natgillin/translations-raw huggingface dataset:
ÓôáôéóôéêÜ óôïé ÷ åßá 3.1 ÅöáñìïãÞ ôùí óôáôéóôéêþí áðáéôÞóåùí ãéá ôï Ôñßôï ÓôÜäéï 3.2 ÓôáôéóôéêÜ óôïé ÷ åßá ãéá ôá åêôüò æþíçò åõñþ êñÜôç-ìÝëç 3.3 ÍïìéêÜ èÝìáôá 3.4 ÕðïäïìÞ óõóôçìÜôùí ðëçñïöïñéêÞò ÓõóôÞìáôá ðë çñùìþí ë 4.1 Ôï óýóôçìá TARGET 4.2 ÓõóôÞìáôá äéáêáíïíéóìïý ÷ ñåïãñÜöùí 4.3 ¢ ëëåò ñõèìßóåéò ðëçñùìþí Ç áíÜðôõîç ôùí ôñáðåæïãñáììáôßùí åõñþ êáé ïé ðñïåôïéìáóßåò ãéá ôç ìåôÜâáóç áðü ðë åõñÜò ÷ ñçìáôéêïý ë 5.1 ÐáñáãùãÞ êáé ðñïìÞèåéá ( ÖåâñïõÜñéïò-ÓåðôÝìâñéïò 1998 ) 5.2 Ðñüôõðç óåéñÜ ( ÓåðôÝìâñéïò 1998-ÖåâñïõÜñéïò 1999 ) 5.3 Ðñïóôáóßá ôùí ôñáðåæïãñáììáôßùí åõñþ Ýíáíôé ôçò ðáñá ÷ Üñáîçò 5.4 Ôï õëéêïôå ÷ íéêü ðëáßóéï ôçò ìåôÜâáóçò óôá ôñáðåæïãñáììÜôéá êáé ôá êÝñìáôá åõñþ ôï 2002 5.5 ÅöáñìïãÞ ôïõ ¢ ñèñïõ 52 ôïõ Êáôáóôáôéêïý ôïõ ÅÓÊÔ ÓõóôÞìáôá ðë çñïöïñéêÞò êáé åðéêïéíùíéþí ë 6.1 ÓõóôÞìáôá ôïõ ÅÓÊÔ 6.2 ÓõóôÞìáôá ôçò ÅÊÔ ÔñáðåæéêÞ åðïðôåßá êáé óôáèåñüôçôá ôïõ ÷ ñçìáôïðéóôùôéêïý óõóôÞìáôïò Óõíåñãáóßá ìå Üëëá éäñýìáôá 8.1 ÅõñùðáúêÝò ó ÷ Ýóåéò 8.2 Äéåèíåßò ó ÷ Ýóåéò ÍïìéêÜ æçôÞìáôá 9.1 ÍïìéêÞ óýãêëéóç 9.2 ÐñïðáñáóêåõáóôéêÝò åñãáóßåò ãéá ôï Ôñßôï ÓôÜäéï ôçò ÏÍÅ
Statistics 3.1 Implementation of the statistical requirements for Stage Three 3.2 Statistics relating to non-participating Member States 3.3 Legal aspects 3.4 Information systems infrastructure Payment systems 4.1 The TARGET system 4.2 Securities settlement systems 4.3 Other payment arrangements The development of the euro banknotes and the preparations for the cash changeover 5.1 Origination and procurement ( February to September 1998 ) 5.2 Pilot series ( September 1998 to February 1999 ) 5.3 Protecting the euro banknotes against counterfeiting 5.4 The logistics of the changeover to the euro banknotes and coins in 2002 5.5 Implementation of Article 52 of the Statute of the ESCB Information and communications systems 6.1 ESCB systems 6.2 ECB systems Banking supervision and financial stability Co-operation with other institutions 8.1 European relations 8.2 International relations Legal issues 9.1 Legal convergence 9.2 Preparatory work for Stage Three of EMU 76 76 78 78 78 79 79 80 82
10 Äñáóôçñéüôçôåò åóùôåñéêÞò åðéèåþñçóçò 11 ÌåôÜâáóç óôï åõñþ 12 Äñáóôçñéüôçôåò åíçìÝñùóçò
10 Internal audit activities 11 Changeover to the euro 12 Information activities
ÊåöÜëáéï ÉÉÉ ¢ ë ë åò äñáóôçñéüôçôåò ôïõ ÅÓÊÔ ë 1 2 3 Åðïðôåßá ôïõ ÓõóôÞìáôïò Óõìøçöéóìïý êáé Äéáêáíïíéóìïý óå ECU ¸ êèåóç ãéá ôï çë åêôñïíéêü ÷ ñÞìá ë ¢ ëëåò äñáóôçñéüôçôåò ôùí óõóôçìÜôùí ðë çñùìþí ë
Chapter III Other ESCB activities I 2 3 Oversight of the ECU Clearing and Settlement System Report on electronic money Other payment system activities 104 105 107
Äéá ÷ åßñéóç ôùí ìç ÷ áíéóìþí ôïõ ÅÍÓ êáé ôùí êïéíïôéêþí äáíåßùí 4.1 Ìç ÷ áíéóìïß ôïõ ÅÍÓ 4.2 ÊïéíïôéêÜ äÜíåéá Óõíåñãáóßá óôïí ôïìÝá ôçò ôñáðåæéêÞò åðïðôåßáò êáé ôçò óôáèåñüôçôáò ôïõ ÷ ñçìáôïðéóôùôéêïý óõóôÞìáôïò 5.1 Ç åðßðôùóç ôçò ÍïìéóìáôéêÞò ¸ íùóçò óôá ôñáðåæéêÜ óõóôÞìáôá ôçò ÅÅ 5.2 Ôá ôñáðåæéêÜ óõóôÞìáôá óôçí ÅÅ êáé ïé ÷ ñçìáôïïéêïíïìéêÝò êñßóåéò óôéò áíáäõüìåíåò áãïñÝò 5.3 ÌáêñïðñïëçðôéêÞ áíÜëõóç 5.4 ÁíÜëõóç ôùí óõóôçìÜôùí áîéïëüãçóçò êéíäýíùí Óõìâïõë åõôéêÝò ë åéôïõñãßåò ë Ðáñáêïë ïýèçóç ôçò óõììüñöùóçò ìå ôçí áðáãüñåõóç íïìéóìáôéêÞò ë ÷ ñçìáôïäüôçóçò êáé ðñïíïìéáêÞò ðñüóâáóçò
Administration of EMS mechanisms and Community loans 4.1 EMS mechanisms 4.2 Community loans Co-operation in the field of banking supervision and financial stability 5.1 The impact of Monetary Union on the EU banking systems 5.2 The EU banking systems and financial crises in emerging markets 5.3 Macro-prudential analysis 5.4 Analysis of risk assessment systems Advisory functions Monitoring of compliance with the prohibition on monetary financing and on privileged access
ÊåöÜëáéï ÉV To Eõñùðáúêü Óýóôçìá Êåíôñéêþí Ôñáðåæþí êáé ôï Åõñùóýóôçìá 1 2 Ç ïñãÜíùóç ôïõ ÅÓÊÔ êáé ôïõ ÅõñùóõóôÞìáôïò Ç åêêáèÜñéóç ôïõ Åõñùðáúêïý Íïìéóìáôéêïý Éäñýìáôïò ( ÅÍÉ ) 132 135
Chapter IV The European System of Central Banks and the Eurosystem 1 2 Organisation of the ESCB and the Eurosystem Liquidation of the European Monetary Institute ( EMI ) 120 123
ÐáñáñôÞìáôá Ãë ùóóÜñéï ë × ñïíïë üãéï ìÝôñùí íïìéóìáôéêÞò ðïëéôéêÞò ðïõ åëÞöèçóáí óôçí ÅÅ ôï 1998 ë
Annexes Glossary Chronology of monetary policy measures taken in the EU in 1998 152 163
165 168 180 Åêäüóåéò ôçò ÅõñùðáúêÞò ÊåíôñéêÞò ÔñÜðåæáò ( ÅÊÔ ) Åêäüóåéò ôïõ Åõñùðáúêïý Íïìéóìáôéêïý Éäñýìáôïò ( ÅÍÉ )
Documents published by the European Central Bank ( ECB ) Documents published by the European Monetary Institute ( EMI )
ÊáôÜëïãïò Ðë áéóßùí , ÐéíÜêùí êáé ÄéáãñáììÜôùí ë Ðë áßóéá ë 1 2 Áíåñãßá êáé ïéêïíïìéêÞ ðïëéôéêÞ Ïé ìåóïðñüèåóìïé äçìïóéïíïìéêïß óôü ÷ ïé ôïõ Óõìöþíïõ Óôáèåñüôçôáò êáé ÁíÜðôõîçò êáé ïé óôñáôçãéêÝò ôçò ðïëéôéêÞò ôùí êñáôþí-ìåëþí Ðßíáêáò : ÌáêñïïéêïíïìéêÝò ðáñáäï ÷ Ýò êáé äçìïóéïíïìéêïß óôü ÷ ïé ðïõ ðåñéÝ ÷ ïíôáé óôá ðñïãñÜììáôá óôáèåñüôçôáò ôùí êñáôþí-ìåëþí
List of Boxes , Tables and Charts Boxes 1 2 Unemployment and economic policy Medium-term budgetary objectives of the Stability and Growth Pact and the policy strategies of Member States Table : Macroeconomic assumptions and fiscal targets enshrined in Member States » stability programmes 30 35
Ðëáßóéá ( óõíÝ ÷ åéá ) 3 ÐáñÜãïíôåò ðïõ óõíÝâáëáí óôç ìåßùóç ôùí áðïäüóåùí ôùí ìáêñïðñüèåóìùí ïìïëüãùí óå éóôïñéêþò ÷ áìçëÜ åðßðåäá 42 ÄéÜãñáììá : Áðïäüóåéò ìáêñïðñüèåóìùí ïìïëüãùí ôïõ Äçìïóßïõ óôç æþíç ôïõ åõñþ , ôéò ÇÐÁ êáé ôçí Éáðùíßá Äéáäéêáóßåò ãéá íá áðïöáóéóôåß êáôÜ ðüóïí ôá åêôüò æþíçò åõñþ êñÜôç-ìÝëç ðëçñïýí ôéò áíáãêáßåò ðñïûðïèÝóåéò ãéá íá õéïèåôÞóïõí ôï åõñþ óôï Ôñßôï ÓôÜäéï 68 Ç äéáäéêáóßá ðïõ áêïëïõèÞèçêå ãéá ôïí õðïëïãéóìü êáé ôçí õéïèÝôçóç ôùí áìåôÜêëçôùí óõíôåëåóôþí ìåôáôñïðÞò ôïõ åõñþ 77 Ðßíáêáò : Õðïëïãéóìüò ôùí óõíáëëáãìáôéêþí éóïôéìéþí ôïõ ECU óôéò 31 Äåêåìâñßïõ 1998 Äéáäéêáóßåò äéáâïýëåõóçò êáôÜ ôï 1998 127
Accounting for the decline in long-term bond yields to historically low levels Chart : Long-term government bond yields in the euro area , the United States and Japan Procedures for the decision on the fulfilment of the necessary conditions for the adoption of the euro by non-euro area Member States in Stage Three The procedure followed for the computation and adoption of the irrevocable euro conversion rates Table : Calculation of the ECU exchange rates on 31 December 1998 Consultation procedures in 1998 39
¢ ëëåò óõíôïìïãñáößåò ÁÅÐ ÂÑÌ4 ÂÑÌ5 c.i. f ÄÍÔ ÄÏÕ ÄÔÊ ÅCU ÅÅ ÅèíÊÔ ÅÊÔ ÅíÄÔÊ ÅÍÉ ÅÓÊÔ ÅÓÏË 95 EUR / Euros f.o.b. Í × É ÏÏÓÁ ÐÊ Repos ÁêáèÜñéóôï Åã ÷ þñéï Ðñïúüí Åã ÷ åéñßäéï Éóïæõãßïõ Ðëçñùìþí ôïõ ÄÍÔ ( 4ç Ýêäïóç ) Åã ÷ åéñßäéï Éóïæõãßïõ Ðëçñùìþí ôïõ ÄÍÔ ( 5ç Ýêäïóç ) êüóôïò , áóöÜëåéá , íáýëïò óôá óýíïñá ôïõ åéóáãùãÝá ÄéåèíÝò Íïìéóìáôéêü Ôáìåßï ÄéåèíÞò ÏñãÜíùóç Åñãáóßáò Äåßêôçò Ôéìþí ÊáôáíáëùôÞ EõñùðáúêÞ ÍïìéóìáôéêÞ ÌïíÜäá ÅõñùðáúêÞ ¸ íùóç åèíéêÝò êåíôñéêÝò ôñÜðåæåò ÅõñùðáúêÞ KåíôñéêÞ ÔñÜðåæá ÅíáñìïíéóìÝíïò Äåßêôçò Ôéìþí ÊáôáíáëùôÞ Åõñùðáúêü Íïìéóìáôéêü ºäñõìá Åõñùðáúêü Óýóôçìá Êåíôñéêþí Ôñáðåæþí Åõñùðáúêü Óýóôçìá Ëïãáñéáóìþí 1995 åõñþ åëåýèåñï óôá óýíïñá ôïõ åîáãùãÝá ÍïìéóìáôéêÜ × ñçìáôïäïôéêÜ Éäñýìáôá Ïñãáíéóìüò ÏéêïíïìéêÞò Óõíåñãáóßáò êáé ÁíÜðôõîçò ðéóôïðïéçôéêÜ êáôáèÝóåùí ÐñÜîåéò áãïñÜò / ðþëçóçò ÷ ñåïãñÜöùí ìå óõìöùíßá åðáíáãïñÜò åðáíáðþëçóçò ÔÄÄ ÔñÜðåæá Äéåèíþí Äéáêáíïíéóìþí TÔÄÅ ( Áíáè .
Others BIS BPM4 BPM5 CDs c.i.f. CPI ECB ECU EMI ESA 95 ESCB EU EUR / Euros f.o.b. GDP HICP ILO IMF MFIs NCBs OECD repos SITC Rev. 3 Bank for International Settlements IMF Balance of Payments Manual ( 4th edition ) IMF Balance of Payments Manual ( 5th edition ) certificates of deposit cost , insurance and freight at the importer 's border Consumer Price Index European Central Bank European Currency Unit European Monetary Institute European System of Accounts 1995 European System of Central Banks European Union euro free on board at the exporter 's border gross domestic product Harmonised Index of Consumer Prices International Labour Organisation International Monetary Fund Monetary Financial Institutions national central banks Organisation for Economic Co-operation and Development repurchase agreements Standard International Trade Classification ( revision 3 )
3 ) ÔõðïðïéçìÝíç Ôáîéíüìçóç Äéåèíïýò Åìðïñßïõ ( áíáèåþñçóç 3 ) Óýìöùíá ìå ôçí ðñáêôéêÞ ôçò Êïéíüôçôáò , ïé ÷ þñåò ôçò ÅÅ áíáöÝñïíôáé óôçí ðáñïýóá Ýêèåóç ìå ôçí áëöáâçôéêÞ óåéñÜ ôïõ ïíüìáôüò ôïõò óôçí áíôßóôïé ÷ ç åèíéêÞ ãëþóóá .
In accordance with Community practice , the EU countries are listed in this Report using the alphabetical order of the country names in the national languages .
Ðßóù ( áðü áñéóôåñÜ ðñïò ôá äåîéÜ ) : L. Á .
The Governing Council Back row ( left to right ) : L. Á .
Rojo , A. Verplaetse , A. Fazio , Y. Mersch , A. J. de Sousa , M. Vanhala , K. Liebscher , N. Wellink , J. - C. Trichet , M. O  Connell , H. Tietmeyer Åìðñüò ( áðü áñéóôåñÜ ðñïò ôá äåîéÜ ) : E. Domingo Solans , O. Issing , C. Noyer , W. F. Duisenberg , S. Hämäl äinen , T. Padoa-Schioppa
Rojo , A. Verplaetse , A. Fazio , Y. Mersch , A. J. de Sousa , M. Vanhala , K. Liebscher , N. Wellink , J. - C. Trichet , M. O' Connell , H. Tietmeyer Front row ( left to right ) : E. Domingo Solans , O. Issing , C. Noyer , W. F. Duisenberg , S. Hämäläinen , T. Padoa-Schioppa
Willem F. Duisenberg Christian Noyer Eugenio Domingo Solans Antonio Fazio Sirkka Hä mä l ä inen Otmar Issing Klaus Liebscher Yves Mersch Maurice O  Connell Tommaso Padoa-Schioppa Luis Ángel Rojo Antó nio Jos é Fernandes de Sousa Hans Tietmeyer Jean-Claude Trichet Matti Vanhala Alfons Verplaetse Guy Quaden Nout Wellink ìÝ ÷ ñé ôéò 28 Öåâñïõáñßïõ 1999 áðü 1 Ìáñôßïõ 1999
Willem F. Duisenberg Christian Noyer Eugenio Domingo Solans Antonio Fazio Sirkka Hämäläinen Otmar Issing Klaus Liebscher Yves Mersch Maurice O' Connell Tommaso Padoa-Schioppa Luis Ángel Rojo António José Fernandes de Sousa Hans Tietmeyer Jean-Claude Trichet Matti Vanhala Alfons Verplaetse Guy Quaden Nout Wellink until 28 February 1999 as from 1 March 1999
Ðßóù ( áðü áñéóôåñÜ ðñïò ôá äåîéÜ ) : T. Padoa-Schioppa , O. Issing , E. Domingo Solans Åìðñüò ( áðü áñéóôåñÜ ðñïò ôá äåîéÜ ) : C. Noyer , W. F. Duisenberg , S. H ämäl äinen
Back row ( left to right ) : T. Padoa-Schioppa , O. Issing , E. Domingo Solans Front row ( left to right ) : C. Noyer , W. F. Duisenberg , S. Hämäläinen
Willem F. Duisenberg Christian Noyer Eugenio Domingo Solans Sirkka Hä mä l ä inen Otmar Issing Tommaso Padoa-Schioppa
Willem F. Duisenberg Christian Noyer Eugenio Domingo Solans Sirkka Hämäläinen Otmar Issing Tommaso Padoa-Schioppa
Ðßóù ( áðü áñéóôåñÜ ðñïò ôá äåîéÜ ) : L. Á . Rojo , A. Fazio , U. B äckstr öm , A. J. de Sousa , M. Vanhala , K. Liebscher , N. Wellink , Ë .
Back row ( left to right ) : L. Á .
Ä . ÐáðáäÞìïò , E. A. J. George , M. O  Connell , H. Tietmeyer Åìðñüò ( áðü áñéóôåñÜ ðñïò ôá äåîéÜ ) : A. Verplaetse , Y. Mersch , C. Noyer , W. F. Duisenberg , B. Nyboe Andersen , J. - C. Trichet
Rojo , A. Fazio , U. Bäckström , A. J. de Sousa , M. Vanhala , K. Liebscher , N. Wellink , L. D. Papademos , E. A. J. George , M. O' Connell , H. Tietmeyer Front row ( left to right ) : A. Verplaetse , Y. Mersch , C. Noyer , W. F. Duisenberg , B. Nyboe Andersen , J. - C. Trichet
Willem F. Duisenberg Christian Noyer Urban Bä ckström Antonio Fazio Edward A.J. George Klaus Liebscher Yves Mersch Bodil Nyboe Andersen Maurice O  Connell ËïõêÜò Ä . ÐáðáäÞìïò Luis Ángel Rojo Antó nio Jos é Fernandes de Sousa Hans Tietmeyer Jean-Claude Trichet Matti Vanhala Alfons Verplaetse Guy Quaden Nout Wellink ìÝ ÷ ñé ôéò 28 Öåâñïõáñßïõ 1999 áðü 1 Ìáñôßïõ 1999
Willem F. Duisenberg Christian Noyer Urban Bäckström Antonio Fazio Edward A. J. George Klaus Liebscher Yves Mersch Bodil Nyboe Andersen Maurice O' Connell Lucas D. Papademos Luis Ángel Rojo António José Fernandes de Sousa Hans Tietmeyer Jean-Claude Trichet Matti Vanhala Alfons Verplaetse Guy Quaden Nout Wellink until 28 February 1999 as from 1 March 1999
XII
XII
ðïõ áðïäßäåôáé óôï ÷ ñÞìá êáé óå ìéá áîéïëüãçóç , óå åõñåßá âÜóç , ôùí ðñïïðôéêþí ãéá ôçí åîÝëéîç ôùí ôéìþí êáé ôùí êéíäýíùí ðïõ åíäÝ ÷ åôáé íá áðåéëÞóïõí ôç óôáèåñüôçôá ôùí ôéìþí , ìÝóù ÷ ñçìáôïïéêïíïìéêþí êáé Üëëùí ïéêïíïìéêþí äåéêôþí . Ç ðáñïýóá ÅôÞóéá ´ Åêèåóç åßíáé ç ðñþôç ðïõ äçìïóéåýåé ç ÅÊÔ êáé áðïôåëåß êáôáãñáöÞ ôùí åîåëßîåùí ðïõ óçìåéþèçêáí ôï 1998 óôï ïéêïíïìéêü ðåñéâÜëëïí ìÝóá óôï ïðïßï áóêåßôáé ç íïìéóìáôéêÞ ðïëéôéêÞ , ôüóï ãéá ôç æþíç ôïõ åõñþ üóï êáé ãéá ôá åêôüò æþíçò åõñþ êñÜôç-ìÝëç , êáèþò êáé ôùí åíåñãåéþí ðïõ Ýãéíáí ðñïêåéìÝíïõ íá ïñéóôéêïðïéçèåß ôï ðëáßóéï ëåéôïõñãßáò ôçò ÍïìéóìáôéêÞò ¸ íùóçò .
This Annual Report , which is the first one to be published by the ECB , provides a record of the developments in the economic environment for monetary policy in 1998 , both for the euro area and for the non-euro area Member States , and the steps taken to finalise the operational framework for Monetary Union .
Ç ¸ êèåóç åðßóçò êáëýðôåé êáé Ýíá äéÜóôçìá ëßãùí åâäïìÜäùí ìåôÜ ôçí Ýíáñîç ôïõ Ôñßôïõ Óôáäßïõ ôçò ÏÍÅ ôçí 1ç Éáíïõáñßïõ 1999 .
The Report also covers the first few weeks of 1999 after the start of Stage Three of EMU .
Óôéò áñ ÷ Ýò ÌáÀïõ 1998 ôï Óõìâïýëéï ôçò ÅÅ  óõíåñ ÷ üìåíï óå åðßðåäï Áñ ÷ çãþí Êñáôþí Þ ÊõâåñíÞóåùí  áðïöÜóéóå ïìüöùíá üôé 11 êñÜôç-ìÝëç , äçë . ôï ÂÝëãéï , ç Ãåñìáíßá , ç Éóðáíßá , ç Ãáëëßá , ç Éñëáíäßá , ç Éôáëßá , ôï Ëïõîåìâïýñãï , ç Ïëëáíäßá , ç Áõóôñßá , ç Ðïñôïãáëßá êáé ç Öéëáíäßá , ðëçñïýóáí ôéò áíáãêáßåò ðñïûðïèÝóåéò ãéá ôçí õéïèÝôçóç ôïõ åíéáßïõ íïìßóìáôïò ôçí 1ç Éáíïõáñßïõ 1999 .
At the beginning of May 1998 the EU Council -- meeting in the composition of the Heads of State or Government -- unanimously decided that 11 Member States , namely Belgium , Germany , Spain , France , Ireland , Italy , Luxembourg , the Netherlands , Austria , Portugal and Finland , fulfilled the necessary conditions for the adoption of the single currency on 1 January 1999 .
Óôç äéÜñêåéá áõôÞò ôçò äéáäéêáóßáò , ôï Äéïéêçôéêü Óõìâïýëéï ôçò ÅÊÔ åíÝêñéíå ôç óôñáôçãéêÞ ôçò íïìéóìáôéêÞò ðïëéôéêÞò , ìå ðñïóáíáôïëéóìü óôç óôáèåñüôçôá , ôïõ ÅõñùóõóôÞìáôïò , äçë . ôçò ÅÊÔ êáé ôùí åèíéêþí êåíôñéêþí ôñáðåæþí ( ÅèíÊÔ ) ôùí 11 êñáôþí-ìåëþí ðïõ õéïèÝôçóáí ôï åõñþ êáôÜ ôçí Ýíáñîç ôïõ Ôñßôïõ Óôáäßïõ .
During this process , the Governing Council of the ECB endorsed the stability-oriented monetary policy strategy of the Eurosystem , i.e. the ECB and the national central banks ( NCBs ) of the 11 Member States which adopted the euro at the start of Stage Three . This strategy provides a definition for price stability as the primary objective of the single monetary policy of the Eurosystem and is based on two pillars , namely a prominent role for money and a broadly based assessment of the outlook for price developments and the risks to price stability , using financial and other economic indicators .
Öñáãêöïýñôç , Áðñßëéïò 1999
Frankfurt am Main , April 1999
Ç ÅôÞóéá ¸ êèåóç ãéá ôï 1998 åßíáé ç ðñþôç ÅôÞóéá ¸ êèåóç ðïõ äçìïóéåýåé ç ÅõñùðáúêÞ ÊåíôñéêÞ ÔñÜðåæá ( ÅÊÔ ) .
The Annual Report 1998 is the first Annual Report to be published by the European Central Bank ( ECB ) .
Êáëýðôåé üìùò êáé ôéò äñáóôçñéüôçôåò ôïõ Åõñùðáúêïý Íïìéóìáôéêïý Éäñýìáôïò ( ÅÍÉ ) , ôï ïðïßï Ýðáõóå óôçí ðñÜîç íá õößóôáôáé üôáí éäñýèçêå ç ÅÊÔ ôçí 1ç Éïõíßïõ 1998 , áëëÜ ç åêêáèÜñéóÞ ôïõ ðñáãìáôïðïéÞèçêå óôï ôÝëïò ôïõ 1998 .
It nevertheless also covers the activities of the European Monetary Institute ( EMI ) , which in practice ceased to exist on 1 June 1998 , when the ECB was established , but which was not liquidated until the end of 1998 .
Ôá óôïé ÷ åßá ðïõ ðåñéÝ ÷ ïíôáé óôçí ðáñïýóá ¸ êèåóç êáëýðôïõí Ýùò êáé ôéò 10 Ìáñôßïõ 1999 .
The cut-off date for the data included in this Report was 10 March 1999 . I
1 ÏéêïíïìéêÝò åîåëßîåéò óôçí ÅõñùðáúêÞ ¸ íùóç áõîçìÝíç óõìâïëÞ ôçò åã ÷ þñéáò æÞôçóçò êáé ôçí áñíçôéêÞ óõìâïëÞ ôùí êáèáñþí åîáãùãþí óôçí Üíïäï ôïõ ÁÅÐ .
Economic developments in the European Union compared with the previous few years . It is likely that this development was supported by an increase in real household incomes .
¸ íáò áðü ôïõò êõñéüôåñïõò ðáñÜãïíôåò Þôáí ç éäéùôéêÞ êáôáíÜëùóç , ðïõ åêôéìÜôáé üôé áõîÞèçêå êáôÜ 3,0% ðåñßðïõ .
In particular , income growth was underpinned by net employment growth , and a further decline in consumer price increases led to a stronger rise in real incomes .
Ðñüêåéôáé ãéá ôïí õøçëüôåñï ñõèìü ðïõ Ý ÷ åé óçìåéùèåß áðü ôéò áñ ÷ Ýò ôçò äåêáåôßáò ôïõ 1990 êáé áíôéðñïóùðåýåé óçìáíôéêÞ âåëôßùóç óå óýãêñéóç ìå ôá ôåëåõôáßá Ýôç .
Gross capital formation is estimated to have increased by 4.2% in 1998 .
Ïé áêáèÜñéóôåò åðåíäýóåéò ðÜãéïõ êåöáëáßïõ åêôéìÜôáé üôé áõîÞèçêáí êáôÜ 4,2% ôï 1998 .
Government consumption for the euro area as a whole remained subdued during 1998 , while its contribution to real GDP growth was close to zero .
Ç óõìâïëÞ ôùí áêáèÜñéóôùí åðåíäýóåùí ðÜãéïõ êåöáëáßïõ óôçí Üíïäï ôïõ ÁÅÐ Þôáí óçìáíôéêÜ õøçëüôåñç áðü ü , ôé ôï 1997 .
The recovery in employment , which began in spring 1997 , strengthened throughout 1998 .
Ç äçìüóéá êáôáíÜëùóç ãéá ïëüêëçñç ôç æþíç ôïõ åõñþ ðáñÝìåéíå õðïôïíéêÞ óôç äéÜñêåéá ôïõ 1998 , åíþ ç óõìâïëÞ ôçò óôçí Üíïäï ôïõ ðñáãìôéêïý ÁÅÐ Þôáí ó ÷ åäüí ìçäåíéêÞ .
As a result of the strengthening of net job creation the unemployment rate in the euro area has been declining continuously , albeit at a very gradual pace , since October 1997 .
Ç áíÜêáìøç ôçò áðáó ÷ üëçóçò ðïõ Üñ ÷ éóå ôçí Üíïéîç ôïõ 1997 åðéôá ÷ ýíèçêå óå üëç ôç äéÜñêåéá ôïõ 1998 .
The standardised rate of unemployment , as estimated by Eurostat , decreased from 11.7% , the peak level in 1997 , to 10.7% in December 1998 .
Ôï ìáêñïïéêïíïìéêü ðåñéâÜëëïí åðçñåÜóôçêå áðü ôéò äõóìåíåßò åîùôåñéêÝò åîåëßîåéò Ôï 1998 ç áýîçóç ôïõ ÅíÄÔÊ óôç æþíç ôïõ åõñþ ðáñÝìåéíå óõìâáôÞ ìå ôïí ïñéóìü ôçò óôáèåñüôçôáò ôùí ôéìþí ôïí ïðïßï õéïèÝôçóå ôï Äéïéêçôéêü Óõìâïýëéï ôçò ÅÊÔ ôïí Ïêôþâñéï ôïõ 1998 .
While this Macroeconomic environment influenced by adverse external developments In 1998 the increase in the HICP in the euro area remained in line with the definition of price stability adopted by the Governing Council of the ECB in October 1998 ;
Ï ñõèìüò áíüäïõ ôïõ ÅíÄÔÊ ìåéþèçêå óå 1,1% óôï óýíïëï ôïõ Ýôïõò , áðü 1,6% ôï 1997 .
it decreased to 1.1% for the year as a whole , from 1.6% in 1997 .
Ï åôÞóéïò ñõèìüò áýîçóçò ôùí ôéìþí ôùí áãáèþí Þôáí 0,6% êáé ï áíôßóôïé ÷ ïò ñõèìüò ôùí ôéìþí ôùí õðçñåóéþí 2,0% .
The year-on-year increase in goods prices was 0.6% and that in services prices 2.0% .
Ï ñõèìüò ôçò ïéêïíïìéêÞò äñáóôçñéüôçôáò óôç æþíç ôïõ åõñþ óôï óýíïëï ôïõ 1998 ÷ áñáêôçñßóôçêå áðü óõíÝ ÷ éóç ôçò ïéêïíïìéêÞò åðÝêôáóçò .
The pace of economic activity in the euro area in 1998 as a whole was characterised by a continuation of the economic expansion .
¼ óï ðñï ÷ ùñïýóå ôï Ýôïò , áõîÜíïíôáí ïé áìöéâïëßåò ó ÷ åôéêÜ ìå ôéò ðñïïðôéêÝò äéáôçñÞóéìçò áíÜðôõîçò óå üëï ôï öÜóìá ôçò æþíçò , ïäçãþíôáò ü ÷ é ìüíï óå ðñïò ôá êÜôù áíáèåþñçóç ôùí ðñïóäïêéþí ãéá ôçí ïéêïíïìéêÞ áíÜðôõîç ãéá ôï óýíïëï ôïõ 1998 , áëëÜ êáé óå ÷ áìçëüôåñåò ðñïâëÝøåéò ãéá ôçí áíÜðôõîç ôï 1999 .
As the year progressed , doubts about the prospects for sustained area-wide growth increased , leading not only to some downward revisions to expectations of growth for 1998 as a whole , but also to lower projections for growth in 1999 .
ÓõíïëéêÜ , ôï ðñáãìáôéêü ÁÅÐ óôç æþíç ôïõ åõñþ åêôéìÜôáé üôé áõîÞèçêå êáôÜ 3 % ôï 1998 , äçë . ìå åëáöñþò õøçëüôåñï ñõèìü áðü ü , ôé ôï ðñïçãïýìåíï Ýôïò ( 2,5% ) .
Overall , real GDP growth in the euro area is estimated to have increased by 3.0% in 1998 , slightly above the rate of growth of 2.5% achieved in the previous year .
Ç åêôßìçóç áõôÞ áíôáíáêëÜ ôï ãåãïíüò üôé ç ðáñáãùãÞ áõîÞèçêå êÜðùò ôá ÷ ýôåñá óôï ðñþôï åîÜìçíï ôïõ 1998 ( ðåñßðïõ 3,4% óå óýãêñéóç ìå ôï áíôßóôïé ÷ ï åîÜìçíï ôïõ ðñïçãïýìåíïõ Ýôïõò ) , åíþ óôï äåýôåñï åîÜìçíï ôïõ Ýôïõò ï åôÞóéïò ñõèìüò áíüäïõ ôïõ ÁÅÐ ìåéþèçêå óå 2,6% ðåñßðïõ .
This reflects a somewhat higher rate of output growth in the first half of 1998 ( approximately 3.4% compared with the same period a year earlier ) , whereas in the second half of the year the annual rate of growth fell to around 2.6% .
ïéêïíïìéêïý êýêëïõ ôï 1993 , ç áðáó ÷ üëçóç áõîÞèçêå êáôÜ 1 % êáé ðëÝïí ôï 1998 .
Underlying the performance of real GDP growth in 1998 was a significant shift in favour of domestic demand and a negative contribution to growth from net exports .
Óôç äéÜñêåéá ôùí ôñéþí ðñþôùí ôñéìÞíùí ôïõ 1998 äçìéïõñãÞèçêáí ðåñéóóüôåñåò èÝóåéò åñãáóßáò óôç æþíç ôïõ åõñþ áðü ü , ôé åß ÷ áí äçìéïõñãçèåß óôï äéÜóôçìá áðü ôéò áñ ÷ Ýò ôïõ 1994 , ïðüôå ç áðáó ÷ üëçóç åß ÷ å öèÜóåé óôï êáôþôáôï åðßðåäü ôçò , ìÝ ÷ ñé ôï ôÝëïò ôïõ 1997 .
One main factor was private consumption , which is estimated to have risen by around 3.0% , the highest rate of growth since the early 1990s and a significant improvement
Ç åíßó ÷ õóç ôçò êáèáñÞò äçìéïõñãßáò èÝóåùí åñãáóßáò åß ÷ å ùò áðïôÝëåóìá ôç óõíå ÷ Þ ìåßùóç , áí êáé ìå ðïëý óôáäéáêü ñõèìü , ôïõ ðïóïóôïý áíåñãßáò óôç æþíç ôïõ åõñþ áðü ôïí Ïêôþâñéï ôïõ 1997 êáé ìåôÜ . Ôï ðïóïóôü áíåñãßáò âÜóåé ôõðïðïéçìÝíïõ ïñéóìïý , üðùò åêôéìÜôáé áðü ôç Eurostat , ìåéþèçêå áðü 11,7% , ôï áíþôáôï åðßðåäï ôïõ 1997 , óå 10,7% ôï ÄåêÝìâñéï ôïõ 1998 .
ECB Annual Report -* 1998 represents the lowest level of area-wide unemployment over the past five years , it remains high by historical standards as well as in comparison with the levels recorded in other major economies outside the euro area , such as the United States , Japan and the United Kingdom .
Ôïí ÉáíïõÜñéï 1999 óçìåéþèçêå êáé íÝá åëáöñÜ ìåßùóç ôçò óõíïëéêÞò áíåñãßáò ôçò æþíçò ôïõ åõñþ , óå 10,6% . Ôï åðßðåäï áõôü , åíþ ðñüêåéôáé ãéá ôï ÷ áìçëüôåñï ôçò ôåëåõôáßáò ðåíôáåôßáò óôç æþíç ôïõ åõñþ , ðáñáìÝíåé õøçëü ãéá ôá éóôïñéêÜ äåäïìÝíá êáèþò êáé óå óýãêñéóç ìå Üëëåò ìåãÜëåò ïéêïíïìßåò åêôüò ôçò æþíçò ôïõ åõñþ , üðùò ïé ÇÐÁ , ç Éáðùíßá êáé ôï ÇíùìÝíï Âáóßëåéï .
A predominant view has emerged that unemployment in Europe is , to a large extent , structural in nature .
Ç äçìïóéïíïìéêÞ êáôÜóôáóç ôùí êñáôþíìåëþí óçìåßùóå ðåñáéôÝñù âåëôßùóç ôï 1998 , ìïëïíüôé ìå ìÜëëïí âñáäý ñõèìü , ìå áðïôÝëåóìá ïé ðñïûðïëïãéóìïß íá åîáêïëïõèïýí íá åìöáíßæïõí óçìáíôéêÝò áíéóïññïðßåò êáôÜ ìÝóï üñï óôç æþíç ôïõ åõñþ .
Government budgetary positions improved further in 1998 , albeit at a rather slow pace , leaving budgets highly imbalanced on average in the euro area .
Óýìöùíá ìå ôá ôåëåõôáßá äéáèÝóéìá óôïé ÷ åßá ôçò Eurostat , ï ìÝóïò ëüãïò åëëåßììáôïò / ÁÅÐ óôç æþíç ôïõ åõñþ äéáìïñöþèçêå óå 2,1% , Ýíáíôé 2,5% ôï 1997 .
According to the latest available data provided by Eurostat , the average deficit-to-GDP ratio in the euro area stood at 2.1% , compared with 2.5% in 1997 .
Ï ìÝóïò ëüãïò ÷ ñÝïõò ìåéþèçêå êáôÜ 0,8 ôçò åêáôïóôéáßáò ìïíÜäáò ôï 1998 óå 73,8% .
The average ratio declined by 0.8 percentage point in 1998 to 73.8% .
Óôç æþíç ôïõ åõñþ ç ìÝóç áðüäïóç ôùí äåêáåôþí ïìïëüãùí ìåéþèçêå êáôÜ 1,5 åêáôïóôéáßá ìïíÜäá ðåñßðïõ óôç äéÜñêåéá ôïõ 1998 êáé Ýöèáóå ôï 3,95% óôï ôÝëïò ôïõ Ýôïõò .
In the euro area the average level of 10-year bond yields dropped by almost 150 basis points during 1998 to reach a level of 3.95% by the end of the year .
Óôçí áñ ÷ Þ ôïõ 1998 ç áðüêëéóç ìåôáîý ôçò õøçëüôåñçò êáé ôçò ÷ áìçëüôåñçò áðüäïóçò ôùí äåêáåôþí êñáôéêþí ïìïëüãùí âñéóêüôáí Þäç óå ðïëý ÷ áìçëü åðßðåäï , äçë . ìüëéò êÜôù áðü 0,4 ôçò åêáôïóôéáßáò ìïíÜäáò .
At the beginning of 1998 the deviation between the highest and lowest 10-year government bond yields stood at an already very low level of just under 40 basis points .
Áöïý áíáêïéíþèçêå óôéò áñ ÷ Ýò ÌáÀïõ 1998 ç åðéëïãÞ ôùí ÷ ùñþí ðïõ èá õéïèåôïýóáí ôï åíéáßï íüìéóìá áðü 1çò Éáíïõáñßïõ 1999 , ïé åíáðïìÝíïõóåò äéáöïñÝò áðïäüóåùí ìåôáîý ôùí óõììåôå ÷ ïõóþí ÷ ùñþí ìåéþèçêáí áêüìç ðåñéóóüôåñï . ÍïìéóìáôéêÞ ðïëéôéêÞ åóôéáóìÝíç óôç ìåëëïíôéêÞ æþíç ôïõ åõñþ Óôç äéÜñêåéá ôïõ 1998 ôï åðßêåíôñï ôçò íïìéóìáôéêÞò ðïëéôéêÞò ôùí êñáôþí-ìåëþí ôçò æþíçò ôïõ åõñþ ìåôáôïðßóôçêå âáèìéáßá áðü ôçí åèíéêÞ ðñïïðôéêÞ óå ìéá ðñïïðôéêÞ  æþíçò åõñþ .
Following the announcement at the beginning of May 1998 of the selection of those countries that would adopt the single currency as from 1 January 1999 , the remaining long-term interest rate differentials among the participating Member States narrowed further .