natgillin/translations-raw huggingface dataset:
On the downside , concerns remain relating to a stronger or more protracted than expected negative feedback loop between the real economy and the financial sector , renewed increases in oil and other commodity prices , the intensification of protectionist pressures and renewed tensions in some financial market segments , as well as the possibility of a disorderly correction of global imbalances .
Na negativni strani zaskrbljenost še vedno zbuja možnost večjih ali dolgotrajnejših negativnih povratnih učinkov med realnim gospodarstvom in finančnim sektorjem ter možnost ponovne rasti cen nafte in drugih primarnih surovin , stopnjevanja protekcionističnih pritiskov in obnovljenih napetosti v nekaterih segmentih finančnih trgov , pa tudi možnost neobvladljivih popravkov svetovnih neravnovesij .
With regard to price developments , euro area annual HICP inflation was 0.9% in February 2010 , according to Eurostat 's flash estimate , after 1.0% in January .
Na področju cenovnih gibanj je medletna inflacija po HICP v euroobmočju po Eurostatovi prvi oceni februarja 2010 znašala 0,9% , potem ko je bila januarja na ravni 1,0% .
Inflation is expected to be around 1 % in the near term and to remain moderate over the policy-relevant horizon .
V bližnji prihodnosti se bo inflacija predvidoma gibala okrog 1 % in v obdobju , ki je pomembno za denarno politiko , ostala zmerna .
In line with a slow recovery in domestic and foreign demand , overall price , cost and wage developments are expected to stay subdued .
V skladu s počasnim okrevanjem domačega in tujega povpraševanja se pričakuje , da bo splošna dinamika cen , stroškov in plač ostala umirjena .
This assessment is also reflected in the March 2010 ECB staff macroeconomic projections for the euro area , which foresee annual HICP inflation in a range between 0.8% and 1.6% for 2010 and between 0.9% and 2.1% for 2011 .
Takšno oceno izražajo tudi makroekonomske projekcije strokovnjakov ECB za euroobmočje , pripravljene marca 2010 , po katerih bo medletna inflacija po indeksu HICP v letu 2010 znašala med 0,8% in 1,6% , v letu 2011 pa med 0,9% in 2,1% .
Compared with the Eurosystem staff projections published in December 2009 , the range for 2010 has been adjusted marginally downwards , while the range for 2011 has been adjusted slightly upwards .
V primerjavi s projekcijami strokovnjakov Eurosistema , objavljenimi decembra 2009 , je bil razpon za leto 2010 popravljen malenkostno navzdol , za leto 2011 pa je bil rahlo popravljen navzgor .
Risks to this outlook remain broadly balanced . They relate , in particular , to further developments in economic activity and the evolution of commodity prices .
Tveganja , ki spremljajo takšne inflacijske obete , ostajajo večinoma uravnotežena . Povezana so predvsem z razvojem gospodarske aktivnosti v prihodnjem obdobju ter gibanji cen primarnih surovin .
Turning to the monetary analysis , the annual growth rate of M3 turned slightly positive in January 2010 , rising to 0.1% .
Kot kaže denarna analiza , je medletna stopnja rasti denarnega agregata M3 v januarju 2010 postala rahlo pozitivna in zrasla na 0,1% .
This reflects mainly a base effect and confirms the assessment of continued weak monetary growth .
Ta premik je predvsem rezultat baznih učinkov in potrjuje oceno , da rast denarja ostaja šibka .
Together with the negative annual rate of growth in loans to the private sector ( equal to - 0.6% in January 2010 ) , the latest data support the Governing Council 's assessment that the underlying pace of monetary expansion is moderate and that , in the medium term , the inflationary pressures associated with monetary developments are low .
Skupaj z negativno medletno rastjo posojil zasebnemu sektorju (- 0,6% v januarju 2010 ) najnovejši podatki potrjujejo oceno Sveta ECB , da je osnovna stopnja denarne rasti zmerna in da so inflacijski pritiski , povezani z denarnimi gibanji , v srednjeročnem obdobju šibki .
The growth of M3 and loans to the private sector is likely to remain weak also in the coming months .
Rast agregata M3 in posojil zasebnemu sektorju bo verjetno ostala šibka tudi v prihodnjih mesecih .
At the same time , actual monetary developments are likely to be weaker than the underlying pace of monetary expansion , on account of the downward impact of the steep yield curve .
Ob tem bodo dejanska denarna gibanja zaradi zaviralnega učinka razmeroma strme krivulje donosnosti verjetno šibkejša od osnovne stopnje denarne rasti .
This fosters the allocation of funds away from M3 and into longer-term deposits and securities .
To spodbuja razporejanje sredstev iz agregata M3 v dolgoročnejše bančne vloge in vrednostne papirje .
On the other hand , the narrow spreads between the interest rates paid on different M3 instruments imply a low opportunity cost of holding funds in the most liquid components included in M1 , which continued to grow at a robust annual rate of 11.5% in January .
Po drugi strani pa majhne razlike med obrestnimi merami za različne instrumente v agregatu M3 pomenijo majhne oportunitetne stroške ohranjanja sredstev v najbolj likvidnih komponentah agregata M1 , ki je tudi v januarju beležil zelo močno medletno rast na ravni nad 11,5% .
The negative annual growth of loans to the private sector conceals ongoing opposite developments : positive , strengthening annual growth in loans to households on the one hand and negative , declining annual growth in loans to non-financial corporations on the other hand .
Negativna medletna rast posojil zasebnemu sektorju prikriva sočasna nasprotna gibanja : pozitivno in naraščajočo medletno rast posojil gospodinjstvom na eni strani ter negativno in upadajočo medletno rast posojil nefinančnim družbam na drugi strani .
Such differences are consistent with historical patterns and cyclical regularities , which suggest that loans to non-financial corporations can be expected to remain weak for some time after economic activity has picked up .
Takšne razlike so skladne z običajnim potekom gospodarskih ciklov in napovedujejo , da bodo posojila nefinančnim družbam verjetno ostala šibka še nekaj časa za tem , ko se bo gospodarska aktivnost začela krepiti .
At the same time , the cost of financing for enterprises has declined and the sector as a whole has continued to make extensive use of market-based financing as a substitute for bank financing .
Obenem so stroški financiranja za podjetja upadli in sektor kot celota je intenzivno uporabljal tržno financiranje kot nadomestilo za bančno financiranje .
Banks have continued to reduce the size of their overall balance sheets over the past few months , but the challenge remains for them to manage this adjustment while ensuring the availability of credit to the non-financial sector .
Banke so v zadnjih mesecih še naprej zmanjševale raven sredstev v skupni bilanci stanja , še vedno pa se soočajo z izzivom , kako opraviti to prilagoditev , hkrati pa zagotavljati ponudbo kreditov nefinančnemu sektorju .
To address this challenge , banks should use the improved funding conditions to strengthen their capital bases further and , where necessary , take full advantage of government support measures for recapitalisation .
Da bi se s tem izzivom lahko učinkovito spoprijele , bi morale izboljšane pogoje financiranja izkoristiti za nadaljnjo krepitev kapitalske osnove in po potrebi v celoti izkoristiti državne ukrepe za pomoč pri dokapitalizaciji .
The latest information has also confirmed that the economic recovery in the euro area is on track , although it is likely to remain uneven .
Najnovejše informacije so tudi potrdile , da se gospodarsko okrevanje euroobmočja nadaljuje , čeprav bo proces okrevanja verjetno potekal neenakomerno .
A cross-check of the outcome of the economic analysis with that of the monetary analysis confirms the assessment of low inflationary pressures over the medium term .
Navzkrižna primerjava rezultatov ekonomske in denarne analize potrjuje oceno o šibkih inflacijskih pritiskih v srednjeročnem obdobju .
Inflation expectations remain firmly anchored in line with the Governing Council 's aim of keeping inflation rates below , but close to , 2 % over the medium term .
Inflacijska pričakovanja ostajajo trdno zasidrana na ravni , ki je skladna s ciljem Sveta ECB , da inflacijo srednjeročno ohranja pod 2 %, vendar blizu te meje .
As regards fiscal policies , high levels of public deficit and debt place an additional burden on monetary policy and undermine the Stability and Growth Pact as a key pillar of Economic and Monetary Union .
Na področju javnofinančne politike velik javni primanjkljaj in dolg pomenita dodatno breme za denarno politiko in ogrožata izvajanje Pakta za stabilnost in rast kot ključnega stebra ekonomske in monetarne unije .
It is of paramount importance that the stability programme of each euro area country clearly defines the fiscal exit and consolidation strategies for the period ahead .
Zato je temeljnega pomena , da vsaka država euroobmočja v svojem programu stabilnosti jasno opredeli strategije javnofinančnega izhoda in konsolidacije v prihodnjem obdobju .
This requires determined efforts , notably on the side of countries with high deficit and debt levels .
Za to so potrebni odločni ukrepi , kar še posebej velja za države z velikim primanjkljajem in dolgom .
All countries will be required to meet their commitments under the excessive deficit procedures .
Vse države bodo morale svoje zaveze izpolniti po postopku v zvezi s čezmernim primanjkljajem .
Consolidation of public finances should start in 2011 at the latest and will have to exceed substantially the annual adjustment of 0.5% of GDP set as a minimum requirement by the Stability and Growth Pact .
Konsolidacija javnih financ bi se morala začeti najkasneje v letu 2011 in bo morala bistveno preseči letno prilagoditev 0,5% BDP , ki jo kot minimalno zahtevo določa Pakt za stabilnost in rast .
The Governing Council issued , on 3 March 2010 , a statement on the additional fiscal consolidation measures announced by the Greek government .
Svet ECB je 3 . marca 2010 objavil izjavo o dodatnih ukrepih za javnofinančno konsolidacijo , ki jih je napovedala grška vlada .
In all euro area countries , the key challenge in order to reinforce sustainable growth and job creation is to accelerate structural reforms .
V vseh državah euroobmočja predstavlja pospešitev strukturnih reform glavni izziv v prizadevanjih za okrepitev vzdržne gospodarske rasti in ustvarjanje novih delovnih mest .
Policies should be adopted which open up market access and increase competition .
Sprejeti je treba politike , ki olajšujejo dostop do trgov in povečujejo konkurenco .
Overall , it is essential to set the stage for long-term investment in innovation so as to create new business opportunities .
Na splošno je bistvenega pomena , da se ustvarijo pogoji za dolgoročne investicije v inovativnost , ki ustvarjajo nove poslovne priložnosti .
Sectoral support schemes implemented to cope with the immediate effects of the crisis should now be phased out .
Sheme v podporo posameznim sektorjem gospodarstva , ki so bile sprejete v odgovor na neposredne učinke krize , bi bilo treba zdaj postopno odpraviti .
In labour markets , moderate wage-setting in several economies and sufficient labour market flexibility are required in order to avoid higher structural unemployment over the coming years .
Da se v prihodnjih letih ne bi močno povečala strukturna brezposelnost , sta na trgu dela v več gospodarstvih potrebna zmernost pri oblikovanju plač ter učinkovite spodbude za delo .
These structural reforms should be supported by an appropriate restructuring of the banking sector .
Te strukturne reforme bi moralo podpreti ustrezno prestrukturiranje bančnega sektorja .
Sound balance sheets , effective risk management and transparent , robust business models are key to strengthening banks » resilience to shocks and to ensuring adequate access to finance , thereby laying the foundations for sustainable growth and financial stability .
Zdrave poslovne bilance , učinkovito upravljanje s tveganji ter pregledni in zanesljivi poslovni modeli so ključni za večjo odpornost bank na šoke in zagotovitev ustreznega dostopa do financiranja , s čimer bodo vzpostavljeni temelji za vzdržno gospodarsko rast in finančno stabilnost .
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EDITORIAL 17 May 2007 - Monthly Bulletin
17 . maj 2007 - Mesečni bilten
On the basis of its regular economic and monetary analyses , the Governing Council decided at its meeting on 10 May 2007 to leave the key ECB interest rates unchanged .
Svet ECB je na seji 10 . maja 2007 na podlagi redne ekonomske in denarne analize sklenil , da ključne obrestne mere ECB ohrani nespremenjene .
The information that has become available since the meeting of the Governing Council on 12 April has further underpinned the reasoning behind its decision to increase interest rates at the meeting on 8 March .
Informacije , ki so postale dosegljive po seji Sveta ECB 12 . aprila 2007 , so še dodatno podkrepile analizo , na kateri je temeljila odločitev o povišanju obrestnih mer 8 .
Strong vigilance is of the essence in order to ensure that risks to price stability over the medium term do not materialise .
Da se tveganja za stabilnost cen v srednjeročnem obdobju ne bi uresničila , bo Svet ECB v prihodnje zato zelo budno spremljal vsa dogajanja .
In turn , this will contribute to ensuring that medium to longer-term inflation expectations in the euro area remain solidly anchored at levels consistent with price stability .
S tem bo obenem zagotovil , da srednjeročna do dolgoročnejša inflacijska pričakovanja v euroobmočju ostanejo trdno zasidrana na ravni , ki je skladna s stabilnostjo cen .
Given the favourable economic environment , the ECB 's monetary policy continues to be on the accommodative side , with the key ECB interest rates moderate , money and credit growth vigorous , and liquidity in the euro area ample by all plausible measures .
Glede na ugodno gospodarsko okolje ostaja denarna politika ECB pretežno akomodativna , saj so ključne obrestne mere ECB zmerne , rast obsega denarja in kreditov živahna , likvidnost v euroobmočju pa po vseh zanesljivih merilih obsežna .
Turning first to the economic analysis , the latest indicators and survey data confirm that the expansion of economic activity continued in the first quarter of 2007 and remains solid and broad-based . Looking ahead , the medium-term outlook for economic growth in the euro area continues to be favourable .
Začnimo z ekonomsko analizo . Kot kažejo najnovejši kazalniki in anketni podatki , se je gospodarska konjunktura v prvem četrtletju tega leta nadaljevala ter ostala trdna in široko zasnovana .
Conditions are in place for the ongoing expansion to proceed at sustained rates .
Tudi v prihodnjem srednjeročnem obdobju ostajajo izgledi za gospodarsko rast euroobmočja ugodni .
Global economic growth has become more balanced across regions and , while moderating somewhat in recent quarters , remains strong . External conditions thus continue to provide support for euro area exports .
Pogoji , ki so potrebni za nadaljevanje sedanje ekspanzije po vzdržnih stopnjah , so izpolnjeni . Svetovna gospodarska rast je regionalno bolje uravnovešena in kljub določenemu umirjanju v zadnjih četrtletjih ostaja hitra , kar pomeni , da zunanje okolje še naprej spodbuja izvoz iz euroobmočja .
Domestic demand in the euro area is also expected to maintain its momentum .
Dosedanji zagon bo po pričakovanjih ohranilo tudi domače povpraševanje v euroobmočju .
Investment should remain dynamic , benefiting from an extended period of favourable financing conditions , balance sheet restructuring , strong corporate earnings and gains in business efficiency .
Investiranje bo zaradi dolgotrajnega obdobja ugodnih pogojev financiranja , prestrukturiranja bilanc , akumuliranih in tekočih visokih dobičkov ter izboljšane podjetniške učinkovitosti predvidoma ostalo dinamično .
Consumption should also strengthen further over time , in line with developments in real disposable income , increasingly supported by employment growth and improving labour market conditions . The risks surrounding this favourable outlook for economic growth are broadly balanced over the shorter term .
Sčasoma naj bi se skladno z gibanjem realnega razpoložljivega dohodka ter vse večjo rastjo zaposlovanja in izboljšanih razmer na trgu dela dodatno okrepila tudi potrošnja . Tveganja , ki so povezana s takšnimi ugodnimi izgledi gospodarske rasti , so kratkoročno večinoma uravnotežena , na daljši rok pa ostajajo usmerjena navzdol .
At longer horizons , the balance of risks remains on the downside , stemming mainly from external factors . Such factors include fears of a rise in protectionist pressures , the possibility of further increases in oil prices and concerns about possible disorderly developments due to global imbalances .
Izhajajo predvsem iz zunanjega okolja in so povezana s strahovi pred krepitvijo protekcionističnih pritiskov , možnostjo nadaljnjih povečanj cen nafte in negotovostmi glede možnih neobvladljivih gibanj zaradi svetovnih neravnovesij .
With regard to price developments , according to Eurostat 's flash estimate , annual HICP inflation was 1.8% in April 2007 , after 1.9% in March .
Na področju cenovnih gibanj je po hitri Eurostatovi oceni medletna inflacija po indeksu HICP v aprilu znašala 1,8% , marca pa 1,9% .
Looking at the coming months , barring further increases in oil prices , significant base effects deriving from last year 's energy price volatility will strongly influence the profile of annual inflation rates .
Brez upoštevanja morebitnih nadaljnjih podražitev nafte bodo na gibanje medletne stopnje inflacije v prihodnjih mesecih močno vplivali razmeroma veliki bazni učinki , ki izhajajo iz lanskoletne volatilnosti cen energentov .
On the basis of the current level of oil prices and oil price futures , annual inflation rates are likely to fall somewhat in the months to come , before rising again towards the end of the year to hover at levels around 2 %.
Glede na sedanjo raven cen nafte in cene nafte v terminskih pogodbah bo medletna stopnja inflacije v prihodnjih mesecih verjetno nekoliko padla , proti koncu leta pa ponovno zrasla in se gibala na ravni okrog 2 %.
Over the policy-relevant medium-term horizon , the outlook for price developments remains subject to upside risks .
V srednjeročnem obdobju , ki je pomembno za denarno politiko , so izgledi glede cenovnih gibanj še naprej povezani z navzgor usmerjenimi tveganji .
These relate notably to the increasing capacity utilisation in the euro area economy , the possibility of further oil price rises and additional increases in administered prices and indirect taxes beyond those announced and decided thus far .
Ta izhajajo iz vse večje izkoriščenosti kapacitet v gospodarstvu euroobmočja , možnosti nadaljnje rasti cen nafte ter dodatnega povišanja nadzorovanih cen in posrednih davkov poleg teh , ki so že bila napovedana in sprejeta .
More fundamentally , stronger than currently expected wage developments could pose significant upward risks to price stability , not least in view of the favourable momentum in labour markets observed over the past few quarters .
Na bolj temeljni ravni je mogoče , da bi večja gibanja plač od sedanjih pričakovanj lahko povzročila občutna tveganja navzgor usmerjenih pritiskov na stabilnost cen , zlasti glede na ugodno dinamiko na trgu dela v zadnjih nekaj četrtletjih .
It is crucial that the social partners meet their responsibilities so as to continue to avoid wage developments that would eventually lead to inflationary pressures and harm the purchasing power of all euro area citizens .
Bistveno je , da socialni partnerji ravnajo odgovorno in se izognejo plačnim gibanjem , ki bi sčasoma lahko povzročila inflacijske pritiske in oslabila kupno moč vseh državljanov euroobmočja .
In this context , it is also important to point out that wage agreements should be sufficiently differentiated and take into account price competitiveness positions , the still high level of unemployment in many economies and productivity developments across sectors .
V tem kontekstu je treba poudariti , da morajo dogovori o plačah omogočati dovolj veliko razlikovanje med plačami in upoštevajo cenovne konkurenčnosti , še vedno visoko stopnjo brezposelnosti v številnih gospodarstvih ter gibanje produktivnosti v posameznih panogah .
The monetary analysis confirms the prevailing upside risks to price stability at medium to longer horizons .
Denarna analiza potrjuje , da na srednji in daljši rok prevladujejo tveganja navzgor usmerjenih pritiskov na stabilnost cen .
The underlying rate of monetary expansion remains strong , in a context of already ample liquidity .
Osnovna stopnja denarne ekspanzije ostaja visoka , pri čemer je likvidnost že sicer obsežna .
The ongoing strength of monetary expansion is reflected in the increasingly rapid growth of M3 , which in March reached an annual rate of 10.9% , as well as in the ongoing high levels of credit growth .
Dosedanja intenzivnost denarne ekspanzije se odraža v vse hitrejši rasti agregata M3 , ki je marca na medletni ravni dosegla 10,9% , kot tudi v trajno visokih stopnjah rasti kreditov .
Monetary and credit expansion is due partly to the moderate level of interest rates and solid economic growth .
Denarna in kreditna ekspanzija je deloma posledica zmerne ravni obrestnih mer in trdne gospodarske rasti .