Examples of using Implicit liabilities in English and their translations into Slovenian
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Monitoring implicit liabilities;
Implicit liabilities, notably related to ageing;
Fiscal risks stemming from explicit and implicit liabilities should be taken into account as a relevant factor.
Increased attention should be paid to monitoring public debtdevelopments while medium-term budgetary objectives should be strengthened to address implicit liabilities.
Projected implicit liabilities related to the cost of ageing reflect the long-term challenges in terms of an ageing population.
Similar instruments wouldalso need to be developed to monitor the implicit liabilities of pension schemes operating at national level.
At the euro-area level increased attention should be put on monitoring public debt developments,while medium-term budgetary objectives should be strengthened to address implicit liabilities.
In this year's report, the methodology proposed for incorporating implicit liabilities in the MTOs of the preventive arm is also presented.
Implicit liabilities(related to increasing expenditures in the light of ageing populations) should be taken into account, as soon as criteria and modalities for doing so are appropriately established and agreed by the Council.
In this context,work also continues on developing an appropriate methodology to take into account implicit liabilities when calculating Member States» medium-term budgetary objectives.
Implicit liabilities arising from population ageing were curbed by past pension reforms, improving Italy's long-term sustainability also by gradually adjusting retirement age to life expectancy.
The debt-to-GDP ratio will not only suffer from the accumulation of public deficits butalso from the implicit liabilities foreseeable with population ageing and the expected slow medium-term growth in the euro area and the EU.
Monitoring implicit liabilities within mandatory Pay-As-You-Go pension systems, supplementing them with buffer funds on a case-by-case basis in order to avoid risks of rapid adjustments that would affect the most vulnerable;
Preserve a sound fiscal position correcting any departure from a medium-term budgetary objective(MTO) that ensures the long-term sustainability of public finances,in particular taking into account implicit liabilities related to ageing.
This takes no account of the difficulties involved in quantifying these implicit liabilities, bearing in mind a series of factors- such as migratory flows, employment trends, economic fluctuations, etc.- which will influence the future of the pensions system for decades to come26.
NOTING that the medium term objectives should be updated regularly on the basis of a commonly agreed method, the main parameters of which are also to be reviewed regularly,reflecting appropriately the risks of explicit and implicit liabilities for public finance, as embodied in the aims of the Stability and Growth Pact.
In particular, it should be recalled that the component of the Medium-Term Budgetary Objective related to implicit liabilities and debt(MTOILD) has a built- in element representing the budgetary balance that would stabilise the debt ratio at 60% of GDP and a complementary component representing the additional budgetary balance necessary for countries with debt exceeding 60% of GDP.
However, this MTO cannot be regarded as appropriate under the provisions of the Stability and Growth Pact because, based on current policies and projections,this MTO does not appear to take sufficiently into account the implicit liabilities related to ageing, despite the debt being below the Treaty reference value.
Non- compliance with this numerical benchmark is not, however, necessarily expected to result in the country concerned being placed in excessive deficit, as this decision would need to take into account all the factors that are relevant, in particular for the assessment of debt developments, such as whether very low nominal growth is hampering debt reduction, together with risk factorslinked to the debt structure, private sector indebtedness and implicit liabilities related to ageing.
When assessing the deviation from the medium-term objective or the path to achieve it, other factors such as potential economic growth, inflation,the existing implicit liabilities related to ageing populations, the impact of structural reforms or the need for additional net investment could be considered.
Preserve a sound fiscal position in 2014; significantly strengthen the budgetary strategy in 2015 to ensure that the medium-term objective is achieved and remain at the medium-term objective thereafter, in order to protect the long-term sustainability of public finances,in particular by taking into account implicit liabilities related to ageing.
Recently, Member States have agreed detailed principles on the revision of the medium-term budgetary objectives(MTO) in order to ensure that the Member States' budgetary strategies reflect real medium-term needs,by taking account not just of debt levels but also implicit liabilities, notably costs related to ageing populations, in particular projected healthcare and pension expenditure.
Consideration could be given to revising Stability and Growth Pact rules to ensure that the outcome of reforms(including the shift from fully Pay-As-You-Go to partially funded pension systems) leading to changes in the financing of pension systems,which increase explicit and reduce implicit liabilities, are reflected appropriately.
NOTING that the medium-term objectives should be updated regularly on the basis of a commonly agreed method, the main parameters of which are also to be reviewed regularly,reflecting appropriately the risks of explicit and implicit liabilities for public finance, as embodied in the aims of the Stability and Growth Pact;
The Company declines any explicit or implicit liability in the event that use of the Information contravenes a patent, copyright or registered trade mark.
The Company declines any explicit or implicit liability in the event that use of the Information contravenes a patent, copyright or registered trade mark.
In this context, private debt cannot be forgotten,to the extent that it may represent a contingent implicit liability for governments.