natgillin/translations-raw huggingface dataset:
De græske myndigheder har hermed forpligtet sig til at føre en økonomisk politik , der vil stile mod at holde inflationen under kontrol og få den yderligere ned .
The Greek authorities thereby committed themselves to an economic and monetary policy which will be firmly geared to keeping inflation under control and on a downward trend .
Med virkning fra 16 . marts 1998 blev de bilaterale centralkurser for det irske pund over for alle andre ERM-valutaer revalueret med 3 pct .
Effective from 16 March 1998 , the bilateral central rates of the Irish pound against other ERM currencies were revalued by 3 %, bringing them close to market rates .
, hvilket bragte dem tæt på markedskurserne .
28 uncertainty .
fastlåste omregningskurser , vil blive forudannonceret umiddelbart efter udvælgelsen af de lande , der indfører den fælles valuta ( se boks 2 ) .
Of particular importance was the understanding , reached at the informal ECOFIN Council meeting in Mondorf-lesBains in September 1997 , that the bilateral exchange rates which will be used at the start of Stage Three in determining the irrevocable conversion rates for the euro would be pre-announced immediately after the selection of the countries which will adopt the single currency ( see Box 2 ) .
De rolige valutamarkedsforhold i Europa fik et stigende antal markedsdeltagere til at forvente , at de forudannoncerede bilaterale valutakurser vil blive lig med eller meget tæt på de bilaterale centralkurser i ERM .
Given the calm conditions on foreign exchange markets in Europe , an increasing number of market participants came to expect that the pre-announced bilateral exchange rates would be equal or very close to the bilateral central rates of the ERM .
Dette bevirkede , at den markedsbestemte konvergensproces for valutakurserne mod deres centralkurs i ERM og , som en logisk konsekvens , også konvergensen i de korte renter fik øget fremdrift .
As a result , the market-led process of the convergence of exchange rates towards their ERM central rates and , as a corollary , the convergence of short-term interest rates gained further momentum . terms of M3 from one year to two years in order to take account of possible uncertainties in financial markets in the period of transition to Stage Three .
bekræftede Forbundsbanken det to-årige monetære mål på omkring 5 pct .
An annual rate of M3 growth of approximately 5 % was targeted for both 1997 and 1998 .
årlig vækst i pengemængden , men nedsatte målzonen for 1998 til 3-6 pct .
As an additional point of reference for the shorter term , the target range for M3 growth in the fourth quarter of 1997 was set at 3.5 - 6.5% .
Samtidigt vedkendtes det , at pengemængdestrategien for anden halvdel af 1998 i højere grad skulle inddrage aspekter for hele gruppen af lande udvalgt til at deltage i euroområdet ( se figur 3 ) . Hvor den faktiske pengemængdevækst i sidste kvartal af 1996 på 8,1 pct .
In December 1997 the Bundesbank confirmed its two-year monetary target of around 5 % per annum , but lowered the target corridor for 1998 to 3-6 %. At the same time it acknowledged that in the second half of 1998 its monetary targeting strategy would have to take greater account of aspects covering the whole group of countries selected to participate in the euro area ( see also Section 3 ) .
oversteg målzonen på 4-7 pct . , så afdæmpedes væksten i pengemængden gradvist gennem hele 1997 , således at pengemængdevæksten ( M3 ) i 4 .
Whereas in 1996 the outturn of 8.1% for M3 growth in the last quarter exceeded the 4-7 % target range , the pace of monetary expansion steadily decelerated in the course of 1997 so that , in the fourth quarter , M3 growth was 4.7% , i.e. just below the centre of the 3.5 - 6.5% target corridor ( see Table 6 ( a )) .
Faldet i pengemængdevæksten skal ses på baggrund af en nedgang i både privat og offentlig låntagning samt en stor nettoafgang i forbindelse med transaktioner mellem indenlandske ikke-banker og udlændinge .
The deceleration of money growth was the result of a weakening in lending to both the private and the public sectors and a high net outflow of funds arising from transactions between domestic nonbanks and non-residents .
I 1997 nedbragte indenlandske ikke-banker yderligere deres indskud i udlandet og reducerede deres porteføljer af pengemarkedspapirer .
In 1997 domestic non-banks further reduced their cross-border deposits and ran down their portfolios of money market certificates .
I lyset heraf voksede den udvidede pengemængde ( inkl . grænseoverskridende indskud , korte bankobligationer og investeringer i pengemarkedsfonde ) langsommere end M3 i 1997 ( med en årlig vækst i den udvidede pengemængde på 4,4 pct .
Reflecting this , the M3 aggregate extended by cross-border deposits , short-term bank bonds and investments in money market funds grew more slowly than M3 in 1997 ( at a rate of 4.4% in the fourth quarter of 1997 , compared with a rate of 4.7% for M3 ) .
oktober 1997 blev de officielle renter også sat op med 0,2 - 0,3 procentpoint i Belgien / Luxembourg , Danmark , Frankrig , Holland og Østrig , hvorved enkelte centralbanker tillod en lille afvigelse fra de tyske officielle renter ( se figur 4 ) . Finlands Bank havde allerede sat udlånsrenten op med 0,25 procentpoint i midten af september , og Sveriges Riksbank satte reporenten tilsvarende op i midten af december .
On 9 October 1997 official and / or key interest rates were also raised by 0.2 - 0.3 percentage point in parallel in Belgium / Luxembourg , Denmark , France , the Netherlands and Austria , whereby some central banks allowed for a small differential with equivalent German policy interest rates
2.2 Pengepolitik i de enkelte medlemslande Den Tyske Forbundsbank fastholdt lave renter i 1997 , hvilket afspejler , at pengemængdevæksten ( M3 ) kom tilbage på et mere tilfredsstillende niveau , og at udsigterne for inflation i Tyskland er dæmpede .
2.2 Monetary policies in individual Member States The Deutsche Bundesbank continued to maintain a low interest rate environment in 1997 , reflecting the gradual return of broad money ( M3 ) growth to a more satisfactory level and the subdued outlook for inflation in Germany .
I løbet af sommeren bidrog apprecieringen af dollaren og stigninger i de administrativt fastsatte priser til en øget stigningstakt i import -, producent - og forbrugerpriser .
Over the summer , however , the appreciation of the US dollar and increases in administered prices caused an upturn in import , producer and consumer price inflation .
Den 9 . oktober 1997 besluttede Forbundsbanken at føre en lidt mindre lempelig pengepolitik , primært for at sikre en yderligere nedsættelse af pengemængdevæksten og for at modvirke et eventuelt inflationært pres på et tidligt stade .
With the aim of ensuring a further deceleration of the rate of monetary expansion and to counter the risks to price stability at an early stage , the Bundesbank decided on 9 October 1997 to adopt a somewhat less accommodating monetary stance .
siden august 1996 , blev sat op til 3,3 pct . , mens både den officielle diskonto og lombardrenten blev holdt uændret på henholdsvis 2,5 pct .
The securities repurchase rate which had remained at 3.0% since August 1996 - was raised to 3.3% , while both the official discount rate and the lombard rate were kept unchanged at 2.5% and 4.5% , respectively ( see Chart 3 ) .
Ved udgangen af 1996 udvidede Den Tyske Forbundsbank tidshorisonten for deres målzone for udviklingen i M3 fra 1 til 2 år for at tage højde for usikkerhed i de finansielle markeder omkring overgangen til tredje fase .
At the end of 1996 the Bundesbank extended the time horizon of its monetary target in 29
Officielle rentesatser ( I procent ) DE Lombard-rente ( a ) DE Reporente ( a ) 10 8 6 4 2 0 1996 FR Rente på 5-10-dages udlånsfacilitet ( a ) FR Interventionsrente ( a ) 10 8 6 4 2 0 1996 PT Rente for tilførsel af likviditet ( a )( d ) PT Rente for opsugning af likviditet ( a )( d ) 10 8 6 4 2 0 1996 SE Rente på omvendte repoer ( a ) SE Udlånsrente ( a ) 10 8 6 4 2 0 1996 1997 1997 UK Reporente ( b )( e ) 1997 ES 10-dages reporente ( b ) 12 10 8 6 4 2 1996 GR Lombard ( b ) GR Diskonto ( b ) 22 20 18 16 14 12 1996 1997 1997 1997 DK Indskudsbevisrente ( a ) 10 8 6 4 2 0 1996 IT Udlånsrente ( a ) IT Diskonto ( a ) 1997 IT Reporente ( a ) IE Kortfristet facilitet ( b ) BE BE DE Diskonto ( a ) 10 8 6 4 2 0 1996 Centralrente ( a ) Diskonto ( a ) 1997 FI Udbudsrente ( b ) NL Fast udlånsrente ( b )( c ) NL Rente på særlige udlån ( b ) AT Reporente ( a ) AT Diskonto ( b )
Official and key interest rates ( in percentages ) DE Lombard rate ( a ) DE Repo rate ( a ) 10 8 6 4 2 0 1996 FR 5 to 10-day lending facility ( a ) FR Intervention rate ( a ) 10 8 6 4 2 0 1996 PT Supply ( a )( d ) PT Absorption ( a )( d ) 10 8 6 4 2 0 1996 SE Reversed repo rate ( a ) SE Lending rate ( a ) 10 8 6 4 2 0 1996 1997 1997 UK repo rate ( b )( e ) 1997 ES 10-day repo rate ( b ) 12 10 8 6 4 2 1996 GR Lombard rate ( b ) GR Discount rate ( b ) 22 20 18 16 14 12 1996 1997 1997 1997 DK Cert . of deposit ( a ) 10 8 6 4 2 0 1996 IT Fixed term advances ( a ) IT Discount rate ( a ) 1997 IT Repo rate ( a ) IE Short-term facility ( b ) BE BE DE Discount rate ( a ) 10 8 6 4 2 0 1996 Central rate ( a ) Discount rate ( a ) 1997 FI Tender rate ( b ) NL Fixed advances ( b )( c ) NL Special advances ( b ) AT Repo rate ( a ) AT Discount rate ( b )
( De nævnte renter er de mest relevante for pengepolitikken i hvert land .
( Rates indicated are the most relevant for monetary policy in each country .
) ( a ) Ultimo ugen , for Portugal primo ugen .
) ( a ) End-of-week data , for Portugal beginning-of-week data .
( b ) Ultimo måneden .
( b ) End-of-month data .
( c ) Forud for 23 . maj 1997 : Udlånsrenten .
( c ) Prior to 23 May 1997 : Interest rate on advances .
( d ) Hvis annoncering af fast rente for tildeling af likviditet er suspenderet , svarer renten til renten på lejlighedsvise operationer .
( d ) If the announcement of the regular rate of supply of liquidity is suspended , the interest rate corresponds to the rates on occasional operations .
( e ) Forud for 3 . marts 1997 : Bankernes laveste udlånsrente .
( e ) Prior to 3 March 1997 : Minimum lending rate . 30
Tabel 6 Pengepolitiske målsætninger og retningslinjer i medlemslandene a ) Monetære aggregater - målsætninger og retningslinjer ( Procentvis årlig ændring *)
( see Chart 3 ) . Suomen Pankki had already raised its tender rate by 0.25 percentage point in mid-September and Sveriges Riksbank increased its repo rate by the same magnitude in mid-December .
1996 Målvariabel Mål - eller overvågningszone ( a ) Faktisk
The correspondence in the size , timing and direction of the monetary policy measures in these Member States reflected the close alignment of their short-term interest rates in an environment of stable exchange rates , similar medium-term inflation prospects and low long-term bond yields . The Banque de France closed the small remaining gap with the German repurchase rate by raising its intervention rate by 0.2 percentage point to 3.3% in October .
1997 Mål - eller overvågningszone ( a ) Faktisk
This measure aimed at preserving a high level of confidence in the French franc , which in the course of the year appreciated to its central rates against most other ERM currencies . From a domestic perspective , the slightly less accommodating stance also aimed at sustaining a non-inflationary recovery in the face of more dynamic
1998 Mål - eller overvågningszone ( a ) Tyskland Grækenland Spanien Frankrig Italien Storbritannien
Monetary policy targets and guidelines of Member States ( a ) Monetary aggregates - targets and guidelines ( annual percentage changes *)
M3 M3 ALP M3 ( b ) M2 M0 M4 4-7 6-9 ≤8 5 5 0-4 3-9
1996 Reference Target / variable guideline ( a ) M3 4-7 M3 6-9 ALP ≤8 5 M3 ( b ) M2 5 M0 0-4 M4 3-9 Outturn 8.1 9.3 6.5 - 3.2 3.1 5.7 9.8 Target / guideline ( a ) 3.5 - 6.5 6-9 ≤7 5 <5 0-4 3-9</p>
8,1 9,3 6,5 - 3,2 3,1 5,7 9,8 3,5 - 6,5 6-9 ≤7 5 <5 0-4 3-9</p>
1997 Outturn 4.7 9.5 3.7 2.0 9.7 6.5 11.1 1998 Target / guideline ( a ) 3-6 .
4,7 9,5 3,7 2,0 9,7 6,5 11,1 3-6 - 5 ~ 5 -
5 ~ 5 - Germany Greece Spain France Italy United Kingdom
Kilde : Nationale data * Fra 4 .
Source : National data .
kvartal til 4 . kvartal eller fra december til december ( Storbritannien dog fra marts til marts ) .
* Fourth quarter-fourth quarter or December-December ( United Kingdom : March-March ) .
( a ) Mellemfristet mål for Spanien og Frankrig .
( a ) Medium-term objectives for Spain and France .
Overvågningszone for Storbritannien suspenderet 6 . maj 1997 , og Bank of England 's pengepolitiske komité besluttede efterfølgende ikke at genintroducere dem lige med det samme .
Monitoring ranges for the United Kingdom were suspended 6 May 1997 and the Bank of England 's Monetary Policy Committee subsequently decided not to reinstate them for the time being .
( b ) For 1996 M3 , derefter også vurderet ud fra udviklingen i de snævrere og bredere monetære aggregater ( M1 , M2 , M3 + P1 )
( b ) M3 for 1996 , also assessed by developments in the narrow and broader monetary aggregates thereafter ( M1 , M2 , M3 + P1 ) .
b ) Officielle inflationsmål ( Procentvis årlig ændring )
( b ) Formal inflation targets ( annual percentage changes )
1996 Målvariabel ( a ) CPI CPIY CPI RPIX Mål 3,5 - 4 ( b ) ~ 2 2 ± 1 1-4 Faktisk 3,6 0,2 0,8 2,9 Mål <3 ~2 2±1 ≤2,5 (c)</p>
1996 Target variable ( a ) CPI CPIY CPI RPIX Target 3.5 - 4 ( b ) ~ 2 2 ± 1 1-4 Outturn 3.6 0.2 0.8 2.9 Target <3 ~2 2±1 ≤2.5 (c)</p>
1997 Faktisk 2,0 0,7 0,8 2,8
1997 Outturn 2.0 0.7 0.8 2.8
1998 Mål 2 ~ 2 2 ± 1 2,5
1998 Target 2 ~ 2 2 ± 1 2.5
Spanien Finland Sverige Storbritannien
Spain Finland Sweden United Kingdom
( a ) CPI = Forbrugerprisindeks .
( a ) CPI = Consumer price index .
CPIY = CPI eksklusive indirekte skatter , subsidier og udgifter til bolig ( rentebetalinger på boliglån og afskrivninger ) .
CPIY = CPI excluding indirect taxes , subsidies and capital costs for owner-occupied housing , ( mortgage interest payments and depreciation ) .
RPIX = Detailprisindekset eksklusive rentebetalinger på boliglån .
RPIX = Retail price index excluding mortgage interest payments .
( b ) Vedrører 1 . kvartal 1996 .
( b ) Applies to the first quarter of 1996 .
( c ) Laveste halvdel af 1-4 pct . - intervallet indtil foråret 1997 ;
( c ) Lower half of 1-4 % range by spring 1997 ;
2,5 pct . eller under derefter ;
2.5% or less thereafter ;
fra juni 1997 og fremover .
target of 2.5% from June 1997 onwards .
Set fra en indenlandsk synsvinkel skulle den lidt strammere pengepolitik bidrage til at opretholde et ikke-inflationært økonomisk opsving i lyset af en mere dynamisk pengeog kreditudvikling end i 1996 .
money and credit developments than in 1996 .
På mellemlangt sigt har Banque de France også stilet mod en pengemængdevækst på omkring 5 pct .
Over the medium term the Banque de France has been seeking an expansion of the money supply by 5 %;
december 1997 steg de monetære aggregater , M1 og M2 , med en årlig vækstrate på henholdsvis 6,6 pct . og 7,8 pct .
in December 1997 the monetary aggregates M1 and M2 recorded annual growth rates of 6.6% and 7.8% , respectively , compared with 0.8% and 3.6% in 1996 .
i 1996 . Nedgangen i væksten i M3 i 1996 fortsatte i de første måneder af 1997 , men tiltog igen fra foråret og fremefter i takt med en bedring i den økonomiske vækst og en stigning i pengeefterspørgslen ( se tabel 6 ( a )) .
Whereas the contraction of M3 observed in 1996 continued in the first months of 1997 , M3 began to recover from the spring onwards , underpinned by the pick-up in economic growth and an upturn in the demand for narrow money ( see Table 6 ( a )) .
Væksten i den samlede indenlandske gæld , der overvåges som en vigtig indikator for finansieringsforholdene , var 3,5 pct . i december 1997 , dvs .
The growth rate of gross total domestic debt , which is monitored as a prominent indicator of financing conditions , was 3.5% in December 1997 , i.e. slightly higher than a year earlier .
29 Den belgiske / luxembourgske franc var igen særdeles stabil over for D-marken , mens de korte belgiske renter lå en smule over de tilsvarende tyske ( se figur 4 ) .
The Belgian / Luxembourg franc again showed a high degree of stability vis-à-vis the Deutsche Mark , while Belgian short-term interest rates were maintained at slightly higher levels than those in Germany ( see Chart 4 ) .
I Danmark tiltog det inflationære pres i løbet af året .
In Denmark inflationary pressures intensified during the year .
Da presset delvist blev modgået af en finanspolitisk stramning , blev den danske krone alligevel styrket inden for ERM , og det positive 3-måneders rentespænd over for D-mark blev indsnævret .
As these were partly countered by fiscal tightening , the Danish krone nonetheless strengthened its position within the ERM and the positive three-month interest rate spread against the Deutsche Mark narrowed somewhat .
Hollandske gylden kom i løbet af året ned på centralkursen over for D-mark .
During the year the Dutch guilder moved down to its central rate against the Deutsche Mark .
De Nederlandsche Bank tillod derfor , at de korte renter steg fra lige under tysk niveau til ca . samme niveau som i Tyskland , hvilket var velkomment , givet det høje aktivitetsniveau i den hollandske økonomi .
De Nederlandsche Bank reacted by allowing short-term interest rates to rise from just below German levels to around par , which was seen as a welcome movement in view of the buoyancy of the Dutch economy .
Også østrigske schilling forblev tæt på centralkursen over for D-mark , og de østrigske 3-måneders renter var tæt på de tyske .
The exchange rate of the Austrian schilling remained very close to its central parity against the Deutsche Mark .
Dog satte den østrigske centralbank i oktober kun reporenten op til 3,2 pct . , hvilket var en smule under den tilsvarende tyske rente , på grund af lavere indenlandske inflationsforventninger .
Three-month interest rates in Austria were close to those in Germany , although in October the Oesterreichische Nationalbank set the repurchase rate at 3.2% , i.e. slightly below its German equivalent , in response to lower perceived domestic inflationary risks .
Selvom den gennemsnitlige underliggende forbrugerprisinflation i Finland lå pænt under 2 pct .
Although the average rate of underlying consumer price inflation in Finland stayed well below 2 % in 1997 , an upward trend
i 1997 , sås alligevel en stigende tendens gennem året , hvor det inflationære pres steg som følge af fortsat stærk vækst og stigende inflationsforventninger blandt forbrugerne .
was discernible in the course of the year , with inflationary pressures arising on account of continued strong growth performance and the strengthening of consumers » inflation expectations .
Stigende priser på finansielle aktiver og stigende ejendomspriser kunne også give anledning til bekymring .
Higher financial asset prices and housing prices were also viewed as a potential cause for concern .
Med henblik på at sikre målsætningen om stabil underliggende inflation omkring 2 pct . ( se tabel 6 ( b )) hævede Finlands Bank udlånsrenten fra 3 til 3,25 pct .
With a view to securing its objective of stabilising underlying inflation at ( around ) 2 % ( see Table 6 ( b )) , Suomen Pankki raised its tender rate from 3.0 to 3.25% in midSeptember .
i midten af september . I 1997 var den finske mark en af de stærkeste valutaer inden for ERM , og 3-måneders renterne kunne generelt holdes en anelse under de tyske .
During 1997 the Finnish markka was one of the stronger currencies within the ERM and three-month interest rates could generally be maintained at a level slightly below those in Germany .
Også Sverige oplevede stigende forbrugerprisinflation i det meste af 1997 , selvom det var fra et lavt niveau . På baggrund af større kapacitetsudnyttelse og nogen usikkerhed om lønforhandlingerne hævede Sveriges Riksbank reporenten fra
Sweden was also confronted with rising consumer price inflation during most of 1997 , albeit from a very low level .
i december for at efterleve inflationsmålet på 2 pct . ( med en margin på +/- 1 pct .
Against the background of higher capacity utilisation and some concerns over wage settlements , Sveriges Riksbank took the precautionary step in December of increasing its securities repurchase rate from 4.1 to 4.35% in order to adhere to the 2 % inflation target ( with a margin of 1 percentage point on either side ) .
Som helhed lå det korte svenske rentespænd over for Tyskland stabilt omkring 1,1 procentpoint .
On balance , the Swedish short-term interest rate spread over Germany was broadly stable at around 1.1 percentage points .
Forholdene i flere andre EU-lande understøttede en yderligere nedsættelse af renterne .
Conditions in several other EU countries supported a further reduction in interest rates .
Banco de España satte interventionsrenten ned i flere omgange fra 6,25 pct . ved årets begyndelse til 4,75 pct .
The Banco de España reduced its intervention rate in steps from 6.25% at the start of the year to 4.75% in December .
for 1998 ( se tabel 6 ( b )) . Den spanske pesetas » stabile position inden for ERM , den aftagende vækst i pengemængden ( se tabel 6 ( a )) og en understøttende finanspolitik bidrog yderligere til den nedadgående tendens i de korte renter , der sidst på året var nået ned på 1,2 procentpoint over de tyske .
This reflected the fact that consumer price inflation in Spain was declining rapidly to stabilise at an average rate of 2.0% , i.e. well in line with both the objective for 1997 of keeping it below 3 % and the 2 % target announced for 1998 ( see Table 6 ( b )) .
( se tabel 6 ( a )) , men udviklingen i pengemængden var påvirket af store porteføljeomlægninger som følge af lavinflationsforholdene . Derfor kunne Banca d' Italia gradvist sænke både diskonto og udlånsrente med sammenlagt 2 procentpoint til henholdsvis 5,5 og 7 pct .
The stable position of the Spanish peseta within the ERM , the deceleration of the growth of broad monetary aggregates ( see Table 6 ( a )) and a supportive fiscal policy further assisted the downward trend in short-term interest rates , which by yearend had declined to 1.2 percentage points above those in Germany .
Ved udgangen af 1997 var den italienske 3måneders rente således faldet til et niveau kun 2,4 procentpoint over den tilsvarende tyske rente ( se figur 4 ) .
32 Chart 4
Figur 4 Korte rentespænd over for Tyskland ( 3-måneders pengemarkedsrenter ;
Short-term interest rate differentials against Germany ( three-month interbank rates ;
i procentpoint ) Belgien ( venstre akse ) Danmark ( venstre akse ) 7 Grækenland ( højre akse ) Spanien Frankrig 7 Irland 21
in percentage points ) Belgium ( LHS ) Denmark ( LHS ) 7 Greece ( RHS ) Spain France 21 7 Ireland
Italien Holland 7
Italy Netherlands 7
Østrig Portugal 7 7
Austria Portugal 7 7
Finland Sverige
Finland Sweden
- 1 1996 Kilde : Nationale data .
- 1 1996 Source : National data .
I Portugal blev den stabile udvikling i portugisiske escudos inden for ERM understøttet af et hurtigt fald i inflationen til lige over 2 pct . samt fortsat finanspolitisk konsolidering .
At the end of 1997 the Italian three-month interest rate had fallen to a level of less than 2.4 percentage points above the equivalent rate in Germany ( see Chart 4 ) . In Portugal the stable position of the Portuguese escudo within the ERM was underpinned by the rapid decline in inflation to just above 2 % and firm progress in fiscal consolidation .
Banco de Portugal kunne således nedsætte de officielle renter i flere omgange . Reporenten blev nedsat fra 6,7 pct .
The Banco de Portugal was thus able to lower its official interest rates in several steps , steering the repo rate down from 6.7% at the beginning of 1997 to 5.3% by the end of the year .
ved udgangen af året . Det korte rentespænd til Tyskland blev derved også indsnævret til lige over 1,5 procentpoint .
Against this background , the three-month interest rate spread over Germany narrowed to just over 1.5 percentage points .
Den græske centralbank annoncerede en målsætning om at reducere inflationen yderligere til 4,5 pct . i slutningen af 1997 og til under 3 pct .
The Bank of Greece announced that it was aiming to reduce inflation further to 4.5% by the end of 1997 and to below 3 % by the end of 1998 .