natgillin/translations-raw huggingface dataset:
Domestic demand in the euro area is also expected to maintain its relatively strong momentum . Investment should remain dynamic , benefiting from financing conditions which remain favourable , accumulated and ongoing strong corporate earnings , balance sheet restructuring as well as business efficiency gains achieved over an extended period .
Zaradi še vedno ugodnih pogojev financiranja , akumuliranih in tekočih visokih dobičkov podjetij , prestrukturiranja bilanc ter izboljševanja podjetniške učinkovitosti v daljšem obdobju naj bi investiranje ostalo dinamično .
Meanwhile , consumption should be supported by developments in real disposable income , as labour market conditions continue to improve .
Hkrati naj bi potrošnjo spodbujalo gibanje realnega razpoložljivega dohodka , s tem ko se bodo razmere na trgu dela še naprej izboljševale .
The projections foresee average annual real GDP growth in a range between 2.3% and 2.9% in 2007 and between 1.8% and 2.8% in 2008 .
Po teh projekcijah se bo povprečna letna rast realnega BDP v letu 2007 gibala med 2,3% in 2,9% , v letu 2008 pa med 1,8% in 2,8% .
In comparison with the previous ECB staff projections , the ranges projected for real GDP growth in 2007 are within the upper part of the ranges from March .
V primerjavi s prejšnjimi projekcijami strokovnjakov ECB se razponi napovedane rasti realnega BDP za leto 2007 gibljejo v zgornjem delu razpona marčnih projekcij .
For 2008 , the ranges have been revised marginally downwards , following the increase in oil prices over recent months .
Razponi za leto 2008 pa so bili po povečanju cen nafte v zadnjih nekaj mesecih nekoliko popravljeni navzdol .
In the Governing Council 's view , the risks surrounding this favourable outlook for economic growth are broadly balanced over the shorter term .
Po mnenju Sveta ECB so tveganja , povezana z ugodnimi obeti za gospodarsko rast , kratkoročno relativno uravnotežena .
At medium to longer horizons , the balance of risks remains on the downside , owing mainly to external factors .
Srednjeročno in dolgoročnejše pa ravnotežje tveganj še vedno kaže na umirjanje rasti , predvsem zaradi zunanjih dejavnikov .
These relate in particular to fears of a rise in protectionist pressures , the possibility of further increases in oil prices , concerns about possible disorderly developments owing to global imbalances and potential shifts in financial market sentiment .
Povezana so zlasti z bojaznijo pred krepitvijo protekcionističnih pritiskov , morebitno nadaljnjo rastjo cen nafte ter negotovostjo glede možnih neobvladljivih gibanj zaradi svetovnih neravnovesij in morebitnega spremenjenega dogajanja na finančnih trgih .
As regards price developments , oil prices have risen again over recent months . Accordingly , as reflected in Eurostat 's flash estimate , annual HICP inflation was 1.9% in May 2007 , unchanged from April but somewhat higher than expected a few months ago. Looking ahead , the short-term profile of annual inflation rates continues to be determined largely by current and past energy price developments , as last year 's volatility in energy prices leads to significant base effects .
Tako je medletna inflacija , merjena z indeksom HICP , po Eurostatovi prvi oceni maja 2007 znašala 1,9% , kar je enako kot aprila , vendar nekoliko več , kot smo pričakovali pred nekaj meseci . V prihodnjem obdobju bodo na kratkoročno dinamiko medletnih stopenj inflacije še naprej vplivala predvsem tekoča in pretekla gibanja cen energentov , saj lanskoletna nihanja cen energentov povzročajo precejšnje bazne učinke .
On the basis of the current level of oil prices and oil price futures , which show an upward slope , annual inflation rates are likely to fall slightly in the months ahead before rising again significantly towards the end of the year .
Glede na sedanjo raven cen nafte in cen na terminskih trgih , ki kažejo nagib krivulje navzgor , bo medletna stopnja inflacije v prihodnjih mesecih verjetno nekoliko padla , proti koncu leta pa se bo ponovno precej povečala .
Consistent with this view , Eurosystem staff project average annual HICP inflation of between 1.8% and 2.2% in 2007 and between 1.4% and 2.6% in 2008 .
Skladno s tem se bo po projekcijah strokovnjakov Eurosistema povprečna medletna inflacija po HICP v letu 2007 gibala med 1,8% in 2,2% , v letu 2008 pa med 1,4% in 2,6% .
Compared with the March 2007 ECB staff projections , the range projected for inflation in 2007 is somewhat higher , largely reflecting higher oil prices .
V primerjavi z letošnjimi marčnimi projekcijami strokovnjakov ECB je razpon napovedane inflacije za leto 2007 nekoliko višji , kar je predvsem posledica višjih cen nafte .
The projected range for inflation in 2008 is unchanged .
Napovedani razpon za leto 2008 pa ostaja nespremenjen .
In this context , the conditional nature of these projections should be recalled . They are based on a series of technical assumptions , including assumptions for future short and long-term interest rates that are based on market expectations derived from the yield curve , as well as assumptions for oil and non-energy commodity prices .
Ob tem je treba opozoriti na pogojno naravo teh projekcij , saj temeljijo na vrsti tehničnih predpostavk , kot so predpostavke o prihodnjih kratkoročnih in dolgoročnih obrestnih merah , ki temeljijo na tržnih pričakovanjih , izpeljanih iz krivulje donosnosti , ter predpostavke o cenah nafte in drugih primarnih surovin .
At the policy-relevant medium-term horizon , risks to the outlook for price stability remain on the upside in the Governing Council 's view . These risks relate notably to the domestic side .
V srednjeročnem obdobju , ki je pomembno za oblikovanje politike , so obeti glede gibanja cen po mnenju Sveta ECB še vedno pod vplivom navzgor usmerjenih tveganj , ki so zlasti povezana z dejavniki iz domačega okolja .
In particular , capacity utilisation in the euro area economy is increasing and labour markets are gradually improving .
Zlasti izkoriščenost zmogljivosti v gospodarstvu euroobmočja se povečuje , razmere na trgu dela pa se počasi izboljšujejo .
Accordingly , there is a risk that wage developments will be stronger than expected , which would pose significant upward risks to price stability .
Zaradi tega obstaja tveganje , da bo gibanje plač močnejše od pričakovanega , kar bi lahko povzročilo precejšnja navzgor usmerjena tveganja za stabilnost cen .
In addition , pricing power in market segments with low competition may increase in such an environment . It is therefore crucial that all parties concerned meet their responsibilities .
Poleg tega se lahko v takšnem okolju poveča moč podjetij pri oblikovanju cen zlasti v tistih tržnih segmentih , kjer je konkurenca nizka .
Wage agreements in particular should be sufficiently differentiated to take into account price competitiveness positions , the still high level of unemployment in many economies and sector-specific productivity developments . The Governing Council stresses that wage developments should be avoided which would eventually lead to inflationary pressures and harm the purchasing power of all euro area citizens .
Zato je bistveno , da vse udeležene strani ravnajo odgovorno . Plačni dogovori bi zlasti morali vzpostaviti dovolj veliko razlikovanje med plačami ob upoštevanju ravni cenovne konkurenčnosti , še vedno visoke stopnje brezposelnosti v številnih gospodarstvih ter gibanja produktivnosti v posameznih panogah .
In addition , upside risks to price stability arise from increases in administered prices beyond those anticipated thus far .
Svet ECB poudarja , da se je treba izogibati takšnim gibanjem plač , ki bi na koncu povzročila inflacijske pritiske in oslabila kupno moč vseh državljanov euroobmočja .
Finally , on the external side , upside risks stem from the possibility of further unexpected oil price rises .
Tveganja pritiskov na stabilnost cen izhajajo tudi iz dvigov nadzorovanih cen poleg teh , ki smo jih doslej že pričakovali .
The monetary analysis confirms the prevailing upside risks to price stability at medium to longer horizons .
Nenazadnje pa tveganja v mednarodnem okolju temeljijo na morebitni nadaljnji nepričakovani rasti cen nafte .
The ongoing strength of monetary expansion is reflected in the continued rapid growth of M3 , which reached an annual rate of 10.4% in April , as well as the still high level of credit growth .
Dosedanje močno povečevanje obsega denarja se kaže v nadaljnji hitri rasti denarnega agregata M3 , ki je aprila dosegla 10,4% na medletni ravni , kot tudi v še vedno visoki ravni rasti kreditov .
The strong rate of monetary and credit expansion reflects , in part , favourable financing conditions and solid economic growth .
Visoka stopnja rasti denarja in kreditov je deloma posledica ugodnih pogojev financiranja in solidne gospodarske rasti .
In the short term , monetary and credit developments can be affected , inter alia , by the shape of the yield curve and external factors , and be subject to some degree of volatility .
Kratkoročno lahko na gibanja denarja in kreditov med drugim vplivajo oblika krivulje donosnosti in zunanji dejavniki , možna pa so tudi določena nihanja .
In assessing the policy-relevant underlying trends in monetary and credit growth , it is important to look through such transitory aspects .
Pri ocenjevanju osnovne dinamike rasti denarja in kreditov , ki je pomembna za oblikovanje politike , je treba odmisliti takšne prehodne vidike .
Taking this perspective , there are several indications that higher short-term interest rates are now influencing monetary dynamics , although they have not , as yet , significantly dampened the overall strength of the underlying rate of monetary and credit expansion .
Pogled s te perspektive kaže , da višje kratkoročne obrestne mere že vplivajo na denarno dinamiko , čeprav do sedaj še niso znatno oslabile močne osnovne stopnje rasti denarja .
Equally , the annual growth rate of loans to the private sector has shown some signs of stabilising since mid-2006 , albeit at double-digit levels .
Od sredine leta 2006 dalje kaže določene znake umirjanja tudi medletna stopnja rasti posojil zasebnemu sektorju , kljub temu da še vedno ostaja na dvomestni ravni .
The stabilisation of loan growth is now becoming more broad-based , as evidenced in recent months by developments in borrowing by non-financial corporations and by households .
Rast posojil se je na splošno stabilizirala , kar je v zadnjih nekaj mesecih razvidno iz gibanja zadolževanja nefinančnih družb in gospodinjstev .
At the same time , house price growth has come down somewhat , although remaining at high levels on average in the euro area .
Hkrati se je rast cen stanovanj nekoliko znižala , čeprav v povprečju v euroobmočju še vedno ostaja na visoki ravni .
Taking into account both short-term factors and the underlying trend of the continued vigorous expansion of money and credit , there are clear indications of upside risks to price stability at medium to longer-term horizons .
Ob upoštevanju kratkoročnih dejavnikov in osnovnega trenda nadaljnje živahne rasti denarja in kreditov je jasno , da so srednjeročno in dolgoročnejše prisotna tveganja navzgor usmerjenih pritiskov na stabilnost cen .
Following several years of robust monetary growth , the liquidity situation in the euro area remains ample .
Po več letih okrepljene rasti denarja ostaja likvidnost v euroobmočju obsežna .
In this environment , monetary developments continue to require very careful monitoring , particularly against the background of the expansion in economic activity and still strong property market developments .
V takšnem okolju bo treba denarna gibanja še naprej zelo skrbno spremljati , še posebno glede na rast gospodarske aktivnosti in še vedno močna gibanja na trgu nepremičnin .
To sum up , in assessing price trends it is important to look beyond any short-term volatility in inflation rates .
Sklenemo lahko , da je pri ocenjevanju cenovnih gibanj pomembno gledati onkraj kratkoročnih nihanj v stopnji inflacije .
As capacity utilisation increases and labour markets gradually improve , constraints are emerging which could lead in particular to stronger than expected wage developments .
Ker se izkoriščenost zmogljivosti povečuje , razmere na trgu dela pa se počasi izboljšujejo , so se začele pojavljati omejitve , ki bi lahko povzročile zlasti močnejše gibanje plač od pričakovanega .
Given the vigorous monetary and credit growth in an environment of already ample liquidity , a cross-check of the outcome of the economic analysis with that of the monetary analysis supports the assessment that upside risks to price stability prevail over the medium to longer term .
Glede na živahno rast denarja in kreditov v okolju , kjer je likvidnosti že obsežna , navzkrižna primerjava rezultatov ekonomske in denarne analize potrjuje oceno , da bodo v srednjeročnem do dolgoročnejšem obdobju prevladovala navzgor usmerjena tveganja za cenovno stabilnost .
Accordingly , the Governing Council will monitor closely all developments in order to ensure that risks to price stability over the medium term do not materialise .
Svet ECB bo zato natančno spremljal vsa gibanja in tako zagotovil , da se tveganja za stabilnost cen v srednjeročnem obdobju ne uresničijo .
Looking ahead , acting in a firm and timely manner to ensure price stability in the medium term is warranted .
Za zagotovitev stabilnosti cen v srednjeročnem obdobju bo v prihodnje potrebno odločno in pravočasno ukrepanje .
As regards fiscal policy , all countries should be in line with the rules and provisions of the Stability and Growth Pact .
Na področju fiskalne politike bi morale vse države spoštovati pravila in določbe Pakta za stabilnost in rast .
This will be crucial for the smooth functioning of Monetary Union , given that the Stability and Growth Pact is an indispensable part of its institutional setting .
To je bistveno za nemoteno delovanje monetarne unije glede na to , da je Pakt za stabilnost in rast neločljiv del njene institucionalne ureditve .
Following the significant budgetary improvement recorded in 2006 , the latest available forecasts suggest a further reduction in the government deficit-to-GDP ratio of the euro area over the period 2007-08 .
Po precejšnjem proračunskem izboljšanju v letu 2006 se bo po najnovejših razpoložljivih napovedih razmerje med primanjkljajem in BDP v euroobmočju v obdobju 2007 -- 08 še zmanjšalo .
This reflects in particular projected ongoing strong revenue collection in the context of a favourable macroeconomic outlook .
To je zlasti posledica napovedanih nadaljnjih močnih prihodkov zaradi ugodnega makroekonomskega okolja .
However , the structural improvement is more muted .
Strukturno izboljšanje pa je po drugi strani manj izrazito .
The current economic « good times » should be used to rapidly redress the remaining budgetary imbalances in euro area countries as well as to accelerate the adjustment towards their medium-term objectives of sound budget positions with a focus on expenditure restraint .
Trenutne » dobre čase « v gospodarstvu bi bilo treba izkoristiti za hitro odpravo preostalih proračunskih neravnovesij v državah euroobmočja ter za pospešeno prilaganje v smeri uresničevanja srednjeročnih ciljev zdravega proračunskega položaja predvsem z omejevanjem odhodkov .
As agreed by the euro area finance ministers at the Eurogroup meeting in Berlin on 20 April 2007 , taking advantage of the favourable cyclical conditions would enable most euro area members to achieve their medium-term objectives in 2008 or 2009 , and all of them should aim for 2010 at the latest .
Kot so se na zasedanju 20 . aprila 2007 v Berlinu dogovorili finančni ministri Euroskupine , je treba izkoristiti ugodne ciklične razmere , kar bi večini članic euroobmočja omogočilo , da dosežejo svoje srednjeročne cilje v letih 2008 in 2009 , vse države pa bi morale to doseči najkasneje do leta 2010 .
This is particularly important with a view to reducing the still high government debt ratios and preparing for the fiscal challenges arising from population ageing .
To je zlasti pomembno za zmanjšanje še vedno visoke stopnje javnega dolga ter za priprave na javnofinančne izzive , ki izhajajo iz staranja prebivalstva .
In order to ensure that fiscal developments are monitored effectively , the Governing Council supports all efforts by Eurostat to improve the fiscal data situation .
Da bi zagotovili uspešno spremljanje javnofinančnih gibanj , Svet ECB podpira prizadevanja Eurostata za izboljšanje javnofinančnih podatkov .
It also welcomes the increased emphasis placed by the ECOFIN Council on measures to improve the quality of public finances and increase the efficiency of public administration .
Pozdravlja tudi večji poudarek , ki ga Ekonomsko-finančni svet daje ukrepom za izboljšanje kakovosti javnih financ in za povečanje učinkovitosti javne uprave .
As regards structural reforms , the Governing Council fully supports any efforts that enhance competition , increase productivity and foster economic flexibility , thus promoting higher sustainable real GDP growth and employment .
Na področju strukturnih reform Svet ECB v celoti podpira vsa prizadevanja , ki krepijo konkurenco , zvišujejo produktivnost in spodbujajo prilagodljivost gospodarstva ter tako omogočajo višjo vzdržno rast realnega BDP in zaposlovanje .
In this respect , the Governing Council strongly backs reforms focusing on reducing labour market rigidities , product market barriers and administrative burdens , and on stimulating technological innovation .
Svet ECB tako močno podpira reforme , katerih cilj je zmanjšanje togosti trga dela , ovir na trgih proizvodov in administrativnih bremen ter spodbujanje tehnoloških inovacij .
Exploiting the complementary nature of reforms would increase their benefits in terms of long-term economic dynamism and price stability .
Z reformami , ki se med sabo dopolnjujejo , bi lahko povečali koristi , ki jih te reforme prinašajo v smislu dolgoročne gospodarske dinamike in stabilnosti cen .
Furthermore , the importance of a successful conclusion of the Doha round of trade talks for productivity and growth in Europe should not be underestimated .
Ravno tako ne smemo podcenjevati pomena uspešnega zaključka kroga trgovinskih pogajanj , ki se je začel v Dohi , za produktivnost in rast v Evropi .
In the end , higher productivity growth will allow increases in real wages without negatively affecting employment , thereby supporting the income growth of the euro area workforce .
Na koncu bo višja rast produktivnosti omogočila rast realnih plač , ne da bi to negativno vplivalo na zaposlenost , s čimer bo spodbudila tudi rast dohodka delovne sile v euroobmočju .
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EDITORIAL 14 May 2009 - Monthly Bulletin
14 . maj 2009 - Mesečni bilten
At its meeting on 7 May 2009 , on the basis of its regular economic and monetary analyses , the Governing Council decided to reduce the interest rate on the main refinancing operations of the Eurosystem by a further 25 basis points and the rate on the marginal lending facility by 50 basis points to 1.00% and 1.75% respectively , with effect from 13 May 2009 .
maja 2009 na osnovi redne ekonomske in denarne analize sklenil , da obrestno mero za operacije glavnega refinanciranja Eurosistema zniža za nadaljnjih 25 bazičnih točk na 1,00% , obrestno mero za odprto ponudbo mejnega posojila pa za 50 bazičnih točk na 1,75% . Novi obrestni meri začneta veljati 13 .
The interest rate on the deposit facility will remain unchanged at 0.25% .
Obrestna mera za odprto ponudbo mejnega depozita ostaja nespremenjena na ravni 0,25% .
This decision brings the total reduction in the interest rate on the main refinancing operations of the Eurosystem since 8 October 2008 to 325 basis points .
S tem sklepom se je obrestna mera za operacije glavnega refinanciranja od 8 . oktobra 2008 znižala za skupno 325 bazičnih točk .
Current key ECB interest rates are appropriate taking into account all available information and analyses .
Glede na vse razpoložljive informacije in analize so sedanje ključne obrestne mere ECB ustrezne .
In addition to the reductions in interest rates , the Governing Council decided on 7 May 2009 to proceed with its enhanced credit support approach .
Svet ECB je poleg znižanja obrestnih mer na seji 7 . maja 2009 sprejel tudi sklep , da bo izvajal pristop razširjene podpore kreditiranju .
In continuity and consistency with the operations undertaken since October 2008 , and in recognition of the central role played by the banking system in financing the euro area economy , the Eurosystem will conduct liquidity-providing longer-term refinancing operations with a maturity of one year .
V skladu z operacijami , izvedenimi od oktobra 2008 , ter kot njihovo nadaljevanje in ob priznavanju osrednje vloge , ki jo ima bančni sistem pri financiranju gospodarstva euroobmočja , bo Eurosistem tako izvajal dolgoročnejše operacije refinanciranja za povečevanje likvidnosti z zapadlostjo 12 mesecev .
The operations will be conducted as fixed rate tender procedures with full allotment .
Te operacije se bodo izvajale v obliki avkcij s fiksno obrestno mero in polno dodelitvijo .
The fixed rate for the first of these operations , to be announced on 23 June 2009 , will be the rate on the main refinancing operations at that time .
Fiksna obrestna mera za prvo od teh operacij , ki bo objavljena 23 . junija 2009 , bo enaka obrestni meri za operacije glavnega refinanciranja , ki bo veljala na ta dan .
Subsequently , the fixed rate may include a premium to the rate on the main refinancing operations , depending on the circumstances at the time . The Governing Council decided in principle that the Eurosystem will purchase euro-denominated covered bonds issued in the euro area .
Kasneje bo glede na takratne razmere fiksna obrestna mera lahko vključevala tudi premijo nad obrestno mero za operacije glavnega refinanciranja . Svet ECB se je načeloma odločil , da bo Eurosistem kupoval krite obveznice v eurih , ki so bile izdane v euroobmočju .
The detailed modalities will be announced after the Governing Council meeting of 4 June 2009 .
Podrobnosti bodo objavljene po seji Sveta ECB , ki bo potekala 4 . junija 2009 .
Furthermore , the Governing Council decided that the European Investment Bank will become an eligible counterparty in the Eurosystem 's monetary policy operations with effect from 8 July 2009 and under the same conditions as any other counterparty .
Nadalje je Svet ECB sklenil , da bo Evropska investicijska banka z 8 . julijem 2009 postala primerna nasprotna stranka v operacijah denarne politike Eurosistema , in sicer pod enakimi pogoji kot katera koli druga nasprotna stranka .