natgillin/translations-raw huggingface dataset:
However, a renewed increase in this ratio is already projected for 2008 at a time when many countries have still not achieved sound fiscal positions.
Toda že v letu 2008 je predvideno vnovično zvišanje stopnje primanjkljaja, pri čemer mnoge države še vedno niso dosegle zdravega javnofinančnega položaja.
This implies a risk that some countries will not comply with the provisions of the preventive arm of the Stability and Growth Pact.
To predstavlja tveganje, da nekatere države ne bodo izpolnile določb preventivnega dela Pakta za stabilnost in rast.
In order not to undermine the credibility of the Pact, these countries should pursue much more ambitious policies and improve their structural position by a benchmark rate of 0.5% of GDP per year as required by the Pact.
Da ne bi ogrozili verodostojnosti pakta, bi morale te države voditi veliko ambicioznejše politike in izboljšati svoj strukturni položaj za referenčno vrednost 0,5% BDP na leto, kot to zahteva pakt.
It is crucial that all countries live up to their commitments and aim to achieve their mediumterm objective of a sound fiscal position by 2010 at the latest, as agreed and announced at
Da bi Svet ECB omejil prevladujoča navzgor usmerjena tveganja za cenovno stabilnost v srednjeročnem obdobju, je marca in junija 2007 zvišal ključne obrestne mere, v obeh primerih za 25 bazičnih točk.
the Eurogroup’s Berlin meeting of April 2007. Discretionary fiscal loosening would be totally inappropriate.
Ob koncu leta je ECB sprejela posebne likvidnostne ukrepe za zadovoljitev posebnih potreb bančnega sistema.
The drying-up of liquidity in the euro money market on 9 August led the ECB to provide €95 billion at its policy rate of 4.00% with overnight maturity. The ECB conducted further similar operations, of decreasing amounts, over the following days.
Zaradi operacij ECB se je obrestna mera čez noč vrnila na stabilno raven, ki je prevladovala pred začetkom pretresov, torej okrog uradne obrestne mere ECB, ki jo določi Svet ECB.
In the subsequent weeks and months, the ECB also conducted supplementary longerterm refinancing operations as well as fine-tuning operations.
Na denarnem trgu kljub temu ostajajo napetosti pri daljših ročnostih.
It also provided liquidity in dollars in parallel with the Term Auction Facility of the Federal Reserve Bank of New York.
Popravek na fi nančnih trgih je pri tržnih udeležencih sprožil občutno prevrednotenje tveganja.
At the end of the year, the ECB took special liquidity measures in order to accommodate the specific needs of the banking system.
ECB in druge članice Eurosistema so večkrat fi finančne stabilnosti)
Tensions remain, however, at longer maturities in the money market.
, opozorile (zlasti v pregledu da so tveganja podcenjena.
Structural reforms and wage moderation over recent years have led to a significant rise in employment in the euro area of around 15.8 million persons in the period of nine years since the start of Stage Three of EMU, compared with an increase of around4.5 million for the same group of countries in the nine years before 1999.
strukturnih reform in umirjanja plač v zadnjih letih se je zaposlenost v euroobmočju močno povečala, in sicer za približno 15,8 milijona oseb v obdobju devetih let od začetka tretje faze EMU, medtem ko se je v isti skupini držav v devetih letih pred letom 1999 to število povečalo za okrog 4,5 milijona.
In the same vein, the unemployment rate in the euro area continued to decline, from 8.3% in 2006 to 7.4% in 2007, a level not seen for 25 years.
Skladno s tem se je stopnja brezposelnosti v euroobmočju še naprej nižala (z 8,3% leta 2006 na 7,4% leta 2007) in dosegla najnižjo raven v zadnjih 25 letih.
However, there is no room for complacency.
Vendar pa ni razlogov za samozadovoljstvo.
Unemployment rates in many countries are still high and the labour participation rate remains low by international standards.
Stopnje brezposelnosti so v nekaterih državah še vedno visoke, stopnja aktivnosti prebivalstva pa je po mednarodnih standardih še naprej nizka.
Moreover, productivity growth in the euro area continues to be weak, limiting the scope for wage increases.
Poleg tega je rast produktivnosti v euroobmočju še naprej šibka, kar omejuje prostor za rast plač.
It is thus important that governments continue to sustain momentum and step up their reform efforts to remove remaining barriers to job creation and productivity growth.
Zato je pomembno, da države še naprej vzdržujejo zagon in krepijo svoja reformna prizadevanja za odpravo preostalih ovir pri ustvarjanju delovnih mest in rasti produktivnosti.
Most importantly, this requires improvements in education and life-long learning, which would enhance human capital, improve employment prospects and increase innovation.
Za to je zlasti potrebno izboljšanje izobraževanja in vseživljenjskega učenja, kar bi okrepilo človeški kapital, izboljšalo zaposlitvene možnosti in povečalo inovacije.
Continuous efforts are also needed to enhance competition and flexibility and to improve the functioning of labour, product and services markets.
Potrebna so tudi stalna prizadevanja za povečanje konkurence in prožnosti ter za izboljšanje delovanja trgov dela, proizvodov in storitev.
In particular, enhancing competition in the services sectors and network industries, as well as applying adequate measures in the EU agricultural market, would support productivity growth and price stability in the euro area.
K rasti produktivnosti in cenovni stabilnosti v euroobmočju bi zlasti prispevala okrepitev konkurence v storitvenih in omrežnih dejavnostih ter uvedba ustreznih ukrepov na kmetijskem trgu EU.
The financial market correction triggered a substantial reappraisal of risk by market participants.
Finančni sistem euroobmočja je leta 2007 ostal odporen, vendar pa je bila njegova sposobnost absorbiranja šokov v drugi polovici leta postavljena pred hudo preizkušnjo.
The ECB, as well as the other members of the Eurosystem, had warned on several occasions, in particular in its Financial Stability Review, that the situation was characterised by an underpricing of risks.
Poleg morebitnih posledic pretresov na kreditnih trgih so prihodnja tveganja za bančni sistem euroobmočja povezana predvsem z možnostjo neugodnih gibanj v kreditnem ciklu, kar bi lahko negativno vplivalo na kakovost aktive bank in stroške oslabitve posojil.
2007 was marked by very difficult challenges in financial markets.
Leto 2007 so zaznamovali izredno veliki izzivi na fi nančnih trgih.
As of August, a very significant worldwide market correction with
ECB je v naslednjih dneh izvedla dodatne podobne operacije, vendar z manjšimi zneski.
The euro area financial system remained resilient in 2007, but its shock-absorbing capacity was
ECB je v letu 2007 še naprej dejavno sodelovala v procesu evropske finančne integracije.
post-trading financial services and should foster competition by providing equal, cheaper and harmonised access to settlement services within the European financial market.
kot 152 zaposlenih, od tega 31 vodstvenih delavcev in svetovalcev.
*** severely tested throughout the second half of the year. Apart from the possible consequences of the credit market turbulence, future risks to the euro area banking system mainly relate to the possibility of adverse developments in the credit cycle, with negative implications for banks’ asset quality and loan impairment charges.
spremljanja napredka na tem področju in svetovanja glede zadevne zakonodaje in ureditve je ECB utrdila vlogo pospeševalca pri dejavnostih zasebnega sektorja, zlasti z nadaljnjo močno podporo pobudi, ki je pripeljala do enotnega območja plačil v eurih.
In addition, the possibility of a disorderly unwinding of global imbalances remains a source of mediumterm risk to global financial stability.
Eurosistem je vzdrževal stalen dialog z bankami in drugimi deležniki ter okrepil svoja prizadevanja pri usklajevanju z Evropsko komisijo.
The total number of budgeted staff positions for 2007 was 1,348 full-time equivalent (FTE) positions.
Podpiral je sprejem direktive o plačilnih storitvah, ki jo je Svet EU potrdil 15. oktobra 2007.
This compares with 1,343 FTE positions for 2006. Following the introduction in 2006 of general principles for mobility which encourage members of staff to change positions after every five years of service, internal mobility has received considerable support.
Poleg spodbujanja mobilnosti je kadrovska strategija veliko pozornosti še naprej posvečala razvoju vodstvenih kadrov ECB in zlasti krepitvi vodstvenih znanj s pomočjo usposabljanja in individualnimi treningi.
In total, 152 members of staff, including 31 managers and advisers, moved internally to other positions in 2007, on either a temporary or a longterm basis.
Stalno pridobivanje in razvoj znanj in sposobnosti vseh zaposlenih ostajata eden izmed temeljev kadrovske strategije ECB.
During 2007 the ECB continued to make an active contribution to the process of European financial integration.
Poleg tega je 19. novembra 2007 začel delovati sistem TARGET2, ko je prva skupina osmih držav prenesla svoje operacije na enotno skupno platformo.
The Eurosystem maintained a constant dialogue with banks and other stakeholders and intensified coordination efforts with the European Commission.
Druga skupina sedmih držav je prehod izvedla 18. februarja letos, tretja pa bo to storila 19. maja.
It supported the adoption of the Payment Services Directive, which was approved by the EU Council on15 October 2007.
Da bi Eurosistem v celoti izkoristil prednosti sistema TARGET2, je še naprej preučeval možnost ponudbe nove storitve z ime- nom T
In addition to promoting mobility, the Human Resources (HR) strategy continued to focus on the development of ECB management and, in particular, on strengthening managerial skills through training and individual coaching.
Kadrovska konferenca, ki je bila ustanovljena leta 2005 za spodbujanje sodelovanja in skupinskega duha med centralnimi bankami Eurosis-tema/ESCB na področju kadrovskega upravljanja, je leta 2007 obravnavala različne vidike usposabljanja in razvoja zaposlenih, vključno z možnostmi usposabljanja v okviru ESCB in ukrepi za večjo mobilnost v ESCB.
The continuous acquisition and development of skills and competencies by all members of staff remains a cornerstone of the ECB’s HR strategy.
*** gočala vzpostavitev enotne tehnične infrastrukture za eursko poravnavo poslov z vrednostnimi papirji v centralnobančnem denarju s strani centralnih depotnih družb ter poravnavo vrednostnih papirjev in denarno poravnavo na enotni tehnični platformi.
In addition to numerous in-house training opportunities, staff continued to take up external training opportunities to address individual training needs of a more technical nature.
Sistem T2S bo zagotovil, da med domačimi poravnavami in čezmejnimi poravnavami v euroobmočju ne bo nobenih razlik.
The Human Resources Conference, which was established in 2005 to promote cooperation and team spirit among Eurosystem/ESCB central banks in the field of HR management, covered different aspects of staff training and development in 2007, including opportunities for ESCB training activities and the development of measures to increase intra-ESCB mobility.
S tem naj bi prispeval k integraciji in harmonizaciji evropskih finančnih storitev po opravljenem trgovanju in spodbujal konkurenco z zagotavljanjem enakega, cenejšega in harmoniziranega dostopa do poravnalnih storitev znotraj evropskega finančnega trga.
Furthermore, the TARGET2 system started operating on 19 November 2007, when a first group of eight countries migrated their operations to the single shared platform.
Leta 2007 je bilo končano podrobno načrtovanje novih prostorov ECB.
A second group of seven countries migrated on 18 February this year, and the third group will migrate on 19 May.
Sredi julija je bil v Uradnem listu Evropske unije objavljen javni razpis za glavnega izvajalca, ki bo odgovoren za gradnjo bodočega sedeža ECB.
With T2S, there would be no difference between conducting domestic and crossborder settlements within the euro area.
Projekt napreduje v skladu s časovnim načrtom in finančnim proračunom, ki ga je odobril Svet ECB.
It should therefore contributeto integrating and harmonising European
ECB je imela leta 2007 presežek v višini 286 milijonov EUR (leta 2006 je presežek znašal 1.379 milijonov).
2007 saw the completion of the detailed planning for the ECB’s new premises.
V letu 2007 je bilo v proračunu skupno predvideno 1.348 delovnih mest v ekvivalentu polnega delovnega časa.
In midJuly, a contract notice was published in the Official Journal of the European Union for the selection of a general contractor in charge
Po uvedbi splošnih načel mobilnosti v letu 2006, ki spodbujajo zaposlene, da zamenjajo delovno mesto vsakih pet let službovanja, uživa notranja mobilnost veliko podporo.
As in 2006, an amount equivalent to the surplus was set aside in a provision against foreign exchange rate, interest rate and gold price risks, leaving no net profit.
bodo uporabljene za pokrivanje izgub, ki nastanejo zaradi izpostavljenosti tem tveganjem, predvsem za odhodke vrednotenja, ki jih ne pokrijejo računi prevrednotenja.
The size of the provision will be reviewed annually.
Velikost rezervacij se bo ugotavljala letno.
ECONOMIC DEVELOPMENTS ANDMONETARY POLICY
GOSPODARSKA GIBANJA IN DENARNA POLITIKA
The Governing Council therefore left the key ECB interest rates unchanged inthe second half of the year (see Chart 1).
1SKLEPI O DENARNI POLITIKI1 je zato v drugi polovici leta pustil ključne obrestne mere ECB nespremenjene (glej graf 1).
In 2007 the ECB conducted its monetary policy in an environment of sound economic growth and vigorous money and credit expansion in the euro area.
ECB je leta 2007 svojo denarno politiko vodila v okolju razmeroma visoke gospodarske rasti ter živahnega povečevanja obsega denarja in kreditov v euroobmočju.
Throughout the year, themedium-term risks to price stability remained clearly on the upside, as identified by the Governing Council’s regular economic and monetary analyses.
Kot so pokazale redne ekonomske in denarne analize Sveta ECB, so srednjeročna tveganja za stabilnost cen vse leto nedvomno ostajala usmerjena navzgor.
To contain these risks, the Governing Council continued to adjust the monetary policy stance, raising the key ECB interest rates by a total of 50 basis points in March and June.
Da bi ta tveganja omejili, je Svet ECB še naprej prilagajal naravnanost denarne politike ter je marca in junija dvignil ključne obrestne mere ECB za skupno 50 bazičnih točk.
As a result, the minimum bid rate in the main refinancing operations of the Eurosystem rose to 4.00% in June 2007.
Tako se je izklicna obrestna mera za operacije glavnega refinanciranja Eurosistema junija 2007 dvignila na 4,00%.
Average annual HICP inflation stood at 2.1%in 2007, compared with 2.2% in 2006.
Povprečna medletna inflacija, merjena z indeksom HICP, je leta 2007 znašala 2,1% (v primerjavi z 2,2% leta 2006).
Headline inflation fluctuated significantly in the course of the year, largely on account of developments in energy prices.
Skupna inflacija je med letom močno nihala, predvsem zaradi gibanja cen energentov.
Until the third quarter of 2007, annual HICP inflation developed in line with the ECB’s definition of price stability (i.e. below, but close to, 2% over the medium term), partly as a result of favourable base effects stemming from energy price developments a year earlier.
Do tretjega četrtletja 2007 se je medletna inflacija, merjena z indeksom HICP, gibala v skladu z opredelitvijo stabilnosti cen ECB (tj. srednjeročno pod 2%, vendar blizu te meje), delno zaradi ugodnih baznih učinkov, ki so izhajali iz gibanja cen energentov v prejšnjem letu.
Towards the end of the year, by contrast, annual inflation rose sharply, reaching levels significantly above 2%.
Nasprotno pa se je infl a-cija proti koncu leta strmo dvignila in dosegla stopnje precej nad 2%.
The rise was mainly due to substantial increases in international oiland food prices in the second half of 2007, which
Zvišanje infl acije je bilo predvsem posledica občutne rasti mednarodnih cen nafte in hrane v drugi polovici leta
All data references regarding real GDP growth and HICP inflation reflect revised data as available on the cut-off date of this report (29 February 2008).
Vsi podatki o realni rasti BDP in inflaciji, merjeni z indeksom HICP, so revidirani, kot so bili na voljo na presečni datum v tem poročilu (29. februar 2008).
The use of updated revised data rather than real-time data available at the time monetary policy decisions were taken does not change the line of reasoning underlying the monetary policy deliberations and decisions presented in this section.
Uporaba novejših revidiranih podatkov namesto tekočih podatkov, ki so bili na voljo v času sprejemanja sklepov o denarni politiki, ne vpliva na potek razglabljanja v okviru posvetovanja in odločanja o denarni politiki, ki je predstavljeno v tem razdelku.
Following the onset of the turmoil and increased volatility in financial markets in early August 2007, which had been triggered by a deterioration in the US subprime mortgage market and the repricing of risk, the outlook for economic activity in the euro area becameclouded by unusually high uncertainty.
Po nastopu pretresov in povečane volatilnosti na fi nančnih trgih na začetku avgusta 2007, ki jih je sprožilo poslabšanje na trgu drugorazrednih hipotekarnih posojil v ZDA in prevrednotenje tveganja, je gospodarske obete v euroobmočju zameglila nenavadno velika negotovost.
Notwithstanding the confirmation of upside risks to price stability over the medium term, it was necessary in this environment of heightened uncertainty to collect and assess further
Ne glede na potrjena navzgor usmerjena tveganja za stabilnost cen v srednjeročnem obdobju je bilo treba v razmerah povečane negotovosti pred sprejemanjem sklepov o denarni politiki zbrati in oceniti dodatne informacije. Svet ECB
(percentages per annum; daily data) minimum bid rate of the main refinancing operationsdeposit rate marginal lending ratethree-month EURIBOR
(odstotki na leto; dnevni podatki) izklicna obrestna mera za operacije glavnega refinanciranjaobrestna mera za odprto ponudbo mejnega depozitaobrestna mera za odprto ponudbo mejnega posojila
Note: The rate for the main refinancing operations refers, for operations settled before 28 June 2000, to the rate applicable to fixed rate tenders.
Opomba: Obrestna mera za operacije glavnega refinanciranja je za operacije, poravnane pred 28. junijem 2000, obrestna mera, ki velja za avkcije s fiksno mero.
For operations settled after that date, the rate is the minimum bid rate applicable to variable rate tenders.
Za operacije, poravnane po tem datumu, je ta obrestna mera izklicna obrestna mera, ki velja za avkcije s spremenljivo mero.
sustained, household balance sheets strong, employment growth robust and unemployment rates declining from 8.2% in 2006 to 7.4% in 2007, which was the lowest level for 25 years.
jetij ohranjala na doseženi ravni, bilance stanja gospodinjstev so bile zdrave, rast zaposlenosti je bila okrepljena, stopnja brezposelnosti pa se je znižala z 8,2% v letu 2006 na 7,4% v letu 2007, kar je najnižja raven v zadnjih petindvajsetih letih.
Overall, notwithstanding the challenges posed by volatile energy prices and financial turbulence, real GDP in the euro area grew by 2.6% on an annual basis in 2007.
Kljub nestabilnim cenam energentov in finančnim pretresom se je realni BDP v euroobmočju v letu 2007 medletno povečal za 2,6%.
While shortterm risks to the outlook for economic growth were broadly balanced for most of the year, longerterm risks remained on the downside.
Medtem ko so bila kratkoročna tveganja za gospodarsko rast med letom večinoma uravnotežena, pa so dolgoročna tveganja ostajala na strani upočasnitve rasti.
These risks mainly related to external developments, notably possible further rises in oil and other commodity prices, global imbalances and potential protectionist pressures.
Ta tveganja so bila povezana z zunanjimi gibanji, predvsem z morebitno nadaljnjo rastjo cen nafte in primarnih surovin, svetovnimi neravnovesji in potencialnimi protekcionističnimi pritiski.
After the onset of the financial turmoil, downside risks to growth intensified, given the potential impact of the reappraisal of risk in financial markets on financing conditions, economic sentiment and the global environment.
Po nastopu fi nančnih pretresov so se tveganja za znižanje rasti okrepila zaradi prevrednotenja tveganja na fi nančnih trgih, ki bi lahko vplivalo na finančne pogoje, gospodarsko klimo in svetovno gospodarsko okolje.
were amplified by unfavourable base effects stemming from the decline in energy prices in the last quarter of 2006.
2007, kar so še okrepili neugodni bazni učinki znižanja cen energentov v zadnjem četrtletju leta 2006.
At the same time, wage developments remained rather moderate throughout 2007, despite an environment of robust economic growth, emerging capacity constraints and tightening labour markets.
Hkrati so gibanja plač kljub okrepljeni gospodarski rasti, pojavljanju omejenega obsega prostih zmogljivosti in zaostrovanju trga dela vse leto 2007 ostala razmeroma umirjena.
While longerterm inflation expectations derived from surveys remained anchored at levels consistent with price stability, break-even inflation rates derived from bond yields, which include an inflation risk premium, rose slightly.
Medtem ko so dolgoročna inflacijska pričakovanja na podlagi anket ostala zasidrana na ravni, ki je skladna s stabilnostjo cen, pa so se izvedene stopnje infl acije na podlagi donosnosti obveznic, ki vključujejo premijo za inflacijska tveganja, nekoliko zvišale.
Overall, risks to price stability over the medium term remained clearly on the upside.
V celoti gledano so srednjeročna tveganja za stabilnost cen nedvomno ostala usmerjena navzgor.
These risks included: the scope for additional rises in prices of oil and agricultural products; unforeseen increases in administered prices and indirect taxes; and the possibility of increases in firms’ pricing power, particularly in sectors sheltered from competition.
Ta tveganja so med drugim obsegala možnost za dodatno rast cen nafte in kmetijskih proizvodov, nepredvideno povečanje nadzorovanih cen in posrednih davkov ter morebitno povečanje moči podjetij pri oblikovanju cen, zlasti v sektorjih z manj konkurence.
More fundamentally, the possible emergence of stronger than expected wage dynamics and, in particular, of secondround effects in wage and price-setting as a consequence of higher commodity prices and elevated headline inflation rates posed substantial upside risks to price stability.
Bolj bistveno pa je, da je znatna navzgor usmerjena tveganja za stabilnost cen predstavljala možnost, da pride do močnejšega gibanja plač od pričakovanega in zlasti, da pride do sekundarnih učinkov pri oblikovanju plač in cen zaradi višjih cen primarnih surovin in povišanih stopenj skupne inflacije. acije.
A cross-check of the outcome of the economic analysis with that of the monetary analysis confirmed that upside risks to price stability prevailed at medium to longer horizons.
Medsebojna primerjava rezultatov ekonomske in denarne analize je potrdila, da so srednjeročno in dolgoročno prevladovala navzgor usmerjena tveganja za stabilnost cen.
Money and credit continued to grow vigorously throughout 2007.
Obseg denarja in kreditov se je vse leto 2007 še naprej živahno povečeval.