natgillin/translations-raw huggingface dataset:
1 MONETARY POLICY DECISIONS 1 In 2007 the ECB conducted its monetary policy in an environment of sound economic growth and vigorous money and credit expansion in the euro area .
1 SKLEPI O DENARNI POLITIKI 1 ECB je leta 2007 svojo denarno politiko vodila v okolju razmeroma visoke gospodarske rasti ter živahnega povečevanja obsega denarja in kreditov v euroobmočju .
Throughout the year , the medium-term risks to price stability remained clearly on the upside , as identified by the Governing Council 's regular economic and monetary analyses .
Kot so pokazale redne ekonomske in denarne analize Sveta ECB , so srednjeročna tveganja za stabilnost cen vse leto nedvomno ostajala usmerjena navzgor .
To contain these risks , the Governing Council continued to adjust the monetary policy stance , raising the key ECB interest rates by a total of 50 basis points in March and June .
Da bi ta tveganja omejili , je Svet ECB še naprej prilagajal naravnanost denarne politike ter je marca in junija dvignil ključne obrestne mere ECB za skupno 50 bazičnih točk .
As a result , the minimum bid rate in the main refinancing operations of the Eurosystem rose to 4.00% in June 2007 .
Tako se je izklicna obrestna mera za operacije glavnega refinanciranja Eurosistema junija 2007 dvignila na 4,00% .
Following the onset of the turmoil and increased volatility in financial markets in early August 2007 , which had been triggered by a deterioration in the US sub-prime mortgage market and the repricing of risk , the outlook for economic activity in the euro area became clouded by unusually high uncertainty .
Po nastopu pretresov in povečane volatilnosti na finančnih trgih na začetku avgusta 2007 , ki jih je sprožilo poslabšanje na trgu drugorazrednih hipotekarnih posojil v ZDA in prevrednotenje tveganja , je gospodarske obete v euroobmočju zameglila nenavadno velika negotovost .
Notwithstanding the confirmation of upside risks to price stability over the medium term , it was necessary in this environment of heightened uncertainty to collect and assess further information before drawing conclusions for monetary policy .
Ne glede na potrjena navzgor usmerjena tveganja za stabilnost cen v srednjeročnem obdobju je bilo treba v razmerah povečane negotovosti pred sprejemanjem sklepov o denarni politiki zbrati in oceniti dodatne informacije .
The Governing Council therefore left the key ECB interest rates unchanged in the second half of the year ( see Chart 1 ) .
Svet ECB je zato v drugi polovici leta pustil ključne obrestne mere ECB nespremenjene ( glej graf 1 ) .
Average annual HICP inflation stood at 2.1% in 2007 , compared with 2.2% in 2006 .
Povprečna medletna inflacija , merjena z indeksom HICP , je leta 2007 znašala 2,1% ( v primerjavi z 2,2% leta 2006 ) .
Headline inflation fluctuated significantly in the course of the year , largely on account of developments in energy prices .
Skupna inflacija je med letom močno nihala , predvsem zaradi gibanja cen energentov .
Until the third quarter of 2007 , annual HICP inflation developed in line with the ECB 's definition of price stability ( i.e. below , but close to , 2 % over the medium term ) , partly as a result of favourable base effects stemming from energy price developments a year earlier .
Do tretjega četrtletja 2007 se je medletna inflacija , merjena z indeksom HICP , gibala v skladu z opredelitvijo stabilnosti cen ECB ( tj . srednjeročno pod 2 %, vendar blizu te meje ) , delno zaradi ugodnih baznih učinkov , ki so izhajali iz gibanja cen energentov v prejšnjem letu .
Towards the end of the year , by contrast , annual inflation rose sharply , reaching levels significantly above 2 %.
Nasprotno pa se je inflacija proti koncu leta strmo dvignila in dosegla stopnje precej nad 2 %. Zvišanje inflacije je bilo predvsem posledica občutne rasti mednarodnih cen nafte in hrane v drugi polovici leta
The rise was mainly due to substantial increases in international oil and food prices in the second half of 2007 , which 1 All data references regarding real GDP growth and HICP inflation reflect revised data as available on the cut-off date of this report ( 29 February 2008 ) .
Vsi podatki o realni rasti BDP in inflaciji , merjeni z indeksom HICP , so revidirani , kot so bili na voljo na presečni datum v tem poročilu ( 29 . februar 2008 ) .
The use of updated revised data rather than real-time data available at the time monetary policy decisions were taken does not change the line of reasoning underlying the monetary policy deliberations and decisions presented in this section .
Uporaba novejših revidiranih podatkov namesto tekočih podatkov , ki so bili na voljo v času sprejemanja sklepov o denarni politiki , ne vpliva na potek razglabljanja v okviru posvetovanja in odločanja o denarni politiki , ki je predstavljeno v tem razdelku .
Chart 1 ECB interest rates and money market rates ( percentages per annum ;
Graf 1 Obrestne mere ECB in obrestne mere denarnega trga ( odstotki na leto ;
daily data ) minimum bid rate of the main refinancing operations deposit rate marginal lending rate three-month EURIBOR 6.0 5.0 4.0 3.0 2.0 1.0 0.0 1999 2000 2001 2002 2003 2004 2005 2006 2007 6.0 5.0 4.0 3.0 2.0 1.0 0.0
dnevni podatki ) izklicna obrestna mera za operacije glavnega refinanciranja obrestna mera za odprto ponudbo mejnega depozita obrestna mera za odprto ponudbo mejnega posojila 3-mesečni EURIBOR 6,0 5,0 4,0 3,0 2,0 1,0 0,0 1999 2000 2001 2002 2003 2004 2005 2006 2007 6,0 5,0 4,0 3,0 2,0 1,0 0,0
Note : The rate for the main refinancing operations refers , for operations settled before 28 June 2000 , to the rate applicable to fixed rate tenders .
Opomba : Obrestna mera za operacije glavnega refinanciranja je za operacije , poravnane pred 28 . junijem 2000 , obrestna mera , ki velja za avkcije s fiksno mero .
were amplified by unfavourable base effects stemming from the decline in energy prices in the last quarter of 2006 .
2007 , kar so še okrepili neugodni bazni učinki znižanja cen energentov v zadnjem četrtletju leta 2006 .
At the same time , wage developments remained rather moderate throughout 2007 , despite an environment of robust economic growth , emerging capacity constraints and tightening labour markets .
Hkrati so gibanja plač kljub okrepljeni gospodarski rasti , pojavljanju omejenega obsega prostih zmogljivosti in zaostrovanju trga dela vse leto 2007 ostala razmeroma umirjena .
While longer-term inflation expectations derived from surveys remained anchored at levels consistent with price stability , break-even inflation rates derived from bond yields , which include an inflation risk premium , rose slightly . Overall , risks to price stability over the medium term remained clearly on the upside .
Medtem ko so dolgoročna inflacijska pričakovanja na podlagi anket ostala zasidrana na ravni , ki je skladna s stabilnostjo cen , pa so se izvedene stopnje inflacije na podlagi donosnosti obveznic , ki vključujejo premijo za inflacijska tveganja , nekoliko zvišale .
These risks included : the scope for additional rises in prices of oil and agricultural products ;
V celoti gledano so srednjeročna tveganja za stabilnost cen nedvomno ostala usmerjena navzgor .
unforeseen increases in administered prices and indirect taxes ; and the possibility of increases in firms » pricing power , particularly in sectors sheltered from competition .
Ta tveganja so med drugim obsegala možnost za dodatno rast cen nafte in kmetijskih proizvodov , nepredvideno povečanje nadzorovanih cen in posrednih davkov ter morebitno povečanje moči podjetij pri oblikovanju cen , zlasti v sektorjih z manj konkurence .
More fundamentally , the possible emergence of stronger than expected wage dynamics and , in particular , of secondround effects in wage and price-setting as a consequence of higher commodity prices and elevated headline inflation rates posed substantial upside risks to price stability .
Bolj bistveno pa je , da je znatna navzgor usmerjena tveganja za stabilnost cen predstavljala možnost , da pride do močnejšega gibanja plač od pričakovanega in zlasti , da pride do sekundarnih učinkov pri oblikovanju plač in cen zaradi višjih cen primarnih surovin in povišanih stopenj skupne inflacije .
Economic activity in the euro area continued to expand at solid rates throughout 2007 .
Gospodarska aktivnost v euroobmočju se je leta 2007 še naprej povečevala po razmeroma visokih stopnjah .
While euro area exports continued to benefit from strong , albeit moderating , global growth , domestic demand was the main driver of the continued expansion .
Medtem ko je na izvoz euroobmočja še naprej ugodno vplivala močna , čeprav nekoliko zmernejša rast svetovnega gospodarstva , pa je bilo domače povpraševanje glavno gonilo nadaljevanja gospodarske rasti .
Investment remained dynamic over the year , supported by favourable financing conditions ( especially in the first half ) , strong corporate earnings and continued gains in business efficiency on account of restructuring in the corporate sector over an extended period of time .
Naložbe so bile med letom še naprej dinamične , podpirali pa so jih ugodni pogoji financiranja ( zlasti v prvi polovici leta ) , veliki podjetniški dobički in nadaljnje izboljšanje učinkovitosti poslovanja zaradi prestrukturiranja v podjetniškem sektorju , ki je potekalo daljše časovno obdobje .
Consumption also continued to contribute to economic expansion in the euro area , supported by developments in real disposable income , as labour market conditions continued to improve .
Tudi potrošnja je še naprej prispevala h gospodarski rasti v euroobmočju , spodbujalo pa jo je gibanje realnega razpoložljivega dohodka ob nadaljevanju izboljšanih razmer na trgu dela .
In the context of the financial turmoil that started in early August 2007 , the prospects for economic activity became more uncertain and downside risks to growth intensified .
Ob finančnih pretresih , ki so se začeli na začetku avgusta 2007 , so gospodarski obeti postali bolj negotovi , tveganja za znižanje rasti pa so se okrepila .
Nevertheless , the economic fundamentals of the euro area remained sound , with corporate profitability
Kljub temu so gospodarski temelji euroobmočja ostali trdni , pri čemer se je dobičkonosnost pod -
sustained , household balance sheets strong , employment growth robust and unemployment rates declining from 8.2% in 2006 to 7.4% in 2007 , which was the lowest level for 25 years .
jetij ohranjala na doseženi ravni , bilance stanja gospodinjstev so bile zdrave , rast zaposlenosti je bila okrepljena , stopnja brezposelnosti pa se je znižala z 8,2% v letu 2006 na 7,4% v letu 2007 , kar je najnižja raven v zadnjih petindvajsetih letih .
Overall , notwithstanding the challenges posed by volatile energy prices and financial turbulence , real GDP in the euro area grew by 2.6% on an annual basis in 2007 .
Kljub nestabilnim cenam energentov in finančnim pretresom se je realni BDP v euroobmočju v letu 2007 medletno povečal za 2,6% .
While short-term risks to the outlook for economic growth were broadly balanced for most of the year , longerterm risks remained on the downside .
Medtem ko so bila kratkoročna tveganja za gospodarsko rast med letom večinoma uravnotežena , pa so dolgoročna tveganja ostajala na strani upočasnitve rasti .
These risks mainly related to external developments , notably possible further rises in oil and other commodity prices , global imbalances and potential protectionist pressures .
Ta tveganja so bila povezana z zunanjimi gibanji , predvsem z morebitno nadaljnjo rastjo cen nafte in primarnih surovin , svetovnimi neravnovesji in potencialnimi protekcionističnimi pritiski .
After the onset of the financial turmoil , downside risks to growth intensified , given the potential impact of the reappraisal of risk in financial markets on financing conditions , economic sentiment and the global environment .
Po nastopu finančnih pretresov so se tveganja za znižanje rasti okrepila zaradi prevrednotenja tveganja na finančnih trgih , ki bi lahko vplivalo na finančne pogoje , gospodarsko klimo in svetovno gospodarsko okolje .
A cross-check of the outcome of the economic analysis with that of the monetary analysis confirmed that upside risks to price stability prevailed at medium to longer horizons .
Medsebojna primerjava rezultatov ekonomske in denarne analize je potrdila , da so srednjeročno in dolgoročno prevladovala navzgor usmerjena tveganja za stabilnost cen .
Money and credit continued to grow vigorously throughout 2007 .
Obseg denarja in kreditov se je vse leto 2007 še naprej živahno povečeval .
Although a number of temporary factors ( such as the flattening of the yield curve and , later in the year , the financial turmoil and specific transactions associated with the restructuring of certain banking groups ) influenced developments in the broad aggregate M3 , a broad-based assessment of the data confirmed the strength of the underlying rate of money and credit expansion , as underlined , in particular , by the sustained growth of loans to the private sector .
Čeprav so številni začasni dejavniki ( kot so položnejša krivulja donosnosti ter pozneje v letu tudi finančni pretresi in posebne transakcije , povezane s prestrukturiranjem nekaterih bančnih skupin ) vplivali na gibanje širšega agregata M3 , je širša ocena podatkov potrdila visoko osnovno stopnjo rasti denarja in kreditov , kar je zlasti spodbujala nadaljnja rast posojil zasebnemu sektorju .
The Governing Council therefore paid particular attention to monetary developments , also with a view to better understanding the shorter-term response of financial institutions , households and firms to the financial market turmoil in the second half of 2007 .
Svet ECB je zato pozorno spremljal denarna gibanja , tudi zato , da bi bolje razumel kratkoročen odziv finančnih institucij , gospodinjstev in podjetij na pretrese na finančnih trgih v drugi polovici leta 2007 .
To address the prevailing upside risks to price stability identified by both its economic and monetary analyses , the Governing Council decided in March and June 2007 to raise the key ECB interest rates by 25 basis points in ECB Annual Report 2007 19
Za obvladovanje prevladujočih navzgor usmerjenih tveganj za stabilnost cen , na katere je opozarjala ekonomska in denarna analiza , je Svet ECB marca in junija 2007 sklenil zvišati ključne obrestne mere ECB za 25 bazičnih točk .
each case . Following the onset of the financial turmoil in early August 2007 , the prospects for economic activity in the euro area were subject to higher than usual uncertainty in the face of the increased volatility and the repricing of risk in financial markets .
Po nastopu finančnih pretresov na začetku avgusta 2007 so bile možnosti za gospodarsko aktivnost v euroobmočju zaradi povečane volatilnosti in ECB Letno poročilo 2007 19
Against this background , and notwithstanding the assessment that risks to price stability over the medium term remained clearly on the upside , the Governing Council deemed it appropriate to collect additional information and to carefully examine incoming data before drawing further monetary policy conclusions .
V takšnih razmerah je Svet ECB sklenil , da je ne glede na oceno , da so srednjeročno tveganja za stabilnost cen nedvomno usmerjena navzgor , treba pred nadaljnjim sprejemanjem zaključkov o denarni politiki zbrati dodatne informacije in pozorno preučiti zadnje podatke .
With due consideration of the heightened level of uncertainty , the Governing Council therefore left the key ECB interest rates unchanged in the second half of the year .
Ob upoštevanju povečane stopnje negotovosti je Svet ECB zato v drugi polovici leta ohranil ključne obrestne mere ECB nespremenjene .
In its communications to financial market participants and the general public , the Governing Council stressed that it would monitor all developments very closely , in particular those in financial markets .
V sporočilih udeležencem na finančnih trgih in širši javnosti je Svet ECB poudarjal , da bo zelo natančno spremljal dogajanja , zlasti tista na finančnih trgih .
Furthermore , the Governing Council signalled its readiness to counter upside risks to price stability by acting in a firm and timely manner to prevent second-round effects in wage and price-setting from materialising over the medium term .
Poleg tega je Svet ECB naznanil svojo pripravljenost , da z odločnim in pravočasnim ukrepanjem prepreči navzgor usmerjena tveganja za stabilnost cen z namenom , da onemogoči uresničitev sekundarnih učinkov pri oblikovanju plač in cen v srednjeročnem obdobju .
This would ensure that medium to long-term inflation expectations remain firmly anchored at levels consistent with price stability .
To naj bi zagotovilo nadaljnje trdno zasidranje srednjeročnih in dolgoročnih inflacijskih pričakovanj na ravni , ki je skladna s stabilnostjo cen .
Reflecting the Governing Council 's mandate , such anchoring is an indispensable prerequisite for well-functioning markets , sustained economic growth and job creation .
V skladu z mandatom Sveta ECB je takšno zasidranje nujen predpogoj za dobro delovanje trgov , vzdržno gospodarsko rast in ustvarjanje delovnih mest .
FURTHER ADJUSTMENT OF THE MONETARY POLICY STANCE IN THE FIRST HALF OF 2007 At the start of the year , incoming information further underpinned the reasoning behind the interest rate increases implemented in 2006 .
NADALJNJA PRILAGODITEV NARAVNANOSTI DENARNE POLITIKE V PRVI POLOVICI LETA 2007 Na začetku leta so nove informacije dodatno utemeljile razloge za zvišanje obrestnih mer v letu 2006 .
In particular , the incoming data clearly confirmed the view that risks to price stability remained on the upside , while economic activity in the euro area was continuing to expand robustly .
Novi podatki so zlasti zelo jasno potrdili stališče , da so tveganja za stabilnost cen usmerjena navzgor , medtem ko se je gospodarska aktivnost v euroobmočju še naprej okrepljeno povečevala .
With a quarter-on-quarter increase of 0.8% in the fourth quarter of 2006 , euro area real GDP growth exceeded earlier expectations .
Realna rast BDP v euroobmočju je z 0,8% povečanjem v četrtem četrtletju 2006 v primerjavi s prejšnjim četrtletjem presegla prejšnja pričakovanja .
Strong contributions from domestic demand and exports were the main drivers of growth , pointing to
Največ sta k temu prispevala domače povpraševanje in izvoz , kar kaže na vse bolj samozadostno naravo gospodarske rasti .
the increasingly self-sustaining nature of the economic expansion . In addition , available confidence indicators continued to support the Governing Council 's view that the robust economic growth dynamics had continued into early 2007 .
Poleg tega so razpoložljivi kazalniki zaupanja še naprej podpirali stališče Sveta ECB , da se je okrepljena dinamika gospodarske rasti nadaljevala tudi v začetku leta 2007 .
Moreover , the medium-term outlook for economic activity remained favourable , with conditions in place for the euro area economy to grow at a sustained pace , given robust global growth and dynamic investment growth in the euro area in a context of improving labour market conditions .
dnjeročni gospodarski obeti so ostali ugodni , pri čemer so razmere omogočale nadaljevanje rasti gospodarstva euroobmočja po doseženih stopnjah ob močni rasti svetovnega gospodarstva in dinamični rasti naložb v euroobmočju v okviru izboljšanih pogojev na trgu dela .
In the ECB staff macroeconomic projections of March 2007 , the ranges projected for economic growth were revised upwards in comparison with those in the Eurosystem staff projections of December 2006 , largely reflecting the continued strength of real GDP growth in the second half of 2006 and lower energy prices , which were seen -- if these developments were to be sustained -- to have a positive impact on real disposable income .
V makroekonomskih projekcijah strokovnjakov ECB iz marca 2007 so bili napovedani razponi gospodarske rasti v primerjavi s projekcijami strokovnjakov Eurosistema iz decembra 2006 popravljeni navzgor , predvsem zaradi nadaljevanja močne rasti realnega BDP v drugi polovici leta 2006 in nižjih cen energentov , kar naj bi -- če bi se takšna gibanja nadaljevala -- pozitivno učinkovalo na realni razpoložljivi dohodek .
Average annual real GDP growth was projected to be in a range between 2.1% and 2.9% in 2007 , and between 1.9% and 2.9% in 2008 .
Povprečna letna rast realnega BDP naj bi se leta 2007 po napovedih gibala med 2,1% in 2,9% , v letu 2008 pa med 1,9% in 2,9% .
As regards price developments , annual HICP inflation rates remained at 1.9% at the start of the year , and were thus consistent with the ECB 's definition of price stability .
Kar zadeva gibanje cen , je medletna inflacija , merjena z indeksom HICP , na začetku leta ostala na ravni 1,9% in je bila skladna z opredelitvijo stabilnosti cen ECB .
The fall in headline inflation rates since the summer of 2006 was due predominantly to lower energy prices .
Znižanje skupne inflacije po poletju 2006 je bilo predvsem posledica nižjih cen energentov .
In assessing the outlook for price developments , the Governing Council stressed the importance of taking a medium-term perspective and of looking beyond the possible volatility in inflation rates in the course of 2007 .
Svet ECB je pri ocenjevanju prihodnjega gibanja cen poudaril , da je pomembna srednjeročna perspektiva in da je treba odmisliti morebitna nihanja v stopnji inflacije tekom leta 2007 .
In the ECB staff macroeconomic projections of March 2007 , the upper bound of the range projected for inflation in 2007 was somewhat lower than in the Eurosystem staff projections of December 2006 , largely reflecting the significant decline in oil prices .
V makroekonomskih projekcijah strokovnjakov ECB iz marca 2007 je bil zgornji del razpona napovedane inflacije v letu 2007 nekoliko nižji kot v projekcijah Eurosistema iz decembra 2006 , predvsem zaradi občutnega znižanja cen nafte .
The projected range for inflation in 2008 , by contrast , was slightly higher than in the December projections , mainly as a result of the anticipation of stronger growth dynamics in the euro area that were likely to exert more intense pressure on factor utilisation and costs . Average annual HICP inflation was projected to stand
Nasprotno pa je bil napovedani razpon inflacije v letu 2008 nekoliko višji kot v decembrskih projekcijah , predvsem zaradi pričakovanja večje dinamike rasti v euroobmočju , ki naj bi povzročala večje pritiske na izkoriščenost proizvodnih faktorjev in stroške .
ECB Annual Report 2007 between 1.5% and 2.1% in 2007 , and between 1.4% and 2.6% in 2008 .
Povprečna medletna inflacija po HICP naj bi se leta 2007 po projekcijah gibala med 1,5% in 2,1% , v letu 2008 pa med 1,4% in 2,6% .
At the policy-relevant medium-term horizon , this outlook remained subject to upside risks .
V srednjeročnem obdobju , ki je pomembno za vodenje politike , so bila takšna pričakovanja še naprej pod vplivom tveganja , da bodo te vrednosti višje .
The outcome of the monetary analysis confirmed the upside risks to price stability that had been identified by the economic analysis .
Rezultati denarne analize so potrdili navzgor usmerjena tveganja za stabilnost cen , ki jih
The continued robust expansion of money and credit in an environment of ample liquidity pointed to inflationary risks at medium to longer horizons .
Nadaljevanje okrepljene rasti denarja in kreditov v razmerah obsežne likvidnosti je kazalo na inflacijska tveganja v srednjeročnem in dolgoročnejšem obdobju .
At the beginning of 2007 , annual M3 growth reached levels not seen since the introduction of the euro .
Na začetku leta 2007 je medletna rast M3 dosegla rekordne stopnje , ki so bile najvišje od uvedbe eura .
Moreover , the annual rate of growth in loans to the private sector remained strong , largely reflecting the continuation of the upward trend in the growth of borrowing by nonfinancial corporations that had been recorded since mid-2004 .
Poleg tega je ostala močna tudi medletna rast posojil zasebnemu sektorju , predvsem zaradi nadaljevanja trenda naraščanja zadolževanja nefinančnih družb , ki ga opažamo od sredine leta 2004 .