natgillin/translations-raw huggingface dataset:
PRISUDVIKLINGEN HICP-inflationen steg betragteligt i mange EU-lande uden for euroområdet i 2007 (se tabel 7).
PRICE DEVELOPMENTSHICP inflation increased significantly in many noneuro area EU Member States in 2007 (see Table 7).
1) EU11 omfatter de 11 lande, der tiltrådte EU 1. maj 2004 og 1. januar 2007 (bortset fra Slovenien).
1) The EU11 aggregate refers to the 11 countries that joined the EU on 1 May 2004 and 1 January 2007 (with the exception of Slovenia).
Ifølge de opdaterede konvergensprogrammer 2007-08 faldt underskudskvotienten i alle disse lande i 2007, bortset fra Tjekkiet.
According to the 2007-08 updates of the convergence programmes, the deficit ratio decreased in all of these countries in 2007 except in the case of the Czech Republic.
Det tjekkiske finansministerium meddelte dog i januar 2008, at underskuddet for 2007 kun forventes at blive 1,9 pct. af BNP og ikke 3,4 pct. af BNP, som det fremgår af konvergensprogrammet.
However, the Czech Ministry of Finance announced in January 2008 that the 2007 deficit is estimated at only 1.9% of GDP, instead of the 3.4% of GDP stated in the convergence programme.
Kun i Slovakiet pegede konvergensprogrammet på, at underskudskvotienten igen ville falde til under referenceværdien på 3 pct. af BNP i 2007.
Only in the case of Slovakia did the convergence programme point to a return of the deficit ratio to below the reference value of 3% of GDP in 2007.
markant vækst idet private forbrug, som kunne tilskrives en kraftig vækst i kreditgivningen på baggrund af negative realrenter og en betydelig kapitalindstrømning.
with strong private consumption growth fuelled by strong credit growth on the back of negative real interest rates and substantial capital inflows.
Inflationspresset skyldtes i mange lande også en betydelig lønvækst, idet forholdene på arbejdsmarkedet strammedes yderligere.
Inflationary pressures also resulted from strong wage growth in many countries, as labour market conditions tightened further.
Især steg de nominelle lønninger markant i de lande, der oplevede størst produktionsvækst (dvs. de baltiske lande, Bulgarien og Rumænien), hvor lønvæksten oversteg produktionsvæksten, hvilket udløste en hurtig (i de fleste tilfælde tocifret) vækst i enhedslønomkostningerne.
Nominal wage growth was particularly pronounced in the countries with higher output growth rates (i.e. the Baltic States, Bulgaria and Romania), where it exceeded productivity gains, triggering fast (in most cases double-digit) unitlabour cost growth.
Udviklingen i importpriserne var markant forskellig i landene, hvilket delvis afspejler en forskellig valutakursudvikling.
Import price trends differed significantly across countries, partly reflecting diverse exchange rate developments.
I lande med stor valutakursfleksibilitet havde valutaens appreciering generelt en afdæmpende effekt på importpriserne og – som følge af landenes forholdsvis store åbenhed – i sidste en de på den samlede inflation.
In countries that allow for a significant degree of exchange rate flexibility, currency appreciation had a broadly dampening impact on import prices and, ultimately – given the countries’ relatively high degree of openness – headline inflation. ation.
Hvad angår Ecofin-Rådets væsentligste beslutninger i 2007 vedrørende budgetunderskudsproceduren, blev denne ophævet for Malta og Storbritannien i henholdsvis juni og oktober efter indberetning af en underskudskvotient, der lå under referenceværdien på 3 pct. af BNP i finansåret 2006-07 og forbedringer af den strukturelle budgetsaldo.
With respect to the main decisions of the ECOFIN Council concerning the excessive deficit procedure in 2007, Malta and the United Kingdom received abrogations in June and October respectively, after reporting a deficit ratio below the 3% of GDP reference value for the fiscal year 2006-07 and improvements in the structural balance.
Hvad angår Polen, vedtog Ecofin-Rådet i november 2007 en afgørelse om, at de foranstaltninger, som de polske myndigheder havde truffet, var i overensstemmelse med Rådets henstilling i februar 2007. Budgetunderskudsproceduren blev imidlertid ikke ophævet, da korrektionen af det uforholdsmæssigt store underskud blev anset for at være sårbar over for alvorlige risici.
As regards Poland, in November 2007 the ECOFIN Council adopted a decision stating that the action taken by the Polish authorities was consistent with the Council recommendations made in February 2007; nevertheless, the excessive deficit procedure was not abrogated as the correction of the excessive deficit was considered vulnerable to serious risks.
FINANSPOLITIK Finanspolitikkerne i EU-landene uden for euroområdet var fortsat uensartede i 2007.
FISCAL POLICIESFiscal policies in the noneuro area EU Member States continued to be heterogeneous in 2007.
Bulgarien, Danmark, Estland, Cypern, Letland og Sverige havde budgetoverskud, mens de øvrige lande havde budgetunderskud (se tabel 8). Budgetresultatet i 2007 lå på linje med eller over budgetmålene i de opdaterede konvergensprogrammer fra ultimo 2006 eller primo 2007, undtagen i Rumænien og Storbritannien.
Bulgaria, Denmark, Estonia, Cyprus, Latvia and Sweden recorded fiscal surpluses, whereas the remaining countries registered fiscal deficits (see Table 8).
I mange tilfælde skyldtes det dog udgangspunktet ultimo 2006, som var bedre end forventet i programmet, og voksende skatteindtægter, der delvis kan tilskrives højere BNP-vækst end oprindeligt forventet.
However, in many cases, this was due to the starting position at the end of 2006 turning out to be better than foreseen in the programmes and buoyant tax revenues, which can be partly explained by higher GDP growth than initially expected.
Den strukturelle budgetkonsolidering synes at være gået i stå i de fleste lande.
Progress in structural fi fiscal consolidation seems to have stalled in most countries.
Kun Cypern, Ungarn, Polen og Sverige skønnes at have opnået en positiv ændring i den konjunkturkorrigerede budgetsaldo på mindst 0,5 pct. af BNP mellem 2006 og 2007 (ekskl. enkeltstående og andre midlertidige foranstaltninger).
Only Cyprus, Hungary, Poland and Sweden are estimated to have achieved a positive change in the cyclically adjusted budget balance of at least 0.5% of GDP between 2006 and 2007 (net of one-off and other temporary
Ved udgangen af 2007 var Tjekkiet, Ungarn, Polen og Slovakiet underlagt proceduren i forbindelse med uforholdsmæssigt store underskud.
The government debt ratio remained substantially below 60% of GDP in 2007 in most noneuro area EU Member States.
Mens Danmark og Sverige havde overskud, havde de øvrige lande underskud.
Only in Malta and Hungary did the debt ratio remain above the 60% reference value, despite falling in 2007.
I forhold til 2006 voksede underskuddet i de fleste lande, bortset fra Ungarn, Malta og Slovakiet.
In most of the other noneuro area EU Member States the debt ratio declined or remained broadly unchanged.
(I pct. af BNP) Offentligt overskud (+)/underskud (-)
General government surplus (+) / deficit (-)
Euroområdet
EU11 1)EU14 2)Euro area
Anm.: Observationerne er baseret på definitionen af budgetunderskudsproceduren.
Notes: Data are based on the excessive deficit procedure definition.
Budgetsaldi (observationer fra Kommissionen) er ekskl. indtægter fra salg af UMTS-licenser. Tallene for 2007 i konvergensprogrammerne er de nationale regeringers skøn og kan således afvige fra de faktiske tal.
Budget balances (Commission data) exclude proceeds from the sale of
ders geninvestering af overskud – var den vigtigste faktor.
deficits mostly increased, except in the case of Hungary, Malta and Slovakia.
I Cypern, Ungarn, Slovakiet og Storbritannien lå underskuddet på mellem 4 pct. og 8 pct. af BNP.
In Cyprus, Hungary, Slovakia and the United Kingdom, the deficit stood between 4% and 8% of GDP.
De eksterne balanceproblemer skyldtes i de fleste lande underskud på handelsbalancen, bortset fra i Tjekkiet, Ungarn, Polen og Slovakiet, hvor underskud på lønog formueindkomst – overvejende knyttet til udenlandskejede virksomhe-
The external imbalances in most countries originated from deficits in goods, except in the Czech Republic, Hungary,
I mange af de lande, som tiltrådte EU den 1. maj 2004 og 1. januar 2007, er underskuddene til en vis grad et normalt led i konvergensprocessen, idet omfang de afspejler gunstige investeringsmuligheder og en udjævning af forbruget over
BALANCE OF PAYMENTS DEVELOPMENTS The combined current and capital account of the noneuro area EU Member States continued to vary considerably across countries in 2007 (see Table 9), although the overall picture showed a deterioration in comparison with 2006.
Løbende poster plus kapitalposter
Current and capital account balance
Nettostrømme af udenlandske direkte investeringer
Net portfolio investment
Nettoindstrømningen af "andre investeringer" var stort set positiv i de fleste lande, der tiltrådte EU den 1. maj 2004 og 1. januar 2007), hvilket hovedsagelig afspejlede lån fra bankers moderselskaber til deres udenlandskejede datterselskaber i regionen.
However, very large current and capital account deficits in some noneuro area EU Member States were also driven by cyclical factors and buoyant domestic demand, which signals risks to the sustainability of external positions, particularly if accompanied by deteriorating international price and cost competitiveness and a slowdown of export growth.
Nettoindstrømningen af udenlandske direkte investeringer i Danmark, Sverige og Storbritannien faldt i 2007 i forhold til 2006.
In comparison with 2006, net direct investment in 2007 decreased substantially in Denmark, Sweden and the United Kingdom.
De lå fortsat forholdsvis stabilt for EU11, selv om der var et markant fald i Ungarn, Malta og Slovakiet.
It remained rather stable for the EU11 aggregate, although a marked decline was recorded in Hungary, Slovakia and
Mens nettoindstrømningen af udenlandske direkte investeringer fortsat udgjorde en vigtig kilde til finansiering i en række EU-lande uden for euroområdet, var underskuddet på den såkaldte "basic balance", dvs. summen af betalingsbalancens løbende poster og kapitalposter
While net direct investment continued to constitute an important source of financing in a number of noneuro area EU Member States, in the case of the Baltic States, Hungary, Romania and the United Kingdom the deficit in the basic balance, i.e. the sum of the combined current account and capital account balance and net direct investment, was higher than 4% of GDP, and for Latvia it exceeded 15% of GDP.
VALUTAKURSER Valutakursudviklingen i EU-landene uden for euroområdet afspejlede i 2007 hovedsagelig de enkelte landes valutakursregimer.
In these two countries, net portfolio investment inflows resulted from substantial net debt inflows related, in the case of Hungary, to yield differentials, whereasnet equity flows were negative.
euroen ved udvidelsen af euroområdet den 1. januar 2008.
Moreover, the Cyprus pound and the Maltese lira were converted irrevocably to the euro following euro area enlargement on 1 January 2008.
Derimod udviste den slovakiske koruna forholdsvis høj volatilitet (se tabel 10).
EXCHANGE RATE DEVELOPMENTSExchange rate developments in the noneuro area EU Member States in 2007 mainly reflected the exchange rate regimes of the individual countries.
På baggrund af forbedrede makroøkonomiske nøgletal og gunstige økonomiske udsigter gik korunaen medio 2006 indien periode med langvarig appreciering, som tog yderligere fart i februar og første halvdel af marts 2007.
The currencies of Denmark, Estonia, Cyprus, Latvia, Lithuania, Malta and Slovakia participated in ERM II.
Med det formål at dæmpe valutakursens volatilitet og det kraftige markedspres intervenerede Národná banka Slovenska primo marts 2007 for at svække valutaen.
They maintained a standard fluctuation band of ±15% around their central rates against the euro, except the Danish krone, with a narrower band of ±2.25%.
Den slovakiske koruna har siden april 2007 været forholdsvis stabil og har svinget mellem 58 pct. over den nye centralkurs.
ERM II participation is, in some cases, also accompanied by unilateral commitments on the part of the countries concerned to maintain narrower f l fluctuation bands.
Ensidige forpligtelser giver ikke ECB yderligere forpligtelser. Særligt blev det aftalt, at den estiske kroon og den litauiske litas kunne komme med i ERM2, selv om de bevarede deres currency boards.
These unilateral commitments placed no additional obligations on the ECB.
De maltesiske myndigheder meddelte, at de ville fastholde den maltesiske lira på centralkursen over for euroen, mens de lettiske myndigheder besluttede at fastholde latsen på centralkursen over for euroen med et udsvingsbånd på ±1 pct. For alle de lande, hvis valutaer indtrådt i ERM2 efter 2004 (dvs. alle ovenstående lande undtagen Danmark), er aftalerne om deltagelse baseret på en række forpligtelser fra de relevante myndigheders side, bl.a. om at føre en holdbar finanspolitik, fremme en behersket lønudvikling, som modsvarer produktivitetsvæksten, begrænse væksten i kreditgivningen og gennemføre yderligere strukturreformer.
The Maltese authorities stated their intention to maintain the exchange rate of the Maltese lira at its central rate against the euro and the Latvian authorities decided that they would maintain the exchange rate of the lats at the central rate against the euro with a fluctuation band of ±1%. The agreements on participation for the countries whose currencies joined ERM II after 2004 (i.e. all the countries listed above except Denmark) are all based on a number of policy commitments by the respective authorities, relating, inter alia, to the pursuit of sound fiscal policies, the promotion of wage moderation and wage developments in line with productivity growth, the containment of credit growth and the implementation of further structural reforms.
Den lettiske lats var også mere volatil end i de foregående år, selv om svingningerne lå inden for det unilaterale smalle bånd på ±1 pct. omkring dens centralkurs.
The Slovak koruna, by contrast, experienced a relatively high degree of volatility(see Table 10).
Efter at have ligget ca. 1 pct. højere end centralkursen i ERM2 idet meste af 2006 bevægede latsen sig to gange mod den svagere side af det unilaterale smallere udsvings-
Against the background of improving macroeconomic fundamentals and a favourable economic outlook, in mid-2006 the koruna entered a period of protracted appreciation, which gained further momentum during February and the first half of March 2007.
Endvidere blev det cypriotiske pund og den maltesiske lira uigenkaldeligt erstattet med
On 19 March 2007, at the request of the Slovak authorities, by mutual agreement and following a common procedure, the central rate of the Slovak koruna was revalued by 8.5% vis-à-vis the euro.
Maksimal afvigelse i pct. Opad Nedad
Maximum deviation in % Upward Downward
Tiltrædelsesdato
Entry date
Kilde: ECB. Anm.: En nedadrettet (opadrettet) afvigelse svarer til en udvikling i retning af den nedre (øvre) kurs og er en styrkelse (svækkelse) af valutaen over for euroen.
Source: ECB.Note: A downward (upward) deviation corresponds to a movement towards the lower (upper) rate and constitutes a strengthening (weakening) of the currency against the euro.
Centralkursen for den slovakiske koruna blev den 19. marts 2007 revalueret med 8,5 pct. For de rapporterede maksimale afvigelser fra centralkursen i ERM2 er referenceperioden fra 2. januar 2007 til 29. februar 2008.
The central rate of the Slovak koruna was revalued by 8.5% on 16 March 2007. The reference period for reported maximum deviations from respective ERM II central rates is from 2 January 2007 to 29 February 2008.
2007 og lå den 29. februar 2008 henholdsvis 8,3 pct. og 7,8 pct. stærkere i forhold til euroen end primo 2007.
The Czech koruna and the Polish zloty appreciated against the euro throughout most of 2007, standing, respectively, 8.3% and 7.8% stronger vis-à-vis the euro on29 February 2008 than at the beginning of 2007.
Efter en forholdsvis stabil periode i de første tre kvartaler af 2007 svækkedes det britiske pund betydeligt i forhold til euroen som følge af den stigende økonomiske usikkerhed, der delvis kan tilskrives mindre gunstige økonomiske vækstudsigter på grund af et svagere boligmarked.
After a period of relative stability in the first three quarters of 2007, the pound sterling weakened considerably against the euro owing to increased economic uncertainty that may be partly attributed to less favourable economic growth prospects linked also to a weaker housing market.
Som følge heraf lå det britiske pund den 29. februar 2008 13,6 pct. under niveauet i forhold til euroen den 2. januar 2007.
As a result, on 29 February 2008 the pound stood 13.6% below its 2 January 2007 level against the euro.
Som følge af både indenlandske faktorer og euroens generelle styrke oplevede den rumænske leu og den svenske krone også en periode med svækkelse i forhold til euroen og faldt med henholdsvis 10,3 pct. og 4,1 pct. i den betragtede periode.
Owing to both domestic factors and the broad strength of the euro, the Romanian leu and the Swedish krona also recorded a period of weakness vis-à-vis the euro, declining by 10.3% and 4.1% respectively in the period under review.
Den ungarske forint var stort set uændret i 2007, om end der var visse udsving, men faldt en del primo 2008.
Notwithstanding some fluctuations, the Hungarian forint remained broadly unchanged in 2007, depreciating somewhat at the beginning of 2008.
Den 25. februar 2008 besluttede Magyar Nemzeti Bank i samarbejde med den ungarske regering at lade forinten flyde frit uden udsvingsbånd.
On 25 February 2008 the Magyar Nemzeti Bank, in agreement with the Hungarian government, decided to abolish the fluctuation bands around the forint and introduced a free f l float.
Endelig lå den bulgarske lev stabilt på BGN/EUR 1,95583, hvilket afspejlede den uændrede bulgarske valutakurspolitik under det eurobaserede currency boardregime.
Finally, the Bulgarian lev remained stable experienced higher volatility than in previous years, although the fluctuations remained within the unilateral narrow band of ±1% around its central rate.
DEN FINANSIELLE UDVIKLING bånd (medio februar 2007 og i september 2007).
Having traded around 1% stronger than its ERM II central rate for most of 2006, the lats moved towards the weaker side of its unilateral narrow fluctuation band on two occasions (in mid-February 2007 and in September 2007).
Første gang var efter Standard & Poor's nedjustering af fremtidsudsigterne for Letland den 19. februar 2007 – fra stabile til negative – og rygter om en mulig devaluering af latsens centralkurs i ERM2. Medio marts 2007 trådte Latvijas Banka ind for at forebygge en yderligere svækkelse af latsen ved at intervenere på valutamarkedet og ved at hæve renten for markedsoperationer fra 5,0 pct. til 5,5 pct. pr. ultimo marts 2007 og igen til 6,0 pct. knap to måneder senere. 1-måneds renten for interbankindskud steg betydeligt og svingede omkring 100-400 basispoint over markedsoperationsrenten. I april 2007 aftog spændingerne på valutamarkederne gradvis som følge af regeringens forpligtelse til at gennemføre en anti-inflationsplan, men 1-måneds renten lå fortsat betydeligt over ECBs minimumsbudrente. Den 12. maj 2007 nåede latsen igen den stærkere side af udsvingsbåndet på ±1 pct., og centralbanken intervenerede for at undgå en yderligere appreciering. I september 2007 kom latsen igen under pres efter en nedjustering fra Moody's samt bekymringer over yderligere stigninger i underskuddet på de løbende poster og i inflationen. Latvijas Banka intervenerede ikke ved denne lejlighed, men pengemarkedet forblev alligevel stramt. Mellem januar 2007 og februar 2008 fulgte udviklingen i de lange statsobligationsrenter i de fleste EU-lande uden for euroområdet10 stort set
The first episode followed Standard & Poor’s downgrading – from stable to negative – of Latvia’s future outlook on 19 February 2007 and rumours of a potential devaluation of the Latvian currency’s ERM II central rate. In mid-March 2007 Latvijas Banka stepped in to prevent further weakness of the lats by intervening in foreign exchange markets and by increasing the refinancing rate, from 5.0% to 5.5%, as of the end of March 2007 and again, to 6.0%, almost two months later. One-month interbank deposit rates increased significantly, fluctuating approximately between 100 and 400 basis points above the refinancing rate. In April 2007 the tensions in the foreign exchange markets gradually subsided amid the government’s commitment to implement an anti-inflation plan, but the one-month interest rate remained considerably above the ECB’s minimum bid rate. On 12 May 2007 the lats again reached the stronger side of its ±1% fluctuation band and the central bank intervened to prevent further appreciation. In September 2007 the lats once more came under pressure, following a downgrade by Moody’s and concerns over further increases in the current account deficit and inflation. Latvijas Banka did not intervene at BGN/EUR 1.95583, reflecting the unchanged Bulgarian exchange rate policy under the eurobased currency board arrangement. Chart 38 Changes in the exchange rate of the euro against EU currencies outside ERM II
Selv om de fortsat lå forholdsvis højt, faldt de lange renter i Rumænien med 50 basispoint mellem januar 2007 og februar 2008.
In February 2008 longterm interest rates in the noneuro area EU Member States were, on
Kilde: ECBs stabs beregninger. Anm.: En positiv (negativ) værdier udtryk for en appreciering (depreciering) af euroen. Ændringer vedrører perioden fra 2. januar 2007 til 29. februar 2008.
Source: ECB staff calculations.Note: A positive (negative) value represents an appreciation (depreciation) of the euro.
Vækst i kreditgivning (venstre akse) Kreditgivning som andel af BNP (højre akse)
(percentages) credit growth (left-hand scale)credit-to-GDP ratio (right-hand scale) average, around 25 basis points higher than at the beginning of 2007, compared with an increase of more than 30 basis points in the euro area.
Sammenlignet med renterne i euroområdet viste rentespændet for statsobligationer i EU-landene uden for euroområdet i februar 2008 blandede tendenser i forhold til begyndelsen af 2007. Det lange rentespænd var forholdsvis stort i Rumænien og Ungarn, hvor det lå på henholdsvis ca. 340 og 280 basispoint.
The largest increases took place in Bulgaria (almost 100 basis points), the Czech Republic, Hungary and Poland (around 80 basis points), largely reflecting the deterioration in the inflation outlook.
Udviklingen i disse landes offentlige finanser og eksterne balanceproblemer bidrog til at fastholde et stort spænd for de lange obligationsrenter.
Although they remained somewhat high, longterm interest rates in Romania dropped by 50 basis points between January 2007 and February 2008.
Væksten i kreditgivningen i 2007 for hvert enkelt land er baseret på data for den senest foreliggende måned.
For credit growth in 2007 for each country the latest available month was used.
Observationerne for Storbritannien er baseret på en national definition.
The data for the United Kingdom are based on a national definition. nition.
Samlet set oplevede aktiemarkederne i de fleste EU-lande uden for euroområdet positiv vækst mellem januar 2007 og februar 2008.
Compared with euro area rates, government bond yield spreads in the noneuro area EU Member States in February 2008 recorded mixed developments when compared with the beginning of last year.
Aktiekurserne steg mest i Bulgarien, Cypern og Rumænien – markant mere end de gennemsnitlige aktiekurser i euroområdet målt ved Dow Jones Euro Stoxx-indekset.
Longterm interest rate differentials remained comparatively large in Romania and Hungary, where they stood at around 340 and 280 basis points respectively.
Efter at have ligget på et historisk højt niveau i 2007 var aktiekurserne i Estland og Letland ultimo februar 2008 imidlertid faldet til det samme niveau som i 2006.
In these countries, fiscal developments and external imbalances contributed to keeping longterm bond differentials high. Additionally, for Romania this evolution is due to higher inflation rates during the last years.