natgillin/translations-raw huggingface dataset:
Endvidere undersøges den offentlige gælds sammensætning med særlig fokus på andelen af gæld med kort løbetid og andelen af gæld i fremmed valuta samt udviklingen heri .
In addition , the structure of government debt is considered , focusing in particular on the shares of debt with a shortterm maturity and foreign currency debt , as well as their development .
Ved at sammenholde disse andele med gældskvotens nuværende niveau belyses de offentlige finansers følsomhed over for ændringer i valutakurser og renter .
By comparing these shares with the current level of the debt ratio , the sensitivity of fiscal balances to changes in exchange rates and interest rates is highlighted .
Dernæst undersøges udviklingen i underskudskvotienten .
In a further step , the development of the deficit ratio is investigated .
Det er i den sammenhæng hensigtsmæssigt at huske på , at ændringer i et lands årlige underskudskvotient typisk kan tilskrives en række underliggende faktorer .
In this context , it is considered useful to bear in mind that the change in a country 's annual deficit ratio is typically influenced by a variety of underlying forces .
Disse påvirkninger opdeles ofte i « konjunkturafhængige faktorer » , der afspejler den indvirkning , som ændringer i konjunkturudviklingen har på underskuddet , og « konjunkturuafhængige faktorer » , som ofte vurderes at afspejle strukturelle eller permanente justeringer af finanspolitik - ken .
These influences are often divided into « cyclical effects » on the one hand , which reflect the reaction of deficits to changes in the economic cycle , and « non-cyclical effects » on the other , which are often taken to reflect structural or permanent adjustments to fiscal policies .
De konjunkturuafhængige faktorer , som er kvantificeret i denne rapport , afspejler ikke nødvendigvis ændringer i budgetstillingen , der udelukkende er strukturelle , idet de omfatter virkningen af politiktiltag og særlige faktorer , der kun indvirker midlertidigt på budgetsaldoen .
However , such non-cyclical effects , as quantified in this report , cannot necessarily be seen as entirely reflecting a structural change to fiscal positions , because they include the impact Box 3 of policy measures and special factors with only temporary effects on the budgetary balance .
Den hidtidige udvikling i de offentlige udgifter og indtægter gennemgås også i detaljer , og konsolideringsområderne skitseres .
Past government expenditure and revenue trends are also considered in more detail and the broad areas for consolidation are outlined .
For så vidt angår det fremadrettede perspektiv , ses der på nationale budgetplaner og Kommissionens seneste prognoser for 2006 , og den finanspolitiske strategi på mellemlangt sigt , som fremgår af konvergensprogrammet , tages i betragtning .
Turning to a forward-looking perspective , national budget plans and recent forecasts by the European Commission for 2006 are recalled and account is taken of the medium-term fiscal strategy , as reflected in the convergence programme .
Dette omfatter en vurdering af , hvorvidt landets målsætning på mellemlangt sigt , som er fastlagt i stabilitets - og vækstpagten , kan ventes opfyldt .
This includes an assessment of the projected attainment of its medium-term objective , as foreseen in the Stability and Growth Pact .
Desuden fremhæves de langsigtede risici i relation til budgetstillingens holdbarhed , især risici vedrørende ufinansierede offentlige pensionsordninger i forbindelse med demografiske ændringer og vedrørende offentlige garantier .
Furthermore , long-term challenges to the sustainability of budgetary positions are emphasised , particularly those related to the issue of unfunded government pension systems in connection with demographic change and to guarantees given by the government .
Boks 3 VALUTAKURSUDVIKLINGEN 1 Traktatens bestemmelser I traktatens artikel 121 , stk .
With regard to exchange rate developments , the Treaty provisions and their application by the ECB are outlined in Box 3 .
1 , tredje led , kræves : « overholdelse af de normale udsvingsmargener i Det Europæiske Monetære Systems valutakursmekanisme i mindst to år uden devaluering over for andre medlemsstaters valutaer » . Af artikel 3 i protokollen om konvergenskriterierne , som er omtalt i traktatens artikel 121 , stk .
EXCHANGE RATE DEVELOPMENTS 1 Treaty provisions Article 121 ( 1 ) , third indent , of the Treaty requires : « the observance of the normal fluctuation margins provided for by the exchange-rate mechanism of the European Monetary System , for at least two years , without devaluing against the currency of any other Member State » .
« Kriteriet vedrørende deltagelse i det europæiske monetære systems valutakursmekanisme som nævnt i traktatens artikel 121 , stk . 1 , tredje led , betyder , at en medlemsstat har overholdt de normale udsvingsmargener i det europæiske monetære systems valutakursmekanisme uden alvorlige spændinger i mindst de seneste to år før undersøgelsen .
Article 3 of the Protocol on the convergence criteria referred to in Article 121 ( 1 ) of the Treaty stipulates that : « the criterion on participation in the exchange-rate mechanism of the European Monetary System referred to in the third indent of Article 121 ( 1 ) of this Treaty shall mean that a Member State has respected the normal fluctuation margins provided for by the exchange-rate mechanism of the European Monetary System without severe tensions for at least the last two years before the examination .
ECB Konvergensrapport Maj 2006 KAPITEL 1 i samme periode på eget initiativ have devalueret sin valutas bilaterale centralkurs over for en anden medlemsstats valuta ."
In particular , the Member State shall not have devalued its currency 's bilateral central rate against any other Member State 's currency on its own initiative for the same period ." ECB Convergence Report May 2006
2 Anvendelse af traktatens bestemmelser Med hensyn til valutakursstabilitet undersøger ECB , om landet har deltaget i ERM2 ( som afløste ERM fra januar 1999 ) i mindst to år før konvergensundersøgelsen uden alvorlige spændinger , især uden devaluering over for euroen .
CHAPTER 1 2 Application of Treaty provisions With regard to exchange rate stability , the ECB examines whether the country has participated in ERM II ( which superseded the ERM as of January 1999 ) for a period of at least two years prior to the convergence examination without severe tensions , in particular without devaluing against the euro .
I tilfælde af deltagelse i kortere tid beskrives valutakursudviklingen i en referenceperiode på 2 år , som det er sket i tidligere rapporter .
In cases of shorter periods of participation , exchange rate developments are described over a two-year reference period as in previous reports .
Vurderingen af valutakursstabilitet over for euroen fokuserer på , om valutakursen er tæt på centralkursen i ERM2 , men tager desuden højde for faktorer , som kan have medvirket til en appreciering , hvilket er i overensstemmelse med den tidligere fremgangsmåde .
The examination of exchange rate stability against the euro focuses on the exchange rate being close to the ERM II central rate while also taking into account factors that may have led to an appreciation , which is in line with the approach taken in the past .
I den henseende berører udsvingsbåndets bredde i ERM2 ikke vurderingen af valutakursstabilitet .
In this respect , the width of the fluctuation band within ERM II does not prejudice the examination of the exchange rate stability criterion .
Endvidere belyses spørgsmålet om « alvorlige spændinger » generelt ved i ) at undersøge , hvor meget valutakurserne er afveget fra centralkurserne i ERM2 i forhold til euroen , ii ) at anvende indikatorer som fx valutakursvolatilitet i forhold til euroen , de korte rentespænd over for euroområdet og deres udvikling samt iii ) ved at vurdere valutainterventionernes rolle .
Moreover , the issue of the absence of « severe tensions » is generally addressed by : ( i ) examining the degree of deviation of exchange rates from the ERM II central rates against the euro ; ( ii ) using indicators such as exchange rate volatility vis-à-vis the euro and its trend , as well as short-term interest rate differentials vis-à-vis the euro area and their development ;
Alle bilaterale valutakurser i referenceperioden fra maj 2004 til april 2006 er ECBs officielle referencekurser ( jf . statistikbilaget til kapitel 1 ) .
and ( iii ) considering the role played by foreign exchange interventions . All bilateral exchange rates for the reference period from May 2004 to April 2006 are official ECB reference rates ( see the statistical annex to Chapter 1 ) .
Både Litauen og Slovenien har deltaget i ERM2 siden 28 . juni 2004 , dvs .
Both Lithuania and Slovenia have participated in ERM II with effect from 28 June 2004 , i.e. for less than two years prior to the examination by the ECB .
Valutakursudviklingen i de to lande fra 29 . april 2004 til 28 .
The performance of their currencies is shown against the euro during the period from 29 April 2004 to 28 April 2006 .
april 2006 vises i forhold til euroen .
In addition to the performance of the nominal exchange rate against the euro , evidence relevant to the sustainability of the current exchange rate is briefly reviewed .
Ud over udviklingen i den nominelle valutakurs over for euroen gives der en kortfattet vurdering af holdbarheden af den aktuelle valutakurs på baggrund af udviklingen i den reale bilaterale kurs og den effektive valutakurs , betalingsbalancens løbende poster , kapitalposter og finansielle poster samt landets nettokapitalbalance over for udlandet i længere perioder .
E X A M I N AT I O N OF ECONOMIC CONVERGENCE derived from the development of the real bilateral and effective exchange rates , the current , capital and financial accounts of the balance of payments and the country 's net international investment position over longer periods .
For så vidt angår markedsintegrationen , foretages der også en undersøgelse af euroområdets andel af landets samlede udenrigshandel .
With respect to the integration of markets , the euro area 's share in the country 's total external trade is also examined .
Traktatens bestemmelser om udviklingen i de lange renter og ECBs anvendelse heraf er beskrevet i boks 4 .
With regard to long-term interest rate developments , the Treaty provisions and their application by the ECB are outlined in Box 4 .
UDVIKLINGEN I DE LANGFRISTEDE RENTESATSER 1 Traktatens bestemmelser I traktatens artikel 121 , stk . 1 , fjerde led , kræves : « den varige karakter af den konvergens , medlemsstaten har opnået , samt af dens deltagelse i det europæiske monetære systems valutakursmekanisme , som afspejlet i de langfristede rentesatser » .
LONG-TERM INTEREST RATE DEVELOPMENTS 1 Treaty provisions Article 121 ( 1 ) , fourth indent , of the Treaty requires : « the durability of convergence achieved by the Member State and of its participation in the exchange-rate mechanism of the European Monetary System being reflected in the long-term interest-rate levels » .
« Kriteriet vedrørende konvergens i rentesatserne som nævnt i traktatens artikel 121 , stk . 1 , fjerde led , betyder , at en medlemsstat over en periode på et år før undersøgelsen har haft en gennemsnitlig langfristet nominel rentesats , som ikke overstiger den tilsvarende rentesats i de højst tre medlemsstater , der har nået de bedste resultater med hensyn til prisstabilitet , med mere end 2 procentpoint .
Article 4 of the Protocol on the convergence criteria referred to in Article 121 ( 1 ) of the Treaty stipulates that : « the criterion on the convergence of interest rates referred to in the fourth indent of Article 121 ( 1 ) of this Treaty shall mean that , observed over a period of one year before the examination , a Member State has had an average nominal long-term interest rate that does not exceed by more than 2 percentage points that of , at most , the three best performing Member States in terms of price stability .
2 Anvendelse af traktatens bestemmelser I forbindelse med denne rapport anvender ECB traktatens bestemmelser som beskrevet nedenfor : -- For det første er den lange rente , med hensyn til « en gennemsnitlig langfristet nominel rentesats » observeret over « en periode på et år før undersøgelsen » , beregnet som et aritmetisk gennemsnit over de seneste 12 måneder , for hvilke HICP-data forelå .
2 Application of Treaty provisions In the context of this report , the ECB applies the Treaty provisions as outlined below : -- First , with regard to « an average nominal long-term interest rate » observed over « a period of one year before the examination » , the long-term interest rate has been calculated as an arithmetic average over the latest 12 months for which HICP data were available .
Den betragtede referenceperiode i denne rapport er følgelig april 2005 til marts 2006 .
The reference period considered in this report is April 2005 to March 2006 .
For det andet er begrebet « i de højst tre medlemsstater , der har opnået de bedste resultater med hensyn til prisstabilitet » , der bruges i definitionen af referenceværdien , anvendt ved at bruge et ikke-vægtet aritmetisk gennemsnit af de lange renter i de samme tre EU-lande , som indgik i beregningen af referenceværdien for prisstabilitet ( jf . boks 1 ) .
Second , the notion of « at most , the three best performing Member States in terms of price stability » which is used for the definition of the reference value has been applied by using the unweighted arithmetic average of the long-term interest rates of the same three EU countries entering the calculation of the reference value for the criterion on price stability ( see Box 1 ) .
( Sverige ) , 3,3 pct . ( Finland ) og 5,0 pct .
Over the reference period considered in this report , the long-term interest rates of these three countries were 3.3% ( Sweden ) , 3.3% ( Finland ) and 5.0% ( Poland ) ;
Den gennemsnitlige rentesats er følgelig 3,9 pct . , og ved at tillægge 2 procentpoint fås referenceværdien 5,9 pct .
as a result , the average rate is 3.9% and , adding 2 percentage points , the reference value is 5.9% .
Rentesatserne er målt på grundlag af foreliggende harmoniserede lange renter , som er udviklet med det formål at vurdere konvergens ( jf . statistikbilaget til kapitel 1 ) .
Interest rates have been measured on the basis of available harmonised long-term interest rates , which were developed for the purpose of examining convergence ( see the statistical annex to Chapter 1 ) .
Som nævnt ovenfor refererer traktaten eksplicit til « den varige karakter af konvergens » , som afspejlet i de lange renter .
As mentioned above , the Treaty makes explicit reference to the « durability of convergence » being reflected in the level of long-term interest rates .
Udviklingen over referenceperioden fra april 2005 til marts 2006 er derfor vurderet på baggrund af udviklingen i de lange renter i de seneste 10 år ( eller den periode , for hvilken der foreligger data ) og de væsentligste faktorer bag rentespændene over for de gennemsnitlige lange renter i euroområdet . Endelig kræves det i traktatens artikel 121 , stk .
Therefore , developments over the reference period from April 2005 to March 2006 are reviewed against the background of the path of long-term interest rates over the last ten years ( or the period for which data are available ) and the main factors underlying differentials vis-à-vis the average long-term interest rate prevailing in the euro area .
1 , at rapporten også omhandler en række andre relevante forhold , nemlig « ecuens udvikling , resultaterne af markedsintegrationen , situationen for og udviklingen i betalingsbalancens løbende poster og en redegørelse for udviklin - gen i enhedslønomkostningerne og andre prisindeks » .
Finally , Article 121 ( 1 ) of the Treaty requires this report to take account of several other relevant factors , namely « the development of the ECU , the results of the integration of markets , the situation and development of the balances of payments on current account and an examination of the development of unit labour costs and other price indices » .
Disse faktorer gennemgås i det følgende afsnit under de enkelte ovennævnte kriterier .
These factors are reviewed in the following section under the individual criteria listed above .
I lyset af indførelsen af euroen 1 . januar 1999 er der ikke længere en særskilt behandling af udviklingen i ecuen .
In the light of the launch of the euro on 1 January 1999 , there is no longer a specific discussion of the development of the ECU .
De statistiske data , der anvendes i forbindelse med konvergenskriterierne , stammer fra Kommissionen ( jf .
The statistical data used in the application of the convergence criteria have been provided by the European Commission ( see also the statistical annex to Chapter 1 and the tables and
statistikbilaget til kapitel 1 og tabeller og figurer ) samt ECB , hvad angår de lange renter .
CHAPTER 1 charts ) , in cooperation with the ECB in the case of the long-term interest rates .
Konvergensdata vedrørende prisudviklingen og udviklingen i de lange renter vises frem til marts 2006 , som er den sidste måned , for hvilken der foreligger HICP-data .
Convergence data on price and long-term interest rate developments are presented up to March 2006 , the latest month for which data on HICPs were available .
KAPITEL 1 riode , der betragtes i denne rapport , 28 . april 2006 .
For exchange rates , the period considered in this report ends on 28 April 2006 .
Data vedrørende budgetstillingerne dækker perioden frem til 2005 .
Data for fiscal positions cover the period up to 2005 .
Der tages også højde for prognoser fra forskellige kilder samt de seneste konvergensprogrammer for de to medlemslande og andre oplysninger , der er relevante i forbindelse med en fremadrettet vurdering af konvergensens vedvarende karakter .
Account is also taken of forecasts from various sources , together with the most recent convergence programmes of the two Member States and other information considered to be relevant to a forward-looking consideration of the sustainability of convergence .
Skæringsdatoen for statistikken i denne konvergensrapport var 28 . april 2006 .
The cut-off date for the statistics included in this Convergence Report was 28 April 2006 .
2 LANDEVUDERINGER 2.1 LITAUEN 2.1.1 PRISUDVIKLINGEN I referenceperioden fra april 2005 til marts 2006 havde Litauen en 12-måneders gennemsnitlig HICP-inflation på 2,7 pct . , dvs .
2 COUNTRY EXAMINATIONS 2.1 LITHUANIA 2.1.1 PRICE DEVELOPMENTS Over the reference period from April 2005 to March 2006 , the 12-month average rate of HICP inflation in Lithuania was 2.7% , i.e. just above the reference value of 2.6 % for the criterion on price stability ( see Table 1 ) .
Hvis man ser tilbage over en længere periode , faldt HICP-inflationen brat i anden halvdel af 1990'erne , fra ca . 25 pct .
Looking back over a longer period , HICP inflation fell sharply in the second half of the 1990s , from roughly 25 % in 1996 to around 1.5% in 1999 .
I gennemsnit forblev inflationen på dette lave niveau indtil midten af 2002 , da den blev negativ på grund af en kombination af særlige faktorer .
On average , inflation remained at this low level until mid-2002 , when it turned negative due to a combination of specific factors .
Faktorerne omfattede lavere priser inden for telekommunikationssektoren på grund af omfattende reformer og et betydeligt fald i enhedslønomkostninger og importpriser .
These included lower prices in the telecommunications sector owing to substantial reforms and a considerable decline in unit labour costs and in import prices .
Inflationstakten blev positiv igen i midten af 2004 og steg til 2,7 pct . i 2005 ( jf .
Inflation rates turned positive again in mid-2004 , rising further to 2.7% in 2005 ( see Chart 1 ) .
Disinflationsprocessen efter 1996 afspejler en række vigtige politikvalg , først og fremmest pengepolitikkens orientering mod opnåelse af prisstabilitet , som er hovedmålet og nedfældet i centralbankloven .
The process of disinflation after 1996 reflects a number of important policy choices , most notably the orientation of monetary policy towards the achievement of price stability , which is the primary objective enshrined in the central bank law .
I 1994 indførtes et currency board , hvor den litauiske litas først blev knyttet til den amerikanske dollar og derefter -- i 2002 -- til euroen , hvilket bidrog til at forankre inflationsforventningerne .
In 1994 Lithuania adopted a currency board arrangement , with the litas being first pegged to the US dollar and then re-pegged to the euro in 2002 , which provided an anchor to inflation expectations .
Den lave inflation i Litauen i begyndelsen af 2000'erne kan i stor udstrækning tilskrives Litauens valutakursstrategi og den deraf følgende udvikling i den nominelle effektive valutakurs .
The low level of inflation in Lithuania during the early 2000s was , to a considerable extent , a reflection of Lithuania 's exchange rate strategy and the associated development of the nominal effective exchange rate .
Den amerikanske dollars kraftige appreciering i forhold til flere andre valutaer i 1999 og 2000 havde en markant afdæmpende effekt på importpriserne i Litauen .
The strong appreciation of the US dollar against several other currencies in 1999 and 2000 had a marked dampening impact on import prices in Lithuania .
Disinflationsprocessen er også blevet understøttet af finanspolitikken , reformer , der skulle øge konkurrencen på varemarkederne , en gradvis liberalisering af finansmarkedet og arbejdsmarkedsreformer .
The disinflation process has also been supported by fiscal policy , reforms designed to enhance product market competition , progressive financial market liberalisation and labour market reforms .
Faldet i inflationen i slutningen af 1990'erne opstod på trods af forholdsvis kraftig vækst i realt BNP .
The reduction in inflation during the late 1990s was achieved despite relatively strong real GDP growth .
Som følge af krisen i Rusland og dens indvirkning på Litauens eksportsektor blev væksten i realt BNP i Litauen negativ i 1999 , og det lagde en dæmper på inflationsudviklingen ( jf . tabel 2 ) .
Following the impact of the Russian crisis on Lithuania 's export sector , real GDP growth turned negative in 1999 , which had a downward impact on inflation ( see Table 2 ) .
Den litauiske økonomi rettede sig hurtigt efter krisen i Rusland , og siden 2001 er væksten , der hovedsagelig drives af den indenlandske efterspørgsel , igen oppe på et relativt højt niveau .
The Lithuanian economy recovered quickly after the Russian crisis , and since 2001 it has returned to relatively high levels of growth , driven mainly by domestic demand .
Den kraftige økonomiske vækst bidrog sammen med udvandringen til at nedbringe arbejdsløsheden betydeligt , fra 16,5 pct .
The strong economic growth , in conjunction with emigration flows , helped to reduce unemployment considerably , from 16.5% in 2001 to 8.2% in 2005 .
i 2001 til 8,2 pct . i 2005 .
Against this background , growth in compensation per employee increased from 3.8% in 2001 to 8.7% in 2005 .
Som følge af lønudviklingen og udviklingen i arbejdskraftsproduktivitet var væksten i enhedslønomkostningerne negativ fra 2000 til 2001 .
Reflecting wage and labour productivity developments , unit labour cost growth was negative from 2000 to 2001 .
De seneste år er den blevet positiv igen og er således steget fra 1,0 pct . i 2004 til 3,8 pct .
It has turned positive again in the past few years and rose to 3.8% in 2005 from 1.0% in 2004 .
Fortrinsvis på grund af oliepris - og valutakursudviklingen var importpriserne relativt volatile i den betragtede periode . Ændringstakten i importpriserne forblev dog negativ i hele perioden 2001-04 .
Import prices were rather volatile during the period under review , mostly reflecting exchange rate and oil price developments , but their rate of change remained negative throughout the period 2001 to 2004 .
Importdeflatoren steg hovedsagelig på grund af energiprisstigninger til 8,2 pct . i 2005 , hvilket var med til at øge inflationspresset .
The import deflator rose to 8.2% in 2005 , mainly as a result of energy price increases , which added to inflationary pressures .