natgillin/translations-raw huggingface dataset:
The data show that Europe (as symbolised by Germany) is globally way behind the US, that the applicant countries (with the exception of Germany) range around the value of the indicator for Germany, while Croatia is quite clearly behind everyone, including the advanced applicant countries. 
Podaci pokazuju da Europa (koju simbolizira omjer za Njemačku) globalno zaostaje za SAD-om, da se zemlje kandidatkinje (s izuzetkom Mađarske) kreću oko vrijednosti pokazatelja za Njemačku, dok Hrvatska vidno zaostaje za svima, pa i za naprednim zemljama kandidatkinjama.
In its action plan for financial services, worked out in 1999 and accepted in 2000, the EU mapped out the creation of a single European financial market by 2005, which primarily relates to the capital market. 
Akcijskim planom za financijske usluge, izrađenim 1999. i prihvaćenim 2000, u EU je zacrtano stvaranje jedinstvenog europskog financijskog tržišta do 2005, što se prije svega odnosi na tržište kapitala.
Unlike the EU, which has a clear target and determined deadlines, and unlike the more developed transitional countries like Hungary and CR, whose markets are relatively well developed for European conditions, Croatiax, with one of the lowest ratios of market capitalisation, is right at the margin of global changes. 
Za razliku od EU, koji ima jasan cilj i zacrtane rokove, te za razliku od naprednih tranzicijskih zemalja poput Mađarske i Češke, čija su tržišta kapitala razmjerno razvijena za europske prilike,x Hrvatska se s jednim od najnižih omjera tržišne kapitalizacije nalazi na margini globalnih promjena.
The reasons need to be sought at several levels. 
Razloge treba tražiti na nekoliko razina.
First of all, privatisation in an unregulated environment, which relied on the self-managing and centralised state model, and not the model of allotment of shares, contributed to the dissemination of distrust and a feeling of injustice. 
Prvo, privatizacija u nereguliranom okruženju, koja se oslonila na samoupravni i centralizirani državni model, a ne na model podjele dionica, pridonijela je širenju nepovjerenja i osjećaja nepravde.
Ultimately, it was not possible to create broad-based shareholding. 
U konačnici, nije se uspjelo u stvaranju širokoga sloja aktivnih dioničara.
Secondly, Croatia is a country that had fallen behind the advanced applicant countries in economic and business education, and understanding of the importance, manner of function and regulation of the capital market remained limited. 
Drugo, Hrvatska je zemlja koja je za naprednim zemljama kandidatkinjama zaostala u ekonomskom i poslovnom obrazovanju, pa je i spoznaja o važnosti, načinu funkcioniranja i regulaciji tržišta dioničkog kapitala ostala ograničena.
Thirdly, in the Croatian economic elite, there is still the tradition of direct market intervention, which is not aimed at the developed of the market infrastructure, rather at the suspension or replacement of market mechanisms, which ultimately prevents the further development of a capital market, because there is a tendency to look for alternative (administrative) mechanisms for the allocation of capital. 
Treće, u Hrvatskoj gospodarskoj eliti i dalje postoji tradicija izravne tržišne intervencije koja nije usmjerena na razvoj tržišne infrastrukture nego na suspenziju i supstituciju tržišnih mehanizama, što u konačnici sprječava daljnji razvoj tržišta kapitala jer postoji tendencija traženja alternativnih (administrativnih) mehanizama alokacije kapitala.
As for the deep and lasting developmental obstacles, at this moment it is not clear how and in what period of time they can be overcome, and there is a danger that the lack of development of the share capital market will be an essential limiting factor in Croatian competitiveness during EU accession. 
Kako je riječ o dubokim i trajnim razvojnim preprekama, u ovom trenutku nije jasno kako ih je i u kojem roku moguće svladati, pa prijeti opasnost da će nerazvijenost tržišta dioničkog kapitala biti bitan ograničavajući činitelj hrvatske konkurentnosti pri ulasku u EU.xi
DEVELOPMENT OF THE REGULATORY ENVIRONMENT 
RAZVOJ REGULATIVNOG OKRUŽENJA
The process of the transition in this country is on the whole understood as the process of the adjustment of standards to those of the developed market economy democracies. 
Proces tranzicije u nas uglavnom je shvaćen kao proces normativne prilagodbe standardima razvijenih tržišnih demokracija.
It is not a rarity for politicians (irrespective of party or background) to talk of changes in laws and standards as if they were goals in themselves. 
U nas nije rijetkost da mnogi političari (bez obzira na stranku i milje iz kojega potječu) programatski govore o zakonskim i normativnim promjenama, kao da su one cilj same po sebi.
This is perhaps the reason why in Croatia, from the point of view of standards, there are no insuperable gaps with the advanced applicant countries for the EU, at least in the area of monetary policy and financial services. 
To je možda razlog zbog kojega Hrvatska, u normativnom smislu, ne bilježi teško premostiva zaostajanje za naprednim zemljama kandidatkinjama za EU, barem kada je riječ o području monetarne politike i financijskog posredovanja.
As we have already pointed out a few times in this paper, convergence in standards is important, but it is not a crucially determining factor in convergence with the EU, and hence we shall devote only a few lines to specifically legal issues, not letting slip of the fact that issues of standards are not any problem at all at the moment when the economic (structural), interest and socio-psychological lines of force are at work in conformity with the standards in the EU. 
Kako smo nekoliko puta u ovom tekstu već istaknuli, normativno je približavanje važan, ali ne i presudan element približavanja EU, pa ćemo stoga izrazito normativnim pitanjima posvetiti samo nekoliko redaka, ne smetnuvši pritom s uma činjenicu da normativna pitanja nisu nikakav problem u trenutku kada ekonomske (strukturne), interesne i socio-psihološke silnice djeluju u suglasju s normama EU.
As already said, the CNB Law of 2001 is mainly harmonised with EU standards. 
Kako je već rečeno, Zakon o HNB-u iz 2001. uglavnom je usklađen s normama EU.
In the process of passing it, the opinions of experts for central banking from the European Commission were made use of, in order to widen the understanding of the necessity of accepting certain standards, which is the first case of the kind in our legislative practice, as far as money and banking are concerned. 
U procesu njegova donošenja koristilo se mišljenje stručnjaka za središnje bankarstvo Europske komisije kako bi se proširilo razumijevanje o nužnosti prihvaćanja pojedinih normi, što je prvi takav slučaj u našoj legislativnoj praksi kada je riječ o novcu i bankarstvu.
Very likely this is one of the reasons why our Central Bank Law is already harmonised with the main normative parameters of the European Commission. 
Vjerojatno je i to jedan od razloga zbog kojega je naš Zakon o središnjoj banci već sada usklađen s glavnim normativnim parametrima EU.
The new Banks Law conforms to EU standards to such a level that Croatia, with the amendments to this law and according to the definitions of some byelaws, certainly meets the requirements for EU membership. 
Novi Zakon o bankama usklađen je s normama EU do te razine da Hrvatska s izmjenama i dopunama toga zakona i sukladnim određenjima podzakonskih akata može postati članicom EU.
Since by 2005 Basel II will start to be applied, this will be an opportunity for a further step in convergence on EU standards. 
(v. fusnotu 2), i to će biti prilika za daljnji korak u konvergenciji prema normama EU.
Of course, there are many legal approaches that contain provisions that will have to be abolished or modified on the way to the EU (Law concerning Loan Business with Foreign Countries, the Inland Payments Clearing Law, the State Agency for the Security of Deposits and the Rehabilitation of Banks Law), just as there are legislative areas that are not sufficiently standardised in comparison with the EU (electronic financial business, security instruments, registers, regulation of financial conglomerates). 
Naravno, postoje mnoga zakonska rješenja koja sadržavaju odredbe što će se na putu prema EU morati ukinuti ili modificirati (Zakon o kreditnim poslovima s inozemstvom, Zakon o platnom prometu u zemlji, Zakon o Državnoj agenciji za osiguranje štednih uloga i sanaciju banaka), kao što postoje i legislativna područja koja su u nas podnormirana u usporedbi s EU (elektronsko financijsko poslovanje, instrumenti osiguranja, registri, regulacija financijskih konglomerata).
However, these are areas in which, without any major problems, via laws or byelaws, convergence with EU can be achieved within the period for joining. 
Međutim, riječ je o područjima koja se bez većih problema putem zakonskih i podzakonskih zahvata mogu približavati normama EU unutar pristupnoga roka.
The only serious open area is that of foreign currency operations. 
Jedino ozbiljno otvoreno područje ostaje područje deviznoga poslovanja.
This area will be treated in a separate chapter, because the current proposals for new solutions do not guarantee any progress on the road towards the EU. 
To područje obrađujemo u posebnom poglavlju jer sadašnji prijedlozi novih rješenja ne jamče napredak na putu prema EU.
OPENNESS TO THE FLOWS OF INTERNATIONAL CAPITAL 
OTVORENOST PREMA TOKOVIMA MEĐUNARODNOG KAPITALA
The degree of openness, and the dynamics of further opening up, to the flows of international capital are the most important elements of economic policy in a small and open country like Croatia. 
Stupanj otvorenosti i dinamika daljnjeg otvaranja prema tokovima međunarodnog kapitala najvažniji su elementi ekonomske politike u maloj i otvorenoj zemlji kakva je Hrvatska.
All the financial issues that we considered in the previous chapters essentially depend on how the country defines itself vis-a-vis international financial currents. 
Sva financijska pitanja koja smo razmatrali u prethodnim poglavljima bitno ovise o tome kako se zemlja određuje prema međunarodnim financijskim tokovima.
An error in this area can cancel out the effects of an excellent monetary and financial policy, but at the same time, the effects of bad monetary and fiscal policies can largely annul an intelligent policy of opening up to international capital. 
Pogreška na tom području može poništiti učinke izvrsne monetarne i fiskalne politike, ali se istodobno utjecaj loše monetarne i fiskalne politike uvelike može poništiti pametnom politikom otvaranja prema međunarodnom kapitalu.
The reason for such importance being ascribed to international financial flows is that foreign currency inflows and drains are a much more important determinant of changes of money supply (which is to a large extent of foreign origin), supply of loans, savings and economic activities than the monetary policy of one's own central bank.xii In other words, what for the USA is represented by Fed actions is in Croatia foreign currency flows. 
Razlog takve važnosti međunarodnih financijskih tokova jest to što su devizni priljevi i odljevi mnogo važnija odrednica promjena novčane mase (koja je dobrim dijelom deviznoga podrijetla), ponude kredita, štednje i ekonomske aktivnosti nego monetarna politika vlastite središnje banke.xii Drugim riječima, ono što su za SAD akcije FED-a (Američka banka federalnih pričuva), to su za Hrvatsku tokovi deviza.
Since in the EU accession process a greater degree of openness of the Croatian economy is to be expected, the anyway already important foreign currency issues will become even more important, for which reason they deserve a special place in this paper. 
Kako se u procesu pridruživanja EU može očekivati sve veći stupanj otvorenosti hrvatskoga gospodarstva, ionako važna devizna pitanja postat će još važnija, zbog čega zaslužuju posebno mjesto u ovome radu.
The current state of affairs in Croatia is such that we are very open to influxes of international capital, which is fine. 
Trenutačno je stanje u Hrvatskoj takvo da smo vrlo otvoreni prema priljevu međunarodnog kapitala, što je dobro.
Direct foreign investment and repatriation of profit have the same rights as domestic investment, the influx of foreign currency deposits is unrestricted,xiii and firms, banks and the government can borrow at foreign banks and on the international capital market. 
Izravna strana ulaganja i repatrijacija dobiti izjednačeni su s domaćim ulaganjima, priljev deviznih depozita nije ograničen,xiii a tvrtke, banke i država mogu se zaduživati kod inozemnih banaka i na međunarodnom tržištu kapitala.
Certain forms of regulation do exist to do with the purchase of real estate (foreign natural persons can do this only with a special license) and of the usual reporting for the sake of the foreign debt statistics and the prevention of money laundering. 
Određeni oblici regulacije postoje kada je riječ o kupovanju nekretnina (fizičke osobe to mogu samo uz posebne dozvole) te o uobičajenom izvještavanju radi statistike vanjskog duga i sprječavanja pranja novca.
On the outflow side, there are however many barriers. 
Na odljevnoj strani, pak postoje brojne prepreke.
Citizens and firms may not have accounts with foreign banks (the corporate sector can, with special permission) or invest in foreign securities, and direct investments abroad can be made only be firms. 
Građani i tvrtke ne mogu otvarati račune kod inozemnih banaka (tvrtke to mogu uz posebne dozvole) i ulagati u strane vrijednosne papire, a izravna ulaganja u inozemstvo moguća su samo za tvrtke.
The easy inflow and difficult outflow of capital make the current system asymmetrical and irrational, and the possibilities for the international diversification of portfolios are limited. 
Lak priljev i težak odljev kapitala sadašnji sustav čine asimetričnim i neracionalnim, a mogućnosti međunarodne diversifikacije portfelja ograničene su.
In other words, the regulation system is created in such a way as artificially to create a larger supply of foreign currency in the country (and thus creating artificial pressure for the currency to appreciate) than that which would exist if the international currency flows were liberalised on the outflow side as well. 
Drugim riječima, regulacijski je sustav postavljen tako da umjetno stvara veću ponudu deviza u zemlji (a time stvara i umjetni pritisak na aprecijaciju valute) od one koja bi postojala da su međunarodni tokovi kapitala liberalizirani i na odljevnoj strani.
The causes of this state of affairs should be sought in the heritage of the regulations from ex-Yugoslaviaxiv, in which the foreign currency legislation was written in such a way as to solve the constant problem of foreign currency shortage and to enhance the spread of government control over the economy. 
Uzroke takvoga stanja treba tražiti u naslijeđu regulative iz bivše Jugoslavije,xiv u kojoj se devizno zakonodavstvo pisalo radi rješavanja stalnog problema “nestašice deviza” i širenja državne kontrole nad gospodarstvom.
However, the inherited regulations are not very distant from the standards that the EU at the moment requires from Croatia. 
Ipak, naslijeđena regulativa nije previše udaljena od normi koje EU u ovom trenutku zahtijeva od Hrvatske.
During the four years after the signing of the SAA, i.e., by 2006, Croatia has to enable EU citizens free trade in land (apart form agricultural land, forests, nature reserves and the maritime zone) on conditions identical to those for Croatian citizens. 
Naime, tijekom četiri godine nakon potpisivanja Sporazuma o stabilizaciji i pridruživanju, tj. do 2006, Hrvatska mora građanima EU omogućiti slobodno trgovanje zemljištem (osim poljoprivrednog zemljišta, šuma, prirodnih rezervata i pomorskog dobra) uz jednake uvjete kao i građanima Hrvatske.
Four years after the signing of the SAA, Croatia has to enable free portfolio investment and transactions relating to financial loans in a period of up to one year. 
Cetiri godine nakon potisivanja Sporazuma o stabilizaciji i pridruživanju Hrvatska mora omogućiti slobodne portfolio investicije i transakcije po financijskim zajmovima do jedne godine.
The other conditions are already met in Croatia (convertibility on current account, freedom of direct foreign investment, free commercial loan transactions with a maturity period of longer than a year). 
Ostale uvjete Hrvatska već ispunjava (konvertibilnost po tekućem računu, sloboda izravnih stranih ulaganja, slobodne komercijalne kreditne transakcije s dospijećem duljim od godine dana).
The conditions that the EU imposes on Croatia are similar to the inherited regulations in that they still deal more with the inflow than the outflow side. 
Uvjeti koje EU postavlja Hrvatskoj slični su naslijeđenoj regulativi po tome što se više bave priljevnom nego odljevnom stranom.
Probably this is one of the reasons because of which the proposal of the new Foreign Currency Business Law, of May 2002 (http://www.hnb.hr/propisi) are still based on a sceptical point of view with respect to liberalisation of international capital flows. 
Vjerojatno je i to jedan od razloga zbog kojih se prijedlog novoga Zakona o deviznom poslovanju iz svibnja 2002. (http://www.hnb.hr/propisi) još uvijek temelji na skeptičnom pogledu prema liberalizaciji tokova međunarodnog kapitala.
The positive moves in the draft Law are mainly of a technical naturexv and the only essential new departure is the possibility of buying foreign securities. 
Pozitivni pomaci u prijedlogu Zakona uglavnom su tehničke naravi,xv a jedina bitna novina jest mogućnost kupovanja inozemnih vrijednosnih papira.
However, this too is limited to the government bonds of OECD countries, and it is hard to imagine any interest on the part of domestic investors for securities with low yields and low risk, because there are already plenty such securities and financial service providers that supply them (investment and pensions funds) on the domestic market. 
Međutim, i to se ograničava na državne vrijednosne papire zemalja OECD-a, pa je teško očekivati interes domaćih ulagatelja za vrijednosne papire koji nose niske prinose i nizak rizik, jer takvih vrijednosnih papira i posrednika koji ih nude (investicijski i mirovinski fondovi) ima dovoljno na domaćem tržištu.
Still open is the question of how much the possibility of prescribing the lowest credit rating for foreign issuers whose bonds can be bought with restriction by residents will employed. 
Otvorenim ostaje pitanje koliko će se iskoristiti mogućnost propisivanja najnižeg kreditnog rejtinga za inozemne izdavatelje čije će vrijednosne papire rezidenti moći kupovati bez ograničenja.
In essence, the new foreign currency law has retained most of the outflow restrictions of the old law and in this way failed to inject some equilibrium into this sensitive part of the economic regulations. 
U biti, novi je devizni zakon zadržao većinu odljevnih restrikcija staroga zakona i na taj način propustio uravnotežiti taj osjetljivi dio gospodarske regulative.
A similar spirit prevailed with respect to the ability of foreigners to invest in Croatian securities. 
Sličan je “duh” prevladao kada je riječ o mogućnosti da stranci ulažu u vrijednosne papire u Hrvatskoj.
Non-residents may not invest in cashier bills of the CNB or in treasury bills, but may in other securities if the period maturity is longer than 6 months and if they retain them to the maturity period. 
Nerezidenti ne smiju ulagati u blagajničke zapise HNB-a ni u trezorske zapise, ali smiju u ostale vrijednosne papire ako im je rok dospijeća dulji od 6 mjeseci i ako ih drže do dospijeća.
This restriction shows the nervousness of the government about the sudden movement of non-residents into short-term securities, which could equally rapidly be turned into a sudden outflow of capital. 
Ta restrikcija pokazuje strah predlagatelja od naglog ulaska nerezidenata u kratkoročne vrijednosne papire, koji bi se mogao brzo pretvoriti u nagli odljev kapitala.
However, this fear is mainly without foundation, because: 
Međutim, taj je strah uvelike bezrazložan, jer:
• for quite a long time Croatia has had lower rates of interests and worse credit ratings than the applicant countries in this area, which means that short-term international money will probably give Croatia the miss for quite some time to come (it will tend towards areas with bigger yields and smaller risk), because at the moment there is no indication of any changes in these relations; 
• Hrvatska već dulje vrijeme ima niže kamatne stope i lošiji kreditni rejting od zemalja kandidatkinja u okruženju, što znači da će kratkoročni međunarodni kapital vjerojatno dugo godina zaobilaziti Hrvatsku (težit će područjima većeg prinosa i manjeg rizika), jer zasad nema na vidiku naznaka o promijeni tih odnosa;
• because of its size Croatia will probably never be a main speculative target, for speculators for their operations required developed, large and liquid markets with low transaction costs of trading in financial instruments. 
• Hrvatska zbog svoje veličine vjerojatno nikada neće biti glavnom metom spekulanata koji za svoje operacije traže razvijena, velika i likvidna tržišta s niskim transakcijskim troškovima trgovanja financijskim instrumentima.
In much worse conditions, and with much higher interest rates, in the second half of the nineties, Croatia was exposed to the inflow of short-term capital, and this did not hurt it even then; 
Hrvatska je u mnogo nepovoljnijim prilikama i s mnogo višim kamatnim stopama bila izložena priljevu kratkoročnog kapitala u drugoj polovici 90-ih godina, pa joj to ni tada nije naškodilo;
• the EU provides for the possibility that in the event of there being a major menace to the exchange rate policy and the balance of payments restrictions may be introduced. 
• EU predviđa mogućnost da se, u slučaju velike ugroženosti tečajne politike i platnobilančne pozicije, uvedu restrikcije.
For this reason it is a mystery why restrictive measures and instruments have been incorporated into the law when they can be regulated by byelaws should a crisis make it necessary. 
Stoga tajnom ostaje zašto su u zakon unesene restriktivne mjere i insrumenti koje se ionako mogu podzakonski regulirati ako je to u krizi nužno.
The possibility of intervening in the area of the freedom of the flows of international capital fits in with the well-known McKinnon theory (1991) of gradual liberalisation. 
Mogućnost interveniranja u područje slobode tokova međunarodnog kapitala uklapa se u poznatu McKinnonovu (1991) teoriju postupne liberalizacije.
It is important to note that the views advanced here are not an advocacy of unconditional liberalisation, rather the question is raised as to why those who proposed the new foreign currency law turned the reaction to an exceptional economic situation into a system that is built into the law. 
Važno je uočiti da izneseni stavovi nisu zalaganje za bezuvjetnu liberalizaciju nego se samo postavlja pitanje zašto su predlagatelji novog deviznog zakona reakciju na iznimnu gospodarsku situaciju pretvorili u sustav koji se ugrađuje u zakon.
A more liberal wording of the law would not mean any ability to react to a crisis set off by changes in international capital movements. 
Liberalnije pisanje zakona ne bi značilo gubitak mogućnost reakcije na krizu pokrenutu promjenama u međunarodnim tokovima kapitala.
In addition, the beginning of the functioning of the economy in a financially liberated environment in the phase when the government can still occasionally intervene in the free market would be an important gain, because of the possibility of getting people used to an environment of the kind that awaits us in a few years time, but without the government being able to rescind individual freedoms. 
Usto, početak funkcioniranja gospodarstva u financijski liberaliziranom okruženju u fazi kada država još uvijek može povemeno intervenirati u slobodne tržište tokove bio bi važan dobitak zbog mogućnosti navikavanja na okruženje kakvo nas za nekoliko godina očekuje, ali tada bez mogućnosti države da ukine pojedine slobode.