Sunteți pe pagina 1din 228

$/(6$1'58'8 8


5201,$1,6725,$6(&2/8/8,;;


















(GLWXUD)XQGD LHL5RPkQLDGH0kLQH

(GLWXU DFUHGLWDW GH0LQLVWHUXO(GXFD LHLL&HUFHW ULL
SULQ&RQVLOLXO1D LRQDODO&HUFHW ULLWLLQ LILFH
GLQQY PkQWXO6XSHULRU


'HVFULHUHD&,3D%LEOLRWHFLL1D LRQDOHD5RPkQLHL
'8 8$/(6$1'58
5RPkQLDvQLVWRULDVHFROXOXL;;$OHVDQGUX'X X
%XFXUHWL(GLWXUD)XQGD LHL5RPkQLHLGH0kLQH

,6%1

  


5HSURGXFHUHDLQWHJUDO VDXIUDJPHQWDU SULQRULFHIRUP LSULQRULFH
PLMORDFHWHKQLFHHVWHVWULFWLQWHU]LV LVHSHGHSVHWHFRQIRUPOHJLL

5 VSXQGHUHDSHQWUXFRQ LQXWXOLRULJLQDOLWDWHDWH[WXOXL
UHYLQHH[FOXVLYDXWRUXOXLDXWRULORU







5HGDFWRU&ODXGLD)ORUHQWLQD'2%5(
7HKQRUHGDFWRU/DXUHQ LX&R]PD78'26(
&RSHUWD&RUQHOLD352'$1

%XQGHWLSDU&ROLWLSDU
)RUPDW[

(GLWXUD)XQGD LHL5RPkQLDGH0kLQH
%XOHYDUGXO7LPLRDUDQUVHFWRU
7HO)D[ZZZ6SLUX+DUHWUR
HPDLOFRQWDFW#HGLWXUDURPDQLDGHPDLQHUR
81,9(56,7$7($63,58+$5(7


$/(6$1'58'8 8

















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



&835,16





,QWURGXFHUH 
,6LWXD LDJHRSROLWLF D5RPkQLHLODvQFHSXWXOVHFROXOXL;; 
&RQVLGHUD LLJHQHUDOH 
5RPkQLDLFUL]DERVQLDF    
3R]L LD5RPkQLHLID GHU ]ERDLHOHEDOFDQLFH   
5RPkQLDL3ULPXO5 ]ERL0RQGLDO   
) XULUHDVWDWXOXLQD LRQDOXQLWDUURPkQ   
$S UDUHDLFRQILUPDUHDLQWHUQD LRQDO D0DULL8QLUL   
 
,,5RPkQLDvQFRQWH[WXOJHRSROLWLFLQWHUEHOLF 
5RPkQLDL0LFDQ HOHJHUH 
5HOD LLOHFX3RORQLD 
5HOD LLOHFX)UDQ D 
5HOD LLOHFX,WDOLD 
5HOD LLOHFX8QLXQHD6RYLHWLF  
5RPkQLDLVHFXULWDWHDHXURSHDQ  
5RPkQLDLQ HOHJHUHD%DOFDQLF  
3R]L LDID GHHYHQLPHQWHLFUL]HGLSORPDWLFHLPLOLWDUHGLQ 
GHFHQLXO 
5HFUXGHVFHQ DUHYL]LRQLVPXOXLXQJDUEXOJDULVRYLHWLF 
6FKLPEDUHDSROLWLFLLH[WHUQH 
 
,,,5DSWXULOHWHULWRULDOHODFDUHDIRVWVXSXV 5RPkQLDvQ 
2FXSDUHD %DVDUDELHL L D QRUGXOXL %XFRYLQHL GH F WUH 8QLXQHD 
6RYLHWLF 
2FXSDUHDS U LLGHQRUGYHVWD5RPkQLHLGHF WUH8QJDULD 
2FXSDUHDS U LLGHVXGD'REURJHLGHF WUH%XOJDULD 
&RQVHFLQ HOHUDSWXULORUWHULWRULDOH 
 
,9QYkOWRDUHDFHOXLGHDO'RLOHD5 ]ERL0RQGLDO 
3UHOLPLQDULL 
3DUWLFLSDUHDOD&DPSDQLDGLQ(VW   
3UHOLPLQDULLGHDUPLVWL LX 
 
7UHFHUHD 5RPkQLHL GH SDUWHD 1D LXQLORU 8QLWH L SDUWLFLSDUHD OD 
&DPSDQLDGLQ9HVW   
1RXOVWDWXWMXULGLFLQWHUQD LRQDODO5RPkQLHL 
6XESRYDUDDUPLVWL LXOXL 
6SHUDQ HvPSOLQLULLGH]LOX]LLURPkQHWLvQWLPSXOU ]ERLXOXL 
 
95RPkQLDvQSULPLLDQLDL5 ]ERLXOXL5HFH   
QWUHDUPLVWL LXLSDFH 
3UREOHPHURPkQHWLOD&RQIHULQ DGHSDFHGLQLSULQFLSDOHOH 
SUHYHGHULDOH7UDWDWXOXLGHSDFH 
  
9,5RPkQLDvQFRQWH[WXOJHRSROLWLFHXURSHDQ   
6XEWXWHOD0RVFRYHL   
5RPkQLDL7UDWDWXOGHOD9DURYLD 
5HWUDJHUHDWUXSHORUVRYLHWLFHLDFRQVLOLHULORUPLOLWDUL 
'HODUHYLULPHQWXOSROLWLFLLH[WHUQHODL]RODUHDLQWHUQD LRQDO  
 
9,,5RPkQLDvQFRQWH[WXOLQWHUQD LRQDOSRVWUHYROX LRQDU   
$GHUDUHDOD1$72 
$GHUDUHDOD8QLXQHD(XURSHDQ  
 
9,,,&DUDFWHULVWLFLDOHYLH LLSROLWLFH 
)RUPHGHJXYHUQ PkQW([HUFLWDUHDSXWHULORUvQVWDW5HJLPXULL 
SDUWLGHSROLWLFHGHPRFUDWLFH 
5HJLPXOGHDXWRULWDWHPRQDUKLF DOUHJHOXL&DURODO,,OHD 
5HJLPXOGLFWDWRULDOLQVWDXUDWGH,RQ$QWRQHVFX 
5HJLPXOSROLWLFWRWDOLWDUGLQSHULRDGDDXJXVWGHFHPEULH 
 
5HJLPXOVRFLDOLVWWRWDOLWDUFRPXQLVW   
5HYROX LD5RPkQ GLQ'HFHPEULHLFRQVHFLQ HOHVDOH 
 
,;&DUDFWHULVWLFLDOHHFRQRPLHLLVWUXFWXULLVRFLDOH 
(FRQRPLD 
6WUXFWXUDVRFLDO  
 
;5HDOL] ULDOHWLLQ HLFXOWXULLLVSRUWXOXL 
WLLQ DLFXOWXUD 
6SRUWXO 
%LEOLRJUDILH 

 
 


,1752'8&(5(






Q vQYROEXUDWXO VHFRO ;; 5RPkQLD D SDUFXUV PDL PXOWH HWDSH LVWRULFH
ILHFDUHFXRELHFWLYHOHHLVSHFLILFHFXUHDOL] ULOHLQHvPSOLQLULOHHL
'H OD VWDGLXO GH VWDW QD LRQDO PRGHUQ L LQGHSHQGHQW PLF OD QLYHO
HXURSHDQGDUFHOPDLPDUHLPDLERJDWGLQVXGHVWXO(XURSHL FXWRDWHF R
SDUWHDWHULWRULXOXLV XORFXLWGHFLUFDRWUHLPHGLQQD LXQHDURPkQ VHDIOD
VXEGLYHUVHVW SkQLULVWU LQH VLWXDWvQWUHGRX PDULSXWHULHXURSHQHULYDOH
$XVWUR8QJDULD L 5XVLD DPEHOH DYkQG vQ FRPSXQHUH WHULWRULL URPkQHWL L
LQWHUHVH SULYLQG LQVWLWXLUHD VDX FRQVROLGDUHD GRPLQD LHL vQ ]RQ  5RPkQLD D
DMXQV vQ LVWRULFXO DQ  vQ XUPD GHV YkULULL XQLW LL QD LRQDO VWDWDOH
FRQILUPDW  SH SODQ LQWHUQD LRQDO SULQ WUDWDWHOH GH SDFH vQFKHLDWH vQ FDGUXO
&RQIHULQ HL GH OD 3DULV GLQ   XQ VWDW QD LRQDO XQLWDU GH P ULPH
PLMORFLH ODQLYHOHXURSHDQ 
'DF  SkQ  vQ  RELHFWLYXO SULRULWDU DO QD LXQLL URPkQH IXVHVH
GHV YkULUHD XQLW LL QD LRQDO VWDWDOH GXS  UHDOL]DUHD 0DULL 8QLUL JXYHUQHOH
URPkQH DX SURPRYDW vQ SODQ H[WHUQ R SROLWLF  GH DS UDUH D LQGHSHQGHQ HL
VXYHUDQLW LL QD LRQDOH L LQWHJULW LL WHULWRULDOH GH FUHDUH D XQXL FOLPDW GH
HJDOLWDWH vQWUH VWDWH LQGHSHQGHQWH L VXYHUDQH LQGLIHUHQW GH P ULPHD
WHULWRULDO LDXQXLVLVWHPGHVHFXULWDWHvQVWDUHV DVLJXUHSDFHDvQ]RQ LvQ
(XURSDvQFRQIRUPLWDWHFXSULQFLSLLOHvQVFULVHvQ3DFWXO6RFLHW LL1D LXQLORU
&D XUPDUH vQWUHJXO VLVWHP GH DOLDQ H SROLWLFRPLOLWDU URPkQHVF D DYXW XQ
FDUDFWHUGHIHQVLYFRQFUHWL]DWSULQWUDWDWHLvQ HOHJHULELODWHUDOH FX3RORQLD
PDUWLH  )UDQ D  LXQLH  ,WDOLD  VHSWHPEULH   L PXOWLODWHUDOH
vQ FDGUXO 0LFLL Q HOHJHUL  DOLDQ  FX &HKRVORYDFLDDSULOLH  L
,XJRVODYLDLXQLH   L Q HOHJHULL %DOFDQLFH  DOLDQ  FX *UHFLD
,XJRVODYLD L 7XUFLDIHEUXDULH   VDX vQ FDGUXO 6RFLHW LL 1D LXQLORU /D
DFHVWHD VD DG XJDW VWDELOLUHD GH UHOD LL GLSORPDWLFH FX 8QLXQHD 6RYLHWLF 


 7UDQVLOYDQLD %DQDWXO &ULDQD L 0DUDPXUHXO vQFRUSRUDWH 8QJDULHL vQ
FDGUXO,PSHULXOXLDXVWURXQJDU%XFRYLQDvQFDGUXODFHOXLDL,PSHULXGHSLQ]kQG
GLUHFWGHJXYHUQXOGHOD9LHQD%DVDUDELDJXEHUQLHvQFDGUXO,PSHULXOXL DULVW

 6HPQDW L GH UHSUH]HQWDQ LL 5RPkQLHL vQF  GH OD HODERUDUH  LXQLH
 
 
 LXQLH   L vQFHUFDUHD GH D VHPQDFXDFHDVW  DU XQSDFWGHDVLVWHQ 
PXWXDO SDUWLFLSDUHDODHODERUDUHDXQXLQRXWUDWDWDO6WUkPWRULORU0 ULL1HJUH
OD&RQIHULQ DGHOD0RQWUHDX[ LXQLHLXOLH ODvQFKHLHUHDDFRUGXOXLGHOD
6DORQLF GLQWUH VWDWHOH Q HOHJHULL %DOFDQLFH L %XOJDULD  LXOLH  
SUHFXPLDDFRUGXOXLURPkQRLXJRVODYRXQJDUGHOD%OHG DXJXVW 
WRDWHILLQGGHVWLQDWHV DVLJXUHVHFXULWDWHDQD LRQDO LVWDWXWXOV XWHULWRULDO
&X WRDWH DFHVWHD vQ YDUD DQXOXL  OD VFXUW WLPS GXS  vQIUkQJHUHD
)UDQ HL5RPkQLDVDDIODWvQWURVLWXD LHH[WUHPGHGLILFLO SLHU]kQGvQWUXQ
WLPSH[WUHPGHVFXUWVXESUHVLXQHLDQWDMFLUFDNPSL
GH ORFXLWRUL FDUH DX LQWUDW SULQ SUHVLXQH L GLFWDW vQ FRPSRQHQ D 8QLXQLL
6RYLHWLFH8QJDULHLL%XOJDULHL
QWUXQDVHPHQHDFRQWH[W5RPkQLDDDGHUDWODQRLHPEULH SULQ
GHFL]LDJHQHUDOXOXL,RQ$QWRQHVFXGHYHQLWODVHSWHPEULH&RQGXF WRU
DO 6WDWXOXL  OD 3DFWXO 7ULSDUWLW L D IRVW DQJDMDW  DSRL OD  LXQLH  WRW
SULQGHFL]LDOXL,RQ$QWRQHVFXvQFHOGHDO'RLOHD5 ]ERL0RQGLDODO WXULGH
*HUPDQLD vPSRWULYD 8QLXQLL 6RYLHWLFH PRELOXO SULQFLSDO DO DF LXQLL
URPkQHWLILLQGHOLEHUDUHD%DVDUDELHLLDQRUGXOXL%XFRYLQHL
'XS  vPSOLQLUHD DFHVWXL RELHFWLY OD  LXOLH  DUPDWD URPkQ  D
FRQWLQXDW SDUWLFLSDUHD OD U ]ERL vQ DGkQFLPHD WHULWRULXOXL VRYLHWLF SkQ  OD
6WDOLQJUDGLvQ&DXFD]DSRLvQUHWUDJHUHSkQ vQSULP YDUDDQXOXLFkQG
IURQWXO D DMXQV GLQ QRX SH WHULWRULXO QD LRQDO vQ HVWXO ULL &RQWLQXDUHD
SDUWLFLS ULL OD U ]ERL L GXS  UHVWDELOLUHD VXYHUDQLW LL QD LRQDOH DVXSUD
%DVDUDELHL L QRUGXOXL %XFRYLQHL D SXV vQ GHFHPEULH  DUD vQ VWDUH GH
U ]ERLLFX0DUHD%ULWDQLH6WDWHOH8QLWHDOH$PHULFLLSUHFXPLFXDOWHVWDWH
FDUH FRQVWLWXLVHU  FRDOL LD DQWLKLWOHULVW  L FDUH LDX FHUXW DSRL FX LQVLVWHQ 
FDSLWXODUHDQHFRQGL LRQDW 
Q XUPD HX ULL SUHOLPLQDULLORU GH DUPLVWL LX L D UXSHULL GLVSR]LWLYXOXL
GH OXSW  GLQ HVWXO ULL vQ XUPD RSHUD LHL ,DL&KLLQ X UHJHOH 0LKDL , vQ
DFRUGFXOLGHULLSDUWLGHORUFDUHFRQVWLWXLVHU %ORFXO1D LRQDO'HPRFUDWLFX
RSDUWHDFRUSXOXLGHFRPDQG DODUPDWHLDGHFLVODDXJXVWDUHVWDUHD
PDUHDOXOXL ,RQ $QWRQHVFX FRQVWLWXLUHD XQXL QRX JXYHUQ L WUHFHUHD
5RPkQLHLGHSDUWHD1D LXQLORU8QLWH,PHGLDWI U QLFLRGHIHF LXQH5RPkQLD
D SXV OD GLVSR]L LD DOLD LORU D VRYLHWLFLORU vQ VSHFLDO  XQ vQVHPQDW SRWHQ LDO
PLOLWDULOHDDGXVPDULDYDQWDMHVWUDWHJLFHSROLWLFHLORJLVWLFH&RQFRPLWHQW
VD UHXLW vQ SULQFLSDO SULQ IRU H SURSULL  V  VH HOLPLQH SUH]HQ D PLOLWDU 
JHUPDQ GHSHWHULWRULXODIODWVXEMXULVGLF LDJXYHUQXOXLURPkQLGXS DFHHD
vQFRRSHUDUHFXWUXSHOHVRYLHWLFHV VHHOLEHUH]HSkQ ODRFWRPEULH
SDUWHDGHQRUGYHVWD ULLRFXSDW vQGH8QJDULD$SRLDFRQWLQXDWV L
vQGHSOLQHDVF REOLJD LLOHGLQ&RQYHQ LDGHDUPLVWL LXGLQVHSWHPEULH


3DUWLGXO1D LRQDO U QHVF3DUWLGXO1D LRQDO/LEHUDO3DUWLGXO6RFLDO
'HPRFUDWL3DUWLGXO&RPXQLVW5RPkQ
 
SDUWLFLSkQGODU ]ERLSHWHULWRULLOH8QJDULHL&HKRVORYDFLHLL$XVWULHLvQWUXQ
VSD LXHXURSHDQGHDQYHUJXU  SHGLUHF LD%XFXUHWL%XGDSHVWD9LHQD3UDJD 
SkQ ODVIkULWXOU ]ERLXOXL
&XWRDWHDFHVWHDOD&RQIHULQ DGHSDFHGHOD3DULVGLQ5RPkQLDD
IRVWWUDWDW FD DU vQYLQV vQU ]ERLQHDFRUGkQGXLVHVWDWXWXOELQHPHULWDWGH
DU FREHOLJHUDQW &RUHODWFXSODVDUHD ULLvQVIHUDGHGRPLQD LHVRYLHWLF  vQ
XUPD DFRUGXOXL GH SURFHQWDM VWDELOLW vQ RFWRPEULH  vQWUH :LQVWRQ
&KXUFKLOOL,96WDOLQ DFHVWIDSWLDSXVSXWHUQLFDPSUHQWDDVXSUDVLWXD LHL
XOWHULRDUHD5RPkQLHLLQIOXHQ kQGXLQHJDWLYHYROX LD
'XS  SUHOXDUHD vQWUHJLL SXWHUL SROLWLFH GH F WUH FRPXQLWL vQ 
5RPkQLDDLQWUDWWRWDOVXEWXWHOD0RVFRYHLGLQFDUHVDGHVSULQVSDU LDOPDL
DOHVvQGRPHQLXOSROLWLFLLH[WHUQHvQFHSkQGFXDQXOQDFHVWFRQWH[WVD
GHFODQDW XQ SURFHV GH UHFRQFLOLHUH FX VWDWHOH RFFLGHQWDOH LQWHUHVDWH vQ
VXEPLQDUHDXQLW LL7UDWDWXOXLGHOD9DURYLDFXSUHF GHUHvQFDGUXOF UXLD
5RPkQLDGHYHQLVHXQDOLDWLQFRPRGSHQWUXVRYLHWLFL FDUHDXRIHULWIDFLOLW L
vQ GRPHQLXO HFRQRPLF WHKQRORJLF ILQDQFLDU L vQ FHO DO LPDJLQLL FKLDU L
SHQWUX FRQGXF WRULL FRPXQLWL DL ULL &RQFRPLWHQW SROLWLFD H[WHUQ 
URPkQHDVF VDLQGLYLGXDOL]DWvQFDGUXO2UJDQL]D LHL1D LXQLORU8QLWH
/DvQFHSXWXODQLORUSHP VXUDDFFHQWX ULLFUL]HLLQWHUQHvQFRQGL LLOH
QHUHVSHFW ULLSUHYHGHULORU$FWXOXLILQDOGHOD+HOVLQNL  SULYLQGGUHSWXULOH
RPXOXL L DOH VFKLPE ULL UDSRUWXOXL GH IRU H vQ SODQ LQWHUQD LRQDO VLWXD LD
H[WHUQ D5RPkQLHLDvQFHSXWV GHYLQ SUHFDU 1LFRODH&HDXHVFXLQWUkQGvQ
FRQIOLFW FX FRQGXFHULOH 68$ L 8566 FHOH PDL PDUL SXWHUL DOH OXPLL
5RPkQLDDIRVWSXV DVWIHOvQWURVWDUHGHL]RODUHLQWHUQD LRQDO GLQFHvQFHPDL
DFFHQWXDW GLQFDUHDLHLWDELDvQXUPD5HYROX LHLGLQGHFHPEULH
'LQDFHOPRPHQWvQSRILGDLPSDFWXOXLQHJDWLYSHFDUHODXDYXWXQHOH
HYHQLPHQWH SROLWLFH LQWHUQH 5RPkQLD LD DVXPDW YDORULOH GHPRFUDWLFH
RFFLGHQWDOHLVDUDFRUGDWUDSLGSURFHVXOXLGHPRGHUQL]DUHvQWUHUXSWvQPRG
EUXWDO GH F WUH VRYLHWLFL vQ  GHYHQLQG PHPEU  FX GUHSWXUL GHSOLQH D
$OLDQ HL 1RUG$WODQWLFH  PDUWLH   L PHPEU  D 8QLXQLL (XURSHQH
LDQXDULH 


 


 


,6,78$ ,$*(232/,7,& $5201,(,
/$1&(3878/6(&2/8/8,;;



&RQVLGHUD LLJHQHUDOH

/DvQFHSXWXOVHFROXOXL;;5RPkQLDI FHDSDUWHGLQ7ULSOD$OLDQ 
XQD GLQ FHOH GRX  PDUL EORFXUL SROLWLFRPLOLWDUH DOH YUHPLL 6HPQkQG
WUDWDWXO VHFUHW FX $XVWUR8QJDULD OD  RFWRPEULH  JXYHUQXO
URPkQ QX D DEDQGRQDW vQV  OXSWD SHQWUX vPSOLQLUHD LGHDOXOXL XQLW LL
QD LRQDOHLVWDWDOHIDSWVHVL]DWvQPDUWLHGHPLQLVWUXODXVWURXQJDUOD
%XFXUHWL FDUH D DSUHFLDW F  GHFL]LD JXYHUQXOXL URPkQ GH DGHUDUH OD
DOLDQ DFX$XVWUR8QJDULDDYHDXQFDUDFWHUGHRSRUWXQLWDWHSROLWLF LF 
WUDWDWXOYDILPHQ LQXWGRDUSkQ FkQGRFRQMXQFWXU IDYRUDELO YDSHU
PLWH URPkQLORU V  VH ULGLFH vPSRWULYD PRQDUKLHL DXVWURKDEVEXUJLFH
(YHQLPHQWHOH XOWHULRDUH GLQ  L PDL DOHV GLQ  DYHDX V L
FRQILUPHSUHYL]LXQHD
6FKLPE ULOHLQWHUYHQLWHvQUDSRUWXOGHIRU HvQSODQHXURSHDQSROL
WLFDFRQWUDGLFWRULHDPDULORUSXWHULID GH%DOFDQLLPDLDOHVQHvQ HOHJH
ULOHGLQWUHHOHDXI FXWFDJXYHUQXOURPkQV  LQ VHDPDGHQRLOHUHDOLW L
SROLWLFH GLSORPDWLFH L HXURSHQH L V  FRQWLQXH D DF LRQD SHQWUX PHQ L
QHUHDVWDWXTXRXOXLWHULWRULDOvQVSD LXOEDOFDQLF2DWHQ LHGHRVHELW VD
DFRUGDW SROLWLFLL %XOJDULHL FDUH OD IHO FD 6HUELD L *UHFLD XUP UHD V L
VSRUHDVF  VXSUDID D ULL SULQ DQH[DUHD WHULWRULLORU GLQ ,PSHULXO 2WRPDQ
ORFXLWHGHFRQD LRQDOLLQXQXPDL
QWURDVHPHQHDVLWXD LHSHQWUXDFRQWUDEDODQVDRvQW ULUHSUHDPDUH
D%XOJDULHL5RPkQLDDOXDWvQFDOFXOFKLDURLQWHUYHQ LHPLOLWDU ODVXGGH
'XQ UH L D VROLFLWDW FRPSHQVD LL WHULWRULDOH vQ VSHFLDO vQ &DGULODWHU Q
FD] GH DWDF UXVHVF D FHUXW VSULMLQ GLQ SDUWHD $XVWUR8QJDULHL SHQWUX
DFHDVWDVROLFLWkQGXVHI U VXFFHVvQFXSULOHMXOUHvQQRLULLWUDWDWXOXL


3HODUJ*KHRUJKH1LFRODH& ]DQHUEDQ5 GXOHVFX=RQHU5RPkQLD
L7ULSOD$OLDQ   %XFXUHWL

3DUWHDGHVXGD'REURJHLLVWRULFH
 
GH DOLDQ  LQWURGXFHUHD XQHL FODX]H QRL FDUH V  H[WLQG  FRQGL LLOH GH
DSOLFDUH D VLWXD LHL GH FDVXV IRHGHULV L vQ HYHQWXDOLWDWHD XQXL FRQIOLFW
DUPDWFX%XOJDULD
$FXWL]DUHD FRQIOLFWHORU GLQ %DOFDQL GLQWUH 0DFHGRQLD L %XOJDULD
U VFRDOD GLQ 0DFHGRQLD GLQ  UHSUHVLXQHD WXUFHDVF  L FRQFHQWUDUHD
WUXSHORU EXOJDUH OD IURQWLHUD FX ,PSHULXO 2WRPDQ HWF  DX GHWHUPLQDW GLQ
QRX GLSORPD LD GH OD %XFXUHWL V  GHFODUH F  5RPkQLD QX YD U PkQH
LQGLIHUHQW  vQ FD] GH PRGLILFDUH D VWDWXTXRXOXL WHULWRULDO vQ %DOFDQL
6LWXD LDDYHDV VHFRPSOLFHSULQIDSWXOF $XVWUR8QJDULDDOLDWD5RPkQLHL
QXLDGHFODUDW FHOSX LQ QHXWUDOLWDWHDFLDI FXWFXQRVFXWIDSWXOF vQFD]
GHLQWHUYHQ LHURPkQHDVF ODVXGGH'XQ UHYDVSULMLQL%XOJDULD
&X WRDWH DFHVWHD JXYHUQXO URPkQ D DGRSWDW R DWLWXGLQH
QHSURYRFDWRDUH UHIX]kQG V  vQFKHLH R DOLDQ  DQWLEXOJDU  VROLFLWDW  GH
,PSHULXO2WRPDQ$FHDVW SROLWLF VDGRYHGLWDILvQ HOHDSW GHRDUHFHvQ
DFHO PRPHQW 3RDUWD VH FRQIUXQWD FX PDUL SUREOHPH LQWHUQH L H[WHUQH
GHWHUPLQDWH GH VWUXFWXULOH SROLWLFRDGPLQLVWUDWLYH vQYHFKLWH GH OXSWD GH
HPDQFLSDUHDQD LRQDOLW LORUFRQORFXLWRDUHGHLQWHUHVHOHH[WUHPGHDFXWH
L GLYHUJHQWH DOH VWDWHORU GLQ ]RQ  L DOH PDULORU SXWHUL FDUH SXWHDX
RULFkQG V  PRGLILFH HFKLOLEUXO WHULWRULDO EDOFDQLF HWF 2UL WRFPDL DFHVW
OXFUX QX HUD GRULW GH F WUH JXYHUQXO URPkQ FDUH D SULYLW FX VLPSDWLH
UHYROX LD MXQLORU WXUFL GHFODQDW  OD  LXOLH  FDUH LD SURSXV
PRGHUQL]DUHD,PSHULXOXL2WRPDQ
&RQFRPLWHQW JXYHUQXO URPkQ D XUP ULW vPEXQ W LUHD VLWXD LHL
PDWHULDOH L FXOWXUDOH D DURPkQLORU GLQ 0DFHGRQLD Q DFHVW VFRS FX
VSULMLQXO *HUPDQLHL  FDUH GRUHD VROX LRQDUHD IDYRUDELO  D WUDWDWLYHORU
SHQWUX FRQFHVLRQDUHD WHUHQXULORU SHWUROLIHUH GLQ 5RPkQLD F WUH JUXSXO



 %XOJDULD 6HUELD 0XQWHQHJUX L *UHFLD XUP UHDX DOLSLUHD WHULWRULLORU
GLQ,PSHULXO2WRPDQvQFDUHORFXLDXFRQD LRQDOL

 * +DQRWDX[ XQ FRQWHPSRUDQ DO HYHQLPHQWHORU DSUHFLD  $ DWLQJH
7XUFLDvQVHPQDDDWLQJH*HUPDQLD%XOJDULD6HUELD5RPkQLD3HUVLD(JLSWXO
$IULFDPXVXOPDQ FLQHSRDWHWL"LLPHGLDW$XVWULD,WDOLD*HUPDQLD5XVLD
$QJOLDVHSXQvQJDUG EDODQ DHFKLOLEUXOXLHVWHDPHQLQ DW 

 1LFL XQ RP SROLWLF  UHOHYD vQ  7DNH ,RQHVFX  QX DVSLU  V 
DQH[H]H 0DFHGRQLD QLFL V  IRUPH]H DFROR XQ VWDW URPkQHVF LQHP vQV  FD
QD LRQDOLWDWHDURPkQLORUGLQ0DFHGRQLDV ILHSURWHMDW LHLV DLE JDUDQ LDF 
YRUSXWHDV VHFXOWLYHvQOLPEDORUFXWRDW OLEHUWDWHD
 
ILQDQFLDU 'HXWVFKH %DQN  VD UHXLW vQ  V  VH LPSXQ  VXOWDQXOXL
SURPXOJDUHDXQHLLUDGHOH GHFUHW LPSHULDOHSULQFDUHDURPkQLLSULPHDX
FHOSX LQWHRUHWLFGUHSWXULHJDOHFXFHOHDOHFHORUODOWHQD LRQDOLW LFUHWLQH
GLQLPSHULX
1HvQ HOHJHULOHFX*UHFLDDXGHWHUPLQDW5RPkQLDV GHQXQ H 
RFWRPEULH &RQYHQ LDURPkQRHOHQ GLQLSURWRFROXODQH[ L
V UXS UHOD LLOHGLSORPDWLFHFXJXYHUQXOGHOD$WHQD SkQ vQ 
)D GHFRQIOLFWXOUXVRMDSRQH]GLQ5RPkQLDDDGRSW
OD LQVLVWHQ HOH *HUPDQLHL FDUH XUP UHD R DSURSLHUH GH 5XVLD SHQWUX D
DQLKLODSROLWLFDHQJOH] RDWLWXGLQHIDYRUDELO 3HWHUVEXUJXOXL$SRLvQ
VSHUDQ DF WHQGLQ HOHH[SDQVLRQLVWHDOH$XVWUR8QJDULHLL5XVLHLVHYRU
DQLKLODVDXGLPLQXDUHFLSURFDXUP ULWUHDOL]DUHDXQXLHFKLOLEUXvQFHHDFH
SULYHWHSROLWLFD9LHQHLLD3HWHUVEXUJXOXLvQ%DOFDQL

5RPkQLDLFUL]DERVQLDF   

Q  VLWXD LD GLQ %DOFDQL D H[SORGDW GLQ QRX SULQ GHFODQDUHD
FUL]HLERVQLDFHvQXUPDDQH[ ULL RFWRPEULH GHF WUH$XVWUR8QJDULDD
%RVQLHL L +HU HJRYLQHL SURYLQFLL DIODWH VXE VX]HUDQLWDWHD QRPLQDO  D
VXOWDQXOXLGDUFDUHSULQDUWDOWUDWDWXOXLGHOD%HUOLQGLQIXVHVHU 
SXVHVXEDGPLQLVWUD LDJXYHUQXOXLGHOD9LHQD
'DF 6HUELDFHDPDLDIHFWDW GHDQH[LXQHD%RVQLHLL+HU HJRYLQHL
VDGRYHGLWDILLFHDPDLDPHQLQ DW LPDLDJLWDW FRQVLGHUkQGDFWXO
FD SH R FDWDVWURI  QD LRQDO  FX FRQVHFLQ H IDWDOH SHQWUX SDFHD vQ
%DOFDQL JXYHUQXO URPkQ FRQYLQV F  5XVLD QX YD LQWHUYHQL vQ VSULMLQXO


1HPXO XPL LGHIDSWXOF WUDWDWLYHOHQXVDXvQFKHLDWIDYRUDELOJHUPDQLL
QXDXPDLVSULMLQLW5RPkQLDvQFRQIOLFWXOFX*UHFLDVROGDWFXUXSHUHDUHOD LLORU
GLSORPDWLFH

QUHSOLF ODDQH[LXQHDDXVWURXQJDU 6HUELDDVROLFLWDWODVIDWXO5XVLHL
FRPSHQVD LL WHULWRULDOH R SRU LXQH GH WHUHQ vQ OXQJXO IURQWLHUHL GH QRUG D
VDQJHDFXOXL1RYL3D]DU SHQWUXDVHUHDOL]DRJUDQL FRPXQ FX0XQWHQHJUXD
VHSDUD VDQJHDFXO GH $XVWUR8QJDULD L D F S WD LHLUH OD 0DUHD $GULDWLF  Q
VLWXD LD vQ FDUH JXYHUQXO GH OD 9LHQD QX DU IL IRVW GH DFRUG L QX D IRVW  FX
DFHVWH SURSXQHUL %HOJUDGXO D FHUXW FD FHOH GRX  SURYLQFLL V  ILH SURFODPDWH
DXWRQRPH 3HQWUX D IDFH ID  XQHL HYHQWXDOH DJUHVLXQL L DVXSUD SURSULXOXL
WHULWRULX vQ RFWRPEULH  6HUELD L 0XQWHQHJUX DX vQFKHLDW XQ WUDWDW GH
DOLDQ ELODWHUDO
 
6HUELHLDSULYLWHYHQLPHQWHOHFXPXOWFDOPLFXOXFLGLWDWHvQGHPQkQG
JXYHUQXOGHOD%HOJUDGODPRGHUD LH&RQVLGHUkQGH[LVWHQ D6HUELHLFDXQ
IDFWRULPSRUWDQWvQPHQ LQHUHDHFKLOLEUXOXLEDOFDQLF5RPkQLDDFRQWLQXDW
V PHQ LQ FX DUDYHFLQ UHOD LLHFRQRPLFHLFRPHUFLDOHSHFDUHFKLDUOH
DLQWHQVLILFDW%XFXUHWLLDXLQIRUPDWvQV 3HWHUVEXUJXOF QXYRUVSULMLQL
6HUELDvQFD]GHFRQIOLFWDUPDW/DUkQGXLRSLQLDSXEOLF URPkQHDVF D
PDQLIHVWDWRVWLOLWDWHID GHSROLWLFDJXYHUQHORUGHOD9LHQDL%XGDSHVWD
LVROLGDULWDWHID GHSRSRUXOVkUE
)D  GH SURFODPDUHD LQGHSHQGHQ HL %XOJDULHL  RFWRPEULH  
,,&%U WLDQXDVDOXWDWDFWXOvQ3DUODPHQWLDSUHFL]DWvQF RGDW SR]L LD
5RPkQLD ID  GH QRXD FUL]  EDOFDQLF  QHDQJDMDUHD vQ FRQIOLFW DUPDW
VXV LQHUHDVWDWXTXRXOXLWHULWRULDOLDS FLLvQ%DOFDQL
3ULQXUPDUHvQWLPSXOFUL]HLERVQLDFHSROLWLFDH[WHUQ D5RPkQLHL
VD SODVDW SH DOWH FRRUGRQDWH GHFkW FHOH DOH DOLDWXOXL GH OD 9LHQD
&RQWH[WXOLQWHUQD LRQDOH[WUHPGHFRPSOLFDWLLQVWDELOvQFDUHLPSHULXO
DXVWURXQJDUFRQWLQXDV ILHSXWHUQLFDI FXWFDJXYHUQXOURPkQV QXL
VFKLPEH UDGLFDO GLUHF LLOH SROLWLFLL GH DOLDQ  FRQVROLGkQG vQV  vQ FDGUXO
DFHVWHLD UHOD LLOH FX *HUPDQLD FX WRDWH F  WUDWDWXO GLQ  GHYHQLVH
DQDFURQLF
$QDOL]kQGvQPRGUHDOLVWVFKLPE ULOHLQWHUYHQLWHvQUDSRUWXOGHIRU H
vQSODQLQWHUQD LRQDOLPDLDOHV]RQDOGLSORPD LDURPkQ DFRQWLQXDWV 
XUP UHDVF  FX DWHQ LH SROLWLFD JXYHUQXOXL EXOJDU XQGH XQHOH FHUFXUL
SROLWLFHLPLOLWDUHUHYHQGLFDXGLQFHvQFHPDLGHVFKLV'REURJHD6LWXD LD
VDDJUDYDWSULQJDUDQ LLOHSULPLWHGH%XOJDULDGLQSDUWHD$XVWUR8QJDULHL
vQ HYHQWXDOLWDWHD XQXL DWDF GLQ SDUWHD 6HUELHL vQ WLPSXOXL SUHFRQL]DWXOXL
U ]ERLFX,PSHULXO2WRPDQQJULMRU ULOHJXYHUQDQ LORUURPkQLFUHWHDXL
ID  GH R HYHQWXDO  DGHUDUH VDX FKLDU DWUDJHUH D %XOJDULHL OD 7ULSOD
$OLDQ  IDSW XUP ULW FX LQVLVWHQ  GH GLSORPD LL GH OD 9LHQD Q DFHDVW 
VLWXD LHLQWHUHVXO3XWHULORU&HQWUDOHID GH5RPkQLDVHGLPLQXDVLP LWRU


/DQRLHPEULH,,&%U WLDQXGHFODUDvQ3DUODPHQWF JXYHUQXO
URPkQGRUHDvQ%DOFDQLHFKLOLEUXSHED]DVWDWXTXRXOXLWHULWRULDOGH]YROWDUHD
SDQLF  D VWDWHORU GLQ ]RQ  I U  MLJQLUHD QLFL XQXL LQWHUHV L QLFL XQXL GUHSW
OHJLWLPDOQRVWUX

 'XS  YL]LWD vQWUHSULQV  vQ 5RPkQLD vQ DSULOLH  SHQWUX D vQPkQD
UHJHOXL&DURO,EDVWRQXOGHIHOGPDUHDODODUPDWHLJHUPDQHSULQ XOPRWHQLWRU
:LOKHOPDLQIRUPDWDXWRULW LOHGHOD%HUOLQF vQFD]GHU ]ERL5RPkQLDYD
UHIX]DvQFHOPDLEXQFD]V LvQGHSOLQHDVF REOLJD LLOHGHDOLDWGDF QXVHYD
GHFLGHFKLDUDVHDO WXUDS U LLDGYHUVH
 
3HQWUX D IDFH ID  VLWXD LHL vQWUHY ]kQG L XQ FRQIOLFW EXOJDUR
RWRPDQ ,,& %U WLDQX D ULGLFDW GLQ QRX I U  VXFFHV vQV  OD 9LHQD L
%HUOLQ SUREOHPD H[WLQGHULL VLWXD LHL GH FDVXV IHRGHULV GLQ WUDWDWXO GLQ
 /D UkQGXL UHJHOH &DURO , D GHFODUDW vQ LXOLH  PLQLVWUXOXL
5XVLHL OD %XFXUHWL F  YD DUXQFD VDELD vQ EDODQ  vQ PRPHQWXO vQ FDUH
HFKLOLEUXOGLQ%DOFDQLDUILWXOEXUDWGHYUHXQDGLQWUHS U L
6FKLPE ULOHLQWHUYHQLWHvQUDSRUWXOGHIRU HVXGHVWHXURSHDQGXS 
DQH[DUHD%RVQLHLL+HU HJRYLQHL  GHF WUH$XVWUR8QJDULDSUHFXP
LSROLWLFDEDOFDQLF DJXYHUQXOXLGHOD9LHQDFDUHXUP UHDPRGLILFDUHD
VWDWXTXRXOXLWHULWRULDOGLQ]RQ DXLPSULPDWXQQRXFRQ LQXWUDSRUWXULORU
5RPkQLHL FX 7ULSOD $OLDQ  vQ VSHFLDO FX $XVWUR8QJDULD OD DFHDVWD
FRQWULEXLQG L DFFHQWXDUHD SROLWLFLL GH GH]QD LRQDOL]DUH D SRSXOD LHL
URPkQHWLGLQ7UDQVLOYDQLDGXV GHF WUHJXYHUQXOGHOD%XGDSHVWD
'DF  LQL LDO 3XWHULOH &HQWUDOH UHSXUWDVHU  XQ VXFFHV GLSORPDWLF vQ
FUL]DERVQLDF VLWXD LDDYHDV VHVFKLPEHODVFXUWWLPSGHRDUHFH5XVLD
LDUHI FXWUDSLGLQIOXHQ DvQ]RQ GXS FHDSUHOXDWvQLDQXDULH
GDWRULLOH GH U ]ERL DOH %XOJDULHL ID  GH ,PSHULXO 2WRPDQ GHWHUPLQkQG
6RILDV UHYLQ ODUHOD LLPDLFRUGLDOHLFX3HWHUVEXUJXO
/D DFHDVWD VD DG XJDW SROLWLFD ,WDOLHL QHPXO XPLW  GH FUHWHUHD
LQIOXHQ HL $XVWUR8QJDULHL vQ VSD LXO EDOFDQLF JXYHUQXO GH OD 5RPD
vQFKHLQG FX FHO GH OD 3HWHUVEXUJ DFRUGXO GH OD 5DFFRQLJL GLQ  LDQXDULH
SULQFDUHFHOHGRX S U LVHREOLJDXV FRQWULEXLHODPHQ LQHUHDVWDWX
TXRXOXLvQ%DOFDQLV VHRSXQ RULF UHLGRPLQD LLVWU LQHvQ]RQ LV QX
vQFKHLH QLFL XQ DFRUG FX R WHU  SXWHUH vQ FHHD FH SULYHWH (XURSD
2ULHQWDO vQVLWXD LDvQFDUHVDUILGHFODQDWXQFRQIOLFWDUPDW3HQWUXD
HYLWDGHVSULQGHUHD,WDOLHLGLQ7ULSOLF $XVWUR8QJDULDDSURPLV,WDOLHLF QX
YD SURFHGD OD DOWH DQH[LXQL WHULWRULDOH vQ %DOFDQL vQDLQWH GH D vQFKHLD FX
JXYHUQXOLWDOLDQXQDFRUGSUHDODELOED]DWSHSULQFLSLXOXQHLFRPSHQVD LL



 /D vQFHSXW GH VHFRO UHOD LLOH GLSORPDWLFH EXOJDURUXVH VH U FLVHU  vQ
XUPD UHIX]XOXL 5XVLHL DQJDMDW  vQ ([WUHPXO 2ULHQW GH D VSULMLQL DVSLUD LLOH
UHYL]LRQLVWHEXOJDUH

Q VFKLPEXO EXQ YRLQ HL UXVHWL ID  GH LQWHUHVHOH LWDOLHQH vQ
7ULSROLWDQLDL&LUHQDLFDLWDOLHQLLVHREOLJDXV DGRSWHRSR]L LHVLPLODU ID GH
LQWHUHVHOHUXVHWLvQSUREOHPD6WUkPWRULORU

Q HOHJHUHDDYHDV ILHFRQILUPDW FXSULOHMXOUHvQQRLULWUDWDWHORUvQWUH
VWDWHOHFDUHFRQVWLWXLDX7ULSOD$OLDQ ODGHFHPEULH
 
3R]L LD5RPkQLHLID GHU ]ERDLHOHEDOFDQLFH  

&UL]DERVQLDF DFRQWULEXLWvQWUHDOWHOHODDSURSLHUHD VXELPSXOVXO


5XVLHL  D VWDWHORU GLQ %DOFDQL 6HUELD %XOJDULD *UHFLD L 0XQWHQHJUX 
FDUH GXS  FH DX vQFKHLDW DOLDQ H ELODWHUDOH FX XQ HYLGHQW FDUDFWHU
DQWLRWRPDQDXPRELOL]DWWUXSHOH VHSWHPEULH LDXvQPkQDW
,PSHULXOXL2WRPDQR1RW XOWLPDWLY  VHSWHPEULHRFWRPEULH 
SULQFDUHVHFHUHDXUHIRUPHSHQWUXFRQD LRQDOLLGHPRELOL]DUHDWUXSHORU
RWRPDQHGLQ]RQD$GULDQRSROXOXL
3ULPXOU ]ERLEDOFDQLFQDFHVWFRQWH[WODRFWRPEULHD
IRVW GHFODQDW SULPXO U ]ERL EDOFDQLF ID  GH FDUH 5RPkQLD D DGRSWDW R
SR]L LH GH QHXWUDOLWDWH FX FRQGL LD GH D QX VH SURGXFH PRGLILF UL
WHULWRULDOHFDUHV DIHFWH]HGUHSWXULOHLVWRULFHLLQWHUHVHOHSRSRDUHORUGLQ
%DOFDQLLFDQLFLXQXOGLQWUHVWDWHOHDQJDMDWHV DPHQLQ HVHFXULWDWHD ULL
LV QXLLQVWLWXLHKHJHPRQLDvQ]RQ 3R]L LDVDDYHDV ILHDSUHFLDW GH
PDMRULWDWHDVWDWHORUHXURSHQH
&RQFRPLWHQW D FRQWLQXDW V  DFRUGH LPSRUWDQ  GLVFX LLORU FX
EXOJDULLvQQRLHPEULHDYkQGORFQRLWUDWDWLYHvQFDGUXOF URUDVD
GHFLV vQFKHLHUHD XQXL DFRUG SULYLQG GUHSWXULOH DURPkQLORU L VD DGPLV
UHFWLILFDUHDIURQWLHUHLGREURJHQHI U DLQFOXGHvQV 6LOLVWUD'XS HHFXO
WUDWDWLYHORUELODWHUDOHGHOD/RQGUDvQFRQWH[WXOvQFDUHEXOJDULLDXI FXW
DSHOODPHGLHUHD5XVLHLJXYHUQXOURPkQDDQXQ DWF YDOXDVXEFRQWURO
OLQLD7XUWXFDLD%DOFLFI U GHFODUD LHGHU ]ERL
'HRDUHFHODLDQXDULH5XVLDDDYHUWL]DW5RPkQLDF QX
YDU PkQHLQGLIHUHQW GDF YDLQWHUYHQLvQ%XOJDULDUHJHOH&DURO,DGHFLV
V  UHvQQRLDVF  WUDWDWXO FX $XVWUR8QJDULD OD  IHEUXDULH  L V O
UDWLILFH GXS  FH SULQ XO )UVWHQEHUJ D DWHQ LRQDW F  GXEOD PRQDUKLH DU
SXWHDV LVFKLPEHSROLWLFDID GH5RPkQLD6I WXLWGHJXYHUQHOHUXVL
DXVWURXQJDU V  QX UHFXUJ  OD IRU D DUPHORU JXYHUQXO URPkQ D DFFHSWDW
UHOXDUHDGLVFX LLORUFXJXYHUQXOEXOJDUQLFLGHDFHDVW QHDMXQJkQGXVHOD
XQ DFRUG &D XUPDUHH VD vQFKHLDW XQ SURFHVYHUEDO vQ FDUH VDX WUHFXW
I U FRPHQWDULLSURSXQHULOHFHORUGRX S U L


9H]L L 1LFRODH ,VDU ,VWRULD PRGHUQ  D URPkQLORU 
%XFXUHWLSS

 QWUH 7LWX 0DLRUHVFX SULPXOPLQLVWUX DO 5RPkQLHL L 6WRLDQ 'DQHY
SUHHGLQWHOH6REUDQHLEXOJDUH

3XUWDWHGH7DNH,RQHVFXL1LFRODH0LXGLQSDUWHD5RPkQLHL
 
'LVSXWDURPkQREXOJDU DIRVWDQDOL]DW LGHDPEDVDGRULLPDULORU
SXWHULFDUHDXvQFKHLDW DSULOLHPDL 3URWRFROXOGHOD3HWHUVEXUJ
SULQFDUHVHUHFXQRWHDDSDUWHQHQ D6LOLVWUHLFXRUD] H[WHULRDU GHNP
OD 5RPkQLD &X WRDWH F  GHFL]LD UHSUH]HQWDQ LORU PDULORU SXWHUL QX D
VDWLVI FXW vQ WRWDOLWDWH JXYHUQXO URPkQ 3DUODPHQWXO GH OD %XFXUHWL D
DSUREDW vQ PDL WUHFHUHD OD H[HFXWDUHD GHFL]LLORU GH OD 3HWHUVEXUJ
QFHSXWHODLXQLHGLVFX LLOHSHQWUXGHOLPLWDUHDWHULWRULXOXLVDX
vQFKHLDWODLXQLHLXOLHGHRDUHFHEXOJDULLGRUHDXV PHQ LQ ORFDOLWDWHD
vQE WDLDWXQXULORUFXWUDJHUHGLUHFW 
$O GRLOHD U ]ERL EDOFDQLF 7HQGLQ HOH KHJHPRQLFH SH FDUH OH
PDQLIHVWD%XOJDULDvQ]RQ LVSULMLQXOWRWPDLGHVFKLVSHFDUHDFHDVWDvO
SULPHD GLQ SDUWHD $XVWUR8QJDULHL DX GHWHUPLQDW *UHFLD L 6HUELD V 
vQFKHLH PDLLXQLH XQWUDWDWVHFUHWFXFDUDFWHUGHIHQVLYSULQ
FDUH XUPDX V L DFRUGH VSULMLQ UHFLSURF vQ FD] GH DWDF EXOJDU FDUH VD
SURGXVGHDOWIHOvQQRDSWHDGHVSUHLXQLH
'DW  ILLQG SR]L LD VWUDWHJLF  VLWXD LD HFRQRPLF  L PLOLWDU  L DOWH
GLVSRQLELOLW L GH FDUH GLVSXQHD 5RPkQLD DPEHOH WDEHUH LDX I FXW
SURSXQHUL GH DOLHUH vQF  vQDLQWH GH GHFODQDUHD FRQIOLFWXOXL ,QL LDO
JXYHUQXO GH OD %XFXUHWL QX D GDW FXUV VROLFLW ULL SHQWUX D QX vQU XW L
VLWXD LD  DSRL  PDL LXQLH   D I FXW FXQRVFXW F  R DJUDYDUH
HYHQWXDO DVLWXD LHLvQ%DOFDQLQXDUSXWHDO VDLQGLIHUHQW 5RPkQLD
&KLDULPDULOHSXWHULDXvQFHUFDWV LLQIOXHQ H]HDWLWXGLQHD)UDQ D
L5XVLDODXVI WXLWLQL LDOV S VWUH]HQHXWUDOLWDWHD$SRLvQJULMRUDWHGH
VRDUWD6HUELHLDXO VDWOXFUXULOHV HYROXH]HGHODVLQH$XVWUR8QJDULDD
XUP ULWODvQFHSXWDSURSLHUHDURPkQREXOJDU DSRLDOXDWvQFDOFXOFKLDU
GHVFKLGHUHD XQXL IURQW vPSRWULYD 5RPkQLHL GDF  DFHDVWD DU IL GHFODQDW
U ]ERLXO HOLEHUDWRU vQ 7UDQVLOYDQLD *HUPDQLD D vQFHUFDW V  VWRSH]H
WHQGLQ HOH U ]ERLQLFH DOH DOLDWXOXL DXVWURXQJDU UHDILUPkQGXL VSULMLQXO
OLPLWDW SHQWUX 5RPkQLD ,WDOLD VD SURQXQ DW SHQWUX R DSURSLHUH vQWUH
5RPkQLD6HUELDL*UHFLD


'HFL]LDGHOD3HWHUVEXUJDIRVWFkWGHFkWIDYRUDELO 5RPkQLHLGDWRULW 
VSULMLQXOXLSXWHULORUFDUHFRQVWLWXLDX7ULSOD$OLDQ &RORQLWLLEXOJDULFDUHGRUHDX
V S U VHDVF ]RQDHUDXGHVS JXEL LGHVWDWXOURPkQDPEHOH ULREOLJkQGXVHV 
QXULGLFHIRUWLILFD LLvQDSURSLHUHDRUDXOXL

QIUkQJHULOHvQUHJLVWUDWHGHWUXSHOHEXOJDUHOD%UHJDQL DLvQDOWHORFXUL
DXGHWHUPLQDWRJUDY FUL] SROLWLF VROGDW FXF GHUHDJXYHUQXOXL6WRLDQ
'DQHY LXOLH 
 
Q ID D PDQLIHVW ULORU KHJHPRQLFH EXOJDUH JXYHUQXO URPkQ D
PRELOL]DW DUPDWD  LXQLH LXOLH VSUH  LXQLH LXOLH  LD UHFKHPDW
DPEDVDGRUXO GH OD 6RILD  LXQLH LXOLH  L D I FXW SXEOLF IDSWXO F 
WUXSHOH URPkQH YRU WUHFH 'XQ UHD GDF  IRU HOH EXOJDUH QX vQFHWHD] 
DF LXQLOH PLOLWDUH vPSRWULYD FHORU VkUEHWL L JUHFHWL 'HRDUHFH %XOJDULD
QX VD FRQIRUPDW D XUPDW vQPkQDUHD GHFODUD LHL GH U ]ERL WUHFHUHD
'XQ ULLGHF WUHWUXSHOHURPkQH LXOLH LvQDLQWDUHDVSUH6RILDI U D
VHDMXQJHvQV ODFRQIUXQW ULPLOLWDUH&RQFRPLWHQW0LQLVWHUXO$IDFHULORU
6WU LQH D I FXW FXQRVFXW F  5RPkQLD QX GXFHD R SROLWLF  GH FXFHULUL
WHULWRULDOHFLGRDUUHVWDELOLUHDS FLLvQ]RQ LvPSLHGLFDUHD%XOJDULHLGHD
LLPSXQHKHJHPRQLDvQ]RQ 
QPRPHQWXOvQFDUH DUXOEXOJDU)HUGLQDQG,GH&REXUJDVROLFLWDW
UHJHOXL&DURO, LXOLH V RSUHDVF RIHQVLYDDUPDWHLURPkQHL
V  vQFKHLH SDFH VHSDUDW  UHJHOH URPkQ D FRQGL LRQDW DFHVW OXFUX GH
vQFKHLHUHDXQXLDUPLVWL LXJHQHUDO3HQWUXDSUHYHQLLQWHUYHQ LDPDULORU
SXWHULODLXOLHGXS FH&DGULODWHUXOWUHFXVHVXEDXWRULWDWHPLOLWDU 
URPkQHDVF  &DURO , D RUGRQDW vQFHWDUHD vQDLQW ULL DUPDWHL URPkQH vQ
%XOJDULD L D FHUXW OD UkQGXL VXYHUDQLORU *UHFLHL 6HUELHL L
0XQWHQHJUXOXL V  GLVSXQ  RSULUHD RSHUD LLORU PLOLWDUH L vQFHSHUHD
QHJRFLHULORUGHSDFH
QDFHVWFRQWH[WFRPSOHWDWFXYLFWRULLOHWUXSHORUVkUEHWLLJUHFHWL
L FX LQWUDUHD 7XUFLHL vQ U ]ERL L RFXSDUHD $GULDQRSROXOXL JXYHUQXO
EXOJDU D GHFLV FDSLWXODUHD %XOJDULHL L WULPLWHUHD UHSUH]HQWDQ LORU OD 1LV
XQGH VH DGXQDVHU  GHOHJD LL PLOLWDUL DL FHORUODOWH VWDWH SDUWLFLSDQWH OD
U ]ERL
QILQDO&RQIHULQ DGHSDFHFDUHLDGHVFKLVOXFU ULOHOD%XFXUHWL
 LXOLH   VXE SUHHGLQ LD SULPXOXLPLQLVWUX URPkQ 7LWX
0DLRUHVFX D GHFLV vQFKHLHUHD XQXL DUPLVWL LX GH FLQFL ]LOH vQFHSkQG FX
 LXOLH  L D WUDWDWXOXL GH SDFH  LXOLH DXJXVW  vQWUH 5RPkQLD
6HUELD*UHFLDL0XQWHQHJUXSHGHRSDUWHL%XOJDULDSHGHDOW SDUWH



 %XOJDULL GRUHDX V  FRQWLQXH RSHUD LLOH PLOLWDUH vPSRWULYD *UHFLHL L
6HUELHL

'LQSDUWHD5RPkQLHLDXSDUWLFLSDWJHQHUDOXO&RQVWDQWLQ&RDQG FRORQHOXO
&RQVWDQWLQ&ULVWHVFXLORFRWHQHQWFRORQHOXO+HQUL&LKRVNL

/DLXOLHDXJXVWDUPLVWL LXODIRVWSUHOXQJLWSHQWUXWUHL]LOHDSRLSH
WHUPHQQHOLPLWDWSkQ ODvQFKHLHUHDWUDWDWXOXLGHSDFH
 
&XDFHOSULOHMSDUWHDGHVXGD'REURJHL &DGULODWHUXO FXRVXSUDID GH
 NPS L SHVWH  GH ORFXLWRUL D LQWUDW vQ FRPSRQHQ D
5RPkQLHL JXYHUQXO EXOJDU REOLJkQGXVH V  G UkPH WRDWH IRUWLILFD LLOH
GLQ]RQ 
&XDFHODLSULOHM0DFHGRQLDDIRVWvPS U LW vQWUH6HUELD*UHFLD
L %XOJDULD VDQJHDFXO 1RYL 3D]DU D IRVW RIHULW 6HUELHL L
0XQWHQHJUXOXLLDU7UDFLDGHYHVWFX.DYDOOD*UHFLHL/DVFXUWWLPS
 LXQLH DXJXVW  LXOLHDXJXVW L  LXOLH DXJXVW  vQWUH
5RPkQLD%XOJDULDL*UHFLDDXIRVWvQFKHLDWHDFRUGXULSULYLQGJDUDQ
WDUHDDXWRQRPLHLFROLORULELVHULFLORUDURPkQLORUGLQ0DFHGRQLD
QFKHLDW SHQWUXSULPDGDW I U SDUWLFLSDUHDPDULORUSXWHULSDFHD
GLQ  D SURYRFDW UHDF LD DFHVWRUD $XVWUR8QJDULD L 5XVLD VD
SURQXQ DWSHQWUXUHYL]XLUHDGHFL]LLORUGHOD%XFXUHWL$QJOLDL*HUPDQLD
DXPDQLIHVWDWUH]HUYHDQXODWHvQILQDOGHF WUHGLSORPD LDIUDQFH] FDUHD
GHWHUPLQDW L 5XVLD V L VFKLPEH SR]L LD 3XV  vQ PLQRULWDWH $XVWUR
8QJDULDDDFFHSWDWLHDQRXDVWDUHGHOXFUXULFXDWkWPDLPXOWFXFkWOD
VFXUWWLPSFRQWH[WXDOLQWHUQD LRQDOVDVFKLPEDWGLQQRX
QDQVDPEOXHYHQLPHQWHOHGLQDXGRYHGLWF 5RPkQLD
VH EXFXUD GH XQ UHDOSUHVWLJLXvQVXGHVWXO(XURSHLLFKLDUSHSODQPDL
ODUJ HXURSHDQ 'H DVHPHQHD VD GRYHGLW vQF  RGDW  F  vQ SRILGD
DVLJXU ULORU GH ORLDOLWDWH ID  GH 3XWHULOH &HQWUDOH vQWUH 5RPkQLD L
$XVWUR8QJDULD H[LVWDX GLIHUHQ H GH YHGHUL vQ PXOWH SULYLQ H vQ DIDUD
SUREOHPHLHVHQ LDOHDURPkQLORUDVXSUL LGLQLPSHULXvQVSHFLDOvQFHHDFH
SULYHWHVLWXD LD6HUELHLLSROLWLFDVXGGXQ UHDQ DJXYHUQXOXLGHOD9LHQD
DWUDJHUHD%XOJDULHLvQ7ULSOLF 



&RQIRUPDUWQRXDIURQWLHU URPkQREXOJDU vQFHSHDGHOD'XQ UH
OkQJ  7XUNPLO  NP vQ DPRQWH GH 7XUWXFDLD  FRQWLQXD SHVWH SODWRXO .LOOL
5DGLLDMXQJHDOD0DUHD1HDJU ODVXGGH(NUHQHSURWRFROXOGHGHOLPLWDUHD
IURQWLHUHLvQWRFPLWGHF WUHRFRPLVLHPL[W DIRVWvQFKHLDWODQRLHPEULH
GHFHPEULH

 $UPDWD EXOJDU  WUHEXLD V  ILH GHPRELOL]DW  D GRXD ]L GXS 
VHPQDUHDWUDWDWXOXLGHSDFHLDUDUPDWHOHIRVWHDOLDWHV HYDFXH]HWHULWRULXO
EXOJDUODGRX V SW PkQLGXS DFHDVWDSUL]RQLHULLGHU ]ERLXUPDXV ILH
HOLEHUD LUHFLSURF

 3H ODUJ SHQWUX SULPXO L FHO GHDO GRLOHD U ]ERL EDOFDQLF ,VWRULD
PLOLWDU DSRSRUXOXLURPkQYRO9%XFXUHWLSS
 
5RPkQLDLSULPXOU ]ERLPRQGLDO  

3UHOLPLQDULL (YHQLPHQWHOH GLQ WLPSXO FHOXL GHDO GRLOHD U ]ERL


EDOFDQLFDXUHOHYDWFDSDFLWDWHDURPkQLORUGHDJHVWLRQDVLWXD LLOHGHFUL] 
GLQ]RQ LGHDIDFHID SUHVLXQLORUSXWHUQLFXOXLDOLDWDXVWURXQJDU0DL
PXOW UHJHOH &DURO , JXYHUQXO L GLSORPD LD URPkQ  vQ DFRUG FX RSLQLD
SXEOLF  DX FRQWLQXDW V  FHDU  GLQ FH vQ FH PDL LQVLVWHQW PRGLILFDUHD
SR]L LHLJXYHUQXOXLXQJDUID GHURPkQLLGLQWHULWRULLOHORFXLWHPDMRULWDU
GH DFHWLD Q DFHODL VFRS D DF LRQDW L GLSORPD LD JHUPDQ  L FKLDU
DXVWULDF SULQQXPHURDVHOHGHPHUVXULI FXWHSHOkQJ JXYHUQXOPDJKLDU
vQVSHFLDOSHOkQJ SULPXOPLQLVWUX7LV]D
3URILWkQGGHDFHDVW FRQMXQFWXU IDYRUDELO GLSORPD LD$QWDQWHLL
D LQWHQVLILFDW GHPHUVXULOH SHQWUX VFRDWHUHD 5RPkQLHL GLQ 7ULSOD $OLDQ 
,QWHUHVDW VDGRYHGLWDILLGLSORPD LDURPkQ FDUHDVRQGDWWHUHQXOPDL
DOHV vQ FHHD FH SULYHWH SR]L LD 5XVLHL FX SULOHMXO YL]LWHL vQWUHSULQV  GH
DUXO1LFRODHDO,,OHDOD&RQVWDQ DODLXQLHvQWLPSXOFUL]HL
GH OD 6DUDMHYR &X DFHO SULOHM 5XVLD LD UHvQQRLW JDUDQ LD SHQWUX
PHQ LQHUHDWUDWDWXOXLGHOD%XFXUHWLGLQLVDDQJDMDWV FRODERUH]H
ODPHQ LQHUHDS FLLLHFKLOLEUXOXLvQ%DOFDQL
([WUHP GH LPSRUWDQWH DX IRVW L GLVFX LLOH GLQWUH PLQLWULL GH
([WHUQH,,&%U WLDQXL6'6D]RQRYGLSORPDWXOUXVLQWHUHVkQGXVHGH
DOLDQ HOH 5RPkQLHL L GH DWLWXGLQHD SH FDUH DFHDVWD DU DGRSWDR vQ
HYHQWXDOLWDWHD XQXL U ]ERL UXVRDXVWULDF Q PRG GLSORPDWLF PLQLVWUXO
URPkQ GH ([WHUQH D U VSXQV F  vQWUR DVHPHQHD VLWXD LH 5RPkQLD YD
XUP UL GRDU VDWLVIDFHUHD SURSULLORU VDOH LQWHUHVH 9L]LWD DUXOXL OD
&RQVWDQ DDDODUPDWGLSORPD LDDXVWURXQJDU LDLULWDWSHFHDJHUPDQ 
FHDLWDOLDQ ILLQGvQ HOHJ WRDUH
$FHVWHLDF LXQLGLSORPDWLFHLVDUDOLDWLRSLQLDSXEOLF LQWHUQ FDUH
HUD SRWULYQLF  $XVWUR8QJDULHL PDL DOHV GXS  HXDUHD WUDWDWLYHORU GH OD
%XGDSHVWD GLQWUH UHSUH]HQWDQ LL JXYHUQXOXL XQJDU L UHSUH]HQWDQ LL
3DUWLGXOXL 1D LRQDO 5RPkQ L D LQWHQVLILF ULL OXSWHL SHQWUX vPSOLQLUHD


 &X SX LQ WLPS vQDLQWH vQ PDUWLH  SHUHFKHD SULQFLDU  URPkQ 
YL]LWDVH3HWHUVEXUJXOXLSULOHMFXFDUHVDGLVFXWDWGHVSUHF V WRULDOXL&DUROFX
XQDGLQSULQFLSHVHOHUXVH

 &RQVWDQWLQ 1X X 5RPkQLD vQ DQLL QHXWUDOLW LL  (GLWXUD
WLLQ LILF %XFXUHWLS
 
LGHDOXOXL QD LRQDO L SHQWUX GHV YkULUHD XQLW LL VWDWDOH SURFHV D F UXL
vQI SWXLUHVHVSHUDDILUHDOL]DW FXVSULMLQXO$QWDQWHL3HQWUXDFHDVWDvQV 
WUHEXLDUHDOL]DW UHRULHQWDUHDSROLWLFLLH[WHUQHD ULLI U DVHSURYRFDR
FUL]  FRQVWLWX LRQDO  GDW  ILLQG IHUPD RULHQWDUH SURJHUPDQ  D UHJHOXL
&DURO , L I U  D SXQH vQ SHULFRO H[LVWHQ D ULL vQ FRQWH[WXO GHFODQ ULL
SULPXOXLU ]ERLPRQGLDO
&RQWLHQW GH DJUDYDUHD VLWXD LHL LQWHUQD LRQDOH vQ XUPD DWHQWDWXOXL
GH OD 6DUDMHYR  LXQLH   F UXLD LD F ]XW YLFWLP  SULQFLSHOH
)HUGLQDQG GH +DEVEXUJ PRWHQLWRU DO PRQDUKLHL DXVWURXQJDUH L D
XOWLPDWXPXOXLDGUHVDW6HUELHLGHF WUH$XVWUR8QJDULD LXOLH 
JXYHUQXO URPkQ vQ DFRUG FX UHJHOH &DURO , D GHVI XUDW R LQWHQV 
DFWLYLWDWHGLSORPDWLF SHQWUXDDVLJXUDPHQ LQHUHDLQWHJULW LLWHULWRULDOHD
5RPkQLHL vPSOLQLUHD OD PRPHQWXO RSRUWXQ D GH]LGHUDWXOXL QD LRQDO DO
XQLULL WXWXURU URPkQLORU L GDF  HUD SRVLELO HYLWDUHD GHFODQ ULL L
JHQHUDOL] ULL U ]ERLXOXL &D XUPDUH D DFHVWHL SR]L LL 6' 6D]RQRY
PLQLVWUXOUXVGH([WHUQHDFHUXWJXYHUQXOXLURPkQV LQWHUYLQ OD9LHQD
SHQWUXDWHQXDUHDXQRUDGLQSUHYHGHULOHH[FHVLYHDOHXOWLPDWXPXOXLDGUHVDW
6HUELHLSUHFXPLOD%HOJUDGSHQWUXDGHWHUPLQDJXYHUQXOVkUEV ILHPDL
FRQFLOLDQW
,QWUDQVLJHQ DPDQLIHVWDW GH$XVWUR8QJDULDVXV LQXW GH*HUPDQLD
D SXV SH RILFLDOLL URPkQL vQWUR VLWXD LH GLILFLO  DFHWLD WUHEXLQG V  IDF 
ID  L SXWHUQLFHORU SUHVLXQL DOH UHSUH]HQWDQ LORU 3XWHULORU &HQWUDOH vQ
YHGHUHDSXQHULLvQDSOLFDUHDSUHYHGHULORUWUDWDWXOXLGHDOLDQ GLQ
vQGHS UW ULL GH 6HUELD vQFHW ULL PDQLIHVWD LLORU vPSRWULYD $XVWUR
8QJDULHL
/XkQG vQ FDOFXO VLWXD LD URPkQLORU DVXSUL L GLQ $XVWUR8QJDULD vQ
VSHFLDOEUXWDODSROLWLF GHGH]QD LRQDOL]DUHSURPRYDW GHJXYHUQXOGHOD
%XGDSHVWD L SR]L LD RSLQLHL SXEOLFH GLQ DU  JXYHUQXO GH OD %XFXUHWL
vQWUXQLW OD 6LQDLD vQ VHDUD ]LOHL GH  LXOLH  GXS  FH D DIODW F 


 3HQWUX (XURSD vQ SULPXO U ]ERL PRQGLDO YH]L L 6RULQ &ULVWHVFX
5HOD LLSROLWLFRGLSORPDWLFHLPLOLWDUHHXURSHQH(GLWXUD)XQGD LHL5RPkQLDGH
0kLQH%XFXUHWLSS

3HODUJ1LFRODH,VDU,VWRULDPRGHUQ DURPkQLORU
%XFXUHWLSS5RPkQLDvQDQLLSULPXOXLU ]ERLPRQGLDOYRO
%XFXUHWLSS,RQ$JULJRURDLHL3R]L LDPDULORUSXWHUL
ID  GH 5RPkQLD  vQ 5RPkQLL vQ LVWRULD XQLYHUVDO  YRO  ,DL
SS
 
$XVWUR8QJDULD I U V LQIRUPH]H5RPkQLD DGHFODUDWU ]ERL6HUELHLD
DMXQV OD FRQFOX]LD F  5RPkQLD QX SXWHD V  VH DO WXUH DOLDWXOXL DXVWUR
XQJDU FX DWkW PDL PXOW FX FkW QX HUDX vQGHSOLQLWH FRQGL LLOH GH FDVXV
IRHGHULVSUHY ]XWHvQWUDWDWXOGLQ
3UHVLXQLOHLFHUHULOHXOWLPDWLYHDGUHVDWHVXYHUDQXOXLURPkQGHF WUH
vPS UD LL :LOKHOP DO ,,OHD L )UDQFLVF ,RVLI ,  LXOLH  LXOLH
DXJXVWHWF DXU PDVI U HFRXvQSRILGDIDSWXOXLF XOWLPXOG GHD
DVLJXU ULF %XOJDULDQXYDLQWHUYHQLvPSRWULYD5RPkQLHL
1HXWUDOLWDWHD $QDOL]kQG FX OXFLGLWDWH LQWHUHVHOH IXQGDPHQWDOH DOH
ULLLSRVLELOLW LOHGHvQI SWXLUHDDFHVWRUDJXYHUQXOURPkQVDSURQXQ DW
LXOLH SHQWUXQHXWUDOLWDWHDWLWXGLQHDRILFLDO ILLQGVWDELOLW GH
F WUH &RQVLOLXO GH &RURDQ  vQWUXQLW OD 6LQDLD  LXOLH DXJXVW  
SULOHMFXFDUHDIRVWI FXWSXEOLFLWUDWDWXOGHDOLDQ GLQ
Q SRILGD SR]L LHL H[SULPDWH GH UHJHOH &DURO , FDUH VD SURQXQ DW
SHQWUX SXQHUHD vQ YLJRDUH D WUDWDWXOXL GH DOLDQ  FX $XVWUR8QJDULD L
SHQWUX FRQVWLWXLUHD XQXL JXYHUQ GH FRQFHQWUDUH QD LRQDO  FHLODO L
SDUWLFLSDQ L FX H[FHS LD OXL 33 &DUS  DX VROLFLWDW L DX GHFLV vQ ILQDO
S VWUDUHDSR]L LHLGHQHXWUDOLWDWH6ROX LDHVSHFWDWLYHLDUPDWHDIURQWLH
UHORUFRQILUPDW RILFLDOvQDFHHDL]LGHF WUH&RQVLOLXOGH0LQLWULVD
GRYHGLW D IL vQ DFRUG FX VHQWLPHQWHOH SRSRUXOXL URPkQ FX LQWHUHVHOH GH
PRPHQWDOH ULL
QSRILGDIDSWXOXLF DWkWUHJHOH&DURO,FkWLSULPXOPLQLVWUX,,&
%U WLDQXDXI FXWFXQRVFXWRILFLDODXWRULW LORUJHUPDQHLDXVWURXQJDUH
F  DGRSWkQG QHXWUDOLWDWHD 5RPkQLD GRUHD GRDU V  FkWLJH WLPS SHQWUX
UHRULHQWDUHD RSLQLHL SXEOLFH L vQW ULUHD IRU HORU DUPDWH SHQWUX WRDW 
OXPHDLQFOXVLYSHQWUXGLSORPD LLVWDWHORUGLQ7ULSOD$OLDQ HUDFODUF vQ
SROLWLFD H[WHUQ  D ULL VH SURGXVHVHU  VFKLPE UL HVHQ LDOH F  JXYHUQXO
URPkQ DWHSWD GRDU PRPHQWXO IDYRUDELO SROLWLF L PLOLWDU SHQWUX D
QHJRFLDFXJXYHUQHOHVWDWHORUGLQ$QWDQW GHSHSR]L LLFkWPDLIDYRUDELOH
UHFXQRDWHUHDQHFHVLW LLvPSOLQLULLGH]LGHUDWHORUQD LRQDOH


/DVFXUWWLPSGXS FH$XVWUR8QJDULDDGHFODUDWU ]ERL6HUELHL 
LXOLH FRQIODJUD LDDYHDV VHJHQHUDOL]H]HGXS FH*HUPDQLDDGHFODUDWL
HD U ]ERL 5XVLHL  LXOLH DXJXVW  )UDQ HL  LXOLH DXJXVW  %HOJLHL 
LXOLH DXJXVW  GXS  FH 0DUHD %ULWDQLH L GRPLQLRDQHOH DX GHFODUDW U ]ERL
*HUPDQLHL  LXOLH DXJXVW  0XQWHQHJUXO $XVWUR8QJDULHL  LXOLH
DXJXVW )UDQ DL0DUHD%ULWDQLH$XVWUR8QJDULHL LXOLHDXJXVWUHVSHFWLY
LXOLHDXJXVW LDU-DSRQLD*HUPDQLHL DXJXVW 
 
5HFHSWkQGLPSRUWDQ DVWUDWHJLF D5RPkQLHL VWDWHOHFDUHFRQVWLWX
LDX$QWDQWDDXDFFHSWDWQHXWUDOLWDWHDSURFODPDW GHJXYHUQXOURPkQFDL
FHOHGLQ7ULSOD$OLDQ FXWRDWHF DFHVWRUDGLQXUP OHDUILFRQYHQLWPDL
ELQHDQJDMDUHDLPHGLDW vQOXSW D5RPkQLHLGHSDUWHDORU&KLDUGDF QX
DXUHXLWDFHVWOXFUX*HUPDQLDL$XVWUR8QJDULDDXUHFXQRVFXWLQYLROD
ELOLWDWHD IURQWLHUHORU URPkQHWL L VWDWXWXO GH QHXWUDOLWDWH I FkQG vQV  WRW
SRVLELOXOSHQWUXDRUHDGXFHvQDOLDQ VDXFHOSX LQSHQWUXDRvQFDGUDvQWU
XQ EORF EDOFDQLF vPSUHXQ  FX %XOJDULD L 7XUFLD SHQWUX D OH RSXQH
5XVLHL
6SUH D DWUDJH 5RPkQLD vQ U ]ERL :LOKHOP DO ,,OHD D SURSXV
VDWLVIDFHUHDXQRUDGLQWUHUHYHQGLF ULOHURPkQHWLOHJLWLPHLRUJDQL]DUHD
DXWRQRP D7UDQVLOYDQLHLvQV SULPXOPLQLVWUXXQJDUQXDDFFHSWDWGHFkW
XQHOH UHFWLILF UL GH JUDQL  vQ %XFRYLQD 7RW FX HHF VDX VROGDW L
GLVFX LLOH DYXWH GH F WUH 7LV]D FX ,XOLX 0DQLX $OH[DQGUX 9DLGD L
7KHRGRU 0LKDOL vQ VHSWHPEULH  FkQG  SULPXOPLQLVWUX XQJDU D
SURPLV vQ VFKLPEXO FRRSHU ULL DFWLYH D 5RPkQLHL OD U ]ERL DO WXUL GH
3XWHULOH &HQWUDOH  GRDU UHYL]XLUHD OHJLL FRODUH D OXL $SSRQ\LL L
PRGLILFDUHD OHJLL HOHFWRUDOH ,QIOH[LELO D U PDV 7LV]D L OD SUHVLXQLOH
GLSORPD LHL JHUPDQH L DXVWULHFH SULYLQG DFRUGDUHD DPQLVWLHL VLVW ULL
SURFHVHORUGHSUHV vPSRWULYDURPkQLORUDFFHSW ULLQXPLULLXQXLPLQLVWUX
URPkQ vQ JXYHUQXO GH OD %XGDSHVWD L S WUXQGHULL WUXSHORU URPkQH vQ
7UDQVLOYDQLD vQ PRG SDQLF SHQWUX D SURWHMD SURYLQFLD GH WUXSHOH UXVH
&KLDU GDF  XUP UHD L HO PHQ LQHUHD 5RPkQLHL vQ 7ULSOD $OLDQ  7LV]D
GRUHDV VHUHDOL]D]HDFHVWOXFUXI U QLFLRFRQFHVLHFLGRDUSULQSUHVLXQL
I FXWHLQFOXVLYGH%XOJDULDFDUHULGLFDVHSUREOHPDUHYL]XLULLWUDWDWXOXLGH
OD %XFXUHWL Q ILQDO SR]L LD ULJLG  DGRSWDW  GH DXWRULW LOH GH OD
%XGDSHVWD ID  GH 5RPkQLD DYHD V  DFFHOHUH]H RULHQWDUHD SROLWLFLL
JXYHUQXOXLGHOD%XFXUHWLVSUH$QWDQW 



&KHLDYLFWRULHLvPSRWULYD5XVLHLDSUHFLDvPS UDWXOJHUPDQ:LOKHOP
DO ,,OHD OD  VHSWHPEULH   VH DIO  vQ PkLQLOH 5RPkQLHL vQ WLPS FH
FDQFHODUXO 7KHREDOG YRQ %HWPDQQ +ROOZHJ FRQVLGHUD OD  DXJXVW
VHSWHPEULH  F  R HYHQWXDO  DSURSLHUH D 5RPkQLHL GH 5XVLD DU IL
FRPSURPLVJUDYVLWXD LDJHQHUDO DWkWvQ*DOL LDFkWLvQ%DOFDQL

 *HUPDQLD SURPLWHD 5RPkQLHL DFRUGDUHD DXWRQRPLHL SHQWUX URPkQLL
GLQ 7UDQVLOYDQLD VDX D XQXL VWDWXW SROLWLF  %DVDUDELD L VXGXO %XFRYLQHL
]RQHOH6XFHDYDL5 G X L 
 
7UDWDWLYHOH FX $QWDQWD ,QL LDO DSURSLHUHD VD I FXW GH 5XVLD
6'6D]RQRYvQDLQWkQGODVFXUWWLPSGXS HGLQ D&RQVLOLXOXLGH&RURDQ 
GH OD 6LQDLD WH[WXO XQXL SURLHFW GH FRQYHQ LH VHFUHW  UXVRURPkQ  vQ
UHDOLWDWH D IRVW YRUED GH XQ VFKLPE GH VFULVRUL  SULQ FDUH 5XVLD JDUDQWD
LQWHJULWDWHD WHULWRULDO  D 5RPkQLHL vQ VFKLPEXO FRRSHU ULL PLOLWDUH FX
$QWDQWD
,QYRFkQG IDSWXO F  DQJDMDUHD 5RPkQLHL vQ U ]ERL FRQWUDYHQHD
KRW UkULORU DGRSWDWH GH &RQVLOLXO GH &RURDQ  OXkQG vQ FDOFXO SR]L LD
GLIHULW  D JXYHUQHORU IUDQFH] L HQJOH] F URUD OH FRQYHQHD QHXWUDOLWDWHD
5RPkQLHL DFRUGXULOH VHFUHWH vQFKHLDWH vQWUH DFHVWHD L 5XVLD vQWUH
*HUPDQLD L $XVWULD FX %XOJDULD L 7XUFLD SUHFXP L LQVXILFLHQWD
SUHJ WLUHD ULLLDDUPDWHL,,&%U WLDQXDUHIX]DWV DQJDMH]HLPHGLDW
DUDvQU ]ERLQHUHQXQ kQGvQV ODWUDWDWLYHOHSXUWDWHFX5XVLDLFXFHLODO L
SDUWHQHULDLDFHVWHLDGLQ$QWDQW 
'HDOWIHOODVFXUWWLPSvQFRQWH[WXOYLFWRULLORUUXVHWLGHSHIURQWXO
GLQ *DOL LD L GLQ %XFRYLQD 3HWHUVEXUJXO DYHD V L VFKLPEH SR]L LD
)LLQGXL GH DMXQV vQ DFHO FRQWH[W GRDU QHXWUDOLWDWHD ELQHYRLWRDUH D
5RPkQLHL JXYHUQXO UXV D DFFHSWDW FKLDU SULQ $FRUGXO VHFUHW GLQ 
VHSWHPEULH RFWRPEULH  GUHSWXO 5RPkQLHL GH D UHXQL S U LOH GLQ
$XVWUR8QJDULDORFXLWHGHURPkQLvQPRPHQWXOSHFDUHOYDFRQVLGHUD
RSRUWXQLVHREOLJDV VHRSXQ RULF UHLvQFHUF ULGHvQF OFDUHDVWDWX
TXRXOXLWHULWRULDODO5RPkQLHLvQOLPLWHOHIURQWLHUHORUH[LVWHQWHODDFHDGDW 
QSRILGDFDUDFWHUXOXLOLPLWDWDOvQ HOHJHULLURPkQRUXVHGLQWRDPQD
DQXOXLDSROLWLFLLGXSOLFLWDUHDXQRUDGLQWUHFHUFXULOHSROLWLFH DULVWH


 )UDQ D L $QJOLD DFFHSWDVHU  FHUHULOH 5XVLHL SULYLQG VW SkQLUHD
&RQVWDQWLQRSROXOXL L D 6WUkPWRULORU FX FRQGL LD DFFHSW ULL GUHSWXULORU
IUDQFH]HLHQJOH]HvQ2ULHQWXO$SURSLDW

 3ULQ QHXWUDOLWDWHD ELQHYRLWRDUH D 5RPkQLHL 3HWURJUDGXO vQ HOHJHD
VLVWDUHD WUDQ]LWXOXL GH DUPDPHQW L PDWHULL SULPH JHUPDQH F WUH %XOJDULD L
7XUFLD OLPLWDUHD OD PD[LPXP D DSURYL]LRQ ULORU URPkQHWL F WUH VWDWHOH
3XWHULORU &HQWUDOH IDFLOLWDUHD WUDQVSRUWXULORU GH DUPH HFKLSDPHQW L DOWH
PDWHULDOHUXVHF WUH6HUELD

3HODUJ5RPkQLDvQSULPXOU ]ERLPRQGLDOYRO%XFXUHWLSS

3HWHUVEXJXODSURSXVFDGHOLPLWDUHDWHULWRULXOXL%XFRYLQHLvQWUH5XVLD
L5RPkQLDV VHIDF SHED]DSULQFLSLXOXLQD LRQDOLW LORU

&XSULOHMXOvQDLQW ULLDFRUGXOXL6'6D]RQRYDI FXWFXQRVFXWF 5XVLD
YDDS UDLQWHJULWDWHDWHULWRULDO D5RPkQLHLGRDUSULQPLMORDFHGLSORPDWLFH
 
F URUDOHFRQYHQHDR8QJDULHSXWHUQLF vQORFXOXQHL5RPkQLLP ULWHL
FKLDU D XQRUD GLQWUH SROLWLFLHQLL HQJOH]L FDUH GRUHDX PHQ LQHUHD $XVWUR
8QJDULHLFDR]RQ WDPSRQvQFDOHH[SDQVLXQLLVODYLVPXOXLGLSORPD LD
URPkQHDVF DRE LQXWXQVXFFHVGHRVHELWvQVHSWHPEULH
5HOD LLOH FX ,WDOLD $OLDWH SkQ  vQ  vQ FDGUXO 7ULSOHL $OLDQ H
5RPkQLDL,WDOLDDXvQFKHLDWODVHSWHPEULHXQDFRUGVHFUHW
ELODWHUDOSULQFDUHVHDQJDMDXV S VWUH]HQHXWUDOLWDWHDV QRS U VHDVF 
vQDLQWH GH D VH LQIRUPD UHFLSURF FX FHO SX LQ RSW ]LOH vQDLQWH L V  VH
FRQVXOWHvQVLWXD LDvQFDUHVHVFKLPEDFRQWH[WXOLQWHUQD LRQDO&XDFHODL
SULOHM ,WDOLD D UHFXQRVFXW GUHSWXULOH LVWRULFH DOH 5RPkQLHL DVXSUD
7UDQVLOYDQLHL
&RQVXOW ULOHvQWUHUHSUH]HQWDQ LLFHORUGRX JXYHUQHDXFRQWLQXDW
vQ LDQXDULH  FkQG ,,&%U WLDQX D SURSXV vQFKHLHUHD XQXL SDFW GH
DVLVWHQ  PXWXDO  UHFLSURF  &X WRDWH F  DXWRULW LOH GH OD 5RPD DX
FRQVLGHUDWDFHVWGHPHUVFDSUHPDWXUODIHEUXDULHGLQLQL LDWLY 
LWDOLDQ  D IRVW vQFKHLDW XQ QRX DFRUG LWDORURPkQ SHQWUX LQIRUPDUH
UHFLSURF LDVLVWHQ PXWXDO vQFD]GHDWDFDXVWURXQJDUQHSURYRFDW
&RQVLGHUkQGXVHPDUHSXWHUH,WDOLDQXDUHVSHFWDWLQWHJUDOXQHOH
SUHYHGHUL DOH DFRUGXULORU vQFKHLDWH FX 5RPkQLD PDL DOHV SH DFHOHD
UHIHULWRDUH OD LQIRUPDUHD UHFLSURF  vQFKHLQG OD  DSULOLH  OD
/RQGUD XQ DFRUG VHFUHW FX $QWDQWD I U  FD JXYHUQXO URPkQ V  ILH
LQIRUPDW VDX FRQVXOWDW  *HVWXO JXYHUQXOXL GH OD 5RPD L DWLWXGLQHD
VWDWHORU FDUH FRPSXQHDX $QWDQWD DX DWUDV L PDL PXOW DWHQ LD SULPXOXL
PLQLVWUX URPkQ ,,&%U WLDQX DVXSUD SUXGHQ HL FX FDUH WUHEXLD V 
DF LRQH]HvQUHOD LLOHFXYLLWRULLDOLD L
1RLQHJRFLHULFX$QWDQWDQSULP YDUDDQXOXLFkQGVWDWHOH
$QWDQWHL DX I FXW 5RPkQLHL QRL SURSXQHUL GH FRODERUDUH PLOLWDU 
,,&%U WLDQX VD DU WDW vQ SULQFLSLX GH DFRUG vQV  D I FXW FXQRVFXW
DSULOLHPDL F 5RPkQLDQXYDLQWUDvQU ]ERLvQDLQWHGHDLVH



3HODUJ5RPkQLDvQSULPXOU ]ERLPRQGLDOYROSS

 /D VFXUW WLPS GXS  vQFKHLHUHD DFRUGXOXL ELODWHUDO FRORQHOXO 9DVLOH
5XGHDQX VD GHSODVDW OD 5RPD XQGH D I FXW FXQRVFXW  GRULQ D JXYHUQXOXL
URPkQ GH D VH FRQVXOWD vQ WRDWH SUREOHPHOH FX JXYHUQXO LWDOLDQ L D LQWUD
FRQFRPLWHQWvQU ]ERLGHSDUWHD$QWDQWHL&XDFHODLSULOHMJHQHUDOXOURPkQD
DERUGDWSUREOHPDDSURYL]LRQ ULLDUPDWHLURPkQHFXDUPDPHQWLPXQL LL

&XWRDWHDFHVWHDUHJHOH,WDOLHLDLQWHUYHQLWOD3DULVL3HWURJUDGSHQWUX
DFFHSWDUHDUHYHQGLF ULORUURPkQHWL
 
JDUDQWDGHF WUH$QWDQW XQLUHDFX5RPkQLDD%XFRYLQHLSkQ OD3UXWD
7UDQVLOYDQLHLL%DQDWXOXLvQvQWUHJLPHSUHFXPLDXQXLWHULWRULXORFXLW
GH URPkQL vQ YHVW SkQ  vQ DSURSLHUH GH 6HJKHGLQ L GH D L VH DVLJXUD
PXQL LLOHQHFHVDUHQFRQWH[WXOvQFDUHLQWUDUHD,WDOLHLvQU ]ERLHUDFDL
DVLJXUDW  JXYHUQXO UXV QX VD PDL DU WDW vQV  LQWHUHVDW GH DQJDMDUHD
LPHGLDW  D 5RPkQLHL vQ OXSW  FL GRDU vQ PHQ LQHUHD QHXWUDOLW LL L
SULYDUHD*HUPDQLHLGHLPSRUWXULOHURPkQHWL
QIUkQJHULOH vQUHJLVWUDWH GH WUXSHOH UXVH vQ *DOL LD L SUHVLXQLOH
H[HUFLWDWH GH JXYHUQHOH RFFLGHQWDOH GH FHO IUDQFH] vQ VSHFLDO  DX
GHWHUPLQDW JXYHUQXO GH OD 3HWHUVEXUJ V  VH GHFODUH GH DFRUG  PDL
LXQLH FXUHVWDELOLUHDIURQWLHUHLGLQ%XFRYLQDSH3UXWvQVFKLPEXO
LQWU ULL LPHGLDWH D 5RPkQLHL vQ U ]ERL PRGDOLW LOH GH DSURYL]LRQDUH FX
DUPDPHQWLPXQL LLXUPkQGDILVWDELOLWHXOWHULRUvPSUHXQ FX)UDQ DL
0DUHD%ULWDQLH
5 VSXQVXO JXYHUQXOXL URPkQ D IRVW GDW OD  LXQLH  FkQG
,,&%U WLDQXDSUHFL]DWF 5RPkQLDHUDJDWDV VHDQJDMH]HGHILQLWLY
vPSRWULYD $XVWUR8QJDULHL vQ FHO PXOW GRX  OXQL GH OD VHPQDUHD
FRQYHQ LHLSROLWLFHFXVWDWHOH$QWDQWHLLDFRQYHQ LHLPLOLWDUHFDUHWUHEXLD
V  SUHFL]H]H PRGDOLW LOH GH FRRSHUDUH vQ OXSW  L GH DSURYL]LRQDUH FX
PXQL LL /D LQVLVWHQ HOH JXYHUQXOXL IUDQFH] 3HWHUVEXUJXO VD GHFODUDW GH
DFRUG LXOLHDXJXVW FXvQFKHLHUHDFHORUGRX FRQYHQ LLFHUXWH
GHSULPXOPLQLVWUXURPkQFXXUP WRDUHOHFRQGL LLVLVWDUHDDSURYL]LRQ 
ULORU F WUH VWDWHOH 3XWHULORU &HQWUDOH 5XVLD XUPkQG V  YHJKH]H DVXSUD
DFHVWHLREOLJD LLWULPLWHUHDXQXLGHOHJDWPLOLWDUURPkQOD0DUHOH&DUWLHU
*HQHUDO UXV SHQWUX HODERUDUHD FRQYHQ LHL PLOLWDUH vQ FDUH V  VH SUHYDG 
GDWD L FRQGL LLOH DQJDM ULL DUPDWHL URPkQH vQ U ]ERL 1RXO FRQWH[W SROL
WLFRPLOLWDUDGHWHUPLQDWJXYHUQXOURPkQV VROLFLWHDPkQDUHDDQJDM ULL


5RPkQLDvQSULPXOU ]ERLPRQGLDOYROS

 /D  DSULOLH  ,WDOLD D VHPQDW OD /RQGUD XQ WUDWDW VHFUHW FX
$QWDQWD D GHQXQ DW OD  PDL WUDWDWXO FX 3XWHULOH &HQWUDOH GHFODUkQG U ]ERL
$XVWUR8QJDULHLODPDL

/DPDL5D\PRQG3RLQFDUpSUHHGLQWHOH)UDQ HLDDSUHFLDW
F VSULMLQXO5RPkQLHLFRQVWLWXLDRQHFHVLWDWHSHQWUXDOLD LLQRWUL

3HVWHFkWHYD]LOHDUHGXVDFHVWWHUPHQODFLQFLV SW PkQL

QIUkQJHULOHGH]DVWUXRDVHGHSHIURQWLLPLQHQWDDQJDMDUHD%XOJDULHL
GHSDUWHD3XWHULORU&HQWUDOH IDSWXODYHDV VHSURGXF ODDXJXVWVHSWHP
EULHSULQVHPQDUHDWUDWDWXOXLGHDOLDQ LGHDQJDMDUHDWUXSHORUEXOJDUHvQ
OXSWHROXQ PDLWkU]LX 
 
ULL vQ U ]ERL IDSW DFFHSWDW  LXOLH DXJXVW   GH VWDWHOH
$QWDQWHL SULQ 1RWD UHGDFWDW  GH ORUGXO (GZDUG *UH\ PLQLVWUXO GH
([WHUQHEULWDQLF
+RW UkW V  SURPRYH]H R SROLWLF  DQWDQWRILO  vQ SRILGD YLFWRULLORU
vQUHJLVWUDWH SH IURQW GH DUPDWHOH 3XWHULORU &HQWUDOH ,,& %U WLDQX D
GHFODUDW vQQRLHPEULH PLQLVWUXOXLEULWDQLFOD%XFXUHWLF 5RPkQLD
YDSHUPLWHWUDQ]LWDUHDWHULWRULXOXLURPkQHVFGHF WUHWUXSHOHUXVHSHQWUXD
YHQL vQ DMXWRUXO 6HUELHL GDF  PDULOH SXWHUL VH DQJDMDX V  RIHUH JDUDQ LL
vPSRWULYDHYHQWXDOHORUUHSUHVDOLLJHUPDQHDXVWURXQJDUHLEXOJDUHFDUH
V  ILH FRQVHPQDWH vQWUR FRQYHQ LH VSHFLDO  &RQFRPLWHQW LQWUDUHD
5RPkQLHL vQ 5 ]ERL D IRVW FRQGL LRQDW  GH GLVORFDUHD D  GH
PLOLWDULIUDQFH]LLHQJOH]LvQ]RQD6DORQLFGHGHFODQDUHDXQHLRIHQVLYH
UXVHWL vQ *DOL LD L %XFRYLQD GH PDVDUHD GH WUXSH UXVH vQ %DVDUDELD
SHQWUXDILvQP VXU V GHVFXUDMH]H%XOJDULDLV LQWHUYLQ HYHQWXDOvQ
'REURJHD
QDIDU GHYDJLSURPLVLXQLDOLD LLQXDXRIHULWQLPLFFRQFUHW DUXO
1LFRODHDO,,OHDUHFXQRVFkQGODVIkULWXODQXOXLF DUILRJUHHDO 
DQJDMDUHD5RPkQLHLvQU ]ERLvQFRQGL LLOHvQFDUHDUPDWDUXV QXHUDvQ
P VXU V UHLDRIHQVLYD/DDFHDVWDVDXDG XJDWGLYHUJHQ HOHIUDQFRUXVH
SULYLQGDQJDMDUHD5RPkQLHLvQOXSW 
5HWLFHQ D QDOWXOXL FRPDQGDPHQW UXV GH D WULPLWH  GH
PLOLWDUL vQ 'REURJHD SHQWUX D VXV LQH HIRUWXO DUPDWHL URPkQH vQ FD]
GH DWDF EXOJDU D I FXW FD vQ SULP YDUD DQXOXL  WUDWDWLYHOH



5RPkQLDvQSULPXOU ]ERLPRQGLDOYROS

 Q WLPS FH JHQHUDOXO UXV 09 $OH[HHY HIXO 0DUHOXL &DUWLHU *HQHUDO
UXVGRUHDFD5RPkQLDV LPHQ LQ QHXWUDOLWDWHDSHQWUXDQXGLVSHUVDSUHDPXOW
WUXSHOHUXVHJHQHUDOXOIUDQFH]-RVHI-RIIUHXUP UHDFXLQVLVWHQ vQFRQWH[WXOvQ
FDUH WUXSHOH JHUPDQH DVDOWDVHU  9HUGXQXO OD  IHEUXDULH  DWUDJHUHD L
FKLDU REOLJDUHD DFHVWHLD V  LQWUH vQ U ]ERL /D UkQGXL SUHHGLQWHOH 5D\PRQG
3RLQFDUpVHDGUHVDDVWIHO DUXOXL1LFRODHDO,,OHDODIHEUXDULHPDUWLH
)UDQ DHVWHGLVSXV V IDF WRWFHGHSLQGHGHHDSHQWUXDGHWHUPLQDLQWUDUHDvQ
DF LXQHD5RPkQLHL5 VSXQ]kQGXL DUXOG GHDDVLJXU ULF YDIDFHWRWFHHD
FHvLYDVWDvQSXWHUHSHQWUXDDSODQDGLILFXOW LOHFDUHRSUHVFvQFKHLHUHDDFRUGXOXL
PLOLWDUFX5RPkQLD
 
URPkQRUXVHV LQWUHvQLPSDVI U DILvQWUHUXSWHvQV (OHDYHDXV 
ILH UHOXDWH vQ YDU  vQ FRQWH[WXO SUHVLXQLORU H[HUFLWDWH GH )UDQ D L
$QJOLD DWkW DVXSUD 5RPkQLHL FkW L DVXSUD 5XVLHL  L DYHUVPHQWXOXL
RILFLDOLW LORU GH OD 3HWHUVEXUJ  LXQLH LXOLH   F  GDF 
JXYHUQXO URPkQ QX DQJDMD DUD vQ U ]ERL XUPDX D IL DQXODWH WRDWH
vQ HOHJHULOHDQWHULRDUHLQFOXVLYFHOHWHULWRULDOH
Q DFHVWH FRQGL LL ,,& %U WLDQX D I FXW FXQRVFXW F  5RPkQLD
YD LQWUD vQ U ]ERL QXPDL vPSRWULYD $XVWUR8QJDULHL vQ XUP WRDUHOH
FRQGL LLDOLD LLV LDVLJXUHRDSURYL]LRQDUHFRQVWDQW FXDUPDPHQWL
PXQL LL SH vQWUHJXO SDUFXUV DO U ]ERLXOXL SULPXOWUHQFXPXQL LL 
WRQH  XUPkQG D IL OD JUDQL  vQ ]LXD PRELOL] ULL V  GHFODQH]H R
RIHQVLY  FRQFHQWULF  DUPDWD UXV  V  DVLJXUH vQ *DOL LD L %XFRYLQD
FHO SX LQ DOLQLDPHQWXO GLQ LXOLH  V  FRQFHQWUH]H vQ %DVDUDELD L
'REURJHDFHOSX LQGHRDPHQLWUXSHOHDOLDWHV UHLDRIHQVLYD
SHIURQWXOGHOD6DORQLFV QXVHvQFKHLHSDFHVHSDUDW 
QXUPDXQRUQRLSUHVLXQLIUDQFH]HUHYHQGLF ULOHURPkQHWLDXIRVW
DFFHSWDWHGHJXYHUQXOGHOD3HWHUVEXUJODDXJXVWILLQGVHPQD
WHOD%XFXUHWLWUDWDWXOSROLWLFLFRQYHQ LDPLOLWDU 
3UHYHGHULOH WUDWDWXOXL SROLWLF L DOH &RQYHQ LHL PLOLWDUH 7UDWDWXO
SROLWLF JDUDQWD LQWHJULWDWHD WHULWRULDO  D 5RPkQLHL L SUHYHGHD LQWUDUHD
DFHVWHLDvQU ]ERLvPSRWULYD$XVWUR8QJDULHLSkQ ODDXJXVW
FHOH SDWUX SXWHUL  )UDQ D $QJOLD 5XVLD L ,WDOLD  UHFXQRVFkQG GUHSWXO
5RPkQLHLGHDXQLWHULWRULLOHORFXLWHGHURPkQLGLQ$XVWUR8QJDULD$UW



QFDGUXOSROLWLFLLSUXGHQWHSHFDUHRGXFHD,,&%U WLDQXDGHFODUDW
XUP WRDUHOH OD  DSULOLH PDL  Q FH SULYHWH LQWUDUHD 5RPkQLHL vQ
FRQIOLFWXOHXURSHDQSULQFLSLLOHPHOHGLUHFWRDUHVXQWPHUHXDFHOHDSHFDUHOH
DPH[SXVGHMD4DGUXSOHL$OLDQ H1XYUHDXV IDFU ]ERLSHWHULWRULXOPHX
 1X YUHDX V  IDF U ]ERL SH WHULWRULXO EXOJDULORU  1X YUHDX V  IDF U ]ERL
vQDLQWHGHDYHGHDFXRFKLLPHLFHHDFHPLVDSURPLVGHDDYHDPXQL LLFDUH
vPL VXQW QHFHVDUH L WUXSH UXVH FDUH vPL VXQW LQGLVSHQVDELOH vQ 'REURJHD
SHQWUXDP SURWHMDFRQWUDXQHLDJUHVLXQLEXOJDUHvQWLPSFHHXYRLILRFXSDW
vQ DOW  SDUWH 9RL LQWUD vQ U ]ERL DWXQFL FkQG YRL DYHD  DQVH GH D QX IL
]GURELW
 
VWDELOHD YLLWRDUHOH JUDQL H DOH 5RPkQLHL DUW  SUHYHGHD REOLJD LD
DPEHORUS U LGHDQXvQFKHLDSDFHVHSDUDW LDUDUWHJDOLWDWHDvQGUHSWXUL
D5RPkQLHLFXVWDWHOH$QWDQWHLvQWLPSXOSUHOLPLQDULLORULWUDWDWLYHORUGH
SDFH
&RQYHQ LDPLOLWDU VWDELOHDF 5RPkQLDYDSDUWLFLSDODU ]ERLQXPDL
vPSRWULYD $XVWUR8QJDULHL SUHYHGHD FRQGL LLOH FRRSHU ULL PLOLWDUH L
QHFHVLWDWHD GHFL]LHL FRPXQH vQ FD]XO vQFKHLHULL XQXL HYHQWXDO DUPLVWL LX
3ULQVHPQDUHDDFHVWXLGRFXPHQWDOLD LLUHFXQRWHDXLQGHSHQGHQ DRUJDQL
]DWRULF  L GH FRPDQGDPHQW D DUPDWHL URPkQH FRQ LQXWXO L RULHQW ULOH
SODQXOXLGHFDPSDQLHURPkQvLOXDXDQJDMDPHQWXOGHDVSULMLQLRIHQVLYD
DUPDWHLURPkQHvQ7UDQVLOYDQLD DF LRQkQGHQHUJLFSHIURQWXODXVWULDFFX
WUHLGLYL]LL SUHFXPLRSHUD LLOHGHSHFXUVXO'XQ ULLLGLQ'REURJHDGH
DGHFODQDRSXWHUQLF RIHQVLY vQ%DOFDQLSHIURQWXOGHOD6DORQLFFXRSW
]LOH vQDLQWH GH LQWUDUHD 5RPkQLHL vQ U ]ERL L GH D IXUQL]D FRQWUDFRVW
PXQL LLLPDWHULDOGHU ]ERL WRQHSH]L 
'HRVHELW GH LPSRUWDQW SHQWUX 5RPkQLD D IRVW L IDSWXO F  $OLD LL
UHFXQRWHDXGUHSWXOURPkQLORUGHDSDUWLFLSDSHED] GHHJDOLWDWHODWRDWH
FRQVI WXLULOH GH FRPDQGDPHQW FDUH DYHDX FD URO V  GHFLG  GLUHF LLOH
JHQHUDOH GH DF LXQH SH WHDWUHOH GH DF LXQL PLOLWDUH GLQ (XURSD 3HQWUX
DVLJXUDUHDFRODERU ULLLFRRSHU ULLHILFLHQWH5RPkQLDLSXWHULOH$QWDQWHL



$FHVWHDHUDXGHILQLWHDVWIHO/LQLDGHGHPDUFD LHYDvQFHSHSH3UXW
vQWUXQSXQFWDODFWXDOHLIURQWLHUHvQWUH5XVLDL5RPkQLDvQDSURSLHUHGH1RXD
6XOL LYDXUFDGLQQRXGHDOXQJXODFHVWXLIOXYLXSkQ ODIURQWLHUD*DOL LHLOD
FRQIOXHQ D3UXWXOXLFX&HUHPXQFRQWLQXDUHHDYDXUPDIURQWLHUD*DOL LHLLD
%XFRYLQHLLFHDD*DOL LHLLD8QJDULHLSkQ ODSXQFWXO6WRJFRWDGH
DLFLHDYDXUPDOLQLDGHVHSDUD LHDDSHORU7LVDL9LHXSHQWUXDDWLQJH7LVDvQ
VHFWRUXO7UHEXVDvQDPRQWHGHSXQFWXOXQGHHDVHXQHWHFX9LHX'LQDFHVW
SXQFWHDYDFRERUvSHWDOYHJXO7LVHLSkQ ODNPvQDYDOGHFRQIOXHQ DVDFX
6RPHXOO VkQGVDWXO9DVDUVQDPHQ\5RPkQLHL(DYDFRQWLQXDDSRLvQGLUHF LD
VXGVXGYHVWSkQ ODXQSXQFWVLWXDWODNPHVWGHRUDXO'HEUH LQ'LQDFHVW
SXQFWHDYDDWLQJH&ULXOODNPvQDYDOGHFRQIOXHQ DFHORUGRLDIOXHQ LDLV L
&ULXO $OE L &ULXO 5HSHGH  (D VH YD vPSUHXQD DSRL FX 7LVD OD vQ O LPHD
VDWXOXL $OJ\R OD QRUG GH 6HJKHGLQ WUHFkQG OD YHVW GH VDWHOH 2URVKD]D L
%HNHUVDPVRQODNPGHFDUHHDYDIRUPDRPLF FXUE 'HOD$OJ\ROLQLDYD
FRERUvSHWDOYHJXO7LVHLSkQ ODFRQIOXHQ DDFHVWHLDFX'XQ UHDLvQVIkULWYD
XUPDWDOYHJXO'XQ ULLSkQ ODDFWXDODIURQWLHU D5RPkQLHL $SXG5RPkQLDvQ
SULPXOU ]ERLPRQGLDOYROS 
 
XUPDX V  GHWDH]H UHFLSURF SH OkQJ  PDULOH FDUWLHUH JHQHUDOH PLVLXQL
PLOLWDUHGHOHJ WXU LVWDWPDMRU
$WkW WUDWDWXO SROLWLF FkW L FRQYHQ LD PLOLWDU  DX UHSUH]HQWDW XQ
VXFFHV SROLWLF GHRVHELW SHQWUX GLSORPD LD URPkQ  vQ JHQHUDO L SHQWUX
SULPXOPLQLVWUX,,&%U WLDQXvQVSHFLDO0DUHD%ULWDQLH)UDQ D5XVLD
L,WDOLDDFFHSWkQGDSURDSHWRDWHUHYHQGLF ULOHURPkQHWLLQFOXVLYGUHSWXO
SRSRUXOXLURPkQODUHvQWUHJLUHQD LRQDO LQRLOHJUDQL HQDIDUDRE LQHULL
FRQWULEX LHLURPkQHWLODU ]ERLILHFDUHvQV GLQWUHPDULOHSXWHULDYL]DWL
DOWHRELHFWLYHFRUHVSXQ] WRDUHSODQXULORULPHGLDWHLGHSHUVSHFWLY $QJOLD
FRQVWLWXLUHDXQXLREVWDFROvQFDOHDH[SDQVLXQLL5XVLHLvQ%DOFDQL)UDQ D
UHDOL]DUHD XQXL REVWDFRO vQ FDOHD SHQHWUD LHL JHUPDQH vQ %DOFDQL ,WDOLD 
RE LQHUHD XQXL DOLDW vPSRWULYD VODYLORU GLQ %DOFDQL 5XVLD  VFRDWHUHD
5RPkQLHLGHVXELQIOXHQ DJHUPDQ 
$QJDMDUHD 5RPkQLHL vQ U ]ERL 3DUWLFLSDUHD URPkQHDVF  OD SULPD
FRQIODJUD LH PRQGLDO  D DYXW XQ FDUDFWHU GUHSW GH HOLEHUDUH SURIXQG
QD LRQDO L SRSXODU GHFODQDUHD RSHUD LLORU PLOLWDUH vQ SRGLXO WUDQVLOYDQ
GHWHUPLQkQGXQSXWHUQLFHFRXvQ DU LvQWRDWHWHULWRULLOHORFXLWHGHURPkQL
SURYRFkQG XQ LPSDFW GHRVHELW vQ HYROX LD HYHQLPHQWHORU SROLWLFRPLOLWDUH
LQWHUQD LRQDOH IDYRUDELO VWDWHORU $QWDQWHL ,PHGLDW vQV  DUD VD DIODW vQ
FRQIOLFWLFX*HUPDQLDFDUHLDGHFODUDWU ]ERLODDXJXVWFX
7XUFLD DXJXVW L%XOJDULD DXJXVWVHSWHPEULHGXS FHDFHDVWD
DWDFDVHvQ'REURJHD VLWXD LD ULLvQU XW LQGXVHLSULQGLVORFDUHDGHF WUH
3XWHULOH &HQWUDOH D XQRU LPSRUWDQWH IRU H PLOLWDUH SH IURQWXO URPkQHVF
GDWRULW OLSVHLGHUHDF LHDVWDWHORU$QWDQWHL
'HVI XUDW  vQ FRQIRUPLWDWH FX SUHYHGHULOH SODQXOXL GH FDPSDQLH
RIHQVLYD VWUDWHJLF  vQ 7UDQVLOYDQLD D IRVW vQFXQXQDW  LQL LDO FX VXFFHV
WUXSHOH URPkQH  GLQ IRU D FRPEDWLY  D ULL  DMXQJkQG SH FXUVXO
PLMORFLXDO0XUHXOXLLSHFHOVXSHULRUDO2OWXOXL
6LWXD LD GLILFLO  GH SH IURQWXO GH VXG RIHQVLYD LQDPLF  GLQ
'REURJHD vQIUkQJHUHD GH OD 7XUWXFDLD HHFXO PDQHYUHL GHOD) PkQGD
SHULFROXOFHSODQDDVXSUD&DSLWDOHLHWF LQDFWLYLWDWHDDOLD LORUSHIURQWXO
GHOD6DORQLFQHUHVSHFWDUHDLQWHJUDO DDQJDMDPHQWHORUOXDWHGHDFHWLDL
DO LIDFWRULDXI FXWFDvQDLQWDUHDvQSRGLXOWUDQVLOYDQV ILHRSULW WUXSHOH
URPkQHILLQGUHVSLQVHDSRLvQWUHF WRULOHPRQWDQHXQGHDXIRVWDQJDMDWH
DPSOHLDSULJLE W OLLFRQWLQXDWHODVXGGHPXQ LLvQ'REURJHD
&X WRDWH F  R PDUH SDUWH D WHULWRULXOXL QD LRQDO SHVWH  
NPS'REURJHD 2OWHQLD 0XQWHQLD LQFOXVLY &DSLWDOD FX SHVWH  PLOL
 
RDQHGHORFXLWRUL DIRVWRFXSDW GHF WUHLQDPLF3XWHULOH&HQWUDOHQXDX
UHXLW V  VFRDW  5RPkQLD GLQ U ]ERL GHRDUHFH UHJHOH JXYHUQXO DXWR
ULW LOH LQVWLWX LLOH SULQFLSDOH DOH VWDWXOXL DUPDWD URPkQ  L R SDUWH GLQ
SRSXOD LHVDXUHWUDVvQ0ROGRYD vQFHSkQGFXQRLHPEULHGHFHPEULH
 XQGHIURQWXODIRVWVWDELOL]DW
5HGXV  OD WHULWRULXO 0ROGRYHL GLQWUH &DUSD L L 3UXW 5RPkQLD D
FRQWLQXDW V  U PkQ  SXWHUH EHOLJHUDQW  KRW UkW  L UH]LVWH L V  UHLD OD
PRPHQWXO RSRUWXQ DF LXQLOH RIHQVLYH HOLEHUDWRDUH GHL WHULWRULXO OLEHU
UHGXVFDVXSUDID VHDIODvQWURVLWXD LHH[WUHPGHGLILFLO PDUHDJORPH
UDUHGHLQVWLWX LLvQWUHSULQGHULHYDFXDWHDUPDWDUHGXV  FLUFDGH
PLOLWDUL  SHVWH  PLOLRDQH GH UHIXJLD L DSURDSH  GH PLOLWDUL
UXLHSLGHPLHWLIRVH[DQWHPDWLFLDOWHEROLFDUHDXSURYRFDWVXWHGHPLL
GHSLHUGHULGHYLH LRPHQHWL
&X WRDWH DFHVWHD UHJHOH )HUGLQDQG , JXYHUQXO L QDOWXO
FRPDQGDPHQW URPkQ DX GHFODQDW R DPSO  DF LXQH GH UHRUJDQL]DUH D
DUPDWHL FX VSULMLQXO 0LVLXQLL 0LOLWDUH )UDQFH]H FRQGXV  GH JHQHUDOXO
+0 %HUWKHORW L GH SUHJ WLUH D YLLWRDUHORU RSHUD LL PLOLWDUH RIHQVLYH
3ODQXULOH DX IRVW LQIOXHQ DWH vQV  GH HYHQLPHQWHOH GLQ 5XVLD GLQ
IHEUXDULHPDUWLHFkQGDIRVWvQO WXUDWUHJLPXO DULVWQRXOJXYHUQL
6WDYND OLPLWkQG L FKLDU DPkQkQG GHFODQDUHD DF LXQLORU RIHQVLYH GH
DPSORDUH
Q ILQDO FRQIRUP 3ODQXOXL GH FDPSDQLH SHQWUX  VD
GHVI XUDW RSHUD LD RIHQVLY  GH OD 0 U WL  LXOLH   LXOLH
DXJXVW   ILQDOL]DW  FX R YLFWRULH VWU OXFLWRDUH FX LPSRUWDQWH
XUP ULVWUDWHJLFHSHQWUXGHVI XUDUHDXOWHULRDU DFDPSDQLHLSHIURQWXO
URPkQHVFQWUHDFHVWHDVDVLWXDWLGHFL]LDFRPDQGDPHQWXOXLLQDPLF
GHDVFRDWH5RPkQLDGLQU ]ERLSULQGRX ORYLWXULVWUDWHJLFHRULHQWDWH
FRQYHUJHQW GLQVSUH VXG L QRUG UH]XOWkQG DVWIHO SHQWUX URPkQL
RSHUD LLOHGHDS UDUHGHOD0 U HWL LXOLHDXJXVWDXJXVW
  L 2LWX]  LXOLH DXJXVW   DXJXVW   DPEHOH
ILQDOL]DWHPDJLVWUDO



5HIHULQGXVHODDFHVWOXFUXJHQHUDOXO/XGHQGRUIIFRQVHPQD1RLDP
E WXW DUPDWD URPkQ  GDU QDP SXWXW VR QLPLFLP &X WRDW  YLFWRULD QRDVWU 
DVXSUD DUPDWHL URPkQH QRL HUDP PDL VODEL FD vQDLQWH vQ FHHD FH SULYHWH
GHVI XUDUHDJHQHUDO DU ]ERLXOXL
 

QVHPQ WDWHD VWU OXFLWHORU YLFWRULL URPkQHWL GLQ YDUD DQXOXL
LHVHPDLELQHvQHYLGHQ GDF OHUDSRUW PODSODQXULOHJHUPDQR
UXVRDXVWURXQJDUH GLQ FDGUXO GLVFX LLORU VHFUHWH SHQWUX vQFKHLHUHD
S FLLFDUHSUHYHGHDXvPS U LUHD5RPkQLHLvQWUH$XVWUR8QJDULD5XVLD
L %XOJDULD DVWIHO vQFkW DFHDVWD V  U PkQ  FRQIRUP DSUHFLHULL OXL
2WWRNDU&]HUQLQXQVWDWPLFX GXS PRGHOXO0RQDFRXOXLODJXULOH
'XQ ULL
2FXSD LD 3XWHULORU &HQWUDOH Q XUPD vQIUkQJHULORU PLOLWDUH vQUH
JLVWUDWHSHIURQWvQLDUHWUDJHULLJXYHUQXOXLLDXWRULW LORUURPkQH
vQ 0ROGRYD vQ WHULWRULXO RFXSDW GH OD VXG GH 6LUHW &RPDQGDPHQWXO
0DFNHQVHQ FDUH VW SkQHD WUHL S WULPL GLQ VXSUDID D 5RPkQLHL D WUHFXW
UDSLG OD VXERUGRQDUHD DXWRULW LORU ORFDOH L OD H[SORDWDUHD ULL FRQ
GXFHUHD HIHFWLY  D DGPLQLVWUD LHL GH RFXSD LH ILLQG vQFUHGLQ DW  OD 
GHFHPEULHJHQHUDOXOXL7OIIYRQ7VFKHSSHXQG:HLGHQEDFKFDUHD
FRODERUDWFXFkWHXQUHSUH]HQWDQWDO$XVWUR8QJDULHL%XOJDULHLL7XUFLHL
'LQSXQFWGHYHGHUHDGPLQLVWUDWLYWHULWRULXOURPkQHVFRFXSDWD
IRVW vPS U LW vQ SDWUX ]RQH PLOLWDUH WHULWRULXO DGPLQLVWUD LHL JHUPDQH
2OWHQLD L 0XQWHQLD PDL SX LQ MXGH HOH %X] X %U LOD L 5kPQLFX
6 UDW ]RQDHWDSHORU vQOXQJXOUkXOXL%X] XGHOD&XUEXUD&DUSD LORU
SkQ  OD 'XQ UH  FX URO GH DSURYL]LRQDUH D WUXSHORU GH SH IURQW ]RQD
$UPDWHLGHRSHUD LL MXGH HOH%X] X3XWQDL%U LOD 'REURJHD FX
DGPLQLVWUD LHVHSDUDW FRQGXV VXEIRUP GHFRQGRPLQLXPJHUPDQR
DXVWURXQJDUEXOJDULWXUF 



 5HIHULQGXVH OD DFHOHDL SODQXUL DQH[LRQLVWH 2WWRNDU &]HUQLQ PDL
FRQVHPQDXUP WRDUHOHvQWUXQ0HPRULXWULPLVvQPDLvPS UDWXOXL&DURO
1RL WUHEXLH V  RE LQHP 5RPkQLD 9RP OXD 0XQWHQLD L WRDW  0ROGRYD SkQ  OD
6LUHW3DUWHDGHU V ULWD0ROGRYHLYRLPVRRIHULP5XVLHLLvQDFHDVWDY GHXR
XXUDUHDS FLL'REURJHDYHFKHWUHEXLHV UHYLQ %XOJDULHLLDUPLFDSRU LXQHFH
PDLU PkQHRO V P5RPkQLHL&XDFHDVWDvPSOLQLPvQGRLWXOVFRSFDV YkUkPR
SDQ vQWUH5XVLDL%XOJDULDLV QHDS U PVW SkQLUHDJXULORU'XQ ULL

3HODUJ5RPkQLDvQSULPXOU ]ERLPRQGLDOYROSS
 
QFHLGRLDQLGHRFXSD LHJHUPDQ DYX LDQD LRQDO DIRVWMHIXLW 
VLVWHPDWLF LDU SRSXOD LD OLSVLW  GH FHOH PDL HOHPHQWDUH GUHSWXUL
FHW HQHWL
7RDWHDFHVWHDDXGHFODQDWLLQWHQVLILFDWOXSWDURPkQLORUSHQWUX
DL UHFkWLJD OLEHUWDWHD L vQ ILQDO DL GHV YkUL XQLWDWHD QD LRQDO
VWDWDO $WHSWkQGPRPHQWXOUHLQWU ULLvQOXSW DO WXULGHDOLD LDXWRULW LOH
URPkQHDXGHVI XUDWVXEVWULFWDVXSUDYHJKHUHDLQDPLFXOXLRLQWHQV 
DFWLYLWDWHGHFRQVHUYDUHDIRU HLGHDS UDUHD ULLLGHSUHJ WLUHvQYHGHUHD


2UJDQHOHVSHFLDOHGHFRQGXFHUHDDFHVWRU]RQH 6WDWXOPDMRUHFRQRPLF
&RPLVLDHFRQRPLF PL[W GLQ5RPkQLD3ROL LDDGPLQLVWUDWLY PLOLWDU D LDX
SUHOXDWDWULEX LLOHFXUDSLGLWDWHHPL kQGRUGRQDQ HFXFDUDFWHUREOLJDWRULXXUPDWH
vQFD]GHQHvQGHSOLQLUHGHVDQF LXQLDVSUH DPHQ]LvQFKLVRDUHLFKLDUSHGHDSVD
FDSLWDO  WUHFkQG FRQFRPLWHQW OD H[SORDWDUHD HFRQRPLF  D WHULWRULXOXL URPkQHVF
RFXSDW OD SUHOXDUHD ERJ LLORU L H[SHGLHUHD ORU vQ *HUPDQLD FX SUHF GHUH OD
LQWHQVLILFDUHD SURGXF LHL vQ VSHFLDO vQ GRPHQLXO DJUDU SHWUROLIHU L FDUERQLIHU
SULQIRORVLUHDPXQFLLIRU DWHLDSUL]RQLHULORUGHU ]ERL LODWULPLWHUHDEXQXULORU
vQ 5HLFK &RQFRPLWHQW DX IRVW VHFKHVWUDWH ULGLFDWH L WUDQVSRUWDWH WRW vQ
*HUPDQLDLQVWDOD LLLQGXVWULDOHPDWHULLSULPHLSURGXVHILQLWHQFDGUXODFHOXLDL
SURFHV GH H[SORDWDUH HFRQRPLF  D 5RPkQLHL DX IRVW KU QLWH WUXSHOH RSHUDWLYH
DIODWH vQ DU    GH RDPHQL vQ  7HULWRULXO URPkQHVF D PDL IRVW
H[SORDWDW L SULQ HPLWHUHD GH QRL EDQFQRWH OHL GH RFXSD LH  GH F WUH %DQFD
*HUPDQ GLQ%XFXUHWL GHYHQLW vQUHDOLWDWHRILOLDO DE QFLLJHQHUDOH'LVNRQWR
*HVHOOVFKDIWGLQ%HUOLQ I U DFRSHULUHvQDXUIDSWFDUHDGH]RUJDQL]DWFLUFXOD LH
PRQHWDU  L D DFFHQWXDW LQIOD LD vQ SHULRDGD SRVWEHOLF  Q DFWLYLWDWHD ORU WUXSHOH
JHUPDQH DX LQWHUYHQLW EUXWDO L vQ YLD D SXEOLF  D DXWRULW LORU L FHW HQLORU
RUDHORU L VDWHORU URPkQHWL VXVSHQGkQG WHPSRUDU FXUVXULOH GLQ vQY PkQWXO
HOHPHQWDUPHGLXLVXSHULRULDXUHFKL]L LRQDWORFDOXULOHFROLORULIDFXOW LORU
DXHYDFXDWU QL LLLEROQDYLLURPkQLGLQVSLWDOHOHURPkQHWLWUDQVIRUPkQGXOHvQ
OD]DUHWHJHUPDQH&RQFRPLWHQWSRSXOD LDFLYLO GHODDQLvQVXVDIRVWREOLJDW 
V VHSUH]LQWHOXQDUSHQWUXFRQWUROLYL] ODELURXULVSHFLDOHvQFD]FRQWUDUILLQG
VXSXV  OD SODWD XQHL DPHQ]L GH   GH P UFL VDX OD vQFKLVRDUH GH SkQ  OD 
OXQL3HQWUX D VXSUDYHJKHD FkW PDL ELQH DFWLYLWDWHD SRSXOD LHL URPkQHWL L D
FHQ]XUD SUHVD WLS ULWXULOH ILOPHOH L SLHVHOH GH WHDWUX DGPLQLVWUD LD PLOLWDU 
JHUPDQ DGLVSXVGHXQDSDUDWSROL LHQHVFXUEDQLUXUDOFDUHDDF LRQDWLQFOXVLY
vQ GRPHQLXO SROLWLF VSLRQkQG DUHVWkQG L MXGHFkQG vQ WULEXQDOH VSHFLDOH
SHUVRDQHOH FDUH VH RSXQHDX RFXSD LHL VDX DYHDX R DWLWXGLQH L PDQLIHVW UL
DQWDQWRILOH 3HQWUX SHUVRDQHOH FLYLOH DUHVWDWH SUL]RQLHULL GH U ]ERL URPkQL L D
DOWRUFDWHJRULLDXIRVWFRQVWLWXLWHDSWHODJ UHSULQFLSDOHLVHFXQGDUH
 
vPSOLQLULL GH]LGHUDWHORU QD LRQDOH SUHY ]XWH vQ WUDWDWXO SROLWLF GLQ 
QWUH IRUPHOH GH UH]LVWHQ  ID  GH RFXSD LD JHUPDQ  VDX QXP UDW
QHVXSXQHUHD OD LQVWLWXLUHD PXQFLL IRU DWH PDMRULWDWHD FHORU   GH
SHUVRDQH DPHQGDWH DUHVWDWH VDX FRQGDPQDWH OD vQFKLVRDUH I FkQGXVH
YLQRYDWH GH DFHVW OXFUX VDERWDUHD SURGXF LHL L DSURYL]LRQ ULL WUXSHORU
JHUPDQHLQFHQGLHUHDXQRUGHSR]LWHVDXXQLW LHFRQRPLFRLQGXVWULDOHLP
SRUWDQWH SHQWUX LQDPLF UHIX]XO GH D SUHGD SURGXVHOH VXSXVH
UHFKL]L LRQ ULLGLVWUXJHUHDOLQLLORUGHFDOHIHUDW DOLQLLORUWHOHJUDILFHVDX
WHOHIRQLFHDWLWXGLQHDRVWLO ID GHRFXSDQWLDF LXQLGHSURWHVWXQHOHGH
DPSORDUHDF LXQLDOHJUXSHORUGHSDWULR LLOXSWDGHSDUWL]DQLHWFWRDWH
DFHVWHD FRQWULEXLQG OD VXV LQHUHD PRUDOXOXL QD LXQLL URPkQH L OD
VXEPLQDUHDRFXSD LHLJHUPDQH
$UPLVWL LXO GH OD )RFDQL 'HFL]LD JXYHUQXOXL VRYLHWLF UH]XOWDW vQ
XUPD YLFWRULHL UHYROX LHL EROHYLFH GLQ RFWRPEULH  RFWRPEULH
QRLHPEULH   GH D VHPQD FX *HUPDQLD L DOLD LL HL DUPLVWL LXO GH OD
%UHVW/LWRYVN QRLHPEULHGHFHPEULH LGHDvQFHSHGLVFX LLOH
SHQWUXvQFKHLHUHDWUDWDWXOXLGHSDFHvQDFHHDLORFDOLWDWH GHFHPEULH
 DFUHDWXQGH]HFKLOLEUXvQWUH$QWDQW L3XWHULOH&HQWUDOHLDI FXW
FD5RPkQLDV ILHL]RODW GHDOLD LV GHYLQ GHSHQGHQW GHGHSR]LWHOHGH
SURYL]LLLPXQL LLGLQ8FUDLQDFDUHODUkQGXL FDL5XVLD vLHUDRVWLO 
Q SOXV vQ 0ROGRYD JXYHUQXO URPkQ HUD FRQIUXQWDW FX DFWHOH
DQDUKLFHDOHWUXSHORUUXVHDIODWHvQUHWUDJHUH FLUFDGHPLOLWDUL 
SUHFXP L FX H[WLQGHUHD FRQIOLFWHORU DUPDWH vQWUH VXV LQ WRULL QRLL SXWHUL
VRYLHWLFH L DGYHUVDULL HL 0DL PXOW JHQHUDOXO '*6FHUEDFHY
FRPDQGDQWXODGMXQFWDO)URQWXOXLURPkQDDQXQ DWSHUHJHOH)HUGLQDQG,
L SH ,,&%U WLDQX F  D FRQYHQLW FX IHOGPDUHDOXO $XJXVW YRQ
0DFNHQVHQ vQFKHLHUHD RILFLDO  D VW ULL GH U ]ERL vQWUH WUXSHOH UXVH L
JHUPDQHSHIURQWXOGLQ0ROGRYD
QWUXQDVHPHQHDFRQWH[WODFDUHVDXDG XJDWFRQVRO ULOHW FHUHD
VDX DPHQLQ ULOH DOLD LORU JXYHUQXO URPkQ VD Y ]XW REOLJDW V  DFFHSWH
vQFHWDUHD YUHPHOQLF  D DF LXQLORU PLOLWDUH KRW UkQG vQ XQDQLPLWDWH 
QRLHPEULHGHFHPEULH F DUPLVWL LXOHVWHLPSXVGHXQFD]GHIRU 
PDMRU LF HOYDDYHDXQFDUDFWHUSXUPLOLWDULQXSROLWLF&XSX LQWLPS
vQDLQWH QRLHPEULH ,,&%U WLDQXSUHFL]DVHvQWUXQ0HPRULX
vQDLQWDWDOLD LORUF vQWURDVHPHQHDHYHQWXDOLWDWH5RPkQLDYDFRQWLQXDV 


5RPkQLDvQSULPXOU ]ERLPRQGLDOYROS
 
VH FRQVLGHUH DOLDWD DFHVWRUD F  OD PRPHQWXO RSRUWXQ DUPDWD URPkQ  YD
UHOXDOXSWD3HQWUXDQXILDQJDMDWGLUHFWvQWUDWDWLYHUHJHOH)HUGLQDQG,D
vQFUHGLQ DWSURYL]RULXFRPDQGDDUPDWHLJHQHUDOXOXL&RQVWDQWLQ3UH]DQL
DVWDELOLWFRPSRQHQ DGHOHJD LHLFDUHXUPDV QHJRFLH]HFXUHSUH]HQWDQ LL
3XWHULORU&HQWUDOH
QFHSXWHOD7HFXFL QRLHPEULHGHFHPEULH QHJRFLHULOHDX
IRVWILQDOL]DWHOD)RFDQL QRLHPEULHGHFHPEULH XQGHVDGHFLV
FDDUPDWDURPkQ V vQFKHLHXQDUPLVWL LXSURYL]RULXFXDFHHDLGXUDW GH
YDODELOLWDWHFDLFHOvQFKHLDWvQWUHIRU HOHUXVHLJHUPDQRDXVWURXQJDUH
$UPLVWL LXO D SURYRFDW QHPXO XPLUHD JXYHUQHORU DOLDWH FDUH QX DX
vQ HOHVLQL LDOVLWXD LDJUHDvQFDUHVHDIOD5RPkQLD0DLPXOWHOHDXI FXW
SUHVLXQL SHQWUX UHWUDJHUHD DUPDWHL URPkQH L FRQWLQXDUHD OXSWHL vQ VXGXO
5XVLHLvQFRODERUDUHFXWUXSHOHDIODWHODGLVSR]L LD5DGHLXFUDLQHQHLFX
WUXSHOH UXVH FRQWUDUHYROX LRQDUH FRQIRUP SODQXOXL VFKL DW GH JHQHUDOXO
+0%HUWKHORW
$FHDVWDvQSRILGDIDSWXOXLF UHSUH]HQWDQ LL)UDQ HL$QJOLHL,WDOLHL
L6WDWHORU8QLWHDOH$PHULFLLvQ5RPkQLDSUHFL]DXvQWUR1RW FROHFWLY 
F 5RPkQLDLDvQGHSOLQLWFXORLDOLWDWHDQJDMDPHQWHOH0DLPXOWPLQLV
WUXO IUDQFH] 3LFKRQ D vQWLLQ DW JXYHUQXO URPkQ F  WRDWH DQJDMDPHQWHOH
OXDWHvQPRPHQWXOLQWU ULLVDOHvQU ]ERLYRUILPHQ LQXWH
'HOD$UPLVWL LXOD3DFH5HVSLQJkQGDFHVWHFHUHULDOHDOLD LORUFDUH
SXQHDXvQSHULFROILLQ DVWDWDO LSURFHVXOGHI XULUHDXQLW LLQD LRQDOH
vQWUXQ FRQWH[W vQ FDUH PLFDUHD XQLRQLVW  GLQ %DVDUDELD OXD DYkQW
&RQVLOLXOGH&RURDQ DGHFLVODGHFHPEULHLDQXDULHFD
WUXSHOH V L FRQVROLGH]H SR]L LLOH GH LQXWH SH WHULWRULXO QD LRQDO L V  VH
SUHJ WHDVF SHQWUXFRQWLQXDUHDOXSWHL
QWUH WLPS DX FRQWLQXDW SUHVLXQLOH 3XWHULORU &HQWUDOH DVXSUD
5RPkQLHLFDLSHULFROXOGLQSDUWHDWUXSHORUUXVHFDUHVHFRQIUXQWDXvQWUH
HOHvQFRQWH[WXOU ]ERLXOXLFLYLOIDSWFDUHDGHWHUPLQDWJXYHUQXOURPkQV 
LD P VXUL GH HYDFXDUH D DFHVWRUD L GH LQVWLWXLUH D FRQWUROXOXL GHSOLQ
DVXSUDWHULWRULXOXLURPkQHVFGLQ0ROGRYD


 3UHWHQ LLOH8FUDLQHLID GHWHULWRULLOHURPkQHWLGLQHVWXO ULLI FHDX
LPSRVLELO RDVHPHQHDFRRSHUDUH

,QVLVWkQGSHDFHDVWDWHP IUDQFH]LLLHQJOH]LLDXVHPQDWOD3DULVOD
GHFHPEULHRFRQYHQ LHSULQFDUH)UDQ DVHDQJDMDV RUJDQL]H]HUH]LVWHQ D
5RPkQLHLvQVXGXO5XVLHL
 
&RQVLGHUkQG DFHDVW  P VXU  GH DXWRDS UDUH FD ILLQG vQGUHSWDW 
vPSRWULYDUHYROX LHLUXVHJXYHUQXOVRYLHWLFDWULPLVJXYHUQXOXLURPkQOD
 GHFHPEULH  LDQXDULH  R 1RW  XOWLPDWLY  FDUH DYHD
FDUDFWHUXO XQHL GHFODUD LL GH U ]ERL XUPDW  GH DUHVWDUHD WHPSRUDU  D
PLQLVWUXOXLURPkQOD3HWURJUDG&RQVWDQWLQ'LDPDQG\LDUHVWXOXLSHUVR
QDOXOXLGLSORPDWLFLPLOLWDUURPkQ
&kWHYD]LOHPDLWkU]LX LDQXDULH &RQVLOLXO&RPLVDULORU
SRSRUXOXL D GHFLV vQWUHUXSHUHD WHPSRUDU  D UHOD LLORU GLSORPDWLFH FX
5RPkQLDWULPLWHUHDvQ DU DSHUVRQDOXOXLGLSORPDWLFLPLOLWDULVHFKHV
WUDUHDIRQGXOXLURPkQHVFGHDXU WH]DXUXO GHSXVOD0RVFRYDvQED]D
XQRU FRQYHQ LL vQFKHLDWH FX JXYHUQXO UXV vQ  &RQFRPLWHQW D
IRVW vQFKLV L &RQVXODWXO URPkQ GH OD 2GHVVD VHFKHVWUDWH EXQXULOH
URPkQHWLGLQRUDLLQWHU]LV H[SHGLHUHDDYDJRDQHFXDUPDPHQWL
PXQL LLDIODWHvQGUXPVSUH5RPkQLD
Q DFHODL WLPS OD  IHEUXDULH  5XPFHURGXO  RUJDQLVP
SROLWLFFDUHUHSUH]HQWDSXWHUHDVRYLHWLF vQ8FUDLQDDWULPLVJXYHUQXOXL
URPkQ XQ 8OWLPDWXP SULQ FDUH FHUHD UHWUDJHUHD vQ  GH RUH D WUXSHORU
URPkQHFDUHDXRFXSDWWHULWRULXO5HSXEOLFLL)HGHUD LHL5XVHFXWRDWHF 
5RPkQLD QX DYHD JUDQL  FRPXQ  FX DFHDVWD FL FX 5HSXEOLFD
'HPRFUDWLF 0ROGRYHQHDVF SURFODPDW ODLDQXDULHIHEUXDULH
GH6IDWXO ULLVWDWLQGHSHQGHQWLVXYHUDQ
/D WRDWH DFHVWHD VDX DG XJDW SUHVLXQLOH 3XWHULORU &HQWUDOH SHQWUX
vQFKHLHUHD XQHL S FL VHSDUDWH FX 5RPkQLD L OLSVD GH vQ HOHJHUH vQ DFHVW
VHQVDJXYHUQHORUDOLDWHFDUHQXUHFXQRWHDXVLWXD LDGUDPDWLF vQFDUHVH
DIOD5RPkQLDvQDFHOHPRPHQWHLFRQVLGHUDXF IURQWXOGLQVXGXO5XVLHL
SXWHDILvQF PHQ LQXW
Q DFHVW FRQWH[W ,,&%U WLDQX D I FXW FXQRVFXW JHQHUDOXOXL +0
%HUWKHORW  LDQXDULH IHEUXDULH   F  GHL R HYHQWXDO  SDFH FX
3XWHULOH&HQWUDOHvLUHSXJQDQXDYHDDOW VROX LHGHFkWDLQWUDvQQHJRFLHUL
FX*HUPDQLDLDOHIDFHV GXUH]HFkWPDLPXOWSRVLELOvQDWHSWDUHDXQXL
HYHQLPHQWQRXFDUHV SHUPLW UHOXDUHDOXSWHLDO WXULGHDOLD L$OWIHOPDL
SUHFL]DSULPXOPLQLVWUXURPkQvQWUHDJD DU DUILIRVWRFXSDW GHJHUPDQL
U PkQkQG R 5RPkQLD DQHPLF  I U  GUHSWXUL I U  JXYHUQ IDYRUDELO
$QWDQWHLvQPkLQLOHJHUPDQRILOLORUU PDLOD%XFXUHWL


3HUVRQDOXOGLSORPDWLFLPLOLWDUURPkQDIRVWHOLEHUDWSHVWHGRX ]LOH
FDXUPDUHDSURWHVWXOXLPLVLXQLORUGLSORPDWLFHVWU LQHGHOD3HWURJUDG
 
/D VFXUW WLPS  LDQXDULH IHEUXDULH   3XWHULOH &HQWUDOH DX
vQDLQWDW JXYHUQXOXL URPkQ XQ 8OWLPDWXP SULQ FDUH FHUHDX vQFHSHUHD vQ
GHFXUVGHSDWUX]LOHDQHJRFLHULORUvQYHGHUHDvQFKHLHULLXQHLS FLVHSDUDWH
3HQWUX D WHUJLYHUVD WULPLWHUHD U VSXQVXOXL OD XOWLPDWXPXO PHQ LRQDW
,,&%U WLDQX D GHPLVLRQDW OD  LDQXDULH IHEUXDULH  1RXO
JXYHUQFRQGXVGHJHQHUDOXO$OH[DQGUX$YHUHVFXDOXDWFXQRWLQ vQWUH
IHEUXDULHGLQGLVFX LLOHDYXWHOD%XIWHDFX$XJXVWYRQ
0DFNHQVHQ 2WWRNDU &]HUQLF L 5LVFKDUG YRQ .KOPDQQ GH FRQGL LLOH
H[WUHPGHGXUHSXVHGHDFHWLDvQWUHFDUHSHSULPSODQVDVLWXDWFHGDUHD
'REURJHL
6LWXD LD 5RPkQLHL D IRVW DJUDYDW  L SULQ IDSWXO F  vQ &HOH 
SXQFWHGLQGHFHPEULHLDQXDULHSUHHGLQWHOHDPHULFDQ
:RRGURZ :LOVRQ QX D DPLQWLW QLPLF GHVSUH GUHSWXULOH OHJLWLPH DOH
URPkQLORU GLQ $XVWUR8QJDULD 0DL PXOW QHGRULQG V L LD
DQJDMDPHQWH ID  GH 5RPkQLD JXYHUQXO DPHULFDQ D UHIX]DW OD 
IHEUXDULHV DGHUHODGHFODUD LDFRPXQ LQL LDW GH)UDQ DLGH
$QJOLD SULQ FDUH V  VH UHFXQRDVF  vQF  RGDW  SURPLVLXQLOH I FXWH
5RPkQLHLvQ
/XkQGvQFRQVLGHUDUHIDSWXOF vQFD]GHUHIX]DUPDWDURPkQ QXDU
PDLILSXWXWRSXQHGHFkWRVFXUW UH]LVWHQ DDFXPDSUHFLDJHQHUDOXO
$OH[DQGUX $YHUHVFX F  PXQL LLOH L VXE]LVWHQ HOH HUDX FX WRWXO
LQVXILFLHQWH&RQVLOLXOGH&RURDQ vQWUXQLWODIHEUXDULHPDUWLHL
IHEUXDULHPDUWLHDGHFLVODSURSXQHUHDOXL,,&%U WLDQXV DFFHSWHvQ
EORF FRQGL LLOH S FLL LPSXVH GH 3XWHULOH &HQWUDOH SHQWUX DL VXEOLQLD
PDLPXOWFDUDFWHUXOGHGLFWDW
QFRQWH[WXOvQFDUHUHSUH]HQWDQ LL3XWHULORU&HQWUDOHDXvQDLQWDWQRL
FHUHUL XOWLPDWLYH H[WUHP GH JUHOH UHFWLILF UL GH JUDQL  VSUH $XVWUR
8QJDULDGHPRELOL]DUHDDFLQFLGLYL]LLURPkQHHWF &RQVLOLXOGH&RURDQ 
vQWUXQLWGLQQRXODIHEUXDULHPDUWLHDGHFLVFDSDFHDV QXILH


 6LWXD LD D GHYHQLW GUDPDWLF  GXS  vQFKHLHUHD WUDWDWHORU GH SDFH FX
8FUDLQD  LDQXDULH IHEUXDULH   L 5HSXEOLFD 6RYLHWLF  )HGHUDWLY 
5XV  IHEUXDULHPDUWLH IDSWFDUHDGHWHUPLQDWS WUXQGHUHDWUXSHORU
JHUPDQH vQ DGkQFLPHD WHULWRULXOXL VRYLHWLF vQ VSDWHOH GLVSR]LWLYXOXL GH OXSW 
URPkQHVF

8OWHULRUSURJUDPXOSUHHGLQWHOXL:LOVRQDVXIHULWPRGLILF ULvQVHQVXO
UHFXQRDWHULLGUHSWXOXLGHDXWRGHWHUPLQDUHDURPkQLORUGLQ$XVWUR8QJDULD
 
QHJRFLDW UHJHOH)HUGLQDQGV QXVHPQH]HWUDWDWXOFHXUPDV ILHvQFKHLDW
LDU 3DUODPHQWXO V  QXO UDWLILFH $VWIHO D GRXD ]L  IHEUXDULH PDUWLH
 DXIRVWVHPQDWHSUHOLPLQDULLOHGHSDFHGHOD%XIWHDLDUOD
PDUWLH SHQWUX D QX DQJDMD JXYHUQXO URPkQ GLQ WHULWRULXO OLEHU VD
FRQVWLWXLW XQ QRX JXYHUQ vQ IUXQWH FX $OH[DQGUX 0DUJKLORPDQ FDUH D
VHPQDWODDSULOLHPDLSDFHDGHOD%XFXUHWL
7UDWDWXOGHSDFHGHOD%XFXUHWL3UHYHGHULOHWUDWDWXOXLGHSDFH
vQUHDOLWDWHXQDGHY UDWGLFWDWDO3XWHULORU&HQWUDOHSXQHDXvQSHULFRO
vQV L H[LVWHQ D QD LRQDO  D 5RPkQLHL vQ FRQWH[WXO vQ FDUH $XVWUR
8QJDULDSULPHDvQWUHJXOODQ DO&DUSD LORULNPSGLQVXGHVWXO
%XFRYLQHL %XOJDULD RE LQHD &DGULODWHUXO L R SRU LXQH GLQ VXGXO
MXGH XOXL&RQVWDQ DUHVWXO'REURJHLILLQGRFXSDWGHFHOHSDWUXSXWHUL
LRUJDQL]DWVXEIRUP GHFRQGRPLQLXP5RPkQLHLO VkQGXLVHRFDOH
GH DFFHV VSUH &RQVWDQ D FDUH D GHYHQLW SRUWOLEHU FRQWURODW GH
JHUPDQL%RJ LLOH ULLPDLDOHVSHWUROXOFHUHDOHOHS GXULOHDXLQWUDW
VXE FRQWUROXO SXWHULORU RFXSDQWH vQ VSHFLDO DO *HUPDQLHL
&RQFRPLWHQW5RPkQLHLLVDXPDLLPSXVJUHOHGHVS JXELULGHU ]ERL
vQJKH DUHDSHFLQFLDQLDGHSR]LWHORU% QFLL1D LRQDOHDIODWHvQ%DQFD
LPSHULDO  JHUPDQ  YLQGHUHD F WUH *HUPDQLD L $XVWUR8QJDULD D
SULVRVXOXL GH FHUHDOH L YLWH HWF DQXODUHD GUHSWXOXL GH DL GLULMD
FRPHU XO H[WHULRU &X DFHODL SULOHM *HUPDQLD D PDL RE LQXW GUHSWXO
H[FOXVLYGHDIRORVLWRDWHWHUHQXULOHVWDWXOXLURPkQSHQWUXH[SORDWDUHD
L SUHOXFUDUHD L HLXOXL SH  GH DQL FX SRVLELOLWDWH GH SUHOXQJLUH SH
vQF GHDQL/DUkQGXOORUSUHYHGHULOHFXFDUDFWHUPLOLWDUDXYL]DW
VO ELUHDFDSDFLW LLGHUH]LVWHQ D5RPkQLHLvQDDIHOvQFkWDFHDVWDV 
QXPDLILHvQP VXU DVHRSXQHUHJLPXOXLGXUGHRFXSD LH
Q SRILGD SUHVLXQLORU 3XWHULORU &HQWUDOH vQ YHGHUHD UDWLILF ULL L
DSOLF ULL LQWHJUDOH D SUHYHGHULORU WUDWDWXOXL GH SDFH FKLDU L $OH[DQGUX
0DUJKLORPDQDDF LRQDWSHQWUXUHYL]XLUHDOXLLPHQ LQHUHDXQRUUDSRUWXUL
QRUPDOHFX$QWDQWDQDFHVWVHQVHODUHVSLQVFHUHUHD3XWHULORU&HQWUDOH
FD DUPDWD URPkQ  V  LQWUH vQ OXSW  vPSRWULYD IRWLORU DOLD L Q FDGUXO
DF LXQLL GH HOXGDUH D SUHYHGHULORU WUDWDWXOXL GH SDFH RUJDQHOH GH
FRQGXFHUHDOHDUPDWHLURPkQHDXvQFHUFDWV PHQ LQ VXEDUPHHIHFWLYH



 'LPLQXDUHD HIHFWLYHORU FHORU RSW GLYL]LL GLQ 0ROGRYD L DOWRU XQLW L
URPkQHDVWIHOvQFkWV U PkQ VXEDUPHQXPDLGHPLOLWDUL
 
FkWPDLPDULFKLDUSHSR]L LLOHGHSHOLQLD6LUHWXOXLLV DSOLFHFkWPDL
vQFHWGHPRELOL]DUHDDUPDWHL
$FWSURYL]RULXDDFXPvOFRQVLGHUDFKLDUL33&DUSWUDWDWXOGH
SDFHGHOD%XFXUHWLLDSLHUGXWYDODELOLWDWHDvQWRDPQDDQXOXLFkQG
vQ QRXO FRQWH[W VWUDWHJLF GHWHUPLQDW GH RIHQVLYD DOLDW  GLQ %DOFDQL L GH
WUHFHUH D 'XQ ULL UHJHOH )HUGLQDQG , D FHUXW OD  RFWRPEULH QRLHP
EULHGHPLVLDJXYHUQXOXL0DUJKLORPDQLDGL]ROYDWFRUSXULOHOHJLXLWRDUH
GHFODUkQGOXFU ULOHORUQXOHLQHDYHQLWH
5HLQWUDUHD5RPkQLHLvQU ]ERLQQRXOFRQWH[WSROLWLFRPLOLWDUGLQ
WRDPQD DQXOXL  DOLD LL DX GHFLV V  FRUHOH]H DF LXQHD DUPDWHORU GH
6DORQLF L GH 'XQ UH FX FHD D DUPDWHL URPkQH vQ FDUH VFRS JHQHUDOXO
+0%HUWKHORW D SULPLW PLVLXQHD GLQ SDUWHD JXYHUQXOXL IUDQFH] 
VHSWHPEULHRFWRPEULH GHDGHWHUPLQDLQWUDUHDGLQQRXD5RPkQLHLvQ
U ]ERL GH SDUWHD SXWHULORU $QWDQWHL 3ODQXO IUDQFH] WUDQVPLV RILFLDOLORU
URPkQLGHOD,DLGHF WUH9LFWRU$QWRQHVFXPLQLVWUXO5RPkQLHLOD3DULV
SUHYHGHD F  DUPDWD URPkQ  UHPRELOL]DW  SH OLQLD 6LUHWXOXL WUHEXLD V 
vQDLQWH]H VSUH VXGYHVW SHQWUX D IDFH MRQF LXQHD vQ ]RQD 3ORLHWL FX
$UPDWD GH 'XQ UH FRPDQGDW  GH JHQHUDOXO +0%HUWKHORW SHQWUX D
FRQVWLWXLRJUXSDUHGHIRU HODIODQFXOGUHSWDODUPDWHLDOLDWHFRPDQGDWHGH
JHQHUDOXO)UDQFKHWG(VSHUH\
&XWRDWHF DUPDWDURPkQ VHDIODvQWURVLWXD LDGLILFLO PDLDOHV
GLQ SXQFWXO GH YHGHUH DO vQ]HVWU ULL L HFKLS ULL UHJHOH )HUGLQDQG , D
DSUREDW SODQXO L P VXULOH GH UHPRELOL]DUH LDU GXS  GHPLVLD JXYHUQXOXL
0DUJKLORPDQ RFWRPEULHQRLHPEULH DGDWR3URFODPD LHF WUH DU 
 RFWRPEULH QRLHPEULH  SULQ FDUH DQXQ D UHIRUPD FRQVWLWX LRQDO 
YRWXOXQLYHUVDOLvPSURSULHW ULUHD$GRXD]L RFWRPEULHQRLHPEULH 
QRXOJXYHUQURPkQDDGUHVDWXQ8OWLPDWXPIHOGPDUHDOXOXL$XJXVWYRQ
0DFNHQVHQ FRPDQGDQWXO WUXSHORU JHUPDQH GH RFXSD LH  GLYL]LL
JHUPDQH SULQFDUHLVDFHUXWV RUGRQHUHWUDJHUHDDUPDWHLGHSHWHULWRULXO



 3ULQ GHWD UL SH OkQJ  DXWRULW LOH FLYLOH L OD GHSR]LWH VSRULUHD
QXP UXOXLRUGRQDQ HORU

6DUHXLWDVWIHOFDODVHSWHPEULHHIHFWLYHOHDUPDWHLV ILHGH
PLOLWDULFXSHVWHPDLPXOWGHFkWSUHYHGHULOHWUDWDWXOXL

 
5RPkQLHL &RQFRPLWHQW VD RUGRQDW PRELOL]DUHD DUPDWHL SkQ  OD
FRQWLQJHQWXOLQFOXVLY3UHJ WLW GLQWLPSLFXGLVFUH LHDF LXQHD
URPkQHDVF DVXUSULQVFRPDQGDPHQWXOJHUPDQGHRFXSD LH
5HLQWUDUHD5RPkQLHvQOXSW DIRVWvQOHVQLW GHFDSLWXODUHD%XOJDULHL
 VHSWHPEULH OD 6DORQLF  7XUFLHL  RFWRPEULH OD 0XGURV  L
$XVWUR8QJDULHL RFWRPEULHQRLHPEULHOD9LOOD*LXVWL SUHFXPLGH
IRU DUHD 'XQ ULL GH F WUH DUPDWD DOLDW  FRPDQGDW  GH JHQHUDOXO
+0%HUWKHORW RFWRPEULHQRLHPEULH 
,PHGLDWGXS PRELOL]DUHDXIRVWGHFODQDWHSULPHOHDF LXQLGHOXSW 
 RFWRPEULH QRLHPEULH VSUH  RFWRPEULH QRLHPEULH  SHQWUX
HOLPLQDUHDSUH]HQ HLPLOLWDUHLQDPLFHGLQ'REURJHD0XQWHQLDLFKLDUGLQ
7UDQVLOYDQLD XQGH DYDQJ U]LOH GLYL]LLORU  LQIDQWHULH L  YkQ WRUL DX
WUHFXW PXQ LL vQWUH  RFWRPEULH QRLHPEULH QRLHPEULH 
FRQFHQWUkQGXVH vQ ]RQD 7RSOL D 'LWU X *KHRUJKLHQL 6kQGRPLQLF
' QHWL 0LHUFXUHD &LXF OD VXG GH DOLQLDPHQWXO VWDELOLW SULQ DUPLVWL LXO
GLQ  RFWRPEULH QRLHPEULH  vQFKHLDW OD %HOJUDG vQWUH UHSUH]HQ
WDQ L DL $QWDQWHL L DL JXYHUQXOXL XQJDU I U  vQWLLQ DUHD L DVHQWLPHQWXO
JXYHUQXOXLURPkQ DDFXPSUHYHGHDWUDWDWXOGLQ VDXD&RQVLOLXOXL
1D LRQDO5RPkQGLQ7UDQVLOYDQLD
5HLQWUDUHD 5RPkQLHL vQ OXSW  DO WXUL GH $OLD L vQ vQ HOHJHUH FX
DFHWLDvQDLQWHDFDSLWXO ULL*HUPDQLHL RFWRPEULHQRLHPEULH 
D FRQILUPDW vQF  RGDW  GHFL]LD JXYHUQXOXL URPkQ GH DL vQGHSOLQL
REOLJD LLOH DVXPDWH ID  GH DFHWLD L QHFHVLWDWHD FD VWDWHOH $QWDQWHL V 
WUDWH]H5RPkQLDFDDOLDWODYLLWRDUHDFRQIHULQ GHSDFH
3HQWUX5RPkQLDDOXDWDVWIHOVIkULWRSHULRDG H[WUHPGHFRPSOH[ 
GLQLVWRULDVDGRPLQDW GHSDUWLFLSDUHDODSULPXOU ]ERLPRQGLDOvQFDUH
DXIRVWUXOD LFLUFDGHPLOLWDULURPkQLvQFDUHVDXvQUHJLVWUDW
YLFWRULLVWU OXFLWHGDULvQIUkQJHULXPLOLWRDUHSLHUGHULOHXPDQHULGLFkQGX
VH OD SHVWH   GH PLOLWDUL L FLYLOL PRU L U QL L L GLVS UX L  DGLF 
FLUFDGLQSRSXOD LD ULL


8OWLPXOGHWDDPHQWJHUPDQDWUHFXW0XQ LL&DUSD LODQRLHPEULH
GHFHPEULH

 Q DFHO PRPHQW DUPDWD URPkQ  DYHD vQ FRPSXQHUH  FRUSXUL GH
DUPDW GLYL]LLGHLQIDQWHULHGLYL]LLGHFDYDOHULHXQLW LGHDUWLOHULHJUHD
DHURQDXWLF PDULQ vQWRWDOXQHIHFWLYGHPLOLWDUL

&RQYHQ LDPLOLWDU GHOD%HOJUDGVWDELOHDFXUVXO0XUHXOXLFDOLQLHGH
GHPDUFD LH URPkQRXQJDU  vQ SRILGD WXWXURU SULQFLSLLORU HWQRJUDILFH
JHRJUDILFHLVWUDWHJLFHFXQRVFXWHDDFXPDSUHFLD5:6HWRQ:DWVRQ
 
) XULUHDVWDWXOXLQD LRQDOXQLWDUURPkQ  

,QWHQVLILFDUHDOXSWHLGHHOLEHUDUHQD LRQDO DURPkQLORUGLQSURYLQ


FLLOH RFXSDWH /D vQFHSXWXO VHFROXOXL ;; OXSWD GH HOLEHUDUH D URPkQLORU
GLQ WHULWRULLOH DIODWH VXE RFXSD LH VWU LQ  VD LQWHQVLILFDW LQWUkQG vQ ID] 
GHFLVLY  vQ PRPHQWXO vQ FDUH D vQFHSXW SURFHVXO GH GH]PHPEUDUH D
LPSHULLOHFRWURSLWRDUH
Q7UDQVLOYDQLDDF LXQHDXQLRQLVW DURPkQLORUDIRVWUHYLJRUDW OD
PLMORFXO SULPXOXL GHFHQLX DO VHFROXOXL SULQ UHIRUPDUHD DFWLYLW LL
SURJUDPXOXL 3DUWLGXOXL 1D LRQDO 5RPkQ FDUH D SXV SH SULP SODQ
DFWLYLVPXO SROLWLF GLQ   vQ YHGHUHD UHFXQRDWHULL LQGLYLGXDOLW LL
SROLWLFHDQD LXQLLURPkQHvQFHW ULLDF LXQLLGHGH]QD LRQDOL]DUHIRORVLULL
OLPELL PDWHUQH vQ DGPLQLVWUD LH MXVWL LH DUPDW  L FRDO  UHGREkQGLULL
DXWRQRPLHL GHSOLQH D WXWXURU FRQIHVLXQLORU DOHJHULL IXQF LRQDULORU GLQ
UkQGXO SRSXOD LHL PDMRULWDUH LQWURGXFHULL YRWXOXL XQLYHUVDO JDUDQW ULL
GUHSWXOXL OD vQWUXQLUH DVRFLHUH DVLJXU ULL OLEHUW LL SUHVHL L D PLQLPXOXL
GH SURSULHWDWH vPSURSULHW ULULL UDQLORU GLQ VXSUDIH HOH GH LQXWH GH VWDW
HWF
QYHGHUHDvQGHSOLQLULLDFHVWRUGH]LGHUDWH3DUWLGXO1D LRQDO5RPkQ
DFRODERUDWPDLDFWLYFX6HF LDURPkQ D3DUWLGXOXL6RFLDO'HPRFUDWGLQ
$UGHDO L %DQDW FRQVWLWXLW OD /XJRM vQ  L D GHPDVFDW SULQ SURSULL
GHSXWD LvQ3DUODPHQWXOGHOD%XGDSHVWDUHJLPXOGHRSUHVLXQHQD LRQDO 
LQFOXVLY FRQVHFLQ HOH QHIDVWH DOH /HJLL $SSRQ\L GLQ  UHIHULWRDUH OD
RUJDQL]DUHD vQY PkQWXOXL L IRORVLUHD OXL FD PLMORF GH WHUJHUH D
LGHQWLW LLURPkQHWL



QILLQ DWODPDLOD6LELX

,RQ$OH[DQGUHVFX,RQ%XOHL,RQ0DPLQD,RDQ6FXUWX(QFLFORSHGLD
SDUWLGHORU SROLWLFH GLQ 5RPkQLD   (GLWXUD 0(',$35,17
%XFXUHWLS

/DPDUWLHDSULOLHLDSULOLHPDL3DUODPHQWXOPDJKLDUD
YRWDW OHJLOH FRODUH $SSRQ\L  UHIHULWRDUH OD GHVILLQ DUHD FROLORU FRQIHVLRQDOH
URPkQHWLVORYDFHLVkUEHLvQORFXLUHDORUFXFROLGHVWDWFXOLPEDGHSUHGDUH
PDJKLDU  Q ED]D ORU vQ SHULRDGD  DX IRVW GHVILLQ DWH  FROL
URPkQHWL &RUHODWH FX P VXULOH DQWHULRDUH DFHDVW  GHFL]LH D I FXW FD vQ 
 GLQ SRSXOD LD 7UDQVLOYDQLHL L  GLQ FH D 0DUDPXUHXOXL V  QX WLH
FDUWH ,VWRULD5RPkQLHLvQGDWH(GLWXUD(QFLFORSHGLF %XFXUHWLS 
 
'LQ LQL LDWLYD 3DUWLGXOXL 1D LRQDO 5RPkQ DX DYXW ORF QXPHURDVH
vQWUXQLULSRSXODUH vQWRDPQDDQXOXLOD%UDRY$UDG2UDGHD6LELX
'HYD7LPLRDUD/XJRMHWF vQFDUHVDOXDWSR]L LHvPSRWULYDSROLWLFLLGH
GH]QD LRQDOL]DUH D DEX]XULORU L VDPDYROQLFLLORU DXWRULW LORU vPSRWULYD
URPkQLORU D VLVWHPXOXL GH vQY PkQW GDU L D UHOD LLORU GLQWUH
SURSULHWDUL L PXQFLWRULL DJULFROL DIHFWDWH SULQ OHJHD 'DUDQ\L DSULOLH
  FDUH DVLJXUD GUHSWXUL QHOLPLWDWH DVXSUD DUJD LORU PDMRULWDWHD
URPkQL vPSRWULYD SURLHFWXOXL XQJDU GH UHIRUP  HOHFWRUDO  SULQ FDUH VH
UHGXFHDQXP UXODOHJ WRULORUURPkQLFX
)D  GH WRDWH DFHVWHD OD  VHSWHPEULH  IUXQWDLL SROLWLFL
DUGHOHQL DX vQDLQWDW JXYHUQXOXL GH OD %XGDSHVWD XQ 0HPRULX vQ  GH
SXQFWHSULQFDUHVHVROLFLWDXUHFXQRDWHUHDIXQF LRQ ULLFRQVWLWX LRQDOHD
3DUWLGXOXL 1D LRQDO 5RPkQ OHJLIHUDUHD YRWXOXL XQLYHUVDO HJDO GLUHFW L
VHFUHW IRORVLUHD OLPELL URPkQH vQ DGPLQLVWUD LH L MXVWL LH GUHSW GH
vQWUXQLUH L GH RUJDQL]DUH SHQWUX WR L FHW HQLL UHVSHFWDUHD DXWRQRPLHL
ELVHULFLORUURPkQHvQY PkQWvQOLPEDPDWHUQ vQWRDWHFROLOHSULPDUHL
FHOSX LQWUHLJLPQD]LLGHVWDWFXOLPEDGHSUHGDUHURPkQ JUD LHUHDFRQ
GDPQD LORUSROLWLFLVLVWDUHDSURFHVHORUSROLWLFHHWF&k LYDDQLPDLWkU]LX
vQWUH  LDQXDULH L  IHEUXDULH  WRW HL DX GXV WUDWDWLYH FX
UHSUH]HQWDQ L DL JXYHUQXOXL XQJDU SULYLQG VLWXD LD URPkQLORU GLQ
7UDQVLOYDQLD L PRGDOLW LOH GH vPEXQ W LUH D DFHVWHLD VROGDWH vQV  FX
HHFQXUPDUHIX]XOXLGHDUHFXQRDWHSRSRUXOURPkQFDLQGLYLGXDOLWDWH
SROLWLF  L D DVLJXUD GH]YROWDUHD VD OD  IHEUXDULH  FRQGXFHUHD
3DUWLGXOXL1D LRQDO5RPkQDvQWUHUXSWOHJ WXULOHFXJXYHUQXOPDJKLDUGH
OD%XGDSHVWDLDUODGHFHPEULHLDQXDULH
3R]L LH ID  GH SHUVHFXWDUHD URPkQLORU WUDQVLOY QHQL D DGRSWDW L
SULPXOPLQLVWUX URPkQ ,,& %U WLDQX FDUH OD DYHUWL]DW YHUEDO vQ
LDQXDULH  SH $/ YRQ $HKUHQWKDO PLQLVWUXO GH ([WHUQH DO $XVWUR


 /D  QRLHPEULH  OD PDUHD vQWUXQLUH OD /XJRM  GH SDUWL
FLSDQ L  VDX DGRSWDW GHFL]LL LPSRUWDQWH UHFXQRDWHUHD QD LRQDOLW LL URPkQH
SURPRYDUHD FXOWXULL L OLPELL URPkQH HWF  SHQWUX OXSWD QD LRQDO  D URPkQLORU
GLQ$XVWUR8QJDULD

'RLDQLPDLWkU]LXOD$OED,XOLDODvQFHSXWXOOXQLLLXQLHSHVWH
 GH UHSUH]HQWDQ L DL URPkQLORU GLQ 7UDQVLOYDQLD DX DGRSWDW R 0R LXQH GH
SURWHVWvPSRWULYDSURLHFWXOXLGHvQILLQ DUHDHSLVFRSLHLJUHFRFDWROLFHPDJKLDUH
LDXFRQVWLWXLWXQ&RPLWHWFDUHV LDP VXULOHJDOHLQHFHVDUHSHQWUXDS UDUHD
GUHSWXULORUDXWRQRPHDOH%LVHULFLLJUHFRFDWROLFHURPkQH
 
8QJDULHL F  DFHDVW  VLWXD LH YD DYHD FRQVHFLQ H SROLWLFH GHIDYRUDELOH
LPSHULXOXL/DUkQGXL/LJDFXOWXUDO GLQ%XFXUHWLDRUJDQL]DWOD
PDUWLH  vQ VDOD 'DFLD XQ PDUH PLWLQJ GH SURWHVW ID  GH DVXSULUHD
QD LRQDO  D URPkQLORU GLQ ,PSHULXO DXVWURXQJDU LDU OD  VHSWHPEULH
RFWRPEULH  UHSUH]HQWDQ LL DQWDQWLWL DL 3DUWLGXOXL &RQVHUYDWRU
1LFRODH )LOLSHVFX  3DUWLGXOXL &RQVHUYDWRU'HPRFUDW 7DNH ,RQHVFX  L
DL WUDQVLOY QHQLORU DIOD L OD %XFXUHWL FDUH PLOLWDX SHQWUX UHDOL]DUHD
XQLW LLSROLWLFHDXvQILLQ DW)HGHUD LDXQLRQLVW 
6HPQLILFDWLY SHQWUX VHQVXO OXSWHL QD LRQDOH D URPkQLORU HVWH L
GHFL]LDGLQGHFHPEULHD&RQJUHVXOXL/LJLLQD LRQDOHSHQWUX
XQLWDWHD FXOWXUDO  D WXWXURU URPkQLORU SULYLQG VFKLPEDUHD QXPHOXL vQ
/LJDSHQWUXXQLWDWHDSROLWLF DWXWXURUURPkQLORU'HFODUD LDGHU ]ERL
vPSRWULYD PRQDUKLHL DXVWURXQJDUH VHPQDW  OD ,DL OD  LDQXDULH
GHF WUH&RPLWHWXOQD LRQDODOURPkQLORUHPLJUDQ LGLQ$XVWUR
8QJDULDSOHFDUHDODDSULOLHOD:DVKLQJWRQDXQHLGHOHJD LL
D URPkQLORU WUDQVLOY QHQL vQ IUXQWH FX 9DVLOH /XFDFLX SUHHGLQWHOH
/LJLL&XOWXUDOHSHQWUXDIDFHFXQRVFXWHJXYHUQXOXLLRSLQLHLSXEOLFH
DPHULFDQHUHYHQGLF ULOHURPkQLORUDUGHOHQLvQILLQ DUHDvQYDUDDQXOXL
OD/RQGUDD6RFLHW LLDQJORURPkQ FDUHvLSURSXQHDV IDF 
FXQRVFXW  RSLQLHL SXEOLFH EULWDQLFH MXVWH HD OXSWHL URPkQLORU SHQWUX
XQLWDWH QD LRQDO  SUHFXP L FRQVWLWXLUHD OD 3DULV OD  DSULOLH
 D &RPLWHWXOXL QD LRQDO DO URPkQLORU GLQ 7UDQVLOYDQLD L
%XFRYLQD VXESUHHGLQ LDOXL7UDLDQ9XLDDSRLDGU,&DQWDFX]LQR 
FDUH D PLOLWDW LQL LDO SHQWUX LQGHSHQGHQ D 7UDQVLOYDQLHL DSRL SHQWUX
XQLUHDDFHVWHLDFX5RPkQLD
*ODVGHSURWHVWvPSRWULYDSROLWLFLLGHGH]QD LRQDOL]DUHLDVXSULUH
SURPRYDW  GH DFHDVW  GDW  GH DXWRULW LOH KDEVEXUJLFH DX ULGLFDW L
URPkQLL GLQ %XFRYLQD SURYLQFLH URPkQHDVF  vQFRUSRUDW  GH ,PSHULX
+DEVEXUJLFvQFKLDUGDF DXIRVWPRPHQWHFkQGPLFDUHDQD LRQDO 
LDGLPLQXDWDFWLYLWDWHDVDXDIRVWvQIUkQW FHOSX LQODQLYHOXOSDUWLGHORU



 'LQ   GH ORFXLWRUL DL %XFRYLQHL OD vQFHSXWXO VHFROXOXL ;;
FRQIRUP UHFHQV PkQWXOXL I FXW GH +DEVEXUJL   HUDX URPkQL  
UXWHQL L   DOWH QD LRQDOLW L &RPSDUD LD FX VLWXD LD GLQ  FkQG
URPkQLL HUDX FHL PDL QXPHURL ORFXLWRUL DL SURYLQFLHL UHOHY  SROLWLFD GH
LPSODQWDUHDHOHPHQWXOXLVWU LQvQSURYLQFLHPDLDOHVDFHOXLUXWHDQ
 
SROLWLFHH[LVWHQWHvQSURYLQFLH8QUROLPSRUWDQWvQDFHVWGLQXUP DVSHFW
ODXDYXWLGLVHQVLXQLOHDS UXWHvQWUHURPkQLXQLLGLQWUHIUXQWDLLSROLWLFL
GLQ 3DUWLGXO 6RFLDO'HPRFUDW 5RPkQ GLQ %XFRYLQD FRQVWLWXLW vQ LXOLH
 OD &HUQ X L GDU L GLQ DOWH SDUWLGH  SURQXQ kQGXVH SHQWUX FUHDUHD
XQHL&RQIHGHUD LLGHPRFUDWLFHDSRSRDUHORUGLQ,PSHULX&XWRDWHDFHVWHD
WR L DX UHYHQGLFDW SHQWUX URPkQLL EXFRYLQHQL GUHSWXO OD FROL SURSULL
IRORVLUHDOLPELLURPkQHvQvQY PkQWSUHV MXVWL LHHWF
8QUROLPSRUWDQWvQFDGUXODF LXQLLSHQWUXXQLWDWHQD LRQDO ODDYXW
FRQVWLWXLUHDvQSHOkQJ 8QLYHUVLWDWHDGLQ&HUQ X LDXQHL&DWHGUH
GHLVWRULHQD LRQDO FRQGXV GH,RQ1LVWRUFDUHODRFWRPEULHD
LQDXJXUDW FXUVXO QVHPQ WDWHD LVWRULF  D URPkQLORU L vQFHSXWXULOH
RUJDQL] ULLORUGHVWDW
8Q SURFHV DVHP Q WRU VD vQUHJLVWUDW L vQ %DVDUDELD PDL DOHV OD
&KLLQ X XQGH FD XUPDUH D OXSWHL GXVH GH ]LDUXO %DVDUDELD SHQWUX
SURPRYDUHDOLPELLURPkQHvQFRDO LELVHULF VDUHGHVFKLV7LSRJUDILD
HSDUKLDO  SHQWUX WLS ULUHD F U LORU UHOLJLRDVH vQ OLPED URPkQ  DSULOLH
  VD FRQVWLWXLW 6RFLHWDWHD PROGRYHQHDVF  SHQWUX U VSkQGLUHD
FXOWXULLQD LRQDOH RFWRPEULHQRLHPEULH 
7RWOD&KLLQ XDXDS UXWRVHULHGH]LDUHLUHYLVWHFDUHDXFRQWULEXLW
XQHOHFKLDUGDF SHQWUXVFXUWWLPS ODUHGHWHSWDUHDQD LRQDO URPkQHDVF 
%DVDUDELD PDL   IHEUXDULH   FDUH D PLOLWDW SHQWUX OLEHUW L
GHPRFUDWLFH LQWURGXFHUHD OLPELL URPkQH vQ FROLOH GH VWDW L DXWRQRPLH
SHQWUXvQWUHDJDSURYLQFLH9LD D%DVDUDELHL DSULOLHPDL WLS ULWFX
OLWHUHFKLULOLFHLODWLQHUHYLVWD/XPLQ WRUXO LDQXDULH FDUHD
FRQWULEXLWODFXOWLYDUHDOLPELLURPkQHODWUH]LUHDLvQW ULUHDVHQWLPHQWXOXL
QD LRQDOJD]HWD&XYkQWPROGRYHQHVF PDL HWF



 QIUkQJHUHD 3DUWLGXOXL 3RSRUDO 1D LRQDO 5RPkQ GLQ %XFRYLQD vQ
DOHJHULOH GLQ  L GL]ROYDUHD WHPSRUDU  D DFHVWXLD SkQ  vQ LDQXDULH 
FkQG LD UHOXDW QXPHOH SULQ VFKLPEDUHD GHQXPLULL 3DUWLGXOXL &UHWLQ 6RFLDO
5RPkQGLQ%XFRYLQD vQILLQ DWODRFWRPEULH 

/DFHUHUHDFOHUXOXLEDVDUDEHDQGLQRFWRPEULH6LQRGXOUXVD
DSUREDWODGHFHPEULHSUHGDUHDOLPELLURPkQH FDRELHFWGHVWXGLX
QHREOLJDWRULX OD6HPLQDUXOWHRORJLFGLQ&KLLQ X

 Q XOWLPXO QXP U D SXEOLFDW SRH]LD 'HWHDSW WH URPkQH
&RQFRPLWHQW vQ MXUXO JD]HWHL VD FRQVWLWXLW QXFOHXO 3DUWLGXOXL 1D LRQDO
'HPRFUDWFDUHDPLOLWDWSHQWUXVW YLOLUHDUXVLILF ULLURPkQLORUEDVDUDEHQL
 
$F LXQLORU GHVI XUDWH vQ SURYLQFLLOH FRWURSLWH L vQ 5HJDW OL VDX
DG XJDW PDQLIHVW ULOH HPLJUD LHL FDUH SULQ SXEOLFD LL UHPDUFDELOH /D
5RXPDQLH OD 3DULV 6WHDXD 5RPkQ  OD 1HZ <RUN 5RPkQXO OD
&OHYHODQGHWF VRFLHW LFXOWXUDOHLWLLQ LILFHDXLQIRUPDWRSLQLDSXEOLF 
LQWHUQD LRQDO  GHVSUH SROLWLFD GH GH]QD LRQDOL]DUH GXV  GH DXWRULW LOH GH
RFXSD LH vPSRWULYD URPkQLORU PDMRULWDUL L GHVSUH KRW UkUHD XQDQLP  D
DFHVWRUDGHDVHXQLFX DUDGHRULJLQH
8QLUHD%DVDUDELHLQFRQWH[WXOvQFDUH,PSHULXO DULVWVDGHVWU PDW
SULPXODF LXQLOHXQLRQLVWHDXIRVWGHFODQDWHvQ%DVDUDELD
$FWXO SURSULX]LV DO 8QLULL D IRVW SUHFHGDW GH FRQVWLWXLUHD OD
&KLLQ X D 3DUWLGXOXL 1D LRQDO 0ROGRYHQHVF  DSULOLH   FDUH D
LQFOXV vQ SURJUDPXO V X UHYHQGLF UL VRFLDOSROLWLFH L QD LRQDOH RE LQHUHD
XQHL ODUJL DXWRQRPLL DGPLQLVWUDWLYH MXGHF WRUHWL ELVHULFHWL FRODUH L
HFRQRPLFH D %DVDUDELHL LQWURGXFHUHD OLPELL URPkQH vQ DGPLQLVWUD LH
MXVWL LH L FROL HWF  GHVI XUDUHD GH FRQJUHVH DOH VRFLHW LORU FRRSH
UDWLVWH DOH vQY WRULORU EDVDUDEHQL DGXQ UL DOH SUHR LORU L PLUHQLORU
EDVDUDEHQLHWF
8QUROLPSRUWDQWvQDF LXQHDQD LRQDO ODXDYXWPLOLWDULLEDVDUDEHQL
FDUHDXFHUXWFDLQVWUXLUHDvQWRDWHFROLOHURPkQHWLGLQ7UDQVQLVWULDV VH
IDF  vQ OLPED PDWHUQ  QXPLUHD GH vQY WRUL PROGRYHQL IRUPDUHD XQRU
FDWHGUHGHOLPEDURPkQ OD8QLYHUVLW LOHGLQ.LHYL2GHVVDvQY PkQW
vQ OLPED QD LRQDO  GHPLOLWDUL]DUHD DGPLQLVWUD LHL vQORFXLUHD FRPLVDULORU


 3ULPXO FRQJUHV D DYXW ORF vQWUH  DSULOLH DSULOLH 
VROLFLWkQGXVHDXWRQRPLDDGPLQLVWUDWLY UHOLJLRDV LQWHOHFWXDO LHFRQRPLF D
%DVDUDELHL FRQVWLWXLUHD XQXL RUJDQ OHJLVODWLY  6IDWXO ULL  vQY PkQW vQ
OLPED PDWHUQ  HIHFWXDUHD VHUYLFLXOXL PLOLWDU QXPDL vQ %DVDUDELD vQFHWDUHD
FRORQL] ULORUvQ%DVDUDELDOLEHUW LQD LRQDOHSHQWUXURPkQLLGHSHVWH3UXWHWF

 'HVI XUDWH vQ SHULRDGD DSULOLHLXQLH  FRQJUHVHOH vQY WRULORU
EDVDUDEHQLDXDGRSWDWXQSURJUDPGHGH]YROWDUHDDvQY PkQWXOXLQD LRQDOFX
DOIDEHW ODWLQ SUHGDUHD vQ OLPED PDWHUQ  LQFOXVLY VXV LQHUHD VHUYLFLXOXL GLYLQ
&X DFHODL SULOHM VD FRQVWLWXLW L $VRFLD LD vQY WRULORU PROGRYHQL GLQ
%DVDUDELD L GH GLQFROR GH 1LVWUX FDUH D DGRSWDW FD SULQFLSDO  PLVLXQH
VROX LRQDUHDSUREOHPHORUVWULQJHQWHDOHFROLLQD LRQDOH

3ULPDDGXQDUHDSUHR LORULPLUHQLORUEDVDUDEHQLDDYXWORFvQSHULRDGD
DSULOLHPDLVROLFLWkQGXVHDXWRQRPLD%DVDUDELHLFRQVWLWXLUHD
XQXL &RQVLOLX VXSUHP VWXGLHUHD OLPELL PDWHUQH D SRSXOD LHL PDMRULWDUH
IRORVLUHD OLPELL PDWHUQH vQ DGPLQLVWUD LH MXGHF WRULH ELVHULF  UHVSHFWDUHD
GUHSWXULORUPLQRULW LORUQD LRQDOH
 
MXGH HQL FX UHSUH]HQWDQ L DL EDVDUDEHQLORU QXPLUHD XQXL URPkQ
EDVDUDEHDQ vQ IXQF LD GH FRPLVDU JXEHUQLDO L FKLDU FRQYRFDUHD OD
&KLLQ X SH ED]  SURSRU LRQDO  D 6IDWXOXL ULL FDUH V  SURFODPH
DXWRQRPLD%DVDUDELHLSHWHPHLQD LRQDOLWHULWRULDO,PSRUWDQWHDXIRVWL
GHFL]LLOH &RQJUHVXOXL RVW HF vQWUXQLW OD &KLLQ X  RFWRPEULH
QRLHPEULHRFWRPEULHQRLHPEULH FDUHDSURFODPDWDXWRQRPLD
WHULWRULDO LSROLWLF D%DVDUDELHLLFRQVWLWXLUHD6IDWXOXL ULL
&DXUPDUHvQWUXQLWvQWUHQRLHPEULHGHFHPEULHGHFHPEULH
 6IDWXO ULL  RUJDQ VXSUHP DO SXWHULL GH VWDW vQ %DVDUDELD L
7UDQVQLVWULD  D SURFODPDW %DVDUDELD OD  GHFHPEULH  5HSXEOLFD
'HPRFUDWLF  0ROGRYHQHDVF  vQ FRPSXQHUHD 5HSXEOLFLL )HGHUDWLYH
'HPRFUDWLFH 5XVH  'HFODUD LD DGRSWDW  SUHYHGHD FRQYRFDUHD $GXQ ULL
3RSXODUH D 5HSXEOLFLL 'HPRFUDWLFH 0ROGRYHQHWL vPS U LUHD HJDO  D
S PkQWXOXLOD UDQLI U SODW ]LXDGHOXFUXGHRUHOLEHUWDWHDFXYkQ
WXOXLSUHVHLGUHSWXULHJDOHSHQWUXWR LFRQORFXLWRULL3XWHUHDH[HFXWLY D
IRVW vQFUHGLQ DW  &RQVLOLXOXL 'LUHFWRULORU *HQHUDOL FRQVWLWXLW OD 
GHFHPEULH FDUHODGHFHPEULHDGHFLVWULPLWHUHDOD,DLDXQHL
GHOHJD LL FDUH V  FHDU  JXYHUQXOXL URPkQ L UHSUH]HQWDQ LORU SXWHULORU
$QWDQWHLDMXWRUPLOLWDUSHQWUXDSXQHFDS WMDIXULORULDVDVLQDWHORUFRPLVH
GH JUXSXULOH EROHYLFH L RVWDLL UXL 8QLUHD URPkQLORU GH SH DPEHOH
PDOXUL DOH 3UXWXOXL D IRVW FHUXW  L GH URPkQLL WUDQVQLVWUHQL vQWUXQL L vQ
FRQJUHVOD7LUDVRSROvQWUHGHFHPEULH
2QRX HWDS vQSURFHVXOXQLULLDDYXWORFODLDQXDULHIHEUXDULH
 ]L VLPEROLF  SHQWUX URPkQL  FkQG 6IDWXO ULL D YRWDW vQ XQDQL
PLWDWH LQGHSHQGHQ D 5HSXEOLFLL 'HPRFUDWLFH 0ROGRYHQHWL LDU SXWHUHD
H[HFXWLY DIRVWvQFUHGLQ DW XQXL&RQVLOLXOGH0LQLWUL vQORFXO&RQVLOLXO
'LUHFWRULORUFDUHVDGL]ROYDW 



 $OF WXLWGLQGHSXWD L URPkQLLDLPLQRULW LORU DOHLSULQ
DOHJHUL LQGLUHFWH GH F WUH FRPLWHWHOH RU HQHWL U QHWL PXQFLWRUHWL L GH
FRUSRUD LLOHSURIHVLRQDOHFRQVWLWXLWH

,VWRULD5RPkQLHLvQGDWH(GLWXUD(QFLFORSHGLF %XFXUHWLSS


 &X DFHO SULOHM DX IRVW DOHL FDQGLGD L WUDQVQLVWUHQL SHQWUX DOHJHULOH
SHQWUXSDUODPHQWXO5HSXEOLFLL8FUDLQHQHGHFDUHGHSLQGHDXGLQSXQFWGHYHGHUH
DGPLQLVWUDWLYORFDOLW LOHGLQVWkQJD1LVWUXOXL
 
0RPHQWXO ILQDO D DYXW ORF OD  PDUWLH DSULOLH  FkQG SULQ
GHFL]LD 6IDWXOXL ULL 5HSXEOLFD 'HPRFUDWLF  0ROGRYHQHDVF 
%DVDUDELD vQKRWDUHOHHLGLQWUH3UXW1LVWUX'XQ UHL0DUHD1HDJU L
YHFKLOHJUDQL HFX$XVWULDUXSW GH5XVLDDFXPRVXW LPDLELQHGHDQL
GLQ WUXSXO YHFKLL 0ROGRYH vQ SXWHUHD GUHSWXOXL LVWRULF L D GUHSWXOXL GH
QHDPSHED]DSULQFLSLXOXLF QRURDGHOHVLQJXUHV LKRW UDVF VRDUWDORU
GH D]L vQDLQWH L SHQWUX WRWGHDXQD VH XQHWH FX 5RPkQLD &X DFHODL
SULOHM VD GHFLV FD 6IDWXO ULL FHO H[LVWHQW  V L FRQWLQXH PDL GHSDUWH
DFWLYLWDWHDSHQWUXUH]ROYDUHDLUHDOL]DUHDUHIRUPHLDJUDUHGXS QHYRLOH
LFHUHULOHQRURGXOXL%DVDUDELDV LS VWUH]HDXWRQRPLDSURYLQFLDO 
DYkQGXQ6IDWDO ULL 'LHW DOHVvQYLLWRUSULQYRWXQLYHUVDOHJDOGLUHFW
L VHFUHW UHFUXWDUHD DUPDWHL V  VH IDF  vQ SULQFLSLX SH ED]H WHULWRULDOH
OHJLOHvQYLJRDUHV U PkQ vQYLJRDUHSkQ FH3DUODPHQWXOURPkQOHYD
VFKLPED FXSDUWLFLSDUHDUHSUH]HQWDQ LORU%DVDUDELHL UHVSHFWDUHDGUHSWX
ULORU PLQRULW LORU GLQ %DVDUDELD LQFOXGHUHD D GRL UHSUH]HQWDQ L DL
%DVDUDELHLvQJXYHUQXOURPkQGHOD%XFXUHWL GHVHPQD LGH6IDWXO ULL 
WULPLWHUHD vQ 3DUODPHQWXO URPkQ D XQXL QXP U GH UHSUH]HQWDQ L
SURSRU LRQDOFXSRSXOD LDLDOHLSHED]DYRWXOXLXQLYHUVDOHJDOGLUHFWL
VHFUHW GHVI XUDUHD vQ %DVDUDELD D WXWXURU DOHJHULORU SH ED]D YRWXOXL
XQLYHUVDOVHFUHWLGLUHFWDVLJXUDUHDSULQ&RQVWLWX LHDOLEHUW LLSHUVRQDOH
WLSDUXOXL FXYkQWXOXL L FUHGLQ HL DPQLVWLHUHD WXWXURU F OF ULORU GH OHJH
I FXWH GLQ PRWLYH SROLWLFH vQ YUHPXULOH WXOEXUL DOH SUHIDFHULL GLQ XUP 
7RDWHFHOHGHPDLVXVXUPDXV ILHLQFOXVHvQ&RQVWLWX LHFDUHXUPDV ILH
HODERUDW  GH &RQVWLWXDQWD FH WUHEXLD D IL FRQYRFDW  QHvQWkU]LDW L GLQ
FDUH XUPDX V  IDF  SDUWH SURSRU LRQDO FX SRSXOD LD L UHSUH]HQWDQ LL
%DVDUDELHLDOHLSULQYRWXQLYHUVDOHJDOGLUHFWLVHFUHW
$XUPDWSURPXOJDUHD'HFUHWXOXL5HJDOGLQQUGLQDSULOLH
L'HFODUD LDSUHHGLQWHOXL&RQVLOLXOXLGH0LQLWULSULQFDUHVDOXDW
DFWGHGHFL]LD6IDWXOXL ULLGHOD&KLLQ XSULYLQGXQLUHD%DVDUDELHLFX



 %DVDUDELD VD XQLW FX 5RPkQLD FX YRW PDMRULWDU  YRWXUL SHQWUX
XQLUHFRQWUDLDE LQHUL

,RDQ6FXUWX5RPkQLDL0DULOH3XWHUL  (GLWXUD)XQGD LHL
5RPkQLDGH0kLQH%XFXUHWLSS
 
5RPkQLD DGRSWDUHD /HJLL GLQ  DSULOLH PDL  FX SULYLUH OD
DGPLQLVWUDUHD%DVDUDELHL SUHYHGHDXQLILFDUHDDGPLQLVWUDWLY LOHJLVODWLY 
DDFHVWHLDvQFRPSRQHQ D5RPkQLHL YRWDUHDGHF WUH6IDWXO ULLOD
 QRLHPEULH GHFHPEULH  D /HJLL DJUDUH SHQWUX %DVDUDELD
UHQXQ DUHD GH F WUH 6IDWXO ULL OD  QRLHPEULH GHFHPEULH  OD
FRQGL LLOHGHXQLUHVWLSXODWHvQDFWXOGLQPDUWLHLGHFODUDUHDXQLULL
QHFRQGL LRQDWHFX5RPkQLD
8QLUHD%XFRYLQHL/DVIkULWXODQXOXLFkQGHUDFODUF ]LOHOH
,PSHULXOXLDXVWURXQJDUHUDXQXP UDWH$GXQDUHD&RQVWLWXDQW FRQYRFDW 
OD &HUQ X L  RFWRPEULH   OD LQVLVWHQ HOH LQWHOHFWXDOLW LL
URPkQHWL GLQ %XFRYLQD D YRWDW R 5H]ROX LH FDUH SUHYHGHD XQLUHD
%XFRYLQHL LQWHJUDOH FX FHOHODOWH UL URPkQHWL vQWUXQ VWDW QD LRQDO
LQGHSHQGHQW &X DFHODL SULOHM VD FRQVWLWXLW XQ &RQVLOLX 1D LRQDO
VLQJXUXO vQ P VXU  D KRW Uv VDX WUDWD DVXSUD SRSRUXOXL URPkQ GLQ
%XFRYLQD/DUkQGXL&RQVLOLXO1D LRQDODLQVWLWXLWXQJXYHUQIRUPDWGLQ
VHFUHWDULGHVWDWvQIUXQWHFX,DQFX)ORQGRUFDUHDFHUXWJXYHUQDWRUXOXL
DXVWULDF V L WUDQVPLW  vQWUHDJD SXWHUH vQ %XFRYLQD L D I FXW FXQRVFXW
JXYHUQXOXLURPkQGHFL]LLOH&RQVWLWXDQWHL
QXUPDGHYDVW ULORUV YkULWHGHEDQGHOHGHXFUDLQHQLLGHWUXSHOH
DXVWULHFH DIODWH vQ UHWUDJHUH D FOLPDWXOXL GH WHURDUH LQVWLWXLW vPSRWULYD
URPkQLORU L D SUHWHQ LLORU VHSDUDWLVWH DOH RILFLDOLORU XFUDLQHQL FDUH DX
RFXSDW FKLDU 3DODWXO 1D LRQDO GLQ &HUQ X L FRQVWLWXLQG XQ JXYHUQ
&RQVLOLXO 1D LRQDO D FHUXW OD  RFWRPEULH QRLHPEULH  DMXWRU
PLOLWDUJXYHUQXOXLURPkQ&DXUPDUH'LYL]LDLQIDQWHULHFRPDQGDW GH
JHQHUDOXO  ,DNRE =DGLN D LQWUDW  RFWRPEULH QRLHPEULH    vQ
HQWX]LDVPXOSRSXOD LHLvQ&HUQ X LSHUPL kQG&RQVLOLXOXL1D LRQDOV L
DVXPH vQWUHDJD SXWHUH vQ VWDW 3X LQ PDL WkU]LX &RQJUHVXO JHQHUDO DO


/DGHFHPEULH$GXQDUHD'HSXWD LORUL6HQDWXO5RPkQLHLDX
UDWLILFDW'HFUHWXOOHJHQUGLQ DSULOLHSULYLWRUODXQLUHD%DVDUDELHL
FX5RPkQLD

 /HJHD SUHYHGHD H[SURSULHUHD LQWHJUDO  D WXWXURU S PkQWXULORU FDUH
DSDU LQHDXFRURDQHL5XVLHL XGHOXUL VWDWXOXL% QFLL U QHWLLP Q VWLULORU
]HPVWYHORU SHUVRDQHORU IL]LFH MXULGLFH S PkQWXULORU RUDHORU SHUVRDQHORU
VWU LQH6XEVROXULOHWHUHQXULORUH[SURSULDWHU PkQHDXvQSURSULHWDWHDVWDWXOXL$
IRVWUDWLILFDW SULQ'HFUHWHOHUHJDOHGLQLGHFHPEULH/D
PDUWLH3DUODPHQWXO5RPkQLHLDDGRSWDWvQXQDQLPLWDWH/HJHDUHIRUPHL
DJUDUHSHQWUX%DVDUDELD
 
%XFRYLQHL vQWUXQLW OD  QRLHPEULH  D FRQVWDWDW F  FHDVXO D
VXQDW L vQ QXPHOH VXYHUDQLW LL QD LRQDOH D GHFLV 8QLUHD
QHFRQGL LRQDW  L SHQWUX YHFLH D %XFRYLQHL vQ YHFKLOH HL KRWDUH SkQ  OD
&HUHPX&RODFLQL1LVWUXFX5HJDWXO5RPkQLHL
'HFL]LD OLEHU FRQVLP LW  D URPkQLORU EXFRYLQHQL D IRVW UDWLILFDW 
SULQ 'HFUHWUHJDO OD  GHFHPEULH  L FRQILUPDW  GH F WUH
3DUODPHQWXOGHOD%XFXUHWLODGHFHPEULHQDQXOXUP WRUOD
LXQLH  &RQVLOLXO 1D LRQDO 3RORQH] GLQ %XFRYLQD LD H[SULPDW
DGH]LXQHDODDFWXOGHXQLUHDO%XFRYLQHLFX5RPkQLD
8QLUHD 7UDQVLOYDQLHL 0DUDPXUHXOXL &ULDQHL L %DQDWXOXL QWU
XQFRQWH[WLQWHUQD LRQDODVHP Q WRUVDXLQWHQVLILFDWLDF LXQLOHXQLRQLVWH
vQ 7UDQVLOYDQLD 0DUDPXUH &ULDQD L %DQDW 3HQWUX D IDFH FXQRVFXW 
RSLQLHL SXEOLFH PRQGLDOH UHYHQGLF ULOH URPkQLORU GH SHVWH PXQ L L
MXVWH HDOXSWHLSHQWUXFDX]DQD LRQDO DURPkQLORURGHOHJD LHDURPkQLORU
WUDQVLOY QHQLvQIUXQWHFX9DVLOH/XFDFLXSUHHGLQWHOH/LJLL&XOWXUDOHD
SOHFDWODDSULOLHOD:DVKLQJWRQQDFHODLVFRSOD/RQGUDVD
vQILLQ DW vQ YDUD DQXOXL  6RFLHWDWHD DQJORURPkQ  LDU OD 3DULV OD
 DSULOLH  &RPLWHWXO 1D LRQDO DO URPkQLORU GLQ 7UDQVLOYDQLD L
%XFRYLQDVXESUHHGLQ LDOXL7UDLDQ9XLDDSRLDGU,&DQWDFX]LQRFDUH
D PLOLWDW SHQWUX DFRUGDUHD LQGHSHQGHQ HL 7UDQVLOYDQLHL L DSRL SHQWUX
XQLUHDDFHVWHLDFX5RPkQLD
/D  VHSWHPEULH RFWRPEULH  &RPLWHWXO ([HFXWLY DO
3DUWLGXOXL1D LRQDO5RPkQGLQ7UDQVLOYDQLDvQWUXQLWOD2UDGHDDDGRSWDWvQ
XQDQLPLWDWH'HFODUD LDGHLQGHSHQGHQ FDUHDQHJDWGUHSWXO3DUODPHQWXOXL
L JXYHUQXOXL XQJDU GH D PDL GHFLGH vQ QXPHOH URPkQLORU L GH DL
UHSUH]HQWD OD &RQIHULQ D GH SDFH SUHFL]kQG F  DFHVW DWULEXW UHYHQHD
UHSUH]HQWDQ LORU DOHL GH SURSULD $GXQDUH 1D LRQDO  &LWLW  GH $OH[DQGUX
9DLGDvQ3DUODPHQWXOGHOD%XGDSHVWD RFWRPEULH 'HFODUD LDGH
OD 2UDGHD D UHSUH]HQWDW XQ GRFXPHQW I U  SUHFHGHQW vQ FDGUXO GXEOHL
PRQDUKLLILLQGSULPLW FXHQWX]LDVPGHURPkQLLGHSUHWXWLQGHQLvQVSHFLDO
GH URPkQLL GLQ SURYLQFLLOH URPkQHWL DOH LPSHULXOXL FDUH DX vQFHSXW V 
DUERUH]H WULFRORUXO QD LRQDO V  LQWRQH]H FkQWHFH SDWULRWLFH V  LQWURGXF 
OLPEDURPkQ vQFROLLDGPLQLVWUD LH'RFXPHQWXODFRQVWLWXLWvQDFHODL
WLPSLXQU VSXQVFODUODPDQLIHVWXO& WUHSRSRDUHOHPHOHFUHGLQFLRDVH


,RDQ6FXUWX5RPkQLDL0DULOH3XWHUL  (GLWXUD)XQGD LHL
5RPkQLDGH0kLQH%XFXUHWLS
 
HPLVGHvPS UDWXO&DURO,GH+DEVEXUJ RFWRPEULH SULQFDUHVH
SURSXQHD UHRUJDQL]DUHD $XVWUR8QJDULHL vQWUR FRQIHGHUD LH IRUPDW  GLQ
DVH VWDWH LQGHSHQGHQWH DXVWULDF XQJDU FHK LXJRVODY SRORQH] L
XFUDLQHDQ 3ULQ XUPDUH 7UDQVLOYDQLD XUPD V  U PkQ  vQ FRQWLQXDUH vQ
FRPSRQHQ D 8QJDULHL LDU SDUWHD GH QRUGYHVW D %XFRYLQHL FX RUDHOH
&HUQ X L6WRURMLQH L6LUHWvQFHDD8FUDLQHL
'UHSWXO PRQDUKLHL DXVWURXQJDUH GH D GHFLGH VRDUWD URPkQLORU GLQ
$XVWUR8QJDULD D IRVW FRQWHVWDW L GH &RPLWHWXO QD LRQDO DO URPkQLORU
HPLJUD LGLQ$XVWUR8QJDULDFDUHDDGRSWDWOD,DL RFWRPEULH R
'HFODUD LH SRWULYQLF  8Q U VSXQV IHUP D GDW vPS UDWXOXL &DURO , GH
+DEVEXUJ  RFWRPEULH   L &RUSXO YROXQWDULORU WUDQVLOY QHQL L
EXFRYLQHQL FDUH D DGRSWDW R 'HFODUD LH SULQ FDUH VH SURFODPD GH]OLSLUHD
SURYLQFLLORUURPkQHWL7UDQVLOYDQLD%DQDWXO0DUDPXUHXOL%XFRYLQDGH
$XVWUR8QJDULDLXQLUHDORUFX5RPkQLD
'XS FHODRFWRPEULHVRFLDOLWLLURPkQLWUDQVLOY QHQLDX
SURSXV FRQGXFHULL 3DUWLGXOXL 1D LRQDO 5RPkQ IRUPDUHD XQXL &RQVLOLX
1D LRQDO DO URPkQLORU FDUH V  SUHLD FRQGXFHUHD WHULWRULLORU ORFXLWH GH
URPkQLODRFWRPEULHVDFRQVWLWXLW&RQVLOLXO1D LRQDO5RPkQ
&HQWUDO FD XQLF RUJDQ GH FRQGXFHUH D URPkQLORU WUDQVLOY QHQL FRQGL LH
DVXPDW SULQSURFODPD LD& WUHQD LXQHDURPkQ GLQRFWRPEULH
3HQWUX S VWUDUHD OLQLWLL vQ ]RQHOH ORFXLWH GH URPkQL L D IDFH ID 
UHSUHVDOLLORU DXWRULW LORU L WUXSHORU XQJDUH &RQVLOLXO 1D LRQDO 5RPkQ
&HQWUDO D GHFLV  RFWRPEULH QRLHPEULH   vQILLQ DUHD GH J U]L
QD LRQDOH L GH J U]L FLYLOH V WHWL SH vQWUHJ WHULWRULXO ORFXLW GH URPkQL vQ
7UDQVLOYDQLDL8QJDULD
'XS HXDUHDWUDWDWLYHORUGHOD$UDG RFWRPEULHQRLHPEULH
QRLHPEULH FXUHSUH]HQWDQ LL&RQVLOLXOXL1D LRQDO0DJKLDULDL
JXYHUQXOXL.iURO\LFDUHXUP UHDXV VDOYH]H8QJDULD0DUHLV FUHH]H
GLQ7UDQVLOYDQLDRDXWRQRPLHFDQWRQDO GHWLSHOYH LDQ&RQVLOLXO1D LRQDO
5RPkQ &HQWUDO D I FXW FXQRVFXW  QRLHPEULH   vQ XUPD
FRQVXOW ULORU DYXWH FX UHSUH]HQWDQ LL DXWRULW LORU URPkQH GH OD ,DL
FRQYRFDUHD$GXQ UL1D LRQDOHGHOD$OED,XOLD
$VWIHOODQRLHPEULHGHFHPEULHvQVDOD&DVLQHLGLQ$OED
,XOLDDXDYXWORFOXFU ULOH$GXQ ULL1D LRQDOHODFDUHDXSDUWLFLSDW
GH GHOHJD L DOHL vQ FLUFXPVFULS LLOH HOHFWRUDOH L GH GLIHULWH LQVWLWX LL L
RUJDQL]D LL SROLWLFH FXOWXUDOH SURIHVLRQDOH GH vQY PkQW UHOLJLRDVH
PLOLWDUHGHIHPHLVLQGLFDWHWF'XS OX ULGHFXYkQWHQWX]LDVWH5H]ROX LD
 
$GXQ ULL 1D LRQDOH D GHFUHWDW XQLUHD FX 5RPkQLD D UH]HUYDW WHULWRULLORU
URPkQHWL XQLWH FX DUD DXWRQRPLH SURYL]RULH SkQ  OD vQWUXQLUHD
&RQVWLWXDQWHLDOHDV SHED]DYRWXOXLXQLYHUVDOLDSURFODPDWGUHSWXO
LQDOLHQDELODOQD LXQLLURPkQHODvQWUHJ%DQDWXOFXSULQVvQWUH0XUH7LVD
L 'XQ UH GHSOLQD OLEHUWDWH QD LRQDO  SHQWUX WRDWH SRSRDUHOH FRQOR
FXLWRDUH HJDOD vQGUHSW LUH L GHSOLQD OLEHUWDWH DXWRQRP  FRQIHVLRQDO 
SHQWUXWRDWHFRQIHVLXQLOHGLQVWDWvQI SWXLUHDGHV YkULW DXQXLUHJLP
FXUDWGHPRFUDWLFSHWRDWHWHUHQHOHYLH LLSXEOLFHGHV YkULWDOLEHUWDWHGH
SUHV  DVRFLHUH L vQWUXQLUH UHIRUPD DJUDU  UDGLFDO  HWF &X DFHODL
SULOHM $GXQDUHD 1D LRQDO  D VDOXWDW FX LXELUH L HQWX]LDVP OLEHUDUHD
QD LXQLORU VXEMXJDWH SkQ  DLFL GH PRQDUKLD DXVWURXQJDU  L D GHFLV
FRQVWLWXLUHD0DUHOXL6IDW1D LRQDO5RPkQ FRPSXVGLQGHPHPEUL
GLQWUH FDUH  DX IRVW DOHL LPHGLDW  FDUH OD UkQGXL D QXPLW &RQVLOLXO
'LULJHQW JXYHUQXOSURYL]RULX 'HFL]LLOHLVWRULFHGHOD$OED,XOLDFDUHDX
ILQDOL]DWSURFHVXOLVWRULFGHI XULUHDVWDWXOXLQD LRQDOXQLWDUURPkQDXIRVW
DFODPDWH FX HQWX]LDVP GH F WUH FHL SHVWH   GH SDUWLFLSDQ L SH
&kPSXOOXL+RUHD
$GRXD]LGXS DGRSWDUHD5H]ROX LHLGHXQLUH0DUHOH6IDW1D LRQDO
LDGHVHPQDWSUHHGLQWHOHvQSHUVRDQDOXL*KHRUJKH3RSGH% VHWLLD
DOHV &RQVLOLXO 'LULJHQW FRQGXV GH ,XOLX 0DQLX 3X LQ PDL WkU]LX 
GHFHPEULH   UHJHOH )HUGLQDG , D HPLV 'HFUHWXOOHJH GH XQLUH D
7UDQVLOYDQLHL &ULDQHL 0DUDPXUHXOXL L %DQDWXOXL FX 5RPkQLD L
'HFUHWXO GH RUJDQL]DUH SURYL]RULH D 7UDQVLOYDQLHL FRQIRUP F UXLD
VHUYLFLLOH SXEOLFH U PkQHDX VXE FRQGXFHUHD &RQVLOLXOXL 'LULJHQW LDU
DUPDWD DIDFHULOH VWU LQH F LOH IHUDWH SRWHOH WHOHJUDIXO WHOHIRDQHOH
FLUFXOD LD ILQDQFLDU  Y PLOH vPSUXPXWXULOH SXEOLFH L VLJXUDQ D VWDWXOXL
WUHFHDX vQ DGPLQLVWUD LD JXYHUQXOXL GH OD %XFXUHWL vQ FDGUXO F UXLD
7UDQVLOYDQLDXUPDV ILHUHSUH]HQWDW SULQPLQLWULI U SRUWRIROLX$SRL
OD DFWXO XQLULL DX DGHUDW L VDLL  GHFHPEULH  LDQXDULH  
HYUHLL PDUWLH LYDELL DXJXVW 
&HOH WUHL GHFL]LL LVWRULFH GH OD &HUQ X L &KLLQ X L $OED ,XOLD
FRQFUHWL]DUH SULQ XQLUHD FX SDWULDPDP  D WXWXURU SURYLQFLLORU LVWRULFH
URPkQHWL DIODWH VXE GRPLQD LH VWU LQ  DX vPSOLQLW YLVXO VH VHFROH DO


,RDQ6FXUWXRSFLWS

&RQVLOLXO'LULJHQWDO7UDQVLOYDQLHLDIRVWGHVILLQ DWODDSULOLH
DWULEX LLOHVDOHWUHFkQGDVXSUDJXYHUQXOXLGHOD%XFXUHWL
 
WXWXURU URPkQLORU WRDWH OD XQ ORF FRQVWLWXLQG FHHD FH 1LFRODH ,RUJD
GHQXPHDFHDPDLPDUHIDSW GLQWRDW YLD DQHDPXOXLURPkQHVF
'HV YkULUHD XQLW LL QD LRQDO VWDWDOH D URPkQLORU vQ LVWRULFXO DQ
 QX D IRVW XQ IHQRPHQ L]RODW FL D I FXW SDUWH GLQWUXQ SURFHV PXOW
PDLDPSOXGHUXODWvQvQWUHJXOVSD LXFHQWUDOHVWLFLVXGHVWLFHXURSHDQvQ
FRQWH[WXO GHVWU P ULL LPSHULLORU DULVW L DXVWURXQJDU FRQFUHWL]DW SULQ
FRQVWLWXLUHD&HKRVORYDFLHLRFWRPEULH8QJDULHLQRLHPEULH
3RORQLHLQRLHPEULH$XVWULHLQRLHPEULH5HJDWXOXL6kUER&URDWR
6ORYHQQRLHPEULH


$S UDUHDLFRQILUPDUHDLQWHUQD LRQDO D0DULL8QLUL  

$S UDUHD 0DULL 8QLUL +RW UkULOH LVWRULFH GH OD $OED ,XOLD DX IRVW
SXVHvQSHULFROGHSUHYHGHULOH&RQYHQ LHLGHDUPLVWL LXGHOD%HOJUDGGLQ
 RFWRPEULH QRLHPEULH  vQFKHLDW  GH F WUH JHQHUDOXO )UDQFKHW
GeVSHUH\ vQQXPHOHWUXSHORUDOLDWH FXJXYHUQXOXQJDUSULQFDUHFXUVXO
0XUHXOXLHUDVWDELOLWvQPRGDUELWUDU LvQFRQWUDGLF LHFXWUDWDWXOSROLWLF
LFRQYHQ LDPLOLWDU vQFKHLDW vQFX5RPkQLD FDOLQLDGHGHPDUFD LH
vQWUH WUXSHOH DOLDWH L DUPDWD XQJDU  &D XUPDUH vQVHPQDWH S U L GLQ
7UDQVLOYDQLD %DQDW &ULDQD L 0DUDPXUH HUDX O VDWH VXE DXWRULWDWHD
JXYHUQXOXLGHOD%XGDSHVWD
'XS PXOWHFRQWHVWD LLLWUDWDWLYHFXJHQHUDOXO)UDQFKHWGeVSHUH\
L FX VSULMLQXO JHQHUDOXOXL +0%HUWKHORW  WUXSHOH URPkQH DX SULPLW OD
 GHFHPEULH  SHUPLVLXQHD GH D GHS L OLQLD GH GHPDUFD LH D
0XUHXOXLLDGHYHQLvQVSULMLQXOSRSXOD LHLURPkQHWLVXSXV YLROHQ HORU
DXWRULW LORUPDJKLDUH&XWRDWHF WUXSHOHURPkQHDXSXWXWS WUXQGHDVWIHO
vQ &OXM &ULDQD L %DQDWXO DX FRQWLQXDW V  U PkQ  vQ DIDUD JUDQL HORU
5RPkQLHLFKLDUGDF ODIHEUXDULH&RQVLOLXO0LOLWDU,QWHUDOLDWD
DSUREDW FD WUXSHOH URPkQH V  vQDLQWH]H SkQ  SH DOLQLDPHQWXO 6DWX 0DUH
&DUHL2UDGHD6DORQWD$UDG GLQFROR GH FDUH VD FRQVWLWXLW OD 
IHEUXDULHR]RQ QHXWU  vQWUH5RPkQLDL8QJDULD FDUHXUPDV 
ILHRFXSDW GHWUXSHIUDQFH]HHQJOH]HLWDOLHQHHYHQWXDODPHULFDQH


 1HDPXO URPkQHVF GLQ  QRLHPEULH  3HQWUX QRL  FRQWLQXD
LOXVWUXO VDYDQW  H R QHFHVLWDWH LVWRULF  DMXQV  OD UHFXQRDWHUH L R VXIHULQ 
PkQJkLDW RPXQF FHLJ VHWHU VSODWDLDVWIHODYHPGUHSWXOGHDFUHGH
DFHVWIDSWGHILQLWLYLHWHUQ
 
5HIX]XO5HSXEOLFLL8QJDUHD6IDWXULORUSURFODPDW ODPDUWLH
 PRELOL]DUHD PLOLWDU  GHFUHWDW  GH QRXO JXYHUQ GH OD %XGDSHVWD
GHFODUD LDF 8QJDULDVHDIODvQVWDUHGHU ]ERLFXWRDWHVWDWHOHYHFLQHGH
OD FDUH DUH FHYD GH UHYHQGLFDW L DWDFXO GHFODQDW OD  DSULOLH
vPSRWULYD 5RPkQLHL DX SURYRFDW ULSRVWD FRPDQGDPHQWXOXL L WUXSHORU
URPkQH vQWUH  L  DSULOLH DFFHSWDW  GH F WUH FRPDQGDPHQWXO DOLDW 
FDUH DX vQDLQWDW SkQ  OD OLPLWD YHVWLF  D ]RQHL QHXWUH L DSRL GDWRULW 
LPSHUDWLYHORU GH RUGLQ PLOLWDU SkQ  SH FXUVXO 7LVHL  PDL  I U  FD
DFHDVWDV GHWHUPLQHJXYHUQXOXQJDUV UHQXQ HODLQWHQ LLOHVDOHDJUHVLYH
SXVHGLQQRXvQSUDFWLF ODLXOLHFkQGDUPDWDPDJKLDU DDWDFDW
SHIURQWXO7LVHLUHVSLQJkQGWUXSHOHURPkQH) U V PDLDWHSWHDSUREDUHD
VDXDMXWRUXO&RQVLOLXOXL6XSUHP,QWHUDOLDWDUPDWDURPkQ DFRQWUDDWDFDW
ODLXOLHIRU kQGLDU7LVD LXOLH LvQDLQWkQGVSUH%XGDSHVWDvQFDUH
DXS WUXQVODDXJXVW
3UH]HQ D WHPSRUDU  D DUPDWHL URPkQH SH WHULWRULXO 8QJDULHL vQ
WLPSXO F UHLD PLOLWDULL URPkQL DX JDUDQWDW OLQLWHD DYXWXO L YLD D
FHW HQLORUQHLQWHUYHQLQGvQYLD DSROLWLF DDYXWXQFDUDFWHUSXUPLOLWDU
OXkQG VIkULW vQ QRLHPEULH  FkQG WUXSHOH URPkQH DX vQFHSXW V  VH
UHWUDJ  GLQ 8QJDULD /D GRX  ]LOH GXS  FH PLOLWDULL URPkQL DX S U VLW
%XGDSHVWD  QRLHPEULH  IRU HOH DOLDWH DX SHUPLV LQWUDUHD vQ FDSLWDOD
8QJDULHLDWUXSHORUFRPDQGDWHGHDPLUDOXO+RUWK\0LNORV
&RQFRPLWHQW WUXSHOH URPkQH DX LQWHUYHQLW SHQWUX DS UDUHD QRLORU
IURQWLHUHGLQHVWXOLQRUGHVWXO ULLvQ%DVDUDELDL%XFRYLQDvPSRWULYD
DWDFXULORULSURYRF ULORUUXVHWLLXFUDLQLHQH
&RQILUPDUHD LQWHUQD LRQDO  &RQFRPLWHQW FX DS UDUHD 0DULL8QLUL
SULQ IRU D DUPHORU JXYHUQXO URPkQ D GHVI XUDW R VXV LQXW  DFWLYLWDWH
GLSORPDWLF SHQWUXFRQILUPDUHDLQWHUQD LRQDO DDFHVWHLDSULQWUDWDWHOHFDUH
VHSUHJ WHDXvQFDGUXO&RQIHULQ HLGHSDFHFDUHLDGHVFKLVOXFU ULOHOD



3UHHGLQWHDIRVWGHVHPQDW*DUEDL6iQGRULDUPLQLVWUXGH([WHUQH.XQ
%pOOD

 QFHSkQG FX  DSULOLH  5RPkQLD D DGRSWDW FDOHQGDUXO JUHJRULDQ
]LXDGHDSULOLHVWLOYHFKLGHYHQLQGDSULOLHVWLOQRX

.XQ%pOODDS U VLW%XGDSHVWDUHIXJLLQGXVHOD9LHQD

3HODUJ'XPLWUX3UHGD9DVLOH$OH[DQGUHVFX&RVWLF 3URGDQQ
DS UDUHD5RPkQLHL0DUL&DPSDQLDDUPDWHLURPkQHGLQ(GLWXUD
(QFLFORSHGLF %XFXUHWL
 
3DULV OD  LDQXDULH  3ULQWUH FHOH  GH VWDWH FDUH LDX WULPLV
GHOHJD LLOD&RQIHULQ DS FLLVDDIODWL5RPkQLDSODVDW SULQWUH ULOHFX
LQWHUHVH OLPLWDWHVSHFLDOH vQ SRILGD WUDWDWXOXL SROLWLF GLQ  L D
IDSWXOXLF ODVIkULWXOU ]ERLXOXLDI FXWSDUWHGLQJUXSXOFHORUGHVWDWH
vQYLQJ WRDUH
&D XUPDUH vQ WLPSXO OXFU ULORU IRUXPXOXL PRQGLDO ,,&%U WLDQX
HIXO GHOHJD LHL URPkQH D SURWHVWDW GHVHRUL ID  GH WUDWDPHQWXO
GLVFULPLQDWRULX DSOLFDW 5RPkQLHL L FHORUODOWH VWDWH PLFL L PLMORFLL  D
SUH]HQWDWHIRUWXOGHU ]ERLDO ULL ODLDQXDULHIHEUXDULH DI FXW
HIRUWXUL GHRVHELWH SHQWUX FD LQWHUHVHOH HL QD LRQDOH V  ILH VDWLVI FXWH vQ
YLUWXWHDGUHSWXOXLLVWRULF
Q ILQDO &RQIHULQ D D FRQVDFUDW SULQ WUDWDWHOH GH SDFH vQFKHLDWH
DFWHOH XQLULL URPkQLORU GLQ  XQLUHD %XFRYLQHL  SULQ WUDWDWXO FX
$XVWULDGHOD6DLQW*HUPDLQ VHSWHPEULH LXQLUHD7UDQVLOYDQLHL
%DQDWXOXL &ULDQHL L 0DUDPXUHXOXL  SULQ WUDWDWXO FX 8QJDULD GH OD
7ULDQRQ LXQLH JUDQL DURPkQREXOJDU VWDELOLW SULQWUDWDWXOGHOD
%XFXUHWLGLQDXJXVWDIRVWUHFRQILUPDW SULQWUDWDWXOFX%XOJDULDGH
OD 1HXLOO\ VXU 6HLQH  QRLHPEULH   &RQFRPLWHQW 7UDWDWXO
IURQWLHUHORU GH OD 6HYUHV vQFKHLDW vQWUH SULQFLSDOHOH SXWHUL $OLDWH L
$VRFLDWH SH GH R SDUWH L 3RORQLD &HKRVORYDFLD 5RPkQLD L 5HJDWXO
6kUER&URDWR6ORYHQSHGHDOW SDUWHDUHFRQILUPDWVXYHUDQLWDWHDDFHVWRU
VWDWH DVXSUD WHULWRULLORU GHVHPQDWH GH &RQIHULQ D GH SDFH )URQWLHUHOH
5RPkQLHL DYHDX V  PDL ILH UHFXQRVFXWH L SULQ WUDWDWXO GH OD /DXVDQQH
vQFKHLDWFX7XUFLDODLXOLHFDUHDvQORFXLWWUDWDWXOGHOD6HYUHVGLQ

Q DEVHQ D 5XVLHL 6RYLHWLFH GH OD OXFU ULOH FRQIHULQ HL GH SDFH
VXYHUDQLWDWHD5RPkQLHLDVXSUDWHULWRULXOXL%DVDUDELHLDIRVWUHFXQRVFXW 
SULQ WUDWDWXO GH SDFH GH OD 3DULV GLQ  RFWRPEULH  VHPQDW GH
5RPkQLDSHGHRSDUWHL0DUHD%ULWDQLH)UDQ D,WDOLDL-DSRQLDSHGH
DOW  SDUWH vQ ED]D GHFODUD LHL GLQ  PDUWLH  D &RQVLOLXOXL 6XSUHP
$OLDW



 &DUH vQVR HD WUDWDWXO GH SDFH FX 7XUFLD vQFKHLDW OD DFHHDL GDW  vQ
DFHHDLORFDOLWDWH

 $UW  L  SUHFL]DX IURQWLHUHOH 5RPkQLHL FX VWDWHOH YHFLQH
FRQVHPQkQGSXQFWHOHPDLLPSRUWDQWHGHJUDQL 
 
&RQVDFUDUHDLQWHUQD LRQDO DJUDQL HORU5RPkQLHLVDI FXWFXPDUL
GLILFXOW LGDWRULW LQWHUHVHORUVWUDWHJLFHLHFRQRPLFHDOHPDULORUSXWHUL
QHFXQRDWHULLDGHY UDWHLUHDOLW LLVWRULFHHWQLFHLJHRJUDILFHvQFHUF ULORU
GHOHJD LHL XQJDUH vQ VSHFLDO GH D PHQ LQH KRWDUHOH IRVWXOXL ,PSHULX DO
6IkQWXOXL WHIDQ Q DFHVW VHQV vQ  JXYHUQXO XQJDU DWU JkQGXL
VSULMLQXOXQRUSROLWLFLHQLLRDPHQLGHDIDFHULIUDQFH]LLHQJOH]LDODQVDW
LGHHD FRQVWLWXLULL XQHL &RQIHGHUD LL D VWDWHORU GDQXELHQH FRPE WXW 
YLUXOHQWGHF WUHJXYHUQHOH5RPkQLHL&HKRVORYDFLHLL,XJRVODYLHLFDUH
DX UHXLW vQ  V  GHWHUPLQH JXYHUQHOH GH OD 3DULV L /RQGUD V 
DEDQGRQH]HDFHDVW LGHH
Q FRQWH[WXO vQ FDUH R PDUH SDUWHDWHULWRULXOXLURPkQHVFVHDIODVH
VXE RFXSD LH JHUPDQ  WLPS GH DSURDSH GRL DQL SDJXEHOH vQUHJLVWUDWH
ULGLFkQGXVH OD  PLOLDUGH OHL DXU GHOHJD LD URPkQ  D VROLFLWDW
UHSDUD LLOHFRUHVSXQ] WRDUHQHDFRUGDWHvQV GHPDULOHSXWHULGHFkWvQWUR
IRDUWHPLF P VXU QDEVHQ DGHOHJD LHLURPkQHFRQIHULQ DGHOD6SDGLQ
DUHSDUWL]DW5RPkQLHLRFRW GHQXPDLGLQUHSDUD LLOHJHUPDQHL
GH  GLQ FHOH RULHQWDOH DGLF  PXOW SUHD SX LQ ID  GH SLHUGHULOH
vQUHJLVWUDWH L GH HIRUWXO FRPXQ OD RE LQHUHD YLFWRULHL 'LQ DFHVW PRWLY
JXYHUQXOURPkQDYHDV UHIX]HSURFHQWXOLQILPDFRUGDW'XS QXPHURDVH
LQVLVWHQ HGHOHJD LLURPkQLDXIRVWSULPL LOD&RQIHULQ DLQWHUDOLDW GHOD
/RQGUD LXOLHDXJXVW   L OD FRQIHULQ D PLQLWULORU GH ILQDQ H GH OD
3DULV LDQXDULH   XOWLPD DWULEXLQG 5RPkQLHL  GLQ UHSDUD LLOH
JHUPDQHLGLQSULPDMXP WDWHDFHORURULHQWDOHLGLQFHDGHDGRXD
MXP WDWHDFHORURULHQWDOHQILQDO5RPkQLDQXDYHDV EHQHILFLH]HQLFL
GHDFHDVW PLF SDUWHDWULEXLW 


5HOHYkQGDFHVWOXFUX,,&%U WLDQXFRQVHPQDvQLXQLH1XQH
SXWHP IDFH LOX]LL QH DIO P vQ ID D  DSHWLWXULORU WUXVWXULORU FDUH KRW U VF vQ
VSDWHOHOXL:LOVRQ/DUkQGXL9LLWRUXOGLQLXQLHFRQVHPQD'DF 
GHOHJD LDQRDVWU DUILIRVWPDLFXODQW vQFKHVWLDSHWUROXOXLPXOWHXOWLPDWXPXUL
QDPILSULPLWLPXOWHDUWLFROHGHJD]HW LQMXULRDVHvPSRWULYDQRDVWU QXVDUIL
VFULVvQWURDQXPLW SUHV GLQ$PHULFDLGLQ$QJOLD

(PLOLDQ%ROG9DOHULX)ORULQ'REULQHVFX&RQIHULQ DGHSDFHGHOD3DULV
 vQ5RPkQLLvQLVWRULDXQLYHUVDO YRO,DLSS

,ELGHPS

 ,RQ $JULJRURDLHL 5ROXO L ORFXO 5RPkQLHL vQ UHOD LLOH LQWHUQD LRQDOH
GLQ SHULRDGD LQWHUEHOLF  vQ 5RPkQLL vQ LVWRULD XQLYHUVDO  YRO  ,DL 
S
 
2 DOW  SUREOHP  FX FDUH VD FRQIUXQWDW GHOHJD LD URPkQ  OD
FRQIHULQ DGHSDFHGHOD3DULVVDUHIHULWODvQVFULHUHDvQWUDWDWHOHvQFKHLDWH
vQVSHFLDOvQFHOFX$XVWULDLvQFHODOPLQRULW LORUDXQRUFODX]HFDUHV 
QX OH]H]H VXYHUDQLWDWHD L LQGHSHQGHQ D VWDWXOXL URPkQ 3URWHVWHORU
UHSHWDWH L YHKHPHQWH I FXWH GH ,,&%U WLDQX UHSUH]HQWDQ LL PDULORU
SXWHUL OHDX U VSXQV FX SUHVLXQL L DPHQLQ UL UHIHULWRDUH FKLDU OD
UHFXQRDWHUHDDSDUWHQHQ HL%XFRYLQHLOD5RPkQLD5H]LVWHQ DURPkQHDVF 
ODDFHVWHDPHQLQ ULQXDvQFHWDWQLFLGXS UHWUDJHUHDHIXOXLGHOHJD LHL
URPkQHGHOD&RQIHULQ DGHSDFHLGHPLVLDJXYHUQXOXLSHFDUHvOSUH]LGD
*UDY D IRVW IDSWXO F  QX DX vQFHWDW QLFL P VXULOH UHVWULFWLYH DOH PDULORU
SXWHUL LPSRUWXULOH URPkQHWL ILLQG SUDFWLF EORFDWH 3ULQ QXPHURDVH
XOWLPDWXPXUL   JXYHUQXO URPkQ D IRVW DWHQ LRQDW F  GDF  QXL
UHWULPLWHDGHOHJD LLOD3DULVSHQWUXDVHPQDFHOHGRX WUDWDWH DUDXUPDV 
ILHH[FOXV GLQUkQGXOSXWHULORUDOLDWHLDVRFLDWH
QWUXQDVHPHQHDFRQWH[WODGHFHPEULHGHOHJD LDURPkQ 
FRQGXV  GH QRXO SULPPLQLVWUX $OH[DQGUX 9DLGD9RHYRG D UHYHQLW OD
3DULVXQGHDVHPQDWWUDWDWXOGHOD6DLQW*HUPDQLQHQ/D\HFX$XVWULDL
GH OD 1HXLOO\ VXU 6HLQH FX %XOJDULD &X DFHODL SULOHM D IRVW VHPQDW L
7UDWDWXOPLQRULW LORUUHIRUPXODWSULQVXSULPDUHDUHIHULULORUOD7UDWDWXOGH
OD%HUOLQGLQFXSULYLUHODLQGHSHQGHQ DFRQGL LRQDW D5RPkQLHLL
D DUW  L  FDUH SUHYHGHDX OHJL VSHFLDOH SHQWUX HYUHL XOWLPHOH GRX 
ILLQGvQORFXLWHSULQWUXQDOLQLDWSULQFDUHVHOXDDFWGH'HFUHWXOOHJHGLQ
QRLHPEULHFDUHFRQIHUHDDFHVWHLPLQRULW LDFHOHDLGUHSWXULFXFHOH
DOHSRSXOD LHLURPkQH0RGLILF ULOHRE LQXWHGHF WUHGHOHJD LDURPkQ 
QXDXvQO WXUDWvQV FRPSOHWSRVLELOLW LOHGHLQWHUYHQ LHDOHPDULORUSXWHUL
vQSUREOHPHOHLQWHUQHDOH5RPkQLHL


 5HIHULQGXVH OD SR]L LD UHSUH]HQWDQ LORU PDULORU SXWHUL ID  GH SUR
EOHPHOHULGLFDWHGHGHOHJD LLURPkQL7DNH,RQHVFXFRQVHPQD)UDQFH]LLRIWHD
] FXQRLGDUYRWHD] FX$QJOLDLPDLDOHVFX$PHULFD

 0RGXO FXP &RQVLOLXO 6XSUHP D WUDWDW VDX PDL ELQH ]LV D PDOWUDWDW
5RPkQLD  UHFXQRWHD 5D\PRQG 3RLQFDUp  HVWH R SURE  F  GLSORPD LL
GHPRFUD LGHGXS U ]ERLDL3XWHULORUPDULvQWRFPDLFDLPSHULDOLWLLGLQDLQWHGH
U ]ERLQDXIRVWODvQ O LPHDWLPSXULORU

 3UHDPEXOXO 7UDWDWXOXL PLQRULW LORU SUHYHGHD GH DFHDVW  GDW  F  WUD
WDWXOQXHUDLPSXVFLGLVFXWDWLFRQYHQLWvQWUHPDULOHSXWHULL5RPkQLDIDSW
FDUHDQXODFDUDFWHUXOREOLJDWRULXDODFFHSW ULLDQWLFLSDWHDFODX]HORUSUHY ]XWHvQ
DUWDOWUDWDWXOXLFX$XVWULD
 


,,5201,$1&217(;78/
*(232/,7,&,17(5%(/,&



'XS 0DUHD8QLUHGLQ5RPkQLDDSURPRYDWvQSODQH[WHUQR
SROLWLF DFWLY FDUHDYL]DWDS UDUHDLQGHSHQGHQ HLLVXYHUDQLW LLQD LR
QDOHDLQWHJULW LLWHULWRULDOHLFUHDUHDXQXLFOLPDWGHVHFXULWDWHvQVWDUHV 
DVLJXUHSDFHDvQ]RQ LvQ(XURSDvQFRQIRUPLWDWHFXSULQFLSLLOHvQVFULVH
vQ3DFWXO6RFLHW LL1D LXQLORUVHPQDWLGHUHSUH]HQWDQ LL5RPkQLHLvQF 
GHODHODERUDUH LXQLH vQFKHLQGvQDFHVWVFRSWUDWDWHGHDOLDQ 
ELLPXOWLODWHUDOHFXFDUDFWHUGHIHQVLY

5RPkQLDL0LFDQ HOHJHUH

QFDGUXOSUHRFXS ULORUSHQWUXDS UDUHDLQGHSHQGHQ HLQD LRQDOHLD


LQWHJULW LL WHULWRULDOH DPHQLQ DWH GH UHYL]LRQLVPXO VWDWHORU QHPXO XPLWH
GHGHFL]LLOHRUJDQHORUGHFRQGXFHUHD&RQIHULQ HLGHSDFHGHOD3DULVLvQ
FRQWH[WXOvQFDUHXQHOHFHUFXULSROLWLFHLHFRQRPLFHIUDQFH]HSUHFRQL]DX
FRQVWLWXLUHD XQHL &RQIHGHUD LL GDQXELHQH vQ FDGUXO F UHLD 8QJDULD DU IL
XUPDWDDYHDXQVWDWXWSULYLOHJLDWGHOHJD LLOHFHKRVORYDF LXJRVODY L


3HODUJ9LRULFD0RLVXF,VWRULDUHOD LLORULQWHUQD LRQDOH3kQ ODPLMORFXO
VHFROXOXLDO;;OHD(GLWXUD)XQGD LHL5RPkQLDGH0kLQH%XFXUHWL0LKDL
5HWHJDQQEDODQ DIRU HORU(GLWXUD6(01(%XFXUHWL$OH[DQGUX2FD
0DQDJHPHQWXO FUL]HORU UHJLRQDOH (GLWXUD $FDGHPLHL GH QDOWH 6WXGLL 0LOLWDUH
%XUHWL

*XYHUQXOXQJDUDvQFUHGLQ DWJUXSXOXLIUDQFH]&UHXVRWH[SORDWDUHD
UH HOHL GH F L IHUDWH XQJDUH L OXFU ULOH GH UHJXODUL]DUH D FXUVXOXL 'XQ ULL $
SUHWLQV vQ VFKLPE FD 5RPkQLD &HKRVORYDFLD L ,XJRVODYLD V  ILH FRQYLQVH V 
FHGH]HLQGXVWULHLXQJDUHPDWHULLOHSULPHQHFHVDUHLV DFFHSWHWDULIHVF ]XWHOD
PLMORDFHOH GH WUDQVSRUW FDUH XUPDX D IL VWDELOLWH GH F WUH R FRPLVLH PL[W  FX
VHGLXO OD %XGDSHVWD QJULMRUDWH JXYHUQHOH URPkQ FHKRVORYDF L LXJRVODY DX
FRPE WXWFXYLJRDUHDFHVWSODQ
 
URPkQ  DX GLVFXWDW FKLDU vQ FDSLWDOD )UDQ HL SUREOHPD FRQVWLWXLULL XQHL
DOLDQ H GHIHQVLYH HVWHXURSHQH /D UkQGXOH Y ]kQG vQ DFHDVW  LQL LDWLY 
XQYLLWRUSHULFROSHQWUXLQWHJULWDWHDWHULWRULDO DVWDWHORUORUJXYHUQHOHGH
OD3UDJDL%HOJUDGDXvQFKHLDWODDXJXVWRFRQYHQ LHGHDOLDQ 
GHIHQVLY  GXS  FDUH LPHGLDW (GXDUG %HQH VD GHSODVDW OD %XFXUHWL
SURSXQkQGDGHUDUHD5RPkQLHL
&X WRDWH F  7DNH ,RQHVFX PLQLVWUXO GH ([WHUQH URPkQ GRUHD
vQFKHLHUHDXQHLDOLDQ HPXOWPDLFXSULQ] WRDUHFDUHV LQFOXG L3RORQLD
L *UHFLD vQ ILQDO FD XUPDUH D vQFHUF ULL H[vPS UDWXOXL &DURO GH
+DEVEXUJ GH D UHYHQL vQ 8QJDULD vQ PDUWLH   VSUH DL UHF S WD
WURQXO OD  DSULOLH  OD %XFXUHWL D IRVW vQFKHLDW  &RQYHQ LD GH
DOLDQ GHIHQVLY URPkQRFHKRVORYDF 
'RFXPHQWXOSUHYHGHDF vQFD]XOXQXLDWDFQHSURYRFDWGLQSDUWHD
8QJDULHLvPSRWULYDXQHLDGLQQDOWHOH3 U L&RQWUDFWDQWHFHDODOW 3DUWHVH
DQJDMDV FRQWULEXLHODDS UDUHD3 U LLDWDFDWHvQFKLSXOGHWHUPLQDWSULQ
DQJDMDPHQWXOFRQIRUPSUHYHGHULORUXQHL&RQYHQ LLPLOLWDUHFDUHXUPDV 
ILH vQFKHLDW  XOWHULRU &X DFHODL SULOHM FHOH GRX  JXYHUQH LDX OXDW


3HODUJ(OL]D&DPSXV5RPkQLDL0LFDQ HOHJHUH%XFXUHWL

 Q YL]LXQHD OXL 7DNH ,RQHVFX DOLDQ D vQ FLQFL FRQVWLWXLW  vQWUH
5RPkQLD&HKRVORYDFLD,XJRVODYLD3RORQLDL*UHFLDWUHEXLDV UHSUH]LQWHR
EDULHU  vPSRWULYD H[SDQVLRQLVPXOXL JHUPDQ vQ (XURSD GH HVW Q DFHVW VHQV D
RE LQXW L DVHQWLPHQWXO JXYHUQHORU GH OD 3DULV )UDQ D FRQVLGHUD 5RPkQLD
HOHPHQWXOFHOPDLLPSRUWDQWOD5 V ULW 5RPD/RQGUD 0DUHD%ULWDQLHDYHD
XQHOHUH]HUYHID GHSDUWLFLSDUHD3RORQLHLSHQWUXDQXVSRULSUHDPXOWLQIOXHQ D
IUDQFH]  vQ ]RQ  3UDJD %HOJUDG &RQFRPLWHQW D vQFHUFDW V  FRQFLOLH]H
QHvQ HOHJHULOH SRORQRFHKRVORYDFH Q ILQDO GHRDUHFH 3RORQLD D GRULW V  VH
DOLH]HQXPDLFX5RPkQLDQXLFX&HKRVORYDFLDSODQXOOXL7DNH,RQHVFXDIRVW
DEDQGRQDW GHFHPEULH GHFL]kQGXVHFD0LFDQ HOHJHUHV VHFRQVWLWXLH
SHHWDSH

 5RPkQLD &HKRVORYDFLD L ,XJRVODYLD DX SURWHVWDW HQHUJLF ID  GH
DFHDVW  SRVLELOLWDWH GHWHUPLQkQG &RQIHULQ D DPEDVDGRULORU GH OD 3DULV V 
DGRSWH OD  PDUWLH  R UH]ROX LH SULQ FDUH LQYLWD JXYHUQXO XQJDU V 
UHVSHFWH KRW UkUHD &RQIHULQ HL GH SDFH GLQ  IHEUXDULH  SULQ FDUH VH
VWDELOLVH F  UHVWDXUDUHD +DEVEXUJLORU HUD vQ GLVFRUGDQ  FX GHFL]LLOH 3XWHULORU
$OLDWHL$VRFLDWH&RQFRPLWHQWJXYHUQHOHFHORUWUHLVWDWHPHQ LRQDWHDXFHUXW
JXYHUQXOXL XQJDU V O vQGHS UWH]H SH IRVWXO vPS UDW Q DFHVW FRQWH[W
3DUODPHQWXOGHOD%XGDSHVWDDDQXODWGUHSWXOGHVXFFHVLXQHODWURQDO&DVHLGH
$XVWULD&DUROGH+DEVEXUJILLQGHVFRUWDWvQLQVXOD0DGHLUDGLQ$WODQWLFXQGHD
GHFHGDWODDXJXVW
 
REOLJD LDGHDQXvQFKHLDYUHRDOLDQ FXRDWUHLD3XWHUHI U DvQWLLQ D
SUHDODELOFHDODOW 3DUWH DUW LGHDVHVI WXLDVXSUDSUREOHPHORUGH
SROLWLF H[WHUQ UHODWLYHODUDSRUWXULOHORUFX8QJDULD DUW 
&XWRDWHF vQWUH5RPkQLDL,XJRVODYLDH[LVWDXXQHOHQHvQ HOHJHULvQ
SUREOHPD ELVHULFLORU L FROLORU URPkQH GLQ %DQDWXO VkUEHVF OD  LXQLH
 WRW OD %XFXUHWL D IRVW VHPQDW  &RQYHQ LD GH DOLDQ  GHIHQVLY 
URPkQRLXJRVODY  FX XQ FRQ LQXW DVHP Q WRU FHOHL GLQWUH 5RPkQLD L
&HKRVORYDFLD FX GHRVHELUHD F  GH DFHDVW  GDW  DOLDQ D IXQF LRQD L vQ
FD]XOXQXLDWDFQHSURYRFDWGLQSDUWHD%XOJDULHL
3ULQ XUPDUH DOLDQ D GLQWUH 5RPkQLD &HKRVORYDFLD L ,XJRVODYLD
0LFDQ HOHJHUH DDYXWGHODvQFHSXWXQFDUDFWHUGHIHQVLYILLQGFRQVWL
WXLW FDXQLQVWUXPHQWGHDS UDUHDVWDWXTXRXOXLWHULWRULDOHVWHXURSHDQR
UHSOLF ODPDQLIHVW ULOHUHYL]LRQLVWHDOH8QJDULHLvQSULPXOUkQG
(DQXDSXWXWILUHDOL]DW vQFLQFLGHRDUHFH3RORQLDDYHDGLIHUHQGH
WHULWRULDOH FX &HKRVORYDFLD ]RQD 7HVFKHQ  L UHOD LL EXQH FX 8QJDULD
vQ GHWULPHQWXO VWDWHORU YHFLQH DFHVWHLD  &RQFRPLWHQW JXYHUQXO GH OD
9DURYLD D DSUHFLDW F  DOLDQ D FX )UDQ D  IHEUXDULH   vL HUD
VXILFLHQW  SHQWUX VHFXULWDWHD JUDQL HL GH DSXV LDU FHD FX 5RPkQLD 
PDUWLH SHQWUXFHDGHU V ULW/DUkQGXL*UHFLDQXVDSXWXWLPSOLFD
GDWRULW U ]ERLXOXLGXVvPSRWULYD7XUFLHL
QU XW LUHD VLWXD LHL LQWHUQD LRQDOH D GHWHUPLQDW FRQGXFHULOH FHORU
WUHL VWDWH FDUH FRQVWLWXLDX 0LFD Q HOHJHUH V  SURFHGH]H OD UHRUJDQL]DUHD
VWUXFWXULORUSROLWLFHLPLOLWDUHSHQWUXDOHIDFHPDLHILFLHQWH
0DLvQWkLFDXUPDUHDDF LXQLORU,WDOLHLFDUHSULQVLVWHPXOGHWUDWDWH
vQFKHLDWH vQFHUFD V  L]ROH]H ,XJRVODYLD L V  FUHH]H SUREOHPH 0LFLL
Q HOHJHUL VWDWHOH FDUH FRPSXQHDX 0LFD Q HOHJHUH DX vQFHUFDW OD
,RDNLPRY  PDL   V  VWDELOHDVF  PLMORDFHOH L F LOH SHQWUX
DWUDJHUHD vQ DOLDQ  D 8QJDULHL 5RPkQLD VI WXLQG WRWRGDW  ,XJRVODYLD


,RDQ6FXUWX5RPkQLDL0DULOH3XWHUL%XFXUHWL
S

 &X WRDWH DFHVWHD OD  QRLHPEULH  3RORQLD L &HKRVORYDFLD DX
vQFKHLDW R &RQYHQ LH GHIHQVLY  8OWHULRU OD OXFU ULOH XQRUD GLQWUH VHVLXQLOH
0LFLLQ HOHJHULDSDUWLFLSDWLFkWHXQUHSUH]HQWDQWDO3RORQLHL

 /D  VHSWHPEULH  FX 5RPkQLD OD  QRLHPEULH  L 
QRLHPEULHFX$OEDQLDODDSULOLHFX8QJDULD

3HQWUXDHYLWDDFHVWOXFUX)UDQ DDvQFKHLDWXQWUDWDWFX,XJRVODYLDOD
QRLHPEULH
 
VSUH VDWLVIDF LD )UDQ HL V  GHD GRYDG  GH PRGHUD LH &RQFRPLWHQW OD
,RDNLPRYVDGLVFXWDWSUREOHPDVWUkQJHULLOHJ WXULORUHFRQRPLFHGLQWUH
FHOH WUHL VWDWH SUHFXP L GLQWUH 0DULOH 6WDWH 0DMRUH 2 FRQVHFLQ  LPH
GLDW DFRQIHULQ HLDFRQVWDWvQDPHOLRUDUHDUHOD LLORULXJRVODYRLWDOLHQH
$SRL OD  IHEUXDULH  FD XUPDUH D SODQXULORU DQJORIUDQFH]H
GH RUJDQL]DUH HFRQRPLF  D (XURSHL FHQWUDOH SULQ UHIDFHUHD XQLW LL
HFRQRPLFH D IRVWXOXL ,PSHULX DXVWURXQJDU VWDWHOH 0LFLL Q HOHJHUL DX
vQFHUFDW V  SXQ  ED]HOH SHQWUX R FRODERUDUH HFRQRPLF  PDL HILFLHQW  L
EHQHILF 
'XS  FH OD  PDL  OD %HOJUDG DX IRVW VHPQDWH SURWRFRDOH
UHIHULWRDUHODSUHOXQJLUHDFHORUWUHLWUDWDWHGHDOLDQ ODLXQLHOD
6WUEVNp 3OHVVR D IRVW vQFKHLDW XQ DFRUG FRPSOHPHQWDU OD WUDWDWHOH GH
DPLFL LHLGHDOLDQ H[LVWHQWHDUWDODFHVWXLDSUHY ]kQGF vQIXQF LH
GHVLWXD LHFHLWUHLPLQLWULGH([WHUQHSXWHDXGHFLGHGHFRPXQDFRUGFD
vQWUR FKHVWLXQH GHWHUPLQDW  UHSUH]HQWDUHD VDX DS UDUHD XQXL SXQFW GH
YHGHUH V  SRDW  IL vQFUHGLQ DW  VDX XQXL VLQJXU GHOHJDW VDX XQXL VLQJXU
VWDW &KLDU GDF  vQ HOHJHULOH YL]DX PDL PXOW SUREOHPH HFRQRPLFH FDUH
GDWRULW FUL]HLHFRQRPLFHQXVDXDSOLFDWGHFL]LLOHGHOD6WUEVNp3OHVVRD
UHSUH]HQWDWSULPXODFRUGFRPXQDO0LFLLQ HOHJHUL
8QDQPDLWkU]LXODPDLUHSUH]HQWDQ LLFHORUWUHLVWDWHDX
VHPQDWR&RQYHQ LDPLOLWDU FDUHSUHFL]DODDUW;,F vQVLWXD LDvQFDUH
XQXOGLQWUHVWDWHOHSHFDUHOHUHSUH]HQWDXVDUILJ VLWvQVWDUHGHU ]ERLFX
LQGLIHUHQWFHVWDWFHOHODOWHGRX VHDQJDMDXGHDO VDV WUHDF LGHD
XXUD WUDQVSRUWXO PLMORDFHORU SH WHULWRULXO ORU FX GHVWLQD LD VSUH DFHD
SXWHUH


0LQLVWUXOGH([WHUQHLXJRVODYVDGHFODUDWJDWDV vQFKHLHRFRQYHQ LH
FRPHUFLDO FX5RPkQLDLV vQFHDS QHJRFLHULvQDFHODLVHQVFX&HKRVORYDFLD
Q LXQLH  D SUH]HQWDW XQ $LGHPpPRLUH SHQWUX FRQVWLWXLUHD XQXL FRPLWHW
FDUHV DVLJXUHFRRSHUDUHDHFRQRPLF 

6LWXD LDGLIHULW DGH]YROW ULLHFRQRPLFHDGHWHUPLQDWXQHOHSURSXQHUL
FDUHOHDXVLWXDWSHSR]L LLGHRVHELWHQWLPSFH&HKRVORYDFLDGHH[HPSOXD
HODERUDWXQSURLHFWQHRILFLDOGHFUHDUHDXQHLYDVWHvQWUHSULQGHULGHH[SORDWDUHD
'XQ ULLFDUHDUILGXVODLQWHUQD LRQDOL]DUHDIOXYLXOXLDF LXQHDXUPkQGDSRLV 
SHUPLW  FRQVWLWXLUHD XQHL FRQIHGHUD LL GDQXELHQH FX SDUWLFLSDUHD 7XUFLHL VWDW
ULYHUDQ0 ULL1HJUH5RPkQLDL,XJRVODYLDDXSUHIHUDWWUDQVSXQHUHDvQSUDFWLF 
DGHFL]LLORUOXDWHOD%XFXUHWLvQSULYLQGUHDOL]DUHDLPHGLDW DXQXLVLVWHP
SUHIHUHQ LDOvQIDYRDUHDSURGXVHORUDJULFROH,QWHUHVHOHHFRQRPLFHDOHFHORUWUHL
DOLD LDXI FXWFDDFHVWHSODQXULV QXSRDW ILWUDQVSXVHvQUHDOLWDWH
 
$SRL OD PLMORFXO OXQLL GHFHPEULH  PLQLWULL GH ([WHUQH DL
5RPkQLHL &HKRVORYDFLHL L ,XJRVODYLHL DX GHFLV OD %HOJUDG SHUIHF LR
QDUHD L UHRUJDQL]DUHD 0LFLL Q HOHJHUL SULQ FUHDUHD XQXL &RQVLOLX FD
RUJDQSHUPDQHQWFDUHXUPDV VHvQWUXQHDVF GHWUHLRULSHDQSUHFXPL
DXQXL6HFUHWDULDWSHUPDQHQWFXVHGLXOOD*HQHYD'LVFX LLOHvQYHGHUHD
UHRUJDQL] ULLDXIRVWDFFHOHUDWHGHLQFLGHQWXOGHOD+LUWHQEXUJGLQLDQXDULH
FkQGVDGHVFRSHULWXQWUDQVSRUWGHDUPHGLQ,WDOLDOLYUDWH8QJDULHL
SULQ$XVWULDSUHFXPLGHSUHOXDUHDSXWHULLvQ*HUPDQLDGHF WUH+LWOHU
5HOXDWH OD  L  IHEUXDULH  OD *HQHYD GLVFX LLOH DX YL]DW
WUDQVIRUPDUHD 0LFLL Q HOHJHUL vQWUXQ RUJDQLVP LQWHUQD LRQDO XQLILFDW
GHVFKLVHYHQWXDOLDOWRUVWDWH
3DFWXO GH RUJDQL]DUH DO 0LFLL Q HOHJHUL SXEOLFDW OD  IHEUXDULH
SUHYHGHDODDUWFRQVWLWXLUHDXQXL&RQVLOLX3HUPDQHQWFRPSXV
GLQPLQLWULLGH([WHUQHDLFHORUWUHLVWDWHVDXGLQGHOHJD LVSHFLDOLFD
RUJDQ GLUHFWRU DO SROLWLFLL FRPXQH KRW UkULOH XUPkQG D IL OXDWH vQ
XQDQLPLWDWH Q DIDUD UDSRUWXULORU VDOH UHJXODWH SH FDOH GLSORPDWLF 
&RQVLOLXO3HUPDQHQWXUPDV VHvQWUXQHDVF vQPRGREOLJDWRULXGHFHO
SX LQWUHLRULSHDQ$UWSUHYHGHDSULQFLSLXOHJDOLW LLDEVROXWHDFHORU
WUHLVWDWHvQOXDUHDGHFL]LLORULvQUDSRUWXULOHFXWHU LLLDUDUWVWDELOHDF 
vQ IXQF LH GH VLWXD LH &RQVLOLXO 3HUPDQHQW SXWHD V  GHFLG  FD vQWUR
DQXPLW SUREOHP UHSUH]HQWD LXQHDVDXDS UDUHDSXQFWXOXLGHYHGHUHDO
VWDWHORU 0LFLL Q HOHJHUL V  ILH vQFUHGLQ DW  XQXL VLQJXU GHOHJDW VDX
GHOHJD LXQLL XQXL VLQJXU VWDW &X DFHODL SULOHM D IRVW FRQVWLWXLW XQ
&RQVLOLX (FRQRPLF DO VWDWHORU 0LFLL Q HOHJHUL SHQWUX FRRUGRQDUHD
SURJUHVLY DLQWHUHVHORUHFRQRPLFHDOHFHORUWUHL ULILHvQWUHHOHILHvQ
UDSRUWXULOH FX VWDWH WHU H SUHFXP L XQ 6HFUHWDULDW DO &RQVLOLXOXL



&XDFHOSULOHM(GXDUG%HQHDFHUXWFD0LFDQ HOHJHUHV LVFKLPEH
QXPHOH vQ /LJD SHQWUX (XURSD &HQWUDO  vQ FDUH V  SRDW  LQWUD L DOWH VWDWH
SUHFXP 3RORQLD Q FDGUXO GLVFX LLORU %HQHV L -HIWLF DX PDL SUHFRQL]DW
UHDOL]DUHD XQHL HFRQRPLL GLULMDWH FDUH V  IDF  GLQ 0LFD Q HOHJHUH XQ EORF
LQGLYL]LELOSHQWUXDSHUPLWHDGHUDUHDLD8QJDULHLL$XVWULHL$FHVWOXFUXDUIL
GXV OD vQF OFDUHD VXYHUDQLW LL VWDWHORU FRPSRQHQWH IDSW UHVSLQV GH 1LFRODH
7LWXOHVFX 3UREOHPH DX DS UXW L GDWRULW  HFRQRPLHL SUHSRQGHUHQW DJUDUH D
5RPkQLHLL,XJRVODYLHLLLQGXVWULDOHD&HKRVORYDFLHL

,RDQ6FXUWXRSFLWSS

 )XQF LD GH 3UHHGLQWH DO &RQVLOLXOXL 3HUPDQHQW HUD vQGHSOLQLW  GH
PLQLVWUXOGH([WHUQHDOVWDWXOXLvQFDUHVH LQHDvQWUXQLUHDREOLJDWRULHDQXDO 
 
3HUPDQHQW([WUHPGHLPSRUWDQWHHUDXLSUHYHGHULOHDUWFDUHVWLSXODX
F SROLWLFDFRPXQ D&RQVLOLXOXL3HUPDQHQWWUHEXLDV ILHLQVSLUDW GH
SULQFLSLLOHJHQHUDOHFXSULQVHvQ3DFWXO6RFLHW LL1D LXQLORU3DFWXOGHOD
3DULV $FWXO JHQHUDO GH DUELWUDM L vQ DOWH GRFXPHQWH DGRSWDWH GH
FRPXQLWDWHDLQWHUQD LRQDO 
8QLWDWHD 0LFLL Q HOHJHUL L GRULQ D GH SDFH D DFHVWHLD DX IRVW
HYLGHQ LDWH GLQ QRX OD  GHFHPEULH  OD .RLFH GH 1LFRODH
7LWXOHVFXL(GXDUG%HQH$SRLDPSOLILFDUHDFDPSDQLHLUHYL]LRQLVWHDX
GHWHUPLQDW VWDWHOH 0LFLL Q HOHJHUL V  GHFLG  OD =DJUHE OD  LDQXDULH
DGRSWDUHDXQHLWDFWLFLRIHQVLYHDWkWGLQSXQFWGHYHGHUHSROLWLFFkW
LSURSDJDQGLVWLF&RQFRPLWHQW5RPvQLD&HKRVORYDFLDL,XJRVODYLDDX
F ]XW GH DFRUG DVXSUD SULQFLSLLORU GH ED]  SULYLQG FRQVWLWXLUHD XQHL QRL
RUJDQL]D LL GHIHQVLYH UHJLRQDOH  Q HOHJHUHD %DOFDQLF   L DVXSUD
QHFHVLW LLQRUPDOL] ULLUHOD LLORUFX8QLXQHD6RYLHWLF 

5HOD LLOHFX3RORQLD

Q FDGUXO SUHRFXS ULORU GH JDUDQWDUH D LQWHJULW LL WHULWRULDOH OD


JUDQL DGHHVWJXYHUQXOURPkQDvQFKHLDWODPDUWLHOD%XFXUHWLR
&RQYHQ LH GH DOLDQ  GHIHQVLY  FX 3RORQLD SULQ FDUH FHOH GRX  VWDWH VH
DQJDMDXV VHDMXWHUHFLSURFvQFD]XOFkQGXQDGLQWUHHOHDUILDWDFDW I U 
SURYRFD LXQH GLQ SDUWHL OD IURQWLHUHOH VDOH RULHQWDOH DFWXDOH QWUR
DVHPHQHDVLWXD LHVWDWXOQHDWDFDWXUPDV VHFRQVLGHUHvQVWDUHGHU ]ERL
LL YD GD FRQFXUV vQDUPDW FRQIRUP FHORU VWDELOLWH SULQ &RQYHQ LD
PLOLWDU  FH XUPD D IL vQFKHLDW  $UW  SUHYHGHD REOLJD LD FRQVXOW ULORU
UHFLSURFHvQSUREOHPHGHSROLWLF H[WHUQ vQFHHDFHSULYHWHUDSRUWXULOH
ORU ID  GH YHFLQXO GH OD HVW Q VLWXD LD vQ FDUH FRQWUDU VIRU ULORU ORU
SDQLFHFHOHGRX VWDWHVDUILDIODWvQVWDUHGHU ]ERLGHIHQVLYFRQIRUP
SUHYHGHULORU PHQ LRQDWH vQ DUW  HOH VH DQJDMDX V  QX WUDWH]H L V  QX
vQFKHLHQLFLDUPLVWL LXOQLFLSDFHDXQDI U DOWD&RQIRUPDUWQLFLXQD
GLQWUHS U LQXSXWHDV vQFKHLHYUHRDOLDQ FXDWUHLDSXWHUHI U V VH
FRQVXOWHvQSUHDODELOFXFHDODOW 



,RDQ6FXUWX5RPkQLDL0DULOH3XWHULSS

,RDQ6FXUWXRSFLWS
 
/D  PDUWLH  &RQYHQ LD GH DOLDQ  SRORQRURPkQ  D IRVW
UHvQQRLW DUWSUHFL]kQGF 5RPkQLDL3RORQLDVHREOLJDXDUHVSHFWDvQ
FKLS UHFLSURF L D PHQ LQH FRQWUD RULF UHL DJUHVLXQL LQWHJULWDWHD ORU
WHULWRULDO DFWXDO LLQGHSHQGHQ DSROLWLF SUH]HQW QVLWXD LDvQFDUHDU
ILIRVWDWDFDWHI U SURYRFDUHGLQSDUWHOHVHDQJDMDXV LGHDLPHGLDW
DMXWRU L VSULMLQ 3ULQ XUPDUH DQJDMDPHQWHOH UHFLSURFH GH VSULMLQ DX
IRVWO UJLWHODIRUPXODHUJDRPQHVvQV DFHVWOXFUXQXDIRVWFRQVHPQDW
LvQFRQYHQ LLOHPLOLWDUH
QFHUFkQG V  FDXWH QRL PLMORDFH GH DS UDUH vQ ID D SULPHMGLHL
UHYL]LRQLVWH5RPkQLDDXUP ULWvQPDUWLHVWUkQJHUHDOHJ WXULORUFX
3RORQLDSUHFXPLJ VLUHDGHQRLPLMORDFHGHvQ HOHJHUHvQWUHDFHDVWDL
&HKRVORYDFLD EHQHILFLLQG vQ DFHVW GHPHUV L GH VSULMLQXO )UDQ HL
QFHUF ULOHQXDXDYXWVXFFHVGDWRULW RULHQW ULLSROLWLFLLJXYHUQXOXLGHOD
9DURYLD VSUH *HUPDQLD FX FDUH DYHD V  vQFKHLD XQ SDFW ELODWHUDO vQ
LDQXDULH
Q SHULRDGD  vQ UHOD LLOH URPkQRSRORQH VD SURGXV XQ
SURFHV GH UHGUHVDUH I U  V  VH DMXQJ  vQV   OD DUPRQL]DUHD FRPSOHW  D
SR]L LLORULQWHUQD LRQDOHDOHFHORUGRX VWDWH

5HOD LLOHFX)UDQ D

8UP ULQGDQJDMDUHD)UDQ HLvQSURFHVXOGHJDUDQWDUHLDVLJXUDUHD


VWDWXTXRXOXL WHULWRULDO DO 5RPkQLHL vQ FD]XO XQXL DWDF QHSURYRFDW
GLSORPD LL URPkQL DX vQFHSXW vQF  GLQ PDUWLH  GLVFX LL FX RPRORJLL
IUDQFH]L SHQWUX vQFKHLHUHD XQXL WUDWDW GH DOLDQ  ELODWHUDO  &RQFRPLWHQW
JXYHUQXOIUDQFH]DIRVWUXJDWV LQWHUYLQ OD0RVFRYDSHQWUXFDDFHDVWDV 
UHFXQRDVF  VWDWXTXRXO WHULWRULDO DO 5RPkQLHL DGLF  L DSDUWHQHQ D
%DVDUDELHL OD VWDWXO URPkQ 1HGRULQG V  VXSHUH *HUPDQLD L 0DUHD
%ULWDQLH DQJDMDWH GHMD vQ GLVFX LL SHQWUX vQFKHLHUHD XQXL SDFW GH
VHFXULWDWH UKHQDQ 3DULVXO D DPkQDW ILQDOL]DUHD GLVFX LLORU FX %XFXUHWLL
IDSW FDUH D SURYRFDW vQ &DSLWDOD 5RPkQLHL QHvQFUHGHUH GH]DP JLUH L
VXVSLFLXQH


,ELGHPSS

*XYHUQXOIUDQFH]WLDF 0DUHD%ULWDQLHQXGRUHDH[WLQGHUHDLQIOXHQ
HLIUDQFH]HvQHVWXO(XURSHLLQLFLH[WLQGHUHDJDUDQ LLORUGHVHFXULWDWHDVXSUD
VWDWHORUGLQDFHDVW ]RQ JHRJUDILF 
 
$ELD vQ  vQ FRQWH[WXO vQ FDUH XUP UHD V  RE LQ  VSULMLQXO
VWDWHORU HVWHXURSHQH OD &RQIHULQ D GH]DUP ULL GH OD *HQHYD L V 
FRQWUDFDUH]HSROLWLFDSURLWDOLDQ DJXYHUQXO$YHUHVFXJXYHUQXOIUDQFH]D
GHFLV V  VHPQH]H OD 3DULV OD  LXQLH GDWRULW  FUL]HL GH JXYHUQ GLQ
)UDQ D GRFXPHQWXO D IRVW DQWHGDWDW  LXQLH  WUDWDWXO GH SULHWHQLH FX
5RPkQLD
Q HVHQ  GRFXPHQWXO UHSHWD DD FXP SUHFL]D 1LFRODH 7LWXOHVFX
PXOWH GLQ SUHYHGHULOH 3DFWXOXL 6RFLHW LL 1D LXQLORU SUHY ]kQG REOLJD LD
S U LORU VHPQDWDUH GH D VH vQ HOHJH DVXSUD P VXULORU GH OXDW vQ FRPXQ
SHQWUXDS UDUHDORUvQFD]GHSHULFROXUPkQGDLDFRUGDVSULMLQSROLWLFL
GLSORPDWLF (YHQWXDOHOH QHvQ HOHJHUL ELODWHUDOH QHVROX LRQDWH vQWUH S U L
XUPDXV ILHVXSXVHSURFHGXULORUGHFRQFLOLHUHVDXGHDUELWUDM7UDWDWXO
GH SULHWHQLH D IRVW FRPSOHWDW FX XQ SURWRFRODQH[  FDUH FXSULQGHD R
GHFODUD LH XQLODWHUDO  FDUH UHFRQILUPD DQJDMDPHQWXO SHUPDQHQW GH
QHDJUHVLXQHID GH8566ED]DWSHVWDWXTXRI FXWODPDLOD
&RQIHULQ DGHOD*HQRYDGHF WUH,,&%U WLDQX
QDEVHQ DXQHLDOLDQ HSROLWLFRPLOLWDU HIHFWLYHFDUHV SUHFL]H]H
FRQGL LLOH FRQFUHWH GH DMXWRU WUDWDWXO FX )UDQ D QX D FUHDW XQ SOXV GH
VHFXULWDWH SHQWUX VWDWXTXRXO WHULWRULDO URPkQHVF $MXWRUXO SH FDUH PL]D
JXYHUQXOURPkQvQFD]GHSHULFRODFRQVWDWPDLPXOWSHGHFODUD LLWHRUHWLFH
GHSULQFLSLLU PkQkQGvQVIHUDGH]LGHUDWXOXLDGRULQ HLQPRGFXWRWXO
GH QHvQ HOHV GLSORPD LD GH OD %XFXUHWL D LJQRUDW SUHFL] ULOH I FXWH GH
0LQLVWHUXO GH ([WHUQH GH OD 3DULV vQF  GLQ  F  )UDQ D QX VH YD
DQJUHQDvQSROLWLFDVWDWHORUPLFL PDLDOHVGDF DFHVWHDQXDUILDF LRQDWFX
SUXGHQ SHQWUXDQXILDQJDMDW vQFRQIOLFWHFRQWUDGLFWRULLFXLQWHUHVHOH
VDOH


&KLDULvQDFHOPRPHQWIUDQFH]LLDXFHUXWV VHS VWUH]HW FHUHD

 5RPkQLD vL OXD REOLJD LD GH D QX DWDFD 5XVLD FX WUXSHOH VDOH
UHJXODWHLGHDQXWROHUDIRUPD LXQHDSHWHULWRULXOHLGHWUXSHQHUHJXODWHGH
DWDFFRQWUD5XVLHL&RQFRPLWHQW5RPkQLDVHGHFODUDDILJDWDV H[WLQG DFHVW
DQJDMDPHQWODWR LYHFLQLLV L ,RDQ6FXUWXRSFLWS 

 )UDQFH]LL DX DFFHSWDW LGHHD vQFKHLHULL XQXL DFRUG OD QLYHO GH
FRPDQGDPHQWH PLOLWDUH H[FOX]kQG vQV  WULPLWHUHD GH WUXSH vQ DMXWRUXO
5RPkQLHL vQWUHFDX]HOHFDUHDXGXVODQHvQFKHLHUHDXQHL&RQYHQ LLPLOLWDUHVD
VLWXDWLVLWXD LDSUHFDU DSUHJ WLULLPLOLWDUHD5RPkQLHL 

&XVDXI U WUDWDWDSUHFLD1LFRODH7LWXOHVFX)UDQ DWUHEXLHV QH
DMXWHHDSHQRLLQRLSHHD
 
3HQWUX WRDW  OXPHD HUD FODU PDL DOHV GXS  vQFKHLHUHD SDFWXOXL
UKHQDQF 3DULVXOQXGRUHDV VXSHUHGLSORPD LDLDXWRULW LOHGHOD%HUOLQ
L0RVFRYDDGLF WRFPDLSHDFHLDFDUHSXWHDXV DWHQWH]HODLQWHJULWDWHD
WHULWRULDO D5RPkQLHLQFRQWH[WXOvQFDUH)UDQ DQXSXWHDV LQWHUYLQ vQ
VSULMLQXOVWDWHORUGLQVXGHVWXO(XURSHLFKLDUGDF DUILYUXWI U VSULMLQ
EULWDQLF GXSOLFLWDWHD SROLWLFLL IUDQFH]H ID  GH DFHVWHD VD DFFHQWXDW SH
P VXUD DPSOLILF ULL GH]LQWHUHVXOXL EULWDQLF ID  GH VLWXD LD GH OD HVW GH
5KLQ Q SRILGD IDSWXOXL F  URPkQLL DX FUH]XW F  DYHDX FX IUDQFH]LL R
UHOD LH VSHFLDO  vQ UHDOLWDWHDDFXPSUHFL]D1DH,RQHVFXQXDIRVW
YRUEDGHFkWGHROHJ WXU GHGUDJRVWHXQLODWHUDO 
&XWRDWHDFHVWHDvQFKHLHUHDWUDWDWXOXLGHSULHWHQLHURPkQRIUDQFH]D
LULWDW 0RVFRYD FDUH vQ PRG QHIRQGDW D UHSURDW 3DULVXOXL F  D SURPLV
%XFXUHWLORUVSULMLQQHFRQGL LRQDWvQSUREOHPD%DVDUDELHL
QGHFHQLXOSHQWUXDSXWHDIDFHID PDLELQHSHULFROHORUSURYRFDWH
GH SROLWLFD L DF LXQLOH VWDWHORU UHYL]LRQLVWH HILL FHORU WUHL VWDWH FDUH
FRQVWLWXLDX 0LFD Q HOHJHUH DX F ]XW GH DFRUG  LXQLH   DVXSUD
vQFKHLHULL XQXL SDFW GH DOLDQ  vQWUH )UDQ D L 0LFD Q HOHJHUH vPSRWULYD
RULF UXL DJUHVRU $SRL GXS  vQFKHLHUHD WUDWDWHORU LXJRVODYREXOJDU L
LXJRVODYRLWDOLDQ   3DULVXO D SURSXV FD 5RPkQLD L ,XJRVODYLD V 
vQFKHLHXQSDFWGHDVLVWHQ PXWXDO FX)UDQ DQILQDOLGHHDDIRVWUHVSLQV 
GH,XJRVODYLDSHQWUXDQXSURYRFD*HUPDQLDL,WDOLD
3R]L LD)UDQ HLDIRVWOXDW vQFRQVLGHUD LHLvQPRPHQWXOvQFDUHVD
SXVSUREOHPDvQFKHLHULLXQXLSDFWGHDVLVWHQ PXWXDO vQWUHVWDWHOH0LFLL
Q HOHJHUL SURSXV GH &HKRVORYDFLD  1HGRULQG FD R HYHQWXDO  DWLWXGLQH
IDYRUDELO  V  ILH LQWHUSUHWDW  FD JHVW vPSRWULYD *HUPDQLHL L ,WDOLHL
JXYHUQXO IUDQFH] VD DE LQXW V  VH SURQXQ H VI WXLQG vQ DFHVW VHQV L
JXYHUQXOURPkQ



1LFRODH7LWXOHVFXFRQVLGHUDF DWXQFLFkQGHVWHYRUEDGH)UDQ DL
5RPkQLDHVWHJUHXV GHVSDU LLQLPDGHUD LXQH

/DLXOLHJXYHUQXOURPkQLDUHFRQILUPDWSR]L LDvQDFHVWVHQV

 QFKHLHUHD XQRU DFRUGXUL GH DVLVWHQ  PXWXDO  vQWUH )UDQ D L VWDWHOH
0LFLL Q HOHJHUL L Q HOHJHULL %DOFDQLFH D PDL IRVW GLVFXWDW  OD VHVLXQHD
&RQVLOLXOXL 3HUPDQHQW DO 0LFLL Q HOHJHUL GH OD 6LQDLD GLQ  DXJXVW 
FkQGVDFRQVLGHUDWF QXHUDPRPHQWXOSULHOQLFSHQWUXDFFHSWDUHDSURSXQHULL
'H DOWIHO vQ SHULRDGD XUP WRDUH QLFL )UDQ D FDUH VH RULHQWD VSUH FRQFLOLHUH FX
*HUPDQLDQXDPDLULGLFDWSUREOHPD
 
5HOD LLOHFX,WDOLD

Q DFHODL VFRS DO FRQVROLG ULL VHFXULW LL WHULWRULDOH D 5RPkQLHL


JXYHUQXOURPkQDOXDWvQFDOFXOvQFKHLHUHDXQXLWUDWDWGHDOLDQ FX,WDOLD
vQDLQWkQGODIHEUXDULHXQSURLHFWFXFDUH%HQLWR0XVVROLQLDIRVW
GHDFRUGILLQGFKLDUGLVSXVV OvQW UHDVF FXXQDFRUGPLOLWDUVHFUHW$
FRQGL LRQDWDFHVWOXFUXGHQHvQFKHLUHDXQHLDOLDQ HURPkQRIUDQFH]HIDSW
H[FOXVvQV GH([HFXWLYXOGHOD%XFXUHWL3HQWUXDLGRYHGLORLDOLWDWHD
ID  GH ,WDOLD QRXO SULPPLQLVWUX $OH[DQGUX $YHUHVFX D FRPXQLFDW
FRQILGHQ LDO PLQLVWUXOXL LWDOLDQ OD %XFXUHWL WH[WXO WUDWDWXOXL vQFKHLDW FX
)UDQ DFXWRDWHF GRFXPHQWXOQXIXVHVHSXEOLFDW
Q ILQDO 7UDWDWXO GH SULHWHQLH L FRODERUDUH FRUGLDO  DYHD V  ILH
VHPQDWODVHSWHPEULHOD5RPD&RQIRUPDUWFHOHGRX S U LVH
REOLJDX UHFLSURF V L GHD VSULMLQ PXWXDO L FRODERUDUH FRUGLDO  SHQWUX
S VWUDUHD RUGLQHL LQWHUQD LRQDOH FkW L SHQWUX UHVSHFWDUHD L vQGHSOLQLUHD
REOLJD LXQLORU VWLSXODWH SULQ WUDWDWHOH DL F URU VHPQDWDUL VXQW S U LOH Q
FD]GHFRPSOLFD LLLQWHUQD LRQDOHLGDF FHOHGRX S U LHUDXGHDFRUG
F LQWHUHVHOHORUFRPXQHVXQWRULDUSXWHDILDPHQLQ DWHHOHVHREOLJDX
V VHvQ HOHDJ DVXSUDP VXULORUGHOXDWvQFRPXQSHQWUXDS UDUHDORU
DUW   &HYD PDL SUHFLV GDU WRWXL QHEXORV HUD FRQ LQXWXO DUW  FDUH
SUHYHGHDF vQVLWXD LDvQFDUHVLJXUDQ DLLQWHUHVHOHXQHLDGLQWUHS U L
HUDX DPHQLQ DWH vQ XUPD XQRU LQFXUVLXQL YLROHQWH GLQ DIDU  FHDODOW 
SDUWHVHREOLJDV LGHDRGDW FXELQHYRLWRUXOVSULMLQDMXWRUXOV XSROLWLF
LGLSORPDWLFvQVFRSGHDIDFHV vQFHWH]HFDX]DH[WHUQ DDFHOHLDPHQLQ
UL$VHPHQHDWUDWDWXOXLFX)UDQ DLFHOFX,WDOLDSUHYHGHDODDUWF 
SUREOHPHOHFHOHDUGHVS U LHYHQWXDOLFDUHQDXSXWXWILUH]ROYDWHSULQ
SURFHGHHOH GLSORPDWLFH RELQXLWH XUPDX V  ILH VXSXVH SURFHGXULL GH
FRQFLOLHUHLDUELWUDM




%HQLWR0XVVROLQLDDILUPDWF RDOLDQ LWDORURPkQ H[FOXGHRDOLDQ 
IUDQFRURPkQ QSRILGDvQFOLQD LHLSURLWDOLHQHDSULPXOXLPLQLVWUX$OH[DQGUX
$YHUHVFX,RQ0LWLOLQHXPLQLVWUXO$IDFHULORU6WU LQHDGHFODUDWPLQLVWUXOXLLWDOLDQ
OD%XFXUHWLF vQSROLWLFDH[WHUQ D5RPkQLHLQXYDLQWHUYHQLQLFLRPRGLILFDUHL
F JXYHUQXOURPkQYDVHPQDWUDWDWXOGHDOLDQ FX)UDQ D

,RDQ6FXUWXRSFLWS
 
3ULQXUPDUHDIRVWYRUEDGHXQSDFWGHDPLFL LHLQXGHDOLDQ &X
WRDWHDFHVWHDSDFWXOLVFULVRULOHVHFUHWHUHFXQRWHDXVWDWXWXOWHULWRULDODO
5RPkQLHL 'DF  SULQ vQFKHLHUHD WUDWDWXOXL 5RPkQLD D XUP ULW V L
FRQVROLGH]H VHFXULWDWHD WHULWRULDO  ,WDOLD D YL]DW GLPLQXDUHD LQIOXHQ HL
IUDQFH]HvQVXGHVWXO(XURSHLLvQ%DOFDQLVHSDUDUHD5RPkQLHLGHDOLD LL
V LLQFOXVLYGH)UDQ DLRE LQHUHDGHDYDQWDMHHFRQRPLFH vQGRPHQLXO
SHWUROXOXLvQGLJXLULLULJD LLHOHFWULILFDUH 
QFKHLHUHD GRFXPHQWXOXL D SURYRFDW UHDF LD 8QJDULHL FDUH FRQVL
GHUDF LVHPLFRUDXDQVHOHGHVXFFHVvQHYHQWXDOLWDWHDXQXLFRQIOLFWFX
5RPkQLDGDULD,XJRVODYLHLFDUHDDSUHFLDWQHIRQGDWF DVWIHO5RPkQLD
VHvQGHS UWDGH0LFDQ HOHJHUH
(IHFWHOHEHQHILFHDOHWUDWDWXOXLURPkQRLWDOLDQDXIRVWGLPLQXDWHGH
SROLWLFD UHYL]LRQLVW  D JXYHUQXOXL LWDOLDQ L GH VHPQDUHD WUDWDWXOXL GH
SULHWHQLH LWDORXQJDU GLQ  DSULOLH  HYHQLPHQW FDUH D DYXW ORF vQ
FRQWH[WXOGHVILLQ ULL&RPLVLHLLQWHUDOLDWHGHFRQWUROPLOLWDUGLQ8QJDULD

5HOD LLOHFX8QLXQHD6RYLHWLF 

8UP ULQGvQSHUPDQHQ V VHPHQ LQ vQDIDUDVW ULORUFRQIOLFWXDOH


JXYHUQXO URPkQ QX D DQJDMDW DUD vQ FRQIOLFW FX 5XVLD 6RYLHWLF  vQ DQLL
 L  vQ SRILGD IDSWXOXL F  DFHDVWD UXSVHVH OD  LDQXDULH
UHOD LLOHGLSORPDWLFHFX5RPkQLDLKRW UkVHFRQILVFDUHDWH]DXUXOXL
URPkQHVF GHSXV OD 0RVFRYD vQ ED]D XQRU DFRUGXUL RILFLDOH Q OXDUHD
GHFL]LHLGHQHLQWHUYHQ LHvPSRWULYD5XVLHL6RYLHWLFHJXYHUQXOURPkQQXD
LQXWVHDPDQLFLGHSUHVLXQLOHI FXWHGHXQHOHFHUFXULSROLWLFHLPLOLWDUH
IUDQFH]H FDUH LDX SURSXV WHULWRULL QRUGSRQWLFH vQ VFKLPEXO LQWHUYHQ LHL
PLOLWDUHVDXDVSULMLQLULL3RORQLHL
+RW UkW V L S VWUH]H SR]L LD GH QHXWUDOLWDWH I FkQG GHPHUVXUL
SHQWUXVWDELOLUHDXQRUUHOD LLGHEXQ YHFLQ WDWHFXVWDWXOGHODU V ULWFX
WRDWHF DFHVWDQXUHFXQRVFXVHXQLUHDILUHDVF D%DVDUDELHLFX5RPkQLD



,QWUDW vQ YLJRDUH vQ LXOLH  FX R GXUDW  GH  DQL SDFWXO D IRVW
SUHOXQJLWSkQ ODLDQXDULHGLQFkQG%HQLWR0XVVROLQLDGHFODUDW
QXOH L QHDYHQLWH VFULVRULOH VHFUHWH SDFWXO QX D PDL DYXW QLFL R YDORDUH
,QWHUHVHOH HFRQRPLFH DX I FXW FD ,WDOLD V  vQFKHLH FX 5RPkQLD OD  LDQXDULH
XQWUDWDWFRPHUFLDO
 
vQ  ([HFXWLYXO GH OD %XFXUHWL D GHFLV V  UHDF LRQH]H GRDU GDF 
5RPkQLDDUILIRVWDWDFDW 3HDFHHDLOLQLHGHEXQ YHFLQ WDWHGHOHJD LD
URPkQ OD&RQIHULQ DGHOD*HQRYDDOXDWODPDLvQPRGXQLOD
WHUDO XQ DQJDMDPHQW SHUPDQHQW GH QHDJUHVLXQH ID  GH 5XVLD 6RYLHWLF 
UHFRQILUPDWGHJXYHUQXOURPkQODLXQLHvQVR LWGHSUHFL]DUHDF 
5RPkQLD QX YD WROHUD SH WHULWRULXO V X WUXSH QHUHJXODWH GH DWDF FRQWUD
5XVLHL&RQVLGHUkQGF DWkW%DVDUDELDFkWLWH]DXUXODSDU LQHDXGHGUHSW
LGHIDSWVWDWXOXLURPkQJXYHUQXOGHOD%XFXUHWLDFRQWLQXDWV PDQL
IHVWHIHUPLWDWHvQUHOD LLOHFXYHFLQXOGHODU V ULWUHVSLQJkQGSURSXQHULOH
DFHVWXLD GH UHQXQ DUH OD WH]DXU vQ VFKLPEXO UHFXQRDWHULL VXYHUDQLW LL
DVXSUD%DVDUDELHL
$FHHDLSR]L LHDIRVWPHQ LQXW LvQPDUWLHFkQGVDXGHV
FKLV OXFU ULOH FRQIHULQ HL ELODWHUDOH GH OD 9LHQD FkQG ,,& %U WLDQX D
FHUXW HIXOXL GHOHJD LHL URPkQH &RQVWDQWLQ /DQJD5 FDQX GHVS U LUHD
SUREOHPHL %DVDUDELHL GH FHD D WH]DXUXOXL VWDELOLUHD JUDQL HL L GHFL
UHFXQRDWHUHD8QLULLI U QLFLRGLVFX LHUHWURFHGDUHDWH]DXUXOXLLQL LDOFHO
SX LQDGHSR]LWHORUSDUWLFXODUHLDDUKLYHORUUHVSLQJHUHDSOHELVFLWXOXLHWF
/D UkQGXL 11 .UHVWLQVNL HIXO GHOHJD LHL VRYLHWLFH D I FXW
FXQRVFXW F  JXYHUQXO GH OD 0RVFRYD QX D FRQVLP LW vQFRUSRUDUHD
%DVDUDELHLOD5RPkQLDLFRQVLGHUkQGXQLUHDGLQGUHSWRFXSDUH
SULQIRU LYLROHQ GHF WUHWUXSHOHURPkQH
QDFHVWFRQWH[WvQFDUHSR]L LLOHHUDXFRQWUDGLFWRULLFRQIHULQ DGHOD
9LHQD D HXDW UHOD LLOH URPkQRVRYLHWLFH vQU XW LQGXVH VLP LWRU JXYHU
QXOGHOD0RVFRYDOXkQGvQGLVFX LHFKLDU WRDPQDDQXOXL XQDWDF
DUPDWDVXSUD5RPkQLHL RUJDQL]DUHDU VFRDOHLGHOD7DWDUEXQDUGLQVXGXO
%DVDUDELHLvQWUR]RQ FXSRSXOD LHPDMRULWDUQHURPkQHDVF QDFHHDL
GLUHF LH GH DF LXQH VDX VLWXDW SURWHVWHOH ID  GH vQFKHLHUHD WUDWDWXOXL
IUDQFRURPkQ   SUHVLXQLOH I FXWH OD 5RPD SHQWUX D VH vQWkU]LD
UDWLILFDUHD 3URWRFROXOXL GLQ  RFWRPEULH  UHIHULWRU OD %DVDUDELD
LQIOXHQ DUHD-DSRQLHLSHQWUXDQXUDWLILFDDFHODLWUDWDWHWF
Q SHULRDGD XUP WRDUH UHOD LLOH URPkQRVRYLHWLFH VDX vPEXQ W LW
WUHSWDW OD  DXJXVW  L  IHEUXDULH  DPEHOH VWDWH OXkQGXL
DQJDMDPHQWHUHFLSURFHGHQHDJUHVLXQHvQFDGUXOSDFWXOXL%ULDQG.HOORJL



 5HOHYkQG DFHVW OXFUX 9, /HQLQ D GHFODUDW $X U PDV vQV  XQHOH
VWDWHFD5RPkQLDFDUHQXDXvQFHUFDWV OXSWHvPSRWULYD5XVLHL
 
3URWRFROXOXLGHOD0RVFRYD$FHDVWDQXDvQVHPQDWvQV F DXWRULW LOHGH
OD.UHPOLQDXUHQXQ DWODLGHHDUHDQH[ ULL%DVDUDELHL
3R]L LDFHORUGRX JXYHUQHDIRVWVRQGDW vQGHFHPEULHvQFDGUXO
WUDWDWLYHORU SXUWDWH SHQWUX vQFKHLHUHD SDFWXOXL GH QHDJUHVLXQH SRORQR
VRYLHWLFFRQWH[WvQFDUHJXYHUQXOGHOD9DURYLDDFRQGL LRQDWUHVSHFWLYXO
SDFW GH vQFKHLHUHD XQXLD VLPLODU vQWUH 8QLXQHD 6RYLHWLF  L 5RPkQLD
3UHFL]kQG SR]L LD JXYHUQXOXL URPkQ PLQLVWUXO $IDFHULORU 6WU LQH DO
5RPkQLHL 'LPLWULH *KLFD D SUHFL]DW RPRORJXOXL SRORQH] F  SHQWUX D
DFFHSWDvQFKHLHUHDXQXLDVHPHQHDSDFWvQWUH5RPkQLDL8QLXQHD6RYLHWLF 
FRQ LQXWXO DFHVWXLD WUHEXLD V  QX LQILUPH QLFL V  PRGLILFH vQWUXQ QLPLF
IRORDVHOHSDFWXOXL%ULDQG.HOORJLDOHSURWRFROXOXL/LWYLQRYV SUHFL]H]H
F  RULFH DWLQJHUH D LQWHJULW LL WHULWRULDOH DFWXDOH DU IL FRQVLGHUDW  FD R
DJUHVLXQH V  VH H[FOXG  GLQWUH SUREOHPHOH FDUH DU SXWHD IL VXSXVH XQHL
SURFHGXULDUELWUDUHVDXGHFRQFLOLD LXQHDFHHDDJUDQL HLQRDVWUHGHHVWL
V  H[LVWH LQWHUGHSHQGHQ  DEVROXW  vQWUH LQWUDUHD vQ YLJRDUH D WUDWDWXOXL
URPkQRVRYLHWLFFXFHOSRORQRVRYLHWLFVSUHDQXVHDGXFHQLFLRWLUELUH
DOLDQ HL QRDVWUH 3ULQ XUPDUH VH XUP UHD H[FOXGHUHD SRVLELOLW LL RULF UHL
GLVFX LLDVXSUDLQWHJULW LLJUDQL HLGHU V ULWD5RPkQLHL
'HRDUHFHJXYHUQXOVRYLHWLFDI FXWFXQRVFXWF GRUHDGRDUQHJRFLHUL
GLUHFWHFXJXYHUQXOURPkQODLQL LDWLYDDFHVWXLDODLQVLVWHQ HOHJXYHUQHORU
IUDQFH] L SRORQH] DXWRULW LOH GH OD %XFXUHWL DX GDW LQVWUXF LXQL
vQV UFLQDWXOXLURPkQGHOD5LJDV QHJRFLH]HDGUHIHUHQGXPWULPL kQGXLL
XQSURLHFWGHQHDJUHVLXQHvQWRFPLWSHED]DSURLHFWXOXLSRORQH]PRGLILFDWL
D VLWXD LHL VSHFLILFH D UDSRUWXULORU URPkQRVRYLHWLFH /D  LDQXDULH 
%6WRPRQLDNRY D LQIRUPDW SH vQV UFLQDWXO URPkQ GH OD 5LJD F  JXYHUQXO
VRYLHWLFQXYDvQFKHLDQLFLRGDW YUHXQSDFWFX5RPkQLDI U FDvQDFHVWDV 
ILH FRQVHPQDW  SR]L LD 0RVFRYHL ID  GH %DVDUDELD VDX FD DFHVWD V 
FRQVHPQH]HFXYLQWHOHLQWHJULWDWHLQYLRODELOLWDWHLVXYHUDQLWDWH
3UREOHPD UHJOHPHQW ULL UHOD LLORU URPkQRVRYLHWLFH DYHD V  ILH
UHOXDW FHYDPDLWkU]LXLQL LDOvQWLPSXOvQWkOQLULLGLQWUH1LFRODH7LWXOHVFX
L(GXDUG%HQHOD.RLFH GHFHPEULH LvQWLPSXOVHVLXQLL0LFLL
Q HOHJHUL GH OD =DJUHE  LDQXDULH   DSRL GLUHFW vQ FDGUXO GLV


&HLWUHLPLQLWULGH([WHUQH17LWXOHVFX(%HQHL%-HWYLFDX
FRQVLGHUDW F  VRVLVH PRPHQWXO SHQWUX UHOXDUHD UHOD LLORU GLQWUH VWDWHOH 0LFLL
Q HOHJHUL L 8566 L DX VWDELOLW V  SURFHGH]H DVWIHO DWXQFL FkQG UHOD LLOH
GLSORPDWLFH SH FDUH OH UHFODP  LQWHUHVHOH ILHF UXLD GLQWUH FHOH WUHL UL YRU IL
vQWUXQLWH 1LFRODH7LWXOHVFX'RFXPHQWHGLSORPDWLFH%XFXUHWLS 
 
FX LLORUSXUWDWHvQWUH1LFRODH7LWXOHVFXL00/LWYLQRYvQFDGUXOF URUD
PLQLVWUXOVRYLHWLFGH([WHUQHDUHFXQRVFXWVXYHUDQLWDWHD5RPkQLHLDVXSUD
%DVDUDELHL
&RQVLGHUDW VDWLVI F WRU GH F WUH UHJHOH &DURO DO ,,OHD L GH F WUH
SULPXOPLQLVWUX *KHRUJKH 7 W UHVFX FRQ LQXWXO GLVFX LLORU 7LWXOHVFX
/LWYLQRYDIRVWDSUREDWODLXQLHHIHFWXkQGXVHXQVFKLPEUHFLSURF
GH VFULVRUL vQWUH FHL GRL PLQLWUL GH ([WHUQH L GH 1RWH GLSORPDWLFH FX
FRQ LQXW LGHQWLF SULQ FDUH VH SUHFL]D F  FHOH GRX  JXYHUQH vL JDUDQWDX
PXWXDOvQPRGUHFLSURFvQWUHJXOUHVSHFWDOVXYHUDQLW LLILHF UXLDGLQWUH
VWDWH L DE LQHUHD GH OD RULFH LPL[WLXQH GLUHFW  VDX LQGLUHFW  vQ DIDFHULOH
LQWHUQH Q DFHVW FRQWH[W OD  QRLHPEULH  OD %XFXUHWL D VRVLW
SULPXO UHSUH]HQWDQW DO 8QLXQLL 6RYLHWLFH XUPDW OD  GHFHPEULH GH
PLQLVWUXO 0LKDLO 2VWURYVNL /D VFXUW WLPS OD  GHFHPEULH PLQLVWUXO
URPkQ(GPRQG&LXQWXDSOHFDWODUkQGXLVSUH0RVFRYD&XSX LQWLPS
vQDLQWH vQ VHSWHPEULH  &RQVLOLLOH 3HUPDQHQWH DO Q HOHJHULL
%DOFDQLFHL0LFLLQ HOHJHULvQWUXQLWHVHSDUDWOD*HQHYDDXGHFLVFDFHOH
FLQFL VWDWH V  YRWH]H SHQWUX LQWUDUHD 8QLXQLL 6RYLHWLFH vQ 6RFLHWDWHD
1D LXQLORUIDSWvPSOLQLWODVHSWHPEULH
5HOXDUHD UHOD LLORU GLSORPDWLFH FX 8566 D IRVW SULYLW  vQ PRG
GLIHULWGHRDPHQLLSROLWLFLURPkQL*KHRUJKH%U WLDQX$OH[DQGUX9DLGD
9RLHYRG2FWDYLDQ*RJD0LKDLO0DQRLOHVFXOHJLRQDULLvQJHQHUDOFHLFX
RULHQW ULGHGUHDSWDPDQLIHVWkQGXLRVWLOLWDWHD
QDFHHDL]L LXQLH DXIRVWUHVWDELOLWHLUHOD LLOHGLSORPDWLFH
GLQWUH8566L&HKRVORYDFLD'HRDUHFH,XJRVODYLDQXDUHFXQRVFXWGH
MXUH8QLXQHD6RYLHWLF UHOD LLOHGLSORPDWLFHGLQWUHFHOHGRX VWDWHDYHDX
V ILHUHOXDWHPDLWkU]LX



&RQFRPLWHQWFHOHGRX JXYHUQHVHPDLREOLJDXV QXFUHH]HVXV LQ 
VDX DXWRUL]H]H HGHUHD SH WHULWRULXO ORU D RUJDQL]D LLORU FDUH LDU SURSXQH FD
VFRS OXSWD DUPDW  FRQWUD FHOXLODOW VWDW VDX DWHQWDWH SULQ IRU  OD UHJLPXO OXL
SROLWLFRULVRFLDOVDXSURYRFkQGDFWHGHWHURULVPRULSUHSDUkQGDVHPHQHDDFWH
FRQWUDUHSUH]HQWDQ LORUOXLRILFLDOLSUHFXPQLFLDRUJDQL]D LLORUFDUHLDUDWULEXL
UROXOGHJXYHUQDOFHOXLODOWVWDWVDXDXQHLS U LGLQWHULWRULXOOXLQDFHODLWLPS
VH LQWHU]LFHD UHFUXWDUHD L WUDQ]LWDUHD SH WHULWRULXO FHORU GRX  VWDWH D IRU HORU
DUPDWHDUPHORUDPXQL LXQLORUDHFKLSDPHQWXOXLLDORULF UXLIHOGHPDWHULDO
GHVWLQDW DFHVWRU RUJDQL]D LL ,RDQ 6FXUWX 5RPkQLD L 0DULOH 3XWHUL 
%XFXUHWLS 
 
'XS FH8QLXQHD6RYLHWLF DvQFKHLDWSDFWXOGHDVLVWHQ PXWXDO 
FX)UDQ DJXYHUQXOURPkQDvPSXWHUQLFLWODVIDWXO0DULL%ULWDQLLvQLXOLH
 SH 1LFRODH 7LWXOHVFX V  DQJDMH]H FRQYRUELUL RILFLDOH FX UHSUH]HQ
WDQ LL8566vQYHGHUHDvQFKHLHULLXQXLSDFWGHDVLVWHQ PXWXDO 
Q XUPD GLVFX LLORU DYXWH FX 00 /LWYLQRY L GXS  UHvQQRLUHD
vPSXWHUQLFLULORU GLQ SDUWHD JXYHUQXOXL URPkQ  LXOLH   1LFRODH
7LWXOHVFX L RPRORJXO VRYLHWLF DX F ]XW GH DFRUG OD 0RQWUHDX[ OD 
LXOLHDVXSUDSULQFLSLLORUGHED] DOHYLLWRUXOXLWUDWDWURPkQRVRYLHWLF
vQVFULLQGXOHvQWUXQSURWRFROvQSDWUXSXQFWHFDUHDIRVWSDUDIDWLVHPQDW
$UW  SUHYHGHD F  FHOH GRX  VWDWH XUPDX V L DFRUGH DVLVWHQ D
PXWXDO vQFDGUXO6RFLHW LL1D LXQLORUFDUHV QXYL]H]HvQPRGVSHFLDO
XQ VWDW FL vQ JHQHUDO RULFH DJUHVRU HXURSHDQ ,QWUDUHD vQ DF LXQH D
ILHF UHLD GLQ FHOH GRX  UL  PHQ LRQD DUW   XUPD V  VH IDF  QXPDL
FkQG )UDQ D YD IL LQWUDW vQ DF LXQH &RQIRUP DUW  JXYHUQXO VRYLHWLF
UHFXQRWHD F  vQ YLUWXWHD GLIHULWHORU VDOH REOLJD LL GH DVLVWHQ  WUXSHOH
VRYLHWLFH QX YRU SXWHD WUHFH QLFLRGDW  1LVWUXO I U  R FHUHUH IRUPDO  vQ
DFHVWVHQVGLQSDUWHDJXYHUQXOXLUHJDODO5RPkQLHL/DUkQGXLJXYHUQXO
URPkQUHFXQRWHDF WUXSHOHURPkQHQXYRUSXWHDWUHFHQLFLRGDW 1LVWUXO
vQ8566I U RFHUHUHIRUPDO DJXYHUQXOXL8566/DFHUHUHDFHORU
GRX  JXYHUQH WUXSHOH FHORU GRX  VWDWH XUPDX V L UHWUDJ  LPHGLDW
FRQIRUPDUWWUXSHOHODHVWUHVSHFWLYODYHVWGH1LVWUX3ULQXUPDUH
JXYHUQXOVRYLHWLFUHFXQRWHDIDSWXOF JUDQL DGLQWUH8566L5RPkQLD
HUDFRQVWLWXLW GH1LVWUX
/D FHUHUHD OXL 00/LWYLQRY VHPQDUHD WUDWDWXOXL D IRVW DPkQDW 
SkQ vQVHSWHPEULHDSRLDIRVWDQXODW vQXUPDGHPLWHULLOXL1LFRODH
7LWXOHVFXGLQIUXQWHD0LQLVWHUXOXL$IDFHULORU6WU LQHODDXJXVWDFHODL


QVHSWHPEULHOD*HQHYD1LFRODH7LWXOHVFXDSURSXVFDYLLWRUXO
WUDWDWV FXSULQG SUHYHGHUHDFDvQFD]XOvQFDUH5RPkQLDDUILGHYHQLWYLFWLPD
XQHLDJUHVLXQL QHQRPLQDOL]DW 8566V JDUDQWH]HLQGHSHQGHQ DQD LRQDO 
L LQWHJULWDWHD WHULWRULDO  D ULL LQFOXVLY D DOLD LORU HL Q DFHOHDL FRQGL LL
PLQLVWUXOURPkQGH([WHUQHDOXDWvQFDOFXOLvQFKHLHUHDXQXLWUDWDWVLPLODUFX
*HUPDQLD

,QL LDO00/LWYLQRYQXDDFFHSWDWSURSXQHULOHOXL1LFRODH7LWXOHVFX
DSUHFLLQG F  5RPkQLD HUD FHD GLQWkL H[SXV  XQXL DWDF JHUPDQ LDU vQ VLWXD LD
DWDF ULL8QLXQLL6RYLHWLFHVSULMLQXOURPkQHVFQXHUDFRQVLVWHQW

,RDQ6FXUWX5RPkQLDL0DULOH3XWHUL%XFXUHWL
S
 
DQ&RQVLGHUkQGvQORFXLUHDOXL1LFRODH7LWXOHVFXGLQIUXQWHDGLSORPD LHL
URPkQHWL GUHSW R VFKLPEDUH vQ SROLWLFD H[WHUQ  00/LWYLQRY D
FRPXQLFDWOXL7LWXOHVFX vQVHSWHPEULH F DFRUGXOGHOD0RQWUHDX[
QXPDLHUDYDODELO
Q SODQ LQWHUQ vPSRWULYD SDFWXOXL URPkQRVRYLHWLF VDX SURQXQ DW
*KHRUJKH %U WLDQX $OH[DQGUX 9DLGD9RLHYRG &RQVWDQWLQ $UJHWRLDQX
2FWDYLDQ*RJD$&&X]D&RUQHOLX=HOHD&RGUHDQXLDO LL
/D PLMORFXO DQXOXL  FUL]D GH QHvQFUHGHUH vQ UHOD LLOH URPkQR
VRYLHWLFH FRQWLQXD V  ILH YL]LELO  Q WLPS FH JXYHUQXO URPkQ GRUHD
vQFKHLHUHDXQXLDFRUGELODWHUDOFDUHV UHJOHPHQWH]HSUREOHPD%DVDUDELHL
vQ VHQVXO GHFL]LHL 6IDWXOXL ULL GLQ  L HYLWDUHD DERUG ULL vQFKHLHULL
XQXLWUDWDWGHDVLVWHQ PXWXDO vQFRQGL LLOHvQFDUHDFHVWDQXDUILLQFOXV
SUHYHGHUL UHIHULWRDUH OD VWDWXTXRXO V X WHULWRULDO JXYHUQXO VRYLHWLF D
FRQWLQXDW V  FRQVLGHUH F  %DVDUDELD HUD RFXSDW  GH 5RPkQLD L V 
UHVSLQJ RULFHGRFXPHQWFDUHDUILLQFOXVUHFXQRDWHUHDGHMXUHDIURQWLHUHL
SH 1LVWUX /D DFX]D LLOH I FXWH GH 2VWURYVNL OD  LXOLH  F 
URPkQLL VDX vQK PDW GHILQLWLY OD FDUXO DQWLVRYLHWLF DO OXL %HFN
*KHRUJKH 7 W UHVFX SULPXOPLQLVWUX URPkQ D UHSOLFDW F  DU IL XQ
QRQVHQVLRFULP GLQSDUWHDJXYHUQXOXLURPkQV YL]H]HODRDJUHVLXQH
vPSRWULYD6RYLHWHORUVLQJXUVDXvQEORFPDLDOHVGDF SDUWHQHUvQDFHVW
EORFLDUIL3RORQLD
$SRLODvQFHSXWXODQXOXLvQJULMRUDWGHH[SDQVLXQHDJHUPDQ 
VSUHFHQWUXOLHVWXO(XURSHLJXYHUQXOVRYLHWLFLDPDQLIHVWDWVDWLVIDF LD
ID  GH SR]L LD GH UH]LVWHQ  DGRSWDW  GH JXYHUQXO URPkQ vQ UHOD LLOH FX



 /LGHULL 3DUWLGXOXL 1D LRQDO &UHWLQ 2FWDYLDQ *RJD L $&&X]D DX
FRQVLGHUDWSDFWXOFDRLGHHQHQRURFLW GHVWLQDW V WUDQVIRUPH5RPkQLDvQ
DYDQJDUGDDUPDWHORUEROHYLFHFXWRDWHFRQVHFLQ HOHSHFDUHOHFRPSRUWD

 ([SULPkQG SR]L LD .UHPOLQXOXL ID  GH %DVDUDELD vQ DFHO PRPHQW
00/LWYLQRYPHQ LRQDGXS GLVFX LDDYXW FX9LFWRU$QWRQHVFXODVIkULWXO
OXQLLPDLOD*HQHYD1RLQXULGLF PSUHWHQ LLFXDWkWPDLPXOWWUHEXLHV 
WDF 5RPkQLDLDFHDVWDvQSURSULXOV XLQWHUHV&XSX LQWLPSvQDLQWHDFHODL
00/LWYLQRYGHFODUDVHOXL1LFRODH7LWXOHVFXOD7DOORLUHV5RPkQLDUHSHW
vQ]DGDUVSXQH LFRQWUDULXOLDVFKLPEDWSROLWLFDH[WHUQ 9UHPFDSRWHQ LDOXO
SHFDUHvOUHSUH]LQW %DVDUDELDV GHYLQ UXVLQXJHUPDQ'HDFHHD LQV Y 
FRPXQLFF YRPvQFHUFDV UHOX P%DVDUDELDSULQWRDWHPLMORDFHOHMXULGLFHL
PLOLWDUHFDUHQHYRUILSRVLELOH
 
5HLFKXO L D I FXW FXQRVFXW SH GLIHULWH FDQDOH F  ([HFXWLYXO GH OD
%XFXUHWL SXWHD FRQWD SH VSULMLQXO V X QWUXQ DVHPHQHD FRQWH[W OD
FDUHVDXDG XJDWvQFHUF ULOHGHUHGUHVDUHDUHOD LLORUURPkQRSRORQHVD
UHQXQ DWODLGHHDSDFWXOXLGHDVLVWHQ PXWXDO 
'DW ILLQGSR]L LD.UHPOLQXOXLvQHVWXO(XURSHLUHJHOH&DURODO,,
OHDFDUHDYHDXQFXYkQWGHFLVLYGHVSXVvQSROLWLFDH[WHUQ D5RPkQLHLD
DSUHFLDW F  UHOD LLOH 5RPkQLHL ID  GH 8QLXQHD 6RYLHWLF  WUHEXLDX V  ILH
FRUHFWH FKLDU SROLWLFRDVH GHRDUHFH DFHDVWD HUD XQ YHFLQ FX FDUH QX
SR LILGXP QRV&RQFRPLWHQWVXYHUDQXOURPkQPDLFRQVLGHUDF LQWH
UHVHOHSHUPDQHQWHDOH5RPkQLHLFHUHDXV QXILPQLFLSUHDSULHWHQL
3HDFHDVW OLQLHGHFRQGXLW JXYHUQXOURPkQDPHQ LQXWID GHFHO
VRYLHWLF R DWLWXGLQH SUXGHQW  L SUHYHQLWRDUH vQFHUFkQG FKLDU vQ LDUQD
RRDUHFDUHvPEXQ W LUHDUHOD LLORUELODWHUDOH

5RPkQLDLVHFXULWDWHDHXURSHDQ 

QF GHODvQILLQ DUHD6RFLHW LL1D LXQLORUGDUPDLDOHVvQSHULRDGD


vQ FDUH PLQLVWUX GH ([WHUQH DO 5RPkQLHL D IRVW 1LFRODH 7LWXOHVFX
UHSUH]HQWDQ LL 5RPkQLHL DX IRVW R SUH]HQ  DFWLY  vQ FDGUXO OXFU ULORU
IRUXPXOXLPRQGLDOILLQGLPSOLFD LvQFDGUXOVHVLXQLORU$GXQ ULL*HQHUDOH
D 6RFLHW LL 1D LXQLORU VDX vQ RUJDQLVPHOH GH OXFUX DOH DFHVWHLD DYkQG
LQL LDWLYH SURPRYkQG VROX LL SDQLFH L FRQVWUXFWLYH vQ FRQFRUGDQ  FX
SROLWLFDH[WHUQ D ULL
'XS  FH vQ  5RPkQLD D IRVW SULPXO VWDW FDUH D SURSXV vQ
FDGUXO /LJLL 1D LXQLORU HODERUDUHD XQHL FRQYHQ LL SHQWUX UHSULPDUHD
WHURULVPXOXL 5RPkQLD D DGHUDW OD  VHSWHPEULH  OD 7UDWDWXO
PXOWLODWHUDO GH UHQXQ DUH OD U ]ERL FD LQVWUXPHQW GH SROLWLF  QD LRQDO 
3DFWXO %ULDQG.HORJJ VHPQDW OD 3DULV OD  DXJXVW  GH F WUH


6HVL]kQGDFHVWOXFUX*ULJRUH*DIHQFXVDDGUHVDWDVWIHOOXL:LOKHOP
)DEULFLXVODIHEUXDULH1LVHSDUHF 0RVFRYDVHLQWHUHVHD] GLQQRX
LQXI U RRDUHFDUHEXQ YRLQ GHVRDUWDLGHVLJXUDQ DQRDVWU 

/DIHODXSURFHGDWLIDFWRULLUHVSRQVDELOLGHOD3DULVL/RQGUDIDSW
FDUHDLULWDWvQV LPDLPXOWFRQGXFHUHDGHOD%HUOLQFDUHDSXVGLQFHvQFH
PDLPXOW5RPkQLDVXEREVHUYD LH

9H]L0DULD*HRUJHVFX5RPkQLD)UDQ DLVHFXULWDWHDHXURSHDQ vQ
DQLL6SHUDQ HLLOX]LL%XFXUHWL
 
68$)UDQ D*HUPDQLD0DUHD%ULWDQLH,WDOLD-DSRQLD%HOJLD3RORQLD
L &HKRVORYDFLD  FKLDU GDF  DFHVWD QX GHILQHD DJUHVRUXO L QX LQGLFD
VROX LL L P VXUL SHQWUX FRPEDWHUHD XQHL HYHQWXDOH DJUHVLXQL SUHYHGHD
GRDUREOLJD LLFXFDUDFWHUPRUDO $SRLODIHEUXDULHUHSUH]HQWDQ LL
5RPkQLHL DX VHPQDW 3URWRFROXO GH OD 0RVFRYD DO WXUL GH 8QLXQHD
6RYLHWLF 3RORQLD/HWRQLD(VWRQLDL/LWXDQLDSULQFDUHFHOHDVHVWDWH
VHDQJDMDXV SXQ vQDSOLFDUH3DFWXO%ULDQG.HOORJvQDLQWHFDDFHVWDV 
ILHUDWLILFDWGHF WUHWRDWHVWDWHOHVHPQDWDUH
PSUHXQ FX&HKRVORYDFLDL,XJRVODYLD5RPkQLDLDH[SULPDWFX
SULOHMXOFRQIHULQ HLGHOD%HOJUDGGLQGHFHPEULHvQJULMRUDUHDID 
GH LQVLVWHQ D *HUPDQLHL vQ FHHD FH SULYHWH SULPLUHD HJDOLW LL vQ
GUHSWXUL LQFOXVLYvQvQDUPDUH IDSWDFFHSWDWGH0DUHD%ULWDQLHLFKLDU
GHF WUH)UDQ DODGHFHPEULHUHSUH]HQWDQ LLFHORUFLQFLPDULSX
WHUL HODERUkQG GHMD R UH]ROX LH DSUREDW  DSRL GH FRQIHULQ D GH]DUP ULL
SULQFDUHVHUHFXQRWHDF XQXOGLQVFRSXULOHGH]DUP ULLFRQVWDvQDFRU
GDUHDHJDOLW LLvQGUHSWXULSXWHULORUGH]DUPDWHvQYLUWXWHDWUDWDWHORU
3UHRFXSDW  GH SDFHD (XURSHL 5RPkQLD D DQDOL]DW L D DGHUDW
vPSUHXQ FXDOLD LLGLQ0LFDQ HOHJHUH ODFRQ LQXWXOGHILQLULLDJUHVLXQLL
SURSXV GH00/LWYLQRYODIHEUXDULHvQFDGUXOFHOHLGHDD
VHVLXQL D &RQIHULQ HL GH]DUP ULL GH OD *HQHYD FDUH DYHD GUHSW
FRQVHFLQ  UHVSHFWDUHD VWDWXTXRXOXL WHULWRULDO L D WUDWDWHORU H[LVWHQWH
$FHVW OXFUX D SHUPLV VHPQDUHD OD /RQGUD OD  LXOLH  D
FRQYHQ LLORUSHQWUXGHILQLUHDDJUHVLXQLLvQWUH8566LRVHULHGHVWDWH
LQFOXVLYFHOHYHFLQHvQWUHFDUHL5RPkQLD


8UPDUHDDIRVWF ODVFXUWWLPS.RQVWDQWLQYRQ1HXUDWKPLQLVWUXOGH
([WHUQHDO*HUPDQLHLDILUPDvQWUXQLQWHUYLXDFRUGDW]LDUXOXL/H7HPSVF 
VHFXULWDWHD VH UHIHUHD GRDU OD SUREOHPHOH FX FDUDFWHU PLOLWDU QX L OD FHOH FX
FDUDFWHUWHULWRULDO

3URSXQHUHDVRYLHWLF GHILQHDFDDJUHVRUVWDWXOFDUHYDGHFODUDU ]ERL
DOWXL VWDW L YD Q Y OL FX IRU HOH DUPDWH FKLDU I U  GHFODUD LH GH U ]ERL SH
WHULWRULXO DOWXL VWDW VLWXD LD LQWHUQ  GLQ LQWHULRUXO XQXL VWDW QX PRWLYD DJUH
VLXQHD  H[FOXGHD U ]ERLXO FD PRG GH VROX LRQDUH D GLIHUHQGHORU GLQWUH VWDWH
SUHYHGHD L R GHILQLUH D WHULWRULXOXL DULD WHULWRULDO  DVXSUD F UXLD XQ VWDW vL
H[HUFLW VXYHUDQLWDWHD

'HF WUHUHSUH]HQWDQ LL8566(VWRQLHL/LWXDQLHL3RORQLHL7XUFLHL
5RPkQLHL/HWRQLHL3HUVLHL$IJDQLVWDQXOXL&HKRVORYDFLHLL,XJRVODYLHL

$FHVWOXFUXDFRQVWLWXLWRSUHPLHU vQSHULRDGDLQWHUEHOLF vQFHHDFH
SULYHWHUHOD LLOHURPkQRVRYLHWLFH
 
3H DFHHDL GLUHF LH GH DF LXQH SHQWUX DVLJXUDUHD VWDWXTXRXOXL
WHULWRULDO L D RE LQHULL GH JDUDQ LL ID  GH SROLWLFD UHYL]LRQLVW  vQ DSULOLH
 1LFRODH 7LWXOHVFX D WUDQVPLV DGH]LXQHD 5RPkQLHL L D WXWXURU
VWDWHORU0LFLLQ HOHJHULLQ HOHJHULL%DOFDQLFHOD3DFWXOGHQHDJUHVLXQHL
FRQFLOLD LXQH VHPQDW OD  RFWRPEULH  OD 5LR GH -DQHLUR vQWUH
%UD]LOLD L $UJHQWLQD FD R FRPSOHWDUH OD 3DFWXO %ULDQG.HOORJ FDUH QX
IXVHVHVHPQDWGHF WUHVWDWHOHODWLQRDPHULFDQH
&ODU  L FRUHFW  D IRVW L SR]L LD ID  GH VHFXULWDWHD HXURSHDQ 
GH]DUPDUHLGHILQLUHDDJUHVRUXOXLQFRQFHS LDOXL7LWXOHVFXVHFXULWDWHD
HXURSHDQ UHSUH]HQWDXQVLVWHPSROLWLFLMXULGLFODED]DF UXLDWUHEXLDV 
VWHD 3DFWXO 6RFLHW LL 1D LXQLORU L VLVWHPXO WUDWDWHORU GH OD 9HUVDLOOHV
DFRUGXULOH DVXSUD GH]DUP ULL L GHILQLUHD DJUHVRUXOXL WUDWDWHOH UHJLRQDOH
SDFWXO %ULDQG.HOORJ L DOWH LQVWUXPHQWH LQWHUQD LRQDOH 6HFXULWDWHD vQ
FRQFHS LDPDUHOXLGLSORPDWURPkQWUHEXLDV SRUQHDVF GHODSULQFLSLLOH
LQGLYL]LELOLW L L JHQHUDOLW LL S FLL RULFH DJUHVLXQH UHSUH]HQWkQG R
vQF OFDUHDS FLLJHQHUDOHV DLE XQFDUDFWHUSUHYHQWLYV VHED]H]HSH
LQWHU]LFHUHD IRU HL L DPHQLQ ULL FX IRU D vQ UHOD LLOH LQWHUQD LRQDOH SULQ
VFRDWHUHDU ]ERLXOXLLDJUHVLXQLLvQDIDUDOHJLLV VHLPSOLFHvQVWDELOLUHD
LGH]YROWDUHDGHUHOD LLDPLFDOHvQWUHWRDWHVWDWHOHFRQWLQHQWXOXL
&RQFRPLWHQW 1LFRODH 7LWXOHVFX D I FXW SURSXQHUL FRQFUHWH OD
FRQIHULQ D GH]DUP ULL GLQ  SHQWUX UHDOL]DUHD GH]DUP ULL SH
HWDSHLSULQWUXQFRQWUROLQWHUQD LRQDOSHUPDQHQW DVXV LQXWSURSXQHUHD
I FXW GH00/LWYLQRYUHIHULWRDUHODGHILQLUHDDJUHVRUXOXLvPEXQ W LQG
WHUPHQXO SURLHFWXOXL SULQ SUHFL] UL LPSRUWDQWH DGXVH WHUPHQXOXL GH
WHULWRULX SR]L LD VD D IRVW XUPDW  GH UHSUH]HQWDQ LL FHORUODOWH VWDWH GLQ
0LFD Q HOHJHUH L QX QXPDL  D UHOHYDW UROXO MXFDW GH PDULOH SXWHUL vQ
HHFXO OXFU ULORU &RQIHULQ HL SHQWUX UHGXFHUHD L OLPLWDUHD DUPDPHQ
WHORULDQXPHURDVHORUSUREOHPHFDUHDXDS UXWvQUHOD LLOHLQWHUQD LR


 &kQG SDFHD HVWH DPHQLQ DW  QX VH U VSXQGH FX U ]ERL GHFODUD
1LFRODH7LWXOHVFXvQ3DUODPHQWXO5RPkQLHLvQ

 Q PDUWLH  D GHFODUDW XUP WRDUHOH OXL -RKQ 6LPRQ PLQLVWUXO GH
([WHUQHDO0DULL%ULWDQLL6 ILPIUDQFLFHHDFHvPSLHGLF PHUVXOQRUPDODO
OXFUXULORU VXQW FRPSOLFD LLOH GH LQWHUHVH vQWUH PDULOH SXWHUL FRQIOLFWXO IUDQFR
JHUPDQFRQIOLFWXOLWDORIUDQFH]FRQIOLFWXOIUDQFRHQJOH]/DHOHVHPDLDGDXJ 
FRQIOLFWXO vQWUH R PDUH SXWHUH L R PLF  SXWHUH GH SLOG  FRQIOLFWXO JHUPDQR
SRORQH] L LWDORLXJRVODY 2UL GH FkWH RUL HVWH YRUED GH XQ FRQIOLFW JUDY FDUH
vPSLHGLF GH]YROWDUHDQRUPDO DOXFUXULORUHVWHYRUEDGHRPDUHSXWHUH
 
QDOHDFRPE WXWSROLWLFDGHUHYL]XLULWHULWRULDOHDPLOLWDWSHQWUXHJDOL
WDWHDVWDWHORUPDULVDXPLFLDDGHJUHXFkWLJDW 
7RW 1LFRODH 7LWXOHVFX D FRQGXV vQ  FRQFRPLWHQW 0LFD
Q HOHJHUH L Q HOHJHUHD %DOFDQLF  D IRVW LQL LDWRUXO UHVWDELOLULL UHOD LLORU
GLSORPDWLFHFX8566vQDVSULMLQLWSURSXQHUHDDGPLWHULL8566
vQ 6RFLHWDWHD 1D LXQLORU L LD H[SULPDW DFRUGXO FX DWULEXLUHD UHSUH]HQ
WDQWXOXLVRYLHWLFDXQXLORFSHUPDQHQWvQ&RQVLOLXO6RFLHW LL1D LXQLORUD
VHVL]DWLDI FXWSXEOLFOHJ WXUDGLQWUHWHURULVPLUHYL]LRQLVP'LSORPDW
GH YDORDUH XQLYHUVDO  HO D SXV vQWRWGHDXQD vQ SULP SODQ LQWHUHVHOH
5RPkQLHL
&DRUHFXQRDWHUHDUROXOXLDFWLYDO5RPkQLHLvQSODQLQWHUQD LRQDO
vQL1LFRODH7LWXOHVFXDIRVWDOHVSUHHGLQWHDOFHORUGHD;,D
LD;,,DVHVLXQLDOH$GXQ ULL*HQHUDOHD6RFLHW LL1D LXQLORU&XFk LYD
DQLvQDLQWHvQ,*'XFDPLQLVWUXOGH([WHUQHDO5RPkQLHLIXVHVH
DOHVSUHHGLQWHDO&RPLVLHLGHGH]DUPDUH
&XWRDWHDFHVWHDODDXJXVWLOXVWUXOGLSORPDWURPkQDIRVW
GHPLVGLQJXYHUQ&DX]HOHDXIRVWPXOWLSOHHOHFRQVWkQGvQRVWLOLWDWHDSH
SODQ LQWHUQ D PXOWRUD GLQWUH RDPHQLL SROLWLFL URPkQL GH UHJXO  GH
RULHQWDUH GH GUHDSWD SUHFXP L vQ GRULQ D UHJHOXL &DURO DO ,,OHD GH D
SUHOXDSHUVRQDOFRQGXFHUHDSROLWLFLLH[WHUQHURPkQHWL/DDFHDVWDVD


Q  1LFRODH 7LWXOHVFX DSUHFLD 5HYL]XLUHD QX HVWH SHQWUX
5RPkQLD QXPDL DPSXWDUHD PRLHL VWU PRHWL 5HYL]XLUHD HVWH DPSXWDUHD
DWULEX LXQLORU LVWRULFH DOH QHDPXOXL QRVWUX WRFPDL vQ FOLSD vQ FDUH HO LD
GHV YkULWXQLWDWHD

2FWDYLDQ *RJDLPSXWDPDUHOXLGLSORPDWURPkQF DFFHSWDVHUH HWHOH
3DULVXOXL EUXVFkQG UDSRUWXULOH FX 5RPD U FLQGXOH SH FHOH FX 9DURYLD L
UHVSLQJkQGXOH SH FHOH FX %HOJUDGXO 5HFRPDQGD RSHU  GH DGDSWDUH OD
vPSUHMXU UL 3HVWH GHFHQLL LGHHD D IRVW UHOXDW  GH LVWRULFXO 9DOHULX )ORULQ
'REULQHVFXFDUHFRQVLGHUDP VXUDFDILLQGOXDW GLQUHDOLVPSROLWLF/DUkQGXL
9LRULFD0RLVXFDSUHFLD] F DIRVWYRUEDGHDGDSWDUHDODQRXOFRQWH[WLQWHUQD
LRQDOvQvQFHUFDUHDGHDVHF XWDPLMORDFHLPHWRGHQRLSHSODQGLSORPDWLFL
PLOLWDU FDUH V  SHUPLW  FRQWUDFDUDUHD SHULFROHORU HYLGHQWH OD DGUHVD VHFXULW LL
VWDWXTXRXOXL WHULWRULDO DO ULL D LQGHSHQGHQ HL VDOH QD LRQDOH FH GHFXUJHDX GLQ
HXDUHD VHFXULW LL FROHFWLYH FD XUPDUH D DILUP ULL GHVFKLVH D UHYL]LRQLVPXOXL L
UHYDQLVPXOXLJHUPDQDSROLWLFLLFRQFLOLDQWHDPDULORUDOLD LRFFLGHQWDOL$QJOLDL
)UDQ DDSROLWLFLLGHL]RODUHSUDFWLFDW GH6WDWHOH8QLWHDOH$PHULFLL

 &DURO DO ,,OHD D LQYRFDW IDSWXO F  1LFRODH 7LWXOHVFX GHYHQLVH
LQFRPRGLLQGH]LUDELOFKLDULOD/RQGUDL3DULV
 
DG XJDW DWPRVIHUD DQWLWLWXOHVFLDQ  vQWUH LQXW  SHUPDQHQW OD %HUOLQ
5RPD 9DURYLD L %XGDSHVWD FX SUHF GHUH SUHFXP L VXVSLFLXQLOH
SULYLQGUHOD LLOHVWUkQVHGLQWUH7LWXOHVFXL/LWYLQRYHWF*XYHUQXOOLEHUDO
LDPRWLYDWJHVWXOSULQQHFHVLWDWHDFRQVWLWXLULLXQXLFDELQHWGHSDUWLGLD
vPEXQ W LULLUHOD LLORUFX,WDOLDL3RORQLD
0RGDOLWDWHD GHPLWHULL D IRVW EUXWDO  L QHPHULWDW  SHQWUX PDUHOH
GLSORPDW 1LFRODH 7LWXOHVFX vQO WXUDUHD VD SURGXFkQG PDUL UHJUHWH vQ
FRPXQLWDWHDLQWHUQD LRQDO GHPRFUDWLF 
1RXO PLQLVWUX URPkQ GH ([WHUQH 9LFWRU $QWRQHVFX D DVLJXUDW OD
vQFHSXWXO OXQLL VHSWHPEULH  6RFLHWDWHD 1D LXQLORU L FHOHODOWH VWDWH
HXURSHQH LQFOXVLY 8QLXQHD 6RYLHWLF  F  QX VH YD SURGXFH QLFL R
VFKLPEDUHHVHQ LDO vQSROLWLFDH[WHUQ URPkQHDVF $FHDVW SR]L LHDIRVW
UHDILUPDW LGHF WUH&RQVLOLXO3HUPDQHQWDO0LFLLQ HOHJHULvQWUXQLWOD
 L  VHSWHPEULH  OD %UDWLVODYD SULOHM FX FDUH D IRVW UHDILUPDW
DWDDPHQWXO ID  GH SROLWLFD GH VHFXULWDWH L vQFUHGHUHD vQ 6RFLHWDWHD
1D LXQLORU
3R]L LD LQWHUQD LRQDO  D 5RPkQLHL L D VWDWHORU DOLDWH DYHD V  ILH
LQIOXHQ DW  QHJDWLY vQ SHULRDGD XUP WRDUH GH FRQVWLWXLUHD $[HL 5RPD
%HUOLQ  RFWRPEULH   GH VHPQDUHD 3DFWXOXL DQWLFRPLQWHUQ vQWUH
*HUPDQLD L -DSRQLD  QRLHPEULH   L GH DF LXQLOH UHYL]LRQLVWH L
UHYDQDUGHLQL LDWHGH*HUPDQLDvQVSHFLDOGDULGHF WUH,WDOLD8QJDULD
%XOJDULD LDU vQ ILQDO GH F WUH 8566 FDUH DX XUP ULW vQ SHUPDQHQ 
UHYL]XLUHDWUDWDWHORUGHOD3DULVGLQPRGLILFDUHDVWDWXTXRXOXL
WHULWRULDOHXURSHDQSUHFXPLGHVWU PDUHD0LFLLQ HOHJHULLDQ HOHJHULL
%DOFDQLFH'LQDFHVWXOWLPSXQFWGHYHGHUH*HUPDQLDDvQFHUFDWV DWUDJ 
GHSDUWHDVD,XJRVODYLDL5RPkQLD



8QHOHFHUFXULQD]LVWHDXOXDWvQFDOFXOVXSULPDUHDPDUHOXLGLSORPDW

3ROLWLFDH[WHUQ SURPRYDW GH1LFRODH7LWXOHVFXQXDIRVWDJUHDW vQ
3RORQLDvQVXL-%HFNPLQLVWUXOGH([WHUQHILLQGDXWRUXODQXPHURDVHDUWLFROH
RVWLOH

5HVSLQJkQGDFX]D LLOHFHORUFDUHvLLPSXWDXRSUHDPDUHLQVLVWHQ vQ
vQFKHLHUHD XQXL DVHPHQHD SURWRFRO 1LFRODH 7LWXOHVFX SUHFL]D 1X VXQW
FRPXQLVW QDP vPS UW LW QLFLRGDW  DFHDVW  GRFWULQ  &RQVLGHU vQV  F  R
DSURSLHUHSHW UkPXOSROLWLFLLH[WHUQHFX8566FDUHHVWHDOLDWDDOLD LORUQRWUL
)UDQ D&HKRVORYDFLD7XUFLDHVWHFHOPDLEXQPLMORFGHDSHUPLWHWUDWDWHORU
QRDVWUHH[LVWHQWHGHDOLDQ V LGHDGHSOLQDHILFDFLWDWH
 
6FKLPE UL SURIXQGH vQ SROLWLFD H[WHUQ  URPkQHDVF  QX DX DS UXW
QLFL GXS  LQVWDXUDUHD JXYHUQXOXL GH GUHDSWD FRQGXV GH 2FWDYLDQ *RJD
GHFHPEULH   %XFXUHWLL vQFHUFkQG vQ SHULRDGD XUP WRDUH V 
PHQ LQ vQFUHGHUHDSXWHULORURFFLGHQWDOHLV HYLWHDQJDMDUHDXQXLGLDORJ
GHVFKLVFX*HUPDQLDvQVSHFLDOvQFHHDFHSULYHWHvQFKHLHUHDXQHLDOLDQ H
SROLWLFRPLOLWDUHQDFHVWVHQVODvQFHSXWXODQXOXLSULPXOPLQLVWUX
D I FXW FXQRVFXW IDSWXO F  SROLWLFD H[WHUQ  D 5RPkQLHL VH YD ED]D vQ
FRQWLQXDUHSH6RFLHWDWHD1D LXQLORUF 5RPkQLDYDU PkQHILGHO )UDQ HL
LVLVWHPXOXLGHDOLDQ HGLQFDUHI FHDSDUWH 0LFDQ HOHJHUHLQ HOHJHUHD
%DOFDQLF   &RQFRPLWHQW GLSORPD LD URPkQ  VD DE LQXW GH OD DFWH
RVWLOHLSURYRFDWRDUHID GH8QLXQHD6RYLHWLF 

5RPkQLDLQ HOHJHUHD%DOFDQLF 

3UHOLPLQDULL QF  GH OD WHUPLQDUHD SULPXOXL U ]ERL PRQGLDO


5RPkQLDDPLOLWDWSHQWUXUHDOL]DUHDvQ HOHJHULLLS FLLvQWUHSRSRDUHOHGLQ
3HQLQVXOD%DOFDQLF QDFHVWVHQVvQDXUP ULWSULQDF LXQHD
PLQLVWUXOXL GH ([WHUQH 7DNH ,RQHVFX FRQVWLWXLUHD DOLDQ HL vQ FLQFL
IRUPDW GLQ3RORQLD&HKRVORYDFLD5RPkQLD,XJRVODYLDL*UHFLD,GHHD
DIRVWDJUHDW ODXQPRPHQWGDWLGHSUHPLHUXO%XOJDULHL6WDPEROLVNL
vQV QHvQ HOHJHULOHGLQWUHVWDWHOHEDOFDQLFH GLQWUH%XOJDULDL,XJRVODYLD
PXOWHLQL LDWHLFRQGXVHGHRUJDQL]D LDWHURULVW PDFHGRQHDQ ,052
GLQWUH *UHFLD L ,XJRVODYLD vQ FHHD FH SULYHD VLWXD LD PLQRULW LL EXOJDUH
GLQ,XJRVODYLDLUHJLPXOF LLIHUDWH*KHYJKHOLMD6DORQLFGLQWUH*UHFLD


3HQWUX D HOLPLQD RULFH VXVSLFLXQL ,VWUDWH 0LFHVFX PLQLVWUXO GH
([WHUQH D SUHFL]DW OD 3UDJD F  5RPkQLD vQ HOHJH V  VH VSULMLQH SH 0LFD
Q HOHJHUH vQ HJDO  FRODERUDUHD FX HD vQ WRDWH FKHVWLXQLOH FDUH LQWHUHVHD] 
ED]LQXO GXQ UHDQ /D %HOJUDG D RE LQXW GLQ SDUWHD OXL 0LODQ 6WRLDGLQRYL
UHvQQRLUHDDQJDMDPHQWHORU,XJRVODYLHLvQFDGUXOQ HOHJHULL%DOFDQLFH

QWHPkQGXVHF 0LFDQ HOHJHUHDUILIRVWvQGUHSWDW vPSRWULYD
%XOJDULHL 6WDPEROLVNL D I FXW FXQRVFXW  GRULQ D JXYHUQXOXL GH OD 6RILD GH D
DGHUDODUHVSHFWLYDDOLDQ vQORFXO*UHFLHL

*XYHUQXOGHOD%HOJUDGGRUHDFD]RQDOLEHU 6DORQLFV ILHFRQVLGHUDW 
]RQ GHIURQWLHU LXJRVODY LFDOLQLDGHFDOHIHUDW *KHYJKHOLMD6DORQLFV ILH
DGPLQLVWUDW GHLXJRVODYL1HvQ HOHJHULXOWHULRDUHDXDS UXWvQFHHDFHSULYHWH
SURSXQHUHD IUDQFH]  GLQ  SULYLQG VROX LRQDUHD SUREOHPHORU SULQ DUELWUDM
REOLJDWRULX DFFHSWDW  GH *UHFLD GDU UHVSLQV  GH ,XJRVODYLD FDUH FRQVLGHUDF 
QHvQ HOHJHULOH WUHEXLDX VROX LRQDWH SULQ GLVFX LL GLUHFWH ELODWHUDOH )D  GH
QHvQ HOHJHULOHLXJRVODYRHOHQH5RPkQLDDDGRSWDWRDWLWXGLQHGHHVSHFWDWLY 
 
L7XUFLDODFDUHVDXDG XJDWFRQVHFLQ HOHORYLWXULLGHVWDWGLQ%XOJDULD
GHODLXQLHvQF OFDUHDWUDWDWXOXLGHOD1HXLOO\VXU6HLQHGHF WUH
%XOJDULDSULQvQURO ULVXSOLPHQWDUHGHPLOLWDULLUHIX]XOILQDODODFHVWHL
ULGHDSDUWLFLSDODFRQVWLWXLUHDSDFWXOXLEDOFDQLFDJLWD LLOHGLQ*UHFLDvQ
SULYLQ D RS LXQLL GLQWUH UHJLPXO UHSXEOLFDQ L FHO PRQDUKLF UH LQHULOH
LQL LDOHDOH7XUFLHLvQFHHDFHSULYHWHUHOD LLOHFX5RPkQLDGHWHDPDGHD
QX IL DQJUHQDW  vQWUXQ HYHQWXDO U ]ERL FX 8566 HWF  DX I FXW FD
GH]LGHUDWXO vPSOLQLULL XQXL VLVWHP GH DOLDQ H vQWUH VWDWHOH EDOFDQLFH V  VH
vPSOLQHDVF  PXOW PDL WkU]LX vQ  vQ SRILGD HIRUWXULORU GHSXVH GH
GLSORPD LDGHOD%XFXUHWLSHQWUXQHWH]LUHDDVSHULW LORUGLQWUHHOH
6LWXD LD VD FRPSOLFDW L GDWRULW  LQWHUYHQ LHL PDULORU SXWHUL FDUH
GH LQHDX LQIOXHQ D vQ ]RQ  VDX GRUHD V  R RE LQ  $VWIHO LPHGLDW GXS 
DGRSWDUHDSDFWXOXLUKHQDQOD/RFDUQRvQ,WDOLDDvQFHUFDWSHGLYHUVH
F L V L LPSXQ  GRPLQD LD vQ *UHFLD ,XJRVODYLD 5RPkQLD L FKLDU vQ
%XOJDULD vQFKHLQG FX DFHVWHD WUDWDWH GH SULHWHQLH L vQFHUFkQG V  OH
FRQWUDSXQ  XQD DOWRUD /D UkQGXL )UDQ D D vQFHUFDW V  FRQWUDFDUH]H
DF LXQLOHLWDOLHQHvQDLQWkQGPLQLVWUXOXLURPkQOD3DULVODDXJXVW
PXOWDWHSWDWXOSURLHFWDOWUDWDWXOXLGHSULHWHQLHFX5RPkQLD
3X LQ PDL WkU]LX QRLHPEULH   0DUHD %ULWDQLH D UHOXDW LGHHD
PLQLVWUXOXLGH([WHUQHDO*UHFLHL 5HQWLV UHIHULWRDUHODDUELWUDMXOREOLJD
WRULX XUPDW GH XQ SDFW GH JDUDQ LH vQ FDGUXO 6RFLHW LL 1D LXQLORU
$FFHSWDW GH F WUH *UHFLD SODQXO PLQLVWUXOXL GH ([WHUQH HQJOH] $XVWLQ
&KDPEHUODLQDLULWDWvQV JXYHUQXOGHOD3DULVILLQGUHIX]DWGH,XJRVODYLD
FDUH GRUHD PDL vQWkL VROX LRQDUHD SUREOHPHL OLWLJLRDVH D ]RQHL OLEHUH GLQ
SRUWXO6DORQLFQFDGUXODFHORUDLULYDOLW LGLQWUHPDULOHSXWHULvQFHUFkQG
V FRQWUROH]HFHOSX LQLQIOXHQ DLWDOLDQ vQ%DOFDQL vQFXUDMDW GLQFXOLVH
GHF WUHHQJOH]L )UDQ DDSURSXV,WDOLHLvQFKHLHUHDXQXLSDFWIUDQFRLWDOR
LXJRVODYIDSWUHIX]DWGHJXYHUQXOGHOD5RPD7UHFkQGSHVWHWRDWHDFHVWH
LQWHUHVHGLYHUJHQWHPDULOHSXWHULDXVWDELOLWvQWUHHOHvQ HOHJHULFDUHFRQ



*UHFLD QX D UDWLILFDW DFRUGXO GH OD $QNDUD Q GLVFX LH PDL HUDX
GHVS JXELULOHFHWUHEXLDXSO WLWHSURSULHWDULORUPXVXOPDQLHPLJUD LGLQ*UHFLD
vQDLQWHGHGHFHPEULHSUHFXPLSUREOHPDvQWRDUFHULLOD&RQVWDQWLQRSRO
DFHORUGHSHUVRDQHUHIXJLDWHvQWLPSXOXOWLPXOXLU ]ERLJUHFRWXUF

)DSW FRPE WXW GH FRQIHULQ D 0LFLL Q HOHJHUL GH OD %HOJUDG GLQ 
QRLHPEULH

/DXQPRPHQWGDW0DUHD%ULWDQLHDDFFHSWDWLGHHDSDFWXOXLEDOFDQLF
GDUI U 7XUFLDSHFDUHRFRQVLGHUDSXWHUHDVLDWLF 
 
WUDYHQHDX XQRUD GLQWUH VWDWHOH GLQ ]RQ  VHPQLILFDWLY vQ DFHVW VHQV ILLQG
DFRUGXODQJORLWDOLDQFKLDUGDF DFHVWDQXFRQYHQHDLQWHUHVHORUIUDQFH]H
$PkQDUHD vQFKHLHULL SDFWXOXL EDOFDQLF VD GDWRUDW L SR]L LLORU
GLIHULWH DOH VWDWHORU GLQ ]RQ  ID  GH XQD VDX DOWD GLQ SUREOHPHOH FDUH
WUHEXLDX VROX LRQDWH $VWIHO OD XQ PRPHQW GDW *UHFLD D DGHUDW OD LGHHD
EULWDQLF  D vQFKHLHULL SDFWXOXL I U  7XUFLD D GRULW L LQFOXGHUHD $OEDQLHL
IDSW UHVSLQV GH ,XJRVODYLD  ,XJRVODYLD D GRULW vQFKHLHUHD DOLDQ HL GRDU
GXS  VROX LRQDUHD GLIHUHQGHORU FX *UHFLD Q SULP YDUD DQXOXL 
5RPkQLD *UHFLD L ,XJRVODYLD WHPkQGXVH GH vQWUHUXSHUHD SO LL GHVS 
JXELULORUGHU ]ERLGHF WUHJXYHUQXOGHOD6RILDDXFRQGL LRQDWDFRUGDUHD
XQXL vPSUXPXW %XOJDULHL GH F WUH 6RFLHWDWHD 1D LXQLORU GH FRQVXOWDUHD
JXYHUQHORU GH OD %XFXUHWL %HOJUDG L $WHQD L GH FRQWUROXO IRORVLULL
DFHVWXLD
Q GRULQ D GH D UHDOL]D R vQ HOHJHUH VWDWHOH EDOFDQLFH VDX DU WDW
GLVSXVHV IDF XQHOHFRQFHVLLDXvQFKHLDWvQWUHHOHDFRUGXULLSDFWHGH
DPLFL LHLDXI FXWQXPHURDVHSURSXQHULSHQWUXvQFKHLHUHDSDFWXOXL



 ,QL LDO ,XJRVODYLD VD RSXV LDU 5RPkQLD D FRQGL LRQDW DFRUGDUHD
vPSUXPXWXOXLGHIRORVLUHDOXLQXPDLSHQWUXUHIXJLD LLEXOJDUL

*UHFLDVDDU WDWGLVSXV V GXEOH]HVDXFKLDUV WULSOH]HFDOHDIHUDW 
VSUH6DORQLFDFFHSWkQGLVXSUDYHJKHUHDWUDILFXOXLGHF WUHXQIXQF LRQDUHOHQ
LVkUE SHQWUXDvQOHVQLWUDQ]LWXOLXJRVODYVSUH0DUHD(JHH 7RWHDVDDU WDW
GLVSXV  V  UH]ROYH SUREOHPD LHLULL %XOJDULHL OD 0DUHD (JHH GDF  DD FXP
SUHFL]DSULPXOPLQLVWUX7VDOGDULVVHP UJLQHWHODXQGHEXHXFRPHUFLDOSULQ
&DYDOD

QPDUWLHSDFWXOGHQHDJUHVLXQHLDUELWUDMvQWUH5RPkQLDL*UHFLD
vQ VHSWHPEULH  SDFWXO GH SULHWHQLH L QHDJUHVLXQH JUHFRWXUF vQ RFWRPEULH
WUDWDWXOGHDPLFL LHQHDJUHVLXQHDUELWUDMLFRQFLOLD LXQHURPkQRWXUF

    *UHFLD  D SURSXV SULQ PLQLVWUXO GH ([WHUQH 5HQWLV DGRSWDUHD
DUELWUDMXOXLREOLJDWRULXXUPDWGHvQFKHLHUHDXQRUWUDWDWHGHQHDJUHVLXQHvQWUHWRDWH
VWDWHOHEDOFDQLFH0DUHD%ULWDQLHDUHOXDWLGHHDOXL5HQWLVLVDSURQXQ DW
SHQWUXFRQVWLWXLUHDXQXL/RFDUQREDOFDQLF7XUFLDDVRQGDW5RPkQLDGDF 
GRUHDV VHDOLH]HSHED]DXQXLDFRUGEDOFDQLFGHQHDJUHVLXQHLGHDUELWUDMI U 
RVWLOLWDWH FRQWUD 8QLXQLL 6RYLHWLFH   *UHFLD D ULGLFDW SUREOHPD vQILLQ ULL
XQHL6RFLHW LD1D LXQLORU%DOFDQLFHFXVHGLXOOD&RQVWDQWLQRSRO7XUFLDD
SURSXV SULQ PLQLVWUXO GH ([WHUQH 7YILN 5VW$UDV vQFKHLHUHD XQXL SDFW vQWUH
5RPkQLD,XJRVODYLD*UHFLDL7XUFLDFDUHV QXILHSDWURQDWGHF WUHQLFLRPDUH
SXWHUH L V  QX ILH vQGUHSWDW vPSRWULYD FXLYD   7XUFLD D SURSXV DGHUDUHD
VWDWHORUEDOFDQLFHOD3URWRFROXOGHOD0RVFRYDLUHOXDUHDUHOD LLORUGLSORPDWLFHFX
8566   1LFRODH 7LWXOHVFX D SURSXV %XOJDULHL vQFKHLHUHD XQXL SDFW vQ
FLQFL
 
8WLOHSHQWUXSUHJ WLUHDWHUHQXOXLvQYHGHUHDvQFKHLHULLSDFWXOXLEDOFDQLFV
DX GRYHGLW D IL L FRQIHULQ HOH EDOFDQLFH LQL LDWH GH *UHFLD vQ FDGUXO
F URUD DX IRVW GLVFXWDWH SH OkQJ  SUREOHPHOH HFRQRPLFH L QXPHURDVH
DVSHFWHSROLWLFH
'HPHUVXUL D I FXW L PLQLVWUXO GH ([WHUQH URPkQ vQ RFWRPEULH
 FX SULOHMXO YL]LWHL OD 6RILD QG D SURSXV vQFKHLHUHD XQXL SDFW
EDOFDQLF PXOWLODWHUDO L D XQRU vQ HOHJHUL ELODWHUDOH vQ SUREOHPHOH
GLYHUJHQWHFXH[FHS LDFHORUFHYL]DXUHYL]XLULOHWHULWRULDOH3UREOHPD
DIRVWULGLFDW GH1LFRODH7LWXOHVFXLvQWLPSXOYL]LWHORUI FXWHOD$WHQD
$QNDUDL%HOJUDGFDUHDXDYXWXQPDUHHFRXLQWHUQD LRQDOSUHFXPLvQ
&RQVLOLXO3HUPDQHQWDO0LFLLQ HOHJHULGHOD=DJUHEGLQLDQXDULH
3UREOHPDSDFWXOXLEDOFDQLFDIRVWGLVFXWDW LvQFDGUXOFRQIHULQ HORU
0LFLLQ HOHJHUL IHEUXDULHOD7LPLRDUDLXQLHOD%OHG
 PDL  OD ,RDNLPRY  GHFHPEULH  OD %HOJUDG 
IHEUXDULHOD*HQHYDVHSWHPEULHOD6LQDLDLDQXDULH
OD=DJUHE 
*XYHUQXOEXOJDUQXDGRULWvQV V VHDQJDMH]HvQUHVSHFWDUHDVWDWX
TXRXOXLWHULWRULDOSURSXQkQGSULQSULPXOPLQLVWUX0XDQRYvQFKHLHUHD
XQRUSDFWHELODWHUDOHGHQHDJUHVLXQH
3UHYHGHULOH SDFWXOXL Q HOHJHULL %DOFDQLFH /D  IHEUXDULH 
PLQLWULL GH ([WHUQH DL 5RPkQLHL *UHFLHL 7XUFLHL L ,XJRVODYLHL DX
VHPQDWOD$WHQD3DFWXOQ HOHJHULL%DOFDQLFHRUJDQL]D LHGHVHFXULWDWHL
FRODERUDUH GLQ %DOFDQL SULQ FDUH FHOH SDWUX VWDWH vL JDUDQWDX PXWXDO


3ULPDFRQIHULQ VDGHVI XUDWOD$WHQDvQWUHLRFWRPEULHD
GRXD OD ,VWDQEXO vQWUH  L  RFWRPEULH  vQ FDGUXO F UHLD VH GLVFXW  XQ
DQWHSURLHFWJUHFDWUHLDOD%XFXUHWLvQWUHLRFWRPEULHFDUHDGRSW 
WH[WXOSDFWXOXLEDOFDQLFvQDEVHQ DGHOHJD LORUEXOJDULvQV DSDWUDOD6DORQLFvQWUH
LQRLHPEULHSULOHMFXFDUHSDFWXOEDOFDQLFHVWHYRWDWvQXQDQLPLWDWH L
GH F WUH GHOHJD LD EXOJDU  $ D IRVW DPkQDW  VLQH GLH FRQVLGHUkQGXVH F 
SUREOHPHOHSXWHDXILVROX LRQDWHPDLELQHvQFDGUXOQ HOHJHULL%DOFDQLFHLGH
ODJXYHUQODJXYHUQ

) U UH]XOWDWHGHRVHELWHDU PDVLvQWkOQLUHDGLQWUH&DURODO,,OHDL
%RULVDO,,,OHDSHYDVXOWHIDQFHO0DUH

 6D GHFLV F  FHOH WUHL VWDWH HUDX VLQFHU LQWHUHVDWH vQ VWDELOLUHD XQRU
EXQHUDSRUWXULFX%XOJDULDQHDYkQGQLFLXQLQWHUHVGHDQXF XWDVWDWRUQLFLUHD
XQRU DWDUL UDSRUWXUL 3ULQ XUPDUH GLQ SXQFWXO GH YHGHUH DO 0LFLL Q HOHJHUL
%XOJDULDSXWHDSDUWLFLSDODRULFHSDFWUHJLRQDO]RQDOGDF UHVSHFWDVWDWXTXRXO
WHULWRULDOH[LVWHQW
 
VLJXUDQ DWXWXURUIUXQWDULLORUORUEDOFDQLFHREOLJkQGXVHV VHVI WXLDVF 
DVXSUD P VXULORU GH OXDW vQ ID D XQRU vPSUHMXU UL FH DU SXWHD DWLQJH
LQWHUHVHOHORU([WUHPGHLPSRUWDQW DIRVWLSUHFL]DUHDGLQDUWLFROHOHL
GLQ3DFWSULQFDUHFHOHSDWUXVWDWHVHREOLJDXV QXvQWUHSULQG QLFLR
DF LXQH SROLWLF  ID  GH RULFH DU  EDOFDQLF  QHVHPQDWDU  D SUH]HQWXOXL
DFRUGI U DYL]XOPXWXDOSUHDODELOLV QXLDQLFLRREOLJD LHSROLWLF ID 
GHRULFHDOW  DU EDOFDQLF I U FRQVLP PkQWXOFHORUODOWH3 U L&RQWUDF
WDQWH UHVSHFWLY F  3DFWXO YD IL GHVFKLV RULF UHL DOWH UL EDOFDQLFH D
F UHLDGHUDUHYDIDFHRELHFWXOXQHLFHUFHW ULIDYRUDELOHGLQSDUWHDS U LORU
&RQWUDFWDQWHLYDDYHDHIHFWGHvQGDW FHFHOHODOWH ULVHPQDWDUHvLYRUIL
QRWLILFDWDVHQWLPHQWXO
3URWRFROXO DQH[  SDUWH D 3DFWXOXL SUHFL]D vQF  RGDW  F  DOLDQ D
EDOFDQLF  QX HUD vQGUHSWDW  vPSRWULYD YUHXQHL SXWHUL F  FHOH SDWUX VWDWH
DOLDWH XUPDX V  UHDF LRQH]H GRDU vQ FD]XO XQHL DJUHVLXQL GLQ SDUWHD XQHL
UL EDOFDQLFH Q VLWXD LD vQ FDUH XQ VWDW DOLDW HUD DJUHVDW GH XQ VWDW
QHEDOFDQLFFXSDUWLFLSDUHDXQXLVWDWEDOFDQLF3DFWXOLQWUDvQDF LXQHID 
GH DUD EDOFDQLF  DJUHVRDUH Q VLWXD LD vQ FDUH DJUHVRUXO HUD XQXO GLQ
VWDWHOHSDUWHODSDFWDFHVWDQXLQWUDvQYLJRDUHLGHDFHDVW GDW 7XUFLDD
ULGLFDW FODX]D VRYLHWLF  PLQLVWUXO GH ([WHUQH WXUF LPSXQkQG R
'HFODUD LHSDUWHGLQ3DFWSULQFDUHVHSUHFL]DF  DUDVDQXYDSDUWLFLSDOD
XQU ]ERLvPSRWULYD8QLXQLL6RYLHWLFH$FHDVW SR]L LHFDLDOWHOHDYHDX
V FRQVWLWXLHXQXOGLQSXQFWHOHVODEHDOHQRLLRUJDQL]D LLSROLWLFRPLOLWDUH
GHDS UDUH
&DUDFWHUXO GHIHQVLY DO Q HOHJHULL %DOFDQLFH FD L DO 0LFLL
Q HOHJHUL UH]XOWD L GLQ IDSWXO F  WRDWH VWDWHOH PHPEUH VHPQDVHU 
3DFWXO %ULDQG.HOORJ 3DFWXO GH OD 3DULV  SULYLQG UHQXQ DUHD OD



,RDQ6FXUWX5RPkQLDL0DULOH3XWHULS

 Q PRG FRQFUHW VH YL]D R HYHQWXDO  DJUHVLXQH GLQ SDUWHD %XOJDULHL
FDUH DYHD SUHWHQ LL WHULWRULDOH ID  GH ILHFDUH VWDW SDUWLFLSDQW OD Q HOHJHUHD
%DOFDQLF 2SXQkQGXVHvQFKHLHULLQ HOHJHULL%DOFDQLFH%XOJDULDDSURSXVXQ
VLVWHPGHvQ HOHJHUHED]DWQXPDLSHSDFWHELODWHUDOH

 /D  RFWRPEULH  D IRVW DGRSWDW 6WDWXWXO GH RUJDQL]DUH DO
Q HOHJHULL%DOFDQLFHSULQFDUHDXIRVWFRQVWLWXLWH&RQVLOLXO3HUPDQHQWIRUPDW
GLQPLQLWULLGH([WHUQH&RQVLOLXO(FRQRPLF&RQVXOWDWLYIRUPDWGLQVSHFLDOLWL
GLQGRPHQLXOHFRQRPLFFRPHUFLDOLILQDQFLDUSUHFXPL&RPLVLLSHGLYHUVH
SUREOHPH
 
U ]ERL  DXJXVW   L &RQYHQ LLOH GH GHILQLUH D DJUHVLXQLL GH OD
/RQGUD LXOLH 
Q HOHJHUHD %DOFDQLF  LD GRYHGLW XQLWDWHD L vQ  vQ
FRQWH[WXOvQFDUHUHYL]LRQLWLLEXOJDULSURILWkQGGHVLWXD LDWXOEXUHGLQ
*UHFLD GH OD  PDUWLH PLFDUHD UHSXEOLFDQ  vPSRWULYD SDUWL]DQLORU
UHVWDXU ULL PRQDUKLHL  VDX GHFODUDW JDWD V  DWDFH 7UDFLD JUHFHDVF 
&KLDUGDF RILFLDOJXYHUQXOEXOJDUDDGRSWDWRDWLWXGLQHSUXGHQW L
UHDOLVW  1LFRODH 7LWXOHVFX vQ FDOLWDWHD GH SUHHGLQWH vQ H[HUFL LX DO
Q HOHJHULL%DOFDQLFHDDWUDVDWHQ LDJXYHUQXOXLGHOD6RILDvQDFRUGFX
JXYHUQHOHGHOD$WHQDL$QNDUDF vQVLWXD LDvQFDUHWUXSHOHEXOJDUH
DU IL S WUXQV SH WHULWRULXO JUHF SDFWXO EDOFDQLF DU IL LQWUDW DXWRPDW vQ
IXQF LXQH


3R]L LDID GHHYHQLPHQWHLFUL]HGLSORPDWLFHLPLOLWDUH


GLQGHFHQLXO


Q FRQWH[WXO DFXWL] ULL SROLWLFLL UHYL]LRQLVWH L UHYDQDUGH vQ
GHFHQLXODOVHFROXOXL;;5RPkQLDLDOLD LLV LGLQ0LFDQ HOHJHUHL
Q HOHJHUHD %DOFDQLF  DX DGRSWDW R SR]L LH IHUP  GH UHVSLQJHUH WXWXURU
SODQXULORU FDUH YL]DX vQWUR IRUP  VDX DOWD PRGLILFDUHD VWDWXTXRXOXL
WHULWRULDOVWDELOLWSULQWUDWDWHOHGHSDFHGHOD3DULVGLQ
8QLXQHD YDPDO  $D VD SURFHGDW vQ FD]XO SODQXOXL GH XQLXQH
YDPDO SURSXVGH)UDQ DSHQWUX]RQDGXQ UHDQ FDUHDIRVWUHVSLQVvQPDL



&DL0LFDQ HOHJHUHUHOHYDODDSULOLH1LFRODH7LWXOHVFX
Q HOHJHUHD%DOFDQLF HVWHRDVRFLD LHFKHPDW DLYDORULILFDULWPLFFRH]LXQHD
vQSUH]HQ DJUHXW LLYLH LLGHWRDWH]LOHOHLDUQXQXPDLFDDOLDQ HOHWUHFXWHDL
vQFHUFDSXWHULOHvQPRPHQWHGHFUL] 

 1XPDL JUD LH DFHVWXL SDFW Q HOHJHUHD %DOFDQLF   QQ  UHOHYD
-RXUQDO GH 0RVFRX  HYHQLPHQWHOH GLQ *UHFLD QX DX GHJHQHUDW vQ FRQIOLFW
LQWHUQD LRQDOFXGH]YROW ULQHSUHY ]XWH/DUkQGXL1LFRODH7LWXOHVFXUHOHYDOD
PDUWLH*UHFLDDSXWXWV LSO WHDVF OX[XOXQHLUHYROX LLODDG SRVWXO
SDFWXOXLEDOFDQLFI U V VHWHDP RVLQJXU FOLS F LQWHJULWDWHDHLWHULWRULDO DU
SXWHDILDPHQLQ DW 
 
 GH 5RPkQLD &HKRVORYDFLD L ,XJRVODYLD &X DFHODL SULOHM VDX
GLVFXWDW L SURSXQHULOH I FXWH GH (GXDUG %HQH DVHP Q WRDUH FHORU
FXSULQVH vQ SODQXO IUDQFH] FDUH YL]DX DVRFLHUHD PLFLORU VWDWH FX WRDWH
SXWHULOHLQWHUHVDWHGHED]LQXOGXQ UHDQFHQWUDO )UDQ D*HUPDQLD,WDOLD 
LVROX LRQDUHDFUL]HLSULQSDUWLFLSDUHDWXWXURUVWDWHORUHXURSHQH
3ODQXO 7DUGLHX Q  VWDWHOH 0LFLL Q HOHJHUL DX PDQLIHVWDW XQ
HQWX]LDVPPRGHUDWID GHSODQXO7DUGLHX SULQFDUHVHSURSXQHDFDFHOH
FLQFL VWDWH GDQXELHQH V  UHQXQ H vQWUH HOH OD FODX]D QD LXQLL FHOHL PDL
IDYRUL]DWH VWDELOLQG WDULIH SUHIHUHQ LDOH GH  LQL LDO GHVILLQ DUHD
UHVWULF LLORU SHQWUX FRPHU  L VFKLPE FX HYHQWXDOLWDWHD XQHL PRQHGH
FRPXQH HWF  L DX GHFLV V O VXV LQ  GDF  DFHVWD VH UHIHUHD GRDU OD
SUREOHPHOHHFRQRPLFHDOHUHJLXQLLGDQXELHQHLQXDERUGDLSUREOHPHOH
SROLWLFHLQFOXVLYSHFHOHDOHFRQVWLWXLULLXQHLFRQIHGHUD LLGDQXELHQH
'LUHFWRUDWXOHXURSHDQQSULP YDUDDQXOXLFHOHWUHLVWDWHGLQ
0LFD Q HOHJHUH DX UHVSLQV SURLHFWXO LQL LDW GH %HQLWR 0XVVROLQL
GHFHPEULH   SULYLQG RUJDQL]DUHD FRQWLQHQWXOXL HXURSHDQ VXE HJLGD
*HUPDQLHL )UDQ HL 0DULL %ULWDQLL L ,WDOLHL FDUH FRQ LQHD HYLGHQWH
SUHYHGHULUHYL]LRQLVWHQDFHDVW GLUHF LH&RQIHULQ D0LFLLQ HOHJHULGLQ
 PDUWLH  D I FXW FXQRVFXW F  QLFL XQ VWDW QX SXWHD GLVSXQH GH
WHULWRULXODOWXLVWDWQLFLGLUHFWQLFLLQGLUHFWF SULQFLSLLOHGHFXUJkQGGLQ
3DFWXO6RFLHW LL1D LXQLORUWUHEXLDXUHVSHFWDWHF VWDWHOH0LFLLQ HOHJHUL
VHRSXQHDXUHYL]XLULLWUDWDWHORUPSRWULYDUHYL]XLULLWUDWDWHORUDPLOLWDWvQ
DSULOLH OD 3DULV L 1LFRODH 7LWXOHVFX  'XS  FH vQ XUPD LQWHUYHQ LHL
)UDQ HL FRQ LQXWXO SDFWXOXL TYDGUXSOX D IRVW PRGLILFDW SULQ HOLPLQDUHD
SUHYHGHULORU SULYLQG PRGLILFDUHD 3DFWXOXL 6RFLHW LL 1D LXQLORU L SULQ
LQWURGXFHUHD XQHL FODX]H DQWLUHYL]LRQLVWH 5RPkQLD &HKRVORYDFLD L
,XJRVODYLD VDX GHFODUDW GH DFRUG FX QRXO WH[W DO SDFWXOXL VHPQDW OD



3ODQXOIUDQFH]SUHYHGHDRSXQHUHDODXQLXQHDYDPDO HODERUDUHDXQXL
SODQ FRQVWUXFWLY SHQWUX XXUDUHD VLWXD LHL HFRQRPLFH D *HUPDQLHL L $XVWULHL
FODULILFDUHDFKHVWLXQLLSULYLQGVFXUJHUHDFHUHDOHORUGLQVWDWHOHDJUDUHVWXGLHUHD
SRVLELOLW LORUGHDVROX LRQDOLSVDGHFDSLWDOLGHFUHGLWD(XURSHLFHQWUDOHLvQ
VSHFLDOD$XVWULHLHODERUDUHDXQXLUHJLPSUHIHUHQ LDODXQRUvQ HOHJHULLQGXV
WULDOH L DJULFROH LQWHUQD LRQDOH LQVWLWXLUHD XQXL RUJDQLVP FRPXQ GH YkQ]DUH
FXPS UDUHDO ULORUDJULFROHLQVWLWXLUHDXQHLDVLVWHQ HILQDQFLDUHLQWHUQD LRQDOH
IRUPXODUHD XQXLUHJLPSUHIHUHQ LDOSHQWUXVWDWHOHDJULFROHSDUDOHOFXDOXQXLD
SHQWUX$XVWULD
 
5RPDODLXQLH&XWRDWHDFHVWHD*HUPDQLDL,WDOLDDXFRQWLQXDW
SROLWLFDUHYL]LRQLVW 
3DFWXO 2ULHQWDO Q VHSWHPEULH  VWDWHOH 0LFLL Q HOHJHUL L
Q HOHJHULL%DOFDQLFHVDXSURQXQ DWIDYRUDELOID GHvQFKHLHUHD3DFWXOXL
2ULHQWDO vQWUH )UDQ D 8QLXQHD 6RYLHWLF  *HUPDQLD &HKRVORYDFLD
3RORQLDLVWDWHOHEDOWLFHFDXQDFRUGUHJLRQDOGHFRQVXOWDUHQHDJUHVLXQH
L GH DVLVWHQ  PXWXDO  vPSRWULYD RULF UHL DJUHVLXQL vQ FDGUXO F UXLD
)UDQ D DU IL JDUDQWDW IURQWLHUHOH YHVWLFH DOH 8566 LDU DFHDVWD SH FHOH
HVWLFHDOH)UDQ HL
'DWRULW  UHIX]XOXL *HUPDQLHL D LQYRFDW OR]LQFD DQWLEROHYLV
PXOXL REVWDFROHORUDS UXWHGXS FULPDGHOD0DUVLOLDGLQRFWRPEULH
 DVDVLQDUHD UHJHOXL $OH[DQGUX DO ,XJRVODYLHL L D SULPXOPLQLVWUX
IUDQFH] /RXLV %DUWKRX  L SR]L LHL QHJDWLYH D JXYHUQXOXL GH OD
9DURYLD QXGRUHDV SHUPLW WUXSHORUVRYLHWLFHV LWUDQ]LWH]HWHULWR
ULXO  SODQXO D HXDW vQI SWXLQGXVH GRDU SDU LDO SULQ VHPQDUHD WUDWDWXOXL
IUDQFRVRYLHWLFGHDVLVWHQ PXWXDO  PDL LDFHOXLVRYLHWRFH
KRVORYDF PDL 


,PHGLDW GXS  DWHQWDWXOXL GH OD 0DUVLOLD VWDWHOH 0LFLL Q HOHJHUL L
Q HOHJHULL %DOFDQLFH DX SURWHVWDW YHKHPHQW ID  GH DFHVW DFW WHURULVW LDU vQ
QRLHPEULH  5RPkQLD L &HKRVORYDFLD DX VXV LQXW OD *HQHYD SOkQJHUHD
,XJRVODYLHL vPSRWULYD 8QJDULHL FDUH DG SRVWLVH L DMXWDVH SH WHURULWLL FURD L
FDUHDVDVLQDVHU SHUHJHOH$OH[DQGUXLSH/RXLV%DUWKRX$WLWXGLQHD)UDQ HL
FDUH QX GRUHD V  VXSHUH ,WDOLD SHQWUX D R DYHD DOLDW  vPSRWULYD *HUPDQLHL 
SR]L LD0DULL%ULWDQLLLFKLDUD,XJRVODYLHL GXS YL]LWDSULQ XOXLUHJHQW3DXOOD
/RQGUD DXI FXWFDvQWLPSXOGH]EDWHULORUGHOD*HQHYDQXPHOH,WDOLHLV QXILH
PHQ LRQDWVFR kQGXVHvQHYLGHQ ODLQVLVWHQ DVWDWHORU0LFLLQ HOHJHULGRDU
QHJOLMHQ DFRQGDPQDELO D8QJDULHL

3HQWUXDFkWLJDWLPSJXYHUQXOSRORQH]DFRQGL LRQDWDGHUDUHDODSDFWXO
RULHQWDOGHFRQVXOWDUHD5RPkQLHLFXWRDWHF vLFXQRWHDGHMDSR]L LDIDYRUDELO 

 Q HVHQ  WUDWDWXO GH DVLVWHQ  PXWXDO  IUDQFRVRYLHWLF SUHYHGHD F 
FHOHGRX VWDWHVHDQJDMDXV LDFRUGHDMXWRULDVLVWHQ UHFLSURF vQVLWXD LDvQ
FDUHXQXOGLQWUHHOHDUILGHYHQLWRELHFWXOXQHLDJUHVLXQLQHSURYRFDWHGLQSDUWHD
XQXL VWDW HXURSHDQ 6HPQDUHD OXL D IRVW JU ELW  GH DQXQ DUHD RILFLDO  D
FRQVWLWXLULLDYLD LHLPLOLWDUHJHUPDQH PDUWLH LLQWURGXFHUHDVHUYLFLXOXL
PLOLWDUREOLJDWRULX PDUWLH 

 8QLXQHD 6RYLHWLF  L &HKRVORYDFLD VDX DQJDMDW V L DFRUGH UHFLSURF
DMXWRUvQVLWXD LDvQFDUHXQDGLQWUHHOHDUILGHYHQLWYLFWLPDXQHLDJUHVLXQLH[WHUQH
3URWRFROXODGL LRQDOVHFUHWSUHYHGHDvQV F REOLJD LLOHGHDVLVWHQ PXWXDO HUDX
YDODELOH QXPDL vQ VLWXD LD vQ FDUH HUDX vQGHSOLQLWH SUHYHGHULOH WUDWDWXOXL IUDQFR
VRYLHWLFLQXPDLvQFD]XOvQFDUH)UDQ DYDGDDMXWRUYLFWLPHLXQHLDJUHVLXQL
 
&RQVLOLXO 3HUPDQHQW DO Q HOHJHULL %DOFDQLFH D VDOXWDW VHPQDUHD
SDFWXOXL IUDQFRVRYLHWLF  PDL   FRQVLGHUkQGXO ED]D YLLWRDUHL
RUJDQL] UL D VHFXULW LL vQ (XURSD RULHQWDO  $YkQG R FRQWULEX LH
LPSRUWDQW  OD HODERUDUHD GRFXPHQWXOXL 1LFRODH 7LWXOHVFX D DSUHFLDW F 
vQWUXQWLPSVFXUW(XURSDYDILDFRSHULW GHRUH HDGHDFRUGXULUHJLRQDOH
GH DVLVWHQ  PXWXDO  FDUH YRU SHUPLWH FD YLLWRUXO V  ILH vQWUHY ]XW FX
PXOW vQFUHGHUH
3DFWXO PHGLWHUDQHDQ 2 SR]L LH IDYRUDELO  DX DGRSWDW vQ 
VWDWHOHGLQQ HOHJHUHD%DOFDQLF ID GHSURLHFXOSDFWXOXLPHGLWHUDQHDQ
FDUH vQ FRQFHS LD ORU WUHEXLD V  FXSULQG  XQ SDFW GH QHDJUHVLXQH vQWUH
VWDWHOH Q HOHJHULL %DOFDQLFH L ,WDOLD L FRQYHQ LL PLOLWDUH GH DVLVWHQ 
PXWXDO vQWUHVWDWHOHQ HOHJHULL%DOFDQLFHvPSRWULYDRULF UXLDFWDJUHVLY
Q DFHVW FD] SDFWXO PHGLWHUDQHDQ SXWHD IL VHPQDW LQGHSHQGHQW GH
SDUWLFLSDUHDFHORUSDWUXVWDWHODSDFWXOGHDVLVWHQ /DYDO0XVVROLQLGLQ
LDQXDULHQFDGUXOGLVFX LLORUVDPDLVROLFLWDWFD,WDOLDV vQFHWH]H
SURSDJDQGD UHYL]LRQLVW  L V  RIHUH OD UkQGXO V X DVLVWHQ  PXWXDO   Q
ILQDO GDWRULW  ULYDOLW LORU GLQWUH PDULOH SXWHUL 3DFWXO 0HGLWHUDQHDQ QX D
IRVWvQFKHLDW
3DFWXO GDQXELDQ QFHUFkQG V  UHFRQFLOLH]H UHOD LLOH GLQWUH VWDWHOH
GLQ ]RQD GDQXELDQ  &RQVLOLXO 3HUPDQHQW DO 0LFLL Q HOHJHUL vQWUXQLW OD
%OHG  DXJXVW   VD GHFODUDW vQ SULQFLSLX GH DFRUG FX
SDUWLFLSDUHDDO WXULGH)UDQ DLGH,WDOLDODXQSDFWGDQXELDQFDUHWUHEXLD
V  JDUDQWH]H LQWHJULWDWHD $XVWULHL 'DWRULW  VFKLPE ULL SR]L LHL ,WDOLHL
LQWHUHVDW GHVSULMLQXOJHUPDQvQYHGHUHDYLLWRUXOXLU ]ERLGLQ(WLRSLDQLFL
DFHVWSDFWQXDIRVWvQFKHLDW
'HFL]LLOH GH OD 6WUHVVD 0DUL QHPXO XPLUL DX SURGXV VWDWHORU FDUH
FRQVWLWXLDX0LFDQ HOHJHUHLQ HOHJHUHD%DOFDQLF GHFL]LLOHDGRSWDWHOD
6WUHVVD DSULOLH GHF WUH0DUHD%ULWDQLH)UDQ DL,WDOLDLPDL
DOHVUHFRPDQG ULOHI FXWHvQSUREOHPDUHvQDUP ULL%XOJDULHL8QJDULHLL


 6SUH GHRVHELUH GH 1LFRODH 7LWXOHVFX :LQVWRQ &KXUFKLOO DSUHFLD F 
SDFWXOIUDQFRVRYLHWLFFDUHQXHUDvQVR LWGHRFRQYHQ LHPLOLWDU QXFRQVWLWXLD
XQIDFWRUGHVWDELOLWDWHHXURSHDQ GHRDUHFHQXDQJDMDQLFLXQDGLQWUHFHOHGRX 
S U LvQFD]GHDJUHVLXQHJHUPDQ &XWRDWHDFHVWDHODFRQWULEXLWODDQJDMDUHD
8566vQSROLWLFDHXURSHDQ 

 *UHFLDLDUH]HUYDWGUHSWXOGHDQXSDUWLFLSDODSDFWXO/DYDO0XVVROLQLLOD
FHO GH QHLPL[WLXQH vQ VFKLPEXO REOLJD LHL GH D GD DVLVWHQ  PLOLWDU  vQ FDGUXO
SDFWXOXLPHGLWHUDQHDQU PkQkQGvQYLJRDUHLREOLJD LLOHVDOHDQWHULRDUH
 
$XVWULHLFDUHDXIRVWFRQVLGHUDWHDILH[WUHPGHSHULFXORDVHSHQWUXSDFHD
L HFKLOLEUXO HXURSHDQ VWDWXDW OD 3DULV SULQ WUDWDWHOH GLQ 
QWUXQL L OD *HQHYD  DSULOLH   VXE SUHHGHQ LD OXL 1LFRODH
7LWXOHVFXUHSUH]HQWDQ LLFHORUFLQFLVWDWHDXDSUHFLDWF YLLWRDUHOHP VXUL
FHXUPDXDILOXDWHvQDFHVWVHQVWUHEXLDXV ILHVWUkQVFRQGL LRQDWHGHQRL
JDUDQ LL GH VHFXULWDWH vQ FRQWH[WXO vQ FDUH 8QJDULD L %XOJDULD QX
UHQXQ DVHU ODUHYL]LRQLVP
$JUHVLXQHD LWDOLDQ  vQ $ELVLQLD 6WDWHOH 0LFLL Q HOHJHUL L
Q HOHJHULL %DOFDQLFH DX FRQGDPQDW L DJUHVLXQHD LWDOLDQ  vQ $ELVLQLD
GHFODQDW  OD  RFWRPEULH  L VDX SURQXQ DW SHQWUX UHVSHFWDUHD
LQWHJUDO D3DFWXOXL6RFLHW LL1D LXQLORU&XWRDWHF vQUHJLVWUDSLHUGHUL
HFRQRPLFH OD  RFWRPEULH  JXYHUQXO URPkQ D GHFLV V  SXQ  vQ
YLJRDUHVDQF LXQLOHGLFWDWHGH6RFLHWDWHD1D LXQLORUvPSRWULYD,WDOLHLOD
RFWRPEULH8OWHULRUvQIHEUXDULHDVHPHQHDvQWUHJLL(XURSH
VWDWHOH$QWDQWHL%DOFDQLFHLDXUHYL]XLWSR]L LDFRQVLGHUkQGF SUREOHPD
(WLRSLHLDGHYHQLWLQH[LVWHQW LSHQWUXHOH



6XJHVWLY vQDFHVWVHQVHVWHSR]L LDH[SULPDW GH1LFRODH7LWXOHVFX
OD  DSULOLH  &HHD FH HVWH LPRUDO HVWH FD XQHOH VWDWH V  DFRUGH
HJDOLWDWHDGHGUHSWXULvQVFKLPEXOXQXLVSRUGHVHFXULWDWHLDU0LFLLQ HOHJHUL
V LVHFHDU HJDOLWDWHvQGUHSWXULvQVFKLPEXOXQHLGLPLQX ULGHVHFXULWDWHL
WRW HO vQWUHED UHWRULF &LQH RIHU  0LFLL Q HOHJHUL XQ SOXV GH VHFXULWDWH vQ
FD]XOvQDUP ULL$XVWULHL8QJDULHLL%XOJDULHL"

 'H OD WULEXQD /LJLL 1D LXQLORU 1LFRODH 7LWXOHVFX D OXDW DWLWXGLQH
IHUP vQOHJ WXU FXSR]L LDLQWROHUDELO D]LDULWLORULWDOLHQLID GHvPS UDWXO
(WLRSLHL L D LQVLVWDW SHQWUX SXQHUHD vQ DSOLFDUH D VDQF LXQLORU HFRQRPLFH L
ILQDQFLDUH RFWRPEULH vQSRILGDSR]L LLORUDGRSWDWHGHUHSUH]HQWDQ LL
)UDQ HLL0DULL%ULWDQLL

 3ULQ 'HFUHW JXYHUQDPHQWDO VD LQWHU]LV RULFH vPSUXPXW GLUHFW VDX
LQGLUHFW F WUH JXYHUQXO LWDOLDQ RULFH VXEVFULHUL OD vPSUXPXWXUL HPLVH vQ ,WDOLD
VDX DOWXQGHYD GLUHFW VDX LQGLUHFW GH F WUH JXYHUQXO GH OD 5RPD SUHFXP L
RULFH FUHGLWH EDQFDUH GHVWLQDWH ,WDOLHL &RQFRPLWHQW GHFUHWXO LQWHU]LFHD
LPSRUWXOUHH[SRUWXOLWUDQ]LWXOGHDUPHPXQL LLLPDWHULDOGHU ]ERLGHVWLQDWH
,WDOLHL 3X LQ PDL WkU]LX DX IRVW LQWHU]LVH LPSRUWXO H[SRUWXO UHH[SRUWXO L
WUDQ]LWXO RULF URU P UIXUL DOWHOH GHFkW OLQJRXUL L PRQHGH GH DXU L DUJLQW 
SURYHQLWH GLQ ,WDOLD VDX GHVWLQDWH ,WDOLHL L SRVHVLXQLORU VDOH /D LQVLVWHQ D
SULPXOXLPLQLVWUX*KHRUJKH7 W UHVFXDYHDXV ILHI FXWHXQHOHH[FHS LLGHOD
P VXULOHDGRSWDWH
 
2FXSDUHD]RQHLGHPLOLWDUL]DWHUKHQDQH0DUHvQJULMRUDUHDSURGXV
OD%XFXUHWLRFXSDUHDGHF WUHJHUPDQLDD]RQHLGHPLOLWDUL]DWHUKHQDQH 
PDUWLH   vQ WRWDO GH]DFRUG FX SUHYHGHULOH WUDWDWHORU GH OD9HUVDLOOHV
  L /RFDUQR   ,PHGLDW UHJHOH &DURO DO ,,OHD D FRQYRFDW
&RQVLOLXO6XSHULRUDO$S U ULL ULL PDUWLH vQFDGUXOF UXLDVD
GHFLVXUJHQWDUHDP VXULORUFDUHYL]DXFRQVROLGDUHDFDSDFLW LLGHDS UDUH
vQ FD] GH FRQIOLFW JHQHUDOL]DW $GRSWDUHD vQ XQDQLPLWDWH GH F WUH
&RQVLOLXO SXWHULORU ORFDUQLHQH vQWUXQLW OD /RQGUD  PDUWLH   D
SURLHFWXOXL GH UH]ROX LH SURSXV GH )UDQ D L GH %HOJLD SULQ FDUH VH
FRQVWDWDX GRDU IDSWHOH L QX VH FRQGDPQD DJUHVLXQHD JHUPDQ  D PDUFDW
vQV  XQ QRX SDV SH FDOHD SROLWLFLL FRQFLOLDWRULVWH ID  GH DF LXQLOH FDUH
YL]DX UHYL]XLUHD WUDWDWHORU LQWHUQD LRQDOH L D GLPLQXDW L PDL PXOW
vQFUHGHUHDVWDWHORUPLFLLPLMORFLLPDLDOHVvQFDSDFLWDWHDGHUHDF LHLGH
GHFL]LHDFRPXQLW LLLQWHUQD LRQDOH
6WDWXWXO'XQ ULL)DSWXOF 5RPkQLDHUD DU GXQ UHDQ LULYHUDQ 
D 0 ULL 1HJUH D I FXW FD GLSORPD LD GH OD %XFXUHWL V  DFRUGH R
LPSRUWDQ  GHRVHELW  SUREOHPHORU 'XQ ULL VHPQkQG LXOLH  
&RQYHQ LD UHIHULWRDUH OD VWDWXWXO 'XQ ULL FDUH SUHYHGHD F  QDYLJD LD SH
IOXYLXHVWHOLEHU LGHVFKLV vQFRQGL LLGHHJDOLWDWHSHQWUXWRDWHVWDWHOHL
FRQILUPD &RPLVLHL (XURSHQH D 'XQ ULL &('  XQHOH GUHSWXUL L
LPXQLW LFDUHFRQWUDYHQHDXVXYHUDQLW LLURPkQHWL
'XS  FH JXYHUQXO JHUPDQ D I FXW FXQRVFXW  LXQLH   F 
GRUHWH V  GLVFXWH SUREOHPD UHJLPXOXL 'XQ ULL GLSORPD LL URPkQL DX
VWDELOLW OLQLLOH GLUHFWRDUH DOH SROLWLFLL URPkQHWL vQ DFHVW GRPHQLX
PHQ LQHUHD $QJOLHL )UDQ HL L ,WDOLHL vQ RUJDQLVPHOH LQWHUQD LRQDOH DOH
'XQ ULL SHQWUX UHDOL]DUHD XQXL HFKLOLEUX vQWUH *HUPDQLD L VWDWHOH
ULYHUDQH  PHQ LQHUHD &(' FX DGPLWHUHD *HUPDQLHL PHQ LQHUHD


 &KLDU GLQ SULPD ]L D DJUHVLXQLL JHUPDQH 1LFRODH 7LWXOHVFX PLQLVWUXO
URPkQGH([WHUQHFRPXQLFDVHPLQLVWUXOXLIUDQFH]OD%XFXUHWLG2PHUVVRQF 
DJUHVLXQHD WUHEXLD V  ILH XUPDW  GH P VXUL IHUPH L HILFLHQWH GLQ SDUWHD
FRPXQLW LL LQWHUQD LRQDOH 7RW HO OD  PDUWLH vQ FDOLWDWH GH SUHHGLQWH vQ
IXQF LXQHDO0LFLLQ HOHJHULDHPLVXQ&RPXQLFDWSULQFDUHVWDWHOHFRPSRQHQWH
DOH0LFLLQ HOHJHULLQ HOHJHULL%DOFDQLFHI FHDXFXQRVFXWF vQ HOHJV DSHUH
SULQWRDWHPLMORDFHOHWUDWDWHOHLQFOXVLYSHFHOGHOD/RFDUQR/DVFXUWWLPSvQV 
SDUWHQHULL GLQ Q HOHJHUHD %DOFDQLF  ,XJRVODYLD *UHFLD L 7XUFLD  VDX
GHVROLGDUL]DWGHPRGXOIHUPvQFDUHIXVHVHFRQFHSXW&RPXQLFDWXO

&RPSXV GLQ)UDQ D0DUHD%ULWDQLH,WDOLDL5RPkQLD
 
&RPLVLHL,QWHUQD LRQDOHD'XQ ULLUHVSLQJHUHDSURSXQHULORUJHUPDQHGH
UHJOHPHQWDUH D UHJLPXOXL 'XQ ULL SULQ DFRUGXUL ELODWHUDOH &HYD PDL
WkU]LXODDXJXVWOD%OHG&RQVLOLXO3HUPDQHQWDO0LFLLQ HOHJHUL
VDGHFODUDWGHDFRUGFXLQWUDUHD*HUPDQLHLvQWRDWHFRPLVLLOHGXQ UHQHL
D VXEOLQLDW vQF  RGDW  QHFHVLWDWHD PHQ LQHULL OLEHUW LL GH QDYLJD LH D
HJDOLW LL GH WUDWDPHQW L D UHVSHFWXOXL VXYHUDQLW LL VWDWHORU ULYHUDQH Q
ILQDO *HUPDQLD D IRVW DFFHSWDW  vQ &(' vQ XUPD DFRUGXOXL VHPQDW GH
UHSUH]HQWDQ LL5RPkQLHL0DULL%ULWDQLL)UDQ HL,WDOLHLL*HUPDQLHL
5HJLPXO'XQ ULLPDULWLPHDIRVWVWDELOLWvQWUHLDXJXVW
GHF WUHUHSUH]HQWDQ LL)UDQ HL0DULL%ULWDQLLL5RPkQLHLSULOHMFXFDUH
VD VHPQDW XQ DUDQMDPHQW UHIHULWRU OD vQFHWDUHD H[HUFLW ULL SXWHULORU
VSHFLDOHFHUHYHQHDX&('FXSULYLUHODQDYLJD LDSH'XQ UHDPDULWLP 
SUHURJDWLYHOH WUHFHDX vQ FRPSHWHQ D VWDWXOXL URPkQ  vQFHWDUHD
LQWHUQD LRQDOL] ULL SRUWXOXL 6XOLQD H[HUFLWDUHD SXWHULL MXGHF WRUHWL GH
F WUH VWDWXO URPkQ FDUH H[HFXWD L OXFU ULOH WHKQLFH vQ DFHVW VFRS
JXYHUQXO URPkQ WUHEXLD V  vQILLQ H]H 'LUHF LXQHD 'XQ ULL 0DULWLPH 
vQWRFPLUHD UHJXODPHQWXOXL GH QDYLJD LH L SROL LH GH F WUH &(' SH
ED]D SURSXQHULORU URPkQHWL L DSOLFDUHD OXL GH F WUH VWDWXO URPkQ
WUHFHUHD EXQXULORU &(' vQ SRVHVLD VWDWXOXL URPkQ FDUH SUHOXD L
GDWRULLOH DFHVWHLD HWF $VWIHO HUDX vPSOLQLWH FHD PDL PDUH SDUWH D
GH]LGHUDWHORUURPkQHWLSULYLQG'XQ UHDPDULWLP 
3UREOHPD 6WUkPWRULORU 2 DWHQ LH GHRVHELW  D GDW JXYHUQXO GH OD
%XFXUHWLLSUREOHPHL6WUkPWRULORU0 ULL1HJUHVWDWXDW vQF GLQ
SULQ &RQYHQ LD GH OD /DXVDQQH vQFKHLDW  FX 7XUFLD LQkQG VHDPD GH
VFKLPE ULOHLQWHUYHQLWHvQFOLPDWXOSROLWLFHXURSHDQFDXUPDUHDRFXS ULL
]RQHL GHPLOLWDUL]DWH UKHQDQH GH F WUH *HUPDQLD JXYHUQXO URPkQ D
U VSXQVSR]LWLY DSULOLH FHUHULL7XUFLHL GLQDSULOLH GHD
VHUHGLVFXWDUHJLPXO6WUkPWRULORUvQFRQGL LLGHVHFXULWDWHLQGLVSHQVDELOH



QSHULRDGDLXQLHLXOLHPHPEULL&('DXGHFLVVXSULPDUHD
DUW  GLQ WUDWDWXO GH OD %HUOLQ FDUH SUHYHGHD IXQF LRQDUHD &(' vQWUR WRWDO 
LQGHSHQGHQ  ID  GH DXWRULW LOH ORFDOH VXSULPDUHD LQWHUQD LRQDOL] ULL SRUWXOXL
6XOLQDH[HFXWDUHDOXFU ULORUGHODJXULOH'XQ ULLLDVHUYLFLXOXLVDQLWDUQXPDLGH
F WUH 5RPkQLD WUHFHUHD EUD XOXL &KLOLD VXE MXULVGLF LD H[FOXVLY  D 5RPkQLHL
UHWURFHGDUHD F WUH 5RPkQLD D IDUXULORU GH OD 6XOLQD 6I *KHRUJKH HWF
,QVSHFWRUDWXOGHQDYLJD LHV GHYLQ H[FOXVLYURPkQHVF
 
SHQWUX LQYLRODELOLWDWHD WHULWRULDO  D VWDWXOXL WXUF 2 SR]L LH
DVHP Q WRDUH VD DGRSWDW L vQ FDGUXO VHVLXQLL &RQVLOLXOXL 3HUPDQHQW DO
Q HOHJHULL%DOFDQLFHGHOD%HOJUDG PDL SUHFXPLvQHGLQ D
&RQVLOLXOXL3HUPDQHQWDO0LFLLQ HOHJHULGHOD%XFXUHWL PDL 
3H DFHVWH FRRUGRQDWH GH DF LXQH OD GHVFKLGHUHD VHVLXQLL GH OD
0RQWUHDX[ GHOHJD LD URPkQ  DO WXUL GH FHOH DOH FHORUODOWH VWDWH DOH
Q HOHJHULL %DOFDQLFH D VXV LQXW SURLHFWXO WXUF vQ SRILGD RELHF LLORU
0DULL%ULWDQLLFDUHVDSURQXQ DWSHQWUXHJDOLWDWHDGLQWUHVWDWHOHULYHUDQH
L FHOH QHULYHUDQH SUH]HQWkQG vQ DFHVW VHQV XQ DOW SURLHFW Q ILQDO FD
XUPDUHLDSR]L LHLDGRSWDWHGHURPkQLFRQYHQ LDDGRSWDW OD0RQWUHDX[
OD  LXOLH  D FRQVROLGDW VHFXULWDWHD 7XUFLHL L D VWDWHORU ULYHUDQH
0 ULL1HJUHFDUHDXF S WDWRVHULHGHDYDQWDMHID GHFHOHQHULYHUDQHL
DSHUPLVUHPLOLWDUL]DUHD6WUkPWRULORU&RQFRPLWHQWvQSRILGDvPSRWULYLULL
GHOHJD LLORUIUDQFH] LEULWDQLF DIRVWGL]ROYDW &RPLVLD,QWHUQD LRQDO D
6WUkPWRULORUDWULEX LLOHDFHVWHLDWUHFkQGvQFRPSHWHQ DJXYHUQXOXLWXUF
5 ]ERLXOFLYLOGLQ6SDQLDQF GHODGHFODQDUHDU ]ERLXOXLFLYLOGLQ
6SDQLDvQWUHIUDQFKLWLLUHEHOLLJXYHUQXOVSDQLROUHSXEOLFDQ LXOLH 
JXYHUQXOURPkQDDGHUDWOD&RQYHQ LDLQL LDW GH)UDQ DL0DUHD%ULWDQLH
DVXSUD QHLQWHUYHQ LHL vQ U ]ERLXO FLYLO VSDQLRO PHQLW  V  vPSLHGLFH
LPL[WLXQHDGLYHUVHORUVWDWHvQDIDFHULOHLQWHUQHGLQ6SDQLDLV FRPSOLFH
VLWXD LD LQWHUQD LRQDO  $GH]LXQHD URPkQHDVF  HUD GHWHUPLQDW  vQ
FRQFHS LD OXL 1LFRODH 7LWXOHVFX  DXJXVW   GH XQ FD] SDUWLFXODU


QPRGFRQFUHW7XUFLDGRUHDV LVHVXSULPHWRDWHUHVWULF LLOHGHRUGLQ
PLOLWDU FH vL IXVHVHU  LPSXVH SULQ WUDWDWXO GH SDFH GH OD /DXVDQQH FHHD FH
LPSOLFD GUHSWXO GH D UHPLOLWDUL]D 6WUkPWRULOH 'DUGDQHOH L %RVIRU L GH D FHUH
GHVILLQ DUHD&RPLVLHL,QWHUQD LRQDOHD6WUkPWRULORU 1LFRODH7LWXOHVFXFRQVLGHUD
F 6WUkPWRULOHVXQWvQV LLQLPD7XUFLHLLDSUHFLDF HOHVXQWvQDFHODLWLPS
L SO PkQLL 5RPkQLHL  *XYHUQXO WXUF PDL VROLFLWD OLPLWDUHD WRQDMXOXL
QRWLILFDUHDSUHDODELO DWUHFHULLSULQ6WUkPWRULLOLPLWDUHDWLPSXOXLGHHGHUHvQ
0DUHD 1HDJU  Q DFHODL WLPS VH SURQXQ D SHQWUX PHQ LQHUHD SULQFLSLXOXL
OLEHUW LLGHSOLQHDQDYLJD LHLFRPHUFLDOHSULQ6WUkPWRUL

QFD]XOvQFDUHDUILIRVWDGRSWDWSURLHFWXOvQDLQWDWGH7XUFLDSR]L LD
VWUDWHJLF  D DFHVWHLD DOLDWD 5RPkQLHL L D FHORUODOWH VWDWH GLQ Q HOHJHUHD
%DOFDQLF VDILFRQVROLGDWHDSXWkQGFRQWULEXLPDLELQHODDS UDUHD]RQHLvQ
FD]GHDJUHVLXQH

 &X WRDWH DFHVWHD *HUPDQLD ,WDOLD L 8QLXQHD 6RYLHWLF  DYHDX V  VH
LPSOLFHIRDUWHPXOWvQU ]ERLXOFLYLOLV WUDQVIRUPHS PkQWXOVSDQLROvQWHDWUX
GHFRQIUXQW ULDUPDWHvQFDUHLDXVRQGDWSRWHQ LDOXOPLOLWDU
 
FDUHQXSRDWHFUHDXQSUHFHGHQWLFDUHQXLPSOLF SHQWUXJXYHUQXOURPkQ
REOLJD LXQHD GH D UHFXQRDWH SULQFLSLXO F  XQ JXYHUQ OHJDO QX SRDWH
RE LQHODFHUHUHDOXLXQDMXWRUGHODDOWJXYHUQvPSRWULYDUHEHOLXQLLQ
FRQWH[WXO HVFDODG ULL FRQIOLFWXOXL JXYHUQXO URPkQ D DGHUDW LPHGLDW OD
SURSXQHULOH&RPLWHWXOXLGHQHLQWHUYHQ LHSULYLQGLQWHU]LFHUHDS WUXQGHULL
YROXQWDULORU vQ 6SDQLD I U  FD DFHDVW  P VXU  V  vPSLHGLFH SUH]HQ D OD
DF LXQLOHPLOLWDUHLDGLYHUVHORUGHWDDPHQWHGHYROXQWDULURPkQLIRUPDWH
vQVSHFLDOGLQFRPXQLWLLOHJLRQDUL
3DFWXO LXJRVODYREXOJDU 6IkULWXO DQXOXL  D FRQVHPQDW XQ
SURFHV GH DSURSLHUH vQWUH VWDWHOH Q HOHJHULL %DOFDQLFH L %XOJDULD
SURFHVDFFHSWDWLGHJXYHUQXOGHOD6RILDFDUHLDH[SULPDWDWLWXGLQHD
SULQ GHFODUD LD SUHPLHUXOXL .LRVHLYDQRY 1RL U PkQHP OD IRUPXOD
QRDVWU FXEORFXOEDOFDQLFGDUQXvQEORFXOEDOFDQLFQSRILGDSUHYH
GHULORUSDFWXOXLvQFKHLDWvQIHEUXDULHFDUHSUHYHGHDFRQVXOWDUHDvQWUH
DOLD LvQWRDWHSUREOHPHOHH[WHUQHLRE LQHUHDDVHQWLPHQWXOXLSUHDODELOvQ
DGRSWDUHDGHFL]LLORULPSRUWDQWHODLDQXDULH,XJRVODYLDDvQFKHLDW
FX%XOJDULDXQDFRUGSROLWLFHFRQRPLFLPLOLWDUFRQVILQ LWSULQWUXQWUDWDW
GHSULHWHQLHYHQLF 
&KLDUGDF vQHVHQ DVDSDFWXOLXJRVODYREXOJDUQXDWLQJHDFXQLPLF
FRQIRUP GHFODUD LHL I FXWH GH 0LODQ 6WRLDGLQRYL REOLJD LLOH
,XJRVODYLHL ID  GH DOLD LL EDOFDQLFL vQFKHLHUHD VD I U  DVHQWLPHQWXO
SUHDODELO DO DOLD LORU D vQF OFDW SULQFLSLXO VROLGDULW LL SXV OD ED]D
IXQF LRQ ULLQ HOHJHULL%DOFDQLFHLQXDHOLPLQDWvQGRLHOLOHGRYDG vQ


QDFHVWVHQVvQSRILGDRSR]L LHLUHJHOXL&DURODO,,OHDLDJXYHUQXOXL
PLQLVWUXO URPkQ GH ([WHUQH VD DU WDW GLVSXV OD VIkULWXO OXQLL DXJXVW  V 
OLYUH]H5HSXEOLFLLVSDQLROHGHWXQXULLDYLRDQHSHFDUH([HFXWLYXOURPkQ
OH FRPDQGDVH vQ )UDQ D R SDUWH GLQWUH DFHVWHD DX IRVW OLYUDWH UHSXEOLFDQLORU
VSDQLROL 

QWUH7XUFLDL%XOJDULDH[LVWDXUDSRUWXULDPLFDOHvQVSLULWXOSDFWHORU
GH QHDJUHVLXQH vQFKHLDWH vQWUH JXYHUQHOH FHORU GRX  UL 0XO XPLW GH
UDSRUWXULOHFX6RILDVHPDQLIHVWDL%HOJUDGXO

 5HOHYkQG VHPQLILFD LD SDFWXOXL LXJRVODYREXOJDU 6WRLDGLQRYL D
GHFODUDWXUP WRDUHOHODLDQXDULHQORFXOUH HOHLGHVkUP JKLPSDW 
H[LVWHQWH D]L VH LQVWDOHD]  DQJDMDPHQWXO LXJRVODYREXOJDU FDUH YD S VWUD
DFHDVW IURQWLHU DPLFDO 

 5RPkQLD L *UHFLD GRUHDX FD XQ DVHPHQHD WUDWDW V  ILH vQFKHLDW
FRQFRPLWHQWFXWRDWHVWDWHOHQ HOHJHULL%DOFDQLFHLQXPDLGXS FHSUREOHPDDU
ILIRVWDQDOL]DW vQ&RQVLOLXO3HUPDQHQWDODOLDQ HL/DDFHDVWDVHDGDXJ IDSWXO
 
DFHVW VHQV ILLQG L GHFODUD LLOH GHOHJD LLORU *UHFLHL L 7XUFLHL F  YRU
SURFHGDODIRUWLILFDUHD]RQHL$GULDQRSROLDIURQWLHUHLFRPXQH
3HQWUXDQXFUHDSUREOHPHIXQF LRQ ULLSDFWXOXLEDOFDQLF5RPkQLD
ODDFFHSWDW LQkQGVHDPDGHSR]L LDIDYRUDELO DFHORUODO LDOLD LEDOFDQLFL
GH FHD D JXYHUQHORU GH OD /RQGUD L 0RVFRYD SUHFXP L GH FHD D
&HKRVORYDFLHL FDUH GRUHD DWUDJHUHD %XOJDULHL vQ Q HOHJHUHD %DOFDQLF 
SHQWUXDRVXVWUDJHLQIOXHQ HLJHUPDQH *HUPDQLDL,WDOLDDXPDQLIHVWDW
VLPSDWLHLVDWLVIDF LHGRFXPHQWXOUHVSHFWLYILLQGFRQVLGHUDWOD%HUOLQFD
SULPXOSDVVSUHRDXWRQRPLHD%DOFDQLORUIDYRUDELO SROLWLFLLJHUPDQH
Q )UDQ D S UHULOH DX IRVW vPS U LWH PXO L DQDOLWL FRQVLGHUkQG SDFWXO FD
QHJDWLYSHQWUXQ HOHJHUHD%DOFDQLF LFKLDUSHQWUX0LFDQ HOHJHUH
3DFWXO LWDORLXJRVODY 3X LQ PDL WkU]LX OD  PDUWLH 
,XJRVODYLDLDSXVGLQQRXDOLD LLEDOFDQLFLvQID DIDSWXOXLvPSOLQLWSULQ
vQFKHLHUHD SDFWXOXL LWDORLXJRVODY WH[WXO DFHVWXLD QHILLQG vQPkQDW
DQWHULRU VSUH VWXGLX FRQIRUP SUHYHGHULORU SDFWXOXL EDOFDQLF 'H DFHDVW 
GDW  0LODQ 6WRLDGLQRYL D LQYRFDW QHFHVLWDWHD VSULMLQXOXL LWDOLDQ vQ
FRQGL LLOHvQFDUHJXYHUQXOGHOD5RPDUHFXQRVFXVHLQWHJULWDWHDWHULWRULDO 
D,XJRVODYLHL LIDSWXOF VHVI WXLVHFXUHSUH]HQWDQ LDLJXYHUQXOXLGHOD
/RQGUD
'HL QX IXVHVHU  FRQVXOWDWH JXYHUQHOH GH OD $WHQD L $QNDUD DX
FRQVLGHUDWF SDFWXOFRQVROLGDSDFHDGLQVXGHVWXO(XURSHL5RPkQLDOD
FULWLFDWFRQVLGHUkQGXORQRX DF LXQHXQLODWHUDO D,XJRVODYLHLvQV QXO
DFRQGDPQDWSUHDPXOWDSUHFLLQGF HUDGHVWLQDWPHQ LQHULLVWDWXTXRXOXL
&XWRDWHDFHVWHDQHvQFUHGHUHDvQWUHVWDWHOHDOLDWHGLQQ HOHJHUHD%DOFDQLF 
VDDFFHQWXDWFXDWkWPDLPXOWFXFkWQRXOSDFWQXI FHDQLFLRUHIHULUHOD
6RFLHWDWHD1D LXQLORULLQFOXGHDUHFXQRDWHUHDDQH[ ULLGHMXUHLGHIDFWR
D DQH[ ULL (WLRSLHL GH F WUH ,WDOLD 1HOLQLWL DX DS UXW L vQ FDGUXO 0LFLL
Q HOHJHUL
&XWRDWHF FHOHGRX SDFWHvQFKHLDWHXQLODWHUDOGHF WUH,XJRVODYLD
OD vQFHSXWXO DQXOXL  DX DIHFWDW VROLGDULWDWHD Q HOHJHULL %DOFDQLFH vQ
FRQGL LLOH vQ FDUHJXYHUQXO GH OD %HOJUDG vL RULHQWD SROLWLFD GLQ FH vQ FH


F SUHYHGHULOHQRXOXLSDFWHUDXvQGH]DFRUGFXXQHOHGLQSUHYHGHULOH&RQYHQ LHL
PLOLWDUHURPkQRLXJRVODYHGLQ

 3DFWXO PDL FRQ LQHD WUHL FRQYHQ LL VHFUHWH SULYLQG PLQRULW LOH
LXJRVODYHGLQ,WDOLDSUREOHPD$OEDQLHLLFHDDFRQVSLUDWRULORUFRQWUDVWDWXOXL
LXJRVODYGLQ,WDOLD
 
PDL PXOW VSUH %HUOLQ 0LODQ 6WRLDGLQRYL QX D GLVRFLDW ,XJRVODYLD GH
SDFWXOEDOFDQLFGHFDUHDYHDQHYRLH
$QVFKOXVVXO 6LWXD LD LQWHUQD LRQDO  D 5RPkQLHL VD DJUDYDW
FRQVLGHUDELO vQ SULP YDUD DQXOXL  FkQG *HUPDQLD D RFXSDW $XVWULD
PDUWLH LDGHFODQDWDF LXQHDGHH[SDQVLXQHVSUHFHQWUXOLHVWXO
(XURSHL) FkQGFXQRVFXW SR]L LD ULL*KHRUJKH7 W UHVFXDGHFODUDW
OD  PDUWLH PLQLVWUXOXL IUDQFH] OD %XFXUHWL $GULHQ 7KLHUU\ F  GHL
$QVFKOXVVXO QX UHSUH]HQWD SHQWUX 5RPkQLD DFHODL SHULFRO FD L
UHVWDXUD LD +DEVEXUJLORU RFXSDUHD $XVWULHL SXQHD vQ SHULFRO vQWUHJXO
VWDWXTXR GLQ UHJLXQHD GXQ UHDQ  &D XUPDUH VH LPSXQHD FD PDULOH
SXWHUL GHPRFUDWLFH V  DGRSWH R DWLWXGLQH HQHUJLF  Q FD] FRQWUDU
DYHUWL]D SULPXOPLQLVWUX URPkQ 5RPkQLD YD IL REOLJDW  V  FDXWH vQWUR
DSURSLHUHFX*HUPDQLDPLMORFXOGHDDWHQXDULJRULOHGHVWLQXOXLHL$SRL
vQWUXQ FRQWH[W vQ FDUH vQ PDMRULWDWHD FDSLWDOHORU HXURSHQH VH PDQLIHVWD
SUHDPXOWFDOPLOLQLWH*KHRUJKH7 W UHVFXDvQFHUFDWV FRQYRDFHOD
%XFXUHWLSHUHSUH]HQWDQ LL0LFLLQ HOHJHUL$F LXQHDDHXDW5RPkQLD
QHILLQG vQ VLWXD LD GH D SXWHD RUJDQL]D L FRQGXFH UHSOLFD HXURSHDQ  OD
DF LXQHDGHIRU JHUPDQ 


&RPXQLFDWXOILQDOHPLVGHJXYHUQXOLXJRVODYGXS YL]LWDOD%HOJUDGD
PLQLVWUXOXLJHUPDQGH([WHUQH.RQVWDQWLQ1HXUDWKvQLXQLHFRQVHPQDF 
DPEHOH S U L DX FRQVWDWDW R LGHQWLWDWH GH YHGHUL DVXSUD VLWXD LHL SROLWLFH
DMXQJkQGXVHODFRQYLQJHUHDUHFLSURF F SROLWLFDDPEHORUJXYHUQHWLQGHVSUH
DFHODLRELHFWLY3URILWkQGLGHIDSWXOF OD%HOJUDGFXDFHODLSULOHMDXIRVW
DUHVWD L FHL FDUH VWULJDVHU  7U LDVF  )UDQ D JXYHUQXO GH OD 3DULV D LQYLWDW
,XJRVODYLDV LUHYL]XLDVF LQWHUHVHOHI U vQWkU]LHUH

 Q WLPSXO vQWkOQLULL FX 0HWD[DV GLQ LQVXOD &RUIX 6WRLDGLQRYLFL D
GHFODUDWF HUDIHUPDWDDWGHQ HOHJHUHD%DOFDQLF 

/DPDUWLH$GULHQ7KLHUU\PLQLVWUXO)UDQ HLOD%XFXUHWLD
LQIRUPDW3DULVXOF HYHQLPHQWHOHGLQ$XVWULDDXFDX]DWvQ5RPkQLDRYHULWD
ELO VWXSRDUHODFDUHVHDGDXJ XQSXWHUQLFVHQWLPHQWGHvQJULMRUDUH

*XYHUQHOHGHOD3DULV/RQGUDL5RPDDXDFFHSWDWUDSLGDFWXOGHIRU 
JHUPDQ

0DLPXOWODPDUWLH0LODQ6WRLDGLQRYLDGHFODUDWF vQQLFL
XQFD]DUPDWDLXJRVODY QXDUSXWHDDS UDKRWDUHOH&HKRVORYDFLHLDPHQLQ DWH
HYHQWXDOGH*HUPDQLD

 5HIHULQGXVH OD DFHVW OXFUX DWDDWXO PLOLWDU IUDQFH] OD %XFXUHWL
FRORQHOXO'HOPDVFRQFKLGHDUHWRULF6HSRDWHRDUHDWHSWDGHOD5RPkQLDFD
QHDPHQLQ DW  GLUHFW V  LD VLQJXU  vQ (XURSD FHQWUDO  R SR]L LH RVWLO  ID  GH
*HUPDQLDvQDIDUDXQHLFRDOL LLSXWHUQLFH"
 
3H IRQGXO LQGLIHUHQ HL GLSORPD LHL RFFLGHQWDOH JXYHUQXO JHUPDQ D
VSHFXODW FX PXOW  DELOLWDWH DVSLUD LLOH UHYDQDUGH DOH 8QJDULHL L
SUHWHQ LLOHWHULWRULDOHSHFDUHOHPDQLIHVWDID GH&HKRVORYDFLDJXYHUQXO
GHOD9DURYLD)D GH5RPkQLDJXYHUQXOGHOD%HUOLQDDGRSWDWWDFWLFD
SURPLVLXQLORULRIHUWHORUSULHWHQHWLLQFOXVLYGHJDUDQWDUHDJUDQL HORU
vQVR LWH GH DPHQLQ UL vQFHUFkQG V  VSHFXOH]H GLILFXOW LOH DS UXWH vQ
UHOD LLOHHFRQRPLFHURPkQRIUDQFH]HLURPkQRHQJOH]H
$JUHVLXQHD JHUPDQ  vPSRWULYD $XVWULHL D IRVW FRQGDPQDW  GH
PDMRULWDWHDSDUWLGHORUSROLWLFHGLQ DU GHvQWUHJXOSRSRUURPkQFDUHLD
PDQLIHVWDWDWDDPHQWXOID GHSRSRUXODXVWULDFJUHXvQFHUFDW
5HvQDUPDUHD %XOJDULHL 3UREOHPD UHvQDUP ULL %XOJDULHL D IRVW
GLVFXWDW  FX SULOHMXO &RQVI WXLULL &RQVLOLXOXL 3HUPDQHQW DO Q HOHJHULL
%DOFDQLFHGHOD$QNDUD IHEUXDULH FkQG,RDQQLV0HWD[DVV
DDU WDWGLVSXVV IDF LXQHOHFRQFHVLL3X LQPDLWkU]LXvQYDUDDQXOXL
 OD LQL LDWLYD 7XUFLHL FX JULM  SHQWUX D QX VXS UD *HUPDQLD L
,WDOLD FDUHDSURSXVV VHSHUPLW UHvQDUPDUHD%XOJDULHLvQVFKLPEXOXQHL
GHFODUD LLGHDPLFL LHID GHVWDWHOHQ HOHJHULL%DOFDQLFHFHLSDWUXDOLD L
DXOXDWvQGLVFX LHSUREOHPDXQHLvQ HOHJHULFRQFUHWHFX%XOJDULD5HOD LL


 /D VFXUW WLPS GXS  $QVFKOXVV JXYHUQXO XQJDU LD H[SULPDW
DWDDPHQWXO ID  GH 5HLFK L D WUDQVPLV OXL +LWOHU FHOH PDL F OGXURDVH
IHOLFLW UL

 5HOHYkQG YLLWRDUHOH FRQVHFLQ H DOH $QVFKOXVVXOXL 1LFRODH ,RUJD
FRQFKLGHDvQ7LPSXOGLQPDL$XVWULDHVWHXQSXQFWGHSOHFDUHL
DWHQ LRQD)HUHWHWHSRSRUDOPHXF FLPDULSULPHMGLL LVHSUHJ WHVF

0HWD[DVDSUHFLDF DF LXQHDHUDPHQLW V vPSLHGLFH%XOJDULDGHDVH
OHJDGHRPDUHSXWHUHFXPDUIL*HUPDQLDLGHDGHYHQLLQVWUXPHQWXOHL

 &X DFHO SULOHM VD GHFLV V  QX ILH UHFXQRVFXW JXYHUQXO OXL )UDQFR
ILHFDUH VWDW SXWkQG VWDELOL vQV  UHOD LL RILFLDOH 5XVWX $UDVDI FXWFXQRVFXWF 
7XUFLDL*UHFLDQHILLQGQXPDLVWDWHEDOFDQLFHGRUHDXV LH[WLQG FRODERUDUHD
LGLQFRORGHVIHUDEDOFDQLF  5RPkQLDL,XJRVODYLDDXIRVWGHDFRUG 3 UHUL
GLIHULWH DX IRVW ID  GH UHFXQRDWHUHD ,PSHULXOXL LWDOLDQ GLQ (WLRSLD 5RPkQLD
QHDQJDMkQGXVHODRUHFXQRDWHUHGHMXUHDDFHVWXLD5RPkQLDDSURSXVDOLD LORU
V  LD R DWLWXGLQH FRPXQ  SHQWUX LQWHU]LFHUHD 6RFLHW LL 1D LXQLORU GH D VH
DPHVWHFD vQ WUHEXULOH LQWHUQH DOH VWDWHORU PHPEUH VH UHIHUHD OD SUREOHPD
PLQRULW LORU 

QDFHOPRPHQW*HUPDQLDGLVSXQHDGHGLQLQWHUHVHOHLQGXVWULDOH
VWU LQHGLQ7XUFLDGH LQkQGSULPXOORFvQFRPHU XOH[WHULRULDYkQGFLUFD
GHVSHFLDOLWLXWLOL]D LGHVWDWXOWXUF
 
DPLFDOHFX%XOJDULDGRUHDL5RPkQLDGDUSULQvQFKHLHUHDXQXLSDFWGH
QHDJUHVLXQH FX WRDWH VWDWHOH FDUH FRQVWLWXLDX Q HOHJHUHD %DOFDQLF 
FRQIRUPSULQFLSLLORUVWDWXDWHvQSDFWXO6RFLHW LL1D LXQLORU
QILQDOGXS QXPHURDVHGLVFX LLDFRUGXODIRVWVHPQDWOD6DORQLF
OD  LXOLH  Q DIDUD DEROLULL FODX]HORU PLOLWDUH DOH WUDWDWXOXL GH OD
1HXLOO\LDFODX]HORUUHIHULWRDUHODGHPLOLWDUL]DUHDIURQWLHUHLWXUFREXOJDUH
GLQ &RQYHQ LD GH OD /DXVDQQH GLQ  GRFXPHQWXO PDL PHQ LRQD
DWDDPHQWXO %XOJDULHL ID  GH SROLWLFD GH vQW ULUH D S FLL vQ %DOFDQL
GRULQ D DFHVWHLD GH D vQWUH LQH FX VWDWHOH YHFLQH UDSRUWXUL GH EXQ 
YHFLQ WDWH L DQJDMDPHQWXO WXWXURU VWDWHORU VHPQDWDUH GH D VH DE LQH vQ
UHOD LLOH ORU PXWXDOH GH OD RULFH UHFXUJHUH OD IRU  vQ FRQIRUPLWDWH FX
DFRUGXULOHGHQHDJUHVLXQHSHFDUHILHFDUHOHDVHPQDW
5HvQDUPDUHD8QJDULHL&RQFRPLWHQWFXLQL LHUHDGLVFX LLORUSULYLQG
DFFHSWDUHD UHvQDUP ULL %XOJDULHL &RQVLOLXO 3HUPDQHQW DO Q HOHJHULL
%DOFDQLFHvQWUXQLWOD$QNDUD IHEUXDULH DGHFLVFDJXYHUQXO
URPkQ vQ QXPHOH FHORU WUHL JXYHUQH DOH VWDWHORU 0LFLL Q HOHJHUL  V 
SURSXQ  JXYHUQXOXL GH OD %XGDSHVWD V  DFFHSWH UHOXDUHD QHJRFLHULORU vQ
YHGHUHD vPEXQ W LULL UHOD LLORU FX 8QJDULD Q DFHVW VHQV OD  PDUWLH
 ([HFXWLYXO GH OD %XFXUHWL D vQDLQWDW XQ VHW GH SURSXQHUL FDUH
FXSULQGHDXSURLHFWXOXQHLGHFODUD LLGHQHUHFXUJHUHODIRU LUHFXQRDWHUH
D HJDOLW LL vQ GRPHQLXO vQDUP ULORU SHQWUX 8QJDULD L SURLHFWXO XQHL
GHFODUD LL LGHQWLFH XQLODWHUDOH D ILHF UXLD GLQ FHOH SDWUX JXYHUQH FDUH VH
DQJDMDX V  LD WRDWH P VXULOH DGPLQLVWUDWLYH GH QDWXU  V  vQO WXUH RULFH
SLHGLF vQFDOHDGH]YROW ULLUHOD LLORUDPLFDOHGLQWUHHOH
,QWXLQG VLWXD LD GLILFLO  vQ FDUH DYHD V  ILH SXV  &HKRVORYDFLD
%XGDSHVWDDIRVWGHDFRUGGRDUFXUHDOL]DUHDXQRUvQ HOHJHULFXJXYHUQHOH
GH OD %XFXUHWL L %HOJUDG IDSW QHDFFHSWDW GH F WUH GLSORPD LD URPkQ 
FDUH QX GRUHD V  WU GH]H DOLDWXO FHKRVORYDF &X WRDWH DFHVWHD
UHSUH]HQWDQ LL0LFLLQ HOHJHULvQWUXQL LOD6LQDLDODLPDLLDX
H[SULPDWGRULQ DGHDVHFRQWLQXDQHJRFLHULOHvQFXUVvQVFRSXOLQVWLWXLULL
XQXL UHJLP GH vQ HOHJHUH L vQFUHGHUH vQ ED]LQXO 'XQ ULL Q DFHODL
VSLULW UHJHOH &DURO DO ,,OHD VH DU WD GLVSXV V  DFRUGH QRL IDFLOLW L
PLQRULW LLPDJKLDUHGLQ7UDQVLOYDQLD



$FRUGXODIRVW5DWLILFDWGH%XOJDULDODQRLHPEULHGH*UHFLDOD
QRLHPEULHLGH5RPkQLDODQRLHPEULH
 
Q ILQDO OD %OHGODDXJXVW&RQVLOLXO3HUPDQHQWDO0LFLL
Q HOHJHUL D GLVFXWDW SURLHFWXO GH SURWRFRO DGL LRQDO OD FDUH vL G GXVHU 
GHMDDFRUGXO5RPkQLD,XJRVODYLDL8QJDULD SUHFXPLGHFODUD LDDVXSUD
PLQRULW LORU SURSXV  GH PLQLVWUXO FHKRVORYDF GH ([WHUQH L D GHFLV
UHFXQRDWHUHD GH F WUH FHOH WUHL VWDWH FDUH FRQVWLWXLDX 0LFD Q HOHJHUH D
HJDOLW LL GH GUHSWXUL SHQWUX 8QJDULD vQ SULYLQ D vQDUP ULL UHQXQ DUHD
UHFLSURF ODRULFHUHFXUJHUHODIRU 
&UL]D6RFLHW LL1D LXQLORUQ6RFLHWDWHD1D LXQLORUFDUH
VHGRYHGLVHQHSXWLQFLRV LLQFDSDELO V IDF ID JUDYHORUSUREOHPH
FX FDUH VH FRQIUXQWD RPHQLUHD VH DIOD OD VIkULWXO DFWLYLW LL VDOH
FRPSURPL kQGXVH L PDL PXOW SULQ YRWDUHD GH F WUH $GXQDUHD
*HQHUDO  vQ VHSWHPEULH  D SURSXQHULL HQJOH]H SULYLQG VXVSHQ
GDUHD SUHYHGHULORU 3DFWXOXL /LJLL SULYLQG UHVSLQJHUHD vQ FRPXQ D
DJUHVLXQLL ([WUHP GH JUDY  DFHDVW  GHFL]LH D PDUFDW HHFXO WRWDO DO
SROLWLFLLGHVHFXULWDWHFROHFWLY O VkQG ULOHPHPEUHV VHDSHUHSULQ
IRU HSURSULL/XkQGSR]L LH&RQVLOLXO3HUPDQHQWDOQ HOHJHULL%DOFDQLFH
vQWUXQLW OD *HQHYD D FRQVLGHUDW OD  VHSWHPEULH FD ILLQG QHRSRUWXQ 
PRGLILFDUHD3DFWXOXL6RFLHW LL1D LXQLORU
'H]PHPEUDUHD &HKRVORYDFLHL QDLQWH FKLDU GH LQWHQVLILFDUHD
SUHVLXQLORUJHUPDQHLXQJDUHLSRORQH]HDVXSUD&HKRVORYDFLHLJXYHUQXO
URPkQ VD SURQXQ DW FX IHUPLWDWH SHQWUX UHVSHFWDUHD LQGHSHQGHQ HL L
LQWHJULW LLDFHVWHLDQDFHVWVFRSGLSORPD LLURPkQLDXI FXWQXPHURDVH
LQWHUYHQ LL GLSORPDWLFH vQ PDULOH FDSLWDOH DOH (XURSHL UHOHYkQG F 
5RPkQLD HUD GLVSXV  V  DFFHSWH L VXUYROXO WHULWRULXOXL QD LRQDO GHF WUH
DYLRDQHOH VRYLHWLFH vQ VLWXD LD vQ FDUH 8QLXQHD 6RYLHWLF  VDU IL DU WDW
GLVSXV V LQWHUYLQ vQVSULMLQXO&HKRVORYDFLHL
3UHWHQ LLOH WHULWRULDOH XQJDUH OD DGUHVD 5RPkQLHL DX GHWHUPLQDW
JXYHUQXO URPkQ V  ILH vQV  SUXGHQW vQ UHOD LLOH FX DXWRULW LOH GH OD
%HUOLQLV DGRSWHODVXJHVWLDDFHVWRUDRDWLWXGLQHFkWPDLQHXWU ID 


 Q SRILGD SURWHVWHORU JHUPDQH JXYHUQXO GH OD %XFXUHWL D DXWRUL]DW
VXUYRODUHDVSD LXOXLDHULDQDO5RPkQLHLGHF WUHDYLRDQHOHVRYLHWLFHFXPS UDWH
GHF WUHJXYHUQXOGHOD3UDJDLDI FXWGHPHUVXULSHOkQJ JXYHUQXOLXJRVODY
SHQWUXvQGHSOLQLUHDREOLJD LLORUDVXPDWHSULQSDFWXO0LFLLQ HOHJHULvQVLWXD LD
vQFDUH8QJDULDDUILDWDFDW&HKRVOYRDFLD

 3HUFHSkQG VLWXD LD GLILFLO  D 5RPkQLHL L ,XJRVODYLHL +HUPDQQ
*|ULQJ D GHFODUDW PLQLVWUXOXL LXJRVODY OD %HUOLQ F  *HUPDQLD HUD JDWD V 
JDUDQWH]H LQWHJULWDWHD WHULWRULDO  D FHORU GRX  UL GDF  DFHVWHD DU IL DGRSWDW R
SROLWLF GHQHXWUDOLWDWHLDVI WXLWFDRFKLLFHORUGRX  ULV QXPDLDOXQHFH
FkQGVSUH0RVFRYDFkQGVSUH3DULV
 
GHHYHQLPHQWHOHLQWHUQD LRQDOH$DVDSURFHGDWFHOSX LQRILFLDOGXS 
GLFWDWXOJHUPDQRLWDORIUDQFRHQJOH]GHOD0QFKHQ VSUHVHSWHP
EULH SULQFDUH*HUPDQLDDvQFRUSRUDW]RQDVXGHW FHKRVORYDF 
2SR]L LDDVHP Q WRDUHDXDGRSWDWLDOLD LLGLQQ HOHJHUHD%DOFDQLF WR L
ILLQG FRQYLQL F  VLQJXUD SRVLELOLWDWH GH DL VDOYD LQWHJULWDWHD WHULWRULDO 
FRQVWDvQQHLPSOLFDUHGLUHFW vQVROLGDULWDWHLXQLUH
&XWRDWHDFHVWHDJXYHUQXOLGLSORPD LDURPkQ DXI FXWWRWXODD
FXP SUHFL]D 1LFRODH 3HWUHVFX&RPQHQ PLQLVWUX GH ([WHUQH FD
&HKRVORYDFLD V  VXSUDYLH XLDVF  V  GHYLQ  YLDELO  L V  U PkQ  DOLDWD
QRDVWU  &RQFRPLWHQW GLSORPD LL URPkQL OD /RQGUD 3DULV 5RPD L
%HUOLQ DX DF LRQDW SHQWUX D GHWHUPLQD JXYHUQHOH ULORU UHVSHFWLYH V L
DVXPH JDUDQ LD QRXOXL VWDWXW WHULWRULDO DO &HKRVORYDFLHL 'HL HUD
FRQWLHQW GH ULVFXULOH SH FDUH L OH DVXPD JXYHUQXO URPkQ D VSULMLQLW vQ
SHUPDQHQ  DOLDWXO FHKRVORYDF DU WkQGXVH GLVSXV V  DFFHSWH WDFLW
WUDQ]LWXO VSD LXOXL DHULDQ GH F WUH DYLD LD VRYLHWLF  L FKLDU DO WUXSHORU
WHUHVWUH vQ VLWXD LD vQ FDUH 8QLXQHD 6RYLHWLF  DU IL GRULW V  LQWHUYLQ  vQ
VSULMLQXO&HKRVORYDFLHL
/DPDUWLHGXS FHFXR]LvQDLQWH6ORYDFLDvLSURFODPDVH
LQGHSHQGHQ D *HUPDQLD D RFXSDW FH PDL U P VHVH GLQ &HKRVORYDFLD
FRQVWLWXLQG3URWHFWRUDWXO%RKHPLHLL0RUDYLHL&RQFRPLWHQW8QJDULDD
RFXSDWWRDW 8FUDLQD6XEFDUSDWLF UHDOL]kQGJUDQL FRPXQ FX3RORQLD
LDSRLFKLDUWHULWRULLGLQVXGXO6ORYDFLHLLQGHSHQGHQWH
$WLWXGLQHD FRUHFW  D 5RPkQLHL D IRVW UHFXQRVFXW  GH RILFLDOLL
FHKRVORYDFLLQFOXVLYOD&RQIHULQ DGHSDFHGHOD3DULVGLQ
8FUDLQD 6XEFDUSDWLF  Q SULP YDUD DQXOXL  vQWUR VLWXD LH
H[WUHP GH GLILFLO  VH DIOD L 8FUDLQD 6XEFDUSDWLF  WHULWRULX FHKRVORYDF
SURFODPDW OD  PDUWLH  VWDW LQGHSHQGHQW FD L 6ORYDFLD  Q ID D
LQWHQVLILF ULLSUHVLXQLORUXQJDUHPRQVHQLRUXOGU$XJXVWLQ9RORLQDFHUXW


 $QDOL]kQG FRQVHFLQ HOH 0QFKHQXOXL 0DXULFH &UHX]HX DILUPD
(FKLOLEUXO HXURSHDQ IXVHVH ]GUXQFLQDW vQ IDYRDUHD *HUPDQLHL 6HFXULWDWHD
FROHFWLY HVWHXFLV /DUkQGXL:LQVWRQ&KXUFKLOOGHFODUDF $QJOLDDVXIHULW
RvQIUkQJHUHI U U ]ERLLDU3DXO%RQFRXUSUHFL]DOXL993HOODF 6LQJXUD
IRUPXO U PkQHD6RFLHWDWHD1D LXQLORU

5HOHYkQGDFHDVW SR]L LHPLQLVWUXOFHKRVORYDFDO$IDFHULORU6WU LQH
)UDQWHN &KYDONRYVN\ LD H[SULPDW JUDWLWXGLQHD JXYHUQXOXL V X SHQWUX
SR]L LDDGRSWDW GHJXYHUQXOLGHVSULMLQXOSRSRUXOXLURPkQFDUHDSULPLWFX
SULHWHQLHLRVSLWDOLWDWHSHUHIXJLD LLFHKLLVORYDFL
 
SURWHF LD *HUPDQLHL FDUH QX D U VSXQV IDYRUDELO &D XUPDUH 9RORLQ D
SURSXV LQFOXGHUHD 8FUDLQHL 6XEFDUSDWLFH vQ FRPSRQHQ D 5RPkQLHL IDSW
UHVSLQV GH JXYHUQXO URPkQ  L D UXJDW JXYHUQXO IUDQFH] V  LQWHUYLQ  OD
%XGDSHVWDSHQWUXDRSULLQYD]LDWUXSHORUXQJDUHLDVHUHJOHPHQWDVLWXD LD
ULLSHFDOHGLSORPDWLF 
&RQFRPLWHQW FX FRQGDPQDUHD DJUHVLXQLORU JHUPDQH L XQJDUH GH
F WUHJXYHUQXOURPkQ&RQVLOLXOGH&RURDQ DGHFLVODPDUWLH
vQ XQDQLPLWDWH OXDUHD XQRU P VXUL PLOLWDUH PDL DPSOH FDUH V  GXF  OD
DS UDUHDLQWHUHVHORUQD LRQDOH
QFHUF ULGHDUHYLWDOL]DQ HOHJHUHD%DOFDQLF 3HP VXUDVO ELULL
0LFLL Q HOHJHUL L PDL DOHV GXS  GHVILLQ DUHD DFHVWHLD vQ XUPD
GH]PHPEU ULL &HKRVORYDFLHL 5RPkQLD D I FXW QXPHURDVH vQFHUF UL
SHQWUXDFRQVROLGDQ HOHJHUHD%DOFDQLF LGHDFUHDFRQGL LLOHSHQWUXFD
DFHDVWD V  SRDW  DF LRQD FD R JUXSDUH LQGHSHQGHQW  vQ VWDUH V  SRDW 
LQWHUYHQLvQRULFHPRPHQWDO WXULGH0DUHD%ULWDQLHL)UDQ D,QFOXVLYvQ
WLPSXO &RQIHULQ HL GH OD %XFXUHWL  IHEUXDULH   FkQG VSUH
VXUSULQGHUHDPXOWRUDFHOHSDWUXVWDWHDOLDWHDXGHFLVSUHOXQJLUHDSHDSWH
DQLDSDFWXOXLEDOFDQLFLFRQWLQXDUHDSROLWLFLLGHFRODERUDUHDFX%XOJDULD
vQ SRILGD SROLWLFLL UHYDQDUGH D PXOWRU FHUFXUL UHYL]LRQLVWH LQFOXVLY D
SUHVHL $FHODL VFRS DO vQW ULULL DOLDQ HL EDOFDQLFH OD DYXW vQFHUFDUHD OXL
*ULJRUH *DIHQFX GH D DWUDJH 3RORQLD OD SROLWLFD Q HOHJHULL %DOFDQLFH vQ
WLPSXO YL]LWHL I FXWH vQ PDUWLH  OD 9DURYLD 3ROLWLFD SURPRYDW  GH
-RVHSK%HFNDI FXWFDDFHVWGH]LGHUDWV HXH]H6LWXD LDVDDJUDYDWGLQ
YDUD DQXOXL  RGDW  FX DFFHQWXDUHD GH]LQWHUHVXOXL GLQ FH vQ FH PDL
SURQXQ DWDO8QLXQLL6RYLHWLFHID GHVLWXD LDGLQ%DOFDQLFKLDUGDF OD
 VHSWHPEULH  vQ PRPHQWXO vQ FDUH D DWDFDW 3RORQLD 0RVFRYD D
I FXWFXQRVFXWF vLPHQ LQHQHXWUDOLWDWHDvQUHOD LLOHFXVWDWHOHEDOFDQLFH



 6HVL]kQG HVHQ D HYHQLPHQWHORU L SHULFROHOH FH SODQDX DVXSUD
5RPkQLHL $UPDQG & OLQHVFX SULPXOPLQLVWUX URPkQ FRQVHPQD $P DVLVWDW
OD vQF  R HWDS  D PLF ULL GH vQDLQWDUH JHUPDQ  0LMORFXO  SURYRFDUHD
GH]LQWHJU ULLLQWHUQHSHFDUHDvQFHSXWRVSUHDL]ROD%RKHPLDLDRvQJKL L2
QRX HWDS SRDWHILVXEMXJDUHD5RPkQLHL0LMORDFHOHSURYRFDUHDXQXLFRQIOLFW
PLOLWDUFX8QJDULDLFXPLQRULW LOHJHUPDQH'DF O V P*HUPDQLHLLQL LDWLYD
GH PDQHYU  YRP F GHD VLJXU 5HDF LXQHD QRDVWU  PLOLWDU  QX HVWH SRVLELO 
6SULMLQPLOLWDUGLQDSXVH[FOXV&RQIODJUD LHJHQHUDO vQGRLHOQLF 
 
,QWHQVLILFDUHD SUHVLXQLORU JHUPDQH 2SR]L LD 5RPkQLHL ID  GH
H[WLQGHUHD SURFHVXOXL GH GH]PHPEUDUH D &HKRVORYDFLHL L H[WHUPLQDUHD
GLQ RUGLQXO UHJHOXL &DURO DO ,,OHD D JUXSXOXL &RUQHOLX &RGUHDQX D
GHWHUPLQDWDXWRULW LOHGHOD%HUOLQV IDF SUHVLXQLGLQFHvQFHPDLPDUL
DVXSUD JXYHUQXOXL URPkQ FDUH vQ ID D OLSVHL GH UHDF LH D 3DULVXOXL L
/RQGUHLLDFRQYLQJHULLF FHOSX LQSHQWUXRSHULRDG GHWLPS5RPkQLD
QX SXWHD FRQWD SH VSULMLQXO )UDQ HL L 0DULL %ULWDQLL D vQFHSXW V  IDF 
XQHOH FRQFHVLL HFRQRPLFH 5HLFKXOXL L V L PDQLIHVWH LQWHQ LD GH D
vPEXQ W L UHOD LLOH FX %HUOLQXO VSHUkQG FD DFHVWD V  QX vQFXUDMH]H
8QJDULDL%XOJDULDvQvPSOLQLUHDGH]LGHUDWHORUORUUHYL]LRQLVWH/DUkQGX
L JXYHUQXO GH OD %HUOLQ D vQFHUFDW V  RE LQ  QRL SR]L LL vQ UHOD LLOH
HFRQRPLFHFX5RPkQLDLV LVFKLPEHGLUHF LLOHGHSROLWLF H[WHUQ 
&XWRDWHDFHVWHD5RPkQLDDFRQWLQXDWV LvPEXQ W HDVF UHOD LLOH
FX )UDQ D L 0DUHD %ULWDQLH SUHFXP L FX DOLD LL EDOFDQLFL D
vQFHUFDW V  GHS HDVF  FUL]D GLQ UHOD LLOH FX *HUPDQLD GHFODUkQGXL


6HPQLILFDWLY vQDFHVWVFRSHVWHQXPLUHDODGHFHPEULHDOXL
*ULJRUH*DIHQFXvQIUXQWHD0LQLVWHUXOXL$IDFHULORU6WU LQHULGLFDUHD/HJD LHL
URPkQH GH OD 3DULV OD UDQJ GH DPEDVDG   GHFHPEULH   L QXPLUHD FD
DPEDVDGRU H[WUDRUGLQDU L SOHQLSRWHQ LDU D OXL *KHRUJKH 7 W UHVFX &X SX LQ
WLPSvQDLQWHODQRLHPEULHJXYHUQXOGHOD3DULVGHFLVHVHLHOV ULGLFH
/HJD LDGHOD%XFXUHWLWRWODQLYHOGHDPEDVDG LDI FXWFXQRVFXWF 5RPkQLD
FRQVWLWXLD VLQJXUXO UHD]HP UHDO FH UH LQH GHVFLQGHUHD *HUPDQLHL VSUH JXULOH
'XQ ULLLVSUH%RVIRU

&X WRDWH F  OD VIkULWXO DQXOXL  JXYHUQXO HQJOH] D PDQLIHVWDW R
DWLWXGLQH IDYRUDELO  ID  GH 5RPkQLD DFHDVWD QX D IRVW H[SULPDW  SXEOLF L
FRQFUHWL]DW ODQLYHOXOFHORUVWDELOLWHGHRDUHFH1HYLOOH&KDPEHUODLQQXGRUHDV 
VXSHUH*HUPDQLD6SHUkQGvQVSULMLQXOEULWDQLFFDLFHOHODOWHVWDWHEDOFDQLFHGH
DOWIHOJXYHUQXOURPkQDRE LQXWvQIHEUXDULHSURPLVLXQHDUHJHOXL*HRUJH
DO9,OHDF FHUHULOH%XFXUHWLORUYRUILVROX LRQDWHFXVXFFHV0DLH[SOLFLWD
IRVW SUHPLHUXO 1HYLOOH &KDPEHUODLQ FDUH D GHFODUDW QRXOXL PLQLVWUX URPkQ OD
/RQGUD 99 7LOHD F  0DUHD %ULWDQLH QX VH YD RSXQH FD VWDWHOH GLQ HVWXO
(XURSHLV IDF FRPHU FX*HUPDQLDGDUQLFLQXYRUDGPLWHFDDFHVWHDV 
GHYLQ GRPLQDWHLFRQWURODWHGLQSXQFWGHYHGHUHHFRQRPLFGH*HUPDQLDQ
DFHVW VSLULW vQ IHEUXDULH  D IRVW RUJDQL]DW  6RFLHWDWHD %ULWLVK5XPDQLDQ
&RUSRUDWLRQ /WG 3HQWUX SURPRYDUHD FRPHU XOXL URPkQRHQJOH] LDU *UXSXO
URPkQ FRQGXV GH 0D[ $XVFKQLWW D RE LQXW FUHWH SH WHUPHQ GH  DQL SHQWUX
 GH OLUH VWHUOLQH &RQFRPLWHQW /RQGUD D PDQLIHVWDW LQWHUHV SHQWUX
FRQVROLGDUHDQ HOHJHULL%DOFDQLFHLSHQWUXDWUDJHUHD%XOJDULHL

/DLDQXDULH/HJD LLOHURPkQHGHOD%HOJUDG$QNDUDL$WHQD
DXIRVWULGLFDWHODUDQJGHDPEDVDG 
 
LQWHQ LD GH D vQFKHLD FX DFHDVWD XQ DFRUG HFRQRPLF SH WHUPHQ OXQJ Q
DFHVW VFRS OD vQFHSXWXO OXQLL IHEUXDULH  vQ 5RPkQLD D VRVLW R
GHOHJD LH HFRQRPLF  vQ IUXQWH FX +KHOPXWK :RKOWKDW URPkQLL WHUJLYHU
VkQGQHJRFLHULOHSkQ GXS GH]PHPEUDUHD&HKRVORYDFLHLFkQGSUHVLXQLOH
JHUPDQHDXDWLQVDSRJHXO
Q DFHVW FRQWH[W vQ FDUH QX SXWHD FRQWD SH XQ VSULMLQ FRQFUHW GLQ
SDUWHDDOWRUSXWHULLVSHUkQGV FkWLJHWLPSSHQWUXDLFRQVROLGDDS UD
UHDJXYHUQXOURPkQDGHFLVV VHPQH]HODPDUWLHWUDWDWXOHFRQR
PLF FX *HUPDQLD FDUH DGXFHD JUDYH SUHMXGLFLL HFRQRPLFH L SROLWLFH
5RPkQLHL&XWRDWHDFHVWHD DUDDU PDVSHQWUXvQF XQDQGLQSXQFWGH
YHGHUHSROLWLFvQRUELWDSXWHULORUGHPRFUDWLFHRFFLGHQWDOH
*DUDQ LLOHDQJORIUDQFH]HQFRQGL LLOHvQFDUHSULQFLSDOXODOLDWDO
5RPkQLHL GLQ 0LFD Q HOHJHUH &HKRVORYDFLD GLVS UXVH GH SH KDUWD
(XURSHL5RPkQLDDYHDQHDS UDW QHYRLHGHVSULMLQGLSORPDWLFGLQSDUWH
PDULORUSXWHULGHPRFUDWLFHDOHFRQWLQHQWXOXLSUHFXPLVSULMLQHFRQRPLF
LILQDQFLDUvQYHGHUHDvQ]HVWU ULLDUPDWHLFXDUPDPHQWDF LXQHSHULFOLWDW 
GH IDSWXO F  PDMRULWDWHD FRPHQ]LORU URPkQHWL IXVHVHU  FRQWUDFWDWH FX
ILUPHFHKRVORYDFH
Q XUPD GHPHUVXOXL vQWUHSULQV GH 997LOHD PLQLVWUXO URPkQ OD
/RQGUDJXYHUQHOHIUDQFH]LHQJOH]LDXH[SULPDWGLVSRQLELOLWDWHDvQ
FHHD FH SULYHWH DMXWRUXO FH XUPD V  ILH DFRUGDW vQ WLPS FH 00


 /D  PDUWLH  DFHVWD OD LQIRUPDW SH 6LU 2UPH 6DUJHQW
VXEVHFUHDWDUGHVWDWOD)RUHLJQ2IILFHF JXYHUQXOJHUPDQVROLFLWDVHJXYHUQXOXL
URPkQV LGHDDFRUGXOODPRQRSROXODFHVWXLDDVXSUDH[SRUWXULORUURPkQHWLL
V  DFFHSWH XQHOH UHVWULF LL LQGXVWULDOH SH WHULWRULXO 5RPkQLHL vQ LQWHUHVXO
JHUPDQLORU vQVFKLPE*HUPDQLDXUPDV JDUDQWH]HIURQWLHUHOH5RPkQLHL &X
DFHODL SULOHM D SUHFL]DW F  JXYHUQXO URPkQ HUD GLVSXV V  YDG  vQ DFHDVWD XQ
XOWLPDWXPLDVROLFLWDWJXYHUQXOXLEULWDQLFV LSUHFL]H]HSR]L LDvQFD]XOvQFDUH
5RPkQLDGHYLQHYLFWLP DDJUHVLXQLLJHUPDQLORU3HQWUXDQXWHQVLRQDLPDL
PXOWGHMDvQFRUGDWHOHUHOD LLURPkQRJHUPDQHJXYHUQXOURPkQDQHJDWH[LVWHQ D
XQXLXOWLPDWXPJHUPDQSURSULX]LVGDUQXLFHUHULOHLQDFFHSWDELOHDOH%HUOLQXOXL
LDVROLFLWDWVSULMLQHQJOH]LIUDQFH]

 /D  PDUWLH  ([HFXWLYXO GH OD /RQGUD  D vQWUHEDW vQV  RILFLDO
JXYHUQXO GH OD $QNDUD GDF  HUD GLVSXV V  DMXWH 5RPkQLD ([HFXWLYXO GH OD
,VWDQEXO FD L FHO GH OD $WHQD D U VSXQV F  QX VH SXWHDX DQJDMD vQ DIDUD
SUHYHGHULORU3DFWXOXL%DOFDQLF/DUkQGXLJXYHUQXOLXJRVODYDUHFRPDQGDWV 
VHS VWUH]HUHOD LLDPLFDOHFX*HUPDQLDFDUHQXWUHEXLDSURYRFDW vQQLFLXQIHO
QDFHVWFRQWH[W*HRJHV%RQQHWDU VSXQVOXL*KHRUJKH7 W UHVFXF )UDQ D
VLQJXU  QX YD SXWHD DFRUGD XQ DVWIHOGHDMXWRULF WUHEXLHFODULILFDW SR]L LD
DOWRUVWDWHLQWHUHVDWHSULQWUHFDUHL8566
 
/LWYLQRY D SURSXV FRQYRFDUHD LPHGLDW  D XQHL FRQVI WXLUL vQWUH
UHSUH]HQWDQ LL 8566 )UDQ HL 3RORQLHL L 5RPkQLHL /RUGXO +DOLID[ D
FRQVLGHUDW vQV  SUHPDWXU  FRQYRFDUHD FRQIHULQ HL L D SURSXV OD UkQGXL
DGRSWDUHD L SXEOLFDUHD XQHL GHFODUD LL GH F WUH JXYHUQHOH 8566
)UDQ HL0DULL%ULWDQLLL3RORQLHLGLQFDUHV UH]XOWHF SXWHULOHUHVSHFWLYH
HUDXLQWHUHVDWHvQPHQ LQHUHDLQGHSHQGHQ HLVWDWHORUGLQHVWXOLVXGHVWXO
(XURSHL&KLDUGDF HUDWRWDOQHDQJDMDQW SURSXQHUHDHQJOH] QXDIRVW
DGRSWDW  GHRDUHFH 3RORQLD D UHIX]DW V  VHPQH]H R DVHPHQHD GHFODUD LH
DO WXULGH8QLXQHD6RYLHWLF 
Q DFHVW FRQWH[W OD  L  PDUWLH  IUDQFH]LL DX SURSXV
HQJOH]LORUV LDVXPHvQFRPXQREOLJD LLIHUPHFKLDULPLOLWDUHID GH
5RPkQLDL3RORQLDSHQWUXDILVLJXUF DFHVWHDYRUSDUWLFLSDODRHYHQWXDO 
UH]LVWHQ  DQWLJHUPDQ  7HPkQGXVH GH UHDF LD JHUPDQ  L QHGRULQG VR
SURYRDFH$UPDQG& OLQHVFXDSULPLWFXUH]HUYHLQWHQ LDIUDQFRHQJOH] GH
vQFKHLHUH D XQXL SDFW GH DVLVWHQ  PXWXDO  FX 5RPkQLD L D VXJHUDW
DGRSWDUHDXQRUGHFODUD LLXQLODWHUDOHGHJDUDQWDUHDVHFXULW LL5RPkQLHL
QWUH WLPS SHQWUX D IDFH PDL ELQH FXQRVFXW  SR]L LD 5RPkQLHL
*ULJRUH*DIHQFXDHIHFWXDWWXUQHHGLSORPDWLFHOD,VWDQEXO DSULOLH L
vQ PDL PXOWH FDSLWDOH RFFLGHQWDOH %HUOLQ 3DULV 5RPD /RQGUD  XQGH D
SOHGDW SHQWUX VSRULUHD LQWHUHVXOXL FHUFXULORU ILQDQFLDUH L HFRQRPLFH
EULWDQLFH vQ VSHFLDO SHQWUX 5RPkQLD L SHQWUX FRQVROLGDUHD VHFXULW LL
5RPkQLHL L D %DOFDQLORU Q DFHVW VFRS FRQVLGHUD F  VH LPSXQHD L
VSULMLQXO8QLXQLL6RYLHWLFH3HQWUXDQXLULWD%HUOLQXOPLQLVWUXOURPkQGH
([WHUQHDI FXWFXQRVFXWF JXYHUQXOURPkQQXGRUHDV ILHLPSOLFDWvQ
YUHXQIHOvQQHJRFLHULOHIUDQFRDQJORVRYLHWLFHvQSUREOHPDJDUDQ LLORUGH
VHFXULWDWH L F  QX GRUHD vQFKHLHUHD XQXL SDFW GH DVLVWHQ  PXWXDO 
URPkQRVRYLHWLF
Q ILQDO GXS  FH OD  PDUWLH  D IRVW vQFKHLDW XQ DFRUG
HFRQRPLF URPkQRIUDQFH] FRQFRPLWHQW FX DFRUGDUHD GH JDUDQ LL
IUDQFRHQJOH]H F WUH 3RORQLD  )UDQ D L 0DUHD %ULWDQLH DX DFRUGDW 
DSULOLH JDUDQ LLSROLWLFHFRPXQH5RPkQLHL L*UHFLHL ([SULPkQG
SR]L LD *HUPDQLHL +HUPDQQ *|ULQJ  OHD DSUHFLDW FD LOX]RULL L
SULPHMGLRDVHGLQSXQFWGHYHGHUHSROLWLFGHRDUHFH5HLFKXOQXYUHDV 
VHODVHvQFHUFXLW



/DPDLDIRVWvQFKHLDWLXQDFRUGHFRQRPLFURPkQRHQJOH]
 
*DUDQWkQG LQGHSHQGHQ D 5RPkQLHL L QX LQWHJULWDWHD WHULWRULDO 
0DUHD%ULWDQLHL)UDQ DLDXXUP ULWLSURSULLOHLQWHUHVHvQ]RQ &X
WRDWH DFHVWHD JDUDQ LLOH DX HYLWDW SHQWUX PRPHQW L]RODUHD GHSOLQ  D
5RPkQLHL VXSXV  SHUPDQHQW XQHL SUHVLXQL L DPHQLQ UL JHUPDQH L
XQJDUHvQVSHFLDO
1HJRFLHULOHDQJORIUDQFRWXUFH&RQVLGHUkQGF XQHYHQWXDODFRUG
vQWUH$QJOLDL7XUFLDDUILIRVWEHQHILFSHQWUXFRQVROLGDUHDVHFXULW LLvQ
]RQD %DOFDQLORU L vQ HVWXO 0HGLWHUDQHL GLSORPD LD URPkQ  D VSULMLQLW
GHPHUVXULOH UHVSHFWLYH VI WXLQG WRWRGDW  ,XJRVODYLD V  QX DGRSWH R
DWLWXGLQH REVWUXF LRQLVW  FDUH DU IL GXV OD GH]LQWHJUDUHD Q HOHJHULL
%DOFDQLFH 'XS  ILQDOL]DUHD DFRUGXOXL DQJORWXUF JXYHUQXO GH OD
%XFXUHWL D Y ]XW vQ vQ HOHJHUHD UHVSHFWLY  R QRX  JDUDQ LH GLQ SDUWHD
SXWHULORURFFLGHQWDOH3URWRFROXOVHFUHWDQH[DWWUDWDWXOXLDQJORIUDQFRWXUF
OD  RFWRPEULH  SUHYHGHD vQV  DMXWRU L DVLVWHQ  F WUH 7XUFLD
LPHGLDW FH R RIHQVLY  PLOLWDU  GHFODQDW  GH R SXWHUH HXURSHDQ  DU
DMXQJH OD IURQWLHUHOH %XOJDULHL VDX *UHFLHL GHFL SHVWH WHULWRULXO
5RPkQLHL
1HJRFLHULOH DQJORIUDQFRVRYLHWLFH QFHSXWH RDUHFXP SURPL WRU
QHJRFLHULOHWULSDUWLWHGHOD0RVFRYDGLQYDUDDQXOXLDXLQWUDWWUHSWDW
vQLPSDVGDWRULW LQWHUHVHORUGLYHUJHQWHGLQWUH0DUHD%ULWDQLH)UDQ DL
8QLXQHD 6RYLHWLF  ILHFDUH vQFHUFkQG V L LPSXQ  SXQFWHOH GH YHGHUH



 6XJHVWLY  ILLQG vQ DFHVW VHQV HVWH GHFODUD LD I FXW  GH 'XII &RRSHU
'DF DPJDUDQWDW3RORQLD*UHFLDL5RPkQLDQXDPI FXWRSHQWUXF VLP LP
SHQWUX SRORQH]L URPkQL VDX JUHFL YUHR SDUWLFXODU  WDQGUH H vQ FRPSDUD LH FX
HWLRSLHQLLVDXDOEDQH]LLFLSHQWUXF DPvQ HOHVF LQWHUHVHOHQRDVWUHYLWDOHVXQW
LQWLP OHJDWH FX HL L F  XQ DFW GH DJUHVLXQH FRQWUD XQXLD HVWH XQ DFW FRQWUD
WXWXURU

QPDLLLXQLH7XUFLDDvQFKHLDWDFRUGXULRILFLDOHFX)UDQ DLFX
$QJOLD FDUH QX DX IRVW SULYLWH FX RFKL EXQL vQ ,XJRVODYLD FDUH VH WHPHD GH
*HUPDQLDL,WDOLD/DUkQGXL*HUPDQLDDFRQVLGHUDWF SULQDOLDQ D7XUFLHLFX
FHOHGRX VWDWHGHPRFUDWLFHRFFLGHQWDOH6WUkPWRULOHDXIRVWSXVHODGLVSR]L LD
DFHVWRUD GLQ XUP  ,QWHQ LD *HUPDQLHL GH D FRQWUROD %DOFDQLL D UH]XOWDW L GLQ
SURSXQHUHDI FXW GHYRQ3DSHQOXL1XPDQ0HQHPHQFLRJOXODPDLFD
,WDOLD GHYHQLW  VWDW EDOFDQLF SULQ RFXSDUHD $OEDQLHL  DSULOLH   V  ILH
SULPLW vQQ HOHJHUHD%DOFDQLF 5HLFKXOXUPkQGDJDUDQWD7XUFLHLLQWHJULWDWHD
WHULWRULDO 
 
FDUHV OHVDWLVIDF LQWHUHVHOHLPHGLDWHLGHSHUVSHFWLY /DDFHDVWDVD
DG XJDW QHvQFUHGHUHD L FKLDU WU GDUHD UHFLSURF  GLQ PRPHQW FH DWkW
HQJOH]LL FkW L VRYLHWLFLL DX QHJRFLDW FRQFRPLWHQW FX JHUPDQLL FkW L
GLILFXOW LOH SULYLQG RE LQHUHD DFRUGXOXL JXYHUQHORU GH OD 9DURYLD L
%XFXUHWL SULYLQG WUHFHUHD WUXSHORU VRYLHWLFH SH WHULWRULLOH 3RORQLHL L
5RPkQLHLvQVLWXD LDvQFDUHDUILWUHEXLWV LQWUHvQDF LXQHvPSRWULYDXQHL
DJUHVLXQLJHUPDQH
3HQWUXJXYHUQXOURPkQvQV vQFRQGL LLOHvQFDUHJXYHUQXOVRYLHWLF
QX UHFXQRWHD GH MXUH VXYHUDQLWDWHD URPkQHDVF  DVXSUD %DVDUDELHL
DFFHSWDUHD WUHFHULL 1LVWUXOXL GH F WUH WUXSHOH VRYLHWLFH HUD LQDFFHSWDELO 
'HDOWIHOFXQRVFkQGDFHDVW VLWXD LHLSR]L LD.UHPOLQXOXLJXYHUQHOHGH
OD3DULVL/RQGUDQLFLQXDXPDLLQIRUPDWJXYHUQXOGHOD%XFXUHWLGDF 
DFFHSW  VDX QX WUHFHUHD WUXSHORU VRYLHWLFH &KLDU GDF  DYHD JUDQL D
U V ULWHDQ UHFXQRVFXW GHJXYHUQXOVRYLHWLF3RORQLDQXDDFFHSWDWQLFLHD
S WUXQGHUHD WUXSHORU VRYLHWLFH SH WHULWRULXO QD LRQDO LQYRFkQG
QHvQFUHGHUHD vQ SROLWLFD JXYHUQXOXL GH OD 0RVFRYD L SUDFWLFL PDL YHFKL
DOHWUXSHORUVRYLHWLFHQDFHVWFRQWH[WWUDWDWLYHOHWULSDUWLWHGHOD0RVFRYD
DXIRVWvQWUHUXSWHODDXJXVW
1HXWUDOLWDWHDQFRQWH[WXOLVWRULFH[WUHPGHFRPSOH[GHWHUPLQDWGH
GHFODQDUHD FHOXL GHDO GRLOHD U ]ERL PRQGLDO SULQ DWDFDUHD 3RORQLHL GH
F WUH *HUPDQLD  VHSWHPEULH   L SULQ DQJDMDUHD vQ FRQIODJUD LH D
0DULL%ULWDQLLD)UDQ HL VHSWHPEULH LDDOWRUVWDWH5RPkQLDD
GHFLV OD  VHSWHPEULH L VXE SUHVLXQH JHUPDQ  V  DGRSWH R SR]L LH GH
QHXWUDOLWDWH 'HFL]LD &RQVLOLXOXL GH &RURDQ  QX FRQWUDYHQHD YUHXQHL
DOWH REOLJD LL LQWHUQD LRQDOH D 5RPkQLHL L VH vQVFULD vQ ODUJXO FXUHQW


6RYLHWLFLLDXFHUXWJDUDQWDUHDvQWUHJXOXLVSD LXGLQWUH0DUHD%DOWLF L
0DUHD1HDJU GHFLLQFOXVLYD)LQODQGHL/HWRQLHLL(VWRQLHL FRQVLGHUkQGF 
JHUPDQLLSXWHDXDWDFDLGHSHWHULWRULXODFHVWRUVWDWH OXFUXQHGRULWGHHQJOH]L

 'HFL]LD D IRVW OXDW  GH F WUH &RQVLOLXO GH &RURDQ  L D IRVW I FXW 
SXEOLF SULQ&RPXQLFDWXOQUDO&DVHL5HJDOH$GRXD]L*ULJRUH*DIHQFXD
I FXW FXQRVFXW F  5RPkQLD U PkQHD QHXWU  SkQ  FkQG U ]ERLXO DU IL DWLQV
GLUHFW LQGHSHQGHQ D L LQWHJULWDWHD HL LQWHUHVHOH GH YLD  DOH SULHWHQLORU HL GLQ
Q HOHJHUHD%DOFDQLF 

*DUDQ LLOHDFRUGDWHGH)UDQ DL0DUHD%ULWDQLH5RPkQLHLODDSULOLH
HUDXXQLODWHUDOHLDUDOLDQ DFX3RORQLDGLQQXIXQF LRQDGHFkWvQFD]
GH DJUHVLXQH VRYLHWLF  GHFODQDW  OD  VHSWHPEULH   GDU OD FHUHUHD
JXYHUQXOXLGHOD9DURYLDFDUHQXDvQWUHSULQVDFHVWGHPHUV
 
QHXWUDOLVWGLQHSRF QSRILGDRELHF LLORUJHUPDQHQHXWUDOLWDWHD5RPkQLHL
DIRVWELQHYRLWRDUHID GH3RORQLDJXYHUQXOURPkQSHUPL kQGWUDQ]LWDUHD
WH]DXUXOXLDUPDWHLJXYHUQXOXLSRORQH]LDFLYLOLORUVSUHDOWHVWDWHLFKLDU
U PkQHUHDPXOWRUDvQ DU 
5RPkQLDL%ORFXOQHXWULORU/DVFXUWWLPSGXS GHFODQDUHDFHOXL
GHDOGRLOHDU ]ERLPRQGLDOJXYHUQXOURPkQDLQL LDWGHPHUVXULSHOkQJ 
JXYHUQHOH JUHF WXUF L LXJRVODY SHQWUX FRQVROLGDUHD OHJ WXULORU GLQWUH
VWDWHOH Q HOHJHULL %DOFDQLFH L DWUDJHUHD %XOJDULHL OD LGHHD RUJDQL] ULL
XQXL EORF FDUH V  SHUPLW  FRQVWLWXLUHD XQHL ]RQH QHXWUH vQ %DOFDQL Q
DFHVW VFRS JXYHUQXO GH OD %HOJUDG D SURSXV vQFKHLHUHD XQRU WUDWDWH GH
QHDJUHVLXQH L QHXWUDOLWDWH vQWUH WRDWH VWDWHOH EDOFDQLFH VDX LQWUDUHD
%XOJDULHL vQ Q HOHJHUHD %DOFDQLF  JXYHUQXO URPkQ D RSWDW SHQWUX
DGRSWDUHDXQHLGHFODUD LLFRPXQHSULQFDUHFHOHFLQFLVWDWHVHDQJDMDXV 
U PkQ  QHXWUH vQ WLPS FH JXYHUQXO GH OD $WHQD VD SURQXQ DW SHQWUX R
QHXWUDOLWDWH SXU  I U  QLFL R PHQ LXQH GH UHYL]XLUH Q SRILGD SR]L LHL
DGRSWDW GHF WUHJXYHUQXOHOHQ*ULJRUH*DIHQFXL&LQDU0DUFRYLDX
DFFHSWDWOD-HEHO VHSWHPEULH SRVLELOLWDWHDUHYL]XLULLIURQWLHUHORU
vQIDYRDUHD%XOJDULHLvQVLWXD LDvQFDUH%XOJDULDDUILDGHUDWODQ HOHJHUHD
%DOFDQLF LVDUILVXSXVWXWXURUDQJDMDPHQWHORULREOLJD LLORUSHFDUHOH
DYHDX FHOHODOWH VWDWH PHPEUH GDF  DU IL FHGDW WHULWRULL WRDWH VWDWHOH
Q HOHJHULL%DOFDQLFHLGDF JXYHUQXOEXOJDUDUILIRVWH[SUHVLDRSLQLHL
SXEOLFHvQDQVDPEOXOV XvQVFRSXOGHDHYLWDFXUHQWHFRQWUDULLFDUHDUIL
SXWXW FRPSURPLWH RSHUD GH vQ HOHJHUH R GDW  UHDOL]DW  ,GHHD EORFXOXL
EDOFDQLFDFRQYHQLWL)UDQ HLL0DULL%ULWDQLLFDUHVDXDU WDWGLVSXVHV 
DFFHSWHFKLDUVXSUHPD LD,WDOLHLvQFDGUXODFHVWXLDFXFRQGL LDFDDFHDVWD
V U PkQ QHXWU 
QWUXQDVHPHQHDFRQWH[WODRFWRPEULHJXYHUQXOURPkQD
IRUPXODW  FDUH V  VWHD OD ED]D FRQVWLWXLULL EORFXOXL QHXWULORU vQ VXGHVWXO
(XURSHL  1HXWUDOLWDWH GHV YkULW  vQ FDGUXO U ]ERLXOXL vQ GHVI XUDUH
1HDJUHVLXQHvQWUHVWDWHOHFDUHDUILFRQVWLWXLWEORFXO3 VWUDUHDXQHL
QHXWUDOLW L ELQHYRLWRDUH ID  GH VWDWXO FDUH DU IL IRVW HYHQWXDO DWDFDW


5RPkQLDDDFRUGDWD]LOODFLUFDGHHPLJUDQ LSRORQH]L vQWUH
FDUH   GH PLOLWDUL  L D SHUPLV WUDQ]LWDUHD D SHVWH   NJ DXU GLQ
WH]DXUXOQD LRQDO

2EOLJD LLOHGHDVLVWHQ PXWXDO GLQWUHXQHOHVWDWHSDUWLFLSDQWHODEORF
U PkQHDXvQYLJRDUHvQFD]GHDJUHVLXQH
 
 /XDUHD GH FRPXQ DFRUG D GHFL]LLORU vQ YHGHUHD QRUPDOL] ULL VLWXD LHL
PLOLWDUH OD IURQWLHUHOH FRPXQH  6WDELOLUHD XQXL FRQWDFW GLUHFW vQWUH
PLQLWULL$IDFHULORU6WU LQHDLVWDWHORUUHVSHFWLYHLVFKLPEGHLQIRUPD LL
SROLWLFH L HFRQRPLFH vQWUH JXYHUQH  $GRSWDUHD XQRU P VXUL GH RUGLQ
HFRQRPLF vQ ED]D FRPXQLW LL GH LQWHUHVH 3ULQ XUPDUH SURLHFWXO
URPkQHVFYL]DPHQ LQHUHDDOLDQ HORUH[LVWHQWH LFKLDUO UJLUHDDFHVWRUD 
D VWDWXTXRXOXL WHULWRULDO L D S FLL vQ ]RQ  QHILLQG vQGUHSWDW vPSRWULYD
QLP QXL
7HDPD GH UHDF LD %HUOLQXOXL vQ VSHFLDO D I FXW FD vQ VFXUW WLPS
DOLD LL EDOFDQLFL DL 5RPkQLHL V L SLDUG  HQWX]LDVPXO ID  GH LGHHD
EORFXOXLQHXWULORUFKLDULvQWURIRUP UHVWUkQV ODVWDWHOHFDUHFRQVWLWXLDX
Q HOHJHUHD %DOFDQLF  ,QVLVWkQG vQ DFHDVW  GLQ XUP  GLUHF LH *ULJRUH
*DIHQFXDPLOLWDWvQWLPSXOVHVLXQLLRUGLQDUHD&RQVLOLXOXL3HUPDQHQWDO
Q HOHJHULL %DOFDQLFH GH OD%HOJUDG IHEUXDULH SHQWUXVROLGDUL
WDWHDVWDWHORUPHPEUHLSHQWUXDGRSWDUHDGHF WUHDFHVWHDDXQHLQHXWUD
OLW LDFWLYHvQVHQVXODS U ULLvQFRPXQD]RQHLFKLDUvQDIDUDREOLJD LLORU
FRQWUDFWXDOH vQ FD]XO XQHL HYHQWXDOH DJUHVLXQL H[WUDEDOFDQLFH (YROX LD
VLWXD LHLLQWHUQD LRQDOHDI FXWFDDFHDVW LQL LDWLY V U PkQ ODVWDGLXOGH
GH]LGHUDW

5HFUXGHVFHQ DUHYL]LRQLVPXOXLXQJDUEXOJDULVRYLHWLF

5HYL]LRQLVPXOXQJDU'DWRULW QHUHFXQRDWHULLGHF WUHJXYHUQHOHGH


OD %XGDSHVWD D SUHYHGHULORU 7UDWDWXOXL GH OD 7ULDQRQ GLQ  UHOD LLOH
URPkQRXQJDUH DX IRVW WHQVLRQDWH vQ WRDW  SHULRDGD LQWHUEHOLF  Q DFHVW
VHQV vQ DXJXVW  /iV]OR %iUGRVV\ PLQLVWUXO XQJDU OD %XFXUHWL D
SUH]HQWDWOD6LQDLDOXL9LFWRU$QWRQHVFXSXQFWXOGHYHGHUHDOJXYHUQXOXL
XQJDU UHIHULWRU OD UHOD LLOH FX VWDWHOH 0LFLL Q HOHJHUL vQFKHLHUHD XQXL
SURWRFRO SULQ FDUH V  VH UHFXQRDVF  FDGXFLWDWHD FODX]HORU PLOLWDUH DOH
WUDWDWXOXLGHOD7ULDQRQUHFXQRDWHUHDHJDOLW LLvQGUHSWXULD8QJDULHLvQ
GRPHQLXOvQDUP ULLLRVLWXD LHVSHFLDO SHQWUXPLQRULW LOHPDJKLDUHGLQ


&KLDUGDF VDGHFLVSUHOXQJLUHDSDFWXOXLFXvQF DQL vQFHSkQGFX
IHEUXDULH UHXQLXQHDGHOD%HOJUDGGLQIHEUXDULHVDGRYHGLWDILL
XOWLPDQ HOHJHUHD%DOFDQLF GHVWU PkQGXVHODVFXUWWLPSGDWRULW HYHQLPHQ
WHORULQWHUQD LRQDOHFDUHDXXUPDW
 
FHOH WUHL VWDWH Q VFKLPE 8QJDULD VH DQJDMD V  QX UHFXUJ  OD IRU  vQ
UHOD LLOH FX 5RPkQLD ,XJRVODYLD L &HKRVORYDFLD &RQVLGHUkQG SURSXQH
ULOH PDJKLDUH GUHSW DPHVWHF vQ WUHEXULOH LQWHUQH 9LFWRU $QWRQHVFX D
GHFODUDW F  SUREOHPD PLQRULW LORU HUD GH FRPSHWHQ D ILHF UXL JXYHUQ
QD LRQDOLQXGHFHDDFHOXLGHOD%XGDSHVWD$SRLGXS vQWkOQLUHDGLQWUH
+LWOHULORUGXO+DOLID[GLQQRLHPEULHFkQG)KUHUXODF S WDW
PkQ  OLEHU  vQ (XURSD FHQWUDO  JXYHUQXO GH OD %XGDSHVWD LQWHUHVDW vQ
PRGLILFDUHD VWDWXTXRXOXL WHULWRULDO SRVWEHOLF QX D PDL GRULW R YUHPH
QHJRFLHULFXVWDWHOH0LFLLQ HOHJHULLDUDWXQFLFkQGDDFFHSWDWV OHSRDUWH
DXUP ULWGHUHJXO VDWLVIDFHUHDUHYHQGLF ULORUUHYL]LRQLVWH
$SRLvQLDQXDULHFXSULOHMXOYL]LWHLOD%HUOLQDXQHLGHOHJD LLD
JXYHUQXOXL GH OD %XGDSHVWD SURILWkQG GH DJUDYDUHD VLWXD LHL LQWHUQD LR
QDOH LQFOXVLY D SR]L LHL 5RPkQLHL PLQLVWUXO GH ([WHUQH XQJDU ,VWYiQ
&ViN\DSURSXVFRQVWLWXLUHDXQXLQRXVWDWWUDQVLOY QHDQLQGHSHQGHQWvQ
VSHUDQ DF DFHVWDDUILSXWXWILLQWHJUDWPDLXRU8QJDULHLQFRQGL LLOHvQ
FDUHJHUPDQLLQXDXIRVWGHDFRUGJXYHUQXOGHOD%XGDSHVWDDSXVvQOXQD
XUP WRDUHSUREOHPDXQHLUHYL]XLULDIURQWLHUHORUvQXUPDF UHLD8QJDULD
DU IL RE LQXW XQHOH WHULWRULL URPkQHWL GH JUDQL  &RQFRPLWHQW SULPXO
PLQLVWUX7HOHNL3iODFRQFHSXWXQSURLHFWGHFRQVWLWXLUHDXQXLFRULGRU
VSUHWHULWRULXOVHFXLHVFLDXQRUFDQWRDQH FDWHULWRULLQD LRQDOHVXYHUDQH 
3HQWUX WUDQVSXQHUHD vQ SUDFWLF  D DFHVWRU SODQXUL OD PLMORFXO OXQLL
PDUWLH  FRQFRPLWHQW FX RFXSDUHD 8FUDLQHL 6XEFDUSDWLFH JXYHUQXO
XQJDUDPDVDWLPSRUWDQWHIRU HPLOLWDUHODJUDQL DFX5RPkQLDGHWHUPL
QkQGJXYHUQXOURPkQV GHFODUHPRELOL]DUHDJHQHUDO 
/D VFXUW WLPS GXS  GH]PHPEUDUHD &HKRVORYDFLHL L GXS  FH
RFXSDVH vQWUHDJD 8FUDLQ  6XEFDUSDWLF   PDUWLH   L S U VLVH
6RFLHWDWHD1D LXQLORU DSULOLH SULPXOPLQLVWUXXQJDU7HOHNL3iO
DGHFODUDWF UHYHQGLFDUHD7UDQVLOYDQLHLU PkQHvQSULPSODQXOSUHRFXS 
ULORUSROLWLFLL8QJDULHLLF DQH[DUHDHLYDDYHDORFPDLFXUkQGVDXPDL
WkU]LXLDUvQWUHLDSULOLHOD5RPDDvQDLQWDWPLQLVWUXOXLLWDOLDQGH
([WHUQH&LDQRXQPHPRULXvQVR LWGHRKDUW FXSURSXQHULGHVROX LR
QDUHQDFHODLVFRSvQSODQPLOLWDUODvQFHSXWXOOXQLLPDLJHQH



 5HOLHIkQG LQWHQ LLOH DJUHVLYH XQJDUH *ULJRUH *DIHQFX LQIRUPD
UHSUH]HQWDQ HOH URPkQHWL GH SHVWH KRWDUH 8QJDULD QXWUHWH VHQWLPHQWH UHYL
]LRQLVWHSHFDUHvQYUHPXULOHGLQXUP OHDPDQLIHVWDWSHID SULQFDPSDQLL
GHSUHV LvQWUXQLUL
 
UDOXO:HUWK+HQULNHIXO0DUHOXL6WDW0DMRUXQJDUDvQDLQWDWPHPEULORU
JXYHUQXOXL XQ SURLHFW GH RSHUD LL PLOLWDUH vPSRWULYD 5RPkQLHL DSUREDW
DSRL L GH UHVSRQVDELOLL SROLWLFL  FDUH YL]D vQ DIDUD SUREOHPHORU PLOLWDUH
SURSULX]LVH L PRGXO vQ FDUH XUPD V  VH GHVI RDUH DFWLYLWDWHD GH
SURSDJDQG LVDERWDMvQWHULWRULXOURPkQHVFQSODQGLSORPDWLFJXYHUQXO
GH OD %XGDSHVWD D vQFHSXW V  SXQ  GLQ FH vQ FH PDL DFXW SUREOHPD
7UDQVLOYDQLHLvQUDSRUWXULOHLQWHUQD LRQDOHvQVSHFLDOvQUHOD LLOHFX$QJOLD
3UHVLXQLOHXQJDUHDVXSUD5RPkQLHLVDXDFFHQWXDWGXS VHPQDUHDOD
 DXJXVW  D SDFWXOXL GH QHDJUHVLXQH JHUPDQRVRYLHWLF 'H DOWIHO
GXS  FH OD vQGHPQ JHUPDQ 8QJDULD GLVORFDVH QRL WUXSH OD JUDQL D FX
5RPkQLD FKLDU vQ ]LXD vQ FDUH HUD vQFKHLDW VLQLVWUXO SDFW &ViN\ ,VWYiQ
WULPLWHD JXYHUQXOXL URPkQ R 1RW  VHYHU  SULQ FDUH LQYRFD PRELOL]DUHD
PLOLWDU XQJDU FDXQU VSXQVODFHDVLPLODU URPkQ GHLFDX]HOHHUDXFX
WRWXODOWHOHQFHUFkQGFRQFLOLHUHDJXYHUQXOURPkQDSURSXVODDXJXVW
 SULQ *ULJRUH *DIHQFX vQFKHLHUHD XQXL WUDWDW GH QHDJUHVLXQH vQV 
RIHUWD D IRVW UHVSLQV  LQYRFkQGXVH SUHVLXQHD DUPHORU GLQ SDUWHD
5RPkQLHL
'XS  GHFODQDUHD FHOXL GHDO GRLOHD U ]ERL PRQGLDO UHOD LLOH
URPkQRXQJDUHDXU PDVWRWvQFRUGDWHvQSRILGDIDSWXOXLF DYkQGQHYRLH
GHSHWUROXOURPkQHVFLGHOLQLWHvQ]RQ 5LEEHQWURSDFHUXWOXL&ViN\FD
8QJDULD V  QX DWDFH5RPkQLDLV VHPXO XPHDVF FXVWDUHDDFWXDO 
&D XUPDUH JXYHUQXO GH OD %XGDSHVWD D DFFHSWDW V  vQFKHLH FX JXYHUQXO
URPkQXQDFRUGUHIHULWRUODUHGXFHUHDUHFLSURF LVLPXOWDQ DHIHFWLYHORU
PLOLWDUH GH OD JUDQL D FRPXQ  3HVWH SX LQ WLPS vQV  &RQVLOLXO PLOLWDU
XQJDU DYHD V  FRQFUHWL]H]H vQWUH  L  GHFHPEULH  XQ SODQ GH
LQWHUYHQ LH PLOLWDU  vPSRWULYD 5RPkQLHL %XGDSHVWD FRQWkQG L SH
VXV LQHUHD GHFODUDW  DO %HUOLQXOXL F UXLD LD FHUXW vQ PDUWLH 



$JUHVLXQHDXQJDU XUPDV VHSURGXF LPHGLDWvQVLWXD LLOHvQFDUHvQ
5RPkQLD DU IL L]EXFQLW UHYROX LH L DUPDWD VDU IL GHVWU PDW GDF  PLQRULWDWHD
PDJKLDU GLQ$UGHDODUILIRVWSULPHMGXLW VDXGDF JXYHUQXOGHOD%XFXUHWLDU
IL I FXW FRQFHVLL WHULWRULDOH 8QLXQLL 6RYLHWLFH VDX %XOJDULHL &X SX LQ WLPS
vQDLQWH HIXO SUHVHL XQJDUH 8OOHLQ 5HYLF]N\ GHFODUDVH 3ROLWLFD H[WHUQ  D
8QJDULHL DUH R VLQJXU  SUREOHP  $UGHDOXO $FHDVW  SUREOHP  R UH]ROY P vQ
RULFHvPSUHMXUDUHLFXRULFHSUH 

/DLDQXDULHJHQHUDOXO7LSSHONLUFKHIXO6HF LHLHYLGHQ GLQ
0DUHOH6WDW0DMRU*HUPDQDGHFODUDWJHQHUDOXOXL8MV]iV]\,VWYiQHIXO6HF LHL
FRQWUDVSLRQDM DO DUPDWHL XQJDUH F  SHQWUX DL DVLJXUD FRQWUROXO DVXSUD
] F PLQWHORUGHSHWURODOH5RPkQLHL*HUPDQLDFRQWDSHLQWHUYHQ LD8QJDULHL
 
VSULMLQ SHQWUX VDWLVIDFHUHD LPHGLDW  D UHYHQGLF ULORU WHULWRULDOH DVXSUD
5RPkQLHL7HPkQGXVHF RHYHQWXDO LQWHUYHQ LHXQJDU DUILGHVWDELOL]DW
VLWXD LDGLQ]RQ  LDUILIRVWIDYRUDELO HQJOH]LORU +LWOHUDUHVSLQVSHQWUX
PRPHQW SUHWHQ LLOH XQJDUH &X WRDWH DFHVWHD JXYHUQXO XQJDU DWHSWD FX
QHU EGDUHSULOHMXOSHQWUXDLQWHUYHQLPRELOL]kQGFXDQWLFLSD LHODPLMOR
FXOOXQLLPDLGRX FRUSXULGHDUPDW LEULJ ]LOHUDSLGH$SRLODLXQLH
ODQXPDLR]LGXS FHJXYHUQXOVRYLHWLFDvQDLQWDWJXYHUQXOXLURPkQ
1RWD XOWLPDWLY  SULQ FDUH FHUHD FHGDUHD %DVDUDELHL L D QRUGXOXL
%XFRYLQHL %XGDSHVWD D vQDLQWDW %HUOLQXOXL R 1RW  SULQ FDUH DU WD F 
8QJDULD GRUHD V L vQGHSOLQHDVF  LHDSUHWHQ LLOHID GH5RPkQLDSULQ
LQWHUPHGLXOvQ HOHJHULORUFXSXWHULOH$[HLQDFHHDL]LJXYHUQXOXQJDUD
DGRSWDW R GHFODUD LH SULQ FDUH VH PHQ LRQD F  5RPkQLD WUHEXLD
FRQVWUkQV  V  VDWLVIDF  SUHWHQ LLOH WHULWRULDOH XQJDUH LDU &RQVLOLXO
6XSUHPDO$S U ULL1D LRQDOHDGHFUHWDWPRELOL]DUHDDUPDWHLLGLVORFDUHD
SURJUHVLY  D XQLW LORU L PDULORU XQLW L VSUH JUDQL D GH HVW 3HQWUX D
FRQWURODVLWXD LDJXYHUQXOJHUPDQDDYHUWL]DWJXYHUQXOGHOD%XGDSHVWDV 
QX DWDFH 5RPkQLD SURPL kQGXL WRWRGDW  F  SUREOHPD UHYL]XLULL YD IL
VROX LRQDW GHF WUHVWDWHOH$[HL
5HYL]LRQLVPXO EXOJDU Q SRILGD GHFODUD LLORU OLQLWLWRDUH I FXWH
XQHRULGHJXYHUQXOGHOD6RILDUHYL]LRQLVPXOEXOJDUDOXDWRDPSORDUHGLQ
FH vQ FH PDL PDUH GHWHUPLQkQG UHDF LD *UHFLHL FDUH LD SURFODPDW GLQ
QRX SULQ,RDQQLV0HWD[DV LQYLRODELOLWDWHDIURQWLHUHORUODSDFHLU ]ERL
L D 5RPkQLHL FDUH D GHFODUDW SULQ *ULJRUH *DIHQFX F  DWkWD WLPS FkW
%XOJDULD QX YD DFFHSWD V  LQWUH vQ Q HOHJHUHD EDOFDQLF  L QX VH YD
VROLGDUL]D FX SROLWLFD GH SDFH D YHFLQLORU QX L VH SRDWH IDFH QLFL R
FRQFHVLHGHRUGLQSROLWLFQHFXPGHRUGLQWHULWRULDO
5HYL]LRQLVPXOVRYLHWLF'XS FHLDvPS U LWVIHUHOHGHLQIOXHQ FX
*HUPDQLDODDXJXVW8QLXQHD6RYLHWLF DULGLFDWGLQFHvQFHPDL
DPHQLQ WRU SUREOHPD %DVDUDELHL LQFLGHQWHOH GH IURQWLHU  SXVH GH
F WUH VRYLHWLFL SH VHDPD URPkQLORU vQPXO LQGXVH vQ PRG VLP LWRU Q
SHULRDGDXUP WRDUHGLSORPD LLJHUPDQLDXLQIRUPDWSHFHLURPkQLGHVSUH


 Q RFWRPEULH  00 0RORWRY D GHFODUDW PLQLVWUXOXL WXUF GH
([WHUQH 6DUDFLRJOX F  0RVFRYD VH JkQGHD V L UHIDF  IURQWLHUD GLQ 
$SRL .UHPOLQXO D SURSXV %XOJDULHL V  SUHWLQG  vQWUHDJD 'REURJH F  R YD
VXV LQHQDFHHDLGLUHF LHGHDF LXQHODGHFHPEULH3RWHPNLQDGHFODUDW
DPEDVDGRUXOXLIUDQFH]OD0RVNRYDF 2GHVVDGHYHQLVHXQSRUWPRUWGHFkQGD
SLHUGXWKLQWHUODQGXO%DVDUDELHL
 
GHFODUD LLOH UHYL]LRQLVWH VRYLHWLFH /D  GHFHPEULH  GH H[HPSOX
:LOKHOP)DEULFLXVDDWHQ LRQDWSH*ULJRUH*DIHQFXF GDF U ]ERLXOVHYD
LQWHQVLILFDvQYHVWXO(XURSHL5XVLD6RYLHWLF QXYDSXWHDILvPSLHGLFDW 
V L UHDOL]H]H DQXPLWH SODQXUL $SRL GXS  FH OD  GHFHPEULH &DUO
&ORGLXV D GHFODUDW OXL (UQHVW 8UG UHDQX F  *HUPDQLD QX YD DS UD
5RPkQLDvQPRPHQWXOFkQG6RYLHWHOHYRUWUHFH1LVWUXODPEDVDGRUXO
JHUPDQ OD 5RPD +DQV *HRUJ YRQ 0DFNHQVHQ D SXQFWDW L HO OD
PDUWLHvQWURGLVFX LHFX5DRXO%RVV\FDUHvQFHUFDV LH[SOLFHF 
vQFD]GHDWDFVRYLHWLFURPkQLLVHYRUDS UDFDILQODQGH]LL1LPHQLQX
YUHDFDUXLLV DMXQJ vQ%DOFDQLGDUvQJHQHUDOVHVRFRWHWHF %DOFDQLL
vQFHS OD 3UXW 3HQWUX FD WRWXO V  ILH FODU GLSORPDWXO JHUPDQ D DG XJDW
3HQWUX%DVDUDELDQXVHYDOXSWDQLPHQL'HDFHHDFUHGSHUVRQDOF DU
WUHEXL V  Y  vQ HOHJH L FX UXLL GDF  ULGLF  FKHVWLXQHD %DVDUDELHL
&KHVWLXQHDDYHDV ILHULGLFDW vQWUDGHY UGHF WUH900RORWRYOD
 PDUWLH DFHODL DQ FkQG FRPLVDUXO VRYLHWLF DO $IDFHULORU ([WHUQH D
LQIRUPDW6RYLHWXO6XSUHPF vQWUH8QLXQHD6RYLHWLF L5RPkQLDH[LVWDR
FKHVWLXQHOLWLJLRDV QHUH]ROYDW DFHHDD%DVDUDELHL

6FKLPEDUHDSROLWLFLLH[WHUQH

Q SULP YDUD DQXOXL  FD XUPDUH D QRLORU HYHQLPHQWH LQWHUQD


LRQDOH DJUHVLXQHD*HUPDQLHLvQYHVWXO(XURSHL 5RPkQLDVDY ]XWL]RODW 
GLQ FH vQ FH PDL PXOW vQ SODQ LQWHUQD LRQDO QFHUFkQG V  VRQGH]H SR]L LD
*HUPDQLHL OD  PDL  *ULJRUH *DIHQFX D VROLFLWDW OXL :LOKHOP
)DEULFLXV XQHOH O PXULUL FX SULYLUH OD SROLWLFD RULHQWDO  D JXYHUQXOXL
JHUPDQ 6SUH VWXSHIDF LD PLQLVWUXOXL URPkQ DO $IDFHULORU 6WU LQH
RPRORJXOJHUPDQDU VSXQVF SDFHDLOLQLWHD5RPkQLHLDWkUQ vQEXQ 
SDUWHGHvQ HOHJHUHDGHSOLQ ODFDUHDUSXWHDDMXQJH5RPkQLDFXYHFLQLLV L
&RUHODWH FX FDSLWXODUHD %HOJLHL L vQIUkQJHULOH vQUHJLVWUDWH SH
IURQW GH F WUH WUXSHOH IUDQFH]H L HQJOH]H FX UHFUXGHVFHQ D
UHYL]LRQLVPXOXLVRYLHWLFXQJDULJHUPDQQRLOHGHFODUD LLLSUHVLXQL
JHUPDQHDXGXVODVFKLPEDUHDFXUVXOXLSROLWLFLLH[WHUQHD ULLOD
PDL SULPXOPLQLVWUX *KHRUJKH 7 W UHVFX LQIRUPkQG SH :LOKHOP


3HODUJ$OHVDQGUX'X X0DULD,JQDWRSFLW
 
)DEULFLXV F  JXYHUQXO URPkQ GRUHD V  O PXUHDVF  FX FHO JHUPDQ
FDGUXO FRODERU ULL SULHWHQHWL FX JXYHUQXO 5HLFKXOXL 3HQWUX D
vQOHVQL DFHVW OXFUX *ULJRUH *DIHQFX LD SUH]HQWDW GHPLVLD ILLQG
vQORFXLW FX ILORJHUPDQXO ,RQ *LJXUWX &X WRDWH DFHVWHD OD  LXQLH
JXYHUQXO JHUPDQ D FRQGL LRQDW GLQ QRX vPEXQ W LUHD UHOD LLORU
ELODWHUDOHGHOXDUHDvQFRQVLGHUDUHDHYHQWXDOHORUFHUHULGHUHYL]XLUL
DOHYHFLQLORUQFHUFkQGV vPEXQH]H%HUOLQXO*KHRUJKH7 W UHVFX
DU VSXQVODLXQLHI FkQGFXQRVFXW KRW UkUHDJXYHUQXOXLURPkQ
GHDvQW ULLH[WLQGHFRODERUDUHDGLQWUH5RPkQLDL*HUPDQLD
QQRLOHFRQGL LLJHRSROLWLFHLVWUDWHJLFHGHWHUPLQDWHGHFDSLWXODUHD
)UDQ HL L GH SLHUGHUHD %DVDUDELHL L D QRUGXOXL %XFRYLQHL JXYHUQXO
URPkQ D UHQXQ DW OD  LXQLH  OD JDUDQ LLOH DQJORIUDQFH]H GLQ 
DSULOLH  GXS  FDUH OD  LXOLH QRXO SULPPLQLVWUX ,RQ *LJXUWX D
DQXQ DW GHFL]LD GH D XUPD R SROLWLF  GH LQWHJUDUH VLQFHU  vQ VLVWHPXO
$[HL2V SW PkQ PDLWkU]LXODLXOLHVDI FXWSXEOLF LGHFL]LDGH
LHLUHGLQ6RFLHWDWHD1D LXQLORU







 


,,,5$3785,/(7(5,725,$/(
/$&$5($)26768386 5201,$1





QYDUDDQXOXLODVFXUWWLPSGXS vQIUkQJHUHD)UDQ HL5RPkQLD
VDDIODWvQWURVLWXD LHH[WUHPGHGLILFLO SLHU]kQGvQWUXQWLPSH[WUHPGH
VFXUWFLUFDNPSLGHORFXLWRULFDUHDXLQWUDWSULQSUH
VLXQHLGLFWDWvQFRPSRQHQ D8QLXQLL6RYLHWLFH8QJDULHLL%XOJDULHL
$FHDVWDvQSRILGDIDSWXOXLF vQSHULRDGDLQWHUEHOLF GLSORPD LDURPkQ 
XUP ULQG PHQ LQHUHD LQWHJULW LL LQGHSHQGHQ HL L VXYHUDQLW LL VWDWXOXL
QD LRQDOXQLWDUDSURPRYDWRSROLWLF GHSDFHLSULHWHQLHFXWRDWHVWDWHOH
YHFLQHQHULGLFkQGYUHRGDW YUHRSUHWHQ LHWHULWRULDO ID GHDFHVWHD
&X WRDWH DFHVWHD SUHVLXQLOH L DPHQLQ ULOH VWDWHORU UHYL]LRQLVWH OD
DGUHVDLQWHJULW LLWHULWRULDOHD5RPkQLHLDYHDXV VHLQWHQVLILFHvQVSHFLDO
GXS FH*HUPDQLDDGHFODQDWSURFHVXOGHS WUXQGHUHVSUHFHQWUXOLHVWXO
(XURSHL RFXSkQG $XVWULD &HKRVORYDFLD L 3RORQLD L vQFKHLQG OD 
DXJXVWSDFWXOGHQHDJUHVLXQHFX8QLXQHD6RYLHWLF DOF UXLSURWRFRO
VHFUHW PHQ LRQD OD DUW  LQWHUHVXO VWDWXOXL VRYLHWLF SHQWUX %DVDUDELD L
GH]LQWHUHVXO 5HLFKXOXL SHQWUX DFHODL WHULWRULX 3UHVLXQL DVXSUD ULL DX
PDLI FXWDWkW8QJDULDFkWL%XOJDULD



3HODUJ$OHVDQGUX'X X0DULD,JQDW'UDPD5RPkQLHL5DSW
L XPLOLQ  %XFXUHWL  *LXUF  ,RQ 'UDPD 5RPkQLHL 0DUL %XFXUHWL
0XDW0LUFHD$UGHOHDQX,RQ'UDPD5RPkQLHL0DUL%XFXUHWL
9H]LL$OHVDQGUX'X X0RGLILFDUHDVWDWXTXRXOXLWHULWRULDOHXURSHDQ
3UHOLPLQDULLFRQ LQXWLFRQVHFLQ H%XFXUHWL

 3H ODUJ 0RLVXF 9LRULFD 3UHPLVHOH L]RO ULL SROLWLFH D 5RPkQLHL
%XFXUHWL,RDQ7DOSH'LSORPD LHLDS UDUH&RRUGRQDWH
DOHSROLWLFLLH[WHUQHURPkQHWL%XFXUHWL0LKDL5HWHJDQQ
EDODQ DIRU HORU$OLDQ HOHPLOLWDUHURPkQHWLLQWHUEHOLFH%XFXUHWL

 /D  LDQXDULH  SXUW WRUXO GH FXYkQW DO JXYHUQXOXL GH OD
%XGDSHVWDDGHFODUDWF SROLWLFDH[WHUQ D8QJDULHLDUHRVLQJXU SUREOHP 
$UGHDOXO
 
6HVL]kQG SHULFROXO FH SODQD DVXSUD ULL JXYHUQXO URPDQ D FHUXW
JXYHUQHORUDOLDWHV OLQIRUPH]HGDF SXWHDFRQWDSHVSULMLQXOORUvQFD]XO
XQHLDJUHVLXQLDVXSUDWHULWRULXOXLV XQD LRQDO5 VSXQVXODIRVWGH]DP 
JLWRU DOLD LLGLQQ HOHJHUHD%DOFDQLF VI WXLQG5RPkQLDV VHMHUWIHDVF 
vQ LQWHUHVXO S FLL DD FXP FRQVHPQD SULPXOPLQLVWUX *KHRUJKH
7 W UHVFX) U HIHFWDVXSUDLQWHJULW LLWHULWRULDOHD5RPkQLHLDXU PDVL
JDUDQ LLOHRIHULWHGH)UDQ DL0DUHD%ULWDQLH

2FXSDUHD%DVDUDELHLLDQRUGXOXL%XFRYLQHL
GHF WUH8QLXQHD6RYLHWLF 

3ULPHOH WHULWRULL URPkQHWL SLHUGXWH vQ GUDPDWLFXO DQ  DX IRVW
%DVDUDELDLQRUGXO%XFRYLQHLDF URUXQLUHFXSDWULDPDP vQQXD
IRVW UHFXQRVFXW  GH F WUH 8QLXQHD 6RYLHWLF  3UREOHPD EDVDUDEHDQ  D
IRVWULGLFDW GLUHFWGHF WUH900RORWRYODPDUWLHGXS YLFWR
ULD DVXSUD )LQODQGHL FkQG FRPLVDUXO VRYLHWLF DO $IDFHULORU ([WHUQH D
LQIRUPDW6RYLHWXO6XSUHPF vQWUH8QLXQHD6RYLHWLF L5RPkQLDH[LVWDR
FKHVWLXQH OLWLJLRDV  QHUH]ROYDW  DFHHD D %DVDUDELHL $SRL GXS  FH
JXYHUQXOJHUPDQvQWUHEDVHJXYHUQXOURPkQODLXQLHSULQWURFRPXQLFD
UH YHUEDO  WUDQVPLV  GH PLQLVWUXO 5HLFKXOXL OD %XFXUHWL :LOKHOP
)DEULFLXVGDF LvQFHP VXU HUDGLVSXVDWUDWDSULYLWRUODRFHUHUHGH
UHYL]XLUH D YHFLQLORU V L FD GH H[HPSOX D 8566 vQ FKHVWLXQHD
%DVDUDELHL 90 0RORWRY D I FXW FXQRVFXW OD  LXQLH OXL )ULHGULFK
:HUQHU YRQ 6FKXOHQEXUJ DPEDVDGRUXO JHUPDQ OD 0RVFRYD F  UH]RO
YDUHDSUREOHPHLEDVDUDEHQHQXPDLVXIHU DPkQDUHF JXYHUQXOVRYLHWLF
HUDKRW UkWV IRORVHDVF IRU DvQFD]XOvQFDUHJXYHUQXOURPDQUHIX] R
vQ HOHJHUHSDQLF 6SUHVWXSHIDF LDDPEDVDGRUXOXLJHUPDQLDSRLDOXL
+LWOHU900RORWRYDDG XJDWF FHUHUHDVRYLHWLF VHH[WLQGHDLDVXSUD
%XFRYLQHL 3HQWUX FD WRWXO V  ILH FODU L V  QX DSDU  YUHR VXUSUL]  GLQ
SDUWHD %HUOLQXOXL GLSORPDWXO VRYLHWLF D PDL SUHFL]DW F  0RVFRYD FRQ
WHD] SHIDSWXOF *HUPDQLDQXYDLQFRPRGDDF LXQHDVRYLHWLF FLRYD
VSULMLQL Q VFKLPE .UHPOLQXO YD IDFH WRWXO SHQWUX D DS UD LQWHUHVHOH
JHUPDQH vQ5RPkQLD7kUJXODIRVWDVWIHOvQFKHLDWUDSLGODLXQLH
-RDFNLP YRQ 5LEEHQWURS FRQILUPkQG DFRUGXO *HUPDQLHL ID  GH FHUHULOH
VRYLHWLFHLVROLFLWkQGOXL):YRQ6FKXOHQEXUJV FRPXQLFHOXL90
0RORWRYF JXYHUQXOV XQXPDQLIHVWDQLFLXQLQWHUHVID GH%DVDUDELD
GDUF vQUHVWXO5RPkQLHL5HLFKXODYHDLQWHUHVHHFRQRPLFHGHRVHELWGH
 
LPSRUWDQWH FDUH LQFOXGHDX WHUHQXULOH SHWUROLIHUH FkW L WHUHQXULOH
DJULFROH 3ULQ XUPDUH %HUOLQXO GRUHD R VROX LRQDUH SDQLF  D SUREOH
PHLVI WXLQGDSRLvQDFHVWVHQVJXYHUQXOURPkQQDFHHDL]LPXO XPLQG
SHQWUX DWLWXGLQHD vQ HOHJ WRDUH L SHQWUX EXQ YRLQ D JXYHUQXOXL JHU
PDQ900RORWRYDSUHFL]DWOXL):YRQ6FKXOHQEXUJF SUREOHPDHUD
H[WUHP GH XUJHQW  L QX SXWHD VXIHUL QLFL R DPkQDUH 8QHOH FRQWUR
YHUVHVDXPDQLIHVWDWvQSULYLQ D%XFRYLQHLGDUvQILQDOPLQLVWUXOVRYLHWLF
GHH[WHUQHQXDH[FOXVSRVLELOLWDWHDUHQXQ ULLODDFHDVW FHUHUHvQFXUVXO
WUDWDWLYHORUFXJXYHUQXOURPkQ
/DUkQGXLODLXQLHXUP ULQGV QXGHWHULRUH]HUHOD LLOHVRYLHWR
JHUPDQHGDUQLFLV QXGHDGRYDG GHVO ELFLXQH,96WDOLQDUHFXUVOD
FRPSURPLV FHUkQG OXL 90 0RORWRY V O LQIRUPH]H SH ): YRQ
6FKXOHQEXUJ F  JXYHUQXO VRYLHWLF D GHFLV V L OLPLWH]H FHUHULOH DVXSUD
S U LLQRUGLFHD%XFRYLQHLvPSUHXQ FXRUDXO&HUQ X LQFRQWLQXD
UHFHLGRLGLSORPD LDXF ]XWGHDFRUGDVXSUDPRGXOXLvQFDUHXUPDV VH
SURFHGH]HvQWLPSFHJXYHUQXOVRYLHWLFDYHDV VXSXQ FHUHUHDvQDFHHDL
VHDU  PLQLVWUXOXL SOHQLSRWHQ LDU URPkQ OD 0RVFRYD JXYHUQXO JHUPDQ
WUHEXLD V  VI WXLDVF  GH XUJHQ  JXYHUQXO GH OD %XFXUHWL V  FDG  GH
DFRUGDOWIHOU ]ERLXODUILLQHYLWDELO
&RQIRUPSODQXOXLVWDELOLWvQVHDUD]LOHLGHLXQLHODRUD90
0RORWRY D vQPkQDW OXL *KHRUJKH 'DYLGHVFX vQ QXPHOH JXYHUQXOXL
VRYLHWLF R 1RW  XOWLPDWLY  SOLQ  GH QHDGHY UXUL LVWRULFH SULQ FDUH VH
SURSXQHDJXYHUQXOXLURPkQV vQDSRLH]HFXRULFHSUH 8QLXQLL6RYLHWLFH
%DVDUDELD L V  WUDQVPLW  SDUWHD GH QRUG D %XFRYLQHL 5 VSXQVXO HUD
DWHSWDW vQ FXUVXO ]LOHL GH  LXQLH 'XS  FH D SUH]HQWDW I U  VXFFHV
DUJXPHQWHGHOXDWvQVHDP SHQWUXQHWHPHLQLFLDDFX]D LLORUVRYLHWLFHGLQ
1RWD XOWLPDWLY  DPEDVDGRUXO URPkQ D DU WDW F  WHUPHQXO IL[DW HUD


 QFHUFkQG V  RE LQ  R FRPSHQVD LH SHQWUX 5RPkQLD DPEDVDGRUXO
JHUPDQ D DSUHFLDW F  VH SXWHD DMXQJH PDL XRU OD R VROX LRQDUH SDQLF  vQ
VLWXD LDvQFDUHJXYHUQXOVRYLHWLFDUvQDSRLDUH]HUYDGHDXUD% QFLL1D LRQDOHD
5RPkQLHL WH]DXUXO URPkQHVF GHSXV VSUH S VWUDUH OD 0RVFRYD vQ WLPSXO
SULPXOXLU ]ERLPRQGLDOQQ900RORWRYDU VSXQVvQV F DFHDVW SUR
EOHP QLFLQXVHPDLSXQHGHRDUHFH5RPkQLDDH[SORDWDWXQWLPSvQGHOXQJDW
%DVDUDELD

3HKDUWDvQPkQDW QRLOHIURQWLHUHHUDXPDUFDWHSULQWUROLQLHJURDV 
WUDVDW  FX FUHLRQ URX XUPD DFHVWXLD DFRSHULQG DD FXP UHOHYD $OH[DQGUX
&UHW]LDQXRSRU LXQHFRUHVSXQ] WRDUHXQXLWHULWRULXGHPLOHDVWIHOvQFkWHUD
IRDUWHJUHXGHVWDELOLWvQFDUHSDUWHHUDXXQHOHORFDOLW L0DLPXOWOLQLDWUHFHDL
SHVWHXQWHULWRULX UHJLXQHD+HU D FDUHQXHUDPHQ LRQDWvQXOWLPDWXP
 
LQVXILFLHQW SHQWUX FD JXYHUQXO URPkQ V  SRDW  GHFLGH vQWUR SUREOHP 
DWkW GH LPSRUWDQW  ,QIOH[LELO PLQLVWUXO VRYLHWLFGH([WHUQHDUHSOLFDWF 
GDF QXVHYDU VSXQGHDILUPDWLYvQWHUPHQXOIL[DWDWDFXOVRYLHWLFVHYD
SURGXFHvQVHDUD]LOHLXUP WRDUH
,QIRUPDW GHVSUH FRQ LQXWXO XOWLPDWXPXOXL GXS  FH DIODVH GH OD
:LOKHOP)DEULFLXVF UHYHQGLFDUHD%DVDUDELHLGHF WUHVRYLHWLFLHUDELQH
vQWHPHLDW UHJHOH&DURODO,,OHDDFRQYRFDWODDXJXVW&RQVLOLXOGH
&RURDQ FDUHDDSUREDWKRW UkUHDJXYHUQXOXLURPkQGHDFHUHJXYHUQXOXL
VRYLHWLF V  IL[H]H ORFXO L GDWD XQGH DU SXWHD V  DLE  ORF vQWkOQLUHD
GHOHJD LORU DPEHORU JXYHUQH SHQWUX D OXD vQ GLVFX LXQH 1RWD VRYLHWLF 
6HDUDDFHLDL&RQVLOLXDYHDV VHSURQXQ HvPSRWULYDUH]LVWHQ HLDUPDWHvQ
FD] GH DJUHVLXQH VRYLHWLF  'XS  WHUPLQDUHD GH]EDWHULORU JXYHUQXO
URPkQDFHUXWvQF RGDW FHOXLVRYLHWLFV LQGLFHORFXOLGDWDFHGRUHWH
V  IL[H]H SHQWUX WUDWDWLYH 0RVFRYD QX GRUHD vQV  DFHVW OXFUX /D IHO
%HUOLQXO GH XQGH -RDFNLP YRQ 5LEEHQWURS D VI WXLW GLQ QRX JXYHUQXO
URPkQV DFFHSWHFHUHULOHUXVHWLI U QLFLRUH]HUY 
&RQVLGHUkQG U VSXQVXO JXYHUQXOXL URPkQ FD LPSUHFLV 90
0RORWRYDvQPkQDWOXL*KHRUJKH'DYLGHVFXODLXQLHRUDXQQRX
XOWLPDWXPSULQFDUHVHFHUHDFDvQSDWUX]LOHV VHHYDFXH]HWHULWRULXO
%DVDUDELHL L %XFRYLQHL GH WUXSHOH URPkQH vQ DFHODL WLPS WHULWRULXO
PHQ LRQDW XUPkQG D IL RFXSDW GH WUXSHOH VRYLHWLFH OD  LXQLH DFHVWHD
WUHEXLDXV LQWUHvQ&HUQ X L&KLLQ XL&HWDWHD$OE &XRRU vQDLQWH
GHWHUPHQXOIL[DWDPEDVDGRUXOURPkQDUHPLVQRXOU VSXQVDOJXYHUQXOXL
URPkQSULQFDUHDFHVWDSUHFL]DF SHQWUXDHYLWDJUDYHOHXUP ULSHFDUH
OHDUDYHDUHFXUJHUHDODIRU LGHVFKLGHUHDRVWLOLW LORUvQDFHDVW SDUWHD
(XURSHL VH YHGH VLOLW V  SULPHDVF  FRQGL LLOH GH HYDFXDUH VXEOLQLHUHD
DXWRUXOXL VSHFLILFDWH vQ U VSXQVXO VRYLHWLF ,QYRFkQGXVH FRQGL LLOH
PHWHRLVLWXD LDF LORUGHFRPXQLFD LHVDVROLFLWDWSUHOXQJLUHDWHUPHQXOXL
GH HYDFXDUH /D IHO GH SURPSW 90 0RORWRY D LQIRUPDW F  vQDLQWDUHD
WUXSHORUVRYLHWLFHXUPDV vQFHDS ODRUHOHF vQVLWXD LDvQFDUHGLQ
PRWLYHWHKQLFHVDUILLPSXVXQHOHSUHOXQJLULGHWHUPHQGHFkWHYDRUH
DFHVW OXFUX XUPD V  ILH GHFLV GH JHQHUDOLL .RVORY L %ROGLQ &D ORF GH
vQWkOQLUHDGHOHJD LORUURPkQLLVRYLHWLFLDSURSXVRUDXO2GHVVD



'XS FXPDYHDV FRQVHPQH]HDSRL&DURODO,,OHDGRDUGLQFHL
SUH]HQ L OD HGLQ  VDX SURQXQ DW SHQWUX UH]LVWHQ  1LFRODH ,RUJD 9LFWRU
,DPDQGL6LOYLX'UDJRPLU7UDLDQ3RSWHIDQ&LREDQX(UQHVW8UG UHDQX

QFHSkQGFXRUHOHGXS RUD0RVFRYHL
 
Q UHDOLWDWH vQDLQWH GH SULPLUHD U VSXQVXOXL GLQ SDUWHD JXYHUQXOXL
URPkQWUXSHVRYLHWLFHDXIRU DW1LVWUXvQGLIHULWH]RQHLDXOXDWSR]L LL
GH OXSW  vQ ID D FHORU URPkQH /D RUD  S WUXQGHDX GHMD vQ &HUQ X L
RFXSD LD ILLQG ILQDOL]DW  vQDLQWHD WHUPHQXOXL VWDELOLW $FHVW OXFUX D FUHDW
PDULGLILFXOW LDXWRULW LORUURPkQHvQGLULMDUHDSURFHVXOXLGHHYDFXDUHL
PDLDOHVSRSXOD LHLFLYLOHFDUHVHUHIXJLD'DF SHUIHFWDGHY UDWHVWHIDSWXO
F  UHWUDJHUHD GLQ %DVDUDELD L QRUGXO %XFRYLQHL QX VD I FXW vQ FRQGL LL
QRUPDOH GLQ FDX]D WUXSHORU VRYLHWLFH FDUH QX DX DWHSWDW FD DXWRULW LOH
FLYLOHLPLOLWDUHV S U VHDVF WHULWRULXOWRWDWkWGHDGHY UDWHVWHLIDSWXO
F QXPHURDVHOHGHIHF LXQLDS UXWHvQWLPSXOHYDFX ULLLVWRULFHORUSURYLQFLL
URPkQHWLVDGDWRUDWPRGXOXLvQFDUHDFHVWHDLQFOXVLYXQLW LOHPLOLWDUH
DXDF LRQDW

2FXSDUHDS U LLGHQRUGYHVWD5RPkQLHLGHF WUH8QJDULD

&RQFRPLWHQWFXDJUHVLXQHDVRYLHWLF 8QJDULDLDLQWHQVLILFDWLHD
SUHVLXQLOH SHQWUX RFXSDUHD XQHL FkW PDL PDUL S U L GLQ 7UDQVLOYDQLD
0RPHQWXO SURSLFH D IRVW FRQVLGHUDW D IL VRVLW vQ LXQLH  vQ WLPSXO
FUL]HLURPkQRVRYLHWLFHFkQGvQFDGUXOFRQWDFWHORUGLSORPDWLFHJXYHUQXO
GH OD %XGDSHVWD D UHXLW V  RE LQ  UHFRQILUPDUHD DMXWRUXOXL GLQ SDUWHD
JXYHUQHORUGHOD%HUOLQ5RPDL0RVFRYD
QvQFHUFDUHDGHDHYLWDXQDWDFLGLQSDUWHD8QJDULHLL%XOJDULHL
&DURODO,,OHDDFHUXWODLXQLHFD*HUPDQLDV H[HUFLWHRLQIOX
HQ PRGHUDWRDUHDVXSUDDFHVWRUD/DUkQGXLvQDFHHDL]LDPEDVDGRUXO
XQJDU OD %HUOLQ D vQDLQWDW OXL (UQVW :RHUPDQQ GLUHFWRU PLQLVWHULDO OD
'HSDUWDPHQWXOSROLWLFDO0LQLVWHUXOXLGH([WHUQHJHUPDQXQ0HPRUDQ
GXPvQFDUHVHDU WDF vQFRQGL LLOHvQFDUH5RPkQLDDUILI FXWFRQFHVLL
WHULWRULDOH 8QLXQLL 6RYLHWLFH JXYHUQXO XQJDU FRQVLGHUD DFHVW OXFUX GUHSW



5HOHYDQWvQDFHVWVHQVHVWHGRFXPHQWXOHODERUDWODLXOLHGH
F WUHHIXO0DUHOXL6WDW0DMRUURPkQFDUHFRQGDPQDFXLQGLJQDUHIDSWXOF 
XQLLRIL HULVDXO VDWLQVXOWD LGH]DUPD LLFKLDUGHJUDGD LGHEDQGHFLYLOH
I U  V  VFKL H]H XQ JHVW GH UHDF LXQH 6FX]HOH F  DFHDVW  DWLWXGLQH D IRVW
SURYRFDW GHGRULQ DGHDQXSURYRFDLQFLGHQWHFXWUXSHOHVRYLHWLFHQXDX
IRVW OXDWH vQ FRQVLGHUDUH GH F WUH JHQHUDOXO )ORUHD HQHVFX GHRDUHFH FRQVL
GHUDHOQLPHQLQXSRDWHGDXQRUGLQFDRQRDUHDV QXILHDS UDW 
 
RGLVFULPLQDUHIODJUDQW vPSRWULYD8QJDULHLDOF UXLHIHFWSHQWUXRSLQLD
SXEOLF  YD GXFH FKLDU OD FRQVHFLQ H LPSUHYL]LELOH Q SRILGD VIDWXOXL
RIHULWGH-RDFNLPYRQ5LEEHQWURSGHDS VWUDSDFHDJXYHUQXOXQJDUD
GHFLV PRELOL]DUHD JHQHUDO  L D VSRULW IRU HOH FRQFHQWUDWH OD IURQWLHUD FX
5RPkQLD
/DLXOLHGXS FH8QLXQHD6RYLHWLF DRFXSDW%DVDUDELDL
SDUWHDGHQRUGD%XFRYLQHL+LWOHUDVXJHUDWOXL&DURODO,,OHDV vQFHDS 
QHJRFLHUL FX 8QJDULD L %XOJDULD vQ SUREOHPD UHYL]XLULORU WHULWRULDOH
5 VSXQ]kQG)KUHUXOXLODLXOLHUHJHOHURPkQDDU WDWF HUDGHDFRUG
FXLQL LHUHDQHJRFLHULORUFXJXYHUQHOHXQJDULEXOJDUSURQXQ kQGXVH
SHQWUXRVWU PXWDUHUHFLSURF H[WHQVLY GHSRSXOD LLSHSULQFLSLXOHWQLF
vQ FRQGL LL ELQH GHWHUPLQDWH 1HPXO XPLW GH DFHVW U VSXQV +LWOHU D UH
SOLFDWGXUODLXOLHFkQGDI FXWFXQRVFXWF RULFHvQFHUFDUHGHDHYLWD
SHULFROHOH FDUH SODQDX DVXSUD 5RPkQLHL SULQ PDQHYUH WDFWLFH GH RULFH
IHOHUDVRUWLW HHFXOXL0DLGHYUHPHVDXPDLWkU]LXSUHFL]DFDQFHODUXO
JHUPDQLSUREDELOvQWUXQWLPSIRDUWHVFXUWUH]XOWDWXODUSXWHDILFKLDU
GLVWUXJHUHD 5RPkQLHL 5HFRPDQGkQG vPS FDUHD GH EXQ  FUHGLQ  FX
8QJDULDL%XOJDULDHODILUPDDSRLF RUHYL]XLUHDGHYHQLWLQHYLWDELO L
DDWUDVDWHQ LDF vQFD]GHUHIX]*HUPDQLDQXYDPDLPDQLIHVWDQLFLXQ
LQWHUHV ID  GH GH]YROWDUHD XOWHULRDU  D HYHQLPHQWHORU GLQ VXGHVWXO
(XURSHL
5 VSXQVXOOXL&DURODO,,OHDLLPSOLFLWDOJXYHUQXOXLURPkQDIRVW
WUDQVPLVODLXOLHFXSULOHMXOYL]LWHLSHFDUH,RQ*LJXUWXSULPXO
PLQLVWUXL0LKDLO0DQRLOHVFXPLQLVWUXO$IDFHULORU6WU LQHDXI FXWRvQ
*HUPDQLD &X DFHO SULOHM UHJHOH URPkQ VXJHUD vQ VFULVRDUHD DGUHVDW 
)KUHUXOXL F  UHJOHPHQWDUHD GLIHUHQGHORU GLQWUH 5RPkQLD 8QJDULD L
%XOJDULD WUHEXLD V  VH IDF  VLPXOWDQ FX WRDWH FHOHODOWH DUDQMDPHQWH FH
VXQWvQSHUVSHFWLY vQHVWXOHXURSHDQLFDUHVXQWGHVWLQDWHvQFRQFHS LD
$[HLV UHDOL]H]HXQHFKLOLEUXPDLGUHSWLPDLGXUDELOvQDFHDVW SDUWHD
OXPLL &RQVLGHUkQG F  vQ DERUGDUHD DFHVWRU SUREOHPH WUHEXLD V  SUHGR
PLQHSXQFWXOGHYHGHUHDOGUHSW LLILHF UXLSRSRU&DURODO,,OHDI FHD
FXQRVFXW F  5RPkQLD QX VH SXWHD DEDWH QLFL R FOLS  GH OD SULQFLSLXO
HWQLF FDUH SXWHD IL VROX LRQDW vQ PDUH P VXU  SULQ VFKLPEXUL GH
SRSXOD LHvQDFHVWVFRSILLQGQHFHVDU LQWHUYHQ LDSHUPDQHQW DSXWH
ULORU$[HLLQXDUELWUDMXODFHVWRUDSHFDUHJXYHUQXOURPkQQXOGRUHD
&RQIRUP 1RWHL vQWRFPLW  GH 3DXO 6FKPLGW WUDQVODWRUXO OXL +LWOHU SUHV
WD LDFHORUGRLGHPQLWDULURPkQLvQGLVFX LDDYXW FX+LWOHUDIRVWODPHQ
 
WDELO ,RQ*LJXUWXGHFODUkQGF 5RPkQLDHUDSUHJ WLW SHQWUXFRQFHVLL
F JXYHUQXOURPkQVSHUDFDFHLGRLYHFLQLUHYL]LRQLWLV ILHUH]RQDELOL
L V L IRUPXOH]H SUHWHQ LLOH vQ QLWH OLPLWH FDUH V  SHUPLW  RE LQHUHD
XQHLVW ULGHSDFHvQ%DOFDQLQWUHEDWFHVXSUDID HUDSUHJ WLWJXYHUQXO
URPDQV FHGH]H8QJDULHL,RQ*LJXUWXDURVWLWFLIUDGHNPS
3HUFHSkQG DGHY UDWXO VHQV DO PHVDMXOXL JHUPDQ &DURO DO ,,OHD D
GHFLV OD  DXJXVW V  vQFHDS  QHJRFLHULOH FX %XGDSHVWD SRUQLQG GH OD
SULQFLSLXOF QXVHYDDGPLWHRHYHQWXDO PRGLILFDUHDVLWXD LHLDFWXDOH
GHFkWED]DW SHSULQFLSLXOXQXLVFKLPEGHSRSXOD LHvQED]DF UXLDQLFLXQ
URPkQQXDUXUPDV WUHDF VXEVW SkQLUHDXQJXUHDVF QDFHHDL]LvQV 
7HOHNL 3iO D vQDLQWDW XQ 3UR0HPRULD OXL %HQLWR 0XVVROLQL SULQ FDUH VH
I FHDFXQRVFXWF 8QJDULDUHVSLQJHDLGHHDRULF UXLVFKLPEGHSRSXOD LH
FX5RPkQLDLFHUHDVSULMLQLWDOLDQSHQWUXDQH[DUHDvQWUHJLL7UDQVLOYDQLL
LVWDELOLUHDIURQWLHUHLGLQWUH5RPkQLDL8QJDULDSHvQWUHJXODUFFDUSDWLF
*UDQL D&DUSD LORUPDLPHQ LRQDSULPXOPLQLVWUXXQJDUFDLFXPVDU
ILUHIHULWODFXUVXO7LVHLHVWHGHQHVFKLPEDW2V SW PkQ PDLWkU]LX
+RUW\0LNORVDYHDV GHFODUHLHOOXL+LWOHU6W SkQLUHD&DUSD LORUHVWH
SHQWUX QRL R SUREOHP  YLWDO  WLLQG SUHFLV FH GRUHD L XUP ULQG FX
IHUPLWDWHvQGHSOLQLUHDRELHFWLYHORUJXYHUQXOGHOD%XGDSHVWDDGHFODUDWF 
UHOD LLOHFXJXYHUQXOURPkQQXHUDXGHQDWXU PLQRULWDU FLWHULWRULDO 
L D UHVSLQV GH OD vQFHSXW LGHHD VFKLPEXOXL GH SRSXOD LH FX FDUH VD
DP JLW R YUHPH JXYHUQXO URPkQ &RQFRPLWHQW GLSORPD LD XQJDU  D
DFUHGLWDWLGHHDF vQUHOD LLOHFXURPkQLLQXVHSXWHDGLVFXWDGHFkWSULQ
IRU  $FHVW OXFUX D UHLHLW FX FODULWDWH L GLQ $LGH0pPRLUHXO vQDLQWDW
JXYHUQXOXL URPkQ OD  DXJXVW  vQWRFPLW L GDWDW vQV   DXJXVW
DFHODLDQvQWLPSXOYL]LWHLGHOD%XGDSHVWDDOXL5DRXO%RVV\ SOLQGH
QHDGHY UXUL LVWRULFH L MLJQLWRU OD DGUHVD 5RPkQLHL SULQ FDUH VH DU WD F 
QX YD IL SDFH L vQ HOHJHUH VLQFHU  vQWUH 8QJDULD L 5RPkQLD I U 
UH]ROYDUHDSUREOHPHORUWHULWRULDOHQDFHVWVHQV8QJDULDHUDGLVSXV V 
IDF  VDFULILFLL IRDUWH VHULRDVH L V  DFFHSWH DSRL LGHHD VFKLPEXOXL GH
SRSXOD LHXQJXULLLURPkQLL GHSHvQWUHJXOFXSULQVDOFHORUGRX VWDWH 
DIOD LvQDFHDVW VLWXD LHXUPkQGV ILHFRQVXOWD LLV LH[SULPHGRULQ D
vQFDUH DU GRUHDXV ORFXLDVF vQFRQWLQXDUH
QGRFXPHQWXOVLPLODUvQWRFPLWvQDFHHDL]L DXJXVW JXYHUQXO
URPkQDDSUHFLDWF GHSODVDUHDGHIURQWLHU QXSRDWHILRSRUWXQ GHFkWvQ
P VXUD vQ FDU SRDWH P UL VSD LXO YLWDO DO VWDWHORU FDUH DX GH UHSDWULDW vQ
FDGUXOORUWHULWRULDOFRQD LRQDOLFDUHVDUDIODvQFDGUXOWHULWRULDODOXQXLDOW
 
VWDW'HRDUHFHDFHVWFULWHULXIDYRUL]D8QJDULDJXYHUQXOGHOD%XGDSHVWD
ODDFFHSWDWLDI FXWFXQRVFXWDGRXD]LF DFFHSW GLVFX LLOHELODWHUDOH
QFHSXWH OD  DXJXVW  OD 7XUQX 6HYHULQ WUDWDWLYHOH URPkQR
XQJDUH DX LQWUDW vQ LPSDV GH OD vQFHSXW GHRDUHFH +RU\ $QGUiV HIXO
GHOHJD LHL XQJDUH D SUH]HQWDW XQ DOW $LGH0pPRLUH SULQ FDUH JXYHUQXO
XQJDUSURSXQHDRvPS U LUHDWHULWRULXOXLvQOLWLJLX8QJDULHLXUPkQGV L
UHYLQ FRQIRUPK U LLDQH[DWHNPS WUHLS WULPLGLQ7UDQVLOYDQLD 
ORFXL L GH  GH ORFXLWRUL GLQ FDUH  HUDX URPkQL
5HVSLQJkQG DFHDVW  QHEXQHDVF  GXS  0LKDLO 0DQRLOHVFX  SURSXQHUH
XQJDU  9DOHU 3RS HIXO GHOHJD LHL URPkQH D SURSXV vQWUHUXSHUHD
GLVFX LLORU SkQ  OD  DXJXVW /D UHOXDUHD DFHVWRUD D I FXW FXQRVFXW F 
PHPRULXO XQJDU GLQ  DXJXVW GRYHGHD LQFRPSDWLELOLWDWHD WRWDO  D
FRQFHS LHLXQJDUHFXFHDURPkQ F SURSXQHUHDXQJDU YL]DRIURQWLHU 
FXWRWXODUELWUDU FDUHQXGHFXUJHDGLQQLFLXQSULQFLSLX&RQVLGHUkQG
FHUHUHDXQJDU FDILLQGH[RUELWDQW HIXOGHOHJD LHLURPkQHDVXV LQXW
SULQFLSLXOVFKLPEXOXLGHSRSXOD LH/DUHOXDUH+RU\$QGUiVDVXV LQXW
SXQFWXO GH YHGHUH DO JXYHUQXOXL XQJDU GHFODUkQG F  I U  PRGLILFDUHD
IURQWLHUHL RULFH GLVFX LH DU IL OLSVLW  GH HOHPHQWHOH LQGLVSHQVDELOH XQHL
QHJRFLHUL XWLOH L VHULRDVH Q UHSOLF  9DOHU 3RS D UHDILUPDW F  GDF 
JXYHUQXOXQJDUGRUHDUHSDWULHUHDXQJXULORUGLQ$UGHDOGLVFX LLOHSXWHDX
FRQWLQXD $OWIHO QX F FL FkW  YUHPH H[LVW  R 5RPkQLH L R DUPDW 
URPkQ  WH]HOH WHULWRULDOH QX VH GLVFXW  L QLFL S PkQW URPkQHVF QX VH
FHGHD]  -DPDLV i WRXW MDPDLV /D vQFHUFDUHD OXL +RU\ $QGUiV GH D VH
GLVFXWD FHO SX LQ DVXSUD WHULWRULXOXL ORFXLW GH VHFXL HIXO GHOHJD LHL
URPkQHDGHFODUDWF LDFHDVWDIDFHSDUWHvQPRGRUJDQLFGLQS PkQWXO
URPkQHVFLDVXSUDFHG ULLOXLQXVHSRDWHQLFLQHJRFLDQLFLDMXQJHODXQ
DFRUGQLFLRGDW 'DF vQV %XGDSHVWDGRUHDV LDLE SHVHFXLSXWHDV L
LQFOXG vQSUREOHPDVFKLPEXOXLGHSRSXOD LH,QVLVWkQGDVXSUDPRGLILF ULL
IURQWLHUHLURPkQRXQJDUHHIXOGHOHJD LHLXQJDUHDUXJDWvQDLQWHGHDVH
GHSODVD OD %XGDSHVWD SHQWUX LQIRUPDUHD JXYHUQXOXL V X V  L VH GHD FHO
SX LQ R YDJ  LPDJLQH DVXSUD QRXOXL FRQWXU DO DFHVWHLD vQ XUPD
VFKLPEXOXLGHSRSXOD LH,VDU VSXQVF DFHVWOXFUXVHSXWHDWLvQPDL
SX LQGHGHRUHGXS FH8QJDULDYDDFFHSWDGHILQLWLYSULQFLSLXOHWQLF
LYDIDFHFXQRVFXWQXP UXOGHXQJXULSHFDUHGRUHDV OSULPHDVF GLQ
$UGHDO
5HYHQLWOD%XFXUHWLPLQLVWUXOSOHQLSRWHQ LDOJHUPDQDGHFODUDWOXL
9DOHU3RSL0LKDLO0DQRLOHVFXODDXJXVWF SHQWUX5RPkQLDH[LVWDX
 
GRDU GRX  VROX LL XQD PLQLPDO   FHGDUHD D FLUFD  NPS I U 
MXGH XO $UDG  DOWD PD[LPDO   FLUFD  NPS FX MXGH XO $UDG 
5RPkQLL DX U VSXQV F  DPEHOH VROX LL HUDX H[DJHUDWH Q DFHHDL ]L OD
%HOJUDG PLQLVWUXO SOHQLSRWHQ LDO XQJDU D vQWUHEDW GLUHFW GDF  %XGDSHVWD
SXWHD FRQWD SH QHXWUDOLWDWHD ELQHYRLWRDUH D ,XJRVODYLHL vQ FD]XO XQXL
FRQIOLFWDUPDWFX5RPkQLD
QWRUV L HO GH OD %XGDSHVWD +RU\ $QGUiV D I FXW FXQRVFXW OD 
DXJXVWOD7XUQX6HYHULQOXL9DOHU3RSF JXYHUQXOXQJDUQXYUHDQLFL
QXSRDWHIDFHV HPLJUH]HVHFXLLGHODYHWUHOHORUQLFLRGDW LVXEQLFLR
FRQGL LH $SRL D vQWUHEDW WUDQDQW GDF  5RPkQLD GRUHWH VDX QX V 
GHVHPQH]HWHULWRULLOHSHFDUHHVWHJDWDDOHUHWURFHGD8QJDULHLvQFD]GH
UHIX]QHJRFLHULOHQHPDLDYkQGXLURVWXO/DIHOGHIHUPDIRVWLU VSXQVXO
OXL9DOHU3RSFDUHDGHFODUDWvQFRQIRUPLWDWHFXGHFL]LD&RQVLOLXOXLGH
&RURDQ GLQDXJXVW1XSXWHPOXDvQFRQVLGHUD LHQLFLDVW ]LLQLFL
vQYLLWRUSURSXQHULFDUHWUHFVXEVW SkQLUHVWU LQ FKLDULQXPDLXQVLQJXU
URPDQ QFHUFkQG V  RE LQ  FRQWLQXDUHD GLVFX LLORU PLQLVWUXO URPkQ GH
([WHUQHDFHUXWOXL9DOHU3RSV ILHPDLFRQFLOLDQWLV FRPXQLFHOXL+RU\
$QGUiVF vQFXUkQGSDUWHDURPkQ YDSUH]HQWDSURSXQHULFRQFUHWHLvQ
FHHDFHSULYHDWHULWRULXOFHXUPDV ILHFHGDW'XS PDLPXOWHGLVFX LLvQ
FRQWUDGLFWRULX 0LKDLO 0DQRLOHVFX D DFFHSWDW SXQFWXO GH YHGHUH VXV LQXW
GH9DOHU3RSvQGLVFX LLOHFX+RU\$QGUiV7RWXLFXSULOHMXOUHvQWkOQLULL
GLQWUH FHL GRL QHJRFLDWRUL 9DOHU 3RS D IRUPXODW R QRX  SURSXQHUH
URPkQHDVF vQXUP WRULLWHUPHQL*XYHUQXOURPkQHVWHGLVSXVDIDFHR
SURSXQHUH vQVR LW  GH R KDUW  FX LQGLFDUHD IURQWLHUHL UH]XOWkQG GLQ
DSOLFDUHDVFKLPEXOXLGHSRSXOD LHSHQWUXWR LXQJXULLGLQ$UGHDOvQDIDU 
GHVHFXLQWLQGHUHDWHULWRULDO DSURSXQHULL5RPkQLHLHVWHvQPRGDEVROXW
FRQGL LRQDW  GH HIHFWLYD GHSODVDUH D DFHVWRU XQJXUL GLQ $UGHDO I U  GH
FDUHFRQWUDSURSXQHUHDQRDVWU QXDUHQLFLXQVHQVLQLFLRYDODELOLWDWHQ
ILQDOODGRULQ DGHOHJDWXOXLXQJDUGLVFX LLOHDXIRVWGHFODUDWHvQFKLVHFHOH
GRX GHOHJD LLS U VLQGvQFXUVXOQRS LLGHVSUHDXJXVWRUDXO7XUQX
6HYHULQ
3UHRFXSDW vQV  GH FXUVXO SH FDUH XUPD V O LD FRQWURYHUVD
URPkQRXQJDU  L GRULQG V  HYLWH FX RULFH SUH  R FUL]  vQ %DOFDQL
-RDFNLPYRQ5LEEHQWURSDSURSXVOXL*DOHD]]R&LDQRODDXJXVWV ILH
FRQYRFD LOD9LHQDPLQLWULLGH([WHUQHURPkQLXQJDUXQGHV OLVHGHD
VIDWXULOH DPLFDOH DOH $[HL vQ YHGHUHD J VLULL XQHL VROX LL 'LSORPDWXO
JHUPDQDPDLSUHFL]DWF RIHUWDWUHEXLDvQVR LW LGHXQDYHUWLVPHQWvQ
 
VHQVXOF FHOFDUHQXDFFHSW VIDWXOLDDVXSUDVDvQWUHDJDUHVSRQVDELOLWDWH
D FRQVHFLQ HORU YLLWRDUH &XQRVFkQG LQWHUHVXO *HUPDQLHL SHQWUX
PHQ LQHUHD OLQLWLL vQ HVWXO (XURSHL L GkQGXL VHDPD F  SUHWHQ LLOH
%XGDSHVWHLQXVHSXWHDXUHDOL]DGHFkWSULQWUXQDUELWUDMGLFWDWDOSXWHULORU
$[HL 8QJDULD D UHFXUV OD DQWDM O VkQG V  VH vQ HOHDJ  F  YD DWDFD
5RPkQLD 3HQWUX D LQFLWD VSLULWHOH DYLRDQH XQJDUH DX ]EXUDW GHDVXSUD
WHULWRULXOXLURPkQHVFSkQ OD%UDRY
&RQFRPLWHQW FRQYRFDW GH XUJHQ  vQ *HUPDQLD OD  DXJXVW
:LOKHOP )DEULFLXV D LQGLFDW OXL -RDFNLP YRQ 5LEEHQWURS R OLQLH GH
GHPDUFD LHURPkQRXQJDU SULQFDUH5RPkQLDSLHUGHDXQHOHUHJLXQLGHOD
JUDQL D YHVWLF  &RQVLGHUkQG F  WHULWRULXO RIHULW 8QJDULHL HUD SUHD PLF
PLQLVWUXO GH ([WHUQH JHUPDQ D DG XJDW L RUDXO &OXM GXS  FDUH &DUO
&ORGLXVDSXOVDWSHQWUX8QJDULDUHXLQGV LFRQYLQJ LQWHUORFXWRULLF L
UHJLXQHD VHFXLDVF  WUHEXLD V  DSDU LQ  QHDS UDW 8QJDULHL 3XQkQG SH
SULPSODQLQWHUHVHOHJHUPDQH+LWOHUDYHDV GHFLG vQILQDOF QRXDOLQLH
GH GHPDUFD LH URPkQRXQJDU  WUHEXLD V  DVLJXUH VW SkQLUHD SULQ
LQWHUPHGLXO8QJDULHL DFUHVWHORU&DUSD LORU2ULHQWDOLS WUXQGHUHDSkQ vQ
DSURSLHUH GH %UDRY SHQWUX D SURWHMD ]RQD SHWUROLIHU  &RQFRPLWHQW
8QJDULD L 5RPkQLD WUHEXLDX GH]ELQDWH vQ DD IHO vQFkW V  ILH LQXWH FD
GRX  EXF L GH ILHU LQFDQGHVFHQWH L GH D OH PRGHOD vQ LQWHUHVXO
*HUPDQLHLDDFXPDYHDV UHFXQRDVF L-RDFNLPYRQ5LEEHQWURSQ
DFHVWVFRSVDGHFLVV QXVHSRDUWHGLVFX LLFXQLFLXQDGLQWUHFHOHGRX 
GHOHJD LL FL OD XQ PRPHQW GDW V  OL VH VXSXQ  R KDUW  FRPXQ 
JHUPDQRLWDOLDQ  FX OLQLD GH GHPDUFD LH FDUH V  QX PDL FRQVWLWXLH XQ
VXELHFWGHGLVFX LH2GDW VWDELOLW SURFHGXUDFHLGRLPLQLWULGH([WHUQH
DL$[HLDXvPSDFKHWDWKDUWDLVDXGHSODVDWvQVHDUD]LOHLFXDYLRQXOVSUH
9LHQD3HQWUXDVHHYLWDRULFHVXUSUL] *HUPDQLDDLQWHQVLILFDWSUHJ WLULOH
PLOLWDUH QDOWXO FRPDQGDPHQW DO :HKUPDFKWXOXL RUGRQkQG vQ
FRQIRUPLWDWHFXGLUHFWLYHOHGDWHGH+LWOHUODDXJXVWFDvQWUHL]LOHV ILH
SUHJ WLWH SDWUX GLYL]LL EOLQGDWH GRX  GLYL]LL PRWRUL]DWH XQLW L GH
SDUDXWLWL L WUXSH DHURSXUWDWH SHQWUX D RFXSD ]RQD SHWUROLIHU  GH OD
3ORLHWL
QDFHHDL]LDXJXVWPLQLVWUXOURPkQGH([WHUQHDIRVWLQYLWDW
V SDUWLFLSHODVHSWHPEULHOD9LHQDODRFRQYRUELUHDVXSUDUHOD LLORU
URPkQRXQJDUHSHQWUXDFHDVWDWUHEXLQGV ILHvQV UFLQDWFXGHSOLQHSXWHUL
&RQYLQVF OD9LHQDXUPDXV DLE ORFQHJRFLHUL&DURODO,,OHDDFHUXW
GHOHJD LHL URPkQH V  DF LRQH]H SHQWUX DSOLFDUHD SULQFLSLXOXL HWQLF L D
 
VFKLPEXOXL GH SRSXOD LH OXkQG vQ FDOFXO L OLPLWHOH HYHQWXDOHL FHG UL
WHULWRULDOHvQWUHLNPS
Q GXS DPLD]D ]LOHL GH  DXJXVW OD 9LHQD -RDFNLP YRQ
5LEEHQWURSDSURSXVOXL0LKDLO0DQRLOHVFXV DFFHSWHDUELWUDMXOSXWHULORU
$[HL SURFHGXU  QHVROLFLWDW  GH JXYHUQXO URPkQ GXS  FDUH vQ WHUPHQL
LPSUHVLRQDQ LGHDS VD LDYRUELWGHDWDFXOFRQFRPLWHQWDO5XVLHLLDO
8QJDULHLFDGHXQOXFUXFHDUILvQ HOHVvQWUHDFHWLDLDDWUDVDWHQ LDF 
GDF UHJHOH&DURODO,,OHDDUILU XVI WXLWLQXDUSULPLDFHVWDUELWUDM
DWXQFLDUILvQFkWHYD]LOHVIkULWXO5RPkQLHL$SRLDSUHFL]DWFDJXYHUQXO
URPkQV QXLQWHUSUHWH]HDFHVWOXFUXFDSHXQEOXISHQWUXF )KUHUXOQX
IDFH EOXI /D UkQGXL *DOHD]]R &LDQR D SUHFL]DW L HO F  D IRVW
vPSXWHUQLFLWGH%HQLWR0XVVROLQLV IDF FXQRVFXWF GDF 5RPkQLDQXDU
DFFHSWD DUELWUDMXO DWXQFL YD IL VRFRWLW  SULQWUH GXPDQLL $[HL
&RQVWLWXLDXWRDWHDFHVWHDDPHQLQ ULGLUHFWHDDFXPDIRVWLGHFODUD LD
I FXW GH:LOKHOP)DEULFLXVOXL9DOHU3RSF vQFD]GHU ]ERL*HUPDQLD
L ,WDOLD XUPDX V  ILH GH SDUWHD 8QJDULHL 'XS  FH 0LKDLO 0DQRLOHVFX D
UHVSLQVvQF RGDW LGHHDDUELWUDMXOXL-RDFNLPYRQ5LEHQWURSDUHSOLFDWF 
VROX LDODFDUHWUHEXLDV VHDMXQJ WUHEXLDV ILHRVLQWH] vQWUHSULQFLSLXO
WHULWRULDOLSULQFLSLXOHWQLFLDSUHFL]DWF WHULWRULXOFHWUHEXLDFHGDWGH
F WUH 5RPkQLD VH VLWXD vQWUH  NPS FkW D FHUXW 8QJDULD L 
NPSFkWDRIHULW5RPkQLD/DSUHFL]DUHDPLQLVWUXOXLURPkQDO$IDFHULORU
6WU LQHF QRLQDPYRUELWQLFLRGDW GHDDFHYDRPRORJXOJHUPDQD
VSXV F  vQ FD] FRQWUDU YH L IDFH U ]ERL L YH L SLHUGH WRDW 
7UDQVLOYDQLD Q ILQDO DD FXP DYHD V  SUHFL]H]H PDL WkU]LX 0LKDLO
0DQRLOHDVFXDUELWULLDXSXVXUP WRDUHDDOWHUQDWLY 6DXSULPLPDUEL
WUDMXODVW ]LVDXFHOPDLWkU]LXvQFXUVXOQRS LLDDFDPkLQHV VHSRDW 
GD KRW UkUHD L vQ FD]XO DFHVWD QH YRP EXFXUD GH JDUDQ LD DEVROXW  D
SXWHULORU$[HLSHQWUXLQWHJULWDWHD5RPkQLHLvPSRWULYDWXWXURUFKLDULOD
5 V ULWVDXGDF QXSULPLPYRPILPkLQHDWDFD LGH8QJDULDL5XVLDL
YDILVIkULWXO5RPkQLHL
QWUXQ DVHPHQHD FRQWH[W OD %XFXUHWL &RQVLOLXO GH &RURDQ 
vQWUXQLW GXS  PLH]XO QRS LL D GHFLV FX  GH YRWXUL DFFHSWDUHD



 (URDUHD OXL -RDFNLP YRQ 5LEEHQWURS SULYLQG VXSUDID D GH WHULWRULX
 NPS  SH FDUH DU IL IRVW GLVSXV JXYHUQXO URPkQ V  R FHGH]H D IRVW
UHFXQRVFXW GH:LOKHOP)DEULFLXVvQFXUVXOQRS LL
 
DUELWUDMXOXL vQ UHDOLWDWH D GLFWDWXOXL SXWHULORU $[HL GHFL]LD ILLQG
FRPXQLFDW OD9LHQDODRUD&HDXUPDWDIRVWRVLPSO IRUPDOLWDWH
'HOHJD LLORUURPkQ LXQJDU OHDDIRVWSUH]HQWDWWH[WXOGRFXPHQWXOXLGH
DUELWUDM L KDUWD FDUH GHOLPLWD WHULWRULXO URPkQ FDUH IXVHVH RIHULW SULQ
SUHVLXQH L GLFWDW 8QJDULHL 'RFXPHQWXO LPSXV PDL SUHFL]D GHOLPL
WDUHDSHWHUHQDYLLWRDUHLIURQWLHUHHUDvQFUHGLQ DW XQHLFRPLVLLURPkQR
XQJDUH WHULWRULXO RIHULW 8QJDULHL XUPD V  ILH HYDFXDW GH F WUH WUXSHOH
URPkQHvQWUXQWHUPHQGH]LOHLSUHGDWvQVWDUHDGHRUGLQHFXYHQLW 
HWDSHOHHYDFX ULLLRFXS ULLHWFXUPkQGDILVWDELOLWHGHF WUHRFRPLVLH
URPkQRXQJDU LDVHGHVI XUDvQSHUIHFW OLQLWHLRUGLQHVXEDWHQWD
VXSUDYHJKHUHDFHORUGRX JXYHUQHWR LFHW HQLLURPkQLDIOD LvQWHULWRULXO
FHGDWXUPDXV GREkQGHDVF GHGUHSWFHW HQLDXQJDU HLSXWkQGRSWD
vQOXQLSHQWUXFHW HQLDURPkQ LV UHYLQ DSRLvQ5RPkQLDvQWUXQDQ
OXkQG DVXSUD ORU DYHUHD PRELO  L SXWkQG V  OLFKLGH]H DYHUHD LPRELOLDU 
S VWUkQG VXPHOH UH]XOWDWH Q VLWXD LD vQ FDUH QX SXWHDX V L OLFKLGH]H
DYHUHD LPRELO  XUPDX V  ILH GHVS JXEL L GH F WUH 8QJDULD FHW HQLL
URPkQLGHHWQLHPDJKLDU FDUHQXORFXLDXvQWHULWRULXOFHGDWSXWHDXV 
RSWH]HSHQWUXFHW HQLDPDJKLDU vQOXQLXUPkQGDEHQHILFLDGHDFHOHDL
GUHSWXUL FD L FHW HQLL GH HWQLH URPkQ  GLQ VLWXD LD H[SXV  PDL VXV
SUREOHPHOHDS UXWHvQH[HFXWDUHDSUHYHGHULORUDUELWUDMXOXLXUPDXV ILH
VROX LRQDWHGLUHFWGHF WUHJXYHUQHOHURPkQLXQJDUvQFD]GHGH]DFRUG
DVXSUDYUHXQHLFKHVWLXQLDFHDVWDXUPkQGDILVXSXV JXYHUQHORUJHUPDQL
LWDOLDQ FDUH YRU DGRSWD GHFL]LL GHILQLWLYH &X DFHODL SULOHM JXYHUQHOH
JHUPDQ L LWDOLDQ DX JDUDQWDW LQYLRODELOLWDWHD L LQWHJULWDWHD VWDWXOXL
URPkQU OXLWQIHOXODFHVWDSULQIUDXG LSULQVXUSULQGHUHFDGHWkOKDUL
vQPLH]GHFRGUXFXPDYHDV FRQVHPQH]H5DRXO%RVV\vQPHPRULLOH
VDOHDIRVWYUHPHOQLFXFLV 5RPkQLD0DUHPDLvQWkLGH6WDOLQDSRLGH
+LWOHUL0XVVROLQLSULQXQHOWHOHORU5LEEHQWURSL&LDQR
$IOkQGSULQUDGLRFRQ LQXWXOGLFWDWXOXLGHOD9LHQD]HFLGHPLLGH
FHW HQLURPkQLDXLHLWSHVWU ]LVFDQGkQG1LFLXQSHWLFGHS PkQW



 PSRWULYD GLFWDWXOXL VDX SURQXQ DW &,& %U WLDQX ,RQ 0LKDODFKH
0LKDLO3RSRYLFL9LFWRU,DPDQGL9LFWRU$QWRQHVFX$&&X]D$UWKXU9 LWRLDQX
GU&RQVWDQWLQ$QJHOHVFX6LOYLX'UDJRPLUPLWURSROLWXO1LFRODH% ODQ

QPRPHQWXOvQFDUHDY ]XWWUDVHXOQRLLOLQLLGHGHPDUFD LHURPkQR
XQJDUH0LKDLO0DQRLOHVFXLDSLHUGXWFRQRWLQ D$SRLDVHPQDWGRFXPHQWXO
I U V LPDLFLWHDVF FRQ LQXWXO
 
9UHP V  PXULP DS UkQGXQH IUXQWDULLOH RQRDUHD L GHPQLWDWHD QD LR
QDO $UGHDOXOV QXILHFLXQWLWHWF3HQWUXDSUHYHQLHYHQWXDOLWDWHDFD
QHPXO XPLUHD SRSXOD LHL L PLOLWDULORU V  QX GHJHQHUH]H JHQHUDOXO
*KHRUJKH0LKDLOHIXO0DUHOXL6WDW0DMRUDHPLVXQRUGLQJHQHUDOSULQ
FDUH D FHUXW FD ILHFDUH URPkQ V  vQ HOHDJ  F  YLD D L LVWRULD QHDPXOXL
URPkQHVFQXVHWHUPLQ ODDFHVWH]LOHF SHQWUXPRPHQWWUHEXLHV QH
UHVHPQ PLV DWHSW PFXOLQLWHLvQFUHGHUHGHVWLQHOHQHDPXOXL

2FXSDUHDS U LLGHVXGD'REURJHLGHF WUH%XOJDULD

/DIHOFDLJXYHUQXOXQJDUJXYHUQXOEXOJDUSURILWkQGGHVLWXD LD
H[WUHP GH GLILFLO  vQ FDUH VH DIOD 5RPkQLD vQ YDUD DQXOXL  LD
LQWHQVLILFDWLHOSUHVLXQLOHFXWRDWHF vQSHULRDGDLQWHUEHOLF SURPRYDVH
R SROLWLF  H[WHUQ  SUXGHQW  GLQ FDUH QX DX OLSVLW vQV  PDQLIHVW ULOH
UHYL]LRQLVWH 6LWXD LD 5RPkQLHL VD DJUDYDW L GDWRULW  IDSWXOXL F 
UHYHQGLF ULOH EXOJDUH VDX EXFXUDW GH VSULMLQXO *HUPDQLHL L 8QLXQLL
6RYLHWLFHQFXUDMDWUHJHOH%RULVDO,,,OHDLDH[SULPDWVSHUDQ DODPDL
 vQWUR GLVFX LH DYXW  FX &DUO &ORGLXV vPSXWHUQLFLWXO HFRQRPLF DO
5HLFKXOXL SHQWUX VXGHVWXO (XURSHL F  %XOJDULD vL SXWHD vQGHSOLQL
RELHFWLYHOHQD LRQDOHQXPDLDO WXULGH*HUPDQLDF U ]ERLXOQXVHYD
WHUPLQDI U vPSOLQLUHDDFHVWRURELHFWLYH$FHDVW WHQGLQ DIRVWVHVL]DW 
GLQ WLPS GH F WUH DQDOLWLL PLOLWDUL URPkQL FDUH DX LQIRUPDW RUJDQHOH GH
GHFL]LH VXSHULRDU  F  QX HVWH H[FOXV FD %XOJDULD V  SXQ  SH WDSHW
FKHVWLXQHDUHYHQGLF ULORUWHULWRULDOHDVXSUD'REURJHL
QWUXQ DVHPHQHD FRQWH[W OD  LXQLH  3DUYDQ 'UDJDQRY
PLQLVWUXO%XOJDULHLOD%HUOLQDI FXWFXQRVFXWOXL(UQVW:|HUPDQQF D
SULPLWLQVWUXF LXQLGLQSDUWHDJXYHUQXOXLV XV vQWUHSULQG LQYHVWLJD LLvQ
OHJ WXU  FX GH]YROWDUHD FUL]HL EDVDUDEHQH L V  DIOH SXQFWXO GH YHGHUH
JHUPDQ FX SULYLUH OD VDWLVIDFHUHD XOWHULRDU  D UHYHQGLF ULORU %XOJDULHL
'H]DP JLWGHU VSXQVXOSULPLWGLSORPDWXOEXOJDUDSUHFL]DWF UHJHOHL
JXYHUQXOGHOD6RILDVDUDIODvQWURVLWXD LHH[WUHPGHGLILFLO GDF QXDU
SURILWDGHVLWXD LDDFWXDO LDLQVLVWDWV LVHGHDXQHOHDVLJXU ULSHQWUX
YLLWRUvQVHQVXOF *HUPDQLDDYHDV UHFXQRDVF MXVWH HDUHYHQGLF ULORU


 Q LXOLH  DWDDWXOPLOLWDUURPkQOD6RILDDSUHFLDF vQ%XOJDULD
SUREOHPD %DVDUDELHL HUD SULYLW  FX VLPSDWLH I FkQGXVH R DQDORJLH vQWUH
DFHDVW VLWXD LHLFKHVWLXQHD&DGULODWHUXOXL
 
EXOJDUHDVXSUD'REURJHLLV SURPLW VDWLVIDFHUHDORUDWXQFLFkQGYDVRVL
PRPHQWXO 5 VSXQVXO RILFLDO DO GLSORPD LHL JHUPDQH D IRVW GDW GXS 
RFXSDUHD%DVDUDELHLLDS U LLGHQRUGD%XFRYLQHLGHF WUHVRYLHWLFLFkQG
-RDFNLP YRQ 5LEEHQWURS D FRPXQLFDW /HJD LHL JHUPDQH GH OD 6RILD F 
JXYHUQXO GH OD %HUOLQ PDQLIHVWD R vQ HOHJHUH GHSOLQ  ID  GH GRULQ HOH
UHYL]LRQLVWHDOH%XOJDULHLID GH5RPkQLDGDUF DFHVWOXFUXWUHEXLDUHD
OL]DWLQFOXVLYFXLQIOXHQ JHUPDQ GXS UHVWDXUDUHDS FLLvQ(XURSD
/D VFXUW WLPS OD  LXOLH  vQWRUV GH OD %HUOLQ :LOKHOP
)DEULFLXV D LQIRUPDW SH 0LKDLO 0DQRLOHVFX GHVSUH GHFL]LD )KUHUXOXL
SULYLQG UHWURFHGDUHD 'REURJHL GH VXG vQ JUDQL D GH OD  LQFOXVLY
6LOLVWUDL%DOFLFXOEXOJDULLILLQGVI WXL LGHMDV QXSUHWLQG PDLPXOW
'XS  FH D FHUXW OD  DXJXVW DPEDVDGRUXOXL URPkQ OD %HOJUDG 9LFWRU
& GHUH V  VH GHSODVH]H OD 6RILD SHQWUX D GLVFXWD FX RPRORJXO EXOJDU
SUREOHPHOHJDWHGHvQFHSHUHDRILFLDO DWUDWDWLYHORUvQSUREOHPD'REURJHL
PLQLVWUXO URPkQ DO $IDFHULORU 6WU LQH D vQDLQWDW OD  DXJXVW FkWH XQ
0HPRUDQGXPOXL-RDFNLPYRQ5LEEHQWURSSULQFDUHvQFHUFDV VFKLPEH
GHFL]LDJHUPDQ vQSUREOHPD&DGULODWHUXOXL,ULWD LVXEDOWHUQLLPLQLVWUXOXL
JHUPDQ GH H[WHUQH DX UHIX]DW V  SULPHDVF  GRFXPHQWXO L DX I FXW
FXQRVFXWF DUILFXWRWXOvPSRWULYDLQWHUHVHORU5RPkQLHLGDF JXYHUQXO
URPkQ DU PDL VW UXL vQ DFHDVW  FKHVWLXQH vQ FDUH +LWOHU LD VSXV
FXYkQWXO
,QWUDQVLJHQ LEXOJDULLDXI FXWFXQRVFXWRILFLDOODDXJXVWF QX
DFFHSW  vQFHSHUHD WUDWDWLYHORU GHFkW GXS  FH URPkQLL GHFODU  F  VXQW GH
DFRUGFXFHGDUHDLQWHJUDO D&DGULODWHUXOXLQFHUFkQGV RE LQ RFkW
GH PLF  GRYDG  D SULHWHQLHL EXOJDUH 0LKDLO 0DQRLOHVFX D FHUXW OD 
DXJXVW OXL (XJHQ )LORWWL PLQLVWUXO URPkQ OD 6RILD V  UHDPLQWHDVF 
UHJHOXL%RULVDO,,,OHDJHVWXOI FXWGHUHJHOH&DURO,FDUHDUHQXQ DWvQ
 OD R JUDQL  PDL ODUJ  SHQWUX D FUX D FDVWHOXO UHJDO GH OD
(X[LQRGUDGO VkQGV VHvQ HOHDJ F vQDFHOHPRPHQWHURPkQLLDYHDX
GUHSWXOODXQWUDWDPHQWDVHP Q WRUQVLWXD LDvQFDUHFDVWHOXOUHJDOGHOD
%DOFLF DU IL IRVW GHILQLWLY SLHUGXW PLQLVWUXO URPkQ DO $IDFHULORU 6WU LQH


QGLVFX LLOHGHOD6RILD9LFWRU& GHUHDFFHSWDVHvQSULQFLSLXDFHVW
OXFUXFXFRQGL LDS VWU ULL6LOLVWUHLLDXQHLSRU LXQLGHWHULWRULXGHFLUFD
NPSFXSULQV vQWUHYHFKHDIURQWLHU OLWRUDOXO0 ULL1HJUHLROLQLHQRUGVXGGH
ODYHVWGH%DOFLFSkQ ODYHFKHDIURQWLHU FDUHDUILSHUPLVS VWUDUHD&DOLDFUHL
&DYDUQHLL%DOFLFXOXLFXOLWRUDOXO
 
SURSXQHDFDDFHVWDvPSUHXQ FX&DSHODHURLORUURPkQLGHOD3OHYQDV 
ILH FRQVLGHUDW FD R DQH[  D /HJD LHL URPkQH GH OD 6RILD Q DFHVW VHQV
DPEDVDGRUXO URPkQ D vQDLQWDW XQ $LGH0pPRLUH PLQLVWUXOXL EXOJDU GH
([WHUQH $ GRXD ]L  DXJXVW UHJHOH EXOJDU LD H[SULPDW WRDW 
vQ HOHJHUHDSHQWUXSR]L LDJXYHUQXOXLURPkQGDUDGHFODUDWF QXSRDWH
GHFkWPHQ LQHSXQFWXDOGHYHGHUHFRPXQLFDWDQWHULRUGHF WUHJXYHUQXO
GH OD 6RILD GHRDUHFH LGHHD UHVWLWX LHL LQWHJUDOH D SULQV DD U G FLQL vQ
VXIOHWXOSRSRUXOXLEXOJDUvQFkWQLFLRVROX LHSDU LDO QXPDLHVWHSRVLELO 
3HVWHGRX ]LOHODDXJXVWOD&UDLRYDDYHDXV vQFHDS GLVFX LLOH
URPkQREXOJDUH FHOH GRX  GHOHJD LL ILLQG FRQGXVH GH $OH[DQGUX
&UHW]LDQXUHVSHFWLY6YHWRVODY3RPPHQRY&XWRDWHF vQWUXQGLVFXUV
JODFLDOHIXOGHOHJD LHLURPkQHDUHSURDWLQWHUORFXWRULORULQWUDQVLJHQ D
PDQLIHVWDW vQSUREOHPDWHULWRULDO WUDWDWLYHOHDYHDXV FRQWLQXHURPkQLL
DFFHSWkQGFHGDUHDLQWHJUDO D&DGULODWHUXOXLQDFHVWFRQWH[WGLVFX LLOHV
DXD[DWDVXSUDPRGDOLW LORUGHHYDFXDUHODDXJXVWFHOHGRX GHOHJD LL
vQFKHLQG XQ $FRUG vQ DFHVW VHQV R 'HFODUD LH FX SULYLUH OD DFRUG L DX
PDUFDW SH R KDUW  OD VFDUD  FHOH SDWUX ]RQH GH WUDQVIHU L
HYDFXDUHUHVSHFWLYGHRFXSDUHGHF WUHWUXSHOHEXOJDUH
Q ILQDO OD  VHSWHPEULH $OH[DQGUX &UHW]LDQX L +HQUL *HRUJHV
0HLWDQL SHQWUX 5RPkQLD L 6YHWRVODY 3RPHQRY L 7KHRNKDU 3DSD]RY
SHQWUX%XOJDULDDXVHPQDWWUDWDWXOURPkQREXOJDUFDUHSULQDUWVWDELOHD
QRXD IURQWLHU  vQ VHFWRUXO GREURJHDQ FRQIRUP F UHLD &DGULODWHUXO
MXGH HOH &DOLDFUD L 'XURVWRU  vQWUDX vQ FRPSRQHQ D %XOJDULHL Q ED]D
DUWFHOHGRX S U LFRQVLGHUDXYLLWRDUHDIURQWLHU FDILLQGGHILQLWLY L
SHUSHWX  L vL OXDX DQJDMDPHQWXO FD QLFL XQD V  QX PDL IRUPXOH]H
YUHRGDW  YUHR SUHWHQ LXQH GH RUGLQ WHULWRULDO vPSRWULYD FHOHLODOWH QDOWH
S U L FRQWUDFWDQWH $UW  SUHYHGHD FD vQWUXQ WHUPHQ GH WUHL OXQL GH OD
VFKLPEXOLQVWUXPHQWHORUGHUDWLILFDUH5RPkQLDL%XOJDULDVHREOLJDXV 
SURFHGH]HODVFKLPEXOREOLJDWRULXGLQWUHVXSXLLURPkQLGHRULJLQHHWQLF 
EXOJDU GLQMXGH HOH7XOFHDL&RQVWDQ D DFHVWDGLQXUP vQGHOLPLWDUHD
GLQDLQWHGHLXQLH LVXSXLLURPkQLGHRULJLQHHWQLF URPkQ GLQ


 3HQWUX LVWRULFXO SUREOHPHL GREURJHQH YH]L *KHRUJKH =EXFKHD
7UDWDWXOGHOD&UDLRYDSDUWHLQWHJUDQW DGLFWDWXOXLGHOD9LHQDvQ'RFXPHQW
%XOHWLQXO$UKLYHORU0LOLWDUH5RPkQHQUSS

 Q   GLQ SRSXOD LD &DGULODWHUXOXL HUD IRUPDW  GLQ URPkQL
GLQEXOJDULLDUUHVWXOGLQDOWHQD LRQDOLW L
 
MXGH HOH'XURVWRUL&DOLDFUD&HLODO LFHW HQLURPkQLLEXOJDULSXWHDX
LPLJUDvQPRGIDFXOWDWLYvQ DUDORUGHDILQLWDWHHWQLF vQWLPSGHXQDQGH
ODVFKLPEXOLQVWUXPHQWHORUGHUDWLILFDUH*XYHUQXOURPkQSXWHDGHFUHWD
HPLJUDUHD REOLJDWRULH vQ %XOJDULD D XQXL QXP U GH VXSXL URPkQL GH
RULJLQHHWQLF EXOJDU HJDOFXDFHODDOVXSXLORUEXOJDULGHRULJLQHHWQLF 
URPkQ  FDUH DU IL GRULW V  HPLJUH]H JXYHUQXO EXOJDU ILLQG REOLJDW V L
SULPHDVF 3UREOHPHOHWHKQLFHUHIHULWRDUHODPRGDOLW LOHGHHYDFXDUHLOD
WUDQVIHUXOGHSRSXOD LHHUDXUHJOHPHQWDWHSULQDFRUGXULVSHFLDOHDQH[ OD
WUDWDWXOGHED] 

&RQVHFLQ HOHUDSWXULORUWHULWRULDOH

5DSWXULOH WHULWRULDOH V YkULWH GH 8QLXQHD 6RYLHWLF  8QJDULD L


%XOJDULDODDGUHVD5RPkQLHLvQDXDYXWFRQVHFLQ HH[WUHPGHJUDYH
SHQWUX DU  VWDWXO QD LRQDO XQLWDU URPkQ UHvQWUHJLW vQ LVWRULFXO DQ 
SLHU]kQG FLUFDGHNPSLPLOLRDQHGHORFXLWRULDGLF DSUR[L
PDWLY   GLQ WHULWRULX L GLQ SRSXOD LH SUHFXP L LPHQVH YDORUL
PDWHULDOHLVSLULWXDOHILLQGGLVWUXVHVDXvQVXLWHGHF WUHFHLF URUDQXOH
DSDU LQHDX
Q XUPD XOWLPDWXPXULORU GLQ LXQLH  8QLXQHD 6RYLHWLF  D
DQH[DWNPSLGHORFXLWRULvQ%DVDUDELDLNPSL
  GH ORFXLWRUL vQ QRUGXO %XFRYLQHL 3ULQ GLFWDWXO GH OD 9LHQD
8QJDULDLDvQVXLWNPSLORFXLWRULvQWLPSFHSULQ
WUDWDWXOGHOD&UDLRYD%XOJDULDDvQFRUSRUDWXQWHULWRULXFXRVXSUDID GH
NPSLORFXLWRUL
'DWRULW  UHJLPXOXL H[WUHP GH GXU DSOLFDW GH F WUH RFXSDQ L L D
RS LXQLL URPkQLORU GLQ WHULWRULLOH vQFRUSRUDWH SULQ IRU  SkQ  OD VIkULWXO


 'LQWUH DFHWLD  HUDX URPkQL  PDJKLDUL  JHUPDQL
HYUHLUXWHQLDOWHQD LRQDOLW L

 /XFU ULOH GH LVWRULH L VXUVHOH DUKLYLVWLFH PHQ LRQHD]  FLIUH GLIHULWH
SULYLQGVXSUDID DRFXSDW LSRSXOD LDURPkQHDVF vQFRUSRUDW GHF WUH8QLXQHD
6RYLHWLF 8QJDULDL%XOJDULD

3HODUJ,RDQ6FXUWX&RQVWDQWLQ+OLKRU$QXO'UDPDURPkQLORU
GLQWUH3UXWL1LVWUX%XFXUHWL*KHRUJKH,%RGHD9DVLOH76XFLX,OLH
, 3XFD , $GPLQLVWUD LD PLOLWDU  IDVFLVW  vQ QRUGYHVWXO 5RPkQLHL
VHSWHPEULHQRLHPEULH&OXM1DSRFD
 
DQXOXL  GLQ %DVDUDELD L QRUGXO %XFRYLQHL VDX UHIXJLDW 
ORFXLWRULvQWLPSFHGLQ7UDQVLOYDQLDVDXUHIXJLDWSkQ ODDSULOLH
Q&DGULODWHUvQFDGUXODF LXQLLGHHYDFXDUHDXSOHFDWGH
URPkQLvQWLPSFHvQ5RPkQLDDXU PDVGHEXOJDULGLQFDUHDX
SOHFDWSkQ ODRFWRPEULH1XPHURDVHDXIRVWLSLHUGHULOH
PDWHULDOHvQVSHFLDOvQ7UDQVLOYDQLDXQGHVXSUDID DRFXSDW GH8QJDULD
LQFOXGHDGHvQWUHSULQGHULPDULPLQHOHGHDXUDUJLQWFXSUXF UEXQH
EDX[LW HWFFDUHLQFOXGHDXGLQUH]HUYHOHGHDXU
&DX]HOHFDUHDXLPSXVSLHUGHUHDWHULWRULLORUURPkQHWLDXIRVWPXO
WLSOHILLQGGHWHUPLQDWHvQSULPXOUkQGGHSROLWLFDDJUHVLY UHYL]LRQLVW D
FHORUWUHLVWDWHDJUHVRDUHGHFRQWH[WXOLQWHUQD LRQDOQHIDYRUDELO5RPkQLHL
GDU L GH IDFWRUL LQWHUQL FDUH DX I FXW FD SRSRUXO URPkQ V  ILH SXV vQ
VLWXD LDGHDLDS UDFXDUPDvQPkQ DDFXPDGRULWJOLDVWU EXQ 









 


,919/72$5($
&(/8,'($/'2,/($5 =%2,021',$/

3UHOLPLQDULL

$GHUDUHD OD $[  'XS  UDSWXULOH WHULWRULDOH GLQ YDUD DQXOXL 


5RPkQLDDIODW GHMDvQVIHUDGHGRPLQD LHD*HUPDQLHLFDUHJDUDQWDVH
OD  DXJXVW  QRLOH IURQWLHUH DOH VWDWXOXL URPkQ L D LPSXV OD 
VHSWHPEULH  DEGLFDUHD UHJHOXL &DURO DO ,,OHD L SUHOXDUHD SXWHULL
HIHFWLYHvQVWDWGHF WUHJHQHUDOXO,RQ$QWRQHVFXDDFFHSWDWGLQLQL LD
WLYD SHUVRQDO  D QRXOXL FRQGXF WRU DO VWDWXOXL VRVLUHD vQ DU  D 0LVLXQLL
0LOLWDUHLDWUXSHORUJHUPDQH RFWRPEULH LDDGHUDWGLQSURSULH
LQL LDWLY  OD 3DFWXO 7ULSDUWLW  QRLHPEULH   &RQFRPLWHQW vQ
5RPkQLD DX VRVLW L WUXSH LWDOLHQH GH YkQ WRUL DOSLQL L PDULQ  LQFOXVLY



0LVLXQHD UHDO  D WUXSHORU JHUPDQH GLQ 5RPkQLD FDUH D IRVW LQXW 
VHFUHW DWkWSHQWUXURPkQLFkWLSHQWUXJHUPDQLDIRVWDVWIHOSUHFL]DW GHF WUH
JHQHUDOXO:LOKHOP.HLWHOHIXOQDOWXOXLFRPDQGDPHQWDO:HKUPDFKWXOXLD V 
DSHUHFkPSXULOHSHWUROLIHUHGHDILDFDSDUDWHGHRWHU SXWHUHVDXGHODGLVWUXJHUH
E V GHDSRVLELOLWDWHDDUPDWHLURPkQHGHDHIHFWXDVDUFLQLGLIHULWHFRUHVSXQ] WRU
XQXLSODQHODERUDWHIHFWLYvQIDYRDUHDLQWHUHVHORU*HUPDQLHLF vQFD]XOvQFDUH
YRPILVLOL LODXQU ]ERLFX5XVLD6RYLHWLF V VHSUHJ WHDVF SHQWUXDQJDMDUHD
IRU HORUJHUPDQHLURPkQHGLQGLUHF LD5RPkQLHLQDFHVWVHQVWUXSHOHJHUPDQH
DXIRVWGLVORFDWHFXSULRULWDWHvQ]RQHOH6LELX%DF X&RQVWDQ D*LXUJLXDGLF vQ
]RQDVWUDWHJLF FHQWUDO D5RPkQLHLGHXQGHSXWHDXDF LRQDvQPDLPXOWHGLUHF LL
0LVLXQHDDSDUHQW PDLSUHFL]DRILFLDOXOPLOLWDUJHUPDQHUDGHDDMXWD5RPkQLD
SULHWHQ QRX vQFHSULYHWHRUJDQL]DUHDLSUHJ WLUHDIRU HORUHLDUPDWH$YkQG
vQYHGHUHLPSRUWDQ D5RPkQLHLvQSODQXULOHGHSHUVSHFWLY DOH5HLFKXOXL+LWOHUD
FHUXW OD  RFWRPEULH  V  VH HYLWH L FHD PDL PLF  DSDUHQ  GH RFXSD LH
PLOLWDU D5RPkQLHLLV VHGHDGHODvQFHSXWWUDQVIHUXOXLGHXQLW LPLOLWDUHvQ
DFHDVW  DU FDUDFWHUXOXQHLWULPLWHULGHPLVLXQHD:HKUPDFKWXOXLDYkQGWUXSHOH
GHLQVWUXF LHQHFHVDUH1XP UXOWUXSHORUJHUPDQHVRVLWHvQ5RPkQLDDDMXQVvQ
IHEUXDULH  vQDLQWHD WUHFHULL 'XQ ULL vQ YHGHUHD DWDF ULL *UHFLHL OD FLUFD


6HPQDWvQWUH*HUPDQLD,WDOLDL-DSRQLDOD%HUOLQODVHSWHPEULH

 
DYLDWRUL  GLVORFDWH SH 9DOHD 3UDKRYHL L OD %U LOD SUHFXP L R 0LVLXQH
PLOLWDU 
'LQSULPXOPRPHQW,RQ$QWRQHVFXDGHFLVV PHDUJ VXW ODVXW 
SkQ  OD PRDUWH DO WXUL GH $[  FRPSURPL kQG UHOD LLOH SROLWLFRPLOL
WDUHFXDOLD LLWUDGL LRQDOLDL5RPkQLHL0DLPXOWDQWLFLSkQGYLLWRUXOU ]ERL
JHUPDQRVRYLHWLF vQDLQWH FKLDU FD +LWOHU V O LQIRUPH]HGHVSUHDFHVWDD
GHFODUDWvQF GLQWRDPQDDQXOXLF YDSXQHODGLVSR]L LD*HUPDQLHL
WRDWH IRU HOH DX[LOLDUH SROLWLFH PLOLWDUH L VRFLDOH DOH 5RPkQLHL F 
GRUHWHV OXSWHDFWLYvPSRWULYD8QLXQLL6RYLHWLFHGLQSULPD]LLF YD
IDFHWRWXOSHQWUXDvQGHSOLQLFXVXFFHVPLVLXQLOHFHLUHYLQ
&KLDUGDF IRUPDOLQGHSHQGHQ DLVXYHUDQLWDWHDVWDWXOXLURPkQDX
IRVW PHQ LQXWH OLEHUWDWHD GH GHFL]LH D RUJDQHORU SXWHULL GH VWDW 
PRQDUKXOFRQGXF WRUXOVWDWXOXLJXYHUQXODIRVWPXOWvQJU GLW &KLDU
LDOXL,RQ$QWRQHVFXGHLDFHVWDQXDUHFXQRVFXWQLFLRGDW 
7RDWHDFHVWHD GDUPDLDOHVVRVLUHDWUXSHORUJHUPDQHvQ5RPkQLDL
VSRULUHD QXP UXOXL ORU  DX I FXW FD UHOD LLOH H[WHUQH DOH 5RPkQLHL V  VH
UHGXF  FRQVLGHUDELO PDL DOHV GXS  FH OD  IHEUXDULH  0DUHD
%ULWDQLH D UXSW UHOD LLOH GLSORPDWLFH FX 5RPkQLD ,PHGLDW OD FHUHUHD
*HUPDQLHL 5RPkQLD D vQWUHUXSW RILFLDO UHOD LLOH GLSORPDWLFH FX %HOJLD
IHEUXDULH 2ODQGD IHEUXDULH 1RUYHJLD IHEUXDULH
  /D VFXUW WLPS JXYHUQXO URPkQ D WUDQVIRUPDW DPEDVDGD GH OD
%HOJUDG vQ OHJD LH L D VWDELOLW UHOD LL GLSORPDWLFH OD QLYHO GH OHJD LH FX
VWDWXO0DQFLNRDIODWVXEFRQWUROXO-DSRQLHL PDUWLH 



2GHFODUD LHDVHP Q WRDUHDI FXWLGXS HOLPLQDUHDOHJLRQDULORUGH
OD JXYHUQDUH vQ LDQXDULH  FkQG D GHFODUDW 5RPkQLD PHUJH I U  QLFL R
RY LUHDO WXULGH$[ GHPDUHOH)KUHULGHGRPQXO0XVVROLQL

 Q SODQ FXOWXUDODUWLVWLF vQFHSkQG FX  RFWRPEULH  D IRVW
LQWURGXV 2UD*HUPDQLHL PLHUFXUHDGHODRUD vQILLQ DW,QVWLWXWXO*HUPDQ
GLQ %XFXUHWL RUJDQL]DWH H[SR]L LL GH FDUWH FRQIHULQ H FX FDUDFWHU WLLQ LILF
ILOR]RILF OLWHUDU HWF &RQFRPLWHQW vQFHSkQG FX  QRLHPEULH  *UXSXO
(WQLF *HUPDQ GLQ 5RPkQLD D GHYHQLW SHUVRDQ  MXULGLF  GH GUHSW SXEOLF FX
SRVLELOLWDWHD GH D HPLWH GLVSR]L LL FX FDUDFWHU GH REOLJDWLYLWDWH SHQWUX WR L
PHPEULLV L3ULQDFHDVW GHFL]LHHWQLFLLJHUPDQLDXIRVWVFRLGHVXEDXWRULWDWHD
VWDWXOXL URPkQ SXWkQG DUERUD OHJDO GUDSHOXO JHUPDQ OkQJ  FHO URPkQHVF Q
DFHHDL ]L D IRVW DXWRUL]DW V  IXQF LRQH]H 3DUWLGXO 0XQFLWRUHVF 1D LRQDO
6RFLDOLVW*HUPDQDOJUXSXOXL(WQLF*HUPDQGLQ5RPkQLD 

 0LQLVWUXO 0DULL %ULWDQLL OD %XFXUHWL VLU 5HJLQDOG +RDUH L
SHUVRQDOXO /HJD LHL DX S U VLW 5RPkQLD LQYRFkQG VSRULUHD FRQVLGHUDELO  D
QXP UXOXL WUXSHORU JHUPDQH FDUH VH SUHJ WHDX V  WUHDF  vQ %XOJDULD SHQWUX D
DWDFD*UHFLD
 
3R]L LD ID  GH DJUHVLXQHD JHUPDQ  vQ ,XJRVODYLD /D  DSULOLH
FkQG:HKUPDFKWXODDWDFDW,XJRVODYLD5RPkQLDQXDIRVWDQJDMDW 
vQU ]ERLXOGXVvPSRWULYD ULLYHFLQHGHL,RQ$QWRQHVFXDWHQ LRQDVH
SHIHOGPDUHDOXO:DOWKHUYRQ%UDXWFKLVFKHIXO2.+XOXLF DUPDWD
URPkQ QXYDU PkQHSDVLY GDF WUXSHOHXQJDUHDUILS WUXQVvQ%DQDWXO
LXJRVODY 8UPDUHD D IRVW F  JHUPDQLL LDX PRGLILFDW SODQXULOH SULYLQG
vPS U LUHD,XJRVODYLHL%DQDWXOLXJRVODYILLQGSXVVXERFXSD LHJHUPDQ 
&XWRDWHDFHVWHDODDSULOLH,RQ$QWRQHVFXDGHFODUDWvQ&RQVLOLXO
GH0LQLWULF 5RPkQLDQXUHQXQ ODGUHSWXULOHLGDWRULDSHFDUHRDUH
V  UHLQWHJUH]H %DQDWXO /D UkQGXL 0LKDL $QWRQHVFX PLQLVWUX GH
([WHUQH DU WD vQWUXQ 0HPRUDQGXP WULPLV vQ QXPHOH JXYHUQXOXL URPkQ
JXYHUQHORU SXWHULORU $[HL  DSULOLH   F  vQ FRQWH[WXO vQ FDUH
%HUOLQXO I FXVH PDUL FRQFHVLL WHULWRULDOH 8QJDULHL L %XOJDULHL 5RPkQLD
FHUHDRUHYL]XLUHJHQHUDO DIURQWLHUHORUGLQVXGHVWXO(XURSHLQID D
UHIX]XOXL OXL +LWOHU FDUH DYHD DOWH SODQXUL L SHQWUX VXGHVWXO (XURSHL
0LKDL$QWRQHVFXDSURSXVvQV UFLQDWXOXLGHDIDFHULLWDOLDQODPDL
I U  VXFFHV  FD ,WDOLD V  GHVFKLG  XQ FRULGRU URPkQHVF SULQ YDOHD
7LPRFXOXLSkQ ODQRXDIURQWLHU D$OEDQLHLSHQWUXDVHFUHDREDULHU 
ODWLQ vQWHULWRULXOSRSRDUHORUVODYH
'XS FHODvQFHSXWXOOXQLLPDLJXYHUQXOLXJRVODYGLQH[LOD
UXSWUHOD LLOHGLSORPDWLFHFX5RPkQLDJXYHUQXOURPkQDUHFXQRVFXWOD
 PDL  6WDWXO FURDW LQGHSHQGHQW SURFODPDW OD  DSULOLH 
$SRL GXS  RFXSDUHD *UHFLHL GH F WUH *HUPDQLD D vQWUHUXSW UHOD LLOH
GLSORPDWLFHLFXVWDWXOHOHQ


+LWOHUDRIHULW5RPkQLHLvQWLPSXOFDPSDQLHLGLQ%DOFDQLXQUROGH
SURWHMDUHDIODQFXOXLVWkQJvPSRWULYDXQXLHYHQWXDODWDFVRYLHWLF

 $X IRVW DYDQVDWH XUP WRDUHOH VROX LL DOWHUQDWLYH D  2 0DFHGRQLH
OLEHU  FDUH DU JUXSD SRSXOD LLOH URPkQH GLQ %DOFDQL E  8Q WHULWRULX URPkQ
DXWRQRPUHFXQRVFXWSRSXOD LHLURPkQHGLQ9DOHD7LPRFXOXLSkQ OD9DUGDUF 
8Q FRQGRPLQLXP R FRPXQLWDWH JHUPDQRURPkQ LWDOLDQ  HYHQWXDO EXOJDU 
SHQWUX UHJLXQHD 7LPRFXOXL DGLF  R IkLH GHD OXQJXO JUDQL HL EXOJDUH DFWXDOH
SkQ  OD %HOJUDG 1LV 6NRSOMH L vQ MRV VSUH 6DORQLF $SXG WHIDQ /DFKH RS
FLWSS 

WHIDQ/DFKHRSFLWS

,QWHUHVHOHLXJRVODYHvQ5RPkQLDDXIRVWUHSUH]HQWDWHvQFRQWLQXDUHGH
/HJD LD6WDWHORU8QLWHDOH$PHULFLL

 /HJD LD URPkQ  GH OD $WHQD D FRQWLQXDW V  IXQF LRQH]H SkQ  OD 
LXQLHFkQGDIRVWWUDQVIRUPDW vQFRQVXODWJHQHUDO
 
3DUWLFLSDUHDOD&DPSDQLDGLQ(VW  

(OLEHUDUHD%DVDUDELHLLDS U LLGHQRUGD%XFRYLQHL/DLXQLH
 FkQG *HUPDQLD D DWDFDW 8QLXQHD 6RYLHWLF  ,RQ $QWRQHVFX LD
DVXPDW VLQJXU UHVSRQVDELOLWDWHD DQJDM ULL ULL vQ U ]ERL L D FHUXW
PLOLWDULORUURPkQLSULQFHOHEUXORUGLQ2VWDLY RUGRQWUHFH L3UXWXO
V GH]UREHDVF GLQMXJXOURXDOEROHYLVPXOXLSHIUD LLQRWULFRWURSL L
LV UHDGXF vQWUHKRWDUHOHQD LRQDOHJOLDVWU EXQ D%DVDUDELHLLFRGULL
YRLHYRGDOLDL%XFRYLQHL$QJDMDW VDXPDLSUHFLVDQJDMkQGXVHvQID]D
LQL LDO vQWUXQU ]ERLFDUHLDIRVWLPSXVSULQEUXWDOXOXOWLPDWXPVRYLHWLF
GLQLXQLH5RPkQLDQXDYL]DW HOXULDQH[LRQLVWHGHFRWURSLUHDXQRU
WHULWRULLFDUHQXvLDSDU LQHDXFLGRDUUHvQWUHJLUHDQD LRQDO 
/D  LXOLH  SULQ OXSWD D FLUFD  GH PLOLWDUL URPkQL
%DVDUDELD L QRUGXO %XFRYLQHL VWU YHFKL SURYLQFLL URPkQHWL DX IRVW
HOLEHUDWH&DPSDQLDHOLEHUDWRDUHDIRVWVSULMLQLW GHPDMRULWDWHDSRSRUXOXL
GHSDUWLGHOHSROLWLFHLGHUHJHOH0LKDL,
3DUWLFLSDUHD OD U ]ERL SH WHULWRULXO 8QLXQLL 6RYLHWLFH3HP VXUD
vQGHSOLQLULLPLVLXQLORUGHOXSW SHWHULWRULXOQD LRQDOGLQHVWXO ULLWUXSHOH
URPkQHDXFRQWLQXDWSDUWLFLSDUHDODU ]ERLDO WXULGH*HUPDQLDvQFDGUXO
U ]ERLXOXL GH FRDOL LH vQ DGkQFLPHD WHULWRULXOXL VRYLHWLF vQ FRQWH[WXO vQ
FDUH8QLXQHD6RYLHWLF QXHUDQLFLSHGHSDUWHvQIUkQW vQFDUH8QJDULDFX
FDUHHUDvQWURFRPSHWL LHFRQWLQX SHQWUXvQFUHGHUHD%HUOLQXOXLFRQWLQXD
OXSWDDO WXULGH5HLFKLDU%XOJDULDVW WHDvQHVSHFWDWLY ,PSXV GHFRQVL
GHUHQWHVWUDWHJLFHGHFHULQ HOHDVLJXU ULLVHFXULW LLJUDQL HLU V ULWHQHGH
SH 1LVWUX KRW UkUHD FRQGXF WRUXOXL VWDWXOXL URPkQ D IRVW FRQWHVWDW  vQ
HSRF  GH GLIHULWH SHUVRQDOLW L SROLWLFH FX SUHF GHUH GH ,XOLX 0DQLX L
&,& %U WLDQX  S UHULOH FRQWUDGLFWRULL FRQWLQXkQG V  VH PDQLIHVWH L vQ
]LOHOHQRDVWUH
7UHFkQGVXFFHVLY1LVWUXOvQFHSkQGFXLXOLHIRU HOHPLOLWDUH
URPkQH DX GHVI XUDW vQ FRRSHUDUH FX FHOH JHUPDQH DPSOH RSHUD LL
PLOLWDUHSkQ OD1LSUXLvQ]RQD2GHVVDDSRLODQRUGGH0DUHDGH$]RY
vQ&ULPHHDODVXGGH+DUNRYvQ]RQD6WDOLQJUDG vQ&RWXO'RQXOXLLvQ
6WHSD .DOPXN  vQ SHQLQVXOD 7DPDQ vQ .XEDQ L vQ &DXFD] SkQ  vQ


 3H ODUJ 'LQX &*LXUHVFX 5RPkQLD vQ DO GRLOHD U ]ERL PRQGLDO
 %XFXUHWL  $OHVDQGUX 'X X QWUH :HKUPDFKW L $UPDWD
5RLH%XFXUHWLSS
 
DSURSLHUH GH *UR]QkL DQJDMkQG QXPHURDVH IRU H URPkQH OD R PDUH
GHS UWDUH GH JUDQL HOH ULL vQUHJLVWUkQG YLFWRULL PDL PXOW VDX PDL SX LQ
FRVWLVLWRDUH 2GHVVDvQSULPXOFD]RIHQVLYD$UPDWHLVSUH1LSUXOXSWHOH
GLQ&ULPHHD7DPDQ.XEDQ&DXFD]vQFHOGHDOGRLOHD GDULvQIUkQJHUL
FDWDVWURIDOH 6WDOLQJUDG FDUHDXSXVvQSHULFROIRU DFRPEDWLY PLOLWDU D
5RPkQLHL FLUFD  GH PLOLWDULPRU L U QL L L GLVS UX L QXPDL vQ
&RWXO'RQXOXLLvQ6WHSD.DOPXN 
&X WRDWH F  GH]DP JLUHD L GH]LOX]LD SRSRUXOXL URPkQ DWLQVHVHU 
FRWH PD[LPH 5RPkQLD D FRQWLQXDW V  OXSWH DO WXUL GH *HUPDQLD V L
vQGHSOLQHDVF  REOLJD LLOH GH DOLDW vQ WLPSXO UHWUDJHULL GH OD 6WDOLQJUDG L
GLQ&DXFD]vQFDSXOGHSRGGLQ.XEDQvQ&ULPHHDLSHOLWRUDOXOQRUGLF
DO0 ULL1HJUHSUHFXPLvQ%DVDUDELD%XFRYLQDL0ROGRYDGLQPDUWLH
 SDUWHD GH HVW D WHULWRULXOXL QD LRQDO GHYHQLQG GLQ QRX WHDWUX GH
RSHUD LLPLOLWDUH
&RQWLQXDUHD SDUWLFLS ULL OD U ]ERL L GXS  UHVWDELOLUHD VXYHUDQLW LL
URPkQHWLDVXSUD%DVDUDELHLL%XFRYLQHLDDYXWFRQVHFLQ HLPSRUWDQWHQX
QXPDLvQSODQLQWHUQFLLvQSULYLQ DUHOD LLORUH[WHUQHDOH5RPkQLHL DUD
ILLQG SXV  vQ PRG IRUPDO vQ VWDUH GH U ]ERL FX 0DUHD %ULWDQLH 
GHFHPEULHODLQVLVWHQ DJXYHUQXOXLVRYLHWLF 6WDWHOH8QLWHDOH$PHULFLL
 GHFHPEULH SULQ GHFODUD LD URPkQ  GH U ]ERL L SULQFRQWUDGHFODUD LD
GHU ]ERLVHPQDW GHSUHHGLQWHOHDPHULFDQODLXQLH &DQDGDL
1RXD=HHQODQG  GHFHPEULH $XVWUDOLDL8QLXQHD6XG$IULFDQ 
GHFHPEULH DSRLLFX1LFDUDJXD GHFHPEULH +DLWL 
GHFHPEULH /X[HPEXUJ VHSWHPEULH %ROLYLD GHFHPEULH
 &HKRVORYDFLD UHSUH]HQWDW SULQJXYHUQXOGLQH[LOODIHEUXDULH
 
&RQFRPLWHQW DX PDL IRVW vQWUHUXSWH UHOD LLOH GLSORPDWLFH FX
5HSXEOLFD &KLQD  LXOLH   ,UDQ  RFWRPEULH   (JLSW 
GHFHPEULH 9HQH]XHOD GHFHPEULH 0H[LF GHFHPEULH
  %UD]LOLD  PDUWLH   &RVWD 5LFD  PDL   &XED 
VHSWHPEULH &KLOH PDL LVDXVWDELOLWUHOD LLGLSORPDWLFH


,ELGHPSS

/DQRLHPEULHJXYHUQXOHQJOH]DvQDLQWDWJXYHUQXOXLURPkQR
1RW XOWLPDWLY  SULQLQWHUPHGLXO/HJD LHL68$ SULQFDUHI FHDFXQRVFXWF 
GDF SkQ ODGHFHPEULHQXYDRSULRSHUD LLOHPLOLWDUHLQXYDvQFHWDRULFH
SDUWLFLSDUH DFWLY  OD RVWLOLW L 0DUHD %ULWDQLH YD GHFODUD U ]ERL 5RPkQLHL
8QLYHUVXOGLQGHFHPEULH 
 
FX JXYHUQXO SURMDSRQH] GH OD 1DQMLQJ  LXOLH   Q XUPD WUHFHULL
,WDOLHLGHSDUWHD1D LXQLORU8QLWH VHSWHPEULH JXYHUQXOURPkQ
DUHFXQRVFXWODVHSWHPEULHJXYHUQXOIDVFLVWUHSXEOLFDQFRQGXV
GH %HQLWR 0XVVROLQL 5HSXEOLFD GH OD 6DOR  GDU D FRQWLQXDW V  PHQ LQ 
UHOD LLLFXJXYHUQXO%DGRJOLRPHQ LQkQGOD%XFXUHWLSHUHSUH]HQWDQWXO
DFHVWXLD5HQDWR%RYD6RSSD
3ULQXUPDUHSkQ ODDXJXVW5RPkQLDVDDIODWvQU ]ERLFX
VWDWHDvQWUHUXSWUHOD LLOHGLSORPDWLFHFXVWDWHLDvQWUH LQXWUHOD LL
GLSORPDWLFHFX UL %XOJDULD&URD LD'DQHPDUFD(OYH LD)LQODQGD
)UDQ D *HUPDQLD ,WDOLD -DSRQLD 3RUWXJDOLD 6SDQLD 6XHGLD 6ORYDFLD
8QJDULD7XUFLD9DWLFDQ &RQFRPLWHQWOD%XFXUHWLVDXDIODWvQPLVLXQH
RILFLDO DWDD LPLOLWDULGLQ%XOJDULD&URD LD)UDQ D)LQODQGD*HUPDQLD
,WDOLD-DSRQLD6ORYDFLD6SDQLD7XUFLDL8QJDULD
6LWXD LD ULL VD DJUDYDW L SULQ IDSWXO F  UHFXQRVFkQG JUDQL HOH
HVWLFHDOH8QLXQLL6RYLHWLFHH[LVWHQWHvQ0DUHD%ULWDQLHL6WDWHOH
8QLWHDOH$PHULFLLDXDFFHSWDWLPSOLFLWU PkQHUHD%DVDUDELHLLDS U LLGH
QRUGD%XFRYLQHLvQFRPSXQHUHD8QLXQLL6RYLHWLFH

3UHOLPLQDULLGHDUPLVWL LX

'XS GH]DVWUXOGHOD6WDOLQJUDGFkQGDXIRVWSLHUGX LFLUFD


GHPLOLWDUL PRU LU QL LLGLVS UX L ,RQ$QWRQHVFXLRSR]L LDUHSUH
]HQWDW vQVSHFLDOGHFRQGXF WRULLFHORUGRX SDUWLGHLVWRULFHDXvQWUHSULQV
QXPHURDVH GDU LQIUXFWXRDVH SUHOLPLQDULL GH DUPLVWL LX vQGUHSWkQGXL


$UPLVWL LXODIRVWSXEOLFDWODVHSWHPEULH

9DOHULX )ORULQ 'REULQHVFX 5RPkQLD L RUJDQL]DUHD SRVWEHOLF  D
OXPLL%XFXUHWLS

,QL LDOVDXVWDELOLWOHJ WXULvQFDSLWDOHOHXQRUVWDWHQHXWUH OD/LVDERQD
FX UHSUH]HQWDQ LL 0DULL %ULWDQLL  GH F WUH ,RQ 3DQJDO IRVW PLQLVWUX vQ FDSLWDOD
OXVLWDQ  &DPLO 'HPHWUHVFX VHFUHWDU GH OHJD LH L 9LFWRU & GHUH HPLVDUXO OXL
0LKDL $QWRQHVFX 0DGULG FX &DUOWRQ +D\HV DPEDVDGRUXO 68$ GH F WUH
6FDUODW *ULJRULX SULPXO VHFUHWDU DO /HJD LHL URPkQH GLQ FDSLWDOD 6SDQLHL OD
%HUQD FX /HODQG +DUUULVRQ PLQLVWUXO 68$ GH F WUH 1LFRODH /DKRYDU\ L
9HVSDVLDQ3HOODWLWXODULL/HJD LHLURPkQH*ULJRUH*DIHQFX5LFKDUG)UDQDVRYLFL
DOD5RPDFXUHSUH]HQWDQ LL9DWLFDQXOXLHWF DSRLGLQWRDPQDDQXOXL
DX IRVW LQL LDWH WUDWDWLYH FX VRYLHWLFLL OD 6WRFNKROP FX $OH[DQGUD .ROORQWDL
DPEDVDGRDUHD 8566 GH F WUH )UHGHULF 1DQX HIXO /HJD LHL 5RPkQH L
*HRUJH 'XFD FRQVLOLHU GH OHJD LH L UHSUH]HQWDQWXO RSR]L LHL  LDU GLQ PDUWLH
OD&DLUR FXUHSUH]HQWDQ LLWXWXURUDOLD LORUGHF WUHGLSORPDWXO$OH[DQGUX
&UHW]LDQXL%DUEXWLUEH\L&RQVWDQWLQ9LRLDQXUHSUH]HQWDQ LLRSR]L LHL 
 
DWHQ LDVSUHSXWHULOHRFFLGHQWDOHvQSRILGDIDSWXOXLF DFHVWHDDXSUHFL]DW
GHODvQFHSXWIRDUWHFODULIHUPF URPkQLLWUHEXLDXV VHvQ HOHDJ PDL
vQWkL FX VRYLHWLFLL F URUD OHD IRVW UHFXQRVFXW  SUHSRQGHUHQ D vQ VROX LR
QDUHDSUREOHPHORUVWDWHORUHVWHXURSHQH
(HFXOVFHQDULLORUSUHFRQL]DWHVDGDWRUDWXQRUFDX]HRELHFWLYHGDU
LVXELHFWLYHLQWHUQHGDULH[WHUQH
8Q URO LPSRUWDQW vQ HHFXO GLVFX LLORU SUHOLPLQDUH ODX DYXW  SH
OkQJ H[LJHQ HOHURPkQHWLvQFHHDFHSULYHWHUHFXQRDWHUHDGHF WUHDOLD L
DJUDQL HLSH1LVWUXLvQH]LW ULOHGHDVHDQJDMDvQGLVFX LLFXVRYLHWLFLL
KRW UkUHD6WDWHORU8QLWHDOH$PHULFLLL0DULL%ULWDQLLGHDGLVFXWDQXPDL
vQFRQGL LLOHFDSLWXO ULLQHFRQGL LRQDWHSULQFLSLXDGRSWDWODFRQIHULQ DGH
OD&DVDEODQFDvQLDQXDULHLUHSHWDWPHUHXSkQ ODDXJXVW
&X WRDWH DFHVWHD JXYHUQXO URPkQ L RSR]L LD DX SXV QXPHURDVH
FRQGL LL vQ WLPSXO GLVFX LLORU SH FDOH OHDX DYXW SULQ GLYHUL HPLVDUL FX
UHSUH]HQWDQ LLDOLD LORU
Q VLQWH]  DFHVWHD DX IRVW XUP WRDUHOH GHEDUFDUH DQJORDPHULFDQ 
VHULRDV vQ%DOFDQLSHGLUHF LD5RPkQLHLLLQWUDUHD7XUFLHLvQU ]ERL
DO WXUL GH DOLD L DPEHOH FHULQ H DX IRVW UHVSLQVH OD 7HKHUDQ  DVLJXUDUHD
LQGHSHQGHQ HL 5RPkQLHL DFFHSWDW  GH DQJORDPHULFDQL L FKLDU GH F WUH
VRYLHWLFL FDUH QX DYHDX V  VH LQ  GH FXYkQW  UHVSHFWDUHD GUHSWXULORU
WHULWRULDOH UHLQWHJUDUHD vQWUHJLL 7UDQVLOYDQLL GH QRUG L D %DVDUDELHLvQ
XOWLPXO FD] OXkQGXVH vQ FDOFXO FKLDU DFFHSWDUHD SOHELVFLWXOXLW  DFRU
GDUHDFDOLW LLGHVWDWFREHOLJHUDQW FHUHUHDFFHSWDW ODXQPRPHQWGDWGH
F WUHXQLLGLQWUHPLOLWDULLLGLSORPD LLDPHULFDQLFDUHDXDSUHFLDWF DFHVW
OXFUX XUPD V  DLE  R LPSRUWDQ  GHRVHELW  vQ HYROX LD YLLWRDUH D
U ]ERLXOXL DDFXPVDLvQWkPSODWGHIDSW DMXWRUDOLDWvQFD]GHDWDF
XQJDULEXOJDU LGHHDFFHSWDW GDUFXSUHFL]DUHDF QXVHYDWROHUDYUHXQ


 Q OHJ WXU  FX DFHVW OXFUX DOLD LL RFFLGHQWDOL DX DSUHFLDW SUREOHPD
7UDQVLOYDQLHLFDILLQGFRPSOLFDW LVHULRDV SURQXQ kQGXVHSHQWUXVROX LR
QDUHD HL vQ FDGUXO UHJOHPHQW ULORU WHULWRULDOH SRVWEHOLFH Q FHHD FH SULYHWH
%DVDUDELD VRYLHWLFLL VDX SURQXQ DW SHQWUX vQFRUSRUDUHD DFHVWHLD 8QLXQLL
6RYLHWLFHSXQFWXOORUGHYHGHUHILLQGVXV LQXWLGHDQJORDPHULFDQL

 $O L GLSORPD L DPHULFDQL FRQVLGHUDX F  DFHVW OXFUX WUHEXLD DFFHSWDW
QXPDLSHQWUXWHULWRULXOURPkQHVF GLQDFHOPRPHQW LFXVFRSXOGHDLDOXQJD
SH QHP L GLQ 5RPkQLD QHDGPL kQG QLFL R RSHUD LXQH vQ DIDUD JUDQL HORU
5RPkQLHLU OXLWH SHQWUX FD WUXSHOH URPkQH V  QX S WUXQG  vQ 7UDQVLOYDQLD
RFXSDW GH8QJDULDvQ8QLLIXQF LRQDULDL'HSDUWDPHQWXOXLGH6WDWQXDX
DGPLVvQWRDUFHUHDDUPHORULSDUWLFLSDUHDODU ]ERLvPSRWULYD*HUPDQLHLSkQ OD
vQIUkQJHUHDDFHVWHLD
 
DWDF DUPDW vPSRWULYD DFHVWRU UL SULQ XUPDUH QLFL RIHQVLY  SHQWUX
HOLEHUDUHD 7UDQVLOYDQLHL  GHEDUFDUH DOLDW  OD &RQVWDQ D SXWHD IL L
VRYLHWLF vQDFHVWVFRSFKLDUGXS DXJXVWVDXWULPLVJDUQLWXULGHWUHQ
vQ ]RQ  L WUXSH DHURSXUWDWH SHQWUX D RUJDQL]D UH]LVWHQ D vQ 2OWHQLD L
%DQDW VSUHDVHSXWHDIDFHPDLXRUOHJ WXUDFXUH]LVWHQ DLXJRVODY 
LQIRUPDUHD JHUPDQLORU GHVSUH vQFKHLHUHD DUPLVWL LXOXL L GHFODUDUHD
U ]ERLXOXLYDULDQWD0DQLXVDXHPLWHUHDXQXLXOWLPDWXPGH]LOHF WUH
WUXSHOH JHUPDQH SHQWUX D HYDFXD WHULWRULXO 5RPkQLHL vQ FD] FRQWUDU
DUPDWD URPkQ  XUPkQG V  VH DO WXUH $UPDWHL 5RLL YDULDQWD 1DQX vQ
VLWXD LD vQ FDUH WUXSHOH JHUPDQH S U VHDX 5RPkQLD vQ  ]LOH VRYLHWLFLL
DFFHSWDXLYDULDQWDQHXWUDOLW LL5RPkQLHLLQWHUGLF LDSHQWUXRULFHWUXSH
VWU LQH VRYLHWLFH vQ VSHFLDO  GH D S WUXQGH I U  R FHUHUH H[SUHV  D
JXYHUQXOXL URPkQ vQ 0XQWHQLD 2OWHQLD 'REURJHD %DQDW L vQ VXGXO
7UDQVLOYDQLHL L &ULDQHL GHFL SH vQWUHJXO WHULWRULX DIODW DWXQFL VXE
DXWRULWDWHD JXYHUQXOXL URPkQ FDUH XUPD V  ILH PHQ LQXW VXE FRQWURO GH
F WUHDUPDWDURPkQ  YDULDQWD0DQLX 3ULQ1DQXJXYHUQXOVDGHFODUDW
GH DFRUG FX GHSODVDUHD QHVWLQJKHULW  D WUXSHORU VRYLHWLFH SH WHULWRULXO
5RPkQLHL FX FRQGL LD FD DGPLQLVWUD LD V  U PkQ  URPkQHDVF  DFHODL
OXFUXUHIHULWRUODDGPLQLVWUD LHvOFHUXVHL0DQLX UH]HUYDUHDXQHL]RQH
SHQWUX DGPLQLVWUD LD URPkQHDVF  FHQWUDO  JXYHUQ  I U  WUXSH VWU LQH
YDULDQWD 1DQX UHVSLQV  GH F WUH VRYLHWLFL  DQJDMDPHQWXO JXYHUQHORU
HQJOH]DPHULFDQLVRYLHWLF SULQWURGHFODUD LHRILFLDO F VHDE LQGHOD
RULFHDPHVWHFvQWUHEXULOHLQWHUQHDOH5RPkQLHLFRQVWLWXLUHDXQXLJXYHUQ
URPkQFRQGXVGH,XOLX0DQLXvQQRUGHVWXO0ROGRYHLRFXSDWGHWUXSHOH
VRYLHWLFH vQ VLWXD LD vQ FDUH ,RQ $QWRQHVFX DU IL UHIX]DW V  vQFKHLH
DUPLVWL LXO L QX DU IL SXWXW IL U VWXUQDW GH OD SXWHUH ID  GH DFHVW 
SURSXQHUH LQH[SOLFDELO  WR L DOLD LL LDX GHFODUDW DFRUGXO  H[HFXWDUHD
XQHLPLF ULFKLDUSHIURQWLQXvQLQWHULRUXO ULL,XOLX0DQLXI FkQG
FXQRVFXWF DYHDSURPLVVSULMLQXOXQRUJHQHUDOLLQWHUGLF LDSHQWUXIRU HOH
DOLDWHGHDRFXSDWHULWRULLOHURPkQHWLFDUHQXGHYHQHDX]RQ GHRSHUD LL
vQDSRLHUHD F WUH JXYHUQXO URPkQ D IRQGXULORU % QFLL 1D LRQDOH D
5RPkQLHL FRQILVFDWH GH F WUH JHUPDQL GHEORFDUHD IRQGXULORU JXYHUQD
PHQWDOH URPkQHWL VHFKHVWUDWH vQ 0DUHD %ULWDQLH L 68$ RIHQVLY 
PDVLY  VRYLHWLF  SH IURQWXO GLQ 0ROGRYD OD FHO WkU]LX  GH RUH GXS 
VFKLPEDUHDJXYHUQXOXLvQ5RPkQLDWULPLWHUHDDWUHLEULJ ]LDHURSXUWDWHL
D  GH SDUDXWLWL VLPXOWDQ FX VFKLPEDUHD JXYHUQXOXL SUHFXP L
DUPDPHQWXOXL QHFHVDU vQDUP ULL D  GH PHPEULL DL IRUPD LXQLORU


 ,GHHD QHHILFLHQW  GH DOWIHO D IRVW OXDW  vQ FDOFXO L GH 1LFRODH
&HDXHVFXvQvQWLPSXOFUL]HLFHKRVORYDFH
 
SDWULRWLFH vQYDULDQWD0DQLXGDUL$QWRQHVFXvQXOWLPXOFD]PDUHDOXO
QHI FkQG YUHR UHIHULUH OD J U]LOH SDWULRWLFH  ERPEDUGDPHQWH DOLDWH
VLPXOWDQH FX VFKLPEDUHD JXYHUQXOXL DVXSUD GLVSR]LWLYHORU JHUPDQH GLQ
5RPkQLD DVXSUD SXQFWHORU SULQ FDUH DFHVWHD SXWHDX S WUXQGH vQ DU  L
DVXSUDF LORUGHFRPXQLFD LH IDSWDFFHSWDWLFKLDUHIHFWXDWODDXJXVW
 vQ ]RQD 2WRSHQL % QHDVD  GLVFXWDUHD FXDQWXPXOXL GHVS JXELULORU
GH U ]ERL YDULDQWD JXYHUQXOXL SULQ 1DQX VRYLHWLFLL ILLQG GH DFRUG 
WULPLWHUHD SHVWH OLQLD IURQWXOXL D XQHL GHOHJD LL SHQWUX D GLVFXWD FX
VRYLHWLFLLGHILQLWLYDUHDLVHPQDUHDDFRUGXOXL VXJHVWLDOXL1DQXDFFHSWDW 
GHF WUHVRYLHWLFLVDSUHJ WLWWULPLWHUHDJHQHUDOXOXL$XUHO$OGHD SUHOXD
UHD GHVS JXELULORU GH U ]ERL FHUXWH GH F WUH JXYHUQXO VRYLHWLF GH F WUH
JXYHUQHOHDPHULFDQLHQJOH]vQVFKLPEXORULF URUFRQFHVLLSULYLQGLQGXV
WULLOHGHSHWUROPLQLHU IRUHVWLHU HWF YDULDQWD,RQ$QWRQHVFX 
$OLD LL DX UHVSLQV PDMRULWDWHD DFHVWRU FHUHUL URPkQHWL FDUH vQ FD]
GHDFFHSWDUHDUILVHUYLWLQWHUHVXOQD LRQDOQHI FkQGQLFLRUHIHULUHODYUHR
GRULQ  VDX LQWHQ LH GH D VH RSUL VDX P FDU GH D VH vQFHWLQL ULWPXO
vQDLQW ULL VRYLHWLFH VSUH FHQWUXO (XURSHL 0DL PXOW DQJORDPHULFDQLL DX
VROLFLWDW GH ILHFDUH GDW  vQ PRG LPSHUDWLY LQFOXVLY SULQ PDQLIHVWHOH
DUXQFDWH DVXSUD WHULWRULXOXL URPkQHVF FRQFRPLWHQW FX ERPEHOH GLQ
SULP YDUDLYDUDDQXOXLFDSLWXODUHDLPHGLDW vQWRDUFHUHDDUPHORU
LVXSXQHUHDvQID DIRU HORUVRYLHWLFHI U QLFLRFRQGL LHWULPLWHUHD
SHIURQWODVRYLHWLFLDXQXLHPLVDUSHQWUXDVWDELOLPRPHQWXOLORFXOvQ
FDUHIRU HOHURPkQHWUHEXLDXV WUHDF ODDF LXQH
&RQFRPLWHQW DX VWDELOLW  GH SULQFLSLL FDUH WUHEXLDX LPSXVH
5RPkQLHL FX SULOHMXO VHPQ ULL DFWXOXL GH FDSLWXODUH SULQFLSLL FDUH VH
UHJ VHVFLvQGRFXPHQWHOHHPLVHGH'HSDUWDPHQWXOGH6WDWvQLDQXDULH
IHEUXDULHFDUHSUHFRQL]DXvQ5RPkQLDXQUHJLPGHRFXSD LHH[WUHP
GH GXU SRDWH PDL GXU GHFkW SUHYHGHULOH &RQYHQ LHL GH DUPLVWL LX GLQ
VHSWHPEULH


(ORFYHQWvQDFHVWVHQVHVWH3URLHFWXO'HSDUWDPHQWXOXLGH6WDWDO68$
GLQLDQXDULHUHIHULWRUODVWDELOLUHDFRPSRQHQ HLIRU HORUGHRFXSD LHL
FDUDFWHUXO SUREOHPHORU GH QDWXU  FLYLO  GXS  FDSLWXODUHD QHFRQGL LRQDW  D
5RPkQLHL 'XS  FH DPLQWHD GH 'HFODUD LD FRPXQ  DGRSWDW  GH UHSUH]HQWDQ LL
8566 68$ L 0DULL %ULWDQLL OD 0RVFRYD OD  QRLHPEULH  XQGH VH
F ]XVH GH DFRUG V  VH DF LRQH]H vPSUHXQ  vQ WRDWH SUREOHPHOH OHJDWH GH
FDSLWXODUHD L GH]DUPDUHD 5RPkQLHL GRFXPHQWXO VH UHIHUHD OD QHFHVLWDWHD FD
vQDLQWH GH FDSLWXODUHD 5RPkQLHL L RFXSDUHD WHULWRULXOXL 5RPkQLHL FHOH WUHL
JXYHUQH WUHEXLDX V   UHDOL]H]H XQ DFRUG UHIHULWRU OD GLPHQVLXQHD L FDUDFWHUXO
 
/DUkQGXOHVRYLHWLFLLDXFHUXWODDSULOLHSULQSURSXQHULOH
PLQLPDOHGHDUPLVWL LXvQDLQWDWHOD&DLUR LUHSHWDWHDSRLOD6WRFNKROP 
FDSLWXODUHD WUXSHORU URPkQH DIODWH OD HVW GH 1LVWUX VDX DWDFDUHD GH F WUH
DFHVWHDDVSDWHOXLGLVSR]LWLYXOXLJHUPDQ vQDFHVWFD]JXYHUQXOVRYLHWLFVH
REOLJDV OHFRPSOHWH]HDUPDPHQWXOLV OHSXQ ODGLVSR]L LDPDUHDOXOXL
,RQ $QWRQHVFX L D OXL ,XOLX 0DQLX  UXSHUHD UHOD LLORU FX JHUPDQLL L
GXFHUHDGHRSHUD LLFRPXQHFX$OLD LLvPSRWULYD:HKUPDFKWXOXLvQVFR
SXOUHVWDXU ULLLQGHSHQGHQ HLLVXYHUDQLW LL5RPkQLHLUHVWDELOLUHDJUD
QL HLURPkQRVRYLHWLFHvQFRQFRUGDQ FXDFRUGXOGLQGHVS JXELUL
GHU ]ERLUHSDWULHUHDSUL]RQLHULORUGHU ]ERLDOLD LLDSHUVRDQHORUVWU LQH
LQWHUQDWHvQ5RPkQLDOLEHUWDWHGHPLFDUHQHvQJU GLW SHvQWUHJWHULWRULXO
5RPkQLHLSHQWUXWUXSHOHVRYLHWLFHGDF RSHUD LXQLOHPLOLWDUHRYRUFHUH
FRRSHUDUHPLOLWDU URPkQRVRYLHWLF vPSRWULYDWUXSHORUJHUPDQHLXQJDUH
SHQWUXFDvQWUHDJD7UDQVLOYDQLHVDXFHDPDLPDUHSDUWHDDFHVWHLDV ILH
vQDSRLDW  5RPkQLHL VWDELOLUHD OD GRULQ D S U LL URPkQH D XQHL OHJ WXUL
SROLWLFHLPLOLWDUHFXSDUWHDVRYLHWLF 

SDUWLFLS ULLILHF UXLDODRFXSD LDLDGPLQLVWUD LDPLOLWDU DSUREOHPHORUGHQDWXU 
FLYLO  D 5RPkQLHL &D VROX LL DOWHUQDWLYH VDX DYXW vQ YHGHUH $ 2FXSD LD
VRYLHWLF  FX R FRPLVLH LQWHUDOLDW  GH FRQWURO VDX R FRPLVLH SROLWLF  FRQVXOWDWLY 
WULSDUWLW  % 3DUWLFLSDUHD VLPEROLF  D IRU HORU DPHULFDQH OD RFXSDUHD L
FRQGXFHUHD PLOLWDU  & &RQGXFHUHD PLOLWDU  L GH RFXSD LH VRYLHWLF  FX R
PLVLXQH PLOLWDU  DQJORDPHULFDQ  DWDDW  SH OkQJ  FRPDQGDQWXO HI VRYLHWLF
SHQWUX OHJ WXU  L REVHUYDUH ' *XYHUQ PLOLWDU L GH RFXSD LH GRDU VRYLHWLF
(&RQGXFHUHPLOLWDU LGHRFXSD LHPL[W IRUPDW GLQIRU HVRYLHWLFHEULWDQLFH
LDPHULFDQH
QFRPSOHWDUHDDFHVWRUSUREOHPHGHSULQFLSLXODIHEUXDULH-DPHV
&OHPHQWGLUHFWRUXO6HF LHLSHQWUXDIDFHULHXURSHQHD'HSDUWDPHQWXOXLGH6WDW
I FHD FXQRVFXW DPEDVDGRUXOXL 68$ vQ 0DUHD %ULWDQLH -RKQ * :LQDQW
SUHYHGHULOHFDUHXUPDXV ILHLPSXVH5RPkQLHLvQPRPHQWXOFDSLWXO ULLJkQGLWH
vQSULQFLSDOSHQWUXDVLJXUDUHDVHFXULW LLLFRQWLQX ULLPDLGHSDUWHDU ]ERLXOXL
vPSRWULYD*HUPDQLHLLFDUHDXLPSRUWDQWHLPSOLFD LLSROLWLFH$FHVWHDWUHEXLDX
V  ILH LPSXVH OD GRULQ D FHORU WUHL PDUL SXWHUL FDUH UHSUH]HQWDX 1D LXQLOH
8QLWH5RPkQLDQHDYkQGSRVLELOLWDWHDGHDOHJHUHOLEHU GHDFRQVLP LVDXQX
(OH VH UHIHUHDX OD FDSLWXODUHD QHFRQGL LRQDW  GHPRELOL]DUH L GH]DUPDUH
SUHGDUHD PDWHULDOHORU GH U ]ERL RFXSD LH FRQWUROXO SUHVHL UDGLRXOXL L
SRWHL FULPLQDOLL GH U ]ERL FRQWUROXO PLF ULL SRSXOD LHL GHVS JXELUL
RUJDQL]D LLURPkQHWLLQGH]LUDELOHFKHOWXLHOLQHFHVLWDWHGHRFXSD LHGXUDWD
LLQWUDUHDvQYLJRDUHDLQVWUXPHQWXOXLGHFDSLWXODUHHWF
 
5HIHULQGXVH OD DFHVWH FRQGL LL VRYLHWLFH JHQHUDOXO *60DUVFKDOO
FRPDQGDQWXO0DUHOXL6WDW0DMRUDO$UPDWHL68$DSUHFLDF vQVLWXD LD
vQ FDUH JXYHUQXO GH OD %XFXUHWL OHDU DFFHSWD DWXQFL 5RPkQLD DU OXD
DVXSUDVDVWDWXWXOGHFREHOLJHUDQ 
6SHUkQG F  YD RE LQH FRQGL LL PDL DYDQWDMRDVH GLQ SDUWHD DQJOR
DPHULFDQLORU,RQ$QWRQHVFXDFRQVLGHUDWSURSXQHULOHVRYLHWLFLORUFDILLQG
QHVDWLVI F WRDUH L D GHFLV WHUJLYHUVDUHD GLVFX LLORU /D IHO D SURFHGDW L
,XOLX0DQLXQILQDOvQV OLGHUXOQD LRQDO U QLVWDDFFHSWDWODLXQLH
GXS  FRQVWLWXLUHD %ORFXOXL 1D LRQDO 'HPRFUDW V  vQFKHLH DUPLVWL LXO SH
ED]DSURSXQHULORUIRUPXODWHGHDOLD LI U DVHSUHFL]DODFDUHYDULDQW 
VHUHIHUHDGHLGXS vQ HOHJHUHDDQJORVRYLHWLF GLQPDLUHIHULWRUOD
SUHSRQGHUHQ D 0RVFRYHL vQ SUREOHPHOH URPkQHWL L FKLDU vQDLQWH GH
GHEDUFDUHDDOLDW GLQ1RUPDQGLDDOLD LLGHFLVHVHU ODLXQLHV vQWUHUXS 
RULFH FRQWDFWH FX SDUWHD URPkQ  FRQVLGHUkQG SURSXQHULOH YDJL L
QHUHDOLVWH
([LJHQ HOHURPkQHWLGHUHFXQRDWHUHDJUDQL HLSH1LVWUXLH]LW ULOH
vQDVHDQJDMDvQGLVFX LLVHULRDVHFXVRYLHWLFLLFDUHSULPLVHU GHODDQJOR
DPHULFDQL DVHQWLPHQWXO GH D WUDWD FX URPkQLL SUREOHPD LHLULL ULL GLQ
$[ KRW UkUHD6WDWHORU8QLWHDOH$PHULFLLL0DULL%ULWDQLLGHDGLVFXWD
QXPDLvQFRQGL LLOHFDSLWXO ULLQHFRQGL LRQDWH DGRSWDW OD&DVDEODQFDvQ
LDQXDULH LUHIX]XODFHVWRUDGHDDFRUGDDVLVWHQ SROLWLF LPLOLWDU 
5RPkQLHL VDX FKLDU XQHOH JDUDQ LL vQ PRPHQWXO WUHFHULL GH SDUWHD
1D LXQLORU 8QLWH DX IRVW GRDU XQLL IDFWRUL RELHFWLYL L VXELHFWLYL FDUH DX
I FXWFDSUHOLPLQDULLOHGHDUPLVWL LXV HXH]H
%RPEDUGDPHQWHOH DHULHQH HIHFWXDWH GH DYLD LD DQJORDPHULFDQ 
DVXSUDWHULWRULXOXLQD LRQDOvQVSHFLDOvQSULP YDUDLYDUDDQXOXLDX
GH]DP JLWLVSXOEHUDWLHOHVSHUDQ HOHURPkQLORUSULYLQGUHDOL]DUHDXQHL
vQ HOHJHULGRDUFXUHSUH]HQWDQ LLSXWHULORURFFLGHQWDOH

7UHFHUHD5RPkQLHLGHSDUWHD1D LXQLORU8QLWH
LSDUWLFLSDUHDOD&DPSDQLDGLQ9HVW  

Q YDUD DQXOXL  vQWUR VLWXD LH VWUDWHJLF  H[WUDRUGLQDU GH


FRPSOH[  vQ FDUH IURQWXULOH  L  XFUDLQLHQH UXSVHVHU  GLVSR]LWLYXO GH
OXSW GLQHVWXO ULLvQFDGUXORSHUD LHL,DL&KLLQ XUHJHOH0LKDL,vQ

 
DFRUGFXSDUWLGHOHFDUHFRQVWLWXLVHU %ORFXO1D LRQDO'HPRFUDW 3DUWLGXO
1D LRQDO U QHVF3DUWLGXO1D LRQDO/LEHUDO3DUWLGXO6RFLDO'HPRFUDWL
3DUWLGXO&RPXQLVW5RPkQ LRSDUWHGLQFRUSXOGHFRPDQG DODUPDWHLD
GHFLVODDXJXVWDUHVWDUHDPDUHDOXOXL,RQ$QWRQHVFXFRQVWLWXLUHDXQXL
QRX JXYHUQ L WUHFHUHD 5RPkQLHL GH SDUWHD 1D LXQLORU 8QLWH &RQVLGHUDW
GH ,XOLX 0DQLX FD R ORYLWXU  GH VWDW HJDO  FX R PDUH UHYROX LH DFWXO
URPkQHVFGHODDXJXVWDIRVWUHFHSWDWvQHSRF GUHSWXQDFWGH
VXYHUDQLWDWH L GHPQLWDWH QD LRQDO  PHQLW V  VDOYH]H DUD GLQ VLWXD LD
GLILFLO vQFDUHVHDIODLV GXF ODFUHDUHDFRQGL LLORUQHFHVDUHHOLEHU ULL
S U LLGHQRUGYHVWD ULLRFXSDW GH8QJDULDvQ
,PHGLDW I U  QLFL R FRQGL LH VDX GHIHF LXQH 5RPkQLD D SXV OD
GLVSR]L LD DOLD LORU VRYLHWLFLORU vQ VSHFLDO  XQ vQVHPQDW SRWHQ LDO PLOLWDU
 GLQ SRSXOD LD ULL  LQWURGXFkQG vQ OXSW  SkQ  OD  RFWRPEULH
 FkQG D IRVW UHvQWUHJLW  JUDQL D GH YHVW D ULL SHVWH   GH
PLOLWDULFRQWLQXkQGDSRLDDFXPSURFHGDVHLGXS HOLEHUDUHD%DVDUDELHL
LDS U LLGHQRUGD%XFRYLQHLvQLXOLHV LvQGHSOLQHDVF REOLJD LLOH
DVXPDWH SULQ &RQYHQ LD GH DUPLVWL LX GLQ  VHSWHPEULH  FDUH DX
LQFOXV SDUWLFLSDUHD DUPDWHL URPkQH OD RSHUD LLOH PLOLWDUH GHVI XUDWH SH
WHULWRULLOH8QJDULHL&HKRVORYDFLHLL$XVWULHLvQWUXQVSD LXHXURSHDQGH
DQYHUJXU  SHGLUHF LD%XFXUHWL%XGDSHVWD9LHQD3UDJD SkQ OD
VIkULWXOU ]ERLXOXL
$SUHFLLQGDSRUWXOURPkQHVFODvQIUkQJHUHD5HLFKXOXLvQDOWHSHUVR
QDOLW L L RILFLDOLW L SROLWLFH L VWDWDOH DOH PDULORU SXWHUL DOLDWH DQDOLWL
SROLWLFL L PLOLWDUL QX DX H]LWDW V  DILUPH F  5RPkQLD D DGXV SULQ
FRQWULEX LD HL R VFXUWDUH D U ]ERLXOXL GH FHO SX LQ DVH OXQL F  SULQ
HIHFWLYHOHSHFDUHOHDYHDDQJDMDWHvQOXSW vQLDQXDULHVHVLWXDvQDO
SDWUXOHDUkQGvQFHHDFHSULYHWHQXP UXOGHVROGD LFXFDUHSDUWLFLS OD
E W OLDSHQWUXGLVWUXJHUHDQD]LVPXOXL
QWUH FHOH PDL LPSRUWDQWH DYDQWDMH VWUDWHJLFH SH FDUH OHD DGXV
5RPkQLDLDUPDWDVD1D LXQLORU8QLWHGXS DXJXVWVDXVLWXDW
FRQWULEX LHHVHQ LDO ODSU EXLUHDGHIHQVLYHLJHUPDQHODIODQFXOVXGLFDO
IURQWXOXL HVW HXURSHDQ L OD SXOYHUL]DUHD GLVSR]LWLYXOXL GH OXSW  DO
:HKUPDFKWXOXLvQ3HQLQVXOD%DOFDQLF GHVFKLGHUHDSRU LL)RFDQLORU
L SULQ DFHDVWD D SRU LORU (XURSHL FHQWUDOH SH YDOHD 'XQ ULL  L DOH
(XURSHLGHVXGHVWSHQWUXvQDLQWDUHDDUPDWHORUVRYLHWLFHDDFXPFHUXVHU 
LQVLVWHQWUHSUH]HQWDQ LL68$L0DULL%ULWDQLLvQDLQWHGHDXJXVW
UHDOL]DUHD vQWUXQ WLPS VFXUW D XQHL PDUL WUDQVOD LL D IURQWXOXL VXGHVW
 
HXURSHDQI U HJDOvQLVWRULDFHOXLGHDOGRLOHDU ]ERLPRQGLDO vQWUH
L  NP vQ  ]LOH  PRGLILFDUH LPSRUWDQW vQEDODQ DGHIRU HDFHORU
GRX  PDUL FRDOL LL GH IRU H DIODWH vQ OXSW  SULQ SXQHUHD OD GLVSR]L LD
1D LXQLORU8QLWHDSHVWHGHPLOLWDULURPkQLPRELOL]D LLPSDFW
QHJDWLYDVXSUDPDLQLLGHU ]ERLJHUPDQHSULQVLVWDUHDLPHGLDW DRULF UHL
DSURYL]LRQ UL GLQ 5RPkQLD FX SURGXVH GH ED]  SHQWUX FRQWLQXDUHD
U ]ERLXOXL vQVSHFLDOSHWUROLFHUHDOH SURYRFDUHXQXLDGHY UDWVHLVPvQ
VLVWHPXOSROLWLFGRPLQDWGH$[ FRQWULEX LHPLOLWDU FRQWLQX LHILFLHQW 
SkQ  OD VIkULWXO U ]ERLXOXL SH R GLUHF LH LPSRUWDQW  GH S WUXQGHUH VSUH
FHQWUXO(XURSHLDPSOXHIRUWHFRQRPLFED]DWSHSURSULLOHSRVLELOLW LDOH
ULL L GHVI XUDW FRQFRPLWHQW FX vQGHSOLQLUHD XQRU vPSRY U WRDUH
REOLJD LLDVXPDWHSULQ&RQYHQ LDGHDUPLVWL LXGLQVHSWHPEULH
'LQ PRPHQWXO vQ FDUH D WUHFXW GH SDUWHD 1D LXQLORU 8QLWH OD 
DXJXVW  5RPkQLD D DGXV R FRQWULEX LH LPSRUWDQW  OD vQIUkQJHUHD
*HUPDQLHLL8QJDULHLSODVkQGXVHSHIURQWXOHVWHXURSHDQSHORFXOGRL
GXS  8QLXQHD 6RYLHWLF  L DVLJXUkQGXL SULQ DFHDVWD VWDWXWXO GH VWDW
FREHOLJHUDQWFXWRDWHF QXDIRVWSULPLW vQFRDOL LDDQWLKLWOHULVW 
6HPQLILFDWLY  SHQWUX FDUDFWHUXO LQHGLW DO DF LXQLL URPkQHWL 
DSUHFLDW FDILLQGI U SUHFHGHQWvQLVWRULDXQLYHUVDO HVWHFRPSDUD LDFX
DOWH VWDWH DIODWH vQWUR VLWXD LH VLPLODU  ,WDOLD GH H[HPSOX D vQFKHLDW
DUPLVWL LX FX 1D LXQLOH 8QLWH OD  VHSWHPEULH  I FXW SXEOLF OD
VHSWHPEULH vQV GRDURPLF SDUWHGLQGLYL]LLOHVDOHDXWUHFXWGHSDUWHD
$OLD LORU I U  D OXSWD LPHGLDW vPSRWULYD *HUPDQLHL F UHLD L VD GHFODUDW
U ]ERL DELD OD  RFWRPEULH  &X WRDWH DFHVWHD L VD UHFXQRVFXW
FDOLWDWHD GH FREHOLJHUDQW  %XOJDULD D vQWUHUXSW UHOD LLOH FX *HUPDQLD OD
VHSWHPEULHGDUPDULOHVDOHXQLW LQXDXGHFODQDWLPHGLDWOXSWD
vPSRWULYD :HKUPDFKWXOXL )LQODQGD D vQFKHLDW DUPLVWL LXO FX 1D LXQLOH
8QLWHODVHSWHPEULHGDUQXLDDVXPDWQLFLRREOLJD LHGHOXSW 
vPSRWULYD WUXSHORU JHUPDQH 8QJDULD GHL D VHPQDW DUPLVWL LX OD
LDQXDULHFkQGFHDPDLPDUHSDUWHDWHULWRULXOXLV XHUDHOLEHUDWL
VDREOLJDWV LQWURGXF vQOXSW GLYL]LLQXDSDUWLFLSDWODHIRUWXOFRPXQ
DO1D LXQLORU8QLWHFXQLFLRXQLWDWHIRU HOHVDOHFRQWLQXkQGOXSWDDO WXUL
GH:HKUPDFKWSkQ ODvQIUkQJHUHDGHILQLWLY DDFHVWXLDGLQPDL
5RPkQLDDSXVvQVFKLPEODGLVSR]L LD$OLD LORULPHGLDWLI U QLFL
R FRQGL LH XQ vQVHPQDW SRWHQ LDO PLOLWDU   GLQ SRSXOD LD ULL 
WRWDOLWDWHD RUJDQLVPXOXL PLOLWDU FDUH DYHD R FRQGXFHUH FHQWUDOL]DW 
VWUXFWXUL ELQH GHILQLWH L FDUH GLVSXQHD GH  GLYL]LL RSHUDWLYH L GH
 
LQVWUXF LHHVFDGULOHGHDYLD LHFXDYLRDQH GHOXSW QDYH
GHU ]ERLIOXYLDOHLPDULWLPHPDLLPSRUWDQWH3HSDUFXUVXOU ]ERLXOXLGXV
DO WXULGH1D LXQLOH8QLWHFXDQWXPXOIRU HORUPLOLWDUHURPkQHDRVFLODWvQ
IXQF LH GH SUHYHGHULOH &RQYHQ LHL GH DUPLVWL LX GLQ  VHSWHPEULH 
DOH 3URWRFROXOXL PLOLWDU URPkQRVRYLHWLF GLQ  RFWRPEULH  L DOH
DOWRU H[LJHQ H DOH &RPLVLHL $OLDWH GH &RQWURO SDUWHD VRYLHWLF  GDU
QLFLRGDW  QX D IRVW LQIHULRU DQJDMDPHQWHORU DVXPDWH GH DU  Q QLFL XQ
PRPHQW vQ 5RPkQLD UHSUH]HQWDQ LL DOLD LORU QX DX LQWHUYHQLW SHQWUX
vQILLQ DUHDGHXQLW LPLOLWDUHFDUHV LQWUHvQOXSW GHRDUHFHvQSHUPDQHQ 
SRWHQ LDOXOPLOLWDUGLVSRQLELODIRVWSXVODGLVSR]L LDIURQWXOXL
$QDOL]kQG LPSRUWDQWD FRQWULEX LH URPkQHDVF  OD U ]ERL GHSXWDWXO
ODEXULVW HQJOH] ,YRU 7KRPDV GHFODUD vQ &DPHUD &RPXQHORU OD VIkULWXO
DQXOXL'HYUHPHFH5RPkQLDHVWHDSDWUD DU FDHIHFWLYSHIURQW
vPSRWULYD*HUPDQLHLDUILFD]XOGHDVHSURSXQHV LVHDFRUGHXQVWDWXWGH
FREHOLJHUDQ 

1RXOVWDWXOMXULGLFLQWHUQD LRQDODO5RPkQLHL

/DVFXUWWLPSGXS WUHFHUHDGHSDUWHD1D LXQLORU8QLWHODDXJXVW


 QRXO JXYHUQ URPkQ D LQIRUPDW UHSUH]HQWDQ LL JXYHUQHORU 68$
8566L0DULL%ULWDQLLOD$QNDUDGHVSUHQRXDVLWXD LHSROLWLFRPLOLWDU 
GLQ DU LDOXDWDFWGHGHFODUD LDFRPLVDUXOXLSHQWUXDIDFHULOH([WHUQHDO
8QLXQLL 6RYLHWLFH 90 0RORWRY GLQ  DXJXVW  SULQ FDUH DFHVWD
UHvQQRLDGHFODUD LLOHJXYHUQXOXLVRYLHWLFGLQDSULOLHFRQIRUPF URUD
0RVFRYD VH DQJDMD V  QX DQH[H]H WHULWRULL URPkQHWL VDX V  VFKLPEH
UHJLPXO SROLWLF H[LVWHQW &RQFRPLWHQW GLSORPDWXO VRYLHWLF D SUHFL]DW F 
GDF  DUPDWD URPkQ  vQWRUFHD DUPHOH vPSRWULYD FRWURSLWRULORU JHUPDQL
IDSWvPSOLQLWODDFHDGDW QQ LSDUWLFLSDODOXSWDvPSRWULYDWUXSHORU
JHUPDQHLXQJDUH5RPkQLDYDDYHDVSULMLQXOWRWDODO8QLXQLL6RYLHWLFH
/D  DXJXVW  vQ ED]D DQJDM ULL WRWDOH D DUPDWHL URPkQH vQ
OXSWD vPSRWULYD WUXSHORU JHUPDQH GLQ 5RPkQLD GLQ VHDUD ]LOHL GH 
DXJXVW LDGHFODU ULLVW ULLGHU ]ERL*HUPDQLHL DXJXVW 
PLQLVWUXO$IDFHULORU6WU LQH*ULJRUH1LFXOHVFX%X]HWLDI FXWFXQRVFXW
DPEDVDGRULORU68$L0DULL%ULWDQLLGHOD$QNDUDF JXYHUQXOURPkQ
FDUHGHDFXPvQDLQWHVHDIO vQVLWXD LDGHIDFWRGHFREHOLJHUDQWGRUHWHFD
1D LXQLOH8QLWHV OUHFXQRDVF GUHSWDOLDW

 
$SRL OD  DXJXVW  JXYHUQXO URPkQ D GHFLV V  QX PDL
UHFXQRDVF &URD LD6ORYDFLDL5HSXEOLFD6RFLDO ,WDOLDQ FRQVLGHUDWH
DILFUHD LXQLDUWLILFLDOHDOHUHJLPXOXLQD]LVWLDUXSWUHOD LLOHGLSORPD
WLFH FX 8QJDULD QHOXkQG vQV  LQL LDWLYD GHFODU ULL VW ULL GH U ]ERL DFHV
WHLD&RQFRPLWHQWDUHFXQRVFXWJXYHUQXOSURYL]RULXIUDQFH]FRQGXVGH
JHQHUDOXO&KDUOHVGH*DXOOHLDI FXWFXQRVFXWF GRUHWHV vQWUH LQ FX
DFHVWD UHOD LLOH FHOH PDL FRUGLDOH vQ VSLULWXO YHFKLL L QHGH]PLQ LWHL
DPLFL LL
/DVHSWHPEULHGXS FHWUXSHOHXQJDUHLJHUPDQHDXDWDFDW
VHSWHPEULH ODVXGGHOLQLDYUHPHOQLF GHGHPDUFD LHLPSXV OD
 DXJXVW  JXYHUQXO URPkQ D FRQVWDWDW SULQ GHFODUD LD PLQLVWUXOXL
$IDFHULORU 6WU LQH *ULJRUH 1LFXOHVFX%X]HWL F  8QJDULD VD SXV vQ
VWDUHGHU ]ERLFX5RPkQLD
Q SRILGD DYDQWDMHORU SH FDUH OH DGXVHVH 1D LXQLORU 8QLWH SULQ
WUHFHUHDGHSDUWHDDFHVWRUDODDXJXVWLDOXSWHLSHFDUHDUPDWD
URPkQ  R GXFHD DO WXUL GH $UPDWD 5RLH vPSRWULYD WUXSHORU JHUPDQH L
XQJDUHODVHSWHPEULH5RPkQLHLLDIRVWLPSXV &RQYHQ LDGHDU
PLVWL LXFDUHUHJOHPHQWDSUREOHPHFHGHS HDXFDUDFWHUXOXQXLDVHPH
QHD GRFXPHQW DERUGkQG L DVSHFWH SROLWLFH WHULWRULDOH HFRQRPLFH
DGPLQLVWUDWLYH HWF 3UDFWLF 5RPkQLHL L VD LPSXV FDSLWXODUHD QHFRQGL LR
QDW GHFLV FXPXOWWLPSvQDLQWHGHPDULOHSXWHULILLQGFRQVLGHUDW XQVWDW
vQYLQV IRVW LQDPLF , VD UHIX]DW GH DVHPHQHD FDOLWDWHD GH DOLDW VDX FHO
SX LQGHFREHOLJHUDQW
&DXUPDUHDLPSXQHULLUHJLPXOXLGXUGHDUPLVWL LXSROLWLFDH[WHUQ 
D 5RPkQLHL VD GHVI XUDW VXE VWULFWD VXSUDYHJKHUH L LPL[WLXQH  D


&RQVWLWXLW vQ,WDOLDGHQRUGODVHSWHPEULHGXS HOLEHUDUHDOXL
%HQLWR 0XVVROLQL OD  VHSWHPEULH GH F WUH XQ GHWDDPHQW GH SDUDXWLWL
JHUPDQL

QUHDOLWDWHUHOD LLOHvQFHWDVHU LPHGLDWGXS DXJXVW

6D LQXWVHDPDLGHDFFHSWDUHDGHF WUH0DULOH3XWHULDFDUDFWHUXOXL
QHMXVWDOGLFWDWXOXLGHOD9LHQDGLQDXJXVW

/DRFWRPEULHDXIRVWUXSWHUHOD LLOHGLSORPDWLFHFX-DSRQLDL
FXJXYHUQXOFKLQH]SURMDSRQH]GHOD1DQMLQJ

 &RQYHQ LD GH DUPLVWL LX UHVWDELOHD IURQWLHUD URPkQRVRYLHWLF 
LPSXV ODLXQLH&RQVLGHUDvQV KRW UkULOHGLFWDWXOXLGHOD9LHQDGLQ
DXJXVW  L GHFLGHD FD 7UDQVLOYDQLD VDX FHD PDL PDUH SDUWH D HL  V  ILH
UHVWLWXLW 5RPkQLHLVXEFRQGL LDFRQILUP ULLWUDWDWXOXLGHSDFH
 
JXYHUQXOXL VRYLHWLF L D S U LL VRYLHWLFH D &RPLVLHL $OLDWH GH &RQWURO
FDUHDIXQF LRQDWvQFRQIRUPLWDWHFXSUHYHGHULOH&RQYHQ LHLGHDUPLVWL LX
GLQVHSWHPEULH SkQ ODQRLHPEULH QDFHVWFRQWH[WFKLDU
UHOD LLOH GLSORPDWLFH DOH 5RPkQLHL FX 68$ L 0DUHD %ULWDQLH DX IRVW
UHJOHPHQWDWHSULQLQWHUPHGLXODFHVWH&RPLVLL
6LWXD LD ULL VD DJUDYDW vQ RFWRPEULH  vQ XUPD DFRUGXOXL GH
SURFHQWDMVWDELOLWvQWUH:LQVWRQ&KXUFKLOOL,96WDOLQSULQFDUH5RPkQLDD
IRVW SODVDW  vQ SURSRU LH GH  vQ VIHUD GH LQIOXHQ  VRYLHWLF  'LQ DFHO
PRPHQW0RVFRYDLDLQWHQVLILFDWDF LXQHDGHLPSXQHUHDSURSULXOUHJLP
SROLWLFLDGLUHF LRQDWSROLWLFDH[WHUQ URPkQHDVF LQWUkQGFKLDUvQFRQIOLFW
FX DOLD LL 6WDWHOH 8QLWH L 0DUHD %ULWDQLH GXS  FH DFHWLD DX UHIX]DW V 
UHFXQRDVF JXYHUQXOGU3HWUX*UR]DLPSXVGH0RVFRYDODPDUWLH
'HDOWIHODYkQGQHYRLHGHVSULMLQXOPLOLWDUVRYLHWLFSHIURQWXOGH(VW
68$L0DUHD%ULWDQLHDXO VDWVRYLHWLFLORUV vQ HOHDJ vQDLQWHFKLDUGH
LPSXQHUHD&RQYHQ LHLGHDUPLVWL LXF YRUDYHDSULRULWDWHvQVROX LRQDUHD
WXWXURU SUREOHPHORU DIODWH vQ GLVSXW  FX 5RPkQLD Q DFHVW VHQV vQF  GLQ
PDUWLH$QWKRQ\(GHQPLQLVWUXOGHH[WHUQHEULWDQLFGHFODUD3ROLWLFD
QRDVWU ID GH5RPkQLDHVWHVXERUGRQDW UHOD LLORUFX8566LQRLQX
YUHPV DFFHSW PQLFLXQDQJDMDPHQWVDXV vQWUHSULQGHPYUHRDF LXQH
I U GHSOLQDFXQRWLQ LFRQVLP PkQWXOJXYHUQXOXLVRYLHWLF$SRLOD
PDL  DFHODL $QWKRQ\ (GHQ vQ ED]D LQVWUXF LXQLORU OXL :LQVWRQ
&KXUFKLOODSURSXVDPEDVDGRUXOXLVRYLHWLFOD/RQGUDFD8566V DLE 
SULQFLSDODUHVSRQVDELOLWDWHvQSUREOHPHOHURPkQHWLLDU0DUHD%ULWDQLHvQ
FHOHJUHFHWL/DIHOVDSURFHGDWLGXS VHPQDUHD&RQYHQ LHLGHDUPLVWL LX
FX 5RPkQLD OD  VHSWHPEULH  FkQG OD  RFWRPEULH  :LQVWRQ
&KXUFKLOOLDSURSXVOXL,96WDOLQPRQVWUXRVXODFRUGGHSURFHQWDMI U FD
FLQHYDGLQFRQGXFHUHD5RPkQLHLV ILHLQIRUPDW
QED]DVLQLVWUHLvQ HOHJHULJXYHUQHOHGHOD/RQGUD FXSUHF GHUH L
:DVKLQJWRQ DX O VDW PkQ  OLEHU  VRYLHWLFLORU UHSUH]HQ DQ LL FHORU GRX 
PDULSXWHULQHLPSOLFkQGXVHvQDFWLYLW LOH&RPLVLHL$OLDWHGH&RQWUROQLFL
FHOSX LQvQFDGUXOOLPLWDWVWDELOLWGHODvQFHSXW0DLPXOWOLVDFHUXWV QX
GHSXQ  SUHD PXOW ]HO L V  ODVH PDUHDOXOXL 5,0DOLQRYVNL DXWRULWDWH
GHSOLQ  vQ FRQGXFHUHD WUHEXULORU GLQ 5RPkQLD 3HQWUX D IL L PDL FODU


)XQF LDGHSUHHGLQWHDO&RPLVLHL$OLDWHGH&RQWURODIRVWvQFUHGLQ DW 
PDUHDOXOXL VRYLHWLF 5, 0DOLQRYVNL 68$ DX IRVW UHSUH]HQWDWH GH JHQHUDOXO
&RUWODQG56FKD\OHULDU0DUHD%ULWDQLHGHYLFHDPLUDOXO'RQDOG)6WHYHQVRY
 
:LQVWRQ&KXUFLOODGHFODUDWODQRLHPEULH$WkWDWLPSFkWUXLLQH
ODV PkQ OLEHU vQ*UHFLDQXSXWHPIDFHPDLPXOWGHFkWV ILPVSHFWDWRUL
ODFHHDFHVHvQWkPSO vQ5RPkQLD
QPRPHQWXOvQFDUHHUDFODUF VRYLHWLFLLHUDXGHFLLV LPSXQ SULQ
IRU  XQ JXYHUQ SURFRPXQLVW UHSUH]HQWDQ LL FHORU GRX  PDUL SXWHUL
GHPRFUDWLFHvQ&RPLVLD$OLDW GH&RQWUROGRULQGVWDELOLWDWHvQ5RPkQLDDX
SURWHVWDW OD  IHEUXDULH  'RULQG VWDELOLWDWH vQ 5RPkQLD GHOHJD LL
FHORU GRX  VWDWH DX SURWHVWDW SH OkQJ  JHQHUDOXO 9LQRJUDGRY ORF LLWRUXO
PDUHDOXOXL 5,0DOLQRYVNL ID  GH GHPRQVWUD LLOH YLROHQWH GH VWUDG 
RUJDQL]DWH GH F WUH FRPXQLWL FHUkQG V  ILH PHQ LQXW XQ JXYHUQ UHSUH
]HQWDWLYGHFRDOL LH3HVWHFkWHYD]LOHODIHEUXDULH'HSDUWDPHQWXO
GH6WDWDO68$VDSURQXQ DWSHQWUXLQGHSHQGHQ D5RPkQLHLJXYHUQGH
FRDOL LH UHSUH]HQWDW GH WRDWH FDWHJRULLOH SROLWLFH L VRFLDOH vPSRWULYD
IRORVLULL IRU HL VDX LFDQHORU SROLWLFH SHQWUX DGXFHUHD OD SXWHUH D RULF UXL
JUXS SROLWLF vPSRWULYD vQFHUF ULORU GH VFKLPEDUH SULQ PLMORDFH GH
GH]RUGLQHSULQXWLOL]DUHDIRU HLVDXSULQLQWLPLG ULSHQWUXDOHJHULOR
FDOHLJHQHUDOHSHED]DYRWXOXLOLEHULVHFUHWVDXSHQWUXDOWHPLMORDFH
GHPRFUDWLFHSHQWUXPHQ LQHUHDRUGLQLLLQWHUQHGHF WUHDXWRULW L&RQFR
PLWHQW D UHFRQILUPDW VSULMLQXO DFRUGDW UHJHOXL 0LKDL , D FRQVLGHUDW F 
GRULQ D JXYHUQXOXL URPkQ GH D VH DFRUGD 5RPkQLHL VWDWXWXO GH FREHOL
JHUDQ  WUHEXLD SULYLW  FX VLPSDWLH OD IHO FD L H[WLQGHUHD DGPLQLVWUD LHL
URPkQHWLvQQRUGYHVWXO ULLvQV GXS WHUPLQDUHDU ]ERLXOXL&XDFHODL
SULOHMDPHULFDQLLVDXSURQXQ DWSHQWUXROLEHUWDWHUHDO DSUHVHLOLPLWDW 
GRDU OD FHQ]XUD PRWLYDW  PLOLWDU SUHFXP L SHQWUX UHOXDUHD FRPHU XOXL
H[WHULRUDWXQFLFkQGFRQGL LLOHRYRUSHUPLWH3HP VXUDDFXWL] ULLFUL]HL
SROLWLFH GLQ DU  OD  IHEUXDULH  FRQVLGHUkQG F  HYHQLPHQWHOH GLQ
5RPkQLD FRQWUDYHQHDX KRW UkULORU GH OD ,DOWD 'HSDUWDPHQWXO GH 6WDW
DPHULFDQ D FHUXW DPEDVDGRUXOXL $+DULPDQQ V  VROLFLWH LQWHUYHQ LD
0RVFRYHLSHQWUXPHQ LQHUHDXQXLJXYHUQGHFRDOL LHFkWPDLUHSUH]HQWDWLY
vQ 5RPkQLD &HUHUHD DGUHVDW  OXL $,9vLQVNL GH UHSUH]HQWDQ LL 68$ L
0DULL%ULWDQLLvQ&RPLVLD$OLDW GH&RQWUROGLQIHEUXDULHSULYLQG
RFRQVXOWDUHSUHDODELO DU PDVI U HFRXGHRDUHFHvQFRQIRUPLWDWHFX
vQ HOHJHULOHGHOD0RVFRYDGLQRFWRPEULHUHSUH]HQWDQWXOJXYHUQXOXL


/DPDUWLHUHSUH]HQWDQWXOEULWDQLFvQ5RPkQLD0DUMRULEDQNV
OD LQIRUPDW SH $,9vLQVNL F  JXYHUQXO EULWDQLF GRUHD XQ JXYHUQ OLEHU vQ
5RPkQLDLQXXQUHJLPVLQGLFDOLVW
 
VRYLHWLFDUHSOLFDWF JXYHUQXOV XQXVDDPHVWHFDWvQ*UHFLDLF 8566
DWHDSW FDvQ5RPkQLDV ILHVSULMLQLW LDUQXI FXW V HXH]HGHF WUH
UHSUH]HQWDQ LLEULWDQLFL,PHGLDWGLSORPDWXOEULWDQLFDUHFXQRVFXWLQWHUH
VHOHVSHFLDOHDOH8566vQ5RPkQLDGXS FDUHDPDLSUHFL]DWvQF RGDW 
F JXYHUQXOEULWDQLFGRUHDLQVWLWXLUHDXQXLJXYHUQGHFRDOL LHFXUHSUH]HQ
WDUHDFRUHFW DSDUWLGHORUSROLWLFHFRQGXVGHXQQHXWUX
3HQWUXDQXO VDYUHRvQGRLDO DVXSUDGRULQ HLJXYHUQXOXLHQJOH]GH
DUHVSHFWDvQ HOHJHULOHFXFHOVRYLHWLFODPDUWLH:LQVWRQ&KXUFKLOO
D WULPLV XQ PHVDM DPEDVDGRUXOXL EULWDQLF OD 0RVFRYD &ODUN .OHUU SULQ
FDUHLDFHUXWV WUDQVPLW OXL900RORWRYF 0DUHD%ULWDQLHFRQWLQX 
V DFFHSWHSUHSRQGHUHQ DVRYLHWLF vQ5RPkQLDGDUF GRUHWHFRQVXOW UL
FRPXQH vQ VSLULWXO vQ HOHJHULORU GH OD ,DOWD $SRL OD  PDUWLH  D
UHDPLQWLW OXL $QWKRQ\ (GHQ F  URPkQLL L EXOJDULL DX IRVW GXPDQLL
0DULL %ULWDQLL F  JXYHUQXO EULWDQLF QX WUHEXLD V L DVXPH DFHOHDL
ULVFXULSHQWUXHLDDFXPDPI FXWRSHQWUX*UHFLDL3RORQLD'HWHDP 
FD ,96WDOLQ V  QXL UHSURH]H vQF OFDUHD vQ HOHJHULL FX SULYLUH OD
5RPkQLDvQWUXQPRPHQWvQFDUHGLVSXWDSHQWUX3RORQLDGHYLQHFULWLF 
SULPXOPLQLVWUXEULWDQLFDDWUDVDWHQ LDF WUHEXLDV QH LQHPGHFXYkQW
RULFkW GH GXUHURV DU IL Q DFHHDL ]L vQ FRQIRUPLWDWH FX DFHVW PRG GH
DSUHFLHUHDVLWXD LHLGLQ5RPkQLD:LQVWRQ&KXUFKLOODUHYHQLWGHDFHDVW 
GDW  PXOW PDL FODU 1X DYHP vQWUDGHY U QLFL R MXVWLILFDUH SHQWUX D
LQWHUYHQLvQDFHVWFKLSH[WUDRUGLQDUGHYLJXURVSHQWUXIRWLLQRWULLQDPLFL
URPkQL FRPSURPL kQG DVWIHO SR]L LD QRDVWU  vQ 3RORQLD L LULWkQGXL SH
UXL FDUH DFFHSWDVHU  vQGHOXQJDWD QRDVWU  OXSW  OD $WHQD 'DF  YRP
FRQWLQXDDVWIHOQLVHYDVSXQHQXI U GUHSWDWHF DPF OFDWFXYkQWXOvQ
5RPkQLD GXS  FH DP IRORVLW SR]L LD QRDVWU  vQ *UHFLD L DFHDVWD YD
FRPSURPLWHSR]L LDSHFDUHDPOXDWROD,DOWDvQSULYLQ D3RORQLHL&UHGF 
WUHEXLHWULPLVHLQVWUXF LXQLVWULFWHUHSUH]HQWDQ LORUQRWULvQ5RPkQLDV QX
GH]YROWH DFROR XQ IURQW SROLWLF DQWLUXV (L IDF DFHVW OXFUX FX HQHUJLH
LQRSRUWXQ I U V vQ HOHDJ FHHVWHvQMRFvQDOWHGRPHQLL
/DUkQGXLODPDUWLH:$+DULPDQQDPEDVDGRUXODPHULFDQ
OD 0RVFRYD D SURSXV OXL 900RORWRY FD UHSUH]HQWDQ LL FHORU WUHL PDUL
SXWHULV GLVFXWHVLWXD LDGLQ5RPkQLD/DUkQGXLSUHHGLQWHOHDPHULFDQD
DWUDV OD  PDUWLH  DWHQ LD OXL ,96WDOLQ F  vQ 5RPkQLD L %XOJDULD
H[LVWDX UHJLPXUL FDUH QX DVLJXUDX WXWXURU HOHPHQWHORU GHPRFUDWLFH DOH
SRSRUXOXLGUHSWXOGHDLH[SULPDOLEHUS UHUHDLFDUHSULQVLVWHPXOGH
JXYHUQDUH QX UHSUH]HQWDX YRLQ D SRSRUXOXL Q DFHHDL ]L :LQVWRQ
 
&KXUFKLOO D WUDQVPLV OXL )' 5RRVHYHOW F  ,9 6WDOLQ WUHEXLD LQIRUPDW
GHVSUHPkKQLUHDQRDVWU ID GHHYHQLPHQWHOHFDUHDXGXVODLQVWDODUHDSULQ
IRU DXQXLJXYHUQDOPLQRULW LLFRPXQLVWHvQ5RPkQLDGHRDUHFHDFHDVWDVH
DIO vQFRQIOLFWFXFRQFOX]LLOH'HFODUD LHLSULYLQG(XURSDHOLEHUDW DVXSUD
F UHLDDPIRVWGHDFRUGOD&RQIHULQ DGLQ&ULPHHD5 VSXQ]kQGXLOD
PDUWLH)'5RRVHYHOWDDU WDWF HUDvQWUXWRWXOKRW UkWV QXODVHFD
EXQHOHGHFL]LLVWDELOLWHvQ&ULPHHDV QXVHVFXUJ SULQWUHGHJHWHLF YD
IDFH WRW FH SRDWH SHQWUX DO GHWHUPLQD SH ,9 6WDOLQ V  OH vQGHSOLQHDVF 
RQHVW$FFHSWkQGLHOIDSWXOF UXLLDXLQVWDODWXQJXYHUQPLQRULWDUSH
SURSULXOJXVWSUHHGLQWHOHDPHULFDQDDWUDVDWHQ LDF 5RPkQLDQXHVWH
XQORFSHQWUXWHVWDUHUXLLDYkQGDLFLGHODvQFHSXWFRQWUROXOLQGLVFXWDELO
F  GDWRULW  VLWX ULL 5RPkQLHL GHD FXUPH]LXO F LORU GH FRPXQLFD LH
UXVHWL HUD GLILFLO V  VH FRQWHVWH SUHWH[WXO QHFHVLW LL PLOLWDUH L DO
VHFXULW LLIRORVLWGHHLSHQWUXDMXVWLILFDDF LXQHDORU
*XYHUQXOVRYLHWLFDFRQVLGHUDWLGXS FRQVWLWXLUHDJXYHUQXOXLGU
3HWUH *UR]D SURSXQHULOH GLSORPD LORU DPHULFDQL L HQJOH]L SULYLQG
QHFHVLWDWHDGLVFXW ULLVLWXD LHLGLQ5RPkQLDFDILLQGQHIRQGDWH
8Q DOW PDUH DEX] V YkULW GH &RPLVLD $OLDW  GH &RQWURO SDUWHD
VRYLHWLF  vQ 5RPkQLD OD UHSUH]HQWDW WUHFHUHD  QRLHPEULH  vQ
GH]DFRUGFXSUHYHGHULOH&RQYHQ LHLGHDUPLVWL LXGLQVHSWHPEULH 
WHULWRULXOXL 7UDQVLOYDQLHL HOLEHUDWH vQ FDUH vQWUH WLPS VH UHLQVWDXUDVH
DGPLQLVWUD LD URPkQHDVF  VXE DGPLQLVWUD LH PLOLWDU  VRYLHWLF  &HUHULOH
JXYHUQXOXLURPkQSULYLQGUHLQVWDXUDUHDDGPLQLVWUD LHLURPkQHWLvQDFHVW
WHULWRULXDXU PDVI U HFRXSkQ ODPDUWLHFkQG0RVFRYDDGHFLV
V  RIHUH XQ EDORQ GH R[LJHQ JXYHUQXOXL GU 3HWUX *UR]D SHUPL kQG
LQVWDXUDUHDDGPLQLVWUD LHLURPkQHWLvQWRDW 7UDQVLOYDQLD

6XESRYDUDDUPLVWL LXOXL

QWUXQDVHPHQHDFRQWH[W5RPkQLDDWUHEXLWV IDF ID XQXLFUXQW


UHJLP GH DUPLVWL LX LPSXV SULQ &RQYHQ LD GLQ  VHSWHPEULH  vQ
PXOWH SULYLQ H SUHYHGHULOH GRFXPHQWXOXL ILLQG DJUDYDWH SULQ P VXULOH
DEX]LYHDOH&RPLVLHL$OLDWHGH&RQWURO SDUWHDVRYLHWLF FDUHDSURILWDWGH
DWLWXGLQHDSDVLY FKLDULQGLIHUHQW DUHSUH]HQWDQ LORUDPHULFDQLLHQJOH]L


3HODUJWHIDQ/DFKHRSFLWSS
 
'HLDUWDO&RQYHQ LHLGHDUPLVWL LXQXVHUHIHUHDODPDULOHXQLW L
FDUH QX SDUWLFLSDX QHPLMORFLW OD RSHUD LLOH PLOLWDUH &RPLVLD $OLDW  GH
&RQWUROSDUWHDVRYLHWLF DGHFODQDWRVXV LQXW FDPSDQLHGHGHVWUXFWX
UDUH D DUPDWHL URPkQH QHRSHUDWLYH Q SRILGD UH]LVWHQ HL HILORU 0DUHOXL
6WDW0DMRUVRYLHWLFLLDXUHXLWV LLPSXQ SXQFWHOHGHYHGHUHREOLJkQG
SH JHQHUDOXO 1LFRODH 5 GHVFX V  VHPQH]H 3URWRFROXO PLOLWDU GLQ 
RFWRPEULH  SULQ FDUH DX IRVW GHVILLQ DWH SkQ  OD  GHFHPEULH XQ
FRPDQGDPHQW GH DUPDW  SDWUX FRPDQGDPHQWH GH FRUS GH DUPDW  
GLYL]LLLDOWHPDULXQLW LURPkQH6DSHUPLVGRDUPHQ LQHUHDvQ DU FX
HIHFWLYHGHSDFHDGRX FRPDQGDPHQWHGHFRUSGHDUPDW LDWUHLGLYL]LL
GH LQIDQWHULH VDX PXQWH $UJXPHQWXO KRW UkWRU DGXV GH JHQHUDOXO
9LQRJUDGRYORF LLWRUXOSUHHGLQWHOXL&RPLVLHL$OLDWHGH&RQWURODIRVWF 
HOH[HFXW RUGLQHOHPDUHDOXOXL5,0DOLQRYVNLLLQVWUXF LXQLOHJXYHUQX
OXLVRYLHWLF
Q DIDUD FDGUXOXL JHQHUDO DO RWLULL P VXULOH YH[DWRULL LPSXVH
DUPDWHLURPkQHDXYL]DWLVLVWHPXOGHPRELOL]DUHGHvQY PkQWFDSDFL
W LOH GH SURGXF LH PLOLWDU  3URWHVWkQG vPSRWULYD DFHVWRU SUDFWLFL JHQH
UDOXO1LFRODH5 GHVFXHIXO0DUHOXL6WDW0DMRUURPkQDWU JHDDWHQ LDF 
HOH UHSUH]LQW  DWLQJHUL DGXVH DWkW VXYHUDQLW LL FkW L LQGHSHQGHQ HL
QD LRQDOH
5H]XOWDWHOHDXIRVWUDSLGHGDUGLQS FDWHFDWDVWURIDOHSHQWUXDUPDW 
L GHPRODWRDUH SHQWUX FRUSXO GH FRPDQG  DO DFHVWHLD QWUR SHULRDG 
H[WUHPGHVFXUW GHODWUHFHUHD5RPkQLHLGHSDUWHD1D LXQLORU8QLWHSkQ 
ODvQFKHLHUHDLUDWLILFDUHD7UDWDWXOXLGHSDFHvQQXP UXOGLYL]LLORU
URPkQH D IRVW UHGXV GH OD  RSHUDWLYH L GH LQVWUXF LH  OD  DXJXVW


 3URWHVWHOH JHQHUDOXOXL &RQVWDQWLQ 6 Q WHVFX SULPXOPLQLVWUX DO
JXYHUQXOXLLDOHJHQHUDOXOXL1LFRODH5 GHVFXHIXO0DUHOXL6WDW0DMRUQXDX
PDLDYXWvQDFHVWFRQWH[WQLFLRXUPDUHSUDFWLF 3HQWUXFDVLWXD LDV ILHLPDL
FODU  JHQHUDOXO 9DVLOLHY D GHFODUDW XUP WRDUHOH OD  RFWRPEULH  6XQW
vQV UFLQDW V  IDF FXQRVFXW F  SURWRFROXO HVWH GHILQLWLY L QHVHPQDUHD OXL SRDWH
GXFHODXQHOHUH]XOWDWHVHULRDVHSkQ FKLDUODGHPRELOL]DUHDLGHVILLQ DUHDSULQ
IRU D$UPDWHL6RYLHWLFHDWXWXURUPDULORUXQLW LFDUHQXSDUWLFLS ODRSHUD LXQL
SRWULYLW SUHYHGHULORU &RQYHQ LHL GH $UPLVWL LX 6XE DFHVWH DPHQLQ UL GLUHFWH
FDUH SXWHDX IL SXVH RULFkQG vQ SUDFWLF  JHQHUDOXO 1LFRODH 5 GHVFX D WUHEXLW V 
DFFHSWH3URWRFROXOQXvQDLQWHGHDLDG XJDR1RW DGL LRQDO vQFDUHFRQVHPQD
3URWRFROXO vO VHPQH] FD ILLQGXQH LPSXV GH &RPLVLD $OLDW  VRYLHWLF  GH
&RQWUROLvQVFRSXOGHDHYLWDFRQVHFLQ HG XQ WRDUHRSHUD LLORUFRPXQHFRQWUD
*HUPDQLHLL8QJDULHL
 
ODQXPDLDSWHvQLDUFXDQWXPXOHIHFWLYHORUGHOD
GHPLOLWDULODDXJXVWODVWDELOL LSULQ7UDWDWXOGHSDFH
0RELOXULOHDFHVWHLSROLWLFLQXDXIRVWvQWkPSO WRDUH(OHDXYL]DWFX
FODULWDWH OLSVLUHD JXYHUQHORU URPkQH GH SkQ  OD  PDUWLH  GH IRU D
DUPDW SHFDUHDUILSXWXWRIRORVLSHQWUXVW YLOLUHDLPL[WLXQLORUvQSROLWLFD
LQWHUQ  D ULL 1X vQWkPSO WRU VXFFHVLYHOH GHVILLQ UL GH GLYL]LL L
UHJLPHQWHURPkQHDXIRVWXUPDWHGHDGXFHUHDvQ5RPkQLDvQGHFHPEULH
DWUHLGLYL]LLVRYLHWLFHFXHIHFWLYHGHU ]ERLFDUHDXIRVWGLVORFDWHvQ
]RQHOH LPSRUWDQWH DOH ULL  %XFXUHWL 6LELX 3HWURDQL 7LPLRDUD
0 VXUD D IRVW XUPDW  FX SX LQ WLPS vQDLQWH GH LPSXQHUHD OD SXWHUH D
JXYHUQXOXL GU 3HWUX *UR]D OD  PDUWLH  GH WULPLWHUHD SH IURQW D
5HJLPHQWXOXL  FDUH GH OXSW  L GH GH]DUPDUHD PLOLWDULORU URPkQL FDUH
DVLJXUDX SD]D SULQFLSDOHORU FRPDQGDPHQWH L LQVWLWX LL PLOLWDUH L FLYLOH
GLQ%XFXUHWL
5HGXFHUHDUDSLG DFDGUXOXLRUJDQL]DWRULFLDHIHFWLYHORUDUPDWHLV
DI FXWSDUDOHOFXSURFHVXOGHGHFDSLWDUHDRWLULLGHFDGUHOHGHFRQGXFHUH
VXSHULRDU  SULQ P VXUL DSDUHQW OHJDOH  UHGXFHUL GH HIHFWLYH LPSXVH GH
GHVILLQ ULOHGHXQLW LLPDULXQLW LSULQFUHDUHDFDGUXOXLGLVSRQLELOL
WUHFHUHD XOWHULRDU  vQ UH]HUY  L vQ UHWUDJHUH FX SUHF GHUH D RIL HULORU
VXSHULRUL GHODJUDGXOGHPDLRUvQVXV FkWLSULQP VXULFDWHJRULFLOHJDOH
 DUHVW UL L vQWHPQL UL IRDUWH PXOWH I U  MXGHFDW  LQFOXVLY vQ UkQGXULOH
FHORUFDUHVHDIODXSHIURQWH[HUFLWkQGXLGDWRULDID GH DU 'LQDFHVW
SXQFW GH YHGHUH FRUSXO GH FRPDQG  DO DUPDWHL URPkQH D VXIHULW R
DGHY UDW GUDP FXDWkWPDLPXOWFXFkWPXOWRUDGLQWUHJHQHUDOLQXOLVDX
FRPXQLFDW PRWLYHOH SULY ULL GH OLEHUWDWH FDUH vQ XQHOH FD]XUL QX HUDX
FXQRVFXWHQLFLGHF WUHFHLFHHUDXSXLV LMXGHFH
7RDWHDFHVWHDVHSHWUHFHDXvQFRQGL LLOHvQFDUH5RPkQLDvQGHSOLQHD
LQWHJUDO SUHYHGHULOH DUW  DO &RQYHQ LHL FRQIRUP F URUD JXYHUQXO L
QDOWXOFRPDQGDPHQWURPkQVHREOLJDV LDP VXULOHSHQWUXGH]DUPDUHD



 3URWHVWkQG vPSRWULYD DFHVWRU P VXUL vQMRVLWRDUH SHQWUX DUPDWD
URPkQ  JHQHUDOXO &RQVWDQWLQ 6 Q WHVFX DSUHFLD F  HOH DYHDX FRQVHFLQ HOH
FHOH PDL JUDYH DVXSUD PRUDOXOXL vQWUHJLL SRSXOD LL FkW L DVXSUD DUPDWHL
$FHODLHIDO0DUHOXL6WDW0DMRUDSUHFLDF DUPDWDQRDVWU QXSRDWHILVXSXV 
XQXL WUDWDPHQW DWkW GH FRQWUDGLFWRULX L DQXPH SH IURQW FDPDUDG GH OXSW 
F UXLDLVHFHUHIRUWXULFRQWLQXLLDUSHSURSULXOHLWHULWRULXRELHFWGHFDSWXU GH
GH]DUPDUHLYH[D LXQH
 
LLQWHUQDUHDIRU HORUDUPDWHDOH*HUPDQLHLL8QJDULHLDIODWHSHWHULWRULXO
5RPkQLHLFDLSHQWUXLQWHUQDUHDFHW HQLORUFHORUGRX VWDWHPHQ LRQDWH
FDUHvLDXUHHGLQ DDFROR
0XOWLSOHLPSOLFD LLDVXSUDIXQF LRQ ULLVRFLHW LLURPkQHWLDDYXWL
FRQ LQXWXO DUW  DO &RQYHQ LHL FDUH SUHYHGHD REOLJD LD GH D DVLJXUD
IRU HORUVRYLHWLFHLDOHFHORUODO LDOLD LvQOHVQLULSHQWUXOLEHUDORUPLFDUH
SHWHULWRULXO5RPkQLHLvQRULFHGLUHF LHGDF HVWHFHUXWGHVLWXD LDPLOL
WDU JXYHUQXOURPkQWUHEXLQGV SXQ ODGLVSR]L LDQDOWXOXLFRPDQGD
PHQWDOLDWVRYLHWLFSHQWUXGHSOLQDIRORVLQ FXPYDVRFRWLGHFXYLLQ SH
WRDW  GXUDWD DUPLVWL LXOXL D WXWXURU FRQVWUXF LLORU L LQVWDOD LXQLORU URPk
QHWLPLOLWDUHDHULHQHLQDYDOHSRUWXULFKHLXULFD] UPLPDJD]LLFkP
SXUL GH DYLD LH PLMORDFH GH FRPXQLFD LH VWD LXQL PHWHRURORJLFH FDUH DU
SXWHDILFHUXWHSHQWUXQHYRLPLOLWDUHvQGHV YkULW VWDUHLFXSHUVRQDOXO
QHFHVDUSHQWUXvQWUH LQHUHDORU
2DOW SUREOHP FXFDUDFWHUPLOLWDULQXQXPDLFDUHDSURYRFDW
PDUL GH]LOX]LL D UH]XOWDW GLQ FRQ LQXWXO DUW  UHIHULWRU OD UHVWDELOLUHD
IURQWLHUHLGHVWDWvQWUH8QLXQHD6RYLHWLF L5RPkQLDvQFRQIRUPLWDWHFX
DD]LVXO DFRUG VRYLHWRURPkQ GLQ  LXQLH  Q FRQWH[WXO vQ FDUH
VLWXD LD SROLWLF  L VWUDWHJLF  GRYHGHD FODU F  vQ DFHO PRPHQW QX VH PDL
SXWHD ULGLFD SUREOHPD JUDQL HL SH 1LVWUX 0DUHOH 6WDW 0DMRU URPkQ vQ
XUPD OHJ WXULL OXDW  FX &RPDQGDPHQWXO VRYLHWLF vQ RFWRPEULH  D
WULPLVXQLW LOHGHJU QLFHULV DVLJXUHSD]DSHUkXO3UXWQPRGVXUSULQ
] WRU DXWRULW LOH VRYLHWLFH GLQ &RPLVLD $OLDW  GH &RQWURO QX DX SHUPLV
DFHVW OXFUX FHUkQG OD  RFWRPEULH  UHWUDJHUHD DFHVWRUD L
FRPXQLFkQGF UHVWDELOLUHDVHUYLFLXOXLGHSD] XUPDV VHIDF XOWHULRUvQ
XUPDXQHLFRQYHQ LLVSHFLDOH/DQRLHPEULHDFHODLDQDXLQYRFDWIDSWXO
F IRUPDOLW LOHGHIURQWLHU LGHLQVWDODUHDJU QLFHULORUURPkQLVWLQJKH
UHDXOLEHUDPLFDUHDWUXSHORUVRYLHWLFHSHWHULWRULXO5RPkQLHLFHHDFHDU
ILvQVHPQDWRvQF OFDUHDSUHYHGHULORUDUWGLQ&RQYHQ LDGHDUPLVWL LX
$FHVWSUHWH[WDF ]XWvQPRGHYLGHQWGXS WHUPLQDUHDU ]ERLXOXLFkQG
OLEHUWDWHD GH PLFDUH VRYLHWLF  QX D PDL IRVW MXVWLILFDW  GLQ SXQFW GH


 $F LXQHD GH GH]DUPDUH vQFHSXVH LPHGLDW GXS  DQXQ DUHD WUHFHULL
5RPkQLHL GH SDUWHD 1D LXQLORU 8QLWH SkQ  OD  DXJXVW ILLQG FDSWXUD L SULQ
OXSWH   GH PLOLWDUL LQDPLFL PDMRULWDWHD JHUPDQL  LDU SkQ  OD VIkULWXO
U ]ERLXOXL SLHUGHULOHWRWDOHSURYRFDWHLQDPLFXOXLSkQ ODPDL
LQFOXVLYPLOLWDULLXFLLvQOXSWHVDXFLIUDWODPLOLWDUL 
 
YHGHUHDOHIRUWXOXLPLOLWDUGDUVLWXD LDQXVDVFKLPEDWGHFkWIRDUWHWkU]LX
vQ  FRPDQGDPHQWXO VRYLHWLF UHIX]kQG PHUHX UHSHWDWHOH FHUHUL DOH
FRPDQGDPHQWHORUURPkQH
3H OkQJ  REOLJD LD ILUHDVF  FH UHYHQHD VWDWXOXL URPkQ GXS 
 DXJXVW  vQ OHJ WXU  FX SUHGDUHD WXWXURU SUL]RQLHULORU GH U ]ERL
VRYLHWLFLLDOLD LDUWDSUHY ]XWFDUHSDWULHUHDV ILHI FXW SHFKHOWXLDOD
JXYHUQXOXL URPkQ FDUH WUHEXLD V  OH DVLJXUH vQ DIDUD PLMORDFHORU GH
WUDQVSRUWLKUDQDvPEU F PLQWHDLDVLVWHQ DVDQLWDU QHFHVDUH
2 SUREOHP  GHRVHELW  D ULGLFDW UHSDWULHUHD EDVDUDEHQLORU L EXFRYL
QHQLORU vQ QRLHPEULH  UHSUH]HQWDQ LL VRYLHWLFL GLQ &RPLVLD $OLDW  GH
&RQWUROFHUkQGFDWR LDFHWLDLQGLIHUHQWGDF DXYHQLWVDXQXGHEXQ YRLH
V VHvQWRDUF ODORFXLQ HOHORU3URWHVWHOH&RPLVLHLURPkQHSHQWUXDSOLFDUHD
DUPLVWL LXOXL FDUH D LQYRFDW GUHSWXO GH RS LXQH FRQVILQ LW vQ FRQYHQ LLOH
LQWHUQD LRQDOHvQVLWXD LLOHGHGH]PHPEU ULGHWHULWRULLQXDXIRVWOXDWHvQ
FRQVLGHUDUHGHFkWvQSX LQHFD]XULLQGLYLGXDOHQGH]DFRUGFXSUHYHGHULOH
&RQYHQ LHLGHDUPLVWL LXODPDL&RPLVLD$OLDW GH&RQWURO SDUWHD
VRYLHWLF  D VROLFLWDW JXYHUQXOXL URPkQ V  UHSDWULH]H L GHFL V  DVLJXUH
PLMORDFH GH WUDQVSRUW KUDQ  L vPEU F PLQWH L SHQWUX FHW HQLL VRYLHWLFL
GHSRUWD L vQ WLPSXO U ]ERLXOXL vQ $XVWULD 8QJDULD L vQ DOWH UL FDUH VH
vQWRUFHDXvQ8QLXQHD6RYLHWLF vQJUXSXULQHRUJDQL]DWH
&RQFRPLWHQWFXVXV LQHUHDHIRUWXOXLGHU ]ERL5RPkQLDDvQFHSXW
vQFDGUXODUWSODWDGHVS JXELULORUF WUH8QLXQHD6RYLHWLF  vQYDORDUH
GH   68$ OD SDULWDWHD DYXW  vQ PRPHQWXO VHPQ ULL
&RQYHQ LHLSHQWUXRXQFLHGHDXU FDUHXUPDXDILRIHUL LvQGHFXUV
GHDQLvQP UIXUL SURGXVHSHWUROLIHUHFHUHDOHPDWHULDOHOHPQRDVHYDVH



 Q DFHVW GRPHQLX JXYHUQXO URPkQ OXDVH GHMD vQDLQWHD VHPQ ULL
&RQYHQ LHLP VXULOHQHFHVDUHSHQWUXHOLEHUDUHDSUL]RQLHULORUFDUHvQFHSkQGFX
DXJXVWDXIRVWSXLODGLVSR]L LDDXWRULW LORUVRYLHWLFHDPHULFDQHLHQJOH]H
ILLQG WUDQVSRUWD L vQ ULOH UHVSHFWLYH   GH SUL]RQLHUL VRYLHWLFL  
SUL]RQLHULDPHULFDQLSUL]RQLHULHQJOH]LLSUL]RQLHULLWDOLHQL3kQ OD
LXQLHVDXUHSDWULDWvQ8QLXQHD6RYLHWLF GHUHIXJLD LGLQ%DVDUDELD
L SHUVRDQH VWU PXWDWH GLQ WRWDOXO GH   vQVFULVH vQ HYLGHQ H DFHVWRUD
SO WLQGXOLVH GH F WUH VWDWXO URPkQ DORFD LL SHQWUX KUDQ  L vQWUH LQHUH
LQGHPQL]D LLGHHFKLSDUHHWF

 3kQ  OD  LXQLH  DX IRVW WUDQ]LWD L SULQ 5RPkQLD  
FHW HQL VRYLHWLFL VRVL L GLQ *HUPDQLD 8QJDULD L $XVWULD QWUR VLWXD LH
VLPLODU VDXDIODWLFHW HQLDPHULFDQLLWDOLHQLLSRORQH]L
 
PDULQH L IOXYLDOH PDLQL HWF  L SHQWUX vQGHSOLQLUHD DUW  FDUH VH
UHIHUHDODUHVWLWXLUHDvQEXQ VWDUHDWXWXURUYDORULORULPDWHULDOHORUOXDWH
vQ FXUVXO U ]ERLXOXL GH SH WHULWRULXO 8QLXQLL 6RYLHWLFH 3UREOHPH PDL
GHRVHELWHDULGLFDWVWDELOLUHDEXQXULORUFRQVXPDWHVDXFRQVXPDELOH
6XJHVWLY SHQWUX UHOHYDUHD HIRUWXOXL HFRQRPLFRILQDQFLDU I FXW GH
VWDWXOURPkQvQSHULRDGDVHSWHPEULHLXOLHHVWHIDSWXOF 
GLQFKHOWXLHOLDXIRVWI FXWHSHQWUXDUPLVWL LXLSHQWUXDGPLQLVWUD LH
LSHQWUXDUPDW 
([WUHPGHGXUHDXIRVWLSUHYHGHULOHDUWDO&RQYHQ LHLUHIHULWRU
ODDFWLYLWDWHDHGLWRULDO LFXOWXUDODUWLVWLF QFDGUXOGLVSR]L LLORUGDWHGH
&RPLVLD $OLDW  GH &RQWURO SDUWHD VRYLHWLF  VD KRW UkW UHWUDJHUHD GLQ
FLUFXOD LHDWXWXURUSXEOLFD LLORUWLS ULWHvQWUHLDQXDULHLDXJXVW
 FDUH SULQ FXSULQVXO ORU DU IL SXWXW G XQD vQ DFFHS LD VRYLHWLF 
EXQHORU UDSRUWXUL FX 1D LXQLORU 8QLWH 3kQ  OD  LXOLH  DX IRVW
SXEOLFDWHOLVWHFXDFHVWHSXEOLFD LLLVDGLVSXVUHWUDJHUHDGLQFLUFXOD LH
L GLVWUXJHUHD K U LORU PHGDOLLORU LQVLJQHORU UHSURGXFHULORU JUDILFH
GLVFXULORU L SDUWLWXULORU PX]LFDOH FRQVLGHUDWH F  DX VHUYLW SURSDJDQGD
IDVFLVW  OHJLRQDU  VDX DQWRQHVFLDQ  VDX F  DU G XQD DFHORUDL EXQH
UDSRUWXUL$XSULPLWGUHSWGHS VWUDUHDSXEOLFD LLORULQWHU]LVHLQYHQWD
ULDWHLvQFKLVHvQvQF SHULVSHFLDOHGRDUELEOLRWHFLOHFXGUHSWGHGHSR]LW
OHJDO L ELEOLRWHFLOH LQVWLWX LLORU GH vQY PkQW VXSHULRU FRQVXOWDUHD
OXFU ULORUSXWkQGXVHIDFHGRDUFXDXWRUL]D LDVSHFLDO DHILORULQVWLWX LLORU
UHVSHFWLYH L SH SURSULD ORU U VSXQGHUH 0DQXDOHOH GLGDFWLFH DX IRVW
UHYL]XLWH GH R FRPLVLH VSHFLDO  LQVWLWXLW  SH OkQJ  0LQLVWHUXO (GXFD LHL
1D LRQDOH
3UHVD L SXEOLFD LLOH SHULRGLFH FRWLGLHQH UHYLVWH  DS UHDX FX
DXWRUL]D LD SUHDODELO  D &HQ]XULL &HQWUDOH D 3UHVHL FX DJUHPHQWXO
&RPLVLHL$OLDWHGH&RQWURO'XS DSDUL LHSHULRGLFHOHGLQSURYLQFLHHUDX
REOLJDWHV WULPLW 'LUHF LHLSUHVHLFkWHH[HPSODUHGLQILHFDUHQXP U
LDU FHOH GLQ &DSLWDO  FkW PDL PXOWH DFHDVWD H[SHGLLQG R SDUWH GLQ HOH
&RPLVLHL $OLDWH GH &RQWURO 6DQF LXQLOH SHQWUX HYHQWXDOHOH DEDWHUL VH
G GHDXGHF WUHDXWRULW LOHURPkQHODFHUHDRUJDQHORUVRYLHWLFHDELOLWDWH
'H DFHOHDL DSURE UL DYHDX QHYRLH L SXEOLFD LLOH QHSHULRGLFH F U L
EURXULHWF HGLWXULOHILLQGREOLJDWHvQDLQWHGHDOHSXQHvQFLUFXOD LHV 
WULPLW   H[HPSODUH OD 'LUHF LD SUHVHL FDUH OH WULPLWHD VSUH DSUREDUH
&RPLVLHL $OLDWH GH &RQWURO 3XEOLFD LLOH LPSRUWDQWH WUHEXLDX VXSXVH
FRQWUROXOXL&HQ]XULLVRYLHWLFHGHSHOkQJ 'LUHF LD&HQWUDO D3RWHORULD
 
&HQ]XULL PLOLWDUH URPkQH 6SHFWDFROHOH WHDWUDOH HUDX SUH]HQWDWH GXS 
DSUREDUHDFHQ]XULLURPkQHWLOLEUHWHOHUHYLVWHORUXUPkQGDILFHQ]XUDWHGH
RUJDQHOHFHQWUDOHGLQ&DSLWDO LDSUREDWHGH&RPLVLD$OLDW GH&RQWURO
)LOPHOH HUDX VXSXVH L HOH DQDOL]HL &RPLVLHL GH &HQ]XU  GH SH OkQJ 
0LQLVWHUXO3URSDJDQGHLFHOHJHUPDQHILLQGLQWHU]LVH&HOHDGPLVHWUHEX
LDXDYL]DWHGHXQGHOHJDWVSHFLDODODFHOHLDL&RPLVLL$OLDWHGH&RQWURO
'HRULFHFHQ]XU HUDXVFXWLWHILOPHOHDGXVHGHDUPDWDVRYLHWLF 
6XSXV FHQ]XULLURPkQHLVRYLHWLFHDIRVWLvQWUHDJDFRUHVSRQGHQ 
SRWDO LQFOXVLYFHDRILFLDO LPLOLWDU LQWHUQ VDXH[WHUQ 7HOHJUDPHOH
GHSUHV SHQWUXVWU LQ WDWHHUDXFHQ]XUDWHGH6HF LXQHDSROLWLF D&RPLVLHL
$OLDWHGH&RQWUROLDUFRUHVSRQGHQ DFLIUDW VDXFRQYHQ LRQDO DWkWSHQWUX
LQWHULRU FkW L SHQWUX H[WHULRU D IRVW LQWHU]LV  1X D IRVW DXWRUL]DW  QLFL
WUDQVPLWHUHD vQ VWU LQ WDWH SULQ FXULHU D FRUHVSRQGHQ HL GLSORPDWLFH
URPkQH0DLPXOWDQH[DODDUWQXSHUPLWHDQLFLFRUHVSRQGHQ DFLIUDW 
L SULQ FXULHU D DJHQ LLORU GLSORPDWLFH L FRQVXODUH VWU LQH DFUHGLWDWH vQ
5RPkQLD &RUHVSRQGHQ D vQ FODU WHOHJUDILF  SRWDO  VDX WHOHIRQLF  D
DFHVWRURILFLLHUDVXSXV FHQ]XULLVRYLHWLFH
7UDQVPLVLXQLOHUDGLRIRQLFHDOH6RFLHW LL5RPkQHGH5DGLRGLIX]LXQH
VH I FHDX SH SURSULD U VSXQGHUH D LQVWLWX LHL SH ED]D DFHORUDL QRUPH
VWDELOLWHGH&RPLVLD$OLDW GH&RQWUROSHQWUXSXEOLFD LLOHSHULRGLFHF UHLDvL
HUD GHSXV PDWHULDOXO GLIX]DW D GRXD ]L GXS  HPLVLH 3HQWUX SUREOHPH GH
RUGLQ WHKQLF SH OkQJ  6RFLHWDWHD GH 5DGLRGLIX]LXQH FD L SH OkQJ 
6RFLHWDWHD$QRQLP GH7HOHIRDQHIXQF LRQDXQGHOHJDWVRYLHWLF
QFHUFkQG V  UHPHGLH]H XQHOH GLQ DFHVWH VW UL GH OXFUXUL LQDGPL
VLELOH vQ VLWXD LD XQXL VWDW FDUH DGXVHVH R FRQWULEX LH LPSRUWDQW  OD
RE LQHUHD PDULL YLFWRULL GH OD  PDL  &RPLVLD 5RPkQ  SHQWUX
$SOLFDUHD $UPLVWL LXOXL D vQDLQWDW OD  LXQLH  &RPLVLHL $OLDWH GH
&RQWUROR1RW SULQFDUHFHUHDDQXODUHDUHVWULF LLORUFDUHGHFXUVHVHU GLQ
VWDUHD GH U ]ERL UHSXQHUHD QDOWXOXL FRPDQGDPHQW URPkQ vQ SOHQLWX
GLQHD DWULEX LXQLORU VDOH L UHH[DPLQDUHD DSOLF ULL &RQYHQ LHL GH
DUPLVWL LX GLQ  VHSWHPEULH  6D FHUXW L FX DFHDVW  RFD]LH
UHH[DPLQDUHD VLWXD LHL IORWHL GH U ]ERL D SUREOHPHL WUDQVSRUWXULORU L
UHVWULF LLORU LPSXVH SULQ 3URWRFROXO GLQ  RFWRPEULH  LQVWDODUHD
JU QLFHULORUSHIURQWLHU DGXFHUHDvQ DU DSUL]RQLHULORUGHU ]ERLURPkQL
DIOD L vQF  vQ FDSWLYLWDWH SUHFXP L VROX LRQDUHD PXOWRU SUREOHPH FX
FDUDFWHUSROLWLF&kWHYD]LOHPDLWkU]LXODLXQLH0LKDLO*KHOPHJHDQX
SUHHGLQWHOH DFHVWXL RUJDQLVP SURSXQHD vQFKHLHUHD XQHL FRQYHQ LL vQ
 
OHJ WXU  FX VWD LRQDUHD WUXSHORU VRYLHWLFH SH WHULWRULXO 5RPkQLHL FDUH
IXVHVHU GLVORFDWHvQ]RQHOH2UDGHD$UDG$OED,XOLD'HM7LPLRDUD
 7XUQX 6HYHULQ  6ODWLQD  &DUDFDO  'HYD 7kUJRYLWH  *LXUJLX 
3LWHWL%UDRY3ORLHWL%kUODG)RFDQL 6ROX LRQDUHDDFHVWRUDDYHDV 
vQWkPSLQHvQV vQFRQWLQXDUHPDULGLILFXOW L
$QDOL]DPRGXOXLvQFDUHDXIRVWvQGHSOLQLWHSUHYHGHULOH&RQYHQ LHL
GH DUPLVWL LX GLQ  VHSWHPEULH  vQ SHULRDGD FDUH D XUPDW SkQ  OD
vQFKHLHUHDU ]ERLXOXLUHOHY I U QLFLRvQGRLDO IDSWXOF 5RPkQLDLD
vQGHSOLQLW REOLJD LLOH DVXPDWH vQ PXOWH SULYLQ H GHS LQGXOH FKLDU vQ
FRQGL LLvQFDUHUHJLPXOGXUGHDUPLVWL LXDIRVWVLPLODUvQPXOWHVLWXD LL
FX XQ DGHY UDW UHJLP GH RFXSD LH vQ FDUH DWULEXWHOH GH FRQGXFHUH DOH
JXYHUQHORU URPkQH DX IRVW DQXODWH VDX OLPLWDWH OD GRPHQLL QHVHPQLILFD
WLYHGHH[HFX LH

6SHUDQ HvPSOLQLULLGH]LOX]LLURPkQHWLvQWLPSXOU ]ERLXOXL

1HXUP ULQG HOXUL DQH[LRQLVWH DVXSUD XQRU WHULWRULL FDUH QX vL
DSDU LQHDX5RPkQLDDSDUWLFLSDWODFHOGHDOGRLOHDU ]ERLPRQGLDODWkWOD
&DPSDQLDGLQHVW  DO WXULGH$[ FkWLOD&DPSDQLDGLQYHVW
  DO WXUL GH 1D LXQLOH 8QLWH SHQWUX UHIDFHUHD LQWHJULW LL
WHULWRULDOH JUDY DIHFWDW  vQ YDUD L WRDPQD DQXOXL  Q DQVDPEOXO
U ]ERLXOXLDUPDWDURPkQ DDQJDMDWvQOXSWHFLUFDGHPLOLWDULvQ
HVWLvQYHVWSLHU]kQGPLOLWDUL vQ(VWL
vQ9HVW GLQFDUHPRU LU QL LLGLVS UX L
3DUWLFLSDUHDODU ]ERLGLQFRORGHKRWDUHOH ULLDIRVWGHWHUPLQDW GH
H[LJHQ HOHU ]ERLXOXLGHFRDOL LHLGHQHFHVLWDWHDFRQVROLG ULLUHvQWUHJLULL
WHULWRULDOH /D vQFHSXW UHvQWUHJLUH vQ HVW SH 1LVWUX FDUH VD GRYHGLW D IL
vQV  GRDU WHPSRUDU  SkQ  vQ PDUWLH  FkQG DUPDWHOH VRYLHWLFH DX
S WUXQVGLQQRXSHWHULWRULXOURPkQHVFDSRLUHvQWUHJLUHvQSDUWHGHQRUG
YHVWSkQ ODJUDQL DDGHY UDW GHGLQFRORGHOLQLD6DWX0DUH&DUHL$UDG
7LPLRDUDFDUHDVDGRYHGLWDILGHILQLWLY ILLQGFRQILUPDW GH7UDWDWXO
GHSDFHvQFKHLDWOD3DULVODIHEUXDULH



 3H ODUJ $OHVDQGUX 'X X QWUH :HKUPDFK L $UPDWD 5RLH 
 %XFXUHWL
 
'HILHFDUHGDW SDUWLFLSDUHDURPkQHDVF ODU ]ERLDIRVWLQIOXHQ DW 
GHDEVHQ DXQRUWUDWDWHLFRQYHQ LLPLOLWDUHFDUHV FRQVHPQH]HGUHSWXULOH
LREOLJD LLOHSDUWHQHULORUFXDWkWPDLPXOWFXFkWGLQSXQFWXOGHYHGHUHDO
SRWHQ LDOXOXLGHOXSW 5RPkQLDHUDGHIDYRUL]DW GHODvQFHSXWDWkWID GH
*HUPDQLDFkWLID GH8QLXQHD6RYLHWLF 
1DWXUD UHOD LLORU SROLWLFH L PLOLWDUH FX *HUPDQLD L 8QLXQHD
6RYLHWLF FDUHLDXLPSXVGHODvQFHSXWSXQFWHOHGHYHGHUHvQPDMRULWDWHD
SUREOHPHORUGHLPSRUWDQ VWUDWHJLF LRSHUDWLY  VXEIRUPHGLIHULWHvQV 
DLQIOXHQ DWvQPRGKRW UkWRUDFWLYLWDWHD0DUHOXL&DUWLHU*HQHUDOURPkQ D
0DUHOXL 6WDW 0DMRU FXP VD QXPLW vQ DQXPLWH SHULRDGH  GLPLQXkQGXL
DWULEXWHOH GH FRQFHS LH L FRQGXFHUH SH WHDWUHOH GH RSHUD LL PLOLWDUH &D
XUPDUHvQFHDPDLPDUHSDUWHDU ]ERLXOXL0DUHOH&DUWLHU*HQHUDOURPkQ
QX D DYXW SRVLELOLWDWHD V  FRQFHDS  vQ PRG LQGHSHQGHQW SODQXUL GH
FDPSDQLHLQLFLV FRQGXF HIHFWLYDUPDWHOHURPkQHvQRSHUD LLPLOLWDUH
GHFkWvQSHULRDGDGHvQFHSXWDU ]ERLXOXLvQ]RQHLSHGLUHF LLOLPLWDWHvQ
VSD LX vQ VXGXO %DVDUDELHL L OD 2GHVVD vQWUH  LXQLH   RFWRPEULH
  vQ IkLD GH DF LXQH D $UPDWHL  L DWXQFL FX VXJHVWLL L LQIOXHQ H
JHUPDQH 6LQJXUD SHULRDG  vQ FDUH 0DUHOH 6WDW 0DMRU D FRQGXV IRU HOH
DUPDWH URPkQH vQ PRG LQGHSHQGHQW D IRVW vQWUH  DXJXVW  FkQG
5RPkQLDDWUHFXWGHSDUWHD1D LXQLORU8QLWHLVHSWHPEULHFkQG
)URQWXOXFUDLQHDQLDVXERUGRQDWDUPDWHOHURPkQHRSHUDWLYH
,QWHJUDUHDWRWPDLDFFHQWXDW DPDULORUXQLW LURPkQHvQVWUXFWXULOH
GH FRPDQGDPHQW JHUPDQH L VRYLHWLFH D DQXODW SUDFWLF DWULEXWHOH GH
FRQGXFHUHDVWUDWHJLF VDXRSHUDWLYHDOH0DUHOXL6WDW0DMRUFDUHDU PDV
QXPDL FX VDUFLQL GH RUJDQL]DUH GRWDUH LQVWUXLUH DSURYL]LRQDUH HWF LDU
GXS VHSWHPEULHLGHH[HFX LHDKRW UkULORU&RPLVLHL$OLDWHGH
&RQWURO SDUWHDVRYLHWLF SHQWUXGLYHUVHSUREOHPHFXFDUDFWHUPLOLWDUQ
SRILGD DFHVWHL VLWXD LL HILL 0DUHOXL 6WDW 0DMRU JHQHUDOLL ,RVLI ,DFRELFL
,OLHWHIOHD*KHRUJKH0LKDLO1LFRODH5 GHVFXL&RQVWDQWLQ6 Q WHVFX 
QX DX H]LWDW V L H[SULPH SR]L LLOH L SXQFWHOH GH YHGHUH vQ FHHD FH
SULYHWH VLWXD LD VWUDWHJLF  L RSHUDWLY  vQ FDUH HUDX SXVH V  DF LRQH]H
WUXSHOHURPkQHLV FHDU vPEXQ W LUHDFRQGL LLORUGHOXSW 
Q DQVDPEOXO U ]ERLXOXL  L vQ FD]XO *HUPDQLHL GDU PDL DOHV vQ
FD]XO 8QLXQLL 6RYLHWLFH  VD DGHYHULW GLQ QRX SUDFWLFD VXSUHPD LHL
SDUWHQHUXOXLPDLSXWHUQLFFDUHDUHXLWV LLPSXQ FRQFHS LDGHGXFHUHD
OXSWHL V  H[HUFLWH FRQWUROXO DVXSUD SDUWHQHUXOXL PDL VODE 6D DMXQV
GHVHRULODVLWXD LDvQFDUHLQWHUHVHOHURPkQHWLDXIRVWQHJOLMDWHLJQRUDWHL
 
SUHMXGLFLDWHSURGXFkQGXVHQHQXP UDWHQHvQ HOHJHULFRQWUDGLF LLLFKLDU
FRQIOLFWH VROX LRQDWH GH FHOH PDL PXOWH RUL SULQ FRPSURPLVXUL GDWRULW 
QHFHVLW LL VDWLVIDFHULL LQWHUHVHORU UHFLSURFH 'HL vQ HVHQ D ORU UHOD LLOH
PLOLWDUH URPkQRJHUPDQH L URPkQRVRYLHWLFH QX DX IRVW LGLOLFH QX DX
OLSVLW QLFL PRPHQWHOH GH vQ HOHJHUH Q DQVDPEOX vQV  VD DMXQV OD
LPSXQHUHDVXSUHPD LHLJHUPDQHDFFHSWDW GH,RQ$QWRQHVFX FKLDUGDF 
QX D UHFXQRVFXW  L OD KHJHPRQLD L GLFWDWXO VRYLHWLF DFFHSWDWH GH
FRQGXFHUHDVWDWDO LSROLWLF URPkQHDVF LQVWDODW ODDXJXVWvQ
VSHUDQ DF VLWXD LDDYHDV ILHWHPSRUDU 
&DWHJRULF HVWH IDSWXO F  QXPHURDVH GH]LOX]LL DX DS UXW SHQWUX
SRSRUXOURPkQLDUPDWDVDLvQWLPSXODOLDQ HLFX*HUPDQLDvQVSHFLDOvQ
PRPHQWHOHJUHOHGHSHIURQWvQVSHFLDOGLQWRDPQDDQXOXL'H]LOX]LL
SURYRFDWH GH SUHOXQJLUHD U ]ERLXOXL GH VSRULUHD QXP UXOXL GH PLOLWDUL
URPkQL XFLL SH IURQW GH FRPSRUWDUHD PLOLWDULORU JHUPDQL vQ DU  L SH
IURQWHWF
&HOHPDLPDULGH]LOX]LLDXDS UXWvQV ODVFXUWWLPSGXS 
DXJXVW  ILLQG GHWHUPLQDWH GH PRGXO GH FRPSRUWDUH D QRXOXL
DOLDW VRYLHWLF GH IHOXO vQ FDUH &RPLVLD $OLDW  GH &RQWURO SDUWHD
VRYLHWLF DLPSXVH[HFXWDUHD&RQYHQ LHLGHDUPLVWL LXvQFKHLDW OD
VHSWHPEULHSUHFXPLGHDWLWXGLQHDSDVLY D6WDWHORU8QLWH
DOH$PHULFLLL0DULL%ULWDQLL
3HQWUX FRPDQGDPHQWHOH URPkQH UHOD LLOH FX FRPDQGDPHQWHOH
VRYLHWLFH QX DX IRVW GRDU R SUREOHP  GH SUHVWLJLX FL L R QHFHVLWDWH
VWULQJHQW  SHQWUX HILFLHQ D DF LXQLORU PLOLWDUH 8UP ULQG vQGHSOLQLUHD
PLVLXQLORU FX SLHUGHUL FkW PDL SX LQH 0DUHOH 6WDW 0DMRU QX D vQFHWDW R
FOLS V GHSXQ WRDWHHIRUWXULOHSHQWUXDVFRDWHDFHDVW FRRSHUDUHGHVXE
LPSHULXO DUELWUDMXOXL L DO EXQXOXL SODF SURSXQkQG QRUPH GH FRODERUDUH
DGHFYDWH UHDOLW LL FkPSXOXL GH OXSW  0DMRULWDWHD VXJHVWLLORU L LQL LDWL
YHORUDXU PDVI U U VSXQVFRPDQGDPHQWHOHVRYLHWLFHUH]HUYkQGXLGH
UHJXO QXPDLGUHSWXULID GHWUXSHOHURPkQHI U DLDVXPDvQWRWDOLWDWH
L REOLJD LLOH QHFHVDUH 0DL PXOW DX FRQWLQXDW V  FRPLW  DEX]XUL L V 
LPSXQ XQPRGGHFRQGXFHUHLGHVI XUDUHDDF LXQLORUPLOLWDUHFDUHQX
HUDXvQFRQFRUGDQ FXFRQFHS LDFRPDQGDPHQWHORUURPkQH
'UDPDWLF DIRVWVLWXD LD ULLGLQSXQFWXOGHYHGHUHDOUHLQWHJU ULLvQ
FRPXQLWDWHD LQWHUQD LRQDO GHRDUHFHSODVDUHDHL vQRFWRPEULHSULQ
DFRUGXO GH SURFHQWDM VWDELOLW vQWUH :LQVWRQ &KXUFKLOO L ,9 6WDOLQ
 
FRQILUPDW DSRL GH FRQIHULQ D GH OD ,DOWD GLQ IHEUXDULH   vQ VIHUD GH
LQIOXHQ  VRYLHWLF  vQ SURSRU LH GH   FD SROLWLFD H[WHUQ  ILLQGXL
GLUHF LRQDW  LFRQWURODW GHODvQFHSXWGH0RVFRYD6LWXD LDVDDJUDYDW
vQSULP YDUDDQXOXLFkQG6WDWHOH8QLWHL0DUHD%ULWDQLHDXUHIX]DW
V UHFXQRDVF JXYHUQXOGU3HWUX*UR]DLPSXVGH0RVFRYDODPDUWLH2
DWDUHVWDUHGHOXFUXULDSXVvQSHULFROvQV LSDUWLFLSDUHDGHOHJD LHLURPkQH
OD YLLWRDUHD FRQIHULQ  GH SDFH FDUH DYHD V  UHJOHPHQWH]H SUREOHPH
HXURSHQHLPRQGLDOHSRVWEHOLFHLQFOXVLYSHFHOHDOH5RPkQLHL6LWXD LDV
DUHJOHPHQWDWvQWUXFkWYDSULQUHOXDUHDUHOD LLORUGLSORPDWLFHFXFHOHGRX 
PDUL SXWHUL RFFLGHQWDOH vQ IHEUXDULH  &X WRDWH DFHVWHD DFFHOHUDUHD
U ]ERLXOXLUHFHLLQWHQVLILFDUHDGRPLQD LHLVRYLHWLFHDI FXWFD5RPkQLD
V  U PkQ  L]RODW  GH FRPXQLWDWHD LQWHUQD LRQDO  GHPRFUDWLF  0DUL
GH]LOX]LLSHQWUXSRSRUXOURPkQDXIRVWGHWHUPLQDWHLGHPRGXOvQFDUHD
IRVWWUDWDW 5RPkQLDOD&RQIHULQ DGHSDFHGHOD3DULVGLQSUHFXPL
GHPXOWHGLQSUHYHGHULOH7UDWDWXOXLGHSDFHGLQIHEUXDULH













3HODUJWHIDQ/DFKHRSFLWSS
 


95201,$135,0,,$1,
$,5 =%2,8/8,5(&(  

QWUHDUPLVWL LXLSDFH


9LFWRULDDVXSUD*HUPDQLHLGHODPDLDSXVFDS WFHOXLGHDO
GRLOHD U ]ERL PRQGLDO vQ (XURSD GDU QX D VROX LRQDW L SUREOHPHOH
LQWHUQD LRQDOH DS UXWH vQ ID]D ILQDO  D FRQIODJUD LHL GHWHUPLQDWH GH
LQWHUHVHOHPXOWLSOHDOHPDULORUSXWHUL IRVWHDOLDWH GHQRXOUDSRUWGHIRU H
SRVWEHOLF GH IDSWXO F  8QLXQHD 6RYLHWLF  D RE LQXW PkQ  OLEHU  vQ
5RPkQLD%XOJDULDLSDU LDOvQ8QJDULDvQF vQDLQWHGHVIkULWXOU ]ERLXOXL
LDUHXLWV LPSXQ UHJLPXULSROLWLFHSURFRPXQLVWHvQVIHUDGHLQIOXHQ 
VWDELOLW  GH FRPXQ DFRUG FX SUHPLHUXO EULWDQLF :LQVWRQ &KXUFKLOO OD 
RFWRPEULH
&D]XO5RPkQLHLXQGHODPDUWLHDIRVWLPSXVJXYHUQXOGU
3HWUX*UR]DHVWHFRQFOXGHQWvQDFHVWVHQVLFRQVWLWXLHXQSULPSXQFWGH
SRUQLUH D YLLWRDUHORU FRQIOLFWH vQWUH IRWLL DOLD L vQDLQWH FKLDU GH VIkULWXO
U ]ERLXOXLvQGLVFRUGDQ FXvQ HOHJHULOHGHOD,DOWD IHEUXDULH 
XQGH VDX vQ HOHV DVXSUD VROX LRQ ULL SUREOHPHL RUJDQL] ULL SRVWEHOLFH D
(XURSHLHOLEHUDWHQDFHVWVHQVPDULOHSXWHULVDXDQJDMDWSULQ'HFODUD LD
DVXSUD (XURSHL HOLEHUDWH V  DMXWH VWDWHOH DIODWH vQ DFHDVW  VLWXD LH SULQ
FRQVWLWXLUHD GH DXWRULW L JXYHUQDPHQWDOH SURYL]RULL UHSUH]HQWDWLYH DOH
WXWXURU IRUPD LXQLORU GHPRFUDWLFH FDUH V  RUJDQL]H]H FkW PDL UDSLG
DOHJHUL OLEHUH vQ YHGHUHD FRQVWLWXLULL XQRU JXYHUQH FDUH V  ILH H[SUHVLD
YRLQ HL SRSRDUHORU Q VLWXD LD vQ FDUH DS UHDX SUREOHPH FHOH WUHL PDUL
SXWHULWUHEXLDXV VHFRQVXOWHvQWUHHOH
$F LXQLOH vQ IRU  GHVI XUDWH GH F WUH VRYLHWLFL vQ 5RPkQLD OD
vQFHSXWXO OXQLL PDUWLH  DX GHQDWXUDW OLWHUD L VSLULWXO ,DOWHL $,
9vLQVNL GHFODUkQG ,DOWD VXQW HX /D UkQGXOH FRQGXF WRULL 0DULL

 
%ULWDQLLL68$DXDSUHFLDWSHEXQ GUHSWDWHF VRYLHWLFLLDXvQF OFDW
SULQFLSLLOHVWDELOLWHGHFRPXQDFRUGOD,DOWD
Q DF LXQLOH ORU VRYLHWLFLL VDX ED]DW SH QRXO UDSRUW GH IRU H
HXURSHDQFDUHOHHUDGHMDIDYRUDELO3DXO+HQUL6SDDNSULPXOPLQLVWUX
L PLQLVWUXO GH H[WHUQH DO %HOJLHL DSUHFLLQG OD VFXUW WLPS GXS 
FDSLWXODUHD *HUPDQLHL QD]LVWH F  R VLQJXU  PDUH SXWHUH D LHLW GLQ
U ]ERLFXFHULQGDOWHWHULWRULLLDFHDVW SXWHUHHVWH8QLXQHD6RYLHWLF 
$ILUPD LD GLSORPDWXOXL EHOJLDQ HUD FRQILUPDW  GH DQH[DUHD (VWRQLHL
/HWRQLHL/LWXDQLHLLDXQRUS U LLPSRUWDQWHGLQ)LQODQGD5RPkQLD
3RORQLD*HUPDQLDL&HKRVORYDFLDQWRWDOGHNPSFXSHVWH
 GH ORFXLWRUL /D VFXUW WLPS DFHDVW  H[SDQVLXQH WHULWRULDO 
DYHDV ILHFRQVROLGDW SULQVWDELOLUHD]RQHORUGHLQIOXHQ LFRQWUROvQ
$OEDQLD %XOJDULD 5RPkQLD 3RORQLD &HKRVORYDFLD 8QJDULD L vQ
SDUWHD HVWLF  D *HUPDQLHL XQGH DX IRVW LQVWDODWH SkQ  vQ 
JXYHUQH L UHJLPXUL FRPXQLVWH SURVRYLHWLFH 6DX DG XJDW vQFHUF ULOH
GH LQFOXGHUH D FRPXQLWLORU vQ JXYHUQXO JUHF LQWHUHVHOH VRYLHWLFH vQ
7DQJHUL/LELDGRULQ DGHDDQH[DGRX SURYLQFLLDOH7XUFLHLLGHD
FRQWURODVWUkPWRULOH0 ULL1HJUH
QWUXQDVHPHQHDFRQWH[WLSHQWUXUHOD LLORUH[WHUQHURPkQHWLD
XUPDWRSHULRDG H[WUHPGHDJLWDW &KLDULvQWUHDOLD LDPHULFDQLL
SURSXQkQGVRYLHWLFLORUFRQVWLWXLUHDXQHL&RPLVLLFRPXQHOD%XFXUHWL
FDUHV YHJKH]HODDSOLFDUHDSULQFLSLLORUFXSULQVHvQ'HFODUD LDSHQWUX
(XURSDHOLEHUDW DGRSWDW OD,DOWDvQIHEUXDULH


 /D  PDUWLH  :LQVWRQ &KXUFKXOO VD GHFODUDW PkKQLW ID  GH
HYHQLPHQWHOH GLQ 5RPkQLD vQ FXUVXO F URUD VRYLHWLFLL UHXLVHU  V  FDOFH vQ
SLFLRDUH SULQFLSLLOH GH OD ,DOWD L V  VWDELOHDVF  FRQGXFHUHD XQHL PLQRULW L
FRPXQLVWH SULQ IRU  L SULQ IDOVH GHFODUD LXQL /D UkQGXL )' 5RRVHYHOW OD
DVLJXUDWSH:LQVWRQ&KXUFKLOOODPDUWLHF HUDKRW UkWFDEXQHOHGHFL]LL
VWDELOLWHvQ&ULPHHDV QXVHVFXUJ SULQWUHGHJHWHLF YDIDFHWRWFHVHSRDWH
SHQWUX DO GHWHUPLQD SH ,9 6WDOLQ V  OH vQGHSOLQHDVF  RQHVW &RQFRPLWHQW
SUHHGLQWHOHDPHULFDQDDSUHFLDWF VRYLHWLFLLDXLQVWDODWvQ5RPkQLDXQJXYHUQ
PLQRULWDUSHSURSULXOORUJXVWGDUDDWUDVDWHQ LDF QXHVWHXQORFEXQSHQWUXR
WHVWDUHGHRDUHFHUXLLDXDYXWGHODvQFHSXWFRQWUROXOLQFRQWHVWDELOILLQGGLILFLO
V VHFRQWHVWHSUHWH[WXOQHFHVLW LLPLOLWDUHLDOVHFXULW LLIRORVLWGHHLSHQWUXD
MXVWLILFDDF LXQHDORUFXDWkWPDLPXOWFXFkW5RPkQLDVHDIO GHDFXUPH]LXO
F LORUGHFRPXQLFD LHUXVHWL

3HODUJ9DOHULX)ORULQ'REULQHVFX5RPkQLDLRUJDQL]DUHDSRVWEH
OLF DOXPLL%XFXUHWL
 
3HQWUX DL SXQH IRWLL DOLD L vQ ID D IDSWXOXL vPSOLQLW JXYHUQXO
VRYLHWLFDGHFLVODDXJXVWUHVWDELOLUHDUHOD LLORUGLSORPDWLFHFX
5RPkQLDLULGLFDUHDUHSUH]HQWDQ HORUODQLYHOGHDPEDVDG  DXJXVW
  /D VFXUW WLPS JXYHUQHOH GH OD :DVKLQJWRQ L /RQGUD DX
UHFRQILUPDW OD  UHVSHFWLY  DXJXVW   QHUHFXQRWHUHD
JXYHUQXOXLGU3HWUX*UR]DDSUHFLLQGF DFHVWDHUDQHUHSUH]HQWDWLY
L QX UHSUH]HQWD RSLQLD SXEOLF  GHPRFUDWLF  GLQ DU  $SRL OD 
DXJXVW  UHJHOH 0LKDL , vQFXUDMDW GH UHSUH]HQWDQ LL 68$ L
0DULL %ULWDQLL OD %XFXUHWL  D FHUXW JXYHUQXOXL GU 3HWUX *UR]D V 
GHPLVLRQH]HLDvQWUHUXSWXQLODWHUDORULFHOHJ WXULFXDFHVWD DXJXVW
 GHFODQkQGDDQXPLWDJUHY UHJDO 
6LWXD LD D IRVW VROX LRQDW  vQ XUPD GHFL]LHL &RQIHULQ HL GH OD
0RVFRYD D PLQLWULORU $IDFHULORU ([WHUQH DL 8566 68$ L 0DULL
%ULWDQLL GHFHPEULH SULYLQGUHFXQRDWHUHDGHF WUH68$L
0DUHD %ULWDQLH D JXYHUQXOXL FRQGXV GH GU 3HWUX *UR]D FX FRQGL LD
LQFOXGHULL vQ ([HFXWLY D FkWH XQXL UHSUH]HQWDQW DO 3DUWLGXOXL 1D LRQDO
U QHVF L 3DUWLGXOXL 1D LRQDO /LEHUDO &D XUPDUH OD  LDQXDULH 
UHJHOH0LKDL,DUHOXDWOHJ WXULOHFXJXYHUQXOODIHEUXDULHUHSUH
]HQWDQ LLSROLWLFLDL68$L0DULL%ULWDQLLOD%XFXUHWLDXFRPXQLFDWF 
JXYHUQHOHORUVXQWJDWDV UHLDUHOD LLOHGLSORPDWLFHFXJXYHUQXOURPkQOD
QLYHO GH OHJD LH LDU OD  IHEUXDULH DFHVWD GLQ XUP  LD H[SULPDW
VDWLVIDF LDID GHGHFL]LD:DVKLQJWRQXOXLL/RQGUHL
&RQFRPLWHQW vQ FDGUXO QRLORU UHDOLW L ]RQDOH JHRVWUDWHJLFH
5RPkQLD D UHOXDW UHOD LLOH FX ,XJRVODYLD  LDQXDULH  OD QLYHO GH
UHSUH]HQWDQ  GLSORPDWLF  L OD  PDUWLH  OD QLYHO GH DPEDVDG 
)UDQ D PDUWLHODQLYHOGHUHSUH]HQWDQ SROLWLF LODDSULOLH
 OD QLYHO GH OHJD LH  &HKRVORYDFLD  LXQLH  OD QLYHO GH
UHSUH]HQWDQ SROLWLF RFWRPEULHODQLYHOGHOHJD LHLGHFHPEULH
 OD QLYHO GH DPEDVDG  2ODQGD  IHEUXDULH  OD QLYHO GH
OHJD LH 1RUYHJLD PDLODQLYHOGHOHJD LH ,UDQ LXQLH
OD QLYHO GH OHJD LH  %HOJLD L 0DUHOH 'XFDW DO /X[HPEXUJXOXL  LXOLH
 OD QLYHO GH OHJD LH  $UJHQWLQD  RFWRPEULH  OD QLYHO GH
OHJD LH  $XVWULD  RFWRPEULH  OD QLYHO GH UHSUH]HQWDQ  SROLWLF 
8QJDULD QRLHPEULHODQLYHOGHOHJD LH DULGLFDWUHOD LLOHODQLYHO


/DVHSWHPEULHJXYHUQHOHURPkQLHQJOH]DXGHFLVGHFRPXQ
DFRUGWUDQVIRUPDUHDUHSUH]HQWDQ HORUSROLWLFHvQOHJD LL
 
GHDPEDVDG FX3RORQLD QRLHPEULH L7XUFLD PDUWLH D
UXSW UHOD LLOH GLSORPDWLFH FX 6SDQLD IUDQFKLVW   DSULOLH   D
UHFXQRVFXWJXYHUQXOVSDQLROvQH[LO PDL LDVWDELOLWFXDFHVWD
UHOD LLODQLYHOGHOHJD LH RFWRPEULH LDUODQRLHPEULHD
UXSWUHOD LLOHGLSORPDWLFHFX3RUWXJDOLD/DGHFHPEULH5RPkQLD
D VHPQDW 7UDWDWXO GH SULHWHQLH FRODERUDUH L DVLVWHQ  PXWXDO  FX
,XJRVODYLDDFHVWDILLQGSULPXODFWLQWHUQD LRQDOvQFKHLDWGXS LQWUDUHDvQ
YLJRDUHDWUDWDWXOXLGHSDFH

3UREOHPHURPkQHWLOD&RQIHULQ DGHSDFHGLQ
LSULQFLSDOHOHSUHYHGHULDOH7UDWDWXOXLGHSDFH

5HOXDUHD UHOD LLORU GLSORPDWLFH FX 68$ L 0DUHD %ULWDQLH vQ


IHEUXDULHDIRVWEHQHILF GHRDUHFHDFHVWOXFUXDSHUPLVPLQLWULORUGH
([WHUQH DL FHORU SDWUX PDUL SXWHUL vQWUXQL L vQ HGLQ  OD 3DULV vQWUH 
DSULOLH L  LXOLH  V  WUHDF  OD HODERUDUHD SURLHFWHORU WUDWDWHORU GH
SDFHFX5RPkQLD
3URLHFWHOHWUDWDWHORUGHSDFHFX5RPkQLD8QJDULD%XOJDULD,WDOLD
L)LQODQGDDXIRVWGH]E WXWHOD3DULVvQFDGUXO&RQIHULQ HLGHSDFHFDUH
LD GHVFKLV OXFU ULOH OD  LXOLH  5HSUH]HQWDQ LL VWDWHORU
FRQVLGHUDWH D IL vQYLQVH vQ U ]ERL DX DYXW GRDU GUHSWXO V L H[SULPH
SXQFWHOH GH YHGHUH DWXQFL FkQG DX IRVW VROLFLWD L V  GHD O PXULUL L
H[SOLFD LLV vQDLQWH]HFRQIHULQ HLPHPRULLLREVHUYD LLFDUHQXSXWHDXIL
OXDWHvQFRQVLGHUD LHGHFkWGDF HUDXFRQVLGHUDWHFDDPHQGDPHQWHSURSULL
GHXQDGLQGHOHJD LLOHVWDWHORUFDUHUHSUH]HQWDX3XWHULOH$OLDWHL$VRFLDWH


9H]LLWHIDQ/DFKHRSFLWSS

 /D FRQIHULQ  DX SDUWLFLSDW  GH VWDWH vPS U LWH vQ WUHL JUXSH
 68$ 8566 0DUHD %ULWDQLH )UDQ D L &KLQD FRQVLGHUDWH D IL PDUL
SXWHUL FX GUHSWXUL GHSOLQH GH GHFL]LH vQ VSHFLDO SULPHOH WUHL   $XVWUDOLD
%HOJLD 566 %LHORUXV  %UD]LOLD &DQDGD (WKLRSLD *UHFLD ,QGLD 1RXD
=HHODQG  1RUYHJLD 2ODQGD 3RORQLD &HKRVORYDFLD 8QLXQHD 6XG$IULFDQ 
5668FUDLQHDQ L,XJRVODYLD FXGUHSWGHDIRUPXODREVHUYD LLLSURSXQHUL
%XOJDULD)LQODQGD,WDOLD8QJDULDL5RPkQLD FRQVLGHUDWHDILIRVWvQYLQVH
vQU ]ERL6WDWHOHGLQSULPHOHGRX JUXSHDXIRVWUHXQLWHVXEQXPHOHGH3XWHULOH
DOLDWH L $VRFLDWH &X WLWOX FRQVXOWDWLY DX PDL SDUWLFLSDW 0H[LF &XED (JLSW
,UDQ$OEDQLDL$XVWULD
 
'HDOWIHOQLFLFKLDU&RQIHULQ DQXDDYXWGUHSWXOV LDGHFL]LLGHILQLWLYHFL
GRDU V  IDF  UHFRPDQG UL &RQVLOLXOXL PLQLWULORU GH ([WHUQH DO PDULORU
SXWHUL
'XS FHSURLHFWXO7UDWDWXOXLGHSDFHFX5RPkQLDDIRVWSXEOLFDW 
LXOLH   VLPXOWDQ OD /RQGUD 3DULV 0RVFRYD L :DVKLQJWRQ
JXYHUQXOIUDQFH]DLQYLWDWJXYHUQXOURPkQ vQQXPHOH3XWHULORU$OLDWHL
$VRFLDWH V SDUWLFLSHOD&RQIHULQ DGHSDFHQXUPDDQDOL]HLFRQ LQXWXOXL
GRFXPHQWXOXL  DXJXVW   ([HFXWLYXO GH OD %XFXUHWL D VWDELOLW
FRPSRQHQ DGHOHJD LHLURPkQHLDIRUPXODWREVHUYD LLLFHUHULFDUHDX
YL]DWUHFXQRDWHUHDFDOLW LLGHVWDWFREHOLJHUDQWvPEXQ W LUHDFODX]HORU
PLOLWDUH L HFRQRPLFH HWF WRDWH SUHFL]DWH vQ GRFXPHQWXO LQWLWXODW
$WLWXGLQHD JXYHUQXOXL URPkQ ID  GH &RQIHULQ D GH SDFH SUH]HQWDW L
VXV LQXW OD 3DULV OD  DXJXVW vQ SOHQXO FRQIHULQ HL GH F WUH *KHRUJKH
7 W UHVFXPLQLVWUXO$IDFHULORU6WU LQHLHIXOGHOHJD LHLURPkQHQXUPD
XQHLvQ HOHJHULFXGHOHJD LDVRYLHWLF VDVWDELOLWFDSUREOHPHOHUHIHULWRDUH
OD UHOD LLOH URPkQRVRYLHWLFH L HYHQWXDOHOH GROHDQ H URPkQH V  ILH
GLVFXWDWHLVROX LRQDWHSULQGLVFX LLELODWHUDOHLQXvQFDGUXO&RQIHULQ HL
Q DFHVW FDGUX GHOHJD LD URPkQ  QX D ULGLFDW SUREOHPH UHIHULWRDUH OD
%DVDUDELD%XFRYLQDLODDOWHDVSHFWHFDUHDIHFWDXJUDYVLWXD LDSROLWLF 
HFRQRPLF LFXOWXUDO D ULL
3DUDOHOFXDFWLYLWDWHDGHOHJD LHLJXYHUQDPHQWDOHURPkQHRDFWLYLWDWH
LQWHQV  DX GHVI XUDW OD 3DULV UHSUH]HQWDQ LL HPLJUD LHL $OH[DQGUX
&UHW]LDQX &RQVWDQWLQ 9LRLDQX *ULJRUH 1LFXOHVFX%X]HWL 997LOHD
*ULJUH *DIHQFX D  FDUH DX SUH]HQWDW &RQIHULQ HL  DXJXVW  
PHPRULXOLQWLWXODW5RPkQLDvQID D&RQIHULQ HLGHSDFHSULQFDUHDXFHUXW
UHVWDELOLUHD LQGHSHQGHQ HL SROLWLFH L D VXYHUDQLW LL 5RPvQLHL DVXSUD


 ,VWRULD SROLWLFLL H[WHUQH URPkQHWL vQ GDWH FRRUGRQDWRU ,RQ
&DODIHWHDQX %XFXUHWLSS

Q5RPkQLDDIRVWSXEOLFDWODDXJXVW

 'HOHJD LD URPkQ FRPSXV  GLQ  GH PHPEUL D IRVW VWUXFWXUDW  OD
3DULV vQ SDWUX FRPLVLL WHULWRULDO  L SROLWLF  HFRQRPLF  PLOLWDU  L MXULGLF L
LQIRUPDWLY 

 ,RQ *KHRUJKH 0DXUHU D FRPXQLFDW PHPEULORU GHOHJD LHL URPkQH OD
&RQIHULQ DS FLLF ODFHUHUHDOXL0RORWRYVDDFFHSWDWFDWRDWHFRQWDFWHOHFX
GHOHJD LLOHRFFLGHQWDOHYRUWUHEXLV vQFHWH]HPDLDOHVFXGHOHJD LLOH68$L
0DULL %ULWDQLL GDF  QX VD FHUXW PDL vQDLQWH SHUPLVLXQHD SHQWUX DVWIHO GH
FRQYRUELULLHDQXDIRVWDFRUGDW 
 
vQWUHJXOXL WHULWRULX QD LRQDO LQWHJUDUHD HFRQRPLHL URPkQHWL vQ FLUFXLWXO
HFRQRPLF PRQGLDO VROX LRQDUHD HFKLWDELO  D SUREOHPHL UHSDUD LLORU
UHSDWULHUHDSUL]RQLHULORUGHU ]ERLHWF5HVWDELOLUHDLQWHJULW LLWHULWRULDOH
D5RPkQLHLLODJUDQL DGHHVW LJQRUDW GHGHOHJD LDRILFLDO D5RPkQLHL 
D IRVW ULGLFDW  OD  RFWRPEULH  L GH *ULJRUH *DIHQFX vQ PHPRULXO
LQWLWXODW 2EVHUYD LL DVXSUD SURLHFWXOXL GH 7UDWDW GH 3DFH FX 5RPkQLD
2EVHUYD LLJHQHUDOH
QWUHSUREOHPHOHLPSRUWDQWHULGLFDWHGHGHOHJD LDURPkQ VDVLWXDW
FHD D FREHOLJHUDQ HL VXV LQXW  SULQ LPSRUWDQWD FRQWULEX LH DGXV  OD
YLFWRULDILQDO DVXSUDIDVFLVPXOXLvQXOWLPHOHOXQLGHU ]ERL3UREOHPDD
IRVW GLVFXWDW  RILFLDO OD  DXJXVW  vQ FDGUXO HGLQ HL &RPLVLHL
SROLWLFHLWHULWRULDOHSHQWUX5RPkQLDFRQVWLWXLW GLQGHSHUVRDQHGLQ
 VWDWH 6XV LQXW  GH '0DQXLOVNL UHSUH]HQWDQWXO 8FUDLQHL L GH
+3LND GHOHJDWXO &HKRVORYDFLHL FHUHUHD GHOHJD LHL URPkQH D IRVW
DFFHSWDW  GRDU GH SDWUX GHOHJD L FHL DL %LHORUXVLHL &HKRVORYDFLHL
8FUDLQHLL)UDQ HL 
5HVSLQJHUHDDFHVWHLFHUHULILUHWLLGHF WUH&RQVLOLXOPLQLWULORUGH
([WHUQHDLPDULORUSXWHULvQWLPSXOGH]EDWHULORUGHOD1HZ<RUNGLQWUH
QRLHPEULHLGHFHPEULHvQGLVFRUGDQ FXPDUHOHHIRUWGHU ]ERL
URPkQHVFGXS DXJXVWUHFXQRVFXWSULQQXPHURDVHGHFODUD LLGH
GLSORPD LL L DQDOLWLL YUHPLL D UHSUH]HQWDW XQD GLQ PXOWHOH LQMXVWL LL OD
FDUH D IRVW VXSXV SRSRUXO URPkQ L FDUH VD UHSHUFXWDW QHJDWLY DVXSUD
FHORUODOWHSUHYHGHULDOHWUDWDWXOXLGHSDFHFX5RPkQLDLQIOXHQ kQGQHJDWLY
VLWXD LD5RPkQLHLSHQWUXPXOWHGHFHQLL
2 DOW  SUREOHP  GHRVHELW GH LPSRUWDQW  SHQWUX vQWUHJXO SRSRU
URPkQULGLFDW GHGHOHJD LDRILFLDO URPkQ LGHHPLJUD LHVDUHIHULWOD
UHVWDELOLUHD IURQWLHUHL URPkQRXQJDUH SULQ DQXODUHD FRQVHFLQ HORU


 ,VWRULD SROLWLFLL H[WHUQH URPkQHWL vQ GDWH FRRUGRQDWRU ,RQ
&DODIHWHDQX %XFXUHWLS

WHIDQ/DFKHRSFLWSS

$XVWUDOLD%LHORUXVLD&DQDGD68$)UDQ D,QGLD1RXD=HHODQG 
0DUHD %ULWDQLH &HKRVORYDFLD 8FUDLQD 8QLXQHD 6XG$IULFDQ  L 8QLXQHD
6RYLHWLF 

*HQHUDOXO IUDQFH] &RWURX[ D YRWDW SHQWUX ILLQG FRQYLQV F  DD YRU
SURFHGDLUHSUH]HQWDQ LL68$8566L0DULL%ULWDQLL$XYRWDWvPSRWULY 
GHOHJD LLGLQ$XVWUDOLD&DQDGD0DUHD%ULWDQLH,QGLD1RXD=HHODQG 68$
8QLXQHD6XG$IULFDQ L8566 
 
GLFWDWXOXLGHOD9LHQDGLQDXJXVW6LWXD LDvQDFHVWFD]HUDH[WUHP
GH VWULQJHQW  L SHULFXORDV  GHRDUHFH FHUFXULOH SROLWLFH L PLOLWDUH GH OD
%XGDSHVWD QX DX UHQXQ DW OD LQWHQ LLOH GH D FXFHUL vQWUHDJD 7UDQVLOYDQLH
QLFLGXS WUHFHUHD5RPkQLHLGHSDUWHD1D LXQLORU8QLWHODDXJXVW
(GLILFDWRDUH vQ DFHVW VHQV VXQW FRQWUDRIHQVLYHOH GHFODQDWH OD  L 
VHSWHPEULH  vQ SRGLXO WUDQVLOYDQ vQ &ULDQD L %DQDW SUHFXP L
QXPHURDVHOHGHPHUVXULI FXWHGHJXYHUQXOGHOD%XGDSHVWDOD0RVFRYD
:DVKLQJWRQL/RQGUDGXS WHUPLQDUHDU ]ERLXOXLSHQWUXDRE LQHVSULMLQ
vQDFHDVW SULYLQ 
*XYHUQXOXQJDUDFRQWHVWDWFKLDUFRQFOX]LDPLQLWULORUGH([WHUQHDL
PDULORUSXWHULGLQPDLF GLFWDWXOGHOD9LHQDGLQDXJXVW
HUD QXO L QHDYHQLW SUHFXP L GHFL]LD GLQ  PDL  FRQIRUP F UHL
IURQWLHUD GLQWUH 5RPkQLD L 8QJDULD HUD VWDELOLW  SH WUDVHXO H[LVWHQW
vQDLQWHDGLFWDWXOXLQDFHVWVHQVODDXJXVWPLQLVWUXOGH([WHUQH
DO 8QJDULHL D VROLFLWDW &RQIHULQ HL GH SDFH FHGDUHD F WUH 8QJDULD D XQXL
WHULWRULXURPkQHVFGHNPSSUHWHQ LLOHXQJDUHILLQGGLPLQXDWHOD
DXJXVW GH F WUH PLQLVWUXO XQJDU OD 3DULV OD FLUFD   NPS /D 
VHSWHPEULH  &RPLVLD SROLWLF  L WHULWRULDO  SHQWUX 5RPkQLD VD
SURQXQ DW vQV  SHQWUX PHQ LQHUHD KRW UkULL &RQVLOLXOXL PLQLWULORU
$IDFHULORU([WHUQHDLPDULORUSXWHULSULYLQGPHQ LQHUHDJUDQL HLURPkQR
XQJDUH SH WUDVHXO DQWHULRU GLFWDWXOXL GH OD 9LHQD GLQ  DXJXVW 
+RW UkUHDIRUXPXOXLPRQGLDOLQFOXV vQWUDWDWXOGHSDFHGLQIHEUXDULH
DUHSUH]HQWDWXQDFWGHMXVWL LH/H0RQGHDSUHFLLQGF HDDIRVW
RVROX LHHFKLWDELO SUREOHPHLQD LRQDOHLWHULWRULDOHD7UDQVLOYDQLHL
QILQDOODRFWRPEULH&RQIHULQ DGHSDFHDDSUREDWWH[WXO
vQWUHJXOXLWUDWDWGHSDFHFX5RPkQLDGHILQLWLYDWGH&RQVLOLXO0LQLWULORU
$IDFHULORU([WHUQHDLPDULORUSXWHULvQWUXQLWvQFRQIHULQ OD1HZ<RUNvQ
SHULRDGD  QRLHPEULH GHFHPEULH  Q SRILGD FHUHULORU URPkQHWL
SUH]HQWDWH SULQ PHPRULXO LQWLWXODW 2EVHUYD LLOH JXYHUQXOXL URPkQ
SULYLWRDUH OD SURLHFWXO GH 7UDWDW GH 3DFH FX 5RPkQLD vQDLQWDW OD 
QRLHPEULH   &RQVLOLXO D DGPLV GRDU vPEXQ W LUL PLQRUH 7UDWDWXOXL
GHSDFHFX5RPkQLD
6HPQDW OD 3DULV OD  IHEUXDULH  7UDWDWXO GH SDFH FDUH D
SURFODPDW vQFHWDUHD VW ULL GH U ]ERL vQWUH 5RPkQLD FRQVLGHUDW  DU 


3HQWUXFHOHODOWHSUREOHPHURPkQHWLDERUGDWHGH&RQIHULQ DGH3DFH
YH]LWHIDQ/DFKHRSFLWSS
 
vQYLQV  L 3XWHULOH $OLDWH L $VRFLDWH D FRQ LQXW DD FXP DSUHFLD
*KHRUJKH 7 W UHVFX FODX]H SXUW WRDUH GH JULML L GH SRYHUL GDU L
SXUW WRDUHGHOXPLQ LQ GHMGL
QWUH SULPHOH GHWHUPLQDWH GH QHDFRUGDUHD FDOLW LL ELQHPHULWDWH GH
VWDWFREHOLJHUDQWvQXOWLPDSDUWHDU ]ERLXOXLVDXVLWXDWvPSRY U WRDUHOH
FODX]HHFRQRPLFHLPLOLWDUHRILFLDOL]DUHDVWD LRQ ULLWUXSHORUVRYLHWLFH
SH WHULWRULXO QD LRQDO SHQWUX PHQ LQHUHD OLQLLORU GH FRPXQLFD LH DOH
$UPDWHL6RYLHWLFHFX]RQDVRYLHWLF GHRFXSD LHGLQ$XVWULD VWDELOLUHD
JUDQL HL FX 8QLXQHD 6RYLHWLF  SH WUDVHXO UH]XOWDW vQ XUPD XOWLPDWXPXOXL
VRYLHWLF GLQ  LXQLH  L D DFRUGXOXL VRYLHWRFHKRVORYDF GLQ 
LXQLHLDFHOHLFX%XOJDULDFRQIRUPWUDWDWXOXLURPkQREXOJDUGLQ
VHSWHPEULH  HWF &RQFRPLWHQW DX IRVW SLHUGXWH L FkWHYD RVWURDYH
GHSHEUD XO&KLOLD
QWUH S U LOH OXPLQRDVH VDX DIODW vQ SULPXO UkQG DQXODUHD
FRQVHFLQ HORUWHULWRULDOHDOHGLFWDWXOXLGHOD9LHQDGLQDXJXVWL
FRQILUPDUHD UHYHQLULL GH MXUH D vQWUHJLL 7UDQVLOYDQLL OD 5RPkQLD
SURFODPDUHD vQFHW ULL VW ULL GH U ]ERL L GH DUPLVWL LX GLQWUH 5RPkQLD L
1D LXQLOH 8QLWH L FUHDUHD ED]HL MXULGLFH SHQWUX GH]YROWDUHD UHOD LLORU
H[WHUQHDOH5RPkQLHLvQFRQIRUPLWDWHFXSULQFLSLLOH218









WHIDQ/DFKHRSFLWSS

 'HVS JXELULOH GH U ]ERL DX IRVW HYDOXDWH OD  PLOLRDQH GRODUL
68$ ODSDULWDWHDGHGRODULSHQWUXRXQFLHGHDXU FDUHWUHEXLDXSO WLWHvQ
DQLvQFHSkQGGHODVHSWHPEULH

5RPkQLDSLHUGHDDVWIHO%DVDUDELDQRUGXO%XFRYLQHLL LQXWXO+HU D

) U &DGULODWHU
 


9,5201,$1&217(;78/*(2675$7(*,&
(8523($117,038/5(*,08/8,&2081,67


6XEWXWHOD0RVFRYHL  

'XS  LPSXQHUHD UHJLPXOXL FRPXQLVW OD vQFHSXWXO DQXOXL 


5RPkQLDDFRQWLQXDWV XUPH]HvQPRGREHGLHQWvQSODQLQWHUQLLQWHU
QD LRQDOSROLWLFD0RVFRYHLSkQ vQSULP YDUDDQXOXLFkQGDSUR
FODPDW GHVFKLV QRL SULQFLSLL GH SROLWLF  H[WHUQ  I U  FD DFHVWD V  H[SUL
PHLGRULQ DVDXLQWHQ LDGHDLHLGLQVLVWHPXOFRPXQLVW
,QL LDOvQFRQIRUPLWDWHFXVIDWXULOH0RVFRYHLGLSORPD LDURPkQ 
D vQWUH LQXW UHOD LL H[WHUQH FX SULRULWDWH vQ FDGUXO VLVWHPXOXL
VRFLDOLVWFRPXQLVW WRWDOLWDU vQ SHULRDGD GHFHPEULH LDQXDULH 
vQFKHLQGXVHWUDWDWHELODWHUDOHGHSULHWHQLHFRODERUDUHLDVLVWHQ PXWXDO 
FX 8QLXQHD 6RYLHWLF  %XOJDULD &HKRVORYDFLD 3RORQLD 8QJDULD L
,XJRVODYLD8Q3URWRFRODQH[ DO7UDWDWXOXLURPkQRVRYLHWLFFRQVHPQD
LJUDQL HOHGLQWUHFHOHGRX VWDWHSUHFL]kQGvQGH]DFRUGFXSUHYHGHULOH
7UDWDWXOXLGHSDFHGLQIHEUXDULHF LQVXODHUSLORU KD LQWUD
vQFRPSRQHQ D85663UHGDUHDSURSULX]LV VDI FXWODPDLvQ
ED]DXQXLVLPSOXSURFHVYHUEDOVHPQDWGHUHSUH]HQWDQ LDLPLQLVWHUHORUGH
([WHUQHQDFHHDLSHULRDG FDXUPDUHDKRW UkULL%LURXOXL,QIRUPDWLY
DO SDUWLGHORU FRPXQLVWH L PXQFLWRUHWL GH OD %XFXUHWL GLQ  LXQLH
 SULYLQG EODPDUHD DFWLYLW LL FRQGXFHULL SROLWLFH D 53),XJRVODYLD
UHOD LLOHURPkQRLXJRVODYHVDXGHWHULRUDWUDSLGDMXQJkQGXVHODGHQXQ D
UHDGHF WUHURPkQLODRFWRPEULHD7UDWDWXOXLGHSULHWHQLHFROD
ERUDUHLDVLVWHQ PXWXDO GLQ
7RWvQSODQXOUHOD LLORULQWHUQD LRQDOHSkQ ODDGPLWHUHDvQ218
5RPkQLD D SDUWLFLSDW LXOLHDXJXVW   OD VWDELOLUHD QRXOXL UHJLP DO
QDYLJD LHLSH'XQ UH vQWUH8OPL0DUHD1HDJU SULQEUD XO6XOLQD D



/DGHFHPEULHFX,XJRVODYLDLDQXDULHFX%XOJDULDOD
IHEUXDULHFX8QLXQHD6RYLHWLF ODLXQLHFX8QJDULDODLXOLH
FX&HKRVORYDFLDODLDQXDULHFX3RORQLD

 'XS  GHVWU PDUHD 8566 ,QVXOD HUSLORU D WUHFXW vQ FRPSRQHQ D
8FUDLQHL
 
UHVWDELOLW UHOD LL GLSORPDWLFH OD QLYHO GH OHJD LH FX ,QGLD  GHFHPEULH
 5'* RFWRPEULH 530RQJRO  DSULOLH $XVWULD
 DXJXVW   6LULD  DXJXVW   L GH DPEDVDG  FX 8QJDULD 
IHEUXDULH   5HSXEOLFD 'HPRFUDW  *HUPDQ 5'*  RFWRPEULH
  $OEDQLD   53&KLQH]  RFWRPEULH   5'9LHWQDP 
IHEUXDULH ,XJRVODYLD LXQLH $UXSWvQV UHOD LLOHFX9DWLFDQXO
LXOLH &RQFRPLWHQWDJ ]GXLWFHOGHDO,,,OHDIHVWLYDOPRQGLDODO
WLQHUHWXOXL L VWXGHQ LORU SHQWUX SDFH L SULHWHQLH  DXJXVW   D
RIHULW DMXWRU QHUDPEXUVDELO 53'&RUHHQH SHQWUX UHIDFHUHD HFRQRPLHL
RFWRPEULH DVHPQDWDFRUGXULFRPHUFLDOHLGHSO LFXVWDWHOHGLQ
VLVWHPXO FRPXQLVW GDU L FX ,QGLD (JLSW 7XUFLD *UHFLD ,QGRQH]LD
 7RWvQSODQGLSORPDWLFDDSUHFLDWLQWHUYHQ LDDPHULFDQ vQ&RUHHD
GUHSWRDJUHVLXQHFDUHDGXFHDRJUDY DWLQJHUHS FLLVDSURQXQ DWSHQWUX
vQI SWXLUHDVHFXULW LLSHFRQWLQHQWLSHQWUXVROX LRQDUHDSHFDOHSDQLF D
SUREOHPHORUOLWLJLRDVH  DDSUHFLDWQD LRQDOL]DUHD&DQDOXOXL6XH]FD
XQDFWOHJDOLOHJLWLPGLQSDUWHDJXYHUQXOXLHJLSWHDQ DXJXVW LD
FRQVLGHUDW F  U ]ERLXO DQJORIUDQFRLVUDHOLDQ vPSRWULYD (JLSWXOXL
FRQVWLWXLD R JUDY  ORYLWXU  SHQWUX SDFHD PRQGLDO   QRLHPEULH  
FRQGDPQkQGDJUHVLXQHDLPSHULDOLVW vPSRWULYD(JLSWXOXL QRLHPEULH
 QDFHODLWLPSDUHFXQRVFXWQHXWUDOLWDWHDSHUPDQHQW D$XVWULHL
 GHFHPEULH   D VDOXWDW UHVWDELOLUHD S FLL vQ ,QGRFKLQD  DXJXVW
  GDU VD GHFODUDW GH DFRUG LQWHUYHQ LD DUPDW  VRYLHWLF  SHQWUX
vQ EXLUHD UHYROX LHL SRSRUXOXL XQJDU RFWRPEULH   &RQFRPLWHQW
SULQDGRSWDUHD PDUWLH GHF WUH3UH]LGLXO0DULL$GXQ UL1D LRQDOH
DGHFUHWXOXLSULYLQGvQFHWDUHDVW ULLGHU ]ERLFX*HUPDQLD%XFXUHWLLDX
I FXWXQSDVLPSRUWDQWVSUHvPEXQ W LUHDUHOD LLORUFX5HSXEOLFD)HGHUDO 
D*HUPDQLHL 5)* 
Q SODQ HFRQRPLF FRODERUDUHD GLQWUH VWDWHOH DIODWH VXE LQIOXHQ D
0RVFRYHLVDGHVI XUDWPXOW YUHPHFXSULRULWDWHvQFDGUXO&RQVLOLXOXL
(FRQRPLF GH $MXWRU 5HFLSURF &$(5  vQILLQ DW vQ LDQXDULH  vQ
XUPD GHFL]LHL &RQVI WXLULL HFRQRPLFH D UHSUH]HQWDQ LORU JXYHUQHORU
%XOJDULHL&HKRVORYDFLHL3RORQLHL5RPkQLHL8QJDULHLL8566GHV
I XUDW OD0RVFRYD%HQHILF SHQWUXHFRQRPLDURPkQHDVF DIRVWGHV
ILLQ DUHDVRYURPXULORU  



/D&$(5DPDLDGHUDW$OEDQLD vQIHEUXDULHSkQ vQ 
5'* VHSWHPEULH   0RQJROLD LXQLH   &XED LXOLH   L
5'9LHWQDP LXQLH   /D DFWLYLWDWHD XQRUD GLQWUH VWUXFWXULOH &$(5 D
SDUWLFLSDWGLQVHSWHPEULHL,XJRVODYLD
 
'XS vQFKHLHUHDWUDWDWXOXLGHSDFHGLQIHEUXDULHGLSORPD LD
URPkQ DI FXWGHQHQXP UDWHRULQXPHURDVHGHPHUVXULSHQWUXSULPLUHD
vQ 218 IDSW vPSOLQLW OD  GHFHPEULH  FkQG &RQVLOLXO GH
6HFXULWDWH D UHFRPDQGDW FD 5RPkQLD V  ILH DGPLV  VLPXOWDQ
vPSUHXQ FXDOWHVWDWH vQIRUXPXOPRQGLDO5HFRPDQGDUHDDIRVW
DQDOL]DW vQDFHHDL]LGH$GXQDUHDJHQHUDO D218FDUHDDSUREDWRFX
 GH YRWXUL SHQWUX  FRQWUD L  DE LQHUL &X WRDWH DFHVWHD R EXQ 
SHULRDG  GH WLPS UHSUH]HQWDQ LL 5RPkQLHL DX FRQWLQXDW V  VXV LQ 
QHFRQGL LRQDWSROLWLFD0RVFRYHL

5RPkQLDL7UDWDWXOGHOD9DURYLD

2 VLWXD LD DSDUWH D DYXW 5RPkQLD vQ FDGUXO 7UDWDWXOXL GH OD
9DURYLDFRQVWLWXLWODPDLFXUROGHLQVWUXPHQWSROLWLFRPLOLWDU
OD vQGHPkQD 0RVFRYHL vQ FRQIUXQWDUHD FX 2UJDQL]D LD $WODQWLFXOXL GH
1RUG 1$72 vQFDGUXOU ]ERLXOXLUHFHGDULGH LQHUHVXEFRQWUROD
DOLD LORUFDUHvQFHUFDXV VHHPDQFLSH]HGHVXEWXWHODVRYLHWLF 
'HRDUHFH FRQGXFHUHD VRYLHWLF  QX D DSOLFDW vQWRFPDL SULQFLSLLOH L
SUHYHGHULOHGRFXPHQWXOXLGHFRQVWLWXLUHD7UDWDWXOXL UHVSHFWDUHDLQGHSHQ


 )RUPDW GLQ %HOJLD %UD]LOLD &KLQD7DLZDQ )UDQ D ,UDQ 1RXD
=HHODQG 3HUX7XUFLD85660DUHD%ULWDQLHL68$

$XYRWDWSHQWUXSULPLUHD5RPkQLHLvQ218UHSUH]HQWDQ LLDVWDWH
GLQ &RQVLOLXO GH 6HFXULWDWH VDX DE LQXW UHSUH]HQWDQ LL 68$ L DL &KLQHL
7DLZDQ

$OEDQLD,RUGDQLD,UODQGD3RUWXJDOLD8QJDULD,WDOLD$XVWULD%XOJDULD
)LQODQGD&H\ORQ1HSDO/LELD&DPERGJLD/DRV6SDQLD

$XIRVWvPSRWULY &KLQD7DLZDQL&XEDVDXDE LQXW2ODQGD)LOLSLQH
68$5HSXEOLFD'RPLQLFDQ L*UHFLD

 7LPS GH DSURDSH R MXP WDWH GH VHFRO FHOH GRX  EORFXUL PLOLWDUH 
1$72 L 7UDWDWXO GH OD 9DURYLD  DX UHSUH]HQWDW LQVWUXPHQWH DOH
FRQIUXQW ULLPLOLWDUHvQWUH(VWL9HVWvQVSHFLDOvQFHQWUXO(XURSHLvQ*HUPDQLD
HOHDIOkQGXVHID vQID 'HODGRFWULQDUHSUHVDOLLORUPDVLYHGLQSHULRDGD
1$72DWUHFXWODGRFWULQDULSRVWHLJUDGDWH6FKLPE ULDXLQWHUYHQLWL
vQGRFWULQD7UDWDWXOXLGHOD9DURYLDvQVSHFLDOGXS FkQGODFRQGXFHUHD
8566DYHQLW06*RUEDFLRYQILQDO8QLXQHD6RYLHWLF DDGRSWDWGRFWULQD
6LQDWUDID GHVDWHOL LSHUPL kQGILHF UXLDV LDOHDJ SURSULXOGUXP$IRVW
I FXW  SRVLELO  DVWIHO XQLILFDUHD JHUPDQ  RFWRPEULH   L DFFHVXO UHVWXOXL
VWDWHORUIRVWHVRFLDOLVWHVSUHLQGHSHQGHQ 
 
GHQ HL L VXYHUDQLW LL VWDWHORU PHPEUH QHDPHVWHFXO vQ WUHEXULOH LQWHUQH
HWF ODVFXUWWLPSDXvQFHSXWV DSDU LUHEHOLL/DvQFHSXW8QJDULDL
3RORQLD UHYROWDWH vQ  SDFLILFDWH LPHGLDW L UHDGXVH OD RUGLQH
SULQIRU VDXDPHQLQ DUH$SRL$OEDQLDFDUHGLQQXDPDLSDUWLFLSDW
OD DFWLYLW LOH 7UDWDWXOXL L FDUH vQ  LD I FXW FXQRVFXW  GHFL]LD GH
UHWUDJHUHGLQ7UDWDW
/DUkQGXL5RPkQLDFDUHvQFHSXVHV VHPDQLIHVWHPDLOLEHUGXS 
UHWUDJHUHD WUXSHORU VRYLHWLFH GLQ DU    L FKLDU V  ULGLFH FDSXO
GXS DGRSWDUHD'HFODUD LHLGLQDSULOLHDGHYHQLWDOLDWUHEHOGXS 
DJUHVLXQHDIRU HORUVRYLHWLFHVXV LQXWHGHWUXSHSRORQH]HXQJDUHEXOJDUH
LHVWJHUPDQHvPSRWULYD&HKRVORYDFLHL  
) U  V  SXQ  YUHRGDW  FD vQ FD]XO XQJXULORU L DOEDQH]LORU SUR
EOHPDS U VLULL7UDWDWXOXLGHOD9DURYLDSHP VXUDDFFHQWX ULLSROLWLFLL
GH GHVSULQGHUH GH VXE WXWHOD 0RVFRYHL FRQGXFHUHD GH SDUWLG GH VWDW L
PLOLWDU D5RPkQLHLDvQFHSXWV LDWRWPDLGHVFKLVSR]L LHID GHPRGXO
vQFDUHRUJDQHOHGHFRQGXFHUHDOH7UDWDWXOXLGHOD9DURYLD vQFDGUDWHvQ
IXQF LLOHSULQFLSDOHQXPDLFXPDUHDOLJHQHUDOLLRIL HULVRYLHWLFL WUDWDX
PLQLVWHUHOH$S U ULL LFKLDUJXYHUQHOH VWDWHORUSDUWLFLSDQWHOD7UDWDW
,QYRFkQGSUHYHGHULOHDUWLGLQ7UDWDWFDUHSUHYHGHDXFRQVXO
WDUHD VWDWHORU VHPQDWDUH vQ FHHD FH SULYHWH SUREOHPHOH LQWHUQD LRQDOH
LPSRUWDQWHFDUHDIHFWDXLQWHUHVHOHFRPXQHLP VXULOHFHWUHEXLDXOXDWHGH
FRPXQDFRUGSHQWUXUHDOL]DUHDS FLLLVHFXULW LLLQWHUQD LRQDOHURPkQLL
DSUHFLDX vQF  GLQ  F  DX H[LVWDW VLWXD LL JUDYH SH SODQ LQWHU
QD LRQDO FkQG SUREOHPHOH QX DX IRVW DQDOL]DWH vQ FDGUXO &RPLWHWXOXL
3ROLWLF&RQVXOWDWLYLDUP VXULOHDXIRVWDGRSWDWHI U FRQVXOWDUHDSUHDOD
ELO DJXYHUQHORUVWDWHORUSDUWLFLSDQWHOD7UDWDWXOGHOD9DURYLDFXWRDWH
F  SUREOHPHOH UHVSHFWLYH DIHFWDX vQ PRG GLUHFW VHFXULWDWHD QD LRQDO  D
VWDWHORUPHPEUHQWUXQDVHPHQHDFRQWH[WvQFRQGXFHUHDPLOLWDU 


 3ROLWLFD SDLORU P UXQ L VD LQWHQVLILFDW GXS  SOHFDUHD WUXSHORU
VRYLHWLFH ILLQG FRQFUHWL]DW  LQL LDO SULQ UHLQWURGXFHUHD XQRU VWUXFWXUL PLOLWDUH
WUDGL LRQDOHUHYHQLUHDODRELFHLXULLSUDFWLFLQD LRQDOHvQSURFHVXOGHLQVWUXLUHL
HGXFDUH D WUXSHORU HWF 3URFHVXO D IRVW vQV  OHQW XQLL ]LF F  VD SURFHGDW FX
GLSORPD LH PDQLIHVW ULOHGHGHPQLWDWHDOWHUQkQGFXFHOHGHRSRUWXQLVPQ
 SURILWkQG GH FRQWH[WXO LQWHUQD LRQDO L GH GLILFXOW LOH HFRQRPLFH DOH
VWDWXOXLVRYLHWLFVDUHXLWV VHGHWHUPLQHJXYHUQXOGHOD0RVFRYDV LUHWUDJ 
WUXSHOH GLQ 5RPkQLD HYHQLPHQWXO U PkQkQG VLQJXODU vQ FDGUXO VLVWHPXOXL
VRFLDOLVWSkQ ODGHVILLQ DUHD7UDWDWXOXLGHOD9DURYLDvQ
 
D5RPkQLHLDSXVSUREOHPDUHYL]XLULLVWDWXWXOXLRUJDQHORUGHFRQGXFHUHD
7UDWDWXOXL GH OD 9DURYLD DGRSWDW vQ  L J VLUHD DOWRU PRGDOLW L GH
FRODERUDUH&DXUPDUHvQSHULRDGDXUP WRDUHDUH]XOWDWFHHDFHLVWRULFLL
DXGHQXPLWGHMDE W OLDVWDWXWHORUILQDOL]DW vQPDUWLHSULQDGRS
WDUHDVWDWXWHORUSULQFLSDOHORUFRPDQGDPHQWHDOH7UDWDWXOXLFDUHDXLQFOXV
LXQHOHGLQH[LJHQ HOHURPkQHWL
$JUHVLXQHD DVXSUD &HKRVORYDFLHL   OD FDUH 5RPkQLD QX D
SDUWLFLSDWDGRYHGLWF URPkQLLDYXVHVHU GUHSWDWHDWXQFLFkQGLQVLVWDVHU 
SHQWUXLQVWLWXLUHDXQRUSURFHGHHGHPRFUDWLFHGHDGRSWDUHDGHFL]LLORUvQ
FDGUXO7UDWDWXOXLSHQWUXUHVSHFWDUHDLQGHSHQGHQ HLLVXYHUDQLW LLVWDWHORU
PHPEUH &XQRVFXWD L LQFDOLILFDELOD DJUHVLXQH D VSRULW H[LJHQ HOH URPk
QLORU FDUH SHQWUX D IDFH ID  SUHVLXQLORU VSRULWH DOH VRYLHWLFLORU L FKLDU
DPHQLQ ULORUGLUHFWHVDXLQGLUHFWH DXDGRSWDWODQLYHOQD LRQDORVHULHGH
GHFL]LLPHQLWHV FUHH]HFDGUXOOHJDOFRQVWLWX LRQDOUHVSLQJHULLFHUHULORU
FDUHDWHQWDXODLQGHSHQGHQ DLVXYHUDQLWDWHDQD LRQDO 
'HWHDPDUHSHW ULLWULVWHLH[SHULHQ HFHKRVORYDFHFRQGXFHUHDGHOD
%XFXUHWL QX D PDL IRVW GH DFRUG FD SH WHULWRULXO 5RPkQLHL V  VH
GHVI RDUH DSOLFD LL FX WUXSH VWU LQH L QLFL QXDPDLSHUPLVSDUWLFLSDUHD
WUXSHORUURPkQHODDSOLFD LLOHGHVI XUDWHSHWHULWRULLOHDOWRUVWDWHDOLDWH$
FRQGL LRQDW GH DVHPHQHD GHSODVDUHD GLVORFDUHD VDX VWD LRQDUHD
WHPSRUDU GHWUXSHVRYLHWLFHSHWHULWRULXOURPkQHVFLDFHORUURPkQHSH
WHULWRULXO%XOJDULHL LFKLDUSDUWLFLSDUHDXQRUFRPDQGDPHQWHVRYLHWLFHL
EXOJDUHI U WUXSHODDSOLFD LLSHKDUW H[HFXWDWHvQ5RPkQLD GHVHPQDUHD
XQRUFRQYHQ LLJXYHUQDPHQWDOHURPkQRVRYLHWLFHLURPkQREXOJDUH


 &HD PDL LPSRUWDQW  D IRVW GHFL]LD DGRSWDW  GH 0DUHD $GXQDUH
1D LRQDO  FRQIRUP F UHLD VWD LRQDUHD L WUDQ]LWDUHD RULF URU WUXSH DOLDWH SH
WHULWRULXO 5RPkQLHL WUHEXLD V  DLE  DFRUGXO IRUXOXL OHJLVODWLY URPkQ L V  ILH
UH]XOWDWXO SDUODPHQW ULORU vQWUH FRQGXFHULOH VWDWHORU UHVSHFWLYH 7RW GLQ
H[HPSOXO FHKRVORYDF D GHFXUV vQF S kQDUHD OXL 1LFRODH &HDXHVFX FD
VWDUHDGHSHULFROV ILHDSUHFLDW GHWRDWHJXYHUQHOHVWDWHORUSDUWLFLSDQWHOD
WUDWDW L QX GRDU GH XQHOH FRPDQGDQWXO VXSUHP DO )RU HORU $UPDWH 8QLWH
)$8  XUPkQG D GD LQGLFD LLUHFRPDQG UL SULYLQG GLVORFDUHD L UHGLVORFDUHD
)$8 QXPDL FX DFRUGXO JXYHUQHORU QD LRQDOH $FHVW IDSW OD GHWHUPLQDW SH
PDUHDOXO$$*UHFLNRV DWUDJ DWHQ LDF QXYDDFFHSWDFDGLQFRPDQGDQW
VXSUHP V  DMXQJ  YRUELWRU VXSUHP /D UkQGXL HIXO 6WDWXOXL 0DMRU DO
)$8 PDUHDOXO WHPHQNR QX D H]LWDW V  IRUPXOH]H FKLDU DPHQLQ UL
DWHQ LRQkQGF SH$'XEFHNQXODvQWUHEDWQLPHQLFkQGWUXSHOH7UDWDWXOXLGHOD
9DURYLDDXLQYDGDW&HKRVORYDFLD
 
&X WRDWH F  QHvQ HOHJHULOH URPkQRVRYLHWLFH DX FRQWLQXDW V  H[LVWH
SkQ ODGHVILLQ DUHD7UDWDWXOXLGHOD9DURYLDFRQGXFHUHDSROLWLF LPLOL
WDU URPkQHDVF QXLDSXVQLFLRGDW SUREOHPDS U VLULL7UDWDWXOXLGHOD
9DURYLD DD FXP I FXVHU  8QJXULL vQ   QX D SXV OD vQGRLDO 
QHFHVLWDWHDWUDWDWXOXLPDLPXOWGkQGDVLJXU ULF 5RPkQLDvLYDvQGHSOLQL
REOLJD LLOH vQ FD] GH DJUHVLXQH LPSHULDOLVW  3ULQ XUPDUH FKLDU GDF  D
IRVW vQ DQXPLWH SHULRDGH XQ DOLDW UHEHO vQ 7UDWDWXO GH OD 9DURYLD
5RPkQLD D IRVW vQ SHUPDQHQ  XQ DOLDW ILGHO DO DFHVWXLD SkQ  OD
GHVILLQ DUHDVDvQ

5HWUDJHUHDWUXSHORUVRYLHWLFHLDFRQVLOLHULORUPLOLWDUL

3UH]HQ DWUXSHORUVRYLHWLFHSHWHULWRULXOURPkQHVFDGHYHQLWLQXWLO 
GXS FH6WDWHOH8QLWHDOH$PHULFLL8QLXQHD6RYLHWLF 0DUHD%ULWDQLHL
)UDQ DDXVHPQDWODPDL7UDWDWXOGHVWDWFX$XVWULDLGXS FHOD
VHSWHPEULHDFHODLDQXOWLPHOHWUXSHVRYLHWLFHVDXUHWUDVGLQDFHDVW 
DU QFHUFkQGV YDORULILFHDFHVWSULOHMLRSRUWXQLWDWHDPRPHQWXOXLFUHDW
GH6XPPLWXOFHORUSDWUXPDULSXWHUL 856668$0DUHD%ULWDQLHL
)UDQ D  GH OD *HQHYD GLQ SHULRDGD  LXOLH  SHUFHSXW FD R
VSHUDQ  GH GHVWLQGHUH vQ (XURSD SUHFXP L GH UHGXFHULOH GH HIHFWLYH
FHUXWHGH0RVFRYD%LURXO3ROLWLFDO&&DO305 DGHFLVvQDXJXVW
FD16+UXFLRYV ILHFRQVXOWDWvQOHJ WXU FXUHWUDJHUHDWUXSHORU
VRYLHWLFH/XDWSULQVXUSULQGHUHDFHVWDLDDFX]DWLQL LDOSHURPkQLGH
QD LRQDOLVP L DQWLVRYLHWLVP vQV  GXS  GH]EDWHUL vQ FDGUXO vQWUHJLL
FRQGXFHUL SROLWLFH GH OD 0RVFRYD D GHFLV V L UHWUDJ  WUXSHOH GLQ
5RPkQLD



3HODUJ&RQVWDQWLQ2OWHDQX5RPkQLD2YRFHGLVWLQFW vQ7UDWDWXO
GH OD 9DURYLD %XFXUHWL  &RQVWDQWLQ 2OWHDQX $OHVDQGUX 'X X
&RQVWDQWLQ $QWLS 5RPkQLD L 7UDWDWXO GH OD 9DURYLD ,VWRULF 0 UWXULL
'RFXPHQWH &URQRORJLH %XFXUHWL (GLWXUD 3URKLVWRULD   S
$OHD[DQGUX2FD9DVLOH3RSD5RPkQLDRIHUHDVWU GHVFKLV vQFRUWLQDGH
ILHU)RFDQL(GLWXUD9ODKLH

 && DO 305 D SURSXV FD SUREOHPD V  ILH ULGLFDW  GH *KHRUJKH
*KHRUJKLX'HM 6SUH VXUSULQGHUHD WXWXURU DFHVWD VD GHUREDW L OD GHOHJDW SH
(PLO%RGQ UD
 
5HDF LDGXU D0RVFRYHLID GHH[SOR]LDGLQ8QJDULDGLQWRDP
QD DQXOXL  D vQJKH DW GLVFX LLOH SULYLQG UHWUDJHUHD WUXSHORU
VRYLHWLFH OD vQFHSXWXO OXQLL GHFHPEULH  FRQVLGHUkQGXVH GH FRPXQ
DFRUGF VWD LRQDUHDYUHPHOQLF DXQLW LORUPLOLWDUHVRYLHWLFHSHWHULWRULXO
5RPkQLHL HUD LQGLFDW  vQ HOHJHUHD ILLQG FRQFUHWL]DW  SULQ $FRUGXO GLQ
 DSULOLH  FDUH UHJOHPHQWD VWDWXWXO MXULGLF DO WUXSHORU VRYLHWLFH
VWD LRQDWHWHPSRUDUvQ5RPkQLD
QSULP YDUDDQXOXLXUP WRU16+UXFLRYDDSUHFLDWODDSULOLH
vQWURVFULVRDUHDGUHVDW OXL*KHRUJKH*KHRUJKLX'HMF vQQRXOFRQWH[W
LQWHUQD LRQDO FDUDFWHUL]DW SULQ R RDUHFDUH VO ELUH D vQFRUG ULL
LQWHUQD LRQDOH L vQ VLWXD LD vQ FDUH 5RPkQLD GLVSXQHD GHMD GH IRU H
vQDUPDWHGHQ GHMGHFDSDELOHV GHDRULSRVW SURYRF ULORULPSHULDOLWLORU
V  DSHUH FXFHULULOH VRFLDOLVWH DOH SRSRUXOXL URPkQ L V L DGXF 
FRQWULEX LD OD FDX]D DS U ULL LQWHUHVHORU FRPXQH DOH ODJ UXOXL VRFLDOLVW
8QLXQHD 6RYLHWLF  FRQVLGHUD F  QX PDL HVWH QHFHVDU  HGHUHD WUXSHORU
VRYLHWLFH SH WHULWRULXO 5HSXEOLFLL 3RSXODUH 5RPkQH $FFHSWXO
%XFXUHWLORU D IRVW I FXW FXQRVFXW OD  DSULOLH  *KHRUJKH


$UWDOGRFXPHQWXOXLSUHYHGHDF WUXSHOHVRYLHWLFHVWD LRQDWHWHPSRUDU
vQ5RPkQLDQXDIHFWHD] vQQLFLXQIHOVXYHUDQLWDWHD6WDWXOXLURPkQF DFHVWHD
QX VH DPHVWHF  vQ WUHEXULOH LQWHUQH DOH 5HSXEOLFLL 3RSXODUH 5RPkQH ILLQG
REOLJDWHV UHVSHFWHLV VHFRQIRUPH]HSUHYHGHULORUOHJLORUURPkQHWL(IHFWL
YHOHLORFXULOHGHGLVORFDUHXUPDXV ILHVWDELOLWHSULQFRQYHQ LLVSHFLDOHvQFKHLDWH
ODQLYHOGHJXYHUQ'HSODVDUHDDSOLFD LLOHLPDQHYUHOHWUXSHORUVRYLHWLFHvQDIDUD
ORFXULORU GH GLVORFDUH QHFHVLWD SHQWUX ILHFDUH FD] vQ SDUWH FRQVLP PkQWXO
JXYHUQXOXL URPkQ VDX DO DXWRULW LORU vPSXWHUQLFLWH GH DFHVWD 3HQWUX UH]ROYDUHD
SUREOHPHORU OHJDWH GH LQWHUSUHWDUHD VDX DSOLFDUHD $FRUGXOXL L D FRQYHQ LLORU
VXSOLPHQWDUH D IRVW FRQVWLWXLW  R &RPLVLH PL[W  URPkQRVRYLHWLF  FRPSXV  GLQ
WUHL SHUVRDQH GH ILHFDUH SDUWH FX VHGLXO OD %XFXUHWL $FRUGXO XUPD V  LQWUH vQ
YLJRDUH vQ XUPD VFKLPE ULL LQVWUXPHQWHORU GH UDWLILFDUH FH XUPD D DYHD ORF OD
0RVFRYD

 Q DFFHS LD FRQGXFHULL GH OD .UHPOLQ DF LXQHD XUPD V  FRQVWLWXLH
vQF  R GRYDG  FRQFUHW  L FRQYLQJ WRDUH D SROLWLFLL GH SDFH D 8QLXQLL
6RYLHWLFH D 5HSXEOLFLL 3RSXODUH 5RPkQH L D vQWUHJXOXL ODJ U VRFLDOLVW D
WHQGLQ HLQRDVWUHFRPXQHGHDRE LQHQXvQFXYLQWHFLvQIDSWHRGHVWLQGHUHD
vQFRUG ULL LQWHUQD LRQDOH 8Q DVHPHQHD DFW YD OLSVL FHUFXULOH LPSHULDOLVWH GH
XQXOGLQDUJXPHQWHOHLPSRUWDQWHSHFDUHOHIRORVHVFSHQWUXMXVWLILFDUHDSROLWLFLL
GHSUHJ WLULPLOLWDUHLYDFRQWULEXLODXQLUHDIRU HORUFDUHVHSURQXQ SHQWUX
PHQ LQHUHDS FLLSHQWUXFRH[LVWHQ DSDQLF DVWDWHORU
 
*KHRUJKLX'HMGkQGDVLJXU ULF IRU HOHDUPDWHURPkQHYRUIDFHID FX
FLQVWHvQRULFHvPSUHMXU ULvQGDWRULULORUFDUHOHUHYLQvQFDGUXOODJ UXOXL
VRFLDOLVW $ GRXD ]L  PDL &RPLWHWXO 3ROLWLF &RQVXOWDWLY DO VWDWHORU
PHPEUH DOH 7UDWDWXOXL GH OD 9DURYLD D DSUREDW SURSXQHUHD 8QLXQLL
6RYLHWLFH SXV  GH DFRUG FX JXYHUQXO 5HSXEOLFLL 3RSXODUH 5RPkQH FX
SULYLUH OD UHWUDJHUHD vQ YLLWRUXO DSURSLDW GH SH WHULWRULXO 5HSXEOLFLL
3RSXODUH5RPkQHDWUXSHORUVRYLHWLFHFDUHVHDIO DFRORvQFRQIRUPLWDWH
FX WUDWDWXO GH OD 9DURYLD ,QGLIHUHQW GH XQHOH LQH[DFWLW L FXSULQVH vQ
DFHDVW IRUPXODUHHYHQLPHQWXODUHSUH]HQWDWRSHUIRUPDQ DGLSORPD LHL
URPkQH FDUH D DYXW XUP UL EHQHILFH SHQWUX PDQLIHVWDUHD FUHVFkQG  D
VXYHUDQLW LL QD LRQDOH &X DFHODL SULOHM VD GHFLV FD VWDWHOH PHPEUH DOH
7UDWDWXOXLGHOD9DURYLDV LUHGXF HIHFWLYHOHvQFXGH
PLOLWDUL
5HWUDJHUHD VD I FXW vQ FRQIRUPLWDWH FX SUHYHGHULOH XQXL $FRUG
ELODWHUDOvQYDUDDQXOXLHYHQLPHQWXODDYXWXQODUJHFRXLQWHUQL
LQWHUQD LRQDO
&RQFRPLWHQWDXvQFHSXWV ILHUHWUDLLFRQVLOLHULLPLOLWDULVRYLHWLFL
DIOD L SH WHULWRULXO 5RPkQLHL GLQ  0RVFRYD DSUHFLLQG OD 
LDQXDULH  F  vQ DFHO PRPHQW HGHUHD SHUPDQHQW  D FRQVLOLHULORU
PLOLWDULVRYLHWLFLvQ5RPkQLDQXPDLFRUHVSXQGHLQWHUHVHORUFDX]HLLvL
I FHD FXQRVFXW  GLVSRQLELOLWDWHD GH D DFRUGD L SH YLLWRU vQ P VXUD
QHFHVLW LL XQ DMXWRU IU HVF SULQ VSHFLDOLWL 5HSXEOLFLL 3RSXODUH
5RPkQH 2IHUWD GH UHWUDJHUH D FRQVLOLHULORU D IRVW DFFHSWDW  LPHGLDW GH
FRQGXFHUHD GH OD %XFXUHWL OD  IHEUXDULH  && DO 305
U VSXQ]kQG F  vPS UW HWH SH GHSOLQ SURSXQHUHD && DO 3&86
3UREOHPD UHWUDJHULL WXWXURU FRQVLOLHULORU L D UHGXFHULL PD[LPH D
VSHFLDOLWLORUVRYLHWLFLDIRVWUHOXDW GH&&DO3&86ODVHSWHPEULH
 vQWUR VFULVRDUH DGUHVDW  && DO 305 vQ FDUH VH DU WD F 
VRYLHWLFLORU OH HUD JUHX V  LQ  vQ FkPSXO YL]XDO DFWLYLWDWHD ILHF UXL
VSHFLDOLVW FDUH QX vQWRWGHDXQD VH GHVFXUFD ELQH vQ VLWXD LD SROLWLF  L
SDUWLFXODULW LOH QD LRQDOH URPkQHWL $FRUGXO URPkQHVF D IRVW H[SULPDW
ODVHSWHPEULHGHF WUH*KHRUJKH*KHRUJKLX'HMFDUHLDPDQLIHVWDW


&RQVLOLHULLPLOLWDULVRYLHWLFLHUDXUHSDUWL]D LODWRDWHVWUXFWXULOHPLOLWDUH
URPkQHSkQ ODHDORDQHOHUHJLPHQWLEULJ ]LLQGHSHQGHQWHSULQFLSDODORUPLVL
XQH FRQVWkQG vQ XUP ULUHD vQGHDSURDSH D HYROX LHL DUPDWHL URPkQH L WUDQVIRU
PDUHDDFHVWHLDGXS PRGHOVRYLHWLF
 
vQVFULVRDUHDGHU VSXQVFRQYLQJHUHDF GH]YROWDUHDIRUPHORUYDULDWHDOH
VFKLPEXOXL GH H[SHULHQ  vQ VSHFLDO WULPLWHUHD GH VSHFLDOLWL SHQWUX
VWXGLHUHD H[SHULHQ HL GRPHQLXO HFRQRPLHL FXOWXULL DS U ULL SUHFXP L
WULPLWHUHD UHFLSURF  GH WLQHUL vQ LQVWLWX LLOH GH vQY PkQW VXSHULRU YD
FRQWULEXLODFRQWLQXDGH]YROWDUHDFRODERU ULLIU HWLGLQWUH ULOHQRDVWUH
3HDFHDVW OLQLHGHFRQGXLW ODLDQXDULHSULPXOVHFUHWDUDO
&&DO305DUXJDWSH16+UXFLRYV ILHGHDFRUGFXWULPLWHUHDvQ
5RPkQLD D FLQFL VSHFLDOLWL VRYLHWLFL SHQWUX QHYRLOH GH SUHJ WLUH L
SHUIHF LRQDUHDOHDUPDWHLURPkQHFDUHV FRQVLOLH]HFRQGXFHUHDDUPDWHL
vQSUREOHPHGHVWDWPDMRU RSHUD LLRUJDQL]DUHPRELOL]DUH SUHJ WLUHGH
OXSW DDUPDWHLGHXVFDW GHSUHIHULQ ODWDQFXULLPHFDQL]DWH DS UDUH
DQWLDHULDQ  PDULQ  UDGLRWHKQLF  /D VFXUW WLPS PDUHDOXO ,9.RQHY D
U VSXQVI FkQGFXQRVFXWQXPHOHDVSHFLDOLWLPLOLWDULVRYLHWLFL8OWHULRU
&RPLWHWXO 3ROLWLF &RQVXOWDWLY D GHFLV OD  PDUWLH  FD ORFXO
FRQVLOLHULORU PLOLWDUL vQ DUPDWHOH VWDWHORU SDUWLFLSDQWH OD 7UDWDWXO GH OD
9DURYLDV ILHOXDWGHF WUHUHSUH]HQWDQ LDLFRPDQGDQWXOXLVXSUHPHHI
DO)RU HORU$UPDWH8QLWHQED]DDFHVWHLGHFL]LLDIRVWHODERUDWLXQVWDWXW
VSHFLDODODFHVWRUD
5HWUDJHUHDWUXSHORUVRYLHWLFHLDFRQVLOLHULORU PLOLWDULLFLYLOL GLQ
5RPkQLD D FRQVWLWXLW XQ PRPHQW GH EXFXULH SHQWUX VRFLHWDWHD
URPkQHDVF  'HFL]LD 0RVFRYHL D IRVW SULPD GH DFHVW JHQ GLQ FDGUXO
LPSHULXOXL H[WHULRU VRYLHWLF ILLQG GHWHUPLQDW  vQ PRG HYLGHQW GH
vQFHUFDUHD .UHPOLQXOXL GH DL UHIDFH LPDJLQHD H[WUHPGHLIRQDW GXS 
LQWHUYHQ LD EUXWDO  GLQ 8QJDULD Q DIDUD LQWHUHVHORU SURSDJDQGLVWLFH
P VXUD D IRVW GHWHUPLQDW  L GH LQWHUHVH HFRQRPLFH  HIHFWXDUHD GH
HFRQRPLL L SROLWLFH  FkWLJDUHD EXQ YRLQ HL XQRUD GLQ VDWHOL L vQWUH
FDUH L SH FHD D URPkQLORU SH FDUH ,96WDOLQ vL WUDWDVH IRDUWH GXU
GLFWkQGXOH YRLQ D VD DD FXP UHFXQRWHD vQVXL 16 +UXFLRY vQ
PHPRULLOH VDOH 6O ELUHD vQFRUG ULL LQWHUQD LRQDOH L VSRULUHD IRU HL GH
OXSW DDUPDWHLVRYLHWLFHvQSRILGDUHGXFHULORUGHSHUVRQDOvQVSHFLDOvQ
GRPHQLXOQXFOHDUSUHFXPLIDSWXOF 5RPkQLDQXDYHDJUDQL FRPXQ 
FX ULOHFDUHI FHDXSDUWHGLQRUJDQL]D LD3DFWXOXL1RUG$WODQWLFVDXFX
YUHR DU FDSLWDOLVW DXI FXWFDSULQDFHDVW P VXU VRYLHWLFLLV QXULWH
SUDFWLFQLPLF
5HWUDJHUHD WUXSHORU VRYLHWLFH GLQ 5RPkQLD L DGRSWDUHD vQ DSULOLH
GHF WUH3ODQDUDO UJLW D&&DO305D'HFODUD LHLFXSULYLUHOD
SR]L LD3DUWLGXOXL0XQFLWRUHVF5RPkQvQSUREOHPHOHPLF ULLFRPXQLVWH
 
L PXQFLWRUHWL LQWHUQD LRQDOH DX SHUPLV FRQGXFHULL GH OD %XFXUHWL V 
GHVI RDUH vQ SHULRDGD XUP WRDUH R SROLWLF  DFWLY  vQ SODQ LQWHUQD LRQDO
I U  V  PDL UHFXQRDVF  SR]L LD GH KHJHPRQ DO VWDWXOXL VRYLHWLF L UROXO
FRQGXF WRUDO3DUWLGXOXL&RPXQLVWDO8QLXQLL6RYLHWLFH

'HODUHYLULPHQWXOSROLWLFLLH[WHUQH
ODL]RODUHDLQWHUQD LRQDO 

'HVSULQGHUHD GH SROLWLFD H[WHUQ  D 0RVFRYHL FRPSOHWDW  DSURDSH


FRQFRPLWHQWGHRULHQWDUHDVSUHVWDWHOHGLQRFFLGHQWXO(XURSHLvQFHSXW vQ
DQLLVDDFFHQWXDWGXS LQWHUYHQ LDWUXSHORUVRYLHWLFH LDDOWRU
FLQFLVWDWHGLQ7UDWDWXOGHOD9DURYLD vQ&HKRVORYDFLDvQDXJXVWQ
DFHOHPRPHQWHWUDJLFHvQV L5RPkQLDVDDIODWODXQSDVGHDILLQYDGDW 
OD JUDQL HOH VDOH VHPQDOkQGXVH PLF UL QHRELQXLWH 'HL D QHJDW
LQWHQ LD GH D LQYDGD L WHULWRULXO 5RPkQLHL JXYHUQXO VRYLHWLF D OXDW FX
VLJXUDQ  vQ FDOFXO DYHUWLVPHQWXO DPHULFDQ F  vQWUR DVHPHQHD VLWXD LH
UHDF LDRSLQLHLSXEOLFHDPHULFDQHYDILJUHXGHFRQWURODW
Q DFHVW FRQWH[W DX IRVW vQUHJLVWUDWH VFKLPE UL HVHQ LDOH vQ SROLWLFD
H[WHUQ  D 5RPkQLHL SULQWUH UHDOL] ULOH GH VHDP  vQUHJLVWUkQGXVH
PHGLHUHDFRQIOLFWXOXLVRYLHWRFKLQH]ODvQFHSXWXODQLORUVWDELOLUHDGH
UHOD LL GLSORPDWLFH OD QLYHO GH DPEDVDG  FX 5)*  LDQXDULH  
UHOD LL SULHWHQHWL FKLDU FRUGLDOH FX ,XJRVODYLD UHVWDELOLWH vQ  
S VWUDUHD UHOD LLORU GLSORPDWLFH FX ,VUDHOXO vQ XUPD U ]ERLXOXL GH  ]LOH
GLQWUH (JLSW ,RUGDQLD 6LULD L ,VUDHO LXQLH  VLQJXUD DU  VRFLDOLVW 
GLQ(XURSDFDUHDSURFHGDWDVWIHO QHLQWHUYHQ LDDUPDW vQ&HKRVORYDFLD
vQ  L FRQGDPQDUHD LQYD]LHL VRYLHWLFH L D WUXSHORU DOWRU VWDWH GLQ
7UDWDWXO GH OD 9DURYLD VLQJXUD DU  GLQ 7UDWDW FDUH D SURFHGDW DVWIHO 
RE LQHUHD FODX]HL QD LXQLL FHOHL PDL IDYRUL]DWH GLQ SDUWHD 68$ 
  PHGLHUHD vQ FDGUXO GLVFX LLORU DUDERLVUDHOLHQH ILQDOL]DWH FX
DFRUGXO GH OD &DPS 'DYLV68$   PHGLHUHD vQ VWDELOLUHD UHOD LLORU
GLSORPDWLFHGLQWUH68$L&KLQD  HWF
&RQFRPLWHQWSROLWLFDH[WHUQ URPkQHDVF VDLQGLYLGXDOL]DWGLQFH
vQFHPDLPXOWvQFDGUXO2UJDQL]D LHL1D LXQLORU8QLWHPXOWHSURLHFWHGH
UH]ROX LL LQL LDWH GH 5RPkQLD ILLQG DGRSWDWH GH $GXQDUHD *HQHUDO  D
RUJDQL]D LHLPRQGLDOH
3ULPXOSURLHFWGHUH]ROX LHSURSXV vPSUHXQ FX0H[LF LDGRSWDW
ODQRLHPEULHVDUHIHULWODED]HOHFRRSHU ULLHFRQRPLFHLQWHUQD
 
LRQDOH$XXUPDWDOWHOHUHIHULWRDUHODGH]YROWDUHDvQY PkQWXOXLSULPDU
vQWHULWRULLOHQHDXWRQRPHGHVXEWXWHOD218IRVWHFRORQLL GHFHPEULH
  SRVLELOLW LOH GH FRRSHUDUH vQ PDWHULH GH GH]YROWDUH D LQGXVWULHL
SHWUROLHUH vQ ULOH vQ FXUV GH GH]YROWDUH  GHFHPEULH  LQL LDW  GH
5RPkQLDLSUH]HQWDW vPSUHXQ FX$OEDQLD&HKRVORYDFLDL8UXJXD\ 
SURPRYDUHDvQUkQGXULOHWLQHUHWXOXLDLGHDOXULORUS FLLUHVSHFWXOXLUHFLSURF
L vQ HOHJHULL vQWUH SRSRDUH  GHFHPEULH   GHFHPEULH 
 GHFHPEULH   FRRSHUDUHD HFRQRPLF  LQWHUQD LRQDO   GHFHPEULH
 QHFHVLWDWHDHODERU ULLXQXL7UDWDWLQWHUQD LRQDODVXSUDSULQFLSLLORU
FDUH V  JXYHUQH]H DFWLYLWDWHD L XWLOL]DUHD VSD LXOXL H[WUDDWPRVIHULF
 GHFHPEULH 5RPkQLDILLQGFRDXWRDUH FRQVHFLQ HOHHFRQRPLFH
LVRFLDOHDOHFXUVHLvQDUP ULORULHIHFWHOHVDOHSURIXQGG XQ WRDUHDVXSUD
S FLL L VHFXULW LL vQ OXPH L UROXO WLLQ HL L WHKQRORJLHL PRGHUQH vQ
GH]YROWDUHD QD LXQLORU L QHFHVLWDWHD vQW ULULL FRRSHU ULL HFRQRPLFH L
WHKQLFRWLLQ LILFHvQWUHVWDWH GHFHPEULH FUHWHUHDUROXOXL218
vQPHQ LQHUHDLvQW ULUHDS FLLLVHFXULW LLLQWHUQD LRQDOHvQGH]YROWDUHD
FRODERU ULLvQWUHWRDWHQD LXQLOHvQSURPRYDUHDGUHSWXOXLLQWHUQD LRQDOvQ
UHOD LLOH GLQWUH VWDWH  QRLHPEULH   UHJOHPHQWDUHD SULQ PLMORDFH
SDQLFH D GLIHUHQGHORU GLQWUH VWDWH L GH]YROWDUHD L FRQVROLGDUHD EXQHL
YHFLQ W LvQWUHVWDWH GHFHPEULHGHFHPEULH UHGXFHUHD
EXJHWHORU PLOLWDUH L D FRQVHFLQ HORU HFRQRPLFH L VRFLDOH DOH FXUVHL
vQDUP ULORU L FKHOWXLHOLORU PLOLWDUH  GHFHPEULH   GHFHPEULH
  GHFHPEULH   GH]YROWDUHD L vQW ULUHD EXQHL YHFLQ W L 
GHFHPEULH U VSXQGHUHDVWDWHORUSHQWUXSURWHF LDPHGLXOXLvQFRQMX
U WRU L SUHYHQLUHD SROX ULL DFHVWXLD FD XUPDUH D FXPXO ULL GH UH]LGXXUL
WR[LFHLSHULFXORDVHLvQW ULUHDFRRSHU ULLLQWHUQD LRQDOHSHQWUXVROX LR
QDUHDDFHVWHLSUREOHPH GHFHPEULH HWF
$OWH LQL LDWLYH URPkQHWL DX YL]DW FRQYRFDUHD XQHL FRQIHULQ H OD
QLYHOvQDOWSHQWUXUHDOL]DUHDXQHLvQ HOHJHULPXOWLODWHUDOHLvQFKHLHUHDXQXL
WUDWDWGHWUDQVIRUPDUHD%DOFDQLORUvQWUR]RQ DS FLLLSULHWHQLHL VHS
WHPEULH FUHDUHDvQ%DOFDQLDXQHL]RQHI U DUPHQXFOHDUH LX
QLH   HOLPLQDUHD GLQ PDQXDOHOH FRODUH D RULF UHL SURSDJDQGH


3URSXQHUHI FXW JXYHUQHORU$OEDQLHL%XOJDULHL*UHFLHL,XJRVODYLHL
L7XUFLHL

3URSXQHUHDXUPDV ILHDQDOL]DW vQWLPSXOvQWkOQLULLHILORUGHJXYHUQH
GLQVWDWHOHEDOFDQLFH
 
DJUHVLYH GH U ]ERL L GH GLVFULPLQDUH UDVLDO   IHEUXDULH   PDUWLH
 UHFXQRDWHUHDGUHSWXOXLOHJLWLPDO&KLQHLGHDILDGPLV vQ218
 VHSWHPEULH   GHFHPEULH   QRLHPEULH  
vQFHWDUHD SROHPLFLL SXEOLFH vQWUH 8566 L &KLQD L vQWUH 3&86 L
3DUWLGXO &RPXQLVW &KLQH] L UH]ROYDUHD GLYHUJHQ HORU SH FDOHD QHJRFL
HULORU IHEUXDULH   PHGLHUHD FRQIOLFWXOXL LGHRORJLF L SROLWLF FKLQR
VRYLHWLF PDUWLHLLXOLH vQFHWDUHDLPHGLDW D
DF LXQLORUPLOLWDUHGLQ2ULHQWXO$SURSLDWUHWUDJHUHDWUXSHORULVUDHOLHQHGLQ
WHULWRULLOH RFXSDWH HWF  LXQLH   vQFHWDUHD ERPEDUGDPHQWHORU
DVXSUD9LHWQDPXOXLLVWLQJHUHDFRQIOLFWXOXLSHFDOHGLSORPDWLF  LXQLH
  vPEXQ W LUHD SURLHFWXOXL GH WUDWDW GH QHSUROLIHUDUH D DUPHORU
QXFOHDUH  RFWRPEULH   GHVHPQDUHD SHULRDGHL  GUHSW
'HFHQLXOGH]DUP ULL DSULOLH SUHYHQLUHDLUHSULPDUHDWHURULV
PXOXLLQWHUQD LRQDO DXJXVW RSULUHDDPSODV ULLGHQRLUDFKHWHFX
UD]  PHGLH GH DF LXQH L UHWUDJHUHD FHORU H[LVWHQWH  QRLHPEULH
QRLHPEULHLGLVWUXJHUHDFHORUH[LVWHQWHPDUWLH
  RFWRPEULH   RSULUHD FXUVHL vQDUP ULORU L WUHFHUHD OD
UHDOL]DUHD GH]DUP ULL vQ SULPXO UkQG D FHOHL QXFOHDUH  LXQLH  
UHJOHPHQWDUHD SDQLF  D GLIHUHQGHORU LQWHUQD LRQDOH QRLHPEULH  
vQFHWDUHD I U  vQWkU]LHUH D DF LXQLORU DUPDWH VROX LRQDUHD SUREOHPHORU


QFDGUXOFHOHLGHD;9DVHVLXQLD$GXQ ULL*HQHUDOHD218

6FULVRDUHDGHVFKLV DGUHVDW 6HFUHWDUXOXLJHQHUDO21887KDQWGH
F WUH UHSUH]HQWDQWXO SHUPDQHQW DO 5RPkQLHL OD 218 vQ FDUH VH DU WD F 
JXYHUQXOURPkQVHDVRFLD] vQFDOLWDWHGHFRDXWRUODFHUHUHDJXYHUQXOXLUHJDO
DO&DPERGJLHLGHDVHvQVFULHSHRUGLQHDGH]L5HVWDELOLUHDGUHSWXULORUOHJLWLPH
DOH53&KLQH]HOD218

QWLPSXOYL]LWHLXQHLGHOHJD LLD&&DO305vQ&KLQDIRUPDW GLQ
(PLO%RGQ UD1LFRODH&HDXHVFXL&KLYX6WRLFD

QWLPSXOGLVFX LHLGLQWUH,RQ*KHRUJKH0DXUHUL16+UXFLRY

6XJHVWLHI FXW GH,RQ*KHRUJKH0DXUHUOXL/\QGRQ%-RKQVRQ

$SHODGRSWDWGH0DUHD$GXQDUH1D LRQDO F WUHSDUODPHQWHOHJXYHU
QHOHLSRSRDUHOHVWDWHORUHXURSHQHDOH68$L&DQDGHL

$SHODO0DULL$GXQ UL1D LRQDOHF WUHSDUODPHQWHOHLSDUODPHQWDULL
VWDWHORUHXURSHQH68$L&DQDGHLSULQFDUHVHFHUHDRSULUHDDPSODV ULLRULF UHL
UDFKHWHvQ(XURSDLWUHFHUHDODGLVWUXJHUHDWXWXURUDUPHORUQXFOHDUH

 $SHO VHPQDW GH    GH URPkQL  DGUHVDW VHVLXQLL VSHFLDOH D
218FRQVDFUDWGH]DUP ULL$IRVWDGRSWDWFDGRFXPHQWRILFLDODO218OD
LXQLH
 
GLQWUHVWDWHOHvQFRQIOLFWSHFDOHDWUDWDWLYHORUDQJDMDPHQWXOVWDWHORUPHP
EUH 218 GH D UHJOHPHQWD VW ULOH GH vQFRUGDUH L FRQIOLFW GLIHUHQGHOH
H[LVWHQWH SH FDOH SROLWLF  GH D VH RE LQH GH OD IRORVLUHD IRU HL L DPH
QLQ ULL FX IRU D GH OD RULFH LQWHUYHQ LH vQ WUHEXULOH LQWHUQH DOH DOWRU
VWDWHUHGXFHUHDGHF WUH5RPkQLDFXDDUPDPHQWHORUHIHFWLYHORUL
FKHOWXLHOLORU PLOLWDUH  RFWRPEULH   VROX LRQDUHD JOREDO  D
GDWRULHL H[WHUQH L GREkQ]LORU H[FHVLYH SULQ WHUJHUHD VDX UHGXFHUHD
VXEVWDQ LDO DDFHVWRUD VHSWHPEULH HWF
&RQFRPLWHQWUHSUH]HQWDQ LL5RPkQLHLDXIRVWDOHLvQIUXQWHDXQRU
LPSRUWDQWHVWUXFWXULDO218SUHFXPYLFHSUHHGLQWHDOFHOHLGHD;,9
D VHVLXQL RUGLQDUH D $GXQ ULL *HQHUDOH D 218  VHSWHPEULH  
SUHHGLQWH DO VHVLXQLL &RPLVLHL HFRQRPLFH D 218 SHQWUX (XURSD 
DSULOLH SUHHGLQWHDO&RPLWHWXOXLSROLWLFVSHFLDO VHSWHPEULH 
SUHHGLQWHDOFHOHLGHD;;,,DVHVLXQLD$GXQ ULLJHQHUDOHD218 
VHSWHPEULHVHSWHPEULH&RUQHOLX0 QHVFX SUHHGLQWHDO
&RPLWHWXOXLSHQWUXSUREOHPHHFRQRPLFHLILQDQFLDUHDFHOHLGHD;;,9
DVHVLXQLD$GXQ ULL*HQHUDOHD218 VHSWHPEULH SUHHGLQWH
DOFHOHLGHDDVHVLXQLD&RPLVLHLHFRQRPLFHD218SHQWUX(XURSD
DSULOLH HWF
Q DFHODL WLPS VD GHFODQDW XQ DPSOX SURFHV GH UHFRQFLOLHUH FX
VWDWHOHRFFLGHQWDOHLQWHUHVDWHvQDSURGXFHILVXULvQFDGUXO7UDWDWXOXLGHOD
9DURYLD L D VLVWHPXOXL FRPXQLVW FDUH DX RIHULW IDFLOLW L vQ GRPHQLXO
HFRQRPLF WHKQRORJLF ILQDQFLDU L vQ FHO DO LPDJLQLL FKLDU L SHQWUX
FRQGXF WRULLFRPXQLWLDL ULL
,QWHUHVVDPDQLIHVWDWLGLQSDUWHD5RPkQLHLHPLVDUXOILLQGPXOW 
YUHPH,RQ*KHRUJKH0DXUHUFDUHVDvQWkOQLWODPDLOD3DULV



 $SHO VROHPQ DGRSWDW GH $GXQDUHD *HQHUDO  218 OD LQL LDWLYD
5RPkQLHL

+RW UkUHD3OHQDUHL&&DO3&5/DUHIHUHQGXPXOFRQYRFDWvQDFHVW
VHQVODQRLHPEULHvQWUHDJDSRSXOD LHD5RPkQLHLDU VSXQV'$

 3URSXQHUH I FXW  GH PLQLVWUXO URPkQ GH )LQDQ H OD VHVLXQHD DQXDO 
FRPXQ D)0,L%,5'

)RUXPXOPRQGLDODDOHVSHQWUXSULPDGDW XQUHSUH]HQWDQWDOXQHL UL
VRFLDOLVWHvQDFHDVW IXQF LH

/DUHvQWRDUFHUHDGLQYL]LWDRILFLDO HIHFWXDW vQ$UJHQWLQD
 
FX 5HQp &RW\ SUHHGLQWHOH 5HSXEOLFLL )UDQFH]H 3HVWH Fk LYD DQL vQ
SUHHGLQWHOH&KDUOHVGH*DXOOHDRIHULW5RPkQLHLVSULMLQIUDQFH]vQ
FD]XO XQXL HYHQWXDO ERLFRW HFRQRPLF GLQ SDUWHD VWDWHORU PHPEUH
&$(5(ILFLHQWHDXIRVWLYL]LWHOHHIHFWXDWHDSRLLGHPLQLWULLGH
([WHUQH &RUQHOLX 0 QHVFX OD vQFHSXWXO DQLORU   L WHIDQ $QGUHL OD
vQFHSXWXODQLORU 
Q FHHD FH SULYHWH UHOD LLOH FX 68$ GXS  SULPHOH FRQWDFWH
URPkQRDPHULFDQHGHVWLQDWHUHJOHPHQW ULLSUREOHPHORUHFRQRPLFRILQDQ
FLDUHRGHOHJD LHJXYHUQDPHQWDO URPkQ DWUDWDWOD:DVKLQJWRQvQWUH
 PDL   LXQLH  SUREOHPH UHIHULWRDUH OD vPEXQ W LUHD UHOD LLORU
GLQWUHFHOHGRX VWDWH$SRL,RQ*KHRUJKH0DXUHUDDERUGDWODLXQLH
 vQ GLVFX LD DYXW  FX SUHHGLQWHOH 68$ /\QGRQ % -RKQVRQ
SRVLELOLW LOH GH GH]YROWDUH D UHOD LLORU URPkQRDPHULFDQH L HYROX LD
VLWXD LHL LQWHUQD LRQDOH vQ VSHFLDO D U ]ERLXOXL GLQ 9LHWQDP  $ XUPDW
VSULMLQXO GLSORPDWLF DPHULFDQ OD VIkULWXO OXQLL DXJXVW  DFRUGDUHD
FODX]HLQD LXQLLFHOHLPDLIDYRUL]DWH  LDOWHFRODERU ULHFRQRPLFH
L GH DOW  QDWXU  SkQ  OD PLMORFXO DQLORU  FkQG SROLWLFD LQWHUQ  D OXL
1LFRODH &HDXHVFX QX D PDL IRVW DFFHSWDW  GH DXWRULW LOH GH OD
:DVKLQJWRQ
%HQHILFH DX IRVW SHQWUX LPDJLQHD ULL vQ VWU LQ WDWH L YL]LWHOH
HIHFWXDWH GH 1LFRODH &HDXHVFX vQ )UDQ D  LXQLH   68$
 RFWRPEULH   GHFHPEULH     DSULOLH  



 ,RQ *KHRUJKH 0DXUHU SULPXOPLQLVWUX DO JXYHUQXOXL D PDL YL]LWDW
$XVWULD QRLHPEULH 'DQHPDUFD DXJXVW *UHFLD 
DXJXVWVHSWHPEULH 2ODQGD LXOLH 9DWLFDQXO LDQXDULH
DIRVWSULPLWGHSDSD3DXODO9,, )LQODQGD PDUWLHDSULOLH 
6XHGLD DSULOLH %HOJLD QRLHPEULH 0DUHD%ULWDQLH
 QRLHPEULH  D IRVW SULPLW GH UHJLQD (OLVDEHWD D ,,D L D DYXW
FRQYRUELULFXSULPXOPLQLVWUX+DUROG:LOVRQ 5)* LXQLH HWF

QWLPSXOYL]LWHLOXL,RQ*KHRUJKH0DXUHUvQ)UDQ D

QSHULRDGDRFWRPEULHQRLHPEULH

$GLVFXWDWFXSUHHGLQWHOH*HRUJHV3RPSLGRXSUREOHPHSULYLQGFRR
SHUDUHDHFRQRPLF LO UJLUHDVFKLPEXULORUvQGRPHQLLOHFRPHUFLDOWLLQ LILFL
WHKQLF

 6DX UHDOL]DW PDL PXOWH vQ HOHJHUL FX ILUPH DPHULFDQH SULYLQG
FRRSHUDUHDFXILUPHGLQ5RPkQLDLQFOXVLYGHFRRSHUDUHvQSURGXF LHvQFDGUXO
XQRUVRFLHW LPL[WHURPkQRDPHULFDQH
 
5HJDWXO8QLWDO0DULL%ULWDQLLL,UODQGHLGH1RUG LXQLH 
6SDQLD  PDL   )UDQ D  LXOLH   6XHGLD 
QRLHPEULH   'DQHPDUFD  QRLHPEULH   1RUYHJLD 
QRLHPEULH $XVWULD LXQLH &DQDGD DSULOLH 
ODFDUHVHDGDXJ YL]LWHOHHIHFWXDWHvQQXPHURDVHVWDWHGLQ$IULFD$PH
ULFDGHVXG$VLDHWF
3H OkQJ  SUREOHPH GH SROLWLF  H[WHUQ  GHOHJD LLOH JXYHUQDPHQWDOH
URPkQH DX PDL GLVFXWDW FX DXWRULW LOH GLQ VWDWHOH RFFLGHQWDOH SRVLELOLW L
GHFRRSHUDUHHFRQRPLF LFXOWXUDO GLQDFHVWSXQFWGHYHGHUHvQDQLL
vQUHJLVWUkQGXVHRvQYLRUDUHDVFKLPEXULORUFXOWXUDOHFX2FFLGHQWXO ILOPH
H[SR]L LLF U LSLHVHGHWHDWUX]LDUHWXULWLHWF $VWIHODIRVWSRVLELO
GHVFKLGHUHD %LEOLRWHFLL DPHULFDQH OD %XFXUHWL  LDQXDULH   D
&HQWUXOXL LWDORURPkQ GH VWXGLL LVWRULFH GH OD 0LODQR LXOLH   D
%LEOLRWHFLLURPkQH LDQXDULH HWF&XWRDWHDFHVWHDFRODERUDUHDFX
VWDWHOH GLQ 2FFLGHQW vQ GRPHQLXO FXOWXULL L WLLQ HL D IRVW VXE QLYHOXO
PLQLPDOSRVLELOLW LORULFHULQ HORUHSRFLLLVWRULFH
,PSRUWDQWH DX IRVW L YL]LWHOH HIHFWXDWH vQ 5RPkQLD GH vQDOWH
SHUVRQDOLW LVWDWDOHSROLWLFHLFXOWXUDOHHXURSHQHLPRQGLDOHSUHFXP
87KDQ VHFUHWDUXO JHQHUDO DO 218  PDL   %UXQR .UHLVN\
PLQLVWUXO GH ([WHUQH DO $XVWULHL  LXQLH   :LOO\ %UDQGW
YLFHFDQFHODUXO5)*LPLQLVWUXIHGHUDODO$IDFHULORU([WHUQH DXJXVW
 ,QGLUD*DQGKLSULPXOPLQLVWUXDO,QGLHL RFWRPEULH 
&KDUOHV GH *DXOOH  PDL  SULPD YL]LW  D XQXL HI GH VWDW
IUDQFH] 5LFKDUG1L[RQ DXJXVWSULPXOSUHHGLQWHDPHULFDQ



&XDFHOSULOHM1LFRODH&HDXHVFXL(OHQD&HDXHVFXDXIRVWSULPL L
GHUHJLQD(OLVDEHWDD,,DLGHGXFHOHGH(GLQEXUJKQXUPDFRQYRUELULORUFX
SULPXOPLQLVWUX -DPHV &DOODJKDQ D IRVW VHPQDW XQ 0HPRUDQGXP SULYLQG
FRRSHUDUHD vQ LQGXVWULD DHURQDXWLF  L FRRSHUDUHD WHKQRORJLF  vQ GRPHQLXO
H[SORDW ULLLH[SORU ULLPDULWLPHGHSHWUROLJD]H

$XIRVWvQFKHLDWHDFRUGXULGHFRODERUDUHFXOWXUDO LWLLQ LILF 

 Q DXJXVW  DXWRULW LOH URPkQH DX GHFLV vQFHWDUHD EUXLHULL
HPLVLXQLORU vQ OLPED URPkQ  DOH SRVWXULORU GH UDGLR RFFLGHQWDOH Q DQLL 
EUXLHUHDDIRVWUHOXDW vQV FXLPDLPXOW LQWHQVLWDWH

 6DX GLVFXWDW SUREOHPH SULYLQG FRRSHUDUHD HFRQRPLF  WHKQLF  L
WLLQ LILF LVDGHFLVvQILLQ DUHDGHELEOLRWHFLOD3DULVL%XFXUHWLSUHFXPL
FHQWUHGHGRFXPHQWDUHWLLQ LILF 
 
FDUH YL]LWHD]  5RPkQLDL SULPD DU  VRFLDOLVW   DVWURQDX LL DPHULFDQL
&KDUOHV &RQUDG 5LFKDUG *RUGRQ L $ODQ %HDQ PHPEULL DL HFKLSDMXOXL
QDYHL VSD LDOH $SROOR  IHEUXDULH PDUWLH   *XVWDY
+HLQHPDQQSUHHGLQWHOH5)* PDL +HQU\$.LVVLQJHU
VHFUHWDU GH VWDW DPHULFDQ  QRLHPEULH   -DFTXHV &KLUDF SULP
PLQLVWUX DO )UDQ HL  LXOLH   *HUDOG 5 )RUG SUHHGLQWHOH
68$  DXJXVW   0DUJDUHW 7KDWFKHU OLGHUXO 3DUWLGXOXL
&RQVHUYDWRUGLQ0DUHD%ULWDQLH DXJXVWVHSWHPEULH +HOPXW
.RKO SUHHGLQWHOH 8QLXQLL &UHWLQ'HPRFUDWH GLQ 5)*  LXQLH
  GU 5XGROI .LUNKVFKOlJHU SUHHGLQWHOH IHGHUDO DO $XVWULHL 
QRLHPEULH   9DOpU\ *LVFDUG G(VWDLQJ SUHHGLQWHOH 5HSXEOLFLL
)UDQFH]H  PDUWLH   .XUW :DOGKHLP VHFUHWDUXO JHQHUDO DO
218  LXOLH   SULQ XO PRWHQLWRU DO -DSRQLHL $NLKLWR L
SULQ HVD0LFKLNRvQFDOLWDWHGHUHSUH]HQWDQWDOvPS UDWXOXL+LURKLWR 
RFWRPEULH   )UDQoRLV 0LWWHUDQG SUHHGLQWHOH 3DUWLGXOXL 6RFLDOLVW
)UDQFH]  QRLHPEULH   $OH[DQGHU +DLJ VHFUHWDUXO GH VWDW DO
68$ IHEUXDULH 5LFKDUG1L[RQIRVWSUHHGLQWHDO68$
LXQLH -DYLHU3pUH]GH&XpOODUVHFUHWDUXOJHQHUDODO218
 LXOLH   *HRUJH %XVK YLFHSUHHGLQWH DO 68$ 
VHSWHPEULH 3LHUUH(OOLRWW7UXGHDXSULPXOPLQLVWUXDO&DQDGHL 
IHEUXDULH -XDQ&DUORV,UHJHOH6SDQLHLLUHJLQD6RILD PDL
 *HRUJH6KXOW]VHFUHWDUGHVWDWDO68$ GHFHPEULH HWF
$FHVWRUDOLVDXDG XJDWDO LHILGHVWDWLGLSORPD LGLQ]HFLGHVWDWH
GH SH WRDWH FRQWLQHQWHOH 3H P VXU  FH GXULWDWHD UHJLPXOXL
VRFLDOLVWFRPXQLVWWRWDOLWDUVHDFFHQWXDYL]LWHOHHIHFWXDWHGHSHUVRQDOLW LOH
PDUFDQWH DOH OXPLL vQ 5RPkQLD VDX U ULW DUD GHYHQLQG L]RODW  vQ SODQ
LQWHUQD LRQDOODVIkULWXODQLORU
/D VFXUW WLPS GXS  FH D IRVW SULPLW  vQ 218 5RPkQLD D IRVW
LQFOXV LvQQXPHURDVHVWUXFWXULLQWHUQD LRQDOHvQWUHDFHVWHDVLWXkQGXVH


6DVXEOLQLDWQHFHVLWDWHDVWDELOLULLXQRUUHOD LLvQWUHVWDWHDYkQGODED] 
SULQFLSLLOHLQGHSHQGHQ HLLVXYHUDQLW LLQD LRQDOHHOLPLQDUHDSROLWLFLLGHGLFWDW
LDPHVWHFvQWUHEXULOHLQWHUQHDOHDOWRUDLQVWDXUDUHDXQHLHJDOLW LGHSOLQHvQWUH
QD LXQL &RQFRPLWHQW VD GHFLV vQILLQ DUHD D FkWH XQHL ELEOLRWHFL DPHULFDQH OD
%XFXUHWLUHVSHFWLYURPkQHOD:DVKLQJWRQ

6DXVHPQDWSURWRFRDOHSULYLQGFRRSHUDUHDvQGRPHQLLOHWHKQLFLLDXGLR
YL]XDOH DHURQDXWLFLL HOHFWURQLFLL L LQIRUPDWLFLL LQGXVWULHL GH DXWRYHKLFXOH L
HFRQRPLF
 
2UJDQL]D LD 1D LXQLORU 8QLWH SHQWUX (GXFD LH WLLQ  L &XOWXU  
81(6&2 LXOLH &RQVLOLXO*XYHUQDWRULORU$JHQ LHL,QWHUQD LRQDOH
SHQWUX(QHUJLHDWRPLF  RFWRPEULH &RQVLOLXOGHDGPLQLVWUD LHDO
2UJDQL]D LHL ,QWHUQD LRQDOH D 0XQFLL  LXQLH   &RQVLOLXO GH
6HFXULWDWH SHQWUXXQDQFDPHPEUXQHSHUPDQHQWvQ 
&RPLWHWXO FHORU  VWDWH SHQWUX GH]DUPDUH RUJDQLVP GH QHJRFLHUL 
)$2  RUJDQL]D LH D 218 SHQWUX $OLPHQWD LH L $JULFXOWXU  
QRLHPEULH &RPLVLDVSHFLDO 218GHHODERUDUHDSULQFLSLLORUGH
GUHSWLQWHUQD LRQDOUHIHULWRDUHODUHOD LLOHSULHWHQHWLLGHFRRSHUDUHvQWUH
VWDWH IHEUXDULH 2UJDQL]D LD,QWHUJXYHUQDPHQWDO SHQWUX1DYLJD LH
0DULWLP   PDUWLH   2UJDQL]D LD $YLD LHL &LYLOH ,QWHUQD LRQDOH
 DSULOLH   2UJDQL]D LD 1D LXQLORU 8QLWH SHQWUX 'H]YROWDUH
,QGXVWULDO 218', LDQXDULH $OLDQ D,QWHUQD LRQDO GH7XULVP
 $FRUGXO*HQHUDOSHQWUX7DULIHL&RPHU *$77 QRLHPEULH
 *UXSXOFHORU LDQXDULH &RQVLOLXOXL(FRQRPLFL6RFLDO
DO 218  (&262&  RFWRPEULH   &RPLVLD 218 SHQWUX
DH] ULXPDQHSHSHULRDGD QRLHPEULH HWF
&RQFRPLWHQW FDSLWDOD 5RPkQLHL D GHYHQL ORFXO GH GHVI XUDUH D
QXPHURDVHPDQLIHVW ULWLLQ LILFHLQWHUQD LRQDOHODFDUHDXSDUWLFLSDWVXWH
GH VDYDQ L L RDPHQL GH WLLQ  VWU LQL L URPkQL OD XQHOH FKLDU SHVWH
  DO ;9,OHD &RQJUHV LQWHUQD LRQDO GH )L]LF  $PSHUH 
VHSWHPEULH   DO OHD &RQJUHV LQWHUQD LRQDO GH FKLPLH LQGXVWULDO 
 VHSWHPEULH   DO ,9OHD &RQJUHV LQWHUQD LRQDO GH ORJLF 
PHWRGRORJLH L ILOR]RILH D WLLQ HL  DXJXVW   VHSWHPEULH   DO
;,9OHD &RQJUHV LQWHUQD LRQDO GH VWXGLL EL]DQWLQH OD %XFXUHWL 6H
GHVFKLGHH[SR]L LD&XOWXUDEL]DQWLQ vQ5RPkQLD VHSWHPEULH 
D ,,,D &RQIHULQ  PRQGLDO  GH FHUFHWDUH D YLLWRUXOXL  VHSWHPEULH
  &RQJUHVXO )HGHUD LHL ,QWHUQD LRQDOH GH 0DUNHWLQJ  LXQLH
 &RQIHULQ DPRQGLDO DSRSXOD LHLVXEHJLGD218 DXJXVW



$OHDV ODGHFHPEULH$FWLYLWDWHDDvQFHSXWODPDUWLH
GDUDW U J QDWH[WUHPGHPXOW

QILLQ DW OD/RQGUDODPDUWLH

 2UJDQL]D LH LQWHUJXYHUQDPHQWDO  FUHDW  OD &KLFDJR OD  GHFHPEULH
 DvQFHSXWV IXQF LRQH]HODDSULOLH 
 
FXSDUWLFLSDUHDVHFUHWDUXOXLJHQHUDO218.XUW:DOGKHLP DO
,,,OHD&RQJUHVLQWHUQD LRQDOGHVWXGLLVXGHVWHXURSHQH VHSWHPEULH
 D;;,&RQIHULQ HXURSHDQ DFRPLWHWHORUQD LRQDOHDOH)RQGXOXL
1D LXQLORU 8QLWH SHQWUX &RSLL81,&()  LXQLH   DO ,,,OHD
&RQJUHV LQWHUQD LRQDO GH FLEHUQHWLF  L VLVWHPH  DXJXVW   DO
,9OHD FRQJUHV LQWHUQD LRQDO GH KLVWRFKLPLH L FLWRFKLPLH  DXJXVW
VHSWHPEULH DO,,OHDFRQJUHVODWLQGHUHXPDWRORJLH VHSWHP
EULH   DO 9,,, &RQJUHV PRQGLDO SHQWUX SUHYHQLUHD DFFLGHQWHORU GH
PXQF LDEROLORUSURIHVLRQDOH PDL &RQIHULQ DLQWHUQD LR
QDO GHVSHFWURVFRSLH0RVVEDXHU VHSWHPEULH DO9,,,OHD&RQ
JUHVHXURSHDQGHJHURQWRORJLHFOLQLF  VHSWHPEULH D;;,,D
&RQIHULQ  LQWHUQD LRQDO  D FUXFLL URLL  VHSWHPEULH  
UHXQLXQHD PLQLVWHULDO  D *UXSXOXL FHORU  FRQVDFUDW  SUHJ WLULL
&RQIHULQ HL218SHQWUXWLLQ LWHKQRORJLHvQSUREOHPHOHGH]YROW ULL
 DXJXVW   DO ;OHD &RQJUHV PRQGLDO DO SHWUROXOXL 
VHSWHPEULH DOOHDFRQJUHVLQWHUQD LRQDOGHEURQKRSQHXPRORJLH
LXQLH IHVWLYDOXOLQWHUQD LRQDO&RSLLLOXPLLGRUHVFSDFHD 
LXOLH DO;9OHDFRQJUHVLQWHUQD LRQDOGHWLLQ HLVWRULFH 
DXJXVW   DO ;9,OHD &RQJUHV LQWHUQD LRQDO GH LVWRULH D WLLQ HL 
DXJXVW VHSWHPEULH   UHXQLXQHD LQWHUQD LRQDO  D ]LDULWLORU SHQWUX
GH]DUPDUHVHFXULWDWHLSDFH IHEUXDULH FRQIHULQ DLQWHUQD
LRQDO  0DJQHWLVPXO S PkQWXULORU UDUH L DO DFWLQLGHORU  VHSWHPEULH
  UHXQLXQHD JUXSXOXL FHORU  SULYLQG FRRSHUDUHD HFRQRPLF  vQ
GRPHQLXO DOLPHQWD LHL L DJULFXOWXULL  PDUWLH   FRQIHULQ D
LQWHUQD LRQDO  GH LVWRULH PLOLWDU  RUJDQL]DW  GH &RPLVLD 5RPkQ  GH
,VWRULH0LOLWDU vQFRODERUDUHFX&ROHJLXO%URXNOLQGLQ1HZ<RUN 
VHSWHPEULH HWF
6LWXD LDH[WHUQ D5RPkQLHLDvQFHSXWV GHYLQ SUHFDU ODvQFHSXWXO
DQLORUSHP VXUDDFFHQWX ULLFUL]HLLQWHUQHLDVFKLPE ULLUDSRUWXOXL
GH IRU H SH SODQ LQWHUQD LRQDO FkQG 6WDWHOH 8QLWH DOH $PHULFLL GHYHQLWH
SULQFLSDODSXWHUHDOXPLLDXLQVLVWDWSHQWUXDSOLFDUHDHIHFWLY DSUHYHGH
ULORU $FWXOXL ILQDO GH OD +HOVLQNL   vQ FHHD FH SULYHWH GUHSWXULOH
RPXOXL LQFOXVLY vQ 5RPkQLD &RQVLGHUkQG F  DFHVW OXFUX vQVHPQD
DPHVWHF vQ WUHEXULOH LQWHUQH L QHvQ HOHJkQG DGHY UDWXO VHQV DO HYROX LHL


 $X SDUWLFLSDW FLUFD   GH GHOHJD L GLQ  GH UL L SHVWH 
LQVWLWX LLVSHFLDOL]DWHRUJDQL]D LLJXYHUQDPHQWDOHLQHJXYHUQDPHQWDOH
 
PRQGLDOH vQ VSHFLDO GXS  YHQLUHD OD SXWHUH vQ 8566 D OXL
06*RUEDFLRY FDUH D SURPRYDW SROLWLFD GH JODVQRVW WUDQVSDUHQ  L
SHUHVWURLND UHFRQVWUXF LH  SURPL kQG OXL *HRUJH %XVK SUHHGLQWHOH
68$F QXYDLQWHUYHQLPLOLWDUvQVLWXD LDvQFDUHvQ ULOHVRFLDOLVWHVH
YRU SURGXFH WUDQVIRUP UL VRFLDOH L HFRQRPLFH 1LFRODH &HDXHVFX D
DGRSWDWRSROLWLF REWX] UHQXQ kQG  ODFODX]DQD LXQLLFHOHLPDL
IDYRUL]DWHLSXQkQG5RPkQLDvQWURVLWXD LHGHL]RODUHLQWHUQD LRQDO GLQ
FHvQFHPDLDFFHQWXDW GLQFDUH DUDDLHLWDELDvQXUPD5HYROX LHLGLQ
GHFHPEULH




























 


9,,5201,$1&217(;78/,17(51$ ,21$/
32675(92/8 ,21$5  




'XS  UHYROX LD GLQ GHFHPEULH  L GL]ROYDUHD RILFLDO  D
VWUXFWXULORU PLOLWDUH L SROLWLFH D 7UDWDWXOXL GH OD 9DURYLD  
5RPkQLD LD DVXPDW YDORULOH GHPRFUDWLFH RFFLGHQWDOH L VD UDFRUGDW
UDSLG OD DPSOXO SURFHV GH PRGHUQL]DUH vQWUHUXSW vQ PRG EUXWDO GH F WUH
VRYLHWLFL OD VIkULWXO FHOXL GHDO GRLOHD U ]ERL PRQGLDO SULQFLSDOHOH
RELHFWLYH DOH SROLWLFLL H[WHUQH URPkQHWL GLQ DFHDVW  SHULRDG  ILLQG
DGHUDUHDOD1$72L8QLXQHD(XURSHDQ 

$GHUDUHDOD1$72

$GHUDUHD OD VWUXFWXULOH GH VHFXULWDWH HXURSHQH L HXURDWODQWLFH VD


EXFXUDWGHFRQVHQVXOWXWXURUIRU HORUSROLWLFHLGHVSULMLQXOODUJDORSLQLHL
SXEOLFH FRQVWLWXLQG R SUHRFXSDUH SULRULWDU  D WXWXURU LQVWLWX LLORU VWDWXOXL
8Q PRPHQW LPSRUWDQW DO DFHVWXL SURFHV OD UHSUH]HQWDW DGHUDUHD OD
3DUWHQHULDWXOSHQWUX3DFH LDQXDULH LODWRDWHLQL LDWLYHOHODQVDWHvQ
FDGUXODFHVWXLDIDSWFDUHDI FXWFD5RPkQLDV DF LRQH]HFDXQPHPEUXGH
IDFWR DO $OLDQ HL QRUGDWODQWLFH $FHVW IDSW D LPSXV GH OD vQFHSXW
DQJDMDPHQWH SULYLQG UHIRUPD RUJDQLVPXOXL PLOLWDU SHQWUX WUDQVIRUPDUHD
DFHVWXLD vQ FRQFRUGDQ  FX VWDQGDUGHOH 1$72 L LQVWUXLUHD VSHFLILF  D
IRU HORUGHVWLQDWHPLVLXQLORUPXOWLQD LRQDOHGHPHQ LQHUHDS FLL
(OHPHQWXO PDMRU SH ED]D F UXLD DX IRVW LGHQWLILFDWH SUHJ WLWH L
HYDOXDWH IRU HOH PLMORDFHOH L IDFLOLW LOH SXVH OD GLVSR]L LH SHQWUX
SDUWLFLSDUHDODPLVLXQLDO WXULGH1$72DIRVW3URFHVXOGH3ODQLILFDUH
L $QDOL]  3$53  LQL LDW vQ GHFHPEULH  FDUH VD GHVI XUDW SH
FLFOXUL GH OXFUX XUP ULQG DWLQJHUHD XQRU RELHFWLYH GH LQWHURSHUDELOLWDWH


 5RPkQLD1$72 3DUWHQHULDW L FRRSHUDUH (GLWXUD 0LOLWDU 
%XFXUHWL
 
SULQVFKLPEGHLQIRUPD LLvQWUHSDUWHQHULLDOLD LSULQFRQVXOWDQ DRIHULW 
GHVSHFLDOLWL1$72
QSHULRDGDRFWRPEULHVHSWHPEULH5RPkQLDDSDUFXUV
FLQFLFLFOXULDOH3ODQXOXLGH$F LXQHSHQWUX$GHUDUH 0HPEHUVKLS$FWLRQ
3ODQ0$3 DGRSWDWOD6XPPLWXO1$72GHOD:DVKLQJWRQGLQDQXO
SHQWUX ULOHU PDVHvQFXUVDSHQWUXDGHUDUHPHQLWV VSULMLQHVWDWHOH
FDQGLGDWH vQ SURFHVXO GH SUHJ WLUH SHQWUX LQWHJUDUHD vQ $OLDQ  V 
UHDOL]H]H VWUXFWXUL D IRU HL UHGXVH QXPHULF IOH[LELO  LQWHURSHUDELO  L
FRPSDWLELO FXIRU HOHLVWUXFWXULOH1$72GRYHGLQGF SRWFRQWULEXL
DFWLYODUHDOL]DUHDRELHFWLYHORU$OLDQ HL
'XS  GHFL]LD LVWRULF  GH OD 3UDJD  QRLHPEULH   FkQG
HILL GH VWDWH L GH JXYHUQH GLQ VWDWHOH PHPEUH 1$72 DX LQYLWDW
5RPkQLDV vQFHDS QHJRFLHULOHGHDGHUDUHOD$OLDQ  DUDDGHYHQLWOD
PDUWLH  vPSUHXQ  FX DOWH  VWDWH FDQGLGDWH %XOJDULD (VWRQLD
/HWRQLD 6ORYDFLD L 6ORYHQLD  PHPEUH FX GUHSWXUL GHSOLQH DOH $OLDQ HL
1RUG$WODQWLFH
/DVFXUWWLPSODDSULOLHODVHGLXO1$72GLQ%UX[HOOHVD
DYXW ORF FHUHPRQLDOXO GH DUERUDUH D GUDSHOHORU QD LRQDOH DOH FHORU DSWH
VWDWH QRL PHPEUH DOH $OLDQ HL QRUGDWODQWLFH &RQFRPLWHQW OD
%XFXUHWLvQID D3DODWXOXL3DUODPHQWXOXLDYHDORFFHUHPRQLDGHvQ O DUHD
GUDSHOXOXL1$72


0$3DRIHULW ULORUFDQGLGDWHROLVW GHGRPHQLLGHDF LXQHSHED]D
F UHLD ILHFDUH VWDW FDQGLGDW LD HODERUDW SURSULXO 3ODQ QD LRQDO GH SUHJ WLUH
31$  FXSULQ]kQG DFHOH RELHFWLYH SH FDUH OHD FRQVLGHUDW QHFHVDUH L
UHDOL]DELOH

 &X DFHO SULOHM SUHHGLQWHOH *HRUJH %XVK D GHFODUDW $OLDQ D
1$72YDDUERUDGHD]LvQDLQWHDSWHVWHDJXULQRLLVHYDvQWLQGHGHOD*ROIXO
%LVFDLDSkQ OD0DUHD1HDJU (XURSDFDUHDIRVWRGDW VXUV DXQRUFRQIOLFWH
JOREDOHHVWHDFXPRVXUV GHSDFHLGHOLEHUWDWH

 /D VFXUW WLPS vQ FDGUXO UHXQLXQLL VSHFLDOH D PLQLWULORU $IDFHULORU
([WHUQH DL VWDWHORU PHPEUH DOH $OLDQ HL -DDS GH +RRS 6FKHIIHU VHFUHWDUXO
JHQHUDODO1$72DDILUPDW'HDFXPvQDLQWHGHDOLD LYRUILUHXQL LvQ
DQJDMDPHQWXOGHDVHDS UDXQLLSHDO LL$FHVWDHVWHFHOPDLSXWHUQLFFHOPDL
VROHPQDQJDMDPHQWSHFDUHvOSRWOXDQD LXQLOH

&X DFHO SULOHM SUHHGLQWHOH ,RQ ,OLHVFX D DILUPDW 3ULQ QRXO QRVWUX
VWDWXWGH DU PHPEU 1$72DYHPQXGRDUJDUDQ LLGHVHFXULWDWHGDUL
REOLJD LD GH D DS UD DFHVWH YDORUL L GH D IL VROLGDUL FX FHLODO L PHPEUL DL
2UJDQL]D LHL7UHEXLHV ILPSUHJ WL LV IDFHPID FHULQ HORU$OLDQ HLV QH
DVXP PFXGHPQLWDWHLGHWHUPLQDUHREOLJD LLOHFDUHQHUHYLQ
 
&RQFRPLWHQW 5RPkQLD D SDUWLFLSDW L SDUWLFLS  OD RSHUD LXQL L
PLVLXQL PXOWLQD LRQDOH GH PHQ LQHUH D S FLL DVLVWHQ  XPDQLWDU  VDX GH
REVHUYDUH L YHULILFDUH OD LQL LDWLYH UHJLRQDOH GH VHFXULWDWH SUHFXP L OD
HIRUWXULOH FRPXQLW LL LQWHUQD LRQDOH GH FRPEDWHUH D QRLORU ULVFXUL vQ
SULQFLSDO OD OXSWD vPSRWULYD WHURULVPXOXL Q DFHODL WLPS IRU HOH DUPDWH
URPkQH SDUWLFLS  OD PLVLXQL PXOWLQD LRQDOH VXE HJLGD 218 26&(
8(L1$72vQFRDOL LLPXOWLQD LRQDOHvQWHDWUHOHGHRSHUD LLGLQ,UDN
$IJDQLVWDQ %RVQLD+HU HJRYLQD .RVRYR L vQ *HRUJLD 5HSXEOLFD
'HPRFUDW &RQJR(WLRSLDL(ULWUHHD&RDVWDGH)LOGH/LEHULD6XGDQ
1HSDOHWF

$GHUDUHDOD8QLXQHD(XURSHDQ 

$F LXQLOH GHVI XUDWH vQ YHGHUHD DGHU ULL OD 1$72 VDX
GHVI XUDW FRQFRPLWHQW FX FHOH SHQWUX DGHUDUHD OD 8QLXQHD (XURSHDQ 
IRVW  &RPXQLWDWHD (XURSHDQ  SkQ  vQ   &D SDL SUHPHUJ WRUL DL
SURFHVXOXL VDX VLWXDW H[SULPDUHD GRULQ HL  LDQXDULH   &RQVLOLXOXL
)URQWXOXL 6DOY ULL 1D LRQDOH GH D VWDELOL FRQWDFWH FX &RPXQLWDWHD
(XURSHDQ LFHDDJXYHUQXOXLURPkQ PDUWLH FD5RPkQLDV 
ILHSULPLW vQ&RQVLOLXO(XURSHL(YHQLPHQWHOHSROLWLFHLQWHUQHvQVSHFLDO
PLQHULDGHOH GLQ  L GLQ SHULRDGD XUP WRDUH DX GHWHUPLQDW
&RPXQLWDWHD(XURSHDQ V LUHWUDJ WHPSRUDUVSULMLQXOSHQWUX5RPkQLD
/D VFXUW WLPS  DSULOLH   'HSDUWDPHQWXO GH 6WDW DO 68$ LD
H[SULPDWLHOvQJULMRUDUHDSHQWUXPRGXOvQFDUHVHGHVI XUDSURFHVXOGH
GHPRFUDWL]DUHvQ5RPkQLDvQWLPSFH&RPLVLD(XURSHDQ DDQXQ DWOD
VHSWHPEULH  vQ WLPSXO XQHLD GLQWUH PLQHULDGH  DPkQDUHD QHJRFL
HULORUFX5RPkQLDSHQWUXvQFKHLHUHD$FRUGXOXLGHDVRFLHUH
&X WRDWH DFHVWHD DX XUPDW PDL PXOWH UXQGH GH QHJRFLHUL vQ PDL
PXOWHGRPHQLL ODIHEUXDULHILLQGVHPQDW$FRUGXOGHDVRFLHUHD
5RPkQLHL OD &RPXQLWDWHD (XURSHDQ  FHUHUHD RILFLDO  GH DGHUDUH ILLQG
vQDLQWDW  GH UHSUH]HQWDQ LL 5RPkQLHL OD  LXQLH  vPSUHXQ  FX
6WUDWHJLD QD LRQDO  GH SUHJ WLUH D DGHU ULL 5RPkQLHL OD 8QLXQHD



 /D  PDUWLH  D IRVW WULPLV SULPXO DPEDVDGRU URPkQ SH OkQJ 
&RPXQLWDWHD(XURSHDQ 
 
(XURSHDQ  $SRL GXS  DOWH UXQGH GH QHJRFLHUL vQ FXUVXO F URUD VDX
I FXWQXPHURDVHUHFRPDQG UL&RQVLOLXO(XURSHDQDDFRUGDW5RPkQLHLvQ
GHFHPEULHVWDWXWXOGHFDQGLGDWODDGHUDUHLDODQVDWvQGHFHPEULH
LQYLWD LDGHDvQFHSHQHJRFLHULOHGHDGHUDUHQPRGRILFLDOSURFHVXO
GH QHJRFLHUH D DGHU ULL D IRVW ODQVDW OD  IHEUXDULH  FX SULOHMXO
&RQIHULQ HL ,QWHUJXYHUQDPHQWDOH 5RPkQLD8QLXQHD (XURSHDQ  L D IRVW
ILQDOL]DW OD  DSULOLH  FkQG D IRVW VHPQDW 7UDWDWXO GH DGHUDUH
,QWHJUDUHD FX GUHSWXUL GHSOLQH VD SURGXV OD  LDQXDULH  SHQWUX
5RPkQLDvQFHSkQGRQRX SDJLQ GHLVWRULH









 'HFODUD LH SROLWLF  VHPQDW  OD 6QDJRY OD  LXQLH  GH F WUH
OLGHULLSDUWLGHORUSDUODPHQWDUHSUHHGLQ LLFHORUGRX &DPHUHDOHSDUODPHQWXOXL
SULPXOPLQLVWUXSUHHGLQWHOH5RPkQLHLLSUHHGLQWHOH&RPLVLHLGHHODERUDUHD
VWUDWHJLHL

 &X DFHO SULOHM SUHHGLQWHOH 7UDLDQ % VHVFX D SUHFL]DW 3HQWUX QRL
FDOLWDWHD GH PHPEUX DO 8QLXQLL (XURSHQH YD UHSUH]HQWD vQGHSOLQLUHD XQXL YLV
YHFKLGHRMXP WDWHGHVHFROGHDGHS LWRDWHEDULHUHOHLGHDGHYHQLSDUWHD
FRPXQLW LLHXURSHQHGHYDORULSURVSHULWDWHLVHFXULWDWH
 


9,,,&$5$&7(5,67,&,$/(9,( ,,32/,7,&(

)RUPHGHJXYHUQ PkQW([HUFLWDUHDSXWHULORUvQVWDW
5HJLPXULLSDUWLGHSROLWLFHGHPRFUDWLFH

Q SULPD MXP WDWH D VHFROXOXL DFWLYLWDWHD JXYHUQDPHQWDO  D


LQVWLWX LLORUVWDWXOXLLDSDUWLGHORUSROLWLFHVDGHVI XUDWvQFRQIRUPLWDWH
FXSUHYHGHULOH&RQVWLWX LHLGLQ HODERUDW GXS PRGHOEHOJLDQ XQD
GLQFHOHPDLDYDQVDWHGLQ(XURSDDFHORUDQLFDUHDFRQVDFUDWRILFLDOL
QXPHOH ULL5RPkQLD0RGLILFDW vQLXOLHDFHDVWDDIRVWvQORFXLW 
OD  PDUWLH  FX DOWD FDUH SUHOXD vQ PDUH SDUWH SULQFLSLLOH L FKLDU
WH[WXO FHOHL YHFKL L FRQVILQ HD QRXO FDGUX SROLWLFRVWDWDO DO 5RPkQLHL
QWUHJLWHSUHFXPLQRLOHGUHSWXULLOLEHUW LFHW HQHWLGHFDUHEHQHILFLD
SRSRUXOURPkQ
Q DFHVW FRQWH[W FRQIRUP SULQFLSLXOXL VHSDU ULL SXWHULORU vQ VWDW
VWDWXDWSULQOHJHDIXQGDPHQWDO D ULLSXWHUHDOHJLVODWLY DIRVWH[HUFLWDW 
GHUHJHLGH3DUODPHQWXOWLPDLQVWLWX LHUHSUH]HQWkQGQD LXQHD/HJLOH
LQL LDWH GH &DPHUD 'HSXWD LORU 6HQDW VDX GH 5HJH  HUDX GLVFXWDWH L
YRWDWH vQ 5HSUH]HQWDQ D 1D LRQDO  VDQF LRQDWH GH PRQDUK L SXEOLFDWH
DSRLvQ0RQLWRUXO2ILFLDOVXEVHPQ WXUDVXYHUDQXOXLLDXQXLDGLQWUH
PLQLWULDFHVWDGHYHQLQGUHVSRQVDELOID GHFRQ LQXWXODFWXOXLUHVSHFWLY
3XWHUHD H[HFXWLY  D IRVW H[HUFLWDW  GH F WUH JXYHUQ vQ QXPHOH UHJHOXL
FDUHQXPHDSHSULPXOPLQLVWUXDFHVWDDOF WXLQGOLVWDPLQLWULORUSHFDUHR
vQDLQWD VXYHUDQXOXL FDUH R VDQF LRQD SULQ GHFUHW vQ YLUWXWHD IDSWXOXL F 
PRQDUKXO HUD FDSXO SXWHULL DUPDWH L F  PLOLWDULL QX I FHDX SROLWLF 
PLQLVWUXO $S U ULL 1D LRQDOH5 ]ERL HUD SURSXV GH F WUH UHJH 3XWHUHD
MXGHF WRUHDVF HUDH[HFXWDW SULQRUJDQHVSHFLILFHFXU LLWULEXQDOH
KRW UkULOHLVHQWLQ HOHSURQXQ kQGXVHvQYLUWXWHDOHJLORULH[HFXWkQGXVH
vQQXPHOHUHJHOXL'LQDFHVWSXQFWGHYHGHUHVHSRDWHDSUHFLDF 5RPkQLD
VDVLWXDWSkQ vQSULQWUHFHOHPDLDYDQVDWHVWDWHHXURSHQHGLQSXQFW
GHYHGHUHFRQVWLWX LRQDO



 3H ODUJ ,RDQ 6FXUWX *KHRUJKH %X]DWX ,VWRULD 5RPkQLHL vQ VHFROXO
;;%XFXUHWLSS
 
QSHULRDGDPRQDUKLHLFRQVWLWX LRQDOHUHJLLDXEHQHILFLDWGHDWULEX LL
LPSRUWDQWHSHFDUHOHDXIRORVLWGLQSOLQvQVSHFLDO&DURO,FDUHVD
GRYHGLW D IL DXWRULWDU L ULJXURV vQ vQGHSOLQLUHD DWULEX LLORU UHJDOH
+RW UkUHD VD GH D UHVSHFWD OHJLOH ULL FD L GHVHOH PDQLIHVWD LL
DQWLPRQDUKLFH ODX I FXW V  UHQXQ H OD WHQWD LD GH D VSRULL UROXO SXWHULL
H[HFXWLYHUHJDOHvQGHWULPHQWXOFHLOHJLVODWLYHVHPQkQGvQWRWGHDXQDOHJLOH
FHLDXIRVWvQDLQWDWHVSUHDSUREDUHLVLWXkQGXVHGHFHOHPDLPXOWHRUL
SHSR]L LDGHDUELWUXvQWUHSDUWLGHGHLPXOW YUHPHDSUHIHUDWGLQSXQFW
GH YHGHUH SROLWLF SH FRQVHUYDWRUL &RQFRPLWHQW D vQ HOHV QHFHVLWDWHD
GH]YROW ULL L PRGHUQL] ULL VRFLHW LL URPkQHWL DFFHSWkQG UHIRUPH L
LPSOLFkQGXVHFXUHDOLVPvQGLULMDUHDSROLWLFLLH[WHUQHURPkQHWLQ
vQPRPHQWXOGHFODQ ULLSULPXOXLU ]ERLPRQGLDOQXDUHXLWV LLPSXQ 
SXQFWXOGHYHGHUHvQFHHDFHSULYHWHDQJDMDUHD5RPkQLHLvQFRQIODJUD LH
DO WXULGH3XWHULOH&HQWUDOHVSHUkQGvQVDWLVIDFHUHDGH]LGHUDWXOXLQD LRQDO
FXVSULMLQXODFHVWRUD'RYHGLQGXVHDILXQUHJHFRQVWLWX LRQDODDFFHSWDW
vQ SRILGD YRLQ HL VDOH  GHFL]LD &RQVLOLXOXL GH &RURDQ  GLQ  LXOLH
DXJXVWSULYLQGDGRSWDUHDQHXWUDOLW LL
9LD D SROLWLF  vQ 5RPkQLD D IRVW GRPLQDW  GH 3DUWLGXO 1D LRQDO
/LEHUDO vQILLQ DWODPDL UHSUH]HQWDQWvQSULQFLSDODOEXUJKH]LHL
L GH 3DUWLGXO &RQVHUYDWRU FRQVWLWXLW OD  IHEUXDULH   FDUH D
SURPRYDWFXSULRULWDWHLQWHUHVHOHPDULORUSURSULHWDULIXQFLDUL&HOHGRX 
SDUWLGHSROLWLFHVDXVXFFHGDWODJXYHUQDUHFRQIRUPSULQFLSLXOXLURWDWLYHL
JXYHUQDPHQWDOH SkQ  OD SULPXO U ]ERL PRQGLDO DVWIHO OLEHUDOLL vQWUH
  L GLQ  LDU FRQVHUYDWRULL vQWUH 

0DLELQHRUJDQL]DWLPDLGLVFLSOLQDWGDW ILLQGSXWHUHDHFRQRPLFR
ILQDQFLDU  L SHUVRQDOLWDWHD GHRVHELW  D OLGHULORU D OXL ,,& %U WLDQX vQ
VSHFLDOFKLDUGDF DXPDLIXQF LRQDWLXQHOHJUXS ULGL]LGHQ H GUDSH
OLWLL9HUQHVFXD 3DUWLGXO1D LRQDO/LEHUDOVDSURQXQ DWLDDF LRQDW
SHQWUX GH]YROWDUHD ULL SULQ PLMORDFH SURSULL SHQWUX FRQVROLGDUHD
UHJLPXOXL SDUODPHQWDU GHPRFUDWLF SULQ DFRUGDUHD PDL PXOWRU GUHSWXUL


 Q SRILGD IDSWXOXL F  PXOWH GLQ GHFL]LLOH ORU WUHEXLDX V  ILH VXSXVH
LQL LDO GH]EDWHULL 3DUODPHQWXOXL L DSUREDWH GH F WUH DFHVWD vQ XQHOH GRPHQLL
VXYHUDQLLQXSXWHDXV LQWHUYLQ 

 ,QL LDO D IRVW GRPQLWRU DO 5RPkQLHL OD  PDL  DSRL UHJH OD
PDUWLH
 
FHW HQHWL SHQWUX GHVILLQ DUHD YRWXOXL FHQVLWDU LQWURGXFHUHD YRWXOXL
XQLYHUVDOvQI SWXLUHDXQHLUHIRUPHDJUDUHPDLUDGLFDOHFUHWHUHDSRQGHULL
SURSULHWDULORUPLFLLPLMORFLLHWF
&X WRDWH F  HUD PDL GLYL]DW MXQLPLWL WDNLWL FRQVHUYDWRUL
SXUL HWF  3DUWLGXO &RQVHUYDWRU EHQHILFLDU DO YRWXOXL FHQVLWDU FX R
ERJDW H[SHULHQ SROLWLF LFXHILH[SHULPHQWD LLGHRVHELWGHSUHJ WL L
33&DUS7LWX0DLRUHVFX$OH[DQGUX0DUJKLORPDQD RFXSDvQF OD
vQFHSXWGHVHFROSR]L LLLPSRUWDQWHvQIRUXULOHOHJLVODWLYHLH[HFXWLYHDOH
ULLFXWRDWHF vQVSHFLDOFRQVHUYDWRULLSXUL MXQLPLWLLDYHDXRS LX
QL PDL OLEHUDOH  DS UDX YHFKLOH UDSRUWXUL GH SURSULHWDWH L VH SURQXQ DX
SHQWUXGH]YROWDUHDFXSULRULWDWHDUDPXULORULVXEUDPXULORULQGXVWULHLFDUH
SUHOXFUDXSURGXVHOHVROXOXL
QSROLWLFDH[WHUQ GDWILLQGSHULFROXO DULVWDPEHOHSDUWLGHDXRSWDW
OD vQFHSXW SHQWUX DOLDQ D FX 3XWHULOH &HQWUDOH FRQVLGHUkQG F  SUREOHPD
7UDQVLOYDQLHL %DQDWXOXL &ULDQHL 0DUDPXUHXOXL L %XFRYLQHL SXWHD IL
VROX LRQDW SHFDOHGLSORPDWLF FXVSULMLQXO*HUPDQLHLvQVSHFLDOQXUPD
FHOXL GHDO GRLOHD U ]ERL EDOFDQLF   3DUWLGXO 1D LRQDO /LEHUDO LD
RULHQWDW RS LXQLOH VSUH $QWDQW  FX WRDWH F  GHFODQDUHD SULPXOXL U ]ERL
PRQGLDO  DLPSXVSkQ vQSROLWLFDGHQHXWUDOLWDWH
QDIDUDFHORUGRX PDULIRUPD LXQLSROLWLFHDXPDLDFWLYDW3DUWLGXO
1D LRQDOLVW'HPRFUDW  1LFRODH ,RUJD  3DUWLGXO &RQVHUYDWRU
'HPRFUDW 7DNH,RQHVFX 8QLXQHD6RFLDOLVW GLQ5RPkQLD 
WUDQVIRUPDW vQ3DUWLGXO6RFLDO'HPRFUDWGLQ5RPkQLDFRQWLQXDWRU
DO 3DUWLGXOXL 6RFLDO'HPRFUDW DO 0XQFLWRULORU GLQ 5RPkQLD 
DFDUHGHLVHJ VHDXvQFHHDFHSULYHVFSUREOHPHOHVRFLDOHFRQRPLFH
SH SR]L LL GLIHULWH DX DF LRQDW vQ JHQHUDO XQLWDU vQ FHHD FH SULYHWH
VROX LRQDUHDRELHFWLYXOXLQD LRQDODOGHV YkULULLXQLW LLQD LRQDOVWDWDOH
6HPQLILFDWLY SHQWUX YLD D SROLWLF  URPkQHDVF  OD vQFHSXW GH VHFRO
HVWHLIDSWXOF vQSRILGDREVWUXF LLORUVRFLDOHLQD LRQDOHLDSROLWLFLLGH
GH]QD LRQDOL]DUH OD FDUH HUDX VXSXL URPkQLL DIOD L VXE VW SkQLUH VWU LQ 
LDX RUJDQL]DW L HL SDUWLGH SROLWLFH FHOH PDL DFWLYH L PDL LPSRUWDQWH
ILLQG3DUWLGXO1D LRQDO5RPkQGLQ7UDQVLOYDQLD  3DUWLGXO1D LRQDO
5RPkQ GLQ %XFRYLQD   D FDUH DX DYXW XQ URO LPSRUWDQW vQ
RUJDQL]DUHD OXSWHL SHQWUX UHvQWUHJLUH VWDWDO  FRODERUkQG GHVHRUL FX
DXWRULW LOH L SDUWLGHOH SROLWLH GLQ 5HJDW Q %DVDUDELD DX IXQF LRQDW
JUXS ULSROLWLFHFXFDUDFWHUQD LRQDOFDUHDXWLS ULWvQ]LDUXO&XYkQW
0ROGRYHQHVFWULEXQ GHVXV LQHUHDGUHSWXULORUQD LRQDOHURPkQHWL
 
'XS  vQFHWDUHD GLQ YLD  D UHJHOXL &DURO ,  VHSWHPEULH
RFWRPEULH   FDOLWDWHD GH VXYHUDQ DO 5RPkQLHL D UHYHQLW QHSRWXOXL
V X SULQFLSHOH PRWHQLWRU )HUGLQDQG VRVLW vQ DU  OD  DSULOLH PDL
 1XPHOHV XU PkQHvQLVWRULDURPkQLORULDPRQDUKLHLFDLFHODO
UHJLQHL0DULDVWUkQVOHJDWGHvPSOLQLUHDGH]LGHUDWXOXLQD LRQDODOUHXQLULL
OD SDWULDPDP    D WXWXURU SURYLQFLLORU URPkQHWL DIODWH VXE
GRPLQD LHVWU LQ 
Q WLPSXO SULPXOXL U ]ERL PRQGLDO SDUWLGHOH L JUXS ULOH SROLWLFH
URPkQHWLDXDF LRQDWSHQWUXvPSOLQLUHDLGHDOXOXLQD LRQDODOXQLULLWXWXURU
URPkQLORU LQL LDO DFFHSWkQG QHXWUDOLWDWHD L SURQXQ kQGXVH DSRL GLQ
WRDPQDDQXOXL vQFRQVHQVFXRSLQLDSXEOLF SHQWUXDGHUDUHD ULLOD
$QWDQW  L LQWUDUHD vQ U ]ERLXO HOLEHUDWRU IDSW vPSOLQLW OD  DXJXVW

'XS U ]ERLXOPRQGLDOSR]L LDPRQDUKLHLvQVWDWDIRVW]GUXQFLQDW 
GHFRPSRUWDUHDSULQFLSHOXLPRWHQLWRU&DUROFDUHDUHQXQ DWGHPDLPXOWH
RULODREOLJD LLOHFHLUHYHQHDX L S U VLQGFKLDU DUDL
SURYRFkQGRJUDY FUL] GLQDVWLF 
Q DFHVW FRQWH[W OD  GHFHPEULH  &RQVLOLXO GH &RURDQ  LD
DFFHSWDW UHQXQ DUHD OD SUHURJDWLYHOH GH PRWHQLWRU DO WURQXOXL LDU OD 
LDQXDULH  $GXQDUHD 1D LRQDO  &RQVWLWXDQW  OD SURFODPDW VXFFHVRU
SH 0LKDL ILXO V X 'HRDUHFH DFHVWD HUD PLQRU VD GHFLV LQVWLWXLUHD XQHL
5HJHQ H FRQVWLWXLW  GLQ SULQFLSHOH 1LFRODH OLSVLW GH RULFH DPEL LH L
DSWLWXGLQL SROLWLFH  SDWULDUKXO 0LURQ &ULVWHD L *KHRUJKH %X]GXJDQ
SULPSUHHGLQWH DO QDOWHL &XU L GH &DVD LH L -XVWL LH $IODW  VXE
LQIOXHQ DOLEHUDOLORUVXEPLQDW GHGRULQ HOHUHJLQHL0DULDGHDLLPSXQH
LvQDFHDVW VWUXFWXU DXWRULWDWHDSUHFXPLGHDF LXQLOHFXUHQWXOXLFDUOLVW
vQ WRDWH SDUWLGHOH SROLWLFH LQFOXVLY vQ DUPDW  5HJHQ D VD GRYHGLW
LQFDSDELO V LH[HUFLWHSUHURJDWLYHOHFRQVWLWX LRQDOH
/HJHD HOHFWRUDO  GLQ  LQWURGXFHUHD YRWXOXL XQLYHUVDO FDUH DX
VSRULW QXP UXO GH DOHJ WRUL PRGLILFkQG UDGLFDO PRGXO GH GHVI XUDUH D
FDPSDQLLORUHOHFWRUDOHUHDOL]DUHD0DULL8QLULGLQDXFRQVWLWXLWGRDU
Fk LYD IDFWRUL FDUH DX I FXW FD vQ YLD D SXEOLF  SRVWEHOLF  V  LQWUH QRL


5HJHQ DDLQWUDWvQIXQF LXQHODLXOLHvQXUPDGHFHVXOXLUHJHOXL
)HUGLQDG,

  Q XUPD GHFHVXOXL OXL *KHRUJKH %X]GXJDQ OD  RFWRPEULH  vQ
UHJHQ DLQWUDW&RQVWDQWLQ6 U HDQX
 
SDUWLGH L IRUPD LXQL SROLWLFH FHOH PDL DFWLYH ILLQG /LJD3DUWLGXO
3RSRUXOXL  JHQHUDOXO $OH[DQGUX $YHUHVFX  3DUWLGXO U QHVF
,RQ 0LKDODFKH  FDUH  RFWRPEULH  D IX]LRQDW FX 3DUWLGXO
1D LRQDOVXEGHQXPLUHDGH3DUWLGXO1D LRQDO U QHVFUH]XOWkQGDOGRLOHD
PDUHSDUWLGDO ULL
'XS   YLD D SROLWLF  URPkQHDVF  D GHYHQLW PDL GLQDPLF 
QXP UXOSDUWLGHORUVSRULQGGHODvQODvQ LQFOXVLYGLQ
UkQGXO PLQRULW LORU QD LRQDOHL 3DUWLGXO 0DJKLDU 3DUWLGXO *HUPDQ
8QLXQHD (YUHLORU GLQ 5RPkQLD HWF  PDMRULWDWHD GHVI XUkQGXL
DFWLYLWDWHD OD QLYHOXO vQWUHJLL UL OXkQGXL GHQXPLUL GHPRFUDWLFH
SRSXODUHUDGLFDOH U QHWLD
QGHFHQLXOFDXUPDUHDPDQHYUHORUUHJHOXL&DURODO,,OHDFDUH
XUP UHD V L LPSXQ  SXWHUHD WRWDO  vQ VWDW DX FRQWLQXDW V  DS U 
GL]LGHQ H vQ VSHFLDO GLQ UkQGXO 3DUWLGXOXL 1D LRQDO U QHVF Q FDGUXO
HYDQWDLXOXLODUJDOSDUWLGHORULIRU HORUSROLWLFHPDMRULWDWHDDXDYXWRS LXQL
GHPRFUDWLFHDF LRQkQGSHQWUXGH]YROWDUHDOLEHU D ULLLPRGHUQL]DUHDHL
SHQWUX R SROLWLF  H[WHUQ  FDUH V  GXF  OD PHQ LQHUHD LQGHSHQGHQ HL
QD LRQDOHLDLQWHJULW LLWHULWRULDOH
&RQFRPLWHQWvQYLD DSROLWLF URPkQHDVF DXH[LVWDWvQV LSDUWLGH
LIRUPD LXQLH[WUHPLVWHGHVWkQJD 3DUWLGXO&RPXQLVWGLQ5RPkQLDGLQ
 LGHGUHDSWD /LJD$UKDQJKHOXOXL0LKDLOGLQFDUHDYHDV 
DFWLYH]H VXFFHVLY VXE GHQXPLUHD GH *DUGD GH )LHU *UXSDUHD &RUQHOLX
&RGUHDQX3DUWLGXO7RWXOSHQWUX DU 0LFDUHD/HJLRQDU %HQHILFLLQG
GHVSULMLQH[WHUQDO8QLXQLL6RYLHWLFHUHVSHFWLYDO*HUPDQLHLDFHVWHDDX
UHXLW V L WULPLW  UHSUH]HQWDQ L vQ 3DUODPHQW FRPXQLWLL vQ 
OHJLRQDULL vQ  &X WRDWH DFHVWHD DWkW FRPXQLVPXO FkW L
IDVFLVPXOQXDXUHXLWvQSHULRDGDLQWHUEHOLF V VHLPSXQ vQ5RPkQLD
5HYHQLW vQ DU  OD  LXQLH  SULQFLSHOH &DURO D IRVW SURFODPDW
UHJHGHF WUHFRUSXULOHOHJLXLWRDUH LXQLH VXEQXPHOHGH&DURODO,,
OHD ILXOXL V X 0LKDL ILLQGXL DWULEXLW WLWOXO GH 0DUH 9RHYRG GH $OED
,XOLD$YkQGDOW ILUHLDOWFDUDFWHUSURILWkQGGHVO ELFLXQHDSDUWLGHORU
SROLWLFH GH RSRUWXQLVPXO FRQGXF WRULORU &DURO DO ,,OHD VD LPSXV GHOD
vQFHSXW vQ YLD D SROLWLF  D ULL I U  D VFKLPED LQL LDO IRUPD GH
JXYHUQ PkQWLUHJLPXOSROLWLFFRQVROLGkQGDWULEX LLOHSXWHULLH[HFXWLYH
SH FDUH R FRQWUROD SULQ LQWHUPHGLXO SULPXOXLPLQLVWUX  *KHRUJKH
7 W UHVFXLDFDPDULOHL

 
&XWRDWHF vQPRGQRUPDOvQFHLGHDQLLQWHUEHOLFLWUHEXLDXV 
VH GHVI RDUH FDPSDQLLHOHFWRUDOHLV VHVFKLPEHWRWDWkWHDJXYHUQH
HOHFWRUDWXODIRVWFRQYRFDWGHGHRUL vQDQLL
L FRQVWLWXLQGXVHvQWUHLDQXDULH
LIHEUXDULHGHJXYHUQH FHOHPDLPXOWHvQSHULRDGHOH
L DGLF PDLPXOWGHFLQFLJXYHUQHSHQWUXILHFDUH
SHULRDG OHJDO GHSDWUXDQL'LQWUHWRDWHGRDUGRX JXYHUQHIRUPDWH
GH3DUWLGXO1D LRQDO/LEHUDOVDXPHQ LQXWODSXWHUHDQL vQSHULRDGHOH
 LDQXDULH   PDUWLH  L  QRLHPEULH  GHFHPEULH
 &XWRDWHDFHVWHDvQSHULRDGDvQ5RPkQLDDIXQF LRQDW
XQUHJLPGHPRFUDWLFLQFOXVLYDOWHUQDQ DODSXWHUH
'H FDUHQ HOH UHJLPXOXL GHPRFUDWLF URPkQHVF LQWHUEHOLF D SURILWDW
UHJHOH &DURO DO ,,OHD FDUH D UHXLW V  GHVWDELOL]H]H YLD D SROLWLF 
GHPRFUDWLF LGHDLPSXQHXQUHJLPGHFRQGXFHUHSHUVRQDO DXWRULWDU 
3HQWUX DL DWLQJH HOXULOH PRQDUKXO D LQIOXHQ DW L D DWUDV GH SDUWHD VD
OLGHUL WLQHUL L LQIOXHQ L DL SDUWLGHORU GHPRFUDWH vQ VSHFLDO GLQ 3DUWLGXO
1D LRQDO/LEHUDO *KHRUJKH7 W UHVFXD L3DUWLGXO1D LRQDO U QHVF
$UPDQG & OLQHVFX D  SURPRYkQGXL vQ FHOH PDL vQDOWH IXQF LL
H[HFXWLYH GH vQDOW  GHFL]LH vQ VWDW &RQFRPLWHQW SHQWUX D GH]ELQD L
GLPLQXDXQLWDWHDGHDF LXQHDFHORUGRX PDULSDUWLGHDOH ULLOHDSURPLV
F  OH YD DGXFH OD SXWHUH 3DUWLGXOXL 1D LRQDO U QHVF vQ VSHFLDO 
FRQGL LRQkQG DFHVW OXFUX GH FRODERU UL SROLWLFH GH QHDFFHSWDW GH F WUH
DFHVWHD Q DFHODL VFRS D vQFHUFDW V  vQORFXLDVF  JXYHUQHOHGHSDUWLGFX
FHOH QD LRQDOH GH WHKQLFLHQL VDX GH FRDOL LH FRQGXVH GH RDPHQL
GHYRWD L I U  REOLJD LL SROLWLFH D LQWURGXV vQ JXYHUQH SHUVRDQH GH
vQFUHGHUH D SURYRFDW GHVHRUL FUL]H GH JXYHUQ vQF OFkQG UHJXOLOH
FRQVWLWX LRQDOHUHXLQGGHVHRULDFHVWOXFUXFKLDUGDF DDYXWSHUPDQHQW
XQDGYHUVDUUHGXWDELOvQ,XOLX0DQLXFDUHVDSURQXQ DWSHQWUXPHQ LQHUHD
VLVWHPXOXL SDUODPHQWDU L UHVSHFWDUHD SUHYHGHULORU &RQVWLWX LHL



$O*6DYX'LFWDWXUDUHJDO (GLWXUD3ROLWLF %XFXUHWL
SS

 Q QRLHPEULH  D FHUXW OXL ,RQ 0LKDODFKH V  FRODERUH]H FX
$OH[DQGUX 9DLGD9RHYRG GXS  FDUH D GHFODQDW FUL]D GH JXYHUQ vQFHSkQG
FRQVXOWD LL FX OLGHULL SROLWLFL I U  D FHUH GHPLVLD OXL *KHRUJKH 7 W UHVFX 'LQ
IUXQWHD([HFXWLYXOXL$SRLODvQV UFLQDWGLQQRXWRWSH*KHRUJKH7 W UHVFXV 
IRUPH]HXQQRXJXYHUQ
 
'HVHPQkQG OD  QRLHPEULH  WRW SH *KHRUJKH 7 W UHVFX FX
FRQVWLWXLUHDQRXOXLJXYHUQUHJHOH&DURODO,,OHDDSXVFDS WSULQFLSLXOXL
URWDWLYHL JXYHUQDPHQWDOH vQF OFkQG GLQ QRX X]DQ HOH L WUDGL LD
SDUODPHQWDU 
6LWXD LD SROLWLF  GLQ 5RPkQLD VD DJUDYDW GXS  DOHJHULOH
SDUODPHQWDUHGLQGHFHPEULHFkQGQLFLXQSDUWLGSROLWLFQXDUHXLWV 
RE LQ  PDMRULWDWHD GH YRWXUL FHUXW  GH SULPD HOHFWRUDO   FRQIRUP
/HJLL HOHFWRUDOH GLQ   2E LQkQG SHQWUX SULPD GDW  vQ LVWRULD
DOHJHULORUSDUODPHQWDUHGRDUGLQRS LXQLOHHOHFWRUDWXOXLJXYHUQXO
D IRVW vQIUkQW vQ DOHJHUL 7RW SHQWUX SULPD GDW  EHQHILFLLQG L GH SDFWXO
HOHFWRUDO GH QHDJUHVLXQH GLQ  QRLHPEULH  vQFKHLDW FX 3DUWLGXO
1D LRQDO U QHVF *DUGD GH )LHU VD VLWXDW SH ORFXO WUHL FX  GLQ
YRWXUL3DUWLGXO1D LRQDO U QHVFFDUHDRE LQXWGLQYRWXULVD
VLWXDWGRDUSHORFXOGRLQHSXWkQGLPSXQHUHJHOXL&DURODO,,OHDDGXFHUHD
ODJXYHUQDUH
QDFHVWFRQWH[WODGHFHPEULHUHJHOH&DURODO,,OHDI U 
V  PDL DWHSWH SUH]HQWDUHD RILFLDO  D UH]XOWDWHORU DOHJHULORU L I U  V 
FRQVXOWHSUHHGLQ LLGHSDUWLGHDSULPLWGHPLVLDOXL*KHRUJKH7 W UHVFXL
D vQV UFLQDW SH 2FWDYLDQ *RJD FX IRUPDUHD QRXOXL JXYHUQ FKLDU GDF 
3DUWLGXO 1D LRQDO&UHWLQ SH FDUH DFHVWD vO FRQGXFHD RE LQXVH vQ DOHJHUL
GRDUGLQYRWXUL3ULQDFHDVWDUHJHOHDVILGDWSULQFLSLLOHVLVWHPXOXL
SDUODPHQWDU L UHJXOLOH FRQVWLWX LRQDOH D GDW R SXWHUQLF  ORYLWXUD
VLVWHPXOXL GHPRFUDWLF FRQVWLWX LRQDO (YHQLPHQWXO DYHD V  SURGXF  vQ
VFXUW WLPS L DOWH LPSRUWDQWH VFKLPE UL vQ VLVWHPXO SROLWLF GHPRFUDWLF
URPkQHVF


 'RFXPHQWXO SUHYHGHD REOLJD LD PLF ULL OHJLRQDUH D 3DUWLGXOXL
1D LRQDO U QHVFLD3DUWLGXOXL1D LRQDO/LEHUDO*KHRUJKH%U WLDQX FDUHD
DGHUDWOD3DFW GHDDS UDOLEHUWDWHDLGHDDVLJXUDFRUHFWLWXGLQHDDOHJHULORUL
VWLSXODF vQ HOHJHUHDQXvPSLHGLF DILUPDUHDLGHRORJLHLSURSULLLGLVFX LDGH
EXQ  FUHGLQ  'UHSWDWHD GLQ  QRLHPEULH   &KLDU GDF  DFRUGXO
UHDOL]DW QX D vQVHPQDW DGHUDUHD OLGHUXOXL QD LRQDO U QLVW ,XOLX 0DQLX OD
LGHRORJLD* U]LLGH)LHUFLGRDURDOLDQ WHPSRUDU SHQWUXvQO WXUDUHDOLEHUDOL
ORUGHODJXYHUQQHXWUDOL]DUHDOHJLRQDULORULDFFHGHUHDODSXWHUHHODDYXWXQ
LPSDFWQHJDWLYDVXSUDRSLQLHLSXEOLFHURPkQHWLDVXSUDHOHFWRUDWXOXLvQVSHFLDO
FUHkQGFRQIX]LLLGHWHUPLQkQGvQPDUHP VXU DVFHQVLXQHDOHJLRQDULORU

 &RQFRPLWHQW HO D HOLPLQDW SRVLELOLWDWHD LQWURGXFHULL OHJLRQDULORU vQ
JXYHUQLvPSOLQLUHDGH]LGHUDWHORUDOWRUJUXS ULSROLWLFHGHH[WUHP GUHDSWD
 
3URILWkQG GH IDSWXO F  QRXO JXYHUQ QX DYHD R ED]  SDUODPHQWDU 
GDU L GH UHDF LD LQWHUQD LRQDO  QHJDWLY  FDX]DW  vQ VSHFLDO GH P VXULOH
DQWLVHPLWH DGRSWDWH OD VFXUW WLPS GXS  LQVWDXUDUH L GH DSURSLHUHD GH
*HUPDQLDL,WDOLD&DURODO,,OHDDGHFLVODLDQXDULHGL]ROYDUHD
3DUODPHQWXOXLDOHV vQDLQWHFKLDUFDDFHVWDV VHILvQWUXQLW LDDQXQ DWQRL
DOHJHUL SHQWUX $GXQDUHD 'HSXWD LORU  PDUWLH  L 6HQDW  PDUWLH 
,QYRFkQG QXPHURDVHOH DFWH GH YLROHQ  FDUH SXWHDX GHJHQHUD vQ U ]ERL
FLYLOVXYHUDQXODFHUXWOXL$UPDQG& OLQHVFXPLQLVWUXGH,QWHUQHV IDF 
X]GHDUPHvPSRWULYDFHORUFDUHWXOEXUDXRUGLQHDSXEOLF FHLYL]D LILLQG
vQVSHFLDOOHJLRQDULLQWUXQDVHPHQHDFRQWH[W&RUQHOLX=HOHD&RGUHDQX
DUHWUDV vQXUPDXQHLGLVFX LLDYXWHFX2FWDYLDQ*RJD *DUGDGH)LHUGLQ
DOHJHULOHJLRQDULLXUPkQGV YRWH]HOLVWHOH3DUWLGXOXL1D LRQDO&UHWLQ

5HJLPXOGHDXWRULWDWHPRQDUKLF DOUHJHOXL&DURODO,,OHD

/DIHEUXDULH&DURODO,,OHDDYDORULILFDWGLQQRXFRQWH[WXO
LQWHUQ LQFDSDFLWDWHDSDUWLGHORUSROLWLFHGHPRFUDWLFHGHDFkWLJDDOHJHULOH
LGHDJXYHUQDGHJULQJRODGDDFHVWRUD LLQWHUQD LRQDO SHUFHS LDQHJDWLY 
D QRXOXL JXYHUQ vQ PDMRULWDWHD VWDWHORU HXURSHQH GHPRFUDWH vQ VSHFLDO
GDWRULW  P VXULORU DQWLVHPLWH OXDWH VDX SUHFRQL]DWH VXSULPDUHD ]LDUHORU
FDUHFRQWUDYHQHDXSROLWLFLLFL]LVWHURPkQL] ULLSUHVHLHWF SURYRFkQG
RFUL] JXYHUQDPHQWDO vQXUPDF UHLD2FWDYLDQ*RJDLDGDWGHPLVLD
,PHGLDW UHJHOH D QXPLW vQ IUXQWHD JXYHUQXOXL SH SDWULDUKXO 0LURQ
&ULVWHD$SRLvQGLVFX LDDYXW FXIRWLLSULPPLQLWULLFXHILLXQRUD
GLQWUH SDUWLGHOH SROLWLFH D SURSXV UHYRFDUHD FRQYRF ULL FRUSXULORU
HOHFWRUDOHUHYL]XLUHDXQRUSUHYHGHULDOH&RQVWLWX LHLHWF&XDFHODLSULOHM
D VROLFLWDW VXVSHQGDUHD WHPSRUDU  D DFWLYLW LL SDUWLGHORU SROLWLFH &KLDU
GDF  QX OHDX FRQYHQLW P VXULOH DQXQ DWH GH UHJH FHL FRQVXOWD L PXOWH
SHUVRQDOLW LSROLWLFHUHPDUFDELOHVDXDQJDMDWV VSULMLQHQRXOUHJLPVDX
V QXLIDF SUREOHPH FD]XOOXL,XOLX0DQLX 



 /D VXJHVWLD UHJHOXL OD  IHEUXDULH  $UPDQG & OLQHVFX L ,RQ
*LJXUWXDXGHPLVLRQDWLQYRFkQGLPSRVLELOLWDWHDFRODERU ULLFXPHPEULLJUXS ULL
FX]LVWHGLQJXYHUQ

 3ULQ DFHDVWD &DURO DO ,,OHD I FHD FXQRVFXW  LQWHQ LD GH D JXYHUQD
RE LQkQG WRWRGDW  DGH]LXQHD %LVHULFLL OD QRXO UHJLP SUHFRQL]DW OLQLWLUHD
FHUFXULORUSROLWLFHLQWHUQD LRQDOHHWF
 
QDFHHDL]LDLQVWLWXLWXQUHJLPPRQDUKLFDXWRULWDUGHFODQkQGXVH
SURFHVXOGHOLPLWDUHGUDVWLF DGUHSWXULORULOLEHUW LORUFHW HQHWL LQWUR
GXFHUHDVW ULLGHDVHGLXDPkQDUHDDOHJHULORUDQLKLODUHDSDUWLGHORUSROLWLFH
HWF  FDUH DYHD V  VH DJUDYH]H L V  VH H[WLQG  SH SDUFXUVXO D SHVWH R
MXP WDWHGHVHFROSkQ OD5HYROX LDGLQGHFHPEULH
&KLDUGDF QRXD&RQVWLWX LHSURPXOJDW ODIHEUXDULHVD
UHIHULW OD XQHOH SULQFLSLL GHPRFUDWLFH VXYHUDQLWDWHD QD LRQDO  VHSDUD LD
SXWHULORU vQ VWDW HWF  L GUHSWXUL FHW HQHWL HJDOLWDWHD vQ ID D OHJLORU
OLEHUWDWHD LQGLYLGXDO  LQYLRODELOLWDWHD GRPLFLOLXOXL HWF  SULQ QRLOH SXWHUL
DWULEXLWHUHJHOXLHDDVFKLPEDWUDGLFDOUDSRUWXOGLQWUHSXWHUHDOHJLVODWLY L
FHDH[HFXWLY vQIDYRDUHDXOWLPHL3DUODPHQWXO*XYHUQXOLFKLDU-XVWL LD
ILLQG VXERUGRQDWH vQ PDUH P VXU  PRQDUKXOXL GHFODUDW GH DFHDVW  GDW 
RILFLDOFDSXOVWDWXOXL3ULQIDSWXOF JXYHUQXOHUDQXPLWGLUHFWGHF WUH
VXYHUDQ PLQLWULL QX PDL DYHDX R ED]  SDUODPHQWDU  ILLQG UHVSRQVDELOL
GRDUID GHFHOFDUHLDSURSXOVDWvQ([HFXWLY0DLPXOWUHJHOHSXWHD
GH DFHDVW  GDW  V  UHIX]H VDQF LRQDUHD OHJLORU DGRSWDWH GH 3DUODPHQW V 
GL]ROYH&DPHUDL6HQDWXOV HPLW vQLQWHUYDOXOGLQWUHVHVLXQLGHFUHWHFX
SXWHUH GH OHJH V  VHPQH]H WUDWDWH SROLWLFH L PLOLWDUH I U  DSUREDUHD
3DUODPHQWXOXL ILLQG DEVROYLW GH RULFH U VSXQGHUH 3ULQ XUPDUH QRXD
&RQVWLWX LH D vQORFXLW SULQFLSLXO VXYHUDQLW LL QD LRQDOH L DO UHJLPXOXL
UHSUH]HQWDWLY FX FHO DO VXSUHPD LHL UHJDOH UHGXFkQG GUDVWLF DWULEX LLOH
3DUODPHQWXOXLvQGHIDYRDUHDDWULEX LLORUUHJDOH3UDFWLFUHJHOH&DURODO,,
OHDDWUHFXWLODJXYHUQDUHD ULL
Q SODQ SROLWLF vQ SHULRDGD XUP WRDUHDIRVWLQWHU]LV GHMXUH
DFWLYLWDWHD SDUWLGHORU JUXS ULORU L DVRFLD LLORU SROLWLFH  PDUWLH 
GHRDUHFH QX DX IRVW GL]ROYDWH DFHVWHD LDX FRQWLQXDW GH IDFWR vQ
DQXPLWHOLPLWHDFWLYLWDWHD DFOXEXULORULORFDOXULORUGHvQWUXQLULDOHDFHV



/DIHEUXDULHQRXD&RQVWLWX LHDIRVWDSUREDW SULQSOHELVFLW
GHGHFHW HQLGLQFHLSDUWLFLSDQ LODYRW

 &KLDU vQDLQWH GH LQVWDXUDUHD UHJLPXOXL DXWRULWDU PRQDUKLF &DURO DO
,,OHDvLUHDPLQWLVHOXL$UPDQG& OLQHVFX(WLPLQLVWUXOPHXGH,QWHUQH

3HODUJ$O*6DYXRSFLWSS

/DPDUWLHDIRVWFRQVWLWXLWI U FRQVXOWDUHDUHSUH]HQWDQ LORU
SDUWLGHORU SROLWLFH XQ QRX JXYHUQ 0LURQ &ULVWHD FRQVWLWXLW vQ SULQFLSDO GLQ
DSURSLD L DL JUXS ULORU SROLWLFH FRQGXVH GH $UPDQG & OLQHVFX L *KHRUJKH
7 W UHVFXLDUODPDUWLHDOWXOFRQGXVGH$UPDQG& OLQHVFX
 
WRUD DSULOLH SUHFXPLSUHVDGHSDUWLG ]LDUHOHFDUHDXFRQWLQXDW
V DSDU VDXSURFODPDWLQGHSHQGHQWH 
5HJLPXOGHPRFUDWLFDVXIHULWORYLWXULLSULQLQVWLWXLUHDFHQ]XULLLD
VW ULLGHDVHGLXSHvQWUHJWHULWRULXO ULL IHEUXDULH DGRSWDUHDXQHL
QRL OHJL HOHFWRUDOH  PDL   FKLDU GDF  SHQWUX SULPD GDW  IHPHLOH
SULPHDX GUHSW GH YRW &RQFRPLWHQW DX PDL IRVW GL]ROYDWH VLQGLFDWHOH L
FRQVWLWXLWH EUHVOHOH FD RUJDQL]D LL SURIHVLRQDOH  RFWRPEULH  
vQILLQ DW 6WUDMD ULL GHFHPEULHSHQWUXDWUDJHUHDWLQHUHWXOXL 
HODERUDW RQRX UHIRUP DGPLQLVWUDWLY  DXJXVW SULQFDUHDO WXUL
GHFRPXQ SODV LMXGH DPDLIRVWLQVWLWXLW LQXWXOLDXIRVWOXDWHP VXUL
GXUH vPSRWULYD OHJLRQDULORU vQ ED]D OHJLL SHQWUX DS UDUHD RUGLQLL
SXEOLFHvQVWDWGLQDSULOLH PXOWHF SHWHQLLILLQGDUHVWDWHMXGHFD
WH FRQGDPQDWH PDL   L FKLDU H[HFXWDWH  QRLHPEULH 
LQFOXVLY &RUQHOLX =HOHD &RGUHDQX  8Q DQ PDL WkU]LX OD  VHSWHPEULH
 XQ FRPDQGR OHJLRQDU DYHD V  DVDVLQH]H SH $UPDQG & OLQHVFX
SULPXOPLQLVWUXDO ULL
7RW vQ SODQ SROLWLF OD  GHFHPEULH  D IRVW vQILLQ DW )URQWXO
5HQDWHULL1D LRQDOHFRQGXVGLUHFWGHUHJHFDXQLF RUJDQL]D LHSROLWLF 
vQVWDWFXPHPEULGHFRQGXFHUHQXPL LLQXDOHL&XDFHOSULOHMRULFH
DOW DFWLYLWDWHSROLWLF DIRVWFRQVLGHUDW FODQGHVWLQ LDUDXWRULLHLSHGHS
VL L FX GHJUDGDUH FLYLF  SH WHUPHQ GH OD  SkQ  OD  DQL &RQFRPLWHQW
)51 D GHYHQLW VLQJXUD RUJDQL]D LH FDUH SXWHD GHSXQH FDQGLGD L vQ
DOHJHULOH SDUODPHQWDUH DGPLQLVWUDWLYH L SURIHVLRQDOH 3ULQ vQWUHJXO
PRGGHRUJDQL]DUHLGHDFWLYLWDWH)URQWXO5HQDWHULL1D LRQDOHvQSRILGD
PDVLYXOXL VSULMLQ UHJDO QX D F S WDW DGHUHQ  OD PDVH ILLQG ERLFRWDW GH
PHPEULL SDUWLGHORU LVWRULFH FDUH FKLDU GDF  DX DGHUDW OD QRXD IRUPD
LXQH SROLWLF  DX PHQ LQXW OHJ WXULOH FX SDUWLGHOH GLQ FDUH SURYHQHDX Q
DFHVW FRQWH[W vQFHUF ULOH UHJHOXL &DURO DO ,,OHD GH UHFRQFLOLHUH WRDPQD
DQXOXL   FX SDUWLGHOH SROLWLFH GLQ DU  DX HXDW OD IHO FD L
UHRUJDQL]DUHD)URQWXOXL5HQDWHULL1D LRQDOHGLQLDQXDULHFkQGVD



3HQWUXDHYLWDDF LXQLOHUHSUHVLYHDOHSXWHULL&RUQHOLX=HOHD&RGUHDQX
GHFLVHVHvQF GHODIHEUXDULHvQFHWDUHDDFWLYLW LLSDUWLGXOXL7RWXOSHQWUX
DU 

$O*6DYXRSFLWSS

 &HL PDL UHFHSWLYL OD SURSXQHULOH UHJHOXL VDX GRYHGLW D IL OHJLRQDULL
FDUHDXIRVWHOLEHUD LvQPDV 
 
GHFLVHOLJLELOLWDWHDRUJDQHORUGHFRQGXFHUHSkQ OD LQXWLDOHJHUHDXQHL
QRLFRQGXFHULFHQWUDOHvQIUXQWHFX$OH[DQGUX9DLGD9RHYRG
'XS FDSLWXODUHD)UDQ HLvQFHUFkQGV DGDSWH]HLPDLPXOWVLWXD LD
GLQ 5RPkQLD QRXOXL FRQWH[W LQWHUQD LRQDO GRPLQDW vQ WRWDOLWDWH GH F WUH
*HUPDQLDQD]LVW &DURODO,,OHDDGHFLVODLXQLHWUDQVIRUPDUHD
)URQWXOXL5HQDWHULL1D LRQDOHvQ3DUWLGXO1D LXQLLGHFODUDWLHOSDUWLG
XQLF L WRWDOLWDU DIODW VXE FRPDQGD VXSUHP  D UHJHOXL Q DFHHDL ]L
SULQ GHFUHWUHJDO D IRVW GHFODUDW  RUGLQHD SROLWLF  XQLF  L WRWDOLWDU  D
VWDWXOXLURPkQLQWURGXFkQGXVHSHGHSVHDVSUHID GHFHLFDUHDUILI FXW
SURSDJDQG SHQWUXVFKLPEDUHDRUJDQL] ULLSROLWLFHDVWDWXOXLURPkQ
Q QRXO FRQWH[W LQWHUQD LRQDO DJUDYDW L GH XOWLPDWXPXULOH
0RVFRYHL *DUGD GH )LHU D GHYHQLW OD  LXQLH  IRU  SROLWLF  GH
JXYHUQ PkQWLDU+RULD6LPDQRXOHIDOOHJLRQDULORUPHPEUXDO([HFXWL
YXOXL 3HVWH SX LQ WLPS DFHVWD DYHD V  FHDU  UHJHOXL V  vQFUHGLQ H]H
vQWUHDJDSXWHUHOHJLRQDULORU
6LWXD LD UHJLPXOXL PRQDUKLF GH DXWRULWDWH FDUH HYROXDVH GHMD VSUH
WRWDOLWDULVP ODLXOLH&RUSXULOH/HJLXLWRDUHDXIRVWGL]ROYDWHODDXJXVW
DIRVWDGRSWDWGHFUHWXOOHJHUHIHULWRUODVWDUHDMXULGLF DORFXLWRULORUHYUHL
GLQ5RPkQLDSULQFDUHDQWLVHPLWLVPXODIRVWULGLFDWODSROLWLF GHVWDW VD
DJUDYDW vQ XUPD UDSWXULORU WHULWRULDOH GLQ YDUD DQXOXL  SULQ FDUH
8QLXQHD 6RYLHWLF  8QJDULD L %XOJDULD DX RFXSDW FLUFD R WUHLPH GLQ
WHULWRULXOQD LRQDOI FkQGFDLQGLJQDUHDSRSXODU V DWLQJ FRWHPD[LPH
Q SRILGD JUDYHL FUL]H JXYHUQDPHQWDOH D UHJLPXOXL L D PRQDUKLHL
SDUWLGHOH SROLWLFH GHPRFUDWLFH QX DX UHXLW vQV  V  LPSXQ  UHYHQLUHD OD
UHJLPXOSROLWLFGHPRFUDWLF

5HJLPXOGLFWDWRULDOLQVWDXUDWGH,RQ$QWRQHVFX

QVSHUDQ DF vLYDVDOYDWURQXO&DURODO,,OHDDDSHODW vQXUPD


UHIX]XOXLSDUWLGHORUSROLWLFHGHDFRODERUDODJXYHUQDUH ODJHQHUDOXO,RQ
$QWRQHVFX DJUHDW L GH F WUH HILL SDUWLGHORU LVWRULFH  vQ SRILGD



&DURODO,,OHDXUP UHDSULQDFHDVWDLQHXWUDOL]DUHDWRWDO DOHJLRQDULORU

 /D VXJHVWLD OXL 9DOHU 3RS LQVSLUDW OD UkQGXL GH F WUH /HJD LD JHU
PDQ 
 
IDSWXOXL F  SkQ  QX GHPXOW DYXVHVH FX DFHVWD QXPHURDVH FRQIOLFWH
'XS  FH GXVHVH vQWUH  L  VHSWHPEULH  WUDWDWLYH FX ,XOLX 0DQLX
&,& %U WLDQX L +RULD 6LPD vQ YHGHUH FRQVWLWXLULL XQXL JXYHUQ GH
XQLXQHQD LRQDO ,RQ$QWRQHVFXLQYHVWLWODVHSWHPEULHFXFRQVWLWXLUHD
XQXL QRX JXYHUQ D VROLFLWDW LPHGLDW SXWHUL GHSOLQH SHQWUX FRQGXFHUHD
VWDWXOXL 6XE SUHVLXQHD OHJLRQDULORU FDUH H[HFXWDVHU  OD  VHSWHPEULH
XQHOH DWDFXUL DUPDWH vPSRWULYD DXWRULW LORU GH VWDW L FKLDU DVXSUD XQRU
XQLW L PLOLWDUH UHJHOH D vQFUHGLQ DW OXL ,RQ $QWRQHVFX OD  VHSWHPEULH
RUHOH   GHSOLQH SXWHUL SHQWUX FRQGXFHUHD VWDWXOXL URPkQ VXVSHQGkQG
WRWRGDW  &RQVWLWX LD GLQ IHEUXDULH  GL]ROYkQG 3DUODPHQWXO L
GLPLQXkQG SUHURJDWLYHOH UHJDOH /D UkQGXL ,RQ $QWRQHVFX D VROLFLWDW
VXYHUDQXOXL vQ VHDUD ]LOHL OD RUHOH   V  DEGLFH DFHVW OXFUX ILLQG
GRULW DWkW GH OLGHULL SULQFLSDOHORU SDUWLGH SROLWLFH GHPRFUDWLFH FkW L GH
OHJLRQDUL LGHJHUPDQL 
,]RODWLS U VLWGHPDMRULWDWHDFRODERUDWRULORUDSURSLD L FHLU PDL
ILGHOL DX IRVW QHXWUDOL]D L GH F WUH ,RQ $QWRQHVFX  VXE SUHVLXQHD
PDQLIHVWD LLORU GH VWUDG  RUJDQL]DWH GH OHJLRQDUL FDUH DX WUDV IRFXUL GH
DUP vQMXUXO3DODWXOXL5HJDO&DURODO,,OHDDIRVWREOLJDWV DEGLFHvQ
GLPLQHD D]LOHLGHVHSWHPEULH ODRUHOH S U VLQGDGRXD]LvQPDUH
JUDE  L FX PXOWH SHULSH LL 5RPkQLD XUP ULW GH OHJLRQDUL  $VWIHO OXD
VIkULWUHJLPXODXWRULWDULQVWLWXLWvQIHEUXDULH



/DVHSWHPEULH,XOLX0DQLXVDvQWkOQLWFX,RQ$QWRQHVFXOD
3ORLHWLVWDELOLQGV UHIX]HXQHYHQWXDOPDQGDWGLQSDUWHDUHJHOXLGHDFRQVWLWXL
JXYHUQXOV SDUWLFLSHODJXYHUQDUHGDF PRQDUKXODUILDEGLFDWLDUGDF DFHVW
OXFUXQXVHvQWkPSODV VHSUH]LQWHOD3DODWSHVWHSDWUX]LOHSHQWUXDVROLFLWDOXL
&DURO DO ,,OHD V  UHQXQ H OD WURQ Q FDGUXO DXGLHQ HL OD UHJH OD VROLFLWDUHD
VXYHUDQXOXL ,RQ$QWRQHVFXDDFFHSWDWV GLVFXWHGHVSUHFRPSRQHQ DYLLWRUXOXL
JXYHUQGHXQLXQHQD LRQDO I U DVROLFLWDDEGLFDUHD

$GYHUVDUvQYHUXQDWDOOXL&DURODO,,JHQHUDOXO,RQ$QWRQHVFXIXVHVH
FKLDU LQWHUQDW vQ YDUD DQXOXL  OD P Q VWLUHD %LVWUL D 9kOFHD  GH XQGH D
VWDELOLWOHJ WXULFX:LOKHOP)DEULFLXVPLQLVWUXO*HUPDQLHLOD%XFXUHWL

$XULF 6LPLRQ5HJLPXOSROLWLFGLQ5RPkQLDvQSHULRDGDVHSWHPEULH
LDQXDULH(GLWXUD'DFLD&OXM1DSRFDS

/DVHSWHPEULHRUHOH,RQ$QWRQHVFXDFHUXWXOWLPDWLY
UHJHOXL V  DEGLFH I FkQG FXQRVFXW F  vQ FD] GH UHIX] QX vL PDL JDUDQWD
VHFXULWDWHDSHUVRQDO LDDQWXUDMXOXL/DSOHFDUHDFHUXWV DLE XQU VSXQVSkQ 
ODRUHOHGLQ]LXDXUP WRDUH
 
3UHOXDUHDSXWHULLGHF WUHJHQHUDOXO,RQ$QWRQHVFXSULQWURORYLWXU 
GHVWDWDDWUDVGXS VLQHPRGLILF ULLPSRUWDQWHvQFHHDFHSULYHWHIRUPD
GH JXYHUQ PkQW QRXO UHJH 0LKDL , U PkQkQG GRDU FX DWULEX LL
RQRULILFHLJQRUDWHGHVHRULGHF WUHQRXOFRQGXF WRUDOVWDWXOXLFDUHD
OLPLWDWGLQFHvQFHPDLPXOWUROXOPRQDUKLHL
Q FDGUXO QRXOXL JXYHUQ FRQVWLWXLW OD  VHSWHPEULH 
GXS QHJRFLHULGLILFLOHLFXLPSRUWDQWHVXJHVWLLJHUPDQHDXLQWUDWUH
SUH]HQWDQ LDL* U]LLGH)LHU PDMRULWDWHD PLOLWDULFLYLOLQHDQJDMD LSROLWLF
L WHKQLFLHQL DL SULQFLSDOHORU SDUWLGH SROLWLFH EXUJKH]H &RQFRPLWHQW
5RPkQLD D IRVW SURFODPDW  VWDW QD LRQDOOHJLRQDU vQ FDGUXO F UXLD ,RQ
$QWRQHVFX HUD FRQGXF WRUXO VWDWXOXL L HIXO UHJLPXOXL OHJLRQDU LDU
+RULD 6LPD FRQGXF WRUXO PLF ULL OHJLRQDUH $VWIHO VD RILFLDOL]DW XQ
QRXUHJLPGLFWDWRULDOOHJLRQDURDQWRQHVFLDQDF UXLED] SROLWLF DIRVW
UHSUH]HQWDW GH*DUGDGH)LHU
'HYHQLW VLQJXU SDUWLG GH JXYHUQ PkQW L WRW VLQJXUXO FDUH DYHD
GUHSWXOV DFWLYH]HOHJDO*DUGDGH)LHUDSUHOXDWVXEFRQWUROLRSDUWHGLQ
DSDUDWXO GH VWDW GHYHQLQG ED]D SROLWLF  D UHJLPXOXL FRQGXV GH ,RQ



1RXOUHJHDGHSXVMXU PkQWXOODVHSWHPEULHRUHOHvQ3DODWXO
5HJDO vQ SUH]HQ D OXL ,RQ $QWRQHVFX D SDWULDUKXOXL 1LFRGLP 0XQWHDQX L D
SULPXOXLSUHHGLQWHDOQDOWHL&XU LGH&DVD LHL-XVWL LH'*K/XSX

,QVWDODUHDRILFLDO DQRXOXLUHJH0LKDL,DIRVWI FXW ODVHSWHPEULH
 vQ DIDUD FHUHPRQLDOXOXL RELQXLW FX DFHO SULOHM VWDELOLQGXVH L R QRX 
IRUPXO GHMXU PkQW-XUFUHGLQ 1D LXQLLURPkQH-XUV S ]HVFFXVILQ HQLH
OHJLOHVWDWXOXL-XUV S ]HVFLV DS UILLQ DVWDWXOXLLLQWHJULWDWHDWHULWRULXOXL
5RPkQLHL $D V PL DMXWH 'XPQH]HX 7LPSXO GLQ  VHSWHPEULH  
'XS  GH D VSRULW SULQWUXQ QRX GHFUHW DWULEXWHOH OXL ,RQ $QWRQHVFX UHJHOH
0LKDL,DU PDVGRDUFXXUP WRDUHOHSUHURJDWLYHFDSDORWLULLGUHSWXOGHDEDWH
PRQHG FRQIHULUHDGHGHFRUD LLURPkQHSULPLUHDLDFUHGLWDUHDGHDPEDVDGRUL
L PLQLWUL SOHQLSRWHQ LDUL QXPLUHD SULPXOXL PLQLVWUX vQV UFLQDW FX GHSOLQH
SXWHUL GUHSWGHDPQLVWLHLJUD LHUH

,RQ$QWRQHVFXvQGHSOLQHDIXQF LLOHGHSULPPLQLVWUXLGHPLQLVWUXDO
$S U ULL 1D LRQDOH LDU +RULD 6LPD IXQF LD GH YLFHSUHHGLQWH DO 3UHHGLQ LHL
&RQVLOLXOXLGH0LQLWUL

,QL LDO ,RQ $QWRQHVFX D GRULW XQ JXYHUQ GH XQLXQH QD LRQDO 
FRQVWLWXLW GLQ UHSUH]HQWDQ L DL SDUWLGHORU SROLWLFH GHPRFUDWLFH DFHWLD VDX
GHFODUDWvQV vQRSR]L LH LDL* U]LLGH)LHU DGRULWV GRPLQHJXYHUQXOL
FKLDUV FRQGXF VLQJXU 

QLVWRULRJUDILDURPkQ QRXOUHJLPDIRVWFDUDFWHUL]DWvQGLYHUVHPR
GXULGLFWDWXU IDVFLVW GLFWDWXU PLOLWDU IDVFLVW GLFWDWXU DQWRQHVFLDQ 
UHJLPDQWRQHVFLDQHWF
 
$QWRQHVFX QFHUFkQG V L H[WLQG  LQIOXHQ D SULQ GHPDJRJLH VRFLDO  L
QD LRQDO  OHJLRQDULL DX DSOLFDW WHURDUHD FD SROLWLF  GH VWDW DX RUJDQL]DW
IRUPD LXQLSDUDPLOLWDUHDXFRPLVFULPHvPSRWULYDDGYHUVDULORUSROLWLFL
LQGLIHUHQWGHRULHQWDUHSROLWLF  LQXQXPDL SULQWUHQXPHURDVHOHYLFWLPH
QXP UkQGXVHVDYDQWXO1LFRODH,RUJDLHFRQRPLVWXO9LUJLO0DGJHDUXD
LFKLDUPDVDFUHvQPDV &RQFRPLWHQWDXGHFODQDWWHURDUHDvPSRWULYD
HYUHLORU vQ FDGUXO SROLWLFLL DQWLVHPLWH vQVFULLQGXVH L P VXULOH GH
URPkQL]DUHDSHUVRQDOXOXLGLQvQWUHSULQGHUL
/D UkQGXL ,RQ$QWRQHVFXDLQWHU]LVPDQLIHVWD LLOHLvQWUXQLULOHD
GHVILLQ DW GHPQLWDWHD GH FRQVLOLHU UHJDO L &RQVLOLXO GH &RURDQ  
VHSWHPEULH  RUJDQL]D LD 6WUDMD ULL  VHSWHPEULH  3DUWLGXO 1D LXQLL L
J U]LOH DFHVWXLD  VHSWHPEULH  EUHVOHOH D GHFUHWDW FRQWUROXO DYHULORU
IRWLORUGHPQLWDULDLVWDWXOXLGLQXOWLPLLDQL VHSWHPEULH DPLOLWDUL]DW
vQWUHSULQGHULOH GH VWDW L SDUWLFXODUH D LQWURGXV OHJL IRDUWH DVSUH SHQWUX
QHVXERUGRQDUH D LPSXV GRPLFLOLX REOLJDWRULX SHQWUX QXPHURDVH
SHUVRQDOLW LSROLWLFHLPLOLWDUH
QILQDOvQFHUFDUHDJHQHUDOXOXL,RQ$QWRQHVFXGHDUHDOL]DRDOLDQ 
FX OHJLRQDULL SH FDUH D YUXW V  LL VXERUGRQH]H D HXDW OXSWD SHQWUX
SXWHUH GXFkQG OD GLYHUJHQ H L DSRL OD FRQIOLFW DUPDW vQWUH  L
LDQXDULHFkQGUHEHOLXQHDOHJLRQDU DIRVWUHSULPDW FXDMXWRUXO
DUPDWHL L FX DSUREDUHD JHUPDQLORU Q WLPSXO DFHORU WUDJLFH


5 ]OH LL&RUSXOPXQFLWRUHVFOHJLRQDU$MXWRUXOOHJLRQDU9HVWLWRULL
FHUFXO VWXGHQ HVF &RQFRPLWHQW SROL LD OHJLRQDU  VH VXSUDSXQHD FX SROL LD
VWDWXOXL

QQRDSWHDGHVSUHQRLHPEULHPDLPXOWHHFKLSHGHOHJLRQDUL
DX XFLV OD vQFKLVRDUHD -LODYD  GH GH LQX L SULQWUH FDUH VDX DIODW JHQHUDOXO
*KHRUJKH $UJHDQX IRVW SULPPLQLVWUX  9LFWRU ,DPDQGL IRVW PLQLVWUX GH
-XVWL LH JHQHUDOXO*DEULHO0DULQHVFX IRVWSUHIHFWDO3ROL LHL&DSLWDOHLLPLQLVWUX
GH,QWHUQH JHQHUDOXO,RQ%HQJOLX IRVWLQVSHFWRUJHQHUDODO-DQGDUPHULHL 0LKDLO
0RUX]RY IRVWGLUHFWRUDO6HUYLFLXOXL6HFUHWGH,QIRUPD LL D

QDFHVWVHQVODVHSWHPEULHDPRGLILFDW&RGXO-XVWL LHL0LOLWDUH

QFHHDFHSULYHWHUROXOGH LQXWvQVWDWPHWRGHOHLULWPXOGHLPSX
QHUHDSROLWLFLL

,QL LDOOHJLRQDULLDXvQFHUFDWV GHVI RDUHDFWLYLW LLvQFDGUXODUPDWHL
EHQHILFLLQG vQ DFHVW VHQV GH SR]L LD IDYRUDELO  D JHQHUDOXOXL ,RQ $QWRQHVFX Q
PRPHQWXO vQ FDUH LD GDW VHDPD F  DFHWLD XUP UHDX FX WRWXO DOWH VFRSXUL ,RQ
$QWRQHVFXDRUGRQDWODRFWRPEULH&LQHHVWHvQDUPDW U PkQHDFROR
LFLQHHVWHODFXLEOHJLRQDUQQODIHO$UPDWDWUHEXLHV VHPHQ LQ vQVSLULWXO
RVW HVF &D XUPDUH VDX OXDW P VXUL SHQWUX VWRSDUHD LQILOWU ULL SURSDJDQGHL
OHJLRQDUHvQRWLUHP VXUDILLQGDFFHSWDW LGHPLOLWDULFDUHIXVHVHU LHLPDUWRULL
 
HYHQLPHQWHDXIRVWDVDVLQD LLU QL LVXWHGHFHW HQL PXO LHYUHLGDUL
PLOLWDUL 
QO WXUDW GHODFRQGXFHUHDVWDWXOXL*DUGDGH)LHUDvQFHWDWV PDL
ILH R RUJDQL]D LH SROLWLF  PXO L OHJLRQDUL IXJLQG vQ *HUPDQLD VDX ILLQG
DUHVWD L MXGHFD L L FRQGDPQD L OD vQFKLVRDUH SH GLIHULWH WHUPHQH GLQ
GLVSR]L LDJHQHUDOXOXL,RQ$QWRQHVFX0XO LGLQWUHDXWRULLDVDVLQDWHORUGLQ
QRLHPEULHDXIRVWFRQGDPQD LODPRDUWH vQSRILGDVIDWXULORUGDWHGH
F WUHJHUPDQL HILLOHJLRQDULvQWUHFDUHL+RULD6LPDVDXUHIXJLDWFX
VSULMLQXO%HUOLQXOXLvQ*HUPDQLDILLQGIRORVL LFDIRU GHUH]HUY ID 
GH,RQ$QWRQHVFX
/D  LDQXDULH  I U  V  FRQVXOWH SH UHJHOH 0LKDL , ,RQ
$QWRQHVFX D LQVWLWXLW XQ QRX JXYHUQ IRUPDW GLQ PLOLWDUL L FLYLOL
XQLYHUVLWDULVDXIXQF LRQDULGHFDULHU QHvQUHJLPHQWD LSROLWLF SUHOXkQG
LQWHJUDOSXWHUHDvQVWDWLFRQWLQXkQGV LDVLQJXUGHFL]LLOHLPSRUWDQWHvQ
VSHFLDOvQSUREOHPHGHSROLWLF H[WHUQ &RQFRPLWHQWDQXPLWQRLSUHIHF L
GLQUkQGXOPLOLWDULORULDUODIHEUXDULHDDEURJDWGHFUHWXOGLQ
VHSWHPEULH  SULQ FDUH 5RPkQLD IXVHVH SURFODPDW  VWDW QD LRQDO
OHJLRQDU 1LFL GH DFHDVW  GDW  QX D SHUPLV IXQF LRQDUHD OHJDO  D SDUWL
GHORU SROLWLFH GHPRFUDWLFH $ FRQWLQXDW V  DFWLYH]H OHJDO GRDU *UXSXO
(WQLFJHUPDQGLQ5RPkQLDUHFXQRVFXWFDSHUVRDQ MXULGLF ODQRLHP
EULH  L VWUXFWXUD SROLWLF  D DFHVWXLD 3DUWLGXO 0XQFLWRUHVF 1D LRQDO
6RFLDOLVW *HUPDQ DPEHOH FRQGXVH GH $QGUHDV 6FKPLGW QXPLW GH F WUH
JXYHUQXOGHOD%HUOLQ


QXPHURDVHORUDEX]XULFRPLVHGHOHJLRQDULFDUHDVDVLQDVHU FKLDUSHXQLLJHQHUDOL
LRIL HULVXSHULRULQDFHVWFRQWH[WvQLDQXDULHDUPDWDDU VSXQVI U H]LWDUH
ODRUGLQXOJHQHUDOXOXL,RQ$QWRQHVFXGHDUHSULPDUHEHOLXQHDLDDQLKLODWHQWDWLYH
* U]LL GH )LHU GH D SUHOXD SXWHUHD WRWDO  vQ VWDW Q DFHVW FRQIOLFW DUPDW VDX
vQUHJLVWUDWGHPRU LLGHU QL LGLQWUHPLOLWDUL ,VWRULDPLOLWDU DSRSRUXOXL
URPkQ9,SS 

 'DF  66XO D SUHIHUDW SH OHJLRQDUL +LWOHU L :HKUPDFKWXO VDX
VLWXDWGHSDUWHDJHQHUDOXOXL,RQ$QWRQHVFXSHUFHSXWOD%HUOLQFDILLQGVLQJXUXO
vQ VWDUH V  DVLJXUH OLQLWHD vQ 5RPkQLD H[WUHP GH QHFHVDU  SHQWUX vPSOLQLUHD
RELHFWLYHORUPLOLWDUHLHFRQRPLFHGHPRPHQW U ]ERLXOvPSRWULYD*UHFLHL L
GH SHUVSHFWLY  DWDFDUHD 8QLXQLL 6RYLHWLFH  DOH 5HLFKXOXL &X WRDWH DFHVWHD
JHUPDQLLQXDXDEDQGRQDWSHOHJLRQDULGXS vQIUkQJHUHDUHEHOLXQLL+RULD6LPD
L DO L FRQGXF WRUL DL * U]LL GH )LHU J VLQGXL UHIXJLX vQ *HUPDQLD XQGH DX
IRVWIRORVL LDSRLFDPLMORFGHSUHVLXQHvPSRWULYDOXL,RQ$QWRQHVFX
 
QO WXUDUHDOHJLRQDULORUGHODSXWHUHLFRQVWLWXLUHDQRXOXLJXYHUQDX
IRVW SULYLWH IDYRUDELO GH RSLQLD SXEOLF  L GH OLGHULL SDUWLGHORU SROLWLFH
GHPRFUDWLFHFDUHDXGHFODUDWF YRUGDQRXOXL([HFXWLYLJHQHUDOXOXL
$QWRQHVFX FHO PDL GHV YkULW FRQFXUV WHKQLF I U  D SDUWLFLSD vQV  OD
JXYHUQDUH&RQFRPLWHQWDWkW&,&%U WLDQXFkWL,XOLX0DQLXDXFHUXW
GHVHRUL OXL ,RQ $QWRQHVFX V  VH UHYLQ  OD UHJLPXO SDUODPHQWDU L V  VH
SHUPLW UHOXDUHDDFWLYLW LLSDUWLGHORUSROLWLFHvQPRGOHJDO
Q FDGUXO UHJLPXOXL SHUVRQDO GH WLS WRWDOLWDUGLFWDWRULDO FRQGXF 
WRUXO VWDWXOXL D FRQWLQXDW V  LQWHU]LF  GHVI XUDUHD YLH LL SROLWLFH VXE
DPHQLQ DUHDXQRUDSULJHVDQF LXQLSkQ ODDQLPXQF VLOQLF OLGHULL
SULQFLSDOHORU SDUWLGH SROLWLFH ,XOLX 0DQLX L &,&%U WLDQX FX
SUHF GHUH  EHQHILFLLQG WRWXL GH R DQXPLW  OLEHUWDWH GH DF LXQH LQWHUQ 
GDU L H[WHUQ  /D UkQGXOH DFHWLD DX VSULMLQLW vQ DQXPLWH PRPHQWH
DFWLYLWDWHD JXYHUQDPHQWDO  H[SULPkQGXL GHVHRUL GH]DFRUGXO ID  GH
XQHOH GHFL]LL vQ VSHFLDO vQ FHHD FH SULYHWH PRGDOLW LOH GH JXYHUQDUH L
UDSRUWXULOHHFRQRPLFHFX*HUPDQLD
'HYHQLW FHO PDL LPSRUWDQW RP vQ VWDW ,RQ $QWRQHVFX LQYHVWLW FX
GHPQLWDWHDGHPDUHDODO5RPkQLHLODDXJXVW DJXYHUQDWvQPRG
DXWRULWDUGLFWDWRULDO GHFL]LLOH VDOH QHSXWkQG IL MXGHFDWH VDX FHQ]XUDWH Q
WLPSXOSDUWLFLS ULL5RPkQLHLODU ]ERL  vQSHULRDGHOHvQFDUH
,RQ$QWRQHVFXVDDIODWSHIURQWDWULEX LLOHFRQGXFHULLJXYHUQXOXLDXIRVW
H[HUFLWDWHGHF WUH0LKDL$QWRQHVFXQXPLWYLFHSUHHGLQWHDO&RQVLOLXOXL
GH0LQLWUL
,RQ$QWRQHVFXDSURPRYDWRGXU SROLWLF DQWLVHPLW &KLDUGDF QX
D IRVW DGRSWDW  VROX LD ILQDO  H[WHUPLQDUHD HYUHLORU  FHUXW  GH +LWOHU
HYUHLL DX VXIHULW L DX PXULW DWkW vQ 5RPkQLD IRVWXO 5HJDW  FkW L PDL
DOHV  vQ %DVDUDELD %XFRYLQD L 7UDQVQLVWULD vQ XOWLPD SURYLQFLH ILLQG
H[SXO]D L vQ WRDPQD DQXOXL  FLUFD   GH HYUHL GLQ %DVDUDELD
%XFRYLQDLQRUGXO0ROGRYHL ) U DDQXODUHVSRQVDELOLWDWHDFHORUFDUH
DX FRQWULEXLW OD DFHVWH IDSWH UHSUREDELOH L DOWHOH PDL JUDYH LQFOXVLY



 /D  IHEUXDULH  &,& %U WLDQX FRQVLGHUD F  IRUPXOD QRXOXL
H[HFXWLYFRQVWLWXLDFHDPDLEXQ VROX LHFHVHSXWHDGDFUL]HLDFWXDOHF ,RQ
$QWRQHVFXHUDVLQJXUXOFDUHSRDWHJXYHUQD DUDvQFRQGL LLOHH[WHUQHLLQWHUQH
GH DVW ]L L GDWRU P WRW FRQFXUVXO FHO SXWHP GD vQGHSOLQLQGXQH R GDWRULH
SDWULRWLF 2SR]L LHDVHP Q WRDUHDDYXW,XOLX0DQLX

$XFRQVLGHUDWF 5RPkQLDHUDR DU RFXSDW GH*HUPDQLD
 
XFLGHUL  VH LPSXQH D IL SUHFL]DW IDSWXO F  vQ SHULRDGD  XQHOH
DXWRULW LLLQVWLWX LLURPkQHDXFRQWULEXLWODVDOYDUHDDPLLGHHYUHLGLQ
QRUGXO7UDQVLOYDQLHLRFXSDWHGH8QJDULDvQ
([WUHPGHGXUDIRVWLUHJLPXOPXQFLLSHQWUXWR LORFXLWRULL ULLOD
 PDL  LQVWLWXLQGXVH FDWHJRULD VDODULD LORU PRELOL]D L SH ORF
SUHFXPLSUDFWLFDUHFKL]L LRQ ULORUSHQWUXPXQF GLQUkQGXOSHUVRDQHORU
FDUH QX DYHDX REOLJD LL PLOLWDUH FRQFRPLWHQW VDX OXDW P VXUL GUDVWLFH
SHQWUX FRPEDWHUHD VDERWDMHORU HFRQRPLFH L D VSHFXOHL LQFOXVLY SHQWUX
UHSULPDUHDDGYHUVDULORUSROLWLFL

5HJLPXOSROLWLFWRWDOLWDU
GLQSHULRDGDDXJXVWGHFHPEULH

/D  DXJXVW  vQWUXQ FRQWH[W SROLWLFRPLOLWDU GUDPDWLF


GHWHUPLQDW GH vQIUkQJHULOH vQUHJLVWUDWH SH IURQW SULQWUXQ PDUH DFW GH
FXUDMUHJHOH0LKDL,vQvQ HOHJHUHFXRODUJ FRDOL LHGHIRU HSROLWLFHLFX
UHSUH]HQWDQ LDLDUPDWHLDRUGRQDWDUHVWDUHDPDUHDOXOXL,RQ$QWRQHVFX
FRQVWLWXLUHD XQXL QRX JXYHUQ GHPRFUDWLF L WUHFHUHD 5RPkQLHL GH SDUWHD
1D LXQLORU8QLWH$FWXODFRQVROLGDWSR]L LDPRQDUKLHLFHOSX LQGLQSXQFW
GHYHGHUHPRUDOLDI FXWV VHUHYLQ ODPRQDUKLDFRQVWLWX LRQDO LOD
UHJLPXOGHPRFUDWLF SHQWUXIRDUWHSX LQWLPSvQV 'HFUHWXOGLQDXJXVW
 D UHSXV vQ YLJRDUH &RQVWLWX LD GLQ  SUHY ]kQG F  SXWHUHD
OHJLVODWLY  V  ILH H[HUFLWDW  GH F WUH UHJH SkQ  OD RUJDQL]DUHD
5HSUH]HQWDQ HL1D LRQDOH
5HOXkQGXLDFWLYLWDWHD vQOHJDOLWDWH SDUWLGHOHSROLWLFHDXDF LRQDW
vQ FRQVHQV vQF  GLQ LXQLH  3DUWLGXO 1D LRQDO U QHVF 3DUWLGXO
1D LRQDO /LEHUDO 3DUWLGXO &RPXQLVW GLQ 5RPkQ L 3DUWLGXO 6RFLDO
'HPRFUDWFRQVWLWXLVHU %ORFXO1D LRQDO'HPRFUDWFXSULQFLSDODPLVLXQH
GHDSUHJ WLWUHFHUHD ULLGHSDUWHD1D LXQLORU8QLWHLGHDvQO WXUDGHOD
SXWHUHSHJHQHUDOXO,RQ$QWRQHVFX vQFHHDFHSULYHWHVXV LQHUHDHIRUWXOXL
GHU ]ERLDQWLKLWOHULVWvQFDGUXOF UXLDHOLEHUDUHDS U LLGHQRUGYHVWD ULL
RFXSDW GH8QJDULDvQUHSUH]HQWDRELHFWLYXOSULQFLSDOLSHQWUXvQGH
SOLQLUHDSUHYHGHULORU&RQYHQ LHLGHDUPLVWL LXGLQVHSWHPEULH


'LQX&*LXUHVFX5RPkQLDvQDOGRLOHDU ]ERLPRQGLDO
%XFXUHWL
 
&RQFRPLWHQW VD GHFODQDW R DSULJ  OXSW  SROLWLF  SHQWUX FXFHULUHD
SXWHULLvQFDUHIRU HOHGHVWkQJDvQIUXQWHFXSDUWLGXOFRPXQLVWVXV LQXWH
GH IRU HOH GH RFXSD LH VRYLHWLFH DX FRQVWLWXLW R QRX  DOLDQ  SROLWLF  
)URQWXO1D LRQDO'HPRFUDWLF/DPDUWLHVXESUHVLXQHVRYLHWLF VD
UHXLWV VHLPSXQ JXYHUQXOGU3HWUX*UR]DvQFDUHFRPXQLWLLDYHDXXQ
URO GHFLVLY 0 VXULOH DGRSWDWH vQ SHULRDGD FDUH D XUPDW DX I FXW FD
VSHUDQ DSRSRUXOXLURPkQGHDWU LvQGHPRFUD LHV QXVHvPSOLQHDVF 
3HQWUXSRSRUXOURPkQDXUPDWXQDGLQFHOHPDLJUHOHSHULRDGHGLQ
LVWRULDVD
Q SRILGD PDULL PDQLIHVWD LL DQWLJXYHUQDPHQWDOH GLQ  QRLHPEULH
 D DOWRU DF LXQL DQWLFRPXQLVWH L DQWLVRYLHWLFH SUHFXP L D
GHFODQ ULL0LF ULL1D LRQDOHGH5H]LVWHQ FRPXQLWLLURPkQLLPSXLOD
SXWHUHDXSUHOXDWWUHSWDWFRQGXFHUHDvQVWDWLPSXQkQGRVHULHGHP VXUL
FDUH DX SUHJ WLW VFKLPEDUHD UDGLFDO  D IRUPHL GH JXYHUQ PkQW L D
UHJLPXOXL SROLWLF IDOVLILFDUHD DOHJHULORU GLQ QRLHPEULH  vQILLQ DUHD
RILFLLORULQGXVWULDOHFDUHvQUHDOLWDWHUHSUH]HQWDXPLMORDFHGHvQGUXPDUH
DDFWLYLW LLHFRQRPLFHDWkWvQVHFWRUXOGHVWDWFkWLvQFHOSDUWLFXODU PDL
  vQJU GLUHD DFWLYLW LL SDUWLGHORU EXUJKH]H L vQWHPQL DUHD FDGUHORU
GHED] GHVILLQ DUHD3DUWLGXOXL1D LRQDO U QHVF LXOLHvQXUPD
vQFHUF ULLOXL,RQ0LKDODFKHGHDS U VL DUDLXOLHLGHDFRQVWLWXL
XQJXYHUQvQH[LOvQDXJXVW&RQVWDQWLQ,&%U WLDQXDIRVWREOLJDW
V  VXVSHQGH DFWLYLWDWHD SDUWLGXOXL 1D LRQDO/LEHUDO  UHIRUPD PRQHWDU 
 DXJXVW   HOLPLQDUHD XOWLPLORU UHSUH]HQWDQ L DL SDUWLGHORU
EXUJKH]HGLQJXYHUQ JUXSDUHDOLEHUDO FRQGXV GH*KHRUJKH7 W UHVFX
OD  QRLHPEULH   IDSW FDUH D I FXW FD vQ ([HFXWLY V  U PkQ  GRDU
UHSUH]HQWDQ LDLSDUWLGXOXLFRPXQLVWLDLDOLD LORUV LvQJU GLUHDDFWLYLW LL
UHJHOXL0LKDL,LvQILQDOREOLJDUHDDFHVWXLDGHDDEGLFDODGHFHPEULH
 PRQDUKLD ILLQG DVWIHO DEROLW  L LQVWDXUDW  R QRX  IRUP  GH
JXYHUQDUH5HSXEOLFD3RSXODU 5RPkQLDILLQGSkQ DWXQFLVLQJXUD DU 
GLQVIHUDGHLQIOXHQ RFXSD LHVRYLHWLF vQFDUHPDLH[LVWDPRQDUKLD

5HJLPXOVRFLDOLVWWRWDOLWDUFRPXQLVW  

3UHOXDUHD vQWUHJLL SXWHUL SROLWLFH vQ VWDW GH F WUH SDUWLGXO FRPXQLVW
vQIHEUXDULHFkQGDDYXWORFL&RQJUHVXOGHXQLILFDUHD3DUWLGXOXL
&RPXQLVW 5RPkQ FX 3DUWLGXO 6RFLDO'HPRFUDW UH]XOWkQG 3DUWLGXO
 
0XQFLWRUHVF5RPkQFDUHvQDOXDWGHQXPLUHDGH3DUWLGXO&RPXQLVW
5RPkQ LVFKLPEDUHDUHJLPXOXLSROLWLFDXIRVWXUPDWHGHDGRSWDUHDXQHL
QRL &RQVWLWX LL  DSULOLH   SULQ FDUH VD UHQXQ DW OD SULQFLSLXO
GHPRFUDWLFDOVHSDU ULLSXWHULORUvQVWDWvQWUHDJDSXWHUHILLQGH[HUFLWDW GH
0DUHD$GXQDUH1D LRQDO 
&RQFRPLWHQW &RQVWLWX LD D FRQVILQ LW QRXD IRUP  GH VWDW L GH
JXYHUQ PkQW  5HSXEOLFD  L QRXO FRQ LQXW DO SXWHULL SUHY ]kQG F 
5HSXEOLFD 3RSXODU  5RPkQ   QRXD GHQXPLUH D VWDWXOXL  HUD XQ VWDW
SRSXODUXQLWDULVXYHUDQvQFDUHvQWUHDJDSXWHUHHPDQDGHODSRSRUL
DSDU LQHDSRSRUXOXLDSURFODPDWGUHSWXULLOLEHUW LFHW HQHWLFDUHvQ
FHDPDLPDUHSDUWHQXDXIRVWDSOLFDWH
)RUPDUHD JXYHUQXOXL  RUJDQXO VXSUHP H[HFXWLY  D GHYHQLW
DWULEXWXO0DULL$GXQ UL1D LRQDOHvQID DF UHLDDFHVWDHUDUHVSRQVDELOvQ
SHULRDGDGLQWUHVHVLXQLSXWHUHDILLQGH[HUFLWDW GHXQ3UH]LGLXPDOHVSH
DQLSUHHGLQ LLDFHVWXLDILLQGVXFFHVLYDFDG&RQVWDQWLQ,3DUKRQ 
 GU3HWUX*UR]D  L,RQ*KHRUJKH0DXUHU 
 3XWHUHDRUJDQL]DUHDMXGHF WRUHDVF HUDDOF WXLW GLQ&XUWHDVXSUH
P FXU LWULEXQDOHLOXFUXQRXMXGHF WRULLSRSXODUHFRQWURODWHLHOHGH
F WUH0DUHD$GXQDUH1D LRQDO 
7RW vQ SUHPLHU  &RQVWLWX LD GLQ  D FUHDW SRVLELOLWDWHD
H[SURSULHULORU L D OLFKLG ULL SURSULHW LL FDSLWDOLVWH SULQ WUHFHUHD vQ
SURSULHWDWHDVWDWXOXLDPLMORDFHORUGHSURGXF LHE QFLORUSURSULHW LORUGH
DVLJXUDUHHWF
&RQFRPLWHQW vQ QRXO FDGUX SROLWLFRVWDWDO VD WUHFXW L OD UHRUJD
QL]DUHD DSDUDWXOXL GH VWDW vQ DXJXVW  GHVILLQ kQGXVH RUJDQHOH GH
6LJXUDQ  L vQILLQ kQGXVH DSRL 6HFXULWDWHD DXJXVW   FDUH D GHVI 
XUDWRVXV LQXW DFWLYLWDWHDUHSUHVLY vPSRWULYDRSRQHQ LORUQRXOXLUHJLP
FDUHDXIRVWDUHVWD LMXGHFD LVDXQXLFRQGDPQD LODDQLJUHLGHWHPQL 
FHD PDL PDUH SDUWH GLQWUH HL ILLQG QHYLQRYD L DWULEX LLOH UHSUHVLYH DOH
6HFXULW LLLDOHDSDUDWXOXLGHVWDWDXIRVWGLPLQXDWHWUHSWDWvQILLQG
HOLEHUD LSULQWURODUJ DPQLVWLHXOWLPLLGH LQX LSROLWLFLXOWHULRUWHURDUHD
DVXSUDRSRQHQ LORUUHJLPXOXLFRPXQLVWDYHDV VHLQWHQVLILFHGLQQRX 
/D VFXUW WLPS vQ LDQXDULH  -DQGDUPHULD L 3ROL LD DX IRVW
vQORFXLWHGHF WUH0LOL LD3RSXODU QVHSWHPEULHDXDS UXWQRXW L
L vQ FHHD FH SULYHWH vPS U LUHD DGPLQLVWUDWLY WHULWRULDO  WHULWRULXO ULL
ILLQGvPS U LWvQUHJLXQLUDLRDQHLFRPXQH vQIHEUXDULHUHJLXQLOHL

 
UDLRDQHOH DYHDX V  ILH GHVILLQ DWH L vQORFXLWH FX MXGH H SOXV 0XQLFLSLXO
%XFXUHWLvQVDvQILLQ DWL6HFWRUXO$JULFRO,OIRY 
6FKLPE ULOHUDGLFDOHLQWHUYHQLWHvQUHJLPXOXLSROLWLFLvQVRFLHWDWHD
URPkQHDVF  DX I FXW FD OD  VHSWHPEULH  V  ILH DGRSWDW  R QRX 
&RQVWLWX LHFDUHDFRQVDFUDWSHQWUXSULPDGDW UROXOFRQGXF WRUvQVWDWDO
XQXLSDUWLGSROLWLF3DUWLGXO0XQFLWRUHVF5RPkQ'HIDSWWUHSWDWWUHSWDW
DFHVWD DYHD V  U PkQ  VLQJXUXO SDUWLG GLQ 5RPkQLD vQ SHULRDGD 
 FHOHODOWH IRUPD LXQL SROLWLFH vQFHWkQGXL DFWLYLWDWHD WUHFkQGXVH OD
VLVWHPXO PRQRSDUWLGLVW SkQ  OD VIkULWXO DQXOXL  FkQG 5HYROX LD
URPkQ DSHUPLVUHYHQLUHDODVLVWHPXOGHPRFUDWLFSOXULSDUWLG 
'RULQG V L LPSXQ  FkW PDL UHSHGH SR]L LD vQ VWDW L V  RE LQ 
vQFUHGHUHDWRWDO DJXYHUQXOXLVRYLHWLFRUJDQHOHGHFRQGXFHUHGHSDUWLGL
GHVWDWURPkQHDXDFFHSWDWvQ DU SUH]HQ DDPLLGHFRQVLOLHULVRYLHWLFLL
DJHQ L1.9'LDXGHVI XUDWRLQWHQV DFWLYLWDWHUHSUHVLY vPSRWULYD
FHORU FDUH OL VH RSXQHDX VDX QX OH DJUHDX SROLWLFD DUHVWkQG MXGHFkQG
vQWUH LQkQG vQ UHJLP GH H[WHUPLQDUH ]HFL GH PLL GH RDPHQL PXO L
QHYLQRYD L IRWLOLGHULDLSDUWLGHORUSROLWLFHLJHQHUDOLDLDUPDWHLURPkQH
HSLVFRSL FDWROLFL LQWHOHFWXDOL HWF  GHSRUWkQG vQ % U JDQ ]HFL GH PLL GH
HWQLFLJHUPDQLLVkUELDUHVWkQGFLUFDGH UDQLFDUHUHIX]DXV VH
vQVFULHvQ*RVSRG ULLOH$JULFROH&ROHFWLYHDOWH]HFLGHPLLGHSHUVRDQH
DX IRVW UHHGXFDWH SULQ PXQF  IRU DW  Q SRILGD P VXULORU UHSUHVLYH
URPkQLL DX GHVI XUDW R VXV LQXW  PLFDUH GH UH]LVWHQ  DQWLFRPXQLVW  L
DQWLVRYLHWLF  DWHSWkQG DMXWRUXO RFFLGHQWDOLORU FDUH D LQFOXV L OXSWD
DUPDW vQPXQ LUHSULPDW vQV SkQ vQ
Q WRW DFHVW WLPS OXSWD SHQWUX SXWHUH D GHYHQLW R FRQVWDQW  vQ
FRQGXFHUHD 3DUWLGXOXL 0XQFLWRUHVF 5RPkQ vQ VSHFLDO vQ GHFHQLXO 
VXFFHVLY ILLQG HOLPLQDW JUXSXO $QD 3DXNHU  9DVLOH /XFD  7HRKDUL
*HRUJHVFX   XFLV /XFUH LX 3 WU FDQX   L vQO WXUD L 0LURQ
&RQVWDQWLQHVFXL,RVLI&KLLQHYVFKL  
&RQVROLGkQGXL SXWHUHD L UHXLQG V  GHWHUPLQH SH VRYLHWLFL V L
UHWUDJ  WUXSHOH GLQ DU  LQFOXVLY FRQVLOLHULL PLOLWDUL 5RPkQLD ILLQG GLQ
DFHVW SXQFW GH YHGHUH VLQJXUD DU  GLQ VLVWHPXO VRFLDOLVW *KHRUJKH
*KHRUJKLX'HMI U V UHIRUPH]HvQYUHXQIHOUHJLPXOLQWHUQDGHFODQDW
SURFHVXO GH GHVSULQGHUH GLQ RUELWD 0RVFRYHL RSXQkQGXVH SROLWLFLL GH
LQWHJUDUHHFRQRPLF SURPRYDW GH16+UXFLRY



,RDQ6FXUWX,VWRULDFRQWHPSRUDQ D5RPkQLHL  (GLWXUD
)XQGD LHL5RPkQLDGH0kLQH%XFXUHWL
 
,QWHUHVH SROLWLFH L GH VWDW DX GHWHUPLQDW OD  PDUWLH 
PRGLILFDUHD&RQVWLWX LHLORFXO3UH]LGLXOXL0DULL$GXQ UL1D LRQDOHILLQG
OXDWGH&RQVLOLXOGH6WDWFDRUJDQVXSUHPDOSXWHULLGHVWDWFXDFWLYLWDWH
SHUPDQHQW VXERUGRQDW0DULL$GXQ UL1D LRQDOH)XQF LDGHSUHHGLQWH
DODFHVWHLVWUXFWXULDIRVWvQFUHGLQ DW OXL*KHRUJKH*KHRUJKLX'HMSULP
VHFUHWDUDO&RPLWHWXOXL&HQWUDODO3DUWLGXOXL0XQFLWRUHVF5RPkQSkQ vQ
PDUWLH  FkQG vQ XUPD GHFHVXOXL DFHVWXLD IXQF LLOH vQ SDUWLG 
PDUWLH LvQVWDWDXIRVWSUHOXDWHGHF WUH1LFRODH&HDXHVFX
8OWHULRU OD  DXJXVW  vQ XUPD PRGLILF ULORU LQWHUYHQLWH vQ
YLD DVRFLDOSROLWLF D ULLFDXUPDUHDvQFKHLHULLSURFHVXOXLGHFRRSHUD
WLYL]DUHDDJULFXOWXULL PDUWLH D'HFODUD LHL&RPLWHWXOXL&HQWUDODO
3DUWLGXOXL 0XQFLWRUHVF 5RPkQ GLQ DSULOLH  HWF 0DUHD $GXQDUH
1D LRQDO DDGRSWDWRQRX &RQVWLWX LHFDUHDSUHY ]XWF vQ5HSXEOLFD
6RFLDOLVW  5RPkQLD  QRXD GHQXPLUH D ULL  IRU D SROLWLF 
FRQGXF WRDUHHUDUHSUH]HQWDW GH3DUWLGXO&RPXQLVW5RPkQ0RGLILFDW 
ODPDUWLH&RQVWLWX LDDSUHY ]XWLQVWLWXLUHDIXQF LHLGHSUHHGLQWH
DO 5HSXEOLFLL 6RFLDOLVWH 5RPkQLD FDUH HUD L HI DO VWDWXOXL DFHVWD ILLQG
DOHVODSURSXQHUHD&RPLWHWXOXL&HQWUDODO3DUWLGXOXL&RPXQLVW5RPkQL
DO )URQWXOXL 8QLW LL 6RFLDOLVWH vQ SHUVRDQD OXL 1LFRODH &HDXHVFX
VHFUHWDUXO JHQHUDO DO 3DUWLGXOXL &RPXQLVW 5RPkQ FDUH OD  GHFHPEULH
IXVHVHDOHVLvQIXQF LDGHSUHHGLQWHDO&RQVLOLXOXLGH6WDW
$MXQV vQ IUXQWHD VWDWXOXL URPkQ 1LFRODH &HDXHVFX D GHFODQDW
DF LXQHDGHUHRUJDQL]DUHDDFWLYLW LLSDUWLGXOXLFRPXQLVWFRQWLQXkQGSR
OLWLFDGHOLEHUDOL]DUHDDFWLYLW LORUHFRQRPLFHLFKLDUSROLWLFHGHVI XUDWH
vQ DU  DVRFLLQGXL OD FRQGXFHUH RDPHQL QRL GHYRWD L SULQWUH FDUH VD
DIODWLVR LDVD(OHQD&HDXHVFXDOHDV VXFFHVLYvQFHOHPDLvQDOWHIXQF LL
GHSDUWLGLGHVWDW&RQFRPLWHQWSHQWUXDLFRQVROLGDSR]L LDLvQSODQ
H[WHUQDDF LRQDWSHQWUXUHQXQ DUHDODPRGHOXOXQLFLPSXVSkQ DWXQFL
GHF WUHVRYLHWLFL
QFDGUXODD]LVHLOHJDOLW LVRFLDOLVWHDGHPDVFDWvQDSULOLHR
SDUWH GLQ DEX]XULOH V YkULWH vQ WLPSXO OXL *KHRUJKH *KHRUJKLX'HM OD
FDUH SDUWLFLSDVH L HO GH DOWIHO UHDELOLWkQG SH XQLL DFWLYLWL DL SDUWLGXOXL
vQWUH FDUH VD DIODW L /XFUH LX 3 WU FDQX ,QL LDO D vPEXQ W LW UHOD LLOH



 'HQQLV 'HOHWDQW 5RPkQLD VXE UHJLPXO FRPXQLVW )XQGD LD
$FDGHPLD&LYLF %XFXUHWL
 
GLQWUH VWDW L ELVHULF  SULQ vQILLQ DUHD D PDL PXOWH VHPLQDULL WHRORJLFH
VSRULUHDIDFXOW LORUGHWHRORJLHLUHQRYDUHDXQRUELVHULFLLP Q VWLUL
/DVFXUWWLPSvQV SUHOXkQGWRDWHIXQF LLOHGHFRQGXFHUHvQSDUWLGL
vQ VWDW 1LFRODH &HDXHVFX D SURPRYDW XQ VXV LQXW FXOW DO SHUVRQDOLW LL
UHIX]kQG RULFH VFKLPEDUH FkW GH FkW VHULRDV  vQ FDGUXO UHJLPXOXL SROLWLF
LQWHUQILLQGvQO WXUDWGHODSXWHUHODGHFHPEULH

5HYROX LD5RPkQ GLQ'HFHPEULH


LFRQVHFLQ HOHVDOH

6SUHGHRVHELUHGHVLWXD LDGLQFHOHODOWHVWDWHDIODWHODHVWGHFRUWLQD
GHILHUvQ5RPkQLDQXDIRVWSRVLELO vQO WXUDUHDUHJLPXOXLVRFLDOLVW
WRWDOLWDUFRPXQLVW SH FDOH SDQLF  GHRDUHFH 1LFRODH &HDXHVFX VD
FUDPSRQDW GH SXWHUH L D UHVSLQV FDWHJRULF LGHHD HIHFWX ULL GH UHIRUPH
GHPRFUDWLFHvQVRFLHWDWHDURPkQHDVF 
&D XUPDUH vQ FDGUXO SURFHVXOXL UHYROX LRQDU HVWHXURSHDQ L D
VFHQDULLORU H[WHUQH SULYLQG vQO WXUDUHD GH OD SXWHUH D OXL 1LFRODH
&HDXHVFX L D UHJLPXOXL SH FDUH DFHVWD vO SDWURQD OD PLMORFXO OXQLL
GHFHPEULHGXS vQFHUFDUHDGHUHYROW SRSXODU HXDW GHOD,DL 
GHFHPEULH  URPkQLL VDX UHYROWDW L HL LHLQG vQ VWUDG  PDL vQWkL OD
7LPLRDUD  GHFHPEULH  DSRL OD $UDG /XJRM &OXM HWF VFDQGkQG
/LEHUWDWH-RVGLFWDWXUD-RV&HDXHVFXHWFvQIUXQWkQGUHSUHVLXQHD
VWUXFWXULORUGHIRU DOHUHJLPXOXLFDUHODRUGLQXOHIXOXLVWDWXOXLQXDX
H]LWDWV WUDJ LV SURYRDFHPRU LLU QL LVSUHLQGLJQDUHDvQWUHJLLOXPL
FDUHVDVROLGDUL]DWFXOXSWDORUHURLF 
'XS  FLQFL ]LOH vQ FDUH DX vQIUXQWDW VLQJXUL VWUXFWXULOH UHJLPXOXL
WLPLRUHQLL DX LHLW GLQ QRX OD  GHFHPEULH  FX ]HFLOH GH PLL vQ
VWUDG DXGHFODQDWJUHYDJHQHUDO LDXFRQVWLWXLW)URQWXO'HPRFUDW LF 
5RPkQFDUHDIRUPXODWSULPXOSURJUDPDOUHYROX LHLURPkQHSULQFDUHVH
FHUHDX RUJDQL]DUHD GH DOHJHUL OLEHUH DFRUGDUHD GH GUHSWXUL L OLEHUW L


 ,RDQ 6FXUWX 5HYROX LD 5RPkQ  GLQ 'HFHPEULH  vQ FRQWH[W
LQWHUQD LRQDO(GLWXUD(QFLFORSHGLF (GLWXUD,QVWLWXWXOXL5HYROX LHL5RPkQH
GLQ'HFHPEULH%XFXUHWL

 $OHVDQGUX 'X X 5HYROX LD GLQ 'HFHPEULH  &URQRORJLH
(GLWXUD,QVWLWXWXOXL5HYROX LHL5RPkQHGLQ'HFHPEULH%XFXUHWL
 
FHW HQHWL UHIRUPD SROLWLFH HFRQRPLFH L VRFLDOH HOLEHUDUHD GH LQX LORU
SROLWLFLLDFHORUDUHVWD LLOHJDOHWF
$ XUPDW OD  GHFHPEULH  L UHYROWD EXFXUHWHQLORU
UHSUHVLXQHDGLQQRDSWHDGHVSUHGHFHPEULHGHOD,QWHUFRQWLQHQWDO
LHLUHDvQVWUDG D]HFLORUGHPLLGHFHW HQLDL&DSLWDOHL GHFHPEULH 
XUPDW GHvQO WXUDUHDGHODSXWHUHDOXL1LFRODH&HDXHVFXLFRQVWLWXLUHD
)URQWXOXL 6ODY ULL 1D LRQDOH vQ VHDUD ]LOHL GH  GHFHPEULH  DO F UXL
&RQVLOLXDI FXWFXQRVFXW ULLOD7HOHYL]LXQHVHDUDWkU]LX&RPXQLFDWXO
F WUH DU  FHO PDL UDGLFDO GRFXPHQW DO UHYROX LHL &X DFHO SULOHM ,RQ
,OLHVFXDDQXQ DWDDQXQ DWGHPLWHUHDJXYHUQXOXLLGL]ROYDUHDVWUXFWXULORU
GH SXWHUH DOH YHFKLXOXL UHJLP SUHOXDUHD SXWHULL GH F WUH &RQVLOLXO
)URQWXOXL6DOY ULL1D LRQDOHDEDQGRQDUHDUROXOXLFRQGXF WRUDOSDUWLGXOXL
FRPXQLVW VWDWRUQLFLUHD XQXL VLVWHPGHPRFUDWLFSOXUDOLVWGHJXYHUQ PkQW
HWF 'RFXPHQWXO PDL SUHFL]D F  RELHFWLYXO SULQFLSDO DO )61 FRQVWD vQ
LQVWDXUDUHDGHPRFUD LHLOLEHUW LLLGUHSWXULORUSRSRUXOXLURPkQF vQ
YLLWRU DUDVHYDQXPL5RPkQLD
&XSX LQWLPSvQDLQWHvQV IRU HU PDVHQHFXQRVFXWHDXGHFODQDW
DWDFXULWHURULVWHFDUHDXSURYRFDWQXPHURDVHYLFWLPHXPDQHPDWHULDOHL
VSLULWXDOH FRQFRPLWHQW 5RPkQLD D IRVW VXSXV  L XQXL LQWHQV U ]ERL
HOHFWURQLF6LWXD LDVDVWDELOL]DWODVFXUWWLPSGXS MXGHFDUHDLH[HFX LD
OXL 1LFRODH &HDXHVFX L D VR LHL VDOH  OD  GHFHPEULH  3HQWUX
YLFWRULD5HYROX LHLURPkQHVDXMHUWILWFHW HQLGLQFDUHDXIRVW
PLOLWDUL&RQFRPLWHQWDXIRVWU QL L PLOLWDUL 
 9LFWRULD UHYROX LHL D DYXW LPSRUWDQWH FRQVHFLQ H SROLWLFH
HFRQRPLFHVRFLDOHHWF/DVFXWWLPSDXIRVWUHFRQVWLWXLWHSDUWLGHOHLVWRULFH
GHVILLQ DWH OD vQFHSXWXO UHJLPXOXL FRPXQLVW L FRQVWLWXLWH DOWHOH QRL
DMXQJkQGXVHFKLDUODRDGHY UDW LQIOD LHGHSDUWLGHSROLWLFHQXP UXO
DFHVWRUD DMXQJkQG vQ PDL  OD  /XSWD SHQWUX SXWHUH vQWUH )URQWXO
6DOY ULL 1D LRQDOH WUDQVIRUPDW vQ SDUWLG SROLWLF OD  IHEUXDULH   L
RSR]L LD JUXSDW  vQ MXUXO IRVWHORU SDUWLGH LVWRULFH UHFRQVWLWXLWH FX SX LQ
WLPS vQDLQWH D I FXW FD YLD D SROLWLF  URPkQHDVF  V  GHYLQ  H[WUHP GH
DJLWDW 



 $UPDWD URPkQ  vQ 5HYROX LD GLQ 'HFHPEULH  6WXGLX
GRFXPHQWDU (GL LD D ,,D UHY ]XW  L DG XJLW  (GLWXUD 0LOLWDU  %XFXUHWL
S
 
&XWRDWHDFHVWHDDFWLYLWDWHDJXYHUQDPHQWDO  ODGHFHPEULH
vQ IXQF LD GH SULPPLQLVWUX D IRVW QXPLW 3HWUH 5RPDQ  VD GHVI XUDW
FRQIRUP SULQFLSLLORU DQXQ DWH SULQ &RPXQLFDWXO &RQVLOLXOXL )URQWXOXL
6DOY ULL 1D LRQDOH OD IHO FD L FHD OHJLVODWLY  FDUH D IRVW SUHOXDW  OD
IHEUXDULHGHF WUH&RQVLOLXO3URYL]RULXDO8QLW LL1D LRQDOH
/HJHD SULYLQG DOHJHULOH SDUODPHQWDUH L SUH]LGHQ LDOH DGRSWDW  GH
DFHVWD GLQ XUP  OD  PDUWLH  D SUHY ]XW F  SXWHUHD SROLWLF  vQ
5RPkQLD DSDU LQH SRSRUXOXL L VH H[HUFLW  SRWULYLW SULQFLSLLORU GHPRFUD
LHLOLEHUW LLLDVLJXU ULLGHPQLW LLXPDQHLQYLRODELOLW LLLLQDOLHQDELOL
W LL GUHSWXULORU IXQGDPHQWDOH DOH RPXOXL JXYHUQDUHD XUPkQG V  VH
UHDOL]H]HSHED]DVLVWHPXOXLGHPRFUDWLFSOXUDOLVWSUHFXPLDVHSDUD LHL
SXWHULORUOHJLVODWLY H[HFXWLY LMXGHF WRUHDVF 
3ULPDFDPSDQLHHOHFWRUDO SRVWGHFHPEULVW VDGHVI XUDWLHDvQ
FDGUXOXQHLDJLWDWHOXSWHSHQWUXSXWHUHDGHUHQ LLRSR]L LHLRFXSkQGOD
DSULOLH3LD D8QLYHUVLW LLSHFDUHDXGHFODUDWR]RQ OLEHU GHQHR
FRPXQLVPNLORPHWUXODOGHPRFUD LHLHWFFHUkQGVFRDWHUHDvQDIDUD
OHJLL D SDUWLGHORU GH WLS QHRFRPXQLVW VH YL]D vQ SULPXO UkQG )URQWXO
6DOY ULL 1D LRQDOH  vQO WXUDUHD GLQ IXQF LLOH GH FRQGXFHUH D FHORU FDUH
I FXVHU SDUWHGLQQRPHQFODWXUDFRPXQLVW OXDUHDGUHSWXOXLGHDFDQGLGD
DFHORUFDUHDYXVHVHU IXQF LLvQFDGUXO3DUWLGXOXL&RPXQLVW5RPkQ HUD
YL]DWvQVSHFLDO,RQ,OLHVFXIRVWVHFUHWDUDO&&DO3&5 L6HFXULWDWHHWF
Q ILQDO DOHJHULOH GLQ  PDL  FkWLJDWH GH F WUH )URQWXO
6DOY ULL 1D LRQDOH FX  SHQWUX $GXQDUHD 'HSXWD LORU L 
SHQWUX6HQDW DXGDWQDWHUHSULPXOXL3DUODPHQWSOXULSDUWLGLVW ODLXQLH
3DUODPHQWXODvQYHVWLWJXYHUQXOPRQRFRORUDO)URQWXOXL6DOY ULL1D LRQDOH
vQIUXQWHFX3HWUH5RPDQ FXUROGH$GXQDUH&RQVWLWXDQW vQFDUHDXIRVW
UHSUH]HQWDWH FLUFD  GH IRUPD LXQL SROLWLFH Q IXQF LD GH SUHHGLQWH DO
5RPkQLHLDIRVWDOHVFXGLQYRWXUL,RQ,OLHVFX
 $GRSWDUHD &RQVWLWX LHL 5RPkQLHL OD  QRLHPEULH 
FRQVDFUDW LSULQUHIHUHQGXPQD LRQDOODGHFHPEULH DSXVFDS W
SURYL]RUDWXOXL SROLWLF vQ 5RPkQLD GDU QX L LQVWDELOLW LL SROLWLFH
VFLQG ULGHSDUWLGHGL]LGHQ HSROLWLFHPLJUD LLSDUODPHQWDUHHWF FUL]HORU
JXYHUQDPHQWDOH vQVHSWHPEULHSUHPLHUXO3HWUH5RPDQIRWGHPLVvQ
XUPD XQHL QRL VRVLULDGXFHUL D PLQHULORU GLQ 9DOHD -LXOXL vQ %XFXUHWL 
VRFLDOH JUHYHPDQLIHVWD LLHWF 
(URGDUHD UHJLPXOXL ,OLHVFX FDUH D FkWLJDW L DOHJHULOH GLQ 
VHSWHPEULH GXS DQLGHJXYHUQDUHDI FXWFDDOHJHULOHGLQQR
 
LHPEULHV ILHFkWLJDWHGHRSR]L LDUHSUH]HQWDW vQSULQFLSDOGHF WUH
&RQYHQ LD 'HPRFUDWLF  GLQ 5RPkQLD FRQVWLWXLW  OD  LXQLH  vQ
ORFXO &RQYHQ LHL 'HPRFUDWLFHvQILLQ DW  OD  QRLHPEULH   LDU FHOH
SUH]LGHQ LDOH GH F WUH (PLO &RQVWDQWLQHVFX 1LFL GH DFHDVW  GDW 
SURPLVLXQLOHHOHFWRUDOHQXDXIRVWvQGHSOLQLWH VLWXD LDHFRQRPLF D ULLV
D GHWHULRUDW RPDMXO D FUHVFXW QLYHOXO GH WUDL D VF ]XW DUD QX D IRVW
SULPLW vQ1$72DQVHOHGHDGHUDUHOD8QLXQHD(XURSHDQ DXVF ]XW
HWF $FHVW OXFUX D IRVW WD[DW GH F WUH DOHJ WRUL FX SULOHMXO DOHJHULORU
SDUODPHQWDUHGLQQRLHPEULHFkQG3DUWLGXO'HPRFUD LHL6RFLDOH
GLQ5RPkQLDLDOLD LLV LDXUHYHQLWODJXYHUQDUH$OHJHULOHSUH]LGHQ LDOH
DX IRVW FkWLJDWH GH F WUH ,RQ ,OLHVFX vQ DO GRLOHD WXU GH VFUXWLQ OD 
GHFHPEULH
Q SRILGD GLVIXQF LXQLORU SROLWLFH L JXYHUQDPHQWDOH D vQWkU]LHULL
HIHFWX ULL UHIRUPHORU HFRQRPLFH L D WUDQ]L LHL vQ JHQHUDO vQ FHL  DQL
FDUHDXXUPDW5HYROX LHLGLQ'HFHPEULH XOWLPLLDLVHFROXOXL;; 
5RPkQLDDXUPDW vQSRILGDGLILFXOW LORUWUDQ]L LHLLDJUHHOLORUI FXWH 
XQFXUVDVFHQGHQWvQWRDWHGRPHQLLOHvQSODQLQWHUQLH[WHUQ



 


,;&$5$&7(5,67,&,$/((&2120,(,
,6758&785,,62&,$/(

(FRQRPLD

%HQHILFLLQGGHFRQVHFLQ HOHSROLWLFLLGHvQFXUDMDUHFXSUHF GHUHD


LQGXVWULHL LQL LDW  SULQ OHJHD GLQ  SURPRYDW  vQGHRVHEL GH 3DUWLGXO
1D LRQDO/LEHUDOGDUDFFHSWDW LGHFHOHODOWHSDUWLGHSROLWLFHFKLDULGH
FHOHFRQVHUYDWRDUHLGHP VXULOHHFRQRPLFHSURWHF LRQLVWH OHJHDYDPDO 
GLQ   LQFOXVLY vQ FHHD FH SULYHWH GH]YROWDUHD FDSLWDOXOXL DXWRKWRQ
HFRQRPLD URPkQHDVF  D vQUHJLVWUDW SURJUHVH OD vQFHSXW GH VHFRO I U  V 
DMXQJ  OD VWDQGDUGHOH DWLQVH L FHUXWH GH GH]YROWDUHD HXURSHDQ  0XOW 
YUHPH5RPkQLDDU PDVXQVWDWFXSUHF GHUHDJUDU
Q GRPHQLXO LQGXVWULDO EHQHILFLLQGXVH GH DYDQWDMHOH SURWHF LRQLV
PXOXLOHJLVODWLYVDXvQUHJLVWUDWSURJUHVHvQGRPHQLXOLQGXVWULHLXRDUHL
GHFRQVWUXF LLGHPRU ULW]DK UKkUWLHOHPQFLPHQWSUHFXPLvQFHD
H[WUDFWLY 5RPkQLDDMXQJkQGvQDOWUHLOHDSURGXF WRUPRQGLDOGH
SHWUROGXS 6WDWHOH8QLWHDOH$PHULFLLL5XVLDFXRSURGXF LHDQXDO GH
 WRQH GH SHVWH  RUL PDL PXOW FD vQ   3URJUHVH D
vQUHJLVWUDW L LQGXVWULD SUHOXFU WRDUH XRDU  L DOLPHQWDU  0DL OHQW VD
GH]YROWDWLQGXVWULDWH[WLO SURGXF LDGHWLSPDQXIDFWXULHUGH LQkQGvQF XQ
URO LPSRUWDQW vQ HFRQRPLD ULL Q OLSVD XQHL LQGXVWULL FRQVWUXFWRDUH GH
PDLQLGLQLQVWDOD LLOHWHKQLFHLSURGXVHOHVHPLIDEULFDWHQHFH
VDUHXWLOL] ULLvQWUHSULQGHULORUDXIRVWLPSRUWDWHGLQVWDWHOHLQGXVWULDOL]DWH
5DPXU GHED] DHFRQRPLHLURPkQHWLDJULFXOWXUDLQFOXGHDSHVWH
GLQSRSXOD LD ULLQSRILGDFUHWHULLSURGXF LHLDJULFROHvQVSHFLDO
ODFHUHDOHFDUHDFRSHUHDXvQFLUFDGLQWHUHQXOFXOWLYDWSRUXP
EXOVLWXkQGXVHSHSULPXOORFDQWUHQDUHDDFHVWHLDvQFLUFXLWXOHFRQRPLHL
GHSLD LPRGHUQL]DUHDHLDXIRVWvQWkU]LDWHGHSHUVLVWHQ DXQRUVWUXFWXUL
GH SURSULHWDWH L UHOD LL GH SURGXF LH DQDFURQLFH FDUH QX vQFXUDMDX
DFWLYLWDWHD SURGXFWLY  &DX]D SULQFLSDO  D UHSUH]HQWDWR OLSVD GH S PkQW


&RQFRPLWHQWvQ DU VHH[WU JHDXLLPSRUWDQWHFDQWLW LGHF UEXQH
 
SHQWUX SULQFLSDOLL SURGXF WRUL vQ  QXPDL vQ 5HJDW H[LVWkQG SHVWH
GHIDPLOLL U QHWLI U S PkQWvQWLPSFHPRLHULFXSHVWH
KDVW SkQHDXGLQWHUHQXODUDELOLDUGH UDQLFXSkQ 
ODKDGH LQHDX
0DULOH SLHUGHUL vQUHJLVWUDWH vQ WLPSXO SULPXOXL U ]ERL PRQGLDO L
MDIXO SUDFWLFDW GH WUXSHOH JHUPDQH DXVWURXQJDUH EXOJDUH L WXUFH GH
RFXSD LH  DXI FXWFDvQQLYHOXOHFRQRPLHLURPkQHWLV 
ILHPDLPLFFXID GHSURGXF LDGLQDMXQJkQGXVHFDGLQ
DU H[SRUWDWRDUHGHFHUHDOH5RPkQLDV GHYLQ LPSRUWDWRDUH
) XULUHD5RPkQLHLQWUHJLWHvQFDUHDDGXVGXS VLQHLVSR
ULUHD L GLYHUVLILFDUHD VXUVHORU GH PDWHULL SULPH D LQIOXHQ DW SR]LWLY
HYROX LDHFRQRPLF D5RPkQLHL3DUWLGXO1D LRQDO/LEHUDOFRQWLQXkQGV 
VH SURQXQ H PDL DOHV vQ SULPXO GHFHQLX LQWHUEHOLF SHQWUX SROLWLFD SULQ
QRLvQLQHPDQLIHVWDW SULQDSOLFDUHDXQRUOHJLFDUHDXIDYRUL]DWIDFWRUXO
LQWHUQvQGH]YROWDUHDLQGXVWULHL OHJLOHPLQHORUHQHUJLHLFRPHUFLDOL] ULLL
FRQWUROXOXLvQWUHSULQGHULORUHFRQRPLFHHWF LSULQDGRSWDUHDXQRUWDULIH
YDPDOHSURWHF LRQLVWH
3ULQ HIRUWXUL GHRVHELWH VD DMXQV vQ  vQ FDGUXO SURFHVXOXL GH
UHFRQVWUXF LH OD UHIDFHUHD SRWHQ LDOXOXL HFRQRPLF L DSRL OD VSRULUHD
DFHVWXLD QWUH WLPS IXVHVH VROX LRQDW  L OLSVD GH S PkQW SULQ UHIRUPD
DJUDU  GLQ   XQD GLQ FHOH PDL FXSULQ] WRDUH OHJLIHUDW  SH SODQ
LQWHUQD LRQDO GXS  SULPXO U ]ERL PRQGLDO  ILLQG H[SURSULDWH 
KDS PkQWDUDELO GLQVXSUDID DPDULORUPRLL &XWRDWHDFHVWHD
OLSVD PLMORDFHORU DJULFROH PRGHUQH I UkPL DUHD SURSULHW LORU GDWRULW 
H[SOR]LHL GHPRJUDILFH OD VDWH L D DOWRU IDFWRUL DX I FXW FD SUREOHPD
U QHDVF  V  QX ILH VROX LRQDW  Q DQVDPEOX vQV  FUHWHUHD VXSUDIH HL
DJULFROHD ULLFDXUPDUHDUHDOL] ULL0DULL8QLUL PLOLRDQHKDID 
GH  PLOLRDQH KD vQ   IDEULFDUHD GH EDWR]H VHP Q WRUL L DOWH
PDLQL DJULFROH D GHWHUPLQDW VSRULUHD SURGXF LHL DJULFROH  PLOLRDQH
WRQHFHUHDOHvQIDSWFDUHVLWXD5RPkQLDSHSULPHOHORFXULvQOXPHOD
H[SRUWXOGHFHUHDOHvQVSHFLDOSRUXPERU]JUkX FKLDUGDF vQ]HVWUDUHD
WHKQLF  vQ VSHFLDO OD SOXJXUL D U PDV GHILFLWDU  vQ  OD XQ SOXJ
UHYHQHDXKDWHUHQDUDELO 



3kQ vQDXSULPLWS PkQWFDSLGHIDPLOLHY GXYHGH
U ]ERLVDXPRELOL]D L
 
Q5RPkQLDDLQWUDWvQWURSURIXQG FUL] HFRQRPLF DJUDYDW 
GHFRQWH[WXOLQWHUQD LRQDOGHVWUXFWXUDDJULFRO D ULLGHSUH XOULGLFDWDO
P UIXULORU LPSRUWDWH  FRPSDUDWLY FX FHOH H[SRUWDWH  GH VF GHUHD
SUH XOXL SURGXVHORU DJULFROH SHWUROLHUH SH SLD D H[WHUQ  GH FUHWHUHD
GDWRULHLH[WHUQHLGHGRPLQD LDPRQRSROXULORUVWU LQHFDUHGH LQHDXSHVWH
 GLQ HFRQRPLD QD LRQDO  Q FRQGL LLOH SHQXULHL GH FDSLWDO DXWRKWRQ
3DUWLGXO 1D LRQDO U QHVF FDUH D JXYHUQDW DUD vQ DFHDVW  SHULRDG  D
DSOLFDWSROLWLFDSRU LORUGHVFKLVHXUP ULQGDWUDJHUHDFDSLWDOXOXLVWU LQ
'LQ  HFRQRPLD URPkQHDVF  VD UHYLWDOL]DW GLQ QRX SkQ  vQ
FkQGDDWLQVSXQFWXOPD[LPGLQSHULRDGDLQWHUEHOLF QDFHVWWLPSD
FUHVFXWLLQWHUYHQ LDVWDWXOXLvQSURFHVXOGHGH]YROWDUHHFRQRPLF vQUH
JLVWUkQGXVHSURJUHVHFRQFUHWL]DWHvQGLYHUVLILFDUHDDFWLYLW LORUYDORULIL
FDUHDVXSHULRDU DVXUVHORUGHPDWHULLSULPHH[WLQGHUHDUH HOHLGHXQLW L
LQGXVWULDOHEDQFDUHGH]YROWDUHDFRPHU XOXLH[WHULRUHWF'H]YROWkQGXVH
vQWUXQULWPDQXDOGHXQXOGLQFHOHPDLULGLFDWHGLQOXPHLQGXVWULD
URPkQHDVF LQWHUEHOLF DvQUHJLVWUDWSURJUHVHvQFHHDFHSULYHWHGLYHUVL
WDWHDSURGXVHORU DYLRDQH,$5L,$5YDJRDQHDXWREX]HPR
WRDUHHOHFWULFHLQVWDOD LLSHWUROLHUHHWF DMXQJkQGV VDWLVIDF vQ
DQXO GH YkUI DO SURGXF LHL LQWHUEHOLFH   GLQ QHFHVDUXO SURGXF LHL
LQWHUQHQDFHODLDQGLQWRWDOXOSURGXF LHLLQGXVWULDOHHUDGHVWLQDW
IDEULF ULL PLMORDFHORU GH SURGXF LH LDU  SURGXF LHL EXQXULORU GH
FRQVXPLQGXVWULDSDUWLFLSkQGFXODUHDOL]DUHDSURGXVXOXLVRFLDOLFX
DYHQLWXOXLQD LRQDOID GHUHVSHFWLYvQ
QFkQGUDPXULOHHFRQRPLFHQHDJULFROHDXDMXQVV UHSUH]LQWH
 GLQ SURGXVXO VRFLDO L  GLQ YHQLWXO QD LRQDO 5RPkQLD D
GHYHQLW XQ VWDW DJUDULQGXVWULDO vQ FDUH YHQLWXO QD LRQDO VH FLIUD OD SHVWH
 GRODUL SH FDS GH ORFXLWRU PDL PXOW FD vQ 7XUFLD *UHFLD 3RORQLD
%XOJDULDLDSURDSHODIHOFDvQ,XJRVODYLDL8QJDULD
3LHUGHUHDvQDFLUFDRWUHLPHGLQWHULWRULXOQD LRQDOvQVSHFLDO
D XQHL PDUL S U L GLQ 7UDQVLOYDQLD ERJDW  vQ PDWHULL SULPH D I FXW FD
5RPkQLDV QXPDLGLVSXQ GHXQHOHVXUVHLPSRUWDQWHGHPDWHULLSULPH
 GLQ DXUXO ILQ  GLQ DUJLQW  GLQ FXSUX  GLQ
SOXPE L GH vQWUHDJD FDQWLWDWH GH ]LQF HWF  Q DQVDPEOX vQ RFWRPEULH
ID GHLXQLHDFHODLDQVDSLHUGXWGLQSURGXF LDLQGXVWULDO 
GLQQXP UXOvQWUHSULQGHULORUPDULSURGXF WRDUHGLQFDSLWDOXO
LQYHVWLW  GLQ SHUVRDQHOH vQFDGUDWH  GLQ VXSUDID D DUDELO 
GLQYDORDUHDSURGXF LHLDJULFROHHWF
 
1DWXUDUHOD LLORUHFRQRPLFHFX*HUPDQLDFDUHDvQFHUFDWLDUHXLW
vQ PXOWH SULYLQ H V L VXERUGRQH]H HFRQRPLD URPkQHDVF  SUHOXkQG
QXPHURDVHvQWUHSULQGHULLQGXVWULDOHLQVWLWX LLEDQFDUHGHDVLJXU ULHWFL
V IDF GLQFRPHU XOURPkQHVFXQPRQRSRODO$[HL FDQWLWDWHDGHSHWURO
WULPLV vQ5HLFKvQSHULRDGDVDVLWXDWODPLOLRDQHWRQH
UHSUH]HQWkQGGLQWRWDOXOH[SRUWXOXLURPkQHVF SUHMXGLFLLOHSURYRFDWH
GH WUXSHOH JHUPDQH GLQ 5RPkQLD VFKLPEDUHD SULRULW LORU SURGXFWLYH FD
XUPDUHDDQJDM ULL ULLvQU ]ERLODLXQLHPLOLWDUL]DUHDvQWUHSULQ
GHULORU GLVWUXJHULOH SURYRFDWH GH ERPEDUGDPHQWHOH DQJORDPHULFDQH vQ
VSHFLDO vQ  PDUHOH HIRUW GH U ]ERL L DO L IDFWRUL DX SURYRFDW PDUL
SLHUGHUL HFRQRPLHL URPkQHWL &X WRDWH DFHVWHD vQ YDUD DQXOXL 
5RPkQLD GLVSXQHD vQF  GH XQ SRWHQ LDO HFRQRPLFRILQDQFLDU DFFHSWDELO
SHQWUXR DU DIODW GHWUHLDQLvQU ]ERL
6LWXD LDVDvQU XW LWGXS WUHFHUHD ULLGHSDUWHD1D LXQLORU8QLWH
OD  DXJXVW  FD XUPDUH D UHJLPXOXL GXU GH DUPLVWL LX LPSXV GH
VRYLHWLFL vQILLQ ULL VRFLHW LORU PL[WH URPkQRVRYLHWLFH VRYURPXUL
GHVILLQ DWHSkQ vQ vQFHSXWXOXLLQVWDXU ULLFRQWUROXOXLGHVWDWDVXSUD
YLH LLHFRQRPLFHHWF
$FHVW GLQ XUP  SURFHV DYHD V  ILH ILQDOL]DW GXS   FkQG VD
LPSXVUHQXQ DUHDODSURSULHWDWHDSULYDW DVXSUDPLMORDFHORUGHSURGXF LH
L OD PHFDQLVPHOH HFRQRPLHL GH SLD  L VD WUHFXW OD LQGXVWULDOL]DUHD
VRFLDOLVW  SULQ SXQHUHD DFFHQWXOXL GXS  PRGHO VRYLHWLF SH GH]YROWDUHD
LQGXVWULHL JUHOH FX SUHF GHUH D PLMORDFHORU GH SURGXF LH vQ GHWULPHQWXO
EXQXULORUGHFRQVXPLODWUDQVIRUPDUHDVRFLDOLVW DDJULFXOWXULL vQFKH
LDW  vQ   SULQ vQILLQ DUHD *RVSRG ULLORU $JULFROH &ROHFWLYH QXPLWH
XOWHULRU&RRSHUDWLYH$JULFROHGH3URGXF LH PHPEULLFRRSHUDWRULSXWkQG
S VWUDGRDUORWXULPLFLGHS PkQWGHSkQ ODKD3URFHVXOVDGRYHGLW
D IL GH]DVWUXRV SHQWUX HFRQRPLD L DJULFXOWXUD URPkQHDVF  OD IHO FD L
SHQWUX U QLPHFXWRDWHF vQDQLLSURFHVXOGHPHFDQL]DUHLLULJDUHD
OXFU ULORUDJULFROHGHDVLJXUDUHFXVSHFLDOLWLLFXQRLVRLXULGHSODQWHL
UDVH GH DQLPDOH SURGXFWLYH D vQUHJLVWUDW UH]XOWDWH QRWDELOH I FkQG FD
SURGXF LDDJULFRO V FUHDVF 
2VFKLPEDUHvQFDGUXOSROLWLFLLHFRQRPLFHDLQWHUYHQLWvQGHFHPEULH
 FkQG VD GHFLV DFFHSWDUHD XQXL vQFHSXW GH GHVFHQWUDOL]DUH D
DFWLYLW LORUSURGXFWLYHLGHLQWHQVLILFDUHDSURFHVXOXLGHPRGHUQL]DUHL
UHQWDELOL]DUHDDvQWUHSULQGHULORUQDFHVWVFRSDXIRVWFRQWUDFWDWHPDVLYH
vPSUXPXWXULGLQVWU LQ WDWHSkQ vQGDWRULDH[WHUQ D ULLDMXQJkQG
 
vQV  OD FLUFD  PLOLDUGH GH GRODUL 8UP ULQGV DVLJXUHLQGHSHQGHQ D
HFRQRPLF LSROLWLF D ULL1LFRODH&HDXHVFXDGHFLVV DFKLWHFkWPDL
UDSLG GDWRULD H[WHUQ  vQ FDUH VFRS D IRU DW H[SRUWXO YkQ]kQG GHVHRUL
SURGXVHOHVXEFRVW5H]XOWDWXODIRVWFDWDVWURIDOvQQLFLDQLHFRQRPLD
URPkQHDVF OLSVLW GHIRQGXULSHQWUXPRGHUQL]DUHGHWHULRUkQGXVHUDSLG
QLYHOXO GH WUDL DJUDYkQGXVH GLQ FH vQ FH PDL PXOW SULQ UD LRQDOL]DUHD
PXOWRUSURGXVHGHVWULFW QHFHVLWDWH'H]DVWUXODIRVWDFFHOHUDWGHDPEL LD
HIXOXLVWDWXOXLURPkQFDUHFRQGXFHD DUDvQPRGGLFWDWRULDOGHDGRYHGL
OXPLLHILFLHQ DSROLWLFLLSHFDUHRSURPRYD
&XWRDWHJUHHOLOHHIHFWXDWHvQFRQGXFHUHDLGHVI XUDUHDSURFHVHORU
HFRQRPLFHGLQFDGUXOHFRQRPLHLVRFLDOLVWHFRQGXVHFHQWUDOL]DWLQL LDOSH
ED]DSODQXULORUDQXDOH L DSRLFLQFLQDOHODvQFHSXWXODQLORU
5RPkQLDDGHYHQLWXQVWDWLQGXVWULDODJUDU3ULQLQYHVWL LLFRQVLGHUD
ELOHvQSURFHVXOGHLQGXVWULDOL]DUHVDUHXLWV GHFRQVWUXLDVF QXPHURDVH
RELHFWLYH LQGXVWULDOH FDUH DX DFRSHULW SUDFWLF DSURDSH WRDWH ]RQHOH ULL
GHVHRUL I U  V  VH LQ  VHDPD GH SRVLELOLW LOH GH DVLJXUDUH FX PDWHULL
SULPH
Q FDGUXO UHDOL] ULORU LQGXVWULHL URPkQHWL VDX VLWXDW SURGXFHUHD
DXWRWXULVPXOXL 'DFLD vQ  vQ FRODERUDUH FX ILUPD IUDQFH] 
5HQDXOWSHUIHF LRQDWDSRLLWUDQVIRUPDWvQ'DFLD HOLFRSWH
UXOXL ,$5  vQ FRODERUDUH FX ILUPD IUDQFH]  $ORXHWWH
SXQHUHDvQIXQF LXQHDSULPHLWXUELQHGHOD&HQWUDOD+LGURHOHFWULF GHOD
3RU LOHGH)LHU  FDOFXODWRUXO)HOL[  SODWIRUPDSHQWUX
H[SORDWDUHD L HLXOXLLDJD]HORUQDWXUDOHGLQ0DUHD1HDJU   SULPD
QDY GHSHVFXLWRFHDQLF  DYLRQXOGHSDVDJHUL520%$&
vQFRODERUDUHFXRILUP GLQ0DUHD%ULWDQLH DYLRDQHGHYkQ WRDUH
L ERPEDUGDPHQW ,$5 %UDRY   L GH ERPEDUGDPHQW OD
&UDLRYDvQFRODERUDUHDFX,XJRVODYLDQDQVDPEOXvQV DIRVWYRUEDGHR
GH]YROWDUHH[WHQVLY GDUvQIRDUWHPXOWHVLWXD LLLQHILFLHQW PDLDOHVID 
GHUHDOL] ULOHVLPLODUHODQLYHOXOVWDWHORUGH]YROWDWH
'XS  UHYROX LD GLQ 'HFHPEULH  JXYHUQDQ LL URPkQL LDX
SURSXVV UHDOL]H]HRHFRQRPLHGHSLD GHVFHQWUDOL]DW LFRPSHWLWLY vQ
SULPLL DQL DL WUDQ]L LHL   RELHFWLYHOH SULRULWDUH DOH GH]YROW ULL
HFRQRPLFH URPkQHWL YL]kQG WUDQVIRUPDUHD VWUXFWXULORU HFRQRPLFH
OHJLVODWLYHLLQVWLWX LRQDOHOLEHUDOL]DUHDSUH XULORUPHQ LQHUHDVLVWHPXOXL
GHVXEYHQ LLHWF

 
QWUH  L  SROLWLFD HFRQRPLF  D 5RPkQLHL D XUP ULW
FRQWLQXDUHDSURFHVXOXLGHOLEHUDOL]DUHDSUH XULORUGHVI XUDUHDUHIRUPHL
ILQDQFLDUH L PDQDJHULDOH D DJHQ LORU HFRQRPLFL FX FDSLWDO GH VWDW
UHJOHPHQWDUHDPRGXOXLGHDGPLQLVWUDUHDVHFWRUXOXLSXEOLFGHH[SORDWDUHD
PRQRSROXOXL VWDWXOXL L GH vPEXQ W LUH D UHJLLORU DXWRQRPH VWLPXODUHD
GH]YROW ULL L FRQVROLG ULL VHFWRUXOXL SULYDW SURPRYDUHD XQRU P VXUL
RUJDQL]DWRULFHOHJLVODWLYHLLQVWLWX LRQDOHQHFHVDUHIXQF LRQ ULLSLH HLGH
EXQXUL L VHUYLFLL UHJOHPHQWDUHD L RUJDQL]DUHD SLH HL IRU HL GH PXQF 
FRUHODUHDSROLWLFLORUVDODULDOHFXHYROX LDLQGLFDWRULORUGHHILFLHQ UHVWUXF
WXUDUHD L GH]YROWDUHD VLVWHPXOXL EDQFDU L GH DVLJXU UL RUJDQL]DUHD
LQVWLWX LLORUGHED] LDFDGUXOXLOHJLVODWLYQHFHVDUFUH ULLSLH HLGHFDSLWDO
SHUIHF LRQDUHD VLVWHPXOXL ILQDQFLDU L EXJHWDU FRQWLQXDUHD OLEHUDOL] ULL
FRPHU XOXL H[WHULRU VWLPXODUHD H[SRUWXOXL L D LQYHVWL LLORU GH FDSLWDO
VWU LQ SURPRYDUHD XQRU SURJUDPH VHFWRULDOH GH UHIRUP  V Q WDWH
vQY PkQWDVLJXU ULVRFLDOHHWF 
Q SHULRDGD XUP WRDUH   SURJUDPXO GH GH]YROWDUH
HFRQRPLF  GHQXPLW WHUDSLD GH RF D YL]DW DFFHOHUDUHD UHIRUPHORU
VWUXFWXUDOH FX DFFHQW SH OLEHUDOL]DUHD SUH XULORU PDL DOHV OD HQHUJLH
SURGXVH DJULFROH L VHUYLFLL SXEOLFH OLEHUDOL]DUHD UHJLPXOXL FXUVXOXL GH
VFKLPE UHGXFHUHD WD[HORU YDPDOH GH LPSRUW HOLPLQDUHD VXEYHQ LLORU
UHWUDJHUHDFUHGLWHORUVXEYHQ LRQDWHSHQWUXDJULFXOWXU SURPRYDUHDLQYHV
WL LLORUVWU LQHUHIRUPHLQVWLWX LRQDOHHWFQFXVSULMLQXOXL)RQGXOXL
0RQHWDU ,QWHUQD LRQDO VD DGRSWDW 3URJUDPXO DQWLFUL]  FDUH D LPSXO
VLRQDW PDQDJHPHQWXO UHIRUPHORU VWUXFWXUDOH vQFHSXWH vQ DQLL DQWHULRUL D
FRPSOHWDWLDFWXDOL]DWFDGUXOOHJLVODWLYLLQVWLWX LRQDOFRQIRUPVWDGLXOXL
GHGH]YROWDUHDVRFLHW LLURPkQHWL
Q UHDOLWDWH vQV  GDWRULW  XQRU FDX]H RELHFWLYH LQVXILFLHQ D
UHVXUVHORUILQDQFLDUHSURSULLPHQ LQHUHDVW ULLGHL]RODUHD ULLvQFLUFXLWXO
ILQDQFLDU LQWHUQD LRQDO DFFHVXO OLPLWDW OD ILQDQ DUHD H[WHUQ  FRQMXQFWXU 
HFRQRPLF QHIDYRUDELO SLHUGHUHDSLH HORUGLQIRVWXO&$(5UHWUDJHUHD
SUHPDWXU DVWDWXOXLGLQHFRQRPLHHWF GDULVXELHFWLYH OLSVDGHH[SH
ULHQ LQFOXVLYODQLYHOJXYHUQDPHQWDOLQFRQVHFYHQ DvQDSOLFDUHDQRLORU
SURJUDPH L VWUDWHJLL GH GH]YROWDUH FRQWLQXDUHD DSOLF ULL VLVWHPXOXL GH
DFRUGDUH D VXEYHQ LLORU SXEOLFH PRGXO GHIHFWXRV GH LPSOHPHQWDUH D
UHIRUPHL IXQFLDUH HWF  QLYHOXO SULQFLSDOLORU LQGLFDWRUL DL GH]YROW ULL
HFRQRPLFHD ULLDU PDVvQGHFHQLXOFDUHDXUPDWVXEFHOGLQ

 
&X WRDWH DFHVWHD SURFHVXO GH FUHDUH D XQHL HFRQRPLL GH SLD 
FRPSHWLWLYH L GLQDPLFH GH PRGHUQL]DUH D HFRQRPLHL URPkQHWL D IRVW
GHFODQDWIDSWSHUFHSXWLSHSODQHXURSHDQLPRQGLDOvQIHEUXDULH
vQFHSkQGQHJRFLHULOH GH LQWHJUDUH D 5RPkQLHL vQ 8QLXQHD (XURSHDQ 
SURFHVILQDOL]DWODLDQXDULH

6WUXFWXUDVRFLDO 

)RU VRFLDO vQSOLQ DVFHQVLXQHODvQFHSXWGHVHFROEXUJKH]LDVD


FRQVROLGDWQXPHULFLPDWHULDOvQW ULQGXLSR]L LLOHvQLQGXVWULHFRPHU L
ILQDQ H L VD VWUDWLILFDW SULQ FRQVWLWXLUHD PDULL EXUJKH]LL FX LQWHUHVH
SUHSRQGHUHQWEDQFDUH&RQFXUHQ DPDULORULQGXVWULDLLEDQFKHULVWU LQL
SURFHVXOOHQWGHFHQWUDOL]DUHDFDSLWDOXOXLDI FXWvQV FDPDUHDEXUJKH]LH
DXWRKWRQ  V  ILH SX LQ QXPHURDV  vQ DQVDPEOX SUHGRPLQkQG EXUJKH]LD
PLF LPLMORFLHUHSUH]HQWDW vQDSDUDWXODGPLQLVWUDWLYvQDFWLYLW LGHWLS
PHWHXJ UHVF L RSHUD LL FRPHUFLDOH VLPSOH Q SURYLQFLLOH URPkQHWL
DIODWH VXE RFXSD LH VWU LQ  FX WRDWH F  HUD EORFDW  vQ GH]YROWDUHD HL GH
F WUHDXWRULW LOHGRPLQDWHEXUJKH]LDURPkQ PLF LPLMORFLHDDYXWXQ
UROLPSRUWDQWvQVXV LQHUHDPLF ULLGHHOLEHUDUHQD LRQDO 
Q SHULRDGD LQWHUEHOLF  EXUJKH]LD URPkQ  LD DFFHQWXDW UROXO vQ
DQVDPEOXOVRFLHW LLGLIHUHQ LLQGXVHWRWPDLPXOWSULQVSRULUHDQXPHULF 
D FDWHJRULLORU PLFL L PLMORFLL FRQFRPLWHQW FX SDXSHUL]DUHD XQHL S U L D
EXUJKH]LHLPLFL
0RLHULPHD D FRQWLQXDW V  GH LQ  vQ SULPHOH GHFHQLL DOH VHFROXOXL
;; LPSRUWDQWH SR]L LL vQ YLD D HFRQRPLF  D ULL vQ FRQGL LLOH vQ FDUH
MXP WDWH GLQ VXSUDID D FXOWLYDW  VH DIOD vQ VW SkQLUHD PDULORU SURSULHWDUL
IXQFLDUL &X WRDWH DFHVWHD S U L DOH HL DX PDQLIHVWDW WHQGLQ H GH vPEXU
JKH]LUH LPSOLFkQGXVH vQ LQGXVWULH FRPHU  VSHFXOD LL ILQDQFLDUH HWF Q
SHULRDGD LQWHUEHOLF  XUPDUH vQ VSHFLDO D UHIRUPHL DJUDUH GLQ 
PRLHULPHDVDGH]LQWHJUDWGLQSXQFWXOGHYHGHUHDOFODVHLVRFLDOHRSDUWH
WUHFkQGvQUkQGXULOHPDULLEXUJKH]LLH[SORDWkQGXLSURSULHW LOHSHED]H
FDSLWDOLVWH
'H]YROWDUHDLQGXVWULHLDVSRULWQXPHULFFODVDPXQFLWRDUHvQVSHFLDO
SUROHWDULDWXO LQGXVWULDO GH IDEULF    OD vQFHSXW GH VHFRO  FDUH D
DGRSWDWIRUPHGHRUJDQL]DUHSROLWLF LSURIHVLRQDO SURJUDPHGHDF LXQH
SURSULLPLOLWkQGSHQWUXRYLD PDLEXQ &DXUPDUHDFUHWHULLQXP UXOXL
 
vQWUHSULQGHULORUvQVSHFLDOvQPDUHDLQGXVWULHDSDXSHUL] ULL U QLPLLvQ
SHULRDGDLQWHUEHOLF QXP UXOPXQFLWRULORUDVSRULWGHODvQ
ODvQ&DSDFLWDWHDRUJDQL]DWRULF DFODVHLPXQFLWRDUHDLHLW
vQ HYLGHQ  vQ WLPSXO PDULORU PLF UL UHYHQGLFDWLYH FDUH VDX VXFFHGDW
SHUPDQHQW XQHOH ILLQG GH PDUH DPSORDUHL JUHYHOH GH OD /XSHQL  
*ULYL D%XFXUHWL  &)53ORLHWL  D
0XOW YUHPHFODVDVRFLDO FHDPDLQXPHURDV  U QLPHDPDMRUL
WDWHDFXS PkQWSX LQVDXGHORFDIRVWSHUPDQHQWLQWHUHVDW vQVROX LR
QDUHD SUREOHPHL DJUDUH SULQ OLFKLGDUHD PDULL SURSULHW L PRLHUHWL
ULGLFkQGXVH GHVHRUL OD OXSW  DWXQFL FkQG FRQGL LLOH GH WUDL GHYHQLVHU 
LQVXSRUWDELOH FHD PDL UHSUH]HQWDWLY  L PDL GUDPDWLF  PLFDUH VRFLDO 
GRYHGLQGXVH vQ DFHVW VHQV U VFRDOD GLQ  'XS  UHIRUPD DJUDU  GLQ
PXO L UDQLDXSULPLWS PkQWvQV QXLFUHGLWHSHWHUPHQOXQJFX
GREkQ]L DFFHVLELOH 3UREOHPH PDUL DX IRVW GHWHUPLQDWH L GH GLIHUHQ HOH
GLQWUHSUH XOSURGXVHORULQGXVWULDOHLFHOHDJULFROHGHOLSVDLQYHQWDUXOXL
DJULFRO PRGHUQ GH VSRUXO GHPRJUDILF OD VDWH FDUH D SXOYHUL]DW SURSULH
W LOHDJULFROH vQODNPSVXSUDID DUDELO UHYHQHDXORFXL
WRUL SHQWUXDVROX LRQDFRQWUDGLF LLOHGLQWUH U QLPHLEXUJKH]LDDJUDU 
OD vQFHSXWXO GHFHQLXOXL SDWUX    VWDWXO D LQWHUYHQLW SULQ OHJHD
SHQWUX FRQYHUVLXQHD L OLFKLGDUHD GDWRULLORU DJULFROH DFRUGkQG WRWRGDW 
vPSUXPXWXUL SH WHUPHQ OXQJ L UHJOHPHQWDUHD GREkQ]LORU PD[LP   
VWLPXODUHDH[SRUWXULORU3UREOHPDIXQGDPHQWDO D U QLPLLLQVXILFLHQ D
S PkQWXOXL L D XWLODMHORU DJULFROH PRGHUQH  D FRQWLQXDW V  QX ILH
VROX LRQDW 
2 LPSRUWDQW  FODV  VRFLDO  D 5RPkQLHL vQ VHFROXO ;; D IRVW
UHSUH]HQWDW  GH LQWHOHFWXDOLWDWH FDUH D I FXW FD FHUFHWDUHD WLLQ LILF  V 
FXSULQG  YDVWH GRPHQLL GH LQYHVWLJDUH vQ PDWHPDWLF  ILLF  FKLPLH
ELRORJLHPHGLFLQ JHRORJLHHWFRULHQWkQGXVHVSUHGRPHQLLFXDSOLFDEL
OLWDWHSUDFWLF LPHGLDW VDXPDLSX LQLQYHVWLJDWH
$O WXULGHDFHVWHFODVHVRFLDOHGHED] vQVRFLHWDWHDURPkQHDVF DX
H[LVWDW L FDWHJRULL PLMORFLL PHVHULDL QHJXVWRUL PLFL SURGXF WRUL
FRPHUFLDQ LHWF LS WXULVRFLDOHFDUHDXFRQWULEXLWLHOHODGH]YROWDUHD
VWDWXOXL URPkQ Q SHULRDGD LQWHUEHOLF  vQ FDGUXO JUXSXULORU PLMORFLL D
VSRULW QXP UXO SHUVRQDOXOXL IXQF LRQ UHVF L D FHOXL GLQ VIHUD VHUYLFLLORU
SDUWLFXODUH L GH VWDW PLFLL IXQF LRQDUL DGPLQLVWUDWLYL WUHFkQG vQ UkQGXO
S WXULORUGHMRVDOHPLFLLEXUJKH]LLVDXSUROHWDUL]kQGXVH

 
,QVWDXUDUHD UHJLPXOXL FRPXQLVW D SURGXV PRGLILF UL LPSRUWDQWH
vQ VWUXFWXUD VRFLDO  D 5RPkQLHL 5HIRUPD DJUDU  GLQ 
QD LRQDOL] ULOHGLQLGHVILLQ DUHDSURSULHW LLSULYDWHLDOWH
P VXULOXDWHGHUHJLPDXGXVODGHVILLQ DUHDEXUJKH]LHLLDXOWLPHORU
U P L HDOHPRLHULPLLvQWLPSFHSURFHVXOLQWHQVGHLQGXVWULDOL]DUHD
DGXV PXQFLWRULPHD vQ SULP SODQ FDUH OLSVLW  GH DOWH SRVLELOLW L GH
H[LVWHQ  GHFkW PXQFD vQ vQWUHSULQGHULOH VRFLDOLVWH D XUPDW SROLWLFD
SDUWLGXOXL FRPXQLVW /D UkQGXO HL U QLPHD OLSVLW  GLQ QRX GH
S PkQW D PLJUDW VSUH RUD DQJDMkQGXVH vQ DFWLYLW L FX FDUDFWHU
LQGXVWULDO Q FRQGL LLOH vQ FDUH UHJLPXO D vQJU GLW L FKLDU D LQWHU]LV
SRVLELOLW LOH GH VWXGLX SHQWUX GHVFHQGHQ LL FODVHORU ERJDWH
LQWHOHFWXDOLWDWHD DYHD V  ILH FRQVWLWXLW  FX SUHF GHUH GLQ ILL GH
PXQFLWRULL UDQL



















 


;5($/,= 5,$/(7,,1 (,
&8/785,,,632578/8,

WLLQ DLFXOWXUD

QFXUVXOVHFROXOXL;;UH]XOWDWHGHRVHELWH LFKLDUSHUIRUPDQ H V


DXvQUHJLVWUDWvQWLLQ FXOWXU VSRUWHWF2FRQWULEX LHGHRVHELW vQDFHVW
VHQV D DYXW $FDGHPLD 5RPkQ  LQVWLWX LH UHSUH]HQWDWLY  FX DFWLYLWDWH
SHUPDQHQW vQGRPHQLXOFHUFHW ULLWLLQ LILFHFUHD LHLOLWHUDUHLDUWLVWLFH
HWFvQUHJLVWUkQGSURJUHVHvQWRDWHGRPHQLLOHGHDFWLYLWDWHLFRQWULEXLQGOD
HYROX LDVRFLHW LLURPkQHWL0XOWHGLQUHDOL] ULOHDFDGHPLFLHQLORUURPkQL
LQXQXPDLVDXULGLFDWODQLYHOPRQGLDO
3ULQWUH GRPHQLLOH vQ FDUH VDX vQUHJLVWUDW UH]XOWDWH GHRVHELWH
PHQ LRQH]
 PDWHPDWLFD PHFDQLFD FHUHDVF  LQWURGXFHUHD XQRU PHWRGH
PDWHPDWLFHvQVWXGLXOIHQRPHQHORUYLH LLVRFLDOHHWF 6SLUX+DUHWSHQWUX
PHULWHOH VDOH vQ DFHVW GRPHQLX 8QLXQHD ,QWHUQD LRQDO  $VWURQRPLF  D
DWULEXLW vQ  QXPHOH V X XQXL FUDWHU GH SH ID D LQYL]LELO  GH SH
3 PkQWD/XQLL VWXGLXOHFXD LLORULQWHJUDOHLDOJHRPHWULHLSULQLQWURGX
FHUHDXQHLQRLFODVHGHFXUEH 7UDLDQ/DOHVFXL*KHRUJKH L HLFD WHRULD
WRSRORJLF  D IXQF LLORU WHRULD HFXD LLORU OLQLDUH FX GHULYDWH SDU LDOH vQ
GRPHQLXFRPSOH[ 6LPLRQ6WRLORYXQHOHGHVFRSHULULPDWHPDWLFHvLSRDUW 
QXPHOH PHFDQLFDJHQHUDO DVLVWHPHORUKLGURGLQDPLFLLDHURGLQDPLFLLL
WHRULD HODVWLFLW LL &DLXV ,DFRE XQHOH GLQ GHVFRSHULUL vL SRDUW  QXPHOH 
WHRULD GHULYDWHL DOYHRODUH WHRULD IXQF LLORU SROLDUPRQLFH HWF 0LURQ
1LFROHVFX  DOJHEUD ORJLFLL L WHRULD DOJHEULF  D PHFDQLVPHORU DXWRPDWH
DQDOL]DIXQF LRQDO vQPHFDQLF LvQJHRPHWULDGLIHUHQ LDW HWF *ULJRUH
0RLVLO  WHRULD SUREDELOLW LORU WHRUHPD IXQGDPHQWDO  D DOJHEUHL WRSR
ORJLDIXQF LLORUILOR]RILHPDWHPDWLF  2FWDY2QLFHVFX HWF


 $vQFHSXWV IXQF LRQH]HvQVXEGHQXPLUHDGH6RFLHWDWHD
$FDGHPLF  5RPkQ   DQL PDL WkU]LX DFHDVWD D OXDW GHQXPLUHD GH
$FDGHPLD5RPkQ 
 
 IL]LFD PDJQHWLVP L IHQRPHQH FX GXEO  UHIUDF LH HOHFWULF  L
GHSRODUL]DUHDOXPLQLLFXDQWDGHPDJQHWLVPDVRFLDW HOHFWURQXOXL WHIDQ
3URFRSLX XQHOH GHVFRSHULUL vL SRDUW  QXPHOH  WHRULD EHWRQXOXL DUPDW
VRQLFLWDWHD HWF *HRUJH*RJX &RQVWDQWLQHVFX  HPLVLD HOHFWURQLF  D
PHWDOHORU VXE LQIOXHQ D ERPEDUGDPHQWXOXL LRQLORU SR]LWLYL HWF (XJHQ
% G U X UD]HOH;HWF +RULD+XOXEHL 
FKLPLDFRPSR]L LDFKLPLF DSHWUROXULORUDQDOL]DPLQHUDOHORUL
URFLORUGLQ&DUSD LHWF 3HWUX3RQL FRPEXVWLDJD]HORULVWXGLXOIO F ULL
1LFRODH 7HFOX D LQYHQWDW EHFXO GH ODERUDWRU FX UHJODUH DXWRPDW  D
FXUHQWXOXL GH DHU L JD]  FKLPLD DQRUJDQLF  L DQDOLWLF  *KHRUJKH
6SDFX FHUFHW ULvQGRPHQLXOFKLPLHLDQDOLWLFHIL]LFHLDQRUJDQLFH ,OLH
* 0XUJXOHVFX  FKLPLD RUJDQLF  WHRUHWLF  L DSOLFDWLY  &RVWLQ '
1HQL HVFX FRORUDQ LVLQWHWLFL &RQVWDQWLQ,,VWUDWL 
 ELRORJLD VSHRORJLH L ELRVSHRORJLH (PLO 5DFRYL  IRQGDWRU DO
DFHVWRU GRPHQLL GH FHUFHWDUH D I FXW VWXGLL vQ SHVWH   GH SHWHUL 
KLGURELRORJLHRFHDQRORJLHLKWLRORJLHHFRORJLHSLVFLFXOWXU PX]HRORJLH
]RRORJLH ELRHFRQRPLH *ULJRUH$QWLSDIRQGDWRUDO0X]HXOXLGHLVWRULH
QDWXUDO GLQ%XFXUHWLFDUHvLSRDUW QXPHOH ELRORJLDFHOXODU  *HRUJH
(PLO3DODGHSHQWUXIXQGDPHQWDUHDDFHVWHLWLLQ HDSULPLW3UHPLXO1REHO
vQ   ELRORJLD L SDWRORJLD FHOXODU  D VLVWHPXOXL FDUGLRYDVFXODU
1LFRODH6LPLRQHVFX 
PHGLFLQDYDFFLQDUHDDQWLKROHULF  GU,RDQ&DQWDFX]LQRFUHDWRU
DO ,QVWLWXWXOXL GH VHUXUL L YDFFLQXUL DILOLDW OD UH HDXD ,QVWLWXWXOXL 3DWHXU
GLQ 3DULV  DQDWRPRSDWRORJLH KLVWRFKLPLH FHOXOD QHUYRDV  HWF GU
*KHRUJKH 0DULQHVFX ,RQ 0LQHD  DGPLQLVWUDUHD vQ GR]H IUDF LRQDWH D
VWURIDQWLQHL vQ EROLOH FDUGLRYDVFXODUH 'DQLHO 'DQLHORSRO SHQWUX SULPD
GDW vQOXPH PLFURELRORJLHPRGHUQ EDFWHULRORJLHDQDWRPLHSDWRORJL
F  HSLGHPLRORJLH LPXQRORJLH DQWLELRWHUDSLH EDFWHULRORJLH HWF 9LFWRU
%DEH HQGRFURQRORJLH 1LFRODH3DXOHVFXDGHVFRSHULWSHQWUXSULPDGDW 
LQVXOLQDvQ YDFFLQXULDQWLKROHULFHELRORJLDEDFWHULRIDJXOXL 0LKDL
&LXF  HQGRFULQRORJLH QHXURORJLH SVLKLDWULH ELRFKLPLH JHULDWULH
HPEULRJHQH] ELRORJLHYHJHWDO  &RQVWDQWLQ,3DUKRQ 
 WHKQLDF DYLD LH  7UDLDQ 9XLD D UHDOL]DW OD  PDUWLH  SH
FkPSXOGHOD0RQWHVVRQGHOkQJ 3DULVvQSUHPLHU PRQGLDO SULPXO]ERU
GLQ OXPH FX XQ DYLRQ FRQFHSXW L FRQVWUXLW GH HO PRQRSODQXO 9
EUHYHWDW vQ )UDQ D OD  DXJXVW   H[FOXVLY FX PLMORDFH SURSULL GH
ERUG$XUHO9ODLFXDSURLHFWDWFRQVWUXLWVLQJXULSLORWDWPDLPXOWHWLSXUL
 
GH PRQRSODQH +HQUL &RDQG  D UHDOL]DW vQ  SHQWUX SULPD GDW  vQ
OXPH PDFKHWD XQXL DYLRQ I U  HOLFHYLLWRUXO DYLRQ FX UHDF LH vQ 
PDFKHWD XQXL DYLRQ FX PRWRU UDFKHW  FX FRPEXVWLELO VROLG vQ  XQ
DYLRQED]DWSHSURSXOVLDSULQUHDF LHvQSULPXODYLRQELPRWRUGLQ
OXPH D EUHYHWDW vQ  IHQRPHQXO DHURGLQDPLFHIHFWXO &RDQG 
DHURGLQDPLF  (OLH &DUDIROL  SURLHFW UL L FRQVWUXF LL GH RELHFWLYH FLYLOH
$QJKHO6DOLJQ\SRGXOGHSHVWH'XQ UHOD&HUQDYRG FHOPDLPDUH
GLQ(XURSDLDOWUHLOHDGLQOXPH FLEHUQHWLF  WHIDQ2GREOHMDVDPDL
RFXSDW GH IL]LF  ILOR]RILH SVLKRORJLH GUHSW OLWHUDWXU  2 UHDOL]DUH
GHRVHELW vQGRPHQLXODYLDWLFLQXQXPDLDIRVWUHSUH]HQWDW GH]ERUXO
vQVSD LXOFRVPLFUHDOL]DWvQGHSLORWXOURPkQ'XPLWUX3UXQDULXSH
QDYDVRYLHWLF 6RLX]
 LVWRULD QD LRQDO  L XQLYHUVDO  1LFRODH ,RUJD  QD LRQDO  L
SUREOHPH WHRUHWLFH DOH WLLQ HL LVWRULFH $OH[DQGUX ;HQRSRO  QD LRQDO 
&RQVWDQWLQ & *LXUHVFX  DUKHRORJLH 9DVLOH 3kUYDQ &RQVWDQWLQ
'DLFRYLFLX 6LYLX'UDJRPLU,RDQ/XSDD
 JHRJUDILH L JHRORJLH JHRJUDILH JHQHUDO  HWQRORJLH JHRJUDILF 
JHRJUDILH XPDQ  JHRJUDILH HFRQRPLF  JHRJUDILH UHJLRQDO  6LPLRQ
0HKHGLQ L  JHRORJLH L SDOHRQWRORJLH *ULJRUH &RE OFHVFX  JHRJUDILH
VWUDWLJUDILHSDOHRQWRORJLH ,RQ7K6LPLRQHVFX 
 ILORVRILH VRFLRORJLH HVHLVWLF  0LUFHD (OLDGH 'LPLWULH *XVWL
&RQVWDQWLQ1RLFD0LUFHD9XOF QHVFX(PLO&LRUDQ(XJHQ,RQHVFXHWF
 WLLQ H HFRQRPLFH HFRQRPLD QD LRQDO  FUL]H HFRQRPLFH HWF
9LUJLO0DGJHDUX  LQVWLWX LLEDQFDUHJkQGLUHDHFRQRPLF UROXOVWDWXOXL
SUREOHPHHFRQRPLFHLILQDQFLDUH 9LFWRU6O YHVFX HFRQRPLHPDWHPD
WLF  HFRQRPLH QHRFODVLF  HFRQRPLH HFRORJLF  L ELRHFRQRPLH 1LFRODH
*HRUJHVFX5RHQJHQ LVWRULHHFRQRPLF LVRFLDO LVWRULDJkQGLULLHFRQR
PLFH WHRULD HFRQRPLF  FRQWHPSRUDQ  HFRQRPLD SURWHF LHL PHGLXOXL
DPELDQW PHWRGRORJLD FHUFHW ULL WLLQ LILFH HFRQRPLFH WUDQ]L LD GH OD
HFRQRPLD FHQWUDOL]DW  VSUH HFRQRPLD GH SLD  1LFRODH 1
&RQVWDQWLQHVFX 0LKDLO0DQRLOHVFX0LWL &RQVWDQWLQHVFX
 WLLQ H MXULGLFH GUHSWXO URPkQHVF L]YRDUH MXULGLFH VFULVH GUHSW
FLYLO GUHSW FRPSDUDW $QGUHL 5 GXOHVFX  GUHSW FLYLO GUHSWXO IDPLOLHL
GUHSW LQWHUQD LRQDO SULYDW GUHSWXO IDPLOLHL 7UDLDQ ,RQDFX  MXULVW
GLSORPDWLRPSROLWLFHWF 1LFRODH7LWXOHVFX 
QGRPHQLXOSRH]LHLVDXUHPDUFDW,RQ0LQXOHVFX*HRUJH%DFRYLD
*HRUJH&REXF2FWDYLDQ*RJD,RQ3LODW/XFLDQ%ODJD7XGRU$UJKH]L
 
,RQ%DUEX$OH[DQGUX3KLOLSLGH1LFRODH/DEL1LFKLWD6W QHVFX0DULQ
6RUHVFX ,RDQ $OH[DQGUX $GULDQ 3 XQHVFX $QD %ODQGLDQD 0LUFHD
'LQHVFXHWF
3UR]D D IRVW UHSUH]HQWDW  VWU OXFLW GH %DUEX WHI QHVFX
'HODYUDQFHD,RQ/XFD&DUDJLDOH,RQ6ODYLFL/LYLX5HEUHDQX+RUWHQVLD
3DSDGDW %HQJHVFX &DPLO 3HWUHVFX 0LUFHD (OLDGH (XJHQ /RYLQHVFX
(XJHQ ,RQHVFX WHIDQ $XJXVWLQ 'LRQD 0DULQ 3UHGD 3HWUX 'XPLWULX
$XJXVWLQ%X]XUD2FWDYLDQ3DOHU1LFRODH%UHEDQD
3ULQWUH FULWLFLL OLWHUDUL VDX GLVWLQV *HRUJH & OLQHVFX HUEDQ
&LRFXOHVFX $OH[DQGUX 3LUX 6 &URKP OQLFHDQX 0LUFHD =DFLX 1LFRODH
0DQROHVFXD
'RPHQLXO DUWHORU SODVWLFH D IRVW GRPLQDW GH WHIDQ /XFKLDQ
*HRUJH3HWUDFX&DPLO5HVVX'XPLWUX*KHD 1LFRODH*ULJRUHVFX,RQ
XFXOHVFX &RUQHOLX %DED &RQVWDQWLQ %UkQFXL 'LPLWULH 3DFLXUHD
&RUQHO0HGUHD2VFDU+DQ,RQ-DOHD'XLOLX0DUFX2FWDY'RLFHVFX,RQ
0LQFX3HWUH$QWRQHVFX,RQ'%HULQGHL'LPLWULH0DLPDUROXD
0X]LFDDIRVWUHSUH]HQWDW vQPRGVWU OXFLWGH*HRUJH6WHSK QHVFX
DXWRUXO SULPHL VLPIRQLL URPkQHWL  &RQVWDQWLQ 'XPLWUHVFX SULPHOH
FYDUWHWH GH FRDUGH  *HRUJH 'LPD FWLWRU DO OLHGXOXL URPkQHVF  *HRUJH
(QHVFX YLRORQLVW SLDQLVW FRPSR]LWRU GLULMRU SHGDJRJ HWF  7LEHULX
%UHGLFHDQX6DELQ'U JRL,RQHO3HUOHD0LKDLO-RUD&RQVWDQWLQ%U LORLX
7LEHULX2ODK'LQX/LSDWL6HUJLX&HOLELGDFKH,RQ9RLFXHWF

6SRUWXO

0DUL SHUIRUPDQ H VDX vQUHJLVWUDW L vQ GRPHQLXO VSRUWLY vQ FDGUXO


F UXLDVDXRE LQXW
 SULPD PHGDOLH ROLPSLF  EURQ]  RE LQXW  GH HFKLSD GH UXJE\ D
5RPkQLHLOD-RFXULOH2OLPSLFHGHYDU GHOD3DULVGLQ
 SULPXO WLWOX GH FDPSLRQ HXURSHDQ RE LQXW GH ER[HUXO /XFLDQ
3RSHVFXODJDODGHER[SURIHVLRQLVWODFDWHJRULDPXVF vQ
SULPXOUHFRUGPRQGLDOIHPLQLQRE LQXWGH6PDUDQGD%U HVFXOD
V ULWXUDFXSDUDXWDGHODPvQ



&XQRDWH5RPkQLD(GLWXUD(FRQRPLF %XFXUHWLSS
 
SULPXOWLWOXGHFDPSLRQPRQGLDORE LQXWGH$OH[DQGUX3DSDQ L
'XPLWUX +XEHUW vQ SURED GH ERE GRX  SHUVRDQH OD FDPSLRQDWHOH
PRQGLDOHGHOD6FKUHLEHUKDX*HUPDQLDvQ
 SULPD PHGDOLH ROLPSLF  LQGLYLGXDO  DUJLQW  RE LQXW  GH +HQU\
5DQJOD-RFXULOH2OLPSLFHGHYDU GHOD%HUOLQvQSURED0DUHOHSUHPLX
DOQD LXQLORUGLQFRPSHWL LDGHF O ULHvQ
 SULPXO UHFRUG PRQGLDO PDVFXOLQ RE LQXW GH 'XPLWUX
3DUDVFKLYHVFXODDWOHWLVP SUREDGHNPPDU vQ
 SULPD PHGDOLH ROLPSLF  GH DXU RE LQXW  GH ,RVLI 6kUEX OD WLU
SUREDGHDUP FDOLEUXUHGXVIRFXULSR]L LDFXOFDW FXUHFRUGROLPSLF
LPRQGLDOHJDODWvQ
SULPXOWLWOXPRQGLDOODHFKLSHvQMRFXULVSRUWLYHRE LQXWGHHFKLSD
IHPLQLQ D5RPkQLHLGHKDQGEDOvQOD)UDQNIXUWvQ*HUPDQLDvQ
SHUIRUPDQ  UHSHWDW  GH IHWH vQ  RE LQXW  L GH E LH L vQ  OD
KDQGEDO vQ  OD 'RUWPXQGDSRL L vQ   L  SUHFXP L GH
IHWHvQ 
 SULPD &XS  D &DPSLRQLORU (XURSHQL RE LQXW  GH HFKLSD GH
KDQGEDO IHPLQLQ WLLQ D %XFXUHWL vQ PDUWLH  SHUIRUPDQ  UHSHWDW 
GHE LH LLGHOD5DSLG%XFXUHWLvQLXOLH 
 SULPXO WLWOX HXURSHDQ GH MXQLRUL RE LQXW GH HFKLSD GH IRWEDO D
5RPkQLHL vQ FDGUXO FHOHL GHD ;9D HGL LL D 7XUQHXOXL 8()$ SHQWUX
MXQLRULvQ
 SULPXO WLWOX HXURSHDQ GH VHQLRUL RE LQXW GH HFKLSD GH YROHL D
5RPkQLHL OD FDPSLRQDWXO PDVFXOLQ GH YROHL GHVI XUDW vQ 5RPkQLD vQ

 SULPXO WLWOX GH FDPSLRQ PRQGLDO OD DK RE LQXW GH )ORULQ
*KHRUJKLXvQ
 FHD PDL EXQ  VSRUWLY  D OXPLL ,RODQGD %OD vQ  SHQWUX
SHUIRUPDQ HOH RE LQXWH OD DWOHWLVP SURED V ULWXUD vQ vQ O LPH GXS  FH
V ULVHODLXOLHPHWULLRE LQXVHDSRLUHFRUGXULPRQGLDOH
GLQFDUHFRQVHFXWLYH
SULPDILQDO GH&XS D&DPSLRQLORU(URSHQLvQWUHGRX HFKLSH
URPkQHWLODYROHLPDVFXOLQvQvQWUH'LPDQRL5DSLGFkWLJDW GH
'LQDPRFDLvQ
 SULPD PHGDOLH OD -RFXULOH 2OLPSLFH GH LDUQ  RE LQXW  GH
HFKLSDMXO,RQ3DQ XUXL1LFRODH1HDJRHOD-2GHOD*UHQREOHvQSURED
GHEREGRX SHUVRDQHvQ
 SULPD ILQDO  D 7XUQHXOXL &DPSLRQLORU GH WHQLV PDVFXOLQ
FkWLJDW GH,OLH1 VWDVHOD3DULVvQ
SULPDQRW GHODJLPQDVWLF OD-RFXULOH2OLPSLFHRE LQXW GH
1DGLD&RP QHFLOD0RQWUHDOvQ
 
 SULPXO WURIHX LQWHUQD LRQDO *KHDWD GH $XU GHFHUQDW XQXL
IRWEDOLVW URPkQ 'XGX *HRUJHVFX GH OD 'LQDPR vQ  SHUIRUPDQ 
UHSHWDW vQ 
 SULPXO WLWOX GH FDPSLRDQ  PRQGLDO  OD JLPQDVWLF  SH HFKLSH
RE LQXWGHHFKLSDIHPLQLQ OD&DPSLRQDWHOHPRQGLDOHGHOD)RUW:RUWK
68$vQ
SULPD&XS D&DPSLRQLORU(XURSHQLODIRWEDORE LQXW GH6WHDXD
%XFXUHWLOD6HYLOLDvQILQDODFX)&%DUFHORQDvQ
 SULPD 6XSHUFXS  D (XURSHL OD IRWEDO RE LQXW  GH 6WHDXD
%XFXUHWLOD0RQWH&DUORvQILQDODFX'LQDPR.LHYvQ
SULPXOURPkQFDUHFXFHUHWH(YHUHVWXO PHWUL &RQVWDQWLQ
/ F WXXvQ
 SULPXO FDPSLRQ PRQGLDO URPkQ GLQ ER[XO SURIHVLRQLVW 0LKDL
/HXODFDWHJRULDVHPLPLMORFLHvQOD+DPEXUJvQID DSDQDPH]XOXL
6DQWLDJR6DPDQLHJR

 
  

'DF  OD vQFHSXW GH VHFRO SROLWLFD H[WHUQ  D 5RPkQLHL HUD
RULHQWDW  VSUH YHVWXO (XURSHL DUD I FkQG SDUWH L GLQWUR DOLDQ 
SROLWLFRPLOLWDU  7ULSOD $OLDQ  FDUH vQ DFHOH PRPHQWH vL JDUDQWD
LQWHJULWDWHD WHULWRULDO  VIkULWXO GH VHFRO D J VLWR vQ SOLQ SURFHV GH
LQWHJUDUH HXURSHDQ  RFFLGHQWDO  L HXURDWODQWLF  GH UHGHILQLUH D
WUDGL LLORUGLSORPDWLFHURPkQHWL
9LD DSROLWLF LQWHUQ LHDH[WUHPGHFRPSOH[ VDGHVI XUDW
vQ FDGUXO PDL PXOWRU IRUPH GH JXYHUQ PkQW  PRQDUKLH
FRQVWLWX LRQDO VDXDXWRULWDU SkQ vQVDXUHSXEOLF  SRSXODU 
VDXVRFLDOLVW LUHJLPXULSROLWLFHSDUODPHQWDUGHPRFUDWLFH SkQ 
vQ  L GXS  5HYROX LD GLQ GHFHPEULH   VDX GLFWDWRULDOH  vQ
FDUHDIXQF LRQDWVLVWHPXOPXOWLSDUWLGUHVSHFWLYPRQRSDUWLG
(YROX LLLLQYROX LLvQIXQF LHGHQDWXUDUHJLPXOXLSROLWLFSDUFXUV
LGHFRQWH[WXOLQWHUQD LRQDOVDXSURGXVLvQFHHDFHSULYHWHVLWXD LD
HFRQRPLHLVWUXFWXUDVRFLDO WLLQ DFXOWXUDVSRUWXOHWFvQUHJLVWUkQGX
VH UHDOL] UL L vPSOLQLUL GDU L LQVXFFHVH L HHFXUL WRDWH DSDU LQkQG
SRSRUXOXLURPkQLDOWRUDFXFDUHDFRODERUDWVDXFDUHDXvQFHUFDWV L
LQIOXHQ H]HHYROX LDLVWRULF 
7RDWH DFHVWHD IDF FD LVWRULD 5RPkQLHL vQ VHFROXO ;; V  ILH
H[WUHPGHLQWHUHVDQW LLQFLWDQW SHQWUXOHFWXU VWXGLXLFHUFHWDUH

 


%,%/,2*5$),(







)ORULQ&RQVWDQWLQLX2LVWRULHVLQFHU DSRSRUXOXLURPkQ(GLWXUD8QLYHUV
(QFLFORSHGLF%XFXUHWL
$OHVDQGUX'X X0RGRILF ULDOHVWDWXTXRXOXLWHULWRULDOHXURSHDQ
3UHOLPLQDULLFRQ LQXWLFRQVHFLQ H(GLWXUD)XQGD LHL5RPkQLDGH0kLQH
%XFXUHWL
,RDQ 6FXUWX *KHRUJKH %X]DWX ,VWRULD URPkQLORU vQ VHFROXO ;; 
 (GLWXUD3DLGHHD%XFXUHWL
,RDQ 6FXUWX ,VWRULD FRQWHPSRUDQ  D 5RPkQLHL   (GLWXUD
)XQGD LHL5RPkQLDGH0kLQH%XFXUHWL
WHIDQ /DFKH 5RPkQLD vQ UHOD LLOH LQWHUQD LRQDOH  (GLWXUD
)XQGD LHL5RPkQLDGH0kLQH%XFXUHWL
*KHRUJKH2QLRUX ,VWRULDFRQWHPSRUDQ XQLYHUVDO (GLWXUD
)XQGD LHL5RPkQLDGH0kLQH%XFXUHWL
*KHRUJKH 2QLRUX ,VWRULD FRQWHPSRUDQ  XQLYHUVDO  GXS   (GLWXUD
)XQGD LHL5RPkQLDGH0kLQH%XFXUHWL
9LRULFD 0RLVXF ,VWRULD UHOD LLORU LQWHUQD LRQDOH 3kQ  OD PLMORFXO
VHFROXOXLDO;;OHD(GLWXUD)XQGD LHL5RPkQLDGH0kLQH%XFXUHWL
1LFRODH ,VDU ,VWRULD PRGHUQ  D URPkQLORU  (GLWXUD
8QLYHUVLWDU %XFXUHWL
7KHRGRUD 6W QHVFX6WDQFLX ,QWHJUDUHD HXURSHDQ  L HXURDWODQWLF  D
5RPkQLHL(GLWXUD)XQGD LHL5RPkQLDGH0kLQH%XFXUHWL
6RULQ&ULVWHVFX5HOD LLSROLWLFRGLSORPDWLFHLPLOLWDUHHXURSHQH(GLWXUD
)XQGD LHL5RPkQLDGH0kLQH%XFXUHWL



 

S-ar putea să vă placă și