natgillin/translations-raw huggingface dataset:
Ongoing strong lending activity to households continues to be explained , in particular , by borrowing for house purchases , which has stood at an annual rate of above 12 % in recent months .
Nadaljevanje močnega zadolževanja gospodinjstev lahko še naprej pojasnimo zlasti z najemanjem posojil za nakup stanovanj , ki so v zadnjih nekaj mesecih dosegla več kot 12-odstotno medletno stopnjo rasti .
The dynamic growth of money and the strong expansion of credit , in an environment of already ample liquidity , point to increased upside risks to price stability at medium to longer horizons .
Dinamična rast denarja in močno povečanje kreditov v razmerah , ko je likvidnosti že obsežna , kažeta na povečana tveganja inflacijskih pritiskov na stabilnost cen v srednjeročnem in dolgoročnejšem obdobju .
Monetary developments , therefore , require enhanced monitoring , particularly in the light of strong dynamics in housing markets .
Zato je treba denarna gibanja temeljito spremljati , kar je zlasti pomembno zaradi močne dinamike na stanovanjskih trgih .
To sum up , annual inflation rates are projected to remain elevated in 2006 and 2007 , with risks to this outlook continuing to be on the upside .
Če povzamemo , bo medletna stopnja inflacije v letih 2006 in 2007 predvidoma ostala na višji ravni , tveganja pa še naprej kažejo v smer naraščanja inflacije .
Given the dynamism of monetary growth in an environment of already ample liquidity , a cross-check of the outcome of the economic analysis with that of the monetary analysis supports the assessment that upside risks to price stability prevail over the medium term .
Ob dinamični rasti denarja in kreditov v razmerah , ko že obstaja obsežna likvidnost , navzkrižna primerjava rezultatov iz ekonomske in denarne analize potrjuje oceno , da bodo v srednjeročnem obdobju prevladovala tveganja inflacijskih pritiskov na stabilnost cen .
Accordingly , the Governing Council will exercise strong vigilance so as to ensure that risks to price stability do not materialise , thereby making an ongoing contribution to sustainable economic growth and job creation .
Svet ECB bo zato tudi v prihodnje zelo budno spremljal vsa gibanja in tako zagotovil , da se tveganja za stabilnost cen ne uresničijo . S tem bo še naprej prispeval k trajni gospodarski rasti in ustvarjanju delovnih mest .
In terms of fiscal policy , the overall pace of consolidation is disappointing against the background of the favourable outlook for growth .
Na področju fiskalne politike je glede na ugodne možnosti za gospodarsko rast celotna dinamika konsolidacije nezadovoljiva .
Consolidation targets continue to be at risk , notably in a number of countries with an excessive deficit .
Izpolnitev ciljev konsolidacije je še vedno ogrožena , zlasti v številnih državah s čezmernim primanjkljajem .
The Governing Council therefore reiterates its position that it is crucial to avoid the mistakes of the past .
Svet ECB zato ponovno poudarja svoje stališče , da se je treba nujno izogniti napakam iz preteklosti .
It also wishes to express its broad agreement with the main fiscal challenges as generally identified by the European Commission .
Hkrati izraža širše soglasje z glavnimi fiskalnimi izzivi , kot jih je na splošno opredelila Evropska komisija .
These concern , in particular , the need for a rigorous implementation of the revised Stability and Growth Pact with a view to speeding up fiscal consolidation and improving the outlook for fiscal sustainability .
Mednje zlasti sodijo potreba po doslednem izvajanju prenovljenega Pakta za stabilnost in rast s ciljem , da se pospeši fiskalna konsolidacija in izboljšajo možnosti za vzdržne javne finance .
This needs to be underpinned by medium term-oriented structural reform strategies and appropriate national fiscal institutions and procedures .
K temu bi morale prispevati tudi srednjeročno usmerjene strategije strukturnih reform ter ustrezne nacionalne fiskalne institucije in postopki .
Finally , reliable compilation and timely reporting of government finance statistics remain essential for the European fiscal framework .
Za evropski fiskalni okvir ostajata ključna tudi zanesljivo zbiranje in pravočasno poročanje javnofinančne statistike .
Meeting these challenges will support confidence in the soundness of public finances and in economic prospects in Europe .
Uresničitev teh izzivov bo okrepila zaupanje v stabilnost javnih financ in gospodarske možnosti v Evropi .
As regards structural reforms , enhancing the growth potential of the euro area , increasing job opportunities and strengthening the euro area 's ability to cope with the challenges of globalisation are among the most demanding economic policy issues of our time .
Na področju strukturnih reform so okrepitev sposobnosti za rast v euroobmočju , večje zaposlitvene priložnosti in krepitev zmožnosti euroobmočja , da se spopade z izzivi globalizacije , najzahtevnejša področja ekonomske politike današnjega časa .
In order to translate the opportunities offered by globalisation -- in terms of higher living standards -- into achievements , the euro area would greatly benefit from more flexible labour and product markets .
Prožnejši trg dela in trg proizvodov bi precej prispevala k temu , da euroobmočje izkoristi priložnosti , ki jih ponuja globalizacija , in jih spremeni v dosežke v obliki višjega življenjskega standarda .
It would also gain from a more favourable business environment and a fully-fledged internal market -- including in the services sector -- that foster innovation , investment and the creation of new firms .
Na euroobmočje bi spodbudno vplivalo tudi ugodnejše poslovno okolje in v celoti razvit notranji trg , vključno s storitvami , ki spodbuja inovacije , investicije in ustanavljanje novih podjetij .
Indeed , implementing the necessary reforms in a decisive manner would help to reap the benefits that globalisation and the single market offer euro area citizens and also raise the production capacity of the euro area economy .
Z odločnim izvajanjem potrebnih reform bi lahko namreč izkoristili prednosti , ki jih državljanom euroobmočja ponujata globalizacija in notranji trg , ter hkrati povečali proizvodno zmogljivost gospodarstva euroobmočja .
The first article reviews various measures of inflation expectations , at horizons longer than one year , in the euro area .
V prvem ocenjujemo različna merila inflacijskih pričakovanj v euroobmočju za obdobja , ki so daljša od enega leta .
The second article analyses trends in the export performance of the euro area . back to top
V drugem članku pa analiziramo trende v izvozni uspešnosti euroobmočja s poudarkom na gibanju in vplivu cenovne konkurenčnosti .
Navigation Path : Home &gt; Publications &gt; Monthly Bulletin &gt; Editorials &gt; 2008 &gt; 14 February 2008
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EDITORIAL 14 February 2008 - Monthly Bulletin
14 . februar 2008 - Mesečni bilten
At its meeting on 7 February 2008 , the Governing Council of the ECB decided , on the basis of its regular economic and monetary analyses , to leave the key ECB interest rates unchanged .
Svet ECB je na seji 7 . februarja 2008 na podlagi redne ekonomske in denarne analize sklenil , da pusti ključne obrestne mere ECB nespremenjene .
This decision reflects the Governing Council 's assessment that risks to price stability over the medium term are on the upside , in a context of very vigorous money and credit growth .
Odločitev je sprejel na osnovi ocene , da so tveganja za stabilnost cen v srednjeročnem obdobju usmerjena navzgor , rast denarja in kreditov pa je zelo živahna .
The current short-term upward pressure on inflation must not spill over to the medium term .
Sedanji kratkoročni pritiski na inflacijo se ne smejo preliti v srednjeročno obdobje .
The firm anchoring of inflation expectations over the medium and long term is of the highest priority to the Governing Council , reflecting its mandate .
Za Svet ECB je v skladu z njegovim mandatom najpomembnejša naloga , da trdno sidra srednjeročna in dolgoročna inflacijska pričakovanja .
Against this background , the Governing Council remains committed to preventing second-round effects and the materialisation of upside risks to price stability over the medium term .
Zato si bo še naprej prizadeval , da prepreči sekundarne učinke ter zagotovi , da se tveganja za stabilnost cen v srednjeročnem obdobju ne uresničijo .
As the reappraisal of risk in financial markets continues , there remains unusually high uncertainty about its overall impact on the real economy .
Ker se prevrednotenje tveganja na finančnih trgih nadaljuje , še vedno obstaja neobičajno velika negotovost glede celotnega učinka na realno gospodarstvo .
While the economic fundamentals of the euro area are sound , incoming data have confirmed that the risks surrounding the outlook for economic activity lie on the downside .
Gospodarski temelji euroobmočja so sicer trdni , vendar najnovejši podatki potrjujejo , da so v gospodarskih obetih prisotna tveganja upočasnjevanja rasti .
The Governing Council will continue to monitor very closely all developments over the coming weeks .
Svet ECB bo v prihodnjih tednih še naprej zelo natančno spremljal vsa gibanja .
Starting with the economic analysis , the latest information on economic activity around the turn of the year points to a more moderate pace of growth in the euro area than the quarter-on-quarter rate of 0.8% observed in the third quarter of 2007 .
V ekonomski analizi najnovejši podatki o gospodarski aktivnosti kažejo , da je bila četrtletna gospodarska rast euroobmočja ob koncu leta zmernejša kot v tretjem četrtletju leta 2007 , ko je znašala 0,8% .
This assessment is in line with indicators for business and consumer confidence which , while having declined over the past few months , overall remain consistent with ongoing growth .
Ta ocena je skladna s kazalniki zaupanja podjetij in potrošnikov , ki v zadnjih nekaj mesecih sicer padajo , vendar na splošno ostajajo na ravni , ki nakazuje nadaljevanje rasti .
Looking ahead , while the slowdown in the economies of some of the euro area 's major trading partners is likely to have an impact on euro area real GDP growth in 2008 , both domestic and foreign demand are expected to support ongoing growth .
V prihodnjem obdobju bo upočasnjevanje gospodarske rasti v nekaterih najpomembnejših trgovinskih partnericah euroobmočja verjetno prizadelo realno rast BDP v letu 2008 , vseeno pa bo rast predvidoma še naprej podpiralo domače in tuje povpraševanje .
This assessment is broadly in line with available forecasts from private and public-sector sources .
Ta ocena je na splošno skladna z napovedmi javnih in zasebnih organizacij .
The fundamentals of the euro area economy remain sound .
Gospodarski temelji euroobmočja ostajajo trdni in v gospodarstvu euroobmočja ni večjih neravnovesij .
The euro area economy does not have major imbalances . Profitability has been sustained and unemployment rates have fallen to levels not seen for 25 years .
Dobičkonosnost je ostala na doseženi ravni , stopnja brezposelnosti pa je padla na najnižjo raven v zadnjih 25 letih .
As a result of the improved economic conditions and wage moderation , the number of people employed and labour force participation have increased significantly .
Zaradi boljših gospodarskih pogojev in zmernejše rasti plač se je občutno povečalo število zaposlenih , prav tako pa tudi odstotek aktivnega prebivalstva .
Consumption growth should therefore continue to contribute to economic expansion , in line with real disposable income , and investment growth should provide ongoing support .
H gospodarski konjunkturi bo zato predvidoma še naprej prispevala rast potrošnje v skladu z gibanjem realnega razpoložljivega dohodka , nadaljnjo podporo gospodarski aktivnosti pa bo zagotavljala tudi rast investicij .
That said , uncertainty about the prospects for economic growth is unusually high and the risks surrounding the outlook for economic activity have been confirmed to lie on the downside .
Kljub temu je negotovost glede pričakovane gospodarske rasti neobičajno visoka , tveganja pa so potrjeno na strani upočasnjevanja rasti .
Risks relate mainly to a potentially broader than currently expected impact of financial market developments on financing conditions and economic sentiment , with negative effects on world and euro area growth .
Povezana so predvsem z možnostjo , da bodo sedanja dogajanja na finančnih trgih imela večji vpliv na pogoje financiranja in gospodarsko klimo , kot je pričakovano , kar bi negativno vplivalo na svetovno rast in rast v euroobmočju .
Further downside risks stem from the scope for additional oil and other commodity price rises , concerns about protectionist pressures and the possibility of disorderly developments due to global imbalances .
Nadaljnja tveganja za počasnejšo rast izhajajo iz možnosti za dodatna zvišanja cen nafte in drugih primarnih surovin , zaskrbljenosti glede protekcionističnih pritiskov in morebitnih neobvladljivih gibanj zaradi svetovnih neravnovesij .
With regard to price developments , according to Eurostat 's flash estimate the annual HICP inflation rate was 3.2% in January 2008 , compared with 3.1% in December 2007 .
Na področju cenovnih gibanj je po Eurostatovi prvi oceni medletna inflacija po indeksu HICP januarja 2008 znašala 3,2% , medtem ko je bila decembra 2007 na ravni 3,1% .
This confirms the continued strong upward pressure on inflation in the short term , stemming mainly from strong increases in commodity prices , in particular oil and food prices , in recent months .
To potrjuje , da kratkoročno še naprej obstajajo močni inflacijski pritiski , ki izhajajo predvsem iz velike rasti cen primarnih surovin , zlasti nafte in hrane , v zadnjih mesecih .
Looking ahead , the annual HICP inflation rate will most likely remain significantly above 2 % in the coming months and moderate only gradually in the further course of 2008 .
V prihodnjih mesecih bo medletna stopnja inflacije po HICP najverjetneje ostala precej nad 2 % in se bo tekom leta 2008 le postopno umirjala .
This confirms the Governing Council 's expectation of a protracted period of temporarily high rates of inflation .
To potrjuje pričakovanje Sveta ECB , da obdobje začasno visokih stopenj inflacije utegne trajati dalj časa .
Moreover , it is important to stress that the moderation in the rate of inflation which is embedded in the December 2007 Eurosystem staff macroeconomic projections is based on the assumption that the recent rises in commodity prices will be partly reversed , in line with futures prices .
Poleg tega je treba poudariti , da umirjanje inflacije , predvideno v makroekonomskih projekcijah strokovnjakov Eurosistema iz decembra 2007 , temelji na predpostavki , da bodo cene surovin v skladu s cenami terminskih pogodb po preteklih zvišanjih nekoliko padle .
More fundamentally , the projections assume that recent oil and food price dynamics and their impact on HICP inflation do not have broadly based second-round effects on wage and price-setting behaviour .
Na bolj temeljni ravni projekcije temeljijo na predpostavki , da nedavna gibanja cen nafte in hrane ter njihov vpliv na inflacijo po HICP ne bodo povzročila večjih sekundarnih učinkov na oblikovanje plač in cen .
Risks to this medium-term outlook for price developments are confirmed to lie on the upside .
Tveganja glede srednjeročnih cenovnih gibanj so potrjeno usmerjena navzgor .
These risks include the possibility that stronger than currently expected wage growth may emerge , taking into account high capacity utilisation and tight labour market conditions . Furthermore , the pricing power of firms , notably in market segments with low competition , could be stronger than expected .
Obsegajo možnost , da bodo zaradi visoke izkoriščenosti zmogljivosti in zaostrenih razmer na trgu dela plače naraščale hitreje , kot je trenutno pričakovano , sedanja pričakovanja pa utegne preseči tudi moč podjetij pri oblikovanju cen , zlasti v tržnih segmentih z manjšo konkurenco .
At this juncture , it is therefore imperative that all parties concerned meet their responsibilities and that second-round effects on wage and price-setting stemming from current inflation rates be avoided .
V sedanjih razmerah je zato nujno , da vse udeležene strani ravnajo odgovorno ter da se preprečijo sekundarni učinki na oblikovanje plač in cen , ki izhajajo iz trenutne stopnje inflacije .
In the view of the Governing Council , this is of key importance in order to preserve price stability in the medium run and thereby the purchasing power of all euro area citizens .
Po mnenju Sveta ECB je to ključnega pomena za ohranitev cenovne stabilnosti v srednjeročnem obdobju in s tem kupne moči vseh državljanov euroobmočja .
The Governing Council is monitoring wage negotiations in the euro area with particular attention .
Svet ECB s posebno pozornostjo spremlja pogajanja o plačah v euroobmočju .
Indexation of nominal wages to the consumer price index should be avoided .
Indeksaciji nominalnih plač z indeksom cen življenjskih potrebščin se je treba izogniti .
Finally , further rises in oil and agricultural prices , continuing the strong upward trend observed in recent months , as well as increases in administered prices and indirect taxes beyond those foreseen thus far pose upside risks to the inflation outlook .
In končno , tveganja za rast inflacije predstavlja tudi nadaljnja rast cen nafte in kmetijskih izdelkov , ki nadaljujejo trend zelo hitre rasti iz zadnjih mesecev , ter nepričakovana povečanja nadzorovanih cen in posrednih davkov .
Annual M3 growth , although declining somewhat in December , remained very vigorous at 11.5% , whereas M1 growth continues to moderate , reflecting the dampening impact of higher interest rates .
Medletna rast denarnega agregata M3 se je decembra sicer nekoliko upočasnila , vendar je ostala zelo živahna na ravni 11,5% , medtem ko se rast agregata M1 še naprej umirja , kar odraža zaviralne učinke višjih obrestnih mer .
Broad money dynamics in recent quarters are likely to have been influenced by a number of temporary factors , notably the flattening of the yield curve , which may have supported some substitution into monetary assets .
Na dinamiko širokega denarja je v zadnjih četrtletjih verjetno vplivalo več začasnih dejavnikov , predvsem padanje naklona krivulje donosnosti , ki je lahko spodbudilo določene premike v denarna sredstva .
Overall , taking these special factors into account , a broad-based assessment of the latest data confirms that the underlying rate of monetary expansion remains strong .
Gledano v celoti in ob upoštevanju teh posebnih dejavnikov širša ocena najnovejših podatkov potrjuje , da osnovna stopnja rasti denarja ostaja visoka .
This conclusion is supported by the sustained expansion of loans to the domestic private sector , which grew at an annual rate of 11.1% in December .
Ta zaključek potrjuje tudi vztrajna rast posojil domačemu zasebnemu sektorju , ki je decembra medletno znašala 11,1% .
Although the growth of household borrowing has moderated further over the past few quarters , reflecting the impact of higher key ECB interest rates since December 2005 and cooling housing markets in several parts of the euro area , the growth of loans to non-financial corporations has remained very robust .
Pod vplivom višjih obrestnih mer ECB od decembra 2005 naprej in ohlajanja stanovanjskega trga v več predelih euroobmočja zadolževanje gospodinjstev v zadnjih nekaj četrtletjih sicer narašča počasneje , zato pa rast posojil nefinančnim družbam še vedno ostaja zelo visoka .
Bank borrowing by euro area non-financial corporations was 14.4% higher at the end of December 2007 than a year earlier .
Zadolževanje nefinančnih družb euroobmočja pri bankah je bilo decembra 2007 za 14,4% višje kot v enakem obdobju eno leto prej .
For the time being , there is little evidence that the financial market turbulence since early August 2007 has strongly influenced the dynamics of broad money and credit aggregates .
Zaenkrat ni veliko znakov , da bi nemirna dogajanja na finančnih trgih od začetka avgusta lani močneje vplivala na dinamiko agregatov širokega denarja in kreditov .
In particular , according to the available data , increased financial market volatility has not led to substantial portfolio shifts into monetary assets , as was the case between 2001 and 2003 .
Predvsem je pomembno , da sodeč po razpoložljivih podatkih povečana volatilnost finančnih trgov ni povzročila večjih portfeljskih premikov v denarna sredstva , kakršnim smo bili priča med letoma 2001 in 2003 .
Notwithstanding the tightening of credit standards reported in the bank lending survey for the euro area , continued strong loan growth suggests that the supply of bank credit in the euro area has not been significantly impaired by the financial turmoil thus far .
Kljub zaostrovanju kreditnih standardov , ki je razvidno iz ankete o bančnih posojilih za euroobmočje , vztrajno visoka rast posojil nakazuje , da finančni pretresi doslej niso bistveno oslabili ponudbe bančnih posojil v euroobmočju .
Further data and analysis will be required in order to obtain a more complete picture of the impact of the financial market developments on banks » balance sheets , financing conditions and money and credit growth .
Za celovitejšo oceno vpliva , ki so ga gibanja na finančnih trgih imela na bilance bank , pogoje financiranja ter rast denarja in kreditov , bodo potrebni dodatni podatki in analize .
To sum up , a cross-check of the outcome of the economic analysis with that of the monetary analysis confirms the assessment that there are upside risks to price stability over the medium term , in a context of very vigorous money and credit growth and sound economic fundamentals in the euro area .
Navzkrižna primerjava rezultatov ekonomske in denarne analize tako potrjuje , da v srednjeročnem obdobju obstajajo navzgor usmerjena tveganja za stabilnost cen , pri čemer je rast denarja in kreditov v euroobmočju zelo živahna , gospodarski temelji euroobmočja pa so trdni .
The impact of the ongoing reappraisal of risk in financial markets on the real economy is still surrounded by unusually high uncertainty .
Glede vpliva , ki ga bo sedanje prevrednotenje tveganj na finančnih trgih imelo na realno gospodarstvo , je še vedno prisotna neobičajno velika negotovost .
Incoming data have confirmed that the risks surrounding the outlook for economic activity lie on the downside .
Zadnji podatki potrjujejo , da so gospodarski obeti izpostavljeni tveganjem upočasnjevanja rasti .
Accordingly , the Governing Council will monitor very closely all developments . It remains committed to preventing second-round effects and the materialisation of upside risks to price stability over the medium term .
V skladu s tem bo Svet ECB zelo natančno spremljal vsa dogajanja in si še naprej prizadeval , da prepreči sekundarne učinke ter zagotovi , da se tveganja za stabilnost cen v srednjeročnem obdobju ne uresničijo .
It is paramount that medium and long-term inflation expectations remain firmly anchored in line with price stability .
Ključnega pomena je , da srednjeročna in dolgoročna inflacijska pričakovanja ostanejo trdno zasidrana na ravni , ki je skladna s stabilnostjo cen .
Reflecting its mandate , such anchoring is of the highest priority to the Governing Council .
Takšno sidranje inflacijskih pričakovanj je v skladu z mandatom najpomembnejša prednostna naloga Sveta ECB .
With respect to fiscal policies , a discretionary fiscal loosening in EU countries should be avoided .
Na javnofinančnem področju se je treba izogniti neusklajenemu popuščanju fiskalne politike v državah članicah EU .
There is ample evidence that activist fiscal policies were not effective in stabilising European economies but rather led to sustained increases in the ratios of government expenditure and debt to GDP .
Obstajajo številni primeri , ko aktivistične fiskalne politike niso uspele stabilizirati evropskih gospodarstev , ampak so nasprotno vodile v vztrajno naraščanje razmerja javnofinančnih odhodkov in dolga do BDP .