natgillin/translations-raw huggingface dataset:
Under Article 2 of this Regulation , the EMCF was required to promote i ) the proper functioning of the progressive narrowing of the fluctuation margins of the Community currencies , ii ) intervention on the exchange markets , and iii ) settlements between central banks leading to a concerted policy on reserves .
Člen 2 te uredbe je določal , da mora ESMS spodbujati ( i ) ustrezno delovanje sistema postopnega približevanja meja nihanja valut Skupnosti , ( ii ) intervencije na deviznih trgih in ( iii ) izravnave saldov med centralnimi bankami , ki naj bi pripeljale do usklajene politike rezerv .
The EMCF was superseded by the EMI on 1 January 1994 .
ESMS je dne 1 . januarja 1994 nasledil EMI .
9 Council Decision 74/120 / EEC of 18 February 1974 on the attainment of a high degree of convergence of the economic policies of the Member States of the European Economic Community ( OJ L 63 , 5.3.1974 , p. 16 ) .
9 Sklep Sveta 74/120 / EGS z dne 18 . februarja 1974 o doseganju visoke stopnje konvergence ekonomskih politik držav članic Evropske gospodarske skupnosti ( UL L 63 , 5.3.1974 , str .
10 Council Directive 74/121 / EEC of 18 February 1974 on stability , growth and full employment in the Community ( OJ L 63 , 5.3.1974 , p. 19 ) .
10 Direktiva Sveta 74/121 / EGS z dne 18 . februarja 1974 o stabilnosti , rasti in polni zaposlenosti v Skupnosti ( UL L 63 , 5.3.1974 , str .
11 The pound sterling and the Irish pound participated in the system from April to June 1972 and the Italian lira from April 1972 to February 1973 .
11 Britanski in irski funt sta v sistemu sodelovala od aprila do junija 1972 , italijanska lira pa od aprila 1972 do februarja 1973 .
The French franc , which had joined the system at the outset , was withdrawn in February 1974 ;
Francoski frank , ki se je sistemu pridružil na samem začetku , se je umaknil februarja 1974 ;
it entered the snake again in July 1975 and left the mechanism definitively in November 1976 . 5
kači se je ponovno pridružil julija 1975 , mehanizem pa dokončno zapustil novembra 1976 .
1 . 2 T h e E u ro p e a n M o n e t a r y S y s t e m a n d t h e S i n g l e E u ro p e a n A c t In March 1979 the process of monetary integration was relaunched with the creation of the European Monetary System ( EMS ) .
12 Resolucija Evropskega sveta o ustanovitvi evropskega monetarnega sistema ( EMS ) in povezanih zadevah z dne 5 . decembra 1978 .
The EMS was established by a Resolution of the European Council12 , and its operating procedures were laid down in an Agreement between the participating central banks13 .
marca 1979 med centralnimi bankami držav članic Evropske gospodarske skupnosti , ki določa operativne postopke za evropski monetarni sistem .
The EMS proved to be instrumental in furthering European monetary integration .
evropskega denarnega povezovanja .
Unlike the « snake » , the EMS managed to keep most Community currencies in a single exchange rate system .
V nasprotju s „kačo » mu je uspelo , da je večino valut Skupnosti obdržal v enotnem sistemu deviznih tečajev14 .
14 Some features of the EMS were similar to the « snake » , for example the EMS was also built around a grid of fixed but adjustable central rates among the participating Community currencies .
Nekatere njegove lastnosti so bile podobne „kači » , na primer fiksni , vendar prilagodljivi centralni tečaji sodelujočih valut .
A new feature , however , was the introduction of the European Currency Unit ( ECU ) , which was defined as a « basket » of fixed quantities of the currencies of the Member States .
Novost pa je bila uvedba evropske denarne enote ( ECU ) , ki je bila določena kot „košarica » fiksnih količin valut držav članic15 .
15 The ECU was to serve as the numéraire16 of the exchange rate mechanism ( ERM ) , as a unit of account to denominate operations in the intervention and credit mechanisms and as a reserve asset and means of settlement among the participating central banks .
ECU naj bi služil kot merilo vrednosti16 mehanizma deviznih tečajev ( ERM ) , kot obračunska enota intervencijskih in kreditnih poslov ter kot rezervna valuta in plačilno sredstvo pri izravnavah medsebojnih saldov sodelujočih centralnih bank .
However , the EMS was not just an exchange rate mechanism .
Vendar pa EMS ni bil le mehanizem deviznih tečajev .
In line with its objective to promote internal and external monetary stability , the EMS also covered the adjustment of monetary and economic policies as tools for achieving exchange rate stability .
V skladu s svojim ciljem , da spodbuja notranjo in zunanjo denarno stabilnost , je pokrival tudi prilagajanje denarnih in ekonomskih politik kot orodij za doseganje stabilnosti deviznih tečajev .
Its participants were able to create a zone in which monetary stability increased and capital controls were gradually relaxed .
Države , ki so sodelovale v EMS , so oblikovale območje , v katerem se je denarna stabilnost krepila , kapitalske kontrole pa so se postopoma zmanjševale .
The exchange rate constraint greatly helped those participating countries with relatively high rates of inflation to pursue disinflation policies , in particular through monetary policy .
Omejitve glede deviznih tečajev so sodelujočim državam z relativno visokimi inflacijskimi stopnjami zelo pomagale pri brzdanju inflacije , zlasti z denarno politiko .
It thus fostered a downward convergence of inflation rates and brought about a high degree of exchange rate stability .
Spodbujale so zbliževanje inflacijskih stopenj na nižji ravni in prispevale k precejšnji stabilnosti deviznih tečajev .
This in turn helped to moderate cost increases in many countries and led to an improvement in overall economic performance .
To je po drugi strani pripomoglo k umirjanju rasti stroškov v številnih državah in pripeljalo do na splošno boljših gospodarskih rezultatov .
Moreover , reduced uncertainty about exchange rate developments and a perception that the parities of the participating currencies were not allowed to depart significantly from the economic fundamentals protected intra-European trade from excessive exchange rate volatility .
Poleg tega sta manjša negotovost glede gibanja deviznih tečajev in prepričanje , da se centralni tečaji sodelujočih valut ne smejo bistveno oddaljiti od temeljnih gospodarskih kazalnikov , ščitila notranjo trgovinsko menjavo v Evropi pred pretiranim nihanjem deviznih tečajev .
Although the EMS became the focal point of improved monetary policy coordination , its success in bringing about greater convergence of economic policies was rather limited .
Čeprav je EMS postal osrednja točka izboljšane koordinacije denarnih politik , je bil njegov uspeh na področju večjega zbliževanja ekonomskih politik dokaj omejen .
The lack of sufficient convergence in fiscal policy also remained a source of tension : some countries had persistently large budget Resolution of the European Council on the establishment of the European Monetary System ( EMS ) and related matters of 5 December 1978 .
Vir napetosti je ostalo tudi nezadostno zbliževanje fiskalnih politik : nekatere države so imele vztrajno velike proračunske primanjkljaje ( ki so na začetku devetdesetih let privedli do več tečajnih kriz ) , ki so nesorazmerno obremenjevali njihovo denarno politiko .
13 Agreement of 13 March 1979 between the central banks of the Member States of the European Economic Community laying down the operating procedures for the European Monetary System .
Resolucija Evropskega sveta iz leta 1979 je določila , da mora biti ECU osrednji element EMS , vendar je ECU v praksi imel le omejeno vlogo pri delovanju sistema .
14 The main exception was the pound sterling which participated for less than a year .
Na finančnih trgih je kljub temu pridobil nekaj priljubljenosti kot sredstvo za diverzifikacijo portfeljev in zavarovanje pred tečajnimi tveganji .
15 The value of the ECU vis-à-vis the US dollar was the weighted average of the US dollar exchange rates of the component currencies . Its value in each of the component currencies was determined by multiplying its US dollar value with the US dollar exchange rate of the respective component currency .
Razlog za porast transakcij v ECU je bil vse večji obseg dolžniških vrednostnih papirjev , izraženih v ECU , ki so jih izdajali organi Skupnosti in organi javnega sektorja nekaterih držav članic .
16 The function of numéraire implied that the central rates of the participating currencies were expressed in terms of the ECU . The ECU central rates were then used to determine the bilateral ERM central rates around which the bilateral intervention rates were fixed .
Vendar pa so bili izgledi za nadaljnji razvoj trga v ECU omejeni , ker ECU ni imel nobenega sidra . Dodatna spodbuda za ekonomsko in monetarno unijo je prišla s sprejetjem Enotnega evropskega akta , ki je bil podpisan februarja 1986 , veljati pa je začel Glavna izjema je bil britanski funt , ki je sodeloval manj kot leto .
deficits ( leading to several exchange rate crises at the beginning of the 1990s ) , which put a disproportionate burden on monetary policy . The European Council Resolution of 1978 stated that the ECU should be at the centre of the EMS ;
Vrednost ECU do ameriškega dolarja je bila tehtano povprečje deviznih tečajev valut košarice do ameriškega dolarja .
but , in practice , the ECU played only a limited role in the functioning of the system . In the financial markets , however , it gained some popularity as a means of portfolio diversification and as a hedge against currency risks .
Njegova vrednost v vsaki od valut košarice je bila enaka zmnožku med njegovo vrednostjo v USD in deviznim tečajem ustrezne valute košarice do USD .
The expansion of financial market activity in ECU was driven by a growing volume of ECU-denominated debt instruments that were issued by Community bodies and the public-sector authorities of some member countries . However , in the absence of an anchor for the ECU , the further prospects of the ECU market remained limited .
16 Funkcija merila vrednosti je pomenila , da so bili centralni tečaji sodelujočih držav izraženi v ECU . Ti centralni tečaji do ECU so bili nato uporabljeni za določitev dvostranskih centralnih tečajev v ERM , navzgor in navzdol od teh tečajev pa so bili nato določeni dvostranski intervencijski tečaji .
A further impetus for economic and monetary union was provided by the adoption of the Single European Act ( SEA ) , which was signed in February 1986 and entered into force on 1 July 1987 . The main purpose of this Act was to introduce the Single Market as a further objective of the Community , to make the necessary decision-making changes to complete the Single Market and to reaffirm the need for the Community 's monetary capacity for achieving economic and monetary union .
julija 1987 . Glavni namen tega akta je bil določiti enotni trg kot še en cilj Skupnosti in sprejeti potrebne odločitve za njegovo dokončno vzpostavitev , kot tudi potrditi , da Skupnost za realizacijo ekonomske in monetarne unije potrebuje pristojnost na denarnem področju .
There was growing consensus among policy-makers that a market without internal borders would link the national economies much more closely together and increase significantly the degree of economic integration within the Community .
Oblikovalci politik so si bili vse bolj enotni , da bi trg brez notranjih meja tesneje povezal nacionalna gospodarstva in občutno prispeval h gospodarskemu povezovanju Skupnosti .
This in turn would reduce the room for manoeuvre of national policies and thus oblige the Member States to step up convergence of their economic policies .
To bi hkrati zmanjšalo manevrski prostor nacionalnih ekonomskih politik in s tem prisililo države članice , da pospešijo njihovo zbliževanje .
If greater convergence did not occur , full freedom of capital movements and integrated financial markets was expected to put an undue burden on monetary policy .
Brez večjega zbližanja ekonomskih politik bi namreč popolnoma svoboden pretok kapitala in integrirani finančni trgi pretirano obremenili denarno politiko .
The integration process would therefore require more intensive and effective policy coordination for which the prevailing institutional framework was perceived to be insufficient .
Proces povezovanja je zato zahteval intenzivnejšo in učinkovitejšo koordinacijo politik , za katero pa se je prevladujoči institucionalni okvir zdel nezadosten .
In addition , the Single Market was not expected to be able to exploit its full potential without a single currency .
Poleg tega enotni trg ne bi bil sposoben razviti svojega polnega potenciala brez enotne valute .
A single currency would ensure greater price transparency for consumers and investors , eliminate exchange rate risks within the Single Market , reduce transaction costs and , as a result , significantly increase economic welfare in the Community .
Enotna valuta naj bi zagotovila večjo preglednost cen za potrošnike in investitorje , odpravila tečajna tveganja , zmanjšala transakcijske stroške in posledično občutno povečala gospodarsko blaginjo v Skupnosti .
Taking all these considerations into account , the then 12 Member States of the European Economic Community decided in 1988 to relaunch the EMU project .
Upoštevajoč vse to se je takratnih 12 držav članic Evropske gospodarske skupnosti leta 1988 odločilo , da ponovno zaženejo projekt ekonomske in monetarne unije .
Where the Werner Plan of the early 1970s had failed , the second attempt at EMU would prove to be a success , finally turning the single currency dream into reality .
Na področju , kjer je spodletelo Wernerjevemu načrtu iz začetka sedemdesetih let , se je drugi poskus vzpostavitve ekonomske in monetarne unije izkazal za uspešnega , sanje o enotni valuti pa so končno postale resničnost .
3 T h e Tre a t y o n E u ro p e a n U n i o n In June 1988 the European Council confirmed the objective of the progressive realisation of economic and monetary union and instructed a committee chaired by Jacques Delors , President of the European Commission , to propose « concrete stages » leading to EMU . The committee was composed of the governors of the
1.1.3 Pogodba o Evropski uniji Junija 1988 je Evropski svet potrdil cilj postopne uresničitve ekonomske in monetarne unije ter zadolžil odbor , ki mu je predsedoval Jacques Delors , takratni predsednik Evropske komisije , da s tem v zvezi predlaga „konkretne korake » .
Niels Thygesen , Professor of Economics , Copenhagen ; Miguel Boyer , President of the Banco Exterior de España ;
V odboru so bili poleg guvernerjev centralnih bank Skupnosti še Alexandre Lamfalussy , generalni direktor Banke za mednarodne poravnave ( BIS ) , Niels Thygesen , profesor ekonomije iz Kopenhagna , Miguel Boyer , predsednik Banco Exterior de España , in Frans Andriessen , član Evropske komisije .
and Frans Andriessen , Member of the European Commission .
„Delorsovo poročilo » , ki ga je odbor predložil 17 .
The resulting « Delors Report » of 17 April 198917 recommended that economic and monetary union be achieved in three « discrete but evolutionary steps » .
aprila 198917 , je vsebovalo priporočilo , naj se ekonomska in monetarna unija uresniči v treh „ločenih , pa vendar povezanih korakih » .
-* Stage One was to focus on completing the internal market , reducing disparities between Member States » economic policies , removing all obstacles to financial integration and intensifying monetary cooperation .
-* Prva faza naj bi se osredotočila na dokončno vzpostavitev notranjega trga , zmanjšanje razlik med ekonomskimi politikami držav članic , odstranitev ovir za finančno integracijo in okrepitev denarnega sodelovanja .
-* Stage Two would serve as a period of transition to the final stage , setting up the basic organs and organisational structure of EMU and strengthening economic convergence .
-* Druga faza naj bi služila kot priprava na zadnjo fazo , v njej pa naj bi se vzpostavili osnovni organi in organizacijska struktura ekonomske in monetarne unije ter okrepila ekonomska konvergenca .
-* In Stage Three exchange rates would be locked irrevocably and the various Community institutions and bodies would be assigned their full monetary and economic responsibilities .
-* V tretji fazi naj bi se nepreklicno določili devizni tečaji , različne institucije in organi Skupnosti pa naj bi prevzeli polno denarno in ekonomsko odgovornost .
Although Stage One was established within the existing institutional framework of the Community , changes to the institutional structure were needed for Stages Two and Three .
Čeprav je prva faza lahko potekala v okviru obstoječega institucionalnega okvira Skupnosti , pa so bile za prehod v drugo in tretjo fazo potrebne spremembe .
It was necessary therefore to revise the Treaty establishing the European Economic Community .
Treba je bilo revidirati Pogodbo o ustanovitvi Evropske gospodarske skupnosti .
To this end , an Intergovernmental Conference ( IGC ) on EMU was convened , which opened in November 1990 in parallel with the IGC on European Political Union .
V ta namen je bila sklicana medvladna konferenca o ekonomski in monetarni uniji , ki se je začela novembra 1990 in je potekala vzporedno z medvladno konferenco o evropski politični uniji .
At the European Council 's invitation , the EMU IGC was prepared by the Council of Ministers , the European Commission , the Monetary Committee and the Committee of Governors , all within their respective fields of competence .
Na povabilo Evropskega sveta so prvo konferenco pripravili Svet ministrov , Evropska komisija , Monetarni odbor in Odbor guvernerjev , vsak v okviru svojih pristojnosti .
The outcome of the IGC negotiations was the Treaty on European Union ( the EU Treaty , commonly known as the « Maastricht Treaty ") , which was signed in Maastricht on 7 February 1992 .
Rezultat obeh medvladnih konferenc je bila Pogodba o Evropski uniji ( Pogodba EU ali „Maastrichtska pogodba ") , ki je bila podpisana v Maastrichtu 7 . februarja 1992 .
The EU Treaty established the European Union and amended the founding treaties of the European Communities .
S Pogodbo EU je bila ustanovljena Evropska unija in spremenjene ustanovne pogodbe Evropskih skupnosti .
The amendments to the EEC Treaty added , among others , a new chapter on economic and monetary policy .
Spremembe Pogodbe EGS so med drugim prinesle novo poglavje o ekonomski in denarni politiki .
This new chapter laid down the foundations of EMU and set out a method and timetable for its realisation .
Z njim so bili položeni temelji ekonomske in monetarne unije ter določen način in časovni okvir njene uresničitve .
Reflecting the Community 's increasing powers and scope , the EEC was renamed the European Community .
Zaradi vse večjih pristojnosti se je EGS preimenovala v Evropsko skupnost .
The Statute of the European System of Central Banks and of the European Central Bank ( Statute of the ESCB ) and the Statute of the European Monetary Institute ( EMI Statute ) were attached as Protocols to the EC Treaty .
Statut Evropskega sistema centralnih bank in Evropske centralne banke ( Statut ESCB ) ter Statut Evropskega monetarnega inštituta ( Statut EMI ) sta bila kot protokola priložena Pogodbi ES .
Denmark and the United Kingdom were given a special status that did not oblige them to participate in Stage Three of EMU ( see Section 1.2.2 ) .
Danska in Združeno kraljestvo sta dobila poseben status , ki ju ni obvezoval k sodelovanju v tretji fazi ekonomske in monetarne unije ( glej razdelek 1.2.2 ) .
The EU Treaty had been scheduled to enter into force on 1 January 1993 .
Pogodba EU naj bi začela veljati 1 . januarja 1993 .
However , owing to delays in the ratification process in Denmark and Germany , it did not actually come into force until 1 November 1993 .
Zaradi zamude , do katere je prišlo pri njeni ratifikaciji na Danskem in v Nemčiji , pa se je to zgodilo šele 1 .
Committee for the study of economic and monetary union ( 1989 ) , Report on economic and monetary union in the European Community , 1989 . 21
1.1.4 Uresniãitev ekonomske in monetarne unije ter prehod na euro Prva faza ekonomske in monetarne unije Na podlagi Delorsovega poročila je Evropski svet junija 1989 sklenil , da naj bi se prva faza uresničitve ekonomske in monetarne unije začela 1 .
4 T h e re a l i s a t i o n o f E M U a n d t h e c h a n g e ove r t o t h e e u ro Stage One of EMU On the basis of the Delors Report , the European Council decided in June 1989 that the first stage of the realisation of economic and monetary union should begin on 1 July 1990 .
Takrat je tudi Odbor guvernerjev centralnih bank držav članic Evropske gospodarske skupnosti dobil dodatne pristojnosti , ki so bile določene v Sklepu Sveta z dne 12 .
This was the date on which , in principle , all restrictions on the movement of capital between Member States were to be abolished .
Te pristojnosti so med drugim obsegale posvetovanje o denarni politiki držav članic in spodbujanje njihove koordinacije s ciljem doseganja cenovne stabilnosti .
At this time , the Committee of Governors of the central banks of the Member States of the European Economic Community was given additional responsibilities , which were set out in a Council Decision of 12 March 199018 .
Glede na razmeroma kratek razpoložljiv čas in kompleksnost nalog je Odbor guvernerjev s pripravami na tretjo fazo ekonomske in monetarne unije začel takoj po podpisu Maastrichtske pogodbe .
They included holding consultations on , and promoting the coordination of , the monetary policies of the Member States , with the aim of achieving price stability .
V prvem koraku je bilo treba opredeliti vsa vprašanja , na katera naj bi odgovorili takoj na začetku , kot 18 Sklep Sveta 90/142 / EGS z dne 12 .
In view of the relatively short time available and the complexity of the tasks involved , the Committee of Governors initiated the preparatory work for Stage Three of EMU as soon as the Maastricht Treaty had been signed .
marca 1990 o spremembi Sklepa Sveta 64/300 / EGS o sodelovanju med centralnimi bankami držav članic Evropske gospodarske skupnosti ( UL L 78 , 24.3.1990 , str . 25 ) .
The first step was to identify all the issues that should be examined at an early stage and establish a work programme by the end of 1993 .
tudi določiti program dela do konca leta 1993 .
Then it was necessary to define appropriate mandates for the existing sub-committees19 and the new working groups which had been set up to look into specific issues20 .
Treba je bilo določiti tudi ustrezne mandate obstoječih pododborov19 in novih delovnih skupin , ki so bile ustanovljene za obravnavo specifičnih vprašanj20 .
S t a g e Two o f E M U The establishment of the EMI on 1 January 1994 marked the start of Stage Two of EMU .
Druga faza ekonomske in monetarne unije Druga faza ekonomske in monetarne unije se je začela 1 . januarja 1994 z ustanovitvijo Evropskega monetarnega inštituta ( EMI ) .
It was created as a transitory body to undertake the preparatory work for Stage Three of EMU , while the conduct of monetary and exchange rate policy in the European Union remained the preserve of national authorities .
EMI je bil ustanovljen kot prehoden organ , zadolžen za pripravljalna dela v zvezi s tretjo fazo ekonomske in monetarne unije , medtem ko je vodenje denarne in tečajne politike v Evropski uniji ostalo v domeni nacionalnih organov .
The Committee of Governors ceased to exist but was effectively reconstituted as the Council ( governing body ) of the EMI .
Odbor guvernerjev je bil razpuščen , vendar je bil dejansko ponovno ustanovljen , tokrat kot Svet ( organ upravljanja ) EMI .
The two main tasks of the EMI were : -* to strengthen central bank cooperation and monetary policy coordination ;
Glavni nalogi EMI sta bili : -* krepiti sodelovanje med centralnimi bankami in koordinirati denarne politike ;
-* to make the necessary preparations for establishing the ESCB , for the conduct of the single monetary policy and for creating a single currency in the third stage of EMU ( see Box 2 ) .
-* izvesti priprave za ustanovitev ESCB , vodenje enotne denarne politike in oblikovanje enotne valute v tretji fazi ekonomske in monetarne unije ( glej okvir 2 ) .