natgillin/translations-raw huggingface dataset:
3 BANKNOTES AND COINS 3.1 The circulation of banknotes and coins and the handling of currency 3.1 Monetary policy operations 139 3.2 Contribution to the ECB 's capital , reserves and foreign reserve assets 140 4 THE CASH CHANGEOVER IN CYPRUS AND MALTA
24 24 28 52 61 68 76 5.1 Prednostna raziskovalna področja 5.2 Publikacije in konference 6 DRUGE NALOGE IN DEJAVNOSTI 6.1 Skladnost s prepovedjo 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 POGLAVJE 3 VSTOP CIPRA IN MALTE V EUROOBMOČJE 1 GOSPODARSKA IN DENARNA GIBANJA NA CIPRU IN MALTI 128 92 92 100 100 2 PRAVNI VIDIKI INTEGRACIJE CENTRALNE BANKE CIPRA IN CENTRALNE BANKE MALTE V EUROSISTEM 133 3 OPERATIVNI VIDIKI INTEGRACIJE CENTRALNE BANKE CIPRA IN MALTE V EUROSISTEM 3.1 Operacije denarne politike 3.2 Prispevki v kapital , rezerve in devizne rezerve ECB
ECB Annual Report 2007
107 110 110 ECB Letno poročilo 2007
CHAPTER 4 FINANCIAL STABILITY AND INTEGRATION 1 FINANCIAL STABILITY 1.1 Financial stability monitoring 1.2 Financial stability arrangements 2 FINANCIAL REGULATION AND SUPERVISION 2.1 General issues 2.2 Banking 2.3 Securities 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 Card payment schemes 4.4 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 candidate countries 2 INTERNATIONAL ISSUES 2.1 Key developments in the international monetary and financial system 2.2 Cooperation with countries outside the EU CHAPTER 6 ACCOUNTABILITY 1 ACCOUNTABILITY VIS-À-VIS THE GENERAL PUBLIC AND THE EUROPEAN PARLIAMENT 166 166 167 168 170 146 146 148
4 ZAMENJAVA GOTOVINE NA CIPRU IN MALTI POGLAVJE 4 FINANČNA STABILNOST IN INTEGRACIJA 1 FINANČNA STABILNOST 1.1 Spremljanje finančne stabilnosti 1.2 Ukrepi za finančno stabilnost 2 FINANČNA REGULACIJA IN NADZOR 2.1 Splošne zadeve 2.2 Bančništvo 2.3 Vrednostni papirji 3 FINANČNA INTEGRACIJA 4 PREGLED NAD DELOVANJEM TRŽNIH INFRASTRUKTUR 4.1 Pregled nad delovanjem plačilnih sistemov in infrastruktur za plačila velikih vrednosti v eurih 4.2 Storitve za plačila malih vrednosti 4.3 Sheme kartičnih plačil 4.4 Kliring in poravnava vrednostnih papirjev POGLAVJE 5 EVROPSKI IN MEDNARODNI ODNOSI 1 EVROPSKA VPRAŠANJA 1.1 Ekonomsko-politična vprašanja 1.2 Institucionalna vprašanja 1.3 Dogajanja v državah kandidatkah in odnosi z njimi 2 MEDNARODNA VPRAŠANJA
2 SELECTED TOPICS RAISED AT MEETINGS WITH THE EUROPEAN PARLIAMENT CHAPTER 7 EXTERNAL COMMUNICATION 1 COMMUNICATION POLICY 150 150 151 151 153 1 DECISION-MAKING BODIES AND CORPORATE GOVERNANCE OF THE ECB 157 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 , the Human Resources Conference and the Eurosystem IT Steering Committee 1.6 Corporate governance 2 ORGANISATIONAL DEVELOPMENTS 2.1 Human resources 2.2 New ECB Premises 2.3 The Eurosystem Procurement Coordination Office 3 ESCB SOCIAL DIALOGUE 170 172 4 ANNUAL ACCOUNTS OF THE ECB Management report for the year ending 31 December 2007 Balance Sheet as at 31 December 2007 Profit and Loss Account for the year ending 31 December 2007 Accounting policies Notes on the Balance Sheet Notes on the Profit and Loss Account Auditor 's report Note on profit distribution / allocation of losses 2 COMMUNICATION ACTIVITIES CHAPTER 8 INSTITUTIONAL FRAMEWORK , ORGANISATION AND ANNUAL ACCOUNTS
142 142 144 146 146 147 147 149 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 1.5 Odbori Eurosistema / ESCB , Odbor za proračun , Kadrovska konferenca in Odbor Eurosistema za koordinacijo IT projektov 1.6 Upravljanje ECB 2 ORGANIZACIJSKI RAZVOJ 162 162 163 164 166 2.1 Človeški viri 2.2 Novi prostori ECB 2.3 Urad Eurosistema za usklajevanje javnih naročil 3 SOCIALNI DIALOG V ESCB 4 LETNI RAČUNOVODSKI IZKAZI ECB Poročilo poslovodstva za leto , ki se je končalo 31 . decembra 2007 Bilanca stanja na dan 31 .
ECB Annual Report 2007
ECB Letno poročilo 2007
5 CONSOLIDATED BALANCE SHEET OF THE EUROSYSTEM AS AT 31 DECEMBER 2007
5 KONSOLIDIRANA BILANCA STANJA EUROSISTEMA NA DAN 31 .
236 4 ANNEXES LEGAL INSTRUMENTS ADOPTED BY THE ECB OPINIONS ADOPTED BY THE ECB CHRONOLOGY OF MONETARY POLICY MEASURES OF THE EUROSYSTEM DOCUMENTS PUBLISHED BY THE EUROPEAN CENTRAL BANK SINCE 2007 GLOSSARY LIST OF BOXES 1 MFI net external assets and their impact on monetary developments 34 Chart A MFI net external assets and M3 34 Chart B Composition of capital flows of the money-holding sector and MFI net external assets 36 Chart C Composition of portfolio investment flows 36 Chart D Developments in gross external assets and liabilities 37 2 The volatility of money market interest rates in 2007 39 Chart A Daily realised volatility of the overnight interest rater a t e 4 0 40 Chart B Daily realised volatility of longer-term deposit interest rates 40 Chart C Realised volatility and implied volatility for three-month money market interest rates 42 3 Similarities and differences between the episodes of financial turbulence in 2007 and 1998 46 Chart A US and euro area long-term bond yields in 1998 and 2007 47 240 243
DECEMBRA 2007 PRILOGE PRAVNI INSTRUMENTI , KI JIH JE SPREJELA ECB MNENJA , KI JIH JE SPREJELA ECB KRONOLOŠKI PREGLED UKREPOV DENARNE POLITIKE EUROSISTEMA DOKUMENTI , KI JIH JE OBJAVILA EVROPSKA CENTRALNA BANKA OD LETA 2007 GLOSAR SEZNAM OKVIROV 1 Neto tuja aktiva sektorja MFI in njen vpliv na denarna gibanja Graf A Neto tuja aktiva MFI in rast M3 Graf B Sestava kapitalskih tokov nedenarnega sektorja in neto tuja aktiva MFI Graf C Sestava tokov portfeljskih naložb Graf D Gibanja bruto tuje aktive in pasive 2 Volatilnost obrestnih mer denarnega trga v letu 2007 Graf A Dnevna realizirana volatilnost obrestne mere čez noč Graf B Dnevna realizirana volatilnost dolgoročnih obrestnih mer za vloge Graf C Realizirana volatilnost in implicitna volatilnost 3-mesečnih obrestnih mer denarnega trga 3 Podobnosti in razlike med nemirnim dogajanjem na finančnih trgih v letih 2007 in 1998 Graf A Donosnost dolgoročnih obveznic v ZDA in euroobmočju leta 1998 in 2007
7 Chart B US and euro area stock prices in 1998 and 2007 The impact of energy base effects on HICP inflation in 2007 Chart A Contributions to the change in annual HICP inflation since December 2006 Chart B Decomposition of the monthly change in annual HICP inflation Chart C Decomposition of the change in annual HICP inflation since December 2006 Food price inflation in the euro area Chart A Contributions of processed food prices to annual HICP inflation Chart B Developments in food and tropical beverage prices Table HICP processed food excluding tobacco across euro area countries The decline in unemployment in the euro area in recent years Chart A Euro area unemployment rate and GDP growth Table Unemployment rates in the euro area by gender , age group and skills Chart B Reform intensity in the euro area and distribution by type of reform , 2000-06 Developments in the issuance of government debt securities and bond yield spreads in the euro area Table A Debt securities issued by euro area governments Table B Structure of amounts outstanding of debt securities issued by euro area governments Chart A Decomposition of the change in interest payments Chart B Government bond yield spreads against Germany Chart C Sovereign credit default swaps
decembra 2006 236 239 Graf B Razčlenitev mesečne spremembe letne inflacije po HICP Graf C Razčlenitev spremembe letne inflacije po HICP od decembra 2006 5 Inflacija cen hrane v euroobmočju Graf A Prispevek cen predelane hrane k letni inflaciji po HICP Graf B Gibanja cen hrane in brezalkoholnih pijač Tabela Predelana hrana v HICP brez tobačnih izdelkov v različnih državah euroobmočja 6 Zmanjšanje brezposelnosti v euroobmočju v zadnjih nekaj letih Graf A Stopnje brezposelnosti v euroobmočju in rast BDP Graf B Intenzivnost reform v euroobmočju in porazdelitev po vrstah reform , 2000 -- 06 Tabela Stopnje brezposelnosti v euroobmočju po spolu , starosti in izobrazbeni strukturi 7 Izdajanje državnih dolžniških vrednostnih papirjev in razponi donosnosti obveznic v euroobmočju Graf A Razčlenitev spremembe plačil obresti Graf B Razponi donosnosti državnih obveznic glede na Nemčijo Graf C Instrumenti zamenjave kreditnega tveganja državnih obveznic Tabela A Dolžniški vrednostni papirji , ki so jih izdale države euroobmočja Tabela B Struktura stanja dolžniških vrednostnih papirjev , ki so jih izdale države euroobmočja
73 74 74 74 ECB Annual Report 2007
ECB Letno poročilo 2007
8 Learning from the fiscal policy experience of 2000-01 76 Chart A Fiscal developments , 1998-2007 77 Chart B Budget balance and cyclical component 77 9 Monetary policy operations during the financial market volatility 98 Chart Daily reserve surplus over the course of a maintenance period 99 10 Statistical implications of the enlargement of the euro area to include Cyprus and Malta 135 LIST OF TABLES 1 2 3 4 5 6 Price developments 54 Labour cost indicators 62 Composition of real GDP growth 65 Labour market developments 66 Fiscal positions in the euro area 71 Real GDP growth in the non-euro area EU Member States and the euro area 83 HICP inflation in the non-euro area EU Member States and the euro area 84 Fiscal positions in the non-euro area EU Member States and the euro area 86 Balance of payments of the noneuro area EU Member States and the euro area 87 Developments in ERM II 88 Official monetary policy strategies of non-euro area EU Member States 91 Payment traffic in TARGET 107 Allocation of euro banknote production in 2007 117 Main economic indicators for Cyprus 132 Main economic indicators for Malta 133
8 Spoznanja iz izkušenj s fiskalno politiko v obdobju 2000 -- 2001 74 Graf A Fiskalna gibanja v euroobmočju v obdobju 1998 -- 2007 75 Graf B Proračunski saldo in ciklična komponenta 75 9 Operacije denarne politike v obdobju volatilnosti na finančnih trgih 94 Graf Dnevne presežne rezerve v obdobju izpolnjevanja obveznih rezerv 95 10 Širitve euroobmočja na Ciper in Malto ter posledice za statistiko 131 SEZNAM TABEL 1 2 3 4 5 6 Gibanja cen Kazalniki stroškov dela Sestava rasti realnega BDP Gibanja na trgu dela Fiskalni položaj v euroobmočju Rast realnega BDP v državah članicah EU , ki niso del euroobmočja , in v euroobmočju Inflacija , merjena z indeksom HICP v državah članicah EU , ki niso del euroobmočja , in v euroobmočju Fiskalni položaj v državah članicah EU , ki niso del euroobmočja , in v euroobmočju Plačilna bilanca držav članic EU , ki niso del euroobmočja , in v euroobmočju Gibanja v ERM II Uradne strategije denarne politike držav članic EU zunaj evroobmčja Plačilni promet v sistemu TARGET Razporeditev proizvodnje eurobankovcev leta 2007 Glavni gospodarski kazalci Cipra Glavni gospodarski kazalci Malte 52 60 63 64 68
LIST OF CHARTS 1 2 ECB interest rates and money market rates Main developments in major industrialised economies 26 18 25
SEZNAM GRAFOV 1 2 3 Obrestne mere ECB in obrestne mere denarnega trga Glavna gibanja v večjih industrijsko razvitih državah Geografska razčlenitev prispevkov k rasti svetovnega BDP 18 24 26
Geographical contributions to world GDP growth Main developments in commodity markets M3 and loans to the private sector Main components of M3 MFI interest rates on short-term deposits and a money market interest rate Sectoral M3 deposits Credit to euro area residents Money market interest rates Three-month EUREPO , EURIBOR and overnight interest swap Long-term government bond yields Spot and forward break-even inflation rates in the euro area Major stock market indices Implied stock market volatility MFI loans to households Interest rates for lending to households and non-financial corporations Household debt and interest payments Real cost of the external financing of euro area non-financial corporations Profit ratios of listed euro area non-financial corporations Breakdown of the real annual growth rate of the external financing of non-financial corporations Non-financial corporations » financing gap and its main components Debt ratios of non-financial corporations Breakdown of HICP inflation : main components Contributions to HICP inflation from main components Breakdown of industrial producer prices
Glavna gibanja na trgih primarnih surovin M3 in posojila zasebnemu sektorju Glavne komponente M3 Obrestne mere MFI za kratkoročne vloge in obrestna mera denarnega trga Vloge M3 po sektorjih Krediti rezidentom euroobmočja Obrestne mere denarnega trga 3-mesečni EUREPO , EURIBOR in obrestne zamenjave čez noč Donosnost 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 Kazalniki dobičkonosnosti javnih nefinančnih družb v euroobmočju Razčlenitev realne letne stopnje rasti zunanjega financiranja nefinančnih družb Finančna vrzel nefinančnih družb in glavne komponente Zadolženost nefinančnih družb Razčlenitev inflacije po HICP : glavne komponente Prispevki glavnih komponent k inflaciji po HICP Razčlenitev cen industrijskih proizvodov pri proizvajalcih Sredstva za zaposlene po dejavnostih Gibanja cen stanovanjskih nepremičnin v euroobmočju Kvalitativne ocene o zaznani inflaciji in inflacijskih pričakovanjih potrošnikov
27 Sectoral compensation per employee 28 Residential property price developments in the euro area 29 Euro area consumers » qualitative inflation perceptions and expectations 30 Contributions to quarterly real GDP growth 31 Confidence indicators 32 Unemployment 33 Euro nominal and real effective exchange rates 34 Current account balance and its components 35 Euro area export volumes to selected trading partners 36 Euro area direct and portfolio investment 37 Net international investment position 38 Changes in the exchange rate of the euro against EU currencies outside ERM II 39 Credit to the private sector in 2007 40 EONIA spread 41 Liquidity factors in the euro area in 2007 42 Eligible collateral by asset type 43 Collateral put forward in Eurosystem credit operations versus outstanding credit in monetary policy operations 44 Breakdown of assets ( including credit claims ) put forward as collateral by asset type 45 Total number of euro banknotes in circulation between 2002 and 2007 46 Total value of euro banknotes in circulation between 2002 and 2007 47 Number of euro banknotes in circulation between 2002 and 2007 48 Number of counterfeit euro banknotes recovered from circulation between 2002 and 2007 49 Distribution of euro banknote counterfeits by denomination
30 Prispevki k četrtletni rasti realnega BDP 31 Kazalniki zaupanja 32 Brezposelnost 33 Nominalni in realni efektivni menjalni tečaji eura 34 Saldo tekočega računa in njegove komponente 35 Obseg izvoza euroobmočja v izbrane trgovinske partnerice 36 Neposredne in portfeljske naložbe euroobmočja 37 Neto stanje mednarodnih naložb 38 Spremembe tečaja eura do valut EU zunaj ERM II 39 Krediti zasebnemu sektorju v letu 2007 40 Razpon EONIA 41 Likvidnostni dejavniki v euroobmočju leta 2007 42 Primerno zavarovanje po vrsti finančnega premoženja 43 Dano zavarovanje v kreditnih operacijah Eurosistema v primerjavi s stanjem posojil v operacijah denarne politike 44 Razčlenitev finančnega premoženja ( vključno z bančnimi posojili ) , danega kot zavarovanje po vrsti finančnega premoženja 45 Skupno število eurobankovcev v obtoku med letoma 2002 in 2007 46 Skupna vrednost eurobankovcev v obtoku med letoma 2002 in 2007 47 Število eurobankovcev v obtoku med letoma 2002 in 2007 48 Število ponarejenih eurobankovcev , umaknjenih iz obtoka med letoma 2002 in 2007 49 Porazdelitev ponaredkov po apoenih
113 114 115 ECB Annual Report 2007
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the EU 's new Treaty in Lisbon on 13 December . This Treaty is now in the process of being ratified by all 27 Member States with a view to it entering into force on 1 January 2009 .
V skladu s prakso Skupnosti so imena držav EU v tem poročilu našteta po zaporedju začetnic držav v njihovem nacionalnem jeziku .
The ECB welcomes the fact that the new Treaty states that price stability is an objective of the EU , while making Economic and Monetary Union ( EMU ) , with the euro as its currency , an EU objective .
kot eden od ciljev EU , medtem ko je ekonomska in monetarna unija ( EMU ) z eurom kot njeno valuto postala eden od ciljev EU .
The ECB becomes a Union institution and the new Treaty confirms the independence of the ECB , of the ESCB and of the NCBs , as well as the legal personality , regulatory powers and financial independence of the ECB .
ECB postaja institucija Unije , nova pogodba pa potrjuje neodvisnost ECB , ESCB in nacionalnih centralnih bank , ter ECB podeljuje status pravne osebe , ji daje normativna pooblastila in omogoča finančno neodvisnost .
The ECB considers that the new Treaty confirms the current set-up of EMU and is looking forward to the successful completion of the ratification process .
ECB meni , da nova pogodba potrjuje trenutno ureditev EMU in pričakuje uspešen sklep postopka ratifikacije .
*** In 2007 annual HICP inflation in the euro area was 2.1% , compared with 2.2% in 2006 .
*** Leta 2007 je letna inflacija , merjena z indeksom HICP , v euroobmočju znašala 2,1% , v primerjavi z 2,2% leta 2006 .
While this exceeded the ECB 's definition of price stability of « below , but close to , 2 % » , the ECB 's monetary policy nonetheless continued to firmly anchor medium to long-term inflation expectations at levels broadly consistent with price stability , notwithstanding an economic environment characterised by significant upward price pressures .
Čeprav je to presegalo opredelitev ECB glede stabilnosti cen , po kateri mora biti vrednost „pod 2 %, vendar blizu te meje » , je denarna politika ECB srednjeročna do dolgoročna inflacijska pričakovanja še naprej trdno zasidrala na ravni , ki je na splošno skladna s stabilnostjo cen , kljub gospodarskim razmeram , za katere so bili značilni močni pritiski na dvig cen .
These mainly stemmed from increases in commodity prices , in particular energy and -- particularly in the fourth quarter -- food prices , as well as , on the domestic side , the impact of increases in indirect taxes , capacity constraints in the context of an expanding economy and tightening labour markets .
Ti so izhajali predvsem iz rasti cen surovin , zlasti energentov in -- še posebno v četrtem četrtletju -- cen hrane , na domači strani pa iz učinka povišanja posrednih davkov , omejenega obsega prostih zmogljivosti v okviru visoke rasti gospodarstva in zaostrovanja razmer na trgu dela .
The continued anchoring of inflation expectations at medium and longer-term horizons in 2007 therefore reflects favourably on the credibility of the ECB in delivering price stability over the medium term , in line with its mandate .
Zato je nadaljnje zasidranje srednjeročnih in dolgoročnih inflacijskih pričakovanj v letu 2007 dobro znamenje za verodostojnost ECB pri zagotavljanju srednjeročne stabilnosti cen , kar je v skladu z njenim mandatom .
Such anchoring is an indispensable precondition for well-functioning markets , sustainable growth and job creation in the euro area and is of the highest priority to the Governing Council .
Takšno zasidranje je nujen predpogoj za dobro delovanje trgov , vzdržno rast in ustvarjanje delovnih mest v euroobmočju ter je eno od najpomembnejših prednostnih nalog Sveta ECB .
Throughout 2007 risks to price stability over the medium term were clearly on the upside .
Leta 2007 so bila tveganja za stabilnost cen v srednjeročnem obdobju nedvomno na strani naraščanja inflacije .
The risks included possible additional rises
Tveganja so vključevala možnost dodatne rasti cen nafte in kmetijskih izdelkov ter morebitno nepredvideno zvišanje nadzorovanih cen in posrednih davkov .
When looking back at the events of the last year , the third enlargement of the euro area since its creation in 1999 stands out as an important event .
Če se ozremo na dogodke preteklega leta , je bil še posebno pomemben dogodek tretja širitev euroobmočja od ustanovitve leta 1999 . Z izvedbo sklepa iz leta 2007 sta Ciper in Malta 1 .
Implementing the decision made in 2007 , on 1 January 2008 Cyprus and Malta became the 14th and 15th EU Member States to adopt the euro , following Greece in 2001 and Slovenia in 2007 , and their national central banks ( NCBs ) joined the Eurosystem .
država članica , ki je sprejela euro , po Grčiji leta 2001 in Sloveniji leta 2007 , njuni centralni banki pa sta se pridružili Eurosistemu .
I would like to extend a very warm welcome to the Cypriot and Maltese citizens .
Rad bi izrazil prisrčno dobrodošlico ciprskim in malteškim državljanom .
The good economic performance of Cyprus and Malta , thanks to the implementation of stability-oriented macroeconomic policies over recent years , made it possible for these two countries to introduce the euro as their currency .
Gospodarska uspešnost Cipra in Malte je zahvaljujoč izvajanju stabilnostno usmerjenih makroekonomskih politik omogočila , da sta ti dve državi uvedli euro kot svojo valuto .
The currency changeover to the euro proceeded in a smooth and efficient manner in both countries .
Zamenjava gotovine v euro je v obeh državah potekala učinkovito in brez težav .
Looking ahead , the main policy challenge for both countries following their adoption of the euro will be to ensure the conduct of appropriate national economic policies in order to secure a high degree of sustainable convergence .
V prihodnje bo glavni izziv politik po uvedbi eura v obeh državah izvajanje ustreznih nacionalnih ekonomskih politik , ki bodo zagotavljale visoko stopnjo trajnostne konvergence .
Another important event in 2007 was the signing by the Heads of State or Government of
Drug pomemben dogodek v letu 2007 je bil podpis nove pogodbe EU 13 .
ECB Annual Report 2007 in oil and agricultural prices and potential unforeseen increases in administered prices and indirect taxes .
Pogodba je zdaj v postopku ratifikacije v 27 državah članicah in naj bi predvidoma začela veljati 1 . januarja 2009 .
More fundamentally , there were substantial risks of increases in the pricing power of firms , especially in market segments with low competition , and of stronger than expected wage dynamics , implying a threat of second-round effects stemming from temporarily elevated inflation rates on wage and price-setting .
ECB Letno poročilo 2007 kar bi lahko povzročilo sekundarne učinke pri določanju plač in cen zaradi začasno visokih stopenj inflacije .
In order to ensure that price stability was preserved over the medium term , the Governing Council monitored wage negotiations and price-setting in the euro area with particular attention .
Da bi Svet ECB zagotovil ohranjanje srednjeročne stabilnosti cen , je posebej pozorno spremljal pogajanja o plačah in določanje cen v euroobmočju .
Economic activity in the euro area continued to expand at solid rates in 2007 , with annual real GDP growing by 2.6% , despite volatile energy prices and an environment of heightened uncertainty stemming from the financial turmoil in the second half of the year .
Gospodarska aktivnost v euroobmočju se je leta 2007 še naprej povečevala po razmeroma visokih stopnjah , tako da je BDP kljub volatilnim cenam energentov in povečani negotovosti v drugi polovici leta zaradi finančnih pretresov zrasel za 2,6% .