natgillin/translations-raw huggingface dataset:
Ùóôüóï , ùò ìåôáâáôéêü ìÝôñï , ãéá ôï äéÜóôçìá 4-21 Éáíïõáñßïõ 1999 ôï åðéôüêéï ãéá ôçí ðÜãéá äéåõêüëõíóç ïñéáêÞò ÷ ñçìáôïäüôçóçò ïñßóôçêå óå 3,25% êáé ôï åðéôüêéï ãéá ôçí ðÜãéá äéåõêüëõíóç áðïäï ÷ Þò êáôáèÝóåùí ïñßóôçêå óå 2,75% ( âë . ÄéÜãñáììá 13 ) .
However , as a transitional measure , between 4 and 21 January 1999 the interest rate for the marginal lending facility was set at a level of 3.25% and the interest rate for the deposit facility at a level of 2.75% ( see Chart 13 ) . The
Ç Üóêçóç ôçò íïìéóìáôéêÞò ðïëéôéêÞò ôéò ðñþôåò åâäïìÜäåò ôïõ Ôñßôïõ Óôáäßïõ Áðü ôçí Ýíáñîç ôïõ Ôñßôïõ Óôáäßïõ , ôï Åõñùóýóôçìá äéåíåñãåß ðñÜîåéò áíïéêôÞò áãïñÜò , ðáñÝ ÷ åé ðÜãéåò äéåõêïëýíóåéò êáé õðï ÷ ñåþíåé ôá ðéóôùôéêÜ éäñýìáôá íá ôçñïýí åëÜ ÷ éóôá áðïèåìáôéêÜ óå ëïãáñéáóìïýò óôéò ÅèíÊÔ ðñïêåéìÝíïõ íá åðéôý ÷ åé ôï óêïðü ôçò íïìéóìáôéêÞò ôïõ ðïëéôéêÞò ( âë . ÊåöÜëáéï ÉÉ , ÔìÞìá 2 , ó ÷ åôéêÜ ìå ôçí ïëïêëÞñùóç ôïõ ðëáéóßïõ Üóêçóçò ôçò íïìéóìáôéêÞò ðïëéôéêÞò óôç äéÜñêåéá ôïõ 1998 ) .
The decision on the level of the interest rate on the main refinancing operations took into consideration the co-ordinated reduction of key central bank interest rates in the euro area of 3 December 1998 . As explained by the ECB on 3 December , the joint reduction had to be seen as a de facto decision on the level of interest rates with which the Eurosystem would start Stage Three and was intended to be maintained for the foreseeable future .
ÅôÞóéá ¸ êèåóç ÅÊÔ -* 1998 57
At an annual growth rate of around 4.5% , the evolution of M3
ÄéÜãñáììá 13
Chart 13 ECB interest rates and the overnight market interest rate ( percentages per annum ;
5,0 4,5 4,0 3,5 3,0 2,5 2,0 1,5 1,0 1 8 15 22 29 5 1999 ÐçãÞ : ÅÊÔ .
5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 1 8 15 January 22 29 5 1999 Source : ECB .
ÊáôÜ ôçí áðüöáóç ó ÷ åôéêÜ ìå ôï åðßðåäï ôïõ åðéôïêßïõ ôùí ðñÜîåùí êýñéáò áíá ÷ ñçìáôïäüôçóçò åëÞöèç õðüøç ç óõíôïíéóìÝíç ìåßùóç ôùí âáóéêþí åðéôïêßùí ôùí êåíôñéêþí ôñáðåæþí ôçò æþíçò ôïõ åõñþ óôéò 3 Äåêåìâñßïõ 1998 .
ECB Annual Report -* 1998
ÁõôÝò ïé áðïöÜóåéò õðïóôçñß ÷ èçêáí áðü ôï ãåãïíüò üôé ç åîÝëéîç ôïõ åõñýôåñïõ íïìéóìáôéêïý ìåãÝèïõò Ì3 äåí óçìáôïäïôïýóå óïâáñïýò êéíäýíïõò ãéá ôç óôáèåñüôçôá ôùí ôéìþí . Ìå åôÞóéï ñõèìü áýîçóçò ðåñßðïõ 4,5% , ç åîÝëéîç ôïõ Ì3 ðñïò ôï ôÝëïò ôïõ 1998 Þôáí ó ÷ åôéêÜ
towards the end of 1998 was relatively smooth .
Ï êéíçôüò ìÝóïò ôñéþí ìçíþí ôïõ 12ìçíïõ ñõèìïý áýîçóçò ôïõ Ì3 , ãéá ôïõò ìÞíåò áðü ôïí Ïêôþâñéï þò ôï ÄåêÝìâñéï 1998 , Þôáí 4,7% , äçë . ðïëý êïíôÜ óôçí ôéìÞ áíáöïñÜò ôïõ ÅõñùóõóôÞìáôïò .
The three-month moving average of the 12-month growth rate of M3 , covering the months from October to December 1998 , stood at 4.6% , which was very close to the Eurosystem 's reference rate .
Áðü ìéá ðéï ìáêñï ÷ ñüíéá óêïðéÜ , ôá äéáèÝóéìá óôïé ÷ åßá Ýäåé ÷ íáí üôé ôï Ì3 áõîáíüôáí ìå åôÞóéï ñõèìü ìåôáîý 3,5% êáé 5 % óôç äéÜñêåéá ôïõ 1997 êáé ôïõ 1998 ( âë . ÄéÜãñáììá 14 ) .
From a longerterm perspective , data available showed that M3 grew at an annual rate of between 3.5% and 5 % during 1997 and 1998 ( see Chart 14 ) .
Ùóôüóï , óôç äéÜñêåéá ôïõ 1998 , ðáñáôçñÞèçêå ó ÷ åôéêÜ õøçëüò ñõèìüò áýîçóçò ôïõ Ì1 , êõñßùò ëüãù ôçò óçìáíôéêÞò ðôþóçò ôùí åðéôïêßùí êáé ôùí ðëçèùñéóôéêþí ðñïóäïêéþí óå áñêåôÝò ÷ þñåò ôçò æþíçò ôïõ åõñþ .
A relatively high growth rate of M1 was , however , observed during 1998 mainly as a result of the pronounced fall in interest rates and inflation expectations in several euro area countries .
Ï ó ÷ åôéêÜ õøçëüò ñõèìüò äáíåéóìïý ôïõ éäéùôéêïý ôïìÝá , ðïõ áíåñ ÷ üôáí óå 8,3% ôï ÄåêÝìâñéï 1998 , áðïôåëïýóå Ýíäåéîç üôé óôç äéÜñêåéá ôïõ 1998 äåí ðáñáôçñÞèçêå óôåíüôçôá ðéóôþóåùí óôç æþíç ôïõ åõñþ .
The relatively fast pace of lending to the private sector , equal to 8.2% in December 1998 , indicated that episodes of credit crunch were not detectable in the euro area during 1998 .
ôïí ÉáíïõÜñéï 1998 ðïõ äüèçêáí óôç äçìïóéüôçôá óôéò áñ ÷ Ýò Ìáñôßïõ 1999 Ýäåéîáí óçìáíôéêÞ ðåñáéôÝñù áýîçóç ôùí êáôáèÝóåùí ìßáò çìÝñáò .
The monetary data for January 1999 which were released in early March 1999 showed a substantial further increase in overnight deposits .
Åíþ ç áýîçóç áõôÞ äçìéïýñãçóå ðñüóèåôç áíïäéêÞ ðßåóç óôá íïìéóìáôéêÜ ìåãÝèç , ï êéíçôüò ìÝóïò ôñéþí ìçíþí ôïõ 12ìçíïõ ñõèìïý áýîçóçò ôïõ Ì3 ãéá ôïõò ìÞíåò áðü ÍïÝìâñéï 1998 Ýùò ÉáíïõÜñéï 1999 ðáñÝìåéíå êïíôÜ óôçí ôéìÞ áíáöïñÜò 4,5% .
While this put some upward pressure on monetary aggregates , the three-month moving average of the 12-month growth rate of M3 in the period from November 1998 to January 1999 remained close to the reference value of 4 ½%.
Õð  áõôÝò ôéò óõíèÞêåò , êáé ìå äåäïìÝíç ôçí áâåâáéüôçôá ðïõ õðÞñ ÷ å åîáéôßáò Ýêôáêôùí ðáñáãüíôùí ðïõ óõíäÝïíôáí ìå ôç ìåôÜâáóç óôï Ôñßôï ÓôÜäéï êáé ôçí åéóáãùãÞ ôïõ åõñþ , ç åðéôÜ ÷ õíóç ôïõ Ì3 äåí èåùñÞèçêå ùò Ýíäåéîç ìåëëïíôéêþí ðëçèùñéóôéêþí ðéÝóåùí .
Against this background , and in view of the uncertainty relating to the special factors associated with the move to Stage Three and the introduction of the euro , the acceleration of M3 was not considered to be a signal of future inflationary pressures .
¼ óïí áöïñÜ ôéò ðñïïðôéêÝò ãéá ôçí åîÝëéîç ôùí ôéìþí êáé ôïõò êéíäýíïõò ãéá ôç óôáèåñüôçôá ôùí ôéìþí , äéÜöïñïé Üëëïé äåßêôåò åðéâåâáßùóáí ôçí áîéïëüãçóç ðïõ Ýãéíå ìå âÜóç ôéò åîåëßîåéò óôá íïìéóìáôéêÜ óôïé ÷ åßá . Ç ðôþóç ôùí ìáêñïðñüèåóìùí ïíïìáóôéêþí åðéôïêßùí ðïõ áêïëïýèçóå ôç óõíôïíéóìÝíç ìåßùóç ôùí åðéôïêßùí ôùí êåíôñéêþí ôñáðåæþí óôéò 3 Äåêåìâñßïõ êáé ç ìåôáôüðéóç ðñïò ôá êÜôù ôçò êáìðýëçò áðïäüóåùí èåùñÞèçêáí ùò ìÞíõìá
With regard to the outlook for price developments and risks to price stability , various other indicators confirmed the assessment made on the basis of developments in monetary data .
Ôï åðßðåäï ôïõ 3 % ãéá ôï åðéôüêéï ôçò ðñÜîçò êýñéáò áíá ÷ ñçìáôïäüôçóçò êáôÜ ôçí Ýíáñîç ôïõ Ôñßôïõ Óôáäßïõ åß ÷ å ùò áðïôÝëåóìá ôç äéáìüñöùóç ôïõ ôñßìçíïõ åðéôïêßïõ ôçò áãïñÜò ãýñù óôï 3,1% óôéò áñ ÷ Ýò ôïõ 1999 .
The fall in long-term nominal interest rates following the co-ordinated reduction of central bank rates on 3 December 1998 and the downward shift of the yield curve were seen as a sign that
ÄéÜãñáììá 14
Chart 14
M1 16 14 12 10 8 6 4 2 0
M1 16 14 12 10 8 6 4 2 0
M3 16 14 12 10 8 6 4 2 0
M3 16 14 12 10 8 6 4 2 0
B ´ ôñ . 1997
Q2 1997 Q3
B ´ ôñ . 1998
The overall picture was , however , somewhat mixed .
ÐçãÞ : ÅÊÔ . ÅôÞóéá ¸ êèåóç ÅÊÔ -* 1998
The level of 3.0% for the main refinancing rate at the start of Stage Three resulted in a three-month money market rate at a level of around 3.1% in early 1999 .
59 Ãåñìáíßá ð .
This level is very low by historical standards .
, ôï ìÝóï ïíïìáóôéêü âñá ÷ õðñüèåóìï åðéôüêéï , üðùò ìåôñåßôáé áðü ôï ôñßìçíï äéáôñáðåæéêü åðéôüêéï , ôéò ôåëåõôáßåò ôÝóóåñéò äåêáåôßåò Þôáí 6 %, åíþ åðéôüêéá êÜôù ôïõ 3 % åß ÷ áí íá ðáñáôçñçèïýí áðü ôï ÖåâñïõÜñéï ôïõ 1962 . Óå ðñáãìáôéêïýò üñïõò , äçë .
Even in those countries with the best track records in terms of price stability over the past few decades , rates have hardly ever been lower than this . In Germany , for example , the average nominal short-term interest rate , measured by the three-month interbank rate , over the past four decades was 6 %, with rates of below 3 % not having been observed since February 1962 .
áðïðëçèùñéóìÝíï ìå âÜóç ôïí ðëçèùñéóìü üðùò ìåôñåßôáé ìå ôïí ÅíÄÔÊ , ôï åðßðåäï ôùí âñá ÷ õðñüèåóìùí åðéôïêßùí ðïõ åðéôåý ÷ èçêå Þôáí åðßóçò ðïëý ÷ áìçëü êáé äéáìïñöþèçêå ðåñßðïõ óôï 2,3% óôéò áñ ÷ Ýò Ìáñôßïõ 1999 .
In real terms , i.e. considering the level of the short-term interest rates deflated by HICP inflation , the levels reached were also very low , standing at approximately 2.3% in early March 1999 .
Ãéá ëüãïõò óýãêñéóçò áíáöÝñåôáé üôé ôï åðßðåäï ôùí ðñáãìáôéêþí ôñßìçíùí åðéôïêßùí óôç æþíç ôïõ åõñþ Þôáí ßóï ìå 4,5% êáôÜ ìÝóï üñï óôç äéÜñêåéá ôçò äåêáåôßáò ôïõ 1990 , åíþ ôá áíôßóôïé ÷ á ãåñìáíéêÜ åðéôüêéá Þôáí êáôÜ ìÝóï üñï 3,2% ôçí ßäéá ðåñßïäï .
By comparison , the euro area level of real three-month interest rates was equal to an average of 4.5% during the 1990s and the German average over this period was 3.2% .
Ïõóéþäç óõìâïëÞ óôç äéáäéêáóßá åíïðïßçóçò åß ÷ å ôï óýóôçìá TARGET , ôï ïðïßï åðéôñÝðåé ôçí áóöáëÞ êáé óå óõíå ÷ Þ ÷ ñüíï åðåîåñãáóßá äéáóõíïñéáêþí ðëçñùìþí .
An essential element in the integration process was the TARGET system , which allows crossborder payments to be processed safely and in real time .
Ìå áõôü ôïí ôñüðï , ç äéáóðïñÜ ôùí åðéôïêßùí ìßáò çìÝñáò ìåôáîý ôùí ÷ ùñþí Þôáí ó ÷ åôéêÜ ìéêñÞ áðü ôéò ðñþôåò çìÝñåò ôïõ Ôñßôïõ Óôáäßïõ , ãåãïíüò ðïõ áðïôåëåß Ýíäåéîç üôé ïé óõììåôÝ ÷ ïíôåò óôçí áãïñÜ áîéïðïßçóáí áðïôåëåóìáôéêÜ ôéò åõêáéñßåò arbitrage ìåôáîý ôùí áãïñþí .
As a consequence , cross-country dispersion of overnight rates was relatively small as of the first days of Stage Three , indicating that market participants made efficient use of arbitrage opportunities across markets .
Åíüøåé ôçò éêáíïðïéçôéêÞò åìðåéñßáò ôùí ðñþôùí åâäïìÜäùí êáé ìå äåäïìÝíï üôé ç äéáôÞñçóç óôåíïý ðåñéèùñßïõ åðß ÷ ñïíéêü äéÜóôçìá ðÝñáí ôïõ äÝïíôïò ðéèáíüôáôá èá äõó ÷ Ýñáéíå ôçí áíÜðôõîç ôçò ÷ ñçìáôáãïñÜò ôïõ åõñþ ìáêñï ÷ ñüíéá , ôï Äéïéêçôéêü Óõìâïýëéï êáôÜñãçóå áðü ôéò 22 Éáíïõáñßïõ 1999 ôï óôåíü ðåñéèþñéï .
In view of the satisfactory experience of the first few weeks and taking into account that continuing to maintain the narrow corridor for too long would have been likely to hamper the development of the euro area money market in the longer term , the Governing Council discontinued the application of the narrow corridor with effect from 22 January 1999 .
Ïé ðñÜîåéò áíá ÷ ñçìáôïäüôçóçò ôïõ ÅõñùóõóôÞìáôïò êáôÜ ôéò ðñþôåò åâäïìÜäåò ôïõ 1999 óõíÝâáëáí óôçí åîïìÜëõíóç ôùí åîåëßîåùí óôç ÷ ñçìáôáãïñÜ .
The Eurosystem 's refinancing operations during the first weeks of 1999 contributed to smoothing the developments in the money market .
ÐñÜãìáôé , ôï ýøïò ôùí áðáéôïýìåíùí åëÜ ÷ éóôùí áðïèåìáôéêþí ãéá ôçí ðñþôç ðåñßïäï ôÞñçóçò èá õðïëïãéæüôáí ìå âÜóç ôá óôïé ÷ åßá ôïõ éóïëïãéóìïý ôùí ôñáðåæþí ôçò 1çò Éáíïõáñßïõ 1999 .
Indeed , the reserve requirement for the first maintenance period had to be based on banks » balance sheet data for 1 January 1999 .
Ôá óôïé ÷ åßá áõôÜ üìùò ãíùóôïðïéÞèçêáí óôï Åõñùóýóôçìá ìüëéò óôá ôÝëç Éáíïõáñßïõ 1999 .
These data , however , became known to the Eurosystem only in late January 1999 .
Åíþ ôéò ðñþôåò çìÝñåò ôïõ 1999 ïé óõììåôÝ ÷ ïíôåò óôçí áãïñÜ ôÞñçóáí ðïëý åðéöõëáêôéêÞ óôÜóç , ìå áðïôÝëåóìá ôï åðéôüêéï ìßáò çìÝñáò íá åßíáé åëáöñÜ ìüëéò ÷ áìçëüôåñï áðü ôï åðéôüêéï ïñéáêÞò ÷ ñçìáôïäüôçóçò ôïõ ÅõñùóõóôÞìáôïò ( 3,25% ) , ç áõîçìÝíç âåâáéüôçôá ó ÷ åôéêÜ ìå ôéò áíÜãêåò ñåõóôüôçôáò êáôÜ ôçí Ýíáñîç ôïõ Ôñßôïõ Óôáäßïõ êáé ç ÷ áëÜñùóç ôùí óõíèçêþí ôçò áãïñÜò åðÝôñåøáí óôï åðéôüêéï ìßáò çìÝñáò íá ðëçóéÜóåé ðåñéóóüôåñï ðñïò ôï åðéôüêéï ôçò ðñÜîçò êýñéáò áíá ÷ ñçìáôïäüôçóçò ôïõ ÅõñùóõóôÞìáôïò .
While the attitude of market participants in the first few days of 1999 was very cautious , resulting in an overnight rate which was only slightly below the temporary marginal lending rate of 3.25% , increasing certainty about liquidity needs at the start of Stage Three and an easing of market conditions allowed the overnight rate to come closer to the Eurosystem 's main refinancing rate .
Ç óôåíüôçôá åñãïóôáóéáêïý äõíáìéêïý êáé ôá õøçëÜ ðïóïóôÜ áýîçóçò ôùí ìéóèþí åß ÷ áí þò ôþñá ìéêñÞ ìüíï åðßäñáóç óôéò ôéìÝò êáôáíáëùôÞ . Ï ðëçèùñéóìüò , üðùò åêöñÜæåôáé áðü ôïí ÅíÄÔÊ , Þôáí áñêåôÜ êïíôÜ óôï ìÝóï üñï ôçò æþíçò ôïõ åõñþ êáôÜ ôï 1998 êáé , áêïëïõèþíôáò öèßíïõóá ðïñåßá óôç äéÜñêåéá ôïõ Ýôïõò , óôáèåñïðïéÞèçêå óôï 1,1% ôï ôåëåõôáßï ôñßìçíï .
HICP inflation was quite close to the euro area average in 1998 , following a downward trend in the course of the year , and stabilised at 1.1% in the last quarter . The modest rate of inflation is associated with the compression of profit margins , lower energy prices and a weak development in prices of transport and some meat products .
Ç ðáñáôçñïýìåíç åðéôÜ ÷ õíóç ôùí ìéóèoëïãéêþí áõîÞóåùí êáé ïé ðéÝóåéò ðïõ ðñïÝñ ÷ ïíôáé áðü ôçí éó ÷ õñÞ åðÝêôáóç ôçò åã ÷ þñéáò æÞôçóçò áðïôåëïýí ìéá ðñüêëçóç ãéá ôç äéáôÞñçóç ôçò óôáèåñüôçôáò ôùí ôéìþí .
To counteract these pressures fiscal policy has been following a restrictive stance .
Ãéá íá áíôéìåôùðßóåé ôéò ðéÝóåéò áõôÝò , ç äçìïóéïíïìéêÞ ðïëéôéêÞ áêïëïõèåß ðåñéïñéóôéêÞ êáôåýèõíóç . ¾ óôåñá áðü ôç óçìáíôéêÞ äçìïóéïíïìéêÞ åîõãßáíóç óôá Ýôç 1993-1997 ( ïðüôå ôï äçìïóéïíïìéêü Ýëëåéììá , áíåñ ÷ üìåíï óå 2,8% ôïõ ÁÅÐ , ìåôáôñÜðçêå óå ðëåüíáóìá 0,4% ôïõ ÁÅÐ ) , ôïí Éïýíéï 1998 åîáããÝëèçêå íÝá äÝóìç ìÝôñùí äçìïóéïíïìéêÞò ëéôüôçôáò , ç ïðïßá ðñïÝâëåðå ìåéùìÝíåò öïñïáðáëëáãÝò ãéá ôéò êáôáâïëÝò ôüêùí êáé áõîçìÝíïõò Ýììåóïõò öüñïõò .
After the substantial fiscal consolidation in the 1993-97 period ( when the budget balance moved from a deficit of 2.8% of GDP to a surplus of 0.4% of GDP ) a new fiscal austerity package , which lowered tax deductions for interest payments and increased indirect taxes , was introduced in June 1998 . In 1998 the budget surplus rose to 0.8% of GDP as a result of a strong decline in the total expenditure-to-GDP ratio which was only partially offset by a decline in the current revenue-to-GDP ratio .
Ôï 1998 ôï äçìïóéïíïìéêü ðëåüíáóìá áõîÞèçêå óå 0,8% ôïõ ÁÅÐ , ëüãù ôçò ìåãÜëçò ðôþóçò ôùí óõíïëéêþí äáðáíþí ùò ðïóïóôïý ôïõ ÁÅÐ , ç ïðïßá ìüíï åí ìÝñåé áíôéóôáèìßóôçêå áðü ôçí ìåßùóç ôùí ôñå ÷ üíôùí åóüäùí ùò ðïóïóôïý ôïõ ÁÅÐ .
The ratio of government debt to GDP declined by 5.5 percentage points to 58.1% . The monetary policy strategy of Danmarks Nationalbank has remained unchanged following the introduction of the euro .
Ôï äçìüóéï ÷ ñÝïò ùò ðïóïóôü ôïõ ÁÅÐ ìåéþèçêå óôï 58,1% .
Danish monetary policy is geared to stabilising the Danish krone vis-à-vis the euro as Denmark has been participating in the ERM II arrangement from 1 January 1999 with a narrow band of ± 2 ¼% around the euro central rate .
3.1 Äáíßá Óôç Äáíßá ôï ðñáãìáôéêü ÁÅÐ áõîÞèçêå ôï 1998 êáôÜ 2,8% , äçëáäÞ ìå ñõèìü ëßãï ÷ áìçëüôåñï áðü ôï ñõèìü ( 3 % êáé Üíù ) ðïõ åß ÷ å óçìåéþóåé áðü ôá ìÝóá ôïõ 1993 Ýùò ôï 1997 . ¼ ðùò êáé ôá ôåëåõôáßá ÷ ñüíéá , ç Üíïäïò ôçò ðáñáãùãÞò õðïóôçñß ÷ èçêå áðü ôçí éó ÷ õñÞ éäéùôéêÞ êáôáíÜëùóç êáé ôéò éäéùôéêÝò åðåíäýóåéò , åíþ ç óõìâïëÞ ôùí êáèáñþí åîáãùãþí óôçí áýîçóç ôïõ ÁÅÐ Þôáí áñíçôéêÞ .
In this context , the review of macroeconomic conditions as well as monetary and exchange rate policies is an integral part of the co-ordination exercise between the Eurosystem and the four NCBs not participating in the single monetary policy . 3.1 Denmark In Denmark real GDP increased by 2.8% in 1998 , somewhat below the growth rates of above 3 % achieved from the middle of 1993 until 1997 .
Óå óýãêñéóç ìå ôéò ðåñéóóüôåñåò ÷ þñåò ôçò æþíçò ôïõ åõñþ , ç Äáíßá âñßóêåôáé óå êÜðùò ðéï ðñï ÷ ùñçìÝíç èÝóç óôïí ïéêïíïìéêü êýêëï . Ôï 1998 , ç äáíéêÞ ïéêïíïìßá ëåéôïõñãïýóå êïíôÜ óôï üñéï ôçò ðëÞñïõò ÷ ñçóéìïðïßçóçò ôïõ åñãïóôáóéáêïý äõíáìéêïý êáé õðü óõíèÞêåò óôåíüôçôáò óôçí áãïñÜ åñãáóßáò .
As in recent years , output growth was supported by strong private consumption and investment , while the contribution to growth from net exports was negative .
Ôï ðïóïóôü áíåñãßáò áíåñ ÷ üôáí óå 4,6% ôï ÄåêÝìâñéï , ôï ÷ áìçëüôåñï ðïóïóôü åäþ êáé ìßá ó ÷ åäüí åéêïóáåôßá .
Compared with most euro area countries , Denmark occupies a relatively advanced position in the business cycle .
Ðáñüëï ðïõ ç êõâÝñíçóç Ýëáâå ìÝôñá ãéá íá ðñïêáëÝóåé áýîçóç ôçò ðñïóöïñÜò åñãáóßáò , ïé ðñáãìáôéêÝò ìéóèïëïãéêÝò áõîÞóåéò ôï 1998 õðåñÝâáéíáí ôçí Üíïäï ôçò ðáñáãùãéêüôçôáò .
During 1998 the Danish economy operated close to full capacity utilisation and under tight labour market conditions ;
Ýíáíôé ôïõ åõñþ , êáèþò ç Äáíßá óõììåôÝ ÷ åé óôïí ÌÓÉ ÉÉ áðü 1çò Éáíïõáñßïõ 1999 ìå óôåíÞ æþíç äéáêýìáíóçò ± 2,25% ãýñù áðü ôçí êåíôñéêÞ ôçò éóïôéìßá Ýíáíôé ôïõ åõñþ . Óå üëç ôç äéÜñêåéá ôïõ 1998 ç äáíéêÞ êïñþíá ðáñÝìåéíå êïíôÜ óôçí êåíôñéêÞ éóïôéìßá ôçò óôïí ÌÓÉ .
Despite government action to stimulate labour supply , real wage increases in 1998 were above productivity growth .
ÐÜíôùò , ôï 1998 õðÞñîáí ðåñéóôÜóåéò óôéò ïðïßåò ôï íüìéóìá äÝ ÷ èçêå ðéÝóåéò êáé ç ÅèíéêÞ ÔñÜðåæá ôçò Äáíßáò Üëëáîå ôá åðéôüêéÜ ôçò êáé ðñáãìáôïðïßçóå ðáñåìâÜóåéò ãéá íá êñáôÞóåé ôï íüìéóìá óôáèåñü .
Combined with a strengthening of the nominal effective exchange rate , this led to a loss of competitiveness .
¸ ôóé , ç äéáöïñÜ ôùí ôñéìçíéáßùí åðéôïêßùí Ýíáíôé ôùí óõãêñßóéìùí ãåñìáíéêþí Þôáí ó ÷ åôéêÜ åõìåôÜâëçôç êáôÜ ôï 1998 , êáé äéåõñõíüôáí êáôÜ ôç äéÜñêåéá ôùí äéåèíþí íïìéóìáôéêþí áíáôáñá ÷ þí ( öèÜíïíôáò óôéò 2,25 åêáôïóôéáßåò ìïíÜäåò óôï áðüãåéï ôùí äéåèíþí åíôÜóåùí óôï ôÝëïò Óåðôåìâñßïõ ) .
The current account deteriorated and moved into deficit in 1998 for the first time in the 1990s . Tight capacity and high rates of wage increases have so far had only little impact on
Ôï åðßóçìï åðéôüêéï ôùí óõìöùíéþí åðáíáãïñÜò ìåéþèçêå óå äéáäï ÷ éêÜ óôÜäéá óôï ôåëåõôáßï ôñßìçíï ôïõ 1998 êáé óôéò áñ ÷ Ýò ôïõ 1999 êáé äéáìïñöþèçêå óå 3,4% óôéò áñ ÷ Ýò Ìáñôßïõ 1999 .
ECB Annual Report -* 1998 55
Ôá ìáêñïðñüèåóìá åðéôüêéá , ìåôñïýìåíá ìå âÜóç ôéò áðïäüóåéò ôùí äåêáåôþí êñáôéêþí Ðßíáêáò 8
Table 8 Macroeconomic indicators for Denmark ( annual percentage changes , unless otherwise indicated )
( åôÞóéåò åêáôïóôéáßåò ìåôáâïëÝò , åêôüò åÜí óçìåéþíåôáé äéáöïñåôéêÜ ) 1992 1993 1994 1995 1996 1997 1998 1998 1998 1998 1998 Á ´ ôñ .
1992 1993 1994 1995 1996 1997 1998 1998 1998 1998 1998 Q1 Q2 Q3 Q4 Real GDP Contribution to real GDP growth : 1 ) Domestic demand including change in stocks Net exports HICP Compensation per employee ULC , whole economy Import prices Current plus new capital account (% of GDP ) Total employment Unemployment rate (% of labour force ) Fiscal balance (% of GDP ) 2 ) 3 ) Consolidated gross debt (% of GDP ) 2 ) 3-month interest rate (% per annum ) 4 ) 10-year interest rate (% per annum ) 4 ) Exchange rate against the ECU 4 ) 5 ) 1.3 1.5 - 0.2 4.2 2.0 - 1.3 2.8 - 0.9 9.2 - 2.2 68.6 11.5 9.0 7.81 0.8 0.4 0.4 2.3 0.0 - 2.0 3.4 - 1.5 10.1 - 2.8 80.9 10.9 7.3 7.59 5.8 6.8 - 1.0 3.5 - 2.5 - 0.1 1.8 - 0.4 8.2 - 2.4 76.5 6.2 7.8 7.54 3.0 4.6 - 1.6 3.4 1.7 - 1.6 1.1 1.4 7.2 - 2.4 72.1 6.1 8.3 7.33 3.3 3.2 0.1 2.1 3.0 1.0 - 0.9 1.7 1.3 6.8 - 0.9 67.4 3.9 7.2 7.36 3.1 4.4 - 1.3 1.9 3.8 2.8 4.0 0.5 2.1 5.6 0.4 63.6 3.7 6.3 7.48 2.8 4.1 - 2.3 1.3 3.3 2.9 - 0.1 - 1.4 2.2 5.1 0.8 58.1 4.1 4.9 7.50 4.0 6.0 - 2.0 1.6 4.2 2.2 0.4 - 1.0 2.0 5.5 3.8 5.3 7.53 1.1 3.2 - 2.2 1.4 0.7 2.0 0.6 - 1.9 2.4 5.2 4.1 5.1 7.52 3.4 4.0 - 0.6 1.2 4.5 3.5 - 1.2 .
Ðñáãìáôéêü ÁÅÐ ÓõìâïëÞ óôçí áýîçóç ôïõ ðñáãìáôéêïý ÁÅÐ 1 ) Eã ÷ þñéá æÞôçóç , óõìðåñéëáìâáíïìÝíùí ôùí ìåôáâïëþí óôá áðïèÝìáôá ÊáèáñÝò åîáãùãÝò ÅíÄÔÊ ÌéóèïëïãéêÞ äáðÜíç áíÜ ìéóèùôü Êüóôïò åñãáóßáò áíÜ ìïí . ðñïúüíô .
Sources : Eurostat , European Commission , national data and ECB calculations . 1 ) Percentage points .
, óýíïëï ïéêïíïìßáò ÔéìÝò åéóáãïìÝíùí Éóïæýãéï ôñå ÷ ïõóþí óõíáëëáãþí (% ôïõ ÁÅÐ ) Óýíïëï áðáó ÷ üëçóçò Ðïóïóôü áíåñãßáò (% ôïõ åñãáôéêïý äõíáìéêïý ) 2 ) 3 )
2 ) General government ;
Äçìïóéïíïìéêü áðïôÝëåóìá (% ôïõ ÁÅÐ ) - 2,2 ÅíïðïéçìÝíï áêáèÜñéóôï ÷ ñÝïò (% ôïõ ÁÅÐ ) 2 ) 68,6 Åðéôüêéï 3 ìçíþí (% åôçóßùò ) 4 ) Eðéôüêéï 10 åôþí (% åôçóßùò ) 4 ) ÓõíáëëáãìáôéêÞ éóïôéìßá Ýíáíôé ôïõ ECU 4 ) 5 ) 11,5 9,0 7,81
4 ) Average of period values . 5 ) Units of national currency per ECU .
ÐçãÞ : Eurostat , ÅõñùðáúêÞ ÅðéôñïðÞ , åèíéêÜ óôïé ÷ åßá êáé õðïëïãéóìïß ÅÊÔ . 1 ) Åêáôïóôéáßåò ìïíÜäåò .
1998 , with high spreads during periods of international currency unrest ( 225 basis points at the height of the global tensions at end-September ) . The spread was around 90 basis points at the end of the year , but declined in the first two months of 1999 to a level of around 40 basis points .
¼ ðùò ïñßæåôáé óôç ÓõíèÞêç ôïõ ÌÜáóôñé ÷ ô . 3 ) Ðëåüíáóìá (+) / Ýëëåéììá (-) .
Considering the year as a whole , short-term interest rates as measured by the three-month money market rates rose by 20 basis points .
4 ) ÌÝóïò üñïò ôéìþí ðåñéüäïõ . 5 ) ÌïíÜäåò åèíéêïý íïìßóìáôïò áíÜ ECU .
The official ( repo ) rate was lowered in various steps in the last quarter of 1998 and in early 1999 and stood at 3.4% at the beginning of March 1999 .
ïìïëüãùí , áêïëïýèçóáí ôç ìåßùóç ðïõ ðáñáôçñÞèçêå äéåèíþò óôç äéÜñêåéá ôïõ 1998 , áëëÜ óå ìéêñüôåñï âáèìü áðü ü , ôé ôï åðéôüêéï ôùí ãåñìáíéêþí äåêáåôþí ïìïëüãùí .
Long-term interest rates as measured by 10-year government bond yields followed the international decline in levels during 1998 , but less markedly than the German 10-year rate .
ìå áðïôÝëåóìá íá áõîçèåß åëáöñþò ç äéáöïñÜ ôïõò Ýíáíôé ôùí ãåñìáíéêþí óå 0,3 ôçò åêáôïóôéáßáò ìïíÜäáò óôï ôÝëïò Öåâñïõáñßïõ 1999 .
As a consequence , the spread widened slightly to 30 basis points at the end of February 1999 .
3.2 Åë ë Üäá ë Óôï ðñüóöáôï ðáñåëèüí ç ÅëëÜäá äéÞëèå ìéá ðåñßïäï Ýíôïíçò ïéêïíïìéêÞò áíÜðôõîçò .
3.2 Greece In the recent past Greece has experienced a period of buoyant economic growth .
Ï ñõèìüò áýîçóçò ôïõ ÁÅÐ Þôáí 3,2% ôï 1997 êáé åðéôá ÷ ýíèçêå óå 3,7% ôï 1998 .
The rate of growth of GDP was 3.2% in 1997 and increased to 3.7% in 1998 .
Ôï 1998 óçìåéþèçêå áîéüëïãç åíßó ÷ õóç ôçò âéïìç ÷ áíéêÞò ðáñáãùãÞò êáé ôùí êáôáóêåõþí .
There was a marked strengthening in industrial production and construction in 1998 .
Ç êáôáíáëùôéêÞ æÞôçóç ìåéþèçêå åîáéôßáò ôçò óõãêñÜôçóçò ôùí ìéóèþí , óå óõíäõáóìü ìå ôçí åëáöñÜ áýîçóç ôçò öïñïëïãéêÞò åðéâÜñõíóçò êáé ôïõò áñíçôéêïýò üñïõò åìðïñßïõ ôïõò ïðïßïõò óõíåðáãüôáí ç õðïôßìçóç ôçò äñá ÷ ìÞò óôéò áñ ÷ Ýò ôïõ 1998 .
Consumption demand has decelerated owing to wage moderation combined with a slightly increasing tax burden and the negative terms-of-trade effect of the drachma 's devaluation in early 1998 .
Ôï ðïóïóôü ôçò êáôáãåãñáììÝíçò áíåñãßáò ðáñáìÝíåé õøçëü , óå ìÝóï åðßðåäï 9,9% ôï 1998 .
The registered unemployment rate remains high , at 9.9% on average in 1998 .
Ôï Ýëëåéììá ôïõ åìðïñéêïý éóïæõãßïõ ( ôï ïðïßï åí ìÝñåé õðåñåêôéìÜôáé áðü ôéò ìç êáôáãåãñáììÝíåò åîáãùãÝò ) åêôéìÜôáé üôé Ý ÷ åé ðáñáìåßíåé ðåñßðïõ óôï ßäéï õøçëü åðßðåäï üðùò êáé ôï 1997 ( ðåñßðïõ 15 % ôïõ ÁÅÐ ) , åðåéäÞ ç èåôé -
The trade deficit ( partly distorted by unrecorded exports ) is estimated to have remained broadly at the same high level as that recorded in 1997 56
Ðßíáêáò 9
ECB Annual Report -* 1998 Table 9
1992 1993 1994 1995 1996 1997 1998 1998 1998 1998 1998 Á ´ ôñ . B ´ ôñ .
1992 1993 1994 1995 1996 1997 1998 1998 1998 1998 1998 Q1 Q2 Q3 Q4 4.2 16.8 10.4 319 5.0 13.2 7.9 340 4.8 13.5 7.8 333 4.0 12.2 7.8 332
Ðñáãìáôéêü ÁÅÐ ÓõìâïëÞ óôçí áýîçóç ôïõ ðñáãìáôéêïý ÁÅÐ : 1 ) Eã ÷ þñéá æÞôçóç , óõìðåñéëáìâáíïìÝíùí ôùí ìåôáâïëþí óôá áðïèÝìáôá ÊáèáñÝò åîáãùãÝò ÅíÄÔÊ ÌéóèïëïãéêÞ äáðÜíç áíÜ ìéóèùôü Êüóôïò åñãáóßáò áíÜ ìïí . ðñïúüíô .
Real GDP Contribution to real GDP growth : 1 ) Domestic demand including change in stocks Net exports HICP Compensation per employee ULC , whole economy Import prices Current plus new capital account (% of GDP ) Total employment Unemployment rate (% of labour force ) Fiscal balance (% of GDP ) 2 ) 3 ) Consolidated gross debt (% of GDP ) 2 ) 3-month interest rate (% per annum ) 4 ) 10-year interest rate (% per annum ) 4 ) Exchange rate against the ECU 4 ) 5 )
13,9 8,5 331 ÐçãÞ : Eurostat , ÅõñùðáúêÞ ÅðéôñïðÞ , åèíéêÜ óôïé ÷ åßá êáé õðïëïãéóìïß ÅÊÔ .
Sources : Eurostat , European Commission , national data and ECB calculations .
1 ) Åêáôïóôéáßåò ìïíÜäåò .
1 ) Percentage points .
2 ) ÃåíéêÞ êõâÝñíçóç .
2 ) General government ;
3 ) Ðëåüíáóìá (+) / Ýëëåéììá (-) .
3 ) Surplus (+) / deficit (-) .
4 ) ÌÝóïò üñïò ôéìþí ðåñéüäïõ .
4 ) Average of period values .
5 ) ÌïíÜäåò åèíéêïý íïìßóìáôïò áíÜ ECU .
5 ) Units of national currency per ECU .
ÅôÞóéá ¸ êèåóç ÅÊÔ -* 1998 63
Monetary policy is conducted with a view to attaining nominal convergence with the euro ECB Annual Report -* 1998
êÞ åðßäñáóç ôùí ÷ áìçëüôåñùí ôéìþí ôùí åéóáãüìåíùí åíåñãåéáêþí ðñïúüíôùí áíôéóôáèìßóôçêå áðü ôïõò áñíçôéêïýò üñïõò åìðïñßïõ ëüãù ôçò õðïôßìçóçò ôçò äñá ÷ ìÞò . Ðáñ  üëç ôç óôáèåñÞ áíÜðôõîç , ï ñõèìüò ðëçèùñéóìïý , ìåôñïýìåíïò âÜóåé ôïõ ÅíÄÔÊ , óõíÝ ÷ éóå êáôÜ ôï 1998 ôçí êáèïäéêÞ ôïõ ðïñåßá .
According to the new legislation establishing the independence of the Bank of Greece ( which came into effect in December 1997 ) , the maintenance of price stability has been confirmed as the ultimate goal of monetary policy . The Bank of Greece aims to reduce inflation to below 2 % by the end of 1999 .