natgillin/translations-raw huggingface dataset:
At the same time , in the context of rising mortgage rates throughout the euro area and slowing housing markets in some regions , the growth of household borrowing showed signs of moderation , although at a high level .
Hkrati je rast zadolževanja gospodinjstev ob višjih hipotekarnih obrestnih merah v celotnem euroobmočju in umirjanju stanovanjskega trga v nekaterih regijah začela kazati znake umirjanja , čeprav je bila še vedno visoka .
The monetary data thus confirmed the persistent upward trend in the underlying rate of money and credit expansion that had been observed since mid-2004 .
Denarni podatki so tako potrdili vztrajni trend naraščanja osnovne stopnje rasti denarja in kreditov , ki ga opažamo od sredine leta 2004 .
The Governing Council therefore took the view that monetary developments continued to require very careful monitoring , especially in a context of sound economic expansion and persistently strong property market dynamics in the euro area .
Svet ECB je zato sprejel stališče , da je treba denarna gibanja še naprej zelo skrbno spremljati , zlasti z vidika razmeroma visoke gospodarske rasti in vztrajno močne dinamike nepremičninskih trgov v euroobmočju .
Overall , in view of the prevailing upside risks to price stability identified by both the economic and monetary analyses , the Governing Council decided to increase the key ECB interest rates by 25 basis points on 8 March 2007 .
Svet ECB je 8 . marca 2007 sklenil , da zaradi prevladujočih navzgor usmerjenih tveganj za stabilnost cen , ki sta jih ugotovili ekonomska in denarna analiza , zviša ključne obrestne mere ECB za 25 bazičnih točk .
Furthermore , the Governing Council took the view that , even after the decision to further raise the key ECB interest rates , and given the favourable economic environment , the monetary policy of the ECB continued to be on the accommodative side .
Svet ECB je poleg tega sprejel stališče , da je denarna politika ECB tudi po dodatnem zvišanju ključnih obrestnih mer ECB ob ugodnem gospodarskem okolju še naprej pretežno akomodativna .
As regards economic activity , available data clearly confirmed that the euro area economy was continuing to expand at a pace that was significantly stronger than expected a year earlier .
Razpoložljivi podatki o gospodarski aktivnosti so jasno potrjevali , da gospodarstvo euroobmočja še naprej raste precej hitreje , kot je bilo pričakovati leto prej .
With a quarter-on-quarter growth rate of 0.8% , real GDP in the first quarter of 2007 again somewhat exceeded previous expectations .
Realni BDP je v prvem četrtletju 2007 dosegel medčetrtletno stopnjo rasti v višini 0,8% , kar je spet presegalo pretekla pričakovanja .
Moreover , the medium-term outlook for economic activity remained favourable .
Tudi srednjeročni gospodarski obeti so bili še naprej ugodni .
This was reflected by the Eurosystem staff projections of June 2007 , which saw average annual real GDP growth as being within the upper band of the range projected by ECB staff in March .
Projekcije strokovnjakov Eurosistema so namreč junija 2007 predvidevale , da se bo povprečna letna rast realnega BDP gibala v zgornjem delu razpona , ki so ga marca predvidevali strokovnjaki ECB .
At the same time , the projected ranges for 2008 were revised marginally downwards after the increase in oil prices and with the balance of risks to the outlook at medium to longer horizons being considered to be on the downside .
Hkrati so bili razponi za leto 2008 nekoliko popravljeni navzdol , potem ko so se povečale cene nafte in je bilo ugotovljeno , da je ravnotežje tveganj v srednjeročnem in dolgoročnejšem obdobju na strani upočasnitve rasti .
Moreover , the annual HICP inflation rate stood at 1.9% in May , somewhat higher than expected earlier in 2007 , as a result of higher oil prices .
Medletna stopnja inflacije po HICP je maja zaradi višjih cen nafte znašala 1,9% , kar je bilo nekoliko več od pričakovanj na začetku leta 2007 .
Given the upward path of oil prices implied by futures contracts , and viewed against the background of past energy price developments , annual inflation rates were expected to fall only slightly in the ensuing months before rising significantly towards the end of the year .
Zaradi naraščanja cen nafte , ki je bilo razvidno iz cen terminskih pogodb , in glede na pretekla gibanja cen energentov je bilo pričakovano , da se bodo stopnje medletne inflacije v naslednjih mesecih le nekoliko znižale , preden naj bi se proti koncu leta občutno zvišale .
In the Governing Council 's view , risks to the outlook for price developments remained on the upside at the medium-term horizon . These risks were in particular related to stronger than expected wage dynamics in an environment of increasing capacity utilisation and gradually improving labour markets .
Po mnenju Sveta ECB so predvidena cenovna gibanja v srednjeročnem obdobju ostajala pod vplivom navzgor usmerjenih tveganj predvsem zaradi močnejše dinamike plač od pričakovane v okolju vse večje izkoriščenosti zmogljivosti in postopnega izboljšanja trga dela .
The monetary analysis continued to confirm prevailing upside risks to price stability at medium to longer horizons , with the underlying rate of monetary expansion remaining vigorous in a context of already ample liquidity .
Denarna analiza je še naprej potrjevala prevladujoča navzgor usmerjena tveganja za stabilnost cen v srednjeročnem do dolgoročnem obdobju , pri čemer je stopnja rasti denarja ob že obsežni likvidnosti ostajala živahna .
This was reflected in the continued rapid growth of both M3 and credit .
To se je kazalo v nadaljevanju hitre rasti M3 in kreditov .
At the same time , after looking through the factors affecting monetary and credit developments in the short term , there were increasing signs that higher short-term interest rates were gradually influencing monetary dynamics , although they were still not dampening the underlying rate of monetary and credit expansion .
Če zanemarimo dejavnike , ki kratkoročno vplivajo na denarna in kreditna gibanja , je hkrati vse bolj kazalo , da so višje kratkoročne obrestne mere postopoma vplivale na denarno dinamiko , čeprav še niso zmanjšale osnovne stopnje rasti denarja in kreditov .
All in all , a cross-check of the outcome of the economic analysis with that of the monetary analysis underpinned the Governing Council 's ECB Annual Report 2007
V celoti gledano je navzkrižna primerjava rezultatov ekonomske in denarne analize potrdila mnenje Sveta ECB , da so srednjeročno prevladovala navzgor usmerjena tveganja za stabilnost cen .
view that upside risks to price stability prevailed over the medium term .
Na podlagi tega je Svet ECB 6 .
Against this background , the Governing Council decided to raise the key ECB interest rates by a further 25 basis points on 6 June .
junija sklenil , da zviša ključne obrestne mere ECB za dodatnih 25 bazičnih točk .
On this occasion , the Governing Council stated that , even after this decision , the ECB 's monetary policy was still on the accommodative side .
Pri tem je Svet ECB izjavil , da je naravnanost denarne politike ECB tudi po tem sklepu še vedno pretežno akomodativna .
Therefore , it would be warranted to act in a firm and timely manner to ensure price stability over the medium term .
Zaradi tega naj bi bilo potrebno odločno in pravočasno ukrepanje za zagotovitev cenovne stabilnosti v srednjeročnem obdobju .
The Governing Council also made clear that it would monitor all developments closely to prevent the risks to price stability from materialising over the medium term .
Svet ECB je tudi pojasnil , da bo natančno spremljal vsa gibanja in tako preprečil , da se tveganja za stabilnost cen v srednjeročnem obdobju ne bi uresničila .
NO CHANGES TO KEY ECB INTEREST RATES IN THE SECOND HALF OF 2007 In the course of the third quarter , incoming data on economic activity remained positive , supporting the view that the euro area economy was continuing to expand at sustained rates in line with the Governing Council 's baseline scenario .
BREZ SPREMEMB KLJUČNIH OBRESTNIH MER ECB V DRUGI POLOVICI LETA 2007 Podatki o gospodarski aktivnosti v tretjem četrtletju so ostali ugodni , kar je potrjevalo mnenje , da gospodarstvo euroobmočja še naprej raste po doseženih stopnjah v skladu z osnovnim scenarijem Sveta ECB .
While quarter-on-quarter real GDP growth declined to 0.3% in the second quarter , after 0.8% in the first quarter , economic growth in the first half of the year , viewed as a whole , was in line with potential .
Medtem ko se je medčetrtletna rast realnega BDP z 0,8% v prvem četrtletju znižala na 0,3% v drugem četrtletju , je bila celotna gospodarska rast v prvi polovici leta v skladu s potencialno .
Following the outbreak of the crisis in the US sub-prime mortgage loan market and the associated financial turmoil in August 2007 , however , the prospects for economic activity in the euro area were subject to an unusually high level of uncertainty , which warranted the close monitoring of all developments , particularly those in financial markets .
Po izbruhu krize na trgu drugorazrednih hipotekarnih posojil v ZDA in s tem povezanih finančnih pretresov v avgustu 2007 pa so bile možnosti za gospodarsko aktivnost v euroobmočju pod vplivom nenavadno visoke negotovosti , zato je bilo treba natančno spremljati vsa gibanja , zlasti tista na finančnih trgih .
In the ECB staff macroeconomic projections of September 2007 , the range foreseen for real GDP growth in 2007 was 2.2% to 2.8% , implying a slight downward revision compared with that of the Eurosystem staff projections of June 2007 .
V projekcijah strokovnjakov ECB iz septembra 2007 se je predvideni razpon rasti realnega BDP v letu 2007 gibal med 2,2% in 2,8% , kar je pomenilo nekoliko navzdol popravljeno vrednost v primerjavi z junijskimi projekcijami strokovnjakov Eurosistema .
This was due mainly to the assumption of somewhat higher oil prices and somewhat tighter financing conditions , the latter reflecting higher risk premia in the light of the financial turmoil .
Razlog za to je bila predvsem domneva , da bodo cene nafte nekoliko višje in da bodo finančni pogoji zaradi višjih premij za tveganje ob finančnih pretresih nekoliko zaostreni .
For 2008 , the projected range for economic growth remained between 1.8% and 2.8% , unchanged from that in the June 2007 Eurosystem staff projections . The risks to these
Za leto 2008 so projekcije še naprej predvidevale gospodarsko rast med 1,8% in 2,8% , to je enako kot projekcije strokovnjakov Eurosistema iz junija 2007 .
projections were deemed to lie on the downside , relating mainly to a potentially broader impact of the increased volatility and ongoing repricing of risk in financial markets on financing conditions and economic sentiment .
Tveganja v teh projekcijah so bila na strani upočasnitve rasti in so bila povezana predvsem s tem , da bi lahko povečana volatilnost in prevrednotenje tveganja na finančnih trgih širše vplivala na pogoje financiranja in gospodarsko klimo .
As regards price developments , annual HICP inflation stood at 1.7% in August , but over the remainder of the year , inflation rates were projected to exceed 2 %, largely determined by the pattern of base effects in energy prices .
Kar zadeva gibanje cen , je medletna inflacija po HICP avgusta znašala 1,7% , vendar je bilo za preostanek leta predvideno , da bodo stopnje inflacije presegle 2 %, predvsem zaradi baznih učinkov pri cenah energentov .
In the ECB staff projections of September 2007 , annual HICP inflation was projected to be between 1.9% and 2.1% in 2007 , and between 1.5% and 2.5% in 2008 , as declining pressure from indirect taxes and energy prices was expected to be offset by pressures stemming from higher unit labour costs .
Po projekcijah strokovnjakov ECB iz septembra 2007 naj bi medletna inflacija po HICP v letu 2007 znašala med 1,9% in 2,1% , leta 2008 pa med 1,5% in 2,5% , saj naj bi manjši pritisk posrednih davkov in cen energentov izravnali pritiski , ki izhajajo iz višjih stroškov dela na enoto proizvoda .
In the view of the Governing Council , the risks to this outlook for price developments remained on the upside .
mnenju Sveta ECB so cenovna gibanja ostajala pod vplivom tveganja , da bodo te vrednosti višje .
The monetary analysis continued to confirm this assessment , with the continued vigour of the underlying rate of monetary and credit expansion pointing to the existence of upside risks to price stability at medium to longer horizons .
Denarna analiza je še naprej potrjevala to oceno , pri čemer je nadaljnja živahna rast denarja in kreditov kazala na navzgor usmerjena tveganja za stabilnost cen v srednjeročnem do dolgoročnem obdobju .
Against the background of the ongoing financial turmoil , the Governing Council recalled that volatility in financial markets could temporarily influence monetary dynamics , since -- as demonstrated in previous episodes -- changes in private sector attitudes towards risk could be associated with large portfolio shifts into safe and liquid monetary assets .
Ob nadaljevanju finančnih pretresov je Svet ECB opozoril , da lahko volatilnost na finančnih trgih začasno vpliva na denarno dinamiko , saj bi bil lahko spremenjen odnos do tveganja v zasebnem sektorju povezan z obsežnimi portfeljskimi preusmeritvami v varna in likvidna denarna sredstva , kot dokazujejo prejšnje krizne epizode .
Thus , the Governing Council was of the view that an in-depth and comprehensive analysis of monetary and credit data was needed to better understand the impact of financial developments on monetary developments and to extract the policy-relevant signals from monetary growth with regard to longer-term inflationary trends .
Svet ECB je zato menil , da je potrebna poglobljena in celovita analiza podatkov o denarju in kreditih , s čimer bi lahko bolje razumeli vpliv finančnih gibanj na denarna gibanja in iz denarne rasti izluščili znamenja , pomembna za vodenje politike , ki so povezana z dolgoročnimi inflacijskimi trendi .
Notwithstanding the prevalence of upside risks to price stability , as identified by both its economic and monetary analyses , the Governing Council took the view that , given the high level of uncertainty in the wake of the financial turmoil , additional information was needed before further conclusions for monetary policy could
Ne glede na prevladujoča navzgor usmerjena tveganja za stabilnost cen , ki sta jih razkrila ekonomska in denarna analiza Sveta ECB , je Svet sprejel stališče , da je treba zaradi visoke stopnje negotovosti ob finančnih pretresih pred nadaljnjim sprejemanjem zaključkov o denarni politiki zbrati dodatne informacije .
Consequently , the Governing Council decided to leave the key ECB interest rates unchanged in the third quarter , while reaffirming that it would monitor all developments very closely , in particular those in financial markets , so as to ensure that risks to price stability did not materialise and that longer-term inflation expectations remained firmly anchored in line with price stability .
Svet ECB je zato sklenil , da v tretjem četrtletju pusti ključne obrestne mere ECB nespremenjene , pri čemer je vnovič zatrdil , da bo zelo natančno spremljal vsa gibanja , zlasti tista na finančnih trgih , s čimer bo zagotovil , da se tveganja za stabilnost cen ne bi uresničila in da bi dolgoročna inflacijska pričakovanja ostala trdno zasidrana v skladu s stabilnostjo cen .
In the fourth quarter incoming data supported the sustained nature of economic expansion in the euro area .
V četrtem četrtletju so novi podatki potrjevali , da se gospodarska rast v euroobmočju ohranja na doseženi ravni .
Real GDP grew by 0.8% , quarter on quarter , in the third quarter of 2007 , with domestic demand as the main driver .
Realni BDP se je v tretjem četrtletju 2007 v primerjavi s prejšnjim četrtletjem povečal za 0,8% , pri čemer je bilo glavno gonilo domače povpraševanje . Poleg tega so se razpoložljivi kazalniki zaupanja ob močni volatilnosti in prevrednotenju tveganja na finančnih trgih od začetka avgusta 2007 nekoliko znižali , vendar so ostali v glavnem na ravneh , ki
Moreover , available confidence indicators , while declining somewhat in the context of the high volatility and the repricing of risk in financial markets since early August 2007 , generally remained at levels that pointed to ongoing economic growth in the fourth quarter , albeit probably at a more moderate pace than in the third quarter . Overall , it was the assessment of the Governing Council that the economic fundamentals of the euro area remained sound , with profitability sustained and employment growth robust .
so nakazovale nadaljevanje gospodarske rasti v četrtem četrtletju , čeprav verjetno nekoliko počasneje kot v tretjem četrtletju . Splošna ocena Sveta ECB je bila , da so gospodarski temelji euroobmočja še naprej trdni , pri čemer se dobičkonosnost ohranja na doseženi ravni , rast zaposlenosti pa je okrepljena .
In December 2007 Eurosystem staff projected real GDP growth to be in the range between 2.4% and 2.8% in 2007 , between 1.5% and 2.5% in 2008 , and between 1.6% and 2.6% in 2009 .
Decembra 2007 so strokovnjaki Eurosistema napovedali , da se bo rast realnega BDP v letu 2007 gibala med 2,4% in 2,8% , v letu 2008 med 1,5% in 2,5% , v letu 2009 pa med 1,6% in 2,6% .
While the ranges projected for 2008 were revised slightly downwards , the new range for 2007 remained in the upper part of the previous one .
Medtem ko so bili razponi za leto 2008 nekoliko popravljeni navzdol , je novi razpon za leto 2007 ostal v zgornjem delu prejšnjega razpona .
Against this background , the Governing Council 's main scenario of real GDP growing around its trend potential remained in place in 2008 and 2009 .
Na podlagi tega je osnovni scenarij Sveta ECB , po katerem naj bi realni BDP rasel okrog trenda potencialne rasti , ostal nespremenjen tudi v letu 2008 in 2009 .
On the domestic side , both consumption and investment were expected to contribute to economic expansion .
H gospodarski rasti naj bi po pričakovanjih prispevali domača potrošnja in domače naložbe .
At the same time , external demand was expected to continue to support euro area exports , provided that the global economy remained resilient , with the economic slowdown in the United States being partly offset by the sustained strength of emerging market economies .
Hkrati naj bi zunanje povpraševanje še naprej spodbujalo izvoz euroobmočja , pod pogojem , da bi svetovno gospodarstvo še naprej vztrajno raslo , pri čemer naj bi nadaljnja močna rast nastajajočih tržnih gospodarstev delno izravnala gospodarsko upočasnitev v ZDA .
Prospects for economic growth in the euro area thus remained resilient , although the risks to this outlook remained on the downside .
Gospodarska rast v euroobmočju naj bi se torej vztrajno nadaljevala , čeprav so tveganja ostala na strani upočasnitve rasti .
These risks related mainly to the potential impact of the ongoing financial turmoil on financing conditions and economic sentiment , with possible adverse effects on growth in the euro area and the world .
Ta so bila povezana predvsem z morebitnim učinkom finančnih pretresov na pogoje financiranja in gospodarsko klimo , kar bi lahko neugodno vplivalo na rast v euroobmočju in v svetu .
On the price side , the annual rate of HICP inflation reached levels above 3 % at the turn of the year .
Kar zadeva cene , je medletna stopnja inflacije po HICP ob koncu leta presegla 3 %.
Substantial increases in international oil and food prices , together with unfavourable base effects from energy prices , were the main factors driving this development .
Glavni dejavniki , ki so vplivali na takšno gibanje , so bila občutna rast mednarodnih cen nafte in hrane ter neugodni bazni učinki pri cenah energentov .
The Governing Council took the view that annual inflation rates would remain significantly above 2 % in the first months of 2008 , before moderating again over the course of 2008 .
Svet ECB je sprejel stališče , da bodo medletne stopnje inflacije v prvih mesecih leta 2008 ostale precej višje od 2 %, med letom 2008 pa naj bi se spet umirile .
Hence , the period of temporarily high rates of inflation would be somewhat more protracted than previously expected .
Tako naj bi bilo obdobje začasno višjih stopenj inflacije nekoliko daljše , kot je bilo prvotno pričakovano .
In December 2007 Eurosystem staff projected inflation to rise to a range between 2.0% and 3.0% in 2008 , before moderating to a range between 1.2% and 2.4% in 2009 .
Decembra 2007 so strokovnjaki Eurosistema napovedali , da se bo inflacija v letu 2008 zvišala na vrednost med 2,0% in 3,0% , v letu 2009 pa umirila pri vrednosti med 1,2% in 2,4% .
Compared with the ECB staff projections of September 2007 , the range for 2008 was shifted upwards , largely reflecting the assumed path of oil and food prices .
V primerjavi s projekcijami strokovnjakov ECB iz septembra 2007 se je razpon za leto 2008 premaknil navzgor , predvsem zaradi predvidenega gibanja cen nafte in hrane .
On the money side , there was little evidence that the financial turmoil since August 2007 had strongly influenced the dynamics of broad money and credit expansion .
Na področju denarnih gibanj ni bilo veliko podatkov , ki bi kazali , da so finančni pretresi po avgustu 2007 močneje vplivali na dinamiko rasti širokega denarja in kreditov .
In fact , the growth of bank loans to the domestic private sector remained robust in the second half of 2007 , suggesting that the supply of credit had not been impaired .
Rast bančnih posojil domačemu zasebnemu sektorju je v drugi polovici leta 2007 ostala okrepljena , kar pomeni , da ponudba posojil ni bila oslabljena .
Overall , a broad-based assessment of the monetary data supported the view that the underlying rate of money and credit expansion remained strong .
Širša ocena podatkov o denarju je na splošno potrdila mnenje , da je osnovna stopnja denarne in kreditne rasti ostala močna .
With the prevalence of upside risks to price stability , especially in a context of existing capacity constraints and positive labour market developments , it was imperative to avoid the emergence of second-round effects on wage and price-setting from temporarily high inflation rates , so as to ensure price stability over the medium term . As a consequence , the Governing ECB Annual Report 2007
Ob prevladujočih navzgor usmerjenih tveganjih za stabilnost cen , zlasti v okolju obstoječih omejenih prostih zmogljivosti in ugodnih gibanj na trgu dela , je bilo treba nujno preprečiti nastanek sekundarnih učinkov pri oblikovanju plač in cen , ki izhajajo iz začasno visokih stopenj inflacije , s čimer bi zagotovili srednjeročno stabilnost cen .
Council re-emphasised that it was monitoring wage negotiations in the euro area with particular attention .
Svet ECB je zato vnovič poudaril , da posebno pozorno spremlja pogajanja o plačah v euroobmočju .
In addition , any scheme indexing nominal wages to the consumer price index should be avoided .
Poleg tega bi bilo treba preprečiti kakršno koli indeksacijo nominalnih plač z indeksom cen življenjskih potrebščin .
Other upside risks related to further rises in oil and agricultural prices , in particular if they continued their upward trend observed in the last months of 2007 , as well as to unanticipated increases in administered prices and indirect taxes .
Druga tveganja so bila povezana z nadaljnjo rastjo cen nafte in kmetijskih proizvodov , zlasti če bi se nadaljeval trend naraščanja iz zadnjih nekaj mesecev leta 2007 , in tudi z doslej nepričakovanim povečanjem nadzorovanih cen in posrednih davkov .
Against this background , the Governing Council decided to leave the key ECB interest rates unchanged in the fourth quarter of 2007 .
Na podlagi tega je Svet ECB sklenil , da pusti ključne obrestne mere ECB v četrtem četrtletju 2007 nespremenjene .
At the same time , it clearly communicated that the ECB 's monetary policy stood ready to act in a firm and timely manner so as to counter upside risks to price stability , as required by its mandate under the Treaty .
Hkrati pa je jasno sporočil , da je ECB z denarno politiko pripravljena odločno in pravočasno ukrepati , da bi preprečila navzgor usmerjena tveganja za stabilnost cen , kakor to zahteva njen mandat v skladu s Pogodbo .