natgillin/translations-raw huggingface dataset:
With respect to the main decisions of the ECOFIN Council concerning the excessive deficit procedure in 2007 , Malta and the United Kingdom received abrogations in June and October respectively , after reporting a deficit ratio below the 3 % of GDP reference value for the fiscal year 2006-07 and improvements in the structural balance .
Glede na glavne odločitve Ekonomsko-finančnega sveta glede postopka v zvezi s čezmernim primanjkljajem v letu 2007 sta Malta in Združeno kraljestvo lahko odpravila postopek junija oziroma oktobra , potem ko sta poročala o deležu primanjkljaja pod referenčno vrednostjo 3 % BDP za proračunsko leto 2006/07 in o izboljšanju strukturnega salda .
As regards Poland , in November 2007 the ECOFIN Council adopted a decision stating that the action taken by the Polish authorities was consistent with the Council recommendations made in February 2007 ;
V zvezi s Poljsko je Ekonomsko-finančni svet novembra 2007 sprejel sklep o tem , da je bilo ukrepanje poljskih organov skladno s priporočili Sveta , izdanimi februarja 2007 ;
nevertheless , the excessive deficit procedure was not abrogated as the correction of the excessive deficit was considered vulnerable to serious risks .
kljub temu pa postopek v zvezi s čezmernim primanjkljajem ni bil odpravljen , saj je bilo ocenjeno , da je popravek čezmernega primanjkljaja izpostavljen resnim tveganjem .
The government debt ratio remained substantially below 60 % of GDP in 2007 in most non-euro area EU Member States .
Delež javnega dolga je leta 2007 v večini držav članic EU zunaj euroobmočja ostal precej pod 60 % BDP . Samo na Malti in Madžarskem je bil nad referenčno vrednostjo 60 %, čeprav se je leta 2007 zmanjšal .
Only in Malta and Hungary did the debt ratio remain above the 60 % reference value , despite falling in 2007 . In most of the other non-euro area EU Member States the debt ratio declined or remained broadly unchanged .
GIBANJA PLAČILNE BILANCE Skupni tekoči in kapitalski račun držav članic EU zunaj euroobmočja se je leta 2007 še naprej zelo razlikoval med posameznimi državami ( glej tabelo 9 ) , čeprav se je v primerjavi z letom 2006 stanje gledano v celoti poslabšalo . Danska in Švedska sta poročali o presežku , preostale države pa so izkazale primanjkljaj .
ECB Annual Report 2007 85
ECB Letno poročilo 2007
Table 8 Fiscal positions in the non-euro area EU Member States and the euro area ( as a percentage of GDP ) General government surplus (+) / deficit (-) 2004 Bulgaria Czech Republic Denmark Estonia Cyprus Latvia Lithuania Hungary Malta Poland Romania Slovakia Sweden United Kingdom EU11 1 ) EU14 2 ) Euro area General government gross debt 2004 Bulgaria Czech Republic Denmark Estonia Cyprus Latvia Lithuania Hungary Malta Poland Romania Slovakia Sweden United Kingdom EU11 1 ) EU14 2 ) Euro area 37.9 30.4 44.0 5.1 70.2 14.5 19.4 59.4 72.7 45.7 18.8 41.4 52.4 40.4 40.3 41.9 69.6 2005 29.2 30.2 36.3 4.4 69.1 12.5 18.6 61.6 70.8 47.1 15.8 34.2 52.2 42.1 39.4 42.1 70.3 2006 22.8 30.1 30.3 4.0 65.2 10.6 18.2 65.6 64.7 47.6 12.4 30.4 47.0 43.2 38.2 41.6 68.6 2.3 - 3.0 1.9 1.8 - 4.1 - 1.0 - 1.5 - 6.5 - 4.9 - 5.7 - 1.5 - 2.4 0.8 - 3.4 - 4.0 - 2.7 - 2.8 2005 2.0 - 3.5 4.6 1.9 - 2.4 - 0.4 - 0.5 - 7.8 - 3.1 - 4.3 - 1.4 - 2.8 2.4 - 3.3 - 3.6 - 2.3 - 2.5 2006 3.2 - 2.9 4.6 3.6 - 1.2 - 0.3 - 0.6 - 9.2 - 2.5 - 3.8 - 1.9 - 3.7 2.5 - 2.7 - 3.4 - 1.8 - 1.5 Convergence programme data 2007 3.1 - 3.4 3.8 2.6 1.5 0.3 - 0.9 - 6.2 - 1.6 - 3.0 - 2.9 - 2.5 3.0 - 3.0 - 2.8 - 1.9 - 0.8 Convergence programme data 2007 19.8 30.4 25.6 2.7 60.0 9.4 17.6 65.4 62.9 47.0 11.9 30.6 39.7 43.9 37.2 40.7 66.7
Tabela 8 Fiskalni položaj v državah članicah EU , ki niso del euroobmočja , in v euroobmočju ( odstotek BDP ) Presežek (+)/ primanjkljaj (-) širše opredeljene države Podatki konvergenčnega programa 2007 3,1 - 3,4 3,8 2,6 1,5 0,3 - 0,9 - 6,2 - 1,6 - 3,0 - 2,9 - 2,5 3,0 - 3,0 - 2,8 - 1,9 - 0,8 Podatki konvergenčnega programa 2007 19,8 30,4 25,6 2,7 60,0 9,4 17,6 65,4 62,9 47,0 11,9 30,6 39,7 43,9 37,2 40,7 66,7 2004 Bolgarija Češka Danska Estonija Ciper Latvija Litva Madžarska Malta Poljska Romunija Slovaška Švedska Združeno kraljestvo EU-111 ) EU-142 ) Euroobmočje Bruto dolg širše opredeljene države 2,3 - 3,0 1,9 1,8 - 4,1 - 1,0 - 1,5 - 6,5 - 4,9 - 5,7 - 1,5 - 2,4 0,8 - 3,4 - 4,0 - 2,7 - 2,8
Sources : European Commission ( for 2004-06 ) , updated convergence programmes ( for 2007 ) and ECB calculations .
Viri : Evropska komisija ( za 2004-06 ) , dopolnjeni konvergenčni programi ( za 2007 ) in izračuni ECB .
Notes : Data are based on the excessive deficit procedure definition .
Opombe : Podatki temeljijo na opredelitvi postopka v zvezi s čezmernim primanjkljajem .
Budget balances ( Commission data ) exclude proceeds from the sale of UMTS licences .
Proračunski saldi ( podatki Komisije ) ne vključujejo prihodkov od prodaje licenc UMTS .
The 2007 figures in the convergence programmes are estimates by the national governments and hence could differ from the final outcomes .
Podatki v konvergenčnih programih za leto 2007 so ocene nacionalnih vlad in se zato lahko razlikujejo od končnih rezultatov .
1 ) The EU11 aggregate refers to the 11 countries that joined the EU on 1 May 2004 and 1 January 2007 ( with the exception of Slovenia ) .
1 ) Agregat EU-11 vključuje podatke za 11 držav , ki so v EU vstopile 1 . maja 2004 ali pozneje .
2 ) The EU14 aggregate refers to the 14 non-euro area EU Member States as at 31 December 2007 .
2 ) Agregat EU-14 vključuje podatke za 14 držav članic EU , ki do 31 . decembra 2007 niso bile del euroobmočja .
BALANCE OF PAYMENTS DEVELOPMENTS The combined current and capital account of the non-euro area EU Member States continued to vary considerably across countries in 2007 ( see Table 9 ) , although the overall picture showed a deterioration in comparison with 2006 . While Denmark and Sweden reported surpluses , the remainder of the countries all recorded deficits .
januarja 2007 , je primanjkljaj v določeni meri normalna značilnost procesa dohitevanja , saj odraža ugodne naložbene priložnosti in medčasovno izravnavo potrošnje . Toda zelo velik primanjkljaj tekočega in kapitalskega računa v nekaterih državah članicah EU zunaj euroobmočja so povzročili tudi ciklični dejavniki in živahno domače povpra -
deficits mostly increased , except in the case of Hungary , Malta and Slovakia . The deficits in Bulgaria and Latvia were above 20 % of GDP and exceeded 10 % of GDP in Estonia , Lithuania and Romania .
ševanje , kar opozarja na tveganja za vzdržnost zunanje pozicije , zlasti če ga spremlja slabša mednarodna cenovna in stroškovna konkurenčnost .
In Cyprus , Hungary , Slovakia and the United Kingdom , the deficit stood between 4 % and 8 % of GDP . The external imbalances in most countries originated from deficits in goods , except in the Czech Republic , Hungary ,
V primerjavi z letom 2006 so se leta 2007 neto prilivi neposrednih tujih investicij precej zmanjšali na Danskem , Švedskem in v Združenem kraljestvu .
86 ECB Annual Report 2007
Dokaj stabilni so ostali za agreECB Letno poročilo 2007
Table 9 Balance of payments of the non-euro area EU Member States and the euro area ( as a percentage of GDP ) Current and capital account balance 2004 Bulgaria Czech Republic Denmark Estonia Cyprus Latvia Lithuania Hungary Malta Poland Romania Slovakia Sweden United Kingdom EU11 1 ) EU14 2 ) Euro area - 5.8 - 5.7 3.0 - 11.5 - 4.2 - 11.8 - 6.4 - 8.1 - 4.6 - 3.8 - 7.5 - 7.5 6.8 - 1.5 - 5.9 - 1.3 1.0 2005 - 11.0 - 1.5 4.5 - 9.3 - 5.4 - 11.2 - 5.9 - 6.0 - 5.5 - 1.3 - 7.9 - 8.5 6.9 - 2.4 - 4.2 - 1.4 0.3 2006 - 15.0 - 2.8 2.6 - 13.2 - 5.8 - 21.1 - 9.6 - 5.9 - 3.7 - 2.6 - 10.5 - 7.1 6.3 - 3.8 - 5.6 - 2.7 0.0 2007 3 ) - 20.1 - 3.1 1.3 - 15.0 - 7.1 - 24.3 - 11.8 - 4.4 - 3.2 - 2.9 - 12.9 - 4.8 6.7 - 4.9 - 6.1 - 3.6 0.4 Net direct investment 2004 11.3 3.6 0.4 5.8 2.5 3.8 2.3 3.3 7.0 4.8 8.4 7.2 - 2.8 - 1.0 5.1 0.3 - 0.9 2005 14.5 9.4 - 1.3 15.6 3.8 3.6 2.7 5.0 11.5 2.3 6.6 4.8 - 4.5 4.4 5.2 3.3 - 2.6 2006 16.8 3.2 - 1.8 3.5 3.6 7.4 5.1 3.9 28.0 2.9 8.9 6.8 1.7 2.6 4.9 2.7 - 1.6 2007 3 ) 19.2 3.8 - 3.8 3.2 5.9 8.1 6.6 - 0.2 13.5 3.7 8.1 3.6 - 3.2 - 1.0 4.5 - 0.2 - 2.0 Net portfolio investment 2004 - 2.1 1.9 - 6.0 6.0 7.2 1.6 0.9 6.7 - 37.7 3.7 - 0.7 2.1 - 6.3 - 4.5 2.7 - 3.2 0.9 2005 - 5.5 - 2.7 - 4.4 - 15.7 - 0.8 - 0.8 - 1.0 4.0 - 44.8 4.1 1.0 - 2.0 - 0.1 - 2.4 0.9 - 1.6 1.8 2006 1.0 - 0.8 - 6.8 - 8.1 - 4.2 0.2 - 0.8 5.7 - 39.2 - 0.9 - 0.2 2.9 - 5.1 - 3.1 0.0 - 2.9 3.3 2007 3 ) - 0.6 - 1.0 2.3 - 0.7 - 8.6 - 1.3 - 2.5 2.5 - 10.8 - 2.2 0.4 0.2 - 4.4 0.4 - 1.0 - 0.3 4.5
Tabela 9 Plačilna bilanca držav članic EU , ki niso del euroobmočja , in v euroobmočju ( odstotek BDP ) Saldo tekočega in kapitalskega računa 2004 Bolgarija Češka Danska Estonija Ciper Latvija Litva Madžarska Malta Poljska Romunija Slovaška Švedska Združeno kraljestvo EU-111 ) EU-142 ) Euroobmočje - 5,8 - 5,7 3,0 - 11,5 - 4,2 - 11,8 - 6,4 - 8,1 - 4,6 - 3,8 - 7,5 - 3,2 6,8 - 1,5 - 5,6 - 1,2 1,0 2005 - 11,0 - 1,5 4,5 - 9,3 - 5,4 - 11,2 - 5,9 - 6,0 - 5,5 - 1,3 - 7,9 - 8,5 6,9 - 2,4 - 4,2 - 1,4 0,3 2006 - 15,0 - 2,8 2,6 - 13,2 - 5,8 - 21,1 - 9,6 - 5,9 - 3,7 - 2,6 - 10,5 - 7,1 6,3 - 3,8 - 5,7 - 2,7 0,0 20071 ) - 20,1 - 3,1 1,3 - 15,0 - 7,1 - 24,2 - 11,8 - 4,4 - 3,2 - 2,9 - 12,9 - 4,8 6,7 - 4,9 - 6,1 - 3,6 0,4 2004 11,3 3,6 0,4 5,8 2,5 3,8 2,3 3,3 7,0 4,8 8,4 3,3 - 2,8 - 1,0 4,9 0,2 - 0,9 Neto tokovi NTI 2005 14,5 9,4 - 1,3 15,6 3,8 3,6 2,7 5,0 11,5 2,3 6,6 4,8 - 4,5 4,4 5,2 3,3 - 2,6 2006 16,8 3,2 - 1,8 3,5 3,6 7,4 5,1 3,9 28,0 2,9 9,0 6,8 1,7 2,6 4,9 2,7 - 1,6 20072 ) 19,2 3,8 - 3,8 3,2 5,9 7,7 6,6 - 0,2 13,5 3,7 8,1 3,6 - 3,2 - 1,0 4,5 - 0,2 - 2,0 Neto tokovi portfeljskih naložb 2004 - 2,1 1,9 - 6,0 6,0 7,2 1,6 0,9 6,7 - 37,7 3,7 - 0,7 2,1 - 6,3 - 4,5 2,7 - 3,2 0,9 2005 - 5,5 - 2,7 - 4,4 - 15,7 - 0,8 - 0,8 - 1,0 4,0 - 44,8 4,1 1,0 - 2,0 - 0,1 - 2,4 0,9 - 1,6 1,8 2006 1,0 - 0,8 - 6,8 - 8,1 - 4,2 0,2 - 0,8 5,7 - 39,2 - 0,9 - 0,2 2,9 - 5,1 - 3,1 0,0 - 2,9 3,3 20073 ) - 0,6 - 1,0 2,3 - 0,7 - 8,6 - 1,5 - 2,5 2,5 - 10,8 - 2,2 0,4 0,2 - 4,4 0,4 - 1,0 - 0,3 4,5
1 ) The EU11 aggregate comprises the weighted contributions of the 11 countries that joined the EU on 1 May 2004 and 1 January 2007 ( with the exception of Slovenia ) .
1 ) Agregat EU-11 vključuje tehtan prispevek 11 držav , ki so v EU vstopile 1 . maja 2004 in 1 .
2 ) The EU14 aggregate comprises the weighted contributions of the 14 non-euro area EU Member States as at 31 December 2007 .
januarja 2007 ( razen Slovenije ) . 2 ) Agregat EU-14 vključuje tehtan prispevek 14 držav članic EU , ki 31 .
3 ) Data for 2007 refer to the four-quarter cumulative sum up to the third quarter of 2007 . For Malta , data refer to the four-quarter cumulative sum up to the second quarter of 2007 .
decembra 2007 niso bile del euroobmočja . 3 ) Podatki za leto 2007 se nanašajo na kumulativno vsoto štirih četrtletij do tretjega četrtletja 2007 .
Poland and Slovakia , where the deficits in income -- often linked to the reinvested earnings of foreign-owned companies -- were the most important factor . In many of the countries that joined the EU on 1 May 2004 and 1 January 2007 , deficits are , to a certain degree , a normal feature of the catching-up process , to the extent that they reflect favourable investment opportunities and intertemporal consumption smoothing .
Podatki za Malto se nanašajo na kumulativno vsoto štirih četrtletij do drugega četrtletja 2007 . gat EU-11 , čeprav so Madžarska , Slovaška in Malta izkazale izrazito zmanjšanje .
However , very large current and capital account deficits in some non-euro area EU Member States were also driven by cyclical factors and buoyant domestic demand , which signals risks to the sustainability of external positions , particularly if accompanied by deteriorating international price and cost competitiveness and a slowdown of export growth . In comparison with 2006 , net direct investment in 2007 decreased substantially in Denmark , Sweden and the United Kingdom .
V slednji bi precejšnje zmanjšanje lahko razumeli tudi kot normalizacijo po visokih stopnjah , doseženih v letu 2006 .
Especially for the latter country , the significant drop might be seen as a normalisation following the high levels recorded in 2006 . While net direct investment continued to constitute an important source of financing in a number of non-euro area EU Member States , in the case of the Baltic States , Hungary , Romania and the United Kingdom the deficit in the basic balance , i.e. the sum of the combined current account and capital account balance and net direct investment , was higher than 4 % of GDP , and for Latvia it exceeded 15 % of GDP .
Medtem ko so neto neposredne naložbe še naprej predstavljale pomemben vir financiranja v številnih državah članicah EU zunaj euroobmočja , je bil v baltskih državah , na Madžarskem , v Romuniji in Združenem kraljestvu primanjkljaj v osnovni bilanci , to je v vsoti kombiniranega salda tekočega in kapitalskega računa ter neto neposrednih naložb , višji od 4 % BDP , v Latviji pa je presegel 15 % BDP .
As regards net portfolio inflows , the balance remained negative or broadly neutral in all non-euro area EU Member States , with the exceptions of Denmark and Hungary .
Saldo neto prilivov portfeljskih naložb je ostal negativen ali približno nevtralen v vseh državah članicah EU zunaj euroobmočja , razen na Danskem in Madžarskem .
In these two countries , net portfolio investment inflows resulted from substantial net debt inflows related , in the case of Hungary , to yield differentials , whereas net equity flows were negative .
V teh dveh državah so bili neto prilivi portfeljskih naložb posledica precejšnjih neto dolžniških prilivov , ki so bili na Madžarskem povezani z razlikami v donosnosti , medtem ko so bili neto kapitalski prilivi negativni .
Net « other investment » flows were largely positive in most countries that joined the EU on 1 May 2004 and 1 January 2007 , reflecting mainly loans from foreign-owned parent banks to their subsidiaries in the region .
Neto tokovi „ostalih investicij » so bili v večini držav , ki so se EU pridružile 1 . maja 2004 in 1 .
ECB Annual Report 2007 87
januarja 2007 , večinoma pozitivni ,
EXCHANGE RATE DEVELOPMENTS Exchange rate developments in the non-euro area EU Member States in 2007 mainly reflected the exchange rate regimes of the individual countries .
GIBANJA DEVIZNEGA TEČAJA Gibanja deviznega tečaja v državah članicah EU zunaj euroobmočja so bila leta 2007 večinoma odvisna od režima deviznega tečaja v posamezni državi .
The currencies of Denmark , Estonia , Cyprus , Latvia , Lithuania , Malta and Slovakia participated in ERM II .
Valute Danske , Estonije , Cipra , Latvije , Litve , Malte in Slovaške so sodelovale v ERM II .
They maintained a standard fluctuation band of ± 15 % around their central rates against the euro , except the Danish krone , with a narrower band of ± 2.25% .
Njihov standardni razpon nihanja ostaja ± 15 % okrog centralne paritete do eura , razen pri danski kroni , ki je imela ožji razpon širine ± 2,25% .
ERM II participation is , in some cases , also accompanied by unilateral commitments on the part of the countries concerned to maintain narrower fluctuation bands .
Nekatere države so se z udeležbo v ERM II tudi enostransko zavezale , da bodo vzdrževale ožji razpon nihanja .
In particular , it was agreed that the Estonian kroon and the Lithuanian litas could join ERM II with their existing currency board arrangements in place .
Posebej je bilo dogovorjeno , da se estonska krona in litovski litas pridružita ERM II s svojim obstoječim valutnim odborom .
The Maltese authorities stated their intention to maintain the exchange rate of the Maltese lira at its central rate against the euro and the Latvian authorities decided that they would maintain the exchange rate of the lats at the central rate against the euro with a fluctuation band of ± 1 %.
Malta je napovedala , da namerava ohranjati tečaj malteške lire na ravni centralne paritete do eura , Latvija pa , da bo ohranjala tečaj latsa na ravni centralne paritete do eura z razponom nihanja ± 1 %. Sporazumi o sodelovanju držav , ki so se ERM II pridružile po letu 2004 ( tj .
The agreements on participation for the countries whose currencies joined ERM II after 2004 ( i.e. all the countries listed above except Denmark ) are all based on a number of policy commitments by the respective authorities , relating , inter alia , to the pursuit of sound fiscal policies , the promotion of wage moderation and wage developments in line with productivity growth , the containment of credit growth and the implementation of further structural reforms . Table 10 Developments in ERM II
ECB Letno poročilo 2007 zgoraj navedene države razen Danske ) , temeljijo na številnih zavezah nosilcev politik , da bodo med drugim izvajali vzdržno fiskalno politiko , spodbujali umirjanje plač in taka plačna gibanja , ki so skladna z rastjo produktivnosti , brzdali rast kreditov in izvajali nadaljnje strukturne reforme .
The Danish krone , the Estonian kroon , the Cyprus pound , the Lithuanian litas and the Maltese lira were stable against the euro in 2007 and traded continuously at , or very close to , their central rates .
Leta 2007 so bili danska krona , estonska krona , ciprski funt , litovski litas in malteška lira do eura stabilni , njihov tečaj pa se je gibal na ravni centralne paritete ali zelo blizu .
Moreover , the Cyprus pound and the Maltese lira were converted irrevocably to the euro following euro area enlargement on 1 January 2008 .
Poleg tega sta ciprski funt in malteška lira s širitvijo euroobmočja 1 . januarja 2008 nepreklicno konvertirala v euro .
The Slovak koruna , by contrast , experienced a relatively high degree of volatility ( see Table 10 ) .
Nasprotno je slovaška krona razmeroma močno nihala ( glej tabelo 10 ) .
Against the background of improving macroeconomic fundamentals and a favourable economic outlook , in mid-2006 the koruna entered a period of protracted appreciation , which gained further momentum during February and the first half of March 2007 .
Ker so se makroekonomske razmere izboljševale , gospodarski obeti pa so bili ugodni , je sredi leta 2006 krona vstopila v podaljšano obdobje apreciacije , ki je dobilo še dodaten zagon februarja in v prvi polovici marca 2007 .
To contain exchange rate volatility and excessive market pressures , in early March 2007 Národná banka Slovenska intervened to weaken the currency .
Da bi nekoliko umirila tečajna nihanja in pretirane pritiske na trg , je marca 2007 Národná banka Slovenska ukrepala , da bi valuto oslabila .
On 19 March 2007 , at the request of the Slovak authorities , by mutual agreement and following a common procedure , the central rate of the Slovak koruna was revalued by 8.5% vis-à-vis the euro .
Na zahtevo slovaških oblasti je bila 19 . marca 2007 centralna pariteta slovaške krone sporazumno in po skupnem postopku prevrednotena za 8,5% glede na euro .
Owing to a more moderate inflation outlook , Národná banka Slovenska lowered its policy rate by a total of 50 basis points in late March and late April 2007 to 4.25% , which helped to stabilise the koruna vis-à-vis the euro .
Glede na obetajočo se zmernejšo inflacijo je Národná banka Slovenska v zadnjih dneh marca in aprila 2007 obrestno mero znižala za skupaj 50 bazičnih točk na 4,25% in s tem pomagala stabilizirati krono Tabela 10 Gibanja v ERM II glede na euro .
Since April 2007 the Slovak koruna has remained relatively stable , fluctuating at values between 5 % and 8 % stronger than the new central parity . The Latvian lats also
Od aprila 2007 naprej je bila slovaška krona razmeroma stabilna , nihala je okoli vrednosti , ki so bile od 5 % do 8 % višje od nove centralne paritete .
ECB Annual Report 2007 experienced higher volatility than in previous years , although the fluctuations remained within the unilateral narrow band of ± 1 % around its central rate .
Tudi latvijski lats je nihal bolj kakor v preteklih letih , čeprav je nihanje ostajalo znotraj enostranskega ožjega razpona ± 1 % okoli centralne paritete .
Having traded around 1 % stronger than its ERM II central rate for most of 2006 , the lats moved towards the weaker side of its unilateral narrow fluctuation band on two occasions ( in mid-February 2007 and in September 2007 ) .
Tečaj latsa je bil okoli 1 % višji od centralne paritete v ERM II večji del leta 2006 , na šibkejšo stran enostranskega ozkega razpona nihanja pa se je premaknil dvakrat ( sredi februarja 2007 in septembra 2007 ) .
The first episode followed Standard & Poor 's downgrading -- from stable to negative -- of Latvia 's future outlook on 19 February 2007 and rumours of a potential devaluation of the Latvian currency 's ERM II central rate .
februarja 2007 , potem ko je Standard & Poor 's slabše ocenil latvijske obete za prihodnost -- s stabilnih na negativne -- in potem , ko so se začele širiti govorice o možni devalvaciji centralne paritete latvijske valute v ERM II .
In mid-March 2007 Latvijas Banka stepped in to prevent further weakness of the lats by intervening in foreign exchange markets and by increasing the refinancing rate , from 5.0% to 5.5% , as of the end of March 2007 and again , to 6.0% , almost two months later .
Sredi marca 2007 je Latvijas Banka , da bi preprečila nadaljnje slabljenje latsa , ukrepala s posegom na deviznih trgih in s povečanjem obrestne mere refinanciranja s 5,0% na 5,5% ob koncu marca 2007 in nato na 6,0% približno dva meseca pozneje .
One-month interbank deposit rates increased significantly , fluctuating approximately between 100 and 400 basis points above the refinancing rate .
1-mesečne obrestne mere za medbančne depozite so se precej povečale in so nihale približno 100 do 400 bazičnih točk nad obrestno mero refinanciranja .
In April 2007 the tensions in the foreign exchange markets gradually subsided amid the government 's commitment to implement an anti-inflation plan , but the one-month interest rate remained considerably above the ECB 's minimum bid rate .
Aprila 2007 so se napetosti na deviznih trgih postopno umirile , ko se je vlada zavezala , da bo izvajala protiinflacijski načrt , vendar pa so 1-mesečne obrestne mere ostale precej nad izklicno obrestno mero ECB .
On 12 May 2007 the lats again reached the stronger side of its ± 1 % fluctuation band and the central bank intervened to prevent further appreciation .
Lats je 12 . maja 2007 znova dosegel močnejšo stran svojega razpona nihanja ± 1 % in centralna banka je ukrepala , da bi preprečila nadaljnjo apreciacijo .
In September 2007 the lats once more came under pressure , following a downgrade by Moody 's and concerns over further increases in the current account deficit and inflation .
85 oceni agencije Moody 's znova pod pritiskom , tudi zaradi zaskrbljenosti glede nadaljnje rasti primanjkljaja tekočega računa in inflacije .
Latvijas Banka did not intervene Chart 38 Changes in the exchange rate of the euro against EU currencies outside ERM II ( percentages ) 15 10 5 0 - 5 - 10 10.3% 5.1% 0.0% - 8.3% BGN CZK HUF - 7.8% PLN RON SEK GBP 4.1% 15 10 5 0 - 5 - 10 on this occasion , but money market conditions nonetheless remained tight .
Latvijas Banka tokrat ni ukrepala , razmere na denarnem trgu pa so kljub temu ostale zaostrene . Med valutami držav članic EU zunaj euroobmočja , ki niso sodelovale v ERM II , so se gibanja od države do države precej razlikovala ( glej graf 38 ) .
Turning to the currencies of the non-euro area EU Member States that were not participating in ERM II , developments varied considerably across countries ( see Chart 38 ) .
Češka krona in poljski zlot sta večji del leta 2007 apreciirala do eura , tako da je bil njun tečaj do eura 29 .
The Czech koruna and the Polish zloty appreciated against the euro throughout most of 2007 , standing , respectively , 8.3% and 7.8% stronger vis-à-vis the euro on 29 February 2008 than at the beginning of 2007 .
februarja 2008 v primerjavi z začetkom leta 2007 višji za 8,3% oziroma 7,8% .