natgillin/translations-raw huggingface dataset:
For det frarste skal mulige elementer i den fælles pengepolitik studeres , især med henblik på valg , definition og hensigtsmæssigheden af mellemmål til at vejlede pengepolitikken .
Firstly , the possible concepts of the single monetary policy should be studied , focusing in particular on the choice , definition , and appropriateness of intermediate objectives
2.3 Ifnlge sektion 11 i protokollen om England har den engelske regering ret til at opretholde sin « Ways and MeansV-facilitethos Bank of England , såfremt og så længe England ikke går over til tredje fase .
In accordance with Section 11 of the Protocol relating to the United Kingdom , the government may maintain its « ways and means » facility with the Bank of England if and so long as the United Kingdom does not move to the Third Stage .
TABEL 8 CENTRALBANKFINANSIERINGAF OFFENTLIG SEKTOR ( a ) :
TABLE 8 : CENTRAL BANK FINANCING OF THE PUBLIC SECTOR (
ADGANG I CENTRALBANKEN FOR OFFENTLIGE ENHEDER
ITEM OVERDRAFT OR OTIIER CREDIT FACILITiES BY CENTRAL BANK TO PUBLIC ENTTIES
* automatisk adgang eller ved ansogning loft over udestiende belob ?
legally possible automatic access or on application ceiling on outstanding amount ?
( i mia . national valuta
( in billions of national currency or as a % of government expenditurelrevenue ) actual use ( in % of GDP ) : 0 0 Yes @) automatic Yes ( Bfr .
eller som en pct af offentlig
Yes on application Yes ( ca DM 10 )
AF OFFENTLIGE ENHEDERS PAPIRER PÅ DET PRIMÆRE MARKED
Yes automatic None during year ( Pts . 1,200 end of year ) 0.4 2.1
bruttoopk ~ bi1991i pct . af BNP
( Bfr . flow in 1991 outstanding amount end-1991 E W BANKS IN
0 , O 2.0
1 . O 8.4
2.8 ( h ) 0 , O
legally possible gross direct purchases in 1991 ( in % of GDP )
0 , O 0,7
Yes 0.0
0 , O I overensstemmelsemed Maastricht-traktatens Artikel 104 Trækningsadgangenvil lovgivningsmæssigtblive ophzvet senest juni 1993 Ændringer i regeringens lobende konto sker som fdge af regenngens nettdantagning i udlandet
According to Maastricht Treaty , Article 104 . The facilities will be legally abolished by June 1993 at the latest Changes in government 's current account occur due to changes in net government borrowing abroad .
Ændringer i regenngens lobende konto sker kun som f ~ l g e valutakursændringerregistreret i centralbankens valutareserver af 1 ) Den luxembourgske regering har en traekningsadgang hos Belgiens centralbank .
Changes in government 's current account occur only due to exchange rate fluctuations recorded in central bank 's currency reserves . 1 ) The Luxembourg government has an overdraft facility with the Central Bank of Belgium , subject to a ceiling .
Trækningsadgangener underlagt et loft Trækningsadgangen blev elimineret ved udgangen af 1992 Den udestiende balance blev konsolideret til et 10-ångt lin Tiifmsleni 1991 afspejler en stiguingi den 0vre grænse f a Loftet blevreduceret til 5 % fra 10 % fra begyndelsen af 1993 Opkebene blev markant reduceret til 0,1% af BNPi 1992 2 ) Desuden giver udstedelsen af sedler og m0nt hos « Institut Monétaue Luxembourgeois "( IML ) direkte regeringen - begrænsede - likvide midler , der modsvares af et IML krav p
2 ) In addition , the issue of notes and coins by the Institute Monetaire Luxembourgeois ( IML ) provides the government with - limited - liquid funds directly , against a non-callable claim of the IML on the government . The overdraft facility was eliminated at the end of 1992 .
Dette tal afspejler meget store exceptioneue bansaktioner relateret til omlægningen af pengepolihske instrumenter og procedurer Nettolueditten til den offeniiige sektor faldt i leb
Purchases were sharply reduced to 0.1% of GDP in 1992 . This figure reflects very large exceptional transactions related to the restructuring of monetary policy instruments and procedures .
diet af dette sprargsmål indebærer en vurdering af de relative fordele ved forskellige målvariable .
The examination of this issue will involve an assessment of the relative merits of alternative target variables .
Et andet sprargsmål drejer sig om metoder og organisatoriske aspekter af pengepolitiske indgreb .
A second issue relates to the methods and organisational aspects of executing monetary policy operations .
Dette aspekt drejer sig overvejende om fordelingen af ansvaret mellem ECB og de nationale centralbanker .
This aspect essentially concerns the division of responsibilities between the ECB and the national central banks .
Statutterne bestemmer , at ECB kan fastlægge retningslinjer for de nationale centralbanker til at udfrare operationer « i det omfang det sluannes muligt og hensigtsm ~ ssigt » .
The Statute states that the ECB shall have recourse to the national central banks to carry out operations « to the extent deemed possible and appropriate » .
De praktiske implikationer af denne bestemmelse skal studeres i lyset af ESCB 's andre målsætninger .
The practical implications of this provision must be studied in the light of the other objectives of the ESCB .
For det tredje er det nradvendigt at vælge pengepolitiske instrumenter til udfrarelsen af den fælles pengepolitik .
Thirdly , monetary policy instruments will have to be considered for the implementation of the single monetary policy .
Det er væsentligt , at denne udvælgelse sker tilstrækkelig tidligt , således at den nradvendige harmonisering af instrumenter kan gennemfrares i god tid fur starten på tredje fase . Dette vil så grare markederne bekendte med de nye procedurer og den ny praksis , når ESCB starter på udfrarelsen af sine opgaver .
It is important that choices are made to promote the necessary degree of harmonisation of instruments sufficiently ahead of the start of Stage Three in order to guarantee that markets are familiar with the new procedures and practices when the ESCB takes up its full functions .
Centralbankchefkomiteen har hidtil givet det tredje sprargsmål prioritet .
The Committee of Governors has so far given priority to the third issue .
Den har iværksat en omfattende gennemgang af faktiske forhold i medlemslandene vedrrarende ligheder og forskelle mellem de for tiden anvendte pengepolitiske instrumenter .
It has embarked on a comprehensive fact-finding review of the similarities and differences in monetary policy instruments currently used in Community countries .
Denne gennemgang dækker både r ~ k k e n instrumenter , der anvendes ( diskretionære åbne markedsoperaaf tioner , stående faciliteter tilbudt af centralbankerne på vilkår , der på forhånd er fastlagte , og som udnyttes på de private bankers initiativ , og tvungne mindstereservekrav ) og de procedurer , der fralges , når disse instrumenter anvendes .
This review covers both the range of available instruments ( i.e. discretionary open market operations , standing facilities offered by central banks at pre-announced rates and used on the commercial banks » initiative , and compulsory reserve requirements ) and the procedures according to which they are used .
Hvad angår det sidste punkt , studerer Komiteen den hyppighed , operationer udf ~ res med , de krav og betingelser , der stilles , samt bredden i valget af modparter , som operationer udfrares med .
In the latter respect the Committee is studying the frequency of operations , their terms and conditions and the range of market participants with which they are concluded .
En kort oversigt over det forberedende arbejde gives i kapitel II .
A short summary of the preliminary work is reported in Chapter 11 .
Tvkning og udstedelse af en europ ~ isk pengeseddel Traktaten giver ECB og de nationale centralbanker eneret på udstedelse af pengesedler , som er lovligt betalingsmiddel inden for F ~ llesskabet .
Printing and issuing a European Bank-Note The Treaty confers upon the ECB and the national central banks the exclusive right of issuing bank notes which are legal tender within the Community .
For at forberede udfrarelsen af denne funktion har EM1 fået til opgave at overvåge den tekniske planlægning af indfrarelse af ECU-sedler .
In preparation for this function , the EM1 is entrusted with the task of supervising the technical planning for the introduction of ECU bank notes .
Erfaringer på nationalt niveau viser , at udf ~ rdigelsenog indfrarelsen af nye seddelserier normalt varer adskillige år .
Experience at national level suggests that the development and introduction of a new bank note series normally takes several years .
På fælleskabsniveau må man regne med , at denne opgave er endnu mere kompleks .
At the Community level , matters are expected to be even more complex .
Af forhold , der yderligere må tages i betragtning , kan nævnes den mange gange strarre mængde af sedler , der skal erstattes af nye ECU-denominerede sedler , og de forskelle , der eksisterer medlemslandene imellem med hensyn til betalingssædvaner og produktionssystemer , samt udstedelse og efter-udstedelsesbehandling af sedler .
Additional elements to be taken into consideration include the much larger stock of notes which must be replaced by new ECU-denominated bank notes , and the differences between Community countries in payment habits and systems for the production , issuance and post-issue handling of bank notes .
Af disse årsager blev det anset for klogt at iværksætte en indsamling af oplysninger på et tidligt tidspunkt for at kunne vurdere potentielle problemers karakter og deres mulige omfang .
For these reasons , it was deemed wise to undertake a fact-finding exercise at an early stage to gauge the nature and likely magnitude of potential problems .
Et studie er derfor under udarbejdelse , der omfatter sprargsmål om trykning , cirkulation , udstedelse , håndtering , sortering og destruktion af pengesedler i F ~ llesskabet .
A survey is consequently being undertaken covering the printing , circulation , issuing , handling , sorting and destruction of bank notes in the Community .
De legale aspekter af seddeludstedelse er også ved at blive undersragt .
The legal aspects of issuing bank notes are also under examination .
Desuden er der ivzrksat forberedende arbejde inden for flere områder .
Furthermore , conceptual work has started in several areas .
For det frarste overvejes en rzkke muligheder for de nye pengesedlen udseende .
Firstly , a number of options relating to the appearance of the new bank notes are under consideration .
I store trzk er der tre muligheder : identiske pengesedler i alle medlemslande , fzlles pengesedler med nationale symboler , eller nationale pengesedler med europziske symboler .
common bank notes with national characteristics ; or national bank notes with European characteristics .
Disse forskellige muligheder undersrages i rajeblikket fra forskellige synsvinkler inklusive offentlighedens accept og genkendeligheden af sedlerne , samt konsekvenser for automatisering af seddeludstedelse og håndtering .
These options are currently being evaluated from various angles , including public acceptability and recognition , as well as the implications for the automation of note issuing and handling .
Yderligere vil man vurdere stordriftsfordele , der måtte kunne opnås i design , produktions - og distributionsomkostninger .
A further criterion will be economies of scale in design , production and distribution costs .
For det andet overvejer Centralbankchefkomiteen sprargsmål i relation til de generelle t r ~ ved de ny pengesedler , såsom deres pålydende , design og strarrelse .
Secondly , the Committee of Governors is considering issues relating to the general features of the new bank notes including their face values , design and size .
Disse fork hold undersrages på baggrund af den sikkerhedsteknologi , som er nradvendig for at forhindre falskmrantneri , og de egenskaber , der krzves , for at efter-udstedelseshåndteringen kan automatiseres .
These aspects are being examined against the background of the security technology necessary to prevent counterfeiting and the features required for automation of the post-issue handling process .
Et tredje hovedområde under overvejelse relaterer sig til de legale , institutionelle og organisatoriske aspekter af udstedelse og efter-udstedelseshåndtering , i s ~ hvad anr går fordeling af ansvar mellem ECB og de nationale centralbanker .
A third main area under consideration relates to the legal , institutional and organisational aspects of the issuing and post-issue handling of notes , in particular the distribution of responsibilities in this respect between the ECB and the national central banks .
Der findes her adskillige muligheder , og deres relative fordele vil blive analyseret ud fra effektivitets - og omkostningskriterier .
Several options are conceivable and their relative merits will be analysed on the basis of efficiency and cost criteria .
Endelig har man ivzrksat forelrabige undersragelser af de sprargsmål , der opstår ved overgangen til de nye sedler .
Finally , preliminary studies have been undertaken on transitional issues .
Man kan forestille sig to muligheder for introduktion af nye pengesedler .
Two options can be envisaged for the launching of new bank notes .
Den farste mulighed ville vzre at gure det i form af et « big bang » , dvs . de nye pengesedler ville alle blive introduceret på en given dato og fuldt ud erstatte sedler lydende i national valuta i lrabet af et kort tidsrum .
A first option would provide for a « big bang » , i.e. the new bank notes would be introduced at a given date , replacing the bank notes denominated in national currencies within a short period of time .
Den anden mulighed ville vEre en mere gradvis indfrarsel af nye sedler , som ville cirkulere parallelt med pengesedler lydende i national valuta i lrabet af en overgangsfase .
The second option would consist of a more gradual introduction of the new bank notes which would circulate alongside the bank notes denominated in national currencies during a transitional period .
Disse to muligheder behsver yderligere overvejelse ud fra forskellige synsvinkler : Deres bidrag til indfurelsen af en fzlles mrant inden for en tidshorisont , der af de politiske myndigheder anses for passende ;
These two options will need further examination from various viewpoints : their contribution to introducing the single currency within a time horizon deemed appropriate by the political authorities ;
understrattelse af den fremtidige f ~ l l e s mrants trovzrdighed og accept , omkostningerne for brugerne , og sådanne aspekter som angår den praktiske gennemfrarlighed .
the underpinning of the credibility and acceptance of the future single currency ; the costs involved for economic agents ;
Herudover må indfrarelse af nye pengesedler også ses i sammenhzng med overgangen til ECU som den fzlles mrant i det fzlles mrantområde .
Furthermore , the introduction of new bank notes has also to be seen in the context of the transition to the ECU as the single currency of the common monetary area .
Centralbankchefkomiteen ( og EMI ) vil derfor udfrare sit arbejde i t z t samarbejde med andre r kompetente f ~ llesskabsinstitutioner .
The Committee of Governors , therefore , will carry out its work ( as will the EMI ) in close co-operation with other competent Community bodies .
Her skal i s ~ peges på , at Rådet har fået befrajelser til at tage de nradvendige legale skridt for en hurtig indf ~ relse ECU som f ~ l l e s af mrant efter den endelige fastlåsning af valutakurserne ved starten af tredje fase .
In particular , the Council has been given the power to take the legal measures necessary for the rapid introduction of the ECU as the single currency after the irrevocable fixing of exchange rates on the starting date of Stage Three .
Betalingssysterner Centralbankchefkomiteen ser på , hvorledes betaling ssystemer påvirkes af fzrdiggrarelsen af det indre marked og af virkeliggrarelsen af et fzllesmrantområde ved starten af tredje fase .
Paym end systems The Committee of Governors is focusing on the implications for payment systems of both the completion of the Single Market and the realisation of a common monetary area at the beginning of Stage Three .
Den finansielle integration forventes at f ~ r til en stigning i antallet af betalinger e over landegrznserne i det indre marked .
Financial integration is expected to increase the volume of cross-border flows in the Single Market .
Herudover gzlder ifralge Andet Bankharmonise - ringsdirektiv , at enhver bank , der har opnået autorisation i en medlemsstat , har ret til at udfrare « betalingsformidling » overalt i Fzllesskabet .
In addition , in accordance with the Second Banking Co-ordination Directive , any bank licensed in a Member State may provide « money transmission services » anywhere in the Community and thus must be given access to
Som farlge heraf må enhver bank have adgang til at blive optaget i andre medlemslandes interbank-betalingssystemer på samme vilkår som for indenlandske banker .
interbank funds transfer systems in other Community countries on an equal footing with the respective domestic banks .
Fzlles marnt vil nardvendiggrare en sammenkzdning af eksisterende betalingssysterner for at sikre , at monetzre forhold er ensartede i hele området .
Monetary unification will necessitate the connection of existing payment systems to ensure that monetary conditions are the same throughout the area .
Betydningen af betalingssystemer for udfrarelsen af pengepolitik anerkendes i Traktaten , som giver ESCB til opgave « at fremme betalingssystemernes smidige funktion » .
The importance of payment systems for the conduct of monetary policy is recognised in the Treaty which assigns the task of promoting « the smooth operation of payment systems » to the ESCB .
Hvad angår dette , har ESCB fået befrajelser til at udstede forordninger til at sikre et effektivt og pålideligt clearingsog betalingssystem både inden for Fællesskabet og med andre lande .
In this respect , the ECB is empowered to issue regulations to ensure efficient and sound clearing and payment systems within the Community and with other countries .
Arbejdet i Centralbankchefkomiteen bygger på studier udfrart af en ad hoc gruppe af eksperter , som etableredes i 1991 for at give en detaljeret oversigt over betalingssystemer i Fzllesskabet .
The work of the Committee of Governors builds on studies made by an ad hoc group of experts which was established in 1991 to undertake an extensive survey of payment systems in the Community .
Resultatet af denne oversigt blev givet i en rapport med titlen « Payment Systems in EC Member States » ( der også kendes under navnet « Blue Book ") .
The results of this review were presented in a document entitled « Payment Systems in EC Member States » ( also known as the « Blue Book ") .
Dette studie blev offentliggjort af Centralbankchefkomiteen i september 1992 for at irnardekomme den stigende eftersprargsel fra interesserede tredjeparter efter et katalog over betalingssysterner i F ~ llesskabet .
This was published by the Committee of Governors in September 1992 , to meet the growing demands of interested third parties for a reference guide to payment systems in the Community .
Centralbankchefkomiteen har identificeret adskillige sparrgsmål af fzlles interesse for centralbanker .
The Committee of Governors identified several issues of common concern to central banks .
Disse drejer sig hovedsagelig om engros-betalingssystemer og undersrages nu yderligere .
These relate mainly to large value funds transfer systems and are now under further consideration .
For det frarste er der ved at blive opstillet principper for et samarbejde omkring tilsyn med betalingssystemer i Fællesskabet .
Firstly , commonly accepted principles for the co-operative oversight of payment systems in the Community are being developed .
Samarbejdet vedrrarende tilsyn skal gzlde såvel grznseoverskridende netting - og betalingssysterner som deltagelse af banker hjemmehrarende i andre medlemslande i betalingsafviklingssystemer i lande , hvor de pågzldende banker hverken har hovedkontor eller filial .
The co-operative supervision will apply to cross-border netting and payment systems as well as to the participation of EC registered banks in domestic payment systems of countries in which they do not have either their headquarters or a branch .
Ifralge Andet Bankharmoniseringsdirektiv har hjemlandets tilsynsmyndigheder det fulde ansvar for den finansielle integritet af de banker , den har autoriseret .
Under the Second Banking Co-ordination Directive , the home country supervisory authorities will have sole responsibility for the financial integrity of the banks licensed by them .
Dette ansvar udstrækker sig til filialer i andre medlemslande .
This responsibility extends to branches in other EC countries .
V ~ rtslandets myndigheder vil derfor ikke længere automatisk modtage al den information , der er nradvendig for at kunne vurdere den finansielle sundhed hos nogle af deltagerne i det indenlandske betalingssystem ;
The host country authorities will thus no longer automatically receive all of the information needed to evaluate the financial condition of some participants in their domestic payment systems ;
og hjemlandsmyndigheder kan på den anden side mangle information om de risici , som kreditinstitutter tager gennem deres deltagelse i andre EF-landes betalingssystemer .
home supervisors could , in turn , lack adequate information on risks taken by credit institutions through their participation in other EC domestic payment systems .
Centralbanker og andre tilsynsmyndigheder vil derfor som resultat heraf blive nradt til at koordinere deres tilsyn af deltagerne .
As a result , central banks and other supervisors will have to co-ordinate the oversight of participants .
For det andet er mulighederne for at etablere og implementere fælles minimumsstandarder for indenlandske betalingssysterner ved at blive undersargt .
Secondly , possibilities for establishing and implementing minimum common standards for domestic systems are being examined .
a. : fastszttelse af konsistente minimumsbetingelser for adgang til interbankbetalingssystemer og overvejelser af foranstaltninger , som skal anvendes i strarre interbanksystemer til reduktion af risici .
These include : setting consistent minimum conditions for access to interbank funds transfer systems ; the consideration of risk reduction measures to be applied to the major interbank systems ;
Herudover skal man studere foranstaltninger , der kan reducere de risici , der opstår ved grænseoverskridende betalinger på grund af forskellige legale systemer .
and studying measures to reduce risks in cross-border payments resulting from differences in national legal systems .
Målet er at smidiggrare grænseoverskridende betalinger samtidig med , at man undgår risikoen for , at raget konkurrence farrer til formindskelse af integriteten og sik - kerheden i strarre interbank-systemer .
The objective is to improve the smoothness of cross-border payments in the Community while avoiding the risk of competitive pressures lowering the degree of integrity and safety of the major interbank funds transfer systems .
For det tredje er opbygningen af et EF-dækkende engros-betalingssystem ved at blive undersragt .
Thirdly , the design of an EC-wide large value funds transfer system is being studied .
Et sådant system er af afgrarende betydning for udf ~ relsenaf en effektiv pengepolitik i tredje fase .
Such a system is indispensable for the efficient conduct of the single monetary policy in Stage Three .
Den tid og de ressourcer , der kræves til at opbygge og implementere et fuldt integreret system , er så store , at dette sprargsmål må behandles på et meget tidligt tidspunkt .
The time and resources required to design and implement a fully integrated system are such that this issue has to be addressed at a very early stage .
Et tidligt kendskab til opbygningen af infrastrukturen vil også hjælpe EF 's bankvirksomheder i deres planlzgning for fremtiden .
Early knowledge of the design of the infrastructure will also help the EC banking community plan for the future .
Betalingssystemer styres ikke kun af centralbanker , men kan delvis være organiseret af de private banker selv .
Moreover , payment systems are not exclusively run by central banks but are partly organised by the banking industry itself .