natgillin/translations-raw huggingface dataset:
Óõíåðþò , åðéôåý ÷ èçêå ï íïìéóìáôéêüò óôü ÷ ïò ôüóï ãéá ôï 1998 üóï êáé ãéá ôç äéåôßá 19971998 . Óôéò 3 Äåêåìâñßïõ 1998 ç ÏìïóðïíäéáêÞ ÔñÜðåæá ôçò Ãåñìáíßáò ìåßùóå ôï åðéôüêéï åðáíáãïñÜò ôßôëùí óôï 3 %, óôï ðëáßóéï ôçò óõíôïíéóìÝíçò êßíçóçò ôùí ÅèíÊÔ ôçò æþíçò ôïõ åõñþ , ç ïðïßá êñßèçêå
Overall , and reflecting the process of convergence of official interest rates described above , the euro area average of money market interest rates at the threemonth maturity fell by around 70 basis points from the beginning of 1998 to the end of November 1998 and by a further 30 basis points in December 1998 , reaching 3.25% at the end of the year ( see Chart 9 ) .
Ôï Óõìâïýëéï ÍïìéóìáôéêÞò ÐïëéôéêÞò ôçò ÔñÜðåæáò ôçò Ãáëëßáò áðïöÜóéóå íá äéáôçñÞóåé ôéò êáôåõèýíóåéò ôçò íïìéóìáôéêÞò ðïëéôéêÞò ãéá ôï 1997 ÷ ùñßò áëëáãÝò êáé ôï 1998 , óôï ÷ åýïíôáò óôç äéáôÞñçóç ôçò óôáèåñüôçôáò ôùí ôéìþí  ç ïðïßá ïñßæåôáé ùò áýîçóç ôïõ Äåßêôç Ôéìþí ÊáôáíáëùôÞ ðïõ äåí õðåñâáßíåé ôï 2 %  ôï 1998 êáé ìåóïðñüèåóìá .
Closely aligned policies in seven countries during 1998 The Deutsche Bundesbank kept its key interest rates stable for most of 1998 .
Ç íïìéóìáôéêÞ ðïëéôéêÞ óõíÝ ÷ éóå íá ïñïèåôåßôáé áðü äýï åíäéÜìåóïõò óôü ÷ ïõò : ðñþôïí , ôç óôáèåñÞ åîùôåñéêÞ éóïôéìßá ôïõ ãáëëéêïý öñÜãêïõ Ýíáíôé ôçò ïìÜäáò ôùí óôáèåñüôåñùí íïìéóìÜôùí ôïõ ÌÓÉ , êáé äåýôåñïí , óôü ÷ ï 5 % ãéá ôçí áýîçóç ôçò ðïóüôçôáò ÷ ñÞìáôïò ( ïñéæüìåíç ìå óôåíÜ êáé åõñÝá íïìéóìáôéêÜ ìåãÝèç ) .
Until December 1998 the securities repurchase rate stood at 3.3% , the level to which it had been raised in October 1997 , while the lombard rate and the discount rate stood at 4.5% and 2.5% respectively , having remained unchanged since April 1996 ( see Chart 12 ) .
Ôï ãáëëéêü öñÜãêï ðáñÝìåéíå ðïëý óôáèåñü óå üëç ôç äéÜñêåéá ôïõ 1998 , êáé ïé áãïñáßåò éóïôéìßåò ôïõ äéáìïñöþíïíôáí êïíôÜ óôéò êåíôñéêÝò ôïõ éóïôéìßåò óôï ðëáßóéï ôïõ ÌÓÉ . Ãéá ôï ìåãáëýôåñï äéÜóôçìá þò ôïí Ïêôþâñéï , ç áýîçóç ôïõ Ì3 Þôáí ëßãï êÜôù áðü 5 %, åíþ ôï ÄåêÝìâñéï ôïõ 1998 åðéâñáäýíèçêå óå 2,7% , Ýíáíôé 2 % óôï ôÝëïò ôïõ 1997 .
In December 1997 the Bundesbank confirmed its two-year monetary target of around 5 % per annum , reducing the target corridor for the annual rate of M3 growth in the fourth quarter of 1998 to 3-6 % from 3.5 - 6.5% in the previous year . At the same time the Bundesbank explained that following the selection of the countries adopting the single currency as from 1 January 1999 , monetary policy would have to widen its focus to take greater account of the monetary policy situation in the whole of the euro area .
Ôï ÍïÝìâñéï 1998 ôá íïìéóìáôéêÜ ìåãÝèç Ì1 êáé Ì2 áõîÜíïíôáí ìå 50
During most of 1998 M3 growth moved continuously within the target corridor .
ÄéÜãñáììá 12
45 Chart 12
Åðßóçìá êáé âáóéêÜ åðéôüêéá ( óôïé ÷ åßá ôÝëïõò ìçíüò , óå ðïóïóôÜ %) ÂÅË ðñïåîïöëçôéêü ÂÅË êåíôñéêü åðéôüêéï ÂÅË ôÝëïõò çìÝñáò ÄÁÍ ðñïåîïöëçôéêü ÄÁÍ repos ÄÁÍ Lombard
Official and key interest rates ( end-of-month data ; in percentages )
ÉÓÐ repos 10 çìåñþí
0 ES 10-day repo
ÃÁË ðáñÝìâáóçò óôç ÷ ñçì / áãïñÜ ÃÁË ðéóôùô . äéåõêüëõíóçò 5 - 10 çìåñþí
FR money market intervention FR 5 to 10-day pension facility
ÉÔÁ ðñïåîïöëçôéêü ÉÔÁ repos
IT discount IT repo
ÁÕÓ repos ÁÕÓ ðñïåîïöëçôéêü
AT repo AT discount
ÁÕÓ Lombard
AT lombard
ÐÏÑ áðïññüöçóçò ñåõóôüôçôáò , 1 åâäïìÜäáò ÐÏÑ ðáñï ÷ Þò ñåõóôüôçôáò , 1 åâäïìÜäáò
0 PT absortion , 1-week liquidity PT supply , 1-week liquidity
ÅôÞóéá ¸ êèåóç ÅÊÔ -* 1998 51
46 ECB Annual Report -* 1998
ñõèìïýò 3,1% êáé 4,3% áíôéóôïß ÷ ùò , Ýíáíôé 6,5% êáé 7,8% ôï ÄåêÝìâñéï ôïõ 1997 .
the last quarter of 1998 M3 grew by 5.6% compared with the average level in the fourth quarter of 1997 , and by an annual rate of 5.1% compared with the final quarter of 1996 .
Ôá íïìßóìáôá üëùí ôùí ÷ ùñþí åðÝäåéîáí õøçëü âáèìü óôáèåñüôçôáò ìÝóá óôïí ÌÓÉ , êáé ïé ðñïèåóìéáêÝò êáé Üìåóåò óõíáëëáãìáôéêÝò éóïôéìßåò ôïõò ðáñÝìåéíáí êïíôÜ óôá ãåñìáíéêÜ åðßðåäá óå üëç ôç äéÜñêåéá ôïõ Ýôïõò ( âë . ÄéÜãñáììá 11 ) .
On 3 December 1998 the Bundesbank cut its securities repurchase rate to 3 % as part of the co-ordinated move of the euro area NCBs which was deemed appropriate in view of the outlook for price stability in the euro area as a whole .
Ç ÔñÜðåæá ôçò Öéëáíäßáò óõíÝ ÷ éóå íá óôï ÷ åýåé óå åôÞóéá áýîçóç ôïõ äåßêôç ôïõ ðõñÞíá ôïõ ðëçèùñéóìïý ãýñù óôï 2 %, óôï ðëáßóéï ôçò óõììåôï ÷ Þò ôïõ öéëáíäéêïý ìÜñêïõ óôïí ÌÓÉ . Óå Ýíá ðåñéâÜëëïí õøçëÞò ïéêïíïìéêÞò ìåãÝèõíóçò êáé äéáöáéíüìåíùí áíïäéêþí ðéÝóåùí óôéò ôéìÝò , ç ÔñÜðåæá ôçò Öéëáíäßáò áýîçóå ôï åðéôüêéï äçìïðñáóßáò êáôÜ 0,15 ôçò åêáôïóôéáßáò ìïíÜäáò óå 3,4% óôéò 19 Ìáñôßïõ 1998 .
The Monetary Policy Council of the Banque de France decided to carry over its monetary policy guidelines for 1997 unchanged into 1998 , with the aim of maintaining price stability -- defined as CPI growth not exceeding 2 % -- in 1998 and in the medium term . Monetary policy continued to be defined in terms of two intermediate objectives : first , a stable external value of the French franc against the group of the most credible ERM currencies ;
Áñãüôåñá , óôá ðëáßóéá ôçò óôáèåñüôçôáò ôçò óõíáëëáãìáôéêÞò éóïôéìßáò óôïí ÌÓÉ êáé ðáñ  üëç ôç óõíÝ ÷ éóç ôçò Ýíôïíçò ïéêïíïìéêÞò äñáóôçñéüôçôáò , ïé ðëçèùñéóôéêÝò ðéÝóåéò óôç Öéëáíäßá âáèìéáßá õðï ÷ þñçóáí êáé ç áýîçóç ôïõ ðõñÞíá ôïõ ðëçèùñéóìïý Ýöèáóå ôï 0,4% óå äùäåêÜìçíç âÜóç ôï ÄåêÝìâñéï 1998 .
The French franc remained very stable throughout 1998 , trading close to its central rates within the ERM . For most of the period up to October the growth of M3 was slightly below 5 %, decreasing to 2.7% in December 1998 , compared with 2.0% at the end of 1997 .
Óôéò 3 Äåêåìâñßïõ 1998 ôï åðéôüêéï äçìïðñáóéþí ìåéþèçêå êáôÜ 0,4 ôçò åêáôïóôéáßáò ìïíÜäáò óå 3 % óôá ðëáßóéá ôçò óõíôïíéóìÝíçò êßíçóçò üëùí ôùí ÅèíÊÔ ôçò æþíçò ôïõ åõñþ .
In December 1998 the monetary aggregates M1 and M2 grew by 3.1% and 4.3% respectively , compared with 6.5% and 7.8% in December 1997 .
Ïé óõíèÞêåò áõôÝò åðÝôñåøáí óôçí ÔñÜðåæá ôçò Éóðáíßáò íá ìåéþóåé óôáäéáêÜ ôï åðéôüêéï ôùí óõìöùíéþí åðáíáãïñÜò äåêáÞìåñçò äéÜñêåéáò áðü 4,75% óôçí áñ ÷ Þ ôïõ Ýôïõò óå 3 % ôçí 3ç Äåêåìâñßïõ 1998 .
The currencies of all three countries showed a high degree of stability within the ERM , with forward and spot exchange rates remaining close to German levels throughout the year ( see Chart 11 ) .
Ç ôá ÷ åßá ïéêïíïìéêÞ áíÜðôõîç êáôÝóôçóå áíáãêáßá ôç äéáôÞñçóç õøçëþí äéáöïñþí åðéôïêßùí Ýíáíôé ôùí ÷ ùñþí ôçò æþíçò ôïõ åõñþ ìå ôá ÷ áìçëüôåñá åðéôüêéá êáôÜ ôï 1998 . Áíôáíáêëþíôáò ôçí éó ÷ ý ôçò éñëáíäéêÞò ëßñáò óôïí ÌÓÉ , ç êåíôñéêÞ éóïôéìßá ôçò éñëáíäéêÞò ëßñáò áíáðñïóáñìüóôçêå êáôÜ 3 % ôï ÌÜñôéï ôïõ 1998 , óå åðßðåäï óõìâáôü ìå ôá âáóéêÜ ìáêñïïéêïíïìéêÜ ìåãÝèç êáé ôç äéáñêÞ óýãêëéóç .
Later , in the context of exchange rate stability within the ERM and despite economic activity continuing at a strong pace , inflationary pressures gradually receded in Finland , with the 12-month increase in the indicator of underlying inflation reaching 0.4% in December 1998 . On 3 December 1998 the tender rate was reduced by 40 basis points to 3 % in the context of the co-ordinated move by all euro area NCBs .
Ðáñ  üëá áõôÜ , ó ÷ åäüí Ýùò ôï ôÝëïò ôïõ 1998 ç ýðáñîç óçìáíôéêþí äéáöïñþí óôá âñá ÷ õðñüèåóìá åðéôüêéá Ýíáíôé Üëëùí ÷ ùñþí ôçò æþíçò ôïõ åõñþ óôÞñéîå ìéá éó ÷ õñÞ éñëáíäéêÞ ëßñá óôïí ÌÓÉ , óõíôåëþíôáò Ýôóé óôç óõãêñÜôçóç ôùí ðëçèùñéóôéêþí ðéÝóåùí óôçí Éñëáíäßá ( âë .
Smooth convergence towards low interest rate levels in Spain , Ireland , Italy and Portugal The Banco de España defined a target for CPI inflation of close to 2 % in 1998 .
ÄéáãñÜììáôá 10 êáé 11 ) .
During the year the 12-month growth rate of the CPI moved in line with this target .
Ç óýãêëéóç ôùí éñëáíäéêþí åðéôïêßùí ôçò ÷ ñçìáôáãïñÜò ðñáãìáôïðïéÞèçêå êõñßùò ôï öèéíüðùñï ôïõ 1998 .
Developments in prices were particularly subdued from September 1998 onwards , with CPI inflation reaching 1.4% in December 1998 .
Ç ÊåíôñéêÞ ÔñÜðåæá ôçò Éñëáíäßáò áñ ÷ éêÜ ìåßùóå ôï åðéôüêéï ôùí óõìöùíéþí åðáíáãïñÜò êáôÜ 1,25 åêáôïóôéáßá ìïíÜäá óå 4,94% , ìå éó ÷ ý áðü ôéò 12 Ïêôùâñßïõ 1998 .
Furthermore , the exchange rate of the Spanish peseta remained relatively stable throughout the year , steadily converging to the pre-announced rates .
Óôéò 9 Íïåìâñßïõ áêïëïýèçóå Üëëç éóüðïóç ìåßùóç , åíþ óôéò 3 Äåêåìâñßïõ 1998 áíáêïéíþèçêå ðåñáéôÝñù ìåßùóç êáôÜ 0,69 ôçò åêáôïóôéáßáò ìïíÜäáò óå 3 %, ìå éó ÷ ý áðü ôéò 4 Äåêåìâñßïõ 1998 .
This context allowed the Banco de España gradually to lower its 10-day repurchase rate from 4.75% at the beginning of the year to 3 % on 3 December 1998 , with the main adjustment occurring towards the end of the year . In Ireland monetary policy was geared towards ensuring a smooth transition towards Monetary Union .
Ôï 1998 ç ÔñÜðåæá ôçò Éôáëßáò áêïëïýèçóå ðïëéôéêÞ ðïõ áðïóêïðïýóå óôç óôáèåñüôçôá ôùí ôéìþí , âáóéæüìåíç óå Ýíá åõñý öÜóìá äåéêôþí êáé óå ôéìÞ áíáöïñÜò 5 % ãéá ôçí áýîçóç ôçò ðïóüôçôáò ÷ ñÞìáôïò ìå åõñåßá Ýííïéá , ðñïêåéìÝíïõ íá äéåõêïëõíèåß ç ïëïêëÞñùóç ôçò äéáäéêáóßáò óýãêëéóçò êáé ç äéáôÞñçóç ôçò óôáèåñüôçôáò ôçò óõí -
Reflecting the strength of the Irish pound in the ERM , the Irish pound 's central rate was revalued by 3 % in March 1998 to a level consistent with economic fundamentals and with sustained convergence . This notwithstanding , until late 1998 the persistence of sizable short-term interest rate differentials vis-à-vis other euro
ÏìáëÞ óýãêëéóç ðñïò ÷ áìçëÜ åðßðåäá åðéôïêßùí óôçí Éóðáíßá , ôçí Éñëáíäßá , ôçí Éôáëßá êáé ôçí Ðïñôïãáëßá Ç ÔñÜðåæá ôçò Éóðáíßáò üñéóå ùò óôü ÷ ï ñõèìü ðëçèùñéóìïý , ìå âÜóç ôï Äåßêôç Ôéìþí ÊáôáíáëùôÞ ( ÄÔÊ ) , êïíôÜ óôï 2 % ôï 1998 .
area countries supported a strong Irish pound within the ERM , thus contributing to containing inflationary pressures in Ireland ( see Charts 10 and 11 ) . The convergence of Irish money market interest rates took place mainly in the autumn of 1998 .
Ïé åîåëßîåéò óôéò ôéìÝò Þôáí éäéáßôåñá õðïôïíéêÝò áðü ôï ÓåðôÝìâñéï 1998 êáé åîÞò , êáé ï ðëçèùñéóìüò ( ÄÔÊ ) Ýöèáóå ôï 1,4% ôï ÄåêÝìâñéï 1998 . ÅîÜëëïõ , ç
On 9 November 1998 it reduced this rate by another 125 basis points and on 3 December 1998 a further reduction of 69 basis points to 3 % with effect from 4 December 1998 was announced .
ÅôÞóéá ¸ êèåóç ÅÊÔ -* 1998 áëëáãìáôéêÞò éóïôéìßáò ôïõ íïìßóìáôüò ôçò Ýíáíôé ôùí óõììåôå ÷ üíôùí íïìéóìÜôùí .
In 1998 the Banca d' Italia followed a policy aimed at price stability , based on a broad range of indicators and a reference value for broad money growth of 5 %, in order to foster the completion of the convergence process and continued exchange rate stability vis-àvis participating currencies .
ËáìâÜíïíôáò õðüøç ôçí ôá ÷ åßá íïìéóìáôéêÞ åðÝêôáóç êáé ôéò áõîÞóåéò óôéò ôéìÝò êáé óôï êüóôïò åñãáóßáò ðïõ Þôáí õøçëüôåñåò áðü ôï ìÝóï üñï ôçò æþíçò ôïõ åõñþ , ç ÔñÜðåæá ôçò Éôáëßáò óôáäéáêÜ ìåßùóå ôá åðßóçìá åðéôüêéá êáôÜ ôç äéÜñêåéá ôïõ Ýôïõò , áñ ÷ éêÜ ìåéþíïíôáò ôï ðñïåîïöëçôéêü åðéôüêéï êáôÜ 0,5 ôçò åêáôïóôéáßáò ìïíÜäáò óôéò 22 Áðñéëßïõ 1998 .
In the context of rapid monetary expansion and increases in prices and labour costs of above the euro area average , the Banca d' Italia gradually lowered official interest rates over the year , first reducing its discount rate by 50 basis points on 22 April 1998 .
Ôá åðéôüêéá ðåñéïñßóôçêáí áêüìç ðåñéóóüôåñï óôï ôÝôáñôï ôñßìçíï ôïõ Ýôïõò , ôï äå ðñïåîïöëçôéêü åðéôüêéï ìåéþèçêå êáôÜ 1 åêáôïóôéáßá ìïíÜäá óôï ôÝëïò Ïêôùâñßïõ 1998 , 0,5 ôçò åêáôïóôéáßáò ìïíÜäáò óôéò 3 Äåêåìâñßïõ 1998 êáé ôÝëïò áêüìç 0,5 ôçò åêáôïóôéáßáò ìïíÜäáò óôéò 23 Äåêåìâñßïõ 1998 , êáôáëÞãïíôáò óôï åðßðåäï ôïõ 3 % ( âë .
Further cuts in interest rates occurred in the fourth quarter of the year , with reductions in the discount rate of 100 basis points at the end of October 1998 , 50 basis points on 3 December 1998 and , finally , a further 50 basis points on 23 December 1998 to 3 % ( see Chart 12 ) .
ÄéÜãñáììá 12 ) .
The Banco de Portugal was able to achieve its policy objective of keeping the exchange rate of the Portuguese escudo broadly stable in the ERM during 1998 .
Ç ÔñÜðåæá ôçò Ðïñôïãáëßáò êáôüñèùóå íá åðéôý ÷ åé ôï óôü ÷ ï ôçò , ðïõ Þôáí ç äéáôÞñçóç ôçò ó ÷ åôéêÞò óôáèåñüôçôáò ôçò óõíáëëáãìáôéêÞò éóïôéìßáò ôïõ ðïñôïãáëéêïý åóêïýäïõ óôïí ÌÓÉ êáôÜ ôç äéÜñêåéá ôïõ 1998 .
Against the background of Portuguese inflation rates of above the euro area average , the narrowing of short-term interest rate differentials vis-àvis the euro area countries with the lowest short-term interest rates occurred mainly in the second half of the year .
Ìå äåäïìÝíï üôé ï ðëçèùñéóìüò óôçí Ðïñôïãáëßá õðåñÝâáéíå ôï ìÝóï üñï ôçò æþíçò ôïõ åõñþ , ç ìåßùóç ôùí äéáöïñþí ôùí âñá ÷ õðñüèåóìùí åðéôïêßùí Ýíáíôé ôùí ÷ ùñþí ôçò æþíçò ôïõ åõñþ ìå ôá ÷ áìçëüôåñá âñá ÷ õðñüèåóìá åðéôüêéá ðñáãìáôïðïéÞèçêå êõñßùò êáôÜ ôï äåýôåñï åîÜìçíï ôïõ 1998 . Ôï åðéôüêéï ôùí óõìöùíéþí åðáíáãïñÜò ìåéþèçêå , óå äéáäï ÷ éêÜ óôÜäéá , áðü 5,3% óôçí áñ ÷ Þ ôïõ Ýôïõò óå 3 % óôéò 3 Äåêåìâñßïõ 1998 .
The repurchase rate was reduced , in several steps , from 5.3% at the beginning of the year to 3 % on 3 December 1998 . 2.7 The monetary policy of the Eurosystem At the start of Stage Three of EMU the Eurosystem -- comprising the ECB and the NCBs of the 11 Member States which adopted the euro on 1 January 1999 -- assumed the task of conducting the single monetary policy for the euro area as a whole .
¼ ðùò ðåñéãñÜöçêå óôï ÔìÞìá 2.6 , ç ìåôÜâáóç ôùí íïìéóìáôéêþí ðïëéôéêþí óôï Ôñßôï ÓôÜäéï õðÞñîå ïìáëÞ , áíôáíáêëþíôáò ôç óôåíÞ óõíåñãáóßá êáôÜ ôç äéÜñêåéá ôïõ Äåýôåñïõ Óôáäßïõ êáé ôçí ðñïïðôéêÞ  æþíçò åõñþ  ðïõ åß ÷ áí Þäç õéïèåôÞóåé ïé óõììåôÝ ÷ ïõóåò ÅèíÊÔ ôï 1998 .
With a unified monetary policy , policy decisions must be made in a manner that reflects conditions across the euro area in its entirety , rather than specific regional or national developments .
Óôï ðáñüí ôìÞìá ðåñéãñÜöåôáé áõôÞ ç óôñáôçãéêÞ êáé óôç óõíÝ ÷ åéá áíáöÝñïíôáé ïé áðïöÜóåéò íïìéóìáôéêÞò ðïëéôéêÞò ðïõ åëÞöèçóáí ôéò ðñþôåò åâäïìÜäåò ôïõ 1999 , ìå âÜóç áõôÞ ôç óôñáôçãéêÞ .
In order to guide market expectations in the resulting new institutional environment , the Governing Council of the ECB has announced a stability-oriented monetary policy strategy .
Ç óôñáôçãéêÞ íïìéóìáôéêÞò ðïëéôéêÞò ôïõ ÅõñùóõóôÞìáôïò ìå ðñïóáíáôïëéóìü óôç óôáèåñüôçôá Óôéò 13 Ïêôùâñßïõ 1998 ôï Äéïéêçôéêü Óõìâïýëéï áíáêïßíùóå ôá êýñéá óôïé ÷ åßá ôçò íïìéóìáôéêÞò ðïëéôéêÞò ôïõ ÅõñùóõóôÞìáôïò ìå ðñïóáíáôïëéóìü óôç óôáèåñüôçôá , ôá ïðïßá èá êáôåõèýíïõí ôéò áðïöÜóåéò íïìéóìáôéêÞò ðïëéôéêÞò óôï Ôñßôï ÓôÜäéï ôçò ÏÍÅ . Óå åðüìåíåò ïìéëßåò êáé äçëþóåéò , ï Ðñüåäñïò ôçò ÅÊÔ êáé Üëëá ìÝëç ôïõ Äéïéêçôéêïý Óõìâïõëßïõ áíÝðôõîáí ôéò ëåðôïìÝñåéåò ôçò óôñáôçãéêÞò .
This section first describes this strategy and then turns to the monetary policy decisions which were taken in the first few weeks of 1999 on the basis of this strategy . The stability-oriented monetary policy strategy of the Eurosystem On 13 October 1998 the Governing Council announced the main elements of the stabilityoriented monetary policy strategy of the Eurosystem , which will guide monetary policy decisions in Stage Three of EMU .
Óôï ðñþôï Ìçíéáßï Äåëôßï ôçò ( ÉáíïõÜñéïò 1999 ) ç ÅÊÔ äçìïóßåõóå Üñèñï ðïõ ðåñéãñÜöåé ëåðôïìåñþò áõôÞ ôç óôñáôçãéêÞ . Ç óôñáôçãéêÞ ôçò íïìéóìáôéêÞò ðïëéôéêÞò ôïõ ÅõñùóõóôÞìáôïò áðïôåëåßôáé áðü ôñßá óôïé ÷ åßá : ôç äçìïóßåõóç åíüò ðïóïôéêïý ïñéóìïý ôïõ ðñùôáñ ÷ éêïý óêïðïý ôçò íïìéóìáôéêÞò ðïëéôéêÞò , äçëáäÞ ôçò óôáèåñüôçôáò ôùí ôéìþí , êáé ôïõò äõï  ðõëþíåò  ôçò óôñáôçãéêÞò ðïõ ÷ ñçóéìïðïéïýíôáé ãéá ôç äéáôÞñçóç áõôïý ôïõ óêïðïý .
In subsequent speeches and statements , the President of the ECB and other members of the Governing Council have elaborated on the details of the strategy . In its first Monthly Bulletin ( January 1999 ) the ECB published a detailed article describing the strategy .
Áõôïß ïé ðõëþíåò åßíáé ï åîÝ ÷ ùí ñüëïò ôçò ðïóüôçôáò ÷ ñÞìáôïò , üðùò óçìáôïäïôåßôáé áðü ôçí áíáêïßíùóç ðïóïôéêÞò ôéìÞò áíáöïñÜò ãéá ôï ñõèìü áýîçóçò åíüò åõñýôåñïõ íïìéóìáôéêïý 2.7 H íïìéóìáôéêÞ ðïë éôéêÞ ôïõ ë ÅõñùóõóôÞìáôïò KáôÜ ôçí Ýíáñîç ôïõ Ôñßôïõ Óôáäßïõ ôçò ÏÍÅ ôï Åõñùóýóôçìá  áðïôåëïýìåíï áðü ôçí ÅÊÔ êáé ôéò ÅèíÊÔ ôùí 11 êñáôþí-ìåëþí ðïõ õéïèÝôçóáí ôï åõñþ ôçí 1ç Éáíïõáñßïõ 1999  áíÝëáâå ôï êáèÞêïí íá áóêåß ôçí åíéáßá íïìéóìáôéêÞ ðïëéôéêÞò ãéá ôï óýíïëï ôçò æþíçò ôïõ åõñþ .
The Eurosystem 's monetary policy strategy consists of three main elements : the publication of a quantitative definition of the primary objective of monetary policy , namely price stability , and the two « pillars » of the strategy used to maintain this objective . 48
Ìå ôçí åíéáßá íïìéóìáôéêÞ ðïëéôéêÞ , ïé áðïöÜóåéò ðïëéôéêÞò ðñÝðåé íá ëáìâÜíïíôáé êáôÜ ôñüðï ðïõ íá áíôáíáêëÜ ôéò óõíèÞêåò óå ïëüêëçñç ôç æþíç ôïõ åõñþ , êáé ü ÷ é ìåìïíùìÝíåò ðåñéöåñåéáêÝò Þ åèíéêÝò ÅôÞóéá ¸ êèåóç ÅÊÔ -* 1998
ECB Annual Report -* 1998 These pillars are a prominent role for money , as signalled by the announcement of a quantitative reference value for the growth of a broad monetary aggregate , and a broadly based assessment of the outlook for price developments and risks to price stability in the euro area as a whole .
Ôï Äéïéêçôéêü Óõìâïýëéï Ý ÷ åé ïñßóåé ôç óôáèåñüôçôá ôùí ôéìþí ùò  åôÞóéá áýîçóç ôïõ ÅíáñìïíéóìÝíïõ Äåßêôç Ôéìþí ÊáôáíáëùôÞ ( ÅíÄÔÊ ) ãéá ôç æþíç ôïõ åõñþ ìå ñõèìü ÷ áìçëüôåñï ôïõ 2 %.
Focusing on the HICP for the euro area guarantees the adoption of an area-wide perspective in monetary policy-making .
Óýìöùíá ìå ôïí ïñéóìü , ç óôáèåñüôçôá ôùí ôéìþí  ðñÝðåé íá äéáôçñåßôáé ìåóïðñüèåóìá . Ç öñÜóç ÷ áìçëüôåñï ôïõ 2 % óáöþò ïñéïèåôåß ôï áíþôáôï åðßðåäï ãéá ôï ñõèìü ôïõ ìåôñïýìåíïõ ðëçèùñéóìïý , âÜóåé ôïõ ÅíÄÔÊ , ðïõ åßíáé óõíåðÝò ìå ôç óôáèåñüôçôá ôùí ôéìþí .
The statement that « price stability is to be maintained over the medium term » reflects the need for monetary policy to have a forward-looking , medium-term orientation .
Ç áîéïëüãçóç áõôÞ âáóßæåôáé óôïí êéíçôü ìÝóï ôñéþí ìçíþí ôïõ 12ìçíïõ ñõèìïý áýîçóçò ôçò ðïóüôçôáò ÷ ñÞìáôïò .
This assessment is based on the three-month moving average of the 12-month growth rate of money .
Ôï Äéïéêçôéêü Óõìâïýëéï Ý ÷ åé åðéëÝîåé íá áíáêïéíþóåé ôéìÞ áíáöïñÜò ãéá Ýíá åõñý íïìéóìáôéêü ìÝãåèïò ( Ì3 ) .
The Governing Council has chosen to announce a reference value for a broad monetary aggregate ( M3 ) .
Ôçí 1ç Äåêåìâñßïõ 1998 ôï Äéïéêçôéêü Óõìâïýëéï áíáêïßíùóå ôçí ôéìÞ áíáöïñÜò ãéá ôçí áýîçóç ôïõ Ì3 .
On 1 December 1998 the Governing Council announced its reference value for M3 growth .
 Ç óôáèåñüôçôá ôùí ôéìþí ðñÝðåé íá äéáôçñåßôáé , óýìöùíá ìå ôïí ïñéóìü ðïõ Ýäùóå ôï Åõñùóýóôçìá , Ýôóé þóôå ç åôÞóéá áýîçóç ôïõ ÅíÄÔÊ óôç æþíç ôïõ åõñþ íá åßíáé ìéêñüôåñç ôïõ 2 %.
price stability must be maintained , in accordance with the Eurosystem 's definition , so that year-on-year increases in the HICP for the euro area are below 2 %; the medium-term trend of real GDP growth lies in the range of 2-2 ½% per annum ;
Ç ìåóïðñüèåóìç ôÜóç áýîçóçò ôïõ ðñáãìáôéêïý ÁÅÐ êõìáßíåôáé ìåôáîý 2 % êáé 2,5% åôçóßùò .
and over the medium term the decline in the velocity of circulation of M3 is in the approximate range of ½- 1 % per annum .
Ìåóïðñüèåóìá , ç ìåßùóç ôçò ôá ÷ ýôçôáò êõêëïöïñßáò ôïõ Ì3 êõìáßíåôáé ìåôáîý 0,5 êáé 1 % ðåñßðïõ åôçóßùò . ó ÷ Ýóç ìå ôç äçìïóéåõìÝíç ôéìÞ áíáöïñÜò ãéá ôçí áýîçóç ôçò ðïóüôçôáò ÷ ñÞìáôïò .
somewhat below the upper boundary of its ½- 1 % range . Taking account of these two factors , the Governing Council decided to set the first reference value for M3 growth at 4 ½% per annum .
Ùóôüóï , ôï Åõñùóýóôçìá åðßóçò áîéïëïãåß åîïíõ ÷ éóôéêÜ êáé óõíå ÷ þò ôçí åîÝëéîç êáé Üëëùí íïìéóìáôéêþí ìåãåèþí , ôá ïðïßá åßíáé êáô  ïõóßáí óõíéóôþóåò ôïõ Ì3 , êáé ôùí ìåãåèþí ðïõ áíôéóôïé ÷ ïýí óôï Ì3 êáé ðåñéÝ ÷ ïíôáé óôçí åíïðïéçìÝíç ëïãéóôéêÞ êáôÜóôáóç ôùí Í × É . Ç åí ëüãù áíÜëõóç ðáñÝ ÷ åé ÷ ñÞóéìç ðëçñïöüñçóç ðïõ âïçèÜ óôçí áîéïëüãçóç ôùí åîåëßîåùí óôï Ì3 .
The presentation of monetary analysis to the public will naturally focus on developments in the « key » broad monetary aggregate M3 in relation to the published reference value for monetary growth . Nevertheless , developments in other monetary aggregates , which are in fact components of M3 , and in the counterparts of the key aggregate in the consolidated MFI balance sheet are also being thoroughly assessed on an ongoing basis by the Eurosystem .
Óôï Ìçíéáßï Äåëôßï ôïõ Öåâñïõáñßïõ 1999 ç ÅÊÔ äçìïóßåõóå áíáëõôéêü Üñèñï ãéá ôïí ïñéóìü ôùí íïìéóìáôéêþí ìåãåèþí ôçò æþíçò ôïõ åõñþ êáé ãéá ôï ñüëï ôïõò óôç óôñáôçãéêÞ ôçò íïìéóìáôéêÞò ðïëéôéêÞò ôïõ ÅõñùóõóôÞìáôïò .
Such analysis provides useful background information that helps in the assessment of developments in M3 . In its February 1999 Monthly Bulletin the ECB published a detailed article on the definition of the euro area monetary aggregates and their role in the monetary policy strategy of the Eurosystem .
Ãé  áõôü , ðáñÜëëçëá ìå ôçí áíÜëõóç ôçò áýîçóçò ôïõ Ì3 óå ó ÷ Ýóç ìå ôçí ôéìÞ áíáöïñÜò , âáóéêü ñüëï óôç óôñáôçãéêÞ ôïõ ÅõñùóõóôÞìáôïò êáôÝ ÷ åé ç åõñýôåñç áîéïëüãçóç ôùí ðñïïðôéêþí ãéá ôçí åîÝëéîç ôùí ôéìþí êáé ôùí êéíäýíùí ãéá ôç óôáèåñüôçôá ôùí ôéìþí óôç æþíç ôïõ åõñþ .
Therefore , in parallel with the analysis of M3 growth in relation to the reference value , a broadly based assessment of the outlook for price developments and the risks to price stability in the euro area plays a major role in the strategy of the Eurosystem .
ÊáôÜ ôïí êáèïñéóìü ôçò ôéìÞò áíáöïñÜò ãéá ôçí áýîçóç ôçò ðïóüôçôáò ÷ ñÞìáôïò , ôï Äéïéêçôéêü Óõìâïýëéï ôüíéóå üôé ï äçìïóéåõìÝíïò áðü ôï Åõñùóýóôçìá ïñéóìüò ôçò óôáèåñüôçôáò ôùí ôéìþí ðåñéïñßæåé ôéò áõîÞóåéò óôïí ÅíÄÔÊ ôçò æþíçò ôïõ åõñþ óå åðßðåäï ÷ áìçëüôåñï ôïõ 2 %.
Obviously , it will also be useful to look at inflation forecasts derived using all these variables when assessing whether the monetary policy stance is appropriate .
ÅðéðëÝïí , ôï Äéïéêçôéêü Óõìâïýëéï äÝ ÷ èçêå ôçí Üðïøç üôé ç ðñáãìáôéêÞ ôÜóç ìåßùóçò ôçò ôá ÷ ýôçôáò êõêëïöïñßáò ðéèáíüí íá åßíáé åëáöñþò ÷ áìçëüôåñç áðü ôï êÜôù üñéï ôïõ äéáóôÞìáôïò 0,5 - 1 %.
In this regard , the Eurosystem will evaluate the full range of inflation forecasts produced by international organisations , other authorities , market participants , etc ., and will also produce its own internal assessment of the future inflation outlook .
ËáìâÜíïíôáò õðüøç áõôïýò ôïõò äýï ðáñÜãïíôåò , ôï Äéïéêçôéêü Óõìâïýëéï áðïöÜóéóå íá êáèïñßóåé ôçí ðñþôç ôéìÞ áíáöïñÜò ãéá ôçí áýîçóç ôïõ Ì3 óå 4,5% åôçóßùò .
The Eurosystem 's stability-oriented monetary policy strategy guides the Governing Council 's monetary policy decisions in Stage Three of EMU .
Ôï Äéïéêçôéêü Óõìâïýëéï óêïðåýåé íá åðáíåîåôÜóåé áõôÞ ôçí ôéìÞ áíáöïñÜò ôï ÄåêÝìâñéï ôïõ 1999 . Ç ðáñïõóßáóç ôçò íïìéóìáôéêÞò ðïëéôéêÞò óôï êïéíü åßíáé öõóéêü íá åóôéáóôåß óôéò åîåëßîåéò óôï  âáóéêü  íïìéóìáôéêü ìÝãåèïò Ì3 óå
This strategy will ensure that price stability over the medium term is maintained in a credible and lasting manner throughout the euro area .
ÅôÞóéá ¸ êèåóç ÅÊÔ -* 1998 ðñïóäïêéþí êáé åìðéóôïóýíçò ôùí êáôáíáëùôþí üðùò êáôáãñÜöïíôáé áðü ôéò ó ÷ åôéêÝò Ýñåõíåò .
This is the best contribution that the single monetary policy can make to raising the living standards of Europe 's citizens .
Óôéò 22 Äåêåìâñßïõ 1998 ôï Äéïéêçôéêü Óõìâïýëéï áíáêïßíùóå ôá ðñþôá åðéôüêéá ãéá ôéò ðñÜîåéò íïìéóìáôéêÞò ðïëéôéêÞò ôïõ ÅõñùóõóôÞìáôïò .
On 22 December 1998 the Governing Council announced the first interest rates for the monetary policy operations of the Eurosystem .
Ôï åðéôüêéï ôçò ðñþôçò ðñÜîçò êýñéáò áíá ÷ ñçìáôïäüôçóçò , ç ïðïßá åß ÷ å ôç ìïñöÞ äçìïðñáóßáò óôáèåñïý åðéôïêßïõ ìå äéáêáíïíéóìü ôçí 7ç Éáíïõáñßïõ 1999 , ïñßóôçêå óå 3,0% .
The interest rate applicable to the first main refinancing operation , offered in the form of a fixed rate tender for settlement on 7 January 1999 , was set at a level of 3.0% .
ÅðéðëÝïí , ôï åðéôüêéï ãéá ôçí ðÜãéá äéåõêüëõíóç ïñéáêÞò ÷ ñçìáôïäüôçóçò ïñßóôçêå óå 4,5% êáé ôï åðéôüêéï ãéá ôçí ðÜãéá äéåõêüëõíóç áðïäï ÷ Þò êáôáèÝóåùí ïñßóôçêå óå 2,0% êáôÜ ôçí Ýíáñîç ôïõ Ôñßôïõ Óôáäßïõ ( äçë . ôçí 1ç Éáíïõáñßïõ 1999 ) .
In addition , the interest rate for the marginal lending facility was set at a level of 4.5% and the interest rate for the deposit facility at a level of 2.0% at the start of Stage Three ( i.e. 1 January 1999 ) .