natgillin/translations-raw huggingface dataset:
»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 fælles markedets tilfredsstillende funktion.« b) Dommen i sagen Luisi og Carbone ')
'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 ... .'
To forhold i denne dom er af særlig interesse, nemlig sondringen mellem kapitalbevægelser og betalinger samt omfanget af medlemsstaternes kontrolbeføjelser.
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.).
»De løbende betalinger er valutaoverførsler, der udgør modydelse i et underliggende forretningsforhold, medens kapitalbevægelser er finansielle transaktioner, hvis formål først og fremmest er at anbringe eller investere vedkommende beløb, men ikke at betale for en ydelse.«
As for the national control measures, the Court found that '... Member States have retained the power to impose controls on transfers of foreign currency in order to verify that transfers do not in fact constitute movements of capital, which have not been liberalized.
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.).
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.
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.
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.
Den omhandlede kontrol vil derfor heller ikke kunne gennem føres således, at den indebærer, at disse friheder gøres illusoriske eller faktisk beror på forvaltningens skøn«.
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.'
Domstolen var blevet anmodet om at udtale sig om liberaliseringsforpligtelsens nærmere rækkevidde, herunder om den også omfattede en forskelsbehandling, der beror på administrative foranstaltninger (f.eks. obligatorisk deponering af udenlandske værdipapirer). pirer).
(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';
') Dom af 31.1.1984, forenede sager 286/82 og 26/83. =) Dom af 24.6.1986, sag 157/85.
' Judgment of 31 January 1984, Joined Cases 286/82 and 26/83. ' Judgment of 24 June 1986, Case 157/85.
Hvor langt er man i praksis nået i medlemsstaterne?
The achievements to date and current practice in Member States
Dette spørgsmål vil vi belyse i tre faser, nemlig forholdene på tidspunktet for Rom­traktatens undertegnelse, udviklingen i 60'erne og udviklingen i tiden derefter.
Three phases can be distinguished: the situation prevailing at the time the Treaty of Rome was signed, developments during the 1960s, and changes since then.
Rom-traktatens begrænsede mål og de økonomiske forhold på daværende tidspunkt
The limited aims of the Treaty of Rome and the economic context at the time
Man har talt meget om den forsigtighed, som traktatens ophavsmænd lagde for dagen med hensyn til kapitalbevægelser.
We have already drawn attention to the caution shown by the drafters of the Treaty of Rome on the subject of the movement of capital.
Denne forsigtighed skyldes utvivlsomt de økonomiske forhold på daværende tidspunkt, der var karakteriseret ved, at finansmarkederne kun var svagt udviklet.
That caution was no doubt due to the economic context prevailing at the time, a feature of which was the limited development of financial trading.
De fleste lande havde først lige genindført konvertibiliteten af deres valuta. De var på vej ud af genopbygningsperioden efter krigen, og i denne periode var den — beskedne — nationale opsparing først og fremmest reserveret til investeringsfor­mål.
Most countries had only recently restored international convertibility of their currency after the post-war period of reconstruction, during which the priority had been to channel the limited amounts of savings generated nationally into investment.
Den indbyrdes forbindelse mellem finansmarkederne var svag.
There was little interpénétration of financial markets.
Opbygningen af det internationale økonomiske samarbejde var endnu præget af Bretton­Woods­aftalerne, GATT og FN­pagten.
The conception of international economic cooperation was still largely under the in fluence of the Bretton Woods agreements, GATT and the United Nations Charter.
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.
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.
Der blev her lagt særlig vægt på stabile valutakurser, som var en af hovedhjørnestenene i Den Internationale Valutafonds (IMF) vedtægter. Disse pålagde i øvrigt ikke parterne nogen konkrete forpligtelser med hensyn til kapitalbevægelser.
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.
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.
Its principal requirement related to the implementation, first, of an explicit, binding programme for the free movement of goods and services and, second, of common policies for certain specific sectors such as agriculture, transport, competition, etc.
Efter at have beskrevet situationen, således som den forelå i 1965-1966, gik gruppen over til i rapporten at undersøge de særlige problemer inden for hver enkelt sektor af kapitalmarkedet samt de hindringer for kapitalbevægelser, som fulgte af de nationale bestemmelser og skattelovgivninger.
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.
Den påviste ligeledes forbindelserne mellem integrationen af kapitalmarkederne og andre vigtige områder (finans- og pengepolitikken og fremme af opsparing og investeringer).
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.
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.
It clearly identified the conflicts between internal and external objectives in a system of fixed exchange rates in which private capital was highly mobile.
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 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.
Et sådant marked blev betragtet som en nødvendig forudsætning for oprettelsen af en europæisk Økonomisk og Monetær Union.
Such a market was seen as a precondition for the establishment of an economic and monetary union.
I begyndelsen af 1964, kort tid inden Kommissionen overlod denne undersøgelse til Segrégruppen, havde den på Rådets bord lagt et forslag til 3. direktiv om ophævelse af de bestående former for forskelsbehandling med hensyn til emission og placering af værdipapirer, optagelse af værdipapirer på børser og penge- og finansieringsinstitutters køb af værdipapirer.
Shortly before entrusting the study to Professor Segré's committee, the Commission had, at the beginning of 1964, put before the Council a draft third Directive aimed at abolishing the discrimination which remained in force regarding the issuing and placing of securities, the stock-exchange listing of securities, and the acquisition of securities by financial institutions.
Forslaget blev ikke vedtaget. I 1967 forelagde Kommissionen Rådet et nyt forslag til 3. direktiv om de samme emner, men heller ikke dette forslag blev vedtaget, idet det faldt efter 10 års frugtesløse forhandlinger i Rådet.
The draft was not adopted.
I mellemtiden var der sket en ændring i de økonomiske forhold, og systemet med faste valutakurser efter Bretton-Woods-aftalerne var begyndt at slå revner overalt.
Meanwhile, the economic context had changed, and the system of fixed exchange rates provided for in the Bretton Woods agreements was beginning to disintegrate.
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 Rom-traktaten indeholdte beskyttelsesklausuler. Der bestod endog i lange perioder kontrol med langfristede kapitalbevægelser, hvilket var i strid med ånden i disse beskyttelsesklausuler.
From the late 1960s onwards, then, the attempts at liberalization came to a standstill; indeed, if we consider the situation at the end of the 1970s, it can be said that some ground had been lost in the liberalization of capital movements compared with the early 1960s, in that several Member States had made wide use of the safeguard clauses contained in the Treaty and, contrary to the spirit of the safeguard clauses, controls on movements of long-term capital had been maintained for lengthy periods.
Senere tog en række lande dog skridt i den rigtige retning.
Free movement of capital, an independent monetary policy, and stable exchange rates form a laudable trio of objectives:
') »Udviklingen af et europæisk kapitalmarked», offentliggjort i november 1966 af Kontoret for De Europæiske Fællesskabers Officielle Publikationer.
(i) free movement of capital contributes to optimum allocation of available financial resources;
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.
(ii) an independent monetary policy is essential for coping with domestic economic constraints and deploying the various instruments available with maximum efficiency; ciency;
Frie kapitalbevægelser, en uafhængig pengepolitik og stabile valutakurser kan ikke forenes
(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 shortterm fluctuations in nominal rates and lasting distortions in real rates, and that the uncertainty engendered by such a system can depress investment and trade.
Frie kapitalbevægelser, en uafhængig pengepolitik og stabile valutakurser er i sig selv meget prisværdige mål, idet:
If policies are to be coherent, one of the objectives must necessarily be abandoned, since economic analysis shows that it is difficult for an open economy to control money supply when exchange rates are fixed because of the free movement of capital.
— Frie kapitalbevægelser bidrager til en optimal allokering af de forhåndenværende økonomiske ressourcer.
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.
— Stabile valutakurser fremmer handelen og bidrager til en vis disciplin i den økonomiske politik.
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.
Man må nødvendigvis give afkald på et af disse mål for at skabe sammenhæng. En økonomisk analyse viser nemlig, at det på grund af kapitalens bevæge lighed er svært for en åben økonomi at styre pengemængder i et system med faste valutakurser.
(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.
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:
(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.
Benelux-landene, har valgt at give afkald på større uafhængighed i deres pengepolitik til fordel for stabile valutakurser og frie kapitalbevægelser.
The fact nevertheless remains that the German mark has fluctuated widely against the major currencies of non-member 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.
At dette er lykkedes, skyldes primært, at den tyske valuta i vidt omfang er den, hvorefter de øvrige valutaer i Fællesskabet indretter sig.
Some went beyond the requirements of Community legislation, whilst others had to resort to safeguard clauses and fell short of their obligations.
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.
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.
At hvert lands finansielle marked fortsat inden for Unionen 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.
The continued existence within the European Union of regulated financial markets at national level appeared somewhat anachronistic, contrasting starkly with the considerable development of international financial relations and the existence of non-specialist inter national financial markets whose distinguishing feature was their capacity to adapt rapidly.
Denne internationalisering kom i første omgang især til udtryk på euromarkederne, der opstod helt tilbage i 60'erne.
Initially, the essential feature of the process of internationalization was the emergence and development of the Euromarkets in the 1960s.
Det var her det private initiativ, der for at udfylde hullerne i det fragmenterede finanssystem på uformelt grundlag gav stødet til et grænseoverskridende kapitalmarked.
Private enterprise took upon itself the task of remedying the shortcomings of the existing fragmented system by establishing informally a transnational capital market.
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.
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.
Internationaliseringen af det økonomiske liv blev yderligere forstærket ved fremkomsten af et globalt — verdensomspændende — marked, der arbejder døgnet rundt og åbner mulighed for at indgå og afvikle transaktioner overalt i verden.
The internationalization of economic life took a further step forward with the develop ment of a global market operating round the clock, with operations being initiated and concluded at different locations.
På dette marked kan låntagerne hente kapital i den valuta og på de vilkår, de finder mest fordelagtige.
On this market, borrowers obtain finance in the currency and on the terms which suit them best.
Og investorerne, der ligger inde med aktiver i flere forskellige valutaer og af forskellig
There were various reasons for this, both technical (telecommunications, data processing, etc.) and economic:
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).
(iii) the fluctuations in exchange and interest rates themselves lead to reactions and protective measures which can just as easily be turned to advantage by speculators (options, futures, etc.);
Der var flere forskellige årsager til denne udvikling, ikke blot teknisk betonede faktorer (udviklingen inden for telekommunikation, edb osv.), men også væsentlige økonomiske faktorer:
(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.
— »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.
Other phenomena are linked to this internationalization:
— 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.
(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;
— 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.
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.
— 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 uden for banksektoren er begyndt også at udføre egentlige bankaktiviteter.
Control measures decided upon by Member States have obviously been affected by market developments. 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.
— 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 har også gjort det lettere at få omsat fordringer og gældsforpligtelser (»securitisation«).
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.
I adskillige medlemsstater har de nationale strukturer tilpasset sig denne udvikling. Mange finanspladser er blevet moderniseret, efterhånden som en lang række nye instrumenter dukkede op på de nationale markeder.
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.
De kontrolforanstaltninger, der iværksættes af medlemsstaterne, påvirkes naturligvis af de ændringer, der er sket på markederne.
It became increasingly rare for anyone to maintain that the control of capital movements was a legitimate or an effective means of keeping exchange rates stable.
Det er ikke ligegyldigt, om et selskab vælger at
All it could do was give the country concerned time to make the necessary adjustments.
Selv de mest omhyggeligt udarbejdede valutaregler kan omgås, når de pågældende virksomheder har adgang til det internationale marked.
This realization led to a gradual shift in the balance between the costs and advantages of maintaining exchange controls in force.
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 1962-direktiverne.
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.
Tredive år efter Rom-traktaten havde de fleste medlemsstater nået en ret høj grad af liberalisering.
Thirty years after the signing of the Treaty of Rome, most Member States had attained a fairly high degree of liberalization.
De havde allerede høstet en række erfaringer og dermed fået mere indgående viden om de bindinger, kapitalens bevægelighed lægger på specielt pengepolitikken.
Sufficient experience had been gained of the principal constraints resulting from the free movement of capital, particularly in the monetary sphere.