natgillin/translations-raw huggingface dataset:
They may be conducted in the currencies of countries outside the European Union , e.g. the US dollar or the Japanese yen , within the euro area 's exchange rate policy .
Pri tem se lahko uporabijo valute držav zunaj EU , na primer ameriški dolarji ali japonski jeni , v okviru politike deviznega tečaja euroobmočja .
They may also occur in the framework of the intra-Community exchange rate mechanism II ( ERM II ) .
Izvedejo se lahko tudi v okviru mehanizma deviznih tečajev II ( ERM II ) .
In line with Article 105 ( 2 ) of the EC Treaty and Article 3 of the Statute of the ESCB , the foreign-exchange operations of the Eurosystem have to be « consistent with the provisions of Article 111 of the Treaty » .
V skladu s členom 105 ( 2 ) Pogodbe ES in členom 3 Statuta ESCB se devizni posli Eurosistema opravljajo „v skladu z določbami člena 111 Pogodbe » .
Article 111 defines the institutional framework for the exchange rate policy of the euro area .
Člen 111 opredeljuje institucionalni okvir za politiko deviznega tečaja euroobmočja .
The institutional framework for the euro area 's exchange rate policy Under Article 105 ( 2 ) of the EC Treaty and Article 3 of the Statute of the ESCB , the Eurosystem 's foreign exchange operations have to be consistent with Article 111 of the EC Treaty .
Institucionalni okvir za politiko deviznega teãaja euroobmoãja V skladu s členom 105 ( 2 ) Pogodbe ES in členom 3 Statuta ESCB morajo biti devizni posli Eurosistema skladni z določbami člena 111 Pogodbe .
-* Under Article 111 ( 1 ) , the EU Council , acting unanimously , may conclude formal agreements on an exchange rate system for the euro vis-à-vis currencies outside the EU .
-* V skladu s členom 111 ( 1 ) lahko Svet EU soglasno sprejme formalne sporazume o sistemu deviznega tečaja za euro glede na valute držav zunaj EU .
-* Article 111 ( 2 ) states that , in the absence of such an exchange rate system , the EU Council , acting by qualified majority , may formulate general orientations for exchange rate policy .
-* Člen 111 ( 2 ) določa , da v primeru , če tak sistem deviznih tečajev ne obstaja , Svet EU s kvalificirano večino lahko oblikuje splošne usmeritve za politiko deviznega tečaja .
However , both these institutional measures must respect the primary objective of maintaining price stability and may only be initiated on a recommendation from the ECB or the European Commission , after consulting the ECB .
Vseeno morata oba institucionalna ukrepa spoštovati temeljni cilj vzdrževanja stabilnosti cen in se ju lahko sproži samo na priporočilo ECB ali Evropske komisije , po posvetovanju z ECB .
In the case of a formal exchange rate system for the euro , the EU Council must take note of the ECB 's opinion « in an endeavour to reach a consensus consistent with the objective of price stability » ( Article 111 ( 1 ) of the Treaty ) .
V primeru formalnega sistema deviznih tečajev za euro mora Svet EU „v prizadevanju doseči soglasje , združljivo s ciljem stabilnosti cen » ( člen 111 ( 1 ) Pogodbe ) upoštevati mnenje ECB .
So far , neither of the above procedures has been initiated .
Doslej ni bil uporabljen še noben od obeh opisanih postopkov .
At its meeting in Luxembourg on 13 December 1997 , the European Council stressed that the exchange rate of the euro should be seen as the outcome of both economic developments and economic policies , rather than as an independent objective .
Evropski svet je na zasedanju v Luxembourgu 13 . decembra 1997 poudaril , da naj se devizni tečaj eura razume kot rezultat ekonomskih gibanj in ekonomskih politik , ne pa kot neodvisen cilj .
In this vein , it stated that general orientations for the exchange rate policy of the 91
V tem smislu je določil , da se splošne usmeritve za politiko deviznih tečajev oblikujejo samo v izjemnih okoliščinah , na primer , ko pride do očitnega neskladja .
for example in the case of a clear misalignment . Such orientations should always respect the independence of the ESCB and be consistent with the primary objective of the ESCB to maintain price stability
Takšne usmeritve morajo vedno spoštovati neodvisnost ESCB in njegov temeljni cilj , torej cenovno stabilnost .
I n t e r ve n t i o n i n n o n - E U c u r re n c i e s In the absence of both institutional arrangements and an exchange rate target of the ECB , intervention on the foreign exchange market vis-à-vis non-EU currencies only occurred twice in the first five years of Monetary Union , in the autumn of 2000 .
Intervencije v valutah neãlanic EU V odsotnosti institucionalnih ureditev ter ciljnega tečaja ECB je v prvih petih letih monetarne unije do intervencije na deviznih trgih glede na valute nečlanic EU prišlo samo dvakrat , in sicer jeseni leta 2000 .
Having declined continuously since late 1998 , the euro exchange rate had become increasingly out of line with the fundamentals of the euro area and risked generating significant misalignments .
Devizni tečaj eura , ki je vztrajno padal od druge polovice leta 1998 , se je vse bolj razhajal z glavnimi značilnostmi gospodarstva euroobmočja in povečeval tveganje , da ustvari resna neskladja .
This in turn could have had an adverse impact on the world economy and price stability in the euro area .
To bi po drugi strani lahko negativno vplivalo na svetovno gospodarstvo in cenovno stabilnost euroobmočja .
Thus , on 22 September 2000 , the ECB , together with the monetary authorities of the United States , Japan , the United Kingdom and Canada , initiated concerted intervention in the foreign exchange markets ;
Tako je 22 . septembra 2000 ECB skupaj z denarnimi oblastmi ZDA , Japonske , Združenega kraljestva in Kanade začela skupno intervencijo na deviznih trgih .
the ECB intervened again in early November 2000 .
ECB je ponovno intervenirala v začetku novembra istega leta .
The exchange rate mechanism II A new exchange rate mechanism , ERM II , entered into force at the start of Stage Three of EMU .
Mehanizem deviznih teãajev II Novi mehanizem deviznih tečajev ( ERM II ) je začel veljati z začetkom tretje faze ekonomske in monetarne unije .
It replaced the European Monetary System , which had played an instrumental role in the move towards EMU ( see Section 1.1.2 ) but had to be adjusted to the new environment created by EMU .
Nadomestil je evropski monetarni sistem , ki je odigral ključno vlogo v procesu oblikovanja ekonomske in monetarne unije ( glej razdelek 1.1.2 ) , a ga je bilo treba prilagoditi novemu okolju , ki je nastalo z ekonomsko in monetarno unijo .
Like its predecessor , ERM II is an intergovernmental arrangement which is based on two legal documents : -* Resolution of the European Council on the establishment of an exchange-rate mechanism in the third stage of economic and monetary union , Amsterdam , 16 June 1997 ;
Enako kot njegov predhodnik je tudi ERM II medvladni dogovor , ki temelji na dveh pravnih dokumentih : -* Resolucija Evropskega sveta o vzpostavitvi mehanizma deviznih tečajev v tretji fazi ekonomske in monetarne unije , Amsterdam , 16 . junij 19973 ;
3 -* Agreement of 1 September 1998 between the European Central Bank and the national central banks of the Member States outside the euro area laying down the operating procedures for an exchange rate mechanism in stage three of Economic and Monetary Union4 , as amended by the Agreement of 14 September 20005 .
-* Sporazum z dne 1 . septembra 1998 med Evropsko centralno banko in nacionalnimi centralnimi bankami držav članic zunaj euroobmočja o določitvi operativnih postopkov za mehanizem deviznih tečajev v tretji fazi ekonomske in monetarne unije4 , kot je bil spremenjen s Sporazumom z dne 14 .
The purpose of ERM II is to link the currencies of the Member States outside the euro area to the euro .
septembra 20005 . Namen ERM II je povezati valute držav zunaj euroobmočja z eurom .
The link is established by mutually agreed , fixed but adjustable central rates vis-à-vis the euro and a standard fluctuation band of ± 15 %.
Ta povezava je vzpostavljena s sporazumno dogovorjenimi in fiksnimi , vendar prilagodljivimi centralnimi tečaji do eura in standardnim razponom nihanja ± 15 %.
Narrower fluctuation margins may be mutually agreed if appropriate in the light of progress towards convergence .
V prizadevanjih za konvergenco deviznih tečajev lahko posamezne države sporazumno sprejmejo tudi ožji razpon nihanja .
3 4 5 OJ C 236 , 2.8.1997 , p. 5 .
Sodelovanje v ERM II je za države članice zunaj euroobmočja prostovoljno .
OJ C 345 , 13.11.1998 , p. 6 . OJ C 362 , 16.12.2000 , p. 11 .
Vendar , kot je zapisano v omenjeni Resoluciji Evropskega sveta , se od države članice z odstopanjem „lahko pričakuje » , da bo vstopila v ERM II .
However , as stated in the above-mentioned Resolution of the European Council , a Member State with a derogation « can be expected to join » ERM II . Article 124 of the EC Treaty requires each non-euro area Member State to « treat its exchange rate policy as a matter of common interest » and to take account of the « experience acquired in cooperation within the framework of the EMS » .
Člen 124 Pogodbe ES od vsake države članice zunaj euroobmočja zahteva , da „svojo politiko deviznega tečaja obravnava kot zadevo skupnega interesa » in upošteva „izkušnje , ki jih je pridobila v okviru evropskega monetarnega sistema » . V skladu s členom 121 je vsaj dveletno članstvo v ERM II brez večjih napetosti eno od meril za oceno , ali država članica izpolnjuje pogoje za sprejem eura .
In line with Article 121 , membership in ERM II for at least two years without severe tensions is one of the criteria for assessing whether a Member State has fulfilled the conditions for adopting the euro as its currency .
ERM II tako krepi konvergenco in državam članicam zunaj euroobmočja pomaga v njihovih prizadevanjih , da bi uvedle euro .
ERM II therefore fosters convergence and helps the Member States outside the euro area in their efforts to adopt the euro .
Obenem države članice zunaj in znotraj euroobmočja ščiti pred neupravičenimi pritiski na deviznih trgih .
It also helps to protect the Member States inside and outside the euro area from unwarranted pressures in the foreign exchange markets . Decisions on central rates and fluctuation margins are taken by mutual agreement of the finance ministers of the euro area countries , the ECB and the finance ministers and the central bank governors of the participating non-euro area Member States .
Odločitve glede centralnega tečaja in standardnega razpona nihanja z medsebojnim dogovorom sprejemajo ministri za finance posameznih držav članic euroobmočja , ECB ter ministri za finance in guvernerji centralnih bank držav članic EU zunaj euroobmočja , ki sodelujejo v mehanizmu .
The procedure provides for a multilateral discussion ( normally at a meeting ) which also involves the Commission and the Economic and Financial Committee ( see Section 4.3.4 ) .
Postopek omogoča večstransko razpravo ( navadno na seji ) , v kateri sodelujejo tudi predstavniki Komisije in Ekonomsko-finančnega odbora ( glej razdelek 4.3.4 ) .
I n t e r ve n t i o n i n E R M I I Central bank intervention should a currency approach the margins of the fluctuation band is in principle automatic and unlimited .
Intervencije v ERM II Intervencija centralne banke v primeru , ko se valuta približa robu razpona nihanja , je načeloma samodejna in neomejena .
However , the intervention and financing obligations incurred by the ECB are without prejudice to the primary objective of maintaining price stability .
Vseeno obveznosti glede interveniranja in financiranja , ki jih nalaga ECB , ne posegajo v temeljni cilj vzdrževanja cenovne stabilnosti .
Under the terms of both the above Resolution and Agreement , the ECB and the participating non-euro area NCBs could suspend automatic intervention and their financing if this were to conflict with their primary objective of price stability .
V skladu s pogoji , ki so določeni v navedeni Resoluciji in Sporazumu , lahko ECB in sodelujoče centralne banke držav zunaj euroobmočja začasno prekinejo samodejno intervencijo in financiranje , če bi bila v nasprotju s temeljnim ciljem vzdrževanja cenovne stabilnosti .
In the same vein , all parties to the Agreement « have the right to initiate a confidential procedure aimed at reconsidering central rates » .
V istem duhu imajo vse podpisnice sporazuma „pravico sprožiti zaupni postopek za ponovno preučitev osrednjih tečajev » .
The Danish krone has been a member of ERM II from the outset , with a fluctuation margin of ± 2.25% around its central rate vis-à-vis the euro .
Danska krona sodeluje v ERM II od samega začetka , pri čemer je njen razpon nihanja ± 2,25% od centralnega tečaja do eura .
The Greek drachma participated in ERM II before Greece joined the euro area in 2001 ( see Section 1.1.4 ) .
Grška drahma je v ERM II sodelovala do leta 2001 , ko je Grčija vstopila v euroobmočje ( glej razdelek 1.1.4 ) .
The number of participants in ERM II increased by seven following the enlargement of the EU on 1 May 2004 .
Število udeleženk v mehanizmu se je po širitvi EU 1 . maja 2004 povečalo za sedem .
So far , the currencies of Estonia , Lithuania and Slovenia ( on 28 June 2004 ) , and Cyprus , Latvia , Malta ( on 2 May 2005 ) and Slovakia ( on 28 November 2005 ) have entered ERM II , observing the standard fluctuation margin of +/- 15 % vis-à-vis the euro .
Doslej so v ERM II s standardnim razponom nihanja ± 15 % do eura vstopile valute Estonije , Litve in Slovenije ( 28 . junija 2004 ) , Cipra , Latvije in Malte ( 2 .
The other countries that joined the EU on 1 May 2004 are also expected to enter the mechanism at some stage .
Tudi od drugih držav , ki so se EU pridružile 1 . maja 2004 , se pričakuje , da bodo na določeni stopnji vstopile v mehanizem .
Intervention in euro has so far been infrequent .
Intervencije v eurih so bile doslej redke .
Operations were carried out by the central banks of the participating EU Member States , insofar as intervention was necessary to preserve stability in ERM II .
Operacije so izvajale centralne banke sodelujočih držav članic EU , kadar je bila intervencija nujna za ohranitev stabilnosti v mehanizmu ERM II .
2 . 2 M a n a g e m e n t o f f o re i g n e x c h a n g e re s e r ve s Both the ECB and the NCBs hold and manage foreign reserves : the ECB holds and manages the foreign reserves that are transferred to it for the purposes set out in the Statute of the ESCB ;
3.2.2 Upravljanje deviznih rezerv Tako ECB kot nacionalne centralne banke imajo in upravljajo devizne rezerve : ECB ima in upravlja tiste devizne rezerve , ki so prenesene nanjo za namene , ki so določeni v Statutu ESCB ;
those foreign reserves remaining with the NCBs are held and managed by them .
devizne rezerve , ki so ostale pri nacionalnih centralnih bankah , pa upravljajo te centralne banke .
T h e s i z e a n d c o m p o s i t i o n o f t h e E C B « s f o re i g n re s e r ve s The ECB 's foreign reserves are mainly held and managed to serve as a means of intervention by the ECB , should the need arise .
Velikost in sestava deviznih rezerv ECB ECB hrani in upravlja devizne rezerve predvsem zato , da lahko intervenira , če bi bilo to potrebno .
T h e s i z e o f t h e E C B « s f o re i g n re s e r ve s Article 30.1 of the Statute of the ESCB provided for an initial transfer of foreign reserve assets from the NCBs to the ECB of up to Euros 50 billion6 .
Velikost deviznih rezerv ECB Člen 30.1 Statuta ESCB je zagotovil začetni prenos deviznih rezerv z nacionalnih centralnih bank v ECB v višini do 50 milijard EUR6 .
In January 1999 at the start of Stage Three of EMU the euro area NCBs transferred foreign reserve assets to the ECB worth Euros 39.46 billion .
Na začetku tretje faze ekonomske in monetarne unije v januarju 1999 so nacionalne centralne banke euroobmočja v ECB prenesle devizne rezerve v vrednosti 39,46 milijarde EUR .
This transfer was the maximum amount allowed under the Statute of the ESCB , adjusted downwards by deducting the shares in the ECB capital of the NCBs of the countries not participating in the euro area from the outset .
To je bila največja v Statutu ESCB dovoljena vrednost , popravljena navzdol z odbitkom deležev v kapitalu ECB tistih nacionalnih centralnih bank držav , ki v euroobmočju ne sodelujejo od začetka .
When Greece joined the euro area on 1 January 2001 , the Bank of Greece transferred additional reserve assets equivalent to Euros 1.28 billion .
Ko se je 1 . januarja 2001 euroobmočju pridružila Grčija , je Bank of Greece prenesla dodatne devizne rezerve v eurski vrednosti 1,28 milijarde EUR .
The total amount of foreign reserve assets transferred by the NCBs to the ECB in proportion to their capital shares , for which they received in exchange interestbearing euro-denominated claims , was equivalent to Euros 40.74 billion .
Skupna vrednost deviznih rezerv , ki so jih nacionalne centralne banke prenesle v ECB v sorazmerju z njihovimi deleži v kapitalu , za katerega so v zameno dobile obrestonosne terjatve v eurih , je bila 40,74 milijarde EUR .
15 % of these transfers were made in gold and the remaining 85 % in US dollars and Japanese yen .
15 % teh prenosov je bilo opravljenih v zlatu , ostalih 85 % pa v ameriških dolarjih in japonskih jenih .
Since then the ECB 's foreign reserves have fluctuated markedly as a result of transactions and exchange rate and price movements .
Devizne rezerve ECB so od takrat močno nihale zaradi transakcij , deviznega tečaja in cenovnih gibanj .
At the end of 2005 , they stood at Euros 41.5 billion .
Ob koncu leta 2005 je njihova vrednost znašala 41,5 milijarde EUR .
Both foreign currency reserves and gold holdings declined in volume terms , reflecting the ECB 's intervention sales in the autumn of 2000 ( see Section 3.2.1 ) and some sales of gold in 2005 and 20067 in conformity with the Central Bank Gold Agreement ( see Box 14 ) , respectively .
Tako devizne rezerve kot imetja v zlatu so se po obsegu zmanjšala , prve zaradi intervencijskih prodaj , ki jih je ECB izvedla jeseni leta 2000 ( glej razdelek 3.2.1 ) , druge pa zaradi prodaje zlata v letih 2005 in 20067 v 6
These decreases were fully offset by the higher market value of the ECB 's gold holdings . Furthermore , Article 30.4 of the Statute of the ESCB entitles the ECB to make further calls of foreign reserve assets beyond the amount of the ceiling on the initial transfer .
Ko se EU pridružijo nove države , se ta začetni limit samodejno poveča sorazmerno z deležem njihovih nacionalnih centralnih bank v vpisanem kapitalu ECB ( člen 49.3 Statuta ) . 1 .
Such calls are subject to secondary Community legislation .
maja , ko se je EU pridružilo deset novih vzhodnoevropskih in mediteranskih držav , se je limit povečal na približno 55,6 milijarde EUR .
To this end , on a recommendation from the ECB , the EU Council adopted a Regulation8 allowing the ECB to make further calls up to the amount of Euros 50 billion .
Samodejno povečanje pomeni , da lahko nacionalne centralne banke vseh bodočih držav članic euroobmočja opravijo sorazmerni prenos deviznih rezerv , ne da bi morala ECB devizne rezerve prenesti nazaj v nacionalne centralne banke sedanjih držav članic euroobmočja .
The ECB would only make these calls to replenish depleted reserves and not to increase its 6
Glej sporočili ECB za javnost z dne 31 . marca 2005 in 31 .
When further countries join the EU , this initial limit increases automatically in proportion to the share of their NCBs in the subscribed capital of the ECB ( Article 49.3 of the Statute ) .
skladu s Sporazumom centralnih bank o zlatu ( glej okvir 14 ) . Zmanjšanje je v celoti izravnala višja tržna vrednost imetij ECB v zlatu .
When the ten central and eastern European and Mediterranean countries joined the EU on 1 May 2004 , the limit increased to around Euros 55.6 billion . This automatic increase means that proportional transfers of foreign reserve assets can be made by the NCBs of all prospective euro area member countries without the ECB being obliged to retransfer foreign reserves to current euro area NCBs .
Člen 30.4 Statuta ESCB poleg tega ECB daje pravico , da zahteva prenos dodatnih deviznih rezerv nad zgornjo mejo zneska za začetni prenos . Te zahteve ureja sekundarna zakonodaja Skupnosti .
See the ECB 's Press Releases of 31 March 2005 and 31 March 2006 , respectively .
V ta namen je na priporočilo ECB Svet EU sprejel uredbo8 , ki ECB omogoča , da izda dodatne zahteve v višini do 50 milijard EUR .
Council Regulation ( EC ) No 1010/2000 concerning further calls of foreign reserve assets by the European Central Bank ( OJ L 115 , 16.5.2000 , p. 2 ) .
ECB bi te dodatne zahteve izdala samo za dopolnitev zmanjšanih rezerv in ne za povečanje svojih rezervnih imetij .
reserve holdings . If deemed necessary , additional transfers of foreign reserve assets to the ECB may also take place on the basis of further secondary Community legislation .
Če se oceni , da je to potrebno , se dodatni prenosi deviznih rezerv v ECB lahko izvedejo tudi na osnovi nadaljnje sekundarne zakonodaje Skupnosti . Devizne rezerve ECB obsegajo tudi določeno količino posebnih pravic črpanja .
The ECB 's foreign reserves include some amounts of special drawing rights ( SDRs ) . These result from voluntary transactions of the ECB with other SDR holders under the standing agreement with the IMF ( see Section 5.3.1 ) .
Te izhajajo iz prostovoljnih transakcij , ki jih je ECB opravila z drugimi imetniki posebnih pravic črpanja v skladu s sporazumom med ECB in Mednarodnim denarnim skladom ( MDS ) ( glej razdelek 5.3.1 ) .
M a n a g e m e n t o f t h e E C B « s f o re i g n e x c h a n g e h o l d i n g s The aim of the ECB 's foreign reserve management is to ensure that , at any point in time , the ECB has an amount of liquid resources sufficient for any foreign exchange intervention .
Upravljanje deviznih imetij ECB Cilj upravljanja deviznih rezerv ECB je zagotoviti , da ima ECB v vsakem trenutku na voljo zadostna likvidna sredstva za vsakršno devizno intervencijo .
This implies that liquidity and security are the basic requirements for the investment of the foreign reserves .
To pomeni , da sta likvidnost in varnost temeljni zahtevi pri investiranju deviznih rezerv .
Subject to these constraints , the ECB 's foreign reserves are managed in such a way as to maximise their value .
Ob upoštevanju teh omejitev ECB devizne rezerve upravlja tako , da povečuje njihovo vrednost .
Investment guidelines translate the general portfolio management objectives into specific principles and rules : they are defined within the ECB and include the currency distribution , the trade-off between interest rate risk and return , and the credit risk and liquidity requirements .
Smernice glede investiranja pretvarjajo splošne cilje upravljanja portfelja v konkretna načela in pravila : določi jih ECB in vključujejo valutno sestavo , kompromis med obrestnim tveganjem in donosnostjo ter med kreditnim tveganjem in likvidnostnimi zahtevami .
The Governing Council has defined the currency distribution of the foreign exchange reserves of the ECB on the basis of both estimated needs in case of market intervention and risk optimisation .
Svet ECB je valutno sestavo deviznih rezerv ECB določil na osnovi ocenjenih potreb v primeru tržne intervencije in v skladu z optimizacijo tveganja .
At the start of 1999 the ratio of US dollar to Japanese yen assets was 90/10 .
V začetku leta 1999 je bilo razmerje sredstev v ameriških dolarjih in japonskih jenih 90/10 .
At the end of 2005 , following foreign exchange rate fluctuations and some rebalancing operations , the ratio was 85/15 .
Ob koncu leta 2005 je bilo po nihanjih deviznega tečaja in nekaterih operacijah uravnoteženja razmerje 85/15 .
While some portfolio management functions , such as risk management and accounting , are carried out in a centralised manner at the ECB , most of the front and back office functions are decentralised across the Eurosystem in line with foreign reserve management mandates from the ECB to euro area NCBs .
Medtem ko se nekatere naloge pri upravljanju rezerv , na primer obvladovanje tveganj in računovodstvo , izvajajo centralizirano v ECB , je večina nalog trgovanja in podpore poslov decentralizirana po Eurosistemu v skladu z mandatom za upravljanje deviznih rezerv , ki ga ECB daje nacionalnim centralnim bankam euroobmočja9 .