natgillin/translations-raw huggingface dataset:
Along with the stronger economic activity, the labour market situation continued to improve in 2007 in most noneuro area EU Member States.
čja še naprej izboljševale tudi razmere na trgu dela.
Unemployment rates continued their decline, mainly as a result of strong employment growth.
Stopnja brezposelnosti se je še zmanjševala, zlasti zaradi močne rasti zaposlenosti.
Labour market conditions tightened further in many countries, particularly in the Baltic States, Denmark and the United Kingdom.
V številnih državah, zlasti v baltskih državah, na Danskem in v Združenem kraljestvu, so se razmere na trgu dela še dodatno zaostrile.
International labour flows continued to affect the labour supply of many countries.
Pretok delovne sile med državami je še naprej vplival na ponudbo dela številnih držav.
Bulgaria, Latvia, Lithuania, Poland and Romania appear to have experienced particularly large labour outflows in recent years.
Kaže, da so v zadnjih letih zlasti Bolgarija, Latvija, Litva, Poljska in Romunija doživljale posebno velik odliv delovne sile.
This was also the case in Estonia in 2007.
Tako je bilo leta 2007 tudi v Estoniji.
These outflows have contributed to skill shortages and bottlenecks in several sectors of the countries’ economies, thereby increasing wage pressures.
Odlivi so povzročili pomanjkanje kva-lifi cirane delovne sile in ozka grla v več gospodarskih sektorjih teh držav, kar je povečalo pritisk na plače.
By contrast, the Czech Republic, Denmark, Cyprus, Hungary, Malta, Slovakia, Sweden and the United Kingdom have experienced net positive migration flows. flows.
Nasprotno pa je bil neto migracijski priliv na Češko, Dansko, Ciper, Madžarsko, Malto, Slovaško, Švedsko in v Združeno kraljestvo pozitiven.
Energy prices increased in most noneuro area EU Member States.
Cene energentov so se zvišale v večini držav članic EU zunaj euroobmočja.
Food prices also increased significantly, with the strongest increases observed in the Baltic States, Bulgaria and Hungary, generally reflecting unfavourable weather conditions, food prices in the world markets and stronger global demand.
Tudi cene hrane so se močno zvišale, najbolj v baltskih državah, Bolgariji in na Madžarskem, kar je na splošno odraz neugodnih vremenskih razmer, cen hrane na svetovnih trgih in večjega svetovnega povpraševanja.
Moreover, robust domestic demand continued to add to inflationary pressures, especially in countries
Poleg tega je močno domače povpraševanje še naprej krepilo inflacijske pritiske, zlasti v državah z močno rastjo zasebne potrošnje, katere vzvod so bili močna rast kreditov ob podpori negativnih realnih obrestnih mer in večjih kapitalskih prilivov.
PRICE DEVELOPMENTSHICP inflation increased significantly in many noneuro area EU Member States in 2007 (see Table 7).
CENOVNA GIBANJAInfl acija, merjena z indeksom HICP, se je leta 2007 močno povečala v številnih državah članicah EU zunaj euroobmočja (glej tabelo 7).
Inflation was highest in the fastgrowing Baltic States, Bulgaria, Hungary and
Inflacija je bila najvišja v hitro rastočih baltskih državah, Bolgariji, na Madžarskem in v Romuniji (med 4,9% in 10,1%), blizu ali zmerno nad povprečjem euroobmočja pa je bila v večini drugih držav članic EU zunaj euroobmočja (med
Table 7 HICP inflation in the noneuro area EU Member States and the euro area
Tabela 7 Inflacija, merjena z indeksom HICP, v državah članicah EU, ki niso del euroobmočja, in v euroobmočju
By contrast, the fiscal stance in a number of countries was even loosened in a procyclical way, despite strong output growth.
Bolgarija Češka Danska Estonija Ciper Latvija Litva Madžarska Malta Poljska Romunija Slovaška Švedska Združeno kraljestvo EU-11 1)EU-14 2)Euroobmočje
At the end of 2007 the Czech Republic, Hungary, Poland and Slovakia were subject to excessive deficit procedures. According to the 2007-08 updates of the convergence programmes, the deficit ratio decreased in all of these countries in 2007 except in the case of the Czech Republic.
Vir: Eurostat.1) Agregat EU-11 vklju2) Agregat EU-14 vklju čuje podatke za 11 držav, ki so v EU vstopile 1. maja 2004 in 1. januarja 2007 (razen Slovenije).čuje podatke za 14 držav članic EU zunaj euroobmočja na dan 31. decembra 2007.
Only in the case of Slovakia did the convergence programme point to a return of the deficit ratio to below the reference value of 3% of GDP in 2007.
napovedal, da se bo delež primanjkljaja vrnil pod referenčno vrednost 3% BDP leta 2007.
Nominal wage growth was particularly pronounced in the countries with higher output growth rates (i.e. the Baltic States, Bulgaria and Romania), where it exceeded productivity gains, triggering fast (in most cases double-digit) unitlabour cost growth.
(v baltskih državah, Bolgariji in Romuniji), kjer je presegla rast produktivnosti in sprožila hitro (večinoma dvomestno) rast stroškov dela na enoto proizvoda.
Import price trends differed significantly across countries, partly reflecting diverse exchange rate developments.
Gibanja uvoznih cen so se močno razlikovala po državah, kar je deloma odražalo različna gibanja deviznega tečaja.
In countries that allow for a significant degree of exchange rate flexibility, currency appreciation had a broadly dampening impact on import prices and, ultimately – given the countries’ relatively high degree of openness – headline inflation. ation.
V državah, kjer je dovoljena precejšnja fl eksibil-nost tečaja, je apreciacija valute večinoma zniževala uvozne cene in končno – glede na relativno veliko odprtost držav – tudi skupno inflacijo. acijo.
With respect to the main decisions of the ECOFIN Council concerning the excessive deficit procedure in 2007, Malta and the United Kingdom received abrogations in June and October respectively, after reporting a deficit ratio below the 3% of GDP reference value for the fiscal year 2006-07 and improvements in the structural balance.
Glede na glavne odločitve Ekonomsko-fi nanč-nega sveta glede postopka v zvezi s čezmernim primanjkljajem v letu 2007 sta Malta in Združeno kraljestvo lahko odpravila postopek junija oziroma oktobra, potem ko sta poročala o deležu primanjkljaja pod referenčno vrednostjo 3% BDP za proračunsko leto 2006/07 in o izboljšanju strukturnega salda.
As regards Poland, in November 2007 the ECOFIN Council adopted a decision stating that the action taken by the Polish authorities was consistent with the Council recommendations made in February 2007; nevertheless, the excessive deficit procedure was not abrogated as the correction of the excessive deficit was considered vulnerable to serious risks.
V zvezi s Poljsko je Ekonomsko-finančni svet novembra 2007 sprejel sklep o tem, da je bilo ukrepanje poljskih organov skladno s priporočili Sveta, izdanimi februarja 2007; kljub temu pa postopek v zvezi s čezmernim primanjkljajem ni bil odpravljen, saj je bilo ocenjeno, da je popravek čezmernega primanjkljaja izpostavljen resnim tveganjem.
FISCAL POLICIESFiscal policies in the noneuro area EU Member States continued to be heterogeneous in 2007.
FISKALNA POLITIKAFiskalne politike v državah članicah EU zunaj euroobmočja so bile leta 2007 še naprej raznolike.
Bulgaria, Denmark, Estonia, Cyprus, Latvia and Sweden recorded fiscal surpluses, whereas the remaining countries registered fiscal deficits (see Table 8).
Bolgarija, Danska, Estonija, Ciper, Latvija in Švedska so dosegle javnofinančni presežek, druge države pa javnofinančni primanjkljaj (glej tabelo 8).
With the exception of Romania and the United Kingdom, budgetary outcomes for 2007 were in line with, or better than, the budget balance targets of the updated convergence programmes submitted at the end of 2006 or the beginning of 2007.
Razen Romunije in Združenega kraljestva so bili proračunski rezultati za leto 2007 v skladu s ciljnim proračunskim saldom iz dopolnjenih konvergenčnih programov, predloženih ob koncu leta 2006 ali na začetku leta 2007, ali celo boljši.
However, in many cases, this was due to the starting position at the end of 2006 turning out to be better than foreseen in the programmes and buoyant tax revenues, which can be partly explained by higher GDP growth than initially expected.
To je bila v številnih primerih posledica izhodiščnega položaja ob koncu leta 2006, ki je bil boljši, kot so predvidevali programi, in velikih davčnih prihodkov, kar je mogoče deloma pojasniti z večjo rastjo BDP od prvotno pričakovane.
Progress in structural fi fiscal consolidation seems to have stalled in most countries.
Napredek pri strukturni fiskalni konsolidaciji je, kot kaže, v večini držav zastal.
Only Cyprus, Hungary, Poland and Sweden are estimated to have achieved a positive change in the cyclically adjusted budget balance of at least 0.5% of GDP between 2006 and 2007 (net of one-off and other temporary
Po ocenah so samo Ciper, Madžarska, Poljska in Švedska dosegle pozitivno spremembo v ciklično prilagojenem proračunskem saldu v višini vsaj 0,5% BDP med letoma 2006 in 2007 (brez enkratnih in drugih začasnih ukrepov).
The government debt ratio remained substantially below 60% of GDP in 2007 in most noneuro area EU Member States.
Primanjkljaj v Bolgariji in Latviji je znašal več kot 20% BDP, 10% BDP pa je presegel v Estoniji, Litvi in Romuniji.
Only in Malta and Hungary did the debt ratio remain above the 60% reference value, despite falling in 2007.
Na Cipru, Madžarskem, Slovaškem in v Združenem kraljestvu se je primanjkljaj gibal med 4% in 8% BDP.
In most of the other noneuro area EU Member States the debt ratio declined or remained broadly unchanged.
Ob koncu leta 2007 so bile Češka, Madžarska, Poljska in Slovaška v postopku v zvezi s čezmernim primanjkljajem.
Table 8 Fiscal positions in the noneuro area EU Member States and the euro area
Tabela 8 Fiskalni položaj v državah članicah EU, ki niso del euroobmočja, in v euroobmočju
EU11 1)EU14 2)Euro area
Euroobmočje
The 2007 figures in the convergence programmes are estimates by the national governments and hence could differ from the fi final outcomes.
Viri: Evropska komisija (za 2004-06), dopolnjeni konvergenčni programi (za 2007) in izračuni ECB.Opombe: Podatki temeljijo na opredelitvi postopka v zvezi s čezmernim primanjkljajem.
1) The EU11 aggregate refers to the 11 countries that joined the EU on 1 May 2004 and 1 January 2007 (with the exception of Slovenia).
Proračunski saldi (podatki Komisije) ne vključujejo prihodkov od prodaje licenc UMTS.
2) The EU14 aggregate refers to the 14 noneuro area EU Member States as at 31 December 2007.
Podatki v konvergenčnih programih za leto 2007 so ocene nacionalnih vlad in se zato lahko razlikujejo od končnih rezultatov.1) Agregat EU-11 vključuje podatke za 11 držav, ki so v EU vstopile 1. maja 2004 ali pozneje.2) Agregat EU-14 vključuje podatke za 14 držav članic EU, ki do 31. decembra 2007 niso bile del euroobmočja.
deficits mostly increased, except in the case of Hungary, Malta and Slovakia.
ševanje, kar opozarja na tveganja za vzdržnost zunanje pozicije, zlasti če ga spremlja slabša mednarodna cenovna in stroškovna konkurenčnost.
The deficits in Bulgaria and Latvia were above 20% of GDP and exceeded 10% of GDP in Estonia, Lithuania and Romania.
V primerjavi z letom 2006 so se leta 2007 neto prilivi neposrednih tujih investicij precej zmanjšali na Danskem, Švedskem in v Združenem kraljestvu.
BALANCE OF PAYMENTS DEVELOPMENTS The combined current and capital account of the noneuro area EU Member States continued to vary considerably across countries in 2007 (see Table 9), although the overall picture showed a deterioration in comparison with 2006.
V številnih državah, ki so se pridružile Evropski uniji 1. maja 2004 in 1. januarja 2007, je primanjkljaj v določeni meri normalna značilnost procesa dohitevanja, saj odraža ugodne naložbene priložnosti in medčasovno izravnavo potrošnje.
Table 9 Balance of payments of the noneuro area EU Member States and the euro area
Tabela 9 Plačilna bilanca držav članic EU, ki niso del euroobmočja, in v euroobmočju
Current and capital account balance
Saldo tekočega in kapitalskega računa
Exchange rate target: peg to the euro at BGN 1.95583 per euro within the framework of a currency board arrangement.
Podatki za Malto se nanašajo na kumulativno vsoto štirih četrtletij do drugega četrtletja 2007.
Target: 3% ±1 percentage point until end-2009; thereafter 2% ±1 percentage point.
kar odraža predvsem posojila matituji lasti podružnicam na tem obmo čnih bank v čju.
Managed floating exchange rate.
gat EU-11, čeprav so Madžarska, Slovaška in Malta izkazale izrazito zmanjšanje.
Participates in ERM II with a ±2.25% fluctuation band around central rate of DKK 7.46038 per euro.Participates in ERM II with a ±15% fluctuation band around central rate of EEK 15.6466 per euro.
V slednji bi precejšnje zmanjšanje lahko razumeli tudi kot normalizacijo po visokih stopnjah, doseženih v letu 2006.
Estonia continues with its currency board arrangement as a unilateral commitment.Participated in ERM II with a ±15% fluctuation band around central rate of CYP 0.585274 per euro.Participates in ERM II with a ±15% fluctuation band around central rate of LVL 0.702804 per euro.
Medtem ko so neto neposredne naložbe še naprej predstavljale pomemben vir fi nanciranja v številnih državah članicah EU zunaj euroobmočja, je bil v baltskih državah, na Madžarskem, v Romuniji in Združenem kraljestvu primanjkljaj v osnovni bilanci, to je v vsoti kombiniranega salda tekočega in kapitalskega računa ter neto neposrednih naložb, višji od 4% BDP, v Latviji pa je presegel 15% BDP.
Latvia continues with a fluctuation band of ±1% as a unilateral commitment.Participates in ERM II with a ±15% fluctuation band around central rate of LTL 3.45280 per euro.
Saldo neto prilivov portfeljskih naložb je ostal negativen ali približno nevtralen v vseh državah članicah EU zunaj euroobmočja, razen na Danskem in Madžarskem.
Lithuania continues with its currency board arrangement as a unilateral commitment.Infl ation target: 3% ±1 percentage point medium- term target.
V teh dveh državah so bili neto prilivi portfeljskih naložb posledica precejšnjih neto dolžniških prilivov, ki so bili na Madžarskem povezani z razlikami v donosnosti, medtem ko so bili neto kapitalski prilivi negativni.
Free-floating exchange rate since February 2008 when the exchange rate peg to the euro was abolished.Participated in ERM II with a ±15% fluctuation band around central rate of MTL 0.429300 per euro.
Neto tokovi „ostalih investicij” so bili v večini držav, ki so se EU pridružile 1. maja 2004 in 1. januarja 2007, večinoma pozitivni,
Malta maintained the exchange rate against the euro unchanged from the central rate as a unilateral commitment.Infl ation target: 2.5% ±1 percentage point (12-month increase in the CPI). Free-floating exchange rate.
GIBANJA DEVIZNEGA TEČAJAGibanja deviznega tečaja v državah članicah EU zunaj euroobmočja so bila leta 2007 večinoma odvisna od režima deviznega tečaja v posamezni državi.
Inflation target: 4%, 3.8% and 3.5%, ±1 percentage point for end-2007, 2008 and 2009 respectively.
Valute Danske, Estonije, Cipra, Latvije, Litve, Malte in Slovaške so sodelovale v ERM II.
Managed floating exchange rate.Participates in ERM II with a ±15% fluctuation band around central rate of SKK 35.4424 per euro.
Njihov standardni razpon nihanja ostaja ±15% okrog centralne paritete do eura, razen pri danski kroni, ki je imela ožji razpon širine ±2,25%.
The inflation target for the period 2006-08 is set below 2.5% for end-2006 and below 2% for end-2007 and end-2008.Infl ation target: 2% increase in the CPI with a tolerance margin of ±1 percentage point.
Nekatere države so se z udeležbo v ERM II tudi enostransko zavezale, da bodo vzdrževale ožji razpon nihanja.
Free-floating exchange rate.
Te enostranske zaveze za ECB ne predstavljajo nobenih dodatnih obveznosti.
Inflation target: 2% as measured by the 12-month increase in the CPI 1).
Posebej je bilo dogovorjeno, da se estonska krona in litovski litas pridružita ERM II s svojim obstoječim valutnim odborom.
In case of a deviation of more than 1 percentage point, the MPC is expected to write an open letter to the Chancellor of the Exchequer. Free-floating exchange rate.
Malta je napovedala, da namerava ohranjati tečaj malteške lire na ravni centralne paritete do eura, Latvija pa, da bo ohranjala tečaj latsa na ravni centralne paritete do eura z razponom nihanja ±1%.
Source: ESCB.1) The CPI is identical to the HICP.
Sporazumi o sodelovanju držav, ki so se ERM II pridružile po letu 2004 (tj. vse
In 2007 the monetary policy and exchange rate regimes of the noneuro area EU Member States remained largely unchanged, although some refinements were made to monetary policy frameworks in a few countries with a view to future monetary integration.
Leta 2007 so bili danska krona, estonska krona, ciprski funt, litovski litas in malteška lira do eura stabilni, njihov tečaj pa se je gibal na ravni centralne paritete ali zelo blizu.
However, in February 2008 Hungary abolished its exchange rate peg to the euro and moved to a fully-fledged inflation target with a free-floating exchange rate.
Poleg tega sta ciprski funt in malteška lira s širitvijo euroobmočja 1. januarja 2008 nepreklicno konvertirala v euro.
These often mirrored moves by the ECB, which in 2007 raised the minimum bid rate on the main refinancing operations of the Eurosystem by a total of 50 basis points, in two steps (in March and June), to 4.0%.
Nasprotno je slovaška krona razmeroma močno nihala (glej tabelo 10).
On 12 March and 6 June 2007 the Central Bank of Cyprus increased its marginal lending and overnight deposit facility rates by 25 basis points each time to 5.00% and 3.00% respectively, in a move to gradually establish a 1 percentage point margin between the two rates and the Cypriot main refinancing rate, which remained at 4.5%.
Ker so se makroekonomske razmere izboljševale, gospodarski obeti pa so bili ugodni, je sredi leta 2006 krona vstopila v podaljšano obdobje apreciacije, ki je dobilo še dodaten zagon februarja in v prvi polovici marca 2007. Da bi nekoliko umirila tečajna nihanja in pretirane pritiske na trg, je marca 2007 Národná banka Slovenska ukrepala, da bi valuto oslabila.
The Central Bank of Malta raised its central intervention rate twice by 25 basis points on 25 January and 29 May 2007, to 4.25%.
Na zahtevo slovaških oblasti je bila 19. marca 2007 centralna pariteta slovaške krone sporazumno in po skupnem postopku prevrednotena za 8,5% glede na euro.
The decisions were taken against the background of a further decline in external reserves and a marked narrowing of the shortterm interest rate differential vis-à-vis the euro in favour of the Maltese lira, mainly as a result of the increase in interest rates in the euro area.
Glede na obetajočo se zmernejšo infl acijo je Národná banka Slovenska v zadnjih dneh marca in aprila 2007 obrestno mero znižala za skupaj 50 bazičnih točk na 4,25% in s tem pomagala stabilizirati krono glede na euro.
In December 2007 the main policy rate was reduced by 25 basis points, thereby realigning itself with that of the euro area.
Od aprila 2007 naprej je bila slovaška krona razmeroma stabilna, nihala je okoli vrednosti, ki so bile od 5% do 8% višje od nove centralne paritete.
The last interest rate decisions by the central banks of Cyprus and Malta were part of their final preparations before joining the euro area on 1 January 2008.
Tudi latvijski lats je nihal bolj kakor v preteklih letih, čeprav je nihanje ostajalo znotraj enostranskega ožjega razpona ±1% okoli centralne paritete.
Národná banka Slovenska lowered its repo rate by a total of 50 basis points to 4.25% on 25 April 2007 (and widened the corridor of overnight rates around that rate), based on a more moderate inflation outlook.
Tečaj latsa je bil okoli 1% višji od centralne paritete v ERM II večji del leta 2006, na šibkejšo stran enostranskega ozkega razpona nihanja pa se je premaknil dvakrat (sredi februarja 2007 in septembra 2007).
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Datum vstopa
Source: ECB.
ECBLetno poročilo2007
On two occasions in 2007, namely on 8 March and 6 June, the Governing Council increased the minimum bid rate by 25 basis points, to 3.75% and 4.00% respectively.
odražalo nespremenjeno bolgarsko tečajno politiko v okviru valutnega odbora na podlagi eura.
At the same time, the volatility of the EONIA spread, as measured by the standard deviation, increased to 12 basis points in 2007, from 5 basis points in the previous year.
oceni agencije Moody’s znova pod pritiskom, tudi zaradi zaskrbljenosti glede nadaljnje rasti primanjkljaja tekočega računa in inflacije.
Over the same period, the average level of the spread decreased from 6 basis points to -3 basis points.
Latvijas Banka tokrat ni ukrepala, razmere na denarnem trgu pa so kljub temu ostale zaostrene.
Thereafter, the Eurosystem’s open market operations continued to be heavily influenced by the turmoil until the end of 2007.
FINANČNA GIBANJAMed januarjem 2007 in februarjem 2008 so gibanja donosnosti dolgoročnih obveznic v
LIQUIDITY NEEDS OF THE BANKING SYSTEM When supplying liquidity through open market operations, the Eurosystem takes into
Med valutami držav članic EU zunaj euroob- večini držav članic EU zunaj euroobmočja 10 sledila gibanjem v euroobmočju, pri čemer je pove- močja, ki niso sodelovale v
ending in 2007 increased by €0.2 billion to €0.9 billion, they remained negligible in relative terms at 0.5% of reserve requirements.
, so se giba- čanju v prvi polovici leta sledil rahel upad po avgustu 2007 zaradi nemirnega dogajanja na fi nančnih trgih.
These liquidity needs are determined by the sum of minimum reserve requirements, funds held in excess of these requirements on credit institutions’ current accounts with the Eurosystem (excess reserves) and autonomous factors.
Povečanje je bilo največje v Bolgariji (skoraj 100 bazičnih točk), na Češkem, Madžarskem in Poljskem (okoli 80 bazičnih točk), kar kaže predvsem na poslabšanje predvidenih inflacijskih gibanj.
Autonomous factors are those items on the Eurosystem’s balance sheet, such as “banknotes in circulation” and “government deposits”, which have an impact on credit institutions’ current account holdings but are not under the direct control of the Eurosystem’s liquidity management.
Čeprav so ostale dokaj visoke, so dolgoročne obrestne mere v Romuniji od januarja 2007 do februarja 2008 padle za 50 bazičnih točk.
In 2007 the average daily liquidity needs of the euro area banking system (see Chart 41) amounted to €441.5 billion, 5% higher than in 2006.
nja od države do države precej razlikovala (glej graf 38).
The main reason for the increase was the continued growth in average reserve requirements, by 14%, to €187.4 billion, which was only partially offset by a decrease in autonomous factors of 2% to €252.2 billion.
Češka krona in poljski zlot sta večji del leta 2007 apreciirala do eura, tako da je bil njun tečaj do eura 29. februarja 2008 v primerjavi z začetkom leta 2007 višji za 8,3% oziroma 7,8%.
Among the autonomous factors, banknotes in circulation rose significantly, although the growth rate decreased to 9%, from 11% in 2006. The liquidity-draining impact of the growth in banknotes was, however, more than offset by other autonomous factors.
Po relativno stabilnem obdobju v prvih treh četrtletjih leta 2007 je britanski funt precej oslabel v primerjavi z eurom zaradi večje gospodarske negotovosti, ki jo je deloma mogoče pripisati manj ugodnim pričakovanjem za gospodarsko rast, ki so bila povezana tudi s šibkejšim stanovanjskim trgom.
Although average excess reserves for the maintenance periods
Zato je bil funt glede na euro 29. februarja 2008 za 13,6% nižji kakor 2. januarja 2007.
MINIMUM RESERVE SYSTEMCredit institutions in the euro area are required to hold minimum reserves on current accounts with the Eurosystem.
Zaradi domačih dejavnikov in zaradi splošne moči eura sta romunski lej in švedska krona preživljala obdobje šibkosti glede na euro, saj sta v obravnavanem obdobju padla za 10,3% oziroma 4,1%.
As has been the case since 1999, the minimum reserve requirements amounted to 2% of credit institutions’ reserve base in 2007.
Ne glede na nihanja je madžarski forint leta 2007 ostal približno nespremenjen, na začetku leta 2008 pa je nekoliko depreciiral.