natgillin/translations-raw huggingface dataset:
1 The term Eurosystem does not appear as such in the Treaty establishing the European Community nor in the Statute of the ESCB and of the ECB, which refer to the objectives and tasks of the ESCB, comprising the ECB and the NCBs of all Member States.
1 Izraz Eurosistem se kot tak ne pojavlja niti v Pogodbi o ustanovitvi Evropske skupnosti niti v Statutu Evropskega sistema centralnih bank (ESCB) in Evropske centralne banke (ECB).
Nevertheless, as long as there are Member States that have not adopted the euro, the provisions on the objectives and tasks of the ESCB do not apply to them.
Ti dokumenti govorijo o ciljih in nalogah ESCB, ki združuje ECB in nacionalne centralne banke vseh držav članic Skupnosti.
In this context, reference to the Eurosystem, i.e. the ECB and the NCBs of the Member States that have adopted the euro, has become commonplace; its use is also encouraged by the ECB’s Governing Council.
Določila o ciljih in nalogah ESCB torej ne veljajo za tiste države članice, ki še niso sprejele eura. Za Evropsko centralno banko in nacionalne centralne banke tistih držav članic, ki so sprejele euro, se je zato uveljavil izraz Eurosistem, ki ga podpira tudi Svet ECB.
IMPORTANT FOR YOU?
ZAKAJ JE ZAME POMEMBNA?
It explains that inflation and deflation are economic phenomena that could have serious negative consequences for the economy.
Pojasnjuje, da sta inflacija in deflacija ekonomska pojava, ki imata lahko resne negativne posledice za gospodarstvo.
Chapter 4 focuses on the factors determining price developments.
Četrto poglavje obravnava dejavnike, ki določajo cenovna gibanja.
Starting with a brief overview of the role and limitations of monetary policy, it proceeds to explain how a central bank can influence shortterm interest rates.
Uvodoma predstavi vlogo denarne politike in njene omejitve, nato pa pojasni, kako lahko centralna banka vpliva na kratkoročne obrestne mere.
The central bank is the monopolistic (i.e. the only) supplier of banknotes and central bank deposits.As banks need banknotes for their clients and have to fulfil minimum reserve requirements (i.e. deposits) with the central bank, they usually ask a central bank for credit.
Centralna banka je monopolni (tj. edini) izdajatelj bankovcev in ponudnik centralnobančnih depozitov.
The central bank can set the interest rate on its loans to the banks. This subsequently influences the other market interest rates.
Ker banke potrebujejo bankovce za svoje stranke in morajo izpolniti svoje obveznosti glede obveznih rezerv (depozitov) pri centralni banki, centralno banko navadno zaprosijo za posojilo.
However, monetary policy has a lasting impact on price developments and, as a result, inflation.
Centralna banka določi obrestno mero za posojila bankam in s tem vpliva na tržne obrestne mere.
After a short section illustrating some of the problems associated with measuring inflation, the chapter goes on to describe the benefits of price stability.
Po kratki predstavitvi težav, povezanih z merjenjem inflacije, poglavje predstavi prednosti cenovne stabilnosti.
Price stability supports higher living standards by reducing uncertainty about general price developments, thereby improving the transparency of the price mechanism.
Ta omogoča višji življenjski standard, ker zmanjšuje negotovosti glede gibanja splošne ravni cen in s tem krepi preglednost cenovnega mehanizma.
It makes it easier for consumers and companies to recognise price changes which are not common to all goods (so-called “relative price changes”).
Potrošnikom in podjetjem omogoča, da lažje prepoznajo spremembe cen, ki se ne pojavljajo pri vseh dobrinah ( t.i. »spremembe relativnih cen«).
Moreover, price stability contributes to general wellbeing by reducing inflation risk premia in interest rates, by rendering activities which aim at hedging against inflation risks unnecessary and by reducing the distortive effects of taxation systems and social security systems.
Cenovna stabilnost k splošni blaginji prispeva tudi z zniževanjem premij za inflacijsko tveganje v obrestnih merah, odpravlja nujnost ukrepov za zavarovanje pred inflacijskimi tveganji in zmanjšuje izkrivljanja, ki jih povzročata davčni in socialni sistem.
Finally, price stability prevents the arbitrary distribution of wealth and income associated, for instance, with the erosion of the real value of nominal claims (savings in the form of bank deposits, government bonds, nominal wages) resulting from inflation.
In končno cenovna stabilnost preprečuje arbitrarno razporejanje premoženja in dohodka, ki je na primer povezano s padanjem realne vrednosti nominalnih terjatev (prihrankov v obliki bančnih vlog, državnih obveznic, nominalnih plač), ki ga povzroča inflacija.
Large erosions of real wealth and income due to high inflation can be a source of social unrest and political instability.
Obsežen upad realnega premoženja in dohodka zaradi visoke inflacije lahko vodi v družbene nemire in politično nestabilnost.
To sum up, by maintaining price stability, central banks help broader economic goals to be achieved, thus contributing to general political stability.
Zato je mogoče skleniti, da z ohranjanjem cenovne stabilnosti centralne banke prispevajo k doseganju širših gospodarskih ciljev in s tem k politični stabilnosti.
The closing chapter contains a short description of the monetary policy of the ECB.
V četrtem poglavju so podrobneje predstavljeni tudi dejavniki, ki usmerjajo razvoj inflacijskega procesa na daljši rok.
Following a closer look at the process leading to Economic and Monetary Union, the subsequent sections deal with the institutional framework of the single monetary policy, the ECB’s monetary policy strategy and the monetary policy instruments used by the Eurosystem.
Z razmeroma preprostim modelom, ki opisuje koncepte skupne potrošnje in skupnega povpraševanja, pojasnjuje, kako lahko spremembe cen na kratki rok povzroča vrsta gospodarskih dejavnikov, kot so krepitev potrošnje in rast investicij, rast proračunskega primanjkljaja ali višji neto izvoz.
In order to clarify the Eurosystem’s objective of maintaining price stability, as laid down in the Treaty, the Governing Council of the ECB gave 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 %. Price stability is to be maintained over the medium term”.
Poleg tega lahko pritiske na rast inflacije povzročajo tudi višje cene proizvodnih dejavnikov (npr. energentov) ali povečanje plač, ki mu ne sledi povečanje produktivnosti.
In the ECB’s strategy, monetary policy decisions are based on a comprehensive analysis of the risks to price stability.
V tem kontekstu je podrobneje osvetljeno dejstvo, da denarna politika ne more v celoti nadzorovati kratkoročnih cenovnih gibanj.
Furthermore, the Governing Council made it clear in May 2003 that, within this definition, it aims to keep inflation rates below but “close to 2 % over the medium term”.
V okviru strategije ECB temeljijo sklepi o denarni politiki na celoviti analizi tveganj za cenovno stabilnost.
This chapter reviews in some detail the factors driving the inflationary process over shorterhorizons.
Spremembe tržnih obrestnih mer vplivajo na nakupne odločitve gospodinjstev in podjetij in s tem posredno na gospodarsko rast in inflacijo.
As illustrated by a rather simple model describing the concepts of aggregate supply and aggregate demand, a number of economic factors can lead to movements in price levels in the short term, among them increases in consumption and investment, rising government budget deficits as well as higher net exports.
Višje obrestne mere pomenijo višje stroške investiranja in zato navadno zmanjšujejo odhodke za investicije.
In addition, higher input prices (e.g. for energy) or wage increases not matched by productivity gains can lead to upward pressures on inflation.
Poleg tega povečujejo privlačnost varčevanja, kar negativno vpliva na povpraševanje.
Against this background, particular emphasis is placed on the fact that monetary policy cannot fully control shortterm price developments.
Zato je v normalnih razmerah mogoče pričakovati, da bo dvig obrestnih mer povzročil padec potrošnje in investicij, kar ob nespremenjenih ostalih dejavnikih postopno ublaži inflacijske pritiske.
However, the chapter also explains that, when taking a longerterm perspective, inflation is a monetary phenomenon.
Čeprav lahko denarna politika deloma vpliva na gospodarsko dejavnost v realnem sektorju, je ta učinek samo prehoden.
It is therefore undeniable that monetary policy, by responding to risks to price stability, can control inflation over medium to long-term horizons.
Denarna politika ima trajen vpliv predvsem na cenovna gibanja in s tem na inflacijo.
In the ECB’s strategy, monetary policy decisions are based on a comprehensive analysis of the risks to price stability.
Predstavitvi procesa, ki je vodil do oblikovanja ekonomske in monetarne unije, sledi opis institucionalnega okvira enotne denarne politike, strategije denarne politike ECB in instrumentov denarne politike, ki jih uporablja Eurosistem.
Such an analysis is performed on the basis of two complementary perspectives for determining price developments.
Takšna analiza se izvaja na osnovi dveh medsebojno dopolnjujočih se pogledov na cenovna gibanja.
The first is aimed at assessing the short to mediumterm determinants of price developments, with a focus on real economic activity and financial conditions in the economy.
Namen prvega je oceniti kratkoročne in srednjeročne dejavnike cenovnih gibanj, s posebnim poudarkom na gospodarski dejavnosti v realnem sektorju in finančnih pogojih v gospodarstvu.
It takes account of the fact that over those horizons, price developments are heavily influenced by the interplay of supply and demand in the goods, services and input (i.e. labour and capital) markets.
Ta pogled upošteva dejstvo, da v tem časovnem okviru na cenovna gibanja močno vplivajo odnosi med ponudbo in povpraševanjem na trgu blaga, storitev in proizvodnih dejavnikov (npr. dela in kapitala).
The ECB refers to this as the “economic analysis”.
ECB ta pogled imenuje »ekonomska analiza«.
The second perspective, referred to as the “monetary analysis”, focuses on a longerterm horizon, exploiting the long-term link between the quantity of money in circulation and prices.
Drugi pogled, imenovan »denarna analiza«, se osredotoča na dolgoročnejša gibanja in izhaja iz dolgoročne povezave med količino denarja v obtoku in cenami.
The monetary analysis serves mainly as a means of cross-checking, over a medium to long-term perspective, the short to mediumterm indications for monetary policy stemming from the economic analysis.
Denarna analiza se uporablja predvsem kot sredstvo za srednjeročno in dolgoročno navzkrižno primerjanje kratkoročnih in srednjeročnih kazalcev, ki prihajajo iz ekonomske analize.
Based on this assessment, the Governing Council of the ECB decides on the level of shortterm interest rates to ensure that inflationary and deflationary pressures are counteracted and that price stability is maintained over the medium term.
Na osnovi te ocene Svet ECB določi raven kratkoročnih obrestnih mer, ki najučinkoviteje omejujejo inflacijske in deflacijske pritiske ter zagotavljajo cenovno stabilnost na srednji rok.
The benefits of price stability, or the costs associated with inflation or deflation, are closely linked to money and its functions.
Cenovna stabilnost oziroma stroški, ki jih povzročata inflacija in deflacija, so tesno povezani z denarjem in njegovimi funkcijami.
Chapter 2 is therefore devoted to the functions and history of money.
Drugo poglavje zato govori o funkcijah in zgodovini denarja.
The chapter explains that in a world without money, i.e. in a barter economy, the transaction costs associated with the exchange of goods and services are very high.
Pojasnjuje, zakaj so v svetu brez denarja – v menjalnem gospodarstvu – transakcijski stroški ob menjavi dobrin tako visoki.
It also illustrates that money helps to achieve a more efficient exchange of goods and thereby enhances the welfare of consumers.
Odgovarja tudi na vprašanje, kako k učinkovitejši menjavi, in s tem višjemu življenjskemu standardu, prispeva denar.
These considerations are followed by a more detailed discussion of the role and the basic functions of money in Section 2.1.The forms of money used in societies have changed over time.
V razdelku 2.1 nato sledi podrobnejša razprava o vlogi in temeljnih funkcijah denarja.
The main historical developments are briefly reviewed and explained in Section 2.2.
Oblike denarja so se v preteklosti spreminjale in glavne mejnike v tem procesu obravnava razdelek 2.2.
The degree of complexity is, however, higher in Chapters 4 and 5 than in the first few chapters.
Ta knjižica je razdeljena na več poglavij.
Additional boxes are provided to address some specific issues in more detail.
Vsako vsebuje temeljne informacije in ga je mogoče uporabljati tudi samostojno.
Chapter 3 explains the importance of price stability. It first defines the concepts of inflation and deflation (Section 3.1).
Vseeno sta četrto in peto poglavje zahtevnejši od prvih treh, zato je za pravilno razumevanje petega poglavja treba pazljivo prebrati tretje in še zlasti četrto poglavje.
After a short section illustrating some measurement issues (Section 3.2), the next section describes the benefits of price stability and, conversely, the negative consequences of inflation (or deflation) in detail (Section 3.3).
Nekatera zahtevnejša vprašanja so podrobneje predstavljena v člankih v okvirju.
This book consists of various chapters: each of them contains basic information and can be referred to individually, as and when required.
Tretje poglavje govori o pomenu cenovne stabilnosti. Opredeli koncepta inflacije in deflacije (razdelek 3.1), na kratko predstavi težave pri merjenju inflacije (razdelek 3.2), nato pa podrobneje predstavi prednosti cenovne stabilnosti in negativne učinke inflacije oz. deflacije (razdelek 3.3).
The closing chapter contains a short description of the ECB’s monetary policy.
V zadnjem poglavju je na kratko opisana denarna politika ECB.
Following a closer look at the process leading to Economic and Monetary Union (Section 5.1), the subsequent sections deal with the institutional framework of the single monetary policy (Section 5.2), the ECB’s monetary policy strategy (Section 5.3) and the Eurosystem’s operational framework (Section 5.4).
Uvodoma je predstavljena pot, ki jo je doslej prehodila ekonomska in monetarna unija (razdelek 5.1), v nadaljevanju pa je podrobneje opisan institucionalni okvir enotne denarne politike (razdelek 5.2), strategija denarne politike ECB (razdelek 5.3) ter operativni okvir Eurosistema (razdelek 5.4).
Chapter 4 focuses on the factors determining price developments.
Četrto poglavje obravnava dejavnike, ki usmerjajo cenovna gibanja.
Beginning with a brief overview (Section 4.1), it proceeds to investigate the influence of monetary policy on interest rates (Section 4.2).
Po splošnem pregledu (razdelek 4.1) se posveti vplivu denarne politike na obrestne mere (razdelek 4.2) in pojasni, kako spreminjanje obrestnih mer vpliva na nakupne odločitve gospodinjstev in podjetij (razdelek 4.3).
Subsequently the effects of interest rate changes on expenditure decisions by households and firms (Section 4.3) are illustrated. In the next section, the factors driving the inflationary process over the shorter term are reviewed (Section 4.4).
Predstavi dejavnike, ki spodbujajo kratkoročne inflacijske procese (razdelek 4.4), in posebno pozornost nameni dejstvu, da denarna politika sama ne usmerja kratkoročnih cenovnih gibanj, saj lahko na inflacijo na krajši rok vpliva še vrsta drugih gospodarskih dejavnikov.
However, it is acknowledged that monetary policy controls inflation over the longerterm (Section 4.5).
Kljub temu priznava, da denarna politika usmerja inflacijo na daljši rok (razdelek 4.5).
MONEY – A SHORT HISTORY
KRATKA ZGODOVINA DENARJA
Money is an indispensable part of modern life.
Denar je nujen sestavni del sodobnega življenja.
This chapter attempts to deal with questions such as what money is, why we need money, why money is accepted and for how long money has existed.
To poglavje odgovarja na osnovna vprašanja o tem, kaj je denar, zakaj ga potrebujemo, zakaj je sprejet in kako dolgo že obstaja.
2.1 explains the functions of money.
obravnava funkcije denarja.
2.2 provides an overview of the various goods that have served as money in the past.
2.2 predstavlja različne dobrine, ki so vlogo denarja opravljale v preteklosti.
MONEY – A SHORT
KRATKA ZGODOVINA
Functions of money What is money?
Oblike denarja so se skozi čas spreminjale.
The various forms of money have changed substantially over time.
Papirnati denar in bančni depoziti niso obstajali vedno.
Paper money and bank deposits did not always exist.
Zato je smiselno, da denar opredelimo bolj splošno.
It would therefore be useful to define money in more general terms.
Razumemo ga lahko kot posebno dobrino, ki opravlja nekatere temeljne naloge.
Money can be thought of as a very special good that fulfils some basic functions.
Tri najpomembnejše so menjalno sredstvo, hranilec vrednosti in obračunska enota.
In particular, it should serve as a medium of exchange, a store of value and a unit of account.Therefore, it is often stated that money is what money does.
Zato je pogosta opredelitev denarja, daje »denar to, za kar se uporablja«3.
History of the word “money” Money plays a key role in today’s economies.
Kaj je denar? Ob tem vprašanju danes najprej pomislimo na bankovce in kovance, ki nam predstavljajo denar, ker so dokaj likvidni.
It is certainly no exaggeration to say that “money makes the world go round” and that modern economies could not function without money.
To pomeni, da so vedno dostopni in jih je mogoče kadarkoli uporabiti za plačilo.
The English word “money” is of Roman origin.
Čeprav bankovci in kovanci to vlogo prav gotovo opravljajo, danes obstaja tudi vrsta drugih finančnih sredstev, ki so zelo likvidna in jih ni težko pretvoriti v gotovino oziroma jih je mogoče z zelo nizkimi stroški uporabiti kot plačilno sredstvo.
In ancient Rome, however, the word “Monetor“ or “Moneta” meant advisor, i.e. a person who warns or who makes people remember.According to some historians, the meaning of the word goes back to a key event in Roman history.A flock of geese in a sanctuary of the Goddess Juno on Capitoline Hill squawked an alarm to alert the Roman defenders during an invasion of the Gauls in 390 B. C. and thus saved them from defeat.
Taki so na primer depoziti čez noč in nekatere druge oblike depozitov v bankah.2 Ti instrumenti so zato zajeti v tistih opredelitvah denarja, ki so navadno označene z izrazom »široki denar«.
In return, the Romans built a shrine to Moneta, the goddess who warns or who gives advice.
Denar je lažje razumeti, če pomislimo, kako so ljudje trgovali pred njegovim pojavom.
In 289 B. C. the first Roman mint was built in or near this temple, initially producing bronze and later silver coins.
Brez denarja so morali posamezniki blago ali storitve menjavati neposredno za drugo blago ali storitve v menjalni trgovini, imenovani tudi »barter«.
Many of these coins were cast with the head of Juno Moneta on their face. Hence the words “money” and “mint” are derived from her name.
Čeprav takšno »menjalno gospodarstvo« dopušča določeno delitev dela, obstajajo praktične omejitve, poleg tega pa se pri vsaki posamični kupčiji pojavijo precejšnji t.i. transakcijski stroški.
2 Overnight deposits are funds which are immediately available for transaction purposes.
2 Depoziti čez noč so sredstva, ki jih je mogoče takoj uporabiti za transakcije.
It should be mentioned that electronic money on prepaid cards is included in overnight deposits.
Mednje spada tudi elektronski denarna predplačilnih karticah.
HISTORY
DENARJA
In order to better illustrate these functions, consider how people had to conduct their transactions before the existence of money.
Hkrati je tudi očitno, da morajo dobrine, ki opravljajo vlogo menjalnega sredstva, izpolnjevati določene tehnične pogoje.
Without money, people were forced to exchange goods or services directly for other goods or services through bartering.
Predvsem morajo biti prenosne, trpežne, deljive na manjše enote in preverljive kakovosti.
The English word “money” is of Roman origin.
Seveda mora biti denar tudi redka dobrina, saj imajo samo te visoko vrednost.
In particular, goods serving as commodity money should be easy to carry, durable, divisible and their quality should be easy to verify.
Denar kot hranilec vrednosti Če dobrina, ki se uporablja kot denar, ne izgublja vrednosti, jo je mogoče hraniti dalj časa.
In a more economic sense, of course, money should be a rare good, as only rare goods have a positive value.
Ta lastnost je pomembna, ker omogoča, da se prodaja loči od nakupa.
In this case, money fulfils the important function of a store of value.
Denar lahko v tem primeru opravlja pomembno vlogo hranilca vrednosti.
The most apparent problem with a barter economy is that people have to find a counterpart who wants exactly the same good or service that they are offering and who is offering what they want in return.
Najočitnejša težava z menjalnim gospodarstvom je v tem, da mora vsakdo, ki želi trgovati, najti nekoga, ki želi kupiti natanko to, kar mu prvi ponuja, in ki hkrati prodaja prav to, kar želi prvi kupiti.
In other words: a successful barter transaction requires a mutual coincidence of wants to exist.
Za uspešno menjalno transakcijo mora torej obstajati skladnost potreb.
A baker who, for instance, wanted a haircut in exchange for some loaves of bread would have to find a hairdresser willing to accept those loaves of bread in exchange for a haircut.
Pek, denimo, ki se želi obriti, v plačilo pa ponuja kruh, mora najti brivca, ki je v zameno za britje pripravljen sprejeti ponujeni kruh.
However, if the hairdresser needed a pair of shoes instead, he would have to wait until a shoe-shop owner wanted to get a haircut in exchange.
In nadalje, če bi brivec potreboval nove čevlje, bi moral čakati, dokler čevljar plačila za čevlje ne bi bil pripravljen sprejeti v britju.
Such a barter economy would therefore imply substantial costs related to searching for the appropriate counterpart and waiting and stockpiling.
Takšno menjalno gospodarstvo torej vključuje precejšnje stroške, ki nastanejo z iskanjem ustreznega menjalnega partnerja, čakanjem in kopičenjem zalog.
It is for these reasons that commodities that also serve as a store of value are preferable to commodities that only serve as a medium of exchange.
Dobrine, ki so tudi hranilci vrednosti, so torej primernejše od tistih, ki so lahko samo menjalno sredstvo.
Goods such as flowers or tomatoes, for instance, might in principle serve as a medium of exchange.
V načelu bi kot menjalno sredstvo lahko uporabljali tudi rože ali paradižnik.
However, they would not be useful as a store of value and would therefore probably not have been used as money.
Toda ker ne ohranjajo vrednosti, se kot denar verjetno ne bi obnesli.
So if this function of money does not work properly (for instance if the good serving as money loses its value over time), people will make use of the value-storing function of other goods or assets or – in extreme cases – even go back to bartering.
Če namreč denarni zmožen opravljati te funkcije (če dobrina, ki se uporablja kot denar, s časom izgublja svojo vrednost), bodo ljudje za hranjenje vrednosti uporabljali druga sredstva ali se v skrajnem primeru celo vrnili k menjalni trgovini.
Money as a medium of exchange To avoid the inconveniences associated with a barter economy, one of the goods can be used as a medium of exchange.
Denar kot menjalno sredstvo Neprijetnostim, ki so povezane z menjalno trgovino, se je mogoče izogniti tako, da ena ali druga dobrina postane menjalno sredstvo.
This crude form of money used for exchange is then called commodity money.
Ta preprosta oblika denarja se imenuje naturalni denar.
Bartering one good against money and then money against another good might at first glance further complicate transactions.
Na prvi pogled menjava ene dobrine za denar in nato denarja za drugo dobrino kupčevanje še dodatno zaplete.