natgillin/translations-raw huggingface dataset:
I denne dom fastslog Domstolen, at Traktatens artikel 67. stk. 1. ikke er umiddelbart gældende. Domstolens betragtninger kan kort gengives som følger:
Two aspects of this judgment are of particular interest: the distinction between movements of capital and payments, and the extent of the Member States' powers of control.
- Efter at have fastslået, at frie kapitalbevægelser er en grundlæggende frihedsrettighed inden for Fællesskabet, understreger Domstolen den særlige karakter af de nære forbindelser mellem kapitalbevægelser og medlemsstaternes økonomiske og monetære politik.
'Current payments are transfers of foreign exchange which constitute the consideration within the context of an underlying transaction, whilst movements of capital are financial operations essentially concerned with the investment of the funds in question rather than remuneration for a service.
- Domstolen udleder heraf, at det ikke kan udelukkes, at fuldstændig frihed for alle kapitalbevægelser kan bringe den økonomiske politik i visse af medlemsstaterne i fare eller fremkalde en uligevægt på deres betalingsbalance og således være til skade for fællesmarkedets tilfredsstillende funktion.
The physical transfer of bank notes may not, therefore, be classified as a movement of capital when the transfer corresponds to an obligation to pay arising from a transaction involving the movement of goods or services (tourism, etc.).
Forpligtelsen til at liberalisere kapitalbevægelser gælder kun »i det omfang, det er nødvendigt for fællesmarkedets tilfredsstillende funktion«.
Such controls 'must, however, be kept within the limits imposed by Community law, in particular those deriving from the freedom to provide services and to make payments relating thereto.
Afgørelsen af, hvorvidt disse betingelser er opfyldt, afhænger således af et skøn over fællesmarkedets behov, og dette skøn skal udøves af Rådet.
Consequently, they may not have the effect of limiting payments and transfers in connection with the provision of services to a specific amount for each transaction or for a given period, since in that case they would interfere with the freedoms recognized by the Treaty.
»Det må på grundlag heraf fastslås, at den i artikel 67, stk. 1, angivne forpligtelse til at afskaffe restriktioner for kapitalbevægelser ikke, for en bestemt type bevægelser, kan præciseres nærmere uafhængigt af Rådets skøn — inden for rammerne af artikel 69 — over nødvendigheden af at liberalisere denne type kapitalbevægelser af hensyn til fællesmarkedets tilfredsstillende funktion«.
For the same reason, such controls may not be applied in such a manner as to render those freedoms illusory or to subject the exercise thereof to the discretion of the administrative authorities.'
Heraf følger, at en overførsel af rede penge ikke kan betragtes som en kapitalbevægelse, når overførslen modsvarer en betalingsforpligtelse affødt af en varehandelsforretning eller udveksling af tjenesteydelser (turisme mv.).
(ii) the extent of that liberalization is explained in Article 67, according to which the free movement of capital is to entail the abolition of 'any discrimination based on the nationality or place of residence of the parties or on the place where such capital is invested';
Hvad angår nationale kontrolforanstaltninger udtalte Domstolen, at »... medlemsstaterne har beholdt beføjelsen til at føre kontrol med valutaoverførsler for at konstatere, at der ikke i realiteten er tale om kapitalbevægelser, der ikke er liberaliserede, men denne kontrol må ske under iagttagelse af de begrænsninger, fællesskabsretten sætter, navnlig de begrænsninger, der følger af den fri udveksling af tjenesteydelser og de dermed forbundne betalinger. Kontrollen må derfor ikke medføre, at betalinger og overførsler, der vedrører udveksling af tjenesteydelser, begrænses til et bestemt beløb pr. forretning eller pr. tidsrum, idet kontrollen i så fald udgør en hindring for de friheder, der er anerkendt ved Traktaten.
(iii) 'It follows,' the judgment continues, 'that, in so far as the two Council Directives for the implementation of Article 67 of the Treaty were intended to ensure the complete liberalization of certain capital movements, their purpose includes the elimination of administrative obstacles which, although not taking the form of exchange authorizations or affecting the acquisition of foreign securities, none the less constitute a hindrance to "the widest liberalization" of capital movements, which, according to the preamble to the First Directive, is necessary for the attainment of the objectives of the Community.'
Domstolens svar synes at være bekræftende.
Having described the obligation on Member States to liberalize movements of capital, let us now consider it against reality.
1986, sag nr. 157/85.
Judgment of 24 June 1986, Case 157/85.
­ der er tale om en transaktion, der er opført på liste Β og således fuldstændig frigivet
economie context obtaining at the time, a feature of which was the limited development of financial trading.
­ omfanget af denne liberalisering er angivet i artikel 67, der bestemmer, at enhver form for forskelsbehandling på grundlag af nationalitet eller bopæl på stedet for kapitalens anbringelse skal afskaffes
Most countries had only recently re-established international convertibility of their currency after the post-war period of reconstruction, during which the priority was to channel the limited amounts of savings generated nationally into investment. There was little interpénétration of financial markets.
­ »heraf følger«, tilføjer Domstolen, »at de to rådsdirektiver om gennemførelsen af Traktatens artikel 67, i det omfang hvori de hjemler fuldstændig liberalisering af visse kapitalbevægelser, har til formål at afskaffe administrative hindringer, som, selv om de ikke kræver valutabevilling og heller ikke angår erhvervelse af udenlandske værdipapirer, dog lægger hindringer i vejen for »den mest udstrakte liberalisering« af kapitalbevægelser, som gennemførelsen af Fællesskabets mål kræver«.
All of these show an acute awareness of interdependence, a political determination to promote integration and cooperation, and an increasingly widespread acceptance of the need for a code of conduct in international trade and financial transactions. In this context, particular importance was attached to the stability of exchange rates, the cornerstone of the Articles of Agreement of the International Monetary Fund (IMF), which did not impose any specific obligations on members with regard to capital movements.
Vi skal nu se på, hvordan det står til i praksis.
The line adopted in the Treaty was thus consistent.
Dette spørgsmål vil vi belyse i tre faser, nemlig forholdene på tidspunktet for EØF­Traktatens undertegnelse, udviklingen i 60'erne og udviklingen i tiden derefter.
Its principal requirement related to the implementation, first, of an explicit, binding programme for the free circulation of goods and services and, second, of common policies for certain specific sectors such as agriculture, transport, competition, etc.
EØF-Traktatens begrænsede mål og de økonomiske forhold på daværende tidspunkt
The Segré Report and developments in the 1960s
Man har talt meget om den forsigtighed, som Traktatens ophavsmænd lagde for dagen med hensyn til kapitalbevægelser.
After the adoption of the 1960 and 1962 Directives, it became clear that a full investigation was needed of the problems posed by liberalizing capital movements and of the repercussions of integrating capital markets.
Denne forsigtighed skyldes utvivlsomt de økonomiske forhold på daværende tidspunkt, der var karakteriseret ved, at finans­markederne kun var svagt udviklet.
At the end of 1964 this task was entrusted to a committee of experts under the chairmanship of Professor Claudio Segré.
De fleste lande havde først lige genindført konvertibiliteten af deres valuta.
The committee submitted its report in 1966.
Den indbyrdes forbindelse mellem finans­markederne var svag.
The report, which it would take too long to summarize here, was a landmark.1
Opbygningen af det internationale økonomiske samarbejde var endnu præget af Bretton­Woods­aftalerne, GATT og FN­pagten.
After describing the situation prevailing in 1965-66, the report considered the specific problems of each segment of the capital market and examined the obstacles to the movement of capital which resulted from national rules and tax arrangements.
Disse var udtryk for en stærk bevidsthed om den indbyrdes afhængighed mellem nationerne, en stærk politisk vilje til at fremme integration og samarbejde samt en stadigt voksende accept af nødvendig­heden af en kodeks for god skik inden for den internationale handel og de økonomiske transaktioner.
It also demonstrated the links between the integration of capital markets and other important areas, such as budgetary and monetary policies and incentives to savings and investment.
Der blev her lagt særlig vægt på stabile valutakurser, som er en af hovedhjørnestenene i Den Internationale Valutafonds (IMF) vedtægter.
It clearly identified the conflicts between internal and external objectives in a system of fixed exchange rates in which private capital was highly mobile.
Disse pålagde iøvrigt ikke parterne nogen konkrete forpligtelser med hensyn til kapitalbevægelser.
The idea was also put forward that a European capital market would prove increasingly necessary, not only to finance economic growth on better terms but also to foster the implementation of Community policies in other areas.
Traktatens bestemmelser går dels ud på iværksættelse af et nøje fastlagt og forpligtende program for fri bevægelighed for varer og tjenesteydelser og dels en fælles politik inden for bestemte sektorer, som f.eks. landbrug, transport og konkurrence.
Publications Services of the European Communities, November 1966.
Segré-rapporten og udviklingen i løbet af 60'erne
In 1967 the Commission submitted a new draft Third Directive with the same aims, but after 10 years of fruitless negotiation in the Council it too came to nothing.
Den påviste ligeledes forbindelserne mellem integrationen af kapitalmarkederne og andre vigtige områder (finans- og pengepolitikken og fremme af opsparing og investeringer).
The ground lost was the result of the worsening of the international economic situation, the instability of monetary relations, and the lack of coordination between the monetary policies of the Member States in their response to external shocks.
Konflikterne mellem interne og eksterne mål i et system med faste valutakurser og en høj grad af bevægelighed for privatinvesteringer blev bragt klart frem i rapporten.
A strong consensus emerged among the Member States on the need to maintain the freedom of trade but, when they were required to reconcile the degree of independence of their monetary policies, the requirements of stable exchange rates and the constraints of liberalizing capital movements, they adopted different, not to say conflicting, approaches.
I rapporten bemærkede gruppen ligeledes, at der var stadig større behov for et europæisk kapitalmarked, ikke blot for at finansiere den økonomiske vækst på de bedste betingelser, men tillige for at fremme iværksættelsen af en fælles politik inden for andre områder.
The incompatibility of free movement of capital, independence of monetary policy and stable exchange rates
Et sådant marked blev betragtet som en nødvendig forudsætning for oprettelsen af en europæisk økonomisk og monetær union.
Free movement of capital, an independent monetary policy, and stable exchange rates form a praiseworthy trio of objectives:
Lige siden slutningen af 60'erne har der således været tale om en blokering af alle bestræbelser på liberalisering, og hvis man ser på situationen ved udgangen af 70'erne, finder man endda, at graden af liberalisering af kapitalbevægelser var aftagende i forhold til begyndelsen af 60'erne, fordi flere medlemsstater i vidt omfang gjorde brug af de i Traktaten indeholdte beskyttelsesklausuler. Der bestod endog i lange perioder kontrol med langfristede kapitalbevægelser, hvilket var i strid med ånden i disse beskyttelsesklausuler.
(iii) stable exchange rates encourage trade and introduce a measure of discipline in economic policy; it has been shown that a system of floating exchange rates can — notably because of the growing pressure of capital movements — cause very marked short-term fluctuations in nominal rates and lasting distortions in real rates, and that the uncertainty engendered by such a system can depress investment and trade.
Senere tog en række lande dog skridt i den rigtige retning.
Any attempt at reconciliation is tantamount to squaring the circle.
»Udviklingen af el europæisk kapitalmarked« offentliggjort i november 1966 af Kontoret for De Europæiske Fællesskabers Officielle Publikationer.
If we accept the free movement of capital, the decision to defend a particular rate of exchange boils down to accepting a strong external constraint on the domestic money supply and/or domestic lending rates, with the consequences this has for levels of economic activity.
Disse tilbageskridt hang sammen med tilbagegangen i verdensøkonomien, de ustabile valutaforhold og den manglende samordning af medlemsstaternes pengepolitik som svar på de udefra kommende rystelser.
In the past, Member States have reconciled these constraints in various ways according to their economic situation, and this has resulted in wide variations in the degree of liberalization:
Frie kapitalbevægelser, en uafhængig pengepolitik og stabile valutakurser kan ikke forenes
(i) small open economies, such as the Benelux countries, have opted for reduced independence in monetary policy as the price to be paid for stable exchange rates and the free movement of capital;
Frie kapitalbevægelser, en uafhængig pengepolitik og stabile valutakurser er i sig selv meget prisværdige mål, idet
(ii) others, such as France and Italy, have chosen the path of reduced exchangerate stability and have sought to isolate their monetary policy by means of exchange control — the severity of restrictions depending on the category of capital involved;
- frie kapitalbevægelser bidrager til en optimal allokering af de forhåndenværende økonomiske ressourcer
(iii) the United Kingdom, whose economy is less closely integrated with those of the other Member States, has preferred not to be bound by an exchangerate straitjacket and has lifted all controls on movements of capital, while setting quantitative objectives for monetary policy;
- en uafhængig pengepolitik er nødvendig, for at man kan indrette sig efter inden landske økonomiske bindinger og udnytte de forskellige økonomiske mekanismer effektivt
(iv) the Federal Republic of Germany has clearly done best in reconciling the continued free movement of capital with stable exchange rates and a relatively independent monetary policy.
- stabile valutakurser fremmer handelen og bidrager til en vis disciplin i den økonomiske politik.
This success stems essentially from the fact that, to a large extent, the German mark is the currency by reference to which other Community currencies are adjusted.
Et system med flydende valutakurser har vist sig på kort sigt at kunne føre til meget store udsving i de nominelle kurser og til varige skævheder i de reelle kurser — bl.a. på grund af det voksende pres, kapitalbevægelserne udøver — samtidig med, at den usikkerhed, de flydende kurser giver anledning til, har negative indvirkninger på investeringer og handel.
The fact nevertheless remains that the German mark has fluctuated widely against the major currencies of nonmember countries — the dollar and the yen — and that in the early 1970s the German authorities were themselves obliged to introduce controls on movements of capital in order to stem excessive inflows of capital which were jeopardizing domestic policy objectives.
En økonomisk analyse viser nemlig, at det på grund af kapitalens bevægelighed er svært for en åben økonomi at styre pengemængder i et system med faste valutakurser.
Some went beyond the requirements of Community legislation, whilst others had to resort to safeguard clauses and fell short of their obligations.
Dersom man accepterer frie kapitalbevægelser, indebærer beslutningen om at forsvare en valutakurs, at man også accepterer et stærkt ydre pres på udviklingen i den indenlandske pengemængde og/eller den indenlandske rentestruktur med de heraf følgende konsekvenser for den økonomiske aktivitet.
Instead of the gradual development of an integrated European capital market, we have witnessed the spectacular growth of a disorganized parallel world financial market, the Euromarket.
I praksis har medlemsstaterne indgået kompromiser mellem disse mål, idet de enkelte faktorer er blevet kombineret på forskellig måde alt efter hvert enkelt lands økonomiske situation, hvilket har ført til vidt forskellige grader af liberalisering:
The continued existence of regulated financial markets at national level may appear somewhat anachronistic, contrasting starkly with the considerable development of international financial relations and the existence of non-specialist international financial markets whose distinguishing feature is their capacity to adapt rapidly.
Benelux-landene, har valgt at give afkald på større uafhængighed i deres pengepolitik til fordel for stabile valutakurser og frie kapitalbevægelser.
Initially, the essential feature of the process of internationalization was the emergence and development of the Euromarkets in the 1960s. Private enterprise took upon itself
- Det Forenede Kongerige, hvis økonomi er mindre integreret end de øvrige medlemsstaters, har foretrukket ikke at gå ind i stabile valutakurser og at ophæve enhver form for kontrol med kapitalbevægelser, men har samtidig fastsat kvantitative mål for sin pengepolitik.
With a total absence of controls, the growth of the Euromarkets was spectacular, particularly in view of the enormous amounts of capital needing to be recycled following the balance-of-payments surpluses and deficits engendered by the oil price crises of the 1970s.
- Forbundsrepublikken Tyskland har haft bedre held med sine bestræbelser på at forene målet om frie kapitalbevægelser og stabile valutakurser med en forholdsvis uafhængig pengepolitik.
The internationalization of economic life took a further step forward with the development of a global market operating round the clock, with operations being initiated and concluded at different locations.
At dette er lykkedes, skyldes primært, at den tyske valuta i vidt omfang er den, hvorefter de øvrige valutaer i Fællesskabet indretter sig.
On this market, borrowers obtain finance in the currency and on the terms which suit them best.
Det er dog stadig sådan, at der har kunnet udvikle sig ganske kraftige udsving mellem marken og de øvrige store valutaer uden for EF (dollar og yen), og at de tyske myndigheder tidligere, i begyndelsen af 70'erne, selv har måttet ty til kontrol med kapitalbevægelser for at imødegå en alt for stor kapitalimport, som vanskeliggjorde opnåelsen af deres indenlandske mål.
Investors, with portfolios containing securities of widely differing types denominated in many different currencies, adjust their holdings in the light of their assessment of the market situation. At the same time, operators use a whole range of risk-management methods to cope with fluctuations in exchange rates and interest rates, depending on market developments.
Trods 1960- og 1962-direktivernes forholdsvis begrænsede rækkevidde er der sket en betydelig forskydning mellem den retlige og faktiske grad af liberalisering i medlemsstaterne.
A European industrialist might, for example, consider it advantageous to borrow at a fixed rate in New Zealand dollars on the London market and to arrange an immediate swap into US dollars at a variable rate (subject to a fixed range).
Visse lande gik videre, end de skulle efter de fælles forpligtelser, medens andre lande måtte ty til beskyttelsesklausuler og derfor ikke fuldt ud opfyldte deres forpligtelser.
There are various reasons for this, both technical (telecommunications, data processing, etc.) and economic:
I stedet for en gradvis udvikling af et integreret europæisk kapitalmarked har vi oplevet en bemærkelsesværdig vækst på et verdensomspændende finansielt marked, der har udviklet sig sideløbende og ukontrolleret, nemlig euromarkedet.
(i) the 'multinationalization' of business has obliged financial institutions to step up their presence on foreign markets by setting up offices abroad and establishing a wide network of correspondents;
At hvert lands finansielle marked fortsat er reguleret på nationalt plan forekommer at være noget ude af takt med tiden, idet det står i stærk modsætning til den betydelige udvikling, der er sket i de internationale finansielle forbindelser, og eksistensen af internationale, finansielle markeder, der fungerer på verdensplan, og som udmærker sig ved deres evne til hurtigt at tilpasse sig.
(iv) the heightened competition between financial intermediaries, the hunt for good debtors and the pressure on intermediation margins have forced banks to rethink their product range and to make good in commission the shortfall in income from conventional intermediation services.
På euromarkedet, der var kendetegnet ved total mangel på regulering, sås et bemærkelsesværdigt opsving, navnlig som følge af behovet for at recirkulere store kapitalmængder efter de voldsomme olieprisstigninger i 70'erne, som skabte uligevægt på mange landes betalingsbalancer.
(i) the shift away from specialization and disintermediation: banks are becoming less specialized and, either directly or via subsidiaries, are offering non-banking services, while non-banks are engaging in banking operations;
Internationaliseringen af det økonomiske liv blev yderligere forstærket ved frem komsten af et globalt — verdensomspændende — marked, der arbejder døgnet rundt
(ii) the creation and growth of instruments for switching a single operation between different segments of the market by adjusting the terms of borrowing and lending, or for enhancing the transferability of claims and liabilities and thus putting them into circulation ('securitization').
og åbner mulighed for at indgå og afvikle transaktioner overalt i verden.
In some Member States national structures have been adapted to these changes, and a number of financial centres have been modernized while a wide range of new financial instruments has appeared on domestic markets.
På dette marked kan låntagerne hente kapital i den valuta og på de vilkår, de finder mest fordelagtige.
Control measures decided upon by Member States have obviously been affected by market developments.
Og investorerne, der ligger inde med aktiver i flere forskellige valutaer og af forskellig karakter, kan omlægge deres investeringer efter den forventede markeds udvikling.
Thus, no decision by a company to borrow on domestic or foreign markets, to resort to risk-management techniques, to finance foreign-trade operations on domestic or foreign markets, or to grant extended payment terms to a foreign customer is taken in a vacuum.
Der gøres i øvrigt brug af en lang række forskellige instrumenter til imødegåelse af risikoen for kurstab og rentefald, ligeledes på basis af den forventede markedsudvikling.
The aim is to avoid some or all of the exchange regulations in force. Domestic operators became increasingly successful at sidestepping controls, even pernickety ones, once they had access to the international market.
En europæisk virksomhed kan f.eks. se det som en fordel at optage lån i London til fast rente og derefter straks indgå en swap-aftale i USD til en rente, der senere kan ændres (inden for et vist minimum og maksimum).
At the same time, national exchange regulations have been unable to prevent enormous flows of capital on international markets, and this has at times contributed to the destabilization of foreign exchange markets.
Der er flere forskellige årsager til denne udvikling, ikke blot teknisk betonede faktorer (udviklingen inden for telekommunikation, edb osv.), men også væsentlige økonomiske faktorer:
All these factors have been further reinforced by the ever-increasing expertise of operators.