natgillin/translations-raw huggingface dataset:
Although a number of temporary factors (such as the flattening of the yield curve and, later in the year, the financial turmoil and specific transactions associated with the restructuring of certain banking groups) influenced developments in the broad aggregate M3, a broad-based assessment of the data confirmed the strength of the underlying rate of money and credit expansion, as underlined, in particular, by the sustained growth of loans to the private sector.
Čeprav so številni začasni dejavniki (kot so položnejša krivulja donosnosti ter pozneje v letu tudi finančni pretresi in posebne transakcije, povezane s prestrukturiranjem nekaterih bančnih skupin) vplivali na gibanje širšega agregata M3, je širša ocena podatkov potrdila visoko osnovno stopnjo rasti denarja in kreditov, kar je zlasti spodbujala nadaljnja rast posojil zasebnemu sektorju. Svet ECB je zato pozorno spremljal denarna gibanja, tudi zato, da bi bolje razumel kratkoročen odziv fi nančnih institucij, gospodinjstev in podjetij na pretrese na fi nančnih trgih v drugi polovici leta 2007.
The Governing Council therefore paid particular attention to monetary developments, also with a view to better understanding the shorter-term response of financial institutions, households and firms to the financial market turmoil in the second half of 2007.
Za obvladovanje prevladujočih navzgor usmerjenih tveganj za stabilnost cen, na katere je opozarjala ekonomska in denarna analiza, je Svet ECB marca in junija 2007 sklenil zvišati ključne obrestne mere ECB za 25 bazičnih točk. Po nastopu fi nančnih pretresov na začetku avgusta 2007 so bile možnosti za gospodarsko aktivnost v euroobmočju zaradi povečane volatilnosti in
Economic activity in the euro area continued to expand at solid rates throughout 2007.
Gospodarska aktivnost v euroobmočju se je leta 2007 še naprej povečevala po razmeroma visokih stopnjah.
While euro area exports continued to benefit from strong, albeit moderating, global growth, domestic demand was the main driver of the continued expansion.
Medtem ko je na izvoz euroobmočja še naprej ugodno vplivala močna, čeprav nekoliko zmernejša rast svetovnega gospodarstva, pa je bilo domače povpraševanje glavno gonilo nadaljevanja gospodarske rasti.
Investment remained dynamic over the year, supported by favourable financing conditions (especially in the first half), strong corporate earnings and continued gains in business efficiency on account of restructuring in the corporate sector over an extended period of time.
Naložbe so bile med letom še naprej dinamične, podpirali pa so jih ugodni pogoji fi nanciranja (zlasti v prvi polovici leta), veliki podjetniški dobički in nadaljnje izboljšanje učinkovitosti poslovanja zaradi prestrukturiranja v podjetniškem sektorju, ki je potekalo daljše časovno obdobje.
Consumption also continued to contribute to economic expansion in the euro area, supported by developments in real disposable income, as labour market conditions continued to improve.
Tudi potrošnja je še naprej prispevala h gospodarski rasti v euroobmočju, spodbujalo pa jo je gibanje realnega razpoložljivega dohodka ob nadaljevanju izboljšanih razmer na trgu dela.
In the context of the financial turmoil that started in early August 2007, the prospects for economic activity became more uncertain and downside risks to growth intensified.
Ob fi nančnih pretresih, ki so se začeli na začetku avgusta 2007, so gospodarski obeti postali bolj negotovi, tveganja za znižanje rasti pa so se okrepila.
Nevertheless, the economic fundamentals of the euro area remained sound, with corporate profitability tability
Kljub temu so gospodarski temelji euroobmočja ostali trdni, pri čemer se je dobičkonosnost pod-
Against this background, and notwithstanding the assessment that risks to price stability over the medium term remained clearly on the upside, the Governing Council deemed it appropriate to collect additional information and to carefully examine incoming data before drawing further monetary policy conclusions.
V takšnih razmerah je Svet ECB sklenil, da je ne glede na oceno, da so srednjeročno tveganja za stabilnost cen nedvomno usmerjena navzgor, treba pred nadaljnjim sprejemanjem zaključkov o denarni politiki zbrati dodatne informacije in pozorno preučiti zadnje podatke.
With due consideration of the heightened level of uncertainty, the Governing Council therefore left the key ECB interest rates unchanged in the second half of the year.
Ob upoštevanju povečane stopnje negotovosti je Svet ECB zato v drugi polovici leta ohranil ključne obrestne mere ECB nespremenjene.
Furthermore, the Governing the increasingly self-sustaining nature of the economic expansion. In addition, available confidence indicators continued to support the Governing Council’s view that the robust economic growth dynamics had continued into early 2007.
dnjeročni gospodarski obeti so ostali ugodni, pri čemer so razmere omogočale nadaljevanje rasti gospodarstva euroobmočja po doseženih stopnjah ob močni rasti svetovnega gospodarstva in dinamični rasti naložb v euroobmočju v okviru izboljšanih pogojev na trgu dela.
In the ECB staff macroeconomic projections of March 2007, the ranges projected for economic growth were revised upwards in comparison with those in the Eurosystem staff projections of December 2006, largely reflecting the continued strength of real GDP growth in the second half of 2006 and lower energy prices, which were seen – if these developments were to be sustained –to have a positive impact on real disposable income.
V makroekonomskih projekcijah strokovnjakov ECB iz marca 2007 so bili napovedani razponi gospodarske rasti v primerjavi s projekcijami strokovnjakov Eurosistema iz decembra 2006 popravljeni navzgor, predvsem zaradi nadaljevanja močne rasti realnega BDP v drugi polovici leta 2006 in nižjih cen energentov, kar naj bi – če bi se takšna gibanja nadaljevala – pozitivno učinkovalo na realni razpoložljivi dohodek.
Average annual real GDP growth was projected to be in a range between 2.1% and 2.9% in 2007, and between 1.9% and 2.9% in 2008.
Povprečna letna rast realnega BDP naj bi se leta 2007 po napovedih gibala med 2,1% in 2,9%, v letu 2008 pa med 1,9% in 2,9%.
Council signalled its readiness to counter upside risks to price stability by acting in a firm and timely manner to prevent secondround effects in wage and price-setting from materialising over the medium term.
V sporočilih udeležencem na fi nančnih trgih in širši javnosti je Svet ECB poudarjal, da bo zelo natančno spremljal dogajanja, zlasti tista na fi nančnih trgih.
This would ensure that medium to longterm inflation expectations remain firmly anchored at levels consistent with price stability. Reflecting the Governing Council’s mandate, such anchoring is an indispensable prerequisite for well-functioning markets, sustained economic growth and job creation.
Poleg tega je Svet ECB naznanil svojo pripravljenost, da z odločnim in pravočasnim ukrepanjem prepreči navzgor usmerjena tveganja za stabilnost cen z namenom, da onemogoči uresničitev sekundarnih učinkov pri oblikovanju plač in cen v srednjeročnem obdobju.
FURTHER ADJUSTMENT OF THE MONETARY POLICY STANCE IN THE FIRST HALF OF 2007At the start of the year, incoming information further underpinned the reasoning behind the interest rate increases implemented in 2006.
To naj bi zagotovilo nadaljnje trdno zasidranje srednjeročnih in dolgoročnih inflacijskih pričakovanj na ravni, ki je skladna s stabilnostjo cen.
In particular, the incoming data clearly confirmed the view that risks to price stability remained on the upside, while economic activity in the euro area was continuing to expand robustly.
V skladu z mandatom Sveta ECB je takšno zasidranje nujen predpogoj za dobro delovanje trgov, vzdržno gospodarsko rast in ustvarjanje delovnih mest.
With a quarter-on-quarter increase of 0.8% in the fourth quarter of 2006, euro area real GDP growth exceeded earlier expectations.
NADALJNJA PRILAGODITEV NARAVNANOSTI DENARNE POLITIKE V PRVI POLOVICI LETA 2007Na začetku leta so nove informacije dodatno utemeljile razloge za zvišanje obrestnih mer v letu 2006.
Strong contributions from domestic demand and exports were the main drivers of growth, pointing to
Novi podatki so zlasti zelo jasno potrdili stališče, da so tveganja za stabilnost cen usmerjena navzgor, medtem ko se je gospodarska aktivnost v euroobmočju še naprej okrepljeno povečevala.
As regards price developments, annual HICP inflation rates remained at 1.9% at the start of the year, and were thus consistent with the ECB’s definition of price stability.
Kar zadeva gibanje cen, je medletna inflacija, merjena z indeksom HICP, na začetku leta ostala na ravni 1,9% in je bila skladna z opredelitvijo stabilnosti cen ECB.
The fall in headline inflation rates since the summer of 2006 was due predominantly to lower energy prices.
Znižanje skupne infl acije po poletju 2006 je bilo predvsem posledica nižjih cen energentov. Svet ECB je pri ocenjevanju prihodnjega gibanja cen poudaril, da je pomembna srednjeročna perspektiva in da je treba odmisliti morebitna nihanja v stopnji infl acije tekom leta 2007.
In the ECB staff macroeconomic projections of March 2007, the upper bound of the range projected for inflation in 2007 was somewhat lower than in the Eurosystem staff projections of December 2006, largely reflecting the significant decline in oil prices.
V makroekonomskih projekcijah strokovnjakov ECB iz marca 2007 je bil zgornji del razpona napovedane infl acije v letu 2007 nekoliko nižji kot v projekcijah Eurosistema iz decembra 2006, predvsem zaradi občutnega znižanja cen nafte.
The projected range for inflation in 2008, by contrast, was slightly higher than in the December projections, mainly as a result of the anticipation of stronger growth dynamics in the euro area that were likely to exert more intense pressure on factor utilisation and costs.
Nasprotno pa je bil napovedani razpon infl acije v letu 2008 nekoliko višji kot v decembrskih projekcijah, predvsem zaradi pričakovanja večje dinamike rasti v euroobmočju, ki naj bi povzročala večje pritiske na izkoriščenost proizvodnih faktorjev in stroške.
Average annual HICP inflation was projected to stand
Povprečna medletna infl a-cija po HICP naj bi se leta 2007 po projekcijah gibala med 1,5% in 2,1%, v letu 2008 pa med 1,4% in 2,6%.
between 1.5% and 2.1% in 2007, and between 1.4% and 2.6% in 2008.
čnejšem obdobju na srednjeročnem in dolgorostrani upočasnitve rasti.
0.8%, real GDP in the first quarter of 2007 again somewhat exceeded previous expectations.
Medletna stopnja infl acije po HICP je maja zaradi višjih cen nafte znašala 1,9%, kar je bilo nekoliko več od pričakovanj na začetku leta 2007.
Moreover, the mediumterm outlook for economic activity remained favourable. This was reflected by the Eurosystem staff projections of June 2007, which saw average annual real GDP growth as being within the upper band of the range projected by ECB staff in March.
Zaradi naraščanja cen nafte, ki je bilo razvidno iz cen terminskih pogodb, in glede na pretekla gibanja cen energentov je bilo pričakovano, da se bodo stopnje medletne infl acije v naslednjih mesecih le nekoliko znižale, preden naj bi se proti koncu leta občutno zvišale.
At the same time, the projected ranges for 2008 were revised marginally downwards after the increase in oil prices and with the balance of risks to the outlook at medium to longer horizons being considered to be on the downside.
Po mnenju Sveta ECB so predvidena cenovna gibanja v srednjeročnem obdobju ostajala pod vplivom navzgor usmerjenih tveganj predvsem zaradi močnejše dinamike plač od pričakovane v okolju vse večje izkoriščenosti zmogljivosti in postopnega izboljšanja trga dela.
The continued robust expansion of money and credit in an environment of ample liquidity pointed to inflationary risks at medium to longer horizons.
Nadaljevanje okrepljene rasti denarja in kreditov v razmerah obsežne likvidnosti je kazalo na inflacijska tveganja v srednjeročnem in dolgoročnejšem obdobju.
At the beginning of 2007, annual M3 growth reached levels not seen since the introduction of the euro.
Na začetku leta 2007 je medletna rast M3 dosegla rekordne stopnje, ki so bile najvišje od uvedbe eura.
Moreover, the annual HICP inflation rate stood at 1.9% in May, somewhat higher than expected earlier in 2007, as a result of higher oil prices.
Poleg tega je ostala močna tudi medletna rast posojil zasebnemu sektorju, predvsem zaradi nadaljevanja trenda naraščanja zadolževanja nefinančnih družb, ki ga opažamo od sredine leta 2004.
Given the upward path of oil prices implied by futures contracts, and viewed against the background of past energy price developments, annual inflation rates were expected to fall only slightly in the ensuing months before rising significantly towards the end of the year.
Hkrati je rast zadolževanja gospodinjstev ob višjih hipotekarnih obrestnih merah v celotnem euroobmočju in umirjanju stanovanjskega trga v nekaterih regijah začela kazati znake umirjanja, čeprav je bila še vedno visoka.
In the Governing Council’s view, risks to the outlook for price developments remained on the upside at the mediumterm horizon.
Denarni podatki so tako potrdili vztrajni trend naraščanja osnovne stopnje rasti denarja in kreditov, ki ga opažamo od sredine leta 2004.
These risks were in particular related to stronger than expected wage dynamics in an environment of increasing capacity utilisation and gradually improving labour markets.
Svet ECB je zato sprejel stališče, da je treba denarna gibanja še naprej zelo skrbno spremljati, zlasti z vidika razmeroma visoke gospodarske rasti in vztrajno močne dinamike nepremičninskih trgov v euroobmočju.
since mid-2004. At the same time, in the context of rising mortgage rates throughout the euro area and slowing housing markets in some regions, the growth of household borrowing showed signs of moderation, although at a high level.
Denarna analiza je še naprej potrjevala prevladujoča navzgor usmerjena tveganja za stabilnost cen v srednjeročnem do dolgoročnem obdobju, pri čemer je stopnja rasti denarja ob že obsežni likvidnosti ostajala živahna.
The monetary data thus confirmed the persistent upward trend in the underlying rate of money and credit expansion that had been observed since mid-2004.
To se je kazalo v nadaljevanju hitre rasti M3 in kreditov.
The Governing Council therefore took the view that monetary developments continued to require very careful monitoring, especially in a context of sound economic expansion and persistently strong property market dynamics in the euro area.
Če zanemarimo dejavnike, ki kratkoročno vplivajo na denarna in kreditna gibanja, je hkrati vse bolj kazalo, da so višje kratkoročne obrestne mere postopoma vplivale na denarno dinamiko, čeprav še niso zmanjšale osnovne stopnje rasti denarja in kreditov.
Overall, in view of the prevailing upside risks to price stability identified by both the economic and monetary analyses, the Governing Council decided to increase the key ECB interest rates by 25 basis points on 8 March 2007.
Svet ECB je 8. marca 2007 sklenil, da zaradi prevladujočih navzgor usmerjenih tveganj za stabilnost cen, ki sta jih ugotovili ekonomska in denarna analiza, zviša ključne obrestne mere ECB za 25 bazičnih točk.
Furthermore, the Governing Council took the view that, even after the decision to further raise the key ECB interest rates, and given the favourable economic environment, the monetary policy of the ECB continued to be on the accommodative side.
Svet ECB je poleg tega sprejel stališče, da je denarna politika ECB tudi po dodatnem zvišanju ključnih obrestnih mer ECB ob ugodnem gospodarskem okolju še naprej pretežno akomodativna.
The monetary analysis continued to confirm prevailing upside risks to price stability at medium to longer horizons, with the underlying rate of monetary expansion remaining vigorous in a context of already ample liquidity.
V celoti gledano je navzkrižna primerjava rezultatov ekonomske in denarne analize potrdila mnenje Sveta ECB, da so srednjeročno prevladovala navzgor usmerjena tveganja za stabilnost cen.
This was reflected in the continued rapid growth of both M3 and credit.
Na podlagi tega je Svet ECB 6. junija sklenil, da zviša ključne obrestne mere ECB za dodatnih 25 bazičnih točk.
As regards economic activity, available data clearly confirmed that the euro area economy was continuing to expand at a pace that was significantly stronger than expected a year earlier.
Razpoložljivi podatki o gospodarski aktivnosti so jasno potrjevali, da gospodarstvo euroobmočja še naprej raste precej hitreje, kot je bilo pričakovati leto prej.
With a quarter-on-quarter growth rate of
Tudi srednjeročni gospodarski obeti so bili še naprej ugodni.
All in all, a cross-check of the outcome of the economic analysis with that of the monetary analysis underpinned the Governing Council’s
Hkrati so bili razponi za leto 2008 nekoliko popravljeni navzdol, potem ko so se povečale cene nafte in je bilo ugotovljeno, da je ravnotežje tveganj v
projections were deemed to lie on the downside, relating mainly to a potentially broader impact of the increased volatility and ongoing repricing of risk in financial markets on financing conditions and economic sentiment.
mnenju Sveta ECB so cenovna gibanja ostajala pod vplivom tveganja, da bodo te vrednosti višje.
view that upside risks to price stability prevailed over the medium term. Against this background, the Governing Council decided to raise the key ECB interest rates by a further 25 basis points on 6 June.
BREZ SPREMEMB KLJUČNIH OBRESTNIH MER ECB V DRUGI POLOVICI LETA 2007 Podatki o gospodarski aktivnosti v tretjem četrtletju so ostali ugodni, kar je potrjevalo mnenje, da gospodarstvo euroobmočja še naprej raste po doseženih stopnjah v skladu z osnovnim scenarijem Sveta ECB.
On this occasion, the Governing Council stated that, even after this decision, the ECB’s monetary policy was still on the accommodative side.
Medtem ko se je medčetrtletna rast realnega BDP z 0,8% v prvem četrtletju znižala na 0,3% v drugem četrtletju, je bila celotna gospodarska rast v prvi polovici leta v skladu s potencialno.
Therefore, it would be warranted to act in a firm and timely manner to ensure price stability over the medium term. The Governing Council also made clear that it would monitor all developments closely to prevent the risks to price stability from materialising over the medium term.
Po izbruhu krize na trgu drugorazrednih hipotekarnih posojil v ZDA in s tem povezanih fi nančnih pretresov v avgustu 2007 pa so bile možnosti za gospodarsko aktivnost v euroobmočju pod vplivom nenavadno visoke negotovosti, zato je bilo treba natančno spremljati vsa gibanja, zlasti tista na fi nančnih trgih.
As regards price developments, annual HICP inflation stood at 1.7% in August, but over the remainder of the year, inflation rates were projected to exceed 2%, largely determined by the pattern of base effects in energy prices.
Denarna analiza je še naprej potrjevala to oceno, pri čemer je nadaljnja živahna rast denarja in kreditov kazala na navzgor usmerjena tveganja za stabilnost cen v srednjeročnem do dolgoročnem obdobju.
In the ECB staff projections of September 2007, annual HICP inflation was projected to be between 1.9% and 2.1% in 2007, and between 1.5% and 2.5% in 2008, as declining pressure from indirect taxes and energy prices was expected to be offset by pressures stemming from higher unit labour costs.
Ob nadaljevanju fi nančnih pretresov je Svet ECB opozoril, da lahko volatilnost na fi nančnih trgih začasno vpliva na denarno dinamiko, saj bi bil lahko spremenjen odnos do tveganja v zasebnem sektorju povezan z obsežnimi portfeljskimi preusmeritvami v varna in likvidna denarna sredstva, kot dokazujejo prejšnje krizne epizode.
In the view of the Governing Council, the risks to this outlook for price developments remained on the upside.
Svet ECB je zato menil, da je potrebna poglobljena in celovita analiza podatkov o denarju in kreditih, s čimer bi lahko bolje razumeli vpliv fi nančnih gibanj na denarna gibanja in iz denarne rasti izluščili znamenja, pomembna za vodenje politike, ki so povezana z dolgoročnimi inflacijskimi trendi.
NO CHANGES TO KEY ECB INTEREST RATES IN THE SECOND HALF OF 2007 In the course of the third quarter, incoming data on economic activity remained positive, supporting the view that the euro area economy was continuing to expand at sustained rates in line with the Governing Council’s baseline scenario.
V projekcijah strokovnjakov ECB iz septembra 2007 se je predvideni razpon rasti realnega BDP v letu 2007 gibal med 2,2% in 2,8%, kar je pomenilo nekoliko navzdol popravljeno vrednost v primerjavi z junijskimi projekcijami strokovnjakov Eurosistema. Razlog za to je bila predvsem domneva, da bodo cene nafte nekoliko višje in da bodo finančni pogoji zaradi višjih premij za tveganje ob fi nančnih pretresih nekoliko zaostreni.
While quarter-on-quarter real GDP growth declined to 0.3% in the second quarter, after 0.8% in the first quarter, economic growth in the first half of the year, viewed as a whole, was in line with potential.
Za leto 2008 so projekcije še naprej predvidevale gospodarsko rast med 1,8% in 2,8%, to je enako kot projekcije strokovnjakov Eurosistema iz junija 2007.
Following the outbreak of the crisis in the US subprime mortgage loan market and the associated financial turmoil in August 2007, however, the prospects for economic activity in the euro area were subject to an unusually high level of uncertainty, which warranted the close monitoring of all developments, particularly those in financial markets.
Tveganja v teh projekcijah so bila na strani upočasnitve rasti in so bila povezana predvsem s tem, da bi lahko povečana volatilnost in prevrednotenje tveganja na fi nančnih trgih širše vplivala na pogoje fi nanciranja in gospodarsko klimo.
Against the background of the ongoing financial turmoil, the Governing Council recalled that volatility in financial markets could temporarily influence monetary dynamics, since – as demonstrated in previous episodes – changes in private sector attitudes towards risk could be associated with large portfolio shifts into safe and liquid monetary assets.
Ne glede na prevladujoča navzgor usmerjena tveganja za stabilnost cen, ki sta jih razkrila ekonomska in denarna analiza Sveta ECB, je Svet sprejel stališče, da je treba zaradi visoke stopnje negotovosti ob fi nančnih pretresih pred nadaljnjim sprejemanjem zaključkov o denarni politiki zbrati dodatne informacije.
Thus, the Governing Council was of the view that anin-depth and comprehensive analysis of monetary and credit data was needed to better understand the impact of financial developments on monetary developments and to extract the policy-relevant signals from monetary growth with regard to longerterm inflationary trends.
Svet ECB je zato sklenil, da v tretjem četrtletju pusti ključne obrestne mere ECB nespremenjene, pri čemer je vnovič zatrdil, da bo zelo natančno spremljal vsa gibanja, zlasti tista na fi nančnih trgih, s čimer bo zagotovil, da se tveganja za stabilnost cen ne bi uresničila in da bi dolgoročna infl acij-ska pričakovanja ostala trdno zasidrana v skladu s stabilnostjo cen.
In the ECB staff macroeconomic projections of September 2007, the range foreseen for real GDP growth in 2007 was 2.2% to 2.8%, implying a slight downward revision compared with that of the Eurosystem staff projections of June 2007.
Kar zadeva gibanje cen, je medletna inflacija po HICP avgusta znašala 1,7%, vendar je bilo za preostanek leta predvideno, da bodo stopnje infl acije presegle 2%, predvsem zaradi baznih učinkov pri cenah energentov.
This was due mainly to the assumption of somewhat higher oil prices and somewhat tighter financing conditions, the latter reflecting higher risk premia in the light of the financial turmoil.For 2008, the projected range for economic growth remained between 1.8% and 2.8%, unchanged from that in the June 2007 Eurosystem staff projections.
Po projekcijah strokovnjakov ECB iz septembra 2007 naj bi medletna inflacija po HICP v letu 2007 znašala med 1,9% in 2,1%, leta 2008 pa med 1,5% in 2,5%, saj naj bi manjši pritisk posrednih davkov in cen energentov izravnali pritiski, ki izhajajo iz višjih stroškov dela na enoto proizvoda. Po