natgillin/translations-raw huggingface dataset:
Land Belgien-Luxembourg Danmalk Tyskland ( b ) Grækenland Spanlen Frankrig Irland Italien Holland Portugal England Gennemsnit Spredning ( c ) ERM Oprindelige sn-vre bAnd Gennemsnit Spredning ( c ) USA 5.7
Country Belgium-Luxembourg Denmark Germany @) Greece Spain France Ireland Italy Netherlands Portugal United Kmgdom EC E : Average Dispersion ( c ) ERM Original Narrow Band : Average Dispersion ( c ) United States Japan
Kilder Nationale data EF - Kommissionen Kilder Nationale Data ;
Sources : National data ; EC Commission .
BIS ( a ) Sken .
( a ) Estimates .
( b ) Frem til I s 8 9 kun vestlige Tyskland . ( c ) Vægtet standardaf -
@) Up to l989 western Germaoy only ( c ) We ~ ghted standard devlation .
vtgelse
Sources : National data ;
( a ) Fslgende aggregater er udvalgt . Belgien M4H ;
EIS . ( a ) The follow ~ ng aggregates have been selected Belgium : M4H , Denmark : M (= M3H ) , G r a y M3 ;
Danmark M (= M3H ) ; Tyskland M3 ;
France : M3 ; « eland : M3E (= M3t ) ;
Grækenland : M3 ;
Italy . M2 emn .
Spanien ALP : Frankrig M3 , Irland : M3E (= M3H ) , Italien M2 (= M3H ) , Luxembourg M3H ;
(= M3H ) ; Luxembourg : M3H ;
Holland : M3H ;
Netherlands : M3H ;
Portugal : L -, England : M4 , USA M2 , Japan M2 + CD .
Pomgal : G , United Kingdom : M4 , United States : M ?. Japan MZ + CD .
EF - o g ERM-tallene er beregnet for M3H ( harmoniseret aggregat ) ( b ) Delvls skannet .
EEC and ERM figures have been calculated for M3H ( harmonised aggregate ) .
( c ) 3 . k v a r t a l / 3 .
@) Partly estimated . ( c ) 3rd quarterl3rd quarter percentage change .
( Q Frem til 1989 kun vestlige Tyskland . ( e ) 1988 BNPvægte baseret pá 1989 PPP-valuiakurser ( f ) Vægtet standardaMgelse .
( d ) Up to 1989 western Germany only ( e ) 1989 GDP weights based on 1989 PPP exchange rates . ( I ) Weighted standard devlatloo .
PENGEPOLITISKE INSTRUMENTER OG PENGEPOLITISK STYRING I MEDLEMSLANDENE Der er fuldkommen enighed blandt Fzllesskabets centralbanker om , at pengepolitik skal have som sit endelige mål at opnå og at opretholde prisstabilitet .
MONETARY POLICY INSTRUMENTS AND PROCEDURES IN COMMUNITY COUNTRIES There is unanimous agreement among Community central banks that monetary policies should pursue the final goal of achieving and maintaining price stability .
Ikke desto mindre er der forskelle i den måde , den nationale pengepolitik udfrares på .
There are , nevertheless , differences in the way national monetary policies are implemented .
I nogle lande opstilles en målsztning for vzkst i pengemzngde eller indenlandsk pengeskabelse , mens pengepolitikken i andre lande hovedsageligt fastlzgges ud fra hensynet til valutakursmålsztningen .
In some countries , an intermediate objective is set for money supply growth or its domestic source , while in other countries monetary policy is predominantly determined through the pursuit of an exchange rate target .
I England har myndighederne opstillet en eksplicit inflationsmålsztning , efter at pundets medlemskab af ERM blev suspenderet .
In the United Kingdom , the authorities have adopted an explicit inflation objective since the suspension of sterling 's membership of the ERM .
Til trods for disse forskelle er pengemarkedsrenter i alle medlemslande dog et vigtigt instrument , endda n0gleinstrurnentet , i den daglige tilrettekggelse af pengepolitikken .
In spite of these differences , however , money market interest rates are an important , or even the key , operational target in the daily conduct of monetary policy in all Community countries .
En stadig mere udbredt brug af markedsorienterede teknikker har herudover i de seneste år fremmet ensartetheden , hvad angår brug af pengepolitiske instrumenter og de procedurer , som medlemslandenes centralbanker benytter til at styre kortfristede markedsrenter med ( se anneks I for en beskrivelse af de vigtigste zndringer siden starten af frarste 0MU-fase ) .
Moreover , increasing resort to market oriented techniques has in recent years promoted convergence in the monetary instruments and procedures which Community central banks use to influence short-term market rates ( see Annex I for a description of major changes since the start of Stage One ) .
Tabel 6 giver en oversigt over de vigtigste pengepolitiske instrumenter og procedurer i medlemslandene .
Table 6 presents a summary of the principal monetary instruments and procedures in Community countries .
Tabellen viser , at åbne markedsoperationer i rajeblikket er det vigtigste instrument i de fleste af medlemslandene .
It shows that , at present , open market operations are the main monetary instrument in most Member States .
Der er imidlertid stadig forskelle mellem landene , iszr hvad angår brug af reservekrav , betydningen af stående indlåns - og udlånsfaciliteter , som centralbanken tilbyder ( såsom adgang til at låne til diskonto , andre former for direkte låneadgang og indlånsfaciliteter ) , og i hvor ofte centralbanken opererer på markedet .
However , differences across countries persist , in particular regarding the use of reserve requirements , the significance of standing facilities offered by the central banks ( such as the discount window , other forms of direct lending , and deposit facilities ) and the frequency of central bank operations in the market .
Herudover kan medlemslandenes centralbanker bruge forskellige metoder til at signalere deres intentioner .
Also , Community central banks may use different strategies to signal their policy intentions .
Centralbanker påvirker pengemarkedsrenter ved at fastsztte vilkårene for de private bankers eftersp ~ rgsel efter centralbankreserver . Private banker har brug for reserver enten for at kunne opfylde forpligtelser i forbindelse med afvikling af betalinger eller for at opfylde lovbestemte kassereservekrav .
1 . PRINCIPAL INSTRUMENTS Central banks influence money market interest rates by setting the terms on which they accommodate the demand of commercial banks for central bank reserves , which are needed either to fulfil clearing obligations or to meet statutory reserve requirements .
Der kan dog opstå situationer , hvor centralbankreserverne overstiger bankernes eftersprargsel .
There may be situations , however , in which central bank reserves are in excess of banks » demand .
I disse tilfzlde påvirker centralbanker de korte renter ved at fastsætte de vilkår , på hvilke de tilbyder indlånsfaciliteter , udsteder kortfristet gzld eller szlger aktiver .
In such cases , central banks influence short-term market rates by setting the terms on which they offer deposit facilities , issue short-term debt or sell assets .
I mange lande bidrager kassereservekrav til at skabe eller at forrage eftersprargselen efter centralbankreserver .
In many countries , reserve requirements help to induce or enlarge the demand for central bank reserves .
Herudover kan reservekrav , når de , som det normalt er tilfzldet i medlemslandene , kun skal opfyldes i gennemsnit over en periode , tillade bankerne at klare midlertidige likviditetsmangler eller - overskud i markedet uden centralbankintervention og er dermed med til at dzmpe svingningerne i de helt korte rentesatser .
Moreover , when reserve requirements have to be fulfilled only on average over a period , as is normally the case in Community countries , this allows the banking system to cope with temporary liquidity shortages or surpluses in the market without central bank intervention and thus may reduce the variability of very short-term interest rates .
Kassereservekrav pålzgger imidlertid aktivitet gennem banksystemet en implicit skat , når de ikke forrentes på markedsvilkår , og anvendelse af sådanne reservekrav kan derfor frare til , at aktiviteterne går
Reserve requirements , however , impose an implicit tax on bank intermediation when they are not remunerated at market rates and thus may encourage financial disintermediation or
TABEL 6 : PENGEPOLITISKE INSTRUMENTER OG PROCEDURER
TABLE 6 : MONETARY POLICY INSTRUMENTS AND PROCEDU Item BELGIUM NO DENMARK NO GERMANY YES GREECE YES SPAIN YES FRANCE YES IRELAND YES
ESERVEKRAV - Storrelse (% af BNP )( a )
PERMANENT RESERVE REQUIREMENTS FOR MONETARY POLICY PURPOSES - Size (% of GDP ) ( a ) - Remuneration STANDING FACILITIES ( b ) - Lending facilities at below or close to market rates ( rate )
- Indlinstaciliteter OPERATIONER - Direkte
- Deposit facilities - Marginal refinancing OPEN MARKET OPERATIONS 1 .
transaktioner ( c )
Types @ l - Outright transactions ( c )
- Cienk0bstransaktioner i indenlandske vzrdipapirer
El - Reversed transactions in domestic securities
- Ikke relevant eller ikke bmgt ( a ) Udestående bel0b ultimo 1992 .
Frequency of operations ( d ) 3 . Auction procedures @) - volume tender - interest rate tender
( b ) Betydning mht .
W ( a ) @)
at tilt0re ( eller opsuge ) likviditet til ( eller tra ) markedet : Lav IX ;
( c ) ( d ) Not applicable or not used Amount outstanding at the end of 1992 .
Mellem I H0j ( c ) Disse inkluderer udstedelse af indlånsbevixr fra centralbankerne i Danmarks og Portugals tilfzlde , og usikrede dag - til-dag lån i Gmkenlands tilfzlde Mere end én gang om dagen XI i ! ere gange om ugen ( d ) Omkring én gang om ugen
Importance in providing ( or withdrawing ) liquidity to ( or from ) the market : Low H Intermediate High These include issues of certificates of deposit by the central bank in the cases of Denmark and Portugal , and unsecured overnigh More than once a day 17 About once a week E Several times a week I l
uden om bankerne .
delocalisation .
For at undgå dette foretrækker visse af medlemslandene enten at forrente på markedsvilkår eller ikke at bruge kassereservekrav i den pengepolitiske styring og i stedet bruge andre instrumenter til at frembringe et likviditetsbehov i markedet , når det findes nardvendigt .
To prevent this , some Member States prefer either to remunerate at market rates , or not to impose reserve requirements for monetary policy purposes , and to use other arrangements to induce a liquidity shortage in the market , when necessary .
Stående faciliteter tilbydes af centralbanker på vilkår , der på forhånd er gjort markedet bekendt , og disse faciliteter kan benyttes på den enkelte private banks initiativ .
Standing facilities are offered by central banks at pre-announced rates and may be used at the initiative of individual commercial banks .
Sådanne faciliteter spiller fortsat i mange tilfælde en vigtig rolle i reguleringen af forholdene på pengemarkedet og til at signalere de pengepolitiske myndigheders intentioner .
These facilities continue in many cases to play an important role in regulating money market conditions and signalling the intentions of the monetary authorities .
Udlånsfaciliteter , der tilbydes til renter under markedsniveau , udgarr kun en vigtig del af udbudet af centralbankreserver i Holland - gennem almindelige udlån på den larbende konto - og i Tyskland - gennem rediskontering af handelsveksler .
Lending facilities at below market interest rates provide a significant proportion of the supply of central bank money only in the Netherlands - through ordinary advances on current account - and in Germany - through the rediscounting of trade bills .
I hovedparten af medlemslandene eksisterer sådanne faciliteter ikke , eller de benyttes ikke i videre omfang .
In a majority of Community countries , such facilities do not exist or are not extensively used .
Indskudsfaciliteter tilbydes i nogle få lande til at opsuge likviditetsoverskud med og til tider til at sætte en nedre grænse på meget korte markedsrenter .
Deposit facilities are offered in a few countries to mop up liquidity surpluses and sometimes set a lower limit to very short-term market rates .
Endelig tilbyder de fleste centralbanker en overtræksfacilitet til at finansiere likviditetsbehov , der kan opstå mod slutningen af dagen ved clearingen .
Finally , most central banks offer an overdraft facility to finance end-of-day clearing imbalances .
Denne overtræksfacilitet tilbydes typisk på strafrentevilkår og udgarr ofte en ovre grænse for de helt korte markedsrenter .
The facility is typically granted at a penalty rate and often provides an upper limit to very short-term market rates .
Det har i larbet af det sidste tiår været et fælles træk ved den pengepolitiske styring i Fællesskabet , at den i stadig starrre udstrækning bygger på operationer i det åbne marked i stedet for på stående faciliteter .
Over the last decade , a common feature of monetary policy management in the Community has been the increasing recourse to open market operations instead of standing facilities .
De fleste af medlemslandenes centralbanker foretrækker i dag åbne markedsoperationer , da disse kan udfarres helt på centralbankens eget initiativ , og da de garr brug af markedsmekanismerne ved fordelingen af likviditeten og til at give politiske signaler .
Today , most Community central banks favour open market operations , as these are conducted at their own discretion and make use of market mechanisms in distributing liquidity and giving policy signals .
Direkte åbne markedsoperationer udfarres i de fleste medlemslande , men er kun et vigtigt pengepolitisk instrument i England , Danmark og Portugal .
Outright open market transactions are carried out in most Community countries but are a major policy instrument only in the United Kingdom , Denmark and Portugal .
Over halvdelen af Bank of England 's operationer i pengemarkedet består af direkte h b af værdipapirer med forskellig larbetid .
Over half of the Bank of England 's operations in the money market are outright purchases of bills with various maturities .
Danmarks Nationalbank har siden april 1992 udstedt indskudsbeviser med regelmzssige mellemrum , og renten på indskudsbeviserne styrer markedsrenterne .
Since April 1992 , the Danmarks Nationalbank has issued certificates of deposit on a regular basis , with the interest rate on the certificates steering market rates .
Indskudsbeviserne kan tilbagebbes af Nationalbanken , når der er behov for at tilfarre likviditet .
The certificates may be repurchased by the central bank when there is a need to supply liquidity .
I Portugal bliver likviditetsoverskud normalt opsuget ved udstedelse af centralbankpapirer .
In Portugal , liquidity surpluses in the market are usually drained by the issue of central bank securities .
Deutsche Bundesbank er siden den markante lettelse af reservekravene i foråret 1993 begyndt at udstede likviditetspapirer i form af skatkammerpapirer , der kan diskonteres .
Since the substantial reduction in reserve requirements in the spring of 1993 , the Deutsche Bundesbank has issued liquidity paper in the form of Treasury discount paper .
Disse papirer kan sælges både til ikke-banker og banker .
This paper may be sold to non-banks as well as banks .
Genk ~ bsafialer indenlandske v ~ rdipapirer i de fleste medlemslande blevet i er det vigtigste pengepolitiske instrument til at regulere forholdene på pengemarkedet .
Reversed transactions in domestic securities have become the main instrument for regulating money market conditions in most Member States .
G b s - og gensalgshandeler (" repoer ") , som består i et b b af værdipapirer ifarlge en kontrakt , der ogsA indeholder et tilbagesalg af samme papirer til en fast pris og på en given fremtidig dato , benyttes til at tilfarre reserver , mens spejlbilledet salgs - og genhbsaftaler (" omvendte repoer ") bruges til at inddrage likviditet .
Purchase and resale transactions (" repos ") , which comprise the purchase of securities under a contract providing for their resale at a specified price on a given future date , are used to supply reserves , while the mirror image , sale and repurchase agreements (" reverse repos ") are used to absorb liquidity .
Fordelen ved denne slags transaktioner er , at de kan udfarres hurtigt , og at de ikke har nogen mærkbar effekt på prisen af de aktiver , der benyttes i trans - aktionerne .
The attractiveness of such operations stems from the fact that they can be implemented quickly and have no significant effect on the prices of the assets used in the operations .
Desuden bevarer centralbanken initiativet , hvad angår fastszttelse af belrab , tidspunkt og lrabetid for kontrakten , og til at beslutte om kontrakten skal fornyes eller indfries ved udlrab .
Also , the central bank retains the initiative in setting the amount , timing and duration of the contract , and in deciding whether to renew it or to let it unwind upon maturity .
Swap-transaktioner mod udenlandsk valuta ( en samtidig indgåelse af en spotog en terminsforretning ) kan bruges som et instrument i den indenlandske pengepolitiske styring , uden at dette direkte påvirker valutakurserne .
Foreign exchange swap transactions ( a combination of a spot and forward transaction ) may be used as an instrument of domestic money market policy , without a direct impact on exchange rates .
Sådanne transaktioner kan være meget fleksible , hvad angar lrabetid og belrabsstrarrelse .
They can be very flexible in terms of maturity and volume .
I Irland , hvor disse kan afregnes inden for samme dag , er sådanne transaktioner et vigtigt pengepolitisk instrument .
In Ireland , where they can be settled on the same day , these transactions are a major monetary instrument .
Samme instrument bruges af og til i andre medlemslande , iszr når centralbanken ransker at sterilisere virkningen af store kapitalbevzgelser på den indenlandske likviditet .
The instrument is used at times in other Community countries , in particular when the central bank wishes to sterilise the impact of large foreign reserve flows on domestic liquidity conditions .
HOVEDPROCEDURER
PRINCIPAL PROCEDURES Monetary policy procedures vary across Community countries , in particular
Udfrarelsen af pengepolitikken varierer mellem medlemslandene , især hvad angår hyppigheden af centralbankoperationer , fastsættelse af omfanget af operationerne og renten på disse , samt valg af modpart til transaktionerne .
according to the frequency of central bank operations , the setting of the volumes of the transactions and of the interest rates , and the selection of counterparties to the operations .
Den hyppighed , hvormed der anvendes åbne markedsoperationer , er ofte kædet sammen med deres lrabetid .
The frequency of open market operations is often linked to their maturity .
Den kan også afspejle de institutionelle forhold , især betydningen af kassereservekrav .
It may also reflect the financial environment , in particular the importance of reserve requirements .
, hvor der ikke er kassereservekrav , intervenerer centralbanken ofte på pengemarkedet flere gange i lrabet af dagen .
In the United Kingdom , for instance , in the absence of reserve requirements , the central bank may intervene in the money market several times a day .
I modsætning hertil intervenerer centralbanken i Tyskland , hvor kassereservekrav spiller en vigtig rolle i stabiliseringen af eftersprargselen efter centralbankreserver , typisk kun én gang om ugen .
By contrast , in Germany , where reserve requirements play an important role in stabilising the demand for central bank reserves , the central bank typically intervenes only once a week .
Hyppigheden af centralbankintervention i Frankrig har for nylig haft tendens til at stige , til dels som en falge af nedszttelsen af kassereservekravene .
In France , the frequency of central bank intervention in the market has recently tended to increase , partly as a result of cuts in reserve requirements .
Hyppigheden af centralbankoperationer kan måske delvis i nogle tilfzlde afspejle den grad af kontrol , som en centralbank ransker at have over korte pengemarkedsrenter .
The frequency of operations may also in some cases reflect the degree of control which the central bank wishes to exercise over short-term market interest rates .
Hvad angår stående faciliteter , bliver rentevilkår forhåndsannonceret af centralbanken og udnyttelsen bestemt af de private bankers eftersprargsel , dog generelt indenfor visse fastsatte grænser .
In the case of standing facilities , interest rates are pre-announced by central banks and volumes are determined by banks » demand , although generally subject to some limits .
For så vidt angår åbne markedsoperationer , grar forskellige auktionsprocedurer det muligt for centralbanken at fastsætte rente og / eller bel0bsst0rrelse mere fleksibelt .
In the case of open market operations , various auction procedures enable central banks to set interest rates and / or volumes more flexibly .
Operationer , hvor de private banker alene afgiver bud på mængden til en på forhånd fastsat rente , bidrager til at tydeliggrare de pengepolitiske hensigter og til at stabilisere markedets forventninger .
« Volume tenders » , with banks bidding only for volumes supplied by the central bank at a pre-set interest rate , help to make monetary policy intentions explicit and to stabilise market expectations .
« Rentetilbuds "- teknikker , hvor private banker afgiver tilbud både på belrabsstrarrelse og pris , indebærer , at markedskræfterne får strarre betydning i rentefastszttelsen .
« Interest rate tender » techniques , in which banks submit bids covering both the volume and the rate , give a greater weight to market forces in interest rate determination .
De fleste centralbanker bruger én af disse metoder , selvom nogle , afhængigt af omstændighederne , kan drage fordel ved at skifte mellem de forskellige auktionsformer .
Most Community central banks tend to use one approach , although some may exploit the advantages of the different types of auction depending on the circumstances .
Erfaringerne varierer med hensyn til , i hvilken udstrækning centralbankoperationer sker med alle pengemarkedsdeltagere eller kun med en begrænset kreds .
Experience varies across Community countries regarding the extent to which central bank operations are conducted with all money market participants or only with a few intermediaries .
I England og Belgien har hensynet til operationel effektivitet fart disse landes centralbanker til , at de fleste af deres operationer kun udfrares med nogle få specialiserede modparter .
In the United Kingdom and Belgium , the desire for operational efficiency has led the central bank to conduct most market operations with a few specialised counterparties .
De fleste andre af medlemslandenes centralbanker udfrarer principielt deres transaktioner med alle markedsdelta - gere .
Most other Community central banks in principle operate with all market participants .
Store banker og « market makers » kan imidlertid vzlges i nogle lande , når centralbanken ansker en hurtig zndring i markedsrenter gennem finjusteringsoperationer .
Large banks or market makers , however , may be selected in some countries when the central bank wishes to bring about a rapid change in market interest rates through fine-tuning operations .
SIGNALERING AF PENGEPOLITISKE HENSIGTER
SIGNALLING MONETARY POLICY INTENTIONS
Centralbanker gar deres hensigter kendte i markedet hovedsagelig gennem deres « centraleM-rentesatser figur 6 side 21 ) .
Central banks convey policy signals to the market mainly through their « key » interest rates ( see Chart 6 on page 21 ) .
Disse renter er ofte de satser , der anvendes på ( se de stående faciliteter , men det kan også vzre de rentesatser , til hvilke centralbanken enten tilfarer eller opsuger likviditet ved hjælp af åbne markedsoperationer .
These are often the rates applied to standing facilities but may also be those at which central banks provide or withdraw liquidity through open market operations .
Nogle medlemslandes centralbanker , f. eks . Irlands , benytter nzsten udelukkende en enkelt rentesats både til at styre markedsrenten med og til at give pengepolitiske signaler .
Some Community central banks rely primarily on a single key rate both to steer market rates and to give policy signals , as is the case in Ireland .
Andre benytter flere rentesatser , hvilket kan give mere fleksibilitet både ved udfarelsen af operationerne og i signaleringen af pengepolitiske intentioner .
Others employ several rates which may give more flexibility both in the conduct of operations and in the provision of policy signals .