Den ikke-akkommoderende valutakurspolitik vil blive viderefrart, og desuden vil realrenterne forblive hoje i 1993, idet rentenedszttelser ikke vil blive forceret i forhold til opbremsningen af inflationen.
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The nonaccommodating exchange rate policy will continue. Moreover, real interest rates will remain high in 1993, with nominal interest rates not being reduced at a faster pace than the deceleration of inflation.
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Den lille stigning sammenlignet med sidste års målsætning på 3,5% til 5,5% tager flere faktorer i betragtning: En noget hojere s b n net potentiel okonomisk vzkst i det~ s t l i g e Tyskland;
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The small increase compared to last year's target of 3.5% to 5.5% takes account of various factors: a somewhat higher estimated potential economic growth in eastern Germany;
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I England bidrog det hoje niveau for den private sektors gzeld kombineret med faldende ejendomspriser til en yderligere produktionsnedgang, som dog var mindre end i 1991( se boks 1).
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In particular, in the United Kingdom high levels of private debt combined with falling property prices contributed to a further contraction in output, albeit smaller than in 1991( see Box 1 overleaf).
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