natgillin/translations-raw huggingface dataset:
% äéò ECU 2.365,0 290,4 19,4 5.548,1 ÅÅ-15 3.234,2 374,1 24,6 7.132,3 ÇÐÁ 9.372,6 267,9 19,6 6.896,5 Éáðùíßá 377,8 126,0 7,7 3.708,4
% of GDP % of GDP % of GDP % of GDP % of GDP % of GDP % of GDP % ECU bn % of GDP ECU bn % of GDP ECU bn % of GDP % % % % % % of GDP % of GDP % of GDP
ÐçãÞ : ÅõñùðáúêÞ ÅðéôñïðÞ ( ðñïâëÝøåéò Üíïéîçò 1998 ) , åêôüò áí åðéóçìáßíåôáé Üëëùò .
Source : European Commission ( spring 1998 forecasts ) , unless otherwise stated .
( á ) ÐçãÞ : EUROSTAT .
( a ) Source : EUROSTAT .
( â ) 1996 .
( b ) 1996 ;
( ã ) 1993 .
( c ) 1993 ;
ÐçãÞ : OECD , Historical Statistics , 1960-1995 .
Source : OECD , Historical Statistics , 1960-1995 .
( ä ) 1996 .
( d ) 1996 .
Ôá óôïé ÷ åßá ãéá ôçí ÅÅ-15 äåí ðåñéëáìâÜíïõí ôï åíäïêïéíïôéêü åìðüñéï .
data for EU-15 exclude intra EU-15 trade .
( å ) 1996 .
( e ) 1996 ;
( óô ) 1995 .
( f ) 1995 .
ÐçãÞ : IMF , International Capital Markets , November 1997 .
Source : IMF , International Capital Markets , November 1997 .
( æ ) 1995 .
( g ) 1995 .
( ç ) 1994 .
( h ) 1994 .
( è ) Ðåñéï ÷ Þ ôïõ åõñþ êáé ÅÅ-15 : ìÝóïò åôÞóéïò ñõèìüò , ðëçèùñéóìüò âÜóåé ôïõ ÅíÄÔÊ .
( i ) Euro area and EU-15 : annual average , HICP inflation .
( é ) Ä ´ ôñßìçíï 1997 .
( j ) 1997 Q4 .
Ãéá ôéò ÇÐÁ êáé ôçí Éáðùíßá , ðçãÞ : IMF , World Economic Outlook , April 1998 .
Source for United States and Japan : IMF , World Economic Outlook , April 1998 .
1 ÍïìéóìáôéêÞ ðïëéôéêÞ ëÞøçò áðïöÜóåùí óå èÝìáôá íïìéóìáôéêÞò ðïëéôéêÞò , áíåîÜñôçôá áðü ôç óôñáôçãéêÞ ðïõ èá åðéëåãåß .
1 Monetary policy 1.1 Monetary policy strategy In February 1997 the EMI published a report entitled « The single monetary policy in Stage Three - Elements of the monetary policy strategy of the ESCB » .
Óôç äéÜñêåéá ôïõ Ýôïõò óõìöùíÞèçêáí ôá ÷ áñáêôçñéóôéêÜ ôïõ ìïíôÝëïõ , åôïéìÜóôçêå ç âÜóç äåäïìÝíùí ðïõ èá õðïóôçñßæåé ôç äéáäéêáóßá êáé îåêßíçóáí ïé åñãáóßåò ãéá íá åêôéìçèåß ôï ìïíôÝëï , ôï ïðïßï áíáìÝíåôáé íá åßíáé äéáèÝóéìï ùò ëåéôïõñãéêü åñãáëåßï êáôÜ ôï äåýôåñï åîÜìçíï ôïõ 1998 .
and tools enabling forecasts for inflation and other euro area economic variables to be produced . In addition , the report noted that monetary policy in Stage Three would also require a comprehensive data set and analytical capacities , including econometric models , to assist in the formulation of policy .
1.1 ÓôñáôçãéêÞ ôçò íïìéóìáôéêÞò ðïëéôéêÞò Ôï ÖåâñïõÜñéï 1997 ôï ÅÍÉ äçìïóßåõóå Ýêèåóç ìå ôßôëï  Ç åíéáßá íïìéóìáôéêÞ ðïëéôéêÞ óôï Ôñßôï ÓôÜäéï - Óôïé ÷ åßá ôçò óôñáôçãéêÞò íïìéóìáôéêÞò ðïëéôéêÞò ôïõ ÅÓÊÔ . Áöïý åîåôÜæåé ìéá óåéñÜ åíáëëáêôéêþí óôñáôçãéêþí , ç Ýêèåóç åíôïðßæåé äýï , ôç óôñáôçãéêÞ êáèïñéóìïý åíäéÜìåóïõ íïìéóìáôéêïý óôü ÷ ïõ êáé ôç óôñáôçãéêÞ êáèïñéóìïý Üìåóïõ óôü ÷ ïõ ãéá ôïí ðëçèùñéóìü , ùò âÜóç ãéá ôçí ðéèáíÞ õðïøÞöéá óôñáôçãéêÞ ãéá ôï Ôñßôï ÓôÜäéï .
EMI staff also carried out work on a number of other topics , such as the measurement of inflation and inflation expectations , the leading indicator properties of financial variables and studies of money and credit demand in the EU . In the field of econometric modelling , a major project was launched which was concerned with the development of an ESCB multi-country macroeconomic model and involved collaboration between the EMI and NCBs .
48 1.2 ÅöáñìïãÞ ôçò åíéáßáò íïìéóìáôéêÞò ðïëéôéêÞò ÌÝóá êáé äéáäéêáóßåò Ç öÜóç ôçò åííïéïëïãéêÞò áðïóáöÞíéóçò ôùí ðñïðáñáóêåõáóôéêþí åñãáóéþí ùò ðñïò ôá ìÝóá êáé ôéò äéáäéêáóßåò ðïõ áðáéôïýíôáé ãéá ôçí åöáñìïãÞ ôçò åíéáßáò íïìéóìáôéêÞò ðïëéôéêÞò óôï Ôñßôï ÓôÜäéï ïëïêëçñþèçêå óôï ôÝëïò ôïõ 1996 êáé êáôÝëçîå óôçí Ýêäïóç Ýêèåóçò ôïõ ÅÍÉ ôïí ÉáíïõÜñéï 1997 ìå ôßôëï  Ç åíéáßá íïìéóìáôéêÞ ðïëéôéêÞ óôï Ôñßôï ÓôÜäéï - Ðñïóäéïñéóìüò ôïõ ëåéôïõñãéêïý ðëáéóßïõ  (¸ êèåóç ãéá ôï Ðëáßóéï ) .
1.2 Implementation of the single monetary policy Instruments and procedures The conceptual phase of the preparatory work dealing with the instruments and procedures necessary for implementing the single monetary policy in Stage Three was concluded at the end of 1996 , thus leading to the publication in January 1997 of an EMI report entitled « The single monetary policy in Stage Three - Specification of the operational framework » ( the « Framework Report ") . The first half of 1997 was devoted to defining the technical specifications for
Ôï ðñþôï åîÜìçíï ôïõ 1997 áöéåñþèçêå óôïí êáèïñéóìü ôùí ôå ÷ íéêþí ðñïäéáãñáöþí ôïõ ëåéôïõñãéêïý ðëáéóßïõ ôïõ ÅÓÊÔ êáé áõôü ôï Ýñãï ïäÞãçóå , ôï ÓåðôÝìâñéï 1997 , óôçí Ýêäïóç Ýêèåóçò ôïõ ÅÍÉ ìå ôßôëï  Ç åíéáßá íïìéóìáôéêÞ ðïëéôéêÞ óôï Ôñßôï ÓôÜäéï - ÃåíéêÞ ôåêìçñßùóç ãéá ôá ìÝóá êáé ôéò äéáäéêáóßåò íïìéóìáôéêÞò ðïëéôéêÞò ôïõ ÅÓÊÔ .
the ESCB 's operational framework and this work led to the publication in September 1997 of an EMI report entitled « The single monetary policy in Stage Three - General documentation on ESCB monetary policy instruments and procedures » .
Ôï Ýñãï áõôü óõíå ÷ ßóôçêå êáé óôéò áñ ÷ Ýò ôïõ 1998 êáé õðïëïãßæåôáé üôé ôï äåýôåñï åîÜìçíï ôïõ Ýôïõò èá áöéåñùèåß óôïí åîïíõ ÷ éóôéêü Ýëåã ÷ ï ôùí äéáäéêáóéþí êáé ôùí óõóôçìÜôùí ðïõ èá ÷ ñçóéìïðïéçèïýí óôï Ôñßôï ÓôÜäéï .
This work continued into early 1998 . The second half of 1998 will be devoted to a thorough testing of the procedures and systems to be used in Stage Three .
Ìüíï ïé áðåõèåßáò ( outright ) ðñÜîåéò êáé Üëëá åßäç ðñÜîåùí ðïõ èá ÷ ñçóéìïðïéïýíôáé áðü ôï ÅÓÊÔ ãéá ôç ñýèìéóç âñá ÷ õ ÷ ñüíéùí äéáêõìÜíóåùí ôçò ñåõóôüôçôáò ( fine tuning ) èá ìðïñïýí íá äéåíåñãïýíôáé ìÝóù äéìåñþí äéáäéêáóéþí .
Only outright operations and the other types of operations used for finetuning purposes by the ESCB may be conducted through bilateral procedures .
Ïé äçìïðñáóßåò áõôÝò èá åêôåëïýíôáé åíôüò 24 ùñþí áðü ôçí áíáããåëßá ôïõò .
These tenders will be executed within 24 hours of their announcement .
Ãéá ôéò áðåõèåßáò óõíáëëáãÝò êáé ôéò ðñÜîåéò áíôáëëáãÞò îÝíùí íïìéóìÜôùí ( swaps ) , ôï ÅÓÊÔ èá åöáñìüæåé çìåñïìçíßåò äéáêáíïíéóìïý óýìöùíá ìå ôçí ðñáêôéêÞ ôçò áãïñÜò .
For outright transactions and foreign exchange swaps , the ESCB will apply settlement dates in line with market practice .
Ôï TARGET èá êëåßíåé êáíïíéêÜ óôéò 6 ì . ì .
The normal closing time for TARGET will be 6 p.m. ECB time .
Ïé ÅèíÊÔ èá áñ ÷ ßæïõí ôéò äéáäéêáóßåò êëåéóßìáôïò çìÝñáò óôéò 6.30 ì .
NCBs will start their end-of-day procedures at 6.30 p.m. ECB time .
ÊáôÜ ôç äéÜñêåéá ôïõ 1997 ôï ÅÍÉ óõæÞôçóå áõôü ôï ó ÷ Ýäéï Êáíïíéóìïý óôï ðëáßóéï Üôõðçò óýóêåøçò ìå ôç ÍïìéóìáôéêÞ ÅðéôñïðÞ .
During 1997 the EMI discussed this draft Regulation in the context of an informal discussion with the Monetary Committee .
Êáôüðéí ôïýôïõ , ëßãï ìåôÜ ôçí ßäñõóÞ ôçò , ç ÅÊÔ èá ðáñïõóéÜóåé åðéóÞìùò Ýíá ôñïðïðïéçìÝíï êåßìåíï óôï Óõìâïýëéï ôçò ÅÅ óýìöùíá ìå ôï ¢ ñèñï 106 ( 6 ) ôçò ÓõíèÞêçò .
As a result , an amended text will be formally presented to the EU Council by the ECB shortly after its establishment , in accordance with Article 106 ( 6 ) of the Treaty .
¼ ëá ôá ðåñéïõóéáêÜ óôïé ÷ åßá ðïõ ìðïñïýí íá ãßíïõí äåêôÜ èá õðüêåéíôáé óå óõãêåêñéìÝíá ìÝôñá åëÝã ÷ ïõ ôïõ êéíäýíïõ . ÁõôÜ ôá ìÝôñá êáèïñßóôçêáí êáôÜ ôç äéÜñêåéá ôïõ 1997 , áöïý ëÞöèçêáí õðüøç ïé ðñáêôéêÝò ôçò áãïñÜò êáé ïé áíôéäñÜóåéò óôéò áñ ÷ éêÝò ðñïôÜóåéò ôïõ ÅÍÉ .
These risk control measures were defined during the course of 1997 , taking into account market practices and reactions to initial proposals from the EMI .
Ãéá ôá ìÝóá ôçò ðñþôçò âáèìßäáò , ôá ìÝôñá åëÝã ÷ ïõ ôïõ êéíäýíïõ èá ðåñéëáìâÜíïõí ðåñéèþñéá áóöáëåßáò , óõãêåêñéìÝíç äéáöïñÜ ìåôáîý ðáñå ÷ üìåíçò áóöÜëåéáò êáé êáëõðôüìåíçò áðáßôçóçò ( haircut ) áíÜëïãç ìå ôçí åíáðïìÝíïõóá äéÜñêåéá êáé ôá ôïêïìåñßäéá ôùí ôßôëùí ( ðïõ óçìáßíåé üôé ç áîßá ôïõ ðåñéïõóéáêïý óôïé ÷ åßïõ èá õðïëïãßæåôáé âÜóåé ôçò áãïñáßáò áîßáò ôïõ ìåßïí Ýíá óõãêåêñéìÝíï ðïóïóôü ) êáé åéäïðïéÞóåéò êáôÜèåóçò ðåñéèùñßïõ ( margin calls ) ðïõ óêïðü Ý ÷ ïõí íá äéáóöáëßóïõí üôé ç áîßá ôùí ðåñéïõóéáêþí óôïé ÷ åßùí éóïäõíáìåß ðÜíôïôå ìå ôï ðïóüí ôçò ðáñå ÷ üìåíçò ñåõóôüôçôáò óõí ôçí áîßá ôïõ áñ ÷ éêïý ðåñéèùñßïõ áóöáëåßáò .
For tier one instruments , risk control measures will consist of initial margins , specific valuation haircuts differentiated according to the residual maturity and coupon structure of the debt instrument ( implying that the value of the underlying asset will be calculated as the market value of the asset less a certain percentage ( haircut )) and margin calls aimed at ensuring over time that the valuation of the underlying asset matches the amount of liquidity provided plus the value of the initial margin . Risk control measures for tier two assets complementing the initial margins will be
2 ÓõíáëëáãìáôéêÞ ðïëéôéêÞ ¼ óïí áöïñÜ ôç äéá ÷ åßñéóç ôùí óõíáëëáãìáôéêþí äéáèåóßìùí ôçò ÅÊÔ , Þäç áíáðôýóóïíôáé ôá óõóôÞìáôá ðëçñïöïñéêÞò ðïõ èá áðáéôçèïýí áðü ôçí ÅÊÔ ãéá ôéò äéáäéêáóßåò ëÞøçò óôñáôçãéêþí áðïöÜóåùí , ìåôáîý Üëëùí êáé ãéá ôïí êáèïñéóìü ôùí ãåíéêüôåñùí åðé ÷ åéñçóéáêþí óôü ÷ ùí ùò ðñïò ôï óõíáëëáãìáôéêü êßíäõíï , ôïí êßíäõíï åðéôïêßïõ , ôïí ðéóôùôéêü êßíäõíï êáé ôïí êßíäõíï ñåõóôüôçôáò .
2 Foreign exchange policy 2.1 The ERM II In the context of future foreign exchange policy co-operation between Member States participating in the euro area and other EU countries , work was conducted in 1997 at the level of both the ECOFIN Council and the EMI , in accordance with the broad lines defined in a report the EMI submitted on this issue to the Dublin meeting of the European Council in December 1996 .
Óýìöùíá ìå ôï ¢ ñèñï 30.1 ôïõ Êáôáóôáôéêïý ôïõ ÅÓÊÔ / ÅÊÔ , êáôÜ ôçí Ýíáñîç ôïõ Ôñßôïõ Óôáäßïõ ïé ÅèíÊÔ èá ìåôáâéâÜóïõí óôçí ÅÊÔ óõíáëëáãìáôéêÜ äéáèÝóéìá ðïõ èá áíÝñ ÷ ïíôáé ìÝ ÷ ñé ôï éóüôéìï ôùí 50 äéóåê .
the draft agreement will be submitted to the ECB for endorsement following its establishment in early summer 1998 .
Åðßóçò , Ý ÷ ïõí áñ ÷ ßóåé åñãáóßåò ãéá ôçí êáôÜñôéóç óõìðëçñùìáôéêÞò êïéíïôéêÞò íïìïèåóßáò ðïõ èá åðéôñÝðåé óôçí ÅÊÔ , óýìöùíá ìå ôï ¢ ñèñï 30.4 ôïõ Êáôáóôáôéêïý ÅÓÊÔ / ÅÊÔ , íá æçôÞóåé íá ôçò êáôáâëçèïýí óõíáëëáãìáôéêÜ äéáèÝóéìá ðÝñáí ôïõ ïñßïõ ôùí 50 äéóåê .
developed , including the setting of the overall operational objectives in terms of currency risk , interest rate risk , credit risk and liquidity risk .
åõñþ ðïõ èÝôåé ôï ¢ ñèñï 30.1 . 2.1 Ï ÌÓÉ ÉÉ Óôï ðëáßóéï ôçò ìåëëïíôéêÞò óõíåñãáóßáò óå èÝìáôá óõíáëëáãìáôéêÞò ðïëéôéêÞò ìåôáîý ôùí êñáôþí-ìåëþí ðïõ ìåôÝ ÷ ïõí óôçí ðåñéï ÷ Þ ôïõ åõñþ êáé ôùí Üëëùí ÷ ùñþí ôçò ÅÅ , ïé åñãáóßåò ðñï ÷ þñçóáí êáôÜ ôï 1997 ôüóï óå åðßðåäï Óõìâïõëßïõ ECOFIN üóï êáé óå åðßðåäï ÅÍÉ , óýìöùíá ìå Ýíá åõñý ðëáßóéï ðïõ åß ÷ å ïñéóôåß ìå Ýêèåóç ôçí ïðïßá õðÝâáëå ôï ÅÍÉ óôï Åõñùðáúêü Óõìâïýëéï óôç óýíïäï ôïõ Äïõâëßíïõ ôï ÄåêÝìâñéï 1996 .
This technical infrastructure will be used to convey the ECB 's decisions to the NCBs , which could then be in charge of carrying out portfolio management operations in accordance with these instructions , pending a decision by the Governing Council of the ECB . In accordance with Article 30.1 of the ESCB / ECB Statute , at the beginning of Stage Three NCBs will transfer foreign reserve assets up to an amount equivalent to E 50 billion to the ECB .
Óôç óýíïäï ôïõ Åõñùðáúêïý Óõìâïõëßïõ óôï ¢ ìóôåñíôáì ôïí Éïýíéï 1997 , åãêñßèçêå Áðüöáóç ó ÷ åôéêÜ ìå ôï íÝï ìç ÷ áíéóìü óõíáëëáãìáôéêþí éóïôéìéþí ðïõ èá åéóá ÷ èåß êáôÜ ôï Ôñßôï ÓôÜäéï ôçò ÏÍÅ .
Work has been undertaken in order to facilitate the decision on the amount that will actually be transferred and on the modalities of the initial transfer of reserve assets .
ÐáñÜëëçëá , ôï ÅÍÉ ïñéóôéêïðïßçóå ó ÷ Ýäéï óõìöùíßáò ìåôáîý ôçò ÅÊÔ êáé ôùí êåíôñéêþí ôñáðåæþí ðïõ äåí èá ìåôÝ ÷ ïõí óôçí ðåñéï ÷ Þ ôïõ åõñþ , üðïõ ïñßæïíôáé ïé ëåéôïõñãéêÝò äéáäéêáóßåò ãéá ôï ÌÓÉ ÉÉ . Ôï ó ÷ Ýäéï óõìöùíßáò èá õðïâëçèåß ðñïò Ýãêñéóç áðü ôçí ÅÊÔ , ìåôÜ ôçí ßäñõóÞ ôçò óôéò áñ ÷ Ýò ôïõ êáëïêáéñéïý 1998 .
Likewise , work has been initiated to prepare complementary Community legislation which will enable the ECB , in accordance with Article 30.4 of the ESCB / ECB Statute , to make further calls on the NCBs » foreign reserve assets beyond the limit of E 50 billion set in Article 30.1 .
Åí ôù ìåôáîý , ôï ÅÍÉ åñãÜóôçêå ðåñáéôÝñù óôçí áíÜðôõîç ôçò ôå ÷ íéêÞò õðïäïìÞò ðïõ èá åðéôñÝøåé óôï óýóôçìá íá ôåèåß óå ëåéôïõñãßá áðü ôçí 1ç Éáíïõáñßïõ 1999 . 2.2 ÐáñåìâÜóåéò óôéò áãïñÝò óõíáëëÜãìáôïò êáé äéá ÷ åßñéóç ôùí óõíáëëáãìáôéêþí äéáèåóßìùí ôçò ÅÊÔ Ôï 1997 ôï Ýñãï åöáñìïãÞò ãéá ôç äéåíÝñãåéá ðáñåìâÜóåùí óôéò áãïñÝò óõíáëëÜãìáôïò áðü ôçí ÅÊÔ åðéêåíôñþèçêå óôéò ðôõ ÷ Ýò ðïõ ó ÷ åôßæïíôáé ìå ôï áðáéôïýìåíï ëåéôïõñãéêü ðëáßóéï êáé ôçí õðïóôÞñéîç áðü ðëåõñÜò óõóôçìÜôùí ðëçñïöïñéêÞò .
2.2 Foreign exchange intervention and the management of the ECB 's foreign reserve assets In 1997 implementation work on the conduct of potential foreign exchange intervention by the ECB focused on aspects related to the required operational framework and information systems support . The infrastructure currently being designed will make it possible for the ESCB to execute intervention , both within and outside the ERM II .
2.3 ÊáôåõèõíôÞñéåò ãñáììÝò ãéá ôéò ðñÜîåéò óõíáëëáãìáôéêþí äéáèåóßìùí ôùí ÅèíÊÔ êáé ôùí êñáôþí-ìåëþí Áí êáé ôá óõíáëëáãìáôéêÜ äéáèÝóéìá ðÝñáí ôïõ ïñßïõ åêåßíùí ðïõ èá ìåôáâéâáóôïýí óôçí ÅÊÔ ìå ôçí Ýíáñîç ôïõ Ôñßôïõ Óôáäßïõ èá ðáñáìåßíïõí óôçí êáôï ÷ Þ ôùí ÅèíÊÔ , ïé
As regards the ECB 's foreign reserve management , the information systems support needed by the ECB for its strategic decision-making processes is currently being
Óýìöùíá ëïéðüí ìå ôï ¢ ñèñï 31 ôïõ Êáôáóôáôéêïý ôïõ ÅÓÊÔ / ÅÊÔ , ïé ðñÜîåéò óå óõíÜëëáãìá ôéò ïðïßåò èá äéåíåñãïýí ïé ÅèíÊÔ ìå ôá õðüëïéðá äéáèÝóéìÜ ôïõò óå óõíÜëëáãìá , ðÝñáí ôïõ ïñßïõ ðïõ èá êáèïñßóåé ç ÅÊÔ , èá õðüêåéíôáé óå ðñïçãïýìåíç Ýãêñéóç áðü ôçí ÅÊÔ . Áíôßóôïé ÷ á , ïé óõíáëëáãÝò ðïõ èá äéåíåñãïýí ôá êñÜôç-ìÝëç êáé ïé ìåôáâïëÝò ôùí ôáìåéáêþí ôïõò äéáèåóßìùí óå óõíÜëëáãìá èá ðñÝðåé íá ãíùóôïðïéïýíôáé áðü ðñéí , åöüóïí õðåñâáßíïõí Ýíá üñéï ðïõ èá ôåèåß áðü ôçí ÅÊÔ .
issue , encompassing not only central governments but also all public authorities within the euro area . Hence in accordance with Article 31 of the ESCB / ECB Statute , foreign exchange operations carried out by the NCBs with their remaining foreign reserve assets , the amount of which exceeds a threshold to be set by the ECB , will be subject to prior approval by the ECB .
ÅðéðëÝïí , Ý ÷ åé ðñïåôïéìáóôåß óõìöùíßá ìåôáîý ôçò ÅõñùðáúêÞò ÅðéôñïðÞò êáé ôçò ÅÊÔ , ç ïðïßá èá åðéôñÝøåé óôçí ÅÊÔ íá åíçìåñþíåôáé , ìÝóù äéáäéêáóéþí ðëçñïöüñçóçò êáé áíáêïßíùóçò óôïé ÷ åßùí , ãéá ôéò ðñÜîåéò ðïõ äéåíåñãåß ç ÅõñùðáúêÞ ÅðéôñïðÞ óå óõíÜëëáãìá . 2.4 Ïé óõíáëëáãìáôéêÝò éóïôéìßåò áíáöïñÜò ôïõ åõñþ ÊáôÜ ôç äéÜñêåéá ôïõ 1997 ôï ÅÍÉ åñãÜóôçêå ãéá ôçí ðñïåôïéìáóßá ôùí äéáäéêáóéþí óýìöùíá ìå ôéò ïðïßåò èá õðïëïãßæïíôáé êáé èá äçìïóéåýïíôáé ïé óõíáëëáãìáôéêÝò éóïôéìßåò ôïõ åõñþ .
The EMI has finalised two draft proposals which will be submitted for approval to the ECB : one encompassing operations conducted by the NCBs and another covering transactions made by Member States . In addition , an arrangement to be established between the European Commission and the ECB has been prepared , which will enable the ECB to be kept informed , through notification and reporting procedures , of the Commission 's foreign exchange operations .
1 åõñþ = ÷ ìïíÜäåò îÝíïõ íïìßóìáôïò ) ãéá ôïí êáèïñéóìü ôùí óõíáëëáãìáôéêþí éóïôéìéþí ôïõ åõñþ , ( â ) ôçí Üðïøç üôé äåí èá áðáéôçèåß åðßóçìç óõíåäñßáóç fixing ãéá ïëüêëçñç ôçí ðåñéï ÷ Þ ôïõ åõñþ ìå ôç óõììåôï ÷ Þ ôçò ÅÊÔ êáé ôùí ÅèíÊÔ êáé ( ã ) ôçí áíÜãêç íá õðïëïãßæåé ôï ÅÓÊÔ êáé íá äçìïóéåýåé êáèçìåñéíÜ ôéò óõíáëëáãìáôéêÝò éóïôéìßåò áíáöïñÜò ôïõ åõñþ .
Further work on these issues is currently under way in order to establish the method to be used in determining the euro reference exchange rates and other procedural aspects linked to the dissemination of those rates .
Åðß ôïõ ðáñüíôïò ðñáãìáôïðïéïýíôáé ðåñáéôÝñù åñãáóßåò ó ÷ åôéêÜ ìå ôá ðáñáðÜíù æçôÞìáôá , ðñïêåéìÝíïõ íá áðïöáóéóôåß ìå ðïéá ìÝèïäï èá êáèïñßæïíôáé ïé óõíáëëáãìáôéêÝò éóïôéìßåò áíáöïñÜò ôïõ åõñþ êáé Üëëá äéáäéêáóôéêÜ èÝìáôá ðïõ óõíäÝïíôáé ìå ôç äéÜäïóç áõôþí ôùí éóïôéìéþí . 2.5 Ç ðñïáíáããåëßá ôùí äéìåñþí éóïôéìéþí ðïõ èá ÷ ñçóéìïðïéçèïýí ãéá ôïí êáèïñéóìü ôùí áìåôÜêëçôùí óõíôåëåóôþí ìåôáôñïðÞò ôïõ åõñþ Ôï Åõñùðáúêü Óõìâïýëéï , óôç óýíïäü ôïõ óôï Ëïõîåìâïýñãï ôï ÄåêÝìâñéï 1997 , åðéâåâáßùóå óôá óõìðåñÜóìáôÜ ôïõ üôé  ïé äéìåñåßò óõíáëëáãìáôéêÝò éóïôéìßåò ðïõ èá ÷ ñçóéìïðïéçèïýí ãéá ôïí êáèïñéóìü ôùí óõíôåëåóôþí ìåôáôñïðÞò ôïõ åõñþ èá áíáêïéíùèïýí óôéò 3 ÌáÀïõ 1998 ãéá ôá êñÜôç-ìÝëç ðïõ èá óõììåôÜó ÷ ïõí åî áñ ÷ Þò óôï åõñþ .
2.5 The pre-announcement of the bilateral rates to be used in determining the irrevocable conversion rates for the euro The Luxembourg European Council held in December 1997 stated in its conclusions that « the bilateral exchange rates which will be used to determine the conversion rates for the euro will be announced on 3 May 1998 for those Member States participating in the euro from the start » .
54 áìåôÜêëçôá êáèïñéóìÝíïé óõíôåëåóôÝò ìåôáôñïðÞò ôïõ åõñþ èá õéïèåôçèïýí åðßóçìá ôçí 1ç Éáíïõáñßïõ 1999 , ìå ðñüôáóç ôçò ÅõñùðáúêÞò ÅðéôñïðÞò êáé áöïý æçôçèåß ç ãíþìç ôçò ÅÊÔ .
The Treaty requires that the formal adoption of the irrevocable conversion rates for the euro take place on 1 January 1999 upon a proposal by the Commission and after consulting the ECB .
Åðßóçò , ôï ãåãïíüò üôé ïñéóìÝíá áðü ôá íïìßóìáôá ðïõ óõíèÝôïõí ôï ECU ( ç êïñþíá Äáíßáò , ç äñá ÷ ìÞ êáé ç ëßñá Áããëßáò ) äåí èá óõììåôÜó ÷ ïõí åî áñ ÷ Þò óôçí ðåñéï ÷ Þ ôïõ åõñþ óçìáßíåé üôé äåí åßíáé äõíáôüí íá áíáêïéíùèïýí ïé áìåôÜêëçôïé óõíôåëåóôÝò ìåôáôñïðÞò ôïõ åõñþ ãéá ôá óõììåôÝ ÷ ïíôá íïìßóìáôá .
In addition , the fact that some of the ECU component currencies ( the Danish krone , the Greek drachma and the pound sterling ) will not be participating in the euro area from the start means that it is not possible to announce the irrevocable euro conversion rates for the participating currencies .
¼ ìùò , Þôáí åöéêôü íá áíáêïéíùèïýí ïé äéìåñåßò éóïôéìßåò ôùí íïìéóìÜôùí ðïõ èá ìåôÝ ÷ ïõí óôçí ðåñéï ÷ Þ ôïõ åõñþ , ïé ïðïßåò èá ÷ ñçóéìïðïéçèïýí óôéò 31 Äåêåìâñßïõ 1998 ãéá íá êáèïñéóôïýí ïé áìåôÜêëçôïé óõíôåëåóôÝò ìåôáôñïðÞò ôïõ åõñþ .
However , it was possible to pre-announce the bilateral rates of the currencies participating in the euro area which will be used on 31 December 1998 to set the irrevocable conversion rates for the euro .
Ôï Êïéíü ÁíáêïéíùèÝí6 ðïõ åîÝäùóáí óôéò 2 ÌáÀïõ 1998 ïé Õðïõñãïß êáé ïé äéïéêçôÝò ôùí êåíôñéêþí ôñáðåæþí ôùí êñáôþí-ìåëþí ôçò ÅÅ ðïõ óõììåôÝ ÷ ïõí óôçí ðåñéï ÷ Þ ôïõ åõñþ , ç ÅõñùðáúêÞ ÅðéôñïðÞ êáé ôï ÅÍÉ , ùò ðñüäñïìïò ôçò ÅÊÔ , äéåõêñéíßæåé üôé áõôïß ïé óõíôåëåóôÝò åßíáé ïé äéìåñåßò êåíôñéêÝò éóïôéìßåò ôïõ ÌÓÉ ãéá ôá íïìßóìáôá ôùí êñáôþí-ìåëþí ðïõ óõììåôÝ ÷ ïõí óôçí ðåñéï ÷ Þ ôïõ åõñþ .
The Joint Communiqué6 issued on 2 May 1998 by the Ministers and central bank governors of the EU Member States participating in the euro area , the European Commission and the EMI , as the forerunner 6 2.4 The euro reference exchange rates The EMI conducted work during 1997 aimed at preparing procedures for the computation and publication of the reference exchange rates for the euro .
Ç ìÝèïäïò ðïõ èá ÷ ñçóéìïðïéçèåß óôéò 31 Äåêåìâñßïõ 1998 ãéá ôïí êáèïñéóìü ôùí áìåôÜêëçôùí óõíôåëåóôþí ìåôáôñïðÞò ôïõ åõñþ èá åßíáé ç ôáêôéêÞ çìåñÞóéá äéáäéêáóßá óõíåííüçóçò ðïõ èá ëÜâåé ÷ þñá óôéò 11.30 ð .
In March 1997 a meeting on changeover issues was held in Frankfurt between the EMI , the NCBs and EU-wide banking and financial associations . In this context , the EMI clarified its views on a number of aspects : ( i ) its preference for the « certain » quotation method ( i.e. E1 = x amount of foreign currency ) for defining euro exchange rates ;
Ôï åðüìåíï âÞìá èá áöïñÜ ôéò ôåëéêÝò åðßóçìåò óõíáëëáãìáôéêÝò éóïôéìßåò ôïõ ECU Ýíáíôé ôùí íïìéóìÜôùí ôçò ÅÅ , ïé ïðïßåò èá ïñéóôïýí ìå ðïëëáðëáóéáóìü ( Þ äéáßñåóç , áíÜëïãá ìå ôïí ôñüðï ðïõ åêöñÜæåôáé ç óõíáëëáãìáôéêÞ éóïôéìßá ) ôçò óõíáëëáãìáôéêÞò éóïôéìßáò äïëáñßïõ / ECU ìå ôç óõíáëëáãìáôéêÞ éóïôéìßá ôïõ áíôßóôïé ÷ ïõ íïìßóìáôïò Ýíáíôé ôïõ äïëáñßïõ ÇÐÁ .
The euro area NCBs stand ready to ensure this equality , if necessary through the use of appropriate market techniques . The next step will involve the final official ECU exchange rates against the EU currencies being set by multiplying ( or dividing , depending on quotation conventions ) the USD / ECU exchange rate by their respective US dollar exchange rate .
Ïé óõíáëëáãìáôéêÝò éóïôéìßåò ôïõ åðßóçìïõ ECU Ýíáíôé ôùí íïìéóìÜôùí ôùí êñáôþíìåëþí ôçò ðåñéï ÷ Þò ôïõ åõñþ èá õéïèåôçèïýí áðü ôï Óõìâïýëéï ùò áìåôÜêëçôïé óõíôåëåóôÝò ìåôáôñïðÞò ôïõ åõñþ ôçí 1ç Éáíïõáñßïõ 1999 êáé ìå éó ÷ ý áðü ôçí ßäéá çìåñïìçíßá .
The exchange rates of the official ECU vis-à-vis the currencies of the euro area Member States will be adopted by the Council as the irrevocable conversion rates for the euro on and with effect from 1 January 1999 . 48
Ôï åðßóçìï Ýããñáöï áíáðáñÜãåôáé óå ðáñÜñôçìá ôçò ðáñïýóáò ÅôÞóéáò ¸ êèåóçò . 55
3 Statistics 3.1 Implementation of the statistical requirements for Stage Three The Treaty requires the EMI to make the statistical preparations necessary to enable the ESCB to perform its functions in Stage Three .
ÓôáôéóôéêÜ óôïé ÷ åßá ðåñéãñÜöåé ôá óôáôéóôéêÜ óõóôÞìáôá ôùí êñáôþí-ìåëþí óôïí ôïìÝá ôçò íïìéóìáôéêÞò êáé ôñáðåæéêÞò óôáôéóôéêÞò , üðùò åß ÷ áí óôï ôÝëïò ôïõ 1996 . ¼ ëá ôá óõììåôÝ ÷ ïíôá êñÜôçìÝëç èá ðñÝðåé íá ðñïâïýí óå áëëáãÝò ðñïêåéìÝíïõ íá áíôáðïêñßíïíôáé óôéò áðáéôÞóåéò ðïõ ðñïâëÝðåé ç äÝóìç åöáñìïãÞò .
A statement of these statistical requirements , the so-called implementation package , was released in July 1996 , and soon afterwards NCBs started to discuss their implementation with national banking associations and other interested parties .
Äýï áóêÞóåéò ðáñáêïëïýèçóçò ðïõ Ýëáâáí ÷ þñá óå üëç ôçí ÅÅ êáôÜ ôç äéÜñêåéá ôïõ 1997 êáôÝãñáøáí ôçí ðñüïäï ðïõ Ý ÷ åé óõíôåëåóôåß ðñïò áõôÞ ôçí êáôåýèõíóç .
The requirements were summarised in the EMI 's Annual Report 1996 and are not repeated here except where necessary as background information to subsequent developments .
Ôï ÓåðôÝìâñéï 1997 äçìïóéåýèçêå ðñïóùñéíüò êáôÜëïãïò ôùí Í × É . Ðåñéåß ÷ å êõñßùò ðéóôùôéêÜ éäñýìáôá üðùò ïñßæïíôáé óôï êïéíïôéêü äßêáéï , êáèþò êáé ïñéóìÝíá Üëëá ÷ ñçìáôïïéêïíïìéêÜ éäñýìáôá ðïõ ðëçñïýí ôïí ïñéóìü ôùí Í × É , ÷ ùñßò üìùò íá ðåñéëáìâÜíåé ðñïò ôï ðáñüí êáé ôá áìïéâáßá êåöÜëáéá äéá ÷ åßñéóçò äéáèåóßìùí .
In some Member States the adoption of breakdowns by original maturity for certain items on banks » balance sheets and the agreed 15 working day deadline for the transmission of national data to the ECB were reported to have caused some initial difficulties . The definition of Monetary Financial Institutions is set out in the implementation package .
Ôï ÄåêÝìâñéï 1997 äçìïóéåýèçêå óõìðëÞñùìá ôïõ áñ ÷ éêïý ðñïóùñéíïý êáôáëüãïõ , ðïõ ðåñéëÜìâáíå êáé ôá áìïéâáßá êåöÜëáéá äéá ÷ åßñéóçò äéáèåóßìùí . ¾ óôåñá áðü ðåñáéôÝñù äïêéìÝò êáé åðéèåùñÞóåéò , ôïí Áðñßëéï 1998 äçìïóéåýèçêå ï ïñéóôéêüò êáôÜëïãïò ôùí Í × É .
MFIs will report a monthly balance sheet and more detailed quarterly information , although smaller institutions are exempt from some of the reporting requirements . A provisional list of MFIs was published in September 1997 .
ÐåñéëáìâÜíåé 11.000 éäñýìáôá ðåñßðïõ ðïõ , ãéá ëüãïõò óôáôéóôéêÞò , áðïôåëïýí ìéá 3.1 ÅöáñìïãÞ ôùí óôáôéóôéêþí áðáéôÞóåùí ãéá ôï Ôñßôï ÓôÜäéï Ç ÓõíèÞêç ïñßæåé üôé ôï ÅÍÉ ðñÝðåé íá áíáëÜâåé ôéò áðáéôïýìåíåò ðñïðáñáóêåõáóôéêÝò óôáôéóôéêÝò åñãáóßåò ðñïêåéìÝíïõ íá åßíáé ôï ÅÓÊÔ óå èÝóç íá åðéôåëÝóåé ôéò ëåéôïõñãßåò ôïõ óôï Ôñßôï ÓôÜäéï .
It mainly comprised credit institutions as defined in Community law , in addition to certain other financial institutions corresponding to the MFI definition , although not at that stage including money market funds . An addendum to the provisional list , comprising money market funds , was published in December 1997 .
Ôïí Éïýëéï 1996 äçìïóéåýèçêå áíáêïßíùóç ó ÷ åôéêÜ ìå áõôÝò ôéò óôáôéóôéêÝò áðáéôÞóåéò , ç ëåãüìåíç  äÝóìç åöáñìïãÞò , êáé ëßãï áñãüôåñá ïé ÅèíÊÔ Üñ ÷ éóáí íá óõæçôïýí ôçí åöáñìïãÞ ôïõò ìå åèíéêÝò ôñáðåæéêÝò åíþóåéò êáé Üëëïõò åíäéáöåñïìÝíïõò .
Following further testing and reviews , a final version of the list of MFIs was released in April 1998 .