natgillin/translations-raw huggingface dataset:
ÌåôÜâáóç óôï åõñþ Óôç äéÜñêåéá ôïõ 1997 ïé ðñïðáñáóêåõáóôéêÝò åñãáóßåò ãéá ôç ìåôÜâáóç óôï åíéáßï íüìéóìá åðéôá ÷ ýíèçêáí óçìáíôéêÜ .
Changeover to the euro During 1997 preparatory work for the changeover to the single currency gathered considerable speed .
Ôï ÅÍÉ óõíÝ ÷ éóå íá ðáñáêïëïõèåß ôéò åîåëßîåéò üóïí áöïñÜ ôç ìåôÜâáóç , þóôå íá áîéïëïãÞóåé êáôÜ ðüóïí ïé äéáöïñåôéêÝò ðñïåôïéìáóßåò ôùí åðéìÝñïõò êñáôþí-ìåëþí ãéá ôç ìåôÜâáóç , ïé ïðïßåò ïöåßëïíôáé óå äéáöïñÝò óôï ôïðéêü ðåñéâÜëëïí áðü Üðïøç ïñãÜíùóçò êáé õðïäïìÞò , ìðïñïýí íá Ý ÷ ïõí óõíÝðåéåò ãéá ôçí åíéáßá íïìéóìáôéêÞ ðïëéôéêÞ ðïõ èá áóêåßôáé áðü ôïí ÉáíïõÜñéï 1999 êáé Ýðåéôá .
The EMI continued to keep track of developments as regards the changeover , in order to assess whether differing changeover preparations across Member States , owing to differences in the local organisational and infrastructural environments , might have implications for the single monetary policy to be conducted as from January 1999 onwards .
Ôï ÅÍÉ ðáñÝó ÷ å åðßóçò óõíäñïìÞ óôïí êáèïñéóìü êïéíþí ðñïôýðùí áãïñÜò óôéò áãïñÝò ÷ ñÞìáôïò êáé óõíáëëÜãìáôïò ôçò ðåñéï ÷ Þò ôïõ åõñþ . ÅðéðëÝïí , áíáãíþñéóå üôé ÷ ñåéÜæåôáé íá êáèéåñùèåß Ýíá êùäéêïðïéçìÝíï äéáêñéôéêü óýìâïëï ãéá ôï åíéáßï íüìéóìá êáé äÞëùóå üôé õðïóôçñßæåé ôï óýìâïëï E , ôï ïðïßï ðñüôåéíå ç ÅõñùðáúêÞ ÅðéôñïðÞ ,
It furthermore recognised the need for a distinctive codified symbol for the single currency and expressed its support for the symbol E , proposed by the European Commission , as the logo for the euro . With a view to assisting all those involved in preparing for the changeover , the EMI has improved the distribution of
Ìå óêïðü íá âïçèÞóåé üëïõò üóïõò óõììåôÝ ÷ ïõí óôçí ðñïðáñáóêåõÞ ãéá ôç ìåôÜâáóç óôï åíéáßï íüìéóìá , ôï ÅÍÉ âåëôßùóå ôç äéáíïìÞ ôùí ó ÷ åôéêþí ðëçñïöïñéþí , ìåôáîý Üëëùí êáé ìÝóù ôçò óåëßäáò ôïõ óôï äßêôõï Internet .
Public information Since its establishment on 1 January 1994 the EMI has fulfilled its reporting obligations in accordance with Articles 7 and 11.3 of the EMI Statute by publishing reports on the state of the preparations for Stage Three of EMU , its activities and monetary and financial conditions in the Community .
ÅíçìÝñùóç ôïõ êïéíïý Áðü ôçí ßäñõóÞ ôïõ , ôçí 1ç Éáíïõáñßïõ 1994 , ôï ÅÍÉ Ý ÷ åé åêðëçñþóåé ôéò õðï ÷ ñåþóåéò ôïõ üóïí áöïñÜ ôçí õðïâïëÞ åêèÝóåùí , óýìöùíá ìå ôá ¢ ñèñá 7 êáé 11.3 ôïõ Êáôáóôáôéêïý ôïõ , ìå ôç äçìïóßåõóç åêèÝóåùí ó ÷ åôéêÜ ìå ôçí ðïñåßá ôùí ðñïðáñáóêåõáóôéêþí åñãáóéþí ãéá ôï Ôñßôï ÓôÜäéï ôçò ÏÍÅ , ôéò äñáóôçñéüôçôÝò ôïõ , êáèþò êáé ôéò íïìéóìáôéêÝò êáé ÷ ñçìáôïðéóôùôéêÝò óõíèÞêåò óôçí Êïéíüôçôá .
A list of EMI documents published since the beginning of 1997 and the EMI 's Web site address are provided at the end of this Report . The EMI recognises that there is a need for the ESCB to ensure the transparency of its objectives and policies in Stage Three and to foster knowledge of its operations and tasks , thus enabling the financial community and the general public to both understand and support its policies .
ÊáôÜëïãïò ôùí åêäüóåùí ôïõ ÅÍÉ áðü ôçí áñ ÷ Þ ôïõ 1997 , êáèþò êáé ôá óôïé ÷ åßá ôçò óåëßäáò ôïõ ÅÍÉ óôï äéåèíÝò äßêôõï Internet , ðåñéÝ ÷ ïíôáé óôï ôÝëïò ôçò ðáñïýóáò ¸ êèåóçò .
To this end , the EMI is developing an external communication policy - to be presented for consideration by the Governing Council of the ECB - on the most effective ways in which to disseminate information concerning the activities of the ESCB .
Ðñïò ôï óêïðü áõôü , ôï ÅÍÉ áíáðôýóóåé Þäç ðïëéôéêÞ åîùôåñéêÞò åðéêïéíùíßáò - ç ïðïßá èá õðïâëçèåß ðñïò Ýãêñéóç óôï Äéïéêçôéêü Óõìâïýëéï ôçò ÅÊÔ - ó ÷ åôéêÜ ìå ôïõò ðéï áðïôåëåóìáôéêïýò ôñüðïõò äéÜäïóçò ðëçñïöïñéþí ãéá ôéò äñáóôçñéüôçôåò ôïõ ÅÓÊÔ . 3
The EMI monitored in particular the preparatory work conducted by the EBA on its Euro Clearing and Settlement System for Stage Three of EMU ( EURO 1 ) . In addition , the EBA - in co-operation with the EMI - is finalising the settlement arrangements in accordance with an EMI Council decision to allow the EBA to open a central settlement account at the ECB .
Ìüíï ç ÔñÜðåæá ôçò Ãáëëßáò Ý ÷ åé äçëþóåé ôçí ðñüèåóÞ ôçò íá áíïßîåé ôïðéêü ëïãáñéáóìü äéáêáíïíéóìïý ãéá ôçí ÔÅÅ ( ðñéí áðü ôïí Éïýíéï 1999 ) .
Only the Banque de France has indicated its intention to open a local settlement account for the EBA ( by June 1999 ) .
Çëåêôñïíéêü ÷ ñÞìá Ôï ÅÍÉ äéåîÞãáãå ôï 1997 ðåñáéôÝñù ìåëÝôç ó ÷ åôéêÜ ìå ôéò óõíÝðåéåò ôçò åìöÜíéóçò ôïõ çëåêôñïíéêïý ÷ ñÞìáôïò óôéò ïéêïíïìßåò ôùí ÷ ùñþí ôçò ÅÅ .
Electronic money In 1997 the EMI carried out a further study of the impact on EU economies of the emergence of electronic money . It took
Ôï ðüñéóìá ôçò ìåëÝôçò áðïôÝëåóå âÜóç ãéá ôç  Ãíùìïäüôçóç ôïõ Óõìâïõëßïõ ôïõ ÅÍÉ ó ÷ åôéêÜ ìå ôçí Ýêäïóç çëåêôñïíéêïý ÷ ñÞìáôïò  ôçò 2áò Ìáñôßïõ 1998 , ôï êåßìåíï ôçò ïðïßáò áíáðáñÜãåôáé óôï Ðëáßóéï 3 ôçò ðáñïýóáò ¸ êèåóçò .
The results of the study provided the basis for the « Opinion of the EMI Council on the issuance of electronic money » of 2 March 1998 , the text of which is reproduced in Box 3 of this Report .
Åðïðôåßá ôïõ ÓõóôÞìáôïò Óõìøçöéóìïý êáé Äéáêáíïíéóìïý óå ECU Êýñéï ìÝëçìá ôïõ ÅÍÉ Þôáí íá äéáóöáëßóåé üôé ëáìâÜíïíôáé åðáñêÞ ìÝôñá þóôå íá áíôáðïêñßíåôáé ðåñéóóüôåñï ôï óýóôçìá óôéò ðñïäéáãñáöÝò áóöáëåßáò ðïõ ðñïâëÝðïíôáé óôçí ¸ êèåóç ôçò ÏìÜäáò ôùí 10 ãéá ôá ÄéáôñáðåæéêÜ ÓõóôÞìáôá Óõìøçöéóìïý .
Administration of EMS mechanisms and Community loans Greece joined the ERM with effect from 16 March 1998 , which entailed compulsory participation in the ECU swap mechanism from that date .
Ôï ÅÍÉ ðáñáêïëïýèçóå åéäéêüôåñá ôï ðñïðáñáóêåõáóôéêü Ýñãï ôçò ÔÅÅ ó ÷ åôéêÜ ìå ôï Óýóôçìá Óõìøçöéóìïý êáé Äéáêáíïíéóìïý óå Åõñþ åí üøåé ôïõ Ôñßôïõ Óôáäßïõ ôçò ÏÍÅ ( ÅÕÑÙ 1 ) .
Since the Bank of Greece had been participating in the mechanism on a voluntary basis since January 1986 , ERM membership had no implications for the EMI 's ECU swap operations .
ÔÝëïò , óõíå ÷ ßóôçêå ç óõíåñãáóßá ìåôáîý ôùí ìçôñþùí ðéóôþóåùí ôçò ÅÅ , ìå êýñéï óôü ÷ ï ôï Üíïéãìá ôùí áíôßóôïé ÷ ùí ìçôñþùí óå äéáóõíïñéáêÞ âÜóç . Äéá ÷ åßñéóç ôùí ìç ÷ áíéóìþí ôïõ ÅÍÓ êáé ôùí êïéíïôéêþí äáíåßùí Ç ÅëëÜäá åíôÜ ÷ èçêå óôï ÌÓÉ áðü ôéò 16 Ìáñôßïõ 1998 .
Finally , co-operation among the EU credit registers continued with a view to pursuing the objective of the opening-up of the respective registers on a crossborder basis .
ÓõìâïõëåõôéêÝò ëåéôïõñãßåò Óôá ðëáßóéá ôùí óõìâïõëåõôéêþí ôïõ ëåéôïõñãéþí , ôï ÅÍÉ åîÝäùóå ðåíÞíôá äýï ãíùìïäïôÞóåéò êáôÜ ôï 1997 êáé ôï ðñþôï ôñßìçíï ôïõ 1998 óýìöùíá ìå ôï ¢ ñèñï 109 ÓÔ ( 6 ) ôçò ÓõíèÞêçò êáé ôï ¢ ñèñï 5.3 ôïõ Êáôáóôáôéêïý ôïõ Éäñýìáôïò . Óå ðïëëÝò ðåñéðôþóåéò , ïé ãíùìïäïôÞóåéò áöïñïýóáí ôçí ðñïóáñìïãÞ ôùí êáôáóôáôéêþí ôùí ÅèíÊÔ âÜóåé ôïõ ¢ ñèñïõ 108 ôçò ÓõíèÞêçò .
Advisory functions In the framework of its advisory functions , during 1997 and the first quarter of 1998 the EMI delivered opinions in fifty-two consultation procedures under Article 109f ( 6 ) and Article 5.3 of its Statute , in many cases on adaptations of statutes of NCBs under Article 108 of the Treaty .
Ðáñáêïëïýèçóç ôçò óõììüñöùóçò ìå ôçí áðáãüñåõóç íïìéóìáôéêÞò ÷ ñçìáôïäüôçóçò êáé ðñïíïìéáêÞò ðñüóâáóçò Ôï 1997 ôï ÅÍÉ óõíÝ ÷ éóå íá ðáñáêïëïõèåß êáôÜ ðüóïí ïé ÅèíÊÔ ôçñïýí ôéò õðï ÷ ñåþóåéò ôïõò âÜóåé ôùí ¢ ñèñùí 104 êáé 104 Á ôçò ÓõíèÞêçò êáé ôùí ó ÷ åôéêþí Êáíïíéóìþí ôïõ Óõìâïõëßïõ . Ôï ºäñõìá êáôÝëçîå óôï óõìðÝñáóìá üôé ïé ÅèíÊÔ ôçò ÅÅ åîáêïëïõèïýí íá ðëçñïýí ôéò ðñïûðïèÝóåéò ôçò ÓõíèÞêçò .
Monitoring of compliance with the prohibition on monetary financing and on privileged access In 1997 the EMI continued to monitor NCBs » fulfilment of their obligations under Articles 104 and 104a of the Treaty and related Council Regulations and concluded that the Treaty requirements continue to be respected by the EU NCBs .
¼ óåò áðÝìåíáí áðü ôéò áôÝëåéåò ðïõ åß ÷ áí åìöáíéóôåß êáôÜ ôç ìåôÜâáóç ðñïò ôéò íÝåò ñõèìßóåéò , êáèþò êáé ôá ôå ÷ íéêÜ ðñïâëÞìáôá ðïõ åß ÷ áí áíáêýøåé êáôÜ ôçí åöáñìïãÞ ôùí íÝùí êáíïíéóìþí , ôåëéêþò äéïñèþèçêáí óôéò áñ ÷ Ýò ôïõ 1997 . 13
Remaining imperfections which had appeared in the transition to the new arrangements , as well as technical problems which had occurred in the implementation of new regulations , were finally corrected at the beginning of 1997 .
KåöÜëáéï É
Chapter I
1 Ïéêïíïìéêü êáé ÷ ñçìáôïðéóôùôéêü ðåñéâÜëëïí ôï 1997 ðñïóäéïñéóôéêïß ðáñÜãïíôåò áõôÞò ôçò åðéâñÜäõíóçò Þôáí ç Üíïäïò ôçò ðáñáãùãéêüôçôáò êáé ç ðôþóç ôùí ôéìþí ôùí åéóáãïìÝíùí , ìåôáîý Üëëùí êáé ëüãù ôçò éó ÷ õñïðïßçóçò ôïõ äïëáñßïõ , êáèþò êáé ç êÜðùò ðåñéïñéóôéêüôåñç íïìéóìáôéêÞ ðïëéôéêÞ ðïõ áêïëïýèçóå ç ÏìïóðïíäéáêÞ ÔñÜðåæá áðü ôçí Üíïéîç .
1 Economic and financial background in 1997 1.1 Major developments outside the EU External environment remained robust 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 .
Ôï ïìïóðïíäéáêü äçìïóéïíïìéêü Ýëëåéììá ó ÷ åäüí åîáëåßöèçêå ôï 1997 , êõñßùò ëüãù ôçò äéüãêùóçò ôùí öïñïëïãéêþí åóüäùí ðïõ Þôáí áðüññïéá ôçò ïéêïíïìéêÞò ìåãÝèõíóçò . Óôçí Éáðùíßá , ï ñõèìüò ïéêïíïìéêÞò áíÜðôõîçò , åíþ ôï 1996 öÜíçêå íá åðéôá ÷ ýíåôáé , ôï 1997 ðáñÝìåéíå óôÜóéìïò .
The volume of world trade in goods and services increased sharply , at an estimated rate of 9.4% in 1997 , compared with 6.6% in 1996 . World output growth in 1997 amounted to 4.1% and output in the OECD countries is estimated to have risen by 3.0% .
Ðëáßóéï 1 ) êáé ôçò ÷ ñåïêïðßáò ïñéóìÝíùí éáðùíéêþí ÷ ñçìáôïðéóôùôéêþí éäñõìÜôùí .
This benign outcome for inflation was underpinned by a decline in oil prices during the course of the year and broadly stable non-oil commodity prices .
Ï ÷ áìçëüò ñõèìüò ôçò ïéêïíïìéêÞò áíÜðôõîçò ïäÞãçóå óå áýîçóç ôïõ ðïóïóôïý áíåñãßáò óôï 3,5% .
The United States continued to enjoy robust output and employment growth .
Ç ÔñÜðåæá ôçò Éáðùíßáò óõíÝ ÷ éóå íá áêïëïõèåß ÷ áëáñÞ íïìéóìáôéêÞ ðïëéôéêÞ äéáôçñþíôáò ôï åðßóçìï ðñïåîïöëçôéêü åðéôüêéï óôï ðñùôïöáíÝò ÷ áìçëü åðßðåäï ôïõ 0,5% , ìÝóá óå Ýíá ðåñéâÜëëïí ðïõ ÷ áñáêôçñéæüôáí áðü ôçí åðéâñÜäõíóç ôïõ ñõèìïý ôçò ïéêïíïìéêÞò
At the same time , inflationary pressures remained moderate , with CPI inflation declining over the course of the year to reach an average of 2.3% .
1.1 Ïé êõñéüôåñåò åîåëßîåéò åêôüò ÅÅ Ôï åîùôåñéêü ðåñéâÜëëïí ðáñÝìåéíå åõíïúêü Ïé äéåèíåßò ïéêïíïìéêÝò óõíèÞêåò ðáñÝìåéíáí óå ãåíéêÝò ãñáììÝò åõíïúêÝò ôï 1997 , ìå óçìáíôéêÞ åîáßñåóç ôéò åîåëßîåéò óôçí Áóßá ôï äåýôåñï åîÜìçíï ôïõ Ýôïõò .
Rising productivity and falling import prices , owing to , inter alia , the strength of the US dollar , were the main underlying factors , together with a modest tightening of monetary policy in the spring by the Federal Reserve .
Ï üãêïò ôïõ äéåèíïýò åìðïñßïõ áãáèþí êáé õðçñåóéþí óçìåßùóå Ýíôïíç Üíïäï , ìå åêôéìþìåíï ñõèìü 9,4% ôï 1997 , Ýíáíôé 6,6% ôï 1996 .
The federal fiscal deficit was almost eliminated in 1997 , partly due to a growthinduced surge in tax revenues . Whereas growth in Japan appeared to gain momentum during 1996 , it stalled during 1997 .
Ç ðáãêüóìéá ðáñáãùãÞ óçìåßùóå Üíïäï êáôÜ 4,1% , åíþ åêôéìÜôáé üôé ç ðáñáãùãÞ ôùí ÷ ùñþí ôïõ ÏÏÓÁ áõîÞèçêå êáôÜ 3,0% .
Output fell sharply in the second quarter , reflecting a decline in private spending as the fiscal stance was tightened .
Åéäéêüôåñá , ï ðëçèùñéóìüò , ìåôñïýìåíïò âÜóåé ôïõ ÄÔÊ , ãé  áõôÞ ôçí ïìÜäá ÷ ùñþí ( åêôüò áðü ôéò ëåãüìåíåò ÷ þñåò ìå õøçëü ðëçèùñéóìü2 ) õðï ÷ þñçóå óôï 2 % êáôÜ ìÝóï üñï ôï 1997 , ôï ÷ áìçëüôåñï åðßðåäï åäþ êáé ôñåéò äåêáåôßåò êáé ðëÝïí . Óôçí åõíïúêÞ áõôÞ åîÝëéîç ôïõ ðëçèùñéóìïý ôï 1997 óõíÝâáëå ç ìåßùóç ôùí ôéìþí ôïõ ðåôñåëáßïõ óôç äéÜñêåéá ôïõ Ýôïõò , áëëÜ êáé ôï ãåãïíüò üôé ïé ôéìÝò ôùí ëïéðþí åìðïñåõìÜôùí ðáñÝìåéíáí ó ÷ åäüí áìåôÜâëçôåò .
The only stimulus to output growth was provided by the external sector , reflecting the Japanese yen 's depreciation against the dollar and buoyant foreign demand . The Bank of Japan 's accommodating monetary policy stance was maintained , with the official discount rate remaining at a record low level of 0.5% against the background of growth slowing to around 0.9% , while average CPI inflation remained relatively subdued throughout the year , rising to 1.7% .
Ï ñõèìüò áýîçóçò ôïõ ðñïúüíôïò åðéôá ÷ ýíèçêå óå 3,8% ( âë . ÄéÜãñáììá 1 ) , ðñïêáëþíôáò ðåñáéôÝñù êÜìøç ôïõ ðïóïóôïý áíåñãßáò óå åðßðåäï 4,6% ôï ÍïÝìâñéï 1997 , ôï ÷ áìçëüôåñï áðü ôï 1973 .
Economic growth in eastern and southern Asia slowed as the financial turmoil in the region increased uncertainty ( see Box 1 ) . In China , however , a high rate of output growth was sustained , while inflation remained subdued ;
Ôáõôü ÷ ñïíá , ïé ðëçèùñéóôéêÝò ðéÝóåéò ðáñÝìåéíáí ìÝôñéåò , ï ðëçèùñéóìüò ( ìå âÜóç ôï ÄÔÊ ) åðéâñáäýíèçêå óôç äéÜñêåéá ôïõ Ýôïõò êáé äéáìïñöþèçêå óôï 2,3% óå ìÝóá åðßðåäá . Êõñéüôåñïé
meanwhile , activity weakened moderately in both Australia and New Zealand . The transition economies as a group experienced positive output growth in 1997 for the first time since the beginning of the 1990s , albeit of less than 2 % on average .
Ïñßæïíôáé ùò ïé ÷ þñåò åêåßíåò ðïõ Ý ÷ ïõí óçìåéþóåé ìÝóï ñõèìü ðëçèùñéóìïý 10 % Þ õøçëüôåñï áðü ôçí áñ ÷ Þ ôçò äåêáåôßáò ôïõ 1990 ìÝ ÷ ñé óÞìåñá ( ÐçãÞ : ÏÏÓÁ , Economic Outlook , ÄåêÝìâñéïò 1997 ) .
Defined as those countries which have recorded an average rate of inflation of 10 % or more thus far in the 1990s ( source : OECD Economic Outlook , December 1997 ) .
áíÜðôõîçò óå 0,9% ðåñßðïõ ôï 1997 , åíþ ï ðëçèùñéóìüò ( ÄÔÊ ) ðáñÝìåéíå ó ÷ åôéêÜ óõãêñáôçìÝíïò óå üëç ôç äéÜñêåéá ôïõ Ýôïõò , ìå ìÝóï ñõèìü 1,7% .
Russia 's output appears to have grown modestly . In the Czech Republic growth slowed sharply and the currency was devalued as a result of foreign exchange market pressures .
Óôéò ÷ ñçìáôïðéóôùôéêÝò áãïñÝò ôçò ÔáúëÜíäçò óôá ìÝóá ôïõ 1997 åêäçëþèçêå áíáôáñá ÷ Þ , ç ïðïßá ãñÞãïñá åîáðëþèçêå óå ïñéóìÝíåò Üëëåò ÷ þñåò ôçò ÍïôéïáíáôïëéêÞò Áóßáò êáé ôåëéêÜ Ýöèáóå ìÝ ÷ ñé ôç Äçìïêñáôßá ôçò ÊïñÝáò .
The pace of economic growth in the developing countries was maintained at slightly below 6 % in 1997 , albeit with below-average growth in Africa of around 3 %. Economic growth in Central and South America , however , picked up considerably .
Ç ïéêïíïìéêÞ áíÜðôõîç óôéò ÷ þñåò ôçò áíáôïëéêÞò êáé íüôéáò Áóßáò åðéâñáäýíèçêå , äåäïìÝíïõ üôé ç áíáôáñá ÷ Þ óôéò ÷ ñçìáôïðéóôùôéêÝò áãïñÝò äçìéïýñãçóå ìåãáëýôåñç áâåâáéüôçôá ( âë . Ðëáßóéï 1 ) .
Inflation in the developing countries as a whole slowed to 8.5% , and in the transition economies it fell below 30 %. competitiveness and financial stability of the turmoil in South-East Asia and the Republic of Korea as well as safe-haven flows into US dollars in connection with the Asian crisis ( see Box 1 ) .
Óôéò ïéêïíïìßåò ðïõ âñßóêïíôáé óå ìåôáâáôéêü óôÜäéï , ï ñõèìüò áýîçóçò ôïõ ðñïúüíôïò Þôáí ôï 1997 èåôéêüò , ãéá ðñþôç öïñÜ áðü ôçí áñ ÷ Þ ôçò äåêáåôßáò ôïõ 1990 , áí êáé ÷ áìçëüôåñïò áðü 2 % êáôÜ ìÝóï üñï .
In respect of changes in nominal effective exchange rates , the nominal effective exchange rate of the dollar against twentysix trading partners appreciated by 13 % in 1997 , while those of the Deutsche Mark and the yen depreciated by 2.6% and 1.9% respectively .
Óôéò áíáðôõóóüìåíåò ÷ þñåò , ï ñõèìüò ïéêïíïìéêÞò áíüäïõ äéáôçñÞèçêå óå åðßðåäï åëáöñþò ÷ áìçëüôåñï ôïõ 6 % ôï 1997 , áí êáé óôçí ÁöñéêÞ Þôáí ãýñù óôï 3 %.
The relatively small effective depreciation of the yen reflected an offsetting movement against the South-East Asian currencies and the Korean won .
Óôçí ÊåíôñéêÞ êáé Íüôéï ÁìåñéêÞ üìùò , ðáñáôçñÞèçêå áîéüëïãç áíÜêáìøç ôçò ïéêïíïìßáò ôï 1997 . ÓõíïëéêÜ óôéò áíáðôõóóüìåíåò ÷ þñåò ï ðëçèùñéóìüò åðéâñáäýíèçêå óå 8,5% , åíþ óôéò ïéêïíïìßåò óå ìåôáâáôéêü óôÜäéï õðï ÷ þñçóå óå åðßðåäï êÜôù ôïõ 30 %.
In the case of Germany , the depreciation of the Deutsche Mark against the dollar contrasted with broadly stable exchange rates vis-à-vis the European currencies , which carry a far greater aggregate weight than the non-European currencies in the overall effective exchange rate index .
ÁíáêáôáôÜîåéò óôéò äéåèíåßò áãïñÝò óõíáëëÜãìáôïò Ôï 1997 ÷ áñáêôçñßóôçêå áðü ôçí Ýíôïíç áíáôßìçóç ôïõ äïëáñßïõ ÇÐÁ Ýíáíôé ôïõ ìÜñêïõ Ãåñìáíßáò ( êáôÜ 15,2% óå 1,79 ìÜñêá ) êáé ôïõ ãéåí Éáðùíßáò ( êáôÜ 11,8% óå 130 ãéåí ) , êáèþò êáé áðü ôç óçìáíôéêÞ õðïôßìçóç ïñéóìÝíùí áóéáôéêþí íïìéóìÜôùí ( âë .
Shifts in global foreign exchange markets 1997 was characterised by a strong appreciation of the US dollar against both the Deutsche Mark ( by 15.2% to DEM 1.79 ) and the Japanese yen ( by 11.8% to JPY 130 ) .
Ðëáßóéï 1 ) .
The year was also marked by a substantial depreciation of certain Asian currencies ( see Box 1 ) .
¸ íáíôé ôïõ ìÜñêïõ Ãåñìáíßáò , ôï äïëÜñéï áíáôéìÞèçêå áðü 1,55 ìÜñêá óå 1,79 ìÜñêá óôç äéÜñêåéá ôïõ 1997 .
Against the Deutsche Mark , the dollar appreciated from DEM 1.55 to DEM 1.79 in the course of the year .
üôáí ç ÏìïóðïíäéáêÞ ÔñÜðåæá ôùí ÇÐÁ õéïèÝôçóå ðéï ðåñéïñéóôéêÞ íïìéóìáôéêÞ ðïëéôéêÞ óôï ôÝëïò Ìáñôßïõ 1997 . Ç ãåíéêÞ áíïäéêÞ ôÜóç ôïõ äïëáñßïõ äéáêüðçêå ðñïóùñéíÜ óôï äéÜóôçìá áðü ôá ìÝóá Áõãïýóôïõ Ýùò ôéò áñ ÷ Ýò Íïåìâñßïõ êáèþò åîáóèåíïýóáí ïé ðñïóäïêßåò ãéá áðüöáóç ôçò ÏìïóðïíäéáêÞò ÔñÜðåæáò íá õéïèåôÞóåé áêüìç áõóôçñüôåñç íïìéóìáôéêÞ ðïëéôéêÞ , åíþ ïé áãïñÝò , âëÝðïíôáò üôé áñ ÷ ßæïõí íá åêäçëþíïíôáé ðéÝóåéò óôéò ôéìÝò óôç Ãåñìáíßá , áíÝìåíáí íá áóêçèåß ðéï ðåñéïñéóôéêÞ íïìéóìáôéêÞ ðïëéôéêÞ ( üðùò êáé Ýãéíå , áðü 9 Ïêôùâñßïõ 1997 ) .
The overall upward trend was temporarily interrupted between mid-August and early November as expectations of a further tightening by the Federal Reserve faded , while incipient price pressures in Germany prompted markets to expect a monetary tightening ( which indeed took place on 9 October ) . Thereafter , expectations of further tightening in Germany diminished , enabling the dollar to recommence its ascent .
Óôç óõíÝ ÷ åéá , ïé ðñïóäïêßåò áõôÝò åîáóèÝíçóáí , åðéôñÝðïíôáò óôï äïëÜñéï íá åðáíáëÜâåé ôçí áíïäéêÞ ôïõ ðïñåßá . ÊáôÜ ôç äéÜñêåéá ôïõ 1997 , ôï äïëÜñéï áíáôéìÞèçêå åðßóçò áéóèçôÜ Ýíáíôé ôïõ ãéåí , áðü 116 óå 130 ãéåí .
During 1997 the dollar also appreciated markedly against the Japanese yen , from JPY 116 to JPY 130 . Overall , the evolution of the dollar-yen rate reflected a pessimistic economic outlook in Japan and , later in the year , the negative repercussions on Japanese
ÃåíéêÜ , ç åîÝëéîç ôçò éóïôéìßáò äïëáñßïõãéåí áíôáíáêëïýóå ôéò äõóïßùíåò ðñïïðôéêÝò ôçò éáðùíéêÞò ïéêïíïìßáò êáé , ðñïò ôïõò ôåëåõôáßïõò ìÞíåò ôïõ Ýôïõò , ôïí áñíçôéêü áíôßêôõðï ðïõ åß ÷ å óôçí áíôáãùíéóôéêüôçôá ôçò Éáðùíßáò êáé ôç óôáèåñüôçôá ôïõ ÷ ñçìáôïðéóôùôéêïý ôçò óõóôÞìáôïò ç áíáôáñá ÷ Þ óôç ÍïôéáíáôïëéêÞ Áóßá êáé ôç Äçìïêñáôßá ôçò ÊïñÝáò , êáèþò êáé ôçí åéóñïÞ êåöáëáßùí ðñïò ôï äïëÜñéï ÇÐÁ ìåôÜ ôçí áóéáôéêÞ êñßóç ( âë . Ðëáßóéï 1 ) .
International bond yields declined In 1997 US bond yields fell by 68 basis points from 6.43 to 5.75% , a development which masks two distinct phases during the year . By mid-April yields had risen by almost 60 basis points to reach a peak of 6.98% against the background of a further tightening of labour market conditions and accelerating growth .
ÄéÜãñáììá 1
Chart 1
Êõñéüôåñåò åîåëßîåéò óôéò óçìáíôéêüôåñåò âéïìç ÷ áíéêÝò ïéêïíïìßåò Áýîçóç ðáñáãùãÞò ÅÅ-15 Éáðùíßá
Main developments in major industrialised economies Output growth ( quarterly data ; annual percentage changes ) EU-15 Japan 6 United States
( óôïé ÷ åßá ôñéìÞíïõ , åôÞóéåò åêáôïóôéáßåò ìåôáâïëÝò ) ÇÐÁ Ðëçèùñéóìüò ( á ) ÅÅ-15 Éáðùíßá
Inflation rates ( a ) ( quarterly data ; annual percentage changes ) EU-15 Japan 6 6 United States
( á ) Ôá óôïé ÷ åßá ãéá ôçí ÅÅ-15 õðïëïãßóôçêáí ìå âÜóç ôç ÄõôéêÞ Ãåñìáíßá Ýùò ôï ôÝëïò ôïõ 1993 êáé ôçí åíéáßá Ãåñìáíßá áðü ôï 1994 êáé ìåôÜ .
( a ) EU-15 calculated using western Germany up to end-1993 , unified Germany thereafter .
ÇíùìÝíï Âáóßëåéï : ÄÔÊ ÷ ùñßò ôüêïõò óôåãáóôéêþí äáíåßùí ( PRIX ) .
United Kingdom : CPI excluding mortgage interest payments ( RPIX ) .
( ã ) ÌÜñêá áíÜ äïëÜñéï êáé ãéåí áíÜ äïëÜñéï . 20
( c ) Deutsche Mark per dollar and Japanese yen per dollar .
ÌÜëéóôá ôï ãéåí áíáôéìÞèçêå Ýíôïíá , öèÜíïíôáò óå åðßðåäá ðáñáðëÞóéá åêåßíùí ðïõ åß ÷ áí óçìåéùèåß óôçí áñ ÷ Þ ôïõ Ýôïõò . ¼ óïí áöïñÜ ôéò ìåôáâïëÝò ôùí ïíïìáóôéêþí óôáèìéóìÝíùí óõíáëëáãìáôéêþí éóïôéìéþí , ôï äïëÜñéï ÇÐÁ óå üñïõò ïíïìáóôéêÞò óôáèìéóìÝíçò óõíáëëáãìáôéêÞò éóïôéìßáò Ýíáíôé 26 åìðïñéêþí åôáßñùí ôùí ÇÐÁ áíáôéìÞèçêå êáôÜ 13 % ôï 1997 , åíþ ôï ìÜñêï Ãåñìáíßáò êáé ôï ãéåí õðïôéìÞèçêáí êáôÜ 2,6% êáé 1,9% áíôßóôïé ÷ á .
were reflected in a steepening of the slope of the US yield curve and prompted a rise of 25 basis points in the Federal funds rate towards the end of March , the first since February 1995 , taking the rate to 5.5% .
Ïé áðïäüóåéò ôùí äéåèíþí ïìïëüãùí ìåéþèçêáí Ôï 1997 ïé áðïäüóåéò ôùí áìåñéêáíéêþí ïìïëüãùí ìåéþèçêáí êáôÜ 0,68 ôçò åêáôïóôéáßáò ìïíÜäáò , áðü 6,43% óå 5,75% , åîÝëéîç ðïõ óõíôåëÝóôçêå óå äýï äéáöïñåôéêÝò öÜóåéò óôç äéÜñêåéá ôïõ Ýôïõò .
The virtual elimination of the public sector deficit in the United States and the decline in the debt ratio in 1997 further supported the decline in long-term interest rates .
Ïé óõíèÞêåò áõôÝò åíßó ÷ õáí ôéò ðëçèùñéóôéêÝò ðñïóäïêßåò , ðïõ áíôéêáôïðôñßæïíôáí óôçí áðüôïìç êëßóç ôçò êáìðýëçò áðïäüóåùí ôùí áìåñéêáíéêþí ïìïëüãùí , êáé ïäÞãçóáí ôçí ÏìïóðïíäéáêÞ ÔñÜðåæá ôùí ÇÐÁ íá áõîÞóåé ôï äéáôñáðåæéêü åðéôüêéï ( ôï ïðïßï åß ÷ å ìåßíåé áìåôÜâëçôï áðü ôï ÖåâñïõÜñéï 1995 ) êáôÜ 0,25 ôçò åêáôïóôéáßáò ìïíÜäáò óå 5,5% ðñïò ôï ôÝëïò Ìáñôßïõ .
Towards the end of the year , the fall in yields accelerated as the Asian financial crisis motivated safehaven flows out of the region and into relatively less risky assets such as US bonds .
Åí ôù ìåôáîý , ç êñßóç äçìéïõñãïýóå êáé ðñïóäïêßåò üôé ôá åðßóçìá åðéôüêéá ôùí ÇÐÁ äåí èá áõîçèïýí , åðåéäÞ ç áíáôáñá ÷ Þ åõíïïýóå ôç ìåßùóç ôïõ ðëçèùñéóìïý , áëëÜ êáé åðåéäÞ õðÞñ ÷ áí áíçóõ ÷ ßåò ãéá ôç óôáèåñüôçôá ôïõ ðáãêüóìéïõ ÷ ñçìáôïðéóôùôéêïý óõóôÞìáôïò . Óôçí Éáðùíßá , ôá ìáêñïðñüèåóìá åðéôüêéá ìåéþèçêáí ôï 1997 êáôÜ 0,91 ôçò åêáôïóôéáßáò ìïíÜäáò óå 1,66% , äçë .
Long-term interest rates in Japan declined by 91 basis points during the year to reach 1.66% , an unprecedentedly low level by both domestic and international historical standards , while real long-term interest rates measured ex post became significantly negative towards the end of the year and the slope of the yield curve became less steep .
Ðëáßóéï 1
Box 1
Ç åîÝëéîç ôçò áóéáôéêÞò êñßóçò ôïõ 1997 Ôï 1997 óçìåéþèçêå ðñùôïöáíÞò áíáôáñá ÷ Þ óôéò ÷ ñçìáôïðéóôùôéêÝò áãïñÜò êáé óôéò áãïñÝò óõíáëëÜãìáôïò ïñéóìÝíùí áóéáôéêþí ÷ ùñþí .
Evolution of the Asian crisis in 1997 1997 witnessed unprecedented currency and financial market turmoil in a number of Asian countries .
Ôï ìðá ÷ ô ÔáúëÜíäçò õðÝóôç óïâáñÝò ðéÝóåéò , ðïõ ïäÞãçóáí óôçí áðïóýíäåóÞ ôïõ ôïí Éïýëéï 1997 , ìåôÜ áðü 13 Ýôç ðñüóäåóçò , áðü ìéá äÝóìç íïìéóìÜôùí ìå óçìáíôéêüôåñï ôï äïëÜñéï .
Severe pressures on the Thai baht led to the floating of the currency in July 1997 , ending a 13-year peg to a dollar-dominated basket .
Áðü ôç óõíïëéêÞ åðéóêüðçóç ôùí åîåëßîåùí óôï äåýôåñï åîÜìçíï ôïõ 1997 ( âë . ðßíáêá ) ðñïêýðôåé üôé Þôáí ïñáôÜ ïñéóìÝíá êïéíÜ ÷ áñáêôçñéóôéêÜ .
Looking at developments in the second half of 1997 as a whole ( see table ) , a number of common characteristics were discernible .
Äåýôåñïí , ôá âñá ÷ õðñüèåóìá åðéôüêéá áõîÞèçêáí êáôÜ ðïëý , óôçí ðñïóðÜèåéá íá äéáôçñçèåß ç ðñüóäåóç ôùí íïìéóìÜôùí êáé , ìïëïíüôé óôç óõíÝ ÷ åéá ôá åðéôüêéá ìåéþèçêáí óçìáíôéêÜ óôï ôÝëïò ôïõ 1997 , ðáñÝìåéíáí õøçëüôåñá áðü ôá åðßðåäá ôïõ Éïõëßïõ , áíôáíáêëþíôáò ðñïóäïêßåò ãéá ðåñáéôÝñù Ýíôïíåò õðïôéìÞóåéò ôùí íïìéóìÜôùí .
end of 1997 , they remained above early July levels , reflecting expectations of further substantial exchange rate depreciations .
Ç áõîçìÝíç áâåâáéüôçôá Þôáí åðßóçò öáíåñÞ áðü ôç óçìáíôéêÞ áýîçóç ôçò ìåôáâëçôüôçôáò ôùí åîù ÷ ñçìáôéóôçñéáêþí ôéìþí ôùí ÷ ñçìáôïïéêïíïìéêþí äéêáéùìÜôùí ( option ) óôá åí ëüãù íïìßóìáôá .
An increase in uncertainty was also evident from the significant increase in implied volatility in over-the-counter option prices on these currencies .
Ôñßôïí , ïé ÷ ñçìáôéóôçñéáêïß äåßêôåò êáôÝññåõóáí èåáìáôéêÜ , óçìåéþíïíôáò ðôþóç áðü 10 % Ýùò ó ÷ åäüí 50 %.
Third , stock market indices collapsed by substantial amounts ranging from 10 % to almost 50 %.