natgillin/translations-raw huggingface dataset:
Åíþ áñ ÷ éêÜ ï ðëçèùñéóìüò áõîÞèçêå  öèÜíïíôáò óôï 5,1% ôïí Áðñßëéï ôïõ 1998 , êõñßùò ëüãù ôçò õðïôßìçóçò ôçò äñá ÷ ìÞò êáôÜ ôçí ÝíôáîÞ ôçò óôïí ÌÓÉ ôï ÌÜñôéï  åðáíÝëáâå Ýðåéôá ôçí ðôùôéêÞ ôïõ ðïñåßá , ðáñïõóéÜæïíôáò ó ÷ åäüí óõíå ÷ Þ ìåßùóç êáé öèÜíïíôáò óå åðßðåäï 3,5% ôïí ÉáíïõÜñéï ôïõ 1999 .
The Greek drachma joined the ERM on 16 March 1998 and has been participating in ERM II since 1 January 1999 , observing a ± 15 % fluctuation band around the euro central rate . Since entering the ERM the exchange rate has played the role of an intermediate target .
Ï ðõñÞíáò ôïõ ðëçèùñéóìïý , ìåôñïýìåíïò ìå âÜóç ôïí ÅíÄÔÊ ÷ ùñßò ôéò ôéìÝò ôùí åðï ÷ éêþí åéäþí äéáôñïöÞò êáé ôçò åíÝñãåéáò , ðáñüëï ðïõ áêïëïõèïýóå ðôùôéêÞ ðïñåßá , áíåñ ÷ üôáí óå 4,4% ôïí ÉáíïõÜñéï 1999 .
Upon ERM entry , short-term interest rates immediately declined and have been on a downward trend since then , with the exception of the second half of August when they peaked again due to the impact of the Russian crisis on financial markets .
ÊáôÜ ôá Ýôç 1993-1997 óôçí Åëëáäá ðñáãìáôïðïéÞèçêå óçìáíôéêÞ äçìïóéïíïìéêÞ åîõãßáíóç : ôï äçìïóéïíïìéêü Ýëëåéììá õðï ÷ þñçóå áðü 13,8% ôïõ ÁÅÐ óôï 4,0% ôïõ ÁÅÐ .
By the end of the year the spread vis-à-vis the comparable German rates was 8.7 percentage points , but had narrowed by some 150 basis points by the end of February 1999 .
Ôï 1998 ôï äçìïóéïíïìéêü Ýëëåéììá ðåñéïñßóôçêå êáé ðÜëé , öèÜíïíôáò óôï 2,4% ôïõ ÁÅÐ , ëüãù áöåíüò ôçò ìåßùóçò ôùí óõíïëéêþí äáðáíþí ùò ðïóïóôïý ôïõ ÁÅÐ êáé áöåôÝñïõ ôçò áýîçóçò ôùí ôñå ÷ üíôùí åóüäùí ùò ðïóïóôïý ôïõ ÁÅÐ . Ôï äçìüóéï ÷ ñÝïò ìåéþèçêå ôï 1998 êáôÜ 3 ó ÷ åäüí åêáôïóôéáßåò ìïíÜäåò êáé Ýöèáóå óôï 106,5% ôïõ ÁÅÐ ôï 1998 .
The fixed tender rate for 14-day deposits stood at 12 % at the end of February 1999 . Long-term interest rates followed a downward trend with fluctuations in the course of 1998 , and the differential vis-à-vis German yields came down to around 320 basis points by the end of 1998 and was 210 basis points on average in February 1999 .
Óýìöùíá ìå ôï íÝï íüìï ðïõ èåóðßæåé ôçí áíåîáñôçóßá ôçò ÔñÜðåæáò ôçò ÅëëÜäïò ( êáé ôÝèçêå óå éó ÷ ý ôï ÄåêÝìâñéï ôïõ 1997 ) , ç äéáôÞñçóç ôçò óôáèåñüôçôáò ôùí ôéìþí êáôï ÷ õñþíåôáé ùò ôåëéêüò óêïðüò ôçò íïìéóìáôéêÞò ðïëéôéêÞò . Ç ÔñÜðåæá ôçò ÅëëÜäïò åðéäéþêåé ôç ìåßùóç ôïõ ðëçèùñéóìïý óå åðßðåäá êÜôù ôïõ 2 % þò ôï ôÝëïò ôïõ 1999 .
Private consumption grew by 2.6% , while gross capital formation increased by 9.6% . Real import growth has been strong , reflecting strong domestic demand and subdued import prices , while export demand decelerated significantly in 1998 compared with 1997 , mainly because of the Asian crisis .
Ç äñá ÷ ìÞ åíôÜ ÷ èçêå óôïí ÌÓÉ óôéò 16 Ìáñôßïõ 1998 êáé óõììåôÝ ÷ åé óôïí ÌÓÉ ÉÉ áðü 1çò Éáíïõáñßïõ 1999 , ìå æþíç äéáêýìáíóçò ± 15 % ãýñù áðü ôçí êåíôñéêÞ ôçò éóïôéìßá Ýíáíôé ôïõ åõñþ .
As a result , the current account surplus diminished somewhat in 1998 , to 2.4% of GDP .
Ëßãïõò ìÞíåò ìåôÜ ôçí áñ ÷ Þ ôïõ 1998 , ç äñá ÷ ìÞ äÝ ÷ èçêå ðéÝóåéò , ëüãù ôçò ìåôÜäïóçò ôùí óõíåðåéþí ôçò êñßóçò óôçí Áóßá . Ç äñá ÷ ìÞ ðñïó ÷ þñçóå óôïí ÌÓÉ ìå êåíôñéêÞ éóïôéìßá Ýíáíôé ôïõ ECU ðïõ áíôéðñïóþðåõå õðïôßìçóç 12,3% óå ó ÷ Ýóç ìå ôéò åðéêñáôïýóåò áãïñáßåò éóïôéìßåò .
Since the autumn of 1997 a marked fall in unemployment has been recorded ( to 7.5% at the end of the year ) , mainly due to government educational measures but also reflecting strong economic growth . Consumer prices were not affected by the acceleration in output in 1998 .
Êáôüðéí , ç äñá ÷ ìÞ ðáñÝìåéíå óõíå ÷ þò óôï Üíù ôìÞìá ôïõ ðëÝãìáôïò éóïôéìéþí ôïõ ÌÓÉ . Óôï ôÝëïò ôïõ Ýôïõò ç éóïôéìßá ôçò äéáìïñöþèçêå óå åðßðåäï êáôÜ 8,2% õøçëüôåñï áðü ôçí êåíôñéêÞ éóïôéìßá ôçò êáé ôï ÖåâñïõÜñéï ôïõ 1999 ç ìÝóç áãïñáßá éóïôéìßá ôçò äñá ÷ ìÞò õðåñÝâáéíå êáôÜ ó ÷ åäüí 9 % ôçí êåíôñéêÞ ôçò éóïôéìßá .
The HICP rate of inflation decreased more or less continuously in 1998 to 0 % in December ( and was maintained at the same level in January 1999 ) . The downward movement is mainly explained by falling prices for imported goods , moderate unit labour cost developments and sizable cuts in indirect taxes .
Óôï ôÝëïò ôïõ Ýôïõò ç äéáöïñÜ ôïõò Ýíáíôé ôùí óõãêñßóéìùí ãåñìáíéêþí åðéôïêßùí Þôáí ðåñßðïõ 8,7 åêáôïóôéáßåò ìïíÜäåò , áëëÜ ðåñéïñßóôçêå êáôÜ ðåñßðïõ 1,5 åêáôïóôéáßá ìïíÜäá ìÝ ÷ ñé ôï ôÝëïò Öåâñïõáñßïõ 1999 .
The government debt-to-GDP ratio declined by 1.6 percentage points to 75.1% . On 25 November 1998 the Swedish Parliament approved new legislation reinforcing the independence of the central bank .
Ôï åðéôüêéï äçìïðñáóßáò ãéá ôçí áðïäï ÷ Þ êáôáèÝóåùí äéÜñêåéáò 14 çìåñþí Þôáí 12 % óôï ôÝëïò Öåâñïõáñßïõ 1999 .
The primary objective of monetary policy in Sweden is to achieve price stability .
( åôÞóéåò åêáôïóôéáßåò ìåôáâïëÝò , åêôüò åÜí óçìåéþíåôáé äéáöïñåôéêÜ ) 1992 1993 1994 1995 1996 1997 1998 1998 1998 1998 1998 Á ´ ôñ .
3.3 Sweden Swedish real GDP grew by 2.9% in 1998 , accelerating from 1.8% in 1997 . The driving force was a rapid acceleration in domestic
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 .
Table 10 Macroeconomic indicators for Sweden ( annual percentage changes , unless otherwise indicated )
ðñïúüíô . , óýíïëï ïéêïíïìßáò ÔéìÝò åéóáãïìÝíùí Éóïæýãéï ôñå ÷ ïõóþí óõíáëëáãþí (% ôïõ ÁÅÐ ) Óýíïëï áðáó ÷ üëçóçò Ðïóïóôü áíåñãßáò (% ôïõ åñãáôéêïý äõíáìéêïý ) Äçìïóéïíïìéêü áðïôÝëåóìá (% ôïõ ÁÅÐ ) 2 ) 3 ) ÅíïðïéçìÝíï áêáèÜñéóôï ÷ ñÝïò (% ôïõ ÁÅÐ ) 2 ) Åðéôüêéï 3 ìçíþí (% åôçóßùò ) Eðéôüêéï 10 åôþí (% åôçóßùò ) 4 ) ÓõíáëëáãìáôéêÞ éóïôéìßá Ýíáíôé ôïõ ECU 4 ) 5 ) 4 )
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 ) - 1.4 - 1.8 0.4 4.0 - 2.2 - 3.4 - 4.1 5.6 - 2.2 - 5.1 2.9 4.3 14.5 - 2.0 - 5.5 9.1 3.3 2.4 0.9 4.8 3.5 0.3 - 0.9 9.4 3.9 2.4 1.5 2.7 4.6 2.2 1.6 8.8 - 6.9 77.6 8.8 10.2 9.33 1.3 0.1 1.2 0.8 6.3 - 4.9 2.3 - 0.6 9.6 - 3.5 76.7 6.0 8.0 8.51 1.8 0.4 1.4 1.8 3.6 2.0 2.9 - 1.1 9.9 - 0.7 76.7 4.4 6.6 8.65 2.9 3.5 - 0.6 1.0 .
ÐçãÞ : Eurostat , ÅõñùðáúêÞ ÅðéôñïðÞ , åèíéêÜ óôïé ÷ åßá êáé õðïëïãéóìïß ÅÊÔ .
Sources : Eurostat , European Commission , national data and ECB calculations .
Ï óôü ÷ ïò áõôüò åßíáé ç åðßôåõîç ñõèìïý áýîçóçò ôïõ ÄÔÊ 2 %, ìå åðéôñåðüìåíç áðüêëéóç ± 1 åêáôïóôéáßá ìïíÜäá .
The inflation target is to achieve a CPI inflation rate of 2 %, with a tolerance margin of ± 1 percentage point .
Ï ðñáãìáôéêüò ñõèìüò ðëçèùñéóìïý , ìåôñïýìåíïò ìå âÜóç ôï 12ìçíï ñõèìü ìåôáâïëÞò ôïõ ÄÔÊ , ìåéþèçêå óôç äéÜñêåéá ôïõ 1998 öèÜíïíôáò óôï  0,6% ôï ÄåêÝìâñéï , åíþ ï ìÝóïò üñïò ôïõ ãéá ôï óýíïëï ôïõ Ýôïõò äéáìïñöþèçêå óå 0,4% , ðáñÝìåéíå äçëáäÞ áñêåôÜ êÜôù áðü ôï óôü ÷ ï .
The actual rate of inflation , measured as the 12-month change in the CPI , fell during 1998 to reach - 0.6% in December , standing at 0.4% on average for the year as a whole , and was thus well below the target .
Ôá âñá ÷ õðñüèåóìá åðéôüêéá áêïëïõèïýí ðôùôéêÞ ðïñåßá , áíôáíáêëþíôáò ôç ìåßùóç , óå ðÝíôå äéáäï ÷ éêÜ óôÜäéá , ôïõ åðßóçìïõ åðéôïêßïõ ( óõìöùíéþí åðáíáãïñÜò / åðáíáðþëçóçò ) êáôÜ 1,2 åêáôïóôéáßá ìïíÜäá óå 3,15% ôï ÄåêÝìâñéï 1999 .
Short-term interest rates have been on a declining trend , reflecting a five-stage cut in the official ( repo ) rate of 120 basis points to 3.15% in February 1999 .
Ç óïõçäéêÞ êïñþíá Üñ ÷ éóå íá õðïôéìÜôáé áðü ôï êáëïêáßñé , ìåôÜ ôç áíáôáñá ÷ Þ óôéò äéåèíåßò áãïñÝò , êáé óôï ôÝëïò ôïõ 1998 åß ÷ å õðïôéìçèåß êáôÜ ðåñßðïõ 8 % Ýíáíôé ôïõ ECU , óå óýãêñéóç ìå ôï ôÝëïò ôïõ 1997 .
The Swedish krona started to depreciate over the summer in the wake of international market unrest , and at the end of 1998 had depreciated by approximately 8 % vis-à-vis the ECU , compared with a year earlier .
Óôïõò ðñþôïõò äýï ìÞíåò ôïõ 1999 áíáôéìÞèçêå êáôÜ 5,5% ðåñßðïõ Ýíáíôé ôïõ åõñþ .
In the first two months of 1999 it appreciated by around 5.5% vis-à-vis the euro .
Ôá ìáêñïðñüèåóìá åðéôüêéá ìåéþèçêáí êáôÜ 1,8% óôç äéÜñêåéá ôïõ 1998 óå 4,2% êáôÜ ìÝóï üñï ôï ÄåêÝìâñéï .
Long-term interest rates fell by 1.8 percentage points in the course of 1998 to 4.2% on average in December .
Ç äéáöïñÜ ôùí åðéôïêßùí Ýíáíôé ôùí áíôßóôïé ÷ ùí ãåñìáíéêþí áíÞëèå óå ðåñßðïõ 0,4 ôçò åêáôïóôéáßáò ìïíÜäáò óôï ôÝëïò ôïõ 1998 êáé óå 0,3 ôçò åêáôïóôéáßáò ìïíÜäáò ôï ÖåâñïõÜñéï 1999 êáôÜ ìÝóï üñï .
The interest rate differential vis-à-vis Germany amounted to around 40 basis points at the end of 1998 , and to 30 basis points on average in February 1999 .
3.4 ÇíùìÝíï Âáóßëåéï Óôï ÇíùìÝíï Âáóßëåéï , ï ñõèìüò áýîçóçò ôïõ ðñáãìáôéêïý ÁÅÐ åðéâñáäýíèçêå óå 2,3% ôï 1998 áðü 3,5% ôï 1997 .
3.4 United Kingdom In the United Kingdom , real GDP growth slowed to 2.3% in 1998 from 3.5% in 1997 .
66 ÅôÞóéá ¸ êèåóç ÅÊÔ -* 1998
ECB Annual Report -* 1998 59
Ðßíáêáò 11
Table 11
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 3.2 4.8 - 1.6 1.5 4.9 3.1 - 6.8 - 0.6 1.9 6.5 7.5 6.1 0.66 2.7 4.0 - 1.3 1.8 5.1 .
, óýíïëï ïéêïíïìßáò ÔéìÝò åéóáãïìÝíùí Éóïæýãéï ôñå ÷ ïõóþí óõíáëëáãþí (% ôïõ ÁÅÐ ) Óýíïëï áðáó ÷ üëçóçò Ðïóïóôü áíåñãßáò (% ôïõ åñãáôéêïý äõíáìéêïý ) Äçìïóéïíïìéêü áðïôÝëåóìá (% ôïõ ÁÅÐ ) ÅíïðïéçìÝíï áêáèÜñéóôï ÷ ñÝïò (% ôïõ ÁÅÐ ) 2 ) 4 ) 2 ) 3 ) 0,1
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 )
6,2 6,8 4,8 0,70 Åðéôüêéï 3 ìçíþí (% åôçóßùò ) 9,6 Eðéôüêéï 10 åôþí (% åôçóßùò ) 4 ) 9,1 ÓõíáëëáãìáôéêÞ éóïôéìßá Ýíáíôé ôïõ ECU 4 ) 5 ) 0,74
The inflation rate for the services sector was significantly higher ( by about 3.5 percentage points on average ) than the goods inflation rate .
1 ) Åêáôïóôéáßåò ìïíÜäåò . 2 ) ÃåíéêÞ êõâÝñíçóç .
Goods price increases were held down by the steep declines in import prices following the rise in sterling in 1997 and early 1998 .
¼ ðùò ïñßæåôáé óôç ÓõíèÞêç ôïõ ÌÜáóôñé ÷ ô . 3 ) Ðëåüíáóìá (+) / Ýëëåéììá (-) .
A sizable fiscal consolidation took place between 1993 and 1997 as the budget deficit declined from 7.9% of GDP to 1.9% of GDP .
5 ) ÌïíÜäåò åèíéêïý íïìßóìáôïò áíÜ ECU . áíôéóôáèìßóôçêå åí ìÝñåé áðü ôï ìåãÜëï ðëåüíáóìá ðïõ óçìåéþèçêå óôï ôñßôï ôñßìçíï ôïõ Ýôïõò .
In 1998 there was a further improvement in the public finances and the budget balance recorded a surplus of 0.6% of GDP .
Ï ðëçèùñéóìüò ( âÜóåé ôïõ ÅíÄÔÊ ) ìåéþèçêå åëáöñÜ êáôÜ ôç äéÜñêåéá ôïõ 1998 êáé óôáèåñïðïéÞèçêå óôï 1,4% óôá äýï ôåëåõôáßá ôñßìçíá ôïõ Ýôïõò . Ùóôüóï , áíôáíáêëþíôáò ôçí ðßåóç áðü ôç óôåíüôçôá ôçò áãïñÜò åñãáóßáò , ïé ðëçèùñéóôéêÝò ðéÝóåéò ðïõ ïöåßëïíôáí óå åã ÷ þñéïõò ðáñÜãïíôåò Þôáí ðïëý éó ÷ õñüôåñåò .
This was mainly due to an increase in the current revenue-to-GDP ratio and , to a lesser extent , to reductions in the public expenditure-toGDP ratio for all main categories of spending . The government gross debt-to-GDP ratio declined by 2.7 percentage points to 49.4% in 1998 .
Ç íïìéóìáôéêÞ ðïëéôéêÞ ôçò ÔñÜðåæáò ôçò Áããëßáò åðéäéþêåé ôçí åðßôåõîç óôü ÷ ïõ 2,5% åôçóßùò ãéá ôïí ðëçèùñéóìü , üðùò ïñßæåôáé ìå âÜóç ôï Äåßêôç Ôéìþí ËéáíéêÞò , ÷ ùñßò ôïõò ôüêïõò ôùí óôåãáóôéêþí äáíåßùí ( RPIX ) .
The monetary policy objective of the Bank of England is to achieve an inflation target which is defined in terms of the Retail Price Index excluding mortgage interest payments ( RPIX ) , of 2.5% per annum .
ÉóôïñéêÜ , ï ðëçèùñéóìüò ìå âÜóç ôï äåßêôç RPIX õðÞñîå êáôÜ ìéóÞ ðåñßðïõ åêáôïóôéáßá ìïíÜäá õøçëüôåñïò áðü ü , ôé ìå âÜóç ôïí ÅíÄÔÊ .
Historically , inflation as measured by the RPIX index has been , on average , around half a percentage point higher than when measured by the HICP index .
Ï ðëçèùñéóìüò ìå âÜóç ôïí RPIX ðáñÝìåéíå êïíôÜ óôï óôü ÷ ï ôï 1998 .
RPIX inflation remained close to the target in 1998 .
Ôá åðßóçìá åðéôüêéá âñßóêïíôáí óå åðßðåäï 7,25% óôçí áñ ÷ Þ ôïõ Ýôïõò , áõîÞèçêáí óå 7,5% ôïí Éïýíéï , ðáñÝìåéíáí óôáèåñÜ êáôÜ ôç äéÜñêåéá ôïõ ôñßôïõ ôñéìÞíïõ êáé Ýêôïôå ìåéþèçêáí ðÝíôå öïñÝò , êáôáëÞãïíôáò óå 5,5% ôï ÖåâñïõÜñéï 1999 , êáèþò áöåíüò
Official interest rates began the year at 7.25% , were increased to 7.5% in June , remained constant during the third quarter , and have been cut five times since then , to stand at 5.5% in February 1999 , against the background of deteriorating growth
ÌåôÜ áðü ðïëý óçìáíôéêÞ áýîçóç ( 15 %) ôï 1997 , ç óôåñëßíá áíáôéìÞèçêå ðåñáéôÝñù Ýíáíôé ôïõ ECU óôï ðñþôï åîÜìçíï ôïõ 1998 , áëëÜ õðïôéìÞèçêå óôï äåýôåñï åîÜìçíï .
Following a very substantial rise of 15 % in 1997 , sterling appreciated further against the ECU during the first half of 1998 , but depreciated in the second half of the year .
Óôéò áñ ÷ Ýò ôïõ 1999 ç óôåñëßíá áíáôéìÞèçêå åëáöñþò Ýíáíôé ôïõ åõñþ .
In early 1999 it appreciated somewhat against the euro .
Ôá ìáêñïðñüèåóìá åðéôüêéá ðáñïõóßáóáí óå üëç ôç äéÜñêåéá ôïõ 1998 óôáèåñÞ ðôùôéêÞ ðïñåßá , ôüóï ùò áðüëõôá ìåãÝèç üóï êáé óå ó ÷ Ýóç ìå óõãêñßóéìá åðéôüêéá óå ìåãÜëåò ïéêïíïìßåò ôçò æþíçò ôïõ åõñþ .
Long-term interest rates fell steadily throughout 1998 in absolute terms and relative to comparable rates in major euro area economies .
Ç äéáöïñÜ áðïäüóåùí ôùí äåêáåôþí ïìïëüãùí Ýíáíôé ôùí áíôßóôïé ÷ ùí ãåñìáíéêþí áíÞëèå óå 0,5 ôçò åêáôïóôéáßáò ìïíÜäáò ðåñßðïõ ôï ÖåâñïõÜñéï 1999 êáôÜ ìÝóï üñï , Ýíáíôé 1 ðåñßðïõ åêáôïóôéáßáò ìïíÜäáò óôçí áñ ÷ Þ ôïõ 1998 .
The 10-year spread vis-à-vis German yields was around 50 basis points on average in February 1999 , compared with around 100 basis points at the start of 1998 .
Ðë áßóéï 4 ë
Box 4
Äéáäéêáóßåò ãéá íá áðïöáóéóôåß êáôÜ ðüóïí ôá åêôüò æþíçò åõñþ êñÜôç-ìÝëç ðëçñïýí ôéò áíáãêáßåò ðñïûðïèÝóåéò ãéá íá õéïèåôÞóïõí ôï åõñþ óôï Ôñßôï ÓôÜäéï Ôï ÌÜñôéï ôïõ 1998 ôï ÅÍÉ õðÝâáëå óôï Óõìâïýëéï ôçò ÅÅ Ýêèåóç  ó ÷ åôéêÜ ìå ôçí ðñüïäï ðïõ Ý ÷ ïõí ðñáãìáôïðïéÞóåé ôá êñÜôç-ìÝëç óôçí åêðëÞñùóç ôùí õðï ÷ ñåþóåþí ôïõò ó ÷ åôéêÜ ìå ôçí åðßôåõîç ôçò ÏéêïíïìéêÞò êáé ÍïìéóìáôéêÞò ¸ íùóçò .
Procedures for the decision on the fulfilment of the necessary conditions for the adoption of the euro by non-euro area Member States in Stage Three In March 1998 the EMI submitted a report to the EU Council « on the progress made in the fulfilment by the Member States of their obligations regarding the achievement of Economic and Monetary Union » .
Ç Ýêèåóç áõôÞ êáôáñôßóôçêå óýìöùíá ìå ôá ïñéæüìåíá óôï ¢ ñèñï 109 É ðáñÜãñ . 1 ôçò ÓõíèÞêçò ßäñõóçò ôçò ÅõñùðáúêÞò Êïéíüôçôáò .
This report was produced in accordance with the requirement of Article 109j ( 1 ) of the Treaty establishing the European Community .
Ç ßäéá åíôïëÞ äüèçêå óôçí ÅõñùðáúêÞ ÅðéôñïðÞ êáé ïé äýï åêèÝóåéò õðïâëÞèçêáí óôï Óõìâïýëéï ôçò ÅÅ åê ðáñáëëÞëïõ , áðïôåëþíôáò ôçí áöåôçñßá ôçò äéáäéêáóßáò , óýìöùíá ìå ôï ¢ ñèñï 109 É ðáñÜãñ . 2 êáé 4 , ðïõ ïäÞãçóå óôçí åðéëïãÞ 11 êñáôþí-ìåëþí ãéá íá óõììåôÜó ÷ ïõí óôçí ÏéêïíïìéêÞ êáé ÍïìéóìáôéêÞ ¸ íùóç áðü ôçí Ýíáñîç ôïõ Ôñßôïõ Óôáäßïõ .
The same mandate was given to the European Commission , and the two reports were submitted to the EU Council in parallel , forming a starting-point for the procedure in accordance with Article 109j ( 2 ) and ( 4 ) which led to the selection of 11 Member States to participate in Economic and Monetary Union from the start of Stage Three .
Ç Äáíßá , óýìöùíá ìå ôïõò üñïõò ôïõ Ðñùôïêüëëïõ áñéè . 12 ôçò ÓõíèÞêçò , ãíùóôïðïßçóå üôé äåí èá óõììåôÜó ÷ åé óôï Ôñßôï ÓôÜäéï ôçò ÏéêïíïìéêÞò êáé ÍïìéóìáôéêÞò ¸ íùóçò .
Denmark , in accordance with the terms of Protocol No. 12 of the Treaty , gave notification that it would not participate in Stage Three of Economic and Monetary Union .
Ôï ÇíùìÝíï Âáóßëåéï , óýìöùíá ìå ôïõò üñïõò ôïõ Ðñùôïêüëëïõ áñéè . 11 , åðßóçò ãíùóôïðïßçóå óôï Óõìâïýëéï ôçò ÅÅ üôé äåí åðéèõìïýóå íá ðñï ÷ ùñÞóåé óôï Ôñßôï ÓôÜäéï ôï 1999 .
The United Kingdom , in accordance with the terms of Protocol No. 11 , also notified the EU Council that it did not intend to move to the third stage in 1999 .
Ôüóï ç ÅëëÜäá üóï êáé ç Óïõçäßá åßíáé êñÜôç-ìÝëç ìå ðáñÝêêëéóç , åöüóïí ôï Óõìâïýëéï Ýêñéíå üôé äåí ðëçñïýí ôéò áíáãêáßåò ðñïûðïèÝóåéò ãéá íá õéïèåôÞóïõí ôï åíéáßï íüìéóìá ôçí 1ç Éáíïõáñßïõ 1999 .
Greece and Sweden are both Member States with a derogation , having been judged by the Council not to have fulfilled the necessary conditions for the adoption of the single currency on 1 January 1999 .
Ç ÅëëçíéêÞ ÊõâÝñíçóç áíáêïßíùóå ôçí åðéäßùîÞ ôçò íá óõììåôÜó ÷ åé óôç æþíç ôïõ åõñþ áðü ôï 2001 .
The Greek Government has announced its aim to join the euro area by 2001 .
Ôï ¢ ñèñï 109 É ðáñÜãñ . 1 ôçò ÓõíèÞêçò êáèïñßæåé ôá êñéôÞñéá ðïõ èá ÷ ñçóéìïðïéçèïýí ãéá íá åîåôáóôåß êáôÜ ðüóïí ôá åêôüò æþíçò åõñþ êñÜôç-ìÝëç Ý ÷ ïõí åêðëçñþóåé ôéò õðï ÷ ñåþóåéò ôïõò ðñïêåéìÝíïõ íá óõììåôÜó ÷ ïõí óôçí ÏéêïíïìéêÞ êáé ÍïìéóìáôéêÞ ¸ íùóç .
Article 109j ( 1 ) of the Treaty establishes the criteria to be used for an examination of the fulfilment by the noneuro area Member States of their obligations regarding their participation in Economic and Monetary Union .
ÅôÞóéá ¸ êèåóç ÅÊÔ -* 1998
- the observance of the normal fluctuation margins provided for by the exchange rate mechanism ;
ÅðéðëÝïí , üóïí áöïñÜ ôç íïìéêÞ óýãêëéóç , ïé åí ëüãù åêèÝóåéò ðåñéëáìâÜíïõí åîÝôáóç ôçò óõìâáôüôçôáò ôçò åèíéêÞò íïìïèåóßáò êÜèå êñÜôïõò-ìÝëïõò , óõìðåñéëáìâáíïìÝíïõ ôïõ êáôáóôáôéêïý ôçò åèíéêÞò êåíôñéêÞò ôïõ ôñÜðåæáò , ðñïò ôá ¢ ñèñá 107 êáé 108 ôçò ÓõíèÞêçò êáé ðñïò ôï Êáôáóôáôéêü ôïõ ÅÓÊÔ .
In addition , with regard to legal convergence , these reports shall include an examination of the compatibility between each Member State 's national legislation , including the statutes of its national central bank , and Articles 107 and 108 of the Treaty and the Statute of the ESCB . ECB Annual Report -* 1998
Ç äéáäéêáóßá ðïõ ðñÝðåé íá áêïëïõèçèåß ãéá íá áðïöáóéóôåß êáôÜ ðüóïí ðëçñïýíôáé ïé áíáãêáßåò ðñïûðïèÝóåéò ãéá ôçí õéïèÝôçóç ôïõ åõñþ ðñïâëÝðåôáé óôï ¢ ñèñï 109 Ê ðáñÜãñ .
In terms of the procedure to be followed for the decision on the fulfilment of the necessary conditions for the adoption of the euro , according to Article 109k ( 2 ) :
2 :  ÔïõëÜ ÷ éóôïí ìßá öïñÜ êÜèå äýï ÷ ñüíéá , Þ üðïôå ôï æçôÞóåé êñÜôïò-ìÝëïò ìå ðáñÝêêëéóç , ç ÅðéôñïðÞ êáé ç ÅÊÔ õðïâÜëëïõí Ýêèåóç óôï Óõìâïýëéï áêïëïõèþíôáò ôç äéáäéêáóßá ôïõ Üñèñïõ 109 É ðáñÜãñáöïò 1 .
« At least once every two years , or at the request of a Member State with a derogation , the Commission and the ECB shall report to the Council in accordance with the procedure laid down in Article 109j ( 1 ) .
ÌåôÜ áðü äéáâïýëåõóç ìå ôï Åõñùðáúêü Êïéíïâïýëéï êáé áöïý óõæçôçèåß ôï èÝìá óôï Óõìâïýëéï , óõíåñ ÷ üìåíï óå åðßðåäï Áñ ÷ çãþí Êñáôþí Þ ÊõâåñíÞóåùí , ôï Óõìâïýëéï áðïöáóßæåé ìå åéäéêÞ ðëåéïøçößá ìåôÜ áðü ðñüôáóç ôçò ÅðéôñïðÞò , ðïéá êñÜôç-ìÝëç ìå ðáñÝêêëéóç ðëçñïýí , âÜóåé ôùí êñéôçñßùí ôïõ ¢ ñèñïõ 109 É ðáñÜãñ . 1 , ôéò áíáãêáßåò ðñïûðïèÝóåéò êáé êáôáñãåß ôéò ðáñåêêëßóåéò ãéá ôá óõãêåêñéìÝíá êñÜôç-ìÝëç .
After consulting the European Parliament and after discussion in the Council , meeting in the composition of the Heads of State or Government , the Council shall , acting by a qualified majority on a proposal from the Commission , decide which Member States with a derogation fulfil the necessary conditions on the basis of the criteria set out in Article 109j ( 1 ) , and abrogate the derogations of the Member States concerned ."
 ¼ óïí áöïñÜ ôç Äáíßá êáé ôï ÇíùìÝíï Âáóßëåéï , ôá Ðñùôüêïëëá áñéè . 12 êáé 11 ôçò ÓõíèÞêçò áíôéóôïß ÷ ùò ïñßæïõí üôé ç áíùôÝñù äéáäéêáóßá ìðïñåß íá êéíçèåß ìüíï ìåôÜ áðü áßôçóÞ ôïõò .
With regard to Denmark and the United Kingdom , Protocols No. 12 and No. 11 of the Treaty respectively prescribe that the procedure mentioned above can only be initiated at their own request .
Áí , ìåôÜ ôçí áíùôÝñù åîÝôáóç êáé äéáäéêáóßá , áíáêëçèåß ôï êáèåóôþò ôïõ  êñÜôïõò-ìÝëïõò ìå ðáñÝêêëéóç , ôï ¢ ñèñï 109 É ðáñÜãñ . 5 ôçò ÓõíèÞêçò ðñïâëÝðåé ôïí êáèïñéóìü ôçò éóïôéìßáò ( óõíôåëåóôÞ ) ìåôáôñïðÞò , óôçí ïðïßá ôï åõñþ èá áíôéêáôáóôÞóåé ôï íüìéóìá ôïõ ó ÷ åôéêïý êñÜôïõò-ìÝëïõò , êáé ôçí õéïèÝôçóç üëùí ôùí áíáãêáßùí ìÝôñùí ãéá ôçí ôá ÷ åßá åéóáãùãÞ ôïõ åõñþ ó  áõôÜ ôá êñÜôç-ìÝëç .
If , following the above examination and procedures , the status of « Member States with a derogation » is abrogated , Article 109l ( 5 ) of the Treaty provides for the fixing of the conversion rate at which the euro shall be substituted for the currency of the Member State concerned , and for the adoption of all other measures necessary for the rapid introduction of the euro in those Member States .
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62 ECB Annual Report -* 1998
ÊåöÜë áéï II ë
Chapter II
Ôï ðë áßóéï Üóêçóçò ôçò íïìéóìáôéêÞò ðïëéôéêÞò ë äéáóõíïñéáêÝò óõíáëëáãÝò óôï ðëáßóéï ôïõ ÌïíôÝëïõ Áíôáðïêñéôñéþí Êåíôñéêþí Ôñáðåæþí ( ÌÁÊÔ ) , ç êáèéÝñùóç ôùí ðñïûðïèÝóåùí ðñüóâáóçò óôç äéåõêüëõíóç áðïäï ÷ Þò êáôáèÝóåùí , ï êáèïñéóìüò ôùí ÷ áñáêôçñéóôéêþí ôïõ óõóôÞìáôïò åëÜ ÷ éóôùí áðïèåìáôéêþí êáé ï çìåñïëïãéáêüò ðñïãñáììáôéóìüò ôùí äçìïðñáóéþí ãéá ôï 1999 .
Monetary policy framework of the features of the minimum reserve system and the definition of the calendar of tender operations for 1999 .
ÊáôÜ ôï ðñþôï åîÜìçíï ôïõ 1998 óôï ÅÍÉ óõíå ÷ ßóôçêáí ïé åñãáóßåò ôåëåéïðïßçóçò ôïõ ðëáéóßïõ ëåéôïõñãßáò ôïõ ÅõñùóõóôÞìáôïò ãéá ôçí åöáñìïãÞ ôçò íïìéóìáôéêÞò ðïëéôéêÞò .
In the first half of 1998 work continued at the EMI to complete the Eurosystem 's operational framework for the implementation of monetary policy .
Áöïý ôï ÅÍÉ äçìïóßåõóå ôçí Ýêèåóç  Ç åíéáßá íïìéóìáôéêÞ ðïëéôéêÞ óôï Ôñßôï ÓôÜäéï : ÃåíéêÞ ôåêìçñßùóç ó ÷ åôéêÜ ìå ôá ìÝóá êáé ôéò äéáäéêáóßåò íïìéóìáôéêÞò ðïëéôéêÞò ôïõ ÅÓÊÔ  ôï ÓåðôÝìâñéï 1997 , ç ÅÊÔ åíÝêñéíå ôï ðåñéå ÷ üìåíü ôçò ôï êáëïêáßñé ôïõ 1998 êáé ôçí áíÝðôõîå áêüìç ðåñéóóüôåñï , óå óôåíÞ óõíåñãáóßá ìå ôéò ÅèíÊÔ , äéáôõðþíïíôáò ðñüóèåôåò äéáôÜîåéò óå ìéá óåéñÜ áðü ôïìåßò .
Following the publication by the EMI , in September 1997 , of the report entitled « The single monetary policy in Stage Three : General documentation on ESCB monetary policy instruments and procedures » , the ECB endorsed the content of that report in the summer of 1998 and developed it further , in close co-operation with the NCBs , by specifying additional provisions in a number of areas .
ÁðïôÝëåóìá áõôÞò ôçò ðñïóðÜèåéáò Þôáí ôï ÓåðôÝìâñéï 1998 íá äçìïóéåõèåß íÝá Ýêäïóç ôçò Ýêèåóçò ìå ôïí ßäéï ôßôëï ( ÃåíéêÞ ôåêìçñßùóç ) .
As a result , in September 1998 the ECB published a new version of the report with the same title ( the « General documentation ") .
Óýìöùíá ìå ôï ¢ ñèñï 12.1 ôïõ Êáôáóôáôéêïý ôïõ ÅÓÊÔ , ôï Äéïéêçôéêü Óõìâïýëéï ôçò ÅÊÔ åßíáé õðåýèõíï ãéá ôç ÷ Üñáîç ôçò íïìéóìáôéêÞò ðïëéôéêÞò , åíþ ç ÅêôåëåóôéêÞ ÅðéôñïðÞ åîïõóéïäïôåßôáé íá åöáñìüæåé ôç íïìéóìáôéêÞ ðïëéôéêÞ âÜóåé ôùí áðïöÜóåùí êáé ôùí êáôåõèõíôÞñéùí ãñáììþí ôéò ïðïßåò Ý ÷ åé èåóðßóåé ôï Äéïéêçôéêü Óõìâïýëéï .
In accordance with Article 12.1 of the Statute of the ESCB , the Governing Council of the ECB is responsible for the formulation of monetary policy , while the Executive Board is empowered to implement monetary policy according to the decisions and guidelines laid down by the Governing Council .