natgillin/translations-raw huggingface dataset:
Širok okvir zavarovanj bi morali spremljati ustrezni ukrepi, s čimer bi v prvi vrsti zagotovili zaščito Eurosistema pred finančnimi tveganji, obenem pa bi banke spodbudili k previdnemu upravljanju svojih likvidnostnih tveganj.
A broad collateral framework needs to be combined with appropriate measures to ensure, first and foremost, that the Eurosystem is protected from financial risks and also that incentives are preserved for banks to manage prudently their liquidity risk.
Prvi ukrep, ki je na voljo centralni banki, je zagotoviti pravilno ovrednotenje nelikvidnih sredstev in uporabo ustreznih odbitkov, ki upoštevajo nelikvidnost sredstev.
The first measure, at the disposal of the central bank, is to ensure an accurate valuation of illiquid assets and the application of appropriate haircuts to account for the asset’s illiquidity.
To zahteva nenehno izboljševanje ukrepov za nadzor tveganj, nekaj, s čimer se je Eurosistem ukvarjal že pred izbruhom krize finančnih trgov, od takrat pa je to delovanje le še okrepil.
This requires a constant refinement of risk control measures, an avenue the Eurosystem has followed already before the outbreak of the financial market crisis, and with a heightened pace since then.
Drugi ukrep se nanaša na razpisne postopke, ki se uporabljajo pri operacijah monetarne politike.
The second measure relates to tender procedures applied in monetary policy operations.
Konkurenčni razpisni postopki, ki jih je Eurosistem uporabljal že pred izbruhom krize, omogočajo, da ima možnost refinanciranja materialnega sredstva pri centralni banki ustrezno ceno.
Competitive tender procedures, as applied by the Eurosystem before the outbreak of the crisis, ensure that the ability to refinance an asset with the central bank is appropriately priced.
Tretji ukrep, ki ga v okviru pregleda uredbe o likvidnostnem tveganju trenutno pripravlja Baselski odbor, se nanaša na predpisovanje strožjih nadzornih in previdnostnih politik glede upravljanja likvidnostnih tveganj.
The third measure, which is currently prepared by the Basel Committee in the context of revising the regulation on liquidity risk, relates to imposing tighter supervisory and prudential policies concerning the management of liquidity risk.
Ti ukrepi naj skupaj zagotovijo, da se ohranijo spodbude nasprotnim strankam za preudarno upravljanje in merjenje likvidnostnih tveganj.
In combination, these measures should ensure that incentives for counterparties to manage and measure liquidity risk prudently are preserved.
V povezavi z preprečevanjem subvencij ali izkrivljanja je treba poudariti, da ima Eurosistem na voljo ustrezen okvir obvladovanja tveganj, ki to tveganje kar najbolj zmanjša.
As regards the avoidance of subsidies or distortions it should be stressed that the Eurosystem has in place an adequate risk control framework that minimizes this risk.
Profil tveganja več vrst sredstev skrbno nadzorujemo in za manj likvidna ter bolj tvegana sredstva veljajo višji odbitki kot za varnejša, likvidnejša sredstva.
The risk profile of the several assets is carefully monitored and less liquid and riskier assets are subjected to higher haircuts than safer, more liquid ones.
Eurosistem poleg tega nenehno spremlja vrednost zavarovanj in lahko pozove h kritju, če je to potrebno za ohranitev skladnosti zavarovanja s smernicami.
In addition, the Eurosystem constantly monitors the value of the collateral and may make margin calls if it is deemed necessary in order to keep the collateral in line with the guidelines.
Eurosistemove nasprotne stranke lahko kot zavarovanje v operacijah ECB uporabijo širok spekter tržnih in netržnih sredstev.
The Eurosystem’s counterparties can use a wide set of marketable and non-marketable assets as collateral in ECB's operations.
Tržna sredstva vključujejo različne garancije, kot so dolžniški instrumenti, ki jih izdajo vlada, centralne banke, podjetja in kreditne ustanove
The marketable assets include a varied range of securities such as debt instruments issued by government, by central banks, corporations, and credit institutions
Za podrobnosti glejte „Splošno dokumentacijo o instrumentih in postopkih denarne politike Eurosistema“, ECB, 2009 .
For details see "General Documentation on Eurosystem monetary policy instruments and procedures", ECB, 2009. .
Vrednostni papirji, zavarovani s premoženjem (ABS), so tako samo ena vrsta instrumentov, ki jo je v operacijah ECB mogoče uporabiti za zavarovanje.
Asset backed securities (ABS) are thus only one type of instrument that can be used as collateral in ECB operations.
Zaenkrat obseg zavarovanja, ki je na voljo za operacije ECB, kljub trenutni krizi zadostuje in nasprotnim strankam zagotavlja dostop do likvidnosti Eurosistema.
So far the amount of collateral available for ECB operations has been sufficient, even under the current crisis, to guarantee the counterparties' access to Eurosystem's liquidity.
Tako je v zadnjih nekaj letih uveljavljeno zavarovanje ustrezalo razmeroma majhnemu deležu skupnih upravičenih sredstev in več kot dvakratnemu znesku Eurosistemovih neporavnanih kreditov.
Indeed, during the last few years, the collateral put forward has corresponded to a relatively small share of total eligible assets and to more than double of the outstanding credit by the Eurosystem.
Zlasti v zvezi z vrednostnimi papirji, zavarovanimi s premoženjem (ABS), bi želel opozoriti, da je Svet ESB s tem, ko je sklenil razširiti seznam upravičenih sredstev, ohranil strožje predpise za vrednostne papirje, zavarovane s premoženjem, ki se nanašajo na kreditno in likvidnostno tveganje teh sredstev.
With regard to ABS in particular, I would like to recall that when the Governing Council decided on the enlargement of the eligible assets list, it maintained stricter rules on ABS, given the credit and liquidity risk of these assets.
Minimalna bonitetna ocena za upravičenost do ABS je ostala A- in po dveletnem pregledu ukrepov za obvladovanje tveganja septembra 2008 so bili vrednostni papirji, zavarovani s premoženjem, razporejeni v nižjo likvidnostno kategorijo, ki narekuje odbitek v višini 12 % (dodaten odbitek velja za vrednostne papirje, zavarovane s premoženjem, ki so predmet teoretičnega vrednotenja - torej za manj likvidne vrednostne papirje).
The minimum rating for eligibility of ABS was kept at A- and, following the result of the biennial review of the risk control measures in September 2008, ABS were classified under the lower liquidity category, which implies an haircut of 12% (an additional haircut is applied to ABS subject to theoretical valuation, i.e., the less liquid).
Januarja 2009 je Svet EBS natančneje določil ukrepe za nadzor ABS s ciljem prispevati k ponovni vzpostavitvi pravilnega delovanja trga z ABS.
On January 2009, the Governing Council has further refined its risk control measures for ABS with the objective of contributing to restoring a proper functioning of the ABS market.
Ti ukrepi vključujejo minimalno bonitetno oceno AAA ob izdaji, pri čemer morata oceno podati dve bonitetni agenciji (ob ohranjanju ocene A do zapadlosti ABS), in prepoved ostalih tranš ABS v temeljnem skladu upravičenih ABS.
These refinements included a minimum AAA rating at issuance granted by two rating agencies (keeping the A for the remaining life of the ABS) and the prohibition of other ABS tranches in the underlying pool of the eligible ABS.
Na podlagi navedenega so morebitna tveganja izravnave glede na količino ABS v zavarovanju minimalna tako za Eurosistem (glede na okvir obvladovanja tveganj) kot tudi za bančni sistem glede na raznolikost upravičenih sredstev, ki so na voljo.
Against this background, eventual risks of the unwinding given the amount of ABS in the collateral are minimal both for the Eurosystem, given the risk management framework, and for the banking system, given the wide set of eligible assets available.
Kakšna je vaša ocena trenutnega izvajanja pakta stabilnosti in rasti glede na rastoče javne primanjkljaje in stopnje zadolženosti ter dejstva, da se za 13 od 16 držav članic euroobmočja izvaja postopek v zvezi s čezmernim primanjkljajem?
Against the background of rising public deficits and debt ratios, and 13 out of 16 Member States of the euro area being subject to an excessive deficit procedure, what is your assessment of the current implementation of the Stability and Growth Pact?
Ta pakt omogoča določeno prilagodljivost pri določanju rokov za odpravljanje čezmernih primanjkljajev, če gre za posebne ali spremenjene okoliščine.
The SGP allows some flexibility in the setting of deadlines for correcting excessive deficits in the light of special or changed circumstances.
Ker globoka recesija v povezavi s svetovno krizo finančnih trgov predstavlja posebne okoliščine, sta Komisija in Ekonomsko-finančni svet zavzela stališče, da bi morali biti roki za odpravljanje sedanjih prekomernih primanjkljajev določeni v srednjeročnem okviru.
Since the deep recession combined with a world-wide financial market crisis constitutes special circumstances, the Commission and ECOFIN Council have taken the view that the deadlines for the correction of the current excessive deficits should be set in a medium-term framework.
Kljub temu pa je za večino držav članic letna strukturna prilagoditev, potrebna za izpolnitev rokov, velik izziv, ki zahteva obsežne dodatne ukrepe.
Still, for most Member States, the yearly structural adjustment necessary to fulfil the deadlines is very demanding, requiring sizeable additional measures.
S tega vidika je trenutno izvajanje pakta stabilnosti in rasti zadovoljivo in je z njim treba dosledno nadaljevati.
In this context, the current implementation of the SGP seems adequate and should be rigorously implemented.
V nekaterih državah so se primanjkljaji povečali na raven dvomestnih številk, kar sovpada z znižanjem bonitetnih ocen držav in neugodnimi odzivi finančnih trgov.
In some countries, deficits have increased to double-digit levels, coinciding with sovereign ratings downgrades and adverse financial market reactions.
Če vlade ne bodo nemudoma ustavile zmanjševanja proračuna zaradi krize, se bo javni dolg na euroobmočju hitro povečal na raven, ki presega 100 % BDP.
If governments do not promptly initiate the exit from the crisis-related budgetary loosening, government debt in the euro area is set to rise quickly to levels above 100% of GDP.
Tak razvoj dogodkov bi lahko resno omajal zaupanje javnosti v vzdržnost javnih financ in s tem destabiliziral euroobmočja kot celote.
These developments could severely damage the public’s trust in the sustainability of public finances and, thereby, exert a destabilising effect on the euro area as a whole.
Zato je strogo in popolno izvajanje določb pakta stabilnosti in rasti izredno pomembno za ponovno vzpostavitev vzdržnosti javnih financ in zagotovitev nemotenega delovanja EMU.
Therefore, a strict and full implementation of the provisions of the SGP is of utmost importance to restore the sustainability of public finances and ensure a smooth functioning of EMU.
Ekonomsko-finančni svet je v skladu z določbami pakta stabilnosti in rasti odobril priporočila za odpravo prekomernih primanjkljajev v državah euroobmočja in je v večini primerov kot rok določil leto 2013.
The ECOFIN Council, in line with the provisions of the SGP, approved recommendations for the correction of excessive deficits in euro area countries and, in most cases, set a deadline by 2013.
Ta priporočila morajo veljati za najmanjša prizadevanja, potrebna za ponovno vzpostavitev primernih in vzdržnih fiskalnih razmer.
These recommendations must clearly be seen as a minimum effort necessary to restore sound and sustainable fiscal positions.
Zdaj so nacionalni oblikovalci politik odgovorni za izpolnitev svojih zavez v skladu z Evropskim davčnim okvirom in sprejetje verodostojnih in dobro opredeljenih strategij javnofinančne konsolidacije.
It is now the responsibility of national policy-makers to live up to their commitments under the European Fiscal Framework and adopt credible and well-specified fiscal consolidation strategies.
Ali po vašem mnenju postopki, ki jih predvideva pakt stabilnosti in rasti, zadostujejo za zagotovitev, da se bodo države članice vrnile k proračunski disciplini in dolgoročni vzdržnosti javnih financ?
In your view, are the procedures foreseen in the Stability and Growth Pact sufficient to ensure that Member States will return to budget discipline and long term sustainability of public finances?
Kako lahko pravila pakta v prvi vrsti uporabimo za preprečevanje postopkov v zvezi s čezmernim primanjkljajem?
How can the rules of the Pact be used to prevent an excessive deficit procedure in the first place?
Kakšna je vaša ocena uspešnosti držav članic v nekriznih časih, kar zadeva zmanjševanje njihovega skupnega primanjkljaja?
What is your assessment of Member States’ performance in good times as far as the reduction of their overall deficit is concerned?
Obstoječi fiskalni okvir EU, kot ga predvidevajo ustrezne določbe Pogodbe in pakta stabilnosti in rasti, določa pravne in institucionalne predpogoje za doseganje in vzdrževanje trdnih javnih financ.
The existing EU fiscal framework, as embedded in the relevant provisions of the Treaty and the Stability and Growth Pact, provides the legal and institutional preconditions for achieving and maintaining sound public finances.
Primanjkljaj v javnih financah in srednjeročni proračunski cilji predstavljajo skupna in skladna merila za fiskalno previdnost v državah članicah.
In particular, the deficit and debt ceilings, as well as the Medium-Term Budgetary Objectives establish common and consistent benchmarks for fiscal prudence across Member States.
Če se jih v celoti upošteva in dosledno izvaja, so primerno orodje za krepitev in usklajevanje strategij fiskalne konsolidacije ter usmerjanje javnih financ na vzdržno pot.
Thus, if fully respected and implemented in a stringent manner, they are a suitable tool to anchor and coordinate fiscal consolidation strategies and to guide public finances towards a sustainable path.
Če pa želimo, da so te določbe učinkovite, morajo države članice hkrati tudi izpolnjevati svoje obveznosti, navedene v paktu.
At the same time, in order for these provisions to be effective, Member States have to meet their responsibilities under the Pact.
V ta namen je potrebno okrepljeno nacionalno izvajanje fiskalnega okvira EU.
To that effect, a stronger national implementation of the EU fiscal framework is required.
Države članice bi morale še zlasti okrepiti svoje domače proračunske institucije ter tako – zlasti v nekriznih časih - omogočiti preudaren in v stabilnost usmerjen fiskalni položaj, ki je potreben za izpolnjevanje skupnih ciljev, določenih v paktu stabilnosti in rasti.
In particular, Member States should strengthen their domestic budgetary institutions to allow for a prudent and stability-oriented fiscal stance, notably in good times, which is needed to meet the common goals set out by the Stability and Growth Pact.
Te institucije je prav tako treba spodbuditi k okrepitvi fiskalne preudarnosti v nekriznih obdobjih, kar se zdi smiselno zlasti glede na nedavne izkušnje v državah članicah: medtem ko je recesija, ki jo je povzročila finančna in gospodarska kriza, resno vplivala na javne finance, stopnja proračunskega nazadovanja v številnih državah obenem odraža tudi nezmožnost konsolidacije njihovih javnih financ v času dobrih gospodarskih razmer.
These institutions should also be geared towards raising fiscal prudence outside crisis times which appears especially warranted in the light of recent experiences in Member States: while the downturn due to the financial and economic crisis severely affected public finances, the degree of budgetary deterioration in many countries also reflects a failure to consolidate their public finances in times of favourable economic conditions.
Države, ki so bile ob začetku recesije v šibkem in ranljivem fiskalnem položaju, se zdaj večinoma soočajo z resnejšimi potrebami po fiskalnih prilagoditvah.
In particular, those countries that had weak or vulnerable fiscal positions at the start of the downturn now generally face more pressing fiscal adjustment needs.
Kako ocenjujete odnos in sodelovanje med ECB, Svetom in/ali Euroskupino?
How do you evaluate the relationship and the cooperation between the ECB, the Council and/or the Eurogroup?
Ali menite, da je treba usklajevanje in gospodarski nadzor znotraj Euroskupine na podlagi Lizbonske pogodbe izboljšati?
Do you think that the coordination and economic surveillance inside the Eurogroup should be improved based on the Lisbon Treaty?
ECB se udeležuje vseh srečanj Ekonomsko-finančnega sveta (ki je osrednji forum za usklajevanje gospodarskih politik držav članic), kjer se obravnavajo zadeve, povezane s cilji in nalogami ECB.
The ECB participates in meetings of the ECOFIN Council – which is the key forum for the coordination of Member States’ economic policies – whenever matters relating to the objectives and tasks of the ECB are discussed.
Poleg tega se ECB udeležuje tudi sestankov Euroskupine.
In addition, the ECB attends the meetings of the Eurogroup.
Odnosi med ECB in Ekonomsko-finančnim svetom ali Euroskupino niso enosmerni.
The relations between the ECB and the Council (ECOFIN) or the Eurogroup are not a one-way street.
Pogodba (in statut ESCB ter ECB) izrecno omogoča možnost, da se predsednik Sveta udeleži srečanj Sveta ECB in Razširjenega sveta ECB.
In fact, the Treaty (and the Statute of the ESCB and of the ECB) explicitly provides for the possibility of the President of the Council to participate in meetings of the Governing Council and the General Council of the ECB.
V praksi se sestankov Sveta ECB udeležuje predsednik Euroskupine (hkrati Pogodba izrecno izključuje kakršne koli volilne pravice predsednika Sveta na sestankih Sveta ECB).
In practice, the Eurogroup President attends the meetings of the Governing Council (at the same time the Treaty expressly excludes any voting rights on the part of the President of the Council when participating in meetings of the ECB’s Governing Council).
To sodelovanje na najvišjem nivoju povečuje pretok informacij med vsemi udeleženimi stranmi, spodbuja medsebojno razumevanje različnih političnih stališč in ob polnem spoštovanju ustreznih pristojnosti omogoča dialog o vprašanjih skupnega interesa.
This interaction at the highest level enhances the flow of information between all parties involved, promotes mutual understanding of each other’s policy views and allows for a dialogue on issues of common interest, in full respect of the respective responsibilities.
Mesečna srečanja Euroskupine na predvečer sestanka Ekonomsko-finančnega sveta omogočajo forum za razpravo med oblikovalci politik z euroobmočja o vprašanjih, ki so povezana z njihovo skupno odgovornostjo za enotno valuto, in predstavljajo temelj odprtega dialoga v vzdušju medsebojnega zaupanja in spoštovanja.
In particular, the monthly meetings of the Eurogroup, on the eve of the ECOFIN Council meeting, provide a forum for the discussion among euro area policy-makers of issues connected with their shared specific responsibilities for the single currency and set the stage for an open dialogue in a climate of mutual trust and respect.
Od ustanovitve ECB leta 1998 se je sodelovanje postopoma okrepilo.
Looking back over the period since the creation of the ECB in 1998, this interaction has intensified over time.
Finančni pretres avgusta 2007 je zaznamoval začetek intenzivnejšega dialoga med ECB in Ekonomsko-finančnim svetom.
In particular, the financial turmoil in August 2007 marks the start of a more intense dialogue between the ECB and the ECOFIN Council.
Za nadzor euroobmočja je potrebno nadaljnje usklajevanje.
The surveillance of the euro area requires further co-ordination.
To se še zlasti nanaša na dve področji politike, in sicer na konkurenčnost in proračunski razvoj.
This applies in particular to two policy areas, namely competitiveness and budgetary developments.
To upošteva tudi Euroskupina, ki je sklenila, da bo vsaki dve leti izvajala nadzor razvoja konkurenčnosti na euroobmočju, vključno s sprejetjem priporočil po posameznih državah.
This has already been recognised by the Eurogroup, which decided to embark on a two-yearly surveillance of competitiveness developments within the euro area, including the adoption of country-specific recommendations.
Od uvedbe eura so številne države euroobmočja vztrajno izgubljale konkurenčnost in dosegle precej velike primanjkljaje na tekočem računu.
Since the introduction of the euro, a number of countries within the euro area have persistently lost competitiveness and run relatively large current account deficits.
Druga skupina držav nazaduje zaradi strukturnih šibkosti na področju izvozne uspešnosti.
Another group of countries have suffered from structural weaknesses in their export performance.
Obstaja pa tudi skupina držav, ki so uspele doseči velike presežke na tekočem računu.
Finally, there is a group of countries which have accumulated large current account surpluses.
Ker ta trend naraščajočih razlik ni trajnosten, poziva k intenzivnejšemu usklajevanju politik in ustreznim političnim odzivom na nacionalni ravni, s čimer bi odpravili osnovne pomanjkljivosti.
As this trend of growing divergences is not sustainable, it calls for an intensified co-ordination of policies and for adequate policy responses at national level to tackle the underlying weaknesses.
Nova Lizbonska pogodba za države z euroobmočja predvideva nove instrumente – zlasti člena 121 in 136 Pogodbe o delovanju Evropske unije – za izvrševanje takšnih prilagoditev politike, če jih posamezne države ne sprejmejo.
The new Lisbon Treaty provides the euro area countries with new instruments, in particular the Articles 121 and 136 TFEU, to enforce such policy adjustments, in case individual countries fail to adopt them.
Euroskupina je forum, kjer bi morali sprožati takšne postopke.
The Eurogroup is the forum in which these processes should be activated.
Poleg tega nova Pogodba določa, da sklepi Sveta o državah euroobmočja, sprejeti v okviru pakta stabilnosti in rasti, veljajo le za države euroobmočja z izjemo zadevne države članice.
Furthermore, the new Treaty stipulates that the Council decisions taken in the context of the Stability and Growth Pact concerning euro area countries shall be taken by the euro area countries only, with the exclusion of the Member State concerned.
Euroskupina mora v celoti izkoristiti to pravno možnost in s tem zagotoviti vzdržnost javnih financ.
The Eurogroup should fully exploit this legal possibility and thereby ensure the sustainability of public finances.
Z veseljem pričakujem sporočilo Komisije o tej zadevi.
I am looking forward to the Commission Communication on this matter.
Kateri so po vašem mnenju najpomembnejši cilji naslednje strategije za rast in delovna mesta do leta 2020?
What do you think are the most important objectives for the next Strategy for jobs and growth until 2020?
Razvrstite po pomembnosti strukturne reforme, za katere menite, da so prednostna naloga v EU, in utemeljite svoj izbor.
Please list in order of importance the structural reforms which you believe are a priority in the EU and justify your choices.
Kako bi lahko ECB in instrumenti za usklajevanje gospodarske politike (širše smernice za gospodarsko politiko, smernice za zaposlovanje) prispevali k uspehu te strategije?
How could the ECB and the instruments of economic policy co-ordination (Broad Economic Policy Guidelines, Employment guidelines) contribute to the success of this strategy?
Kakšno je vaše stališče o možnostih povečanja notranjega povpraševanja in spodbujanja naložb v EU?
What is your perception as to the possibilities of increasing internal demand and fostering investments within the EU?
Strategija 2020 bo najučinkovitejša, če ostane jasno osredotočena na svoje osnovne cilje, to pa so nadaljnji dvig potencialne rasti, ustvarjanje visoke stopnje zaposlenosti in ohranjanje vzdržnih javnih financ.
The EU 2020 strategy will be most effective if it keeps a clear focus on the primary objectives of keeping raising potential growth, creating high levels of employment and keeping sustainable public finances.