natgillin/translations-raw huggingface dataset:
FRANKRIG Prisudvikling I referenceperioden fra februar 1997 til januar 1998 var den gennemsnitlige inflation i Frankrig , målt ved det harmoniserede forbrugerprisindeks ( HICP ) , 1,2 procent . Det er klart lavere end referenceværdien på 2,7 pct .
FRANCE Price developments Over the reference period from February 1997 to January 1998 the average rate of HICP inflation in France was 1.2% , i.e. well below the reference value of 2.7% .
, hvilket også gjorde sig gældende for hele 1997 .
This was also the case in 1997 as a whole .
Set over de seneste to år har HICP-inflationen i Frankrig været lav og er faldet til et niveau , der i almindelighed anses som foreneligt med prisstabilitet .
Seen over the past two years , HICP inflation in France has been low and has fallen to a level which is generally considered to be consistent with price stability .
I tilbageblik har inflationen i Frankrig , målt ved nationale forbrugerprisindeks , udvist en faldende tendens siden begyndelsen af 1990'erne .
Looking back , consumer price inflation in France , as measured on the basis of the CPI , has followed a downward trend since the early 1990s .
Siden 1993 har inflationen været tæt på eller under 2 pct . ( se figur 1 ) .
Since 1993 inflation has been close to or below 2 % ( see Chart 1 ) .
Faldet i inflationstakten afspejler en række vigtige politikvalg , herunder især at pengepolitikken vedvarende har været tilrettelagt med henblik på at opretholde valutakurs - og prisstabilitet inden for rammerne af ERM-samarbejdet .
This experience of low inflation reflects a number of important policy choices , in particular the continued orientation of monetary policy towards exchange rate and price stability within the framework of the ERM .
Nylige finanspolitiske justeringer og strukturelle tiltag rettet mod at øge konkurrencen på produktmarkederne , specielt i tidligere beskyttede sektorer , har styrket lavinflationsklimaet .
Recent adjustments in fiscal policy , together with some structural measures aimed at increasing product market competition , especially in formerly sheltered sectors , have reinforced the low inflation climate .
De makroøkonomiske forhold har også dæmmet op for et opadgående pres på priserne .
In addition , the macroeconomic environment has contributed to containing upward pressure on prices .
Specielt fremkom der under recessionen i 1993 et negativt produktionsgab ( se tabel 2 ) .
Notably , a negative output gap emerged in the context of the 1993 recession ( see Table 2 ) .
Siden 1994 er den økonomiske vækst steget , men det var ikke tilstrækkeligt til at indsnævre produktionsgabet .
Since 1994 economic growth has recovered , but this has not been sufficient to eliminate the output gap .
På denne baggrund har væksten i enhedslønomkostningerne været moderat siden 1994 .
Against this background , growth in unit labour costs has been moderate since 1994 .
Desuden har den stort set stabile effektive valutakurs gennem 1990'erne været med til at dæmpe væksten i importpriserne .
Moreover , the broadly stable effective exchange rate during the 1990s has helped to keep growth in import prices subdued .
Lav inflation ses også i andre relevante prisindeks ( se tabel 2 ) .
Low rates of inflation are also apparent when it is measured in terms of other relevant price indices ( see Table 2 ) .
De seneste måneders tendenser og prognoser for udviklingen i forbrugerpriserne viser , at inflationen ( målt som den procentvise ændring i forhold til samme måned året før ) er faldet til ½ pct . , og på basis af målene vist i tabel 3a er der ikke umiddelbart tegn på opadgående pres .
Looking at recent trends and forecasts , current outturns for consumer price inflation ( measured as a percentage change over the corresponding month a year earlier ) have been decreasing to ‰ % and there are no signs of immediate upward pressure on the basis of the measures shown in Table 3a .
Prognoser forudser en inflation , der generelt er klart under 2 pct . for 1998 og 1999 ( se tabel 3b ) .
Forecasts of inflation suggest rates of generally well below 2 % for 1998 and 1999 ( see Table 3b ) .
Risici i relation til prisstabilitet i denne periode er knyttet til en indsnævring af produktionsgabet .
Risks for price stability over this period are associated with a narrowing of the output gap .
a. tilrettelæggelsen af finanspolitikken også i Frankrig af betydning for , om der kan opretholdes forhold , som bidrager til prisstabilitet .
Looking further ahead , maintaining an environment conducive to price stability relates in France to , inter alia , the conduct of fiscal policies over the medium to long term ;
Lige så vigtigt bliver det at styrke nationale tiltag , der sigter mod at øge konkurrencen på produktmarkedet og forbedre funktionen af arbejdsmarkedet i lyset af den nuværende høje arbejdsløshed i Frankrig .
it will be equally important to strengthen national policies aimed at enhancing competition in product markets and improving the functioning of labour markets against the background of the current high rate of unemployment in France .
Udviklingen i de offentlige finanser I referenceåret 1997 var der et underskud på de offentlige budgetter på 3,0 pct . af BNP , dvs .
Fiscal developments In the reference year 1997 the deficit ratio was 3.0% , i.e. at the level of the 3 % reference value , and the debt ratio was 58.0% , i.e. just below the 60 % reference value .
af BNP . Sammenlignet med året før er underskudskvotienten faldet med 1,1 procentpoints , og gældskvotienten er steget med 2,3 procentpoints .
Compared with the previous year , the deficit ratio has been reduced by 1.1 percentage points and the debt ratio has increased by 2.3 percentage points .
I 1998 ventes underskudskvotienten reduceret til 2,9 pct . , og gældskvotienten ventes forøget marginalt til 58,1 pct .
In 1998 the deficit ratio is forecast to decrease to 2.9% of GDP , while the debt ratio is projected to increase marginally to 58.1% .
I 1996 og i 1997 oversteg budgetunderskuddet de offentlige investeringer - begge målt som andel af BNP - med henholdsvis 1,5 procentpoints og 0,2 procentpoints ( se tabel 4 ) .
In 1996 and 1997 the deficit ratio exceeded the ratio of public investment expenditure to GDP by 1.5 percentage points and 0.2 percentage points respectively ( see Table 4 ) .
I perioden fra 1990 til 1997 steg gælden i forhold til BNP med 22,5 procentpoints ( se figur 2a ) .
Looking back over the years 1990 to 1997 , the French debt-to-GDP ratio increased by 22.5 percentage points ( see Chart 2a ) .
Som vist mere detaljeret i figur 2b skyldes denne udvikling især en kombination af underskud på den primære balance i årene 1992-1996 og de gældsforøgende effekter af , at renten var 123
As is shown in greater detail in Chart 2b , the 123 main factors underlying the evolution of the debt ratio were , on the one hand , primary deficits recorded in the years 1992-96 and , on the other , the debtincreasing effects of a negative growth / interest rate differential over the whole period .
„Stock-flow-justeringer » spillede en relativ lille rolle , trods voksende gæld i de fleste år .
Stock-flow adjustments played a relatively minor role , albeit increasing debt in most years .
Kun i 1997 viste den primære balance igen et lille overskud og afbøjede derfor væksten i gælden marginalt .
Only in 1997 did the primary balance again show a small surplus , thereby marginally curbing the growth of the debt ratio .
Det hidtil observerede mønster gennem 1990'erne indikerer de risici , der kan opstå for gælden , når de vedvarende effekter af en højere rente end vækst ikke modvirkes af overskud på den primære balance .
The patterns observed thus far during the 1990s may be seen as indicative of the risks to the debt ratio which can arise when the lasting effects of an unfavourable growth / interest rate differential are not counteracted by primary surpluses .
I forbindelse hermed kan det bemærkes , at andelen af gælden med en kort restløbetid er forblevet relativt høj ( trods faldende ) siden begyndelsen af 1990'erne , mens den gennemsnitlige løbetid stort set har været stabil ( se figur 5 ) .
In this context , it may be noted that the share of debt with a short-term residual maturity has remained at relatively high levels since the early 1990s ( though decreasing ) , while the average maturity has remained broadly stable ( see Table 5 ) .
I 1997 var gælden med en kort restløbetid fortsat forholdsvis høj , og i lyset af det nuværende niveau for gælden er de offentlige finanser relativt følsomme over for ændringer i renteniveauet .
With regard to 1997 , the proportion of debt with a short-term residual maturity is still relatively high , and , taking into account the current level of the debt ratio , fiscal balances are relatively sensitive to changes in interest rates .
På den anden side er andelen af gæld denomineret i udenlandsk valuta lille , hovedsageligt i ECU , og vil blive redenomineret i euro .
On the other hand , the proportion of foreign currency debt in France is low and most is in ECU and may eventually be redenominated in euro ;
De offentlige finanser er således relativt ufølsomme over for valutakursændringer . Gennem 1990'erne har man kunnet iagttage et mønster , hvor underskuddets andel af BNP først steg og derefter faldt .
hence , fiscal balances are relatively insensitive to changes in exchange rates . During the 1990s a pattern of first deteriorating and subsequently improving outturns was observed in the deficit-toGDP ratio .
af BNP i 1990 steg det markant for at nå et maksimum på 5,8 pct . af BNP i 1994 .
Starting from a ratio of 1.6% in 1990 , the deficit increased sharply to reach a peak of 5.8% in 1994 ;
Siden da har underskuddet været faldende hvert år til 3,0 pct . af BNP i 1997 ( se figur 3a ) .
since then , the deficit has declined year by year to stand at 3.0% in 1997 ( see Chart 3a ) .
Som det fremgår af figur 3b , der viser ændringerne i underskuddet , spillede konjunktur-afhængige faktorer en dominerende rolle i forøgelsen af underskuddet i 1991 og 1993 og i opbremsningen i 1994 .
As is shown in greater detail in Chart 3b , which focuses on changes in deficits , cyclical factors played a dominant role in increasing the deficit ratio in 1991 and 1993 , and in checking its increase in 1994 .
Derefter var det især konjunktur-uafhængige faktorer , der bidrog til reduktionen i underskuddet .
Thereafter , mainly noncyclical factors contributed to the reduction in deficits .
De konjunktur-uafhængige forbedringer kunne afspejle en « strukturel » udvikling mod mere balancerede offentlige finanser og / eller en række tiltag med midlertidig virkning . De foreliggende oplysninger viser , at foranstaltninger med en midlertidig effekt
However , these non-cyclical 124 improvements could reflect a lasting , structural move towards more balanced fiscal policies and / or a variety of measures with temporary effects .
spillede en rolle i reduktionen af underskuddet svarende til 0,6 pct . af BNP i 1997 .
Evidence available suggests that measures with a temporary effect played a deficit-reducing role in 1997 , amounting to 0.6% of GDP .
Da disse hovedsagelig var af « selvkorrigerende » natur , vil kompenserende foranstaltninger allerede inkluderet i budgettet for 1998 skulle give de forventede resultater og herudover er der på et senere tidspunkt behov for kompenserende tiltag for de « selv-korrigerende » faktorer .
As they were mainly of a self-reversing nature , compensating measures already included in the 1998 budget will need to yield their expected results and , in addition , compensating measures will need to be taken in later years when the self-reversing effects unwind .
For så vidt angår udviklingen i andre finanspolitiske indikatorer , fremgår det af figur 4 , at de samlede offentlige udgifter som andel af BNP steg markant i perioden fra 1990 til 1993 .
Moving on to examine trends in other fiscal indicators , it can be seen from Chart 4 that the general government total expenditure ratio rose sharply between 1990 and 1993 .
Specielt steg de løbende overførsler betydeligt , hvilket afspejler en markant forøgelse af sociale udgifter - især pensioner , sundhedsvæsen og arbejdsløshedsunderstøttelse ;
In particular , current transfers increased substantially , reflecting a marked increase in social spending , particularly on pensions , health care and unemployment benefits ;
men offentligt forbrug og rentebetalinger steg ligeledes som en andel af BNP ( se tabel 6 ) .
but public consumption and interest payments as a percentage of GDP also increased ( see Table 6 ) .
Igennem den senere tid er udgifterne i forhold til BNP faldet , hvilket overvejende afspejler en reduktion af netto-kapitaludgifter , løbende overførsler og offentligt forbrug i forhold til BNP .
More recently , the total expenditure ratio has been declining , mainly reflecting a reduction in net capital expenditure in relation to GDP , as well as lower ratios of current transfers and public consumption to GDP .
Under ét var udgiftskvoten i 1997 i forhold til BNP næsten 3 ½ procentpoints højere end i begyndelsen af 1990'erne , hvilket afspejler en større udgiftstilbøjelighed for alle hovedgrupper med undtagelse af offentlige investeringer og andre nettokapitaludgifter .
On balance , the expenditure ratio in 1997 was nearly 3‰ percentage points higher than at the beginning of the 1990s , reflecting higher ratios to GDP for all major items with the exception of public investment and other net capital expenditure .
Givet dette mønster vil en fortsat nedbringelse af udgifterne i forhold til BNP kræve større justeringer i de komponenter , der ikke omfatter offentlige investeringer .
Given this pattern , a continuation of the downward trend of total expenditure to GDP would appear to require greater adjustments in items other than public investment .
Offentlige indtægter har haft en tendens til at stige mere end BNP siden 1994 ;
Government revenue in relation to GDP has tended to increase since 1994 ;
de var næsten 2 procentpoints højere i 1997 end i 1990 , og de kan have nærmet sig et niveau , som er hæmmende for økonomisk vækst .
it was nearly 2 percentage points higher in 1997 than in 1990 , and it may have approached a level which is detrimental to economic growth .
Ifølge den franske finanspolitiske strategi på mellemlangt sigt , præsenteret i konvergensprogrammet for 1997-2001 ( opdateret februar 1997 ) , forventes underskuddet i 1998 at falde til 2,7 - 2,8 pct . af BNP , og gælden ventes at falde til 58,559,0 pct .
According to the French medium-term fiscal policy strategy , as presented in the Convergence Programme for 1997-2001 dated February 1997 , the general government deficit is expected to decline to 2.7 - 2.8% of GDP and the debt ratio to increase to 58.559.0% of GDP in 1998 , depending on economic developments .
1998 forudses en noget lavere gæld og et underskud på 3 pct . af BNP .
The budget plan for 1998 foresees a somewhat lower debt ratio and a deficit of 3 % of GDP , which is somewhat higher than envisaged in the updated programme .
Det er noget højere end forudset i det opdaterede program . En stabilisering af de reale udgifter forventes at reducere underskuddet marginalt .
A marginal reduction in the central government deficit ratio is foreseen through a stabilisation of expenditure in real terms .
Specielt er der planer om at reducere offentligt forbrug og udgifter til sociale bidrag .
In particular , there are plans to reduce public consumption and social security spending .
I øjeblikket er der ingen tegn på betydelige tiltag med en midlertidig virkning på budgettet for 1998 .
Currently , there is no evidence of significant measures with a temporary effect in the 1998 budget .
Underskuddet forventes at blive nedbragt gradvist til under 1,5 pct . af BNP i år 2001 , mens gælden forventes at holde sig lige under 60 pct .
The deficit ratio is projected to be cut gradually to less than 1.5% by 2001 and the ratio of government debt to GDP is expected to remain at just under 60 % before declining .
I forhold til forløbet i de offentlige finanser i konvergensprogrammet for 1999-2000 kræves en yderligere betydelig forbedring i konsolideringen af de offentlige finanser for at opnå overensstemmelse med det mellemsigtede målsætning i stabilitets - og vækstpagten , som får virkning fra og med 1999 , om offentlige budgetter , der er tæt på balance eller i overskud .
Compared with fiscal balances projected in the Convergence Programme for 1999-2000 , further substantial progress in fiscal consolidation is required in order to comply with the medium-term objective of the Stability and Growth Pact , effective from 1999 onwards , of having a budgetary position that is close to balance or in surplus .
Med hensyn til den potentielle fremtidige udvikling i gælden overvejer EMI 's rapport ikke i detaljer dette emne for lande med en gæld , der er under 60 pct .
With regard to the potential future course of the debt ratio , the EMI s Report does not consider this issue in detail for those countries with a debt ratio of below 60 % of GDP .
Det er dog vigtigt at fremhæve , at den nuværende budgetbalance , såvel den samlede som den primære , ikke er tilstrækkelig til at stabilisere gælden under 60 pct . af BNP , mens et balanceret budget over tid ville bringe den længere under referenceværdien .
It is , however , important to highlight the fact that current fiscal positions , in terms of both overall and primary balances , would not appear to be sufficient to stabilise the debt ratio at below 60 %, while over time a balanced budget would allow it to be brought further below the reference value .
En stabilisering af gælden lige under 60 pct . af BNP ville kræve et underskud lige under 2,5 pct .
In order to allow for a stabilisation of the debt ratio at just below 60 % of GDP , a deficit ratio of just below 2.5% would be required .
Som nævnt ovenfor er en yderligere reduktion af underskuddet nødvendig i forbindelse med stabilitets - og vækstpagten .
As noted above , a further reduction in the deficit ratio is necessary in the context of the Stability and Growth Pact .
Sådanne overvejelser er også vigtige i Frankrigs tilfælde , da øget råderum vil være nødvendigt for at kunne imødekomme fremtidige budgetmæssige udfordringer .
Such considerations are also important in the case of France since additional room for manoeuvre will be necessary in order to be able to address future budgetary
Som fremhævet i tabel 7 forventes andelen af ældre i befolkningen at stige betydeligt fra ca . år 2010 og fremefter , og i et ufinansieret pensionssystem forventes pensionsudgifterne at stige i forhold til BNP .
challenges . As is highlighted in Table 7 , from around 2010 onwards a marked ageing of the population is expected and , in the context of an unfunded pension system , public pension expenditure is forecast to increase in terms of GDP , particularly if policies regarding benefits continue unchanged .
Den samlede byrde af befolkningens aldring vil være lettere at bære , jo bedre de offentlige finanser er , når den demografiske situation forværres . Valutakursudvikling Den franske franc har deltaget i ERM siden tilblivelsen den 13 .
The overall burden of population ageing will become the more manageable the better the state of public finances when the demographic situation worsens .
marts 1979 , dvs . meget længere end to år før undersøgelsen ( se tabel 8a ) .
Exchange rate developments The French franc has been participating in the ERM since its inception on 13 March 1979 , i.e. for much longer than two years prior to the examination ( see Table 8a ) .
Som nævnt ovenfor har den franske pengepolitik været rettet mod valutakurs - og prisstabilitet inden for ERM-samarbejdets rammer .
As mentioned above , French monetary policy has focused on exchange rate and price stability within the framework of the ERM .
Fokuseres der på referenceperioden fra marts 1996 til februar 1998 , har valutaen normalt været handlet tæt på centralkurserne over for de øvrige ERM-valutaer ( se figur 5 og tabel 8a ) .
Focusing on the reference period from March 1996 to February 1998 , the currency has normally traded close to its central rates against other ERM currencies ( see Chart 5 and Table 8a ) .
I enkelte tilfælde har den franske franc været handlet uden for et snævert interval omkring centralkurserne over for andre ERM-valutaer . De maksimale afvigelser opad og nedad i forhold til centralkursen var på basis af et glidende gennemsnit over 10 handelsdage henholdsvis 0,6 pct .
On occasion the French franc traded outside a range close to its central rates vis - - vis various partner currencies .
, når man ser bort fra udviklingen i det irske pund ( se tabel 8a ) .
The maximum upward and downward deviations from central rates , on the basis of 10 business day moving averages , were 0.6% and - 3.5% respectively , abstracting from the autonomous upward trend of the Irish pound ( see Table 8a ) .
Episoderne , hvor afvigelserne forekom , var temporære , valutakurs-volatiliteten over for den tyske mark var lav og faldende ( se tabel 8b ) , og det korte rentespænd over for EU-landene med de laveste korte renter var lavt og faldende .
The episodes in which such deviations occurred were temporary , the degree of exchange rate volatility vis - - vis the Deutsche Mark was low and declining ( see Table 8b ) and short-term interest rate differentials against those EU countries with the lowest short-term interest rates were small and narrowing .
I referenceperioden har Frankrig ikke devalueret sin valutas bilaterale centralkurs over for et andet medlemslands valuta .
During the reference period France has not devalued its currency s bilateral central rate against any other Member State s currency .
Mål for den reale effektive valutakurs over for de andre ERM-valutaer tyder på , at det nuværende niveau er tæt på de historiske værdier ( se tabel 9 ) .
In a longer-term context , measures of the real effective exchange rate of the French franc vis - - vis the currencies of ERM 125 participating Member States depicted in Table 9 suggest that current levels are close to historical values .
Med hensyn til andre eksterne forhold har Frankrig opretholdt et overskud på de løbende poster i de senere år , hvilket afspejles i en formindskelse af udlandsgælden ( se tabel 10 ) .
As regards other external developments , France has maintained current account surpluses in recent years , a situation which has been reflected in an improvement in the net external liability position ( see Table 10 ) .
Der kan erindres om , at Frankrigs eksport ifølge de seneste tilgængelige data udgør 29 pct . af BNP , mens importen udgør 25 pct .
It may also be recalled that , according to the most recent data available , France has a ratio of foreign trade to GDP of 29 % for exports and 25 % for imports , and a share of intra-EU trade of 63 % for exports as well as for imports .
Udviklingen i den lange rente I referenceperioden fra februar 1997 til januar 1998 var den lange rente i Frankrig i gennemsnit 5,5 pct . Den var hermed klart under referenceværdien på 7,8 pct .
Long-term interest rate developments Over the reference period from February 1997 to January 1998 long-term interest rates in France were 5.5% on average , and thus stood well below the reference value for the interest rate criterion of 7.8% set on the basis of the three best-performing Member States in terms of price stability .
, fastlagt ud fra de tre medlemslande , som har klaret sig bedst med hensyn til prisstabilitet . Det samme var tilfældet i 1997 og i 1996 ( se tabel 11 ) .
This was also the case for 1997 as a whole , as well as for 1996 ( see Table 11 ) .
Den lange rente har i hovedtræk været faldende siden begyndelsen af 1990'erne ( se figur 6a ) .
Long-term interest rates have been on a broadly declining trend since the early 1990s ( see Chart 6a ) .
Man har kunnet iagttage en tæt konvergens mellem den lange rente i Frankrig og renterne i de EU-lande , som siden 1990'ernes begyndelse har haft de laveste obligationsrenter ( se figur 6b ) .
A close convergence of French long-term interest rates with those prevailing in the EU countries with the lowest bond yields has been observed throughout most of the 1990s ( see Chart 6b ) .