natgillin/translations-raw huggingface dataset:
Det bemærkes, at med virkeliggørelsen af Den Økonomiske og Monetære Union fandt man det nødvendigt at gå videre: Fra den 1. januar 1994 er det forbudt at give den offentlige sektor nogen som helst form for privilegeret adgang til finansielle institutioner (artikel 104A i Maastricht-traktaten — jf. nedenfor, anden del, punkt 2.1.2).
However, these influences are, in practice, mutually reinforcing, and the action taken by the Union can be regarded as providing the catalytic effect for a wider-ranging process.
For at gennemføre disse beregninger baserede de sig på priserne for en række repræsentative finansielle produkter før og efter ophævelsen af lovmæssige barrierer, herunder ophævelsen af valutakontrollen ').
the price of certain retail or personal banking services (such as consumer or mortgage credit), which are more tightly regulated or intrinsically less exposed to international competition, is likely to be much greater than the reduction in the price of banking services to which firms have more frequent recourse (such as commercial loans and foreign-currency bills of exchange).
Hovedkonklusionen var, at en prisreduktion for finansielle tjenesteydelser fik betydelige konsekvenser for økonomien.
According to the same study, the fall in the prices of financial services should permeate much of the economy and the ultimate macroeconomic consequences should exceed the abovementioned primary effects quite considerably.
Prisreduktionen for otte betragtede EU-lande (10%) svare de til 21 mia. ECU målt som en statisk reduktion af omkostningerne for finansielle tjenesteydelser for økonomien, dvs. 0,7% af BNP.
The multiplier effect would stem in large measure from the lower cost of credit, which would promote productive investment and so pave the way for an increase in growth potential.
Den anden konklusion var, at omfanget af disse prisfald ville variere stærkt for de pågældende lande: Det kraftigste fald ville ske i Spanien (21%); Italien, Frankrig, Belgien og Tyskland ville befinde sig i mellemkategorien (henholdsvis 14, 12, 11 og 10%); det mindste fald konstateres for Luxembourg, Det Forenede Kongerige og Nederlandene (henholdsvis 8, 7 og 4%).
To this would be added the consequences of the fall in the price of other financial services (other banking services, insurance and stock-exchange activities); firms would pass on in their selling prices the impact of these price reductions on their production costs. This disinflationary tendency would stimulate domestic demand by boosting purchasing power and external demand by reinforcing competitiveness.
Endelig konstaterede eksperterne, at forskellene mellem landene så ud til at have sammenhæng med den økonomiske struktur eller særlige lovmæssige regler. Prisfaldene kunne således variere betydeligt fra en undersektor til en anden inden for hvert land.
All in all, the expected macroeconomic consequences were considerable: an increase in Community GDP of almost 1.5%, a decline in the rate of inflation of some 1.4% and an improvement in the budget balance equivalent to 1.1% of GDP.
For at tage et eksempel inden for bankområdet vil prisreduktionen for visse banktjenesteydelser — såsom forbrugerkredit eller hypoteklån, der er stærkt reguleret eller mindre udsat for international konkurrence — antagelig være langt kraftigere end prisfaldet for banktjenesteydelser, som i højere grad anvendes af virksomheder (f.eks. kommercielle lån og kreditinstrumenter i fremmed valuta).
The study also made the point that, despite a substitution process which would work to the detriment of employment as a result of the fall in the cost of capital, an improvement would emerge in the medium term, possibly leading to the creation of some 400 000 jobs throughout the European Union.
Multiplikatorvirkningen ville i vid udstrækning udgå fra faldet i kreditomkostningerne.
However, the actual magnitude of the benefits and the speed at which they are disseminated will vary.
Dette fald ville nemlig fremme de produktive investeringer og således give mulighed for at øge vækstpotentiellet.
The process of financial integration also brings with it certain dangers.
Alt i alt var de forventede makroøkonomiske konsekvenser betydelige: forøgelse af Fællesskabets BNP med næsten 1,5%, reduktion af prisstigningerne på ca. 1,4%, forbedring af budgetsaldoen med 1,1% af BNP.
There is a risk that the benefits of removing controls may accrue essentially to those Member States which are most advanced economically and financially.
Undersøgelsen viste endvidere, at der på mellemlang sigt ville blive tale om en positiv beskæftigelsesvirkning på trods af en substitutionsvirkning til skade for beskæftigelsen som følge af faldet i kapitalomkostningerne, idet det forventes, at der i Den Europæiske Union som helhed kan skabes ca. 400 000 nye arbejdspladser.
In that event, the gaps between the well-off and the less well-off countries would widen, and the differences in their economic development would be accentuated.
Selv om der er sket mange ændringer i den økonomiske kontekst, siden denne rapport blev udarbejdet, skulle fordelene ved et fælles finansielt marked og den måde, de slår
Specific measures have been taken to foster the development of the least prosperous regions and Member States. They include the Delors Plan I, which was approved in 1988 and has doubled the resources available for the Structural Funds.
') Som fremhævet i Kommissionens undersøgelse er det næppe muligt at adskille den sandsynlige virkning af Unionens liberaliseringsforanstaltninger for de finansielle markeder fra andre interne eller eksterne virkninger — som kan trække i samme retning.
The same concern was at the forefront of the negotiations on the Maastricht Treaty, when practical shape was given to the concept of economic and monetary union.
igennem på, stadig være de samme — forskellen beror derimod på, hvor store virkninger ne bliver, og hvor hurtigt de slår igennem.
Various measures were taken at the time to reinforce economic and social cohesion within the European Union (see Part Two, Section 2.1.3).
Den finansielle integration er imidlertid ikke nogen helt risikofri proces.
Should competition between financial intermediaries be totally unfettered, there is a risk that financial power would become concentrated in the hands of only a few financial institutions.
Den største risiko ligger nok i faren for, at liberaliseringen af kapitalbevægelser — stik imod hensigten — gradvis kommer til at skabe større splittelse inden for Den Europæiske Union. Dette kan tænkes at kunne ske på flere områder.
This would inevitably result in problems across entire sectors of the financial system, difficult adjustments, and a large number of bankruptcies.
a) Voksende uligheder mellem de enkelte medlemsstater
Unfettered competition between financial institutions might also lead to a gradual erosion of accepted standards of supervision.
Der er derefter truffet forskellige foranstaltninger for at styrke den økonomiske og sociale samhørighed i Den Europæiske Union (jf. nedenfor, anden del, punkt 2.1.3).
If movements of capital — particularly those in the short term — are completely unrestricted, speculative transfers of funds will be free to respond to the expectations of economic agents, whether they relate to exchange rates, cyclical differences or political factors.
Hvis konkurrencen mellem pengeinstitutterne får lov til at udvikle sig helt uhæmmet, kan den føre til, at den økonomiske magt bliver koncentreret i hænderne på nogle ganske få pengeinstitutter. Dette vil ikke kunne undgå at skabe vanskeligheder inden for det finansielle system; det vil vanskeliggøre tilpasninger og føre en lang række konkurser med sig.
While the years immediately following the complete liberalization of capital movements within the European Union saw a high degree of exchangerate stability, massive shortterm capital flows on an unprecedented scale were recorded in 1992 and 1993, disrupting the functioning of the EMS and forcing the monetary authorities to agree on a temporary widening of the fluctuation margins within the exchangerate mechanism.
En helt uhæmmet konkurrence mellem bankerne indebærer også risiko for en gradvis svækkelse af banktilsynet, hvilket vil betyde en alvorlig forringelse af den beskyttelse, der ydes brugerne af finansielle produkter og tjenesteydelser.
In an environment in which capital movements have been fully liberalized, the only proper response to this threat is to set in place an economic and monetary union characterized by economic convergence and a single monetary policy.
c) Svækkelse af kursstabiliteten inden for EMS
The creation of an integrated financial area will inevitably bring about upheavals in the conduct of monetary policy.
Sådanne massive kortfristede pengestrømme, som fremkaldes af ændringer i investeringsmønstrene og kanaliseres videre via de internationale finansmarkeder, vil på kort sigt kunne påvirke udviklingen i valutakurserne kraftigt og udgøre en trussel mod stabiliteten inden for EMS.
For example, it would be possible for economic agents to obtain funds abroad easily, thus circumventing any quantitative credit ceiling (credit control) imposed by the national monetary authorities.
I de første år efter den fulde liberalisering af kapitalbevægelser inden for Den Europæiske Union herskede der stor stabilitet i valutakurserne, men i 1992 og 1993 opstod der en hidtil uset bevægelse i kortfristet kapital, hvilket skadede EMS'en og tvang de pengepolitiske myndigheder til at vedtage en midlertidig udvidelse af det bånd, inden for hvilket kurserne må svinge i valutasystemet.
The same goes for the requirement in certain countries for financial intermediaries to hold a given quantity of government securities against liabilities. Such a requirement would amount to unfair discrimination against national intermediaries since banks operating in the country from registered offices abroad would escape it.
Når der hersker fuldkommen fri bevægelighed for kapitalen, består det eneste rigtige middel imod denne trussel i at gennemføre en økonomisk og monetær union med konvergens i landenes økonomi og ensartet pengepolitik.
Moreover, it could easily be sidestepped by setting up offices abroad which — exercising their freedom to provide financial services — would then accept deposits and grant loans on behalf of offices in the country of origin.
Et integreret finansmarked kan ikke undgå at føre til visse omlægninger i de enkelte landes pengepolitiske styring.
At the same time, the removal of exchange controls places the full burden of external adjustments on monetary policy and exchangerate policy.
— Den lette adgang til finansiering fra udlandet skulle f.eks. gøre det muligt at omgå eventuelle kreditlofter.
This external constraint weighs heavily on monetary policy: given the interchangeability of domestic and foreign sources of finance and the fact that the interest rates prevailing on the domestic money market cannot be decoupled from Euromarket rates, the monetary authorities can make little, if any, use of shortterm rates to pursue domestic economic policy objectives.
Denne forpligtelse kunne være ensbetydende med en forskelsbehandling af disse Iandes egne banker, eftersom den jo ikke gælder for udenlandske banker, der opererer i de pågældende lande.
To a large extent, the dangers existed before, in that capital movements were free of practically all restrictions in certain Member States and financial markets had become internationalized (see Section 2.4).
Ydermere ville forpligtelsen let kunne omgås ved at etablere kontorer i udlandet, som — ved at benytte sig af retten til fri udveksling af tjenesteydelser — kunne modtage indskud og yde kreditter for hovedkontoret i hjemlandet.
The constraints we have mentioned thus already applied, but their effects have become more pronounced.
Samtidig bevirker ophævelsen af valutarestriktionerne, at justeringer over for udlandet helt og holdent kommer til at hvile på pengepolitikken og valutapolitikken.
Establishing a single financial market not only entailed the creation of a market in which financial flows encountered no barriers and no discrimination.
Det er penge politikken, der skal sørge for, at kurspariteterne trods kapitalens øgede mobilitet holdes inden for de tilladte udsvingsmargener.
It also necessitated an appropriate framework, as we have seen, in order to ensure that financial free trade did not become synonymous with anarchy.
Disse eksterne bindinger vil lægge store byrder på pengepolitikken. Indenlandsk finansiering kan let erstattes med udenlandsk, og den manglende mulighed for at holde rentesatserne på det indenlandske pengemarked adskilt fra renten på euromarkedet gør, at de pengepolitiske myndigheder næppe kan anvende den korte rente til at søge samfundsøkonomiske mål fremmet.
For this reason, the Community institutions set out to establish a framework that would guarantee the cohesion of the Community, a high degree of protection for savers and effective monitoring of financial institutions, without jeopardizing monetary-policy objectives and exchangerate stability and without giving rise to distortions of competition.
Disse risikomomenter er ikke af ny dato. De fleste af dem har også gjort sig gældende tidligere, fordi nogle lande i forvejen havde ret frie kapitalbevægelser, og på grund af den øgede internationalisering af de finansielle systemer (se afsnit 2.4).
The fact that these responsibilities have been assumed at Community level does not signify any intention on the Union's part to replace all national rules with its own legislation or to centralize the exercise of these responsibilities.
De er altså ikke noget nyt fænomen, men de vil få langt større effekt nu.
The basic aim was to create a minimum hard core of legislation.
Skabelsen af et europæisk finansmarked forudsatte ikke blot oprettelsen af en zone med fri finansiel bevægelighed uden hindringer og forskelsbehandling. Det var, som vi har set, nødvendigt med passende rammer for at undgå, at den frie finansielle bevægelighed blev lig med anarki.
The need to combine these different approaches — all of which are necessary to the creation of a single financial market which will be a source of growth and cohesion — may be illustrated if the reader imagines a jigsaw in which the following elements fit together to complete the puzzle:
— gensidig anerkendelse, så de nationale regler tillægges retsvirkning på EU-plan
(iii) mutual recognition of national regulations, and the attribution of a 'Community effect' to national systems of protection;
— solidariske foranstaltninger på EU-plan med henblik på at mindske udviklingsforskellene mellem de enkelte lande og styrke den indre sammenhæng i den europæiske finanssektor.
(iv) implementation of Community solidarity measures aimed at reducing the develop ment gap between Member States and consolidating the coherence of the single financial market.
Liberalisering af kapitalbevægelser 30 år efter Rom-traktaten
Liberalization of capital movements 30 years after the signing of the Treaty of Rome
For at forstå, hvad der manglede for at nå det fastsatte mål — at skabe en integreret europæisk finanssektor i begyndelsen af 1993 inden for rammerne af virkeliggørelsen af det indre marked — må man huske, hvordan situationen var tredive år efter Rom traktaten.
In order to determine what still had to be done to attain the objective of a single financial market by 1993 as part of the moves to complete the internal market, we need to remind ourselves of the situation which prevailed 30 years after the signing of the Treaty of Rome.
De dermed forbundne spørgsmål vil blive gennemgået ud fra tre synsvinkler, nemlig ud fra den nugældende lovgivning, ud fra de foranstaltninger, medlemsstaterne allerede har iværksat i praksis, og ud fra den liberaliseringsdynamik, markederne selv skaber.
The question will be considered from three points of view: the legal aspect, what Member States have actually done so far, and the dynamism of the liberalization process generated by the markets themselves.
Men allerførst bliver vi nødt til at se nærmere på, hvad begreberne kapitalbevægelser, udveksling af tjenesteydelser og etableringsret dækker over, og hvorfor det er nødvendigt at sondre mellem dem.
First, however, it will help if the necessary distinctions are made between capital movements, the provision of services, and the right of establishment.
Den nødvendige sondring mellem etableringsret, udveksling af tjenesteydelser og kapitalbevægelser
The right of establishment, the provision of services, capital movements: the necessary distinctions
Rom-traktaten havde tre særskilte kapitler, der omhandlede henholdsvis etableringsretten (artikel 52 ff.), udveksling af tjenesteydelser (artikel 59 ff.) og kapitalbevægelser (artikel 67 ff.).
Three separate chapters of the Treaty of Rome were devoted respectively to the right of establishment (Article 52 et seq.), the provision of services (Article 59 et seq.) and capital movements (Article 67 et seq.).
Ingen af de tre begreber blev imidlertid defineret i traktaten til trods for deres meget nære indbyrdes sammenhæng (se afsnit 1.2), og skillelinjen mellem dem kan undertiden være ret udflydende.
However, none of these concepts was defined in the Treaty. As was seen in Section 1.2, they are closely interconnected.
Dette er ikke blevet ændret i Maastricht-traktaten.
This situation remained unaffected by the Maastricht Treaty.
Der vil heller ikke her blive givet nogen præcis definition. Det falder uden for denne fremstillings rammer.
The dividing line between them is not always easily drawn, and it is impossible in a study as brief as this to define these concepts accurately.
— Retten til fri udveksling af tjenesteydelser og etableringsretten er anerkendt af EF-Domstolen som helt grundlæggende frihedsrettigheder for alle borgere, der er umid-
(i) The freedom to provide services and the right of establishment have been recognized by the Court of Justice as basic rights of all Community citizens and are directly applicable by virtue of the Treaty of Rome.
') Selv efter Maastricht-traktaten er denne skelnen vigtig, eftersom eventuelle fremtidige forholdsregler gældende for disse tre frihedsrettigheder kan have forskellige konsekvenser, især i forholdet til tredjelande (jf· nedenfor, punkt 3.2.4).
" This distinction remains important even after the entry into force of the Maastricht Treaty since, while these three freedoms now have direct effect, the scope of the liberalization requirement, notably vis-à-vis third countries, still differs (see Section 3.2.4).
Fri bevægelighed for kapital havde i Rom-traktaten en betydeligt svagere stilling. Der var kun pligt til at liberalisere kapitalbevægelserne »i det omfang, det er nødvendigt for fællesmarkedets tilfredsstillende funktion«, og hertil krævedes desuden, at Rådet vedtog direktiver herom.
(ii) The unrestricted movement of capital had a weaker position under the Treaty of Rome: the obligation to remove restrictions applied only 'to the extent necessary to ensure the proper functioning of the common market', and for this directives had to be adopted by the Council.
Ved »udveksling af tjenesteydelser« er der tale om, at en tjenesteyder i én medlemsstat mod vederlag yder tjenester til en kunde i en anden medlemsstat, for så vidt disse ydelser ikke er underlagt andre bestemmelser i traktaten.
The provision of services means the performance of tasks, in exchange for remuneration, by an establishment located in one Member State for the benefit of a client established in a second Member State, in so far as those operations are not covered by other provisions of the Treaty.
Begrebet har således en anden betydning end den, som det normalt har i økonomiske sammenhænge, hvor det under tiden betegner de former for virksomhed, der foregår inden for servicesektoren.
The concept therefore has a meaning different from its customary use in economics, where it embraces the tertiary sector in general.
— ved at tjenesteydelsen sendes til kunden (f.eks. reklametegninger).
(iii) the medium on which the services are provided travels (e.g. a sketch for a poster provided by a graphic artist).
Ved begrebet »etablering« er der derimod tale om, at der etableres et fast forretningssted i en anden medlemsstat end hjemlandet.
The concept of establishment involves setting up permanently in a Member State other than the country of origin with a view to exercising activities other than those of wageearners.
Etableringsretten giver privatpersoner og virksomheder i én medlemsstat ret til at slå sig ned i en anden medlemsstat og dér stifte et selskab eller oprette en filial eller afdeling efter de samme regler, som gælder for borgere og virksomheder i dette andet land ').
For a resident or business of any Member State, freedom of establishment carries with it the right to settle in another Member State, either by forming a separate company or by creating a branch or local office, on the same terms as apply to the residents and businesses of the host Member State. '*
Efter denne indkredsning af begrebet tjenesteydelser står det kun tilbage at afgrænse begrebet »finansielle tjenesteydelser« for bedre at holde det adskilt fra kapitalbevægelser.
Having circumscribed the concept of 'services', let us now consider financial services in order to distinguish them from capital movements.
»Finansielle tjenesteydelser« drejer sig om:
Financial services are those which more specifically have as their function:
— kreditformidling, hvor der er tale om at ændre finansielle vilkår (løbetid, rente, valuta mv.), eller mæglervirksomhed (investeringer, børstransaktioner osv.), hvor der ikke er
(ii) to provide agency services, either via transformation (of maturities, interest rates, currencies, etc.) in the case, for example, of borrowing and lending operations, or with no transformation by permitting or facilitating capital movements in the case of brokerage, issue of securities, stock-exchange operations, etc.;
') I banksektoren gælder dog princippet om gensidig anerkendelse af hjemlandets tilsynsregler (se punkt 3.3.2).
Subject to the application of the principle of mutual recognition of the rules laid down by the regulatory authorities in the country of origin. See Section 3.2.2 for details of arrangements in the banking sector.
— opbevaring eller forvaltning af finansielle aktiver for tredjemands regning.
The provision of financial services is not necessarily associated with a movement of capital.
Der kan her nævnes to eksempler, nemlig betaling af løbende transaktioner med kreditkort og en udenlandsk banks deltagelse i et konsortium, der udbyder indenlandske værdipapirer på det indenlandske kapitalmarked.
Two examples will suffice to demonstrate this: the service rendered by credit-card companies in settling current transactions, and the participation of a foreign bank in a syndicate issuing domestic securities on the domestic market.
Omvendt kan visse kapitalbevægelser gennemføres uden nogen form for finansiel tjenesteydelse, hvilket f.eks. er tilfældet, når en eksportvirksomhed yder en udenlandsk kunde kredit uden at optage en international bankkredit.
Conversely, certain capital movements can take place without the provision of financial services, e.g. the granting by an exporting company of deferred payment terms to a foreign customer without recourse to international bank credit.
Begrebet »kapitalbevægelse« indebærer, at der overføres midler fra en medlemsstat til en anden, eller at der inden for samme land overføres midler til en valutaudlænding.
The concept of movement of capital implies a transfer of assets from one Member State to another or, within a Member State, to a non-resident.
Disse karakteristiske træk gør det muligt at sondre mellem »kapitalbevægelser« og »betalinger«.
These characteristics distinguish capital movements from payments.
Begrebet »betaling« dækker overførsel af midler som led i en løbende transaktion.
The concept of payment covers transfers of funds which are effected as part of an underlying transaction.