natgillin/translations-raw huggingface dataset:
The headline inflation rate fluctuated over the course of the year and was strongly influenced by movements in the price of oil .
Stopnja skupne inflacije je med letom nihala in bila pod močnim vplivom gibanja cen nafte .
Until August it followed an increasing trend , remaining significantly above the ECB 's definition of price stability of below , but close to , 2 %.
Do avgusta je sledila naraščajočemu trendu in ostajala precej nad definicijo cenovne stabilnosti ECB , po kateri naj bi bila pod 2 %, vendar blizu te meje .
This was mainly owing to substantial increases in energy prices , but also partly to rises in administered prices and indirect taxes .
To je bilo pretežno na račun znatnih povečanj cen energentov , delno tudi na račun povečanj nadzorovanih cen in posrednih davkov .
In the remaining months of 2006 , by contrast , the annual inflation rate fell below 2 %, largely as a result of the significant decline in oil prices and base effects .
V preostalih mesecih do konca leta 2006 pa je letna stopnja inflacije padla pod 2 %, v glavnem zaradi precejšnjega padca cen nafte in baznih učinkov .
Notwithstanding the favourable momentum of real GDP growth and positive signs from labour markets , the development of labour costs in the euro area remained moderate throughout 2006 , in part reflecting strong global competition , particularly in the manufacturing sector .
Ne glede na zagon , ki ga je dajala rast realnega BDP , pa tudi pozitivni znaki s trga dela , je gibanje stroškov dela v euroobmočju ostalo zmerno vse leto 2006 , delno tudi zaradi močne globalne konkurence , še zlasti v predelovalnih dejavnostih .
This helped to dampen inflationary pressures .
To je pomagalo ublažiti inflacijske pritiske .
Longer-term inflation expectations remained solidly anchored at levels broadly consistent with price stability .
Tudi dolgoročnejša inflacijska pričakovanja so ostala trdno zasidrana na ravni , ki je bila bolj ali manj skladna s cenovno stabilnostjo .
Nonetheless , the risks to price stability remained clearly on the upside , in particular risks of a stronger than anticipated pass-through of past oil price rises , additional increases in administered prices and indirect taxes beyond those already announced , and the possibility of renewed oil price increases .
Ne glede na vse so tveganja za cenovno stabilnost nedvomno ostala usmerjena navzgor , še zlasti tveganja močnejšega prenosa preteklih porastov cen nafte od pričakovanega , večjih povečanj nadzorovanih cen in posrednih davkov od napovedanih ter ponovne rasti cen nafte .
More fundamentally , the prospect of stronger than expected wage developments and potential second-round effects in wage and price-setting behaviour in the wake of past oil price increases continued to pose substantial upside risks to price stability ,
Predvsem možnost močnejšega gibanja plač od pričakovanega , pa tudi sekundarnih učinkov pretekle rasti cen nafte na oblikovanje plač in cen , je še naprej predstavljala znatno tveganje
C h a r t 1 E C B i n t e re s t r a t e s a n d m o n ey m a r ke t r a t e s ( percentages per annum ;
G r a f 1 O b r e s t n e m e r e EC B i n o b r e s t n e m e r e d e n a r n e ga t r ga ( odstotki na leto ;
daily data ) marginal lending rate deposit rate minimum bid rate of the main refinancing operations three-month EURIBOR 6.0 5.0 4.0 3.0 2.0 1.0 0.0 1999 2000 2001 2002 2003 2004 2005 2006 6.0 5.0 4.0 3.0 2.0 1.0 0.0
dnevni podatki ) obrestna mera za odprto ponudbo mejnega posojila obrestna mera za odprto ponudbo mejnega depozita izklicna obrestna mera operacij glavnega refinanciranje 3 mesečni EURIBOR 6,0 5,0 4,0 3,0 2,0 1,0 0,0 1999 2000 2001 2002 2003 2004 2005 2006 6,0 5,0 4,0 3,0 2,0 1,0 0,0
Source : ECB .
Vir : ECB .
Note : The rate of the main refinancing operations refers , for operations settled before 28 June 2000 , to the rate applicable to fixed rate tenders .
Opomba : Obrestna mera operacije glavnega refinanciranja je v primeru operacije poravnanih pred 28 . junijem 2000 , obrestna mera avkcij s fiksno obrestno mero .
For operations settled after that date , the rate is the minimum bid rate applicable to variable rate tenders .
Za operacije , poravnane po tem datumu , je ta obrestna mera izklicna obrestna mera , ki velja za avkcije s spremenljivo mero .
especially given the very favourable economic environment and improving labour market performance .
navzgor usmerjenih pritiskov na cenovno stabilnost , še zlasti glede na zelo ugodne gospodarske razmere in boljše delovanje trga dela .
As regards economic activity , the euro area economy expanded robustly during 2006 .
Glede gospodarske aktivnosti je bila rast gospodarstva euroobmočja leta 2006 robustna .
Following a gradual and still moderate economic recovery in the second half of 2005 , the expansion of economic activity in the euro area gained momentum in the first half of 2006 .
Po postopnem in še vedno zmernem okrevanju v drugi polovici leta 2005 je gospodarska aktivnost v euroobmočju v prvi polovici leta 2006 dobila zagon .
Economic growth gradually became more broadly based and increasingly self-sustaining , with domestic demand -- in particular fixed investment -- as the main driver .
Postopoma je postajala vse bolj široko zasnovana in samozadostna , njeno glavno gonilo pa je bilo domače povpraševanje -- še zlasti naložbe v osnovna sredstva .
In 2006 on average , real GDP growth was above potential .
V povprečju je bila rast realnega BDP leta 2006 nad potencialno .
Throughout the year , the external environment supported a sustained economic expansion .
Tudi zunanje razmere so vse leto podpirale vzdržno gospodarsko rast .
Euro area exports benefited from the continued strong expansion of the world economy , especially in the economies of the euro area 's main trading partners .
Na izvoz euroobmočja je ugodno vplivala še naprej močna rast svetovnega gospodarstva , še zlasti držav , ki so glavne trgovinske partnerice euroobmočja .
Investment growth became increasingly dynamic in the course of the year , benefiting from the extended period of very favourable financing conditions , corporate balance sheet restructuring and considerable gains in profits .
Rast naložb je tekom leta postajala vse bolj dinamična na račun podaljšanega obdobja zelo ugodnih pogojev financiranja , prestrukturiranja podjetniških bilanc stanja in precejšnje rasti dobičkov .
Consumption growth in the euro area also strengthened in the course of 2006 , in line with developments in real disposable income as employment growth recovered and the unemployment rate declined .
Tudi rast potrošnje v euroobmočju se je med letom 2006 okrepila , skladno z gibanjem realnega razpoložljivega dohodka , ki je odražal okrevanje rasti zaposlenosti in nižjo stopnjo brezposelnosti .
Overall , notwithstanding the impact of high and volatile oil prices , real GDP rose by 2.8% in 2006 , compared with 1.5% in 2005 and 1.8% in 2004 .
Ne glede na vpliv visokih in spremenljivih cen nafte se je realni BDP leta 2006 povečal za 2,8% , potem ko se je leta 2005 povečal za 1,5% , leta 2004 pa za 1,8% .
Short-term risks to the outlook for economic growth remained broadly balanced for most of the year , while medium to longerterm risks continued to lie on the downside throughout 2006 , relating mainly to possible oil price rises , global imbalances and potential protectionist pressures .
Kratkoročna tveganja glede prihodnjih možnosti gospodarske rasti so ostala večino leta na splošno uravnotežena , srednjeročna do dolgoročnejša tveganja pa so ostala vse leto usmerjena navzdol , pretežno zaradi možnih porastov cen nafte , svetovnih neravnovesij in možnih protekcionističnih pritiskov .
Monetary and credit growth remained very robust over the course of 2006 , mainly reflecting the stimulative effects of the low level of interest rates in the euro area and the strength of economic activity .
Rast denarja in kreditov je ostala vse leto 2006 zelo robustna , pretežno zaradi spodbudnih učinkov nizkih obrestnih mer v euroobmočju in močne gospodarske aktivnosti .
Viewed from a mediumterm perspective , the marked dynamism of monetary and credit growth in 2006 reflected a continuation of the persistent upward trend in
Gledano s srednjeročne perspektive je izrazita rast denarja in kreditov v letu 2006 odražala nadaljevanje vztrajnega naraščajočega trenda temeljne stopnje denarne ekspanzije , ki se je
the underlying rate of monetary expansion observed since mid-2004 and added further to the accumulation of liquidity . Indeed , following several years of robust monetary growth , liquidity in the euro area remained ample by all plausible measures , which in an environment of continued strong monetary and credit growth pointed to upside risks to price stability over the medium to longer term .
začel sredi leta 2004 , in dodatno prispevala k akumulaciji likvidnosti . Dejansko je likvidnost v euroobmočju po letih robustne rasti denarja ostala obsežna po vseh merilih , kar je v razmerah stalne močne rasti denarja in kreditov kazalo na tveganja navzgor usmerjenih pritiskov na cenovno stabilnost v srednjeročnem do dolgoročnejšem obdobju .
To contain the upside risks to price stability , as identified through both the economic and monetary analyses of the ECB , the Governing Council adjusted the monetary policy stance in 2006 by raising the key ECB interest rates on five occasions .
Za obvladovanje navzgor usmerjenih tveganj za cenovno stabilnost , na katera so opozarjale ekonomske in denarne analize ECB , je Svet ECB leta 2006 prilagodil naravnanost denarne politike tako , da je petkrat zvišal ključne obrestne mere ECB .
It stressed that , also after these rate increases , the ECB 's monetary policy stance remained accommodative , with interest rates remaining at low levels , money and credit growth strong , and liquidity ample by all plausible measures .
Pri tem je poudaril , da naravnanost denarne politike ECB tudi po teh zvišanjih ostaja akomodativna , ker obrestne mere ostajajo nizke , rast denarja in kreditov močna , likvidnost pa po vseh merilih obsežna .
The Governing Council expressed the view that acting in a firm and timely manner was warranted to ensure price stability over the medium term .
Svet ECB je izrazil mnenje , da je odločno in pravočasno ukrepanje nujno za zagotavljanje cenovne stabilnosti v srednjeročnem obdobju .
The anchoring of medium to long-term inflation expectations which results from such a commitment is a prerequisite for monetary policy to make an ongoing contribution towards supporting sustainable economic growth and job creation .
Zasidranje srednjeročnih do dolgoročnejših inflacijskih pričakovanj je predpogoj , da lahko denarna politika stalno prispeva k vzdržni gospodarski rasti in ustvarjanju delovnih mest .
In the course of 2006 the communication of both the Governing Council 's decisions and its broader assessment of the economic situation had an impact on market expectations as regards the outlook for short-term interest rates .
Tekom leta 2006 so objave sklepov Sveta ECB in njegove širše ocene gospodarske situacije vplivale na tržna pričakovanja glede kratkoročnih obrestnih mer .
The Governing Council clearly communicated throughout the year that future policy actions remained conditional on its regular assessment of risks to price stability and on the confirmation of its main scenario .
Sporočila Sveta ECB vse leto so bila jasna , da namreč prihodnji ukrepi denarne politike ostajajo odvisni od njegovih rednih ocen tveganj za cenovno stabilnost in potrditve njegovega glavnega scenarija .
Financial markets seem to have fully understood this message .
Zdi se , da so finančni trgi popolnoma razumeli to sporočilo .
Thus , in line with the macroeconomic data released , which on balance confirmed the Governing Council 's scenario , market expectations for short-term interest rates adjusted gradually upwards over the year as it became clearer to the market that the initial rate increase in December 2005 would be followed by a gradual withdrawal of monetary accommodation . ECB Annual Report 2006
Tako so se tržna pričakovanja glede kratkoročnih obrestnih mer , skladno z objavljenimi makroekonomskimi podatki , ki so v bistvu potrdili scenarij Sveta ECB , med letom postopoma prilagajala navzgor , ko je postajalo vse bolj jasno , da bo začetnemu zvišanju obresti decembra 2005 sledilo postopno omejevanje akomodativnosti denarne politike .
17 Market uncertainty decreased further in 2006 , with volatility declining to fairly low levels , notwithstanding a temporary rise over the summer period in the context of a global repricing of risk .
Tržna negotovost se je leta 2006 še zmanjšala , volatilnost pa padla na dokaj nizko raven , navkljub prehodnemu povečanju poleti v razmerah globalnega spreminjanja ocen tveganja . Na splošno je tržna negotovost glede ECB Letno poročilo 2006
Overall , compared with longer-term historical averages , market uncertainty relating to future monetary policy decisions reached a relatively low level .
prihodnjih sklepov o denarni politiki , če jo primerjamo z dolgoročnejšimi povprečji , dosegla relativno nizko raven .
MONETARY POLICY DECISIONS IN GREATER DETAIL At the start of 2006 economic conditions were relatively favourable .
PODROBNEJE O SKLEPIH DENARNE POLITIKE Gospodarske razmere na začetku leta 2006 so bile relativno ugodne .
Real GDP growth had started to strengthen and broaden in the second half of 2005 .
Rast realnega BDP se je začela krepiti in širiti že v drugi polovici leta 2005 .
Although quarter-on-quarter real GDP growth in the fourth quarter of 2005 was considerably lower than that recorded for the third quarter , sentiment indicators suggested that the underlying trend of economic growth was relatively robust .
Čeprav je bila medčetrtletna stopnja rasti realnega BDP v zadnjem četrtletju leta 2005 občutno pod tisto v tretjem četrtletju , je bil temeljni trend gospodarske rasti glede na kazalnike klime relativno robusten .
In fact , the data available at the beginning of 2006 , in particular survey data , confirmed the Governing Council 's assessment that the expansion of economic activity was progressively strengthening and broadening and would continue to do so in the first few months of the year , supported in particular by stronger domestic demand .
Dejansko so podatki , razpoložljivi na začetku leta 2006 , še zlasti tisti iz anket , potrdili oceno Sveta ECB , da se ekspanzija gospodarske aktivnosti postopoma krepi in širi ter da bo taka ostala tudi v prvih mesecih leta , oprta še zlasti na močnejše domače povpraševanje .
The outlook for economic growth remained relatively favourable , owing mainly to a very strong recovery in investment growth and gradually improving labour market conditions .
Izgledi gospodarske rasti so ostali relativno ugodni , pretežno na račun zelo močnega okrevanja rasti naložb in postopnega izboljševanja pogojev na trgu dela .
In March 2006 the ECB staff macroeconomic projections for economic growth were consequently revised upwards in comparison with the December 2005 Eurosystem staff projections , predominantly reflecting a somewhat stronger outlook for private investment over the projection horizon .
Posledično je ECB marca 2006 svoje makroekonomske projekcije gospodarske rasti popravila navzgor v primerjavi s tistimi , ki so jih decembra 2005 pripravili strokovnjaki Eurosistema , v glavnem zaradi nekoliko boljših izgledov za zasebne naložbe v obdobju projekcij .
Average annual real GDP growth was projected to be in a range between 1.7% and 2.5% in 2006 and between 1.5% and 2.5% in 2007 .
Po teh projekcijah naj bi bila povprečna letna rast realnega BDP med 1,7% in 2,5% leta 2006 ter med 1,5% in 2,5% leta 2007 .
Forecasts by international organisations and private sector institutions gave a broadly similar picture .
Te projekcije se niso veliko razlikovale od napovedi mednarodnih organizacij in institucij zasebnega sektorja .
As regards the development of prices , annual HICP inflation was above 2 % at the start of 2006 and was expected to remain so in the short run , the precise levels depending largely on future energy price developments .
Glede gibanja cen je bila letna inflacija , merjena z indeksom HICP , na začetku leta 2006 nad 2 % in naj bi po pričakovanjih kratkoročno tudi ostala na tej ravni , odvisno v veliki meri od prihodnjega gibanja cen energentov .
Beyond the short term , announced changes in indirect taxes and the indirect effects of past oil price increases were expected to have a significant upward impact on inflation , despite the assumption that wage moderation would continue .
V daljšem časovnem obdobju pa naj bi na rast inflacije precej vplivale napovedane spremembe posrednih davkov in posredni učinki preteklih porastov cen nafte , ne glede na domnevno nadaljnje umirjanje rasti plač .
In March 2006 the ECB staff macroeconomic projections for inflation were revised slightly upwards compared with the December 2005 Eurosystem staff projections .
ECB je marca 2006 svoje makroekonomske projekcije inflacije nekoliko popravila navzgor v primerjavi z tistimi , ki so jih decembra 2005 pripravili strokovnjaki Eurosistema .
Average annual HICP inflation was projected to be between 1.9% and 2.5% in 2006 and between 1.6% and 2.8% in 2007 .
Tako naj bi povprečna letna inflacija po HICP leta 2006 znašala med 1,9% in 2,5% , leta 2007 pa med 1,6% in 2,8% .
Risks to this outlook for price developments remained on the upside , relating in particular to possible second-round effects of past oil price rises .
Tveganja so ostala usmerjena navzgor , še zlasti zaradi možnih sekundarnih učinkov preteklih porastov cen nafte .
Given the strength of monetary growth in an environment of ample liquidity in the euro area , the monetary analysis confirmed the signals from the economic analysis that upside risks to price stability prevailed .
Glede na močno rast denarja v razmerah obsežne likvidnosti v euroobmočju je denarna analiza potrdila ugotovitve ekonomske analize , da namreč prevladujejo tveganja navzgor usmerjenih pritiskov na cenovno stabilnost .
Notwithstanding signs of a resumption of the unwinding of past portfolio shifts into monetary assets , the annual growth rate of the monetary aggregate M3 remained robust and , looking through the shortterm effects generated by such portfolio behaviour , the underlying trend of monetary expansion remained strong , reflecting the stimulative impact of the low level of interest rates .
Ne glede na znamenja , da prihaja do ponovne inverzije preteklih prerazporeditev portfeljev v denarna sredstva , je letna stopnja rasti denarnega agregata M3 ostala robustna , temeljni trend denarne ekspanzije pa -- ne glede na kratkoročne učinke takšnega portfeljskega vedenja -- močan zaradi spodbudnega učinka nizke ravni obrestnih mer .
Moreover , as regards the counterparts of M3 , credit expansion strengthened further , with borrowing by households -- especially loans for house purchase -- and non-financial corporations rising at a marked pace .
Kar se tiče protipostavk M3 , se je kreditna ekspanzija še okrepila , pri čemer je zadolževanje gospodinjstev ( stanovanjska posojila ) in nefinančnih družb raslo z izrazitim tempom .
Overall , against the background of upside risks to price stability over the medium term , as indicated by both the economic and monetary analyses of the ECB , the Governing Council further adjusted the accommodative stance of monetary policy by raising the key ECB interest rates by 25 basis points on 2 March 2006 .
Glede na vse to in na tveganja navzgor usmerjenih pritiskov na srednjeročno cenovno stabilnost , na katera so opozarjale ekonomske in denarne analize ECB , je Svet ECB 2 . marca 2006 ponovno prilagodil akomodativno naravnano denarno politiko z zvišanjem ključnih obrestnih mer ECB za 25 bazičnih točk .
The Governing Council took the view that , by acting in a timely fashion , it was helping to keep medium and long-term inflation expectations solidly anchored at levels consistent with price 18
Pri tem je zavzel stališče , da s pravočasnim ukrepanjem pomaga zadrževati srednjeročna do dolgoročnejša inflacijska pričakovanja trdno zasidrana na ravni , skladni s cenovno stabilnostjo , s tem pa še naprej prispeva k vzdržni gospodarski rasti in ustvarjanju delovnih mest .
stability and thereby making an ongoing contribution to sustainable economic growth and job creation . In particular , it emphasised that interest rates across the maturity spectrum remained at very low levels in both nominal and real terms and that the ECB 's monetary policy remained accommodative .
Še zlasti je poudaril , da obrestne mere v celotnem razponu ročnosti ostajajo tako nominalno kot realno na zelo nizkih ravneh , in da denarna politika ECB ostaja akomodativna . Ne glede na začasno povečanje volatilnosti trgov , do katerega je prišlo maja v okviru globalnega spreminjanja ocen tveganja , se je v naslednjih mesecih potrdilo stališče Sveta
In the following months , notwithstanding a temporary rise in market volatility in May in the context of a global repricing of risk , incoming information confirmed the Governing Council 's view that an adjustment of the ECB 's accommodative stance in March had been warranted to address upside risks to price stability .
ECB o nujnosti v marcu opravljene prilagoditve akomodativno naravnane denarne politike ECB , ki je bila potrebna zaradi tveganj navzgor usmerjenih pritiskov na cenovno stabilnost .
With real GDP growing by 0.6% on a quarter-on-quarter basis in the first quarter ( which was later revised upwards to 0.8% ) , incoming data confirmed the view that growth was broadening and becoming more sustained .
Kasnejši podatki , tudi 0,6% medčetrtletna rast realnega BDP v prvem četrtletju ( ki je bila kasneje popravljena navzgor na 0,8% ) , so potrdili mnenje , da se rast širi in postaja trajnejša .
At the same time , HICP inflation rose to 2.5% in May , mainly as a result of energy price developments .
Hkrati se je inflacija po HICP maja povzpela na 2,5% , pretežno zaradi gibanja cen energentov .
Inflation rates were projected to remain above 2 % in 2006 and 2007 .
Po projekcijah naj bi inflacija ostala nad 2 % tudi v letih 2006 in 2007 .
In the June Eurosystem staff projections , the range for HICP inflation in 2006 was revised slightly upwards compared with the March ECB staff projections , to between 2.1% and 2.5% from between 1.9% and 2.5% , with risks to the outlook for price developments remaining on the upside .
Strokovnjaki Eurosistema so v svojih junijskih makroekonomskih projekcijah razpon inflacije po HICP v letu 2006 nekoliko popravili navzgor ( na 2,1% do 2,5% ) v primerjavi s tistim iz marčnih projekcij ECB , ki je bil med 1,9% do 2,5% , pri čemer so tveganja za gibanje cen ostala usmerjena navzgor .
The monetary analysis also continued to point to upside risks to price stability over the medium to longer term .
Tudi denarna analiza je še naprej opozarjala na navzgor usmerjena tveganja za cenovno stabilnost v srednjeročnem do dolgoročnejšem obdobju .
In a context of further acceleration of monetary and credit growth , the annual growth rate of loans to the private sector reached double-digit levels .
V razmerah pospeševanja rasti denarja in kreditov je letna stopnja rasti posojil zasebnemu sektorju dosegla dvomestne vrednosti .
In particular , borrowing by households -- especially in the form of mortgage loans -- and by non-financial corporations continued to grow very strongly .
Še posebej močno je raslo zadolževanje gospodinjstev -- zlasti v obliki hipotekarnih posojil -- in nefinančnih družb .
These developments further confirmed that the stimulative impact of low interest rates remained the dominant factor behind the high underlying rate of monetary expansion .
Ta gibanja so še potrdila mnenje , da spodbudni učinek nizkih obrestnih mer ostaja glavni dejavnik visoke stopnje rasti temeljne denarne ekspanzije .
Overall , a cross-check of the outcome of the economic analysis with that of the monetary analysis confirmed that upside risks to price stability over the medium term prevailed .
Na splošno je navzkrižna primerjava rezultatov ekonomske in denarne analize potrdila , da v srednjeročnem obdobju prevladujejo tveganja navzgor usmerjenih pritiskov na cenovno stabilnost .