natgillin/translations-raw huggingface dataset:
Overall , on the basis of its regular economic and monetary analyses , the Governing Council expects euro area underlying inflationary pressures to remain contained in the medium term .
Na podlagi redne ekonomske in denarne analize Svet ECB na splošno pričakuje , da bodo inflacijski pritiski v euroobmočju v srednjeročnem obdobju še naprej obrzdani .
Accordingly , it decided to leave the key ECB interest rates unchanged .
Zato je sklenil , da ključne obrestne mere ECB obdrži na sedanji ravni .
The exceptionally low level of interest rates across the entire maturity spectrum continues to provide considerable support to economic growth in the euro area , which currently shows only moderate dynamics .
Te so izredno nizke v celotnem razponu ročnosti in še naprej močno spodbujajo sicer trenutno razmeroma skromno gospodarsko rast v euroobmočju .
At the same time , the Governing Council will remain vigilant with regard to upside risks to price stability .
Svet ECB bo tudi v prihodnje pozorno spremljal tveganja , ki jih za cenovno stabilnost predstavlja rast cen .
As regards the economic analysis underlying the Governing Council 's assessment , real GDP grew by 0.5% quarter on quarter in the first quarter of 2005 , according to first estimates , compared with 0.2% in the previous quarter .
Ekonomska analiza , na kateri temelji presoja Sveta ECB , kaže , da se je po predhodnih ocenah realni BDP v prvem četrtletju letos v primerjavi s prejšnjim četrtletjem povečal za 0,5% , medtem ko je v zadnjem četrtletju lani rast znašala 0,2% .
However , figures for real GDP growth over the last two quarters partly reflect statistical effects related to working-day adjustments to the data . This has led to some understatement of growth dynamics in the last quarter of 2004 and to some overstatement in the first quarter of 2005 .
Podatki o rasti realnega BDP v zadnjih dveh četrtletjih delno odražajo statistične učinke , povezane s prilagoditvijo za število delovnih dni , zato je dinamika rasti v zadnjem četrtletju 2004 nekoliko podcenjena , v prvem četrtletju 2005 pa nekoliko precenjena .
Most recent indicators for economic activity remain , on balance , on the downside . The moderation in economic activity observed since mid-2004 is partly related to the rise in oil prices .
V celoti gledano večina najnovejših podatkov o gospodarski aktivnosti daje negativna podobo . Umirjanje gospodarske aktivnosti , ki ga opažamo od sredine leta 2004 , je delno povezano z rastjo cen nafte .
Looking ahead , there is scope for positive fundamental factors to again shape the outlook , assuming that the effects from adverse developments gradually diminish .
V prihodnje bi ob predpostavki , da se bodo učinki negativnih gibanj postopno zmanjševali , pozitivni temeljni dejavniki lahko ponovno prispevali k boljšim gospodarskim obetom .
Notably , global economic activity is expected to remain strong , despite some moderation from the record levels observed last year .
Zlasti svetovna gospodarska aktivnost bo po pričakovanjih ostala visoka , čeprav se je v primerjavi z lansko rekordno visoko ravnjo nekoliko umirila .
This continues to support euro area exports and should also have a positive impact on investment .
Zato bo še naprej spodbujala izvoz euroobmočja , hkrati pa naj bi pozitivno vplivala tudi na investicije .
Investment is expected to benefit from robust earnings , improvements in business efficiency and the very favourable financing conditions .
Te bodo predvidoma krepili tudi povečani dobički podjetij , vse boljša podjetniška učinkovitost in zelo ugodni pogoji financiranja .
At the same time , consumption growth is expected to develop in line with real disposable income growth .
Obenem se bo rast potrošnje po pričakovanjih gibala v skladu z rastjo realnega razpoložljivega dohodka .
This assessment is broadly consistent with the June 2005 Eurosystem staff projections .
Te ocene so večinoma skladne z junijskimi projekcijami strokovnjakov Eurosistema .
Euro area real GDP is projected to grow at rates of between 1.1% and 1.7% in 2005 , and between 1.5% and 2.5% in 2006 .
Rast realnega BDP v euroobmočju se bo po projekcijah v letu 2005 gibala med 1,1% in 1,7% , v letu 2006 pa med 1,5% in 2,5% .
Recent forecasts from international and private sector organisations give similar indications .
Nedavne napovedi mednarodnih in zasebnih organizacij nakazujejo podobna gibanja .
In comparison with the March 2005 ECB staff projections , the ranges projected for real GDP growth in 2005 and 2006 have been adjusted slightly downwards .
V primerjavi z letošnjimi marčnimi makroekonomskimi projekcijami strokovnjakov ECB so bili razponi napovedane rasti realnega BDP za leto 2005 in 2006 nekoliko popravljeni navzdol .
All in all , in the judgement of the Governing Council real economic growth should gradually improve over the period ahead .
Glede na vse navedeno Svet ECB ocenjuje , da se bo realna gospodarska rast v prihodnjem obdobju postopno krepila .
At the same time , recent data have heightened the uncertainties surrounding the short-term evolution of domestic demand , and persistently high oil prices and global imbalances may pose downside risks to the projections for economic growth .
Zadnji podatki hkrati povečujejo negotovosti glede domačega povpraševanja , vztrajno visoke cene nafte in svetovna neravnovesja pa predstavljajo tveganja , da bo gospodarska rast manjša od napovedane .
Turning to price developments in the euro area , according to Eurostat 's flash estimate annual HICP inflation was 2.0% in May , compared with 2.1% in April .
Na področju cenovnih gibanj Eurostatova prva ocena kaže , da je majska medletna inflacija , merjena z indeksom HICP , znašala 2,0% , medtem ko je aprila dosegla 2,1% .
Over the coming months , annual HICP inflation rates are expected to remain broadly around current levels .
V prihodnjih mesecih se bo medletna inflacija po HICP predvidoma gibala približno na sedanji ravni .
On the one hand , energy prices are exerting upward pressure on HICP inflation . On the other hand , underlying inflationary pressure has been rather contained and , on average , wage increases have remained moderate over recent quarters .
Po eni strani cene energije izvajajo pritisk na rast inflacije , merjene z indeksom HICP , po drugi strani pa so inflacijski pritiski dokaj obrzdani , v povprečju pa je v zadnjih nekaj četrtletjih zmerna ostala tudi rast plač .
In the June 2005 Eurosystem staff projections , average annual HICP inflation is seen to lie between 1.8% and 2.2% in 2005 , and between 0.9% and 2.1% in 2006 .
Junijske makroekonomske projekcije strokovnjakov Eurosistema predvidevajo , da se bo povprečna medletna inflacija po HICP v letu 2005 gibala med 1,8% in 2,2% , v letu 2006 pa med 0,9% in 2,1% .
Compared with the ECB staff projections published in March 2005 , the inflation projections for 2005 have been revised slightly upwards and for 2006 slightly downwards .
V primerjavi s projekcijami strokovnjakov ECB , objavljenimi marca 2005 , so bile napovedi inflacije za leto 2005 nekoliko popravljene navzgor , napovedi za leto 2006 pa nekoliko navzdol .
In 2006 , this largely reflects the expected statistical effect of a planned health care reform in one euro area country , the Netherlands , which is estimated to imply a one-off reduction of 0.2 percentage point in the euro area inflation rate for 2006 .
Zmanjšanje v letu 2006 odraža predvsem pričakovane statistične učinke načrtovane zdravstvene reforme v eni od držav članic euroobmočja ( Nizozemska ) , kar naj bi v tem letu povzročilo enkratno zmanjšanje inflacije v euroobmočju za 0,2 odstotne točke .
This effect should be excluded from the assessment of the medium-term outlook for price stability .
Ta učinek je treba izločiti iz ocene srednjeročnih obetov glede cenovne stabilnosti .
Taking into account the assumptions underlying the projections , upside risks to the inflation projections prevail .
Če upoštevamo predpostavke , na katerih temeljijo projekcije , trenutno prevladujejo tveganja , da bo inflacija višja od napovedane .
These risks relate notably to future oil price developments , indirect taxes and administered prices .
Ta tveganja so povezana predvsem s prihodnjimi gibanji cen nafte , posrednih davkov in nadzorovanih cen .
Furthermore , ongoing vigilance is required in order to ensure that past price increases do not lead to second-round effects in wage and price-setting throughout the economy .
Poleg tega je treba še naprej pozorno spremljati vsa dogajanja in zagotoviti , da rast cen v preteklosti ne povzroči drugotnih učinkov v celotnem gospodarstvu preko oblikovanja plač in cen .
In this respect , continued responsibility on the part of social partners is very important .
Pri tem imajo še naprej veliko odgovornost socialni partnerji .
The monetary analysis provides further insight into the risks to price stability over the medium to longer term .
Dodaten vpogled v oceno srednjeročnih in dolgoročnih tveganj za stabilnost cen nam omogoča denarna analiza .
Over the past few months , money and credit have continued to grow robustly in the euro area . These developments mainly reflect the stimulative effect of the low level of interest rates in the euro area .
V zadnjih nekaj mesecih se je v euroobmočju nadaljevala visoka rast denarja in kreditov , kar je v največji meri posledica stimulativnih učinkov nizkih obrestnih mer v euroobmočju .
The monetary dynamics are driven by the strong growth of the most liquid components of broad money contained in the narrow aggregate M1 .
Denarna gibanja krepi predvsem visoka rast najlikvidnejših komponent širšega denarja , ki so zajete v ožjem denarnem agregatu M1 .
At the same time , the euro area private sector 's demand for MFI loans , in particular for house purchase , has remained strong .
Visoko ostaja tudi povpraševanje zasebnega sektorja po posojilih denarnih finančnih institucij v euroobmočju , zlasti povpraševanje po stanovanjskih posojilih .
The assessment of ample liquidity in the euro area is confirmed by all indicators .
Vsi kazalniki potrjujejo oceno o visoki ravni likvidnostnih sredstev v euroobmočju .
In the light of , among other things , the increasingly liquid nature of monetary expansion , the accumulated stock of the broad monetary aggregate M3 may entail upside risks to price stability over the medium to longer term .
Ob upoštevanju dejstva , da je rast denarja med drugim vse bolj likvidne narave , bi lahko akumulirani obseg širšega denarnega agregata M3 povzročil cenovne pritiske na stabilnost cen v srednjeročnem in dolgoročnem obdobju .
To sum up , the economic analysis suggests that underlying domestic inflationary pressures remain contained in the medium term .
Če povzamemo , ekonomska analiza kaže , da so inflacijski pritiski v domačem okolju srednjeročno še vedno pod nadzorom .
At the same time , it is necessary to underline the conditionality of this assessment and the related upside risks to price stability .
Poudariti je treba , da je ta ocena , kot tudi z njo povezana tveganja za slabitev cenovne stabilnosti , pogojena z drugimi dejavniki .
Cross-checking with the monetary analysis supports the case for ongoing vigilance .
Navzkrižna primerjava z denarno analizo prav tako potrjuje , da je ta gibanja treba pozorno spremljati tudi v prihodnje .
As regards fiscal policies , developments in the euro area remain of concern .
Na področju fiskalnih politik so gibanja v euroobmočju še vedno zaskrbljujoča .
While a few countries are succeeding in maintaining sound budgetary positions , in several countries it is essential that fiscal consolidation is given the highest priority in view of the budgetary situation .
Medtem ko nekatere države uspešno ohranjajo zdrave proračune , je v številnih ključnega pomena , da čimprej sprejmejo konsolidacijske ukrepe za odpravo proračunskih neravnovesij .
Moreover , the revised rules and procedures for the Stability and Growth Pact , expected to take effect soon , need to be implemented in a strict manner to ensure credibility and to promote a timely return to sound budgetary positions .
Poleg tega je za zagotovitev verodostojnosti in čimprejšnjo odpravo proračunskih neravnovesij treba dosledno izvajati prenovljena pravila in postopke Pakta o stabilnosti in rasti , ki bodo po pričakovanjih kmalu stopila v veljavo .
With respect to structural reforms , the « Integrated Guidelines » for 2005-08 , covering both the new Broad Economic Policy Guidelines and the new Employment Guidelines , are soon to be adopted .
Na področju strukturnih reform bodo po predvidevanjih kmalu sprejete Integrirane smernice za obdobje med letoma 2005 in 2008 , ki vključujejo tako Širše smernice ekonomske politike kot tudi Smernice za zaposlovanje [ gl . http://europa.eu.int/growthandjobs/pdf/COM2005_024_sl.pdf ] .
These guidelines for economic and employment policies will , in turn , serve as the basis for action at the EU level and for Member States to draw up national reform programmes by the autumn of this year .
Te smernice za ekonomsko in zaposlovalno politiko bodo po drugi strani zagotovile osnovo za delovanje na ravni EU , državam članicam pa omogočile , da do letošnje jeseni pripravijo nacionalne programe reform .
The new governance structure of the Lisbon agenda should provide fresh impetus to structural reforms in Europe .
Nova struktura upravljanja Lizbonske strategije bo po pričakovanjih prinesla novo spodbudo za strukturne reforme v Evropi .
These reforms are vital for Europe 's ability to respond to the challenges arising from an ongoing deepening in the global division of labour , the fast process of technological change and the ageing of the population .
Te so življenjskega pomena , če se Evropa želi uspešno soočiti z izzivi vse večje svetovne delitve dela , hitrega tehnološkega napredka in staranja prebivalstva .
A determined approach in addressing these challenges and successful communication that convinces the public of the benefits of the reforms hold the key to both improving the economic outlook in the short run and sustaining the prosperity of European citizens in the longer term .
Odločno reševanje teh vprašanj ter uspešna komunikacijska strategija , ki bo javnost prepričala o prednostih reform , predstavljata ključ tako za izboljšanje gospodarskih izgledov na kratki rok kot tudi za ohranjanje življenjske ravni evropskih državljanov na dolgi rok .
Brussels , 14.6.2005 COM ( 2005 ) 253 final 2005/0111 ( COD )
Bruselj , 2.6.2005 KOM ( 2005 ) 253 končno 2005/0111 ( COD )
Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of amending Directive 2004/39 / EC on markets in financial instruments , as regards certain deadlines
Predlog DIREKTIVA EVROPSKEGA PARLAMENTA IN SVETA z dne o spremembi Direktive 2004/39 / ES o trgih finančnih instrumentov glede nekaterih rokov
( presented by the Commission )
( predložena s strani Komisije )
EXPLANATORY MEMORANDUM
OBRAZLOŽITVENI MEMORANDUM PREDLOG ZA DIREKTIVO O SPREMEMBI DIREKTIVE 2004/39 / ES O TRGIH FINANČNIH INSTRUMENTOV
1 ) CONTEXT OF THE PROPOSAL 110
1 ) OZADJE PREDLOGA 110
Grounds for and objectives of the proposal This proposal concerns extending the transposition deadline for Member States and the compliance date for regulated firms of Directive 2004/39 / EC on Market in Financial Instruments ( MiFID ) .
Ta predlog zadeva podaljšanje roka za prenos Direktive 2004/39 / ES o trgih finančnih instrumentov ( DTFI ) , danega državam članicam , in roka za uskladitev , danega reguliranim podjetjem .
This is because serious difficulties have been reported by industry and Member States in relation to the ability of regulated entities to comply with the current deadline for transposition of the Directive ( 30 April 2006 ) .
Industrija in države članice namreč poročajo o resnih težavah v zvezi s sposobnostjo reguliranih subjektov , da spoštujejo sedanji rok za prenos Direktive ( 30 . april 2006 ) .
Adoption of implementing measures in practice shortens transposition period
Sprejetje izvedbenih ukrepov pomeni dejansko skrajšanje roka za prenos
The transposition deadline agreed in Council and by the European Parliament was the standard 24 months after the entry into force of the directive .
Rok za prenos , dogovorjen v Svetu in s strani Evropskega parlamenta , je standardnih 24 mesecev po začetku veljavnosti Direktive .
However , a significant part of that transposition period will be taken up by the preparation of the necessary implementing measures for 17 provisions of the directive , which cannot be effective without such measures .
Vendar bo pomemben del tega roka za prenos namenjen pripravi potrebnih izvedbenih ukrepov za 17 določb Direktive , ki brez takih ukrepov ne morejo biti uspešne .
Under current planning , the Commission expects to have adopted the complete set of implementing measures by the beginning of 2006 .
Po sedanjih načrtih Komisija pričakuje , da bo celotni sklop izvedbenih ukrepov sprejet do začetka leta 2006 .
The adoption of these measures cannot be accelerated both because of their complexity , the need to consult widely and building consensus as well as because the process must be carried out in accordance with the comitology procedure specified in Decision 1999/468 / EC .
Sprejetja teh ukrepov ni mogoče pospešiti zaradi njihove kompleksnosti , potrebi po obsežnih posvetovanjih in doseganju soglasja ter zato , ker je treba postopek izvesti v skladu s postopkom komitologije , določenem v Sklepu 1999/468 / ES .
Transposition of those provisions of the Directive which are linked to implementing measures cannot proceed until the concomitant implementing measures have been finalised .
Prenosa navedenih določb Direktive , povezanih z izvedbenimi ukrepi , ni mogoče opraviti , dokler niso zaključeni spremljevalni izvedbeni ukrepi .
In fact , this delay in turn affects the timely transposition of other provisions of the Directive related to the provisions that require implementing measures .
Ta zamuda dejansko vpliva na pravočasen prenos drugih določb Direktive , povezanih z določbami , ki zahtevajo izvedbene ukrepe .
As a result , Member States will not have sufficient time to complete the transposition of the entire Directive in the period between the expected adoption of the implementing measures ( beginning 2006 ) and the current transposition deadline ( April 2006 ) .
Države članice torej ne bodo imele dovolj časa , da dokončajo prenos celotne Direktive v obdobju med pričakovanim sprejetjem izvedbenih ukrepov ( začetek leta 2006 ) in dejanskim rokom za prenos ( april 2006 ) .
Therefore in order to ensure the effective and uniform implementation of the MIFID in all Member States from the transposition deadline , it is appropriate to postpone that deadline .
Da se zato zagotovi učinkovito in enotno izvajanje DTFI v vseh državah članicah po roku za prenos , je primerno , da se navedeni rok preloži .
Practical implications for the firms
Praktične posledice za podjetja
The Commission services have been informed by a wide range of industry participants that the current MIFID implementing timetable imposes impossible deadlines for the entities within its scope .
Številni udeleženci industrijskega sektorja so obvestili službe Komisije , da sedanja časovna razporeditev za izvajanje DTFI določa roke , ki jih zadevni subjekti ne bodo mogli spoštovati .
These contend that compliance with the MIFID may require significant time consuming modifications to their technological infrastructure , IT software , record-keeping and reporting systems .
Ti trdijo , da bi uskladitev z DTFI lahko zahtevala pomembne dolgotrajne spremembe njihove tehnološke infrastrukture , IT programske opreme , sistemov za vodenje evidence in za poročanje .
In addition , firms may have to adapt internal policies and guidelines concerning client relations , the segregation of assets , and the management of conflicts of interest .
Poleg tega bi lahko bila podjetja prisiljena prilagoditi notranje politike in smernice za odnose s strankami , izločitev sredstev in reševanje navzkrižij interesov .
Moreover , market participants claim not to be able to make definitive decisions as to what operational steps will be needed until implementing measures are finally adopted .
Udeleženci trga poleg tega trdijo , da ne morejo sprejeti dokončnih odločitev o operativnih korakih , ki bodo potrebni , dokler ne bodo dokončno sprejeti izvedbeni ukrepi .
Directive 2004/39 / EC only sets general principles with respect to these requirements ;
Direktiva 2004/39 / ES določa samo splošna načela v zvezi s temi zahtevami ;
the precise technical details will be provided for in the implementing legislation which EN
natančni tehnični elementi bodo predpisani v izvedbenih pravnih aktih , ki bodo na voljo šele konec leta .
will not be available until year end .
SL
Technical modification of directive 2004/39 / EC .
Tehnična sprememba Direktive 2004/39 / ES .
Existing provisions in the area of the proposal
Obstoječe določbe na področju predloga
Directive 2004/39 / EC 141
Direktiva 2004/39 / ES 141
Consistency with other policies and objectives of the Union
Skladnost z drugimi politikami in cilji Skupnosti
Directive 2004/39 / EC 2 ) CONSULTATION OF INTERESTED PARTIES AND IMPACT ASSESSMENT -* 219
Direktiva 2004/39 / ES 2 ) POSVETOVANJE Z ZAINTERESIRANIMI STRANKAMI IN PRESOJA VPLIVOV -* 219
Consultation of interested parties
Posvetovanje z zainteresiranimi strankami
Though no specific consultation has been launched for this proposal its presentation is justified because : - There have been numerous comments from the industry to the Commission , providing extensive evidence that an extension of the deadline for the application of the Directive is essential to allow market participants sufficient time to adapt systems and procedures to comply with the MiFID ;
Čeprav za ta predlog ni bilo uvedeno nobeno posebno svetovanje , je njegova predložitev utemeljena , ker : - so predstavniki industrije predložili Komisiji številne pripombe , iz katerih je jasno razvidno , da je podaljšanje roka za prenos Direktive nujno , da se udeležencem trga omogoči dovolj časa za prilagoditev sistemov in postopkov za uskladitev z DTFI ;
- Discussions with Member States in the European Securities Committee have shown that Member States , having consulted their markets and evaluated their transposition needs , are almost unanimously in favour of the proposed extension of both the transposition and application deadlines ;
- so razprave z državami članicami v Evropskem odboru za vrednostne papirje pokazale , da so se države članice po proučitvi svojih trgov in oceni svojih potreb po prenosu skoraj soglasno opredelile za predlagano podaljšanje roka za prenos in roka za izvajanje ;
- Responses received to a general consultation on legislative procedures in the field of securities markets have indicated very broad support for the extension of transposition deadlines generally in this field ;
odgovori pri splošnem posvetovanju o zakonskih postopkih na trgih vrednostnih papirjev so pokazali zelo široko podporo podaljšanju rokov za prenos na splošno na tem področju ;
a number of respondents referred to the MiFID as a specific example of a directive the complexity of which justified an extended transposition deadline .
številni so omenili , da je DTFI poseben primer direktive , katere kompleksnost opravičuje podaljšanje roka za prenos .
- The need to extend deadlines was also confirmed in the 3rd Report of the Interinstitutional Monitoring Group on the monitoring of the Lamfalussy process of 17th November .
- je potrebo po podaljšanju rokov potrdilo tudi tretje poročilo Medinstitucionalnega odbora za spremljanje z dne 17 . novembra o spremljanju postopka Lamfalussy .
-* Collection and use of expertise
-* Zbiranje in uporaba izvedenskega mnenja
There was no need for external expertise .
Zunanje izvedensko mnenje ni bilo potrebno .
See Directive 2004/39 / EC 3 ) LEGAL ELEMENTS OF THE PROPOSAL
Glej Direktivo 2004/39 / ES 3 ) PRAVNI ELEMENTI PREDLOGA 305
Summary of the proposed action
Povzetek predlaganega ukrepa
The purpose of the present proposal is to remedy to the difficulties that Member States and the industry will face in the transposition and application of the Directive .
Namen tega predloga je odpraviti težave , na katere bodo naletele države članice in industrija pri prenosu in izvajanju Direktive .