natgillin/translations-raw huggingface dataset:
Ãéá ôéò ÷ þñåò ìå ëüãï ÷ ñÝïõò ìåôáîý 60 % êáé 80 % ôïõ ÁÅÐ , ïé õðïëïãéóìïß áöïñïýí ôç äõíçôéêÞ ðïñåßá ôïõ ëüãïõ ôïõ ÷ ñÝïõò , ìå âÜóç äéÜöïñåò ðáñáäï ÷ Ýò .
For countries with debt ratios of between 60 % and 80 % of GDP , these refer to the potential future paths of the debt ratio on various assumptions .
Ãéá ôéò ÷ þñåò ìå ëüãï ÷ ñÝïõò Üíù ôïõ 100 % ôïõ ÁÅÐ , ðÝñá áðü ôïõò ðáñáðÜíù õðïëïãéóìïýò , ðáñïõóéÜæïíôáé êáé ôï óõíïëéêü êáé ôï ðñùôïãåíÝò áðïôÝëåóìá ðïõ áðáéôïýíôáé ãéá íá ìåéùèåß ï ëüãïò ôïõ ÷ ñÝïõò óå 60 % ôïõ ÁÅÐ óå äéÜóôçìá 5 , 10 êáé 15 åôþí , äçë . ìÝ ÷ ñé ôï 2002 , ôï 2007 êáé ôï 2012 , áíôéóôïß ÷ ùò .
For countries with debt ratios of above 100 % of GDP , in addition to the above calculations , the overall and primary fiscal balances are shown which are consistent with a reduction of the debt ratio to 60 % of GDP over five , ten and fifteen years , i.e. by 2002 , 2007 and 2012 respectively .
ÐáñÜñôçìá 2 ôïõ ðáñüíôïò êåöáëáßïõ ) .
see Annex 2 to this chapter ) .
Ôá êõñéüôåñá óôïé ÷ åßá ðïõ ðáñïõóéÜæïíôáé óôçí ðáñïýóá ¸ êèåóç äüèçêáí áðü ôçí ÅõñùðáúêÞ ÅðéôñïðÞ ôï ÌÜñôéï 1998 êáé ðåñéëáìâÜíïõí ôç äçìïóéïíïìéêÞ êáôÜóôáóç ôùí åðéìÝñïõò ÷ ùñþí ôï 1996 êáé ôï 1997 , êáèþò êáé åêôéìÞóåéò ôçò ÅõñùðáúêÞò ÅðéôñïðÞò ãéá ôï 1998 .
The main figures presented in this Report became available from the Commission in March 1998 and include government financial positions in 1996 and 1997 as well as Commission estimates for 1998 .
Åðßóçò , ðáñïõóéÜæåôáé ç ó ÷ Ýóç ìåôáîý ôïõ ëüãïõ ôïõ åëëåßììáôïò êáé ôùí äáðáíþí äçìüóéùí åðåíäýóåùí ôï 1996 êáé ôï 1997 .
Also , the relationship between the deficit ratio and government investment expenditure is reported for 1996 and 1997 .
Ìå óêïðü ôçí ðñïóåêôéêüôåñç åîÝôáóç ôçò äéáôçñçóéìüôçôáò ôùí äçìïóéïíïìéêþí åîåëßîåùí , ïé åðéäüóåéò ðïõ óçìåéþèçêáí êáôÜ ôï Ýôïò áíáöïñÜò , ôï 1997 , åîåôÜæïíôáé õðü ôï öùò ôùí áíôßóôïé ÷ ùí åðéäüóåùí óôç äéÜñêåéá ôçò äåêáåôßáò ôïõ 1990 .
Concerning the closer examination of the sustainability of fiscal developments , the outcome in the reference year , 1997 , is reviewed in the light of the performance during the 1990s .
ðñïóáñìïãÝò ìåôáâëçôþí ñïÞò êáé ìåôáâëçôþí áðïèÝìáôïò . Ìéá ôÝôïéá ïðôéêÞ ãùíßá åðéôñÝðåé ðëçñÝóôåñç ðëçñïöüñçóç ó ÷ åôéêÜ ìå á ) ôçí Ýêôáóç ôçò åðßäñáóçò ðïõ áóêåß ôï ïéêïíïìéêü ðåñéâÜëëïí , êáé éäéáßôåñá ï ñõèìüò áíÜðôõîçò óå óõíäõáóìü ìå ôá åðéôüêéá , óôç äõíáìéêÞ ôïõ ÷ ñÝïõò , â ) ôç óõìâïëÞ ôçò ðñïóðÜèåéáò ãéá äçìïóéïíïìéêÞ åîõãßáíóç , üðùò áíôáíáêëÜôáé óôï ðñùôïãåíÝò áðïôÝëåóìá , êáé ôÝëïò ã ) ôï ñüëï ôùí åéäéêþí ðáñáãüíôùí , üðùò êáôáãñÜöïíôáé óôï óôïé ÷ åßï  ðñïóáñìïãÝò 41
Such a perspective can offer further information on the extent to which the macroeconomic environment , in particular the combination of growth and interest rates , has affected the dynamics of debt ; on the contribution of fiscal consolidation efforts as reflected in the primary balance ;
Äåí õðÜñ ÷ ïõí ðëÞñç êáé áðïëýôùò óõãêñßóéìá óôïé ÷ åßá ãéá ôÝôïéïõ åßäïõò ìÝôñá ìå ðñïóùñéíÝò åðéäñÜóåéò , ðáñÝ ÷ ïíôáé üìùò ïé äéáèÝóéìåò ðëçñïöïñßåò ãéá ôá Ýôç 1996-98 , üôáí ôá ìÝôñá áõôÜ Ý ÷ ïõí óõìâÜëåé óôç ìåßùóç ôïõ ëüãïõ ôïõ åëëåßììáôïò .
While complete and fully comparable data on such measures with a temporary effect do not exist , the available information for 1996-98 is provided when these measures have contributed to a reduction in deficit ratios .
Óôï ìÝôñï ôïõ äõíáôïý , ãßíåôáé äéÜêñéóç áíÜìåóá óå ìÝôñá ðïõ âåëôéþíïõí ôï áðïôÝëåóìá ôïõ ðñïûðïëïãéóìïý ãéá Ýíá ìüíï Ýôïò êáé óõíåðþò áðáéôïýí áíôéóôÜèìéóç óôï åðüìåíï Ýôïò ( åöÜðáî  ìÝôñá ) êáé óå åêåßíá ðïõ Ý ÷ ïõí ôéò ßäéåò 42 åðéðôþóåéò âñá ÷ õðñüèåóìá áëëÜ åðéðëÝïí ïäçãïýí óå ðñüóèåôï äáíåéóìü óôá åðüìåíá Ýôç êáé Ýôóé áñ ÷ éêÜ âåëôéþíïõí áëëÜ óôç óõíÝ ÷ åéá åðéâáñýíïõí ôïí ðñïûðïëïãéóìü ( áõôïáíáóôñåöüìåíá  ìÝôñá ) .
To the extent possible , a distinction is made between measures which improve the budgetary outcome in one year only 35 and therefore require compensation in the following year ( one-off measures ) , and measures which have the same implication in the short run but in addition lead to extra borrowing in later years , thereby first improving and later burdening the budget ( self-reversing measures ) .
¼ óïí áöïñÜ ôéò ðñïïðôéêÝò ãéá ôï ìÝëëïí , õðåíèõìßæïíôáé ïé óôü ÷ ïé ôùí ðñïûðïëïãéóìþí ãéá ôï 1998 , êáèþò êáé ïé ðñüóöáôåò ðñïâëÝøåéò , êáé ëáìâÜíåôáé õðüøç ç ìåóïðñüèåóìç óôñáôçãéêÞ ôçò äçìïóéïíïìéêÞò ðïëéôéêÞò , üðùò áíôáíáêëÜôáé óôá ÐñïãñÜììáôá Óýãêëéóçò .
Turning to a forward-looking perspective , 1998 budget plans and recent forecasts are recalled and account is taken of the medium-term fiscal strategy as reflected in Convergence Programmes . Thereafter , a number of illustrative calculations are
¸ ðåéôá , ðáñïõóéÜæåôáé ìéá óåéñÜ áðü åíäåéêôéêïýò õðïëïãéóìïýò ( âë . Ðëáßóéï 2 ) .
presented ( see Box 2 ) .
Ìå âÜóç ôïõò õðïëïãéóìïýò áõôïýò , ìðïñåß íá óõó ÷ åôéóôåß ç åîÝëéîç ôïõ åëëåßììáôïò ìå ôç äõíçôéêÞ ðïñåßá ôïõ ëüãïõ ôïõ ÷ ñÝïõò óôï ìÝëëïí , êáèþò êáé ìå ôïõò óôü ÷ ïõò ôïõ Óõìöþíïõ Óôáèåñüôçôáò êáé ÁíÜðôõîçò , ðïõ èá éó ÷ ýåé áðü ôï 1999 êáé åîÞò , äçë . ôçí åðßôåõîç éóïóêåëéóìÝíïõ Þ ðëåïíáóìáôéêïý ðñïûðïëïãéóìïý .
In respect of these calculations , a link between deficit developments and the prospective path of the debt ratio can be established , as well as a link to the objectives of the Stability and Growth Pact applicable from 1999 onward , of having a budgetary position close to balance or in surplus .
¼ óïí áöïñÜ ôçí åîÝëéîç ôùí óõíáëëáãìáôéêþí éóïôéìéþí , ïé äéáôÜîåéò ôçò ÓõíèÞêçò êáé ç åöáñìïãÞ ôïõò åê ìÝñïõò ôïõ ÅÍÉ óêéáãñáöïýíôáé óôï Ðëáßóéï 3 .
With regard to exchange rate developments , the Treaty provisions and their application by the EMI are outlined in Box 3 .
ÐËÁÉÓÉÏ 3
BOX 3
Ç åîÝëéîç ôùí óõíáëëáãìáôéêþí éóïôéìéþí 1 .
Exchange rate developments 1 .
Ïé äéáôÜîåéò ôçò ÓõíèÞêçò Óýìöùíá ìå ôï ¢ ñèñï 109 É ( 1 ) áðáéôåßôáé :  ôÞñçóç ôùí êáíïíéêþí ðåñéèùñßùí äéáêýìáíóçò ðïõ ðñïâëÝðïíôáé áðü ôï ìç ÷ áíéóìü óõíáëëáãìáôéêþí éóïôéìéþí ôïõ Åõñùðáúêïý Íïìéóìáôéêïý ÓõóôÞìáôïò , åðß äýï ôïõëÜ ÷ éóôïí ÷ ñüíéá , ÷ ùñßò õðïôßìçóç Ýíáíôé ôïõ íïìßóìáôïò ïðïéïõäÞðïôå Üëëïõ ÊñÜôïõò-ÌÝëïõò . Ôï ¢ ñèñï 3 ôïõ Ðñùôïêüëëïõ áñéè .
Treaty provisions Treaty Article 109j ( 1 ) requires : the obser vance of the normal fluctuation margins provided for by the exchange-rate mechanism of the European Monetary System , for at least two years , without devaluing against the currency of any other Member State .
6 ó ÷ åôéêÜ ìå ôá êñéôÞñéá óýãêëéóçò ðïõ áíáöÝñïíôáé óôï ¢ ñèñï 109 É ( 1 ) ôçò ÓõíèÞêçò ïñßæåé ôá åîÞò :  Ôï êñéôÞñéï ôçò óõììåôï ÷ Þò óôï ìç ÷ áíéóìü óõíáëëáãìáôéêþí éóïôéìéþí ôïõ Åõñùðáúêïý Íïìéóìáôéêïý ÓõóôÞìáôïò , ðïõ áíáöÝñåôáé óôï ¢ ñèñï 109 É ( 1 ) ôçò ðáñïýóáò ÓõíèÞêçò , óçìáßíåé üôé Ýíá ÊñÜôïò-ÌÝëïò Ý ÷ åé ôçñÞóåé ôá êáíïíéêÜ ðåñéèþñéá äéáêýìáíóçò ðïõ ðñïâëÝðåé ï ìç ÷ áíéóìüò óõíáëëáãìáôéêþí éóïôéìéþí ôïõ Åõñùðáúêïý Íïìéóìáôéêïý ÓõóôÞìáôïò ÷ ùñßò óïâáñÞ Ýíôáóç êáôÜ ôá äýï , ôïõëÜ ÷ éóôïí , ôåëåõôáßá Ýôç ðñéí áðü ôçí åîÝôáóç .
Article 3 of Protocol No. 6 on the convergence criteria referred to in Article 109j ( 1 ) of the Treaty stipulates : The criterion on par ticipation in the exchange-rate mechanism of the European Monetary System referred to in the third indent of Article 109j ( 1 ) of this Treaty shall mean that a Member State has respected the normal fluctuation margins provided for by the exchange-rate mechanism of the European Monetary System without severe tensions for at least the last two years before the examination .
Óå ìåìïíùìÝíåò ðåñéðôþóåéò ðïõ ôï ÊñÜôïò-ÌÝëïò Ý ÷ åé óõììåôÜó ÷ åé åðß ìéêñüôåñï äéÜóôçìá , ôï ÅÍÉ ðåñéãñÜöåé ôçí åîÝëéîç ôçò óõíáëëáãìáôéêÞò éóïôéìßáò óôç äéÜñêåéá ôùí äýï åôþí ìÝ ÷ ñé ôï ÖåâñïõÜñéï 1998 , ôïí ôåëåõôáßï áêÝñáéï ìÞíá ðñéí õéïèåôçèåß ç Ýêèåóç ôïõ ÅÍÉ .
In individual cases of a shorter period of participation , the EMI describes exchange rate developments over the full two-year reference period up to February 1998 , the last full month before the EMI s report was adopted .
Äåýôåñïí , üóïí áöïñÜ ôïí ïñéóìü ôùí  êáíïíéêþí ðåñéèùñßùí äéáêýìáíóçò , ôï ÅÍÉ õðåíèõìßæåé ôçí åðßóçìç ãíþìç ðïõ äéáôõðþèçêå áðü ôï Óõìâïýëéï ôïõ ÅÍÉ ôïí Ïêôþâñéï 1994 êáé ôéò äçëþóåéò ôïõ ðïõ ðåñéÝ ÷ ïíôáé óôçí ¸ êèåóç ìå ôßôëï  Ðñüïäïò ðñïò ôç óýãêëéóç  ( ÍïÝìâñéïò 1995 ) : ¼ ðùò áíáöåñüôáí óôç ãíùìïäüôçóç ôïõ Óõìâïõëßïõ ôïõ ÅÍÉ ôïí Ïêôþâñéï 1994 , ...
Second , with regard to the definition of nor mal fluctuation margins , the EMI recalls the for mal opinion that was put forward by the EMI Council in October 1994 and its statements in the November 1995 Report on Pro gress towards convergence : In the EMI Council s opinion of October 1994 it was stated that ...
ïé ÷ þñåò-ìÝëç èá ðñÝðåé íá óõíå ÷ ßóïõí íá áðïâëÝðïõí óôçí áðïöõãÞ óçìáíôéêþí äéáêõìÜíóåùí ôùí óõíáëëáãìáôéêþí éóïôéìéþí ðñïóáíáôïëßæïíôáò ôçí ðïëéôéêÞ ôïõò ðñïò ôçí åðßôåõîç óôáèåñüôçôáò ôéìþí êáé ôç ìåßùóç ôùí äçìüóéùí åëëåéììÜôùí , êáé ùò åê ôïýôïõ óõìâÜëëïíôáò óôçí åêðëÞñùóç ôùí ðñïûðïèÝóåùí ôïõ ¢ ñèñïõ 109 É ( 1 ) ôçò ÓõíèÞêçò êáé ôïõ ó ÷ åôéêïý Ðñùôïêüëëïõ .
, and that ... member countries should continue to aim at avoiding significant exchange rate fluctuations by gearing their policies to the achievement of price stability and the reduction of fiscal def icits , thereby contributing to the fulf ilment of the requirements set out in Article 109j ( 1 ) of the Treaty and the relevant Protocol .
ÊáôÜ ôç ãíþìç äýï ìåëþí ôïõ Óõìâïõëßïõ , ôï ÅÍÉ äåí èá ðñÝðåé íá âáóßóåé ôçí ¸ êèåóç óå ìéá óõãêåêñéìÝíç åñìçíåßá ôçò óõììåôï ÷ Þò óôï ÌÓÉ , áëëÜ èá ðñÝðåé íá õðïâÜëåé äéåîïäéêÞ ¸ êèåóç þóôå ôï Óõìâïýëéï ôçò ÅÅ íá áîéïëïãÞóåé de facto ôç äéáñêÞ óôáèåñüôçôá ôùí óõíáëëáãìáôéêþí éóïôéìéþí óôï ðëáßóéï ôùí âáóéêþí ïéêïíïìéêþí ìåãåèþí óå üëá ôá ÊñÜôç-ÌÝëç .
In the November 1995 Convergence Report it was recognised by the EMI that w hen the Treaty was conceived , the nor mal fluctuation margins were -- 2.25% around bilateral central rates , whereas a -- 6 % band was a derogation from the rule .
Ôá åí ëüãù ìÝëç ôïõ Óõìâïõëßïõ õðïãñáììßæïõí üôé ôï êñéôÞñéï ôçò óõíáëëáãìáôéêÞò éóïôéìßáò äåí ìðïñåß ðëÝïí íá åöáñìïóôåß áðåõèåßáò , åðåéäÞ ç ìïñöÞ ôïõ ÌÓÉ ðïõ õðÞñ ÷ å üôáí êáôáñôßóôçêå ç ÓõíèÞêç Ýðáõóå íá õößóôáôáé ôïí Áýãïõóôï 1993 ìå ôçí áðüöáóç íá äéåõñõíèïýí ôá åðéôñåðüìåíá ðåñéèþñéá äéáêýìáíóçò áðü ± 2,25% óå ± 15 %. 43
In August 1993 the decision was taken to widen the fluctuation margins to -- 15 %, and the inter pretation of the criterion , in particular of the concept of nor mal fluctuation margins , became less straightforward . It w as then also proposed that account would need to be taken of the par ticular evolution of exchange rates in the EMS since 1993 in forming an ex post judgement .
Óôçí Ýêèåóç  Ðñüïäïò ðñïò ôç óýãêëéóç  ôïõ Íïåìâñßïõ 1995 , ôï ÅÍÉ áíáãíþñéóå üôé  üôáí óõíôáóóüôáí ç ÓõíèÞêç , ôá  êáíïíéêÜ ðåñéèþñéá äéáêýìáíóçò  Þôáí ± 2,25% ãýñù áðü ôéò äéìåñåßò êåíôñéêÝò éóïôéìßåò , åíþ ç æþíç ± 6 % óõíéóôïýóå ðáñÝêêëéóç áðü ôïí êáíüíá .
Against this background , in the assessment of exchange rate developments the emphasis is placed on exchange rates being close to the central rates .
Ôïí Áýãïõóôï 1993 áðïöáóßóôçêå íá äéåõñõíèåß ç æþíç äéáêýìáíóçò óå ± 15 % êáé ç åñìçíåßá ôïõ êñéôçñßïõ , éäßùò ç Ýííïéá ôùí  êáíïíéêþí ðåñéèùñßùí äéáêýìáíóçò , Ýãéíå ëéãüôåñï óáöÞò .
When examining exchange rate developments within the ERM , reference is made to the currency s deviation from all bilateral central rates in the system as a neutral and transparent way of presentation .
Óôçí ßäéá Ýêèåóç åß ÷ å åðßóçò ðñïôáèåß üôé ,  óôá ðëáßóéá ôçò åê ôùí õóôÝñùí áîéïëüãçóçò , èá ðñÝðåé íá ëçöèåß õðüøç ç óõãêåêñéìÝíç åîÝëéîç ôùí óõíáëëáãìáôéêþí éóïôéìéþí ôïõ ÌÓÉ áðü ôï 1993 êáé ìåôÜ .  Ìå áõôÜ ôá äåäïìÝíá , êáôÜ ôçí áîéïëüãçóç ôçò åîÝëéîçò ôùí óõíáëëáãìáôéêþí éóïôéìéþí äßäåôáé Ýìöáóç óôç äéáìüñöùóç ôùí óõíáëëáãìáôéêþí éóïôéìéþí óå åðßðåäá ðáñáðëÞóéá ìå ôéò êåíôñéêÝò éóïôéìßåò .
Third , the issue of se vere tensions is generall y addressed by examining the degree of deviation of exchange rates from ERM central parities , and by using such indicators as exchange rate volatility vis - - vis the Deutsche Mark and its trend , as well as short-term interest rate differentials vis - - vis the group of countries with the lowest money market rates and their evolution . -
¼ ëåò ïé äéìåñåßò óõíáëëáãìáôéêÝò éóïôéìßåò ãéá ôçí ðåñßïäï áíáöïñÜò áðü ôï ÌÜñôéï 1996 ìÝ ÷ ñé ôï ÖåâñïõÜñéï 1998 ðñïÝñ ÷ ïíôáé áðü ôï çìåñÞóéï äåëôßï éóïôéìéþí Ýíáíôé ôïõ ÅCU ðïõ äçìïóéåýåôáé óôçí Åðßóçìç Åöçìåñßäá ôùí Åõñùðáúêþí ÊïéíïôÞôùí ( âë .
These members underline that the exchange rate criterion can no longer be applied straightforwardly because the form of the ERM which existed when the Treaty was prepared came to an end in August 1993 with the decision to widen the permitted fluctuation margins from ± 2.25% to ± 15 %.
Ãéá ëüãïõò ëåðôïìåñÝóôåñçò áíÜëõóçò , åêôüò áðü ôçí åîÝëéîç ôùí ïíïìáóôéêþí óõíáëëáãìáôéêþí éóïôéìéþí êáôÜ ôçí ðåñßïäï áíáöïñÜò ( ÌÜñôéïò 1996ÖåâñïõÜñéïò 1998 ) , åîåôÜæïíôáé óõíïðôéêÜ êáé ïñéóìÝíá óôïé ÷ åßá ó ÷ åôéêÜ ìå ôç äéáôçñçóéìüôçôá ôùí óçìåñéíþí óõíáëëáãìáôéêþí éóïôéìéþí , ìå âÜóç ôçí åîÝëéîç ôùí ðñáãìáôéêþí óõíáëëáãìáôéêþí éóïôéìéþí Ýíáíôé ôùí íïìéóìÜôùí ôùí ÷ ùñþí ðïõ ìåôÝ ÷ ïõí óôï ÌÓÉ ( Þ ôùí íïìéóìÜôùí ôçò ÅÅ , ðñïêåéìÝíïõ ãéá íïìßóìáôá åêôüò ôïõ ÌÓÉ ) .
With regard to a more detailed examination , apart from reviewing the performance of nominal exchange rates over the reference period from March 1996 to February 1998 , evidence relevant to the sustainability of current exchange rates derived from real exchange rate patterns vis - - vis ERM participating countries is briefly reviewed ( for non-ERM members reference is made to real exchange rates against EU currencies ) , as
¼ óïí áöïñÜ ôçí åîÝëéîç ôùí ìáêñïðñüèåóìùí åðéôïêßùí , ïé äéáôÜîåéò ôçò ÓõíèÞêçò êáé ç åöáñìïãÞ ôïõò åê ìÝñïõò ôïõ ÅÍÉ óêéáãñáöïýíôáé óôï Ðëáßóéï 4 .
With regard to long-term interest rate developments , the Treaty provisions and their application by the EMI are outlined in Box 4 .
ÐËÁÉÓÉÏ 4
BOX 4
Ç åîÝëéîç ôùí ìáêñïðñüèåóìùí åðéôïêßùí 1 .
Long-term interest rate developments 1 .
Ïé äéáôÜîåéò ôçò ÓõíèÞêçò Óýìöùíá ìå ôï ¢ ñèñï 109 É ( 1 ) áðáéôåßôáé :  äéÜñêåéá ôçò óýãêëéóçò ðïõ èá Ý ÷ åé åðéôåõ ÷ èåß áðü ôï ÊñÜôïò-ÌÝëïò êáé ôçò óõììåôï ÷ Þò ôïõ óôï ìç ÷ áíéóìü óõíáëëáãìáôéêþí éóïôéìéþí ôïõ Åõñùðáúêïý Íïìéóìáôéêïý ÓõóôÞìáôïò , áíôáíáêëþìåíç óôá åðßðåäá ôùí ìáêñïðñüèåóìùí åðéôïêßùí . Ôï ¢ ñèñï 4 ôïõ Ðñùôïêüëëïõ áñéè .
Treaty provisions Treaty Article 109j ( 1 ) requires : the durability of con vergence achieved by the Member State and of its participation in the exchangerate mechanism of the European Monetary System being reflected in the long-term interest-rate levels .
6 ôçò ÓõíèÞêçò ïñßæåé ôá åîÞò :  Ôï êñéôÞñéï ôçò óýãêëéóçò ôùí åðéôïêßùí , ðïõ áíáöÝñåôáé óôï ¢ ñèñï 109 É , ðáñÜãñáöïò 1 , ôÝôáñôç ðåñßðôùóç , óçìáßíåé üôé , ôï õðü ðáñáôÞñçóç ÊñÜôïò-ÌÝëïò , åðß äéÜóôçìá åíüò Ýôïõò ðñéí áðü ôçí åîÝôáóç , Ý ÷ åé ìÝóï ïíïìáóôéêü ìáêñïðñüèåóìï åðéôüêéï ôï ïðïßï äåí õðåñâáßíåé åêåßíï ôùí ôñéþí , ôï ðïëý , Êñáôþí-Ìåëþí ìå ôéò êáëýôåñåò åðéäüóåéò áðü Üðïøç óôáèåñüôçôáò ôéìþí , ðåñéóóüôåñï áðü 2 åêáôïóôéáßåò ìïíÜäåò .
Article 4 of Protocol No. 6 of the Treaty stipulates : The criterion on the con vergence of interest rates referred to in the fourth indent of Article 109j ( 1 ) of this Treaty shall mean that , observed over a period of one year before the examination , a Member State has had an average nominal long-term interest rate that does not exceed by more than 2 percentage points that of , at most , the three best-performing Member States in terms of price stability .
¸ ôóé , óôçí ðáñïýóá ¸ êèåóç ëáìâÜíåôáé ùò ðåñßïäïò áíáöïñÜò ôï äùäåêÜìçíï Öåâñïõáñßïõ 1997 - Éáíïõáñßïõ 1998 .
Hence , the reference period considered in this Report is February 1997 to January 1998 .
Äåýôåñïí , ç Ýííïéá ôùí  ôñéþí , ôï ðïëý , Êñáôþí-Ìåëþí ìå ôéò êáëýôåñåò åðéäüóåéò áðü Üðïøç óôáèåñüôçôáò ôéìþí , ðïõ ÷ ñçóéìïðïéåßôáé ãéá ôïí ðñïóäéïñéóìü ôçò ôéìÞò áíáöïñÜò , åöáñìüóôçêå ìå âÜóç ôïí áñéèìçôéêü ìÝóï üñï ôùí ìáêñïðñüèåóìùí åðéôïêßùí ôùí ôñéþí ÷ ùñþí ìå ôï ÷ áìçëüôåñï ðëçèùñéóìü ( âë . Ðëáßóéï 1 ) .
Second , the notion of at most , the three best-performing Member States in ter ms of price stability which is used for the definition of the reference value has been applied by using the unweighted arithmetic average of the long-term interest rates of the three countries with the lowest inflation rates ( see Box 1 ) .
¼ ôáí ïñéóôéêïðïéÞèçêå ç ðáñïýóá ¸ êèåóç , ôá ìáêñïðñüèåóìá åðéôüêéá ôùí ôñéþí áõôþí ÷ ùñþí óôçí ðåñßïäï áíáöïñÜò Þôáí 5,6% ( Áõóôñßá ) , 5,5% ( Ãáëëßá ) êáé 6,2% ( Éñëáíäßá ) .
At the time this Report was finalised , the long-term interest rates of these three countries observed over the reference period were 5.6% ( Austria ) , 5.5% ( France ) and 6.2% ( Ireland ) ;
¢ ñá , ôï ìÝóï åðéôüêéï åßíáé 5,8% êáé , áöïý ðñïóôåèïýí 2 åêáôïóôéáßåò ìïíÜäåò , ðñïêýðôåé ôéìÞ áíáöïñÜò 7,8% .
as a result , the average rate is 5.8% and , adding 2 percentage points , the reference value is 7.8% .
Ôá åðéôüêéá õðïëïãßóôçêáí ìå âÜóç ôá åíáñìïíéóìÝíá ìáêñïðñüèåóìá åðéôüêéá , ðïõ áíáðôý ÷ èçêáí ìå óêïðü ôçí áîéïëüãçóç ôçò óýãêëéóçò ( âë . ÐáñÜñôçìá 2 ôïõ ðáñüíôïò êåöáëáßïõ ) .
Interest rates have been measured on the basis of harmonised long-term interest rates , which were developed for the purpose of assessing convergence ( see Annex 2 to this chapter ) .
Ãé  áõôü , ïé åîåëßîåéò êáôÜ ôçí ðåñßïäï áíáöïñÜò ( ÖåâñïõÜñéïò 1997-ÉáíïõÜñéïò 1998 ) åðéóêïðïýíôáé ìå âÜóç ôçí ðïñåßá ôùí ìáêñïðñüèåóìùí åðéôïêßùí êáôÜ ôç äåêáåôßá ôïõ 1990 êáé ôïõò êõñéüôåñïõò ðáñÜãïíôåò ðïõ êáèïñßæïõí ôéò äéáöïñÝò Ýíáíôé ôùí åðéôïêßùí ôùí ÷ ùñþí ôçò ÅÅ ìå ôá ÷ áìçëüôåñá ìáêñïðñüèåóìá åðéôüêéá .
Therefore , developments over the reference period from February 1997 to January 1998 are reviewed in the context of the path of long-term interest rates during the 1990s and the main factors underlying differentials vis - - vis those prevailing in the EU countries with the lowest long-term interest rates .
ÔÝëïò , ôï ¢ ñèñï 109 É ( 1 ) ôçò ÓõíèÞêçò ïñßæåé üôé ç ¸ êèåóç ëáìâÜíåé õðüøç ïñéóìÝíïõò Üëëïõò ðáñÜãïíôåò , äçë .
Finally , Article 109j ( 1 ) of the Treaty requires the Report to take account of
åîÝëéîç ôïõ ÅCU , ôá áðïôåëÝóìáôá ôçò ïëïêëÞñùóçò ôùí áãïñþí , ôçí êáôÜóôáóç êáé ôçí åîÝëéîç ôùí éóïæõãßùí ôñå ÷ ïõóþí óõíáëëáãþí êáé ìéá åîÝôáóç ôùí åîåëßîåùí ôïõ êüóôïõò åñãáóßáò áíÜ ìïíÜäá ðñïúüíôïò êáé Üëëùí äåéêôþí ôéìþí .
several other factors , namely the development of the ECU , the results of the integration of markets , the situation and development of the balances of payments on current account and an examination of the development of unit labour costs and other price indices .
Ïé ðáñÜãïíôåò áõôïß åðéóêïðïýíôáé óôá êåöÜëáéá ðïõ áöïñïýí ôéò åðéìÝñïõò ÷ þñåò óå ó ÷ Ýóç ìå êáèÝíá áðü ôá ðáñáðÜíù êñéôÞñéá , åíþ ç åîÝëéîç ôïõ ÅCU áíáëýåôáé ÷ ùñéóôÜ óôï ÐáñÜñôçìá 1 ôïõ ðáñüíôïò êåöáëáßïõ .
These factors are reviewed in the country chapters under the individual criteria listed above , while the development of the ECU is discussed separately in Annex 1 to this chapter .
Óôï ðëáßóéï áõôü , ï ñõèìüò ôùí ìéóèïëïãéêþí áõîÞóåùí áíÜ áðáó ÷ ïëïýìåíï âáèìéáßá åðéâñáäýíèçêå . Ç áýîçóç ôïõ êüóôïõò åñãáóßáò áíÜ ìïíÜäá ðñïúüíôïò Ýãéíå ó ÷ åäüí ìçäåíéêÞ ôï 1994 êáé áêïëïýèùò ðáñÝìåéíå ÷ áìçëÞ .
BELGIUM Price developments Over the reference period from February 1997 to January 1998 the average rate of HICP inflation in Belgium was 1.4% , i.e. well below the reference value of 2.7% . This was also the case in 1997 as a whole .
Ï Ýëåã ÷ ïò ôïõ ðëçèùñéóìïý äéåõêïëýíèçêå áðü ôéò ôéìÝò ôùí åéóáãïìÝíùí , ðïõ ìåéþíïíôáí Þ Ýìåíáí ó ÷ åäüí áìåôÜâëçôåò óôï ìåãáëýôåñï ìÝñïò ôçò äåêáåôßáò ôïõ 1990 , ðáñüëï ðïõ ï ñõèìüò áýîçóçò ôùí ôéìþí ôùí åéóáãïìÝíùí åðéôá ÷ ýíèçêå ôï 1997 . Ïé ÷ áìçëïß ñõèìïß ðëçèùñéóìïý ðñïêýðôïõí åðßóçò êáé áðü Üëëïõò óõíáöåßò äåßêôåò ôéìþí ( âë .
In 1996 average HICP inflation was 1.8% ( see Table 1 ) . Seen over the past two years , HICP inflation in Belgium has been at levels which are generally considered to be consistent with price stability .
¼ óïí áöïñÜ ôéò ðñüóöáôåò ôÜóåéò êáé ðñïâëÝøåéò , ïé óçìåñéíïß ñõèìïß ðëçèùñéóìïý , ìå âÜóç ôï äùäåêÜìçíï ñõèìü áýîçóçò ôïõ äåßêôç ôéìþí êáôáíáëùôÞ , ìåéþíïíôáé ãýñù óôï 0,5% êáé äåí õðÜñ ÷ ïõí åíäåßîåéò üôé èá áóêçèïýí Üìåóåò áíïäéêÝò ðéÝóåéò , üðùò ðñïêýðôåé áðü ôïõò äåßêôåò ôïõ Ðßíáêá 3á . Ìå âÜóç ôéò ðåñéóóüôåñåò ðñïâëÝøåéò , ï ñõèìüò ðëçèùñéóìïý èá åßíáé ãýñù óôï 1,5% ãéá ôï 1998 êáé ôï 1999 ( âë .
Looking back , consumer price inflation in Belgium , as measured on the basis of the CPI , has followed a downward trend since the beginning of the 1990s ( see Chart 1 ) . This experience of declining rates of inflation reflects a number of important policy choices , most notably the orientation of monetary policy towards price stability from the mid-1980s onwards .
ÂÅËÃÉÏ Ç åîÝëéîç ôùí ôéìþí Óôç äéÜñêåéá ôçò ðåñéüäïõ áíáöïñÜò ( ÖåâñïõÜñéïò 1997-ÉáíïõÜñéïò 1998 ) , ï ìÝóïò ñõèìüò ðëçèùñéóìïý âÜóåé ôïõ ÅíÄÔÊ óôï ÂÝëãéï Þôáí 1,5% , äçë . áñêåôÜ êÜôù áðü ôçí ôéìÞ áíáöïñÜò 2,7% .
In addition , the macroeconomic environment has contributed to containing upward pressure on prices . In particular , a negative output gap emerged in the context of the 1993 recession ( see Table 2 ) .
Ôï ßäéï óõíÝâç êáé óå üëç ôç äéÜñêåéá ôïõ 1997 . Ôï 1996 ï ìÝóïò ðëçèùñéóìüò âÜóåé ôïõ ÅíÄÔÊ Þôáí 1,8 ( âë .
The output gap has remained sizable in subsequent years , despite a recovery in GDP growth .
Ðßíáêá 1 ) . ÊáôÜ ôá äýï ôåëåõôáßá Ýôç , ï ðëçèùñéóìüò ( ÅíÄÔÊ ) óôï ÂÝëãéï Þôáí óå åðßðåäá ðïõ èåùñïýíôáé ãåíéêþò óõíåðÞ ìå ôç óôáèåñüôçôá ôùí ôéìþí .
Against this background , growth in compensation per employee has gradually decreased , with growth in unit labour costs falling to almost zero in 1994 and remaining low 40 thereafter .
Áðü ôçí åîÝôáóç ôùí ìÝ ÷ ñé óÞìåñá åîåëßîåùí êáé ðñïâëÝøåùí , ðñïêýðôåé üôé ï ðëçèùñéóìüò óôï ÂÝëãéï , ìåôñïýìåíïò âÜóåé ôïõ ÄÔÊ , åß ÷ å ðôùôéêÞ ôÜóç áðü ôéò áñ ÷ Ýò ôçò äåêáåôßáò ôïõ 1990 ( âë .
Control over inflation has benefited from falling or broadly stable import prices during most of the 1990s , although growth in import prices accelerated in 1997 .
ÄéÜãñáììá 1 ) .
Low rates of inflation are also apparent when it is measured in terms of other relevant price indices ( see Table 2 ) .
Ç óõíå ÷ Þò áõôÞ åðâñÜäõíóç ôïõ ðëçèùñéóìïý áíôáíáêëÜ ïñéóìÝíåò óçìáíôéêÝò åðéëïãÝò ðïëéôéêÞò , êõñßùò ôïí ðñïóáíáôïëéóìü ôçò íïìéóìáôéêÞò ðïëéôéêÞò ðñïò ôç óôáèåñüôçôá ôùí ôéìþí áðü ôá ìÝóá ôçò äåêáåôßáò ôïõ 1980 êáé ìåôÜ . Áðü ôï 1990 áõôÞ ç ðïëéôéêÞ óõãêåêñéìåíïðïéÞèçêå ìÝóù ôïõ óôü ÷ ïõ ôçò äéáôÞñçóçò óôåíÞò óýíäåóçò ìåôáîý ôïõ âåëãéêïý öñÜãêïõ êáé ôïõ ãåñìáíéêïý ìÜñêïõ óôï ðëáßóéï ôïõ ÌÓÉ .
Looking at recent trends and forecasts , current outturns for consumer price inflation ( measured as a percentage change over the corresponding month a year earlier ) have been decreasing to around ‰ % and there are no signs of immediate upward pressure on the basis of the measures shown in Table 3a .
ÅðéðëÝïí , ôï ìáêñïïéêïíïìéêü ðåñéâÜëëïí óõíÝâáëå óôç óõãêñÜôçóç ôùí áíïäéêþí ðéÝóåùí óôéò ôéìÝò . ÓõãêåêñéìÝíá , óôï ðëáßóéï ôçò ýöåóçò ôïõ 1993 , ðñïÝêõøå áñíçôéêü ðáñáãùãéêü êåíü ( âë .
it will be equally important to strengthen national policies aimed at improving the functioning of labour markets against the background of the current high rate of unemployment in Belgium .
Ôï ìÝãåèïò ôïõ ðáñáãùãéêïý êåíïý ðáñÝìåéíå óçìáíôéêü ôá åðüìåíá Ýôç , ðáñÜ ôçí áíÜêáìøç ôïõ ÄçìïóéïíïìéêÝò åîåëßîåéò Óôï Ýôïò áíáöïñÜò 1997 ï ëüãïò ôïõ åëëåßììáôïò ôïõ åõñýôåñïõ êõâåñíçôéêïý ôïìÝá Þôáí 2,1% , äçë .
Fiscal developments In the reference year 1997 the general government deficit ratio was 2.1% , i.e. below the 3 % reference value , and the debt ratio was 122.2% , i.e. far above the 60 % reference value .
Óå óýãêñéóç ìå ôï ðñïçãïýìåíï Ýôïò , ï ëüãïò ôïõ åëëåßììáôïò ðåñéïñßóôçêå êáôÜ 1,1 åêáôïóôéáßåò ìïíÜäåò êáé ï ëüãïò ôïõ ÷ ñÝïõò êáôÜ 4,7 åêáôïóôéáßåò ìïíÜäåò .
Compared with the previous year , the deficit ratio has been reduced by 1.1 percentage points and the debt ratio by 4.7 percentage points .
Ôï 1998 ï ëüãïò ôïõ åëëåßììáôïò ðñïâëÝðåôáé íá ìåéùèåß óôï 1,7% ôïõ ÁÅÐ êáé ï ëüãïò ôïõ ÷ ñÝïõò óôï 118,1% .
In 1998 the deficit ratio is forecast to decrease to 1.7% of GDP , while the debt ratio is projected to decline to 118.1% .