natgillin/translations-raw huggingface dataset:
Pred nastopom finančne krize so bili tokovi na splošno precej uravnoteženi po državah: bančni sistem države je lahko na splošno nadomestil odlive plačil, povezane z neto uvozom blaga in storitev ali pridobivanjem sredstev v tujini, s prilivi, zlasti z zbiranjem sredstev na čezmejnem medbančnem trgu.
Before the financial crisis, the flows tended to be broadly balanced across countries: a country’s banking system could broadly compensate payment outflows associated with net imports of goods and services or the acquisition of assets abroad with inflows, notably by raising funds in the cross-border interbank market.
Z nastopom finančne in državne dolžniške krize to ni bilo več mogoče: odlivi so večji kakor prilivi za bančne sisteme nekaterih držav evroobmočja (kot so Grčija, Portugalska in Irska) in nasprotno za druge države evroobmočja (kot je Nemčija).
With the financial and sovereign debt crisis, this has no longer been the case: outflows are larger than inflows for the banking systems of some euro area countries (such as Greece, Portugal and Ireland), and vice versa for other euro area countries (such as Germany).
Taki neuravnoteženi čezmejni plačilni tokovi pomenijo, da bančni sistemi potrebujejo več likvidnostnih sredstev centralne banke v enih državah kot v drugih, kjer denar komercialnih bank priteka.
These imbalanced cross-border payment flows imply that the banking systems need more central bank liquidity in some countries than in others where commercial bank money is inflowing.
S tem postane neto porazdelitev likvidnosti v Eurosistemu neenakomerna: nekatere nacionalne centralne bank neto zagotavljajo več likvidnosti (glede na velikost bančnih sistemov svojih držav) kakor druge.
As a result, the net distribution of liquidity throughout the Eurosys-tem is uneven: some National Central Banks provide in net more liquidity (in re-lation to the size of their countries' banking systems) than others.
To povzroča različna stanja znotraj Eurosistema: nekatere nacionalne centralne banke imajo terjatve do ECB, druge obveznosti.
This leads to intra-Eurosystem balances: some NCBs develop a claim vis-à-vis the ECB, oth-ers a liability.
Ta stanja nacionalnih centralnih bank se imenujejo terjatve in obveznosti v okviru sistema TARGET2, ker se neravnovesja plačilnih tokov med državami pokažejo v plačilnem sistemu, ki se uporablja za obdelavo in poravnavo takih tokov v denarju centralne banke in ki je v Eurosistemu TARGET2.
These NCB balances are called “TARGET2” claims and liabilities because the imbalances in the payment flows across countries emerge in the payment system used to process and settle such flows in central bank money, which for the Eurosystem is TARGET2.
Neravnovesja nacionalnih centralnih bank (ki skupaj znašajo nič) v sistemu TARGET2 tako izkazujejo neenakomerno razporeditev likvidnostnih sredstev centralne banke po nacionalnih centralnih bankah Eurosistema.
The TARGET2 imbalances of NCBs (which in total add up to zero) thus reflect the uneven distribution of central bank liquidity by the NCBs of the Eurosystem.
Ta neenakomerna porazdelitev v Eurosistemu zagotavlja stabilnost, saj omogoča finančno trdnim bankam – tudi v državah v finančnih težavah – pokrivanje likvidnostnih potreb v zameno za primerno zavarovanje.
This uneven distribution within the Eurosystem provides stability as it allows fi-nancially sound banks – even those in countries under financial stress – to cover their liquidity needs, against eligible collateral.
To prispeva k učinkovitemu prenosu monetarne politike na širše gospodarstvo evroobmočja in s tem srednjeročno vzdrževanje stabilnosti cen v evroobmočju.
This contributes to the effective transmission of monetary policy to the wider euro area economy, and thereby to maintaining price stability in the euro area over the medium term.
V gospodarski in monetarni uniji terjatev nacionalne centralne banke v okviru sistema TARGET2 sama po sebi ne izraža izpostavljenosti nacionalne centralne banke finančnemu tveganju.
In Economic and Monetary Union, the claim of an NCB in TARGET2 does not, in itself, reflect the NCB’s exposure to financial risk.
Izpostavljenost Eurosistema tveganjem je povezana z zagotavljanjem likvidnosti bankam in s tem samim operacijam monetarne politike.
The risk exposure of the Eurosystem relates to the provision of liquidity to banks, and thus to the mone-tary policy operations themselves.
Operativno tveganje se zmanjšuje s trdnim okvirom za upravljanje s tveganji, vsa preostala tveganja pa se praviloma razdelijo med nacionalne centralne banke Eurosistema v skladu z njihovimi deleži v kapitalu ECB; to ni povezano s pozicijami posameznih centralnih bank v sistemu TARGET2.
The operational risk is mitigated by a sound risk management framework, and any residual risk is, as a rule, shared among the NCBs of the Eurosystem in accordance with their respective shares in the ECB’s capital; it is not related to the TARGET2 positions of individual central banks.
Vse države članice evroobmočja morajo izvesti obsežne in celovite strukturne reforme, da bodo okrepile svojo konkurenčnost in zaposlovanje, povečale prilagodljivost svojih gospodarstev ter izboljšale svoje možnosti za dolgoročno rast.
Substantial and comprehensive structural reforms need to be implemented by all euro area Member States in order to strengthen their competitiveness and em-ployment, increase the flexibility of their economies and enhance their longer-term growth potential.
Ambiciozne strukturne reforme so nujne za ponovno pridobitev zaupanja.
Ambitious structural reforms are crucial for restoring confidence.
Instrumenti usklajevanja gospodarske politike morajo biti usmerjeni v podporo tem ciljem.
The instruments of economic policy coordination should be geared at supporting those objectives.
Z uvedbo evropskega semestra se zdaj tako programi za stabilnost in konvergenčni progami kot tudi nacionalni programi reform, vključno z zavezami iz pakta „euro plus“, pošiljajo in ocenjujejo istočasno, kar povečuje skladnost priporočil glede politike na evropski ravni.
With the introduction of the European Semester, both stability and convergence programmes and the national reform programmes, including the commitments made under the Euro Plus Pact, are now submitted and as-sessed at the same time to enhance consistency of policy recommendations at the European level.
Zdaj je bistveno, da se izdana politična priporočila za posamezno državo v celoti uresničujejo.
It is now crucial that the country-specific policy recommen-dations issued are fully implemented.
Države članice evroobmočja morajo nadaljevati s sprejemanjem ambicioznih reform.
Euro area Member States should go fur-ther by frontloading ambitious reforms.
Tudi v skladu z novim „postopkom v zvezi s čezmernimi neravnovesji“ bodo države članice, v katerih so se nakopičila velika gospodarska in fiskalna neravnovesja, morale ta neravnovesja odpraviti z izvajanjem ustreznih ukrepov gospodarske in fiskalne politike.
Also, under the new “Excessive Imbal-ances Procedure”, Member States where major economic and fiscal imbalances have accumulated will be obliged to correct these imbalances by implementing appropriate economic and fiscal policy measures.
Zato je nujno, da se novi instrumenti za nadzor politik držav članic prepričljivo izvajajo v podporo ciljev za strategijo za rast in delovna mesta.
It is therefore crucial that the newly agreed surveillance instruments over Member States policies are force-fully implemented to support the objectives for the strategy for jobs and growth.
Z zagotavljanjem stabilnosti cen in prispevanjem k finančni stabilnosti tudi Evropska centralna banka prispeva k ustvarjanju okolja za krepitev rasti.
By ensuring price stability and contributing to financial stability, the ECB also contributes to a growth-enhancing environment.
Pri razmišljanju o strukturnih reformah je največjo prednost treba nameniti krepitvi konkurenčnosti in možnosti za rast Evropske unije ob upoštevanju konkurence z razvitimi državami in državami v vzponu v svetovnem merilu.
When thinking about structural reform, highest priority should be given to the objectives of strengthening competitiveness and enhancing growth potential of the European Union in view of competition with developed and emerging coun-tries on a global scale.
To je povezano z različnimi področji, na primer z izobraževanjem, storitvami, trgi dela, trajnostnostjo, raziskavami in razvojem ter s krepitvijo notranjega trga.
This relates to various fields such as education, services, labour markets, sustainability, research and development and the strengthening of the internal market.
Hkratno udejstvovanje na teh področjih lahko sproži celoten proces in ima vzajemne pozitivne učinke.
Tackling these fields at the same time may fuel the whole process and have reciprocal positive effects.
Konkretni ukrepi na teh področjih bi lahko bili:
Concrete measures in these areas could be:
- Na področju izobraževanja zadostno javno vlaganje, dostopnost izobrazbe ne glede na družbeni položaj in čezmejno priznavanje diplom.
- In education, sufficient public investment, accessibility to education irre-spective of social rank and cross-border recognition of degrees.
- V storitvenem sektorju nadaljnja liberalizacija na primer v obrtniških zaščitenih poklicih.
- In the services industries, further liberalisation for example in crafts closed professions.
Tudi sektor zdravstvenih storitev ima velike možnosti.
The health services industry bears also great potential.
- Na trgih delovne sile nadaljnja čezmejna liberalizacija.
- In the labour markets, further cross border liberalisation.
Vendar pa si velja zapomniti, da je delo večdimenzionalno.
However, it is worth remembering the fact that labour is multidimensional.
Ni le proizvodni dejavnik, ampak tudi pomembno sredstvo sodelovanja v družbi in vključevanja vanjo.
It is not only a factor of production, but also an important means of participation and inclu-sion in society.
Pravica do kolektivnega pogajanja ne bi smela biti vprašljiva, vendar pa je treba odpraviti vse oblike indeksacije plač.
The freedom of collective bargaining should not be ques-tioned; however, all forms of index-based wage calculation should be abol-ished.
- Kar zadeva trajnostnost, je glede na demografske spremembe ključna fiskalna vzdržnost.
- As regards sustainability, fiscal sustainability is key in view of demographic change.
Staranje družbe, pa tudi migracije in mobilnost na notranjem trgu ter prek njegovih meja, predstavljajo izzive za vzdržnost sistemov socialnega varstva.
The ageing society as well as migration and mobility in the internal market and beyond pose challenges for the sustainability of social security systems.
Učinkovitost javnega sektorja se mora izboljšati.
The efficiency and effectiveness of the public sector have to im-prove.
- Na področju raziskav in razvoja bi bilo treba olajšati dostop do naložbenega kapitala.
- In research and development, access to venture capital should be made eas-ier.
- Trgovinske ovire – odkrite in skrite – bi bilo treba še zmanjšati z namenom krepitve notranjega trga, hkrati pa je treba ohranjati visoko raven varstva potrošnikov, zlasti na področju finančnih storitev.
- Trade barriers – open and hidden – should be further removed to strengthen the internal market, while at the same time a high level of consumer protec-tion shall be maintained, especially in financial services.
Naj najprej povem, da ekonomska in monetarna unija ni zaprt klub, kot je na primer pred kratkim dokazala Estonija.
Let me first say that the Economic and Monetary Union (EMU) is not a closed shop, as the example of Estonia has just recently shown.
S podpisom Pogodbe so se države članice, ki so v EU vstopile od leta 2004, zavezale, da bodo sprejele evro.
By signing the Treaty, the Member States that have joined the EU since 2004 have committed to adopting the euro.
V skladu s konvergenčnimi merili, ki jih določata Pogodba in Protokol, lahko države članice sprejmejo evro, ko dosežejo visoko stopnjo trajnostne konvergence, kar kaže na to, da za pridruževanje evroobmočju ni vnaprej določenega urnika.
The convergence framework, as embed-ded in the Treaty and Protocol, stipulates that Member States can adopt the euro once they have achieved a high degree of sustainable convergence which in turn implies that there is no predefined timetable for joining the euro area.
Tudi na podlagi izkušenj iz prvih 13 let obstoja ekonomske in monetarne unije bi rad poudaril, da poleg štirih nominalnih konvergenčnih meril pogodba določa tudi vrsto dodatnih preudarkov, zlasti „združevanje trgov, stanje in razvoj tekočega računa plačilne bilance ter preverjanje gibanja stroškov dela na enoto in drugih cenovnih kazalcev“ (čl.
Not least against the background of the experiences of the first 13 years of EMU, let me emphasise that, in addition to the four nominal convergence crite-ria, the Treaty also stipulates a set of additional considerations, notably “the in-tegration of markets, the situation and development of the balances of payments on current account and an examination of the development of unit labour costs and other price indices.”(Art. 140 TFEU).
Sodelovanje v mehanizmu menjalnih tečajev ERM II predstavlja ključni element konvergenčnega procesa.
Participation in the ERM II constitutes a crucial element of the convergence process.
Pokaže, ali država članica lahko dosega ključne cilje politik, na primer ohranjanje stabilnosti cen, fiskalno disciplino in konkurenčnost, ob spoštovanju normalnih meja nihanja brez hujših zapletov – in zlasti brez devalvacije dvostranskega osrednjega tečaja svoje valute glede na evro na lastno pobudo – vsaj zadnji dve leti pred preverjanjem konvergence.
It demonstrates whether a Member State can achieve key policy objec-tives, such as maintaining price stability, fiscal discipline and competitiveness, while respecting the normal fluctuation margins without severe tensions - and in particular without devaluation of its bilateral central rate against the euro on its own initiative - for at least the last two years before the convergence examina-tion.
Koristnost vsakega davka je treba oceniti iz dveh vidikov: njegovega cilja glede usmerjanja ravnanja ter njegove prihodkovne funkcije.
The usefulness of any tax must be evaluated from two perspectives: its objective in steering behaviour and the revenue function.
Sam bi podprl uvedbo celovitega davka na finančne transakcije.
I would support the introduction of a comprehensive financial transaction tax (FTT).
Tak davek bi bilo najbolje uvesti na svetovni ravni.
Such a tax should preferably be introduced on a global level.
Glede na razgreto razpravo, ki smo jo o tem vprašanju imeli na zasedanju G20 v Torontu, se to kratkoročno ne zdi dosegljivo.
Given the intense debate we have had on this issue at the G20 summit in Toronto this seems out of reeach in the near term.
Treba je preučiti drugo najboljšo možnost, in sicer uvedbo takega davka v Evropski uniji, ter tretjo možnost, to je njegovo uvedbo v evroobmočju.
As a second best an introduction in the European Union could be envisaged, a third best option an introduction in the Euro area has to be examined
Glede funkcije usmerjanja ravnanja: Medtem ko zagovorniki katere koli vrste davka na finančne dejavnosti pogosto poudarjajo upanje na zmanjšanje nestanovitnosti kot posledice takih davkov, ta trditev ne zdrži večine teoretičnih in empiričnih analiz.
On the steering function: While proponents of any kind of tax of financial activi-ties often stress the hope for reduced volatility as a result of such taxes, this claim does not stand up to the majority of theoretical and empirical analysis.
V resnici bi posledično povečanje transakcijskih stroškov zmanjšalo likvidnost trgov in bi lahko privedlo do večje nestanovitnosti.
In-deed, the resulting increase in transaction cost would reduce market liquidity and could lead to an increase in volatility.
Davka na finančne transakcije kot instrumenta zato na smemo obravnavati zunaj konteksta.
The FTT as an instrument should therefore not be seen in isolation.
Obravnavati ga je treba v okviru okrepljene regulacije zlasti visokofrekvenčnega trgovanja in ga oceniti v primerjavi z alternativami držav članic (ali v prihodnje morda tudi Evropske unije) za povečanje prihodkov.
It must be considered alongside an enhanced regulation especially of high-frequency trad-ing and evaluate against the alternatives Member States (or in the future possi-bly the European Union) have to raise revenues.
Po premisleku se veselim zakonodajnega predloga, ki ga bo kmalu predložila Komisija EU.
On balance I am looking for-ward to the legislative proposal the EU Commission will put forward soon.
Zunanje zastopanje evroobmočja odraža institucionalno strukturo ekonomske in monetarne unije: ker sta monetarna politika in politika deviznih tečajev v pristojnosti Unije, ju zastopajo institucije EU (Evropska centralna banka za monetarno politiko in Svet EU, v sestavi evroobmočja, skupaj z Evropsko centralno banko za politiko deviznih tečajev).
The external representation of the euro area reflects the institutional set-up of the EMU: as monetary and exchange rate policies are competencies of the Un-ion, they are represented through EU institutions (the ECB for monetary policy, and the EU Council, in euro area composition, together with the ECB for ex-change rate policy).
Nasprotno pa zastopanje gospodarskih politik ni enotno, kar kaže na dejstvo, da so pristojnosti v veliki meri ostale v rokah nacionalnih vlad, ki jih zastopajo tudi navzven (npr. v Mednarodnem denarnem skladu).
In contrast, the representation of economic policies is not unified, reflecting the fact that competencies have remained largely in the hands of national governments, which also represent them externally (e.g. in the IMF).
Glede na navedeno in kot posledica enega ključnih spoznanj sedanje finančne in gospodarske krize smo trenutno priča okrepljenim prizadevanjem za tesnejše gospodarsko povezovanje v evroobmočju, kar je tudi namen nedavno sprejetega svežnja za gospodarsko upravljanje in nadaljnjih predlogov, ki jih trenutno razvijamo.
That said, as one of the key lessons from the ongoing financial and economic crisis, we are currently witnessing enhanced efforts to move towards deeper economic integration in the euro area, which is also the aim of the recently adopted economic governance package and of further proposals which are cur-rently being developed.
Po mojem mnenju se bo ta povečana „evropska razsežnost“ v odločitvah o gospodarski politiki sčasoma morala odražati tudi v njihovem zunanjem zastopanju, na primer z uporabo člena 138 PDEU, ki določa, da Svet po posvetovanju z Evropsko centralno banko sprejme skupna stališča in ustrezne ukrepe za zagotavljanje enotnega zastopanja v mednarodnih finančnih institucijah in na konferencah.
In my view, this increased ‘European dimension’ in economic policy decisions will over time also need to be reflected in their exter-nal representation, for instance by drawing on Art. 138 TFEU, which stipulates that the Council – after consulting the ECB – shall adopt common positions and appropriate measures to ensure unified representation within international finan-cial institutions and conferences.
Seveda je to politična odločitev in o njej ne morejo odločati centralne banke.
Of course, this is a political decisions and not a matter for central banks to decide.
Organi, odgovorni za vse glavne drseče valute, imajo skupni interes za močan in stabilen mednarodni finančni sistem z menjalnimi tečaji, ki odražajo gospodarske temelje.
The authorities responsible for all major floating currencies share the interest in a strong and stable international financial system, characterised by exchange rates that reflect economic fundamentals.
To je zapisano v različnih sporočilih držav G7.
This is stated in various G7 commu-niqués.
Prevelika nihanja in neurejena gibanja menjalnih tečajev imajo neugodne posledice za gospodarsko in finančno stabilnost.
Excess volatility and disorderly movements in exchange rates have ad-verse implications for economic and financial stability.
Menjalni tečaj med ameriškim dolarjem in evrom je od začetka leta precej nihal.
The USD/EUR exchange rate has been subject to considerable volatility since the beginning of the year.
To je bil v veliki meri odraz velike negotovosti glede makroekonomskega razvoja in politik, in zlasti reševanja fiskalnih položajev na obeh straneh Atlantika.
This was largely the reflection of the high uncertainty regarding macroeconomic developments and policies, and in particular on the resolution of fiscal situations on both sides of the Atlantic.
Pravzaprav je izredno veliko nihanje zaznamovalo vse devizne trge, ne samo menjalnega tečaja med ameriškim dolarjem in evrom.
In fact, the excep-tionally high level of volatility characterised exchange rate markets in general, not just the euro-dollar exchange rate.
Odkar od junija 2010 renminbi ni več dejansko vezan na ameriški dolar, se je njegova vrednost v primerjavi z ameriškim dolarjem do konca julija 2011 povišala za skoraj 6 %, vendar je v primerjavi z evrom padel za 9 %, njegov nominalni efektivni tečaj pa je padel za 5 %.
Since the exit of its de facto peg to the US dollar in June 2010, the renminbi has appreciated by almost 6% against the US dollar by end of July 2011, but it has depreciated by 9% against the euro and by 5% in nominal effective terms.
Od izbruha zadnjega finančnega pretresa se je vrednost ameriškega dolarja v primerjavi z evrom občutno povišala, zato se je tudi renminbi v primerjavi z evrom ponovno okrepil, njegov nominalni efektivni tečaj pa je dosegel raven iz junija 2010.
Since the outbreak of the recent financial turmoil the US dollar appreciated signifi-cantly against the euro and as a side-effect the renminbi re-strengthened against the euro and in nominal effective terms reaching the level of June 2010.
Na splošno kitajske oblasti spodbujamo, naj uporabijo prožnost, ki jo omogoča nov politični okvir, da bi omogočile postopno efektivno povišanje vrednosti renminbija.
Overall, we encourage the Chinese authorities to use the flexibility offered by the new policy framework to allow a gradual appreciation of the renminbi in effective terms.
Kar zadeva tržna gospodarstva v vzponu, ki imajo trenutno presežke v plačilni bilanci in nezadostno prožne menjalne tečaje, se mednarodna skupnost strinja – kot je bilo večkrat poudarjeno na zasedanjih G20 –, da je premik k bolj tržnim sistemom deviznih tečajev in okrepitev stabilnosti deviznih tečajev, tako da bodo odražali gospodarske temelje, v interesu vpletenih gospodarstev in mednarodne skupnosti.
Concerning emerging market economies that have current account surpluses and insufficiently flexible exchange rates, the international community agrees – as repeatedly stated on G20 Summits – that moving towards more market-determined exchange rate systems and enhancing exchange rate stability to re-flect underlying economic fundamentals is in the interests of the economies con-cerned and of the international community.
Na zasedanjih v Torontu in Seulu so se gospodarstva v vzponu, ki beležijo presežke v plačilni bilanci, dogovorila, da bodo uvedla reforme za zagotavljanje večje prožnosti menjalnih tečajev, zato bi bila dobrodošla nadaljnja prizadevanja kitajskih oblikovalcev politik v tej smeri.
At the Toronto and Seoul Summits, emerging surplus economies agreed to undertake reforms to enhance exchange rate flexibility and thus further efforts from the Chinese policymakers in this di-rection would be welcome.
Kar zadeva čezmerno nihanje, imamo z oblastmi, ki so odgovorne za druge glavne drseče valute, skupni interes za močan in stabilen mednarodni finančni sistem in podpiramo tržne devizne tečaje.
As regards excessive volatility, along with the authorities responsible for the other major floating currencies, we have a shared interest in a strong and stable international financial system, and support market-determined exchange rates.
Prevelika nihanja in neurejena gibanja deviznih tečajev imajo neugodne posledice za gospodarsko in finančno stabilnost.
Excess volatility and disorderly movements in exchange rates have adverse im-plications for economic and financial stability.