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Done at Frankfurt am Main , 31 December 2007 .
V Frankfurtu na Majni , 31 . decembra 2007
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EDITORIAL 7 September 2006 - Monthly Bulletin
7 . september 2006 - Mesečni bilten
At its meeting on 31 August 2006 , the Governing Council decided to leave the key ECB interest rates unchanged .
Svet ECB je na seji 31 . avgusta 2006 sklenil , da pusti ključne obrestne mere ECB nespremenjene .
The information that had become available since the last meeting further underpinned the reasoning behind the Governing Council 's decision of 3 August to increase interest rates .
Informacije , dosegljive po zadnji seji , so še dodatno utemeljile odločitev Sveta ECB z dne 3 . avgusta , da poviša obrestne mere .
It also confirmed that strong vigilance remains of the essence so as to ensure that upside risks to price stability are contained .
Ravno tako so potrdile , da je treba še naprej zelo pozorno spremljati dogajanja in tako zagotoviti , da ostanejo tveganja inflacijskih pritiskov na stabilnost cen omejena .
With key ECB interest rates at still low levels in both nominal and real terms , money and credit growth dynamic , and liquidity ample by all plausible measures , the ECB 's monetary policy continues to be accommodative .
Ključne obrestne mere ECB so nominalno in realno še vedno na nizki ravni , rast obsega denarja in kreditov ostaja dinamična , likvidnost pa je po vseh merilih obsežna , kar pomeni , da ostaja denarna politika ECB akomodativna .
If the assumptions and baseline scenario of the Governing Council continue to be confirmed , a progressive withdrawal of monetary accommodation will remain warranted .
Če se predpostavke in osnovni scenarij Sveta ECB izkažejo za pravilne , bo še naprej potrebno postopno zaostrovanje akomodativne denarne politike .
Indeed , acting in a timely manner to contain risks to price stability remains essential to ensure that inflation expectations in the euro area are kept solidly anchored at levels consistent with price stability .
Za obvladovanje tveganj za stabilnost cen je namreč bistveno , da pravočasno ukrepamo in tako zagotovimo , da ostanejo inflacijska pričakovanja v euroobmočju trdno zasidrana na ravni , ki je skladna s stabilnostjo cen .
Such anchoring of inflation expectations is a prerequisite for monetary policy to make an ongoing contribution towards supporting sustainable economic growth and job creation in the euro area .
Zasidranje inflacijskih pričakovanj je temeljni pogoj , da lahko denarna politika še naprej prispeva k spodbujanju vzdržne gospodarski rasti in ustvarjanju delovnih mest v euroobmočju .
Turning first to the economic analysis , all the main indicators in the euro area that have recently become available for the first half of the year show a significant improvement in underlying economic activity and indicate that economic growth was stronger than previously projected by official and private forecasters .
V okviru ekonomske analize vsi najnovejši glavni kazalniki za euroobmočje , razpoložljivi za prvo polovico leta , kažejo na precejšnje izboljšanje gospodarske aktivnosti in nakazujejo , da je bila gospodarska rast močnejša , kot so sprva predvidevale uradne napovedi in napovedi zasebnih organizacij .
According to Eurostat , on a quarter-on-quarter basis , real GDP grew by 0.9% in the euro area in the second quarter of 2006 , which was above the growth rate recorded in the previous quarter .
Po Eurostatovi oceni je realna rast BDP v drugem četrtletju 2006 v primerjavi s prejšnjim četrtletjem znašala 0,9 odstotka , kar presega stopnjo rasti v prvem četrtletju .
In interpreting recent GDP data , due account needs to be taken of the degree of volatility of quarterly growth rates , but they generally confirm the view of the Governing Council that economic growth is broadening and becoming more sustained .
Pri razlagi najnovejših podatkov o BDP je treba upoštevati določeno stopnjo nihanja četrtletnih stopenj rasti , vseeno pa ti podatki na splošno potrjujejo oceno Sveta ECB , da se gospodarska rast širi in postaja vse trajnejša .
The information on activity in the third quarter -- coming from various confidence surveys and indicator-based estimates -- continues to be favourable and supports the assessment of real GDP growing at rates around potential .
Podatki o gospodarski aktivnosti v tretjem četrtletju , ki izhajajo iz različnih anket o zaupanju in ocen na podlagi kazalnikov , so še naprej ugodni in potrjujejo oceno , da realna rast BDP dosega stopnje , ki so blizu potencialni rasti .
Looking forward , the conditions remain in place for the euro area economy to continue growing at around the potential rate .
V prihodnjem obdobju ostajajo razmere v euroobmočju ugodne za nadaljevanje gospodarske rasti na ravni okrog potencialne rasti .
Global economic activity remains robust , providing support for euro area exports .
Svetovna gospodarska aktivnost je še naprej okrepljena in spodbuja izvoz euroobmočja .
Investment is expected to remain strong , benefiting from an extended period of very favourable financing conditions , balance sheet restructuring , accumulated and ongoing strong earnings , and gains in business efficiency .
Zaradi dolgotrajnega obdobja zelo ugodnih pogojev financiranja , prestrukturiranja bilanc podjetij , dosedanje in trenutne rasti dobičkov ter izboljšane podjetniške učinkovitosti bodo investicije predvidoma ostale visoke .
Consumption growth in the euro area should also strengthen further over time , in line with developments in real disposable income , as employment conditions improve further .
Rast potrošnje v euroobmočju naj bi se sčasoma ravno tako krepila skladno z gibanjem realnega razpoložljivega dohodka , ko se bodo razmere za zaposlovanje dodatno izboljšale .
This outlook is also reflected in the new ECB staff macroeconomic projections , which for the first time include Slovenia as part of the euro area in the projections for 2007 .
Takšne obete izražajo tudi nove makroekonomske projekcije strokovnjakov ECB , ki v projekcije za leto 2007 prvič vključujejo tudi Slovenijo kot del euroobmočja .
The projections foresee average annual real GDP growth in a range between 2.2% and 2.8% in 2006 , and between 1.6% and 2.6% in 2007 .
Po teh projekcijah se bo povprečna medletna realna rast BDP v letu 2006 gibala med 2,2% in 2,8% , v letu 2007 pa med 1,6% in 2,6% .
In comparison with the June 2006 Eurosystem staff projections , the ranges projected for real GDP growth in 2006 and 2007 have been revised upwards , mainly reflecting the stronger growth recorded in the first half of this year , along with continued positive signals from a number of other indicators .
V primerjavi z junijskimi projekcijami strokovnjakov Eurosistema so bili razponi napovedane realne rasti BDP za leto 2006 in 2007 popravljeni navzgor , kar je predvsem posledica močnejše rasti v prvi polovici leta kakor tudi nadaljevanja pozitivnih znakov , ki jih kažejo številni drugi kazalniki .
Risks to these projections for economic growth are broadly balanced over the shorter term .
Tveganja , povezana s temi projekcijami gospodarske rasti , so kratkoročno večinoma uravnotežena .
Over the longer term , uncertainty has augmented and downside risks relate mainly to potential further oil price rises , global imbalances and protectionist pressures , especially after the suspension of the Doha round of trade talks .
Dolgoročno pa se je negotovost povečala in gospodarsko rast lahko oslabijo nekateri dejavniki tveganja , kot so morebitna nadaljnja rast cen nafte , svetovna neravnovesja in protekcionistični pritiski , zlasti po prekinitvi kroga trgovinskih pogajanj , ki se je začel v Dohi .
With respect to price developments , according to Eurostat 's flash estimate , annual HICP inflation was 2.3% in August 2006 , compared with 2.4% in the previous month .
Na področju cenovnih gibanj je po Eurostatovi prvi oceni medletna inflacija , merjena z indeksom HICP , avgusta znašala 2,3% , potem ko je prejšnji mesec dosegla 2,4% .
During the second half of 2006 , and on average also in 2007 , inflation rates are likely to remain elevated at above 2 %, with the precise levels depending mainly on future energy price developments .
V drugi polovici leta 2006 in tudi v povprečju leta 2007 bo stopnja inflacija verjetno ostala povišana na ravni nad dvema odstotkoma , natančna raven pa bo odvisna predvsem od prihodnjega gibanja cen energentov .
The moderate evolution of labour costs in the euro area is expected to continue in the remainder of 2006 and in 2007 -- partly reflecting ongoing global competitive pressures , particularly in the manufacturing sector .
Do konca leta 2006 in v letu 2007 se bodo zmerna gibanja stroškov dela v euroobmočju predvidoma nadaljevala , na kar bodo deloma vplivali svetovni konkurenčni pritiski , zlasti v predelovalnih dejavnostih .
However , lagged indirect effects of past oil price increases and already announced increases in indirect taxes are expected to exert a significant upward effect on inflation in the course of next year .
Zakasneli posredni učinki pretekle rasti cen nafte in že napovedano povečanje posrednih davkov pa naj bi tekom prihodnjega leta povzročali precejšen pritisk na povišanje inflacije .
In the new ECB staff projections , annual HICP inflation is projected to lie between 2.3% and 2.5% in 2006 , and between 1.9% and 2.9% in 2007 .
Nove projekcije strokovnjakov ECB predvidevajo , da se bo medletna inflacija leta 2006 gibala med 2,3% in 2,5% , leta 2007 pa med 1,9% in 2,9% .
Compared with the June 2006 Eurosystem staff projections , the range for 2006 is within the upper part of the previous range , while that for 2007 has been shifted slightly upwards , largely reflecting the assumption of higher oil prices .
V primerjavi z junijskimi projekcijami strokovnjakov Eurosistema se razpon za leto 2006 giblje v zgornjem delu prejšnjega razpona napovedi , razpon za leto 2007 pa je bil nekoliko popravljen navzgor , kar odraža predvsem predpostavko o višjih cenah nafte .
Risks to this outlook for price developments remain on the upside .
Prihodnja cenovna gibanja so še vedno izpostavljena inflacijskim tveganjem .
They include further increases in oil prices , a stronger pass-through of past oil price rises into consumer prices than currently anticipated , additional increases in administered prices and indirect taxes , and -- more fundamentally -- stronger than expected wage developments .
Mednje sodijo nadaljnje povečanje cen nafte , prenos pretekle rasti cen nafte na cene življenjskih potrebščin v obsegu , ki bi bil lahko večji od doslej pričakovanega , dodatno povišanje nadzorovanih cen in posrednih davkov ter , kar je bistveno , višje gibanje plač od pričakovanega .
Against this background , it is crucial that the social partners continue to meet their responsibilities , also in the context of a more favourable environment for economic activity and employment .
V takšnih razmerah je izredno pomembno , da socialni partnerji še naprej ravnajo odgovorno , kar je pomembno tudi glede na ugodnejše okolje za gospodarsko aktivnost in zaposlovanje .
Regarding prospects for inflation over medium to longer horizons , the Governing Council 's assessment that upside risks to price stability prevail continues to be confirmed by the monetary analysis .
Oceno Sveta ECB , da v srednjeročnem in dolgoročnem obdobju prevladujejo tveganja inflacijskih pritiskov na stabilnost cen , še naprej potrjuje tudi denarna analiza .
The rates of monetary and credit expansion remain rapid , reflecting the still low level of interest rates in the euro area .
Stopnje rasti obsega denarja in kreditov ostajajo visoke , kar odraža še vedno nizko raven obrestnih mer v euroobmočju .
In particular , loans to the private sector continue to grow at double-digit rates on an annual basis , with this rapid growth remaining broadly based across the household and corporate sectors .
Zlasti medletna stopnja rasti posojil zasebnemu sektorju še naprej dosega dvomestne vrednosti , rast pa ostaja hitra tako v sektorju gospodinjstev kot tudi v podjetniškem sektorju .
The moderation of annual M3 growth observed in June ( to 8.5% ) and July ( to 7.8% ) may possibly reflect the impact of previous increases in interest rates .
Umirjanje medletne rasti denarnega agregata M3 v juniju ( na 8,5% ) in juliju ( na 7,8% ) bi bilo lahko posledica učinka prejšnjih dvigov obrestnih mer .
However , it also needs to be viewed against the high growth rate witnessed in May , which represented one of the highest annual rates of M3 growth seen since the introduction of the euro .
Kljub temu je treba ob tem upoštevati visoko stopnjo rasti v maju , ko je bila medletna stopnja rasti M3 med najvišjimi po uvedbi eura .
More generally , recent monetary developments should be assessed with the appropriate medium-term perspective , and thus against the background of the persistent upward trend in the underlying rate of monetary expansion observed since mid-2004 .
Na splošno je treba najnovejša denarna gibanja oceniti s primerne srednjeročne perspektive , torej glede na vztrajno povečevanje stopenj rasti denarja , ki ga opažamo od sredine leta 2004 dalje .
On this basis , liquidity in the euro area remains ample by all reasonable measures . Continued strong monetary and credit growth in the context of already ample liquidity points to upside risks to price stability over the medium to longer term .
S tega vidika je likvidnost v euroobmočju po vseh merilih še naprej obsežna . Močna nadaljnja rast obsega denarja in kreditov v okolju obsežne likvidnosti pomeni , da v srednjeročnem in dolgoročnem obdobju obstajajo tveganja inflacijskih pritiskov na stabilnost cen .
Monetary developments therefore require careful monitoring , especially against the background of improved economic conditions and strong property market developments in many parts of the euro area .
Gibanja denarja bo zato treba skrbno spremljati , zlasti glede na izboljšane gospodarske razmere in močna gibanja na trgu nepremičnin v številnih delih euroobmočja .
To sum up , annual inflation rates are projected to remain elevated in 2006 and 2007 , with risks to this outlook continuing to be clearly on the upside .
Če povzamemo , bo medletna stopnja inflacije v letih 2006 in 2007 predvidoma ostala na višji ravni , tveganja pa še naprej nedvomno kažejo v smer naraščanja inflacije .
Given the ongoing dynamism of monetary and credit growth in an environment of already ample liquidity , a cross-check of the outcome of the economic analysis with that of the monetary analysis supports the assessment that upside risks to price stability prevail over the medium term .
Ob nadaljnji dinamični rasti denarja in kreditov v razmerah , ko že obstaja obsežna likvidnost , navzkrižna primerjava rezultatov iz ekonomske in denarne analize potrjuje oceno , da bodo v srednjeročnem obdobju prevladovala tveganja inflacijskih pritiskov na stabilnost cen .
It is essential that inflation expectations remain firmly anchored at levels consistent with price stability .
Ključnega pomena je , da ostanejo inflacijska pričakovanja trdno zasidrana na ravni , ki je skladna s stabilnostjo cen .
Accordingly , strong vigilance is warranted in order to ensure that risks to price stability are contained .
Pozorno spremljanje dogajanj je zato nujno , da bi zagotovili , da ostanejo tveganja za stabilnost cen omejena .
If the assumptions and baseline scenario of the Governing Council continue to be confirmed , a progressive withdrawal of monetary accommodation remains warranted .
Če bodo predpostavke in osnovni scenarij Sveta ECB ostali pravilni , bo še naprej potrebno postopno zaostrovanje akomodativne denarne politike .
Acting in a timely manner will make an ongoing contribution to sustainable economic growth and job creation .
S pravočasnim ukrepanjem bomo prispevali k vzdržni gospodarski rasti in ustvarjanju delovnih mest .
As regards fiscal policy , in several Member States public finances appear to be on track to meet or even exceed this year 's targets as the favourable economic situation , revenue windfalls and effective consolidation measures exert a positive influence on fiscal balances .
Na področju fiskalne politike je več držav članic na dobri poti , da dosežejo ali celo presežejo letošnje cilje glede javnih financ , saj ugoden gospodarski položaj , nepričakovani prihodki in učinkoviti ukrepi za konsolidacijo pozitivno vplivajo na proračunski saldo .
However , in other countries , the current fiscal outlook suggests a shortfall in terms of the required structural improvement in public finances . This is worrying in view of the objectives and commitments agreed under the revised Stability and Growth Pact .
V drugih državah pa trenutni obeti glede fiskalnega položaja kažejo , da ni bilo doseženo zadostno strukturno izboljšanje v javnih financah . To je glede na cilje in zaveze , sprejete v okviru prenovljenega Pakta za stabilnost in rast , zaskrbljujoče .
It is therefore essential that 2006 budgets are executed strictly during the remainder of this year , and that budget plans for 2007 and beyond are sufficiently ambitious .
Zato je nujno , da se proračuni za leto 2006 do konca leta dosledno izvajajo ter da so načrtovani proračuni za leto 2007 in kasneje dovolj ambiciozni .
All countries should take advantage of the current economic recovery to consolidate fiscal balances .
Vse države bi morale sedanje gospodarsko okrevanje izkoristiti za konsolidacijo svojega proračunskega salda .
In particular countries in excessive deficit procedure and with a high debt-to-GDP ratio should use the current economic recovery to bring the public deficit ratio to below 3 % within the agreed deadline , and more ambitious fiscal consolidation is essential to achieve the medium-term objectives .
Zlasti države , ki so v postopku v zvezi s čezmernim primanjkljajem in z visokim deležem javnega dolga v BDP , bi morale sedanje gospodarsko okrevanje izrabiti za znižanje deleža javnofinančnega primanjkljaja na raven pod 3 % v dogovorjenem roku , ambicioznejša fiskalna konsolidacija pa je nujna za uresničitev srednjeročnih ciljev .
It is also crucial that comprehensive reform programmes strengthen economic incentives and enhance the sustainability of social security systems .
Ravno tako je bistveno , da celoviti programi reform okrepijo gospodarske spodbude in povečajo vzdržnost sistemov socialne varnosti .
This is the best contribution that fiscal policies can make towards building confidence in the outlook for growth and stability in the euro area and in the revised Stability and Growth Pact .
S tem lahko fiskalna politika največ prispeva h krepitvi zaupanja v prihodnje možnosti za rast in stabilnost v euroobmočju ter zaupanje v prenovljeni Pakt za stabilnost in rast .
As regards structural reforms , the Governing Council stressed the need to raise the potential growth rate of the euro area , to foster incentives to work and to strengthen the euro area 's capacity to absorb shocks .
Na področju strukturnih reform je Svet ECB poudaril , da je treba dvigniti stopnjo rasti potencialnega proizvoda , okrepiti spodbude za delo ter povečati sposobnost euroobmočja , da absorbira šoke .
Comprehensive reform measures to ensure a fully operational internal market , a higher degree of wage and price flexibility , and a more favourable business environment would offer new opportunities for firms and workers and promote investment , innovation and job creation .
Celoviti reformni ukrepi za vzpostavitev v celoti delujočega notranjega trga , večja prožnost plač in cen ter spodbudnejše poslovno okolje bi podjetjem in delavcem odprli nove priložnosti ter pospešili investicije , inovacije in ustvarjanje novih delovnih mest .
Such structural reforms would not only help to underpin the momentum of the ongoing economic recovery , but would also safeguard the standard of living of euro area citizens in the longer run . back to top
Takšne strukturne reforme ne bi le okrepile zagona sedanjega gospodarskega okrevanja , ampak bi dolgoročno omogočale tudi ohranjanje življenjske ravni prebivalcev v euroobmočju .
26 October 2004
26 . oktober 2004
PRESS RELEASE CONSOLIDATED FINANCIAL STATEMENT OF THE EUROSYSTEM as at 22 October 2004
SPOROČILO ZA JAVNOST KONSOLIDIRANI RAČUNOVODSKI IZKAZ EVROSISTEMA na dan 22 . oktobra 2004
Items not related to monetary policy operations
Postavke , ki niso v povezavi z operacijami denarne politike V tednu , ki se je končal 22 .
In the week ending 22 October 2004 , the decrease of EUR 16 million in gold and gold receivables ( asset item 1 ) reflected the selling of gold by a national central bank of the Eurosystem ( consistent with the Central Bank Gold Agreement of 27 September 2004 ) .
oktobra 2004 , se je stanje zlata in terjatev v zlatu ( postavka sredstev 1 ) zmanjšalo za 16 milijonov EUR , kar odraža prodajo zlata , ki jo je izvedla ena od nacionalnih centralnih bank Evrosistema ( skladno s Sporazumom centralnih bank o zlatu z dne 27 . septembra 2004 ) .
The net position of the Eurosystem in foreign currency ( asset items 2 and 3 minus liability items 7 , 8 and 9 ) decreased by EUR 0.2 billion to EUR 167.7 billion on account of customer and portfolio transactions .
Neto stanje Evrosistema v tuji valuti ( postavki sredstev 2 in 3 , zmanjšani za postavke obveznosti 7 , 8 in 9 ) se je zaradi transakcij s strankami in portfeljskih transakcij zmanjšalo za 0,2 milijarde EUR na 167,7 milijarde EUR .
The holdings by the Eurosystem of marketable securities of euro area residents denominated in euro ( asset item 7 ) increased by EUR 0.2 billion to EUR 67.6 billion .
Imetje Evrosistema v tržnih vrednostnih papirjih rezidentov evro območja v evrih ( postavka sredstev 7 ) se je povečalo za 0,2 milijarde EUR na 67,6 milijarde EUR .
Banknotes in circulation ( liability item 1 ) decreased by EUR 1.8 billion to EUR 467.3 billion .
Vrednost bankovcev v obtoku ( postavka obveznosti 1 ) se je zmanjšala za 1,8 milijarde EUR na 467,3 milijarde EUR .
Liabilities to general government ( liability item 5.1 ) rose by EUR 10.8 billion to EUR 52.5 billion .
Obveznosti do širše države ( postavka obveznosti 5.1 ) so se povečale za 10,8 milijarde EUR na 52,5 milijarde EUR .
The Eurosystem 's net lending to credit institutions ( asset item 5 minus liability items 2.2 , 2.3 , 2.4 , 2.5 and 4 ) increased by EUR 8.5 billion to EUR 326.9 billion .
Neto posojanje Evrosistema kreditnim institucijam ( postavka sredstev 5 , zmanjšana za postavke obveznosti 2.2 , 2.3 , 2.4 , 2.5 in 4 ) se je povečalo za 8,5 milijarde EUR na 326,9 milijarde EUR .
On Wednesday , 20 October 2004 , a main refinancing operation of EUR 244.5 billion matured and a new one of EUR 253 billion was settled .
V sredo , 20 . oktobra 2004 , je zapadla glavna operacija refinanciranja v višini 244,5 milijarde EUR , poravnana je bila nova v višini 253 milijard EUR .
Current accounts of euro area credit institutions As a result of all transactions , the current account position of credit institutions with the Eurosystem ( liability item 2.1 ) decreased by EUR 1 billion to EUR 137.8 billion .
Tekoči računi kreditnih institucij evro območja Zaradi vseh transakcij se je stanje tekočih računov kreditnih institucij v Evrosistemu ( postavka obveznosti 2.1 ) zmanjšalo za 1 milijardo EUR na 137,8 milijarde EUR .
European Central Bank Press and Information Division Kaiserstrasse 29 , D-60311 Frankfurt am Main Tel .: + 49 69 1344 7455 , Fax : + 49 69 1344 7404 Internet : http://www.ecb.int Reproduction is permitted provided that the source is acknowledged .
Evropska centralna banka Oddelek za tisk in informiranje Kaiserstrasse 29 , D-60311 Frankfurt na Majni Tel .: + 49 69 1344 7455 , Faks : + 49 69 1344 7404 Internet : http://www.ecb.int Razmnoževanje je dovoljeno ob navedbi vira . Konsolidirani tedenski računovodski izkaz Evrosistema na dan 22 .