natgillin/translations-raw huggingface dataset:
Reflecting its mandate , such anchoring is of the highest priority to the Governing Council .
Ob upoštevanju mandata Sveta ECB je takšno zasidranje njegova najpomembnejša prednostna naloga .
The economic fundamentals of the euro area are sound . However , the ongoing reappraisal of risk in financial markets is still accompanied by uncertainty about its potential impact on the real economy and the risks surrounding the outlook for economic activity are on the downside .
Gospodarski temelji euroobmočja so trdni , vendar sedanje prevrednotenje tveganja na finančnih trgih še vedno spremlja negotovost glede morebitnega vpliva na realno gospodarstvo , gospodarski obeti pa so izpostavljeni tveganju upočasnjevanja gospodarske rasti .
Starting with the economic analysis , the latest information on economic activity suggests that quarterly growth at the turn of the year was at a more moderate pace than the quarter-on-quarter rate of 0.8% observed in the third quarter of 2007 ( revised upwards from 0.7% ) .
V okviru ekonomske analize najnovejše informacije o gospodarski aktivnosti kažejo , da je bila četrtletna rast ob koncu leta bolj umirjena kot v tretjem četrtletju 2007 , ko je stopnja rasti glede na prejšnje četrtletje znašala 0,8% ( popravljena navzgor z 0,7% ) .
This assessment is in line with indicators for business and consumer confidence which , while declining over the past few months , generally remain at levels that continue to point to ongoing growth .
Takšna ocena je v skladu s kazalniki zaupanja podjetij in potrošnikov , ki kljub zmanjševanju v zadnjih nekaj mesecih na splošno ostajajo na ravni , ki še naprej nakazuje nadaljevanje rasti .
The Governing Council 's main scenario remains that of real GDP growth broadly in line with trend potential .
Po glavnem scenariju Sveta ECB se bo realna rast BDP še naprej gibala približno v skladu s trendom potencialne rasti .
The fundamentals of the euro area economy are sound , profitability has been sustained , employment growth has been robust and unemployment rates have fallen to levels not seen for 25 years .
Gospodarski temelji euroobmočja so trdni , dobičkonosnost se je ohranila na doseženi ravni , rast zaposlenosti je bila močna , stopnja brezposelnosti pa je padla na raven , ki je ne beležimo že 25 let .
Consumption growth should therefore continue to contribute to economic expansion , in line with real disposable income , and investment growth should provide ongoing support .
Rast potrošnje naj bi v skladu z gibanjem realnega razpoložljivega dohodka še naprej prispevala h gospodarski konjunkturi , rast investicij pa naj bi zagotavljala nadaljnjo podporo gospodarski aktivnosti .
On the expectation that the global economy will , on balance , remain resilient -- with the slowdown in economic growth in the United States being mitigated by the continued strength of emerging market economies -- external demand should continue to support euro area exports .
Ob pričakovanju , da bo svetovna gospodarska rast na splošno še naprej vztrajna -- pri čemer bo upočasnjeno gospodarsko rast v ZDA blažila nadaljnja močna rast nastajajočih tržnih gospodarstev -- naj bi zunanje povpraševanje še naprej spodbujalo izvoz euroobmočja .
That said , uncertainty about the prospects for economic growth remains high and the risks surrounding the outlook for economic activity lie on the downside .
Kljub temu ostaja negotovost glede prihodnje gospodarske rasti velika , tveganja , ki spremljajo gospodarske obete , pa so na strani upočasnjevanja gospodarske rasti .
The latter relate mainly to a potentially broader than currently expected impact of the ongoing reappraisal of risk in financial markets on financing conditions and economic sentiment , with a negative impact on world and euro area growth .
Povezana so predvsem z možnostjo , da bo imelo sedanje prevrednotenje tveganja na finančnih trgih širši vpliv na pogoje financiranja in gospodarsko klimo od trenutno pričakovanega , kar bo negativno vplivalo na svetovno rast in rast v euroobmočju .
Further downside risks stem from the scope for additional oil and other commodity price rises , concerns about protectionist pressures and the possibility of disorderly developments due to global imbalances .
Nadaljnja tveganja upočasnjevanja rasti izhajajo iz možnosti za dodatno rast cen nafte in drugih primarnih surovin , zaskrbljenosti glede protekcionističnih pritiskov in morebitnih neobvladljivih gibanj zaradi svetovnih neravnovesij .
With regard to price developments , according to Eurostat 's flash estimate the annual HICP inflation rate was 3.1% in December 2007 , unchanged from November .
Na področju cenovnih gibanj je po Eurostatovi prvi oceni medletna inflacija , merjena z indeksom HICP , decembra 2007 znašala 3,1% , enako kot novembra .
This confirms the strong upward pressure on inflation in the short term , stemming mainly from strong increases in oil and food prices in recent months .
Ti podatki potrjujejo močne pritiske na rast inflacije v kratkoročnem obdobju , ki izhajajo predvsem iz močne rasti cen nafte in hrane v zadnjih mesecih .
Looking ahead , the annual HICP inflation rate is expected to remain significantly above 2 % in the coming months and is likely to moderate only gradually in the course of 2008 .
V prihodnjih mesecih naj bi medletna stopnja inflacije po HICP ostala precej nad 2 % in se bo tekom leta 2008 verjetno le postopno umirjala .
Hence , the period of temporarily high rates of inflation would be somewhat more protracted than previously expected .
Obdobje začasno visokih stopenj inflacije bi bilo lahko zato nekoliko dolgotrajnejše , kot smo pričakovali prej .
Moreover , it is important to stress that the expectation of a moderation in the rate of inflation -- which is embedded in the December 2007 Eurosystem staff macroeconomic projections -- assumes some reversal of the recent rises in commodity prices -- in line with what is currently captured by futures prices -- and , more fundamentally , that recent oil and food price dynamics and their impact on HICP inflation do not have broadly-based second-round effects on wage and price-setting behaviour .
Poleg tega je pomembno poudariti , da pričakovanja o umirjanju stopnje inflacije ( kar predvidevajo decembrske makroekonomske projekcije strokovnjakov Eurosistema ) temeljijo na predpostavkah o določenem preobratu nedavne rasti cen primarnih surovin -- skladno s cenami na terminskih trgih -- in , kar je bolj bistveno , na predpostavkah , da nedavna dinamika cen nafte in hrane ter njihov vpliv na inflacijo po HICP ne bodo imeli širših sekundarnih učinkov na oblikovanje plač in cen .
Risks to this medium-term outlook for price developments are fully confirmed to lie on the upside .
Tveganja glede srednjeročnih cenovnih gibanj so popolnoma potrjeno usmerjena navzgor .
These risks include the possibility that stronger than currently expected wage growth may emerge , taking into account capacity constraints and the positive developments in labour markets .
Obsegajo možnost , da pride do močnejše rasti plač od trenutno pričakovane , ob upoštevanju omejenega obsega prostih zmogljivosti in pozitivnih gibanj na trgu dela .
Furthermore , the pricing power of firms -- notably in market segments with low competition -- could be stronger than expected .
Poleg tega bi bila lahko moč podjetij pri oblikovanju cen -- zlasti v tržnih segmentih z manjšo konkurenco -- večja od pričakovane .
At this juncture , it is imperative that all parties concerned meet their responsibilities and that second-round effects on wage and price-setting stemming from current inflation rates be avoided .
V sedanjem trenutku je zato nujno , da vse udeležene strani ravnajo odgovorno ter da se prepreči sekundarne učinke na oblikovanje plač in cen , ki izhajajo iz trenutne stopnje inflacije .
In the view of the Governing Council , this is absolutely essential in order to preserve price stability in the medium run and thereby the purchasing power of all euro area citizens .
Po mnenju Sveta ECB je to nujen pogoj za ohranitev cenovne stabilnosti v srednjeročnem obdobju in s tem kupne moči vseh državljanov euroobmočja .
The Governing Council is monitoring wage negotiations in the euro area countries with particular attention .
Svet ECB s posebno pozornostjo spremlja pogajanja o plačah v državah euroobmočja .
Any indexation scheme of nominal wages to prices should be eliminated .
Treba bi bilo odpraviti kakršno koli indeksacijo nominalnih plač s cenami .
Finally , further rises in oil and agricultural prices , continuing the strong upward trend observed in recent months , as well as increases in administered prices and indirect taxes beyond those foreseen thus far , could materialise .
Nazadnje bi lahko prišlo tudi do nadaljnje rasti cen nafte in kmetijskih izdelkov , s čimer bi se nadaljeval trend močne rasti iz zadnjih mesecev , ter do nepričakovanega povečanja nadzorovanih cen in posrednih davkov .
The annual growth rate of M3 in November , unchanged at 12.3% , is likely to have been influenced by a number of temporary factors , such as the flattening of the yield curve , the financial market turmoil and specific transactions associated with the restructuring of certain banking groups .
Na medletno stopnjo rasti denarnega agregata M3 , ki je novembra ostala nespremenjena na ravni 12,3% , je verjetno vplivalo več začasnih dejavnikov , kot so izravnava krivulje donosnosti , pretresi na finančnih trgih in posebne transakcije , povezane s prestrukturiranjem nekaterih bančnih skupin .
Nonetheless , even taking these special factors into account , the underlying rate of monetary expansion remains strong .
Kljub temu celo ob upoštevanju teh posebnih dejavnikov ostaja osnovna stopnja rasti denarja visoka .
Moreover , the sustained expansion of loans to the domestic private sector , which grew at an annual rate of 11.0% in November , points to the continued vigour of underlying monetary dynamics .
Na nadaljnjo živahno osnovno dinamiko rasti denarja kaže tudi ohranjanje rasti posojil domačemu zasebnemu sektorju , ki so se novembra medletno povečala za 11,0% .
Monetary developments continue to require very careful monitoring , both to detect underlying trends associated with inflationary pressures at longer horizons and to form a better understanding of shorter-term monetary dynamics .
Denarna gibanja je treba še naprej zelo skrbno spremljati , da bi ugotovili osnovni trend , povezan z inflacijskimi pritiski v daljšem časovnem obdobju , ter bolje razumeli kratkoročno denarno dinamiko .
Such monitoring will also provide a more complete picture of the response of the private sector to the increased volatility in financial markets .
S takšnim spremljanjem bo mogoče tudi celoviteje razumeti , kako se na povečano nestanovitnost na finančnih trgih odziva zasebni sektor .
For the time being , however , there is little evidence that the financial market turbulence since early August 2007 has strongly influenced the dynamics of broad money and credit aggregates .
Za zdaj sicer ni veliko znakov , da bi nemirna dogajanja na finančnih trgih od začetka avgusta 2007 dalje občutno vplivala na dinamiko agregatov širokega denarja in kreditov .
Indeed , the growth of bank loans to the domestic private sector has remained robust in recent months , which may suggest that the supply of credit has not been impaired thus far .
Rast bančnih posojil domačemu zasebnemu sektorju je v zadnjih mesecih namreč ostala močna , iz česar bi bilo mogoče sklepati , da se ponudba kreditov do sedaj ni zmanjšala .
The growth of M1 and household borrowing have moderated further over the past few quarters , reflecting the impact of higher key ECB interest rates since December 2005 rather than the influence of the financial turmoil .
Rast denarnega agregata M1 in zadolževanja gospodinjstev se je v zadnjih nekaj četrtletjih dodatno umirila , na kar so bolj vplivale višje ključne obrestne mere ECB po decembru 2005 kot pa finančni pretresi .
Borrowing by non-financial corporations remains very strong .
Zadolževanje nefinančnih družb ostaja zelo visoko .
Further data and analysis will be required in order to obtain a more complete picture of the impact of the financial market developments on banks » balance sheets , financing conditions and money and credit growth .
Za celovitejšo oceno vpliva , ki so ga na bilance bank , pogoje financiranja ter rast denarja in kreditov imela gibanja na finančnih trgih , bodo potrebni dodatni podatki in analize .
To sum up , a cross-check of the outcome of the economic analysis with that of the monetary analysis fully confirms the assessment that there are upside risks to price stability over the medium term , in a context of very vigorous money and credit growth and sound economic fundamentals in the euro area .
Če povzamemo , navzkrižna primerjava rezultatov ekonomske in denarne analize v celoti potrjuje oceno , da v srednjeročnem obdobju obstajajo navzgor usmerjena tveganja za stabilnost cen , saj je rast denarja in kreditov v euroobmočju zelo živahna , gospodarski temelji euroobmočja pa so trdni .
At the same time , the potential impact on the real economy of the ongoing reappraisal of risk in financial markets remains uncertain .
Hkrati je vpliv , ki bi ga lahko imelo sedanje prevrednotenje tveganja na finančnih trgih na realno gospodarstvo , še naprej negotov .
In addition , it remains prepared to act pre-emptively so that second-round effects and upside risks to price stability do not materialise and , consequently , medium and long-term inflation expectations remain firmly anchored in line with price stability .
Poleg tega je še naprej pripravljen preventivno ukrepati , da se sekundarni učinki in navzgor usmerjena tveganja za cenovno stabilnost ne bi uresničili ter da bi srednjeročna in dolgoročna inflacijska pričakovanja tako ostala trdno zasidrana v skladu s stabilnostjo cen .
Turning to fiscal policy , most euro area countries have submitted their updated stability programmes .
Kar zadeva javnofinančno politiko , je večina držav euroobmočja predložila svoj dopolnjen program stabilnosti .
On this basis , after a reduction in the euro area aggregate deficit ratio in 2007 , an increase in the ratio is projected for 2008 despite many countries not having achieved sound fiscal positions .
Po zmanjšanju skupne stopnje primanjkljaja v euroobmočju leta 2007 je na podlagi teh programov pričakovano povečanje stopnje primanjkljaja v letu 2008 kljub temu , da veliko držav ni doseglo zdravega javnofinančnega stanja .
There is a clear risk that some countries will fail to comply with the provisions of the preventive arm of the Stability and Growth Pact , thereby undermining the credibility of the Pact .
Obstaja veliko tveganje , da nekaterim državam ne bo uspelo spoštovati določb preventivnega dela Pakta za stabilnost in rast , kar bo zmanjšalo njegovo verodostojnost .
In 2008 some countries with fiscal imbalances will consolidate by less than the required minimum of 0.5% of GDP in structural terms .
V letu 2008 bo strukturna konsolidacija v nekaterih državah z javnofinančnim neravnovesjem znašala manj kot 0,5% BDP , kar je zahtevani minimum .
Much more ambitious policies will be necessary to ensure that all countries achieve their medium-term objectives by 2010 at the latest , in accordance with their commitment of April 2007 .
Da bi zagotovili , da vse države dosežejo svoj srednjeročni cilj najkasneje do leta 2010 , kar je v skladu z zavezami iz aprila 2007 , bodo potrebne precej ambicioznejše politike .
With regard to structural reforms , the new three-year cycle of the Lisbon strategy for growth and jobs has started .
Na področju strukturnih reform se je začel novi triletni ciklus lizbonske strategije , katere cilja sta rast in delovna mesta .
While the achievements made over the last three years of the relaunched strategy are encouraging , it is important that governments step up their reform efforts to deliver enhanced knowledge and innovation , competitiveness and labour market flexibility .
Čeprav so dosežki iz zadnjih treh let po ponovnem zagonu strategije spodbudni , je pomembno , da vlade okrepijo svoja reformna prizadevanja , katerih cilj je povečati znanje in inovacije , konkurenčnost ter prožnost trga dela .
Such reforms are crucial to raising productivity and fostering employment opportunities in the euro area .
Takšne reforme so bistvene za povečanje produktivnosti in spodbujanje zaposlitvenih priložnosti v euroobmočju .
The first article discusses developments in euro area labour productivity and its implications for monetary policy .
V prvem članku obravnavamo gibanje produktivnosti dela v euroobmočju in posledice za denarno politiko .
The second article analyses the opportunities and challenges for the euro area macroeconomy posed by globalisation .
V drugem članku analiziramo priložnosti in izzive , ki jih za makroekonomijo euroobmočja predstavlja globalizacija .
The third article examines the Eurosystem 's experience with forecasting autonomous factors and excess reserves . back to top
V tretjem članku pa proučujemo izkušnje Eurosistema pri napovedovanju avtonomnih dejavnikov in presežnih rezerv .
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Slovenia adopted the euro as its currency on 1 January 2007 , as the first of the new EU Member States .
Slovenija je 1 . januarja 2007 kot prva izmed novih držav članic sprejela euro kot svojo valuto .
On 1 January 2008 Cyprus and Malta followed .
Dne 1 . januarja 2008 sta ji sledila Ciper in Malta .
Box ECB STAFF MACROECONOMIC PROJECTIONS FOR THE EURO AREA On the basis of the information available up to 23 February 2007 , ECB staff have prepared projections for macroeconomic developments in the euro area .
Okvir 6 MAKROEKONOMSKE PROJEKCIJE ZA EUROOBMOČJE STROKOVNJAKOV ECB Strokovnjaki ECB so na podlagi informacij , ki so bile na voljo do 23 . februarja 2007 , pripravili projekcije makroekonomskih gibanj v euroobmočju .
1 Average annual real GDP growth is projected to be between 2.1% and 2.9% in 2007 and between 1.9% and 2.9% in 2008 .
1 Povprečna medletna rast realnega BDP se bo v letu 2007 po projekcijah gibala med 2,1% in 2,9% , v letu 2008 pa med 1,9% in 2,9% .
The average rate of increase in the overall Harmonised Index of Consumer Prices ( HICP ) is projected to be between 1.5% and 2.1% in 2007 and between 1.4% and 2.6% in 2008 .
Povprečna stopnja rasti skupnega harmoniziranega indeksa cen življenjskih potrebščin ( HICP ) je napovedana med 1,5% in 2,1% v letu 2007 ter med 1,4% in 2,6% v letu 2008 .
Technical assumptions about interest rates , exchange rates , oil prices and fiscal policies The technical assumptions about interest rates and both oil and non-energy commodity prices are based on market expectations , with a cut-off date of 13 February 2007 .
Tehnične predpostavke o obrestnih merah , deviznih tečajih , cenah nafte in fiskalnih politikah Tehnične predpostavke o obrestnih merah ter cenah nafte in primarnih surovin brez energije temeljijo na tržnih pričakovanjih , s 13 . februarjem 2007 kot presečnim dnevom .
With regard to short-term interest rates as measured by the three-month EURIBOR , market expectations are measured by forward rates , reflecting a snapshot of the yield curve at the cut-off date .
Glede kratkoročnih obrestnih mer , izraženih s trimesečno obrestno mero EURIBOR , se tržna pričakovanja merijo s terminskimi obrestnimi merami in odražajo krivuljo donosnosti na presečni dan .
2 This implies an increase from the mid-February level of 3.8% to averages of 4.2% in 2007 and 4.3% in 2008 .
2 Ta kaže na povečanje z ravni 3,8% sredi februarja na povprečno raven 4,2% v letu 2007 in 4,3% v letu 2008 .
The market expectations for euro area ten-year nominal government bond yields imply a flat profile around the mid-February level of 4.1% , with an average of 4.2% in 2007 and 2008 .
Tržna pričakovanja glede nominalnih donosov desetletnih državnih obveznih kažejo na vodoravno krivuljo donosnosti nekje okrog ravni 4,1% sredi februarja , pri čemer naj bi bila povprečna raven v letu 2007 in v letu 2008 4,2% .
On the basis of the path implied by futures markets in the two-week period ending on the cut-off date , annual average oil prices are assumed to be USD 59.9 per barrel in 2007 and USD 63.4 per barrel in 2008 .
Na osnovi gibanj na terminskih trgih v dvotedenskem obdobju , ki se je končalo na presečni dan , naj bi bila povprečna letna cena nafte 59,9 USD na sodček v letu 2007 in 63,4 USD na sodček v letu 2008 .
The average annual increase in non-energy commodity prices in US dollars is assumed to be 14.5% in 2007 and 5.0% in 2008 .
Povprečno medletno povečanje cen primarnih surovin brez energije , izraženih v USD , naj bi bilo 14,5% v letu 2007 in 5,0% v letu 2008 .
This implies a EUR / USD exchange rate of 1.30 and an effective exchange rate of the euro that is 1.7% higher than the average for 2006 .
To pomeni , da bo devizni tečaj med eurom in ameriškim dolarjem ( EUR / USD ) na ravni 1,30 , efektivni devizni tečaj eura pa za 1,7% nad povprečjem leta 2006 .
Assumptions with regard to the international environment The external environment of the euro area is expected to remain favourable over the projection horizon .
Predpostavke glede zunanjega okolja V obdobju projekcij bo zunanje okolje euroobmočja po pričakovanjih ostalo ugodno .
While real GDP growth in the United States is projected to be somewhat lower than in recent years , real GDP growth in emerging Asia is expected to remain well above the global average , and growth in most other large economies is also projected to remain dynamic .
Medtem ko bo rast realnega BDP v ZDA po projekcijah nekoliko manjša kot v prejšnjih letih , pa bo v rastočih azijskih gospodarstvih predvidoma ostala visoko nad svetovnim povprečjem , prav tako pa naj bi dinamična ostala tudi gospodarska rast v večini drugih večjih gospodarstev .
Overall , annual growth in world real GDP outside the euro area is projected to average about 5.1% in 2007 and 5.0% in 2008 .
Na splošno naj bi medletna realna rast svetovnega BDP izven euroobmočja v povprečju znašala približno 5,1% v letu 2007 in 5,0% v letu 2008 .
Growth in the euro area 's external export markets is projected to be about 5.5% in 2007 and 6.9% in 2008 .
Na zunanjih izvoznih trgih euroobmočja pa naj bi bila približno 5,5% v letu 2007 in 6,9% v letu 2008 .
This box includes a methodological note on the possible differences between the market-based short-term interest rate assumptions used in the projection exercises and EURIBOR futures rates .
Ta okvir vključuje metodološko opombo o možnih razlikah med predpostavkami o kratkoročnih obrestnih merah na podlagi tržnih pričakovanj , ki se uporabljajo pri pripravi projekcij , in obrestnimi merami terminskih pogodb o EURIBOR .
ECB ECB staff macroeconomic projections for the euro area March 2007
ECB Makroekonomske projekcije strokovnjakov ECB za euroobmočje marec 2007