natgillin/translations-raw huggingface dataset:
Agreement of 31 December 2007 between the ECB and the Central Bank of Cyprus regarding the claim credited to the Central Bank of Cyprus by the ECB under Article 30.3 of the Statute of the European System of Central Banks and of the ECB
Sporazum z dne 31 . decembra 2007 med Evropsko centralno banko in centralno banko Central Bank of Cyprus v zvezi s terjatvijo , priznano centralni banki Central Bank of Cyprus s strani ECB po členu 30.3 Statuta Evropskega sistema centralnih bank in ECB
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Navigation Path : Home &gt; Publications &gt; Monthly Bulletin &gt; Editorials &gt; 2008 &gt; 14 August 2008
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EDITORIAL 14 August 2008 - Monthly Bulletin
14 . avgust 2008 - Mesečni bilten
On the basis of its regular economic and monetary analyses , the Governing Council of the ECB decided at its meeting on 7 August 2008 to leave the key ECB interest rates unchanged .
Svet ECB je na seji 7 . avgusta 2008 na podlagi redne ekonomske in denarne analize sklenil , da pusti ključne obrestne mere ECB nespremenjene .
The information that has become available since the previous meeting of the Governing Council has further underpinned the reasoning behind its decision to increase interest rates in July .
Informacije , ki so postale dosegljive po zadnji seji , so dodatno podkrepile analizo , na kateri je temeljila julijska odločitev Sveta ECB o povišanju obrestnih mer .
It has confirmed that annual inflation rates are likely to remain well above levels consistent with price stability for a protracted period of time and that risks to price stability over the medium term remain on the upside .
Prav tako so potrdile , da bo medletna inflacija najverjetneje dalj časa ostala precej nad ravnijo , ki je skladna s cenovno stabilnostjo , in da tveganja srednjeročno ostajajo na strani naraščanja inflacije .
This assessment is underpinned by continued vigorous money growth , with so far no signs of significant constraints on bank loan supply .
To oceno potrjujeta še vedno živahna rast denarja ter dejstvo , da ponudba bančnih posojil doslej ni videti bistveno ovirana .
In such a context , it remains crucial to avoid broadly based second-round effects in wage and price-setting .
Zato je še naprej nujno , da se preprečijo sekundarni učinki pri oblikovanju cen in plač .
The latest economic data point to a weakening of real GDP growth in mid-2008 , which in part was expected after the exceptionally strong growth in the first quarter .
Kot kažejo najnovejši ekonomski podatki , se je rast realnega BDP sredi leta 2008 upočasnila , kar je bilo deloma pričakovano po izjemno hitri rasti v prvem četrtletju .
Against this background and in full accordance with its mandate , the Governing Council emphasises that maintaining price stability in the medium term is the ECB 's primary objective and that it is its strong determination to keep medium and long-term inflation expectations firmly anchored in line with price stability .
Glede na vse te dejavnike in popolnoma v skladu s svojim mandatom Svet zato poudarja , da je glavni cilj ECB ohranjanje cenovne stabilnosti v srednjeročnem obdobju , ter ostaja trdno odločen , da srednjeročna in dolgoročna inflacijska pričakovanja ohrani trdno zasidrana na ravni , ki je skladna s cenovno stabilnostjo .
On the basis of the Governing Council 's assessment , the current monetary policy stance will contribute to achieving the ECB 's objective .
Po oceni Sveta ECB bo denarna politika s svojo sedanjo naravnanostjo prispevala k doseganju tega cilja .
The Governing Council will continue to monitor very closely all developments over the period ahead .
Svet bo v prihodnjem obdobju še naprej zelo natančno spremljal vsa gibanja .
The information on economic activity that has become available since 3 July 2008 suggests that real GDP growth figures for mid-2008 will be substantially weaker than for the first quarter of the year .
Podatki o gospodarski aktivnosti , ki so postali dosegljivi od 3 . julija 2008 naprej , kažejo , da bo rast realnega BDP sredi leta 2008 občutno počasnejša kot v prvem četrtletju tega leta .
As indicated on previous occasions , this represents partly a technical reaction to the strong growth seen in the first months of the year . In addition , it also partly reflects a weakening in GDP growth due to factors such as slower expansion at the global level and dampening effects from high and volatile oil and food prices .
Kot smo v preteklosti že poudarili , gre deloma za tehnično reakcijo na zelo močno rast v prvih mesecih leta , deloma pa so k počasnejši rasti prispevali tudi drugi dejavniki , kot so počasnejša rast na svetovni ravni ter zaviralni učinki visokih in volatilnih cen nafte in hrane .
In order to assess the underlying momentum of euro area economic activity and to avoid being misguided by highly volatile quarterly outturns , it is necessary to look through the volatility in quarter-on-quarter growth rates and monthly indicators .
Za pravilno oceno osnovnih gospodarskih gibanj v euroobmočju , ki je ne izkrivljajo zelo volatilni četrtletni rezultati , je zato treba gledati preko nihanj v četrtletni stopnji rasti in mesečnih kazalnikih .
Taking this perspective , growth in the world economy , while moderating , is expected to remain relatively resilient , benefiting in particular from sustained growth in emerging economies .
Iz te perspektive se bo svetovna gospodarska rast po pričakovanjih sicer umirjala , vendar bo ostala razmeroma trdna , k čemur bo največ prispevala vztrajno visoka rast v nastajajočih tržnih gospodarstvih .
This should support external demand for euro area goods and services .
S tem bo svetovno gospodarstvo spodbujalo zunanje povpraševanje po blagu in storitvah euroobmočja .
As regards domestic developments , in a medium-term perspective the fundamentals are sound and the euro area does not suffer from major imbalances .
Kar se tiče domačih gibanj , ostajajo gospodarski temelji srednjeročno gledano trdni in v gospodarstvu euroobmočja ni večjih neravnovesij .
Investment growth has provided ongoing , though moderating , support to economic activity .
Prispevek investicij se sicer zmanjšuje , vednar še vedno podpirajo gospodarsko aktivnost .
Moreover , employment and labour force participation have increased significantly , and unemployment rates remain low in historical terms .
Poleg tega sta se občutno povečala zaposlenost in odstotek aktivnega prebivalstva , brezposelnost pa je glede na dolgoročno povprečje ostala nizka .
However , these developments , which support household disposable income and consumption , are unlikely to fully compensate the loss of purchasing power caused by higher energy and food prices .
Vseeno je malo verjetno , da bodo ta gibanja , ki podpirajo rast razpoložljivega dohodka gospodinjstev in potrošnjo , v celoti odtehtala padec kupne moči , ki so ga povzročile višje cene energentov in hrane .
In the view of the Governing Council , the uncertainty surrounding this outlook for economic activity remains high , owing to , among other things , the very high and volatile levels of commodity prices and the ongoing tensions in financial markets .
Po mnenju Sveta ECB je v teh obetih še vedno prisotna velika mera negotovosti , med drugim tudi zaradi zelo visokih in volatilnih cen surovin in še vedno prisotnih napetosti na finančnih trgih .
Overall , downside risks prevail .
Gledano v celoti prevladujejo tveganja , da se bo gospodarska aktivnost upočasnjevala .
In particular , risks stem from the dampening impact on consumption and investment of further unanticipated increases in energy and food prices .
Izhajajo zlasti iz zaviralnega učinka , ki bi ga na potrošnjo in investicije lahko imele nadaljnje nepričakovane podražitve energentov in hrane .
Moreover , downside risks continue to relate to the potential for the financial market tensions to affect the real economy more adversely than currently anticipated .
Nadaljnje tveganje predstavlja možnost , da bodo sedanje napetosti na finančnih trgih realno gospodarstvo prizadele močneje , kot je bilo pričakovano doslej .
The possibility of disorderly developments owing to global imbalances also implies downside risks to the outlook for economic activity , as do concerns about the emergence of protectionist pressures .
Vir tveganj je tudi možnost neobvladljivih gibanj zaradi svetovnih neravnovesij ter zaskrbljenost glede morebitnih protekcionističnih pritiskov .
In this respect , the failure of the recent negotiations in the context of the World Trade Organization 's Doha round on trade liberalisation is a major setback .
V tej zvezi velik korak nazaj predstavlja neuspeh nedavnih pogajanj v okviru dohijskega kroga pogajanj Svetovne trgovinske organizacije o liberalizaciji trgovinske menjave .
With regard to price developments , annual HICP inflation has remained considerably above the level consistent with price stability since last autumn , reaching 4.0% in June 2008 and , according to Eurostat 's flash estimate , 4.1% in July .
Pri cenovnih gibanjih ostaja medletna inflacija po HIPC že od lanske jeseni precej nad ravnijo , ki je skladna s cenovno stabilnostjo , in je junija dosegla 4,0% , v juliju pa se je po Eurostatovi prvi oceni še povečala na 4,1% .
This worrying level of inflation rates results largely from both direct and indirect effects of past sharp increases in energy and food prices at the global level .
Ta zaskrbljujoče visoka inflacija izhaja predvsem iz posrednih in neposrednih učinkov pretekle strme rasti cen energentov in hrane na svetovni ravni .
At the same time , while labour productivity growth has decelerated , there are some indications that labour cost growth has been rising in recent quarters .
Obenem so se ob vse počasnejši rasti produktivnosti pojavili znaki , da se v zadnjih četrtletjih povečuje rast stroškov dela .
Looking ahead , on the basis of current futures prices for commodities , the annual HICP inflation rate is likely to remain well above a level consistent with price stability for quite some time , moderating only gradually in 2009 .
Glede prihodnjih gibanj je na podlagi sedanjih terminskih cen surovin mogoče pričakovati , da bo inflacija po HICP verjetno še kar nekaj časa ostala precej nad ravnijo , ki je skladna s cenovno stabilnostjo , in da se bo v letu 2009 le postopoma umirjala .
Risks to price stability at the policy-relevant medium-term horizon remain clearly on the upside and have increased over the past few months .
Tveganja za cenovno stabilnost so v srednjeročnem obdobju , ki je pomembno za denarno politiko , očitno na strani naraščanja inflacije in so se v zadnjih nekaj mesecih povečala .
These risks include notably the possibility of further increases in energy and food prices and of increasing indirect effects on consumer prices .
Eden glavnih virov tveganj je možnost , da bodo cene energentov in hrane še naprej naraščale in imele večji posredni vpliv na cene življenjskih potrebščin .
There is a very strong concern that price and wage-setting behaviour could add to inflationary pressures via broadly based second-round effects .
Zelo zaskrbljujoče je tudi dejstvo , da bi inflacijske pritiske še dodatno okrepili širši sekundarni učinki , ki izhajajo iz oblikovanja cen in plač .
The Governing Council is monitoring price-setting behaviour and wage negotiations in the euro area with particular attention .
Svet ECB zato s posebno pozornostjo spremlja gibanje cenovnih politik in plačna pogajanja v euroobmočju .
Furthermore , there are potential upside risks from unanticipated rises in indirect taxes and administered prices .
Vir navzgor usmerjenih tveganj predstavljajo tudi morebitna nepričakovana povečanja posrednih davkov in nadzorovanih cen .
Against this background , it is imperative to ensure that medium to longer-term inflation expectations remain firmly anchored at levels in line with price stability .
Glede na vse te dejavnike je nujno , da srednjeročna in dolgoročnejša inflacijska pričakovanja ostanejo trdno zasidrana na ravni , ki je skladna s stabilnostjo cen .
The shift in relative prices and the related transfer of income from commodity-importing countries to commodity-exporting countries require a change in the behaviour of companies and households .
Premik v relativnih cenah in z njim povezan prenos dohodka iz držav uvoznic surovin k državam izvoznicam terja spremembe v vedenju podjetij in gospodinjstev .
Therefore , broadly based second-round effects stemming from the impact of higher energy and food prices on price and wage-setting behaviour must be avoided . All parties concerned , in both the private and the public sector , must meet their responsibilities in this regard .
Zato je treba preprečiti obsežnejše sekundarne učinke , ki jih pri oblikovanju cen in plač povzročajo višje cene energentov in hrane . Vsi sodelujoči tako v javnem kot v zasebnem sektorju morajo na tem področju izpolniti svoje obveznosti .
In this context , the Governing Council has repeatedly expressed its concern about the existence of schemes in which nominal wages are indexed to consumer prices .
Svet ECB je že večkrat izrazil zaskrbljenost glede plačnih sistemov , v katerih so nominalne plače indeksirane na cene življenjskih potrebščin .
The Governing Council therefore calls for such schemes to be avoided .
Svet ECB vse sodelujoče zato poziva , da se takšnim plačnim sistemom izogibajo .
In line with the ECB 's monetary policy strategy , the Governing Council takes the view that the sustained underlying strength of monetary and credit expansion in the euro area over the past few years has created upside risks to price stability .
V skladu s svojo strategijo denarne politike Svet ECB ocenjuje , da so se zaradi vztrajno močne osnovne rasti denarja in kreditov v zadnjih nekaj letih pojavila navzgor usmerjena tveganja za cenovno stabilnost .
While the growth of broad money and credit aggregates is now showing some signs of moderation , also reflecting the policy measures taken since 2005 to address upside risks to price stability , the strong underlying pace of monetary expansion points to continued risks to price stability over the medium term .
Medtem ko rast širokega denarja in kreditnih agregatov zdaj kaže nekaj znakov umirjanja , tudi zaradi ukrepov , sprejetih od leta 2005 naprej , za ublažitev navzgor usmerjenih tveganj za cenovno stabilnost , pa močna osnovna dinamika denarne rasti nakazuje , da so na srednji rok še naprej prisotna tveganja za cenovno stabilnost .
The current yield curve has led to very rapid increases in time deposits and to a substantial decline in annual M1 growth .
Zaradi sedanje oblike krivulje donosnosti se je zelo hitro povečal obseg vezanih vlog , medletna stopnja rasti denarnega agregata M1 pa se je občutno zmanjšala .
Such effects and other temporary factors must be taken into account in assessing monetary developments .
Te učinke in druge začasne dejavnike je treba upoštevati pri ocenjevanju denarnih gibanj .
Overall , a broad-based analysis of the data , taking the appropriate medium-term perspective , confirms the underlying strength of money growth .
Gledano v celoti širša analiza podatkov ob upoštevanju ustrezne srednjeročne perspektive potrjuje visoko osnovno stopnjo denarne rasti .
One of the main factors leading to this conclusion is the still high growth of MFI loans to the private sector , which is underpinning the robust nature of monetary growth .
Eden glavnih dejavnikov , ki vodi k temu zaključku , je še vedno visoka stopnja rasti posojil MFI zasebnemu sektorju , ki podpira živahno naravo denarne rasti .
The pace , maturity and sectoral composition of bank borrowing suggest that , at the level of the euro area as a whole , the availability of bank credit has , as yet , not been significantly affected by the ongoing financial tensions .
Iz tempa , dospelosti in sektorske sestave zadolževanja pri bankah je mogoče sklepati , da na ravni euroobmočja kot celote dolgotrajne napetosti na finančnih trgih doslej niso bistveno prizadele ponudbe bančnih kreditov .
Higher short-term interest rates and housing market weakness in several parts of the euro area have dampened the growth of household borrowing over the past few years .
Višje kratkoročne obrestne mere in slabitev stanovanjskega trga v več delih euroobmočja v zadnjih letih upočasnjujejo rast zadolževanja gospodinjstev .
By contrast , and notwithstanding tighter financing conditions and moderating economic growth , the expansion of bank credit to non-financial corporations thus far remains very robust .
Nasprotno pa kljub zaostrenim pogojem financiranja in upočasnjevanju gospodarske rasti ostaja zelo živahna rast bančnih posojil nefinančnim družbam .
To sum up , a cross-check of the outcome of the economic analysis with that of the monetary analysis clearly confirms the assessment of increasing upside risks to price stability over the medium term .
Če povzamemo , navzkrižna primerjava rezultatov ekonomske in denarne analize nedvoumno potrjuje oceno , da v srednjeročnem obdobju prevladujejo vse večja navzgor usmerjena tveganja za cenovno stabilnost .
Annual inflation rates are likely to remain well above levels consistent with price stability , and monetary aggregates continue to grow vigorously , with so far no signs of significant constraints on bank loan supply .
Medletna inflacija bo verjetno ostala precej nad ravnijo , ki je skladna s cenovno stabilnostjo , denarni agregati še naprej hitro naraščajo , zaenkrat pa ni znakov , da bi bila ponudba bančnih posojil občutneje ovirana .
Against this background , it remains crucial to avoid broadly based second-round effects in wage and price-setting .
Zato je še naprej nujno , da se prepreči obsežnejše sekundarne učinke pri oblikovanju cen in plač .
In full accordance with its mandate , the Governing Council emphasises that maintaining price stability in the medium term is its primary objective and that it is its strong determination to keep medium and long-term inflation expectations firmly anchored in line with price stability , thereby preserving purchasing power in the medium term and supporting sustainable growth and employment in the euro area .
Svet ECB v skladu s svojim mandatom poudarja , da je njegov glavni cilj ohranjanje cenovne stabilnosti v srednjeročnem obdobju , in ostaja trdno odločen da srednjeročna in dolgoročna inflacijska pričakovanja ohrani trdno zasidrana na ravni , ki je skladna s cenovno stabilnostjo , ter s tem zaščiti kupno moč v srednjeročnem obdobju in podpre vzdržno rast in zaposlenost v euroobmočju .
On the basis of the Governing Council 's assessment , the current monetary policy stance will contribute to achieving the ECB 's objective .
Po oceni Sveta bo denarna politika s svojo sedanjo naravnanostjo prispevala k doseganju tega cilja .
Regarding fiscal policy , there are risks that some countries will not achieve their fiscal targets this year .
Na področju javnofinančne politike obstaja nevarnost , da nekatere države letos ne bodo dosegle svojih proračunskih ciljev .
In this situation a rigorous implementation of budget plans and the avoidance of expenditure slippage are of crucial importance .
V sedanjih razmerah sta dosledno izvajanje proračuna in skrb za to , da proračunski izdatki ne uidejo izpod nadzora , bistvenega pomena .
Budget plans for 2009 , which are currently being finalised in a number of countries , need to reflect European commitments .
Proračunski načrti za leto 2009 , ki jih več držav trenutno končuje , morajo odražati evropske zaveze .
In particular , countries with still large deficits must provide ambitious and concrete deficit reduction plans , backed by clearly specified measures , preferably on the expenditure side .
Predvsem tiste države , ki imajo še vedno velik primanjkljaj , morajo pripraviti ambiciozne in konkretne načrte za zmanjšanje primanjkljaja , s podrobno opredeljenimi ukrepi po možnosti na izdatkovni strani .
Where budgetary scope is available , automatic stabilisers can contribute to the smoothing of cyclical economic fluctuations .
Kjer proračunske razmere to omogočajo , lahko samodejni stabilizatorji prispevajo k izravnavanju cikličnih gospodarskih nihanj .
As regards structural policies , measures which reduce adjustment costs and promote moderate unit labour cost growth are of the utmost importance , particularly in the current climate of high inflation and slowing real GDP growth .
Na področju strukturnih politik so predvsem v sedanjem obdobju visoke inflacije in upočasnjene realne gospodarske rasti ključnega pomena ukrepi , ki zmanjšujejo stroške prilagajanja in prispevajo k zmernejši rasti stroškov dela .
These include the removal of impediments to competition in the services sector in general , and at the various stages of the food supply chain in the retail and distribution sectors , as well as in the energy sector , more specifically .
Mednje spada odprava ovir za konkurenco v storitvenem sektorju na splošno , bolj konkretno pa na različnih stopnjah v ponudbeni verigi hrane v maloprodajnem in distribucijskem sektorju kot tudi v energetskem sektorju .
Equally , making labour markets more flexible and enhancing investment in education and training would foster productivity , thereby increasing the scope for increases in real incomes .
K večji produktivnosti in s tem boljšim možnostim za rast realnih dohodkov bi prispevali tudi ukrepi za povečanje prožnosti trga dela ter večja vlaganja v izobraževanje in usposabljanje .
The first article reviews the external dimension of the ECB 's monetary analysis .
Prvi obravnava zunanje vidike denarne analize ECB .
In particular , it considers cross-border portfolio flows and their effects on international portfolio allocation in order to assess the underlying monetary trends signalling medium to long-term inflationary risks .
Pri tem se osredotoča predvsem na čezmejne portfeljske tokove in njihov vpliv na mednarodno razporejanje sredstev , s pomočjo katerih ocenjuje osnovne denarne trende , ki izražajo srednje - in dolgoročna inflacijska tveganja .
The second article focuses on the role of banks in the monetary policy transmission mechanism .
Drugi članek proučuje vlogo bank v transmisijskem mehanizmu denarne politike .
It also assesses the monetary policy implications of recent changes in the financial landscape and in banking in particular . back to top
Ocenjuje tudi vpliv nedavnih sprememb na finančnem področju in še zlasti v bančništvu na denarno politiko .
Navigation Path : Home &gt; Publications &gt; Monthly Bulletin &gt; Editorials &gt; 2010 &gt; 21 January 2010
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EDITORIAL 21 January 2010 - Monthly Bulletin
21 . januar 2010 - Mesečni bilten
Based on its regular economic and monetary analyses , the Governing Council decided at its meeting on 14 January 2010 to leave the key ECB interest rates unchanged .
Svet ECB je na seji 14 . januarja 2010 na podlagi redne ekonomske in denarne analize sklenil , da pusti ključne obrestne mere ECB nespremenjene .
Taking into account all the information and analyses that have become available since the Governing Council meeting on 3 December 2009 , price developments are expected to remain subdued over the policy-relevant horizon .
Glede na vse informacije in analize , ki so postale dostopne od zadnje seje Sveta 3 . decembra 2009 , se pričakuje , da bodo cenovna gibanja v obdobju , ki je pomembno za denarno politiko , ostala umirjena .
The latest information has also confirmed that towards the end of 2009 euro area economic activity continued to expand .
Najnovejše informacije prav tako potrjujejo , da se je gospodarska aktivnost v euroobmočju proti koncu leta 2009 še naprej povečevala .
However , some of the factors supporting the growth in real GDP are of a temporary nature .
Vseeno so nekateri dejavniki , ki podpirajo rast realnega BDP , začasne narave .