natgillin/translations-raw huggingface dataset:
Looking ahead , on the basis of current futures prices for these commodities , the annual HICP inflation rate is likely to remain significantly above 2 % in the coming months , moderating only gradually over the course of 2008 .
Pri prihodnjih inflacijskih gibanjih je glede na sedanje terminske cene energentov in hrane verjetno , da bo medletna inflacija po HICP v prihodnjih mesecih ostala precej nad 2 % in se bo tekom leta 2008 le postopno umirjala .
Accordingly , the euro area is currently experiencing a rather protracted period of high annual rates of inflation .
To pomeni , da se euroobmočje trenutno nahaja v razmeroma dolgotrajnem obdobju začasno visokih medletnih stopenj inflacije .
In order to ensure that current high inflation rates remain temporary , it is imperative that they do not become entrenched in longer-term expectations or lead to broadly based second-round effects in wage and price-setting . The risks to the outlook for inflation over the medium term remain clearly on the upside .
Da bi te ostale samo začasne , je treba nujno zagotoviti , da se sedanja visoka raven inflacije ne utrdi v dolgoročnejših inflacijskih pričakovanjih in tako ne povzroči obsežnih sekundarnih učinkov na plače in cene .
These risks include the possibility of further rises in energy and food prices , as well as of increases in administered prices and indirect taxes beyond those foreseen thus far . Most importantly , there is a risk that price and wage-setting behaviour could add to inflationary pressures .
Tveganja , ki so povezana z inflacijskimi obeti v srednjeročnem obdobju , so nedvomno na strani naraščanja inflacije . Obsegajo možnost nadaljnje rasti cen nafte in hrane ter doslej nepričakovana povišanja nadzorovanih cen in posrednih davkov .
In particular , the pricing power of firms , notably in market segments with low competition , may prove stronger than currently expected .
Najpomembnejše je tveganje , da bi gibanje cen in plač še dodatno spodbudilo inflacijske pritiske .
Moreover , higher than expected wage growth may emerge , taking into account high capacity utilisation , tight labour market conditions and the risk of second-round effects owing to the high level of current inflation rates .
Predvsem se lahko izkaže , da je moč podjetij pri oblikovanju cen , še zlasti v tržnih segmentih z manjšo konkurenco , večja , kot je bilo pričakovano .
Against this background , it is imperative that all the parties concerned , in both the private and the public sector , meet their responsibilities .
Sedanja pričakovanja lahko preseže tudi rast plač , še posebej glede na visoko izkoriščenost zmogljivosti , zaostrene pogoje na trgu dela in tveganje sekundarnih učinkov zaradi sedanje visoke inflacije . V sedanjih razmerah je zato nujno , da vse strani tako v javnem kot tudi v zasebnem sektorju ravnajo odgovorno .
Wage-setting needs to take into account productivity developments , the still high level of unemployment in many economies , and price competitiveness positions .
Pri oblikovanju plač je treba upoštevati obstoječo rast produktivnosti , še vedno visoko stopnjo brezposelnosti v številnih gospodarstvih in raven cenovne konkurenčnosti .
Second-round effects stemming from the impact of higher energy and food prices on price and wage-setting behaviour must be avoided .
Sekundarne učinke , ki bi jih višje cene energentov in hrane lahko povzročile v oblikovanju cen in plač , je treba preprečiti .
Such schemes involve the risk of upward shocks in inflation leading to a wage-price spiral , which would be detrimental to employment and competitiveness in the countries concerned .
Takšni sistemi predstavljajo tveganje , da navzgor usmerjeni inflacijski šoki sprožijo plačno-cenovno spiralo , ki bi bila škodljiva za zaposlovanje in konkurenčnost prizadetih držav .
It is monitoring wage negotiations in the euro area with particular attention .
Svet ECB s posebno pozornostjo spremlja pogajanja o plačah v euroobmočju .
In its view , continued responsible wage agreements are of key importance in order to preserve price stability in the medium term and thereby the purchasing power of all euro area citizens .
Po njegovem mnenju so odgovorni plačni dogovori še naprej ključni za ohranitev cenovne stabilnosti v srednjeročnem obdobju in s tem kupne moči vseh državljanov euroobmočja .
The monetary analysis confirms the prevailing upside risks to price stability at medium to longer-term horizons . Annual M3 growth remained very vigorous at 10.3% in March , supported by the continued strong growth of MFI loans to the private sector .
Denarna analiza potrjuje , da srednjeročno in dolgoročneje prevladujejo navzgor usmerjena tveganja za stabilnost cen . Medletna rast agregata M3 je ob podpori nadaljnje hitre rasti posojil MFI zasebnemu sektorju marca ostala zelo živahna na ravni 10,3% .
At the same time , annual M1 growth continued to moderate in March , reflecting higher short-term interest rates which encouraged further shifts from overnight into time deposits .
Hkrati se je medletna rast agregata M1 marca še naprej umirjala , kar odraža višje kratkoročne obrestne mere , ki so spodbudile nadaljnje premike iz vlog čez noč v vezane vloge .
While the impact of the flat yield curve and other temporary factors suggest that annual M3 growth currently overstates the underlying pace of monetary expansion , nonetheless , even after taking such effects into account , a broad-based assessment of the latest data confirms that the underlying rate of money and credit growth remains strong .
Medtem ko je iz položne krivulje donosnosti in drugih začasnih dejavnikov mogoče sklepati , da medletna rast agregata M3 trenutno prehiteva osnovno stopnjo denarne ekspanzije , pa celo ob upoštevanju teh dejavnikov široko zasnovana ocena najnovejših podatkov potrjuje , da osnovna stopnja rasti denarja in kreditov ostaja visoka .
The growth of household borrowing has moderated over recent months , reflecting the impact of higher short-term interest rates and cooling housing markets in several parts of the euro area .
Rast zadolževanja gospodinjstev se je zaradi višjih kratkoročnih obrestnih mer in ohlajanja stanovanjskega trga v več delih euroobmočja v zadnjih mesecih umirila .
However , the growth of loans to non-financial corporations has remained very robust .
Nasprotno pa je zelo močna ostala rast posojil nefinančnim družbam .
While some future moderation can be expected in the light of tightening financing conditions and slower economic growth , bank borrowing by euro area non-financial corporations grew at an annual rate of 15.0% in the year to March 2008 , and the flow of loans in recent months has been strong .
Čeprav je glede na zaostrovanje pogojev financiranja in počasnejšo gospodarsko rast v prihodnje sicer mogoče pričakovati določeno upočasnjevanje rasti , je v letu do marca 2008 zadolževanje nefinančnih družb pri bankah vseeno raslo po stopnji 15,0% , tok posojil v zadnjih mesecih pa je močan .
For the time being , there is little evidence that the financial market turbulence seen since early August 2007 has strongly influenced the development of broad money and loans .
Zaenkrat ni veliko znakov , da bi nemirna dogajanja na finančnih trgih od začetka avgusta lani močneje vplivala na dinamiko širokega denarja in posojil .
Continued strong loan growth to non-financial corporations suggests that the availability of bank credit to euro area firms has not been significantly impaired by the financial turmoil thus far .
Dejstvo , da rast posojil nefinančnim družbam ostaja močna , kaže , da finančni pretresi doslej niso resneje prizadeli ponudbe bančnih kreditov gospodarskim družbam v euroobmočju .
Further data and analysis will be required in order to obtain a more complete picture of the impact of the financial market developments on banks » balance sheets , financing conditions and money and credit growth .
Za celovitejšo oceno vpliva , ki so ga imela gibanja na finančnih trgih na bilance bank , pogoje financiranja ter rast denarja in kreditov , bodo potrebni dodatni podatki in analize .
To sum up , a cross-check of the outcome of the economic analysis with that of the monetary analysis clearly confirms the assessment that upside risks to price stability prevail over the medium term , in a context of very vigorous money and credit growth and with no significant signs of supply constraints on bank loans .
Če povzamemo , navzkrižna primerjava rezultatov ekonomske in denarne analize nedvomno potrjuje oceno , da v srednjeročnem obdobju prevladujejo navzgor usmerjena tveganja za stabilnost cen , saj je rast denarja in kreditov zelo živahna , ponudba bančnih posojil pa kot kaže ni izraziteje ovirana .
However , the level of uncertainty resulting from the turmoil in financial markets remains high .
Vseeno raven negotovosti , ki jo povzročajo pretresi na finančnih trgih , ostaja visoka .
Against this background , the Governing Council emphasises that the firm anchoring of medium to longer-term inflation expectations is of the highest priority .
Svet ECB v takšnih razmerah poudarja , da je trdno sidranje srednjeročnih do dolgoročnejših inflacijskih pričakovanj njegova najpomembnejša prednostna naloga .
The Governing Council believes that the current monetary policy stance will contribute to achieving this objective and remains strongly committed to preventing second-round effects and the materialisation of upside risks to price stability over the medium term .
Svet ECB je prepričan , da bo denarna politika s sedanjo naravnanostjo prispevala k doseganju tega cilja , ter ostaja trdno odločen , da prepreči sekundarne učinke in navzgor usmerjena tveganja za stabilnost cen v srednjeročnem obdobju .
Regarding fiscal policies , the latest forecast by the European Commission points to a rise in the euro area general government deficit ratio in 2008 , followed by a further small increase in 2009 .
Na področju javnofinančnih politik najnovejša napoved Evropske komisije kaže , da se bo javnofinančni primanjkljaj euroobmočja v letu 2008 predvidoma povečal , temu pa naj bi sledilo manjše povečanje tudi v letu 2009 .
This deterioration in part reflects a less favourable economic environment and a likely reversal of windfall revenues accrued in past years .
To poslabšanje deloma odraža manj ugodno gospodarsko okolje ter dejstvo , da so verjetno presahnili dodatni prihodki iz zadnjih let .
However , it also reflects a standstill in fiscal consolidation and new deficit-increasing measures in a number of countries with fiscal imbalances , including some with high deficits .
Po drugi strani pa odraža tudi dejstvo , da je v vrsti držav z javnofinančnim neravnovesjem , med katerimi so tudi nekatere z visokim primanjkljajem , javnofinančna konsolidacija zastala , sprejeti pa so bili novi ukrepi , ki primanjkljaj povečujejo .
For several countries , the attainment of the country-specific medium-term objectives by 2010 at the latest , which is the commitment made by euro area governments in Berlin in April 2007 , is clearly at risk .
V več državah je doseganje nacionalnih srednjeročnih ciljev najkasneje do leta 2010 , kot izhaja iz zaveze vlad euroobmočja v Berlinu aprila 2007 , očitno ogroženo .
In these countries , much more ambitious policies are imperative .
V teh državah so nujno potrebne bolj ambiciozne politike .
For all countries , prudent fiscal policies would also help to counteract current inflationary pressures .
V vseh državah pa bo preudarna javnofinančna politika prispevala k blažitvi sedanjih inflacijskih pritiskov .
At the current juncture , it is also important to reinforce the structural reform agenda , in particular with a view to fostering market integration and to reducing rigidities in product and labour markets .
V sedanjih razmerah je prav tako pomembno , da se okrepi izvajanje strukturnih reform , predvsem tistih , ki so potrebne za nadaljnje povezovanje trgov in odpravo togosti na trgih proizvodov in dela .
Policy initiatives aimed at enhancing competition in market segments with low competition , such as services and energy , would allow pricing behaviour to adjust and thus contribute to lower inflation pressures .
Pobude politik za krepitev konkurence v tržnih segmentih s šibko konkurenco , kot so storitve in energetika , bi omogočile prilagajanja na področju oblikovanja cen in s tem prispevale k nižjim inflacijskih pritiskom .
Furthermore , policies to increase trend productivity growth would contribute to smaller unit labour cost increases and ultimately also to higher employment .
Tudi politike za povečanje trendne rasti produktivnosti bi prispevale k nižjim stroškom dela na enoto proizvoda in posledično k višji zaposlenosti .
The first article discusses the reasons why inflation should be expected to have a systematically detrimental effect on real economic activity .
Prvi obravnava razloge , zaradi katerih ima inflacija praviloma sistematično negativen vpliv na realno gospodarsko aktivnost .
The article reviews some of the empirical evidence on the relationship between inflation and output growth and discusses the positive impact of maintaining price stability on the long-run productive potential of the economy .
Članek pregleduje nekatere empirične ugotovitve o odnosu med inflacijo in gospodarsko rastjo ter ocenjuje pozitivne učinke cenovne stabilnosti na dolgoročni proizvodni potencial gospodarstva .
The second article reviews the conduct of Eurosystem open market operations during the recent period of financial market turbulence .
Drugi članek obravnava izvajanje operacij odprtega trga Eurosistema v nedavnem obdobju pretresov na finančnih trgih .
The article concludes that the Eurosystem 's operational framework has proved flexible and fairly resilient , with no structural changes required to address the heightened volatility observed in the euro money market since last August .
Zaključek članka je , da se je operativni okvir Eurosistema izkazal za prožnega in dokaj odpornega in da zaradi povečane nestanovitnosti na denarnem trgu euroobmočja od avgusta dalje niso potrebne strukturne spremembe .
EUROPEAN CENTRAL BANK OPINION OF THE EUROPEAN CENTRAL BANK of 17 March 2005 at the request of the Council of the European Union on a proposal for a Council decision concerning the signing of the Hague Convention on the Law applicable to certain rights in respect of securities held with an intermediary ( COM ( 2003 ) 783 final ) ( CON / 2005/7 ) ( 2005 / C 81/08 ) Introduction
EVROPSKA CENTRALNA BANKA MNENJE EVROPSKE CENTRALNE BANKE z dne 17 . marca 2005 na zahtevo Sveta Evropske unije o predlogu za sklep Sveta o podpisu Haaške konvencije o pravu , ki se uporablja za nekatere pravice v zvezi z vrednostnimi papirji , ki se nahajajo pri posredniku ( KOM ( 2003 ) 783 končno ) ( CON / 2005/7 ) ( 2005 / C 81/08 ) Uvod
On 31 January 2005 the European Central Bank ( ECB ) received a request from the Council of the European Union for an opinion on a proposal for a Council decision concerning the signing of the Hague Convention on the Law applicable to certain rights in respect of securities held with an intermediary ( hereinafter the « proposed decision ') ( 1 ) .
Evropska centralna banka ( ECB ) je dne 31 . januarja 2005 prejela zahtevo Sveta Evropske unije za mnenje o predlogu za sklep Sveta o podpisu Haaške konvencije o pravu , ki se uporablja za nekatere pravice v zvezi z vrednostnimi papirji , ki se nahajajo pri posredniku ( v nadaljevanju : „predlagani sklep ") ( 1 ) .
The proposed decision 's sole objective is to authorise the signature of the Convention on behalf of the Community .
Edini namen predlaganega sklepa je dati pooblastilo za podpis konvencije v imenu Skupnosti .
The proposed decision is a « proposed Community act » within the meaning of Article 105 ( 4 ) of the Treaty for the following reasons :
Predlagani sklep je „predlagani akt Skupnosti » v smislu člena 105 ( 4 ) Pogodbe iz naslednjih razlogov :
--- an international agreement is binding on the Community and an integral part of Community law ( 2 ) ;
--- mednarodni sporazum je zavezujoč za Skupnost in je sestavni del prava Skupnosti ( 2 ) ;
--- a Community institution 's decision authorising , on behalf of the Community , the signature of an international agreement that is intended to have legal effects in the Community is itself a Community act ( 3 ) .
--- sklep institucije Skupnosti , ki daje pooblastilo v imenu Skupnosti za podpis mednarodnega sporazuma , ki naj bi imel pravne posledice v Skupnosti , je že sam po sebi akt Skupnosti ( 3 ) .
The Convention directly concerns the fields of competence of the Eurosystem and the ECB , since it :
Konvencija se neposredno nanaša na področja pristojnosti Eurosistema in ECB :
( i ) might have consequences for the smooth , efficient and sound operation of clearing and payment systems in the euro area ( Article 105 ( 2 ) of the Treaty and Article 3.1 and Article 22 of the Statute of the European System of Central Banks and of the European Central Bank ) ; and
( i ) ker bi lahko imela posledice na nemoteno , učinkovito in zanesljivo delovanje klirinških in plačilnih sistemov v euroobmočju ( člen 105 ( 2 ) Pogodbe ter člen 3.1 in člen 22 Statuta Evropskega sistema centralnih bank in Evropske centralne banke ) ;
( ii ) might have consequences for the definition and implementation of monetary policy in the euro area ( Article 105 ( 2 ) of the Treaty and Article 3.1 of the Statute ) , in particular in view of the Eurosystem 's obligation to conduct its credit operations on the basis of adequate collateral ( Article 18.1 of the Statute ) .
( ii ) ker bi lahko imela posledice na opredelitev in izvajanje denarne politike v euroobmočju ( člen 105 ( 2 ) Pogodbe in člen 3.1 Statuta ) , še posebej glede obveznosti Eurosistema , da sklepa svoje kreditne posle na podlagi ustreznega zavarovanja ( člen 18.1 Statuta ) .
( 1 ) COM ( 2003 ) 783 final .
( 1 ) KOM ( 2003 ) 783 končno .
( 2 ) See e.g. judgment of the Court of Justice of the European Communities of 30 April 1974 ( Case C-181 / 73 R. & V. Haegeman v Belgian State [ 1974 ] ECR I-449 ) , paragraph 5 .
aprila 1974 ( primer C-181 / 73 R. & V. Haegeman proti belgijski državi [ 1974 ] PSES I-449 ) , odstavek 5 . ( 3 ) Glej npr .
( 3 ) See e.g. judgment of the Court of Justice of the European Communities of 9 August 1994 ( Case C-327 / 91 French Republic v Commission of the European Communities [ 1994 ] ECR I-3641 ) , paragraphs 15 to 17 .
sodbo Sodišča Evropskih skupnosti z dne 9 . avgusta 1994 ( primer C-327 / 91 Francoska republika proti Komisiji Evropskih skupnosti [ 1994 ] PSES I-3641 ) , odstavki 15 do 17 .
The ECB also notes that the Convention , if signed and ratified by the Community , would , upon its entry into force , directly affect key provisions in Community legislation on which the ECB and the European Monetary Institute ( EMI ) have been consulted in the past ( 1 ) .
ECB ugotavlja tudi , da bi konvencija , če bi jo Skupnost podpisala in ratificirala , ob uveljavitvi neposredno vplivala na ključne določbe v zakonodaji Skupnosti , glede katerih je bilo v preteklosti opravljeno posvetovanje z ECB in Evropskim monetarnim inštitutom ( EMI ) ( 1 ) .
The Convention intends to establish a universally applicable conflict-of-law regime that determines the law applicable to certain issues in respect of the holding , transfer and collateralisation of securities credited to a securities account ( hereinafter « book-entry securities ') held with an intermediary in an international context .
Namen konvencije je vzpostaviti univerzalno uporaben sistem kolizijskih norm , ki bo določal pravo , ki se uporablja za nekatera vprašanja glede imetništva , prenosa in uporabe za zavarovanje vrednostnih papirjev , vpisanih na račun vrednostnih papirjev ( v nadaljevanju : „nematerializirani vrednostni papirji ") , ki se nahajajo pri posredniku v mednarodnem kontekstu .
As noted in the preamble to the Convention , the Convention is motivated by the « practical need in a large and growing global financial market to provide legal certainty and predictability as to the law applicable to securities that are now commonly held through clearing and settlement systems or other intermediaries » , with the aim of « reducing legal risk , systemic risk and associated costs ...
Kot je navedeno v preambuli konvencije , je konvencija utemeljena s „praktično potrebo , da se na velikem in rastočem globalnem finančnem trgu zagotovi pravna varnost in predvidljivost glede prava , ki se uporablja za vrednostne papirje , ki se zdaj običajno nahajajo v klirinških in poravnalnih sistemih ali pri drugih posrednikih » , z namenom , da se „zmanjša pravno tveganje , sistemsko tveganje in povezani stroški [...
so as to facilitate the international flow of capital and access to capital markets » .
] tako , da se olajša mednarodni tok kapitala in dostop do kapitalskih trgov » .
The heart of the Convention 's regime is laid down in Article 4 ( 1 ) .
Bistvo ureditve po konvenciji je določeno v členu 4 ( 1 ) .
According to this provision , the law applicable to the issues covered by the Convention is the law in force in the State that the relevant intermediary and the account holder have expressly agreed as governing their account agreement , or the law of the State that this agreement expressly provides as applicable to these issues .
V skladu s to določbo se za zadeve , ki jih ureja konvencija , uporablja veljavno pravo države , o katereme sta se zadevni posrednik in imetnik računa izrecno sporazumela , da ureja njuno pogodbo o računu , ali pravo države , ki ga ta pogodba izrecno določa kot pravo , ki se uporablja za te zadeve .
This primary rule is tempered by a so-called « reality test » as the Convention also requires the relevant intermediary to have , at the time of the agreement , an office in that State which is engaged in a business or other regular activity of maintaining securities accounts ( hereinafter the « relevant office requirement ') .
To osnovno pravilo je delno omiljeno s tako imenovanim „stvarnim preizkusom » ( reality test ) , saj konvencija zahteva tudi , da ima zadevni posrednik v času sklenitve pogodbe v tej državi pisarno , ki v okviru poslovne ali druge redne dejavnosti vodi račune vrednostnih papirjev ( v nadaljevanju : „zahteva po ustrezni pisarni ") .
Thus , the Convention establishes a conflict-oflaw regime that is primarily based on the freedom of contract of the relevant intermediary and the account holder , which is only subject to a relevant office requirement intended to avoid entirely arbitrary choices .
Konvencija tako vzpostavlja sistem kolizijskih norm , ki primarno temelji na pogodbeni svobodi zadevnega posrednika in imetnika računa , zanjo pa velja le zahteva po ustrezni pisarni v izogib popolnoma arbitrarnim izbiram .
The Convention sets out three fall-back rules to determine the applicable law where the parties to the account agreement have not expressly chosen the applicable law .
Konvencija določa tri nadomestna pravila za določitev uporabnega prava v primerih , ko stranki pogodbe o računu uporabnega prava nista izrecno izbrali .
The Convention determines not only the law applicable to the legal nature and effects against an intermediary of the rights resulting from a credit of securities to a securities account or of a disposition of securities held with an intermediary .
Konvencija ne določa le prava , ki se uporablja glede pravne narave in učinkov proti posredniku za tiste pravice , ki izvirajo iz vpisa vrednostnih papirjev na račun vrednostnih papirjev ali iz razpolaganja z vrednostnimi papirji , ki se nahajajo pri posredniku .
In addition , it determines the law applicable to the legal nature and effects against third parties of the rights resulting from such credit or of such disposition , including whether a person 's interest in securities held with an intermediary extinguishes or has priority over another person 's interest .
Poleg tega določa tudi pravo , ki se uporablja glede pravne narave in učinkov proti tretjim za tiste pravic , ki izvirajo iz takega vpisa ali razpolaganja , vključno z vprašanjem , ali pravica ene osebe glede vrednostnih papirjev , ki se nahajajo pri posredniku , izključuje ali ima prednost pred pravico druge osebe .