natgillin/translations-raw huggingface dataset:
Der er sket en kraftig stigning i antallet af sådanne transaktioner i forbindelse med omstrukturering af en lang række offentlige virksomheder ofte med henblik på privatisering.
In fact, such operations have multiplied recently as many public enterprises have been restructured, often in relation to their privatisation.
ENS-1979, der gælder i øjeblikket, indeholder ingen retningslinjer for behandling af gældsovertagelser.
In the ESA-1979 system at present in force, there are no guidelines on how assumption of debt must be treated.
Man har derfor besluttet, at bestemmelserne i det nye ENS-I995 skal bruges.
Therefore it has been decided that the provisions of the new ESA-1995 system must be used.
Sådanne undta-
Although the general
geiser fra ENS-1995 er indrømmet til Tyskland i forbindelse med den tvske regerings overtagelse af Treuhandanstalts gæld i 1995.
These ESA-1995 exceptions have been applied to Germany in the case of the assumption by the German Government in 1995 of the debt of the Treuhandanstalt.
De er også blevet anvendt i forbindelse med andre tilfælde af regeringers overtagelse/ eftergivelse af gæld, f.eks. i Irland (Irish Steel), Portugal (det petrokemiske selskab CNP) og Det Forenede Kongerige (British Coal).
They have also been applied to other operations of assumption/cancellation of debt by government, for example in Ireland (for Irish Steel), Portugal (for the petrochemical com pany CNP), and the United Kingdom (for British Coal).
Tidspunktet for registrering af visse transaktioner
The time of recording of certain transactions
Det er sommetider vanskeligt at afgøre, hvornår visse transaktioner skal registreres, og dermed hvilket år underskuddel påvirkes.
It is sometimes difficult to decide on the time of recording of certain transactions, and therefore on the year of registration into the deficit.
Detle problem opstod i Irland i 1995 i forbindelse med en afgørelse i High Court, der kon staterede, at staten havde en siden 1985 akkumuleret forpligtelse over for kvinder.
Such a problem arose in Ireland in 1995 in relation to a high court decision that established a liability towards women which had accumulated since 1985.
Del blev besluttel, at en overførsel skal registreres på det tids punkt, hvor fordringen/forpligtelsen fastslås sikkert, og de nøjagtige beløb kendes.
It was decided that a transfer must be recorded at the time the claim/liability is established with certainty and the exact amounts are known.
Den irske transaktion blev derfor registreret i 1995.
The Irish transaction was therefore recorded in the year 1995.
De samme kriterier er anvendt i Italien på forfatningsdomstolens afgørelser, der tillader kumulering al to pensioner, hvilket har ført til, at beløbet for de anerkendte pensionsrettigheder blev registreret i 1995.
The same criteria have been applied in Italy to rulings by the constitutional court allowing the accumulation of two pensions and have led to the recording of the amount of the recognised pension rights in the year 1995.
Et andet område, der er berørt af spørgsmålet om registreringstidspunktet, er behandling af' renter af specifikke finansielle instrumenter, herunder nogle, som ikke fandtes, da ENS-1979 blev udarbejdet.
Another area which is related to the question of time of recording is the treatment of interest on specific financial instruments, including some which did not exist at the time the ESA-1979 system was completed.
I mangel af tilstnekkeligt nøjagtige retningslinjer har Eurostat truffet en række beslutninger om, hvordan og hvornår man skal registrere kapitaliserede renter, renter af ikke-rentebærende obligationer, obligationer noteret til langt under pari, indeksobligationer og lineære obligationer.
In the absence of precise enough guidelines, Eurostat has taken a series of decisions on how and when to record capitalised interest, interest on zerocoupon bonds, deep-discounted bonds, index-linked bonds, and linear bonds.
Virkningen for underskuddet af disse beslutninger har varieret i forhold til den statistiske behandling, der tidligere gjaldt i de forskellige medlemsstater.
Depending on the statistical treatment previously used in different Member States, the impact on the deficit from these decisions has varied.
Virkningen af beslutningerne for de offentlige renteudgifter har været særligt mærkbare i Danmark, Italien, Portugal og Sverige, og de fleste lande er berørt.
The impact of the decisions on government interest expenditure has been especially noticeable in Denmark, Italy, Portugal and Sweden, and most countries have been affected.
Alle større områder, hvor der var tale om forskellig regnskabsmæssig behandling, der gjorde det vanskeligt at sammenligne tallene, er blevet gennemgået, og problemerne er løst.
All major issues where differences in accounting treatments existed and hampered the comparability of figures have been reviewed and settled.
Medlemsstaterne har dermed fået mulighed for at indgive oplysninger med en passende grad af sammenlignelighed, hvilket igen gør det muligt for Kommissionen at foretage en ser iøs vurdering af medlemsstaternes budgetsituation.
The way has therefore been paved for Member States to report data with adequate comparability characteristics which thus allow a proper evaluation by the Commission of the budgetary positions of the Member States.
Den lange tradition for nationalregnskaber i de fleste medlemsstater har siden starten af ØMU's anden fase banet vejen for en gnidningsløs gen nemførelse af de tekniske krav i proceduren i forbindelse med uforholdsmæssigt store underskud, eftersom forskellene mellem medlemsstaternes fortolkninger og anvendelse af nationalregnskaber var begrænsede og mulige at udpege.
The long tradition of national economic accounting in most Member States has permitted a smooth implementation of the technical require ments of the excessive deficit procedure since the start of the second stage of EMU, as initial differences in the interpretation and in the use of economic accounts among Member States were limited and identifiable.
Der har været tale om en dynamisk proces i den for stand, at de tekniske bestemmelser i proceduren i forbindelse med uforholdsmæssigt store underskud har tilskyndet medlemsstaterne til at anvende en fælles tilgangsvinkel med hensyn til at overvåge budgetudviklingen og afgøre budgetpolitiske prioriteringer.
A dynamic process has taken place whereby the technical provisions of the excessive deficit procedure have provided a strong incentive for Member States to set their respective practices of monitoring budgetary developments and of deciding budgetary priorities into a common framework.
Traktatens bestemmelser og anvendelse af valutakurskriteriet
Treaty provisions and application of the exchange rate criterion
»overholdelse af de normale udsvingsmargener i det europæiske monetære systems valutakursmekanisme i mindst to år uden devaluering over for andre medlemsstålers valutaer. «
'the observance of the normal fluctuation margins provided for by the exchange rate mechanism of the European Monetar}' System, for at least two years, without devaluing against the currency of any other Member State;'
Artikel 3 i protokol nr. 6 siger, at:
Article 3 of Protocol No 6 specifies that:
"kriteriet vedrørende deltagelse i del europæiske monetære systems valutakurs mekanisme som nævnt i traktatens artikel 109J, stk. 1, tredje led, belyder, al en medlemsstat har overholdt de normale udsvingsmargener i det europæiske monetære systems valutakursmekanisme uden alvorlige spændinger i mindst de seneste to år før undersøgelsen.
The criterion on participation in the exchange rate mechanism of the European Monetary System referred to in the third indent of Article 109j ( 1 ) of this Treaty shall mean that a Member State has respected the normal fluctuation margins provided for by the exchange rate mechanism of the European Monetary System without severe tensions for at least the last two years before the examination.
Medlemsstaten må især ikke i samme periode på eget initiativ have devalueret sin valutas bilaterale centralkurs overfor en anden med lemsstats valuta. «
In particular, the Member State shall not have devalued its currency's bilateral central rate against any other Member State's currency on its own initiative for the same period.'
Udviklingen i valutakursmekanismen (ERM) siden ratificeringen af traktaten om Den Europæiske Union har gjort det vanskeligere at anvende kriteriet.
Developments within the exchange rate mechanism subsequent to the ratification of the Treaty on European Union have made the application of the criterion more difficult.
I denne forbindelse er beslutningen fra august 1993 om at udvide de obligatoriske interventionstærskler eller udsvingsmargener omkring ERM's centralkurser til 15% for alle valutaer af særlig betydning.
In this context, the decision in August 1993 to widen the obligatory' marginal intervention thresholds or fluctuation margins around ERM central rates to a uniform 15% is particularly significant.
Da beslutningen blev truffet, var det meningen, at udvidelsen af båndene skulle være midlertidig.
When this decision was made, the widening of the bands was meant to be temporary.
Man regnede ikke med omfattende og systematisk brug af de bredere bånd.
Extensive and systematic use of the wider margins was not foreseen.
Ved vurderingen af, om kriteriet er opfyldt, må man imidlertid tage hensyn til, at der ikke var nogen formel forpligtelse til at over-
The intention in widening the margins was not to facilitate greater
holde de oprindelige margener på ±2,25%, og at de bredere margener kunne udnyttes i hvert fald midlertidigt.
However, the absence of a formal commitment to observe the original ±2.25% margins and the presumption that the wider margins could be exploited, at least temporarily, must be taken into account when assessing fulfilment of the criterion.
Denne fremgangsmåde skal omfatte en bekræftelse af, at valutaen har deltaget i ERM i mindst de seneste to år, og en vurdering af valutaens udvikling.
This framework should verify participation in the ERM for at least the last two years and assess exchange rate behaviour.
Den fremgangsmåde, der anvendes i denne beretning, kan beskrives på følgende måde:
The framework used in this report may be out lined as follows.
En bekræftelse af, at valutaen har deltaget i ERM i de lo seneste år inden vurderingen.
— A verification of participation in the ERM during the two-year period before the examination.
Den relevante toårsperiode går fra marts 1996 til februar 1998.
The two-year period to be considered extends from March 1996 to February 1998.
Valutaens udvikling inden for ERM undersøges over for en udvalgt referencevaluta (benchmark) ('). Denne referencevaluta er medianvalutaen i ERM-paritetsgitteret.
— The behaviour of a currency within the ERM is examined with respect to a chosen reference currency or benchmark (').
Medianvalutaen er kort sagt den valuta, der har lige mange valutaer over og under sig i gitteret ved den officielle ecu notering på en given dato.
In short, the median currency is that which has an equal number of currencies above and below it within the grid at the official ecu fixing on any given day.
Det foretrækkes at anvende medianvalutaen frem for alternativerne (f.eks. den stærkeste/svageste ERM-valula, ecuen eller D-marken), fordi den fastsætter den centrale valuta i ERM som referencevaluta.
The use of the median currency is preferred to the alternatives (e.g. the strongest/weakest ERM currency, the ecu, the German mark) as it establishes as the benchmark the currency at the 'centre' of the ERM.
Medianvalutaen bruges traditionelt i forbindelse med kursjusteringer som grundlag for udregningen af det nye paritetsgitter.
The median currency is conventionally used in realignments as the basis for the calculation of the new parity grid.
Den giver desuden mulighed for at vurdere alle ERM-valutaer i forhold til en repræsentativ valuta inden for mekanismen.
It also allows every ERM currency to be assessed relative to a representative currency within the mechanism.
Den sikrer således, at undersøgelsen er neutral ved at vurdere hver valutas udvikling inden for rammerne af, hvordan mekanismen fungerer generelt.
In this way, it ensures neutrality in the examination by assessing the behaviour of each currency in the context of the overall functioning of the mechanism.
Rationalet bag valget af fremgangsmåden med medianvalutaen er for klaret mere detaljeret i boksen, mens alternativerne analyseres i bilaget til dette kapitel.
The rationale for choosing the median currency approach is explained in more detail in the box below, while the alter natives are analysed in the annex to this chapter.
(') lier er liere muligheder med forskellige fordele og ulemper, der kan anvendes. N'ogle af dem er behandlet i bilaget.
(') Several alternative options, each with advantages and drawbacks, could be used and some of these are discussed in the annex.
En valutas kursvariabilitet måles på grundlag af udsvingsmargenen på ±2,25% omkring dens centralkurs over for medianvalutaen.
The exchange rate variability of a currency is measured on the basis of a ±2.25% fluctuation range around its central rate against the median currency.
Denne margen svarer til ERM's oprindelige smalle udsvingsbånd, men åbner mulig hed for større afvigelser end 2,25% i forhold til kurserne for de andre ERM-valutaer(-).
This range, while corresponding to the original narrow fluc tuation margins of the ERM, allows for deviations greater than 2.25% against the exchange rates of the other ERM currencies (-).
ERM's oprindelige smalle margener var snævrere, i den forstand, at de gjaldt samtidig over for alle mekanismens valutaer og ikke kun over for en referencevaluta.
The original narrow margins of the ERM were tighter in that they applied simultaneously against all currencies in the mechanism and not just against one reference currency.
Imidlertid skal betydningen af den større variabilitet i valutakurserne i forbindelse med fremgangsmåden med en medianvaluta ses på baggrund af udvidelsen af udsvingsmargenerne til ±15%.
However, the significance of the greater exchange rate variability permitted by the median approach should be considered in the context of the widening of the fluctuation margins to ±15%.
Et vigtigt kendetegn ved fremgangsmåden med en medianvaluta er, at den giver en gunstig vurdering af de ERM-valutaer, der er samlet (dvs. som ligger inden for ±2,25%) midt i mekanismen.
The important feature of the median currency approach is that it assesses favourably those ERM currencies which are clustered (i.e. within a range of ±2.25%) around the centre of the mechanism.
En valuta anses for at have udvist kursstabilitet, når den i en periode er handlet inden for et bånd på ±2,25% af sin centralkurs over for medianvalutaen ('). Det indebærer imidlertid ikke, at en større afvigelse automatisk betragtes som tegn på alvorlige spændinger omkring en valuta i ERM.
A cur rency is deemed to have enjoyed exchange rate stability in periods when it has traded within ±2.25% of its central rate against the median cur rency (:!).
Ved vurderingen af, om en større afvigelse skyldes alvorlige spændinger, inddrages en række forhold.
In assessing whether a larger deviation corresponds to severe tensions, a range of elements is taken into account.
Der er blandt andet tale om 1) afvigelsens varighed og omfang, 2) karakteren og omfanget af eventuelle politiske reaktioner, navnlig intervention på valutamarkederne og/eller ændringer af de korte rentesatser('); og 3) hvorvidt presset har været i retning af en appreciering eller depreciering af valutaen.
These include: (i) duration and amplitude of the deviation; (ii) the nature and extent of any policy response, with particular reference to foreign exchange intervention and/or changes in shortterm interest rates ('); and, (iii) whether the pressure has been towards appreciation or depreciation of the currency.
Det synes at være passende at skelne mellem spændinger ved den øvre og den nedre udsvingsgrænse, der svarer til henholdsvis valutaens relative styrke og svaghed.
Indeed, it seems appropriate to draw a distinction between tensions in respecting the upper and lower fluctuation margins which correspond, respectively, to relative strength and weak ness of a currency.
(') Se boksen. (') I resten af kapitlet, navnlig afsnit 5.3, vil alle henvisninger lil udsvingsmargenen på ±2.25% gælde i forhold lil centralkursen for medianvalutaen, medmindre andel er angivet. (') Det skal erindres, at Basel-Nyborg-aftalen fra 1987 opfordrede til en mere aktiv, fleksibel og samordnet brug af de foreliggende instrumenter, dvs. valutakin sbeva-gelser inden lor udsvingsbåndet, ren tesatser og indgreb. (Pressemeddelelse af 12.9.1987 lia Centralbankchefltomitéen).
("') See box below. ( ') In the remainder of the chapter, and in particular in Section 5.3, all references to the ±2.25% fluc tuation range are made with respect to the central rate against the median currency, unless other wise stated. (') It should be recalled that the 19S7 Basle-Nyborg agreement called loi- '...a more active, flexible and concerted use of the instruments available, namely exchange rate movements within the fluctuation band, interest rates and intervention' (Press communiqué of 12 September 1987 from the Committee of Covernors of EC central banks).
Al' fuldstændighedshensyn er tilfælde af'indgreb inden lor grænserne på ±2,25% også undersøgt.
Kor completeness, any episodes of intervention within the ±2.25% limits have also been examined.
Anvendelse af en medianvaluta ved vurderingen af valutakursstabilitet i ERM
The median currency approach to the assessment of exchange rate stability in the ERM
Fremgangsmåden med en medianvaluta gør den valuta, der udgør medianen for ERM-valutaernes procentvise afvigelse fra deres central kurs over for ecuen, til referencevaluta for alle de øvrige ERM-valu-taer.
The median currency approach takes the currency with the median percentage deviation from its ecu central rate as the reference cur rency to which all other ERM currencies are compared.
Da denne beretning er baseret på dagskurser, foretages fastsættelsen af medianvalutaen fra dag til dag.
As daily data are used in this report, the selection of the median currency is made on a day-by-day basis.
Hver dag rangeres valutaerne efter den procentvise afvigelse af deres vekselkurser fra deres centralkurser over for ecuen.
Each day, the currencies are ranked according to the percentage deviation of their ecu exchange rate from their ecu central parity.
Medianvalutaen er den valuta, der befinder sig midt i denne rangordning.
The median currency is selected as the currency at the mid-point in this ranking.
Derefter beregnes den procentvise afvigelse af den enkelte ERM-valutas markedskurs fra dens centralkurs over for medianvalutaen (afsigelsen er 0 for medianvalutaen). Disse procentvise afvigelser danner grundlag for vurderingen af valutaens udvikling, der foretages på baggrund af udsving på ±2,25% omkring centralkursen over for medianvalutaen.
Then, for each ERM currency, the percentage deviation of the market bilateral rate against the median currency from the central rate vis-à-vis the median currency is calculated (it will be zero for the median currency itself).
Overskrides denne margen, navnlig i nedadgående retning (hvilket svarer til en relativt svag position i ERM), tolkes det som et tegn på mulige spændinger.
A breach of this range, in particular on the lower side (which corresponds to relative weakness in the ERM), is interpreted as an indication of possible tensions.
Det skal bemærkes, at en udsvingsmargen på ±2,25% omkring medianvalutaen giver mulighed for udsving på over 2,25% over for de øvrige ERM-valutaers kurser.
It should be noted that a fluctuation range of ±2.25% around the median currency allows for deviations greater than 2.25% against the exchange rates of the remaining ERM currencies.
1 det ekstreme tilfælde, hvor to valutaer handles til henholdsvis den øvre og den nedre udsvingsmargen omkring medianvalutaen, vil deres bilaterale vekselkurs ligge ca. 4,5% fra den tilsvarende ERM-centralkurs.
In the extreme case where two currencies are trading at opposite fluctuation limits against the median currency, their bilateral exchange rate would be about 4.5% from the corresponding ERM central rate.
Fremgangsmåden er neutral, idet den gør det muligt at vurdere alle valutaer i ERM på samme grundlag, og den er ikke forudindtaget over for en enkelt valutas eller en blok af valutaers position i mekanismen. Det ville ikke være tilfældet, hvis Dmarken (eller en
The approach is neutral in that it allows all currencies in the ERM to be assessed on an equal basis and it does not prejudge the posi-
anden ERM-valuta) blev brugt som referencevaluta.
tion of any individual currency or bloc of currencies in the mechanism.
Et sådant valg ville desuden udelukke en vurdering af den pågældende valutas udvikling.
This would not be the case if the German mark (or any other ERM currency) were taken as the reference currency, a choice that would preclude an assessment of the behaviour of that particular currency.
Formålet med denne undersøgelse er at afgøre, om en given valuta har udvist en stabil udvikling i ERM.
The purpose of this examination is to express a judgment on the stability of a given currency in the context of the ERM.
Den valgte fremgangsmåde må ikke føre til konklusioner, der er påvirket af eventuelle ekstremt placerede valutaer.
The chosen approach should not lead to conclusions biased by the behaviour of possible outlier currencies.
Med andre ord må metoden ikke betragte en ekstremt placeret valuta som normen og alle de øvrige valutaer som afvigende.
In other words, the method should not consider an outlier currency as the norm and all the others as diverging currencies.
Den senere tids udvikling i ERM har vist, at det ville være tilfældet, hvis man f.eks. valgte en metode baseret på sammen ligning med den stærkeste valuta.
In light of recent developments in the ERM, the latter would be the case if, for instance, an approach based on the comparison with the strongest currency were to be adopted.
Fremgangsmåden med en medianvaluta forekommer at være den metode, der stemmer bedst overens med ERM's faktiske virkemåde efter indførelsen af udsvingsmargenerne på ±15% i 1993.
Using the median currency appears most consistent with the actual working of the ERM after the introduction of the ±15% fluctuation bands in 1993.
En over sigt over den senere tids udvikling i ERM viser, at i forbindelse med en markant stigning i det irske punds værdi følte de monetære myndigheder i de andre ERM-lande sig ikke nødsaget til at træffe politiske modforholdsregler, så længe stabiliteten over for en lang række valutaer var sikret.
A review of recent developments in the ERM shows that in the presence of a significant appreciation of the Irish pound, monetary authorities in other ERM countries did not feel obliged to take offsetting policy action, as long as stability with respect to a large number of currencies was ensured.
Dette er endnu et argument imod en fremgangsmåde baseret på den stærkeste valuta i ERM-paritetsgit-teret.
Again, this consideration argues against an approach based on the strongest currency in the ERM grid.
At benytte ecukurven som reference forekommer også at være uhensigtsmæssig, idet dens værdi påvirkes markant af udsving i kurserne på valutaer uden for ERM, især det britiske pund.
Reference to the ecu basket appears equally inappropriate, given that its value is significantly affected by movements in exchange rates of non-ERM currencies, in particular sterling.
Denne fremgangsmåde er i overensstemmelse med kursjusteringsproceduren, hvor man traditionelt har brugt den mindst afvigende valuta som referenceværdi ved beregningerne.
The approach maintains coherence with the realignment procedure which has traditionally used the least divergent currency in the system as a reference for its calculations.
Generelle forhold i EMS
Overall conditions in the EMS
Forholdene i EMS har generelt været ret stabile i perioden fra marts 1996 til februar 1998.
Conditions in the EMS have been generally quite stable in the period from March 1996 to February 1998.