natgillin/translations-raw huggingface dataset:
Erfaringerne viste, at liberaliseringen af kapitalbevægelser i første omgang gav sig udslag i ændringer i valutaindlændingenes investeringsmønstre (de fik adgang til nye investeringsformer, som de hidtil var forment adgang til).
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.
Der var i princippet tale om en engangsforeteelse.
In theory, this is a one-off effect.
En anden konsekvens, hvis virkninger var af mere varig karakter, bestod i, at de kortfristede kapitalbevægelser blev øget, alt efter den forventede valuta kurs- og renteudvikling.
Another, more lasting consequence is obviously the potential increase in flows of shortterm capital induced by exchangerate expectations or interest-rate differentials.
Hvor stor indvirkning dette fik, afhang især af, hvor restriktivt eller liberalt det hidtidige system var, og hvor stor tilliden var til det pågældende lands valuta.
The extent of these effects has varied, depending in particular on the previous degree of liberalization and on market confidence in the national currency.
I nogle lande, som f.eks. 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 valutamarkedet og lagde et betydeligt pres på pengepolitikken.
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.
Dette hænger sammen med, at frie kapitalbevægelser gør det meget vanskeligt at fastsætte og fastholde reele rentesatser på de indenlandske markeder, der ikke kan
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.
konkurrere med satserne på udenlandske markeder, fordi de finansielle markeder er så snævert forbundet indbyrdes, og fordi der faktisk altid er mulighed for at vælge mellem indenlandsk og udenlandsk finansiering.
The creation of a single financial market 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 . æret nødt til at tilpasse de metoder, der anvendes til at regulere penge mængden.
The first ones, adopted in 1989, concerned the banking sector. Parallel measures were then taken in the insurance field and in the securities field.
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 den hidtil fulgte fremgangsmåde, der var baseret på et 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.3' The programme was implemented in two phases:
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 an nounced its proposals for implementing this second stage and transmitted them to the Council.32
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.
12 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.
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.
(ii) 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);3S
— Der blev åbnet mulighed for helt frie kapitalbevægelser inden for Den Europæiske Union ved direktivet af 24. juni 1988, som trådte i kraft den 1. juli 1990.
Previously, restrictions could be placed on all such operations.37The scope of this liberalization was substantial, considering both the volume of liquid assets on international markets and their extremely volatile nature.
— I overensstemmelse med Den Økonomiske og Monetære Union blev disse bestemmelser, især vedrørende tredjelande, skærpet af Maastricht-traktaten.
It should be pointed out, however, that financial innovation had already largely undermined the traditional separation between the short and long-term segments of financial markets.
— Der blev vedtaget en række direktiver vedrørende finansielle tjenesteydelser for at sikre den fuldstændig frie etableringsret og frihed til at yde tjenester.
The principle of freedom of capital movements also presupposed that transfers in connection with such movements 'shall be made on the same exchange rate conditions as those governing payments relating to current transactions' (Article 1(2) of the Directive).
De første direktiver, vedtaget i 1989, drejede sig om banksektoren.
This provision logically entailed the disappearance of the dual exchange market in operation at that time in Belgium and the Grand Duchy of Luxembourg.
Tilsvarende bestemmelser blev derefter gennemført inden for forsikrings- og værdipapirsektoren.
It was stipulated, however, that that system could be maintained temporarily until 31 December 1992 on condition that it was administered in such a way that the rates ruling on the two markets showed no appreciable and lasting differences (Article 6(3) and Annex V).
I maj 1986 forelagde Kommissionen Rådet et program for en »fuldstændig liberalisering af kapitalbevægelser« '), der byggede på tankerne i hvidbogen. Dette program blev gennemført i to etaper:
'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 ...'
— Den første etape blev afsluttet med vedtagelsen af direktivet af 17. november 1986 (jf· punkt 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.
This principle confirmed what was already widely practised by the Member States. Such practice was to be continued in the context of the reinforcement of the Community integration process.
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.
The Community's attitude to third countries was to be a liberal one, for a number of reasons:
— Under den anden etape blev det sidste, afgørende skridt taget til den fuldstændige liberalisering af alle kapitalbevægelser.
Account should be taken in a nondiscriminatory 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.).
Kommissionen havde i november 1987 fremsat forslag herom i Rådet2).
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.
') Program for liberalisering af kapitalbevægelser, 23.5.1986 (KOM(86) 292 endelig udg.). !)
" To facilitate application of the Directive, capital movements are classified in accordance with a nomenclature annexed to the Directive. "
Se navnlig direktivforslaget om gennemførelse af traktatens artikel 67, der indledes med en meddelelse til Rådet om
Only one exception remained: for special reasons, existing national legislation governing the purchase of second homes could be retained until the Council adopted other provisions in this field.
»Skabelse af et integreret finansielt område i Europa« (KOM(87) 550).
This exception was confirmed in the Maastricht Treaty (see the Protocol on the acquisition of property in Denmark).
Dette direktiv fastsatte tidsplanen og de nærmere vilkår for den fuldstændige liberalisering af kapitalbevægelser i EF.
(i) the Treaty advocates the highest possible degree of liberalization (Article 70(1));
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.
(ii) for reasons of economic efficiency, the Community should opt for a very open approach to the outside world: it should therefore endeavour to attain the highest possible degree of liberalization vis-à-vis third countries in the field of capital movements;
Direktivet af 24. juni 1988 gik ud på at udvide liberaliseringsprincippet i Rom­traktatens artikel 67, stk. 1 (jf. ovenfor, punkt 2.2.1), til at gælde for alle former for kapital­bevægelser.
The affirmation, in the very body of the Directive, of this wish to attain the highest possible degree of liberalization in dealings with third countries constituted a political commitment on the part of the Member States.
Disse direktiver blev ophævet ved 1988­direktivet, med virkning fra den 1. juli 1990.
It had been deemed that there were several reasons, however, for not making the commitment legally binding.
Kommissionen fandt det i øvrigt ikke hensigtsmæssigt at opdele den sidste liberaliserings­etape i flere faser.
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: through a safeguard clause?
Og desuden var opfattelsen den, at et virkeligt gennembrud kun kunne opnås med en fuldstændig liberalisering.
What would be the penalty for failure by Member States to observe the commitment given in respect of third countries?
Princippet var således en fuldstændig liberalisering af kapitalbevægelser.
Would any means of appeal be available to third countries?
»Medlemsstaterne ophæver alle restriktioner for kapitalbevægelser, der finder sted mel­lem valutaindlændinge i medlemsstaterne«, hedder det i artikel 1 i dette direktiv.
(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 third countries; nor was such a commitment strictly justifiable on the basis of reciprocity (no third country has entered into such a commitment vis-à-vis the Community).
— 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.
The Directive also stipulated that, where capital movements to or from third countries seriously disturbed the domestic or external monetary or financial situation of one or more Member States, the latter were required to consult with one another on the measures to be taken to counteract such difficulties (Article 7(2)).38
Liste A og Β samt — i mindre omfang — liste C i bilaget til 1960­ og 1962­direktiverne, liste A og B som ændret ved
Except for those Member States granted a transitional period, the Directive provided for capital movements to be fully liberalized by 1 July 1990.
— Den dækker alle kapitaltransaktioner2).
In this way, they also expected to benefit from the positive impact of such announcements.
Der var tale om liberalisering af alle de transaktioner, som indtil da kunne underlægges restriktioner — dvs. specielt kortfristede finanskreditter, transaktioner vedrørende pengemarkedsinstrumenter (dvs. kortfristede transaktioner, i modsætning til de langfristede på kapitalmarkedet) og åbning af konti i fremmed valuta3).
On 1 January 1990 France abolished its last remaining restrictions on the opening of accounts abroad and of foreign-currency accounts with domestic banks.
Det var en meget vidtgående liberalisering, set i forhold til den store mængde likvide midler på de internationale markeder og disses yderst flygtige karakter.
In two stages (January and May 1990), Italy also lifted the last exchangecontrol measures still in force.
Det må dog siges, at den innovation, der forinden havde fundet sted i finanssektoren, allerede havde udhulet den traditionelle sondring mellem de finansielle markeders korte og lange delsektorer.
Similarly, the Member States which had been allowed more time to liberalize capital movements fully made considerable and very rapid progress in that direction.
Princippet om helt frie kapitalbevægelser indebar i øvrigt, at overførsler i tilknytning til sådanne kapitalbevægelser kunne »foregå under samme valutabetingelser som dem, der gælder for betalinger i forbindelse med løbende transaktioner« (direktivets artikel 1, stk. 2). Den logiske konsekvens heraf var, at det daværende dobbelte valutamarked i Belgien og Luxembourg måtte afskaffes.
In order to accommodate some of the Member States' legitimate concerns, the Directive laid down certain procedures for liberalizing capital movements.
Det blev dog fastsat, at dette system imidlertid kunne opretholdes indtil den 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. 3, samt bilag V).
Where necessary, they were to be able to deal with massive shortterm capital flows and to be in a position to guarantee effective application of their national laws and regulations.
»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).
Whatever measures are taken to reinforce monetary cooperation between Member States (see Section 3.3), the conduct of monetary policy will remain a national responsibility until such time as economic and monetary union is achieved. It has to be based on instruments and markets designed and organized in such a way as to ensure their efficiency, particularly in view of the constraints arising from the complete liberalization of capital movements.
') 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 EU-lande eller alt efter investeringernes lokalisering.
Accordingly, the Directive recognized 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).
Der må heller ikke udøves forskelsbehandling ved opstilling af de forskellige kriterier såsom kursrisiko eller sikkerheden i forbindelse med visse former for investeringer (aktier eller obligationer, privat eller offentlig låntager osv.) — kun i rent ekstraordinære tilfælde kan tilsynsmæssige hensyn tjene som begrundelse for begrænsninger i de frie kapitalbevægelser, og da kun i det omfang, hvor det er strengt nødvendigt for at nå det tilsigtede mål.
These measures, which the monetary authorities could take even if they affected capital transactions carried out by credit institutions, included:
) For at lette anvendelsen af direktivet er kapitalbevægelserne klassificeret efter en nomenklatur, der findes i direktivets bilag.
(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.
') Der var kun én undtagelse fra denne regel — nemlig at der, indtil Rådet træffer anden afgørelse, fortsat var mulighed for at opretholde nationale bestemmelser om køb af fritidsboliger, når særlige grunde taler herfor.
In order to prevent monetary policy being used as a pretext for introducing disguised restrictions on capital movements, the Directive provided for a Community monitoring procedure: if Member States took such measures, they were to notify them to the Commission as well as to the Monetary Committee and the Committee of Central Bank Governors.
Denne undtagelse er bekræftet i Maastricht- traktaten (jf. protokollen om erhvervelse af fast ejendom i Danmark).
This would allow the Commission, if it considered that the measures went
Dermed stadfæstedes en praksis, som medlemsstaterne allerede i vid udstrækning havde fulgt i forvejen, og som altså fortsat skulle gælde inden for rammerne af integrationen i EF.
beyond what was necessary, to initiate the procedures provided under the Treaty for their abolition or amendment.
EF burde over for tredjelande indtage en liberal holdning, især fordi:
In practice, no Member State notified the Commission that it had exercised the option provided for in Article 2 of the Directive.
— 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.
In a situation of complete liberalization, Member States may be confronted with massive shortterm capital flows which cause major upheavals in the conduct of monetary and exchangerate policy.
— Det i praksis ofte er vanskeligt at skelne mellem kapitalbevægelser mellem EF-lande og med den øvrige del af verden, og disse vanskeligheder bliver ikke mindre efter liberaliseringen.
The protection measures that could be taken in this respect were limited and temporary:
Viljen til at stræbe efter den størst mulige grad af liberalisering i forholdet til tredjelande var udtrykkeligt tilkendegivet i selve direktivet, og det må derfor betragtes som et politisk tilsagn fra medlemsstaterne, hvilket absolut ikke er uden betydning. Der var dog flere faktorer, der talte for, at der ikke var tale om et juridisk bindende tilsagn:
(i) limited because they could apply only to shortterm operations not yet liberalized by previous directives (especially current-account or deposit operations on the money market and shortterm financial credits): it would have been difficult to accept a situation in which the introduction of this new safeguard clause were to constitute a step backwards compared with existing liberalization requirements.
— 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?
Application of the safeguard clause was to require authorization from the Commission, after consulting the Monetary Committee and the Committee of Central Bank Governors.
Og dette ville ikke kunne begrundes ud fra et gensidighedssynspunkt, eftersom intet tredjeland havde indgået en tilsvarende forpligtelse over for EF.
No, said the Commission. They were not limited over time and were not designed to deal with the situation in question.
Ifølge direktivet skulle medlemsstaterne endvidere i tilfælde af, at kapitalbevægelser til eller fra tredjelande skabte alvorlige forstyrrelser i et eller flere EF-landes interne eller eksterne monetære eller finansielle situation, holde samråd om, hvilke foranstaltninger der burde træffes for at imødegå disse problemer (direktivets artikel 7, stk. 2) ').
(i) The clause contained in Article 73 of the Treaty relates to 'disturbances in the functioning of the capital market', whereas the clause in the Directive is designed to
') Med indføjelsen af denne bestemmelse i direktivet blev det muligt at ophæve bestemmelserne i direktivet af 21. marts 1972 om regulering af internationale pengestrømme og neutralisering af deres uønskede virkninger for den inden landske likviditet (direktiv 72/156/EØF).
' In an integrated financial area characterized in particular by freedom to provide banking services, the efficiency of these measures would have depended on the possibility of imposing certain limitations on that freedom.
I henhold til direktivet skulle den fuldstændige liberalisering af kapitalbevægelser være tilendebragt pr. 1. juli 1990 undtagen i de medlemsstater, for hvilke der gjaldt en overgangsordning.
cover 'severe strains on foreign-exchange markets' which 'lead to serious disturbances in the conduct of a Member State's monetary and exchangerate policies'.
De tillokkende udsigter til en integreret europæisk finanssektor og den omstændighed, at jo længere man nåede frem mod den 1. juli 1990, jo mindre effektive blev de sidste valutarestriktioner (hvis effektivitet i forvejen var ret begrænset — se punkt 2.4.2), bevirkede imidlertid, at de fleste medlemsstater gennemførte direktivet allerede før den fastsatte frist.
(ii) The clause contained in Articles 108 and 109 applies to a situation where a Member State 'is in difficulties or is seriously threatened with difficulties as regards its balance of payments'.
Dermed ønskede de samtidig også at udsende positive signaler til markedet.
The situation envisaged here, however, is one in which there are disturbances resulting from exceptionally large shortterm capital movements with out there being any fundamental economic imbalance.
Frankrig ophævede således pr. 1. januar 1990 de sidste restriktioner for åbning af bankkonti i udlandet eller åbning af udlandskonti i indlandet.
Experience has shown, and this has since been confirmed, that strains may arise on the foreign-exchange market even when there is no balance-of-payments disequilibrium.
Også Italien ophævede i to etaper — henholdsvis i januar og maj 1990 — de sidste valutarestriktioner.
It has also demonstrated that domestic constraints and problems to do with monetary cooperation can limit interest-rate adjustments and intervention on foreign-exchange markets.
Samtidig blev der i de lande, der havde fået udsættelse med gennemførelsen af den fuldstændige liberalisering af kapitalbevægelser, meget hurtigt taget skridt til deregulering.
Before the end of 1992, the Council was to re-examine the principle and details of this clause.
Ud fra ønsket om at tage hensyn til en række legitime indvendinger fra medlemsstaterne blev der i direktivet fastsat en række nærmere bestemmelser om liberaliseringens gennem førelse.
Although no Member State had hitherto invoked this clause, the Council took the view at its meeting on 15 February 1993 that Article 3 was still commensurate, as regards principle and details, with the requirements it was intended to satisfy.
Baggrunden herfor var nødvendigheden af, at medlemsstaterne fortsat kunne føre en effektiv pengepolitik.
Even though, from an intellectual viewpoint, this clause was justified in its entirety, it has to be noted that, during the crises that shook the EMS in 1992 and 1993, no Member State invoked this specific safeguard clause.