natgillin/translations-raw huggingface dataset:
Ud fra et rent videnskabeligt synspunkt bør disse tal fortolkes med en vis forsigtighed på grund af metodologiske vanskeligheder og undersøgelsesdataenes empiriske og heterogene beskaffenhed, men også på grund af, at det er vanskeligt at tage højde for en række inducerede dynamiske elementer (innovationsgevinster, stimulering af virksomhedssektoren som følge af ophævelsen af barrierer osv.).
From a scientific viewpoint, the findings of such a study should be viewed with some caution given the methodological difficulties, the empirical and heterogeneous nature of the data on which the study was based and the impossibility of taking into account a number of induced dynamic factors (reactions of firms that did more than simply eliminate inefficiency, the stimulus provided by innovation, etc.).
I øvrigt var den økonomiske situation på det tidspunkt, hvor undersøgelsen blev foretaget, væsensforskellig fra den recession, som medlemslandene var inde i, da det indre marked trådte i kraft.
Moreover, the economic circumstances prevailing at the time the study was being carried out were fundamentally different from the recession in which Member States found themselves when the internal market came into operation.
Rapportens største fortjeneste er nok, at den har påvist, hvilke mekanismer (konkurrence osv.) der vil give Den Europæiske Union de største fordele ved at have gennemført det indre marked, og at det er fordele, vi ellers ikke ville have opnået.
The study's greatest merit is that it identifies the mechanisms (competition, etc.) whereby the European Union will be able to derive substantial benefits from completion of the single market, benefits which it would not otherwise have enjoyed.
') Resultaterne af denne undersøgelse er samlet i en bog, der sigter på et bredt publikum, og som er udgivet på alle EU-sprog af private forlæggere.
In order to assess the effects of the single market from a microeconomic angle, account should be taken in particular of the following:
Den danske udgave med titlen »Europa '92 — Realiseringen af det Indre Marked« er udgivet på Børsens Forlag.
(i) the measures taken have been put in place gradually; there was no 'big bang' associated with the internal market and some of the measures adopted have not yet come into force;
En mere detaljeret økonomisk analyse blev offentliggjort i European Economy nr. 35, marts 1988, med titlen »The economics of 1992 — An assessment of the potential economic effects of completing the internal market of the European Community«.
(ii) supplementary measures will be taken, notably as part of the 'strategic programme for the internal market' (see Section 1.1.4 below);
Resultaterne af de mange sektorale undersøgelser på virksomhedsplan samt rapporterne om de undersøgelser, der er foretaget af konsulenter, er blevet offentliggjort af Kommissionen i »Dokument» -serien.
(iii) as a result of the economic recession, many firms in the European Union have become very cautious and have not responded immediately to the opportunities available. It will be some time, therefore, before economic operators are able to exploit these new opportunities.
Da Kommissionen i december 1993 aflagde rapport til Rådet om overgang til anden fase af Den Økonomiske og Monetære Union (rapport i henhold til artikel 109E i traktaten om Den Europæiske Union) '), gav Kommissionen en foreløbig bedømmelse af de økonomiske konsekvenser af det indre marked.
In December 1993 the Commission sent to the Council, as part of the examination carried out by it in preparation for the move to stage two of economic and monetary union (report pursuant to Article 109e of the Treaty on European Union)," an initial assess ment of the economic effects of the internal market programme.
Idet den understregede, at det var for tidligt — især af ovennævnte grunde — at foretage en samlet vurdering af disse konsekvenser, lod den forstå, at foranstaltningerne til det indre marked havde givet anledning til forberedelser, som havde virket som katalysator for kvalitative ændringer af konkurrenceforholdene i Fællesskabet.
While stressing that it was too early to make a comprehensive assessment, especially for the reasons mentioned above, the Commission suggested that the anticipatory effects generated by the pro gramme were already acting as a catalyst for a qualitative change in the nature of competition within the European Union.
I rapporten skønnede den bl.a., at kapitalbevægelser, direkte investeringer inden for Fællesskabet, koncentrationer og erhvervelse af kapitalinteresser på tværs af grænserne og samhandelen mellem de sektorer, der blev berørt af Fællesskabets harmoniseringsbestræbelser, vidnede om vigtige ændringer i økonomien.
In its report, it took the view inter alia that capital movements, direct intra-Community investment, crossfrontier mergers and acquisitions, and trade in those sectors affected by Community harmonization were already bearing testimony to the existence of major economic changes.
Økonometriske beregninger viser ifølge Kommissionen, at integrationens påvirkning af den økonomiske vækst i gennemsnit kan bedømmes til en forøgelse i vækstraten på ca. 0,4% om året i perioden 1986-1992.
According to the Commission, the econometric calculations show that, on average, the contribution made by integration to economic growth was equivalent to some 0.4% a year over the period 1986-92.
Kommissionen har allerede påtaget sig at foretage en grundig analyse af de økonomiske konsekvenser af det indre marked, og resultatet vil blive forelagt Rådet i 1996.
The Commission has undertaken to make an in-depth assessment of the economic effects of the internal market and will present the findings to the Council in 1996.
Kommissionens hvidbog og fællesakten fastsatte den endelige frist for gennemførelse af det indre marked til den 1. januar 1993.
Both the Commission White Paper and the Single European Act set 1 January 1993 as the deadline for the completion of the internal market.
På denne dato havde Rådet vedtaget 95% af hvidbogsprogrammet (264 forslag af 282).
On that date 95% of the legislative programme provided for in the White Paper had been enacted by the Council (264 out of 282 proposals).
Angående gennemførelsen i national ret kan resultatet siges at være tilfredsstillende3): I sin XXVII almindelige beretning om De Europæiske Fællesskabers virksomhed (1993)
Communities (1993), the Commission estimated that 87% of the necessary transposai measures had been taken by Member States.
For nærmere oplysninger se rapporten af 8. december 1993, »Fremskridt med hensyn til den økonomiske og monetære konvergens og gennemførelsen af fællesskabsbestemmelserne om det indre marked«, dok.
An analysis by sector shows that transposai has been completed or is above average in the following fields: free movement of capital, banking services and securities, company taxation, VAT and excise duties.
SEK(93) 1755 endelig udg. og rapport af 14. marts 1994, »Fællesskabets indre marked«, beretning 1993, dok. KOM(94) 55 endelig udg.
By contrast, major delays have been encountered as regards transposai in the fields of company law, intellectual property, public procurement and insurance in particular.
Udvikling på det indre marked er en dynamisk og fortsat proces.
The internal-market process is a dynamic and continuous one.
Der bør lægges særlig vægt på, at det fælles marked fungerer godt.
Special importance must be attached to its smooth functioning.
Til at undersøge, om dette er tilfældet, nedsatte Kommissionen en gruppe af højtstående eksperter — den såkaldte Sutherland-gruppe.
A high-level group chaired by Mr Sutherland was instructed to undertake a study.
Sutherland-gruppen har udformet en lang række henstillinger om, hvordan man kan følge udviklingen på det indre marked og styrke det, med hovedvægten lagt på nødvendigheden af at skabe øget gennemsigtighed i EU-lovgivningen og dens gennemførelse samt styrke partnerskabssamarbejdet med med lemsstaterne og kontrolreglerne. Disse henstillinger vil af Kommissionen og Rådet blive brugt som inspirationskilde i det videre arbejde.
Its recommendations focused on the monitoring and strengthening of the single market, placing special emphasis on the need to implement Community legislation and to make it more transparent and on the need to reinforce both the partnership with the Member States and the monitoring rules.
Inspireret af disse henstillinger og i betragtning af reaktionerne herpå vedtog Kommissionen i december 1993 et »strategisk program« for det indre marked med titlen »optimering af det indre marked« '), som har fået støtte af Rådet.
On the basis of the recommendations set out in that report and the reactions to it, the Commission adopted in December 1993 a strategic programme entitled 'Making the most of the internal market', '" which was endorsed by the Council.
Følgende elementer skal fremhæves:
The following should be highlighted:
— ønske om at styrke det administrative samarbejde for bedre at kunne forvalte EU-lovgivningen
(i) determination to reinforce administrative cooperation so as better to manage Community legislation;
— nødvendigheden af at forbedre gennemsigtigheden i EU-reglerne, især ved hjælp af en aktiv informationspolitik over for borgerne og virksomhederne og en bindende »kodificering« af EU-retten
It will be remembered that the Single European Act had inserted into the Treaty a provision (Article 100b) whereby, during 1992, the Commission together with each Member State would draw up an inventory of national laws, regulations and administrative provisions which had not been harmonized and whereby the Council could decide that the provisions in force in a Member State should be recognized as being equivalent to those applied in another Member State.
Det bemærkes i øvrigt, at fællesakten indførte en bestemmelse (artikel 100B) i traktaten, der indebar, at Kommissionen i løbet af 1992 med hver medlemsstat skulle gennemgå de nationale love og administrative bestemmelser, der ikke var blevet harmoniseret i henhold til nævnte artikel, og at Rådet kunne vedtage, at bestemmelser, der var gældende i én medlemsstat, skulle anerkendes som værende ligeværdige med bestemmelser, der anvendtes af en anden medlemsstat.
Creating a single internal market confers a new dimension to the process of financial integration: there was no question of a Europe without frontiers by 1992 in the absence of
For man kan ikke forestille sig det store indre marked uden frie kapital bevægelser og fri udveksling af finansielle tjenesteydelser.
free movement of capital and financial services.
Frihed på dette område var et helt nødvendigt supplement til de øvrige foranstaltninger i forbindelse med det indre marked.
This was an essential complement to the other aspects of the internal market.
Den frie bevægelighed for varer, tjenesteydelser og personer, der er målet for et virkeligt indre marked, skal navnlig være ensbetydende med, at virksomheder og privatpersoner overalt inden for Den Europæiske Union har adgang til effektive tjenesteydelser.
The free movement of goods, services and individuals, which is the aim of a true internal market, means in particular that businesses and individuals throughout the European Union have access to efficient financial services.
Og at de frit kan vælge netop de ydelser, der passer dem bedst.
Moreover, they must be free to choose for themselves the services they consider most efficient.
Sideløbende hermed tager den nedbrydning af skrankerne mellem de finansielle markeder inden for Unionen, der følger i kølvandet på gennemførelsen af det indre marked i finanssektoren, sigte på at sikre den bedst mulige fordeling og udnyttelse af opsparingen og dermed fremme den økonomiske udvikling i Unionen.
At the same time, the decompartmentalization of financial markets resulting from the creation of a unified financial market is designed to ensure that European savings are distributed and used in the best possible way, thereby promoting the Union's economic development.
Låntagere må kunne rejse kapital dér, hvor det er billigst, og hvor de kan opnå de bedste vilkår, samtidig med at investorer og långivere — såvel virksomheder og private som banker og andre institutioner — må kunne udbyde deres kapital dér, hvor der vil være størst interesse for netop deres kapital.
Borrowers must be able to obtain capital where it is cheapest and best tailored to their needs, while investors and suppliers of capital — both private and institutional — must be able to offer their resources on the market where other economic agents show the greatest interest.
En integreret finanssektor må desuden have et effektivt betalingssystem, der kan lette afviklingen af alle løbende transaktioner og kapitaltransaktioner inden for Unionen og mindske transaktionsomkostningerne.
Furthermore, an integrated financial system should include an efficient payments network which facilitates the settlement of all current and capital transactions within the Union and reduces the costs inherent in such settlement operations.
Det indbyrdes samspil
Interaction
Ved nærmere eftersyn viser det sig, at når det drejer sig om at skabe en virkelig integreret finanssektor, hvor forskelle i de nationale lovgivninger ikke lægger hindringer i vejen for finansielle aktiviteter på tværs af grænserne, består der en meget nøje sammenhæng
The measures needed in respect of capital movements and financial services turn out to be closely complementary when we consider them against the need to create a truly integrated area in which financial operators can pursue their activities without the restrictions and interruptions which result from differing national regulations.
') Meddelelse fra Kommissionen til Rådet og Europa-Parlamentet, »Forvaltning af den gensidige anerkendelse af nationale regler efter 1992«, dok. KOM(93) 669 endelig udg. af 15. december 1993.
The removal of restrictions on movements of capital is an essential precondition for the establishment of an integrated financial market: what sense is there in the term 'integrated financial market' if the 'goods' traded on that market (i.e. the capital) cannot circulate freely?
Med hensyn til kapitalbevægelser fremstår en liberalisering som en helt nødvendig forudsætning for denne integrerede finanssektor — for hvordan kan man tale om et integreret finansmarked, så længe der ikke er skabt helt fri bevægelighed for den »vare«, der handles på dette marked, nemlig kapital?
However, such an integrated area also presupposes tighter constraints than those which would prevail in a mere financial free trade zone: a minimum of harmonization of the rules on monitoring financial institutions and on protection for savers is essential if we are to:
Liberalisering af kapitalbevægelserne er helt klart en nødvendighed for fri udveksling af finansielle tjenesteydelser.
(i) ensure that the financial system remains stable; (ii) guarantee satisfactory conditions of competition in the supply of financial services; (iii) maintain adequate protection for savers.
De må have adgang til banksystemet i alle medlemsstaterne og kunne benytte sig af alle de finansielle instrumenter, der findes.
Creating an integrated financial market was a challenge for Europe.
For pengeinstitutternes vedkommende indebærer dette, at de må have absolut frihed til at tilbyde deres ydelser og eventuelt etablere sig hvor som helst i Unionen.
If the internal market were to be completed, we not only had to take up this challenge, we had to succeed.
— stabiliteten i det finansielle system — fair konkurrence mellem pengeinstitutterne — rimelig beskyttelse af sparere og investorer.
For this reason, there had to be a suitable framework.
Fordele og risikomomenter
Advantages of the undertaking
Skabelsen af et integreret finansielt marked var en udfordring for Europa.
Most credit institutions adapted their strategies before 1 January 1993.
Dette forehavende stillede mange fordele i udsigt, men indebar tillige visse risici. Liberaliseringen af kapitalbevægelser og finansielle tjenesteydelser skulle tjene den økonomiske udvikling og den indre samhørighed i Unionen.
Lower intermediation costs, improved resource allocation and a greater volume of saving and hence of investment: these are the beneficial effects of an integrated financial system on the European Union's potential for growth.
Og netop derfor måtte den lægges i passende rammer.
Given that the services sector, and financial services in
Fra pengeinstitutternes synspunkt
From the viewpoint of economic agents
I takt med liberaliseringen af kapitalbevægelserne og fjernelsen af hindringerne for den frie udveksling af finansielle tjenesteydelser vil de finansielle systemer i de enkelte lande blive udsat for en betydeligt hårdere konkurrence. Det er en situation, de må tilpasse sig.
Broadly speaking, the advantages to be gained by economic agents from a unified financial market can be summed up in four words: lower costs, wider choice.
Der var ikke mange banker eller andre pengeinstitutter, der afventede skæringsdatoen, den 1. januar 1993, før de gik i gang med at tilpasse deres strategier til den nye situation.
A reduction in the cost of financial intermediation resulting from competition and economies of scale reduces businesses' financial costs, which currently account for a large proportion of their operating profits.
Der er således tale om en gradvis tilpasning. Den indebærer, at der vil ske moderniseringer, specialiseringer, samarbejde og koncentrationer.
An upheaval in the existing channels through which the private sector is financed is not expected, at least initially.
Et integreret finansmarked vil resultere i lavere transaktionsomkostninger, bedre ressourceallokering, øget opsparing og dermed også øgede investeringer, hvilket helt klart vil få positive indvirkninger på Den Europæiske Unions vækstpotentiel.
They will continue to do so, and international markets will no doubt remain their preserve. For such businesses, the removal of controls on capital is expected to induce a certain preference for financing in Community currencies.
Endelig kan liberaliseringsprocessen forventes at sætte mere skub i og styrke den finansielle sektor i Europa, således at den bliver bedre i stand til at imødegå den stadigt voksende internationale konkurrence fra især USA og Japan.
(ii) Removal of controls is undoubtedly being felt more keenly by small and mediumsized businesses, which did not previously enjoy access to international markets.
Servicesektoren — og specielt den finansielle — spiller i dag en stor rolle for både bruttonationalindkomst, beskæftigelse og betalingsbalance i alle lande.
With the opening-up of national financial markets, they are able to obtain improved credit terms and foreign-currency loans and are better able to finance their capital require ments.
Denne rolle kan ikke undgå at blive endnu større i fremtiden — og netop derfor vil en styrkelse af banksektoren være forbundet med ikke så få fordele.
They also enjoy access to new financial products, hitherto reserved for the few.
Fra erhvervslivets, de private investorers og det offentliges synspunkt
For these businesses, setting up the integrated financial market will tend to smooth out the factors of competition.
De fordele, et fælles finansmarked kan give erhvervslivet, de private investorer og det offentlige, kan kort sammenfattes i lavere omkostninger og større valgmuligheder. Lad os se nærmere på disse fordele.
Any distortions resulting from varying financial conditions or differing financial products on national markets will automatically disappear.
a) Erhvervslivet
(b) Savers
Der burde givet ikke — i hvert fald ikke i første omgang — blive tale om større omvæltninger i de nuværende finansieringskredsløb i den private sektor, men konsekvenserne bliver forskellige alt efter virksomhedernes størrelse:
Borrowers, meanwhile, can expect access to a wider range of means of finance that will be less expensive and better suited to their needs.
— Virkningen af en liberalisering bliver utvivlsomt mere følelig for de små og mellemstore virksomheder, som ikke har adgang til det internationale marked.
In a number of countries, the public sector had access to preferential financial networks.
De kan takket være åbningen af de nationale finansmarkeder opnå bedre vilkår for kreditter, valutalån og finansiering af deres kapitalbehov.
Although such sources of finance continue to exist after the removal of all controls on the movement of capital, governments no longer have any direct means of tapping residents' savings and have to accept terms of finance for public borrowing similar to those applying to the private sector.
De får ligeledes adgang til nye finansielle produkter, der hidtil har været forbeholdt de få.
The cost of financing budget deficits, which more closely approximates to the true cost, thus limits the scope for pursuing irresponsible budgetary policies.
For disse virksomheder vil et integreret finansielt marked skabe mere lige konkurrence vilkår.
At the same time, the lifting of exchange controls has made it impossible to hide the need for essential economic or monetary adjustments or to defer such adjustments.
De fordrejninger, som skyldes forskelle i finansieringsvilkårene og de produkter, der tilbydes på de nationale markeder, vil forsvinde af sig selv. Virksomhederne i de forskellige medlemsstater bør således kunne stå på lige fod på dette område.
With regard to the realization of economic and monetary union, it has been deemed necessary to go further: since 1 January 1994 any measure establishing privileged access by the private sector to financial institutions has been prohibited (Article 104a, as inserted by the Union Treaty — see Part Two, Section 2.1.2).
De private investorer får gavn af et større udbud af investeringsprodukter med deraf følgende bedre muligheder for at sprede deres risiko og opnå et mere gunstigt forhold mellem risiko og afkast. De vil også lettere kunne realisere deres investeringer, efterhånden som der bliver flere og større sekundære markeder.
To do this, they estimated the prices of a series of representative financial products before and after the abolition of legislative barriers, and in particular exchange controls. '6
Samtidig får også låntagerne adgang til et større udbud af forskellige finansieringsformer, der kan gøre det billigere for dem at få dækket deres finansieringsbehov.
The price reduction arrived at for the eight countries examined (10%) corresponded to ECU 21 000 million in terms of a static reduction in the cost of financial services for the economy, or 0.7% of GDP.
Desuden må fremhæves den yderligere fordel, der ligger i, at ophævelsen af kontrollen med grænseoverskridende kapitalbevægelser vil sætte den enkelte i stand til at færdes frit og indgå transaktioner af f.eks. økonomisk, finansiel eller familiemæssig karakter med borgere i andre lande uden at blive underlagt kontrol og formaliteter.
Their second conclusion was that the extent of the price reduction would probably vary quite significantly from one country to another: the sharpest fall was expected in Spain (21%); Italy, France, Belgium and Germany were likely to appear in the intermediate category (with figures of 14%, 12%, 11% and 10% respectively); the lowest price falls were expected in Luxembourg, the United Kingdom and the Netherlands (8%, 7% and 4% respectively).
I mange lande havde den offentlige sektor allerede adgang til særligt gunstige finansieringsformer, og disse finansieringskilder vil naturligvis fortsætte med at bestå også efter en fuldstændig liberalisering af kapitalbevægelser, men staten vil ikke længere have mulighed for direkte at sætte sig på den private opsparing.
Finally, the experts brought together by the Commission noted that the discrepancies between countries seemed to be linked to a particular economic structure or regulatory environment.
Den vil blive nødt til at acceptere nogenlunde samme lånevilkår ved finansiering af statsgælden som den private sektor.
Falls in prices should thus vary considerably between one subsector and another within each country.
Omkostningerne ved at optage lån til dækning af budgetunderskud vil således nærme sig det almindelige renteniveau og begrænse statens muligheder for at føre en uansvarlig budgetpolitik.
To take an example in the field of banking, the reduction in