natgillin/translations-raw huggingface dataset:
H åîÝëéîç ôùí ìáêñïðñüèåóìùí åðéôïêßùí Óôç äéÜñêåéá ôçò ðåñéüäïõ áíáöïñÜò ( ÖåâñïõÜñéïò 1997-ÉáíïõÜñéïò 1998 ) ôá ìáêñïðñüèåóìá åðéôüêéá óôç Ãáëëßá Þôáí 5,5% óå ìÝóï üñï , áñêåôÜ êÜôù áðü ôçí ôéìÞ áíáöïñÜò 7,8% ôïõ êñéôçñßïõ ãéá ôá åðéôüêéá , ç ïðïßá 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 France were 5.5% on average , and thus stood well 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 ôï 1997 ( óýíïëï Ýôïõò ) êáèþò êáé ôï 1996 ( âë .
This was also the case for 1997 as a whole , as well as for 1996 ( see Table 11 ) .
Ðßíáêá 11 ) . Ôá ìáêñïðñüèåóìá åðéôüêéá áêïëïõèïýí ãåíéêþò êáèïäéêÞ ðïñåßá áðü ôéò áñ ÷ Ýò ôçò äåêáåôßáò ôïõ 1990 ( âë .
Long-term interest rates have been on a broadly declining trend since the early 1990s ( see Chart 6a ) .
ÄéÜãñáììá 6á ) . Êáèüëç ôç äéÜñêåéá ôçò äåêáåôßáò ðáñáôçñåßôáé óôåíÞ óýãêëéóç ôùí ãáëëéêþí ìáêñïðñüèåóìùí åðéôïêßùí ìå áõôÜ ðïõ éó ÷ ýïõí óôéò ÷ þñåò ôçò ÅÅ ìå ôéò ÷ áìçëüôåñåò áðïäüóåéò ïìïëüãùí ( âë .
A close convergence of French long-term interest rates with those prevailing in the EU countries with the lowest bond yields has been observed throughout most of the 1990s ( see Chart 6b ) .
ÄéÜãñáììá 6â ) . Ïé êõñéüôåñïé ðáñÜãïíôåò ðïõ óõíåôÝëåóáí óôçí åîÝëéîç áõôÞ õðÞñîáí ï óõãêñéôéêÜ ÷ áìçëüò ñõèìüò ðëçèùñéóìïý , ç ó ÷ åôéêÞ óôáèåñüôçôá ôçò óõíáëëáãìáôéêÞò éóïôéìßáò ôïõ ãáëëéêïý öñÜãêïõ , ç Üóêçóç íïìéóìáôéêÞò ðïëéôéêÞò óå êáôåýèõíóç ðáñüìïéá ìå áõôÞí ôùí ðéï ðÜíù ÷ ùñþí êáé , ðéï ðñüóöáôá , ç âåëôßùóç ôùí äçìüóéùí ïéêïíïìéêþí ôçò ÷ þñáò .
The main factors underlying this trend were the comparatively low rate of inflation , the relative stability of the French franc s exchange rate , the pursuit of a similar monetary policy stance to that followed in the above-mentioned countries and , more recently , an improvement in the fiscal position . which is well below the reference value stipulated by the Treaty and one of the three lowest inflation rates in the Union .
öèÜóåé óå åðßðåäï áñêåôÜ ÷ áìçëüôåñï ôïõ 2 % ôïõ ÁÅÐ ôï 1998 êáé ôï 1999 .
forecasts project inflation will stand at well below 2 % in 1998 and 1999 .
Ôï åðßðåäï ôùí ìáêñïðñüèåóìùí åðéôïêßùí Þôáí 5,5% , äçë .
The level of long-term interest rates was 5.5% , i.e. well below the respective reference value .
Ôï 1997 ç Ãáëëßá ðÝôõ ÷ å ëüãï äçìïóéïíïìéêïý åëëåßììáôïò 3,0% ôïõ ÁÅÐ , äçë . ßóï ìå ôçí ôéìÞ áíáöïñÜò , êáé ç ðñïïðôéêÞ ãéá ôï 1998 åßíáé üôé ó ÷ åäüí äåí èá õðÜñîåé ðåñáéôÝñù âåëôßùóç ( ìåßùóç óå 2,9% ) , ðáñÜ ôçí åõíïúêÞ óõãêõñßá .
In 1997 France achieved a fiscal deficit ratio of 3.0% of GDP , i.e. a level equal to the reference value , and the outlook is for virtually no further improvement in 1998 ( a decrease to 2.9% ) in spite of the favourable conjunctural situation .
Ùò ðñïò ôç äéáôçñçóéìüôçôá ôùí äçìïóéïíïìéêþí åîåëßîåùí , ç äéáôÞñçóç ôïõ ëüãïõ ôïõ åëëåßììáôïò óôá óçìåñéíÜ åðßðåäá äåí áñêåß þóôå ï ëüãïò ôïõ ÷ ñÝïõò íá ðáñáìåßíåé êÜôù áðü 60 % ôïõ ÁÅÐ . ¸ ôóé õðÜñ ÷ åé áíÜãêç ãéá ðåñáéôÝñù óçìáíôéêÞ ðñüïäï áðü ðëåõñÜò åîõãßáíóçò .
Regarding the sustainability of fiscal developments , keeping the deficit ratio at current levels would not be sufficient to keep the debt ratio below 60 % of GDP , thus pointing to a need for further substantial progress in consolidation .
Óýíïøç óõìðåñáóìÜôùí Óôç äéÜñêåéá ôçò ðåñéüäïõ áíáöïñÜò ç Ãáëëßá ðÝôõ ÷ å ñõèìü ðëçèùñéóìïý ( ÅíÄÔÊ ) 1,2% , ï ïðïßïò åßíáé áñêåôÜ ÷ áìçëüôåñïò áðü ôçí ôéìÞ áíáöïñÜò ðïõ ïñßæåé ç ÓõíèÞêç êáé Ýíáò áðü ôïõò ôñåéò ÷ áìçëüôåñïõò ñõèìïýò ðëçèùñéóìïý óôçí ¸ íùóç .
Concluding summary Over the reference period France has achieved a rate of HICP inflation of 1.2% ,
ÊáôÜëïãïò ðéíÜêùí êáé äéáãñáììÜôùí * ÃÁËËÉÁ É Ç åîÝëéîç ôùí ôéìþí Ðßíáêáò 1 Ãáëëßá : Ðëçèùñéóìüò âÜóåé ôïõ ÅíÄÔÊ ÄéÜãñáììá 1 Ãáëëßá : Ç åîÝëéîç ôùí ôéìþí Ðßíáêáò 2 Ãáëëßá : Äåßêôåò ðëçèùñéóìïý êáé óõíáöåßò äåßêôåò Ðßíáêáò 3 Ãáëëßá : Ðñüóöáôåò ôÜóåéò ðëçèùñéóìïý êáé ðñïâëÝøåéò ( á ) Ðñüóöáôåò ôÜóåéò ôïõ ðëçèùñéóìïý ôéìþí êáôáíáëùôÞ ( â ) ÐñïâëÝøåéò ãéá ôïí ðëçèùñéóìü
List of Tables and Charts * FRANCE I Price developments Table 1 Chart 1 Table 2 Table 3 France : HICP inflation France : Price developments France : Measures of inflation and related indicators France : Recent inflation trends and forecasts ( a ) Recent trends in consumer price inflation ( b ) Inflation forecasts II
ÄçìïóéïíïìéêÝò åîåëßîåéò Ðßíáêáò 4 Ãáëëßá : ¸ ëëåéììá êáé ÷ ñÝïò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ÄéÜãñáììá 2 Ãáëëßá : ÁêáèÜñéóôï ÷ ñÝïò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ( á ) Åðßðåäá ( â ) ÅôÞóéåò ìåôáâïëÝò êáé ðñïóäéïñéóôéêïß ðáñÜãïíôåò Ðßíáêáò 5 Ãáëëßá : ÄéÜñèñùóç áêáèÜñéóôïõ ÷ ñÝïõò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ÄéÜãñáììá 3 Ãáëëßá : Ðëåüíáóìá (+) / Ýëëåéììá (-) åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ( á ) Åðßðåäá ( â ) ÅôÞóéåò ìåôáâïëÝò êáé ðñïóäéïñéóôéêïß ðáñÜãïíôåò ÄéÜãñáììá 4 Ãáëëßá : ÄáðÜíåò êáé Ýóïäá åõñýôåñïõ êõâåñíçôéêïý ôïìÝá Ðßíáêáò 6 Ãáëëßá : ¸ óïäá êáé äáðÜíåò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá Ðßíáêáò 7 Ãáëëßá : Äåßêôçò åîÜñôçóçò çëéêéùìÝíùí : ðñïâëÝøåéò
Fiscal developments Table 4 France : General government financial position Chart 2 France : General government gross debt ( a ) Levels ( b ) Annual changes and underlying factors Table 5 France : General government gross debt - structural features Chart 3 France : General government surplus (+) / deficit (-) ( a ) Levels ( b ) Annual changes and underlying factors Chart 4 France : General government expenditure and receipts Table 6 France : General government budgetary position Table 7 France : Projections of elderly dependency ratio
III Ç åîÝëéîç ôçò óõíáëëáãìáôéêÞò éóïôéìßáò Ðßíáêáò 8 ( á ) Ãáëëßá : Óôáèåñüôçôá óõíáëëáãìáôéêÞò éóïôéìßáò ( â ) Âáóéêïß äåßêôåò ðéÝóåùí óôï öñÜãêï Ãáëëßáò ÄéÜãñáììá 5 ÖñÜãêï Ãáëëßáò : Áðïêëßóåéò áðü äéìåñåßò êåíôñéêÝò éóïôéìßåò ÌÓÉ Ðßíáêáò 9 ÖñÜãêï Ãáëëßáò : Äåßêôåò ðñáãìáôéêÞò óôáèìéóìÝíçò óõíáëëáãìáôéêÞò éóïôéìßáò Ýíáíôé ôùí Êñáôþí-Ìåëþí ôïõ ÌÓÉ Ðßíáêáò 10 Ãáëëßá : ÅîùôåñéêÝò åîåëßîåéò
III Exchange rate developments Table 8 ( a ) France : Exchange rate stability ( b ) Key indicators of exchange rate pressure for the French franc Chart 5 French franc : Deviations from ERM bilateral central rates Table 9 French franc : Measures of the real effective exchange rate vis - - vis ERM Member States Table 10 France : External developments
ÉV Ç åîÝëéîç ôùí ìáêñïðñüèåóìùí åðéôïêßùí Ðßíáêáò 11 Ãáëëßá : Ìáêñïðñüèåóìá åðéôüêéá ÄéÜãñáììá 6 ( á ) Ãáëëßá : Ìáêñïðñüèåóìá åðéôüêéá ( â ) Ãáëëßá : ÄéáöïñÝò ìáêñïðñüèåóìùí åðéôïêßùí êáé ðëçèùñéóìïý ÄÔÊ Ýíáíôé ôùí ÷ ùñþí ôçò ÅÅ ìå ôá ÷ áìçëüôåñá ìáêñïðñüèåóìá åðéôüêéá
IV Long-term interest rate developments Table 11 France : Long-term interest rates Chart 6 ( a ) France : Long-term interest rate ( b ) France : Long-term interest rate and CPI inflation differentials against EU countries with lowest long-term interest rates
Ãáëëßá : Ðëçèùñéóìüò âÜóåé ôïõ ÅíÄÔÊ ( åôÞóéåò åêáôïóôéáßåò ìåôáâïëÝò ) 1996 Ðëçèùñéóìüò âÜóåé ôïõ ÅíÄÔÊ ÔéìÞ áíáöïñÜò ÐçãÞ : ÅõñùðáúêÞ ÅðéôñïðÞ .
France : HICP inflation ( annual percentage changes ) 1996 HICP inflation Reference value Source : European Commission .
Äåê . 97 1,2 -
Dec 97 1.2 -
Éáí . 98 0,6 -
Jan 98 Feb 97 - Jan 98 0.6 1.2 2.7
ÄéÜãñáììá 1 Ãáëëßá : Ç åîÝëéîç ôùí ôéìþí ( åôÞóéåò åêáôïóôéáßåò ìåôáâïëÝò ) ÄÔÊ Êüóôïò åñã .
France : Price developments ( annual percentage changes ) CPI 5 4 3 2 1 0 - 1 - 2 - 3 1990 Source : National data .
Ãáëëßá : Äåßêôåò ðëçèùñéóìïý êáé óõíáöåßò äåßêôåò ( åôÞóéåò åêáôïóôéáßåò ìåôáâïëÝò , åêôüò åÜí áíáöÝñåôáé äéáöïñåôéêÜ ) 1990 Äåßêôåò ðëçèùñéóìïý Äåßêôçò Ôéìþí ÊáôáíáëùôÞ ( ÄÔÊ ) ÄÔÊ ÷ ùñßò ìåôáâïëÝò êáèáñþí Ýììåóùí öüñùí ( â ) ÁðïðëçèùñéóôÞò éäéùôéêÞò êáôáíÜëùóçò ÁðïðëçèùñéóôÞò ÁÅÐ ÔéìÝò ðáñáãùãïý ( ã ) Óõíáöåßò äåßêôåò Áýîçóç ðñáãìáôéêïý ÁÅÐ Ðáñáãùãéêü êåíü ( åêáôïóôéáßåò ìïíÜäåò ) Ðïóïóôü áíåñãßáò (%) Êüóôïò åñãáóßáò áíÜ ìïíÜäá ðñïúüíôïò , óýíïëï ïéêïíïìßáò Áðïæçìßùóç áíÜ áðáó ÷ ïëïýìåíï , óýíïëï ïéêïíïìßáò Ðáñáãùãéêüôçôá åñãáóßáò , óýíïëï ïéêïíïìßáò ÁðïðëçèùñéóôÞò ôéìþí åéóáãïìÝíùí Áíáôßìçóç íïìßóìáôïò ( ä ) ÐñïóöïñÜ ÷ ñÞìáôïò ìå åõñåßá Ýííïéá ( Åíáñì . Ì3 )( å ) ÔéìÝò ìåôï ÷ þí ÔéìÝò êáôïéêéþí 3,4 .
France : Measures of inflation and related indicators ( annual percentage changes unless otherwise stated ) 1990 Measures of inflation Consumer price index ( CPI ) CPI excluding changes in net indirect taxes ( b ) Private consumption deflator GDP deflator Producer prices ( c ) Related indicators Real GDP growth Output gap ( p.pt s ) Unemployment rate (%) Unit labour costs , whole economy Compensation per employee , whole economy Labour productivity , whole economy Import price deflator Exchange rate appreciation ( d ) Broad monetary aggregate ( M3H )( e ) Stock prices House prices 3.4 .
2,8 3,1 1,4 2,5 3,2 8,9 4,1 4,9 0,8 - 1,3 5,8 9,1 4,2 16,7 1991 3,2 3,9 3,1 3,3 0,8 0,8 2,0 9,5 3,6 4,4 0,8 0,0 - 2,1 6,3 - 3,9 - 0,4 1992 2,4 3,6 2,4 2,1 - 0,3 1,2 1,2 10,4 2,7 4,3 1,6 - 2,6 3,3 4,4 4,9 - 5,7 1993 2,1 2,6 2,2 2,5 - 0,5 - 1,3 - 2,0 11,7 3,1 2,7 - 0,4 - 2,5 2,3 1,5 8,8 1,7 1994 1,7 1,5 2,1 1,6 0,8 2,8 - 1,1 12,3 - 0,3 2,2 2,5 1,7 0,7 - 2,7 2,1 2,8 1995 1,8 1,1 1,5 1,6 1,7 2,1 - 1,0 11,6 1,8 2,7 0,9 1,3 3,6 4,1 - 9,1 - 4,3 1996 1997 ( á ) 2,0 1,1 1,8 1,2 - 1,1 1,5 - 1,5 12,3 1,4 2,7 1,3 1,1 0,2 0,8 11,2 - 7,0 1,2 0,8 1,4 1,2 - 0,4 2,4 - 1,2 12,6 1,3 3,2 1,9 0,9 - 3,5 - 0,7 31,9 - 2,0
1995 1.8 1.1 1.5 1.6 1.7 2.1 - 1.0 11.6 1.8 2.7 0.9 1.3 3.6 4.1 - 9.1 - 4.3 1996 1997 ( a ) 2.0 1.1 1.8 1.2 - 1.1 1.5 - 1.5 12.3 1.4 2.7 1.3 1.1 0.2 0.8 11.2 - 7.0 1.2 0.8 1.4 1.2 - 0.4 2.4 - 1.2 12.6 1.3 3.2 1.9 0.9 - 3.5 - 0.7 31.9 - 2.0
( ä ) ÏíïìáóôéêÞ óôáèìéóìÝíç óõíáëëáãìáôéêÞ éóïôéìßá Ýíáíôé 25 âéïìç ÷ áíéêþí ÷ ùñþí .
( d ) Nominal effective exchange rate against 25 industrialised countries .
( â ) ÐñïâëÝøåéò ãéá ôïí ðëçèùñéóìü 1998 ÅõñùðáúêÞ ÅðéôñïðÞ ( Üíïéîç 1998 ) , ÅíÄÔÊ ÏÏÓÁ ( ÄåêÝìâñéïò 1997 ) , áðïðëçèùñéóôÞò éäéùôéêÞò êáôáíÜëùóçò ÄÍÔ ( Ïêôþâñéïò 1997 ) , ÄÔÊ ÐçãÞ : ÅõñùðáúêÞ ÅðéôñïðÞ ( ðñïâëÝøåéò Üíïéîçò 1998 ) , ÏÏÓÁ êáé ÄÍÔ .
( b ) Inflation forecasts 1998 European Commission ( spring 1998 ) , HICP OECD ( December 1997 ) , private consumption deflator IMF ( October 1997 ) , CPI Source : European Commission ( spring 1998 forecasts ) , OECD and IMF .
Ãáëëßá : ¸ ëëåéììá êáé ÷ ñÝïò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ( ùò ðïóïóôü ôïõ ÁÅÐ ) 1996 Ðëåüíáóìá (+) / Ýëëåéììá (-) åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ÔéìÞ áíáöïñÜò Ðëåüíáóìá (+) / Ýëëåéììá (-) , ÷ ùñßò ôéò äáðÜíåò äçìüóéùí åðåíäýóåùí ( â ) ÁêáèÜñéóôï ÷ ñÝïò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ÔéìÞ áíáöïñÜò - 4,1 - 3 - 1,5 55,7 60 1997 - 3,0 - 3 - 0,2 58,0 60 1998 ( á ) - 2,9 - 3 .
France : General government financial position ( as a percentage of GDP ) General government surplus (+) / deficit (-) Reference value Surplus (+) / deficit (-) , net of public investment expenditure ( b ) General government gross debt Reference value Source : European Commission ( spring 1998 forecasts ) and EMI calculations .
ÄéÜãñáììá 2
58.1 60 Chart 2
Ãáëëßá : ÄéÜñèñùóç áêáèÜñéóôïõ ÷ ñÝïõò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá 1990 Óõíïëéêü ÷ ñÝïò (% ôïõ ÁÅÐ ) ÄéÜñèñùóç êáôÜ íüìéóìá (% óõíüëïõ ) Óå åã ÷ þñéï íüìéóìá Óå îÝíá íïìßóìáôá Åóùôåñéêü ÷ ñÝïò (% óõíüëïõ ) ÌÝóç äéÜñêåéá ( á ) ( Ýôç ) ÄéÜñèñùóç êáôÜ äéÜñêåéá ( â ) 1991 35,8 97,2 2,8 81,0 4,8 32,6 35,4 32,0
France : General government gross debt structural features Total debt ( as a percentage of GDP ) Composition by currency (% of total ) In domestic currency In foreign currencies Domestic ownership (% of total ) Average maturity ( a ) ( years ) Composition by maturity ( b ) (% of total ) Short-term ( c ) ( < 1 year) Medium-term (1-5 years) Long-term (> 5 years ) 1990 35.5 97.7 2.3 83.0 4.6 33.5 34.8 31.7 1991 35.8 97.2 2.8 81.0 4.8 32.6 35.4 32.0 1992 39.8 97.2 2.8 78.6 5.2 32.5 33.3 34.2 1993 45.3 96.9 3.1 76.8 5.3 31.2 32.9 35.9 1994 48.5 96.5 3.5 83.9 5.4 27.1 32.5 40.4 1995 52.7 96.3 3.7 85.0 5.3 28.7 30.7 40.6 1996 1997 55.7 58.0 94.2 5.8 87.3 5.3 30.0 28.1 41.9 93.0 7.0 86.7 5.3 29.4 29.5 41.1
¼ ðïõ ç åíáðïìÝíïõóá äéÜñêåéá åßíáé ìéêñüôåñç áðü 5 Ýôç , ôá ÷ ñåüãñáöá êõìáéíüìåíïõ åðéôïêßïõ åíôÜóóïíôáé óôçí êáôçãïñßá ôùí âñá ÷ õðñüèåóìùí ÷ ñåïãñÜöùí .
Where residual maturity is less than 5 years , floating rate notes are classified as short-term notes .
Ãáëëßá : ¸ óïäá êáé äáðÜíåò åõñýôåñïõ êõâåñíçôéêïý ôïìÝá ( ùò ðïóïóôü ôïõ ÁÅÐ ) 1990 Óýíïëï ôñå ÷ üíôùí åóüäùí Öüñïé ÅéóöïñÝò êïéíùíéêÞò áóöÜëéóçò ¢ ëëá ôñÝ ÷ ïíôá Ýóïäá Óýíïëï äáðáíþí ÔñÝ ÷ ïõóåò ìåôáâéâÜóåéò ÊáôáâëçèÝíôåò ôüêïé Äçìüóéá êáôáíÜëùóç ÊáèáñÝò êåöáëáéáêÝò äáðÜíåò Ðëåüíáóìá (+) Þ Ýëëåéììá (-) ÐñùôïãåíÝò áðïôÝëåóìá Ðëåüíáóìá (+) Þ Ýëëåéììá (-) , ÷ ùñßò ôéò äáðÜíåò äçìüóéùí åðåíäýóåùí ( á ) .
France : General government budgetary position ( as a percentage of GDP ) Total current receipts Taxes Social security contributions Other current receipts Total expenditure Current transfers Actual interest payments Public consumption Net capital expenditure Surplus (+) or deficit (-) Primary balance Surplus (+) or deficit (-) , net of public investment expenditure ( a )
Ãáëëßá : Äåßêôçò åîÜñôçóçò çëéêéùìÝíùí : ðñïâëÝøåéò 1990 Äåßêôçò åîÜñôçóçò çëéêéùìÝíùí ( ðëçèõóìüò 65 åôþí êáé Üíù åðß ôïõ óõíüëïõ ôïõ ðëçèõóìïý çëéêßáò 15-64 åôþí ) 20,8 23,6 24,6 32,3 39,1 2000 2010 2020 2030
France : Projections of elderly dependency ratio 1990 Elderly dependency ratio ( population aged 65 and over as a proportion of the population aged 15-64 ) 20.8 2000 23.6 2010 24.6 2020 32.3 2030 39.1
( á ) Ãáëëßá : Óôáèåñüôçôá óõíáëëáãìáôéêÞò éóïôéìßáò ( 1 Ìáñôßïõ 1996 - 27 Öåâñïõáñßïõ 1998 ) Óõììåôï ÷ Þ óôï Ìç ÷ áíéóìü Óõíáëëáãìáôéêþí Éóïôéìéþí ( ÌÓÉ ) Óõììåôï ÷ Þ áðü Õðïôßìçóç äéìåñïýò êåíôñéêÞò éóïôéìßáò ìå ðñùôïâïõëßá ôçò ÷ þñáò ÌÝãéóôåò ðñïò ôá Üíù (+) êáé ðñïò ôá êÜôù (-) áðïêëßóåéò áðü ôéò êåíôñéêÝò éóïôéìßåò óôï ðëÝãìá éóïôéìéþí ôïõ ÌÓÉ (%) Ýíáíôé ( á ) ÖñÜãêïõ Âåëãßïõ Êïñþíáò Äáíßáò ÌÜñêïõ Ãåñìáíßáò ÐåóÝôáò Éóðáíßáò Ëßñáò Éñëáíäßáò Ëßñáò Éôáëßáò Öéïñéíßïõ Ïëëáíäßáò Óåëéíßïõ Áõóôñßáò Åóêïýäïõ Ðïñôïãáëßáò ÌÜñêïõ Öéëáíäßáò 0,3 0,4 0,2 - 0,2 1,9 0,6 0,3 0,2 0,0 - 0,1 - 2,4 - 0,9 - 2,1 - 3,2 - 11,1 - 2,4 - 2,7 - 2,2 - 3,4 - 3,5 Íáé 13 Ìáñôßïõ 1979 ¼÷ é
( a ) France : Exchange rate stability ( 1 March 1996 -- 27 February 1998 ) Membership of the Exchange Rate Mechanism ( ERM ) Membership since Devaluation of bilateral central rate on country 's own initiative Maximum upward (+) and downward (-) deviations from central rates in the ERM grid (%) against ( a ) Belgian franc Danish krone Deutsche Mark Spanish peseta Irish pound Italian lira Dutch guilder Austrian schilling Portuguese escudo Finnish markka
( â ) Âáóéêïß äåßêôåò ðéÝóåùí óôï öñÜãêï Ãáëëßáò ÌÝóïò üñïò 3 ìçíþí Ýùò : Ìåôáâëçôüôçôá óõíáëëáã / êÞò éóïôéìßáò ( á ) ÄéáöïñÝò âñá ÷ õðñüèåóìùí åðéôïêßùí ( â )
( b ) Key indicators of exchange rate pressure for the French franc Average of 3 months ending : Exchange rate volatility ( a ) Short-term interest rate differentials ( b ) May 96 Aug 96 Nov 96 1.8 0.5 1.5 0.4 1.9 0.3 Feb 97 May 97 Aug 97 Nov 97 Feb 98 1.2 0.2 0.9 0.1 1.1 0.1 0.5 0.0 0.3 0.0
98 1,8 0,5 1,5 0,4 1,9 0,3 1,2 0,2 0,9 0,1 1,1 0,1 0,5 0,0 0,3 0,0 ÐçãÞ : ÅõñùðáúêÞ ÅðéôñïðÞ , åèíéêÜ óôïé ÷ åßá êáé õðïëïãéóìïß ÅÍÉ .
Source : European Commission , national data and EMI calculations .
ÄéÜãñáììá 5 ÖñÜãêï Ãáëëßáò : Áðïêëßóåéò áðü äéì .
French franc : Deviations from ERM bilateral central rates ( daily data ;
éóïôéìßåò ÌÓÉ ( çìåñÞóéá óôïé ÷ åßá , óå åêáôïóôéáßåò ìïíÜäåò , 1.3.96 - 27.2.98 ) FRF / BEF FRF / DKK FRF / DEM FRF / ESP FRF / IEP
1 March 1996 to 27 February 1998 ) FRF / BEF 15 10 5 0 - 5 - 10 - 15 Q2 1996 FRF / NLG Q3 Q4 Q1 Q2 1997 Q3 Q4 Q1 FRF / DKK
FRF / ITL FRF / NLG
FRF / IEP FRF / ITL 15 10 5 0 - 5 - 10 - 15
Óçìåßùóç : Ïé áðïêëßóåéò Ýíáíôé ôïõ ìÜñêïõ Öéëáíäßáò áöïñïýí ôçí ðåñßïäï áðü 14 Ïêôùâñßïõ 1996 êåé åîÞò , åíþ ïé áðïêëßóåéò Ýíáíôé ôçò ëßñáò Éôáëßáò áöïñïýí ôçí ðåñßïäï áðü 25 Íïåìâñßïõ 1996 êáé åîÞò .
Note : Deviations against the Finnish markka refer to the period from 14 October 1996 onwards , while deviations against the Italian lira refer to the period from 25 November 1996 onwards .
ÖñÜãêï Ãáëëßáò : Äåßêôåò ðñáãìáôéêÞò óôáèìéóìÝíçò óõíáëëáãìáôéêÞò éóïôéìßáò Ýíáíôé ôùí Êñáôþí-Ìåëþí ôïõ ÌÓÉ ÌÝóïò üñïò ÐñáãìáôéêÝò óôáèìéóìÝíåò óõíáëëáãìáôéêÝò éóïôéìßåò : ÂÜóåé ôïõ ÄÔÊ ÂÜóåé ôïõ Äåßêôç Ôéìþí Ðáñáãùãïý /× ïíäñéêÞò Õðüìíçóç : ÏíïìáóôéêÞ óôáèìéóìÝíç óõíáëëáãìáôéêÞ éóïôéìßá 1,5 6,3 - 2,2 - 0,8 0,2 - 0,5 ÌÝóïò üñïò
French franc : Measures of the real effective exchange rate vis - - vis ERM Member States ( monthly data ; percentage deviations ;
( ìçíéáßá óôïé ÷ åßá , åêáôïóôéáßåò áðïêëßóåéò , ÖåâñïõÜñéïò 1998 óå óýãêñéóç ìå äéáöïñåôéêÝò ðåñéüäïõò âÜóçò ) ÌÝóïò üñïò 1987 - 1,5 - 1,6 10,1
February 1998 compared with different benchmark periods )
147 Ðßíáêáò 10
Average Jan 87-Feb 98 0.2 - 0.5 6.3
Ãáëëßá : ÅîùôåñéêÝò åîåëßîåéò ( ùò ðïóïóôü ôïõ ÁÅÐ ) 1990 Éóïæýãéï ôñå ÷ ïõóþí óõíáëëáãþí óõí êßíçóç êåöáëáßùí ( â ) ÊáèáñÞ èåôéêÞ (+) Þ áñíçôéêÞ (-) åîùô . èÝóç ( ã ) ÅîáãùãÝò ( áãáèÜ êáé õðçñåóßåò )( ä ) ÅéóáãùãÝò ( áãáèÜ êáé õðçñåóßåò )( å ) - 0,8 .
France : External developments ( as a percentage of GDP ) Current account plus new capital account Net foreign assets (+) or liabilities (-) ( c ) Exports ( goods and services )( d ) Imports ( goods and services ) ( e )
29,3 25,3 1991 1992 1993 1994 1995 1996 1997 ( á ) ÐçãÞ : ÅèíéêÜ óôïé ÷ åßá .
1996 1997 ( a ) 1.3 2.9 - 0.4 . 27.0 29.3 24.4 25.3
Ãéá åîáãùãÝò - åéóáãùãÝò : ÅõñùðáúêÞ ÅðéôñïðÞ ( ðñïâëÝøåéò Üíïéîçò 1998 ) .
Source : National data except exports and imports ( European Commission , spring 1998 forecasts ) .
( ã ) ÄéåèíÞò åðåíäõôéêÞ èÝóç ( ÄÅÈ ) , üðùò ïñßæåôáé áðü ôï ÄÍÔ ( âë . ÅôÞóéï Åã ÷ åéñßäéï Éóïæõãßïõ Ðëçñùìþí , ÔìÞìá 1 , 1994 ) , Þ ôï ðëçóéÝóôåñï äõíáôü õðïêáôÜóôáôï .
( c ) International investment position ( IIP ) as defined by the IMF ( see Balance of Payments Yearbook , Part 1 , 1994 ) , or the closest possible substitute .
( ä ) Ðïóïóôü åîáãùãþí áãáèþí åíôüò ÅÅ óôï óýíïëï åèíéêþí åîáãùãþí áãáèþí , 1996 : 62,6 %.
( d ) In 1996 the share of intra-EU exports of goods in total national exports of goods was 62.6% ;
( å ) Ðïóïóôü åéóáãùãþí áãáèþí åíôüò ÅÅ óôï óýíïëï åèíéêþí åéóáãùãþí áãáèþí , 1996 : 63,3% .
( e ) In 1996 the share of intra-EU imports of goods in total national imports of goods was 63.3% ;
Ãáëëßá : Ìáêñïðñüèåóìá åðéôüêéá ( åðß ôïéò åêáôü ) 1996 Ìáêñïðñüèåóìï åðéôüêéï ÔéìÞ áíáöïñÜò ÐçãÞ : ÅõñùðáúêÞ ÅðéôñïðÞ .
France : Long-term interest rates ( percentages ) 1996 Long-term interest rate Reference value Source : European Commission .
Éáí . 98 5,1 -
Jan 98 Feb 97 - Jan 98 5.1 5.5 7.8
ÄéÜãñáììá 6 ( á ) Ãáëëßá : Ìáêñïðñüèåóìá åðéôüêéá ( ìçíéáßïé ìÝóïé üñïé , ðïóïóôÜ åðß ôïéò åêáôü )
( a ) France : Long-term interest rate ( monthly averages ; in percentags ) 11 10 9 8 7 6 5 1990 1991 1992 1993 1994 1995 1996 1997
ÉÑËÁÍÄÉÁ Ç åîÝëéîç ôùí ôéìþí Óôç äéÜñêåéá ôçò ðåñéüäïõ áíáöïñÜò ( ÖåâñïõÜñéïò 1997-ÉáíïõÜñéïò 1998 ) , ï ìÝóïò ñõèìüò ðëçèùñéóìïý âÜóåé ôïõ ÅíÄÔÊ óôçí Éñëáíäßá Þôáí 1,2% , äçë . áñêåôÜ ÷ áìçëüôåñïò áðü ôçí ôéìÞ áíáöïñÜò 2,7% .
IRELAND Price developments Over the reference period from February 1997 to January 1998 the average rate of HICP inflation in Ireland was 1.2% , i.e. well below the reference value of 2.7% .
Ôï 1996 ï ìÝóïò ðëçèùñéóìüò ( ÅíÄÔÊ ) Þôáí 2,2% ( âë .
In 1996 average HICP inflation was 2.2% .
Áðü ôçí åîÝôáóç ôùí ìÝ ÷ ñé óÞìåñá åîåëßîåùí ðñïêýðôåé üôé ï ðëçèùñéóìüò ôéìþí êáôáíáëùôÞ óôçí Éñëáíäßá , üðùò ìåôñÜôáé âÜóåé ôïõ ÄÔÊ , áêïëïýèçóå ãåíéêþò êáèïäéêÞ ðïñåßá áðü ôéò áñ ÷ Ýò ôçò äåêáåôßáò ôïõ 1990 ( âë . ÄéÜãñáììá 1 ) .
Looking back , consumer price inflation in Ireland , as measured on the basis of the CPI , has followed a broad downward trend since the early 1990s ( see Chart 1 ) .
Ï ðëçèùñéóìüò åðéâñáäýíèçêå áðü 3,4% ôï 1990 óå 1,5% ôï 1993 .
Inflation fell from 3.4% in 1990 to 1.5% in 1993 .
Áêïëïýèùò , áõîÞèçêå ãýñù óôï 2,5% ôï 1994-95 êáé êáôüðéí ìåéþèçêå ðÜëé ðåñßðïõ óå 1,5% ôï 1996-97 .
Thereafter , it rose to around 2.5% in 199495 , before declining again to around 1.5% in 1996-97 .
Óå ó ÷ Ýóç ìå ôï ìáêñïïéêïíïìéêü ðåñéâÜëëïí , åßíáé áîéïóçìåßùôï üôé ï ÷ áìçëüôåñïò ðëçèùñéóìüò åðéôåý ÷ èçêå óå óõíäõáóìü ìå éó ÷ õñÞ Üíïäï ôïõ ðñáãìáôéêïý ÁÅÐ , ìå ñõèìü Üíù ôïõ 7 % óå ìÝóï üñï êáôÜ ôá ïêôþ Ýôç ìÝ ÷ ñé ôï 1997 ( âë . Ðßíáêá 2 ) .
With regard to the macroeconomic environment , it is notable that lower inflation has been achieved against the background of buoyant real GDP growth , which stood at over 7 % on average in the eight years to 1997 ( see Table 2 ) .
Ðáñüëï ðïõ ïé óõíèÞêåò óôçí áãïñÜ åñãáóßáò Ýãéíáí ðéåóôéêüôåñåò , ï ñõèìüò ôùí ìéóèïëïãéêþí áõîÞóåùí áíÜ áðáó ÷ ïëïýìåíï õðÞñîå ìÝôñéïò ôï 1994150 96 .
Notwithstanding a tightening of labour market conditions , growth in compensation per employee was moderate in 1994-96 .
Ôï 1997 ï ñõèìüò áõôüò åðéôá ÷ ýíèçêå , áí êáé óôç ìåôáðïßçóç ðáñÝìåéíå ìÝôñéïò .
In 1997 wage increases picked up while remaining moderate in manufacturing industry .
Óå óõíäõáóìü ìå ôçí Ýíôïíç Üíïäï ôçò ðáñáãùãéêüôçôáò ôçò åñãáóßáò , ôï êüóôïò åñãáóßáò áíÜ ìïíÜäá ðñïúüíôïò ìåéþíåôáé áðü ôï 1994 êáé ìåôÜ .
In combination with strong growth in labour productivity , unit labour costs have declined from 1994 onwards .
Ïé áõîÞóåéò ôùí ôéìþí ôùí åéóáãïìÝíùí ðáñïõóßáóáí äéáöïñïðïßçóç ôá ôåëåõôáßá Ýôç , åí ìÝñåé ëüãù ôùí ìåôáâïëþí ôçò óôáèìéóìÝíçò óõíáëëáãìáôéêÞò éóïôéìßáò , áëëÜ õðÞñîáí õðïôïíéêÝò ôï 1996-97 .
Import price increases have varied in recent years , partly as a result of effective exchange rate movements , but were subdued in 1996-97 .
× áìçëïß ñõèìïß ðëçèùñéóìïý ðñïêýðôïõí åðßóçò êáé áðü Üëëïõò óõíáöåßò äåßêôåò ôéìþí ( âë . Ðßíáêá 2 ) .
Low rates of inflation are also apparent when it is measured in 138 terms of other relevant price indices ( see Table 2 ) .
¼ óïí áöïñÜ ôéò ðñüóöáôåò ôÜóåéò êáé ðñïâëÝøåéò , ôá ôåëåõôáßá äéáèÝóéìá óôïé ÷ åßá ãéá ôïí ðëçèùñéóìü ìå âÜóç ôï äùäåêÜìçíï ñõèìü ôçò áýîçóçò ôïõ äåßêôç ôéìþí êáôáíáëùôÞ åìöáíßæïõí ñõèìü ðëçèùñéóìïý 1,6% , áëëÜ õðÜñ ÷ ïõí ïñéóìÝíåò åíäåßîåéò üôé èá áóêçèïýí Üìåóåò áíïäéêÝò ðéÝóåéò , ìå âÜóç ôïõò äåßêôåò ôïõ Ðßíáêá 3á .
Looking at recent trends and forecasts , the latest available outturns for consumer price inflation ( measured as a percentage change over the corresponding month a year earlier ) show a rate of inflation of 1.6% but there are some signs of immediate upward pressure on the basis of the measures shown in Table 3a .
ÐñïâëÝðåôáé üôé ôá äýï ðñïóå ÷ Þ Ýôç ï ðëçèùñéóìüò åíäå ÷ ïìÝíùò èá óçìåéþóåé Üíïäï ðñïò ôï 3 % ( âë . Ðßíáêá 3â ) .
Forecasts of inflation suggest it may rise towards 3 % over the next two years ( see Table 3b ) .
Ïé êßíäõíïé ðïõ áðåéëïýí ôç óôáèåñüôçôá ôùí ôéìþí óôï åí ëüãù äéÜóôçìá óõíäÝïíôáé êõñßùò ìå ôï åã ÷ þñéï ðåñéâÜëëïí , éäéáßôåñá ôçí ôá ÷ åßá íïìéóìáôéêÞ êáé ðéóôùôéêÞ åðÝêôáóç , ôçí ðñïêõêëéêÞ ( procyclical ) äçìïóéïíïìéêÞ ðïëéôéêÞ , ôçí åîÝëéîç ôùí ôéìþí ôùí ðåñéïõóéáêþí óôïé ÷ åßùí , ôéò ðéåóôéêÝò óõíèÞêåò óôçí áãïñÜ åñãáóßáò êáé ôçí Ýíôïíç áýîçóç ôïõ ÁÅÐ .
Risks for price stability over this period are mainly associated with the domestic environment , in particular strong money and credit growth , the procyclical fiscal policy , the development of asset prices , tight labour market conditions and strong GDP growth .
ÄçìïóéïíïìéêÝò åîåëßîåéò Óôï Ýôïò áíáöïñÜò 1997 ç Éñëáíäßá óçìåßùóå ðëåüíáóìá ôïõ åõñýôåñïõ êõâåñíçôéêïý ôïìÝá 0,9% ôïõ ÁÅÐ , åðéôõã ÷ Üíïíôáò Ýôóé Üíåôá ôçí ôéìÞ áíáöïñÜò 3 %. Ï ëüãïò ôïõ ÷ ñÝïõò Þôáí 66,3% , äçë .
Fiscal developments In the reference year 1997 Ireland recorded a general government surplus of 0.9% of GDP , thereby comfortably meeting the 3 % reference value , and the debt ratio was 66.3% , i.e. above the 60 % reference value .
õøçëüôåñïò áðü ôçí ôéìÞ áíáöïñÜò 60 %. Óå óýãêñéóç ìå ôï ðñïçãïýìåíï Ýôïò , ôï äçìïóéïíïìéêü áðïôÝëåóìá âåëôéþèçêå êáôÜ 1,3 åêáôïóôéáßåò ìïíÜäåò êáé ï ëüãïò ôïõ ÷ ñÝïõò ìåéþèçêå êáôÜ 6,4 åêáôïóôéáßåò ìïíÜäåò .
Compared with the previous year , the fiscal balance has improved by 1.3 percentage points and the debt ratio has decreased by 6.4 percentage points .