natgillin/translations-raw huggingface dataset:
Odbor, ki združuje nacionalne in mednarodne organe, odgovorne za finančno stabilnost, je bil ustanovljen zato, da bi na mednarodni ravni usklajeval delo nacionalnih finančnih organov oblasti in mednarodnih organov, ki določajo standarde, ter da bi oblikoval in spodbujal izvajanje učinkovitih regulativnih, nadzornih in drugih politik v finančnem sektorju.
The FSB, which brings together national and international authorities responsible for financial stability, has been established to coordinate at the international level the work of national financial authorities and international standard setting bodies, and to develop and promote the implementation of effective regulatory supervisory and other financial sector policies.
Od leta 1975 sem predaval ekonomijo na univerzah v Trentu, Padovi in Benetkah.
From 1975 I served as Professor of Economics at the Universities of Trento, Padua and Venice.
Od leta 1981 do 1991 sem predaval ekonomijo in monetarno politiko na univerzi v Firencah.
From 1981 to 1991 I served as Professor of Economics and Monetary Policy at the University of Florence.
Od leta 1984 do 1990 sem bil izvršni direktor pri Svetovni banki.
From 1984 to 1990 I was executive director at the World Bank.
V letih 1989 in 1990 sem sodeloval v delovni skupini za oblikovanje novega konsolidiranega zakona o finančnem posredništvu, ki jo je ustanovil takratni finančni minister in nekdanji guverner Banke Italije Guido Carli.
From 1989 to 1990 I was part of the working group set up by the then Finance Minister, and former Bank of Italy’s Governor, Guido Carli to draft a new consolidated law on financial intermediation.
Leta 1990 sem bil ekonomski svetovalec Banke Italije.
In 1990 I served as economic advisor to the Bank of Italy.
Leta 1991 sem postal generalni direktor Italijanske zakladnice in na tem položaju ostal 10 let pod osmimi različnimi vladami.
In 1991 I was appointed Director General of the Italian Treasury, a position I held for ten years under eight different Governments.
V tej funkciji sem predsedoval odboru za privatizacijo in pozneje odboru, ki je revidiral italijansko zakonodajo o gospodarskih družbah in finančno zakonodajo ter pripravil zakon, ki ureja italijanske finančne trge (znan tudi kot „Legge Draghi“).
In this capacity I chaired the Committee for Privatisations and subsequently the Committee that reviewed the Italian corporate and financial legislation and drafted the law that governs Italian financial markets (known as “Legge Draghi”).
Bil sem vodja italijanske delegacije v pogajanjih o Maastrichtski pogodbi.
I headed the Italian delegation negotiating the Maastricht Treaty.
Leta 1999 sem bil imenovan za predsednika 3. delovne skupine OECD.
In 1999 I was appointed Chairman of OECD Working Party 3.
Leta 2000 sem postal predsednik evropskega Ekonomsko-finančnega odbora.
In 2000 I became chairman of the European Economic and Financial Committee.
Bil sem tudi eden od ministrskih namestnikov skupine G7.
I was also a member of the G7 Deputies.
Od 2002 do 2005 sem bil podpredsednik upravnega odbora in direktor Goldman Sachs International.
From 2002 to 2005 I was vice chairman and managing director of Goldman Sachs International.
Sem član sveta Inštituta za napredne študije univerze Princeton in ustanove Brookings Institution.
I am on the Board of Trustees of the Princeton Institute for Advanced Study and the Brookings Institution.
Sem avtor in urednik več publikacij o makroekonomski in finančni tematiki.
I am author or editor of several publications on macroeconomic and financial issues.
Leta 2009 sem prejel častni doktorat iz statistike na padovski univerzi.
In 2009 I graduated honoris causa in Statistics at the University of Padua.
Leta 2010 sem prejel častni doktorat iz poslovodenja in organizacije na Fundaciji CUOA v Vicenzi.
In 2010 I graduated honoris causa in Business Administration at the CUOA Foundation in Vicenza.
Na kratko bom naštel trenutke v svoji poklicni karieri, ko sem v vodilni vlogi sodeloval pri pomembnih odločitvah:
In what follows I will only briefly mention the moments of my professional life in which I have participated to important decisions with a leading role:
1991: Bil sem vodja italijanske delegacije v pogajanjih o Maastrichtski pogodbi;
1991: I headed the Italian delegation negotiating the Maastricht Treaty;
1992: Italijanska lira je zapustila ERM;
1992: the Italian lira leaving the ERM;
1993–2001: Kot generalni direktor Italijanske zakladnice sem predsedoval odboru za privatizacijo.
1993-2001: in my capacity of Director General of the Italian Treasury, I chaired the Committee for Privatization.
V isti vlogi sem predsedoval odboru, ki je revidiral italijanski zakon o upravljanju družb in delovanju finančnih trgov;
In the same capacity, I chaired the Committee that revised the Italian law on corporate governance and the functioning of financial markets;
2008: Oddaja prvega poročila foruma za finančno stabilnost (prvega celovitega poročila o vzrokih za finančno krizo).
2008: the delivery of the first Financial Stability Forum report (the first comprehensive Report on the causes of the financial crisis).
Njegovih 77 priporočil je podprl vrh predsednikov držav in vlad skupine G20 v Londonu.
Its 77 recommendations were endorsed by the G20 Summit of the Heads of State and Government in London.
2007–2008: Odziv ECB na finančno krizo.
2007-2008: the ECB response to the financial crisis;
Ali imate poslovne ali finančne deleže ali druge obveznosti, ki bi utegnili biti v navzkrižju z vašimi prihodnjimi nalogami in ali obstaja kakšen drug pomemben osebni ali drugačen dejavnik, ki bi ga moral Parlament upoštevati pri odločanju o vašem imenovanju?
Do you have any business or financial holdings or any other commitments which might conflict you with your prospective duties, and are there any other relevant personal or other factors that need to be taken account of by the Parliament when considering your nomination?
Katere vodilne cilje boste kot predsednik Evropske centralne banke poskušali doseči v osemletnem mandatu?
What would be the guiding objectives you will pursue during your eight-year mandate as President of the European Central Bank?
Kar je najpomembneje, v celoti bom spoštoval pooblastilo iz Pogodbe.
First and foremost, I shall fully respect the Treaty mandate.
Trdno sem prepričan, da delovanje prihodnjega predsednika Evropske centralne banke sloni na treh temeljnih načelih, ob upoštevanju cilja stabilnosti cen, določenega v Pogodbi.
I firmly believe that three principles remain fundamental in guiding the action of the future President of the European Central Bank, taking into account the objective of price stability as enshrined in the Treaty.
Prvič, najvišja stopnja verodostojnosti pri doseganju tega cilja stabilnosti cen.
First, the highest level of credibility in the pursuit of the very same price stability objective.
Drugič, popolnoma neodvisno delovanje v splošnem interesu evroobmočja, EU kot celote ter njenih državljanov.
Second, acting with full independence in the general interest of the euro area, the EU as a whole and of their citizens.
Tretjič, srednjeročna usmerjenost – skupaj z dobro mero zdrave pameti – pri ocenjevanju nenehno razvijajočega se finančnega in gospodarskega okolja.
Third, medium-term orientation – coupled with retained healthy dose of pragmatism – in the assessment of the permanently evolving financial and economic environment.
Naj dodam, da integriteto, preglednost in odgovornost cenim kot ključne vrednote pri izvajanju pomembnih odgovornosti, zaupanih ECB.
Let me add that I regard integrity, transparency and accountability as crucial values for the exercise of the important responsibilities entrusted to the ECB
Kako ocenjujete denarno politiko, ki jo je Evropski sistem centralnih bank (ESCB) izvajal dvanajst let?
What is your assessment of the monetary policy as it has been implemented by the European System of Central Banks (ESCB) for 12 years?
Katere spremembe, če sploh, bi spodbujali kot predsednik?
What changes, if any, would you promote when becoming President?
V skladu z našimi pooblastili po Pogodbi se od nas pričakuje, da bomo srednjeročno zagotovili stabilnost cen v celotnem evroobmočju.
In line with our mandate under the Treaty, we are expected to deliver price stability over the medium term for the euro area as a whole.
V zvezi s tem je ECB že uspešna pri zagotavljanju stabilnosti cen vsem državljanom v evroobmočju.
In this respect, the ECB has been very successful in delivering price stability to all citizens in the euro area.
To kaže povprečna stopnja inflacije v evroobmočju, tik pod 2 %, v zadnjih 12 letih, v skladu z opredelitvijo stabilnosti cen ECB.
This is evidenced by an average inflation rate in the euro area of below, but close to 2%, over the past 12 years, in line with the ECB’s definition of price stability.
Ta dosežek je še bolj dragocen, če pomislimo, kaj vse je moralo prebroditi evroobmočje, na primer tako rekoč nenehno občutno rast cen nafte in drugih surovin ter finančno krizo.
This achievement is even more noteworthy when considering the numerous headwinds the euro area has had to weather, such as substantial increases in oil prices, almost on a continuous basis, and other commodity prices, and the financial crisis, to name only a few.
Poleg tega so kot posledica verodostojnega zagotavljanja stabilnih cen v zadnjih 12 letih pričakovanja glede inflacije ostala trdno zasidrana na ravni, skladni z našim ciljem, da bomo stopnjo inflacije v evroobmočju srednjeročno ohranili tik pod 2 %.
In addition, and as a reflection of the credible delivery of stable prices over the past 12 years, inflation expectations have remained firmly anchored at a level consistent with our aim to maintain inflation rates in the euro area below, but close to, 2% over the medium term.
To je pomembno za učinkovitost denarne politike, tj. zagotavljanje stabilnosti cen tudi za naprej.
Such anchoring is important for the effectiveness of monetary policy, i.e. the delivery of price stability also in a forward looking manner.
Po mojem mnenju to jasno kaže, da finančni trgi in širša javnost našo zavezo in zmožnost za vodenje enotne denarne politike na način, ki omogoča doseganje stabilnosti cen, cenijo kot verodostojni.
In my opinion, this anchoring is a clear signal that financial markets and the public at large attach great credibility to our commitment and capacity to conduct our single monetary policy in a way that allows for the achievement of price stability.
Dejstvo, da so inflacijska pričakovanja ostala razmeroma stabilna tudi v finančni krizi, ko so nekateri napovedovali obdobje deflacije in je bila stopnja inflacije več mesecev negativna, lahko nakazuje na verodostojnost denarne politike ECB.
The fact that inflation expectations remained broadly stable even during the financial crisis, when some commentators were painting deflation scenarios, and when inflation was negative for several months, can be seen as an indication of the credibility of ECB’s monetary policy.
Zato ne vidim nobenega razloga za uvajanje sprememb v načinu izvajanja denarne politike, kot je veljal zadnjih 12 let.
In light of this, I see no reason for introducing changes to the way we have conducted monetary policy in the past 12 years.
Kako gledate na te trditve in kakšne bodo po vašem mnenju posledice za denarno politiko?
What is your view on this assertion and which consequences for the monetary policy do you see?
Pred finančno krizo je bila ena od osrednjih tem, o katerih so razpravljali opazovalci, akademski krogi in oblikovalci politik, tako imenovana velika zmernost.
Before the financial crisis one of the main themes debated by observers, academics and policymakers was the so-called 'Great Moderation’.
V preteklih tridesetih letih se je uveljavil trend zmanjševanja inflacije in njenih nihanj, kar so pripisovali boljši denarni in fiskalni politiki ter strukturnim spremembam, kot je globalizacija (najverjetneje je šlo za splet obeh dejavnikov).
A trend decline of inflation and its volatility had occurred over the previous 30 years, and it has been interpreted as the consequence of better monetary and fiscal policies, as well as of structural changes like globalisation (most likely, a combination of both factors).
S finančno krizo se je pozornost z realnega gospodarstva preusmerila na finančne trge; pojavljajo se trditve, da čeprav so centralne banke uspešno premagale inflacijo cen blaga in storitev, se zdaj soočajo z novim izzivom, inflacijo cen premoženja.
With the financial crisis the attention has shifted from the real economy to the financial markets; it has been argued that central banks, while having been successful in defeating goods and service inflation are now facing a new challenge posed by asset price inflation.
To ne drži v celoti, saj je ohranjanje trajne stabilnosti cen vedno izziv.
This is not entirely true, because maintaining price stability on a lasting basis always remains a challenge.
Centralne banke ne bi smele misliti, da je bila v boju proti inflaciji blaga in storitev dosežena nepreklicna zmaga.
Central banks are well advised not to take it for granted that the fight against goods and service price inflation has been definitely won.
Ohraniti morajo svojo verodostojnost, ki so si jo s težavo pridobile v minulih 30 letih, ter ostati osredotočene na svoj cilj stabilnosti cen.
Central banks must preserve their own hard gained credibility over the past 30 years and remain focused on their price stability objective.
Hkrati ni mogoče zanikati, da je zaradi razvoja finančnih trgov in njihovega povezovanja na svetovni ravni dinamika cen premoženja najbrž pomembnejša za denarno politiko kot pred 30 leti.
At the same time, one cannot deny that the development of financial markets and their integration at the global level has probably made asset price dynamics more relevant for monetary policy than 30 years ago.
Paradoksalno je mogoče trditi, da je uspeh denarne politike pri obvladovanju inflacijske dinamike pravzaprav eden od dejavnikov, ki so z zmanjšanjem premije za tveganje, kakršno so zahtevali finančni trgi, morda prispevali k spodbujanju nevzdržnega razvoja nekaterih cen premoženja.
Paradoxically, it can be argued that the success of monetary policy in taming developments in inflation dynamics could itself be one of the factors that, by reducing the risk premium demanded by financial markets, may have contributed to fostering unsustainable developments in some asset prices.
Centralne banke tako v prihodnosti čaka izziv, da upoštevajo posledice razvoja cen premoženja za srednje- do dolgoročna tveganja za stabilnost cen.
Looking forward, the challenge for central banks is to take due account of the implications of asset price developments for medium to longer term risks to price stability.
Vsekakor pa denarna politika ni nujno najprimernejše orodje za obravnavo skokovite rasti cen kreditov in premoženja.
To be sure, monetary policy is not necessarily the most appropriate instrument to deal with credit/asset price booms.
Bolj primerna bi utegnila biti uporaba makro bonitetnih instrumentov, usmerjenih v izvor pretirane finančne živahnosti.
The use of macro prudential instruments targeted on the sources of financial exuberance may be more appropriate.
Vendar pa morajo centralne banke vlagati v svoje razumevanje dinamike finančnih trgov in spreminjajočih se razmerij med realnim in finančnim sektorjem gospodarstva.
However, central banks must invest in their understanding of financial market dynamics and the changing relationships between the real and the financial sector of the economy.
V tem pogledu je spremljanje kopičenja denarnih in kreditnih nesorazmerij ter razvoja dogodkov glede cen premoženja pomemben del trdne strategije denarne politike; ključnega pomena je tudi srednjeročna usmerjenost.
In this perspective, monitoring the building up of monetary and credit imbalances and asset price developments is one important element in a robust monetary policy strategy; a medium-term orientation is also crucial.
Strategija ECB je zasnovana tako, da se v rutinski presoji tveganj za stabilnost cen ustrezno upoštevajo tudi tista tveganja, ki izhajajo iz nevzdržne denarne in kreditne dinamike ter dinamike cen premoženja, ki bi se utegnila pojaviti bolj dolgoročno in pogosto napovedujejo težke in nenadne prilagoditve, celo nekaj časa po tistem, ko se ustvari balon cen premoženja in se močno napihne.
The ECB’s strategy is designed to duly incorporate in the routine assessment of the risks to price stability those risks originating in unsustainable monetary, credit and asset price dynamics, that could materialise over a longer horizon and often herald painful and abrupt adjustments, even after some time that asset price bubbles have developed and grown.
Monetarna analiza ima zato pomembno vlogo pri oblikovanju srednjeročnih in dolgoročnih obetov glede razvoja cen; ustrezno upoštevanje ocene razvoja na denarnem in kreditnem področju omogoča spremljanje vzajemnega delovanja med oblikovanjem cen na premoženjskih trgih ter ustvarjanjem kreditov in likvidnosti v finančnem sektorju.
Monetary analysis therefore plays an important role in shaping the medium to longer-term outlook for price developments; due consideration to the assessment of money and credit developments makes it possible to follow the interactions between price formation in asset markets and credit and liquidity creation in the financial sector.
Tak pristop je pomemben, saj denarni politiki pomaga, da se ustrezno pripravi na začetna neravnovesja v cenah premoženja, ki se kažejo v dinamiki denarnih in kreditnih agregatov.
This approach is important, since it helps monetary policy to adopt a pre-emptive attitude towards incipient asset price imbalances that are reflected in the dynamics of monetary and credit aggregates.
Če se denarna politika „upre vetru“ nevzdržne denarne in kreditne dinamike ter dinamike cen premoženja, lahko bolje ustavi nastajanje balonov cen premoženja in ni omejena zgolj na naknadno ukrepanje po tem, ko balon poči in so zaradi makroekonomske nestabilnosti stroški lahko izredno visoki.
By “leaning-against-the-wind” of unsustainable money, credit and asset price dynamics, monetary policy can better limit the build-up of asset price bubbles, rather than simply intervening ex-post, when the bubble bursts, and the costs in terms of macroeconomic instability can be extremely high.
Kako ocenjujete posledice rastočih cen surovin za denarno politiko?
How do you assess the consequences of rising commodity prices for the monetary policy?
Ali v smislu denarne politike obstaja nasprotje med bojem proti recesiji in previdnostjo glede inflacije (pričakovanji)?
Is there a conflict in terms of monetary policy between fighting the recession and remaining vigilant about inflation (expectations)?
Kakor sem že navedel, je denarna politika ECB usmerjena v srednjeročno ohranjanje stabilnosti cen.
As I already indicated, the ECB’s monetary policy is geared to maintain price stability over the medium term.
Zato je ključnega pomena oceniti, ali so rastoče cene surovin prehodnega ali stalnega značaja in ali utegnejo imeti sekundarne posledice.
Therefore, a crucial assessment is whether commodity price increases are of a transitory or a permanent nature and whether they risk triggering second round effects.
Če so spremembe cen surovin začasne, je načeloma mogoče spregledati nihanja inflacije, ki jih sprožijo njihove primarne posledice.
In principle, if commodity price changes are of a temporary nature, one can look through the volatility in inflation triggered by their first-round effects.
Vendar pa je treba s tem primerjati tveganje sekundarnih posledic, da te ne bi trajno vplivale na srednjeročna pričakovanja glede inflacije in razvoja dogodkov.
However, the risk of second round effects must be contrasted, in order to prevent that they have a lasting impact on medium-term inflation expectations and developments.
Denarna politika se mora izogniti predvsem temu, da bi začasna povišanja inflacije prinesla sekundarne posledice za določanje plač in cen, na primer zaradi indeksacije plač in cen glede na preteklo inflacijo ali, bolj na splošno, poslabšanje inflacijskih pričakovanj.
In particular, monetary policy needs to avoid that temporary increases in inflation lead to the emergence of second-round effects in the wage and price-setting behaviour, for instance due to the indexation of wages and prices to past inflation, or more generally to a worsening of inflation expectations.
Če poleg tega vztrajen trend gibanja cen surovin navzgor sistematično vpliva na inflacijo, se kaže še bolj nujna potreba po vnaprejšnji primerjavi tveganja, da tak vztrajen odklon od cilja stabilnosti cen navzgor spodkoplje trdno zasidrana inflacijska pričakovanja.
In addition, in case that a persistent upward trend in commodity prices systematically affects inflation, there is an even more pressing need to pre-emptively contrast the risk that such a sustained upside deviation from the price stability objective undermines the firm anchoring of inflation expectations.
V teh primerih bi bila potrebna prilagoditev denarne politike, da bi ohranili stabilnost cen in trdno zasidrana inflacijska pričakovanja.
In such cases, an adjustment of the monetary policy stance would be required to preserve price stability and keep inflation expectations well-anchored.
V tem trenutku ECB skrbno spremlja razvoj dogodkov v zvezi s tveganji za stabilnost cen.
At the current juncture, the ECB very closely monitors all developments with respect to upside risks to price stability.
Kar zadeva drugi del vprašanja, dolgoročno kompromisa med rastjo in inflacijo ni.
As regards the second part of the question, in the longer term there is no trade off between growth and inflation.
Stabilnost cen je nujen pogoj za vzdržno rast.
Rather, price stability is a necessary condition for sustainable growth.
Zato povsem soglašam s pogledom, ki je bil vodilo za dosedanje odločitve sveta: Izpolnjevanje glavne naloge ECB, zagotavljati srednjeročno stabilnost cen, je najpomembnejši prispevek denarne politike k spodbujanju vzdržne gospodarske rasti in ustvarjanju delovnih mest v gospodarstvu evroobmočja.
Therefore, I full share the view that guided the Governing Council decisions so far: to fulfil the ECB’s primary mandate to ensure price stability in the medium term is the main contribution monetary policy can make to fostering sustainable economic growth and job creation in the euro area economy.
Sekundarne obveznosti po členu 127 Pogodbe o delovanju EU ne vodijo do obstoja kompromisa med osrednjim ciljem ECB, zagotavljanjem stabilnosti cen, in podpiranjem splošnih gospodarskih politik Unije.
The existence of secondary obligations under Art 127 of the Treaty on the functioning of the EU does not entail the existence of a trade off between the ECB’s primary objective of maintaining price stability and support of the general economic policies in the Union.
Vlada pa široko soglasje, tako na podlagi akademskih raziskav kot zgodovinskih izkušenj, češ da centralna banka ne more vplivati na gospodarsko rast na vzdržen način s spreminjanjem denarne mase, lahko pa k njej prispeva s spodbujanjem stabilnega okolja.
Broad consensus exists, both from academic research as well as from historical experience, on the fact that a central bank cannot influence economic growth in a sustainable manner by changing the money supply, but can instead contribute to growth by fostering an environment of stability.
Okolje stabilnih cen, ki je verodostojen dosežek centralne banke, spodbuja splošno makroekonomsko stabilnost, saj so tako inflacijska pričakovanja trdno zasidrana, to pa gospodarstvo najbolje varuje pred posledicami nepredvidenih pretresov.
By firmly anchoring inflation expectations, the central bank’s credible achievement of a price stability environment fosters overall macroeconomic stability which best insulates the economy from the consequences of unforeseen shocks.