natgillin/translations-raw huggingface dataset:
ÅðéðëÝïí , ç èåóìéêÞ ßäñõóç ôçò ÅÊÔ êáé ôïõ ÅÓÊÔ áðáßôçóå ôçí ðñïåôïéìáóßá êáé ôçí õéïèÝôçóç ðïéêßëùí íïìéêþí ðñÜîåùí êáé åããñÜöùí , üðùò ç Óõìöùíßá Êåíôñéêþí ÊáôáóôçìÜôùí ìå ôç ÷ þñá üðïõ åäñåýåé ç ÅÊÔ êáé ï Åóùôåñéêüò Êáíïíéóìüò ôçò ÅÊÔ . ÍïìéêÜ æçôÞìáôá Äñáóôçñéüôçôåò åóùôåñéêÞò åðéèåþñçóçò Ôá êñÜôç-ìÝëç Þôáí õðï ÷ ñåùìÝíá , óýìöùíá ìå ôï ¢ ñèñï 108 ôçò ÓõíèÞêçò , íá åîáëåßøïõí ôéò áóõìâáôüôçôåò ôùí åèíéêþí íïìïèåóéþí ôïõò  óõìðåñéëáìâáíïìÝíùí ôùí êáôáóôáôéêþí ôùí ÅèíÊÔ ôïõò  ðñïò ôç ÓõíèÞêç êáé ôï Êáôáóôáôéêü ôïõ ÅÓÊÔ , ôï áñãüôåñï ìÝ ÷ ñé ôçí çìåñïìçíßá ßäñõóçò ôïõ ÅÓÊÔ .
In the European context , the close co-operation already existing with other institutions of the European Union has been further consolidated , in particular with the European Parliament , the EU Council , the Euro-11 group , the European Commission and the Monetary Committee . At the international level the ECB is represented at the IMF and at the OECD , in the meetings of the G7 and G10 Ministers and Governors and in the meetings of the G10 Governors and their Committees organised under the auspices of the BIS .
Óôçí ¸ êèåóç Óýãêëéóçò , ôï ÅÍÉ óõìðÝñáíå üôé , ìå åîáßñåóç ôç Äáíßá ( ç íïìïèåóßá ôçò ïðïßáò äåí áðáéôïýóå ðñïóáñìïãÞ ) êáé ôï ÇíùìÝíï Âáóßëåéï ( ôï ïðïßï åîáéñåßôáé áðü ôéò õðï ÷ ñåþóåéò ôïõ ¢ ñèñïõ 108 ôçò ÓõíèÞêçò ) , ðñáãìáôïðïéåßôï ìéá íïìïèåôéêÞ äéáäéêáóßá óå ïëüêëçñç ôçí ÅõñùðáúêÞ ¸ íùóç ðïõ óôü ÷ ï åß ÷ å ôçí ðñïåôïéìáóßá ôùí ÅèíÊÔ ãéá ôï Ôñßôï ÓôÜäéï Ïé äñáóôçñéüôçôåò åóùôåñéêÞò åðéèåþñçóçò åßíáé äéôôÝò : áìéãþò åóùôåñéêÝò êáé ó ÷ åôéêÝò ìå ôï ÅÓÊÔ .
In a bilateral context , relations are being developed with non-EU central banks . ECB Annual Report -* 1998
ÅôÞóéá ¸ êèåóç ÅÊÔ -* 1998 ÅÓÊÔ , ôéò ïðïßåò óõíôïíßæåé ç ÅðéôñïðÞ Åóùôåñéêþí Åðéèåùñçôþí ( ÅÅÅ ) .
ESCB common infrastructures are reviewed within the framework of EU-wide cooperation among the ESCB 's Internal Audit functions , which are co-ordinated within the Internal Auditors Committee ( IAC ) .
Ôï ðåäßï äñáóôçñéïôÞôùí ôçò ÅÅÅ äéåõñýíèçêå óôáäéáêÜ êáôÜ ôç äéÜñêåéá ôïõ 1998 . ÌåôÜâáóç óôï åõñþ Ç ìåôÜâáóç ôçò ôñáðåæéêÞò êáé ÷ ñçìáôïðéóôùôéêÞò êïéíüôçôáò áðü ôá óõììåôÝ ÷ ïíôá åèíéêÜ íïìßóìáôá óôï åõñþ ôñåéóÞìéóé ìüíï çìÝñåò ìåôÜ ôïí áìåôÜêëçôï êáèïñéóìü ôùí óõíôåëåóôþí ìåôáôñïðÞò ôïõ åõñþ èåùñÞèçêå áîéüëïãç åðéôõ ÷ ßá .
The scope of the activities of the IAC was progressively extended during 1998 .
Ç ïìáëÞ ìåôÜðôùóç üëùí ôùí çëåêôñïíéêþí óõóôçìÜôùí êáé äéáäéêáóéþí áðÝäåéîå ôçí ðïéüôçôá ôùí ðñïðáñáóêåõáóôéêþí åñãáóéþí ðïõ äéåîÞ ÷ èçóáí ôïõò ôåëåõôáßïõò ìÞíåò êáé Ýôç , ôüóï áðü ôïí ôñáðåæéêü êáé ÷ ñçìáôïðéóôùôéêü êëÜäï üóï êáé áðü ôéò êåíôñéêÝò ôñÜðåæåò . Åðßóçò áíôáíáêëÜ ôçí åíôáôéêÞ ðñïðáñáóêåõáóôéêÞ åñãáóßá ðïõ äéåîÞ ÷ èç êáôÜ ôç äéÜñêåéá ôïõ 1998 õðü ôçí êáèïäÞãçóç áñ ÷ éêÜ ôïõ ÅÍÉ êáé êáôüðéí ôçò ÅÊÔ .
carried out during 1998 under the guidance of the EMI and , later , the ECB .
Áðü ôïí ÉáíïõÜñéï ôïõ 1999 ç ÅÊÔ åêäßäåé ôï Ìçíéáßï Äåëôßï , ôï ïðïßï ðñïïñßæåôáé íá áðïôåëÝóåé Ýíá áðü ôá âáóéêÜ åñãáëåßá ôçò ÅÊÔ ãéá ôçí áíÜëõóç ôùí ïéêïíïìéêþí åîåëßîåùí óôç æþíç ôïõ åõñþ êáé ôçí åðåîÞãçóç ôçò åíéáßáò íïìéóìáôéêÞò ðïëéôéêÞò ôïõ ÅõñùóõóôÞìáôïò .
Since January 1999 the ECB has produced a Monthly Bulletin , which is intended to be one of the ECB 's main tools for analysing economic developments in the euro area and explaining the single monetary policy of the Eurosystem .
Ç ÅôÞóéá ¸ êèåóç ôçò ÅÊÔ êáé ôï Ìçíéáßï Äåëôßï ( êáèþò êáé ðïëëÝò Üëëåò äçìïóéåýóåéò ) ðáñÜãïíôáé êáé óôéò 11 åðßóçìåò ãëþóóåò ôçò ÅÅ êáé äéáôßèåíôáé óå ìåãÜëï áñéèìü åíäéáöåñïìÝíùí óå ïëüêëçñç ôç æþíç ôïõ åõñþ , áëëÜ êáé ðÝñáí áõôÞò , ìÝóù ôçò óåëßäáò ôçò ÅÊÔ óôï ºíôåñíåô ( http://www.ecb.int ) êáé óôéò óåëßäåò ôùí ÅèíÊÔ óôï ºíôåñíåô .
The ECB 's Annual Report and the Monthly Bulletin ( as well as many other publications ) are produced in all 11 official EU languages and made widely available throughout the euro area and beyond on the ECB 's Web site ( http://www.ecb.int ) and on the Web sites of the NCBs .
¢ ëëåò äñáóôçñéüôçôåò ôïõ ÅÓÊÔ Çëåêôñïíéêü ÷ ñÞìá Ôïí Áýãïõóôï ôïõ 1998 ç ÅÊÔ äçìïóßåõóå ôçí ¸ êèåóç ãéá ôï çëåêôñïíéêü ÷ ñÞìá .
Changeover to the euro The transition to the euro by the banking and financial sectors of the participating Member States in only three and a half days after the irrevocable fixing of the euro conversion rates was deemed to be a remarkable success .
Ðéï óõãêåêñéìÝíá , ç ¸ êèåóç åðéâåâáéþíåé ôéò áðüøåéò ðïõ åîÝöñáóå ôï ÅÍÉ ôï 1994 , óýìöùíá ìå ôéò ïðïßåò ïé åêäüôåò çëåêôñïíéêïý ÷ ñÞìáôïò èá ðñÝðåé íá åßíáé ðéóôùôéêÜ éäñýìáôá . Åðßóçò åðéóçìáßíåé ôïõò ëüãïõò ãéá ôïõò ïðïßïõò ôï
The Report addresses the reasons why the issuance of electronic money should be regulated and states the minimum requirements for electronic money issuers and desirable objectives . In particular , the Report confirms the views expressed by the EMI in 1994 , according to which issuers of electronic money should be credit institutions .
Åðïðôåßá ôïõ ÓõóôÞìáôïò Óõìøçöéóìïý êáé Äéáêáíïíéóìïý óå ECU Óôç äéÜñêåéá ôïõ 1998 ç äñáóôçñéüôçôá ôçò ÔñáðåæéêÞò ¸ íùóçò ãéá ôï Åõñþ ( ÔÅÅ ) åðéêåíôñþèçêå êõñßùò óôï ðñïðáñáóêåõáóôéêü Ýñãï ãéá ôï Óýóôçìá Óõìøçöéóìïý óå Åõñþ ( Åõñþ 1 ) , ôï ïðïßï äéá ÷ åéñßæåôáé ç íåïúäñõèåßóá Åôáéñßá Óõìøçöéóìïý ôçò ÔÅÅ .
It also indicates why electronic money should be redeemable . Oversight of the ECU Clearing and Settlement System During 1998 the activity of the Euro Banking Association ( EBA ) focused mainly on the preparatory work for the Euro Clearing System ( Euro 1 ) run by the newly created EBA Clearing Company .
Ôï Åõñþ 1 Üñ ÷ éóå íá äéåîÜãåé ðñÜîåéò óõìøçöéóìïý êáé äéáêáíïíéóìïý óôéò 4 Éáíïõáñßïõ 1999 , åíþ ç ÅÊÔ åíåñãåß ùò ðñÜêôïñáò äéáêáíïíéóìïý êáé ùò êÜôï ÷ ïò áðïèÝìáôïò ñåõóôüôçôáò ãéá ëïãáñéáóìü ôïõ Åõñþ 1 .
Euro 1 started clearing and settlement operations on 4 January 1999 , with the ECB acting as the settlement agent and holder of a liquidity pool for Euro I. 12
2 ôçò ÓõíèÞêçò , ç ÅÊÔ áíÝëáâå ôá êáèÞêïíôá ôïõ ÅÍÉ ðïõ ó ÷ åôßæïíôáé ìå ôç äéá ÷ åßñéóç ôùí ìç ÷ áíéóìþí ôïõ Åõñùðáúêïý Íïìéóìáôéêïý ÓõóôÞìáôïò ( ÅÍÓ )  äçë . ôïõ ìç ÷ áíéóìïý Ðïëý Âñá ÷ õðñüèåóìçò × ñçìáôïäüôçóçò ( ÐÂ ×) , ôïõ ìç ÷ áíéóìïý Âñá ÷ õðñüèåóìçò ÍïìéóìáôéêÞò ÓôÞñéîçò , ôçò äçìéïõñãßáò ECU óå åöáñìïãÞ ôçò Óõìöùíßáò ôïõ ÅÍÓ  êáé ôç äéá ÷ åßñéóç ôùí äáíåéïëçðôéêþí êáé äáíåéïäïôéêþí ðñÜîåùí ðïõ óõíÜðôåé ç Êïéíüôçôá âÜóåé ôïõ ìç ÷ áíéóìïý Ìåóïðñüèåóìçò ÏéêïíïìéêÞò Åíßó ÷ õóçò .
Administration of EMS mechanisms and Community loans Under Article 109l ( 2 ) of the Treaty , the ECB took over the tasks of the EMI related to the administration of the mechanisms of the European Monetary System ( EMS ) -- the Very Short-Term Financing ( VSTF ) mechanism , the Short-Term Monetary Support mechanism , the creation of ECUs for the purpose of implementing the EMS Agreement and the administration of borrowing and lending operations concluded by the Community under the Medium-Term Financial Assistance mechanism .
Óýìöùíá ìå ôï ¢ ñèñï 23.2 ôïõ Êáôáóôáôéêïý ôïõ ÅÍÉ êáé ôï ¢ ñèñï 20 ôçò Óõìöùíßáò ãéá ôï ÅÍÓ , ï ìç ÷ áíéóìüò äçìéïõñãßáò ECU Ýíáíôé ÷ ñõóïý êáé äïëáñßùí ÇÐÁ åß ÷ å êáôáñãçèåß ôçí ðñþôç çìÝñá ôïõ Ôñßôïõ Óôáäßïõ ôçò ÏÍÅ .
In accordance with Article 23.2 of the EMI Statute and Article 20 of the EMS Agreement , the mechanism for the creation of ECUs against gold and US dollars was unwound by the first day of the third stage of EMU .
¼ ðùò ðñïâëÝðåôáé óôï ¢ ñèñï 23.3 ôïõ Êáôáóôáóôéêïý ôïõ ÅÍÉ , ïðïéáäÞðïôå õöéóôÜìåíç ìÝ ÷ ñé ôüôå áðáßôçóç êáé ïöåéëÞ ðïõ ðñïÝêõðôå áðü ôï ìç ÷ áíéóìü ÐÂ × êáé áðü ôï ìç ÷ áíéóìü Âñá ÷ õðñüèåóìçò ÍïìéóìáôéêÞò ÓôÞñéîçò äéáêáíïíßóôçêå ìÝ ÷ ñé ôçí ðñþôç çìÝñá ôïõ Ôñßôïõ Óôáäßïõ ôçò ÏÍÅ .
As provided for in Article 23.3 of the EMI Statute , any existing claims and liabilities arising from the VSTF mechanism and from the Short-Term Monetary Support mechanism were settled by the first day of the third stage of EMU .
ÓõìâïõëåõôéêÝò ëåéôïõñãßåò Óýìöùíá ìå ôï ¢ ñèñï 105 ðáñÜãñ . 4 ôçò ÓõíèÞêçò êáé ôï ¢ ñèñï 4 ôïõ Êáôáóôáôéêïý ôïõ ÅÓÊÔ , ôï Óõìâïýëéï ôçò ÅÅ Þ ïé áñìüäéåò åèíéêÝò áñ ÷ Ýò , êáôÜ ðåñßðôùóç , ïöåßëïõí íá æçôïýí ôç ãíþìç ôçò ÅÊÔ ãéá êÜèå ðñïôåéíüìåíç êïéíïôéêÞ Þ åèíéêÞ íïìïèåôéêÞ ñýèìéóç ðïõ åìðßðôåé óôçí áñìïäéüôçôá ôçò ÅÊÔ .
Advisory functions Article 105 ( 4 ) of the Treaty and Article 4 of the Statute of the ESCB require that the ECB be consulted by the EU Council or the responsible national authorities , as appropriate , on any proposed Community or national legislation within the ECB 's field of competence .
Ôá üñéá êáé ïé ðñïûðïèÝóåéò ãéá íá æçôçèåß ç ãíþìç ôïõ ÅÍÉ åðß íïìïó ÷ åäßùí ôùí åèíéêþí áñ ÷ þí ðñïâëÝðïíôáí óôçí Áðüöáóç ôïõ Óõìâïõëßïõ 93/71 / ÅÏÊ ôçò 22áò Íïåìâñßïõ 1993 , ç ïðïßá ßó ÷ õå êáé ãéá ôçí ÅÊÔ , âÜóåé ôïõ ¢ ñèñïõ 109 Ë ðáñÜãñ . 2 , óå óõíäõáóìü ìå ôï ¢ ñèñï 109 ÓÔ ðáñÜãñ .
The limits and conditions of consultations on draft legislation by national authorities for the EMI were set out in Council Decision 93/717 / EEC of 22 November 1993 , which also applied to the ECB under Article 109l ( 2 ) in conjunction with Article 109f ( 6 ) of the Treaty .
Áðü ôçí 1ç Éáíïõáñßïõ 1999 , ç ãíþìç ôçò ÅÊÔ æçôåßôáé âÜóåé ôçò Áðüöáóçò ôïõ Óõìâïõëßïõ 98/415 / ÅÊ ôçò 29çò Éïõíßïõ 1998 , ç ïðïßá ðåñéÝ ÷ åé äéáôÜîåéò ðáñüìïéåò ìå áõôÝò ôçò Áðüöáóçò ôïõ Óõìâïõëßïõ 93 / 717 / ÅÏÊ ôçò 22áò Íïåìâñßïõ 1993 .
As from 1 January 1999 the ECB is consulted under Council Decision 98/415 / EC of 29 June 1998 , which contains provisions similar to those of Council Decision 93/717 / EEC of 22 November 1993 .
ÊáôÜ ôï 1998 æçôÞèçêå óõíïëéêÜ 64 öïñÝò ç ãíþìç ôïõ ÅÍÉ / ôçò ÅÊÔ .
A total of 64 requests for the opinion of the EMI / ECB were received in 1998 .
Ïé áíáëýóåéò åîÝôáóáí ôéò ðéèáíÝò åðéðôþóåéò ôçò ÍïìéóìáôéêÞò ¸ íùóçò Ðáñáêïëïýèçóç ôçò óõììüñöùóçò ìå ôçí áðáãüñåõóç íïìéóìáôéêÞò ÷ ñçìáôïäüôçóçò êáé ðñïíïìéáêÞò ðñüóâáóçò Ç ÅÊÔ Ý ÷ åé áíáëÜâåé ôï êáèÞêïí íá ðáñáêïëïõèåß ôç óõììüñöùóç ôùí ÅèíÊÔ ìå ôéò áðáãïñåýóåéò ôùí ¢ ñèñùí 104 êáé 104á
The analyses covered the possible effects of Monetary Union on the EU banking systems , the EU banking systems » exposures towards emerging countries in financial crisis , methods for carrying out macro-prudential analysis aimed at the early identification of potential systemic weaknesses in the banking sector , and a stock-taking of formalised supervisory
ÅôÞóéá ¸ êèåóç ÅÊÔ -* 1998 ôçò ÓõíèÞêçò êáé ôùí ó ÷ åôéêþí Êáíïíéóìþí ôïõ Óõìâïõëßïõ ( ÅÊ ) 3603/93 êáé 3604/93 .
Monitoring of compliance with the prohibition on monetary financing and on privileged access The ECB has the task of monitoring the compliance of NCBs with the prohibitions referred to in Articles 104 and 104a of the Treaty and the related Council Regulations ( EC ) Nos . 3603/93 and 3604/93 .
Ôï 1998 ïé ÅèíÊÔ üëùí ôùí êñáôþí-ìåëþí åîáêïëïýèçóáí íá ôçñïýí ôïõò üñïõò ôçò ÓõíèÞêçò êáé ôïõò ùò Üíù Êáíïíéóìïýò ôïõ Óõìâïõëßïõ ( ÅÊ ) .
In 1998 the NCBs of all Member States continued to respect the Treaty requirements and the above-mentioned Council Regulations ( EC ) . ECB Annual Report -* 1998
Ôï Ãåíéêü Óõìâïýëéï áðáñôßæåôáé áðü ôïí Ðñüåäñï êáé ôïí Áíôéðñüåäñï êáé ôïõò äéïéêçôÝò êáé ôùí 15 ÅèíÊÔ .
The General Council comprises the President and the Vice-President and the governors of all 15 NCBs .
Ç ïñãÜíùóç ôïõ ÅÓÊÔ êáé ôïõ ÅõñùóõóôÞìáôïò Ôï ÅÓÊÔ áðïôåëåßôáé áðü ôçí ÅÊÔ êáé ôéò 15 ÅèíÊÔ .
Organisation of the ESCB and the Eurosystem The ESCB is composed of the ECB and the 15 NCBs .
Ãé  áõôü êáé ôï Äéïéêçôéêü Óõìâïýëéï ôçò ÅÊÔ áðïöÜóéóå , ãéá ëüãïõò äéáöÜíåéáò êáé åõêïëßáò , íá êÜíåé äéÜêñéóç ìåôáîý ôïõ ÅÓÊÔ êáé ôïõ  ÅõñùóõóôÞìáôïò . Ôï ôåëåõôáßï áðáñôßæåôáé áðü ôçí ÅÊÔ êáé ìüíï ôéò 11 ÅèíÊÔ ðïõ åßíáé ðëÞñç ìÝëç , ãéá üóï äéÜóôçìá èá õðÜñ ÷ ïõí áêüìç ìÝëç ðïõ äåí Ý ÷ ïõí õéïèåôÞóåé ôï åõñþ .
It is for this reason that the Governing Council of the ECB decided , for the sake of transparency and easy reference , to make a distinction between the ESCB and the « Eurosystem » , the latter being composed of the ECB and the 11 fully participating NCBs , as long as there are Member States which have not yet adopted the euro .
Ç åêêáèÜñéóç ôïõ Åõñùðáúêïý Íïìéóìáôéêïý Éäñýìáôïò ( ÅÍÉ ) Óýìöùíá ìå ôï ¢ ñèñï 109 Ë ôçò ÓõíèÞêçò , ôï ÅÍÉ ôÝèçêå õðü åêêáèÜñéóç ìüëéò éäñýèçêå ç ÅÊÔ .
Liquidation of the European Monetary Institute ( EMI ) In accordance with Article 109l of the Treaty , the EMI went into liquidation on the establishment of the ECB .
ÅôÞóéá ¸ êèåóç ÅÊÔ -* 1998 15
14 ECB Annual Report -* 1998
ÊåöÜëáéï I ë
Chapter I
Õðü ôçí þèçóç áõôþí ôùí èåôéêþí åîåëßîåùí , ïé äéåèíåßò ÷ ñçìáôïðéóôùôéêÝò áãïñÝò ðáñïõóßáóáí áíÜêáìøç ðñïò ôï ôÝëïò ôïõ 1998 .
Against the background of a slowdown in world demand , 1998 saw considerable weakness in commodity markets .
Óôçí áñ ÷ Þ ôïõ 1999 ç íïìéóìáôéêÞ êñßóç óôç Âñáæéëßá Þôáí Ýíáò áðü ôïõò ðáñÜãïíôåò ðïõ äçìéïýñãçóáí åê íÝïõ áâåâáéüôçôá ó ÷ åôéêÜ ìå ôéò ðñïïðôéêÝò ôçò ðáãêüóìéáò ïéêïíïìßáò .
In early 1999 oil prices recovered slightly , to USD 10.5 per barrel at the end of February .
ÌÝóá óå Ýíá ðåñéâÜëëïí üðïõ ç ðáãêüóìéá æÞôçóç ðáñïõóßáóå åðéâñÜäõíóç , ôï 1998 ïé áãïñÝò åìðïñåõìÜôùí Þôáí õðïôïíéêÝò .
Non-energy raw materials prices fell by 13.7% in 1998 compared with their average level in 1997 according to the HWWA index .
Ïé ôéìÝò ôïõ ðåôñåëáßïõ õðï ÷ þñçóáí êáôÜ 30,7% óå ìÝóá åðßðåäá ôï 1998 , öèÜíïíôáò óôï ÷ áìçëüôåñï åðßðåäï ôçò ðåíôçêïíôáåôßáò ( áðïðëçèùñéóìÝíï ) , 9,8 äïëÜñéá ÇÐÁ ôï âáñÝëé .
Considering the major economic regions of the world , in the United States robust real output growth , low unemployment and low inflation characterised economic developments during 1998 , notwithstanding financial and economic strains at the global level .
Óôéò áñ ÷ Ýò ôïõ 1999 ïé ôéìÝò ôïõ ðåôñåëáßïõ óçìåßùóáí åëáöñÜ áíÜêáìøç , öèÜíïíôáò ôá 10,5 äïëÜñéá ôï âáñÝëé óôï ôÝëïò Öåâñïõáñßïõ .
In parallel , the unemployment rate fell during the course of the year to 4.3% , the lowest level recorded for almost four decades .
Ïé ôéìÝò ôùí ìç åíåñãåéáêþí ðñþôùí õëþí õðï ÷ þñçóáí êáôÜ 13,7% ôï 1998 óå óýãêñéóç ìå ôï ìÝóï üñï ôïõ 1997 óýìöùíá ìå ôï äåßêôç ÇWWÁ . Ç ôÜóç áõôÞ ðáñáôçñÞèçêå êõñßùò óôïõò èåñéíïýò ìÞíåò êáé áíôáíáêëïýóå ôç ìåßùóç ôùí ôéìþí óå Ýíá åõñý öÜóìá ðñùôïãåíþí åìðïñåõìÜôùí .
Although the deepening of the recession in many emerging countries during the second half of 1998 had an adverse impact on US exports and profits of US firms abroad , exceptionally strong domestic demand compensated for the slowdown in world trade .
Ôïí ÉáíïõÜñéï êáé ÖåâñïõÜñéï ï äåßêôçò ÇWWÁ óçìåßùóå êáé íÝá ðôþóç .
The combination of weak foreign and strong domestic demand led to a gradual widening of the trade deficit ,
Áõîáíüìåíç áâåâáéüôçôá óôï äéåèíÝò ðåñéâÜëëïí ÊáôÜ ôç äéÜñêåéá ôïõ 1998 ôï ðáãêüóìéï ìáêñïïéêïíïìéêü ðåñéâÜëëïí ÷ áñáêôçñßóôçêå áðü ìåãÜëç áóôÜèåéá óôéò ÷ ñçìáôïðéóôùôéêÝò áãïñÝò êáé áðü óçìáíôéêÝò ìåôáóôñïöÝò ôçò åìðéóôïóýíçò ôùí åðåíäõôþí .
Growing uncertainties in the international environment Over the course of 1998 the global macroeconomic environment was characterised by high volatility in financial markets and considerable swings in investor confidence .
Ôïõò ðñþôïõò ìÞíåò ôïõ Ýôïõò ïé óõíÝðåéåò ôçò ïéêïíïìéêÞò êñßóçò óôçí Áóßá ôï 1997 åîáêïëïýèçóáí íá åßíáé ï ðáñÜãïíôáò ðïõ äÝóðïóå óôéò ÷ ñçìáôïðéóôùôéêÝò êáé ïéêïíïìéêÝò åîåëßîåéò . Ïé óõíÝðåéåò áõôÝò ðñïêÜëåóáí ðáñáôåôáìÝíç ýöåóç óôéò èéãüìåíåò ïéêïíïìßåò .
In the earlier part of the year the dominating factor continued to be the financial and economic consequences of the 1997 financial crisis in Asia , which caused a protracted recession in the economies concerned .
Ôïí Áýãïõóôï 1998 üìùò , ç êñßóç óôç Ñùóßá áðïôÝëåóå Ýíáõóìá ãéá íÝï ãýñï ïéêïíïìéêÞò áíáôáñá ÷ Þò .
In August 1998 , however , the crisis in Russia sparked a new round of financial turmoil .
Ðñïò ôï ôÝëïò ôïõ 1998 ï óÜëïò áðü ôéò äõóÜñåóôåò åéäÞóåéò ãéá ôçí ðáãêüóìéá ïéêïíïìßá öÜíçêå íá êáôáóéãÜæåé .
Towards the end of 1998 the spiral of bad news from the global economy seemed to have moderated .
Áðü ôçí åîÝôáóç ôùí êõñéüôåñùí ïéêïíïìéêþí ðåñéï ÷ þí ôïõò êüóìïõ ðñïêýðôåé üôé ôï 1998 óôéò ÇÐÁ ïé ïéêïíïìéêÝò åîåëßîåéò ÷ áñáêôçñßóôçêáí áðü ôçí éó ÷ õñÞ Üíïäï ôçò ðñáãìáôéêÞò ðáñáãùãÞò êáé ôá ÷ áìçëÜ åðßðåäá ôçò áíåñãßáò êáé ôïõ ðëçèùñéóìïý , ðáñÜ ôéò åíôÜóåéò ðïõ óçìåéþèçêáí óå ðáãêüóìéï åðßðåäï ôüóï óôï ÷ ñçìáôïðéóôùôéêü ôïìÝá üóï êáé óôçí ðñáãìáôéêÞ ïéêïíïìßá .
in Japan measures were announced to address the banking sector problem and to stimulate further aggregate demand , and in emerging economies the policy environment generally improved .
Ï ñõèìüò áýîçóçò ôçò ðáñáãùãÞò ôï ôñßôï ôñßìçíï ôïõ 1998 ( êáôüðéí áíáãùãÞò óå åôÞóéá âÜóç ) Ýöèáóå Ýùò êáé ôï 6,1% Þ , óå äùäåêÜìçíç âÜóç ãéá üëï ôï Ýôïò , ôï 3,9% .
Meanwhile , in the United States robust output growth continued and inflationary pressure remained subdued , while in some Asian crisis countries evidence emerged that the crisis may have bottomed out .
ÐáñÜëëçëá , ôï ðïóïóôü áíåñãßáò ðåñéïñßóôçêå óôç äéÜñêåéá ôïõ Ýôïõò óå 4,3% , ôï ÷ áìçëüôåñï åðßðåäï åäþ êáé ôÝóóåñéò ó ÷ åäüí äåêáåôßåò .
Supported by these positive developments , international financial markets recovered towards the end of 1998 .
Ðáñüëï ðïõ ç åðéäåßíùóç ôçò ýöåóçò óå ðïëëÝò áíáäõüìåíåò ïéêïíïìßåò óôï äåýôåñï åîÜìçíï ôïõ 1998 åðçñÝáóå äõóìåíþò ôéò åîáãùãÝò ôùí ÇÐÁ êáé ôá êÝñäç ôùí áìåñéêáíéêþí åðé ÷ åéñÞóåùí óôï åîùôåñéêü , ç åîáéñåôéêÜ õøçëÞ åã ÷ þñéá æÞôçóç áíôéóôÜèìéóå ôçí åðéâñÜäõíóç ôïõ ðáãêüóìéïõ åìðïñßïõ .
ECB Annual Report -* 1998
Ç áóèåíÞò åîùôåñéêÞ æÞôçóç , óõíäõáóìÝíç ìå ôçí éó ÷ õñÞ åã ÷ þñéá æÞôçóç , ïäÞãçóå óå óôáäéáêÞ äéüãêùóç ôïõ åìðïñéêïý åëëåßììáôïò , ç ïðïßá , ìáæß ìå ôç ÷ åéñïôÝñåõóç ôïõ áìåñéêáíéêïý éóïæõãßïõ åéóïäÞìáôïò áðü åðåíäýóåéò , ðñïêÜëåóå Ýíôïíç áýîçóç ôïõ åëëåßììáôïò ôïõ éóïæõãßïõ ôñå ÷ ïõóþí óõíáëëáãþí óå 61 äéóåê .
which , together with the deterioration in the US investment income balance , led to a sharp rise in the current account deficit to USD 61 billion in the third quarter of the year .
ôï ôñßôï ôñßìçíï ôïõ Ýôïõò . ¼ óïí áöïñÜ ôçí åîÝëéîç ôùí ôéìþí , ï ðëçèùñéóìüò , üðùò ìåôñåßôáé ìå âÜóç ôï äåßêôç ôéìþí êáôáíáëùôÞ , óçìåßùóå ðåñáéôÝñù ðôþóç óôç äéÜñêåéá ôïõ 1998 êáé Ýöèáóå ôï 1,6% ôï ÄåêÝìâñéï 1998 Ýíáíôé ôïõ Äåêåìâñßïõ 1997 , áíôáíáêëþíôáò åéäéêüôåñá ôçí õðï ÷ þñçóç ôùí åíåñãåéáêþí ôéìþí .
With regard to price developments , consumer price inflation declined further in the course of 1998 to 1.6% year-on-year in December 1998 , in particular reflecting declining energy prices .
ÌåôÜ ôçí êñßóç óôç Ñùóßá êáé ôçí áíáôáñá ÷ Þ óôéò ÷ ñçìáôïðéóôùôéêÝò áãïñÝò ðïõ åðáêïëïýèçóå , ç ÏìïóðïíäéáêÞ ÔñÜðåæá ôùí ÇÐÁ ìåßùóå ôï åðéôüêéï ÷ ñçìáôïäüôçóçò áðü ôçí êåíôñéêÞ ôñÜðåæá áðü 5,5% ôï ÓåðôÝìâñéï óå 4,75% ôï ÍïÝìâñéï .
Following the Russian crisis and the subsequent turmoil in financial markets , the Federal Reserve cut the Federal funds rate from 5.5% in September to 4.75% in November .
Ëüãù êõñßùò ôçò Ýíôïíçò öïñïåéóðñáêôéêÞò äñáóôçñéüôçôáò , ï ïìïóðïíäéáêüò ðñïûðïëïãéóìüò åìöÜíéóå ðëåüíáóìá ßóï ìå 0,8% ôïõ ÁÅÐ êáôÜ ôï äçìïóéïíïìéêü Ýôïò 1998 .
Owing mainly to buoyant tax revenue collection , the federal fiscal budget recorded a surplus of 0.8% of GDP in the fiscal year 1998 .
Óôçí Éáðùíßá ïé ïéêïíïìéêÝò óõíèÞêåò óõíÝ ÷ éóáí íá ÷ åéñïôåñåýïõí ôï 1998 .
In Japan economic conditions continued to deteriorate in 1998 .
Óôá ôÝëç ôïõ 1997-áñ ÷ Ýò ôïõ 1998 ç ïéêïíïìßá åéóÞëèå óå öÜóç ýöåóçò .
Around the turn of the year 1997/98 the economy had moved into recession .
Óôç äéÜñêåéá ôïõ 1998 , ç ðáñáãùãÞ óçìåßùóå ðåñáéôÝñù ðôþóç , êõñßùò ëüãù ôçò õðïôïíéêÞò åã ÷ þñéáò æÞôçóçò .
During the course of 1998 output fell further , mainly as a result of sluggish private demand .
Ç êáôáãñáöüìåíç áíåñãßá Þôáí 4,3% ôï ÄåêÝìâñéï ôïõ 1998 , åíþ ôï óõíïëéêü ðïóüí ôùí õðï ÷ ñåþóåùí ôùí ÷ ñåïêïðçìÝíùí åôáéñéþí Ýöèáóå óôï áíþôáôï åðßðåäï ôçò ìåôáðïëåìéêÞò ðåñéüäïõ .
Recorded unemployment was 4.3% in December 1998 , and the total amount of liabilities of bankrupt companies reached its highest post-war level .
Åí ìÝóù áõôþí ôùí åîåëßîåùí , ç ÉáðùíéêÞ ÊõâÝñíçóç åöÜñìïóå äýï äÝóìåò ìÝôñùí ôüíùóçò ôçò ïéêïíïìßáò : ìßá ôïí Áðñßëéï , 16,7 ôñéóåê . ãéåí ( 3,3% ôïõ ÁÅÐ ) êáé ìßá ôï ÍïÝìâñéï , 24,2 ôñéóåê .
Against this background the Japanese Government implemented two fiscal stimulus packages : one in April , of JPY 16.7 trillion ( 3.3% of GDP ) , followed by a second package of JPY 24.2 trillion ( 4.8% of GDP ) in November .
Ç ÉáðùíéêÞ ÊõâÝñíçóç áíôÝäñáóå óôéò ðáñáðÜíù åîåëßîåéò åîáããÝëëïíôáò , ôïí Ïêôþâñéï , ìåãÜëçò êëßìáêáò ðñïãñÜììáôá êåöáëáéáêÞò áíáäéÜñèñùóçò , ðïõ ðñïÝâëåðáí ôçí ðáñï ÷ Þ êåöáëáßùí åê ìÝñïõò ôïõ Äçìïóßïõ , óõíïëéêïý ýøïõò 60 ôñéóåê .
In response to these developments , in October the Government introduced major banking recapitalisation plans , which provided for the injection of
ãéåí ( 12 % ôïõ ÁÅÐ ) .
public funds of JPY 60 trillion in total ( 12 % of GDP ) .
ÅðéðëÝïí , ç ÔñÜðåæá ôçò Éáðùíßáò ìåßùóå áêüìç ðåñéóóüôåñï ôï óôü ÷ ï ãéá ôï åðéôüêéï ðáñï ÷ Þò ñåõóôüôçôáò ìßáò çìÝñáò óå 0,25% ðåñßðïõ ôï ÓåðôÝìâñéï 1998 êáé óå 0,15% ôï ÖåâñïõÜñéï 1999 , åíþ ðáñÜëëçëá åíßó ÷ õóå ìå óçìáíôéêÜ ðïóÜ ôç ñåõóôüôçôá ôïõ ÷ ñçìáôïðéóôùôéêïý óõóôÞìáôïò .
In addition , the Bank of Japan lowered further the target for the overnight call rate to around 0.25% in September 1998 and to 0.15% in February 1999 , while injecting substantial liquidity into the system .
ÏñéóìÝíïõò ìÞíåò ôïõ 1998 ðáñáôçñÞèçêå ìåßùóç ôùí ôéìþí êáôáíáëùôÞ , óôï óýíïëï ôïõ Ýôïõò üìùò ç ìåôáâïëÞ ôïõ ÄÔÊ ðáñÝìåéíå åëáöñþò èåôéêÞ .
Consumer prices declined in some months of 1998 , but the change in the CPI remained slightly positive for the year as a whole .
Áðü ôéò Üëëåò áóéáôéêÝò ïéêïíïìßåò , ðïëëÝò ðáñïõóßáóáí óïâáñÞ ýöåóç ôï 1998 ëüãù ôçò ÷ ñçìáôïðéóôùôéêÞò êáé ïéêïíïìéêÞò êñßóçò .
Of the other Asian economies , many experienced a severe recession in 1998 as a result of the financial and economic crisis .
ÅêôéìÜôáé üôé ç ðáñáãùãÞ ìåéþèçêå óôï × ïíãê Êïíãê , ôçí ÊïñÝá , ôç Ìáëáéóßá êáé ôçí ÔáúëÜíäç êáôÜ 5-8 % ãéá ôï óýíïëï ôïõ 1998 .
Output is estimated to have declined in Hong Kong , Korea , Malaysia and Thailand between 5 % and 8 % for 1998 as a whole .
Óôçí Éíäïíçóßá ç ðñïóáñìïãÞ Þôáí áêüìç ðéï åðá ÷ èÞò , åöüóïí åêôéìÜôáé üôé ç ðáñáãùãÞ ìåéþèçêå óå ðñáãìáôéêïýò üñïõò êáôÜ 15 %.
In Indonesia the adjustment was much more severe , with a decline in real output estimated at 15 %;
Áíôßèåôá , ç Êßíá êáôüñèùóå óå ìåãÜëï âáèìü íá åîïõäåôåñþóåé ôéò åðéðôþóåéò ôçò êñßóçò ðïõ Ýðëçîå ôéò ëïéðÝò ÷ þñåò ôçò Áóßáò êáé ç ïéêïíïìßá ôçò ìåãåèýíèçêå ìå ñõèìü ãýñù óôï 7 % ôï 1998 , äçë . åëáöñþò ìüíï ÷ áìçëüôåñï óå óýãêñéóç ìå ôï ðñïçãïýìåíï Ýôïò ( 8 %) .
on the other hand , China managed to weather the effects of the crisis in the rest of Asia to a large extent and its economy grew by around 7 % in 1998 , only slightly below the 8 % growth recorded the year before .
Ìïëïíüôé óôï ðñþôï åîÜìçíï ôïõ 1998 ôï ðëÞãìá ðïõ õðÝóôç , ëüãù ôçò êñßóçò , ç åìðéóôïóýíç ðñïò ôéò áíáäõüìåíåò ïéêïíïìßåò Þôáí êáô  áñ ÷ Üò óïâáñü óå ïëüêëçñç ôçí ðåñéï ÷ Þ , ðïëëÝò ÷ þñåò åðÝäåéîáí áíèåêôéêüôçôá .
Although during the first half of the year the initial impact of the crisis in confidence in emerging markets was severe across the region , the economies of a number of countries have shown resilience .
åãêáôáëåßøåé ôç óýíäåóç ôçò óõíáëëáãìáôéêÞò ôçò éóïôéìßáò , áíÝóôåéëå åðß 90 çìÝñåò üëåò ôéò ðëçñùìÝò åðß ôïõ åîùôåñéêïý ÷ ñÝïõò ôùí åôáéñéþí êáé ôùí ôñáðåæþí êáé åîÞããåéëå ôç ìåôáôñïðÞ ôïõ âñá ÷ õðñüèåóìïõ äçìüóéïõ ÷ ñÝïõò .
19 peg , introduced a 90-day moratorium on all principal repayments for external debt of corporations and banks and announced the conversion of short-term government debt .
Óôï äåýôåñï åîÜìçíï ôïõ 1998 , ìåôÜ ôçí êñßóç óôç Ñùóßá , ç áóôÜèåéá ôùí ÷ ñçìáôïðéóôùôéêþí áãïñþí áõîÞèçêå óå ðïëëÝò ÷ þñåò ôçò ðåñéï ÷ Þò .
In the second half of 1998 , following the crisis in Russia , financial market volatility increased in many countries of the region .
Ïé åðéðôþóåéò Þôáí éäéáßôåñá óïâáñÝò óôç Âñáæéëßá , üðïõ ôï óõíáëëáãìáôéêü êáèåóôþò ( ðïõ ÷ áñáêôçñéæüôáí áðü ôçí  Ýñðïõóá  äéïëßóèçóç ôçò éóïôéìßáò  crawling peg ) äïêßìáóå Ýíôïíåò ðéÝóåéò , ðïõ ôñïöïäïôÞèçêáí êáé áðü ôéò áõîáíüìåíåò äçìïóéïíïìéêÝò áíéóïññïðßåò êáèþò êáé áðü ðñïóäïêßåò ãéá ÷ áìçëü ñõèìü ïéêïíïìéêÞò áíÜðôõîçò .
The effect was particularly severe in Brazil , where the exchange rate regime ( a crawling peg ) was subject to intense pressure , also fuelled by growing fiscal imbalances and expectations of low growth .