natgillin/translations-raw huggingface dataset:
— Den Monetære Union med en gennemgang af den særlige institutionelle struktur (Det Europæiske System af Centralbanker og Den Europæiske Centralbank), der skabes som ramme om den fælles pengepolitik, overgangen fra fastlåste vekselkurser til en enkelt fælles valuta og Unionens valutakurspolitik.
(ii) the exchangerate mechanism, based on a system of stable but adjustable exchange rates, with the participating currencies able to fluctuate within certain margins (at the outset, the normal fluctuation margin was 2.25% in either direction, although some currencies were granted a wider 6% margin; in August 1993, following waves of speculative movements, the fluctuation margin was widened temporarily to 15%);
b) Overgangen fra mellemfasen til den endelige fase og deltagelsen i ØMU'en (kapitel 3):
(iii) credit mechanisms, the most important being the very shortterm financing mechanism, the purpose of which was to allow central banks very shortterm credit facilities that, in principle, were unlimited.
— Proceduren og betingelserne for overgangen til tredje fase skal på den ene side
After a number of years in which parities were adjusted at fairly frequent intervals, such adjustments became increasingly less common as from 1982, thereby ensuring within the EMS a fairly high degree of stability between the Community currencies participating in the exchangerate mechanism.
') En analyse af konsekvenserne af denne artikel 102 A findes i professor J.-V. Louis's undersøgelse, Fra det europæiske monetære system til Den Monetære Union, EF-Kommissionen, Dokument-serie.
11 For an in-depth analysis of the EMS, see J. van Ypersele, 77ie European Monetary System, European Commission, 'European Perspectives' series.
sikre tilstedeværelsen af tilstrækkelig konvergens til at muliggøre ØMU'en og på den anden side være garant for, at ØMU'en bliver troværdig og uigenkaldelig ').
The decision taken in 1988 to liberalize capital movements completely within the Community was, of course, bound to have a major impact on the conduct of monetary policy and the management of the European Monetary System (EMS).
— Man må tage hensyn til, at ikke alle medlemslande kan forventes at opfylde betingelserne for konvergens inden for en kort tidsfrist, og at én,stat har erklæret, at den ikke vil binde sig til den endelige fase.
For, as we noted earlier (see Section 2.3.3), it is not possible to pursue simultaneously the goals of exchangerate stability and monetary-policy autonomy in a situation in which capital movements have been fully liberalized.
c) Indholdet af de to første faser før den endelige etablering af ØMU'en (kapitel 4):
However, major differences remained in Member States' budgetary policies and economic structures.
— den første fase, som var gennemført på tidspunktet for ikrafttræden af den nye traktat
In order to guard against capital move ments, interest rates may have to be adjusted more rapidly and more substantially.
') Et første forsøg på at danne ØMU blev indledt i begyndelsen af 70'erne (Werner-planen), men fejlede.
Such was the aim of the decisions taken by the Community central bank governors at their monthly meeting on 8 September 1987.
Tankerne bag nærværende redegørelse findes i Delorsrapporten og er i høj grad inspireret af det, som Werner-rapporten foreslog dengang.
With a view to promoting more effective use of those instruments, the Committee of Central Bank Governors strengthened the procedure for the joint monitoring of economic and monetary situations and policies in order to arrive at common assessments of both the cyclical position and appropriate policy responses.
Mens ØMU dengang så ud til at være en stor flugt ind i fremtiden fra en urolig verden, er den i dag kronen på værket efter tæt integration af EU-landene på to områder: det indre marked, som er grobund for et stort fælles finansmarked, og det europæiske monetære system (EMS), som har vist bemærkelsesværdige resultater, hvad angår stabile valutakurser, og som har bidraget til disciplin og konvergens i medlemsstaternes økonomiske politik.
This approach produced remarkable results until 1992: during the period 1987-92, there were no general realignments within the EMS, markets were confident as to what the future held, and exchangerate stability seemed to be virtually achieved. However, starting in the second half of 1992, when market pressures were focused first on the currencies of those countries having to contend with economic disequilibria or economic-
At sikre størst mulig stabilitet i valutakurserne inden for Det Europæiske Fællesskab har altid været væsentligt for medlemsstaterne og Fællesskabets institutioner.
Whatever its merits and value in terms of improving the coordination of monetary policies, the approach adopted had its limitations: not all the countries of the Union participated fully in the exchangerate mechanism, either because they had not joined or because they had opted for wider fluctuation margins.
I begyndelsen blev denne stabilitet opretholdt af det internationale monetære system, der udgik af Bretton Wood-aftalerne.
Furthermore, the lack of budgetary policy convergence and the deficiencies in coordinating economic and monetary policies left the system exposed to the shocks that could stem from large-scale speculative movements, even in the absence of any divergence in fundamentals.
Det system, man fandt frem til, blev dog ved med at være skrøbeligt på grund af utallige ind- og udgange af valutaslangen og gentagne valutakursændringer.
In a truly integrated financial area, therefore, there did not appear to be any choice ultimately but to establish an economic and monetary union.
På grundlag af erfaringerne herfra blev det europæiske monetære system oprettet i 1978 '). Det byggede på tre elementer:
On the positive side, the movement towards an economic and monetary union that would make for close integration of economic and monetary policies in the European Union follows on logically from the commitment to create a market without internal frontiers.
— skabelsen af ecu, en kurv sammensat af bestemte mængder af forskellige fællesskabsvalutaer
Establishment of such an economic and monetary union will also bring out the full potential benefits of the single market, making both the latter and the capital market more efficient, boosting the overall productivity of the economy and reducing the Union's sensitivity to fluctuations in third currencies.
Efter i begyndelsen at have været præget af forholdsvis mange valutakursændringer blev disse mere sjældne fra 1982, hvilket gav EMS mulighed for at opretholde en temmelig høj grad af stabilitet mellem de fællesskabsvalutaer, som deltog i valutakursmekanismen.
14 See paragraphs 10 to 14 of the 'Report on economic and monetary union in the European Community' (Delors report), prepared in April 1989 by the Committee for the Study of Economic and Monetary Union.
') For en grundig analyse af EMS henvises til J. van Ypersele, Det Europæiske Monetære System, EF-Kommissionen, Europæisk Perspektiver.
" See Commission study entitled 'One market, one money — An evaluation of the potential benefits and costs of forming an economic and monetary union', European Economy, No 44, October 1990.
Den beslutning, der blev truffet i 1988 om fuldstændig liberalisering af kapitalbevægelserne inden for Fællesskabet, kunne naturligvis ikke undgå at få betydelig indflydelse på den monetære politik og forvaltningen af det europæiske monetære system (EMS).
After analysing past and present developments in economic and monetary integration in the Community, the report, presented in April 1989 and known as the Delors report, describes the final stage of economic and monetary union.
Som allerede bemærket uf· ovenfor, punkt 2.3.3), er det faktisk ikke på samme tid muligt at stræbe mod stabile valutakurser og selvstændig pengepolitik, når man har fuldkommen fri bevægelighed for kapital.
The report takes up again the three necessary conditions for a monetary union set out in the 1970 Werner report, namely:
Der var ganske vist sket betydelige fremskridt i retning af øget konvergens mellem de enkelte EMS-landes økonomiske politik, med en deraf følgende formindskelse af spændingerne inden for systemet.
(ii) the complete liberalization of capital transactions and full integration of banking and other financial markets;
Men der var dog fortsat betydelige divergenser i medlemsstaternes budgetpolitik og økonomiske strukturer.
(iii) the elimination of margins of fluctuation and the irrevocable locking of exchangerate parities.
Liberaliseringen af kapitalbevægelserne var i denne sammenhæng en udfordring i og med, at den gjorde kapitalstrømmene mere uforudsigelige.
It also stipulates that the replacement of national currencies by a single currency should take place as soon as possible after the locking of parities.
Under sådanne omstændigheder må man, hvis man vil undgå hyppige kursjusteringer, være parat til at foretage mere drastiske indgreb, hvilket igen forudsætter, at der findes effektive finansieringsmekanismer.
As to economic union, the report describes it in terms of four basic elements:
For at dæmme op for kapitalbevægelserne kan det f.eks. blive nødvendigt at foretage hurtigere og mere gennemgribende ændringer af rentesatserne.
(i) the single market (to be completed in 1992) within which persons, goods, services and capital can move freely;
Den fremgangsmåde, man blev enig om dengang, var pragmatisk: Samtidig med, at man fortsætter bestræbelserne for at skabe øget konvergens mellem de enkelte medlemsstaters pengepolitik, accepterer man en midlertidig uligevægt, som kan hidrøre fra mangler ved denne konvergens, og man forsøger at genskabe ligevægten ved at styrke EMS-procedur-erne og -instrumenterne.
(ii) competition policy and other measures aimed at strengthening market mechanisms; (iii) common policies aimed at structural change and regional development; (iv) macroeconomic policy coordination, including binding rules for budgetary policies.
Dette var essensen af de beslutninger, som blev truffet af EØF's centralbankchefer på deres månedlige møde den 8. september 1987.
During this stage, the changes to be made to the Treaty of Rome would be prepared and then ratified.
Med henblik herpå besluttede centralbankcheferne at styrke den fælles overvågning af udviklingen i de enkelte medlemsstaters situation og af deres økonomiske politik og pengepolitik, således at der kan foretages en fælles vurdering af såvel konjunkturerne som af de politiske midler, der skal bringes i anvendelse.
The final stage would commence with the move to irrevocably locked exchange rates and would see the organs that had been set up carrying out their tasks to the full. In the course of this final stage, national currencies would be replaced by a single currency.
Denne metode gav bemærkelsesværdige resultater indtil 1992: Fra 1987 til 1992 var der ingen generelle kursjusteringer i EMS; markederne havde tillid til fremtiden; det så ud som om, man havde opnået faste valutakurser. Men fra andet halvår 1992, da markedet
There are two key rules underlying this report: first, the parallelism between monetary union and economic policy convergence and, second, observance of the principle of
begyndte at presse de valutaer, hvis lande havde ubalance i økonomien eller problemer med den økonomiske politik, og derefter de lande, som havde sunde økonomiske forhold, viste det eksisterende monetære samarbejde sig hurtigt at være utilstrækkeligt.
subsidiarity, according to which all functions that could be carried out at national (or regional) level without adverse repercussions on the cohesion and functioning of the economic and monetary union should remain within the competence of the Member States.
På vej mod en Økonomisk og Monetær Union
Initial progress in 1989 and 1990 towards economic and monetary union
Til trods for de gode resultater, denne fremgangsmåde har givet med hensyn til en bedre samordning af de enkelte landes pengepolitik, viste den sig dog også at have sine begrænsninger.
When examining the Delors committee's report at its meeting in Madrid in June 1989, the European Council restated its determination to achieve economic and monetary union and took the view that the report constituted a sound basis for subsequent work.
Det var ikke alle EU-lande, der i fuldt omfang deltog i EMS'ens kursmekanisme — der var nogle, der slet ikke var med i den, og andre, hvis valutaer havde større udsvingsmargener.
It decided that the first stage of the realization of economic and monetary union would begin on 1 July 1990 and that, once it had commenced, an Intergovernmental Conference should be held to decide on the subsequent stages.
Rent bortset fra den mere begrænsede pengepolitiske suverænitet ville den fuldstændige liberalisering af kapitalbevægelser og finansielle tjenesteydelser også påvirke centralbankernes muligheder for en effektiv pengepolitisk regulering.
The European Council confirmed these decisions at its meeting in Strasbourg on 8 and 9 December 1989.
Netop derfor ville der på et fuldt integreret finansielt marked nok kun være én løsning på lidt længere sigt, nemlig at etablere en Økonomisk og Monetær Union.
Having taken note of the report from a high-level working party ('Guigou working party') which identified the main technical, institutional and political issues to be discussed with a view to drawing up a treaty on economic and monetary union, it agreed that the Intergovernmental Conference would take place before the end of 1990.
Udviklingen hen imod en Økonomisk og Monetær Union, som vil indebære en snæver koordination af EU-landenes konomiske og monetære politik, er en helt logisk konsekvens af det indre marked uden indre grænser i Unionen.
On a formal level, the first stage of economic and monetary union began on 1 July 1990.
Det indre marked betyder, at de enkelte medlemsstaters økonomi knyttes langt tættere sammen, og fører til en langt højere grad af økonomisk integration inden for Unionen.
During the first half of 1990, the Council had taken a number of measures aimed at reinforcing the existing cooperation mechanisms in both the economic and the monetary fields.
Den økonomiske afhængighed mellem EU-landene indbyrdes bliver langt større på det indre marked, og dermed reduceres også det enkelte lands manøvremuligheder — det bliver i stadig stigende grad påvirket af, hvad der sker i de andre EU-lande ')·
On 12 March 1990 it had adopted two Decisions designed to enable the first stage as defined in the Delors report to begin on the date set.8fi
Med etablering af Den Økonomiske og Monetære Union vil vi desuden også skabe fuld sikkerhed for at opnå alle de fordele, det indre marked ventes at kunne give. Unionen vil gøre det indre marked mere effektivt, bringe kapitalmarkedet til at fungere bedre, øge økonomiens samlede produktivitet og gøre Unionen mindre sårbar over for udsving i tredjelandsvalutaer.
(i) The first Decision amends the 1964 Decision on cooperation between the central banks of the Member States of the European Economic Community: it extends the role of the Committee of Central Bank Governors and stipulates in particular that the committee is to prepare an annual report for transmission to the Council of Ministers, the European Parliament and the European Council and that it may provide its own research services and set up subcommittees.87
Ikke alene vil man derved kunne eliminere transaktionsomkostningerne og gøre det mindre tillokkende at anvende forskellige priser på forskellige nationale markeder, men indførelsen af en fælles valuta vil også udløse en dynamik, der kan resultere i betydelige økonomiske gevinster.
(ii) The second Decision concerns the attainment of progressive convergence of economic policies and performance during the first stage of economic and monetary union.
samordne pengepolitikken og give Den Europæiske Union større vægt på den internationale scene.
twice a year the economic conditions, prospects and policies in the Community and its Member States, the compatibility of policies within Member States and in the Community at large, and the external economic environment and its interaction with the economy of the Community.
Denne udvikling er imidlertid helt utænkelig, hvis der ikke samtidig skabes tilstrækkelig konvergens i den økonomiske politik.
The Council of Ministers (economic and financial affairs) was responsible for undertaking this multilateral surveillance.
Som den sidste, uundgåelige etape i den europæiske integrationsproces forudsætter etablering af en Økonomisk og Monetær Union øget integration på både det økonomiske og det monetære plan.
Should the convergence of performances not be satisfactory, it could recommend that the Member State concerned adopt appropriate policies.
Det Europæiske Råd nedsatte ved den lejlighed et udvalg bestående af EF-landenes centralbankchefer — der fik sæde i udvalget med personligt mandat — og tre andre særligt udpegede personer, der med Jacques Delors som formand skulle undersøge og foreslå konkrete skridt hen imod denne Union.
This first stage of EMU was deemed important: it was during this stage that, firstly, all Community currencies were to join the EMS exchangerate mechanism on the basis of uniform rules and, secondly, that appreciable progress was to be made towards convergence of economic and budgetary performances.
Ligesom Werner-rapporten fra 1970 pegede Delorsrapporten på følgende tre for udsætninger for Den Monetære Union:
The plan to establish an economic and monetary union between the Member States made it necessary to amend the Treaty of Rome.
— fuldstændig og uigenkaldelig konvertibilitet mellem de forskellige valutaer
In accordance with Article 236 of the Treaty of Rome, an Intergovernmental Conference of representatives of the Member States' governments was to be convened for the purpose of drawing up amendments to the Treaty.
— helt frie kapitalbevægelser og fuldstændig integration af bankmarkederne og de øvrige finansielle markeder
At the Dublin European Council in April 1990, the Heads of State or Government agreed that the conference should conclude its work rapidly so that ratification by Member States could take place before the end of 1992.
— afskaffelse af udsvingsmargenerne og fastlåsning af EF-valutaernes indbyrdes pariteter. ter.
A substantial amount of preparatory work had been carried out by the Monetary Committee and the Committee of Central Bank Governors.
Det pointeres desuden, at de nationale valutaer hurtigst muligt efter den endelige fastlåsning af kurserne skal erstattes af en fælles valuta.
At the European Council meeting in Rome on 27 and 28 October 1990, 11 Member States had given their approval for the second phase of economic and monetary union, which was to start on 1 January 1994, and, to begin with, a new institution will have to be created to reinforce the coordination of monetary policies, establish the instruments and procedures necessary to lead to a single monetary policy in the future, and supervise the development of the ecu.
Med hensyn til Den Økonomiske Union er der ifølge Delorsrapporten fire grundforudsætninger, der må være opfyldt:
Broadening the context in which the Intergovernmental Conference on Economic and Monetary Union had been convened, the Heads of State or Government decided, at the European Council meeting in Dublin in June 1990, that the conference would be held in tandem with a second Intergovernmental Conference on Political Union, which would deal with the political and institutional reinforcement of the Community.
— det indre marked i 1992 med fri bevægelighed for personer, varer, tjenesteydelser og kapital
The two Intergovernmental Conferences on Political Union and on Economic and Monetary Union were formally opened in Rome on 15 December 1990.
— en fælles politik til fremme af strukturtilpasning og regionaludvikling — samordning af den makroøkonomiske politik med bindende budgetregler.
On 9 and 10 December 1991 in Maastricht, the Heads of State or Government reached agreement on a draft Treaty incorporating the results of the work of the two Intergovernmental Conferences.
Økonomiske og Monetære Union skal etableres og gradvis træde i funktion.
The Treaty on European Union was signed in Maastricht on 7 February 1992.
Den endelige etape starter med overgangen til fastlåste valutakurser, og i løbet af denne etape skal de organer, der blev etableret under anden etape, overtage alle deres funktioner og opgaver.
It came into force on 1 November 1993 after being ratified by the 12 Member States in accordance with their respective constitutional requirements.88
Men man må dog ikke af den grund glemme, at Den Økonomiske og Monetære Union i den endelige etape nødvendigvis indebærer en afgivelse af suverænitet.
It should be remembered that the European Union is based on three pillars:
De første milepæle på vejen til en Økonomisk og Monetær Union (1989 og 1990)
The Treaty on European Union amends the Treaty of Rome accordingly;
Ved gennemgangen af Delorsrapporten på mødet i Det Europæiske Råd i Madrid i juni 1989 gentog stats- og regeringscheferne, at de var fast besluttede på at gennemføre denne union og udtalte, at Delorsrapporten udgjorde et godt grundlag herfor.
(ii) a common foreign and security policy; (iii) cooperation in the fields of justice and home affairs.
De vedtog, at den første etape hen imod Den Økonomiske og Monetære Union skulle påbegyndes den 1. juli 1990, og at der derefter skulle afholdes en regeringskonference til fastlæggelse af indholdet i de efterfølgende etaper.
However, unlike its 'economic and monetary union' aspect, the 'political union' aspect of this Treaty is the subject of arrangements which, at this stage, have been incorporated only partially into the Community structure.
Dette blev beseglet på Det Europæiske Råds møde i Strasbourg den 8.-9. december 1989.
" Generally by parliamentary approval but by referendum in a few cases.
Rent formelt trådte den første etape hen imod Den Økonomiske og Monetære Union i kraft pr. 1. juli 1990.1 løbet af første halvår 1990 traf Rådet en række foranstaltninger til styrkelse af de eksisterende samarbejdsmekanismer, både på det økonomiske og det monetære område.
Article R of the Treaty stipulates as follows: 'This Treaty shall enter into force on 1 January 1993, provided that all the instruments of ratification have been deposited, or, failing that, on the first day of the month following the deposit of the instrument of ratification by the last signatory State to take this step.'
Rådet vedtog således den 12. marts 1990 to afgørelser, der skulle lette iværksættelsen af første etape på den fastsatte dato i overensstemmelse med planerne i Delorsrapporten '):
The ratification process was longer than initially anticipated owing to the need for a second referendum in Denmark and to appeal proceedings before United Kingdom courts and the German constitutional court.
— Den første afgørelse er en ændring af afgørelsen fra 1964 om »samarbejdet mellem centralbankerne i Det Europæiske Fællesskabs medlemsstater«.
Germany was the last Member State to ratify the Treaty, on 12 October 1993.
Arbejdet stod faktisk på i et år. Den 9. og 10. december 1991 nåede stats­ og regerings­cheferne, som var samlet i Maastricht, til politisk enighed om en traktat, der skulle sammenfatte resultaterne af arbejdet på disse to regeringskonferencer.
The decision to bring about EMU is undoubtedly one of the most important achievements of the negotiations conducted within the framework of the two Intergovernmental Conferences.
Traktaten om Den Europæiske Union blev underskrevet i Maastricht den 7. februar 1992. Den trådte i kraft den 1. november 1993 efter at være ratificeret af de tolv medlemslande i overensstemmelse med deres respektive forfatning ').
The plan adopted for achieving EMU is based directly on the broad principles set out in the Delors report (see Section 1.3 above), particularly as regards the basic features of monetary union and economic union, the timetable for completing EMU (three-stage process) and certain key rules such as the parallelism between monetary union and economic policy convergence, and compliance with the principle of subsidiarity.