natgillin/translations-raw huggingface dataset:
Nogle lande strammede administrationen af eksisterende kapitalrestriktioner , og i et enkelt tilfzlde gennemf ~ rtes midlertidige tiltag med henblik på at straffe « short-selling » af valutaer finansieret gennem « swaps » .
and interest rates were adjusted , though to different extents and at different times . Some countries tightened the administration of existing exchange controls while in one instance measures were temporarily applied to penalise the short-selling of the domestic currency financed through swaps .
Selv om vurderingen af den seneste turbulens på valutamarkedet endnu ikke er afsluttet , er der i Centralbankchefkomiteen enighed om , at EMS - som en mekanisme til fremme af et tzttere monetzrt samarbejde forende til en zone af monetzr stabilitet - er en fordel for alle Fzllesskabets lande , og at genskabelse og opretholdelse af trovzrdighed i systemet er et meget vigtigt mål .
While the assessment of the recent turbulent events in the exchange markets has not yet been finalised , there is full agreement that the EMS , as an arrangement for the promotion of closer monetary co-operation leading to a zone of monetary stability , is beneficial to all Community countries and that the restoration and maintenance of the credibility of the System as a whole is a very important objective .
For at nå dette mål skal to forudsztninger vzre opfyldt .
In order to achieve this goal two requirements have to be fulfilled .
For det forste er det nodvendigt for at opretholde centralkursernes trovzrdighed , at den underliggende okonomiske situation er sund , og at den overbevisende bliver understottet gennem den nuvzrende og fremtidige makrookonomiske politik .
Firstly , for central parities to remain credible , the underlying economic conditions have to be sound and need to be safeguarded convincingly by current and future macro-economic policies .
Systemet skal forblive fleksibelt , og valutakursjusteringer kan vzre nodvendige , hvis der opstår stiarre okonomiske ubalancer .
The System must remain flexible , and exchange rate adjustments may be needed if major economic imbalances arise .
En kursjustering er dog ingen patentlosning , og den vil derfor ikke fjerne behovet for en underbyggende stabilitetsorienteret politik .
However , a realignment is no panacea and does not , therefore , eliminate the need for supporting stabilityoriented policies .
For det andet har erfaringen vist , at med fuldstzendig frie kapitalbev ~ gelserkan der opstå et massivt spekulativt pres , selv i situationer hvor centralkurserne er understottet af en sund og stabil indenlandsk okonomi .
Secondly , experience has shown that , in an environment of full freedom of capital movements , massive speculative exchange rate pressures may arise even in a situation when central parities are backed up by sound and stable domestic economic conditions .
I sådanne tilfzlde må forsvaret af valutakurserne hvile på tzt samarbejde i overensstemmelse med de enkelte landes pengepolitiske forpligtelse til prisstabilitet , som er en foruds ~ tningfor vedvarende valutakursstabilitet .
In such circumstances , the defence of exchange rates must rest on close co-operation consistent with the commitment of individual countries » monetary policies to price stability which is a precondition for lasting exchange rate stability .
De institutionelle skridt , som er taget i en rzkke medlemsstater med henblik på at 0ge deres centralbankers uafhzngighed , kan blive et meget nyttigt element til forogelse af pengepolitikkens trovzerdighed .
The institutional steps that are being taken in a number of Member States to increase the independence of their central bank could be a very helpful element in enhancing the credibility of monetary policy . Within these broad
På denne baggrund vil Centralbankchefkomiteen fortszette sine drraftelser om EMS-samarbejdet .
considerations , the Committee of Governors is continuing its discussions on the management of the EMS .
Da Centralbankchefkomiteen i december 1992 vurderede intentionerne for den nationale pengepolitik i 1993 , var der ikke alene meget usikre udsigter for verdensrakonomien samt for vzeksten og det inflationzere pres i Fzellesskabet , men tillige fornyede spzendingerne på valutamarkederne som viste , at en mere vedvarende ro endnu ikke var blevet genoprettet i EMS .
MONETARY POLICY ORIENTATIONS FOR 1993 When in December 1992 the Committee of Governors assessed national monetary policy intentions for 1993 , not only was there a highly uncertain outlook for the world economy , and for growth and inflationary pressures in the Community , but renewed outbreaks of tension in the exchange markets indicated that more lasting calm had not yet been restored in the EMS .
Det blev skrannet , at Fzellesskabets reale BNP ville vokse med stort set den samme lave vzkstrate som for de foregående to år , og til trods for denne svage aktivitet forventedes inflationen i Fzllesskabet kun at ville falde moderat .
Real GDP in the Community was forecast to expand at roughly the same low rate as in the two preceding years , and despite the weakness of activity inflation was still expected to recede only moderately .
Der var fuldstzendig enighed i Centralbankchefkomiteen om , at pengepolitikken fortsat må være rettet mod det mellemfristede mål om at opnå og opretholde prisstabilitet i hele Fzellesskabet .
There was full agreement in the Committee of Governors that monetary policies must continue to be geared towards the medium-term goal of achieving and maintaining price stability throughout the Community .
Pengepolitikken kan kun nå dette mål , hvis den bliver udfrart håndfast .
Monetary policy can only fulfil this objective if managed with a steady hand .
Erfaringen har vist , at effekten for den rakonomiske vzkst af en for tidlig lempelse af pengepolitikken hurtigt forsvinder og opvejes af byrdefulde rakonomiske omkostninger på langt sigt .
As experience has shown , the benefits to economic activity from a premature easing of monetary conditions are quickly eroded and are soon outweighed by significant longer-term economic costs , which are difficult and painful to absorb .
Derfor har Centralbankchefkomiteen understreget behovet for en mellemfristet orientering af pengepolitikken , der sikrer en yderligere nedgang i inflationen , uden at begrzense mulighederne for en bzeredygtig opgang i vzeksten . Som understreget i årsberetningen fra sidste år afhaenger effektiviteten af pengepolitikken i vcesentlig grad af tilstrækkelig stratte fra finanspolitikken og lranudviklingen .
For this reason the Committee of Governors emphasised the need for a medium-term oriented monetary policy which ensures a further decline in inflation without restraining the room for a sustainable recovery of economic activity . However , as stressed in last year 's Annual Report , the effectiveness of the envisaged monetary stance hinges to an important extent on adequate support from fiscal policy and wage developments .
Der er et presserende behov for at forbedre balancen mellem finanspolitikken og pengepolitikken i en rzekke af medlemslandene .
There is an urgent need to improve the mix between fiscal and monetary policies in a number of Member States .
Til trods for de forringede vzekstudsigter for 1993 brar sigtet mod budgetmzessig konsolidering ikke tabes .
Despite the less favourable economic prospects for 1993 , sight should not be lost of the need for fiscal consolidation .
Dette er iszr vigtigt i lyset af Maastricht-traktaten , som understreger behovet for finanspolitisk disciplin , og som fastlcegger en referencevzerdi for budgetunderskuddet på 3 % af BNP til at hjzelpe i vurderingen af , om finanspolitikken er bæredygtig .
This is particularly important in the light of the Maastricht Treaty , which states the need for fiscal discipline and establishes a reference value for the budget deficit of 3 % of GDP to help assess the sustainability of the government 's financial position .
Ifralge det seneste offentliggjorte skran fra EF-Kommissionen forventes budgetunderskuddet i hele Fællesskabet at stige til 5 314 % af BNP i 1993 , hvilket er et halvt procentpoint over sidste års niveau , som allerede dengang var uholdbart .
According to the latest published forecast by the European Commission , the budget deficit in the Community as a whole is projected to increase to 5 %% of GDP in 1993 , up by half a percentage point on last year 's already unsustainably high level .
De nradvendige skridt i retning af budgetmzessig konsolidering skal tages nu , hvis trovzerdigheden af medlemslandenes politik og kravene ifralge Traktaten skal opretholdes , og overbelastningen af pengepolitikken skal undgås .
If the credibility of Member countries » policies and Treaty obligations are to be maintained and overburdening of monetary policies is to be avoided , the necessary measures towards budgetary consolidation must be taken now .
Isser i lande med uforholdsmzessigt store budgetunderskud må man forstzerke indsatsen med henblik på at mindske de strukturelle underskud .
In particular , in countries with excessive budget deficits , efforts to correct structural deficits must be intensified .
I andre lande brar den afdcempede rakonomiske vzkst ikke resultere i stigninger i underskuddene ud over de normale automatiske effekter fra faldende indtcegter og hrajere sociale udgifter .
In other countries , subdued economic growth should not result in increases in deficits beyond the normal automatic effects from declining revenues and higher social expenditure .
Hertil kommer , at selv om nogle fzellesskabslande havde succes med at begrzense lranstigningerne i 1992 , er en markant reduktion af lranstigningstakten stadig nradvendig i de tilfzelde , hvor arbejdsomkostningerne stiger i et hurtigt tempo .
Furthermore , while some Community countries succeeded in containing nominal wage growth in 1992 , a significant moderation in wage increases is still needed where labour costs rise at a rapid pace .
Desuden må alle medlemslandene fortszette
In addition , all Community countries must persevere with their
indsatsen for at reducere de strukturelle stivheder på arbejdsmarkederne .
efforts to reduce structural rigidities in labour markets .
Med henblik på at fremme den nardvendige tilpasning af den arkonomiske politik har de fleste af landene efter drarftelser i Fzllesskabet fremlagt konvergensprogrammer .
To promote the necessary policy adjustments , national convergence programmes have been set in most countries following discussions at Community level .
Vigtigheden af hurtigt at opnå en bedre balance mellem finans - og pengepolitikken samt af at styrke den udbudsorienterede politik blev på dramatisk vis understreget af den skuffende arkonomiske og finansielle udvikling i 1992 .
The importance of achieving quickly a better balance between fiscal and monetary policies , and of strengthening supply-side policies , was dramatically highlighted by the disappointing economic and financial developments in 1992 .
Afgarrende fremskridt på disse områder er nardvendige , ikke kun for at styrke fundamentet for en bzredygtig vzkst , men også for at genoprette trovzrdigheden til valutakursrelationerne mellem Fzllesskabets valutaer .
Decisive progress in these fields is required not only to strengthen the foundations for sustained growth but also to restore stable exchange rate relationships among Community currencies .
Selv om ansvaret for pengepolitikken forbliver hos de nationale myndigheder , barr styrkelsen i Centralbankchefkomiteen af koordineringen af pengepolitikken også bidrage til en genetablering af trovzrdigheden i ERM , uden hvilken det vil blive meget svzerere varigt at indsnzvre renteforskellene .
While monetary policy remains the responsibility of the national authorities , the strengthening of monetary policy co-ordination within the Committee of Governors should also contribute to the reestablishment of the credibility of the ERM without which it will be much more difficult to narrow interest rate differentials on a lasting basis .
De seneste kursjusteringer og bevzgelser i kurserne for de valutaer , som har suspenderet deres ERM-forpligtelse , burde have hjulp . et med til at korrigere effekterne af tidligere ubalancer .
The recent realignments and movements in the exchange rates of currencies which have suspended their ERM commitment should have helped to correct the effects of past imbalances .
Ændringerne i valutakurserne , og især den midlertidige flydning af valutaer , må dog ikke fejlagtigt blive opfattet som havende elimineret begrznsningerne på den indenlandske arkonomiske politik .
However , the changes in exchange rates , and in particular the temporary floating of currencies , should not be misconstrued as having eliminated the constraints on domestic economic policies .
Den tztte sammensvejsning af Fzllesskabets okonomier og den voksende gensidige afhængighed som farlge af virkeliggarrelsen af det indre marked for personer , varer , tjenesteydelser og kapital efterlader intet alternativ til samarbejde og en t z t koordineret politik .
The close integration of the Community economies , and the growing interdependencies arising from the completion of the single market for people , goods , services and capital , leave no alternative to co-operation and closely co-ordinated policies .
FORBEREDENDE ARBEJDE FOR OVERGANGEN TIL ANDEN OG TREDJE FASE AF DEN OKONOMISKE OG MONETÆRE UNION
PREPARATORY WORK FOR THE MOVE TO STAGES TWO AND THREE OF ECONOMIC AND MONETARY UNION
Efter anmodning fra Rådet for De Europziske Fællesskaber har Centralbankchefkomiteen ivzrksat det forberedende arbejde med henblik på at etablere betingelserne for implementeringen af Maastricht-traktaten på det monetzre område .
In response to the invitation by the Council of the European Communities , the Committee of Governors has set in motion preparatory work to establish the conditions for the implementation of the Treaty of Maastricht in the monetary field .
Dette forberedende arbejde fokuserer delvis på opgaven med at oprette Det Europziske Monetære Institut og delvis på visse specifikke områder , som er forbundet med det mere fjerne mål om en fzlles pengepolitik , men som krzver en betragtelig forberedelsesperiode .
This work is focusing partly on the task of setting up the European Monetary Institute and partly on certain specific areas which are linked to the more distant goal of a single monetary policy but which require a considerable period of preparation .
Indtil videre har forberedelserne vedrarrende EM1 primært koncentreret sig om opgaverne for denne nye institution .
The groundwork for the EM1 has so far centred primarily on the tasks of this new institution .
Nogle af disse opgaver ligger inden for det ansvarsområde , som i arjeblikket horer ind under Centralbankchefkomiteen , såsom koordination af pengepolitikken , eller som harrer ind under Den Europziske Fond for Monetzrt Samarbejde , såsom administration af EMS-mekanismerne .
Some of these tasks overlap with responsibilities currently assigned to the Committee of Governors , such as the co-ordination of monetary policies , or to the European Monetary Co-operation Fund , such as the administration of the EMS mechanisms .
Målsztningen er inden for disse områder at sikre en gnidningslars overgang til EMI .
In these areas , the objective is to ensure a smooth transition to the EMI .
Desuden overvejer Centralbankchefkomiteen i ojeblikket , hvorledes EM1 bedst kan udfnre sine operationelle funktioner .
In addition , the Committee of Governors is currently considering how the EM1 should best perform its operational functions .
Disse inkluderer ifarlge statutten for EMI : Funktioner , der for tiden varetages af EMCF ;
According to the EM1 Statute , these include : functions currently undertaken by the EMCF ;
nye funktioner såsom forvaltningen af valutareserver som agent for , og efter anmodning fra , nationale centralbanker ; og op -
new functions such as the management of foreign exchange reserves as agent of and at the request of national central banks ;
gaver i relation til ECU' en .
and tasks related to the ECU .
Med hensyn til det forberedende arbejde med et lzngere tidsperspektiv har Centralbankchefkomiteen identificeret fem hovedområder , som fortjener tidlig opmærksomhed : Statistik , sprargsmål vedrrarende betalingssystemer , trykning og udstedelse af europæiske pengesedler , regnskabsm ~ ssige sprargsmål og etableringen af informationssystemer .
With regard to preparatory work with a long lead time , the Committee of Governors has identified five major areas which deserve early attention : statistics , payment system questions , printing and issuing a European bank-note , accounting issues , and the establishment of information systems .
For hver af disse specifikke områder har man etableret nye arbejdsgrupper .
For each of these specific projects new Working Groups have been established .
Indledningsvis er arbejdet i disse grupper hovedsagelig et sprargsmål om at udveksle oplysninger og vurdere situationen med henblik på at forberede grundlaget for fremtidige beslutninger om , hvorledes man skaber det ngdvendige grundlag for et fælles system .
The initial work of these groups is mainly of a fact-finding and stock-taking nature in order to prepare the ground for future decisions on how to create the necessary integrated infrastructures .
Endelig har man påbegyndt overvejelser med henblik på at klarlægge de væsentligste sprargsmål relateret til hovedlinjerne , instrumenterne og de operationelle procedurer ved en fremtidig fzlles pengepolitik .
Finally , preliminary work has also commenced with a view to clarifying the main questions relating to the principal features , instruments and operating procedures of the future single monetary policy .
Det f ~ r s t e kapitel i beretningen gennemgår den iakonomiske udvikling og implementeringen af pengepolitikken i 1992 .
The first chapter of the Report reviews economic developments and monetary policy implementation in 1992 .
I det andet kapitel beskrives de pengepolitiske instrumenter og den pengepolitiske styring , mens det tredje kapitel giver en oversigt over de institutionelle rammer for medlemslandenes centralbanker .
In the second chapter , monetary policy instruments and procedures are described , while the third chapter surveys the institutional features of Community central banks .
Det sidste kapitel gennemgår Centralbankchefkomiteens aktiviteter og forberedelse af overgangen til 0MU .
The final chapter reports on the activities of the Committee of Governors and the preparation for the move to Economic and Monetary Union .
I. DEN 0KONOMISKE UDVIKLING OG IMPLEMENTERING AF PENGEPOLITIKKEN
I. ECONOMIC DEVELOPMENTS AND MONETARY POLICY IMPLEMENTATION
DEN 0KONOMISKE BAGGRUND FOR PENGEPOLITIKKEN
ECONOMIC BACKGROUND TO MONETARY POLICY
Efter en stzrk stigning i slutningen af 1980'erne afdzmpedes den rakonomiske vzkst i Fzllesskabet mzrkbart i 1991 og forblev underdrejet i 1992 .
After a vigorous expansion in the late 1980s , economic growth in the Community slowed sharply in 1991 and remained sluggish in 1992 .
Den dzmpede aktivitetsudvikling afspejlede ugunstige ydre forhold kombineret med svag indenlandsk eftersprargsel .
The weakness in activity reflected the impact of an unfavourable external environment combined with subdued domestic demand .
I gennemsnit faldt inflationen yderligere i Fzllesskabets lande i 1992 , idet situationen dog fortsat er langt fra det mellemfristede mål om prisstabilitet .
On average , inflation in Community countries declined further in 1992 although the situation remains far from the medium-term goal of price stability .
Endvidere var omfanget af reduktionen i inflationen forholdsvis begrznset til trods for den udprzgede svage udvikling i EF 's importpriser og den mere beskedne vzkst i produktionen end forventet .
Moreover , the extent of the decline in inflation was rather limited in spite of the marked weakness in EC import prices and more modest output growth than earlier envisaged .
Inflationens standhaftighed skyldes iszr indenlandske forhold , herunder ikke mindst de stzrke prisstigninger inden for de sektorer af rakonomien , der er beskyttet mod international konkurrence .
The resilience of inflation stems largely from domestic sources , with particularly strong price increases in the sectors of the economy sheltered from international competition .
Forskellene i inflationsraterne mellem Fzellesskabets lande indsnzvredes yderligere i 1992 , men denne udvikling kunne delvis henfrares til en reduktion i England og til en stigning i Tyskland , der traditionelt er et lavinflationsland .
While differences in inflation rates between Community countries narrowed further in 1992 , this was in part attributable to a decline in the United Kingdom and to a rise in Germany , traditionally a low inflation country . 1.1
Ydre påvirkninger Vzksten i Fzellesskabets vzsentligste eksportmarkeder forbedredes kun svagt i 1992 , hvilket var skuffende i forhold til de tidligere forventninger om en stzrkere eftersprargse1 fra resten af verdenen .
External environment Growth in the Community 's main export markets improved only slightly in 1992 , disappointing earlier expectations of a stronger external stimulus .
Produktionen fortsatte med at stige i USA , selvom vzkstraten var vzsentlig mindre end det , som ville vzre normalt på dette sted i konjunkturcyklen , og opgangen forekom til tider skrrabelig .
In the US , output continued to pick up , although the pace of growth was significantly less than is normal at this stage of the cycle and the recovery appeared fragile at times .
I lyset af de blandede signaler med hensyn til opsvingets styrke og holdbarhed lempede Federal Reserve pengepolitikken ved flere lejligheder i lrabet af heraf året .
In the light of the mixed signals regarding the strength and durability of the upturn , the Federal Reserve eased monetary policy on a number of occasions during the year .
Usikkerheden vedrrarende den relative styrke af opgangen i USA , og som f ~ l g e den fremtidige udvikling for rentesatserne , bidrog til kraftige udsving i dollarkursen .
The uncertainties concerning the relative strength of the upswing in the US , and therefore the future path of interest rates , contributed to significant dollar volatility .
Tegnene i de frarste måneder af 1992 på stzrkere vzkst gav anledning til en markant stigning i dollaren , men da opsvinget tervede , og den amerikanske pengepolitik blev yderligere lempet , faldt dollaren i forhold til D-marken med 15 % mellem april og september .
Signs of strong growth in the early months of 1992 led to a marked rise in the dollar , but as the recovery faltered and US monetary policy was loosened further , the dollar depreciated vis-a-vis the Deutsche Mark by some 15 % between end-April and end-August .
Derefter styrkedes dollaren frem til udgangen af 1992 med 14 % efter oplysninger om en stzrkere konjunkturopgang i USA og efter reduktionen i de tyske renter i september ( se figur 2 ) .
Thereafter , the dollar firmed by about 14 % up to the end of 1992 , following evidence of a stronger revivzl in the US and the reductions in German interest rates in September ( see Chart 2 ) .
Vzeksten i Japan aftog betydeligt i l ~ b e af 1992 , og priserne på en rzkke fort muegoder faldt markant .
In Japan , growth decelerated significantly during 1992 with asset prices falling sharply .
Pengepolitikken blev på baggrund heraf lempet yderligere , og en finanspolitisk ekspansion blev annonceret i august .
In response , monetary policy was eased further and a major package of expansionary budgetary measures was announced in August .
EFTA-landene , som aftager omkring en fjerdedel af eksporten fra medlemslandene under ét , var fortsat i recession i 1992 som fralge af effekterne af h ~ j realrenter og afdzmpet global eftersprargsel . e Råvarepriserne ekskl .
EFTA countries , which absorb around one quarter of the Community 's exports to the rest of the world , remained in recession in 1992 , reflecting the impact of high real interest rates and of depressed global demand .
olie var i gennemsnit stort set uzndret i 1992 regnet i 1.1 FIGUR 2 : KURSEN PA US-DOLLAR OG JAPANSKE YEN OVER FOR D-MARK Januar 1990 = 100
Non-oil commodity prices were little changed on average in dollar terms in 1992 while oil prices were also relatively soft .