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© European Central Bank , 2009 Address : Kaiserstrasse 29 , 60311 Frankfurt am Main , Germany Postal address : Postfach 16 03 19 , 60066 Frankfurt am Main , Germany Telephone : + 49 69 1344 0 Fax : + 49 69 1344 6000 Website : http://www.ecb.europa.eu All rights reserved .
© Evropska centralna banka , 2009 Naslov : Kaiserstrasse 29 , 60311 Frankfurt na Majni , Nemčija Poštni naslov : Postfach 16 03 19 , 60066 Frankfurt am Main , Nemčija Telefon : + 49 69 1344 0 Faks : + 49 69 1344 6000 Spletna stran : http://www.ecb.europa.eu Vse pravice so pridržane .
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Navigation Path : Home &gt; Publications &gt; Monthly Bulletin &gt; Editorials &gt; 2006 &gt; 9 February 2006
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EDITORIAL 9 February 2006 - Monthly Bulletin
9 . februar 2006 - Mesečni bilten
At its meeting on 2 February 2006 , the Governing Council of the ECB decided , on the basis of its regular economic and monetary analyses , to leave the key ECB interest rates unchanged .
Svet ECB je na seji 2 . februarja 2006 na podlagi redne ekonomske in denarne analize sklenil , da ohrani ključne obrestne mere ECB nespremenjene .
It also concluded that the most recent information from the economic analysis broadly underpins its assessment of the outlook for price developments and the euro area economy , and that monetary and credit growth remains strong and liquidity ample .
Poleg tega je ugotovil , da najnovejši rezultati ekonomske analize na splošno potrjujejo njegovo oceno izgledov za cenovna in gospodarska gibanja v euroobmočju ter da denarna in kreditna rast ostajata visoki , likvidnost pa obsežna .
Against this background , the Governing Council will exercise vigilance so as to ensure the solid anchoring of long-term inflation expectations at levels in line with price stability .
Svet bo zato pozorno spremljal vsa dogajanja , da bi dolgoročna inflacijska pričakovanja tako utrdil na ravni , ki je skladna s cenovno stabilnostjo .
Such vigilance is also warranted , given the historically low levels of both nominal and real interest rates across the whole maturity spectrum and the overall accommodative stance of monetary policy .
Pozornost je potrebna tudi zaradi obrestnih mer , ki so tako nominalno kot realno v celotnem razponu ročnosti na zgodovinsko nizki ravni , ter splošnega ohlapnega okvira denarne politike .
In order for monetary policy to make an ongoing contribution towards supporting growth and employment in the euro area , inflation expectations must be firmly anchored .
Da lahko denarna politika trajno spodbuja gospodarsko rast in zaposlovanje , morajo biti inflacijska pričakovanja trdno zasidrana .
As regards the economic analysis , recent data continue to lend support to the scenario for economic activity embodied in the December 2005 Eurosystem staff projections .
V ekonomski analizi najnovejši podatki ostajajo skladni s scenarijem gospodarske aktivnosti , ki so ga strokovnjaki Eurosistema opredelili v projekcijah decembra 2005 .
Hence , the Governing Council 's assessment of the outlook for growth in the euro area has been broadly confirmed .
To pomeni , da v splošnem potrjujejo oceno Sveta ECB o izgledih za gospodarsko rast v euroobmočju .
Economic activity started to improve and broaden in the second half of 2005 and , on the basis of the latest indicators and survey data , it appears that this process has basically continued , taking into account the usual degree of volatility of quarterly growth rates .
Gospodarska aktivnost se je začela krepiti in širiti v drugi polovici leta 2005 , najnovejši kazalniki in anketni podatki pa kažejo , da se je ob upoštevanju običajnih nihanj v četrtletnih stopnjah rasti ta proces na splošno nadaljeval .
Looking ahead , the conditions remain in place for economic growth to continue over the coming quarters .
Pogoji za nadaljevanje gospodarske rasti v prihodnjih četrtletjih so še vedno izpolnjeni .
The external environment is favourable , providing support for euro area exports .
V mednarodnem okolju so razmere ugodne in podpirajo izvoz iz euroobmočja .
Investment is expected to remain strong , benefiting from an extended period of very favourable financing conditions , balance sheet restructuring , and accumulated and ongoing gains in earnings and business efficiency .
Zahvaljujoč dolgotrajnemu obdobju zelo ugodnih pogojev financiranja , prestrukturiranju bilanc podjetij ter akumulirani in sedanji rasti dobičkov in podjetniške učinkovitosti bodo investicije predvidoma ostale visoke .
Consumption growth should also strengthen 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 sčasoma okrepila tudi rast potrošnje , ki bo sledila gibanju razpoložljivega dohodka .
This outlook for economic activity is also confirmed by available forecasts .
Razpoložljive napovedi ta predvidevanja glede gospodarske aktivnosti potrjujejo .
Downside risks to economic growth , relating , in particular , to persistently high and volatile oil prices and concerns about global imbalances , still dominate on the external side .
V mednarodnem okolju še vedno prevladujejo tveganja , da se gospodarska rast upočasni , predvsem zaradi trajno visokih in nestabilnih cen nafte ter negotovosti , ki jih povzročajo svetovna neravnovesja .
In relation to price developments , annual HICP inflation was 2.2% in December , down from 2.3% in November and 2.5% in October .
Na področju cenovnih gibanj je inflacija po indeksu HICP z 2,3% v novembru oz . 2,5% v oktobru v decembru padla na 2,2% .
Over the short term , annual inflation rates may again increase somewhat , reflecting in particular renewed increases in energy prices and some base effects .
Medletna stopnja inflacije se kratkoročno utegne ponovno nekoliko povečati , predvsem zaradi novih povečanj cen energentov ter nekaterih baznih učinkov .
Looking further ahead , indirect effects of past oil price rises on other components of the price index may gradually materialise , and already announced changes to administered prices and indirect taxes can be expected to have an upward impact on HICP inflation .
Na daljši rok se lahko postopno razvijejo posredni učinki preteklih povečanj cen nafte , ki vplivajo na druge elemente cenovnega indeksa , medtem ko bodo že napovedane spremembe nadzorovanih cen in posrednih davkov po pričakovanjih vplivale na povišanje inflacije .
Meanwhile , wage dynamics have remained moderate over recent quarters and are assumed to remain so for the time being , reflecting , in particular , global competitive pressure .
Po drugi strani je rast plač v zadnjih nekaj četrtletjih ostala zmerna in se predvsem zaradi svetovnih konkurenčnih pritiskov zaenkrat predvidoma ne bo povečevala .
All in all , currently available information is broadly in line with the scenario embodied in the December 2005 Eurosystem staff projections for HICP inflation over this year and next .
Na splošno so trenutno dostopne informacije torej skladne s scenarijem iz decembrskih projekcij strokovnjakov Eurosistema glede gibanja inflacije po HIPC v tem in prihodnjem letu . V teh izgledih za cenovna gibanja so še vedno prisotna tveganja , da bo inflacija naraščala .
Risks to this outlook for price developments remain on the upside and include further rises in oil prices , a pass-through of oil prices into consumer prices stronger than currently envisaged , additional increases in administered prices and indirect taxes , and -- more fundamentally -- potential second-round effects on wage and price-setting behaviour .
Ta tveganja vključujejo nadaljnja povečanja cen nafte , njihov prenos na cene življenjskih potrebščin v obsegu , ki je večji od doslej pričakovanega , dodatna povečanja nadzorovanih cen in posrednih davkov , na bolj temeljni ravni pa možnost drugotnih učinkov pri oblikovanju cen in plač .
It is therefore crucial that the social partners continue to meet their responsibilities also in the context of a more favourable economic environment .
Zato je bistveno , da tudi v ugodnejših gospodarskih razmerah socialni partnerji še naprej izpolnjujejo svoje obveznosti .
Turning to the monetary analysis , the annual growth rate of M3 remains robust , even though it moderated further in December .
Kot kaže denarna analiza , je medletna rast denarnega agregata M3 ostala visoka , čeprav se je v decembru še nadalje nekoliko umirila .
This moderation can be explained in part by an apparent resumption of the unwinding of past portfolio shifts , which exerts a dampening effect on headline M3 growth .
Umirjanje rasti je mogoče deloma pojasniti z dejstvom , da se je proces obračanja preteklih portfeljskih premikov očitno obnovil , kar zavira skupno rast agregata M3 .
However , the trend rate of monetary expansion remains strong , reflecting the stimulative impact of the prevailing low level of interest rates .
Kljub temu trend zmerne denarne rasti ostaja trden in odraža spodbujevalne učinke splošno nizke ravni obrestnih mer .
In particular , growth in the most liquid components of M3 continues to be very robust and the annual growth rate of loans to the private sector has increased further .
Še vedno zelo hitro rastejo predvsem najbolj likvidne komponente agregata M3 , dodatno pa se je okrepila tudi rast posojil zasebnemu sektorju .
Mortgage borrowing is particularly buoyant , implying a need to monitor developments in the housing market closely .
Med temi posebej hitro naraščajo hipotekarna posojila , zato je treba pozorno spremljati dogajanja na stanovanjskem trgu .
Overall , strong monetary and credit growth in a context of already ample liquidity in the euro area points to risks to price stability over the medium to longer term .
Hitra rast denarja in kreditov v času , ko je likvidnost v euroobmočju že obsežna , pomeni , da v srednjeročnem in dolgoročnejšem obdobju obstajajo tveganja za stabilnost cen .
To sum up , the economic analysis suggests that indirect effects stemming from past oil price rises and already announced changes to administered prices and indirect taxes can be expected to have an upward impact on annual HICP inflation over the coming years .
Če povzamemo , ekonomska analiza kaže , da bodo posredni učinki preteklih povečanj cen nafte ter napovedane spremembe nadzorovanih cen in posrednih davkov v prihodnjih letih predvidoma pospeševali rast medletne inflacije .
It also indicates that risks to price stability over the medium term remain on the upside .
Pomeni tudi , da bo cenovna stabilnost v srednjeročnem obdobju še naprej izpostavljena tveganju inflacijskih pritiskov .
Cross-checking the outcome of the economic analysis with that of the monetary analysis supports the case for vigilance to ensure that the risks to price stability over the medium to longer term do not materialise .
Primerjava rezultatov ekonomske in denarne analize potrjuje , da je treba dogajanja pozorno spremljati , če želimo zagotoviti , da se srednjeročna in dolgoročna tveganja za cenovno stabilnost ne uresničijo .
It is indeed essential that such risks do not affect medium and long-term inflation expectations , which need to remain firmly anchored at levels consistent with price stability .
Bistveno je , da ta tveganja ne vplivajo na srednjeročna in dolgoročna inflacijska pričakovanja , ki morajo ostati trdno zasidrana na ravni , ki je skladna s stabilnostjo cen .
This is a prerequisite for monetary policy to make an ongoing contribution to sustainable economic growth and job creation .
Le tako lahko denarna politika trajno prispeva k vzdržni gospodarski rasti in ustvarjanju novih delovnih mest .
As regards fiscal policy , recent information points to somewhat better than expected outcomes for 2005 in a number of countries and for the euro area as a whole .
Na področju fiskalnih politik so najnovejši podatki za leto 2005 nekoliko bolj obetavni od pričakovanih v vrsti držav članic kot tudi v euroobmočju kot celoti .
With the improvements in economic growth , determined fiscal consolidation is now even more important . In particular , countries with excessive deficits must take this opportunity to reduce their fiscal imbalances in a decisive and sustainable manner .
Hitrejša gospodarska rast dodatno povečuje pomen odločne konsolidacije javnih financ , kar je še posebej pomembno za države s presežnim primanjkljajem , ki morajo to priložnost izrabiti , da na dosleden in vzdržen način zmanjšajo javnofinančna neravnovesja .
This would strongly support the European fiscal framework as established by the Stability and Growth Pact .
S tem se bo močno okrepil evropski fiskalni okvir , ki ga je vzpostavil Pakt o stabilnosti in rasti .
Delaying consolidation would be both inappropriate in the short term and risky in the longer term .
Odlašanje s konsolidacijo je kratkoročno neustrezno in dolgoročno tvegano .
Adjustment efforts should be based on credible , fully specified measures as part of a comprehensive consolidation programme .
Prilagoditve morajo temeljiti na verodostojnih in podrobno opredeljenih ukrepih , povezanih v celovit konsolidacijski program .
Any windfall gains from higher than expected growth or other factors should be allocated to speeding up deficit reduction .
Nepredvidene prihodke iz hitrejše rasti ali drugih virov bi bilo treba nameniti za hitrejše zmanjšanje primanjkljaja .
This would help to prevent a repeat of past experiences , when complacency in good times contributed to persistent budgetary disequilibria .
S tem bi se izognili napakam iz preteklosti , ko je brezskrbnost v času gospodarskega vzpona prispevala k trajnim proračunskim neravnovesjem .
With respect to structural reforms , the Governing Council discussed a range of issues relating to the euro area services sector .
V zvezi s strukturnimi reformami je Svet obravnaval vrsto vprašanj , povezanih s storitvenim sektorjem euroobmočja .
Services-related activities represent an important input for other sectors of the economy and account for a large , growing share of value added and employment in the euro area , standing , in both cases , at around 70 % in recent years .
Storitvene dejavnosti predstavljajo pomemben vložek za druge gospodarske sektorje in velik ter rastoč delež dodane vrednosti in zaposlovanja v euroobmočju , ki v zadnjih letih v obeh primerih znaša približno 70 %.
Given the services sector 's increasingly important role , the need to ensure a fully integrated internal market for services in the European Union is at the forefront of the European policy agenda .
Glede na naraščajoč pomen storitvenega sektorja je oblikovanje popolnoma povezanega notranjega trga za storitve v Evropski uniji eden prednostnih ciljev politike EU .
Structural reforms aimed at increasing competition in both EU and international services markets would allow firms to benefit from economies of scale and should be expected to increase economic efficiency .
Strukturne reforme s ciljem okrepiti konkurenco tako na evropskem kot tudi na mednarodnem trgu storitev bi podjetjem omogočil , da izkoristijo prednosti ekonomije obsega , in bo po pričakovanjih prispeval k večji gospodarski učinkovitosti .
This would support both a higher level and stronger growth rate of labour productivity in the services sector , promote a more dynamic economy and create more jobs .
Reforme bi omogočile višjo raven produktivnosti dela v storitvenih sektorjih , pospešile njeno rast , povečale dinamičnost gospodarstva in prispevale k ustvarjanju novih delovnih mest .
Moreover , a higher level of competition in the services market should have a dampening impact on prices and would contribute to the reduction of price stickiness in some areas of the services sector .
Poleg tega bi večja konkurenca na storitvenem trgu zavirala rast cen in zmanjševala lepljivost cen na nekaterih področjih storitvenega sektorja .
Overall , opening up the services sector to new entrants would tend to foster more efficient and flexible services markets , facilitate adjustment processes and increase the resilience of the euro area to economic shocks .
Na splošno bi odpiranje storitvenega sektorja za nove ponudnike okrepilo učinkovitost in prožnost trga storitev , pospešilo prilagoditvene procese in okrepilo odpornost euroobmočja na gospodarske šoke .
This would support economic growth and employment in the longer run .
To bi dolgoročno podprlo gospodarsko rast in zaposlovanje .
The first article reviews recent developments in euro area residential property prices , examining factors driving house price developments and assessing the current situation in the housing market .
Prvi predstavlja nedavna dogajanja na področju cen stanovanjskih nepremičnin , analizira dejavnike , ki vplivajo na cenovna gibanja , in ocenjuje sedanje razmere na stanovanjskem trgu .
The second article addresses the role of financial markets in fostering fiscal discipline .
Drugi članek obravnava vlogo finančnih trgov pri krepitvi finančne discipline .
It discusses the main channels through which fiscal policies may affect government bond spreads within the single currency area and looks at extent to which non-fiscal factors may explain the low level of these spreads .
Predstavlja glavne kanale , preko katerih javnofinančne politike lahko vplivajo na razpon donosov državnih obveznic znotraj enotnega valutnega območja , in preučuje , v kolikšni meri nefiskalni dejavniki lahko pojasnijo nizko raven teh razponov .
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Review of the requirements in the field of general economic statistics , December 2004
Pregled zahtev na področju splošne ekonomske statistike , december 2004
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Counterfeit Special printing makes the ink feel raised or thicker in the main image , the lettering and the value numerals on the front of the banknotes .
Zaradi posebnega tiska je tiskarska barva v glavni podobi , črkah in &scaron; tevilki vrednosti na sprednji strani bankovca na otip nekoliko hrapava ali rahlo odebeljena .
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Engraving of a euro coin with a reduction machine at the Austrian Mint in Vienna .
Strojno graviranje eurokovanca v avstrijski nacionalni kovnici na Dunaju
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EUROPEAN CENTRAL BANK DECISION OF THE EUROPEAN CENTRAL BANK of 19 March 2009 amending Decision ECB / 2004/2 of 19 February 2004 adopting the Rules of Procedure of the European Central Bank ( ECB / 2009/5 ) ( 2009/328 / EC ) THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK ,
marca 2009 o spremembah Sklepa ECB / 2004/2 z dne 19 . februarja 2004 o sprejetju Poslovnika Evropske centralne banke ( ECB / 2009/5 ) ( 2009/328 / ES ) SVET EVROPSKE CENTRALNE BANKE JE --
Having regard to the Statute of the European System of Central Banks and of the European Central Bank ( hereinafter the Statute of the ESCB ) , and in particular Article 10.2 and Article 12.3 thereof , Whereas :
ob upoštevanju Statuta Evropskega sistema centralnih bank in Evropske centralne banke ( v nadaljevanju : Statut ESCB ) ter zlasti njegovih členov 10.2 in 12.3 ,
These measures cover : ( i ) the rotation rate : the number of governors losing or gaining voting rights at the same time ;
se sestava guvernerjev z glasovalno pravico ne spremeni ;
( ii ) the rotation period : the length of the period during which the composition of voting governors does not change ; ( iii ) how governors will be ordered within their groups ;
( iii ) kako bodo guvernerji razvrščeni znotraj svojih skupin ;
and ( iv ) the transition from a two to a three-group system .
in ( iv ) prehod s sistema z dvema skupinama na sistem s tremi skupinami .
The Governing Council has decided to take such measures , which require amendment of Decision ECB / 2004/2 of 19 February 2004 adopting the Rules of Procedure of the European Central Bank ( 2 ) , to be applied as from the date on which the number of governors exceeds 18 .
Svet ECB je sklenil sprejeti take ukrepe , ki zahtevajo spremembo Sklepa ECB / 2004/2 z dne 19 . februarja 2004 o sprejetju Poslovnika Evropske centralne banke ( 2 ) , uporabljati pa se bodo začeli z dnem , ko bo število guvernerjev preseglo 18 .
( 3 ) ( 1 )
ob upoštevanju naslednjega : ( 3 ) ( 1 )
Upon adoption of the euro by Slovakia the number of members of the Governing Council of the European Central Bank ( ECB ) exceeds 21 .
Izvajanje sistema rotacije spoštuje načela enake obravnave guvernerjev , preglednosti in enostavnosti -- S sprejetjem eura na Slovaškem je število članov Sveta Evropske centralne banke ( ECB ) preseglo 21 .
Article 10.2 of the Statute of the ESCB provides that as from the date on which the number of members of the Governing Council exceeds 21 , each member of the Executive Board will have one vote and the number of governors with a voting right will be 15 .
Člen 10.2 Statuta ESCB določa , da bo od dneva , ko število članov Sveta ECB preseže 21 , imel vsak član Izvršilnega odbora en glas in da bo število guvernerjev z glasovalno pravico 15 .
It also specifies the rules on the rotation of the voting rights .
Določa tudi pravila rotacije glasovalnih pravic .