natgillin/translations-raw huggingface dataset:
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Razmnoževanje v izobraževalne in nekomercialne namene je dovoljeno pod pogojem, da je naveden vir.
The cut-off date for the data included in this report was 29 February 2008.
Presečni dan za podatke v temporočilu je 29. februar 2008.
1 MONETARY POLICY DECISIONS
1 SKLEPI O DENARNI POLITIKI
2 MONETARY, FINANCIAL AND ECONOMIC DEVELOPMENTS
2 DENARNA, FINANČNA IN GOSPODARSKA GIBANJA
5 ECONOMIC RESEARCH
5 EKONOMSKE RAZISKAVE
3 ECONOMIC AND MONETARY DEVELOPMENTS IN NON-EURO AREA EU MEMBER STATES
POGLAVJE 3 VSTOP CIPRA IN MALTE V EUROOBMOČJE
1 MONETARY POLICY OPERATIONS, FOREIGN EXCHANGE OPERATIONS AND INVESTMENT ACTIVITIES
1 OPERACIJE DENARNE POLITIKE, OPERACIJE NA DEVIZNIH TRGIH IN INVESTICIJSKE DEJAVNOSTI
1.1 Monetary policy operations 1.2 Foreign exchange operations 1.3 Investment activities
1.1 Operacije denarne politike 1.2 Devizne operacije 1.3 Investicijske dejavnosti
2 PAYMENT AND SECURITIES SETTLEMENT SYSTEMS
2 PLAČILNI SISTEMI IN SISTEMI PORAVNAVE POSLOV Z VREDNOSTNIMI PAPIRJI
4 THE CASH CHANGEOVER IN CYPRUS AND MALTA
3.1 Obtok bankovcev in kovancev ter ravnanje z gotovino
ECB Annual Report2007
ECBLetno poročilo2007
2 SELECTED TOPICS RAISED AT MEETINGS WITH THE EUROPEAN PARLIAMENT
2 IZBRANE TEME, KI SO BILE IZPOSTAVLJENE NA ZASEDANJIH Z EVROPSKIM PARLAMENTOM
CHAPTER 4 FINANCIAL STABILITY AND INTEGRATION
POGLAVJE 4 FINANČNA STABILNOST IN INTEGRACIJA
2 FINANCIAL REGULATION AND SUPERVISION
2 KOMUNIKACIJSKE AKTIVNOSTI
2.1 General issues 2.2 Banking 2.3 Securities
2.1 Splošne zadeve 2.2 Bančništvo 2.3 Vrednostni papirji
3 FINANCIAL INTEGRATION
3 FINANČNA INTEGRACIJA
CHAPTER 5EUROPEAN AND INTERNATIONAL RELATIONS
2 ORGANIZACIJSKI RAZVOJ
1 EUROPEAN ISSUES
1 EVROPSKA VPRAŠANJA
1.1 Policy issues 1.2 Institutional issues 1.3 Developments in and relations with EU candidate countries
1.1 Ekonomsko-politična vprašanja 1.2 Institucionalna vprašanja 1.3 Dogajanja v državah kandidatkah in odnosi z njimi
2 INTERNATIONAL ISSUES
2 MEDNARODNA VPRAŠANJA
2.1 Key developments in the international monetary and financial system 2.2 Cooperation with countries outside the EU
2.1 Glavna dogajanja v mednarodnem denarnem in finančnem sistemu 2.2 Sodelovanju z državami zunaj EU
CHAPTER 6ACCOUNTABILITY
POGLAVJE 6ODGOVORNOST
1 ACCOUNTABILITY VIS-À-VIS THE GENERAL PUBLIC AND THE EUROPEAN PARLIAMENT
1 ODGOVORNOST DO ŠIRŠE JAVNOSTI IN EVROPSKEGA PARLAMENTA
212 213 218 229 233 ending 31 December 2007 Accounting policies Notes on the Balance Sheet Notes on the Profit and Loss Account Auditor’s report Note on profit distribution/allocation of losses
Poročilo poslovodstva za leto, ki se je končalo 31. decembra 2007 Bilanca stanja na dan 31. decembra 2007 Izkaz poslovnega izida za leto, ki se je končalo 31. decembra 2007 Računovodske usmeritve Pojasnila k bilanci stanja Pojasnila k izkazu poslovnega izida Poročilo neodvisnega revizorja Pojasnilo k razdelitvi dobička/razporeditvi izgube
LEGAL INSTRUMENTS ADOPTED BY THE ECB
MNENJA, KI JIH JE SPREJELA ECB
LIST OF BOXES
SEZNAM OKVIROV
Chart B US and euro area stock prices in 1998 and 2007 474 The impact of energy base effects on HICP inflation in 2007 56Chart A Contributions to the change in annual HICP inflation since December 2006 56Chart B Decomposition of the monthly change in annual HICP inflation 57Chart C Decomposition of the change in annual HICP inflation since December 2006 575 Food price inflation in the euro area59Chart A Contributions of processed food prices to annual HICP inflation 59Chart B Developments in food and tropical beverage prices 60Table HICP processed food excluding tobacco across euro area countries 606 The decline in unemployment in the euro area in recent years 68Chart A Euro area unemployment rate and GDP growth 68Table Unemployment rates in the euro area by gender, age group and skills 69 Chart B Reform intensity in the euro area and distribution by type of reform, 2000-06 707 Developments in the issuance of government debt securities and bond yield spreads in the euro area 72Table A Debt securities issued by euro area governments 72Table B Structure of amounts outstanding of debt securities issued by euro area governments 73Chart A Decomposition of the change in interest payments 74Chart B Government bond yield spreads against Germany 74Chart C Sovereign credit default swaps 74
Graf B Razčlenitev mesečne spremembe letne infl acije po HICP Graf C Razčlenitev spremembe letne infl acije po HICP od decembra 2006 Inflacija cen hrane v euroobmočju Graf A Prispevek cen predelane hrane k letni inflaciji po HICP Graf B Gibanja cen hrane in brezalkoholnih pijač Tabela Predelana hrana v HICP brez tobačnih izdelkov v različnih državah euroobmočja Zmanjšanje brezposelnosti v euroobmočju v zadnjih nekaj letih Graf A Stopnje brezposelnosti v euroobmočju in rast BDP Graf B Intenzivnost reform v euroobmočju in porazdelitev po vrstah reform, 2000–06 Tabela Stopnje brezposelnosti v euroobmočju po spolu, starosti in izobrazbeni strukturi Izdajanje državnih dolžniških vrednostnih papirjev in razponi donosnosti obveznic v euroobmočju Graf A Razčlenitev spremembe plačil obresti Graf B Razponi donosnosti državnih obveznic glede na Nemčijo Graf C Instrumenti zamenjave kreditnega tveganja državnih obveznic Tabela A Dolžniški vrednostnipapirji, ki so jih izdale države euroobmočja Tabela B Struktura stanja dolžniških vrednostnih papirjev, ki so jih izdale države euroobmočja
1 MFI net external assets and their impact on monetary developments 34Chart A MFI net external assets and M3 34Chart B Composition of capital flows of the money-holding sector and MFI net external assets 36Chart C Composition of portfolio investment flows 36Chart D Developments in gross external assets and liabilities 372 The volatility of money market interest rates in 2007 39Chart A Daily realised volatility of the overnight interest raterate 4040Chart B Daily realised volatility of longerterm deposit interest rates 40Chart C Realised volatility and implied volatility for three-month money market interest rates 423 Similarities and differences between the episodes of financial turbulence in 2007 and 1998 46Chart A US and euro area longterm bond yields in 1998 and 2007 47
70 naložb Graf D Gibanja bruto tuje aktive in pasive 2 Volatilnost obrestnih mer denarnega trga v letu 2007 Graf A Dnevna realizirana volatilnost obrestne mere čez noč Graf B Dnevna realizirana volatilnost dolgoročnih obrestnih mer za vloge Graf C Realizirana volatilnost in implicitna volatilnost 3-mesečnih obrestnih mer denarnega trga 3 Podobnosti in razlike med nemirnim dogajanjem na fi nančnih trgih v letih 2007 in 1998 Graf A Donosnost dolgoročnih obveznic v ZDA in euroobmočju leta 1998 in 2007
8 Learning from the fiscal policy experience of 2000-01 76Chart A Fiscal developments, 1998-2007 77Chart B Budget balance and cyclical component 779 Monetary policy operations during the financial market volatility 98Chart Daily reserve surplus over the course of a maintenance period 9910 Statistical implications of the enlargement of the euro area to include Cyprus and Malta 135
8 Spoznanja iz izkušenj s fiskalno politiko v obdobju 2000–2001 Graf A Fiskalna gibanja v euroobmočju v obdobju 1998–2007 Graf B Proračunski saldo in ciklična komponenta 9 Operacije denarne politike v obdobju volatilnosti na fi nančnih trgih Graf Dnevne presežne rezerve v obdobju izpolnjevanja obveznih rezerv 10 Širitve euroobmočja na Ciper in Malto ter posledice za statistiko
Price developments Labour cost indicators Composition of real GDP growth Labour market developments
Gibanja cen Kazalniki stroškov dela Sestava rasti realnega BDP Gibanja na trgu dela Fiskalni položaj v euroobmo Rast realnega BDP v državah članicah EU, ki niso del euro- območja, in v euroobmočju
3 Geographical contributions to world GDP growth 4 Main developments in commodity markets 5 M3 and loans to the private sector 6 Main components of M3 7 MFI interest rates on shortterm deposits and a money market interest rate 8 Sectoral M3 deposits 9 Credit to euro area residents 10 Money market interest rates 11 Three-month EUREPO, EURIBOR and overnight interest swap 12 Longterm government bond yields 13 Spot and forward break-even inflation rates in the euro area 14 Major stock market indices15 Implied stock market volatility 16 MFI loans to households 17 Interest rates for lending to households and non-financial corporations 18 Household debt and interest payments 19 Real cost of the external financing of euro area non-financial corporations 20 Profit ratios of listed euro area non-financial corporations 21 Breakdown of the real annual growth rate of the external financing of non-financial corporations22 Non-financial corporations’ financing gap and its main components 23 Debt ratios of non-financial corporations 24 Breakdown of HICP inflation: main components 25 Contributions to HICP inflation from main components 26 Breakdown of industrial producer prices
3 euroobmočju 20 Kazalniki dobičkonosnosti javnih nefinančnih družb v euroobmočju 21 Razčlenitev realne letne stopnje rasti zunanjega fi nanciranja nefinančnih družb 22 Finančna vrzel nefinančnih družb in glavne komponente 23 Zadolženost nefinančnih družb 24 Razčlenitev infl acije po HICP: glavne komponente 25 Prispevki glavnih komponent k inflaciji po HICP 26 Razčlenitev cen industrijskih proizvodov pri proizvajalcih 27 Sredstva za zaposlene po dejavnostih 28 Gibanja cen stanovanjskih nepremičnin v euroobmočju 29 Kvalitativne ocene o zaznani inflaciji in inflacijskih pričakovanjih potrošnikov
1 ECB interest rates and money market rates 2 Main developments in major industrialised economies
Obrestne mere ECB in obrestne mere denarnega trga Glavna gibanja v večjih industrijsko razvitih državah Geografska razčlenitev prispevkov k rasti svetovnega BDP
27 Sectoral compensation per employee 6228 Residential property price developments in the euro area 6329 Euro area consumers’ qualitative inflation perceptions and expectations 6330 Contributions to quarterly real GDP growth 6431 Confidence indicators 6632 Unemployment 6733 Euro nominal and real effective exchange rates 7834 Current account balance and its components 7935 Euro area export volumes to selected trading partners 8036 Euro area direct and portfolio investment 8137 Net international investment position 8138 Changes in the exchange rate of the euro against EU currencies outside ERM II 8939 Credit to the private sector in 2007 9040 EONIA spread 9641 Liquidity factors in the euro area in 2007 9742 Eligible collateral by asset type 10143 Collateral put forward in Eurosystem credit operations versus outstanding credit in monetary policy operations 10244 Breakdown of assets (including credit claims) put forward as collateral by asset type 10345 Total number of euro banknotes in circulation between 2002 and 2007 11346 Total value of euro banknotes in circulation between 2002 and 2007 11347 Number of euro banknotes in circulation between 2002 and 2007 11348 Number of counterfeit euro banknotes recovered from circulation between 2002 and 2007 11449 Distribution of euro banknote counterfeits by denomination 115
30 Prispevki k četrtletni rasti realnega BDP 31 Kazalniki zaupanja 32 Brezposelnost 33 Nominalni in realni efektivni menjalni tečaji eura 34 Saldo tekočega računa in njegove komponente 35 Obseg izvoza euroobmočja v izbrane trgovinske partnerice 36 Neposredne in portfeljske naložbe euroobmočja 37 Neto stanje mednarodnih naložb 38 Spremembe tečaja eura do valut EU zunaj ERM II 39 Krediti zasebnemu sektorju v letu 2007 40 Razpon EONIA 41 Likvidnostni dejavniki v euroobmočju leta 2007 42 Primerno zavarovanje po vrsti finančnega premoženja 43 Dano zavarovanje v kreditnih operacijah Eurosistema v primerjavi s stanjem posojil v operacijah denarne politike 44 Razčlenitev finančnega premoženja (vključno z bančnimi posojili), danega kot zavarovanje po vrsti finančnega premoženja 45 Skupno število eurobankovcev v obtoku med letoma 2002 in 2007 46 Skupna vrednost eurobankovcev v obtoku med letoma 2002 in 2007 47 Število eurobankovcev v obtoku med letoma 2002 in 2007 48 Število ponarejenih eurobankovcev, umaknjenih iz obtoka med letoma 2002 in 2007 49 Porazdelitev ponaredkov po apoenih
Bank for International Settlements IMF Balance of Payments Manual (5th edition) cost, insurance and freight at the importer’s border Consumer Price Index European Central Bank European Economic Area effective exchange rate European Monetary Institute Economic and Monetary Union European System of Accounts 1995 European System of Central Banks European Union euro free on board at the exporter’s border gross domestic product Harmonised Index of Consumer Prices International Labour Organization International Monetary Fund monetary financial institution national central bank Organisation for Economic Cooperation and Development Producer Price Index unit labour costs in manufacturing
NCB OECD franko na ladijski krov na državni meji izvoznika harmonizirani indeks cen življenjskih potrebščin Mednarodna organizacija dela Mednarodni denarni skladmonetarne finančne institucije nacionalne centralne banke Organizacija za gospodarsko sodelovanje in razvojindeks cen (industrijskih) proizvajalcev
Belgium Bulgaria Czech Republic Denmark Germany Estonia Ireland Greece Spain France Italy Cyprus Latvia Lithuania Luxembourg Hungary Malta Netherlands Austria Poland Portugal Romania Slovenia Slovakia Finland Sweden United Kingdom Japan United States
Grčija Španija Francija Italija Ciper Latvija Litva Luksemburg Madžarska Malta Nizozemska Avstrija Poljska Portugalska Romunija Slovenija Slovaška Finska Švedska Združeno kraljestvo Japonska Združene države Amerike
In accordance with Community practice, the EUMember States are listed in this report using thealphabetical order of the country names in the national languages.
V skladu s prakso Skupnosti so imena držav EUv tem poročilu našteta po zaporedju začetnic držav v njihovem nacionalnem jeziku.
The ECB welcomes the fact that the new Treaty states that price stability is an objective of the EU, while making Economic and Monetary Union (EMU), with the euro as its currency, an EU objective.
kot eden od ciljev EU, medtem ko je ekonomska in monetarna unija (EMU) z eurom kot njeno valuto postala eden od ciljev EU.
The ECB becomes a Union institution and the new Treaty confirms the independence of the ECB, of the ESCB and of the NCBs, as well as the legal personality, regulatory powers and financial independence of the ECB.
ECB postaja institucija Unije, nova pogodba pa potrjuje neodvisnost ECB, ESCB in nacionalnih centralnih bank, ter ECB podeljuje status pravne osebe, ji daje normativna pooblastila in omogoča finančno neodvisnost.
The ECB considers that the new Treaty confirms the current set-up of EMU and is looking forward to the successful completion of the ratification process.
ECB meni, da nova pogodba potrjuje trenutno ureditev EMU in pričakuje uspešen sklep postopka ratifikacije. kacije.
In 2007 annual HICP inflation in the euro area was 2.1%, compared with 2.2% in 2006.
Leta 2007 je letna inflacija, merjena z indeksom HICP, v euroobmočju znašala 2,1%, v primerjavi z 2,2% leta 2006.
While this exceeded the ECB’s definition of price stability of “below, but close to, 2%”, the ECB’s monetary policy nonetheless continued to firmly anchor medium to longterm inflation expectations at levels broadly consistent with price stability, notwithstanding an economic environment characterised by significant upward price pressures.
Čeprav je to presegalo opredelitev ECB glede stabilnosti cen, po kateri mora biti vrednost „pod 2%, vendar blizu te meje”, je denarna politika ECB srednjeročna do dolgoročna inflacijska pričakovanja še naprej trdno zasidrala na ravni, ki je na splošno skladna s stabilnostjo cen, kljub gospodarskim razmeram, za katere so bili značilni močni pritiski na dvig cen.
These mainly stemmed from increases in commodity prices, in particular energy and – particularly in the fourth quarter – food prices, as well as, on the domestic side, the impact of increases in indirect taxes, capacity constraints in the context of an expanding economy and tightening labour markets.
Ti so izhajali predvsem iz rasti cen surovin, zlasti energentov in – še posebno v četrtem četrtletju – cen hrane, na domači strani pa iz učinka povišanja posrednih davkov, omejenega obsega prostih zmogljivosti v okviru visoke rasti gospodarstva in zaostrovanja razmer na trgu dela.
The continued anchoring of inflation expectations at medium and longerterm horizons in 2007 therefore reflects favourably on the credibility of the ECB in delivering price stability over the medium term, in line with its mandate.
Zato je nadaljnje zasidranje srednjeročnih in dolgoročnih inflacijskih pričakovanj v letu 2007 dobro znamenje za verodostojnost ECB pri zagotavljanju srednjeročne stabilnosti cen, kar je v skladu z njenim mandatom.
Such anchoring is an indispensable precondition for well-functioning markets, sustainable growth and job creation in the euro area and is of the highest priority to the Governing Council.
Takšno zasidranje je nujen predpogoj za dobro delovanje trgov, vzdržno rast in ustvarjanje delovnih mest v euroobmočju ter je eno od najpomembnejših prednostnih nalog Sveta ECB.
Implementing the decision made in 2007, on 1 January 2008 Cyprus and Malta became the 14th and 15th EU Member States to adopt the euro, following Greece in 2001 and Slovenia in 2007, and their national central banks (NCBs) joined the Eurosystem.
sklepa iz leta 2007 sta Ciper in Malta 1. januarja 2008 postala 14. in 15. država članica, ki je sprejela euro, po Grčiji leta 2001 in Sloveniji leta 2007, njuni centralni banki pa sta se pridružili Eurosistemu.
I would like to extend a very warm welcome to the Cypriot and Maltese citizens.
Rad bi izrazil prisrčno dobrodošlico ciprskim in malteškim državljanom.
The good economic performance of Cyprus and Malta, thanks to the implementation of stability-oriented macroeconomic policies over recent years, made it possible for these two countries to introduce the euro as their currency.
Gospodarska uspešnost Cipra in Malte je zahvaljujoč izvajanju stabilnostno usmerjenih makroekonomskih politik omogočila, da sta ti dve državi uvedli euro kot svojo valuto.
The currency changeover to the euro proceeded in a smooth and efficient manner in both countries.
Zamenjava gotovine v euro je v obeh državah potekala učinkovito in brez težav.
Looking ahead, the main policy challenge for both countries following their adoption of the euro will be to ensure the conduct of appropriate national economic policies in order to secure a high degree of sustainable convergence.
V prihodnje bo glavni izziv politik po uvedbi eura v obeh državah izvajanje ustreznih nacionalnih ekonomskih politik, ki bodo zagotavljale visoko stopnjo trajnostne konvergence.
Another important event in 2007 was the signing by the Heads of State or Government of
Leta 2007 so bila tveganja za stabilnost cen v srednjeročnem obdobju nedvomno na strani naraščanja inflacije.
Throughout 2007 risks to price stability over the medium term were clearly on the upside.
Drug pomemben dogodek v letu 2007 je bil podpis nove pogodbe EU 13. decembra v Lizboni.
in oil and agricultural prices and potential unforeseen increases in administered prices and indirect taxes.
kar bi lahko povzročilo sekundarne učinke pri določanju plač in cen zaradi začasno visokih stopenj inflacije.
In order to ensure that price stability was preserved over the medium term, the Governing Council monitored wage negotiations and price-setting in the euro area with particular attention.
Da bi Svet ECB zagotovil ohranjanje srednjeročne stabilnosti cen, je posebej pozorno spremljal pogajanja o plačah in določanje cen v euroobmočju.
As a result, the minimum bid rate in the main refinancing operations of the Eurosystem rose to 4.00% in June 2007, from 3.50% at the end of 2006.
javi s 3,50% ob koncu leta 2006.
In the second half of the year, the Governing Council decided to maintain key ECB interest rates at an unchanged level.
V drugi polovici leta je Svet ECB sklenil, da pusti ključne obrestne mere ECB nespremenjene.
Taking due account also of the unusually high degree of uncertainty about the impact of the financial turmoil on the real economy, the Governing Council deemed it necessary to collect and assess additional information and to monitor developments in financial markets particularly closely before drawing further conclusions for monetary policy.
Ob upoštevanju nenavadno visoke stopnje negotovosti glede učinka finančnih pretresov na realno gospodarstvo je Svet ECB menil, da je treba pred sprejemanjem nadaljnjih zaključkov o denarni politiki zbrati in oceniti dodatne informacije ter pozorno spremljati gibanja na fi nančnih trgih.
At the same time, the Governing Council confirmed its permanent readiness to do whatever was needed in order to ensure that upside risks to price stability would not materialise and that the firm anchoring of longterm inflation expectations would be preserved.
Hkrati je Svet ECB potrdil svojo stalno pripravljenost, da stori vse potrebno, da bi zagotovil, da se navzgor usmerjena tveganja za cenovno stabilnost ne bi uresničila in da bi bila dolgoročna inflacijska pričakovanja še naprej trdno zasidrana.
Economic activity in the euro area continued to expand at solid rates in 2007, with annual real GDP growing by 2.6%, despite volatile energy prices and an environment of heightened uncertainty stemming from the financial turmoil in the second half of the year.
Leta 2007 je bil dosežen nadaljnji napredek pri fiskalni konsolidaciji v skladu z dopolnjenimi programi stabilnosti, tako da se je povprečna stopnja javnofinančega primanjkljaja v euroob- močju znižala na 0,8% BD
While euro area exports continued to benefit from strong but moderating global economic growth, domestic demand – in particular the fixed investment component – remained the main driver of the expansion of economic activity.
Medtem ko je na izvoz euroobmočja še naprej ugodno vplivala močna, čeprav nekoliko zmernejša svetovna gospodarska rast, pa je bilo domače povpraševanje – zlasti investicije v osnovna sredstva – še naprej gibalo rasti gospodarske aktivnosti.
During the first half of 2007, strong investment growth was supported by favourable financing conditions, strong corporate earnings and further gains in business efficiency.
V prvi polovici leta 2007 so k močni rasti naložb prispevali ugodni pogoji fi nanciranja, veliki podjetniški dobički in dodatno izboljšanje učinkovitosti poslovanja.
In the second half of 2007, the heightened financial uncertainty partly clouded the situation in the real economy and the balance of risks to the baseline scenario for euro area growth tilted to the downside.
Povečana finančna negotovost je v drugi polovici leta 2007 deloma skalila razmere v realnem gospodarstvu, ravnotežje tveganj v osnovnem scenariju gospodarske rasti v euroobmočju pa se je obrnilo navzdol.
Cross-checking with the monetary analysis confirmed the Governing Council’s assessment that risks to price stability continued to lie clearly on the upside at medium to longer horizons.
Navzkrižna primerjava z denarno analizo je potrdila oceno Sveta ECB, da so tveganja za cenovno stabilnost srednjeročno do dolgoročno nedvomno na strani naraščanja inflacije.
A broad-based assessment of available data confirmed that the underlying rate of money and credit expansion was very vigorous.
Širša ocena dostopnih podatkov je potrdila zelo živahno rast denarja in kreditov.
In the second half of 2007, the influence of the financial turmoil on the underlying dynamics of broad money and credit expansion remained limited.
V drugi polovici leta 2007 je vpliv fi nančnih pretresov na osnovno dinamiko rasti denarja in kreditov ostal omejen.
This was underlined in particular by the sustained growth of bank loans to the domestic private sector, especially to non-financial corporations, suggesting that the credit supply had not been significantly impaired. The
To je zlasti potrdila nezmanjšana rast bančnih posojil domačemu zasebnemu sektorju, zlasti nefinančnim družbam, kar kaže, da ponudba kreditov ni bila izraziteje oslabljena. Svet ECB je bil v tem obdobju posebno pozoren na denarna gibanja.