natgillin/translations-raw huggingface dataset:
With regard to other fiscal factors , in 2004 and 2005 , the deficit ratio did not exceed the ratio of public investment to GDP .
Glede drugih fiskalnih dejavnikov delež javnofinančnega primanjkljaja v letih 2004 in 2005 ni presegel deleža javnih investicijskih odhodkov v BDP .
According to the latest projections by the EU 's Economic Policy Committee and the European Commission , Lithuania is expected to experience a moderate net increase in age-related expenditures amounting to 1.4 percentage points of GDP in the years to 2050 .
Po najnovejših napovedih Odbora za ekonomsko politiko EU in Evropske komisije bo v Litvi do leta 2050 predvidoma prišlo do zmernega neto povečanja izdatkov , povezanih s starostjo , v višini 1,4 odstotne točke BDP , kar deloma odraža izvedbo pokojninske reforme ECB Konvergenčno poročilo maj 2006
However , vigilance is needed , as ECB Convergence Report May 2006
UVOD IN POVZETKI PO POSAMEZNIH DRŽAVAH
I N T RO D U C T I O N A N D C O U N T RY SUMMARIES 7
7 v preteklosti .
actual demographic , economic and financial developments may turn out to be less favourable than assumed in the projections .
Vseeno je treba dogajanja budno spremljati , saj so lahko dejanska demografska , gospodarska in finančna gibanja manj ugodna , kot je predvideno v napovedih .
The Lithuanian litas has been participating in ERM II for around 22 months , i.e. for less than two years prior to the examination by the ECB .
Litovski litas sodeluje v ERM II približno 22 mesecev , torej manj kot dve leti do pregleda s strani ECB .
In the part of the reference period prior to its participation in ERM II , the litas was stable at its later ERM II central rate against the euro .
V delu referenčnega obdobja , ki obsega čas pred vstopom v ERM II , je bil litas stabilen na ravni centralnega tečaja do eura , ki je bil pozneje določen v okviru ERM II .
Lithuania joined ERM II with its existing currency board arrangement in place , as a unilateral commitment , thus placing no additional obligation on the ECB .
Litva je v ERM II vstopila z obstoječim valutnim odborom kot enostransko zavezo , tako da to za ECB ne predstavlja nobenih dodatnih obveznosti .
Since joining ERM II , the litas has remained at its central parity .
Od vstopa v ERM II je litas ostal na ravni centralnega tečaja .
Lithuania has not devalued its currency 's central rate against the euro on its own initiative .
Litva ni na lastno pobudo devalvirala centralnega tečaja svoje valute do eura .
While the currency board regime implied that Lietuvos bankas was regularly active in the foreign exchange markets , the volumes of foreign exchange transactions it conducted with Lithuanian commercial banks were small on a net basis .
Čeprav režim valutnega odbora pomeni , da je bila Lietuvos bankas redno aktivna na deviznih trgih , je bil neto obseg deviznih transakcij , ki jih je Lietuvos bankas izvedla z litovskimi komercialnimi bankami , majhen .
Real exchange rate levels -- both bilaterally against the euro and in effective terms -- are somewhat above historical averages .
Realni tečaj -- tako dvostransko do eura kot tudi efektivno -- je nekoliko nad dolgoročnim povprečjem .
These measures should be interpreted with caution , however , as Lithuania was subject to a process of transition to a market economy in the reference period , which complicates any historical assessment of real exchange rate developments .
Ta merila je vseeno treba razlagati previdno , saj je v Litvi v referenčnem obdobju potekal proces tranzicije v tržno gospodarstvo , kar dodatno zapleta vsakršno dolgoročnejšo razlago tečajnih gibanj .
This notwithstanding , the deficit in the combined current and capital account balance is relatively large , at 5.6% of GDP in 2005 .
Ne glede na to je bil primanjkljaj tekočega in kapitalskega računa skupaj v letu 2005 razmeroma velik in je znašal 5,6% BDP .
Net inflows of foreign direct investment have covered slightly less than half of this deficit .
Neto prilivi neposrednih tujih naložb so pokrili nekaj manj kot polovico tega primanjkljaja .
Long-term interest rates averaged 3.7% over the reference period and thus were well below the reference value for the interest rate criterion .
Dolgoročne obrestne mere so v referenčnem obdobju povprečno znašale 3,7% in so bile tako precej nižje od referenčne vrednosti , ki velja za kriterij obrestne mere .
They continued to move towards average bond yields in the euro area , reflecting the credibility of the currency board arrangement and market confidence in general economic and fiscal developments in Lithuania .
Še naprej so se približevale povprečnim stopnjam donosa obveznic v euroobmočju , kar odraža kredibilnost valutnega odbora in zaupanje trgov v splošna gospodarska in javnofinančna gibanja v Litvi .
Overall , in order to secure a high degree of sustainable convergence , it will be important for Lithuania to implement adequately tightened
Na splošno je za visoko stopnjo trajne konvergence pomembno , da Litva izvaja ustrezno zaostreno fiskalno politiko in tako zmanjša tveganje , da se okrepijo inflacijski
fiscal policies in order to help reduce the risk of demand-induced inflationary pressures building up .
pritiski , ki jih povzroča rast povpraševanja .
Tight fiscal policies will also support fiscal consolidation .
Zaostrena fiskalna politika bo prispevala tudi h konsolidaciji javnih financ .
In addition , the currently strong credit growth and large current account deficit need to be monitored closely , as they may indicate the emergence of imbalances .
Poleg tega je treba skrbno spremljati sedanjo hitro rast kreditov in velik primanjkljaj na tekočem računu , saj lahko opozarjata na nastanek neravnovesji .
Furthermore , it will be important to further enhance competition in product markets , proceed with the liberalisation of regulated sectors , implement appropriate wage policies reflecting labour productivity growth and developments in competitor countries , and further improve the functioning of labour markets .
Poleg tega bo pomembno , da se nadalje okrepi konkurenca na trgih proizvodov , nadaljuje liberalizacija reguliranih sektorjev , izvaja ustrezna politika plač , ki upošteva rast produktivnosti dela in gibanja v konkurenčnih državah , in dodatno izboljša delovanje trgov dela .
Such measures will help to maintain an environment conducive to price stability and support competitiveness and employment .
Takšni ukrepi bodo pripomogli k ohranjanju ugodnega okolja za cenovno stabilnost ter spodbujali konkurenčnost in zaposlovanje .
The Lithuanian Constitution and the Law on Lietuvos bankas were last amended and other laws were repealed ( the Law on the issue of money , the Law changing the name and amounts of monetary units , the Law on money and the Law on the credibility of the litas ) on 25 April 2006 .
Litovska ustava in Zakon o centralni banki Lietuvos bankas sta bila spremenjena , drugi zakoni pa so bili 25 . aprila 2006 razveljavljeni ( Zakon o izdajanju denarja , Zakona o zamenjavi imena in zneskov denarnih enot , Zakon o denarju in Zakon o verodostojnosti litasa ) .
Following these recent amendments , the Lithuanian Constitution and the Law on Lietuvos bankas are compatible with the Treaty and Statute requirements for Stage Three of Economic and Monetary Union .
Po zadnjih spremembah sta Litovska ustava in Zakon o centralni banki Lietuvos bankas skladna z zahtevami Pogodbe in Statuta za tretjo fazo ekonomske in monetarne unije .
SLOVENIA Over the reference period , the 12-month average rate of HICP inflation in Slovenia was 2.3% , i.e. below the reference value for the criterion on price stability stipulated by the Treaty .
SLOVENIJA V referenčnem obdobju je bila 12-mesečna povprečna stopnja inflacije po HICP v Sloveniji 2,3% , torej pod referenčno vrednostjo , ki je v Pogodbi določena kot kriterij za cenovno stabilnost .
On the basis of the most recent information , the 12-month average rate of HICP inflation is expected to remain stable in the coming months .
Sodeč po najnovejših podatkih , bo 12-mesečna povprečna stopnja inflacije po HICP v prihodnjih mesecih ostala stabilna .
Looking back over a longer period , Slovenia has been recording low inflation rates only for a relatively short period of time .
Pregled daljšega preteklega obdobja kaže , da Slovenija beleži nizke stopnje inflacije šele v zadnjem razmeroma kratkem obdobju .
Consumer price inflation in Slovenia fell significantly between 1995 and 2005 . This inflation pattern reflects a number of important policy choices , most notably the introduction in 2001 of a new
Inflacija cen življenjskih potrebščin se je bistveno zmanjšala med leti 1995 in 2005 .
monetary policy framework with the primary objective of price stability , and entry into the ERM II in June 2004 . During the period since ERM II entry , Banka Slovenije has used its foreign exchange swap facility to maintain the stability of the euro-tolar exchange rate while keeping domestic interest rates above those in the euro area .
Dinamika inflacijskih gibanj kaže na vrsto pomembnih odločitev politike , med katerimi sta najpomembnejša uvedba novega okvira denarne politike v letu 2001 , katerega temeljni cilj je cenovna stabilnost , in vstop v ERM II junija 2004 . V obdobju po vstopu v ERM II je Banka Slovenije s pomočjo začasnega odkupa in
This policy , which translated into a high short-term interest rate differential with the euro area , facilitated the disinflationary process . For most of the period under review , inflation developments should be viewed against a background of fairly robust real GDP growth and rather stable labour market conditions .
prodaje deviz ( deviznega swapa ) zagotavljala stabilnost tečaja med eurom in tolarjem , obenem pa je ohranjala domače obrestne mere nad ravnjo obrestnih mer v euroobmočju . Takšna politika , ki je privedla do velike razlike v kratkoročnih obrestnih merah v primerjavi z euroobmočjem , je spodbujala proces dezinflacije .
Compensation per employee has been growing at relatively high rates , although decelerating since 2000 , while growth in unit labour costs has gradually declined since 2001 .
V večini obravnavanega obdobja je treba pri gibanju inflacije upoštevati tudi razmeroma hitro realno rast BDP in dokaj stabilne razmere na trgu dela . Sredstva na zaposlenega so rasla po razmeroma visokih stopnjah , čeprav se je rast po letu 2000 upočasnila , rast stroškov dela na enoto proizvoda pa se je po letu 2001 postopno umirjala .
Looking at recent trends , the annual average rate of HICP inflation reached 2.5% in 2005 .
Kot kažejo nedavna gibanja , je povprečna medletna stopnja inflacije po HICP v letu 2005 dosegla 2,5% .
In 2006 the annual rate of HICP inflation was 2.6% in January , before falling to 2.0% in March .
Medletna stopnja inflacije po HICP se je januarja 2006 povečala na 2,6% , marca pa se je zopet spustila in znašala 2,0% .
Looking ahead , as regards foreseeable factors that will exert upward pressure on inflation in Slovenia , the harmonisation of excise taxes on tobacco is expected to be introduced in three steps by 2008 , contributing in total up to 0.5 percentage point to HICP inflation .
Glede dejavnikov , ki naj bi v Sloveniji vplivali na rast inflacije v prihodnje , bo uskladitev trošarin na tobačne izdelke , ki bo predvidoma izvedena v treh korakih do leta 2008 , k inflaciji po HICP skupno prispevala do 0,5 odstotne točke .
Furthermore , the possible VAT rate increase envisaged in the budget for 1 January 2007 may have a direct upward impact on inflation of around 0.7 percentage point in 2007 .
Poleg tega bo morebitno povečanje stopnje davka na dodano vrednost , ki je v proračunu predvideno za 1 . januar 2007 , v tem letu povzročilo neposredno povečanje inflacije za približno 0,7 odstotne točke .
A number of upside risks to inflation can be identified .
Ugotoviti je mogoče številna tveganja za dvig inflacije .
First , risks are associated with relatively strong domestic demand , particularly in the light of accelerating credit growth and further interest rate convergence .
Prvič , tveganja so povezana z razmeroma močnim domačim povpraševanjem , zlasti ob upoštevanju pospešene rasti kreditov in nadaljnje konvergence obrestnih mer .
Second , risks relate to hikes in administered prices and the fading downward effects of increased competition on inflation .
Drugič , tveganje predstavljajo dvigi nadzorovanih cen in vedno manjši učinek okrepljene konkurence na zmanjševanje inflacije .
In addition , there are risks relating to wage growth and potential second-round effects stemming from recent energy price increases .
Inflacijska tveganja so povezana tudi z rastjo plač in morebitnimi sekundarnimi učinki , ki so posledica nedavne rasti cen energentov .
Moreover , the catching-up process is likely to have a bearing on inflation in the coming years , although it is difficult to assess the exact size of the impact .
Poleg tega bo na inflacijo v prihodnjih letih verjetno vplival tudi proces dohitevanja , čeprav obseg tega vpliva ni mogoče natančno oceniti .
In 2005 Slovenia achieved a fiscal deficit of 1.8% of GDP , i.e. well below the reference value .
Leta 2005 je imela Slovenija javnofinančni primanjkljaj v višini 1,8% BDP , kar je precej pod referenčno vrednostjo .
Slovenia is not in an excessive deficit situation .
Slovenija ni v položaju čezmernega primanjkljaja .
A slight deficit increase to 1.9% of GDP is forecast by the European Commission for 2006 .
Za leto 2006 Evropska komisija napoveduje rahlo povečanje primanjkljaja na 1,9% BDP .
The general government debt-to-GDP ratio declined to 29.1% in 2005 and is forecast to rise to 29.9% in 2006 , thus remaining far below the 60 % reference value .
Delež javnega dolga v BDP se je leta 2005 znižal na 29,1% BDP in se bo po napovedih v letu 2006 povečal na 29,9% ter tako ostal daleč pod referenčno vrednostjo 60 %.
On the basis of the fiscal balances projected in the convergence programme , further consolidation is required for Slovenia to comply with the medium-term objective , which is quantified in the convergence programme as a deficit of 1 % of GDP .
Na podlagi javnofinančnega salda , predvidenega v konvergenčnem programu , je potrebna nadaljnja konsolidacija , če želi Slovenija doseči srednjeročni cilj , ki je v konvergenčnem programu številčno opredeljen kot primanjkljaj v višini 1 % BDP .
According to the latest projections by the EU 's Economic Policy Committee and the European Commission , Slovenia is expected to experience a substantial increase in age-related expenditures amounting to 9.7 percentage points of GDP in the years to 2050 .
Po najnovejših napovedih Odbora za ekonomsko politiko EU in Evropske komisije bo v Sloveniji v obdobju do leta 2050 predvidoma prišlo do občutnega povečanja izdatkov , povezanih s starostjo , v višini 9,7 odstotne točke BDP .
Coping with the burden is necessary at an early point in time .
Nujno je , da se Slovenija s tem bremenom spopade dovolj zgodaj .
This would be facilitated if sufficient room for manoeuvre were created in public finances before the period in which the demographic situation is projected to worsen .
Celotno breme staranja prebivalstva bo lažje obvladovati , če se v javnih financah ustvari primeren manevrski prostor še pred obdobjem , ko se bodo demografske razmere predvidoma poslabšale .
The Slovenian tolar has been participating in ERM II for around 22 months , i.e. for less than two years prior to the examination by the ECB .
Slovenski tolar sodeluje v ERM II približno 22 mesecev , torej manj kot dve leti do pregleda s strani ECB .
In the part of the reference period prior to its participation in ERM II , the tolar depreciated gradually against the euro .
V delu referenčnega obdobja pred vstopom v ERM II je tolar postopno depreciiral do eura .
Slovenia joined ERM II at a rate of 239.64 tolars per euro , which was the market rate at the time of entry .
Slovenija je v ERM II vstopila s tečajem 239,64 tolarja za euro , kar je enako tržnemu tečaju v času vstopa v mehanizem .
Upon ERM II entry , this policy of depreciating the tolar vis-à-vis the euro was phased out .
Ob vstopu v ERM II je bila politika depreciacije tolarja do eura postopno opuščena .
Within ERM II , Slovenia has not devalued its currency 's central rate against the euro on its own initiative and has managed to maintain the tolar close to its central parity , while keeping domestic shortterm interest rates above those in the euro area .
Slovenija v ERM II ni na lastno pobudo devalvirala centralnega tečaja tolarja do eura in je uspešno ohranjala tečaj tolarja na ravni blizu centralne paritete , obenem pa je vzdrževala domače kratkoročne obrestne mere nad ravnjo v euroobmočju .
Banka Slovenije contained the volatility of its currency at very low levels by using its foreign exchange swap facility .
Banka Slovenije je z začasnim odkupom in prodajo deviz ohranjala nihanja tolarja na zelo nizki ravni .
In order to reduce the amount of accumulated swaps outstanding , ECB Convergence Report May 2006
Za zmanjšanje obsega akumuliranih začasnih odkupov deviz je občasno izvedla dokončne odkupe deviz , kar je predstavljalo precejšnje neto odkupe deviz , ECB Konvergenčno poročilo maj 2006
I N T RO D U C T I O N A N D C O U N T RY SUMMARIES
UVOD IN POVZETKI PO POSAMEZNIH DRŽAVAH
outright purchases of foreign exchange were occasionally made , implying overall significant net purchases of foreign exchange to absorb potential upward pressure on the currency .
katerih cilj je bila ublažitev morebitnih pritiskov na rast tečaja .
The real exchange rate of the tolar -- both bilaterally against the euro and in effective terms -- stood in April 2006 close to historical averages as calculated from January 1996 and since the launch of the euro .
Realni tečaj tolarja -- tako dvostransko do eura kot tudi efektivno -- je bil aprila 2006 blizu dolgoročnemu povprečju , izračunanem za obdobje od januarja 1996 dalje ter za obdobje od uvedbe eura .
As regards other external developments , Slovenia has recorded a broadly balanced position in the combined current and capital account balance over the past ten years .
Glede drugih zunanjih gibanj je imela Slovenija v zadnjih desetih letih približno uravnotežen tekoči in kapitalski račun skupaj .
The average level of long-term interest rates was 3.8% over the reference period and thus stood well below the reference value for the interest rate criterion .
Povprečna raven dolgoročnih obrestnih mer je v referenčnem obdobju znašala 3,8% in je bila torej precej nižja od referenčne vrednosti za kriterij obrestnih mer .
Long-term interest rates in Slovenia moved steadily towards average bond yields in the euro area , reflecting in particular confidence in the monetary and exchange rate policy pursued by Banka Slovenije and general economic and fiscal developments in Slovenia .
Dolgoročne obrestne mere so se vztrajno približevale povprečnim stopnjam donosa obveznic v euroobmočju , kar potrjuje predvsem zaupanje v denarno in tečajno politiko Banke Slovenije in splošna gospodarska in fiskalna gibanja v Sloveniji .
Overall , in order to secure a high degree of sustainable convergence , it will be important for Slovenia to implement a sound fiscal consolidation path -- which would also reduce potential demand pressures in the economy -- and moderate wage policies reflecting labour productivity growth and developments in competitor countries .
Na splošno je za visoko stopnjo trajne konvergence pomembno , da Slovenija izvaja vzdržno konsolidacijo javnih financ -- kar bi obenem zmanjšalo morebitne pritiske s strani povpraševanja v gospodarstvu -- in vodi politiko zmerne rasti plač , ki upošteva rast produktivnosti dela in gibanja v konkurenčnih državah .
It is also essential to proceed with structural reforms .
Ravno tako je bistveno , da nadaljuje strukturne reforme .
In particular , increased labour market flexibility , through de-indexation , and the continuation of economic liberalisation resulting in enhanced competition in product markets will help to create an environment conducive to price stability .
K ustvarjanju ugodnega okolja za cenovno stabilnost bosta še posebno prispevala povečanje prožnosti trga dela z deindeksacijo ter nadaljnja liberalizacija gospodarstva , ki bo okrepila konkurenco na trgih proizvodov .
Following the recent amendments to the Law on Banka Slovenije , Banka Slovenije 's statutes are compatible with Treaty and Statute requirements for Stage Three of Economic and Monetary Union .
Po nedavnih spremembah in dopolnitvah Zakona o Banki Slovenije je Statut Banke Slovenije skladen z zahtevami Pogodbe in Statuta za tretjo fazo ekonomske in monetarne unije .
EXAMINATION OF ECONOMIC CONVERGENCE
PREG LED EKONOMSKE KONVERGENCE
1 FRAMEWORK FOR ANALYSIS To examine the state of economic convergence in the two Member States that have requested a country examination , Lithuania and Slovenia , the ECB makes use of a common framework for analysis which is applied to each country in turn .
1 OKVIR Z A ANALIZO še enkrat poudariti , da izpolnjevanje konvergenčnih kriterijev ni bistvenega pomena samo v določenem trenutku , temveč jih je treba izpolnjevati ves čas .
The common framework is based , first , on the Treaty provisions and their application by the ECB with regard to developments in prices , fiscal balances and debt ratios , exchange rates and long-term interest rates , together with other relevant factors . Second , it is based on a range of additional backward and forward-looking economic indicators which are considered to be useful for examining the sustainability of convergence in greater detail .
Gospodarska gibanja v zadevnih državah članicah se tako ocenjujejo z vidika preteklih gibanj , ki načeloma obsegajo zadnjih deset let . Na ta način je lažje ugotoviti , v kolikšni meri so trenutni rezultati posledica resničnih strukturnih prilagoditev , kar posledično omogoči boljšo oceno trajnosti ekonomske konvergence .
Boxes 1 to 4 below briefly recall the provisions of the Treaty and provide methodological details which outline the application of these provisions by the ECB . This report builds on principles set out in previous reports published by the EMI and the ECB in order to ensure continuity and equal treatment .
Hkrati je treba upoštevati , da so lahko podatki za nazaj pri večini novih držav članic pod močnim vplivom tranzicije , ki je potekala v teh državah . Kolikor je ustrezno , se uporablja tudi pogled v prihodnost .
In particular , a number of guiding principles are used by the ECB in the application of the convergence criteria . First , the individual criteria are interpreted and applied in a strict manner .
Ob tem je posebna pozornost posvečena dejstvu , da je trajnost ugodnih gospodarskih gibanj ključno odvisna od ustreznih in dolgoročnih odzivov politike na obstoječe in prihodnje izzive .
The rationale behind this principle is that the main purpose of the criteria is to ensure that only those Member States having economic conditions that are conducive to the maintenance of price stability and the coherence of the euro area can participate in it . Second , the convergence criteria constitute a coherent and integrated package , and they must all be satisfied ;
V celoti gledano je treba poudariti , da je zagotavljanje trajne ekonomske konvergence odvisno tako od doseganja zdravega izhodišča kot od politik , ki se bodo izvajale po prevzemu eura .
the Treaty lists the criteria on an equal footing and does not suggest a hierarchy .
Skupni okvir se uporablja za vsako ob obeh držav članic posebej .
Third , the convergence criteria have to be met on the basis of actual data .
Preglede po državah , ki se osredotočajo na uspešnost posamezne države članice , je v skladu z določbo člena 121 Pogodbe treba obravnavati ločeno .
Fourth , the application of the convergence criteria should be consistent , transparent and simple .
V okvirju 1 so predstavljene določbe Pogodbe o cenovnih gibanjih in njihova uporaba s strani ECB .
Moreover , it is emphasised again that compliance with the convergence criteria is essential not only at a specific point in time , but also on a sustained basis .
Za pregled stanja ekonomske konvergence v Litvi in Sloveniji , ki sta zaprosili za pregled po državah , ECB pri obeh državah uporablja skupni okvir za analizo .