natgillin/translations-raw huggingface dataset:
Pomemben vidik obvladovanja kriz sta bila vloga javnega sektorja in zlasti obseg takratne finančne pomoči Mednarodnega denarnega sklada.
An important aspect of crisis management was the role of the public sector and in particular the scope of the respective financial aid from the IMF.
Argumentu „takojšnjega reševanja težav“ z veliko finančno pomočjo nasprotujejo morebitne negativne gospodarske in politične posledice za prizadeto državo, mednarodne finančne ustanove ter mednarodni finančni in monetarni sistem.
The argument for ‘immediate problem-solving’ using large financial rescue packages is countered by the potential negative economic and political consequences for the country concerned and for the international financial institutions and the international monetary and financial system.
Pozneje sem v različnih in deloma novih forumih, kot sta na primer forum za finančno stabilnost in G20, prispeval k izboljšanju preprečevanja nacionalnih in mednarodnih kriz, da bi mednarodni monetarni in finančni sistem lažje obvladoval pretrese.
As a result I have endeavoured to improve national and international crisis prevention in a variety of forums, some of them new, such as the Financial Stability Forum and G20, in order to increase the international monetary and financial system’s resistance to shock.
Kot osebni predstavnik zveznega kanclerja od leta 1995 do 1998 sem svoje mednarodne politične izkušnje dodatno poglobil in razširil.
Between 1995 and 1998 I further deepened and broadened my experience of international policy-making as ‘Sherpa’ to the Federal Chancellor.
Pri pripravi gospodarskih vrhov držav G7 je bilo treba obdelati veliko svetovnih političnih tem (med drugim svetovna trgovinska politika, lažje plačevanje dolgov držav v razvoju, razvojna politika, svetovni okoljski problemi, reforme ZN, starajoča družba, regionalna in svetovna vprašanja migracije).
In the run-up to and during the respective G7 economic summits a large number of global policy topics had to be addressed (including world trade policy, debt reduction for emerging nations, development policy, global environmental problems, UN reforms, ageing societies and regional and global migration).
Kot podpredsednik Nemške zvezne banke sem od septembra 1998 pristojen za evropske in mednarodne odnose (glej odgovor na vprašanje A 1).
Since September 1998, as Vice-President of the Deutsche Bundesbank, I have been responsible for European and international relations (see also my answer to Question A 1).
Moje pristojnosti so medtem zajemale tudi področja „trgi“ in „nadzorovanje“.
Meanwhile my responsibilities also embraced the fields of ‘markets’ and ‘controls’.
Razen svetovanja predsedniku Nemške zvezne banke o monetarni politiki sem bil v preteklih letih na evropski ravni dejaven tudi na področju izvajanja pakta za stabilnost, na mednarodni ravni pa pri reformi Mednarodnega denarnega sklada in vidikih stabilnosti finančnih sistemov.
As well as providing the President of the Bundesbank with advice on monetary policy my work in the past has been determined at European level by the implementation of the Stability Pact, and at international level by the reform of the IMF and aspects of stability in the financial system.
Naštejte najpomembnejše odločitve, pri katerih ste sodelovali v poklicni karieri.
What are the most important decisions to which you have been party in your professional life?
Sodeloval sem pri veliko političnih odločitvah ter v okviru evropskega in mednarodnega sodelovanja po pooblastilu vlade samostojno sprejemal odločitve.
I have been involved in a large number of policy decisions or made decisions myself in the context of European and international cooperation on behalf of my government.
Nima vsak sodelavec vlade možnosti, da v svojem poklicnem življenju sodeluje v zgodovinskih postopkih odločanja.
But not every government employee is offered the chance to become involved in historic decision-making processes during their professional career.
Tu bi rad imenoval dva takšna pomembna in obsežna postopka odločanja.
In this connection I should like to draw particular attention to two significant and far-reaching decisions.
Sicer nista neposredno vzročno povezana, ampak sta skupaj in posamezno pomembno pripomogla k preoblikovanju Evrope v zadnjih desetletjih:
While they may not have a direct causal relationship, separately and together they represent important waymarks for the historic reshaping of Europe in recent decades:
Ponovna združitev Nemčije po več kot 40 letih.
The reunification of Germany after 40 years of division.
Sodeloval sem pri pogajanjih o nemško-nemški monetarni, gospodarski in socialni uniji, ki je uvedla nemško marko v takratni Nemški demokratični republiki.
I took part in the talks on German-German monetary, economic and social union, which resulted in the introduction of the deutschmark in what was then the GDR.
Uvedba enotne evropske valute.
The creation of a common European currency.
Tu je zlasti pomembno moje sodelovanje pri pogajanjih in sprejemanju odločitev o
In this connection I would refer in particular to my involvement in the talks and decisions on
– maastrichtski pogodbi,
- the Maastricht Treaty,
– paktu za stabilnost in rast
- the Stability and Growth Pact,
Katere vodilne cilje si boste kot član izvršilnega odbora Evropske centralne banke zastavili v osemletnem mandatu?
What would be the guiding objectives you will pursue during your eight-year mandate as a Member of the Executive Board of the European Central Bank?
V primeru imenovanja za člana izvršilnega odbora ECB z osemletnim mandatom bodo moji vodilni cilji:
If I were made a Member of the Executive Board of the European Central Bank my guiding objectives for the next eight years would be:
1. z vsemi močmi in znanjem ter neodvisno od političnih in drugih organov bom izpolnjeval pristojnosti, naloge in obveznosti v skladu s Pogodbo ES in statutom ESCB ter ECB in ravnal v splošnem interesu celotnega euro območja;
1. to carry out the authorities, responsibilities and duties conferred by the EC Treaty and the Statute of the ESCB and of the ECB with all the powers at my disposal, to the best of my knowledge and belief and independently of political and other bodies and to act in the general interests of the euro area as a whole;
2. uporabil bom vse svoje sposobnosti in izkušnje, da prispevam k zagotavljanju uspeha monetarne unije in skupne valute;
2. to deploy all my ability and experience to contribute to the success of monetary union and the common currency;
3. z okrepitvijo zaupanja v sposobnosti in politiko Eurosistema bom spodbujal Evropejce, da sprejmejo euro, in tako prispeval k utrditvi stabilnosti v Evropi.
3. to contribute to the acceptance of the euro by the citizens of Europe by promoting the reinforcement of confidence in the capabilities and policies of the Eurosystem, with a view to contributing thereby to the establishment of a culture of stability in Europe.
Kako ocenjujete monetarno politiko, kakršno je zadnjih sedem let izvajal ESCB ?
What is your assessment of the monetary policy as it has been implemented by the ESCB for 7 years?
Ali bi predlagali spremembe, če boste postali član izvršilnega odbora, in če, katere ?
What changes, if any, would you promote when becoming a member of the executive board?
Posebej pa, kako ocenjujete zvišanje obrestne mere decembra 2005 in marca 2006 ?
Notably what is your assessment of the rise in interest rate implemented in December 2005 and March 2006?
Monetarna politika Eurosistema se je že na začetku spopadala z izzivi, ki se povsem razlikujejo od izzivov drugih centralnih bank.
From the start the monetary policy of the Eurosystem was faced with challenges which differed greatly from those facing other central banks.
– Za novo ustanovo je bilo pomembno, da v povsem novem političnem sistemu s centralizirano monetarno politiko ter decentraliziranimi gospodarskimi in proračunskimi politikami držav članic hitro pridobi verodostojnost in zaupanje.
- It was important that the new institution should acquire credibility and build confidence quickly in a completely new political regime with a centralised monetary policy and decentralised economic and budgetary policies in Member States.
– Treba je bilo razviti in uresničevati ustrezno ter razumljivo strategijo monetarne politike in opredeliti cilj „srednjeročnega zagotavljanja stabilnosti cen“.
- It was also necessary to develop and implement an appropriate and comprehensible monetary policy strategy and define the goal of ‘securing price stability in the medium term’.
Eurosistem je moral pri tem upoštevati veliko tehničnih vidikov z neznanimi učinki in prenesti različne pretrese, ki so povzročili negotovost ter vplivali na stopnjo inflacije.
The Eurosystem also had to take account of a number of technical factors with unknown effects and survive many and diverse shocks which resulted in uncertainties and influenced the inflation rate.
Od uvedbe je Eurosistem pridobil veliko verodostojnosti ter zaupanja potrošnikov, varčevalcev in vlagateljev.
Since its creation the Eurosystem has acquired a considerable level of credibility and confidence among consumers, savers and investors.
Za mlado ustanovo to ni bilo samoumevno.
This was not in any way inevitable for a young institution.
Razen tega mu je tudi uspelo razviti in uresničevati samostojno ter primerno strategijo monetarne politike za euro območje, ki upošteva njegove posebnosti.
An independent and monetary policy strategy has also been successfully developed and implemented for the euro area, which takes account of its special features.
S strategijami drugih centralnih bank je ni mogoče primerjati.
It cannot be compared with the strategies of other central banks.
Na začetku izvajanja enotne monetarne politike ni bilo napetosti ali večjih težav.
From the beginning there were no tensions or serious problems with the implementation of the uniform monetary policy.
Srednjeročna usmeritev jasno navaja, da monetarna politika nima na voljo instrumentov za uravnavanje konjunkturnega cikla.
The medium-term orientation makes it clear that the monetary policy does not possess the tools to fine-tune the trade cycle.
Dejavna politika, ki izkorišča kratkoročne izravnave cen in gospodarske dejavnosti, dolgoročno nima realnih učinkov, povzroča visoke stroške in lahko prispeva k nestabilnosti.
An activist policy which takes advantage of short-term trade-offs between prices and economic activity has no real impact in the long term, is associated with high prices and can contribute to instability.
Opredelitev stabilnosti cen kot letno povečanje harmoniziranega indeksa cen življenjskih potrebščin (HICP), ki se srednjeročno giblje pod, a v bližini, 2 %, se mi zdi primerna.
I consider the definition of price stability as an annual increase in the Harmonised Index of Consumer Prices of just below 2% in the medium term to be reasonable.
Vseeno je obžalovanja vredno, da je bila v zadnjih šestih letih ta vrednost velikokrat presežena.
However, it is regrettable that in the last six years this figure has easily been exceeded.
Zaradi relativno slabega gospodarskega razvoja v euro območju v tem času je to dejansko nezadovoljivo.
In view of the relatively weak economic development of the euro area during that period this is in the first place unsatisfactory.
Pomemben pojasnjevalni dejavnik je, da so na inflacijo zaradi drobnoprodajnih cen med drugim negativno vplivale višje upravne cene in višji neposredni davki v nacionalnih gospodarstvih euro območja.
One significant contributory factor, however, is the fact that inflation in consumer prices has been adversely affected by, amongst other things, higher administered prices and indirect taxation in the national economies in the euro area.
S strategijo in številčno opredelitvijo stabilnosti cen je Svet Evropske centralne banke upravičil svoje naloge in pooblastila.
With both strategy and the quantification of price stability the ECB Council is taking account of its terms of reference.
– Monetarna politika Sveta ECB postaja preglednejša, ker sta način analiziranja in politični cilj jasno opredeljena;
- The ECB Council’s monetary policy is becoming more transparent because the analytical path and the political objective have been formulated clearly.
– javnost lahko uspeh monetarne politike izmeri z objektivno preverljivo številčno velikostjo;
- The public can judge the success of monetary policy by means of a quantifiable value.
– opredelitev stabilnosti cen služi kot usmeritev za inflacijska pričakovanja prebivalcev.
- The definition of price stability serves as a benchmark for the public’s expectations for inflation.
Menim, da zdaj ni treba spreminjati strategije ali opredelitve stabilnosti cen.
In my opinion, viewed from current perspectives, there is no need to make any changes to strategy or the definition of price stability.
Takšne spremembe bi lahko povzročile negotovost in zmanjšale zaupanje v verodostojnost centralne banke.
Changes of that kind might only result in a sense of insecurity and damage confidence in the credibility of the Central Bank.
Začetna kritika, zlasti iz akademskih krogov, strategije dveh stebrov in deloma tudi komunikacijske politike ECB je medtem pretežno popustila stvarni oceni in višji stopnji razumevanja.
Initial criticism, in particular from academic circles, of the two-pillar strategy and sometimes also of the ECB communications policy, is now largely a sober judgement and has to a considerable degree given way to understanding.
Čeprav je Svet ECB decembra 2005 in marca 2006 zvišal osnovne obrestne mere, ostajajo obrestne mere v euro območju blizu zgodovinsko nizke stopnje.
Despite increases in the base rate by the ECB Council in December 2005 and March 2006 interest rates in the euro area remain close to their historical minimum.
To velja za celotno strukturno krivuljo obrestne mere, nominalno in realno.
This is true of the structure curve of interest as a whole, both nominal and actual.
Tako kot prej je na euro območju dobra likvidnost, in sicer celo večja, kot je potrebno za financiranje trajnostne rasti brez inflacije.
There is still an abundance of liquidity in the euro area, at any rate more than is needed to fund lasting, inflation-free growth.
Vsi monetarni in finančni kazalniki kažejo naraščajoče trende in vedno večja inflacijska tveganja: denarni tok, odobritev kredita, cene premoženja.
All of the monetary and financial indicators show expansionary trends and thus increasing risks of inflation: money supply, lending, asset prices.
Upočasnitev potrebnega usklajevanja obrestnih mer bi srednje- do dolgoročno povzročila nestabilnost in visoke stroške usklajevanja.
A delay in the necessary adjustment of interest would have resulted in instability in the medium- to long-term and ultimately made any adjustment an expensive matter.
Pogoji financiranja so še vedno ugodni.
Conditions for credit remain favourable.
Raven obresti tako kot prej ne ovira naložbene dejavnosti in nadaljnjega izboljšanja gospodarstva na euro območju.
Interest levels still do not inhibit investment activity or continuing economic recovery in the euro area.
Pogosto velja mnenje, da zaradi strukturnih sprememb v svetovnem gospodarstvu inflacije ne povzročajo več cene življenjskih potrebščin, temveč cene premoženja .
It is often asserted that due to structural changes in the world economy inflation has shifted from inflation in consumer prices to inflation in asset prices.
Kaj menite o tej trditvi in kakšne posledice za monetarno politiko predvidevate?
What is your view on this assertion and which consequences for the monetary policy do you see?
Stopnje naraščanja potrošniških cen po svetu so se v preteklih letih zmanjšale.
In recent years the rate of increase in consumer prices has abated around the world.
Hkrati so znatno narasle cene nafte in drugih surovin, kar je pretežno posledica velikega povpraševanja novih industrializiranih držav, ki se hitro razvijajo.
But at the same time a considerable increase can be detected in the price of oil and other raw materials, which is largely due to increasing demand from emerging nations enjoying rapid growth.
Tudi cene premoženja so se v zadnjih letih zelo povečale.
Asset prices have also increased significantly in recent years.
Za upadajočo inflacijo zaradi drobnoprodajnih cen sta odločilna dva dejavnika:
Two factors may be identified as critical to decreasing inflation in consumer prices:
Strukturne spremembe svetovnega gospodarstva.
Structural changes in the world economy.
Globalizacija ter s tem naraščajoče odpiranje blagovnih in finančnih trgov ter prilagodljivejši trgi z vedno večjo deregulacijo in vključevanjem večjih novih industrializiranih držav v gospodarstvo so povzročili okrepljeno konkurenčnost in razširjanje proizvodnih zmogljivosti.
Globalisation, i.e. increasing access to goods and financial markets, more flexible markets because of progressive deregulation and the integration of major emerging nations into the world economy have strengthened competition and expanded manufacturing capacities.
To je znatno zmanjšalo prostor za določanje cen blaga in storitev, s katerimi trgujejo proizvajalci.
This has noticeably reduced the freedom of commercial goods manufacturers and service providers to fix prices.
Neodvisnost centralnih bank in s tem povezana vedno večja verodostojnost na področju preprečevanja inflacije.
The independence of central banks and the associated increase in the credibility of the war on inflation.
Ta gibanja bi lahko vplivala tudi na dolgoročno upadajoč trend stopenj inflacije.
This development must have been influenced by the longer-term downward trend in inflation rates.
Svet je po zadnjem obdobju visoke inflacije v 70. letih prejšnjega stoletja spoznal, da lahko politično neodvisne centralne banke bolje zagotavljajo stabilnost cen.
Around the world the final phase of high inflation during the 1970s gave rise to the discovery that politically independent central banks could guarantee greater price stability.
Empirične raziskave so dejansko dokazale to pozitivno povezavo med neodvisnostjo monetarne politike centralne banke in stabilnostjo denarne vrednosti.
Empirical studies actually demonstrate this positive relationship between the independence of a central bank in monetary policy and stability in the value of money.
Hkrati se je v veliko primerih jasna strategija, ki je usmerjena predvsem k stabilnosti ravni cen, izkazala za smiselno in koristno.
In many cases a clear strategy oriented primarily towards stability in price levels has proved to be meaningful and helpful.
Zaradi večletnega zmanjševanja inflacije, ki je povzročilo nizke stopnje naraščanja cen, je veliko centralnih bank vodilo dejansko ohlapno monetarno politiko z zgodovinsko nizkimi obrestmi.
In view of the process of disinflation, protracted over a number of years, which has resulted in lower rates of price increases, many central banks have operated a somewhat relaxed monetary policy using historically low interest rates for a lengthy period.
To je povzročilo znatno povečanje denarnega toka, ne da bi se do zdaj pokazale močnejše inflacijske težnje.
This has resulted in considerable monetary expansion, so far without any indication of an increased trend towards inflation.
Toda jasno je, da se vedno pojavi likvidnost: dolgoročno je inflacija monetarni pojav.
But it is well known that liquidity finds its own way: in the long term inflation is a monetary phenomenon.
Tudi če je zelo težko ugotoviti vzročno povezavo med likvidnostjo in gibanjem cen premoženja, bi moral biti dostop do likvidnosti gonilo za naraščanje cen premoženja, kar je treba opazovati.
Even if is not easy to demonstrate a causal relationship between liquidity and asset price trends, the availability of surplus liquidity must be one of the driving forces behind the obvious increase in asset prices.
Modernejše publikacije, ECB in Banka za mednarodno poravnavo kažejo, da kombinacija povečane rasti denarnega toka in hitrega naraščanja cen premoženja pozneje pogosto povzroči stroškovno uravnavanje cen.
Recent work by both the ECB and the BIS shows that a combination of strong growth in the money supply and rapid increases in asset prices often result subsequently in expensive price corrections.
Ali in po potrebi kako se morajo centralne banke odzvati na določena gibanja cen premoženja, je zelo sporno.
Whether and, if so, how central banks are meant to react to specific trends in asset prices is highly contested.
Pred ukrepanjem sta potrebna analiza in ugotavljanje, ali je pretiravanje na premoženjskem trgu, tj. v osnovni neupravičeno oceno, sploh mogoče obravnavati tako.
But before action there is analysis and the question of whether exaggerations in asset markets, i.e. evaluations which are fundamentally unjustified, can even be regarded as such.
Dvomim, da imajo centralne banke analitične instrumente ter strokovno znanje in izkušnje za takšno ocenjevanje.
I doubt if central banks have the analytical tools and expertise needed to undertake an assessment of this kind.
Prav tako so omejene politične možnosti ukrepanja.
There are also limits to the options for implementing policies.
Centralne banke imajo le en instrument, in sicer kratkoročno obrestno mero.
Central banks possess only one tool, to wit the short-term interest rate.
Obrestna politika je zelo nediferencirano sredstvo za preprečevanje, zadrževanje ali popravljanje gibanja balona.
But interest policy is rather an indiscriminate means of avoiding, slowing down or even correcting bubble trends.
Centralne banke lahko pozorno opazujejo gibanja na trgu in prispevajo k stabilnosti finančnega sistema tako, da udeležence trga in širšo javnost opozarjajo na tveganja in potrebo po boljšem obvladovanju tveganj.
But central banks can monitor market trends carefully and make their contribution to the stability of the financial system by drawing the attention of market participants and the general public to the risks and the need for improved risk management.
Strategija ECB ponuja pomemben pristop za analiziranje in opazovanje gibanja denarnega toka.
The ECB’s strategy offers an important point of departure for analysing and monitoring trends in the money supply.
Strategija ECB je zelo moderen pristop, ki je vedno bolj priznan tudi zunaj euro območja.
To that extent the ECB’s strategy is an extremely modern approach, which is increasingly being recognised outside the euro area too.
Nizka inflacija zaradi drobnoprodajnih cen ni samoumevna, ampak je rezultat zgodovinskih, teoretičnih, gospodarskih in političnih izkušenj ter spoznanj in njegovih posledic.
Low inflation in consumer prices is not inevitable, but the result of historical, theoretical, economic and political experience and knowledge, and the conclusions drawn therefrom.
Rast je ključnega pomena za ohranjanje doseženega.
Growth is essential to protect what has been achieved.
To zahteva tudi boljše razumevanje vzrokov in učinkov gospodarskih gibanj in gibanj na finančnih trgih.
This also calls for a better understanding of the causes and effects of economic processes and trends in financial markets.
Napačno bi bilo sklepati, da je nevarnost večjega razvrednotenja denarja za vedno odpravljena ali da je inflacija zaradi cen premoženja na repu mehanizma za odpravljanje monetarne politike.
It would be wrong to conclude that the risk of higher inflation had been banished forever, or that inflation in asset prices was at the end of the transmission mechanism for monetary policy.
Višje cene premoženja med drugim prek kreditnega kanala in naložbene dejavnosti vplivajo na konjunkturni cikel, kar lahko končno povzroči višjo inflacijo zaradi drobnoprodajnih cen.
Amongst other things, higher asset prices have an impact on the trade cycle via the credit channel and investments, which can ultimately result in a higher level of inflation in consumer prices.
V splošnem ostaja odprto vprašanje, ali niso inflacijski procesi, ki jih več let nismo zaznali, preprosto časovno preloženi.
Generally speaking it remains to be seen whether inflationary processes of the kind we have been seeing for a number of years have not simply been postponed.
Kako bo po vašem mnenju naraščanje cen nafte vplivalo na monetarno politiko ?
How do you assess the consequences of rising oil prices for the monetary policy?