natgillin/translations-raw huggingface dataset:
Article 3 of the Protocol on the convergence criteria referred to in Article 121 ( 1 ) of the Treaty stipulates that : « the criterion on participation in the exchange-rate mechanism of the European Monetary System referred to in the third indent of Article 121 ( 1 ) of this Treaty shall mean that a Member State has respected the normal fluctuation margins provided for by the exchange-rate mechanism of the European Monetary System without severe tensions for at least the last two years before the examination .
Člen 3 Protokola o konvergenčnih kriterijih iz člena 121 ( 1 ) Pogodbe določa , da : „merilo sodelovanja v mehanizmu deviznega tečaja evropskega denarnega sistema iz tretje alinee člena 121 ( 1 ) te pogodbe pomeni , da je država članica upoštevala normalne meje nihanja , predvidene z mehanizmom deviznega tečaja evropskega denarnega sistema brez hujših napetosti vsaj zadnji dve leti pred pregledom .
In particular , the Member State shall not have devalued its currency 's bilateral central rate against any other Member State 's currency on its own initiative for the same period ." ECB Convergence Report May 2006
Država članica v tem času zlasti ni na lastno pobudo devalvirala dvostranskega osrednjega tečaja svoje valute glede na valuto druge države članice » .
CHAPTER 1 2 Application of Treaty provisions With regard to exchange rate stability , the ECB examines whether the country has participated in ERM II ( which superseded the ERM as of January 1999 ) for a period of at least two years prior to the convergence examination without severe tensions , in particular without devaluing against the euro .
2 Uporaba določb Pogodbe ECB v zvezi s stabilnostjo deviznega tečaja preuči , ali je država v ERM II ( ki je januarja 1999 nasledil ERM ) vsaj dve leti pred pregledom konvergence sodelovala brez hujših napetosti , predvsem brez devalvacije glede na euro .
In cases of shorter periods of participation , exchange rate developments are described over a two-year reference period as in previous reports .
Če je obdobje sodelovanja krajše , se ocenijo gibanja tečaja v dveletnem referenčnem obdobju , enako kot v prejšnjih poročilih .
The examination of exchange rate stability against the euro focuses on the exchange rate being close to the ERM II central rate while also taking into account factors that may have led to an appreciation , which is in line with the approach taken in the past .
Pregled stabilnosti tečaja do eura se podobno kot v preteklosti osredotoča na to , ali je tečaj blizu centralnega tečaja v ERM II , upoštevaje dejavnike , ki bi lahko privedli do apreciacije .
In this respect , the width of the fluctuation band within ERM II does not prejudice the examination of the exchange rate stability criterion .
Pri tem širina razpona nihanja v ERM II ne posega v oceno merila stabilnosti deviznega tečaja .
Moreover , the issue of the absence of « severe tensions » is generally addressed by : ( i ) examining the degree of deviation of exchange rates from the ERM II central rates against the euro ;
Poleg tega se vprašanje „brez hujših napetosti » na splošno obravnava : ( i ) s pregledom odmika tečaja od centralne paritete v ERM II glede na euro ;
( ii ) using indicators such as exchange rate volatility vis-à-vis the euro and its trend , as well as short-term interest rate differentials vis-à-vis the euro area and their development ; and ( iii ) considering the role played by foreign exchange interventions .
( ii ) z uporabo kazalnikov , kot so nihanja deviznega tečaja do eura in trendno gibanje tečaja ter razlike v kratkoročnih obrestnih merah v primerjavi z euroobmočjem in njihova gibanja ter ( iii ) s preučitvijo vloge , ki jo imajo posegi na deviznem trgu .
All bilateral exchange rates for the reference period from May 2004 to April 2006 are official ECB reference rates ( see the statistical annex to Chapter 1 ) .
Vsi dvostranski tečaji za referenčno obdobje od maja 2004 do aprila 2006 so uradne referenčne stopnje ECB ( glej statistično prilogo k poglavju 1 ) .
Both Lithuania and Slovenia have participated in ERM II with effect from 28 June 2004 , i.e. for less than two years prior to the examination by the ECB .
Slovenija in Litva sodelujeta v ERM II od 28 . junija 2004 , torej manj kot dve leti pred pregledom ECB .
The performance of their currencies is shown against the euro during the period from 29 April 2004 to 28 April 2006 .
Uspešnost njunih valut do eura se ocenjuje v obdobju od 29 . aprila 2004 do 28 .
In addition to the performance of the nominal exchange rate against the euro , evidence relevant to the sustainability of the current exchange rate is briefly reviewed . This is Box 4
Poleg uspešnosti nominalnega tečaja do eura se na kratko ocenijo tudi podatki , ki kažejo vzdržnost trenutnega deviznega tečaja .
E X A M I N AT I O N OF ECONOMIC CONVERGENCE derived from the development of the real bilateral and effective exchange rates , the current , capital and financial accounts of the balance of payments and the country 's net international investment position over longer periods .
Ti podatki temeljijo na gibanju realnega dvostranskega in efektivnega tečaja , tekočem , kapitalskem in finančnem računu plačilne bilance ter na neto stanju mednarodnih naložb 16
With respect to the integration of markets , the euro area 's share in the country 's total external trade is also examined .
Glede povezanosti trgov se preuči tudi delež euroobmočja v skupni zunanji trgovini države .
With regard to long-term interest rate developments , the Treaty provisions and their application by the ECB are outlined in Box 4 .
V okvirju 4 so navedene določbe Pogodbe o gibanju dolgoročnih obrestnih mer in njihova uporaba s strani ECB .
LONG-TERM INTEREST RATE DEVELOPMENTS 1 Treaty provisions Article 121 ( 1 ) , fourth indent , of the Treaty requires : « the durability of convergence achieved by the Member State and of its participation in the exchange-rate mechanism of the European Monetary System being reflected in the long-term interest-rate levels » . ECB Convergence Report May 2006
PREGLED EKONOMSKE KONVERGENCE GIBANJA DOLGOROČNIH OBRESTNIH MER 1 Določbe Pogodbe Četrta alinea člena 121 ( 1 ) Pogodbe zahteva : „trajnost dosežene konvergence in sodelovanja države članice v mehanizmu deviznega tečaja evropskega denarnega sistema , kar se kaže v ravni dolgoročnih obrestnih mer » .
Article 4 of the Protocol on the convergence criteria referred to in Article 121 ( 1 ) of the Treaty stipulates that : « the criterion on the convergence of interest rates referred to in the fourth indent of Article 121 ( 1 ) of this Treaty shall mean that , observed over a period of one year before the examination , a Member State has had an average nominal long-term interest rate that does not exceed by more than 2 percentage points that of , at most , the three best performing Member States in terms of price stability .
Člen 4 Protokola o konvergenčnih kriterijih iz člena 121 ( 1 ) Pogodbe določa , da : „merilo konvergence obrestnih mer iz četrte alinee člena 121 ( 1 ) te pogodbe pomeni , da ima država članica v enem letu pred pregledom tako povprečno dolgoročno nominalno obrestno mero , ki ne presega za več kakor 2 odstotni točki dolgoročne obrestne mere v največ treh državah članicah z najboljšimi doseženimi rezultati glede stabilnosti cen .
Interest rates shall be measured on the basis of long-term government bonds or comparable securities , taking into account differences in national definitions ."
Obrestne mere se izračunajo na podlagi dolgoročnih državnih obveznic ali primerljivih vrednostnih papirjev , upoštevaje razlike v definicijah posameznih držav » .
2 Application of Treaty provisions In the context of this report , the ECB applies the Treaty provisions as outlined below : -- First , with regard to « an average nominal long-term interest rate » observed over « a period of one year before the examination » , the long-term interest rate has been calculated as an arithmetic average over the latest 12 months for which HICP data were available .
2 Uporaba določb Pogodbe ECB v tem poročilu uporablja določbe Pogodbe , kot je navedeno v nadaljevanju . -- Glede „povprečne dolgoročne nominalne obrestne mere » , zabeležene „v enem letu pred pregledom » je bila dolgoročna obrestna mera izračunana kot aritmetično povprečje zadnjih 12 mesecev , za katere so bili na razpolago podatki o HICP .
The reference period considered in this report is April 2005 to March 2006 .
Referenčno obdobje v tem poročilu je od aprila 2005 do marca 2006 .
Second , the notion of « at most , the three best performing Member States in terms of price stability » which is used for the definition of the reference value has been applied by using the unweighted arithmetic average of the long-term interest rates of the same three EU countries entering the calculation of the reference value for the criterion on price stability ( see Box 1 ) .
Za opredelitev pojma „največ treh držav članic z najboljšimi doseženimi rezultati glede stabilnosti cen » , ki se uporablja za določanje referenčne vrednosti , se je uporabilo netehtano aritmetično povprečje dolgoročnih obrestnih mer v istih treh državah , ki so bile uporabljene za izračun referenčne vrednosti pri merilu cenovne stabilnosti ( glej okvir 1 ) .
Over the reference period considered in this report , the long-term interest rates of these three countries were 3.3% ( Sweden ) , 3.3% ( Finland ) and 5.0% ( Poland ) ;
V referenčnem obdobju , obravnavanem v tem poročilu , so dolgoročne obrestne mere teh treh držav znašale 3,3% ( Švedska ) , 3,3% ( Finska ) in 5,0% ( Poljska ) .
as a result , the average rate is 3.9% and , adding 2 percentage points , the reference value is 5.9% .
Tako je povprečna obrestna mera 3,9% in ko se k temu prištejeta še 2 odstotni točki , znaša referenčna vrednost 5,9% .
Interest rates have been measured on the basis of available harmonised long-term interest rates , which were developed for the purpose of examining convergence ( see the statistical annex to Chapter 1 ) .
Obrestne mere so bile merjene na osnovi usklajenih dolgoročnih obrestnih mer , ki so bile razvite za pregled konvergence ( glej statistično prilogo k poglavju 1 ) . ECB Konvergenčno poročilo maj 2006
As mentioned above , the Treaty makes explicit reference to the « durability of convergence » being reflected in the level of long-term interest rates .
Kot je navedeno zgoraj , se Pogodba izrecno sklicuje na „trajnost konvergence » , ki se izraža v ravni dolgoročnih obrestnih mer .
Therefore , developments over the reference period from April 2005 to March 2006 are reviewed against the background of the path of long-term interest rates over the last ten years ( or the period for which data are available ) and the main factors underlying differentials vis-à-vis the average long-term interest rate prevailing in the euro area .
Zaradi tega so gibanja v referenčnem obdobju od aprila 2005 do marca 2006 ocenjena glede na gibanje dolgoročnih obrestnih mer v zadnjih desetih letih ( oziroma v obdobju , za katerega so na voljo podatki ) ter glede na glavne dejavnike , ki določajo razliko v primerjavi s prevladujočimi povprečnimi dolgoročnimi obrestnimi merami v euroobmočju .
Finally , Article 121 ( 1 ) of the Treaty requires this report to take account of several other relevant factors , namely « the development of the ECU , the results of the integration of markets , the situation and development of the balances of payments on current account and an examination of the development of unit labour costs and other price indices » .
Nazadnje člen 121 ( 1 ) Pogodbe zahteva , da to poročilo upošteva tudi več drugih relevantnih dejavnikov , zlasti gibanje ekuja , rezultate glede povezanosti trgov , stanje in gibanja v tekočem računu plačilne bilance ter pregled gibanja stroškov dela na enoto proizvoda in drugih cenovnih indeksov .
These factors are reviewed in the following section under the individual criteria listed above .
Ti dejavniki se ocenijo v naslednjem poglavju v okviru posameznih kriterijev , ki so našteti zgoraj .
In the light of the launch of the euro on 1 January 1999 , there is no longer a specific discussion of the development of the ECU .
Glede na uvedbo eura 1 . januarja 1999 ni več posebne razprave o gibanju ekuja .
The statistical data used in the application of the convergence criteria have been provided by the European Commission ( see also the statistical annex to Chapter 1 and the tables and 18
Statistične podatke za oceno konvergenčnih kriterijev je zagotovila Evropska komisija ( glej tudi statistično prilogo k poglavju 1 ter tabele in grafe ) v sodelovanju z ECB v primeru dolgoročnih obrestnih mer .
CHAPTER 1 charts ) , in cooperation with the ECB in the case of the long-term interest rates . Convergence data on price and long-term interest rate developments are presented up to March 2006 , the latest month for which data on HICPs were available .
Konvergenčni podatki o gibanju cen in dolgoročnih obrestnih mer zajemajo obdobje do marca 2006 , ki je zadnji mesec , za katerega so na voljo podatki o HICP . Pri deviznih tečajih poročilo obravnava obdobje do 28 .
For exchange rates , the period considered in this report ends on 28 April 2006 .
aprila 2006 .
Data for fiscal positions cover the period up to 2005 .
Podatki o javnofinančnem stanju pokrivajo obdobje do leta 2005 .
Account is also taken of forecasts from various sources , together with the most recent convergence programmes of the two Member States and other information considered to be relevant to a forward-looking consideration of the sustainability of convergence .
Upoštevane so tudi napovedi iz različnih virov ter najnovejši konvergenčni programi teh dveh držav članic in drugi podatki , ki so pomembni za oceno trajnosti konvergence v prihodnjem obdobju .
The cut-off date for the statistics included in this Convergence Report was 28 April 2006 . E X A M I N AT I O N OF ECONOMIC CONVERGENCE
Presečni datum za statistične podatke v tem konvergenčnem poročilu je 28 . april 2006 .
ECB Convergence Report May 2006 19
ECB Konvergenčno poročilo maj 2006
2 COUNTRY EXAMINATIONS 2.1 LITHUANIA 2.1.1 PRICE DEVELOPMENTS Over the reference period from April 2005 to March 2006 , the 12-month average rate of HICP inflation in Lithuania was 2.7% , i.e. just above the reference value of 2.6 % for the criterion on price stability ( see Table 1 ) .
Zmanjšanje inflacije proti koncu devetdesetih let je bilo doseženo kljub relativno močni realni rasti BDP . Zaradi vpliva ruske krize na litovski izvozni sektor je bila realna rast BDP v letu 1999 negativna , kar je še dodatno znižalo inflacijo ( glej tabelo 2 ) .
However , on the basis of the most recent information , the 12-month average rate of HICP inflation is expected to rise gradually in the coming months .
Litovsko gospodarstvo je po ruski krizi hitro okrevalo in je po letu 2001 ponovno dosegalo dokaj visoke stopnje rasti , ki jih je spodbujalo predvsem domače povpraševanje .
Looking back over a longer period , HICP inflation fell sharply in the second half of the 1990s , from roughly 25 % in 1996 to around 1.5% in 1999 .
Močna gospodarska rast je skupaj z emigracijskimi tokovi prispevala k precejšnjemu zmanjšanju brezposelnosti , ki se je znižala s 16,5% leta 2001 na 8,2% leta 2005 .
On average , inflation remained at this low level until mid-2002 , when it turned negative due to a combination of specific factors .
Ob tem se je rast sredstev na zaposlenega okrepila s 3,8% , kolikor je znašala leta 2001 , na 8,7% leta 2005 .
These included lower prices in the telecommunications sector owing to substantial reforms and a considerable decline in unit labour costs and in import prices .
Zaradi takšnih gibanj plač in produktivnosti dela je bila rast stroškov dela na enoto proizvoda od leta 2000 do leta 2001 negativna .
Inflation rates turned positive again in mid-2004 , rising further to 2.7% in 2005 ( see Chart 1 ) .
Rast je bila v zadnjih nekaj letih zopet pozitivna in se je leta 2005 v primerjavi s prejšnjim letom okrepila z 1,0% na 3,8% .
The process of disinflation after 1996 reflects a number of important policy choices , most notably the orientation of monetary policy towards the achievement of price stability , which is the primary objective enshrined in the central bank law .
Uvozne cene so v obravnavanem obdobju precej nihale predvsem zaradi gibanja tečaja in cen nafte , vendar je njihova stopnja rasti ostala negativna v celotnem obdobju 2001 -- 2004 .
In 1994 Lithuania adopted a currency board arrangement , with the litas being first pegged to the US dollar and then re-pegged to the euro in 2002 , which provided an anchor to inflation expectations .
Uvozni deflator se je leta 2005 povečal na 8,2% predvsem zaradi podražitve cen energentov , kar je okrepilo inflacijske pritiske .
The low level of inflation in Lithuania during the early 2000s was , to a considerable extent , a reflection of Lithuania 's exchange rate strategy and the associated development of the nominal effective exchange rate . The strong appreciation of the US dollar against several other currencies in 1999 and 2000 had a marked dampening impact on import prices in Lithuania .
V nasprotju s skupno inflacijo po HICP je bila inflacija po HICP brez nepredelane hrane in energentov v zadnjih letih nižja in bolj stabilna ( glej tabelo 2 ) . Kot kažejo nedavna gibanja , je povprečna medletna stopnja inflacije po HICP v letu 2005 dosegla 2,7% .
In 2002 the litas was re-pegged to the euro . Thereafter import prices were dampened by the strong appreciation of the euro against other currencies until 2004 .
Medletna stopnja inflacije po HICP se je januarja 2006 povečala na 3,5% , marca pa se je zopet spustila in znašala 3,1% ( glej tabelo 3a ) .
The disinflation process has also been supported by fiscal policy , reforms designed to enhance product market competition , progressive financial market liberalisation and labour market reforms .
V letu 2005 so k inflaciji največ prispevali energenti , hrana in storitve .
The deflationary period from 2002 to the first half of 2004 was largely due to external factors and increased competition in some domestic markets .
V primerjavi s prejšnjim letom se je najbolj povečal prispevek storitvenih dejavnosti k skupni inflaciji , in sicer skoraj za 1 odstotno točko .
The reduction in inflation during the late 1990s was achieved despite relatively strong real GDP growth .
Lietuvos bankas ocenjuje , da so ECB Konvergenčno poročilo maj 2006
Following the impact of the Russian crisis on Lithuania 's export sector , real GDP growth turned negative in 1999 , which had a downward impact on inflation ( see Table 2 ) . The Lithuanian economy recovered quickly after the Russian crisis , and since 2001 it has returned to relatively high levels of growth , driven mainly by domestic demand .
POGLAVJE 1 PREGLED EKONOMSKE KONVERGENCE LITVA 2.1.1 CENOVNA GIBANJA V referenčnem obdobju od aprila 2005 do marca 2006 je 12-mesečna povprečna stopnja inflacije , merjene z indeksom HICP , v Litvi znašala 2,7% , kar je nekoliko nad referenčno vrednostjo 2,6% , kolikor znaša kriterij cenovne stabilnosti ( glej tabelo 1 ) .
The strong economic growth , in conjunction with emigration flows , helped to reduce unemployment considerably , from 16.5% in 2001 to 8.2% in 2005 .
Sodeč po najnovejših podatkih , pa se bo 12-mesečna povprečna stopnja inflacije po HICP v prihodnjih mesecih predvidoma postopno povečala .
Against this background , growth in compensation per employee increased from 3.8% in 2001 to 8.7% in 2005 . Reflecting wage and labour productivity developments , unit labour cost growth was negative from 2000 to 2001 .
Podatki za daljše preteklo obdobje kažejo , da se je inflacija po HICP v drugi polovici devetdesetih let strmo znižala s 25 %, kolikor je znašala leta 1996 , na približno 1,5% leta 1999 .
It has turned positive again in the past few years and rose to 3.8% in 2005 from 1.0% in 2004 . Import prices were rather volatile during the period under review , mostly reflecting exchange rate and oil price developments , but their rate of change remained negative throughout the period 2001 to 2004 .
V povprečju je inflacija ostala nespremenjena na doseženi nizki ravni do sredine leta 2002 , ko je zaradi spleta posebnih dejavnikov postala negativna . Ti dejavniki obsegajo nizke cene v sektorju telekomunikacij zaradi korenitih reform ter precejšnje znižanje stroškov dela na enoto proizvoda in uvoznih cen .
The import deflator rose to 8.2% in 2005 , mainly as a result of energy price increases , which added to inflationary pressures . In contrast to overall HICP inflation , HICP inflation excluding unprocessed food and energy has shown a lower and more stable development in recent years ( see Table 2 ) .
Inflacija je spet postala pozitivna sredi leta 2004 in se leta 2005 povzpela na 2,7% ( glej graf 1 ) . Proces dezinflacije po letu 1996 kaže na številne pomembne odločitve politik , predvsem usmeritev denarne politike k doseganju stabilnosti cen , ki je poglavitni cilj , določen v zakonu o centralni banki .
Looking at recent trends , the annual average rate of HICP inflation reached 2.7% in 2005 .
Leta 1994 je Litva uvedla valutni odbor , pri čemer je bil litas najprej vezan na ameriški dolar , leta 2002 pa je bila uvedena vezava na euro , kar je zagotovilo zasidranje inflacijskih pričakovanj .
The annual rate of HICP inflation rose to 3.5% in January 2006 , before falling back to 3.1% in March ( see Table 3a ) .
Kljub temu je bila nizka inflacija v prvih letih tega desetletja v precejšnji meri rezultat tečajne strategije in z njo povezanih gibanj nominalnega efektivnega tečaja .
In 2005 the main contributions to inflation came from energy , food and services . Compared with the year before , the services sector 's contribution to overall inflation increased most significantly ,
Močna apreciacija ameriškega dolarja do več drugih valut leta 1999 in 2000 je imela precejšen vpliv na znižanje uvoznih cen v Litvi .
ECB Convergence Report May 2006 CHAPTER 1 by almost 1 percentage point in 2005 .
Leta 2002 je bila uvedena vezava litasa na euro .
Lietuvos bankas estimates that , on balance , changes in indirect taxes and administered prices added around 0.8 percentage point to inflation in 2005 .
Zatem je naraščanje uvoznih cen preprečevala močna apreciacija eura do drugih valut , ki je trajala do leta 2004 . K procesu dezinflacije so precej pripomogli tudi fiskalna politika , reforme za povečanje konkurence na trgih proizvodov , postopna liberalizacija finančnih trgov in
The rise in inflation in early 2006 reflected , to a large extent , rising services and non-energy industrial goods prices .
spremembe v posrednih davkih in nadzorovanih cenah v letu 2005 skupno prispevale približno 0,8 odstotne točke . Povečanje inflacije na začetku leta 2006 je povzročilo predvsem naraščanje cen storitev in cen industrijskega blaga razen energentov .
The current inflation picture needs to be viewed against a background of very dynamic economic conditions .
Tekoča inflacijska gibanja je treba obravnavati v povezavi z zelo dinamičnimi gospodarskimi razmerami .
In the fourth quarter of 2005 , real GDP growth accelerated to a year-on-year rate of 8.7% , resulting in an average growth rate of 7.5% for 2005 .
V zadnjem četrtletju 2005 se je realna rast BDP medletno okrepila na 8,7% , tako da je povprečna stopnja rasti v letu 2005 znašala 7,5% .
Output growth is being driven by domestic demand , partly reflecting low interest rates and buoyant credit growth , and the negative contribution of net exports to growth has started to neutralise gradually , reflecting a significant rise in exports .
Gospodarsko rast je spodbujalo domače povpraševanje , kar deloma odraža nizke obrestne mere in hitro rast kreditov , negativni prispevek neto izvoza k rasti pa se je zaradi precejšnje rasti izvoza začel postopno izravnavati .
The buoyancy of aggregate demand and migration outflows have also affected the labour market , with many domestic producers reporting labour shortages , in particular of skilled labour , leading to declining unemployment .
Močna rast celotnega povpraševanja in migracijski odliv sta vplivala tudi na trg dela , saj so imeli številni domači proizvajalci pomanjkanje kvalificirane delovne sile , zaradi česar se je zmanjšala brezposelnost .