natgillin/translations-raw huggingface dataset:
After a period of relative stability in the first three quarters of 2007 , the pound sterling weakened considerably against the euro owing to increased economic uncertainty that may be partly attributed to less favourable economic growth prospects linked also to a weaker housing market .
Po relativno stabilnem obdobju v prvih treh četrtletjih leta 2007 je britanski funt precej oslabel v primerjavi z eurom zaradi večje gospodarske negotovosti , ki jo je deloma mogoče pripisati manj ugodnim pričakovanjem za gospodarsko rast , ki so bila povezana tudi s šibkejšim stanovanjskim trgom .
As a result , on 29 February 2008 the pound stood 13.6% below its 2 January 2007 level against the euro .
Zato je bil funt glede na euro 29 . februarja 2008 za 13,6% nižji kakor 2 .
Owing to both domestic factors and the broad strength of the euro , the Romanian leu and the Swedish krona also recorded a period of weakness vis-à-vis the euro , declining by 10.3% and 4.1% respectively in the period under review .
Zaradi domačih dejavnikov in zaradi splošne moči eura sta romunski lej in švedska krona preživljala obdobje šibkosti glede na euro , saj sta v obravnavanem obdobju padla za 10,3% oziroma 4,1% .
Notwithstanding some fluctuations , the Hungarian forint remained broadly unchanged in 2007 , depreciating somewhat at the beginning of 2008 .
Ne glede na nihanja je madžarski forint leta 2007 ostal približno nespremenjen , na začetku leta 2008 pa je nekoliko depreciiral .
On 25 February 2008 the Magyar Nemzeti Bank , in agreement with the Hungarian government , decided to abolish the fluctuation bands around the forint and introduced a free float .
Magyar Nemzeti Bank je 25 . februarja 2008 v dogovoru z madžarsko vlado sklenila , da opusti razpon nihanja okrog forinta in uvede prosto drseči devizni tečaj .
Finally , the Bulgarian lev remained stable at BGN / EUR 1.95583 , reflecting the unchanged Bulgarian exchange rate policy under the eurobased currency board arrangement .
Razmerje med bolgarskih levom in eurom je ostalo stabilno in je znašalo 1,95583 BGN / EUR , kar je odražalo nespremenjeno bolgarsko tečajno politiko v okviru valutnega odbora na podlagi eura .
FINANCIAL DEVELOPMENTS Between January 2007 and February 2008 , the evolution of long-term government bond yields in most of the non-euro area EU Member States10 was similar to that in the euro area , with an increase in the first part of the year followed by a decrease from August 2007 onwards amid global turmoil in financial markets . In February 2008 long-term interest rates in the non-euro area EU Member States were , on 10 No comparable long-term interest rate is available for Estonia .
FINANČNA GIBANJA Med januarjem 2007 in februarjem 2008 so gibanja donosnosti dolgoročnih obveznic v večini držav članic EU zunaj euroobmočja 10 sledila gibanjem v euroobmočju , pri čemer je povečanju v prvi polovici leta sledil rahel upad po avgustu 2007 zaradi nemirnega dogajanja na finančnih trgih .
Note : A positive ( negative ) value represents an appreciation ( depreciation ) of the euro . Changes refer to the period from 2 January 2007 to 29 February 2008 .
Februarja 2008 so bile dolgoročne obrestne mere v državah članicah EU zunaj euroobmočja v povprečju za približno 25 bazičnih točk višje kot na začetku leta 2007 , medtem ko so se za primerjavo v euroobmočju povečale za več kot 30 bazičnih točk .
average , around 25 basis points higher than at the beginning of 2007 , compared with an increase of more than 30 basis points in the euro area . The largest increases took place in Bulgaria ( almost 100 basis points ) , the Czech Republic , Hungary and Poland ( around 80 basis points ) , largely reflecting the deterioration in the inflation outlook .
Povečanje je bilo največje v Bolgariji ( skoraj 100 bazičnih točk ) , na Češkem , Madžarskem in Poljskem ( okoli 80 bazičnih točk ) , kar kaže predvsem na poslabšanje predvidenih inflacijskih gibanj .
Although they remained somewhat high , long-term interest rates in Romania dropped by 50 basis points between January 2007 and February 2008 .
Čeprav so ostale dokaj visoke , so dolgoročne obrestne mere v Romuniji od januarja 2007 do februarja 2008 padle za 50 bazičnih točk .
Compared with euro area rates , government bond yield spreads in the non-euro area EU Member States in February 2008 recorded mixed developments when compared with the beginning of last year .
V primerjavi z obrestnimi merami v euroobmočju so se razponi donosnosti državnih obveznic v državah članicah EU zunaj euroobmočja januarja 2008 gibali različno v primerjavi z začetkom leta 2007 .
Long-term interest rate differentials remained comparatively large in Romania and Hungary , where they stood at around 340 and 280 basis points respectively .
Razlika v dolgoročnih obrestnih merah je ostala dokaj velika v Romuniji in na Madžarskem , kjer je znašala okoli 340 oziroma 280 bazičnih točk .
In these countries , fiscal developments and external imbalances contributed to keeping long-term bond differentials high .
V teh državah so ostajale razlike v donosnosti dolgoročnih obveznic visoke tudi zaradi javnofinančnih gibanj in zunanjih neravnotežij .
Additionally , for Romania this evolution is due to higher inflation rates during the last years .
V Romuniji je to tudi posledica višjih stopenj inflacije v zadnjih letih .
Overall , between January 2007 and February 2008 , stock markets in most noneuro area EU Member States recorded positive growth .
Gibanja na delniških trgih so v večini držav članic EU zunaj euroobmočja od januarja 2007 do februarja 2008 dosegla pozitivno rast .
Stock prices rose most in Bulgaria , Cyprus and Romania , clearly outperforming the average stock price developments in the euro area as measured by the Dow Jones EURO STOXX index .
Cene delnic so najbolj zrasle v Bolgariji , na Cipru in v Romuniji , kjer so precej presegle povprečna gibanja tečajev delnic v euroobmočju , merjena z indeksom Dow Jones EURO STOXX .
In Estonia and Latvia , however , stock prices had declined by the end of February 2008 to the average levels prevailing in 2006 , after reaching historical peaks during 2007 .
V Estoniji in Latviji pa so se cene delnic do konca februarja 10 Primerljiva dolgoročna obrestna mera za Estonijo ni na voljo .
Stock exchange indices in most noneuro area EU Member States declined in the wake of the turmoil in global financial markets during the summer months , as some investors withdrew their assets from stock markets in order to improve their overall liquidity .
Graf 38 Spremembe tečaja eura do valut EU zunaj ERM II ( odstotki ) 15 10 5 0 - 5 - 10 15 10,3% 13,6% 10 4,1% 5 0 - 5 - 7,8% - 10 PLN RON SEK GBP 5,1% 0,0% - 8,3% BGN CZK HUF
The negative sentiment in stock exchanges improved somewhat during September and October 2007 .
Vir : Izračuni strokovnjakov ECB . Opomba : Pozitivna ( negativna ) vrednost predstavlja apreciacijo ( depreciacijo ) eura .
Later , however , equity markets in most of the EU14 countries declined again owing to a lower global risk appetite , in line with stock markets in the euro area and other major economies .
Spremembe se nanašajo na obdobje od 2 . januarja 2007 do 29 .
Chart 39 Credit to the private sector in 2007 ( percentages ) credit growth ( left-hand scale ) credit-to-GDP ratio ( right-hand scale ) 100 90 80 70 60 50 40 30 20 10 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 1 Poland 2 Romania 3 Slovakia 4 Czech Republic 5 Hungary 6 Lithuania 7 Bulgaria 8 Estonia 9 Latvia 10 Malta 11 Sweden 12 Cyprus 13 Euro area 14 United Kingdom 15 Denmark 225 200 175 150 125 100 75 50 25 0
Graf 39 Krediti zasebnemu sektorju v letu 2007 ( odstotki ) rast kreditov ( lestvica na levi strani ) delež kreditov v BDP ( lestvica na desni strani ) 100 90 80 70 60 50 40 30 20 10 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 1 Poljska 2 Romunija 3 Slovaška 4 Češka 5 Madžarska 6 Litva 7 Bolgarija 8 Estonija 9 Latvija 10 Malta 11 Švedska 12 Ciper 13 euroobmočje 14 Združeno kraljestvo 15 Danska 225 200 175 150 125 100 75 50 25 0
Sources : BIS , ECB , Eurostat , Central Bank of Cyprus and Bank of England .
Viri : Banka za mednarodne poravnave , ECB , Eurostat , Central Bank of Cyprus in Bank of England .
Notes : The data refer to domestic credit to non-MFIs excluding general government . For credit growth in 2007 for each country the latest available month was used .
Opombe : Podatki se nanašajo na domače kredite institucijam , ki niso MFI , brez širše opredeljene države , Kar zadeva rast kreditov v letu 2007 , je bil za vsako državo uporabljen zadnji razpoložljivi mesec .
The data for the United Kingdom are based on a national definition .
Podatki za Združeno kraljestvo temeljijo na nacionalni definiciji .
In 2007 growth in credit to the private sector remained high in all non-euro area EU Member States .
Na Češkem , Cipru , Madžarskem in Slovaškem je medletna rast kreditov zasebnemu sektorju leta 2007 znašala med 19 % in 29 %. Hitro rast kreditov v teh gospodarstvih , razen Cipra , je treba obravnavati v okviru finančnega poglabljanja .
Towards the end of 2007 annual credit growth appeared to stabilise in many countries , partly reflecting the rise in bank interest rates . However , it continued to accelerate in some countries , such as Bulgaria , the Czech Republic , Lithuania and Poland .
Delež kreditov zasebnemu sektorju v BDP je namreč v vseh državah EU-11 , razen Cipra in Malte , še vedno precej pod povprečjem euroobmočja . Kljub temu predstavlja hitra rast kreditov tudi tveganje , ker v nekaterih državah prispeva k močnemu domačemu povpraševanju in s tem k čezmernemu zunanjemu in notranjemu neravnovesju .
Credit growth was the most dynamic in the fast-growing Baltic States , Bulgaria , Poland and Romania , with the growth rates standing between 32 % and 62 % at the end of 2007 .
Na Danskem , Švedskem in v Združenem kraljestvu je medletna stopnja rasti kreditov zasebnemu sektorju ob koncu leta 2007 znašala okoli 13 %. DENARNA POLITIKA Glavni cilj denarne politike v vseh državah članicah EU zunaj euroobmočja je cenovna stabilnost .
In the Czech Republic , Cyprus , Hungary and Slovakia , the annual growth rate of credit to the private sector was between 19 % and 29 % in 2007 .
Strategija denarne politike pa se od države do države precej razlikuje ( glej tabelo 11 ) . Leta 2007 sta ostala denarna politika in tečajni režim držav članic EU zunaj euroobmočja večinoma nespremenjena , čeprav so bile v nekaj državah zaradi prihodnje denarne integracije opravljene določene prilagoditve okvira denarne politike .
Rapid credit expansion in these economies , with the exception of Cyprus , needs to be seen in the context of financial deepening .
Madžarska je februarja 2008 opustila fiksni tečaja do eura in uvedla inflacijsko ciljanje s prosto drsečim deviznim tečajem . Kar zadeva sklepe o denarni politiki med januarjem 2007 in februarjem 2008 je večina centralnih bank , ki sodelujejo v ERM II , sprejela ukrepe za zaostritev pogojev denarne politike .
Indeed , the ratios of credit to the private sector to GDP in all EU11 countries , with the exceptions of Cyprus and Malta , remain well below the euro area average .
Ti so pogosto sledili ukrepom ECB , ki je leta 2007 v dveh korakih ( marca in junija ) dvignila izklicno obrestno mero za operacije glavnega refinanciranja Eurosistema za skupaj 50 bazičnih točk na 4,0% .
Nevertheless , rapid credit expansion also poses a risk as it contributes in some countries to strong domestic demand and thereby to excessive external and internal imbalances .
Българска народна банка ( bolgarska narodna banka ) , Eesti Pank in Lietuvos Bankas zaradi valutnega odbora nimajo uradne ključne obrestne mere , ampak se samodejno prilagajajo novim obrestnim meram ECB .
In addition , the large , rising share of foreign currencydenominated borrowing is of particular concern in a number of countries .
Borzni indeksi v večini držav članic EU zunaj euroobmočja so se na nemirno dogajanje na globalnih finančnih trgih v poletnih mesecih sprva odzvali s padcem , potem ko so nekateri vlagatelji umaknili sredstva z borz , da bi izboljšali svojo skupno likvidnost . Negativno vzdušje na borzah se je nekoliko popravilo v septembru in oktobru 2007 .
In Denmark , Sweden 90
Pozneje so cene na trgih lastniškega kapitala v večini držav EU-14 ponovno padle zaradi manjše nagnjenosti k tveganju na svetovni ravni , enako kot na borzah v euroobmočju in v drugih večjih gospodarstvih .
ECB Annual Report 2007
Rast kreditiranja zasebnega sektorja je leta 2007 ostala visoka v vseh državah članicah EU zunaj euroobmočja .
and the United Kingdom , the annual rate of growth in credit to the private sector was around 13 % at the end of 2007 . MONETARY POLICY The primary objective for monetary policy in all non-euro area EU Member States is price
V nekaterih državah pa se je še naprej krepila , na primer v Bolgariji , na Češkem , v Litvi in na Poljskem . Rast kreditiranja je bila najbolj dinamična v hitro rastočih baltskih državah , v Bolgariji , na Poljskem in v Romuniji , kjer je stopnja rasti ob koncu leta 2007 znašala med 32 % in
Table 11 Official monetary policy strategies of non-euro area EU Member States Monetary policy strategy Bulgaria Exchange rate target Currency Bulgarian lev Features Exchange rate target : peg to the euro at BGN 1.95583 per euro within the framework of a currency board arrangement .
Tabela 11 Uradne strategije denarne politike držav članic EU zunaj euroobmočja Strategija denarne politike Bolgarija Ciljni devizni tečaj Valuta Bolgarski lev Značilnosti Ciljni devizni tečaj : vezava na euro po tečaju 1,95583 BGN za 1 EUR v okviru režimov valutnega odbora .
Target : 3 % ± 1 percentage point until end-2009 ; thereafter 2 % ± 1 percentage point .
Cilj : 3 % ± 1 odstotna točka do konca leta 2009 , nato 2 % ± 1 odstotna točka .
Participates in ERM II with a ± 2.25% fluctuation band around central rate of DKK 7.46038 per euro .
Sodeluje v ERM II z razponom nihanja ± 2,25% okoli centralne paritete 7,46038 DKK za 1 EUR .
Participates in ERM II with a ± 15 % fluctuation band around central rate of EEK 15.6466 per euro .
Sodeluje v ERM II z razponom nihanja ± 15 % okoli centralne paritete 15,6466 EEK za 1 EUR .
Estonia continues with its currency board arrangement as a unilateral commitment .
Estonija še naprej ohranja režim valutnega odbora kot svojo enostransko zavezanost .
Participated in ERM II with a ± 15 % fluctuation band around central rate of CYP 0.585274 per euro .
Sodeloval v ERM II z razponom nihanja ± 15 % okoli centralne paritete 0,585274 CYP za 1 EUR .
Participates in ERM II with a ± 15 % fluctuation band around central rate of LVL 0.702804 per euro .
Sodeluje v ERM II z razponom nihanja ± 15 % okoli centralne paritete 0,702804 LVL za 1 EUR .
Participates in ERM II with a ± 15 % fluctuation band around central rate of LTL 3.45280 per euro .
Sodeluje v ERM II z razponom nihanja ± 15 % okoli centralne paritete 3,45280 LTL za 1 EUR .
Lithuania continues with its currency board arrangement as a unilateral commitment .
Litva še naprej ohranja režim valutnega odbora kot svojo enostransko zavezanost .
Inflation target : 3 % ± 1 percentage point mediumterm target .
Ciljna inflacija : 3 % ± 1 odstotna točka kot srednjeročni cilj .
Free-floating exchange rate since February 2008 when the exchange rate peg to the euro was abolished .
Prosto drseči devizni tečaj po opustitvi vezave tečaja na euro v februarju 2008 .
Participated in ERM II with a ± 15 % fluctuation band around central rate of MTL 0.429300 per euro .
Sodelovala je v ERM II z razponom nihanja ± 15 % okoli centralne paritete 0,429300 MTL za 1 EUR .
Malta maintained the exchange rate against the euro unchanged from the central rate as a unilateral commitment .
Malta je v okviru svoje enostranske zavezanosti ohranjala menjalni tečaj nespremenjen glede na centralno pariteto .
Inflation target : 2.5% ± 1 percentage point ( 12-month increase in the CPI ) .
Ciljna inflacija : 2,5% ± 1 odstotna točka ( 12-mesečno povečanje CPI ) .
Inflation target : 4 %, 3.8% and 3.5% , ± 1 percentage point for end-2007 , 2008 and 2009 respectively .
Ciljna inflacija : 4 %, 3,8% in 3,5% ± 1 odstotna točka do konca leta 2007 , 2008 oziroma 2009 .
Participates in ERM II with a ± 15 % fluctuation band around central rate of SKK 35.4424 per euro .
Sodeluje v ERM II z razponom nihanja ± 15 % okoli centralne paritete 35,4424 SKK za 1 EUR .
The inflation target for the period 2006-08 is set below 2.5% for end-2006 and below 2 % for end-2007 and end-2008 .
Ciljna inflacija za obdobje 2006 -- 08 je pod 2,5% do konca leta 2006 in pod 2 % do konca leta 2007 in do konca leta 2008 .
Inflation target : 2 % increase in the CPI with a tolerance margin of ± 1 percentage point .
Ciljna inflacija : 2 % povečanje CPI s tolerančnim razponom ± 1 odstotne točke .
Inflation target : 2 % as measured by the 12-month increase in the CPI 1 ) .
Ciljna inflacija : 2 %, merjeno s povečanjem CPI 1 ) v 12 mesecih .
In case of a deviation of more than 1 percentage point , the MPC is expected to write an open letter to the Chancellor of the Exchequer .
Pri odstopanju za več kot 1 odstotno točko se pričakuje , da bo Odbor za monetarno politiko poslal odprto pismo britanskemu finančnemu ministru .
Free-floating exchange rate . Czech Republic
Prosto drseči devizni tečaj .
Inflation target Czech koruna
Češka Ciljna inflacija
Exchange rate target Danish krone
Češka krona
Estonia
Danska Estonija
Exchange rate target
Ciljni devizni tečaj Ciljni devizni tečaj
Estonian kroon Cyprus
Danska krona Estonska krona
Cyprus pound Latvia
Ciper Latvija Ciljni devizni tečaj Ciljni devizni tečaj
Exchange rate target Latvian lats
Ciprski funt Latvijski lats Litva
Lithuania Exchange rate target
Ciljni devizni tečaj
Lithuanian litas
Litovski litas
Inflation target
Ciljna inflacija
Maltese lira
Malteška lira
Poland
Poljska Romunija
Inflation target Polish zloty
Ciljna inflacija Ciljna inflacija
Romania Inflation target
Poljski zlot Romunski lej
Romanian leu Slovakia
Slovaška
Inflation targeting under the conditions of ERM II
Ciljna inflacija v razmerah ERM II
Swedish krona United Kingdom
Švedska krona
Inflation target Pound sterling
Združeno kraljestvo Ciljna inflacija
Source : ESCB .
Britanski funt Vir : ESCB .
1 ) The CPI is identical to the HICP .
1 ) CPI je enak HICP .
With regard to monetary policy decisions between January 2007 and February 2008 , most central banks participating in ERM II adopted measures to tighten monetary policy conditions .
vilne nacionalne centralne banke sprejele dodatne ukrepe .
These often mirrored moves by the ECB , which in 2007 raised the minimum bid rate on the main refinancing operations of the Eurosystem by a total of 50 basis points , in two steps ( in March and June ) , to 4.0% . Българска народна банка ( Bulgarian National Bank ) , Eesti Pank and Lietuvos bankas have no official policy rates given their currency board arrangements ;
Българска народна банка ( bolgarska narodna banka ) je januarja 2007 odpravila zahtevo , da morajo banke vzdrževati dodatne rezerve , če rast kreditov preseže določene omejitve . Hkrati je z namenom , da bi ublažila močno rast kreditov , sklenila dvigniti obvezne rezerve za 400 bazičnih točk na 12 %.
However , in view of strong inflation , several NCBs took additional measures . Българска народна банка ( Bulgarian National Bank ) abolished , as of January 2007 , the requirement for additional reserves for banks exceeding certain credit growth ceilings .
Glede na naraščajočo volatilnost nominalnega tečaja latvijskega latsa , vztrajno zelo visoko inflacijo in pregrevanje domačega povpraševanja je Latvijas Banka v prvih petih mesecih leta 2007 povečala obrestno mero refinanciranja za skupaj 100 bazičnih točk na 6,0% , obrestno mero odprte ponudbe mejnega posojila pa za skupaj 150 bazičnih točk na 7,5% , ter večkrat posegla na devizni trg .
At the same time , to cushion strong credit growth , it decided to raise the minimum reserve requirement by 400 basis points to 12 %.
Kljub višjim uradnim obrestnim 88
Confronted with increasing volatility of the nominal exchange rate of the Latvian lats , persistently very high inflation and overheating domestic demand , Latvijas Banka increased its refinancing rate by a total of 100 basis points to 6.0% as well as the marginal lending facility rate by a total of 150 basis points to 7.5% in the first five months of 2007 and intervened in the foreign exchange market on several occasions . Despite the rise in policy interest rates , short-term real interest rates ( in the four above-mentioned countries )
ECB Letno poročilo 2007 meram so ostale kratkoročne realne obrestne mere ( v štirih navedenih državah ) negativne v okolju hitre rasti realnega BDP , naraščajočih inflacijskih pritiskov ter velikih in vztrajnih zunanjih neravnovesij .
remain negative , against the background of fast real GDP growth , rising inflationary pressures and large persistent external imbalances . Following the ECB 's moves , Danmarks Nationalbank increased its lending rate in two steps to 4.25% .
Po ukrepih ECB je Danmarks Nationalbank v dveh korakih povečala svojo obrestno mero posojanja na 4,25% . Central Bank of Cyprus je 12 .
On 12 March and 6 June 2007 the Central Bank of Cyprus increased its marginal lending and overnight deposit facility rates by 25 basis points each time to 5.00% and 3.00% respectively , in a move to gradually establish a 1 percentage point margin between the two rates and the Cypriot main refinancing rate , which remained at 4.5% .
marca in 6 . junija 2007 povečala svojo obrestno mero mejnega posojila in depozita čez noč vsakič za 25 bazičnih točk na 5,00% oziroma 3,00% , da bi tako postopoma ustvarila 1 odstotno točko razlike med tema dvema obrestnima merama in ciprsko obrestno mero glavnega refinanciranja , ki je ostala 4,5% .
In December 2007 the main refinancing rate was reduced by 50 basis points and thereby became realigned with that of the euro area at 4 %.
Decembra 2007 je bila obrestna mera glavnega refinanciranja zmanjšana za 50 bazičnih točk in tako usklajena z obrestno mero glavnega refinanciranja v euroobmočju , ki je znašala 4 %.
The Central Bank of Malta raised its central intervention rate twice by 25 basis points on 25 January and 29 May 2007 , to 4.25% .
Bank Ċentrali ta » Malta / Central Bank of Malta je 25 .
The decisions were taken against the background of a further decline in external reserves and a marked narrowing of the shortterm interest rate differential vis-à-vis the euro in favour of the Maltese lira , mainly as a result of the increase in interest rates in the euro area .
Za to se je odločila zaradi nadaljnjega zmanjševanja zunanjih rezerv in izrazitega zmanjševanja razlike v kratkoročnih obrestnih merah glede na euro v korist malteške lire , predvsem zaradi povečanja obrestnih mer v euroobmočju .
In December 2007 the main policy rate was reduced by 25 basis points , thereby realigning itself with that of the euro area .
Decembra 2007 je bila ključna obrestna mera zmanjšana za 25 bazičnih točk in tako postala usklajena s ključno obrestno mero v euroobmočju .
The last interest rate decisions by the central banks of Cyprus and Malta were part of their final preparations before joining the euro area on 1 January 2008 .
Zadnje odločitve glede obrestnih mer , ki sta jih sprejeli centralna banka Cipra in Malte , so bile sprejete v okviru priprav pred uvedbo eura 1 . januarja 2008 .
Národná banka Slovenska lowered its repo rate by a total of 50 basis points to 4.25% on 25 April 2007 ( and widened the corridor of overnight rates around that rate ) , based on a more moderate inflation outlook .
Národná banka Slovenska je 25 . aprila 2007 zmanjšala repo obrestno mero za skupaj 50 bazičnih točk na 4,25% ( in razširila koridor za obrestne mere čez noč okoli te obrestne mere ) zaradi bolj umirjene predvidene inflacije v prihodnje .
The monetary policy decisions of those NCBs with inflation targets that are not participating in ERM II differed across countries , mainly reflecting their different cyclical positions and inflationary outlook .
Sklepi o denarni politiki nacionalnih centralnih bank z inflacijskim ciljanjem , ki ne sodelujejo v ERM II , so se med državami razlikovali , zlasti zaradi različnega cikličnega stanja in inflacijskih pričakovanj .