natgillin/translations-raw huggingface dataset:
Ç ìÝóç áðüäïóç ôùí äåêáåôþí ïìïëüãùí óôç æþíç ôïõ åõñþ Þôáí ç ÷ áìçëüôåñç ðïõ óçìåéþèçêå áðü ôá ôÝëç ôçò äåêáåôßáò ôïõ 1940 êáé ïé áðïäüóåéò óå ïñéóìÝíåò ìåìïíùìÝíåò ÷ þñåò Ýöèáóáí óå áóõíÞèéóôá ÷ áìçëÜ åðßðåäá .
The average level of 10-year bond yields in the euro area was the lowest recorded since the late 1940s , with yields in some individual countries reaching exceptionally low levels .
Óôéò ÇÐÁ ïé áðïäüóåéò ôùí äåêáåôþí êñáôéêþí ïìïëüãùí Ýöèáóáí óå åðßðåäá ðïõ äåí åß ÷ áí óçìåéùèåß Üëëïôå ðáñÜ ìüíï ðñéí áðü ôá ìÝóá ôçò äåêáåôßáò ôïõ 1960 .
In the United States 10-year government bond yields reached levels that had not been seen since before the mid-1960s .
Ç Éáðùíßá áðïôÝëåóå ôçí ðéï áêñáßá ðåñßðôùóç , êáèþò ïé áðïäüóåéò ôùí äåêáåôþí ïìïëüãùí õðï ÷ þñçóáí êáôÜ äéáóôÞìáôá óå åðßðåäá ÷ áìçëüôåñá ôïõ 1 % óôç äéÜñêåéá ôïõ 1998 .
The most extreme case was Japan , where 10-year yields temporarily reached levels of below 1 % during 1998 .
ÁõôÝò ïé åîåëßîåéò óôéò ðáãêüóìéåò áãïñÝò ïìïëüãùí áíôáíáêëïýí ôç óõíÝ ÷ éóç ìéáò ôÜóçò ðïõ åßíáé êïéíÞ ãéá üëåò ôéò âéïìç ÷ áíéêÝò ÷ þñåò áðü ôï 1990 êáé ìåôÜ , ìå åîáßñåóç ìéá óýíôïìç äéáêïðÞ ôï 1994 , ïðüôå ïé äéåèíåßò áãïñÝò ïìïëüãùí ðÝñáóáí ðåñßïäï áíáôáñá ÷ Þò .
These developments in global bond markets reflect the continuation of a trend that has been common to industrialised countries since 1990 , with the exception of a brief interruption during 1994 when international bond markets endured a period of turbulence .
ÌåôÜ ôá ìÝóá ôïõ 1997 , ïðüôå äéáöÜíçêáí ïé ðñþôåò áíçóõ ÷ ßåò ãéá ôçí ïéêïíïìéêÞ êáôÜóôáóç ïñéóìÝíùí áóéáôéêþí ÷ ùñþí , ïé ìåéþóåéò ôùí ïíïìáóôéêþí ìáêñïðñüèåóìùí åðéôïêßùí Ýôåéíáí íá åðéôá ÷ ýíïíôáé êáé öáéíüôáí üôé ïé áãïñÝò ïìïëüãùí ôùí âéïìç ÷ áíéêþí ÷ ùñþí åß ÷ áí åðùöåëçèåß áðü ÷ ñçìáôïïéêïíïìéêÝò ñïÝò ðñïò áóöáëåßò ôïðïèåôÞóåéò .
After mid-1997 , when concerns about the economic situation in some Asian countries initially emerged , declines in nominal long-term interest rates tended to accelerate and it seemed that the bond markets of industrialised countries had benefited from safe-haven flows .
Ìéá ðáñüìïéá êáíïíéêüôçôá ðáñáôçñÞèçêå åðßóçò êáôÜ ôçí áíáôáñá ÷ Þ ðïõ Ýðëçîå ôéò äéåèíåßò ÷ ñçìáôïðéóôùôéêÝò áãïñÝò ôï öèéíüðùñï ôïõ 1998 .
A similar pattern was also observed during the turbulence in the international financial markets in autumn 1998 .
Óçìåßùóç : Ïé áðïäüóåéò ôùí ìáêñïðñüèåóìùí ïìïëüãùí ôïõ Äçìïóßïõ áöïñïýí ôá 10åôÞ ïìüëïãá Þ ïìüëïãá ìå ôçí ðëçóéÝóôåñç äéáèÝóéìç äéÜñêåéá .
Note : Long-term government bond yields refer to 10-year bonds or the closest available bond maturity . ECB Annual Report -* 1998
åðéôïêßùí ðïõ åðáêïëïýèçóáí äéåõêüëõíáí åðßóçò ôçí ðåñáéôÝñù õðï ÷ þñçóç ôùí áðïäüóåùí ôùí ìáêñïðñüèåóìùí ïìïëüãùí . ÌåôÜ ôá ìÝóá Ïêôùâñßïõ 1998 ç áíáôáñá ÷ Þ óôéò ÷ ñçìáôïðéóôùôéêÝò áãïñÝò Üñ ÷ éóå óôáäéáêÜ íá õðï ÷ ùñåß .
Towards the end of the autumn of 1998 financial market expectations of cuts in the key central bank interest rates in both the United States and the euro area countries heightened . The subsequent cuts in interest rates in these economies also facilitated further declines in long-term bond yields .
O ðáñÜãïíôáò ðïõ Ýäñáóå ùò êáôáëýôçò ó  áõôÞ ôç èåôéêÞ åîÝëéîç õðÞñîå , êáèþò öÜíçêå , ç óõìöùíßá ãéá ìÝôñá ïéêïíïìéêÞò ðñïóáñìïãÞò óôç Âñáæéëßá êáé ôçí Éáðùíßá , êáèþò êáé ç áíôßäñáóç ôùí íïìéóìáôéêþí áñ ÷ þí ôùí ÇÐÁ óôïõò åêôéìþìåíïõò êéíäýíïõò ãéá ôç óôáèåñüôçôá ôïõ ÷ ñçìáôïðéóôùôéêïý óõóôÞìáôïò .
After mid-October 1998 the turbulence in the financial markets gradually began to subside . The catalyst for this turnaround seemed to be the agreement on reform packages in Brazil and Japan and the reaction of the monetary authorities in the United States to perceived risks for financial stability .
ÁõôÝò ïé åîåëßîåéò Ýôåéíáí íá åðéâåâáéþíïõí ôçí Üðïøç üôé ïé ìáêñïðñüèåóìåò ðëçèùñéóôéêÝò ðñïóäïêßåò õðï ÷ þñçóáí óå üëç ôç äéÜñêåéá ôïõ 1998 , éäéáßôåñá óôç æþíç ôïõ åõñþ .
These developments would tend to reinforce the view that longer-term expectations for inflation dropped throughout 1998 , particularly in the euro area .
Ôïí ÉáíïõÜñéï ôïõ 1999 ïé áðïäüóåéò ôùí ìáêñïðñüèåóìùí ïìïëüãùí óôç æþíç ôïõ åõñþ ìåéþèçêáí ðåñáéôÝñù , óå åðßðåäá áñêåôÜ êÜôù ôïõ 4 %.
In January 1999 long-term bond yields in the euro area dropped further to levels of well below 4 %.
Óôç äéÜñêåéá ôïõ Öåâñïõáñßïõ 1999 üìùò , ïé áðïäüóåéò ôùí ìáêñïðñüèåóìùí ïìïëüãùí óôç æþíç ôïõ åõñþ êéíÞèçêáí åëáöñþò áíïäéêÜ , êõñßùò ëüãù ìåôÜäïóçò áíÜëïãùí êéíÞóåùí ðïõ óçìåéþíïíôáí óôéò ÇÐÁ .
During February 1999 , however , long-term bond yields in the euro area edged upwards , primarily reflecting a spillover from the United States .
Ïé äéáöïñÝò ôùí ìáêñïðñüèåóìùí åðéôïêßùí ðáñáìÝíïõí óôáèåñÝò óôç æþíç ôïõ åõñþ Óôçí áñ ÷ Þ ôïõ 1998 , ç áðüêëéóç ìåôáîý ôçò õøçëüôåñçò êáé ôçò ÷ áìçëüôåñçò áðüäïóçò ôùí äåêáåôþí êñáôéêþí ïìïëüãùí âñéóêüôáí Þäç óå ðïëý ÷ áìçëü åðßðåäï , äçë . ìüëéò êÜôù áðü 0,4 ôçò åêáôïóôéáßáò ìïíÜäáò .
development reflected in part the progress towards the closing of short-term interest rate differentials as well as the elimination of intra-euro area exchange risk premia . The volatility in global financial markets did not , however , significantly affect long-term interest rate differentials within the euro area .
Ç áðüêëéóç ðïõ åîáêïëïõèïýóå íá õðÜñ ÷ åé óôéò áñ ÷ Ýò ôïõ 1999 áíÜìåóá óôï õøçëüôåñï êáé ôï ÷ áìçëüôåñï ìáêñïðñüèåóìï åðéôüêéï êáé ç ïðïßá ðáñïõóßáóå ó ÷ åôéêÜ ðåñéïñéóìÝíåò áõîïìåéþóåéò , ìå ôéìÝò ìéêñüôåñåò áðü 0,2 ôçò åêáôïóôéáßáò ìïíÜäáò , öáßíåôáé üôé , óå ìåãÜëï âáèìü , áíôáíáêëÜ ôéò äéáöïñÝò ðïõ õðÜñ ÷ ïõí ìåôáîý ôùí åèíéêþí áãïñþí êñáôéêþí ïìïëüãùí üóïí áöïñÜ ôï âÜèïò , ôç ñåõóôüôçôá êáé ôç äéÜñèñùóÞ ôïõò .
The remaining deviation between the highest and lowest long-term interest rates within a relatively tight range of below 20 basis points in early 1999 appears to be , to a large extent , a reflection of differences in the size , depth , liquidity and structure of national government bond markets .
ÐáñÜ ôçí áíáôáñá ÷ Þ , ïé ÷ ñçìáôéóôçñéáêÝò áãïñÝò ðáñïõóéÜæïõí ðáãêïóìßùò Üíïäï Ïé ÷ ñçìáôéóôçñéáêÝò áãïñÝò óôéò ðåñéóóüôåñåò âéïìç ÷ áíéêÝò ÷ þñåò ðáñïõóßáóáí õøçëü âáèìü áóôÜèåéáò êáôÜ ôï 1998 .
Despite turbulence , global stock markets show overall increases Stock markets in most industrialised countries experienced a high degree of volatility during 1998 .
Ïé ìåãáëýôåñåò áõîÞóåéò ðáñáôçñÞèçêáí óôç æþíç ôïõ åõñþ , üðïõ ï åõñýôåñïò äåßêôçò Dow Jones EURO STOXX äéáìïñöþèçêå óôá ìÝóá Éïõëßïõ óå åðßðåäï 45 % õøçëüôåñï áðü ü , ôé óôï ôÝëïò ôïõ 1997 .
The largest increases were seen in the euro area , where , by mid-July 1998 , the broad Dow Jones EURO STOXX index was almost 45 % above end-1997 levels .
Óôá ìÝóá Éïõëßïõ óôéò ÇÐÁ ï äåßêôçò Standard and Poor  s 500 Þôáí ðÜíù áðü 20 % õøçëüôåñïò áðü ü , ôé óôï ôÝëïò ôïõ 1997 , åíþ óôçí Éáðùíßá ï äåßêôçò Nikkei 225 óçìåßùóå áýîçóç êáôÜ ó ÷ åäüí 10 % óôïí êáôÜ ôçí ßäéá ðåñßïäï .
By mid-July in the United States the Standard and Poor 's 500 index was more than 20 % above end-1997 levels , while in Japan an increase of almost 10 % in the Nikkei 225 index was observed over the same period .
Ùò åê ôïýôïõ , óôá ìÝóá ôïõ 1998 ïñéóìÝíïé âáóéêïß äåßêôåò ÷ ñçìáôéóôçñéáêÞò áðïôßìçóçò , üðùò ï ëüãïò ôéìÞò ðñïò êÝñäç , Ýöèáóáí óå éóôïñéêþò õøçëÜ åðßðåäá óôéò ðåñéóóüôåñåò âéïìç ÷ áíéêÝò ÷ þñåò .
As a consequence , by mid-1998 key stock market valuation indicators such as price-earnings ratios reached historically high levels across most Long-term interest rate differentials remain stable in the euro area At the beginning of 1998 the deviation between the highest and lowest 10-year government bond yields in the euro area stood at an already very low level of just under 40 basis points .
Áíôáíáêëþíôáò áõôü ôï öáéíüìåíï , ï åõñýôåñïò äåßêôçò Dow Jones EURO STOXX óçìåßùóå éäéáßôåñá ìåãÜëç ðôþóç , ó ÷ åäüí êáôÜ 35 %, óôçí ðåñßïäï áðü ôá ìÝóá Éïõëßïõ ìÝ ÷ ñé áñ ÷ Ýò Ïêôùâñßïõ 1998 . Óôéò ÇÐÁ ïé ôéìÝò ôùí ÷ ñçìáôéóôçñéáêþí ôßôëùí õðï ÷ þñçóáí ó ÷ åäüí êáôÜ 20 % áðü ôï áíþôáôï óçìåßï óôï ïðïßï åß ÷ áí äéáìïñöùèåß óôá ìÝóá Éïõëßïõ , öèÜíïíôáò óôï ÷ áìçëüôåñï óçìåßï óôéò áñ ÷ Ýò Ïêôùâñßïõ , åíþ ðáñáôçñÞèçêå ìåßùóç ó ÷ åäüí 25 % óôçí Éáðùíßá .
Following the outbreak of turbulence in the financial markets of emerging economies , there was a « flight to safety » from stock markets to government bond markets across the industrialised countries . This phenomenon was reflected in a particularly large decline in the broad Dow Jones EURO STOXX index of almost 35 % between midJuly and early October 1998 .
Âáóéêüò ðáñÜãïíôáò ðïõ óõíÝâáëå ó  áõôü ôï öáéíüìåíï Þôáí ßóùò ç áíôßëçøç ôùí áãïñþí üôé ôá õøçëÜ åðßðåäá óôá ïðïßá åß ÷ áí äéáìïñöùèåß ïé ôéìÝò ôùí ìåôï ÷ þí óôá ìÝóá ôïõ 1998 äåí Þôáí äõíáôüí íá äéáôçñçèïýí êáé Þôáí óõíåðþò åõÜëùôá óå áðüôïìåò ìåôáâïëÝò ôùí ðñïóäïêéþí üóïí áöïñÜ ôá êÝñäç êáé ôùí áóöáëßóôñùí Ýíáíôé ôïõ êéíäýíïõ ìåôï ÷ þí .
Although equity market corrections are a periodic feature of all major economies , declines of such magnitude across a majority of industrialised countries have been relatively uncommon .
Ùóôüóï , ôï êëßìá óôéò ðáãêüóìéåò ÷ ñçìáôïïéêïíïìéêÝò áãïñÝò Üëëáîå ãéá ìéá áêüìç öïñÜ óôç äéÜñêåéá ôïõ ôåëåõôáßïõ ôñéìÞíïõ ôïõ 1998 êáé ïé ôéìÝò ôùí ìåôï ÷ þí ðáñïõóßáóáí óçìáíôéêÞ áíÜêáìøç ìåôÜ ôçí ðñþôç åâäïìÜäá ôïõ Ïêôùâñßïõ 1998 .
A notable feature of the declines in stock markets was a sharp downgrading of bank and financial stock prices across all major markets .
Äåßêôåò ÷ ñçìáôéóôçñéáêþí ôéìþí óôç æþíç ôïõ åõñþ , ôéò ÇÐÁ êáé ôçí Éáðùíßá ( 1 Éáíïõáñßïõ 1998 = 100 , çìåñÞóéá óôïé ÷ åßá ) æþíç åõñþ ÇÐÁ Éáðùíßá 150 140 130 120 110 100 90 80 Éáí .
However , sentiment in global financial markets changed once again during the last quarter of 1998 , with stock prices showing a significant recovery after the first week of October 1998 .
ðáãêüóìéåò ÷ ñçìáôéóôçñéáêÝò áãïñÝò , ç áýîçóç ôïõ åõñýôåñïõ äåßêôç Dow Jones EURO STOXX óôç æþíç åõñþ áíÞëèå ðåñßðïõ óôï 35 % óôï äéÜóôçìá áðü ôçí ðáñáðÜíù çìåñï-ìçíßá ìÝ ÷ ñé ôï ôÝëïò Äåêåìâñßïõ 1998 .
Taking 8 October 1998 as the turning-point in global stock markets , the increase in the euro area broad Dow Jones EURO STOXX index was around 35 % from that day until end-December 1998 .
Åí ôù ìåôáîý , óôéò ÇÐÁ ï äåßêôçò Standard and Poor  s 500 ðáñïõóßáóå áýîçóç ðåñßðïõ 28 % óôçí ßäéá ðåñßïäï , åíþ ç áíÜêáìøç óôçí Éáðùíßá Þôáí ëéãüôåñï Ýíôïíç , êáèþò ï äåßêôçò Nikkei 225 áõîÞèçêå ëßãï ðåñéóóüôåñï áðü 6 % óôï äéÜóôçìá áðü 8 Ïêôùâñßïõ 1998 ìÝ ÷ ñé ôÝëïò Äåêåìâñßïõ 1998 .
Meanwhile , in the United States the Standard and Poor 's 500 index showed an increase of about 28 % over the same period , while the recovery in Japan was less robust , with the Nikkei 225 index increasing by just over 6 % over the period from 8 October 1998 to ECB Annual Report -* 1998
ÁõôÝò ïé åîåëßîåéò äéáìüñöùóáí ôéò ôéìÝò ôùí ìåôï ÷ þí óôç æþíç ôïõ åõñþ óå åðßðåäï ÷ áìçëüôåñï áðü ôï áíþôáôï óçìåßï üðïõ âñßóêïíôáí óôá ìÝóá Éïõëßïõ , õøçëüôåñï ðÜíôùò óå óýãêñéóç ìå ôï ôÝëïò ôïõ 1997 .
end-December 1998 . These developments left euro area stock prices below the peaks of mid-July , although they stood significantly higher than their end-1997 levels .
Áêñéâþò óôçí áñ ÷ Þ ôïõ 1999 , ðáñáôçñÞèçêáí áðüôïìåò áõîÞóåéò ôùí ôéìþí ôùí ìåôï ÷ þí óôç æþíç ôïõ åõñþ , ïé ïðïßåò áíôáíáêëïýóáí êõñßùò áíáêáôáíïìÞ ôùí äéåèíþí ÷ áñôïöõëáêßùí õðÝñ ôßôëùí åêöñáóìÝíùí óå åõñþ .
At the very beginning of 1999 sharp increases in euro area stock prices were observed which mainly reflected international portfolio reallocation in favour of euro-denominated securities .
Óôç äéÜñêåéá ôïõ Öåâñïõáñßïõ 1999 , ëüãù ôçò ðáãêüóìéáò ìåôÜäïóçò ôùí äéáêõìÜíóåùí ìåôáîý ôùí ÷ ñçìáôéóôçñßùí êáé ôçò áíÜêáìøçò óôéò åã ÷ þñéåò áðïäüóåéò ôùí ìáêñïðñüèåóìùí ïìïëüãùí , ïé ôéìÝò ôùí ìåôï ÷ þí óôç æþíç ôïõ åõñþ ÷ áñáêôçñßóôçêáí áðü ó ÷ åôéêÞ áóôÜèåéá , ðáñáìÝíïíôáò ðÜíôùò õøçëüôåñåò áðü ü , ôé óôï ôÝëïò ôïõ 1998 .
During February 1999 , mainly reflecting global stock market spillovers and the upturn in domestic long-term bond yields , stock prices in the euro area were subject to some volatility , although they remained above end-1998 levels .
Ç Ýêäïóç ïìïëüãùí óå ECU áõîÜíåôáé êáé ç áðüêëéóç ìåôáîý ôçò áãïñáßáò êáé ôçò èåùñçôéêÞò óõíáëëáãìáôéêÞò éóïôéìßáò ôïõ ECU ðåñéïñßæåôáé Ç áîßá ôùí êõêëïöïñïýíôùí ïìïëüãùí óå ECU áõîÞèçêå óôç äéÜñêåéá ôïõ 1998 , üðùò åß ÷ å óõìâåß êáé ôï 1997 , ìåôÜ áðü ìåßùóç óôï äéÜóôçìá 1993-1996 .
Issuance of ECU bonds increases and ECU spreads close The outstanding amount of bonds denominated in ECU increased in the course of 1998 , as it had in 1997 , after having decreased over the period from 1993 to 1996 .
Ï üãêïò ôùí óõíáëëáãþí óôéò áãïñÝò ÷ ñåïãñÜöùí ECU , ìåôñïýìåíïò ìå âÜóç ôéò óõíáëëáãÝò ðïõ äéáêáíïíßóôçêáí ìÝóù ôùí äýï äéåèíþí áðïèåôçñßùí ÷ ñåïãñÜöùí ôçò æþíçò ôïõ åõñþ ( ÔñÜðåæá Cedel êáé Euroclear ) åðßóçò áõîÞèçêå óçìáíôéêÜ óôç äéÜñêåéá ôïõ 1998 .
The turnover in the ECU bond markets , when measured on the basis of trades settled in one of the two international securities depositories of the euro area ( Cedel Bank and Euroclear ) , also increased markedly in the course of 1998 .
ÁõôÝò ïé åîåëßîåéò , ðïõ ùò åðß ôï ðëåßóôïí óçìåéþèçêáí óôï äåýôåñï åîÜìçíï ôïõ 1998 , óõíäÝïíôáí ìå ôï ãåãïíüò üôé ôï ECU èåùñÞèçêå ïëïÝíá êáé ðåñéóóüôåñï áðü ìåñéêïýò öïñåßò ôçò áãïñÜò ùò ÷ ñÞóéìç äßïäïò ðñïò ïìüëïãá åêöñáóìÝíá óå åõñþ óôçí áñ ÷ Þ ôïõ ôñßôïõ óôáäßïõ ôçò ÏÍÅ , áíôáíáêëþíôáò ôçí áíáìåíüìåíç ìåôáôñïðÞ ôïõ èåùñçôéêïý ECU óå åõñþ ìå áíáëïãßá 1:1 .
These developments , which occurred largely in the second half of 1998 , were related to the fact that the ECU was increasingly seen by some market participants as a useful conduit into eurodenominated bonds at the beginning of the third stage of EMU , reflecting the expected one-for-one conversion to the euro of the theoretical ECU .
Ç áðüêëéóç ìåôáîý ôçò áãïñáßáò êáé ôçò èåùñçôéêÞò óõíáëëáãìáôéêÞò éóïôéìßáò ôïõ ECU , ç ïðïßá ìåéùíüôáí óôáäéáêÜ áðü ôéò áñ ÷ Ýò ôïõ 1996 êáé åß ÷ å öèÜóåé èåôéêÝò ôéìÝò áðü ôï ôÝëïò ôïõ 1997 , ðáñÝìåéíå ìåôáîý 0 êáé 0,2 ôçò åêáôïóôéáßáò ìïíÜäáò óôï ìåãáëýôåñï ìÝñïò ôïõ 1998 .
The spread between market and theoretical ( or « basket ") ECU exchange rates , which had been narrowing gradually since early 1996
ÄéÜãñáììá 8
Chart 8
ÄéáöïñÜ ìåôáîý áãïñáßáò êáé èåùñçôéêÞò óõíáëëáãìáôéêÞò éóïôéìßáò ôïõ ECU ( ðïóïóôÜ %, çìåñÞóéá óôïé ÷ åßá )
Difference between market and theoretical ECU exchange rates ( in percentages ; daily data )
Éïýí . 1998
July 1998
Äåê . ÐçãÞ : Reuters êáé ÅÊÔ .
Sources : Reuters and ECB . 42
óôáäßïõ ôçí 1ç Éáíïõáñßïõ 1999 .
and had reached positive values at the end of 1997 , remained at values of between zero and + 20 basis points during most of 1998 .
Ùóôüóï , êáèþò ïé ðéÝóåéò áìâëýíèçêáí , ç áðüêëéóç ìåéþèçêå óôáäéáêÜ , öèÜíïíôáò óå åðßðåäï êÜôù áðü 0,5 ôçò åêáôïóôéáßáò ìïíÜäáò óôï ôÝëïò Ïêôùâñßïõ .
The spread became negative , however , for a short period between mid-January and midFebruary 1998 , reaching a level of - 25 basis points .
Óôç óõíÝ ÷ åéá åîáêïëïýèçóå ôçí êáèïäéêÞ ôçò ðïñåßá , Ýùò üôïõ ç óõíáëëáãìáôéêÞ éóïôéìßá ôïõ áãïñáßïõ êáé ôïõ èåùñçôéêïý ECU åîéóþèçêáí , üðùò áíáìåíüôáí , óôï ôÝëïò ôïõ 1998 .
At the beginning of October , during an episode of financial market instability , the ECU spread widened sharply , reaching + 120 basis points at its peak on 12 October .
Óôéò áñ ÷ Ýò ÌáÀïõ 1998 , üôáí áðïöáóßóôçêå ðïéåò ÷ þñåò èá óõììåôåß ÷ áí óôç æþíç ôïõ åõñþ , õðÞñ ÷ áí äéÜöïñá åðßðåäá âñá ÷ õðñüèåóìùí åðéôïêßùí óôç æþíç ôïõ åõñþ . Ìßá ïìÜäá ÷ ùñþí ( ÂÝëãéï / Ëïõîåìâïýñãï , Ãåñìáíßá , Ãáëëßá , Ïëëáíäßá , Áõóôñßá êáé Öéëáíäßá ) åß ÷ áí óôåíÜ åõèõãñáììéóìÝíåò íïìéóìáôéêÝò ðïëéôéêÝò êáé ó ÷ åôéêÜ ÷ áìçëü åðßðåäï âñá ÷ õðñüèåóìùí åðéôïêßùí .
As tensions eased , however , the spread decreased gradually , falling below 50 basis points at the end of October . Thereafter it continued to follow a declining trend until the exchange rates of the market and basket ECU , as expected , became equal at the end of 1998 .
Óçìåßùóç : ÌÝóïò üñïò , ãéá ôç æþíç ôïõ åõñþ , ôùí äéáôñáðåæéêþí åðéôïêßùí ôñéþí ìçíþí ìÝ ÷ ñé 29 Äåêåìâñßïõ 1998 . Áðü 30 Äåêåìâñßïõ 1998 , EURIBOR ôñéþí ìçíþí .
2.6 National monetary policies during 1998 Monetary policy focused on the future euro area During 1998 the focus of monetary policies in euro area Member States gradually shifted from a national to a euro area perspective .
âñá ÷ õðñüèåóìá åðéôüêéá õðåñÝâáéíáí óçìáíôéêÜ áõôÜ ôçò ðñþôçò ïìÜäáò . Óôï õðüëïéðï äéÜóôçìá ôïõ 1998 ïé íïìéóìáôéêÝò ðïëéôéêÝò Ýðñåðå óõíåðþò íá åíáñìïíéóôïýí êáé íá åîåõñåèåß Ýíá êïéíü åðßðåäï âñá ÷ õðñüèåóìùí åðéôïêßùí , êáôÜëëçëï ãéá ôç äéáôÞñçóç ôçò óôáèåñüôçôáò ôùí ôéìþí óôç æþíç ôïõ åõñþ .
This was necessary since the existence of significant lags in the transmission of monetary policy implied that decisions taken at the individual country level increasingly influenced the conditions for price stability in Stage Three of EMU .
ÄéÜãñáììá 10 ) .
Three-month interest rate in the euro area ( percentages per annum ; daily data )
ÁõôÞ ç äéáäéêáóßá óýãêëéóçò åðéôá ÷ ýíèçêå ëßãïõò ìÞíåò ðñéí áðü ôï ôÝëïò ôïõ 1998 êáé ôåëéêÜ ïëïêëçñþèçêå ôï ÄåêÝìâñéï ôïõ 1998 , üôáí üëåò ïé ÅèíÊÔ ðïõ óõììåôÝ ÷ ïõí óôçí åíéáßá íïìéóìáôéêÞ ðïëéôéêÞ áðü ôçí Ýíáñîç ôïõ Ôñßôïõ Óôáäßïõ ìåßùóáí ôï âáóéêü ôïõò åðéôüêéï ìå ìéá óõíôïíéóìÝíç êßíçóç .
June July 1998 Aug .
Ç óõíäõáóìÝíç ìåßùóç ôùí åðéôïêßùí èá Ýðñåðå íá åêëçöèåß ùò de facto áðüöáóç üóïí áöïñÜ ìå ðïéï åðßðåäï åðéôïêßùí ôï Åõñùóýóôçìá èá Üñ ÷ éæå ôï Ôñßôï ÓôÜäéï .
1999 Source : ECB .
Ç êáôåýèõíóç ôùí íïìéóìáôéêþí ðïëéôéêþí êáé ïé åîåëßîåéò ôùí óõíáëëáãìáôéêþí éóïôéìéþí åíôüò ôïõ ÌÓÉ ôï 1998 äéáìïñöþèçêáí óå ìåãÜëï âáèìü áðü ôçí áðüöáóç ðïõ åëÞöèç óôéò 2-3 ÌáÀïõ 1998 êáé áöïñïýóå ôçí åðéëïãÞ ôùí ÷ ùñþí ðïõ èá õéïèåôÞóïõí ôï åõñþ ùò åíéáßï íüìéóìá áðü 1çò Éáíïõáñßïõ 1999 . Ìå áõôÞí ôçí åõêáéñßá , áíáêïéíþèçêå åê ôùí ðñïôÝñùí üôé ïé äéìåñåßò óõíáëëáãìáôéêÝò éóïôéìßåò ðïõ èá ÷ ñçóßìåõáí ãéá ôïí êáèïñéóìü ôùí óõíôåëåóôþí ìåôáôñïðÞò ôïõ åõñþ èá ôáõôßæïíôáí ìå ôéò äéìåñåßò êåíôñéêÝò éóïôéìßåò ôùí íïìéóìÜôùí ðïõ óõììåôåß ÷ áí óôïí ÌÓÉ .
Note : Euro area average of national three-month interbank rates until 29 December 1998 ; three-month EURIBOR from 30 December 1998 onwards .
48 ÅôÞóéá ¸ êèåóç ÅÊÔ -* 1998
ECB Annual Report -* 1998 43
ÄéÜãñáììá 10
Chart 10
3,0 2,0 1,0 0,0 - 1,0 Éáí . Öåâñ .
Belgium 3.0 2.0 1.0 0.0 - 1.0 Jan. Feb . Mar .
1998 Éóðáíßá Éñëáíäßá Éôáëßá Ðïñôïãáëßá
Ireland Italy
3,0 2,0 1,0 0,0 - 1,0 Éáí .
Portugal 3.0 2.0 1.0 0.0 - 1.0
Äåê . 3,0 2,0 1,0 0,0 - 1,0
- 1.0 Source : National data .
1998 ÐçãÞ : ÅèíéêÜ óôïé ÷ åßá .
Note : Short-term interest rates refer to three-month maturity .
Óçìåßùóç : Ôá âñá ÷ õðñüèåóìá åðéôüêéá áöïñïýí äéÜñêåéá 3 ìçíþí .
One group of countries ( Belgium / Luxembourg , Germany , France , the Netherlands , Austria and Finland ) had closely aligned monetary policies and a relatively low level of short-term interest rates .
Áõôü ìå ôç óåéñÜ ôïõ åß ÷ å ùò áðïôÝëåóìá ôçí ýðáñîç ìç ÷ áíéêÞò ó ÷ Ýóçò áíÜìåóá áöåíüò óôçí ðïñåßá óýãêëéóçò ôùí Üìåóùí ( spot ) áãïñáßùí óõíáëëáãìáôéêþí éóïôéìéþí ðñïò ôéò êåíôñéêÝò éóïôéìßåò êáé áöåôÝñïõ ôçí ðïñåßá ìåßùóçò ôùí äéáöïñþí ôùí åðéôïêßùí ôçò ÷ ñçìáôáãïñÜò . Ç ðñïáíáããåëßá óõíåôÝëåóå þóôå íá óôáèåñïðïéçèåß ï ÌÓÉ óôï õðüëïéðï ôïõ Ýôïõò , êáèþò ìåéþèçêáí ïé áâåâáéüôçôåò ó ÷ åôéêÜ ìå ôç ìåôÜâáóç óôï åíéáßï íüìéóìá .
In the remainder of 1998 monetary policy stances thus had to be adjusted and a common level of short-term interest rates had to be found which was suitable for the maintenance of price stability in the euro area . Against a favourable outlook for price stability in the euro area , with moderate monetary growth , exchange rate stability and indications of a weakening of economic growth in the second half of the year , the convergence process took place through gradual reductions in official interest rates in the second group of countries towards the lowest levels in the euro area ( see Chart 10 ) .
ÁõôÝò ïé åîåëßîåéò êáôÝäåéîáí üôé ìåôáîý ôùí óõììåôå ÷ üíôùí óôéò áãïñÝò õðÞñ ÷ å õøçëüò âáèìüò åìðéóôïóýíçò óôçí åðéôõ ÷ Þ äçìéïõñãßá ôïõ åõñþ . ÃåíéêÜ , êáé áíôáíáêëþíôáò ôç äéáäéêáóßá óýãêëéóçò ôùí åðßóçìùí åðéôïêßùí ðïõ ðåñéãñÜöçêå ðéï ðÜíù , ï ìÝóïò üñïò , ãéá ôç æþíç ôïõ åõñþ , ôùí åðéôïêßùí ôñéþí ìçíþí ôçò ÷ ñçìáôáãïñÜò õðï ÷ þñçóå êáôÜ 0,7 ôçò åêáôïóôéáßáò
This decision reflected a consensus within the Governing Council of the ECB on the basis of a common assessment of the economic , monetary and financial situation in the euro area .
ìïíÜäáò ðåñßðïõ áðü ôçí áñ ÷ Þ ôïõ 1998 Ýùò ôï ôÝëïò Íïåìâñßïõ 1998 êáé êáôÜ 0,3 ôçò åêáôïóôéáßáò ìïíÜäáò áêüìç ôï ÄåêÝìâñéï 1998 , öèÜíïíôáò óôï 3,25% óôï ôÝëïò ôïõ Ýôïõò ( âë .
The joint reduction in interest rates was to be seen as a de facto decision on the level of interest rates with which the Eurosystem would start Stage Three .
Óôá äýï ôìÞìáôá ðïõ áêïëïõèïýí ðåñéãñÜöïíôáé ëåðôïìåñÝóôåñá ïé íïìéóìáôéêÝò ðïëéôéêÝò ðïõ áóêÞèçêáí áðü ôéò åèíéêÝò êåíôñéêÝò ôñÜðåæåò ôùí êñáôþíìåëþí ôçò æþíçò ôïõ åõñþ ôï 1998 . ÓôåíÜ óõíôïíéóìÝíåò ðïëéôéêÝò óå åðôÜ ÷ þñåò ôï 1998 Ç ÏìïóðïíäéáêÞ ÔñÜðåæá ôçò Ãåñìáíßáò äéáôÞñçóå ôá âáóéêÜ åðéôüêéÜ ôçò óôáèåñÜ êáôÜ ôï ìåãáëýôåñï ìÝñïò ôïõ 1998 .
The path of monetary policies and the exchange rate developments within the ERM during 1998 were very much shaped by the decision taken during the weekend of 2-3 May 1998 , when the countries that were to adopt the euro as the single currency as from 1 January 1999 were selected .
¸ ùò ôï ÄåêÝìâñéï 1998 ôï åðéôüêéï ôùí óõìöùíéþí åðáíáãïñÜò âñéóêüôáí óôï 3,3% , åðßðåäï óôï ïðïßï åß ÷ å áõîçèåß ôïí Ïêôþâñéï 1997 , åíþ ôï åðéôüêéï Lombard êáé ôï ðñïåîïöëçôéêü åðéôüêéï áíÝñ ÷ ïíôáí óå 4,5% êáé 2,5% áíôéóôïß ÷ ùò , ðáñáìÝíïíôáò áìåôÜâëçôá áðü ôïí Áðñßëéï 1996 ( âë . ÄéÜãñáììá 12 ) .
On that occasion , the bilateral exchange rates to be used in determining the euro conversion rates were pre-announced to be the ERM bilateral central rates for the participating currencies . The pre-announcement implied that forward exchange rates rapidly converged towards the pre-announced bilateral exchange rates .
ÅôÞóéá ¸ êèåóç ÅÊÔ -* 1998 49
44 ECB Annual Report -* 1998
ÄéÜãñáììá 11
Chart 11
BEF 1,0 0,0 - 1,0
BEF
FRF
FRF
NLG
NLG
ATS
ATS
FIM 1,0 0,0 - 1,0
FIM 1.0 0.0 - 1.0
Éïýí . 1998
June 1998
ESP 6,0 5,0 4,0 3,0 2,0 1,0 0,0 - 1,0
1.0 0.0 - 1.0 ESP
IEP
IEP
PTE 6,0 5,0 4,0 3,0 2,0 1,0 0,0 - 1,0
PTE 6.0 5.0 4.0 3.0 2.0 1.0 0.0 - 1.0
Éïýí . 1998
June 1998 July
ÄåêÝìâñéï 1997 ç ÏìïóðïíäéáêÞ ÔñÜðåæá ôçò Ãåñìáíßáò åðéâåâáßùóå ôï äéåôÞ íïìéóìáôéêü óôü ÷ ï ôçò ãéá åôÞóéá áýîçóç ôçò íïìéóìáôéêÞò åðÝêôáóçò ðåñßðïõ 5 %, ìåéþíïíôáò ôï äéÜóôçìá óôü ÷ ïõ ãéá ôïí åôÞóéï ñõèìü áýîçóçò ôïõ Ì3 óôï ôÝôáñôï ôñßìçíï ôïõ 1998 óå 3-6 % áðü 3,5 - 6,5% êáôÜ ôï ðñïçãïýìåíï Ýôïò .
in turn , resulted in a mechanical relation between the path of convergence of spot exchange rates to central rates and the path along which money market interest rate differentials narrowed .
Ôáõôü ÷ ñïíá , ç ÏìïóðïíäéáêÞ ÔñÜðåæá ôçò Ãåñìáíßáò åîÞãçóå üôé ìåôÜ ôçí åðéëïãÞ ôùí ÷ ùñþí ðïõ èá õéïèåôïýóáí ôï åíéáßï íüìéóìá áðü 1çò Éáíïõáñßïõ 1999 , ç íïìéóìáôéêÞ ðïëéôéêÞ èá Ýðñåðå íá äéåõñýíåé ôï öÜóìá ôçò , þóôå íá ëáìâÜíåé ðåñéóóüôåñï õðüøç ôçí êáôÜóôáóç ôçò íïìéóìáôéêÞò ðïëéôéêÞò óå ïëüêëçñç ôç æþíç ôïõ åõñþ . ÊáôÜ ôç äéÜñêåéá ôïõ ìåãáëýôåñïõ ìÝñïõò ôïõ 1998 ç áýîçóç ôïõ Ì3 êéíÞèçêå óõíå ÷ þò ìÝóá óôá üñéá ôïõ óôü ÷ ïõ .
The pre-announcement helped to stabilise the ERM for the remainder of the year by reducing uncertainties regarding the changeover to the single currency . Periods of significant turbulence in international financial markets , in particular over the summer , did not disturb ERM exchange rates , which remained closely aligned with their expected paths .
Óôï ôåëåõôáßï ôñßìçíï ôïõ 1998 ôï Ì3 áõîÞèçêå êáôÜ 5,6% Ýíáíôé ôïõ ôÝôáñôïõ ôñßìçíïõ ôïõ 1997 êáé êáôÜ 5,1% Ýíáíôé ôïõ ôåëåõôáßïõ ôñéìÞíïõ ôïõ 1996 .
These developments suggested that a high degree of confidence in the successful creation of the euro existed among market participants .