natgillin/translations-raw huggingface dataset:
However , discounting a possible turn-of-the-year effect and looking beyond these latest developments confirms the decline in the growth of bank credit to households and non-financial corporations observed in 2008 .
Toda če upoštevamo morebitne učinke ob koncu leta in zanemarimo najnovejša gibanja , to potrjuje zmanjšanje rasti bančnega kreditiranja gospodinjstev in nefinančnih družb v letu 2008 .
At the same time , it appears that the substantial past reduction in the key ECB interest rates is increasingly being passed through to bank lending rates , indicating that , despite the tensions in financial markets , the transmission mechanism of monetary policy is not significantly hampered in the euro area .
Hkrati kaže , da se znatno preteklo znižanje ključnih obrestnih mer ECB vse bolj prenaša na bančne obrestne mere za posojila , kar pomeni , da transmisijski mehanizem denarne politike v euroobmočju kljub napetostim na finančnih trgih ni pomembneje oviran .
Still , more data and analysis are needed to firmly assess the outlook for credit in the period ahead .
Vseeno je potrebnih več podatkov in analiz , da bi lahko zanesljivo ocenili prihodnja kreditna gibanja .
To sum up , inflation rates have decreased significantly and are now expected to remain well below 2 % over 2009 and 2010 .
Če povzamemo , stopnja inflacije se je precej zmanjšala in bo po pričakovanjih v letih 2009 in 2010 ostala precej pod 2 %.
Recent economic data releases and survey information add further evidence to the Governing Council 's assessment that both global and euro area demand are likely to be very weak in 2009 .
Novejši objavljeni ekonomski podatki in informacije iz anket še dodatno potrjujejo oceno Sveta ECB , da bo tako svetovno povpraševanje kot tudi povpraševanje v euroobmočju v letu 2009 najverjetneje zelo šibko .
Regarding the fiscal policy responses to the economic downturn , the euro area countries » updated stability programmes and recent addenda confirm the prospect of a sharp and broad-based deterioration in euro area public finances .
Kar zadeva odziv javnofinančne politike na upad gospodarske konjunkture , dopolnjeni programi stabilnosti držav euroobmočja in najnovejši dodatki potrjujejo možnost strmega in splošnega poslabšanja javnih financ v euroobmočju .
A credible commitment to a path of consolidation in order to return to sound fiscal positions , respecting fully the provisions of the Stability and Growth Pact , is necessary to maintain the public 's trust in the sustainability of public finances , which is important both for the economy to recover and for supporting long-term growth .
Verodostojna zavezanost konsolidaciji , katere cilj je ponovno doseči zdravo javnofinančno stanje , in dosledno spoštovanje določb Pakta za stabilnost in rast sta nujna za ohranjanje zaupanja javnosti v vzdržnost javnih financ , kar je pomembno tako za okrevanje gospodarstva kot za spodbujanje dolgoročne rasti .
In this respect , the Governing Council supports the Commission 's intention to initiate excessive deficit procedures for several countries .
Ob tem Svet ECB podpira namero Evropske komisije , da sproži postopek v zvezi s čezmernim primanjkljajem proti več državam .
This is crucial to preserve the credibility of the EU fiscal surveillance framework .
To je ključno za ohranitev verodostojnosti okvira EU za fiskalni nadzor .
It is important that clear deadlines are set for correction of the excessive deficits and that consolidation plans are based on firm and well-specified structural measures .
Pomembno je , da se določi jasen rok za odpravo čezmernega primanjkljaja in da konsolidacijski načrti temeljijo na zanesljivih in dobro opredeljenih strukturnih ukrepih .
As regards structural policies , it remains important to pursue economic policies in line with the principle of an open market economy with free competition .
Kar zadeva strukturne politike , ostaja izvajanje ekonomskih politik v skladu z načelom odprtega tržnega gospodarstva s svobodno konkurenco še naprej pomembno .
In this respect , it is essential that government support measures do not distort competition and delay necessary structural adjustment , and it is of the utmost importance to avoid protectionist measures .
Ob tem je nujno , da državni ukrepi podpore ne izkrivljajo konkurence in ne odlagajo potrebnega strukturnega prilagajanja , še bolj pomembno pa se je izogibati protekcionističnim ukrepom .
Refraining from protectionism will be key to allowing the global economy to overcome the current crisis more rapidly .
Izogibanje protekcionizmu bo ključno pri omogočanju svetovnemu gospodarstvu , da se hitreje izkoplje iz sedanje krize .
The successful completion of the Doha round of trade negotiations would also be a milestone towards a more integrated and open world economy for the benefit of all .
Uspešen zaključek kroga trgovinskih pogajanj , ki se je začel v Dohi , bi bil ravno tako pomemben mejnik na poti k bolj povezanemu in odprtemu svetovnemu gospodarstvu v korist vseh .
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EDITORIAL 15 November 2007 - Monthly Bulletin
15 . november 2007 - Mesečni bilten
At its meeting on 8 November 2007 , the Governing Council of the ECB decided , on the basis of its regular economic and monetary analyses , to leave the key ECB interest rates unchanged .
Svet ECB je na seji 8 . novembra 2007 na podlagi redne ekonomske in denarne analize sklenil , da ključne obrestne mere ECB ohrani nespremenjene .
The information that has become available since the previous meeting of the Governing Council , on 4 October , has fully confirmed that the outlook for price stability over the medium term is subject to upside risks .
Informacije , ki so postale dostopne po zadnji seji Sveta ECB 4 . oktobra , so v celoti potrdile , da je stabilnost cen v srednjeročnem obdobju izpostavljena navzgor usmerjenim tveganjem .
Against this background , and with money and credit growth vigorous in the euro area , the ECB 's monetary policy stands ready to counter upside risks to price stability , as required by its mandate .
Upoštevajoč to ugotovitev ter živahno rast denarja in kreditov v euroobmočju , je denarna politika ECB pripravljena preprečiti navzgor usmerjena tveganja za stabilnost cen , kot to zahteva mandat ECB .
The economic fundamentals of the euro area remain sound and support a favourable medium-term outlook for economic activity .
Gospodarski temelji euroobmočja ostajajo trdni , kar potrjuje ugodne gospodarske obete v srednjeročnem obdobju .
However , the ongoing reappraisal of risk in financial markets has led to continued uncertainty .
Vseeno sedanje prevrednotenje tveganj na finančnih trgih še naprej povzroča negotovost .
This warrants a thorough examination of additional information before drawing further conclusions for monetary policy in the context of the ECB 's medium term-oriented monetary policy strategy focused on maintaining price stability .
Zato je treba podrobno preučiti dodatne informacije , preden bo v okviru srednjeročno usmerjene strategije denarne politike ECB , katere cilj je ohranjati stabilnost cen , mogoče sprejeti nadaljnje zaključke o denarni politiki .
Accordingly , the Governing Council will monitor very closely all developments .
V skladu s tem bo Svet ECB zelo natančno spremljal vsa dogajanja .
By acting in a firm and timely manner on the basis of its assessment , the Governing Council will ensure that risks to price stability over the medium term do not materialise and that medium and long-term inflation expectations remain firmly anchored in line with price stability , which is all the more important at times of financial market volatility and continued heightened uncertainty .
Z odločnim in pravočasnim ukrepanjem na podlagi svoje ocene bo tako zagotovil , da se tveganja za stabilnost cen v srednjeročnem obdobju ne uresničijo ter da srednjeročna in dolgoročna inflacijska pričakovanja ostanejo trdno zasidrana v skladu s stabilnostjo cen . To je še posebej pomembno v času nestanovitnosti na finančnih trgih in še vedno prisotne povečane negotovosti .
This will favour an environment conducive to sustained economic growth , well-functioning markets and continued job creation .
S tem bo Svet ECB prispeval k okolju , ki spodbuja trajno gospodarsko rast , dobro delujoče trge in nadaljnje odpiranje novih delovnih mest .
As regards the financial markets , the Governing Council will continue to pay great attention to developments over the period to come .
Kar zadeva finančne trge , bo Svet ECB v prihodnjem obdobju še naprej pozorno spremljal vsa dogajanja .
On the basis of the available data , it appears that the sustained economic growth experienced in the euro area in the first half of 2007 has continued through the third quarter , as reflected in the data for industrial production and retail sales that have been released since the meeting of the Governing Council in early October .
Razpoložljivi podatki kažejo , da se je gospodarska rast , dosežena v euroobmočju v prvi polovici leta 2007 , v tretjem četrtletju nadaljevala , kot je razvidno iz podatkov za industrijsko proizvodnjo in prodajo v trgovini na drobno , ki so bili objavljeni po zadnji seji Sveta ECB v začetku oktobra .
While financial market volatility seems to have contributed to a decline in euro area consumer and business confidence indicators in the past few months , these indicators generally remain above their historical averages and continue to point to ongoing sustained growth .
Čeprav je nestanovitnost finančnih trgov v zadnjih nekaj mesecih očitno prispevala k upadu zaupanja potrošnikov in podjetij euroobmočja , ti kazalniki na splošno ostajajo nad dolgoročnim povprečjem in še naprej kažejo , da se bo rast nadaljevala po doseženi stopnji .
Overall , the fundamentals of the euro area remain sound , including in particular sustained corporate earnings and profitability , robust employment growth and falling unemployment to levels not seen for 25 years .
Gledano v celoti gospodarski temelji euroobmočja ostajajo trdni , kar zlasti velja za prihodke in dobičke podjetij , močno rast zaposlovanja ter zmanjševanje brezposelnosti na raven , ki ni bila zabeležena že zadnjih 25 let .
Available forecasts for 2008 continue to confirm the Governing Council 's main scenario of real GDP growing at around trend potential .
Razpoložljive napovedi za leto 2008 še vedno potrjujejo glavni scenarij Sveta ECB , po katerem naj bi se rast realnega BDP gibala okrog trenda potencialne rasti .
This scenario is based on the expectation that the global economy will remain resilient , with the slowdown of economic growth in the United States partly offset by the sustained strength of emerging market economies .
Ta scenarij temelji na pričakovanju , da bo svetovna gospodarska aktivnost ostala trdna in da bo upočasnjeno gospodarsko rast v ZDA deloma odtehtala nadaljnja močna rast nastajajočih tržnih gospodarstev .
Continued strong external demand should provide ongoing support to euro area exports and investment .
Zunanje povpraševanje bo predvidoma ostalo močno in tako še naprej podpiralo izvoz in investicije euroobmočja .
Consumption growth in the euro area should also contribute to economic growth , in line with developments in real disposable income , as continued employment growth provides supportive conditions .
Gospodarsko rast bo spodbujala tudi rast potrošnje v euroobmočju , ki se bo predvidoma krepila skladno z gibanjem realnega razpoložljivega dohodka , saj bodo razmere za zaposlovanje še naprej ugodne .
However , in view of the potential impact of prolonged financial market volatility and the re-pricing of risk on the real economy , the level of uncertainty surrounding this broadly favourable outlook for economic activity remains high .
Vseeno pa glede na možne učinke , ki bi jih na realno gospodarstvo lahko imela trajnejša nestanovitnost na finančnih trgih ter prevrednotenje tveganja , stopnja negotovosti , ki je povezana s temi večinoma ugodnimi gospodarskimi obeti , še najprej ostaja visoka .
On balance , risks to the outlook for growth are judged to lie on the downside .
Gledano v celoti ocenjujemo , da so tveganja na strani upočasnjevanja gospodarske rasti .
These downside risks relate mainly to the potential for a broader impact from the ongoing reappraisal of risk in financial markets on confidence and financing conditions , further oil and commodity price rises , as well as concerns about protectionist pressures and possible disorderly developments owing to global imbalances .
Ta navzdol usmerjena tveganja so povezana predvsem z možnostjo , da bo sedanje prevrednotenje tveganja na finančnih trgih imelo širši učinek na zaupanje in pogoje financiranja , ter z nadaljnjo rastjo cen nafte in primarnih surovin , pa tudi z negotovostjo glede protekcionističnih pritiskov in možnih neobvladljivih gibanj zaradi svetovnih neravnovesij .
As regards price developments , according to Eurostat 's flash estimate , the annual HICP inflation rate increased very strongly to 2.6% in October 2007 , from 2.1% in September .
Na področju cenovnih gibanj se je po Eurostatovi prvi oceni medletna inflacija , merjena z indeksom HICP , oktobra 2007 v primerjavi z septembrom močno povišala z 2,1% na 2,6% .
This sharp increase is a matter of particular concern and it is essential that it does not affect medium to longer-term inflation expectations . To that effect , as already indicated by the Governing Council on previous occasions , unfavourable effects from energy prices are having a strong upward impact on annual HICP inflation rates in the current period , owing mainly to the marked decline in energy prices a year ago. In addition , these effects have been strengthened by recent substantial further increases in oil , non-oil commodity and , in particular , food prices .
To skokovito povečanje je še posebej zaskrbljujoče , zato je bistveno , da ne prizadene srednjeročnih do dolgoročnejših inflacijskih pričakovanj . Kot je Svet ECB v preteklosti že poudaril , neugodni učinki cen energentov v sedanjem obdobju povzročajo močan pritisk na rast medletnih stopenj inflacije po HICP , kar je predvsem posledica precejšnjega padca cen energentov pred enim letom .
Overall , the Governing Council expects the HICP inflation rate to remain significantly above 2 % in the coming months before moderating again in the course of 2008 . Risks to the medium-term outlook for price developments are fully confirmed to lie on the upside .
Te pritiske na inflacijo so še okrepila nedavna nova občutna povečanja cen nafte , drugih surovin razen nafte in zlasti hrane . Gledano v celoti Svet ECB pričakuje , da bo stopnja inflacije po HICP v prihodnjih mesecih ostala precej nad 2 %, preden se bo tekom leta 2008 ponovno umirila .
These risks include the possibility of persistently high oil and agricultural prices , continuing the strong momentum observed in recent months , as well as unanticipated increases in administered prices and indirect taxes .
Obsegajo možnost vztrajno visokih cen nafte in kmetijskih izdelkov , ki bi lahko ohranile močan zagon iz zadnjih mesecev , ter nepričakovana povečanja nadzorovanih cen in posrednih davkov .
Moreover , taking into account the existence of capacity constraints , the favourable momentum of real GDP growth observed over the past few quarters , and the positive signs from labour markets , stronger than currently expected wage developments may occur .
Zaradi omejenega obsega prostih zmogljivosti , ugodne dinamike rasti realnega BDP v zadnjih nekaj četrtletjih ter pozitivnih znakov na trgu dela lahko pride tudi do močnejšega gibanja plač od trenutno pričakovanega .
Furthermore , an increase in pricing power in market segments with low competition could materialise . Such developments would pose upward risks to price stability .
Poleg tega bi se v tržnih segmentih z nižjo konkurenco lahko povečala moč podjetij pri oblikovanju cen . Takšna gibanja bi predstavljala navzgor usmerjena tveganja za stabilnost cen , zato je bistveno , da vse udeležene strani ravnajo odgovorno in da se prepreči sekundarne učinke .
It is therefore crucial that all parties concerned meet their responsibilities and that second-round effects be avoided .
Poleg tega bi bilo treba zmanjšati in na koncu odpraviti izrecno ali dejansko indeksacijo nominalnih plač na cene .
In addition , the explicit or de facto indexation of nominal wages to prices should be reduced and ultimately eliminated .
Denarna analiza potrjuje , da srednjeročno in dolgoročneje prevladujejo navzgor usmerjena tveganja za stabilnost cen .
The monetary analysis confirms the prevailing upside risks to price stability at medium to longer-term horizons . The strength of both money and credit growth in recent months -- with the annual growth rates of M3 and MFI loans to the private sector both at more than 11 % in September -- may have been influenced by a number of temporary or special factors , such as the flattening of the yield curve and the recent financial market volatility .
Na močno rast tako denarja kot kreditov v zadnjih mesecih -- medletna stopnja rasti agregata M3 in posojil denarnih finančnih institucij zasebnemu sektorju je bila septembra nad 11 % -- je lahko vplivalo več začasnih ali posebnih dejavnikov , kot sta položnejša krivulja donosnosti in nedavna nestanovitnost na finančnih trgih .
However , even taking into account these special factors , the underlying rate of money and credit expansion remains strong . Monetary developments therefore continue to require very careful monitoring so as to detect underlying trends on the one hand and to better understand shorter-term dynamics on the other .
Vseeno pa celo ob upoštevanju teh posebnih dejavnikov osnovna stopnja rasti denarja in kreditov ostaja visoka . Zato je treba denarna gibanja še naprej zelo skrbno spremljati , da bi po eni strani ugotovili osnovne trende , po drugi pa bolje razumeli kratkoročno dinamiko .
This monitoring will provide a more complete picture of the response of the private sector to the increased volatility in financial markets .
Tako bo mogoče celoviteje razumeti , kako se na povečano nestanovitnost na finančnih trgih odziva zasebni sektor .
A broad assessment of underlying trends in money and credit growth is particularly important , given recent financial market developments , since financial volatility may influence the short-term behaviour of money-holders and thereby affect monetary developments .
Širša ocena osnovnega trenda rasti denarja in kreditov je pomembna predvsem zaradi nedavnih gibanj na finančnih trgih , saj finančna nestabilnost lahko vpliva na kratkoročno vedenje imetnikov denarja in posledično na denarna gibanja .
Monetary and credit data can therefore offer an important insight into how financial institutions , households and firms have responded to the financial market volatility and heightened uncertainty .
Zato podatki o denarju in kreditih lahko omogočijo pomemben vpogled v to , kako so se finančne institucije , gospodinjstva in podjetja odzvala na nestanovitnost na finančnih trgih in na povečano negotovost .
Indeed , previous episodes of heightened financial market uncertainty have been associated with large portfolio shifts into safe and liquid monetary assets .
V prejšnjih obdobjih povečane negotovosti na finančnih trgih je namreč prišlo do obsežnih prerazporeditev portfeljev v varna in likvidna denarna sredstva .
For the time being , however , there is little evidence that such shifts have influenced the dynamics of broad money and credit aggregates since the onset of financial market volatility in early August , although specific balance sheet items , such as holdings of money market fund shares / units , may have been strongly affected .
Zaenkrat sicer ni veliko znakov , da bi od pojava nestanovitnosti na finančnih trgih v začetku avgusta takšni premiki vplivali na dinamiko agregatov širokega denarja in kreditov , čeprav so te razmere močno prizadele nekatere bilančne postavke , na primer imetja delnic / točk skladov denarnega trga .
The rate of growth of bank loans to households and non-financial corporations has remained robust in recent months , tentatively suggesting that there is no impairment in credit supply .
Stopnja rasti bančnih posojil gospodinjstvom in nefinančnim družbam je v zadnjih mesecih ostala močna , iz česar bi bilo mogoče sklepati , da se ponudba kreditov ni zmanjšala .
However , it cannot be excluded that the strong loan flows partly reflect the re-intermediation of some financing onto bank balance sheets given illiquidity in some segments of the asset-backed securities markets .
Vseeno ni mogoče izključiti možnosti , da močni posojilni tokovi glede na nelikvidnost nekaterih segmentov na trgu kolateraliziranih vrednostnih papirjev morda deloma odražajo ponovno pridobivanje dela financiranja pri bankah .
Further data and analysis will be required to develop a more complete view of the impact of the financial market volatility on bank balance sheets , financing conditions and money and credit growth .
Za celovitejšo oceno vpliva , ki ga je na bilančno stanje bank , pogoje financiranja ter rast denarja in kreditov imela nestanovitnost na finančnih trgih , bodo zato potrebni dodatni podatki in analize .
To sum up , a cross-check of the information identified under the economic analysis with the outcome of the monetary analysis has fully confirmed the existence of upside risks to price stability over the medium term , with money and credit growth vigorous in the euro area , and against the background of sound economic fundamentals in the euro area .
Navzkrižna primerjava rezultatov ekonomske in denarne analize je v celoti potrdila , da v srednjeročnem obdobju obstajajo navzgor usmerjena tveganja za stabilnost cen , saj rast denarja in kreditov v euroobmočju ostaja živahna , gospodarski temelji euroobmočja pa so trdni .
At the same time , given the continued uncertainty , additional information is needed before further conclusions for monetary policy can be drawn .
Hkrati so zaradi še vedno prisotne negotovosti potrebne dodatne informacije , preden bo mogoče sprejeti nadaljnje zaključke o denarni politiki .
By acting in a firm and timely manner on the basis of its assessment , the Governing Council will ensure that risks to price stability over the medium term do not materialise and that medium and long-term inflation expectations remain firmly anchored in line with price stability , which is all the more important in the current context .
Svet ECB bo z odločnim in pravočasnim ukrepanjem na podlagi svoje ocene zagotovil , da se tveganja za stabilnost cen v srednjeročnem obdobju ne uresničijo ter da srednjeročna in dolgoročna inflacijska pričakovanja ostanejo trdno zasidrana v skladu s stabilnostjo cen .
As regards the financial markets , the Governing Council will continue to pay great attention to developments over the period to come .
To je še posebej pomembno v sedanjih razmerah . Kar zadeva finančne trge , bo Svet ECB v prihodnjem obdobju še naprej pozorno spremljal vsa dogajanja .
Turning to fiscal policy , the Governing Council welcomes the ECOFIN Council 's agreement to strengthen the preventive arm of the Stability and Growth Pact .
V zvezi z javnofinančno politiko Svet ECB pozdravlja dogovor Ekonomsko-finančnega sveta , da okrepi preventivni del Pakta za stabilnost in rast .
The Governing Council also welcomes the recent confirmation by the ECOFIN Council of a reinforcement of its commitment to the full implementation of the Pact .
Prav tako pozdravlja nedavno potrditev Ekonomsko-finančnega sveta , da si bo še odločneje prizadeval za dosledno izvajanje pakta .
In particular , the provisions of the preventive arm , including the call for a structural adjustment of at least 0.5% of GDP per annum , need to be adhered to by all countries with fiscal imbalances .
Predvsem je pomembno , da določila preventivnega dela , vključno s pozivom za strukturno prilagoditev v višini vsaj 0,5% BDP na leto , spoštujejo vse države z javnofinančnim neravnovesjem .