natgillin/translations-raw huggingface dataset:
Vi håber alle, at det bliver bedre igen i 1995, og at vi også vil få mere spillerum og en øget vækst i nationalproduktet.
Thirdly, the budget gives special importance to education, continuous education for the workforce, for better adaptation to new economic conditions.
FORMANDEN. - Næste punkt på dagsordenen er betænkning (dok.
Fourthly, 2,755 million ECU is earmarked for political research, over 63% of all funding.
A3-392/93) af Roumeliotis for Udvalget om Økonomi, Valutaspørgsmål og Industripolitik om internationalt monetært samarbejde i forbindelse med liberaliseringen af kapitalmarkederne.
Fifthly, some progress has been made in the Tacis programme, where there is still much room for improve ment.
Da der her anes en debat om bygningspolitik, vil jeg henlede Parlamentets opmærksomhed på, at der her kun kan være tale om finansperspektiverne.
Sixthly, there is the matter of human rights and we call on the Commission to use resources for human rights.
Efter enigheden om de finansielle overslag får det naturligvis følger i den administrative del for alle institutioner.
I should like on this score to mention that this year's budget sends the right message to certain countries, like Turkey, that the funds of the Fourth Financial Protocol are frozen as long as Turkey keeps occupation forces in Cyprus and continues to flout human rights.
Der fandtes vist engang en aftale mellem gruppeformændene om, at der i spørgsmål om bygninger ikke skulle tages hensyn til budgetdisciplinen.
PRESIDENT. - I should just like to express as the President in the Chair my satisfaction at hearing such praise addressed to the Belgian Presidency.
I 1992 beløb den samlede daglige valutahandel på globalt plan sig til 1 billion dollars imod 206 mia dollars i 1986, dvs. en femdobling.
My regard for the President of Council does not extend to releasing him from the need to reply.
Dette beløb udgør det dobbelte af de samlede valutareserver i verdens ti rigeste landes central banker.
First question: what are the effects on the 1994 budget of the European Council and GATT?
Vi finder igen og igen papirer, om hvilke vi ikke aner, hvorledes de er blevet til, og i henhold til forretningsordenen er også finansplanlægningen for Parlamentet Bud getudvalgets opgave.
Secondly: is he prepared in the ECU 150 m for cross-border cooperation to give priority to the tremendous problems on the eastern European frontiers?
I tilfælde af modsatrettede interesser skal der jo netop træffes en finanspolitisk afgørelse, og vort forslag skal forstås således, at vi på grundlag af Præsidiets forslag udarbejder et oplæg, som plenarforsamlingen så skal træffe afgørelse om.
The least we can expect, and I insist on it - let there be no misunderstanding on that score - is that we receive an answer to our questions.
Der hersker ingen tvivl om, at globaliseringen af finansmarkederne har reduceret låneomkostningerne og givet markederne større dybde og bredde, men også gjort dem mere skrøbelige.
SAMLAND (PSE) - (DE) Mr President, I should like to deal with a further point, which I consider very important and wish to speak about on behalf of a colleague, namely the TACIS Programme.
Og hvis det er makroøkonomiske skævheder i medlemsstaterne, der ligger til grund for ustabiliteten og de seneste finansielle kriser, er det relevant at spørge, hvorvidt finansmarkedernes funktion er skyld i disse kriser.
I think that, as the budgetary authority - and Mr President-in-Office you too have a share of responsibility here - we have taken on the important task of considering how the TACIS resources should in future be allocated.
Konkret har globaliseringen af finansmarkederne til en vis grad svækket de fleste af de traditionelle midler til påvirkning af valutabalancen.
We have drawn up a list of criteria to which we have linked the disbursement of the second tranche amounting to ECU 250 m.
Men rentesatserne skal også tjene mere generelle økonomipolitiske mål, såsom at fremme investeringerne og øge den private opsparing.
We all hope that things will improve in 1995 and that we shall enjoy greater room for manoeuvre and a higher rate of growth in national product.
det for vigtigt at kræve en Bretton Woods 2000, så at der kan sættes internationale bestemmelser og kontrolmuligheder ind.
As a debate on buildings policy is emerging here, I would like to point out to the House that the point of reference here has to be the financial perspective.
Der er mange foranstaltninger, skridt og instrumenter, der skal undersøges.
Following agreement on the financial perspective, this naturally has an effect, in the administrative sector, on all of the institutions.
Endvidere skal kravene til minimumskapital udvides til også at omfatte markedsrisici, især dem i forbindelse med åbne valutapositioner.
No doubt there was once an agreement between the group chairmen not to apply budgetary discipline to the issue of buildings.
Hertil kommer et andet vigtigt punkt, nemlig indførelsen af en internationalt opkrævet minimumsreserve, idet kreditskabelse gennem og mellem banker derved kunne bremses.
But, following that agreement, this can no longer apply, and I would stress that the question of Parliament's financial planning has never before been referred to the Committee on Budgets.
Det er også meget vigtigt at få undersøgt, om der ikke i forbindelse med alle valutakøb skulle kræves en vis procentsats som ikke-rentebærende indskud i centralbanker. Det ville nemlig have den fordel, at den implicite rentebelastning ville være proportional med det til enhver tid værende renteniveau, som stiger i forbindelse med spekulationsangreb.
ROUMELIOTIS (PSE), rapporteur. - (GR) Mr President, the lifting of restrictions on capital markets and the use of advanced technologies in the exchange markets have contributed to the globalisation of capital markets.
Det bør endvidere undersøges, om vi ikke omsider skal indføre en adfærd skodeks for tilsynsmyndigheder, banker og institutionel le investorer, for vi vil jo i sidste instans holde Det Europæiske Monetære System fri af spekulationsangreb.
This is twice the amount of currency reserves held by the central banks of the ten richest countries in the world.
Det er forslag, som også ordføreren går ind for. Jeg håber, at Europa-Parlamentet går ind for sådanne konkrete skridt, for der er absolut behov for et passende svar fra vor side.
Institutional investors, such as pension funds, insurance companies and trust funds play a very important role in the exchange markets, holding mutual funds and man aged assets between them.
Jeg er ganske vist ikke helt så optimistisk med hensyn til, at vi kan dæmme op for spekulationen med disse midler, men en begrænsning af kapitalens fri bevægelighed er ikke mere mulig.
In the United States, institutional investors in 1990 had assets of over 6.5 trillion dollars and represented 133% of the US GNP.
For det andet opfordres Den Europæiske Union til at under søge muligheden af en beskatning af valutahandel, der sker i spekulationsøjemed, for at begrænse den nuværende monetære uro.
We are forever coming across documents of unknown origin, and, under the Rules of Procedure, Parliament's financial planning is also a matter for the Committee on Budgets.
For det tredje kunne Den Europæiske Union foreslå medlemsstaterne at kræve ikke-rentebæ-rende indskud i centralbankerne svarende til valutahandelen på valutamarkederne.
We insist - and this is how we interpret our job - that we should next year provide an indication of the consequences for financial planning, as it would natural ly seem the responsibility of the Bureau to establish a development programme, and we have then to see where the money is to come from.
For det fjerde bør Den Europæiske Union søge at indgå en aftale med USA og Japan med henblik på at harmonisere skattesystemerne, hvad angår valutahandel, og reguleringen af de finansiel le markeder.
Where there is a conflict of interests, a financial policy decision has to be taken, and that is the purport of our suggestion that we should draw up, on the basis of the proposals of the Bureau, a proposal on which the House sitting in plenary would then take a decision.
Og endelig kan Den Europæiske Union tage initiativ til en reform af de internationale institutioner, så disse kan få globale regler og stå for den globale overvågning.
PRESIDENT. - Thank you, Mr von der Vring, you have just said exactly what I was thinking and that applies in particular to your introductory remarks as I am sure you will understand.
PATTERSON (PPE). - (EN) Hr. formand, i løbet af de sidste femten måneder har den europæiske valutakursmekanisme gennemgået to kriser - den ene i 1992 og den anden i august 1993.
Undoubtedly, with the globalisation of financial markets, the cost of lending has decreased, markets have become broader and deeper but at the same time the markets have become more fragile. The fragility of the market was tested during the last two monetary crises in September 1992 and July 1993.
Den første krise i september 1992 er blevet gennemanalyseret, og man har forholdsvis let kunnet tilskrive den valutakursmæssige skævheder og manglende konvergens. Men krisen i august 1993 kunne ikke analyseres på denne måde.
A wave of speculation triggered off serious movements of capital, with dire consequences for European Union.
De to sidste monetære kriser ramte Den Europæiske Union hårdt. Selve det indre marked er i fare for at bryde sammen på grund af valutabalancemekanismens manglende evne til at fungere tilfredsstillende.
SCHMIDHUBER, Member of the Commission. - (DE) In response to the first question from Mr Comelissen, I would point out that I already responded to that question yesterday in the Committee on Budgets, in his presence.
Men bekæmpelsen af spekulation og indførelsen af regler for de globale valutamarkeders funktion er faste forudsætninger for en stabil udvikling mod et forenet og økonomisk stærkt Europa.
The effect of the GATT round on the 1994 EC budget cannot at present be ascertained; furthermore, when the Commission has detailed documentation and is apprised of any Council decisions, it will submit precise figures and then, of course, report to the Committee on Budgets.
Der er et meget forenklet svar, som er misvisende, og der er at sige, at det altsammen skyldes spekulanter.
In particular, with the globalisation of the markets, the most traditional means of influencing parities have lost much of their effectiveness.
Man skal være meget forsigtig her, for det er for det første meget vanskeligt at skelne dem, der flytter penge rundt i spekulationsøjemed, fra investorernes normale investeringsflows og finansmarkedsdeltagernes fornuftige hedgingtransaktioner.
Nowadays, interest rates seem to be the only way of exercising a monetary and exchange policy, such as anti-inflationary policy or the policy of stabilising exchange rates.
Så det er yderst vanskeligt at skelne mellem spekulanten og en, der blot passer sit job.
But interest rates also tend to serve the more general aims of economic policy, such as the promotion of investment and increasing personal savings.
RANDZIO-PLATH (PSE), formand for Underudvalget om Monetær Politik. — (DE) Hr. formand, jeg vil gerne udtrykkelig takke ordføreren for hans analyse og konklusioner.
These four goals often clash. More investment depends on low interest rates, while reining in inflation and bringing about stable exchange rates requires high inter est rates.
Udfordringerne i det internationale monetære samarbejde er jo ikke kun et teoretisk mål i sig selv, men skal hjælpe med at undgå de negative virkninger af spekulation mod vore demokratier og markedsøkonomier.
When macroeconomic policies coincide at a wider level, the world markets react, mostly, under the pressure of speculation, bringing about instability and uncertainty.
I dag rammer det os alle, når pengeanbringelser bruges til spekulation og ikke til investering og handel.
In response to the second question: there has to be a legal basis for the allocation of ECU 150 m for crossfrontier cooperation at the external frontiers of the EC, and, in the process of deciding on that legal basis, a decision will also be taken on the aspect raised by Mr Comelissen, namely improving and speeding up clearance at the Community's external frontiers.
Derfor er en omlægning nødvendig, og det kan internationalt monetært samarbejde også tjene til.
We have of course to bear in mind here, however, that assistance in this area would constitute assistance involving the national responsibilities of the Member States or the states bordering on them in Central and Eastern Europe.
Dette internationale monetære samarbejde er nødvendigt, fordi globaliseringen af finansmarkederne ikke følges op af en globalisering af staternes indsats. Derfor anser jeg
That leaves certain questions unanswered: apart from the need to coordinate macroeconomic policies and convergence, is there any reason for setting mies at European or worldwide level which international monetary phenomena would obey?
For det andet er det, selv hvis det altsammen skyldtes spekulanter, sandelig meget svært at se, hvilke løsningsmuligheder der findes. For det første er der som omtalt i
The situation is, of course, somewhat different in relation to the development of transport for such border crossings.
Dette bør være centralt i Den Europæiske Unions bestræbelser, for de hænger uløseligt sammen med problemerne med hensyn til international handel, økonomisk opsving, arbejdsløshed og endog narkotika.
While I am not completely con vinced that we shall be able to stem speculation as a result of these measures, it will cease to be possible to limit the free movement of capital.
Roumeliotis-betænkningen det forhold, at finansmarkederne bliver globaliseret, og vi kan ikke lokke ånden tilbage i lampen igen og udvirke, at de finansielle markeder ikke længere er opfundet.
Various measures and initiatives are proposed in my report, to answer these questions: the European Union should in periods of monetary crisis apply measures to restrict the movement of capital from and to third countries, for a short period not exceeding six months.
Vi kan ikke fra det ene øjeblik til det næste nedlægge de sekundære markeder. Vi må lære at leve med dem. Der er et eller to forslag.
The European Union is called on to study the possibility of putting a tax on exchange transactions related to speculation, to put an end to monetary chaos.
Der er stillet forslag om Tobin-afgiften; de uforrentede indskud, som jeg faktisk selv har fået medtaget i Roumeliotis-betænkningen. Men der er et problem med alle disse løsninger.
The European Union should reach an agreement with the United States and Japan, to harmonise fiscal systems concerning exchange transactions and controls over the money markets.
Hvis man indfører dem, vil de for det første være til skade for de legitime investeringer, og for det andet ved vi kun alt for godt, at de ansvarlige på finansmarkederne vil vide at omgå dem.
The first crisis of September 1992 has been well analyzed and has been relatively easily attributed to currency misalignments and lack of convergence.
Man kan slippe uden om de uforrentede indskud blot ved at operere på valutaswapmarkederne.
But the crisis of August 1993 was not susceptible to this kind of analysis.
Så der er meget få enkle løsninger, og det hjælper ikke noget blot at skyde skylden på spekulanterne og sige, at det altsammen kan løses ved hjælp af en afgift eller en anden løsning af lignende art.
Since then there have been much more fundamental questions being asked about the system of currencies in the whole world and an analysis of the way in which currencies which on the face of it are properly aligned can nevertheless get out of alignment.
Omfanget af Parlamentets betænkninger gør det ikke muligt at foretage meget detaljerede analyser.
The last two monetary crises struck severe blows to the European Union.
Det står i øvrigt klart, at Parlamentet ikke er det bedste forum at finde tekniske løsninger på så komplekse problemer.
The single market is in danger of collapsing under the inability of the exchange rate mechanism to make proper progress.
Han foreslår nemlig at give Kommissionen mandat til at undersøge hele spørgsmålet og fremsætte forslag om passende bestemmelser, således at man kan undgå de enorme farer, globaliseringen medfører. Selv om man accepterer disse synspunkter, kan man dog godt være meget skeptisk over, hvor effektive de foranstaltninger vil være, som Kommissionen vil foreslå os.
Convergence, coordination of macroeconomic policies and a deepening of the European Union must all be brought about together.
En af de interessante statistikker i hans betænkning viser, at verdenshandelsniveauerne for tiden er stabile, mens verdens kapitaltransaktioner vokser med enorm hast. De ligger fyrre gange over verdenshandelens niveau.
The Roumeliotis report is a very valuable contribution to this study but it asks a lot of questions to which there are not full answers.
Han nævner jo også, at de eksperter, vi havde med ved vor høring, ikke gav klare svar.
There is one very easy answer which is misleading and that is to say it is all due to speculators.
Men det klare svar, som efter min mening fremgår af Roumeliotis-betænkningen, er, at dette ikke kan tackles på rent europæisk plan.
You ought to be very careful about this because first of all it is very difficult to distinguish between people who are moving money about in order to speculate and normal investment flows by investors and prudential hedging by people in the financial markets.
Det er en af de ting, som det nye Europæiske Monetære Institut under hr. Lamfalussys ledelse må tage fat på meget snarligt.
So it is extremely difficult to distinguish between a speculator and somebody who is just doing his job.
AMARAL (LDR). - (PT) Hr. formand, min politiske gruppe er enig i hovedlinjerne i hr. Roumeliotis' betænk ning.
RANDZIO-PLATH (PSE), Chairman of the Monetary Affairs Sub-committee. - (DE) Mr President, let me thank the rapporteur for his analysis and the conclusions he reached.
Liberaliseringen af kapitalbevægelserne er et vigtigt mål i opbygningen af det indre marked og i de internationale økonomiske relationer.
It affects all of us these days when financial assets are used for speculation instead of invest ment and trade.
Alt det, der virker restriktivt på kapitalens frie bevægelighed, er derfor farligt i sig selv, uanset om vi mener, at kapitalbevægelse i spekulationsøjemed naturligvis er ulovlig.
There has therefore to be a change in direction, and international monetary cooperation can help here.
Hr. Roumeliotis gør opmærksom på flere valgmuligheder med hensyn til de foranstaltninger, der skal træffes.
Secondly, even if it were all due to speculators, it is very difficult indeed to see what the solutions are.
Efter min mening gælder det ikke om at træffe afhjælpningsforanstaltninger for systemet, men snarere om at skifte system eller i hvert fald ændre det i bund og grund.
First of all, as the Roumeliotis report points out, there is the globalization of financial markets and we cannot put the genie back into the bottle and un-invent the financial markets.
Men hvilke kapitalbevægelser i spekulationsøjemed er der tale om?
But there is a problem with all these solutions.
Hr. Patterson har lige sagt, at de kapitalbevægelser, man betegnede som spekulation i de seneste EMS-kriser, faktisk skyldtes investeringer, som internationale banker og pensionskasser foretog i henhold til rationelle økonomiske principper og ikke i spekulation søjemed.
First of all, if you introduce them, they damage legitimate investment and secondly, we know only too well that the managers in the financial markets will evade them. You can evade the non-interest bearing deposits simply by operating in the currency swap markets.
Når vi ved første øjekast ikke kan se noget til hinder for restriktioner eller restriktive foranstaltninger for at undgå spekulation, må vi altså passe på også her.
So there are very few easy solutions and it does not help just to blame speculators and to say it will all be solved by a tax or by some solution of that kind.
Roumeliotis-betænkningen bringer ingen løsning, men det må regnes den til fortjeneste, at den rejser problemet.
Minimum capital requirements have also to be extended to cover market risks, particularly those arising out of open foreign exchange positions.
Hr. Roumeliotis peger på genopretning af investering, kontrol med inflation, stabilisering af valutakurser og øget privatopsparing som målsætninger for de økonomi ske politikker.
Another important point needs to be added here, and that is the introduction of an internationally imposed minimum reserve to enable the creation of credit by and between banks to be checked.
Jeg vil gerne sige, at der mangler produktionsvækst og vækst i beskæftigelse.
It would further be important to consider whether in the case of every currency purchase a certain percentage ought not to be kept as an interest-free deposit with the central banks.
Det drejer sig om foranstaltninger inden for social politik, men også økonomisk politik.
That would have the advantage that the implicit interest load would be proportional to the
RIBEIRO (CG). - (PT) Hr. formand, denne betænkning omhandler et tema, der er væsentligt for forståelsen af
One of the interesting statistics in his report is that world trade levels are currently stable but world
Jeg foreslår derfor, at der organiseres en interparlamentarisk konference for OECD-lande, fordi begrænsningen af systemrisikoen ikke blot er centralbankers og finansministeriers ansvar.
He proposes that the Commission should be given a brief to examine all aspects of the problem and propose appropriate regulations to eliminate the enormous risks entailed in globalization.
I Roumeliotis-betænkningen fremsættes der allerede mange udmærkede forslag med henblik på en genopretning af balancen mellem finansiel le markeder og dem, der overvåger dem.
However, even accepting these views, one is still allowed to be very sceptical about the actual efficacy of such measures as the Commission might propose.
CASSIDY (PPE). - (EN) Hr. formand, også jeg vil gerne komplimentere hr. Roumeliotis for hans betænkning og ligeledes takke udvalget, fordi det har vedtaget nogle af de ændringsforslag, jeg har stillet i udvalget.
Mr Roumeliotis indicates various options for measures that might be taken. In my opinion, it is not going to be enough to make adjustments to the system.
Bank of England mener, at den årlige omsætning på de internationale valutamarkeder er på mere end $ 1 billion pr. dag, hvilket er ganske umuligt for centralbankerne at føre kontrol med, også selv om de samarbejder indbyrdes.
In other words, we have to make sure of a minimum degree of stability in the monetary system, even if that means departing from the theoretical conditions which on paper - and very often only on paper -provide a basis for the best allocation of resources.
Denne debat er uhyre betimelig, uopsættelig og af stor betydning, men den skal afkodificeres.
But what do we mean by speculative movements?
Den Europæiske Unions holdning som initiativtager når det gælder princippernes anvendelse i globalfinansen, gobale bestemmelser og global kontrol skal holdes op imod praksis: ingen regler, ingen kontrol, masse af spekulation.
Our colleague Mr Patterson has just said that many so-called speculative movements in the recent crises of the European Monetary System were due purely and simply to attitudes to investment adopted by pension funds or international banks, were totally dictated by economic rationality, and were not genuinely speculative in intent.
Til slut vil vi også gerne understrege, at et internationalt monetært samarbejde inden for rammerne af »en begrænsning af restriktionerne på kapitalmarkedet« - og vi ser bort fra den eufemistiske formulering - ikke er det samme som en monetær union, og da slet ikke en monetær union i flere hastigheder.
The present system is serving merely to widen the gap between rich and poor. We know there is nothing the most disadvantaged people can do about this but, from the political angle, we do not know the whereabouts of the threshold beyond which our democratic institutions would be put in jeopardy.