natgillin/translations-raw huggingface dataset:
marts 1998 , dvs . efter denne rapports referenceperiode , revalueredes de bilaterale centralkurser for det irske pund over for de øvrige valutaer i valutakursmekanismen i EMS med 3 pct .
On 14 March 1998 , i.e. after the reference period applied in this Report , the previous bilateral central rates of the Irish pound against the other currencies of the exchange rate mechanism were revalued by 3 %.
Samme dag blev den græske drachmer optaget i valutakursmekanismen .
On the same day , the Greek drachma was incorporated in the exchange rate mechanism of the EMS .
Begge beslutninger havde virkning fra 16 . marts 1998 .
Both measures were effective from 16 March 1998 .
og ( iii ) det høje niveau for offentlig gæld , som vil tynge de løbende offentlige budgetter i mange medlemslande indtil gældsniveauet er blevet bragt ned . Med hensyn til udviklingen på arbejdsmarkedet bliver det afgørende at få styrket de dele af landenes nationale økonomiske politik , som fremmer arbejdsmarkedets funktion ved at formindske de strukturelle barrierer .
Clearly , as regards developments in labour markets , it will be crucial to strengthen national policies which enhance their functioning by means of reducing structural impediments .
Dette er en helt afgørende forudsætning for nedbringelse af den høje ledighed , som ikke kan betragtes som holdbar på længere sigt .
This will be paramount in reducing high levels of unemployment , which cannot be regarded as sustainable over the long term .
Sådanne tiltag ville også bidrage til en forøgelse af tilpasningsevnen for medlemslandenes økonomier med hensyn til hurtig og effektiv reaktion på landespecifikke udviklinger i tredje fase , samt til at sikre konkurrenceevnen .
Such policies would also contribute to increasing the ability of Member States economies to respond quickly and effectively to country-specific developments in Stage Three , as well as to ensure competitiveness .
En utilstrækkelig strukturtilpasning vil i alvorlig grad vanskeliggøre en vedvarende konsolidering af de offentlige finanser , som behøves , hvis man effektivt skal kunne klare de øvrige udfordringer , man står over for , såsom befolkningens aldring og det høje gældsniveau .
Insufficient progress in structural adjustment will severely complicate sustainable fiscal consolidation , which is needed in order to be able to cope effectively with the other main challenges which need to be addressed - the ageing of the population and high debt ratios .
På denne baggrund skal det understreges , at yderligere konsolidering er påkrævet i de fleste medlemslande for at få mindsket de høje gældskvotienter og få dem bragt ned på 60 pct . inden for et passende tidsrum .
Against this background , it is emphasised that further consolidation is required in most Member States in order to reduce high ratios of general government debt relative to GDP and bring them down to 60 % within an appropriate period of time .
Dette står i modsætning til de konstaterede betydelige faktiske underskud i mange lande .
The need for stronger fiscal positions contrasts with substantial actual deficits in many countries .
Forbedringer er også nødvendige af hensyn til stabilitets - og vækstpagten , som vil være i kraft fra 1999 og frem .
Progress is also required with respect to the Stability and Growth Pact effective from 1999 onwards .
a. på den stigende byrde fra en aldrende befolkning , især i sammenhæng med ufinansierede offentlige pensionssystemer , samt de budgetmæssige udfordringer forbundet med behovet på mellemlangt sigt for reformer af urentable offentlige virksomheder og nedbringelse af den strukturelt betingede arbejdsløshed .
A forceful debt reduction within an appropriate period of time is warranted , first , in order to diminish vulnerability to changes in interest rates , which is aggravated if a larger share of debt matures within the short term , and , second , to make it easier to cope with future budgetary challenges , such as the increasing fiscal burden arising from the ageing of the population , in particular in the context of unfunded public pension systems , as well as the medium-term challenges arising from the need to reform unprofitable public enterprises and reduce structural unemployment .
For det tredje er en forbedring af de offentlige finanser nødvendig for at genetablere en vis fleksibilitet i finanspolitikken , som gør landene i stand til reagere på en modgående konjunkturudvikling . Begrænsede offentlige underskud eller overskud er med andre ord påkrævede under normale omstændigheder , for at de automatiske stabilisatorer kan virke i perioder med lav økonomisk aktivitet .
Third , reducing budgetary imbalances is necessary to reestablish a degree of flexibility for fiscal policies which enables countries to respond to adverse cyclical developments , i.e. low fiscal deficits or surpluses are needed under normal circumstances to allow automatic stabilisers to work during periods of weak economic activity .
For opnåelsen af en vedvarende finanspolitisk konsolidering er det i sagens natur ikke tilstrækkeligt at benytte sig af tiltag med midlertidig virkning .
Evidently , in order to ensure sustainable fiscal consolidation , it is not sufficient to have recourse to measures with a temporary effect .
I 1997 anvendtes den slags tiltag i varierende omfang i et antal medlemslande , hvilket har vanskeliggjort vurderingen af strukturen i finanspolitikken .
In 1997 such measures were used to varying degrees in a number of Member States , which has complicated the assessment of the structural stance of fiscal policy .
Tiltagene skal erstattes af varige indgreb , for at undgå en forøgelse af det offentlige nettolånebehov i 1998 eller i de følgende år , i det omfang tiltagene har medført fremtidige udgiftsforpligtelser eller bortfald af indtægter .
They need to be replaced by durable measures in order to avoid an increase in net borrowing requirements in 1998 , or in subsequent years if they have given rise to future expenditure obligations or future shortfalls in revenues .
Indtil nu tyder alt på , at den økonomiske politik har bevæget sig i den rigtige retning i 1998 , hvor betydningen af midlertidige tiltag i de offentlige finanser er mindsket . Generelt ventes de offentlige saldi i dette år at blive bedre end i 1997 i næsten alle medlemslandene , og for et antal medlemslande bedre end planlagt i de mellemsigtede konvergensprogrammer .
Evidence available so far suggests that policies have been moving in the right direction , generally reducing the impact of temporary measures on public finances in 1998 , a year for which budget outcomes are expected to be better than those recorded in 1997 in nearly all countries , and in a number of Member States more favourable than planned in medium-term Convergence Programmes .
Den finanspolitiske opstramning har i de senere år - i overensstemmelse med målsætningen om vedvarende økonomisk vækst - øjensynligt i stigende grad været baseret på nedbringelse af udgifterne , hvorved man har modvirket den stigende tendens i begyndelsen af 1990'erne .
Consistent with the aim of fostering sustainable economic growth , fiscal consolidation in recent years does appear to have been increasingly based on bringing down expenditure ratios , thereby counteracting the upward trend which had been observed in the early 1990s .
Dog har mange lande også , som et resultat af rentefaldet , nydt godt af lavere rentebetalinger målt i forhold til BNP , og stramningerne har i en vis udstrækning været koncentreret om formindskelse af
However , as a result of falling interest rates , many countries have also benefited from lower interest payments relative to GDP and consolidation was focused in part on reducing investment expenditure .
5 investeringsudgifterne .
In the future , more emphasis needs to be placed on lowering current expenditure items .
Fremover må der lægges øget vægt på reducering af de løbende udgiftsposter . Endvidere har de offentlige indtægter i et antal lande nærmet sig et niveau , som er hæmmende for økonomisk vækst .
In addition , in a number of countries revenue ratios have approached levels which are detrimental to economic growth . The criterion on price stability Focusing on the performance of individual countries , over the twelve-month reference period ending January 1998 fourteen Member States ( Belgium , Denmark , Germany , Spain ,
Kriteriet om prisstabilitet Med hensyn til de enkelte landes resultater har fjorten medlemslande ( Belgien , Danmark , Tyskland , Spanien , Frankrig , Irland , Italien , Luxembourg , Holland , Østrig , Portugal , Finland , Sverige og Storbritannien ) over 12-måneders referenceperioden , der sluttede i januar 1998 , haft en gennemsnitlig inflation målt ved det harmoniserede forbrugerprisindeks , HICP , under referenceværdien .
France , Ireland , Italy , Luxembourg , the Netherlands , Austria , Portugal , Finland , Sweden and the United Kingdom ) had average HICP inflation rates of below the reference value . This reference value was calculated by using the unweighted arithmetic average of the rate of HICP inflation in the three countries with the lowest inflation rates , plus 1.5 percentage points .
Referenceværdien er beregnet ved brug af et ikke-vejet aritmetisk gennemsnit af HICP-inflationstakten i de tre lande med lavest inflation , tillagt 1,5 procentpoint . Disse tre landes inflationstakter var 1,1 pct .
These three countries inflation rates were 1.1% for Austria , 1.2% for France and 1.2% for Ireland , and , adding 1.5 percentage points to the average of 1.2% , the reference value is 2.7% .
HICPinflationen i Grækenland var 5,2 pct . , betydeligt lavere end i de foregående år , men fortsat klart over referenceværdien ( jf .
HICP inflation in Greece was 5.2% , considerably lower than in previous years , but still well above the reference value ( see Table A and Chart A ) .
tabel A og figur A ) . Konvergensen i inflationstakterne i perioden 1990 til 1997 kan forklares af en række fælles faktorer .
Looking back over the period from 1990 to 1997 , the convergence of inflation rates can be explained by a variety of common factors .
Endelig har stort set stabile valutakurser og en afdæmpet udvikling i importpriserne i mange medlemslande dæmpet inflationen . Med
Finally , in many Member States broadly stable exchange rates and subdued import price developments have helped to dampen inflation .
hensyn til de enkelte lande kan det konstateres , at en gruppe af medlemslande havde nogenlunde ensartede inflationstakter i hovedparten af 1990'erne , mens mange andre gjorde særligt hurtige fremskridt i 1996 og 1997 .
At the level of individual countries , it is apparent that a group of Member States recorded relatively similar inflation rates for most of the 1990s , while several others made particularly rapid progress in 1996-97 .
Blandt de sidstnævnte var Spanien , Italien og Portugal , hvis forbrugerprisinflation faldt fra 4-5 ½ pct . i 1995 til omkring 2 pct .
Among the latter , annual CPI inflation in Spain , Italy and Portugal fell from 4-5‰ % in 1995 to around 2 % in 1997 .
i 1997 . Disse tre medlemslande har haft tolv-måneders HICP-inflationstakter under referenceværdien siden midten af 1997 .
These three Member States have had twelve-month average HICP inflation rates of below the reference value since mid-1997 .
i 1996 til 5,4 pct . i 1997 , idet den således forblev betydeligt over referenceværdien ( jf .
In Greece , HICP inflation fell from 7.9% in 1996 to 5.4% in 1997 , while remaining considerably above the reference value ( see Chart A ) .
Kriteriet om de offentlige finanser Med hensyn til de enkelte medlemslandes resultater i 1997 havde tre lande overskud på de offentlige budgetter ( Danmark , Irland og Luxembourg ) og elleve lande opnåede eller bibeholdt underskud på eller under traktatens referenceværdi på 3 pct . af BNP ( Belgien , Tyskland , Spanien , Frankrig , Italien ,
The criterion on the government budgetary position With regard to the performance of individual Member States in 1997 , three countries have recorded fiscal surpluses ( Denmark , Ireland and Luxembourg ) and eleven Member States have achieved or maintained deficits at or below the 3 % reference value specified in the Treaty ( Belgium , Germany , Spain , France , Italy , the Netherlands , Austria , Portugal , Finland , Sweden and the United Kingdom ) .
Holland , Østrig , Portugal , Finland , Sverige og Storbritannien ) . Kun Grækenland lå over referenceværdien med et underskud på 4 pct .
Only Greece recorded a deficit of 4.0% , which is still above the reference value .
af BNP ( jf . tabel A og figur B ) .
The Greek deficit is expected to fall to 2.2% of GDP ( see Table A and Chart B ) .
Den offentlige gæld , målt i forhold til BNP , har udvist et fortsat fald i de tre lande med gældskvotienter på over 100 pct .
As regards government debt , in the three Member States with debt-to-GDP ratios of above 100 %, debt has continued to decline in relation to GDP .
I Belgien var gældskvotienten i 1997 122,2 pct . , dvs .
In Belgium the debt ratio in 1997 was 122.2% , i.e. 13.0 percentage points lower than the peak in 1993 ;
13,0 procentpoint under toppunktet i 1993 . I Grækenland udgjorde gælden i 1997 108,7 pct .
in Greece the debt ratio in 1997 stood at 108.7% , i.e. 2.9 6
af BNP , hvilket var 2,9 procentpoint under det seneste toppunkt i 1996 .
percentage points below the latest peak in 1996 ;
I Tyskland , som i 1996 havde en gældskvotient på lige over 60 pct . - referenceværdien , fortsatte gældskvotienten sin stigende tendens og var i 1997 med 61,3 pct .
In Germany , which in 1996 had a debt ratio of just above the 60 % reference value , the debt ratio continued its upward trend and in 1997 was 19.8 percentage points higher than in 1991 , standing at 61.3% of GDP .
af BNP i 1997 ( jf . tabel A og figur B ) .
In France the debt ratio continued its upward trend to reach 58.0% of GDP in 1997 ( see Table A and Chart B ) .
I 1998 venter Kommissionen yderligere fald i gældskvotienterne for alle medlemslande , hvis gæld var på over 60 pct . af BNP i 1997 .
For 1998 further reductions in debt-to-GDP ratios are projected by the Commission for all Member States which had debt ratios of above 60 % in 1997 .
For Danmark , Irland og Portugal ventes fald til niveauet for - eller under - referenceværdien .
In the cases of Denmark , Ireland and Portugal , a reduction to a level at or below the reference value is forecast .
Alt i alt er de offentlige underskuds - og gældskvotienter blevet nedbragt med stigende hastighed .
Overall , progress in reducing fiscal deficit and debt ratios has generally accelerated . However ,
Dog har tiltag med midlertidig virkning som nævnt ovenfor spillet en vis rolle i nedbringelsen af underskuddene i et antal medlemslande .
as has been pointed out above , in a number of Member States measures with a temporary effect have played a role in reducing deficits .
Faldene i gældskvotienterne afspejler til dels visse finansielle operationer og transaktioner , såsom privatisering , der giver sig udslag i den såkaldte « stock-flow-justerings "- komponent , som beskrevet i selve rapporten .
Reductions in debt ratios have benefited in part from a number of financial operations and transactions , such as privatisation , which are reflected in the socalled stock-flow adjustment item as reported in the main body of the Report .
Sådanne transaktioner ventes fortsat at spille en rolle i mange medlemslande .
Such transactions are expected to continue to play a role in several Member States .
7 af disse lande vil en konsolidering ligeledes være påkrævet ud fra en sammenligning mellem underskudskvotienterne i henhold til konvergensprogrammerne for 1999-2000 og den mellemsigtede målsætning for stabilitets - og vækstpagten .
For most of these countries , these consolidation requirements also apply when comparing the fiscal deficit ratios as projected in the Convergence Programmes for 1999-2000 with the medium-term objective of the Stability and Growth Pact .
I de lande , hvor gælden er klart over 60 pct . af BNP , men under 80 pct .
In countries with debt ratios of significantly above 60 % but below 80 % of GDP , keeping 7
, vil en fastholdelse af underskudskvotienten på det aktuelle niveau ikke nedbringe gælden til under 60 pct . af BNP inden for et passende tidsrum , hvilket illustrerer behovet for yderligere , i nogle tilfælde betydelig , konsolidering .
the deficit ratio at current levels would not bring down the debt ratio to below 60 % within an appropriate period of time , which indicates the need for further , in some cases substantial , consolidation .
af BNP i 1998 , og den vil kunne nedbringes til under 60 pct . allerede i 1999 , hvis det offentlige budget balancerer det år .
In Germany the debt ratio is forecast to be just above 60 % of GDP in 1998 , which could allow it to be reduced to below the reference value as early as 1999 if a balanced budget were achieved in that year .
Det skal bemærkes , at i vurderingen af de offentlige budgetter i EU-medlemslandene er virkningen på de nationale budgetter af overførsler til og fra EF-budgettet ikke inddraget i EMI 's beregning .
It should be noted that in assessing budgetary positions of EU Member States , the impact on national budgets of transfers to and from the EC budget is not taken into account by the EMI . November 1996 respectively .
Valutakurskriteriet I den to-årige referenceperiode fra marts 1996 til februar 1998 har 10 valutaer ( belgiske / luxembourgske franc , danske kroner , D-mark , spanske pesetas , franske franc , irske pund , hollandske gylden , østrigske schilling og portugisiske escudos ) deltaget i ERM i mindst to år før denne undersøgelse , jf . det i traktaten nævnte krav .
Three currencies remained outside the ERM during the reference period referred to in this Report , namely the Greek drachma2 , the Swedish krona and the pound sterling . Each of the ten ERM currencies mentioned above , with the exception of the Irish pound , has normally traded close to its unchanged central rates against other ERM currencies , and some currencies ( the Belgian / Luxembourg franc , the Deutsche Mark , the Dutch guilder and the Austrian schilling ) virtually moved as a bloc .
Medlemskabsperioden for finske mark og italienske lire var kortere , idet disse lande henholdsvis indtrådte og genindtrådte i valutakursmekanismen i oktober 1996 og november 1996 .
On occasion , several currencies traded outside a range close to their central rates .
Tre valutaer forblev uden for ERM i hele denne rapports referenceperiode , nemlig græske drachmer 2 , svenske kroner og britiske pund .
However , the maximum deviation , on the basis of 10 business day moving averages , was limited to 3.5% , abstracting from the development of the Irish pound .
Alle de ti ERM-valutaer nævnt ovenfor , med undtagelse af irske pund , blev normalt handlet tæt på deres uændrede centralkurser over for andre ERM-valutaer , og nogle valutaer ( belgiske / luxembourgske franc , D-mark , hollandske gylden og østrigske schilling ) bevægede sig praktisk taget som en blok .
In addition , the deviations were only temporary and mainly reflected transient movements of the Spanish peseta and the French franc ( in early 1996 ) , the Portuguese escudo ( at end-1996 / early 1997 ) as well as the Finnish markka ( in early and mid-1997 ) vis - - vis other ERM currencies .
Til tider handledes mange valutaer uden for et område tæt på centralkursen .
An examination of exchange rate volatility and short-term interest rate differentials suggests the persistence of relatively calm conditions throughout the reference period . The Irish pound has normally traded significantly above its unchanged central rates against other ERM currencies ;
Men den maksimale afvigelse , baseret på 10-dages glidende gennemsnit , begrænsede sig til 3,5 pct .
3 In parallel , the degree of exchange rate volatility vis - - vis the Deutsche Mark increased until mid-1997 and short-term interest rate differentials against those EU countries with the lowest short-term interest rates widened over the same period . More recently , the
, idet der ses bort fra udviklingen i irske pund . Desuden var afvigelserne kun midlertidige , og de afspejlede hovedsageligt forbigående udsving i spanske pesetas og franske franc ( i begyndelsen af 1996 ) , portugisiske escudos ( i slutningen af 1996 og begyndelsen af 1997 ) såvel som finske
The exchange rate criterion During the two-year reference period from March 1996 to February 1998 ten currencies ( the Belgian / Luxembourg franc , the Danish krone , the Deutsche Mark , the Spanish peseta , the French franc , the Irish pound , the Dutch guilder , the Austrian schilling and the Portuguese escudo ) have been participating in the ERM for at least two years before this examination , as stated by the Treaty . The periods of membership for the Finnish markka and the Italian lira were shorter , as these currencies joined and rejoined the exchange rate mechanism in October 1996 and 8
Som nævnt ovenfor , blev den græske drachmer optaget i valutakursmekanismen i EMS med virkning fra 16 . marts 1998 .
As noted above , the Greek drachma was incorporated in the exchange rate mechanism of the EMS , effective from 16 March 1998 .
over centralkurserne 3 . Parallelt hermed steg valutakursvolatiliteten over for D-mark frem til midten af 1997 , og det korte rentespænd over for EU-landene med de laveste korte renter udvidedes i samme periode .
As noted above , the previous bilateral central rates of the Irish pound against other currencies of the exchange rate mechanism were revalued by 3 %, effective from 16 March 1998 .
Siden faldt valutakursvolatiliteten og rentespændene indsnævredes noget , men forblev dog relativt høje .
former decreased and the latter narrowed somewhat while remaining relatively high .
Finske mark fortsatte i begyndelsen af referenceperioden , før indtrædelsen i ERM , i første omgang med at svækkes , således som det også havde været tilfældet i de forudgående måneder . Svækkelsen havde brudt en ellers langvarig tendens til styrkelse fra 1993 og nåede sin maksimale negative afgivelse fra den fremtidige centralkurs over for en af ERMvalutaerne i april 1996 .
In the case of the Finnish markka , also at the beginning of the reference period , before joining the ERM , it initially continued its weakening movement apparent over the previous few months - which had interrupted the longer-term upward movement since 1993 - reaching a maximum downward deviation of 6.5% below its future central rate against one ERM currency in April 1996 .
Som det var tilfældet for andre ERM-valutaer handledes italienske lire og finske mark til tider uden for et område tæt på deres centralkurser , men sådanne afvigelser var begrænsede og midlertidige .
As was the case for other ERM currencies , on occasion the Italian lira and the Finnish markka traded outside a range close to their central rates , but such deviations were limited and temporary .
For begge valutaer aftog den tidligere relativt høje valutakursvolatilitet over for D-mark til et beskedent niveau i referenceperioden , og det korte rentespænd over for EU-landene med de laveste korte renter indsnævredes støt for italienske lire og var ubetydelig for finske mark .
In both cases the relatively high degree of exchange rate volatility against the Deutsche Mark observed in earlier periods declined to low levels over the reference period and short-term interest rate differentials against those EU countries with the lowest short-term interest rates narrowed steadily in the case of the Italian lira and were insignificant in the case of the Finnish markka .
De korte rentespænd over for EU-landene med de laveste korte renter forblev store for Grækenland , efter at være blevet indsnævret indtil midten af 1997 og udviddet betydeligt siden november 1997 , mens de er indsnævret betydeligt for Sverige .
Short-term interest rate differentials against those EU countries with the lowest short-term interest rates remained wide in Greece , having narrowed until mid-1997 and widened significantly since November 1997 , whereas they have narrowed significantly in Sweden .