natgillin/translations-raw huggingface dataset:
Det er der altså ikke noget mærkeligt ved, men det skal gentages, at vi kun kan komme ud af den nuværende krise, som er til at løse, hvis der finder et større samarbejde sted mellem Japan, De Forenede Stater og Europa.
Just think, bank deposits alone represent 2 000 billion dollars! Nine out of ten transactions are inter-bank transactions, which means that only one transaction in ten has to do with a business which is creating goods, services, wealth, employment.
Anden vulkan: Den øgede gældsætning. Om den tredje verdens landes gældsætning er alt sagt: 1 200 mia dollar.
This great capital market represents a total of 500 operators, no more: 100 banks, 100 institutional organizations, 200 companies and a few public institutions.
De lande, der ikke kan betale — Argentina, Brasilien og Mexico — overvejer at danne samlet front.
Between them they have created a fomidable market, one which functions 24 hours a day, bears no relation to the real economy, and yet is ever-watchful of the signals emitted by the real economcy.
Men der er også den amerikanske gældsætning!
I should, however, like to tell you something, which is that the world capital market is the only market in the world to operate without rules.
Den amerikanske udenrigsgæld andrager i øjeblikket 300 mia dollar, en fjerdel af de såkaldt forgældede landes gældsætning.
In the American market there is the anti-trust commission, the anti-trust laws, on the stock exchange there is the Security and Exchange Commission.
Den forøges med 140 mia dollar om året. Det er realiteten.
In Germany there is the Bundeskartettamt, etc.
Og ved De, hvordan dette amerikanske udenrigsunderskud finansieres?
No market is open to anarchy in the way the world capital market is.
Lad os opholde os et øjeblik ved dette punkt.
Is this acceptable?
60% af det amerikanske underskud finansieres af den japan ske opsparing?
Should our countries not have thought a little about what might happen a long time ago?
Hvad betyder det for os europæere?
You read the newspapers every day.
Men inden for økonomien er det ikke som i den katolske kirke.
Think of what some people have been able to make on the stock exchange!
I den katolske kirke tilgiver man altid synderen.
I am sorry, but if St Peter were here he might say I was right.
Inden for økonomien gør man det aldrig.
But it is not moralizing, it is economics, that's all.
Der er altså tale om en slags oligopol, et »kinesisk-amerikansk duopol«, der behersker verden. Og hvem er så ofret derfor?
As for the innovations which have taken place in the financial sector, I am sorry to have to say I go against the current fashion.
Det er ikke os, der medfinansierer, det er japanerne. Vil vore statschefer, der holder store søndagstaler, fortsat acceptere dette?
With the result that the futures markets, which, if I have learnt my economics properly, were intended to regularize spot markets, are, in fact, exacerbating the situation in the spot markets.
Og ved De, hvordan japanerne finansierer det amerikanske underskud?
That is what is happening in Chicago, in the Paris Matif, to take but two examples.
For det første skal De Forenede Stater fjerne årsager ne til de nuværende vanskeligheder.
On the financial side, the difficulties of the debtor countries have increased.
Der er to: Underskuddet på det amerikanske budget, som er alt for stort til trods for de gjorte fremskridt.
One has stopped counting the number of countries who are no longer servicing their debts.
Jeg erkender, at det er faldet fra 220 mia dollar i fjor til ca. 150 mia dollar i år.
As long as it was Peru one could say that Mr Garcia was a special case.
Men det er ikke tilstrækkeligt.
But since then there has been the Ivory Coast, which was deemed sound.
Men alligevel skal de mindske deres vækst.
I am not here to give lectures on economics.
Men så skal man ikke komme og sige : » Nu er der recession i Amerika«.
In a word, nothing has been done
Den er nødvendig for at vende tilbage til en normal situation.
We are living in a state of turmoil, because we have mistaken incidentals for essentials.
Amerikanerne vil vige tilbage for at gøre noget sådant, da det er ensbetydende med at mindske udgifterne eller forøge skatterne.
Finance is incidental, the essential is the creation of wealth and the creation of employment.
Man indser straks, at de ikke vil gøre noget sådant.
We are living in a state of turmoil.
Men Det Europæiske Fællesskab skal også påtage sig sin del af ansvaret.
It is a lesson in economics, or rather it is a lesson derived from the economy.
grundene til børskrisen.
To sum up, my friends, we are not included.
Og læren af alt dette : Europa skal skaffe orden i sine sager.
We have to look the facts in the face: we are not included.
For Latinamerikas vedkommende bliver det dramatisk, fordi den ne verdensdel hovedsagelig eksporterer til De Forene de Stater.
And the cause of the disease is nothing new, it lies in the inadequate level of world growth, the instability of money markets, the disarray in interest rates.
Og vi bevæger os imod endnu en krise, ikke en børskrise, men en gældsætningskrise — og kom mer tilbage til mine to vulkaner : Gældsætningsvnlkanen og den finansielle sfæres vulkan.
So, it is nothing new, but it must be said again: we shall not be able to escape from the present crisis, which is soluble, unless there is increased cooperation between Japan, the United States and Europe.
Men kan Europa kræve noget sådant af De Forenede Stater, hvis Europa ikke på sin side præsterer større vækst.
The second volcano, the rise in indebtedness.
Det kan Europa ikke, og det har verdensomspændende grunde.
Every thing has been said about the indebtedness of third world countries: 1 200 billion dollars.
Dersom De Forenede Staters vækstrate falder fra 3 til 1%, vil verdens vækstrate falde fra 3 til 1,5%.
Those countries which default — Argentina, Brazil and Mexico — think they are making a stand by reneging.
Der er Europa og Japan, der skal klare differencen.
But there is also American indebtedness!
Men er Europa besluttet på at gøre det?
American indebtedness is the main cause of the present crisis.
Hvis Europa ikke vil gøre det, så må Europa heller ikke forbavses over, at amerikanerne fortsætter med at prøve kræfter, især med Tyskland.
America's external debt is now 300 billion dollars, one quarter the indebtedness of the so-called debtor countries.
Det er uundgåeligt, da de er de stærkeste.
And it is increasing by 140 billion dollars a year.
Hvis vi ikke vil sørge for større vækst, og hvis japanerne ikke vil lukke mere op for deres marked, så bliver der ingen rimelig løsning på økonomisk plan.
And you know how this United States foreign trade deficit is financed? 60% of it out of Japanese savings.
Jeg foreslår seks følgende punkter for at være konkret og ikke blot foretage en analyse :
But economics is not like the Catholic church.
Nægter vi det, vil der opstår en dramatisk situation.
In the Catholic Church the sinner is forgiven. In economics never.
Det er mere, end de kan tage.
Let us stop for a moment at this point.
For valutaens vedkommende kommer Louvre-aftalerne sikkert til at lide i de kommende dage.
Therefore there is a kind of oligopoly, a 'Japanese-American duopoh/ which dominates the world.
Hvor for?
That is the reality.
Vil amerikanerne ikke øve pres ved at lade dollaren falde, hvis de ikke opnår et løfte om større vækst i Europa?
These are two-fold: the American budgetary deficit, which is too high, despite the progress which has been made.
I henhold til Louvre-aftalerne må dollaren ikke falde under 1.80 DM.
I know it has come down from 220 billion dollars last year to around 150 billion dollars this year.
I dag ligger den på 1,75.
But it is not enough.
De skal ikke gøre Dem nogen illusioner: Amerikanerne er rede til at lade den falde helt ned til 1,60.
Secondly, since the Americans have higher growth than other countries, they can buy cheaper.
Kan De se hvilke følger, det får for os?
Nevertheless they must cut back that growth.
Tiden har ændret sig. og der skal ske en ajourføring.
One can see straightaway that they are not committed to doing that.
Jeg slutter mit indskud, men det var nødvendigt.
The European Community must face up to its responsibilities as well.
Verdens banksystem bør også tage sin del af ansvaret.
And you know how the Japanese finance the American deficit?
For det fjerde vil de underudviklede, de forgældede lande være så meget desto mere rigoristiske, som de kan tilbyde deres ungdom fremtidsudsigter.
Can Europe demand that of the United States if it no longer has any growth of its own?
Med hen blik herpå skal de kunne fortsætte importen af kapitalvarer.
It cannot, because there are international reasons for it.
Vi skal altså opretholde garantien for vor eksport af kapitalvarer til disse lande. Men det gør vi ikke i øjeblikket.
If the United States see their economic growth brought down from 3% to 1%, the growth in world trade will be cut from 3% to 1.5%.
Hvis vi ikke accepterer dette samarbejde om den økonomiske vækst, vil dollaren falde.
It is Europe and Japan which will have to make up the difference. Is Europe prepared to do that?
Vi bevæger os fra en » samarbejdsløsning« til en »styrkeforholdsløsning« mellem De Forenede Stater og Europa.
If we do not want further growth, if the Japanese do not want to open up their markets any further, there will be no rational solution at the economic level.
Jeg spørger Dem : Har det nuværende Europa mod til at konfrontere dette styrkeforhold?
To sum up: as regards economic matters, increased cooperation between the three major industrialized areas must produce a slowing of economic growth in the United States, and more growth in Japan and
Og nu kommer vi til et andet aspekt af valutaen: Rentesatserne.
The first question: what if the Japanese cease to pro vide finance?
Ærligt talt har Tyskland ikke været rimelig.
If they stop buying US treasury bonds?
Er De klar over, at den amerikanske realrente er lavere end den tyske?
This week, I believe, the Americans will need around 10 billion dollars.
For øvrigt er resultatet ganske klart. I fjor, 1986, lå Tysklands nettokapitalimport på ca. 90 mia mark mod 30 mia for to år siden.
They have a formidable weapon!
Altså har Louvre-aftalerne virket godt, men rentesatshierarkiet duede ikke, og det er en af
And if the Americans were to make concessions to the Japanese, to persuade them to continue?
Er det Europa?
If we refuse, there will be trouble.
(Kraftigt bifald)
That is almost certain.
Det skulle efter min opfattelse være de elementer, der er uundværlige for at komme ud af den nuværende situation.
propose, I want to be positive, and not just to analyse the situation.
Men alt dette, mine damer og herrer, kræver, at Det Europæiske Fællesskab påtager sig sit ansvar.
As regards the monetary sector, the Louvre agree ments are undoubtedly going to suffer in the days to come.
Jeg foreslog et møde mellem De Tolvs finansministre i sidste uge efter den sorte mandag.
Why? If the Americans are unable to obtain an assurance of increased growth in Europe, will they not seek to apply pressure by means of the falling dollar?
Jeg fik til svar, at det, dersom de mødtes, ville forværre frygten på markederne.
The Louvre agreement provided that the dollar should not fall below DM 1.80.
Det vil jeg lade Dem bedømme.
Today it is 1.75.
Forsømmelse er altid en fejl, og de kunne for øvrigt have holdt et yderst diskret møde.
Let there be no illusions, the Americans are prepared to let it drop as far as 1.60.
Der kan nu i de følgende treogtyve minutter stilles spørgsmål til Kommission en. Jeg vil bede talerne begrænse sig til at stille koncise spørgsmål.
The reason for the political and social crisis in Argentina is the fact not only that the policy of stabilization has been unsuccessful, but also that it is no longer possible to hold out the prospect of development to the people and to young people.
Jeg giver først ordet til hr. Besse.
That is intolerable.
Men Det Europæiske Fællesskab må påtage sig sit ansvar.
That was by way of an aside, but it needed to be said.
Besse (S). — (FR) Det, der netop er sket, er ikke blot et uheld undervejs. Man behøver blot at tænke på de to tal, der sammenlignedes.
Secondly, as the Director General of the International Monetary Fund, Mr Camdessus, so courageously said, the Fund must look again at the idea of conditionality.
De faktiske forhold jager nogle illusioner på flugt.
The concept was defined in 1978/1979.
Recessionen er ved at aftegne sig, og det har to grunde. For det første fordi de lande, der kunne kompensere...
Times have changed, it must be updated.
Jeg foreslår Dem derfor tre emner til overvejelse i forbindelse med dette ansvar.
Thirdly, the commerical banks, which made so much money in the Third World in the 1970s, must play their part in the present adjustment and must contribute fresh money, instead of throwing the ball into the court of governments or multilateral institutions.
Formanden. — Det kniber med tiden, hr. Besse, vær så venlig at stille Deres spørgsmål.
The world banking system must face up to its responsibilities as well.
For det første glæder vi os på monetært plan over forøgelsen i Nyborg af Det Europæiske Monetære Systems midler.
If we do not agree to cooperation in the matter of economic growth, the dollar is going to fall.
Men tiden er ikke inde for samtlige lande til at anerkende ECU's internationale rolle, til at støtte den politisk, så ECU'en kan blive en reservevaluta. vevaluta.
This is the new balance of power. We are passing from the 'cooperation solution' to a 'balance of power solution' between the United States and Europe.
Besse (S). — (FR) Mit spørgsmål er følgende: Hr. formand, problemet er nu ikke længere sparepolitik eller inflation, men mangel på vækst.
Fourthly, the underdeveloped countries, the debtor countries, will be even stricter if they can offer their young people hope for the future.
Det var det første punkt.
But it is something we are not doing at the moment.
Det andet punkt er, at vi bør gøre ECU'en til et virkeligt internationalt betalingsmiddel.
Fifthly, we must observe the rule of treating each case on its merits, because I am not asking for a revolution, global treatment for the developing countries.
Hvad påtænker Kom missionen at gøre for at indlede sådanne foranstaltninger og bringe Europa ind på vækstens og stabilitetens spor, så 1992 kan blive 1929 i omvendt orden ikke blot med hensyn til tallenes rækkefølge, men også i realiteten?
In order to do that we must increase the flow of low, concessionary interest rates through the intermediary of the International Development Agency and the facility for structural adjustments offered by Mr Camdessus on behalf of the International Monetary Fund. The latter facility is not always accepted however.
For det andet foreslog Fællesskabet for tre år siden en kooperativ vækststrategi, som gik ud på, at hver medlemsstat skulle udnytte sin manøvremargen.
Finally, sixthly, and this is an idea which is dear to Parliament, we must have a global plan for the African countries south of the Sahara.
Nogle lande for effektivt at bekæmpe inflationen, an dre for at få større vækst.
Now to another monetary aspect: interest rates.
Finansministrene accepterede det uden oprigtighed.
Quite frankly, it has to be said that the Federal Republic of Germany has not acted reasonably.
Den gennemførtes imidlertid aldrig.
Do you know that in real terms American interest rates are lower than German interest rates?
Nu er tiden inde til at gennemføre den.
That means that capital is attracted towards Germany.
Og det burde ske med det samme.
And the out-turn is posi tive.
Det er den eneste ordentlige replik, som vi kan give De Forenede Stater for at undgå protektionisme — for de vil tage protektionistiske forholdsregler — for at undgå et for vold somt fald i dollaren, som vil kaste os ud i en krise, som jeg ikke kan se, hvornår vi kan komme ud af. Vi må lage et initiativ.
Last year net capital imports into Germany, in 1986, were around DM 90 billion as against 30 billion two years ago. The Louvre agreement has worked well, therefore, but the structure of interest rates was not favourable, and that is one of the reasons for the crisis in the stock markets.
Det drejer sig ikke om at afvente Det Europæiske Råd i København.
For Latin America it will be dramatic, because it exports mainly to the United States.
Vi kan gøre det uden risiko i inflationsmæssig henseende, men det skal gøres hurtigt.
And we are moving towards a second crisis, which will not be in the stockmarkets, but will be a crisis of indebtedness — I am back to my two volcanoes: the volcano of indebtedness and the volcano of the financial sector.
Og de iagttager os med en oven i købet dynamisk Sovjetunion.
In the case of indebtedness, it is imperative that the Commission take the initiative.
Vi bevægede os begge i samme retning, men De gjorde det langt forsigtere, meget langsommere og i langt højere grad tilpasset det, De kalder dagligdagens realiteter.
But all this, ladies and gentlemen, requires the European Community to face up to its responsibilities.
Vi havde der imod en opfattelse, som De i sin tid nærmest betegnede som værende en utopi eller en drøm.
I suggested a meeting of the finance ministers of the Twelve last week, after Black
Er Kommissionens formand indforstået med, at det på dette stade kan indebære ubodelig skade for vort indre markeds ud vikling?
I suggested that the Group of Seven — to which the Community, as you know, does not belong — meet.
Og er formanden endvidere indforstået med, at der er voldt uoprettelig skade på medlemsstaternes privatiseringsbestræbelser?
They replied, they would telephone. The results so far are not outstanding.
Patterson (ED). — (EN) Som de to forudgående tale re fulgte også jeg erklæringen med stor interesse, og jeg er indforstået med hele analysen og konklusioner ne.
BESSE (S). — (FR) What has just happened was not a mere hitch.
Men hvad foreslår Kommissionen nu at gøre?
The facts dispel a certain number of illusions.
Vi hørte, at Ecofin afviser et møde, og at G 7 heller ikke ønsker noget møde.
The recession is, in fact, taking shape, for two reasons.
Hvad agter Kommissionen at gøre for at få afholdt møder, der vil træffe virkelige beslutninger, ikke ved årets udgang, men i de kommende uger?
Firstly, because the countries which could compensate...
Står det Dem klart, at vækstens grænser for længst er nået, og at alle forsøg på alligevel at skabe økonomisk vækst er slået fejl overalt?
Firstly, on the monetary side, we are pleased that the resources of the European Monetary System were strengthened at Nyborg.
Foreslår De for Europas vedkommende en gældsætning som den nuværende amerikanske for måske alligevel at fremkalde en eller anden form for økonomisk vækst?
But has not the time come for all the countries to recognize the international role of the ECU, to support it politically, so that the ECU becomes a reserve currency?
Cervetti (COM). - (IT) Hr. formand Delors, jeg vil stille Dem et spørgsmål af politisk karakter, eftersom jeg synes, at Deres analyse og Deres bedømmelse må vække bred enighed.
BESSE (S). — (FR) My question is as follows: Mr President, the problems are not rigidity or inflation, but lack of growth.
Eftersom jeg også er overbevist om, at mange af de forholdsregler.
And the second point, we must make the ECU into a genuine international currency.
De har opregnet, er formålstjenlige, vil jeg spørge Dem, om De er enig i nødvendigheden af en fælles aktion fra Kommissionens og Parlamentets side for at anmode regeringerne om beslutsomt at gennemføre de foranstaltninger, der går i den af Dem angivne retning.
What does the Commission expect to do to initiate such measures and to set Europe on the road to growth and stability, to make 1992 the reverse of 1929, not only in the order of the figures but in reality as well?
Calvo Ortega (CTDI). — (ES) Jeg vil også gerne tak ke formanden for Kommissionen og ganske kort stille to rent børstekniske spørgsmål.
Secondly, three years ago the Community proposed a cooperative strategy for growth, let us call it a European growth initiative, which consisted in each coun try using its margin for manoeuvre.
De sagde for det første — et synspunkt, som jeg deler — at stigningen på markederne i mange tilfælde har været meget voldsom. Mener De, at visse regeringer har handlet uansvarligt, når de med en fortsat stigende børs har bibeholdt støtte til børsen i form af betydelige skattelettelser?
Some to combat inflation more effectively, others to improve growth.
Man har helt umådeholdent tilstræbt maksimal liberalisering, hvorved man åbnede vejen for spekulation.
It is the only strong answer we can give the United States in order to prevent pro tectionism — for they are going to take protectionist measures — to prevent an excessive fall in the dollar, which will plunge us into a crisis to which I can see no end.
Jeg vil derfor spørge Dem, om der ikke er grund til, at vi sammen griber ind, for at denne inerti kan blive overvundet, og man omsider kan imødegå kriseproblemet og fjerne de grundlæggende årsager.
We had ideas with which we would take issue slightly. We were moving together in the same direction, but the President was far more careful, far slower, much more adapted to what he calls everyday reality.
von Wogau (PPE). — (DE) Hr. formand, De kræve de i Deres tale, at ECU skal udvikles til europæisk reservevaluta. Men som bekendt opstår en reservevaluta ikke ved en politisk beslutning, idet det er mar kedet, der bestemmer, om en valuta skal blive til reservevaluta.
Thirdly, the European Community must study my proposals — or others — on indebtedness, and pro pose a solution promptly.
Der er jo sket nogle videreudviklinger i de sidste måneder; vi ved også, at Europa-Parlamentet har fremsat tanken om at udvikle et autonomt europæisk centralbanksystem, men hvordan forestiller De Dem rent konkret de kommende skridt på denne vej ?
Here we are, counting the pennies in our purses every night, while other people are dying of hunger and others are asking whether it will be possible to preserve democracy in their coun tries. Is that what Europe is about?
Næste punkt : Den tilegnelsesproces, som vi har gen nemgået, viser hvor vigtigt det er for de europæiske virksomheder, at de har chance for at afvikle en større del af deres udenrigshandel inden for et område, der er frit for valutaudsving, og hvis skranker mod protektionismen er højere, end det er tilfældet inden for GATT.
I believe that this can be a salutary crisis, if we do as our fathers and grandfathers did on the eve of the Second World War when Europe was in the making, and take this threat from outside seriously, roll up our sleeves, and take the steps necessary to bring Europe into existence.
Fitzgerald (RDE). - (EN) Også jeg er glad for Kom missionens erklæring.
PATTERSON (ED). — Like the two previous speak ers, I too followed the statement with the greatest of interest and agreed with the entire analysis and with the conclusions.
Det alvorligste aspekt af den
But what does the Commission now propose to
Som en kort omskrivning af hr. Pattersons udtalelser vil jeg endvidere spørge, om Kommissionen er ind forstået med, således som det anbefales af visse politiske kredse her i Parlamentet, at en væsentlig del af problemets løsning kunne ligge i at få sat gang i økonomierne ved hjælp af ekspansion og især beskæftigelse? gelse?
What initiatives is the Commission taking to produce meetings which will take real decisions, not at the end of the year but in the next few weeks?
Hvis man fort sætter med at låne større og større beløb for at finansiere budgetunderskud, ender man så ikke i hænderne på konkursforvalteren?
Are you proposing that Europe go into debt, as the USA has done, in order to generate some kind of growth after all?
Piquet (COM). — (FR) Hr. formand, jeg konstaterer som Dem den økonomiske situations alvor, men vil — ligeledes på Deres manér — på moralsk plan til føje Casino-selskaberne.
CERVETTI (COM). — (TT) President Delors, I should like to ask you a question of a political nature, since I think I can broadly agree with your analysis and your opinions.