mojoj prezentaciji, više usporedivima nego što su to čak i u ovoj prezentaciji.
Once we are able to provide a common set of rules, out of the single rulebook, only then will we be able to put in the same graph the data of banks belonging to different countries, and know that we are comparing apples and apples and not apples and pears, which is unfortunately still the case. 
Nakon što budemo u mogućnosti primijeniti zajednička pravila, iz jednog pravilnika, tek tada ćemo biti u mogućnosti staviti u isti grafikon podatke banaka iz različitih zemalja, i znati da uspoređujemo jabuke i jabuke, a ne jabuke i kruške, što je, nažalost, još uvijek slučaj.
So the data you see here should be taken with a grain of salt, knowing that in Europe we are still not applying a common set of rules in banking supervision. 
Dakle, podatke koje vidite ovdje treba uzeti s rezervom, svjesni da se u Europi i dalje ne primjenjuje zajednički sustav pravila za nadzor banaka.
That would also lead to less need for cross border cooperation, reduce compliance costs for the banks, which is nice for banks and is something that has become very popular in the last few years, the so called macroprudential policies. 
To će također dovesti do manje potrebe za prekograničnom suradnjom, smanjiti troškove usklađivanja, a što je lijepo za banke kao i uskladiti nešto što je postalo vrlo popularno u posljednjih nekoliko godina, tzv. makroprudencijalna politika.
The creation of the banking union should ensure that macroprudential policies are consistent and that there is no conflict of interest between different countries applying different sets of macroprudential policies in order to reinforce their own national markets, which is also a worry. 
Stvaranje bankarske unije treba osigurati dosljednost makroprudencijalne politike i nepostojanje sukoba interesa između različitih zemalja primjenom različitih makropudncijalnih politika kojima se nastoje ojačati nacionalna tržišta, a što je također potencijalni problem.
The dust around macroprudential policies, which will be at the disposal of national regulators has still not been settled, but we are intensively talking about the type of macroprudential policies that we will be able to use or not use. 
Prašina oko makroprudencijalne politike oko toga što će nacionalnim regulatorima biti na raspolaganju još uvijek se nije slegnula, ali intenzivno razgovaramo o vrsti makroprudencijalne politike koju ćemo biti u mogućnosti primijeniti ili ne primijeniti.
What are the advantages for non-euro countries like Croatia, countries that are EU member states but are not a member eurozone, countries which have an opt-in possibility, so we can join the euro countries from the beginning or wait and join later? 
Što su prednosti za zemlje koje nemaju euro kao što je Hrvatska, država koje su članice EU-a, ali nisu u eurozoni, zemlje koje imaju opt-in mogućnost, pa se mogu odmah pridružiti zemljama koje imaju euro ili čekati i pridružiti se poslije?
The one that is usually emphasized is fostering financial integration. 
Ono što se obično naglašava je poticanje financijske integracije.
Whenever I talk to the Commission, they say, they should get in because that fosters financial integration in Europe. 
Kad god razgovaram s Komisijom, oni naglašavaju važnost financijske integracije u Europi.
I say OK, but what other content can we see there? 
Kažem u redu, ali kakav još sadržaj tu postoji?
The second is providing better information across cross-border banks and improving their supervision. 
Tu je i bolja informiranost među prekograničnim bankama i poboljšanje njihova nadzora.
Similar to something we have now, i.e. the supervisory colleges. 
A tu je i modernizacija supervizorskih kolegija.
At the moment, we coordinate supervision between home and host supervisors through supervisory colleges, but we as a host are now dealing with a number of national home supervisors. 
Trenutno koordiniramo nadzor između domaćih supervizora i supervizora domaćina putem supervizorskih kolegija, ali se kao domaćini bavimo i nacionalnim, domaćim supervizorima.
Once there is a banking union, there will be us as the host supervisor and one supervisor pretty much for all eurozone banks, only one home supervisor, which is the Central Bank. 
Nakon što se uspostavi bankarska unija, mi ćemo biti domaći supervizor, i bit će jedan supervizor za banke u eurozoni, jedan domaći supervizor, a to je Središnja europska banka.
We don't know what that will look like. 
Ne znamo kako će to izgledati.
On the one hand, you can hypothesize that dealing with one supervisor is easier than dealing with five, but this one will be different than the five in many aspects, so the costs and benefits, I must honestly say, are at this moment not clear. 
S jedne strane, možemo postaviti tezu da je lakše baviti se jednim supervizorom nego s njih pet, ali taj jedan bit će drukčiji od ovih pet na mnogo načina, tako da trošak u odnosu na korist, u ovom trenutku nije posve jasan.
Of course, there will be great consistency in the supervisory practices, which would avoid the distortions on the single market, but even if we don't get into the banking union, for us as a non-eurozone country, we would see great consistency in the supervisory practices because we would all be applying a common set of rules created by the EBA. 
Naravno, imat ćemo veliku dosljednost u nadzornim praksama, kojima bi se izbjeglo narušavanje tržišnog natjecanja na jedinstvenom tržištu, ali čak i ako ne uđemo u bankarsku uniju, kao zemlja koja nema euro uživali bismo veliku dosljednost u nadzornim praksama, jer bi se na sve primjenjivao zajednički sustav pravila koji je stvorila EBA.
What are the challenges for being a part of the banking union? 
Što su izazovi ulaska u bankarsku uniju?
One is participation in the decision making process. 
Jedan od njih sudjelovanje je u procesu donošenja odluka.
That has been an issue from the start and we have made great progress in that respect. 
To je od samog početka problematično, i u tom pogledu napravili veliki značajan iskorak.
The participation of non-euro states in decision making has improved to such a level that we can say that we are content with the options for non-euro member states. 
Sudjelovanje država koje nisu u eurozoni u odlučivanju toliko je unaprijeđeno da možemo reći da smo zadovoljni s mogućnostima koje su na raspolaganju zemljama koje nemaju euro.
There are all kinds of guarantees for non-euro member states, they can't be outvoted by eurozone member countries, etc. But there are still some restrictions and it is not a completely level playing field. 
Njima su na raspolaganju sve vrste jamstava, zemlje članice eurozone ne mogu ih nadglasati, itd. Ipak, i dalje postoje neka ograničenja, što znači da nije riječ o potpuno fer utakmici.
The greatest problem is that the final form of the banking union is still not known. 
Najveći problem je u tome što je konačni oblik bankarske unije i dalje nepoznat.
At the moment, we have almost one and a half of the three pillars agreed on the paper, a number of decisions made on what it is going to look like, but we don't actually know what it will look like in the end. 
U ovome trenutku, spreman je jedan i pol od tri stupa, dogovorenih na papiru, niz odluka o tome kako će izgledati, ali mi zapravo ne znamo kako će to na kraju biti.
To make a decision right now is for us a big leap into the unknown. 
Donijeti odluku u ovome bi trenutku za nas značilo veliki skok u nepoznato.
In particular, we don't know what the future and the revolution of cross border banks will look like, which is a very important issue. 
Konkretno, ne znamo kakva će biti budućnost sanacija prekograničnih banaka, što je vrlo važno pitanje.
There is an agreement now that there is a possibility after opting in to opt out of the banking union, but I would not be happy if you ever had to make such a decision. 
Sporazumno za sada postoji mogućnost da se nakon ulaska i izađe iz bankarske unije, ali ja ne bih bio zadovoljan da ikada moramo donijeti takvu odluku.
It is better to make sure before opting in that you know what things are going to look like than to have to make a choice of opting out once you have been in the banking union. 
Bolje je biti siguran prije nego odlučimo ući da znamo kako će sve to izgledati nego da moramo izaći nakon što smo već postali članicom bankarske unije.
That should be avoided at all costs. 
To treba izbjeći po svaku cijenu.
One thing we are constantly worried about is even connected to the way the banking union is designed as a concept. 
Još nešto što nas brine jest način na koji je bankarska unija osmišljena.
We still don't have it on paper, we don't have decisions made, but it would tilt the level playing field one way or another. 
To još uvijek nemamo na papiru, nemamo odluke, a to bi moglo značiti da će neki igrači biti stavljeni u prednost.
We would be much happier as a non-euro member country if the coverage of the banking union were for all banks, and not just the big banks or the systemic banks. 
Kao zemlja koja nema euro, bili bismo puno sretniji kada bi bankarska unija pokrivala sve, a ne samo one velike ili sustavne banke.
It is clear why. 
Jasno je zašto.
Because even if you have a complete banking union, you would have the majority, in terms of the number of your banks, staying out of the banking union, which is not good. 
Jer, čak i ako imate potpunu bankarsku uniju, imat ćete većinu, u smislu broja svojih banaka, izvan bankarske unije, a to nije dobro.
It is not difficult to argue that it is better to have full coverage than to have an uneven playing field for different types of banks, which is determined by their size, nothing else. 
Nije teško ustvrditi da je bolje imati punu pokrivenost, nego nejednake uvjete za različite banke, ovisno o njihovoj veličini, ni o čemu drugom.
Other issues include the problem of conveying the message domestically, that there is someone else supervising your banks, you are bearing the cost of the resolution of the banks without having much say about that and you can't use the common backstop nor can you tap the common liquidating facility for the banks. 
Ostali problemi uključuju pitanje prenošenja poruke kod kuće, a ona je da postoji netko drugi tko nadzire vaše banke, dok vi snosite trošak sanacije, ne možete reći što mislite o tome i ne možete se koristiti zajedničkim backstopom niti zajedničkim likvidacijskim fondom za banke.
This is a very difficult thing to square in for a non- eurozone member country. 
Zemlje koje nisu članice eurozone teško to mogu prihvatiti.
Also, if you are in the single supervisory mechanism, that too might reduce the degrees of freedom for your independent use of macroprudential policies and you know how important macroprudential policies have been in this country. 
Isto tako, ako postoji jedinstveni nadzorni mehanizam, to može smanjiti razinu slobode nezavisnog korištenja makroprudencijalne politike, a znate koliko je makroprudencijalna politika važna u ovoj zemlji.
We were basically doing most things through macro prudential policies because the usual channels for the transmission of monetary policy, the exchange rate channel and the interest rate channel, don't work here. 
Većinu toga smo radili kroz makroprudencijalnu politiku, jer uobičajeni kanali za prijenos monetarne politike, kanal tečaja i kamatnih stopa ovdje ne funkcioniraju.
They are impaired. 
Oslabljeni su.
They don't work to the extent that you need them as a policy maker. 
Ne funkcioniraju onoliko koliko su vam potrebni kao tvorcu politike.
That is why we have to rely on macroprudential policies. 
Zato se moramo osloniti na makroprudencijalnu politiku.
Some people mention Cyprus, etc., but of course, ECB supervision will be made of experienced supervisors from different countries. 
Neki spominju Cipar, itd., ali naravno, nadzor ESB-a provodit će iskusni supervizori iz različitih zemalja.
Us, as central bankers know what it means to build on central institutions. 
Kao središnji bankari znamo što znači izgraditi središnju instituciju.
You can't just bring people. 
Ne možete samo dovesti ljude.
You have to build a whole institution. 
Morate izgraditi cijelu instituciju.
Even if you have very good people, it takes time for it to start functioning well. 
Čak i ako imate jako dobre ljude, treba vremena da sve počne dobro funkcionirati.
It might not be the case, but this is one of the issues you are thinking about. 
Možda to neće biti slučaj, ali trenutno razmišljamo o tome.
Having a parent in the banking union might get you some benefits you would have if you were in the banking union, so you don't need to really be in it. 
Imati roditelja u bankarskoj uniji može vam donijeti neke pogodnosti koje biste imali da ste vi u njoj, tako da ne morate doista biti u njoj.
This is a timeline and again I am not going to go into too much detail. 
Ovo je vremenski okvir, ali opet neću ulaziti u detalje.
The real stuff starts at the beginning of 2014 with the asset quality review and EB and ECB stress tests. 
Prava stvar počinje početkom 2014. s pregledom kvalitete aktive i stres testovima ESB-a.
In a way, for us, it is almost a luxury to be out and wait for that to pass to see how things are going to develop, but of course, we are also very much focused on how that is going to work out, particularly with those 80 % of assets in Croatia being owned by eurozone banks. 
Na neki način, za nas, gotovo je luksuz biti vani i čekati da to prođe i promatrati kako će se sve razvijati, ali, naravno, zanima nas i kako će sve to ići, posebice s obzirom na to da je 80% kapitala u Hrvatskoj u vlasništvu banaka eurozone.
So we are definitely not indifferent. 
Dakle, definitivno nismo ravnodušni.
Except for the single supervisory mechanism resolution scheme, there has been a draft of the recovery resolution directive, which has recently been presented. 
Osim jedinstvenog nadzornog mehanizma, tu je nacrt direktive za sanaciju, koja je nedavno predstavljena.
This removes some of the uncertainty that we have, but even this draft now leaves member states with much discretion, which may lead to competitive distortions the way we look at it. 
Ona dijelom uklanja neizvjesnost pred kojom se nalazimo, ali čak i ovaj nacrt ostavlja državama članicama pravo diskrecije, što, kako mi to vidimo, može dovesti do narušavanja tržišnog natjecanja.
We know that a single supervisor cannot work without a proper resolution scheme. 
Znamo da jedinstveni supervizor ne može raditi bez odgovarajućeg programa sanacije.
This is probably the most interesting development we will see over the next year or so, where will the single resolution mechanism agreement between the states lead us to. 
To je vjerojatno najzanimljivije što ćemo vidjeti u narednih godinu dana; kamo će nas odvesti sporazum o jedinstvenom mehanizmu sanacije.
In theory, everyone knows what needs to be done. 
U teoriji, svatko zna što treba učiniti.
But as Juncker said before his departure, we all know what to do, but we don't know how to go back home after that and get reelected. 
No, kao što je Juncker rekao prije svog odlaska: Svi znamo što treba učiniti, ali ne znamo kako se vratiti kući i ponovno dobiti na izborima.
That's why we have been dealing with the single resolution scheme for so long. 
Zato se već toliko dugo bavimo jedinstvenim programom sanacije.
And the deposit guarantee scheme is an even more complicated issue. 
Program osiguranja depozita još je više komplicirano pitanje.
It is also complicated for technical reasons. 
Komplicirano je i iz tehničkih razloga.
You have very different legal practices, very different set ups of deposit schemes in Europe and to put it all together will definitely require much more time. 
Imamo vrlo različite pravne prakse, vrlo različite depozitne programe u Europi i sve to spojiti zasigurno će zahtijevati puno više vremena.
It is possible. 
Moguće je.
You can think of the ways in which this is technically doable, but it is definitely not something that is very easy. 
Možete razmišljati o načinima na koji je to tehnički izvedivo, ali definitivno nije jednostavno.
There has already been an attempt of harmonization of deposit insurance schemes, but that has been put on hold until the adoption of the EU bank resolution arrangements through new directives, so it is going to be a step at the time. 
Pokušaja usklađivanja programa osiguranja depozita već je bilo, ali to je stavljeno na čekanje do donošenja sporazuma o sanaciji banaka putem novih direktiva, tako da će se ići korak po korak.
Here is the map showing which countries have an ex-post and an ex-ante deposit insurance schemes in Europe, but in reality, as we know, most of the deposit insurance schemes are ex-post because if you have a real banking crisis like we had in a number of countries over the last four years, then the funds in a deposit insurance company might not be enough to cover all the expenses and ex-ante then turns into ex-post deposit insurance scheme. 
Ovdje je karta koja prikazuje koje zemlje imaju ex-post, a koje ex-ante programe osiguranja depozita u Europi, ali u stvarnosti, kao što znamo, većina osiguranja depozita su ex-post, jer u slučaju prave bankarske krize, a kakvu smo imali u nekoliko zemalja tijekom posljednje četiri godine, sredstva u tvrci za osiguranje depozita mogu biti nedostatna za pokrivanje svih troškova pa se ex-ante tada pretvara u ex-post osiguranje depozita.
Here is a comparison of different countries of eligible deposits to GDP. 
Ovdje je usporedba različitih zemalja s obzirom na depozite u odnosu na BDP.
Relatively speaking, Croatia looks well with eligible deposits to GDP 0.86 and cover deposits 0.44 and DGS fund size with 1.21 % of GDP. 
Relativno govoreći, Hrvatska stoji dobro s prihvatljivim depozitima 0,86 BDP-a, 0,44 pokrivenih depozita i veličinom fonda za osiguranje depozita 1,21% BDP-a.