natgillin/translations-raw huggingface dataset:
As emphasised in the past , such anchoring is a prerequisite for monetary policy to make an ongoing contribution towards sustainable economic growth and job creation in the euro area .
Kot smo v preteklosti že poudarjali , je takšno sidranje predpogoj , da denarna politika lahko še naprej prispeva k vzdržni gospodarski rasti in ustvarjanju delovnih mest v euroobmočju .
Given the current positive economic environment in the euro area , the ECB 's monetary policy is still on the accommodative side .
Glede na sedanje pozitivno gospodarsko okolje v euroobmočju je denarna politika ECB še vedno pretežno akomodativna .
Overall financing conditions remain favourable , money and credit growth vigorous , and liquidity ample .
Splošni pogoji financiranja ostajajo ugodni , rast denarja in kreditov visoka , likvidnost pa obsežna .
Therefore , looking ahead , acting in a firm and timely manner to ensure price stability in the medium term remains warranted .
Zato bo za zagotovitev stabilnosti cen v srednjeročnem obdobju tudi v prihodnje potrebno odločno in pravočasno ukrepanje .
Turning first to the economic analysis , Eurostat recently revised upwards its estimate of real GDP growth in the first quarter of 2007 to 0.7% , confirming the continued strength of the euro area economy .
Eurostat je svojo oceno realne rasti BDP v prvem četrtletju leta 2007 nedavno popravil navzgor na 0,7% , kar potrjuje , da gospodarstvo euroobmočja ostaja trdno .
Moreover , the latest data and survey releases suggest that economic activity continued to expand at sustained rates through the second quarter , thereby confirming the Governing Council 's baseline scenario .
Poleg tega najnovejši podatki in anketni kazalniki kažejo , da je gospodarska aktivnost po vzdržni stopnji naraščala tudi v drugem četrtletju , kar potrjuje osnovni scenarij Sveta .
Looking ahead , the medium-term outlook for economic growth remains favourable .
Glede gibanj v prihodnosti ostajajo srednjeročni obeti za gospodarsko rast ugodni .
Conditions are in place for economic activity in the euro area to continue to expand at a sustained rate .
Razmere omogočajo , da se gospodarska aktivnost v euroobmočju še naprej krepi po sedanji stopnji .
As regards the external environment , global economic growth has become more balanced across regions and remains robust .
Kar zadeva mednarodno okolje , je svetovna gospodarska rast postala regionalno bolj uravnotežena in ostaja robustna .
External conditions thus continue to provide support for euro area exports .
Zunanje okolje tako še vedno podpira izvoz iz euroobmočja .
Investment should remain dynamic , benefiting from favourable overall financing conditions , accumulated and ongoing strong corporate earnings , balance sheet restructuring as well as business efficiency gains achieved over an extended period . Consumption will be supported by developments in real disposable income , in a context of continued strong growth in employment .
Zaradi ugodnih splošnih pogojev financiranja , akumuliranih in tekočih visokih dobičkov podjetij , prestrukturiranja bilanc ter večje učinkovitosti , ki so jo podjetja dosegla v daljšem obdobju , bo investiranje po pričakovanjih ostalo dinamično .
The risks surrounding this favourable outlook for economic growth are broadly balanced over the shorter term .
Gibanja realnega razpoložljivega dohodka bodo ob nadaljnji hitri rasti zaposlovanja podpirala potrošnjo .
At medium to longer horizons , the balance of risks remains on the downside , owing mainly to external factors .
Tveganja , ki so povezana s temi ugodnimi izgledi za gospodarsko rast , so kratkoročno večinoma uravnotežena , srednjeročno in dolgoročneje pa ravnotežje tveganj še vedno kaže na upočasnjevanje rasti , k čemur največ prispevajo zunanji dejavniki .
These relate in particular to the possibility of potential abrupt shifts in global financial market sentiment leading to a repricing of risks , further increases in oil prices , concerns about possible disorderly developments owing to global imbalances and fears of a rise in protectionist pressures .
Ti vključujejo predvsem možnost nenadnih premikov v vzdušju na globalnih finančnih trgih , ki bi lahko povzročili spremembe premij za tveganje , nadaljnja povečanja cen nafte , negotovosti glede možnih neobvladljivih gibanj zaradi svetovnih neravnovesij ter strah pred naraščanjem protekcionističnih pritiskov .
As regards price developments , as reflected in Eurostat 's flash estimate , annual HICP inflation was 1.8% in July 2007 , compared with 1.9% in June .
Na področju cenovnih gibanj Eurostatova prva ocena kaže , da je julija medletna inflacija , merjena z indeksom HICP , znašala 1,8% , v primerjavi z 1,9% v juniju .
Looking ahead , the short-term profile of annual inflation rates continues to be determined largely by energy price developments , with last year 's volatility in energy prices leading to significant base effects .
V prihodnjem obdobju bodo na kratkoročno dinamiko medletnih stopenj inflacije še naprej vplivala predvsem gibanja cen energentov , saj lanskoletna nihanja teh cen povzročajo precejšnje bazne učinke .
On the basis of the current level of oil prices and oil price futures , annual inflation rates are likely to remain broadly around current levels in the next few months , before rising significantly towards the end of the year , largely due to these base effects .
Glede na sedanjo raven cen nafte in njene cene v terminskih pogodbah bo medletna stopnja inflacije v prihodnjih mesecih verjetno ostala približno na sedanji ravni , proti koncu leta pa se bo predvsem zaradi teh baznih učinkov občutno povečala .
At the policy-relevant medium-term horizon , risks to the outlook for price stability remain on the upside .
V srednjeročnem obdobju , ki je pomembno za denarno politiko , so v izgledih za cenovna gibanja še naprej prisotna navzgor usmerjena tveganja .
Recent oil price developments are a timely reminder of the potential risks to price stability stemming from commodity price dynamics .
Nedavna gibanja cen nafte opominjajo na možna tveganja za cenovno stabilnost , ki izhajajo iz dinamike cen primarnih surovin .
Overall , however , upside risks derive largely from domestic factors .
Vseeno pa gledano v celoti navzgor usmerjena tveganja izhajajo predvsem iz domačih dejavnikov .
In particular , as resource utilisation in the euro area economy is high and employment is growing strongly , capacity constraints are emerging which could lead in particular to stronger than expected wage and cost dynamics .
Predvsem se zaradi visoke izkoriščenosti zmogljivosti v euroobmočju in hitre rasti zaposlovanja pojavljajo omejitve zmogljivosti , zaradi katerih bi zlasti plače in stroški lahko naraščali hitreje od pričakovanj .
In addition , pricing power in market segments with low competition may increase profit margins in such an environment .
Poleg tega se v takšnem okolju zaradi večje moči podjetij pri oblikovanju cen v tržnih segmentih z majhno konkurenco lahko povečajo profitne marže .
Such developments would pose significant upward risks to price stability .
Takšna gibanja bi povzročila občutna navzgor usmerjena tveganja za cenovno stabilnost .
It is therefore crucial that all parties concerned meet their responsibilities .
Zato je bistveno , da vse udeležene strani ravnajo odgovorno .
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 .
Predvsem bi morali plačni dogovori vzpostaviti dovolj veliko razlikovanje med plačami , ki naj upoštevajo raven cenovne konkurenčnosti , še vedno visoko stopnjo brezposelnosti v številnih gospodarstvih ter rast produktivnosti v posameznih panogah .
The Governing Council stresses the importance of avoiding wage developments that would eventually lead to inflationary pressures and thereby harm the purchasing power of all euro area citizens .
Svet ECB poudarja , da se je treba izogibati plačnim gibanjem , ki bi na koncu povzročila inflacijske pritiske in s tem oslabila kupno moč vseh državljanov euroobmočja .
In addition , upside risks to price stability arise from increases in administered prices and indirect taxes beyond those anticipated thus far , and the potentially pro-cyclical stance of fiscal policy in some countries .
Dodatna tveganja naraščanja cen izhajajo tudi iz povečanj nadzorovanih cen in posrednih davkov , ki doslej niso bila pričakovana , ter iz morebitne prociklično usmerjene javnofinančne politike v nekaterih državah .
With the underlying rate of money and credit growth remaining strong in a context of already ample liquidity , the monetary analysis confirms the existence of upside risks to price stability at medium to longer horizons .
Ob še vedno hitri rasti denarja in kreditov ter že doslej obsežni likvidnosti denarna analiza potrjuje , da v srednjeročnem in dolgoročnejšem obdobju obstajajo tveganja inflacijskih pritiskov na stabilnost cen .
The ongoing strength of monetary expansion is reflected in the continued robust growth of M3 , which increased at an annual rate of 10.9% in June 2007 , as well as the still high level of credit growth .
Dosedanja moč denarne ekspanzije se kaže v nadaljnji hitri rasti denarnega agregata M3 , ki je junija na medletni ravni znašala 10,9% , kot tudi v še vedno hitri rasti kreditov .
The continued strength of monetary and credit expansion reflects , in part , favourable financing conditions and solid economic growth .
Visoka stopnja denarne in kreditne ekspanzije deloma odraža tudi ugodne pogoje financiranja ter trdno gospodarsko rast .
When identifying and assessing the policy-relevant underlying trends in monetary and credit expansion , it is important to look through shorter-term volatility , the effects of changes in the slope of the yield curve and other factors that are likely to prove temporary .
Pri ugotavljanju in oceni osnovnih trendov v rasti denarja in kreditov , ki so pomembni za denarno politiko , je pomembno , da odmislimo kratkoročna nihanja in učinke sprememb v naklonu krivulje donosnosti ter druge dejavnike , ki so pogosto začasne narave .
Taking this more medium-term 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 .
V tej bolj srednjeročni perspektivi že obstajajo znaki , da višje kratkoročne obrestne mere zdaj vplivajo na denarno dinamiko , čeprav doslej še niso bistveno oslabile močne osnovne stopnje rasti denarja in kreditov .
For example , increases in short-term rates have contributed to a more moderate expansion of the narrow aggregate , M1 , in recent quarters .
Povečanje kratkoročnih obrestnih mer je na primer v zadnjih nekaj četrtletjih prispevalo k bolj umirjeni rasti ožjega denarnega agregata M1 .
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 .
Prav tako od srede leta 2006 naprej določene znake umirjanja kaže medletna stopnja rasti posojil zasebnemu sektorju , čeprav še vedno ostaja na dvomestni ravni .
The stabilisation of loan growth is particularly apparent in borrowing by households , reflecting some moderation in house price dynamics , although house price growth nonetheless remains at high levels on average in the euro area .
Stabilizacija rasti posojil je posebej opazna pri zadolževanju gospodinjstev , k čemur prispevajo tudi nekoliko bolj umirjena gibanja cen nepremičnin , čeprav njihova rast v euroobmočju v povprečju ostaja visoka .
Given the continued vigour of money and credit expansion , there are clear indications of upside risks to price stability at medium to longer-term horizons .
Glede na še vedno močno rast denarja in kreditov obstajajo jasni znaki , da so na srednji in dolgi rok prisotna tveganja navzgor usmerjenih pritiskov na stabilnost cen .
Following several years of robust monetary growth , liquidity in the euro area remains ample .
Po več letih robustne 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 pozorno spremljati , še posebej glede na krepitev 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 trendov pomembno gledati onkraj kratkoročnih nihanj v stopnji inflacije .
The relevant horizon for monetary policy is the medium term .
Za denarno politiko je ustrezen časovni okvir srednji rok .
Risks to the medium-term outlook for price stability remain on the upside , stemming from oil prices and , in particular , domestic factors .
Srednjeročno pa je stabilnost cen še naprej izpostavljena navzgor usmerjenim tveganjem , ki so povezana s cenami nafte in še zlasti z dejavniki iz domačega okolja .
As resource utilisation is high and labour markets continue to improve , capacity constraints are emerging which could lead in particular to stronger than expected wage and cost dynamics , as well as to increases in profit margins as firms gain pricing power .
Ker je izkoriščenost zmogljivosti visoka , razmere na trgu dela pa se še naprej izboljšujejo , so se začele pojavljati omejitve zmogljivosti , ki bi lahko povzročile zlasti močnejša gibanja plač in stroškov od pričakovanih , pa tudi povečanje profitnih marž , ko se bo moč podjetij pri oblikovanju cen povečevala .
A cross-check of the outcome of the economic analysis with that of the monetary analysis underpins the assessment that upside risks to price stability exist over the medium to longer term .
Navzkrižna primerjava rezultatov ekonomske in denarne analize potrjuje oceno , da v srednjeročnem do dolgoročnejšem obdobju obstajajo navzgor usmerjena tveganja za cenovno stabilnost .
Accordingly , the Governing Council will be strongly vigilant in order to ensure that such risks do not materialise and that medium to longer-term inflation expectations in the euro area remain solidly anchored at levels consistent with price stability .
Svet ECB bo zato v prihodnje zelo budno spremljal vsa dogajanja ter skrbel , da se tveganja za stabilnost cen ne uresničijo in da srednjeročna do dolgoročnejša inflacijska pričakovanja v euroobmočju ostanejo trdno zasidrana na ravni , ki je skladna s stabilnostjo cen .
Therefore , looking ahead , acting in a firm and timely manner to ensure price stability in the medium term remains warranted .
Za zagotovitev stabilnosti cen v srednjeročnem obdobju bo zato tudi v prihodnje potrebno odločno in pravočasno ukrepanje .
As regards fiscal policy , it is of crucial importance in the current positive economic environment that euro area governments avoid pro-cyclical policies and step up the pace of fiscal consolidation .
Na področju javnofinančnih politik je glede na sedanje pozitivno gospodarsko okolje ključnega pomena , da se vlade držav članic euroobmočja izognejo procikličnim politikam in pospešijo konsolidacijo javnih financ .
Budgetary targets , which in some countries are not ambitious , should not be lowered , and revenue windfalls should be used for deficit reduction .
Proračunski cilji , ki v nekaterih državah niso ambiciozni , se ne bi smeli znižati , nepričakovane prihodke pa bi bilo treba uporabiti za zmanjšanje primanjkljaja .
Budget plans for 2008 should reflect the ongoing need for consolidation by providing concrete deficit reduction measures , preferably on the expenditure side .
Proračunski načrti za leto 2008 bi morali upoštevati potrebo po konsolidaciji javnih financ in predvideti konkretne ukrepe za zmanjšanje primanjkljaja , po možnosti na odhodkovni strani .
Countries reducing their plans for fiscal consolidation in view of unexpectedly positive fiscal outcomes risk repeating the experience of 2000 and 2001 when insufficient preparation for an economic downswing led to excessive deficit ratios within a short period of time .
Države , ki zaradi nepričakovano ugodnih fiskalnih rezultatov krčijo načrte za javnofinančno konsolidacijo , tvegajo ponovitev zgodbe iz let 2000 in 2001 , ko je zaradi nezadostnih priprav na gospodarsko recesijo v zelo kratkem času prišlo do čezmernih primanjkljajev .
As emphasised on previous occasions , it is also crucial that national governments implement their structural reforms in a determined manner in order to improve the functioning and flexibility of markets and to increase competition .
Kot smo v preteklosti že poudarili , je prav tako nujno , da nacionalne vlade odločno izvajajo dogovorjene strukturne reforme ter tako izboljšajo delovanje in prožnost trgov in povečajo konkurenco .
Living up to the principle of « an open market economy with free competition » is pivotal to fostering long-term economic growth and job creation .
Dosledno spoštovanje načela „odprtega tržnega gospodarstva s svobodno konkurenco » je osrednjega pomena za dolgoročno gospodarsko rast in ustvarjanje delovnih mest .
Further market liberalisation , in particular in the agricultural and services sectors , increased market competition and a reduction of cross-border barriers would beneficial for consumers , since they would lead to lower prices , higher real wages and a greater choice of products .
Nadaljnja liberalizacija trgov , še zlasti v kmetijskem in storitvenem sektorju , ter okrepljena tržna konkurenca in zniževanje čezmejnih ovir bi bili koristni za potrošnike , saj bi prispevali k nižjim cenam , višjim realnim plačam in večji izbiri izdelkov .
They would also be beneficial for firms , since they would lead to higher efficiency , greater dynamism and an enhanced capacity to cope with economic shocks and the challenges and opportunities posed by globalisation .
Koristni bi bili tudi za podjetja , saj bi prinesli večjo učinkovitost in dinamiko ter večjo sposobnost odzivanja na gospodarske šoke kot tudi na izzive in priložnosti , ki jih prinaša globalizacija .
The completion of the Single Market must therefore be a priority , in particular as regards further financial market integration , the pursuit of effective competition in network industries and the implementation of the Services Directive .
Zato mora biti dokončanje enotnega trga prednostna naloga , še posebej na področju integracije finančnih trgov ter v prizadevanjih za učinkovito konkurenco na energetskem trgu in pri izvajanju direktive o storitvah .
Financial markets are presently experiencing a period of nervousness marked by increased volatility and a reassessment of risks .
Na finančnih trgih trenutno vlada živčnost , ki se izraža v povečani volatilnosti in ponovnem ovrednotenju tveganj .
This evolution displays aspects of a normalisation of risk pricing .
Ta potek dogodkov kaže vidike normalizacije premij za tveganje .
Shifts in market sentiment deserve close monitoring .
Premike v vzdušju na trgu je treba natančno spremljati .
The Governing Council will continue to pay great attention to market developments over the period to come .
Svet ECB bo v prihodnjem obdobju tržnim gibanjem še naprej posvečal veliko pozornost .
The first article analyses the main factors behind global imbalances and reviews possible adjustment mechanisms and policy implications in a financially integrating world .
Prvi analizira glavne dejavnike , ki vplivajo na svetovna neravnovesja , ter ocenjuje možne prilagoditvene mehanizme in posledice za politiko v finančno vse bolj povezanem svetu .
The second article examines differences between the financing of small and medium-sized enterprises and that of large firms as well as the existence of financing constraints for small and medium-sized enterprises in the euro area .
Drugi obravnava razlike v vzorcih financiranja majhnih in velikih podjetij ter obstoj omejenega dostopa do financiranja , s katerim se soočajo majhna in srednje velika podjetja v euroobmočju .
The third article provides an overview of the activity in the leveraged buyout market in the EU and associated risks for the banking sector and the financial market as a whole .
Tretji članek pa podaja pregled dejavnosti na trgu odkupov podjetij z zadolžitvijo ( LBO ) v EU ter povezanih tveganj za bančni sektor in finančni trg kot celoto .
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OPINION OF THE EUROPEAN CENTRAL BANK of 5 July 2006 at the request of the Council of the European Union on two proposed Council decisions on the exchange , assistance and training programme for the protection of the euro against counterfeiting ( the « Pericles » programme ) ( CON / 2006/35 ) ( 2006 / C 163/06 ) Introduction and legal basis On 12 June 2006 the European Central Bank ( ECB ) received requests from the Council of the European Union for opinions on two proposed measures : a proposal for a Council decision amending and extending Decision 2001/923 / EC establishing an exchange , assistance and training programme for the protection of the euro against counterfeiting ( the « Pericles » programme ) ;
julija 2006 na zahtevo Sveta Evropske unije o dveh predlogih sklepov Sveta o programu izmenjave , pomoči in usposabljanja za zaščito eura proti ponarejanju ( program „Pericles ") ( CON / 2006/35 ) ( 2006 / C 163/06 ) Uvod in pravna podlaga Evropska centralna banka ( ECB ) je dne 12 .
and a proposal for a Council decision extending to the non-participating Member States the application of Council Decision amending and extending Decision 2001/923 / EC establishing an exchange , assistance and training programme for the protection of the euro against counterfeiting ( the « Pericles » programme ) ( 1 ) .
junija 2006 prejela zahtevi Sveta Evropske unije za mnenje o dveh predlaganih ukrepih : o predlogu sklepa Sveta o spremembah in podaljšanju Sklepa 2001/923 / ES o vzpostavitvi programa izmenjave , pomoči in usposabljanja za zaščito eura proti ponarejanju ( program „Pericles ") in o predlogu sklepa Sveta o razširitvi na nesodelujoče države članice uporabe sklepa Sveta o spremembah in podaljšanju Sklepa 2001/923 / ES o vzpostavitvi programa izmenjave , pomoči in usposabljanja za zaščito eura proti ponarejanju ( program Pericles ) ( 1 ) .
The ECB 's competence to deliver an opinion is based on Article 105 ( 4 ) of the Treaty establishing the European Community .
Pristojnost ECB , da poda mnenje , izhaja iz člena 105 ( 4 ) Pogodbe o ustanovitvi Evropske skupnosti .
General observations The fight against euro counterfeiting is of great importance for citizens » confidence in the single currency .
Splošne pripombe Boj proti ponarejanju eura je velikega pomena za zaupanje državljanov v enotno valuto .
The ECB , which has the exclusive right to authorise the issue of banknotes within the Community , is actively involved in this effort .
ECB , ki ima izključno pravico odobriti izdajanje bankovcev v Skupnosti , je aktivno vključena v to prizadevanje .
Specifically , the ECB develops banknote designs and advanced technical features for inclusion in euro banknotes , which allow both laymen and experts to distinguish genuine banknotes from counterfeits .
Natančneje , ECB razvija grafične zasnove bankovcev in izpopolnjene tehnične elemente za eurobankovce , ki omogočajo tako laikom kot strokovnjakom , da razlikujejo pristne bankovce od ponaredkov .