An1 Istoria Relatiilor Internationale Si a Diplomatiei

7/29/2019 An1 Istoria Relatiilor Internationale Si a Diplomatiei

1/216

&5,67,1$3 ,8$1-18,&

,6725,$5(/$ ,,/25,17(51$ ,21$/(,$',3/20$ ,(,

(1945 2008)


2/216

(GLWXUD)XQGD LHLRomnia de Mine, 2008

(GLWXU DFUHGLWDW GH0LQLVWHUXO(GXFD LHL&HUFHW ULLL7LQHUHWXOXLprin &RQVLOLXO1D LRQDODO&HUFHW ULLWLLQ LILFHGLQQY PkQWXO6XSHULRU

'HVFULHUHD&,3D%LEOLRWHFLL1D LRQDOHD5RPkQLHL3 ,8$1-18,& &5,67,1$

,VWRULDUHOD LLORULQWHUQD LRQDOHLDGLSORPD LHL%XFXUHWL(GLWXUD)XQGD LHLRomnia de Mine, 2008

ISBN 978-973-163-160-8

327 (100)

5HSURGXFHUHDLQWHJUDO VDXIUDJPHQWDU SULQRULFHIRUP LSULQRULFHPLMORDFH

WHKQLFHHVWHVWULFWLQWHU]LV LVHSHGHSVHWHFRQIRUPOHJLL

5 VSXQGHUHDSHQWUXFRQ LQXWXOLRULJLQDOLWDWHDWH[WXOXL

revine exclusiv autorului/autorilor


3/216

UNIVERSITATEASPIRU HARET)$&8/7$7($'(5(/$ ,,,17(51$ ,21$/(

,678',,(8523(1(

&5,67,1$3 ,8$1-18,&

,6725,$5(/$ ,,/25,17(51$ ,21$/(

,$',3/20$ ,(,

(1945 2008)

(',785$)81'$ ,(,5201,$'(0,1(

%8&85(7,


4/216


5/216

5

CUPRINS

Introducere 7Capitolul I

&UHDUHD ED]HORU SRVWEHOLFH DOH UHOD LLORU LQWHUQD LRQDOH HYROX LLGLSORPDWLFHWUDWDWHLQRLRUJDQL]D LLLQWHUQD LRQDOH 11Capitolul II

'LSORPD LD L FUHDUHD VIHUHORU GH LQIOXHQ vn Europa n perioada1945-1948 32Capitolul III

&RQIOLFWH vQWUH (VW L 9HVW vQ SHULRDGD 1RL DOLDQ Hpolitico-PLOLWDUH1$72L7UDWDWXOGHOD9DURYLD 55Capitolul IV

'LSORPD LD VRYLHWLF GH OD 6WDOLQ OD HSRFD GHVWDOLQL] ULL -1959).Crizele politico-diplomatice ale anului 1956.. 76Capitolul V

(YROX LD5 ]ERLXOXL5HFHGHODFRQIOLFWHODvQ HOHJHULGLSORPDWLFHvQperioada 1957-1967..... 89Capitolul VI

5HOD LLOHLQWHUQD LRnale n perioada 1968-1979. 109Capitolul VII

,VWRULDGLSORPDWLF DXQLW LL(XURSHL2FFLGHQWDOH-2007. 126Capitolul VIII

5HOD LLOHLQWHUQD LRQDOHvQSHULRDGD 1989. 139Capitolul IX

5HOD LLOHLQWHUQD LRQDOHGXS 5 ]boiul Rece n anii 1990-1995. 157Capitolul X

,VWRULD UHOD LLORU LQWHUQD LRQDOH vQ $PHULFD /DWLQ 0H[LF

VXEFRQWLQHWXOLQGLDQL$IULFD 176Capitolul XI

&RRSHUDUHDUHJLRQDO LUHOD LLOHLQWHUQD LRQDOHvQDQLL-2000.. 192Capitolul XII

5HOD LLOHLQWHUQD LRQDOHLWHURULVPXO 2008... 202%LEOLRJUDILHJHQHUDO .. 211


6/216

6


7/216

7

INTRODUCERE

QDGRXDMXP WDWHDVHFROXOXL;;LvQFHSXWXOVHFROXOXL;;,LVWRULD UHOD LLORU LQWHUQD LRQDOH L D GLSORPD LHL D IRVW PDUFDW GHQXPHURDVHHYHQLPHQWHLIHQRPHQHFDUHDXWUDQVIRUPDW-o ntr-RHSRF FXRGLQDPLF DSDUWH

&XUVXO GH ID HVWH PHQLW V FRQWULEXLH OD FXQRDWHUHD LVWRULHLUHOD LLORU LQWHUQD LRQDOH vQ SHULRDGD 2008, fiind o lucrare deVLQWH] GHVWLQDW X]XOXLVWXGHQ LORUIDFXOW LORUGHUHOD LLLQWHUQD LRQDOH

Principalul scop al cursului de ,VWRULDUHOD LLORULQWHUQD LRQDOHL

DGLSORPD LHL 2008 vOUHSUH]LQW IDPLOLDUL]DUHDVWXGHQ LORUFXLQIRUPD LL L IHQRPHQH SHWUHFXWH vQ SHULRDGD PHQ LRQDW FXUHvPS U LUHDOXPLLODVIkULWXOFHOXLGH-DO'RLOHD5 ]ERL0RQGLDOFXvQFHSXWXOLDSRLFXHYROX LDU ]ERLXOXLUHFHFXH[WLQGHUHDDFHVWXLDGHODFRQWLQHQWXOHXURSHDQOD2ULHQWXO0LMORFLXL([WUHPXO2ULHQWFXHYROX LLOHSROLWLFR-diplomaticeGHODFUL]DJHQHUDO ODGHVWLQGHUHDvQWUHFHOHGRX 0DUL3XWHUL68$L8566SkQ ODSU EXLUHDVLVWHPXOXLFRPXQLVWLQXvQXOWLPXOUkQGFXHYROX LLOHUHOD LLORULQWHUQD LRQDOHOD

VIkULWXOVHFROXOXL;;LvQFHSXWXOVHFROXOXL;;,,VWRULD UHOD LLORU LQWHUQD LRQDOH DQDOL]HD] UHOD LLOH GLQWUH VWDWHGLQWUHEORFXULDOLDQ HGHVWDWHWHQGLQ HOHDFHVWRUDWULXPIXOVDXHHFXOXQRU LQL LDWLYH LQWHUQD LRQDOH $VW ]L vQFDGU P UHOD LLOH LQWHUVWDWDOH

ntr-R VXLW GH VWUXFWXUL LQWHUQD LRQDOH FHD PDL LPSRUWDQW ILLQG2UJDQL]D LD1D LXQLORU8QLWHVWUXFWXU DS UXW ODVIkULWXOFHOXLGH-al'RLOHD5 ]ERL0RQGLDOLDF UHLDFWLYLWDWHV-DGHVI XUDWSHSDUFXUVXOFHORUDVHGHFHQLLDQDOL]DWHvQDFWXDOXOFXUV

De asemenea, termenul de GLSORPD LH a evoluat de la pHUFHS LDde SDVLXQHDXQRURDPHQLFXLGHLFDUH VHDIODXvQ VLWXD LDGHD SXQHvQ DSOLFDUH DFHDVW SDVLXQH OD XQ DFW UH]XOWDW DO XQHL VXLWH GHLQIRUP ULLLQIRUPD LLDGXQDWH'LSORPD LDHVWHDVW ]LRWLLQ GDULRPHVHULHSUDFWLFDW GHF WUHSURIHVLRQLWLDYkQGPLMORDFHLXQVFRSLvQVHFROXO;;,FDLvQVHFROHOH;9 -;; LPSOLFDUHD FDOLWDWLY XPDQ U PkQHODIHOGHLPSRUWDQW GLSORPD LD LQkQGvQFRQWLQXDUHGHDUWD GH DQHJRFLD GH DVWDELOL vQ PRGQXDQ DW XQ VFKLPE GH S UHUL'DF DVW ]LGLSORPD LLGHODIXQF LRQDULL0LQLVWHUXOXLGH([WHUQHDO

ILHF UHL UL L SkQ OD PLQLWULL GH ([WHUQH VH ED]HD] SH DSOLFDUHD


8/216

8

XQRUQRUPHLQWHUQD LRQDOHVWDELOLWHvQFDGUXOXQRUDOLDQ HLRUJDQL]D LLLQWHUQD LRQDOH vQ WUHFXW QHJRFLHULOH GHSLQGHDX GRDU de raportul deIRU HvQWUHVWDWHSHSODQLQWHUQD LRQDO

'DF vQWUHFXWGLSORPD LDSHUFHSXW FDDUW DQHJRFLHULLHUDXQVSHFWDFRODSDUWHDOLQWHOLJHQ HLXPDQHGLSORPD LDPRGHUQ vQVHDPQ LXQVSHFWDFRODOLQIRUP ULLLDOFXQRDWHULLUHFLSURFHDGUHSWXULORULREOLJD LLORUVWDWHORUDIODWHODPDVDQHJRFLHULORU

Cursul ,VWRULD UHOD LLORU LQWHUQD LRQDOH L D GLSORPD LHL -2008, HVWH VWUXFWXUDW vQ GRX VSUH]HFH FDSLWROH FDUH WUDWHD] DWkWFURQRORJLF FkW L SUREOHPDWLF SULQFLSDOHOH HYHQLPHQWH FRQIOLFte,QHJRFLHULDOLDQ HSURGXVHvQWUHDQLLL1H-DPSURSXVV

IDPLOLDUL] P VWXGHQWXO QX GRDU FX DVSHFWHOH HYROX LLORU GH SHFRQWLQHQWXO HXURSHDQ FL V WUDW P VXFFLQW FHOH PDL LPSRUWDQWHevenimente din ntreaga lume, aplecndu-QH VSUH HYROX LLOH dinOrientul Apropiat, din zona Extremului Orient: China, Japonia,

9LHWQDPGLQVXEFRQWLQHQWXOLQGLDQSUHFXPLGLQ$PHULFDGH6XGL$IULFD 6XELHFWHOH FDUH QX DX IRVW SUH]HQWDWH vQ DFHDVW DERUGDUHVLQWHWLF D LVWRULHL UHOD LLORU LQWHUQD LRQDOH YRU IL Dtinse n cadrulseminariilor.

$P GHS LW vQ WUDWDUHD LVWRULHL UHOD LLORU LQWHUQD LRQDOH VIHUDHXURSHDQ SHQWUXDO UJLRUL]RQWXOVWXGHQ LORUFXLQIRUPD LLLVWRULFR-JHRJUDILFHPHQLWHV -LIDF V vQ HOHDJ HYROX LLOHGHDVW ]LGHSHVFHQDLQWHUQD LRQDO

$ERUGDUHD SULQFLSDOHORU PRPHQWH DOH LVWRULHL UHOD LLORULQWHUQD LRQDOHV-a realizat cronologic, dintr-o nevoie de sistematizare aPDWHULHL SHQWUX VWXGHQ L L GLQ QHYRLD GH D SUH]HQWD FODU L FRQFLV Rmultitudine de evenimente care s-DXGHVI XUDWWLPSGHDVHGHFHQLL

$X IRVW WUDWDWH GLVWLQFW HYROX LLOH FHORU GRX EORFXUL GDU L vQSDUDOHOGHODvQILLQ DUHDDOLDQ HORUSROLWLFR-PLOLWDUH1$72L7UDWDWXOGH OD 9DURYLD OD FRQIOLFWHOH GLQWUH DFHVWHD FRQIOLFWH FDUH QX DXGHUDSDWvQvQIUXQW ULDUPDWHGHOXQJ GXUDW GHFkWvQXQHOHFD]XULFHOPDLFXQRVFXWILLQGFHODO9LHWQDPXOXLLSkQ ODGLVSDUL LD7UDWDWXOXLGHOD9DURYLDGLVSDUL LHXUPDW GHH[WLQGHUHD1$72

$FHVW FXUV RUJDQL]HD] PDWHULD GH VWXGLX vQWU-R PDQLHU VFKHPDWLF LQIRUPD LLOH ILLQG Sreluate dintr-R VHULH GH OXFU ULIXQGDPHQWDOH SHQWUX VWXGLXO LVWRULHL UHOD LLORU LQWHUQD LRQDOH L DO

GLSORPD LHLDPLQWLPDLFLGRDUOXFU ULOHSXEOLFDWHOD(GLWXUD)XQGD LHL


9/216

9

Romnia de Mine: Viorica Moisuc, ,VWRULD UHOD LLORU LQWHUQD LRQDOHSkQ OD PLMORFul secolului al XX-lea, *KHRUJKH 2QLRUX 5HOD LLLQWHUQD LRQDOH Constantin Vlad, 5HOD LL LQWHUQD LRQDOH SROLWLFR-

diplomatice contemporaneOXFU ULFDUHDXUHSUH]HQWDWXQUHSHULXQmodel pentru actualul curs.

6WUXFWXUDWHPDWLF DOXFU ULLHVWHDGHFYDW programei analitice adisciplinei ,VWRULD UHOD LLORU LQWHUQD LRQDOH L D GLSORPD LHL -2008, VWXGLDW vQDQXO,GHVWXGHQ LL)DFXOW LLGH5HOD LL,QWHUQD LRQDOHL6WXGLL (XURSHQHD8QLYHUVLW LLSpiru Haret, reprezentnd, credemQRLXQFXUVXWLOLRDERUGDUHLVWRULF VLVWHPDWLF . Am evitat folosireaGHFLWDWHQXPHURDVHSUHFXPLXWLOL]DUHDXQHLPXOWLWXGLQLGHQRWHGH

VXEVRO0XQFDDXWRUXOXLODDFHVWFXUVUHSUH]LQW GRDURVLQWH] DXQRUWUDWDWHLOXFU ULIXQGDPHQWDOHFXSULYLUHODUHOD LLOHLQWHUQD LRQDOH ODGLSORPD LHLODLVWRULDXQLYHUVDO FRQWHPSRUDQ


10/216

10


11/216

&$3,72/8/,

&5($5($%$=(/253267%(/,&($/(5(/$ ,,/25

,17(51$ ,21$/((92/8 ,,',3/20$7,&(75$7$7(,12,25*$1,=$ ,,,17(51$ ,21$/(

,3ULQFLSDOLLLWHPLXUP UL L &RQIHULQ HOH GHVI XUDWH OD VIkULWXOXL FHOXL GHDO 'RLOHD5 ]ERL0RQGLDOLvQFKHLHUHDWUDWDWHORUGHSDFH

0DULOH 3XWHUL QRXD DUKLWHFWXU PRQGLDO L VIHUHOH GHLQIOXHQ 'H OD 1D LXQLOH 8QLWH OD VWUXFWXUDUHD 2UJDQL]D LHL1D LXQLORU8QLWHFDIRUDOGLSORPD LHLPRQGLDOH &KLQDGHODU ]ERLXOFLYLOODUHJLPXOFRPXQLVW 2ULHQWXO$SURSLDWLDSDUL LDGHVWDWHLQGHSHQGHQWH

,,7HPHSURSXVHSHQWUXGH]EDWHULvQFDGUXOVHPLQDULLORU

D 6WUXFWXUD218E 'LSORPD LDDPHULFDQ LFHDVRYLHWLF vQDQLL

,,,%LEOLRJUDILHJHQHUDO RULHQWDWLY D-HDQ%DSWLVWH'XURVHOOH,VWRULDUHOD LLORULQWHUQD LRQDOHGLQLSkQ vQ]LOHOHQRDVWUH7UXVWXO(GLWRULDO/LGHUE 6HUJLR 5RPDQR GH DQL GH LVWRULH PRQGLDO (GLWXUD)XQGD LHL&XOWXUDOH5RPkQH%XFXUHWLF*KHRUJKH2QLRUX5HOD LLLQWHUQD LRQDOH(GLWXUD)XQGD LHL

5RPkQLDGH0kLQH%XFXUHWL

6IkULWXOFHOHLGHDGRXDFRQIODJUD LLPRQGLDOHDDGXVRQRX UHDOLWDWHSHDUHQDLQWHUQD LRQDO 2ULFHHIRUWSHIURQWXOGHU ]ERLDIRVWGXEODWGHHIRUWXULOHGHFXOLVH'HPDQWHODUHDDOLD LORU*HUPDQLHLDvQFHSXWFX,WDOLDLDFRQWLQXDWFX5RPkQLDvQFkQGvQVFKLPEXOXQRUFHUHULMXVWHFHOHGRX VWDWHDXWUHFXWGHSDUWHD$OLD LORU

&RDOL LDDQWLKLWOHULVW VHIRUPDVHvQWLPSXOU ]ERLXOXLODDFHDVWD

SDUWLFLSkQG0DUHD%ULWDQLHL8566FHIXVHVHU GLUHFWDWDFDWHGHF WUH


12/216

*HUPDQLDODFDUHVDDG XJDW68$,QWHUHVXOFRPXQDOFHORUWUHLHUDvQIUkQJHUHD*HUPDQLHLOXL+LWOHU'HODIRUPDUHDFRDOL LHLDQWLQD]LVWHLSkQ OD VIkULWXO FHOXL GHDO GRLOHD U ]ERL PRQGLDO UHOD LLOH GLQWUH

VWDWHOHDOLDWHDXIRVWGRPLQDWHGHGRX WHPHIXQGDPHQWDOHVWUDWHJLDU ]ERLXOXLLYLFWRULDDOLD LORULFRQILJXUDUHD(XURSHLLDOXPLLSRVWEHOLFH0RPHQWHGHYkUIvQDFWLYLWDWHDGLSORPDWLF ODQLYHOvQDOWDXIRVW

FRQIHULQ HOHGHOD&DVDEODQFDDQJORDPHULFDQ LQXW vQWUHLLDQXDULH5HXQLXQHDPLQLWULORUGH([WHUQHGHOD0RVFRYDRFWRPEULHFXSDUWLFLSDUHDOXL&RUGHOO+XOO68$$QWKRQ\(GHQ0DUHD%ULWDQLHL9LDFHVODY0RORWRY8566

&RQIHULQ DGHOD7HKHUDQQRLHPEULH&RQWXUDUHDXQHLVWUDWHJLLDOLDWHDVXUYHQLWGXS HHFXOJHUPDQGH

OD 6WDOLQJUDG vQ FDGUXO &RQIHULQ HL GH OD 7HKHUDQ QRLHPEULH FDUHDUHSUH]HQWDWSULPDvQWkOQLUHvQWUHFHLWUHLPDUL6WDOLQ&KXUFKLOOL5RRVHYHOW&RQIHULQ DGHOD7HKHUDQDFUHDWLSULPDEUH vQWUHFHLWUHLvQWLPSFH6WDOLQFHUHDGHVFKLGHUHDXQXLDOGRLOHDIURQWvQ(XURSD

vQ)UDQ D5RRVHYHOWL&KXUFKLOOGHFODUDXF RULFHDUXQFDUHGHWUXSHvQYHVWXO(XURSHLOHYDFUHDSUREOHPHFXWRDWHF SURPLVHVHU F DFHVWIURQWYDILGHVFKLVvQF GLQSULP YDUDDQXOXL

6WDOLQ D SURSXV FUHDUHD XQHL FHQWXUL GH VLJXUDQ FDUH V FXSULQG VWDWHOH EDOWLFH 3RORQLD L R vPS U LUH D *HUPDQLHL $FHVWDGHFODUDF 6RYLHWHOHQXGRUHVFRDQH[DUHD)LQODQGHLGDUF GRUHVFV OHGHD ROHF LHILQODQGH]LORU5RRVHYHOWL&KXUFKLOOQX DXUHDOL]DWF 6WDOLQ YD RFXSD GHILQLWLY ]RQHOH SH FDUH GHRFDPGDW OH QHJRFLD&RQIHULQ DGHOD7HKHUDQDKRW UkWQRLOHRSHUD LLvPSRWULYD*HUPDQLHLLQFOXVLYSODQXOGHGHEDUFDUHvQ)UDQ D6WDOLQDSURPLVF VHYDLPSOLFDvQ U ]ERLXO vPSRWULYD -DSRQLHL LDU FHL WUHL DX VHPQDW XQ SURWRFRO vQFDUHVHVWDELOHDFD,UDQXOV U PkQ LQGHSHQGHQW

&RQIHULQ DGHOD7HKHUDQDSULOHMXLWVWDELOLUHDGHUHOD LLSHUVRQDOHvQWUH FHL WUHL OLGHUL &KXUFKLOO UHDOL]kQG F GRDU LQVLVWHQ HOH VDOH DXI FXWFD0DUHD%ULWDQLHV ILHLQYLWDW ODFRQIHULQ DPDULORUSXWHUL

'LQ L SkQ vQ RFWRPEULH U ]ERLXO FX *HUPDQLDQD]LVW D OXDW R FX WRWXO DOW WXUQXU Q LXQLH VH FRQVWLWXLVH


13/216

JXYHUQXO SURYL]RULX DO )UDQ HL vQ IUXQWH FX JHQHUDOXO 'H *DXOOHUHFXQRVFXW GH F WUH FHL PDUL /D GRDU FkWHYD ]LOH GXS DFHVWHYHQLPHQWDDYXWORFGHEDUFDUHDvQ1RUPDQGLDDWUXSHORUDPHULFDQR

HQJOH]HLHOLEHUDUHD)UDQ HL&X WRDWH LQVLVWHQ HOH OXL &KXUFKLOO FD DUPDWHOH DPHULFDQR

EULWDQLFHV vQDLQWH]HVLQJXUHVSUH%HUOLQ9LHQDL3UDJD5RRVHYHOWLJHQHUDOXO(LVHQKRZHUQXDXXUPDWDFHVWSODQLQXDXGRULWV RFXSHFkW PDL PXOW WHULWRULX GLQ (XURSD IDSW FH vL YD SXQH DPSUHQWDSXWHUQLFSHVRDUWDQD LXQLORUGLQFHQWUXO(XURSHL

5RPkQLD GXS FRQWDFWH GLSORPDWLFH QXPHURDVH OD %HUQD/LVDERQD 0DGULG6WRFNKROP $QNDUD L&DLUR SULQFDUH GLSORPD LL

URPkQLGRUHDXV QHJRFLH]HWHUPHQLLLHLULLVWDWXOXLURPkQGLQU ]ERLQHJRFLHUL SURGXVH vQ DQLL D DMXQV OD VROX LD VFKLPE ULLQHFRQGL LRQDWH D IURQWXOXL OD DXJXVW L D VHPQ ULL OD VHSWHPEULH D FRQYHQ LHL GH DUPLVWL LX GH OD 0RVFRYD vQWUH5RPkQLDL1D LXQLOH8QLWH

$GHY UDWD WXUQXU vQ SHUFHSHUHD UHDOLW LORU PRQGLDOH GXS vQIUkQJHUHDOXL+LWOHULVRDUWDSHFDUHRYDDYHD(XURSDVDFRQWXUDWODFRQIHULQ DGHOD0RVFRYDRFWRPEULHLDSRLOD


14/216

XUPD V ILH I FXW FX VSULMLQDPHULFDQSHQWUX DSXWHDFRQWUDEDODQVDFRORVXOVRYLHWLF

5RRVHYHOWYHGHDROXPHFRQGXV GH&HL3DWUX3ROL LWL68$

0DUHD%ULWDQLH8566L&KLQD'DUGRFWULQDFHORUSDWUX3ROL LWLQXVH ED]D SH LGHHD DS U ULL (XURSHL GH F WUH 68$ LDU &KLQD IXVHVHLQFOXV vQWUHFHL0DULSHQWUXFDFXDMXWRUXODFHVWHLDV VHUHDOL]H]HVWDELOLWDWHDLvQ$VLD

6WDOLQGRUHDS VWUDUHDSURSULHLVIHUHGHLQIOXHQ DVXSUD(XURSHL&HQWUDOHLGH6XG(VWHYHQWXDOO UJLUHDDFHVWHLDLQXDFFHSWDQLFLXQIHOGHQHJRFLHULFXFHOHODOWHSXWHULvQYLQJ WRDUH

3HQWUX5RRVHYHOWVFRSXOLPSOLF ULLDPHULFDQHvQU ]ERLIXVHVH

H[FOXVLY vQO WXUDUHD SHULFROXOXL UHSUH]HQWDW GH +LWOHU SULQFLSDOXOREVWDFROvQFDOHDXQHLRUGLQLLQWHUQD LRQDOHED]DWHSHDUPRQLHLQXSHHFKLOLEUX'HDFHHD5RRVHYHOWQXDGRULWQHJRFLHUHDYLLWRUXOXL(XURSHLvQDLQWHGHVIkULWXOU ]ERLXOXLSURSXQkQGXLFDDUPDWHOHDPHULFDQHV VH UHWUDJ GLQ (XURSD RGDW FX vQYLQJHUHD OXL +LWOHU GH DLFL LDEDQGRQDUHD XQHL LPSRUWDQWH S U L D (XURSHL vQ ID D VRYLHWLFLORU5RRVHYHOWQXDvQ HOHVF 6WDOLQQXVHYDUHWUDJHODVIkULWXOU ]ERLXOXLGLQ DFHVWH WHULWRULL LDU DYHUWL] ULOH WDUGLYH DOH OXL &KXUFKLOO DX IRVW

SULPLWHFXLODULWDWHOD:DVKLQJWRQ68$ G GHD FUHGLW 0DULL %ULWDQLL vQ VWDELOLUHD XQXL HFKLOLEUXHXURSHDQGDUWRWRGDW HUDKRW UkW V GHWHUPLQHSU EXLUHD,PSHULLORUFRORQLDOHEULWDQLFLIUDQFH]

6WDOLQGXS vQO WXUDUHDSHULFROXOXLJHUPDQQXPDLDYHDQLFLXQREVWDFROvQDXUPDLQWHUHVHOHLGHRORJLFHLSROLWLFHVRYLHWLFHFKLDUFXSUH XOXQHLFRQIUXQW ULFXIRWLLV LDOLD LDQJORDPHULFDQL

5HOD LLOH LQWHUQD LRQDOH GLQ SHULRDGD FHOXL GHDO GRLOHD U ]ERLPRQGLDODXIRVWGRPLQDWHGHF WUHFHL0DULLGHUHOD LLOHGLQWUHHL

68$L0DUHD%ULWDQLHDXGRULWFDvQWkOQLULOHODQLYHOGHPLQLWULLGH ([WHUQH V ILH IUHFYHQWH V VH VWDELOHDVF vQ DFHVW PRG HYROX LDIURQWXULORURDOLDQ GHIDFWRSHQWUXDvQIUkQJHDUPDWDJHUPDQ 'DF SkQ ODYLFWRULDGHOD6WDOLQJUDG6WDOLQVDDU WDWIRDUWHGLVSXVYDULLORUvQWkOQLUL L QHJRFLHUL GXS FH VRDUWD U ]ERLXOXL D vQFHSXW V vQFOLQHVSUH5XVLDDWLWXGLQHDGLFWDWRUXOXLFRPXQLVWDGHYHQLWWRWPDLUH]HUYDW LLQWUDQVLJHQW OLQLHSHFDUHYDPHUJHLGXS VIkULWXOU ]ERLXOXL


15/216

&RQIHULQ DGHOD


16/216

x 8QLXQHD6RYLHWLF YRLDV RE LQ PDLPXOWWHULWRULXLV LFRQVROLGH]HSR]L LDvQWHULWRULLOHFXFHULWHGHMD

x 68$GRUHDV ILHVLJXU GHLPSOLFDUHD8566vQU ]ERLXOGLQ3DFLILFvPSRWULYD-DSRQLHLLV QHJRFLH]HVLWXD LDGHGXS U ]ERL

x 3UREOHPDFLXQWLULL3RORQLHLDIRVWXQSDVGXUHURVSHQWUX0DUHD%ULWDQLH GDU DWkW &KXUFKLOO FkW L 5RRVHYHOW DX DFFHSWDW SLHUGHULOHWHULWRULDOHvQIDYRDUHDOXL6WDOLQIURQWLHUDYHVWLF SRORQH] PXWkQGXVHSH2GHUL1HLVVH

5RRVHYHOWvLSURSXVHVHV OGHWHUPLQHSH6WDOLQV SDUWLFLSHODIRUPDUHD 2UJDQL]D LHL 1D LXQLORU 8QLWH vQ WLPS FH OLGHUXO VRYLHWLFGRUHDvQVW SkQLUHDDVXSUD3RORQLHLFDUHV LDVLJXUHVHFXULWDWHDLV

HYLWHvQYLLWRURULFHDWDFSULQFRULGRUXOSRORQH]6WDOLQQXHUDGLVSXVV QHJRFLH]H vQ SULYLQ D 3RORQLHL GLQ FDUH RFXSDVH GHILQLWLYSDUWHD GHHVWFDUHYDILFRPSHQVDW FXDOWHWHULWRULLSURPL kQGLRUJDQL]DUHDGHDOHJHULOLEHUHDOHJHULFRQWURODWHLFkWLJDWHGHF WUHFRPXQLWLFDGHDOWIHO WRDWH VFUXWLQHOH GHVI XUDWH vQ VWDWHOH GLQ FHQWUXO L VXGHVWXO(XURSHLFHYRUWUHFHIRU DWODFRPXQLVP

7LPS GH FkWHYD GHFHQLL LVWRULRJUDILD RFFLGHQWDO FXSUHSRQGHUHQ FHD IUDQFH] D WUDWDW


17/216

DILUPDX YDORULOH GHPRFUDWLFH SHQWUX D RSUL vQDLQWDUHD VRYLHWLF L DVWDELOL]D(XURSDGH9HVW

5RRVHYHOWvLDQXQ DVHFROHJLLOD


18/216

218 WUHEXLD V LPSXQ FRRSHUDUHD vQ GRPHQLLOH GUHSWXOXL LVHFXULW LL LQWHUQD LRQDOH D GH]YROW ULL HFRQRPLFH L D GUHSWXULORURPXOXL

'LSORPD LDPRQGLDO GXS 5HOD LLOHLQWHUQD LRQDOHGXS LDXVFKLPEDWFRQVLVWHQ DL

PRGXO GH GHVI XUDUH 6IkULWXO FRQIODJUD LHL PRQGLDOH QX D DGXV RVWDWXDUH D GUHSWXULORU WXWXURU VWDWHORU FDUH V WUDWH]H OD PDVDWUDWDWLYHORUvQYLQLLvQYLQJ WRULLV GHDFRQWXUXOQRLLOXPL

6IkULWXO U ]ERLXOXL D DPSOLILFDW WHQVLXQLOH GLQ VkQXO DOLD LORUSUREOHPD *HUPDQLHL D UHSDUD LLORU SH FDUH DFHDVWD WUHEXLD V OH

SO WHDVF SUHFXPLD ULORUGLQVXGHVWXO(XURSHLDU PDVGHVFKLV 'HFODUD LD&RPXQ DVXSUD(XURSHL(OLEHUDWHGDW OD


19/216

6DXGLVFXWDWx 2UGLQHDLQWHUQD LRQDO SRVWEHOLF YLLWRUXO*HUPDQLHLVWDWXWXO

DOLD LORU DFHVWHLD ,WDOLD %XOJDULD 8QJDULD L 5RPkQLD VDX D

DVRFLD LORU)LQODQGDx 5HSDUD LLOHGHU ]ERLx 5HDOL]DUHDXQRUWUDWDWHGHSDFHx(IHFWHOHU ]ERLXOXLLP VXULOHFHWUHEXLDXOXDWH&HLDXKRW UkW

x 5HWURFHGDUHD WXWXURU WHULWRULLORU DQH[DWH GH *HUPDQLD GXS

LVHSDUDUHD$XVWULHLGH*HUPDQLDx 'HFODUDUHD RELHFWLYHORU RFXS ULL *HUPDQLHL GH F WUH $OLD L

GHPLOLWDUL]DUHD GHQD]LILFDUHD GHPRFUDWL]DUHD L GHPRQRSROL]DUHDULL

x $FRUGXO GH OD 3RWVGDP FDUH FHUHD vPS U LUHD *HUPDQLHL L$XVWULHLvQFkWHSDWUX]RQHGHRFXSD LHDVXSUDF URUDVHF ]XVHGHDFRUGvQSULQFLSLXOD&RQIHULQ DGHOD


20/216

vQF vQ U ]ERL FX -DSRQLD &KXUFKLOO XQXO GLQWUH DUWL]DQLL (XURSHLSRVWEHOLFHDDIODWvQWLPSXOFRQIHULQ HLF SLHUGXVHDOHJHULOHGLQ0DUHD%ULWDQLHLDIRVWQHYRLWV S U VHDVF FRQIHULQ D

&RQVLGHUDW GH LVWRULFL FD ILLQG XQ GLDORJ DO VXU]LORUFRQIHULQ DGHOD3RWVGDPQXDGXVODvQ HOHJHUHDFHORUWUHLvQWLPSGH6WDOLQ GRUHD V LFRQVROLGH]HVIHUD GHLQIOXHQ V LILH UHFXQRVFXWHJXYHUQHOHLPSXVHvQ%XOJDULDL5RPkQLDLGHPLOLDUGHGHGRODULUHSDUD LL GH OD *HUPDQLD 7UXPDQ L &KXUFKLOO FHUHDX UHVSHFWDUHDSULQFLSLLORU'HFODUD LHL 1D LXQLORU8QLWHLDOHJHULOLEHUHvQWHULWRULLOHRFXSDWHGHF WUHVRYLHWLFL

6WDOLQ S UHD D IL PDUHOH EHQHILFLDU DO YLFWRULHL vPSRWULYD OXL

+LWOHU/D3RWVGDP7UXPDQvODQXQ DSH6WDOLQF SRVHG RQRX DUP FHDDWRPLF GDUDGHY UDWXODWXDPHULFDQDDS UXWDELDvQDXJXVWGXS IRORVLUHD DFHVWHLD OD +LURVKLPD L 1DJDVDNL FkQG FRPXQLWDWHDLQWHUQD LRQDO D vQ HOHV FH vQVHDPQ U ]ERLXO DWRPLF 7UXPDQ QX DIRORVLWDWXXODWRPLFSHQWUXDQHJRFLDVRDUWD ULORUGLQFHQWUXOLVXGHVWXO(XURSHLGHRDUHFHLQWHUHVHOHDPHULFDQHQXRFHUHDX

2 SDUWH D LVWRULRJUDILHL PRQGLDOH FRQVLGHU F U ]ERLXO UHFH DvQFHSXW vQ PRPHQWXO DSDUL LHL ERPEHL DWRPLFH FDUH VFKLPED

GHILQLWRULXUDSRUWXOGHIRU H68$DYkQGRDUP VXSHULRDU QXPDLGRUHDV vPSDUW OXPHDFX8QLXQHD6RYLHWLF DU FDUHGH WHDP VDDJ DW GH SR]L LLOH FXFHULWH SkQ OD DFHD GDW (VWH R MXGHFDW D

SRVWHULRULFXWRDWHF FXDFHVWSULOHMDXGHYHQLWHYLGHQWHGLYHUJHQ HOHGLQWUHFHOHGRX WDEHUH

6RYLHWLFLL DX vQF OFDW vQ HOHJHUHD GH OD


21/216

UHRUJDQL]DUHDSHED]HGHPRFUDWLFHDDFXPVDFRQYHQLWOD


22/216

IRQGDWRUL&KLQD)UDQ D8QLXQHD6RYLHWLF 0DUHD%ULWDQLH68$LPDMRULWDWHDVWDWHORUVHPQDWDUH

6FRSXULOH218VXQWx V PHQ LQ SDFHDLVHFXULWDWHDLQWHUQD LRQDO x V GH]YROWHUHOD LLSULHWHQHWLvQWUHQD LXQLED]DWHSHHJDOLWDWHD

vQGUHSWXULDSRSRDUHORUx V FRRSHUH]H OD UH]ROYDUHD SUREOHPHORU LQWHUQD LRQDOH vQ

GRPHQLLOHHFRQRPLFVRFLDOFXOWXUDOLXPDQLWDUx V DSHUHGUHSWXULOHSRSRDUHORUODDXWRGHWHUPLQDUHRFWRPEULHDGHYHQLW=LXD1D LXQLORU8QLWH&HOGHDOVWDW

PHPEUXIRQGDWRUDO218DIRVW3RORQLDFDUHQXIXVHVHUHSUH]HQWDW OD 6DQ )UDQFLVFR GDWRULW GLILFXOW LORU GH FRQVWLWXLUH D XQXL JXYHUQSRORQH]3RORQH]LLDXVHPQDWXOWHULRU&DUWD

6WUXFWXUD218&HOH SXWHUL vQF GH OD vQWkOQLUHD GH OD 'XPEDUWRQ 2DNV

RFWRPEULHDXVWUXFWXUDW218FRPSOHWkQGRXQDQPDLWkU]LXOD6DQ)UDQFLVFR2UJDQLVPHOH218HUDX&RQVLOLXOGH6HFXULWDWHFX

PHPEULL SHUPDQHQ L L $GXQDUHD *HQHUDO &RQVLOLXOGHWXWHO 6HFUHWDULDWXO DO WXUL GH &XUWHD GH -XVWL LH FDUH GHYHQHD SDUWH D218L&RQVLOLXO(FRQRPLFL6RFLDO

5ROXOLDWULEX LLOHPDULORUSXWHULvQFDGUXO218VHFRQFUHWL]DXvQH[LVWHQ D&RQVLOLXOXLGH6HFXULWDWH

&RQVLOLXOGH6HFXULWDWHHVWHRUJDQLVPXOvQV UFLQDWV PHQ LQ SDFHD L VHFXULWDWHD vQWUH QD LXQL 6WDWHOH PHPEUH DX UHFXQRVFXW F vQGHSOLQLQGDFHDVW U VSXQGHUH&RQVLOLXODF LRQHD] vQQXPHOHORULDU

VWDWHOHVXQWGHDFRUGV DFFHSWHLV H[HFXWHKRW UkULOHDFHVWXLDQWLPSFHKRW UkULOHGDWHGHF WUH$GXQDUHD*HQHUDO DYHDXVWDWXWXOGHUHFRPDQG UL FHOH DOH &RQVLOLXOXL GH 6HFXULWDWH DYHDX FDUDFWHU GHGHFL]LL&RQVLOLXODUHPHPEULGLQWUHFDUHFHLSHUPDQHQ LDXGUHSWGHYHWRFHOHODOWHORFXULILLQGGH LQXWHSHQWUXDQLPHPEULLILLQGDOHLGHF WUH$GXQDUHD*HQHUDO SULQYRWSHED] UHJLRQDO 3R]L LD

5RPkQLDDIRVWPHPEUXQHSHUPDQHQWDO&RQVLOLXOXLGH6HFXULWDWHvQ

DQLL


23/216

SULYLOHJLDW DPDULORUSXWHULVHFRQFUHWL]DSULQGUHSWXOGHYHWRRULFHKRW UkUH SXWkQGXVH OXDW GRDU FX YRWXO VDX DE LQHUHD WXWXURU FHORU PHPEULSHUPDQHQ LH[HUFLWDUHDGUHSWXOXLGHYHWREORFDOXDUHDRULF UHL

GHFL]LL'UHSWXOGHYHWRDIRVWRLQRYD LHvQVWUXFWXUD218SULQDFHVWD

PDULOHSXWHULLDXFUHDWXQLQVWUXPHQWFDUHV OHSHUPLW V GH LQ RSR]L LH SUHIHUHQ LDO vQ UHOD LLOH LQWHUQD LRQDOH DFHVWGUHSWVDFULILFkQGSDU LDO SULQFLSLXO IXQGDPHQWDO DO HJDOLW LL VXYHUDQH D VWDWHORU DOHJDOLW LLvQGUHSWXULDWXWXURUVWDWHORUvQUHOD LLOHLQWHUQD LRQDOH

&RQVLOLXOGH6HFXULWDWHDDYHDLDUHPXOWLSOHSXWHULxV LQYHVWLJKH]HRULFHGLVSXW VDXVLWXD LHFDUHSRDWHGXFHOD

WHQVLXQLLQWHUQD LRQDOHxV UHFRPDQGHPHWRGHGHDERUGDUHDXQRUGLVSXWHLWHUPHQLL

VROX LRQ ULLORUxV IRUPXOH]H SODQXUL SHQWUX VWDELOLUHD XQXL VLVWHP GH

UHJOHPHQW ULSULYLQGvQDUPDUHDVWDWHORUxV LGHQWLILFHH[LVWHQ DXQHLDPHQLQ ULSHQWUXSDFHVDXDXQXL

DFWGHDJUHVLXQHLV UHFRPDQGHP VXULOHFDUHWUHEXLDXvQWUHSULQVHvQDFHVWFD]

xV FHDU PHPEULORU218V DSOLFHVDQF LXQLHFRQRPLFHVDXDOWHP VXULFHQXLPSOLF IRORVLUHDIRU HLSHQWUXDSUHYHQLVDXRSULRDJUHVLXQH

xV LDP VXULPLOLWDUHvPSRWULYDXQXLVWDWDJUHVRU&RQIRUP &DUWHL 218 &RQVLOLXO GH 6HFXULWDWH HUD VLQJXUXO

RUJDQLVP LQWHUQD LRQDO DXWRUL]DW V DSHOH]H OD IRU vQ UHOD LLOHLQWHUQD LRQDOH9HWRXODGXVvQQHQXP UDWHUkQGXULODEORFDMXO218

$GXQDUHD *HQHUDO D 218 HVWH IRUPDW GLQ WRWDOLWDWHD

PHPEULORU 218 +RW UkULOH $GXQ ULL *HQHUDOH vQ SUREOHPHLPSRUWDQWHVHLDXFXRPDMRULWDWHGHGRX WUHLPLGLQPHPEULLSUH]HQ LL YRWDQ L ILHFDUH VWDW PHPEUX GLVSXQkQG GH XQ YRW LDU vQ DOWHSUREOHPH KRW UkULOH VH DGRSW FX PDMRULWDWHD PHPEULORU SUH]HQ L LYRWDQ L3ULQFLSDOHOHDWULEX LLDOH$GXQ ULL*HQHUDOHVXQW

x H[DPLQHD] L IDFH UHFRPDQG UL SULYLQG FRRSHUDUHD LPHQ LQHUHDS FLLLVHFXULW LLLQWHUQD LRQDOHSULQFLSLLOHFHJXYHUQHD] FRQWUROXODUPDPHQWHORULGH]DUPDUHD


24/216

x GLVFXW RULFH FKHVWLXQH SULYLQG SDFHD L VHFXULWDWHDLQWHUQD LRQDO FX H[FHS LD FD]XOXL vQ FDUH DFHDVWD HVWH GLVFXWDW GH&RQVLOLXOGH6HFXULWDWHLIDFHUHFRPDQG ULvQFKHVWLXQHDGLVFXWDW

x IDFH UHFRPDQG UL PHQLWH V SURPRYH]H FRRSHUDUHD SROLWLF LQWHUQD LRQDO

xSULPHWHLH[DPLQHD] UDSRDUWHOH&RQVLOLXOXLGH6HFXULWDWHLDFHORUODOWHRUJDQLVPHDOH218

&RQVLOLXO (FRQRPLF L 6RFLDO (&262& HVWH SULQFLSDOXORUJDQLVP LQWHUQD LRQDO FDUH FRRUGRQHD] DFWLYLW LOH HFRQRPLFH LVRFLDOHDOH1D LXQLORU8QLWH$WULEX LLOHVDOHVXQW

x V ILHWULEXQDGHGLVFXWDUHDSUREOHPHORUHFRQRPLFHLVRFLDOH

LQWHUQD LRQDOHx V HODERUH]H VWXGLL L UDSRDUWH FX SULYLUH OD SUREOHPHOH

HFRQRPLFHVRFLDOHFXOWXUDOHHGXFD LRQDOHLGHRFURWLUHDV Q W LLx V FRRUGRQH]HDFWLYLWDWHDDJHQ LLORULLQVWLWX LLORUVSHFLDOL]DWH

DOH218PSUHXQ FX $GXQDUHD *HQHUDO (&262& FRRUGRQHD]

DFWLYLWDWHDXQRU RUJDQLVPH FH DX DS UXW XOWHULRU 81&7$'&RQIHULQ D 1D LXQLORU 8QLWH SHQWUX &RPHU L'H]YROWDUH D81'3

3URJUDPXO 1D LXQLORU 8QLWH SHQWUX 'H]YROWDUH 81,&() )RQGXO1D LXQLORU8QLWHSHQWUX&RSLL

'LVSXWH vQ FDGUXO 218 DX DS UXW vQF GH OD vQFHSXW vQ

PRPHQWXO vQ FDUH 8566 D FHUXW ORFXUL SHQWUX FHOH UHSXEOLFLDIODWH vQ FRPSRQHQ D VD SULPLQG ORFXUL SHQWUX 5XVLD 8FUDLQD L

%LHORUXVLD&D R FRQWUDSRQGHUH OD KDRVXO FUHDW GH U ]ERL L GLQ QHYRLDPDQLIHVWDW GHUHGHILQLUHDUHOD LLORULQWHUQD LRQDOHvQGRPHQLXOMXULGLFODLQL LDWLYDFHORUSXWHULDIRVWUHGHILQLWUROXOLFRPSHWHQ HOH&XU LL,QWHUQD LRQDOHGH-XVWL LHGHOD+DJDLXQLH

/D&RQIHULQ DGHOD6DQ)UDQFLVFR&XUWHDDIRVWJkQGLW FDXQRUJDQLVPQRXFDUHDSUHOXDWH[SHULHQ DLRSDUWHDDWULEX LLORUYHFKLL&XU L,QWHUQD LRQDOHGH-XVWL LHD/LJLL1D LXQLORUDWULEX LLOH LDXIRVWO UJLWHGL]ROYkQGXVHYHFKHDLQVWLWX LHLDOHJkQGXVHQRLMXGHF WRUL


25/216

QDFHODLFDGUXGHFRRSHUDUHDQD LXQLORUDYXVHVHORF&RQIHULQ D

GHOD%UHWWRQ:RRGVLXOLHODFDUHDXSDUWLFLSDWGHVWDWHFH

DX DGRSWDW DFRUGXULOH GH FUHDUH D % QFLL ,QWHUQD LRQDOH SHQWUX5HFRQVWUXF LH L 'H]YROWDUH %,5' L D )RQGXOXL 0RQHWDU,QWHUQD LRQDO )0,SHQWUX D VH LQWURGXFH R RUGLQH vQ UHOD LLOHPRQHWDUH L ILQDQFLDUH LQWHUQD LRQDOH $FHVWH LQVWLWX LL DX IRVW GLQWUXvQFHSXWGHVFKLVHWXWXURUVWDWHORU$FHVWHDDXvQFHSXWV IXQF LRQH]HGHODGHFHPEULH

QSULPLLV LDQL218DGRULWV GHYLQ RRUJDQL]D LHFDUHV XQLILFH OXPHD GDU L]EXFQLUHD U ]ERLXOXL UHFH LD UHGXV DQVHOH /D

vQFHSXWXODQXOXLVDGHVI XUDWOD/RQGUDSULPDSDUWHD6HVLXQLL$GXQ ULL*HQHUDOHDIRVWDOHVLSULPXOVHFUHWDUJHQHUDOQRUYHJLDQXO7U\JYH +DOGYDQ /LH 1HZ


26/216

8QLWH SHQWUX $OLPHQWD LH L $JULFXOWXU )$2 vQ RFWRPEULH &XUWHD,QWHUQD LRQDO GH-XVWL LHGHOD+DJDDIRVWLQDXJXUDW vQDSULOLH GXS FH vQ PDUWLH VH vQILLQ DVH 2UJDQL]D LD 1D LXQLORU

8QLWHSHQWUX(GXFD LHWLLQ L&XOWXU 81(6&2 218 D SULPLW vQ QRL PHPEULL $IJDQLVWDQ ,VODQGD

6XHGLD L 7KDLODQGD LDU vQ &RQVLOLXO GH 6HFXULWDWH D UHVSLQVFHUHULOHGHSULPLUHvQ218DOH$XVWULHL%XOJDULHL)LQODQGHL,WDOLHL5RPkQLHLL8QJDULHL

'XS (XURSDVDXvPS U LWVIHUHOHGHLQIOXHQ vQFHOHODOWH]RQH

JHRJUDILFH $VLD 2ULHQWXO $SURSLDW L ([WUHPXO 2ULHQW FHUHSUH]HQWDXODUkQGXOORUSHUPDQHQWHIRFDUHGHGLVSXWH6RYLHWHOHI U D SDUWLFLSD PLOLWDU OD U ]ERLXO FRQWUD -DSRQLHL GXS FDSLWXODUHDDFHVWHLDFODPDXWHULWRULLOHFDUHLIXVHVHU OXDWHvQVXGXO,QVXOHL6DKDOLQ L H[SORDWDUHD FRPXQ FX &KLQD D F LORU IHUDWH GLQ (VWXOFKLQH] L 0DQFLXULD SUHFXP L DUKLSHODJXO ,QVXOHORU .XULOH'LSORPD LDFKLQH] DIRVWOH]DW GHDFHVWHSUHWHQ LLDOH8566ODFDUH0DUHD%ULWDQLHDGHUDVHI U DFRQVXOWD&KLQD

.UHPOLQXO FRQGL LRQDVH LQWUDUHD vQ U ]ERLXO vPSRWULYD -DSRQLHLGHDFFHSWDUHDGHF WUH &KLQD DSUHYHGHULORU SULYLQG([WUHPXO2ULHQWGLQ $FRUGXO GH OD


27/216

5 ]ERLXOXLFLYLOGLQ&KLQD=RQD $VLD3DFLILF D GHYHQLW XQXO GLQ SULQFLSDOHOH WHDWUH GH

FRQIUXQWDUHvQWUH(VWL9HVWQDFHDVW ]RQ VHSDUWLFXODUL]D&KLQD

FDUHvQWLPSXOFHOXLGHDO'RLOHD5 ]ERL0RQGLDODDYXWPDULWHULWRULLVXEGRPLQD LDMDSRQH] vQSULQFLSDO0DQFLXULDGDUL]RQHGHFRDVW L LQWHULRU PSRWULYD DFHVWHL RFXSD LL OXSWDVHU GRX IRU H*RPLQGDQXO FRQGXV GH F WUH JHQHUDOXO &KLDQJ .DLL L $UPDWDURLH FUHDW GH UHSUH]HQWDQ LL 3DUWLGXOXL &RPXQLVW FRQGXV GH F WUH0DR=HGRQJ

'XS FDSLWXODUHD -DSRQLHL FHOH GRX IRU H FH OXSWDVHU SHQWUXHOLEHUDUH VH DIODX ID vQ ID ILHFDUH QHJRFLLQG FX FHOH GRX PDUL

SXWHUL68$L8566VWDWXWXOSRVWEHOLFDO&KLQHLL:DVKLQJWRQXOL0RVFRYD FRODERUDX FX *RPLQGDQXO vQFHUFkQG vQFKHLHUHD XQRUvQ HOHJHUL FDUH V OH DVLJXUH SURSULLOH LQWHUHVH vQ DFHVW VWDW FkW XQFRQWLQHQW

6WDOLQ VWLSHQGLD 3DUWLGXO &RPXQLVW GDU FRQIRUP DQDOL]HORUPXOWRUDXWRULQXFUHGHDvQYLDELOLWDWHDLQVWDXU ULLXQXLUHJLPFRPXQLVWvQ &KLQD VRYLHWLFLL GRUHDX vQ SULQFLSDO SR]L LL LPSRUWDQWH vQ0DQFLXULD

QDXJXVWDIRVWVHPQDWOD0RVFRYDXQ7UDWDWGHSULHWHQLHLDOLDQ vQWUH8566L5HSXEOLFD&KLQDYDODELOGHDQLWUDWDWFDUHUHFXQRWHD JXYHUQXO QD LRQDOLVW DO OXL &KLDQJ .DLL GUHSW JXYHUQOHJLWLPDO&KLQHL &KLQDUHFXQRWHD GHMXUH5HSXEOLFD0RQJRO LDU8566 VH REOLJD V QX DFRUGH QLFL XQ DMXWRU OXL0DR FDUHFX DMXWRUDPHULFDQDMXQVHVHODRvQ HOHJHUHFXQD LRQDOLWLL

:DVKLQJWRQXO OD QXPLW SH JHQHUDOXO *HRUJH 0DUVKDOOUHSUH]HQWDQWVSHFLDOvQ&KLQDFXVFRSXOGLUHFWGHDQHJRFLDvQFHWDUHDU ]ERLXOXL FLYLO 'XS FkWHYD DFRUGXUL WHPSRUDUH RE LQXWH GH F WUH0DUVKDOOvQOXQLOHLDQXDULHLXQLHU ]ERLXOFLYLOVDJHQHUDOL]DWFRQWLQXkQGvQDQLL

Q IHEUXDULH *HRUJH 0DUVKDOO GHFODUD vQ ID D &RQVLOLXOXL GH

6HFXULWDWHDO218QDFWXDODVWDUHGHGH]RUGLQHGHFRUXS LHGHQHJOLMHQ DJXYHUQXOXLFHQWUDOSUREOHPHOH&KLQHLVXQWSUDFWLFGHQHUH]ROYDW1XSXWHPQLFLV VXSULP PvQvQWUHJLPHDMXWRUXOQRVWUXSHQWUX&KLDQJ.DLLQLFLV

VXSRUW PODLQILQLWRDVHPHQHDSUHOHYDUHGLQUHVXUVHOHQRDVWUH vQ&RQVWDQWLQ


28/216

5 ]ERLXOFLYLOGLQ&KLQDDFRQWLQXDWFRPXQLWLLDFDSDUkQGWRWPDLPXOWWHULWRULXIRU HOHFRPXQLVWHDXSURFODPDWXQJXYHUQSRSXODUDO&KLQHLGH1RUG/DRFWRPEULHDUPDWHOHOXL0DRDXSUHOXDW

FRQWUROXODVXSUDvQWUHJLL0DQFLXULLLD]RQHLVLWXDWHODQRUGGH0DUHOH=LG &KLQH]HVF Q LDQXDULH FRPXQLWLL DX FXFHULW %HLMLQJXO LWUHSWDWvQWUHDJD&KLQDGH6XGLDUDXWRULW LOHLWUXSHOHQD LRQDOLVWHVDXUHWUDVWUHSWDWvQLQVXOD7DLZDQ

/D RFWRPEULH vQWUHDJD &KLQ D IRVW FXFHULW GH F WUHFRPXQLWL PRPHQW vQ FDUH D IRVW SURFODPDW 5HSXEOLFD 3RSXODU &KLQH] SUHHGLQWHILLQGDOHV0DR=HGRQJ

8566 D UHFXQRVFXW D GRXD ]L QRXO VWDW FKLQH] LDU OD

IHEUXDULH VD VHPQDW 7UDWDWXO GH SULHWHQLH FRODERUDUH LDVLVWHQ PXWXDO vQWUH8566 L 5HSXEOLFD3RSXODU &KLQD 3ULQWUDWDWFHOHGRX VWDWHVHDQJDMDXV LDFRUGHVSULMLQPLOLWDUUHFLSURFvQFD]XO XQXL DWDF GLQ SDUWHD -DSRQLHL VDX D DOWRU VWDWH DOLDWH L V VHFRQVXOWHvQYDULLSUREOHPHLQWHUQD LRQDOH0DQFLXULDvQWUHDJDXUPDV UHYLQ &KLQHLSkQ vQ

&KLQD D IRVW UHFXQRVFXW GH F WUH VDWHOL LL VRYLHWLFL GDU L GHF WUHPDMRULWDWHDVWDWHORUDVLDWLFHGDUROXQJ SHULRDG UHJLPXOGHOD

%HLMLQJQXYDDYHDUHSUH]HQWDUHOD218XQGH&KLQDHUDUHSUH]HQWDW FKLDUvQ&RQVLOLXOGH6HFXULWDWHGHF WUHUHJLPXOGLQ7DLZDQ3UREOHPD3DOHVWLQHL2ULHQWXO $SURSLDW 0LMORFLX D GHYHQLW GXS VIkULWXO

U ]ERLXOXL R ]RQ D FRQIOLFWHORU SURIXQGH L vQGHOXQJDWH 5DSLGU ]ERLXOUHFHVDLQVWDODWLDLFL

9ODG'LSORPD LD VHFROXOXL ;; )XQGD LD (XURSHDQ 7LWXOHVFX %XFXUHWLS

2ULHQWXO 0LMORFLX UHSUH]LQW R UHJLXQH LVWRULF L SROLWLF FXSULQ]kQG$IULFDL(XUDVLD7HUPHQXODIRVWSRSXODUL]DWGXS GHF WUHEULWDQLFLLDIRVWFULWLFDWSHQWUXOLSVDGHGHILQLUHQPRGWUDGL LRQDO2ULHQWXO0LMORFLXLQFOXGH ULGLQ$VLDGHVXGYHVWLQRUGXO$IULFLL7HUPHQXOD IRVWFRQVDFUDWSULQIRORVLUHDDFHVWXLDGHF WUHMXUQDOLVWXODPHULFDQ$OIUHG7KD\HU0DKDQ L GH F WUH 6LU ,JQDWLXV 9DOHQWLQH &KLURO 'XS FHO GHDO 'RLOHD

5 ]ERL0RQGLDOWHUPHQXODIRVWIRORVLWH[FOXVLYSHQWUXOXPHDDUDE $FHVW


29/216

3DOHVWLQD WHULWRULX DIODW WLPS GH FkWHYD GHFHQLL VXE PDQGDWEULWDQLF D HYROXDW VSUH R ]RQ GH FRQIOLFWH SHUPDQHQWH 0DUHD%ULWDQLHvQF GLQSULQ'HFODUD LD%DOIRXUDDILUPDWF DFRUG

XQXL VSULMLQ VXEVWDQ LDO PLF ULL VLRQLVWH FDUH YL]D FUHDUHD 3DWULHL(YUHLHWLvQ3DOHVWLQDQWLPSXOPDQGDWXOXLEULWDQLFDIRVWvQFXUDMDW VRVLUHD GH HYUHL VLRQLWL GLQ WRDWH FRO XULOH OXPLL DVWIHO WUHSWDW SHDFHVW WHULWRULX D DS UXW R FRPXQLWDWH QHDUDE L QHPXVXOPDQ FDUHRGDW FXVIkLWXOFHOXLGHDOGRLOHDU ]ERLPRQGLDODFHUXWGUHSWXOGHDDYHDQXGRDURSDWULHFLXQVWDW

8566 D LQWHUYHQLW vQ 2ULHQWXO $SURSLDW vQFXUDMkQG VIkULWXOGRPLQD LHLEULWDQLFHDVXSUD3DOHVWLQHLDVWIHOGHFODUD LDOXL*URPvNR

GLQGHOD218LDvQFXUDMDWDWkWSHHYUHLFkWLSHDUDELV FHDU WHUPLQDUHDPDQGDWXOXLEULWDQLFLvPS U LUHD3DOHVWLQHLvQGRX VWDWHXQXOHYUHXLFHO ODOWSDOHVWLQLDQ

$GXQDUHD *HQHUDO D 218 D FUHDW 816&23 &RPLWHWXO6SHFLDODO1D LXQLORU8QLWHSHQWUX3DOHVWLQD816&23DDGRSWDWvQXQSODQGH vPS U LUHD3DOHVWLQHLSODQIRDUWHFRPSOH[UDWLILFDWGH F WUH218vQ QRLHPEULH LDFFHSWDW FX QHOLQLWHGH HYUHLLUHVSLQVGHDUDEL

1HvQ HOHJHULOHLYLWHvQFDGUXO218DGXVODUHQXQ DUHDSDUWDM ULL(YUHLL DX OXDW LQL LDWLYD DX FXFHULW DUPDW WHULWRULXO L vQPRPHQWXO vQ FDUH PDQGDWXO EULWDQLF DVXSUD 3DOHVWLQHL VD vQFKHLDW'DYLG %HQ *XULRQ D SURFODPDW VWDWXO ,VUDHO GHYHQLQG SULPXO SULPPLQLVWUXDODFHVWXLVWDWQDFHVWHFLUFXPVWDQ HSUHHGLQWHOHDPHULFDQ7UXPDQDUHFXQRVFXWUDSLGQRXOVWDWLDU6WDOLQDI FXWDFHODLOXFUX

$VWIHOD vQFHSXWXQXL U ]ERL FDUH DGXUDWGRLDQLvQWUH LLFDUHDDGXVYLFWRULD,VUDHOXOXLDUDELLQHILLQGXQL L2GDW FXVIkULWXO DFHVWXL U ]ERL D DS UXW SH SODQ LQWHUQD LRQDO R SUREOHP QHUH]ROYDW QLFL DVW ]L SUREOHPD UHIXJLD LORU SDOHVWLQLHQL QWLPSXO FHORU GRL DQL GH U ]ERL SURSULHW LOH SDOHVWLQLHQLORU DX IRVW

WHUPHQ D IRVW FRQVDFUDW vQ GH F WUH JXYHUQXO 68$ vQ 'RFWULQD

(LVHQKRZHU6HFUHWDUXOGHVWDWDPHULFDQ-RKQ)RVWHU'XOOHVDGHILQLWWHUPHQXOFD]RQDFHVHvQWLQGHGHOD/LELDvQYHVW3DNLVWDQXOvQHVW7XUFLDvQQRUG3HQLQVXODDUDELF LQFOX]kQG6XGDQXOL(WLRSLD


30/216

UXLQDWH LDU DSUR[LPDWLY GH SDOHVWLQLHQL DX IRVW L]JRQL L GLQFDVHOHORU

&UHDUHDVWDWXOXL,VUDHODIRVWXQIHQRPHQSROLWLFLQHGLWUHDOL]DW

SULQYRLQ D L OXSWD OLGHULORUHYUHLVLRQLWLSUHFXPL D XQHLSRSXOD LLFDUH WUHFXVH SULQ +RORFDXVW vQ WLPSXO FHOXL GHDO GRLOHD U ]ERLPRQGLDO(YUHLLGLQvQWUHDJDOXPHDXIRVWvQFXUDMD LV HPLJUH]HVSUH,VUDHOLDUvQFkWHYDGHFHQLLSRSXOD LDDFHVWXLVWDWDFUHVFXWYHUWLJLQRV

/XPHDDUDE vQWUHWXWHODVWU LQ LLQGHSHQGHQ 2ULJLQLOH /LJLL $UDEHSURYLQ GLQ WUDWDWXO GLQ DSULOLH

vQFKHLDWvQWUH$UDELD6DXGLW L,UDNFDUDFWHUL]DWFDILLQGXQWUDWDWGHIUDWHUQLWDWHLDOLDQ DUDE GHVFKLVLDOWRUVWDWH

3ULPD DF LXQH vQ vQFHUFDUHD GH D XQL OXPHD DUDE D IRVWvQFKHLHUHD3URWRFROXOXLGHOD$OH[DQGULDODRFWRPEULHFDXUPDUH D QHJRFLHULORU SXUWDWH OD &RQIHULQ D SUHJ WLWRDUH D VWDWHORUDUDEH8UP WRUXOSDVDYHQLWvQPDUWLHFkQGDDYXWORFVHPQDUHD3DFWXOXL /LJLL $UDEH GH F WUH FHOH DSWH VWDWH IRQGDWRDUH 6LULD/LEDQ$UDELD6DXGLW 7UDQVLRUGDQLD,HPHQ,UDNL(JLSW

Q XUP WRULL DQL VH YD DMXQJH OD VWDWH PHPEUH )XQF LLOHDFHVWXL RUJDQLVP LQWHUQD LRQDO DX FXSULQV WHRUHWLF WRDWH DVSHFWHOH

YLH LLVWDWHORUDUDEHLUHOD LLOHDFHVWRUDFXUHVWXOOXPLL&RQVLOLXO/LJLLRUJDQXOVXSUHPvQFDUHWRDWHVWDWHOHHUDXHJDOUHSUH]HQWDWHHUDIRUPDWGLQHILLJXYHUQHORUVDXPLQLWULLGHH[WHUQHDLVWDWHORUPHPEUHFDUHVHvQWkOQHDX GH GRX RUL SH DQ SUHHGLQ LD UHYHQLQGXL SULQ URWD LHILHF UHL UL

(HFXO FHORU VWDWH DUDEH vQ ID D OXSWHL HYUHLORU SHQWUXLQGHSHQGHQ LXQVWDWDOORUDPDUFDWWLPSGHGHFHQLLUHOD LLOHGLQWUHVWDWHOH2ULHQWXOXL0LMORFLX

6LULDL/LEDQXOQXHUDXvQVWDWHLQGHSHQGHQWHFLVHDIODXVXE WXWHOD )UDQ HL *HQHUDOXO GH *DXOOH D IRVW GH DFRUG FXLQGHSHQGHQ D DFHVWRUD FX FRQGL LD DS U ULL LQWHUHVHORU HFRQRPLFHFXOWXUDOHLVWUDWHJLFHDOH)UDQ HLDMXQJkQGXVHODDGHY UDWHUHYROWHLODLQWHUYHQ LDDUPDW DOHWUXSHORUIUDQFH]HLDSRLEULWDQLFHDIODWHvQ]RQ QFHOHGRX VWDWHDXWUHFXWSULQWUXQVHPLUHJLPGHRFXSD LH /LJD $UDE I FkQG DSHO vQ PDL OD 2UJDQL]D LD1D LXQLORU8QLWHWUXSHOHDQJORIUDQFH]HUHWU JkQGXVHWUHSWDWGLQFHOHGRX UL


31/216

&D]XOHJLSWHDQ(JLSWXO GRUHD OD UkQGXO V X LQGHSHQGHQ D GH VXE PDQGDWXO

EULWDQLF0DUHD%ULWDQLHVHFRQIUXQWDvQFXRDWPRVIHU WRWPDL

WHQVLRQDW PLF UL QD LRQDOLVWH UHYROWH SRSXODUH JUHYH JHQHUDOHHVFDODGDUHD WHQVLXQLORU QHJRFLLQG FX UHSUH]HQWDQ LL HJLSWHQL WUHFHUHDVSUH LQGHSHQGHQ 1HJRFLHULOH DX GXUDW GLQ L SkQ vQ FkQG (JLSWXO D UXSW QHJRFLHULOH GLUHFWH I FkQG DSHO OD &RQVLOLXO GH6HFXULWDWHDO218

$FHODL VFHQDULX VD UHSHWDW vQ ,UDQ L 7UDQVLRUGDQLD =RQD GHLQIOXHQ EULWDQLF GLQ 2ULHQWXO 0LMORFLX VH SU EXHD WUHSWDW LDUGRULQ DEULWDQLFLORUGHDGRPLQD/LJD$UDE QXDGDWURDGH2SDUWHGLQ

HHFXULOH 0DULL %ULWDQLL vQ 2ULHQWXO 0LMORFLX L VH SRW DWULEXLLQWHUYHQ LHL VRYLHWLFH LQWHUYHQ LH ODQLYHOSURSDJDQGLVWLFvQSULQFLSDOGHRDUHFH ULOHDUDEHHUDXvQSHULRDGDSX LQGLVSXVHV DGHUHODUHJLPXOFRPXQLVW&XWRDWHDFHVWHDWUXSHOHVRYLHWLFHDIODWHvQ,UDQ VDX UHWUDV WUHSWDW L GRDU OD LQWHUYHQ LD I FXW GH LUDQLHQL OD&RQVLOLXOGH6HFXULWDWHDO218

2ULHQWXO0LMORFLXHUDODPRPHQWXOR]RQ vQFDUHSDUWDMDUHDVIHUHORUGHLQIOXHQ QXLVSXVHVHXOWLPXOFXYkQWDWkWDWLPS

FkW QLFL FKLDU vQ (XURSD DFHDVW SUREOHP QX IXVHVH SH GHSOLQvQFKHLDW


32/216

&$3,72/8/,,

',3/20$ ,$,&5($5($6)(5(/25'(,1)/8(1

1(8523$13(5,2$'$

,35,1&,3$/,,,7(0,850 5, ,/XPHD OD VIkULWXO U ]ERLXOXL FDUDFWHULVWLFL JHQHUDOH

FRQWXUDUHDELSRODULVPXOXL&RQIHULQ D GH SDFH GH OD 3DULV WUDWDWHOH GH SDFH FX ,WDOLD8QJDULD%XOJDULD5RPkQLDL)LQODQGD

&RQWXUDUHD L UROXO VIHUHORU GH LQIOXHQ VRYLHWLF LDPHULFDQ

5 ]ERLXOUHFHFRQFHSWHWHRUHWLFHLUHDOLW L

,,7HPHSURSXVHSHQWUXGH]EDWHULOHGLQFDGUXOVHPLQDUXOXL

D'LSORPD LDFODVLF YHUVXVGLSORPD LDGHEORFE3kUJKLLOHLQVWDXU ULLUHJLPXULORUFRPXQLVWHvQFHQWUXOLVXGHVWXO(XURSHL

,,,%LEOLRJUDILHJHQHUDO RULHQWDWLY D-HDQ)UDQoRLV6RXOHW,VWRULD FRPSDUDW D VWDWHORU FRPXQLVW

GLQSkQ vQ]LOHOHQRDVWUH3ROLURPE *KHRUJKH 2QLRUX,VWRULD FRQWHPSRUDQ XQLYHUVDO GXS

(GLWXUD)XQGD LHL5RPkQLDGH0kLQH%XFXUHWLF &RQVWDQWLQ 9ODG 'LSORPD LD VHFROXOXL ;; )XQGD LD

(XURSHDQ 7LWXOHVFX%XFXUHWL

QF GLQWLPSXOU ]ERLXOXLDXDS UXWFRQIOLFWHvQWUH$OLD LILHFDUHSDUWH XUPkQGXL SURSULLOH LQWHUHVH QHvQ HOHJHUL DFXWL]DWH GXS vQIUkQJHUHD *HUPDQLHL PDL 5XSWXUD QX VD SURGXV GDWRULW IDSWXOXL F 68$ FRQWLQXD U ]ERLXO vPSRWULYD -DSRQLHL L $OLD LL VHDIODXvQF vQU ]ERLFX+LWOHU&XWRDWHDFHVWHDSUHHGLQWHOHDPHULFDQ

7UXPDQDFHUXWLPSHUDWLY8566V UHVSHFWHDFRUGXULOHGHOD


33/216

'DU 0RVFRYD D FRQWLQXDW GLSORPD LD GH U ]ERL L GXS vQIUkQJHUHD *HUPDQLHL DFDSDUkQG WRW PDL PXOW WHULWRULX vQ (XURSDFHQWUDO LDUSULPPLQLVWUXOEULWDQLF:&KXUFKLOODUHDOL]DWF DYHDORF

RFXSDUHD(XURSHLGHF WUHVRYLHWLFLPRPHQWvQFDUHDI FXWDSHOODDUPDWD DPHULFDQ V U PkQ IHUP SH SR]L LLOH SH FDUH OH RFXSDVHU GHMDLV RFXSHFkWPDLPXOWGLQ,XJRVODYLD$XVWULD&HKRVORYDFLDLSkQ vQ 'DQHPDUFD SHQWUX D HYLWD RFXSD LD PLOLWDU VRYLHWLF FDUHDU WDVHVHPQHF QXVHGRUHDWHPSRUDU FLVHYDSHUPDQHQWL]D

&RUWLQDGHILHUvQFHSHDV FDG DVXSUD]RQHORURFXSDWHGHF WUH$UPDWD5RLH&KXUFKLOOGHFODUkQGvQF GLQPDL1XWLPQLPLFGLQFHHDFHVHSHWUHFHvQVSDWHOHHL

68$ GH LQHD FHD PDL SXWHUQLF DUP FDUH D IRVW WHVWDW vQSUHPLHU SHLXOLHSHWHULWRULXODPHULFDQvQ 1HZ0H[LFRFXGRDUR]LvQDLQWHGHvQFHSHUHDFRQIHULQ HLGHOD3RWVGDP

)RORVLUHDERPEHLDWRPLFHDVFKLPEDWUHOD LLOHLQWHUQD LRQDOHDGDW XQ QRX FXUV ULYDOLW LL GLQWUH SXWHUL L LGHRORJLL )URQWLHUHOHWUDGL LRQDOH DOH XPDQLW LL DX IRVW SXVH vQ GLVFX LH 3XWHUHD FHORU ERPEHDWRPLFHIRORVLWHOD+LURVKLPDDXJXVWL1DJDVDNLDXJXVW D IRVW GHYDVWDWRDUH GHPRQVWUkQG F QRXD DUP

UHSUH]HQWDXQPLMORFHILFDFHGHDRE LQHRFDSLWXODUHQHFRQGL LRQDW FXSUH XOGLVWUXJHULLWRWDOHDORFDOLW LLLDSRSXOD LHLXQGHHUDSODVDW &HOHGRX ERPEHDWRPLFHDXvQVHPQDWDSUR[LPDWLYGRX WUHLPL

GLQWRWDOXOERPEHORUDUXQFDWHDVXSUD*HUPDQLHLvQDQLGHU ]ERL3UHHGLQWHOH7UXPDQGHFODUDGXS FDSLWXODUHD-DSRQLHLDXJXVW

,HLP GLQ U ]ERL GUHSW FHD PDL SXWHUQLF QD LXQH D OXPLLQD LXQHD FHD PDL SXWHUQLF SRDWH D vQWUHJLL LVWRULL 0RQRSROXODWRPLF DPHULFDQ D OLPLWDW WHQGLQ HOH H[SDQVLRQLVWH DOH 8QLXQLL6RYLHWLFHGDUDO UJLWEUHDGLQWUHFHOHGRX SXWHULLDDFXWL]DWWRQXOSUHFRQL]kQGU ]ERLXOUHFH

3URSDJDQGDVWDOLQLVW DPLQLPDOL]DWSHSODQPRQGLDOLPSRUWDQ DERPEHLDWRPLFHLDSXWHULLDPHULFDQHSUHWLQ]kQGvQDQLLF 8QLXQHD 6RYLHWLF DF LRQD GH SH R SR]L LH GH IRU L F UHDODVO ELFLXQHD,PSHULXOXLVRYLHWLFQXH[LVWDLJQRUkQGUHDOLWDWHDQWRWDFHVWWLPSVRYLHWLFLLDXvQFHUFDWGLQU VSXWHULV DFFHOHUH]HSURGXFHUHDDUPHLDWRPLFH

9LFWRULD DOLD LORU D vQVHPQDW vQ IDSW WUHFHUHD GH OD U ]ERLXO

ILHUELQWHODU ]ERLXOUHFH


34/216

3DLLVSUHRSDFHGHMXUH6RDUWD(XURSHLLDOXPLLXUPDV VHVWDELOHDVF SULQQHJRFLHUL

vQWUH PDULOH SXWHUL 'DU FRQIHULQ D GH OD 3RWVGDP D O VDW PXOWH

SUREOHPHQHUH]ROYDWHSUREOHPD'XQ ULLDIRVWXQDGLQWUHDFHVWHDFDL FHD D IURQWLHUHORU HXURSHQH 7UDWDWHOH GH SDFH FX VWDWHOH vQYLQVHXUPDXV VHUHDOL]H]HGHF WUHUHSUH]HQWDQ LLPDULORUSXWHULvQFDGUXOvQWkOQLULORU SUHOLPLQDUH DOH PLQLWULORU GH ([WHUQH L DSRL OD RFRQIHULQ DS FLL

3ULPDvQWkOQLUHD&RQVLOLXOXLPLQLWULORU$IDFHULORU6WU LQHDDYXWORFOD/RQGUDVHSWHPEULHRFWRPEULH GDUQXVDDMXQVODRvQ HOHJHUHSULQFLSDODFHULQ DDPHULFDQLORUILLQGDOHJHULOLEHUHvQ

VIHUDVRYLHWLF $ELDFXRFD]LDFRQIHULQ HLPLQLWULORUGH([WHUQHGLQGHFHPEULHGHOD0RVFRYD DDS UXWRSULP FRQFHVLHGLQSDUWHD85666WDOLQFHUkQGPLQLVWUXOXLEULWDQLFGH([WHUQHFDGLSORPD LLOHFHORUWUHLGHPRFUD LL RFFLGHQWDOH V WULPLW R &RPLVLH DOLDW vQ 5RPkQLD L%XOJDULDSHQWUXDFRQFLOLDJXYHUQHOH&RQFLOLHUHDvQVHPQDvQIDSWFDPLQLWULL DL RSR]L LHL DL SDUWLGHORU GH WUDGL LH FH JXYHUQDVHU vQSHULRDGDLQWHUEHOLF V ILHLQFOXLvQJXYHUQHOHH[LVWHQWH$FHVWSURFHV

DIRVWXQXOGHFRVPHWL]DUHDJXYHUQHORUGLQFHOHGRX ULLQXRUHDO GHPRFUDWL]DUHDDFHVWRUD$QJORDPHULFDQLL DX FUH]XW F GLSORPD LD VRYLHWLF GRUHD V

UHFXQRDVF DFRUGXULOHGHOD


35/216

FRORQLLORU *HUPDQLHL L ,WDOLHL LDU XOWLPD vQWkOQLUH D DYXW ORF WRW OD3DULVvQOXQLOHXUP WRDUH

&RQIHULQ DGHSDFHDIRVWGHVFKLV ODLXOLHOD3DULVFX

SDUWLFLSDUHDPLQLWULORUGLQGHVWDWHvPS U LWHvQSDWUXJUXSHD FHOH FLQFL PDUL SXWHUL 68$ 8566 0DUHD %ULWDQLH

)UDQ DL&KLQDFXUROKRW UkWRUEFHOHVWDWHDOLDWHLDVRFLDWHFDUHSDUWLFLSDVHU OD&RDOL LD

1D LXQLORU 8QLWH $XVWUDOLD %HOJLD 566 %LHORUXV %UD]LOLD&DQDGD (WKLRSLD *UHFLD ,QGLD 1RXD =HHODQG 1RUYHJLD 2ODQGD3RORQLD &HKRVORYDFLD 8QLXQHD 6XG$IULFDQ 566 8FUDLQD L,XJRVODYLDFXGUHSWGHDIRUPXODREVHUYD LLLSURSXQHUL

FVWDWHLQYLWDWHFXWLWOXFRQVXOWDWLY0H[LF&XED(JLSW,UDQ$OEDQLDL$XVWULDG L FHOH FLQFL VWDWH vQYLQVH DOLDWH DOH *HUPDQLHL ,WDOLD

5RPkQLD8QJDULD%XOJDULDL)LQODQGD6WDWHOHvQYLQVHLDF URUVRDUW VHKRW UDvQIDSWSXWHDXV L

H[SULPH SXQFWHOH GH YHGHUH GRDU DWXQFL FkQG HUDX VROLFLWDWH V GHDH[SOLFD LL VDX O PXULUL DYHDX GUHSWXO V vQDLQWH]H REVHUYD LL LPHPRULLFDUHQXHUDXFRQVLGHUDWHPDWHULDOHDOH &RQIHULQ HL GHFkW vQ

PRPHQWXO vQ FDUH DFHVWHD HUDX vQVXLWH GH F WUH VWDWHOH GLQ SULPHOHGRX JUXSH*HUPDQLDDDYXWXQVWDWXWDSDUWHSULQFLSDODSXWHUHD$[HLQX

D DYXW SDUWH GH QLFL XQ WUDWDW GH SDFH KRW UkULOH FH SULYHDX VWDWXOJHUPDQ DX IRVW OXDWH OD FRQIHULQ HOH OD QLYHO vQDOW DOH PDULORU SXWHULvQYLQJ WRDUH

$VWIHOFRQIHULQ DGHSDFHGLQDIRVWRPDQLIHVWDUHGLSORPDWLF GHID DG XQUHJUHVID GH&RQIHULQ DGHSDFHGHOD3DULVGLQPDULOHSXWHULGRPLQkQGRI U GUHSWGHDSHOWRDWHKRW UkULOHILLQGOXDWHGHF WUHDFHVWHDIDSWFULWLFDWGHF WUHVWDWHOHPLFLFDUHFRQVWLWXLVHU &RDOL LD1D LXQLORU8QLWHGDUFDUHDFXPQXDYHDXGUHSWODRSLQLHVDXGHFL]LH

&HOH UL vQYLQVH DX IRVW WUDWDWHJOREDO QH LQkQGXVHFRQW GHSDUWLFLSDUHD XQRUD FD]XO 5RPkQLHL OD U ]ERL DO WXUL GH $OLD L GHLWUDWDWHOHDXIRVWUHDOL]DWHFXILHFDUHVWDWvQSDUWH


36/216

5RPkQLDOD&RQIHULQ DGHSDFH6WDWXOURPkQDIRVWUHSUH]HQWDWOD&RQIHULQ GHF WUHRGHOHJD LH

QXPHURDV IRUPDW GLQ HIXO GHOHJD LHL *KHRUJKH 7 W UHVFX

YLFHSUHHGLQWHDO&RQVLOLXOXLGH0LQLWULLPLQLVWUXGH([WHUQH *K*KHRUJKLX'HM PLQLVWUX DO &RPXQLFD LLORU L /XFU ULORU 3XEOLFH/XFUH LX 3 WU FDQX PLQLVWUXO -XVWL LHL WHIDQ 9RLWHF PLQLVWUXO0XQFLLL$VLJXU ULORU6RFLDOH,RQ*K0DXUHUPLQLVWUXVXEVHFUHWDUGHVWDWJHQHUDO'XPLWUX' P FHDQXHWF

*K 7 W UHVFX D SUH]HQWDW SXQFWXO URPkQHVF GH YHGHUH ID GHSURLHFWXOWUDWDWXOXLGHSDFHOD&RQIHULQ 0LQLVWUXOURPkQGH([WHUQHUHJUHWD IDSWXO F QX HUD PHQ LRQDW FDOLWDWHD 5RPkQLHL GH

FREHOLJHUDQW LVROLFLWD0DULORU3XWHULPHQ LRQDUHDHIRUWXOXLGHU ]ERLI FXWGHF WUHVWDWXOURPkQGXS DXJXVW'HOHJD LDURPkQ DFHUXWvPEXQ W LUHDFODX]HORUPLOLWDUHDFHORUHFRQRPLFHLDFHORUFXSULYLUHODUHSDUD LLGDW ILLQGSDUWLFLSDUHD$UPDWHL5RPkQHOD U ]ERL0DULOH SXWHUL DX UHFXQRVFXW DQXODUHD $UELWUDMXOXL GH OD 9LHQD LUHvQWUHJLUHD7UDQVLOYDQLHL'HOHJD LDXQJDU GXS FHFHUXVHGHNP GLQ WHULWRULXO 7UDQVLOYDQLHL D UHYHQLW FHUkQG GRDU DMXVWDUHDJUDQL HL DGLF GH NP WHULWRULX FH FXSULQGHD RUDHOH 6DWX

0DUH&DUHL2UDGHD6DORQWDL$UDG

QILQDO5RPkQLDDEHQHILFLDWGHvQ HOHJHUHDPDULORUSXWHULFDUHDXDGRSWDWSXQFWXOURPkQHVFGHYHGHUHQHH[LVWkQGQLFLRUHFWLILFDUHGHIURQWLHU vQIDYRDUHDVWDWXOXLXQJDU

7UDWDWHOHGHSDFH7UDWDWHOH GH SDFH DX IRVW HODERUDWH GH F WUH PLQLWULL GH

([WHUQH DL 68$ 8566 0DULL %ULWDQLL L )UDQ HL I U FRQVXOWDUHDFHORUODOWHVWDWHDOLDWH3DUWLFLSDQ LL ODFRQIHULQ QXDYHDXGUHSWXOGHDOXDKRW UkULFLGRDUGHDIDFHUHFRPDQG UL&RQVLOLXOXL0LQLWULORU $IDFHULORU ([WHUQH DL 0DULORU 3XWHUL 1HJRFLHULOH vQWUHSXWHULDVXSUD7UDWDWHORUGHSDFHDXFRQWLQXDWOD1HZ


37/216

7UDWDWHOH GHSDFH vQFKHLDWH DXUHIOHFWDW S UHULOH 0DULORU 3XWHULVWDWHOHvQFDX] ILLQGREOLJDWHV OHUHVSHFWH

7UDWDWXOGHSDFHFX,WDOLD VHPQDWGHF WUHSULPHOHGRX JUXSH

GHVWDWHFHOHPDULSXWHULLFHOHVWDWHDOLDWHLDVRFLDWHFXVWDWXOLWDOLDQSUHYHGHDUHQXQ DUHDLWDOLHQLORUODFRORQLLGHDVHPHQHDDYHDXORFUHFWLILF ULPLQRUHODIURQWLHUDFX,XJRVODYLDL)UDQ D

6WDWXOLWDOLDQWUHEXLDV SO WHDVF vQWHUPHQGHDQLGHVS JXELULvQYDORDUHGHPLOLRDQHGHGRODULF WUH8566*UHFLD,XJRVODYLD(WLRSLDL$OEDQLD6LQJXUDSUREOHP QHUH]ROYDW DIRVWFHDDRUDXOXL7ULHVWH WUHFXW SHQWUX R SHULRDG VXE DXWRULWDWHD &RQVLOLXOXL GH6HFXULWDWH$FHVWWHULWRULXDFRQVWLWXLWXQRELHFWGHGLVSXW vQWUH,WDOLD

L ,XJRVODYLD SkQ vQ FkQG SULQWUXQ PHPRUDQGXP GHvQ HOHJHUHFHOHGRX VWDWHYHFLQHODXvPS U LW7UDWDWXOGHSDFHFX5RPkQLDQSUHDPEXOXODFHVWXLDVHDU WD

F VWDWXOURPkQDvQFHWDWRVWLOLW LOHFX1D LXQLOH8QLWHvQDXJXVWOXSWkQGDSRLvPSRWULYD*HUPDQLHL)URQWLHUHOHUHFXQRVFXWHSULQWUDWDWHUDX FHOH GH OD LDQXDULH FX H[FHS LD FHOH URPkQRXQJDUHUHYHQLQGXVHODFHDH[LVWHQW ODLDQXDULH'HDVHPHQHDDUPDWD5RPkQLHLHUDUHGXV ODQHFHVDUXOGHDS UDUHDJUDQL HORU ULL

GHSHUVRDQHVWDWXOURPkQVHREOLJDV SO WHDVF vQWHUPHQGHDQLGHVS JXELUL GH PLOLRDQH GH GRODUL VXPD FHD PDL LPSRUWDQW UHYHQLQGXL8QLXQLL6RYLHWLFH

8Q DUWLFRO LPSRUWDQW SHQWUX FHHD FH DYHD V ILH VRYLHWL]DUHD5RPkQLHL D IRVW $UWLFROXO DO 7UDWDWXOXL FDUH SUHYHGHD UHWUDJHUHDWXWXURUIRU HORUDOLDWHvQWHUPHQGHGH]LOHGXS LQWUDUHDvQYLJRDUHDDFHVWXLD FX H[FHS LD WUXSHORU VRYLHWLFH QHFHVDUH SHQWUX PHQ LQHUHDOLQLLORUGHFRPXQLFD LHDOH$UPDWHL5RLLFX]RQDVRYLHWLF GHRFXSD LHGLQ$XVWULD

7UDWDWXO GH SDFH FX %XOJDULDSUHYHGHD UHVWDELOLUHD IURQWLHUHOHH[LVWHQWH OD LDQXDULH L SODWD D PLOLRDQH GH GRODUL FDGHVS JXELULGHU ]ERLvPS U LWHDVWIHOGHPLOLRDQHF WUH*UHFLDLF WUH,XJRVODYLD

7UDWDWXO GH SDFH FX )LQODQGDSUHYHGHD FHGDUHD SHQLQVXOHL3HWVDPRF WUH8566DUHQGDUHDWLPSGHGHDQLDFHOHDLPDULSXWHULD3HQLQVXOHL+DQNRLSODWDvQWHUPHQGHDQLDPLOLRDQHGHGRODULF WUH8566


38/216

7UDWDWXO FX 8QJDULD SUHYHGHD UHvQWRDUFHUHD OD IURQWLHUHOHH[LVWHQWHODLDQXDULHP VXULGHGHPRFUDWL]DUHDYLH LLSROLWLFHLQWHUQHUHGXFHUHDIRU HORUPLOLWDUHSODWDvQGHFXUVGHDQLDGH

PLOLRDQH GH GRODUL SHQWUX UHSDUD LL GLQ FDUH GH PLOLRDQH F WUH8566F WUH&HKRVORYDFLDLF WUH,XJRVODYLD

/D LDQXDULH PDULOH SXWHUL DX VHPQDW WUDWDWHOH GH

SDFH FX ,WDOLD %XOJDULD 8QJDULD 5RPkQLD L )LQODQGD OD 4XDLG2UVD\7RDWHWUDWDWHOHSUHYHGHDXHYDFXDUHDvQQRX OXQLDWUXSHORUVWU LQH 8QLXQHD 6RYLHWLF DYkQG WRWXL SRVLELOLWDWHD GH D PHQ LQHJDUQL]RDQH vQ 5RPkQLD L 8QJDULD DWkW WLPS FkW YD GXUD RFXSDUHD

$XVWULHL)RWLLDOLD LDL*HUPDQLHLQD]LVWHvQFKHLDXSDFHvQDLQWHDDFHVWHLDGLQ GRULQ D GH VWDELOL]DUH D VLWXD LHL DFHVWRU UL *HUPDQLD U PkQHDVXEWXWHODXQXL&RQVLOLXGH&RQWUROIRUPDWGLQFHLSDWUXFRPDQGDQ LDLFHORUSDWUX]RQH GH RFXSD LH&HOH UL SO WHDX UHSDUD LL vQ EXQXULPDWHULL SULPH L EDQL FLIUHOH ILLQG DSULJ GLVSXWDWH vQWUH $OLD LUHVWLWXLDX WRDWH EXQXULOH ULGLFDWH GH SH WHULWRULXO YUHXQHLD GLQWUH1D LXQLOH8QLWHUHVWDELOHDXWRDWHGUHSWXULOHFHW HQLORUFHI FHDXSDUWH

GLQQD LXQLOHDOLDWH5RPkQLDUHFkWLJDVHQRUGXO7UDQVLOYDQLHLSLHUGXWSULQ'LFWDWXOGHOD9LHQDGLQDXJXVWFHOHODOWHWHULWRULL%DVDUDELDL1RUGXO%XFRYLQHL &DGULODWHUXO U PkQkQG VWDWHORU FDUH OH OXDVHU vQ WLPSXOU ]ERLXOXL

'HODvQFKHLHUHDWUDWDWHORUGHSDFHLSkQ ODL]EXFQLUHDU ]ERLXOUHFHQXDIRVWGHFkWXQSDV

7UDWDWHOH GH SDFH FX ,WDOLD 5RPkQLD %XOJDULD )LQODQGD L8QJDULDDXLQWUDWvQYLJRDUHODVHSWHPEULHGHODDFHDVW GDW &RPLVLLOH$OLDWHGHFRQWUROGLQDFHVWH ULvLvQFHWDXDFWLYLWDWHD

-DSRQLD D DYXW XQ VWDWXW DSDUWH ILLQG VXE FRQWURO DOLDW DPHULFDQJHQHUDOXO0DF$UWKXUDIRVWFRPDQGDQWXOVXSUHPDOIRU HORUDOLDWH'XS vQ-DSRQLDVDXSURGXVUHIRUPHSROLWLFHHFRQRPLFHL VRFLDOHFDUH DX GXV OD RGH]YROWDUH PRGHUQ L GLQDPLF DDFHVWXLVWDW&RQVWLWX LDMDSRQH] DGRSWDW vQDIRVWED]DGHPRFUDWL] ULL ILLQG XQD GH WLS RFFLGHQWDO vQ SULPLL DQL SX LQ DGDSWDW WUDGL LLORUMDSRQH]H


39/216

6HPQDUHD XQXL WUDWDW GH SDFH FX -DSRQLD D IRVW WHUJLYHUVDW GDWRULW GLYHUJHQ HORUDS UXWHvQWUH68$L8566WUDWDWFHDLQWUDWvQYLJRDUHDELDvQPDLSHQWUXSDUWHDDPHULFDQ VRYLHWLFLLQHILLQG

GHDFRUGFXDFHVWDLQHVHPQkQGXO$FHVWWUDWDWSUHYHGHDDGHUDUHD-DSRQLHL OD SULQFLSLLOH &DUWHL 1D LXQLORU 8QLWH L LPSOLFLW OD 218UHFXQRWHDGUHSWXO-DSRQLHLODDXWRDS UDUHLUHVSRQVDELOLWDWHDDFHVWHLDGHDSO WLGDWRULLGHU ]ERLFHXUPDXDILQHJRFLDWH

QJU GLUHLVRYLHWL]DUH3ROLWLFD GH vQJU GLUH FRQWDLQPHQW D IRVW IRUPXODW vQ DQLL

GDU VD DSOLFDW DELD GLQ L D VWDW OD ED]D UHOD LLORU

DPHULFDQRRFFLGHQWDOH FX 8566 L EORFXO HVWLF SkQ OD SU EXLUHDFRPXQLVPXOXL6IHUDGH LQIOXHQ VRYLHWLF GLQFHQWUXOLVXGHVWXO(XURSHLD

GHYHQLW RH[WHQVLXQHD WLSXOXL VRYLHWLFGH UHJLPSROLWLFHFRQRPLF LVRFLDO

Q XOWLPHOH GHFHQLL LVWRULFL DQDOLWL L SROLWRORJL DX VFULVQXPHURDVHWRPXULFXSULYLUHODFHDvQVHPQDWvPS U LUHD(XURSHLGDF HD D IRVW UH]XOWDWXO XQXL DFFLGHQW LVWRULF DO XQXL SODQ VDX DO XQHL

SROLWLFLSUDJPDWLFH0LWXO


40/216

VDQLWDUFDUHV SURWHMH]H8QLXQHD6RYLHWLF GHRULFHDWDFDOIRWLORUV LDOLD L

QWUHDJDSROLWLF H[WHUQ D.UHPOLQXOXLGXS VIkULWXOFHOXLGHDO

GRLOHD U ]ERL PRQGLDO D IRVW ED]DW SH DF LXQL GH IRU I FXWH vQQXPHOHYLFWRULHLvPSRWULYD*HUPDQLHLQD]LVWHLDGHQD]LILF ULL3HQWUXD VXSOLQL OLSVD VHFXULW LL 6RYLHWHORU 6WDOLQ IRORVLW WHURDUHD FDLQVWUXPHQWDOJXYHUQ ULLDWkWSHSODQLQWHUQGDULSHSODQH[WHUQ

3UREOHPD.UHPOLQXOXLHUDOHJDW GHQDWXUDFRQWUROXOXLVRYLHWLFLPHFDQLVPHOH H[HUFLW ULL OXL 6WDWHOH VDWHOLWH WUHEXLDX V L PHQ LQ LGHQWLWDWHD MXULGLF LQGLYLGXDO L ID GH 8566 GDU HUDX QHYRLWHWRWRGDW V UHVSHFWH KRW UkULOH VRYLHWLFH vQ GRPHQLXO SURSULHL

GH]YROW UL LQWHUQH DO UHOD LLORU GLQWUH HOH SUHFXP L DO UHOD LLORULQWHUQD LRQDOH2FXSD LDPLOLWDU GLQ ULOHVXGHVWXOXLHXURSHDQDIRVWWUHSWDW

WUDQVIRUPDW vQWUR WXWHO FDUH D GHWHUPLQDW WUDQVIRUPDUHD DFHVWRUUL vQWUR UH HD GH UHJLPXUL VDWHOLWH DQLKLOkQGXOH YRLQ D H[WHUQ

RULFH GLSORPD LH DXWRQRP L RULFH FXYkQW DILUPDW SH DUHQDLQWHUQD LRQDO FDUH V QX ILH DFHODL FX FHO DO 8QLXQLL 6RYLHWLFHSUHFXPLRULFHLQL LDWLY JXYHUQDPHQWDO LQWHUQ

6WDWHOH GLQ FHQWUXO L VXGHVWXO (XURSHL LDX SLHUGXW SDU LDOLQGHSHQGHQ D LDU WUHFHUHD GH OD FDSLWDOLVP OD FRPXQLVW VD I FXW FXDSRUWXO$UPDWHL5RLLLDXQHLPLQRULW LFRPXQLVWHLQVWDODW ODSXWHUHvQWRDWHDFHVWH ULSULQDFHOHDLSUHVLXQLLDEX]XUL

6RYLHWL]DUHDDvQVHPQDWvQDFHVWH UL LPSXQHUHD XQRU LQVWLWX LL GH WLS FRPXQLVW OD vQFHSXW

FkWHYD LQVWLWX LL WLSLFH RSUHVLYH L WUDQVIRUPDUHD PLQLVWHUHORU GHLQWHUQHLMXVWL LHvQLQVWUXPHQWHGHSURSDJDUHDRSUHVLXQLLLWHURULLvQQXPHOHSRSRUXOXL

WUXFDUHD DOHJHULORU GDWRULW IDSWXOXL F vQF GLQ WLPSXOU ]ERLXOXL$OLD LLvLSURSXVHVHU LPSXQHUHDGHDOHJHULOLEHUHvQVWDWHOHDVHUYLWH*HUPDQLHLVDXGRPLQDWHGHGLFWDWXUL7UXFDUHDDOHJHULORUHUDVLQJXUD VROX LH SHQWUX FD JXYHUQH FRPXQLVWH V DMXQJ OD SXWHUH vQVWDWHFDUHQXDYHDXXQSDUWLGFRPXQLVWELQHvQFKHJDW7DFWLFDIRORVLW LFDUHDGDWURDGHDIRVWIUDXGDUHDDOHJHULORULIRUPDUHDGHJXYHUQHGRPLQDWHGHFRPXQLWLUDSLGUHFXQRVFXWHGHF WUH8566


41/216

DFFHSWDUHDGLFWDWXOXL$UPDWHL5RLLvQPDMRULWDWHDVWDWHORUFH DX DGRSWDW I U YRLH QRXO UHJLP FRPXQLVW SUH]HQ D DUPDWHLVRYLHWLFH D UHSUH]HQWDW PRGDOLWDWHD SULQ FDUH YLD D SROLWLF LQWHUQ D

IRVWFRQWURODW LRSR]L LDGHVILLQ DW FRQILVFDUHDWXWXURUEXQXULORUGHSURYHQLHQ JHUPDQ LD

XQHL S U L D LQGXVWULHL QHDIHFWDW GH U ]ERL FRQILVFDUH FH D IRVWI FXW vQFXDQWXPXOSO LLGDWRULLORUGHU ]ERL

GHVILLQ DUHDVLVWHPXOXLSOXULSDUWLGLVWLDWULEXLUHDUROXOXLFRQGXF WRU XQXL 3DUWLG &RPXQLVW VDX 0XQFLWRUHVF PLQRULWDU7DFWLFD D IRVW DSOLFDW vQ WRDWH DFHVWH UL D UHSUH]HQWDW SDVXOGHFLVLY SHQWUX WUHFHUHD GH OD XQ WLS GH UHJLP GHPRFUDWLF VDX FX

U P LWH GH GHPRFUD LH VSUH XQ WLPS GH UHJLP WRWDOLWDU 3DUWLGXO&RPXQLVW VXE YDULLOH VDOH GHQXPLUL D GHYHQLW FD L vQ 8566 XQLQVWUXPHQW DO DQLKLO ULL UHJLPXULORU GHPRFUDWLFH DO LQVWDXU ULLYRLQ HL XQXL JUXS UHVWUkQV GH SHUVRDQH FDUH JXYHUQDX FX L vQIRORVXO FODVHL PXQFLWRDUH DPHQLQ DW GH F WUH FRPSORWXULVWU LQHLGHWU G WRULLPRLHUL

vQILLQ DUHDGHODJ UHGHPXQF IRU DW VDXvQFKLVRULSHQWUXRSR]L LH H[WLQ]kQG PRGHOXO VRYLHWLF DO FRQGDPQ ULORU PHPEULORU

HOLWHL LQWHOHFWXDOH D FODVHL GH PLMORF SHUFHSXW FD ILLQG EXUJKH]LDH[SORDWDWRDUHDOHOLWHLPLOLWDUHHFRQRPLFHLSROLWLFHQRLOHUHJLPXULDXH[WHUPLQDWSDU LDOSHWR LFHLFDUHVDXRSXVVDXVDUILSXWXWODXQ PRPHQW RSXQH QRLORU UHJXOL VWDELOLWH GH F WUH VLVWHPXOFRPXQLVW

DUHVWDUHD OLGHULORU SDUWLGHORU GHPRFUDWH D UHSUH]HQWDWXQXO GLQWUH SULPLL SDL DL VRYLHWL] ULL DUHVW UL I FXWH vQ QXPHOHFRODERUD LRQLVPXOXLFXQD]LVPXOLDSRLDOWHQWDWLYHORUGHFRODERUDUH

FXLPSHULDOLVPXODPHULFDQ3DLL VRYLHWL] ULL DX IRVW VLPLODUL vQ WRDWH ULOH GLQ VIHUDVRYLHWLF 3RORQLD]RQDGHRFXSD LHVRYLHWLF D*HUPDQLHLGHYHQLW 5HSXEOLFD 'HPRFUDW *HUPDQ %XOJDULD 5RPkQLD 8QJDULD&HKRVORYDFLD /D UkQGXO ORU $XVWULD L )LQODQGD DX DYXW XQ GHVWLQDSDUWH FD L ,XJRVODYLD XQGH FRPXQLVPXO VD RUJDQL]DW FX DMXWRUXOXQRUIRU HLQWHUQH


42/216

3RORQLD D IRVW VWDWXO FDUH D EHQHILFLDW GH R FRQIHULQ VHSDUDW vQFDGUXO&RQIHULQ HLGHOD


43/216

URPkQ QX L VD GDW vQF GH OD


44/216

vQYLQJkQGIRU HOHQD]LVWHDUHVSLQVGRPLQD LDVRYLHWLF LVDUHWUDVGLQFRPXQLWDWHDVWDWHORUFRPXQLVWHGRPLQDW DXWRULWDULWRWDOLWDUGHF WUH8566

'LVSXWD7LWR6WDOLQDL]EXFQLWvQSULP YDUDDQXOXLILLQGGDWRUDW UHIX]XOXLOXL7LWRGHDSULPLRUGLQHGHOD0RVFRYD7LWRDLQVLVWDW DVXSUD GUHSWXOXL RULF UXL VWDW VRFLDOLVW GH D DQDOL]D SURSULLOHSUREOHPHvQSURSULXOFRQWH[WLGHDGDSURSULLOHVROX LLI U DXWLOL]DVROX LLOH VRYLHWLFH FDUH QX VH SRWULYHDX UHDOLW LORU LXJRVODYH 7LWRWLLQGF 6WDOLQGRUHWHV OvQORFXLDVF FXXQXOGLQWUHVXERUGRQD LLV LPXOWPDLREHGLHQ LDVXV LQXWFXW ULHIDSWXOF ,XJRVODYLDHVWHXQVWDWVHSDUDW LWRWDOGLIHULW GH 8566LF GRFWULQD FRPXQLVW SRDWH LQH

FRQWGHGLIHUHQ HLSRDWHILDSOLFDW GLIHULWvQWUXQFRQWH[WGLIHULW'LVSXWD D GHJHQHUDW vQ LXQLH FRPXQLWLL LXJRVODYLVLP LQGXVHGLUHFWDPHQLQ D LDXUHIX]DWH[SOLFLWVWDWXWXOGHVWDWVXEWXWHO VRYLHWLF 6WDOLQ D vQO WXUDW ,XJRVODYLD GLQ &RPLQIRUP$VRFLD LD ,QWHUQD LRQDO D 3DUWLGHORU &RPXQLVWH FDUH WUHEXLD V DVLJXUH XQLWDWHD LGHRORJLF LDU UXSWXUD VRYLHWRLXJRVODY D S UXWGHILQLWLY

QFHUF ULOHDWRWSXWHUQLFXOXL6WDOLQGHDOvQGHS UWDGHODSXWHUHSH

7LWRDXHXDWSHUkQGvQW ULQGXLSXWHUHDFHOXLGLQXUP LDUVWDWHOHRFFLGHQWDOH VDX RIHULW V DMXWH XQ VWDW FRPXQLVW FDUH D UHIX]DWREHGLHQ D ID GH GLFWDWXO VRYLHWLF L FDUH D IRVW VXSXV XQHL EORFDGHHFRQRPLFHGHF WUH8566LQRLOHVWDWHFRPXQLVWH

8QJDULDVWDWvQYLQVvQU ]ERLLLQWUDWvQVIHUDVRYLHWLF DIRVWRFXSDW vQ vQWUHJLPH GH F WUH $UPDWD 5RLH 6XE SUHWH[WXO vQO WXU ULLHOHPHQWHORUKRUW\VWHLDGHQD]LILF ULLRvQWUHDJDFODV SROLWLF DIRVWvQO WXUDW 0RQDUKLDDIRVWDEROLW vQLDQXDULHODGHDQLGXS FH HD vQFHWDVH V IXQF LRQH]H L VD IRUPDW XQ JXYHUQ GH FRDOL LHIRUPDW GLQ 3DUWLGXO 0LFLORU $JUDULHQL L SDUWLGHOH VRFLDOLVWH FDUH DXFkWLJDWSULPHOHDOHJHULGHGXS U ]ERL

Q LDUQD VD GHVFRSHULW XQ FRPSORW vPSRWULYDVWDWXOXL FRPSORW FDUH D GXV OD SURFHVH SROLWLFH LDU %HOD .RYDFVVHFUHWDUXO 3DUWLGXOXL 0LFLORU $JUDULHQL D IRVW U SLW GH UXL Q IUXQWDLLLPHPEULLSDUWLGHORUQHFRPXQLVWH ILHDXSOHFDWGLQ DU ILHDX IRVW DUHVWD L LDU DOHJHULOH GLQ DXJXVW DX IRVW IDOVLILFDWH vQIDYRDUHDFRPXQLWLORU


45/216

'XS UXSWXUD GLQWUH 6WDOLQ L 7LWR OLGHULL FRPXQLWL XQJXUL DXIRVW VXVSHFWD L GH SDFWL]DUH FX LGHLOH WLWRLVWH 6WDOLQ D SRUQLW RYkQ WRDUH GH YU MLWRDUH vQ FDGUXO SDUWLGHORU FRPXQLVWH GLQ FHQWUXO

(XURSHL0iW\iV5iNRVLVHFUHWDUXOJHQHUDODOSDUWLGXOXLXQJDUDIRVWVXVSHFWDW GDU D VXSUDYLH XLW GHRDUHFH LD P UWXULVLW JUHHOLOH QVHSWHPEULH5DMNLXQJUXSGHFRPXQLWLXQJXULDXIRVWDFX]D LGHVSLRQDMvQIDYRDUHDUHJLPXOXLKRUW\VWvQIDYRDUHD0DULL%ULWDQLLL68$LvQIDYRDUHDOXL7LWRILLQGMXGHFD LLFRQGDPQD LODPRDUWH$VWIHO SULQ WHURDUH L SUHVLXQL XQLWDWHD ODJ UXOXL VRFLDOLVW D IRVWDVLJXUDW

&HKRVORYDFLDDIRVWVWDWXOFDUHLDGRULWV U PkQ SULHWHQFX8566GDU vQ DFHODL WLPS L V VH LQWHJUH]HvQ 3ODQXO0DUVKDOO Q&HKRVORYDFLDDIRVWDOHVSUHHGLQWH(GXDUG%HQHGXS vQIUkQJHUHDJHUPDQ XQ VLPERO QD LRQDO L R SHUVRQDOLWDWH FX DOXU HXURSHDQ $FHVWDDGRULWV S VWUH]HYDORULOHRFFLGHQWDOHI U DLQWUDvQFRQIOLFWFXVRYLHWLFLL%HQHDIRVWVXSXVSUHVLXQLORUVRYLHWLFHLDUH]LVWDWvQIXQF LHGRDURVFXUW SHULRDG vQFHUFkQGV FRDOL]H]HvQMXUXOV XWRDWHIRU HOHQHFRPXQLVWHGLQ DU

'DUUHDOL]kQGF QXDUHQLFLRSXWHUHvQID DUHSHWDWHORUDEX]XULVRYLHWLFHSUHFXPvQ EXLUHDVkQJHURDV DGHPRQVWUD LLORUVWXGHQ LORUDQWLFRPXQLWL %HQH D GHPLVLRQDWRIHULQG FRPXQLWLORU VXV LQX L GH0RVFRYDSULOHMXOV YLQ ODSXWHUHSULQIRU IRUPkQG)URQWXO1D LRQDOLFkWLJkQGDOHJHULOH

$XVWULDL)LQODQGDDXUHSUH]HQWDWGRX FD]XULDSDUWHVWDWHFDUHGRDUGDWRULW SUHVLXQLLDPHULFDQHLRFFLGHQWDOHQXDXF ]XWvQVIHUDGHLQIOXHQ VRYLHWLF

)LQODQGDDGHYHQLWXQVWDW QHXWUXvQXUPDXQHLvQ HOHJHULFX8566 vQ HOHJHUH SO WLW FX SLHUGHUL WHULWRULDOH vQ IDYRDUHD FRORVXOXLVRYLHWLF

1HJRFLHULOH FX SULYLUH OD WUDWDWXO FX $XVWULD DX GXUDWDSURDSH XQ GHFHQLX &X WRDWH F VH VWDELOLVH R VWUDWHJLH vQF GLQWLPSXOFRQIHULQ HORUGHOD


46/216

3DULV0L]DHUDPDUHLPDULOHSXWHULQXVHvQ HOHJHDXGDWRULW IDSWXOXLF OHJDXSUREOHPD$XVWULHLGHFHDD*HUPDQLHL

5HJOHPHQWDUHDSUREOHPHL$XVWULHLVDI FXWvQXUPDXQXLSURFHV

GLSORPDWLFvQGHOXQJDWLGLILFLOQPDUWLH68$0DUHD%ULWDQLHL )UDQ D DX SURSXV 8566 vQFKHLHUHD XQXL WUDWDW VLPSOLILFDW LDEUHYLDWPHQLWV UHVWDELOHDVF LQGHSHQGHQ D$XVWULHLGDUFDUHO VDQHUH]ROYDWHXQHOHSUREOHPHFDGHH[HPSOXSUREOHPDUHSDUD LLORULDSURSULHW LORU JHUPDQH GH SH WHULWRULXO DXVWULDF 8566 D UHVSLQV XQDVWIHO GH WUDWDW LDU vQ GHFHPEULH $GXQDUHD *HQHUDO D 218FHUHD FHORU PDUL SXWHUL V DMXQJ OD XQ DFRUG SULYLQG WUDWDWXO FX$XVWULDLV vQFHWH]HRFXSD LDPLOLWDU DDFHVWHL ULLQGHSHQGHQWH

6WDOLQQXDDFFHSWDWV GLVFXWHSUREOHPD$XVWULHLVXESUHVLXQHDXOWLPDWXPXOXL218GHFODUkQGF HUDRSUREOHP GHFRPSHWHQ DFHORUSDWUX SXWHUL GH RFXSD LH 0RDUWHD OXL 6WDOLQ D GXV OD UHOXDUHDQHJRFLHULORU GXS PXOWLSOH WDWRQ UL GLSORPDWLFH L WHUJLYHUV UL GLQSDUWHDVRYLHWLFLORU

&RQIHULQ DGHOD%HUOLQGLQLDQXDULHIHEUXDULHHUDSULPD vQWkOQLUH OD QLYHO vQDOW GLQWUH 68$ 8566 0DUHD %ULWDQLH L)UDQ DGXS 3RWVGDP,QL LDWLYDGLSORPDWLF DIRVWSUHOXDW GHF WUH

DXVWULHFL FDUH vQ LXOLH SURSXQHDX FHORU SDWUX 0DUL 3XWHUL V FUHH]H XQ FRPLWHW IRUPDW GLQ DPEDVDGRULL ORU vQ $XVWULD L XQUHSUH]HQWDQWDXVWULDFFDUHV QHJRFLH]HXXUDUHDUHJLPXOXLGHRFXSD LHLV VWDELOHDVF FRQGL LLOHILQDOHDOHvQFKHLHULLWUDWDWXOXLGHSDFH

7UDWDWXOFX$XVWULDDIRVWVHPQDWOD PDLOD9LHQDGHF WUH PLQLWULL GH ([WHUQH L DPEDVDGRULL DFUHGLWD L vQ $XVWULD LPLQLVWUXOGH([WHUQHDXVWULDF7UDWDWXOSUHYHGHD

x UHVWDELOLUHDLQGHSHQGHQ HLLVXYHUDQLW LL$XVWULHLx LQWHU]LFHUHD XQLULL SROLWLFH VDX HFRQRPLFH D $XVWULHL FX

*HUPDQLDx UHVWDELOLUHDIURQWLHUHORUDXVWULHFHGHODLDQXDULHx UHVSHFWDUHDGUHSWXULORURPXOXLLDOHPLQRULW LORUvQSULQFLSDO

FURDW LVORYDF x LQWHU]LFHUHDRULF URURUJDQL]D LLIDVFLVWHSHWHULWRULXOHLx IRU HOHGHRFXSD LHDYHDXV ILHUHWUDVHvQWLPSGHGH]LOH

GXS LQWUDUHDvQYLJRDUHDWUDWDWXOXL


47/216

xVH UHJOHPHQWDX SUREOHPHOH UHSDUD LLORU D EXQXULORU JHUPDQHU PDVHSHWHULWRULXOV X

2GDW FX WUDWDWXO GH SDFH FHOH SDWUX PDUL SXWHUL VHPQDX R

'HFODUD LH FRPXQ SULQ FDUH VH DQJDMDX V UHVSHFWH VWDWXWXO XQHLQHXWUDOLW LSHUPDQHQWHD$XVWULHL

(YROX LDSROLWLF D ULORUFHQWUXOXLLVXGHVWXOXLVSUHXQUHJLP

FRPXQLVW DXWHQWLFVD I FXW vQWUHLSDLFRQIRUPVFKHPHLUHSXWDWXOXLDQDOLVWSROLWLF+XJK6HWWRQ:DWVRQ

x UHDOL]DUHDXQHLFRDOL LLDXWHQWLFH vQWUHSDUWLGHOHQHFRPXQLVWHL FRPXQLWL GH WLS )URQWXO 6DOY ULL FRDOL LL YLDELOH vQ %XOJDULD

8QJDULD L &HKRVORYDFLD PRG SULQ FDUH FRPXQLWLL SUHOXDXSRUWRIROLLOHHVHQ LDOH ,QWHUQHOH$S UDUHD 1D LRQDO -XVWL LD vQ WLPSFHVLVWHPXOGHPRFUDWLFvQF PDLIXQF LRQD

x FRDOL LD ILFWLY FRPXQLWLL VH DOLDX FX GL]LGHQ H UXSWH GLQSDUWLGHOH GHPRFUDWLFH GH WUDGL LH vQWUR SVHXGRFRDOL LH GHPRFUDWLF vQFDGUXOF UHLDGLFWDXOLPLWkQGvQSULQFLSDOSRVLELOLW LOHDGHY UDWHORUSDUWLGHGHRSR]L LHGHDVHPDQLIHVWD

x UHJLPXOPRQROLWLFHOLPLQDUHDWRWDO DSDUWLGHORUGHRSR]L LH

vQ QXPHOH GLFWDWXULL SUROHWDULDWXOXL L FUHDUHD XQXL SDUWLG XQLF SULQIX]LXQHD FRPXQLWLORU FX DOWH SDUWLGH GH VWkQJD VRFLDOGHPRFD LVRFLDOLWLHWF

&X WRDW GRPLQD LD VRYLHWLF VWDWHOH VDWHOLWH DX IRVW

vQUHJLPHQWDWHLWUDQVIRUPDWHFRQIRUPWLSDUXOXLVRYLHWLFGDUQXDXIRVWQLFLRGDW vQFRUSRUDWH OD 8566 FD UHSXEOLFL VRYLHWLFH GLQ GRX PRWLYH

RGDW LQFRUSRUDWHHOHDUILvQFHWDWV PDLILHVWDWHWDPSRQDFHDVW DOLSLUHDUILUHSUH]HQWDWRSURYRFDUHODDGUHVDSXWHULL

DPHULFDQHLD(XURSHL2FFLGHQWDOHQ SULYLQ D UHOD LLORU LQWHUQD LRQDOH SROLWLFD .UHPOLQXOXL GLQ

SHULRDGDVDED]DWSHFRQWUROXOGLUHFWDORULF URUDVRFLHULSROLWLFH LQWHUQD LRQDOH 6WDWHOH FHQWUDO HXURSHQH GHYHQLWH GHPRFUD LLSRSXODUH DX DYXW XQ VLVWHP GH WUDWDWH ELODWHUDOH GH SULHWHQLH LDVLVWHQ PXWXDO LQWHU]LFkQGXOLVH SUDFWLF UHVXVFLWDUHD XQRU YHFKL


48/216

DOLDQ HGHWLSXO0LFLLQ HOHJHULDOLDQ HFHWUHSWDWDUILGHYHQLWWRWPDLGLILFLOGHFRQWURODWGHF WUH.UHPOLQ

3UREOHPD%HUOLQXOXL%HUOLQXO D IRVW FRQVLGHUDW RUDXOFKHLH DO *HUPDQLHL ILLQG

SDU LDO RFXSDW GH F WUH VRYLHWLFL SDU LDO GH F WUH DOLD L Q ]RQHOH GHRFXSD LH DPHULFDQ EULWDQLF L IUDQFH] VH DIOD LQGXVWULD JHUPDQ VRYLHWLFLLFHUkQGGHVS JXELULGHU ]ERLLGLQDFHVWH]RQH$OLD LLVDXRSXVGHRDUHFHDFHVWOXFUXQXI FHD SDUWHGLQ vQ HOHJHUHVRYLHWLFLLLDPHULFDQLLVWDELOLVHU F ILHFDUHSDUWHLDGHVS JXELULGLQSURSULD]RQ GHRFXSD LH

6WDOLQDJ VLWSUHWH[WXOSHQWUXRWUDQVIRUPDUHWUHSWDW DVHFWRUXOXLVRYLHWLFGLQ*HUPDQLDvQWUXQVWDWFRPXQLVW'LYL]DUHD *HUPDQLHL D UHSUH]HQWDW XQ SDV DO VRYLHWL] ULL

(XURSHLFHQWUDOHLGHVXGHVW$OHJHULOHRUJDQL]DWHvQvQ%HUOLQXOGHYHVWDXvPSOLQLWGH]PHPEUDUHD*HUPDQLHLLSHSODQLGHRORJLFLSROLWLF Q WLPS FH HVWXO HUD GRPLQDW GH FRPXQLWL vQ YHVW FkWLJDXVRFLDOGHPRFUD LL

*HQHUDOXO 0DUVKDOO D SURSXV vQ QHXWUDOLWDWHD JHUPDQ

UHIX]DW FDWHJRULFGH0RORWRYLULGLFDUHDHFRQRPLF DDFHVWHLDQ ID D GRPLQD LHL FHQWUXOXL L VXGHVWXOXL (XURSHL GH F WUHVRYLHWLFLGRPLQD LHLPSXV vQHWDSHvQWURSHULRDG H[WUHPGHVFXUW GHGRDUGRLDQLGH]LOHGLSORPD LHLDPHULFDQHQXLU PkQHDGHFkWV DFFHSWH VLWXD LD SH FDUH R FRQVLP LVH GH DOWIHO SULQ DFRUGXO GH OD


49/216

x H[SDQVLRQLVPXOVRYLHWLFH[HUFLWDWvQ(XURSDFHQWUDO LGHHVWODvQFHSXWvQID DF UXLDDPHULFDQLLDXIRVWQHYRL LV DF LRQH]H

5 ]ERLXO UHFH D GHWHUPLQDW FD vQWUH FHOH GRX VXSHUSXWHUL V

GHEXWH]H R FXUV D vQDUP ULORU I U SUHFHGHQW &k LYD DQL 68$ DGH LQXW PRQRSROXO DWRPLF FDUH D vQFHWDW vQ FkQG 8566 DGHWRQDW SULPXO V X GLVSR]LWLY DWRPLF &RPSHWL LD VD PXWDW DSRL vQGRPHQLXODUPHORUFXKLGURJHQFDUHDXIRVWSURGXVHGHF WUH68$vQF vQ LDU GH F WUH 8566 DELD GLQ DFHDVW FRPSHWL LH VDSHUSHWXDWSkQ ODVIkULWXODQLORU

'HEXWXO5 ]ERLXO5HFHLQWHUYHQ LLOHDPHULFDQHGLQ*UHFLDL

7XUFLD3ULPDFRQIUXQWDUHD68$8566DDS UXWvQFD]XO*UHFLHLLDO7XUFLHLVWDWHVWUDWHJLF VLWXDWHLFDUHFRQIRUPvPS U LULL VIHUHORU GHLQIOXHQ UHYHQHDX *UHFLD vQ VSH vQ SURFHQW GH 0DULL%ULWDQLL

'DF vQFD]XO*UHFLHLSHULFROXO FRPXQLVW YHQHDGLQ LQWHULRU vQFD]XO7XUFLHL8566DYHDSUHWHQ LLWHULWRULDOHDVXSUDS U LLGHQRUGHVWD$QDWROLHL

&UL]D WXUF L U ]ERLXO FLYLO GLQ *UHFLD DX GXV OD FUHDUHDGRFWULQHL7UXPDQLDLPSOLF ULLDPHULFDQH vQ(XURSDED]D$OLDQ HLDWODQWLFH 5 ]ERLXO FLYLO GLQ *UHFLD D RSXV FHOH GRX EORFXUL DELDFRQWXUDWH*UHFLDILLQGXQSLORQVWUDWHJLFFRPXQLWLLJUHFLOXSWkQGFXUHJDOLWLL VXV LQX L GLUHFW GH F WUH HQJOH]L vQFHUFkQG V U VWRDUQHPRQDUKLD L JXYHUQXO OHJDO DOHV 7UXSHOH EULWDQLFH FDUH DMXWDVHU ODHOLEHUDUHD*UHFLHLGHDUPDWDJHUPDQ vQUHVWDXUDVHU PRQDUKLDGDU OH HUD GLQ FH vQ FH PDL JUHX V R VXV LQ vQ OXSWD FRQWUDFRPXQLWLORUJUHFLFDUHGLQRUGLQXOOXL6WDOLQHUDXDMXWD LGHFHLGLQ,XJRVODYLD%XOJDULDL$OEDQLD ULYHFLQH

,QWHUYHQ LD DPHULFDQ vQ *UHFLD vQ D KRW UkW VRDUWDDFHVWHLD JXYHUQXO JUHF SULPLQG DMXWRU DPHULFDQ FH FRQVWD vQ EDQLDUPH L SHUVRQDO GH LQVWUXF LH LQWHUYHQ LH FH D GXV OD vQIUkQJHUHDFRPXQLWLORUSkQ vQ

7XUFLD OD UkQGXO HL D SULPLW XQ FRQVLVWHQW DMXWRU ILQDQFLDUDPHULFDQ L QX D IRVW QHYRLW V QHJRFLH]H FX 8566 S U L DOHWHULWRULXOXLV XVWDWDO


50/216

'RFWULQD7UXPDQDIRVWHQXQ DW GHSUHHGLQWHOHGHPRFUDW+DU\7UXPDQvQID D&RQJUHVXOXL68$SHPDUWLH7UXPDQGHFODUD&UHGF 6WDWHOH8QLWHWUHEXLHV VXV LQ SRSRDUHOHOLEHUHFDUHUH]LVW

WHQWDWLYHORUGHDVHUYLUHGHF WUHPLQRULW LDUPDWHVDXSUHVLXQLYHQLWHGLQ H[WHULRU 7UHEXLH V DMXW P SRSRDUHOH OLEHUH V L I XUHDVF GHVWLQXOFXSURSULLOHORUPkLQL

'RFWULQD 7UXPDQ DSOLFDW vQ FHOH GRX UL DU WD F 68$ QXDYHDQLFLRLQWHQ LHV UHYLQ ODSROLWLFDVDWUDGL LRQDO GHL]RODUHDDFXPRI FXVHvQGLPSRWULY QRXDGRFWULQ DSROLWLFLLH[WHUQHDPHULFDQH GRUHDVW YLOLUHD vQJU GLUHD VDX vQJKH DUHD H[SDQVLXQLLVRYLHWLFHLDFRPXQLVPXOXLvQvQWUHDJDOXPHQXGRDUvQ(XURSD

Q FHQWUXO L VXGHVWXO (XURSHL FHULQ D DPHULFDQ VWLSXODDOHJHULOH OLEHUH vQ WRDWH ULOH ]RQHL GH]LGHUDW DFFHSWDW GH F WUHVRYLHWLFLFDUHDXDMXWDWFDDFHVWHDOHJHULOLEHUHV ILHFkWLJDWHGHEORFXULGHSDUWLGHFRQGXVHGHF WUHFRPXQLWLWUHFkQGXVHODRWUHSWDW VRYLHWL]DUHDDFHVWRUVWDWH

/D QLFL WUHL DQL GH OD VIkULWXO U ]ERLXOXL VH DMXQVHVH OD RELSRODUL]DUHDUHOD LLORULQWHUQD LRQDOHLRH[SOLFLW vPS U LUHD(XURSHLLDOXPLLvQVWUXFWXULVXSUDVWDWDOHGLYHUJHQWH

3UHHGLQWHOH7UXPDQDDFFHSWDWQRXOVLVWHPELSRODUDOOXPLLLDOXDWKRW UkUHDGHDSXQH6WDWHOH8QLWHDOH$PHULFLLvQWDE UDLvQIUXQWHDOXPLLOLEHUH

'RFWULQD 7UXPDQ D IRVW H[SUHVLD LQWHUHVHORU DPHULFDQHDFHDVWD SUHYHGHD VXV LQHUHD SRSRDUHORU OLEHUH FDUH UH]LVW vQFHUF ULORU GH DVHUYLUH GLQ SDUWHD XQRU PLQRULW L vQDUPDWH VDX

SUHVLXQLORU YHQLWH GLQ H[WHULRU 7UXPDQDILUPDF DMXWRUXODPHULFDQWUHEXLD V ILH vQ SULPXO UkQG HFRQRPLF L ILQDQFLDU 3UHHGLQWHOHDPHULFDQ D FHUXW &RQJUHVXOXL V DSUREH XQ FUHGLW GH PLOLRDQHGRODULSHQWUXDMXWRUDUHD*UHFLHLDPHQLQ DW GHFRPXQLVPLD7XUFLHLGLQFDUH8566UHYHQGLFDSDUWHDGHQRUGHVW$QDWROLD6XPDDIRVWSDUWDMDW DVWIHO *UHFLD PLOLRDQH GH GRODUL L 7XUFLD PLOLRDQHGHGRODUL

(YHQLPHQWHOHGLQ*UHFLDXQGHFRPXQLWLLvQFHUFDXV U VWRDUQHPRQDUKLD L JXYHUQXO OHJDO DOHV DX GDW VHPQDOXO LQWHUYHQ LHLDPHULFDQH 7UXSHOH EULWDQLFH FDUH DMXWDVHU OD HOLEHUDUHD *UHFLHL GH


51/216

JHUPDQL vQ UHVWDXUDVHU PRQDUKLD GDU vQ DYHDX UHDOHGLILFXOW LvQDVXV LQHPRQDUKLDvQOXSWDvPSRWULYDFRPXQLWLORUJUHFLDMXWD L GLQ RUGLQXO 0RVFRYHL GH FHL GLQ ,XJRVODYLD %XOJDULD L

$OEDQLD$IODWvQLPSDVPLQLVWUXOGH([WHUQHEULWDQLF(UQHVW%HYLQDVROLFLWDWDMXWRUDPHULFDQ*UHFLDDSULPLWLPHGLDWXQDMXWRUPDVLYvQEDQLDUPHLLQVWUXF LHDVLVWHQ FHDSHUPLVvQIUkQJHUHDFRPXQLWLORUSkQ vQ 7XUFLD FDUH HUD L HD DPHQLQ DW D SULPLW XQ DMXWRUDPHULFDQFRQVLVWHQW

$PHULFDQLL VDX DQJDMDW SH OLQLD XQHL SROLWLFL GH EORFDUH DU VSkQGLULL FRPXQLVPXOXL QX QXPDL vQ (XURSD FL vQ vQWUHDJD OXPH

LQFOXVLY([WUHPXO2ULHQW

QFHUF ULGHUHFRQVWUXF LHHXURSHDQ 3ODQXO0DUVKDOO*HQHUDOXO0DUVKDOOQXPLWVHFUHWDWDO'HSDUWDPHQWXOXLGH6WDWvQ

D vQ HOHV GLQ H[SHULHQ D VD GH QHJRFLDWRU vQ FHL GRL DQL GH ODVIkULWXOU ]ERLXOXLF QXHUDQLFLXQPLQXWGHSLHUGXWSHQWUXDJ VLPLMORFXOGHDUHGUHVD(XURSD(FRQRPLDHXURSHDQ HUDSDUDOL]DW L0DUVKDOO D UHDOL]DW F GRDU XQ DMXWRU ILQDQFLDU PDMRU XQ RF

SVLKRORJLF YD DGXFH FUHWHUHD HFRQRPLF HXURSHDQ L DSRLVWDELOLWDWHDLLQGLIHUHQWFk LEDQLYDLQYHVWL68$YDYHQLLPRPHQWXOUHFXSHU ULLDFHVWRUD

3ULQGLVFXUVXOV XGHOD+DUYDUGLXQLH0DVKDOODODQVDWSODQXO FDUHL YD SXUWD QXPHOH L FDUH DYHD FD SULQFLSDOH FRRUGRQDWHSXQHUHDSH SLFLRDUHD HFRQRPLHL(XURSHL&XDQWXPXO L VWUDWHJLD GHUHGUHVDUHWUHEXLDXVWDELOLWHGHF WUHHXURSHQLLQXH[FOXGHD8QLXQHD6RYLHWLF 3ODQXO 0DUVKDOO QX D IRVW R FUXFLDG DVHPHQHD GRFWULQHL

7UXPDQ 5HDF LD VRYLHWLF D IRVW WRWDO QHJDWLY OLGHULL L GLSORPD LLVRYLHWLFLGHQXQ kQGSODQXO0DUVKDOOFDRSUHVLXQHSROLWLF FXDMXWRUXOGRODUXOXLLXQDPHVWHFvQWUHEXULOHLQWHUQHDOHDOWRU UL

3ODQXO 0DUVKDOO FXQRVFXW FX QXPHOH GH(XURSHDQ 5HFRYHU\3URJUDP3URJUDPXOGHUHFRQVWUXF LHHXURSHDQ DIRVWSULPXOSODQGHUHFRQVWUXF LH FRQFHSXW GH 68$ L GHVWLQDW DOLD LORU V L HXURSHQLGRULQGXVH HYLWDUHD VLWXD LHL HFRQRPLFH D (XURSHL GH GXS SULPXOU ]ERL PRQGLDO FkQG GDWRULW OLSVHL GH IXQF LRQDOLWDWH D VLVWHPXOXL


52/216

UHSDUD LLORUGHU ]ERLVDDMXQVDSURDSHGHFRODSVXO ILQDQFLDUDOXQRUVWDWH

3ODQXO 0DUVKDOO LQFOXGHD vQ UHIDFHUHD HXURSHDQ WRDWH

VWDWHOHFRQWLQHQWXOXLFXH[FHS LD6SDQLHLDOF UHLUHJLPDXWRULWDUQXHUD UHFXQRVFXW SULHWHQL LQDPLFL VDX QHXWUL vQWUXQ HIRUW HFRQRPLFHXURSHDQ GH D DFRSHUL GHILFLWXO SULQWUR DF LXQH LQWHUHXURSHDQ QIDSWSODQXO DYHDVFRSXO GLUHFW GHDVW YLOLH[WLQGHUHDFRPXQLVPXOXLIHQRPHQSHFDUHDPHULFDQLLvOSHUFHSHDXFDVWULFWOHJDWGHSUREOHPHOHHFRQRPLFH $X EHQHILFLDW GH DFHVW DMXWRU QHUDPEXUVDELO GRQD LL FUHGLWH $XVWULD %HOJLD 'DQHPDUFD )UDQ D*UHFLD ,UODQGD ,VODQGD ,WDOLD /X[HPEXUJ 0DUHD %ULWDQLH

1RUYHJLD 2ODQGD 3RUWXJDOLD 6XHGLD L 7XUFLD OD FDUH VDDG XJDW5HSXEOLFD)HGHUDO *HUPDQ /DLXQLHPLQLWULLGH([WHUQHIUDQFH]*HRUJHV%LGDXOW

LEULWDQLF(UQHVW%HYLQDXGDWXQFRPXQLFDWSULQFDUHLQYLWDXGHVWDWHHXURSHQHV WULPLW UHSUH]HQWDQ LOD3DULVSHQWUXDVFKL DXQSODQGHUHFRQVWUXF LHHXURSHDQ

0RORWRY GHFODUD F 8566 HUD LQWHUHVDW V SULPHDVF DMXWRU HFRQRPLF GLUHFW I U FRQGL LL L I U FRQWURO QX GRUHD

DQDOL]DUHDHFRQRPLLORUVWDWHORUGLQFHQWUXOLVXGHVWXO(XURSHLFHDUILSXVvQGLVFX LHLQIOXHQ DH[FOXVLYVRYLHWLF GLQ]RQ ULOHVXGHVWXOXLHXURSHDQDMXQVHI U YRLHLSULQDFRUGXULOH

VHFUHWH DOH PDULORU SXWHUL GLQ WLPSXO FRQIODJUD LHL VDWHOL L VRYLHWLFLGRUHDX V EHQHILFLH]H GH DFHVW DMXWRU &XYkQWXO 0RVFRYHL GHYHQLVHDWRWSXWHUQLF DVWIHO &HKRVORYDFLD 8QJDULD 3RORQLD 5RPkQLD%XOJDULD DX UHVSLQV SODQXO 0DUVKDOO vQ LXOLH DXJXVW GHRDUHFHFRQ LQHFRQGL LLSROLWLFHLHFRQRPLFHLQDFFHSWDELOH

0RVFRYD D UHIX]DW XQ DMXWRU HFRQRPLF GH FDUH HD vQV L DYHDPDUHQHYRLHLDFRQGDPQDWVWDWHOHVDWHOLWHODGHFHQLLGHOLSVXULLGHFUL] HFRQRPLF &RQIHULQ DGHOD3DULVDIRVWQXPLW GHF WUHVRYLHWLFL&RQIHULQ DFHUHWRULORUDMXWRUXOHFRQRPLFDPHULFDQILLQGSUH]HQWDWGHSURSDJDQGD FRPXQLVW FD R VXEMXJDUH D GHPQLW LL L VXYHUDQLW LLQD LRQDOH

&RUWLQDGHILHUF GHDSHVWHMXP WDWHGLQ(XURSD&HHDFHS UHDXQDUWLILFLXDOLQWHOLJHQ HLIRVWXOXLSUHPLHUEULWDQLF:LQVWRQ&KXUFKLOOURVWLW OD PDUWLH OD )XOWRQ 0LVVRXUL GH OD 6WHWWLQ OD 0DUHD

%DOWLF SkQ OD7ULHVWHOD0DUHD$GULDWLF RFRUWLQ GHILHUDFRERUkW


53/216

GHDFXUPH]LXOFRQWLQHQWXOXLVDGRYHGLWDILXQDGHY UFHDPDUFDWHYROX LD SRSRDUHORU GH GXS FRUWLQ D VRFLHW LORU D LQVWLWX LLORUSUHFXPLFHDDUHOD LLORULQWHUQD LRQDOH

'LVFXUVXO GH OD )XOWRQ D IRVW FRQVLGHUDW FD ILLQG PRPHQWXO GHGHFODQDUHDU ]ERLXOXLUHFHGDUFDX]HOHDFHVWXLDDYHDXFDIXQGDPHQWSDUWDMDUHDGHF WUHPDULOHSXWHULDO(XURSHLvQF GLQWLPSXOFRQIOLFWXOXL7HKHUDQ0RVFRYD


54/216

IRORVLWH ILLQG WLSLFH XQXL FRQIOLFW SUHVLXQHD HFRQRPLF DMXWRUXOHFRQRPLF VHOHFWLY PDQHYUHOH GLSORPDWLFH SURSDJDQGD VXSULPDUHDSHUVRDQHORU LQGH]LUDELOH RSHUD LXQLOH PLOLWDUH ]RQDOH L SHUPDQHQWD

DPHQLQ DUHOHJDW GHXQFRQIOLFWPRQGLDOLPLQHQW&HOH PDL SUHJQDQWH WU V WXUL DOH RUGLQLL LQWHUQD LRQDOH vQ

SHULRDGDU ]ERLXOXLUHFHDXIRVW H[LVWHQ DXQHLOXPLELSRODUH FRQIUXQWDUHDJOREDO vQWUH9HVWL(VW


55/216

&$3,72/8/,,,

&21)/,&7(175((67,9(6713(5,2$'$

12,$/,$1 (32/,7,&20,/,7$5(1$72,75$7$78/'(/$9$529,$

,35,1&,3$/,,,7(0,850 5, ,3ODQXO0DUVKDOOLUXSWXUDGHILQLWLY vQWUHFHOHGRX (XURSH7HRUHWLFLHQLDPHULFDQLDLUHOD LLORUGLQWUH(VWL9HVW

&UHDUHD&$(5LUROXOV X6WUXFWXUDUHDFHORU GRX DOLDQ HSROLWLFRPLOLWDUH 1$72L7UDWDWXOGHOD9DURYLD

,,7HPHSURSXVHSHQWUXGH]EDWHUHODVHPLQDUD&RPXQLVPFDSLWDOLVPGRX VLVWHPHLUHFRQFLOLDELOH"E6WUXFWXULOH1$72LHYROX LDDFHVWRUD

,,,%LEOLRJUDILHJHQHUDO RULHQWDWLY D+HQU\.LVVLQJHU'LSORPD LD(GLWXUD$OOE:DOWHU /LSSPDQQ 7KH &RPPXQLVW :RUOG DQG 2XUV +DPLV

+DPLOWRQ/RQGRQF*HRUJH ) .HQQDQ $PHULFDQ GLSORPDF\

0HQWRU%RRN1HZ$PHULFDQ/LEUDU\G$QGUp)RQWDLQH,VWRULD5 ]ERLXOXL5HFHYRO , L ,,(GLWXUD

0LOLWDU %XFXUHWL

0RVFRYDDF XWDWV LPSXQ WUHSWDWFRPXQL]DUHDVWDWHORUVXGHVWXOXL HXURSHDQ DWkW WLPS FkW H[LVWD QHYRLD S VWU ULL DSDUHQ HORURGDW FXGHOLPLWDUHDFODU DFHORUGRX EORFXULLvQFHSXWXOU ]ERLXOXLUHFH RULFH UH]LVWHQ LQWHUQ L H[WHUQ D DFHVWRU SRSRDUH SXWHD ILGLVWUXV SULQIRU LWHURDUH

3ULPLLSDLDXIRVWI FX LvQ 5RPkQLDXQGHDIRVWLQVWDXUDWvQPDUWLH XQ JXYHUQ FRQGXV GH F WUH 3HWUX *UR]D vQ FDUH3DUWLGXO&RPXQLVWDYHDPDMRULWDWHDSRUWRIROLLORUXQDQPDLWkU]LX

FRPXQLWLLLPSXQkQGXVHLODDOHJHULQ8QJDULDXQGH/DVOR5DMND


56/216

FkWLJDWDOHJHULOHvQDXJXVWLFRPXQLWLLDXVXSULPDWSDUWLGXOGHRSR]L LH vQ %XOJDULD 1LNRODL 3HWNRY HIXO 3DUWLGXOXL $JUDULDQ LHURXDOUH]LVWHQ HLDQWLJHUPDQHDIRVWVSkQ]XUDW

&RQFRPLWHQWOD6]NDUVND3RUHNDUHSUH]HQWDQ LLDSDUWLGHFRPXQLVWH SULQWUH FDUH FHO LWDOLDQ L IUDQFH] SXQHDX ED]HOH XQXLLQVWUXPHQW GH FRRUGRQDUH D WXWXURU SDUWLGHORU FRPXQLVWH GH F WUH3DUWLGXO&RPXQLVWDO8QLXQLL6RYLHWLFH3&86FUHkQGXQELURXGHLQIRUPD LLFRPXQ&RPLQIRUPXOFXVHGLXOOD%HOJUDGLDSRLGXS UXSWXUDVRYLHWRLXJRVODY OD%XFXUHWL

'RFWULQD-GDQRYDGRSWDW GHF WUHPHPEULLELURXOXLvPS U HDOXPHD vQ GRX ODJ UH LPSHULDOLWLL FDUH FRQGXL GH FDSLWDOXO

PRQRSROLVWDPHULFDQSUHJ WHVFU ]ERLXOLODJ UXOVRFLDOLVWFRQGXVGHF WUH8566FDUHUHXQHDFDPSLRQLLS FLLLDLGHPRFUD LHL&RQFRPLWHQWFXDFHVWHSURFHVHDDS UXWLGLSORPD LDGHEORF5HOD LLOH LQWHUQD LRQDOH DOH ULORU VDWHOLWH WUHEXLDX V XUPH]H

GHFL]LLOH .UHPOLQXOXL DFHVWHD vQWUXFKLSkQG GLSORPD LD GH EORFLDUDWXQFL FkQG QX R UHVSHFWDX FRQVHFLQ HOH HUDX QHIDVWH SURFHVH DOHOLGHULORU QHVXSXL DGPRQHVW UL VFKLPE UL GH OLGHUL VDX FKLDULQWHUYHQ LLDUPDWH

7RWRGDW VRYLHWLFLL DX LQDXJXUDW R GLSORPD LH GH SHQHWUDUH vQ2FFLGHQW SULQ LQWHUPHGLXO 3DUWLGHORU &RPXQLVWH GLQ DFHVWH ULH[HPSOXO)UDQ HLLFHODO,WDOLHLILLQGFHOPDLVHPQLILFDWLYQDFHVWH

UL DX DS UXW &RPLWHWH &HQWUDOH DOH SDUWLGHORU FRPXQLVWH ORFDOHVWLSHQGLDWHJHQHURVGH0RVFRYDLGLULMDWHGHDFHDVWDSHQWUXDFUHDSUREOHPH LQWHUQH JUHYH PLF UL VRFLDOH QRUPDOH vQWUR SHULRDG GHFUL] JHQHUDO

&RPXQL]DUHD 2FFLGHQWXOXL D IRVW R LQW SHUPDQHQW DVWDOLQLVPXOXLWDFWLF SHUSHWXDW WLPSGHGHDQLGHF WUHGLSORPD LDLVHUYLFLLOHVHFUHWHVRYLHWLFHvQvQWUHDJDOXPH

Q(XURSDFHQWUDO LU V ULWHDQ WUHSWDWSDUWLGHOHFRPXQLVWHDX YHQLW OD SXWHUH vQ VWDWH vQ FDUH DFHVWHD UHSUH]HQWDX R PLQRULWDWH5RPkQLD &HKRVORYDFLD 8QJDULD Q %XOJDULD *KHRUJKL 'LPLWURYYHFKL FRPLQWHUQLVW SUHOXD JXYHUQXO LDU vQ 5'* IXVHVH LPSXV XQJXYHUQFRPXQLVW

,XJRVODYLD OXL 7LWR D UHSUH]HQWDW R H[FHS LH UXSWXUD VD FXVWDOLQLVPXOVDSURGXVvQGDWRULW vQF OF ULLGUHSWXULORUSRSRUXOXL

LXJRVODY 'HQXQ DUHD HUH]LHLWLWRLVWHvQDI FXWSULPDGRYDG D


57/216

REHGLHQ HLVWDWHORUGLQU V ULWXO(XURSHLFDUHVDXJU ELWV OGHQXQ HFDWU G WRUDOGRFWULQHLFRPXQLVWHSH7LWR$FHDVW DFX] DIXUQL]DWSUHWH[WXOOXL6WDOLQSHQWUXDLHOLPLQDSHWR LOLGHULLFRPXQLWLHXURSHQL

FDUHQXLVHVXSXQHDXRUEHWH&RPSOHPHQWDU GLSORPD LHL GH EORF D IRVW GLSORPD LD GH

SDUWLG LQDXJXUDW GH 8566 FD XQ QRX LQVWUXPHQW GH DQLKLODUH DRULF URU QHJRFLHUL L UHOD LL LQWHUQD LRQDOH vQWUH VWDWHOH GHYHQLWHVDWHOLWHSUHFXPL vQWUHDFHVWHDLFHOHODOWH ULDOHOXPLLQO WXUDUHDOLGHULORUQHVXSXLVDXFXYHGHULLQGHSHQGHQWHDLSDUWLGHORUFRPXQLVWHGLQ U V ULW VD UHDOL]DW vQ QXPHOH L SULQ LQWHUPHGLXO GLSORPD LHL GHSDUWLG

9LFWLPHOH VDOH DX IRVW vQ DQLL OLGHUXO 3DUWLGXOXL0XQFLWRUHVF3RORQH]DMXQVvQvQFKLVRDUHPLQLWULLGHH[WHUQHDOEDQH]LXQJDUH[HFXWD LSHQWUXWU GDUHVHFUHWDUXO&&DO3&%XOJDU

'DF vQ DFFHS LXQHD FODVLF GLSORPD LD HUD UHDOL]DW GH F WUHUHSUH]HQWDQ LL XQXL VWDW QHJRFLLQG LQWHUHVHOH DFHVWXLD 8566 OHLPSXVHVHVWDWHORUVDWHOLWHV LXUPH]HvQWUXWRWXOGHFL]LLOHLRULHQW ULOHGHSROLWLF H[WHUQ

(UDvQF OFDW SULQDFHDVW SUDFWLF VSLULWXOGLSORPD LHLvQVHQVXO

GH SUDFWLF D FRQGXFHULL QHJRFLHULORU vQWUH UHSUH]HQWDQ LL XQRU VWDWHLQGHSHQGHQWH+RW UkULOH GH SROLWLF H[WHUQ WUHEXLDX OXDWH OD .UHPOLQ L

DSOLFDWH vQWRFPDL OD 3UDJD 9DURYLD %XFXUHWL %XGDSHVWD 6RILD L%HUOLQ,DUWHQWDWLYHOHGHQHJRFLHUHDXIRVWVXSULPDWHSULQLQWHUPHGLXOGLSORPD LHL GH SDUWLG SDUWLGHOH FRPXQLVWH PLPkQG QHJRFLHULOHGLSORPDWLFHHOXGkQGUROXOELQHVWDELOLWDOPLQLVWHUHORUGH([WHUQH

0DUVKDOL]DUHD(XURSHL2FFLGHQWDOHULGLFDUH HFRQRPLF L LQGHSHQGHQ LGHRORJLF ID GH

FRPXQLVP3ODQXO 0DUVKDOO D DGXV XQ QRXVXIOX HFRQRPLF ULORU (XURSHL

2FFLGHQWDOHVWDWHOHSDUWLFLSDQWHODSULPDFRQIHULQ GHOD3DULVGLQLXOLH DX IRVW $XVWULD %HOJLD 'DQHPDUFD (OYH LD )UDQ D*UHFLD,UODQGD,VODQGD,WDOLD/X[HPEXUJ0DUHD%ULWDQLH1RUYHJLD2ODQGD3RUWXJDOLD6XHGLDL7XUFLD


58/216

3ODQXO GH UHGUHVDUH D (XURSHL D IRVW VWUXFWXUDW GXS QHYRLOHDFHVWRU ULVXPDDORFDW YDDMXQJHODPLOLDUGHGHGRODULvQDQL

&HOH ULDXvQILLQ DWXQ&RPLWHW(XURSHDQSHQWUX&RRSHUDUH

(FRQRPLF FH D HYDOXDW QHYRLOH ORU SHQWUX SHULRDGD FRPLWHW FH VD WUDQVIRUPDW GLQ DSULOLH vQ 2UJDQL]D LD(XURSHDQ GH&RRSHUDUH(FRQRPLF 2(&(68$L&DQDGDDXGHYHQLWPHPEULLFXVWDWXOGHREVHUYDWRUDLDFHVWHLRUJDQL]D LLFDUHYDILH[WLQV LOD6SDQLDL,XJRVODYLD

&UHDUHD 2(&( D FRQFLV FX VHPQDUHD vQ PDUWLH D7UDWDWXOXLGHOD%UX[HOOHVGHF WUH0DUHD%ULWDQLH)UDQ D%HOJLD2ODQGDL/X[HPEXUJ

$FXPUXSWXUD(XURSHLDGHYHQLWFODU SHGHRSDUWHFOLHQ LL$PHULFLLFDUHHUDXDMXWD LGHF WUHDFHDVWDSHGHDOW SDUWHFOLHQ LLVRYLHWLFLORUVWDWHOHGLQFHQWUXOLVXGHVWXO(XURSHL

QFDGUXOGLSORPD LHLDPHULFDQHvLJ VHDORFXOXQQRXFRQFHSWvQJU GLUHD FRQWDLQPHQW FDUH YD GRPLQD UHOD LLOH vQWUH FHOH GRX EORFXUL RGDW VWUXFWXUDWH WLPS GH GRX GHFHQLL $GPLQLVWUD LDDPHULFDQ D LQDXJXUDW R SROLWLF GH SUHVLXQL ID GH 8566 UHSOLFDDMXQV FHOHEU D SUHHGLQWHOXL 7UXPDQ HUD 6 ILP GXUL FX UXLL

SHQWUXF UXLLDYHDXPDLPXOW QHYRLHGHDPHULFDQLGHFkWLQYHUV68$LQL LDVHRVWUDWHJLHED]DW SHSUHVLXQHHFRQRPLF vQF GLQWLPSXOU ]ERLXOXL8566DIOkQGXVHvQWURSURIXQG FUL] HFRQRPLF LDUDFRUGDUHDGHvPSUXPXWXULVXEVWDQ LDOHDPHULFDQHHUDFRQGL LRQDW GHRVHULHGHFRQFHVLLSROLWLFH

7HQVLXQHD LQWHUQD LRQDO D FUHVFXW GXS LQWHUYHQ LD PDVLY HFRQRPLF D 68$ VWDWHOH RFFLGHQWDOH DX OXDW KRW UkUHD GH D O UJLXQLXQHD HFRQRPLF vQWHPHLDW GH %HOJLD 2ODQGD L /X[HPEXUJ %HQHOX[SULQ WUDWDWXO GH DVLVWHQ GLQ PDUWLHGHOD%UX[HOOHVvQWUH ULOH %HQHOX[XOXL L )UDQ D L 0DUHD %ULWDQLH FUHkQG XQQXFOHX DO XQLXQLL (XURSHL RFFLGHQWDOH vQGUHSWDW vPSRWULYD RULF UHLDJUHVLXQL

5HOD LLOH LQWHUQD LRQDOH DX IRVW PLQLPDOL]DWH GXS vQFHSHUHD

U ]ERLXOXL UHFH GHRDUHFH FHOH GRX DOLDQ H VDX GRYHGLW D IL ULJLGHVSD LXOGHPDQHYU U PDVvQWUHHOHILLQGLQVLJQLILDQW68$DvQ HOHVF SXWHUHDHLGHGRPLQD LHYDG LQXLDWkWWLPSFkWQRXDRUGLQHPRQGLDO

VHYDED]DSHYDORULPRUDOHFKLDUPHVLDQLFHDVW ]LDQDOLWLLSROLWLFL


59/216

YRUEHVF GHVSUH FLQLVPXO DFHVWHL DERUG UL IRORVLW GUHSW H[HPSOX vQU ]ERLXOvPSRWULYD,UDNXOXL

7HRUHWLFLHQLDPHULFDQLDLUHOD LLORUFXVRYLHWLFLL:DOWHU /LSSPDQQ MXUQDOLVW L DQDOLVW SROLWLF GH SUHVWLJLX D

IRVWWHRUHWLFLDQXOUHOD LLORUFXQRXDVIHU VRYLHWLF DSUH]LVIUXVWU ULOHSROLWLFLL DPHULFDQH PDMRULWDU UHDFWLYH ED]DWH SH WHRULD VW YLOLULL7HRULLOHOXL/LSSPDQQDXDYXWODED] LGHHDGH UHDOLVPFHFRQVWDvQUHVSHFWDUHDVIHUHL GHLQIOXHQ VRYLHWLF LDHFKLOLEUXOXLSXWHULL vQWUHFHLGRLFRORLDLSROLWLFLLPRQGLDOHFRQWXUD LRGDW FXVIkULWXOFHOXLGHDOGRLOHDU ]ERLPRQGLDO

QFRQWUDSDUWLG *HRUJH) .HQQDQ

XQWkQ UGLSORPDWFDUHOXFUDOD$PEDVDGDDPHULFDQ GLQ0RVFRYDDvQ HOHVFRUHFWVO ELFLXQLOHFRPXQLVPXOXL .HQQDQ D VWUXFWXUDW vQWUXQ PHPRUDQGXP GLQ PDL DSRL vQ IDLPRDVD /RQJ 7HOHJUDP 7HOHJUDPD OXQJ GLQIHEUXDULHvQDLQWHD'HSDUWDPHQWXOXLGH6WDWGLIHUHQ HOHPDMRUHGLQWUH68$L8566GLIHUHQ HGHSULQFLSLLFDUHvLDYHDXRULJLQHDvQVLVWHPXOVRYLHWLFLvQLGHRORJLDFRPXQLVW FHLSURSXVHVHU VSkQGLUHDFRPXQLVPXOXLODVFDU PRQGLDO .HQQDQDVXUSULQVLGHLOHGHED] DOH

FRPXQLVPXOXLFDUHQXSXWHDJ VLXQPRGGHFRQYLH XLUHFXVLVWHPXOFDSLWDOLVW SURSXQkQGXL GUHSW ILQDO GLVWUXJHUHD DFHVWXLD $VWIHO vQRSLQLD VD SROLWLFD FH VH LPSXQHD HUD GH VW YLOLUH vQJU GLUH FRQWDLQPHQWDH[SDQVLXQLLPRQGLDOHVRYLHWLFHLDS UDUHDVWDWXTXRXOXLFXRULFHSUH LQFOXVLYFXIRU DDUPDW

:DOWHU /LSSPDQ XQ LPSRUWDQW VFULLWRU MXUQDOLVW L

DQDOLVW SROLWLF DPHULFDQ D IRVW XQXO GLQWUH VXV LQ WRULL UHVSHFW ULL VIHUHL GH

LQIOXHQ VRYLHWLF GLQ(XURSD *HRUJH ) .HQQDQ GLSORPDW MXUQDOLVW L LVWRULF

DPHULFDQ S ULQWHOH vQJU GLULL FRQWDLQPHQW L R ILJXU HPEOHPDWLF DU ]ERLXOXL UHFH *kQGLUHD VD D LQVSLUDW'RFWULQD 7UXPDQ LDU FHOHEUD/RQJ7HOHJUDPWULPLV GHOD0RVFRYDvQLDUWLFROXOGLQDXDUJXPHQWDWWHRULD H[SDQVLXQLL FRPXQLVPXOXL VRYLHWLF FDUH WUHEXLH vQJU GLW vQ ]RQHOHVWUDWHJLFHGHRLPSRUWDQ YLWDO SHQWUXJXYHUQXO68$.HQQDQDMXFDWXQUROLPSRUWDQW vQ HYROX LD WHRULLORU FX SULYLUH OD U ]ERLXO UHFH L D 3ODQXOXL0DUVKDOOGRFWULQD.HQQDQSURPRYDQHJRFLHULOHFX0RVFRYD


60/216

QSROHPLFDQ VFXW vQFDGUXOVRFLHW LLDPHULFDQHFXSULYLUHODUHOD LLOHFXFRPXQLVPXOVROX LDOXL/LSSPDQQHUDOHJDW GHWUDWDWLYHOHGLSORPDWLFH SHQWUX D SURGXFH R JUDEQLF UHJOHPHQWDUH HXURSHDQ L

QLFLGHFXP R VXSUDH[WLQGHUH SVLKRORJLF L JHRSROLWLF D LQIOXHQ HLDPHULFDQHDVXSUDOXPLLGHFDUHYRUSURILWDGLYHUVHVWDWH/LSSPDQQDQDOL]DHYROX LDSROLWLFLLH[WHUQHDPHULFDQHGLQSHUVSHFWLYDXUP ULULLH[FOXVLYH D LQWHUHVXOXL DPHULFDQ L QX FUHGHD vQ WHRULD OXL .HQQDQFRQIRUP F UHLD VRFLHWDWHD VRYLHWLF SXUWD vQ VLQH JHUPHQLL SURSULHLSU EXLUL

8QDOWLPSRUWDQWWHRUHWLFLDQDOUHOD LLORU9HVW(VWDIRVW+HQU\:DOODFH)RVWYLFHSUHHGLQWHDO68$vQSHULRDGDFHOXLGHDOGRLOHD

PDQGDWDOOXL5RRVHYHOW:DOODFHDSURPRYDWLGHLQRLLXQFXUHQWDOFULWLFLLUDGLFDOHFDUHVXV LQHDXQHFKLOLEUXvQWUHDF LXQLOHDPHULFDQHLVRYLHWLFHSHSODQLQWHUQD LRQDOLDVFKL DWWHUPHQLLXQHLFRH[LVWHQ HDGRX VLVWHPH VRFLDOSROLWLFH :DOODFH LQWXLD vQF GH OD vQFHSXWXODFHVWXLD HYROX LD U ]ERLXOXL UHFH GHFODUkQG 6DU SXWHD V QX QH

SODF FH IDFH 5XVLD vQ (XURSD GH (VW *HQXO HL GH UHIRUP DJUDU H[SURSULHUH LQGXVWULDO L VXSULPDUHD OLEHUW LORU IXQGDPHQWDOH

VXS U PDUHDPDMRULWDWHDRDPHQLORUGLQ68$'DUILHF QHSODFH

ILHF QXUXLLYRUvQFHUFDV LVRFLDOL]H]HVIHUDGHLQIOXHQ H[DFWODIHO FXP QRL vQFHUF P V GHPRFUDWL] P VIHUD QRDVWU GH LQIOXHQ ,GHLOHUXVHWLGHVSUHOLEHUWDWHDVRFLDOHFRQRPLF YRUJXYHUQDDSURDSHR WUHLPH GLQ OXPH ,GHLOH QRDVWUH GHVSUH GHPRFUD LD OLEHUHL

+HQU\$:DOODFHFHOGHDOYLFHSUHHGLWHDO

68$ HGLWRU DO UHYLVWHL 7KH 1HZ 5HSXEOLF D SURWHVWDW vPSRWULYD GRFWULQHL7UXPDQ L D SUH]LV vQFHSXWXO XQXL VHFRO GH IULF D IRVW XQXO GLQWUHWHRUHWLFLHQLL vQIUXQW ULL DPHULFDQRUXVH $FHVWD GHVFRSHUHD VHPQH DOH

OLEHUW LLSROLWLFHLUHOLJLRDVHvQ8566GHFODUkQGWRWRGDW FXUXLLQXDXDYXWQLFLRGDW GHDOXQJXOLVWRULHLPDLPXOWHOLEHUW LSHQWUXDOHFODPDFXWRDWHF DEX]XULOHGLQ ULOHVDWHOLWHGHYHQHDXWRWPDLPXOWHLHFRXULOHORUDMXQJHDXLvQ$PHULFD:DOODFHGHFODUDF HVWHROLSV IXQGDPHQWDO GHFRQIOLFWvQWUH68$ L 8566 FRQIOLFW vQWUH LQXW GH 0DUHD %ULWDQLH VRYLHWLFLL ILLQGYLFWLPHOHIULFLLGHvQFHUFXLUHDFDSLWDOLVW 'HDVHPHQHD:DOODFHVXV LQHDF 68$QXDUHGUHSWXOV LQWHUYLQ RULXQGHSHJORESHQWUXDDS UDGHPRFUD LDLQWHUYHQ LLOHVDOHWUHEXLQGV ILHOHJLWLPDWHGHF WUH218


61/216

vQWUHSULQGHULYRUJXYHUQDPDUHSDUWHGLQUHVWXOOXPLL&HOHGRX LGHLVHYRUVWU GXLV GHPRQVWUH]HFDUHGLQWUHHOHSRDWHRIHULFHDPDLPDUHVDWLVIDF LHRPXOXLRELQXLWGLQSURSULDDULHGHGRPLQD LHSROLWLF

&HOHWUHLFXUHQWHDXGRPLQDWLGHRORJLFGLVSXWHOHDPHULFDQHLDU68$DDSOLFDWGLSORPD LD GH VW YLOLUHFHHD FH DQ VFXW RFRPSHWL LHvQWUH9HVWL(VW68$DDGRSWDWSROLWLFDVW YLOLULLGHYHQLW SROLWLF RILFLDO vQFUH] WRDUH vQ VXSHULRULWDWHD YDORULORU GHPRFUDWLFH DOHVRFLHW LLDPHULFDQHSHFDUHvLSURSXQHDV OHSURPRYH]HvQvQWUHDJDOXPHQFRQWUDSDUWLG 8566DvQFHSXWFRQIUXQWDUHDvQFUH] WRDUHvQSURSULLOH YDORUL RUkQGXLUHD VRYLHWLF vQ YL]LXQHD OXL 6WDOLQ ILLQGVXSHULRDU RULF UHLDOWHIRUPH

)RUPDUHD &RQVLOLXOXL GH $MXWRU (FRQRPLF 5HFLSURF

&$(5&UL]D HFRQRPLF GXU FDUH FXSULQVHVH VWDWHOH GLQ &HQWUXO L

5 V ULWXO (XURSHL SUHFXP L HIHFWXO SVLKRORJLF FUHDW GH 3ODQXO0DUVKDOO FDUH GHWHUPLQDVH R ULGLFDUH HFRQRPLF D ULORU YHVWLFH DGXVODFUHDUHDGHF WUH0RVFRYDDXQHLDOWHUQDWLYH

QLDQXDULH&RQVI WXLUHDHFRQRPLF DUHSUH]HQWDQ LORU

JXYHUQHORU%XOJDULHL&HKRVORYDFLHL3RORQLHL5RPkQLHL8QJDULHLL 8566 DX GLVFXWDW RUJDQL]DUHD XQHL PDL ODUJL FRODERU ULHFRQRPLFH KRW UkQG FUHDUHD &RQVLOLXOXL GH $MXWRU (FRQRPLF5HFLSURF&$(5

$FHVWRUJDQLVPWUHEXLDV GHDDMXWRUWHKQLFGHPDWHULLSULPHDOLPHQWH XWLODMH L HUD GHVFKLV DGHU ULL RULF UHL UL KRW UkULOHDGRSWkQGXVH FX DVHQWLPHQWXO ULORU LQWHUHVDWH UL FDUH HUDXUHSUH]HQWDWHvQPRGHJDO/D&$(5DXDGHUDW$OEDQLDvQL5'*vQXUPDWHGHDOWHVWDWHvQDQLL

&$(5 VD FRQVWLWXLW FD R DVRFLD LH GH VWDWH VXYHUDQH GDU vQIDSWHUDRUHSOLF LQVWLWX LRQDOL]DW D3ODQXOXL0DUVKDOO&$(5XODH[FOXV GLQWUX vQFHSXW ,XJRVODYLD LDU GUHSWXO VWDWHORU VXYHUDQH D IRVWGRDUHQXQ DWLQLFLRGDW DSOLFDW0RVFRYDGRPLQkQGDFHVWRUJDQLVPHFRQRPLFFRQGXVGXS UHJXOLH[FOXVLYSROLWLFH

&$(5QXDDYXWROHJLVOD LHFHWUHEXLDDSOLFDW GHODvQFHSXWILLQG PDL GHJUDE XQ RUJDQLVP DQWLDPHULFDQ PHQLW V FRRUGRQH]HSODQLILFDUHD HFRQRPLLORU VWDWHORU DMXQVH VDWHOLWH 0RVFRYHL

0HFDQLVPXO HUD DVWIHO JkQGLW FD JXYHUQHOH VWDWHORU VDWHOLWH V


62/216

RUJDQL]H]H R HFRQRPLH XQLW L SODQLILFDW VWDELOLQGXL vQFRQFRUGDQ FX0RVFRYDRELHFWLYHOHGH]YROW ULL LQGXVWULDOHQD LRQDOHXQPRGHOFXWRWXOXWRSLFSULQDSOLFDUHDF UXLDHFRQRPLLOHQD LRQDOHV

DXGH]YROWDWDUWLILFLDO'LQLSkQ vQDFWLYLWDWHD&$(5VDUHGXVODDFWLYLW L

GH FHUFHWDUH VWDWLVWLF VFKLPEXUL WHKQLFH L vQFKHLHUHD XQRU WUDWDWHFRPHUFLDOHELODWHUDOH

'XS FUL]D SURYRFDW GH UHYROX LD PDJKLDU VD RUJDQL]DW GHIDFWR &$(5XO DX DS UXW FRPLVLL SHUPDQHQWH DX IRVW DGPLVH,XJRVODYLDL&KLQDvQFDOLWDWHGHREVHUYDWRULLDDS UXWROHJLVOD LHFHDLQWUDWvQYLJRDUHvQLDUGLQDDS UXWXQRUJDQH[HFXWLYL

vQWkOQLULOH PHPEULORU DX F S WDW SHULRGLFLWDWH Q DFHVW SURJUDP8QJDULDDEHQHILFLDWGXS UHYROX LDGLQGHXQDMXWRUPDWHULDOGLQSDUWHDVWDWHORU&$(5FHDFRQVWDWvQPDWHULLSULPHLFUHGLWH

3DFWXO$WODQWLFXOXLGH1RUGLUHOD LLOHFXOXPHDFRPXQLVW 2DOLDQ SROLWLFRPLOLWDU FDUHV SURWHMH]H(XURSD2FFLGHQWDO

GHRHYHQWXDO LQYD]LHVRYLHWLF VDSUHILJXUDWvQF GLQDQXO'DU

SULQFLSDOHOH HYHQLPHQWH FDUH DX SUHFHGDW QHJRFLHULOH GLQWUH 68$ L(XURSD2FFLGHQWDO DXIRVW FUHDUHD8QLXQLL(XURSHL2FFLGHQWDOHSULQ7UDWDWXOGHFRODERUDUHHFRQRPLF VRFLDO FXOWXUDO LDXWRDS UDUHFROHFWLY vQFKHLDW OD%UX[HOOHVvQPDUWLHSUHFXP LDGRSWDUHD5H]ROX LHL9DQGHQEHUJGHF WUH6HQDWXO68$vQLXQLHFDUHDXWRUL]DJXYHUQXODPHULFDQV DGHUHODSDFWHPLOLWDUH

3ULQ DFHVW WUDWDW %HOJLD )UDQ D /X[HPEXUJ 2ODQGD L 0DUHD

%ULWDQLH KRW UDX V L FRQVWUXLDVF XQ VLVWHP FRPXQ GH DS UDUH L V LvQW UHDVF UHOD LLOH SHQWUX D UH]LVWD XQRU DPHQLQ UL LGHRORJLFH SROLWLFH LPLOLWDUH

5H]ROX LD 9DQGHQEHUJ D UHSUH]HQWDW VHPQDOXO UXSWXULL GH SROLWLFDL]ROD LRQLVPXOXL WUDGL LRQDO DPHULFDQ DFHDVWD DU WD F RELHFWXO GLSORPD LHL68$ HUD GH]YROWDUHD SURJUHVLY D DUDQMDPHQWHORU UHJLRQDOH VDX GHDXWRDS UDUHVDXDS UDUHFROHFWLY vQDFRUGFXVFRSXULOHLSULQFLSLLOH&DUWHL218 L DVRFLHUHD 6WDWHORU 8QLWH FX DVWIHO GH DUDQMDPHQWH UHJLRQDOH VDX

FROHFWLYHED]DWHSHFRQ LQXWXOLHIHFWLYXODMXWRUUHFLSURF


63/216

/D LXOLH VH GHVFKLGHDX QHJRFLHULOH vQWUH VHPQDWDULL7UDWDWXOXL GH OD %UX[HOOHV L 6WDWHOH 8QLWH L &DQDGD SHQWUX FUHDUHDXQXL3DFWDWODQWLF

$S UXVHQHYRLDH[LVWHQ HLXQXLSDFWPLOLWDUvQWUH68$L(XURSDGH9HVWRDOWHUQDWLY PLOLWDU ODSODQXOHFRQRPLFDOOXL0DUVKDOO

$VWIHO OD DSULOLH OD :DVKLQJWRQVDVHPQDW 7UDWDWXO$WODQWLFXOXLGH1RUGODFDUHDGHUDXSHOkQJ 68$&DQDGDQRX

ULHXURSHQH0DUHD%ULWDQLH)UDQ D%HOJLD2ODQGD'DQHPDUFD,VODQGD ,WDOLD 1RUYHJLD L 3RUWXJDOLD 6XHGLD vL S VWUDQHXWUDOLWDWHD 7UDWDWXO OHD RIHULW FHORU XQVSUH]HFH VWDWH VHPQDWDUH RJDUDQ LH vQ SULYLQ D S VWU ULL LQGHSHQGHQ HL L LQWHJULW LL vPSRWULYD

H[WLQGHULL8566$FHVWRUDOLVHYRUDG XJDW5)*vQL6SDQLDvQ7UDWDWXO $WODQWLFXOXL GH 1RUG VWDELOHD F XQ DWDF DUPDW FRQWUD

XQXLD GLQWUH VHPQDWDULL V L HFKLYDOD FX XQ DWDF FRQWUD WHULWRULXOXLWXWXURULREOLJDWRDWHVWDWHOHVHPQDWDUHV LDFRUGHDMXWRUUHFLSURFvQFD]GHFRQIOLFW

3ULQFLSDOHOHRUJDQLVPHGLQFRPSRQHQ D7UDWDWXOXLVXQWx &RQVLOLXO1$72RUJDQXOGHFL]LRQDOIRUPDWGLQPLQLWULLGH

([WHUQH$S UDUHL)LQDQ HDLVWDWHORUPHPEUHx &RQVLOLXOSHUPDQHQW IRUPDWGLQUHSUH]HQWDQ LLPLQLWULORU

PHPEULLDL&RQVLOLXOXLFXDWULEX LLFRQVXOWDWLYHx &RPLWHWXOGH3ODQLILFDUHD$S U ULLx &RPLWHWXOSHQWUX6WUDWHJLH1XFOHDU x 6HFUHWDULDWXO *HQHUDO DO $OLDQ HL FRQGXV GH F WUH XQ

6HFUHWDU *HQHUDO vQ D F UXL DWULEX LL VWDX RUJDQL]DUHD $OL

Date post:	03-Apr-2018
Category:	Documents
Upload:	ionut-negoita
View:	227 times
Download:	0 times

An1 Istoria Relatiilor Internationale Si a Diplomatiei

Documents