natgillin/translations-raw huggingface dataset:
The fall in oil prices from their peak in July and ongoing growth in emerging market economies might support a gradual recovery in the course of 2009 .
Padec cen nafte z julijskih rekordnih vrednosti in nadaljnja rast razvijajočih se tržnih gospodarstev bi lahko spodbudila postopno okrevanje tekom leta 2009 .
In the view of the Governing Council , the economic outlook is subject to increased downside risks , mainly stemming from a scenario of ongoing financial market tensions affecting the real economy more adversely than currently foreseen .
Po mnenju Sveta ECB so v gospodarskih obetih prisotna povečana tveganja upočasnitve gospodarske aktivnosti , ki izhajajo predvsem iz scenarija , da bodo imele sedanje napetosti na finančnih trgih večji negativen vpliv na realno gospodarstvo , kot je trenutno predvideno .
Other downside risks relate to the possibility of renewed increases in highly volatile energy and food prices , disorderly developments owing to global imbalances and rising protectionist pressures .
Druga tveganja so povezana z možnostjo ponovne rasti izredno nestanovitnih cen energentov in hrane ter z neobvladljivimi gibanji zaradi svetovnih neravnovesij in z vse večjimi protekcionističnimi pritiski .
With regard to price developments , annual HICP inflation has remained considerably above the level consistent with price stability since last autumn , standing at 3.6% in September according to Eurostat 's flash estimate , after 3.8% in August .
Pri cenovnih gibanjih ostaja medletna inflacija , merjena z indeksom HICP , že od lanske jeseni precej nad ravnijo , ki je skladna s cenovno stabilnostjo , in je po Eurostatovi prvi oceni septembra znašala 3,6% , potem ko je avgusta dosegla 3,8% .
This still worrying level of inflation is largely the consequence of both the direct and indirect effects of past surges in energy and food prices at the global level .
Takšna še vedno zaskrbljujoča raven inflacije izhaja predvsem iz neposrednih in posrednih učinkov preteklega skokovitega porasta cen energentov in hrane na svetovni ravni .
Moreover , wage growth has been picking up rather strongly in recent quarters , in spite of a weaker growth momentum and at a time when labour productivity growth has decelerated .
Obenem se v zadnjih četrtletjih kljub šibkejšemu zagonu rasti in v obdobju , ko se je rast produktivnosti dela upočasnila , dokaj hitro povečuje rast plač .
This resulted in a sharp increase in the year-on-year unit labour cost -- to 3.4% -- in the second quarter of this year , after several years of more moderate increases in the order of 1-1 ½%.
Zaradi tega se je v drugem četrtletju letošnjega leta skokovito povečala rast stroškov dela na enoto proizvoda ( na 3,4% ) , potem ko je bila več let zmerna v razponu od 1 % do 1 ½%.
Looking ahead , on the basis of current commodity futures prices , annual HICP inflation rates are likely to remain well above levels consistent with price stability for some time , moderating gradually during the course of 2009 .
Glede prihodnjih gibanj je na podlagi sedanjih terminskih cen primarnih surovin mogoče pričakovati , da bo medletna inflacija po HICP verjetno še nekaj časa ostala precej nad ravnijo , ki je skladna s cenovno stabilnostjo , in da se bo v letu 2009 postopoma umirjala .
At the policy-relevant medium-term horizon , taking into account the weakening in demand , upside risks to price stability have diminished somewhat , but they have not disappeared .
V srednjeročnem obdobju , ki je pomembno za denarno politiko , so se z upadanjem povpraševanja navzgor usmerjena tveganja za stabilnost cen nekoliko zmanjšala , vendar še niso izginila .
They include the possibility of previous commodity price rises having further and stronger indirect effects on consumer prices , as well as a renewed increase in commodity prices .
Obsegajo možnost , bo prejšnja rast cen primarnih surovin povzročila nadaljnje in še močnejše posredne učinke na cene življenjskih potrebščin ter da bodo cene primarnih surovin ponovno naraščale .
In particular , there is a very strong concern that the emergence of broad-based second-round effects in price and wage-setting behaviour could add significantly to inflationary pressures .
Zlasti je zelo zaskrbljujoče dejstvo , da bi lahko inflacijske pritiske precej okrepili obsežnejši sekundarni učinki , ki izhajajo iz oblikovanja cen in plač .
Moreover , unexpected rises in indirect taxes and administered prices could occur .
Lahko bi prišlo tudi do nepričakovanega povečanja posrednih davkov in nadzorovanih cen .
This is all the more important in an environment of very high uncertainty .
To je še toliko bolj pomembno v okolju zelo velike negotovosti .
Broad-based second-round effects stemming from the impact of past energy and food price increases on price and wage-setting behaviour must be avoided .
Preprečiti je treba obsežnejše sekundarne učinke , ki jih pri oblikovanju cen in plač povzroča pretekla rast cen energentov in hrane .
The Governing Council is monitoring price-setting behaviour and wage negotiations in the euro area with particular attention and once again expressed its concern about the existence of schemes in which nominal wages are indexed to consumer prices .
Svet ECB s posebno pozornostjo spremlja oblikovanje cen in pogajanja o plačah v euroobmočju in še enkrat izraža zaskrbljenost glede plačnih sistemov , v katerih so nominalne plače indeksirane na cene življenjskih potrebščin .
The Governing Council therefore calls for these schemes to be abolished .
Svet ECB zato poziva , da se takšni plačni sistemi odpravijo .
Turning to the monetary analysis , the latest monetary data refer to the end of August and thus do not yet embody the impact of the recent intensification of the financial market turmoil .
V okviru denarne analize se najnovejši podatki o denarju nanašajo na konec avgusta in zato še ne vključujejo vpliva , ki ga je imela nedavna okrepitev pretresov na finančnih trgih .
Further data will be carefully evaluated in order to assess this impact .
Za presojo tega vpliva bomo nadaljnje podatke skrbno preučili .
As a general observation , previous episodes suggest that financial market tensions can have a relatively limited impact on monetary developments , but they have also been associated with large portfolio shifts and thus have exerted significant influence on monetary data .
Prejšnji primeri na splošno kažejo , da imajo lahko napetosti na finančnih trgih razmeroma omejen vpliv na denarna gibanja , vendar so bile te napetosti povezane tudi z obsežnimi prerazporeditvami portfeljev in so tako precej vplivale na podatke o denarju .
While the still strong underlying pace of monetary expansion points to upside risks to price stability over the medium term , data up to August show that the growth of broad money and credit aggregates moderated over the past few months , reflecting the monetary policy decisions taken since 2005 to address risks to price stability .
Medtem ko še vedno močna osnovna dinamika rasti denarja opozarja na navzgor usmerjena tveganja za cenovno stabilnost v srednjeročnem obdobju , podatki do avgusta kažejo , da se je rast širokega denarja in kreditnih agregatov v zadnjih nekaj mesecih umirila , in sicer predvsem zaradi sklepov o denarni politiki , ki so bili sprejeti po letu 2005 za ublažitev tveganj za stabilnost cen .
As a more detailed examination shows , the flat yield curve and the structure of bank deposit rates have led to a number of substitution effects .
Kot kaže podrobnejša analiza , sta položna krivulja donosnosti in struktura bančnih obrestnih mer za vloge povzročili številne učinke nadomestitve .
First , there has been a substitution from longer-term maturity assets into instruments covered by M3 , which offer similar remuneration but greater liquidity and less risk .
Prišlo je do nadomeščanja sredstev , ki imajo dolgoročnejšo zapadlost , z instrumenti znotraj denarnega agregata M3 , ki ponujajo podobno obrestovanje , vendar večjo likvidnost in manj tveganja .
As a consequence , the annual growth rate of M3 probably overstates the underlying pace of monetary expansion .
Zaradi tega medletna stopnja rasti M3 verjetno izkazuje previsoko osnovno dinamiko rasti denarja .
Second , there have been substitution effects within M3 .
Prišlo je tudi do učinkov nadomestitve znotraj M3 .
In contrast to the dynamic developments in M3 , annual M1 growth has fallen to very low levels .
V nasprotju z dinamičnimi gibanji znotraj M3 pa se je medletna rast M1 znižala na zelo nizko raven .
This reflects relatively attractive interest rates for time deposits , which have increased the opportunity cost of holding cash or overnight deposits .
To je posledica razmeroma privlačnih obrestnih mer za vezane vloge , zaradi česar so se povečali oportunitetni stroški imetja gotovine ali vlog čez noč .
At the level of the euro area as a whole , although the availability of bank credit has , as yet , not been significantly affected by the ongoing financial tensions , the gradual moderation of growth in loans continued in the August data , as previously anticipated , with corporate demand for credit slowing .
Čeprav trenutne finančne napetosti do zdaj še niso pomembneje vplivale na razpoložljivost bančnih kreditov , se je na ravni euroobmočja kot celote po avgustovskih podatkih nadaljevalo postopno umirjanje rasti posojil , kar je v skladu s prejšnjimi pričakovanji , pri čemer se je povpraševanje podjetij po kreditih upočasnilo .
At the same time , the growth of loans to households continues to follow the downward trend observed over the past few years , as a result of higher short-term interest rates and housing market weakness in several parts of the euro area .
Obenem se nadaljuje trend zniževanja rasti posojil gospodinjstvom , ki je opazen v zadnjih nekaj letih , kar je posledica višjih kratkoročnih obrestnih mer in slabitve stanovanjskega trga v več delih euroobmočja .
To sum up , the Governing Council discussed extensively the recent intensification of the financial market turmoil and its possible impact on economic activity and inflation , recognising the extraordinarily high level of uncertainty stemming from latest developments .
Če povzamemo , Svet ECB je obširno razpravljal o nedavni krepitvi pretresov na finančnih trgih in o morebitnem vplivu na gospodarsko aktivnost in inflacijo ter ugotovil , da je negotovost zaradi novejših gibanj izjemno velika .
In this context , the Governing Council stressed how crucial it is for monetary policy to keep inflation expectations firmly anchored in line with its objective of price stability .
Ob tem je Svet poudaril , kako ključno je , da denarna politika ohranja inflacijska pričakovanja trdno zasidrana na ravni , ki je skladna s ciljem cenovne stabilnosti .
The cross-check of the outcome of the economic analysis with that of the monetary analysis clearly confirms that annual inflation rates are likely to remain well above levels consistent with price stability for some time and , when taking into account the weakening of demand , that upside risks to price stability have diminished somewhat , but they have not disappeared .
Navzkrižna primerjava rezultatov ekonomske in denarne analize nedvomno potrjuje , da bo medletna stopnja inflacije verjetno še nekaj časa ostala precej nad ravnijo , ki je skladna s cenovno stabilnostjo , ter da so se z upadanjem povpraševanja navzgor usmerjena tveganja za stabilnost cen nekoliko zmanjšala , vendar še niso izginila .
It is imperative to avoid broad-based second-round effects in price and wage-setting .
Nujno je treba preprečiti obsežnejše sekundarne učinke pri oblikovanju cen in plač .
All parties concerned face exceptional challenges and are called upon to meet their responsibilities .
Vse udeležene strani so pred izjemno velikimi izzivi in bi morale prevzeti svoj del odgovornosti .
Accordingly , the Governing Council confirms its determination to secure price stability in the medium term and emphasises that it will continue to monitor very closely all developments over the period ahead .
Svet ECB je zato potrdil svojo odločenost , da zagotovi stabilnost cen v srednjeročnem obdobju , in poudaril , da bo v prihodnjem obdobju še naprej zelo natančno spremljal vsa gibanja .
Regarding fiscal policy , in the current situation of continuing economic uncertainty , it is essential that governments abide by the rules of the Stability and Growth Pact and ensure the sustainability of public finances .
Na področju javnofinančne politike je v sedanjih razmerah , ko se gospodarska negotovost nadaljuje , bistveno , da vlade spoštujejo pravila Pakta za stabilnost in rast in zagotovijo vzdržnost javnih financ .
Maintaining sound public finances will enable governments to let automatic stabilisers operate freely and thus contribute to smoothing the economic cycle and to supporting private sector confidence .
Ohranjanje zdravih javnih financ bo vladam omogočilo , da pustijo prosto delovanje samodejnih stabilizatorjev ter s tem prispevajo k izravnavanju gospodarskega cikla in h krepitvi zaupanja v zasebnem sektorju .
Turning to structural policies , measures that foster competition and flexibility and promote moderate unit labour cost growth are of the utmost importance in the current economic circumstances .
Na področju strukturnih politik so v sedanjih gospodarskih okoliščinah ključnega pomena ukrepi , ki spodbujajo konkurenco in prožnost ter prispevajo k zmernejši rasti stroškov dela na enoto proizvoda .
While moderate unit labour cost growth is crucial in all euro area countries , it is particularly pressing in those that have experienced a significant loss of cost and price competitiveness over recent years and where unemployment has already started to rise .
Medtem ko je zmerna rast stroškov dela na enoto proizvoda bistvena v vseh državah euroobmočja , je še posebno pomembna v tistih , ki so v zadnjih letih zabeležile precejšen upad stroškovne in cenovne konkurenčnosti in kjer je brezposelnost že začela naraščati .
Moreover , labour market reforms fostering employment and investment and promoting skills , innovation and efficiency remain essential to support growth and real incomes in the longer term .
Poleg tega so reforme trga delovne sile , ki spodbujajo zaposlenost in investicije ter krepijo usposobljenost , inovacije in učinkovitost , še naprej bistvene za dolgoročno spodbujanje rasti in realnega dohodka .
The first article reviews fiscal developments in the euro area and in EU Member States since the Stability and Growth Pact entered into force in 1998 .
V prvem je pregled javnofinančnih gibanj v euroobmočju in v državah članicah EU potem , ko je leta 1998 stopil v veljavo Pakt za stabilnost in rast .
The second article describes cross-border bank merger and acquisition activity in the euro area in recent years , focusing on the role of institutional investors .
V drugem članku pa so opisane čezmejne združitve in prevzemi bank v zadnjih letih v euroobmočju , pri čemer je pozornost zlasti namenjena vlogi institucionalnih vlagateljev .
[ 1 ] The Editorial was finalised on 6 October 2008 .
[ 1 ] Uvodnik je bil dokončan 6 . oktobra 2008 .
Navigation Path : Home &gt; The European Central Bank &gt; Legal framework &gt; All ECB opinions &gt; CON / 2004/15
Navigation Path : Home &gt; The European Central Bank &gt; Pravni okvir &gt; Vsa mnenja ECB &gt; CON / 2004/15
Navigation Path : Home &gt; The European Central Bank &gt; Legal framework &gt; ECB institutional provisions &gt; Related ECB opinions &gt; CON / 2005/6
Navigation Path : Home &gt; The European Central Bank &gt; Pravni okvir &gt; Institucionalne določbe ECB &gt; Povezana mnenja ECB &gt; CON / 2005/6
Navigation Path : Home &gt; Press &gt; Press releases &gt; By date &gt; 2005 &gt; 14 January 2005
Navigation Path : Home &gt; Press &gt; Press releases &gt; By date &gt; 2005 &gt; 14 . januar 2005
14 January 2005 - Allotment amount of the longer-term refinancing operations in the year 2005
14 . januar 2005 - Znesek dodelitve za operacije dolgoročnejšega refinanciranja v letu 2005
The Governing Council has decided to increase the allotment amount for each of the longer-term refinancing operations to be conducted in the year 2005 from EUR 25 billion to EUR 30 billion .
Svet ECB je sklenil , da vsakokratni znesek dodelitve za operacije dolgoročnejšega refinanciranja , ki bodo izvedene v letu 2005 , poveča s 25 milijard EUR na 30 milijard EUR .
This increased amount takes into consideration the higher liquidity needs of the euro area banking system anticipated in 2005 .
Povečanje zneska upošteva višje likvidnostne potrebe bančnega sistema euro območja , ki so pričakovane v letu 2005 .
The Eurosystem will however continue to provide the bulk of liquidity through its main refinancing operations .
Eurosistem bo kljub temu večino likvidnostnih sredstev še nadalje zagotavljal z glavnimi operacijami refinanciranja .
The Governing Council may decide to adjust the allotment amount again at the beginning of 2006 .
Svet ECB utegne dodelitveni znesek ponovno prilagoditi v začetku leta 2006 .
http://www.ecb.europa.eu/press/pr/date/2005/html/pr050114.en.html
http://www.ecb.europa.eu/press/pr/date/2005/html/pr050114.sl.html
Navigation Path : Home &gt; The European Central Bank &gt; Legal framework &gt; All by date &gt; 2006 &gt; ECB / 2006/8
Navigation Path : Home &gt; The European Central Bank &gt; Pravni okvir &gt; Vse po datumu &gt; 2006 &gt; ECB / 2006/8
Navigation Path : Home &gt; Publications &gt; Monthly Bulletin &gt; Editorials &gt; 2006 &gt; 9 March 2006
Navigation Path : Home &gt; Publications &gt; Monthly Bulletin &gt; Editorials &gt; 2006 &gt; 9 . marec 2006
EDITORIAL 9 March 2006 - Monthly Bulletin
9 . marec 2006 - Mesečni bilten
At its meeting on 2 March 2006 , the Governing Council of the ECB decided to increase the minimum bid rate of the main refinancing operations of the Eurosystem by 25 basis points to 2.50% .
Svet ECB je na seji 2 . marca 2006 sklenil , da poviša izklicno obrestno mero za operacije glavnega refinanciranja Eurosistema za 25 bazičnih točk na 2,50% .
The interest rates on the marginal lending facility and the deposit facility were also increased by 25 basis points to 3.50% and 1.50% respectively .
Prav tako je za 25 bazičnih točk povišal obrestno mero za odprto ponudbo mejnega posojanja in odprto ponudbo deponiranja likvidnosti čez noč , ki sedaj znašata 3,50% oziroma 1,50% .
In line with the changes made to the ECB 's monetary policy framework in March 2004 , these decisions came into effect at the start of the new reserve maintenance period on 8 March 2006 .
V skladu s spremembami okvira denarne politike ECB , ki so bile sprejete marca 2004 , so ti sklepi začeli veljati z začetkom novega obdobja izpolnjevanja obveznih rezerv ( 8 . marca 2006 ) .
The Governing Council 's decision to increase the key ECB interest rates by 25 basis points reflected the upside risks to price stability identified on the basis of both the economic and monetary analyses .
Odločitev Sveta ECB , da poviša ključne obrestne mere ECB za 25 bazičnih točk , kaže na tveganja inflacijskih pritiskov na stabilnost cen , ki so bila ugotovljena z ekonomsko in denarno analizo .
The adjustment of interest rates will contribute to ensuring that medium to long-term inflation expectations in the euro area remain solidly anchored at levels consistent with price stability , which is a prerequisite for monetary policy to make an ongoing contribution towards supporting economic growth and job creation in the euro area .
Prilagoditev obrestnih mer bo omogočala , da ostanejo srednjeročna in dolgoročna inflacijska pričakovanja v euroobmočju trdno zasidrana na ravni , ki je skladna s stabilnostjo cen , kar je temeljni pogoj , da lahko denarna politika še naprej prispeva k spodbujanju gospodarske rasti in ustvarjanju delovnih mest v euroobmočju .
Interest rates across the entire maturity spectrum still remain at very low levels in both nominal and real terms , and monetary policy remains accommodative .
Obrestne mere ostajajo v celotnem razponu ročnosti nominalno in realno na zelo nizkih ravneh , denarna politika pa je še naprej akomodativna .
While this policy stance reflects its current assessment , the Governing Council will continue to monitor closely all developments with respect to risks to price stability .
Takšno stanje denarne politike je rezultat trenutnih ocen Sveta ECB , ki bo tudi v prihodnje pozorno spremljal vsa gibanja z vidika tveganj za ohranitev cenovne stabilnosti .
Considering first the economic analysis , according to Eurostat 's flash estimate , quarter-on-quarter real GDP growth in the euro area was 0.3% in the fourth quarter of 2005 .
V okviru ekonomske analize Eurostatova prva ocena kaže , da je realna rast BDP v euroobmočju v zadnjem četrtletju 2005 glede na prejšnje četrtletje znašala 0,3% .
This was considerably lower than the strong 0.6% recorded in the previous quarter .
To je precej manj kot v prejšnjem četrtletju , ko je bila rast 0,6 - odstotna .
However , looking through the short-term volatility and assessing recent economic indicators and survey information , the evidence suggests that economic activity is improving .
Če natančno preučimo kratkoročna nihanja in ocenimo novejše ekonomske kazalnike in anketne podatke , pa kaže , da se gospodarska aktivnost izboljšuje .
Accordingly , stronger growth rates over the short term should be seen , as also reflected in various indicator-based estimates .
Močnejše stopnje rasti lahko pričakujemo v kratkoročnem obdobju , kar kažejo tudi različnih ocene , utemeljene na kazalnikih .
Looking further ahead , the conditions remain in place for ongoing economic expansion in the euro area .
V prihodnjem obdobju bodo možnosti za nadaljevanje gospodarske rasti v euroobmočju še naprej spodbudne .
The external environment remains favourable , providing support for euro area exports .
V mednarodnem okolju so razmere ugodne in podpirajo izvoz euroobmočja .
Investment is expected to remain strong , benefiting from an extended period of very favourable financing conditions , corporate balance sheet restructuring and gains in earnings and business efficiency .
Investicije bodo predvidoma ostale visoke zaradi dolgotrajnega obdobja zelo ugodnih pogojev financiranja , prestrukturiranja bilanc stanja podjetij ter večjih dobičkov in boljše podjetniške učinkovitosti .
Consumption growth should also strengthen gradually over time , in line with developments in real disposable income , as the labour market situation gradually improves .
Ob postopnem izboljševanju razmer na trgu dela se bo postopno okrepila tudi rast potrošnje , ki bo sledila gibanju realnega razpoložljivega dohodka .
The March ECB staff macroeconomic projections have provided an additional input into the analysis of the prospects for economic activity .
Analizo obetov glede prihodnje gospodarske aktivnosti dopolnjujejo tudi marčne makroekonomske projekcije strokovnjakov ECB .
These projections foresee average annual real GDP growth in a range between 1.7% and 2.5% in 2006 , and between 1.5% and 2.5% in 2007 .
Projekcije predvidevajo , da se bo povprečna medletna realna rast BDP v letu 2006 gibala med 1,7% in 2,5% , v letu 2007 pa med 1,5% in 2,5% .
The results constitute a slight upward revision to the Eurosystem staff projections of December 2005 , mainly reflecting a somewhat stronger outlook for private investment over the projection horizon .
V primerjavi s projekcijami strokovnjakov Eurosistema , ki so bile objavljene decembra 2005 , so te napovedi nekoliko višje , predvsem zaradi določenega izboljšanja pričakovanj na področju zasebnih naložb .
Most recent forecasts by international organisations and private sector institutions give a broadly similar picture .
Najnovejše napovedi mednarodnih organizacij in zasebnih institucij predvidevajo podobna gibanja .
In the view of the Governing Council , downside risks to this outlook for growth relate mainly to oil price developments and global imbalances .
Po mnenju Sveta ECB so tveganja , da se gospodarska rast upočasni , povezana predvsem z gibanjem cen nafte in svetovnimi neravnovesji .