natgillin/translations-raw huggingface dataset:
V prihodnje bo Evropa morala premisliti o tem položaju, med drugim zaradi zunanjega pritiska, ki se pojavlja v okviru Mednarodnega denarnega sklada (npr. razmisliti o enem predstavniku).
Looking forward, Europe will have to reconsider this situation not least because of external pressure arising in the context of the IMF (e.g. by considering a single chair approach).
Moje mnenje je, da so zahteve po še boljši usklajenosti stališč in po razmisleku o tem, ali obstajajo bolj učinkoviti načini zastopanja v mednarodnih institucijah in forumih, nedvomno utemeljene, da bomo lahko povečali težo euroobmočja na svetovnem prizorišču.
In my view, calls for even better coordination of views and for reconsidering whether there are more efficient ways of being represented in international institutions and fora are clearly warranted in order to strengthen the weight of the euro area on the global stage.
Kakšno je vaše mnenje o zakonodajnih predlogih o finančnem nadzoru, o katerih trenutno teče razprava v Evropskem parlamentu?
What do you think of the financial supervisory draft legislative proposals currently debated in the European Parliament?
Zakonodajni predlogi, o katerih trenutno teče razprava v Evropskem parlamentu, so del celovite prenove institucionalnega okvira EU za nadzor, ki vključuje okrepitev mikrobonitetnega nadzora prek ustanovitve Evropskega sistema finančnih nadzornih organov (ESFS), katerega člani bodo evropski nadzorni organi in nacionalni nadzorniki, ter določitev Evropskega odbora za sistemska tveganja (ESRB) za novo neodvisno telo, ki bo odgovorno za varovanje finančne stabilnosti s tem, da bo opravljalo makrobonitetni nadzor na evropski ravni, s prenosom posebnih nalog na ECB na podlagi člena 127(6) Pogodbe.
The draft legislative proposals currently debated by the European Parliament are part of a comprehensive review of the EU institutional framework for supervision, which includes both the enhancement of micro-prudential supervision through the establishment of the European System of Financial Supervision (ESFS) (comprising three European Supervisory Authorities and the network of national supervisors), and the designation of the European Systemic Risk Board (ESRB) as a new independent body, responsible for safeguarding financial stability by conducting macro-prudential supervision at the European level, with the conferral of specific related tasks on the ECB on the basis of Article 127(6) of the Treaty.
Predlagani institucionalni okvir je v splošnem primeren iz naslednjih razlogov:
The proposed institutional framework is broadly appropriate for the following reasons:
Na področju mikrobonitetnega nadzora bo ustanovitev ESFS omogočila večjo doslednost pri izvajanju mikrobonitetnega nadzora na ravni EU.
On the micro-prudential side, the establishment of the ESFS will support increased consistency in the conduct of micro-prudential supervision at the EU level.
V tem pogledu so osnovne naloge, ki naj bi jih prevzeli evropski nadzorni organi, v splošnem primerne za dosego teh ciljev.
In this context, the main tasks proposed for the European Supervisory Authorities are broadly appropriate to achieve these objectives.
Podrobnejša opredelitev tehničnih standardov, smernic in priporočil bo omogočila dosledno izvajanje finančne zakonodaje EU v vseh državah članicah ter skupni regulatorni in nadzorni pristop na ravni EU.
In particular, the elaboration of technical standards, guidelines and recommendations will allow fostering consistent application of EU financial legislation across Member States and a common regulatory and supervisory approach at the EU level.
Soglasje o ustanovitvi enotnega evropskega pravilnika, ki bi služil kot osnova za urejanje čezmejnih storitev finančnih posrednikov, že obstaja.
There is a wide-spread consensus about the objective of creating a single EU rulebook which would be the basis for cross-border services by financial intermediaries.
Tak pravilnik bo zagotovil enake pogoje za vse finančne institucije ter primerno zaščitil deponente, vlagatelje in potrošnike po Evropi.
This will ensure a level playing field among financial institutions and an adequate protection of depositors, investors and consumers in Europe.
Na področju makrobonitetnega nadzora pa bi morala biti tudi ustanovitev novega telesa za izvajanje makrobonitetnega nadzora na evropski ravni – ESRB – dobrodošla, saj je nedavna finančna kriza razkrila potrebo po utrditvi makrobonitetnega pristopa k regulaciji in nadzoru finančnega sistema kot celote.
On the macro-prudential side, the establishment of a new body responsible for the conduct of macro-prudential oversight in the EU – the ESRB – should be welcome since the recent financial crisis has demonstrated the need to strengthen the macro-prudential approach to regulation and supervision of the financial system as a whole.
Zaradi krize se je prav tako pokazala potreba po celoviti in pravočasni oceni različnih virov sistemskih tveganj in njihovih posledic za finančni sistem.
The crisis has also demonstrated the need to assess the various sources of systemic risk and their consequences for the financial system in a comprehensive and timely manner.
ESRB lahko s prepoznavanjem in ocenjevanjem sistemskih tveganj, z izdajo pravočasnih opozoril in priporočil v primeru znatnih tvegan ter s spremljanjem upoštevanja opozoril in priporočil bistveno prispeva k stabilnosti celotnega finančnega sistema EU.
The ESRB, by identifying and assessing systemic risks, by issuing early warnings and recommendations where such risks are significant and by monitoring the follow-up, can significantly contribute to the stability of the EU financial system as a whole.
V tem pogledu je smiselno, da se v zakonodajnih predlogih ključni vlogi v delovanju ESRB dodelita ECB in Evropskemu sistemu centralnih bank (ESCB).
In this context, it is also appropriate that the draft legislative proposals envisage that the ECB and the European System of Central Banks (ESCB) play a key role in the functioning of the ESRB.
V kolikor bodo v ESRB sodelovali vsi člani Razširjenega sveta ECB, bodo namreč finančne analize stabilnosti, ki jih bo izdelala ESRB, zasnovane na strokovnih makroekonomskih, finančnih in monetarnih ocenah centralnih bank EU.
In particular, the participation of all the members of the General Council of the ECB in the ESRB will ensure that the financial stability analysis of the ESRB will benefit from the macro-economic, financial and monetary expertise of the EU central banks.
Poleg tega lahko ECB nudi analitično, statistično, administrativno in logistično podporo delovanju ESRB.
In addition, the ECB will provide analytical, statistical, administrative and logistical support to the ESRB.
Omenjeni osnutek zakonodajnih aktov lahko torej bistveno pripomore k izboljšanju nadzorne arhitekture EU, da bo ta kos globalnim in evropskim regulatornim zahtevam v času po finančni krizi.
The legislative proposals have therefore the potential to provide a significant enhancement of the EU’s supervisory architecture which is able to answer the global and European regulatory demands following the financial crisis.
Najpomembneje pa je, da bodo nove strukture nudile regulatorni okvir za zaščito velikega in dragocenega napredka, ki je bil v finančni integraciji EU že dosežen, kot tudi omogočile nadaljnje združevanje.
Furthermore, and most importantly, the new structures will provide a regulatory framework which should safeguard the significant and valuable progress made so far in financial integration in the EU, as well as foster further integration.
Kljub temu vidim potrebo po dodatnem napredku na določenih področjih.
Nevertheless, I see the need for further progress of certain aspects.
V določenem pogledu leži načrtovana rešitev na pol poti med ozko nacionalnim pristopom k mikrobonitetnemu nadzoru ter nadzorno funkcijo, ki je v celoti vseevropska.
In a sense, the solution that is being devised lays half-way between a purely national approach to micro-prudential supervision and a full-fledged pan-european supervisory function.
Osrednje vprašanje, ki ga bomo reševali v prihodnosti, je, ali lahko novi evropski nadzorni organi zagotovijo enovit in učinkovit odziv na čezmejno delovanje finančnih skupin oziroma ali bo potrebo narediti še korak naprej.
Going forward, the main issue seems to be whether the ESAs prove sufficient to ensure a unified and effective response to the activity of cross-border financial groups or if there will be a need to take another step forward.
V tem procesu bo uvedba enotnega pravilnika izpolnila enega izmed pogojev za zagotovitev učinkovitega delovanja in krepitve moči evropskih nadzornih organov.
In this process, the implementation of a true single rule book will create one of the conditions for an effective functioning and empowerment of the ESAs.
A najpomembneje je, da ohranimo pred očmi dejstvo, da morajo odgovornost in pristojnost za finančni nadzor nositi tisti, ki bodo na koncu utrpeli morebitno škodo na račun zloma finančnega sistema.
However, the most important element to bear in mind is that the responsibility and powers for financial supervision need to be in the hands of those who ultimately have to pay the possible costs of failure in the financial system.
Po mojem mnenju bi bilo zato potrebno pred nadaljnjo integracijo evropske nadzorne arhitekture ustanoviti evropsko zaščitno mrežo (vključno z vnaprej financiranim skladom za stabilizacijo finančnega trga).
In my view, any potential move towards an even more integrated supervisory architecture in Europe will therefore have to be preceded by the establishment of a European safety net (including an ex-ante funded Resolution Fund).
Kako bi po vašem lahko utrdili povezavo med makro- in mikronadzorom?
What would you recommend to strengthen the links between macro and micro supervision?
Ključni pogoj za učinkovito in uspešno delovanje nove evropske nadzorne arhitekture je zagotovitev primernega medsebojnega vpliva med evropskima funkcijama makrobonitetnega nadzora v vlogi ESRB in mikrobonitetnega nadzora v vlogi ESFS.
A key condition for the efficient and effective functioning of the new European supervisory architecture is to ensure an appropriate interplay between the EU macro-prudential oversight function – represented by the ESRB – and the micro-prudential function – represented by the ESFS.
Predlagana arhitektura predvideva, da bodo naloge ESRB osredotočene na makro, sistemsko in gospodarsko raven, naloge ESFS pa na mikro, bonitetno ter regulatorno raven.
The aim of the proposed architecture is that the focus of the work of the ESRB will be macro, systemic and economic in outlook, while the work of the ESFS will be micro, prudential, and regulatory.
V tem pogledu bo pri varovanju finančne stabilnosti pomembno doseči prave sinergije med mikro- in makrobonitetnimi funkcijami, tudi v izogib prekrivanju in podvajanju.
In this context, it is important to achieve the right synergies between the micro- and macro-prudential functions in safeguarding financial stability, also in order to avoid overlaps and duplication.
To zahteva natančno opredelitev delitve nalog in delovnih postopkov, ki bodo zagotovili medsebojno podporo ter izkoriščanje sinergij obeh funkcij.
This requires a well-defined distribution of tasks, as well as working procedures which allow mutual support and exploiting synergies between the two functions.
Zakonodajni predlogi že vsebujejo številne določbe, ki naj služijo kot podlaga tesnemu sodelovanju med ESRB in ESA.
The draft legislative proposals already contain a number of provisions, which should underpin the close cooperation between the ESRB and the ESAs.
Te so:
In particular:
· Prvič, glede upravljanja – trije predsedniki evropskih nadzornih organov bi morali bili člani splošnega odbora ESRB, kjer bi imeli glasovalno pravico, kot tudi člani pripravljalnega odbora.
· First, in terms of governance, the three chairs of the ESAs should be voting members of the General Board of the ESRB, and also members of its Steering Committee.
In obratno – ESRB bi moral biti član odbora nadzornikov vsakega izmed treh evropskih nadzornih organov (vendar brez glasovalnih pravic).
Conversely, the ESRB should be a member (non-voting) of the Board of Supervisors of each of the three ESAs.
Poleg tega bi morali imeti vsi trije evropski nadzorni organi predstavnika v svetovalnem tehničnem odboru, ki kot osrednji organ ESRB nudi tehnične podatke.
Moreover, the three ESAs should be also represented in the Advisory Technical Committee, which will be a main provider of technical input to the ESRB.
· Drugič, evropski nadzorni organi bi morali biti v splošnem zavezani k tesnemu sodelovanju z ESRB.
· Second, the ESAs should be subject to a general duty of close cooperation with the ESRB.
Zanje se predvideva, da bodo eden osrednjih ponudnikov informacij ESRB.
In this context, it is already foreseen that the ESAs will be one of the main providers of information to the ESRB.
· Tretjič, evropski nadzorni organi bi morali podpirati izvajanje priporočil, naslovljenih na enega ali več pristojnih nacionalnih nadzornih organov.
· Third, the ESAs should support the implementation of recommendations addressed to one or more competent national supervisory authorities.
Zlasti bi morali od evropskih nadzornih organov zahtevati, da uporabijo svoja pooblastila, da bi zagotovili pravočasno uresničevanje priporočil.
In particular, the ESAs should be required to use their powers to ensure a timely follow-up.
Nadalje bi moral nacionalni nadzornik, ki priporočil ne uresniči pravočasno, o tem obvestil odbor nadzornikov zadevnega evropskega nadzornega organa.
Furthermore, when a national supervisor does not follow up, it should inform the Board of Supervisors of the respective ESA.
V odgovoru ESRB bi nacionalni nadzornik nato upošteval komentarje zadevnega evropskega nadzornega organa.
In its reply to the ESRB, the national supervisor should take into account the input of the respective ESA.
· Četrtič, evropski nadzorni organi bi morali biti odgovorni za nadzor in oceno razvoja trga, še posebej glede povezanih mikrobonitetnih trendov, potencialnih tveganj in ranljivosti.
· Fourth, the ESAs will be responsible for monitoring and assessing market developments, particularly with regard to the relevant micro-prudential trends, potential risks and vulnerabilities.
V ta namen bi evropski nadzorni organi v sodelovanju z ESRB izvajali testiranje izjemnih situacij.
For this purpose, the ESAs should conduct stress-testing exercises in cooperation with the ESRB.
ESRB bi nato prejela poročila o izidih nadzorov in ocenjevanja.
The outcome of such monitoring and assessment should be conveyed to the ESRB.
· Petič, od ESRB in evropskih nadzornih organov se bo sodelovanje pričakovalo tudi v kriznih razmerah.
· Fifth, the ESRB and the ESAs should also be expected to cooperate in the case of a crisis situation.
Evropski nadzorni organi bodo morali ESRB nemudoma obvestiti o nastopu potencialnih izrednih razmer.
The ESAs are obliged to notify the ESRB of any potential emergency situation without delay.
ESRB lahko sodeluje tudi pri odločanju o razglasitvi izrednih okoliščin.
The ESRB may also play a role in the declaration of an emergency situation.
Skupek omenjenih mehanizmov bi lahko služil za primeren okvir tesnemu sodelovanju med ESRB in evropskimi nadzornimi organi.
The combination of these mechanisms should provide an appropriate framework for the close cooperation between the ESRB and the ESAs.
Izpostaviti velja naslednje izzive:
The following challenges could be highlighted:
· Prvič, za učinkovitost ESRB bo ključnega pomena njegov dostop do celovite baze podatkov, vključno z mikrobonitetnimi podatki, na podlagi katerih bo oblikoval opozorila o tveganjih in priporočila.
· First, a crucial aspect for the effectiveness of the ESRB will be the access to a comprehensive information base, including information of a micro-prudential nature, which can provide backing to the ESRB risk warnings and policy recommendations.
Tukaj bo potrebno tesno sodelovanje z evropskimi nadzornimi organi, posebej na način, ki bo zagotavljal varovanje zaupnosti mikrobonitetnih podatkov, ter razbremenitev finančnih institucij glede dodatnih obvez poročanja v kar največji možni meri.
This will require a close interplay with the ESAs, particularly in a manner that ensures strict confidentiality in the use of micro data and also avoiding as much as possible any additional reporting burden on financial institutions.
ESRB in evropski nadzorni organi bodo morali o vseh omenjenih vprašanjih torej doseči razumen dogovor.
Accordingly, the ESRB and the ESAs will need to agree on the appropriate arrangements in this respect.
· Drugič, ESRB se bo moral glede nadzora izpostavljenosti tveganjem v posameznih finančnih sektorjih zanesti na tesno sodelovanje z zadevnimi nadzornimi organi (nadzorniki bančnega in zavarovalniškega sektorja ter trga vrednostnih papirjev).
· Second, the ESRB will need to rely on the close cooperation with the relevant supervisory authorities (banking, insurance and securities supervisors) for the monitoring of risk exposures within and across financial sectors.
Potrebno bo vzpostaviti primerne komunikacijske kanale za prenos izsledkov analiz in ocen evropskih nadzornih organov ter nacionalnih nadzornikov do ESRB.
This will require setting-up appropriate links through which the “output” of the analyses and assessments of the ESAs and national supervisors is channelled to the ESRB.
Po drugi strani je potrebno vzpostaviti mehanizme, preko katerih bodo analize in ocene tveganja, ki jih bo izdelal ESRB, dosegle mikrobonitetne nadzornike ter tako pomagale sprožiti izvajanje primernih ukrepov.
Conversely, there should be also mechanisms to ensure that the risk analyses and assessments of the ESRB are communicated to the micro-prudential supervisors and help trigger the appropriate policy measures.
· Tretjič, evropski nadzorni organi bi morali prevzeti zelo pomembno vlogo na področju implementacije priporočil, ki jih ESRB izda nadzornim organom.
· Third, the ESAs should play a very important role as regards the implementation of the ESRB’s recommendations when the latter are addressed to supervisory authorities.
V ta namen bi morali imeti možnost uporabiti svoja orodja, da bi v kar največji meri spodbujali implementacijo priporočil ESRB.
In particular, the ESAs should be attributed the possibility of using their tools to support as much as possible the implementation of the ESRB recommendations.
Ali je Komisija v svojih predlogih ESRB podelila primerno vlogo in odgovornosti?
Do the Commission proposals give proper role and responsibility to the ESRB?
Predlogi Komisije podeljujejo ESRB obsežne pristojnosti makrobonitetnega nadzora nad finančnim sistemom EU kot celote.
The Commission proposals give a broad mandate to the ESRB in the macro-prudential oversight of the financial system of the EU as a whole.
ESRB mora pri tem upoštevati tveganja, ki se pojavljajo skozi razvoj finančnega sistema, kot tudi makroekonomske spremembe.
In particular, the ESRB has to take account of risks arising from developments within the financial system and taking into account macro-economic developments.
Tako obsežna vloga je primerna, saj je finančna kriza razkrila, da je potreben široko zastavljen pristop k odkrivanju potencialnih sistemskih tveganj, ki izhajajo iz prepletenosti finančnih institucij in trgov, kar lahko botruje nadaljnjemu širjenju tveganja, kot tudi iz tesnih vezi med finančnim sistemom in realnim gospodarstvom.
This broad role is appropriate as one of the key lessons of the financial crisis was the need to consider widely the potential for systemic risk arising from developments in the interconnectedness among financial institutions and markets, which may increase the scope for contagion, as well as from the close links between the financial system and the real economy.
Obsežne pristojnosti in pooblastila ESRB tako ne bodo ovira pri podajanju popolne in temeljite ocene nepričakovanih sistemskih tveganj.
Accordingly, the broad mandate of the ESRB does not pose any limitations to a full and thorough assessment by the ESRB of emerging systemic risks.
Odgovornosti ESRB vključujejo predvsem opredeljevanje in razvrščanje sistemskih tveganj, izdajanje opozoril v primeru, da se taka tveganja odkrijejo, ter izdajanje priporočil za sanacijske ukrepe.
Regarding the responsibilities of the ESRB, they concern mainly the identification and prioritisation of systemic risks, the issuance of risk warnings when systemic risks have been identified, and the issuance of recommendations for remedial actions in response to the risks identified.
V tem pogledu bo za ESRB izjemnega pomena raznovrstno članstvo ter možnost pridobivanja mnenj iz različnih virov, od nadzornikov do vseh javnih in zasebnih deležnikov, kar bo pomembno pri opredeljevanju in razvrščanju tveganj kot tudi pri izdajanju posebnih opozoril v zvezi z odkritimi tveganji ter, po potrebi, priporočil.
In this context, the ESRB benefits from a broad membership and from the possibility to seek input from diverse sources – supervisors and from all public and private stakeholders – which will be important in view of identifying and prioritising risks and also issuing specific risk warnings and, where relevant, recommendations.
Eden izmed osrednjih izzivov, ki jih bo moral na poti k učinkovitosti premagati ESRB, bo izdajanje ter implementacija opozoril in priporočil v zvezi s tveganji.
One of the main challenges for the effectiveness of the ESRB will be the issuance and implementation of its risk warnings and recommendations.
ESRB se bo moral zanesti na sledeče:
The ESRB will need to rely on the following:
· Prvič, ključnega pomena bo kakovost opozorilnih priporočil.
· First, the quality of the warning recommendations will be crucial.
ESRB bo v ta namen moral razviti primerno bazo podatkov, analitične modele ter znanje in izkušnje, s katerimi bo zagotovil najvišjo možno kakovost.
This implies that the ESRB will need to develop the appropriate information base, analytical models, and expertise to ensure the maximum quality.
Ta pa bo osnova za kredibilnost njegove politike.
This, in turn, will provide the basis for its policy credibility.
V tem kontekstu bosta pomembna dejavnika znanje in izkušnje nadzornih organov, ki bodo potrebni za oblikovanje posebnih priporočil v zvezi z regulatornimi in nadzornimi ukrepi.
In this context, an important element will be the knowledge and expertise of supervisory authorities, which will be required in the design of specific recommendations on regulatory and supervisory actions.
· Drugič, glede postopka izdaje opozoril in priporočil v zvezi s tveganji ter spremljanja njihovega upoštevanja je primerno, kar predvideva tudi predlog Komisije, da se opozorila in priporočila ESRB glede tveganj posredujejo neposredno naslovnikom, vzporedno pa tudi Svetu ECOFIN.
· Second, regarding the procedure for the issuance and follow-up of risk warnings and recommendations, it is appropriate, as foreseen in the Commission proposal, that the ESRB risk warnings and recommendations are directly transmitted to the respective addressees, with parallel transmission to the ECOFIN Council.
Istočasno naj bi naslovniki priporočil v skladu z načelom „ukrepaj ali pojasni“ poročali neposredno ESRB.
At the same time, the addressees of the recommendations should report directly to the ESRB on the basis of the “act or explain” principle.
Tako bi se povečala neodvisnost in kredibilnost ESRB.
This enhances the independence and credibility of the ESRB.
Prav tako se pričakuje, da bi pri podpori implementacije priporočil ESRB svoji vlogi igrala tudi Svet EU in evropski nadzorni organi.
In addition, it is expected that the EU Council and the ESAs may play a role in supporting the implementation of the ESRB recommendations.
V celoti gledano so vloga in odgovornosti, ki jih v svojih predlogih za ESRB predvideva Komisija, primerne.
Overall, the Commission proposals provide for an appropriate role and responsibilities to the ESRB.
Na mestu je opozorilo, da makrobonitetnega nadzora ne smemo razumeti kot nadomestilo za odgovorno ravnanje drugih pristojnih organov, torej nadzornih institucij.
It is important to note that macro-prudential oversight should not be regarded as a substitute for the responsibilities of other authorities, namely supervisors.