natgillin/translations-raw huggingface dataset:
Shorter-term developments in M3 and some of its components and counterparts have remained volatile and , given the continued tensions in some financial market segments , this volatility may well persist .
Kratkoročna gibanja agregata M3 ter nekaterih komponent in protipostavk so ostala volatilna , glede na nadaljevanje napetosti v nekaterih segmentih finančnega trga pa se bo takšna volatilnost najbrž nadaljevala .
The previously strong impact of the interest rate constellation on monetary dynamics appears to be gradually waning .
Vpliv razmerij med obrestnimi merami na denarno dinamiko , ki je bil prej velik , postopno popušča .
This implies that actual M3 growth is less affected than before by the downward impact of the steep yield curve and the associated allocation of funds into longer-term deposits and securities outside M3 .
To pomeni , da strma krivulja donosnosti in z njo povezano premeščanje sredstev v dolgoročnejše vloge in vrednostne papirje zunaj M3 sedaj manj zavirata dejansko rast agregata M3 kot prej .
Moreover , the impact that the narrow spreads between the interest rates paid on different M3 instruments have on shifts within M3 towards M1 should be diminishing .
Poleg tega naj bi se zmanjšal tudi vpliv , ki ga imajo majhne razlike med obrestnimi merami za različne instrumente M3 na premike znotraj agregata M3 k agregatu M1 .
However , at 10.3% , annual M1 growth is still very strong .
Kljub temu je medletna rast agregata M1 še vedno zelo močna in znaša 10,3% .
The still weak annual growth rate of bank loans to the private sector continues to conceal countervailing developments , with positive growth in loans to households and negative growth in loans to non-financial corporations .
Še vedno šibka medletna stopnja rasti bančnih posojil zasebnemu sektorju še naprej prikriva nasprotna gibanja , pri čemer je rast posojil gospodinjstvom pozitivna , rast posojil nefinančnim družbam pa negativna .
While the monthly flow in bank loans to non-financial corporations was positive in May , in the light of the volatility observed in recent months it is too early to judge whether this signals a turning-point .
Čeprav je bil mesečni tok bančnih posojil nefinančnim družbam maja pozitiven , pa je zaradi volatilnosti v zadnjih mesecih prezgodaj presojati , ali to predstavlja točko obrata .
The data up to May confirm that the size of banks » overall balance sheets has increased since the turn of the year .
Podatki do maja potrjujejo , da se je obseg skupne bilance stanja bank od preloma leta povečal .
Where necessary , to address this challenge , banks should retain earnings , turn to the market to strengthen further their capital bases or take full advantage of government support measures for recapitalisation .
Kjer je potrebno , bi se morale banke tega izziva lotiti tako , da zadržijo dobičke , se za nadaljnjo krepitev svoje kapitalske osnove obrnejo na trg ali v celoti izkoristijo državne ukrepe podpore pri dokapitalizaciji .
In this respect , the Governing Council welcomes the decision announced by the European Council to publish , with the consent of the banks involved , the individual results of the stress test exercise for banks in the European Union carried out by the Committee of European Banking Supervisors ( CEBS ) in cooperation with the ECB .
V zvezi s tem Svet ECB pozdravlja odločitev Evropskega sveta , da s privolitvijo vpletenih bank objavi posamezne rezultate stres testov v bankah v Evropski uniji , ki jih je v sodelovanju z ECB izvedel Odbor evropskih bančnih nadzornikov . Kjer je potrebno , bo treba ustrezno ukrepati .
Appropriate action will have to be taken where needed . Sound balance sheets , effective risk management and transparent , robust business models are key to strengthening banks » resilience to shocks and to ensuring adequate access to finance , thereby laying the foundations for sustainable growth , job creation and financial stability .
Zdrave poslovne bilance , učinkovito upravljanje s tveganji ter pregledni in zanesljivi poslovni modeli so ključni za večjo odpornost bank na šoke in za zagotovitev ustreznega dostopa do financiranja , s čimer bodo vzpostavljeni temelji za vzdržno gospodarsko rast , oblikovanje novih delovnih mest in finančno stabilnost . Povzamemo lahko , da sedanje ključne obrestne mere ECB ostajajo ustrezne .
To sum up , the current key ECB interest rates remain appropriate .
Glede na vse nove informacije , ki so postale dostopne od zadnje seje 10 .
A cross-check of the outcome of the economic analysis with that of the monetary analysis confirms that inflationary pressures over the medium term remain contained , as suggested by weak money and credit growth .
Navzkrižna primerjava rezultatov ekonomske in denarne analize potrjuje , da ostajajo inflacijski pritiski v srednjeročnem obdobju omejeni , kot kaže tudi šibka rast denarja in kreditov .
As regards fiscal policies , the focus clearly needs to be on ensuring the sustainability of public finances .
Na področju javnofinančnih politik je treba pozornost očitno usmeriti na zagotavljanje vzdržnosti javnih financ .
In the current environment , all euro area countries must , as a minimum , comply with their fiscal consolidation plans as foreseen under the respective excessive deficit procedures .
V sedanjih razmerah morajo vse države euroobmočja kot minimalno zahtevo spoštovati načrte za javnofinančno konsolidacijo , kot je predvideno v posameznih postopkih v zvezi s čezmernim primanjkljajem .
More ambitious targets , as already adopted by a number of countries , may become necessary where current plans fall short of meeting the main objective of halting and reversing the increase in the government debt ratio .
Ambicioznejši cilji , kakršne so številne države že sprejele , bi lahko postali nujni tam , kjer sedanji načrti ne omogočajo doseganja glavnega cilja , ki je zaustaviti in obrniti rast deleža javnega dolga .
Moreover , all countries must specify credible adjustment measures that are sufficient to attain their budgetary targets for 2010 , 2011 and beyond , and must live up to their commitment to take additional measures , where needed , over the coming years .
Poleg tega morajo vse države opredeliti verodostojne prilagoditvene ukrepe , s katerimi bodo dosegle proračunske cilje za leti 2010 in 2011 ter kasneje , in morajo uresničiti svojo obvezo , da bodo v naslednjih letih sprejele dodatne ukrepe , kjer bo to potrebno .
For the proper functioning of the euro area , and to strengthen the prospects for higher sustainable growth , the pursuit of far-reaching structural reforms is essential . This will also support the process of fiscal consolidation .
Za pravilno delovanje euroobmočja in višjo vzdržno rast v prihodnje je treba nujno izvajati daljnosežne strukturne reforme , kar bo spodbudilo tudi javnofinančno konsolidacijo .
Major reforms are particularly needed in those countries that have experienced competitiveness losses in the past or that are suffering from high fiscal and external deficits .
Obsežnejše reforme so zlasti potrebne v tistih državah , ki so v preteklosti utrpele padec konkurenčnosti ali jih pesti velik javnofinančni in zunanji primanjkljaj .
Measures should ensure a wage bargaining process that allows wages to adjust flexibly to the unemployment situation and losses in competitiveness .
Z ukrepi bi bilo treba zagotoviti takšna plačna pogajanja , ki bodo omogočila prožno prilagajanje plač obstoječi ravni brezposelnosti in zmanjšani konkurenčnosti .
Reforms to strengthen productivity growth would further support the adjustment process of these economies .
K procesu prilagajanja teh gospodarstev bi lahko prispevale tudi reforme za povečanje rasti produktivnosti .
Regarding the proposals submitted by the Governing Council to the Task Force on Economic Governance established by the European Council under the chairmanship of President Van Rompuy , in the view of the Governing Council a quantum leap in terms of progress towards strengthening the institutional foundations of EMU is needed .
Kar zadeva predlog Sveta ECB delovni skupini za izboljšanje gospodarskega upravljanja , ki jo je ustanovil Evropski svet in ji predseduje predsednik Van Rompuy , je po mnenju Sveta ECB potreben kvantni preskok , da bi dosegli napredek pri okrepitvi institucionalnih temeljev EMU .
It is essential that governance and enforcement structures in the economic policy framework of the euro area be strengthened .
V okviru ekonomskih politik euroobmočja je treba nujno okrepiti strukture upravljanja in izvrševanja .
Reinforcing surveillance of national budgetary policies and ensuring rigorous compliance with the fiscal rules will be key .
Ključno pri tem bo okrepiti nadzor nad nacionalnimi javnofinančnimi politikami in zagotoviti dosledno spoštovanje javnofinančnih pravil .
Furthermore , it is extremely important that close oversight of relative competitiveness developments be implemented and that a surveillance mechanism be established to address imbalances in the euro area countries .
Poleg tega je izredno pomembno izvajati natančen pregled nad gibanji relativne konkurenčnosti in vzpostaviti nadzorni mehanizem , ki naj bi odpravil neravnovesja v državah euroobmočja .
At the same time , it is important to establish an appropriate euro area crisis management framework that minimises moral hazard .
Obenem je pomembno vzpostaviti ustrezen okvir kriznega upravljanja v euroobmočju , ki bo zmanjšal moralni hazard .
The first article examines euro area labour market adjustments in the context of the recent recession .
Prvi analizira prilagoditve na trgu dela v euroobmočju ob nedavni recesiji .
The second article assesses the effectiveness of euro area fiscal policies .
Drugi ocenjuje uspešnost javnofinančnih politik v euroobmočju .
The third article discusses the impact of the financial crisis on economic activity in the central and eastern European countries . back to top
Tretji članek pa obravnava vpliv finančne krize na gospodarsko aktivnost v srednje - in vzhodnoevropskih državah .
Navigation Path : Home &gt; The European Central Bank &gt; Legal framework &gt; All by date &gt; All years &gt; CON / 2006/52
Navigation Path : Home &gt; The European Central Bank &gt; Pravni okvir &gt; Vse po datumu &gt; Vsa leta &gt; CON / 2006/52
CON / 2008/71 Clear terms 1
CON / 2008/71 Odstrani izraze
Navigation Path : Home &gt; The European Central Bank &gt; Legal framework &gt; All ECB opinions &gt; CON / 2008/42
Navigation Path : Home &gt; The European Central Bank &gt; Pravni okvir &gt; Vsa mnenja ECB &gt; CON / 2008/42
Navigation Path : Home &gt; The European Central Bank &gt; Legal framework &gt; All by date &gt; 1998 ( EMI / ECB ) &gt; CON / 1997/28
Navigation Path : Home &gt; The European Central Bank &gt; Pravni okvir &gt; Vse po datumu &gt; 1998 ( ECB / EMI ) &gt; CON / 1997/28
Navigation Path : Home &gt; Press &gt; Press releases &gt; By date &gt; 2007 &gt; 11 January 2007
Navigation Path : Home &gt; Press &gt; Press releases &gt; By date &gt; 2007 &gt; 11 . januar 2007
11 January 2007 - Monetary policy decisions
11 . januar 2007 - Sklepi o denarni politiki
http://www.ecb.europa.eu/press/pr/date/2007/html/pr070111.en.html
http://www.ecb.europa.eu/press/pr/date/2007/html/pr070111.sl.html
Navigation Path : Home &gt; The European Central Bank &gt; Legal framework &gt; All by date &gt; 2010 &gt; CON / 2010/42
Navigation Path : Home &gt; The European Central Bank &gt; Pravni okvir &gt; Vse po datumu &gt; 2010 &gt; CON / 2010/42
Navigation Path : Home &gt; The European Central Bank &gt; Legal framework &gt; Statistics &gt; Related ECB opinions &gt; CON / 2008/19
Navigation Path : Home &gt; The European Central Bank &gt; Pravni okvir &gt; Statistika &gt; Povezana mnenja ECB &gt; CON / 2008/19
Navigation Path : Home &gt; The European Central Bank &gt; Legal framework &gt; Legal framework of the ESCB &gt; Related ECB opinions &gt; CON / 2009/62
Navigation Path : Home &gt; The European Central Bank &gt; Pravni okvir &gt; Pravni okvir ESCB &gt; Povezana mnenja ECB &gt; CON / 2009/62
Navigation Path : Home &gt; The European Central Bank &gt; Legal framework &gt; All by date &gt; All years &gt; CON / 1998/53
Navigation Path : Home &gt; The European Central Bank &gt; Pravni okvir &gt; Vse po datumu &gt; Vsa leta &gt; CON / 1998/53
Navigation Path : Home &gt; The European Central Bank &gt; Legal framework &gt; All by date &gt; All years &gt; CON / 2003/12
Navigation Path : Home &gt; The European Central Bank &gt; Pravni okvir &gt; Vse po datumu &gt; Vsa leta &gt; CON / 2003/12
Nov - 2001 Mon
Naslednji mesec Nov - 2001
Navigation Path : Home &gt; Publications &gt; Monthly Bulletin &gt; Editorials &gt; 2006 &gt; 14 December 2006
Navigation Path : Home &gt; Publications &gt; Monthly Bulletin &gt; Editorials &gt; 2006 &gt; 14 . december 2006
EDITORIAL 14 December 2006 - Monthly Bulletin
14 . december 2006 - Mesečni bilten
At its meeting on 7 December 2006 , the Governing Council decided to increase the minimum bid rate of the main refinancing operations of the Eurosystem by 25 basis points to 3.50% .
Svet ECB je na seji 7 . decembra 2006 sklenil , da poviša izklicno obrestno mero za operacije glavnega refinanciranja Eurosistema za 25 bazičnih točk na 3,50% .
It was also decided to increase the interest rates on the marginal lending facility and the deposit facility by 25 basis points , to 4.50% and 2.50% respectively .
Prav tako je sklenil , da za 25 bazičnih točk poviša obrestno mero za odprto ponudbo mejnega posojila in odprto ponudbo mejnega depozita , ki zdaj znašata 4,50% oziroma 2,50% .
These decisions became effective at the start of the new reserve maintenance period on 13 December 2006 .
Ti sklepi so začeli veljati z začetkom novega obdobja izpolnjevanja obveznih rezerv , ki se je začelo 13 . decembra 2006 .
The Governing Council 's decision to raise the key ECB interest rates reflects the upside risks to price stability over the medium term that the Governing Council has identified through both its economic and monetary analyses .
Odločitev Sveta , da zviša ključne obrestne mere ECB , odraža navzgor usmerjena tveganja za cenovno stabilnost v srednjeročnem obdobju , ki jih je Svet ECB ugotovil na podlagi ekonomske in denarne analize .
After this interest rate increase , the ECB 's monetary policy continues to be accommodative , with the key ECB interest rates remaining at low levels , money and credit growth strong , and liquidity in the euro area ample by all plausible measures .
Po tem dvigu obrestnih mer ostaja denarna politika ECB akomodativna , saj so ključne obrestne mere ECB še naprej na nizki ravni , rast obsega denarja in kreditov je visoka , likvidnost v euroobmočju pa je po vseh zanesljivih merilih obsežna .
The Governing Council will monitor very closely all developments so that risks to price stability over the medium term do not materialise .
Svet ECB bo zelo natančno spremljal vsa gibanja , da se tveganja za stabilnost cen v srednjeročnem obdobju ne bi uresničila .
Turning first to the economic analysis , according to Eurostat 's first estimate , the quarter-on-quarter growth rate of real GDP in the euro area for the third quarter of 2006 was 0.5% .
Na področju ekonomske analize Eurostatova prva ocena kaže , da je realna rast BDP v euroobmočju v tretjem četrtletju 2006 v primerjavi s prejšnjim četrtletjem znašala 0,5% .
The data thus confirm the Governing Council 's assessment that economic activity continued to expand robustly , while moderating from the very strong rates seen in the first half of the year .
Podatki tako potrjujejo oceno Sveta ECB , da je bila rast gospodarske aktivnosti še naprej okrepljena , čeprav se je v primerjavi z zelo močnimi stopnjami rasti iz prve polovice leta umirila .
Domestic demand remained the main driver of economic growth in the third quarter , confirming the anticipated broadening of the recovery and pointing to the increasingly self-sustaining nature of economic expansion in the euro area .
Domače povpraševanje je ostalo glavno gonilo gospodarske rasti v tretjem četrtletju , kar potrjuje pričakovano širitev okrevanja in kaže , da je gospodarska konjunktura v euroobmočju vse manj odvisna od zunanjega okolja .
The information on economic activity from various confidence surveys and indicator-based estimates supports the assessment that robust economic growth has continued in the fourth quarter of this year .
Podatki o gospodarski aktivnosti , ki izhajajo iz različnih anket o zaupanju in ocen na podlagi kazalnikov , potrjujejo oceno , da se je okrepljena gospodarska rast nadaljevala tudi v zadnjem četrtletju letošnjega leta .
Looking ahead , the conditions remain in place for the euro area economy to grow at solid rates around potential .
V prihodnjem obdobju ostajajo razmere ugodne za nadaljevanje solidne gospodarske rasti v euroobmočju na ravni okrog potencialne .
While some volatility in the quarterly growth rates is likely to emerge around the turn of the year , associated with the impact of changes in indirect taxes in a large euro area country , the medium-term outlook for economic activity remains favourable .
Čeprav se ob prelomu leta lahko pojavijo določena nihanja v četrtletnih stopnjah rasti , kar je povezano z vplivom spremembe posrednih davkov v eni večjih držav euroobmočja , ostajajo srednjeročni obeti glede gospodarske aktivnosti ugodni .
As regards the external environment , economic growth has become more balanced across regions .
Kar zadeva zunanje okolje , je gospodarska rast postala regionalno bolj uravnotežena .
Helped in part by lower oil prices , global growth is robust , thereby providing support for euro area exports .
Svetovna gospodarska rast je deloma zaradi nižjih cen nafte prav tako okrepljena in tako spodbuja izvoz euroobmočja .
Domestic demand in the euro area is expected to maintain its relatively strong momentum .
Tudi domače povpraševanje v euroobmočju bo po pričakovanjih ohranilo razmeroma močan zagon .
Investment should remain dynamic , benefiting from an extended period of very favourable financing conditions , balance sheet restructuring , accumulated and ongoing strong earnings , and gains in business efficiency .
Zaradi dolgotrajnega obdobja zelo ugodnih pogojev financiranja , prestrukturiranja bilanc podjetij in drugih institucij , dosedanje in trenutne visoke rasti dobičkov ter izboljšane podjetniške učinkovitosti naj bi investiranje ostalo dinamično .
Consumption should also strengthen further over time , in line with developments in real disposable income , as employment conditions continue to improve .
Potrošnja naj bi se sčasoma ravno tako dodatno okrepila skladno z gibanjem realnega razpoložljivega dohodka , medtem ko se bodo razmere za zaposlovanje še naprej izboljševale .
This outlook is also reflected in the new Eurosystem staff macroeconomic projections .
Takšna gibanja predvidevajo tudi zadnje makroekonomske projekcije strokovnjakov Eurosistema .
The projections foresee average annual real GDP growth in a range between 2.5% and 2.9% in 2006 , between 1.7% and 2.7% in 2007 and between 1.8% and 2.8% in 2008 .
Po teh projekcijah se bo povprečna medletna realna rast BDP v letu 2006 gibala med 2,5% in 2,9% , v letu 2007 med 1,7% in 2,7% , v letu 2008 pa med 1,8% in 2,8% .
Most recent forecasts by international organisations give a broadly similar picture .
Najnovejše napovedi mednarodnih organizacij predvidevajo približno podobna gibanja .
In comparison with the September ECB staff projections , the ranges projected for real GDP growth in 2006 and 2007 have been revised upwards , largely reflecting the assumption of lower energy prices and their impact on real disposable income .
V primerjavi s septembrskimi projekcijami strokovnjakov ECB so bili razponi napovedane realne rasti BDP za leto 2006 in 2007 nekoliko popravljeni navzgor , kar odraža predvsem predpostavko o nižjih cenah energentov in njihovem vplivu na realni razpoložljivi dohodek .
In the Governing Council 's view , the risks surrounding this broadly favourable outlook for economic growth over the projection horizon lie on the downside .
Po mnenju Sveta ECB so večinoma ugodni obeti za gospodarsko rast v obdobju projekcij izpostavljeni tveganjem upočasnitve gospodarske rasti .
The main risks relate to the possibility of a renewed increase in oil prices , fears of a rise in protectionist pressures , especially after the suspension of the Doha round of trade talks , and concerns about possible disorderly developments owing to global imbalances .
Glavna tveganja so povezana z možnostjo ponovne rasti cen nafte , bojaznijo o povečanju protekcionističnih pritiskov , zlasti po prekinitvi kroga trgovinskih pogajanj , ki se je začel v Dohi , ter z morebitnimi neobvladljivimi gibanji zaradi svetovnih neravnovesij .
As regards price developments , according to Eurostat 's flash estimate , annual HICP inflation rose to 1.8% in November 2006 , from 1.6% in October and 1.7% in September .
Na področju cenovnih gibanj se je po Eurostatovi prvi oceni medletna inflacija , merjena z indeksom HICP , novembra 2006 zvišala na 1,8% , potem ko je oktobra znašala 1,6% , septembra pa 1,7% .
While no detailed breakdown of the November HICP data is available as of yet , the lower annual HICP inflation rates recorded in the two previous months reflected mainly the significant declines in crude oil prices from August onwards , as well as base effects .
Čeprav podrobna razčlenitev novembrskih podatkov o inflaciji še ni na voljo , je bila nižja stopnja inflacije v predhodnih dveh mesecih predvsem posledica precejšnjega znižanja cen surove nafte v obdobju po avgustu ter baznih učinkov .
While the outlook for energy prices remains uncertain , on the basis of the oil prices currently implied by the futures market overall inflation rates are likely to increase again in early 2007 and then hover around 2 % in the course of that year , also reflecting the impact of higher indirect taxes .
Medtem ko ostajajo prihodnja gibanja cen energentov negotova , je na podlagi cen nafte , ki jih trenutno kaže terminski trg , mogoče pričakovati ponovno povečanje skupne inflacije na začetku leta 2007 in gibanje na ravni okrog 2 % tekom naslednjega leta , kar odraža tudi vpliv višjih posrednih davkov .
The December Eurosystem staff projections see annual HICP inflation at between 2.1% and 2.3% in 2006 , between 1.5% and 2.5% in 2007 and between 1.3% and 2.5% in 2008 .
Decembrske projekcije strokovnjakov Eurosistema predvidevajo gibanje inflacije po HICP na ravni med 2,1% in 2,3% v letu 2006 , med 1,5% in 2,5% v letu 2007 ter med 1,3% in 2,5% v letu 2008 .
Compared with the September 2006 ECB staff projections , the ranges for 2006 and 2007 are somewhat lower , largely reflecting the assumption of lower energy prices .
V primerjavi s septembrskimi projekcijami strokovnjakov ECB so razponi za leto 2006 in 2007 nekoliko nižji , predvsem zaradi predpostavke o nižjih cenah energentov .
In this context , it is important to recall the conditional nature of these projections , which are based on a series of technical assumptions , including market expectations for short and long-term interest rates as well as for oil and non-energy commodity prices .
Ob tem je treba opozoriti na pogojno naravo teh projekcij , ki temeljijo na vrsti tehničnih predpostavk , med katerimi so tržna pričakovanja o kratkoročnih in dolgoročnih obrestnih merah ter pričakovanja o cenah nafte in drugih primarnih surovin .
In the Governing Council 's view , the outlook for price developments remains subject to upside risks , stemming in particular from a pass-through of previous oil price increases which is stronger than assumed in the baseline scenario , the possibility of renewed oil price increases and additional increases in administered prices and indirect taxes beyond those announced and decided thus far .
Po mnenju Sveta ECB ostajajo prihodnja gibanja cen pod vplivom navzgor usmerjenih tveganj , ki izhajajo predvsem iz prenosa prejšnjih podražitev nafte na cene v obsegu , ki je večji od predvidenega v osnovnem scenariju , možne ponovne rasti cen nafte ter dodatnega povišanja nadzorovanih cen in posrednih davkov poleg teh , ki so že bila napovedana in sprejeta .