natgillin/translations-raw huggingface dataset:
af BNP , eller en primær balance på 5,5 pct . af BNP , eller alternativt et balanceret budget .
Note : The three scenarios assume that the debt ratio of 118.1% of GDP for 1998 is as forecast and that the 1998 overall balance of - 2.5% of GDP or the primary balance of 5.5% of GDP will be kept constant over the period considered ( as a percentage of GDP ) , or , alternatively , that a balanced budget is maintained from 1999 onwards .
De underliggende antagelser er en fortsat vækst i realt BNP på 1,8 pct . , som er Kommisionens skøn for 1998 , en inflation på 2 pct .;
The underlying assumptions are a real trend GDP growth rate in 1998 of 1.8% as estimated by the Commission ; an inflation rate of 2 %;
og , i tilfældet med en konstant primær balance , en nominel rente på 6 pct .
and , in the constant primary balance scenario , a nominal interest rate of 6 %.
Der ses bort fra stock-flow-justeringer .
Stock-flow adjustments are disregarded .
( b ) Vækst i realt BNP : 2,5 pct . Konstant offentlig saldo 125 100 75 50 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Konstant primær balance Balanceret budget
( b ) Real GDP growth rate : 2.5% Constant overall balance 125 100 75 50 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Constant primary balance Balanced budget
De underliggende antagelser er en fortsat vækst i realt BNP på 2,5 pct .
The underlying assumptions are a real GDP growth rate of 2.5% ;
, som er Kommisionens skøn for 1998 , en inflation på 2 pct .;
an inflation rate of 2 %;
Italien : Fremskrivning af forsørgerbyrden 1990 Forsørgerbyrden ( andel af befolkningen over 64 år i forhold til andelen mellem 15 og 64 år ) 21,6 2000 26,5 2010 31,2 2020 2030 37,5 48,3
Italy : Projections of elderly dependency ratio 1990 Elderly dependency ratio ( population aged 65 and over as a proportion of the population aged 15-64 ) 21.6 2000 26.5 2010 31.2 2020 37.5 2030 48.3
( a ) Italien : Valutakursstabilitet ( 25 . november 1996 - 27 .
( a ) Italy : Exchange rate stability ( 25 November 1996 - 27 February 1998 )
Medlemsskab af ERM Medlem siden Devaluering af bilateral centralkurs på landets eget initiativ Maksimal afvigelse opad (+) og nedad (-) fra centralkursern i ERM-båndet ( pct . ) mod ( a ) belgiske franc danske kroner D-mark spanske pesetas franske franc irske pund hollandske gylden østrigske schilling portugisiske escudos finske mark Kilde : Europa-Kommissionen og EMI-beregninger .
Membership of the Exchange Rate Mechanism ( ERM ) Membership since Devaluation of bilateral central rate on country 's own initiative Maximum upward (+) and downward (-) deviations from central rates in the ERM grid (%) against ( a ) Belgian franc Danish krone Deutsche Mark Spanish peseta French franc Irish pound Dutch guilder Austrian schilling Portuguese escudo Finnish markka Source : European Commission and EMI calculations .
Ja 25 . november 1996 Nej
Yes 25 November 1996 No
( b ) Væsentlige indikatorer for valutakursspændinger for den italienske lire 3 måneders gennemsnit til ultimo : Valutakursvolatilitet ( a ) Spænd mellem korte renter ( b ) Maj 96 Aug . 96 Nov. 96 Feb. 97 Maj 97 Aug .
( b ) Key indicators of exchange rate pressure for the Italian lira Average of 3 months ending : Exchange rate volatility ( a ) Short-term interest rate differentials ( b ) May 96 Aug 96 Nov 96 Feb 97 May 97 Aug 97 Nov 97 Feb 98 6.4 6.0 5.5 5.3 4.5 4.7 4.5 4.1 4.1 3.8 3.0 3.6 2.5 3.1 1.1 2.5
Italienske lire : Afvigelser fra de bilaterale centralkurser i ERM ( daglige observationer ;
Italian lira : Deviations from ERM bilateral central rates ( daily data ;
marts 1996 til 27 . februar 1998 ) ITL / BEF 15 10 5 0 - 5 - 10 - 15 2 .
1 March 1996 to 27 February 1998 ) ITL / BEF 15 10 5 0 - 5 - 10 - 15 Q2 1996 ITL / NLG Q3 Q4 Q1 Q2 1997 Q3 Q4 Q1 ITL / DKK ITL / DEM ITL / ESP ITL / FRF
ITL / IEP 15 10 5 0 - 5 - 10 - 15 2 .
ITL / IEP 15 10 5 0 - 5 - 10 - 15 Q2
ITL / ATS
ITL / ATS
ITL / PTE
ITL / PTE
ITL / FIM
ITL / FIM
kv . Kilde Europa-Kommissionen .
Source : European Commission .
: Den lodrette linje angiver Italiens genindtrædelse i ERM ( 25 . november 1996 ) .
Note : The vertical line indicates when Italy rejoined the ERM ( 25 November 1996 ) .
Afvigelser før den 25 . november 1996 vedrører lirens bilaterale centralkuerser fastlagt ved genindtrædelsen i ERM .
Deviations prior to 25 November 1996 refer to the Italian lira s bilateral central rates as established upon ERM re-entry .
Italienske lire : Mål for den reale effektive valutakurs over for ERM-medlemslande ( månedlige data ;
Italian lira : Measures of the real effective exchange rate vis - - vis ERM Member States ( monthly data ;
Gennemsnit Gennemsnit jan. 87-feb . 98 1987 - 4,5 - 3,2 - 13,0 - 8,6 - 9,9 - 25,2
Average Jan 87-Feb 98 - 4.5 - 3.2 - 13.0 Average 1987 - 8.6 - 9.9 - 25.2
Italien : Udvikling i eksterne forhold ( procent af BNP )
Italy : External developments ( as a percentage of GDP )
løbende poster plus ny kapitalpost Nettotilgodehavende i (+) eller gæld til (-) udl . ( c ) Eksport ( varer og tjenester )( d ) Import ( varer og tjenester )( e )
Current account plus new capital account ( b ) Net foreign assets (+) or liabilities (-) ( c ) Exports ( goods and services )( d ) Imports ( goods and services ) ( e )
1996 1997 ( a ) 3,4 3,1 - 3,2 - 0,5 27,0 28,0 21,6 23,6
1996 1997 ( a ) 3.4 3.1 - 3.2 - 0.5 27.0 28.0 21.6 23.6
Kilde : Nationale data , bortset fra eksport og import ( Europa-Kommission , prognose forår 1998 ) .
Source : National data except exports and imports ( European Commission , spring 1998 forecasts ) .
( d ) I 1996 var andelen af vareeksport til EU-landene 55,4 pct . af den samlede vareeksport ;
( d ) In 1996 the share of intra-EU exports of goods in total national exports of goods was 55.4% ;
( e ) I 1996 var andelen af vareimport fra EU-landene 60,8 pct . af den samlede vareimport ;
( e ) In 1996 the share of intra-EU imports of goods in total national imports of goods was 60.8% ;
Italien : Lang rente ( procent )
Italy : Long-term interest rates ( percentages )
Lang rente Referenceværdi Kilde : Europa-Kommissionen . 1996 9,4 9,1
1996 Long-term interest rate Reference value Source : European Commission .
Jan. 98 5,4 - Feb. 97 - Jan. 98 6,7 7,8
Jan 98 Feb 97 - Jan 98 5.4 6.7 7.8 9.4 9.1
( a ) Italien : Lang rente ( månedsgennemsnit ;
( a ) Italy : Long-term interest rate ( monthly averages ;
procent ) 15
in percentages ) 15
( b ) Italien : Lang rente og forbrugerprisinflation , afvigelse fra EU-lande med laveste renter * ( månedsgennemsnit ;
( b ) Italy : Long-term interest rate and CPI inflation differentials against EU countries with lowest long-term interest rates * ( monthly averages ;
procentpoint ) Lang rente 8 6 4 2 0 - 2 1990 1991 1992 1993 1994 1995 1996 1997 Forbugerprisinflation
in percentage points ) Long-term interest rate differential 8 6 4 2 0 - 2 1990 1991 1992 1993 1994 1995 1996 1997 CPI inflation differential
* Vejet gennemsnit af data for Belgien , Tyskland , Frankrig , Holland og Østrig .
* Weighted average of data for Belgium , Germany , France , the Netherlands and Austria .
LUXEMBOURG Prisudvikling I referenceperioden fra februar 1997 til januar 1998 var den gennemsnitlige inflation i Luxembourg , målt ved det harmoniserede forbrugerprisindeks ( HICP ) , 1,4 pct . Det er klart under referenceværdien på 2,7 pct .
LUXEMBOURG Price developments Over the reference period from February 1997 to January 1998 the average rate of HICP inflation in Luxembourg was 1.4% , i.e. well below the reference value of 2.7% .
Set over de seneste to år har HICP-inflationen i Luxembourg været på et niveau , der i almindelighed anses som foreneligt med prisstabilitet .
Seen over the past two years , HICP inflation in Luxembourg has been at a level which is generally considered to be consistent with price stability .
I tilbageblik har inflationen i Luxembourg , målt ved det nationale forbrugerprisindeks været faldende siden begyndelsen af 1990'erne ( se figur 1 ) .
Looking back , consumer price inflation in Luxembourg , as measured on the basis of the CPI , has followed a broad downward trend since the early 1990s ( see Chart 1 ) .
Den faldende inflation afspejler en række vigtige politik-valg , især valget vedrørende valutakurspolitikken , der binder den luxembourgske franc til den belgiske franc i en møntunion .
This experience of declining rates of inflation reflects a number of important policy choices , most notably an exchange rate policy which links the Luxembourg franc to the Belgian franc in a monetary association .
Den generelle indstilling har været støttet af en forsigtig finanspolitik .
The general orientation has also been supported by prudent fiscal policies .
Reduktionen af inflationen i 1990'erne er opnået under gunstige makroøkonomiske forhold , selvom væksten aftog fra 9 pct . i 1993 til 3 pct .
The reduction in inflation during the 1990s has been achieved within the context of a relatively buoyant macroeconomic environment , although growth decelerated between 1993 and 1996 from around 9 % to 3 % ( see Table 2 ) .
i 1996 ( se tabel 2 ) . På denne baggrund har væksten i lønningerne været behersket i de seneste år ;
Against this background , growth in compensation per employee has been restrained in recent years .
men i 1997 accelererede lønningerne .
In 1997 an acceleration took place .
Som følge af at der kun har været ubetydelige bevægelser i den effektive valutakurs , har stigningen i importpriserne været dæmpet eller negativ i 1990'erne . Dette har været med til at dæmpe inflationspresset .
Reflecting the absence of significant effective exchange rate movements , import price increases in the 1990s have been subdued or negative , thus contributing to the curbing of inflationary pressures .
En lav inflation ses også i andre relevante prisindeks ( se tabel 2 ) .
Low rates of inflation are also apparent when it is measured in terms of other relevant price indices ( see Table 2 ) .
De seneste måneders tendenser og prognoser tyder på , at forbrugerprisinflationen ( målt som den procentvise ændring i forhold til samme måned året før ) er aftaget til 1 ½ pct . , og der er kun svage tegn på umiddelbare opadgående pres ( se tabel 3a ) .
Looking at recent trends and forecasts , current outturns for consumer price inflation ( measured as a percentage change over the corresponding month a year earlier ) have been decreasing to 1‰ % and there is little sign of immediate upward pressure on the basis of the measures shown in Table 3a .
Prognoser tyder på en inflation mellem 1 ½ og 2 pct . for 1998 og 1999 ( se tabel 3b ) .
Forecasts of inflation suggest rates of between 1‰ and 2 % for 1998 and 1999 ( see Table 3b ) .
Truslen mod prisstabilitet i denne periode er knyttet til kapacitetspres og i noget accelererende enhedslønomkostninger .
Risks for price stability over this period are associated with capacity constraints and somewhat accelerating unit labour costs .
På lidt længere sigt kan fortsættelsen af den mangeårige økonomiske politik bidrage til at opretholde prisstabilitet .
Looking further ahead , a continuation of the long-standing economic and fiscal policies can be seen as being conducive to maintaining price stability .
Det vil også være vigtigt at opretholde lønmådehold og dermed sikre , at arbejdsløsheden forbliver lav i Luxembourg .
It will also be important to sustain wage moderation , ensuring that the rate of unemployment in Luxembourg remains low .
Udviklingen i de offentlige finanser I referenceåret 1997 var der et overskud på den samlede offentlige sektors finanser på 1,7 pct . af BNP , dvs .
Fiscal developments In the reference year 1997 the general government budget balance showed a surplus of 1.7% of GDP , hence the 3 % reference value for the deficit ratio was comfortably met .
Gælden udgjorde 6,7 pct . af BNP , hvilket er langt under referenceniveauet på 60 pct .
The debt ratio was 6.7% , i.e. far below the 60 % reference value .
Sammenlignet med året før er overskuddet mindsket med 0,8 procentpoint , mens gælden steg marginalt . I 1998 ventes overskuddet reduceret til 1,0 pct .
Compared with the previous year , the fiscal surplus has decreased by 0.8 percentage point , while the debt ratio has increased marginally .
af BNP , mens gælden ventes forøget til 7,1 pct . af BNP ( se tabel 4 ) .
In 1998 the surplus is forecast to decrease to 1.0% of GDP , while the debt ratio is projected to increase to 7.1% ( see Table 4 ) .
I tilbageblik steg Luxembourgs gæld i forhold til BNP gradvist med i alt 2,0 procentpoint fra 1990 til 1997 ( se figur 2a ) .
Looking back over the years 1990 to 1997 , Luxembourg s debt-to-GDP ratio gradually increased by 2.0 percentage points ( see Chart 2a ) .
Som det fremgår mere detaljeret af figur 2b , har overskud på den primære balance typisk delvist kompenseret for de gældsforøgende effekter af « stock-flow-justeringer » .
As is shown in greater detail in Chart 2b , the typical pattern is that primary surpluses partly compensated for the debtincreasing effects resulting from the stockflow adjustment item .
For Luxembourgs vedkommende vedrører disse justeringer statens opbygning af pensionsreserver i specielle fonde .
In Luxembourg these adjustments are due to the fact that the government sector is building up reserves for the pension scheme accumulated in special funds , annual transfer payments to which are not recorded in the general 171
Disse betalinger indgår ikke i den offentlige sektors overskud .
government surplus .
Som følge af det lave niveau for gælden er der faktisk ingen effekter fra vækst - og renteforholdene på gælden gennem 1990'erne .
Owing to the low level of debt , practically no effect on the debt ratio during the 1990s is attributable to the growth and interest rate environment .
I den sammenhæng kan det bemærkes , at den offentlige sektors gæld i Luxembourg næsten udelukkende er i indenlandsk valuta , og at andelen af gælden med en kort restløbetid er ubetydelig ( se tabel 5 ) .
In this context it may be noted that Luxembourg s general government gross debt is almost entirely denominated in domestic currency and the share of debt with a short-term residual maturity is negligible ( see Table 5 ) .
Gennem 1990'erne har man kunnet observere en tilsvarende sund udvikling i den offentlige sektors balance , der altid har udvist overskud ( se figur 3 og tabel 6 ) .
During the 1990s a similarly sound pattern has been observed in annual fiscal balances , which have always been in surplus ( see Chart 3 and Table 6 ) .
Det samlede budgetoverskud faldt dog kraftigt i begyndelsen af 1990'erne , fra 5,0 pct . i 1990 til 0,8 pct .
However , the overall fiscal surplus decreased rapidly during the early 1990s , dropping from 5.0% in 1990 to 0.8% in 1992 .
Derefter stabiliserede det sig nogenlunde på ca . 2 pct .
It broadly stabilised at around 2 % thereafter , to reach a level of 1.7% in 1997 .
På denne baggrund anses en nærmere undersøgelse af Luxembourgs præstation , hvad budgetunderskud angår , for unødvendig .
Against this background , a closer examination of Luxembourg s performance in terms of the deficit ratio is not considered necessary .
Målet med Luxembourgs finanspolitiske strategi for det mellemlange sigt er balance i de offentlige finanser i overensstemmelse med bestemmelserne i stabilitets - og vækstpagten , samt en fastlåsning af udgifterne svarende til væksten i BNP for derved at undgå en stigning i udgiftskvotienten .
Luxembourg s medium-term fiscal policy strategy aims at balancing government finances , thereby complying with the respective provision of the Stability and Growth Pact , and linking expenditure to GDP growth , thus preventing an increase in the public sector s expenditure ratio .
Med hensyn til gældens fremtidige udvikling forholder EMI sig ikke til dette i detaljer for lande med en gæld på under 60 pct . af BNP .
With regard to the potential future course of the debt ratio , the EMI s Report does not consider this issue in detail for those countries with a debt ratio of below 60 % of GDP .
Med hensyn til udfordringer på længere sigt for de offentlige finanser , ser Luxembourg ud til at være i en gunstig position , især fordi der er fastholdt en lav gældskvotient .
As regards longer-term challenges to public finances , Luxembourg appears to be in a favourable position , notably by having maintained low debt ratios .
På længere sigt kan den budgetmæssige stilling dog blive truet af udviklingen i pensionssystemet i forbindelse med befolkningens aldring , der forventes at accelerere fra år 2010 ( se tabel 7 ) .
However , the longer-term fiscal position might be challenged by developments in the pension system stemming from the marked ageing of the population , which is expected to accelerate from around 2010 onwards ( see Table 7 ) .
før undersøgelsen ( se tabel 8a ) .
Exchange rate developments As Luxembourg is in a monetary association with Belgium , the development of the Luxembourg franc is largely identical to that of the Belgian franc .
Fokuseres på referenceperioden fra marts 1996 til februar 1998 har valutaen normalt været handlet tæt på centralkurserne over for de andre ERM-valutaer og meget tæt på centralkurserne over for den tyske mark , den hollandske gylden og den østrigske schilling ( se figur 4 og tabel 8a ) . Den luxembourgske franc har til tider været handlet uden for udsvingsgrænserne over for adskillige medlemsvalutaer .
The Luxembourg franc has been participating in the ERM since its inception on 13 March 1979 , i.e. for much longer than two years prior to the examination ( see Table 8a ) . Focusing on the reference period from March 1996 to February 1998 , the currency has normally traded close to its central rates against other ERM currencies and very close to those vis - - vis the Deutsche Mark , the Dutch guilder and the Austrian schilling ( see Chart 4 and Table 8a ) .
De maksimale afvigelser opad og nedad i forhold til centralkurserne var på basis af et glidende gennemsnit over 10 handelsdage henholdsvis 2,5 pct . og - 3,0 pct .
On occasion the Luxembourg franc traded outside a range close to its central rates vis - - vis several partner currencies .
, når man ser bort fra den selvstændige stigning i det irske pund ( se tabel 8a ) .
The maximum upward and downward deviations from central rates , on the basis of 10 business day moving averages , were 2.5% and - 3.0% respectively , abstracting from the autonomous upward trend of the Irish pound ( see Table 8a ) .
De episoder , hvor afvigelser forekom , var midlertidige , volatiliteten over for den tyske mark var vedvarende meget lav , og de korte rentespænd over for de EU-lande med de laveste korte renter var ubetydelige ( se tabel 8b ) .
The episodes in which such deviations occurred were temporary , the degree of exchange rate volatility vis - - vis the Deutsche Mark was continuously very low ( see Table 8b ) and short-term interest rate differentials against those EU countries with the lowest short-term interest rates were insignificant .
I referenceperioden har Luxembourg ikke devalueret valutaens bilaterale centralkurs over for nogle af de andre medlemslandes valutaer .
During the reference period Luxembourg has not devalued its currency s bilateral central rate against any other Member State s currency .
Luxembourg har traditionelt fastholdt et stort overskud på betalingsbalancens løbende poster ( se tabel 9 ) .
Luxembourg has traditionally maintained large current account surpluses ( see Table 9 ) .
Med hensyn til andre eksterne forhold skal det bemærkes , at Luxembourg er en lille åben økonomi .
As regards other external developments , it may be recalled that Luxembourg is a small open economy with , according to the
I henhold til de seneste data udgør eksporten 95 pct . af BNP , mens importen udgør 86 pct .
most recent data available , a ratio of foreign trade to GDP of 95 % for exports and 86 % for imports , and a share of intraEU trade of 70 % for exports and 74 % for imports .
i en meget længere periode end to år Udviklingen i den lange rente I referenceperioden fra februar 1997 til januar 1998 har den lange rente i Luxembourg i gennemsnit været 5,6 pct . Den var dermed klart under referenceværdien på 7,8 pct .
Long-term interest rate developments Over the reference period from February 1997 to January 1998 long-term interest rates in Luxembourg were 5.6% on average , and thus stood well below the reference value for the interest rate criterion of 7.8% set on the basis of the three best-performing Member States in terms of price stability .
i henhold til rentekriteriet , som er fastlagt ud fra de tre medlemslande , der har klaret sig bedst med hensyn til prisstabilitet . Dette var også tilfældet for 1997 som helhed og for 1996 ( se tabel 10 ) .
This was also the case for 1997 as a whole , as well as for 1996 ( see Table 10 ) .
171 Den lange rente har i hovedtræk været faldende siden begyndelsen af 1990'erne ( se figur 6a ) .
Long-term interest rates have been on a broadly declining trend since the early 1990s ( see Chart 5a ) .
I det meste af perioden har man kunnet observere en tæt konvergens mellem den lange rente i Luxembourg og satserne i de EU-lande med de laveste renter ( se figur 6b ) .
A close convergence of Luxembourg s long-term interest rates with those prevailing in the EU countries with the lowest bond yields has been observed for most of the period since the early 1990s ( see Chart 5b ) .
Hovedårsagerne til denne udvikling var den forholdsvis lave inflation og den sunde finanspolitik .
The main factors underlying this trend were the comparatively low rate of inflation and sound fiscal policies .
set været stabil og tæt på centralkurserne uden behov for foranstaltninger til støtte for valutakursen . Den lange rente var 5,6 pct .
The Luxembourg franc , which is in a monetary association with the Belgian franc , has been participating in the ERM for much longer than two years . Over the reference period it remained broadly stable , generally close to its unchanged central parities without the need for measures to support the exchange rate .
, dvs . klart under referenceværdien .
The level of long-term interest rates was 5.6% , i.e. well below the respective reference value .
Med hensyn til de offentlige finansers holdbarhed på lidt længere sigt , så vil Luxembourg - hvis det nuværende budgetoverskud fastholdes i 1998 - leve op til målsætningen i stabilitets - og vækstpagten , som vil gælde fra og med 1999 , om at de offentlige finanser er i balance eller i overskud .
With regard to the sustainability of fiscal developments , looking ahead , if current fiscal surpluses are maintained for 1998 , Luxembourg should comply with the medium-term objective of the Stability and Growth Pact , effective from 1999 onwards , of having a budgetary position that is close to balance or in surplus .
Med hensyn til andre faktorer kan det nævnes , at Luxembourg har bibeholdt store overskud på betalingsbalancen .
With regard to other factors , Luxembourg has maintained large current account surpluses .
Konkluderende sammenfatning I referenceperioden har Luxembourg opnået en HICP-inflation på 1,4 pct . , hvilket er klart under referenceværdien fastsat i traktaten .
Concluding summary Over the reference period Luxembourg has achieved a rate of HICP inflation of 1.4% , which is well below the reference value stipulated by the Treaty .
i 1998 og 1999 . Den luxembourgske franc , som er i møntunion med den belgiske franc , har deltaget i ERM meget længere end 2 år .
The increase in unit labour costs was subdued and low 173
Oversigt over tabeller og figurer * LUXEMBOURG I Prisudvikling Tabel 1 Figur 1 Tabel 2 Tabel 3 Luxembourg : HICP-inflation Luxembourg : Prisudvikling Luxembourg : Mål for inflation og relaterede indikatorer Luxembourg : Seneste inflationstendenser og prognoser ( a ) Seneste tendenser i forbrugerpriserne ( b ) Prognoser for inflationen
List of Tables and Charts * LUXEMBOURG I Price developments Table 1 Chart 1 Table 2 Table 3 Luxembourg : HICP inflation Luxembourg : Price developments Luxembourg : Measures of inflation and related indicators Luxembourg : Recent inflation trends and forecasts ( a ) Recent trends in consumer price inflation ( b ) Inflation forecasts