natgillin/translations-raw huggingface dataset:
Ôï ðñüãñáììá âáóßæåôáé óôïí ðñïçãïýìåíï ìåóïðñüèåóìï ÷ ñçìáôïïéêïíïìéêü ó ÷ åäéáóìü ôçò êõâÝñíçóçò , ôïõ Ìáúïõ 1997 , ìå ôïí ïðïßï åðéôá ÷ ýíèçêå ç åöáñìïãÞ ôùí ðáëáéüôåñùí ðñïãñáììÜôùí åîõãßáíóçò .
The programme is based on the previous medium-term financial plans of the Government dated May 1997 , which accelerated the consolidation plans previously envisaged .
Óå óýãêñéóç ìå ôá äçìïóéïíïìéêÜ áðïôåëÝóìáôá ðïõ ðñïâëÝðïíôáé óôï Ðñüãñáììá Óýãêëéóçò 1998-2000 , áðáéôïýíôáé ðåñáéôÝñù óçìáíôéêÜ ìÝôñá åîõãßáíóçò ðñïêåéìÝíïõ íá õðÜñîåé óõììüñöùóç ìå ôï ìåóïðñüèåóìï óôü ÷ ï ôïõ Óõìöþíïõ Óôáèåñüôçôáò êáé ÁíÜðôõîçò , ôï ïðïßï èá éó ÷ ýóåé áðü ôï 1999 .
Compared with fiscal balances projected in the Convergence Programme for 19982000 , further substantial consolidation measures are required in order to comply with the medium-term objective of the Stability and Growth Pact , effective from 1999 onwards , of having a budgetary position that is close to balance or in surplus .
ÂÜóåé ôïõ óôü ÷ ïõ áõôïý , ï ðñïûðïëïãéóìüò ðñÝðåé íá åßíáé ó ÷ åäüí éóïóêåëéóìÝíïò Þ ðëåïíáóìáôéêüò . Ùò ðñïò ôï ÷ ñïíéêü äéÜóôçìá ðïõ áðáéôåßôáé ãéá ôç ìåßùóç ôïõ ëüãïõ ôïõ ÷ ñÝïõò óôçí ôéìÞ áíáöïñÜò 60 % ðñïêåéìÝíïõ ãéá ÷ þñåò ìå ëüãï ÷ ñÝïõò Üíù ôïõ 100 %, ðáñïõóéÜæïíôáé äýï äéáöïñåôéêÜ åßäç õðïëïãéóìþí .
With regard to the future horizon for reducing the debt ratio to the 60 % reference value in countries with a debt ratio of above 100 % of GDP , two different kinds of calculations are presented .
Ìå âÜóç ôçí õðüèåóç üôé èá åðéôåõ ÷ èïýí ôá äçìïóéïíïìéêÜ áðïôåëÝóìáôá êáé ïé ëüãïé ôïõ ÷ ñÝïõò üðùò ðñïâëÝðïíôáé áðü ôçí ÅõñùðáúêÞ ÅðéôñïðÞ ãéá ôï 1998 , ôï ðñþôï åßäïò , üðùò åìöáíßæåôáé ëåðôïìåñþò óôïí Ðßíáêá 7 , áðåéêïíßæåé ôá äçìïóéïíïìéêÜ áðïôåëÝóìáôá ðïõ èá Þôáí óõíåðÞ ìå ôç óýãêëéóç ôïõ ëüãïõ ôïõ ÷ ñÝïõò óôï 60 % ôïõ ÁÅÐ óå äéáöïñåôéêïýò ÷ ñïíéêïýò ïñßæïíôåò . ÅíäåéêôéêÜ , ãéá ôçí ðåñßïäï ôùí äÝêá åôþí , äçë .
On the assumption that fiscal balances and debt ratios as projected by the European Commission for 1998 are achieved , the first exercise , as detailed in Table 7 , shows the fiscal balances which would be consistent with convergence of the debt ratio to 60 % of GDP over different time horizons .
ãéá íá ìåéùèåß ï ëüãïò ôïõ ÷ ñÝïõò óôï 60 % ìÝ ÷ ñé ôï 2007 , áðáéôåßôáé íá ðñáãìáôïðïéåßôáé áðü ôï 1999 êáé ìåôÜ óõíïëéêü ðëåüíáóìá 3,1% ôïõ ÁÅÐ êáô  Ýôïò ( âë . Ðßíáêá 7á ) Þ áðü ôï 1999 êáé ìåôÜ ðñùôïãåíÝò
As an illustration , focusing on the period of ten years , i.e. reducing the debt ratio to 60 % by 2007 , would imply realising from 1999 onwards an overall surplus of 3.1% of GDP per year ( see Table 7a ) or realising from 1999 onwards a primary surplus of 8.4% of GDP per year ( see Table 7b ) .
Óå óýãêñéóç ìå ëüãï óõíïëéêïý åëëåßììáôïò 2,5% êáé ëüãï ðñùôïãåíïýò ðëåïíÜóìáôïò 5,5% ðïõ ðñïâëÝðïíôáé ãéá ôï 1998 , ç äéáöïñÜ åßíáé 5,6 êáé 2,9 åêáôïóôéáßåò ìïíÜäåò , áíôßóôïé ÷ á .
This compares with an overall deficit ratio of 2.5% and a primary surplus ratio of 5.5% projected for 1998 , i.e. the difference is 5.6 and 2.9 percentage points respectively .
ÄéÜãñáììá 5 ) äåß ÷ íåé üôé åÜí ôï óõíïëéêü äçìïóéïíïìéêü áðïôÝëåóìá , - 2,5% ôïõ ÁÅÐ ôï 1998 , ðáñáìåßíåé óôá åðüìåíá Ýôç , ï ëüãïò ôïõ ÷ ñÝïõò èá ðåñéïñéóôåß ìüëéò óôï 103,4% óå 10 Ýôç êáé ç ôéìÞ áíáöïñÜò 60 % ïõäÝðïôå èá åðéôåõ ÷ èåß êáèþò ï ëüãïò ôïõ ÷ ñÝïõò èá ðáýóåé íá ìåéþíåôáé ìáêñïðñüèåóìá êáé èá äéáìïñöùèåß óå ðåñßðïõ 67 %.
A second exercise , as detailed in Chart 5 , shows that maintaining the 1998 overall fiscal balance of - 2.5% of GDP over the subsequent years would only reduce the debt ratio to 103.4% in ten years ; the 60 % reference value would never be reached as the debt ratio would cease to decline in the long term , to remain at around 67 %.
ÅÜí äéáôçñçèåß ôï ðñùôïãåíÝò ðëåüíáóìá ( 5,5% ôïõ ÁÅÐ ) ôïõ 1998 , ï ëüãïò ÷ ñÝïõò / ÁÅÐ èá ìåéùèåß óôï 88,8% óå 10 Ýôç êáé èá öèÜóåé óôï åðßðåäï ôïõ 60 % ôï 2015 .
5.5% of GDP would reduce the debt-toGDP ratio to 88.8% in ten years ; in this case , the 60 % level would be reached in 2015 .
ÔÝëïò , åÜí áðü ôï 1999 êáé ìåôÜ åðéôõã ÷ Üíïíôáé éóïóêåëéóìÝíïé ðñïûðïëïãéóìïß êáô  Ýôïò , ï ëüãïò ôïõ ÷ ñÝïõò èá ðÝóåé óôï 84,0% óå äÝêá ÷ ñüíéá êáé ç ôéìÞ áíáöïñÜò 60 % èá åðéôåõ ÷ èåß ôï 2016 .
Finally , realising balanced budgets annually from 1999 onwards would bring the debt ratio down to 84.0% in ten years ; the 60 % reference value would be reached in 2016 .
Ïé õðïëïãéóìïß áõôïß âáóßæïíôáé óôçí êáíïíéóôéêÞ õðüèåóç üôé ôï ïíïìáóôéêü åðéôüêéï èá åßíáé óôáèåñü óôï 6 % ( 4 % ìÝóï ðñáãìáôéêü êüóôïò åîõðçñÝôçóçò ôïõ äçìüóéïõ ÷ ñÝïõò óõí 2 % ðëçèùñéóìüò ) êáé óôçí õðüèåóç üôé ï ñõèìüò áýîçóçò ôïõ ðñáãìáôéêïý ÁÅÐ èá åßíáé óôáèåñüò óôï 1,8% , üðùò åêôéìÜôáé áðü ôçí ÅðéôñïðÞ ó ÷ åôéêÜ ìå ôçí áýîçóç ôçò ôÜóçò ôïõ ðñáãìáôéêïý ÁÅÐ ôï 1998 .
Such calculations are based on the normative assumption of a constant nominal rate of interest of 6 % ( average real cost of public debt outstanding of 4 % and 2 % inflation ) and the assumption of a constant real GDP growth rate of 1.8% , as estimated by the Commission for real trend GDP growth in 1998 .
Ìå âÜóç ôçí åíáëëáêôéêÞ õðüèåóç üôé ï åôÞóéïò ñõèìüò áýîçóçò ôïõ ðñáãìáôéêïý ÁÅÐ èá åßíáé 2,5% - õðüèåóç ðåñéóóüôåñï åíáñìïíéóìÝíç ìå åêåßíç ðïõ éó ÷ ýåé ãéá ôéò ðåñéóóüôåñåò Üëëåò ÷ þñåò ôçò ÅÅ - ïé ëüãïé ôïõ óõíïëéêïý êáé ôïõ ðñùôïãåíïýò ðëåïíÜóìáôïò ðïõ áðáéôïýíôáé ãéá íá öèÜóåé ç ÷ þñá óôï åðßðåäï ôïõ 60 % óå 169 äÝêá ÷ ñüíéá åßíáé 2,5% êáé 7,8% , áíôßóôïé ÷ á .
On the alternative assumption of a 2.5% yearly rate of real GDP growth , a growth assumption more in line with that applied to most other EU countries , the overall surplus ratio and the primary surplus ratio required to reach the 60 % level in ten years would be 2.5% and 7.8% respectively .
Áõôü óçìáßíåé üôé ç äéáöïñÜ Ýíáíôé ôïõ ëüãïõ ôïõ óõíïëéêïý áðïôåëÝóìáôïò ðïõ ðñïâëÝðåôáé ãéá ôï 1998 åßíáé 5,0 åêáôïóôéáßåò ìïíÜäåò êáé ç äéáöïñÜ Ýíáíôé ôïõ ðñùôïãåíïýò ðëåïíÜóìáôïò ðïõ ðñïâëÝðåôáé ãéá ôï 1998 åßíáé 2,3 åêáôïóôéáßåò ìïíÜäåò .
This means , respectively , a difference in the overall balance ratio projected for 1998 of 5.0 and to the primary surplus projected for 1998 of 2.3 percentage points .
Åíþ áõôïß ïé õðïëïãéóìïß åßíáé êáèáñÜ åíäåéêôéêïß êáé óå êáìßá ðåñßðôùóç äåí ìðïñïýí íá èåùñçèïýí ðñïâëÝøåéò , ùóôüóï ðáñÝ ÷ ïõí óáöÞ åéêüíá ôïõ ëüãïõ ãéá ôïí ïðïßï ïé ðñïóðÜèåéåò åîõãßáíóçò ðñÝðåé íá åßíáé ðéï áðïöáóéóôéêÝò êáé äéáñêåßò üóï õøçëüôåñï åßíáé ôï áñ ÷ éêü ýøïò ôïõ ÷ ñÝïõò , ðñïêåéìÝíïõ ï ëüãïò ÷ ñÝïõò / ÁÅÐ íá ìåéùèåß äñáóôéêÜ óôï 60 % Þ ÷ áìçëüôåñá ìÝóá óå åýëïãï ÷ ñïíéêü äéÜóôçìá .
While these calculations are purely illustrative , and can by no means be seen as forecasts , they do provide an illustration of why consolidation efforts need to be all the more resolute and lasting the higher the initial stock of debt , in order to forcefully reduce the debt-to-GDP ratio to 60 % or below within an appropriate period of time .
Ùò ðñüò ôï ðñþôï èÝìá , íÝá íïìïèåóßá êáé ìåôáâïëÝò ôùí äéáäéêáóéþí Ý ÷ ïõí êáèéåñùèåß áðü ôï ÄåêÝìâñéï 1996 ðñïêåéìÝíïõ íá óõãêñáôçèïýí ïé ðëçñùìÝò ìåôñçôþí êáé íá ìåéùèïýí ïé êáôáèÝóåéò ôùí öïñÝùí ôïðéêÞò áõôïäéïßêçóçò êáé Üëëùí äçìüóéùí öïñÝùí óôï ëïãáñéáóìü ôïõ Äçìïóßïõ ( conti di tesoria ) .
As regards the first issue , new legislation and changes in procedures have been introduced since December 1996 in order to control cash payments and reduce the deposits with the Treasury ( conti di tesoreria ) of local authorities and other public bodies .
ÁõôÝò ïé êáôáèÝóåéò , 170 ðïõ áíôéðñïóùðåýïõí ôá Üìåóá ñåõóôÜ äéáèÝóéìá , ìåéþèçêáí áðü 7,1% ôïõ ÁÅÐ óôï ôÝëïò ôïõ 1996 óôï 4,1% óôï ôÝëïò ôïõ 1997 , ðåñéïñßæïíôáò Ýôóé ôïõò êéíäýíïõò ðïõ äéáôñÝ ÷ åé ç óõãêñÜôçóç ôùí äáðáíþí .
These deposits , which represent readily available cash balances , declined from 7.1% of GDP at the end of 1996 to 4.1% at the end of 1997 , thus reducing risks for expenditure control .
Áõôü ðñïêÜëåóå áýîçóç ôïõ õðïëïßðïõ ôùí äáðáíþí ôïõ ðñïûðïëïãéóìïý ðïõ ìåôáöÝñïíôáé óôï íÝï Ýôïò ( residui passivi ) áðü 7,0 óå 8,7% ôïõ ÁÅÐ .
This induced an increase in budget expenditure carryovers ( residui passivi ) from 7.0 to 8.7% of GDP .
ÁõôÜ ôá ðïóÜ äåí áíôéðñïóùðåýïõí ðüñïõò ðïõ ìðïñïýí åëåýèåñá íá äéáôåèïýí ãéá äáðÜíç , åðåéäÞ ïé äáðÜíåò ôïõ êñáôéêïý ðñïûðïëïãéóìïý óå ôáìåéáêÞ âÜóç äåí ìðïñïýí íá õðåñâïýí ôï üñéï ðïõ ôÝèçêå áðü ôï Êïéíïâïýëéï ðñïêåéìÝíïõ íá õðÜñ ÷ åé óõíÝðåéá ðñïò ôïõò äçìïóéïíïìéêïýò óôü ÷ ïõò ( ãéá ôï 1998 ïé åãêñßóåéò äáðáíþí óå ôáìåéáêÞ âÜóç öèÜíïõí ôï 32,3% ôïõ ÁÅÐ ) .
These amounts do not represent resources which are freely available for expenditure , as state budget expenditure on a cash basis cannot exceed the limit set by Parliament to be consistent with fiscal targets ( for 1998 cash authorisations amount to 32.3% of GDP ) .
Ó ÷ åôéêÜ ìå ôéò äçìïãñáöéêÝò áëëáãÝò , üðùò öáßíåôáé óôïí Ðßíáêá 8 , áðü ôï 2010 ðåñßðïõ êáé ìåôÜ áíáìÝíåôáé óçìáíôéêÞ ãÞñáíóç ôïõ ðëçèõóìïý êáé , óôï ðëáßóéï åíüò äéáíåìçôéêïý óõíôáîéïäïôéêïý óõóôÞìáôïò , ç äáðÜíç ôïõ Äçìïóßïõ ãéá óõíôÜîåéò ðñïâëÝðåôáé íá áõîçèåß ùò ðñïò ôï ÁÅÐ , åÜí ðáñáìåßíåé áìåôÜâëçôç ç ðïëéôéêÞ ôùí êïéíùíéêïáóöáëéóôéêþí ðáñï ÷ þí .
Regarding demographic changes , as is highlighted in Table 8 , from around 2010 onwards a marked ageing of the population is expected and , in the context of an unfunded public pension system , public pension expenditure is projected to increase in terms of GDP , on the assumption that policies regarding benefits continue unchanged .
Ç åîÝëéîç ôçò óõíáëëáãìáôéêÞò éóïôéìßáò Ç ëßñá Éôáëßáò , ðïõ óõììåôåß ÷ å óôï ÌÓÉ áðü ôçí ÝíáñîÞ ôïõ óôéò 13 Ìáñôßïõ 1979 Ýùò ôéò 17 Óåðôåìâñßïõ 1992 , åðáíåíôÜ ÷ èçêå ó  áõôüí óôéò 25 Íïåìâñßïõ 1996 , äçëáäÞ óõììåôåß ÷ å óôï ÌÓÉ ãéá 15 ðåñßðïõ áðü ôïõò 24 ìÞíåò ðïõ áðïôåëïýí ôçí ðåñßïäï áíáöïñÜò ( ÌÜñ - ôéïò 1996-ÖåâñïõÜñéïò 1998 ) ðñéí áðü ôçí åîÝôáóç áðü ôï ÅÍÉ ( âë .
Exchange rate developments The Italian lira , which had participated in the ERM from its inception on 13 March 1979 until 17 September 1992 , returned to the ERM on 25 November 1996 , i.e. it has participated in the ERM for around 15 months of the two-year reference period ( from March 1996 to February 1998 ) prior to the examination by the EMI ( see Table 9a ) .
Óôçí áñ ÷ Þ ôçò ðåñéüäïõ áíáöïñÜò , ç ëßñá , ðñéí åðáíåíôá ÷ èåß óôï ÌÓÉ , áíôéìåôþðéóå ìéá ìéêñÞ êáé ðñïóùñéíÞ õðï ÷ þñçóç ôçò ðñïçãïýìåíçò ðïñåßáò åíäõíÜìùóÞò ôçò , öèÜíïíôáò óôç ìÝãéóôç êáôþôáôç áðüêëéóç ôïõ 7,6% ÷ áìçëüôåñá áðü ôç ìåôÝðåéôá êåíôñéêÞ éóïôéìßá ôçò Ýíáíôé åíüò íïìßóìáôïò ôïõ ÌÓÉ ôï ÌÜñôéï ôïõ 1996 .
At the beginning of the reference period , before it rejoined the ERM , the lira initially experienced a small and temporary setback in its strengthening trend , reaching a maximum downward deviation of 7.6% below its future central rate against one ERM currency in March 1996 .
´ Åêôïôå , åðáíÝëáâå ôçí ðïñåßá áíáôßìçóçò êáé Ýôåéíå ðñïò ôéò ìåôÝðåéôá êåíôñéêÝò ôçò éóïôéìßåò , ìå äéáêõìÜíóåéò ìÝóá óå óôåíü ðåñéèþñéï êáôÜ ôï ìåãáëýôåñï ÷ ñïíéêü äéÜóôçìá ( âë . ÄéÜãñáììá 6 ) .
Thereafter , it resumed its appreciation and tended towards its later central parities , moving for most of the time within a narrow range ( see Chart 6 ) .
Áðü ôçí åðáíÝíôáîÞ ôçò óôï ÌÓÉ ôï ÍïÝìâñéï 1996 , ç ëßñá , åðùöåëïýìåíç áðü óçìáíôéêÝò äéáöïñÝò ôùí âñá ÷ õðñüèåóìùí åðéôïêßùí Ýíáíôé ôùí ðåñéóóüôåñùí íïìéóìÜôùí ôïõ ÌÓÉ , êáôÜ êáíüíá êéíÞèçêå êïíôÜ óôéò êåíôñéêÝò ôçò éóïôéìßåò Ýíáíôé ôùí Üëëùí íïìéóìÜôùí ôïõ ÌÓÉ ( âë . ÄéÜãñáììá 6 êáé Ðßíáêá 9á ) .
Since joining the ERM in November 1996 the lira , benefiting from sizable short-term interest rate differentials vis - - vis most partner currencies , has normally traded close to its central rates against other ERM currencies ( see Chart 6 and Table 9a ) .
Ïé ìÝãéóôåò ðñïò ôá Üíù êáé ðñïò ôá êÜôù áðïêëßóåéò áðü ôéò êåíôñéêÝò éóïôéìßåò , ìå âÜóç ôïõò êéíçôïýò ìÝóïõò 10 åñãÜóéìùí çìåñþí , Þôáí 2,5% êáé - 3,0% áíôßóôïé ÷ á , ìå åîáßñåóç ôçí áõôüíïìç áíïäéêÞ ðïñåßá ôçò éñëáíäéêÞò ëßñáò ( âë . Ðßíáêá 9á ) .
The maximum upward and downward deviations from central rates , on the basis of 10 business day moving averages , were 2.5% and - 3.0% respectively , abstracting from the autonomous upward trend of the Irish pound ( see Table 9a ) .
Ôá åðåéóüäéá êáôÜ ôá ïðïßá óçìåéþèçêáí áõôÝò ïé áðïêëßóåéò Þôáí ðñïóùñéíÜ , ï áñ ÷ éêþò ó ÷ åôéêÜ õøçëüò âáèìüò ìåôáâëçôüôçôáò ôçò óõíáëëáãìáôéêÞò éóïôéìßáò Ýíáíôé ôïõ ãåñìáíéêïý ìÜñêïõ ìåéþèçêå êáôüðéí óå ÷ áìçëÜ åðßðåäá êáôÜ ôç äéÜñêåéá ôçò ðåñéüäïõ áíáöïñÜò ( âë . Ðßíáêá 9â ) êáé ïé äéáöïñÝò ôùí âñá ÷ õðñüèåóìùí åðéôïêßùí Ýíáíôé ôùí
The episodes in which such deviations occurred were temporary , the relatively high degree of exchange rate volatility vis - - vis the Deutsche Mark recorded initially declined to low levels during the reference period ( see Table 9b ) and short-term interest rate differentials against those EU countries with the lowest short-term interest rates
Áðü ðéï ìáêñïðñüèåóìç óêïðéÜ , ïé éó ÷ ýïõóåò óõíáëëáãìáôéêÝò éóïôéìßåò ôçò éôáëéêÞò ëßñáò Ýíáíôé ôùí Üëëùí íïìéóìÜôùí ðïõ óõììåôÝ ÷ ïõí óôï ÌÓÉ , üôáí ìåôñïýíôáé ìå üñïõò ðñáãìáôéêÞò óôáèìéóìÝíçò óõíáëëáãìáôéêÞò éóïôéìßáò , õðïäçëþíïõí üôé ôá óçìåñéíÜ åðßðåäá åßíáé ëßãï ÷ áìçëüôåñá áðü ôï ìÝóï üñï ôïõ 1987 , áëëÜ ãåíéêþò ðáñáðëÞóéá ìå ôéò ìÝóåò ôéìÝò ðïõ ßó ÷ õóáí êáôÜ êáéñïýò ( âë . Ðßíáêá 10 ) .
In a longer-term context , when measured in terms of real effective exchange rates , current exchange rates of the Italian lira against other ERM participating currencies suggest that current levels are somewhat below the average of the year 1987 but generally close to historical average values ( see Table 10 ) .
¼ óïí áöïñÜ Üëëåò åîùôåñéêÝò åîåëßîåéò , ç Éôáëßá ðáñïõóéÜæåé óçìáíôéêÜ êáé áõîáíüìåíá ðëåïíÜóìáôá ôïõ éóïæõãßïõ ôñå ÷ ïõóþí óõíáëëáãþí áðü ôï 1993 , ôá ïðïßá Ý ÷ ïõí ó ÷ åäüí éóïóêåëßóåé ôçí áñíçôéêÞ êáèáñÞ åîùôåñéêÞ èÝóç ôçò ÷ þñáò ( âë . Ðßíáêá 11 ) .
As regards other external developments , Italy has recorded sizable and growing current account surpluses since 1993 , which have brought the country s net external liability position near to balance ( see Table 11 ) .
Õðåíèõìßæåôáé åðßóçò üôé , óýìöùíá ìå ôá ðéï ðñüóöáôá äéáèÝóéìá óôïé ÷ åßá , ï ëüãïò åîùôåñéêïý åìðïñßïõ / ÁÅÐ ôçò Éôáëßáò åßíáé 28 % ãéá ôéò åîáãùãÝò êáé 24 % ãéá ôéò åéóáãùãÝò , åíþ ôï ðïóïóôü åíäïêïéíïôéêïý åìðïñßïõ åßíáé 55 % ãéá ôéò åîáãùãÝò êáé 61 % ãéá ôéò åéóáãùãÝò .
It may also be recalled that , according to the most recent data available , Italy has a ratio of foreign trade to GDP of 28 % for exports and 24 % for imports , and a share of intra-EU trade of 55 % for exports and 61 % for imports .
Ç åîÝëéîç ôùí ìáêñïðñüèåóìùí åðéôïêßùí ÊáôÜ ôç äéÜñêåéá ôçò ðåñéüäïõ áíáöïñÜò ( ÖåâñïõÜñéïò 1997-ÉáíïõÜñéïò 1998 ) ôá ìáêñïðñüèåóìá åðéôüêéá óôçí Éôáëßá Þôáí êáôÜ ìÝóï üñï 6,7% , äçëáäÞ ÷ áìçëüôåñá áðü ôçí ôéìÞ áíáöïñÜò ôïõ êñéôçñßïõ ãéá ôá åðéôüêéá , ðïõ ïñßæåôáé âÜóåé ôùí ôñéþí Êñáôþí-Ìåëþí ìå ôéò êáëýôåñåò åðéäüóåéò áðü Üðïøç óôáèåñüôçôáò ôéìþí .
Long-term interest rate developments Over the reference period from February 1997 to January 1998 long-term interest rates in Italy were 6.7% on average , and thus stood below the reference value for the interest rate criterion of 7.8% set on the basis of the three best-performing Member States in terms of price stability .
Áõôü óõíÝâç êáé óå ïëüêëçñç ôç äéÜñêåéá ôïõ 1997 , áëëÜ ôï 1996 ôá äùäåêÜìçíá ìÝóá ìáêñïðñüèåóìá åðéôüêéá Þôáí õøçëüôåñá áðü ôçí ôéìÞ áíáöïñÜò ( âë .
While this was also the case for 1997 as a whole , twelve-month average long-term interest rates were above the reference value in 1996 ( see Table 12 ) ;
Ðßíáêá 12 ) , åíþ åßíáé ÷ áìçëüôåñá áðü ôçí ôéìÞ áíáöïñÜò áðü ôï ÖåâñïõÜñéï 1997 .
they have been below the reference value since February 1997 .
Ôá ìáêñïðñüèåóìá åðéôüêéá Þôáí ó ÷ åôéêþò óôáèåñÜ óôéò áñ ÷ Ýò ôçò äåêáåôßáò ôïõ 1990 , ðÝñáóáí ìéá öÜóç ìåôáâëçôüôçôáò ôï 1993-94 êáé áðü ôá ìÝóá ôïõ 1995 ðáñïõóéÜæïõí Ýíôïíç êáèïäéêÞ ðïñåßá ( âë . ÄéÜãñáììá 7á ) .
Long-term interest rates were broadly stable in the early 1990s , underwent a phase of volatility in 1993-94 , and from mid-1995 onwards have been on a steeply declining trend ( see Chart 7a ) .
Óôéò áñ ÷ Ýò ôçò äåêáåôßáò , ôá ìáêñïðñüèåóìá åðéôüêéá ôçò Éôáëßáò äåí óõíÝêëéíáí óõóôçìáôéêÜ ìå åêåßíá ôùí ÷ ùñþí ôçò ÅÅ ìå ôéò ÷ áìçëüôåñåò áðïäüóåéò ïìïëüãùí ( âë . ÄéÜãñáììá 7â ) .
In the early 1990s Italian long-term interest rates did not converge systematically with those prevailing in the EU countries with the lowest bond yields ( see Chart 7b ) . 157
¼ ìùò , áðü ôéò áñ ÷ Ýò ôïõ 1995 åðéôá ÷ ýíèçêå ç äéáäéêáóßá óýãêëéóçò êáé ç äéáöïñÜ Ý ÷ åé ðëÝïí ó ÷ åäüí åîáëåéöèåß .
However , since early 1995 the process of convergence has accelerated , and the differential has now been virtually eliminated .
Åðßóçò , ç áíÜêáìøç ôçò óõíáëëáãìáôéêÞò éóïôéìßáò ôçò éôáëéêÞò ëßñáò óôá ôÝëç ôïõ 1995 êáé óôï ðñþôï åîÜìçíï ôïõ 1996 êáèþò êáé , ðéï ðñüóöáôá , ç ó ÷ åôéêÞ óôáèåñüôçôÜ ôçò óôï ðëáßóéï ôïõ ÌÓÉ óõíÝâáëáí êáé áõôÝò óôç ìåßùóç ôçò äéáöïñÜò .
In addition , the recovery of the exchange rate of the Italian lira in late 1995 and in the first half of 1996 as well as its relative stability more recently in the context of the ERM also account for the narrowing of the differential .
Óýìöùíá ìå ôéò ðéï ðñüóöáôåò ðñïâëÝøåéò , ï ðëçèùñéóìüò èá äéáìïñöùèåß óå åðßðåäï åëÜ ÷ éóôá êÜôù áðü 2 % ôï 1998 êáé ãýñù óôï 2 % ôï 1999 . Ôï åðßðåäï ôùí ìáêñïðñüèåóìùí åðéôïêßùí Þôáí 6,7% , äçë .
Within the ERM it has remained generally close to its unchanged central parities , without the need for measures to support the exchange rate . In 1997 Italy achieved a fiscal deficit ratio of 2.7% of GDP , i.e. below the reference value , and the outlook is for a further decrease to 2.5% in 1998 .
Ç éôáëéêÞ ëßñá óõììåôÝ ÷ åé óôï ÌÓÉ åðß 15 ìÞíåò ðåñßðïõ , äçë . ëéãüôåñï áðü äýï Ýôç ðñéí áðü ôçí åîÝôáóç áðü ôï ÅÍÉ .
After having reached a peak in 1994 , the ratio declined by 3.3 percentage points to stand at 121.6% in 1997 .
Ôï 1997 ç Éôáëßá ðÝôõ ÷ å ëüãï äçìïóéïíïìéêïý åëëåßììáôïò 2,7% ôïõ ÁÅÐ , äçë .
addressing this issue will have to remain a key priority for the Italian authorities .
êÜôù áðü ôçí ôéìÞ áíáöïñÜò , êáé õðÜñ ÷ åé ðñïïðôéêÞ ãéá ðåñáéôÝñù ìåßùóç óå 2,5% ôï 1998 . Ï ëüãïò ÷ ñÝïõò / ÁÅÐ õðåñâáßíåé êáôÜ ðïëý ôçí ôéìÞ áíáöïñÜò 60 %.
Significant and persistent overall fiscal surpluses are rapidly needed to be able to forcefully reduce the debt ratio to 60 % of GDP within an appropriate period of time .
Áöïý êïñõöþèçêå ôï 1994 , ï ëüãïò ìåéþèçêå êáôÜ 3,3 åêáôïóôéáßåò ìïíÜäåò êáé Ýöèáóå óôï 121,6% ôï 1997 . ÕðÜñ ÷ åé ðñïïðôéêÞ ìåßùóçò ôïõ ëüãïõ ôïõ ÷ ñÝïõò óå 118,1% ôïõ ÁÅÐ ôï 1998 .
This compares with a recorded fiscal deficit of 2.7% of GDP in 1997 as well as the deficit forecast for 1998 of 2.5% . The Stability and Growth Pact also requires , as a medium-term objective , a budgetary position that is close to balance or in surplus .
Ç áí - Óýíïøç óõìðåñáóìÜôùí Óôç äéÜñêåéá ôçò ðåñéüäïõ áíáöïñÜò ç Éôáëßá ðÝôõ ÷ å ñõèìü ðëçèùñéóìïý ( ÅíÄÔÊ ) 1,8% , áñêåôÜ êÜôù áðü ôçí ôéìÞ áíáöïñÜò ðïõ ïñßæåé ç ÓõíèÞêç .
Concluding summary Over the reference period Italy has achieved a rate of HICP inflation of 1.8% , which is well below the reference value stipulated by the Treaty .
Ï ñõèìüò áýîçóçò ôïõ êüóôïõò åñãáóßáò áíÜ ìïíÜäá ðñïúüíôïò åðéôá ÷ ýíèçêå ôï 1996 , ðñéí åðéâñáäõíèåß óå 3,1% ôï 1997 , åíþ ïé ÷ áìçëïß ñõèìïß ðëçèùñéóìïý ðñï172 ôéìåôþðéóç áõôïý ôïõ æçôÞìáôïò ðñÝðåé íá ðáñáìåßíåé ùò âáóéêÞ ðñïôåñáéüôçôá ãéá ôéò éôáëéêÝò áñ ÷ Ýò .
The growth of unit labour costs picked up in 1996 , before slowing to 3.1% in 1997 , and a general trend towards low rates of inflation was also apparent in terms of other relevant price indices .
× ñåéÜæåôáé ôá ÷ Ýùò ç åðßôåõîç óçìáíôéêþí êáé ìüíéìùí óõíïëéêþí äçìïóéïíïìéêþí ðëåïíáóìÜôùí , ðñïêåéìÝíïõ íá êáôáóôåß äõíáôÞ ç äñáóôéêÞ ìåßùóç ôïõ ëüãïõ ôïõ ÷ ñÝïõò óå åðßðåäï 60 % ôïõ ÁÅÐ ìÝóá óå åýëïãï ÷ ñïíéêü äéÜóôçìá .
Looking ahead , there is little sign of immediate upward pressure on inflation ;
Áõôü óõãêñßíåôáé ìå ôçí ðñáãìáôïðïßçóç äçìïóéïíïìéêïý åëëåßììáôïò 2,7% ôïõ ÁÅÐ ôï 1997 êáé ôçí ðñüâëåøç ãéá Ýëëåéììá 2,5% ôï 1998 .
the most recent forecast projects inflation to stand slightly below 2 % in 1998 and around 2 % in 1999 .
Ùò ðñïò ôïõò Üëëïõò ðáñÜãïíôåò , ôï 1996 êáé ôï 1997 ï ëüãïò ôïõ åëëåßììáôïò õðåñÝâç ôï ëüãï äçìüóéùí åðåíäýóåùí / ÁÅÐ , åíþ ç Éôáëßá åìöáíßæåé óçìáíôéêÜ êáé áõîáíüìåíá ðëåïíÜóìáôá óôï éóïæýãéï ôñå ÷ ïõóþí óõíáëëáãþí , ãåãïíüò ðïõ ïäÞãçóå óå ó ÷ åäüí éóïóêÝëéóç ôçò áñíçôéêÞò êáèáñÞò åîùôåñéêÞò ôçò èÝóçò .
The level of long-term interest rates was 6.7% , i.e. below the respective reference value . The Italian lira has been participating in the ERM for around 15 months , i.e. for less than two years prior to the examination by
ÊáôÜëïãïò ðéíÜêùí êáé äéáãñáììÜôùí * ÉÔÁËÉÁ É Ç åîÝëéîç ôùí ôéìþí Ðßíáêáò 1 Éôáëßá : Ðëçèùñéóìüò âÜóåé ôïõ ÅíÄÔÊ ÄéÜãñáììá 1 Éôáëßá : Ç åîÝëéîç ôùí ôéìþí Ðßíáêáò 2 Éôáëßá : Äåßêôåò ðëçèùñéóìïý êáé óõíáöåßò äåßêôåò Ðßíáêáò 3 Éôáëßá : Ðñüóöáôåò ôÜóåéò ðëçèùñéóìïý êáé ðñïâëÝøåéò ( á ) Ðñüóöáôåò ôÜóåéò ôïõ ðëçèùñéóìïý ôéìþí êáôáíáëùôÞ ( â ) ÐñïâëÝøåéò ãéá ôïí ðëçèùñéóìü
List of Tables and Charts * ITALY I Price developments Table 1 Chart 1 Table 2 Table 3 Italy : HICP inflation Italy : Price developments Italy : Measures of inflation and related indicators Italy : Recent inflation trends and forecasts ( a ) Recent trends in consumer price inflation ( b ) Inflation forecasts II
ÄçìïóéïíïìéêÝò åîåëßîåéò Ðßíáêáò 4 Éôáëßá : ¸ ëëåéììá êáé ÷ ñÝïò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ÄéÜãñáììá 2 Éôáëßá : ÁêáèÜñéóôï ÷ ñÝïò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ( á ) Åðßðåäá ( â ) ÅôÞóéåò ìåôáâïëÝò êáé ðñïóäéïñéóôéêïß ðáñÜãïíôåò Ðßíáêáò 5 Éôáëßá : ÄéÜñèñùóç áêáèÜñéóôïõ ÷ ñÝïõò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ÄéÜãñáììá 3 Éôáëßá : Ðëåüíáóìá (+) / Ýëëåéììá (-) åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ( á ) Åðßðåäá ( â ) ÅôÞóéåò ìåôáâïëÝò êáé ðñïóäéïñéóôéêïß ðáñÜãïíôåò ÄéÜãñáììá 4 Éôáëßá : ÄáðÜíåò êáé Ýóïäá åõñýôåñïõ êõâåñíçôéêïý ôïìÝá Ðßíáêáò 6 Éôáëßá : ¸ óïäá êáé äáðÜíåò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá Ðßíáêáò 7 Éôáëßá : Õðïëïãéóìïß óýãêëéóçò ôïõ ÷ ñÝïõò ( á ) ÂÜóåé ôùí óõíïëéêþí äçìïóéïíïìéêþí áðïôåëåóìÜôùí ( â ) ÂÜóåé ôùí ðñùôïãåíþí äçìïóéïíïìéêþí áðïôåëåóìÜôùí ÄéÜãñáììá 5 Éôáëßá : ÄõíçôéêÞ åîÝëéîç ôïõ ÷ ñÝïõò ìå åíáëëáêôéêÝò ðáñáäï ÷ Ýò ãéá ôá äçìïóéïíïìéêÜ áðïôåëÝóìáôá Ðßíáêáò 8 Éôáëßá : Äåßêôçò åîÜñôçóçò çëéêéùìÝíùí : ðñïâëÝøåéò
Fiscal developments Table 4 Italy : General government financial position Chart 2 Italy : General government gross debt ( a ) Levels ( b ) Annual changes and underlying factors Table 5 Italy : General government gross debt - structural features Chart 3 Italy : General government surplus (+) / deficit (-) ( a ) Levels ( b ) Annual changes and underlying factors Chart 4 Italy : General government expenditure and receipts Table 6 Italy : General government budgetary position Table 7 Italy : Debt convergence calculations ( a ) On the basis of overall fiscal balances ( b ) On the basis of primary fiscal balances Chart 5 Italy : Potential future debt ratios under alternative assumptions for fiscal balance ratios ( a ) Real GDP growth rate : 1.8% ( b ) Real GDP growth rate : 2.5% Table 8 Italy : Projections of elderly dependency ratio
III Ç åîÝëéîç ôçò óõíáëëáãìáôéêÞò éóïôéìßáò Ðßíáêáò 9 ( á ) Éôáëßá : Óôáèåñüôçôá óõíáëëáãìáôéêÞò éóïôéìßáò ( â ) Âáóéêïß äåßêôåò ðéÝóåùí óôç ëßñá Éôáëßáò ÄéÜãñáììá 6 Ëßñá Éôáëßáò : Áðïêëßóåéò áðü äéìåñåßò êåíôñéêÝò éóïôéìßåò ÌÓÉ Ðßíáêáò 10 Ëßñá Éôáëßáò : Äåßêôåò ðñáãìáôéêÞò óôáèìéóìÝíçò óõíáëëáãìáôéêÞò éóïôéìßáò Ýíáíôé ôùí Êñáôþí-Ìåëþí ôïõ ÌÓÉ Ðßíáêáò 11 Éôáëßá : ÅîùôåñéêÝò åîåëßîåéò
III Exchange rate developments Table 9 ( a ) Italy : Exchange rate stability ( b ) Key indicators of exchange rate pressure for the Italian lira Chart 6 Italian lira : Deviations from ERM bilateral central rates Table 10 Italian lira : Measures of the real effective exchange rate vis - - vis ERM Member States Table 11 Italy : External developments
ÉV Ç åîÝëéîç ôùí ìáêñïðñüèåóìùí åðéôïêßùí Ðßíáêáò 12 Éôáëßá : Ìáêñïðñüèåóìá åðéôüêéá ÄéÜãñáììá 7 ( á ) Éôáëßá : Ìáêñïðñüèåóìá åðéôüêéá ( â ) Éôáëßá : ÄéáöïñÝò ìáêñïðñüèåóìùí åðéôïêßùí êáé ðëçèùñéóìïý ÄÔÊ Ýíáíôé ôùí ÷ ùñþí ôçò ÅÅ ìå ôá ÷ áìçëüôåñá ìáêñïðñüèåóìá åðéôüêéá
IV Long-term interest rate developments Table 12 Italy : Long-term interest rates Chart 7 ( a ) Italy : Long-term interest rate ( b ) Italy : Long-term interest rate and CPI inflation differentials against EU countries with lowest long-term interest rates