natgillin/translations-raw huggingface dataset:
Overall , the Governing Council expects the euro area economy to grow at a moderate pace in 2010 , recognising that the recovery process is likely to be uneven and that the outlook remains subject to uncertainty .
Svet ECB na splošno pričakuje , da bo gospodarstvo euroobmočja v letu 2010 raslo po zmerni stopnji , ob tem pa priznava , da bo proces okrevanja verjetno potekal neenakomerno in da so obeti povezani z negotovostjo .
The outcome of the monetary analysis confirms the assessment of low inflationary pressure over the medium term , given the ongoing parallel decline in money and credit growth .
Rezultati denarne analize potrjujejo oceno o nizkih inflacijskih pritiskih v srednjeročnem obdobju , saj se rast denarja in rast kreditov še naprej vzporedno upočasnjujeta .
Starting with the economic analysis , following the 0.4% quarter-on-quarter increase in real GDP in the third quarter of 2009 , the latest information confirms that towards the end of last year economic activity in the euro area continued to expand .
V okviru ekonomske analize najnovejše informacije potrjujejo , da se je po 0,4 - odstotnem četrtletnem povečanju realnega BDP v tretjem četrtletju 2009 gospodarska aktivnost proti koncu lanskega leta še naprej povečevala .
The euro area has been benefiting from a turn in the inventory cycle and a recovery in exports , as well as from the significant macroeconomic stimulus under way and the measures adopted to restore the functioning of the financial system .
Na euroobmočje ugodno delujeta obrat v ciklu zalog in okrevanje izvoza , pa tudi velike makroekonomske spodbude , ki se zdaj izvajajo , ter ukrepi , ki so bili sprejeti za obnovitev delovanja finančnega sistema .
However , a number of the supporting factors are of a temporary nature .
Vseeno so številni dejavniki , ki podpirajo okrevanje gospodarstva , začasne narave .
Furthermore , there is likely to be a drag on activity for some time to come on account of the ongoing process of balance sheet adjustment in the financial and non-financial sectors , both inside and outside the euro area .
Poleg tega bo gospodarska aktivnost verjetno dlje časa pod zaviralnim vplivom bilančnega prilagajanja v finančnem in nefinančnem sektorju tako znotraj kot tudi zunaj euroobmočja .
In addition , low capacity utilisation rates are likely to dampen investment , and unemployment in the euro area is expected to increase somewhat further , thereby lowering consumption growth .
Nadalje bodo nizke stopnje izkoriščenosti zmogljivosti verjetno zavirale investicije , brezposelnost pa naj bi se v euroobmočju še nekoliko povečala , kar bo upočasnjevalo rast potrošnje .
For these reasons , the euro area economy is expected to grow only at a moderate pace in 2010 and the recovery process could be uneven .
Zato se pričakuje , da bo gospodarstvo euroobmočja v letu 2010 raslo le razmeroma počasi , proces okrevanja pa bo potekal neenakomerno .
Confidence may also improve further , and the global economy as well as foreign trade may recover more strongly than projected .
Poleg tega se lahko zaupanje še izboljša , svetovno gospodarstvo in trgovinska menjava pa lahko okrevata bolj , kot je predvideno .
On the downside , concerns remain relating to a stronger or more protracted than expected negative feedback loop between the real economy and the financial sector , renewed increases in oil and other commodity prices , the intensification of protectionist pressures and the possibility of disruptive market movements related to the correction of global imbalances .
Na negativni strani zaskrbljenost še vedno vzbuja možnost večjih ali dolgotrajnejših negativnih povratnih učinkov med realnim gospodarstvom in finančnim sektorjem ter ponovna rast cen nafte in drugih primarnih surovin , stopnjevanje protekcionističnih pritiskov in morebitna neugodna tržna gibanja zaradi popravkov svetovnih neravnovesij .
With regard to price developments , as expected , euro area annual HICP inflation increased further in December 2009 to stand at 0.9% , after 0.5% in November .
Kar zadeva gibanje cen , se je medletna inflacija , merjena z indeksom HICP , decembra 2009 v euroobmočju pričakovano zvišala in dosegla 0,9% v primerjavi z 0,5% novembra .
The rise mainly reflects upward base effects stemming mostly from the drop in global energy prices a year ago. Inflation is expected to remain around 1 % in the near term .
Povečanje je povezano predvsem z navzgor usmerjenimi baznimi učinki , ki izvirajo iz padca svetovnih cen energentov pred enim letom . Inflacija bo v bližnji prihodnosti po pričakovanjih ostala na ravni okrog 1 %.
In this context , it is important to emphasise , once again , that inflation expectations over the medium to longer term remain firmly anchored in line with the Governing Council 's aim of keeping inflation rates below , but close to , 2 % over the medium term .
Ob tem je treba ponovno poudariti , da ostajajo inflacijska pričakovanja v srednjeročnem in dolgoročnejšem obdobju trdno zasidrana na ravni , ki je skladna s ciljem Sveta ECB , da inflacijo srednjeročno ohranja pod 2 %, vendar blizu te meje .
Turning to the monetary analysis , both the annual growth rates of M3 and loans to the private sector were negative in November , standing at - 0.2% and - 0.7% respectively .
Kot je razvidno iz denarne analize , je bila medletna stopnja rasti denarnega agregata M3 in posojil zasebnemu sektorju v novembru negativna in je znašala - 0,2% oziroma - 0,7% .
The concurrent declines to historically low growth rates recorded in these two series over the past months support the assessment of a decelerating underlying pace of monetary expansion and low inflationary pressures over the medium term .
Sočasno znižanje obeh stopenj rasti na zgodovinsko nizko raven , ki je bilo v zadnjih mesecih zabeleženo v teh podatkovnih vrstah , potrjuje oceno o upočasnjeni osnovni dinamiki rasti denarja in nizkih inflacijskih pritiskih v srednjeročnem obdobju .
Looking ahead , M3 and credit growth are likely to remain very weak or negative for some time to come .
V prihodnjem obdobju bo rast agregata M3 in kreditov verjetno še nekaj časa ostala šibka .
The decline in actual monetary growth is likely to overstate the deceleration in the underlying pace of monetary expansion .
Znižanje dejanske rasti denarja verjetno kaže preveliko upočasnitev osnovne dinamike rasti denarja .
This is due to the continued steep slope of the yield curve , which explains shifts of funds out of M3 into longer-term deposits and securities .
To je posledica še naprej strme krivulje donosnosti , ki pojasnjuje prerazporejanje sredstev iz agregata M3 v dolgoročnejše vloge in vrednostne papirje .
At the same time , the interest rate constellation continues to foster divergent developments in the main components of M3 , as the narrow spreads between the rates on different short-term bank deposits reduce the opportunity costs of shifting funds from , for instance , short-term time deposits into overnight deposits .
Obenem trenutno razmerje med obrestnimi merami še naprej spodbuja raznoliko gibanje glavnih komponent M3 , saj ozek razpon med obrestnimi merami za različne kratkoročne bančne vloge zmanjšuje oportunitetne stroške prerazporejanja sredstev , na primer iz kratkoročnih vezanih vlog v vloge čez noč .
As a result , M1 continued to grow at a robust annual rate of 12.6% in November , when annual M3 growth turned negative .
Tako je agregat M1 v novembru še naprej rasel po močni 12,6 - odstotni medletni rasti , medtem ko je medletna rast M3 postala negativna .
The negative annual growth of bank loans to the private sector conceals a return to positive annual rates of growth in the case of loans to households , while the annual growth of loans to non-financial corporations became more negative .
Negativna medletna rast bančnih posojil zasebnemu sektorju zakriva dejstvo , da so se medletne stopnje rasti posojil gospodinjstvom vrnile v pozitivno območje , medtem ko je medletna rast posojil nefinančnim družbam postala še bolj negativna .
Such divergence remains in line with business cycle regularities , with turning points in the growth of loans to enterprises typically lagging those in economic activity .
Takšna razlika ostaja v skladu s preteklimi gospodarskimi cikli , pri čemer točka obrata v rasti posojil podjetjem običajno zaostaja za obratom v gospodarski aktivnosti .
In the case of households , the latest data provide further confirmation of a levelling-off at low rates .
Pri gospodinjstvih pa so najnovejši podatki dodatno potrdili , da se je rast ustalila pri nizkih stopnjah .
In the case of non-financial corporations , the decline in loans continues to reflect mainly a strong net redemption of loans with a shorter maturity , while lending and borrowing at longer maturities remained positive .
K zmanjševanju posojil nefinančnim družbam še naprej prispevajo predvsem velika neto odplačila posojil s krajšo zapadlostjo , medtem ko je zadolževanje in posojanje z daljšo zapadlostjo ostalo pozitivno .
The subdued levels of production and trade , as well as the ongoing uncertainty surrounding the business outlook , will probably continue to dampen firms » demand for bank financing in the months to come .
Skromen obseg proizvodnje in trgovinske menjave ter sedanji negotovi poslovni obeti bodo v prihodnjih mesecih verjetno še naprej zavirali povpraševanje podjetij po bančnem financiranju .
In the meantime , financing conditions for enterprises have improved over recent months in terms of the cost of both bank credit and market financing .
Medtem so se pogoji financiranja za podjetja v zadnjih mesecih izboljšali , in sicer tako stroški bančnega kreditiranja kot tudi stroški tržnega financiranja .
In this respect , the continued negative flows in short-term bank loans to non-financial corporations observed in recent months may partly reflect better possibilities for substitution with different sources of longer-term financing .
V tem pogledu lahko nadaljnji negativni tokovi kratkoročnih bančnih posojil nefinančnim družbam v zadnjih mesecih kažejo boljše možnosti pri nadomeščanju teh posojil z različnimi viri dolgoročnega financiranja .
Banks have continued to reduce the size of their overall balance sheets , mainly through downsizing the assets held vis-à-vis other banks .
Banke so še naprej zmanjševale obseg svoje skupne bilance stanja , predvsem z zmanjševanjem sredstev v razmerju do drugih bank .
The challenge remains to adjust the size and structure of balance sheets while ensuring the availability of credit to the non-financial sector .
Še vedno so pred izzivom , kako prilagoditi obseg in strukturo bilance stanja ter hkrati zagotavljati ponudbo kreditov nefinančnemu sektorju .
To address this challenge , banks should use the improved funding conditions to strengthen further their capital bases and , where necessary , take full advantage of government support measures for recapitalisation .
Banke bi se morale tega izziva lotiti tako , da izkoristijo izboljšane pogoje financiranja za nadaljnjo krepitev svoje kapitalske osnove in po potrebi v celoti izkoristijo državne ukrepe podpore pri dokapitalizaciji .
A cross-check of the outcome of the economic analysis with that of the monetary analysis confirms the assessment of low inflationary pressure over the medium term , given the ongoing parallel decline in money and credit growth .
Navzkrižna primerjava rezultatov ekonomske in denarne analize potrjuje oceno o šibkih inflacijskih pritiskih v srednjeročnem obdobju , saj se rast denarja in rast kreditov vzporedno upočasnjujeta .
The Governing Council will continue its enhanced credit support to the banking system , while taking into account the ongoing improvement in financial market conditions and avoiding distortions associated with maintaining non-standard measures for too long .
Svet ECB bo tudi v prihodnje nudil okrepljeno kreditno podporo bančnemu sistemu ter ob upoštevanju nadaljnjega izboljševanja razmer na finančnih trgih preprečeval izkrivljanja , do katerih bi lahko prišlo , če bi nestandardne ukrepe vzdrževal predolgo .
The Governing Council will also continue to implement the gradual phasing-out of the extraordinary liquidity measures that are not needed to the same extent as in the past .
Svet ECB bo ravno tako še naprej postopno odpravljal izredne likvidnostne ukrepe , ki niso več potrebni v enakem obsegu kot v preteklosti .
In order to counter effectively any threat to price stability over the medium to longer term , the liquidity provided will be absorbed when necessary .
Da bi lahko učinkovito preprečil vsakršno grožnjo stabilnosti cen v srednjeročnem in dolgoročnejšem obdobju , bo umaknil zagotovljeno likvidnost , ko bo to potrebno .
Accordingly , the Governing Council will continue to monitor very closely all developments over the period ahead .
Zato bo Svet ECB tudi v prihodnjem obdobju zelo natančno spremljal vsa gibanja .
As regards fiscal policies , many euro area governments are faced with high and sharply rising fiscal imbalances .
Na področju javnofinačnih politik se številne države euroobmočja soočajo z velikimi fiskalnimi neravnovesji , ki se strmo povečujejo .
The very large government borrowing requirements carry the risk of triggering rapid changes in market sentiment , leading to less favourable medium and long-term market interest rates .
Zelo visoko zadolževanje države prinaša tveganje hitrih sprememb v razpoloženju na trgu , kar lahko privede do manj ugodnih srednjeročnih in dolgoročnih tržnih obrestnih mer .
This , in turn , would dampen private investment and thereby weaken the foundations for sustained growth .
To bi po drugi strani zavrlo zasebne investicije in s tem oslabilo temelje za trajnejšo gospodarsko rast .
Moreover , high levels of public deficit and debt would place an additional burden on monetary policy and undermine the credibility of the provisions of both the Treaty on the Functioning of the European Union and the Stability and Growth Pact as a key pillar of Economic and Monetary Union .
Poleg tega bi lahko visoka raven javnofinančnega primanjkljaja in dolga dodatno obremenjevala denarno politiko in spodkopala verodostojnost določb Pogodbe o delovanju Evropske unije ter Pakta za stabilnost in rast kot ključnega stebra ekonomske in monetarne unije .
The Governing Council therefore calls upon governments to decide and implement in a timely fashion ambitious fiscal exit and consolidation strategies based on realistic growth assumptions , with a strong focus on expenditure reforms .
Svet ECB vse vlade zato poziva , naj pravočasno oblikujejo in izvedejo ambiciozne strategije javnofinančnega izhoda in konsolidacije , ki temeljijo na realističnih predpostavkah glede gospodarske rasti , in velik poudarek namenijo reformi proračunskih odhodkov .
Tax cuts should only be considered over the medium term , when countries have regained sufficient room for budgetary manoeuvre .
O znižanju davkov bi bilo smiselno razmišljati samo na srednji rok , ko bodo države pridobile dovolj manevrskega prostora za proračunske prilagoditve .
In this regard , current government commitments to start consolidation in 2011 at the latest and to go well beyond the structural benchmark for adjustment of 0.5% of GDP per annum represent the minimum requirement for all euro area countries .
V tem pogledu minimalne zahteve za vse države euroobmočja predstavljajo sedanje zaveze držav , po katerih naj bi se proračunska konsolidacija začela najkasneje v letu 2011 in naj bi bistveno presegla strukturno referenčno vrednost 0,5% BDP letno .
The success of fiscal adjustment strategies will also depend , crucially , on appropriate national budgetary rules and institutions and requires transparent budgetary procedures , as well as reliable and complete government finance statistics .
Uspeh strategij javnofinančnega prilagajanja bo ključno odvisen tudi od ustreznih nacionalnih proračunskih pravil in institucij , za kar so potrebni pregledni proračunski postopki ter zanesljiva in popolna statistika državnih financ .
Turning to structural reforms , an appropriate restructuring of the banking sector should play an important role .
Na področju strukturnih reform bi moralo pomembno vlogo imeti ustrezno prestrukturiranje bančnega sektorja .
Sound balance sheets , effective risk management , and transparent as well as robust business models are key to strengthening banks » resilience to shocks , thereby laying the foundations for sustainable economic growth and financial stability .
Zdrave poslovne bilance , učinkovito upravljanje s tveganji ter vzdržljivi poslovni modeli so ključni pri krepitvi odpornosti bank na šoke , s čimer bodo vzpostavljeni temelji za vzdržno gospodarsko rast in finančno stabilnost .
The Eurosystem will submit its response to the European Commission 's public consultation on the EU 2020 strategy , which is designed as a successor to the current Lisbon strategy .
Eurosistem bo predložil svoje odgovore Evropski komisiji v okviru javnega posvetovanja o strategiji EU 2020 , ki naj bi nasledila sedanjo lizbonsko strategijo .
To address future challenges , the EU 2020 strategy should focus on raising potential growth and creating high levels of employment through well-functioning labour and product markets , sound financial systems and sustainable fiscal policies .
Da bi se uspešno lotili prihodnjih izzivov , bi se morala strategija EU 2020 osredotočiti na povečanje potencialne rasti in ustvarjanje visoke ravni zaposlenosti prek dobro delujočega trga dela in trga proizvodov , zdravega finančnega sistema in vzdržne javnofinančne politike .
The aim is to achieve a highly competitive social market economy , as spelled out in the Treaty .
Cilj je uresničiti konkurenčno socialno tržno gospodarstvo , kot je to določeno v Pogodbi .
The first article describes the way in which the ECB has assessed , signalled and implemented the monetary policy stance in the context of the recent financial crisis .
Prvi članek opisuje , kako je ECB ocenjevala , signalizirala in izvajala naravnanost denarne politike v okviru nedavne finančne krize .
The second article reviews the relations of the ECB with the other relevant institutions and bodies in the European Union which have been established since the launch of the euro .
Drugi članek ocenjuje odnose ECB z drugimi relevantnimi institucijami in organi v Evropski uniji , ki so bili ustanovljeni od uvedbe eura .
The third article presents an overview and estimates of household entitlements under government pension schemes in the euro area .
Tretji članek pa predstavlja kratek pregled in oceno pravic gospodinjstev v okviru državnih pokojninskih sistemov v euroobmočju .
Navigation Path : Home &gt; The European Central Bank &gt; Legal framework &gt; All by date &gt; 2010 &gt; CON / 2010/29
Navigation Path : Home &gt; The European Central Bank &gt; Pravni okvir &gt; Vse po datumu &gt; 2010 &gt; CON / 2010/29
Navigation Path : Home &gt; Press &gt; Governing Council decisions &gt; Other decisions &gt; 2009 &gt; 18 December 2009
Navigation Path : Home &gt; Press &gt; Governing Council decisions &gt; Other decisions &gt; 2009 &gt; 18 . december 2009
Amendments to the requirements for asset-backed securities ( ABSs ) to be eligible as Eurosystem collateral
Spremembe zahtev za kolateralizirane vrednostne papirje kot primerno zavarovanje Eurosistema
On 20 November 2009 the ECB announced the Governing Council 's decision to amend the rating requirements for asset-backed securities ( ABSs ) to be eligible for use in Eurosystem credit operations .
ECB je 20 . novembra 2009 objavila sklep Sveta ECB o spremembi bonitetnih zahtev , ki jih morajo izpolnjevati kolateralizirani vrednostni papirji , da so primerni za uporabo v kreditnih operacijah Eurosistema .
A press release explaining this decision is available on the ECB 's website .
Sporočilo za javnost , ki pojasnjuje to odločitev , je objavljeno na spletni strani ECB .
ECB 's refinancing operations up to 7 April 2010
Operacije refinanciranja ECB do 7 . aprila 2010
On 3 December 2009 the Governing Council announced details of Eurosystem refinancing operations to be conducted until the end of the third maintenance period of 2010 , on 13 April 2010 .
decembra 2009 objavil podrobnosti operacij refinanciranja Eurosistema , ki bodo izvedene do konca tretjega obdobja izpolnjevanja obveznih rezerv , ki se konča 13 . aprila 2010 .
These will be conducted as fixed rate tender procedures with full allotment , until at least that date . Details were also given of the 12-month longer-term refinancing operation to be conducted in December 2009 , and it was announced that this 12-month operation and the 6-month operation to be conducted in March 2010 would be the last ones with 12-month and 6-month maturities respectively .
Podrobneje je predstavljena tudi 12-mesečna operacija dolgoročnejšega refinanciranja , ki bo izvedena decembra 2009 . Svet ECB je ob tem napovedal , da bosta ta 12-mesečna operacija ter 6-mesečna operacija , ki bo izvedena marca 2010 , zadnji tovrstni operaciji .
A press release detailing these decisions is available on the ECB 's website .
Sporočilo za javnost , ki pojasnjuje to odločitev , je objavljeno na spletni strani ECB .
Extension of temporary changes to the rules relating to the eligibility of collateral
Podaljšanje začasnih sprememb pravil glede primernosti zavarovanja
On 10 December 2009 the Governing Council adopted the Guideline amending Guideline ECB / 2008/18 on temporary changes to the rules relating to the eligibility of collateral ( ECB / 2009/24 ) .
Svet ECB je 10 . decembra 2009 sprejel Smernico o spremembi Smernice ECB / 2008/18 o začasnih spremembah pravil v zvezi s primernostjo zavarovanja ( ECB / 2009/24 ) .
This Guideline extends the period of application of the changes to the collateral eligibility rules , which according to Article 10 ( 2 ) of the Guideline ECB / 2008/18 were due to expire on 31 December 2009 , until 31 December 2010 .
S smernico se obdobje veljavnosti sprememb pravil glede primernosti zavarovanja , ki naj bi se v skladu s členom 10 ( 2 ) Smernice ECB / 2008/18 končalo 31 . decembra 2009 , podaljšuje do 31 .
This extension had already been announced , on 7 May 2009 .
Podaljšanje je že bilo objavljeno , in sicer 7 . maja 2009 .
The Guideline was published in the Official Journal of the European Union on 16 December 2009 and is also available on the ECB 's website .
Smernica je bila 16 . decembra 2009 objavljena v Uradnem listu Evropske unije in je na voljo tudi na spletni strani ECB .
Public consultation on loan-level data
Javna razprava o podatkih na ravni posameznega posojila
On 17 December 2009 the Governing Council , having assessed the need for surveillance of loan-level data , decided to launch a public consultation on the reporting of loan-level information for asset-backed securities ( ABSs ) in the context of the Eurosystem collateral framework .
Svet ECB je 17 . decembra 2009 po opravljeni oceni nujnosti nadzora nad podatki na ravni posameznega posojila sklenil odpreti javno razpravo o poročanju informacij na ravni posameznega posojila za kolateralizirane vrednostne papirje v okviru sistema zavarovanj v Eurosistemu .
More information will be provided in due course on the ECB 's website . Payment systems and market infrastructure
Več informacij bo kmalu objavljenih na spletni strani ECB . Plačilni sistemi in tržna infrastruktura
Glossary of payment , clearing and settlement terms
Glosar izrazov s področja plačil , kliringa in poravnave
On 27 November 2009 the Governing Council approved a glossary of terms , compiled by a committee of ESCB experts , relating to technical aspects of payment , clearing and settlement systems in the European Union and authorised its publication .
Svet ECB je 27 . novembra 2009 potrdil glosar izrazov , ki jih je zbral odbor strokovnjakov ESCB in obravnavajo tehnične vidike sistemov plačil , kliringa in poravnave v Evropski uniji , ter odobril njegovo objavo .
The glossary had previously been submitted to public consultation .
O glosarju je pred tem potekala javna razprava .
A press release accompanying the release of this glossary was published on the ECB 's website on 1 December 2009 .
Sporočilo za javnost o predstavitvi glosarja je bilo 1 . decembra 2009 objavljeno na spletni strani ECB .