natgillin/translations-raw huggingface dataset:
The Wage Dynamics Network (WDN), a network of ESCB researchers that investigates the features and sources of wage dynamics in the euro area and their relationship with prices, continued its work at both the aggregate and the micro level.
Ti profili za vsako centralno banko kažejo, katere module enotne skupne platforme bo uporabljala in kako bo potekala poravnava podsistemov po migraciji na TARGET2; tek izvajanja naslednje faze projekta, v kateri bodo določene uporabniške zahteve za T2S in ki bo potekala popolnoma pregledno ter v sodelovanju z udeleženci na trgu, zlasti s centralnimi depotnimi družbami in njihovimi uporabniki.
The WDN survey group launched an ad hoc survey on wages, labour costs and price-setting behaviour at the firm level in 17 countries.
Svet ECB je 26. aprila 2007 začel prvo javno razpravo o splošnih načelih T2S in izhodiščnih predlogih, ki opredeljujejo naravo in obseg sistema T2S, ter odobril vzpostavitev okvira za organizacijo in upravljanje priprave uporabniških zahtev v zvezi s T2S.
The survey collects information on wage and price-setting, downward wage rigidity and the adjustment of wages and prices to shocks.
Svetovalna skupina, ki je pooblaščena za dokončanje uporabniških zahtev, je delo razdelila med šest različnih tehničnih skupin, osredotočenih na posebna tehnična področja poravnave.
The first set of research findings will be presented at a conference planned for 2008.
Svetovalna skupina in tehnične skupine so pripravljalno delo začele na začetku poletja 2007 in skupno opravile sedem „mini posve-
Housing markets were also analysed, as well as the role of banks and credit in the monetary transmission mechanism.
Študija izvedljivosti, ki je zajemala operativne, tehnične, pravne in ekonomske vidike projekta, je bila objavljena na spletnem mestu ECB.
Work on household finances was further pursued, with plans for a euro area-wide survey being prepared by the Eurosystem Household Finance and
končna različica priročnika za informacijski in kontrolni modul enotne skupne platforme je bila objavljena 2. novembra 2007,
most of the papers are eventually expected to be published in leading, peer-reviewed academic journals. In 2007 ECB staff published more than 50 articles in academic journals.
tovanj”, na katerih so pridobivale povratne informacije od nacionalnih skupin uporabnikov in evropskih združenj ter tako črpale iz bogastva znanja in izkušenj v različnih tržnih segmentih.
Consumption Network. Other topics analysed within this area of research were central bank communication policies, expectations and risk premia in the yield curve, and the determinants of equity price dynamics.
U gotovitve in poro čila o napredku so bili posre- zakonodajo EU in nacionalne zakonodaje ter druge nacionalne ureditve in prakse, ki bi lahko vplivale na pravno izvedljivost projekta T2S.
In order to disseminate the findings of the Working Paper Series to a wider audience, it was decided to publish a Research Bulletin outlining policy-relevant research work, including topical articles and summaries of selected research papers.
Ocena stanja je vključevala postopke poravnave, zahteve glede shranjevanja podatkov ter zahteve glede poročanja in revidiranja.
Financial stability issues and their impact on monetary policy were also explored, particularly in the context of work carried out for the ECB’s Financial Stability Review.
Po tem javnem posvetovanju bodo uporabniške zahteve dokončno izoblikovane skupaj z oceno ekonomske, pravne in upravljavske strukture T2S.
The financial system was analysed along two dimensions: its degree of integration and the evolution of capital markets.
Svet ECB se bo nato odločil, ali se bo začela izvajati naslednja faza projekta ali ne.
The ECB organised or co-organised more than ten conferences or workshops on research topics.
dovani udeležencem na trgu na treh informativnih sestankih, ki so potekali junija, avgusta in novembra 2007.
Co-organised conferences involved the CEPR and other central banks, both from the Eurosystem and from outside the Eurosystem.
Vsi dokumenti v zvezi s projektom T2S, vključno z mini posvetovanji, glasili, poročili o napredku, dnevnimi redi in povzetki sestankov, so dostopni na spletnem mestu ECB.
Furthermore, a large number of workshops and seminars were organised to disseminate research within the ECB.
Svetovalna skupina, ki je odgovorna neposredno Svetu ECB, je prvi osnutek uporabniških zahtev za T2S dokončala decembra 2007.
Under the research priority related to international issues, the main areas of interest were global imbalances and the international role of the euro.
Z uvedbo mehanizma T2S bo euroobmočje pridobilo varno, učinkovito in čezmejno infrastrukturo za poravnavo poslov z vrednostnimi papirji v eurih v centralnobančnem denarju.
As regards the former, a highlevel seminar will be organised in 2008, while the outcome of work on the latter will be used to enhance the analytical content of the annual “Review of the international role of the euro”.
Storitve, ki jih bo zagotavljala ta infrastruktura, bodo na zahtevo na razpolago tudi centralnim depotnim družbam, centralnim bankam in bankam v drugih državah EU in EGP.
In the context of this research priority, an international extension of the NAWM was developed.
Udeleženci na fi nanč-nem trgu bodo imeli na razpolago skupen nabor harmoniziranih postopkov in procesov poravnave ne glede na to, kje se nahajajo in kje opravijo trgovanje.
Most of the conferences and workshops were related to specific research priority areas. The area of forecasting model development continued in 2007 to receive the same degree of attention as in previous years.
Svet ECB je 8. marca 2007 prav tako sklenil, da bo T2S v popolni lasti Eurosistema, ki ga bo razvijal in upravljal na platformi sistema TARGET2, da bi tako kar najbolj izkoristili sinergije med sistemi.
In September a workshop co-organised by the ECB, together with the CEPR and the Banque de France, in the context of the Euro Area Business Cycle Network, was held to discuss changes in inflation dynamics and their implications for forecasting.
Kreditne institucije bodo lahko vse vrednostne papirje in centralnobančni denar združile na eni sami platformi, namesto da vrednostne papirje in centralnobančni denar razporejajo na več neodvisnih nacionalnih platformah, s čimer bodo izkoristile sinergije med sistemoma TARGET2 in T2S.
Conclusions from the workshop provided a useful input into work on inflation forecasting under way at the ECB.
To naj bi povečalo učinkovitost upravljanja finančnega premoženja za zavarovanje terjatev.
Furthermore, a workshop on forecasting techniques (an event organised by the ECB on a biennial basis) discussed forecast uncertainty in macroeconomics and finance, and more specifically how to integrate measures of risk into forecasting activities, a topical issue for many central banks.
T2S bo prav tako omogočal hitrejšo ponovno uporabo vrednostnih papirjev in centralnobančnega denarja, kar bo prineslo prednosti udeležencem na trgu. T2S so pripravljene razviti in upravljati štiri nacionalne centralne banke euroobmočja (Deutsche Bundesbank, Banco de España, Banque de France in Banca d’Italia).
The ECB’s research results were published in its Working Paper Series and, to some extent, also through the Occasional Paper Series and the Legal Working Paper Series.
Javni organi, kot so Evropski parlament, Eko-nomsko-fi finančni svet in Evropska komisija, so bili med letom 2007 redno obveščani o najnovejšem dogajanju v zvezi s predlaganim projektom T2S in so izrazili podporo projektu.
In particular, the Working Paper Series – already a wellestablished tool to communicate policy-relevant internal research – saw the publication of more than 140 working papers in 2007.
Primerno finančno premoženje je mogoče uporabiti za zavarovanje vseh vrst kreditnih operacij Eurosistema ne samo na nacionalni ravni, temveč tudi prek nacionalnih meja, pri slednjem le s korespondenčnim centralnobančnim modelom (CCBM) ali prek primernih povezav med sistemi poravnave poslov z vrednostnimi papirji euroobmočja.
Slightly more than 100 were written by ECB staff, either alone or with external co-authors, with the remainder being written by external visitors attending conferences and workshops, working in the context of research networks or following a prolonged stay at the ECB for the completion of a research project.
CCBM zagotavlja Eurosistem, medtem ko so primerne povezave tržno utemeljene rešitve.
As is now the established norm,
Vključujejo vse centralne depotne družbe, ki poravnavajo v eurih, in 33 skrbniških bank.
Concerning the research priority of monetary policy analysis, a conference jointly organised by the Bank of Canada and the ECB on the definition of price stability was held at the ECB
V zvezi s pravnimi vprašanji je bila v letu 2007 opravljena obsežna ocena stanja, ki je zajemala
The conference addressed the theoretical options and practical experience in the context of defining price stability.
Finančno premoženje, hranjeno prek CCBM, se je ob koncu leta 2007 v primerjavi s koncem leta 2006 povečalo s 414 milijard EUR na 558 milijard EUR.
Another conference in November 2007 on the analysis of the role, challenges and implications of money markets from a monetary policy perspective further advanced the understanding of the transmission mechanism of monetary policy.
Okvir CCBM je bil revidiran, da bi upoštevali vključitev novih držav euroobmočja. V zvezi s tem je bil 22. novembra 2007 s centralnima bankama Bank Ċentrali tà Malta/Central Bank of Malta in Central Bank of Cyprus podpisan sporazum o CCBM.
A conference on the implications of changes in banking and the financing of firms for the monetary policy transmission mechanism was held in May 2007.
Da bi lahko Eurosistem vključil potrebe nasprotnih strank, razvija CCBM2 v tesnem sodelovanju z udeleženci na trgu. Prva javna razprava o načelih za razvoj modela se je začela 26. aprila 2007.
A joint conference with the Bank of England – on payments and monetary and financial stability – was held in June 2007 as part of the work in the area of financial stability research, and a conference on globalisation and the macroeconomy took place in July 2007 in the context of the work on international issues.
Model CCBM ima kljub svoji uspešnosti in precejšnjemu prispevku k procesu finančne integracije vrsto pomanjkljivosti, povezanih predvsem z dejstvom, da je bil zasnovan kot začasna rešitev in da temelji na načelu minimalne harmonizacije.
An additional mechanism for the dissemination of research was the organisation of seminar series, of which two were of particular relevance: the Joint Lunchtime Seminars, co-organised with the Deutsche Bundesbank and the Center for Financial Studies, and the Invited Speakers Seminars.
PRIMERNE POVEZAVE MED SISTEMI PORAVNAVE VREDNOSTNIH PAPIRJEVNacionalni sistemi poravnave vrednostnih papirjev so lahko med seboj povezani pogodbeno ali operativno, kar omogoča čezmejni prenos primernih vrednostnih papirjev med sistemi.
The two series comprise weekly seminars to which external researchers are invited to present their recent work.
Potem ko so bili primerni vrednostni papirji prek takih povezav preneseni v drug sistem poravnave vrednostnih papirjev, se lahko prek lokalnih postopkov uporabljajo enako kot katero koli domače zavarovanje.
The ECB also organises research seminars outside the scope of these two series on a more ad hoc basis.
Trenutno je nasprotnim strankam na razpolago 59 neposrednih in 5 izmenjalnih povezav, od katerih pa se
6OTHER TASKS AND ACTIVITIES
ECBLetno poročilo2007
Second, Banka Slovenije exceeded the limit on central bank holdings of coins which are credited to the public sector’s account.
aktivno uporablja samo omejeno število. Poleg tega te povezave pokrivajo samo del euroobmočja.
On that date, the value of coins held by Banka Slovenije and credited to the public sector’s account reached 12.27% of the value of coins in circulation.
Povezave postanejo primerne za kreditne operacije Eurosistema, če izpolnjujejo uporabniške standarde Eurosistema (glej razdelek 4 v poglavju 4).
This was a consequence of the strong return of coins to Banka Slovenije in the first half of February 2007, following the frontloading of the distribution to banks in autumn 2006 prior to the adoption of the euro. The situation was fully corrected immediately and the Treaty provisions have been respected since that date.
Vrednost zavarovanja, hranjenega prek povezav, se je decembra 2007 v primerjavi z decembrom 2006 povečala z 99 milijard EUR na 125 milijard EUR, kar pa je predstavljalo le 8,9% skupnega (čezmejnega in domačega) zavarovanja v hrambi Eurosistema v letu 2007.
6.2 ADVISORY FUNCTIONS
ECBLetno poročilo2007
In 2007 the Governing Council identified two cases of non-compliance with the above Treaty requirements and the associated Council Regulations.
Ob koncu leta 2007 je bila povpre čna vrednost
The ECB adopted 43 opinions in 2007: 8 were in response to consultations by the EU institutions and 35 were in response to consultations by national authorities.
POVPRAŠEVANJE PO EUROBANKOVCIH IN EUROKOVANCIHOb koncu leta 2007 je bilo v obtoku 12,1 mili- jarde eurobankovcev z vrednostjo 6
This compares with 62 consultations in 2006.
% pove čanje obsega in
A list of the opinions adopted in 2007 and early 2008 is annexed to this Annual Report.
% pove čanje vrednosti glede na konec leta
20 The United Kingdom is exempt from the consultation obligation, pursuant to the Protocol on certain provisions relating to the United Kingdom of Great Britain and Northern Ireland, annexed to the Treaty (OJ C 191, 29.7.1992, p. 18).
Po ocenah med 10% in 20% eurobankovcev v obtoku hranijo rezidenti zunaj euroobmočja, ki še naprej ustvarjajo povpraševanje po eurobankovcih predvsem zaradi njihove funkcije hranilca vrednosti ali vzporedne valute, ta številka pa je verjetno bliže zgornjemu koncu razpona.
First, Národná banka Slovenska purchased debt instruments issued by the European Investment Bank (EIB) in the primary market.
Če pogledamo razčlenitev po apoenih, se je najbolj povečalo število bankovcev v obtoku za 50 EUR
More specifically, on 6 February 2007 Národná banka Slovenska bought USD-denominated EIB bonds amounting to USD 50 million for the purpose of foreign exchange reserve management.
Naraščanje števila bankovcev v obtoku se po zamenjavi gotovine leta 2002 nadaljuje, čeprav in 100 EU
Page 126
% oziroma 8,
1338/2001 (on the protection of the euro against counterfeiting 27), the ECB recalled
, ter z manjšo letno stopnjo rasti ( glej grafa 4
In addition to the opinions adopted under Article 105(4) of the Treaty, on 5 July 2007 the ECB issued an opinion 21 pursuant to Article 48 of the Treaty concerning the opening of the
Graf 45 Skupno število eurobankovcev v obtoku med letoma 2002 in 2007
Intergovernmental Conference (IGC) that drew up the new Lisbon Treaty 22.
Graf 46 Skupna vrednost eurobankovcev v obtoku med letoma 2002 in 2007
The ECB welcomed that criminal law may exceptionally fall within Community competence if necessary to ensure the effectiveness of Community law.
(v milijardah) letna stopnja rasti (odstotki; lestvica na desni strani) skupna vrednost (milijarde EUR; lestvica na levi strani) eurobankovci
Real GDP growth Contribution to real GDP growth(in percentage points) Domestic demand excluding stocks Net exports
PREPREČEVANJE PONAREJANJALeta 2007 je Eurosistem v boju proti ponarejanju eura naprej tesno sodeloval z Europolom in Evropsko komisijo (zlasti z Evropskim uradom za boj proti goljufijam OLAF).
HICP inflation 1)Compensation per employee Nominal unit labour costs (whole economy) Import deflator (goods and services)
Količina (milijoni bankovcev)
Total employment Unemployment rate (% of labour force)
Poleg tega ECB občasno organizira tudi raziskovalne seminarje zunaj okvira teh dveh serij.
Sources: ECB and Eurostat.1) Average of period values.2) Data for 2007 refer to the four-quarter average up to the third quarter of 2007.3) Cyprus pounds per euro.
V skladu s členom 123(2) Pogodbe ES in členom 9 uredbe Sveta (ES) št. 332/2002 z dne 18. februarja 2002 je ECB še naprej odgovorna za upravljanje operacij najemanja in dajanja posojil Evropske skupnosti v okviru mehanizma srednjeročne finančne pomoči. Leta 2007 ECB ni izvajala nobenih nalog upravljanja.
Table 15 Main economic indicators for Malta
Tabela 14 Glavni gospodarski kazalci Cipra
General government surplus (+)/deficit (-) General government gross debt
Skupna zaposlenost Stopnja brezposelnosti (odstotek delovne sile)
by domestic demand.
Tečaj do eura
Unemployment rates followed a declining trend in both Cyprus and Malta, standing at 3.9% and 5.8% respectively at the end of 2007.
0,58 čje štirih četrtletij do tretjega četrtletja 2007.
Significant flows of foreign workers, including seasonal workers, support the flexibility of the labour markets in both countries.
Vira: ECB in Eurostat.(1) Povprečne vrednosti za obdobje.(2) Podatki za leto 2007 se nanašajo na povpre(3) Ciprskih funtov za euro.
Both the Cyprus pound and the Maltese lira entered ERM II on 2 May 2005, joining with the standard fluctuation band of ±15%.
Tabela 15 Glavni gospodarski kazalci Malte
Starting from high levels, the general government deficit-to-GDP ratio started to decline in both countries in 2004.
(medletne spremembe v odstotkih, razen če ni navedeno druga če )
The ECOFIN Council’s decision of 10 July 2007 triggered amendments to Council Regulation (EC) No 974/98 to enable the introduction of the
Rast realnega BDP Prispevek k rasti realnega BDP (v odstotnih točkah)Domače povpraševanje brez zalog Neto izvoz
In March 2007 the Central Bank of Cyprus’s statutes were brought into line with recommendations in the ECB’s Convergence Reports 2004 and 2006.
Sredstva za zaposlene Nominalni stroški dela na enoto proizvoda(celotno gospodarstvo) Deflator uvoza (blago in storitve)
The ECB adopted three opinions proposing changes,2which were reflected in the final final version of the statutes.
čega in kapitalskega ra čuna
Cyprus and Malta.16Finally, the ERM II agreement 17was terminated for the Central
Skupna zaposlenost Stopnja brezposelnosti (odstotek delovne sile)
The entry of Cyprus and Malta into the euro area increased the aggregate reserve requirements of euro area credit institutions by less than 1% (€1.1 billion and €0.4 billion respectively).
Presežek (+)/primanjkljaj (–) širše opredeljene države Bruto dolg širše opredeljene države
In connection with the transfer of foreign reserve assets to the ECB, the Central Bank of Cyprus and
3-mesečna obrestna mera (odstotki na leto)Donosnost 10-letnih državnih obveznic (odstotki na leto)1)
In Malta the frontloading of euro coins started in late September 2007, while the frontloading of euro banknotes began in late October.
0,43 čje štirih četrtletij do tretjega četrtletja 2007.
The general public was offered the opportunity to buy one of 330,000 mini-kits worth €11.65 from 10 December 2007.
Vira: ECB in Eurostat.(1) Povprečne vrednosti za obdobje.(2) Podatki za leto 2007 se nanašajo na povpre(3) Ciprskih funtov za euro.
The frontloading and sub-frontloading operations in both countries, which contributed to a widespread distribution of euro cash before the launch, were completed as scheduled and were key to ensuring that the overall process ran smoothly.
rast BDP občutno upočasnila zaradi zunanje šibkosti, močnejše konkurence na malteških izvoznih trgih in prestrukturiranja v predelovalnih dejavnostih. Gospodarska rast se je v poznejših letih znova okrepila in predvsem zahvaljujoč domačemu povpraševanju v povprečju znašala okrog 3%.
The changeover process in Cyprus and Malta also benefited from the quick conversion of the automated teller machines, which either had been converted before €-Day or were converted in the course of 1 January 2008.
Glede zunanjih gibanj sta Ciper in Malta v zadnjih desetih letih v povprečju izkazovala primanjkljaj na tekočem in kapitalskem računu v višini približno 3,5% oziroma 4% BDP.
In addition, retailers gave change only in euro cash from the first day.
Leta 2007 se je primanjkljaj na tekočem in kapitalskem računu na Cipru povečal na 7,1% BDP, na Malti pa zmanjšala na 3,2% BDP.
To cover the launch requirements, the Eurosystem provided the Central Bank of Cyprus with a total of 79.1 million euro banknotes with a face value of €1,730.0 million from its stocks, while the Central Bank of Malta received a total of 72.0 million banknotes with a face value of €1,566.0 million.
Inflacijska gibanja na Cipru je treba obravnavati v okolju razmeroma visoke gospodarske rasti v zadnjem desetletju, medtem ko je bila gospodarska rast na Malti počasnejša.
For geographical and logistical reasons, the physical delivery of the banknotes was performed on behalf of the Eurosystem by the Bank of Greece, the Banca d’Italia and the Banco de Portugal.
Na Cipru je rast realnega BDP na začetku desetletja zanašala približno 5%, nato pa je leta 2002 in 2003 postala zmernejša in je znašala približno 2%, predvsem zaradi manjšega turističnega povpraševanja.
In both countries the euro was brought into circulation under a “big bang” scenario,i.e. the euro banknotes and coins were physically introduced at the same time as the euro became legal tender.
V zadnjih letih se je rast realnega BDP spet okrepila in se povzpela na približno 4%, kar je bilo v skladu z okrepljenim domačim povpraševanjem.
The Central Bank of Cyprus and the Central Bank of Malta will redeem their respective legacy banknotes for ten years, and their coins for two years.
Na Malti se je po obdobju razmeroma visoke gospodarske rasti do leta 2000
With regard to the euro coins, the competent authorities in both countries opted for a public tender procedure to procure the required quantities.
Razmere na trgu dela so v obeh državah v zadnjih desetih letih ostale razmeroma stabilne. Na Cipru je stopnja brezposelnosti nihala med 3% in 5%, na Malti pa se je večinoma gibala okrog 7%.
In the case of Cyprus, 395.0 million euro coins with a face value of €100.3 million were produced by Mint of Finland, while the
Rast zaposlenosti je bila na Cipru sorazmerno močna in je med letoma 2003 in 2005 dosegla skoraj 4%, na Malti pa je zaposlovanje v istem obdobju naraščalo počasneje.
29 February 2008 as a free-of-charge service.18
mere na trgu dela v obeh državah v letu 2007 izboljšale.
The amount exchanged was limited to €1,000 for any given party/transaction on any one day.
Stopnja brezposelnosti je na Cipru in Malti upadala in je ob koncu leta znašala 3,9% oziroma 5,8%.
Almost 1.8 million publications, in Greek, Maltese, English and Turkish, were produced by the ECB and distributed by the Central Bank of Cyprus and the Central Bank of Malta.
±15% v okviru postopne liberalizacije pretoka kapitala.
Every household in Cyprus and Malta received one of the 560,000 “public information leaflets”.
Kljub temu Central Bank of Cyprus ni izkoristila razširjenega razpona in menjalni tečaj se je gibal v ožjem razponu.
Together with these leaflets, households in Cyprus also received a euro calculator and two euro banknote cards, while those in Malta received two euro conversion cards.
Malteška lira je bila vezana na košarico valut v celotnem obdobju od osamosvojitve Malte leta 1964, pri čemer so bile velike uteži dodeljene ECU/euru, britanskemu funtu in ameriškemu dolarju.
These are wallet-size cards showing two images that become alternately visible when the card is tilted.
Ker je bil euro v košarici valuta z največjo utežjo (predstavljal je 70%), so nihanja tečaja lire do eura v letih pred vstopom v ERM II ostala razmeroma omejena.
In Malta, the cards showed a conversion table for standard amounts in euro and Maltese lira, and on the reverse side the €20 banknote and its security features.
Ciprski funt in malteška lira sta v ERM II vstopila 2. maja 2005, in sicer s standardnim razponom nihanja ±15%.
In Cyprus, both the €20 and €50 banknote and their security features were shown.
Malteške oblasti so takrat tudi izjavile, da nameravajo kot enostransko zavezanost menjalni tečaj lire do eura ohranjati na ravni centralnega tečaja.