natgillin/translations-raw huggingface dataset:
- »multinationaliseringsprocessen« i erhvervslivet har i stigende grad gjort det nødvendigt for pengeinstitutterne at gå ud på de udenlandske markeder ved at oprette afdelinger i andre lande og etablere et stort net af korrespondenter
Under these circumstances, it was no surprise that most of the authorities responsible for exchange control or econoi.iic policy found that control measures were becoming increasingly difficult to apply and that the measures themselves were increasingly ineffectual.
- ønsket om en optimal forvaltning af overskydende likviditet er et hensyn, der i stadig stigende grad spiller ind i virksomhedernes overvejelser, og når der omvendt er tale om låntagning, er de store virksomheder også meget opmærksomme på de fordele, de kan drage af at høre til blandt de førende virksomheder i de industrialiserede lande
Ultimately, Member States broadly agreed that, irrespective of the rules governing capital movements, they nad very limited scope for independent action.
- udsvingene i valutakurser og rentesatser har i høj grad været medvirkende hertil og ført til, at der er udviklet nye midler til at beskytte sig mod disse udsving.
This realization led to a gradual shift in the balance between the costs and advantages of maintaining exchange controls in force.
- den skærpede konkurrence mellem pengeinstitutterne, der konkurrerer om de »gode« kunder, og indsnævringen af rentemarginalerne har fået bankerne til at udvise stor fantasi i deres udbud af nye produkter for derved at kompensere for de faldende indtægter af den klassiske bankvirksomhed.
Thus, between 1983 and 1987, Denmark, France and Italy, which all had strict controls on movements of capital, complied with the liberalization requirements arising from the 1960 and 1962 Directives.
- pengeinstitutterne er blevet mindre specialiserede og kobles i stigende omfang ud som mellemled i det finansielle system, samtidig med at de direkte eller via datterselskaber udøver mange andre former for virksomhed end den traditionelle bankvirksomhed, medens virksomheder udenfor banksektoren er begyndt også at udføre egentlige bankaktiviteter
Thirty years after the signing of the Treaty of Rome, most Member States had attained a fairly high degree of liberalization. Sufficient experience had be. gained of the principal constraints resulting from the free movement of capital, particularly in the monetary sphere.
- det store antal nye finansielle instrumenter har gjort det muligt under et transaktionsforløb at gå fra en delsektor af markedet til en anden ved at transformere kredit- og lånevilkårene og også gjort det lettere at få omsat fordringer og gældsforpligtelser (»securitisation«).
Experience has shown that, in some cases, liberalization of capital movements gives rise first to portfolio adjustments by residents taking advantage of new forms of investment previously barred to them.
1 adskillige medlemsstater har de nationale strukturer tilpasset sig denne udvikling.
In theory, this is a one-off effect.
Mange finanspladser er blevet moderniseret, efterhånden som en lang række nye instrumenter dukkede op på de nationale markeder.
Another, more lasting, consequence is obviously the potential increase in flows of short-term capital induced by exchangerate expectations or interestrate differentials.
De kontrolforanstaltninger, der iværksættes af medlemsstaterne, påvirkes naturligvis af de ændringer, der er sket på markederne.
The extent of these effects has varied, depending in particular on the previous degree of liberalization and on market confidence in the national currency.
Det er ikke ligegyldigt, om et selskab vælger at låne på det indenlandske eller det udenlandske marked, om det træffer foranstaltninger til imødegåelse af risici, om det finansierer sine udenrigshandelstransaktioner på stedet eller i udlandet, eller om det yder sin udenlandske kunde kredit.
In some countries, such as France and Italy, the liberalization measures taken before adoption of the Directive of 24 June 1988 (see Section 3.1) led to increased intervention on foreign exchange markets and imposed a major constraint on the conduct of monetary policy.
I øvrigt har nationale valutabestemmelser ikke kunnet forhindre betydelige kapitaludstrømninger til de internationale markeder, hvilket undertiden har skabt ustabilitet på valutamarkederne.
The fact is that, once capital movements have been liberalized, it is very difficult, because of the interconnection of financial markets and the virtual interchangeability of domestic and foreign finance, to establish and maintain on domestic markets real interest rates which are not competitive with those prevailing on foreign markets.
Alle disse faktorer er blevet yderligere forstærket af den stadig større ekspertise på disse felter, der åbner mulighed for at finde nye smuthuller.
At the same time, the methods of controlling the money supply have had to be adapted.
Ingen turde vel længere påstå, at kontrol med kapitalbevægelser var et legitimt og effektivt middel til at opretholde stabile valutakurser. Denne kontrol kunne alene give et land mere tid til at iværksætte de nødvendige justeringer.
The distinctions between liquid and less liquid assets have become blurred, making it more difficult to define and interpret monetary aggregates in those countries where they are used as intermediate objectives.
Der var efterhånden ret udbredt enighed blandt medlemsstaterne om, at deres handlefrihed alligevel var meget begrænset, uanset hvordan de regulerede kapitalbevægelserne.
In the United Kingdom, the Treasury has abandoned its approach based on a single definition of money supply, in favour of a 'multi-target' approach in which exchange rates have their role alongside the intermediate quantitative targets.
Bevidstheden herom bevirkede en gradvis holdningsændring til fordele og ulemper ved at opretholde en valutakontrol i de lande, hvor den stadig fandtes. I årene fra 1983 til 1987 lempede Danmark, Frankrig og Italien således reglerne og bragte dem i overensstemmelse med de liberaliseringsforpligtelser, som følger af 1960- og 1962direktiverne.
In addition, it has been found necessary to make increasing use of indirect instruments for controlling the money supply (especially interest rates) instead of direct instruments such as credit restrictions, the effectiveness of which is limited by the opportunities open to economic operators for raising funds abroad.
I nogle lande, som f.eks.
Establishment of an integrated financial market
Frankrig og Italien, førte den liberalisering, der havde fundet sted før vedtagelsen af direktivet af 24. juni 1988 (se afsnit 3.1.), til øgede interventioner på valuta markedet og lagde et betydeligt pres på pengepolitikken.
The creation of a European financial area presupposes, as we have seen, that freedom of establishment and freedom to provide services in the financial field are fully exercised and complete liberalization of capital movements is guaranteed.
Man har i øvrigt været nødt til at tilpasse de metoder, der anvendes til at regulere pengemængden.
Such an undertaking cannot be successfully completed, however, without appropriate guidelines being set.
Skillelinjen mellem likvide og mindre likvide aktiver er blevet udvisket, hvilket har gjort det vanskeligere at indkredse og fortolke de pengepolitiske aggregater i de lande, hvor de anvendes som mål for pengepolitikken.
With a view to putting into practice the ideas set out in the White Paper, the Commission presented to the Council in May 1986 a programme for the complete liberalization of capital movements.1 The programme was implemented in two phases.
I Det Forenede Kongerige er myndighederne gået bort fra den hidtil fulgte fremgangsmåde, der var baseret på ét mål for pengemængden, og følger nu den såkaldte »multi-target approach«, hvor både valutakurser og kvantitative delmål spiller ind.
The first was completed with the adoption of the Directive of 17 November 1986 (see Section 2.2.2). The aim was to liberalize those capital transactions which were essential for the proper operation of the common market and the interlinking of financial markets.
Man har i øvrigt været nødt til i stigende omfang at gribe til indirekte former for regulering af pengemængden (navnlig rentesatserne) i stedet for de direkte, kvantitative instrumenter (f.eks. kreditlofter), hvis effektivitet begrænses af de muligheder, der el for at hente finansiering i udlandet.
To that end, certain changes were made to the 1960 and 1962 Directives and exceptional arrangements still in force in a number of countries were gradually abolished.
Endelig blev det klart, at større finansiel åbning var et yderligere middel til opretholdelse af en økonomisk disciplin, og kunne bidrage til pengepolitisk konvergens mellem de forskellige lande.
(ii) The second stage meant taking a fundamental step forward, since it was to result in complete freedom of capital movements. In November 1987, the Commission announced its proposals for implementing this second stage and transmitted them to the Council.2
Netop derfor stillede nogle medlemsstater en genoptagelse af liberaliseringsprocessen for kapitalbevægelser som en afgørende betingelse for en udbygning af det monetære samarbejde inden for EMS.
See, in particular, the proposal for a Council Directive for the implementation of Article 67 of the Treaty, introduced by a communication to the Council entitled 'Creation of a European financial area', COM(87) 550. Directive 88/361/EEC, OJ L 178, 8.7.1988.
Som det vil være fremgået, er forudsætningen for en integreret europæisk finanssektor, at der er skabt fuld frihed til etablering og ydelse af finansielle tjenester samt helt frie kapitalbevægelser.
The aim of the Directive of 24 June 1988 was to extend the principle of liberalization set out in Article 67(1) of the Treaty (see Section 2.2.1) to all capita! movements.
Der er allerede truffet en række vigtige afgørelser i den retning.
Until then, this principle had applied only to the transactions indicated in certain lists1 contained in the 1960, 1962 and 1986 Directives.
I juni 1988 vedtog EF-Rådet et direktiv om fuldstændig liberalisering af kapitalbevægelser, som trådte i kraft den 1. juli 1990.
Those Directives were repealed by the Directive of 24 June 1988, with effect from 1 July 1990.
I løbet af 1989 blev der vedtaget flere diretiver med henblik på at gennemføre det indre marked i banksektoren pr. 1. januar 1993.
While Article 67 of the Treaty provided for such liberalization only to the extent necessary to ensure the proper functioning of the common market, the current situation with regard to development of the common market and the prospective completion of the single market called for completion of the process.
Dermed er alle de vigtigste dele af den bærende konstruktion under den europæiske finanssektor blevet bragt på plads, men det er ikke nok — det er desuden nødvendigt at styrke det pengepolitiske samarbejde, som skal munde ud i en økonomisk og monetær union.
A point had been reached beyond which it would be difficult to isolate major groups of significantly distinct operations to allow gradual liberalization. Only the affirmation of complete freedom could be see., as a major quantum leap.
I maj 1986 forelagde Kommissionen Rådet et program for en »fuldstændig liberalisering af kapitalbevægelser«19), der byggede på tankerne i hvidbogen. Dette program blev gennemført i to etaper:
The principle put forward is that of complete freedom of capital movements.Article 1 of the Directive states that 'the Member States shall abolish restrictions on capital movements between persons resident in the Member States'.
- Den første etape blev afsluttet med vedtagelsen af direktivet af 17. november 1986 (se afsnit 2.2.2.), som tog sigte på at få liberaliseret de kapitaltransaktioner der havde størst betydning for fællesmarkedet og for integreringen af de finansielle markeder.
(i) It involves the removal of all restrictions, i.e. the abolition both of restrictions on transfers connected with capital movements (exchange controls) and of all provisions restricting the possibility of concluding or carrying out the underlying transaction.
Dette skete i form af en række tilpasninger af 1960- og 1962-direktiverne, samtidig med at de undtagelsesordninger, der endnu var gældende i visse lande, gradvis blev afskaffet.
Residents of one Member State will have unhindered access to any other Member State's financial system, e.g. for purposes of investment, lending and borrowing operations.
- Under den anden etape blev det sidste, afgørende skridt taget til den fuldstændige liberalisering af alle kapitalbevægelser.
) It presupposes the abolition of all discriminatory treatment based on the national­ity or place of residence of the parties or on the location of the investment (whether resulting from administrative, tax or other measures).2
Kommissionen havde i november 1987 fremsat forslag herom i Rådet20).
Lists A and Β and, to a lesser extent, List C annexed to the 1960 and 1962 Directives: Lists A and Β as redefined by the 1986 Directive (sec Section 2.2.2).
Med Rådets vedtagelse den 24. juni 1988 af direktivet til »gennemførelse af Traktatens artikel 67«21) blev hele denne proces tilendebragt.
Account should be taken in a non-discriminatory fashion of certain criteria such as the exchange risk or the guarantee offered by different forms of investment (share or bond, private or public debtor, etc.).
Dette direktiv fastsætter tidsplanen og de nærmere vilkår for den fuldstændige liberalisering af kapitalbevægelser i EF.
Restrictions imposed for prudential purposes on capital movements to and from other countries could be permitted only in exceptional circumstances and only where they were absolutely essential for achieving the objective in view.
Vi vil i det følgende allerførst se på direktivets rækkevidde og konsekvenser, derefter på de nærmere vilkår for direktivets gennemførelse og til sidst de problemer, der rejser sig på skatteområdet.
(iii) It covers all capital operations,1in particular short-term financial credits, operations involving money-market instruments (i.e. on the short-term as opposed to the capital market) and the opening of accounts in foreign currencies.
:') Program for liberalisering af kapitalbevægelser. 23. 5.
This provision logically entailed the disappearance of the dual exchange market in operation at that time in Belgium and the Grand Duchy of Luxembourg.
»Skabelse af et integreret finansielt område i Europa« (KOM (87) 550. ') Direktiv 88/361/EØF. EFT L 178 af 8. 7. 1988.
'In their treatment of transfers in respect of movements of capital to or from third countries, the Member States shall endeavour to attain the same degree of liberalization as that which applies to operations with residents of other Member States ...'
Direktivet af 24. juni 1988 gik ud på at udvide liberaliseringsprincippet i Traktatens artikel 67, stk. 1 (se punkt 2.2.1.), til at gælde for alle former for kapitalbevægelser.
(i) Legally, this would have raised a whole range of problems: how would it be possible to cover the situation of a Member State which was obliged to apply certain restrictive measures to capital movements to or from non-Community countries?
Disse direktiver blev ophævet ved 1988­direktivet, med virkning fra 1. juli 1990.
What would be the penalty for failure by Member States to observe the commitment given in respect of third countries?
I Traktatens artikel 67 tales der ganske vist kun om den liberalisering, der er nødvendig for, at det fælles marked kan fungere, men udviklingen af dette fælles marked og udsigterne til det store indre marked gjorde det nødvendigt at tage skridtet fuldt ud.
(ii) Politically, an irreversible commitment of this kind would have substantially reduced the Community's and the Member States' room for manoeuvre and negotiation in relations with non-Community countries; nor was such a commitment strictly justifiable on the basis of reciprocity (no non-Community country has entered into such a commitment vis-à-vis the Community).
Kommsissionen fandt det i øvrigt ikke hensigtsmæssigt at opdele den sidste liberalise­ringsetape i flere faser. Man var efterhånden nået til det punkt, hvor det blev vanskeligt at udskille væsentlige og tilstrækkeligt sammenhængende kategorier af transaktioner til en gradvis liberalisering.
(iii) Finally, as regards the approach adopted, the liberalization requirement can and must have a broader impact on relations between Member States, since it involves essential flanking measures such as a minimum degree of harmonization, coordination of economic and monetary policies and the objective of exchangerate stability.
Og desuden var opfattelsen den, at et virkeligt gennembrud kun kunne opnås med en fuldstændig liberalisering.
Where capital movements to or from third countries seriously disturb the domestic or external monetary or financial situation of one or more Member States, the latter are required to consult with one another on the measures to be taken to counteract such difficulties (Article 7(2)).'
Princippet er således en fuldstændig liberalisering af kapitalbevægelser.
Except for those Member States granted a transitional period, the Directive provided for capital movements to be fully liberalized by 1 July 1990.
»Medlemsstaterne ophæver alle restriktioner for kapitalbevægelser, der finder sted mellem valutaindlændinge i medlemsstaterne«, hedder det i artikel 1 i forslaget til direktiv om gennemførelse af Traktatens artikel 67.
However, the pull exerted by the creation of a European financial area, and the fact that, as the deadline drew nearer, the already limited effectiveness of the remaining exchange-control measures (see Section 2.4.2) was diminishing even further, impelled the Member States to meet their commitments ahead of schedule.
Den valgte formulering er på samme tid generel og sammenfattende:
In this way, they also expected to benefit from the positive impact of such announcements.
­ Den indebærer ophævelse af alle restriktioner, både restriktioner for overførsler i forbindelse med kapitalbevægelser (valutarestriktioner) og alle foranstaltninger, der begrænser muligheden for at indgå aftaler om eller gennemføre den underliggende transaktion.
On 1 January 1990, France abolished its last remaining restrictions on the opening of accounts abroad and of foreign-currency accounts with domestic banks. In two stages (January and May 1990), Italy also lifted the last exchange-control measures still in force.
Valutaindlændinge i én medlemsstat skal have fri adgang til det finansielle system i en anden medlemsstat og fri adgang til at investere og yde eller optage lån i dette land.
Similarly, the Member States which had been allowed more time to liberalize capital movements fully made considerable and very rapid progress in that direction.
23) En af konsekvenserne af dette princip er, at tilsynsbestemmelser vedrørende finansielle virksomheder (som f.eks. forsikringsselskaber og pensionsfonde), der arbejder med midler indskudt af offentligheden, principielt ikke må indebære forskelsbehandling alt efter om der er tale om transaktioner med valutaindlændinge eller med valutaudlændinge fra andre EF­lande eller alt efter investeringernes lokalisering.
The inclusion of this provision in the Directive made it possible to repeal the Directive of 21 March 1972 on regulating international capital flows and neutralizing their undesirable effects on domestic liquidity (Directive 72/156/EEC).
- Den dækker alle kapitaltransaktioner24).
States must be able to continue to pursue an effective monetary policy.
Det er en meget vidtgående liberalisering, set i forhold til den store mængde likvide midler på de internationale markeder og disses yderst flygtige karakter.
Where necessary, they must be able to deal with massive short-term capital flows and be in a position to guarantee effective application of their national laws and regulations.
Det blev dog fastsat, at dette system imidlertid kunne opretholdes indtil 31. december 1992 på betingelse af, at det administreres på en sådan måde, at der ikke opstår betydelige og varige forskelle mellem de kurser, der anvendes på de to markeder (artikel 6, stk. 4, samt bilag V).
Whatever measures are taken to reinforce monetary cooperation between Member States (see Section 3.2.3), the conduct of monetary policy will remain a national responsibility until such time as economic and monetary union is achieved.
Allerede inden den fastsatte frist, og endog inden direktivets ikrafttrædelse, besluttede de belgiske og luxembourgske myndigheder imidlertid at ophæve det dobbelte valutamarked, og det skete med virkning fra 5. marts 1990.
It has to be based on instruments and markets designed and organized in such way as to ensure their efficiency, particularly in view of the constraints arising from the complete liberalization of capital movements.
»Medlemsstaterne bestræber sig på inden for den ordning, de anvender på overførsler i tilknytning til kapitalbevægelser med tredjelande, at nå samme grad af liberalisering som for de transaktioner, der finder sted med valutaindlændige i de øvrige medlemsstater ...« (direktivets artikel 7).
To that end, the Directive recognizes the Member States' right to take 'measures to regulate bank liquidity which have a specific impact on capital transactions carried out by credit institutions with non-residents' (Article 2).
Dermed stadfæstes en praksis, som medlemsstaterne allerede i vid udstrækning havde fulgt i forvejen, og som altså fortsat skal gælde inden for rammerne af integrationen i EF.
These measures, which the monetary authorities may take even if they affect capital transactions carried out by credit institutions, include:
EF bør over for tredjelande indtage en liberal holdning, især fordi:
(i) control of the net external position of such institutions;
- EF ifølge Traktaten skal bestræbe sig på at nå den størst mulige liberalisering (Traktatens artikel 70, stk. 1)
(ii) the setting of specific reserve ratios for their foreign assets or commitments;
- EF ud fra hensynet til økonomisk effektivitet bør være åbent over for omverdenen og derfor også tilstræbe den størst mulige grad af liberalisering over for tredjelande med hensyn til kapitalbevægelser
(iii) limitations on access to the domestic market in so far as they concern the purchase or sale of assets which play a major role in the conduct of monetary policy and are not traded on a generally accessible market; for the rest, these restrictions cannot, in so far as they also involve certain categories of resident, be regarded as discrimination within the meaning of Article 68(2) of the Treaty.
- det i praksis ofte er vanskeligt at skelne mellem kapitalbevægelser mellem EF-Iande og med den øvrige del af verden, og disse vanskeligheder bliver ikke mindre efter liberaliseringen.
These measures should be limited to what is needed for the regulation of domestic money supply.
;4) For at lette anvendelsen af direktivet er kapitalbevægelserne klassificeret efter en nomenklatur, der findes i direktivets bilag.
This would allow the Commission, if it considered that the measures went beyond what was necessary, to initiate the procedures provided under the Treaty for their abolition or amendment.
) Der er kun én undtagelse fra denne regel — nemlig at der. indtil Rådet træffer anden afgørelse, fortsat er mulighed for at opretholde nationale bestemmelser om køb af fritidsboliger, når særlige grunde taler herfor.
In a situation of complete liberalization, Member States may be confronted with massive short-term capital flows which cause major upheavals in the conduct of monetary and exchangerate policy.
- På det juridiske plan ville det rejse en lang række problemer — for hvordan skulle man forholde sig, hvis en medlemsstat så sig nødsaget til at indføre visse restriktive foranstaltninger over for kapitalbevægelser til eller fra tredjelande? Skulle det ske via en beskyttelsesklausul? Og skulle denne i så fald være specifik?
(i) Limited because they can apply only to short-term operations not yet liberalized by previous directives (especially current-account or deposit operations on the money market and short-term financial credits).