natgillin/translations-raw huggingface dataset:
On balance , risks to the outlook for growth are judged to lie on the downside .
V celoti gledano je prihodnja gospodarska rast po ocenah izpostavljena tveganjem upočasnitve .
These downside risks relate mainly to the potential for a broader impact from the ongoing reappraisal of risk in financial markets on confidence and financing conditions , concerns about protectionist pressures and possible disorderly developments owing to global imbalances , as well as further oil and commodity price rises .
Ta tveganja so povezana predvsem z morebitnim širšim vplivom , ki ga ima sedanje prevrednotenje tveganja na finančnih trgih na zaupanje in pogoje financiranja , ter z negotovostjo glede protekcionističnih pritiskov in možnih neobvladljivih gibanj zaradi svetovnih neravnovesij in z nadaljnjo rastjo cen nafte in primarnih surovin .
As regards price developments , according to Eurostat 's flash estimate , the annual HICP inflation rate increased strongly to 2.1% in September 2007 , from 1.7% in August .
Na področju cenovnih gibanj se je po Eurostatovi prvi oceni medletna inflacija , merjena z indeksom HICP , septembra 2007 v primerjavi z avgustom močno povišala z 1,7% na 2,1% .
As the Governing Council has already indicated on previous occasions , unfavourable effects from energy prices will have a strong impact on annual HICP inflation rates over the period to come .
Kot je Svet ECB v preteklosti že nakazal , bodo negativni učinki cen energentov v prihodnjem obdobju močno vplivali na medletno inflacijo , merjeno z indeksom HICP .
Owing mainly to such effects , as a result of the marked decline in energy prices a year ago combined with the recent substantial increase in oil prices , the Governing Council expects the inflation rate to remain significantly above 2 % in the remaining months of 2007 and in early 2008 , before moderating again .
Ravno zaradi takšnih vplivov , ki so posledica izrazitega znižanja cen energentov pred enim letom skupaj z nedavnim občutnim povišanjem cen nafte , Svet ECB pričakuje , da bo stopnja inflacije v preostalih mesecih leta 2007 in v začetku leta 2008 ostala precej nad 2 %, preden se bo spet znižala .
Largely as a consequence of capacity constraints and relatively tight labour market conditions , inflation is expected to be around 2 % on average in 2008 .
Predvsem zaradi omejenih proizvodnih zmogljivosti in razmeroma zaostrenih razmer na trgu dela bo inflacija leta 2008 po pričakovanjih v povprečju znašala okoli 2 %.
Risks to the outlook for price developments remain on the upside .
Prihodnja cenovna gibanja so še vedno izpostavljena inflacijskim tveganjem .
They continue to include the possibility of further increases in the prices of oil and agricultural products as well as additional increases in administered prices and indirect taxes beyond those announced thus far .
Med tveganja še vedno spadajo možnost nadaljnje rasti cen nafte in kmetijskih proizvodov ter dodatno povišanje nadzorovanih cen in posrednih davkov poleg že napovedanih .
Taking into account the existence of capacity constraints , the favourable momentum of real GDP growth observed over the past few quarters and the positive signs from labour markets , stronger than currently expected wage developments may occur , and an increase in the pricing power in market segments with low competition could materialise .
Ob upoštevanju omejenih proizvodnih zmogljivosti , ugodne dinamike rasti realnega BDP v zadnjih nekaj četrtletjih in pozitivnih znakov s trga dela lahko pride do močnejšega gibanja plač od trenutno pričakovanega in do povečane moči oblikovanja cen v tržnih segmentih z nižjo konkurenco .
Such developments would pose upward risks to price stability .
Takšna gibanja bi predstavljala navzgor usmerjena tveganja za stabilnost cen , zato je bistveno , da vse udeležene strani ravnajo odgovorno .
It is therefore crucial that all parties concerned meet their responsibilities . The monetary analysis confirms the prevailing upside risks to price stability at medium to longer-term horizons .
Denarna analiza potrjuje , da srednjeročno in dolgoročneje prevladujejo navzgor usmerjena tveganja za stabilnost cen .
A broad assessment of the monetary data supports the view that the underlying rate of money and credit growth remains strong .
Širša ocena podatkov o denarju potrjuje stališče , da temeljna stopnja rasti denarja in kreditov ostaja močna .
However , the August annual growth rate of close to 12 % in the monetary aggregate M3 as well as the annual growth rate of loans to non-financial corporations , which reached a record level of more than 14 % in August , may have been influenced by a number of temporary or special factors , such as the flattening of the yield curve and the recent financial market volatility , and may therefore overstate the underlying rate of money and credit expansion .
Na medletno stopnjo rasti denarnega agregata M3 , ki je bila avgusta blizu 12 %, kakor tudi na medletno stopnjo rasti posojil nefinančnim družbam , ki je avgusta dosegla rekordno raven nad 14 %, so kljub temu verjetno vplivali številni prehodni ali posebni dejavniki , kot sta na primer položnejša krivulja donosnosti in nedavna nestanovitnost na finančnih trgih , zaradi česar bi bila lahko temeljna stopnja rasti denarja in kreditov precenjena .
A broad assessment of underlying trends in money and credit growth is particularly important during the current period of financial market volatility , as the latter may influence the short-term behaviour of private agents and thereby affect monetary developments .
Širša ocena osnovnega trenda rasti denarja in kreditov je še zlasti pomembna v sedanjem obdobju nestanovitnosti na finančnih trgih , ker bi slednja lahko vplivala na kratkoročno obnašanje zasebnih subjektov in tako vplivala na denarna gibanja .
Thus , monetary and credit data can offer an important insight into how financial institutions , households and firms have responded to the financial market volatility .
Tako lahko podatki o denarju in kreditih omogočijo pomemben vpogled v to , kako so se finančne institucije , gospodinjstva in podjetja odzvali na nestanovitnost na finančnih trgih .
For the time being , however , there is still little evidence in the monetary data for such shifts since the rise in financial market volatility in early August , while it cannot be excluded that the flow of bank loans to the non-financial corporate sector in August partly reflects the re-intermediation of some financing onto bank balance sheets .
Trenutno podatki o denarju ponujajo le malo dokazov , da je po povečanju nestanovitnosti na finančnih trgih v začetku avgusta prišlo do takšnih prerazporeditev , medtem ko ni mogoče izključiti dejstva , da tok bančnih posojil sektorju nefinančnih družb avgusta deloma odraža ponovno pridobivanje dela financiranja pri bankah .
Further data will be required to develop a more complete view of the impact of the financial market volatility on bank balance sheets , financing conditions and money and credit growth .
Za celovitejšo oceno vpliva , ki ga je imela nestanovitnost na finančnih trgih na bilanco stanja bank , pogoje financiranja ter na rast denarja in kreditov , so potrebni dodatni podatki .
Overall , the continued vigour of underlying monetary and credit expansion points to upside risks to price stability over the medium to longer term .
Še naprej živahna rast denarja in kreditov v celoti gledano kaže , da je stabilnost cen srednjeročno in dolgoročneje izpostavljena navzgor usmerjenim tveganjem .
Monetary developments therefore continue to require very careful monitoring so as to detect underlying trends on the one hand and to better understand shorter-term dynamics on the other .
Denarna gibanja je zato še vedno treba zelo skrbno spremljati , da bi po eni strani ugotovili osnovni trend in po drugi , da bi bolje razumeli kratkoročno dinamiko .
This will provide a more complete picture of the response of the private sector to the increased volatility in financial markets .
Tako bo mogoče celoviteje razumeti , kako se na povečano nestanovitnost na finančnih trgih odziva zasebni sektor .
To sum up , a cross-check of the information identified under the economic analysis with the outcome of the monetary analysis has confirmed the existence of upside risks to price stability over the medium term , against the background of good economic fundamentals in the euro area .
Povzamemo lahko , da je navzkrižna primerjava rezultatov ekonomske in denarne analize potrdila , da v srednjeročnem obdobju obstajajo navzgor usmerjena tveganja za stabilnost cen , vendar so gospodarski temelji euroobmočja dobri .
Accordingly , and with money and credit growth vigorous in the euro area , the ECB 's monetary policy stands ready to counter upside risks to price stability , as required by its primary objective .
Skladno s tem ter ob živahni rasti denarja in kreditov v euroobmočju je denarna politika ECB pripravljena preprečiti navzgor usmerjena tveganja za stabilnost cen v skladu s svojim poglavitnim ciljem .
At the same time , given the heightened level of uncertainty , additional information is needed before further conclusions for monetary policy can be drawn .
Hkrati so ob povečani stopnji negotovosti potrebne dodatne informacije , preden lahko sprejmemo nadaljnje zaključke o denarni politiki .
On the basis of its assessment , and by acting in a firm and timely manner , the Governing Council will ensure that risks to price stability over the medium term do not materialise and that medium and long-term inflation expectations remain firmly anchored in line with price stability , which is all the more important in the current context .
Na podlagi ocene ter z odločnim in pravočasnim ukrepanjem bo Svet ECB zagotovil , da se tveganja za stabilnost cen v srednjeročnem obdobju ne uresničijo ter da srednjeročna in dolgoročna inflacijska pričakovanja ostanejo trdno zasidrana v skladu s stabilnostjo cen , kar je še zlasti pomembno v sedanjih razmerah .
Turning to fiscal policy , the Governing Council is increasingly concerned about a weakening in structural fiscal consolidation efforts and the delaying of decisive action to address fiscal imbalances .
Na področju javnofinančne politike je Svet ECB vedno bolj zaskrbljen zaradi vse manjših prizadevanj za strukturno proračunsko konsolidacijo in odlašanja z odločnim ukrepanjem za odpravo javnofinančnih neravnovesij .
Against this background , all euro area countries concerned are urged to meet the commitments made in the context of the Stability and Growth Pact to structurally improve their fiscal balances .
Ob tem so vse zadevne države euroobmočja pozvane k izpolnjevanju obveznosti , ki so jih prevzele v okviru Pakta za stabilnost in rast , po katerem morajo strukturno izboljšati svoj proračunski saldo .
The commitment made in the Eurogroup to reach medium-term budgetary objectives in 2008 or 2009 , and by 2010 at the latest , must also be respected by all euro area countries .
Vse države euroobmočja morajo spoštovati tudi zavezo Euroskupine , da bodo srednjeročne proračunske cilje izpolnile v letu 2008 ali 2009 , najkasneje pa do leta 2010 .
Those countries that have already achieved sound fiscal positions need to abstain from pro-cyclical fiscal policies .
Države , ki so zdravo javnofinančno stanje že dosegle , se morajo vzdržati prociklične javnofinančne politike .
Sound fiscal policies will also make an important contribution to maintaining confidence at a time of heightened uncertainty in financial markets .
Vzdržne javnofinančne politike bodo prav tako pomembno prispevale k ohranjanju zaupanja v času povečane negotovosti na finančnih trgih .
With regard to structural reforms , the Governing Council fully supports efforts to enhance competition , increase productivity and foster market flexibility .
Na področju strukturnih reform Svet ECB v celoti podpira prizadevanja za krepitev konkurence , povečevanje produktivnosti in spodbujanje prilagodljivosti trga .
While the services sector is a particularly important area for reform , further efforts are also needed to improve the functioning of the agricultural markets .
Čeprav so reforme potrebne zlasti v storitvenem sektorju , so nujna tudi dodatna prizadevanja za boljše delovanje kmetijskih trgov .
Against the background of a marked increase in international food commodity prices , further liberalisation and reforms in the EU agricultural markets would help to enhance their efficiency and benefit European consumers through lower prices .
Glede na izrazito povečanje cen prehrambenih surovin na svetovnih trgih bi dodatna liberalizacija in reforme kmetijskih trgov EU pripomogle k večji učinkovitosti , evropski potrošniki pa bi uživali prednosti nižjih cen .
The successful conclusion of the Doha round of world trade negotiations should also help to improve the functioning of global trade in general and of agricultural markets in Europe and worldwide in particular .
Uspešen zaključek kroga svetovnih trgovinskih pogajanj , ki se je začel v Dohi , bo predvidoma prispeval k boljšemu delovanju svetovne trgovinske menjave na splošno in zlasti kmetijskih trgov v Evropi in po vsem svetu .
The first article discusses long-term developments in loans to households from euro area monetary financial institutions .
V prvem članku obravnavamo dolgoročna gibanja posojil denarnih finančnih institucij euroobmočja gospodinjstvom .
The second article compares the collateral frameworks of the Federal Reserve System , the Bank of Japan and the Eurosystem , identifying similarities in underlying principles and differences in the practical design .
V drugem članku je predstavljena primerjava sistemov zavarovanja ameriških centralnih bank , japonske centralne banke in Eurosistema , kjer so opisane podobnosti osnovnih načel in razlike v praktičnem oblikovanju .
The third article provides an overview of the circulation and supply of euro banknotes and preparations for the second series of banknotes .
V tretjem članku pa je opisan pregled obtoka in ponudbe eurobankovcev ter priprave na drugo serijo bankovcev .
Navigation Path : Home &gt; Publications &gt; Monthly Bulletin &gt; Editorials &gt; 2010 &gt; 11 March 2010
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EDITORIAL 11 March 2010 - Monthly Bulletin
11 . marec 2010 - Mesečni bilten
Based on its regular economic and monetary analyses , the Governing Council decided at its meeting on 4 March 2010 to leave the key ECB interest rates unchanged .
Svet ECB je na seji 4 . marca 2010 na podlagi redne ekonomske in denarne analize sklenil , da pusti ključne obrestne mere ECB nespremenjene .
Taking into account all the information and analyses that have become available since the Governing Council meeting on 4 February 2010 , price developments are expected to remain subdued over the policy-relevant horizon .
Glede na vse informacije in analize , ki so postale dostopne od zadnje seje Sveta 4 . februarja 2010 , se pričakuje , da bodo v obdobju , ki je pomembno za denarno politiko , cenovna gibanja ostala umirjena .
The latest information has also confirmed that the economic recovery in the euro area is on track , although it is likely to remain uneven .
Najnovejše informacije so tudi potrdile , da se gospodarsko okrevanje v euroobmočju nadaljuje , čeprav bo proces okrevanja verjetno potekal neenakomerno .
Overall , the Governing Council expects the euro area economy to grow at a moderate pace in 2010 , in an environment marked by continued uncertainty .
Na splošno Svet ECB pričakuje , da bo gospodarska rast euroobmočja v letu 2010 zmerna , gospodarske razmere pa bodo ostale negotove .
The outcome of the monetary analysis confirms the assessment of low inflationary pressures over the medium term .
Rezultati denarne analize potrjujejo oceno o šibkih srednjeročnih inflacijskih pritiskih .
Inflation expectations remain firmly anchored in line with the aim of keeping inflation rates below , but close to , 2 % over the medium term .
Inflacijska pričakovanja ostajajo trdno zasidrana na ravni , ki je skladna s ciljem srednjeročnega ohranjanja inflacije pod 2 %, vendar blizu te meje .
At its meeting on 4 March the Governing Council also discussed , in view of economic and financial market developments , how to proceed with the gradual phasing-out of its non-standard operational measures .
V luči gibanj v gospodarstvu in na finančnih trgih je Svet ECB na seji 4 . marca razpravljal tudi o tem , kako nadaljevati proces postopne odprave nestandardnih ukrepov .
In this respect , it was decided to continue conducting both the main refinancing operations ( MROs ) and the special-term refinancing operations with a maturity of one maintenance period as fixed rate tender procedures with full allotment for as long as necessary -- and at least until the end of this year 's ninth maintenance period on 12 October 2010 .
Sklenil je , da bo tako operacije glavnega refinanciranja kot tudi operacije refinanciranja s posebno zapadlostjo v dolžini enega obdobja izpolnjevanja obveznih rezerv nadaljeval v obliki avkcij s fiksno obrestno mero in polno dodelitvijo , in sicer tako dolgo , kot bo potrebno , vsekakor pa vsaj do konca letošnjega devetega obdobja izpolnjevanja obveznih rezerv , ki se konča 12 . oktobra 2010 .
In the case of the special-term refinancing operations , the fixed rate will be the same as the rate used in the respective MRO .
Pri operacijah refinanciranja s posebno zapadlostjo bo fiksna obrestna mera enaka tisti , ki bo veljala za ustrezno operacijo glavnega refinanciranja .
The Governing Council also decided to return to variable rate tender procedures in the regular three-month longer-term refinancing operations ( LTROs ) , starting with the operation to be allotted on 28 April 2010 .
Nadalje je Svet ECB sklenil , da bo od operacije , ki bo dodeljena 28 . aprila 2010 , začel redne trimesečne operacije dolgoročnejšega refinanciranja ponovno izvajati v obliki avkcij s spremenljivo obrestno mero .
Allotment amounts in these operations will be set with the aim of ensuring smooth conditions in money markets and avoiding any significant spreads between bid rates and the prevailing MRO rate .
Znesek dodelitve v teh operacijah bo določen vnaprej , tako da se zagotovijo stabilne razmere na denarnih trgih in preprečijo večji razmiki med izklicno obrestno mero in prevladujočo obrestno mero za operacije glavnega refinanciranja .
Furthermore , the Governing Council decided , in line with its decision on the 12-month LTRO of 16 December 2009 , to fix the rate in the six-month LTRO to be allotted on 31 March 2010 at the average minimum bid rate of the MROs over the life of this operation .
decembra 2009 tudi sklenil , da bo obrestno mero za 6-mesečno operacijo dolgoročnejšega refinanciranja , ki bo dodeljena 31 . marca 2010 , nespremenljivo določil na ravni povprečne izklicne obrestne mere za operacije glavnega refinanciranja v času trajanja te operacije .
With these decisions , the Eurosystem continues to provide liquidity support to the banking system of the euro area at very favourable conditions , thereby facilitating the provision of credit to the euro area .
S temi sklepi Eurosistem še naprej po zelo ugodnih pogojih zagotavlja likvidnostno podporo bančnemu sistemu euroobmočja ter spodbuja ponudbo kreditov v euroobmočju .
At the same time , these decisions help to avoid distortions associated with maintaining non-standard measures for longer than needed .
Obenem ti sklepi pomagajo preprečevati izkrivljanja , ki bi se lahko pojavila , če bi nestandardni ukrepi v veljavi ostali predolgo .
The Governing Council will continue to implement the gradual phasing-out of the extraordinary liquidity measures .
Svet ECB bo nadaljeval s postopno odpravo izrednih likvidnostnih ukrepov .
Turning to the economic analysis , over recent quarters , the euro area has continued to benefit from the significant macroeconomic stimulus provided and the measures adopted to restore the functioning of the banking system , as well as from the ongoing recovery in the world economy .
Kot kaže ekonomska analiza , so v zadnjih četrtletjih na gospodarstvo euroobmočja ugodno vplivale obsežne makroekonomske spodbude ter ukrepi , ki so bili sprejeti za obnovitev delovanja bančnega sistema , kot tudi nadaljnje okrevanje svetovnega gospodarstva .
According to Eurostat 's first release , in quarter-on-quarter terms euro area real GDP increased by 0.1% in the fourth quarter of 2009 , after growing by 0.4% in the third quarter .
Po Eurostatovi prvi oceni se je realni BDP euroobmočja v zadnjem četrtletju 2009 medčetrtletno povečal za 0,1% , potem ko je v tretjem četrtletju zrasel za 0,4% .
Available indicators suggest that the economic recovery in the euro area is on track , although it is likely to remain uneven .
Sodeč po razpoložljivih kazalnikih se gospodarsko okrevanje euroobmočja nadaljuje , čeprav bo proces okrevanja verjetno še naprej potekal neenakomerno .
In particular , a number of special factors are at play , including adverse weather conditions in parts of the euro area in the first quarter of 2010 .
Predvsem je v igri vrsta posebnih dejavnikov , med drugim tudi neugodne vremenske razmere v nekaterih delih euroobmočja v prvem četrtletju 2010 .
Given this uneven pattern , it is more appropriate to look through the quarterly volatility and to compare growth developments on a half-yearly basis .
Glede na neenakomeren potek okrevanja je smiselno odmisliti četrtletno volatilnost in primerjati polletne stopnje rasti .
Looking ahead , the Governing Council expects real GDP growth to remain moderate in 2010 , owing to the ongoing process of balance sheet adjustment in various sectors and the expectation that low capacity utilisation is likely to dampen investment and that consumption is being dampened by weak labour market prospects .
Glede gibanj v prihodnje Svet ECB pričakuje , da bo stopnja rasti realnega BDP v letu 2010 ostala zmerna , na kar bo vplival še vedno potekajoč proces bilančnega prilaganja v različnih sektorjih gospodarstva ter pričakovanja , da bo šibka izkoriščenost zmogljivosti verjetno zavirala investicije in da bodo potrošnjo zavirali slabi obeti glede gibanj na trgu dela .
This assessment is also reflected in the March 2010 ECB staff macroeconomic projections for the euro area , which foresee annual real GDP growth in a range between 0.4% and 1.2% for 2010 and between 0.5% and 2.5% for 2011 .
Takšno oceno kažejo tudi makroekonomske projekcije strokovnjakov ECB za euroobmočje , pripravljene marca 2010 , po katerih bo medletna rast realnega BDP v letu 2010 znašala med 0,4% in 1,2% , v letu 2011 pa med 0,5% in 2,5% .
Compared with the Eurosystem staff projections published in December 2009 , the range for real GDP growth in 2010 is slightly narrower , while for 2011 the range has been revised slightly upwards , reflecting notably stronger activity worldwide .
V primerjavi z makroekonomskimi projekcijami strokovnjakov Eurosistema , objavljenimi decembra 2009 , je razpon rasti za leto 2010 nekoliko ožji , za leto 2011 pa je bil zaradi občutno močnejše gospodarske aktivnosti po svetu rahlo popravljen navzgor .
The Governing Council continues to view the risks to this outlook as broadly balanced , in an environment marked by continued uncertainty .
Po mnenju Sveta ECB so tveganja , ki so povezana s temi obeti , še vedno večinoma uravnotežena , razmere pa ostajajo negotove .
Furthermore , there may be larger than anticipated effects stemming from the extensive macroeconomic stimulus being provided and from other policy measures taken .
Poleg tega lahko pričakovanja presežejo pozitivni učinki sedanjih obsežnih makroekonomskih spodbud in drugih sprejetih ukrepov politike .