natgillin/translations-raw huggingface dataset:
Selv om mange af tiltagene har strukturel karakter , vil yderligere besparelser dog vzre nerdvendige for på mellemlangt sigt at opnå en tilstrækkelig grad af budgetmæssig konsolidering .
Although many of the measures are of a structural nature , further retrenchment will be needed in the medium-term to achieve an adequate degree of fiscal consolidation .
Andre steder i Fællesskabet var ændringerne i niveauet for den offentlige sektors underskud mere begrznsede .
Elsewhere in the Community changes in the level of public sector deficits were more muted .
Blandt de andre lande med store underskud kunne der registreres en reduktion i niveauet for låntagningen i Grækenland , Portugal og Spanien , mens der var en moderat stigning i Belgien , Danmark , Frankrig , Luxembourg og Holland .
Of the other countries with high deficits , reductions in the level of borrowing were recorded in Greece , Spain and Portugal , while there were modest increases in Belgium , Denmark , France , Luxembourg and the Netherlands .
Blandt landene med et hrajt niveau for den offentlige gzld steg gzlden i forhold til BNP i Belgien , Grzkenland , Italien og Holland , men faldt yderligere i Irland ( se figur 3 ) .
In the countries with high levels of public debt , debt-GDP ratios rose in Belgium , Greece , Italy and the Netherlands , but dropped further in Ireland ( see Chart 3 ) .
Efter de tidligere års markante udjævning af uligevægtene på betalingsbalancens lobende poster var forskellen mellem medlemsstaterne i 1992 en lille smule strarre end året frar . Forskellen var dog fortsat relativ beskeden set i et historisk perspektiv ( se tabel R6 ) .
After the marked narrowing in current account imbalances in earlier years , the dispersion across Member States in 1992 was a little wider than in the previous year , albeit remaining at a relatively low level by recent historic standards ( see Table R6 ) .
I de fleste lande var der kun små ændringer med hensyn til betalingsbalancens lnbende poster .
In most countries , current account balances were little changed .
Overskuddet i Danmark og Irland steg yderligere , og herudover omfattede udviklingn en vending til et lille overskud i Frankrig og næsten eliminering af underskuddet i Portugal samt en forsgelse af underskuddet i England , Grækenland , Italien og Spanien .
Notable developments in 1992 were a further rise in the surplus in Denmark and Ireland , a move into slight surplus in France and the near elimination of the deficit in Portugal , and a widening in the deficits in Greece , Spain , Italy and the United Kingdom .
Fællesskabets samlede underskud på betalingsbalancens lnbende poster i forhold til resten af verden var uændret 1 % af BNP .
Overall , the Community 's current account deficit vis-A-vis the rest of the world remained unchanged , at 1 % of GDP .
Ved udgangen af 1992 havde alle medlemslandene ophzvet kapitalrestriktionerne i overensstemmelse med f ~ llesskabslovgivningen på n z r Grækenland , som har en undtagelse .
By the end of 1992 , all Community countries had abolished controls on capital movements in line with Community legislation , except Greece which has a derogation .
FIGUR 3 : DEN OFFENTLIGE SEKTORS BUDGETMÆSSIGE STILLING 1992 ( Procent af BNP i lebende priser )
CHART 3 : GENERAL GOVERNMENT BUDGETARY POSITIONS 1992 @ er cent of nominal GDP ) Public debt1 )
Offentlig gzld
F. R
11 Kilder : Nationale data , EF-Kommissionen .
Budget deficit1 ) Sources : National data , EC-Commission .
1 ) SkØn .
1 ) Estimates .
Tallene er ikke nodvendigvis i overensstemmelse med de opgØrelsesprincipper , der ligger bag proceduren i Maastricht - traktaten om uforholdsmæssigt store underskud , og som fortsat drØftes med henblik på at blive harmoniseret .
Figures may not be consistent with the principles on definitions underlying the Excessive Deficit Procedure in the Maastricht Treaty wh ~ ch still under discussion with a view to being harmonized .
DEN MONETÆRE UDVIKLING OG VALUTAKURSUDVIKLINGEN
MONETARY AND EXCHANGE RATE DEVELOPMENTS
Pengepolitikken var i 1992 indrettet på at fremme en yderligere nedgang i inflationen på linje med den fzlles målsztning hos medlemslandenes pengepolitiske myndigheder om at fremme konvergensen mod prisstabilitet .
Monetary policies in 1992 were set to promote a further decline in inflation , in line with the common objective of the monetary authorities in the Community to foster convergence towards price stability .
Selv om de okonomiske forhold fortsat varierede betragteligt mellem medlemslandene med en vzsentlig divergens med hensyn til cykliske positioner og omkostnings - og prispres , har den voksende finansielle indbyrdes afhzngighed mellem ERM-medlemslandene reduceret mulighederne for afvigelser i pengepolitikken væsentligt .
Although national economic conditions in the Community continue to vary considerably , with a substantial divergence in cyclical positions and in cost and price pressures , the growing financial interdependence among ERM members has significantly reduced the scope for monetary policy differentiation .
Givet den tyske pengepolitik ~ centrale rolle med hensyn til at forme de pengepolitiske betingelser i Fællesskabet har den stramme politik , som var nodvendig for at dzmme op for det stzrke inflationære pres i Tyskland , generelt været toneangivende for pengepolitikken i hele området .
Given the pivotal role of German monetary policy in shaping monetary conditions in the Community , the restrictive stance required to contain strong inflationary pressures in Germany has set the general tone of monetary conditions throughout the area .
I lande med lav eller hurtigt faldende inflation og svag okonomisk aktivitet har dette forværret konflikten mellem de interne og eksterne målsztninger , eftersom den nodvendige politik ud fra hensynet til opretholdelse af valutakursstabiliteten ofte har vzret strammere end det , som man kunne onske givet de indenlandske okonomiske forhold .
In countries with low or rapidly falling inflation and weak economic activity , this has worsened the conflict between internal and external policy objectives , as the policy stance necessary to preserve exchange rate stability has often been tighter than desired given domestic economic conditions .
Politikdilemmaerne blev forvzrret i andet halvår 1992 som fralge af hidtil usete spzndinger inden for ERM , efterhånden som markedsdeltagerne i stigende grad indstillede sig på , at valutakursjusteringer måske kunne vise sig uundgåelige , givet manglen på tilstrzkkelig konvergens og opfattelsen af , at regeringer stod over for en konflikt i den rakonomiske politik .
In the second half of the year , policy dilemmas were exacerbated by unprecedented tensions in the ERM as market participants became increasingly concerned that exchange rate adjustments might prove inevitable given the lack of adequate convergence and the perceived policy conflicts confronting governments .
Forsvaret af pariteterne over for spekulative angreb blev til tider det overskyggende hensyn i fastlzggelsen af den nationale pengepolitik .
The defence of parities in the presence of speculative attacks at times became the overriding concern in the setting of national monetary conditions .
De pengepolitiske reaktioner på valutakurspresset medfrarte , at renteforskellen over for Tyskland ragedes vzsentligt .
Policy responses to exchange rate pressures led to a substantial widening of interest-rate differentials vis-i-vis Germany .
Efter suspension af deltagelse i ERM medio september blev den strarre frihed i England og Italien med hensyn til at fastlaegge pengepolitikken brugt til at reducere de korte renter .
The greater freedom to set monetary policies in line with domestic conditions in Italy and the United Kingdom , following the suspension of ERM participation in mid-September was used to reduce short-term interest rates .
I England blev renterne reduceret til under niveauet i Tyskland , mens reduktionerne i Italien medfrarte en markant indsnzevring af forskellen i forhold til Tyskland .
In the United Kingdom , rates were cut to well below German levels while in Italy the reductions led to a marked narrowing of the differential with German rates .
I dette afsnit er pengepolitikken frarst vurderet gennem en kort beskrivelse af udviklingen i monetzre aggregater og af den overordnede udvikling i rentesatserne .
In this section , the monetary stance is assessed first through a brief description of developments in monetary aggregates and of the broad trends in interest rates .
Derefter rettes opmzrksomheden på udviklingen i valutakurserne , der , som anfrart ovenfor , har vzret af afgrarende betydning for den nationale pengepolitik i 1992 .
Attention then moves to exchange rate developments , which , as noted above , have exerted a major influence on the evolution of national monetary conditions in 1992 . 2.1
Den monetære udvikling Monet ~ re aggregater I F ~ llesskabet vzksten i monetzre aggregater i bred forstand aftaget betyvar deligt i lrabet af 1990 og 1991 , hvilket afspejlede stram pengepolitik og opbremsningen i den nominelle vzkst i efterspnrrgslen .
Monetary aggregates In the Community , the growth of broad money aggregates had slowed considerably during 1990 and 1991 , reflecting the tight stance of monetary policy and the deceleration of nominal demand growth .
Efter acceleration i en rsekke lande i pengemzngdevzeksten i frarste halvår 1992 var der på ny tegn på en underliggende opbremsning senere på året , da den nominelle vzkst i eftersprargslen fortsatte med at afdzmpes .
After an upturn in the pace of money expansion in the first half of 1992 in a number of countries , there were renewed signs of an underlying slowdown later in the year as nominal spending continued to slacken .
I de fleste lande , som fastlzgger kvantitative målsztninger , var resultatet inden for eller tzt på de opstillede målsztningsgrznser ( se tabel 3 ) .
In most countries setting quantified objectives , outturns were within or close to the target ranges ( see Table 3 ) .
Derimod voksede pengemzngden i bred forstand i Tyskland kraftigt i 1992 , iszr i efteråret , og målet blev overskredet betydeligt .
In contrast , broad money grew strongly in Germany in 1992 , particularly in the autumn , and the target was overshot significantly .
For året som helhed var den monetzre v ~ k s it Fzllesskabet den samme som i 1991 ( se tabel R7 ) .
For the year as a whole , monetary growth in the Community was similar to l991 ( see Table R7 ) .
Pengemzngdevzksten fortsatte med at accelerere i Tyskland i 1992 , hvilket hovedsagelig var et resultat af en hurtig kreditekspansion .
In Germany , monetary growth continued to accelerate in 1992 , mainly as a result of rapid credit expansion .
Den omfattende adgang til rentesubsidier , iszr dem som stilles til rådighed for investering i det rastlige Tyskland , bidrog til den stærke kreditefterspnrrgsel .
The widespread availability of interest-rate subsidies , particularly those granted for investment in eastern Germany , contributed to the strong credit demand .
Den ualmindeligt kraftige pengeeftersprargsel og incitamentet til at holde kortfristede likvide aktiver , fordi de korte renter lå over de lange renter ( en faldende rentekurve ) , bidrog også til stigning i de monetzre aggregater .
The exceptional demand for currency , and the incentive to hold short-dated liquid assets because short-term rates exceeded long term yields ( an inverted yield curve ) , also exerted expansionary influences on the monetary aggregate .
Den meget store indstrramning af kapital i forbindelse med krisen på valutamarkedet i anden halvdel af året ledte til en yderligere forragelse af vzksten i pengemzngden . Denne udvikling blev dog delvis reverseret i november og december .
In the second half of the year , the huge capital inflows associated with the exchange market crisis led to a further increase in the growth of the money supply , although this movement was partially reversed in November and December . In the other countries setting monetary targets , developments were influenced by a variety of special factors .
var I de andre lande , som opstiller pengein ~ ngde ~ nålsztninger , udviklingen påvirket af en lang rzkke specielle faktorer . Portefraljeomlzgninger var af betydning i Frankrig , hvor pengemmgden midlertidig voksede som fralge af stigningen i afkastet på de
Portfolio shifts were important in France , where the money supply was temporarily boosted by the increase in the return on the interest-bearing assets included in the broad aggregate relative to the assets excluded , and in Spain , where in contrast portfolio movements were directed towards assets outside the definition of the broad aggregate .
2.1 rentebzrende aktiver , som er inkluderet i pengemzngdemålene i bred forstand , i forhold til de aktiver , som ikke er omfattet .
In Italy , credit demand in the first half year was strong , ultimately linked to the high fiscal deficit ; credit to the private sector decelerated sharply in the second half , reflecting the rise in interest rates and slower economic growth .
I Spanien var porteferljeomlzgningerne derimod rettet mod aktiver uden for definitionen af de monetære aggregater i bred forstand .
large capital inflows in the period before ERM entry in April . In the United Kingdom , the narrow money aggregate remained in the target range during 1992 , while broad money growth fell to historically low rates reflecting the stagnation of domestic activity .
I Italien var den stzrke krediteftersperrgsel i f ~ r s t e halvdel af Aret snzvert knyttet til det store budgetunderskud , mens den private sektors krediteftersperrgsel opbremsedes skarpt i anden halvdel , hvil -
In all these countries , however , considerable downward exchange rate pressures were experienced in the second half-year which were typically accompanied by capital outflows , dampening monetary growth .
TABEL 3 : MONETÆRE AGGREGATER : MALSÆTNING A.
TABLE 3 : MONETARY AGGREGATES : TARGETS AND OUTTURNS ( a ) A. Countries setting targets for mon supply growth 1992 Outturn 5.2 12.3 12.1 ( 10.8 ) ( d ) 3.8 9.0 19.1 2.3 1993 Target 4.5 - 6.5 9-12 4-7 4.5 - 7.5 4.0 - 6.5 5-7
OG RESULTAT ( a ) Lande , som fastsætter mal for væksten i pengemængden
I Country Germany Greece Spa ~ n France Italy Portugal Umted b e d o m Target Variable M3 M3 M3 ALP M3 M2 M3 LM O I Target 3-5 ( b ) 14-16 7-1 1 5-7 5-8 12 0-4
B. Lande , som fastsætter miII for den indenlandske kilde til vækst i pengemængden Kilde .
B. Countries setting targets for the domestic source of money supply growth Country Denmark Netherlands Target Variable DMC ( e ) Banks » DMC ( e ) 1991 Target 4-7 7-8 Outturn 1.4 11.2 Target 4-7 7-8 1992 Outturn - 9.1 10.6 1993 Target
Nationale data .
Source : National data .
« - » ingen mål fastsat . ( a ) Målene fastsættes for et kalenderår ( 4 .
« - » target not set. ( a ) Targets are set for a calendar year ( 4th qtcl4th qtr .
eller dec. ldec . ) undtagen i England ( martslmarts ) .
or Dec ./ Dec .) except In the UK ( MarchIMarch ) .
Kolonnerne med resultater angiver de pågældende vakstrater i de respektive variabler .
The outturn columns report the corresponding growth rates of the respective variables .
Ingen pengemangdemål er fastsat i Belgien , Irland og Luxembourg , eller for 1993 , i Danmark , Holland og Portugal .
No monetary target is set in Belglum , Ireland or Luxembourg , nor for 1993 , in Denmark , the Netherlands and Portugal .
( b ) Revideret fra 4-6 % ved revurdering af målet midt på året .
@) Revised from 4-6 % at the mid-year target review .
( c ) Målsætningen henviser til revideret definition af aggregatet .
( c ) Target refers to a revised definition of the aggregate .
( d ) Tallet i parentes angiver resultatet i 1991 for den reviderede definition , anvendt i 1992 .
( d ) Figures In parentheses show the 1991 outturn for the revlsed definition used in 1992 .
( e ) Indenlandsk pengeskabelse ( Danmark : Vækst i « kroneudlån til valutaindlændinge beholdninger af kroneobligationer - særlige indlånsformer » .
( e ) Domestic money creation ( Denmark : growth in « Lendlng to residents In domestic currency + Stock of bonds denominated in domest ~ ccurrency -
Holland : Vakst i « udlån til den private indenlandske sektor + langfristede udlån til staten - indenlandske ikke-monetære passiver ") .
domestic government - domest ~ cnon-monelary liabll ~ t ~ es ") .
( f ) Når man tager hensyn til ekstraordinære finansielle ændringer i januar 1992 , var de respektive tal : M3 : 5 , 5 % og ALP 6,4% .
Taklng Into account extraordinary financial sh ~ fts January In 1992 , the respective figures were : M3 : 5.5% and ALP : 6.4% .
( g ) Arsrate af zndringen marts-december 1992 .
( g ) Annualised change March-December 1992 .
I Portugal var der iszr stor kapitalindstrarmning i perioden fur medlemskab af ERM i april . I England forblev pengemzngden i snzver forstand inden for det fastsatte interval gennem 1992 , mens væksten i pengemængden i bred forstand faldt til et historisk set lavt niveau med baggrund i stagnationen i den indenlandske aktivitet .
Interest rates In the early months of 1992 , short-term interest rates in the Community were generally higher than in the second half of 1991 ( see Chart 4 ) . In December 1991 , interest rates had been raised in Germany to counter rising inflationary pressure .
I alle disse lande var der dog et betydeligt pres på valutakursen i anden halvdel af året , hvilket typisk var sammenfaldende med udstrarmning af kapital , som dcempede pengemængdevæksten . -.
With the exception of the UK , the upward move in German interest rates prompted similar moves in all countries participating in the ERM in order to preserve exchange rate stability . Nevertheless , the rise was at variance with the prevailing conditions of weak economic activity and low or rapidly
FIGUR 4 : KORTE RENTESATSEW ) Procent LANDE I DET OPRINDELIGE SNÆVRE B Procent
CHART 4 : SHORT-TERM INTEREST RATES1 ) cent ORIGINAL NARROW BAND COUNTRIES Per cent
~ 24 D
24 I4 22 22
ANDRE EF-LANDE
4 OTHER EEC COUNTRIES
GRÆKENLAND
, GREECE , - - SPAIN , -, ITALY ,
PORTUGAL « .
PORTUGAL
ENGLAND
UNITED KlNGDOM
l ) 3-maneders indenlandsk pengemarkedsrente .
92 1 ) 3-month domestic money market rate .
Denptugisiske 3-maneders rente p3 skatkammerbeviser har et brud I maj 1989 , da skatkammerbeviser blev palagt en skat på 2 %.
For Portugal the Zmonth treasury bills rate has a break in May 1989 when treasury bills became subject to a 20 % tax rate .
1 \ Procent LANDE I DET OPRINDELIGE SNÆVRE B 20
CHART 5 : LONG-TERM INTEREST RATES1 ) Per cent 20 ORIGINAL NARROW BAND COUNTRIES
Procent D 20 20
Per cent 20 20
ANDRE EF-LANDE
OTHER EEC COUNTRIES
SPANIEN ITALIEN .....
,, - SPAIN ITALY , - .....
PORTUGAL - ENGLAND
PORTUGAL UNITED KINGDOM
1 ) Statsobligationer eller offentlig sektors obli ationer .
I I I I I I I I I I I ~ I I I I I I I I I I I I 1 ) Government or public sector bonds .
For Portugal er anvendt « sekundære afkast » på indekserede offentlige obligationer , som blev palagt en skat 20 i september 1989 .
For Portugal secondary yields on indexed public bonds , which became subject to a 20 % tax rate in September 1989 .
For Grxkenland er der ikke data for lange renter .
For Greece no long-term interest rate is available .
Renteudviklingen De korte renter i Fzllesskabet var i de frarste måneder 1992 generelt hrajere end i anden halvdel 1991 ( se figur 4 ) . Renterne var blevet hcevet i Tyskland i december 1991 med henblik på at imradegå et stigende inflationzrt pres .
falling inflation in several countries .
Ikke desto mindre var rentestigningen i modstrid med den rakonomiske situation i flere lande med svag vzkst og lav eller hurtigt faldende inflation . Da forholdene på valutamarkedet i foråret tillod det , blev de officielle rentesatser derfor nedsat en anelse i en række lande , og for at reducere låneomkostningerne blev reservekravet nedsat i Frankrig .
Thus , in the spring , when exchange rate conditions permitted , there were small reductions in official interest rates in a number of countries , and in France reserve requirements were cut to reduce the cost of credit .
Som en konsekvens heraf fortsattes tendensen fra de foregående år med indsnzvring af de kortsigtede renteforskelle i forhold til D-marken .
Consequently , short-term interest rate differentials against the Deutsche Mark continued to narrow following the trend of the previous years .
Eftersom renteforskellene allerede var faldet til historisk set lave niveauer , var der dog begrznset mulighed for yderligere fald i renterne , idet markedsdeltagerne , baseret på den antagelse , at den tyske mark ville forblive den stzrkeste valuta , vurderede , at de tyske renter ville tendere mod at udgrare et minimum for renterne i Fællesskabet .
However , as differentials had already fallen to historically low levels , there was little room for any additional decline in interest rates given that market participants considered that German rates tended to set the floor to rates in the Community , on the assumption that the Deutsche Mark would remain the hardest currency .
De lange renter faldt generelt en lille smule i denne periode , hvilket frarte til endnu stejlere faldende rentekurver ( se figur 5 ) .
In this period , longterm rates generally declined a little , leading to steeper inversions of the national yield curves ( see Chart 5 ) .
Forholdene ændredes i sommermånederne .
Conditions changed in the summer months .
I juli hævede Bundesbank diskontoen med 0,75 %, hvilket var udtryk for bekymring over den fortsatte acceleration i den monetzre vzkst og det vedvarende inflationzre pres . Derimod fastholdtes Lombarden og reporenterne for at begrcense effekten på andre fzllesskabslande ( se figur 6 ) .
In July , the Bundesbank signalled its concern about the continued acceleration in monetary growth and the persistence of inflationary pressure by raising the discount rate by 0.75% , while leaving the Lombard and rep0 rates unchanged to limit the impact on other Community countries ( see Chart 6 ) .
De tyske pengemarkedsrenter steg kun marginalt , men markedet fortolkede tilsyneladende Bundesbanks beslutning som et tegn på , at der ikke var udsigt til en tidlig sznkning af renterne i andre ERMinterne og eksterne lande .
Money market rates in Germany rose only marginally , but the markets apparently interpreted the Bundesbank 's decision as a sign that there were no prospects of an early lowering of interest rates in other ERM countries .
I denne periode forragedes problemerne med hensyn til at f ~ l g e målsztninger for politikken , efterhånden som markedets tillid til opretholdelsen af centralkurserne svandt ind .
Indeed , over this period the difficulty in pursuing internal and external policy objectives intensified as market confidence in the preservation of central exchange rate parities diminished .
På baggrund af stort set uzndrede rentesatser i Tyskland , Holland og Belgien steg de korte og lange markedsrenter i andre fzllesskabslande , hvilket afspejlede den ragede valutakursrisiko .
Against the background of broadly unchanged interest rates in Germany , the Netherlands and Belgium , short and long-term market interest rates rose in the other Community countries reflecting the additional currency risk .
Officielle rentesatser blev hævet i nogle lande . Forragelsen var strarst i Italien , hvor valutakurspresset var mest akut .
Official interest rates were raised in some countries , most substantially in Italy where exchange rate pressures were most acute .
Spzndingerne udviklede sig i de sidste måneder af 1992 til at blive en strarre valutakrise , hvilket er beskrevet mere detaljeret i det fralgende afsnit .
In the late months of 1992 , the strains developed into a major exchange rate crisis which is described in detail in the following section .
Pengepolitikken blev strammet i de lande , hvis valutaer var under pres , idet graden og tidspunktet for disse stramninger dog varierede fra land til land .
Monetary conditions were tightened in the countries where currencies faced downward pressure , although the degree and the timing of such tightening varied from country to country .
Stigningen i de korte markedsrenter blev fulgt af en stigning i de lange renter .
The rise in short-term market interest rates was accompanied by an increase in long-term rates .