natgillin/translations-raw huggingface dataset:
(b) whether the ratio of government debt to gross domestic product exceeds a reference value (defined in the Protocol on the excessive deficit procedure as 60 % of GDP), unless the ratio is significantly diminishing and approaching the reference value at a satisfactory pace”.
(b) če razmerje med javnim dolgom in bruto domačim proizvodom presega referenčno vrednost (ki je v Protokolu o postopku v zvezi s čezmernim primanjkljajem opredeljena kot 60 odstotkov bruto domačega proizvoda), razen če se razmerje znižuje v zadostnem obsegu in dovolj hitro približuje referenčni vrednosti«.
The third indent of Article 121(1) of the Treaty requires “the observance of the normal fluctuation margins provided for by the exchange rate mechanism of the European Monetary System, for at least two years, without devaluing against the currency of any other Member State”.
Tretja alinea člena 121(1) Pogodbe zahteva »upoštevanje normalnih meja nihanja, predvidenih z mehanizmom deviznih tečajev evropskega denarnega sistema, v obdobju najmanj dveh let brez devalvacije glede na valuto katere koli druge države članice«.
Article 3 of the Protocol states in addition that “the criterion on participation in the exchange rate mechanism of the European Monetary System (…) shall mean that a Member State has respected the normal fluctuation margins provided for by the exchange rate mechanism of the European Monetary System without severe tensions for at least two years before the examination.
Člen 3 Protokola poleg tega določa, da »merilo sodelovanja v mehanizmu deviznega tečaja evropskega denarnega sistema (…) pomeni, daje država članica upoštevala normalne meje nihanja, predvidene z mehanizmom deviznega tečaja evropskega denarnega sistema, brez hujših napetosti vsaj dve leti pred pregledom.
In particular, the Member State shall not have devalued its currency’s bilateral central rate against any other Member State’s currency on its own initiative for the same period”.
Država članica v tem času zlasti ni na lastno pobudo devalvirala dvostranskega osrednjega tečaja svoje valute glede na valuto druge države članice«.
In addition to these economic requirements, the convergence criteria also require there to be legal convergence to ensure that national legislation, including the statutes of NCBs, is compatible with both the Treaty and the Statute of the ESCB and of the ECB.
Konvergenčni kriteriji poleg izpolnitve ekonomskih pogojev zahtevajo tudi pravno konvergenco, ki naj zagotovi združljivost nacionalne zakonodaje (vključno s statutom nacionalnih centralnih bank) s Pogodbo in Statutom ESCB in ECB.
The Treaty requires the ECB and the Commission to report to the Council of the European Union at least once every two years or at the request of a Member State with a derogation, on the progress made by Member States in terms of their fulfilment of the convergence criteria.
Pogodba zahteva, da ECB in Komisija vsaj enkrat na dve leti ali na zahtevo države članice z odstopanjem poročata Svetu Evropske unije o napredku, ki ga je država članica dosegla na področju izpolnjevanja konvergenčnih kriterijev.
On the basis of the convergence reports submitted separately by the ECB and the Commission, and on the basis of a proposal by the Commission, the Council, having consulted the European Parliament and having met in the composition of Heads of State or Government, may decide on the fulfilment of the criteria by a Member State and allow it to join the euro area.
Na podlagi konvergenčnih poročil, ki jih ECB in Komisija predložita ločeno, ter na podlagi predloga Komisije se Svet, potem ko se je posvetoval z Evropskim parlamentom, v sestavi voditeljev držav ali vlad odloči, ali posamezna država članica izpolnjuje konvergenčne kriterije in ji dovoli, da se pridruži euroobmočju.
Since the beginning of Stage Three, the ECB has prepared several convergence reports.
Od začetka tretje faze ekonomske in monetarne unije je ECB pripravila več konvergenčnih poročil.
The fourth indent of Article 121(1) of the Treaty requires “the durability of convergence achieved by
Četrta alinea člena 121(1) Pogodbe zahteva »trajnost dosežene konvergence in sodelovanja države članice v mehanizmu deviznega tečaja evropskega denarnega sistema, kar se kaže v ravni dolgoročnih obrestnih mer«. Člen 4 Protokola poleg tega določa, da »merilo
The Governing Council The highest decisionmaking body of the ECB is the Governing Council.
Svet ECB Najvišji organ odločanja v ECB je Svet.
It consists of the six members of the Executive Board and the governors of the NCBs of the euro area (16 in 2009).
Svet ECB sestavlja šest članov Izvršilnega odbora in guvernerji nacionalnih centralnih bank euroobmočja (v letu 2009 jih je bilo 16).
Both the Governing Council and the Executive Board are chaired by the President of the ECB (see also the chart below).
Svetu ECB in Izvršilnemu odboru predseduje predsednik ECB (gl. diagram spodaj).
Further tasks are to: authorise the issue of banknotes in the euro area; give opinions and advice on draft Community acts and draft national legislation; collect the necessary statistical information either from national authorities or directly from economic agents, e. g. financial institutions; contribute to the smooth conduct of policies pursued by the authorities in charge of prudential supervision of credit institutions and the stability of the financial system.
Druge naloge so še, da: odobri izdajo bankovcev v euroobmočju; daje mnenja in svetuje o predlogih zakonov Skupnosti in predlogih nacionalne zakonodaje; zbira potrebne statistične informacije pri nacionalnih uradih ali neposredno pri gospodarskih subjektih (npr. finančnih institucijah); prispeva k nemotenemu izvajanju politik oblasti, ki so pristojne za bonitetni nadzor kreditnih institucij in stabilnost finančnega sistema.
The key task of the Governing Council is to formulate the monetary policy for the euro area.
Ključna naloga Sveta je, da oblikuje denarno politiko euroobmočja.
Specifically, it has the power to determine the interest rates at which credit institutions may obtain liquidity (money) from the Eurosystem.Thus the Governing Council indirectly influences interest rates throughout the euro area economy, including the rates that credit institutions charge their customers for loans and those that savers earn on their deposits.
To pomeni, daje pristojen za določanje obrestnih mer, po katerih lahko kreditne institucije pridobivajo likvidnost (denar) od Eurosistema. Svet ECB tako posredno vpliva na obrestne mere v celotnem gospodarstvu euroobmočja, med drugim tudi na obrestne mere, ki jih kreditne institucije zaračunavajo svojim strankam za posojila, in obrestne mere, ki jih varčevalci dobijo za svoje vloge.
The Governing Council fulfils its responsibilities by adopting guidelines and taking decisions.
Svet ECB izpolnjuje svoje naloge tako, da sprejema smernice in odločitve.
CHART THE DECISION-MAKING BODIES OF THE ECB
SLIKA: ORGANI ODLOČANJA V ECB
EXECUTIVE BOARD
IZVRŠILNI ODBOR
GOVERNING COUNCIL
SVET ECB
GENERAL COUNCIL
RAZŠIRJENI SVET ECB
Fourothermembersof the Executive Board
Štirje drugi člani Izvršilnega odbora
Governorsof theeuro area NCBs
Guvernerji nacionalnih centralnih bankeuroobmočja
Governorsof the NCBs of all EU Member States
Guvernerji nacionalnih centralnih bank vseh držav članic EU
Capital of the ECB The capital of the ECB does not come from the European Community but has been subscribed and paid up by the NCBs.The share of each Member State in the European Union’s gross domestic product and population determines the amount of each NCB’s subscription.
Kapital ECB Kapitala ECB ni zagotovila Evropska skupnost, ampak so ga vpisale in vplačale nacionalne centralne banke. Vpisani znesek posamezne nacionalne centralne banke je določen glede na delež posamezne države članice v bruto domačem proizvodu in številu prebivalstva v Evropski uniji.
The General Council The third decisionmaking body of the ECB is the General Council.
Razširjeni svet Tretji organ odločanja v ECB je Razširjeni svet.
It comprises the President and the Vice-President of the ECB and the governors and presidents of all 27 NCBs of the EU Member States.
Njegovi člani so predsednik in podpredsednik ECB ter guvernerji ali predsedniki nacionalnih centralnih bank vseh 27 držav članic EU.
The General Council has no responsibility for monetary policy decisions in the euro area.
Razširjeni svet ni pristojen za sprejemanje odločitev glede denarne politike euroobmočja.
It contributes to the coordination of monetary policies of the Member States that have not yet adopted the euro and to the preparations for the possible enlargement of the euro area.
Njegova naloga je, da prispeva k usklajevanju denarnih politik držav članic, ki še niso prevzele eura, ter da sodeluje pri pripravah za morebitno širitev euroobmočja.
The mandate and task of monetary policy As already mentioned, the Treaty establishing the European Community assigns to the Eurosystem the primary objective of maintaining price stability in the euro area.
Mandat in naloga denarne politike Kot smo že omenili, je temeljni cilj Eurosistema, kot mu ga je dodelila Pogodba o ustanovitvi Evropske skupnosti, ohranjanje stabilnosti cen v euroobmočju.
In particular it states that “the primary objective of the ESCB shall be to maintain price stability”.
Pogodba natančneje določa, daje »poglavitni cilj ESCB ohranjanje stabilnosti cen«.
The challenge faced by the ECB can be stated as follows: the Governing Council of the ECB has to influence conditions in the money market, and thereby the level of shortterm interest rates, to ensure that price stability is maintained over the medium term.
Izziv, s katerim se spopada ECB, lahko opišemo na naslednji način: Svet ECB mora vplivati na razmere na denarnem trgu in s tem na raven kratkoročnih obrestnih mer, da bi tako zagotavljal stabilnost cen v srednjeročnem obdobju.
Some key principles of a successful monetary policy are explained below.
V nadaljevanju so opisana nekatera ključna načela, ki veljajo za uspešno denarno politiko.
Monetary policy should firmly anchor inflation expectations … First, monetary policy is considerably more effective if it firmly anchors inflation expectations (see also Section 3.3).
Neodvisnost Odločitev, da se odgovornost za ohranjanje stabilnosti cen dodeli neodvisni centralni banki, ki ni pod vplivom političnih pritiskov, temelji na številnih tehtnih razlogih.
In this regard, central banks should specify their goals, elaborate them and stick to a consistent and systematic method for conducting monetary policy, as well as communicate clearly and openly.These are key elements for acquiring a high level of credibility, a necessary precondition for influencing the expectations of economic actors.
V skladu z določbami Pogodbe o ustanovitvi Evropske skupnosti ima Eurosistem pri izvajanju svojih nalog popolno neodvisnost: niti ECB niti nacionalne centralne banke Eurosistema niti kateri koli član organov odločanja ne sme zahtevati ali sprejemati navodil od katerega koli drugega organa.
Independence There are good reasons to entrust the task of maintaining price stability to an independent central bank not subject to potential political pressures.
Institucije Skupnosti ter organi in vlade držav članic morajo spoštovati to načelo in ne smejo vplivati na člane organov odločanja v ECB ali nacionalnih centralnih bankah.
In line with the provisions of the Treaty establishing the European Community, the Eurosystem enjoys full independence in performing its tasks: neither the ECB, nor the NCBs in the Eurosystem, nor any member of their decisionmaking bodies may seek or take instructions from any other body.The Community institutions and bodies and the governments of the Member States are bound to respect this principle and must not seek to influence the members of the decisionmaking bodies of the ECB or of the NCBs.
Poleg tega Eurosistem ne sme dajati posojil organom Skupnosti ali nacionalnim vladam, kar ga dodatno varuje pred političnim vmešavanjem. Eurosistem ima vse instrumente in pristojnosti, ki jih potrebuje za izvajanje učinkovite denarne politike.
Furthermore, the Eurosystem may not grant any loans to Community bodies or national government entities.This shields it further from political interference.The Eurosystem has all the instruments and competencies it needs to conduct an efficient monetary policy.The members of the ECB’s decisionmaking bodies have long terms of office and can be dismissed only for serious misconduct or the inability to perform their duties.
Člani organov odločanja ECB imajo dolg mandat, razrešeni pa so lahko samo v primeru hujših kršitev ali nezmožnosti, da bi opravljali svoje naloge. ECB ima svoj proračun, ki je neodvisen od proračuna Evropske skupnosti.
This keeps the administration of the ECB separate from the financial interests of the Community.
S tem je upravljanje ECB ločeno od finančnih interesov Skupnosti.
… must be forward-looking … Second, owing to the lags in the transmission process (see Section 4.3), changes in monetary policy today will only affect the price level after a number of quarters or years.This means that central banks need to ascertain what policy stance is needed in order to maintain price stability in the future, once the transmission lags have unwound.
… usmerjena mora biti naprej … Zaradi odloga v transmisiji ukrepov denarne politike (gl. razdelek 4.3) bodo spremembe, ki jih uvajamo danes, vplivale na raven cen šele po določenih četrtletjih oziroma letih. To pomeni, da morajo centralne banke oceniti, kakšna naravnanost denarne politike je najustreznejša za ohranitev stabilnosti cen tudi v prihodnje, torej takrat, ko se časovni odlog v transmisiji izteče.
In this sense, monetary policy must be forwardlooking.
V tem smislu mora biti denarna politika usmerjena naprej.
The role of the strategy: a comprehensive framework for monetary policy decisions The Governing Council of the ECB has adopted and announced a monetary policy strategy to ensure a consistent and systematic approach to monetary policy decisions.
Vloga strategije: celovit okvir za sprejemanje odločitev o denarni politiki Svet ECB je sprejel in objavil strategijo denarne politike, da bi zagotovil usklajen in sistematičen način sprejemanja odločitev o denarni politiki.
This monetary policy strategy embodies the above-mentioned general principles in order to meet the challenges facing the central bank.
Ta strategija vključuje zgoraj navedena splošna načela, kar ji omogoča, da se uspešno spopada z izzivi, s katerimi se srečuje centralna banka.
It aims to provide a comprehensive framework within which decisions on the appropriate level of shortterm interest rates can be taken and communicated to the public.
Namen strategije je vzpostaviti celovit okvir za določanje ustrezne ravni kratkoročnih obrestnih mer ter za seznanjanje javnosti s temi odločitvami.
Monetary policy must be forward-looking …
Denarna politika mora upoštevati prihodnja dogajanja …
The main elements of the ECB’s monetary policy strategy The first element of the ECB’s monetary policy strategy is a quantitative definition of price stability.
Glavni elementi strategije denarne politike ECB Prvi element strategije denarne politike ECB je številčna opredelitev stabilnosti cen.
In addition, the strategy establishes a framework to ensure that the Governing Council assesses all the relevant information and analyses needed to take monetary policy decisions such that price stability over the mediumterm is maintained.The remaining sections of this chapter describe these elements in detail.
Strategija poleg tega vzpostavlja okvir, ki Svetu ECB omogoča, da preuči vse bistvene informacije in upošteva vse ustrezne analize, potrebne za sprejemanje takšnih odločitev o denarni politiki, ki bodo prispevale k ohranjanju stabilnosti cen v srednjeročnem obdobju. Ti elementi so podrobneje opisani v nadaljevanju tega poglavja.
… focus on the mediumterm … As the transmission lags make it impossible for monetary policy to offset unanticipated shocks to the price level (for example, those caused by changes in international commodity prices or indirect taxes) in the short run, some shortterm volatility in inflation rates is inevitable (see also Section 4.4).
… osredotočati se mora na srednjeročno obdobje … Ker denarna politika zaradi odloga v transmisiji ne more nevtralizirati nepričakovanih šokov, ki vplivajo na stabilnost cen v kratkoročnem obdobju (npr. spremembe v cenah surovin na svetovnih trgih ali spremembe posrednih davkov), se določenim kratkoročnim nihanjem v stopnji inflacije ni mogoče izogniti (gl. tudi razdelek 4.4).
In addition, owing to the complexity of the monetary policy transmission process, there is always a high degree of uncertainty surrounding the effects of economic shocks and monetary policy.
Ker je transmisijski mehanizem denarne politike dokaj zapleten, učinke gospodarskih šokov in denarne politike vedno spremlja tudi precejšnja negotovost.
For these reasons, monetary policy should have a mediumterm orientation in order to avoid excessive activism and the introduction of unnecessary volatility into the real economy.
Zaradi tega mora biti denarna politika srednjeročno usmerjena, s čimer naj bi se izognili pretiranemu poseganju in vnašanju nepotrebnih nihanj v realno gospodarstvo.
… and be broadly based Finally, just like any other central bank, the ECB faces considerable uncertainty about the reliability of economic indicators, the structure of the euro area economy and the monetary policy transmission mechanism, among other things.
… in mora biti široko zasnovana ECB se tako kot katera koli druga centralna banka srečuje s precejšnjo negotovostjo glede zanesljivosti ekonomskih kazalcev, strukture gospodarstva v euroobmočju in transmisijskega mehanizma denarne politike, če omenimo samo nekatere dejavnike.
A successful monetary policy therefore has to be broadly based, taking into account all relevant information in order to understand the factors driving economic developments, and cannot rely on a small set of indicators or a single model of the economy.
Zato mora biti uspešna denarna politika široko zasnovana in mora za razumevanje dejavnikov, ki vplivajo na gospodarska gibanja, upoštevati vse potrebne informacije ter se ne sme zanašati na omejen sklop kazalcev oziroma na en sam model gospodarstva.
THE QUANTITATIVE DEFINITION OF PRICE STABILITY
ŠTEVILČNA OPREDELITEV STABILNOSTI CEN
The definition of price stability gives guidance to the public, allowing it to form its own expectations regarding future price developments.
Definicija cenovne stabilnosti je tudi opora za javnost, saj ji omogoča, da oblikuje lastna pričakovanja glede prihodnjih cenovnih gibanj.
Primary objective The primary objective of the Eurosystem is to maintain price stability in the euro area, thus protecting the purchasing power of the euro.
Poglavitni cilj Poglavitni cilj Eurosistema je, da ohranja stabilnost cen v euroobmočju in tako vzdržuje kupno moč eura.
As discussed earlier, ensuring stable prices is the most important contribution that monetary policy can make in order to achieve a favourable economic environment and a high level of employment.
Kot že rečeno, je zagotavljanje stabilnih cen najpomembnejši prispevek denarne politike k ustvarjanju ugodnega gospodarskega okolja in doseganju visoke stopnje zaposlenosti.
Both inflation and deflation can be very costly to society economically and socially speaking (see in particular Section 3.3).
Inflacija in deflacija lahko družbo veliko staneta tako v gospodarskem kot družbenem smislu (gl. zlasti razdelek 3.3).
Without prejudice to its primary objective of price stability, the Eurosystem also supports the general economic policies in the European Community.
Eurosistem podpira tudi splošne gospodarske politike v Evropski skupnosti, ne da bi to vplivalo na primarni cilj stabilnosti cen.
Furthermore, the Eurosystem acts in accordance with the principles of an open market economy, as stipulated by the Treaty establishing the European Community.
Eurosistem poleg tega deluje v skladu z načeli odprtega tržnega gospodarstva, kot to določa Pogodba o ustanovitvi Evropske skupnosti.
The definition both anchors inflation expectations and adds to the ECB’s transparency and accountability The Governing Council decided to publicly announce a quantitative definition of price stability for a number of reasons.
Ta opredelitev pomaga zasidrati inflacijska pričakovanja in prispeva k preglednosti in odgovornosti ECBSvet ECB se je iz številnih razlogov odločil, da javno objavi številčno opredelitev stabilnosti cen.
First, by clarifying how the Governing Council interprets the goal that it has been assigned by the Treaty, the definition helps to make the monetary policy framework easier to understand (i.e. it makes monetary policy more transparent).
Prvič, ta opredelitev prispeva k lažjemu razumevanju okvira denarne politike, saj je Svet ECB pojasnil, kako razume cilj, ki mu ga je naložila Pogodba (tako postane denarna politika bolj pregledna).
Second, the definition of price stability provides a clear and measurable yardstick against which the public can hold the ECB accountable.
Drugič, opredelitev stabilnosti cen daje jasen in merljiv kriterij, s katerim lahko javnost preverja odgovornost ECB pri izvajanju svojih nalog.
In case of deviations of price developments from the definition of price stability, the ECB would be required to provide an explanation for such deviations and to explain how it intends to re-establish price stability within an acceptable period of time.
Če bi se cenovna gibanja oddaljevala od opredelitve stabilnosti cen, bi morala ECB pojasniti, zakaj je prišlo do teh odmikov in kako namerava znova vzpostaviti cenovno stabilnost v sprejemljivem časovnem obdobju.
Finally, the definition gives guidance to the public, allowing it to form its own expectations regarding future price developments (see also Box 3.2).
Nenazadnje ta opredelitev deluje tudi kot smernica za javnost, ki si oblikuje lastna pričakovanja glede prihodnjih cenovnih gibanj (gl. okvir 3.2).
The ECB has defined price stability in quantitative terms While the Treaty clearly establishes the maintenance of price stability as the primary objective of the ECB, it does not give a precise definition.
ECB je številčno opredelila stabilnost cen Čeprav Pogodba jasno določa, daje ohranjanje stabilnosti cen poglavitni cilj ECB, ne daje točne definicije cenovne stabilnosti.
In order to specify this objective more precisely, the Governing Council of the ECB announced the following quantitative definition in 1998: “Price stability shall be defined as a year-on-year increase in the Harmonised Index of Consumer Prices (HICP) for the euro area of below 2 %.
Svet ECB je z namenom, da natančneje določi ta cilj, leta 1998 objavil naslednjo številčno opredelitev: »Cenovna stabilnost je opredeljena kot medletno povečanje harmoniziranega indeksa cen življenjskih potrebščin (HICP) v euroobmočju, ki je manjše kot 2 odstotka.
Price stability is to be maintained over the medium term”.
Cenovna stabilnost se ohranja na srednji rok«.
In 2003, the Governing Council further clarified that, within the definition, it aims to maintain inflation rates below but “close to 2 % over the medium term”.
Leta 2003 je Svet ECB dodatno pojasnil, da namerava v okviru te opredelitve stopnjo inflacije na srednji rok ohranjati »pod 2 odstotkoma, vendar blizu te meje«.
The HICP The definition also identifies a specific price index – namely the HICP for the euro area – as the index to be used for assessing whether price stability has been achieved.
Harmonizirani indeks cen življenjskih potrebščin (HICP) V opredelitvi stabilnosti cen je določen poseben indeks cen – harmonizirani indeks cen življenjskih potrebščin (HICP) – ki naj se uporablja pri preverjanju cenovne stabilnosti.
The use of a broad price index ensures the transparency of the ECB’s commitment to full and effective protection against losses in the purchasing power of money (see also Section 3.2).
Uporaba širšega indeksa cen zagotavlja preglednost zavezanosti ECB, da popolnoma in učinkovito ščiti denar pred izgubo kupne moči (gl. tudi razdelek 3.2).