natgillin/translations-raw huggingface dataset:
Ç áðüöáóç áõôÞ áíôáíáêëïýóå ôï ãåãïíüò üôé ï ðëçèùñéóìüò ôéìþí êáôáíáëùôÞ óôçí Éóðáíßá ìåéùíüôáí ãïñãÜ Ýùò üôïõ óôáèåñïðïéÞèçêå óå Ýíá ìÝóï ñõèìü 2,0% , äçë . áðüëõôá óýìöùíï ôüóï ìå ôï óôü ÷ ï ãéá ôï 1997 , ðïõ Þôáí ç äéáôÞñçóÞ ôïõ óå åðßðåäï êÜôù ôïõ 3 %, üóï êáé ìå ôï óôü ÷ ï 2 % ðïõ áíáêïéíþèçêå ãéá ôï 1998 ( âë .
Although the average rate of underlying consumer price inflation in Finland stayed well below 2 % in 1997 , an upward trend was discernible in the course of the year , with inflationary pressures arising on account of continued strong growth performance and the strengthening of consumers » inflation expectations .
Ðßíáêá 6 ( á )) êáé ç õðïóôÞñéîç ðïõ äüèçêå áðü ôç äçìïóéïíïìéêÞ ðïëéôéêÞ âïÞèçóáí óôçí êáèïäéêÞ ðïñåßá ôùí âñá ÷ õðñüèåóìùí åðéôïêßùí , ôá ïðïßá óôï ôÝëïò ôïõ Ýôïõò åß ÷ áí ìåéùèåß óå åðßðåäï êáôÜ 1,2 åêáôïóôéáßåò ìïíÜäåò õøçëüôåñï áðü ôá áíôßóôïé ÷ á åðéôüêéá ôçò Ãåñìáíßáò .
With a view to securing its objective of stabilising underlying inflation at ( around ) 2 % ( see Table 6 ( b )) , Suomen Pankki raised its tender rate from 3.0 to 3.25% in midSeptember .
Ç åîÝëéîç áõôÞ , ç ïðïßá åðßóçò áíôáíáêëïýóå ôç óôáèåñüôçôá ôïõ íïìßóìáôïò êáé ôçí ðñüïäï ôçò äçìïóéïíïìéêÞò åîõãßáíóçò , óõìâÜäéæå áðüëõôá ìå ôçí ðñüèåóç ôçò ÔñÜðåæáò ôçò Éôáëßáò , üðùò áíáöÝñèçêå ôï ÌÜéï 1996 , íá åîáóöáëßóåé ñõèìü ðëçèùñéóìïý êÜôù áðü 3 % ôï 1997 . Ãéá ôï 1998 ç êåíôñéêÞ ôñÜðåæá åðéäéþêåé íá äéáôçñÞóåé ôïí ðëçèùñéóìü óôï 2 %.
During 1997 the Finnish markka was one of the stronger currencies within the ERM and three-month interest rates could generally be maintained at a level slightly below those in Germany .
¸ ôóé , ç ÔñÜðåæá ôçò Éôáëßáò ðñïÝâç óå ðñïóåêôéêÞ ìåßùóç ôüóï ôïõ ðñïåîïöëçôéêïý åðéôïêßïõ üóï êáé ôïõ åðéôïêßïõ ðñïêáôáâïëþí ïñéóìÝíçò äéÜñêåéáò , êáôÜ 2 åêáôïóôéáßåò ìïíÜäåò óõíïëéêÜ , óå 5,5% êáé 7,0% áíôßóôïé ÷ á . Óôï ôÝëïò ôïõ 1997 ôï éôáëéêü åðéôüêéï ôñéþí ìçíþí åß ÷ å õðï ÷ ùñÞóåé óå åðßðåäï ðïõ Þôáí ëéãüôåñï áðü 2,4 åêáôïóôéáßåò ìïíÜäåò ðÜíù áðü ôï áíôßóôïé ÷ ï ãåñìáíéêü ( âë .
Sweden was also confronted with rising consumer price inflation during most of 1997 , albeit from a very low level . Against the background of higher capacity utilisation and some concerns over wage settlements , Sveriges Riksbank took the precautionary step in December of increasing its securities repurchase rate from 4.1 to 4.35% in order to adhere to the 2 % inflation target ( with a margin of 1 percentage point on either side ) .
Óôçí Ðïñôïãáëßá , ç óôáèåñÞ èÝóç ôïõ ðïñôïãáëéêïý åóêïýäïõ åíôüò ôïõ ÌÓÉ õðïóôçñß ÷ èçêå áðü ôçí ôá ÷ åßá ìåßùóç ôïõ ðëçèùñéóìïý óå ñõèìü ìüëéò ðÜíù áðü 2 % êáé ôç óôáèåñÞ ðñüïäï áðü ðëåõñÜò äçìïóéïíïìéêÞò åîõãßáíóçò .
On balance , the Swedish short-term interest rate spread over Germany was broadly stable at around 1.1 percentage points .
Ïé óõíèÞêåò áõôÝò åðÝôñåøáí óôçí ÔñÜðåæá ôçò Ðïñôïãáëßáò íá ìåéþóåé óôáäéáêÜ ôá åðßóçìá åðéôüêéÜ ôçò , ðñïêáëþíôáò ìåßùóç ôïõ åðéôïêßïõ ôùí óõìöùíéþí åðáíáãïñÜò áðü 6,7% óôéò áñ ÷ Ýò ôïõ 1997 óå 5,3% ðñéí áðü ôï ôÝëïò ôïõ Ýôïõò .
Conditions in several other EU countries supported a further reduction in interest rates .
¸ ôóé , ç äéáöïñÜ ôïõ åðéôïêßïõ ôñéþí ìçíþí Ýíáíôé ôçò Ãåñìáíßáò ðåñéïñßóôçêå óå ìüëéò ðÜíù áðü 1,5 åêáôïóôéáßåò ìïíÜäåò .
The Banco de España reduced its intervention rate in steps from 6.25% at the start of the year to 4.75% in December .
H ÔñÜðåæá ôçò ÅëëÜäïò áíáêïßíùóå üôé åðéäéþêåé íá ìåéþóåé ðåñáéôÝñù ôïí ðëçèùñéóìü óå 4,5% ìÝ ÷ ñé ôï ôÝëïò ôïõ 1997 êáé êÜôù áðü 3 % ìÝ ÷ ñé ôï ôÝëïò ôïõ 1998 . Ãé  áõôü ôï óêïðü , Ýèåóå óôü ÷ ï ôç äéáôÞñçóç ðåñßðïõ óôáèåñÞò óõíáëëáãìáôéêÞò éóïôéìßáò äñá ÷ ìÞò / ÅCU êáé ñõèìü áýîçóçò ôïõ Ì3 ìåôáîý 6 % êáé 9 %.
This reflected the fact that consumer price inflation in Spain was declining rapidly to stabilise at an average rate of 2.0% , i.e. well in line with both the objective for 1997 of keeping it below 3 % and the 2 % target announced for 1998 ( see Table 6 ( b )) .
Åíôïýôïéò , ç Éñëáíäßá äåí óõììåôåß ÷ å óôï ãåíéêü ãýñï áõîÞóåùí ôùí åðßóçìùí åðéôïêßùí ôïí Ïêôþâñéï . Ðñïò ôï ôÝëïò ôïõ Ýôïõò , åí áíáìïíÞ ôçò åðéëïãÞò ( ôï ÌÜéï ôïõ 1998 ) ôùí ÷ ùñþí ðïõ èá óõììåôÜó ÷ ïõí óôï Ôñßôï ÓôÜäéï ôçò ÏÍÅ , ôá âñá ÷ õðñüèåóìá åðéôüêéá ôçò Éñëáíäßáò ìåéþèçêáí óå ó ÷ Ýóç ìå ôá áíôßóôïé ÷ á ãåñìáíéêÜ êáé ç éñëáíäéêÞ ëßñá êéíÞèçêå ðéï êïíôÜ óôéò êåíôñéêÝò éóïôéìßåò ôçò óôï ÌÓÉ .
The stable position of the Spanish peseta within the ERM , the deceleration of the growth of broad monetary aggregates ( see Table 6 ( a )) and a supportive fiscal policy further assisted the downward trend in short-term interest rates , which by yearend had declined to 1.2 percentage points above those in Germany . 32
ÄéÜãñáììá 4
Chart 4
ÄéáöïñÝò âñá ÷ õðñüèåóìùí åðéôïêßùí Ýíáíôé ôçò Ãåñìáíßáò ( äéáôñáðåæéêÜ åðéôüêéá ôñéþí ìçíþí , óå åêáôïóôéáßåò ìïíÜäåò ) ÂÝëãéï ( áñéóôåñüò Üîïíáò ) Äáíßá ( áñéóôåñüò Üîïíáò ) ÅëëÜäá ( äåîéüò Üîïíáò ) Éóðáíßá Ãáëëßá Éñëáíäßá 7
Short-term interest rate differentials against Germany ( three-month interbank rates ; in percentage points ) Belgium ( LHS ) Denmark ( LHS ) 7 Greece ( RHS ) Spain France 21 7 Ireland
Âáóßëåéï 7
Italy Netherlands 7
- 1 1996 ÐçãÞ : ÅèíéêÜ óôïé ÷ åßá .
- 1 1996 Source : National data .
To 1997 ôï ðëáßóéï Üóêçóçò ôçò âñåôáíéêÞò íïìéóìáôéêÞò ðïëéôéêÞò áíáèåùñÞèçêå óçìáíôéêÜ .
Consumer price inflation in Italy continued its downward trend and stabilised at an average rate of 1.7% for the year as a whole .
5 ÁìÝóùò ðñéí áíáêïéíùèåß áõôÞ ç áðüöáóç , ï Õðïõñãüò Ïéêïíïìéêþí áýîçóå ôï åðéôüêéï åðáíáãïñÜò ÷ ñåïãñÜöùí êáôÜ 0,25 ôçò åêáôïóôéáßáò ìïíÜäáò óå 6,25% .
Monetary growth clearly exceeded the central bank 's reference ceiling of 5 % ( see Table 6 ( a )) ; however , the broad monetary aggregate M2 was affected by major portfolio shifts in response to the low-inflation environment .
Áêïëïýèùò , ç íåïóýóôáôç ÅðéôñïðÞ ÍïìéóìáôéêÞò ÐïëéôéêÞò ôçò ÔñÜðåæáò ôçò Áããëßáò áýîçóå óå ôÝóóåñá óôÜäéá ôï åðéôüêéï åðáíáãïñÜò , ôï ïðïßï Ýöèáóå óå 7,25% ôï ÍïÝìâñéï ,
The Banca d' Italia therefore made a cautious reduction in both the discount rate and the fixed term advances rate by a total of 2 percentage points to 5.5% and 7.0% respectively .
Ýôóé þóôå ïé ðñïïðôéêÝò ãéá ôï âáóéêü ðëçèùñéóìü ( RÑIX ) íá ðáñáìåßíïõí óõíåðåßò ìå ôïí êõâåñíçôéêü óôü ÷ ï 2,5% ( üðùò áíáäéáôõðþèçêå ôïí Éïýíéï ) .
At the end of 1997 the Italian three-month interest rate had fallen to a level of less than 2.4 percentage points above the equivalent rate in Germany ( see Chart 4 ) .
ÅðéðëÝïí , ôá üñéá ðñüâëåøçò ðïõ åß ÷ å èÝóåé ç êõâÝñíçóç ãéá ôçí åðÝêôáóç ôùí íïìéóìáôéêþí ìåãåèþí Ì0 êáé Ì4 áíåóôÜëçóáí ôï ÌÜéï ôïõ 1997 , åíþ êáôüðéí ç ÅðéôñïðÞ ÍïìéóìáôéêÞò ÐïëéôéêÞò ôçò ÔñÜðåæáò ôçò Áããëßáò áðïöÜóéóå ðñïò ôï ðáñüí íá ìçí ôá åðáíáöÝñåé . 40
For this purpose , a broadly stable exchange rate of the Greek drachma against the ECU and a rate of M3 growth within a range of 6-9 % were targeted . With an outcome for consumer price inflation of 4.7% in December 1997 , the central bank virtually achieved its price objective .
3 ÏéêïíïìéêÝò ðñïïðôéêÝò êáé ðñïêëÞóåéò ðáñÜ ôéò õðïôéìÞóåéò ôùí íïìéóìÜôùí óå ðïëëÝò áóéáôéêÝò ÷ þñåò .
The favourable trend in inflation enabled a further reduction in official interest rates to be made in the first part of the year , as the rapid expansion of M3 could be explained by portfolio adjustments linked to fiscal changes and the abolition of remaining short-term capital controls .
Óýìöùíá ìå ôéò ðñïâëÝøåéò êáé ç éäéùôéêÞ êáôáíÜëùóç èá óçìåéþóåé áíÜêáìøç åîáéôßáò ôçò áýîçóçò ôùí ðñáãìáôéêþí ìéóèþí êáé ôçò ìåßùóçò ôçò áâåâáéüôçôáò ó ÷ åôéêÜ ìå ôéò ðñïïðôéêÝò áðáó ÷ üëçóçò ôï 1998 êáé ôï 1999 .
Although the countermeasures taken by the central bank were successful in stabilising the currency in 1997 , three-month interest rates ended the year some 4 percentage points higher than before the outbreak of the turmoil .
ÐáñÜ ôçí ðñïâëåðüìåíç âåëôßùóç ôùí óõíèçêþí óôçí áãïñÜ åñãáóßáò , ôï ðïóïóôü áíåñãßáò áíáìÝíåôáé íá óçìåéþóåé ìüíï ìÝôñéá ðôþóç ôï 1998 êáé ôï 1999 .
The associated inflation risks prompted the Central Bank of Ireland to raise its short-term facility rate by 0.25 percentage point to 6.5% in early May .
Óôï Ðëáßóéï 2 ðáñïõóéÜæïíôáé óõíïðôéêÜ ôá ÷ áñáêôçñéóôéêÜ ôçò ìåëëïíôéêÞò ðåñéï ÷ Þò ôïõ åõñþ , üðùò êáèïñßóôçêáí áðï ôçí Ýêâáóç ôùí óõíåäñéÜóåùí ôïõ Óõìâïõëßïõ ôçò ÅÅ óôéò 2-3 ÌáÀïõ 1998 , ôï ïðïßï óõíÞëèå óå åðßðåäï Áñ ÷ çãþí Êñáôþí Þ ÊõâåñíÞóåùí ìå óêïðü íá åðéâåâáéþóåé ðïéá êñÜôç-ìÝëç ðëçñïýí ôéò áíáãêáßåò ðñïûðïèÝóåéò ãéá ôçí õéïèÝôçóç ôïõ åíéáßïõ íïìßóìáôïò .
monetary tightening was deemed necessary in the light of the current and prospective strength of domestic demand , notwithstanding the expected effects of tighter fiscal policy , the ending of windfalls from the demutualisation of mortgage lending institutions and the appreciation of sterling . The persistence of strong monetary developments also gave cause for concern about future inflation .
3.1 ÏéêïíïìéêÝò ðñïïðôéêÝò ãéá ôï 1998-99 Ïé ïéêïíïìéêÝò ðñïâëÝøåéò ôùí ìåãÜëùí äéåèíþí ïñãáíéóìþí ðïõ äüèçêáí óôç äçìïóéüôçôá ôçí Üíïéîç ôïõ 1998 õðïäçëþíïõí üôé ïé ðñïïðôéêÝò ãéá ôçí áíÜðôõîç óôçí ÅÅ ôá Ýôç 1998 êáé 1999 åßíáé åõíïúêÝò , äåäïìÝíïõ üôé áíáìÝíåôáé íá åíéó ÷ õèåß ðåñáéôÝñù ç åã ÷ þñéá æÞôçóç , áíôéóôáèìßæïíôáò óå êÜðïéï âáèìü ôçí åðéäåßíùóç ôïõ åîùôåñéêïý ðåñéâÜëëïíôïò ðïõ ïöåßëåôáé åí ìÝñåé óôçí áóéáôéêÞ êñßóç .
Box 2 outlines the characteristics of the future euro area , as defined by the outcome of the meetings of the EU Council on 2/3 May 1998 , meeting in the composition of Heads of State or Government , to confirm which Member States fulfil the necessary conditions for the adoption of the single currency . prospects in 1998 and 1999 .
Ï ñõèìüò áýîçóçò ôïõ ðñáãìáôéêïý ÁÅÐ , ï ïðïßïò Üñ ÷ éóå íá áêïëïõèåß åíôïíüôåñç áíïäéêÞ ðïñåßá áðü ôï äåýôåñï ôñßìçíï ôïõ 1997 , áíáìÝíåôáé íá åíéó ÷ õèåß ðåñáéôÝñù êáèþò ç åã ÷ þñéá æÞôçóç åîáêïëïõèåß íá åðéôá ÷ ýíåôáé óå áñêåôÝò ÷ þñåò ôçò ÅÅ .
With a continued need for fiscal consolidation , the impact of government consumption and investment on domestic demand is likely to remain limited . Despite the projected improvement in labour market conditions , the rate of unemployment is expected to decline only modestly in 1998 and 1999 .
Ç áýîçóç ôçò ðáñáãùãÞò êáé ôùí åìðïñéêþí óõíáëëáãþí ðáãêïóìßùò áíáìÝíåôáé íá åßíáé áóèåíÝóôåñç ôï 1998 êáé ôï 1999 óå ó ÷ Ýóç ìå ôï 1997 , åîáéôßáò ôçò êáôáêüñõöçò ìåßùóçò ôïõ ñõèìïý áýîçóçò ôïõ ðñáãìáôéêïý ÁÅÐ óå êÜðïéåò ÷ þñåò ôçò Áóßáò , ôçò ìÝôñéáò åðéâñÜäõíóçò ôïõ ñõèìïý áíÜðôõîçò óôéò ÇÐÁ êáé ôçò åðéäåßíùóçò ôçò ïéêïíïìéêÞò êáé ÷ ñçìáôïðéóôùôéêÞò êáôÜóôáóçò óôçí Éáðùíßá . Ï âáèìüò åîáóèÝíçóçò ôïõ åîùôåñéêïý ðåñéâÜëëïíôïò ëüãù ôçò áíáôáñá ÷ Þò óôçí Áóßá èá åîáñôçèåß áðü ôï ðüôå êáé óå ðïéá Ýêôáóç èá ðñïóáñìïóôåß ç ìáêñïïéêïíïìéêÞ ðïëéôéêÞ ôùí ÷ ùñþí ðïõ Ýðëçîå ç êñßóç , êáèþò êáé áðü ôï êáôÜ ðüóïí èá õëïðïéçèïýí ïé ÷ ñçìáôïïéêïíïìéêÝò ìåôáññõèìßóåéò .
The main uncertainty with regard to the above outlook stems from the external environment . World output and trade growth are expected to be weaker in 1998 and 1999 than in 1997 owing to a sharp decline in real GDP growth in parts of Asia , a modest slowdown in the US growth rate and a deterioration in the economic and financial situation in Japan .
3.2 ÍïìéóìáôéêÞ ðïëéôéêÞ ìÝ ÷ ñé ôï ôÝëïò ôïõ Äåýôåñïõ Óôáäßïõ Ðñùôáñ ÷ éêüò óôü ÷ ïò ôçò íïìéóìáôéêÞò ðïëéôéêÞò ôùí Ýíôåêá ÷ ùñþí ðïõ åðåëÝãçóáí íá óõììåôÜó ÷ ïõí óôçí ðåñéï ÷ Þ ôïõ åõñþ , êáôÜ ôïõò ìÞíåò ðïõ áðïìÝíïõí ìÝ ÷ ñé ôç ëÞîç ôïõ Äåýôåñïõ Óôáäßïõ , åßíáé íá åîáóöáëéóôåß üôé ôï óçìåñéíü ðåñéâÜëëïí ðåñßðïõ óôáèåñþí ôéìþí èá äéáôçñçèåß ãéá ïëüêëçñç ôçí ðåñéï ÷ Þ ôïõ åõñþ , ðáñÝ ÷ ïíôáò Ýôóé óôï ÅÓÊÔ Ýíá åõíïúêü óçìåßï åêêßíçóçò .
Consumer and business confidence indicators are pointing in the same direction . This partly reflects the impact of a low level of nominal interest rates , particularly at long maturities , prevailing in an environment of , by and large , subdued inflationary pressures , where external competitiveness has been maintained or improved despite currency depreciations in many Asian countries .
¼ ðùò ðåñéãñÜöåôáé óõíïðôéêÜ óôï ÕðïêåöÜëáéï 2 , ç ðëåéïíüôçôá ôùí ÷ ùñþí ðïõ Ý ÷ ïõí åðéëåãåß ãéá íá óõììåôÜó ÷ ïõí óôçí ðåñéï ÷ Þ ôïõ åõñþ Ý ÷ åé Þäç åðéôý ÷ åé ÷ áìçëÜ êáé óôåíÜ åõèõãñáììéóìÝíá âñá ÷ õðñüèåóìá åðéôüêéá .
This environment , combined with increased corporate profitability , particularly in the export-oriented industries , is expected to be conducive to investment growth .
Ïé óõíèÞêåò êáôÜ ôï ðñþôï åîÜìçíï ôïõ 1998 åðÝôñåøáí íá åäñáéùèåß ç êïéíÞ áõôÞ åîÝëéîç , åíþ óôá ëïéðÜ ìÝëç ìðüñåóå íá äéáôçñçèåß ç êáèïäéêÞ ðïñåßá ôùí âáóéêþí åðéôïêßùí .
Private consumption is also projected to pick up further due to a rise in real wages and reduced uncertainty regarding employment
Áõôü õðïäçëþíåé üôé óôéò ÷ þñåò ðïõ Ý ÷ ïõí åðéëåãåß ãéá ôçí ðåñéï ÷ Þ ôïõ åõñþ ôåßíåé íá äéáìïñöùèåß ìéá de facto êïéíÞ êáôåýèõíóç íïìéóìáôéêÞò ðïëéôéêÞò , ìÝóá óå Ýíá ðåñéâÜëëïí ðåñßðïõ óôáèåñþí ôéìþí êáé óõíáëëáãìáôéêþí éóïôéìéþí .
the weakness in the external environment arising from the turmoil in Asia will depend on the scope and timing of the adjustment of macroeconomic policies in the countries affected , and on the extent to which financial reforms are implemented .
Ôï áñãüôåñï ìÝ ÷ ñé ôï ôÝëïò ôïõ 1998 , ôá âñá ÷ õðñüèåóìá åðéôüêéá áõôþí ôùí ÷ ùñþí èá Ý ÷ ïõí óõãêëßíåé óå Ýíá êïéíü åðßðåäï , ôï ïðïßï èá åßíáé óõíåðÝò ìå ôï óôü ÷ ï ôçò äéáôÞñçóçò ôçò óôáèåñüôçôáò ôùí ôéìþí óôçí ðåñéï ÷ Þ ôïõ åõñþ .
The possibility of further spillover effects cannot yet be ruled out . The contractionary impact of the Asian crisis on EU growth may be partly offset by two factors : first , the decline in long-term interest rates in the EU as well as in the United States - which is linked to , inter alia , investors » reassessment of the risk in emerging markets ;
42 ïéêïíïìéêÜ ìåãÝèç êáé óõìâáôÝò ìå ôç äéáôçñÞóéìç óýãêëéóç .
These preannounced bilateral exchange rates are consistent with economic fundamentals and are compatible with sustainable convergence .
Ç åðéâåâáßùóç , óôéò 2-3 ÌáÀïõ 1998 , áðü ôïõò Áñ ÷ çãïýò Êñáôþí Þ ÊõâåñíÞóåùí ôùí êñáôþí-ìåëþí ðïõ èá õéïèåôÞóïõí ôï åíéáßï íüìéóìá óÞìáíå ôçí Ýíáñîç ôçò ôåëéêÞò öÜóçò ôçò ìåôÜâáóçò óôï Ôñßôï ÓôÜäéï , ôï ïðïßï ðåñéëáìâÜíåé ôçí ßäñõóç ôïõ ÅÓÊÔ êáé ôçò ÅÊÔ êáé ôçí åêêáèÜñéóç ôïõ ÅÍÉ .
The confirmation on 2/3 May 1998 by the Heads of State or Government of the Member States which will adopt the single currency heralded the start of the final phase of the transition to Stage Three , which includes the establishment of the ESCB and the ECB and the liquidation of the EMI .
Óôï äéÜóôçìá ðïõ áðïìÝíåé ìÝ ÷ ñé ôç ëÞîç ôïõ Äåýôåñïõ Óôáäßïõ , ôï Äéïéêçôéêü Óõìâïýëéï êáé ç ÅêôåëåóôéêÞ ÅðéôñïðÞ ôçò ÅÊÔ èá ðåñáôþóïõí ôéò ðñïðáñáóêåõáóôéêÝò åñãáóßåò ðïõ áðáéôïýíôáé ãéá ôçí Üóêçóç ôçò åíéáßáò íïìéóìáôéêÞò ðïëéôéêÞò óôçí ðåñéï ÷ Þ ôïõ åõñþ áðü ôçí 1ç Éáíïõáñßïõ 1999 ( âë . ÊåöÜëáéï ÉÉ ) .
During the remainder of Stage Two , the Governing Council and the Executive Board of the ECB will finalise the preparations needed for the conduct of the single monetary policy in the euro area as of 1 January 1999 ( see Chapter 2 ) . In the meantime , the participating national central banks will retain their national monetary powers .
ÅðéðëÝïí , óýìöùíá ìå ôï ¢ ñèñï 44 ôïõ Êáôáóôáôéêïý ôïõ ÅÓÊÔ / ÅÊÔ , ç ÅÊÔ èá áíáëÜâåé üóá êáèÞêïíôá ôïõ ÅÍÉ ðñÝðåé íá óõíå ÷ ßóïõí íá áóêïýíôáé óôï Ôñßôï ÓôÜäéï ôçò ÏÍÅ , åöüóïí èá õðÜñ ÷ ïõí êñÜôç-ìÝëç ìå ðáñÝêêëéóç .
This suggests that a de facto common monetary policy stance is tending to emerge in the selected euro area countries , against a background of broadly stable prices and exchange rates .
Ðëáßóéï 2
37 Box 2
× áñáêôçñéóôéêÜ ôçò ðåñéï ÷ Þò ôïõ åõñþ Óôéò 2-3 ÌáÀïõ 1998 , ìå âÜóç óýóôáóç ôïõ Óõìâïõëßïõ êáé ýóôåñá áðü Ãíùìïäüôçóç ôïõ Åõñùðáúêïý Êïéíïâïõëßïõ , ôï Óõìâïýëéï - óõíåñ ÷ üìåíï óå åðßðåäï Áñ ÷ çãþí Êñáôþí Þ ÊõâåñíÞóåùí - áðïöÜíèçêå ïìüöùíá üôé Ýíôåêá êñÜôç-ìÝëç , äçë . ôï ÂÝëãéï , ç Ãåñìáíßá , ç Éóðáíßá , ç Ãáëëßá , ç Éñëáíäßá , ç Éôáëßá , ôï Ëïõîåìâïýñãï , ç Ïëëáíäßá , ç Áõóôñßá , ç Ðïñôïãáëßá êáé ç Öéëáíäßá , ðëçñïýí ôéò áíáãêáßåò ðñïûðïèÝóåéò ãéá ôçí õéïèÝôçóç ôïõ åíéáßïõ íïìßóìáôïò ôçí 1ç Éáíïõáñßïõ 1999 .
Characteristics of the euro area On 2/3 May 1998 , on the basis of the Council recommendation and following the European Parliament 's Opinion , the Council - meeting in the composition of Heads of State or Government - unanimously decided that eleven Member States , namely , Belgium , Germany , Spain , France , Ireland , Italy , Luxembourg , The Netherlands , Austria , Portugal and Finland fulfil the necessary conditions for the adoption of the single currency on 1 January 1999 .
Óôïí ðßíáêá ãßíåôáé áñ ÷ éêÜ óýãêñéóç ãéá ôï Ýôïò 1997 ( Þ ôï ôåëåõôáßï Ýôïò ãéá ôï ïðïßï õðÜñ ÷ ïõí äéáèÝóéìá óôïé ÷ åßá ) ìåôáîý ôçò ðåñéï ÷ Þò ôïõ åõñþ , ôçò ÅÅ ôùí 15 , ôùí ÇÐÁ êáé ôçò Éáðùíßáò êáé ðåñéãñÜöåôáé Ýôóé ôï  óçìåßï åêêßíçóçò  ôçò ðåñéï ÷ Þò ôïõ åõñþ .
This table provides an initial comparison for the year 1997 ( or the latest year for which data are available ) between the euro area , the EU-15 , the United States and Japan , thereby broadly describing the euro area 's « starting position » .
Ôá óôïé ÷ åßá ðïõ ðáñáôßèåíôáé üìùò áðïôåëïýí åêôéìÞóåéò ðñïåñ ÷ üìåíåò áðü äéÜöïñåò ðçãÝò , åíþ óõíïëéêÜ óôïé ÷ åßá ðïõ èá Ý ÷ ïõí õðïóôåß ðåñáéôÝñù åðåîåñãáóßá èá äéáôßèåíôáé êáôÜ ôç äéÜñêåéá ôïõ 1998 Þ áñãüôåñá , ìå âÜóç ôá íåüôåñá óôáôéóôéêÜ äåäïìÝíá .
However , the f igures shown are estimates collected from various sources , and further elaborated aggregate data will become available during the course of 1998 or later , based on newly compiled statistics .
Ïóïí áöïñÜ ôïí ðëçèõóìü , ç ðåñéï ÷ Þ ôïõ åõñþ , ìå ðåñßðïõ 290 åêáô . êáôïßêïõò , åßíáé êÜðùò ðïëõðëçèÝóôåñç áðü ôéò ÇÐÁ êáé õðåñäéðëÜóéá áðü ü , ôé ç Éáðùíßá .
In terms of population , with around 290 million inhabitants , the euro area is somewhat larger than the United States and more than twice the size of Japan .
Óå Ýíá ðáãêüóìéï ðëáßóéï , åßíáé ìéá  ìåãÜëç åã ÷ þñéá ïéêïíïìßá  ðïõ áíôéðñïóùðåýåé ðåñßðïõ 20 % ôïõ ðáãêüóìéïõ ÁÅÐ êáé óõíåðþò êáôÝ ÷ åé óçìáíôéêÞ áãïñáóôéêÞ äýíáìç ðïõ ìðïñåß íá óõãêñéèåß ìüíï ìå åêåßíç ôùí ÇÐÁ .
In a global context , it is a « large domestic economy » which has a share of world GDP of almost 20 %, thereby possessing a considerable purchasing power matched only by that of the United States .
Ïé åîáãùãÝò ìåôáîý ôùí êñáôþí-ìåëþí ôçò ðåñéï ÷ Þò ôïõ åõñþ áíôéðñïóùðåýïõí ðåñßðïõ 17 % ôùí óõíïëéêþí ðáãêüóìéùí åîáãùãþí .
Intra euro area exports account for almost 17 % of total world exports .
Áêüìç êáé ÷ ùñßò áõôÝò ôéò åîáãùãÝò , ç ðåñéï ÷ Þ ôïõ åõñþ åîáêïëïõèåß íá áíôéðñïóùðåýåé ðåñßðïõ ôï 20 % ôùí ðáãêüóìéùí
Excluding these intra-area exports , the euro area still accounts for approximately 20 % of world exports and thus in terms of its percentage of world exports is larger than either the United States or Japan .
Ôá óôïé ÷ åßá ãéá ôá ôñÝ ÷ ïíôá Ýóïäá êáé ôéò äáðÜíåò ôïõ åõñýôåñïõ êõâåñíçôéêïý ôïìÝá äåß ÷ íïõí üôé ç ðåñéï ÷ Þ ôïõ åõñþ äéáèÝôåé äçìüóéï ôïìÝá ìåãáëýôåñï êáé áðü åêåßíïí ôùí ÇÐÁ êáé áðü åêåßíïí ôçò Éáðùíßáò , åíþ ó ÷ åäüí 50 % ôïõ ÁÅÐ áíôéðñïóùðåýïõí ïé êñáôéêÝò äáðÜíåò .
Figures for general government current receipts and expenditures show that the euro area has a larger public sector than either the United States or Japan , with close to 50 % of GDP accounted for by government expenditures .
Ïé åîáãùãÝò êáé ïé åéóáãùãÝò ùò ðïóïóôü ôïõ ÁÅÐ ïëüêëçñçò ôçò ðåñéï ÷ Þò ôïõ åõñþ - åëáöñþò Üíù ôïõ 10 % êáé óôéò äýï ðåñéðôþóåéò - õðïäçëþíïõí ðüóï áíïéêôÞ åßíáé ç ðåñéï ÷ Þ ôïõ åõñþ óõãêñéôéêÜ ìå ôéò ÇÐÁ êáé ôçí Éáðùíßá ( ìåôÜ áðü äéüñèùóç ãéá ôï åìðüñéï óôï åóùôåñéêü ôçò ðåñéï ÷ Þò ) .
The ratios of exports and imports to euro area-wide GDP , both standing somewhat above 10 %, suggest that the degree of openness of the euro area is comparable to that of the United States and Japan ( after adjusting for intra-area trade ) .
Áõôü Ýñ ÷ åôáé óå áíôßèåóç ìå ôï ÷ áñáêôçñéóìü åðéìÝñïõò ÷ ùñþí ôçò ÅÅ ùò  ìéêñþí Þ ìåóáßùí ïéêïíïìéþí , ìå ìÝóï üñï åîáãùãþí Þ åéóáãùãþí ðñïò ôï ÁÅÐ ðåñßðïõ 25 % ( áí êáé õðÜñ ÷ ïõí óçìáíôéêÝò äéáöïñÝò ìåôáîý ôùí åðéìÝñïõò ÷ ùñþí ìÝóá óôçí ðåñéï ÷ Þ ôïõ åõñþ ) .
This contrasts with the typical nature of individual EU countries , as « small or medium-sized economies » with an average ratio of exports or imports to GDP of around 25 % ( although there are sizable variations across the individual countries within the euro area ) .
Ìå âÜóç ìéá óåéñÜ áðü ðñüóöáôåò ìáêñïïéêïíïìéêÝò ìåôáâëçôÝò , ï ñõèìüò áýîçóçò ôïõ ðñáãìáôéêïý ÁÅÐ ôï 1997 ãéá üëç ôçí ðåñéï ÷ Þ ôïõ åõñþ Þôáí 2,5% .
Considering a number of recent macroeconomic variables , real GDP growth for the euro area as a whole was 2.5% in 1997 .
Ï ñõèìüò ðëçèùñéóìïý óôçí ðåñéï ÷ Þ ôïõ åõñþ , üðùò ìåôñåßôáé ìå ôïí åíáñìïíéóìÝíï äåßêôç ôéìþí êáôáíáëùôÞ , Þôáí 1,6% , áíÜëïãïò ìå åêåßíïí ôçò Éáðùíßáò , áëëÜ ÷ áìçëüôåñïò áðü ü , ôé óôéò ÇÐÁ .
Inflation in the euro area , as measured by the harmonised index , was 1.6% , similar to the outturn for Japan , but below that for the United States .
Ôá âñá ÷ õðñüèåóìá áëëÜ êáé ôá ìáêñïðñüèåóìá ïíïìáóôéêÜ åðéôüêéá Þôáí ÷ áìçëüôåñá êáôÜ ôï ôÝôáñôï ôñßìçíï ôïõ 1997 áðü ü , ôé óôéò ÇÐÁ .
Short and long-term nominal interest rates were lower in the fourth quarter of 1997 than they were in the United States .
Óýìöùíá ìå ôá óôïé ÷ åßá ãéá ôï ìÝóï üñï ôïõ ÷ ñÝïõò êáé ôïõ åëëåßììáôïò ôïõ åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ôùí ÷ ùñþí ðïõ áðïôåëïýí ôçí ðåñéï ÷ Þ ôïõ åõñþ , ï ëüãïò ôïõ ÷ ñÝïõò åßíáé 75,2% êáé ï ëüãïò ôïõ åëëåßììáôïò 2,5% ( ìå óçìáíôéêÝò äéáöïñÝò ìåôáîý ôùí êñáôþí-ìåëþí ) .
Average general government debt and def icit f igures for the countries comprising the euro area show debt and deficit ratios of 75.2% and 2.5% respectively ( with significant differences among Member States ) ;
ÊáôÜ ìÝóïí üñï , ôá ðïóïóôÜ áõôÜ õðåñÝâáéíáí ôá áíôßóôïé ÷ á ôùí ÇÐÁ , áëëÜ õðïëåßðïíôáí åêåßíùí ôçò Éáðùíßáò ( üðïõ ï ëüãïò ôïõ ÷ ñÝïõò åßíáé ó ÷ åäüí 100 %) .
on average , they were above those in the United States but below those in Japan ( where the debt ratio is nearly 100 %) .
Ôï ðëåüíáóìá áõôü Þôáí ìéêñüôåñï áðü åêåßíï ôçò Éáðùíßáò , åíþ áíôßèåôá ôï éóïæýãéï ôùí ÇÐÁ ðáñïõóßáóå Ýëëåéììá . 44
Key characteristics of the euro area , 1997 Euro area 2,365.0 290.4 19.4 5,548.1 2.4 30.9 66.7 47.0 49.6 12.3 11.0 19.5 5,347.1 102.7 1,620.7 31.1 10,082.5 202.8 2.5 1.6 11.6 4.4 5.7 - 2.5 75.2 1.7 EU-15 3,234.2 374.1 24.6 7,132.3 2.4 30.0 67.6 46.3 48.7 9.2 8.6 .
Êýñéá ÷ áñáêôçñéóôéêÜ ôçò ðåñéï ÷ Þò ôïõ åõñþ , 1997 Ðåñéï ÷ Þ ôïõ åõñþ ¸ êôáóç ( á ) Ðëçèõóìüò ÁÅÐ (% ðáãêüóìéïõ ÁÅÐ )( â ) Ïíïìáóôéêü ÁÅÐ Ôïìåßò ðáñáãùãÞò ( ã ) Ãåùñãßá , áëéåßá , äáóéêÜ ðñïúüíôá Âéïìç ÷ áíßá ( êáé êáôáóêåõÝò ) Õðçñåóßåò Åõñýôåñïò êõâåñíçôéêüò ôïìÝáò Óýíïëï ôñå ÷ üíôùí åóüäùí Óýíïëï äáðáíþí ÅîáãùãÝò áãáèþí ( ä ) ÅéóáãùãÝò áãáèþí ( ä ) ÅîáãùãÝò (% ðáãêüóìéùí åîáãùãþí )( å ) × ñåüãñáöá ( óô ) × ñçìáôéóôçñéáêÞ áîßá ìåôï ÷ þí ( æ ) Åíåñãçôéêü ôñáðåæþí ( ç ) % ÁÅÐ % ÁÅÐ % ÁÅÐ % ÁÅÐ % äéò ECU % ÁÅÐ äéò ECU % ÁÅÐ äéò ECU % ÁÅÐ Áýîçóç ðñáãìáôéêïý ÁÅÐ Ðëçèùñéóìüò ÄÔÊ ( è ) Ðïóïóôü áíåñãßáò (% åñãáôéêïý äõíáìéêïý ) Âñá ÷ õðñüèåóìï åðéôüêéï ( é ) Ìáêñïðñüèåóìï åðéôüêéï ( é ) Åõñýôåñïò êõâåñíçôéêüò ôïìÝáò Ðëåüíáóìá (+) Þ Ýëëåéììá (-) ÁêáèÜñéóôï ÷ ñÝïò ( ê ) Éóïæýãéï ôñå ÷ ïõóþí óõíáëëáãþí % ÁÅÐ % ÁÅÐ - 2,5 75,2 1,7 - 2,4 72,1 1,2 - 0,3 63,1 - 1,9 - 3,4 99,7 2,2 % % % % % 47,0 49,6 12,3 11,0 19,5 5.347,1 102,7 1.620,7 31,1 10.082,5 202,8 2,5 1,6 11,6 4,4 5,7 46,3 48,7 9,2 8,6 . 6.632,5 102,8 2.889,4 44,8 12.479,7 201,2 2,7 1,7 10,6 5,1 5,9 36,7 37,0 8,1 10,6 14,8 8.450,4 157,2 5.244,0 97,6 4.211,0 74,6 3,8 2,3 4,9 5,6 5,9 32,6 36,0 8,8 6,9 9,7 4.071,9 103,7 2.804,4 71,4 6.217,3 157,4 1,0 1,7 3,4 0,7 1,7 % ÁÅÐ % ÁÅÐ % ÁÅÐ 2,4 30,9 66,7 2,4 30,0 67,6 1,7 26,0 72,3 2,1 39,2 58,7 1.000 ô .
6,632.5 102.8 2,889.4 44.8 12,479.7 201.2 2.7 1.7 10.6 5.1 5.9 - 2.4 72.1 1.2 United States 9,372.6 267.9 19.6 6,896.5 1.7 26.0 72.3 36.7 37.0 8.1 10.6 14.8 8,450.4 157.2 5,244.0 97.6 4,211.0 74.6 3.8 2.3 4.9 5.6 5.9 - 0.3 63.1 - 1.9 Japan 377.8 126.0 7.7 3,708.4 2.1 39.2 58.7 32.6 36.0 8.8 6.9 9.7 4,071.9 103.7 2,804.4 71.4 6,217.3 157.4 1.0 1.7 3.4 0.7 1.7 - 3.4 99.7 2.2 Area Population GDP ( as % of world GDP ) ( b ) Nominal GDP Sectors of production ( c ) Agriculture , fishing , forestry Industry ( incl .