natgillin/translations-raw huggingface dataset:
The choice of resolution mechanism should primarily be left to the member states. 
The choice of resolution mechanism should primarily be left to the member states.
However, one might consider some general requirements laid down in a common legislative framework to facilitate necessary coordination for cross border resolutions. 
However, one might consider some general requirements laid down in a common legislative framework to facilitate necessary coordination for cross border resolutions.
This should also be possible between different resolution mechanisms or models, e.g. receivership and administration models. 
This should also be possible between different resolution mechanisms or models, e.g. receivership and administration models.
(Q39) 
(Q39)
We support working out procedural obligations of resolution authorities and support the two core requirements proposed. 
We support working out procedural obligations of resolution authorities and support the two core requirements proposed.
Regarding the publication requirements, we find the compulsory use of newspapers or other printed media of reduced relevance for the dispersion of such information. 
Regarding the publication requirements, we find the compulsory use of newspapers or other printed media of reduced relevance for the dispersion of such information.
(Q40) 
(Q40)
We also support the proposal that the valuer should be independent from the resolution authority. 
We also support the proposal that the valuer should be independent from the resolution authority.
Various practical arrangements can be conceived of, depending on national institutional structures. 
Various practical arrangements can be conceived of, depending on national institutional structures.
The key principle should be a valuer appointed on an arms’ length basis. 
The key principle should be a valuer appointed on an arms’ length basis.
In particular, courts should not be able to reverse a resolution action, as stated on page 64. 
In particular, courts should not be able to reverse a resolution action, as stated on page 64.
(Q41) 
(Q41)
We consider the proposed temporary suspension of rights to be essential for successful resolution. 
We consider the proposed temporary suspension of rights to be essential for successful resolution.
While the proposed provisions seem adequate, there may be potential conflicts between such suspensions and existing rights under various directives. 
While the proposed provisions seem adequate, there may be potential conflicts between such suspensions and existing rights under various directives.
These should be clarified and resolved to enable the resolution tools to work smoothly. 
These should be clarified and resolved to enable the resolution tools to work smoothly.
(Q42) 
(Q42)
We consider it important that counterparties under netting agreements and with securities rights are given appropriate safeguards. 
We consider it important that counterparties under netting agreements and with securities rights are given appropriate safeguards.
(Q46) 
(Q46)
Group Resolution Crisis coordination between national authorities will be greatly facilitated when all EU countries get a more harmonized tool kit for early intervention and resolution. 
Group Resolution Crisis coordination between national authorities will be greatly facilitated when all EU countries get a more harmonized tool kit for early intervention and resolution.
Closer cooperation in supervisory colleges will gradually build confidence and common understanding and will be an essential condition for good cooperation in a crisis. 
Closer cooperation in supervisory colleges will gradually build confidence and common understanding and will be an essential condition for good cooperation in a crisis.
Rather than creating separate resolution colleges, we support the proposed resolution colleges being extensions of the supervisory colleges. 
Rather than creating separate resolution colleges, we support the proposed resolution colleges being extensions of the supervisory colleges.
This would be a useful supplement that may facilitate early intervention and resolution of cross-border banks. 
This would be a useful supplement that may facilitate early intervention and resolution of cross-border banks.
Guidelines for the establishment and operating of resolution colleges should be provided by EBA. 
Guidelines for the establishment and operating of resolution colleges should be provided by EBA.
(Q52) 
(Q52)
The new process of preparing resolution plans should be used to clarify powers and responsibilities within banking groups. 
The new process of preparing resolution plans should be used to clarify powers and responsibilities within banking groups.
This could lead to a rationalization of group structures, and bring more congruence between the actual operations of local banks and their legal form. 
This could lead to a rationalization of group structures, and bring more congruence between the actual operations of local banks and their legal form.
This process should lead to greater clarity about resolution responsibilities within cross-border banking groups and reduce the need for extensive consultations between authorities. 
This process should lead to greater clarity about resolution responsibilities within cross-border banking groups and reduce the need for extensive consultations between authorities.
(Q53) 
(Q53)
Group operations will not be limited to EEA-states. 
Group operations will not be limited to EEA-states.
(Q54) 
(Q54)
Resolution planning should take into account the possibility of resolving all entities in a group, including entities situated in a third country. 
Resolution planning should take into account the possibility of resolving all entities in a group, including entities situated in a third country.
The resolution authority should be able to require changes in the organization if the assessment reveals unsuitable structures. 
The resolution authority should be able to require changes in the organization if the assessment reveals unsuitable structures.
(Q56) 
(Q56)
Financing Arrangements Regarding the proposal for a resolution fund, we believe that further clarification is needed about which expenses this fund would actually cover. 
Financing Arrangements Regarding the proposal for a resolution fund, we believe that further clarification is needed about which expenses this fund would actually cover.
If the new resolution framework is implemented, the cost of resolution should be borne by equity capital, risk capital and unsecured creditors. 
If the new resolution framework is implemented, the cost of resolution should be borne by equity capital, risk capital and unsecured creditors.
I.e. there will only be a temporary need for working capital (liquidity) to support the bank resolution process. 
I.e. there will only be a temporary need for working capital (liquidity) to support the bank resolution process.
Such a clarification is important, because any targeting of the fund size will be impossible unless there is clarity about its purpose. 
Such a clarification is important, because any targeting of the fund size will be impossible unless there is clarity about its purpose.
(Q57) 
(Q57)
We support a solution with where the Deposit Guarantee Schemes (DGS) of member states have flexible mandates that allow them to finance resolution measures. 
We support a solution with where the Deposit Guarantee Schemes (DGS) of member states have flexible mandates that allow them to finance resolution measures.
If so, their funding should be adapted accordingly. 
If so, their funding should be adapted accordingly.
(Q60) 
(Q60)
Since an independent valuation process may take some time, the resolved institution should be able to operate for some time without fully complying with the full CRD requirements. 
Since an independent valuation process may take some time, the resolved institution should be able to operate for some time without fully complying with the full CRD requirements.
We support the Commission’s effort to press for progress on developing the concept of debt write down as a supplementary resolution tool. 
We support the Commission’s effort to press for progress on developing the concept of debt write down as a supplementary resolution tool.
Emil Steffensen Deputy Director General Finanstilsynet 
Emil Steffensen Deputy Director General Finanstilsynet
Kristin Gulbrandsen Executive Director Norges Bank 
Kristin Gulbrandsen Executive Director Norges Bank
Series: Occasional Paper Number: 42/2011 
Series: Occasional Paper Number: 42/2011
Proceedings from Norges Bank’s symposium 17-18 November 2010. 
Proceedings from Norges Bank’s symposium 17-18 November 2010.
Complete issue (3 Mb) 
Complete issue (3 Mb)
Preface 
Preface
Making use of the central bank Svein Gjedrem, Governor, Norges Bank 
Making use of the central bank Svein Gjedrem, Governor, Norges Bank
What is a useful central bank? 
What is a useful central bank?
Lessons from the interwar years Gianni Toniolo, Professor, Duke University 
Lessons from the interwar years Gianni Toniolo, Professor, Duke University
Stefan Ingves, Governor, Sveriges Riksbank 
Stefan Ingves, Governor, Sveriges Riksbank
Panel introductions: 
Panel introductions:
Stanley Fischer, Governor, Bank of Israel 
Stanley Fischer, Governor, Bank of Israel
Final remarks Svein Gjedrem, Governor, Norges Bank 
Final remarks Svein Gjedrem, Governor, Norges Bank
Symposium programme and list of participants 
Symposium programme and list of participants
Series: Occasional Paper Number: 45/2012 
Series: Occasional Paper Number: 45/2012
On managing wealth - complete issue (1 Mb) 
On managing wealth - complete issue (1 Mb)
The straight and narrow path. 
The straight and narrow path.
Reflections on managing wealth Eivind Smith 
Reflections on managing wealth Eivind Smith
Douglas Gale, Professor, Department of Economics, New York University 
Douglas Gale, Professor, Department of Economics, New York University
Mandate of the Committee on Norges Bank's PhD Scholarship Program 
Mandate of the Committee on Norges Bank's PhD Scholarship Program
Purpose 
Purpose
Members and Appointment 
Members and Appointment
Terms of Reference 
Terms of Reference
Norges Bank will at its best endeavor arrange a joint annual meeting with the committee. 
Norges Bank will at its best endeavor arrange a joint annual meeting with the committee.
Series: Occasional Paper Number: 46/2013 
Series: Occasional Paper Number: 46/2013
A commentary Helga Haugland Byfuglien 
A commentary Helga Haugland Byfuglien
A commentary Anne Kveim Lie 
A commentary Anne Kveim Lie
Dinner speech Hanne Skartveit 
Dinner speech Hanne Skartveit
Good morning everyone! 
Good morning everyone!
Advances in the last two decades have made Bayesian econometrics a key tool for central banks. 
Advances in the last two decades have made Bayesian econometrics a key tool for central banks.
NEMO (Norwegian Economy Model) is our estimated DSGE model. 
NEMO (Norwegian Economy Model) is our estimated DSGE model.
The model is based on international research and model development over the past 20 years. 
The model is based on international research and model development over the past 20 years.
This year, the hype is "forward guidance". 
This year, the hype is "forward guidance".
The Fed does it, the Bank of England does it, and the ECB also. 
The Fed does it, the Bank of England does it, and the ECB also.
We have done it since 2005. 
We have done it since 2005.
Our second key policy tool is our System of Averaging Models, SAM. 
Our second key policy tool is our System of Averaging Models, SAM.
Currently, we are working on how to incorporate mechanically density predictions from SAM into NEMO. 
Currently, we are working on how to incorporate mechanically density predictions from SAM into NEMO.
ESOBE Conference 
ESOBE Conference
Nobel laureate 2011 in economics, professor Chris Sims, gave a keynote lecture. 
Nobel laureate 2011 in economics, professor Chris Sims, gave a keynote lecture.
More photos from the conference on Norges Bank's Flickr account 
More photos from the conference on Norges Bank's Flickr account
In his famous 1967 presidential address before the American Economic Association, Milton Friedman set out to answer three interrelated questions. 
In his famous 1967 presidential address before the American Economic Association, Milton Friedman set out to answer three interrelated questions.
What should be the role of monetary policy? 
What should be the role of monetary policy?
In Norway, inflation targeting was introduced in 2001. 
In Norway, inflation targeting was introduced in 2001.
This implies that inflation targeting is flexible. 
This implies that inflation targeting is flexible.
At Norges Bank, we remain firmly committed to our flexible inflation targeting framework. 
At Norges Bank, we remain firmly committed to our flexible inflation targeting framework.
Leaning against financial winds remains subject to debate. 
Leaning against financial winds remains subject to debate.
Governor Øystein Olsen at the Norges Bank conference 26. 
Governor Øystein Olsen at the Norges Bank conference 26.
September. 
September.
Go to Flickr for more photos from the conference 
Go to Flickr for more photos from the conference
Introduction by Central Bank Governor Svein Gjedrem for the Holden Committee of Experts assessing the challenges facing the exposed sector Oslo 16 January 2003 
Sentralbanksjef Svein Gjedrem Innledning for Ekspertutvalget som vurderer utfordringene for konkurranseutsatt sektor Oslo, 16. januar 2003
The introduction is based on the assessments presented at Norges Bank's press conference following the Executive Board's monetary policy meeting on 11 December and on previous speeches. 
Innledningen bygger blant annet på vurderingene gitt på Norges Banks pressekonferanse etter rentemøtet i Hovedstyret 11. desember og tidligere foredrag.
The primary objective of monetary policy is to ensure nominal stability. 
Pengepolitikkens viktigste oppgave er å sørge for nominell stabilitet.
There were wide fluctuations in the Norwegian economy in the 1970s and 1980s. 
På 1970-tallet og 1980-tallet var det store svingninger i norsk økonomi.
Economic developments were marked by high and variable inflation. 
Den økonomiske utviklingen ble preget av høy og variabel inflasjon.
Inflation rose gradually and it took a long time before it fell. 
Inflasjonen tiltok gradvis, og det tok lang tid før den kom ned.
The absence of a nominal anchor was one of the main reasons behind these pronounced swings in the Norwegian economy. 
De store svingningene hang sammen med at norsk økonomi manglet et nominelt ankerfeste.
Nominal interest rates were kept at a low level even though inflation and the value of tax-deductible interest expenditure rose. 
De nominelle rentene ble holdt nede selv om prisstigningen og verdien av skattefradraget for renteutgifter steg.
Frequent devaluations from 1976 were not able to prevent a decline in the manufacturing sector. 
Hyppige devalueringer fra 1976 kunne ikke i lengden hindre at industrien ble svekket.
From the mid-1980s, during and after the credit bubble, it was recognised that a substantial revision in economic policy would be necessary and that the problems created by inflation had to be taken seriously. 
Fra midten av 1980-tallet, under og etter kredittboblen, ble det erkjent at den økonomiske politikken måtte legges vesentlig om, og at de problemene inflasjonen skapte måtte tas på alvor.
The exchange rate was chosen as the nominal anchor. 
Valutakursen ble valgt som det nominelle ankeret.
A deterioration in competitiveness due to high wage growth would no longer be rectified by means of devaluations. 
Tap av konkurranseevne på grunn av høy lønnsvekst skulle ikke lenger rettes opp ved hjelp av devalueringer.
Instead, imbalances in the labour market would be counteracted by means of a counter-cyclical policy. 
Ubalanse i arbeidsmarkedet måtte i stedet motvirkes ved motkonjunkturpolitikk.
Substantial emphasis was placed on the importance of wage formation for developments in employment. 
Det ble lagt vesentlig vekt på betydningen av lønnsdannelsen for sysselsettingsutviklingen.
Only when wage growth dropped below the level of our trading partners did unemployment begin to fall and the manufacturing sector began to pick up. 
Det var først da lønnsveksten kom ned under nivået hos handelspartnerne at arbeidsledigheten slapp taket og industrien fikk framgang.
Thus, the fixed exchange rate policy was not introduced in order to strengthen the internationally exposed business sector. 
Fastkurspolitikken ble altså ikke etablert for å styrke konkurranseutsatt næringsliv.
On the contrary, it was a breach in the approach whereby monetary policy and "exchange rate policy" had been oriented towards safeguarding these sectors. 
Den var tvert imot et brudd på en linje hvor pengepolitikk og "kurspolitikk" hadde vært rettet mot å ta vare på disse sektorene.
The fixed exchange rate was an intermediate target for achieving low and stable inflation. 
Fast valutakurs var et avledet mål for å oppnå lav og stabil inflasjon.
Gradually, the krone began to fluctuate more. 
Etter hvert begynte kronen å svinge mer.
The experience of the last half of the 1990s showed that monetary policy cannot fine-tune the exchange rate. 
Erfaringen fra siste halvdelen av 1990-årene viste at pengepolitikken ikke kan finstyre valutakursen.
Developments in international financial markets provided fertile ground for more pronounced fluctuations. 
Utviklingen i de internasjonale finansmarkedene ga grobunn for større fluktuasjoner.
And more fundamentally, when labour market pressures rose and incomes policy failed, exchange rate developments were no longer providing signals for wage formation and fiscal policy. 
Og mer grunnleggende - utviklingen i valutakursen ga ikke lenger signaler tilbake til lønnsdannelsen og til budsjettpolitikken når presset i arbeidsmarkedet tiltok, og inntektspolitikken sviktet.
High petroleum revenues, fiscal slippage and expectations of increased use of petroleum revenues contributed to this. 
De høye oljeinntektene, glidningen i budsjettpolitikken og forventninger om økt bruk av oljeinntekter bidro til dette.
Therefore, the exchange rate was no longer suitable as a nominal anchor. 
Valutakursen var derfor ikke lenger tilstrekkelig skikket som nominelt anker.
The introduction of new guidelines for economic policy in March 2001 and the conduct of fiscal policy have altered the interplay between economic policy components. 
Innføringen av nye retningslinjer for den økonomiske politikken i mars 2001 og praktiseringen av budsjettpolitikken har endret samspillet i den økonomiske politikken.
In the past, growth in public spending was to be reduced or other fiscal policy measures implemented if the labour market was tight and wage growth high. 
Tidligere skulle veksten i offentlige utgifter reduseres eller andre finanspolitiske tiltak gjennomføres dersom arbeidsmarkedet var stramt og lønnsveksten høy.
With today's guidelines, it is primarily monetary policy that is tightened in a similar situation. 
Med dagens retningslinjer er det pengepolitikken som først og fremst strammes til i en tilsvarende situasjon.
The rise in labour costs is important when Norges Bank assesses the outlook for price inflation and sets interest rates. 
Veksten i lønnskostnadene er viktig når Norges Bank vurderer utsiktene for prisveksten og setter renten.
Excessive wage growth, in both manufacturing and other industries, will affect the internationally exposed sector through two channels. 
For høy lønnsvekst - både i industrien og andre næringer - vil ramme det konkurranseutsatte næringslivet på to måter.
First, high wage growth will in itself reduce earnings and employment. 
For det første vil høy lønnsvekst i seg selv svekke inntjeningen og sysselsettingen.
Since the new fiscal guidelines, which entail an increased use of petroleum revenues, were introduced during a period with a tight labour market, it was to be expected that the krone would be strong at times. 
Siden de nye retningslinjene om økt bruk av oljepenger ble innført i en periode med stramt arbeidsmarked lå det i kortene at vi tidvis ville få en sterk krone.
At the same time, it is important to be aware that low wage growth will be of double benefit to the exposed business sector. 
Men det er samtidig viktig å være oppmerksom på at lav lønnsvekst vil gavne det konkurranseutsatte næringslivet dobbelt opp.
With wage growth as low as in the mid-1990s, partly as a result of incomes policy, and other things being equal, the interest rate would probably have to be set in such a way that the krone fell in value in order to bring price inflation up to 2.5 per cent. 
Med like lav lønnsvekst som blant annet inntektspolitikken bidro til på midten av 1990-tallet og annet like, måtte trolig renten settes slik at kronen falt i verdi for å få prisstigningen opp i 2,5 prosent.
How does monetary policy function? 
Hvordan virker pengepolitikken
Prices for imported goods are an important part of the consumer price index (CPI). 
Prisene på importerte goder utgjør en viktig del av konsumprisindeksen (KPI).
An appreciation of the krone reduces prices for imported goods measured in NOK. 
En kronestyrking reduserer prisene på importerte varer målt i norske kroner.
This is often called the "direct exchange rate channel to inflation". 
Dette kalles ofte den direkte valutakurskanalen til inflasjon.
The rise in real interest rates reduces consumption and investment demand. 
Økningen i realrentene reduserer konsum- og investeringsetterspørselen.
This is the "real interest rate channel to aggregate demand". 
Dette er "realrentekanalen til samlet etterspørsel".
With a stronger exchange rate, domestically produced goods and services will be relatively more expensive than competing foreign products. 
Med en sterkere kurs blir hjemmeproduserte varer og tjenester relativt dyrere enn konkurrerende utenlandske produkter.
Demand for domestically produced goods will decline. 
Etterspørselen etter hjemmeproduserte varer dempes.
This is the "exchange-rate channel to aggregate demand". 
Dette er " valutakurskanalen til samlet etterspørsel".
The reduction in aggregate demand will in turn cause a reduction in price inflation. 
Reduksjonen i samlet etterspørsel vil i neste omgang gi en reduksjon i prisveksten.
This is the "demand channel to inflation". 
Dette er "etterspørselskanalen til inflasjon".
Price inflation and wage inflation are both affected by changes in inflation expectations. 
Både pris- og lønnsveksten påvirkes av endringer i forventet inflasjon.
Some firms set prices for several periods. 
Enkelte bedrifter setter prisene for flere perioder.
In wage formation, expected price changes will figure prominently in the calculation of expected future real wages. 
I lønnsdannelsen vil forventede prisendringer stå sentralt i beregningen av forventede fremtidige reallønninger.
When monetary policy is credible, expectations regarding future inflation will be dampened by a rise in the interest rate. 
Med en troverdig pengepolitikk vil forventingene om framtidig inflasjon dempes når renten settes opp.
A change in expectations will in itself contribute to curbing future price inflation. 
Endrede forventninger vil i seg selv bidra til å dempe den framtidige prisveksten.
Thus, the expectations channel amplifies the effect of monetary policy. 
Forventingskanalen forsterker dermed effekten av pengepolitikken.
The time it takes for a change in the interest rate to affect inflation and demand will vary. 
Tiden det tar før en renteendring får virkning på inflasjon og etterspørsel vil variere.
During the period in which a change in the interest rate affects output and inflation - and often before monetary policy has an effect - the economy will be influenced by a number of direct and indirect disturbances. 
I løpet av den perioden renteendringen påvirker produksjon og inflasjon - og gjerne før pengepolitikken får effekt - vil økonomien bli påvirket av en rekke direkte og indirekte forstyrrelser.
Therefore, we cannot fine-tune inflation. 
Vi kan derfor ikke finstyre inflasjonen.
In our open economy, the exchange rate channel is one of several channels through which monetary policy operates. 
I vår åpne økonomi er valutakursen én av flere kanaler pengepolitikken virker gjennom.