natgillin/translations-raw huggingface dataset:
CONTENTS FOREWORD 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 and cost 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 CHAPTER 2 CENTRAL BANK OPERATIONS AND ACTIVITIES 1 MONETARY POLICY OPERATIONS , FOREIGN EXCHANGE OPERATIONS AND INVESTMENT ACTIVITIES 1.1 Monetary policy operations 1.2 Foreign exchange operations 1.3 Investment activities 2 PAYMENT AND SECURITIES SETTLEMENT SYSTEMS 2.1 The TARGET system 2.2 TARGET2 2.3 TARGET2-Securities 2.4 Settlement procedures for collateral 3 BANKNOTES AND COINS 3.1 The circulation of banknotes and coins and the handling of currency 16 10 3.2 Banknote counterfeiting and counterfeit deterrence 3.3 Banknote issuance and production 4 STATISTICS 4.1 New or enhanced euro area statistics 4.2 Other statistical developments 4.3 Preparing for euro area enlargement 5 ECONOMIC RESEARCH 5.1 Research priorities 5.2 Publications and conferences 6 OTHER TASKS AND ACTIVITIES 6.1 Compliance with the prohibitions of monetary financing and privileged access 6.2 Advisory functions 6.3 Administration of the borrowing and lending operations of the European Community 6.4 Eurosystem reserve management services CHAPTER 3 ENTRY OF SLOVENIA INTO THE EURO AREA 92 92 97 98 1 ECONOMIC AND MONETARY DEVELOPMENTS IN SLOVENIA 2 LEGAL ASPECTS OF THE INTEGRATION OF BANKA SLOVENIJE INTO THE EUROSYSTEM 106 108 111 111 112 113 114 114 116 117 22 22 25 50 58 66 72
KAZ ALO PREDGOVOR POGLAVJE 1 GOSPODARSKA GIBANJA IN DENARNA POLITIKA 1 2 SKLEPI O DENARNI POLITIKI DENARNA , FINANČNA IN GOSPODARSKA GIBANJA 2.1 Svetovno makroekonomsko okolje 2.2 Denarna in finančna gibanja 2.3 Cenovna gibanja 2.4 Gibanja proizvodnje in povpraševanja ter gibanja na trgu dela 2.5 Fiskalna gibanja 2.6 Gibanja deviznih tečajev in plačilne bilance 16 6 22 22 25 49 4.2 Druga statistična gibanja 4.3 Priprava na širitev euroobmočja 5 EKONOMSKE RAZISKAVE 5.1 Raziskovalne prednostne naloge 5.2 Publikacije in konference DRUGE NALOGE IN AKTIVNOSTI 6.1 Upoštevanje prepovedi denarnega financiranja in privilegiranega dostopa 6.2 Svetovalne funkcije 6.3 Upravljanje operacij najemanja in dajanja posojil Evropske skupnosti 6.4 Storitve Eurosistema za upravljanje rezerv 111 112 113 113 115 117
100 100 102 103 104 106 3 OPERATIONAL ASPECTS OF THE INTEGRATION OF BANKA SLOVENIJE INTO THE EUROSYSTEM 130 3.1 Monetary policy operations 130 3.2 Contribution to the ECB 's capital , reserves and foreign 130 reserve assets 4 THE SLOVENIAN CASH CHANGEOVER 132
PRAVNI VIDIKI INTEGRACIJE BANKE SLOVENIJE V EUROSISTEM 128 OPERATIVNI VIDIKI INTEGRACIJE BANKE SLOVENIJE V EUROSISTEM 3.1 Operacije denarne politike 3.2 Prispevki v kapital , rezerve in devizne rezerve ECB ZAMENJAVA GOTOVINE V SLOVENIJI 3
CHAPTER 4 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 CHAPTER 5 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 candidate countries 2 INTERNATIONAL ISSUES 2.1 Key developments in the international monetary and financial system 2.2 Cooperation with countries outside the EU 154 154 156 136 136 138
POGLAVJE 4 FINANČNA STABILNOST IN INTEGRACIJA 1 FINANČNA STABILNOST 1.1 Spremljanje finančne stabilnosti 1.2 Sodelovanje v primerih finančnih kriz FINANČNA REGULATIVA IN NADZOR 2.1 Splošne zadeve 2.2 Bančništvo 2.3 Vrednostni papirji 2.4 Računovodstvo 136 136 138 140 140 140 141 142 3
CHAPTER 6 ACCOUNTABILITY 1 ACCOUNTABILITY VIS-À-VIS THE GENERAL PUBLIC AND THE EUROPEAN PARLIAMENT 166 2 SELECTED TOPICS RAISED AT MEETINGS WITH THE EUROPEAN PARLIAMENT 140 140 141 141 142 143 CHAPTER 7 EXTERNAL COMMUNICATION 1 COMMUNICATION POLICY 2 COMMUNICATION ACTIVITIES CHAPTER 8 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 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 New ECB premises 3 ESCB SOCIAL DIALOGUE 159 161 4 ANNUAL ACCOUNTS OF THE ECB Management report for the year ending 31 December 2006 Balance Sheet as at 31 December 2006 Profit and Loss Account for the year ending 31 December 2006 Accounting policies Notes on the Balance Sheet 172 173
POGLAVJE 8 INSTITUCIONALNI OKVIR , ORGANIZACIJA IN LETNI RAČUNOVODSKI IZKAZI 1 ORGANI ODLOČANJA IN UPRAVLJANJE ECB 1.1 Eurosistem in Evropski sistem centralnih bank 1.2 Svet ECB 1.3 Izvršilni odbor 1.4 Razširjeni svet ECB 1.5 Odbori Eurosistema / ESCB , proračunski odbor in konferenca o človeških virih 1.6 Upravljanje ECB ORGANIZACIJSKI RAZVOJ 2.1 Človeški viri 2.2 Novi prostori ECB SOCIALNI DIALOG V ESCB LETNI RAČUNOVODSKI IZKAZI ECB Poročilo poslovodstva za leto , ki se je končalo 31 . decembra 2006 Bilanca stanja na dan 31 .
Notes on the Profit and Loss Account 212 Note on profit distribution / allocation 215 of losses Auditor 's report 217 5 CONSOLIDATED BALANCE SHEET OF THE EUROSYSTEM AS AT 31 DECEMBER 2006 218
POGLAVJE 6 ODGOVORNOST 1 ODGOVORNOST DO ŠIRŠE JAVNOSTI IN EVROPSKEGA PARLAMENTA IZBRANE TEME , KI SO BILE IZPOSTAVLJENE NA ZASEDANJIH Z EVROPSKIM PARLAMENTOM
ANNEXES LEGAL INSTRUMENTS ADOPTED BY THE ECB 222 OPINIONS ADOPTED BY THE ECB CHRONOLOGY OF MONETARY POLICY MEASURES OF THE EUROSYSTEM 226 4 231
POGLAVJE 7 ZUNANJE KOMUNICIRANJE PRILOGE 1 2 POLITIKA KOMUNICIRANJA KOMUNIKACIJSKE DEJAVNOSTI 172 PRAVNI INSTRUMENTI , KI JIH JE SPREJEL A ECB 173 MNENJA , KI JIH JE SPREJELA ECB KRONOLOŠKI PREGLED UKREPOV DENARNE POLITIKE EUROSISTEMA 228 224
DOCUMENTS PUBLISHED BY THE EUROPEAN CENTRAL BANK SINCE 2006 233 GLOSSARY 239
ECB Letno poročilo 2006 DOKUMENTI , KI JIH JE OBJAVILA ECB OD LETA 2006 GLOSAR
LIST OF BOXES 1 The role of other financial intermediaries in monetary dynamics 29 Chart A MFI short-term deposits and repurchase agreements of other non-monetary financial intermediaries 30 Chart B Sectoral breakdown of longer-term MFI deposits 30 Chart C MFI loans to other non-monetary financial intermediaries 32 2 Interest rate dispersion in retail banking markets across euro area countries 43 Table Cross-country variation in MFI interest rates on new business 44 Chart A MFI interest rates on deposits from households 45 Chart B MFI interest rates on loans to households 46 Chart C MFI interest rates on loans to non-financial corporations 47 3 Longer-term inflation expectations in the euro area 52
SEZNAM OKVIROV 1 Vloga drugih finančnih posrednikov v denarni dinamiki 29 Graf A Kratkoročne vloge in repo pogodbe MFI , ki se nanašajo na nedenarne finančne posrednike 30 Graf B Sektorska razčlenitev dolgoročnih 30 vlog MFI Graf C Posojila MFI drugim nedenarnim finančnim posrednikom 31 2 Razpršenost obrestnih mer po državah euroobmočja 43 Tabela Razlike med državami v obrestnih merah MFI za nove posle 44 Graf A Obrestne mere MFI za vloge gospodinjstev 45 Graf B Obrestne mere MFI za posojila gospodinjstvom 45 Graf C Obrestne mere MFI za posojila nefinančnim družbam 46 3 Dolgoročnejša inflacijska pričakovanja v euroobmočju 51 Graf A Merila dolgoročnejših inflacijskih pričakovanj v euroobmočju 52 Graf B Frekvenčna porazdelitev inflacijskih pričakovanj za pet let vnaprej med anketiranci SPF 53 Graf C Razmerje med popravki kratkoročnih in dolgoročnejših inflacijskih pričakovanj v anketi SPF ( 2001-2006 ) 53 Graf D Izvedena inflacijska stopnja in verjetnost 2 % ali višje inflacije po HICP čez 5 let 54 4 Razlika v gospodarski rasti med državami euroobmočja 59
Chart A Measures of longer-term inflation expectations 53 for the euro area Chart B Frequency distribution of five-year-ahead inflation expectations among SPF respondents ( 2001-06 ) 54 Chart C Relationship between revisions to short-term and longer-term inflation expectations in the SPF ( 2001-06 ) 54 Chart D Break-even inflation rate and the probability of HICP inflation five years ahead being equal to or above 2 % 55 Output growth differentials across the euro area countries 60 Chart Dispersion of real GDP growth across the euro area countries 61 Developments in euro area productivity and the need for structural reforms 63 Chart A Labour productivity growth per hour worked 64 Chart B Labour productivity growth per person employed 64 Table A Selected structural indicators 65 Table B Sectoral labour productivity 66 growth per hour worked Developments in government debt securities issuance and bond yield 68 spreads in the euro area Table A Debt securities issued by euro area governments 68 Table B Structure of amounts outstanding of debt securities issued by euro area governments 69 Chart Cumulative changes in selected government bond yield spreads against Germany 69 Table C Sovereign credit ratings for the euro area countries 70 Globalisation and the competitiveness 74 of the euro area Table Revealed comparative advantage by factor intensity 75 Chart A Developments in revealed comparative advantage 76
Razpršenost rasti realnega BDP med državami euroobmočja 60 Gibanja produktivnosti euroobmočja in nujnost strukturnih reform 62 Graf A Rast produktivnosti dela na opravljeno delovno uro 63 Graf B Rast produktivnosti dela na zaposlenega 63 Tabela A Izbrani strukturni kazalci 63 Tabela B Rast produktivnosti dela na opravljeno delovno uro po 64 dejavnostih Izdajanje državnih dolžniških vrednostnih papirjev in razponi donosov obveznic v euroobmočju 66 Tabela A Dolžniški vrednostni papirji , ki so jih izdale države euroobmočja 67 Tabela B Struktura nedospelih dolžniških vrednostnih papirjev , ki so jih izdale države euroobmočja 67 Graf A Kumulativne spremembe v razponih razponov donosov izbranih državnih obveznic glede na Nemčijo 68 Tabela C Bonitetne ocene državnega dolga za države 68 Globalizacija in konkurenčnost euroobmočja 73 Tabela Izkazana primerjalna prednost po faktorski intenzivnosti 73 Graf A Gibanja izkazane primerjalne prednosti 74 1 Pretežno raziskovalno intenziven izvoz 74 2 Pretežno delovno intenziven izvoz 74 Graf B Spremembe v deležih uvoza industrijskih proizvodov euroobmočja po državi porekla 76 Pomen širitve euroobmočja na Slovenijo za statistiko 126
ECB Annual Report 2006
ECB Letno poročilo 2006
1 Predominantly research-intensive exports 76 2 Predominantly labour-intensive exports 76 Chart B Change in euro area manufacturing import shares 77 by country of origin 8 Statistical implications of the enlargement of the euro area to include Slovenia 126 LIST OF TABLES 1 Price developments 52 2 Labour cost indicators 57 3 Composition of real GDP growth 59 4 Labour market developments 62 5 Fiscal positions in the euro area 67 6 Real GDP growth 80 7 HICP inflation 81 8 Fiscal positions 82 9 Balance of payments -- selected items 84 10 Developments in ERM II 85 11 Official monetary policy strategies of non-euro area EU Member States during 2006 88 12 Payment traffic in TARGET 101 13 Distribution of counterfeits by denomination 107 14 Allocation of euro banknote 110 production in 2006 15 Main economic indicators for Slovenia 125 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 Main components of M3 6 MFI interest rates on short-term deposits and marketable instruments 7 MFI short-term deposits and repurchase agreements of the private sector
SEZNAM TABEL 1 Gibanja cen 2 Kazalniki stroškov dela 3 Sestava rasti realnega BDP 4 Gibanja na trgu dela 5 Fiskalni položaj v euroobmočju 6 Rast realnega BDP 7 Inflacija , merjena z indeksom HICP 8 Fiskalni položaj 9 Plačilna bilanca -- izbrane postavke 10 Gibanja v ERM II 11 Uradne strategije denarne politike držav članic EU zunaj euroobmočja v letu 2006 12 Plačilni promet v sistemu TARGET 13 Porazdelitev ponaredkov po apoenih 14 Dodelitev proizvodnje eurobankovcev leta 2006 15 Glavni gospodarski kazalci Slovenije SEZNAM GRAFOV 1 Obrestne mere ECB in obrestne mere denarnega trga 2 Glavna gibanja v večjih industrijsko razvitih državah 3 Glavna gibanja na trgih primarnih surovin 4 M3 in posojila zasebnemu sektorju 5 Glavne sestavine M3 6 Obrestne mere MFI za kratkoročne vloge in tržne instrumente 7 Kratkoročne vloge in repo pogodbe MFI , ki se nanašajo na zasebni sektor 8 Protipostavke M3 9 Ocene denarne vrzeli 10 Obrestne mere in naklon krivulje donosnosti denarnega trga v euroobmočju 11 51 56 59 61 66 79 80 81 83 84 14 15 16 17 87 100 106 109 20 125 21 18 19
8 Counterparts of M3 9 Estimates of the money gap 10 Money market interest rates in the euro area and the slope of the money market yield curve 11 Three-month EURIBOR futures rates and implied volatility derived from options on three-month EURIBOR futures 12 Long-term government bond yields 13 Spot and forward break-even inflation rates in the euro area 14 Major stock market indices 15 Implied stock market volatility 16 MFI loans to households 17 Interest rates for lending to households and non-financial corporations 18 Household debt and debt servicing 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 growth rate of external financing to non-financial corporations 22 Debt and net interest payments of the non-financial corporate sector 23 Breakdown of HICP inflation : main components 24 Contributions to HICP inflation from main components 25 Breakdown of industrial producer prices 26 Sectoral compensation per employee 27 Residential property price developments in the euro area 28 Contributions to quarterly real GDP growth 29 Confidence indicators 30 Unemployment 31 Labour productivity 32 Euro nominal and real effective exchange rates 33 34
Obrestne mere terminskih pogodb na 3 mesečni EURIBOR in implicitna nestanovitnost , ki jo izražajo opcije na terminske pogodbe Donosi dolgoročnih državnih obveznic Promptne in terminske izvedene stopnje inflacije v euroobmočju Najpomembnejši delniški indeksi Implicitna volatilnost delniških trgov Posojila MFI gospodinjstvom Obrestne mere za posojila gospodinjstvom in nefinančnim družbam Zadolženost in breme servisiranja dolga gospodinjstev Realni stroški zunanjega financiranja nefinančnih družb v euroobmočju Stopnja dobička nefinančnih družb euroobmočja , ki kotirajo Razčlenitev realne letne stopnje rasti zunanjega financiranja nefinančnih družb Zadolženost in neto plačila obresti nefinančnega podjetniškega sektorja Razčlenitev inflacije po HICP : glavne komponente Prispevki glavnih komponent k inflaciji po HICP Razčlenitev cen industrijskih proizvodov po proizvajalcih Sredstva za zaposlene po dejavnostih Gibanja cen stanovanjskih nepremičnin v euroobmočju Prispevki k četrtletni rasti realnega BDP Kazalniki zaupanja Brezposelnost Produktivnost dela Nominalni in realni efektivni menjalni tečaji eura Saldo tekočega računa in njegove komponente
33 Current account balance and its components 73 34 Euro area imports of goods and Brent crude oil prices 73 35 Euro area direct and portfolio investment 78 36 Euro area financial outflows to the new EU Member States 78 37 Net international investment position 79 38 Changes in the exchange rate of the euro against EU currencies outside ERM II 86 39 Credit to the private sector in 2006 87 40 Liquidity factors in the euro area in 2006 92 41 Eligible marketable assets 95 42 Eligible marketable assets put forward as collateral 95 43 Difference between the share in eligible marketable assets and the share in collateral put forward in 2006 96 44 Total number of euro banknotes in circulation between 2002 and 2006 106 45 Total value of euro banknotes in circulation between 2002 and 2006 106 46 Number of euro banknotes in circulation between 2002 and 2006 by denomination 107 47 Number of counterfeit euro banknotes recovered from circulation between 2002 and 2006 108
34 Uvoz blaga v euroobmočje in cene surove nafte Brent 72 35 Neposredne in portfeljske naložbe euroobmočja 77 36 Finančni odlivi euroobmočja v nove države članice EU 77 37 Neto stanje mednarodnih naložb 77 38 Spremembe tečaja eura do valut EU izven ERM II 84 39 Krediti zasebnemu sektorju v letu 2006 85 40 Likvidnostni dejavniki 90 v euroobmočju leta 2006 41 Ustrezno tržno finančno premoženje 93 42 Ustrezno tržno finančno premoženje , uporabljeno za zavarovanje terjatev 93 43 Razlika med deležem ustreznega tržnega finančnega premoženja in deležem finančnega premoženja , uporabljenega za zavarovanje terjatev v letu 2006 94 44 Skupno število eurobankovcev v obtoku med letoma 2002 in 2006 105 45 Skupna vrednost bankovcev v obtoku med letoma 2002 in 2006 105 46 Število eurobankovcev v obtoku med letoma 2002 in 2006 po apoenih 106 47 Število ponarejenih eurobankovcev , umaknjenih iz obtoka med letoma 2002 in 2006 107
ABBREVIATIONS COUNTRIES BE BG CZ DK DE EE IE GR ES FR IT CY LV LT LU HU MT NL AT PL PT RO SI SK FI SE UK JP US Belgium Bulgaria Czech Republic Denmark Germany Estonia Ireland Greece Spain France Italy Cyprus Latvia Lithuania Luxembourg Hungary Malta Netherlands Austria Poland Portugal Romania 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 MFI NCB OECD 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 institution national central bank Organisation for Economic Co-operation and Development Producer Price Index unit labour costs in manufacturing In accordance with Community practice , the EU Member States are listed in this report using the alphabetical order of the country names in the national languages .
KRATICE DRŽAVE BE BG CZ DK DE EE IE GR ES FR IT CY LV LT LU HU MT NL AT PL PT RO SI SK FI SE UK JP ZDA Belgija Bolgarija Češka Danska Nemčija Estonija Irska Grčija Španija Francija Italija Ciper Latvija Litva Luksemburg Madžarska Malta Nizozemska Avstrija Poljska Portugalska Romunija Slovenija Slovaška Finska Švedska Združeno kraljestvo Japonska Združene države Amerike DRUGO BIS BPM5 BDP c.i.f. CPI ECB EEA EER EMI EMU ESA 95 ESCB EU EUR f.o.b. HICP ILO MDS MFI NCB OECD PPI ULCM Banka za mednarodne poravnave Plačilnobilančni priročnik IMF-a ( 5 . izdaja ) bruto domači proizvod stroški , zavarovanje in prevoznina na državni meji uvoznika indeks cen življenjskih potrebščin Evropska centralna banka Evropsko gospodarsko območje efektivni menjalni tečaj Evropski monetarni inštitut Ekonomska in monetarna unija Evropski sistem nacionalnih računov 1995 Evropski sistem centralnih bank Evropska unija euro franko na ladijski krov na državni meji izvoznika harmonizirani indeks cen življenjskih potrebščin Mednarodna organizacija dela Mednarodni denarni sklad monetarne finančne institucije nacionalne centralne banke Organizacija za gospodarsko sodelovanje in razvoj indeks cen ( industrijskih ) proizvajalcev stroški dela na ( količinsko ) enoto proizvodov v predelovalni dejavnosti
ECB Annual Report 2006 FOREWORD
ECB Letno poročilo 2006
ECB in conducting its monetary policy in strict compliance with its primary objective of maintaining price stability over the medium term .
ohranjanja cenovne stabilnosti na srednji rok .
The solid anchoring of longer-term inflation expectations is a prerequisite for monetary policy to make an ongoing contribution towards supporting sustainable economic growth and job creation in the euro area .
Trdno zasidranje dolgoročnejših inflacijskih pričakovanj je temeljni pogoj , da lahko denarna politika še naprej prispeva k spodbujanju vzdržne gospodarske rasti in ustvarjanju delovnih mest v euroobmočju .
In 2006 average annual HICP inflation was 2.2% , unchanged compared with the previous year .
Leta 2006 je bila povprečna letna inflacija po HICP 2,2% , kar je enako kot predhodno leto .
This is above the ECB 's definition of price stability of below , but close to , 2 %.
To je nad definicijo cenovne stabilnosti ECB , ki določa inflacijo pod 2 %, vendar blizu te meje .
Although it reflects the oil and commodity price shocks , there is no room for complacency .
Čeprav to odraža šoke , ki so jih povzročile cene nafte in primarnih surovin , ni razloga za zadovoljstvo .
Risks to price stability continued to be clearly on the upside throughout 2006 .
Tveganja za cenovno stabilnost so vse leto 2006 nedvomno ostala usmerjena navzgor .
Notable among these risks were the possibility of a stronger than anticipated pass-through of past oil price increases , unanticipated increases in administered prices and indirect taxes , and renewed oil price rises .
Še posebno so se nanašala na močnejši prenos pretekle rasti cen nafte od pričakovanega , na nenapovedana zvišanja nadzorovanih cen in posrednih davkov ter na ponoven dvig cen nafte .
More fundamentally , given the very favourable economic environment in 2006 , with an ongoing reduction in unemployment and a further improvement in labour market performance , the prospect of stronger than expected wage developments continued to pose substantial upside risks to price stability .
Predvsem možnost močnejšega gibanja plač od pričakovanega je glede na zelo ugodno gospodarsko okolje v letu 2006 z vse manjšo brezposelnostjo in vse boljšim delovanjem trga dela predstavljala znatno navzgor usmerjeno tveganje za cenovno stabilnost .
In this context , and in particular in view of the upcoming 2007 wage rounds , the Governing Council stressed that wage agreements should take into account the still unacceptably high level of unemployment in a number of countries , as well as their present price competitiveness positions and yearly labour productivity developments .
Svet ECB je v teh razmerah , in zlasti glede na skorajšnja pogajanja o plačah v letu 2007 , poudaril , da bo treba v plačnih dogovorih upoštevati še vedno nesprejemljivo raven brezposelnosti v številnih državah , pa tudi njihovo trenutno cenovno konkurenčnost in letna gibanja produktivnosti dela .
The Governing Council 's assessment that risks to price stability prevailed was confirmed by cross-checking with the monetary analysis .
Oceno Sveta ECB , da prevladujejo tveganja pritiskov na cenovno stabilnost , je potrdila tudi navzkrižna primerjava z denarno analizo .
The marked dynamism of monetary and credit growth in 2006 reflected a continuation of the persistent upward trend in the underlying rate of monetary expansion in the euro area that has been observed since mid-2004 , adding further to liquidity accumulation .
Izrazita rast denarja in kreditov v letu 2006 je odražala nadaljevanje vztrajnega naraščajočega trenda temeljne stopnje denarne ekspanzije v euroobmočju , ki se je začel sredi leta 2004 , in dodatno prispevala k akumulaciji likvidnosti . Ta je po več letih trdne rasti denarja ostala obsežna po vseh zanesljivih merilih .
Following several years of robust monetary growth , liquidity in the euro area remained ample by all plausible measures . In a context of continued strong
V razmerah še naprej močne rasti denarja in kreditov je to kazalo na tveganja navzgor usmerjenih pritiskov na cenovno stabilnost v srednjeročnem do dolgoročnejšem obdobju .