natgillin/translations-raw huggingface dataset:
Ìüíï ç ÅëëÜäá ðáñïõóßáóå Ýëëåéììá 4 %, ôï ïðïßï õðåñâáßíåé áêüìç ôçí ôéìÞ áíáöïñÜò .
Spain , France , Italy , the Netherlands , Austria , Portugal , Finland , Sweden and the United Kingdom ) .
Ôï 1998 , óýìöùíá ìå ôéò ðñïâëÝøåéò ôçò ÅõñùðáúêÞò ÅðéôñïðÞò , èá óçìåéùèåß ðëåüíáóìá Þ ìåßùóç ôïõ åëëåßììáôïò ùò ðïóïóôïý ôïõ ÁÅÐ óå üëá ó ÷ åäüí ôá êñÜôç-ìÝëç . Óôçí ÅëëÜäá ôï Ýëëåéììá áíáìÝíåôáé íá ìåéùèåß óå 2,2% ôïõ ÁÅÐ ( âë .
Only Greece recorded a deficit of 4.0% , which is still above the reference value . For 1998 , fiscal surpluses or further reductions in deficit ratios are projected by the Commission for nearly all Member States .
Ðßíáêá 5 ) .
The Greek deficit is expected to fall to 2.2% of GDP ( see Table 5 ) .
¼ óïí áöïñÜ ôï äçìüóéï ÷ ñÝïò , óôá ôñßá êñÜôç-ìÝëç üðïõ ï ëüãïò ôïõ ÷ ñÝïõò ðñïò ôï ÁÅÐ õðåñâáßíåé ôï 100 %, ôï ÷ ñÝïò óõíÝ ÷ éóå íá ìåéþíåôáé ùò ðïóïóôü ôïõ ÁÅÐ .
As regards government debt , in the three Member States with debt-to-GDP ratios of above 100 %, debt has continued to decline in relation to GDP .
Óôï ÂÝëãéï ï ëüãïò ôïõ ÷ ñÝïõò ôï 1997 Þôáí 122,2% , äçë . êáôÜ 13,0 åêáôïóôéáßåò ìïíÜäåò ÷ áìçëüôåñïò áðü ôï õøçëü åðßðåäï ôïõ 1993 .
In Belgium the debt ratio in 1997 was 122.2% , i.e. 13.0 percentage points lower than the peak in 1993 ;
Óôçí ÅëëÜäá ï ëüãïò ôïõ ÷ ñÝïõò äéáìïñöþèçêå óå 108,7% ôï 1997 , äçë . 2,9 åêáôïóôéáßåò ìïíÜäåò êÜôù áðü ôï ôåëåõôáßï õøçëü ôïõ åðßðåäï , ôï ïðïßï åß ÷ å óçìåéùèåß ôï 1996 .
in Greece the debt ratio in 1997 stood at 108.7% , i.e. 2.9 percentage points below the latest peak in 1996 ;
Óôçí Éôáëßá ï ëüãïò ôïõ ÷ ñÝïõò Þôáí 121,6% , äçë . 3,3 åêáôïóôéáßåò ìïíÜäåò ÷ áìçëüôåñïò áðü ôçí õøçëÞ ôéìÞ ôïõ 1994 .
and in Italy the debt ratio was 121.6% , i.e. 3.3 percentage points below the peak of 1994 .
Óôéò åðôÜ ÷ þñåò , üðïõ ôï 1996 ï ëüãïò ôïõ ÷ ñÝïõò Þôáí óçìáíôéêÜ Üíù ôïõ 60 % áëëÜ êÜôù ôïõ 80 % ôïõ ÁÅÐ , ï ëüãïò ôïõ ÷ ñÝïõò åðßóçò óçìåßùóå ðôþóç .
In the seven countries which in 1996 had debt ratios significantly above 60 % but below 80 % of GDP , debt ratios also declined .
Áõôü óõíÝâç êáô  åîï ÷ Þí óôç Äáíßá , ôçí Éñëáíäßá êáé ôçí Ïëëáíäßá , üðïõ ï ëüãïò ôïõ ÷ ñÝïõò ôï 1997 Þôáí 16,5 , 30,0 êáé 9,1 åêáôïóôéáßåò ìïíÜäåò , áíôßóôïé ÷ á , ÷ áìçëüôåñïò áðü ôá õøçëÜ åðßðåäá ôïõ 1993 êáé Ýöèáóå óå 65,1% , 66,3% êáé 72,1% ôïõ ÁÅÐ , áíôßóôïé ÷ á .
This was particularly the case in Denmark , Ireland and the Netherlands , where debt ratios in 1997 were 16.5 , 30.0 and 9.1 percentage points respectively below their peak levels of 1993 , and stood at 65.1% , 66.3% and 72.1% of GDP respectively ;
Óôçí Éóðáíßá ôï 1997 ï ëüãïò ôïõ ÷ ñÝïõò ìåéþèçêå êáôÜ 1,3 åêáôïóôéáßåò ìïíÜäåò áðü ôï õøçëü åðßðåäï ôïõ 1996 êáé Ýöèáóå ôï 68,8% ôïõ ÁÅÐ .
in Spain the debt ratio in 1997 declined by 1.3 percentage points from its peak level of 1996 to reach 68.8% of GDP ;
Óôçí Áõóôñßá ç ìåßùóç áíÞëèå óå 3,4 åêáôïóôéáßåò ìïíÜäåò êáé ï ëüãïò ôïõ ÷ ñÝïõò äéáìïñöþèçêå óå 66,1% ôïõ ÁÅÐ .
in Austria the corresponding reduction amounted to 3.4 percentage points , taking the debt ratio to 66.1% of GDP .
Óôçí Ðïñôïãáëßá ï ëüãïò ôïõ ÷ ñÝïõò õðï ÷ þñçóå êáôÜ 3,9 åêáôïóôéáßåò ìïíÜäåò óå óýãêñéóç ìå ôï 1995 êáé Ýöèáóå óôï 62,0% ôïõ ÁÅÐ .
In Portugal the debt ratio was 3.9 percentage points below its 1995 level , bringing the debt ratio to 62.0% of GDP .
ÔÝëïò , óôç Óïõçäßá ôï 1997 ï ëüãïò ôïõ ÷ ñÝïõò Þôáí 2,4 åêáôïóôéáßåò ìïíÜäåò ÷ áìçëüôåñïò áðü ôï õøçëü åðßðåäï ôïõ 1994 êáé Ýöèáóå óôï 76,6% ôïõ ÁÅÐ ôï 1997 .
Finally , in Sweden the debt ratio was 2.4 percentage points below its peak level of 1994 , reaching 76.6% of GDP in 1997 .
Óôç Ãåñìáíßá ï ëüãïò ôïõ ÷ ñÝïõò , ðïõ ôï 1996 ìüëéò õðåñÝâáéíå ôçí ôéìÞ áíáöïñÜò 60 %, óõíÝ ÷ éóå ôçí áíïäéêÞ ôïõ ðïñåßá êáé ôï 1997 Þôáí 19,8 åêáôïóôéáßåò ìïíÜäåò õøçëüôåñïò áðü ü , ôé ôï 1991 , öèÜíïíôáò óôï 61,3% ôïõ ÁÅÐ .
In Germany , which in 1996 had a debt ratio of just above the 60 % reference value , the debt ratio continued its upward trend and in 1997 was 19.8 percentage points higher than in 1991 , standing at 61.3% of GDP .
Ôï 1997 ôÝóóåñéò ÷ þñåò óõíÝ ÷ éóáí íá Ý ÷ ïõí ëüãï ÷ ñÝïõò / ÁÅÐ êÜôù áðü ôçí ôéìÞ áíáöïñÜò 60 % ( ç Ãáëëßá , ôï Ëïõîåìâïýñãï , ç Öéëáíäßá êáé ôï ÇíùìÝíï Âáóßëåéï ) .
In 1997 four countries continued to have debt ratios of below the 60 % reference value ( France , Luxembourg , Finland and the United Kingdom ) .
Óôç Ãáëëßá ï ëüãïò ôïõ ÷ ñÝïõò óõíÝ ÷ éóå ôçí áíïäéêÞ ôïõ ðïñåßá êáé Ýöèáóå óôï 58,0% ôïõ ÁÅÐ ôï 1997 ( âë . Ðßíáêá 5 ) .
In France the debt ratio continued its upward trend to reach 58.0% of GDP in 1997 ( see Table 5 ) .
Ãéá ôï 1998 ç ÅõñùðáúêÞ ÅðéôñïðÞ ðñïâëÝðåé üôé ï ëüãïò ôïõ ÷ ñÝïõò èá óõíå ÷ ßóåé íá õðï ÷ ùñåß óå üëá ôá êñÜôçìÝëç ðïõ ôï 1997 åß ÷ áí ëüãï ÷ ñÝïõò Üíù ôïõ 60 %.
For 1998 further reductions in debt-toGDP ratios are projected by the Commission for all Member States which had debt ratios of above 60 % in 1997 .
Áðü ôéò ÷ þñåò ðïõ ôï 1997 åß ÷ áí ëüãï ÷ ñÝïõò 50-60 % ôïõ ÁÅÐ , ç Öéëáíäßá êáé ôï ÇíùìÝíï Âáóßëåéï ðñïâëÝðåôáé íá ðåñéïñßóïõí ôï ëüãï ÷ ñÝïõò óå åðßðåäï áêüìç ÷ áìçëüôåñï ôïõ 60 %, åíþ óôç Ãáëëßá áíáìÝíåôáé ïñéáêÞ áýîçóç .
As regards countries with debt ratios of 50-60 % of GDP in 1997 , Finland and the United Kingdom are anticipated to reduce their debt ratios further below 60 %, whereas in France the debt ratio is expected to increase marginally .
Ìå âÜóç ôá óôïé ÷ åßá ðïõ Ý ÷ åé óôç äéÜèåóÞ ôïõ ôï ÅÍÉ , ç åðßäñáóç ôùí åí ëüãù ìÝôñùí õðïëïãßæåôáé ðïóïôéêþò óå 0,1 - 1 åêáôïóôéáßá ìïíÜäá , ðïóïóôü ðïõ ðïéêßëëåé áðü ÷ þñá óå ÷ þñá .
On the basis of the evidence available to the EMI , the effects of such measures have been quantified at between 0.1 and 1 percentage point , with the level varying by country .
Óôï âáèìü ðïõ õðÜñ ÷ ïõí äéáèÝóéìá óôïé ÷ åßá , ôï ìÝãåèïò ôùí ìÝôñùí ìå ðñïóùñéíÞ åðßäñáóç óôïõò ðñïûðïëïãéóìïýò ôïõ 1998 ãåíéêÜ Ý ÷ åé ìåéùèåß .
To the extent that evidence is available , the magnitude of temporary measures in 1998 budgets has generally been reduced ;
ÅðéðëÝïí , üðùò ðñïáíáöÝñèçêå , óýìöùíá ìå ôéò ðñïâëÝøåéò ãéá ôï 1998 , óôéò ðåñéóóüôåñåò ðåñéðôþóåéò áíáìÝíåôáé ðåñáéôÝñù õðï ÷ þñçóç ôïõ ëüãïõ ôïõ åëëåßììáôïò .
in addition , as mentioned above , forecasts for 1998 suggest in most cases a further decline in deficit ratios .
ÐáñÜ ôá ðñüóöáôá åðéôåýãìáôá , ôá ðåñéóóüôåñá êñÜôç-ìÝëç ÷ ñåéÜæïíôáé ðåñáéôÝñù óçìáíôéêÞ äçìïóéïíïìéêÞ åîõãßáíóç , ðñïêåéìÝíïõ íá åðéôý ÷ ïõí äéáñêÞ óõììüñöùóç ìå ôá êñéôÞñéá óýãêëéóçò ðïõ áöïñïýí ôá äçìüóéá ïéêïíïìéêÜ êáé ìå ôï ìåóïðñüèåóìï óôü ÷ ï , äçë . ðñïûðïëïãéóìü ó ÷ åäüí éóïóêåëéóìÝíï Þ ðëåïíáóìáôéêü , üðùò ðñïâëÝðåôáé óôï Óýìöùíï Óôáèåñüôçôáò êáé ÁíÜðôõîçò ðïõ èá ôåèåß óå éó ÷ ý áðü ôï 1999 .
Notwithstanding recent achievements , further substantial consolidation is warranted in most Member States in order to achieve lasting compliance with the fiscal criteria and the medium-term objective of having a budgetary position that is close to balance or in surplus , as required by the Stability and Growth Pact , effective from 1999 onwards .
Áõôü éó ÷ ýåé éäßùò ãéá ôï ÂÝëãéï , ôç Ãåñìáíßá , ôçí ÅëëÜäá , ôçí Éóðáíßá , ôç Ãáëëßá , ôçí Éôáëßá , ôçí Ïëëáíäßá , ôçí Áõóôñßá êáé ôçí Ðïñôïãáëßá , üðïõ ðñïâëÝðåôáé üôé ôï 1998 èá óçìåéùèåß Ýëëåéììá ìåôáîý 1,7 êáé 2,9% ôïõ ÁÅÐ .
This applies in particular to Belgium , Germany , Greece , Spain , France , Italy , the Netherlands , Austria and Portugal , 101
Ãéá ôéò ðåñéóóüôåñåò áðü áõôÝò ôéò ÷ þñåò , ç áíÜãêç ãéá ðåñáéôÝñù åîõãßáíóç ðñïâÜëëåé êáé üôáí óõãêñéèåß ï ëüãïò ôïõ åëëåßììáôïò ðïõ Ý ÷ åé ðñïâëåöèåß áðü ôá ÐñïãñÜììáôá Óýãêëéóçò 1999-2000 ìå ôï ìåóïðñüèåóìï óôü ÷ ï ôïõ Óõìöþíïõ Óôáèåñüôçôáò êáé ÁíÜðôõîçò .
where deficits in 1998 are forecast to be between 1.6 and 2.9% of GDP . For most of these countries , these consolidation requirements also apply when comparing the fiscal deficit ratios as projected in the Convergence Programmes for 1999-2000 with the medium-term objective of the Stability and Growth Pact .
Áõôü áíôéóôïé ÷ åß ìå óçìáíôéêÜ óõíïëéêÜ åëëåßììáôá ôï 1997 êáé ôá ðñïçãïýìåíá Ýôç .
This compares with significant overall deficits in 1997 and the years before .
Óôéò ÷ þñåò ðïõ Ý ÷ ïõí ëüãï ÷ ñÝïõò / ÁÅÐ óçìáíôéêÜ õøçëüôåñï ôïõ 60 % áëëÜ êÜôù ôïõ 80 %, åÜí äéáôçñçèåß ï ëüãïò ôïõ åëëåßìáôïò óôá óçìåñéíÜ åðßðåäá äåí èá ìåéùèåß ï ëüãïò ôïõ ÷ ñÝïõò óå åðßðåäï êÜôù ôïõ 60 % ìÝóá óå åýëïãï ÷ ñïíéêü äéÜóôçìá , ðñÜãìá ðïõ óõíåðÜãåôáé üôé ÷ ñåéÜæåôáé íá ãßíåé ðåñáéôÝñù , óå ïñéóìÝíåò ðåñéðôþóåéò óçìáíôéêÞ , äçìïóéïíïìéêÞ åîõãßáíóç .
In countries with debt ratios of significantly above 60 % but below 80 % of GDP , keeping the deficit ratio at current levels would not bring down the debt ratio to below 60 % within an appropriate period of time , which indicates the need for further , in some cases substantial , consolidation .
Áíôßèåôá , åÜí åðéôåõ ÷ èïýí ôá äçìïóéïíïìéêÜ áðïôåëÝóìáôá ðïõ ðñïâëÝðåé ãéá ôï 1998 ç ÅõñùðáúêÞ ÅðéôñïðÞ êáé ðáñáìåßíåé éóïóêåëéóìÝíïò ï ðñïûðïëïãéóìüò áðü ôï 1999 êáé åîÞò , èá ìðïñïýóå íá ìåéùèåß ï ëüãïò ôïõ ÷ ñÝïõò óå åðßðåäï êÜôù ôïõ 60 % ôï ðïëý óå åýëïãï ÷ ñïíéêü äéÜóôçìá ( Éóðáíßá , Ïëëáíäßá êáé Áõóôñßá ) .
Instead , realising the fiscal positions forecast for 1998 by the European Commission and maintaining a balanced budget from 1999 onwards would reduce the debt ratio to below 60 % over appropriate periods ( Spain , the Netherlands and Austria ) .
Ç Óïõçäßá èá ìðïñïýóå íá åðéôý ÷ åé ôï ßäéï áðïôÝëåóìá åÜí ðñáãìáôïðïéÞóåé ðëåüíáóìá üðùò ðñïâëÝðåôáé ãéá ôï 1998 êáé ôï äéáôçñÞóåé ãéá áñêåôÜ ÷ ñüíéá ìåôÜ .
Sweden could achieve the same result by realising the surplus position forecast for 1998 and maintaining it for several years thereafter .
Óôç Ãåñìáíßá ï ëüãïò ôïõ ÷ ñÝïõò ðñïâëÝðåôáé íá åßíáé ìüëéò Üíù ôïõ 60 % ôïõ ÁÅÐ ôï 1998 , ðñÜãìá ðïõ èá åðÝôñåðå ôç ìåßùóÞ ôïõ óå åðßðåäï ÷ áìçëüôåñï áðü ôçí ôéìÞ áíáöïñÜò Þäç áðü ôï 1999 áí ôï Ýôïò áõôü åðéôåõ ÷ èåß éóïóêÝëéóç ôïõ ðñïûðïëïãéóìïý .
In Germany the debt ratio is forecast to be just above 60 % of GDP in 1998 , which could allow it to be reduced to below the reference value as early as 1999 if balanced budgets were achieved in that year .
Óôç Äáíßá , ôçí Éñëáíäßá êáé ôçí Ðïñôïãáëßá ôï õöéóôÜìåíï êáé ôï ðñïâëåðüìåíï ðëåüíáóìá èá ìðïñïýóáí íá åðéôñÝøïõí ìåßùóç ôïõ ëüãïõ ôïõ ÷ ñÝïõò óå åðßðåäï ßóï Þ åëáöñþò ìéêñüôåñï ôïõ 60 % Þäç áðü ôï 1998 .
In Denmark , Ireland and Portugal current and forecast fiscal balances would allow the debt ratio to be reduced to a level equal to or just below 60 % as early as 1998 .
ÔÝëïò , óôç Ãáëëßá , üðïõ ï ëüãïò ôïõ ÷ ñÝïõò åßíáé ïñéáêÜ ÷ áìçëüôåñïò ôïõ 60 % ôïõ ÁÅÐ , åÜí õðÜñîåé óõììüñöùóç
Finally , in France , where the debt ratio is just below 60 % of GDP , complying with the Stability and Growth Pact from 1999 onwards would also ensure that the debt ratio does not exceed the reference value .
ìå ôï Óýìöùíï Óôáèåñüôçôáò êáé ÁíÜðôõîçò áðü ôï 1999 êáé åîÞò , ìðïñåß íá èåùñåßôáé âÝâáéï üôé ï ëüãïò ôïõ ÷ ñÝïõò äåí èá õðåñâåß ôçí ôéìÞ áíáöïñÜò .
It should be noted that in assessing budgetary positions of EU Member States , the impact
Ôï êñéôÞñéï ôçò óõíáëëáãìáôéêÞò éóïôéìßáò ÊáôÜ ôç äéåôÞ ðåñßïäï áíáöïñÜò áðü ôï ÌÜñôéï 1996 Ýùò ôï ÖåâñïõÜñéï 1998 , äÝêá íïìßóìáôá ( ôï öñÜãêï Âåëãßïõ / Ëïõîåìâïýñãïõ , ç êïñþíá Äáíßáò , ôï ãåñìáíéêü ìÜñêï , ç éóðáíéêÞ ðåóÝôá , ôï ãáëëéêü öñÜãêï , ç ëßñá Éñëáíäßáò , ôï öéïñßíé Ïëëáíäßáò , ôï óåëßíé Áõóôñßáò êáé ôï åóêïýäï Ðïñôïãáëßáò ) Ý ÷ ïõí óõììåôÜó ÷ åé óôï ÌÓÉ åðß äýï ôïõëÜ ÷ éóôïí Ýôç ðñéí áðü ôçí ðáñïýóá åîÝôáóç , üðùò ïñßæåé ç ÓõíèÞêç .
The exchange rate criterion During the two-year reference period from March 1996 to February 1998 ten currencies ( the Belgian / Luxembourg franc , the Danish krone , the Deutsche Mark , the Spanish peseta , the French franc , the Irish pound , the Dutch guilder , the Austrian schilling and the Portuguese escudo ) have been participating in the ERM for at least two years before this examination , as stated by the Treaty .
Ç äéÜñêåéá ôçò óõììåôï ÷ Þò ôïõ öéëáíäéêïý ìÜñêïõ êáé ôçò éôáëéêÞò ëßñáò Þôáí ìéêñüôåñç , êáèþò ôï ðñþôï íüìéóìá åíôÜ ÷ èçêå óôï ìç ÷ áíéóìü óõíáëëáãìáôéêþí éóïôéìéþí ôïí Ïêôþâñéï 1996 åíþ ôï äåýôåñï åðáíåíôÜ ÷ èçêå ôï ÍïÝìâñéï 1996 .
The periods of membership for the Finnish markka and the Italian lira were shorter , as these currencies joined and rejoined the exchange rate mechanism in October 1996 and November 1996 respectively .
Ôñßá íïìßóìáôá ðáñÝìåéíáí åêôüò ôïõ ÌÓÉ êáôÜ ôçí ðåñßïäï áíáöïñÜò . Ðñüêåéôáé ãéá ôç äñá ÷ ìÞ15 , ôçí êïñþíá Óïõçäßáò êáé ôç ëßñá Áããëßáò .
Three currencies remained outside the ERM during the reference period referred to in this Report , namely the Greek drachma15 , the Swedish krona and the pound sterling .
Ùóôüóï , ç ìÝãéóôç áðüêëéóç , ìå âÜóç ôïõò êéíçôïýò ìÝóïõò 10 åñãÜóéìùí çìåñþí , ðåñéïñßóôçêå óå 3,6% , ìå åîáßñåóç ôçí åîÝëéîç ôçò ëßñáò Éñëáíäßáò .
However , the maximum deviation , on the basis of 10 business day moving averages , was limited to 3.5% , abstracting from the development of the Irish pound .
ÅðéðëÝïí , ïé áðïêëßóåéò Þôáí áðëþò ðñüóêáéñåò êáé áíôáíáêëïýóáí êõñßùò ôéò ìåôáâáôéêÝò êéíÞóåéò ôçò éóðáíéêÞò ðåóÝôáò êáé ôïõ ãáëëéêïý öñÜãêïõ ( óôéò áñ ÷ Ýò ôïõ 1997 ) , ôïõ åóêïýäïõ Ðïñôïãáëßáò ( óôá ôÝëç ôïõ 1996 / áñ ÷ Ýò 1997 ) êáèþò êáé ôïõ öéëáíäéêïý ìÜñêïõ ( óôéò áñ ÷ Ýò êáé ôá ìÝóá ôïõ 1997 ) Ýíáíôé Üëëùí íïìéóìÜôùí ôïõ ÌÓÉ .
In addition , the deviations were only temporary and mainly reflected transient movements of the Spanish peseta and the French franc ( in early 1996 ) , the Portuguese escudo ( at end-1996 / early 1997 ) as well as the Finnish 15 (...
Ç ëßñá Éñëáíäßáò êáôÜ êáíüíá êéíÞèçêå óå åðßðåäá óçìáíôéêÜ õøçëüôåñá áðü ôéò áìåôÜâëçôåò êåíôñéêÝò ôçò éóïôéìßåò Ýíáíôé Üëëùí íïìéóìÜôùí ôïõ ÌÓÉ êáé óôï ôÝëïò ôçò ðåñéüäïõ áíáöïñÜò âñéóêüôáí óå åðßðåäï ìüëéò êáôÜ 3 % õøçëüôåñï áðü ôéò êåíôñéêÝò ôçò éóïôéìßåò .
The Irish pound has normally traded significantly above its unchanged central rates against other ERM currencies ; at the end of the reference period the Irish pound stood just over 3 % above its central rates .
16 ÐáñÜëëçëá , ï âáèìüò ìåôáâëçôüôçôáò ôçò éóïôéìßáò ôçò Ýíáíôé ôïõ ãåñìáíéêïý ìÜñêïõ áõîáíüôáí ìÝ ÷ ñé ôá ìÝóá ôïõ 1997 êáé ïé äéáöïñÝò ôùí âñá ÷ õðñüèåóìùí åðéôïêßùí ôçò Ýíáíôé ôùí ÷ ùñþí ìå ôá ÷ áìçëüôåñá åðéôüêéá äéåõñýíèçêáí óôï ßäéï äéÜóôçìá .
16 In parallel , the degree of exchange rate volatility vis-à-vis the Deutsche Mark increased until mid-1997 and short-term interest rate differentials against those EU countries with the lowest short-term interest rates widened over the same period .
Óôçí ðåñßðôùóç ôçò ëßñáò Éôáëßáò , óôçí áñ ÷ Þ ôçò ðåñéüäïõ áíáöïñÜò , ðñéí áðü ôçí åðáíÝíôáîç óôï ÌÓÉ , áñ ÷ éêÜ áíáêüðçêå åëáöñþò êáé ðñüóêáéñá ç ðñïçãïýìåíç áíïäéêÞ ôçò ðïñåßá , åíþ ç ìÝãéóôç áðüêëéóÞ ôçò Ýíáíôé åíüò íïìßóìáôïò ôïõ ÌÓÉ Þôáí 7,6% êÜôù áðü ôç ìåôÝðåéôá êåíôñéêÞ ôçò
In the case of the Italian lira , at the beginning of the reference period , before rejoining the ERM , it initially experienced a small and temporary setback in its previous strengthening trend , reaching a maximum downward deviation of 7.6% below its future central rate against one ERM currency in March 1996 .
Óôçí ðåñßðôùóç ôïõ ìÜñêïõ Öéëáíäßáò , åðßóçò óôçí áñ ÷ Þ ôçò ðåñéüäïõ áíáöïñÜò , ðñéí áðü ôçí Ýíôáîç óôï ÌÓÉ , áñ ÷ éêÜ óõíÝ ÷ éóå ôçí ðôùôéêÞ ôïõ ðïñåßá ôùí áìÝóùò ðñïçãïýìåíùí ìçíþí - ç ïðïßá åß ÷ å äéáêüøåé ôçí ðéï ìáêñïðñüèåóìç áíïäéêÞ ôçò êßíçóç áðü ôï 1993 - öèÜíïíôáò óå ìÝãéóôç áðüêëéóç 6,5% êÜôù áðü ôç ìåôÝðåéôá êåíôñéêÞ ôïõ éóïôéìßá Ýíáíôé åíüò íïìßóìáôïò ôïí Áðñßëéï 1996 .
In the case of the Finnish markka , also at the beginning of the reference period , before joining the ERM , it initially continued its weakening movement apparent over the previous few months which had interrupted the longer-term upward movement since 1993 - reaching a maximum downward deviation of 6.5% below its future central rate against one ERM currency in April 1996 .
Ôüóï ç ëßñá Éôáëßáò áðü ôçí åðáíÝíôáîÞ ôçò óôï ÌÓÉ ôï ÍïÝìâñéï 1996 üóï êáé ôï öéëáíäéêü ìÜñêï áðü ôçí ÝíôáîÞ ôïõ ôïí Ïêôþâñéï 1996 êéíÞèçêáí êáôÜ êáíüíá êïíôÜ óôéò áìåôÜâëçôåò êåíôñéêÝò ôïõò éóïôéìßåò Ýíáíôé Üëëùí íïìéóìÜôùí ôïõ ÌÓÉ . ¼ ðùò óõíÝâç êáé ìå Üëëá íïìßóìáôá ôïõ ÌÓÉ , ðåñéóôáóéáêÜ ç ëßñá Éôáëßáò êáé ôï ìÜñêï Öéëáíäßáò äéáêõìÜíèçêáí ðÝñá áðü ìéá æþíç êïíôÜ óôéò êåíôñéêÝò ôïõò éóïôéìßåò , ïé áðïêëßóåéò üìùò áõôÝò Þôáí ðåñéïñéóìÝíåò êáé ðñüóêáéñåò .
Thereafter , it appreciated and generally traded within a narrow range around its later central parities . Since joining and rejoining the ERM in October and November 1996 respectively , both the Finnish markka and the Italian lira have normally traded close to their unchanged central rates against other ERM currencies .
ç äñá ÷ ìÞ , ç êïñþíá Óïõçäßáò êáé ç ëßñá Áããëßáò , êáôÜ êáíüíá êéíÞèçêáí óå åðßðåäá õøçëüôåñá áðü ôéò ìÝóåò äéìåñåßò óõíáëëáãìáôéêÝò ôïõò éóïôéìßåò , ôïõ Ìáñôßïõ 1996 , Ýíáíôé ôùí Üëëùí íïìéóìÜôùí ôçò ÅÅ .
The three currencies remaining outside the ERM , namely the Greek drachma , the Swedish krona and the pound sterling , have normally traded above their March 1996 average bilateral exchange rates against other EU currencies .
Ïé äéáöïñÝò ôùí âñá ÷ õðñüèåóìùí åðéôïêßùí Ýíáíôé ôùí ÷ ùñþí ôçò ÅÅ ìå ôá ÷ áìçëüôåñá åðéôüêéá ðáñÝìåéíáí ìåãÜëåò óôçí ÅëëÜäá êáé , åíþ ìÝ ÷ ñé ôá ìÝóá ôïõ 1997 ìåéþíïíôáí , Üñ ÷ éóáí íá äéåõñýíïíôáé áðü ôï ÍïÝìâñéï 1997 , óôç Óïõçäßá üìùò ðåñéïñßóôçêáí óçìáíôéêÜ .
Short-term interest rate differentials against those EU countries with the lowest short-term interest rates remained wide in Greece , having narrowed until mid-1997 and widened significantly since November 1997 , whereas they have narrowed significantly in Sweden . In the case of the pound sterling the short-term interest rate differential tended to widen .
Óôçí ðåñßðôùóç ôçò ëßñáò Áããëßáò , ïé äéáöïñÝò ôùí âñá ÷ õðñüèåóìùí åðéôïêßùí ðáñïõóßáóáí ôÜóç äéåýñõíóçò . Ôï êñéôÞñéï ôùí ìáêñïðñüèåóìùí åðéôïêßùí Óôç äéÜñêåéá ôçò äùäåêÜìçíçò ðåñéüäïõ áíáöïñÜò ìÝ ÷ ñé êáé ôïí ÉáíïõÜñéï 1998 , óå äåêáôÝóóåñá êñÜôç-ìÝëç ( ÂÝëãéï , Äáíßá , Ãåñìáíßá , Éóðáíßá , Ãáëëßá , Éñëáíäßá , Éôáëßá , Ëïõîåìâïýñãï , Ïëëáíäßá , Áõóôñßá , Ðïñôïãáëßá , Öéëáíäßá , Óïõçäßá êáé ÇíùìÝíï Âáóßëåéï ) ôá ìÝóá ìáêñïðñüèåóìá åðéôüêéá äéáìïñöþèçêáí óå åðßðåäá ÷ áìçëüôåñá áðü ôçí ôéìÞ áíáöïñÜò .
The long-term interest rate criterion Over the twelve-month reference period ending January 1998 , fourteen Member States ( Belgium , Denmark , Germany , Spain , France , Ireland , Italy , Luxembourg , the Netherlands , Austria , Portugal , Finland , Sweden and the United Kingdom ) had average long-term interest rates of below the reference value . This reference value was calculated by using the unweighted arithmetic average of the long-term interest rates in the three countries with the lowest rates of HICP inflation , plus 2 percentage points .
Ç ôéìÞ áíáöïñÜò õðïëïãßóôçêå ìå âÜóç ôï ìç óôáèìéêü áñéèìçôéêü ìÝóï ôùí ìáêñïðñüèåóìùí åðéôïêßùí ôùí ôñéþí ÷ ùñþí ìå ôï ÷ áìçëüôåñï ðëçèùñéóìü ( ÅíÄÔÊ ) , óõí 2 åêáôïóôéáßåò ìïíÜäåò .
(... ) the previous bilateral central rates of the Irish pound against other currencies of the exchange rate mechanism were revalued by 3 %, effective from 16 March 1998 .
Ôá åðéôüêéá ôùí ÷ ùñþí áõôþí Þôáí 5,6% ãéá ôçí Áõóôñßá , 5,5% ãéá ôç Ãáëëßá êáé 6,2% ãéá ôçí Éñëáíäßá , ôùí ïðïßùí ï ìÝóïò üñïò åßíáé 5,8% , ïðüôå , ðñïóèÝôïíôáò ó  áõôüí 2 åêáôïóôéáßåò ìïíÜäåò , êáôáëÞãïõìå óå ôéìÞ áíáöïñÜò 7,8% .
103 interest rates were 5.6% for Austria , 5.5% for France and 6.2% for Ireland , and , adding 2 percentage points to the average of 5.8% , the reference value is 7.8% .
Ôá áíôéðñïóùðåõôéêÜ ìáêñïðñüèåóìá åðéôüêéá óôçí ÅëëÜäá , ðïõ áðü ôïí Éïýíéï 1997 åßíáé ðëÝïí óõãêñßóéìá ìå ôéò áðïäüóåéò óôéò Üëëåò ÷ þñåò , Þôáí 9,8% , äçë . áñêåôÜ õøçëüôåñá áðü ôçí ôéìÞ áíáöïñÜò ( âë .
Representative long-term interest rates in Greece , which have been comparable with yields in other countries since June 1997 , were 9.8% and thus stood well above the reference value ( see Table 5 ) .
Áðü ôçí åðéóêüðçóç ôùí åôþí 1990-1997 ðñïêýðôåé üôé óå ïñéóìÝíåò ÷ þñåò ôá ìáêñïðñüèåóìá åðéôüêéá Þôáí ðáñáðëÞóéá , åÜí ç ðáñáðÜíù ðåñßïäïò åîåôáóôåß óôï óýíïëü ôçò .
Looking back over the period from 1990 to 1997 , long-term interest rates were broadly similar in a number of countries when considered over the period as a whole .
åðéôá ÷ ýíèçêå áðü ôï 1994-95 êáé åîÞò , åíþ êáé óôéò äýï ÷ þñåò ïé äéáöïñÝò åðéôïêßùí åßíáé ðåñéïñéóìÝíåò áðü ôï 1996 ðåñßðïõ .
In Finland and Sweden the process of yield convergence accelerated from 1994-95 onwards and both countries have recorded limited differentials since around 1996 .
Óôçí Éóðáíßá , ôçí Éôáëßá êáé ôçí Ðïñôïãáëßá , üðïõ ïé áðïäüóåéò Þôáí óçìáíôéêÜ õøçëüôåñåò êáôÜ ôï ìåãáëýôåñï ìÝñïò ôçò äåêáåôßáò ôïõ 1990 , ôá ìáêñïðñüèåóìá åðéôüêéá áðïêëéìáêþèçêáí áðüôïìá áðü ôï 1995 êáé åîÞò êáé êéíÞèçêáí ðñïò åðßðåäá ÷ áìçëüôåñá áðü ôçí ôéìÞ áíáöïñÜò óôá ôÝëç ôïõ 1996 Þ óôéò áñ ÷ Ýò ôïõ 1997 .
In Spain , Italy and Portugal , where yields were significantly higher for most of the 1990s , long-term interest rates declined steeply from 1995 onwards and moved below the reference value in either late 1996 or early 1997 .
Óôçí ðåñßðôùóç ôïõ ÇíùìÝíïõ Âáóéëåßïõ , ëüãù ôïõ äéáöïñåôéêïý óçìåßïõ ôïõ ïéêïíïìéêïý êýêëïõ üðïõ âñßóêåôáé ç ÷ þñá Ýíáíôé ôùí ÷ ùñþí ôçò çðåéñùôéêÞò Åõñþðçò , áðü ôéò áñ ÷ Ýò ôçò äåêáåôßáò ôïõ 1990 ôá ìáêñïðñüèåóìá åðéôüêéá ãåíéêþò ðáñïõóßáóáí ôÜóç êáô ´ áñ ÷ Üò óýãêëéóçò êáé óôç óõíÝ ÷ åéá áðüêëéóçò áðü ôá ìáêñïðñüèåóìá åðéôüêéá ôùí ÷ ùñþí ìå ôéò ÷ áìçëüôåñåò áðïäüóåéò ïìïëüãùí , ìïëïíüôé ðéï ðñüóöáôá ïé äéáöïñÝò ôùí ìáêñïðñüèåóìùí åðéôïêßùí ðåñéïñßóôçêáí .
In the case of the United Kingdom , reflecting a different position in the cycle vis-à-vis continental European countries , a broad trend has been observed since the early 1990s of , first , convergence with , and later divergence from the long-term interest rates prevailing in the countries with the lowest bond yields , although long-term interest rate differentials have narrowed more recently .
Áõôü éó ÷ ýåé ãéá êÜèå åßäïõò íïìïèåóßá ðïõ åìðßðôåé óôï ¢ ñèñï 108 . Ùóôüóï , ç ðáñáðÜíù äéÜêñéóç áíÜìåóá óå äéÜöïñïõò ôïìåßò ôçò íïìïèåóßáò åßíáé óçìáíôéêÞ üôáí ðñüêåéôáé ãéá ôïí êáèïñéóìü ôçò çìåñïìçíßáò êáôÜ ôçí ïðïßá ç íïìïèåóßá ðñÝðåé íá ôåèåß óå éó ÷ ý .
This does not require the harmonisation of NCBs » statutes , but it implies that national legislation and statutes of NCBs need to be adjusted in order to make them compatible with the Treaty and the Statute .
2.1 ÅéóáãùãÞ Ôï ¢ ñèñï 108 ôçò ÓõíèÞêçò ïñßæåé üôé ôá êñÜôç-ìÝëç äéáóöáëßæïõí , ôï áñãüôåñï êáôÜ ôçí çìåñïìçíßá ßäñõóçò ôïõ ÅÓÊÔ , üôé ç åèíéêÞ ôïõò íïìïèåóßá , óõìðåñéëáìâáíïìÝíïõ ôïõ êáôáóôáôéêïý ôùí ÅèíÊÔ ôïõò , åßíáé óõìâáôÞ ìå ôç ÓõíèÞêç êáé ôï Êáôáóôáôéêü ( íïìéêÞ óýãêëéóç ) . Äåí áðáéôåßôáé åíáñìüíéóç ôùí êáôáóôáôéêþí ôùí ÅèíÊÔ , áëëÜ áðëþò ç åèíéêÞ íïìïèåóßá êáé ôá êáôáóôáôéêÜ ôùí ÅèíÊÔ ðñÝðåé íá ðñïóáñìïóôïýí þóôå íá ãßíïõí óõìâáôÜ ìå ôç ÓõíèÞêç êáé ôï Êáôáóôáôéêü .
For the purpose of identifying those areas where the adaptation of national legislation is necessary , a distinction may be made between the independence of NCBs , the legal integration of NCBs in the ESCB and legislation other than statutes of NCBs . Compatibility requires that the legislative process be completed , i.e. that the respective act has been adopted by the national legislator and that all further steps , for example promulgation , have been accomplished .
ôçò ÅÊÔ ) ùò ðñïò ôç ÷ Üñáîç ôçò íïìéóìáôéêÞò ðïëéôéêÞò , êáèþò êáé ãéá ôéò ÅèíÊÔ ùò ðñïò ôçí åêôÝëåóç ôùí åñãáóéþí ôïõ ÅÓÊÔ ( âë . ¢ ñèñï 12.1 ôïõ Êáôáóôáôéêïý , ôåëåõôáßá ðáñÜãñáöïò ) .
This Report provides , inter alia , an assessment on a country-by-country basis of the compatibility of national legislation with the Treaty and the Statute .
Ç áñ ÷ Þ ôçò áíåîáñôçóßáò ôùí ÅèíÊÔ äéáôõðþíåôáé ñçôþò óôï ¢ ñèñï 107 ôçò ÓõíèÞêçò êáé ôï ¢ ñèñï 14.2 ôïõ Êáôáóôáôéêïý .
The principle of the independence of NCBs is expressly referred to in Article 107 of the Treaty and Article 14.2 of the Statute .
Ôï ¢ ñèñï 107 áðáãïñåýåé êÜèå áðüðåéñá íá áóêçèåß åðéññïÞ óôçí ÅÊÔ , ôéò ÅèíÊÔ Þ ôá ìÝëç ôùí ïñãÜíùí ëÞøåùò áðïöÜóåùí áõôþí , åíþ ôï ¢ ñèñï 14.2 äéáóöáëßæåé ôç èçôåßá ôùí åí ëüãù ìåëþí .
Article 107 contains a prohibition on attempts to influence the ECB , NCBs or the members of their decision-making bodies , and Article 14.2 provides for security of tenure for such members .