natgillin/translations-raw huggingface dataset:
Tako lahko ECB sčasoma spreminja držo na področju denarne politike, da na srednji rok ohrani stabilnost cen, hkrati pa z nestandardnimi ukrepi odpravlja preostale ovire v okviru mehanizma prenosa.
This ensures that the ECB’s monetary policy stance can be adjusted in time to counteract risks to price stability over the medium term, while addressing remaining impairments in the transmission mechanism by means of non-standard measures.
Naj še dodam, da je morda že sama možnosti posredovanja na trgu obveznic omejila širjenje negativnih vplivov iz držav, ki jih je kriza državnega dolga neposredno prizadela, v druge države, kar bi močno oviralo proces prenosa denarne politike v celotnem evroobmočju, če ne bi bilo programa trga vrednostnih papirjev.
Let me add that the mere possibility of bond market interventions may have contributed to limiting contagion spreading from the countries directly affected by the sovereign debt crisis to other countries, which would have implied a stronger hampering of the monetary transmission process in the euro area as a whole if the SMP had not been in place.
Predsednik ECB je zagrozil, da bo odrekel denarna sredstva bančnemu sektorju države članice evroobmočja, ki bi poskušala prestrukturirati svoj javni dolg.
The ECB President has threatened to withdraw liquidity of a Eurozone Member State´s banking sector, in case that a Member State would try to restructure its public debt.
Ali bi bili tudi vi pripravljeni uporabiti svoje pristojnosti na tak ali podoben način?
Are you willing to use your powers in such or a similar way?
Eurosistem lahko v skladu s Pogodbo o delovanju Evropske unije in Statutom ESCB denarna sredstva zagotovi le bankam, ki so finančno trdne in lahko ustrezno zavarujejo posojila.
The Eurosystem can only provide liquidity to financially sound banks, against adequate collateral, in line with the TFEU and Statute of the ESCB.
ECB trenutno sprejema državne vladne obveznice kot zadostno zavarovanje za posojila, potem ko je začasno ukinila uporabo minimalnega bonitetnega praga v okviru zahteve za ustreznost zavarovanj; ta odločitev temelji na podrobni analizi programa EU/Mednarodnega denarnega sklada in odločitvi ECB, da je ta program ustrezen za reševanje sedanje krize državnega dolga.
Currently, the ECB accepts Greek government bonds as adequate collateral following a suspension of the application of the minimum credit rating threshold in the collateral eligibility requirement; this is because the ECB has carefully analysed the EU/IMF programme and approved it as being appropriate to tackle the current sovereign debt crisis.
Ta program ne predvideva prestrukturiranja dolga.
This programme does not consider a debt restructuring.
Namesto tega bo v skladu s tem programom Grčija v celoti odplačala svoj dolg, ko bo dospel.
Rather, it ensures that Greece would pay off their full debt when due.
Izvajanje programa prinaša več verodostojnosti, zato je v tem smislu grški dolg zaradi izvajanja programa primeren kot zavarovanje.
In this sense, adherence to the programme adds credibility to the Greek debt in order to qualify as eligible collateral.
Obveznosti in terjatve do ECB v okviru sistema TARGET2 so zrcalna slika čezmejnih tokov med bankami v evroobmočju: ko gredo čezmejni tokovi skozi plačilni sistem TARGET2, nastane obveznost nacionalne centralne banke plačnika v dani državi do nacionalne centralne banke prejemnika v drugi državi.
TARGET2 liabilities and claims on the ECB are a mirror image of cross-border flows conducted through banks in the euro area: when cross-border flows transit through the payment system TARGET2, the National Central Bank (NCB) of the payer in a given country gets an obligation towards the NCB of a payee in another country.
Tako nastanejo obveznosti znotraj Eurosistema: ob koncu delovnega dne se seštejejo in pregledajo in tako ima vsaka nacionalna centralna banka terjatev ali obveznost do ECB.
This creates intra-Eurosystem obligations; they are aggregated and netted at the end of a business day, which results in each NCB having either a claim or an obligation towards the ECB.
Obveznost nacionalne centralne banke do ECB v okviru sistema TARGET2 nastane, če nacionalna centralna banka zagotovi več sredstev za druge banke (tj. za banke, ki jim posoja denarna sredstva v zameno za zavarovanja), kot bi jih potrebovale v normalnih razmerah (normalne potrebe so vsota rezerv, ki jih imajo banke pri nacionalni centralni banki, in „neto avtonomnih dejavnikov“ – predvsem bankovcev v obtoku in vladnih depozitov pri nacionalni centralni banki – brez neto finančnih sredstev nacionalne centralne banke).
An NCB develops a TARGET2 liability vis-à-vis the ECB if it provides more funds to its counterparties (that is, the banks to which it lends liquidity against collateral) than they would need in normal times (in the aggregate, the normal need equals the sum of the reserves banks hold at the NCB plus the ‘net autonomous factors’ - essentially banknotes in circulation and government deposits at the NCB minus the NCB’s net financial assets).
Trenutno npr. negativna stanja beležijo nacionalne centralne banke Irske, Grčije, Portugalske in Španije, kar pomeni, da imajo obveznosti do ECB.
Currently, for instance, the NCBs of Ireland, Greece, Portugal, and Spain have a negative balance, that is, a liability vis-à-vis the ECB.
V sedanji krizi se nekatere poslovne banke soočajo s težavami pri dostopu do financiranja na trgu, kar se lahko še poslabša zaradi dvigov depozitov.
Indeed, in current crisis times some commercial banks face difficulties in accessing market funding, possibly exacerbated by deposit withdrawals.
Nacionalne centralne banke lahko zagotovijo potrebno likvidnost za svoje banke, da izničijo čezmejne odlive.
To compensate for cross-border outflows, the banks’ liquidity needs may be accommodated by their NCB.
Po drugi strani banke v državah s čezmejnimi prilivi potrebujejo manj denarnih sredstev od svojih nacionalnih bank kot v normalnih razmerah (nacionalne banke v teh državah imajo torej terjatve do ECB v okviru sistema TARGET2).
In contrast, in countries where banks face cross-border inflows, the banks need less liquidity from their respective NCBs than in normal times (and the latter NCBs develop a TARGET2 claim on the ECB).
Kot sem že večkrat povedal, je treba nujno rešiti vprašanje nesorazmerne ponudbe nekaterih bank na dražbah za refinanciranje v okviru Eurosistema.
As I have already mentioned on various occasions, it is essential that the issue of over-proportional bidding by some banks at the Eurosystem’s refinancing auctions is addressed.
Toda terjatev v okviru sistema TARGET2 v bilanci stanja nacionalne centralne banke sama po sebi ne pomeni, da je zadevna nacionalna centralna banka podvržena finančnemu tveganju.
The TARGET2 claim on an NCB’s balance sheets, however, does not constitute in itself a financial risk exposure of the NCB concerned.
Kako boste zagotovili preglednost nakupov državnih obveznic s strani ECB na sekundarnem trgu in kritih obveznic (program nakupa kritih obveznic)?
How will you ensure transparency regarding ECB purchases of government bonds on the secondary market and the covered bonds (Covered Bond Purchase Programme)?
Ali boste razkrili, katere obveznice je ECB kupila in po kakšni ceni?
Will you disclose which bonds have been purchased and for which price?
Naj najprej spomnim, da je svet ECB zagotovil pregledne podatke o skupnih zneskih kupljenih obveznic v okviru obeh programov.
First of all, I would like to recall that the Governing Council is transparent on the total amounts it has purchased under both programmes.
Kot veste, se je program nakupa kritih obveznic zaključil junija 2010, ko je bil dosežen znesek 60 milijard evrov.
As you know, the CBPP ended in June 2010 when it reached its announced amount of EUR 60bn.
Neporavnani znesek je vsak dan objavljen na spletni strani ECB.
The outstanding amount is published daily on the ECB’s web site.
Enako velja za program trga vrednostnih papirjev, kjer so podatki o neporavnanem znesku objavljeni tedensko, vključeni pa so tudi v tedensko finančno poročilo in v napovedi tedenskih operacij za steriliziranje nakupov obveznic v okviru programa trga vrednostnih papirjev.
The same holds true for the SMP, where the publication frequency of the outstanding amount is weekly and is contained in the weekly financial statement, as well as in the announcement of the weekly absorbing operation aimed at sterilising bond purchases conducted under the SMP.
Poleg tega naj spomnim še, da je cilj obeh programov zagotoviti nadaljnje delovanje mehanizma prenosa denarne politike v evroobmočju.
Secondly, let me recall the aim of both programmes, which is to preserve the functioning of the transmission mechanism of monetary policy in the euro area.
V ta namen smo v okviru programa nakupa kritih obveznic podpirali tržne segmente, ki jih je prizadela finančna kriza, kar je pomembno za ohranjanje kreditnih tokov v gospodarstvu.
To that end, the CBPP aimed at supporting a market segment that has suffered during the financial crisis, which is important for maintaining the flow of credit to the economy.
Program za trg vrednostnih papirjev je bil uveden ob izbruhu krize državnega dolga maja 2010.
The SMP was started in the wake of the outbreak of the sovereign debt crisis, in May 2010.
Ta program se osredotoča na vrednostne papirje, kot so državne obveznice, ki jih izdajo države članice evroobmočja, saj so ti običajno bistveni element bilanc stanja bank in so zato ključni za proces prenosa denarne politike.
Here the focus is on securities, such as government bonds, issued in euro area member states, which are vital for the transmission process of monetary policy as they usually play a crucial role in banks balance sheets.
Če bi ECB v celoti razkrila svoje stališče do vsakega posameznega vrednostnega papirja, ki ga je kupila v okviru obeh programov, bi težje dosegla svoj cilj.
The full disclosure of the security-by-security position of the ECB acquired under both programmes would have made it more difficult for the ECB to reach its goal.
Udeleženci na trgu bi lahko recimo poskušali ustvariti dobiček v okviru programa za trg vrednostnih papirjev z oblikovanjem strategij visokofrekvečnega trgovanja, kar bi resno ogrozilo učinkovitost programa.
For example, market participants could have tried to make a profit out of the SMP by developing high frequency trading strategies, which would risk severely hampering the effectiveness of the programme.
Zaradi neučinkovitosti programa za trg vrednostnih papirjev bi bilo ogroženo delovanje mehanizma prenosa denarne politike, ki je ključno orodje ECB za ohranjanje stabilnosti cen v evroobmočju.
The consequences of a lack of effectiveness of the SMP would hinder the transmission mechanism of monetary policy, which is key for the ECB to reach its goal of maintaining price stability in the euro area.
Po oceni Sveta ECB stroški razkrivanja informacij o nakupu posameznih vrednostnih papirjev s strani ECB bistveno presegajo koristi.
In the Governing Council assessment, the costs of disclosing security-by-security information about the purchases of the ECB largely outweigh the benefit.
Zato smo se odločili, da ne razkrivamo podrobne razčlenitve nakupov in tega tudi v prihodnje ne nameravamo početi.
For this reason, we decided not to disclose the detailed breakdown of the holdings and we do not foresee any such disclosure.
Baloni na trgu nepremičnin so imeli pomembno vlogo v tej gospodarski krizi.
Bubbles on real estate markets have played an important role in this economic
Kriza je potrdila, da prenapihnjene cene premoženja, ko se razpočijo kot balon, močno vplivajo na realno gospodarstvo.
The crisis has confirmed that the bursting of asset price bubbles has severe impacts on the real economy.
Zadnja izkušnja tako kot prejšnje kaže, da so bile prenapihnjene cene premoženja in odstopanje vrednosti nepremičnin od njihove „temeljne“ vrednosti povezani z izrazitim nastajanjem finančnih neravnovesij v zasebnem sektorju.
The recent experience, as in previous cases, has shown that asset price bubbles and the deviation of real estate values from their ‘fundamental’ value came together with a strong build up of financial imbalances in the private sector.
Zato bi najprej priporočal pozorno spremljanje narave gibanja cen premoženja ter oblikovanje vzvodov in vlaganje v orodja za zaznavanje neravnovesij in neskladij.
A first recommendation is hence to closely monitor the nature of asset price movements and build up in leverage, and to invest in tools for detecting imbalances and misalignments.
Z rutinskim in podrobnim spremljanjem razvoja na denarnem in kreditnem področju, kar predvideva tudi strategija denarne politike ECB, je mogoče izvedeti veliko o povezavi med presežkom likvidnostnih sredstev in preveliko dostopnostjo kreditov na eni ter spodbujanjem nevzdržnih gibanj cen premoženja na drugi strani.
Looking routinely and in detail at money and credit developments, as it is inherent in the ECB’s monetary policy strategy, can provide important insights into the interplay of excess creation of liquidity and over-extension of credit, on the one side, and the fuelling of unsustainable asset price developments on the other.
Zadnja prizadevanja na ravni EU za izboljšanje nadzora na makroekonomski ravni, kot je na primer mehanizem opozarjanja s preglednico, so korak v pravo smer v procesu oblikovanja kazalnikov za zgodnje opozarjanje.
Recent efforts at the EU level in the context of enhanced macro surveillance procedures, such as reflected in the Scoreboard alert mechanism, are steps in the right direction towards the creation of early warning indicators.
Moje drugo priporočilo je, da je potreben dogovor o učinkovitih orodjih za predhodno ukrepanje, da bi preprečili nastajanje neravnovesij, in o jasnem razumevanju primerjalnih prednosti različnih področij politik pri tem preprečevanju.
A second recommendation is to work towards agreement on an effective toolkit of ‘ex-ante’ measures to prevent the build up of imbalances, and a clear understanding on the comparative advantages of different policy areas in this prevention process.
Denarna politika nikakor ne vpliva na usmerjanje cen premoženja, čeprav lahko dejansko deluje proticiklično, če upoštevamo posledice nastajanja denarnih in kreditnih neravnovesij za srednjeročne napovedi stabilnosti cen za potrošnike (gl. tudi odgovor na 7. vprašanje).
Monetary policy has no role in targeting asset prices, although it may effectively “lean against the wind” when taking into account the consequences of the building up of monetary and credit imbalances and their unwinding in the medium-term outlook for consumer price stability (see also answer to Question 7).
Toda odpravljanje napihnjenih balonov cen premoženja zgolj z obrestnimi merami centralne banke ni najboljša rešitev.
But countering the emergence of full-blown asset price bubbles with central bank interest rates alone is not the first-best solution.
Orodja na drugih področjih politik, na primer v okviru fiskalnih in regulativnih politik, so v takih okoliščinah bolj učinkovita.
Tools available to other policy areas, such as fiscal and regulatory policies are more effective in such circumstances.
V splošnem bi morale oblasti razmisliti o izvajanju cele vrste ukrepov ob upoštevanju specifičnih značilnosti trgov nepremičnin v njihovi pristojnosti.
Overall, authorities should consider the implementation of a range of policy measures, taking into account the specific features of the real estate markets in the respective jurisdictions.
V tem kontekstu sta ključna ustrezna opredelitev ter učinkovito in dosledno izvajanje preudarnih makrobonitetnih ukrepov v vseh jurisdikcijah.
In this context, the proper definition and the effective and consistent implementation of macro-prudential measures across jurisdictions are of key importance.
Prvo resnično makrobonitetno orodje je proticiklična kapitalska rezerva, ki se bo postopno izvajala po letu 2016 in bo aktivirana v obdobjih pretirane rasti kreditov, ki ga spremlja nastajanje sistemskih tveganj.
The first truly macro-prudential tool is the counter-cyclical capital buffer (CCB) that will be implemented gradually from 2016 onwards and activated in periods of excessive credit growth which is accompanied by the build up of systemic risks.
Ker je razcvet kreditov pogosto posledica balonov cen premoženja in hkrati tudi spodbuja nastajanje teh balonov, bo mogoče s proticiklično kapitalsko rezervo omejiti rast cen premoženja, saj bodo morale imeti v takih obdobjih vse banke dodaten kapital za posojila.
Since credit booms frequently originate from – and help fuel – asset price bubbles, the CCB may help curb asset booms by requiring all banks to hold additional capital for loans in these periods.
Druga makrobonitetna orodja utegnejo biti ustreznejša za odziv na pregrevanje na trgu nepremičnin.
Other macro prudential tools can be more adequate to stem the risk of overheating in the real estate market.
Med temi orodji so na primer uporaba zgornjih mej razmerij med posojilom in vrednostjo nepremičnin ter opredelitev zgornjih mej razmerij med posojilom in dohodkom ali med servisiranjem hipotekarnega dolga in dohodkom.
These include the application of maximum loan-to-value (LTV) ratios for housing loans as well as defining maximum loan-to-income (LTI) or mortgage debt servicing-to-income (DTI) ratios.
Ti instrumenti so dokaj razumljivi in jih nekatere države že uporabljajo.
These instruments are relatively well understood, and have been already used in some countries.
Načeloma pa obstaja široka paleta orodij (tudi mikrobonitetnih ali fiskalnih), ki jih je mogoče uporabljati tudi na makrobonitetnem področju, da bi preprečili napihovanje cen premoženja in povezana sistemska tveganja.
In principle, however, there is a vast array of tools (as microprudential or fiscal ones) that can be used for macroprudential purposes, to counter the insurgence of asset booms and the related systemic risk.
Med drugimi ukrepi so lahko tudi dodatne kapitalske zahteve, ki jih nadzorni organi v okviru 2. stebra sporazuma Basel II postavijo posameznim bankam, ki so po oceni organov posebej izpostavljene nekaterim vrstam tveganj (npr. tveganju koncentracije na stanovanjskem trgu).
Other measures may include additional capital requirements by supervisors under Pillar 2 of the Basel II framework for individual banks that are considered by authorities to be particularly exposed to certain types of risks (e.g. concentration risk in housing markets).
Poleg tega je mogoče banke k previdnejšim politikam odobritve posojil spodbuditi tudi z okrepljenim nadzorom in posebnimi testi izjemnih situacij.
Furthermore, intensified supervision, accompanied by specific stress tests, may also contribute to more cautious lending policy by banks.
Makrobonitetno orodje je lahko tudi odprava neustreznih davčnih spodbud za hipotekarna posojila, da bi omejili prekomerno rast kreditov v tem tržnem segmentu.
Eliminating undue tax incentives for mortgage loans may also be considered as a potential macro-prudential policy tool to mitigate excessive credit growth in this market segment.
Delovanje teh orodij z makrobonitetnega vidika zaenkrat še slabo poznamo – tako teoretično kot tudi empirično.
Our understanding of the functioning of these tools from a macroprudential point of view is still at an early stage, both theoretically and from an empirical viewpoint.
Evropski odbor za sistemska tveganja (ESRB) in drugi makrobonitetni organi po vsem svetu se že ukvarjajo s temi vprašanji.
The ESRB and other macroprudential authorities worldwide are working on these issues.
Naj na koncu omenim le še, da lahko tudi z zagotavljanjem večje preglednosti in učinkovitejšim posredovanjem informacij o tveganjih (tudi s spodbujanjem finančne pismenosti) potrošnikom omogočimo, da sprejemajo bolj informirane odločitve o financiranju stanovanj in da so na tem področju bolj previdni.
Finally, let me mention that enhanced transparency and more efficient communication of risks to customers (including increased financial literacy) may also support a better-informed decision making in housing finance and a more cautious behaviour of clients in this field.
Kako bi lahko ECB in instrumenti za usklajevanje gospodarskih politik prispevali k uspehu te strategije?
How could the ECB and the instruments of economic policy co-ordination contribute to the success of this strategy?
Evropa mora utrditi ključne pogoje za doseganje in vzdrževanje visoke dolgoročne gospodarske rasti.
Europe needs to strengthen the key conditions for achieving and maintaining high levels of long-term economic growth.
Za to so potrebni ustrezni pogoji za inovacije in povečanje človeškega kapitala.
This requires appropriate conditions for innovation and the building up of human capital.
Potrebna je višja produktivnost, da bi zvišali življenjski standard, omogočili vzdržnost javnih financ ob upoštevanju posledic staranja prebivalstva ter spodbujali gospodarnejše ravnanje z naravnimi viri in energijo ob varovanju okolja.
Higher productivity is needed, not only to raise our standards of living but also to help bring public finances on a sustainable footing, also considering the impact of an ageing population, and to allow for a more efficient use of natural resources and energy while preserving our environment.
Evropa mora, da bi dosegla te cilje, omogočiti napredek z vidika povečanja produktivnosti ter pospešiti prestrukturiranje gospodarstva in vlaganja.
In order to achieve these objectives, Europe needs to facilitate advances in productivity growth and to speed up economic restructuring and investment.
Zato so potrebne obsežne strukturne reforme za obnovitev konkurenčnosti, spodbujanje izobraževanja, poklicnega usposabljanja in raziskav ter dodatne spodbude za zaposlovanje; te reforme so nujne in jih je treba tudi izvajati.
Therefore, substantial structural reforms should be aimed at restoring competitiveness, strengthening education, job training and research, increasing incentives to work and employment; they need to be urgently implemented.
Odprava nominalnih in dejanskih omejitev, zaradi katerih je trg dela tako neprožen, in politike za umiritev rasti plač bi znatno pripomogle k nižji strukturni brezposelnosti v prihodnjih letih.
The removal of nominal and real labour market rigidities as well as policies which moderate wage growth would contribute significantly to lower structural unemployment over the coming years.
Te ukrepe morajo spremljati tudi politike za spodbujanje domače in čezmejne konkurence na trgih produktov.
These measures are to be flanked by policies that enhance domestic and cross-border competition in product markets.
V zvezi s tem je treba v celoti izvajati direktivo o storitvah, da bi okrepili čezmejno konkurenco na trgih storitev in naredili korak naprej v procesu oblikovanja skupnega trga.
In this respect, the services directive needs to be fully implemented to enhance cross border competition in services and to make further progress in fulfilling the objective of a Single Market.
Strukturne reforme je treba podkrepiti tudi s konsolidacijo finančnega trga.
Structural reforms should also be supported by a consolidation of the financial sector.
Tudi trdne bilance stanja, učinkovito upravljanje tveganja in pregledni, robustni poslovni modeli so še naprej ključni za okrepitev odpornosti bank na pretrese in za zagotavljanje ustreznega dostopa do financiranja, s čimer se oblikujejo temelji za trajnostno rast in finančno stabilnost.
In addition, sound balance sheets, effective risk management and transparent, robust business models remain key to strengthening banks' resilience to shocks and to ensuring adequate access to finance, thereby laying the foundations for sustainable growth and financial stability.
Boljši in okrepljen nadzor nad politikami držav članic, tudi z uporabo predlaganega novega makroekonomskega nadzornega mehanizma, je ključen za uspešno izvajanje strategije EU 2020.
Improved and strengthened surveillance over Member States’ policies, including the new proposed macroeconomic surveillance mechanism, is key to make the EU 2020 strategy a success.