natgillin/translations-raw huggingface dataset:
Her sker udnævnelse , uden at der fastsættes en bestemt embedsperiode .
At the other end of the spectrum , the term of the Governor is unlimited in Italy .
For de resterende centralog banker gælder det , at udnævnelsesperioderne normalt er på fra fire år i Gr ~ kenland Spanien til otte år i Tyskland ( udnævnelsesperioder kan vzre kortere i Tyskland , dog ikke kortere end to år ) .
In the remaining central banks , the term of office normally ranges from four years in Greece and Spain to eight years in Germany ( terms in Germany can be shorter than this , but no less than two years ) .
Genudnævnelse kan ske i disse lande .
Appointments in these countries are renewable .
Den gældende praksis kan sammenlignes med ESCB-bestemmelsen om , at udnævnelsesperioden for et medlemslands centralbankchef skal vEre på mindst fem år ( dog kan der ske genudnævnelse ) .
Current practices can be compared to the provisions in the ESCB Statute which specify that the term of office of national central bank Governors shall be at least five years ( although terms can be renewed ) .
Medlemmer af ECB 's Direktion vil blive udpeget for otteårs perioder , og der kan ikke ske genudnzvnelse .
Members of the Executive Board of the ECB will be appointed for eight-year , non-renewable terms .
FREMTIDIGE ÆNDRINGER I CENTRALBANKLOVGIVNINGEN
PROSPECTIVE CHANGES I CENTRAL BANK LEGISLATION N
Som omtalt ovenfor skal der ske ændringer i centralbanklovgivningen .
As noted above , changes must be made to central bank legislation .
For starten på anden fase skal national lovgivning være i overensstemmelse med Traktatens bestemmelser om forbud mod « monetær finansiering » af budgetunderskud .
Before the start of Stage Two national legislation must conform with the Treaty provisions prohibiting « monetary financing » of budget deficits .
Fur begyndelsen på tredje fase skal alle centralbanker være gjort uafhzngige .
Before the start of Stage Three all central banks must be made independent .
3 I Belgien vedtoges ny lovgivning i marts 1993 , der indeholder bestemmelser herom .
3 In Belgium , new legislation to this effect was adopted in March 1993 .
I en række lande er de nationale statutter for centralbanken ved at blive grundigt revurderet , og forslag om ændringer er under drarftelse . 1 nogle tilfælde er disse overvejelser nået langt .
In a number of countries , national central bank statutes are currently being carefully re-examined and proposals for changes are under discussion .
I Spanien har man i parlamentet fremlagt lovforslag med henblik på ikrafttrædelse fra den 1 . januar 1994 .
In some cases , deliberations are at an advanced stage : in Spain , draft legislation has been submitted to Parliament , which should enter into force on 1st January 1994 .
I Grækenland er et lovforslag blevet udarbejdet , og det forventes , at det vil blive forelagt parlamentet af regeringen til vedtagelse i Ilabet af 1993 .
In Greece , draft legislation has been prepared and it is expected to be submitted by the government to the Parliament for approval during 1993 .
3 Se foranstående fodnoter 1 og 2 .
See preceding footnotes 1 and 2 . - 48 -
III .
IV .
INSTITUTIONELLE RAMMER FOR MEDLEMSLANDENES CEN 1 .
ACTIVITIES OF THE COMMITTEE OF GOVERNORS AND PREPARATION FOR THE MOVE TO EMU 1 .
CENTRALBANKCHEFKOMITEENS AKTIVITETER
ACTIVITIES OF THE COMMITTEE OF GOVERNORS
I sidste årsberetning fandtes en detaljeret beskrivelse af Centralbankchefkomiteens funktioner og opgaver samt af dens organisatoriske opbygning . De faste opgaver , der beskrives i dette afsnit , dækker en lang række af emner så som koordinering af pengepolitik , overvågning af udviklingen i EMS , overvågning af det private ECU-marked , sporgsmål i forbindelse med banktilsyn og forholdet til tredjelande .
Last year , the Annual Report provided a detailed description of the functions and tasks of the Committee of Governors , and its organisational structure . The regular activities described in this section cover a wide range of topics : the co-ordination of monetary policies ;
Endnu en opgave er blevet frajet til ved det mandat , som Det Europæiske Fællesskabs Råd gav i 1992 til at forberede overgangen til 0 MU' ens anden og tredje fase .
and relationships with non-Community countries . An additional task in 1992 resulted from the mandate of the Council of the European Communities to prepare the move to the second and third stages of EMU .
Det forberedende arbejde på dette område , som beskrives i andet afsnit af dette kapitel , nodvendiggjorde en tilpasning af Komiteens organisation .
The preliminary work in this field , which is described in Part 2 of this chapter , required an adaptation of the organisational structure of the Committee .
Ved udfrarelsen af disse opgaver var Komiteen i tæt kontakt med andre af Fællesskabets institutioner , og der etableredes kontakter til de private banker vedrorende nogle af arbejdsområderne .
In performing its tasks , the Committee maintained close contacts with other Community bodies and established links with the banking community in some areas of activity .
Samordning af pengepolitikken Centralbankchefkomiteens mandat går ud på at fremme koordineringen af pengepolitikken « med henblik på at opnå stabile priser som en nodvendig forudsætning for , at Det Europæiske Monetære System kan fungere tilfredsstillende , og at systemets målsætning , den monetære stabilitet , kan gennemf ~ res » .
1.1 Co-ordination of monetary policies The mandate of the Committee of Governors calls on the Committee to promote the co-ordination of monetary policies « with the aim of achieving price stability as a necessary condition for the proper functioning of the European Monetary System and the realisation of the objective of monetary stability » .
Dette arbejde sker inden for den fælles ramme for overvågning af pengepolitik , som blev indfort ved starten på OMU1ens forste fase i midten af 1990 .
This task is carried out within a common framework for the monitoring of monetary policies which was introduced at the beginning of Stage One of EMU in mid-1990 .
Indenfor denne ramme har Komiteen regelmæssigt overvåget den monetære og okonomiske udvikling i Fællesskabet ved de månedlige moder .
Within this framework , the Committee regularly examined monetary and economic trends in the Community at its monthly meetings .
En mere detaljeret og fremadskuende analyse (" ex ante analyse ") blev foretaget i efteråret , f0r de nationale myndigheder tog endelig beslutning om fastsættelse af deres pengepolitiske mål .
A more detailed forward-looking analysis (" ex ante exercise ") took place in the autumn , before the national authorities took final decisions on the intermediate objectives of monetary policies .
Komiteen vurderede især , om de nationale pengepolitiske målsætninger , således som de afspejledes i fastsættelsen af pengepolitiske målsætninger , var konsistente med den overordnede målsætning om en nedadgående konvergens for inflationstakter i hele Fællesskabet .
The Committee assessed , in particular , whether the intended guidelines for national monetary policies , as reflected in the setting of intermediate targets , were consistent with the objective of downward convergence of inflation rates throughout the Community .
Den fremadskuende vurdering , som fandt sted i december 1991 , blev suppleret med en « ex post » - overvågning i foråret , som sammenholdte den okonomiske og monetære udvikling med skrannene fra tidligere .
The forward-looking assessment carried out in December 1991 was supplemented by an « ex post » surveillance exercise undertaken in the spring which compared economic and monetary developments with earlier projections .
Arsagerne til afvigelser blev undersogt , og behovet for at ændre den okonomiske politik blev vurderet .
The causes of deviations were examined and the need for any adjustment of policies was reviewed .
« Ex ante » og « ex postu-vurderingerne baserer sig på nogle fælles indikatorer , som er indbyrdes konsistente .
The « ex ante » and « ex post » exercises make use of a set of commonly agreed and mutually consistent indicators .
0konomiske nragletal , der dækker hele Fællesskabets område , spiller her en vigtig rolle .
Community-wide economic aggregates play an important role .
For at opnå , at de nationale skran , der er grundlaget for den fremadskuende vurdering , bliver konsistente , opstilles fælles foruds ~ tninger s b n for den 0kofor nomiske og finansielle udvikling uden for Fællesskabet .
To ensure the broad consistency of the national projections underpinning the forward-looking appraisal , common assumptions on economic and financial prospects outside the Community
Det analytiske fundament for
were agreed by national central banks .
overvågningen revurderes ofte og forbedres .
The analytical foundations of the monitoring framework are frequently reviewed and improved .
Dermed sikres det , at den valgte metode er passende givet de hurtige ændringer inden for det skonomiske og finansielle område .
This ensures that the adopted approach remains appropriate given the rapid changes in the economic and financial environment .
studeret udviklingen i finansielle aktiver og passiver , der holdes på tvcers af landegrsenser . Dette er sket , fordi sådanne aktiver normalt ikke inkluderes i de traditionelle pengemængdemål ( se boks 3 ) .
In this context , attention has recently been paid , for example , to developments in cross-border monetary holdings , as these assets are not included in traditional monetary aggregates ( see Box 3 ) .
Herudover studerede Centralbankchefkomiteen nsje udviklingen i medlemslandenes offentlige finanser og betydningen for pengepolitikken .
In addition , the Committee of Governors studied in detail , developments in public finance in Community countries and their implications for the conduct of monetary policies .
Rapporten herom , som udfcerdiges én gang om året , blev fremsendt til finansministrene .
This report , which is produced annually , was transmitted to the Ministers of Finance .
Overvågning af udviklingen i EMS En af Centralbankchefkomiteens hovedopgaver er at overvåge udviklingen i EMS .
Overseeing EMS developments One of the principal activities of the Committee of Governors is to oversee the operation of the EMS .
Dette sker ved regelmæssige månedlige vurderinger af udviklingen på valutamarkederne og af renteudviklingen samt ved analyse af alle de faktorer , inklusive politiske indgreb , som påvirker udviklingen i valutakurssamarbejdet i EMS .
This activity includes the regular monthly monitoring of current exchange market and interest rate developments and the analysis of all factors , including policy measures , which affect the functioning of the EMS exchange rate mechanism .
Efter starten på fsrste fase af 0 M U i midten af 1990 er den månedlige vurdering af udviklingen blevet suppleret med en årlig analyse af , hvorledes EMS fungerer .
Following the move to Stage One of EMU in mid-1990 , the monthly monitoring exercise has been supplemented by an annual examination of the functioning of the EMS .
I 1992 koncentrerede analysen sig om den seneste uro på valutamarkederne ( se kapitel I ) .
The review for 1992 focused on the recent turmoil in the foreign exchange markets ( see Chapter I ) .
Herudover studerer Komiteen i sjeblikket , hvilken lsere der kan drages af den seneste udvikling . Dette er i overensstemmelse med det mandat , som Komiteen fik af Det Europæiske Råd på det ekstraordinære msde i Birmingham den 16 .
In addition , the Committee is currently assessing which lessons might be drawn from the recent events , in accordance with the invitation from the European Council given at its special meeting of 16th October 1992 in Birmingham .
1.2 Tilsyn med det private ECU-marked Siden 1984 har man årligt studeret udviklingen på det private ECU-marked .
Monitoring the private ECU market Since 1984 , developments in the private ECU market have been examined on an annual basis .
Disse studier har vurderet den monetcere virkning af nationale myndigheders og af Fcellesskabets institutioners brug af private ECU samt af brugen i den private sektor . Herudover har man vurderet de legale og administrative rammer , indenfor hvilke brugen af privat ECU finder sted .
The surveys assess the monetary implications of the use of the private ECU by national and Community authorities as well as by the private sector , and review the legal and administrative framework supporting this use .
Komiteen har også studeret ECU-clearing systemet , og for tiden underssger man , hvorledes den reform , som ECU-bankforeningen vedtog i februar 1992 , implementeres .
In addition , the Committee has studied the functioning of the ECU clearing system and is currently monitoring the implementation of reforms which the ECU Banking Association agreed to undertake in February 1992 .
Disse reformer skulle bringe systemet op på et sikkerhedsniveau , der svarer til de krav , der fremgår af rapporten fra « The G10 Committee on Interbank Netting Schemes » fra 1990 ( den såkaldte « Lamfalussy-rapport ") .
These reforms should bring the system to a level of soundness consistent with the requirements set out in the report of the G - 10 Committee on Interbank Netting Schemes in 1990 ( the so-called « Lamfalussy Report ") .
1.4 banktilsyn . Sprargsmål vedrerende banktilsyn I det forlarbne år har Komiteen koncentreret sig om tre sparrgsmål i relation til
Issues in the field of banking supervision In the past year , the Committee has concentrated on three issues in the banking supervisory area .
For det fsrste har man studeret virkningen af implementeringen af Andet Bankharmoniseringsdirektiv for etableringen af det indre marked for bankvirksomhed . Dette direktiv trådte i kraft den 1 .
Firstly , considerable attention was devoted to the implications of the Second Banking Co-ordination Directive establishing the Single Market in the banking sector , which came into force on 1st January 1993 .
Ifslge direktivet har kreditinstitutter , autoriseret i ét
Under this Directive , credit institutions authorised in
Indlån over landegrænserne ( IOL ) defineres som indlån fra ikke-banksektoren
Box 3 : CROSS-BORDER HOLDINGS AND MONETARY ANALYSIS Cross-border l ~ old ~ ngs ( CBHs ) may be defined as deposits of the non-bank sector held with banks located in countries other than those 111
lokaliseret i andre lande end indskyderens hjemland .
which the holders are resident .
Der kan ligge flere grunde bag beslutningen om at placere indskud i udlandet .
Several reasons may underlie the
Disse inkluderer undgåelse af faktisk eller forventede indenlandske reguleringer , såsom reservekrav eller beskatning af kapitalindkomst , reduktion i transaktionsomkostningerne og spredning af landerisikoen .
decision to keep nioney abroad These include the avoidance of actual or expected domestic regulations , such of as reserve requirements or capital income taxation ; the reduct1011of transaction costs ;
Mkonomisk og finansiel integration har ledt til en stadig stigning i IOL for indlændinge i Fællesskabet , således som vist i figuren .
and the divers ~ fication country risk on monetary assets . Economic and fin' mcial lntegratloli has led to a steady Increase III
Der er dog markante nationale forskelle både med hensyn til s t ~ r relsen af IOL og mnsteret for deres vækst .
However , there are significant national differences both in the size of CBHs and in their pattern of growth .
Disse forskelle er forbundet til særlige karakteristika ved de nationale finansielle systemer , såsom betydningen af finansielle infrastrukturer og virkningen af indenlandsk regulering .
These differences are linked to particular features of national financial systems , such as the import' mce of financ ~ alvehicles , atld the impact of domestic regulations .
I forhold til det nationale BNP har indlændinge i Belgien , Tyskland , Irland , Holland og England holdt IOL over Fællesskabets gennemsnit .
In relation to national GDP , residents in Belgium , Germany , Ireland , Netherlands and the UK hold proportions of CBHs above the Community average .
Figuren viser også andelen af IOL , som indlændinge i Fællesskabet har med banker lokaliseret inden for EF , og andelen af totalen denomineret i Fællesskabets valutaer ( eksklusive danske kroner , græske drachmer , spanske pesetas og portugisiske escudos for hvilke data ikke findes ) .
The graph also shows the percentage of CBHs which Community residents hold with banks located within the EEC and the proportion of the total which is denom ~ natedin Community currencies ( excluding Danish krone , Greek dracluna , Spanish peseta and Portuguese escudo for which data are not available ) .
Den h0je værdi af begge disse andele i hele perioden skyldes den stærke integration mellem Fællesskabets lande på det finansielle og monetære område .
The high value of both these proportions throughout the sample stems from the particularly close integration among Commun ~ ty countries 111the financial and monetary sphere .
Til trods for den hurtige ekspansion i de seneste år repræsenterer IOL stadig en relativ lille del af monetære aktiver hos indlændinge i Fællesskabet .
Despite their rapid expansion in recent years , CBHs still represent a relatively small proportion of Community residents » monetary assets .
Traditionelle monetære aggregater har derfor bevaret deres analytiske anvendelighed . Efterhånden som den finansielle integration skrider ydeligere frem , kan IOL dog få stigende betydning .
Traditional monetary aggregates have consequently maintained their usefulness in monetary analys ~ s. However , as financial integration progresses further , CBHs may become increasingly important in the future .
I I I
m m
Totalt i % af BNP 1 )
Total in % of GDP1 ) I
o 90 80 I
4 2 0 ~ 90 80 ~ ~
2 O 1988 1989 1990 1991 1992
1988 % held rn EEC countries % held in EEC currencies 1989
90 O O /
80 70 60 / -
holdt I EF-valutaer 80
S. ..... -.....
1 ) S k ~ for BNP i 1992 n
1 1989 1 1 l ) Estimate for GDP
medlemsland , faet ret til frit at oprette filialer og tilbyde tjenesteydelser i hele Fællesskabet uden at skulle opnfi yderligere autorisation i værtslandet .
any Member State have acquired the freedom to establish branches and to provide services throughout the Community without the need for further authorisation in the host State .
Ifalge det grundlæggende princip om hjemlandskontrol falder ansvaret for tilsyn p & myndighederne i det land , hvor kreditinstituttet er autoriseret .
In accordance with the fundamental principle of home country supervision , the responsibility for supervision rests with the authorities in the Member State where the credit institution has been authorised .
For effektivt at implementere dette princip skal samarbejdet styrkes mellem p & den ene side tilsynsmyndighederne i « hjemlandet » og p & den anden side tilsynsmyndighederne i værtslandet .
The effective implementation of this principle requires the strengthening of the existing co-operation between the supervisory authorities of the « home country » , on the one hand , and of the country hosting foreign branches , on the other .
For at opna dette er der indgaet bilaterale aftaler , i hvilke de praktiske retningslinjer er fastlagt for tilsynet med filialer af kreditinstitutter , der er etableret i andre medlemsstater .
To this end , bilateral agreements are being concluded to determine the practical guidelines covering the supervision of branches of credit institutions established in other Member States .
For det andet har Centralbankchefkomiteen defineret en række principper , som kan anvendes for at overvage og fare tilsyn med konglomerater , hvori der indgår en bank .
Secondly , the Committee of Governors defined a series of principles which could be applied to monitor and supervise conglomerates containing a bank .
Komiteen unders ~ gte ogsa , i hvilken udstrækning der kunne forekomme « tilsynsmæssig arbitrage » ved udfmelsen af forskellige aktiviteter indenfor et konglomerat , og i hvilken udstrækning mangelen pil gennemskuelighed i en koncernstmktur kunne forage vanskelighederne med at vurdere risiciene for koncernen som helhed .
The Committee also considered the potential for regulatory arbitrage arising from the organisation of activities within a conglomerate and the extent to which the lack of transparency of the group 's structure could increase the difficulties of assessing risks on a group-wide basis .
Komiteen enedes om at opfordre til diskussion mellem banktilsynsmyndigheder og andre tilsynsmyndigheder med henblik p at A undersage muligheden for samarbejde og for at opna s t m e ensartethed i tilrettelæggelsen af de forskellige former for tilsyn .
The Committee agreed to encourage discussions between bank supervisors and other supervisory authorities in order to study the possibilities of collaboration and of a convergence in the respective approaches .
Resultatet af Komiteens overvejelser blev bekendtgjort til EF 's Radgivende Bankudvalg og til Baselkomiteen for Banktilsyn , for at disse komiteen diskussioner kunne fremmes .
The results of the Committee 's deliberations were passed to the EC Banking Advisory Committee and the Basle Committee on Banking Supervision to assist them in carrying these discussions forward .
For det tredje har Centralbankchefkomiteen , ligesom en række andre komiteer , undersagt , hvilken lære man kan drage af sagen vedrmende Bank of Credit and Commerce International ( BCCI ) .
Thirdly , in common with a number of other groups , the Committee of Governors has also been considering the lessons to be learned from the case of the Bank of Credit and Commerce International ( BCCI ) .
I særlig grad har man studeret Bingham-rapporten samt betydningen for EF-lovgivningen af Baselkomiteens notat « Minimum standards for the supervision of international banking groups and their cross-border establishments » .
Particular attention is being paid to the Bingham Inquiry Report and to the implications of the Basle Committee 's paper « Minimum standards for the supervision of international banking groups and their cross-border establishments » for EC legislation .
Herudover har Centralbankchefkomiteen studeret falgende emner : fordele og begr ~ nsningerved centrale kreditregistre , som i dag eksisterer i flere medlemslande , og hvorledes den information , disse registre indeholder , kan blive delt mellem de forskellige medlemslandes tilsynsmyndigheder .
In addition , the Committee of Governors is studying the following issues : the merits and limitations of the central credit registers which currently exist in several Member States and how the information they contain might be shared among the respective banking supervisory authorities ;
Ligeledes har man undersragt , hvilke tegn der findes på sårbarhed i den finansielle sektor og de problemer , dette indebærer for tilsynsmyndighederne .
and the evidence for financial fragility and the problems which this causes for supervisors .
Samarbejde med andre EF-organer Centralbankchefkomiteen har opretholdt nær kontakt med flere af Fællesskabets institutioner .
Co-operation with other Community bodies The Committee of Governors has maintained close contacts with several Community bodies .
For det fmste blev Europa-Parlamentet ved flere lejligheder informeret om Centralbankchefkomiteens arbejde .
Firstly , on several occasions the European Parliament was informed of the work of the Committee of Governors .
Formanden for Komiteen var i april 1992 til haring i Europa-Parlamentets Udvalg for Mkonomiske og Monetære spmgsmål og Industripolitik angående det forberedende arbejde f ~ overgangen til anden og tredje fase af @ MU .
In April 1992 , the Chairman of the Committee gave evidence to the European Parliament Committee on Economic and Monetary Matters and Industrial Policy on the preparatory work for the move to the second and third stages of EMU .
Underkomir teen om Monetære Spmgsmål blev ogsa informeret om Centralbankchefkomiteens arbejde . 1.5
The SubCommittee on Monetary Affairs was also briefed on the activities of the Committee of Governors .
Formanden forelagde i december 1992 Komiteens frarste årsberetning for Europa-Parlamentet i et plenarmrade .
In December 1992 , the Chairman presented the Committee 's first Annual Report to the European Parliament in a plenary session .