Exemple de utilizare a External liabilities în Engleză și traducerile lor în Română
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The high stock of external liabilities remains a source of vulnerability.
Graph 3: Current account: cyclically-adjusted balances andbalances required to stabilise or reduce external liabilities.
Stocks of net external liabilities are generally falling, though in most cases at a slow pace.
Graph 5: Cyclically-adjusted current account balances andbalances required to stabilise or reduce external liabilities, 2015.
More than half of the external liabilities consist of foreign direct investments which reduces risks.
Moreover, a high share of domestic debt is denominated in EUR,which adds to the currency risks stemming from the high external liabilities.
Since the large external liabilities increased exposure to financial shocks, deficit countries suffered from reduced risk-appetite on financial markets.
The current account deficit remains high despite some adjustment, andinsufficient to stabilise the large stock of net external liabilities.
In countries with high external liabilities, the large current account deficits of the pre-crisis period have been considerably reduced or even turned into surpluses.
The negative NIIP remains beyond the threshold butit has been improving and more than half of the external liabilities consist of FDI which reduce risks.
In countries with high external liabilities, the large and unsustainable current account deficits of the pre-crisis period have been considerably attenuated and external positions balanced or in surplus would need to be sustained in order to significantly reduce the vulnerabilities.
The improved current account positions of net debtor countries need to be sustained in order to ensure a reduction of the stock of net external liabilities.
Portugal: In March 2016,the Commission concluded that Portugal was experiencing excessive macroeconomic imbalances relating to large stocks of external liabilities, private and public debt, a large share of non-performing loans(NPL) and elevated unemployment.
Ireland: In February 2015, the Commission concluded that Ireland was experiencing macroeconomic imbalances which require decisive action and specific monitoring, in particular involving financial sector developments, private and public sector indebtedness,high gross and net external liabilities and the labour market.
Excessive imbalance: policy action is required in view of the vulnerabilities arising from sizeable external liabilities, declining export performance, highly leveraged firms and fast-increasing general government debt, all within a context of low growth and poor adjustment capacity.
In the majority of the economies with highly negative positions,higher current account surpluses than those currently observed would be needed in order to reduce their net external liabilities in a timely fashion(Graph 3).
Negative valuation effects have also weighed- sometimes significantly- on the improvement of net external liabilities, notably in Greece, Spain and Portugal.
In Ireland and a number of Eastern European countries(Hungary, Poland, Romania), the current account balances thatare currently recorded need to be maintained for a protracted period of time in order to lead to a significant improvement in the net external liabilities over the medium term.
For example, the Kyrgyz Republic had virtually no debt in 1992, but by the end of 1999 had accumulated external liabilities equal to close to 100 percent of GDP.
Ireland: In March 2016, the Commission concluded that Irelandwas experiencing macroeconomic imbalances, related to large stocks of external liabilities and vulnerabilities from private and public debt.
Competitiveness dynamics are of relevance both for the accumulation and correction of macroeconomic imbalances(e.g., trade and current account deficits,stocks of domestic and external liabilities) and an effective adjustment to asymmetric shocks.
In particular, in a context of subdued growth, delayed restructuring of firms anddismal employment performance, the risks associated with weak competitiveness, large external liabilities and rising public debt coupled with weak public sector governance have increased significantly.
Croatia: In February 2015, the Commission concluded that Croatia was experiencing excessive macroeconomic imbalances requiring decisive policy action andspecific monitoring, in particular involving risks related to weak competitiveness, large external liabilities and rising public debt, coupled with weak public sector governance, and dismal employment performance in a context of subdued growth.
Graph 21: Net external financial liabilities; euro area Member States.
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