natgillin/translations-raw huggingface dataset:
ÁêáèÜñéóôï ÷ ñÝïò ãåíéêÞò êõâÝñíçóçò 1995 Æþíç åõñþ ÂÝëãéï Ãåñìáíßá Éóðáíßá Ãáëëßá Éñëáíäßá Éôáëßá Ëïõîåìâïýñãï Ïëëáíäßá Áõóôñßá Ðïñôïãáëßá Öéëáíäßá 73,4 132,2 58,3 64,2 52,8 78,9 125,3 5,8 79,0 69,4 65,9 58,1 1996 75,0 128,0 60,8 68,6 55,7 69,4 124,6 6,3 77,0 69,8 64,9 57,8 1997 74,6 123,4 61,5 67,5 58,1 61,3 122,4 6,4 71,2 64,3 61,7 54,9 1998 1 ) 73,8 117,3 61,0 65,6 58,5 52,1 118,7 6,7 67,7 63,1 57,8 49,6
General government gross debt 1995 Euro area Belgium Germany Spain France Ireland Italy Luxembourg Netherlands Austria Portugal Finland 73.4 132.2 58.3 64.2 52.8 78.9 125.3 5.8 79.0 69.4 65.9 58.1 1996 75.0 128.0 60.8 68.6 55.7 69.4 124.6 6.3 77.0 69.8 64.9 57.8 1997 74.6 123.4 61.5 67.5 58.1 61.3 122.4 6.4 71.2 64.3 61.7 54.9 1998 1 ) 73.8 117.3 61.0 65.6 58.5 52.1 118.7 6.7 67.7 63.1 57.8 49.6
Ôá ìåãÝèç ôçò æþíçò ãéá ôï ÷ ñÝïò Ý ÷ ïõí ìåôáôñáðåß óå ECU âÜóåé ôùí óõíáëëáãìáôéêþí éóïôéìéþí ôÝëïõò Ýôïõò .
Note : Euro area aggregates for debt are converted into ECU at end-year exchange rates .
¸ ôóé , ï ëüãïò ôïõ ÷ ñÝïõò óôç æþíç ôïõ åõñþ åîáêïëïõèåß ìÝ ÷ ñé óôéãìÞò íá õðåñâáßíåé ôçí ôéìÞ áíáöïñÜò 60 % ðïõ ðñïâëÝðåé ç ÓõíèÞêç . Ôï 1998 ï ëüãïò ôïõ ÷ ñÝïõò õðåñÝâáéíå ôï 60 % óå Ýîé ÷ þñåò , áðü ôéò ïðïßåò ôï ÂÝëãéï êáé ç Éôáëßá åß ÷ áí ôïõò õøçëüôåñïõò ëüãïõò ÷ ñÝïõò , 117,3% êáé 118,7% áíôßóôïé ÷ á .
governments to cut tax revenues , while progress in reducing primary expenditure was very limited , with the consequence that the primary surplus ratio in the euro area as a whole deteriorated by 0.2 percentage point in 1998 after this indicator had improved over a number of years .
Ç ìåãáëýôåñç ìåßùóç óôï ëüãï ôïõ ÷ ñÝïõò ùò áðüëõôï ìÝãåèïò óçìåéþèçêå óôçí Éñëáíäßá êáé ôï ÂÝëãéï . Ç äçìïóéïíïìéêÞ êáôÜóôáóç åõíïÞèçêå áðü ôçí Ýíôïíç ïéêïíïìéêÞ äñáóôçñéüôçôá êáé ôçí áðïêëéìÜêùóç ôùí åðéôïêßùí Óå ìåãÜëç Ýêôáóç , ïé äçìïóéïíïìéêÝò åîåëßîåéò ôï 1998 ïöåßëïíôáí óå ðáñÜãïíôåò ôïõò ïðïßïõò äåí ìðïñïýóáí íá åëÝãîïõí Üìåóá ïé äçìïóéïíïìéêÝò áñ ÷ Ýò , åíþ ïé õðåýèõíïé ãéá ôç ÷ Üñáîç ðïëéôéêÞò äåí öÜíçêå íá Ýðáéîáí åíåñãü ñüëï óôç âåëôßùóç ôçò äçìïóéïíïìéêÞò êáôÜóôáóçò .
Of the euro area countries , Ireland , Italy and Portugal benefited most from lowered interest payments in terms of reducing overall deficits . Budgetary developments in 1998 were also partly determined by the unwinding of temporary measures on government deficits .
Ùóôüóï , ïé äçìïóéïíïìéêÝò áñ ÷ Ýò ÷ ñçóéìïðïßçóáí ôá ðïóÜ ðïõ åîïéêïíüìçóáí áðü ôéò ìéêñüôåñåò äáðÜíåò ãéá ôüêïõò ãéá íá ðåñéïñßóïõí ôç öïñïëïãéêÞ åðéâÜñõíóç , åíþ ç ðñüïäïò óôç ìåßùóç ôùí ðñùôïãåíþí äáðáíþí Þôáí ðïëý ðåñéïñéóìÝíç , ìå áðïôÝëåóìá ôï ðñùôïãåíÝò ðëåüíáóìá ùò ðïóïóôü ôïõ ÁÅÐ ãéá ôï óýíïëï ôçò æþíçò ôïõ åõñþ íá áõîçèåß êáôÜ 0,2 ôçò åêáôïóôéáßáò ìïíÜäáò ôï 1998 , áöïý âåëôéùíüôáí åðß óåéñÜ åôþí .
Hence , by their very nature , they do not contribute to fiscal sustainability .
¸ ôóé , åî ïñéóìïý äåí óõìâÜëëïõí óôç óôáèåñüôçôá ôùí äçìüóéùí ïéêïíïìéêþí . Ôï 1997 ç óõìâïëÞ ôÝôïéïõ åßäïõò ìÝôñùí óôç ìåßùóç ôïõ åëëåßììáôïò ôçò ãåíéêÞò êõâÝñíçóçò ùò ðïóïóôïý ôïõ ÁÅÐ óôá äéÜöïñá êñÜôç-ìÝëç êõìÜíèçêå áðü 0,1 ìÝ ÷ ñé 1 åêáôïóôéáßá ìïíÜäá .
To degrees which varied between 0.1 and 1 percentage point of GDP from one country to another , such measures had reduced Member States » general government deficit ratios in 1997 .
Óõíåðþò , ïñéóìÝíåò ÷ þñåò , ðñïêåéìÝíïõ íá äéáôçñÞóïõí êáé ìüíï ôç äçìïóéïíïìéêÞ êáôÜóôáóç ðïõ åðÝôõ ÷ áí ôï 1997 , ðïëý äå ðåñéóóüôåñï ãéá íá åðéôý ÷ ïõí ðéï öéëüäïîïõò óôü ÷ ïõò , èá ðñÝðåé íá áíáëÜâïõí ðñüóèåôá äéïñèùôéêÜ ìÝôñá ôï 1998 .
Hence , in order simply to maintain the budgetary positions achieved in 1997 , let alone to reach more ambitious targets , a number of countries had to take further corrective action in 1998 .
Ìå Üëëá ëüãéá , ïé ðñïóðÜèåéåò äçìïóéïíïìéêÞò åîõãßáíóçò ðïõ Ýãéíáí ôï 1998 äåí áíôéêñýóôçêáí ðëÞñùò áðü ìåßùóç ôïõ åëëåßììáôïò , åðåéäÞ êáô  áíÜãêçí Ýðñåðå íá áíôéóôáèìéóôïýí ôá ìÝôñá ìå ðñïóùñéíÞ åðßäñáóç ðïõ åß ÷ áí ëçöèåß ôï 1997 .
In other words , fiscal consolidation efforts taken in 1998 did not fully translate into deficit reduction as a result of the necessary compensation for the temporary measures taken in 1997 .
Óýìöùíá ìå ôéò äéáèÝóéìåò åíäåßîåéò , öáßíåôáé üôé êÜðïéá íåüôåñá ìÝôñá ìå ðñïóùñéíÞ åðßäñáóç Ýðáéîáí ìéêñü ìüíï ñüëï óôéò äçìïóéïíïìéêÝò åîåëßîåéò ôï 1998 .
From the evidence available , it would appear that further temporary measures played only a minor role in budgetary developments in 1998 .
¼ óïí áöïñÜ ôçí åîÝëéîç ôùí åðéìÝñïõò êïíäõëßùí ôùí êñáôéêþí ðñïûðïëïãéóìþí , ç ìéêñÞ ìåßùóç ôïõ óõíïëéêïý åëëåßììáôïò ôï 1998 åðéôåý ÷ èçêå åðåéäÞ ï ñõèìüò ìåßùóçò ôùí äçìüóéùí äáðáíþí ùò ðïóïóôïý ôïõ ÁÅÐ ( êõñßùò ëüãù ôïõ ðåñéïñéóìïý ôùí äáðáíþí ãéá ôüêïõò ) Þôáí õøçëüôåñïò áðü ôï ñõèìü ìåßùóçò ôùí äçìüóéùí åóüäùí .
With regard to the evolution of individual items in governments » budgets , the small decrease in the overall deficit in 1998 was achieved by a reduction in the government expenditure ratio ( mainly due to the fall in the interest payments ratio ) which was strong enough to outpace a decline in government revenue as a share of GDP .
Óôç äéåôßá 1996-97 ç ìåßùóç ôïõ åëëåßììáôïò åß ÷ å åí ìÝñåé âáóéóôåß óôçí áýîçóç ôùí äçìüóéùí åóüäùí .
In 1996 and 1997 deficit reduction had partly relied on increasing government revenue .
Õð  áõôÞí ôçí Ýííïéá , ç ãåíéêÞ óôñáôçãéêÞ äçìïóéïíïìéêÞò åîõãßáíóçò ðïõ áêïëïõèÞèçêå ôï 1998 ìðïñåß íá èåùñçèåß ïñèÞ , ìïëïíüôé áðü ðëåõñÜò ìåãÝèïõò Þôáí õðåñâïëéêÜ óõãêñáôçìÝíç .
In this sense , the general fiscal consolidation strategy pursued in 1998 can be considered as appropriate , although too modest in magnitude .
Ç ìåßùóç ôïõ ëüãïõ äáðáíþí / ÁÅÐ ôï 1998 äåí Þôáí áñêåôÜ ìåãÜëç þóôå íá åðéôñÝøåé ôá ÷ åßá ìåßùóç ôùí äçìüóéùí åëëåéììÜôùí óôç æþíç ôïõ åõñþ . ÅîÜëëïõ , ôá äçìüóéá Ýóïäá , ðáñüôé ìåé -
The reduction in the expenditure ratio in 1998 was not strong enough to permit a rapid decline in government deficits within the euro area .
ÅôÞóéá ¸ êèåóç ÅÊÔ -* 1998 þíïíôáé , ðáñÝìåéíáí ðïëý õøçëÜ .
Moreover , although declining , government revenue remained very high .
¼ óïí áöïñÜ ôçí åîÝëéîç ôïõ äçìüóéïõ ÷ ñÝïõò , ïé ëåãüìåíåò  ðñïóáñìïãÝò ÷ ñÝïõò-åëëåßììáôïò  Ýðáéîáí ü ÷ é áìåëçôÝï ñüëï óôç ìåßùóç ôùí ëüãùí ôïõ ÷ ñÝïõò óôç æþíç ôïõ åõñþ , üðùò Þäç åß ÷ å óõìâåß êáé ôï 1997 .
With regard to the evolution of government debt , deficit-debt adjustments have played a non-negligible role in reducing debt ratios in the euro area , as was already the case in 1997 .
Óôçí åîÝëéîç ôïõ ÷ ñÝïõò ôï 1998 óõíÝâáëáí åðßóçò èåôéêÜ , êáé óå ìåãÜëç Ýêôáóç , ïé ìéêñüôåñåò äáðÜíåò ãéá ôüêïõò , åíþ  üðùò ðñïáíáöÝñèçêå  ç åõíïúêÞ åðßäñáóç ôùí ðñùôïãåíþí ðëåïíáóìÜôùí Ý ÷ áóå Ýíá ìÝñïò áðü ôçí Ýíôáóç ðïõ åß ÷ å ðáñïõóéÜóåé ôï 1997 .
Debt developments in 1998 also benefited to a considerable extent from lower interest spending , while -- as mentioned above -- the favourable effect of primary surpluses lost some of the momentum gained in 1997 .
Ôá ìåóïðñüèåóìá äçìïóéïíïìéêÜ ó ÷ Ýäéá ÷ ùñßò åðáñêÞ ðåñéèþñéá áóöáëåßáò Ôá äçìïóéïíïìéêÜ ó ÷ Ýäéá ãéá ôï 1999 êáèþò êáé óå ìåóïðñüèåóìï ïñßæïíôá óçìáôïäïôïýí åðéâñÜäõíóç ôùí ðñïóðáèåéþí ðïõ åß ÷ áí ãßíåé óôï ðáñåëèüí ãéá ôçí ðåñáéôÝñù åîõãßáíóç ôùí äçìüóéùí ïéêïíïìéêþí êáé ôç äçìéïõñãßá åõíïúêüôåñùí óõíèçêþí ãéá ïéêïíïìéêÞ ìåãÝèõíóç êáé äéáñêÞ äçìéïõñãßá èÝóåùí åñãáóßáò .
Medium-term fiscal plans without sufficient safety margins Fiscal plans for 1999 and for the medium term signal a slowdown in previous efforts to further consolidate public finances and create better conditions for prolonged economic growth and permanent job creation .
Áõôü ìáñôõñïýí ïé êñáôéêïß ðñïûðïëïãéóìïß ôïõ 1999 êáé ïé ìåóïðñüèåóìåò óôñáôçãéêÝò ôçò äçìïóéïíïìéêÞò ðïëéôéêÞò , üðùò ðñïâëÝðïíôáé óôá ðñïãñÜììáôá óôáèåñüôçôáò ðïõ Ý ÷ ïõí õðïâÜëåé ôá êñÜôç-ìÝëç ðñïò ôçí ÅõñùðáúêÞ ÅðéôñïðÞ ìå âÜóç ôï Óýìöùíï Óôáèåñüôçôáò êáé ÁíÜðôõîçò .
This becomes apparent when considering 1999 government budgets and medium-term fiscal strategies as laid down in the Member States » stability programmes , which have been
Ãåíéêüôåñá , ïé ðåñáéôÝñù ðñïóðÜèåéåò åîõãßáíóçò Ý ÷ ïõí ìåôáôåèåß óôï ìÝëëïí ( âë . Ðëáßóéï 2 ) .
The projected fiscal effort in some countries could be regarded as being unambitious in the light of the favourable forecasts for real growth and interest rates . More generally , further consolidation efforts have been postponed ( see Box 2 ) .
Ðëáßóéï 2
Box 2
Ïé ìåóïðñüèåóìïé äçìïóéïíïìéêïß óôü ÷ ïé ôïõ Óõìöþíïõ Óôáèåñüôçôáò êáé ÁíÜðôõîçò êáé ïé óôñáôçãéêÝò ôçò ðïëéôéêÞò ôùí êñáôþí-ìåëþí ¼ ðùò ïñßæåé ôï Óýìöùíï Óôáèåñüôçôáò êáé ÁíÜðôõîçò ðïõ õéïèåôÞèçêå áðü ôï Óõìâïýëéï ôçò ÅõñùðáúêÞò ¸ íùóçò ôï 1997 , ôá êñÜôç-ìÝëç äåóìåýïíôáé íá åßíáé  ðñïóçëùìÝíá óôï ìåóïðñüèåóìï óôü ÷ ï ìéáò ó ÷ åäüí éóïóêåëéóìÝíçò Þ ðëåïíáóìáôéêÞò äçìïóéïíïìéêÞò êáôÜóôáóçò .
Medium-term budgetary objectives of the Stability and Growth Pact and the policy strategies of Member States According to the Stability and Growth Pact adopted by the Council of the European Union in 1997 , Member States are committed « to adhere to the medium-term objective of budgetary positions close to balance or in surplus » .
Ï óôü ÷ ïò áõôüò èåùñåßôáé êáôÜëëçëïò þóôå íá  åðéôñÝøåé óôá êñÜôç-ìÝëç íá áíôéìåôùðßæïõí ôéò óõíÞèåéò êõêëéêÝò äéáêõìÜíóåéò , äéáôçñþíôáò ôï äçìïóéïíïìéêü Ýëëåéììá åíôüò ôïõ ïñßïõ ôçò ôéìÞò áíáöïñÜò ôïõ 3 % ôïõ ÁÅÐ .
This objective is considered appropriate « to allow Member States to deal with normal cyclical fluctuations while keeping the government deficit within the 3 % of GDP reference value » .
2001 2002 2,3 2,3 2 ½ 3,3 3,0 6,4 5,8 2,8 2,9 3,7 2 ¼ ( 1999-2002 ) 2,6 2,1 2,2 3,5 3,2 3,3 2,7 2,6 2,6 1999 - 1,3 - 2 - 1,6 - 2,3 1,7 - 2,0 1,1 - 1,3 - 2,0 - 2,0 2,4
Macroeconomic assumptions and fiscal targets enshrined in Member States » stability programmes Country 1999 2.4 2 3.8 2.7 6.7 2.5 3.4 2.9 2.8 3.5 4.0 Real GDP growth 2000 2.3 2001 2002 2.3 2.3 2 ½ 3.3 3.0 6.4 5.8 2.8 2.9 3.7 2 ¼ ( 1999-2002 ) 2.6 2.1 2.2 3.5 3.2 3.3 2.7 2.6 2.6 Government balance ratio (% of GDP ) 1999 - 1.3 - 2 - 1.6 - 2.3 1.7 - 2.0 1.1 - 1.3 - 2.0 - 2.0 2.4 2000 - 1.0 - 2 - 1.0 1.4 - 1.5 1.2 - 1.7 - 1.5 2.2 2001 - 0.7 - 1 ½ - 0.4 1.6 - 1.0 1.3 - 1.5 - 1.2 2.1 2002 - 0.3 - 1 0.1 - 0.8 1.7 - 1.1 - 1.4 - 0.8 2.3 Debt ratio (% of GDP ) 1999 114.5 61 66.4 58.7 52 114.6 - 1 ) 66.4 63.5 56.8 48.5 2000 112.2 61 64.3 47 110.9 - 1 ) 62.2 55.8 46.4 2001 109.6 60 ½ 61.9 43 107.0 - 1 ) 61.2 54.7 44.8 2002 106.8 59 ½ 59.3 57.1 - 1 ) 64 ½ 60.0 53.2 43.2
2002 - 0,3 - 1 0,1 - 0,8 1,7 - 1,1 - 1,4 - 0,8 2,3 1999 114,5 61 66,4 58,7 52 114,6 - 1 ) 66,4 63,5 56,8 48,5
Belgium Germany Spain France Ireland Italy Luxembourg Netherlands Austria Portugal Finland
1 ) Óýìöùíá ìå ôï Ðñüãñáììá Óôáèåñüôçôáò ôïõ Ëïõîåìâïýñãïõ , ôï ÷ ñÝïò ôçò ãåíéêÞò êõâÝñíçóçò , ôï ïðïßï áíôéðñïóþðåõå óõíïëéêÜ 6,7% ôïõ ÁÅÐ ôï 1998 , äåí èá áõîçèåß óôçí ðåñßïäï ðñüâëåøçò .
1 ) According to Luxembourg 's stability programme , general government debt , which in total represented 6.7% of GDP in 1998 , will not increase in the forecasting period .
Ôá ðñïãñÜììáôá óôáèåñüôçôáò ðïõ õðÝâáëáí ôá êñÜôç-ìÝëç óôá ôÝëç ôïõ 1998 Þ óôéò áñ ÷ Ýò ôïõ 1999 Ý ÷ ïõí óôü ÷ ï ôçí ðåñáéôÝñù åîõãßáíóç ôçò äçìïóéïíïìéêÞò êáôÜóôáóçò ôçò ãåíéêÞò êõâÝñíçóçò .
Euro area Member States » stability programmes , submitted in late 1998 or early 1999 , are aimed at further consolidating general government budgetary positions .
¼ ëåò ïé Üëëåò ÷ þñåò ôçò æþíçò ôïõ åõñþ , åêôüò ôïõ Âåëãßïõ êáé ôçí Éóðáíßáò , åðéäéþêïõí óÞìåñá íá åðéôý ÷ ïõí ìåóïðñüèåóìï Ýëëåéììá 1 % Þ êáé ðåñéóóüôåñï .
All other euro area Member States , with the exception of Belgium and Spain , are currently aiming to achieve medium-term deficits of about 1 % or higher .
Ôï Óõìâïýëéï ECOFIN êáôÝëçîå óôï óõìðÝñáóìá üôé ïé ìåóïðñüèåóìïé óôü ÷ ïé ôùí ðñïãñáììÜôùí óôáèåñüôçôáò ðáñÝ ÷ ïõí ðåñéèþñéï áóöÜëåéáò ðïõ åðéôñÝðåé óôá êñÜôç-ìÝëç , óå ðåñßðôùóç óõíÞèïõò êõêëéêÞò êÜìøçò ôçò ïéêïíïìéêÞò äñáóôçñéüôçôáò , íá áöÞóïõí ôïõò áõôüìáôïõò óôáèåñïðïéçôÝò íá ëåéôïõñãÞóïõí ÷ ùñéò íá äéáôñÝ ÷ ïõí ìåãÜëï êßíäõíï íá õðåñâïýí ôçí ôéìÞ áíáöïñÜò 3 %.
The ECOFIN Council concluded that the medium-term objectives of the stability programmes provide a safety margin which allows Member States , in ECB Annual Report -* 1998
ÐáñÜ ôáýôá , óå ðåñßðôùóç óïâáñÞò Þ ðáñáôåôáìÝíçò åðéâñÜäõíóçò ôçò ïéêïíïìéêÞò ìåãÝèõíóçò , ôá äçìüóéá åëëåßììáôá óå ïñéóìÝíåò ÷ þñåò èá ìðïñïýóáí åýêïëá íá ðëçóéÜóïõí Þ êáé íá õðåñâïýí ôï üñéï ôïõ 3 %.
In this sense , the Council considers the medium-term budgetary situation in the stability programmes to be in line with the requirements of the Stability and Growth Pact .
áõôüìáôïõò óôáèåñïðïéçôÝò íá ëåéôïõñãÞóïõí ðëÞñùò õðü óõíèÞêåò åíôïíüôåñçò åðéâñÜäõíóçò ôçò ïéêïíïìéêÞò ìåãÝèõíóçò ÷ ùñßò íá õðÜñ ÷ åé êßíäõíïò íá õðåñâïýí ãñÞãïñá ôá åëëåßììáôá ôçí ôéìÞ áíáöïñÜò 3 %. ÅðéðëÝïí , áðü ìéá óêïðéÜ ðïõ ëáìâÜíåé õðüøç ôï ìÝëëïí , ï ìåóïðñüèåóìïò óôü ÷ ïò óôá ðåñéóóüôåñá ðñïãñÜììáôá óôáèåñüôçôáò öáßíåôáé ìÜëëïí íá áðïôåëåß ìéá åëÜ ÷ éóôç áðáßôçóç þóôå íá åîáóöáëßæåôáé ç öåñåããõüôçôá ôïõ ðñïûðïëïãéóìïý .
Hence , as cyclically adjusted deficits in the euro area as a whole are still high , no sufficient safety margin has as yet been provided for in order to let automatic stabilisers operate fully in a more severe growth slowdown without running the risk of quickly breaching the 3 % reference value .
Óå ðåñßðôùóç óïâáñÞò Þ ðáñáôåôáìÝíçò åðéâñÜäõíóçò ôçò ïéêïíïìéêÞò ìåãÝèõíóçò , ôï äçìïóéïíïìéêü Ýëëåéììá ïñéóìÝíùí ÷ ùñþí èá ìðïñïýóå åýêïëá íá ðëçóéÜóåé Þ êáé íá õðåñâåß ôï üñéï ôïõ 3 %, åöüóïí ôá óçìåñéíÜ äçìïóéïíïìéêÜ ðñïãñÜììáôá äåí ðåñéÝ ÷ ïõí åðáñêÝò ðåñéèþñéï áóöáëåßáò ðïõ èá åðÝôñåðå óôïõò áõôüìáôïõò óôáèåñïðïéçôÝò íá ëåéôïõñãÞóïõí ðëÞñùò ÷ ùñßò ôïí êßíäõíï íá ðñïîåíçèïýí õðåñâïëéêÝò äçìïóéïíïìéêÝò áíéóïññïðßåò . Áõôü ãßíåôáé áêüìç óçìáíôéêüôåñï äåäïìÝíïõ üôé ôï äçìüóéï ÷ ñÝïò ðáñáìÝíåé ðïëý õøçëü êáé , ùò ðïóïóôü ôïõ ÁÅÐ , ìüëéò ðñüóöáôá Üñ ÷ éóå íá ìåéþíåôáé , ÷ ùñßò íá õðÜñ ÷ ïõí åíäåßîåéò ãéá Ýíôïíç ðôùôéêÞ ôÜóç .
It does not envisage procedures to cope fully with the unfunded liabilities implicit in current public pension and health care schemes , nor does it provide for additional budgetary flexibility to address the longer-term structural problems of public finances , in particular the need to reduce high debt ratios at a satisfactory pace . In the event of a severe or prolonged growth slowdown , government deficits in a number of countries could easily approach or even breach the 3 % deficit limit , because current fiscal plans do not incorporate a sufficient safety margin to let automatic stabilisers work fully without the risk of budgetary positions becoming excessively imbalanced .
2.4 Åîùôåñéêü åìðüñéï Ôï äéåèíÝò ðåñéâÜëëïí ðïõ åðçñÝáóå ôï åîùôåñéêü åìðüñéï ôùí ÷ ùñþí ôçò æþíçò ôïõ åõñþ ôï 1998 äéáìïñöþèçêå õðü ôçí åðßäñáóç áëëçëïóõãêñïõüìåíùí åîåëßîåùí . ¼ ðùò áíáöÝñèçêå óôï ÔìÞìá 1 , ôï ðáãêüóìéï ìáêñïïéêïíïìéêü ðåñéâÜëëïí ÷ åéñïôÝñåõóå ëüãù ôçò ìåßùóçò ôçò æÞôçóçò êáé ôçò ðáñáãùãÞò óôéò ðåñéóóüôåñåò áóéáôéêÝò ÷ þñåò .
For these reasons , budget plans should not only be tailored so as to safeguard public finances against the financial consequences of potential future recessions , but should also build up schemes to cope fully with the implicit future liabilities accumulated within the government sector . macroeconomic environment worsened as a result of declining demand and output in most Asian countries .
Óôï äåýôåñï åîÜìçíï ôïõ 1998 üìùò , ï ñõèìüò áíüäïõ ôùí åîáãùãþí óôç æþíç ôïõ åõñþ åðéâñáäýíèçêå óçìáíôéêÜ .
However , in the second half of 1998 the rate of growth of exports in the euro area slowed significantly .
Ôá ìüíá äéáèÝóéìá óôïé ÷ åßá ãéá ôï óõíïëéêü éóïæýãéï ðëçñùìþí ôçò æþíçò ôïõ åõñþ ìÝ ÷ ñé ôçí ôåëåõôáßá çìåñïìçíßá óõëëïãÞò óôïé ÷ åßùí ( 10 Ìáñôßïõ 1999 ) Þôáí ôá óôïé ÷ åßá ôçò Eurostat ãéá ôéò åìðïñéêÝò óõíáëëáãÝò , ìå âÜóç áêáèÜñéóôá óôïé ÷ åßá ãéá ôéò åîáãùãÝò êáé åéóáãùãÝò áãáèþí ìåôáîý ôçò æþíçò ôïõ åõñþ êáé ôùí ëïéðþí ÷ ùñþí , ÷ ùñßò ôéò óõíáëëáãÝò åíôüò ôçò æþíçò ôïõ åõñþ ( âë .
The only data available on overall balance of payments developments for the euro area by the cut-off date ( 10 March 1999 ) were trade data produced by Eurostat , based on gross data for exports and imports of goods between the euro area and the rest of the world , excluding intra-euro area transactions ( see Table 6 and Chapter II , Section 3.1 , on balance of payments statistics ) .
Ðßíáêá 6 êáé ÊåöÜëáéï ÉÉ , ÔìÞìá 3 , ãéá ôá óôáôéóôéêÜ óôïé ÷ åßá ôïõ Éóïæõãßïõ Ðëçñùìþí ) .
Over recent years the euro area trade balance with the rest of the world has shown a slightly rising surplus , from 0.9% of GDP in 1995 to 1.7% of GDP in 1997 .
Ôá ðñüóöáôá Ýôç , ôï åìðïñéêü éóïæýãéï ôçò æþíçò ôïõ åõñþ ìå ôéò ëïéðÝò ÷ þñåò óçìåßùóå åëáöñþò áõîáíüìåíï ðëåüíáóìá , áðü 0,9% ôïõ ÁÅÐ ôï 1995 óå 1,7% ôïõ ÁÅÐ ôï 1997 .
However , from mid-1998 onwards the worsening in the global economy had a delayed impact on the trade balance of the euro area . In particular , after the first quarter of 1998 , euro area export growth was increasingly affected by the global economic environment .
Áðü ôá ìÝóá ôïõ 1998 üìùò êáé ìåôÜ , ç åðéäåßíùóç ôçò ðáãêüóìéáò ïéêïíïìßáò
Meanwhile , import volumes increased owing to strong domestic demand and weak foreign 2.4 Foreign trade Conflicting events marked the international environment that influenced euro area countries » foreign trade during 1998 .
ÅôÞóéá ¸ êèåóç ÅÊÔ -* 1998 39
36 ECB Annual Report -* 1998
Åìðüñéï áãáèþí æþíçò åõñþ ( åîáãùãÝò ( f.o.b. ) , åéóáãùãÝò ( c.i.f. ))
Trade in goods of the euro area ( exports ( f.o.b. ) ; imports ( c.i.f. ))
1995 1996 1997 1997 1998 1998 1998 1998 1998 1998 1998 1998 1998 Á ´ ôñ . Á ´ ôñ .
1995 1996 1997 1997 1998 1998 1998 1998 1998 1998 1998 1998 1998 Q4 Q1 Q2 Q3 June July Aug .
ECU ÅôÞóéåò åêáôïóôéáßåò ìåôáâïëÝò ÅéóáãùãÝò Äéóåê . ECU ÅôÞóéåò åêáôïóôéáßåò ìåôáâïëÝò Åìðïñéêü éóïæýãéï Äéóåê .
Sep. Oct . Nov. Exports ECU billions Annual percentage changes Imports ECU billions Annual percentage changes Trade balance ECU billions ECU billions , cumulative 1 )
59,7 59,7 5,5 75,8 75,8 13,2 89,3 89,3 14,1 26,3 89,3 14,2 13,4 13,4 6,6 25,2 38,6 1,5 25,2 63,8 ÐçãÞ : Eurostat .
Source : Eurostat .
1 ) Ðéï ðñüóöáôá óôïé ÷ åßá Ýôïõò .
1 ) In the year to date .
To Üèñïéóìá ôùí åðéìÝñïõò êáôçãïñéþí åíäÝ ÷ åôáé íá ìç óõìöùíåß ìå ôï óýíïëï , ëüãù óôñïããõëïðïéÞóåùí . åðÝäñáóå áíáóôáëôéêÜ óôï åìðïñéêü éóïæýãéï ôçò æþíçò ôïõ åõñþ .
Figures may not add up due to rounding . prices , but the growth in the total value of imports declined sharply owing to reduced commodity prices .
Åéäéêüôåñá , ìåôÜ ôï ðñþôï ôñßìçíï ôïõ 1998 , ç áýîçóç ôùí åìðïñéêþí óõíáëëáãþí ôçò æþíçò ôïõ åõñþ åðçñåáæüôáí üëï êáé ðåñéóóüôåñï áðü ôï ðáãêüóìéï ïéêïíïìéêü ðåñéâÜëëïí .
Over the first 11 months of the year the cumulative surplus in the trade balance reached ECU 77.6 billion , ECU 3.5 billion lower than in the corresponding period in 1997 .
Ðßíáêáò 7
According to the above figures , the trade balance as a percentage of GDP is expected to have
ÅîáãùãÝò êáé åéóáãùãÝò êáôÜ ðñïúüí , æþíçò åõñþ ( åôÞóéåò åêáôïóôéáßåò ìåôáâïëÝò , åîáãùãÝò ( f.o.b. ) , åéóáãùãÝò ( c.i.f. ))
Exports and imports by product of the euro area ( annual percentage changes ; exports ( f.o.b. ) ;
1996 1997 1997 1998 1998 1998 1998 1998 1998 1998 1998 1998 Á ´ ôñ . Á ´ ôñ .
1996 1997 1997 1998 1998 1998 1998 1998 1998 1998 1998 1998 Q4 Q1 Q2 Q3 June July Aug .
ECU , åðßðåäï êáôÜ 4,6% õøçëüôåñï áðü ü , ôé óôï ðñþôï åíäåêÜìçíï ôïõ 1997 .
Source : Eurostat .
Áíôßèåôá , óôéò áñ ÷ Ýò ôïõ 1998 , ïé åéóáãùãÝò êáé ïé åîáãùãÝò åìöÜíéóáí õøçëüôåñïõò ñõèìïýò áýîçóçò .
Note : The commodity breakdown is in accordance with the SITC Rev. 3 . ECB Annual Report -* 1998
Óýìöùíá ìå ôá ðáñáðÜíù óôïé ÷ åßá , ôï åìðïñéêü éóïæýãéï ùò ðïóïóôü ôïõ ÁÅÐ áíáìÝíåôáé íá Ý ÷ åé ìåéùèåß ôï 1998 êáôÜ 0,1 - 0,2 ôçò åêáôïóôéáßáò ìïíÜäáò óå ó ÷ Ýóç ìå ôï ÁÅÐ .
37 declined by 0.1 - 0.2 percentage point of GDP in 1998 .
Ïé ãåíéêÝò áõôÝò ôÜóåéò óôéò ñïÝò ôùí åìðïñéêþí óõíáëëáãþí ðñïêýðôïõí åðßóçò êáé áðü ôçí áíÜëõóç ôùí åéóáãùãþíåîáãùãþí êáôÜ ðñïúüíôá ( õðÜñ ÷ ïõí äéáèÝóéìá óôïé ÷ åßá ìÝ ÷ ñé ôïí Ïêôþâñéï 1998 , âë . Ðßíáêá 7 ) .
These broad trends in trade flows are also discernible when exports and imports are broken down by product ( for which data up to October 1998 are available , see Table 7 ) .
êáôÜ 1,2 åêáôïóôéáßá ìïíÜäá óå 4,7% óôçí ßäéá ðåñßïäï .
process .
Ùò åê ôïýôïõ , ç äéáöïñÜ áðïäüóåùí ìåôáîý äåêáåôþí êñáôéêþí ôßôëùí óôéò ÇÐÁ êáé óõãêñßóéìùí ÷ ñåïãñÜöùí óôç æþíç ôïõ åõñþ äéåõñýíèçêå óå 0,75 ôçò åêáôïóôéáßáò ìïíÜäáò óôï ôÝëïò ôïõ Ýôïõò .
The turbulence intensified in the summer months , with concerns about economic conditions in emerging market economies such as countries in Asia , Russia and countries in Latin America .
Ïé åîåëßîåéò óôçí Éáðùíßá Þôáí êÜðùò äéáöïñåôéêÝò , êáèþò ïé áðïäüóåéò ôùí äåêáåôþí ÷ ñåïãñÜöùí óôï ìåãáëýôåñï ôìÞìá ôïõ 1998 ðáñïõóßáóáí ìåßùóç , ç ïðïßá áíÞëèå ôåëéêÜ óå 1 åêáôïóôéáßá ìïíÜäá êáé ðëÝïí , êáé äéáìïñöþèçêáí óå ðñùôïöáíÞ åðßðåäá , êÜôù ôïõ 1 %, åíþ ðñïò ôï ôÝëïò ôïõ Ýôïõò óçìåßùóáí áîéüëïãç Üíïäï .
With the debt moratorium and effective default in Russia , as well as a devaluation of the rouble in August , the turbulence intensified and spilled over to the financial markets of industrialised countries .
ÁõôÞ ç áðüôïìç Üíïäïò ïäÞãçóå ôçí áðüäïóç ôùí äåêáåôþí éáðùíéêþí ïìïëüãùí óå åðßðåäï åëáöñþò õøçëüôåñï óôï ôÝëïò ôïõ 1998 óå óýãêñéóç ìå ôï ôÝëïò ôïõ 1997 .
Against this background , over the summer months the assessment by international financial market participants regarding risk appeared to shift quite dramatically .
Ç ðåñáéôÝñù ìåßùóç ôùí ñõèìþí ðëçèùñéóìïý ðáãêïóìßùò öÜíçêå íá Ýðáéîå ðñùôåýïíôá ñüëï óôçí áðïêëéìÜêùóç ôùí ìáêñïðñüèåóìùí åðéôïêßùí , åíþ ïé äéáäï ÷ éêïß ãýñïé áóôÜèåéáò óôéò ðáãêüóìéåò ÷ ñçìáôïðéóôùôéêÝò áãïñÝò óôç äéÜñêåéá ôïõ äåýôåñïõ åîáìÞíïõ ôïõ 1998 Ýôåéíáí íá åðéôá ÷ ýíïõí ôç äéáäéêáóßá áõôÞ .
This was reflected in a generalised « flight to quality » from emerging markets to the bond markets of industrialised countries , favouring highly liquid benchmarks . In addition , in industrialised countries a « flight to safety » was observed from assets with relatively higher risk , such as equities , to bonds .
Éäéáßôåñï ÷ áñáêôçñéóôéêü ôïõ 2.5 ÁãïñÝò ïìïë üãùí êáé ë ÷ ñçìáôéóôçñéáêÝò áãïñÝò Ïé áðïäüóåéò ôùí ìáêñïðñüèåóìùí ïìïëüãùí ìåéþíïíôáé ðåñáéôÝñù ÊáôÜ ôç äéÜñêåéá ôïõ 1998 ïé áðïäüóåéò ôùí ìáêñïðñüèåóìùí êñáôéêþí ïìïëüãùí óôéò âéïìç ÷ áíéêÝò ÷ þñåò ìåéþèçêáí óå éóôïñéêþò ÷ áìçëÜ åðßðåäá .
A second factor was increased concern about the vulnerability of the global financial system to developments in individual financial markets or the difficulties of some large financial institutions . 2.5 Bond and stock markets Long-term bond yields decline further Long-term government bond yields in industrialised countries declined to historically low levels in the course of 1998 .
ÁõôÝò ïé ðáãêüóìéåò åîåëßîåéò áíôáíáêëïýóáí ôç óõíÝ ÷ éóç ìéáò ôÜóçò ðïõ åßíáé åìöáíÞò óôéò áãïñÝò ïìïëüãùí áðü ôï 1990 ( âë . Ðëáßóéï 3 ) .
These global developments reflected the continuation of a trend which has been evident in bond markets since 1990 ( see Box 3 ) .
Óôç æþíç ôïõ åõñþ ç ìÝóç áðüäïóç ôùí äåêáåôþí êñáôéêþí ïìïëüãùí ìåéþèçêå êáôÜ 1,5 åêáôïóôéáßá ìïíÜäá ðåñßðïõ óôç äéÜñêåéá ôïõ 1998 êáé Ýöèáóå ôï 3,95% óôï ôÝëïò ôïõ Ýôïõò .
In the euro area the average level of 10-year government bond yields dropped by almost 150 basis points during 1998 to reach a level of 3.95% by the end of the year .
Ðñïò ôï ôÝëïò ôïõ öèéíïðþñïõ ôïõ 1998 , êïñõöþèçêáí ïé ðñïóäïêßåò ôùí ÷ ñçìáôïðéóôùôéêþí áãïñþí ãéá ìåéþóåéò ôùí åðßóçìùí åðéôïêßùí óôéò ÇÐÁ êáé óôéò ÷ þñåò ôçò æþíçò ôïõ åõñþ .
38 ECB Annual Report -* 1998
Ðë áßóéï 3 ë
Box 3
ÐáñÜãïíôåò ðïõ óõíÝâáëáí óôç ìåßùóç ôùí áðïäüóåùí ôùí ìáêñïðñüèåóìùí ïìïëüãùí óå éóôïñéêþò ÷ áìçëÜ åðßðåäá Óôï ôÝëïò ôïõ 1998 , ïé áðïäüóåéò ôùí ìáêñïðñüèåóìùí ïìïëüãùí óôéò âéïìç ÷ áíéêÝò ÷ þñåò åß ÷ áí öèÜóåé óå åðßðåäá ðïõ óå ðïëëÝò ðåñéðôþóåéò Þôáí ðñùôïöáíÞ óôá ÷ ñïíéêÜ .
Accounting for the decline in long-term bond yields to historically low levels By the end of 1998 long-term bond yields in industrialised countries had reached levels that in many cases were historically unprecedented .