natgillin/translations-raw huggingface dataset:
This chapter provides detailed information to help answer questions such as how EMU came about, which body is responsible for the single monetary policy in the euro area, what the primary objective of the Eurosystem is, and how it tries to achieve its mandate.
V tem poglavju boste našli podrobne informacije o tem, kako je nastala ekonomska in monetarna unija, katero telo je odgovorno za enotno denarno politiko v euroobmočju, kakšen je cilj Eurosistema ter kako izpolnjuje svoj mandat.
5.1 gives a short historical overview.
predstavlja kratek zgodovinski pregled.
5.2 elaborates on the institutional framework.
5.1 razlaga institucionalni okvir.
THE ECB’S MONETARY
DENARNA
Stage One of EMU Following the Delors Report, the European Council, in June 1989, decided that the first stage of EMU should be launched on 1 July 1990.At the same time, the Committee of Governors of the central banks of the Member States of the European Economic Community, which had played an increasingly important role in monetary cooperation since it was established in May 1964, was given additional responsibilities.
Prva faza EMU Po Delorsovem poročilu je Evropski svet junija 1989 sprejel odločitev, da se prva faza ekonomske in monetarne unije začne 1. julija 1990. Hkrati je Odbor guvernerjev centralnih bank držav članic Evropske gospodarske skupnosti, ki je imel od svoje ustanovitve maja 1964 vse večjo vlogo pri denarnem sodelovanju, dobil dodatne odgovornosti.
History – the three stages of Economic and Monetary Union The idea that Europe should have a single, unified and stable monetary system has its roots far back in history (see Box 5.1).
Zgodovina – tri faze ekonomske in monetarne unije Ideja, da Evropa potrebuje enoten, usklajen in stabilen denarni sistem, sega daleč nazaj v zgodovino (gl. okvir 5.1).
After one unsuccessful attempt in the early 1970s, a decisive impetus to the integration process came about in June 1988, when the European Council reconfirmed the objective to gradually achieve economic and monetary union.
Po neuspelem poskusu v zgodnjih sedemdesetih letih je junija leta 1988 prišlo do odločilne pobude za integracijo, ko je Evropski svet ponovno potrdil cilj, daje treba postopno uresničiti ekonomsko in monetarno unijo.
A committee chaired by Jacques Delors, the then President of the European Commission, was set up to study and propose concrete stages leading to this union.The committee’s report (the socalled “Delors Report”), presented in April 1989, proposed the introduction of an Economic and Monetary Union (EMU) in three discrete but evolutionary steps.
Ustanovljen je bil odbor, ki mu je predsedoval Jacques Delors, tedanji predsednik Evropske komisije, z nalogo, da preuči in predlaga konkretne faze, potrebne za uresničitev takšne unije. Poročilo odbora (tako imenovano Delorsovo poročilo), ki je bilo predstavljeno aprila 1989, je predlagalo, da se ekonomska in monetarna unija (EMU) uvede v treh ločenih in razvojno povezanih korakih.
In order for Stages Two and Three to take place, the Treaty establishing the European Community (the socalled “Treaty of Rome”) had to be revised so that the required institutional structure could be established.
Za izvedbo druge in tretje faze EMU je bilo treba spremeniti Pogodbo o ustanovitvi Evropske skupnosti (tako imenovano Rimsko pogodbo), kar naj bi omogočilo uvedbo potrebne institucionalne ureditve.
For this purpose, an Intergovernmental Conference on EMU was held in 1991 in parallel with the Intergovernmental Conference on political union.The Committee of Governors submitted the draft Statute of the ESCB and of the ECB to the Intergovernmental Conference.
S tem namenom je leta 1991 vzporedno z medvladno konferenco o politični uniji potekala medvladna konferenca o ekonomski in monetarni uniji. Odbor guvernerjev je medvladni konferenci predložil predlog Statuta ESCB in ECB.
However, owing to delays in the ratification process, it did not come into force until 1 November 1993.
Rezultat pogajanj je bila Pogodba o Evropski uniji, ki je bila sprejeta decembra 1991 in podpisana v Maastrichtu 7. februarja 1992, vendar je zaradi dolgotrajne ratifikacije Pogodba začela veljati šele 1. novembra 1993.
BOX 5.1 THE ROAD TO THE SINGLE CURRENCY, THE EURO
OKVIR 5.1 KORAKI NA POTI DO SKUPNE VALUTE
1962 The European Commission makes its first proposal
Evropska komisija pripravi prvi predlog za ekonomsko december
adoption and the cash changeover.
Evropski svet sprejme odločitev o Paktu za maj
Member States of the European Economic Community
držav članic Evropske gospodarske skupnosti maj
Italy, economic and monetary union in the Community by
Luksemburg, Nemčija, Nizozemska, Portugalska in centralnimi bankami EGS.
Member States of the European Economic Community is
Ustanovljena sta Evropska centralna banka (ECB) april
The European Monetary Cooperation Fund (EMCF) is set
Ustanovljen je sistem za postopno zmanjšanje in Evropski sistem centralnih bank (ESCB).
The ECB announces the strategy and the operational up to ensure the proper operation of the snake.
nihanj med tečaji posameznih valut držav članic oktober
framework for the single monetary policy it will conduct
ECB predstavi strategijo in operativni okvir
The European Monetary System (EMS) is created.
Evropske gospodarske skupnosti, ki naj omeji enotne denarne politike, ki jo bo izvajala od nihanja znotraj določenih meja (»kača«).
from January 1999.
januarja 1999 dalje.
Stage Three of EMU begins; the euro becomes the single
Začne se tretja faza EMU; euro postane enotna sodelovanje, ki naj zagotovi ustrezno delovanje kače.
Committee”) to make proposals for the realisation of EMU.
Podpisan je Enotni evropski akt (EEA).
ticipating Member States; a single monetary policy is con-
nepreklicno določena; začne se izvajanje enotne
The “Delors Report” is submitted to the European Council.
Evropski svet pooblasti odbor strokovnjakov, ki denarne politike za celotno euroobmočje.
The European Council agrees on the realisation of EMU
(»Delorsov januar
area.
pridruži euroobmočju.
An Intergovernmental Conference to prepare for Stages introduced and become sole legal tender in the euro area
Zamenjava gotovine v euro: uvedeni so junij
Two and Three of EMU is launched.
Evropski svet sprejme odločitev, da se EMU eurobankovci in eurokovanci, ki od konca uresniči v treh fazah.
by the end of February 2002.
februarja 2002 postanejo edino zakonito plačilno julij
Feb. 1992
Začne se prva faza EMU.
The Treaty on European Union (the “Maastricht Treaty”)
Začne se medvladna konferenca, ki naj pripravi vse maj
ESCB.
članic EU se pridružijo ESCB.
Jan.
Pogodba o
Monetary Institute (EMI) and of the ECB, and a President
(»Maastrichtska pogodba«).
Member States to 27 and join the ESCB at the same time.
članic EU poveča na 27, novi članici pa se oktober
Slovenia becomes the 13th Member State to join the
Slovenija postane monetarnega inštituta (EMI) in ECB; imenovanje
The Treaty on European Union enters into force.
13. država članica, ki se pridruži euroobmočju.
euro area.
predsednik EMI.
Alexandre Lamfalussy is appointed President of the EMI,
Ciper in Malta se pridružita euroobmočju, število november
the number of Member States to 15.
držav v euroobmočju pa se poveča na 15.
Stage Two of EMU begins and the EMI is established.
Alexandre Lamfalussy je imenovan za predsednika januar
Member States to 16.
članic se tako poveča na 16.
16, updated
16, posodobljeno.
In December 1996 the EMI also presented to the European Council, and subsequently to the public, the selected design series for the euro banknotes to be put into circulation on 1 January 2002.
Decembra 1996 je EMI Evropskemu svetu in kasneje tudi javnosti predstavil oblikovno podobo izbrane serije eurobankovcev, ki naj bi jih začeli dajati v obtok 1. januarja 2002.
Stage Two of EMU: the establishment of the EMI and the ECB The establishment of the European Monetary Institute (EMI) on 1 January 1994 marked the start of the second stage of EMU.
Druga faza EMU: ustanovitev EMI in ECB Z ustanovitvijo Evropskega monetarnega inštituta (EMI) 1. januarja 1994 se je začela druga faza EMU. S tem je prenehal delovati Odbor guvernerjev.
Henceforth, the Committee of Governors ceased to exist.The EMI’s transitory existence also mirrored the state of monetary integration within the Community: the EMI had no responsibility for the conduct of monetary policy in the European Union (this remained the responsibility of the national authorities) nor did it have any competence for carrying out foreign exchange intervention.
Za dopolnitev in pojasnitev tistih določil Pogodbe, ki zadevajo EMU, je Evropski svet junija 1997 sprejel Pakt za stabilnost in rast, ki naj bi zagotavljal proračunsko disciplino v EMU. Pakt je bil maja 1998 dopolnjen z Deklaracijo Sveta, s čimer so se povečale tudi obveznosti, ki jih nalaga Pakt.
In order to both complement and clarify the Treaty’s provisions on EMU, in June 1997 the European Council adopted the Stability and Growth Pact to ensure budgetary discipline in respect of EMU.The Pact was supplemented and the respective commitments enhanced by a Declaration of the Council in May 1998.
Svet Evropske unije (v sestavi voditeljev držav ali vlad) je 2. maja 1998 odločil, da 11 držav članic izpolnjuje pogoje za uvedbo enotne valute s 1. januarjem 1999 (Avstrija, Belgija, Finska, Francija, Irska, Italija, Luksemburg, Nemčija, Nizozemska, Portugalska in Španija).
In December 1996 the selected design series for the euro banknotes was presented.
Decembra 1996 je bila predstavljena oblikovna podoba izbrane serije eurobankovcev.
The two main tasks of the EMI were first to strengthen central bank cooperation and monetary policy coordination; and second to make the preparations required for the establishment of the ESCB, for the conduct of the single monetary policy and for the creation of a single currency in the third stage.
Hkrati so se finančni ministri držav članic, ki naj bi uvedle euro, skupaj z guvernerji nacionalnih centralnih bank, Evropsko komisijo in EMI dogovorili, da se za določitev nepreklicnih menjalnih razmerij med eurom in valutami sodelujočih držav članic uporabi osrednji tečaji z mehanizma deviznih tečajev (ERM).
On 2 May 1998 the Council of the European Union – in its composition of Heads of State or Government – decided that 11 Member States (Belgium, Germany, Spain, France, Ireland, Italy, Luxembourg, the Netherlands, Austria, Portugal and Finland) had fulfilled the conditions necessary for the adoption of the single currency on 1 January 1999.
Vlade enajstih sodelujočih držav članic so 25. maja 1998 uradno imenovale predsednika, podpredsednika in štiri druge člane Izvršilnega odbora ECB. Njihovo imenovanje je začelo veljati 1. junija 1998, kar je zaznamovalo tudi začetek Evropske centralne banke.
In December 1995 the European Council meeting in Madrid agreed on the name of the European currency unit to be introduced at the start of Stage Three, the “euro”, and confirmed that Stage Three of EMU would start on 1 January 1999.
Decembra 1995 je Evropski svet na zasedanju v Madridu sprejel odločitev, da se evropska valuta, ki bo uvedena na začetku tretje faze EMU, imenuje »euro«, ter potrdil, da se tretja faza začne 1. januarja 1999.
A chronological sequence of events was preannounced for the changeover to the euro.
Predhodno je bil objavljen tudi kronološki potek dogodkov, potrebnih za prehod na skupno valuto. Ta scenarij je temeljil predvsem na podrobnem predlogu, ki ga je pripravil EMI.
At the same time, the EMI was given the task of carrying out preparatory work on the future monetary and exchange rate relationships between the euro area and other EU countries. In December 1996 the EMI presented a
EMI je hkrati dobil tudi nalogo, da pripravi vse, kar je potrebno za oblikovanje prihodnjih denarnih in deviznih razmerij med euroobmočjem in drugimi državami članicami EU.
At the same time, the finance ministers of the Member States adopting the single currency agreed, together with the governors of the NCBs, the European Commission and the EMI, that the ERM central rates of the currencies of the participating Member States would be used to determine the irrevocable conversion rates for the euro.
Decembra 1996 je EMI Evropskemu svetu predložil poročilo, na podlagi katerega je bila junija 1997 sprejeta Resolucija Evropskega sveta o načelih in osnovnih elementih novega mehanizma deviznih tečajev (ERM II).
The European System of Central Banks The ECB was established on 1 June 1998 and is one of the world’s youngest central banks.
V skladu s členom 123 Pogodbe o ustanovitvi Evropske skupnosti je šel EMI v likvidacijo.
However, it has inherited the credibility and expertise of all euro area NCBs, which together with the ECB implement the monetary policy for the euro area.
Vse pripravljalne naloge, ki so bile zaupane EMI, so bile zaključene pravočasno, ECB pa je do konca leta 1998 izvajala zadnje preskuse delovanja sistemov in postopkov.
Their appointment came into effect on 1 June 1998 and marked the establishment of the ECB.
Evropski sistem centralnih bank (ESCB) ECB je bila ustanovljena 1. junija 1998 in je tako ena najmlajših centralnih bank na svetu.
With this, the EMI had completed its tasks. In accordance with Article 123 of the Treaty establishing the European Community, the EMI went into liquidation.
Kljub temu uživa zaupanje in ima ustrezno strokovno znanje, ki ga je nasledila od vseh nacionalnih centralnih bank euroobmočja, ki skupaj z ECB izvajajo denarno politiko ECB.
All the preparatory work entrusted to the EMI was concluded in good time and the ECB spent the rest of 1998 carrying out final tests of systems and procedures.
Tretja faza EMU – nepreklicna določitev deviznih tečajev Tretja in zadnja faza EMU se je začela 1. januarja 1999 z nepreklicno določitvijo deviznih tečajev enajstih držav članic, ki so takrat sodelovale v monetarni uniji, ter z začetkom izvajanja enotne denarne politike, za katero je odgovorna ECB.
The legal basis for the ECB and the ESCB is the Treaty establishing the European Community.
Pravno podlago za ECB in Evropski sistem centralnih bank (ESCB) daje Pogodba o ustanovitvi Evropske skupnosti.
According to this Treaty, the ESCB is composed of the ECB and the NCBs of all EU Member States (27 since 1 January 2007).The Statute of the ESCB and of the ECB is attached to the Treaty as a protocol.
V skladu s to pogodbo ESCB sestavljajo ECB in nacionalne centralne banke vseh držav članic EU (od 1. januarja 2007 jih je 27). Statut ESCB in ECB je priložen Pogodbi kot protokol.
Stage Three of EMU: the irrevocable fixing of exchange rates On 1 January 1999 the third and final stage of EMU began with the irrevocable fixing of the exchange rates of the currencies of the 11 Member States which had initially participated in monetary union and with the conduct of a single monetary policy under the responsibility of the ECB.
Število sodelujočih držav članic se je 1. januarja 2001 povečalo na 12, ko se je v tretjo fazo EMU vključila Grčija.
The number of participating Member States increased to 12 on 1 January 2001, when Greece joined the third stage of EMU.This followed on from a decision taken on 19 June 2000 by the EU Council, in which it was acknowledged that Greece fulfilled the convergence criteria.
To je sledilo odločbi, ki jo je Svet Evropske unije sprejel 19. junija 2000, po kateri je Grčija izpolnila konvergenčne kriterije.
In January 2007 the number of participating countries changed again to 13 with the entry of Slovenia into the euro area.
Januarja 2007 se je število sodelujočih držav povečalo na 13, ko je v euroobmočje vstopila Slovenija.
Following the decision of the EU Council on the abrogation of the derogation status of Cyprus and Malta, taken on 10 July 2007, Cyprus and Malta joined the Eurosystem on 1 January 2008.
Po odločbi Sveta Evropske unije z dne 10. julija 2007, s katero je bilo odpravljeno odstopanje za Ciper in Malto, sta ti dve državi 1. januarja 2008 postali del Eurosistema.
On 1 January 2009 Slovakia became the 16th EU Member State to join the euro area.
Kot šestnajsta se je euroobmočju 1. januarja 2009 pridružila Slovaška.
This followed the decision of the EU Council on 8 July 2008 which acknowledged that Slovakia had fulfilled the convergence criteria.
Svet EU je odločbo, s katero je potrdil, da Slovaška izpolnjuje konvergenčne kriterije, sprejel 8. julija 2008.
Mandate of the ESCB The Treaty states that “the primary objective of the ESCB shall be to maintain price stability” and that “without prejudice to the objective of price stability, the ESCB shall support the general economic policies in the Community with a view to contributing to the achievement of the objectives of the Community as laid down in Article 2”.
Mandat ESCB Pogodba določa, daje »poglavitni cilj ESCB ohranjanje stabilnosti cen« ter da »ESCB podpira splošne ekonomske politike v Skupnosti, če to ni v nasprotju s ciljem stabilnosti cen, z namenom prispevati k doseganju ciljev Skupnosti, opredeljenih v členu 2 te pogodbe«.
Article 2 of the Treaty mentions as objectives of the Community, inter alia, “a high level of employment (…), sustainable and non-inflationary growth, a high degree of competitiveness and convergence of economic performance”.The Treaty thus establishes a clear hierarchy of objectives and assigns overriding importance to price stability.
Člen 2 Pogodbe kot cilje Skupnosti med drugim navaja »visoko stopnjo zaposlenosti (…), trajnostno in neinflatorno rast, visoko stopnjo konkurenčnosti in konvergence ekonomskih učinkov«. Pogodba tako postavlja jasno hierarhijo ciljev, stabilnosti cen pa pripisuje izredno velik pomen.
By focusing the monetary policy of the ECB on this primary objective, the Treaty makes it clear that ensuring price stability is the most important contribution that monetary policy can make to achieving a favourable economic environment and a high level of employment.
Pogodba z usmerjanjem denarne politike ECB k enemu od glavnih ciljev jasno kaže, daje zagotavljanje stabilnosti cen največ, kar lahko denarna politika prispeva k doseganju ugodnega gospodarskega okolja in visoke stopnje zaposlenosti.
An EU country can adopt the euro at a later stage but only once it has fulfilled the convergence criteria (see Box 5.2 below for a more detailed description).
Posamezna država EU lahko prevzame euro v kasnejši fazi, vendar samo, če izpolnjuje konvergenčne kriterije (gl. okvir 5.2 za podrobnejši opis kriterijev).
The Eurosystem The euro area NCBs and the ECB together form the Eurosystem.
Eurosistem Centralne banke euroobmočja in ECB skupaj tvorijo Eurosistem.
This term was chosen by the Governing Council of the ECB to describe the arrangement by which the ESCB carries out its tasks within the euro area.
Ta izraz je izbral Svet ECB, da bi poimenoval ureditev, s katero ESCB izvaja svoje naloge v okviru euroobmočja.
As long as there are EU Member States which have not yet adopted the euro, this distinction between the Eurosystem and the ESCB will need to be made.
Dokler bodo obstajale države članice EU, ki še niso prevzele eura, bo treba razlikovati med Eurosistemom in ESCB.
BOX 5.2 CONVERGENCE CRITERIA measured by means of the consumer price index on a comparable basis, taking into account differences in national definitions”.
OKVIR 5.2 KONVERGENČNI KRITERIJI cen življenjskih potrebščin na primerljivi osnovi, upoštevajoč razlike v definicijah posameznih držav«.
The conditions for the adoption of the euro are laid down in Article 121 of the Treaty and the Protocol annexed to the Treaty on the convergence criteria referred to in Article 121.
Pogoji za prevzem eura so določeni v členu 121 Pogodbe in v Protokolu o konvergenčnih kriterijih iz člena 121, ki je priložen Pogodbi.
To assess whether a Member State has achieved a high degree of sustainable convergence, four criteria are used: price stability, a sound fiscal position, exchange rate stability and converging interest rates.
Za preverjanje, ali je posamezna država članica dosegla visoko stopnjo trajnostne konvergence, se uporabljajo štirje kriteriji: stabilnost cen, zdrav javnofinančni položaj, stabilnost deviznih tečajev in zbliževanje obrestnih mer.
The second indent of Article 121(1) of the Treaty requires “the sustainability of the government’s financial position” and states that “this will be apparent from having achieved a budgetary position without a deficit that is excessive as determined in accordance with Article 104(6)”.
Druga alinea člena 121(1) Pogodbe zahteva »vzdržnost stanja javnih financ« in določa, da to »izhaja iz doseženega proračunskega stanja brez čezmernega primanjkljaja v skladu s členom 104(6)«.
Article 2 of the Protocol states in addition that this criterion “(…) shall mean that at the time of the examination the Member State is not the subject of a Council Decision under Article 104(6) of this Treaty that an excessive deficit exists”.
Člen 2 Protokola poleg tega določa, da to merilo »pomeni, da v času pregleda država članica ni predmet odločbe Sveta iz člena 104(6) te pogodbe o obstoju čezmernega primanjkljaja«.
Under Article 104(1) of the Treaty, Member States “shall avoid excessive government deficits”.
V skladu s členom 104(1) Pogodbe se države članice »izogibajo čezmernemu javnofinančnemu primanjkljaju«.
The Commission examines compliance with budgetary discipline, based in particular on the following criteria:
Komisija preveri spoštovanje proračunske discipline predvsem na podlagi naslednjih meril:
The first indent of Article 121(1) of the Treaty requires “the achievement of a high degree of price stability” and states that “this will be apparent from a rate of inflation which is close to that, at most, of the three best performing Member States in terms of price stability”.Article 1 of the Protocol states in addition that “the criterion on price stability (…) shall mean that a Member State has a price performance that is sustainable and an average rate of inflation, observed over a period of one year before the examination, that does not exceed by more than 11/2 percentage points that of, at most, the three best performing Member States in terms of price stability. Inflation shall be
»(a) če razmerje med načrtovanim ali dejanskim javnofinančnim primanjkljajem in bruto domačim proizvodom presega referenčno vrednost (ki je v Protokolu o postopku v zvezi s čezmernim primanjkljajem določena kot 3 odstotke bruto domačega proizvoda), razen:
“(a) whether the ratio of the planned or actual government deficit to gross domestic product exceeds a reference value (defined in the Protocol
Prva alinea člena 121(1) Pogodbe zahteva »doseganje visoke stopnje stabilnosti cen«, kar je »razvidno iz stopnje inflacije, ki je blizu stopnji inflacije največ treh držav članic z najboljšimi doseženimi rezultati glede stabilnosti cen«.
5 on the excessive deficit procedure as 3 % of GDP), unless:
5 če se je to razmerje znatno in stalno zmanjševalo ter doseglo raven blizu referenčne vrednosti, ali če je preseganje referenčne vrednosti le izjemno in začasno, razmerje pa ostaja blizu referenčne vrednosti;
Article 4 of the Protocol states in addition that “the criterion on the convergence of interest rates (…) shall mean that, observed over a period of one year before the examination, a Member State has had an average nominal long-term interest rate that does not exceed by more than 2 percentage points that of, at most, the three best performing Member States in terms of price stability.
konvergence obrestnih mer (…) pomeni, da ima država članica v enem letu pred pregledom tako povprečno dolgoročno nominalno obrestno mero, ki ne presega za več kakor 2 odstotni točki dolgoročne obrestne mere v največ treh državah članicah z najboljšimi doseženimi rezultati glede stabilnosti cen.
Interest rates shall be measured on the basis of long-term government bonds or comparable securities, taking into account differences in national definitions”.
Obrestne mere se izračunajo na podlagi dolgoročnih državnih obveznic ali primerljivih vrednostnih papirjev, upoštevaje razlike v definicijah posameznih držav.«