natgillin/translations-raw huggingface dataset:
Četudi po drugi strani morebitne pomoči monetarne politike ne gre zanemariti v nekaterih okoliščinah, je treba glavni prispevek k finančni stabilnosti zagotoviti z instrumenti, ki niso obrestne mere, in v sklopu širšega okvira makrobonitetnega nadzora.
On the other hand, even if a possible help of monetary policy in certain episodes should not be ignored, the main contribution to financial stability needs to be ensured through instruments other than the policy interest rate and in the context of a broader framework of macro-prudential supervision.
Kako ocenjujete posledice rastočih cen nafte za monetarno politiko?
How do you assess the consequences of rising oil prices for the monetary policy?
Z vidika monetarne politike so rastoče cene nafte pomembne do te mere, da imajo trajen učinek na cene življenjskih potrebščin.
From a monetary policy perspective rising oil prices are important to the extent that they have a lasting effect on consumer prices.
Pri tem ni treba, da ima monetarna politika aktivno vlogo, če rast cen nafte le začasno vpliva na cene življenjskih potrebščin.
That said, monetary policy does not need to play an active role if oil price increases only temporarily affect consumer prices.
Zlasti prenos pretresov cen nafte na cene življenjskih potrebščin in proizvodne cene ter njihovi morebitni učinki na inflacijska pričakovanja zahtevajo natančno analizo za ugotavljanje primernega odziva monetarne politike.
Specifically, the transmission of oil price shocks to consumer and producer prices and its eventual effects on inflation expectations require careful analysis to gauge an adequate response of monetary policy.
V splošnem je te učinke mogoče deliti na primarne in sekundarne.
Generally, these effects can be distinguished into first and second round effects.
Primarni učinki lahko neposredno vplivajo na cene energije in posledično na cene življenjskih potrebščin in proizvodne cene.
First round effects may have a direct impact on energy prices and thus consumer and producer prices.
Dokler so ti neposredni učinki omejeni, se lahko gospodarstvo prilagodi relativnim spreminjanjem cen z le začasnim vplivom na inflacijo cen življenjskih potrebščin.
As long as these first round effects remain limited, the economy can adjust to the relative price changes with only a temporary impact on consumer price inflation.
Ni treba, da monetarna politika ukrepa.
There is no need for monetary policy to take action.
Po drugi strani pa mora monetarna politika ukrepati, če se začnejo primarni učinki pri inflaciji cen življenjskih potrebščin spreminjati v sekundarne zaradi rasti plač in višjih inflacijskih pričakovanj, pri čemer je slednje pomembna spremenljivka pri pogajanjih o plačah.
On the other hand monetary policy needs to react if the first round effects start translating into second-round effects on consumer price inflation through wage growth developments and higher inflation expectations, the latter being an important variable in wage negotiations.
Če monetarni politiki ne uspe srednje- do dolgoročno utrditi inflacijskih pričakovanj, so višje stopnje inflacije neizogibne.
If monetary policy fails to anchor inflation expectations over the medium to long term, higher inflation rates will be inevitable.
Za zagotavljanje verodostojnosti bo v prihodnosti potrebna velika pazljivost pri odzivanju na tveganja stabilnosti cen, da pristop ne bi deloval preveč aktivistično.
Going forward great vigilance must be applied to safeguarding credibility through reactions against risks to price stability without entering into an overly activist approach.
V tem smislu je jasno in dosledno sporočanje odločitev monetarne politike še posebej pomembno za nadzorovanje oblikovanja pričakovanj zasebnega sektorja.
In this context, a clear and consistent communication of monetary policy decisions is particularly important for controlling the private sector’s expectation formation.
Kako naj po vašem mnenju ECB izpolnjuje sekundarne obveznosti iz Pogodbe (prispevati h gospodarski rasti in polni zaposlenosti) brez poseganja v cilj stabilnosti cen in katere instrumente bi lahko pri tem uporabila?
Without prejudice to the objective of price stability, how in your view should the ECB fulfil its secondary obligations under the Treaty (to contribute to economic growth and full employment) and what instruments could the ECB use to do so?
Pogodba o delovanju EU (člen 127) določa, da je glavni cilj ECB/evrosistema ohranjati stabilnost cen.
The Treaty on the Functioning of the EU (Art. 127) stipulates that the primary objective of the ECB/Eurosystem shall be to maintain price stability.
Pojem sekundarnih obveznosti ECB se nanaša na drugi odstavek v členu 127, ki določa, da EBC/evrosistem podpira splošne gospodarske politike v Uniji, če to ni v nasprotju s ciljem stabilnosti cen, z namenom prispevati k doseganju ciljev Unije, opredeljenih v členu 3 Pogodbe o Evropski uniji.
The notion of secondary obligations of the ECB refers to the second passage in Art. 127, which states that without prejudice to the objective of price stability, the ECB/Eurosystem shall support the general economic policies in the Union with a view to contributing to the achievement of the objectives of the Union as laid down in Article 3 of the Treaty on European Union.
V tem smislu člen 3 kot cilj Unije med drugim omenja uravnoteženo gospodarsko rast in polno zaposlenost.
In this respect, Article 3 mentions as objectives of the Union, inter alia, balanced economic growth and full employment.
O pomenu in praktičnih posledicah tega sekundarnega cilja se je veliko razpravljalo.
The meaning and operational consequences of this secondary objective have been much discussed.
Obstaja splošno strinjanje, da dolgoročno ni kompromisa med inflacijo in rastjo, oziroma povedano drugače, da bi lahko monetarna politika najbolje podpirala dolgoročno rast, mora biti ohranjena stabilnost cen, ker to spodbuja učinkovitost v decentraliziranem tržnem gospodarstvu.
There is general agreement that in the long run there is no trade-off between inflation and growth or, to put it better, the best way for monetary policy to support the long-run growth rate is to maintain price stability, as this promotes efficiency in a decentralized market economy.
Monetarna politika, ki je verodostojno osredotočena na stabilnost cen, najučinkoviteje prispeva k trajni gospodarski rasti in visoki stopnji zaposlenosti.
A monetary policy which is credibly focused on price stability is the most effective contribution to permanent economic growth and high levels of employment.
Ta izjava temelji na vpogledu, pridobljenem pri zgodovinskih izkušnjah in akademskih raziskavah, da monetarna politika ne more nenehno spodbujati realnih vrednosti, ne da bi pri tem verodostojno ohranjala stabilnost cen.
This statement is based on the insight gained from historical experience and academic research that monetary policy cannot give a permanent impulse to real values beyond the credible maintenance of price stability.
Stabilnost cen prispeva h gospodarski blaginji in rasti z odpravljanjem izkrivljanja, povezanega z inflacijo.
Price stability contributes to economic welfare and growth by eliminating inflation-related distortions.
Okolje s stabilnimi cenami omogoča ljudem, da se osredotočajo na produktivne dejavnosti, in ne na strategije, kako zaščiti lastno premoženje in dohodke pred inflacijo.
An environment of stable prices allows people to concentrate on productive activities rather than on strategies to protect their wealth and income against inflation.
To je predvsem v dobro najšibkejših družbenih skupin, ki imajo le omejene možnosti za zaščito pred učinki inflacije.
This is in particular to the benefit of the weakest groups of society, which have only limited possibilities to protect themselves against the effects of inflation.
Druga pomembna korist stabilnosti cen je, da zmanjšuje premije za inflacijsko tveganje pri dolgoročnih obrestnih merah.
Another important benefit of price stability is that it reduces inflation risk premia in long-term interest rates.
V nasprotju z občasnimi pogledi, da so rezultat monetarne politike, usmerjene v stabilnost cen, previsoke obrestne mere, bo takšna monetarna politika dejansko vodila do nižjih obrestnih mer in tako povečala spodbujanje naložb.
Thus, contrary to the view, heard occasionally, that a monetary policy geared to price stability will result in excessively high real interest rates, a price stability-oriented monetary policy will actually lead to lower real interest rates and thus increase the incentives to invest.
Stabilnost cen prav tako preprečuje, da bi progresivna nominalna dohodninska lestvica sčasoma zvišala dejanski obseg davkov in prispevkov za socialno varnost, kar bi povzročilo manjšo ponudbo delovne sile in kapitala ter tako zmanjšalo dolgoročne obete gospodarske rasti.
Also, price stability avoids that progressive nominal tax brackets increase over time the real incidence of taxes and social security contributions, which would induce a diminished incentive to supply labour and capital and thereby curtail the economy’s long-run growth perspectives.
Vsi prejšnji argumenti dokazujejo, zakaj ni dolgoročnega kompromisa med stabilnostjo cen in rastjo, četudi je dejstvo, da je kratkoročno stanje, ko prihaja do pretresov na področju ponudbe ali stroškovnih pritiskov, na katere se monetarna politika ne sme takoj odzvati kljub trenutnemu zvišanju izmerjene inflacije, drugačno.
All the previous arguments indicate why there is no long term trade-off between price stability and growth, but the situation is different in the short term, a fact which is clear when there is a supply or cost-push shock to which monetary policy should not respond immediately in spite of the temporary increase in headline inflation.
Verodostojen dosežek stabilnosti cen spodbuja tudi splošno makroekonomsko stabilnost, ker so inflacijska pričakovanja dobro utrjena.
The credible achievement of price stability further fosters overall macroeconomic stability since inflation expectations are firmly anchored.
Posledično imajo resni pretresi na področju ponudbe, kot je na primer zvišanje cen nafte, manjši vpliv na inflacijo in monetarna politika si lahko privošči zmernejše in mirnejše izvajanje politike pri takšnih pretresih.
As a result, adverse supply shocks, such as an increase in oil prices, have less effect on inflation and monetary policy can afford a more moderate and steady course of policy in face of such shocks.
Če na splošno sprejmemo, da je spontani trend gospodarstva, da se vrne na svojo dolgoročno pot, je to kratkoročni kompromis, ker makroekonomska politika vpliva na hitrost konvergence, ki lahko prepreči veliko nihanje proizvodnje in tako zviša splošno blaginjo.
More generally, even if one accepts the notion that the economy has a spontaneous tendency to go back to its long-term path, there is a short term trade-off because macroeconomic policy affects the speed of that convergence and may avoid higher output volatility, thus increasing the general welfare.
Kljub temu je težko izkoristiti ta kompromis pri hierarhičnem mandatu.
Nonetheless, it is difficult to exploit this trade-off in a hierarchical mandate.
Resno jemljem sekundarni cilj, določen v Pogodbi, ki ga je ECB obravnavala med trenutno krizo.
I take seriously the secondary objective defined by the Treaty, which the ECB has been clearly addressing in the present crisis.
Po izbruhu Lehmanove krize smo se na primer odzvali hitro in učinkovito, da bi preprečili zlom bančnega sistema ter njegovih recesijskih in deflacijskih posledic.
For instance, after the outbreak of the Lehman crisis, we acted quickly and forcefully to avoid the collapse of the banking system and to prevent its recessionary and deflationary consequences.
Poleg velikih znižanj obrestnih mer je evrosistem svoj delež prispeval tudi z večjo kreditno podporo z zagotavljanjem velike likvidnost v bančnem sistemu, kupovanjem kritih obveznic za ponovno oživitev tega pomembnega trga in sprejemanjem Evropske investicijske banke kot nasprotne stranke pri operacijah monetarne politike.
Beyond dramatically lowering interest rates, the Eurosystem has also done its fair part in the enhanced credit support, namely in providing ample liquidity to the banking system, buying covered bonds thereby contributing to a revival of this important market and by accepting the European Investment Bank as counterparty to the monetary policy operations.
Mislim, da skoraj ni dvoma, da so te dejavnosti pomagale zmanjšati recesijo.
I think there are few doubts that these actions have helped minimise the depth of the recession.
Kako ocenjujete izhodno strategijo ECB?
How do you assess the ECB’s exit-strategy?
Bi bilo treba izhodne strategije na monetarnem področju usklajevati na svetovni ravni?
Should monetary exit strategies be concerted globally?
Bi bilo potrebno usklajevanje monetarnih in davčnih izhodnih strategij?
Should there be concertation between monetary and fiscal exit strategies?
Izhodna strategija ECB vključuje postopno opuščanje nestandardnih ukrepov, ki so bili uvedeni kot odgovor na finančno krizo.
The ECB’s exit strategy comprises a gradual phasing-out of the non-standard measures introduced in response to the financial crisis.
Postopni pristop k izhodu je nujen zaradi ranljivih točk realnega gospodarstva in finančnega sistema.
The gradual approach to the exit is necessary given the vulnerabilities of the real economy and of the financial system.
Natanko to je tudi cilj prvih korakov opuščanja nestandardnih ukrepov, ki jih je ECB napovedala decembra 2009.
The ECB announcement on the first steps of the phasing out of non-standard measures made in December 2009 precisely aims at this.
Sam popolnoma podpiram to strategijo.
I fully support this strategy.
Postopno opuščanje omogoča vsem vpletenim stranem, da se prilagodijo novim pogojem, in daje ECB možnost, da prejme povratne informacije o opuščanju, preden se odloči o naslednjih korakih.
A gradual phasing-out allows all parties involved to adjust to the new conditions, while giving the ECB the possibility of receiving feedback on the phasing-out before deciding on the next steps.
Naj poudarim, da bo opuščanju zagotovo koristila zasnova nestandardnih ukrepov, ki ga bo olajšala.
Let me underline that the phasing-out will certainly benefit from the design of the non-standard measures, which facilitates a smooth phasing out.
Ta izjava je v duhu strategije ECB.
The spirit of this statement is in line with the ECB’s strategy.
Kot je že večkrat poudaril svet ECB, je temelj izhodne strategije ECB jasna povezava z glavnim ciljem, ki je stabilnost cen.
As repeatedly stressed by the Governing Council, the cornerstone of the ECB’s exit strategy is the clear link to the primary objective of price stability.
Vsi ukrepi so bili med krizo odločno izvedeni ob upoštevanju tega glavnega cilja.
All actions throughout the crisis have been taken resolutely with this primary objective in mind.
Pri oblikovanju trenutne ocene tveganj za stabilnost cen so upoštevani tudi ukrepi drugih centralnih bank.
When forming the real-time assessment of the risks to price stability, actions by other central banks are taken into account.
In čeprav je izmenjava informacij in druge operativne pomoči zaželena, se zdi, da ni zagotovljena uskladitev monetarne politike.
Thus, while sharing information and other operational assistance may be desirable, no concertation of monetary policy appears warranted.
Čeprav je bila kriza usklajena na svetovni ravni, bo obnova najverjetneje bolj heterogena, kar bo samo po sebi zahtevalo različne hitrosti zmanjševanja obsega denarnih posojil.
In addition, while the crisis was synchronised at a global level, the recovery is likely to be more heterogeneous which by itself would call for different speeds in removing the degree of monetary accommodation.
Obstaja splošno soglasje, da bi morale vse osrednje centralne banke prilagoditi izhod iz izrednih ukrepov politike posebnim pogojem, ki veljajo za posamezno gospodarstvo.
There exists a broad consensus that all major central banks should tailor the exit from the extraordinary policy measures to the specific conditions that apply to the respective economy.
Hkrati je jasno, da je bilo mednarodno sodelovanje, na primer posvetovanja skupine G20 ali redna srečanja guvernerjev, ki ga organizira Banka za mednarodne poravnave, že zelo uporabno v preteklosti in bo tudi v prihodnosti.
At the same time, it is clear that international cooperation, such as in the form of the G20 consultations or regular Governors’ meetings organised by the Bank for International Settlements, has been very useful in the past and will remain so in the future.
Pri usklajevanju davčne politike je treba omeniti, da ne sme biti predhodnega usklajevanja.
Regarding coordination with fiscal policy, it should be mentioned that there should not be ex ante coordination.
Vsak oblikovalec politike se mora posvečati področju, za katerega je zadolžen, in rezultat morajo biti prave politike.
Each policy maker should concentrate on its own area of responsibility and this should deliver the right policies.
Seveda se pri oblikovanju trenutne ocene tveganj za stabilnosti cen upoštevajo prizadevanja vlad evroobmočja za davčno konsolidacijo.
Of course, fiscal consolidation efforts by euro area governments are taken into account when forming the real-time assessment of the risks to price stability.
Po drugi strani vlade, ko se odločajo o stališču do davčne politike vedo, da se evrosistem odziva na vsa tveganja inflacijske stopnje, ki presega javni cilj za monetarno politiko.
On the other hand, when deciding on the fiscal policy stance Governments know that the Eurosystem reacts to any risk to the inflation rate exceeding the official objective for monetary policy.
V sodobnih gospodarskih modelih imajo spremenljivke, kot je proizvodna vrzel, osrednjo vlogo pri razlaganju kratkoročnih tveganj za stabilnost cen, in to znanje bi moralo biti gonilna sila za spontano in samostojno izvajanje ustrezne kombinacije politik.
In modern economic models variables such as the output gap play a pivotal role to explain short term risks to price stability and this knowledge should act as a vehicle for spontaneous and autonomous implementation of the appropriate policy mix.
Vendar ne sme in ne bo predhodno izbran določen potek dejavnosti monetarne politike.
But there cannot and will not be any pre-commitment to a particular course of monetary policy action.
Kakšno je vaše stališče do asimetrične izpostavljenosti držav članic izhodni strategiji Evropske centralne banke?
What is your perspective on the asymmetrical exposure of Member States to an ECB exit strategy?
Kaj bi bilo treba storiti za njeno ublažitev?
What should be done in order to mitigate it?
Raznolikost je sestavina mehanizma prilagajanja v evroobmočju.
Heterogeneity is an integral feature of the mechanics of adjustment in the euro area.
Kljub temu so razlike v rasti BDP in inflaciji od uvedbe evra – v nasprotju z nekaterimi prepričanji – najnižje doslej.
Nevertheless, since the beginning of the euro, and contrary to some popular perceptions, GDP growth and inflation differentials across euro area countries have stood at historically low levels.
Seveda cilj monetarne politike ni in ne bi smel biti zmanjševanje teh razlik.
Naturally, monetary policy per se cannot and should not aim at reducing these differentials.
Izhodišča ekonomske in monetarne unije so jasna razdelitev odgovornosti med oblikovalce politike, zaveza tako monetarnih kot nemonetarnih oblikovalcev politike (kar vključuje zlasti davčne organe) k dobremu upravljanju svojih resorjev ter sveženj zaščitnih ukrepov, ki zagotavljajo, da vse strani delujejo v skladu s predpisi.
The premise of Economic and Monetary Union is a clear allocation of responsibilities among policy-makers; a commitment of both monetary and non-monetary policy-makers (including, in particular, fiscal authorities) to keep their own houses in order; and a set of safeguards to ensure that all parties abides by the rules.
Ta osnovna načela, na katerih temelji pogodba o evropski monetarni uniji, bi morale upoštevati tudi makroekonomske politike v evroobmočju.
Euro area macroeconomic policies should be guided by these basic principles on which the EMU contract was signed.
Z vidika teh načel si mora ECB za izhod iz monetarne krize prizadevati zlasti za vzdrževanje stabilnosti cen na celotnem evroobmočju.
In view of these principles, the overriding concern for the ECB’s monetary exit considerations is and should be to maintain price stability in the euro area as a whole.
Ta zaveza evrosistema je nominalno sidro, ki deluje kot najpomembnejše orodje za usklajevanje med vsemi drugimi akterji, vključno z oblikovalci davčne politike z različnimi pristojnostmi, zlasti pri oblikovanju njihovih lastnih izhodnih in prilagoditvenih politik.
This commitment of the Eurosystem provides the nominal anchor which acts as the single most important implicit coordination device for all other actors, including fiscal policy-makers, with their various responsibilities, in particular when forming their own exit and adjustment policies.
To sidro ne sme biti ogroženo, zlasti ne z vidika tveganja finančne stabilnosti.
This anchor must not be put at risk, especially not in a context of financial stability risk.
V času krize so države ravnale pravilno, ko so omogočile rast deficita, tako da je davčna politika omogočila kratkoročno pomoč gospodarstvu.
During the crisis, governments were right to allow deficits to expand so that fiscal policy provided support to the economy in the short run.
Vendar so javnofinančni primanjkljaji zdaj veliki - v nekaterih državah celo zelo veliki -razmerja med javnim dolgom in BDP-jem so večinoma precejšnja in še rastejo; pozornost finančnih trgov pa se vedno bolj usmerja na vprašanja solventnosti javnih financ.
But now, government deficits are high – and indeed very high in many countries - government debt-to-GDP ratios are mostly high and rising; and the attention of financial markets is increasingly turning to issues of government solvency.
Zato je potrebno takojšnje ukrepanje, če želimo, da si davčni sistem opomore.
Hence, prompt action to bring the fiscal house in order is necessary.
Ključno vprašanje za davčno politiko na tem razpotju ni „ali“, temveč „koliko“ in „kako kmalu“ začeti z omejitvami porabe proračuna.
The key issue for fiscal policy at this juncture is not “whether” but “how much” and “how soon” to start fiscal tightening.
Pravilna izvedba politike bo v vsakem primeru odvisna od hitrosti okrevanja gospodarstva v zasebnem sektorju.
The proper conduct of policy will depend in each case on the speed of the recovery of the private sector economy.
Če se bo to nevzdržno stanje v davčni politiki nadaljevalo, delež javnega dolga pa se bo še naprej povečeval, bodo stroški nadaljnjega odlašanja z uskladitvijo presegli stroške takojšnjih ukrepov.
As long as fiscal policy is on an unsustainable course with government debt ratios still rising, the costs of further delaying adjustment will exceed the costs of acting sooner.
Poleg davčne politike pa prav tako pomembna politika usklajevanja narekuje, naj organi finančnega nadzora spremljajo stanje v svojem finančnem sistemu in na decentraliziran način rešujejo probleme, ki se občasno lahko pojavijo.
In addition to fiscal policy, other important policy of adjustment implies that financial supervisory authorities should monitor the situation in their financial system and deal, in a decentralised way, with occasional problems they may encounter.
11. „Katere ukrepe bi morala sprejeti ECB, da bi preprečila posredne subvencije in izkrivljanja, povezana s sprejemom širšega niza zavarovanj prek okrepljene kreditne podpore po oktobru 2008?“
“What measures should be taken by the ECB in order to avoid implicit subsidies and distortions related to the acceptance of a wider set of collateral through the enhanced credit support after October 2008?”