natgillin/translations-raw huggingface dataset:
ÊáôÜëïãïò Ðëáéóßùí , ÐéíÜêùí êáé ÄéáãñáììÜôùí * Ðëáßóéá 1 2 3 Ç åîÝëéîç ôçò áóéáôéêÞò êñßóçò ôïõ 1997 Ðßíáêáò : ÌåôáâïëÝò ôéìþí ðåñéïõóéáêþí óôïé ÷ åßùí óôéò áãïñÝò ôçò Áóßáò × áñáêôçñéóôéêÜ ôçò ðåñéï ÷ Þò ôïõ åõñþ Ðßíáêáò : Êýñéá ÷ áñáêôçñéóôéêÜ ôçò ðåñéï ÷ Þò ôïõ åõñþ , 1997 Ãíùìïäüôçóç ôïõ Óõìâïõëßïõ ôïõ ÅÍÉ ó ÷ åôéêÜ ìå ôçí Ýêäïóç çëåêôñïíéêïý ÷ ñÞìáôïò 22 23 43 45 86
List of Boxes , Tables and Charts * Boxes 1 2 3 Evolution of the Asian crisis in 1997 Table : Asset price changes in Asian markets Characteristics of the euro area Table : Key characteristics of the euro area , 1997 Opinion of the EMI on the issuance of electronic money 19 20 38 39 74
Ðßíáêåò 1 2 3 4 5 6 Ðñüóöáôåò åîåëßîåéò óôçí áýîçóç ôïõ ðñáãìáôéêïý ÁÅÐ Óýíèåóç ôçò ïéêïíïìéêÞò ìåãÝèõíóçò óôçí ÅÅ ôï 1997 Åìðïñéêü éóïæýãéï êáé éóïæýãéï ôñå ÷ ïõóþí óõíáëëáãþí ôùí ÷ ùñþí ôçò ÅÅ Óýãêñéóç ìåôáîý åèíéêþí óôïé ÷ åßùí êáé óôïé ÷ åßùí EUROSTAT ãéá ôçí áíåñãßá Ïéêïíïìéêïß äåßêôåò êáé êñéôÞñéá óýãêëéóçò óýìöùíá ìå ôç  ÓõíèÞêç ôïõ ÌÜáóôñé ÷ ô  Óôü ÷ ïé êáé êáôåõèýíóåéò íïìéóìáôéêÞò ðïëéôéêÞò ôùí êñáôþí-ìåëþí á ) ÍïìéóìáôéêÜ ìåãÝèç - óôü ÷ ïé êáé êáôåõèýíóåéò â ) Åðßóçìïé óôü ÷ ïé ãéá ôïí ðëçèùñéóìü Áíåîüöëçôá êïéíïôéêÜ äÜíåéá Äéáäéêáóßåò äéáâïýëåõóçò Äéìåñåßò êåíôñéêÝò éóïôéìßåò ôïõ ÌÓÉ ðïõ èá ÷ ñçóéìïðïéçèïýí ãéá ôïí êáèïñéóìü ôùí áìåôÜêëçôùí éóïôéìéþí ìåôáôñïðÞò ãéá ôï åõñþ 24 26 27 28 31 36
Tables 1 2 3 4 5 6 Recent developments in real GDP growth Composition of growth in the EU in 1997 Trade and current account balances in the EU A comparison of national and EUROSTAT unemployment data Economic indicators and the Maastricht Treaty convergence criteria Monetary policy targets and guidelines of Member States ( a ) Monetary aggregates - targets and guidelines ( b ) Formal inflation targets Outstanding Community loans Consultation procedures ERM bilateral central rates to be used in determining the irrevocable conversion rates for the euro 21 23 24 26 27 31
ÄéáãñÜììáôá 1 2 3 4 Êõñéüôåñåò åîåëßîåéò óôéò óçìáíôéêüôåñåò âéïìç ÷ áíéêÝò ïéêïíïìßåò ÐïóïóôÜ áíåñãßáò Åðßóçìá êáé âáóéêÜ åðéôüêéá ÄéáöïñÝò âñá ÷ õðñüèåóìùí åðéôïêßùí Ýíáíôé ôçò Ãåñìáíßáò 20 29 34 39
Charts 1 2 3 4 Main developments in major industrialised economies Unemployment rates Official and key interest rates Short-term interest rate differentials against Germany 18 25 30 33
Ôá óôïé ÷ åßá , üìùò , ãéá ôï åìðüñéï âáóßæïíôáé óôéò ðñáãìáôéêÝò óõíáëëáãìáôéêÝò éóïôéìßåò ôïõ 1993 .
However , trade data use actual exchange rates in 1993 .
Ç óôÜèìéóç ôùí ðïóïóôþí êáé ôùí äåéêôþí ( åêôüò ôïõ ÄÔÊ ) Ýãéíå âÜóåé ôïõ ÁÅÐ ôïõ 1993 , åíþ ï ÄÔÊ óôáèìßóôçêå ìå âÜóç ôçí éäéùôéêÞ êáôáíÜëùóç .
Rates and indices ( except CPI ) are based on 1993 GDP weights , while CPI is based upon consumer spending weights .
Ç ðáñïýóá ´ Åêèåóç ïñéóôéêïðïéÞèçêå óôéò áñ ÷ Ýò Ìáñôßïõ 1998 .
This report was finalised in early May 1998 .
Íïìßóìáôá E BEF / LUF DKK DEM GRD ESP FRF IEP ITL NLG ATS PTE FIM SEK GBP JPY USD Åõñþ ÖñÜãêï Âåëãßïõ / Ëïõîåìâïýñãïõ Êïñþíá Äáíßáò ÌÜñêï Ãåñìáíßáò Äñá ÷ ìÞ ÐåóÝôá Éóðáíßáò ÖñÜãêï Ãáëëßáò Ëßñá Éñëáíäßáò Ëßñá Éôáëßáò Öéïñßíé Ïëëáíäßáò Óåëßíé Áõóôñßáò Åóêïýäï Ðïñôïãáëßáò ÌÜñêï Öéëáíäßáò Êïñþíá Óïõçäßáò Óôåñëßíá ÌåãÜëçò Âñåôáíßáò Ãéåí Éáðùíßáò ÄïëÜñéï ÇÐÁ
Currencies E BEF / LUF DKK DEM GRD ESP FRF IEP ITL NLG ATS PTE FIM SEK GBP JPY USD euro Belgian / Luxembourg franc Danish krone Deutsche Mark Greek drachma Spanish peseta French franc Irish pound Italian lira Dutch guilder Austrian schilling Portuguese escudo Finnish markka Swedish krona Pound sterling Japanese yen US dollar
Ðßóù óåéñÜ ( áðü áñéóôåñÜ ðñïò ôá äåîéÜ ) : A. Fazio , P. Jaans , M. O  Connell , U. Bäckström , A. de Sousa , A Verplaetse , J. - C. Trichet , N. Wellink , Ë . ÐáðáäÞìïò , K. Liebscher , E. George .
Back row ( left to right ) : A. Fazio , P. Jaans , M. O' Connell , U. Bäckström , A. de Sousa , A. Verplaetse , J. - C. Trichet , N. Wellink , L. Papademos , K. Liebscher , E. George .
ÌðñïóôéíÞ óåéñÜ : H. Tietmeyer , S. Hämäläinen , W. Duisenberg ( Ðñüåäñïò ) , L. Rojo ( Áíôéðñüåäñïò ) , B. Andersen .
Front row : H. Tietmeyer , S. Hämäläinen , W. Duisenberg ( President ) , L. Rojo ( VicePresident ) , B. Andersen .
Óõìâïýëéï ÅÍÉ A. Lamfalussy W. Duisenberg L. Rojo Ðñüåäñïò ôïõ ÅÍÉ
Council of the EMI A. Lamfalussy W. Duisenberg L. Rojo
( ìÝ ÷ ñé 30.6.1997 ) ( áðü 1.7.1997 )
( until 30 June 1997 ) ( as of 1 July 1997 )
ÔñÜðåæá ôçò Éóðáíßáò êáé Áíôéðñüåäñïò ôïõ ÅÍÉ ÅèíéêÞ ÔñÜðåæá ôïõ Âåëãßïõ ÅèíéêÞ ÔñÜðåæá ôçò Äáíßáò ÏìïóðïíäéáêÞ ÔñÜðåæá ôçò Ãåñìáíßáò ÔñÜðåæá ôçò ÅëëÜäïò ÔñÜðåæá ôçò Ãáëëßáò ÊåíôñéêÞ ÔñÜðåæá ôçò Éñëáíäßáò ÔñÜðåæá ôçò Éôáëßáò Íïìéóìáôéêü ºäñõìá Ëïõîåìâïýñãïõ ( ìÝ ÷ ñé 30.6.1997 ) ( áðü 1.7.1997 )
President of the EMI Banco de España and Vice-President of the EMI Nationale Bank van België / Banque Nationale de Belgique Danmarks Nationalbank Deutsche Bundesbank Bank of Greece Banque de France Central Bank of Ireland Banca d' Italia Institut Monétaire Luxembourgeois ( until 30 June 1997 ) ( as of 1 July 1997 )
A. Verplaetse B. Andersen H. Tietmeyer Ë . ÐáðáäÞìïò J. - C. Trichet M. O  Connell A. Fazio P. Jaans W. Duisenberg Í .
A. Verplaetse B. Andersen H. Tietmeyer L. Papademos J. - C. Trichet M. O' Connell A. Fazio P. Jaans W. Duisenberg N. Wellink K. Liebscher A. de Sousa S. Hämäläinen U. Bäckström E. George
Liebscher A. de Sousa S. Hämäläinen U. Bäckström E. George
De Nederlandsche Bank
Å Y P Ù Ð A Ú K O Í O M I Ó M AT I K O É Ä P Y M A Ðñüåäñïò Óýìâïõëïò ÐñïÝäñïõ ÅíçìÝñùóç êïéíïý
EUROPEAN MONETARY INSTITUTE President Adviser to the President
Õðçñåóßá TARGET
TARGET Section
ÔìÞìá Ôñßôïõ Óôáäßïõ Õðçñåóßá ÅÍÓ / ECU
EMS / ECU Section Controlling and Organisation Section
A. Lamfalussy W. Duisenberg R. Raymond H. K. Scheller ( ìÝ ÷ ñé 30.6.1997 ) ( áðü 1.7.1997 )
A. Lamfalussy ( until 30 June 1997 ) W. Duisenberg ( as of 1 July 1997 ) R. Raymond H. K. Scheller
G. J. Hogeweg
G. J. Hogeweg
P. W. Schlüter J. Etherington
P. - W. Schlüter J. Etherington
Ðßóù óåéñÜ ( áðü áñéóôåñÜ ðñïò ôá äåîéÜ ) : J. Etherington , P. - W. Schlüter , G. J. Hogeweg , L. Hoogduin Åìðñüóèéá óåéñÜ : R. Raymond , W. Duisenberg , H.K. Scheller XI
Back Row ( left to right ) : J. Etherington , P. - W. Schlüter , G. J. Hogeweg , L. Hoogduin Front Row : R. Raymond , W. Duisenberg , H. K. Scheller XI
Χρηµατοπιστωτικές αγορές
Committee of Alternates EMI Council
Συµßούλιο ΕΝΙ
Financial Committee Monetary Policy SubCommittee
Οικονοµική Επιτροπή
Foreign Exchange Policy SubCommittee Working Banking Group Supervisory on SubCommittee EU Payment Systems
Υποεπιτροπή Υποεπιτροπή Νοµισµατικής ΣυναλλαγΠολιτικής µατικής Πολιτικής
Working Group on the European Banknote Working Group on Statistics
Υποεπιτροπή Εποπτείας Τραπεζών
Working Working Group Group on on Accounting Information Systems Issues Working Group of Legal Experts
Οµάδα Ελέγχου TARGET
TARGET Audit Group
ÏéêïíïìéêÞ ÅðéôñïðÞ L. Rojo J. - C. Trichet H. Tietmeyer E. George M. O  Connell ( ìÝ ÷ ñé 31.8.1997 ) ( áðü 1.9.1997 ) ( ìÝ ÷ ñé 31.8.1997 ) ( áðü 1.9.1997 )
Financial Committee L. Rojo J. - C. Trichet H. Tietmeyer E. George M. O' Connell ( until 31 August 1997 ) ( as of 1 September 1997 ) ( until 31 August 1997 ) ( as of 1 September 1997 )
Ðñüåäñïé ôçò ÅðéôñïðÞò Áíáðëçñùôþí , ôùí Õðïåðéôñïðþí êáé ôùí ÏìÜäùí Åñãáóßáò R. Raymond J. - J. Rey F. Saccomanni T. de Swaan E. Meister W. Hartmann ( ìÝ ÷ ñé 5.1.1998 ) ( áðü 6.1.1998 )
Chairpersons of the Committee of Alternates , Sub-Committees and Working Groups R. Raymond J. - J. Rey F. Saccomanni T. de Swaan E. Meister W. Hartmann A. Jarvis ( until 5 January 1998 ) ( as of 6 January 1998 )
ÏìÜäá Åñãáóßáò ãéá ôá ÓõóôÞìáôá Ðëçñùìþí óôçí ÅÅ ÏìÜäá Åñãáóßáò ãéá ôçí Åêôýðùóç êáé ¸ êäïóç Åõñùðáúêïý Ôñáðåæïãñáììáôßïõ ( ìÝ ÷ ñé 14.4.1997 ) ( áðü 15.4.1997 )
Working Group on EU Payment Systems Working Group on Printing and Issuing a European Banknote ( until 14 April 1997 ) ( as of 15 April 1997 )
K. Hanau R. Álvarez H. Heemskerk Y. Barroux A. Nicolle J. Guill M. Caparello XII
K. Hanau R. Álvarez H. Heemskerk Y. Barroux A. Nicolle J. Guill M. Caparello XII
ÏìÜäá Åñãáóßáò ãéá ËïãéóôéêÜ ÈÝìáôá ( ìÝ ÷ ñé 14.4.1997 ) ( áðü 15.4.1997 )
Working Group on Accounting Issues ( until 14 April 1997 ) ( as of 15 April 1997 )
ÏìÜäá Åñãáóßáò ãéá ôá ÓõóôÞìáôá ÐëçñïöïñéêÞò ÏìÜäá Åñãáóßáò Íïìïìáèþí ÏìÜäá ÅëÝã ÷ ïõ TARGET
Working Group on Information Systems Working Group of Legal Experts TARGET Audit Group
Ç ÅôÞóéá ¸ êèåóç ôïõ Åõñùðáúêïý Íïìéóìáôéêïý Éäñýìáôïò ( ÅÍÉ ) ãéá ôï 1997 åßíáé ç ôÝôáñôç êáé ôåëåõôáßá ðïõ åêäßäåé ôï ºäñõìá .
particularly encouraging to see that domestic demand is picking up across the EU and is making a major contribution to real GDP growth .
Ç ôåëéêÞ öÜóç ôçò ìåôÜâáóçò óôï Ôñßôï ÓôÜäéï Üñ ÷ éóå óôéò 2-3 ÌáÀïõ 1998 , áöïý ïé Áñ ÷ çãïß Êñáôþí Þ ÊõâåñíÞóåùí åðéâåâáßùóáí ðïéá êñÜôçìÝëç ðëçñïýí ôéò áíáãêáßåò ðñïûðïèÝóåéò ãéá ôçí õéïèÝôçóç ôïõ åíéáßïõ íïìßóìáôïò êáé áöïý ðñïáíáããÝëèçêáí ïé äéìåñåßò óõíáëëáãìáôéêÝò éóïôéìßåò âÜóåé ôùí ïðïßùí èá êáèïñéóôïýí ïé áìåôÜêëçôïé óõíôåëåóôÝò ìåôáôñïðÞò ãéá ôï åõñþ .
That said , it is disappointing to note that fixed investment growth remains historically weak in a number of countries , despite favourable underlying fundamentals .
Áðü ôçí áñ ÷ Þ ôïõ 1994 ôï ÅÍÉ , óå óôåíÞ óõíåñãáóßá ìå ôéò åèíéêÝò êåíôñéêÝò ôñÜðåæåò ôçò ÅõñùðáúêÞò ¸ íùóçò ( ÅÅ ) , áíÝëáâå ôéò áðáñáßôçôåò ôå ÷ íéêÝò ðñïåôïéìáóßåò ãéá ôçí ßäñõóç ôïõ Åõñùðáúêïý ÓõóôÞìáôïò Êåíôñéêþí Ôñáðåæþí ( ÅÓÊÔ ) , ôçí Üóêçóç ôçò åíéáßáò íïìéóìáôéêÞò ðïëéôéêÞò óôçí ðåñéï ÷ Þ ôïõ åõñþ êáé ôç äçìéïõñãßá ôïõ åíéáßïõ íïìßóìáôïò .
Moreover , the performance of the EU labour market is still unsatisfactory . The high levels of youth and long-term unemployment , as well as the lack of sustained job creation , point to the structural nature of a major part of EU unemployment and the need for countervailing structural measures to increase market flexibility .
¼ ðùò êáé óôéò ðñïçãïýìåíåò åêèÝóåéò , óôçí åöåôéíÞ ¸ êèåóç ðåñéãñÜöåôáé ç ïéêïíïìéêÞ , íïìéóìáôéêÞ êáé ÷ ñçìáôïðéóôùôéêÞ êáôÜóôáóç óôçí ÅÅ ôï 1997 , óõíïøßæïíôáé ïé äñáóôçñéüôçôåò ôïõ ÅÍÉ êáé ðáñáôßèåíôáé ïé åôÞóéïé ëïãáñéáóìïß ôïõ . ¼ óïí áöïñÜ ôç ìáêñïïéêïíïìéêÞ êáôÜóôáóç óôçí ÅÅ , öáßíåôáé üôé ç ïéêïíïìéêÞ áíÜêáìøç ðñï ÷ ùñåß ìå
The final phase of the transition to Stage Three started with the confirmation by the Heads of State or Government on 2/3 May 1998 of the Member States which fulfil the necessary conditions for the adoption of the single currency and the pre-announcement of the bilateral exchange rates to be used in determining the irrevocable conversion rates for the euro .
Åí ôù ìåôáîý , ï ñõèìüò ðëçèùñéóìïý óôçí ÅÅ ôï 1997 Ýöèáóå óôï ÷ áìçëüôåñï åðßðåäï ðïõ Ý ÷ åé óçìåéùèåß åäþ êáé ðïëëÜ ÷ ñüíéá , åíþ ïëïÝíá êáé ðåñéóóüôåñåò ÷ þñåò åðéôõã ÷ Üíïõí ðëçèùñéóìü 2 % Þ ìéêñüôåñï .
It is Meanwhile , the rate of inflation in the EU in 1997 was at its lowest level for many years , with an increasing number of countries recording inflation of 2 % or less .
Ïé ðñïðáñáóêåõáóôéêÝò åñãáóßåò ãéá ôï Ôñßôï ÓôÜäéï ðñï ÷ þñçóáí ôï 1997 üðùò åß ÷ å ðñïãñáììáôéóôåß êáé ôï ó ÷ åôéêü ÷ ñïíïäéÜãñáììá ôçñÞèçêå áõóôçñÜ .
rates and prepare for the impact on public finances of the ageing of the population . Preparatory work for Stage Three proceeded as planned in 1997 in strict compliance with the timetable .
¸ ôóé , óôç äéÜñêåéá ôïõ 1998 èá ìðïñïýí íá äéáôßèåíôáé ðñïò ôçí ÅÊÔ óôáôéóôéêÜ óôïé ÷ åßá ðïõ èá êáôáñôßæïíôáé ðëÝïí ìå ôç óõìöùíçèåßóá íÝá âÜóç .
single monetary policy in Stage Three , thus enabling data compiled in line with the new agreed basis to be made available to the ECB during the course of 1998 ;
Óçìåéþèçêå ðñüïäïò ùò ðñïò ôéò ïñãáíùôéêÝò ðôõ ÷ Ýò , ôçí åöáñìïãÞ êáé ôç äïêéìáóôéêÞ ëåéôïõñãßá ôçò ðëçñïöïñéáêÞò õðïäïìÞò ôïõ ÅÓÊÔ êáé ôïõ óõóôÞìáôïò TARGET .
progress with regard to organisational aspects , implementation and testing of the ESCB 's IT infrastructure and the TARGET system ;
Óôï óýíôïìï âßï ôïõ , ôï ÅÍÉ Ýöåñå åéò ðÝñáò äéåîïäéêÝò ôå ÷ íéêÝò ðñïåôïéìáóßåò ãéá ôï Ôñßôï ÓôÜäéï ôçò ÏÍÅ , ÷ Üñç óôéò ïðïßåò ìðïñïýìå íá ðñïóâëÝðïõìå ìå åìðéóôïóýíç óôçí åéóáãùãÞ ôïõ åíéáßïõ íïìßóìáôïò áðü ôçí áñ ÷ Þ ôïõ 1999 .
In its short life the EMI has carried out thorough technical preparations for Stage Three of EMU which now enable us to look forward with confidence to the introduction of the single currency at the beginning of 1999 .
Öñáãêöïýñôç , 5 ÌáÀïõ 1998
Frankfurt , 5 May 1998
Wim Duisenberg , Ðñüåäñïò
Wim Duisenberg President
Ðåñßëçøç H ÅôÞóéá ¸ êèåóç ãéá ôï 1997 åßíáé ç ôåëåõôáßá ðïõ äçìïóéåýåé ôï Åõñùðáúêü Íïìéóìáôéêü ºäñõìá ( ÅÍÉ ) .
Executive summary The Annual Report 1997 is the last report to be published by the European Monetary Institute ( EMI ) .
1 Óýìöùíá ìå ôï ¢ ñèñï 11 ôïõ Êáôáóôáôéêïý ôïõ ÅÍÉ , ç ¸ êèåóç êáëýðôåé ôüóï ôéò ïéêïíïìéêÝò , íïìéóìáôéêÝò êáé ÷ ñçìáôïðéóôùôéêÝò óõíèÞêåò óôçí Êïéíüôçôá Ýùò ôï ôÝëïò ôïõ 1997 üóï êáé ôéò äñáóôçñéüôçôåò ôïõ ÅÍÉ .
1 In accordance with Article 11 of the EMI Statute , the Report covers both economic , monetary and financial conditions in the Community up to the end of 1997 and the activities of the EMI ;
Åéäéêüôåñá , ôï ÌÜñôéï 1998 ôï ÅÍÉ äçìïóßåõóå ôçí ¸ êèåóç ãéá ôç Óýãêëéóç âÜóåé ôïõ ¢ ñèñïõ 109 É ( 1 ) ôçò ÓõíèÞêçò .
In particular , in March 1998 the EMI published its Convergence Report in fulfilment of Article 109j ( 1 ) of the Treaty .
ÅðéðëÝïí , ôï ÓåðôÝìâñéï ôïõ 1997 äçìïóéåýèçêå ç  Äåýôåñç ¸ êèåóç Ðñïüäïõ ãéá ôï óýóôçìá TARGET  êáé ôïí ßäéï ìÞíá ðáñïõóéÜóôçêå ç Ýêèåóç  Ç åíéáßá íïìéóìáôéêÞ ðïëéôéêÞ óôï Ôñßôï ÓôÜäéï : ÃåíéêÞ ôåêìçñßùóç ãéá ôá ìÝóá êáé ôéò äéáäéêáóßåò íïìéóìáôéêÞò ðïëéôéêÞò ôïõ ÅÓÊÔ .
Moreover , the « Second progress report on the TARGET project » was published in September 1997 and in the same month « The single monetary policy in Stage Three : General documentation on ESCB monetary policy instruments and procedures » was issued .
ÊáôÜëïãïò ôùí åêäüóåùí ôïõ ÅÍÉ ôï 1997 êáé ôéò áñ ÷ Ýò ôïõ 1998 õðÜñ ÷ åé óôï ôÝëïò ôçò ðáñïýóáò ¸ êèåóçò .
A list of documents published by the EMI in 1997 and early 1998 is provided at the end of this Report .
Ç åðéâåâáßùóç óôéò 2-3 ÌáÀïõ 1998 , áðü ôïõò Áñ ÷ çãïýò Êñáôþí Þ ÊõâåñíÞóåùí , ôùí êñáôþí-ìåëþí ðïõ èá õéïèåôÞóïõí ôï åíéáßï íüìéóìá óçìáôïäïôåß ôçí Ýíáñîç ôçò ôåëåõôáßáò öÜóçò ôçò ìåôÜâáóçò ðñïò ôï Ôñßôï ÓôÜäéï , ç ïðïßá ðåñéëáìâÜíåé ôçí ßäñõóç ôïõ ÅÓÊÔ êáé ôçò ÅÊÔ êáèþò 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 .
Ãéá ôçí ÅÅ ùò óýíïëï , ç åõíïúêüôåñç åîÝëéîç ôïõ ðñáãìáôéêïý ÁÅÐ ôï 1997 ïöåéëüôáí Ïéêïíïìéêü êáé ÷ ñçìáôïðéóôùôéêü ðåñéâÜëëïí ôï 1997 Ïé äéåèíåßò ïéêïíïìéêÝò óõíèÞêåò ðáñÝìåéíáí óå ãåíéêÝò ãñáììÝò åõíïúêÝò ôï 1997 , ìå óçìáíôéêÞ åîáßñåóç ôéò åîåëßîåéò óôï äåýôåñï åîÜìçíï ôïõ Ýôïõò .
1 Economic , monetary and financial conditions in the European Union Economic and financial background in 1997 Global economic conditions continued to be broadly favourable in 1997 , with the notable exception of developments in Asia during the latter half of the year .
Óôïõò ðñþôïõò ìÞíåò ôïõ 1997 , ç Üíïäïò ôïõ ðñáãìáôéêïý ÁÅÐ óôçí ÅÅ óçìåßùóå ìéá ðïñåßá ÷ ùñßò óçìáíôéêÝò åîåëßîåéò , üðùò êáé óôéò áñ ÷ Ýò ôïõ 1996 .
Initially , real GDP growth in the EU followed the pattern of subdued developments also observed in early 1996 .
Óôç óõíÝ ÷ åéá üìùò , ç ïéêïíïìéêÞ äñáóôçñéüôçôá åðéôá ÷ ýíèçêå êáé áðü ôï äåýôåñï ôñßìçíï êáé ìåôÜ ï ñõèìüò ôçò ïéêïíïìéêÞò áíÜðôõîçò Þôáí óçìáíôéêÜ õøçëüôåñïò áðü ü , ôé óôç óõãêñßóéìç ðåñßïäï ôïõ 1996 .
However , the pace of economic activity quickened thereafter and , from the second quarter onwards , the growth rate was significantly higher than in the comparable period of 1996 .
Ç áóéáôéêÞ êñßóç äåí åß ÷ å óçìáíôéêÞ äõóìåíÞ åðßäñáóç óôçí áíÜðôõîç ôï 1997 .
The crisis in Asia did not have a significant adverse impact on growth in 1997 .
Ï ìÝóïò ñõèìüò áíüäïõ ôïõ ðñáãìáôéêïý ÁÅÐ óôçí ÅÅ ôï 1997 åêôéìÜôáé óå 2,7% , äçë . óçìáíôéêÜ õøçëüôåñïò ôïõ 1,7% ðïõ åß ÷ å óçìåéùèåß ôï 1996 .
Average real GDP growth for the EU is estimated to have been 2.7% , which is significantly higher than the rate of 1.7% recorded in 1996 .
3 ó ÷ åôéêÜ ìå ôï Êáôáóôáôéêü ôïõ Åõñùðáúêïý ÓõóôÞìáôïò Êåíôñéêþí Ôñáðåæþí êáé ôçò ÅõñùðáúêÞò ÊåíôñéêÞò ÔñÜðåæáò .
For the Union as a whole , the improved real growth performance in 1997 was principally due to domestic demand .
Ç Üíïäïò ôçò åã ÷ þñéáò æÞôçóçò óõíäåüôáí ìå ôçí åðéôÜ ÷ õíóç ôçò åðåíäõôéêÞò äñáóôçñéüôçôáò êáé ôçí áýîçóç ôçò äçìéïõñãßáò áðïèåìÜôùí , åíþ ç Üíïäïò ôçò éäéùôéêÞò êáôáíÜëùóçò ðáñÝìåéíå óôÜóéìç êáé ç äçìüóéá êáôáíÜëùóç Þôáí ëéãüôåñï äõíáìéêÞ áðü ü , ôé ôï 1996 .
The rise in domestic demand was linked to an improvement in investment growth and an increase in stockbuilding , while growth in private consumption was unchanged and government consumption was weaker than in 1996 . However , continuing the pattern 1
Ç Üíïäïò ôùí ðÜãéùí åðåíäýóåùí üìùò , óõíå ÷ ßæïíôáò ôçí ðïñåßá ðïõ áêïëïõèåß áðü ôéò áñ ÷ Ýò ôçò äåêáåôßáò ôïõ 1990 , Þôáí êáé ôï 1997 ÷ áìçëüôåñç áðü ôá åðßðåäá ðïõ ÷ áñáêôÞñéæáí ôéò ðñïçãïýìåíåò äåêáåôßåò , áí êáé åíéó ÷ ýèçêå óå óýãêñéóç ìå ôï ðñïçãïýìåíï Ýôïò , ðáñÜ ôá éêáíïðïéçôéêÜ ðåñéèþñéá êÝñäïõò êáé ôï õøçëü åðßðåäï ôçò åìðéóôïóýíçò ôùí ðáñáãùãéêþí ìïíÜäùí , êáèþò êáé ôï ó ÷ åôéêÜ õøçëü âáèìü ÷ ñçóéìïðïßçóçò ôïõ ðáñáãùãéêïý äõíáìéêïý óôç ìåôáðïßçóç .
References to the Treaty are references to the Treaty establishing the European Community , unless indicated otherwise . References to the EMI Statute or the ESCB / ECB Statute are references to Protocol No. 4 on the Statute of the European Monetary Institute and Protocol No. 3 on the Statute of the European System of Central Banks and of the European Central Bank respectively .
Ôüóï ïé åîáãùãÝò üóï êáé ïé åéóáãùãÝò áõîÞèçêáí ìå óçìáíôéêÜ åíôïíüôåñïõò ñõèìïýò áðü ü , ôé ôï 1996 , åí ìÝñåé áíôáíáêëþíôáò ôçí áíÜêáìøç ôçò ïéêïíïìéêÞò äñáóôçñéüôçôáò óôéò ÷ þñåò ôçò ÅÅ ( ç ïðïßá ïäÞãçóå óå Üíïäï ôïõ åíäïêïéíïôéêïý åìðïñßïõ ) êáé ôéò åõíïúêÝò ïéêïíïìéêÝò óõíèÞêåò ðïõ åðéêñÜôçóáí äéåèíþò . ÌÝóá óå Ýíá ðåñéâÜëëïí ðïõ ÷ áñáêôçñßóôçêå áðü åðéôá ÷ õíüìåíïõò ñõèìïýò ïéêïíïìéêÞò ìåãÝèõíóçò óôï óýíïëï ôçò ÅÅ , ç áðáó ÷ üëçóç áõîÞèçêå ìüíï ïñéáêÜ , åíþ ôï ðïóïóôü áíåñãßáò ðáñáìÝíåé åðßìïíá õøçëü .
observed since the early 1990s , fixed investment growth in 1997 - although stronger than in the previous year continued to be below the levels typical of past decades , despite satisfactory profit margins and a high level of industrial confidence , as well as relatively high capacity utilisation rates for the manufacturing sector . Both exports and imports grew considerably more strongly than in 1996 , partly reflecting the resurgence of growth within the EU ( which increased intra-EU trade ) and buoyant economic conditions globally .
Ôï ðïóïóôü áíåñãßáò ãéá ôï óýíïëï ôçò ÅÅ ( ìåôñïýìåíï ìå âÜóç óôïé ÷ åßá ôïõ EUROSTAT ) õðï ÷ þñçóå åëáöñÜ óôç äéÜñêåéá ôïõ 1997 , áðü 10,8% ôï ôÝôáñôï ôñßìçíï ôïõ 1996 óå 10,5% ôï ôÝôáñôï ôñßìçíï ôïõ 1997 . Éäéáßôåñç áíçóõ ÷ ßá åìðíÝïõí ôá ðïëý õøçëüôåñá ðïóïóôÜ ðïõ ðáñáôçñïýíôáé óôéò ôÜîåéò ôùí íÝùí êáé ôùí ìáêñï ÷ ñüíéá áíÝñãùí .
Against the background of strengthening economic growth in the EU as a whole , employment has increased only marginally , while unemployment has remained stubbornly high . The unemployment rate for the EU as a whole ( measured on the basis of EUROSTAT data ) fell slightly during the course of 1997 , from 10.8% in the fourth quarter of 1996 to 10.5% in the fourth quarter of 1997 .
¼ óïí áöïñÜ ôá åðéôåýãìáôá ùò ðñïò ôç ìáêñïïéêïíïìéêÞ óýãêëéóç , óýìöùíá ìå ôï ¢ ñèñï 109 É ( 1 ) ôçò ÓõíèÞêçò ºäñõóçò ôçò ÅõñùðáúêÞò Êïéíüôçôáò , óôï ôÝëïò Ìáñôßïõ 1998 ôï ÅÍÉ ðáñïõóßáóå óôï Óõìâïýëéï Ýêèåóç ó ÷ åôéêÜ ìå ôçí ðñüïäï ðïõ óçìåßùóáí ôá êñÜôç-ìÝëç ùò ðñïò ôçí åêðëÞñùóç ôùí õðï ÷ ñåþóåþí ôïõò ãéá ôçí åðßôåõîç ôçò ÏéêïíïìéêÞò êáé ÍïìéóìáôéêÞò ¸ íùóçò .
Concerning achievements in macroeconomic convergence , in accordance with Article 109j ( 1 ) of the Treaty , at the end of March 1998 the EMI presented its 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 åîÝôáóç ôçò óýãêëéóçò åê ìÝñïõò ôïõ ÅÍÉ , óôá ðëáßóéá ôçò ïðïßáò åðéóêïðÞèçêáí êáé ïé åîåëßîåéò ôï 1997 , ðáñáôßèåôáé óõíïðôéêÜ óå ðáñÜñôçìá ôçò ðáñïýóáò ÅôÞóéáò ¸ êèåóçò .
The summary of the examination of convergence by the EMI , which included developments in 1997 , is provided in an annex to this Annual Report .
ÍïìéóìáôéêÞ ðïëéôéêÞ ôùí êñáôþí-ìåëþí ¼ óïí áöïñÜ ôç íïìéóìáôéêÞ ðïëéôéêÞ ôùí åðéìÝñïõò êñáôþí-ìåëþí , ôï ïéêïíïìéêü êáé ÷ ñçìáôïðéóôùôéêü ðåñéâÜëëïí êáôÜ ôï 1997 åðÝôñåøå ôç óõíÝ ÷ éóç ôçò óýãêëéóçò ôùí âñá ÷ õðñüèåóìùí êáé ìáêñïðñüèåóìùí åðéôïêßùí êáé ôç äéáôÞñçóç ó ÷ åäüí óôáèåñþí óõíáëëáãìáôéêþí éóïôéìéþí .
Monetary policies in Member States As regards monetary policies , the economic and financial environment in 1997 allowed for a continuation of the convergence of short and long-term interest rates and broadly stable exchange rates .
ÏéêïíïìéêÝò ðñïïðôéêÝò êáé ðñïêëÞóåéò 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 .
Economic prospects and challenges Economic forecasts released by major international organisations in spring 1998 suggest that growth prospects for the EU in 1998 and 1999 are favourable , as domestic demand should strengthen further , offsetting to some extent an expected deterioration in the external environment due to , inter alia , the crisis in Asia .
Ôï êýñéï óôïé ÷ åßï áâåâáéüôçôáò ó ÷ åôéêÜ ìå ôéò ðáñáðÜíù ðñïïðôéêÝò ðçãÜæåé áðü ôï åîùôåñéêü ðåñéâÜëëïí . 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 Ýíôïíçò êÜìøçò ôïõ ñõèìïý áýîçóçò ôïõ ðñáãìáôéêïý ÁÅÐ óå êÜðïéåò
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 .
¼ óïí áöïñÜ ôç óýãêëéóç , óå ðáñÜñôçìá ôçò ðáñïýóáò ¸ êèåóçò ðáñáôßèåôáé áðüóðáóìá ôçò ¸ êèåóçò ãéá ôç Óýãêëéóç ðïõ äçìïóßåõóå ôï ÅÍÉ ôï ÌÜñôéï 1998 .
With regard to convergence , an excerpt from the EMI 's Convergence Report , published in March 1998 , is provided in an annex to this Report .
Áõôü éó ÷ ýåé éäßùò ãéá ôï ÂÝëãéï , ôç Ãåñìáíßá , ôçí ÅëëÜäá , ôçí Éóðáíßá , ôç Ãáëëßá , ôçí Éôáëßá , ôçí Ïëëáíäßá , ôçí Áõóôñßá êáé ôçí Ðïñôïãáëßá , üðïõ ðñïâëÝðåôáé üôé ôï 1998 èá óçìåéùèåß Ýëëåéììá ìåôáîý 1,7 êáé 2,9% ôïõ ÁÅÐ .
This applies in particular to Belgium , Germany , Greece , Spain , France , Italy , the Netherlands , Austria and Portugal , where deficits in 1998 are forecast to be between 1.6 and 2.9% of GDP .
Ãéá ôéò ðåñéóóüôåñåò áðü áõôÝò ôéò ÷ þñåò , ç áíÜãêç ãéá ðåñáéôÝñù åîõãßáíóç ðñïâÜëëåé êáé üôáí óõãêñéèåß ï ëüãïò ôïõ åëëåßììáôïò ðïõ Ý ÷ åé ðñïâëåöèåß áðü ôá ÐñïãñÜììáôá Óýãêëéóçò 1999-2000 ìå ôï ìåóïðñüèåóìï óôü ÷ ï ôïõ Óõìöþíïõ Óôáèåñüôçôáò êáé ÁíÜðôõîçò .
For most of these countries , these consolidation requirements also apply when comparing the fiscal deficit ratios as projected in the Convergence Programmes for 1999-2000 with the medium-term objective of the Stability and Growth Pact .
¼ óïí áöïñÜ ôç äéáôçñçóéìüôçôá ôùí äçìïóéïíïìéêþí åîåëßîåùí áðü ìéá åõñýôåñç óêïðéÜ , ìðïñåß áðïëýôùò âÜóéìá íá õðïóôçñé ÷ èåß üôé ðñÝðåé íá åðéôåõ ÷ èåß äéáôçñÞóéìç åîõãßáíóç åðß ìáêñüôåñï ÷ ñïíéêü äéÜóôçìá , ç ïðïßá èá áðáéôÞóåé óçìáíôéêÜ äçìïóéïíïìéêÜ ðëåïíÜóìáôá , ðñïêåéìÝíïõ ãéá ÷ þñåò ðïõ Ý ÷ ïõí ëüãï ÷ ñÝïõò õøçëüôåñï áðü 100 % ( ÂÝëãéï , ÅëëÜäá êáé Éôáëßá ) .
Taking a broader view on the sustainability of fiscal developments , the case for sustained consolidation over an extended period of time , requiring substantial fiscal surpluses , is particularly strong for those countries with debt ratios of above 100 % ( Belgium , Greece and Italy ) .