natgillin/translations-raw huggingface dataset:
While euro area exports continued to benefit from strong but moderating global economic growth , domestic demand -- in particular the fixed investment component -- remained the main driver of the expansion of economic activity .
Medtem ko je na izvoz euroobmočja še naprej ugodno vplivala močna , čeprav nekoliko zmernejša svetovna gospodarska rast , pa je bilo domače povpraševanje -- zlasti investicije v osnovna sredstva -- še naprej gibalo rasti gospodarske aktivnosti .
During the first half of 2007 , strong investment growth was supported by favourable financing conditions , strong corporate earnings and further gains in business efficiency .
V prvi polovici leta 2007 so k močni rasti naložb prispevali ugodni pogoji financiranja , veliki podjetniški dobički in dodatno izboljšanje učinkovitosti poslovanja .
In the second half of 2007 , the heightened financial uncertainty partly clouded the situation in the real economy and the balance of risks to the baseline scenario for euro area growth tilted to the downside .
Povečana finančna negotovost je v drugi polovici leta 2007 deloma skalila razmere v realnem gospodarstvu , ravnotežje tveganj v osnovnem scenariju gospodarske rasti v euroobmočju pa se je obrnilo navzdol .
Cross-checking with the monetary analysis confirmed the Governing Council 's assessment that risks to price stability continued to lie clearly on the upside at medium to longer horizons .
Navzkrižna primerjava z denarno analizo je potrdila oceno Sveta ECB , da so tveganja za cenovno stabilnost srednjeročno do dolgoročno nedvomno na strani naraščanja inflacije .
A broad-based assessment of available data confirmed that the underlying rate of money and credit expansion was very vigorous .
Širša ocena dostopnih podatkov je potrdila zelo živahno rast denarja in kreditov .
In the second half of 2007 , the influence of the financial turmoil on the underlying dynamics of broad money and credit expansion remained limited .
V drugi polovici leta 2007 je vpliv finančnih pretresov na osnovno dinamiko rasti denarja in kreditov ostal omejen .
This was underlined in particular by the sustained growth of bank loans to the domestic private sector , especially to nonfinancial corporations , suggesting that the credit supply had not been significantly impaired .
To je zlasti potrdila nezmanjšana rast bančnih posojil domačemu zasebnemu sektorju , zlasti nefinančnim družbam , kar kaže , da ponudba kreditov ni bila izraziteje oslabljena .
Governing Council paid particular attention to monetary developments over this period .
Svet ECB je bil v tem obdobju posebno pozoren na denarna gibanja .
In order to contain the prevailing upside risks to price stability over the medium term , the Governing Council raised the key ECB interest rates in March and June 2007 by 25 basis points in each case .
Da bi Svet ECB omejil prevladujoča navzgor usmerjena tveganja za cenovno stabilnost v srednjeročnem obdobju , je marca in junija 2007 zvišal ključne obrestne mere , v obeh primerih za 25 bazičnih točk .
As a result , the minimum bid rate in the main refinancing operations of the Eurosystem rose to 4.00% in June 2007 , from 3.50% at the end of 2006 .
Zato se je izklicna obrestna mera v operacijah glavnega refinanciranja Eurosistema junija 2007 dvignila na 4,00% , v primer - javi s 3,50% ob koncu leta 2006 .
In the second half of the year , the Governing Council decided to maintain key ECB interest rates at an unchanged level .
V drugi polovici leta je Svet ECB sklenil , da pusti ključne obrestne mere ECB nespremenjene .
Taking due account also of the unusually high degree of uncertainty about the impact of the financial turmoil on the real economy , the Governing Council deemed it necessary to collect and assess additional information and to monitor developments in financial markets particularly closely before drawing further conclusions for monetary policy .
Ob upoštevanju nenavadno visoke stopnje negotovosti glede učinka finančnih pretresov na realno gospodarstvo je Svet ECB menil , da je treba pred sprejemanjem nadaljnjih zaključkov o denarni politiki zbrati in oceniti dodatne informacije ter pozorno spremljati gibanja na finančnih trgih .
At the same time , the Governing Council confirmed its permanent readiness to do whatever was needed in order to ensure that upside risks to price stability would not materialise and that the firm anchoring of long-term inflation expectations would be preserved .
Hkrati je Svet ECB potrdil svojo stalno pripravljenost , da stori vse potrebno , da bi zagotovil , da se navzgor usmerjena tveganja za cenovno stabilnost ne bi uresničila in da bi bila dolgoročna inflacijska pričakovanja še naprej trdno zasidrana .
*** Further progress with fiscal consolidation was made in 2007 , according to the updated stability programmes , with the average fiscal deficit ratio for the euro area declining to 0.8% of GDP , compared with 1.5% in 2006 .
*** Leta 2007 je bil dosežen nadaljnji napredek pri fiskalni konsolidaciji v skladu z dopolnjenimi programi stabilnosti , tako da se je povprečna stopnja javnofinančega primanjkljaja v euroobmočju znižala na 0,8% BDP , v primerjavi z 1,5% leta 2006 .
However , a renewed increase in this ratio is already projected for 2008 at a time when many countries have still not achieved sound fiscal positions .
Toda že v letu 2008 je predvideno vnovično zvišanje stopnje primanjkljaja , pri čemer mnoge države še vedno niso dosegle zdravega javnofinančnega položaja .
This implies a risk that some countries will not comply with the provisions of the preventive arm of the Stability and Growth Pact .
To predstavlja tveganje , da nekatere države ne bodo izpolnile določb preventivnega dela Pakta za stabilnost in rast .
In order not to undermine the credibility of the Pact , these countries should pursue much more ambitious policies and improve their structural position by a benchmark rate of 0.5% of GDP per year as required by the Pact .
Da ne bi ogrozili verodostojnosti pakta , bi morale te države voditi veliko ambicioznejše politike in izboljšati svoj strukturni položaj za referenčno vrednost 0,5% BDP na leto , kot to zahteva pakt .
It is crucial that all countries live up to their commitments and aim to achieve their medium-term objective of a sound fiscal position by 2010 at the latest , as agreed and announced at ECB Annual Report 2007
Ključno je , da vse države upoštevajo svoje zaveze in si prizadevajo doseči svoj srednjeročni cilj , po katerem naj bi dosegle zdrav javnofinančni položaj najpozneje do leta 2010 , kot je bilo dogovorjeno in objavljeno na zasedanju Euroskupine v Berlinu aprila 2007 .
11 the Eurogroup 's Berlin meeting of April 2007 .
Samovoljno fiskalno popuščanje bi bilo popolnoma neprimerno .
Discretionary fiscal loosening would be totally inappropriate . On the contrary , allowing the free operation of automatic stabilisers in countries with sound budgetary positions and safeguarding the long-term sustainability of public finances is the best contribution fiscal policy can make to macroeconomic stability .
Nasprotno , fiskalna politika lahko največ prispeva k makroekonomski stabilnosti s tem , da omogoči prosto delovanje samodejnih stabilizatorjev v državah z zdravim proračunskim stanjem ter da varuje dolgoročno vzdržnost javnih financ .
As regards structural reforms , recent achievements in the context of the Lisbon strategy are encouraging .
Kar zadeva strukturne reforme , so zadnji dosežki v okviru lizbonske strategije spodbudni . Zaradi ECB Letno poročilo 2007
Structural reforms and wage moderation over recent years have led to a significant rise in employment in the euro area of around 15.8 million persons in the period of nine years since the start of Stage Three of EMU , compared with an increase of around 4.5 million for the same group of countries in the nine years before 1999 .
strukturnih reform in umirjanja plač v zadnjih letih se je zaposlenost v euroobmočju močno povečala , in sicer za približno 15,8 milijona oseb v obdobju devetih let od začetka tretje faze EMU , medtem ko se je v isti skupini držav v devetih letih pred letom 1999 to število povečalo za okrog 4,5 milijona .
In the same vein , the unemployment rate in the euro area continued to decline , from 8.3% in 2006 to 7.4% in 2007 , a level not seen for 25 years .
Skladno s tem se je stopnja brezposelnosti v euroobmočju še naprej nižala ( z 8,3% leta 2006 na 7,4% leta 2007 ) in dosegla najnižjo raven v zadnjih 25 letih .
However , there is no room for complacency .
Vendar pa ni razlogov za samozadovoljstvo .
Unemployment rates in many countries are still high and the labour participation rate remains low by international standards .
Stopnje brezposelnosti so v nekaterih državah še vedno visoke , stopnja aktivnosti prebivalstva pa je po mednarodnih standardih še naprej nizka .
Moreover , productivity growth in the euro area continues to be weak , limiting the scope for wage increases . It is thus important that governments continue to sustain momentum and step up their reform efforts to remove remaining barriers to job creation and productivity growth .
Poleg tega je rast produktivnosti v euroobmočju še naprej šibka , kar omejuje prostor za rast plač . Zato je pomembno , da države še naprej vzdržujejo zagon in krepijo svoja reformna prizadevanja za odpravo preostalih ovir pri ustvarjanju delovnih mest in rasti produktivnosti .
Most importantly , this requires improvements in education and life-long learning , which would enhance human capital , improve employment prospects and increase innovation .
Za to je zlasti potrebno izboljšanje izobraževanja in vseživljenjskega učenja , kar bi okrepilo človeški kapital , izboljšalo zaposlitvene možnosti in povečalo inovacije .
Continuous efforts are also needed to enhance competition and flexibility and to improve the functioning of labour , product and services markets .
Potrebna so tudi stalna prizadevanja za povečanje konkurence in prožnosti ter za izboljšanje delovanja trgov dela , proizvodov in storitev .
In particular , enhancing competition in the services sectors and network industries , as well as applying adequate measures in the EU agricultural market , would support productivity growth and price stability in the euro area .
K rasti produktivnosti in cenovni stabilnosti v euroobmočju bi zlasti prispevala okrepitev konkurence v storitvenih in omrežnih dejavnostih ter uvedba ustreznih ukrepov na kmetijskem trgu EU .
*** 2007 was marked by very difficult challenges in financial markets .
*** Leto 2007 so zaznamovali izredno veliki izzivi na finančnih trgih .
As of August , a very significant worldwide market correction with episodes of acute turbulence and a high level of volatility affected euro money markets .
Od avgusta naprej je eurske denarne trge prizadel precejšen popravek na trgih po vsem svetu z epizodami hudih pretresov in visoko stopnjo volatilnosti .
The drying-up of liquidity in the euro money market on 9 August led the ECB to provide Euros 95 billion at its policy rate of 4.00% with overnight maturity .
avgusta prišlo do izčrpanja likvidnosti na eurskem denarnem trgu , je ECB zagotovila 95 milijard EUR po uradni obrestni meri 4,00% z dospelostjo čez noč .
The ECB conducted further similar operations , of decreasing amounts , over the following days .
ECB je v naslednjih dneh izvedla dodatne podobne operacije , vendar z manjšimi zneski .
In the subsequent weeks and months , the ECB also conducted supplementary longer-term refinancing operations as well as fine-tuning operations . It also provided liquidity in dollars in parallel with the Term Auction Facility of the Federal Reserve Bank of New York .
V naslednjih tednih in mesecih je ECB izvedla še dodatne operacije dolgoročnejšega refinanciranja in operacije finega uravnavanja . Zagotovila je tudi likvidnost v dolarjih vzporedno z začasno avkcijo ameriške centralne banke iz New Yorka .
At the end of the year , the ECB took special liquidity measures in order to accommodate the specific needs of the banking system .
Ob koncu leta je ECB sprejela posebne likvidnostne ukrepe za zadovoljitev posebnih potreb bančnega sistema .
As a result of the ECB 's operations , the overnight interest rate returned to the stable levels around the policy rate set by the Governing Council which had prevailed before the start of the turmoil . Tensions remain , however , at longer maturities in the money market .
Zaradi operacij ECB se je obrestna mera čez noč vrnila na stabilno raven , ki je prevladovala pred začetkom pretresov , torej okrog uradne obrestne mere ECB , ki jo določi Svet ECB . Na denarnem trgu kljub temu ostajajo napetosti pri daljših ročnostih .
The financial market correction triggered a substantial reappraisal of risk by market participants .
Popravek na finančnih trgih je pri tržnih udeležencih sprožil občutno prevrednotenje tveganja .
The ECB , as well as the other members of the Eurosystem , had warned on several occasions , in particular in its Financial Stability Review , that the situation was characterised by an underpricing of risks .
ECB in druge članice Eurosistema so večkrat opozorile ( zlasti v pregledu finančne stabilnosti ) , da so tveganja podcenjena .
While the present significant market correction is not over , some provisional lessons can be drawn , including : i ) the necessity for banks to enhance their risk management systems ;
Čeprav zdajšnji občuten popravek trgov ni končan , lahko iz tega potegnemo nekaj začasnih naukov , med drugim : i ) banke morajo okrepiti svoje sisteme upravljanja tveganja ;
ii ) the need to reflect on the advantages and disadvantages of the « originate-to-distribute model » developed before the correction started ;
ii ) pretehtati je treba prednosti in slabosti modela bančništva , pri katerem se posojila po odobritvi prodajo kot vrednostni papirji ( originate-to-distribute model ) , ki je bil oblikovan pred začetkom popravka ;
iii ) the need for enhanced transparency from all actors in the markets ;
iii ) vsi akterji na trgih morajo povečati preglednost ;
iv ) the need to assess the overall role of credit rating agencies ;
iv ) oceniti je treba širšo vlogo bonitetnih agencij ;
and v ) the need for supervisors to implement the new capital framework under Basel II as rapidly and effectively as possible and to reflect on possible enhancements to the supervisory regime for liquidity risk .
v ) nadzorniki morajo čim hitreje in čim učinkoviteje izvesti novi kapitalski okvir v skladu s sporazumom Basel II ter razmisliti o morebitnem izboljšanju nadzornega režima pri likvidnostnem tveganju .
The euro area financial system remained resilient in 2007 , but its shock-absorbing capacity was
Finančni sistem euroobmočja je leta 2007 ostal odporen , vendar pa je bila njegova sposobnost absorbiranja šokov v drugi polovici leta postavljena pred hudo preizkušnjo .
severely tested throughout the second half of the year . Apart from the possible consequences of the credit market turbulence , future risks to the euro area banking system mainly relate to the possibility of adverse developments in the credit cycle , with negative implications for banks » asset quality and loan impairment charges .
Poleg morebitnih posledic pretresov na kreditnih trgih so prihodnja tveganja za bančni sistem euroobmočja povezana predvsem z možnostjo neugodnih gibanj v kreditnem ciklu , kar bi lahko negativno vplivalo na kakovost aktive bank in stroške oslabitve posojil .
In addition , the possibility of a disorderly unwinding of global imbalances remains a source of medium-term risk to global financial stability .
Poleg tega je možnost neobvladljivega razpletanja svetovnih neravnovesij še naprej vir srednjeročnega tveganja za svetovno finančno stabilnost .
*** During 2007 the ECB continued to make an active contribution to the process of European financial integration .
*** ECB je v letu 2007 še naprej dejavno sodelovala v procesu evropske finančne integracije .
In addition to monitoring progress in this field and providing advice on relevant legislation and regulation , the ECB confirmed its role as a catalyst for private sector activities , in particular by continuing its strong support for the Single Euro Payments Area initiative .
spremljanja napredka na tem področju in svetovanja glede zadevne zakonodaje in ureditve je ECB utrdila vlogo pospeševalca pri dejavnostih zasebnega sektorja , zlasti z nadaljnjo močno podporo pobudi , ki je pripeljala do enotnega območja plačil v eurih .
The Eurosystem maintained a constant dialogue with banks and other stakeholders and intensified coordination efforts with the European Commission .
Eurosistem je vzdrževal stalen dialog z bankami in drugimi deležniki ter okrepil svoja prizadevanja pri usklajevanju z Evropsko komisijo .
It supported the adoption of the Payment Services Directive , which was approved by the EU Council on 15 October 2007 .
Podpiral je sprejem direktive o plačilnih storitvah , ki jo je Svet EU potrdil 15 . oktobra 2007 .
Furthermore , the TARGET2 system started operating on 19 November 2007 , when a first group of eight countries migrated their operations to the single shared platform .
Poleg tega je 19 . novembra 2007 začel delovati sistem TARGET2 , ko je prva skupina osmih držav prenesla svoje operacije na enotno skupno platformo .
A second group of seven countries migrated on 18 February this year , and the third group will migrate on 19 May .
Druga skupina sedmih držav je prehod izvedla 18 . februarja letos , tretja pa bo to storila 19 .
With a view to reaping the full benefits of TARGET2 , the Eurosystem continued to explore the possibility of offering a new service , called TARGET2-Securities ( T2S ) , to provide a common technical infrastructure for the euro settlement of securities transactions in central bank money by central securities depositories and to process both securities and cash settlements on a single technical platform .
Da bi Eurosistem v celoti izkoristil prednosti sistema TARGET2 , je še naprej preučeval možnost ponudbe nove storitve z imenom TARGET2-Securities ( T2S ) , ki naj bi omogočala vzpostavitev enotne tehnične infrastrukture za eursko poravnavo poslov z vrednostnimi papirji v centralnobančnem denarju s strani centralnih depotnih družb ter poravnavo vrednostnih papirjev in denarno poravnavo na enotni tehnični platformi .
With T2S , there would be no difference between conducting domestic and cross-border settlements within the euro area .
Sistem T2S bo zagotovil , da med domačimi poravnavami in čezmejnimi poravnavami v euroobmočju ne bo nobenih razlik .
It should therefore contribute to integrating and harmonising European post-trading financial services and should foster competition by providing equal , cheaper and harmonised access to settlement services within the European financial market .
S tem naj bi prispeval k integraciji in harmonizaciji evropskih finančnih storitev po opravljenem trgovanju in spodbujal konkurenco z zagotavljanjem enakega , cenejšega in harmoniziranega dostopa do poravnalnih storitev znotraj evropskega finančnega trga .
*** The total number of budgeted staff positions for 2007 was 1,348 full-time equivalent ( FTE ) positions .
*** V letu 2007 je bilo v proračunu skupno predvideno 1.348 delovnih mest v ekvivalentu polnega delovnega časa .
This compares with 1,343 FTE positions for 2006 .
Leta 2006 je število delovnih mest v ekvivalentu polnega delovnega časa znašalo 1.343 .
Following the introduction in 2006 of general principles for mobility which encourage members of staff to change positions after every five years of service , internal mobility has received considerable support .
Po uvedbi splošnih načel mobilnosti v letu 2006 , ki spodbujajo zaposlene , da zamenjajo delovno mesto vsakih pet let službovanja , uživa notranja mobilnost veliko podporo .
In total , 152 members of staff , including 31 managers and advisers , moved internally to other positions in 2007 , on either a temporary or a long-term basis .
Leta 2007 je bilo na drugo delovno mesto bodisi začasno ali dolgoročnejše notranje premeščenih več kot 152 zaposlenih , od tega 31 vodstvenih delavcev in svetovalcev .
In addition to promoting mobility , the Human Resources ( HR ) strategy continued to focus on the development of ECB management and , in particular , on strengthening managerial skills through training and individual coaching .
Poleg spodbujanja mobilnosti je kadrovska strategija veliko pozornosti še naprej posvečala razvoju vodstvenih kadrov ECB in zlasti krepitvi vodstvenih znanj s pomočjo usposabljanja in individualnimi treningi .
The continuous acquisition and development of skills and competencies by all members of staff remains a cornerstone of the ECB 's HR strategy .
Stalno pridobivanje in razvoj znanj in sposobnosti vseh zaposlenih ostajata eden izmed temeljev kadrovske strategije ECB .
In addition to numerous in-house training opportunities , staff continued to take up external training opportunities to address individual training needs of a more technical nature .
Poleg številnih možnostih za notranje usposabljanje so zaposleni še naprej izkoriščali možnosti zunanjega usposabljanja , da bi zadovoljili individualne potrebe po bolj tehničnem usposabljanju .
The Human Resources Conference , which was established in 2005 to promote cooperation and team spirit among Eurosystem / ESCB central banks in the field of HR management , covered different aspects of staff training and development in 2007 , including opportunities for ESCB training activities and the development of measures to increase intra-ESCB mobility .
Kadrovska konferenca , ki je bila ustanovljena leta 2005 za spodbujanje sodelovanja in skupinskega duha med centralnimi bankami Eurosistema / ESCB na področju kadrovskega upravljanja , je leta 2007 obravnavala različne vidike usposabljanja in razvoja zaposlenih , vključno z možnostmi usposabljanja v okviru ESCB in ukrepi za večjo mobilnost v ESCB .
*** 2007 saw the completion of the detailed planning for the ECB 's new premises .
*** Leta 2007 je bilo končano podrobno načrtovanje novih prostorov ECB .
In midJuly , a contract notice was published in the Official Journal of the European Union for the selection of a general contractor in charge ECB Annual Report 2007
Sredi julija je bil v Uradnem listu Evropske unije objavljen javni razpis za glavnega izvajalca , ki bo odgovoren za gradnjo bodočega sedeža ECB .
of building the ECB 's future headquarters . After receiving expressions of interest by early October , the ECB selected some companies and invited them to tender an offer .
Potem ko je ECB do začetka oktobra sprejemala prijave , je izbrala nekaj družb in jih povabila , da pošljejo ponudbo .
The ECB will select a company by October 2008 .
ECB bo izvajalca izbrala do oktobra 2008 .
The project is progressing in compliance with both the timing and the financial budget approved by the Governing Council .
Projekt napreduje v skladu s časovnim načrtom in finančnim proračunom , ki ga je odobril Svet ECB .
*** In 2007 the ECB earned a surplus of Euros 286 million compared with a surplus of Euros 1,379 million in 2006 .
*** ECB je imela leta 2007 presežek v višini 286 milijonov EUR ( leta 2006 je presežek znašal 1.379 milijonov ) .
As in 2006 , an amount equivalent to the surplus was set aside in a provision against foreign exchange rate , interest rate and gold price risks , leaving no net profit .
Tako kot leta 2006 je bil celoten znesek prenesen v rezervacije za tečajno tveganje , obrestno tveganje in cenovno tveganje pri zlatu , tako da je ostal izkazan čisti dobiček enak nič .
The provision will be used to cover losses arising from the exposure to these risks , in particular valuation losses not covered by the revaluation accounts .
bodo uporabljene za pokrivanje izgub , ki nastanejo zaradi izpostavljenosti tem tveganjem , predvsem za odhodke vrednotenja , ki jih ne pokrijejo računi prevrednotenja .
The size of the provision will be reviewed annually .
Velikost rezervacij se bo ugotavljala letno .
Frankfurt am Main , March 2008
Frankfurt na Majni , marec 2008