natgillin/translations-raw huggingface dataset:
Real GDP growth projections Following the exceptionally high growth in euro area real GDP in 2006 , with Eurostat 's first estimate for the fourth quarter of the year indicating a quarter-on-quarter growth rate of 0.9% , GDP is projected to expand over the horizon at quarterly growth rates of around 0.6% .
Projekcije rasti realnega BDP Po izjemno visoki rasti realnega BDP eruoobmočja v letu 2006 in glede na prvo oceno strokovnjakov Eurostata za četrto četrtletje leta , ki kaže na medčetrtletno stopnjo rasti v višini 0,9% , naj bi BDP v obdobju projekcij rasel po četrtletnih stopnjah okrog 0,6% .
Against this background , it is projected that average annual real GDP growth will be between 2.1% and 2.9% in 2007 and between 1.9% and 2.9% in 2008 .
Glede na to projekcije napovedujejo , da bo povprečna medletna rast realnega BDP v letu 2007 med 2,1% in 2,9% , v letu 2008 pa med 1,9% in 2,9% .
Among the driving factors , export growth is expected to continue to support economic activity , despite some competitiveness losses , as foreign demand is assumed to continue to grow at a robust pace .
Rast izvoza bo kljub določeni izgubi konkurenčnosti predvidoma še naprej podpirala gospodarsko aktivnost , saj se predpostavlja nadaljnja trdna rast zunanjega povpraševanja .
Private consumption is projected to increase broadly in line with real disposable income , which is expected to benefit in particular from improvements in the labour market .
Zasebno povpraševanje bo po projekcijah naraščalo približno v skladu z gibanjem realnega razpoložljivega dohodka , na katerega bodo po pričakovanjih ugodno vplivali predvsem boljši pogoji na trgu dela .
Total fixed investment growth is projected to continue at a robust pace , in a context of continued favourable financing conditions , high profits and favourable demand prospects .
Skupna vlaganja v osnovna sredstva bodo po projekcijah zaradi še vedno ugodnih pogojev financiranja , visokih dobičkov in dobrih obetov za rast povpraševanja še naprej rasla s hitrim tempom .
2006 HICP Real GDP Private consumption Government consumption Gross fixed capital formation Exports ( goods and services ) Imports ( goods and services ) 2.2 2.8 2.0 2.3 4.9 8.3 7.9
2006 HICP Realni BDP Zasebna potrošnja Državna potrošnja Bruto investicije v osnovna sredstva Izvoz ( blago in storitve ) Uvoz ( blago in storitve ) 2,2 2,8 2,0 2,3 4,9 8,3 7,9
1 ) For each variable and horizon , the range is based on the average absolute difference between actual outcomes and previous projections by euro area central banks .
1 ) Razponi za vsako spremenljivko in obdobje temeljijo na povprečni absolutni razliki med dejanskimi rezultati in preteklimi napovedmi centralnih bank euroobmočja .
2 ) Slovenia is included in the euro area projections as of 2007 .
2 ) Slovenija je z letom 2007 vključena v projekcije euroobmočja .
The weight of Slovenia in euro area GDP is approximately 0.3% .
Ponder Slovenije v BDP euroobmočja je približno 0,3% .
Price and cost projections The average rate of increase in the overall HICP is projected to be between 1.5% and 2.1% in 2007 and between 1.4% and 2.6% in 2008 .
Projekcije cen in stroškov Povprečna stopnja rasti skupne inflacije po HICP naj bi bila med 1,5% in 2,1% v letu 2007 ter med 1,4% in 2,6% v letu 2008 .
In line with the oil price assumptions , as derived from current oil futures prices , the contribution from increasing energy and non-oil commodity prices to consumer price developments is expected to be relatively minor .
Skladno s predpostavkami o cenah nafte , izpeljanih iz tekočih terminskih cen nafte , naj bi bil prispevek rastočih cen energije in drugih primarnih surovin h gibanjem cen življenjskih potrebščin relativno majhen .
At the same time , the projections are based on the expectation that wage growth will increase somewhat over the projection period .
Obenem projekcije temeljijo na pričakovanju , da se bo rast plač v obdobju projekcij nekoliko povečala .
As labour productivity growth is projected to remain roughly stable , this implies a projection of increasing unit labour cost growth over the horizon .
Ker bo rast produktivnosti predvidoma ostala približno nespremenjena , bodo torej stroški dela na enoto proizvoda naraščali .
A major factor affecting HICP inflation in 2007 is higher indirect taxes ( with an aggregate euro area contribution of 0.5 percentage point to HICP inflation ) .
Eden glavnih vplivov na inflacijo po HICP v letu 2007 bodo višji posredni davki ( agregatni prispevek na ravni euroobmočja k inflaciji po HICP bo 0,5 odstotne točke ) .
For 2008 , by contrast , no effects from indirect taxes are currently embedded in the projections .
Nasprotno v sedanjih projekcijah za leto 2008 niso predvideni nikakršni učinki iz naslova posrednih davkov .
Finally , the HICP projections are based on expectations of still steady , albeit slightly declining , growth in profit margins
Končno projekcije inflacije po HICP temeljijo tudi na pričakovanjih še vedno vztrajne , čeprav nekoliko padajoče rasti profitnih marž .
Comparison with the December 2006 projections Compared with the Eurosystem staff macroeconomic projections published in the December 2006 issue of the Monthly Bulletin , the ranges projected for real GDP growth in 2007 and 2008 have been adjusted slightly upwards , reflecting mostly the positive outcome for GDP in the second half of 2006 and lower energy prices than previously assumed .
Primerjava s projekcijami iz decembra 2006 V primerjavi z makroekonomskimi projekcijami strokovnjakov Eurosistema , objavljenih v Mesečnem biltenu decembra 2006 , so razponi predvidene rasti realnega BDP za leti 2007 in 2008 nekoliko popravljeni navzgor , kar odraža predvsem pozitiven rezultat BDP v drugi polovici leta 2006 in nižje cene energije od predvidenih .
The new range projected for the annual rate of increase in the overall HICP in 2007 is within the lower part of the range of the December 2006 projections , reflecting mainly the assumption of lower energy prices .
Novi napovedani razpon medletne stopnje rasti skupnega indeksa HICP v letu 2007 je v spodnjem delu razpona iz decembrskih projekcij , kar odraža predvsem predpostavko nižjih cen energije . Razpon za leto 2008 se je pomaknil navzgor , kar odraža predpostavko nekoliko močnejših pritiskov na plače , kot so bili predvideni decembra 2006 .
The range for 2008 ECB ECB staff macroeconomic projections for the euro area March 2007
ECB Makroekonomske projekcije strokovnjakov ECB za euroobmočje marec 2007
has been shifted upwards , reflecting the assumption of slightly stronger wage pressures than in the December 2006 exercise . Table B Comparison with the December 2006 projections ( average annual percentage changes )
Tabela B Primerjava s projekcijami , objavljenimi marca 2006 ( povprečne medletne spremembe v odstotkih )
Real GDP -- December 2006 Real GDP -- March 2007 HICP -- December 2006 HICP -- March 2007
Realni BDP -- december 2006 Realni BDP -- marec 2007 HICP -- december 2006 HICP -- marec 2007
Methodological note on the short-term interest rate assumptions used in the projection exercises The market-based short-term interest rate assumptions used in the Eurosystem / ECB staff macroeconomic projection exercises are three-month forward rates computed from a zero-coupon yield curve estimated using the Nelson-SiegelSvensson method , a method commonly employed by central banks to estimate yield curves .
Metodološka opomba k predpostavkam o kratkoročnih obrestnih merah , uporabljenih v projekcijah Kratkoročne obrestne mere na podlagi tržnih predpostavk , ki se uporabljajo v makroekonomskih projekcijah strokovnjakov ECB / Eurosistema , so trimesečne terminske obrestne mere ( forward rates ) , izračunane iz krivulje donosnosti brezkuponskih obveznic z uporabo metode Nelson-Siegel-Svensson , ki jo centralne banke običajno uporabljajo za ocenjevanje krivulj donosnosti .
3 These interest rate assumptions can therefore diverge somewhat from EURIBOR futures rates , which market participants often use as indicators of future short-term interest rates .
3 Te predpostavke o obrestnih merah se torej lahko nekoliko razlikujejo od obrestnih mer terminskih pogodb na EURIBOR ( future rates ) , ki jih tržni udeleženci pogosto uporabljajo kot kazalnike prihodnjih kratkoročnih obrestnih mer .
The ECB chose to use forward rates because EURIBOR futures contracts are liquid only up to the three-year horizon , and for some model simulations the full path of short-term interest rates up to the ten-year horizon is needed .
ECB se je odločila za uporabo terminskih obrestnih mer , ker so terminske pogodbe na EURIBOR likvidne le v obdobju treh let , za nekatere simulacije modelov pa je potrebno gibanje kratkoročnih obrestnih mer tudi v obdobju do deset let .
Additionally , a consistent calculation of short-term and long-term interest rate assumptions in the projection exercises requires the whole yield curve up to ten-year maturity .
Poleg tega dosledno računanje predpostavk o kratkoročnih in dolgoročnih obrestnih merah pri pripravah projekcij zahteva celotno krivuljo donosnosti vse do desetletne zapadlosti .
Differences between the forward and futures rates are mainly due to different quoting conventions for EURIBOR futures rates and Reuters zero coupon swap rates , which are used as input for fitting a euro area swap curve using the Nelson-Siegel-Svensson method .
Razlike med obrestnimi merami forward in futures v glavnem izhajajo iz različnih dogovorov o navajanju obrestnih mer v terminskih pogodbah na EURIBOR in v obrestnih zamenjavah v zvezi z brezkuponskimi obveznicami Reutersa , ki se uporabljajo kot vhodni podatki pri računanju krivulje donosnosti euroobmočja z uporabo metode Nelson-SiegelSvensson .
Differences relate notably to compounding conventions and day count conventions .
Razlike se v glavnem nanašajo na konvencije o računanju obresti in štetju dni .
As regards compounding conventions , interest rates which refer to a period of less than a year , for example threemonth forward rates , are usually expressed in per annum terms and thus need to be annualised .
Glede računanja obresti se obrestne mere , ki se nanašajo na obdobje , krajše od enega leta , na primer trimesečne terminske obrestne mere , običajno izrazijo na letni ravni , zaradi česar jih je treba preračunati na letno raven .
The forward rates used by ECB staff are computed as compounded rates , which means that they take « interest on interest » into account .
Terminske obrestne mere , ki jih uporabljajo strokovnjaki ECB , zahtevajo obrestno obrestno računanje , kar pomeni , da se upoštevajo tudi » obresti na obresti «.
By contrast , EURIBOR rates are quoted as simple rates .
Nasprotno pa se obrestne mere EURIBOR navajajo kot navadne obresti .
Simple rates are lower ( at about 5 basis points at the current level of interest rates ) than comparable compounded rates .
Navadne obresti so nižje ( kakšnih 5 bazičnih točk na trenutni ravni obrestnih mer ) kot primerljive obrestno obrestne mere .
Another relevant interest rate convention is related to the assumed length of a year .
Druga konvencija glede obrestnih mer , ki jo je treba upoštevati , je predpostavljena dolžina leta .
Zero coupon swap rates provided by Reuters are quoted as actual / actual .
Obrestne zamenjave v zvezi z brezkuponskimi obveznicami , ki jih nudi Reuters , se navajajo kot dejansko / dejansko .
This means that a given period is annualised by assuming a year has 365 days ( or 366 days in leap years ) .
To pomeni , da se dano obdobje preračuna na letno raven ob predpostavki , da ima leto 365 dni ( ali 366 , če je prehodno ) .
EURIBOR rates , by contrast , are quoted as actual / 360 .
Obrestne mere EURIBOR pa se nasprotno navajajo kot dejansko / 360 .
They are therefore slightly lower ( about 6 basis points at present ) than comparable zero coupon rates .
Zaradi tega so rahlo nižje ( trenutno kakšnih 6 bazičnih točk ) kot primerljive obrestne mere v zvezi z brezkuponskimi obveznicami .
Overall , the difference in quoting conventions causes the interest rate assumptions used for the projections to be some 10 basis points higher than EURIBOR futures rates at present .
Na splošno so predpostavke o obrestnih merah , uporabljene v projekcijah , trenutno kakšnih 10 bazičnih točk višje kot obrestne mere terminskih pogodb na EURIBOR zaradi razlik v navajanju obrestnih mer .
In this context , it is important to stress again that these interest rate assumptions are computed mechanically from the yield curve and do not contain any judgemental factors .
Na tem mestu je treba še enkrat poudariti , da se te predpostavke o obrestnih merah računajo mehansko na podlagi krivulje donosnosti in da torej niso odvisne od nikakršne presoje .
See « Zero-coupon yield curves : technical documentation » , BIS Papers No 25 , Bank for International Settlements , 2005 .
Glej » Zero-coupon yield curves : technical documentation «, BIS Papers No 25 , Bank for International Settlements , 2005 .
Brussels , 12.9.2006 COM ( 2006 ) 507 final 2006/0166 ( COD )
Bruselj , 12.9.2006 COM ( 2006 ) 507 konč . 2006/0166 ( COD )
Proposal for a DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Council Directive 92/49 / EEC and Directives 2002/83 / EC , 2004/39 / EC , 2005/68 / EC and 2006/48 / EC as regards procedural rules and evaluation criteria for the prudential assessment of acquisitions and increase of shareholdings in the financial sector
Predlog DIREKTIVA EVROPSKEGA PARLAMENTA IN SVETA o spremembi Direktive Sveta 92/49 / EGS in direktiv 2002/83 / ES , 2004/39 / ES , 2005/68 / ES in 2006/48 / ES glede postopkovnih pravil in ocenjevalnih meril za oceno varnega in skrbnega poslovanja pri pridobitvah in zvišanju imetništva delnic v finančnem sektorju
( presented by the Commission ) { SEC ( 2006 ) 1117 } { SEC ( 2006 ) 1118 }
( predložila Komisija ) { SEC ( 2006 ) 1117 } { SEC ( 2006 ) 1118 }
CONTEXT OF THE PROPOSAL Grounds for and objectives of the proposal This proposal aims to considerably improve the legal certainty , clarity and transparency of the supervisory approval process with regard to acquisitions and increase of shareholdings in the banking , insurance and securities sectors .
OZADJE PREDLOGA Razlogi in cilji predloga Namen tega predloga je močno izboljšati pravno varnost , jasnost in preglednost nadzornega postopka odobritve za pridobitve in povečanje imetništva delnic v bančništvu , zavarovalništvu in sektorju vrednostnih papirjev .
General context The EU single financial market goes hand in hand with prudential soundness and financial stability .
Splošno ozadje Enotni finančni trg EU se razvija v skladu s trdnostjo skrbnega in varnega poslovanja ter finančno stabilnostjo .
Steady EU-led convergence in regulatory requirements , underpinned by common ground-rules and pragmatic means of implementing and applying the Community Directives for a single market for financial services has already contributed greatly to achieving this goal .
Stalno zbliževanje regulativnih zahtev , ki ga vodi EU , podprto s skupnimi osnovnimi pravili in pragmatičnimi sredstvi za uvedbo in uporabo direktiv Skupnosti za enoten trg za finančne storitve , je že veliko prispevalo k doseganju tega cilja .
Cross-border consolidation is the result of business decisions made by market participants .
Čezmejno povezovanje je rezultat poslovnih odločitev udeležencev na trgu .
Although consolidation is not an end in itself , it remains a means to achieve greater efficiency .
Čeprav povezovanje ni samo sebi namen , pa ostaja sredstvo za povečanje učinkovitosti .
Market driven consolidation allows institutions to reach their potential and compete internationally .
Tržno povezovanje omogoča institucijam , da razvijejo svoje zmožnosti in tekmujejo na mednarodni ravni .
An important aspect of the single market is the removal of any unjustifiable obstacles to the smooth functioning of the internal market .
Pomemben vidik enotnega trga je ukinitev vseh neupravičenih ovir za nemoteno delovanje notranjega trga .
Undue interference by regulators , national or supra-national authorities in the implementation of a business decision that would have resulted in consolidation could effectively prevent the proper functioning of the market . In the extreme , an abusive use of powers could frustrate and render impractical an otherwise economically justifiable initiative .
Neumestno vmešavanje zakonodajalcev , nacionalnih ali nadnacionalnih organov v izvajanje poslovne odločitve , ki bi imela za rezultat povezovanje , bi dejansko lahko preprečilo ustrezno delovanje trga . V skrajnem primeru bi nezakonita uporaba pooblastil lahko preprečila in onesposobila sicer gospodarsko upravičeno pobudo .
The current system of prudential supervision in the European Union is based on the principle of responsibility for the competent authorities of home Member States .
Trenutni sistem nadzora varnega in skrbnega poslovanja v Evropski uniji temelji na načelu odgovornosti pristojnih organov matične države članice .
There is also an underlying requirement for the competent authorities of home and host Member States to collaborate closely in order to supervise the activities of institutions operating in Member States other than that in which their head offices are located .
Za pristojne organe matičnih držav članic in držav članic gostiteljic velja tudi osnovna zahteva , da med seboj tesno sodelujejo pri nadzorovanju dejavnosti institucij , ki delujejo v državah članicah , ki niso države članice , v katerih imajo svoje sedeže .
Existing provisions in Community legislation The existing legal framework1regulates the situation when an acquirer wishes to acquire a holding or increase a holding in a financial institution or investment firm in the domestic as well as in the cross-border context .
Obstoječe določbe v zakonodaji Skupnosti Obstoječi pravni okvir1 ureja razmere , ko želi pridobitelj pridobiti ali povečati delež v finančni instituciji ali investicijski družbi v notranjem ali čezmejnem okviru .
The competent national authorities are able to oppose an acquisition if , in view of the need to ensure sound and prudent management of the institution , they are not satisfied as to the suitability of the acquirer .
Pristojni nacionalni organi lahko pridobitvi nasprotujejo , če ob upoštevanju potrebe po zagotavljanju dobrega in preudarnega upravljanja institucije niso zadovoljni s primernostjo pridobitelja .
The current legal framework does not provide specific criteria for assessing the suitability of the acquirer and has thus afforded considerable latitude to the relevant authorities in accepting , discouraging or rejecting a proposed acquisition .
Trenutni pravni okvir ne zagotavlja posebnih meril za oceno primernosti pridobitelja in tako omogoča pristojnim organom precejšnjo svobodo pri sprejemanju , odvračanju ali zavrnitvi predlagane pridobitve .
Furthermore , the current Directives do not set out in detail the procedure by which acquisitions are assessed .
Zdajšnje direktive tudi ne določajo podrobno postopka , po katerem se ocenijo pridobitve .
Article 19 of Directive 2006/48 / EC , Article 15 of Directive 92/49 / EEC , Article 15 of Directive 2002/83 / EC , Articles 20-23 of Directive 2005/68 / EC and Article 10 of Directive 2004/39 / EC . EN
Člen 19 Direktive 2006/48 / ES , člen 15 Direktive 92/49 / EES , člen 15 Direktive 2002/83 / ES , členi 20 -- 23 Direktive 2005/68 / ES in člen 10 Direktive 2004/39 / ES .
The proposal This amending proposal modifies the existing framework considerably with regard to the procedure as well as the criteria to be examined by the competent authorities when assessing the suitability of a proposed acquirer .
Predlog Ta predlog za spremembo precej spreminja obstoječi okvir glede postopka in meril , ki jih morajo preveriti pristojni organi pri ocenjevanju primernosti predlaganega pridobitelja .
The amended Directives set out the entire procedure to be applied by the competent authorities when assessing acquisitions on prudential grounds .
Spremenjene direktive določajo celoten postopek , ki ga morajo uporabiti pristojni organi , ko ocenjujejo pridobitve ob upoštevanju razlogov varnega in skrbnega poslovanja .
A clear and transparent notification and decision-making process for competent authorities and firms has been introduced .
Za pristojne organe in podjetja je bil uveden jasen in pregleden postopek obveščanja in odločanja .
The deadlines have been reduced and any « stopping of the clock » by competent authorities has been limited to one occasion and subject to clear conditions .
Roki so se skrajšali , kakršna koli „ustavitev ure » , ki bi jo izvedli pristojni organi , pa je bila omejena na eno priložnost , za katero veljajo jasni pogoji .
The prudential criteria for the supervisory assessment have also been clearly laid out and will be known up front to market participants .
Jasno so pojasnjena tudi merila skrbnega in varnega poslovanja za nadzorno oceno , o katerih bodo udeleženci na trgu vnaprej obveščeni .
This will ensure more certainty and predictability with regard to the criteria to be applied by the competent authorities when assessing the suitability of an acquisition .
To bo zagotovilo večjo zanesljivost in predvidljivost meril , ki jih morajo pristojni organi uporabiti , ko ocenjujejo primernost pridobitve .
The amended Directives provide for a closed list of criteria to assess the suitability of the acquirer .
Spremenjene direktive določajo zaprt seznam meril za oceno primernosti pridobitelja .
This implies full harmonisation for the purposes of a suitability assessment throughout the European Union .
To pomeni popolno uskladitev za ocenjevanje primernosti v vsej Evropski uniji .
These criteria will be the reputation of the proposed acquirer , the reputation and experience of any person that may run the resulting institution or firm , the financial soundness of the proposed acquirer , the ongoing compliance with the relevant sectoral Directives and the risk of money laundering and terrorism financing .
Ta merila bodo ugled predlaganega pridobitelja , ugled in izkušnje vseh , ki bi lahko vodili tako nastalo institucijo ali podjetje , finančna trdnost predlaganega pridobitelja , nenehno upoštevanje ustreznih sektorskih direktiv in tveganje za pranje denarja in financiranje terorizma .
RESULTS OF CONSULTATIONS WITH INTERESTED PARTIES Consultations -* The EBC Working Group on Cross Border Consolidation met on 21 March and 5 October 2005 .
REZULTATI POSVETOVANJ Z ZAINTERESIRANIMI STRANMI Posvetovanja -* Delovna skupina za čezmejno povezovanje EBC se je sestala 21 . marca in 5 .
This working group was subsequently extended to include the insurance and the securities sector ;
Ta delovna skupina se je naknadno razširila zaradi vključitve zavarovalništva in sektorja vrednostnih papirjev .
-* A meeting of the Joint EBC-EIOPC-ESC Working Group on Cross Border Consolidation was held on 3 February 2006 ;
-* Sestanek Skupne delovne skupine EBC-EIOPC-ESC za čezmejno povezovanje je potekal 3 . februarja 2006 .
-* A public consultation was conducted during March and April 2006 regarding the existing supervisory arrangements in the banking , insurance and securities sectors .
-* Marca in aprila 2006 je potekalo javno posvetovanje o obstoječih nadzornih režimih v bančništvu , zavarovalništvu in sektorjih vrednostnih papirjev .
Improvements to the current provisions in terms of procedure and assessment criteria have been developed taking account of the discussions in the various working groups and the responses to the public consultation .
Izboljšave trenutnih določb glede postopka in ocenjevalnih meril so bile sprejete ob upoštevanju razprav v različnih delovnih skupinah in ob upoštevanju odgovorov iz javnega posvetovanja .
Collection and use of expertise The Committee of European Banking Supervisors ( CEBS ) was mandated by the Commission at the end of January 2005 to provide technical advice on the review of Article 16 of Directive 2000/12 / EC . EN
Zbiranje in uporaba strokovnega znanja in izkušenj Komisija je konec januarja 2005 Odboru evropskih bančnih nadzornikov ( CEBS ) naročila , naj ji zagotovi strokovni nasvet o pregledu člena 16 Direktive 2000/12 / ES .