natgillin/translations-raw huggingface dataset:
To se lahko na primer zgodi zaradi indeksacije plač in cen glede na inflacijo v preteklosti ali pa zaradi splošnejšega vpliva na inflacijska pričakovanja.
This could for instance take place on account of indexation of wages and prices to past inflation, or more generally affect inflation expectations.
V teh primerih je morda treba prilagoditi monetarno politiko, da bi znova vzpostavili srednjeročno stabilnost cen in umirili srednjeročna inflacijska pričakovanja.
An adjustment of the monetary policy stance could be required in these cases to return to a situa-tion of price stability and well-anchored inflation expectations over the medium term.
Kar zadeva drugi del vprašanja, dolgoročno kompromisa med rastjo in inflacijo ni.
On the second part of the question, there is no longer-term trade off between growth and inflation.
Ohranjanje srednjeročne stabilnosti cen je ključen in nujen prispevek monetarne politike k spodbujanju vzdržne gospodarske rasti in ustvarjanju delovnih mest v gospodarstvu evroobmočja.
Maintaining price stability over the medium term is the central and necessary contribution monetary policy can make to fostering sus-tainable economic growth and job creation in the euro area economy.
Kakšen je vaš pogled na heterogenost monetarnih pogojev v evroobmočju in na njen vpliv na enotno monetarno politiko ECB?
What is your view on the heterogeneity of monetary conditions across the euro area and its impact on unitary monetary policy of the ECB?
Določena stopnja heterogenosti je v monetarni uniji normalen pojav.
Some degree of heterogeneity is normal in a monetary union.
Sedanja heterogenost monetarnih pogojev v evroobmočju – pri čemer predpostavljam, da govorite o razlikah v stopnjah inflacije in rasti – je v glavnem rezultat uravnavanja nevzdržnih makroekonomskih gibanj v nekaj državah, ki so jih pogosto zaznamovale strme rasti cen premoženja, primanjkljaji tekočih računov ter bančni in zasebni sektor z velikim finančnim vzvodom.
Current heteroge-neity in monetary conditions within the euro area - by which I assume you refer to differences in inflation and economic growth - mainly result from a correction of unsustainable macroeconomic developments in a few countries that had often been characterised by asset price booms, current account deficits, and a highly leveraged banking and private sector.
ECB poskuša s svojo monetarno politiko ohranjati srednjeročno stabilnost cen v celotnem evroobmočju.
The ECB’s monetary policy is geared towards price stability over the medium term for the euro area as a whole.
Pogoji v posameznih državah na vodenje monetarne politike vplivajo le, kolikor taka gibanja vplivajo (ali je moč pričakovati, da bodo vplivala) na gibanja na ravni evroobmočja s prelivanjem v druge države prek običajnih trgovinskih kanalov ali pa s širjenjem negativnih vplivov ali nezaupanja, pri čemer je lahko ogrožena srednjeročna stabilnost cen v evroobmočju.
Effects of country-specific conditions on the conduct of monetary policy arise only to the extent that such developments (are expected to) affect developments at the level of the euro area via spill-over to other countries, through the normal trade-channel or through contagion or loss of confidence, in a way that may adversely affect price stability in the euro area over the medium term.
Ravno zaradi obstoja enotne monetarne politike in z njo enotne politike obrestnih mer v vseh državah evroobmočja z monetarno politiko ni mogoče vplivati na gibanja, ki so značilna za neko državo.
The very existence of a single monetary policy and thereby a uniform policy interest rate across the euro area countries does not al-low for using monetary policy to influence country-specific developments.
To je naloga drugih gospodarskih politik, široke palete strukturnih in fiskalnih politik in tudi plačne politike.
This is the task of other economic policies, a broad range of structural policies and fiscal policies as well as wage policies.
Ali menite, da se banke iz evroobmočja preveč zanašajo na likvidnost, ki jo zagotavlja ECB?
Do you judge that there has been overreliance in euro area banks on liquidity provision by the ECB?
Kot veste, se je ECB na propad skupine Lehman Brothers, zaradi katerega se je finančna kriza še poglobila, leta 2008 odzvala z uvedbo več nestandardnih ukrepov monetarne politike za banke (glede na finančno strukturo evroobmočja), vključno s postopki neomejene dodelitve sredstev z nespremenljivo obrestno mero v vseh operacijah refinanciranja.
As you know, in October 2008 in response to the further intensification of the financial crisis after the default of Lehman Brothers, the ECB has introduced a number of bank-based (given the financial structure of the euro area) non-standard monetary policy measures, including fixed-rate full-allotment procedures in all its refinancing operations.
V teh postopkih lahko banke v evroobmočju pridobijo neomejena likvidnostna sredstva iz Eurosistema po lastni izbiri in z nespremenljivo obrestno mero, če le lahko te banke zagotovijo zadostno in primerno zavarovanje.
These procedures imply that euro area banks are free to seek unlimited amounts of liquidity from the Eurosystem at their own choosing and against a fixed rate, as long as these banks are able to provide a sufficient amount of eligible collateral.
Načeloma ECB banke ne ocenjuje glede na njeno vedenje v operacijah refinanciranja, saj je zagotavljanje likvidnostnih sredstev centralne banke ena od ključnih nalog centralne banke.
In principle, the ECB does not judge a bank according to its behaviour at refinancing operations, as the provision of central bank liquidity is one of the core tasks of a central bank.
Poleg tega se lahko zaradi strukture finančnega sistema zahteve bank v vsaki taki operaciji močno spreminjajo.
In addition, owing to the structure of the financial system, banks demand in any such operation can undergo significant fluctuations.
Hkrati se bančni sistemi več držav evroobmočja zaradi težav pri financiranju iz zunanjih virov trenutno neobičajno močno zanašajo na operacije ECB.
At the same time, due to external funding difficulties, the banking systems of several euro area countries currently display an unusual degree of reliance on the ECB’s operations.
V hujših primerih so te države uvedle programe gospodarskih reform, ki bi morale sčasoma voditi v postopno zmanjšanje povečanega povpraševanja bank v teh državah po likvidnostnih sredstvih centralne banke.
In the more severe cases, these countries have economic adjustment programmes in place which should lead, over time, to a gradual reduction of the elevated demand for central bank liquidity displayed by the banks of these countries.
Svet ECB zelo pozorno spremlja razmere, da bi zagotovil, da podpora za zagotavljanje likvidnosti ne bi ovirala izvajanja monetarne politike, in sicer z usmerjanjem kratkoročnih obrestnih mer na monetarnem trgu v skladu z naravnanostjo monetarne politike.
The Governing Council of the ECB is very closely monitoring the situation with a view to ensure that liquidity support does not hamper the implementation of monetary policy through steering short-term money market interest rates in line with the monetary policy stance.
V splošnem obstaja konsenz, da je ohranjanje srednjeročne stabilnosti cen najboljši prispevek monetarne politike k trajnostni gospodarski rasti in ustvarjanju delovnih mest.
A broad consensus exists that maintaining stable prices over the medium-term is the best contribution that monetary policy can make to sustainable economic growth and job creation.
Danes dobro vemo, da centralna banka ne more trajnostno vplivati na gospodarsko rast s spreminjanjem denarne mase.
It is nowadays well established that a central bank can-not influence economic growth in a sustainable manner by changing the money supply.
Stabilnost cen na primer prinaša večjo preglednost relativnih cen, nižje pribitke za inflacijsko tveganje pri obrestnih merah in manj izkrivljanj davčnih sistemov in sistemov socialne varnosti.
Price stability, for example, improves the transparency of relative prices, reduces inflation risk premia in interest rates and reduces distortions of tax and social security systems.
Tako je stabilnost cen najpomembnejši prispevek monetarne politike k ustvarjanju ugodnega gospodarskega okolja in visoki ravni zaposlenosti.
Hence, price stability is the most important contribution that monetary policy can make to achieve a favourable economic environment and a high level of employment.
Čisto na kratko: stabilnost cen je temelj za rast.
To put it shortly: Price stability is a foundation to growth.
V skladu s členom 127 Pogodbe o delovanju EU je poglavitni cilj Eurosistema ohranjati stabilnost cen.
Article 127 of the Treaty on the Functioning of the EU assigns the Eurosystem the primary objective of maintaining price stability.
Stabilnost cen torej ni le poglavitni cilj monetarne politike ECB, temveč je tudi cilj EU v celoti.
Price stability is therefore not only the primary objective of the ECB’s monetary policy, but also an objective of the EU as a whole.
Svet ECB je določil jasno številčno merilo za doseganje stabilnosti cen.
The ECB’s Governing Council has set a clear numerical benchmark for the achievement of price stability.
Cilj ECB je srednjeročno ohraniti inflacijo pod 2 %, vendar blizu tej vrednosti, in že od začetka ta cilj uspešno izpolnjuje.
It aims to maintain inflation below, but close to, 2% over the medium term, and it has fully accom-plished this goal from the start.
Pogodba določa sekundarne obveznosti ECB (brez poseganja v cilj stabilnosti cen) za podporo splošnim gospodarskim politikam v Uniji, ki vključujejo uravnoteženo gospodarsko rast in polno zaposlenost.
Without prejudice to the objective of price stability, the Treaty envisages secon-dary obligations of the ECB in support of the general economic policies in the Union, which include balanced economic growth and full employment.
Tako Pogodbi vzpostavljata jasno hierarhijo ciljev Eurosistema, iz katere je jasno, da verodostojno zagotavljanje stabilnosti cen prispeva k splošni makroekonomski stabilnosti in najbolje varuje gospodarstvo pred posledicami nepredvidenih pretresov.
The Treaties thus establish a clear hierarchy of objectives for the Eurosystem, which clarifies that a credible achievement of price stability fosters overall macroeco-nomic stability to best insulate the economy from consequences of unforeseen shocks.
V času finančne krize se je monetarna politika na gospodarske in finančne pretrese odzvala z ustrezno srednjeročno usmeritvijo, da bi zagotovila utrditev inflacijskih pričakovanj in stabilizirala makroekonomski razvoj.
In fact, during the financial crisis, monetary policy reacted to economic and financial shocks with the appropriate medium-term orientation to ensure a solid anchoring of inflation expectations and to stabilise macroeconomic devel-opments.
ECB je ves čas pomagala gospodarstvu s prilagajanjem usmeritve monetarne politike, ne da bi negativno vplivala na srednjeročne napovedi o stabilnosti cen, s čimer je trdno zasidrala srednjeročna inflacijska pričakovanja.
The ECB gave ongoing support to the economy by making its mone-tary policy stance very accommodative without negatively affecting medium-term term outlook for price stability, thereby firmly anchoring medium-term in-flation expectations.
Kaj menite o svežnju za gospodarsko upravljanje, kot je bil nedavno sprejet?
What do you think of the "economic governance package" as recently adopted?
Kateri nadaljnji ukrepi so po vašem mnenju potrebni za okrepitev gospodarskega upravljanja v EU?
What further steps would you see as necessary to strengthen the economic governance in the EU?
Nedavno sprejetje svežnja za gospodarsko upravljanje eno leto po objavi zakonodajnih predlogov Komisije pozdravljam, saj to vliva zaupanje državljanom EU in finančnemu trgu, kar je v sedanjih razmerah še posebej pomembno.
I welcome the recent adoption of the economic governance package, one year after the publication of the Commission's legislative proposals, which has sent a positive signal of confidence to EU citizens and financial market that is espe-cially important in the current situation.
Sprejeti ukrepi so nedvomno korak v pravo smer na poti k okrepljenemu in širšemu nadzoru gospodarstva.
There can be no doubt that the agreed measures constitute a step in the right direction of reinforced and broadened economic surveillance.
Zdaj je ključno, da se nova zakonodaja in povezana načela (npr. pravilo „upoštevaj ali pojasni“) dosledno izvajajo (ne le dobesedno, temveč je treba delovati tudi v duhu teh pravil).
A key issue is now rigorous application of the new legis-lation and the accompanying declarations (such as the ‘comply or explain’ rule) not only to the letter but also in spirit.
To bo mogoče le, če vsi ustrezni nacionalni organi ta pravila zares sprejmejo za svoja.
This requires that all pertinent national authorities take ownership of the agreed rules.
Klavzula o ponovnem pregledu, ki je vključena v zakonodajo, bo omogočila nadaljnjo krepitev gospodarskega upravljanja v EU in evroobmočju.
The review clause included in the legislation will be an opportunity to further enhance economic governance in the EU and the euro area.
Ponovni pregled bo priložnost za okrepitev sistema, ki temelji na pravilih, in za odpravljanje nekaterih preostalih pomanjkljivosti na področju gospodarskega upravljanja.
It will enable to reinforce the rules-based system and cor-rect some remaining weaknesses in economic governance.
Da bi še okrepile gospodarsko upravljanje, morajo države članice uvesti močne nacionalne fiskalne okvire, na primer z vključevanjem „omejitev zadolževanja“ v nacionalne ustave.
To strengthen economic governance further, Member States should implement strong national fiscal frameworks, such as ‘debt brakes’ in national constitu-tions.
Upravljanje evroobmočja je treba okrepiti tudi z nadaljnjimi institucionalnimi reformami, npr. z imenovanjem rednega predsednika Ekonomsko-finančnega odbora/delovne skupine Evroskupine (EWG).
Further institutional reforms should be carried out to strengthen euro area governance, such as providing the EFC/EWG with a full-time chairperson.
Poleg tega bi lahko zaveze v okviru pakta za evro+ in strategije Evropa 2020 vključili v sekundarno zakonodajo in bi postale zavezujoče v obliki „evropskega pakta za konkurenčnost“.
Be-yond that, the commitments under the Euro Plus Pact and the Europe 2020 Strategy could be enshrined in secondary legislation and made binding, in the form of a ‘European Competitiveness Pact’.
Pomemben je tudi nadaljnji napredek pri uresničevanju skupnega trga, zlasti na področju storitev, s čimer bi okrepili potencial EU za rast.
Further progress in the implementa-tion of the Single Market, in particular in the field of services, to enhance the EU’s growth potential is also important.
Končno bi bil nadaljnji napredek pri oblikovanju gospodarske unije nepopoln brez dodatnih ukrepov za okrepitev evropske razsežnosti na področju regulacije in nadzora finančnih trgov v EU in zlasti v evroobmočju, pri čemer gre predvsem za instrumente za upravljanje finančne krize (sklad za reševanje, sistemi zajamčenih vlog).
Finally, further progress towards eco-nomic union would be incomplete without additional steps to a greater European dimension in the regulation and supervision of the financial markets in the EU, and especially in the euro area, and in particular with regard to the tools of fi-nancial crisis management (resolution fund, deposit guarantee schemes).
Gospodarsko unijo bo moral spremljati ustrezen napredek v smeri bolj povezane fiskalne in politične unije, za kar bo treba spremeniti Pogodbi.
Eco-nomic union will need to be complemented by an appropriate progress towards a more integrated fiscal and political union, requiring treaty changes.
Evropski mehanizem za stabilnost (ESM) in Evropska centralna banka (ECB) imata različna mandata.
The European Stability Mechanism (ESM) and the European Central Bank (ECB) have different mandates to fulfil.
Evropski mehanizem za stabilnosti bo uporabljen, če bo to nujno za ohranjanje stabilnosti evroobmočja v celoti, pri čemer bo zagotavljal podporo za stabilnost pod ustreznimi pogoji v korist držav članic ESM, kot tak pa bo široko makrofinančno usmerjen.
The ESM will be activated if indispen-sable to safeguard the stability of the euro area as a whole, providing stability support under appropriate conditionality to the benefit of the ESM Members, and as such it will have a broad macro-financial orientation.
Glavni cilj ECB je ohranjati srednjeročno stabilnost cen v evroobmočju.
The ECB has been charged with the primary objective to maintain price stability in the euro area over the medium-term.
Mandata ECB in ESM se torej dopolnjujeta, saj je stabilnost cen nujen pogoj za širšo makrofinančno stabilnost.
The ECB and ESM mandates are thus complementary to each other, not least as price stability is a necessary condition for broad macro-financial stability.
Poleg tega pogodba o ESM dodatno ureja vključevanje ECB v evropski mehanizem za stabilnost na štirih glavnih področjih.
Moreover, the ESM Treaty further specifies the involvement of the ECB in the European Stability Mechanism (ESM) in four main areas.
Prvič, po prošnji države članice iz evroobmočja za pomoč bo ECB v povezavi s Komisijo in Mednarodnim denarnim skladom ocenila, ali je ogrožena finančna stabilnost evroobmočja kot celote, kar bi zahtevalo uporabo ESM.
First, following a request for financial assistance from a euro area Member State, the ECB will liaise with the Commission and the IMF in assessing whether there is a risk to the financial stability of the euro area as a whole war-ranting an activation of the ESM.
Drugič, kadar bo potrebna uporaba ESM, bo ECB v povezavi s Komisijo in Mednarodnim denarnim skladom ocenila dejanske finančne potrebe zadevne države članice.
Second, where activation of the ESM is warranted, the ECB will liaise with the Commission and IMF in assessing the actual financing needs of the Member State concerned.
Tretjič, osebje ECB bo prispevalo, kjer je to ustrezno, tudi s svojim tehničnim znanjem, k pogajanjem o memorandumu o soglasju, v katerem bodo ustrezno opredeljeni pogoji, ter pri poznejšem spremljanju in izvajanju takega memoranduma o soglasju.
Third, ECB staff will contribute, with its technical expertise where relevant, to the negotiation of Memoranda of Understanding (MoU) containing appropriate policy conditionality, and to the subsequent monitoring and implementation of such MoU.
Četrtič, v skladu s sklepi voditeljev na vrhu držav evroobmočja z dne 21. julija naj bi uvedba sekundarnih intervencij na trgu v okviru evropskega mehanizma za stabilnost temeljila na analizi ECB, v kateri bi ugotovili, da obstajajo izjemne okoliščine na finančnem trgu in izredna tveganja za finančno stabilnost.
Fourth, in line with the conclusions of the Euro Area Summit on 21 July, it is expected that the activation of secondary market interventions by the ESM will be on the basis of an ECB analysis recognising exceptional financial market cir-cumstances and risks to financial stability.
Vrednostni papirji, ki bi jih izdal evropski mehanizem za stabilnost, naj bi bili primerno zavarovanje za ukrepe monetarne politike ECB, kot velja za evropski instrument za finančno stabilnost.
Securities issued by the ESM are expected to qualify as eligible collateral for the ECB’s monetary policy operations, as is the case for the EFSF.
Vendar zaradi prepovedi financiranja v skladu s členom 123 Pogodbe o delovanju EU evropski mehanizem za stabilnost ne bo upravičen do ukrepov monetarne politike ECB.
However, in view of the prohibition on monetary financing laid down in Art. 123 TFEU, the ESM will not be an eligible counterpart for the ECB’s monetary policy opera-tions.
Glavni cilj ECB je in ostaja ohranjanje stabilnosti cen v evroobmočju.
The ECB’s primary objective is and remains the maintenance of price stability in the euro area.
Vse aktivnosti v zvezi z delovanjem evropskega mehanizma za stabilnost so lahko izključno pomožne narave in bi jih ECB izvajala pod jasnim pogojem, da obstaja jasno razumevanje, da ne smejo posegati v mandat ECB, kot ga določata Pogodbi o EU.
Any activities related to the operation of the ESM are, in any case, of an auxiliary and assisting nature and would be undertaken by the ECB on the clear condition of a full understanding that they are without prejudice to the fulfilment of the ECB’s mandate as laid down in the EU Treaties.
Pred kratkim se je pojavila ideja o vključitvi ECB v financiranje operacij evropskega instrumenta za finančno stabilnost.
The idea has been floated recently to involve the ECB in leveraging the EFSF operations.
Kaj menite o tem?
What are your views on this?
Splošno razširjeno mnenje je, da bi bilo treba sredstva evropskega instrumenta za finančno stabilnost uporabljati čim učinkoviteje.
There is broad consensus that the EFSF resources should be used as efficiently as possible.
To bi najbolj povečalo koristi za evroobmočje kot celoto, ki so povezane z vsakim potrošenim evrom v okviru državnega programa, hkrati pa zaščitilo denar evropskih davkoplačevalcev.
This serves the dual goal of maximising the benefit for the euro area as a whole associated with every euro that is spent as part of any country pro-gramme while protecting European taxpayer’s money in the process.
V zvezi s tem je bistvenega pomena tudi, da države hitro uveljavijo nove instrumente evropskega instrumenta za finančno stabilnost v skladu s sklepom voditeljev držav in vlad z dne 21. julija.
In this re-gard it is also essential that the governments swiftly implement the new instru-ments of the EFSF in line with the Heads of State and Government decision of 21 July.
Pomembno je, da je evropski instrument za finančno stabilnost zmožen izpolniti svojo funkcijo za učinkovito in uspešno varovanje finančne stabilnosti.
It is important the EFSF has the capacity to fulfil its function for safe-guarding financial stability in an effective and efficient manner.
Glede vključevanja ECB v financiranje zadolževanja evropskega instrumenta za finančno stabilnost je treba po mojem mnenju pojasniti, da bo ECB vedno strogo spoštovala duh in pravno razsežnost prepovedi financiranja iz Pogodbe.
With regard to the ECB involvement in leveraging the EFSF, it should be clear in my view that the ECB will always strictly adhere to both the spirit and the le-gal dimension of the monetary financing prohibition contained in the Treaty.
Glede na to, da je edini namen evropskega instrumenta za finančno stabilnost zagotoviti financiranje tistim državam evroobmočja, ki so v finančnih težavah, bi bilo vključevanje ECB v tako financiranje v nasprotju s prepovedjo iz člena 123 PDEU.
Given the EFSF’s sole purpose to provide financing to euro area Member States in financial difficulties, involving the ECB is such financing would contravene the monetary financing prohibition under Article 123 TFEU.
Ne glede na tako pravno presojo pa bi bilo videti, da ECB s financiranjem evropskega instrumenta za finančno stabilnost krši duh določb iz Pogodbe, kar bi predstavljalo resno tveganje za verodostojnost in ugled ECB.
However, inde-pendent from such legal assessment, EFSF financing via the ECB will be per-ceived as the ECB breaching the spirit of the Treaty provisions constituting a se-rious risk for ECB’s credibility and reputation.
Če bi bilo videti, da bi bila monetarna politika podrejena vprašanjem fiskalne politike, bi bilo kršeno ključno načelo, ki je zaznamovalo sodobne okvire monetarnih politik centralnih bank, in sicer neodvisnost centralnih bank, s tem pa bi bila ogrožena zmožnost monetarnih oblasti, da dosežejo stabilnost cen.
With the perception that mone-tary policy would be subjugated to fiscal policy concerns, the key principle which has been the hallmark of modern central banking monetary policy frame-works – that of central bank independence - would be broken, and the ability of monetary authorities to deliver price stability would be compromised as a result.
Izraz „euroobveznice“ obsega številne različne ideje.
‘Eurobonds’ is a term that encapsulates a variety of different ideas.