natgillin/translations-raw huggingface dataset:
OJ L 292 , 15.11.1996 , p. 2 .
SK 17 .
( Headings of Objectives , actions and outputs should be provided )
( Headings of Objectives , actions and outputs should be provided ) OPERATIONA L OBJECTIVE Maintenance of the current overall level of training and technical assistance Action 1 - Output 1
OPERATIONAL OBJECTIVE Maintenance of the current overall level of training and technical assistance Action 1 - Output 1 Grants Seminartype Staff exchange Studies -- tech assist COM Seminartype Staff exchange Studies -- tech assist 2 0,100 2 0,100 2 0,100 2 0,100 2 0,100 2 0,100 12 0,600 7 0,450 7 0,450 7 0,450 7 0,450 7 0,450 7 0,450 42 2,700
Grants Seminartype Staff exchange Studies -- tech assist COM Seminartype Staff exchange Studies -- tech assist 2 0,100 2 0,100 2 0,100 2 0,100 2 0,100 2 0,100 12 0,600 7 0,450 7 0,450 7 0,450 7 0,450 7 0,450 7 0,450 42 2,700
Administrative Expenditure Number and type of human resources Staff to be assigned to management of the action using existing resources ( number of posts / FTEs ) Year n Year n + 1 0,25 A 1B 0,25 C 1END Year n + 2 0,25 A 1B 0,25 C 1END Year n + 3 0,25 A 1B 0,25 C 1END Year n + 4 0,25 A 1B 0,25 C 1END Year n + 5 0,25 A 1B 0,25 C 1END Officials or temporary staff22 ( A3 01 01 )
Number and type of human resources Types of post Staff to be assigned to management of the action using existing resources ( number of posts / FTEs ) Year n Officials or temporary staff22 ( A3 01 01 ) A */ AD B *, C */ AST 0,25 A 1B 0,25 C Year n + 1 0,25 A 1B 0,25 C Year n + 2 0,25 A 1B 0,25 C Year n + 3 0,25 A 1B 0,25 C Year n + 4 0,25 A 1B 0,25 C Year n + 5 0,25 A 1B 0,25 C
0,25 A 1B 0,25 C 1END Staff financed23 by art. A3 01 02 TOTAL
Staff financed23 by art. A3 01 02 TOTAL 1END 2,5
EN Calculation -- Staff financed under art. A3 01 02 Reference should be made to Point 8.2.1 , if applicable 1 END x 45.000 8.2.6 Other administrative expenditure not included in reference amount EUR million ( to 3 decimal places ) Year n + 5 TOTAL and later 0,030 0,180
Calculation -- Officials and Temporary agents Reference should be made to Point 8.2.1 , if applicable 0,25 A x 108.000 Euros + 1B x 108.000 + 0,25 C x 108.000 = 162.000 Calculation -- Staff financed under art. A3 01 02 Reference should be made to Point 8.2.1 , if applicable 1 END x 45.000 8.2.6 Other administrative expenditure not included in reference amount EUR million ( to 3 decimal places ) Year n + 1 0,03 0 Yea r n + 2 0,03 0 Yea r n + 3 0,03 0 Yea r n + 4 0,03 0 Year n + 5 and later 0,030 0,180
Year n + 1
TOTAL
0,540 Calculation - Other administrative expenditure not included in reference amount Missions 20 x 1.500 Euros and 4 meetings x 15.000 Euros
Calculation - Other administrative expenditure not included in reference amount Missions 20 x 1.500 Euros and 4 meetings x 15.000 Euros SK
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2005 A N N UA L R E P O R T
2005 V Ý RO Č N Á S P R Á VA
ISSN 1561457-3
ISSN 1830292-0
A N N UA L R E P O R T 2005
V Ý RO Č N Á S P R Á VA 2005
E U RO P E A N C E N T R A L B A N K
EURÓPSKA CENTRÁLNA BANKA
A N N UA L R E P O R T 2005
V Ý R O Č N Á S P R Á VA 2005
© European Central Bank , 2006 Address Kaiserstrasse 29 60311 Frankfurt am Main , Germany Postal address Postfach 16 03 19 60066 Frankfurt am Main , Germany Telephone + 49 69 1344 0 Website http://www.ecb.int Fax + 49 69 1344 6000 Telex 411 144 ecb d
© Európska centrálna banka 2006 Adresa Kaiserstrasse 29 60311 Frankfurt nad Mohanom Nemecko Poštová adresa European Central Bank Postfach 16 03 19 60066 Frankfurt am Main Germany Telefón + 49 69 1344 0 Internet http://www.ecb.int Fax + 49 69 1344 6000 Telex 411 144 ecb d Všetky práva vyhradené .
All rights reserved . Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged .
Reprodukovanie na vzdelávacie a nekomerčné účely je povolené s uvedením zdroja . Preklad zabezpečila Národná banka Slovenska .
Photographs : David Farrell Martin Joppen Robert Metsch Constantin Meyer Marcus Thelen The cut-off date for the data included in this report was 24 February 2006 .
Fotografie : David Farrell Martin Joppen Robert Metsch Constantin Meyer Marcus Thelen Redakčná uzávierka údajov uvedených v tejto správe bola 24 . februára 2006 .
ISSN 1561-4573 ( print ) ISSN 1725-2865 ( online )
ISSN 1830 2920 ( tlačená verzia ) ISSN 1830 3005 ( elektronická verzia ) OBSAH PREDSLOV 12 4.2 .
CONTENTS FOREWORD 12 3.3 Banknote issuance and production 4 STATISTICS 4.1 General statistical developments in the euro area 4.2 New or enhanced statistics 4.3 Statistics for the assessment of convergence 5 ECONOMIC RESEARCH 5.1 Research agenda 5.2 Research networks 6 OTHER TASKS AND ACTIVITIES 6.1 Compliance with the prohibition of monetary financing and privileged access 6.2 Advisory functions 6.3 Administration of the borrowing and lending operations of the European Community 102 105 105 106 106 108 108 110 111
Štatistické produkty na posudzovanie konvergencie 107 108 109 109 111 112
CHAPTER 1 ECONOMIC DEVELOPMENTS AND MONETARY POLICY 1 MONETARY POLICY DECISIONS 2 MONETARY , FINANCIAL AND ECONOMIC DEVELOPMENTS 2.1 The global macroeconomic environment 2.2 Monetary and financial developments 2.3 Price developments 2.4 Output , demand and labour market developments 2.5 Fiscal developments 2.6 Exchange rates and balance of payments developments 3 ECONOMIC AND MONETARY DEVELOPMENTS IN NON-EURO AREA EU MEMBER STATES 18
KAPITOLA 1 HOSPODÁRSKY VÝVOJ A MENOVÁ POLITIKA 1 . ROZHODNUTIA MENOVEJ POLITIKY 2 .
CHAPTER 3 FINANCIAL STABILITY AND INTEGRATION 1 FINANCIAL STABILITY 1.1 Financial stability monitoring 1.2 Cooperation in financial crisis situations 2 FINANCIAL REGULATION AND SUPERVISION 2.1 General issues 2.2 Banking 2.3 Securities 2.4 Accounting 3 FINANCIAL INTEGRATION 4 OVERSIGHT OF MARKET INFRASTRUCTURES 4.1 Oversight of large-value euro payment systems and infrastructures 4.2 Retail payment services 4.3 Securities clearing and settlement 118 118 120
FINANČNÁ STABILITA 118 1.1 . Monitorovanie finančnej stability 118 1.2 .
CHAPTER 2 CENTRAL BANK OPERATIONS AND ACTIVITIES 1 MONETARY POLICY OPERATIONS , FOREIGN EXCHANGE OPERATIONS AND INVESTMENT ACTIVITIES 88 1.1 Monetary policy operations 88 1.2 Foreign exchange operations 93 1.3 Investment activities 93 2 PAYMENT AND SECURITIES SETTLEMENT SYSTEMS 2.1 The TARGET system 2.2 TARGET2 2.3 Cross-border use of collateral
KAPITOLA 2 OPERÁCIE A ČINNOSTI CENTRÁLNEJ BANKY 1 . OPERÁCIE MENOVEJ POLITIKY , DEVÍZOVÉ OPERÁCIE A INVESTIČNÉ AKTIVITY 1.1 .
3 BANKNOTES AND COINS 100 3.1 The circulation of euro banknotes and coins and the handling of currency 100 3.2 Banknote counterfeiting and counterfeit deterrence 101
Obeh eurových bankoviek a mincí 101 a spracovávanie obeživa 3.2 . Falšovanie a potláčanie 102 falšovania bankoviek 3.3 .
131 132 132 ECB Annual Report 2005
ECB Výročná správa 2005
CHAPTER 4 EUROPEAN AND INTERNATIONAL RELATIONS 1 EUROPEAN ISSUES 1.1 Policy issues 1.2 Institutional issues 1.3 Developments in and relations with EU acceding and accession countries 2 INTERNATIONAL ISSUES 2.1 Key developments in the international monetary and financial system 2.2 Cooperation with countries outside the EU 138 138 141
Vývoj a vzťahy s krajinami pristupujúcimi do EÚ a s krajinami kandidujúcimi na členstvo v EÚ 142 2 .
1.5 Eurosystem / ESCB committees , the Budget Committee and the Human Resources Conference 1.6 Corporate governance 2 ORGANISATIONAL DEVELOPMENTS 2.1 Human resources 2.2 Reviewing the ECB 's effectiveness and efficiency 2.3 New ECB premises 3 ESCB SOCIAL DIALOGUE
Skúmanie účinnosti a efektívnosti ECB 2.3 . Nové priestory ECB
CHAPTER 5 ACCOUNTABILITY 1 ACCOUNTABILITY VIS-À-VIS THE GENERAL PUBLIC AND THE EUROPEAN PARLIAMENT
ROČNÁ ÚČTOVNÁ ZÁVIERKA ECB 146 Správa o činnosti za rok končiaci 31 .
4 ANNUAL ACCOUNTS OF THE ECB Management report Balance Sheet as at 31 December 2005 Profit and Loss Account for the year ending 31 December 2005 Accounting policies Notes on the Balance Sheet Notes on the Profit and Loss Account Note on profit distribution / allocation of losses Auditor 's report 5 CONSOLIDATED BALANCE SHEET OF THE EUROSYSTEM AS AT 31 DECEMBER 2005
decembru 2005 Výkaz ziskov a strát za rok končiaci 31 . decembra 2005 Účtovné pravidlá Poznámky k súvahe Poznámky k výkazu ziskov a strát Poznámka k rozdeleniu zisku / straty Správa audítora
2 SELECTED TOPICS RAISED AT MEETINGS WITH THE EUROPEAN PARLIAMENT 153 200
2 . VYBRANÉ TÉMY , O KTORÝCH SA DISKUTOVALO NA STRETNUTIACH S EURÓPSKYM PARLAMENTOM 153
CHAPTER 6 EXTERNAL COMMUNICATION 1 COMMUNICATION POLICY 2 COMMUNICATION ACTIVITIES 158 159
KAPITOLA 6 EXTERNÁ KOMUNIKÁCIA 1 . KOMUNIKAČNÁ POLITIKA 2 .
ANNEXES LEGAL INSTRUMENTS ADOPTED BY THE ECB 204 OPINIONS ADOPTED BY THE ECB CHRONOLOGY OF MONETARY POLICY MEASURES OF THE EUROSYSTEM DOCUMENTS PUBLISHED BY THE EUROPEAN CENTRAL BANK SINCE 2005 165 165 166 168 170 GLOSSARY 206
Riadenie inštitúcie CHRONOLÓGIA OPATRENÍ MENOVEJ POLITIKY V EUROSYSTÉME 165 165 166 168 170 PUBLIKÁCIE ECB VYDANÉ OD ROKU 2005 SLOVNÍK POJMOV
CHAPTER 7 INSTITUTIONAL FRAMEWORK , ORGANISATION AND ANNUAL ACCOUNTS 1 DECISION-MAKING BODIES AND CORPORATE GOVERNANCE OF THE ECB 1.1 The Eurosystem and the European System of Central Banks 1.2 The Governing Council 1.3 The Executive Board 1.4 The General Council 211
ZOZNAM BOXOV 1 . Premenlivý charakter výraznej dynamiky menového rastu v posledných rokoch Graf A Komponenty M3 Graf B Vývoj M3 a jeho protipoložiek Graf C Sektorové členenie vkladov súkromného sektora
ECB Annual Report 2005
ECB Výročná správa 2005
LIST OF BOXES 1 The changing nature of strong monetary dynamics in recent years 28 Chart A Components of M3 29 Chart B Movements in M3 and its counterparts 29 Chart C Sectoral composition of deposits of the private sector 30 2 The impact of increasing oil prices on bond yields and stock prices : a historical comparison for the euro area and the United States 37 Table A Changes in euro area and US ten-year government bond yields in the 12 months preceding oil price peaks 37 Table B Changes in euro area and US stock prices in the 12 months 38 preceding oil price peaks 3 Differences in household loan growth 42 across the euro area countries Chart A Range of growth in MFI loans to households across the euro area countries 42 Chart B Weighted coefficient of variation for the annual growth of MFI loans to 43 households Chart C Growth of MFI loans to households and household indebtedness across the euro area 43 Chart D Housing market dynamics and loans in the euro area in the period 1999-2004 44 4 Research network on inflation persistence and price-setting behaviour in the euro area 51 5 The sectoral composition of 56 euro area growth Chart A Breakdown of total real 57 gross value added Chart B Breakdown of services real gross value added 57 Table Sectoral developments in terms of euro area real gross value added 58 Chart C Value added in the euro area services sector 58
6 . Tabuľka B 12-mesačné zmeny burzových cien v eurozóne a v Spojených štátoch pred 38 vyvrcholeniami cien ropy Rozdiely v tempe rastu úverov 41 domácnostiam v krajinách eurozóny Graf A Rozpätie rastu úverov PFI domácnostiam v krajinách 42 eurozóny Graf B Vážený variačný koeficient ročnej miery rastu úverov 43 PFI domácnostiam Graf C Rast úverov PFI domácnostiam a zadlženosť domácností v krajinách 43 eurozóny Graf D Dynamika trhu s nehnuteľnosťami na bývanie a objem úverov v eurozóne 44 v rokoch 1999 -- 2004 Skupina na analýzu pretrvávania inflácie a správania sa v oblasti tvorby cien 51 v eurozóne Štruktúra hospodárskeho rastu eurozóny 56 podľa sektorov Graf A Štruktúra celkovej reálnej 57 hrubej pridanej hodnoty Graf B Štruktúra reálnej hrubej pridanej hodnoty v službách 57 Tabuľka Sektorová štruktúra reálnej hrubej pridanej hodnoty 58 v eurozóne Graf C Pridaná hodnota v sektore 58 služieb eurozóny Graf D Pridaná hodnota v sektore 58 priemyslu eurozóny Pokrok v štrukturálnych reformách trhu 61 práce , výrobkov a služieb EÚ
9 10 11 Chart D Value added in the euro area industrial sector 58 Progress with structural reforms in EU labour and product markets 61 Developments in general government debt securities issuance in the euro area 64 Table A Annual growth rates of debt securities issued by euro area governments 64 Table B Structure of amounts outstanding of debt securities issued by euro area 65 governments Chart A Euro area outstanding government debt securities in 2005 by issuing country 66 Chart B Net issuance of government debt securities in 2005 by issuing country 66 Oil-bill recycling and its impact 70 Chart A Oil export revenues 71 Chart B OPEC 's net assets and 71 currency composition Chart C Russia 's net assets and currency composition 72 Table Market shares of selected economies in OPEC and CIS imports 72 Eurosystem reserve management services 113 Research network on capital markets 125 and financial integration in Europe Inter-regional comparison of mortgage rates in the euro area and in the United States 127 Chart A Dispersion of floating and short-term rates on loans to households for house purchase and corresponding market rates across US regions and euro area countries , respectively 127 Chart B Dispersion of long-term rates on loans to households for house purchase and corresponding market rates across US regions and euro area countries , 127 respectively ECB Annual Report 2005
Vývoj emisie dlhových cenných papierov 64 sektora verejnej správy v eurozóne Tabuľka A Ročné miery rastu dlhových cenných papierov vydaných verejnou správou v eurozóne 64 Tabuľka B Štruktúra dlhových cenných papierov vydaných verejnou 65 správou v eurozóne Graf A Dlhové cenné papiere sektora verejnej správy v roku 2005 66 podľa krajiny emitenta Graf B Čisté emisie dlhových cenných papierov sektora verejnej správy v roku 2005 66 podľa krajiny emitenta 8 . „Recyklovanie » ropných príjmov 70 a jeho vplyv Graf A Príjmy z vývozu ropy 71 Graf B Čisté aktíva OPEC a menová 71 štruktúra Graf C Čisté aktíva Ruska a menová 72 štruktúra Tabuľka Trhové podiely vybraných ekonomík na dovoze krajín 72 OPEC a SNŠ 9 .
12 ECB public statements on the reform of the Stability and Growth Pact 139
Porovnanie úrokových sadzieb hypotekárnych úverov v jednotlivých regiónoch eurozóny a Spojených štátov 127 Graf A Rozptyl variabilných a krátkodobých úrokových sadzieb z úverov domácnostiam na bývanie a zodpovedajúcich trhových úrokových sadzieb v regiónoch Spojených štátov a v krajinách 127 eurozóny Graf B Rozptyl dlhodobých úrokových sadzieb z úverov domácnostiam na bývanie a zodpovedajúcich trhových úrokových sadzieb v regiónoch Spojených štátov 127 a v krajinách eurozóny 12 . Verejné stanoviská ECB k reforme 139 Paktu stability a rastu
LIST OF TABLES 1 Price developments 49 2 Labour cost indicators 53 3 Composition of real GDP growth 55 4 Labour market developments 60 5 Fiscal positions in the euro area 63 6 Real GDP growth in the non-euro area EU Member States and the euro area 76 7 HICP inflation in the non-euro area EU Member States and the euro area 77 8 Fiscal positions in the non-euro area EU Member States and the euro area 79 9 Balance of payments , selected items 80 10 Developments in ERM II 81 11 Official monetary policy strategies of the EU Member States outside the euro area 83 12 Payment traffic in TARGET 96 13 Overall availability of TARGET 96 14 Distribution of counterfeits by denomination 101 15 Allocation of euro banknote 103 production in 2005 LIST OF CHARTS 1 ECB interest rates and money market rates 2 Main developments in major industrialised economies 3 Main developments in commodity markets 4 M3 and loans to the private sector 5 Contributions to annual M3 growth 6 Short-term interest rates on deposits 7 Contributions to the annual rate of growth of short-term deposits and repurchase agreements 8 Counterparts of M3 9 Estimates of the money gap 10 Short-term interest rates in the euro area and the slope of the money market yield curve
ZOZNAM TABULIEK Cenový vývoj 49 Ukazovatele nákladov práce 53 Štruktúra rastu reálneho HDP 55 Vývoj na trhu práce 60 Fiškálna pozícia krajín eurozóny 63 Rast reálneho HDP v členských štátoch EÚ nepatriacich do eurozóny 76 a v eurozóne 7 . Inflácia HICP v členských štátoch EÚ nepatriacich do eurozóny a v eurozóne 77 8 .
11 Three-month EURIBOR futures rates and implied volatility derived from options on three-month EURIBOR futures 12 Long-term government bond yields 13 Euro area real bond yields and break-even inflation rates 14 Stock price indices 15 Growth in actual and expected corporate earnings per share 16 MFI loans to households 17 Interest rates for lending to households and non-financial corporations 18 Household debt and debt service burden 19 Real cost of the external financing of euro area non-financial corporations 20 Profit ratios of listed euro area non-financial corporations 21 Breakdown of the real annual rate of growth of external financing of non-financial corporations 22 Debt ratios of the non-financial corporate sector 23 Breakdown of HICP inflation : main components 24 Contributions to HICP inflation from main components 25 Residential property prices 26 Breakdown of industrial producer prices 27 Sectoral compensation per employee 28 Contributions to quarterly real GDP growth 29 Confidence indicators 30 Unemployment 31 Labour productivity 32 Euro nominal and real effective exchange rates 33 Current account balance and its components 34 Euro area financial account 35 Euro area financial outflows to the new EU Member States 36 Net international investment position 37 Exchange rate changes of the euro against EU currencies outside ERM II
Krátkodobé úrokové miery v eurozóne a sklon výnosovej krivky peňažného trhu 11 . Úrokové miery trojmesačných futures EURIBOR a implikovaná volatilita odvodená z opcií na trojmesačné futures EURIBOR 12 .
ECB Annual Report 2005
Rast aktuálnych a očakávaných výnosov spoločností na akciu 40 16 .
38 Liquidity factors in the euro area in 2005 39 Eligible marketable assets 40 Eligible marketable assets put forward as collateral 41 Difference between the share of collateral put forward and the share of eligible marketable assets in 2005 42 Total value of banknotes in circulation between 2000 and 2005 43 Total number of euro banknotes in circulation between 2002 and 2005 44 Number of euro banknotes in circulation between 2002 and 2005 45 Number of counterfeit euro banknotes recovered from circulation between 2002 and 2005 46 ECB Working Paper series : Journal of Economic Literature classification
Úrokové miery z úverov domácnostiam a nefinančným spoločnostiam 41 18 . Dlh domácností a ich zaťaženie dlhovou službou 45 19 .
102 109 ECB Annual Report 2005
Reálne náklady externého financovania 45 nefinančných spoločností eurozóny 20 .
ABBREVIATIONS COUNTRIES BE CZ DK DE EE GR ES FR IE IT CY LV LT LU HU MT NL AT PL PT SI SK FI SE UK JP US Belgium Czech Republic Denmark Germany Estonia Greece Spain France Ireland Italy Cyprus Latvia Lithuania Luxembourg Hungary Malta Netherlands Austria Poland Portugal Slovenia Slovakia Finland Sweden United Kingdom Japan United States OTHERS BIS BPM5 c.i.f. CPI ECB EEA EER EMI EMU ESA 95 ESCB EU EUR f.o.b. GDP HICP ILO IMF MFIs NCBs PPI ULCM Bank for International Settlements IMF Balance of Payments Manual ( 5th edition ) cost , insurance and freight at the importer 's border Consumer Price Index European Central Bank European Economic Area effective exchange rate European Monetary Institute Economic and Monetary Union European System of Accounts 1995 European System of Central Banks European Union euro free on board at the exporter 's border gross domestic product Harmonised Index of Consumer Prices International Labour Organization International Monetary Fund monetary financial institutions national central banks Producer Price Index unit labour costs in manufacturing
Ukazovatele ziskovosti kótovaných 47 nefinančných spoločností eurozóny 21 . Štruktúra reálnej ročnej miery rastu externého financovania nefinančných 47 spoločností 22 .
In accordance with Community practice , the EU Member States and the accession countries are listed in this report using the alphabetical order of the country names in the national languages .
Pomer dlhu sektora nefinančných 48 spoločností 23 . Štruktúra inflácie HICP : hlavné zložky 50 24 .
ECB Annual Report 2005 Since 1998 the ECB has organised a series of exhibitions entitled « Contemporary art from the Member States of the European Union » .
Podiel hlavných zložiek na 50 inflácii HICP 25 . Vývoj cien nehnuteľností na bývanie 53 26 .
Each exhibition aims to give ECB staff and visitors an insight into the art of a particular EU country .
Štruktúra cien priemyselných výrobcov 53 27 . Odmena na zamestnanca podľa 54 sektorov 28 .
Contemporary art has been chosen since it reflects the period in which Monetary Union has become reality .
Príspevky k štvrťročnému rastu 54 reálneho HDP 29 .
Some of the artworks are purchased for the ECB 's art collection , which is to be expanded .
Indikátory dôvery 56 30 . Nezamestnanosť 59 31 .
The seven pages which separate the chapters of this Annual Report show a selection of works from this collection .
Produktivita práce 60 32 . Nominálny a reálny efektívny výmenný 69 kurz eura 33 .
Artist : Peter Sauerer Title : Groß markthalle , 2004 Material : Wood and string , Format : 90 x 20 x 15 cm Artist : Ilse Haider Title : Kopf eines Athleten , 1994 Material : Willow rods , photo emulsion , Format : 180 x 120 x 40 cm Artist : Pep Agut Title : Read your voice , 2000 Material : Mixed media , Format : 190 x 195 cm Artist : Maria Hedlund Title : Loosing Ground , 2003 Material : 4 c-prints on aluminium , Format : 85 x 76 cm each Artist : David Farrell Title : Ballynultagh , 2000 ( from the series « Innocent Landscapes ") Material : Photograph , Format : 100 x 100 cm Artist : Natividad Bermejo Title : Duérmete niño , 2000 Material : Graphite on paper , Format : 145 x 212 cm Artist : Pedro Proença Title : Alla turca ( algumas anotações musicais ) , 2001 Material : Acrylic on canvas , Format : 200 x 150 cm 16
Bežný účet a jeho zložky 69 34 . Finančný účet eurozóny 74 35 .
increases in commodity and energy prices and , to a lesser extent , rises in administered prices and indirect taxes , annual HICP inflation in 2005 was 2.2% -- slightly higher than the rate of 2.1% observed in the two preceding years .
Finančné toky z eurozóny do nových 74 členských štátov EÚ 36 . Čistá medzinárodná investičná pozícia 74 37 .
Nonetheless , domestic inflationary pressures remained under control as continued moderate wage developments and favourable trends in prices of imported manufactured goods offset to some extent the increase in commodity and energy prices .
Zmeny výmenných kurzov eura voči menám krajín EÚ , ktoré nevstúpili 82 do ERM II 38 . Faktory likvidity v eurozóne 88 v roku 2005 39 .