natgillin/translations-raw huggingface dataset:
The ECB agrees with the proposed implementation from January 2007 onwards , given that no systematic effects on measured annual or monthly price changes are expected .
ECB se strinja s predlaganim izvajanjem od januarja 2007 naprej , saj niso pričakovani sistematični učinki na izmerjene letne ali mesečne spremembe cen .
Therefore , it is not expected that the revision of back-data will be necessary .
Zato ni pričakovati , da bi bili potrebni popravki preteklih podatkov .
Done at Frankfurt am Main , 27 February 2006 .
V Frankfurtu na Majni , 27 .
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EDITORIAL 10 August 2006 - Monthly Bulletin
10 . avgust 2006 - Mesečni bilten
At its meeting on 3 August 2006 , the Governing Council decided to increase the minimum bid rate of the main refinancing operations of the Eurosystem by 25 basis points to 3.0% .
Svet ECB je na seji 3 . avgusta 2006 sklenil , da izklicno obrestno mero za operacije glavnega refinanciranja Eurosistema poviša za 25 bazičnih točk na 3,0% .
The interest rates on the marginal lending facility and the deposit facility were also increased by 25 basis points to 4.0% and 2.0% respectively .
Prav tako je za 25 bazičnih točk povišal obrestno mero za odprto ponudbo mejnega posojanja in odprto ponudbo deponiranja likvidnosti čez noč , ki zdaj znašata 4,0% oziroma 2,0% .
This decision reflects the upside risks to price stability over the medium term that the Governing Council has identified through both its economic and monetary analyses .
Ta odločitev odraža inflacijska tveganja za cenovno stabilnost v srednjeročnem obdobju , ki sta jih zaznali tako ekonomska kot tudi denarna analiza Sveta ECB .
The decision will contribute to ensuring that medium to longer-term inflation expectations in the euro area remain solidly anchored at levels consistent with price stability .
Z zvišanjem obrestnih mer bo Svet ECB prispeval k temu , da srednjeročna in dolgoročna inflacijska pričakovanja v euroobmočju ostanejo trdno zasidrana na ravni , ki je skladna s stabilnostjo cen .
Such anchoring of inflation expectations is a prerequisite for monetary policy to make an ongoing contribution towards supporting economic growth and job creation in the euro area .
Sidranje inflacijskih pričakovanj je namreč temeljni pogoj , da denarna politika lahko še naprej prispeva k hitrejši gospodarski rasti in ustvarjanju delovnih mest v euroobmočju .
Also after this increase , the key ECB interest rates remain low in both real and nominal terms , money and credit growth remain strong , and liquidity in the euro area is ample by all plausible measures .
Tudi po današnjem dvigu so ključne obrestne mere tako nominalno kot realno še vedno nizke , rast denarja in kreditov ostaja visoka , prav tako pa je po vseh zanesljivih merilih visoka tudi raven likvidnosti v euroobmočju .
The ECB 's monetary policy therefore continues to be accommodative .
Denarna politika ECB torej ostaja akomodativna .
If the Governing Council 's assumptions and baseline scenario are confirmed , a progressive withdrawal of monetary accommodation will be warranted .
Če bodo predpostavke Sveta ECB in osnovni scenarij potrjeni , bo potrebno postopno zaostrovanje akomodativne denarne politike .
Against this background , the Governing Council will continue to monitor very closely all developments so as to ensure price stability over the medium and longer term . The main indicators of economic activity that have become available since early July have tended to confirm the Governing Council 's baseline scenario for economic growth in the euro area .
Svet ECB bo zato tudi v prihodnje zelo pozorno spremljal vsa dogajanja in tako zagotovil stabilnost cen v srednjeročnem in dolgoročnem obdobju . Glavni kazalniki gospodarske aktivnosti , ki so postali dostopni od začetka julija , večinoma potrjujejo osnovni scenarij Sveta ECB za gospodarsko rast v euroobmočju .
Eurostat 's second release verified that , in the first quarter of 2006 , real GDP grew by 0.6% on a quarter-on-quarter basis .
Kot je potrdila Eurostatova druga objava , se je realni BDP v prvem četrtletju leta 2006 na četrtletni ravni povečal za 0,6% .
Economic activity is also becoming more broadly based on domestic demand .
Gospodarska aktivnost obenem vse močneje temelji na domačem povpraševanju .
Moreover , the available information on economic activity in the second quarter -- such as various confidence surveys and monthly indicators -- supports the view that economic growth has continued at a sustained pace .
Poleg tega trenutno dostopni podatki o gospodarski aktivnosti v drugem četrtletju -- npr . različne ankete o zaupanju in mesečni kazalniki -- potrjujejo oceno , da se gospodarska rast nadaljuje z vzdržnim tempom .
The survey information so far available for the third quarter is also in line with the Governing Council 's baseline scenario .
Z osnovnim scenarijem Sveta ECB so skladne tudi doslej dostopne anketne informacije za tretje četrtletje .
Looking further ahead , the conditions are in place for real GDP in the euro area to grow at around its potential rate , as projected by Eurosystem staff in June .
Glede gibanj v daljšem obdobju v prihodnosti so pogoji izpolnjeni za rast realnega BDP približno po potencialni stopnji rasti , kot predvidevajo tudi junijske projekcije strokovnjakov Eurosistema .
Growth in the economies of the euro area 's main trading partners is providing ongoing support for euro area exports .
Gospodarska rast glavnih trgovinskih partneric euroobmočja še naprej podpira izvoz iz euroobmočja .
Investment growth is expected to continue benefiting from favourable financing conditions , corporate balance sheet restructuring , and improvements in earnings and business efficiency .
Investicije bodo po pričakovanjih še naprej naraščale , k čemur bodo prispevali ugodni pogoji financiranja , prestrukturiranje bilanc podjetij ter večji dobički in boljša podjetniška učinkovitost .
Consumption growth should continue to strengthen gradually over time , in line with developments in employment growth and hence real disposable income .
Rast potrošnje se bo predvidoma tudi v prihodnje postopno krepila v skladu z rastjo zaposlenosti in posledično z rastjo realnega razpoložljivega dohodka .
This generally favourable outlook for economic activity in the euro area is also reflected in forecasts by international organisations and private sector institutions .
Te na splošno ugodne obete za gospodarsko aktivnost v euroobmočju potrjujejo tudi napovedi mednarodnih organizacij in ustanov v zasebnem sektorju .
Risks to the outlook for economic growth are broadly balanced over the shorter term , although recent geopolitical tensions and their impact on markets are a timely reminder of the uncertainties that are faced by the Governing Council .
Tveganja , ki so povezana z obeti za gospodarsko rast , so v kratkoročnem obdobju na splošno uravnotežena , čeprav nedavne geopolitične napetosti in njihov vpliv na trge v pravem trenutku opominjajo na negotovosti , s katerimi se sooča Svet ECB .
Medium to longer-term risks lie on the downside and relate in particular to the potential for further oil price rises , a disorderly unwinding of global imbalances and protectionist pressures , especially after the suspension of the Doha Round of trade talks .
Tveganja , ki so prisotna v srednjeročnem in dolgoročnem obdobju , lahko oslabijo gospodarsko rast in so povezana predvsem z morebitnim nadaljnjim naraščanjem cen nafte , neurejenim reševanjem svetovnih neravnovesij in protekcionističnimi pritiski , ki so se okrepili še zlasti po prekinitvi dohijskega kroga trgovinskih pogajanj .
Turning to price developments , according to Eurostat 's flash estimate , annual HICP inflation was 2.5% in July 2006 , unchanged from June and May .
Na področju cenovnih gibanj Eurostatova prva ocena kaže , da je medletna inflacija , merjena z indeksom HICP , v juliju 2006 znašala 2,5% , kar je enako kot junija in maja .
In the second half of 2006 , and on average in 2007 , inflation rates are likely to remain above 2 %, the precise levels depending very much on future energy price developments .
V drugi polovici leta 2006 in v povprečju leta 2007 bo stopnja inflacija verjetno ostala nad dvema odstotkoma , natančna raven pa bo močno odvisna od prihodnjega gibanja cen energentov .
While the moderate evolution of labour costs in the euro area is expected to continue in 2007 -- also reflecting ongoing global competitive pressures , particularly in the manufacturing sector -- indirect effects of past oil price increases and already announced changes in indirect taxes are expected to exert a significant upward effect on inflation in the course of next year .
Čeprav naj bi gibanja stroškov dela v euroobmočju leta 2007 ostala zmerna ( med drugim tudi zaradi svetovnih konkurenčnih pritiskov , še posebno v predelovalnih dejavnostih ) , bodo posredni učinki pretekle rasti cen nafte ter napovedane spremembe posrednih davkov predvidoma močno vplivali na inflacijo v prihodnjem letu .
Against this background , it is crucial that the social partners continue to meet their responsibilities .
Zato je nujno , da socialni partnerji tudi v prihodnje ravnajo odgovorno . Tveganja , ki so povezana s pričakovanimi cenovnimi gibanji , so se povečala .
Regarding prospects for inflation over medium to longer horizons , the Governing Council 's assessment that upside risks to price stability prevail is confirmed by the monetary analysis .
Oceno Sveta ECB , da v srednjeročnem in dolgoročnem obdobju prevladujejo tveganja inflacijskih pritiskov na stabilnost cen , potrjuje tudi denarna analiza .
While the data for June 2006 show some moderation in the annual growth rate of M3 , these latest developments remain consistent with a persistent upward trend in the underlying rate of monetary expansion since mid-2004 .
Čeprav se je po podatkih za junij 2006 letna stopnja rasti denarnega agregata M3 nekoliko upočasnila , ostajajo ta najnovejša gibanja skladna z trendom denarne ekspanzije , ki se vztrajno krepi že od sredine leta 2004 .
The stimulative impact of the low level of interest rates in the euro area has been an important factor behind the tendency for money and credit growth to strengthen over recent quarters .
Spodbujevalni učinki nizkih obrestnih mer v euroobmočju so pomemben dejavnik pri rasti denarja in kreditov , ki v zadnjih četrtletjih narašča .
Looking at the counterparts of M3 , the expansion of credit to the private sector remains the main driver of monetary dynamics .
Po protipostavkah agregata M3 je glavno gonilo denarne dinamike še vedno rast kreditov zasebnemu sektorju .
On an annual basis , loans to the private sector as a whole have continued to increase at double-digit rates over recent months , with borrowing both by households and by non-financial corporations rising rapidly .
Na letni ravni obseg posojil celotnemu zasebnemu sektorju v zadnjih mesecih še naprej raste po dvomestni stopnji rasti , pri čemer se zelo hitro povečuje tako zadolževanje gospodinjstev kot tudi zadolževanje nefinančnih družb .
Ongoing strong lending to households continues to be explained , in particular , by borrowing for house purchases .
Trajno visoko zadolževanje gospodinjstev je še vedno mogoče pojasniti predvsem z najemanjem posojil za nakup stanovanjskih nepremičnin .
The dynamic growth of money and credit , in an environment of already ample liquidity , points to increased upside risks to price stability at medium to longer horizons .
Dinamična rast denarja in močno povečanje kreditov v razmerah , ko je obseg likvidnosti že sicer velik , kaže na povečana tveganja inflacijskih pritiskov na stabilnost cen v srednjeročnem in dolgoročnejšem obdobju .
Monetary developments therefore require careful monitoring , particularly in the light of strong dynamics in housing markets .
Zato je treba denarna gibanja pozorno spremljati , kar je zlasti pomembno zaradi močne dinamike na stanovanjskih trgih .
To sum up , annual inflation rates are expected to remain elevated , at above 2 % on average , in 2006 and 2007 , with risks to this outlook on the upside .
Če povzamemo rezultate obeh analiz , bo medletna stopnja inflacije v letih 2006 in 2007 ostala povišana , v povprečju nad dvema odstotkoma , obstaja pa tveganje , da bo inflacija naraščala .
Given strong monetary and credit growth in a context of ample liquidity , a cross-check of the outcome of the economic analysis with that of the monetary analysis confirms that upside risks to price stability prevail over the medium term .
Glede na hitrost denarne in kreditne rasti ter visoko raven likvidnosti navzkrižna primerjava rezultatov ekonomske in denarne analize potrjuje , da v srednjeročnem obdobju prevladujejo tveganja inflacijskih pritiskov na stabilnost cen .
A further adjustment of interest rates was therefore warranted .
Nadaljnja prilagoditev obrestnih mer je bila zato upravičena .
By acting in a timely fashion , the Governing Council has helped to anchor medium and long-term inflation expectations at levels consistent with price stability , thereby making an ongoing contribution to sustainable economic growth and job creation .
S pravočasnim ukrepanjem Svet ECB pomaga ohranjati srednjeročna in dolgoročna inflacijska pričakovanja na ravni , ki je skladna s stabilnostjo cen , s tem pa še naprej prispeva k trajni gospodarski rasti in ustvarjanju delovnih mest .
Looking ahead , given that the ECB 's monetary policy continues to be accommodative , a progressive withdrawal of monetary accommodation will be warranted if the Governing Council 's assumptions and baseline scenario are confirmed .
V prihodnjem obdobju bo glede na dejstvo , da denarna politika ECB ostaja akomodativna , postopno zaostrovanje akomodativne denarne politike upravičeno , če se bodo potrdile predpostavke ter osnovni scenarij Sveta ECB .
The Governing Council will continue to monitor very closely all developments to ensure that risks to price stability do not materialise .
Svet ECB bo tudi v prihodnje zelo pozorno spremljal vsa gibanja ter tako skrbel , da se tveganja za stabilnost cen ne uresničijo .
Concerning fiscal policies , given the outlook for economic growth , it is of crucial importance that euro area governments avoid pro-cyclical policies and step up the pace of fiscal consolidation .
Na področju javnofinančnih politik je glede na pričakovana gospodarska gibanja ključnega pomena , da se vlade držav članic euroobmočja izognejo procikličnim politikam in pospešijo konsolidacijo javnih financ .
As budgetary targets for the current year are not particularly ambitious , a rigorous implementation of plans on the expenditure side is especially warranted , and any additional windfall revenues are best used for deficit reduction .
Ker proračunski cilji za tekoče leto niso posebej ambiciozni , je še zlasti pomembno , da se zelo dosledno izvajajo načrti na izdatkovni strani , vse morebitne nepričakovane prihodke pa je najbolje nameniti za zmanjšanje proračunskega primanjkljaja .
Beyond the implementation of such prudent policies in the remainder of this year , the medium-term focus of fiscal policies should be on correcting the underlying sources of imbalances in public finances .
Poleg izvajanja teh preudarnih fiskalnih politik v ostanku letošnjega leta bi fiskalne politike v srednjeročnem obdobju morale biti usmerjene predvsem v odpravo bolj temeljnih virov neravnovesij v javnih financah .
Euro area governments , many of which are now finalising their budget plans for 2007 , should take full advantage of the economic environment to bring forward the structural adjustment necessary for the durable correction of excessive deficits , so as to reach their medium-term budgetary objectives at an early stage and thereby prepare public finances for the acute demographic challenges they must cope with .
Vlade držav članic euroobmočja , med katerimi mnoge v tem obdobju dokončujejo svoje proračunske načrte za leto 2007 , bi morale v celoti izkoristiti sedanje gospodarske razmere in izvesti strukturne prilagoditve , ki so potrebne za trajno odpravo presežnega primanjkljaja .
As regards structural reforms , it is essential , for Europe 's future , to ensure that it has a fully operational Internal Market , allowing a free flow of labour and capital and free trade in goods and services . Removing the remaining barriers within the EU will be a powerful means to promote the efficient allocation of factors of production as well as deeper economic and financial integration .
S tem bi zgodaj izpolnile svoje srednjeročne proračunske cilje in javne finance pripravile na velike demografske izzive , s katerimi se morajo spoprijeti . Na področju strukturnih reform je za prihodnost Evrope bistveno zagotoviti v celoti delujoč notranji trg , ki omogoča prost pretok dela in kapitala ter svobodno trgovino blaga in storitev .
This in turn would allow the EU to realise its substantial potential for stronger output and employment growth and to increase its resilience to shocks .
Odprava preostalih trgovinskih ovir znotraj EU bo v veliki meri prispevala k učinkovitemu razporejanju proizvodnih dejavnikov ter še dodatno okrepila gospodarsko in finančno povezanost EU . To bo po drugi strani EU omogočilo , da izkoristi velike možnosti za povečanje proizvodnje in rast zaposlovanja ter okrepi svojo odpornost na šoke .
Exploiting the opportunities of the Single Market will help to safeguard the prosperity of the citizens of Europe .
Izkoriščanje priložnosti , ki jih ponuja enotni trg , bo prispevalo k ohranjanju blagostanja državljanov Evrope .
For those Member States which have fulfilled the convergence criteria laid down by the Treaty and participate in the euro area , the considerable benefits of the Internal Market are further enhanced by the single currency , which offers them a credible framework for monetary policy and price stability in an environment characterised by the absence of exchange rate uncertainty within the euro area , low long-term interest rates , price and cost transparency , reduced transaction and information costs and stronger insurance against economic and financial instability .
Za tiste države članice , ki so izpolnile konvergenčne kriterije , določene v Pogodbi , in ki sodelujejo v euroobmočju , občutne prednosti enotnega trga še dodatno povečuje enotna valuta , ki tem državam zagotavlja zanesljiv okvir za denarno politiko in cenovno stabilnost v okolju , za katerega je značilna odsotnost tečajnih negotovosti v euroobmočju , nizke dolgoročne obrestne mere , preglednost cen in stroškov , zmanjšani transakcijski in informacijski stroški ter močnejša zaščita pred gospodarsko in finančno nestabilnostjo .
In this respect , the further enlargement of the euro area on 1 January 2007 with the entry of Slovenia will be a new historical landmark .
V tem pogledu nadaljnja širitev euroobmočja 1 . januarja 2007 z vstopom Slovenije predstavlja nov zgodovinski mejnik .
In order to fully reap the advantages of the euro and to allow adjustment mechanisms to operate efficiently within the enlarged currency area , it will be necessary to fully integrate Slovenia into Economic and Monetary Union , which calls for all remaining barriers to be removed , including those related to labour mobility .
Da bi v celoti izrabili prednosti eura in omogočili učinkovito delovanje mehanizmov prilagajanja v razširjenem valutnem območju , bo nujno , da se Slovenija v celoti vključi v ekonomsko in monetarno unijo , kar pomeni , da bo treba odpraviti vse preostale ovire , vključno z ovirami za mobilnost delovne sile .
Indeed , open , competitive and flexible markets are of particular importance for the functioning of the euro area economy and the smooth conduct of the single monetary policy .
Odprti , konkurenčni in prilagodljivi trgi so za delovanje gospodarstva v euroobmočju in nemoteno izvajanje enotne denarne politike namreč še posebej pomembni .
For its part , the Governing Council has undertaken all the necessary preparations to make Banka Slovenije an integral part of the Eurosystem .
Na svoji strani je Svet ECB opravil vse priprave , ki so potrebne za to , da Banka Slovenije postane sestavni del Eurosistema .
This issue of the Monthly Bulletin contains two articles .
V tej številki Mesečnega biltena sta objavljena dva članka .
The first article describes recent developments in the sectoral contributions to aggregate monetary developments in the euro area and discusses how the motives underlying money demand may vary across the household , non-financial corporation and non-monetary financial institution sectors .
Prvi predstavlja nedavna dogajanja v sektorskih prispevkih k agregatnim denarnim gibanjem v euroobmočju in opisuje , kako se motivi , ki določajo povpraševanje po denarju , lahko razlikujejo znotraj sektorjev gospodinjstev , nefinančnih družb in nedenarnih finančnih institucij .
The second article describes the evolution of large-value payment systems in the euro area , which are of utmost importance for the proper functioning of financial markets and , more generally , for the stability of the currency .
Drugi članek opisuje razvoj sistema za poravnavo plačil velikih vrednosti v euroobmočju , ki so izjemnega pomena za pravilno delovanje finančnih trgov in bolj splošno za stabilnost valute .
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