Professional Documents
Culture Documents
úL8QJDULD
Flavius Mihalache*
$FDGHPLD5RPkQă,QVWLWXWXOGH&HUFHWDUHD&DOLWăĠLL9LHĠLL
Alin Croitoru**
8QLYHUVLWDWHD/XFLDQ%ODJDGLQ6LELX)DFXOWDWHDGHЭWLLQаH6RFLR8PDQH
8QLYHUVLWDWHDGLQ%XFXUHúWL&HQWUXOGH6WXGLLSHQWUX0LJUDаLH±&H60LJ
Abstract: 7KH PDLQ REMHFWLYH RI WKLV SDSHU LV WR KLJKOLJKW VRPH NH\ DVSHFWV RI WKH UXUDO
WUDQVIRUPDWLRQLQ3RODQGDQG+XQJDU\DIWHUWKHFROODSVHRIWKHFRPPXQLVWUHJLPHV:HVHOHFWHG
WKHVHWZRFDVHVWDNLQJLQWRDFFRXQWDVHULHVRIVLPLODULWLHVDQGGLIIHUHQFHVEHWZHHQWKHLUUXUDO
HYROXWLRQ DQG WKH VLWXDWLRQ IURP 5RPDQLD DQG ZH HPSOR\HG D FRPSDUDWLYH SHUVSHFWLYH 7KH
DQDO\WLFDO IUDPHZRUN SD\V DWWHQWLRQ WR WKH VSHFL¿F KLVWRULFDO EDFNJURXQG DQG WR WKH VKDSLQJ
IRUFHRIWKH(XURSHDQ&RPPRQ$JULFXOWXUDO3ROLF\6LQFHHDUO\ÃV3RODQG¶VUXUDOGHYHORSPHQW
VWUDWHJ\ZDVIRFXVHGRQWKUHHPDLQGLPHQVLRQVUXUDOHFRQRP\GLYHUVL¿FDWLRQVXSSRUWIRUVPDOO
IDPLO\IDUPVDQGVRFLDOVHFXULW\IRUIDUPHUV2QWKHRWKHUKDQGWKHSULRULWLHVRIWKH+XQJDULDQ
GHFLVLRQPDNHUVZHUHFRQFHQWUDWHGRQWKHDJUDULDQVHFWRULQLWLDWLYHVDQGWKHORFDOGHYHORSPHQW
SURJUDPV2YHUWKHSDVWGHFDGHVWKHJRYHUQPHQWDOSURJUDPVRIWKHVHFRXQWULHVVLJQL¿FDQWO\
LQÀXHQFHGWKHSURFHVVRIUHFRQVWUXFWLRQRIWKHVRFLDODQGHFRQRPLFIHDWXUHVRIWKHUXUDODUHDV
7KH¿QDOSDUWRIWKHSDSHUHPSKDVL]HVWKDWLQFRPSDULVRQZLWK5RPDQLD¶VH[SHULHQFHRQKDQGOLQJ
UXUDOGHYHORSPHQWSURJUDPV3RODQGDQG+XQJDU\DGRSWHGPRUHDGHTXDWHDQGUHOLDEOHSROLFLHV
DQGIURPWKLVSHUVSHFWLYHWKHHYROXWLRQRIWKHVHWZRFRXQWULHVFRXOGUHSUHVHQWDPRGHORIJRRG
SUDFWLFHLQWKLV(XURSHDQUHJLRQ
Keywords:UXUDOGHYHORSPHQWUXUDOHQWUHSUHQHXUVKLSDJULFXOWXUDOVHFWRU3RODQG+XQJDU\
&XYLQWHFKHLHGH]YROWDUHUXUDOăDQWUHSUHQRULDWUXUDOVHFWRUDJULFRO3RORQLD8QJDULD
,QVWLWXWXOGH&HUFHWDUHD&DOLWăĠLL9LHĠLL&DOHD6HSWHPEULHQU6HFWRU%XFXUHúWL(PDLOIPLKDODFKH#LFFYUR
8QLYHUVLWDWHD/XFLDQ%ODJDGLQ6LELX)DFXOWDWHDGH܇WLLQ܊H6RFLR8PDQH6WUDGD/XFLDQ%ODJDQU$6LELX
8QLYHUVLWDWHDGLQ%XFXUHúWL&HQWUXOGH6WXGLLSHQWUX0LJUDĠLH±&H60LJ܇RVHDXD3DQGXULQU%XFXUH܈WL
(PDLODOLQFURLWRUX#XOEVLELXUR
20 )ODYLXV0LKDODFKH$OLQ&URLWRUX0ăVXULGHGH]YROWDUHUXUDOăvQ3RORQLDúL8QJDULD
RUGLQ HFRQRPLF úL VRFLRGHPRJUD¿F $JULFXOWXUD URPkQHúWL úL PHFDQLVPHOH FH VWDX OD ED]D
GH VXE]LVWHQĠă DSăUXWă FD UH]XOWDW DO SURFHVHORU LPSOHPHQWăULL3ROLWLFLL$JULFROH&RPXQHD8QLXQLL
GH UHVWUXFWXUDUH D HFRQRPLHL VRFLDOLVWH úL GH (XURSHQH WRDWH HOHPHQWHOH GH DQDOL]ă LQGLFă
UHvPSURSULHWăULUH IXQFLDUă D UHSUH]HQWDW vQ WRDWă FDUDFWHUXO QHXQLWDU úL OLSVLW GH R YL]LXQH FODUă D
SHULRDGD FH D XUPDW UHIRUPHORU LPSOHPHQWDWH OD SROLWLFLORU GH GH]YROWDUH UXUDOă LPSOHPHQWDWH GH
vQFHSXWXODQLORU¶RFDUDFWHULVWLFăGRPLQDQWăvQ 5RPkQLD GXSă 'LQ DFHVW SXQFW GH YHGHUH
5RPkQLD%XOJDULDVDX$OEDQLD0DWKLMVúL1RHY FRQVLGHUăPFăSOHFkQGGHODH[SHULHQĠHOHVWDWHORU
'DYLGRYD )UHGULNVVRQ úL %DLOH\ GLQUHJLXQHSRW¿WUDVHRVHULHGHFRQFOX]LLSULYLQG
6ZLQHQQ܈L9UDQNHQ&XH[FHSĠLD3RORQLHL HYROXĠLD UXUDOXOXL úL SRW ¿ LGHQWL¿FDWH HOHPHQWH
úL D IRVWHORU VWDWH FH DX LQWUDW vQ FRPSRQHQĠD FDUHSRW¿SUHOXDWHvQYLLWRDUHSURJUDPHúLSURLHFWH
,XJRVODYLHL WRDWH FHOHODOWH ĠăUL IRVWFRPXQLVWH DX GHVWLQDWHGH]YROWăULLDJULFXOWXULLúLOXPLLVDWXOXL
WUHEXLWGXSăVăJăVHDVFăVROXĠLLODSUREOHPD 6WXGLXO GH IDĠă GHPDUHD]ă FX SUH]HQWDUHD
UHWURFHGăULL WHUHQXULORU 6WUDWHJLLOH DOHVH vQ DFHVW FDGUXOXLSROLWLFLORUGHGH]YROWDUHUXUDOăDOH8QLXQLL
VHQVDXFXQRVFXWYDULDĠLLVHPQL¿FDWLYHFHDXPHUV (XURSHQH úL FRQWLQXă FX GHVFULHUHD WUDQVIRUPăULL
GHODUHVWLWXLUHDLQWHJUDOăDSURSULHWăĠLORUSHYHFKLOH ]RQHORUUXUDOHGLQIRVWHOHĠăULFRPXQLVWHGLQ(XURSD
DPSODVDPHQWH úL SkQă OD SăVWUDUHD VLVWHPXOXL &HQWUDOă úL GH (VW GXSă SHQWUX FD XOWHULRU
FRRSHUDWLYHORUDJULFROHúLDFRUGDUHDGHGHVSăJXELUL Vă VH FRQFHQWUH]H SH HYLGHQĠLHUHD HYROXĠLLORU
SHQWUXIRúWLLSURSULHWDUL6ZDLQ+DWRV FRQVHPQDWH OD QLYHOXO PHGLXOXL UXUDO vQ 3RORQLD
'UăJRLúL%kOJDU+DUWYLJVHQ úL8QJDULDÌQSDUWHDDGRXDDOXFUăULLVHSUH]LQWă
3OHFkQGGHODFRQVLGHUDĠLLOHGHPDLVXVOXFUDUHD VLWXDĠLDJHQHUDOăDUXUDOXOXLúLWUDQVIRUPăULOHFHOH
GH IDĠă VH FRQFHQWUHD]ă SH DQDOL]D SULQFLSDOHORU PDLLPSRUWDQWHvQUHJLVWUDWHODQLYHOXOFRPXQLWăĠLORU
FRRUGRQDWHDOHSURFHVHORUGHGH]YROWDUHUXUDOăvQ úLSRSXODĠLHLUXUDOHGLQDFHVWHGRXăVWDWH7RWRGDWă
GRXăVWDWHIRVWFRPXQLVWH3RORQLDúL8QJDULD$P VXQW DQDOL]DWH SULQFLSDOHOH SROLWLFL vQ GRPHQLX
FRQVLGHUDW UHOHYDQWH DFHVWH GRXă FD]XUL DWkW SULQ úL VXQW HYLGHQĠLDWH HOHPHQWHOH FDUH DX GXV OD
SULVPD XQRU VLPLODULWăĠL VWUXFWXUDOH vQUHJLVWUDWH GLIHUHQĠLHUHD QLYHOXOXL GH GH]YROWDUH D UXUDOXOXL
FRPSDUDWLYFXVLWXDĠLD5RPkQLHLSRQGHUHULGLFDWă GLQ 3RORQLD úL 8QJDULD FRPSDUDWLY FX VLWXDĠLD
D SRSXODĠLHL UXUDOH H[LVWHQĠD GHFDODMHORU GH FRQVHPQDWă vQ 5RPkQLD /XFUDUHD VH vQFKHLH FX
GH]YROWDUH vQ SUR¿O WHULWRULDO GHSHQGHQĠD ULGLFDWă XQVFXUWFDSLWROGHGLVFXĠLLúLFRQFOX]LLvQFDUHVXQW
D ]RQHORU UXUDOH IDĠă GH DFWLYLWăĠLOH DJULFROH FkW SXQFWDWH HOHPHQWHOH FRQVLGHUDUH VHPQL¿FDWLYH
úL SH ED]D HYROXĠLLORU UHFHQWH FDUH DX GLIHUHQĠLDW SHQWUXH[SOLFDUHDHYROXĠLLORUFRQVHPQDWHODQLYHOXO
FRRUGRQDWHOHUXUDOXOXLGLQDFHVWHGRXăVWDWHGHFHOH HFRQRPLHLúLFRPXQLWăĠLORUUXUDOHGLQDFHVWHGRXă
VSHFL¿FH ĠăULL QRDVWUH 7UDQVIRUPăULOH vQUHJLVWUDWH VWDWH¿LQGUHOLHIDWHWRWRGDWăDVSHFWHOHFHDUSXWHD
vQ 3RORQLD úL 8QJDULD GHVFULX vQDLQWH GH WRDWH FRQVWLWXLVXUVăGHLQVSLUDĠLHSHQWUXYLLWRDUHSROLWLFL
H¿FLHQĠD VROXĠLLORU LPSOHPHQWDWH GH FăWUH DFHVWHD GHVWLQDWHPRGHUQL]ăULLUXUDOXOXLURPkQHVF
SH R VHULH GH GRPHQLL FKHLH UHDOL]DUHD UHIRUPHL
SURSULHWăĠLLIXQFLDUHVXVĠLQHUHDVHFWRDUHORUDJULFRO Cadrul teoretic
úL DJURLQGXVWULDO LPSOHPHQWDUHD VLVWHPHORU GH
VHFXULWDWH VRFLDOă DGUHVDWH DJULFXOWRULORU VDX Rolul Politicii Agricole Comune
GH]YROWDUHD PHFDQLVPHORU LQVWLWXĠLRQDOH GHVWLQDWH în dezvoltarea zonelor rurale
DFFHVăULL IRQGXULORU HXURSHQH &RPSDUDWLY
GLUHFĠLLOHGHDFĠLXQHúLPăVXULOHFRQFUHWHDOHVHGH /D QLYHOXO VWDWHORU PHPEUH DOH 8QLXQLL
5RPkQLDVHHYLGHQĠLD]ăD¿GH¿FLWDUH3OHFkQGGH (XURSHQH 8( SROLWLFLOH GHVWLQDWH VXVĠLQHULL
OD PRGDOLWDWHD DOHDVă SHQWUX UHDOL]DUHD UHIRUPHL DJULFXOWXULL úL ]RQHORU UXUDOH VXQW FLUFXPVFULVH
SURSULHWăĠLLIXQFLDUHWUHFkQGSULQDWHQĠLDDFRUGDWă FDGUXOXLGHVFULVSULQ3ROLWLFD$JULFROă&RPXQă
vQSHULRDGDGHWUDQ]LĠLHSUREOHPDWLFLLVXEGH]YROWăULL 3$&úLFXSULQGvQSULQFLSDOGRXăPHFDQLVPH
UXUDOXOXLúLFRQWLQXkQGFXGL¿FXOWăĠLOHLQVWLWXĠLRQDOH SULQFLSDOH GH VXSRUW PăVXUL FRPXQH GH
úL VODED DGHFYDUH GLQWUH FRRUGRQDWHOH DJULFXOWXULL UHJOHPHQWDUH D SLHĠHORU DJULFROH úL PăVXUL GH
6RFLRORJLH5RPkQHDVFăYROXPXO;,,,1USS 21
x 3URPRYDUHDWUDQVIHUXOXLGHFXQRDúWHUHúLDLQRYDĠLHLvQDJULFXOWXUăVLOYLFXOWXUăúL]RQHOH
UXUDOH
x &RQVROLGDUHDYLDELOLWăĠLLIHUPHORUúLDFRPSHWLWLYLWăĠLLWXWXURUIRUPHORUGHDJULFXOWXUăGLQ
WRDWHUHJLXQLOHSURPRYDUHDIHUPHORUED]DWHSHWHKQRORJLHLQRYDWLYăúLJHVWLRQDUHDVXVWHQDELOăD
H[SORDWăULLSăGXULORU
x 3URPRYDUHD RUJDQL]ăULL vQ ODQĠ D GRPHQLXOXL DOLPHQWDU LQFOX]kQG SURFHVDWRULL úL
FRPHUFLDQĠLLSURGXVHORUDJULFROH
x 3URPRYDUHDLQFOX]LXQLLVRFLDOHUHGXFHUHDVăUăFLHLúLGH]YROWDUHDHFRQRPLFăDPHGLXOXLUXUDO
x 3URPRYDUHDH¿FLHQĠHLvQIRORVLUHDUHVXUVHORUUHGXFHUHDHPLVLLORUGHFDUERQvQDJULFXOWXUă
LQGXVWULDDOLPHQWDUăúLVLOYLFXOWXUă
x 5HVWDELOLUHDSăVWUDUHDúLFRQVROLGDUHDHFRVLVWHPHORUDVRFLDWHDJULFXOWXULLúLVLOYLFXOWXULL
x 3UHRFXSDUHDSHQWUXEXQăVWDUHDDQLPDOHORUúLJHVWLRQDUHDULVFXULORUGLQDJULFXOWXUă
6XUVă(XURSHDQ&RPPLVVLRQS
LQRYDWLYH SHQWUX UH]ROYDUHD DFHVWRUD YL]kQG R DFWXDOă 6ZDLQ 3UHRWHVL 'UăJRL
LQWHUYHQĠLH GH WLSERWWRPXS SULQ FDUH VROXĠLLOH úL %kOJăU +DJHGRUQ 3ULYLQG
OD SUREOHPHOH FRPXQLWDUH VH HYLGHQĠLD]ă FD UHWURVSHFWLYDVXSUDHYROXĠLHLUXUDOXOXLvQVWDWHOH
UH]XOWDQWH DOH LQWHUDFĠLXQLL GLQWUH VWDNHKROGHULL (XURSHL &HQWUDOH úL GH (VW SXWHP LGHQWL¿FD
ORFDOL 'LD]3XHQWH 0RQWHUR úL &DUPHQDGR WUHL PDUL HWDSH vQ LPSOHPHQWDUHD SROLWLFLORU
2009 3HWUHVFX ÌQ FHQWUXO PRGHOXOXL DGUHVDWH VDWHORU 3ULPD GLQWUH DFHVWHD YL]HD]ă
/($'(5 VH DÀă JUXSXULOH GH DFĠLXQH ORFDOă SROLWLFLOH GHUXODWH vQ FRPXQLVP SULQ SURFHVHOH
*$/ FDUH FXSULQG SHUVRDQH VDX DVRFLDĠLL DOH GH FROHFWLYL]DUH D VXSUDIHĠHORU DJULFROH úL GH
SHUVRDQHORU GLQ FRPXQLWDWH DFWRUL HFRQRPLFL VLVWHPDWL]DUHDVDWHORU$GRXDHWDSăPDUFDQWăvQ
ORFDOL úL UHSUH]HQWDQĠL DL DXWRULWăĠLORU SXEOLFH HYROXĠLDFRPXQLWăĠLORUUXUDOHDIRVWUHSUH]HQWDWă
ORFDOH FH FRQOXFUHD]ă vQ ED]D SULQFLSLLORU GH SHULRDGD WUDQ]LĠLHL vQ FDUH YLDĠD HFRQRPLFă
SDUWHQHULDWXOXLSXEOLFSULYDW0DUTXDUGW0|OOHU D WUHEXLW UHDúH]DWă SH QRL SULQFLSLL FRQIRUPH
úL%XFKHQULHGHU YL]LXQLL GH GH]YROWDUH DGRSWDWă GH ¿HFDUH VWDW
vQ SDUWH &HO GHDO WUHLOHD UHSHU WHPSRUDO vQ
'LPHQVLXQLDOHGH]YROWăULLUXUDOH UHGLUHFĠLRQDUHD SROLWLFLORU GHVWLQDWH UXUDOXOXL D
vQ(XURSD&HQWUDOăúLGH(VW IRVWUHSUH]HQWDWGHH[WLQGHUHD8QLXQLL(XURSHQH
FHDDGXVFXVLQHúLRSRUWXQLWăĠLOHGHGH]YROWDUH
'LQFROR GH R VHULH GH FDUDFWHULVWLFL GH GDU úL FRQVWUkQJHULOH LQVWLWXĠLRQDOH FH IRUPHD]ă
VLPLODULWDWHFRQVWLWXLWHvQVSHFLDOSHGLPHQVLXQHD FDGUXOGHPăVXULDO3$&
VWUXFWXULL RFXSDĠLRQDOH GRPLQDQWH D SRSXODĠLHL 3URFHVHOH GH FROHFWLYL]DUH D DJULFXOWXULL QX
úL SH SUHSRQGHUHQĠD VHFWRUXOXL DJULFRO vQ DX DYXW DFHOHDúL VSHFL¿FDĠLL úL QX DX SUH]HQWDW
HFRQRPLDORFDOăFRRUGRQDWHOH]RQHORUUXUDOHvQ DFHODúLULWPvQIRVWHVWDWHFRPXQLVWHGLQ(XURSD
(XURSD&HQWUDOăúLGH(VWFRPSRUWăGLIHUHQĠLHUL &HQWUDOăúLGH(VWWDEHOXO$VWIHOvQWLPSFH
VHPQL¿FDWLYH VXE DVSHFWXO XQRU LQGLFDWRUL vQ$OEDQLD5HSXEOLFD&HKă5RPkQLDúL8QJDULD
SUHFXP SRQGHUHD SRSXODĠLHL UXUDOH QLYHOXO GH VHFWRUXO DJULFRO HUD GRPLQDW GH XQLWăĠLOH GH WLS
GH]YROWDUH DO ORFDOLWăĠLORU FRRUGRQDWHOH YLHĠLL FRRSHUDWLVWúLvQ%XOJDULDWHUHQXODJULFROVHDÀD
HFRQRPLFH VDX VWDQGDUG GH YLDĠă DO SRSXODĠLHL FX SUHSRQGHUHQĠă vQ SURSULHWDWHD VWDWXOXL vQ
9DQ %HUNHO úL 9HUEXUJ +DUWYLJVHP 3RORQLDúL,XJRVODYLDVDSăVWUDWFDUDFWHUXOSULYDW
ÌQVSDWHOHDFHVWRUGLIHUHQĠLHULVWDXvQPRG DO SURSULHWăĠLL IXQFLDUH 6ZDLQ +DWRV
VSHFLDO GHFL]LLOH LPSOHPHQWDWH OD QLYHO SROLWLF +DUWYLJVHQ
DWkW vQ SHULRDGD FRPXQLVWă FkW úL vQ SHULRDGD
Tabel 1: 3RQGHUHDIRUPHORUGHSURSULHWDWHvQWRWDOXOVXSUDIHĠHORUDJULFROHGDWHODQLYHOXO
DQXOXL
3URSULHWDWHSULYDWă 3URSULHWDWHFROHFWLYă 3URSULHWDWHGHVWDW
$OEDQLD
%XOJDULD 10 0 90
&HKRVORYDFLD
8QJDULD
3RORQLD 78
5RPkQLD
,XJRVODYLD
6XUVă6ZLQQHQúL0DWKLMVDSXG+DWRVS
6RFLRORJLH5RPkQHDVFăYROXPXO;,,,1USS 23
'XSă VFKLPEăULOH GH UHJLP SROLWLF GLQ ,PSOHPHQWDUHD 3$& OD QLYHOXO DFHVWRU VWDWH D
OXPHD UXUDOă GLQ (XURSD &HQWUDOă úL vQVHPQDW DFFHVXO OD UHVXUVH ¿QDQFLDUH SHQWUX
GH (VW VD UHDúH]DW SH QRL OLQLL GLUHFWRDUH DJULFXOWRUL DQWUHSUHQRUL DVRFLDĠLL úL LQVWLWXĠLL
5HIRUPD SURSULHWăĠLL IXQFLDUH D UHSUH]HQWDW SXEOLFH FRQGLĠLRQDW GH UHVSHFWDUHD XQRU
XQD GLQWUH GLUHFĠLLOH GH DFĠLXQH FHOH PDL PHFDQLVPHLQVWLWXĠLRQDOL]DWH8QJDULD3RORQLD
LPSRUWDQWH UHIHULWRDUH OD SROLWLFLOH DGUHVDWH 5HSXEOLFD&HKă6ORYDFLDúLVWDWHOHEDOWLFHSULQ
]RQHORU UXUDOH 6WUDWHJLLOH DGRSWDWH OD QLYHOXO DGHUDUHDOD8(vQDXDFXPXODWRH[SHULHQĠă
¿HFăUXL VWDW DX IRVW LQÀXHQĠDWH SH GH R SDUWH VXSHULRDUă vQ GHUXODUHD SURJUDPHORU HXURSHQH
GHFRRUGRQDWHOHVHFWRUXOXLDJULFROúLGHUHJLPXO DGUHVDWH VHFWRUXOXL DJULFRO úL GH]YROWăULL
GH SURSULHWDWH IXQFLDUă H[LVWHQW úL SH GH DOWă VDWHORUFDUHHVWHHYLGHQĠLDWăSULQSHUIHFĠLRQDUHD
SDUWH GH YL]LXQHD SROLWLFă OD QLYHO QDĠLRQDO PHFDQLVPHORUúLLQVWLWXĠLLORUQDĠLRQDOHLPSOLFDWH
DVXSUDPRGXOXLvQFDUHWUHEXLHVă¿HVXVĠLQXWH vQLPSOHPHQWDUHDDFHVWRUSURJUDPHGDUúLSULQ
SURFHVHOHGHWUDQVIRUPDUHVRFLDOăúLHFRQRPLFă PDL SXWHUQLFD IDPLOLDUL]DUH D EHQH¿FLDULORU FX
6ZDLQ 6ZDLQ $VWIHO FHOH PDL SUHYHGHULOHLQWHUYHQĠLLORUGHDFHVWWLS+DUGLQ
PXOWH GLQWUH VWDWHOH IRVWH FRPXQLVWH DX DOHV 3H GH DOWă SDUWH 5RPkQLD úL %XOJDULD
GLIHULWH PRGDOLWăĠL GH UHVWLWXLUH D WHUHQXULORU DXvQWkPSLQDWvQSHULRDGDGHSURJUDPDUH
FăWUH IRúWLL SURSULHWDUL H[FHSĠLLOH GH OD DFHVW GL¿FXOWăĠL GHWHUPLQDWH GH H[SHULHQĠD
PRGHO ¿LQG UHSUH]HQWDWH GH 8QJDULD XQGH OLPLWDWăDLQVWLWXĠLLORULPSOLFDWHvQFRRUGRQDUHD
IHUPHOHFROHFWLYHDXIRVWSăVWUDWH¿LQGRIHULWH DFHVWRU SURJUDPH :HJHQHU HW DO
vQVFKLPEFRPSHQVDĠLLSHQWUXIRúWLLSURSULHWDUL 3HQWUX &URDĠLD SURJUDPDUHD ¿QDQFLDUă
IXQFLDUL úL 3RORQLD XQGH FROHFWLYL]DUHD QX UHSUH]LQWă SULPXO FRQWDFW FRQFUHW FX
D DYXW ORF 6ZDLQ 'UăJRL úL %kOJDU PHFDQLVPHOHGHLPSOHPHQWDUHD3$&
+DUWYLJVHQ5RPkQLD%XOJDULDúL 1X SXĠLQH VXQW FULWLFLOH FH YRUEHVF GHVSUH
ĠăULOHEDOWLFHDXLPSOHPHQWDWFHOHPDLGUDVWLFH VODED DGHFYDUH D LQWHUYHQĠLHL ¿QDQFLDUH
SURJUDPH GH UHIRUPă D SURSULHWăĠLL IXQFLDUH FUHLRQDWH vQ ED]D 3$& vQ (XURSD &HQWUDOă
FDUH vQ FHOH GLQ XUPă DX GXV OD UHVWLWXĠLD LQ úL GH (VW *RUWRQ +XEEDUW úL +XEDUW
LQWHJUXP D SURSULHWăĠLL DJUDUH FROHFWLYL]DWă vQ :HJHQHU HW DO ܇HUEDQ úL -XUDYOH
SHULRDGDFRPXQLVWă$GRSWDUHDDFHVWHLVWUDWHJLL +DUGLQ &RQFOX]LLOH GH DFHVW WLS
D DYXW FD HIHFW LPHGLDW GLVSDULĠLD VLVWHPXOXL VXQW IXQGDPHQWDWH SH DQDOL]H FH HYLGHQĠLD]ă
XQLWăĠLORUDJULFROHFRRSHUDWLVWHúLDIHUPHORUGH vQ SULPXO UkQG GLIHUHQĠH LPSRUWDQWH vQWUH
VWDWGDUúLUHVWUkQJHUHDDFWLYLWăĠLORUGLQVHFWRUXO VWUXFWXUDVHFWRUXOXLDJULFROvQVWDWHOHGLQYHVWXO
DJULFRO úL GH]YROWDUHD SUDFWLFLORU DJULFROH FRQWLQHQWXOXL úL QRLOH ĠăUL PHPEUH SUHFXP úL
WUDGLĠLRQDOH 6ZDLQ +DJHGRUQ IDSWXO Fă 3$& D IRVW HODERUDWă SOHFkQG GH OD
(YROXĠLLOHVLVWHPHORUDJULFROHDXGHPRQVWUDWFă FRRUGRQDWHOH DJULFXOWXULL úL ]RQHORU UXUDOH GLQ
PRGHOHOHGRPLQDWHGHFRRSHUDWLYHDVRFLDĠLLúL (XURSD2FFLGHQWDOă*RUWRQ+XEEDUWúL+XEDUW
XQLWăĠL PHGLL úL PDUL VDX GRYHGLW VXSHULRDUH &KLDU GDFă vQ FDGUXO PHFDQLVPHORU
vQ WHUPHQL GH H¿FLHQĠă úL SURGXFWLYLWDWH QDĠLRQDOH GH LPSOHPHQWDUH ¿HFDUH VWDW DUH
PRGHOHORU vQ FDUH D SUHGRPLQDW DWRPLFL]DUHD SXWHUHD GH D GHFLGH ĠLQWHOH GH GH]YROWDUH
H[SORDWDĠLLORU+DJHGRUQ XUPăULWHúLVSHFL¿FDĠLLOHSURFHGXULORUGHVHOHFĠLH
'XSăYDOXULOHGHH[WLQGHUHD8(GLQ úL LPSOHPHQWDUH D SURLHFWHORU GH GH]YROWDUH
úL QRLOH VWDWH PHPEUH GLQ (XURSD UXUDOă FDGUXO JHQHUDO UăPkQH XQXO SUHVWDELOLW
&HQWUDOăúLGH(VWDXDGRSWDWFDGUXOGHPăVXUL ÌQ DFHVW IHO YL]LXQHD VWUDWHJLFă GH VXVĠLQHUH D
GHVXVĠLQHUHúLSURFHGXULFHIRUPHD]ă3$&ÌQ DJULFXOWXULL úL GH GH]YROWDUH D ]RQHORU UXUDOH
DFHVWIHO SURJUDPHOHGHVXVĠLQHUHD VHFWRUXOXL HODERUDWă vQ FDGUXO 8QLXQLL (XURSHQH SOHFkQG
DJULFRO úL SROLWLFLOH GH GH]YROWDUH D ]RQHORU GHODH[SHULHQĠDĠăULORURFFLGHQWDOHFXVLVWHPH
UXUDOH LPSOHPHQWDWH OD QLYHO QDĠLRQDO DX DJUDUHGH]YROWDWHúLSRQGHUHUHGXVăDSRSXODĠLHL
IRVW FLUFXPVFULVH SUHYHGHULORU FRPXQLWDUH UXUDOH D IRVW SUHOXDWă úL LPSOHPHQWDWă vQ VWDWH
)ODYLXV0LKDODFKH$OLQ&URLWRUX0ăVXULGHGH]YROWDUHUXUDOăvQ3RORQLDúL8QJDULD
FX R FRQ¿JXUDĠLH VHPQL¿FDWLY GLIHULWă D OXPLL 'XSă ¿HFDUH GLQWUH FHOH WUHL VWDWH
UXUDOH *RUWRQ +XEEDUW úL +XEEDUW DX DOHV VWUDWHJLL GLIHULWH vQ FHHD FH SULYHúWH
LGHQWL¿Fă SDWUX GLPHQVLXQL FH LOXVWUHD]ă VODED SROLWLFLOHGHVWLQDWHVHFWRUXOXLDJULFROúLPHGLXOXL
DGHFYDUHDLQWHUYHQĠLHLUHDOL]DWHvQFDGUXO3$& UXUDO 3RORQLD D SXV vQ FHQWUXO SURJUDPHORU GH
vQ (XURSD &HQWUDOă úL GH (VW VXVĠLQHUH VXVĠLQHUH D PHGLXOXL UXUDO DMXWRUXO DFRUGDW
LQVX¿FLHQWăDUHGXFHULLGHFDODMXOXLGHGH]YROWDUH IHUPHORU IDPLOLDOH GH]YROWkQG SURJUDPH
VRFLRHFRQRPLFă D ]RQHORU UXUDOH GLQ (XURSD ĠLQWLWH vQ DFHVW VHQV 2 DWHQĠLH GHRVHELWă D IRVW
&HQWUDOă úL GH (VW FHQWUDUHD PăVXULORU DFRUGDWă LPSOHPHQWăULL VLVWHPXOXL GH DVLJXUăUL
&$3 HODERUDWH SH PRGHOXO IHUPHORU IDPLOLDOH VRFLDOH úL PHGLFDOH GHVWLQDWH IHUPLHULORU úL
GLQ (XURSD 2FFLGHQWDOă DFRUGDUHD XQHL IDPLOLLORU DFHVWRUD ÌQ VSHFLDO GXSă
SRQGHUL vQ FUHúWHUH D FKHOWXLHOLORU SUHYă]XWH XQD GLQWUH ĠLQWHOH SULQFLSDOH DOH LQWHUYHQĠLLORU
SULQ 3LORQXO , vQ GHWULPHQWXO SURJUDPHORU GH SXEOLFH D YL]DW GLYHUVL¿FDUHD HFRQRPLHL UXUDOH
GH]YROWDUHUXUDOăFDSDFLWDWHDDGPLQLVWUDWLYă úL VXVĠLQHUHD DQWUHSUHQRULDWXOXL 8QJDULD SH GH
OLPLWDWă D RUJDQLVPHORU QDĠLRQDOH LPSOLFDWH vQ DOWăSDUWHVDFRQFHQWUDWSHVXVĠLQHUHDIHUPHORU
LPSOHPHQWDUHD&$3 úL FRRSHUDWLYHORU DJULFROH GH GLPHQVLXQL PHGLL
úL SH FRQVROLGDUHD LQGXVWULHL DJURDOLPHQWDUH
7UDLHFWRULL GH HYROXĠLH D ]RQHORU Yă]XWă FD GLPHQVLXQH FKHLH SHQWUX GH]YROWDUHD
UXUDOHvQ3RORQLDúL8QJDULD HFRQRPLHLUXUDOH5HIRUPDSURSULHWăĠLLIXQFLDUH
FDUHDSHUPLVSăVWUDUHDVLVWHPXOXLFRRSHUDWLYHORU
Transformarea mediului rural din DJULFROH úL SURJUDPHOH JXYHUQDPHQWDOH GH
3RORQLDúL8QJDULDvQUDSRUWFX VXEYHQĠLRQDUH D DJULFXOWXULL úL LQGXVWULHL
VLWXDĠLDvQUHJLVWUDWăvQ5RPkQLD DJURDOLPHQWDUH DX IRVW SULQFLSDOLL GRL SLORQL SH
FDUH VD ED]DW PRGHUQL]DUHD PHGLXOXL UXUDO GLQ
3RORQLD úL 8QJDULD SUH]LQWă DVHPHQHD 8QJDULD1HPHV&VDWiULúL)DUNDV
5RPkQLHL SRQGHUL ULGLFDWH SHQWUX SRSXOD܊LD &RPSDUDWLY FX GHPHUVXULOH vQWUHSULQVH GH
UXUDOă vQ FD]XO 3RORQLHL úL vQ FD]XO 3RORQLD úL 8QJDULD vQ PRGHUQL]DUHD UXUDOXOXL
8QJDULHL úL LPSRUWDQWH GHFDODMH GH GH]YROWDUH GXSă HYROXĠLLOH vQUHJLVWUDWH vQ 5RPkQLD
vQSUR¿OWHULWRULDOFHIDFFDRSDUWHvQVHPQDWăD GHVFULX XQ SDUFXUV VLQXRV GHWHUPLQDW GH
ORFDOLWăĠLORUUXUDOHVă¿HFDUDFWHUL]DWHSULQQLYHO OLSVD XQHL VWUDWHJLL FODUH vQ FHHD FH SULYHúWH
UHGXV GH GH]YROWDUH VRFLRHFRQRPLFă 1HPHV SURJUDPHOHúLSROLWLFLOHGHVWLQDWH]RQHORUUXUDOH
.RYiFV3RPLDQHN8QJDULD ÌQ SHULRDGD DQLORU ¶ SUHRFXSDUHD PDMRUă vQ
úL 5RPkQLD DX WUHFXW vQ SHULRDGD DQLORU ¶ úL FHHDFHSULYHúWHSROLWLFLOHGHVWLQDWHOXPLLVDWHORU
¶ SULQ SURFHVH GH FROHFWLYL]DUH D DJULFXOWXULL DIRVWUHSUH]HQWDWăGHWHPDUHIRUPHLSURSULHWăĠLL
úL DX FXQRVFXW GXSă HWDSH GH UHIRUPDUH IXQFLDUH úL GH UHVWUXFWXUDUH D XQLWăĠLORU GLQ
D SURSULHWăĠLL IXQFLDUH 3RORQLD SH GH DOWă LQGXVWULD DJURDOLPHWDUă FHHD FH D GXV OD
SDUWHDUHXúLWVăSăVWUH]HWHUHQXULOHDJULFROHvQ DWRPLFL]DUHDH[SORDWDĠLHLIXQFLDUHúLODUHJUHVXO
SURSULHWDWHSULYDWăFKLDUúLvQSHULRDGDFRPXQLVWă SURGXFĠLHL DJULFROH 'DYLGRYD )UHGULNVVRQ úL
6ZDLQ +DJHGRUQ 5HJLPXO GH %DLOH\ 6WDUHD DFWXDOă D DJULFXOWXULL úL D
SURSULHWDWHDVXSUDWHUHQXULORUDJULFROHUHSUH]LQWă PHGLXOXLUXUDOGLQ5RPkQLDSRDWH¿FRQVLGHUDWă
XQHOHPHQWIXQGDPHQWDOvQvQĠHOHJHUHDHYROXĠLHL UH]XOWDWXO GLUHFW DO OLSVHL GH YL]LXQH vQ FHHD
PHGLXOXL UXUDO GLQ DFHVWH VWDWH FX WUHFXW FH SULYHúWH QHYRLOH GH GH]YROWDUH D PHGLXOXL
FRPXQLVWDWkWGLQSXQFWGHYHGHUHDORUJDQL]ăULL UXUDO ([SHULHQĠD XQRU VWDWH IRVWH VRFLDOLVWH GLQ
H[SORDWDĠLLORUDJULFROHFkWúLGLQSXQFWGHYHGHUH UHJLXQHSUHFXPHVWHFD]XO3RORQLHLúL8QJDULHL
DO UHODĠLHL GLQWUH ORFXLWRULL PHGLXOXL UXUDO úL DUDWăFăLQWHUYHQĠLDSXEOLFăSULQSURJUDPHELQH
PXQFDDJULFROă¿LQGUH]XOWDWXOXQRUSUDFWLFLGH ĠLQWLWH GHVWLQDWH UHQWDELOL]ăULL DJULFXOWXULL úL
FRQVWUkQJHUHFRRSHUDWLYHOHDXDYXWSHQWUXPXOWă GLYHUVL¿FăULLHFRQRPLHLUXUDOHUHSUH]LQWăFKHLD
YUHPHDVRFLDWăRLPDJLQHQHJDWLYă GHEROWăvQVXVĠLQHUHDGH]YROWăULLUXUDOXOXL
6RFLRORJLH5RPkQHDVFăYROXPXO;,,,1USS 25
'H]YROWDUHDUXUDOăvQ3RORQLDGXSă SURFHVVăFXQRDVFăDFHHDúLLQWHQVLWDWHSHvQWUHJ
1990 WHULWRULXO 3RPLDQHN 3H GH DOWă SDUWH
GXSă FăGHUHD UHJLPXOXL FRPXQLVW QLYHOXO
&RRUGRQDWHDOHPHGLXOXLUXUDO GH GH]YROWDUH DO ]RQHORU UXUDOH GLQ 3RORQLD D
vQ3RORQLD FXQRVFXW DVHPHQHD VLWXDĠLHL vQUHJLVWUDWH vQ
FHOHODOWH VWDWH IRVWVRFLDOLVWH XQ SURFHV GH
3RORQLDvQUHJLVWUHD]ăFHOPDLULGLFDWYROXPDO HWHURJHQL]DUH SH FULWHULL UHJLRQDOH SULQ FDUH
SRSXODĠLHLUXUDOHvQUkQGXOQRLORUVWDWHPHPEUH ]RQHOHFHJUDYLWHD]ăHFRQRPLFúLVRFLDOvQMXUXO
DOH 8QLXQLL (XURSHQH FX XQ HIHFWLY GH XQRURUDúHLPSRUWDQWHDXFXQRVFXWRGH]YROWDUH
PLOLRDQH GH SHUVRDQH FH vQVXPHD]ă GLQ DFFHQWXDWă *ZLD]G]LQVND*RUDM -H]LHUVND
WRWDOXO SRSXODĠLHL &HQWUDO 6WDWLVWLFDO 2I¿FH RI 7KROH
3RODQGEÌQDFHODúLWLPSVXSUDIDĠDDUDELOă 6XFFHVXO PRGHOXOXL SRORQH] vQ FHHD FH
DDFHVWHLĠăULPLOLRDQHGHKHFWDUHFRQVWLWXLH SULYHúWHUHIRUPDHFRQRPLFăSRDWH¿FHOPDLELQH
GLQ WRWDOXO VXSUDIHĠHL OD QLYHO FRPXQLWDU UHOLHIDWSHED]DIDSWXOXLFăDUHSUH]HQWDWVLQJXUD
.XQGHUD 8QD GLQ FDUDFWHULVWLFLOH ĠDUă GLQ JUXSXO VWDWHORU IRVWFRPXQLVWH GLQ
GHPRJUD¿FHPDMRUHDOHPHGLXOXLUXUDOSRORQH] (XURSD&HQWUDOăúLGH(VWFDUHDFXQRVFXWFUHúWHUH
VH UHIHUă OD SUHSRQGHUHQĠD ORFDOLWăĠLORU GH PLFL HFRQRPLFă FRQWLQXă vQFHSkQG GH OD PLMORFXO
GLPHQVLXQLGLQWUHDFHVWHDDYkQGPDLSXĠLQ DQLORU¶&KLDUúLvQSHULRDGDFUL]HLHFRQRPLFH
GH GH ORFXLWRUL 6LVWHPXO GH RUJDQL]DUH FDUH D vQFHSXW GLQ 3RORQLD D FRQVHPQDW
DGPLQLVWUDWLYă D 3RORQLHL HVWH XQXO VSHFL¿F FUHúWHULFRQVWDQWHDOH3,%XOXLGHPRQVWUkQGSH
¿LQGFRQVWLWXLWvQED]DWUDGLĠLHLLVWRULFHDDFHVWXL GHRSDUWHED]HOHHFRQRPLFHVROLGHSHFDUHVD
VWDW$VWIHOĠDUDHVWHRUJDQL]DWăvQYRLHYRGDWH IXQGDPHQWDWSROLWLFDGHUHIRUPăHFRQRPLFăLDU
UHJLXQL GH SRZLDWH ĠLQXWXUL úL SHGHDOWăSDUWHLOXVWUkQGFDSDFLWDWHDLQVWLWXĠLLORU
GH FRPXQH FODVL¿FDWH OD UkQGXO ORU vQ XUEDQH GHDUăVSXQGHSULQSROLWLFLDGHFYDWHXQRUVLWXDĠLL
UXUDOH VDX PL[WH &HQWUDO 6WDWLVWLFDO 2I¿FH RI HFRQRPLFH LQWHUQDĠLRQDOH WXUEXOHQWH +DPP
3RODQGD .LQJ6WXFNOHU
'XSăVFKLPEDUHDGHUHJLPSROLWLFGLQ 7UHFHUHD OD FDSLWDOLVP úL WUDQVIRUPăULOH
3RORQLD D DGRSWDW UDSLG SROLWLFL HFRQRPLFH HFRQRPLFHJHQHUDWHGHDFHVWSURFHVDXDYXWSH
GUDVWLFH FDUH DX FUHDW SH WHUPHQ VFXUW HYROXĠLL WHUPHQ VFXUW UHSHUFXVLXQL VRFLDOH LPSRUWDQWH
QHJDWLYH GDU FDUH DX SXV ED]H VROLGH SHQWUX +DPP.LQJúL6WXFNOHUäLGHFN
UHIRUPDUHD PHGLXOXL HFRQRPLF 0RGHOXO ܇RPDMXOULGLFDWVLWXDWvQMXUXODGLQWRWDOXO
SRORQH] DO WUDQ]LĠLHL GH OD HFRQRPLD VRFLDOLVWă SRSXODĠLHLGHYkUVWHDFWLYHvQUHJLVWUDWOD¿QDOXO
OD FDSLWDOLVP D vQVHPQDW DGRSWDUHD WHUDSLHL GH DQLORU ¶ D UHSUH]HQWDW FHD PDL LPSRUWDQWă
úRF FH D DYXW vQ FHQWUXO VăX UHIRUPDUHD UDSLGă SUREOHPăSHQWUXVRFLHWDWHDSRORQH]ă$VHPHQHD
D YLHĠLL HFRQRPLFH äLGHN /D QLYHOXO VLWXDĠLHL vQUHJLVWUDWH vQ FHOHODOWH VWDWH IRVW
YLHĠLLHFRQRPLFHUXUDOHDGRSWDUHDPăVXULORUGH VRFLDOLVWH WUDQ]LĠLD D YXOQHUDELOL]DW FDWHJRULL
UHIRUPăDXGXVvQSULPăID]ăODGHVWUXFWXUDUHD LPSRUWDQWHGHSRSXODĠLHSULQWUHDFHVWHDDÀkQGX
UHODĠLHLGLQWUHSURGXFăWRULLDJULFROLúLSURFHVDWRULL VH úL SRSXODĠLD UXUDOă 5ăVSXQVXO SROLWLFLORU
GLQLQGXVWULDDJURDOLPHQWDUăFXHIHFWHQHJDWLYH SXEOLFHDGRSWDWHSHQWUXVXVĠLQHUHDPHGLXOXLUXUDO
DWkW SHQWUX SRSXODĠLH FkW úL SHQWUX PHGLXO úL vQFXUDMDUHD LQFOX]LXQLL VRFLDOH D SRSXODĠLHL
HFRQRPLF )DONRZVNL ÌQFHSkQG FX D GH DFHVW WLS VD ED]DW vQ VSHFLDO SH VXVĠLQHUHD
GRXD SDUWH D DQLORU ¶ GDU vQ PRG VSHFLDO VHFWRUXOXLDJULFRO
GXSă DGHUDUHD OD 8( VHFWRUXO DJULFRO SRORQH] 6SUHGHRVHELUHGHH[SHULHQĠDFHORUODOWHVWDWH
UHDúH]DW SH QRL ED]H D FXQRVFXW XQ UHYLULPHQW IRVWVRFLDOLVWH 3RORQLD D IRVW VLQJXUXO VWDW HVW
SULQ UHQWDELOL]DUHD DJULFXOWXULL úL GLYHUVL¿FDUHD HXURSHDQ FDUH D UHQXQĠDW vQFă GLQ DQLL ¶ OD
HFRQRPLHL UXUDOH 0LQLVWU\ RI $JULFXOWXUH DQG SROLWLFD GH FROHFWLYL]DUH IRUĠDWă D DJULFXOWXULL
5XUDO 'HYHORSPHQW IăUă vQVă FD DFHVW FHHDFHDIăFXWFDvQVXSUDIHĠHOHIXQFLDUHVă
26 )ODYLXV0LKDODFKH$OLQ&URLWRUX0ăVXULGHGH]YROWDUHUXUDOăvQ3RORQLDúL8QJDULD
VHDÀHFXSUHSRQGHUHQĠăvQSRVHVLDSRSXODĠLHL 3$&DXVWLPXODWFRRSHUDUHDGLQWUHSURGXFăWRUL
6ZDLQ 6ZDLQ 6WUXFWXUD GH úL FRQVWLWXLUHD IHUPHORU GH GLPHQVLXQL PHGLL
SURSULHWDWH DJULFROă H[LVWHQWă vQ PRPHQWXO 3ULQFLSDOD PăVXUă DGRSWDWă D YL]DW VXVĠLQHUHD
GHPDUăULLWUDQ]LĠLHLDIHULW3RORQLDGHSUREOHPHOH WUDQ]DFĠLRQăULL WHUHQXULORU úL D DUHQGăULL vQ
DSăUXWHvQ5RPkQLDVSUHH[HPSOXXQGHSURFHVXO VSHFLDO SULQ vQFXUDMDUHD vQWLQHULULL VWUXFWXULL SH
GHUHWURFHGDUHDSURSULHWăĠLORUDEORFDWSHQWUXR YkUVWHDSURSULHWDULORUIXQFLDUL2PDUHSDUWHGLQ
SHULRDGăOXQJăGHWLPSGH]YROWDUHDFRPSHWLWLYă WHUHQXULOH GHĠLQXWH GH FăWUH SHUVRDQH vQ YkUVWă
DVHFWRUXOXLDJULFRO DX IRVW SUHOXDWH GH QRLL DQWUHSUHQRUL DJULFROL
vQ VSHFLDO GXSă DQXO ÌQ GRDU FLQFL DQL
3ROLWLFLGHVXVĠLQHUHD]RQHORU QXPăUXOH[SORDWDĠLLORUvQUHJLVWUDWH
úLSRSXODĠLHLUXUDOHvQ3RORQLD D VFă]XW FX DSURDSH PLOLRQ GH XQLWăĠL LDU
GLPHQVLXQHDPHGLHDIHUPHORUDFUHVFXWVHQVLELO
'LUHFĠLLOH VWUDWHJLFH GH LQWHUYHQĠLH SXEOLFă (XURSHDQ&RPPLVVLRQÌQDFHODúLWLPS
vQ YHGHUHD VXVĠLQHULL GH]YROWăULL DJULFXOWXULL VDvQUHJLVWUDWRFUHúWHUHLPSRUWDQWăDQXPăUXOXL
3RORQLHL DX YL]DW vQ XOWLPLL DQL FUHúWHUHD GH ORFXUL GH PXQFă VDODULDWH SH FDUH VHFWRUXO
QXPăUXOXL GH VDODULDĠL GLQ VHFWRUXO DJULFRO DJULFROOHDVLJXUăSUHFXPúLFUHúWHUHDSURGXFĠLHL
FUHúWHUHD SURGXFWLYLWăĠLL VHFWRUXOXL DJULFRO 3ROLWLFLOH GH vQFXUDMDUH D FRPDVăULL IXQFLDUH
GLYHUVL¿FDUHD HFRQRPLHL UXUDOH úL VSULMLQLUHD DX DYXW WRWRGDWă úL XQ LPSDFW VRFLDO SXWHUQLF
SURGXFăWRULORUIDPLOLDOL0LQLVWU\RI$JULFXOWXUH UHVLPĠLW DWkW SULQ ORFXUL GH PXQFă VDODULDWH
DQG 5XUDO 'HYHORSPHQW &RQFRPLWHQW FUHDWH FkW úL SULQ VXVĠLQHUHD ¿QDQFLDUă GH FDUH
LQYHVWLĠLLOH GHVWLQDWH GH]YROWăULL ]RQHORU UXUDOH DEHQH¿FLDWFDWHJRULDGHSRSXODĠLHYkUVWQLFăFX
VDX FRQFHQWUDW SH PRGHUQL]DUHD LQIUDVWUXFWXULL YHQLWXULSUHFDUHFDUHVHDÀDvQLQFDSDFLWDWHGHD
SXEOLFH ORFDOH úL GH]YROWDUHD VHUYLFLLORU VRFLDOH OXFUDRSWLPWHUHQXULOHGHĠLQXWH
GHVWLQDWH SRSXODĠLHL UXUDOH ÌQ DFHVW IHO DX IRVW 3RORQLD HVWH vQ FLIUH DEVROXWH FHO PDL
FRQWLQXDWH SULQFLSDOHOH GLUHFĠLL GH GH]YROWDUH LPSRUWDQW H[SRUWDWRU GH SURGXVH DJULFROH GLQ
LPSOHPHQWDWHvQFHSkQGFXDQXO3URJUHVHOH (XURSD GH (VW %DODQĠD FRPHUFLDOă D DFHVWXL
vQUHJLVWUDWHvQDFHVWVHQV¿LQGVHPQL¿FDWLYH VHFWRU D vQUHJLVWUDW vQ DQXO XQ H[FHGHQW
8QDGLQSULQFLSDOHOHSUREOHPHDOHVHFWRUXOXL GH SHVWH PLOLDUGH GH HXUR SURGXV SH IRQGXO
DJULFRO SRORQH] FH UHSUH]LQWă FDX]D SULQFLSDOă FUHúWHULL PDL DFFHQWXDWH D H[SRUWXULORU vQ
D SURGXFWLYLWăĠLL UHGXVH vQUHJLVWUDWă vQ DFHVW FRPSDUDĠLHFXLPSRUWXULOHUHDOL]DWH([SRUWXULOH
VHFWRU HVWH UHSUH]HQWDWă GH SRQGHUHD ULGLFDWă UHDOL]DWHvQSHULRDGDDXvQUHJLVWUDWR
SHFDUHRGHĠLQH[SORDWDĠLLOHGHPLFLGLPHQVLXQL FUHúWHUHGHDWLQJkQGDSURDSHPLOLDUGH
+DUWYLJVHQ &KLDU GDFă VWDWLVWLFLOH GHHXUR(XURSHDQ&RPPLVVLRQYDORDUH
R¿FLDOH 0LQLVWU\ RI $JULFXOWXUH DQG 5XUDO GHORF VXUSULQ]ăWRDUH GDFă OXăP vQ FDOFXO
'HYHORSPHQWSUH]LQWăUHGXFHULLPSRUWDQWH WUDQVIRUPăULOH vQUHJLVWUDWH OD QLYHOXO VHFWRUXOXL
DOHQXPăUXOXLH[SORDWDĠLLORUGHPLFLGLPHQVLXQL SULQSROLWLFLOHGHvQFXUDMDUHDFRPSHWLWLYLWăĠLL
GHvQFDWHJRULDIHUPHORUGHSkQăvQKDúL ÌQWUH DQLL úL YHQLWXO DJULFRO DO
GHvQFDWHJRULDKD3RORQLDUăPkQHvQ 3RORQLHLDFUHVFXWFXSURFHQWVHPQL¿FDWLY
FDWHJRULDVWDWHORUFHvQUHJLVWUHD]ăRIUDJPHQWDUH PDL PDUH FRPSDUDWLY FX PHGLD FUHúWHULL
VHPQL¿FDWLYă D SURSULHWăĠLL IXQFLDUH $VWIHO YHQLWXULORUSHQWUXWRDWHVHFWRDUHOHGHDFWLYLWDWH
FUHúWHUHD FRPSHWLWLYLWăĠLL VHFWRUXOXL DJULFRO VH XQGH VD vQUHJLVWUDW XQ VDOW GH (XURSHDQ
ED]HD]ă vQ SULQFLSDO vQ YL]LXQHD IDFWRULORU GH &RPPLVVLRQ $VWIHO DJULFXOWXUD
GHFL]LH SH VXVĠLQHUHD FRPDVăULL WHUHQXULORU UHSUH]LQWă XQXO GLQ PRWRDUHOH LPSRUWDQWH
0LQLVWU\RI$JULFXOWXUHDQG5XUDO'HYHORSPHQW GH FUHúWHUH HFRQRPLFă DYkQG R FRQWULEXĠLH
ÌQ DFHVW VHQV SROLWLFLOH DGRSWDWH GXSă LPSRUWDQWă OD GH]YROWDUHD 3RORQLHL &X WRDWH
DQXO VSULMLQLWH SH DORFăULOH ¿QDQFLDUH DFHVWHD GDWHOH VWDWLVWLFH DUDWă Fă YHQLWXULOH
SUHYă]XWHSULQPHFDQLVPHOHGHLPSOHPHQWDUHD VDODULDOHPHGLLUHDOL]DWHGLQDFWLYLWăĠLOHDJULFROH
6RFLRORJLH5RPkQHDVFăYROXPXO;,,,1USS 27
0LQLVWHUXO $JULFXOWXULL úL 'H]YROWăULL 5XUDOH úL FRQVWUXFĠLLORU 0LQLVWU\ RI $JULFXOWXUH DQG
GLQ 3RORQLD 3UHRFXSăULOH vQ DFHVW VHQV 5XUDO'HYHORSPHQW6XFFHVXOvQUHJLVWUDW
DX GXV OD R FUHúWHUH VHPQL¿FDWLYă D QXPăUXOXL GH 3RORQLD vQ FHHD FH SULYHúWH GH]YROWDUHD
GH DJHQĠL HFRQRPLFL vQUHJLVWUDĠL OD QLYHOXO DQWUHSUHQRULDWXOXL úL GLYHUVL¿FDUHD HFRQRPLHL
ORFDOLWăĠLORUUXUDOHWDEHOXO)RDUWHLPSRUWDQW UXUDOH VH OHDJă GH LQYHVWLĠLLOH PDVLYH IăFXWH vQ
GH UHPDUFDW HVWH Fă DQWUHSUHQRULDWXO UXUDO GLQ FDSLWDOXO XPDQ SURIHVLRQDOL]DUH GH]YROWDUHD
3RORQLD VD GH]YROWDW vQ PDUH SDUWH vQ VHFWRDUH GH DELOLWăĠL úL FDSDFLWăĠL LQGLYLGXDOH úL vQ
QRQDJULFROH GRDU GLQWUH DIDFHULOH GH]YROWDUHD VFKHPHORU GH VXVĠLQHUH ¿QDQFLDUă
vQUHJLVWUDWH vQ DQXO DYkQG SULQFLSDOXO ĠLQWLWH SHQWUX SRSXODĠLD vQ FDX]ă LQYHVWLĠLLOH vQ
RELHFW GH DFWLYLWDWH vQ DJULFXOWXUă GLQ DFHVWHSURJUDPHDXGHSăúLWvQVXPDGH
XQLWăĠLOH HFRQRPLFH UXUDOH RSHUHD]ă vQ VHFWRUXO PLOLDUGH(XUR
VHUYLFLLORU LDU vQ VHFWRUXO LQGXVWULLORU
7DEHO(YROXĠLDQXPăUXOXLGHXQLWăĠLHFRQRPLFHvQ3RORQLDGDWHSHPHGLLUH]LGHQĠLDOH
8QD GLQWUH UHVXUVHOH IRORVLWH SHQWUX UXUDO úL GH GH]YROWDUH D VHFWRUXOXL DJULFRO
GH]YROWDUHDVHFWRUXOXLDQWUHSUHQRULDOUXUDODIRVW SRDWH ¿ UHOHYDQWă SHQWUX 5RPkQLD SOHFkQG
FHDOHJDWăGHDJURWXULVP&LFKRZVNDúL.OLPHN GH OD WUHL GLPHQVLXQL SURJUDPHOH SXEOLFH
$FHVWWLSGHGH]YROWDUHUXUDOăHVWHVăQăWRV LPSOHPHQWDWH vQ YHGHUHD GH]YROWăULL VHFWRUXOXL
SHQWUX FRPXQLWDWH SHQWUX Fă GH FHOH PDL PXOWH DJULFRO VLVWHPXO GH DVLJXUăUL PHGLFDOH
RUL SHUPLWH FRQVHUYDUHD PHGLXOXL QDWXUDO úL GH SHQVLL GHVWLQDWH IHUPLHULORU SRORQH]L úL
SăVWUDUHD PRúWHQLULL FXOWXUDOH ORFDOH DVLJXUă IDPLOLLORU DFHVWRUD úL SURJUDPHOH GHVWLQDWH
LGHQWLWDWH úL vQFUHGHUH SHQWUX SRSXODĠLD UXUDOă vQFXUDMăULL DQWUHSUHQRULDWXOXL úL GLYHUVL¿FăULL
úL GLYHUVL¿Fă DULD VXUVHORU GH YHQLW GLQ UXUDO HFRQRPLHL UXUDOH 3URJUDPHOH GH GH]YROWDUH
&LFKRZVND úL .OLPHN $JURWXULVPXO UXUDOăLPSOHPHQWDWHvQ3RORQLDDXIRVWFHQWUDWH
SHUPLWH GH]YROWDUHD XQRU GRPHQLL FRQH[H SHVXVĠLQHUHDPRGHOXOXLIHUPHLIDPLOLDOHGHPLFL
SUHFXP WUDQVSRUWXULOH úL FRPHUĠXO DFHVWHD GLPHQVLXQL úL LQWHJUDUHD DFHVWRUD vQ FLUFXLWXO
JHQHUkQGODUkQGXOORUSUR¿WSHQWUXDQWUHSUHQRUL LQGXVWULHL DJURDOLPHQWDUH ÌQ PRG HYLGHQW vQ
GDU úL ORFXUL GH PXQFă SHQWUX FRPXQLWDWHD DFHVW GHPHUV 3RORQLD D SUR¿WDW GH VWUXFWXUD
UXUDOă 3RORQLD vQUHJLVWUD vQ DQXO SHVWH SULYDWă D SURSULHWăĠLL IXQFLDUH H[LVWHQWH OD
GH XQLWăĠL DJURWXULVWLFH 8QD GLQWUH PRPHQWXO FăGHULL UHJLPXOXL FRPXQLVW FHHD
SULPHOH QHFHVLWăĠL SHQWUX GH]YROWDUHD DJUR FH LD SHUPLV Vă HYLWH SHULRDGHOH GH FUL]ă D
WXULVPXOXLHVWHFRQHFWDUHDUXUDOXOXLODUHĠHOHGH VHFWRUXOXL DJULFRO FDX]DWH GH SURJUDPHOH GH
LQIUDVWUXFWXUăPRGHUQH GHFROHFWLYL]DUH DúD FXP VD vQWkPSODW vQ
3OHFkQG GH OD FHOH GH PDL VXV SXWHP PDMRULWDWHD VWDWHORU GLQ (XURSD &HQWUDOă úL
FRQVLGHUD FD H[SHULHQĠD 3RORQLHL vQ FHHD FH GH (VW 'H]YROWDUHD VLVWHPXOXL GH DVLJXUăUL
SULYHúWH SROLWLFLOH GH VXVĠLQHUH D PHGLXOXL VRFLDOH GHVWLQDWH DJULFXOWRULORU úL PHPEULORU
6RFLRORJLH5RPkQHDVFăYROXPXO;,,,1USS 29
IDPLOLLORU DFHVWRUD D DSăUXW FD R QHFHVLWDWH vQ D SURJUDPXOXL GH UHIRUPă HFRQRPLFă D IRVW
FRQGLĠLLOHvQFDUHPDUHSDUWHDSRSXODĠLHLUXUDOH GHUXODWUDSLGvQFRQIRUPLWDWHFXUHFRPDQGăULOH
HVWH DQJUHQDWă vQ DFWLYLWăĠL DJULFROH 6ROXĠLD )RQGXOXL0RQHWDU,QWHUQDĠLRQDO+DQOH\.LQJúL
SRORQH]ă SHQWUX DVLJXUDUHD XQXL SDFKHW PLQLP -DQRV
GH DVLJXUăUL PHGLFDOH úL GH SHQVLH UHSUH]LQWă 5HIRUPD SURSULHWăĠLL IXQFLDUH D DYXW XQ
QXGRDUXQPRGHOGHVXFFHVFLSRDWH¿úLVXUVă FDUDFWHUVSHFL¿FSODVkQGvQFHQWUXOVăXSURFHVXO
GH LQVSLUDĠLH SHQWUX VWDWH SUHFXP 5RPkQLD ÌQ GH FRPSHQVDUH SULQ FDUH IRúWLL SURSULHWDUL úL
FHHDFHSULYHúWHGLYHUVL¿FDUHDHFRQRPLHLUXUDOH OXFUăWRULLGLQVHFWRUXODJULFRODXIRVWGHVSăJXELĠL
SULQFLSDOD SUHRFXSDUH D GHFLGHQĠLORU SROLWLFL D vQ ED]D XQXL PRGHO FRPSOH[ FH D FRPELQDW
IRVWUHSUH]HQWDWăGHVXVĠLQHUHDDQWUHSUHQRULDWXOXL GLVWULEXLUHD GH WHUHQXUL FX GLVWULEXLUHD GH SăUĠL
QRQDJULFRO vQ VSHFLDO GLQ ]RQD DFWLYLWăĠLORU VRFLDOH GLQ FDGUXO FRRSHUDWLYHORU DJULFROH
DJURWXULVWLFH úL DJURDOLPHQWDUH FD VROXĠLH +DJHGRUQ 1HPHV ÌQ DFHVW IHO
SHQWUXGH]YROWDUHDVXVWHQDELOăD]RQHORUUXUDOH SULQ PRGHOXO PL[W GH UHDOL]DUH D UHIRUPHL
VD UHXúLW SăVWUDUHD XQXL VHFWRU FRRSHUDWLVW
'H]YROWDUHDUXUDOăvQ8QJDULD UHODWLY SXWHUQLF úL D IRVW HYLWDWă IUDJPHQWDUHD
GXSă H[FHVLYă D H[SORDWDĠLLORU IXQFLDUH SUHFXP VD
vQWkPSODW vQ 5RPkQLD %XOJDULD VDX $OEDQLD
&RRUGRQDWHDOHPHGLXOXLUXUDO 'UăJRL úL %kOJăU ÌQWUH úL
vQ8QJDULD vQ SHULRDGD vQ FDUH DX IRVW LPSOHPHQWDWH
PăVXULOH GH UHIRUPă PLOLRDQH GH KHFWDUH
3ROLWLFLOHLPSOHPHQWDWHvQSHULRDGDVRFLDOLVWă UHSUH]HQWkQG GLQ VXSUDIDĠD DUDELOă D ĠăULL
GHFăWUH8QJDULDDXGXVODPRGL¿FDUHDFDUDFWHUXOXL DX IRVW YkQGXWH vQ ED]D XQRU OLFLWDĠLL SXEOLFH
SUHSRQGHUHQW UXUDO DO ĠăULL SULQ XUEDQL]DUH úL vQ WLPS FH DOWH PLOLRDQH GH KHFWDUH DX IRVW
LQGXVWULDOL]DUH PDUFkQG XQ SXQFW GH FRWLWXUă GLVWULEXLWH FăWUH PHPEULL FRRSHUDWRUL 1HPHV
vQ HYROXĠLD VD LVWRULFă .LVV 3RQGHUHD 3ULQ VLVWHPXO GH UHIRUPă DJUDUă DOHV
SRSXODĠLHL UXUDOH DWLQJHD vQ SHVWH SURSULHWDWHD IXQFLDUă D UHYHQLW SHUVRDQHORU
GLQ WRWDOXO HIHFWLYHORU OD QLYHO QDĠLRQDO SHQWUX ¿]LFH GDU H[SORDWDUHD VXSUDIHĠHORU DJULFROH D
FD vQ GHFXUVXO D SDWUX GHFHQLL DFHDVWă YDORDUH UăPDV SUHSRQGHUHQW FRRSHUDWLVWă DFHVWH IRUPH
Vă VH UHGXFă SkQă OD QLYHOXO GH vQ DFHODúL GHDVRFLHUHFXOWLYăvQSUH]HQWDSUR[LPDWLY
WLPS SURFHVXO GH XUEDQL]DUH úL VLVWHPDWL]DUH GLQ VXSUDIDĠD DJULFROă D ĠăULL &X WRDWH DFHVWH
D ORFDOLWăĠLORU D IăFXW FD QXPăUXO FRPXQHORU OLPLWăUL DWRPL]DUHD H[SORDWDĠLLORU SURFHV FH D
Vă VH UHGXFă FX GH XQLWăĠL .LVV ÌQ IRVWSUH]HQWúLvQ8QJDULDGHúLIăUăDFXQRDúWH
PRPHQWXO GH IDĠă SRSXODĠLD UXUDOă vQ 8QJDULD LQWHQVLWDWHD GLQ DOWH VWDWH IRVWH VRFLDOLVWH úL
DWLQJH PLOLRDQH GH ORFXLWRUL UHSUH]HQWkQG FRODSVXO VLVWHPXOXL GH UHODĠLL HFRQRPLFH GLQWUH
GLQ vQWUHJXO YROXP OD QLYHO QDĠLRQDO SURGXFăWRUL úL SURFHVDWRUL DX IăFXW FD SHULRDGD
+XQJDULDQ&HQWUDO6WDWLVWLFDO2I¿FH DQLORU¶Vă¿HPDUFDWăGHXQUHJUHVLPSRUWDQW
'XSăFăGHUHDUHJLPXOXLFRPXQLVW8QJDULDD DO DFWLYLWăĠLL vQ FDGUXO DFHVWXL VHFWRU 1HPHV
IăFXWSDúLUDSL]LvQGLUHFĠLDDGRSWăULLSULQFLSLLORU 5HYLULPHQWXO VHFWRDUHORU DJULFRO úL
HFRQRPLHLGHSLDĠăFHHDFHDGXVvQSULPLLDQL DJURLQGXVWULDO VD SURGXV vQFHSkQG FX DQLL
GH GXSă OD UHFHVLXQH úL UHVWUkQJHUL GH SHQWUXFDGXSăDGHUDUHDOD8(SHIRQGXO
DFWLYLWDWHvQWRDWHVHFWRDUHOHHFRQRPLFHäLGHN VSULMLQXOXL ¿QDQFLDU FRQVLVWHQW DVLJXUDW SULQ
.RUQDL&XWRDWHDFHVWHDvQVFXUW 3$& DJULFXOWXUD 8QJDULHL Vă LQWUH vQWUR QRXă
WLPSLQYHVWLĠLLOHVWUăLQHVXEVWDQĠLDOHúLUHIRUPHOH HWDSăGHHYROXĠLH(OHN)HUW|úL)RUJiFV
DX FRQWULEXLW OD UHGUHVDUHD úL OD UHDúH]DUHD 2FXSDUHD vQ VHFWRUXO DJULFRO GLQ 8QJDULD D
HFRQRPLHLXQJDUH.RUQDL%DUQHV FXQRVFXWRUHGXFHUHVXEVWDQĠLDOăvQWUHDQLL
+DQOH\ .LQJ úL -iQRV 6JDUG úL GH OD PLOLRDQH SHUVRDQH OD
3URFHVXO GH SULYDWL]DUH SULQFLSDOD FRPSRQHQWă PLOLRDQH (XURVWDW ÌQVă FHD PDL PDUH
30 )ODYLXV0LKDODFKH$OLQ&URLWRUX0ăVXULGHGH]YROWDUHUXUDOăvQ3RORQLDúL8QJDULD
PRGDOLWDWHD RSWLPă GH UH]ROYDUHD D SUREOHPHORU GLVWULEXLUHD úL FKHOWXLUHD VXPHORU DORFDWH
FH ĠLQ GH GHSHQGHQĠD PHGLXOXL UXUDO IDĠă SURJUDPHORU GH PRGHUQL]DUH ÌQ DFHVW IHO
GH DJULFXOWXUă 3ULQ VXVĠLQHUHD LQLĠLDWLYHORU 5RPkQLDVHSRDWHLQVSLUDGLQH[SHULHQĠDDFHVWRU
HFRQRPLFH QRQDJULFROH UHJOHPHQWDWH vQFă GRXă VWDWH DWkW vQ FHHD FH SULYHúWH RUJDQLVPHOH
GLQ SHULRDGD DQLORU ¶ 3RORQLD úL 8QJDULD DX LPSOLFDWH vQ PDQDJHPHQWXO SURJUDPHORU GH
UHXúLW DWkW GLYHUVL¿FDUHD HFRQRPLHL UXUDOH FkW GH]YROWDUHFkWúLvQFHHDFHSULYHúWHSURFHGXULOH
úL HYLWDUHD VXSUDRFXSăULL DJULFROH D SRSXODĠLHL úL PHFDQLVPHOH VSHFL¿FH GHPHUVXULORU GH DFHVW
ÌQ FD]XO 5RPkQLHL SkQă OD PRPHQWXO DGHUăULL WLS
OD 8QLXQHD (XURSHDQă QX D H[LVWDW XQ FDGUX &RQWH[WXOLVWRULFVLPLODUvQFHHDFHSULYHúWH
FRHUHQW GH PăVXUL GHVWLQDWH LQWHUYHQĠLHL GH WUDYHUVDUHD XQHL SHULRDGH FRPXQLVWH GDU
DFHVW WLS SUHRFXSăULOH SXEOLFH UHIHULWRDUH OD GLIHULW vQ FHHD FH SULYHúWH UHJLPXO SURSULHWăĠLL
PHGLXO UXUDO ¿LQG FRQFHQWUDWH DSURDSH H[FOXVLY DJULFROHvQFHOHGRXăĠăULDQDOL]DWHFRQVLGHUăP
vQ DQLL ¶ SH WHPD UHWURFHGăULL úL SULYDWL]ăULL Fă UHSUH]LQWă XQ PHGLX SURSLFH XQHL FHUFHWăUL
IHUPHORU DJULFROH GH VWDW$QWUHSUHQRULDWXO UXUDO FRPSDUDWLYH 'LQ DFHDVWă SHUVSHFWLYă OXFUDUHD
QX vQVHDPQă GRDU DJULFXOWXUă LDU VWLPXODUHD GH IDĠă D HYLGHQĠLDW GLIHUHQĠH VHPQL¿FDWLYH vQ
LQYHVWLĠLLORU vQ DJURWXULVP úL LQGXVWULL GH PLFL FHHDFHSULYHúWHSXQFWXOGHSRUQLUHvQH[SHULHQĠD
GLPHQVLXQL SRW UHSUH]HQWD VROXĠLL YLDELOH SHQWUX WUDQ]LĠLHLVWUDWHJLLOHúLSROLWLFLOHGLIHULWHvQFHHD
FUHúWHUHD HFRQRPLFă D PHGLXOXL UXUDO URPkQHVF FH SULYHúWH GH]YROWDUHD UXUDOXOXL GDU úL UROXO
3HQWUXDFHDVWDvQVăHQHYRLHGHLPSOHPHQWDUHD LQWHJUDWRUDO3ROLWLFLL$JULFROH&RPXQH
XQRU SURJUDPH DGHFYDWH GH VXSRUW ĠLQWLWH SH ÌQ vQFKHLHUH PHULWă Vă PHQĠLRQăP Fă
VXVĠLQHUHD LQLĠLDWLYHORU FDSDELOH Vă FRQWULEXLH OD DUWLFROXO D IRVW HODERUDW DVWIHO vQFkW Vă DGXFă
GLYHUVL¿FDUHD HFRQRPLHL UXUDOH 'ROWX XQ SOXV GH FXQRDúWHUH úL GH VLVWHPDWL]DUH D
&DFH1LFRODHVFXúL&DFH6WăQHVFX LQIRUPDĠLLORU UHIHULWRDUH OD HYROXĠLD PHGLXOXL
&HD GH D WUHLD FRQFOX]LH UHOHYDQWă SHQWUX UXUDO GLQ ĠăULOH FX WUHFXW FRPXQLVW ÌQ VSDĠLXO
VLWXDĠLD 5RPkQLHL IDFH UHIHULUH OD DFFHQWXO SXV SXEOLF H[LVWă QXPHURDVH H[HPSOH GH GLVFXUVXUL
SHPRGHUQL]DUHDLQIUDVWUXFWXULLUXUDOHIDFLOLWDWă IDWDOLVWH FDUH SUHYHVWHVF UăPkQHUHD vQWUXQ
vQ PRG GHRVHELW SULQ IRQGXULOH VWUXFWXUDOH VWDGLX GH VXEGH]YROWDUH SHUPDQHQWă D UXUDOXOXL
(YROXĠLLOHvQUHJLVWUDWHSHDFHDVWăGLPHQVLXQLvQ URPkQHVFLDUvQDFHVWFRQWH[WGLVFXWDUHDFkWRUYD
3RORQLDúL8QJDULDGXSăDQXOVXQWUH]XOWDWXO GLQWUHVROXĠLLOHDSOLFDWHGHVWDWHOHGLQSUR[LPLWDWH
GH]YROWăULL PHFDQLVPHORU LQVWLWXĠLRQDOH vQ QXSRDWHVă¿HGHFkWEHQH¿Fă
%LEOLRJUD¿H
$JULFXOWXUDO 6RFLDO ,QVXUDQFH )XQG &DFH & 1LFRODHVFX 9 úL &DFH 6
$JULFXOWXUDO 6RFLDO ,QVXUDQFH )XQG .UXV %DVLF &RPSHWHQĠH HFRQRPLFH vQ GRPHQLXO
,QIRUPDWLRQV :DUVDZ 'LVSRQLELO OD KWWSZZZNUXV DQWUHSUHQRULDWXOXL UXUDO ± DERUGăUL úL SHUVSHFWLYH
JRYSO¿OHDGPLQPRMHBGRNXPHQW\ GRNXPHQW\ 8( DFWXDOH /RJRV 8QLYHUVDOLW\ 0HQWDOLW\ (GXFDWLRQ
.586B,QIRUPDFMHB3RGVWDZRZHBDQJBRVWB]RNOBSGI 1RYHOW\ 6HFWLRQ (FRQRPLFDO DQG $GPLQLVWUDWLYH
%DUQHV $ &RPSDUDWLYH 7KHIW &RQWH[W 6FLHQFHV
DQG &KRLFH LQ WKH +XQJDULDQ &]HFK DQG 5XVVLDQ &HQWUDO 6WDWLVWLFDO 2I¿FH RI 3RODQG D
7UDQVIRUPDWLRQV(DVW(XURSHDQ3ROLWLFVDQG6RFLHWLHV 6WDWLVWLFDO <HDUERRN RI WKH 5HJLRQV ±
3RODQG :DUVDZ 'LVSRQLELO OD KWWSVWDWJRY
%DXNy 7 úL *XU]y , 'LOHPPDV LQ SOHQWRSLFVVWDWLVWLFDO\HDUERRNVVWDWLVWLFDO
$JULFXOWXUHDQG5XUDO'HYHORSPHQWLQ+XQJDU\7KH \HDUERRNVVWDWLVWLFDO\HDUERRNRIWKHUHJLRQV
(8$FFHVVLRQ3DUWQHUVKLSDQGWKH6$35'3URJUDPPH SRODQGKWPO$FFHVDWvQPDL
(XURSHDQ8UEDQDQG5HJLRQDO6WXGLHV &HQWUDO 6WDWLVWLFDO 2I¿FH RI 3RODQG E
%XUJHU $ 7KH VLWXDWLRQ RI +XQJDULDQ 'HPRJUDSKLF <HDUERRN RI 3RODQG :DUVDZ
$JULFXOXUH3DSHUSUHVHQWHGDW,QWHUQDWLRQDO6FLHWL¿F 'LVSRQLELO OD KWWSVWDWJRYSOHQWRSLFVVWDWLVWLFDO
&RQIHUHQFH9LOQLXV/LWKXDQLD0D\ \HDUERRNVVWDWLVWLFDO\HDUERRNVGHPRJUDSKLF
)ODYLXV0LKDODFKH$OLQ&URLWRUX0ăVXULGHGH]YROWDUHUXUDOăvQ3RORQLDúL8QJDULD