natgillin/translations-raw huggingface dataset:
De vigtigste instrumenter De primære markedsoperationer anvendes til at forsyne banksystemet med tilstrækkelig likviditet og til at signalere den overordnede pengepolitiske linje .
The most important instruments The main refinancing operations are used to provide the banking system with sufficient liquidity and to signal the general stance of monetary policy .
De gennemføres en gang om ugen og har en løbetid på to uger .
They are conducted once a week and have a maturity of two weeks .
De langfristede markedsoperationer er også likviditetstilførende operationer , men gennemføres en gang om måneden og har en løbetid på tre måneder .
The longer-term refinancing operations are also liquidity-providing transactions , but are conducted monthly and have a maturity of three months .
Endvidere tilbydes to stående faciliteter .
Two standing facilities are also offered .
De har til formål at tilføre og opsuge dag-til-dag likviditet .
These aim to provide and to absorb overnight liquidity .
Renten på disse stående faciliteter danner en korridor for bevægelser i dag-til-dag markedsrenterne .
The interest rates on these standing facilities form a corridor for movements of overnight market interest rates .
-* Den marginale udlånsfacilitet giver modparterne ( dvs . finansielle institutioner såsom banker ) mulighed for at opnå dag-til-dag likviditet fra Eurosystemet mod passende aktiver .
-* The marginal lending facility allows counterparties ( i.e. financial institutions such as banks ) to obtain overnight liquidity from the Eurosystem against eligible assets .
-* Indlånsfaciliteten kan anvendes af modparterne til at foretage dag-til-dag indskud i Eurosystemet .
-* The deposit facility can be used by counterparties to make overnight deposits with the Eurosystem .
Finjusterende operationer udføres på ad hoc-basis for at kontrollere likviditetsforholdene i markedet og styre renten , især med henblik på at udjævne rentevirkningen af uventede likviditetsudsving i markedet .
Fine-tuning operations are executed on an ad hoc basis , with the aims of managing the liquidity situation in the market and of steering interest rates . One specific goal is to smooth the effects on interest rates of unexpected liquidity fluctuations in the market .
ECBs formål med at pålægge kreditinstitutterne reservekrav er at stabilisere efterspørgslen efter centralbankpenge .
By imposing minimum reserve requirements on credit institutions the ECB aims to stabilise demand for central bank money .
Kreditinstitutterne har pligt til at have en bestemt procentdel af deres kunders indskud stående på en indlånskonto i Eurosystemet .
Each credit institution must keep a certain percentage of its own customer deposits in a deposit account with the Eurosystem .
Herved stabiliseres pengemarkedsrenten .
This in turn stabilises money market interest rates .
Markedsoperationer
Refinancing operations
Finjusterende operationer
Fine-tuning operations
Kreditter og lån
Credits and loans
HUSHOLDNINGER OG FIRMAER
HOUSEHOLDS AND FIRMS
= likviditetsstrøm
= liquidity flow
Rygraden i euroområdets fælles pengemarked er TARGET ( Trans-European Automated Real-time Gross settlement Express Transfer system ) -- det transeuropæiske automatiserede realtidsbruttoafviklingssystem .
The backbone of the single money market of the euro area is the system for payment transfers known as TARGET ( which stands for Trans-European Automated Real-time Gross settlement Express Transfer system ) .
TARGET er en sammenkædning af 15 nationale betalingssystemer -- et i hver EU-medlemsstat -- og ECBs betalingsmekanisme .
TARGET links together 15 national payment systems -- one in each of the EU Member States -- and the ECB payment mechanism .
Hermed er det muligt at overføre store pengebeløb mellem bankkonti fra den ene ende af Den Europæiske Union til den anden i løbet af få minutter eller endog sekunder .
This makes it possible to transfer large amounts of money between bank accounts from one end of the European Union to the other within minutes , if not seconds .
TARGET-systemet har fremmet udviklingen af et fælles pengemarked i Europa og clearer dagligt grænseoverskridende betalinger til en værdi af mere end 450 mia .
The TARGET system has facilitated the development of a single money market in Europe and clears cross-border payments to a value of more than C450 billion every day .
Lægges de indenlandske betalinger til , stiger beløbet til mere end 1,5 billion euro .
Add to this domestic payments and the figure rises to above C 1.5 trillion .
TARGET har vist sig at være en sikker og pålidelig mekanisme , som nu er langt det vigtigste betalingssystem i Europa og et af verdens tre største .
TARGET has proved to be a secure and reliable mechanism and is now by far the most important payment system in Europe and one of the three largest worldwide .
ORDLISTE
G L O S S A RY
Forklaring af vigtige begreber
Explanation of keywords
Centralbank : En institution , som gennem en retsakt har fået overdraget ansvaret for at føre pengepolitikken for et bestemt område . ORDLISTE
Central bank : an institution which -- by way of a legal act -- has been given responsibility for conducting the monetary policy for a specific area .
Deflation : En proces , hvor det generelle prisniveau falder vedvarende i en længere periode . Hvis priserne forventes at fortsætte med at falde , udsættes køb af varer måske i forventning om lavere priser i fremtiden .
Convergence criteria : a set of economic conditions which have to be met by EU Member States before they can participate in the euro area . These criteria -- often referred to as the Maastricht criteria -- relate to the achievement of low inflation , sound public finances , stable exchange rates , and low and stable interest rates .
Dette kan resultere i et yderligere prisfald og i sidste instans i en konjunkturnedgang .
They are described in the Treaty establishing the European Community and in protocols attached to the Treaty . Credit institution : « an undertaking whose business is to receive deposits or other repayable funds from the public and to grant credit for its own account » ( Article 1 of the First Banking Co-ordination Directive ( 77/780 / EEC )) .
Faldende priser i bestemte økonomiske sektorer , som skyldes teknisk fremgang eller øget konkurrence , bør ikke betragtes som deflation . Direktionen : Et af ECBs tre besluttende organer .
Deflation : a process in which the general price level falls continuously over a sustained period of time . If prices are expected to continue to fall , purchases of goods may be delayed in anticipation of lower future prices .
Den består af formanden og næstformanden for ECB samt fire andre medlemmer .
This could result in further falls in prices and ultimately in a downward spiral in the economic cycle .
Ecofin : Se EU-Rådet . Euro : Den europæiske valutas navn , der blev vedtaget af Det Europæiske Råd på mødet i Madrid 15 .
Falling prices in certain sectors of the economy , due to technical progress or increased competition , should not be considered as deflation . ECOFIN : see EU Council .
og 16 .
G L O S S A RY
december 1995 , og som erstatter betegnelsen ECU . Eurogruppen : En uformel gruppe , der består af eurolandenes økonomi - og finansministre .
Economic and Financial Committee ( EFC ) : a consultative Community body set up at the start of Stage Three of Economic and Monetary Union . The EU Member States , the European Commission and the European Central Bank ( ECB ) each appoint no more than two members of the EFC .
På Eurogruppens møder drøfter ministrene emner med relation til deres fælles ansvar for den fælles valuta . Europa-Kommissionen og Den Europæiske Centralbank ( ECB ) indbydes til at deltage i møderne .
Economic and Monetary Union ( EMU ) : The Treaty establishing the European Community describes the process of achieving Economic and Monetary Union in three stages . Stage One of EMU started in July 1990 and ended on 31 December 1993 .
Eurogruppen holder sædvanligvis møde umiddelbart før et ordinært Ecofin-møde . 41
It was mainly characterised by the dismantling of all internal barriers to the free movement of capital within the European Union .
Europa-Kommissionen ( Kommissionen for De Europæiske Fællesskaber ) : Den institution i Det Europæiske Fællesskab , der sikrer , at bestemmelserne i traktaten om oprettelse af Det Europæiske Fællesskab gennemføres , udformer fællesskabspolitikker , fremsætter forslag til fællesskabslovgivning og er udstyret med beføjelser inden for bestemte områder .
It provided for , among other things , the establishment of the European Monetary Institute ( EMI ) , the prohibition of financing of the public sector by central banks and the avoidance of excessive deficits in public finances . Stage Three started on 1 January 1999 with the transfer of monetary competence to the Eurosystem , the irrevocable fixing of exchange rates between the currencies of the participating EU Member States and the introduction
På det økonomisk-politiske område retter Kommissionen henstillinger om de overordnede retningslinjer for Fællesskabets økonomiske politikker og aflægger beretning til EU-Rådet om den økonomiske udvikling og politik .
EU Council : a body made up of representatives of the governments of the Member States , normally the ministers responsible for the matters under consideration ( therefore often referred to as the Council of Ministers ) .
Den fører tilsyn med de offentlige finanser som led i den multilaterale overvågning og forelægger rapporter for EU-Rådet .
The EU Council meeting in the composition of the ministers of economics and finance is often referred to as the ECOFIN Council .
Kommissionen har 20 medlemmer , heraf to statsborgere fra henholdsvis Tyskland , Spanien , Frankrig , Italien og Det Forenede Kongerige og en statsborger fra hver af de øvrige EUmedlemsstater .
Euro : the name of the European currency adopted by the European Council at its meeting in Madrid on 15 and 16 December 1995 , to be used instead of the term ECU .
Europa-Parlamentet : Består af 626 repræsentanter for borgerne i EUs medlemsstater .
Eurogroup : an informal gathering of the ministers of economics and finance of the EU Member States participating in the euro area .
Det deltager i lovgivningsprocessen , dog med forskellige beføjelser , afhængigt af , hvilken fremgangsmåde der anvendes til vedtagelsen af EUs lovgivning .
At meetings of the Eurogroup the ministers discuss issues connected with their shared responsibilities in respect of the single currency .
Parlamentets beføjelser hovedsagelig af rådgivende karakter . Traktaten om oprettelse af Det Europæiske Fællesskab fastlægger imidlertid en række procedurer for ECBs demokratiske ansvar over for EuropaParlamentet ( forelæggelse af årsberetningen , generel drøftelse af pengepolitikken og høringer i Parlamentets kompetente udvalg ) .
The European Commission and the European Central Bank ( ECB ) are invited to take part in the meetings . The Eurogroup usually meets immediately before a normal ECOFIN meeting .
Europæiske Centralbank ( ECB ) , Den : Oprettet 1 . juni 1998 med sæde i Frankfurt am Main .
European Central Bank ( ECB ) : Established on 1 June 1998 and located in Frankfurt am Main , the ECB has its own legal personality .
ECB har status som juridisk person . Den sikrer , at de opgaver , som er overdraget Eurosystemet og Det Europæiske System af Centralbanker ( ESCB ) , bliver udført enten ved ECBs egne aktiviteter eller af de nationale centralbanker .
It ensures that the tasks conferred upon the Eurosystem and the European System of Central Banks ( ESCB ) are carried out either by the ECB itself or by the national central banks . European Commission ( Commission of the European Communities ) : the institution of the European Community which ensures the application of the provisions of the Treaty establishing the European Community , develops Community policies , proposes Community legislation and exercises powers in specific areas .
Europæiske Monetære Institut ( EMI ) , Det : EMI var et midlertidigt organ , der blev oprettet ved indledningen af anden fase af ØMUen ( 1 . januar 1994 ) .
It brings together the Heads of State or Government of the Member States and the President of the European Commission ( see also EU Council ) . European Monetary Institute ( EMI ) : The EMI was a temporary institution established at the start of Stage Two of EMU ( on 1 January 1994 ) .
EMIs hovedopgaver var at styrke samarbejdet mellem centralbankerne og koordineringen af pengepolitikken samt stå for forberedelserne til tredje fase af ØMUen .
The main tasks of the EMI were to strengthen central bank cooperation and monetary policy co-ordination and to make preparations for Stage Three of EMU .
EMI ophørte med at eksistere 1 . juni 1998 .
The EMI ceased to exist on 1 June 1998 . 43
Europæiske Råd , Det : Sikrer den nødvendige drivkraft i udviklingen af Den Europæiske Union og definerer de generelle politiske retningslinjer for Unionen .
European Parliament : consists of 626 representatives of the citizens of the EU Member States . It is part of the legislative process , though with different prerogatives according to the procedures through which EU law is to be enacted .
Det består af medlemsstaternes stats - og regeringschefer og formanden for Europa-Kommissionen ( se også EU-Rådet ) .
However , the Treaty establishing the European Community establishes certain procedures for the democratic accountability of the ECB to the European Parliament ( presentation of the Annual Report , general debate on the monetary policy , hearings before the competent parliamentary committees ) .
Europæiske System af Centralbanker ( ESCB ) , Det : Består af ECB og de nationale centralbanker i alle 15 EU-medlemsstater .
European System of Central Banks ( ESCB ) : is composed of the ECB and the national central banks of all 15 EU Member States .
Eurosystemet : Omfatter ECB og de nationale centralbanker i de EU-medlemsstater , der har indført euroen i tredje fase af ØMUen .
Eurosystem : comprises the ECB and the national central banks of the EU Member States which have adopted the euro in Stage Three of EMU .
EU-Rådet : Består af repræsentanter for medlemsstaternes regeringer , normalt de ministre , som er ansvarlige for de emner , der drøftes ( derfor kaldes det ofte Ministerrådet ) .
Executive Board : one of the three decision-making bodies of the ECB . It comprises the President and the Vice-President of the ECB and four other members .
Når EU-Rådet er sammensat af økonomi - og finansministrene , kaldes det ofte Ecofin-rådet . Finjusterende operationer : Markedsoperationer , som med uregelmæssige mellemrum gennemføres af Eurosystemet , primært for at klare uventede likviditetsudsving i markedet .
44 Fine-tuning operations : non-regular open market operations executed by the Eurosystem mainly in order to deal with unexpected liquidity fluctuations in the market . Foreign exchange operations : the buying or selling of foreign exchange .
Generelle Råd , Det : Et af ECBs tre besluttende organer .
In the context of the Eurosystem , this means buying or selling other currencies against euro . General Council : one of the three decision-making bodies of the ECB .
Det består af formanden og næstformanden for ECB samt cheferne for alle 15 nationale centralbanker i EU .
It comprises the President and the Vice-President of the ECB and the governors of all 15 EU national central banks .
Inflation : Et tiltagende fald i pengenes værdi , som ses ved vedvarende stigninger i det generelle prisniveau ( se også Deflation og Prisstabilitet ) .
Inflation : a progressive fall in the value of money , shown by persistent increases in the general level of prices . ( See also Deflation and Price stability .
Internationale Valutafond ( IMF ) , Den : En international organisation med sæde i Washington , D.C. IMF , som har 184 medlemslande ( 2002 ) , blev oprettet i 1946 med henblik på at støtte det internationale monetære samarbejde og valutastabiliteten , fremme økonomisk vækst og høj beskæftigelse samt at hjælpe medlemslandene med at rette op på ubalancer på deres betalingsbalancer . ORDLISTE
) International Monetary Fund ( IMF ) : an international organisation , based in Washington , D.C. , with a membership of 184 countries ( 2002 ) . It was established in 1946 to promote international monetary co-operation and exchange rate stability , to foster economic growth and high levels of employment and to help member countries to correct balance of payments imbalances .
Konvergenskriterier : En række økonomiske betingelser , som skal opfyldes af EUs medlemsstater , før de kan komme med i euroområdet . Disse kriterier -- der ofte omtales som Maastricht-kriterierne -- betyder , at landene skal have opnået lav inflation , sunde offentlige finanser , stabile valutakurser og stabile rentesatser .
G L O S S A RY Liquidity : the ease and speed with which a financial asset can be converted into cash or used to settle a liability .
Banker og sparekasser er de mest almindelige former for kreditinstitutter .
Cash is thus a highly liquid asset .
Likviditet : Den lethed og hurtighed , hvormed et finansielt aktiv kan omsættes til kontante penge eller anvendes til at afvikle et passiv .
Bank deposits are less liquid , the longer their maturities .
Jo længere løbetiden for banktilgodehavender er , desto mindre likvide er de . Likviditet anvendes ofte som synonym for penge .
The term « liquidity » is also often used as a synonym for money .
44 M3 : Det brede pengemængdemål , M3 , defineres af ECB som sedler og mønter i omløb plus residenter i eurområdets beholdninger ( statens beholdninger dog undtaget ) af følgende passiver i pengeudstedende institutioner i euroområdet : dag-til-dag indskud , indskud med en aftalt løbetid på op til to år , indskud med et opsigelsesvarsel på op til tre måneder , genkøbsforretninger , aktier / andele i pengemarkedsforeninger , pengemarkedspapirer og obligationer med op til to års løbetid .
M3 : The broad monetary aggregate M3 has been defined by the ECB as currency in circulation plus euro area residents » ( other than central government ) holdings of the following liabilities of euro area money-issuing institutions : overnight deposits , deposits with an agreed maturity of up to two years , deposits redeemable at a period of notice of up to three months , repurchase agreements , money market fund shares / units , and money market paper and debt securities with a maturity of up to two years .
Styrelsesrådet har meddelt en referenceværdi for væksten i M3 .
The Governing Council has announced a reference value for the growth of M3 .
Maastricht-kriterierne : Se Konvergenskriterier .
Maastricht criteria : see Convergence criteria . Minimum reserve requirement : the requirement for credit institutions to keep a deposit with the central bank .
Organisationen for Økonomisk Samarbejde og Udvikling ( OECD ) : OECD ( med sæde i Paris ) blev oprettet i 1961 som efterfølger til Organisationen for Europæisk Økonomisk Samarbejde ( OEEC ) .
The minimum reserve requirement for an individual institution is calculated as a percentage of the money deposited by the ( non-bank ) customers of this institution .
Den samler 29 medlemsstater ( 2001 ) i en organisation , hvis vigtigste opgave er at være et forum , hvor regeringerne kan drøfte udvikling og forbedring af den økonomiske og sociale politik .
Monetary aggregate ( e.g. M1 , M2 , M3 ) : can be defined as currency in circulation plus outstanding amounts of certain liabilities of financial institutions that have a high degree of liquidity in a broad sense .
Penge : Et aktiv , som er alment accepteret som byttemiddel , fx i form af mønter eller sedler eller enheder lagret i et forudbetalt elektronisk chipkort .
Money : an asset accepted by general consent as a medium of exchange . It may take , for example , the form of coins or banknotes or units stored on a prepaid electronic chip-card .
Kortfristede indskud i kreditinstitutter udgør ligeledes penge .
Short-term deposits with credit institutions also serve the purposes of money .
I økonomisk teori har penge tre forskellige funktioner : ( 1 ) som regneenhed ;
In economic theory , money performs three different functions : ( 1 ) as a unit of account ;
( 2 ) som betalingsmiddel og ( 3 ) som værdiopbevaringsmiddel .
( 2 ) as a means of payment ; and ( 3 ) as a store of value .
Centralbankerne bærer ansvaret for den optimale varetagelse af disse funktioner ved at sikre fastholdelse af prisstabiliteten .
A central bank carries the responsibility for the optimum performance of these functions and does so by ensuring that price stability is maintained .
Pengemarked : Det marked , hvor kortfristet kapital rejses , investeres til 1 år .
Money market : the market in which short-term funds are raised , invested and traded using instruments which generally have an original maturity of up to one year .
Pengemængdemål ( fx M1 , M2 , M3 ) : Kan defineres som summen af sedler og mønter i omløb plus finansielle institutioners udeståender af visse passiver , som har en høj likviditetsgrad i bred forstand .
46 ( OECD ) : The OECD ( based in Paris ) was founded in 1961 as the successor to the Organisation for European Economic Co-operation ( OEEC ) .
Pengepolitik : Handlinger , som centralbanker foretager under anvendelse af de instrumenter , de har til rådighed , med henblik på at opnå deres mål ( fx at fastholde prisstabilitet ) .
It groups 29 member countries ( 2001 ) in an organisation that , most importantly , provides governments with a setting in which to discuss , develop and perfect economic and social policy .
Prisstabilitet : Defineres af ECBs Styrelsesråd som en år-til-år stigning i forbrugerpriserne på mindre end 2 pct .
Price stability : Price stability has been defined by the Governing Council of the ECB as a year-on-year increase in consumer prices of below 2 %.
Hverken vedvarende inflation eller vedvarende deflation er forenelig med definitionen på prisstabilitet . Reservekrav : Krav om , at kreditinstitutter skal have indskud i centralbanken .
Neither prolonged inflation nor prolonged deflation is consistent with this definition of price stability .
Det enkelte instituts reservekrav beregnes som en procentdel af de penge , der er indskudt af det pågældende instituts kunder ( bortset fra andre banker ) . Styrelsesrådet : ECBs øverste besluttende organ .
Stage Three : see Economic and Monetary Union ( EMU ) .
45 TARGET ( Trans-European Automated Real-time Gross settlement Express Transfer ) : Et betalingssystem , som består af 15 realtidsbruttoafviklingssystemer ( RTGS ) og ECBs betalingsmekanisme .
TARGET ( Trans-European Automated Real-time Gross settlement Express Transfer system ) : a payment system consisting of 15 national real-time gross settlement ( RTGS ) systems and the ECB payment mechanism .
RTGS-systemerne gør det muligt at afvikle betalinger enkeltvis i realtid .
RTGS systems enable payments to be processed on an order-by-order basis in real time .
I TARGET er RTGS-systemerne forbundet indbyrdes for herved at muliggøre grænseoverskridende betalinger på samme dag i hele Den Europæiske Union .
In TARGET the national RTGS systems are interconnected so as to allow same-day cross-border transfers throughout the European Union .
Traktaten om oprettelse af Det Europæiske Fællesskab : Traktaten undertegnedes i Rom 25 . marts 1957 og trådte i kraft 1 .
Treaty establishing the European Community : The Treaty was signed in Rome on 25 March 1957 and entered into force on 1 January 1958 .
Traktaten om Den Europæiske Union untertegnedes i Maastricht ( benævnes derfor ofte Maastricht-traktaten ) 7 . februar 1992 og trådte i kraft 1 .
It established the European Economic Community European Union was signed in Maastricht ( therefore often referred to as the Maastricht Treaty ) on 7 February 1992 and entered into force on 1 November 1993 .
Den ændrede Rom-traktaten , som nu officielt benævnes traktaten om oprettelse af Det Europæiske Fællesskab .
It amended the Treaty of Rome , which is now officially called the Treaty establishing the European Community .