natgillin/translations-raw huggingface dataset:
Croatia meets the criteria for inflation, long-term interest rate and exchange rate stability. 
Hrvatska ispunjava kriterije inflacije, dugoročnih kamata i stabilnosti tečaja.
However, there is considerable overshooting of the budget deficit, which has to be reduced by 3.5% of GDP in order to reach the Maastricht norm of 3%. 
Međutim, postoji znatno odstupanje u proračunskom deficitu, koji treba smanjiti za 3,5% BDP-a kako bi se dosegnula maastrichtska norma od 3%.
The high level of public debt (52% of GDP) and its tendency to rise rapidly are an additional reason for fiscal adjustment. 
Visoka razina javnog duga (52% BDP-a), uz tendenciju brzog porasta zaduženosti, dodatni je razlog za fiskalno prilagođavanje.
The purpose of the whole process of convergence is to achieve a gradual approximation of the level of per capita income of the countries in the region to the average of the less developed members of the EU. 
Ekonomski smisao cijelog procesa približavanja jest ostvarivanje realne konvergencije - postupnog približavanja razine dohotka po stanovniku zemalja u regiji prosjeku manje razvijenih članica EU.
Real convergence can be attained only with high rates of growth are sustained in the long term, i.e., if they are accompanied by macroeconomic stability and institutional effectiveness. 
Realnu konvergenciju moguće je ostvariti samo uz dugoročno održive visoke stope rasta u uvjetima makroekonomske stabilnosti i institucionalne efikasnosti.
In other words, meeting the criteria for joining the EU and the EMU is a necessary but not sufficient condition for successful long-term economic development. 
Drugim riječima, ispunjavanje kriterija za pristup EU i EMU nužan je, ali ne i dovoljan uvjet za uspješan gospodarski razvoj u dugom roku.
It is particularly important to bear in mind that hopes about sustained convergence can suddenly and unexpectedly turn sour. 
Posebno je važno imati na umu da se nade o postojanoj konvergenciji mogu naglo i neočekivano izjaloviti.
For this reason, the paper pays additional attention to the prospects for rapid and stable growth and low inflation, the sustainability of external positions and the problem of fiscal adjustment. 
Stoga je u ovom radu dodatna pozornost pridana i izgledima za brz i stabilan rast i nisku inflaciju, održivosti vanjske stabilnosti i problemu fiskalnog prilagođavanja.
The outlook for the long-term growth of Croatia and CE is favourable: the potential growth rates in most of the countries are about 5% a year and there is plenty of room to speed up real convergence because, apart from the Polish, all the CE economies have in the last 7 to 8 years grown more slowly than their long-term potential. 
Perspektive dugoročnog rasta u Hrvatskoj i u središnjoj Europi povoljne su: potencijalne stope rasta u većini zemalja iznose oko 5% godišnje i postoji znatan prostor za ubrzavanje realne konvergencije jer su osim poljskoga sva srednjoeuropska gospodarstva posljednjih 7-8 godina u prosjeku rasla sporije od dugoročnog potencijala.
Croatia is in the group of economies with a high growth potential and has in additional achieved relatively high efficiency of investment. 
Hrvatska se nalazi u skupini zemalja s višim potencijalnim rastom i ima dodatnu prednost da je ostvarila relativno visoku efikasnost investiranja.
In the CE countries and in Croatia in particular inflation has been reduced to a very low level thanks to a firm monetary policy, cautious fiscal policy and liberalisation of foreign trade and foreign investment. 
Inflacija je u srednjoeuropskim zemljama, i u Hrvatskoj posebno, svedena na vrlo nisku razinu zahvaljujući čvrstoj monetarnoj politici, opreznijoj fiskalnoj politici i liberalizaciji vanjske trgovine i stranih ulaganja.
In the next few years, however, Croatia still has to address considerable adjustment of the relative prices of energy, rents, services, health care and education. 
U idućih nekoliko godina Hrvatsku očekuju, međutim, znatna prilagođavanja relativnih cijena energije, stanarina, usluga zdravstvene zaštite i obrazovanja.
For this reason monetary policy in the medium term too will have to carefully monitor inflationary expectations and react quickly to inflationary pressures. 
Zbog toga će monetarna politika i u srednjem roku morati pomno pratiti inflacijska očekivanja i spremno reagirati na inflatorne pritiske.
Real exchange rate developments, current account, foreign direct investments and some other external sector indicators have in recent years been more favourable than is usually suggested in discussions of the international competitiveness of the Croatian economy. 
Realni tečaj, izvoz, deficit bilance plaćanja, strana direktna ulaganja i neki drugi pokazatelji vanjskog sektora posljednjih su godina uglavnom znatno povoljniji nego što se obično iznosi u raspravama o međunarodnoj konkurentnosti hrvatskoga gospodarstva.
By contrast, some financial indicators that are often given as Croatian strong points - the credit rating and the interest spread on government bonds - are less propitious than in the CE countries. 
Suprotno tome, neki financijski pokazatelji koji se cesto ističu kao prednost Hrvatske - kreditni rejting i raspon kamata na državne obveznice - nepovoljniji su nego u srednjoeuropskim zemljama.
Together with a high level of foreign debt (52% of GDP, of which almost half is the public sector debt), these vulnerabilities reduce the resistance of the external sector to pressures emanating from the international capital markets. 
Zajedno s visokom razinom inozemnog duga (56% BDP-a, od čega gotovo polovicu čini država), te "točke ranjivosti" smanjuju otpornost vanjskoga sektora na pritske koji se mogu pojaviti na međunarodnom tržištu kapitala.
Therefore, strengthening macroeconomic stability remains a priority from an external perspective, too. 
Stoga je i po osnovi vanjske stabilnosti nužno dodatno učvrstiti makroekonomsku stabilnost.
A still greater challenge for macroeconomic policy and the public sector in general will be found in the reduction of the budget deficit and the stabilisation of public debt. 
Još će veći izazov za makroekonomsku politiku i javni sektor općenito biti smanjivanje proračunskog deficita i stabiliziranje udjela javnog duga u društvenom proizvodu.
Achieving these objectives will require a much political will and perseverance. 
Postizanje tih ciljeva iziskivat će veliku dozu političke volje i ustrajnosti.
There are, of course, other limitations that have not been discussed separately in this paper but could slow the Croatian economy in its achievement of nominal and real convergence. 
Postoje, naravno, i druga ograničenja koja nisu posebno obrađena u ovom radu a mogla bi usporavati hrvatsko gospodarstvo u ostvarivanju nominalne i realne konvergencije.
This relates primarily to the high rate of unemployment, the further deregulation and liberalisation of the economy in line with EU legislation, and reforms of the labour market and the civil service. 
To se ponajprije odnosi na visoku stopu nezaposlenosti, daljnju deregulaciju i liberalizaciju gospodarstva u skladu sa zakonodavstvom EU te reforme tržišta rada i javne uprave.
If there is one consistent lesson to be learned from the experience of countries that have passed through the process of convergence with the EU - and indeed from the entire historical experience of the industrial countries - it is the necessity of persevering in the implementation of reforms and in the cautious handling of macroeconomic policy. 
Ako postoji konzistentna pouka iz iskustava zemalja koje prolaze (ili su prošle) kroz proces približavanja EU - i doista iz cjelokupnoga povijesnog iskustva industrijski razvijenih zemalja onda je to nužnost da se ustraje u provođenju reformi i opreznom vođenju ekonomske politike.
Chapter 3 
Poglavlje 3.
BANKING AND FINANCIAL MATTERS ON CROATIA'S ROAD TO THE EUROPEAN UNION 
BANKOVNA I FINANCIJSKA PITANJA NA PUTU HRVATSKE PREMA EUROPSKOJ UNIJI
Raiffeisenbank Austria Zagreb 
Raiffeisenbank Austria d.d. Zagreb
The ability of a country to meet the criteria for financial convergence on the EU depends on four key factors: the behaviour and structure of the banks and non-banking financial service providers, the degree of development of the money and capital markets, the regulatory environment and the openness of the country to international financial currents. 
Sposobnost zemlje da zadovolji kriterije financijske konvergencije prema EU ovisi o četiri ključna činitelja: o ponašanju i strukturi banaka i nebankovnih financijskih posrednika, stupnju razvitka tržišta novca i kapitala, regulatornom okruženju te otvorenosti zemlje prema međunarodnim financijskim tokovima.
In this work the factors that work in favour of a rapid accession by Croatia to the EU and those that are the key areas of vulnerability on the same road are identified. 
U ovom se radu prepoznaju činitelji koji pogoduju brzom pristupu Hrvatske EU, kao i oni koji će na tom putu biti ključna područja ranjivosti.
The first group of factors includes the developmental level of the banking system, whose structural characteristics (competitiveness, ownership structure and scope of financial mediation) work in favour of rapid integration. 
U prvu skupinu činitelja pripada razvojni stupanj bankovnoga sustava, čija strukturalna obilježja (konkurentnost, vlasnička struktura i obujam financijskoga posredovanja) pogoduju brzoj integraciji.
This group also includes the standardising regulatory framework, the changes in which over the last few years have brought Croatia very close to the standards of the EU. 
U istu se skupinu ubraja i normativni regulatorni okvir čije su promjene posljednjih godina uvelike približile Hrvatsku normama EU.
Non-banking financial service providers are relatively undeveloped; however, where the investment and pensions funds are concerned, their development and the regulatory environment, rapidly converging on international standards, guarantee imminent ability to be included in the integration processes. 
Nebankovni financijski posrednici razmjerno su nerazvijeni, no kada je riječ o investicijskim i mirovinskim fondovima, njihov razvitak i regulatorno okruženje koje brzo konvergira prema međunarodnim normama jamče skoru sposobnost za uključivanje u integracijske procese.
The main areas of vulnerability are the undeveloped share capital market and a restrictive attitude with respect to international financial flows. 
Glavna su područja ranjivosti nerazvijeno tržište dioničkog kapitala i restriktivan odnos prema međunarodnim financijskim tokovima.
financial market, capital market, convergence on the EU, international capital flows, banking system 
financijsko tržište, tržište kapitala, konvergencija prema EU, međunarodni tokovi kapitala, bankovni sustav
The financial issues on some country's road towards the EU are usually brought down to those of whether the country is converging in terms of the quantitative criteria of Maastricht (amount of inflation, interest rates, public debt, fiscal deficit, currency stability). 
Financijska pitanja na putu neke zemlje prema EU obično se svode na pitanje konvergiraju li zemlje prema kvantitativnim kriterijima iz Maastrichta (visina inflacije, kamatnih stopa, javnog duga, fiskalnog deficita i stabilnost tečaja).
Sometimes the issue of the harmonisation of the standards with the legislation of the EU is highlighted. 
Pokatkad se u prvi plan istakne pitanje normativne usklađenosti sa zakonodavstvom EU.
However, the most essential capacity of a certain country to meet the financial and associated standardising parameters of the EU depends primarily on the structure and behaviour of its institutions: the behaviour and structure of banks and non-banking financial services or institutions, the degree to which the money and capital market is developed; the regulatory environment and the openness of the country to international financial flows. 
Međutim, najbitnija sposobnost neke zemlje da zadovolji financijske i s njima povezane normativne parametre EU prije svega ovisi o strukturi i ponašanju njezinih institucija: o ponašanju i strukturi banaka i nebankovnih financijskih posrednika, stupnju razvitka tržišta novca i kapitala, regulatornom okruženju te otvorenosti zemlje prema međunarodnim financijskim tokovima.
In this paper we shall show that Croatia has the characteristics of an advanced country in connection with most of these criteria. 
U ovom ćemo radu pokazati da Hrvatska ima karakter napredne zemlje kada je riječ o većini nabrojenih kriterija.
A considerable lag can be noticed in the area of the development of the capital market and openness to international financial flows, which might in the future turn out to be serious sources of vulnerability in the process of Croatia's accession to the EU. 
Znatnije zaostajanje primjećuje se na području razvitka tržišta kapitala i otvorenosti međunarodnim financijskim tokovima, što se u budućnosti mogu pokazati ozbiljnim izvorima ranjivosti u procesu priključivanja Hrvatske EU.
BEHAVIOUR AND STRUCTURE OF FINANCIAL SERVICES 
PONAŠANJE I STRUKTURA FINANCIJSKIH POSREDNIKA
The figures in Table 1 show a comparison of long-term interest rates in Croatia and in other transitional countries. 
Podaci u tablici 1. pokazuju usporedbu dugoročnih kamatnih stopa u Hrvatskoj i drugim tranzicijskim zemljama.
Although the Maastricht criteria would tend to require a comparison of interest rates on long-term government bonds, the long-term interest rates on commercial bank loans shown in the paper demonstrate the ability of the banking system to mediate between the demand for and supply of financial resources, which belongs to the group of convergence criteria that are not measured by an unambiguously defined indicator. 
Premda kriteriji iz Maastrichta nameću usporedbu kamatnih stopa na dugoročni državni dug, u radu prikazane dugoročne kamatne stope na kredite poslovnih banaka pokazuju sposobnost bankovnog sustava za uspješno posredovanje između ponude i potražnje financijskih sredstava, što pripada skupini kriterija konvergencije koji se ne mjere jednoznačno definiranim pokazateljem.
In spite of this, the competitiveness of the entire financial services sector is interpreted as an important structural precondition for EU membership. 
Unatoč tome, konkurentnost cijeloga sektora financijskog posredovanja tumači se kao važan strukturni preduvjet pristupa EU.
Long-term interest rates in Croatian banks were greater than those in the Czech banks (among the transitional banks) as recently as the end of 2000. 
Dugoročne kamatne stope u hrvatskim bankama bile su veće samo od onih u češkim bankama (među tranzicijskim zemljama) još krajem 2000.
As against the average in the EMU, there was at that time a still large 3 percentage points. 
U odnosu prema prosjeku za europsku monetarnu uniju (EMU), bile su veće za tada još uvijek velika 3 postotna boda.
Then the reduction of interest rates occurred, and they continued to converge on the European level. 
Potom je nastavljeno smanjivanje kamatnih stopa i ostvarena njihova daljnja konvergencija prema europskoj razini.
In the middle of 2002, these rates were almost completely the same as the Czech rates. 
Polovicom 2002. te su se kamatne stope gotovo potpuno približile češkima.
They were larger than those in the EMU by only slightly more than one percentage point. 
Od onih u EMU bile su veće za nešto više od jednog postotnog boda.
If one factors in the fact that inflation in Croatia is converging on EU criteria and that the trends in the exchange rate can already be interpreted as harmonisation with EU criteria (see Mihaljek's paper in this collection), fiscal issues remain the only really open financial questions on Croatia's road to the EU (Table 2). 
Doda li se tomu činjenica da inflacija u Hrvatskoj konvergira prema kriteriju EU te da se kretanje tečaja može već protumačiti kao usklađeno s kriterijima EU (v. Mihaljekov rad u ovom zborniku), fiskalna pitanja ostaju jedina stvarno otvorena financijska pitanja na putu Hrvatske prema EU (tabl.
The measurable financial parameters should be looked at as the surface structure indicators of deep level power relations in society, which are reflected in the relations in the financial system. 
Mjerljive financijske parametre treba promatrati kao površinske pokazatelje dubljih odnosa moći u društvu, što se reflektiraju u odnosima u financijskom sustavu.
It is primarily the quality of institutions and the ability or inability of society to distinguish good and bad solutions in the creation of its economic and social policy that affect these relationships. 
Na te odnose prije svega utječu kakvoća institucija te (ne)sposobnost društva da u kreiranju ekonomske i socijalne politike razlikuje dobra i loša rješenja.
These lines of force can be read off in the manner of regulating and running central banking, in the manner of regulating and running banking business operations. 
Te se silnice očituju u načinu regulacije i vođenja središnjeg bankarstva, te u načinu regulacije i vođenja bankarskih poslova.
For this reason, in the sequel, there will be a brief discussion of the standard parameters that have to be satisfied on the road to the EU. 
Stoga se u nastavku ukratko raspravlja o normativnim parametrima koje treba zadovoljiti na putu prema EU.
As for central banking, the independence of the central bank charged with the preservation of price stability is one of the fundamental principles of the Maastricht agreement. 
Kada je riječ o središnjem bankarstvu, neovisnost središnje banke zadužene za čuvanje stabilnih cijena jedno je od temeljnih načela sporazuma iz Maastrichta.
These states mainly adjusted the legislation governing central banking during the process of the formation of the EMU, that is, after they had already become members of the EU. 
Te su države uglavnom prilagođavale zakonodavstvo koje uređuje središnje bankarstvo tijekom procesa formiranja EMU-a, dakle, nakon što su već postale članicama EU.
Apart from that, today's applicant countries are faced with respecting a rigid standard. 
Osim toga, današnje se zemlje kandidatkinje susreću s krutom normom koju treba poštovati.
This fact need not be interpreted as the consequence of the deliberate application of double standards by the EU for applicant countries. 
Tu činjenicu ne treba tumačiti kao posljedicu namjerne primjene dvostrukih kriterija EU prema zemljama kandidatkinjama.
The greater degree of stringency employed today is the consequence of the degree of finish and the enhanced stability of European standards and institutions as compared with the time when these countries joined. 
Veći stupanj strogosti koji se danas primjenjuje posljedica je dovršenosti i stabilnosti europskih normi i institucija, za razliku od vremena pristupa spomenutih zemalja.
Then the European standards and institutions in the area of banking and monetary policy were largely in the process of being created, and gradual adjustment was the only possible approach. 
Tada su se europske norme i institucije na području bankarstva i monetarne politike uglavnom nalazile u fazi nastajanja, pa je postupna prilagodba bila i jedina moguća.
The Croatian central bank law is on the whole harmonised with European standards to do with the definition of the objective of the central bank (low inflation), the availability of monetary policy instruments (prohibition on direct loans to the government) and the degree of central bank independence (total independence of the executive and limitation on the power of parliament to appoint and discharge the governor and his/her associates). 
Hrvatski je zakon o središnjoj banci uglavnom usklađen s europskim normama kada je riječ o definiciji cilja središnje banke (niska inflacija), raspoloživosti instrumenata monetarne politike (zabrana izravnog kreditiranja države) i stupnju neovisnosti središnje banke (potpuna neovisnost o izvršnoj vlasti i ograničena moć parlamenta da smjenjuje i postavlja guvernera i suradnike).
For this reason it is necessary to resist any possible attempt to make inroads upon this standard, unless they are directed towards further strengthening of the independence of the central bank. 
Stoga bi se trebalo suspregnuti od svakog eventualnog pokušaja intervencije u tu normu, osim kad bi to bile intervencije usmjerene prema daljnjem jačanju neovisnosti središnje banke.
Giving up on this standard will open up the Pandora's box of possible inflation, the harmfulness of which has been shown in this part of the world much more often than its rather dubious social benefits. 
Odricanje od te norme otvara Pandorinu kutiju moguće inflacije, čija se štetnost na ovim prostorima dokazivala mnogo češće nego njezina upitna društvena korisnost.
However, where banking and financial services in general are concerned, toughness in the standards that the applicant countries are expected to respect is much weaker than in the area of central banking regulation and the monitoring of macroeconomic indicators. 
Međutim, kada je riječ o bankarstvu i financijskom posredovanju općenito, čvrstina normi za koje se očekuje da će ih zemlje kandidatkinje morati poštovati mnogo je slabija nego u području regulacije središnjeg bankarstva i praćenja makroekonomskih pokazatelja.
The situation in the area of commercial banking is like that in the area of central banking of some 10 or 12 years ago. 
Situacija na području poslovnog bankarstva nalik je na onu koja je na području središnjeg bankarstva postojala prije 10-12 godina.
In general it can be said that the European standards are shown in a series of details of legislative solutions and byelaws and regulations. 
Općenito bi se moglo reći da se europske norme očituju nizom detalja zakonskih rješenja i podzakonskih akata.
However, more important than the understanding of the regulatory particularities (to be discussed below) is the understanding that the possibility of the financial system's acting in line with European regulatory approaches depends on the degree of its development and its ability to withstand competition on the open market. 
No važnije od razumijevanja samih regulacijskih posebnosti (o kojima govorimo dalje u tekstu) jest shvaćanje da mogućnost ponašanja financijskoga sustava u skladu s europskim regulacijskim rješenjima ovisi o stupnju njegova razvitka i sposobnosti izdržavanja konkurencije na otvorenom tržištu.
From this point of view the Croatian banking system can be considered mature and competitive. 
U tom se smislu hrvatski bankovni sustav može smatrati zrelim i konkurentnim.
This is reflected primarily in the amount of and trends in interest rates (Table 1). 
To se prije svega očituje u prikazanoj visini i trendu kamatnih stopa (tabl.
Unlike the banks, these are financial services that previously did not exist in Croatia. 
Za razliku od banaka, riječ je o posrednicima koji prije nisu postojali u Hrvatskoj.
Since there is no burden of entrenched institutions and regulatory approaches, from the very beginning they have been able to make use of approaches that are in line with international standards. 
Kako nema opterećenja starih institucija i regulatornih rješenja, od samog se početka mogu koristiti rješenja sukladna međunarodnim standardima.
As for the investment and pensions funds, the European regulations have still not been rounded off, although with a fair degree of confidence it can be expected that some of the regulatory solutions will soon become obligatory on our funds industry as well. 
Kada je riječ o investicijskim i mirovinskim fondovima, europska regulativa još nije zaokružena, premda se s visokim stupnjem sigurnosti može očekivati da će neka regulacijska rješenja ubrzo postati obvezna i za našu industriju fondova.