natgillin/translations-raw huggingface dataset:
The annual growth of bank loans to the private sector remained negative in March , but this conceals a further positive monthly flow .
Medletna rast bančnih posojil zasebnemu sektorju je marca ostala negativna , vendar to prikriva dejstvo , da je bil mesečni tok še naprej pozitiven .
It also conceals ongoing opposite developments at the sectoral level , with positive , increasing annual growth in loans to households on the one side , and negative annual growth in loans to non-financial corporations on the other side .
Prikriva tudi še vedno nasprotna gibanja na sektorski ravni : pozitivno in naraščajočo medletno rast posojil gospodinjstvom na eni strani ter negativno medletno rast posojil nefinančnim družbam na drugi strani .
While the lagged response of loans to non-financial corporations to economic activity is a normal feature of the business cycle , the data over the past few months point to a possible discontinuation of the earlier downward trend in annual loan growth .
Medtem ko je zapoznel odziv posojil nefinančnim družbam na gospodarsko aktivnost običajna lastnost poslovnega cikla , pa podatki v zadnjih nekaj mesecih kažejo , da se je nedavni trend zniževanja medletne rasti posojil morebiti ustavil .
The latest data also confirm that the reduction in the size of banks » overall balance sheets has not continued since the turn of the year .
Najnovejši podatki tudi potrjujejo , da se obseg skupne bilance stanja bank od preloma leta ni več zmanjševal .
However , further adjustments cannot be ruled out and the challenge remains for banks to expand the availability of credit to the non-financial sector when demand picks up .
Vseeno nadaljnjih prilagoditev ni mogoče izključiti , banke pa se še vedno soočajo z izzivom , kako povečati razpoložljivost kreditov nefinančnemu sektorju , ko se bo povpraševanje povečalo .
To address this challenge , banks should turn to the market and use present funding conditions to strengthen further their capital bases .
Da bi se banke lahko učinkovito spoprijele s tem izzivom , bi se morale obrniti na trg in izkoristiti sedanje pogoje financiranja , da bi nadalje okrepile svojo kapitalsko osnovo .
A cross-check of the outcome of the economic analysis with that of the monetary analysis confirms that inflationary pressures over the medium term remain contained , as suggested by weak money and credit growth .
Navzkrižna primerjava rezultatov ekonomske in denarne analize potrjuje , da ostajajo inflacijski pritiski v srednjeročnem obdobju omejeni , kot kaže šibka rast denarja in kreditov .
Monetary policy will do all that is necessary to maintain price stability in the euro area over the medium term . Accordingly , the Governing Council will continue to monitor all developments over the period ahead very closely .
Denarna politika bo storila vse , kar je potrebno , da bi srednjeročno ohranila stabilnost cen v euroobmočju . Svet ECB bo zato vsa gibanja zelo natančno spremljal tudi v prihodnjem obdobju .
As regards fiscal policies , the Governing Council calls for decisive actions by governments to achieve a lasting and credible consolidation of public finances .
Na področju javnofinančnih politik Svet ECB poziva k odločnemu ukrepanju vlad , da bi dosegle trajno in prepričljivo konsolidacijo javnih financ .
The latest information shows that the correction of the large fiscal imbalances will , in general , require a stepping-up of current efforts .
Najnovejše informacije kažejo , da bo za odpravo velikih javnofinančnih neravnovesij treba pospešiti sedanja prizadevanja .
Fiscal consolidation will need to exceed substantially the annual structural adjustment of 0.5% of GDP set as a minimum requirement by the Stability and Growth Pact .
Javnofinančna konsolidacija bo morala občutno preseči letno strukturno prilagoditev v višini 0,5% BDP , ki jo kot minimalno zahtevo določa Pakt za stabilnost in rast .
The longer the fiscal correction is postponed the greater the adjustment needs become and the higher the risk of reputational and confidence losses .
Čim dlje se bo odlašalo z odpravo javnofinančnih neravnovesij , tem večje prilagoditve bodo potrebne in višja bodo tveganja izgube ugleda in zaupanja .
Instead , the swift implementation of frontloaded and comprehensive consolidation plans , focusing on the expenditure side and combined with structural reforms , will strengthen public confidence in the capacity of governments to regain sustainability of public finances , reduce risk premia in interest rates and thus support sustainable growth over the medium term .
Nasprotno pa bo hitro in zgodnejše izvajanje celovitih konsolidacijskih načrtov , ki se osredotočajo na strani odhodkov in jih dopolnjujejo strukturne reforme , okrepilo zaupanje javnosti v sposobnost vlad , da ponovno dosežejo vzdržnost javnih financ , zmanjšajo premije za tveganje v obrestnih merah in tako spodbudijo vzdržno gospodarsko rast v srednjeročnem obdobju .
In this context , the Governing Council welcomes the economic and financial adjustment programme which was approved by the Greek government following the successful conclusion of the negotiations with the European Commission , in liaison with the ECB , and the International Monetary Fund , with a view to safeguarding financial stability in the euro area as a whole .
V zvezi s tem Svet ECB pozdravlja program gospodarskega in finančnega prilagajanja , ki ga je sprejela grška vlada , potem ko so se uspešno zaključila pogajanja z Evropsko komisijo ob posredovanju ECB in z Mednarodnim denarnim skladom , s ciljem obvarovati finančno stabilnost v euroobmočju kot celoti .
For all euro area countries , structural reforms leading to higher growth and employment are crucial to support a sustainable recovery .
V vseh državah euroobmočja so strukturne reforme , ki bodo podprle višjo rast in zaposlenost , ključne pri spodbujanju vzdržnega okrevanja .
In view of the recent rise in unemployment , tax and benefit systems that set effective incentives to work , improved training schemes and sufficient flexibility in labour contracts are required in order to avoid an increase in structural unemployment . At the same time , existing competitiveness problems , as well as domestic and external imbalances , need to be urgently addressed by the countries concerned .
Glede na nedavno povečanje brezposelnosti so za to , da bi se izognili večji strukturni brezposelnosti , potrebni takšni sistemi davkov in socialnih prejemkov , ki dajejo učinkovite spodbude za delo , ter izboljšani programi usposabljanja in zadostna prožnost pogodb o zaposlitvi . Obenem se morajo vse prizadete države nujno spopasti s problemi konkurenčnosti ter z domačimi in zunanjimi neravnovesji .
To that end , wage-bargaining institutions that allow wages to adjust appropriately to losses in competitiveness and the unemployment situation are indispensable .
V ta namen so nujne takšne institucije plačnih pogajanj , ki bodo omogočale ustrezno prilagajanje plač nižji konkurenčnosti in razmeram na področju brezposelnosti .
Likewise , measures that increase price flexibility and non-price competitiveness are essential .
V enaki meri so bistveni tudi ukrepi , ki bodo povečali prožnost cen in necenovno konkurenčnost .
The first article provides an assessment of how the monetary policy transmission mechanism in the euro area has evolved since the introduction of the euro .
Prvi članek ocenjuje , kako se je od uvedbe eura razvijal transmisijski mehanizem denarne politike v euroobmočju .
The second article discusses the key underlying causes of the « Great Inflation » of the 1970s and identifies the main lessons for monetary policy .
Drugi članek pa obravnava ključne vzroke za » veliko inflacijo « v 1970-ih letih in ugotavlja , kaj se lahko iz tega nauči denarna politika .
The following box outlines the measures taken by the Governing Council on 10 May 2010 .
V okvirju spodaj so opisani ukrepi , ki jih je 10 . maja 2010 sprejel Svet ECB .
Box 1 : Additional measures decided by the Governing Council
Okvir 1 : Dodatni ukrepi , ki jih je sprejel Svet ECB
On 10 May 2010 the Governing Council decided on several measures to address the severe tensions observed in certain market segments which are hampering the monetary policy transmission mechanism and thereby the effective conduct of monetary policy oriented towards price stability in the medium term .
Svet ECB je 10 . maja 2010 sprejel več ukrepov , da bi zmanjšal hude napetosti , ki so se pojavile na določenih segmentih trga in ki ovirajo transmisijski mehanizem denarne politike ter s tem uspešno izvajanje denarne politike , usmerjene k cenovni stabilnosti v srednjeročnem obdobju .
These measures are designed not to affect the monetary policy stance .
Ti ukrepi so zasnovani tako , da ne bodo vplivali na naravnanost denarne politike .
In particular , the Governing Council decided to conduct interventions in the euro area public and private debt securities markets , under a Securities Markets Programme , to ensure depth and liquidity in those market segments which are dysfunctional .
Tako se je Svet ECB odločil , da bo v okviru programa ukrepov na trgih vrednostnih papirjev izvajal posege na trgu javnih in zasebnih dolžniških vrednostnih papirjev v euroobmočju , s čimer bo zagotovil globino in likvidnost na tistih segmentih trga , ki ne delujejo .
The objective of this programme is to address the malfunctioning of securities markets and to restore an appropriate monetary policy transmission mechanism .
Cilj tega programa je odpraviti vzroke za nepravilno delovanje trgov vrednostnih papirjev in ponovno vzpostaviti ustrezen transmisijski mehanizem denarne politike .
The scope of the interventions will be determined by the Governing Council .
Obseg posegov bo določil Svet ECB .
In making this decision , the Governing Council has taken note of the statement by the euro area governments that they « will take all measures needed to meet [ their ] fiscal targets this year and in the years ahead in line with excessive deficit procedures » and of the precise additional commitments made by some euro area governments to accelerate fiscal consolidation and ensure the sustainability of their public finances .
Pri sprejemanju te odločitve je Svet ECB upošteval izjavo vlad euroobmočja , da » bodo sprejele vse potrebne ukrepe , da bi letos in v prihodnjih letih izpolnile svoje javnofinančne cilje v skladu s postopkom v zvezi s čezmernim primanjkljajem «. Upošteval je tudi natančno opredeljene dodatne zaveze , ki so jih sprejele nekatere vlade euroobmočja , da bi pospešile javnofinančno konsolidacijo in zagotovile vzdržnost svojih javnih financ .
The impact of the above interventions will be sterilised by conducting specific operations to re-absorb the liquidity injected through the Securities Markets Programme .
Učinek teh posegov bo nevtraliziran z izvajanjem posebnih operacij za umikanje likvidnosti , dodeljene prek programa ukrepov na trgih vrednostnih papirjev .
In addition , the Governing Council decided to adopt a fixed rate tender procedure with full allotment in the regular three-month longer-term refinancing operations ( LTROs ) to be allotted on 26 May and on 30 June 2010 .
Poleg tega je Svet ECB sklenil , da bosta redni 3-mesečni operaciji dolgoročnejšega refinanciranja , ki bosta dodeljeni 26 . maja in 30 .
Moreover , a six-month LTRO with full allotment was conducted on 12 May 2010 , at a rate fixed at the average minimum bid rate of the main refinancing operations over the life of the operation .
Obenem je bila 12 . maja 2010 izvedena 6-mesečna operacija dolgoročnejšega refinanciranja s polno dodelitvijo po obrestni meri , ki je določena kot povprečna izklicna obrestna mera v operacijah glavnega refinanciranja med trajanjem te operacije .
Finally , the Governing Council decided to reactivate , in coordination with other central banks , the temporary liquidity swap lines with the Federal Reserve System , and to resume US dollar liquidity-providing operations at terms of 7 and 84 days .
Svet ECB je tudi sklenil , da bo v sodelovanju z drugimi centralnimi bankami ponovno aktiviral začasne zamenjave likvidnosti z ameriško centralno banko in začel ponovno izvajati operacije povečevanja likvidnosti v ameriških dolarjih z zapadlostjo 7 in 84 dni .
These operations will take the form of repurchase operations against ECB-eligible collateral and will be carried out as fixed rate tenders with full allotment .
Te operacije bodo potekale v obliki repo poslov na podlagi primernega finančnega premoženja , ki se uporablja kot zavarovanje v operacijah ECB , in se bodo izvajale kot avkcije s fiksno obrestno mero in polno dodelitvijo .
The first such operation was carried out on 11 May 2010 .
Prva takšna operacija je bila izvedena 11 . maja 2010 .
The Governing Council considers the above measures essential in order to ensure the effectiveness of the monetary policy transmission mechanism .
Po mnenju Sveta ECB so ti ukrepi nujni za uspešno delovanje transmisijskega mehanizma denarne politike .
In particular , the measures will help to mitigate the spillover of increased financial market volatility , liquidity risks and market dislocations in the access to finance in the economy .
Tako bodo ti ukrepi prispevali k blažitvi učinkov povečane volatilnosti finančnih trgov , likvidnostnih tveganj in motenj na trgu pri dostopu do finančnih sredstev v gospodarstvu .
The sterilisation of the interventions in the euro area public and private debt securities markets will ensure that the Securities Markets Programme does not affect prevailing levels of liquidity and money market rates .
Nevtralizacija posegov na trgu javnih in zasebnih dolžniških vrednostnih papirjev v euroobmočju bo zagotovila , da program ukrepov na trgih vrednostnih papirjev ne bo vplival na prevladujočo raven likvidnosti in obrestnih mer denarnega trga .
As such , the measures adopted do not affect the monetary policy stance .
S tem sprejeti ukrepi ne vplivajo na naravnanost denarne politike .
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Official Journal of the European Union C 58/3
C 58/3 EVROPSKA CENTRALNA BANKA MNENJE SVETA EVROPSKE CENTRALNE BANKE z dne 4 .
EUROPEAN CENTRAL BANK OPINION OF THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK of 4 March 2010 on a Council recommendation on the appointment of the Vice-President of the European Central Bank ( CON / 2010/19 ) ( 2010 / C 58/03 ) Introduction and legal basis On 24 February 2010 the European Central Bank ( ECB ) received a request from the President of the European Council for an opinion on a Council Recommendation on the appointment of the VicePresident of the European Central Bank .
marca 2010 o priporočilu Sveta o imenovanju podpredsednika Evropske centralne banke ( CON / 2010/19 ) ( 2010 / C 58/03 ) Uvod in pravna podlaga Evropska centralna banka ( ECB ) je dne 24 . februarja 2010 prejela zahtevo predsednika Evropskega sveta za mnenje o Priporočilu Sveta o imenovanju podpredsednika Evropske centralne banke .
The competence of the ECB 's Governing Council to deliver an opinion is based on Article 283 ( 2 ) of the Treaty on the Functioning of the European Union .
Pristojnost Sveta ECB , da poda mnenje , izhaja iz člena 283 ( 2 ) Pogodbe o delovanju Evropske unije .
General observations 1 .
Splošne ugotovitve 1 .
The Council 's recommendation , which was submitted to the European Council and on which the European Parliament and the ECB 's Governing Council are being consulted , recommends that Vítor CONSTÂNCIO be appointed as the Vice-President of the ECB for a term of office of eight years with effect from 1 June 2010 .
Priporočilo Sveta , ki je bilo predloženo v odločanje Evropskemu svetu ter o katerem sta zaprošena za mnenje Evropski parlament in Svet ECB , priporoča , da se Vitor CONSTÂNCIO imenuje za podpredsednika ECB za mandat osem let od 1 . junija 2010 .
The ECB 's Governing Council is of the opinion that the proposed candidate is a person of recognised standing and professional experience in monetary or banking matters as required by Article 283 ( 2 ) of the Treaty .
Svet ECB meni , da je predlagani kandidat oseba , ki ima ugled in poklicne izkušnje na monetarnem ali bančnem področju , kot zahteva člen 283 ( 2 ) Pogodbe .
The ECB 's Governing Council has no objection to the Council 's recommendation to appoint Vítor CONSTÂNCIO as the Vice-President of the ECB .
Svet ECB ne nasprotuje priporočilu Sveta , da se Vitor CONSTÂNCIO imenuje za podpredsednika ECB .
Done at Frankfurt am Main , 4 March 2010 .
V Frankfurtu na Majni , 4 .
ECB STAFF MACROECONOMIC PROJECTIONS FOR THE EURO AREA On the basis of the information available up to 20 August 2010 , ECB staff have prepared projections for macroeconomic developments in the euro area .
MAKROEKONOMSKE PROJEKCIJE STROKOVNJAKOV ECB ZA EUROOBMOČJE Strokovnjaki ECB so na podlagi podatkov , ki so bili na voljo do 20 . avgusta 2010 , pripravili projekcije makroekonomskih gibanj v euroobmočju .
1 Average annual real GDP growth is projected to be between 1.4% and 1.8% in 2010 and between 0.5% and 2.3% in 2011 .
1 Realna rast BDP naj bi se v letu 2010 v povprečju gibala med 1,4% in 1,8% , v letu 2011 pa med 0,5% in 2,3% .
Inflation is projected to be broadly stable in a range between 1.5% and 1.7% in 2010 and between 1.2% and 2.2% in 2011 .
Inflacija naj bi bila v glavnem stabilna med 1,5% in 1,7% v letu 2010 ter med 1,2% in 2,2% v letu 2011 .
Technical assumptions about interest rates , exchange rates , commodity prices and fiscal policies The technical assumptions about interest rates and both energy and non-energy commodity prices are based on market expectations , with a cut-off date of 13 August 2010.2 The assumption about short-term interest rates is of a purely technical nature .
Tehnične predpostavke o obrestnih merah , deviznih tečajih , cenah primarnih surovin in javnofinančnih politikah Tehnične predpostavke o obrestnih merah ter cenah energentov in drugih primarnih surovin temeljijo na tržnih pričakovanjih , s presečnim datumom na dan 13 . avgusta 2010.2 Predpostavka o kratkoročnih obrestnih merah je povsem tehnične narave .
The methodology gives an overall average level of short-term interest rates of 0.8% for 2010 and 1.1% for 2011 .
Metodologija kaže na splošno povprečno raven kratkoročnih obrestnih mer v višini 0,8% v letu 2010 in 1,1% v letu 2011 .
The technical assumptions for euro area ten-year nominal government bond yields are also derived from market expectations and imply an average level of 3.6% in 2010 and 3.8% in 2011.3 The baseline projection takes into account further improvements in financing conditions and assumes accordingly that , over the projection horizon , bank lending rate spreads vis-à-vis the above-mentioned interest rates will stabilise or narrow somewhat .
Tehnične predpostavke o nominalni donosnosti 10-letnih državnih obveznic euroobmočja , ki so tudi izpeljane iz tržnih pričakovanj , kažejo na povprečno raven v višini 3,6% v letu 2010 in 3,8% v letu 2011.3 Osnovne projekcije upoštevajo nadaljnje izboljšanje pogojev financiranja in predpostavljajo , da se bo razmik bančnih obrestnih mer za posojila glede na navedene obrestne mere v obdobju projekcij stabiliziral ali nekoliko zožil .
Similarly , credit supply conditions are assumed to ease over the projection horizon .
Podobno naj bi tudi kreditni pogoji v obdobju projekcij postali ugodnejši .
As regards commodities , on the basis of the path implied by futures markets in the two-week period ending on the cut-off date , oil prices per barrel are assumed to average USD 78.8 in 2010 and USD 84.0 in 2011 .
Glede primarnih surovin se na podlagi gibanj na terminskih trgih v dvotedenskem obdobju s koncem na presečni datum predpostavlja , da bo povprečna cena nafte v letu 2010 znašala 78,8 USD za sod , v letu 2011 pa 84,0 USD za sod .
The prices of non-energy commodities in US dollars are assumed to rebound strongly , by 39.1% in 2010 and a further 11.0% in 2011 .
Cene primarnih surovin brez energentov v ameriških dolarjih naj bi se povečale kar za 39,1% v letu 2010 in za nadaljnjih 11,0% v letu 2011 .
Bilateral exchange rates are assumed to remain unchanged over the projection horizon at the average levels prevailing in the two-week period ending on the cut-off date .
Za dvostranske devizne tečaje se predpostavlja , da bodo v obdobju projekcij ostali nespremenjeni na povprečni ravni , ki je prevladovala v 2-tedenskem obdobju s koncem na presečni datum .
This implies a USD / EUR exchange rate of 1.31 over the whole projection horizon and an effective exchange rate of the euro that , on average , depreciates by 6.5% in 2010 and a further 1.4% in 2011 .
To pomeni , da bo devizni tečaj med eurom in ameriškim dolarjem ( USD / EUR ) v celotnem obdobju projekcij na ravni 1,31 , efektivni tečaj eura pa se bo v letu 2010 v povprečju znižal za 6,5% in v letu 2011 še za 1,4% .
Fiscal policy assumptions are based on individual euro area countries » national budget plans as available on 17 August 2010 . They include all policy measures that have already been approved by national parliaments or that have been specified in detail by governments and are likely to pass the legislative process .
Predpostavke o javnofinančnih politikah temeljijo na proračunskih načrtih posameznih držav članic euroobmočja , kot so bili na voljo 17 . avgusta 2010 .
Assumptions with regard to the international environment The recovery of the global economy is continuing , although the waning contributions from the inventory cycle and fiscal stimuli are expected to lead to a slower pace in the second half of 2010 .
Vključujejo vse tiste ukrepe politik , ki so jih nacionalni parlamenti že odobrili oziroma so že bili podrobno opredeljeni s strani vlade in bodo verjetno tudi sprejeti . 1
Thereafter , the 1 The ECB staff macroeconomic projections complement the Eurosystem staff macroeconomic projections that are produced jointly by experts from the ECB and from the euro area national central banks on a biannual basis .
Projekcije ECB dopolnjujejo makroekonomske projekcije Eurosistema , ki jih dvakrat letno skupaj pripravijo strokovnjaki ECB in strokovnjaki nacionalnih centralnih bank euroobmočja .
The techniques used are consistent with those of the Eurosystem staff projections as described in « A guide to Eurosystem staff macroeconomic projection exercises » , ECB , June 2001 , which is available on the ECB 's website .
Uporabljene metode so skladne z metodami , ki se uporabljajo pri pripravi projekcij Eurosistema in so opisane v dokumentu „A guide to Eurosystem staff macroeconomic projection exercises » , ECB , junij 2001 , ki je na voljo na spletni strani ECB .