Sei sulla pagina 1di 196

front_indice_63_- 09/01/2018 11:07 Pagina 1

front_indice_63_- 09/01/2018 11:07 Pagina 2


front_indice_63_- 09/01/2018 11:07 Pagina 3

INDICE

INDICE n. 63 - 2017

INTERVENTI
Emmanuele F. M. Emanuele Il futuro dell’euro? La doppia
circolazione p. 5

Domenico Fisichella Caporetto. Relazione al Convegno


di AssoArma p. 15
ARTICOLI
Marco Cimmino La mezza vittoria di Gorizia p. 31

Pierluigi Romeo
Di Colloredo Mels “Il feroce monarchico Bava”. La repressione
di Milano nella relazione ufficiale del 1898 p. 45

Emanuele Mastrangelo La fine dell’Esercito della RSI – aprile-maggio 1945 p. 53

Federico Sesia Tra tecnocrati e soldati. L’economia cilena negli


anni di Pinochet p. 73

SAGGI

Matteo Lamacchia Cesare contro Dio: la separazione tra Stato e


Chiesa in Francia all'epoca dei ministeri radicali
della Terza Repubblica. Contributo per un consa-
pevole revisionismo critico p. 85

Enrico Petrucci La guerra nell’aria. La minaccia degli Zeppelin e i


tentativi britannici di creare dei caccia anti-aero-
navi durante la Grande Guerra p. 135
ESTRATTI

Roberto Gremmo Eugenio Curiel. Uno steineriano


ermetico e misterioso p. 161

DOCUMENTI FOTOGRAFICI p. 167

RECENSIONI

Morte di Mussolini fine di una vulgata (Pagine) p. 189

Mosca terza Roma: da Giulio Cesare a Putin (Pagine) p. 191

BIOGRAFIE DEGLI AUTORI p. 193







,OIXWXURGHOO‫ژ‬HXUR"
/DGRSSLDFLUFROD]LRQH


GL(00$18(/()5$1&(6&20$5,$(0$18(/(

























129$+,6725,&$$112;9,1
(00$18(/()5$1&(6&20$5,$(0$18(/(,OIXWXURGHOO‫ۑ‬HXUR"






6
3HU JHQWLOH FRQFHVVLRQH GHOO‫ڥ‬$XWRUH SXEEOLFKLDPR OD UHOD]LRQHWHQXWD
DOODFRQIHUHQ]DSUHVVRLO&LUFRORGHJOL(VWHULGL5RPDORVFRUVRRWWR
EUH  GRYH YLHQH WUDWWHJJLDWD OD VWRULD GHOO‫ڥ‬LQJUHVVR LWDOLDQR QHOOD
PRQHWDXQLFDHXURSHDHODSURVSHWWLYDSHUXQDIIUDQFDPHQWRGHO3DHVH
GDOO‫ڥ‬DWWXDOHVHPSUHSL»LQVRVWHQLELOHVLWXD]LRQHPRQHWDULD

5LQJUD]LRLO&LUFRORGHJOL(VWHULQHOODSHUVRQDGHOVXRSUHVLGHQWH
O‫ۑ‬DPEDVFLDWRU$OHVVDQGUR9DWWDQLGLVXRIUDWHOOR8PEHUWR9DWWDQLH
GHOGRWWRU0DXUL]LR'L1LWWRFKHFRQJUDQGHLPSHJQRVLªSURGLJDWR
LQ IDYRUH GHOO‫ۑ‬LQL]LDWLYD SHU O‫ۑ‬LQYLWR D WHQHUH TXHVWD FRQIHUHQ]D H
VDOXWRWXWWLLSUHVHQWL

'DXQDUHFHQWHLQGDJLQHFRQGRWWDGDO/DERUDWRULRGL$QDOLVL3R
OLWLFKHGHOO‫ۑ‬8QLYHUVLW¢GL6LHQDLQFROODERUD]LRQHFRQO‫ۑ‬,VWLWXWR$IIDUL
,QWHUQD]LRQDOLIRQGDWR GD$OWLHUR 6SLQHOOLHVRVWHQXWRGDOOD)RQGD
]LRQH2OLYHWWLHO‫ۑ‬DSSRJJLRGHOOD&RPSDJQLD6DQ3DRORGL7RULQRª
HPHUVRLOTXDGURGLXQ3DHVHDVVROXWDPHQWHGLYHUVRGDFRPHYLHQH
VSHVVR SURVSHWWDWR GDL JLRUQDOL H GD DOFXQH SDUWL SROLWLFKH /D TXH
VWLRQHGHOODJHVWLRQHGHJOLHPLJUDQWLLQ,WDOLDªDOODWHVWDGHOOHHPHU
JHQ]HPHWWHQGRLQRPEUDWXWWLJOLDOWULSUREOHPL3L»GLXQWHU]RGHO
FDPSLRQHGHJOLLQWHUYLVWDWLªIDYRUHYROHDGDGRWWDUHXQDSROLWLFDGL
UHVSLQJLPHQWRPHQWUHXQDOWURWHU]RªIDYRUHYROHDOO‫ۑ‬LQYLRGLPLOL
WDUL SHU FRQWUROODUH OH IURQWLHUH /‫ۑ‬DOWUR SUREOHPD ª UDSSUHVHQWDWR
GDOO‫(ۑ‬XURSDSL»GLXQWHU]RGHJOLLQWHUYLVWDWLªIDYRUHYROHDOO‫ۑ‬,WDOH[LW
HDQFRUSL»DOWDªODSHUFHQWXDOHGLFRORURFKHFKLHGRQRO‫ۑ‬DEEDQGRQR
GHOO‫ۑ‬HXURFRPHPRQHWDHGLOULWRUQRDOODOLUD6HªTXHVWRORVFHQDULR
VSHFLHLQDUHHQRWRULDPHQWHYLFLQHDOPRQGRSURJUHVVLVWDªSL»FKH
PDL DWWXDOH LO WHPD GL FXL RJJL PL DYHWH DPDELOPHQWH FKLDPDWR D
SDUODUH'HYRVLQFHUDPHQWHULQJUD]LDUYLSHUFK«PLFRQVHQWLWHSHUOD
VHFRQGD YROWD GL IDUOR GRSR OD FRQIHUHQ]D VXO 0HGLWHUUDQHR GHO
JHQQDLRHVSULPHQGRWHVLFKHQRQVHPSUHVRQRDOOLQHDWHQ«DOOD
OLQHDJRYHUQDWLYDQ«DTXHOODGHOGLFDVWHURGHJOL(VWHUL

(00$18(/()5$1&(6&20$5,$(0$18(/(,OIXWXURGHOO‫ۑ‬HXUR"

4XHVWD VHUD SDUOHU´ GHOO‫ۑ‬DUJRPHQWR HXUR VX FXL GD WHPSR VL GL
VFXWHVHQ]DWURYDUHXQDFFRUGRQHOPRQGRSROLWLFR9ROHQGRWUDWWDUH
TXHVWRWHPDRFFRUUHDPLRSDUHUHFROOHJDUORDTXHOORSL»JHQHUDOH
HFRPSOHVVRGHOSURJHWWRHXURSHRFRP‫ۑ‬ªQDWRFRPHVLªHYROXWRH
FKH WLSR GL SURVSHWWLYH VL DSUDQR SHU HVVR 6X TXHVWR SHQVR FKH LO
7
PLR SHQVLHUR VLD RUPDL QRWR D WXWWL 1DWD QHOO‫ۑ‬LQWHQWR RULJLQDULR GL
ULFRPSRUUH OH GUDPPDWLFKH IUDWWXUH GHO SDVVDWR EHOOLFR GHOOH GXH
JXHUUH DWWUDYHUVR LO WHQWDWLYR GL XQD SDFLILFD]LRQH GL WXWWR
O‫ۑ‬2FFLGHQWHLQWHUFHWWDQGROHDXWHQWLFKHDVSLUD]LRQLGHLSRSROLYHUVR
ODSDFHODULFRVWUX]LRQHHODSURVSHULW¢O‫ۑ‬XQLILFD]LRQHHXURSHDFKH
HUD LQGLVFXWLELOPHQWH GD DXVSLFDUH VL ULYHOD QHOOD VXD DSSOLFD]LRQH
QRQ FRUULVSRQGHUH DJOL RELHWWLYL GHL 3DGUL IRQGDWRUL H QHSSXUHDOOH
DVSHWWDWLYHGHLSRSROLVHQRQFRQULIHULPHQWRDOPDQWHQLPHQWRGHOOD
SDFHFKHFHUWDPHQWHQRQªSRFRPDQRQVXIILFLHQWH/
(XURSDFKH
VLªUHDOL]]DWDF
HQWUDEHQSRFRFRQLOVRJQRGHL3DGULIRQGDWRUL6SL
QHOOL 5RVVL H &RORUQL LVSLUDWRUL GHO ‫۔‬0DQLIHVWRGL 9HQWRWHQH‫ ە‬H $
GHQDXHU'H*DVSHUL0RQQHWFKHWDOHLGHDWUDGXVVHURLQUHDOW¢HOD
GRORURVDYHULW¢ªFKHODJUDQGHRSSRUWXQLW¢GLGDUYLWDDGXQ‫ۑ‬XQLRQH
SROLWLFD GL 6WDWL H GL SRSROL IRQGDWD VXOOD FRQVDSHYROH]]D GHOOH FR
PXQLRULJLQLHVXOODYRORQW¢GLFDPPLQDUHLQVLHPHDOGLO¢GHOOHGLI
IHUHQ]HªDQGDWDIRUVHLUULPHGLDELOPHQWHSHUGXWD
/DPDQFDQ]DGLXQ‫ۑ‬LGHQWLW¢FRPXQHULFRQRVFLXWDGLXQDYRORQW¢
IRUWHGHJOL6WDWLIRQGDWRULGLYROHUFRVWUXLUHXQVRJJHWWRXQLWDULRLQ
SURVSHWWLYDDQFKHSROLWLFRODGLIILFROW¢QHOFRRUGLQDPHQWRGHOOHSR
OLWLFKH QD]LRQDOL VRSUDWWXWWR LQ FDPSR HFRQRPLFR H ILVFDOH
O‫ۑ‬LPSRVVLELOLW¢GLUDJJLXQJHUHXQJUDGRVRGGLVIDFHQWHGLFRPSDWLELOL
W¢ QHOOH SDULW¢ PRQHWDULH QHOOH GLQDPLFKH GHL VDODUL H GHL SUH]]L
O‫ۑ‬DVVHQ]D GL SUHFLVL LPSHJQL D IDYRUH GHOOH DUHH SL» GHSUHVVH PL
VHPEUDYDQRLHULTXDQGRQHSDUODLSHUODSULPDYROWDD)LUHQ]HQHO
VHJQDOLSUHRFFXSDQWLFKHLQGLFDYDQRLOULVFKLRGLULGXUUHTXHO
ORFKHDOORUDVLFKLDPDYDDQFRUD60(DGXQDVHPSOLFHDUHDGLOLEHUR
VFDPELR

/‫ۑ‬DWWHQ]LRQHFKHQHJOLDQQLKRFRQWLQXDWRDULYROJHUHYHUVRTXH
VWL WHPL SXEEOLFDQGR DUWLFROL VX TXRWLGLDQL H ULYLVWH KD DYXWR SRL
XQD GHFOLQD]LRQH DQFRUSL» SXEEOLFD HGDOWD TXDQGR QHO QRYHPEUH
KRSURPRVVRXQJUDQGHFRQYHJQRGDOWLWRORTXDQWRPDLVLJQL
ILFDWLYR3X´O‫ڥ‬,WDOLD XVFLUH GDOO‫ڥ‬HXUR" ,Q TXHOOD FLUFRVWDQ]D ULEDGLYR
OH PLH FRQYLQ]LRQL GL VHPSUH H FLRª FKH O
(XURSD XQLWD ª VWDWD
(00$18(/()5$1&(6&20$5,$(0$18(/(,OIXWXURGHOO‫ۑ‬HXUR"

XQ
DYYHQWXUDDPEL]LRVDPDPDODYYLDWDHFUHVFLXWDDQFKHSHJJLRH
FKH LO QRVWUR 3DHVH HUD HQWUDWR LQ (XURSD VRWWR OD VSLQWD
GHOO
HVLJHQ]D GL ELODQFLR QHOOD SHJJLRUH GHOOH VLWXD]LRQL SRVVLELOL ,
QHJR]LDWRUL SHU FRQWR GHOO
,WDOLD DYHYDQR GLPHQWLFDWR LO QRVWUR LQ
JHQWH SDWULPRQLR H FRQVLGHUDWR VROR LO QRVWUR GHELWR SXEEOLFR /H
8
SUHPHVVHGLXQHVLWRFRV®SRFRIHOLFH‫ۋ‬IDFHYRSUHVHQWH‫ۋ‬HUDQRVWDWH
JHWWDWH GLYHUVL DQQL SULPD DOORUFK« QHO VHWWHPEUH GHO  O‫ۑ‬DOORUD
JRYHUQDWRUHGHOOD%DQFDG‫ۑ‬,WDOLD&DUOR$]HJOLR&LDPSLQHOJHVWLUHLO
ULDOOLQHDPHQWR GHOOD SDULW¢ GHOOH PRQHWH GHOOR 60( GHWHUPLQ´ XQD
VYDOXWD]LRQHGHOGHOODOLUD$QFKHVXOIURQWHGHLFRQWLSXEEOLFL‫ۋ‬
ULSHWHYR‫ۋ‬O‫ۑ‬DGR]LRQHG‫ۑ‬LQWHUYHQWLLQDGHJXDWLHFRQWURSURGXFHQWLUL
VDOLYDDJOLLQL]LGHJOLDQQL‫ۑ‬DOORUFK«LOJRYHUQRGLDOORUDVXLQGL
FD]LRQH GHO JRYHUQDWRUH GHOOD %DQFD G‫ۑ‬,WDOLD FKLHVH DOOD &RPXQLW¢
HXURSHDXQSUHVWLWRVHQ]DFKHYLIRVVHDOFXQPRWLYRGLQDWXUDILQDQ
]LDULDPDVHPSOLFHPHQWHSHUUDJLRQLGLPDOLQWHVRSUHVWLJLRGHO3DH
VH

'HWWRSUHVWLWRFRQWULEX®DPLJOLRUDUHLFRQWLSXEEOLFLGHOUL
VSHWWRDOO‫ۑ‬DQQRSUHFHGHQWHSHUXQDFLIUDDVVDLPRGHVWDWUDLWUHHGL
FLQTXHPLODPLOLDUGLGLOLUHPDDIURQWHGLFL´GRSRSL»GLWUHQWDDQ
QLODFUHVFLWDGHO3DHVHGLYHQQHQHJDWLYD SHUFHQWR HIXURQR
SHUVLWUDLHGLSRVWLGLODYRUR
2JJL QRQ F‫ۑ‬ª SL» DOFXQ GXEELR FKH VLDPR EHQ ORQWDQL
GDOO‫(ۑ‬XURSDGHLSRSROLHGDOSURJHWWRLPPDJLQDWRGDL3DGULIRQGDWR
ULHGªSDOHVHODGLVWDQ]DVLGHUDOHFKHVHSDUDOHLVWLWX]LRQLFRPXQLWD
ULH EXURFUDWLFKH LQYDGHQWL HG L FLWWDGLQL HXURSHL FKH GHYRQR DI
IURQWDUH TXRWLGLDQDPHQWH L ELVRJQL SULPDUL ,O SURFHVVR GL DOORQWD
QDPHQWR GDO SURJHWWR RULJLQDULR VL ª DSSURIRQGLWR WUD OD ILQH GHJOL
DQQL ‫ ۑ‬H JOL LQL]L GHJOL DQQL ‫ ۑ‬DOORUFK« ª VWDWD ULEDOWDWD
O‫ۑ‬DUFKLWHWWXUD SUHYLVWD QHO 7UDWWDWR GL 5RPD VSRVDQGR YLD YLD OD
IRUPDDVVXUGDGLXQDSLUDPLGHURYHVFLDWD(ORVWUXPHQWRSULQFLSDOH
SHUDUULYDUHDOSXQWRDWWXDOHªVWDWRO‫ۑ‬HFFHVVRGLUHJROHVXWXWWRDQ
FKHVXOOHFRVHPLQLPH4XHVWD(XURSDKDVRVWLWXLWRVLDLOSRWHUHGHL
JRYHUQLFKHODYRORQW¢GHLSRSROLHQRQªULXVFLWDDJHVWLUHQHVVXQD
VILGDFKHO‫ۑ‬KDFRLQYROWDLQSDUWLFRODUHO‫ۑ‬DOODUJDPHQWRGHOO‫ۑ‬8QLRQHOD
JOREDOL]]D]LRQH O‫ۑ‬HXUR OH ULSHWXWH FULVL /D SROLWLFD GHIOD]LRQLVWLFD
LPSRVWD GDOOD *HUPDQLD RVVHVVLRQDWD GDOOR VSHWWUR GL :HLPDU KD
IDWWRLOUHVWR

(00$18(/()5$1&(6&20$5,$(0$18(/(,OIXWXURGHOO‫ۑ‬HXUR"

/‫ۑ‬,WDOLDGDOFDQWRVXRKDSURJUHVVLYDPHQWHSHUVRTXRWHFUHVFHQ
WL GL VRYUDQLW¢ D IDYRUH GHOO‫ۑ‬RUGLQDPHQWR FRPXQLWDULR FRQ
O‫ۑ‬LQWURGX]LRQHQHOOD&RVWLWX]LRQHQHOGHLYLQFROLHXURSHLFRQOH
SROLWLFKH GL DXVWHULW¢ GXUDQWH LO JRYHUQR 0RQWL FRQ OD VSROLD]LRQH
HFRQRPLFD FDXVDWD GDO WUDGHRII WUD FRQWULEXWL YHUVDWL H FRQWULEXWL
9
ULFHYXWL  *L¢ QHO FRQYHJQR GHO  VRVWHQHYR FKH HUD DUULYDWR LO
PRPHQWRGLULIOHWWHUHHGLULFHUFDUHOHVROX]LRQL FKHSRWHYDQRFRQ
VHQWLUH GL ULPRGHOODUH LO SURJHWWR HXURSHR FRQ XQD UHYLVLRQH GHL
WUDWWDWLLQVHQVRSL»DGHUHQWHDOGLVHJQRRULJLQDULRVHQ]DHVFOXGHUH
DSULRULDQFKHXQULSHQVDPHQWRFLUFDODQRVWUDDGHVLRQHDOOD8(HG
DOO‫ۑ‬HXUR1RQVLSRWHYDSL»DFFHWWDUHODYLVLRQHHJRLVWLFDHULJRULVWD
GHOO‫(ۑ‬XURSDLPSRVWDGDOODJXLGDWHGHVFDFKHVLFRQFHQWUDVXOODORWWD
DOO
LQIOD]LRQHHVXOO‫ۑ‬DXVWHULW¢HGLOULJRUHQHLFRQWLSXEEOLFLGLPHQWL
FDQGRFUHVFLWDHVYLOXSSR(VXOODTXHVWLRQHGLFHYRFKHDPLRJLXGL
]LRVDUHEEHVWDWRRSSRUWXQRVHQWLUHFRPHODSHQVDYDQRJOLLWDOLDQL
DWWUDYHUVR XQD FRQVXOWD]LRQH SRSRODUH FRP‫ۑ‬HUD DFFDGXWR LQ PROWL
3DHVLPHPEUL

,Q XQ VXFFHVVLYR FRQYHJQR GDO WLWROR 8QD QXRYD FRQFH]LRQH
GHOO‫ڥ‬RUGLQH PRQGLDOH JOL 6WDWL 8QLWL SROLWLFL  G‫(ڥ‬XURSD WHQXWRVL D
5RPDLOJHQQDLRKRDJJLRUQDWRHGHWWDJOLDWROHPLHULVHUYH
YHUVR LO SURJHWWR HXURSHR VRIIHUPDQGRPL VXOO‫ۑ‬LQWURGX]LRQH GHOOD
PRQHWDXQLFDSHUODTXDOHVRQRVWDWLVEDJOLDWLLWHPSLHGLPRGL,Q
YHFHGLIDUHSULPDO
(XURSDFRPHDUFKLWHWWXUDLVWLWX]LRQDOHHSROLWL
FD OR 6WDWR IHGHUDOH FXL FRVWUXLUH LQWRUQR SROLWLFKH HFRQRPLFKH H
ILVFDOLFRPXQLLQGLUL]]LGLSROLWLFDHVWHUDHGLVLFXUH]]DFRQGLYLVLVL
ª SUHIHULWR IDUH O
HXUR FRQWUDGGLFHQGR RJQL ORJLFD FKH FRQWHPSOD
FKHSULPDYLVLDXQYHURJRYHUQRSROLWLFRHGHOOHSROLWLFKHHFRQRPL
FKHFRQYHUJHQWLHSRLVLFUHDODPRQHWD$TXHVWRULVXOWDWRKDFRQ
WULEXLWR VHQ]D GXEELR DQFKH OR VFHQDULR LQWHUQD]LRQDOH GHOO‫ۑ‬HSRFD
8QDYROWDILQLWDODJXHUUDIUHGGDDOOHQWDWHVLOHWHQVLRQLWUD(VWH2
YHVWDYYLDWRVLLOSURFHVVRGLJOREDOL]]D]LRQHVRQRULWRUQDWLLQDXJHL
QD]LRQDOLVPLHGLSDUWLFRODULVPLSHUFXLVLªSUHIHULWRSXUGLIDUD
YDQ]DUH LQ TXDOFKH PRGR LO SURJHWWR HXURSHR SHUFRUUHUH OD VWUDGD
GHOOD PRQHWD XQLFD FRPH FRPSURPHVVR H FRPH ULVSRVWD DOOH VILGH
GHO FDPELDPHQWR LQ DWWR ,O WUDVIHULPHQWR GL VRYUDQLW¢ LQ PDWHULD
PRQHWDULDVHQ]DXQSRWHUHSROLWLFRFHQWUDOHIRUWHKDSHU´UHVRDV
VDL SHULFRORVD O‫ۑ‬LQWHUD RSHUD]LRQH /‫ۑ‬HXUR FRPH KR VHPSUH GHWWR
UDSSUHVHQWD SHUWDQWR XQ
DQRPDOLD DVVROXWD ILJOLD GL XQD PRQHWD
(00$18(/()5$1&(6&20$5,$(0$18(/(,OIXWXURGHOO‫ۑ‬HXUR"

WURSSRIRUWHSHUXQ‫ۑ‬HFRQRPLDYLFHYHUVDGHEROHHFKHQRQªLQJUDGR
GL UHDJLUH DJOL VKRFN FRQ WXWWL JOL VWUXPHQWL FKH LQYHFH L 3DHVL D
QRUPDOH VRYUDQLW¢ PRQHWDULD SRVVRQR XWLOL]]DUH 1HOOD FLWDWD FLUFR
VWDQ]DGRSRDYHUVWLJPDWL]]DWROHVFHOWHGLDXVWHULW¢DOLYHOORHXUR
SHRQRQFK«TXHOOHDOWUHWWDQWRVEDJOLDWHGHOQRVWUR3DHVHSHUFXLLQ
10
YHFHGLULGXUUHLOFDULFRILVFDOHVXIDPLJOLHHGLPSUHVHVLªSUHIHULWR
DXPHQWDUORVHQ]DWDJOLDUHODVSHVDSXEEOLFDLPSURGXWWLYDULSHWHYR
ODSURSRVWDGHOSHUO‫(ۑ‬XURSDHFLRªXQDFRPXQLW¢GL6WDWLIHGH
UDWLSROLWLFDPHQWHXQLWDLVSLUDWDDOOLEHUDOLVPR FRPSHWL]LRQHPHUL
WR PHQR ZHOIDUH SXEEOLFR RUPDL LQVRVWHQLELOH 6WDWR OHJJHUR  D
SULQFLSLGLOLEHUW¢ WURSSRVSHVVROLPLWDWDLQIDYRUHGLXQDPDOLQWHVD
JLXVWL]LD VRFLDOH FKH HTXLSDUD DO ULEDVVR OH SRVVLELOLW¢ GL FLDVFXQR 
GL VROLGDULHW¢ WUD SRSROL LQ FXL LO EHQHVVHUH GLIIXVR XQD PDJJLRUH
TXDOLW¢GHOODYLWDODWXWHODGHLGLULWWLVRFLDOLIRVVHURRELHWWLYLSULRUL
WDUL 3HU TXDQWR ULJXDUGDYD O‫ۑ‬,WDOLD ULEDGLYR FKH RFFRUUHYD SHQVDUH
FRQ XUJHQ]D DG XQD VROX]LRQH DOWHUQDWLYD FKH FRQWHPSODVVH VH GHO
FDVRXQRVJDQFLDPHQWRPRUELGRHJUDGXDOHTXDQWRPHQRGDOO‫ۑ‬HXUR
1HOO‫ۑ‬RFFDVLRQH VHJQDODYR FRPH TXHVWR SDVVR OR DYHVVHUR JL¢ IDWWR
DOWUL3DHVLTXDOLLO5HJQR8QLWRDOFXQL3DHVLGHOO‫ۑ‬HVW(XURSDOD*UH
FLDDOO‫ۑ‬DSLFHGHOODFULVLFKHO‫ۑ‬KDLQWHUHVVDWD

/H PHGHVLPH WHVL KR HVSRVWR QHO FRQYHJQR LQWLWRODWR &RVWUXLUH
O‫(ڥ‬XURSDSROLWLFDLQEDVHDYDORULFRQGLYLVLHGLFRQYHQLHQ]DHFRQRPL
FD VYROWRVL D 5RPD LO r GLFHPEUH  LQ FXL VRWWROLQHDYR FRPH
O‫ۑ‬XVFLWDGHO5HJQR8QLWRGHFUHWDWDGDOUHIHUHQGXPGHOJLXJQRGHOOR
VWHVVRDQQRQRQVWDYDFDXVDQGRTXHLJUDQGLSUREOHPLDO3DHVHFKH
HUDQR VWDWL SDYHQWDWL $G XQ DQQR GDOO‫ۑ‬HVLWR GHO UHIHUHQGXP
O‫ۑ‬HFRQRPLD LQJOHVH KD EHQHILFLDWR GHOOD VYDOXWD]LRQH GHOOD VWHUOLQD
KDFRQVROLGDWRODFUHVFLWDKDTXDVLD]]HUDWRODGLVRFFXSD]LRQHFKHª
DOPLQLPRGDDQQL$QFKHLQTXHOO‫ۑ‬RFFDVLRQHULSHWHYRFKHELVR
JQDYD FRPLQFLDUH D SHQVDUH VHULDPHQWH DG XQDVROX]LRQH PRUELGD
IRQGDWD VXOOD SHUPDQHQ]D QHOO‫ۑ‬HXUR DFFHUWDWR O‫ۑ‬LPSDWWR GHYDVWDQWH
FKH DYUHEEH XQ‫ۑ‬XVFLWD WRXW FRXUW PD FRQ XQD JUDGXDOH UHLQWURGX
]LRQHGLXQDQXRYDPRQHWDQD]LRQDOHDFFDQWRDOO‫ۑ‬HXURLSRWL]]DQGR
XQDGRSSLDFLUFROD]LRQHO‫ۑ‬HXURSHULUDSSRUWLHVWHUQLSHUOHLPSRU
WD]LRQL HG HVSRUWD]LRQL H OD QXRYD PRQHWD FKH SRWUHEEH WUDQTXLO
ODPHQWH FKLDPDUVL OLUD SHU JOL VFDPEL LQWHUQL HG L SDJDPHQWL GHOOR
6WDWR 3HU L SDJDPHQWL GHOOR 6WDWR VL VDUHEEH SRWXWR LSRWL]]DUH
O‫ۑ‬LQWURGX]LRQH GHL FHUWLILFDWL GL FUHGLWR ILVFDOH &&)  FKH VDUHEEHUR
(00$18(/()5$1&(6&20$5,$(0$18(/(,OIXWXURGHOO‫ۑ‬HXUR"

VWDWL HPHVVL GDO JRYHUQR H VDUHEEHUR VWDWL LQ VRVWDQ]D GHL FUHGLWL
VXOOHWDVVHIXWXUH DGXHDQQL FRQO‫ۑ‬DXVSLFLRFKHHVVLYHQLVVHURJUD
GXDOPHQWH SHUFHSLWL FRPH PRQHWD H XWLOL]]DWL QHJOL VFDPEL VRSUDW
WXWWRWUDLPSUHVHHWUDTXHVW‫ۑ‬XOWLPHHOR6WDWR8QSR‫ۑ‬FRPHLO5HJQR
8QLWR OD 'DQLPDUFD OD 6YH]LD H 3DHVL GHOO‫(ۑ‬VW FRPH %XOJDULD5R
11
PDQLD8QJKHULD3RORQLD5HSXEEOLFD&HFDFKHFRQWLQXDQRDGDYH
UH OD SURSULD PRQHWD QD]LRQDOH VHEEHQH LQ WDOXQL FDVL L SUH]]L GL
EHQLHVHUYL]LVLDQRHVSUHVVLDQFKHLQHXUR

1XPHURVLVRQRDQFKHJOLHVHPSLGLYDOXWHLQWHJUDWLYHHFRPSOH
PHQWDUL LQWURGRWWH SHU DPSOLDUH OD PDVVD PRQHWDULD LQWHUQD H SHU
FRQVHQWLUHDLSRVVHVVRULO‫ۑ‬DFTXLVWRGLEHQLHVHUYL]L1HJOL6WDWL8QLWL
DGHVHPSLRO‫ۑ‬,WKDFD+RXUVLQ6YL]]HUDLO:LUFUHDWRQHOHGDQ
FRUDFLUFRODQWHFRPHVLVWHPDGLYDOXWDFRPSOHPHQWDUHSHUOHSLFFROH
H PHGLH LPSUHVH LQ *LDSSRQH FRQ XQ VLVWHPD GL FUHGLWL GHVWLQDWL
DOO‫ۑ‬DVVLVWHQ]DGRPLFLOLDUHHGDJOLDQ]LDQLLQ*UDQ%UHWDJQDSL»SUH
FLVDPHQWHD%ULVWROGRYHQHOªVWDWDODQFLDWDXQDPRQHWDORFDOH
GDDIILDQFDUHDOODVWHUOLQDFRQFXLSRWHUSDJDUHDQFKHOHWDVVH$Q
FRUSL»GLUHFHQWHO‫ۑ‬DJRVWRVFRUVRLQ(VWRQLDªVWDWDODQFLDWDODSUR
SRVWD GL HPHWWHUH XQD FULSWRYDOXWD VXOOD VFRUWD GHO ‫۔‬ELWFRLQ‫ ە‬SHU IL
QDQ]LDUHODGLJLWDOL]]D]LRQHGHO3DHVHJL¢DYDQ]DWLVVLPDHGDGGLULW
WXUDGLHPHWWHUHXQ‫ۑ‬RIIHUWDSXEEOLFDGLPRQHWDPHGLDQWHJOLHVWFRLQ
6HQ]D SDUODUH LQILQH GHOOD PRQHWD FKH VWD GLYHQWDQGR XQLYHUVDOH
GHQRPLQDWDDSSXQWR‫۔‬ELWFRLQ‫ە‬/‫ۑ‬LQQRYD]LRQHGLJLWDOH SHUHVHPSLR
ODSLDWWDIRUPD%ORFNFKDLQDOODEDVHGHOIXQ]LRQDPHQWRGHOOHFULSWR
PRQHWHFRPHL‫۔‬ELWFRLQ‫ە‬VLVWHPDFKHGLYHUVHDXWKRULWLHVLQWHUQD]LR
QDOLHOD%DQFDG‫ۑ‬,WDOLDVWHVVDVWDQQRFRPLQFLDQGRDVWXGLDUHHPRQL
WRUDUH DFFRPSDJQDOHLGHHHOHLQL]LDWLYHGLLQWURGXUUHYDOXWHFRP
SOHPHQWDULXWLOL]]DELOLSHUJOLVFRSLSL»YDUL6RQRWXWWLVHJQDOLFKH
O‫ۑ‬HXURQRQªO‫ۑ‬XQLFDVROX]LRQHSRVVLELOH

$OODPLDLGHDGLGRSSLDFLUFROD]LRQHVLDVVRFLDYDQRVXFFHVVLYDPHQ
WH DOPHQR D JLXGLFDUH GDOOH DIIHUPD]LRQL VXOOD VWDPSD DOFXQLOHDGHU
SROLWLFLQD]LRQDOLPDVHQ]DGDUHDOODSURSRVWDFRQWHQXWLFRQFUHWLHGL
UHLFRQ EHQVFDUVDFRQYLQ]LRQH 3HUDOWUR QHO SURSRUOD ILQ GDDOORUD
QRQSRWHYRIDUHDPHQRGLVRWWROLQHDUHFKHXQ‫ۑ‬RSHUD]LRQHGHOJHQH
UHSUHVHQWDJUDQGLGLIILFROW¢HFRPSOHVVLW¢HULFKLHGHGXQTXHGLHV
VHUH VWXGLDWD FRQ OD PDVVLPD DWWHQ]LRQH HG HTXLOLEULR YDOXWDQGRQH
ODIDWWLELOLW¢HODFRQYHQLHQ]DLQWHUPLQLHFRQRPLFRILQDQ]LDULSHULO
(00$18(/()5$1&(6&20$5,$(0$18(/(,OIXWXURGHOO‫ۑ‬HXUR"

QRVWUR 3DHVH 4XHVW‫ۑ‬DQDOLVL ª VWDWD HJUHJLDPHQWH IDWWD DQFRUDXQD


YROWDFRQJUDQGHSURIHVVLRQDOLW¢GD0HGLREDQFDFKHLQXQUDSSRUWR
XVFLWRDOO‫ۑ‬LQL]LRGHOFRUUHQWHDQQRVLªVRIIHUPDWDVRSUDWWXWWRVXJOL
HYHQWXDOLFRVWLOHJDWLDOODUHLQWURGX]LRQHGHOODOLUDFRQULIHULPHQWRDO
QRVWUR GHELWR 'RSR DYHU HYLGHQ]LDWR FKH OD ULGHQRPLQD]LRQH GHO
12
GHELWRQHOO‫ۑ‬HXUR]RQDGLSHQGHGDOJUDGRGLOLEHUW¢FRQFHVVRGDOIDWWR
FLRª FKH L WLWROL GL VWDWR ULVSRQGRQR DOOH OHJJL QD]LRQDOL PD DOOR
VWHVVRWHPSRDOOHFODXVROHGHOO‫ۑ‬8QLRQH(XURSHDVXOOHD]LRQLFROOHWWL
YH &$&DFURQLPRGL&ROOHFWLYH$FWLRQ&ODXVHVFKHLPSHGLVFRQRGL
ULGHQRPLQDUH LO GHELWR LQ XQD QXRYD YDOXWD VH DOPHQR LO  GHL
SRVVHVVRULGHLWLWROLQRQªG‫ۑ‬DFFRUGR 0HGLREDQFDVWLPDXQDSHUGLWD
GL  PLOLDUGL GL HXUR DVVXPHQGR XQD VYDOXWD]LRQH GHOOD OLUDGHO
HXQUDGGRSSLRGHOGLIIHUHQ]LDOHGHLSUH]]LWUD,WDOLDH*HUPDQLD
7DOH SHUGLWDWXWWDYLD VDUHEEH LQ SDUWH FRQWURELODQFLDWD GD XQ JXD
GDJQR GL  PLOLDUGL GL HXUR GRYXWR DOOD/H[ PRQHWDH VXL WLWROL LQ
EDVHDOOHOHJJHQD]LRQDOH
&RQ LO GHFUHWR GHO PLQLVWHUR GHOO‫(ۑ‬FRQRPLD H GHOOH )LQDQ]H Q
 GHO  GLFHPEUH  O‫ۑ‬,WDOLD LQIDWWL KD GDWR LO VXR FRQVHQVR
DOO‫ۑ‬LPSOHPHQWD]LRQHREEOLJDWRULDGHL&$&VXRJQLHPLVVLRQHVRYUD
QDFRQVFDGHQ]DVXSHULRUHDOO‫ۑ‬DQQR6XOODEDVHGHOOHVWLPHGL0HGLR
EDQFDODPLJUD]LRQHDLERQGVRJJHWWLDOOHFODXVROH&$&QHOSHULRGR
KDODVFLDWRLO3DHVHFRQWLWROLSHUXQFRQWURYDORUHGLHXUR
PLOLDUGLFKHSRWUHEEHUREHQHILFLDUHGHOOD/H[PRQHWDHFKHFRQ
VHQWHLOSDJDPHQWRGHLGHELWLLQOLUH/DULGHQRPLQD]LRQHSRUWHUHEEH
SHUWDQWR D XQ JXDGDJQR GL HXUR  PLOLDUGL 0D TXHOOR FKH DOGL
VRSUDGLRJQLDOWUDFRQVLGHUD]LRQHKDHYLGHQ]LDWRLOUDSSRUWRGL0H
GLREDQFDªFKHO‫ۑ‬,WDOLDªDXQSXQWRGLVYROWDWUDLJXDGDJQLGHULYDQWL
GDOOD/H[PRQHWDHHOHSHUGLWHGHULYDQWLGDOOHFODXVROH&$&/HSRV
VLELOLW¢ H OD FRQYHQLHQ]D SHU O‫ۑ‬,WDOLD GL XVFLUH GDOO‫ۑ‬HXUR WXWWDYLD VL
ULGXFRQRFRQLOSDVVDUHGHOWHPSR$Q]LVLDJJLXQJHFKHLOPRPHQWR
RWWLPDOHSHUXVFLUHGDOO‫ۑ‬HXURªVWDWRJL¢VXSHUDWRDOPHQRLQWHUPLQL
VWUHWWDPHQWHILQDQ]LDULHFKHFROSDVVDUHGHJOLDQQLIDUORGLYHQWHU¢
VHPSUH SL» FRVWRVR H PHQR FRQYHQLHQWH 1HO FRUVR GHL SURVVLPL
TXDWWURDQQLGLYHQWHU¢SURLELWLYR

1RQ FL VDUHEEH GXQTXH WHPSR GD SHUGHUH H OD FODVVH SROLWLFD
GRYUHEEHPRVWUDUVLILQDOPHQWHUHVSRQVDELOHHPDWXUDPHWWHQGRGD
SDUWHOHGLYLVLRQLHYDOXWDQGRVHULDPHQWHTXHVWDLSRWHVLFRQVDJJH]
]D H OXQJLPLUDQ]D FRPH YDGR SURSRQHQGR GD WHPSR 3HUILQR 'UD
(00$18(/()5$1&(6&20$5,$(0$18(/(,OIXWXURGHOO‫ۑ‬HXUR"

JKL FKH ILQR D SRFR WHPSR ID FRQVLGHUDYD O‫ۑ‬XQLRQH PRQHWDULD XQ
SURJHWWR LUUHYHUVLELOH KD VRVWHQXWR FKH VDUHEEH SRVVLELOH LSRWHWL
FDPHQWH XVFLUH GDOO‫ۑ‬HXUR DQFKH VH SULPD ELVRJQHUHEEH UHJRODUH L
SDJDPHQWLWUDPLWHLO7DUJHWFLRªLUDSSRUWLGLGHELWRFUHGLWRYLJHQ
WL FRQ LO UHVWR GHOO‫(ۑ‬XUR]RQD FKH SHU O‫ۑ‬,WDOLD VLJQLILFKHUHEEH VRVWH
13
QHUH XQ SUHYLR SDJDPHQWR GL SDVVLYLW¢ SHU  PLOLDUGL GL HXUR
VWDQGR DL GDWL DO  QRYHPEUH  ( LQ TXHVWR VFHQDULR SRWUHEEH
SUHYHGHUVLHGªXQ‫ۑ‬DOWUDPLDLSRWHVLODFUHD]LRQHGLXQDRSL»DUHH
GL OLEHUR VFDPELR GD LQGLYLGXDUH QHO 0HULGLRQH SHU FRQWULEXLUH D
VDQDUHLOGLYDULRVRSUDLSRWL]]DWR

&RPHVLYHGHXVFLUHXQLODWHUDOPHQWHGDOO‫ۑ‬HXURªDVVDLRQHURVRH
VHPSUHPHQRSUDWLFDELOHFROSDVVDUHGHOWHPSR&HUWDPHQWHPHJOLR
XQDVROX]LRQHSL»PRUELGDFRPHODGRSSLDFLUFROD]LRQHGDPHLSR
WL]]DWD/DPLDSURSRVWDFRQGLYLVDDQFKHGDGLYHUVLRVVHUYDWRULHFR
QRPLFLFRQWHPSODXQDULIRUPDGHOO‫ۑ‬XQLRQHPRQHWDULDFKHFRQVHQWD
DL 3DHVL PHPEUL FKH OR ULFKLHGDQR GL PDQWHQHUH OD SURSULD YDOXWD
QD]LRQDOHLQFLUFROD]LRQHQHOPHUFDWRLQWHUQRHGLXWLOL]]DUHODPR
QHWD FRPXQH QHJOL VFDPEL HVWHUQL /‫ۑ‬HXUR GLYHUUHEEH LQ WDO PRGR
XQ‫ۑ‬XQLW¢ GLFRQWR LQWHUQD]LRQDOH SHU DJHYRODUH JOL VFDPEL IUD 3DHVL
HXURSHL VXO PRGHOOR GHO ‫۔‬EDQFRU‫ ە‬NH\QHVLDQR  PHQWUH OD QXRYD
PRQHWDQD]LRQDOHYHUUHEEHHPHVVDGD%DQNLWDOLD,QWDOPRGRLO3DH
VH ULDFTXLVWHUHEEH XQD IRUPD PHGLDWD GL VRYUDQLW¢ SDU]LDOH LQ
TXDQWR LO FDPELR FRQ OD PRQHWD FRPXQH O‫ۑ‬HXUR GRYUHEEH HVVHUH
FRPXQTXH VHPLILVVR  SXU QRQ ULQXQFLDQGR DOOD SURVSHWWLYD
G‫ۑ‬LQWHJUD]LRQH HXURSHD /D %&( VL WUDVIRUPHUHEEH LQ XQD VRUWD GL
FDPHUDGLFRPSHQVD]LRQHIUDGHELWLHFUHGLWLGHLVLVWHPLEDQFDULGHL
3DHVLPHPEULHVLSRUUHEEHDJDUDQ]LDGHOGHELWRHVWHURGHJOLVWHVVL
PHQWUHLOGHELWRLQWHUQRVDUHEEHJDUDQWLWRGDOOHEDQFKHFHQWUDOLQD
]LRQDOL

&HUWDPHQWH FRPH WXWWH OH D]LRQL GL SROLWLFD HFRQRPLFD DQFKH
XQD VFHOWD LQ WDO VHQVR DYUHEEH GHL FRVWL H GHL EHQHILFL 0D SRLFK«
VRQR DVVROXWDPHQWH FRQYLQWR FKH O‫(ۑ‬XURSD FRV® FRP‫ۑ‬ª QRQ XVFLU¢
GDOODFULVLLQFXLYHUVDPHJOLRTXDQWRPHQRFRPLQFLDUHDGHVDPLQD
UH QHO QRVWUR 3DHVH OD SRVVLELOLW¢ GL LQWURGXUUH OD GRSSLD PRQHWD
SLXWWRVWR FKH FRQWLQXDUH D VSHUDUH LQ VROX]LRQL PLUDFROLVWLFKH FKH
GLIILFLOPHQWHVLUHDOL]]HUDQQR







&$325(772
5HOD]LRQHDO&RQYHJQR
GL$VVR$UPDLQ5RPD
&DPSLGRJOLRRWWREUH


GL'20(1,&2),6,&+(//$

















'20(1,&2),6,&+(//$&DSRUHWWR5HOD]LRQHDO&RQYHJQRGL$VVR$UPD




3HU JHQWLOH FRQFHVVLRQH GHO &RQVLJOLR 1D]LRQDOH GHOOH $VVRFLD]LRQL
G‫ڥ‬$UPD $662$50$  H GHO VXR SUHVLGHQWH JHQHUDOH GL &G‫ڥ‬$ 0DULR
%XVFHPLSXEEOLFKLDPRODUHOD]LRQHVYROWDGDOVHQSURI'RPHQLFR)L 16
VLFKHOOD LQ RFFDVLRQH GHO &RQYHJQR VX &DSRUHWWRWHQXWRLQ&DPSLGR
JOLRLORWWREUH

6H QRQ VL KD FRQVDSHYROH]]D FKH HVLVWH DQFKH IRUWXQDWDPHQWH
QRQVRORXQDGLPHQVLRQHWUDJLFDGHOODYLFHQGDXPDQDQRQVLSX´
VWXGLDUHFRUUHWWDPHQWHODVWRULDVLSX´IDUHSURSDJDQGDDSRORJHWLFD
RGHQLJUDWRULDPDQRQVLIDVWRULDVXEDVLVFLHQWLILFKHQRQVLIDVWR
ULD UHDOH H UHDOLVWLFD ( TXDO ª LO SULPR LQGLVSHQVDELOH PHWRGR SHU
VWXGLDUHFRQDQLPRFRQVDSHYROHHRQHVWRODVWRULD"ŠLOPHWRGRGHOOD
FRPSDUD]LRQHGHOFRQIURQWRWUDODPROWHSOLFLW¢GHOOHVLWXD]LRQLFKH
LOWHPSRVWRULFRSUHVHQWD2VVHUYDUHXQFDVRVLQJRORSX´HVVHUHDO
WDPHQWHIXRUYLDQWHREDQDOPHQWHQDUUDWLYRFRPHªPROWDFRVLGGHW
WDVWRULRJUDILDVHQRQORVLUDSSRUWDDGDOWULFDVLFKHLOGLYHQLUHGHJOL
HYHQWLKDSURSRVWRHSURSRQH

,OLWDOLDQRYDOHWWRLQWDOHRWWLFDHLQWDOHSURVSHWWLYDO‫ۑ‬XQLFD
LQJUDGRGLGDUHLOVHQVRGHOOHSURSRU]LRQLGHOODJUDYLW¢GHOODLQFLVL
YLW¢GLTXHVWRRTXHOO‫ۑ‬HYHQWR2UEHQHVHDVVXPLDPRFKHQHOODVWRULD
G‫ۑ‬,WDOLD LO  YLHQH FRQQRWDWR H LGHQWLILFDWR DPSLDPHQWH FRQ&D
SRUHWWR GREELDPR FKLHGHUFL FRVD ª VWDWR H FRVD KD UDSSUHVHQWDWR
&DSRUHWWR,QTXHVWRTXDGURWDOHHYHQWRYDOHWWRLQUHOD]LRQHDLVXRL
FRVWL GL YLWH XPDQH YD OHWWR LQ RUGLQH DOOH PRUWLILFD]LRQL R PHQR
GHOORVSLULWRQD]LRQDOHHGHOFRQWHVWRLVWLWX]LRQDOHPLOLWDUHHFLYLOH
YDOHWWRFRQULIHULPHQWRDOODFDSDFLW¢RPHQRGLULSUHVDGHOOHIRU]H
DUPDWH H DOO‫ۑ‬LQFLGHQ]D FKH O‫ۑ‬HSLVRGLR KD DYXWR QHOOD JHVWLRQH FRP
SOHVVLYD GHOOD 3ULPD JXHUUD PRQGLDOH 6H VROR JXDUGLDPR OD VWRULD
FRQRFFKLRDYYHUWLWRHVHDYYLDPRXQDUDSLGDDQDOLVLFRPSDUDWLYD
SRVVLDPR SUHQGHUH OH PRVVH GDOOD *XHUUD GL VHFHVVLRQH FKH ODFHUD
JOL6WDWL8QLWLGDODO3HUFK«GDWDOHJXHUUD"3HUFK«VHQ]D
HVDJHUDUQH OH FDUDWWHULVWLFKH GL PRGHUQLW¢ DOPHQR VRWWR LO SURILOR
'20(1,&2),6,&+(//$&DSRUHWWR5HOD]LRQHDO&RQYHJQRGL$VVR$UPD

GHOOHDFTXLVL]LRQLWHFQRORJLFKHLQFDPSRPLOLWDUHGLWHUUDHGLPDUH
VHQ]DHVVHUHXQD‫۔‬JXHUUDWRWDOH‫ە‬QHOVHQVRFKHWDOHFRQFHWWRDVVXPH
17 U¢VXFFHVVLYDPHQWHYDFRPXQTXHGHWWRFKHFRPHVRWWROLQHDORVWR
ULFRLQJOHVH0DOGZ\Q$-RQHVWDOHFRQIOLWWRªVHQ]DGXEELRLOPDJ
JLRUH LQWHUFRUUHQWH WUD OH JXHUUH QDSROHRQLFKH H OD 3ULPD JXHUUD
PRQGLDOH Š LO SULPR FRQIOLWWR GL XQD VRFLHW¢ GL PDVVH SXU VHQRQ
DQFRUDGLXQDVRFLHW¢GLPDVVD FKHPDQGDLQFDPSRHVHUFLWLIRUPD
WLDUUXRODQGRFLWWDGLQLGLRJQLFODVVHVRFLDOHSL»FKHVROGDWLGLSUR
IHVVLRQH 6FDWXULVFH GD XQ LQVDQDELOH FRQWUDVWR GL LGHRORJLH GLYH
QHQGRTXLQGLXQFRQIOLWWRFRQRELHWWLYLLOOLPLWDWL3URYRFDSL»GLXQ
PLOLRQH GL YLWWLPH GL FXL  PRUWL LQ DUPL 6L VYLOXSSD LQ XQ
FRQWHVWRQHOTXDOHQRQPDQFDQRGHVWLWX]LRQLHVRVWLWX]LRQLWUDLYHU
WLFL PLOLWDUL DQFKH VX SUHVVLRQH GL DWWHJJLDPHQWL RQGHJJLDQWL
GHOO‫ۑ‬RSLQLRQHSXEEOLFDHGHLSDUWLWLSROLWLFL

6HYROJLDPRDOOD)UDQFLDHDOODVXDJXHUUDFRQOD3UXVVLDDYYLDWD
GD1DSROHRQH,,,QHOOXJOLRHFRQFOXVDFRQODVFRQILWWDGL6HGDQ
DOO‫ۑ‬LQL]LRGLVHWWHPEUHFRQVWDWLDPRFKHODQD]LRQHODWLQDKDGRYXWR
VXELUHODPRUWLILFD]LRQHGHOOHWUXSSHQHPLFKHJLXQWHILQGHQWUR3D
ULJLHRQWDVXSUHPDSHUODVWRULDQD]LRQDOHODSURFODPD]LRQHD9HU
VDLOOHVLOJHQQDLRGL*XJOLHOPR,5HGL3UXVVLDD,PSHUDWRUH
GL*HUPDQLDPHQWUHO‫ۑ‬$OVD]LDFRQOD/RUHQDªDQQHVVDDOOD*HUPD
QLDFRPH‫۔‬WHUULWRULRGHOO‫ۑ‬,PSHUR‫ە‬$PRODFXOWXUDIUDQFHVHDOODTXD
OHKRGHGLFDWRPROWLOLEULPDªODVWHVVDGRWWULQDVFLHQWLILFDGLRULJL
QHIUDQFHVHFKHPLSRQHQHOOHFRQGL]LRQLGLULWRUQDUHVXOODVWRULDGL
WDOHLPSRUWDQWHQD]LRQHHXURSHD4XLRFFRUUHIDUHXQVDOWRLQDYDQ
WLILQRDOORVFRSSLRGHOOD6HFRQGDJXHUUDPRQGLDOH$SURSRVLWRGHO
ODVWUDWHJLDPLOLWDUHIUDQFHVHXQRVWXGLRVRHPLQHQWHFRPH%HUWUDQG
GH-RXYHQHOSXEEOLFDLODSULOHXQDUWLFRORLQWLWRODWR‫۔‬/‫ۑ‬HUURUH
PRUWDOHGHOODGLIHVDQD]LRQDOH‫ە‬HFKHORVWHVVRDXWRUHFRV®ULDVVXPH
VXFFHVVLYDPHQWH EROODQGR WDOH HUURUH FRPH XQD VFLRFFKH]]D GL H
QRUPLSURSRU]LRQL(FFRQHODVLQWHVL

'20(1,&2),6,&+(//$&DSRUHWWR5HOD]LRQHDO&RQYHJQRGL$VVR$UPD

(UDDVVXUGDQHOVXRVWHVVRSULQFLSLRO‫ۑ‬RUJDQL]]D]LRQHPLOLWDUHGHOOD)UDQ
FLDQHOSHULRGRFRPSUHVRWUDOHGXHJXHUUHPRQGLDOL7DOHRUJDQL]]D]LRQH
HUDHVSOLFLWDPHQWHGHVWLQDWDDOODVRODGLIHVDGHOWHUULWRULRQD]LRQDOHPHQWUH
OHQRVWUHDOOHDQ]HFRQOD3RORQLDOD&HFRVORYDFFKLDOD5RPDQLDHOD-XJR
VODYLDDQFKHVHFLSURPHWWHYDQRXQ‫ۑ‬RIIHQVLYDGHLQRVWULDOOHDWLDOOHVSDOOH
GHOOD*HUPDQLDVHTXHVWDFLDYHVVHDWWDFFDWRFLREEOLJDYDQRFKLDUDPHQWHD
VIHUUDUHO‫ۑ‬RIIHQVLYDPLOLWDUHFRQWUROD*HUPDQLDVHTXHVWDDYHVVHFRPLQFLD 18
WRFRQO‫ۑ‬DWWDFFDUHXQRGHLQRVWULDOOHDWLRULHQWDOL6FHJOLHUHXQRVWUXPHQWR
PLOLWDUHSXUDPHQWHGLIHQVLYRTXDQGRLQRVWULLPSHJQLGLSORPDWLFLFRPSRU
WDYDQRO‫ۑ‬RIIHQVLYDLQXQDGHOOHGXHHYHQWXDOLW¢FKHSRWHYDQRSUHVHQWDUVL H
RFFRUUHVRWWROLQHDUHLQTXHOODSL»SUREDELOH HUDXQ‫ۑ‬LQFRHUHQ]DVWUDRUGLQD
ULD3HUGLSL»GLYHQWDYDLQHYLWDELOHO‫ۑ‬HYHQWXDOLW¢GDOODTXDOHQRLULILXWDYD
PR GL GLIHQGHUFL DXWRUL]]DQGR $GROI +LWOHU D FRQJHWWXUDUH FRQ PLQLPH
SUREDELOLW¢ GL HUURUH FKH O‫ۑ‬HVHUFLWR IUDQFHVH QRQ VL VDUHEEH PRVVR VH HJOL
DYHVVHDWWDFFDWRDHVW(LQIDWWLQRLQRQDEELDPRGLFKLDUDWRODJXHUUDSHUOD
&HFRVORYDFFKLDHVHSHUOD3RORQLDO‫ۑ‬DEELDPRGLFKLDUDWDSRLQRQO‫ۑ‬DEELDPR
IDWWD&RQTXHVWDFRQVHJXHQ]DLQSL»G‫ۑ‬DOWURQGHFKHTXDQGRO‫ۑ‬HVHUFLWRWH
GHVFR KD DWWDFFDWR OD )UDQFLD QRQ HVLVWHYDQR SL» Q« O‫ۑ‬HVHUFLWR FHFR Q«
TXHOORSRODFFRSHUSUHQGHUORDOOHVSDOOH

,QHIIHWWLFRVDDYHYDIDWWROD)UDQFLDGRSROD3ULPDJXHUUDPRQGLD
OH"1HODYHYDDYYLDWRO‫ۑ‬HGLILFD]LRQHGHOODOLQHD0DJLQRWFRP
SOHVVRGLIRUWLILFD]LRQLFRPSOHWDWRGLHFLDQQLGRSRHSUHVHQWDWRFR
PHXQDVRUWDGLPRQXPHQWRGLLQJHJQHULDPLOLWDUHFKHSHU´ODVFLD
VFRSHUWD OD IURQWLHUD FRQ LO %HOJLR FKH QHO  VL SURFODPD 6WDWR
QHXWUDOH7XWWDYLDLFRPDQGLIUDQFHVLLOFXLHVHUFLWRªFRQVLGHUDWRLO
SL»IRUWHGHOPRQGRULWHQJRQRGLSRWHUUHVSLQJHUHXQHYHQWXDOHDW
WDFFRWHGHVFRVXWDOHYHUVDQWHFRQFHQWUDQGRYLODSL»JUDQSDUWHGHO
ORURDSSDUDWRPLOLWDUH,OªDQQRFUXFLDOH3ULPDO‫ۑ‬DJJUHVVLRQH
WHGHVFD DOOD &HFRVORYDFFKLD QHO PDU]R SRL QHOO‫ۑ‬DJRVWR LO SDWWR GL
QRQ DJJUHVVLRQH WUD *HUPDQLD H 8QLRQH 6RYLHWLFD SURGURPR
DOO‫ۑ‬DWWDFFRWHGHVFRDOOD3RORQLDLOSULPRVHWWHPEUHGHWHUPLQDQRGXH
JLRUQLGRSRODGLFKLDUD]LRQHGLJXHUUDDQJORIUDQFHVHDO5HLFKPHQ
WUH LO  GHOOR VWHVVR PHVH LO WHUULWRULR SRODFFR ª LQYDVR DQFKH GDL
VRYLHWLFL7XWWDYLDXQDYROWDIRUPDOL]]DWRLOFRQIOLWWR HQWURXQFRQ
WHVWRGLSROLWLFDLQWHUQDRYHLOSDWWRWUD0RVFDH%HUOLQRKDGHWHUPL
QDWR D 3DULJL JUDYL WUDYDJOL VLD WUD L FRPXQLVWL VLD WUD OH GHVWUH  OH
RSHUD]LRQLPLOLWDULIUDQFHVLQRQVLDYYLDQRHILQRDOPDJJLRGHO
VLKDODFRVLGGHWWDGU¶OHGHJXHUUH ODVWUDQDJXHUUD VHQ]DFKHVLDE
'20(1,&2),6,&+(//$&DSRUHWWR5HOD]LRQHDO&RQYHJQRGL$VVR$UPD

ELD O‫ۑ‬LQL]LR GL YHUH H SURSULH RVWLOLW¢ $ SDUWH TXDOFKH RFFDVLRQDOH


VSRUDGLFDD]LRQHGLSDWWXJOLDHTXDOFKHVFKHUPDJOLDDHUHDODJXHUUD
19 VLFRPEDWWHVROWDQWRVXLPDUL4XDQGRLQILQHLQL]LDOD EDWWDJOLDGL
)UDQFLD LO  PDJJLR OH DYDQJXDUGLH WHGHVFKH HQWUDQR LQ 2ODQGD
%HOJLR H /XVVHPEXUJR FKH FDSLWRODQR LQ SRFKL JLRUQL 0D
O‫ۑ‬RIIHQVLYDQRQVLFRQFHQWUDHVVHQ]LDOPHQWHLQTXHVWRVHWWRUHFRPH
SUHYHGHYDQRLIUDQFHVLHRYHSHUFL´HUDQRDWWHVWDWLLPSRUWDQWLFRQ
WLQJHQWLIUDQFHVLHLQJOHVL/‫ۑ‬DWWDFFRGLPDJJLRUH LPSRQHQ]DVLVYL
OXSSDSL»DVXGFRJOLHQGRLPSUHSDUDWLLIUDQFHVL1HGHULYDQRFRQ
IXVLRQHHOHQWH]]DQHOVLVWHPDGLFRPDQGRRUGLQLFRQWUDGGLWWRULL
QDGHJXDWD RUJDQL]]D]LRQH ORJLVWLFD GLIILFROW¢ GL FRRUGLQDUH OH UHVL
GXH IRUPD]LRQL FRUD]]DWH EULWDQQLFKH H IUDQFHVL 8QD SDUWH LPSRU
WDQWHGLTXHOFKHUHVWDªLPERWWLJOLDWDD'XQNHUTXHHFLUFD
XRPLQL ULHVFRQR DG HVVHUH HYDFXDWL ROWUH OD 0DQLFD DQFKH JUD]LH
DOO‫ۑ‬LQWHUYHQWRGHLFDFFLDEULWDQQLFLFKHQHXWUDOL]]DQRLQSDUWHLERP
EDUGDPHQWLDHUHLWHGHVFKL1HOO‫ۑ‬DUFRGLXQPHVHVL FRPSLHODOLTXL
GD]LRQH PLOLWDUH GHOOD )UDQFLD FKH ª FRVWUHWWD DOO‫ۑ‬DUPLVWL]LR H SHU
TXDWWUR DQQL 3DULJL ª IXRUL JLRFR GLYHQXWD VRVWDQ]LDOH YDVVDOOD GL
%HUOLQR 4XDQWR DOOD ULWLUDWD GL 'XQNHUTXH YDUU¢ QRWDUH FKH WUD L
VROGDWLWUDVIHULWLROWUH0DQLFDEHQVRQRIUDQFHVLFKHFRV®OD
VFLDQRLOWHUULWRULRGHOODSDWULDLQROWUHD'XQNHUTXHªDEEDQGRQDWR
LOPDWHULDOHEHOOLFRDUPLHFDUULGLGLFLRWWRGLYLVLRQL

7RUQLDPRDOOD3ULPDJXHUUDPRQGLDOHHDXQDSDQRUDPLFDJHQH
UDOH FKH OD ULJXDUGD 4XDQGR O‫ۑ‬,WDOLD QRQ YL ª DQFRUD HQWUDWD OD
*UDQGH*XHUUDKDJL¢YLVVXWREDWWDJOLHLPSRQHQWLHVDFULILFLGLSDUL
SRUWDWD,O1RYHFHQWRGHOUHVWRªLOVHFRORGHOOHPDVVHHGHOODORUR
QD]LRQDOL]]D]LRQHWDOFK«WXWWRYLªPDVVLYR/LPLWLDPRFLDSRFKLGD
WL 6HFRQGR OR VWXGLRVR LQJOHVH -RKQ .HHJDQ D LQL]LR GLFHPEUH GHO
O‫ۑ‬,PSHURDVEXUJLFRQRQªSL»XQDJUDQGHSRWHQ]DPLOLWDUHD
YHQGRJL¢SHUGXWRVROGDWLVX1HOOHGXHEDWWDJOLH
JURVVR PRGR FRQWHPSRUDQHH WUD PHW¢ RWWREUH H PHW¢ QRYHPEUH
  GHOO‫<ۑ‬VHU H GL <SUHV IUDQFRLQJOHVL H WHGHVFKL SHUGRQR FRP
'20(1,&2),6,&+(//$&DSRUHWWR5HOD]LRQHDO&RQYHJQRGL$VVR$UPD

SOHVVLYDPHQWHXRPLQLDOO‫ۑ‬LQFLUFDPHW¢HPHW¢6XOIURQWHR
ULHQWDOHªXQDOWHUQDUVLGLVXFFHVVLHLQVXFFHVVLWUDUXVVLWHGHVFKLH
DXVWULDFLFRQGLVWUX]LRQHGLLQWHUHDUPDWHVXOO‫ۑ‬XQRHVXOO‫ۑ‬DOWURYHU
VDQWHILQRDOODEDWWDJOLDGL3DVTXDGHODSULOH

6HTXHVWRªO‫ۑ‬LQL]LRWUDFFLDPRXQUDSLGRELODQFLRFRQFOXVLYR/D 20
3ULPD JXHUUD PRQGLDOH VL FKLXGH FRQ OD PRUWH GL GLHFL PLOLRQL GL
XRPLQL 3HU O‫ۑ‬,WDOLD LO ELODQFLR GL WDOH WULVWLVVLPD FRQWDELOLW¢ VDU¢ GL
FLUFD  WUD FDGXWL LQ EDWWDJOLD QRQ VRSUDYYLVVXWL DL FDPSL GL
FRQFHQWUDPHQWRGLVSHUVLHXQPLOLRQHVRQRLIHULWL6HFRQGR5HQ]R
'H)HOLFHLPRUWLVRQR&RPHVRWWROLQHDORVWRULFRIUDQFHVH
-DFTXHV%DLQYLOOHOD*UDQGH*XHUUDªFRVWDWDDOOD )UDQFLDODPRUWH
GLTXDVLXQPLOLRQHHPH]]RGLXRPLQL+RJL¢GHWWRTXDOFRVDSUH
FHGHQWHPHQWHFLUFDLFRVWLXPDQLGHOFRQIOLWWRQHOVXRSHULRGRLQL
]LDOH$GHVVRDJJLXQJRTXDOFKHGDWRXOWHULRUHUHODWLYRDOODIDVHVXF
FHVVLYD 1HOOD EDWWDJOLDGHOOD 6RPPH FKH VL VYLOXSSD GDO SULPR OX
JOLRDOQRYHPEUHJOLDQJORIUDQFHVLSHUGRQRXRPLQL
HLWHGHVFKLHFL´VXXQIURQWHGLRWWRQRYHFKLORPHWULHFRQ
XQDYDQ]DPHQWRFKHLQQHVVXQSXQWRVXSHUDLFLQTXH FKLORPHWUL,
UXVVLSHUGRQRXRPLQLGXUDQWHLOIDOOLPHQWRGHOODORURRIIHQ
VLYDGHOPDU]RFRQWUROHWUXSSHWHGHVFKH1HOODTXDUWDH
XOWLPDJUDQGHRIIHQVLYDUXVVDVIHUUDWDLOJLXJQRGHOORVWHVVRDQQR
LQ VROL WUH JLRUQL JOL DXVWULDFL SHUGRQR  XRPLQL FRPSOHVVL
YDPHQWHDOODILQHGLWDOHRIIHQVLYDOHSHUGLWHDXVWULDFKHDPPRQWD
QRDTXDVLVROGDWLGHLTXDOLSULJLRQLHUL/HEDWWDJOLH
GL )LDQGUD GHO  FRVWDQR DJOL LQJOHVL  XRPLQL 6XO IURQWH
RFFLGHQWDOH LO  PDU]R  WUH DUPDWH WHGHVFKH DWWDFFDQR LQ 3LF
FDUGLD LQ TXLQGLFL JLRUQL VROR JOL LQJOHVL SHUGRQR  VROGDWL
1HOOD EDWWDJOLD GHOOD 0DUQD FKH SRUWD L WHGHVFKL D VILRUDUH 3DULJL L
VROGDWLIUDQFHVLPHVVLIXRULFRPEDWWLPHQWRVRQR3X´EDVWD
UH SHU FDSLUH FRQ TXDQWD VHULHW¢ RFFRUUH PDQHJJLDUH OD VWRULD H
IRUPXODUHLQPHULWRYDOXWD]LRQLLSRWHVLLQWHUSUHWDWLYHDQDOLVL

4XDQWR DOO‫ۑ‬,WDOLD FRPH JLXQJH OD QRVWUD QD]LRQH DOOD *UDQGH
*XHUUD H LQ SDUWLFRODUH D &DSRUHWWR" 3RFKL DFFHQQL PD QHFHVVDUL
SHULOOXVWUDUHLSUHFHGHQWL'DOO‫ۑ‬,WDOLDIDSDUWHLQVLHPHD*HU
'20(1,&2),6,&+(//$&DSRUHWWR5HOD]LRQHDO&RQYHJQRGL$VVR$UPD

PDQLDH$XVWULDGHOOD7ULSOLFH$OOHDQ]D,OVXRWUDWWDWRLVWLWXWLYRSRL
SL» YROWH UHLWHUDWR KD FDUDWWHUH HVVHQ]LDOPHQWH GLIHQVLYR LPSHJQD
21 FLDVFXQR6WDWRILUPDWDULRDLQWHUYHQLUHVH HVRORVH XQRGLHVVLªDW
WDFFDWRHGXUDILQRDOOD*UDQGH*XHUUDDOORUFK«O‫ۑ‬,WDOLDORGHQXQFH
U¢XIILFLDOPHQWHLOPDJJLRPRWLYDQGRODGHFLVLRQHFRQODYLR
OD]LRQHGDSDUWHDXVWULDFDFKHLO OXJOLRGHOO‫ۑ‬DQQRSUHFHGHQWHKD
GLFKLDUDWRJXHUUDDOOD6HUELDO‫ۑ‬,WDOLDFRP‫ۑ‬ªQHOVXRHVSOLFLWRGLULWWR
QHOIUDWWHPSRªULPDVWDQHXWUDOH'XQTXHQHVVXQDUHVSRQVDELOLW¢OH
VLSX´DGGHELWDUHSHUORVFRSSLRGHOOD3ULPDJXHUUDPRQGLDOHQ«VL
SX´VRVWHQHUHFKHHVVDDEELDFRPSLXWRXQYROWDIDFFLDQHLFRQIURQWL
GLXQDOWUR6WDWRGHOOD7ULSOLFH$OOHDQ]D,QSDULWHPSRFRPHVRWWR
OLQHD OR VWRULFR DPHULFDQR 'DYLG )URPNLQ DOO‫ۑ‬DOED GHO 1RYHFHQWR
O‫ۑ‬,WDOLDªXQDJUDQGHSRWHQ]DHXURSHD‫۔‬XQDULVWUHWWDFHUFKLDGL3DHVL
OH JUDQGL SRWHQ]H HXURSHH $XVWULD8QJKHULD )UDQFLD *HUPDQLD
*UDQ%UHWDJQD,WDOLDH5XVVLD‫ە‬GRPLQDYDQRODUJDSDUWHGHOJORER6L
FDSLVFHHEDVWDJXDUGDUHODFDUWDJHRJUDILFDFKHVLDGDSDUWHIUDQFR
EULWDQQLFDVLDGDSDUWHDXVWURJHUPDQLFDIRUWHVLDO‫ۑ‬DVSHWWDWLYDRDG
DFTXLVLUH OD FROODERUD]LRQH EHOOLFD LWDOLDQD R D SUROXQJDUQH OD QHX
WUDOLW¢6LSRQHSHUFL´LOSUREOHPDGHLFRVLGGHWWL‫۔‬FRPSHQVL‫ە‬DQFKH
WHUULWRULDOLSURSRVWLHQHJR]LDWLVXOO‫ۑ‬XQRHVXOO‫ۑ‬DOWURYHUVDQWHFRV®VL
IDGHOUHVWRSHUWXWHODUHO‫ۑ‬LQWHUHVVHQD]LRQDOHQHOO‫ۑ‬DUHQDLQWHUQD]LR
QDOH2FFRUUHVRSSHVDUHYDQWDJJLHVYDQWDJJLSURILWWLHSHUGLWHFR
VWLHEHQHILFLHODIDVHGHOODQHXWUDOLW¢VHUYHDQFKHDTXHVWR0DSX´
WDOHIDVHSUROXQJDUVLLQGHILQLWDPHQWH",QIDWWLSHUXQYHUVRFUHVFHQ
WHªODSUHVVLRQHGLVHJPHQWLVLJQLILFDWLYLGHOO‫ۑ‬RSLQLRQHSXEEOLFDLQ
WHUQD YHUVR XQD VFHOWD GL JXHUUD FRQWUR O‫ۑ‬$XVWULD QHOOR VSLULWR GL
TXHOO
LUUHGHQWLVPRFKHOHJJHOD*UDQGH*XHUUDFRPHO‫ۑ‬XOWLPDJXHUUD
GHOO‫ۑ‬LQGLSHQGHQ]DVXOO‫ۑ‬RQGDGHO5LVRUJLPHQWRHQHOVHJQRHPEOHPD
WLFR GL 7UHQWR H 7ULHVWH PHQWUH QRQ PDQFDQR DPELHQWL GL VLQLVWUD
FKHLPPDJLQDQRODJXHUUDFRPHSURGURPRGLXQDULYROX]LRQHVRFLD
OHHXURSHD3HUXQVHFRQGRYHUVRªSUDWLFDELOHO‫ۑ‬RS]LRQHGHOODQHX
WUDOLW¢GHILQLWLYDGHOO‫ۑ‬,WDOLD"

'20(1,&2),6,&+(//$&DSRUHWWR5HOD]LRQHDO&RQYHJQRGL$VVR$UPD

&RPXQTXH WUDWWDWLYH ULVHUYDWH H LQIRUPDOL VL DYYLDQR VL VXVVH


JXRQRHVLDSSURIRQGLVFRQRWUDLJRYHUQLLWDOLDQRHLQJOHVHFKHFRQ
GXFRQR DO SDWWR GL /RQGUD GHO  DSULOH  VRVWHQXWR DQFKH GD
)UDQFLD H 5XVVLD FKH SUHYHGH ‫۔‬FRPSHQVL‫ ە‬YDUL VH 5RPD HQWUD LQ
JXHUUDFRQWURJOL,PSHUL&HQWUDOL3UHVLGHQWHGHO&RQVLJOLRLWDOLDQRª
$QWRQLR6DODQGUDSURSRVWRDOUH9LWWRULR(PDQXHOH,,,GDOSUHGHFHV 22
VRUH*LRYDQQL*LROLWWLDOORUFK«TXHVWLIDXWRUHGHOQHXWUDOLVPRVLª
GLPHVVR6DODQGUDLOPDJJLRVLGLPHWWHDVXDYROWDDGGXFHQGRL
IRUWLFRQWUDVWLLQVHGHSDUODPHQWDUHVXOSDWWRGL/RQGUD*LROLWWLJL¢
LOPDJJLRRYYLDPHQWHDOFRUUHQWHGHOODVLWXD]LRQHDOOD&DPHUDª
ULHQWUDWR D 5RPD GDO VXR 3LHPRQWH QHOOD FRQYLQ]LRQH FKH DQFKH
GRSR OD VWLSXOD GHO SDWWR ORQGLQHVH XQ YRWR GHO SDUODPHQWR SRVVD
IHUPDUHODJXHUUD'DOFDQWRVXRLO5HGLIURQWHDOO‫ۑ‬HVLVWHQ]DGLXQ
SDWWRLQWHUQD]LRQDOHVWLSXODWRGDOJRYHUQRQRQSX´FKHSRUUHLOSDU
ODPHQWRGLIURQWHDOOHVXHUHVSRQVDELOLW¢YRWLV®RQR,OOHGLPLV
VLRQLGL6DODQGUDVRQRUHVSLQWHVLSUHVHQWLDOOH&DPHUH,OOD&D
PHUDYRWDLSLHQLSRWHULDOJRYHUQRSHUORVWDWRGLJXHUUD

(LO5H"&RVDGLFHLO5H"&RVDIDLO5H"&RPHVRYUDQRFRVWLWX]LR
QDOHVDFKHF‫ۑ‬ªLOSDUODPHQWRFKHF‫ۑ‬ªLOJRYHUQR1HVHJXHSHUFL´L
TXRWLGLDQL UDSSRUWL FRQ WXWWH OH DWWHQ]LRQL FKH OH JUDYL FLUFRVWDQ]H
FRPSRUWDQR &RPH HUHGH GL XQD GLQDVWLD PLOOHQDULD ‫۔‬OD SL» DQWLFD
VWLUSH VRYUDQD FKH ULPDQHVVH LQ (XURSD‫ ە‬FRPH VFULYHU¢ %HQHGHWWR
&URFHQHOHGXFDWRSHUFL´GDOODVWRULDHDOODVWRULDLO5HVDFKH
XQDVFHOWDHVWUHPDTXDOHªODJXHUUDHVLJHSRQGHUD]LRQHHSUXGHQ]D
9LWWRULR (PDQXHOH ,,, ª SHUFL´ PROWR FDXWR 7XWWR ª WUDQQH FKHXQ
JXHUUDIRQGDLR0ROWRJLRYDQHGHOUHVWRªOR6WDWRQD]LRQDOHLWDOLDQR
SHUODQFLDUORLQDYYHQWXUHVFRQVLGHUDWH

&L´SUHPHVVRHSL»LQ JHQHUDOHO‫ۑ‬,WDOLDKDFRPXQTXHULIOHWWXWR
VXXQGLOHPPDFKHJUDYDVXOODSHUVLVWHQ]DGHOODQHXWUDOLW¢6HYLQ
FRQRJOL,PSHULFHQWUDOL$XVWULDH*HUPDQLDO‫ۑ‬,WDOLDULPDVWDQHXWUD
OH VDU¢ VRWWR DFFXVD SHU DYHUH GHQXQFLDWR LO WUDWWDWR GHOOD 7ULSOLFH
FRPH SXUH HUD VXR GLULWWR QHO PRPHQWR GHOOH GHFLVLRQL VXSUHPH H
GHOSHULFROR6HYLQFRQRLORURQHPLFLO‫ۑ‬,WDOLDULPDVWDQHXWUDOHVDU¢
VRWWRDFFXVDSHUHVVHUHUHVWDWDDOODILQHVWUDGRSRDYHUHGHQXQFLDWR
'20(1,&2),6,&+(//$&DSRUHWWR5HOD]LRQHDO&RQYHJQRGL$VVR$UPD

LOWUDWWDWRIHUPDQGRVLO®6LSX´ULPDQHUHQHOOLPERGHOODQHXWUDOLW¢
VFHOWDFRPXQTXHGLLQFRQVLVWHQ]DHLQLQIOXHQ]DSHUXQDSRWHQ]DHX
23 URSHD"6DUDQQRDUHSHQWDJOLRSROLWLFDHVWHUDSROLWLFDLQWHUQDSROLWL
FDGHLFRPPHUFLLQWHUQD]LRQDOLSROLWLFDFRORQLDOHDOORUDFUXFLDOHSHU
WXWWLLSULQFLSDOL6WDWLGHO9HFFKLR&RQWLQHQWH/‫ۑ‬RS]LRQHGHOODJXHU
UDGLYHQWDDTXHVWRSXQWRLQHOXGLELOH(WXWWDYLDQHOPDJJLROD
JXHUUD ª GLFKLDUDWD VROR DOO‫ۑ‬$XVWULD QRQ DOOD *HUPDQLD WHVWLPR
QLDQ]DTXHVWDVLDGHOODSUXGHQ]DGL5RPDGLIURQWHDOULVFKLRGLXQD
GHVWDELOL]]D]LRQH GHOO‫ۑ‬LQWHUR HTXLOLEULR SROLWLFR FRQWLQHQWDOH VLDGHO
SURSRVLWRGLPDQWHQHUHLOFRQIOLWWRHQWURLOLPLWLGHOODULYHQGLFD]LRQH
GHOOHWHUUHLWDOLDQHLUUHGHQWHVHQ]DLQVLVWHUHSL»GLWDQWRVXTXHVWDR
TXHOODVPDQLDGLFRQTXLVWD6RORGRSRUHLWHUDWHVROOHFLWD]LRQLDQJOR
IUDQFHVLO‫ۑ‬,WDOLDHQWUHU¢LQJXHUUDFRQOD*HUPDQLDLODJRVWR
EHQTXLQGLFLPHVLGRSRODGLFKLDUD]LRQHGLJXHUUDDOO‫ۑ‬$XVWULDHGXH
DQQLDEERQGDQWLGRSRO‫ۑ‬LQL]LRGHOOD3ULPDJXHUUDPRQGLDOH

/D IDVH LQL]LDOH GHOOD JXHUUD FRQWUR 9LHQQD YHGH /XLJL &DGRUQD
FRPH FDSR GL 6WDWR 0DJJLRUH GHOO‫(ۑ‬VHUFLWR (JOL KD PHVVR D SXQWR
XQDWDWWLFDLQVLHPHGLORJRUDPHQWRHGLPRYLPHQWRLQXQFRQWHVWR
DPELHQWDOH FHUWR GLIILFLOH 4XHVWD PLD UHOD]LRQH QRQ ª OD VHGH SHU
XQDULFRVWUX]LRQHGHLGLYHUVLPRPHQWLPLOLWDULSUHFHGHQWL&DSRUHW
WR FKH UHJLVWUDQR ULVXOWDWL TXDVL WUDVFXUDELOL VXO SLDQR WHUULWRULDOH
PDDQFKHWDOXQLVXFFHVVLODFRQTXLVWDGHO0RQWHQHURHO‫ۑ‬DWWDFFRDO
&DUVRVRQRHSLVRGLGLULOLHYRLQTXHVWDSULPDIDVHGHOFRQIOLWWRWUD
O‫ۑ‬DOWUR SHUFK« LQGXFRQR JOL DXVWULDFL DG DYYHUWLUH LO YDORUH GL XQ H
VHUFLWR FKH HVVL KDQQR GLVLQYROWDPHQWH WUDVFXUDWR 3HVDQWH ª FR
PXQTXH LO WULEXWR GHOOH IRU]H DUPDWH LWDOLDQH QHOOH SULPH TXDWWUR
EDWWDJOLHGHOO‫ۑ‬,VRQ]RWUDLOJLXJQRHLOGLFHPEUHGXHFHQWRWUHQ
WDPLOD XRPLQL WUD PRUWL H IHULWL 1HO SHULRGR FKH YD GDO PDU]R
DOO‫ۑ‬DJRVWRGHOVLKDVLDXQ‫ۑ‬RIIHQVLYDLWDOLDQDFKHSXUFRQGRWWD
FRQYDORUHQRQRWWLHQHXQHVLWRVRGGLVIDFHQWHVLDVXFFHVVLYDPHQWH
OD‫۔‬VSHGL]LRQHSXQLWLYD‫ە‬DXVWULDFDODUHVLVWHQ]D‫۔‬DGRJQLFRVWR‫ە‬GHJOL
LWDOLDQLWUDPHW¢PDJJLRHPHW¢JLXJQR LWDOLDQLWUDFDGXWLH
'20(1,&2),6,&+(//$&DSRUHWWR5HOD]LRQHDO&RQYHJQRGL$VVR$UPD

SULJLRQLHULFRQWURDXVWULDFL FKHUHVSLQJHLQHPLFLJLXQWLILQR
DG $VLDJR LQILQH LO FRQWUDWWDFFR FKH LO  DJRVWR FRQGXFH OH WUXSSH
GHO5HJQRG‫ۑ‬,WDOLDDOODOLEHUD]LRQHGL*RUL]LD$OWURVXFFHVVRLWDOLDQR
FRQVHJXLWR VRWWR LO FRPDQGR GL &DGRUQD VDU¢ DOO‫ۑ‬DOWRSLDQR GHOOD
%DLQVL]]DRYHVLFRPEDWWHU¢ODIDVHFRQFOXVLYDGHOO‫ۑ‬XQGLFHVLPDEDW
WDJOLDGHOO‫ۑ‬,VRQ]RQHOODVHFRQGDPHW¢GHOO‫ۑ‬DJRVWR  ODGRGLFHVL 24
PDHXOWLPDVDU¢QHOO‫ۑ‬RWWREUHGHOORVWHVVRDQQRHVLDPRDSSXQWRD
&DSRUHWWR 

3URSULRLQTXHVWRDJRVWRLOSRQWHILFH%HQHGHWWR;9HVRUWDLEHO
OLJHUDQWLDPHWWHUHILQHDOOD‫۔‬LQXWLOHVWUDJH‫ە‬6RQRWUDVFRUVLWUHDQQL
SLHQL GDOO‫ۑ‬LQL]LR GHOOD *UDQGH *XHUUD SHU LQL]LDWLYD DXVWULDFD
/‫ۑ‬LQYLWR ª ULYROWR D WXWWL L EHOOLJHUDQWL FDWWROLFL H QRQ PDSDUWH GD
5RPDHFL´QRQªVHQ]DULFDGXWHLQXQPRPHQWRGHOLFDWRSHUODSR
OLWLFD LQWHUQD LWDOLDQD 1HO PHGHVLPR DQQR OH VFRQILWWH PLOLWDUL H LO
ORJRUDPHQWRPRUDOHHPDWHULDOHFRQGXFRQRLQ5XVVLDDTXHO‫۔‬FUROOR
LQWHUQR‫ە‬FKHQHOIHEEUDLRDOLPHQWDXQPRWRULYROX]LRQDULRHGHWHU
PLQDLOPDU]RO‫ۑ‬DEGLFD]LRQHGHOOR]DU1LFROD,,SUHPHVVDDTXHJOL
VYLOXSSLHYHUVLYLFKHSRUWDQRQHOO‫ۑ‬DQQRVXFFHVVLYRDOUHJLPHEROVFH
YLFR DO VXR LQVHGLDPHQWR H DO ULWLUR GHOOD 5XVVLD GDO FRQIOLWWR 1H
YLHQHSHUXQYHUVRFKHLQWDOXQLDPELHQWLFDWWROLFLLWDOLDQLVLPDQLIH
VWDQRWHQWD]LRQLGLSDFLILVPRLQGLVFULPLQDWRSHUXQDOWURYHUVRFKH
LQDPELHQWLVRYYHUVLYLGHOQRVWUR3DHVHVLULQIRFRODQRYHOOHLW¢ULYR
OX]LRQDULHFKHDGGHELWDQRDOOHIRU]HDUPDWHLGLVDJLHFRQRPLFLHVR
FLDOL GHO SRSROR GHULYDQWL GDOOD JXHUUD ROWUH FKH L FRVWL XPDQL LQH
UHQWLDOFRQIOLWWR

'L SHU V« &DSRUHWWR ª XQD ULWLUDWD GRORURVD FRPH WXWWL L ULSLH
JDPHQWLGHOJHQHUHPDQRQLQFRQVXHWDQHOOHYLFHQGHEHOOLFKHGHOOH
QD]LRQLLQJXHUUD(VVDSUHQGHOHPRVVHGDXQDWWDFFRGHOODFRDOL]LR
QHDXVWURWHGHVFDLQXQVHWWRUHSRFRGLIHVRGDOOHWUXSSHLWDOLDQH/H
GLYLVLRQL QHPLFKH LQ PRYLPHQWR GDO  RWWREUH VL LQFXQHDQR
QHOO‫ۑ‬DPSLD EUHFFLD FKH OH ORUR DYDQJXDUGLH GL WUXSSH VFHOWH$OSHQ
NRUSVH 6WXUPWUXSSHQKDQQRDSHUWRQHOOD]RQD GL&DSRUHWWRH&D
GRUQDLODOWURQRQSX´IDUHFKHRUGLQDUHLOULSLHJDPHQWRVXOODOL
QHDGHO7DJOLDPHQWR'HOOHGXHDUPDWHLPSHJQDWHQHOORVFRQWURXQD
'20(1,&2),6,&+(//$&DSRUHWWR5HOD]LRQHDO&RQYHJQRGL$VVR$UPD

ª GLPH]]DWD 6ROR OD D $UPDWD FRPDQGDWD GDO SULQFLSH (PDQXHOH


)LOLEHUWR GL 6DYRLD GXFD G‫ۑ‬$RVWD UHWURFHGH RUGLQDWDPHQWH H FRP
25 SDWWDILQRDO7DJOLDPHQWRSHUDWWHVWDUVLSRLVXOODOLQHDGHO3LDYH,O
PRPHQWRªFHUWDPHQWHJUDYH&DSRUHWWRVLJQLILFDSHUO‫ۑ‬,WDOLDGHFLQH
GLPLJOLDLDGLPRUWLHIHULWLSULJLRQLHULSHUGLWHULOHYDQWLGL
DUWLJOLHULHHPDWHULDOLFRQWURWUDPRUWLIHULWLSULJLRQLHULHGL
VSHUVL LQ FDPSR QHPLFR ,O IURQWH LQWHUQR YDFLOOD LO IURQWH PLOLWDUH
HVLJHGHFLVLRQLLPSRUWDQWLHYHORFL

$SSHQD O‫ۑ‬,WDOLD ª HQWUDWD LQ JXHUUD 9LWWRULR (PDQXHOH ,,, QHOOD
QRWWHGHOPDJJLRªSDUWLWRSHULOIURQWH SHUODIURQWHFRPH
VLGLFHYDDOORUD SHUVWDUHWUDLVXRLVROGDWL9LULPDUU¢ILQRDOODFRQ
FOXVLRQH GHO FRQIOLWWR VDOYR EUHYLVVLPH LQWHUUX]LRQL SHU OLFHQ]H
SUHVVRODIDPLJOLDRSHULQFRPEHQ]HLVWLWX]LRQDOL/DVFLDQGR5RPD
KD QRPLQDWR VXR /XRJRWHQHQWH JHQHUDOH LO SULQFLSH 7RPPDVR $O
EHUWRGL6DYRLDGXFDGL*HQRYD5HFRVWLWX]LRQDOH9LWWRULR(PDQXH
OH,,,ULVSHWWDO‫ۑ‬DXWRQRPLDGHLYHUWLFLGHOOHIRU]HDUPDWHPDQRQGL
PHQWLFDGLHVVHUHDQRUPDGHOOR6WDWXWR$OEHUWLQRGHOFRPDQ
GDQWH GL WXWWH OH IRU]H GL WHUUD H GL PDUH /D GLXWXUQD SUHVHQ]D VX
WXWWLLYHUVDQWLGHOIURQWHLQROWUHLOIDWWRGLHVVHUHXQFDSRGHOOR6WD
WRFKHQRQKDDOFXQDHVWUD]LRQHSDUWLWLFDLOIDWWRGLWUDUUHODVXDOH
JLWWLPD]LRQHGDOUDSSUHVHQWDUHODGLQDVWLDFKHKDSURPRVVRIRQGDWR
H DVVHFRQGDWR OR 6WDWR QD]LRQDOH XQLWDULR WXWWR FL´ ID GHO VRYUDQR
XQ VHUYLWRUH GHOO‫ۑ‬LQWHUHVVH JHQHUDOH XQ FRQRVFLWRUH SXQWXDOH GHOOD
VLWXD]LRQH VXO YHUVDQWH EHOOLFR XQ IDWWRUH GL HTXLOLEULR FUHGLELOH LQ
VHGH GL SROLWLFD LQWHUQD H LQWHUQD]LRQDOH 2VVHUYD G¢ FRQVLJOL PD
QRQ LQWHUIHULVFH VXOOH GHFLVLRQL JRYHUQDWLYH H PLOLWDUL ILQFK« QRQ
JLXGLFD FKH FL´ VLD LQGLVSHQVDELOH SHU LO SUHVHQWH H O‫ۑ‬DYYHQLUHGHOOD
3DWULD4XHVWRPRPHQWRVXSUHPRªJLXQWRFRQ&DSRUHWWR

,QWHQGLDPRFL 1HO FRUVR GHOOD JXHUUD LO SDUODPHQWR H OD FODVVH
SROLWLFDQRQKDQQRPDQFDWRVLDGLFUHDUHVLDGLUHJLVWUDUHSUREOHPL
HLO5HVHQHªIDWWRFDULFRSHUODSDUWHGLVXDFRPSHWHQ]D,OJLX
'20(1,&2),6,&+(//$&DSRUHWWR5HOD]LRQHDO&RQYHJQRGL$VVR$UPD

JQRFRQFOXVRVLLOSHUFRUVRGHOJRYHUQRJXLGDWRGD6DODQGUDJOL
VXFFHGHLOJRYHUQRSUHVLHGXWRGD3DROR%RVHOOLFKHULPDQHLQFDULFD
ILQRDORWWREUHSHUSDVVDUHVXELWRODPDQRD9LWWRULR(PD
QXHOH2UODQGRHDOO‫ۑ‬HVHFXWLYRGDOXLJXLGDWR/HFULVLGLJRYHUQRVR
QRSDVVDJJLGHOLFDWLVHPSUHHDQFRUSL»QHOFRUVRGLXQDFRQJLXQWX
UDEHOOLFD,QTXHVWLWUHJRYHUQLLOGDWRGLFRQWLQXLW¢ªUDSSUHVHQWDWR 26
GDOEDURQH6LGQH\6RQQLQRFKHPDQWLHQHLQLQWHUURWWDPHQWHLOGLFD
VWHUR GHJOL (VWHUL H FKH VD FRQLXJDUH IHUPH]]D H PRGHUD]LRQH0D
QRQY‫ۑ‬ªVRORODULFRUUHQWHSUHRFFXSD]LRQHSHUO‫ۑ‬DQGDPHQWRSROLWLFR
LQWHUQR &RQ &DSRUHWWR VL SRQH OD TXHVWLRQH GHOOD VRVWLWX]LRQH GL
&DGRUQD7HPDJL¢HPHUVRSUHFHGHQWHPHQWHPDSRLODVFLDWRFDGH
UH RUD ULWRUQD SUHVVDQWH 8IILFLDOH JHQHUDOH GL TXDOLW¢ GL IDPLJOLD
SDWULRWWLFDHPLOLWDUHJOLVLULPSURYHUDLQVLHPHDWDOXQHPRVVHWDW
WLFKHLQDGHJXDWHXQHFFHVVRGLGLVFLSOLQDFKHDYUHEEHGHPRWLYDWRH
PRUWLILFDWR OD WUXSSD FRQ LO ULVXOWDWR FKH SRL HJOL VWHVVR ILQLU¢ SHU
DGGHELWDUH DOOD WUXSSD GL DYHUH FHGXWR GHIH]LRQDQGR H ULSLHJDQGR
SUHFLSLWRVDPHQWH HGLVRUGLQDWDPHQWHGRSR &DSRUHWWR ,QSXQWRJH
QHUDOHVLSX´RVVHUYDUHFKHVHPSUHPDVRSUDWWXWWR LQ]RQDGLFRP
EDWWLPHQWRHDSDUWHRJQLDOWURRUGLQHGLFRQVLGHUD]LRQHFLUFDODIXQ
]LRQDOLW¢GHOORVWUXPHQWRPLOLWDUHO‫ۑ‬LQGLVFLSOLQDGLXQVROGDWRªXQVH
ULRSHULFRORSHULVXRLFRPPLOLWRQLQHPHWWHDUHSHQWDJOLRODYLWDH
QRQSX´HVVHUHWROOHUDWD$OWUHWWDQWRYDOHSHUO‫ۑ‬LQVXERUGLQD]LRQHFKH
JHWWDQGRORVFRPSLJOLRQHOODILOLHUDGLFRPDQGRLQGHEROLVFHODFDSDFL
W¢ GLIHQVLYD H RIIHQVLYD GHL UHSDUWL 1HJOL HVHUFLWL GL WXWWL L 3DHVL VL
SHQVLDOOD)UDQFLDGRSR9HUGXQHOR&KHPLQGHV'DPHVO‫ۑ‬HVWUHPRUL
FRUVR DOOH HVHFX]LRQL VRPPDULH ª SUDWLFD WUDJLFDPHQWH GUDVWLFD PD
QRQLQFRQVXHWD

'HWWRTXHVWRODFRQWHVWD]LRQHSULQFLSDOHFKHRUDVLPXRYHD&D
D
GRUQDªGLDYHUHDFFXVDWRUHSDUWLGHOOD DUPDWDGLYLOW¢HGLLJQR
PLQLRVD UHVD DO QHPLFR LQ XQ EROOHWWLQR GL JXHUUD GHO  RWWREUH
YHQXWRDFRQRVFHQ]DGHLFRPDQGLDXVWULDFLHLOFXLWHVWRªGLIIXVRWUD
LVROGDWLLWDOLDQLSHUPHWWHUOLFRQWURLOORURJHQHUDOH$SSHQDQDWRLO
JRYHUQR2UODQGRVLSRQHLOSUREOHPDGHOODVRVWLWX]LRQHGL&DGRUQD
HFRV®O‫ۑ‬QRYHPEUH$UPDQGR'LD]DVVXPHODFDULFDGLFDSRGL6WDWR
0DJJLRUHGHOO‫(ۑ‬VHUFLWR0DQRQY‫ۑ‬ªVRORTXHVWRSUREOHPDVXOWDSSH
'20(1,&2),6,&+(//$&DSRUHWWR5HOD]LRQHDO&RQYHJQRGL$VVR$UPD

WR2FFRUUHUDVVLFXUDUHJOLDOOHDWLVXOODFDSDFLW¢GLWHQXWDHGLULSUHVD
GHOO‫ۑ‬,WDOLD,OQRYHPEUHD5DSDOORY‫ۑ‬ªVWDWRXQLQFRQWURWUDIUDQFHVL
27 LQJOHVL H LWDOLDQL D OLYHOOR GL YHUWLFL JRYHUQDWLYL H GL DOWL HVSRQHQWL
PLOLWDUL0DWDOHFRQIURQWRVLULYHODLQWHUORFXWRULR9LªQHFHVVLW¢GL
PDJJLRUHFKLDUH]]DVXLSURSRVLWLLWDOLDQLSXUHHVSUHVVLGD2UODQGR
GLUHVLVWHUHFRPXQTXH6LGHFLGHSHUXQQXRYRLQFRQWURTXHVWDYRO
WDD3HVFKLHUDSUHVVRLOIURQWHHORVLILVVDSHULOJLRUQRRWWR4XHVWD
YROWDFLVDU¢LO5HHSDUOHU¢4XLVLDVVXPHUDQQROHGHFLVLRQLULVROX
WLYH8QVRYUDQRSX´GHOHJDUHPROWRHLQPROWLFDPSLPDODIRUPD
SL»DOWDGLHVSUHVVLRQHGHOODVRYUDQLW¢ªODGHFLVLRQHVXSUHPDVXOOD
JXHUUDHVXOODSDFHHTXHVWRGLFHWXWWRVXOUDQJRGHOOHIRU]HDUPDWH
QHOOD VFDOD LVWLWX]LRQDOH GHOOD QD]LRQH 6ROR OD SDUROD GHO VRYUDQR
SX´JDUDQWLUHLQVLHPHFRQHTXLOLEULRHFRQIHUPH]]DVLDLOSRSRORL
WDOLDQR VLD JOL DOOHDWL FLUFD OH FRQGL]LRQL GHOOH IRU]H DUPDWH H FLUFD
O‫ۑ‬LPSHJQRFKHVDU¢SURIXVRSHUSRUWDUHDLOLYHOOLPLJOLRULWDOLFRQGL
]LRQL

$3HVFKLHUDVRQRSUHVHQWLWUDJOLDOWULROWUHLOSUHVLGHQWHGHOFRQ
VLJOLR2UODQGRLOSULPRPLQLVWUREULWDQQLFR'DYLG/OR\G*HRUJHHLO
SUHVLGHQWHGHOFRQVLJOLRIUDQFHVH3DXO3UXGHQW3DLQOHY«,O5HDYYHU
WHFKHLQQRPHGHOO‫ۑ‬,WDOLDSDUOHU¢HJOLVROR,O5HVDFKHVLSX´VED
JOLDUH DQFKH VH JOL HUURUL YDQQR GLVWLQWL SHU TXDQWLW¢ TXDOLW¢ H LQ
WHQVLW¢GRPLQDQWHHLQTXHVWRVSLULWRGLOHDOW¢PLOLWDUHWHPSHUDFHUWL
JLXGL]L HVSUHVVL GDJOL DOOHDWL VX &DGRUQD &RQRVFHQGR OD QDWXUD X
PDQD QRQ YXROH DWWL]]DUH R ULQIRFRODUH ULVVH WUD L JHQHUDOL R WUD
FRPDQGDQWLHVROGDWL6HPSUHLQTXHVWRVSLULWRLO5HJL¢SUHFHGHQ
WHPHQWHKDYROXWRVRWWROLQHDUHLOQHVVRIRUWHWUDHVHUFLWRHSRSRORH
ORKDIDWWRFRQTXHVWHSDUROH‫۔‬1RQVLLQVXOWDXQHVHUFLWRFKHªFRPH
GLUH XQD QD]LRQH ( SRL QRQ HUD YHUR FKH L VROGDWL QRQ DYHVVHUR
FRPEDWWXWR1RQHUDYHUR‫(ە‬TXLLOULPSURYHURD&DGRUQDªHVSOLFLWR
8QFRPDQGDQWHULYHQGLFDLVXFFHVVLHVLIDFDULFRGHJOLLQVXFFHVVL

'20(1,&2),6,&+(//$&DSRUHWWR5HOD]LRQHDO&RQYHJQRGL$VVR$UPD

$5DSDOORIUDQFHVLHLQJOHVLDYHYDQRPDQLIHVWDWRSUHRFFXSD]LRQH
SHULULVFKLGLFRQWDPLQD]LRQHLQFKLDYHGLVRYYHUVLRQHRGLSDFLIL
VPRLQGLVFULPLQDWRFKHDYUHEEHURSRWXWRLQTXLQDUHOHORURWUXSSHD
FRQWDWWR FRQ OD VLWXD]LRQH LWDOLDQD PD LO 5H D 3HVFKLHUD GRSR
XQ‫ۑ‬DPSLDHDSSURIRQGLWDDQDOLVLGHOTXDGURPLOLWDUHGHOODULWLUDWDH
GHOOD SRVVLELOLW¢ GL UHFXSHUR OL UDVVLFXUD FLUFD OD WHQXWD PRUDOH GHO 28
VXR SRSROR H GHOOH VXH IRU]H DUPDWH /OR\G *HRUJH FRV® ULFRUGD LO
VHQVR GHOO‫ۑ‬LQWHUYHQWR GL 9LWWRULR (PDQXHOH ,,, FKH KD SDUODWR SHU
GXHRUHLQLQJOHVH

‫۔‬,OYRVWUR5HSDUO´LQTXHOODRFFDVLRQHFRQLOIHUYRUHGL0D]]LQLFRQODFKLD
URYHJJHQ]DGL&DYRXUHFRQTXLVW´WXWWL(JOLSURSXJQ´ODUHVLVWHQ]DDTXD
OXQTXHFRVWRSHUODFDXVDFRPXQHDQFKHVHO‫ۑ‬,WDOLDDYHYDGRYXWRDEEDQGR
QDUHWHPSRUDQHDPHQWHDOQHPLFRXQDSURYLQFLD6LGLFKLDU´SURQWRDGDEGL
FDUH&RQODVXDYLULOHHOHJDQ]DGLVVLS´WXWWLLGXEELWURQF´WXWWHOHWLWXEDQ]H
,QTXHOODVLWXD]LRQHFRV®SUHFDULDHJOLIXLOVDOYDWRUHGHOODFDXVDGHJOLDOOHDWL‫ە‬
1HOOHVXHPHPRULHVHPSUH/OR\G*HRUJHVRWWROLQHD‫۔‬6RQRVWDWRPROWRLP
SUHVVLRQDWRGDOODFDOPDHGDOODIRU]DFKHHJOLGLPRVWU´LQXQDRFFDVLRQHFR
PHTXHOODLQFXLLOVXR3DHVHHLOVXRWURQRHUDQRLQSHULFROR(JOLQRQWUDG®
DOFXQVHJQRGLWLPRUHRGLGHSUHVVLRQH3DUHYDDQVLRVRVRODPHQWHGLFDQFHO
ODUHLQQRLO‫ۑ‬LPSUHVVLRQHFKHLOVXRHVHUFLWRIRVVHIXJJLWR‫ە‬

,ULVXOWDWLGL3HVFKLHUDVLFROJRQRLPPHGLDWDPHQWH'DOJLRUQRVXF
FHVVLYR OH WUXSSH LWDOLDQH VRQR LQ JUDGR GL UHJJHUH QXRYDPHQWH
O‫ۑ‬XUWR DYYHUVDULR5LQIRU]L LQJOHVL H IUDQFHVLJLXQJRQR DWWHVWDQGRVL
GL ULVHUYD VXO 0LQFLR SHU DWWLYDUVL LQ FDVR GL FHGLPHQWR GHOODOLQHD
VXO3LDYHHWDOHSUHVHQ]DDOOHDWDQRQVLKDSHUFRQFHVVLRQHXQLODWH
UDOHPDLQXQDORJLFDGLUHFLSURFLW¢LQIDWWLFRQWLQJHQWLPLOLWDULLWD
OLDQLYLVRQRVWDWLHKDQQRRSHUDWRVXSL»IURQWLHXURSHLGXUDQWHOD
*UDQGH*XHUUD$OO‫ۑ‬LQL]LRGHODSSHQDSRFRSL»GLGXHPHVLGR
SR &DSRUHWWR O‫ۑ‬HVHUFLWR LWDOLDQR VL ª ULVROOHYDWR RVVHUYD ORVWRULFR
IUDQFHVH3LHUUH0LO]D‫۔‬LQPRGRGDYYHURVSHWWDFRODUH‫ە‬,O5HKDVD
SXWRIDUOHYDVXOODYLUW»GHOSRSRORLWDOLDQRHVXOO‫ۑ‬RUJRJOLRULWURYDWR
GHLVXRLVROGDWL+DVDSXWRGDUHDJOLRFFKLGHJOLDOOHDWLFUHGLELOLW¢DO
OD QD]LRQH 4XDQGR D JXHUUD YLWWRULRVDPHQWH FRQFOXVD JOL YHUU¢
SURSRVWRLOFRQIHULPHQWRGHOODPHGDJOLDG‫ۑ‬RURDOYDORUPLOLWDUHLO5H
ULQJUD]LDPDQRQDFFHWWDHFRV®PRWLYD

'20(1,&2),6,&+(//$&DSRUHWWR5HOD]LRQHDO&RQYHJQRGL$VVR$UPD

0HQWUHWDQWLHSLVRGLGLHURLVPRHGLVDFULIL]LRULPDQJRQRRVFXULHPHQWUH
WDQWL QRVWUL YDORURVL FKLXGRQR QHL FLPLWHUL H QHOOH FRUVLH GHJOL RVSHGDOL LO
VHJUHWRGLDWWLFKHQRQFRQRVFLXWLQRQSRWUHEEHURDYHUHDOFXQDULFRPSHQ
29 VDQRQFUHGRGLSRWHUDFFHWWDUHSHUTXHOORFKHHUDPLRGRYHUHGLIDUHFR
PHUHHFRPHVROGDWRODSL»DOWDGLVWLQ]LRQHDOYDORUPLOLWDUH

4XHVWHXPLOLHQRELOLSDUROHVRQRODSUHILJXUD]LRQHGHO0LOLWH,JQR
WR DO TXDOH LO 6RYUDQR LQ WDO PRGR UHQGH O‫ۑ‬RQRUH GHOOH DUPL &RV®
SDUODOD6WRULD



1RWDELEOLRJUDILFD


' )LVLFKHOOD ,OPLUDFRORGHO5LVRUJLPHQWR/DIRUPD]LRQHGHOO‫ڥ‬,WDOLDXQLWD &DURFFL
5RPDrULVWDPSD
,G'DO5LVRUJLPHQWRDO)DVFLVPR&DURFFL5RPD
,G'LWWDWXUDHPRQDUFKLD/‫ڥ‬,WDOLDWUDOHGXHJXHUUH&DURFFL5RPD
-%DLQYLOOH+LVWRLUHGH)UDQFH)D\DUG3DULV
$&RQVLJOLR9LWDGL9LWWRULR(PDQXHOH,,,5L]]ROL0LODQR
)&RJQDVVR,6DYRLD&RUEDFFLR0LODQR
%&URFH6WRULDG‫(ڥ‬XURSDQHOVHFRORGHFLPRQRQRrHGL]LRQH/DWHU]D%DUL
5'H)HOLFH0XVVROLQLLOULYROX]LRQDULR(LQDXGL7RULQR
' )URPNLQ /‫ڥ‬XOWLPDHVWDWHGHOO‫(ڥ‬XURSD,OJUDQGHHQLJPDGHOSHUFK«ªVFRS
SLDWDODSULPDJXHUUDPRQGLDOH"*DU]DQWL0LODQR
0 $ -RQHV 6WRULDGHJOL6WDWL8QLWLG‫ڥ‬$PHULFD'DOOHSULPHFRORQLHLQJOHVLDLJLRUQL
QRVWUL%RPSLDQL0LODQR
% GH -RXYHQHO /‫ڥ‬DYYHQLUHGHOODSROLWLFDHO‫ڥ‬DUWHGHOODFRQJHWWXUD 3DJLQH (GLWRUH
5RPD
- .HHJDQ /DSULPDJXHUUDPRQGLDOHXQDVWRULDSROLWLFRPLOLWDUH &DURFFL 5RPD

30LO]D0XVVROLQL&DURFFL5RPD
$$0ROD6WRULDGHOOD0RQDUFKLDLQ,WDOLD%RPSLDQL0LODQR
* 9ROSH 9LWWRULR(PDQXHOH,,,'DOODQDVFLWDDOODFRURQDG‫ڥ‬$OEDQLD 0DUFR (GLWRUH
/XQJURGL&RVHQ]D








/DPH]]DYLWWRULDGL*RUL]LD

GL0$5&2&,00,12



$EVWUDFW
'XULQJ6XPPHU,WDOLDQDQG$XVWUR+XQJDULDQ$UPLHVFODVKHGELWWHUO\RQWKH
&DUVRKLOOV,PSHUDOWURRSVVKRZHG,WDOLDQVWKDWWKH\KDYHDFTXLUHGQHZDQGEHWWHU
WDFWLFV %XW ,WDOLDQ DUPLHV VXFFHHGHG LQ WKH FRQTXHVW RI *RUL]LD DQG VXGGHQO\ GH
FODUHGZDUXSRQ*HUPDQ\7KHVHL]XUHRI*RUL]LDDSSHDUHGWREHDWXUQLQJSRLQWRI
WKH*UHDW:DUEXW,WDOLDQVGLGQ‫ڥ‬WVQDWFKDWRWDOYLFWRU\DQGWKHFRQIOLFWUHWXUQHGWR
VWDJQDWH LQ WKH WUHQFKHV $QG 9LHQQD FRXOG RIILFLDOO\ HQMR\HG WKH *HUPDQ KHOS RQ
,WDOLDQIURQW


3DUROH FKLDYH 3ULPD JXHUUD PRQGLDOH &DUVR *RUL]LD WULQFHH $XVWULD8QJKHULD
*HUPDQLDDUPLFKLPLFKH

.H\ZRUGV )LUVW :RUOG :DU &DUVR *RUL]LD WUHQFKHV $XVWULD+XQJDU\ *HUPDQ\
FKHPLFDOZHDSRQV












129$+,6725,&$$112;9,1‫ۋ‬
0$5&2&,00,12/DPH]]DYLWWRULDGL*RUL]LD






ϯϮ $QWHIDWWRLOWHQWDWLYRGLURPSHUHO‫ژ‬DVVHGLRFRLJDVVXO6DQ
0LFKHOH

,SURGURPLGHOODJUDQGHEDWWDJOLDSHU*RUL]LDSRVVRQRHVVHUHYROHQ
GRIDWWLULVDOLUHDLSULPLVVLPLJLRUQLGLJXHUUDRVVLDDLSULPLWHQWDWL
YLGLGDUHO‫ۑ‬DVVDOWRDOFDPSRWULQFHUDWRQHOJLXJQRGHOWXWWDYLD
QHOOD QHFHVVLW¢ GL FLUFRVFULYHUH LO GLVFRUVR DJOL HYHQWL LPPHGLDWD
PHQWH DQWHFHGHQWL H VXFFHVVLYL DOO‫ۑ‬LQJUHVVR YLWWRULRVR GHJOL LWDOLDQL
QHOODFLWW¢LVRQWLQDGRYHQGRVFHJOLHUHXQDGDWDGDFXLFRPLQFLDUHOD
QRVWUDQDUUD]LRQHTXHOODGDWDQRQSX´FKHHVVHUHTXHOODGHOJLX
JQR  TXDQGR JOL DXVWURXQJDULFL FHUFDURQR GLVSHUDWDPHQWH GL
VFUROODUVL GL GRVVR OD VHPSUH FUHVFHQWH SUHVVLRQH DYYHUVDULD XWLOL]
]DQGRSHUODSULPDYROWDXQ‫ۑ‬DUPDFKHVXVFLWDYDULSXJQDQ]DSHUILQR
DOORUR,PSHUDWRUHLJDVDVILVVLDQWL
4XDQGRODPDWWLQDGHOJLXJQRVXO6DQ0LFKHOHJOLDX
VWURXQJDULFLXWLOL]]DURQRSHUODSULPDYROWDO‫ۑ‬DUPDFKLPLFDLVROGDWL
LWDOLDQLHUDQRGHOWXWWRLPSUHSDUDWLDGDIIURQWDUHTXHVWDQXRYDPL
QDFFLD /R HUDQR GRSSLDPHQWH LQQDQ]LWXWWR SHUFK« QRQ VL DVSHWWD
YDQR XQ VLPLOH DWWDFFR FRPSLXWR FRQ JUDQGH PHWLFRORVLW¢ H SUHFL
VLRQHFRPSDWLELOPHQWHFRQLOFRPSRUWDPHQWRVSHVVRLPSUHYHGLELOH
HGLIILFLOPHQWHJHVWLELOHGHOJDVQHLVXRLLPSLHJKLPLOLWDUL,QVHFRQ
GR OXRJR SHUFK« OH PDVFKHUH DQWLJDV LQ GRWD]LRQH DL IDQWL LWDOLDQL
HUDQRGHOWXWWRLQDGHJXDWHDFRQWUDVWDUHXQDJJUHVVLYRFRPHTXHOOR
XWLOL]]DWRQHOO‫ۑ‬RFFDVLRQHRVVLDXQDPLVFHODDOO‫ۑ‬GLFORURHGDO
GL IRVJHQH FXL SRWHYDQR RSSRUVL VROWDQWR OH PDVFKHUH WHGHVFKHHG
LQJOHVLHQHPPHQRTXHVWHFRQDVVROXWHJDUDQ]LH,OIRVJHQHRFORUX
URGLFDUERQLOHªXQDJJUHVVLYRPROWRSRWHQWHDJLVFHSHUVRODLQDOD
]LRQH H SURGXFH HPRUUDJLH LQWHUQH HG LQVXIILFLHQ]D UHVSLUDWRULD
FRPELQDQGRVLFRQO‫ۑ‬DFTXDSUHVHQWHQHLSROPRQL,OVXRHIIHWWRVLPD
QLIHVWDTXDVLVHPSUHD PROWHRUHGDOFRQWDWWR,OFORURYLFHYHUVDª
XQVHPSOLFHDVILVVLDQWHLFXLHIIHWWLSHU´VRQRSUHVVRFK«LVWDQWDQHL
1HOO‫ۑ‬DWWDFFR DO 6DQ 0LFKHOH GL FLUFD  LQWRVVLFDWL LWDOLDQL
SL»GHOODPHW¢PRULURQRPDVRORIXURQROHYLWWLPHLPPHGLDWH
VRIIRFDWH GDO JDV ODQFLDWR GD FLUFD  ERPEROH FKH XQ UHSDUWR
0$5&2&,00,12/DPH]]DYLWWRULDGL*RUL]LD

VSHFLDOL]]DWR GL JHQLHUL ODQFLDJDV DGGHVWUDWR GDL WHGHVFKL D .UHPV


VXO'DQXELRDSU®DOOHGHOPDWWLQRRSSXUHILQLWHTXDQGRFHUFD
YDQR GL UHVLVWHUH GDOOH WHUULELOL PD]]H IHUUDWH LQ GRWD]LRQH DJOL DW
WDFFDQWL,OSLDQRDXVWURXQJDULFLHUDTXHOORGLDOOHJJHULUHODWHUULELOH
SUHVVLRQHFKHJOLLWDOLDQLVWDYDQRHVHUFLWDQGRFRQWUROHTXDWWURFLPH
 ϯϯ
GHOPRQWHFRVWULQJHQGROLDGDUUHWUDUHROWUHO‫ۑ‬,VRQ]RLQTXHVWRSLDQR
VL SUHYHGHYD GL FROSLUH ROWUH DOOH SULPH OLQHH DYYHUVDULH DQFKH OH
SRVWD]LRQL GHOO‫ۑ‬DUWLJOLHULD FKH WRUPHQWDYDQR L GLIHQVRUL GL TXHOOH
TXRWH LQVDQJXLQDWH ,O SLDQR LQ GHILQLWLYD IDOO® SHUFK« GRSR XQ
SULPRFRPSUHQVLELOHVEDQGDPHQWRJOLLWDOLDQLFRQWUDWWDFFDURQRFRQ
YLJRUHVWUDRUGLQDULRDQLPDWLDQFKHGDOGHVLGHULRGLYHQGLFDUHLSUR
SULFRPSDJQLXFFLVLLQXQPRGRFKHYHQLYDSHUFHSLWRFRPHEDUEDUR
H YLOH LQ UHDOW¢ SRL DQFKH JOL LWDOLDQL DYUHEEHUR XVDWR L JDV VHQ]D
SDUVLPRQLD HVRSUDWWXWWRSHUFK«XQSDUWHGHOOHERPEROHIXQ]LRQ´
LQ PDQLHUD GLIHWWRVD VHQ]D FRQWDUH FKH DOWUH  ERPEROH L FXL
XJHOOLHUDQRULYROWLFRQWUROHEDWWHULHLWDOLDQHGHO)RUWLQQRQYHQQH
UR QHSSXUH XWLOL]]DWH D FDXVD GHOO‫ۑ‬DVVHQ]D GL YHQWR IDYRUHYROH ,O
YHQWRHUDO‫ۑ‬HOHPHQWRLPSRQGHUDELOHGHLODQFLGLJDVFRQOHERPEROH
VH PDQFDYD LO ODQFLR VWHVVR HUD LPSRVVLELOH PD VH TXHVWR JLUDYD
GXUDQWH O‫ۑ‬RSHUD]LRQH VL ULVFKLDYD DGGLULWWXUD GL FROSLUH OH SURSULH
WUXSSHFRVDFKHLQSDUWHDFFDGGHLOJLXJQR$QFKHJOLDWWDFFDQWL
YDOHDGLUHOHGXHGLYLVLRQL+RQYªG>PLOL]LDWHUULWRULDOH1G5@XQJKH
UHVL OD D H OD D VXELURQR GHOOH SHUGLWH GD JDV HG DYDQ]DURQR
SUXGHQWHPHQWH WHPHQGR JOL HIIHWWL GHOOD ORUR VWHVVD DUPD TXHVWR
SHUPLVH DJOL LWDOLDQL GL IDUH DIIOXLUH ULVHUYH GDOOH UHWURYLH H FRQ
O‫ۑ‬DSSRJJLRGHOOHDUWLJOLHULHULVSDUPLDWHGDLJDVGLULQWX]]DUHLOSHUL
FRORVLVVLPRDWWDFFRQHPLFR
/D OLQHD LWDOLDQD DO PRPHQWR GHOO‫ۑ‬DWWDFFR DXVWURXQJDULFR HUD
SUHVLGLDWDGDTXRWDGHO6DQ0LFKHOHHGD6DQ0DUWLQRGHO&DUVR
ILQRD3HWHDQRGDOODEULJDWD3LVDHGDOODEULJDWD5HJLQDFKHIRUPD
D
YDQROD GLYLVLRQH JHQHUDOH0D]]ROL HGDOOHEULJDWH%UHVFLD)HU
UDUDFKHIRUPDYDQRODD JHQHUDOH&LJOLDQD /HERPEROHLQWHUUD
WHHPLPHWL]]DWHHUDQRSURQWHILQGDOJLXJQRWUDVSRUWDWHLQFD
PLRQILQRDOOHUHWURYLHHGLO®DEUDFFLDILQRDOODSULPDOLQHDWXELGL
JRPPD FRQ XJHOOL HUDQR VWDWL SXQWDWL FRQWUR OH WULQFHH LWDOLDQH LQ
FXLQHVVXQRVLDVSHWWDYDTXHOODPLQDFFLDLQFRPEHQWH/‫ۑ‬DWWDFFRFRL
JDVYHQQHSUHFHGXWRGDXQEUHYHHGLQWHQVRFDQQRQHJJLDPHQWRLO
ODQFLR GHOO‫ۑ‬DJJUHVVLYR FKLPLFR FROS® GDSSULPD OH FLPH GHO 6DQ 0L
FKHOHHSRLURWRO´YHUVRYDOOHLQYDGHQGRLOFRVWRQHGHL%HUVDJOLHULLO
0$5&2&,00,12/DPH]]DYLWWRULDGL*RUL]LD

YDOORQFHOORGL&LPDODWULQFHDVXSHULRUHLOFDPPLQDPHQWR6WHULR
HLOERVFR)HUURGL&DYDOORLQWDVDQGRFDYHUQHHULFRYHULGRYHPROWL
IDQWLWURYDURQRODPRUWHVHQ]DSRVVLELOLW¢GLVFDPSR9LIXFKLWHQW´
GLSURWHJJHUVLFRQID]]ROHWWLRVWUDFFLRVFDYDQGREXFKHHVRWWHUUDQ
GRYLODIDFFLD,QWDQWRJOLDWWDFFDQWLVRSUDJJLXQJHYDQRVSDUDQGRH
ϯϰ
FROSHQGRLJDVVDWLDQFRUDLQJUDGRGLFRPEDWWHUHFRQOHORURPD]]H
/DQHEELDYHUGDVWUDSX]]ROHQWHGLILHQRDYDQ]´DQFRUDXFFLGHQGRL
GLIHQVRULGHOYDOORQHGL6DQ0DUWLQRGHOOD7ULQFHDGHOOHOXQHWWHGL
&DSSHOODGLUXWDGHOOD7ULQFHDGHOO‫ۑ‬DOEHURVWRUWRYHUVRODEXFDFDUVL
FD H OD GLIHVD GHOOH ERPEDUGH JL» VHPLQDQGR PRUWH ILQR DO GHQWH
GHO JURYLJOLR H DO ULGRWWLQR ILQR DOOH YDOOL GL 6GUDXVVLQD DO VDOLHQWH
GHOODWULQFHDGHOOHIUDVFKHD&DVWHOQXRYRD4XRWDGLERVFRFDS
SXFFLR H D TXRWD  H DOOH SRVL]LRQL GHOOD EULJDWD 5HJLQD D %RVFR
ODQFLD
*OL LWDOLDQL SHU´ VL ULRUJDQL]]DURQR LQ YHUH H SURSULH LVROH UL
VSDUPLDWHGDOOHEL]]DUULHGHOODQXYRODYHQHILFDDSUHQGRLOIXRFRVXO
OH PDVVH DYYHUVDULH H FDXVDQGR DJOL XQJKHUHVL QRWHYROL SHUGLWH
PHQWUH QHOOH UHWURYLH VL FRPLQFLDYD D FDSLUH OD JUDYLW¢ GHOOD VLWXD
]LRQH HG D SURYYHGHUH $OOD ILQH O‫ۑ‬D]LRQH DXVWURXQJDULFL VL ULVROVH
FRQXQQXOODGLIDWWRVHQRQFRQXQHQQHVLPRWHUULELOHPDVVDFUR,
GLIHQVRUL DYHYDQR SHUVR XQ QXPHUR PDL SUHFLVDWR GL XRPLQL PD
FKH UDJLRQHYROPHQWH VL DWWHVWD LQWRUQR DOOH  YLWWLPH FRQ OD
EULJDWD5HJLQDDYDQWDUHLOWULVWHSULPDWRGHLFDGXWL VROGDWLH
 XIILFLDOL  PHQWUH JOL DWWDFFDQWL ODVFLDURQR VXO FDPSR FLUFD 
XRPLQL4XHOJLRUQRVXO6DQ0LFKHOHYHQQHFUHDWRXQWHUULELOHSUH
FHGHQWHFKHSRUW´EHQSUHVWRDOO‫ۑ‬DGR]LRQHGHJOLDJJUHVVLYLFKLPLFL
VHQ]DOLPLWD]LRQLDQFKHVXOIURQWHLWDOLDQRILQRDTXHOPRPHQWRUL
VSDUPLDWR GD TXHVWD WHUULELOH DUPD 0D DOOR VWHVVR WHPSR DSSDUYH
FKLDURFKHODJXHUUDVWDYDFDPELDQGRHFKHQXRYHDUPLQXRYHWDWWL
FKHHQXRYLFRPDQGDQWLVLDIIDFFLDYDQRVXOSDOFRVFHQLFRGHOODEDW
WDJOLDGL*RUL]LD,QXQFHUWRVHQVRTXHOORGHO6DQ0LFKHOHIXLOGL
VSHUDWR WHQWDWLYR GHL GLIHQVRUL GHOOD VRJOLD JRUL]LDQD GL VWRUQDUH OD
PLQDFFLDFKHLQFRPEHYDHYLGHQWLVVLPDVXGLORURHFKHGLO®DGXQ
PHVHVLVDUHEEHFRQFUHWL]]DWD
 
0$5&2&,00,12/DPH]]DYLWWRULDGL*RUL]LD

/DEDWWDJOLDGL*RUL]LDSUHPHVVHWDWWLFKH

/DVHVWDEDWWDJOLDGHOO‫ۑ‬,VRQ]RUDSSUHVHQWDVRWWRPROWLSXQWLGLYLVWD
XQ IRQGDPHQWDOH SXQWR GL VYROWD QHOO‫ۑ‬DQGDPHQWR GHOOD JXHUUD VXO
IURQWHLWDOLDQRHSX´HVVHUHDVVXQWDDSDUDGLJPDGLFRPHDYUHEEHUR
 ϯϱ
SRWXWRHGRYXWRHVVHUHFRQGRWWHWXWWHOHEDWWDJOLHGDSDUWHGHO5HJLR
(VHUFLWR3HUFRPLQFLDUHODVHVWDRIIHQVLYDLWDOLDQDIXODFRQFOXVLRQH
GLXQ‫ۑ‬XQLFDJLJDQWHVFDHOXQJKLVVLPDEDWWDJOLDSHUODSUHVDGL*RUL
]LDHUURQHDPHQWHVHFRQGRFKLVFULYHTXHVWDFDPSDJQDGXUDWDSL»
GL TXDWWRUGLFL PHVL YLHQH VSHVVR VWXGLDWDFRPHXQ WDVVHOOR GHO SL»
YDVWR PRVDLFR GHO FRQIOLWWR FDUVLFRLVRQWLQR H QRQ FRPH XQ XQLFR
VFRQWURVHQ]DVROX]LRQHGLFRQWLQXLW¢(VVDLQYHFHDQGUHEEHFRQVL
GHUDWD DO SDUL GL 9HUGXQ GHOOD 6RPPH R GL <SUHV XQ‫ۑ‬XQLFD EDWWD
JOLDGDOOHFDUDWWHULVWLFKHVXHSURSULHHGDOO‫ۑ‬DQGDPHQWRUHODWLYDPHQ
WHDXWRQRPRULVSHWWRDOUHVWRGHOORVFDFFKLHUHHFRPHWDOHDQDOL]]D
WD*RUL]LDFKHSULPDGHOODJXHUUDHUDVWDWDXQDULQRPDWLVVLPDFLWW¢
GLYDFDQ]HGHOODQRELOW¢DVEXUJLFDHGHXURSHDHUDXQRELHWWLYRFHQ
WUDOH GL WXWWD OD JXHUUD SRVWD DOOR VERFFR GHOO‫ۑ‬,VRQ]R QHOOD SLDQXUD
IULXODQDHUDODSRUWDFKHXQDYROWDVFDUGLQDWDDYUHEEHSHUPHVVRGL
GLODJDUHSHUOD%DLQVL]]DHSHU&KLDSRYDQRYHUVR/XELDQDHLQGH
ILQLWLYDGLULVROYHUHVWUDWHJLFDPHQWHLOFRQIOLWWRIDFHQGRFDGHUHSHU
DJJLUDPHQWRO‫ۑ‬LQWHURGLVSRVLWLYRGLIHQVLYRDXVWURXQJDULFLGD7ULHVWH
D3OH]]R'LIHQGHYDQRTXHVWDSRUWDGXHIRUPLGDELOLVHUUDWXUHLO6DQ
0LFKHOHDHVWGHOO‫ۑ‬,VRQ]RHODWHVWDGLSRQWHIRUPDWDGDLULOLHYLGHO
&DOYDULR3RGJRUDGHO*UDIHQEHUJGL2VODYLDHVRSUDWWXWWRGHO6D
ERWLQRDRYHVWGHOILXPH3HUSUHQGHUHODFLWW¢VLGRYHYDQRFRQTXL
VWDUHTXHVWLULOLHYLGDOO‫ۑ‬DOWH]]DPRGHVWD VLYDGDLPHWULGHO6DQ
0LFKHOH DL  GHO 6DERWLQR  PD FKHGDYDQR XQ HQRUPH YDQWDJJLR
ORJLVWLFR DL GLIHQVRUL ULVSHWWR D FKL DWWDFFDVVH GDOOD SLDQXUD VHQ]D
SRVVLELOLW¢ GL RVVHUYD]LRQH Q« FDPSR GL WLUR H DQGDQGR DOO‫ۑ‬DVVDOWR
VHPSUHGDSRVL]LRQLGRPLQDWHGDOO‫ۑ‬DYYHUVDULRFRQWURTXHVWLSRGHUR
VL IUDQJLIOXWWL VL HUDQR LQIUDQWH OH VXFFHVVLYH RQGDWH GHJOL DWWDFFKL
LWDOLDQLSURSULRFRPHXQDPDUHJJLDWD
/HTXDWWURFLPHGHO6DQ0LFKHOHOHWULQFHHGHO&DOYDULROHSHQ
GLFL GL 2VODYLD H GHO 6DERWLQR HUDQR FRSHUWH GL PRUWL FKH VL HUDQR
DFFXPXODWLLQSL»GLXQDQQRGLWHQWDWLYLLQIUXWWXRVLGLFRQTXLVWDUH
TXHL WHUULELOL EDOXDUGL FKH OH WUXSSH DXVWURXQJDULFKH GLIHQGHYDQR
WHQDFHPHQWHHFRQJUDQGHYDORUHYDFRQVLGHUDWRDQFKHFKHLOWHUUL
WRULRHUDVWDWRVDSLHQWHPHQWHGLVSRVWRDGLIHVDFRQODFUHD]LRQHGL
0$5&2&,00,12/DPH]]DYLWWRULDGL*RUL]LD

XQ JUDQ QXPHUR GL JDOOHULH H GL VWUXWWXUH ILVVH FKH SHUPHWWHYDQR
XQ‫ۑ‬HIILFDFLVVLPDGLIHVDHGDYHYDQRWUDVIRUPDWRTXHOOHSRVL]LRQLJL¢
IRUWL QDWXUDOPHQWH LQ DXWHQWLFKH IRUWH]]H $ TXHVWR VL DJJLXQJD
O‫ۑ‬DFFXUDWH]]DGHOWLURGHOOHDUWLJOLHULHPHGLHHSHVDQWLDXVWURXQJDUL
FKH FKH JUD]LH DJOL RVVHUYDWRUL SRVWL LQ SRVL]LRQH HPLQHQWH SRWH
ϯϲ
YDQR EHUVDJOLDUH GD SRVL]LRQL GHILODWH H VLFXUH OH OLQHH LWDOLDQH ,Q
VRPPDODVLWXD]LRQHDOODVRJOLDGL*RUL]LDHUDWUHPHQGDPHQWHFRP
SOLFDWDSHUJOLDWWDFFDQWL'RSRWDQWLVDQJXLQRVLIDOOLPHQWL&DGRUQD
YROHYDFKHXQQXRYRDWWDFFRYHUVRLOFDSROXRJRLVRQWLQRYHQLVVHRU
FKHVWUDWRLQPDQLHUDLPSHFFDELOHFRQPH]]LDGHJXDWLHVRSUDWWXWWR
FRQXQ‫ۑ‬LPSRVWD]LRQHWDWWLFDQXRYDULVSHWWRDLWUDGL]LRQDOLDVVDOWLLQ
PDVVDSUHFHGXWLGDOXQJKHTXDQWRLQXWLOLSUHSDUD]LRQLG‫ۑ‬DUWLJOLHULD
SURSULRGDTXHVWDQHFHVVLW¢GLPXWDUHLOPRGHOORGLDWWDFFRQDFTXH
ODVHVWDEDWWDJOLDGHOO‫ۑ‬,VRQ]R/DVWUDRUGLQDULHW¢GLTXHVWDRSHUD]LRQH
ULVLHGHDQFKHQHOOHVXHSUHPHVVHORJLVWLFKHHQRQVRORQHOOHPRGDOL
W¢ GL HIIHWWXD]LRQH O‫ۑ‬,WDOLD DYHYD DSSHQD VXELWR H ULQWX]]DWR
O‫ۑ‬RIIHQVLYD DXVWURXQJDULFL VXJOL DOWLSLDQL H LQ 7UHQWLQR FKH DYHYD
LPSRVWR XQR VIRU]R ORJLVWLFR LPPDQH FRQ OR VSRVWDPHQWR GL FLUFD
XRPLQLGDOO‫ۑ‬,VRQ]RDOODSLDQXUDYLFHQWLQDLQWHPSLUDSLGLV
VLPL H FRQ XQ‫ۑ‬HFFH]LRQDOH GLPRVWUD]LRQH GL HIILFLHQ]D TXHVWL VWHVVL
VROGDWL IXURQR ULSRUWDWL QHO VHWWRUH GL *RUL]LD SHU SDUWHFLSDUH
DOO‫ۑ‬DWWDFFRILQDOHFRQWURODVRJOLD,QVRPPDJOLLWDOLDQLLQTXHVWRFD
VRVLGLPRVWUDURQREUDYLVVLPLSURSULRLQTXHOFDPSRLQFXLILQRD
TXHO PRPHQWR HUDQR SDUVL SL» GHEROL RVVLD OD SLDQLILFD]LRQH OD
SURJHWWD]LRQHHODVLQFURQL]]D]LRQHGHOOHRSHUD]LRQL,QUHDOW¢SHU´
OH QRYLW¢ DSSRUWDWH QHOO‫ۑ‬HVHUFLWR LWDOLDQR GDOOD EDWWDJOLD GL *RUL]LD
IXURQRQXPHURVHDGHVHPSLRO‫ۑ‬LQWURGX]LRQHGHOODERPEDUGDFRPH
DUPDGHWHUPLQDQWHQHOWLURGLGLVWUX]LRQHGHLUHWLFRODWLHGLVSLDQD
PHQWR GHOOH WULQFHH DYYHUVDULH /D ERPEDUGD QHL GXH FDOLEUL VWDQ
GDUG XWLOL]]DWL QHOOD VHVWD EDWWDJOLD GHOO‫ۑ‬,VRQ]R RVVLD  H  PP
HUDXQ‫ۑ‬DUPDVHPSOLFLVVLPDGDOFRVWRLUULVRULRULVSHWWRDGXQFRPX
QHSH]]RG‫ۑ‬DUWLJOLHULDHGDOODUDSLGDUHDOL]]D]LRQHVLWUDWWDYDGLXQD
VRUWDGLPRUWDLRDFDQQDOLVFLDLQJUDGRGLODQFLDUHDEUHYLGLVWDQ]H
LQIHULRULDLNP HFRQSDUDERODPROWRFXUYDJURVVLSURLHWWLOLGRWDWL
GLVHPSOLFLDOHWWHGLUH]LRQDOLFKHDGLIIHUHQ]DGLTXHOOLVSDUDWLGDXQ
QRUPDOHFDQQRQHQRQULFKLHGHYDQRXQLQYROXFURVSHVVRHUHVLVWHQ
WHHGDYHYDQRSHUFL´XQUDSSRUWRDVVDLIDYRUHYROHWUDSHVRWRWDOHH
TXDQWLW¢ GL HVSORVLYR 4XHVWH JURVVH ERPEH VUDGLFDYDQR OHWWHUDO
PHQWH GDO VXROR L SDOHWWL GHL UHWLFRODWL HG HUDQR ILQDOPHQWH
0$5&2&,00,12/DPH]]DYLWWRULDGL*RUL]LD

XQ‫ۑ‬DUPDHIILFDFHSHUDSULUHDPSLYDUFKLSHUOHIDQWHULHDWWDFFDQWL,O
EDVVRFRVWRHODUR]]DWHFQRORJLDSHUPLVHURDJOLLWDOLDQLGLSURGXUUH
YHORFHPHQWHXQJUDQQXPHURGLERPEDUGHFKHULHPSLURQRLYXRWL
GHWHUPLQDWL GDOOD VFDUVLW¢ GL EDWWHULH PHGLRSHVDQWL FKH GDOO‫ۑ‬LQL]LR
GHOFRQIOLWWRDIIOLJJHYDO‫ۑ‬DUWLJOLHULDLWDOLDQD
 ϯϳ
8Q DOWUR DVSHWWR FKH VL ULYHO´ GHWHUPLQDQWH QHOOD FRQGX]LRQH
GHOO‫ۑ‬DWWDFFR D *RUL]LD IX TXHOOR GHOOD SUHSDUD]LRQH FDSLOODUH
GHOO‫ۑ‬RSHUD]LRQHQLHQWHIXODVFLDWRDOFDVRGDOODWHFQLFDGLDSSURFFLR
DOOHOLQHHDYYHUVDULHDLODYRULGLDYYLFLQDPHQWRQHOODWHUUDGLQHVVX
QR GDO ULOHYDPHQWR HG LQTXDGUDPHQWR GHOOH EDWWHULH JUD]LH
DOO‫ۑ‬RVVHUYD]LRQHDHUHDILQRDOODGRWD]LRQHGLVHJQDOLSHUOHIDQWHULH
GD XWLOL]]DUH PDQR D PDQR FKH YHQLVVHUR FRQTXLVWDWH OH SRVL]LRQL
DXVWURXQJDULFKHDOORVFRSRGLIDUHDOOXQJDUHLOWLURGHOOHDUWLJOLHULH
GDYDQWL DJOL DWWDFFDQWL ,QVRPPD SHU OD SULPD YROWD JOL LWDOLDQL VL
PLVHURG‫ۑ‬LPSHJQRDVWXGLDUHLOFDPSRGLEDWWDJOLD QRQFRQILGDQGR
SL» QHOO‫ۑ‬LPSHWR JDULEDOGLQR GHOOH SURSULH IDQWHULH PD SUHSDUDQGR
PHWLFRORVDPHQWHLOVXFFHVVRDWDYROLQR)LQDOPHQWHGRSRTXDWWRUGL
FLPHVLGLJXHUUDHGLVIRU]LVDQJXLQRVLTXDQWRLQXWLOLLFRPDQGLLWD
OLDQL VWDYDQR LPSDUDQGR DG DGDWWDUVL DOOH HVLJHQ]H GL XQ FRQIOLWWR
PRGHUQR9DULEDGLWRDTXHVWRSXQWRDUULYDWLFKHQHSSXUHJOLDOWUL
HVHUFLWLLPSHJQDWLSHUDOWURGDPROWRSL»WHPSRDYHYDQRHODERUDWR
GHOOH WDWWLFKH GL DWWDFFR YHUDPHQWH LQFLVLYH H FKH DQFKH VXJOL DOWUL
IURQWLVLFRPLQFLDYDVROWDQWRLQTXHOIDWLGLFRDFHUFDUHQXRYH
PRGDOLW¢SHUVXSHUDUHLOWHUULELOHLPSDVVHGHOODJXHUUDGLSRVL]LRQH
5LPDQHGDVRWWROLQHDUHLQFRQFOXVLRQHGLTXHVWDEUHYHSDUWHLQWUR
GXWWLYDDOODEDWWDJOLDGL*RUL]LDFKHVHTXDOFXQRLQTXHOPRPHQWR
VWDYD YLQFHQGR OD JXHUUD TXHVWL HUDQR JOL ,PSHUL FHQWUDOL O‫ۑ‬,QWHVD
DUUDQFDYD GRSR LO GUDPPDWLFR IDOOLPHQWR GHOO‫ۑ‬RIIHQVLYD VXOOD 6RP
PHHPHQWUHO‫ۑ‬DYDQ]DWDJHUPDQLFDD9HUGXQVWDYDJLXQJHQGRDOVXR
DSLFH$QFKHSHUTXHVWRODFRQTXLVWDGL*RUL]LDDYUHEEHUDSSUHVHQ
WDWRXQVXFFHVVRGDOODVWUDRUGLQDULDLPSRUWDQ]DDQFKHGDOSXQWRGL
YLVWD PRUDOH H SURSDJDQGLVWLFR 1RQ VL GHYH PDL GLPHQWLFDUH FKH
WXWWRTXHOORFKHDFFDGHYDVXXQRGHLIURQWLGHOOD3ULPDJXHUUDPRQ
GLDOH VL ULSHUFXRWHYD LQHYLWDELOPHQWH VXO FRQWHVWR JHQHUDOH VROR
FRV®VLSX´FRJOLHUHDSSLHQRODUHDOHLPSRUWDQ]DGLFL´FKHDFFDGGH
VXOOHVSRQGHGHOO‫ۑ‬,VRQ]RLQTXHOO‫ۑ‬DJRVWRGLFHQWRDQQLID

 
0$5&2&,00,12/DPH]]DYLWWRULDGL*RUL]LD

/DSUHVDGL*RUL]LD

/DJUDQGHEDWWDJOLDSHU*RUL]LDFRPLQFL´DOOHGHOPDWWLQRGHOD
JRVWRFRQXQLQWHQVRWLURGLGLVWUX]LRQHGHOOHEDWWHULHLWDOLDQH
GDO PHGLR ,VRQ]R D 0RQIDOFRQH DSSDUHQWHPHQWH VL WUDWWDYD GHOOD
ϯϴ
VROLWD WDWWLFD ULYHODWDVL SRFR UHGGLWL]LD QHOOH SUHFHGHQWL FLQTXH RI
IHQVLYH FKH FRQVLVWHYD QHO GLVSHUGHUH OH HQHUJLH GHOO‫ۑ‬DWWDFFR VX GL
IURQWHWURSSRHVWHVR,QTXHVWRFDVRSHU´LOVHWWRUHGL*RUL]LDYHQQH
LQWHUHVVDWRGDXQDSSURFFLRWDWWLFRPROWRGLYHUVRFRPHDEELDPRYL
VWRJOLDFFRUJLPHQWLHGLODYRULSUHSDUDWRULGL%DGRJOLRVXO6DERWL
QR GLHGHUR LPPHGLDWDPHQWH XQ ULVXOWDWR FODPRURVR 0HQWUH OD VH
FRQGDFRORQQDG‫ۑ‬DWWDFFRSDVVDWDDJOLRUGLQLGHO JHQHUDOH'H%RQR
GHOODEULJDWD7UDSDQLGRSRFKHLOVXRFRPDQGDQWHJHQHUDOH*DJOLD
QLGHOODEULJDWD7RVFDQDHUDVWDWRIHULWRJUDYHPHQWHRWWHQHYDVRO
WDQWRXQVXFFHVVRSDU]LDOHODSULPDFRORQQDJXLGDWDGDOIXWXURPD
UHVFLDOOR G‫ۑ‬,WDOLD FRQTXLVW´ YHORFHPHQWH OD YHWWD GHO PRQWH VFHQ
GHQGROXQJRODGRUVDOHGL6DQ0DXLURILQRDOOHULYHGHOO‫ۑ‬,VRQ]RQHOOD
WHVWDGLSRQWHULPDVHURLQPDQRDXVWURXQJDULFDTXRWDHLO3R
GJRUDPHQWUH2VODYLDHLO&DOYDULRFDGGHURLQPDQRLWDOLDQDROWUH
DOOD IRQGDPHQWDOH TXRWD  GHO 6DERWLQR 6HFRQGR DELWXGLQH JOL
DXVWURXQJDULFL FRQWUDWWDFFDURQR LPPHGLDWDPHQWH QHOOD QRWWDWD WUD
LOHGLODJRVWRPDTXHVWDYROWDYHQQHURUHVSLQWLGDOOHWUXSSHL
WDOLDQHEHQGLVWULEXLWHWUDSULPDRQGDWDHULVHUYH1HOODJLRUQDWDGHO
DJRVWRGRSRFKHDQFKHTXRWDHGLO3RGJRUDYHQQHURHVSXJQD
WH GDJOL DWWDFFDQWL LO JHQHUDOH =HLGOHU YDORURVR FRPDQGDQWH GHOOD
D
 GLYLVLRQHFKHGLIHQGHYDODWHVWDGLSRQWHRUGLQ´DLVXRLVROGDWL
GL ULWLUDUVL VXOOD VLQLVWUD GHOO‫ۑ‬,VRQ]R (UD HYLGHQWH FKH SHUGXWR LO
YDQWDJJLR UDSSUHVHQWDWR GDO SRVVHVVR GHOOH TXRWH SL» HOHYDWH UHVL
VWHUHWUDODFROOLQDHGLOILXPHVDUHEEHVWDWRLPSRVVLELOHGLTXLGHUL
Y´ODGHFLVLRQHFHUWDPHQWHGRORURVDPDVDJJLDGLIDUHUHWURFHGHUH
OHWUXSSHILQRDGXQDQXRYDOLQHDGLIHQGLELOHSUHVHUYDQGRLUHSDUWL
GDOO‫ۑ‬DQQLHQWDPHQWR 1HO IUDWWHPSR GRSR  RUH GL FRPEDWWLPHQWL
DFFDQLWLVVLPLFDGHYDDQFKHLO6DQ0LFKHOHEDOXDUGRRULHQWDOHGHOOD
VRJOLDJRUL]LDQDO‫ۑ‬D]LRQHSDUWLWDGDERVFR&DSSXFFLRHGD6DQ0DU
WLQRSRUW´DOODFRQTXLVWDGHOOHTXDWWURFLPHLQYHVWLWHGDWXWWLLODWL
7XWWDYLD JOL LWDOLDQL SRWHURQR PXRYHUH YHUVR *RUL]LD VROWDQWR
GRSRODULWLUDWDGHJOLDXVWURXQJDULFLGDOODORURWHU]DOLQHDGLIHQVLYD
FKHYHQQHFRQTXLVWDWDVROWDQWRGRSRODFDGXWDGHOFDSROXRJRDYYH
QXWDO‫ۑ‬DJRVWR LQUHDOW¢FRPHYHGUHPRLO 
0$5&2&,00,12/DPH]]DYLWWRULDGL*RUL]LD

3ULPDGLGHVFULYHUHOHFLUFRVWDQ]HGHOO‫ۑ‬LQJUHVVRGHLSULPLLWDOLDQL
QHOODFLWW¢LVRQWLQDªEHQHSHU´IDUHTXDOFKHFRQVLGHUD]LRQHGLFD
UDWWHUHPLOLWDUHSHUFHUFDUHGLVSLHJDUHSHUFK«ODFRQTXLVWDGL*RUL
]LDQRQVLWUDVIRUP´FRPHIRUVHDYUHEEHSRWXWRLQXQDURWWXUDVWUD
WHJLFD GHO IURQWH PD ULPDVH XQ VHPSOLFH VXFFHVVR WDWWLFR 3HU FR
 ϯϵ
PLQFLDUH JOL LWDOLDQL HVLWDURQR FRPH SXUWURSSR HUD JL¢ DFFDGXWR
DOO‫ۑ‬LQL]LR GHO FRQIOLWWR H VDUHEEH VXFFHVVR DQFRUD LQ VHJXLWR SHU LO
WLPRUH GHOOD QHEELD ORJLVWLFD RVVLD SRLFK« PDQFDYDQR GL HOHPHQWL
FHUWL FLUFD OH FRQGL]LRQL GHOO‫ۑ‬DYYHUVDULR OD VLWXD]LRQH GHL UHSDUWL LQ
ULWLUDWDHOHORURFDSDFLW¢FRPEDWWLYHUHVLGXH,QVRVWDQ]DULHPHUJH
YDLOYHFFKLRWLPRUHGLXQDWUDSSRODFKHDYHYDSDUDOL]]DWRLFRPDQ
GLLWDOLDQLQHOJLXJQRGHOSHUO‫ۑ‬HQQHVLPDYROWDQHLGLDULHQHOOH
PHPRULHGHJOLXIILFLDOLVXEDOWHUQLFKHFRPEDWWHURQRQHOODVHVWDEDW
WDJOLDGHOO‫ۑ‬,VRQ]RVLSRVVRQROHJJHUHORVFRQFHUWR HODUDEELDSHUOD
OHQWH]]DFRQFXLVLLQVHJXLYDLOQHPLFRLQULWLUDWDHSHUO‫ۑ‬LQFDSDFLW¢
GL VIUXWWDUH LO PRPHQWR IDYRUHYROH /HQWH]]D H SUXGHQ]D GXQTXH
FKHDXPHQWDURQRQRQDSSHQDOHDYDQJXDUGLHLWDOLDQH HQWUDURQRLQ
FRQWDWWRFRQODOLQHDGLGLIHVDDXVWURXQJDULFD'DSDUWHORURJOLLP
SHULDOLDYHYDQRVSRVWDWROHSURSULHWUXSSHVXGLXQDOLQHDPROWRIRU
WHQDWXUDOPHQWHHJL¢SUHRUGLQDWDSHUODPDVVLPDUHVLVWHQ]DWDQWR
FKHUHVVHODVSDOODWDLWDOLDQDHFHGHWWHSDU]LDOPHQWHVROWDQWRPH
VLSL»WDUGLQHOODJUDQGHEDWWDJOLDFKHSUHVHLOQRPHGDOO‫ۑ‬DOWRSLDQR
GHOOD %DLQVL]]D ,Q SUDWLFD OH IRU]H DXVWURXQJDULFKH VL VFKLHUDURQR
VXGLXQDGRUVDOHFKHVRUJHYDFRPHXQEDVWLRQHGDOODSLDQXUDHFRQ
WURFXLJOLLWDOLDQLGRYHWWHURDQGDUHDOO‫ۑ‬DWWDFFRQHOOHVWHVVHGHVRODQWL
FRQGL]LRQLFKHDYHYDQRFRQWUDGGLVWLQWRO‫ۑ‬DVVHGLRGL*RUL]LDDSSDUH
HYLGHQWHFKHVHLQYHFHHVVLDYHVVHURVIUXWWDWRLPRPHQWLLPPHGLD
WDPHQWHVXFFHVVLYLDOO‫ۑ‬RUGLQHGLULSLHJDPHQWRSHULQYHVWLUHOHOLQHH
DYYHUVDULHQRQDQFRUDRUJDQL]]DWHHSLHQDPHQWHJXDUQLWHODEDWWD
JOLDDYUHEEHSUHVRWXWWDXQ‫ۑ‬DOWUDSLHJD6HILQRDTXHOPRPHQWROH
TXRWHPDOHGHWWHFRQWURFXLOHIDQWHULHLWDOLDQHVLHUDQRGLVVDQJXDWH
VL FKLDPDYDQR 6DQ 0LFKHOH 2VODYLD 6DERWLQR DGHVVR L VROGDWL VL
WURYDURQR GL IURQWH L SRGHURVL EDVWLRQL GHO .XN GHO 9RGLFH GHO
0RQWH6DQWRGHO6DQ*DEULHOHGHO6DQ0DUFRGHO6DQ'DQLHOHHGL
6DQWD&DWHULQDFKHIRUPDYDQRXQDVSHFLHGLVLQLVWUDFRURQDLQWRUQR
D*RUL]LD4XLILQGDODJRVWRVLDUHQ´ODPDUHJJLDWDGHOODVHVWD
EDWWDJOLD GHOO‫ۑ‬,VRQ]R TXDQGR OH IDQWHULH DWWDFFDQWL VL VFRQWUDURQR
FRQOHSULPHOLQHHGLIHQVLYHGHO5DIXW7UDLOHGLODJRVWRODD
DUPDWDLWDOLDQDPRVVHDOO‫ۑ‬DVVDOWRGHO.XNHGHO6DQ0DUFRPDDOOD
0$5&2&,00,12/DPH]]DYLWWRULDGL*RUL]LD

ILQH GRYHWWH GHVLVWHUH $G HVW VXSHUDWR LO 6DQ 0LFKHOH OH IDQWHULH
LWDOLDQHULSUHVHURFRQWDWWRFROQHPLFRFRQTXLVWDQGRLODJRVWROH
EDO]HFDUVLFKHGHO1DG/RJHPHGL2SSDFKLDVHOODDOGLO¢GHO9DOOR
QH PHQWUH JOL VIRU]L GL EHQ GXH FRUSL G‫ۑ‬DUPDWD LWDOLDQL ;, H ;,,, 
QRQ ULXVFLURQR DG DYHU UDJLRQH GHOOH UREXVWH GLIHVH DXVWURXQJDULFL
ϰϬ
GHO 9RONRYQLDN GHO 3HÏLQND H GHO 9HOLNL +ULE $ TXHVWR SXQWR LO
IURQWHVLVWDELOL]]´VXTXHVWDQXRYDOLQHDFKHGDSDUWHLWDOLDQDLQ
JOREDYDO‫ۑ‬LQWHUDWHVWDGLSRQWHHLO9DOORQHROWUHFKH*RUL]LDVWHVVD
0DYHQLDPRDOODFRQTXLVWDGHOODFLWW¢GDSDUWHLWDOLDQDLOSHUVR
QDJJLRFKHOHJ´LQGLVVROXELOPHQWHLOSURSULRQRPHDOO‫ۑ‬HQWUDWDLWDOLD
QD D *RUL]LD IX LO VRWWRWHQHQWH GHOOD EULJDWD 3DYLD $XUHOLR %DUX]]L
0290 ,O JLRYDQH XIILFLDOH URPDJQROR JL¢ LO JLRUQR  VL HUD UHVR
SURWDJRQLVWD GL XQ FHOHEHUULPR HSLVRGLR LQ FXL YDORUH H IRUWXQD VL
PHVFRODQRLQHVWULFDELOPHQWHODFRQTXLVWDFRQXQSXJQRGLVROGDWL
GHOVRWWRSDVVRGL/XFLQLFRFKHSHUPLVHDOOHWUXSSHGHOOD3DYLDHGHO
OD &DVDOH L IDPRVL ‫۔‬JLDOOL GHO &DOYDULR‫  ە‬FKH FRPEDWWHYDQR WUD LO
&DOYDULRHGLO‫۔‬1DVR‫ە‬GLDIIDFFLDUVLVXOOHULYHGHOO‫ۑ‬,VRQ]R/DPDWWLQD
GRSRDJRVWRFRQVWDWDWDO‫ۑ‬DVVHQ]DGLGLIHQVRULQHOWULQFHURQHFKH
GRPLQDYD L UXGHUL GHO SRQWH VXO ODWR JRUL]LDQR %DUX]]L FKH SXUH
QRQ VDSHYD QXRWDUH JXDG´ LO ILXPH VHJXLWR GD TXDOFKH VROGDWR H
VYHQWRODQGRXQWULFRORUHSHUHYLWDUHGLHVVHUHFROSLWRGDOO‫ۑ‬DUWLJOLHULD
LWDOLDQD ULVDO® OD FRVWD GDOO‫ۑ‬,VRQ]R ILQR DOOD VWD]LRQH IHUURYLDULD GL
*RUL]LDVXOFXLWHWWRLQQDO]´ODEDQGLHUD,QUHDOW¢JOLDXVWURXQJDULFL
VL HUDQR JL¢ ULWLUDWL DWWUDYHUVR LO &RUVR YHUVR TXHOOD FKH RJJL ª
SLD]]D 9LWWRULD ODVFLDQGR GLHWUR GL V« VROWDQWR XQ YHOR GL WLUDWRUL
VFHOWL%DUX]]LSHUFL´DUULY´LQXQD]RQDGHOODFLWW¢GHOWXWWRSULYD
GLDYYHUVDULDQFKHVHTXHVWRQXOODWRJOLHDOVXRFRUDJJLRHDOODVXD
LQL]LDWLYD3RLDYDQ]´OXQJRLO&RUVRILQRDIHUPDUVLLQDWWHVDGLL
VWUX]LRQL6ROWDQWRLOJLRUQRVXFFHVVLYRJOLLWDOLDQLRFFXSDURQRPLOL
WDUPHQWH OD FLWW¢ GL TXL GHULYD XQD VRUWD GL HTXLYRFR FLUFD OD GDWD
XIILFLDOH GHOOD SUHVD GL *RUL]LD 9L ª LQIDWWL XQD FHUWD GLVFUHSDQ]D
QHOOHIRQWLFKHULSRUWDQRRUDODGDWDGHOO‫ۑ‬DJRVWRHGRUDTXHOODGHO
 LQ UHDOW¢ VRQR YHUH HQWUDPEH OH FRVH SHUFK« TXHOOD GL %DUX]]L
QRQ IX XQD YHUD RFFXSD]LRQH H WXWWDYLD HVVD IX HIIHWWLYDPHQWH OD
SULPDSUHVHQ]DLWDOLDQDLQFLWW¢PHQWUHVRORLOJLRUQRVXFFHVVLYROD
FLWW¢YHQQHRFFXSDWDGDOOHWUXSSH,QIRQGRSHU´ODFRVDQRQªPRO
WRLPSRUWDQWHTXHOFKHFRQWDªFKHODEDWWDJOLDSHU*RUL]LDVLHUDUL
VROWD FRQ XQD JUDQGH YLWWRULD LWDOLDQD DQFKH VHVL WUDWW´ FRPH DE
ELDPRYLVWRGLXQDYLWWRULDIUXVWUDWDGDJOLVYLOXSSLVXFFHVVLYL
0$5&2&,00,12/DPH]]DYLWWRULDGL*RUL]LD

/DJXHUUDDOOD*HUPDQLDHODVHWWLPDEDWWDJOLDGHOO‫ژ‬,VRQ]R

8Q JUDQGHFRPDQGDQWHGHYH HVVHUHFDSDFHGL LPSDUDUHWDQWRGDOOH
SURSULH VFRQILWWH TXDQWR GDOOH SURSULH YLWWRULH LQ XQD JXHUUD
O‫ۑ‬HOHPHQWR VRUSUHVD IXQ]LRQD TXDQGR ª LQ JUDGR DSSXQWR GL VRU
 ϰϭ
SUHQGHUH PD VH VL ULSHWRQR OH PRGDOLW¢ FRQ FXL OD VRUSUHVD DYHYD
IXQ]LRQDWR ª TXDVL FHUWR FKH VL DQGU¢ LQFRQWUR DG XQ JUDYH IDOOL
PHQWR /D VHWWLPD EDWWDJOLD GHOO‫ۑ‬,VRQ]R ª DSSXQWR OD VWRULD GL XQ
VDQJXLQRVRIDOOLPHQWRYHQXWRVXELWRGRSRXQDIRUPLGDELOHYLWWRULD
6XO IURQWH LWDOLDQR GRSR OD FRQTXLVWD GL *RUL]LD QHOO‫ۑ‬DJRVWR GHO
LO5HJLR(VHUFLWRHGLVXRLFRPDQGDQWLHUDQRDQLPDWLGDXQQR
WHYROH HQWXVLDVPR TXHVWR SRUW´ &DGRUQD D VRWWRYDOXWDUH WDQWR OH
FDSDFLW¢ GL UHD]LRQH GHJOL DYYHUVDUL TXDQWR OD ORUR YRORQW¢ GLUHVL
VWHQ]D LQ SDUWH LOOXGHQGRVL FKH OD UHFHQWH HQWUDWD LQ JXHUUD GHOOD
5RPDQLD  DJRVWR  DFFDQWR DOO‫ۑ‬,QWHVD DYUHEEH GLVWROWR XOWHULRUL
HQHUJLH DJOL DXVWURXQJDULFL LPSHJQDWL FRQWUR O‫ۑ‬,WDOLD ,Q HIIHWWL LQ
TXHOFRQYXOVRDJRVWRGHOPHQWUHOHWUXSSHLWDOLDQHDYDQ]DYDQR
YLWWRULRVDPHQWHIHUYHYDXQ‫ۑ‬LQWHQVDDWWLYLW¢GLSORPDWLFDDOLPHQWDWD
DQFKH GDOO‫ۑ‬RWWLPLVPR FKH DUULYDYD GDL FDPSL GL EDWWDJOLD LVRQWLQL
O‫ۑ‬,QWHVDSUHPHYDDIILQFK«O‫ۑ‬,WDOLDLQFRQFRPLWDQ]DFRQODGLVFHVDLQ
FDPSR URPHQD GLFKLDUDVVH ILQDOPHQWH JXHUUD DOOD *HUPDQLD 8QR
VIRQGDPHQWR LWDOLDQR VXOO‫ۑ‬,VRQ]R H OD VFRQILWWD GHOO‫ۑ‬,PSHUR DXVWUR
XQJDULFRLQTXHOPRPHQWRVHPEUDYDQRWXWW‫ۑ‬DOWURFKHLPSRVVLELOLH
TXHVWRDYUHEEHVLJQLILFDWRO‫ۑ‬DSHUWXUDGLXQIURQWH PHULGLRQDOHFRQ
WURLWHGHVFKLFKHVDUHEEHURFRV®VWDWLDWWDFFDWLGDWUHGLYHUVHGLUH
]LRQL RYHVW HVW H VXG 1HO FRUVR GHO PHVH OH UHOD]LRQL WUD 5RPD H
%HUOLQR JL¢ PROWR WHVH SUHFLSLWDURQR GHFLVDPHQWH QHOOR VWHVVR
JLRUQRLQFXL%DUX]]LLQQDO]DYDLOWULFRORUHVXOODVWD]LRQHGL*RUL]LD
O
,WDOLD GHQXQFLDYD LO WUDWWDWR GRJDQDOH H GL QDYLJD]LRQH WHGHVFR
LWDOLDQRHXQGHFUHWROXRJRWHQHQ]LDOHGDYDIDFROW¢DO*RYHUQRLWDOLD
QRGLPHWWHUHVRWWRFRQWUROORHGHYHQWXDOPHQWHVHTXHVWUDUHHOLTXL
GDUH OH D]LHQGH L FXL FDSLWDOL DSSDUWHQHYDQR LQ WRWDOLW¢ R LQ SUHYD
OHQ]DDVXGGLWLGL6WDWLQHPLFLRGLDOOHDWLGL6WDWLQHPLFL,QSUDWLFD
HUDLOSULPRSDVVRYHUVRODJXHUUD)UDLOHO‫ۑ‬DJRVWRD3DOODQ]D
LWDOLDQL HG LQJOHVL VL LQFRQWUDURQR SHU FRQFRUGDUH L ULIRUQLPHQWL GL
FDUERQHEULWDQQLFRDOO‫ۑ‬,WDOLDDQFKHTXHVWRVDUHEEHVHUYLWRDVSLQJH
UHLOJRYHUQRGL5RPDYHUVRODGLFKLDUD]LRQHGLJXHUUD,OVHTXHVWUR
GL3DOD]]R9HQH]LDFKHRVSLWDYDLVWLWX]LRQLDXVWURXQJDULFKHPDHUD
SRVWRVRWWRODSURWH]LRQHWHGHVFDIXODJRFFLDFKHIHFHWUDERFFDUHLO
0$5&2&,00,12/DPH]]DYLWWRULDGL*RUL]LD

YDVRGXHJLRUQLGRSRLODJRVWRYHQQHDIILGDWRDOO‫ۑ‬DPEDVFLDWRUH
LWDOLDQRD%HUQDXQPHPRUDQGXPFKHWUDPLWHOHDXWRULW¢HOYHWLFKH
GRYHYDHVVHUHFRQVHJQDWRDOJRYHUQRWHGHVFRFRQWHQHQWHODGLFKLD
UD]LRQHGLJXHUUD
6LHUDGXQTXHULVROWRO‫ۑ‬HTXLYRFRJURWWHVFRFKHDOO‫ۑ‬LQL]LRGHOFRQ
ϰϮ
IOLWWRDYHYDYLVWRWHGHVFKLHGLWDOLDQLFRPEDWWHUVLILQJHQGRGLPDQ
WHQHUH UHOD]LRQL SDFLILFKH H FKH DYHYD UDJJLXQWR LO VXR FXOPLQH
TXDQGR VXO IURQWH WUHQWLQR YHQQH VFKLHUDWR LO '$. O‫ۑ‬$OSHQNRUSV
EDYDUHVH HLFRPDQGLLWDOLDQLILQVHURGLQRQDFFRUJHUVHQHSHUQRQ
SUHFLSLWDUHJOLHYHQWL,QVRPPDOHFRVHVHPEUDYDQRYROJHUHDOPH
JOLR SHU O‫ۑ‬,QWHVD H FRV® LO FDSR GL VWDWR PDJJLRUH LWDOLDQR GHFLVH GL
D
LQDXJXUDUHVXOIURQWHGHOOD DUPDWDFKHVLVWHQGHYDGD*RUL]LDDO
PDUHHFKHHUDULPDVWRHVFOXVRGDOODJUDQGHEDWWDJOLDGLDJRVWROD
WHFQLFD GHOOH ‫۔‬VSDOODWH‫ ە‬YDOH D GLUH GL DWWDFFKL YLROHQWLVVLPL H UDSL
GLVVLPLLQVHWWRULOLPLWDWLGHOORVFKLHUDPHQWR'LVROLWRVRSUDWWXWWR
VXOOD PDQXDOLVWLFD VL WHQGH D GHILQLUH ‫۔‬VSDOODWH‫ ە‬WXWWH OH XQGLFL RI
IHQVLYH LVRQWLQH LQ UHDOW¢ DOPHQR LQ RULJLQH TXHVWD WHUPLQRORJLD
YHQQHLQWURGRWWDVRORDSDUWLUHGDOVHWWHPEUHLQRFFDVLRQHDS
SXQWR GHOOD VHWWLPD EDWWDJOLD GHOO‫ۑ‬,VRQ]R 2ELHWWLYR ILQDOH GHOOD D
DUPDWDHUDFRPHVHPSUH7ULHVWHYLFLQDHGLUUDJJLXQJLELOHODFLWW¢
VHPEUDYDXQPLUDJJLRDPPDOLDQWHSHULFRPDQGDQWLLWDOLDQLQRQR
VWDQWHFKHLOVXRYDORUHVWUDWHJLFRIRVVHGHFLVDPHQWHPRGHVWR
7UDJOLLWDOLDQLH7ULHVWHVLHUJHYDQRLEDVWLRQLGHO&DUVRFXOPL
QDQWLQHOPDVVLFFLRGHOO‫ۑ‬+HUPDGDFKHVEDUUDYDODYLDFRVWLHUDSHULO
FDSROXRJRHFKHQHOFRUVRGHOFRQIOLWWRQRQVDUHEEHPDLVWDWRFRQ
TXLVWDWRGDLVROGDWLLQJULJLRYHUGHRELHWWLYRWDWWLFRGLTXHVWDVHWWLPD
RIIHQVLYDHUDVRSUDWWXWWRLO)DMWL+ULEXQGRVVRGLFLUFDPHWUL
GL DOWH]]D GHVWLQDWR DG XQD IDPD VLQLVWUD DQFKH JUD]LH DO WHQHQWH
&DUOR(PLOLR*DGGDFKHYLFRPEDWW«HQHVFULVVHLQGLYHUVHRSHUH
/HIDQWHULHLWDOLDQHVFDWWDURQRDOO‫ۑ‬DWWDFFRGRSRXQDEUHYHHGLQWHQVD
SUHSDUD]LRQH G‫ۑ‬DUWLJOLHULD LO  VHWWHPEUH OD JLRUQDWD DSSDULYD VH
UHQD EHQ SUHVWR SHU´ OH FRQGL]LRQL PHWHR SHJJLRUDURQR GUDVWLFD
PHQWHHOHWUXSSHDWWDFFDQWLGRYHWWHURVHJQDUHLOSDVVRILDFFDWHGD
XQ WHPSRUDOH YLROHQWR H GDOOD WHQDFLVVLPD UHVLVWHQ]D GHL GLIHQVRUL
WDQWR FKH D VHUD LO FRPDQGR LWDOLDQR RUGLQ´ DOOH WUXSSH GL LQWHU
URPSHUH O‫ۑ‬DWWDFFR HG DWWHQGHUH O‫ۑ‬RUGLQH SHU XQR VEDO]R XOWHULRUH
PHQWUHLFDQQRQLFRQWLQXDURQRDEHUVDJOLDUHOHOLQHHDXVWURXQJDUL
FKH/DPDWWLQDVXFFHVVLYDIDQWLHEHUVDJOLHULVFDWWDURQRGLQXRYR
GDOOHSRVL]LRQLDFTXLVLWHHDOSUH]]RGLSHUGLWHSHVDQWLULXVFLURQRD
0$5&2&,00,12/DPH]]DYLWWRULDGL*RUL]LD

FRQTXLVWDUHTXDOFKHFHQWLQDLRGLPHWULGLWHUUHQRPDORVIRU]RQRQ
YDOHYD FHUWDPHQWH OD FDQGHOD H L SUHVXSSRVWL SHU LO VHJXLWR
GHOO‫ۑ‬D]LRQH HUDQR SHVVLPL *OL LPSHULDOL LO 9,, FRUSR G‫ۑ‬DUPDWD
GHOO‫ۑ‬DUFLGXFD *LXVHSSH  LQIDWWL VXOOD VFRUWD GL TXDQWR DYYHQXWR D
*RUL]LDXQPHVHSULPDDYHYDQRRUJDQL]]DWRODSURSULDOLQHDGLIHQ
 ϰϯ
VLYDFRQXQQXRYRFULWHULRFKHVLULYHO´PROWRHIILFDFHWUDODOLQHD
GHOIXRFRHODVHFRQGDOLQHDSRVHURDOWUHGXHOLQHHGLUHVLVWHQ]DUH
ODWLYDSURWHWWHGDUHWLFRODWLLQROWUHLQTXHVWDVRUWDGLFRUULGRLRWUD
ODSULPDOLQHDHOHUHWURYLHUDFFROVHURLQPDJD]]LQLSURWHWWLGDOWLUR
ULIRUQLPHQWLHVFRUWHGLPXQL]LRQLLQQRWHYROHTXDQWLW¢LQPRGRGD
SRWHUOL XWLOL]]DUH VHFRQGR OD QHFHVVLW¢ GHO PRPHQWR *UDQ SDUWH GL
TXHVWLODYRULGLVFDYRHGLDSSUHVWDPHQWRYHQQHURVYROWLGDGHFLQH
GLPLJOLDLDGLSULJLRQLHULGLJXHUUDUXVVLWUDVSRUWDWLDSSRVWDVXO&DU
VRTXHVWDGLXVDUHLSULJLRQLHULUXVVLSHUODYRULGLFDUDWWHUHPLOLWDUH
HUDXQ‫ۑ‬DELWXGLQHLQYDOVDQHOO‫ۑ‬HVHUFLWRLPSHULDOHHFRQWUDYYHQLYDSOD
WHDOPHQWH DL GHWWDPL GHOOD &RQYHQ]LRQH GL *LQHYUD FKH YLHWDYDH
VSOLFLWDPHQWHTXHVWDSUDWLFD6HGDXQSXQWRGLYLVWDORJLVWLFRTXH
VWH IXURQR OH SUHPHVVH DOOD EDWWDJOLD GD XQ SXQWR GL YLVWD WDWWLFR
VIUXWWDQGR DELOPHQWH OH FDUDWWHULVWLFKH GHO WHUUHQR L UHSDUWL DX
VWURXQJDULFLUHWURFHGHWWHURFRQXQRUGLQHSUHVWDELOLWRPDQWHQHQGR
VL VHPSUH DO ULSDUR VH SRVVLELOH GDL WLUL DYYHUVDUL 4XHVWR SHUPLVH
ORUR GL PDQWHQHUH VHPSUH PROWR DOWR LO YROXPH GL IXRFR H DO FRQ
WHPSR GL RUJDQL]]DUH SXQWL GL PDVVLPD UHVLVWHQ]D HODVWLFDPHQWH
GXUDQWHO‫ۑ‬D]LRQHDVHFRQGDGHOOHQHFHVVLW¢FRQWLQJHQWL

3HUJOLLWDOLDQLTXHVWRDGHJXDPHQWRWDWWLFRDOOHSURSULHPRGDOLW¢
G‫ۑ‬DWWDFFRUDSSUHVHQW´XQDVRUSUHVDDOODURYHVFLDJOLDYYHUVDULOXQJL
GDOO‫ۑ‬HVVHUHGHSUHVVLSVLFRORJLFDPHQWHHGLQDGHJXDWLWDWWLFDPHQWHVL
EDWWHYDQRFRQHVWUHPRYDORUHHGDYHYDQRLQWURLHWWDWRDOODSHUIH]LR
QHOHFRQWURPLVXUHWDWWLFKHSHUFRQWUDVWDUHODWHFQLFDG‫ۑ‬DVVDOWRLWD
OLDQD,OULVXOWDWRIXXQDEDWWDJOLDEUHYLVVLPDHVDQJXLQRVLVVLPDFKH
YLGHLQXQRVSD]LRGLIURQWHPROWREUHYHDIIURQWDUVLJUDQGLPDVVH
GLXRPLQL VRORJOLLWDOLDQLVFKLHUDURQRSHUO‫ۑ‬RIIHQVLYDEDWWDJOLR
QL H VX GL XQ IURQWH GL QHPPHQR RWWR FKLORPHWUL DYDQ]DURQR
 XRPLQL  D FRQWHQGHUVL SRFKL PHWUL GL WHUUHQR $OOD ILQH
TXDQGRLOVHWWHPEUHODEDWWDJOLDWHUPLQ´FRO VRORULVXOWDWRSHU
OHWUXSSHGL&DGRUQDGLDYHUHFRQTXLVWDWRTXDOFKHWULQFHDHGXQFD
SRVDOGR DYYHUVDULR L FRUSL GL PLJOLDLD GL LWDOLDQL HG DXVWURXQJDULFL
SXQWHJJLDYDQROHSLHWUDLHFDUVLFKHOHSHUGLWHIXURQRULVSHWWLYDPHQ
0$5&2&,00,12/DPH]]DYLWWRULDGL*RUL]LD

WHGLHXRPLQLFLUFD'RSRODIXJDFHDYDQ]DWDJRUL]LD
QDODJXHUUDHUDWRUQDWDDULVWDJQDUHHDGLPSRUUHDLVROGDWLLOFDOYD
ULR GHOOH WULQFHH GHO FDUVR /R VODQFLR YLWWRULRVR GHOOD EDWWDJOLD GL
*RUL]LDVLDUHQ´D6DQ3LHWURVRWWRLO0RQWH6DQWRGDYDQWLDO)DMWL
DOODILQHTXHOODGL*RUL]LDULPDVHXQDPH]]DYLWWRULDRXQDYLWWRULD
ϰϰ
LQXWLOH






‫ڛ‬,OIHURFHPRQDUFKLFR%DYD‫ڜ‬
/DUHSUHVVLRQHGL0LODQR
QHOODUHOD]LRQHXIILFLDOHGHO


GL3,(5/8,*,',&2//25('20(/6



$EVWUDFW
7KH UHSUHVVLRQ RI 0LODQ
V ULRW RI 0D\  ZHQW GRZQ WR KLVWRU\ DV D EORRG\ DQG
JUDWXLWRXV VODXJKWHU RI LQQRFHQW SHRSOH ZKR RQO\ DVNHG IRU EUHDG 7KH UHDOLW\ WKDW
HPHUJHVIURPWKHRIILFLDOUHSRUWRI*HQHUDO)LRUHQ]R%DYD%HFFDULVLVYHU\GLIIHUHQW
WKHUHEHOVZHUHDUPHGDQGYLROHQWDQGWKHLQWHUYHQWLRQRIPLOLWDU\UHSUHVVLRQZDVD
QHFHVVLW\2IZKLFKWKH*HQHUDOKLPVHOIZDVQHYHUSURXG


3DUROH FKLDYH )LRUHQ]R %DYD %HFFDULV 0LODQR ULYROWD GL 0LODQR PRWL GHO 
DQDUFKLFL

.H\ZRUGV)LRUHQ]R%DYD%HFFDULV0LODQ0LODQULRWULRWRIDQDUFKLVWV










129$+,6725,&$$112;9,1‫ۋ‬
 
3,(5/8,*,',&2//25('20(/6‫۔‬,OIHURFHPRQDUFKLFR%DYD‫ە‬






46
/D VLQLVWUD LWDOLDQD QHO VXR VWLOH FDUDWWHULVWLFR GL SLHJDUH OD VWRULD
DOOD SURSULD SURSDJDQGD ULXVFHQGR DG LPSRUOD DQFKH DJOLDOWULVL ª
LQYHQWDWDXQDYHUVLRQHODFULPHYROHHGHDPLFLVLDQDGHLPRWLPLODQHVL
GHOUHSUHVVLO‫ۑ‬PDJJLRGDOIHURFHPRQDUFKLFR%DYDFRPHUHFLWD
ODFDQ]RQHWWDDQDUFKLFDDQFRURJJLWDQWRSRSRODUHLQWDOXQLDPELHQ
WL DQDUFRLGL WDQWR DVVHWDWL GL VDQJXH GL VRYUDQL LPSHUDWULFL H ERU
JKHVL YDUL H SDWHWLFL TXDQGR OR 6WDWR QRQ VL ID DJJUHGLUH LPSXQH
PHQWH $ WDO ILQH PHULWD GL HVVHUH ULSRUWDWD LQWHJUDOPHQWH SHU LO
VXRLQYRORQWDULRXPRULVPRFRQXQDUHWRULFDDQWLPLOLWDULVWDVWUDSSD
FRUHFKHODUHQGHVLPLOHDGXQDSDURGLD


$OOHJULGDVWUD]LDQWLHGROHQWL
GLXQDIROODFKHSDQGRPDQGDYD
LOIHURFHPRQDUFKLFR%DYD
JOLDIIDPDWLFROSLRPERVIDP´


)XURQPLOOHLFDGXWLLQQRFHQWL 
VRWWRDOIXRFRGHJOLDUPDWLFDLQL
HDOIXURUGHLVROGDWLDVVDVVLQL
PRUWHDLYLOLODSOHEHJULG´

'HKQRQULGHUVDEDXGDPDUPDJOLD
VHLOIXFLOHKDGRPDWRLULEHOOL
VHLIUDWHOOLKDQQRXFFLVRLIUDWHOOL
VXOWXRFDSRTXHOVDQJXHFDGU¢

/DSDQFLXWDFDWHUYDGHLODGUL
GRSRDYHUYLRJQLEHQHXVXUSDWR
ODORUVHWHKDGLVDQJXHVD]LDWR
LQTXHOJLRUQRQHIDVWRHIHUDO

6XSLDQJHWHPHVWLVVLPHPDGUL
TXDQGRRVFXUDGLVFHQGHODVHUD
SHULILJOLJHWWDWLLQJDOHUD
SHUJOLXFFLVLGDOSLRPERIDWDO


,QUHDOW¢IXURQRRWWDQWRWWR
3,(5/8,*,',&2//25('20(/6‫۔‬,OIHURFHPRQDUFKLFR%DYD‫ە‬

,O EUXWR GLFHYDPR FKH FDQQRQHJJL´ L SRYHUL SDFLILFL LQHUPL


SUROHWDULDIIDPDWLFKHPHQGLFDQRVRORXQWR]]RGLSDQHVLªVFULWWR
HVLFRQWLQXDDULSHWHUHFKHLULYROWRVLIRVVHURGLVDUPDWLQRQªYHUR
5LSRUWHUHPR TXL GL VHJXLWR OD 5HOD]LRQH XIILFLDOH FKH GLPRVWUD LO
FRQWUDULRUHOD]LRQHDOO
HSRFDQRQVPHQWLWDQ«PHVVDLQGLVFXVVLRQH
'RPDQGHSHUFK«RFFRUVHUREHQVHWWHUHJJLPHQWLGLIDQWHULD r 47
rrrrHrLQSUDWLFDWUHEULJDWHHPH]]D WUHGLFDYDO
OHULDWUHGLDOSLQL rrHr HXQRGLEHUVDJOLHUL r ‫ۋ‬XQRUJDQLFR
PDJJLRUHGLTXHOORLPSLHJDWRQHOODEDWWDJOLDGL$GXD‫ۋ‬SHUGRPDUH
XQD IROOD FKH LO SDQ GRPDQGDYD FRPH IHFHUR GHOOH PDQLIHVWD]LRQL
VSRQWDQHHDFUHDUHEDUULFDWHFRQWHPSRUDQHDPHQWHLQWXWWDODFLWW¢
LQWHUURPSHQGR WHOHJUDIR H IHUURYLH VDFFKHJJLDQGR H LQFHQGLDQGR
FDVHVHQ]DFRRUGLQDPHQWRDVVDOWDQGRHDVVHGLDQGROHFDVHUPH"
3HUFK«OHWUXSSHLQJUDQSDUWHVROGDWLGLOHYDQRQHEEHURDOFXQD
HVLWD]LRQHDVSDUDUHFRPHVDUHEEHVWDWRQDWXUDOHGLIURQWHDGHLFL
YLOLGLVDUPDWL"
&RPH PDL L PRUWL IXURQR WXWWL XRPLQL H QHSSXUH XQD GRQQD R
XQEDPELQR"
,OWXWWRLQXQPRPHQWRLQFXLGRSRODVFRQILWWDGL$GXDHGLOUDI
IRU]DPHQWR GHOOD 7ULSOLFH ,QWHVD OH WHQVLRQL WUD 5HJQR G
,WDOLD H
)UDQFLDHUDQRDOFXOPLQHFRPHOHLQWURPLVVLRQLFOHULFDOLHYDWLFDQH
GHLQRVWDOJLFLGHOSRWHUHWHPSRUDOH

, VRYYHUVLYL LO  PDJJLR SUHFHGXWL GD XQR VFKHUPR GL GRQQH H
EDPELQL FKH FRSURQR LO JURVVR GHL PDQLIHVWDQWL DVVDOWDQR OD 4XH
VWXUDHOHFDVHUPHSHULPSDGURQLUVLGHOOHDUPLFXVWRGLWHYLPHWWHQGR
VRWWRDVVHGLRODFDVHUPD7URWWHUDOFXQLRSHUDLULPDVHURDWHUUDXFFL
VLGDOIXRFRGHOSLFFKHWWRGLJXDUGLD
9LHQHVDFFKHJJLDWDODVFXRODHOHPHQWDUHGLYLD3DOHUPR6XXQD
ODYDJQD XQ VRYYHUVLYR SL» DFFXOWXUDWR GHJOL DOWUL VFULYH $EDVR OD
%RUJKHVLD
,OJRYHUQRFHQWUDOHVHQWLWLLSURSULLQIRUPDWRULGHFUHWDORVWDWR
G
DVVHGLRFRQSLHQLSRWHULDOJHQHUDOH%DYD%HFFDULV'DSDUWHPLOD
QHVHVLDVVLVWHDOODSL»FRPSOHWDODWLWDQ]DGHOVLQGDFRHGHOO
DUFLYH
VFRYR GL 0LODQR FKH VHQH YD SHU XQD YLVLWD SDVWRUDOH IXRUL FLWW¢,
IRFRODLQRQRVWDQWHVLGLIIRQGDODQRWL]LDGLXQDULGX]LRQHGHLULQFDUL
HSRLFKHLOSDQHQRQVDU¢DXPHQWDWRQRQVRQRVRSLWL‫ۋ‬SURYDFKH
JOLDXPHQWLGHOSDQHVRQRVRORXQSUHWHVWR‫ۋ‬HSHUVDEDWRVRQRSUH
YLVWL GDOOD SHULIHULD QXPHURVL FRUWHL /D VLWXD]LRQH GHJHQHUD FRQ
3,(5/8,*,',&2//25('20(/6‫۔‬,OIHURFHPRQDUFKLFR%DYD‫ە‬

EDUULFDWH FKH VRUJRQR RYXQTXH FRQ IHUURYLHUL H WUDQYLHUL FKH DE


EDQGRQDQRLPH]]LVXLELQDULFRQVDFFKHJJLGLQHJR]LHGLDELWD]LR
QLFRQODFRPSDUVDGLIXFLOL1HOSRPHULJJLRGHOPDJJLRLOJRYHU
QRGL5XGLQ®RUPDLFRQYLQWRGHOODWUDPDULYROX]LRQDULDFKHVLFHOD
GLHWUR L GLVRUGLQL GHFUHWD OR VWDWR G‫ۑ‬DVVHGLR GHOOD FLWW¢ ª OD JXHUUD
48 FLYLOH

)LRUHQ]R%DYD%HFFDULV  QRELOHSLHPRQWHVHYHWHUDQR
GHOOD*XHUUDGL&ULPHDHGHOOH*XHUUHG‫ۑ‬,QGLSHQGHQ]DVLLQVHGLDLQ
SLD]]D 6DQ )HGHOH H LQYLD %UHUD UDGXQDQGR L UHSDUWL LQ SLD]]DGHO
'XRPRFKHGLYLHQHLQTXHLJLRUQLLOVXRTXDUWLHUJHQHUDOHHGLIURQWH
DOOHEDUULFDWHFLWWDGLQHLQYLWDLQDVFROWDWRDOODFDOPD$OWUHEDUULFDWH
DOWULVDFFKHJJLDOWUDYLROHQ]DGHLVRYYHUVLYL'DOOHFDVHVLVSDUDVXL
VROGDWL,OYHWHUDQRGHOOD&HUQDLDGL6DQ0DUWLQRHGL&XVWR]DQRQª
SHU´XQGHEROHHULVWDELOLVFHO
RUGLQHVHQ]DHVLWD]LRQLHVHQ]DFRP
SURPHVVL(FRQLOSLHQRVRVWHJQRGHLPLODQHVLQRQVRORERUJKHVLH
FRPPHUFLDQWLYDGHWWR/DJHQWHSRUWDFLERHYLQRDLPLOLWDULDFFDP
SDWLSHUOHVWUDGHHD3DUFR6HPSLRQH

6L RUGLQD OR VJRPEHUR GHOOH EDUULFDWH 'DOOH EDUULFDWH GL 3RUWD
9HQH]LDSDUWHXQDVFDULFDGLIXFLOHULDVXLVROGDWL/DWUXSSDULVSRQGH
DOIXRFR$3RUWD7LFLQHVHDSUHLOIXRFRDQFKHXQDEDWWHULDLSSRWUDL
QDWDGHOUHJJLPHQWR9RORLUHFKHVSD]]DODEDUULFDWDŠO‫ۑ‬XQLFRFROSR
GLFDQQRQHVSDUDWRFRQWURXQDEDUULFDWDGXUDQWHODULYROWDDOWURFKH
‫۔‬FDQQRQDWHGL%DYD%HFFDULV‫ە‬6FULYH'L0DLQR

6HVLLPSLHJ´LOFDQQRQHD3RUWD7LFLQHVHQHOSRPHULJJLRGHOJLRUQRORVL
IHFHSL»FKHDOWURSHULQFXWHUHXQVDOXWDUHWLPRUHWDQW
ªYHURFKHLQVHJXL
WR DOO
XQLFR FROSR D PLWUDJOLD VSDUDWR DSSRVLWDPHQWH DOWR VLHEEHUR D OD
PHQWDUHVRORWUHPRUWLULXVFHQGRDVFLRJOLHUHFRPSOHWDPHQWHLULYROWRVL

,ULYROX]LRQDULVFDSSDQRDJDPEHOHYDWHDEEDQGRQDQGRPRUWLHIHUL
WL6XYLD7RULQRLULYROWRVLDUPDWLDWWDFFDQRLQPDVVDLOrIDQWHULD
GHYRQRFDULFDUHL/DQFLHULGL)LUHQ]HHGDOODFDVHUPDGL6(XVWRUJLRL
ULYROX]LRQDUL YHQJRQR SUHVL DOOH VSDOOH GD XQ EDWWDJOLRQH GL EHUVD
JOLHUL $O &DUURELR VL VSDUD VXL VROGDWL GDL WHWWL GDL TXDOL SLRYRQR
DQFKHWHJROHHFRSSL0DDQFKHTXLLULYROWRVLYHQJRQRVSD]]DWLYLD
$LEDOFRQLDSSDLRQREDQGLHUHWULFRORULHODJHQWHFKHHVFHVXLEDOFR
QLDFFODPDO‫ۑ‬HVHUFLWR/‫ۑ‬LQL]LDWLYDGL%DYD%HFFDULVªHQHUJLFD‫۔‬FUHGR
FKHJOLVWHVVLPLHLDYYHUVDULPLDYUHEEHURJLXGLFDWRXQSDXURVRPLQ
3,(5/8,*,',&2//25('20(/6‫۔‬,OIHURFHPRQDUFKLFR%DYD‫ە‬

FKLRQHVHOLDYHVVLODVFLDWLOLEHULGLJHWWDUHQXRYDHVFDDOIXRFR‫ە‬VFULYH
LOJHQHUDOHQHOOHSURSULH0HPRULH

1HO FRUVR GHOOH VHWWLPDQH VXFFHVVLYH DO ULVWDELOLPHQWR GHOO
RUGLQH
O
D]LRQHGHO%DYD%HFFDULVVLYROVHFRQSDUWLFRODUHHQHUJLDDGDQQR
GHLFDWWROLFLHGHOO
HVWUHPDVLQLVWUD,VWLWXLWRXQWULEXQDOHGLJXHUUDH 49
SURURJDWR LO FRSULIXRFR D PH]]DQRWWH LQ VHJXLWR DO ULVWDELOLPHQWR
GHOOD WUDQTXLOOLW¢ QHO SRPHULJJLR GHO  PDJJLR %DYD %HFFDULV H
PDQ´O
LQGRPDQLXQPDQLIHVWRGLULQJUD]LDPHQWRDOOHWUXSSHLQFXL
GLFHYDWUDO
DOWUR

LPDOYDJLGLRJQLSDUWLWRFRQFRUGLQHOIROOHLQWHQWRGLVRYYHUWLUHOHLVWLWX
]LRQLHGLVIDUHO
,WDOLDO
DYUHEEHURULSLRPEDWDLQXQDVHUYLW»SHJJLRUHGHOOD
SULPD9RLO
DYHWHLPSHGLWR

6HJX®GRSRO
RIIHUWDGLFROODERUD]LRQHGDSDUWHGHOYLFDULRJHQHUDOH
PRQVLJQRU $QJHOR 0HUDYLJOLD 0DQWHJD]]D XQ YLYDFH VFDPELR GL
OHWWHUHWUD%DYD%HFFDULVHGLOFDUGLQDOHDUFLYHVFRYR)HUUDULTXHVWL
JL¢DVVHQWHGD0LODQRQHLJLRUQLGHOWXPXOWRJLXGLF´EHQHGLULSDUWL
UH /
DWWULWR VL DJJUDY´ FRQ OD GLIILGD SURQXQ]LDWD LO  PDJJLR GDO
JHQHUDOH%DYD%HFFDULVDLSDUURFLGLVHPLQDUH]L]]DQLDGDOSXOSLWR
H FRQ OR VFLRJOLPHQWR VHJXLWR O
LQGRPDQL GHO FRPLWDWR GLRFHVDQR
FRQVXFFHVVLYHPLVXUHFRQWURODVWDPSDHLJLRUQDOLVWLFDWWROLFL,O
PDJJLRLQFRQFRPLWDQ]DFRQODOLEHUD]LRQHGHLFDSSXFFLQLGHWHQXWL
SHULIDWWLGLFRUVR0RQIRUWH/HRQH;,,,LQWHUYHQLYDFRQXQDOHWWHUD
DO FDUGLQDO )HUUDUL LQ FXL ULSUHQGHYD SROHPLFDPHQWH WDOXQH HVSUHV
VLRQLGL%DYD%HFFDULV4XDQWRDOO
HVWUHPDVLQLVWUDULVDOHDOODSHUVR
QDOHUHVSRQVDELOLW¢GL%DYD%HFFDULVLOGLYLHWRDLGHSXWDWLGLYLVLWDUHL
ORURFROOHJKLDUUHVWDWLHGLIDUXVFLUHLOVRSSUHVVR6HFRORVRWWRODJD
UDQ]LDGLFHQVXUDSUHYHQWLYD PDJJLR HLOULILXWRD6RQ]RJQRGL
IRQGDUHXQQXRYRJLRUQDOHLO7HPSR PDJJLR 
3HU OD UHSUHVVLRQH GHOOD ULYROWD PLODQHVH %DYD %HFFDULV HEEH OD
0HGDJOLDG
2URDO9DORU0LOLWDUHFRQODVHJXHQWHPRWLYD]LRQH‫۔‬3HU
LO YDORUH GLPRVWUDWR D 0LODQR QHOOD UHSUHVVLRQH GHOOD ULYROWD GHO
‫ە‬0D%DYD%HFFDULVQRQODYROHYDHVFULVVH‫۔‬1HOODUHSUHVVLRQH
G‫ۑ‬XQD VRPPRVVD FRQWUR L SURSUL FLWWDGLQL QRQ GHEERQR >TXHOOL FKH
HEEHURO
LQFDULFR1G$@FUHGHUHG
DYHUFRPSLXWRXQ
D]LRQHVXSHULRUH
Q«G
HVVHUHVWLPDWLGHJQLGLSDUWLFRODUHULFRPSHQVD‫ە‬
(FFRXQEUDQRGHOOD5HOD]LRQHXIILFLDOHFKHVPHQWLVFHODIDYROHW
3,(5/8,*,',&2//25('20(/6‫۔‬,OIHURFHPRQDUFKLFR%DYD‫ە‬

WDGHO‫ڨ‬IHURFHPRQDUFKLFR%DYD‫ک‬FKHDSUHLOIXRFRVXSRYHULODYRUDWR
ULLQGLIHVLHFKHPRVWUDGDYYHURFL´FKHDYYHQQHD0LODQRLQTXHL
WUDJLFLJLRUQLGLPDJJLR

/DEDUULFDWDGL3RUWD9HQH]LDLOVDFFKHJJLRGHOOHFDVH6DSRULWLH0RULVHWWL
50 PLIDFHYDQRWHPHUHQRQWUDWWDUVLGHOOHVROLWHGLPRVWUD]LRQLSRSRODULPDGL
XQSHULFRORVRPRYLPHQWRFRQVHULSURSRVLWLGLULYROWDHGLVDFFKHJJLR$S
SHQD IXL LQ 4XHVWXUD HVHJXLL LO SURJHWWR GD WHPSR PHGLWDWR FRQFHQWUDUH
WXWWD OD IRU]D GLVSRQLELOH QHOOD 3LD]]D GHO 'XRPR 6 )HGHOH HGHOOD 6FDOD
DVVLFXUDUH LQYHFH IRUWHPHQWH FRQ GLVWDFFDPHQWL OD 6WD]LRQH LO5HFOXVRULR
OH&DUFHULO
2IILFLQD GHO JDV HGHOO
HOHWWULFLW¢LO3DOD]]RGHO&RPDQGRHOD
3UHIHWWXUD
,OSDVVDJJLRGHOODGLUH]LRQHGHJOLDYYHQLPHQWLGDOO
$XWRULW¢SROLWLFDDOO
$X
WRULW¢ PLOLWDUH PL IX UHVR IDFLOH GDOOD SUHYHQWLYDWD SUHVHQ]D LQ 3LD]]D GHO
'XRPRGHO*HQHUDOH5DGLFDWLHGHOOHVXHWUXSSH$OPRPHQWRLQFXLDVVXQ
VLODGLUH]LRQHGHOOHRSHUD]LRQLSHOULVWDELOLPHQWRGHOO
RUGLQHDYHYRGLVSR
QLELOLOHVHJXHQWLWUXSSH
rIDQWHULDEDWWDJOLRQLFRQUHFOXWH
rEDWWDJOLRQLVHQ]DUHFOXWH
rFRPSDJQLHFRQUHFOXWH
r%HUVDJOLHULFRPSDJQLHFRQUHFOXWH
VTXDGURQL/DQFLHUL)LUHQ]H
VTXDGURQL&DYDOOHJJHUL/RGL
0RUEHJQRGHOr$OSLQL

)UDOHHOHDUULYDURQRSXUHSHUIHUURYLDGXHFRPSDJQLHGHOEDWWDJOLR
QH7LUDQRHGXHGHOEDWWDJOLRQH9HVWRQHGHOr$OSLQL LOrEDWWDJOLRQHGHO
r)DQWHULDGD&RPRXQEDWWDJOLRQHGHOrHGXQRGHOrGD1RYDUDD
QRWWHGXHFRPSDJQLHGHOEDWWDJOLRQH$OSLQL(GROR
/DEDUULFDWDGL3RUWD9HQH]LDHUDIRUPDWDGDVHWWHYHWWXUHWUDQYLDULHGDXQ
FDUURDERWWH HGDDOFXQLPRELOL/H FDVHODWHUDOLHUDQRVWDWHRFFXSDWHGDL
ULYROWRVLLTXDOLGDOOHILQHVWUHHGDLWHWWLLQL]LDURQRXQDILWWDVDVVDLRODFRQ
WUROHTXDOLIXURQRGLUHWWLDQFKHFROSLG
DUPDGDIXRFR/DEDUULFDWDIXSUH
VD D WHUJR GD GXH VTXDGURQL GL FDYDOOHULD LQYLDWL O¢ GDOOD 6WD]LRQH TXHOOD
SULQFLSDOHGDLFDUDELQLHULHGDOOHJXDUGLHGL36SULPLDFFRUVLHGDOr)DQ
WHULDLQYLDWRGD3DOD]]R5HDOH5LPRVVRLOPDWHULDOHLQ&RUVR9HQH]LDVLQR
DOOHVLHEEHURFRQWLQXLWHQWDWLYLGLEDUULFDWH/
D]LRQHLQ&RUVR9HQH]LD
HUDGDSRFRLPSHJQDWDTXDQGRPLSHUYHQQHQRWL]LD RUH FKHXQDWXUED
GLULYROWRVLSHU9LD7RULQRDYHYDWHQWDWRGLLUURPSHUHLQ3LD]]DGHO'XR
PR(UDVWDWDDUUHVWDWDGDOrEDWWDJOLRQHGHOr)DQWHULD 0DJJLRUH0RQ
WXRULLOTXDOHDYHYDGRYXWRULVSRQGHUHFROIXRFRHTXLQGLDYHYDSUHVRO
RI
IHQVLYD,QTXHOODFLUFRVWDQ]DJOLVTXDGURQLrHr/DQFLHUL)LUHQ]HFDULFD
URQRULSHWXWDPHQWHLQYLD7RULQRH3RUWD*HQRYDFRQDPPLUHYROHDEQHJD
]LRQH 2UGLQDL DOORUD FKH XQD FRPSDJQLD EHUVDJOLHUL GDOOD &DVHUPD 6 (X
VWRUJLR ULPRQWDQGR LO &RUVR GL 3RUWD 7LFLQHVH FHUFDVVH GL SUHQGHUH DOOH
VSDOOHRGLILDQFRLULYROWRVL'LULJHYDSHUVRQDOPHQWHOHRSHUD]LRQLLO*HQH
3,(5/8,*,',&2//25('20(/6‫۔‬,OIHURFHPRQDUFKLFR%DYD‫ە‬

UDOH5DGLFDWL
$  PHWUL GDO &DUREELR LQ &RUVR 3RUWD 7LFLQHVH HUD VWDWD HUHWWD XQD
JURVVDEDUULFDWDHPROWHGHOOHFDVHGLGHWWRFRUVRHUDQRRFFXSDWHGDLULYRO
WRVLDQQLGDWLVLVXLWHWWLHGDOOHILQHVWUHGDFXLWUDHYDQRVDVVLWHJROHHFROSL
GL DUPD GD IXRFR /D EDUULFDWD HUD IRUPDWD GD WDYROH YHWULQH GLYHOWH GDL
QHJR]LFDUULPRELOLDOWDFLUFDVXOGLQDQ]LHUDVWDWDVFDYDWDXQDODUJD
HSURIRQGDEXFD/HSRUWHGHOOHFDVHHUDQRWXWWHVEDUUDWHOHILQHVWUHRFFX 51
SDWHGDJHQWHGLRJQLVHVVRHGHW¢DWWUDWWDGDXQDPRUERVDHGLQFRVFLHQWH
FXULRVLW¢DGDVVLVWHUHDOFRQIOLWWRLPPLQHQWH&RQTXHVWHGLVSRVL]LRQLIXUR
QRVXSHUDWLJOLRVWDFROLHVLUDJJLXQVHODSLD]]D6(XVWRUJLRGRYHLQWDQWR
XQDWXUEDGLIDFLQRURVLFHUFDYDGLDVVDOWDUHOD&DVHUPDGHL%HUVDJOLHULGLIH
VDGDO7HQHQWH&RORQQHOOR&DOOLJDULVFRQVRORXQDFRPSDJQLDHPH]]D 
XRPLQL ,O*HQHUDOH5DGLFDWLLQVHJX®ODIROODVLQRD3RUWD7LFLQHVHHGXQL
IRUPDQGRVL DOOH GLUHWWLYH ULFHYXWH ULWHQHQGR RUDPDL YLQWD LQ TXHOOD GLUH
]LRQHRJQLUHVLVWHQ]DLQL]L´LOULWRUQRLQ3LD]]DGHO'XRPRGRSRDYHUULQ
IRU]DWR FROOD FRPSDJQLD %HUVDJOLHUL OD WUXSSD DOOD &DVHUPD 6 (XVWRUJLR
0D JLXQWR GL IURQWH DOOH 7RUULFHOOH GL 6 /RUHQ]R WURY´ QXRYD UHVLVWHQ]D
'HEER IDU ULOHYDUH OD QRQ FRPXQH DELOLW¢ GHL ULYROWRVL QHOOR VFHJOLHUH LO
SXQWRGLUHVLVWHQ]DQHO&RUVRGL3RUWD7LFLQHVHHQHOOHPRGDOLW¢GLRFFXSD
]LRQH6FHOVHURODVWUR]]DWXUDQHO&RUVRGL3RUWD7LFLQHVHFKHLO&RORQQDWR
GL 6 /RUHQ]R WDJOLD ORQJLWXGLQDOPHQWH H VWULQJH PDJJLRUPHQWH O
RFFXSD
]LRQHGHJOLDUFKLGHOSRQWH
LPPHGLDWDYLFLQDQ]DGHOQDYLJOLRFKHWDJOLDOH
OLQHHGLRSHUD]LRQHOHEDUULFDWHIRUWLVHPSUHSUHFHGXWHGDDOWUHGHEROLPD
VXIILFLHQWLDIRU]DUHODWUXSSDDWHPSRUDQHRDUUHVWROHEDUULFDWHFRVWUXLWH
QHOOHYLHYLFLQLRULGL**LDFRPR0RUDH3LRSSHWWHSHUJXDUGDUVLLILDQFKL
VRQRXQDULSURYDDVVROXWDGLXQSLDQRSUHVWDELOLWRHEHQVWXGLDWRHGDQQR
SURYDDOWUHV®FKHOLYLVLWURYDYDQRXRPLQLWDWWLFDPHQWHHVSHUWLDGLULJHUHH
FRRUGLQDUHODUHVLVWHQ]D$QFKHTXHVW
RSHUD]LRQHIXFRQGRWWDRWWLPDPHQWH
FRV®FKHPHQWUHLO*HQHUDOH5DGLFDWLDYHYDULQWX]]DWRODUHVLVWHQ]DDOO
$UFR
GL6/RUHQ]RO
DSSDULUHDOOH VSDOOHGHOODFRORQQD&LWDWLGHWHUPLQ´ODIXJD
GHLULYROWRVLSDUHFFKLGHLTXDOLULPDVHURVXOWHUUHQRSDUHFFKLIXURQRDUUH
VWDWL9LQWHOHUHVLVWHQ]HQHOODGLUH]LRQHGL3RUWD7LFLQHVH RUH ODVFLDL
GXHFRPSDJQLHDOO
$UFRH7RUWLFHOOHGL 6/RUHQ]R FKHSL»QRQWROVLQ«GL
JLRUQR Q« GL QRWWH 3RFR GRSR ULFHYHWWL DYYLVR FKH HUD VWDWR GHFUHWDWR OR
VWDWRG
DVVHGLRQHOODFLWW¢HQHOODSURYLQFLDGL0LODQR
$OOHGHOJLRUQRGRSRIXLLQIRUPDWRFKHQHO&RUVR*DULEDOGLHQHOOH9LH
0RVFRYDH3DOHUPR HUDQRVWDWH FRVWUXWWHSDUHFFKLHEDUULFDWH FKHDOWUH H
UDQRLQYLDGLFRVWUX]LRQHHFKHLULYROWRVLDYHYDQRPDQLIHVWDWDO
LQWHQ]LRQH
GLDSSLFFDUHLOIXRFRDO0DJD]]LQRGHLIRUDJJLLQYLD3DOHUPR'LHGLRUGLQH
DO&RORQQHOOR%RVFRGHOr%HUVDJOLHULGLUHFDUVLWRVWRFRO¢FRQTXDWWURGHOOH
VXHFRPSDJQLHXQDEDWWHULDG
DUWLJOLHULDHGXQRVTXDGURQH/DQFLHULGL)L
UHQ]HGLDJLUHFROODPDVVLPDFHOHULW¢HGHQHUJLD,O&RORQQHOOR%RVFRPDU
FL´FHOHUPHQWHHWHQHQGRVLVHPSUHLQWHVWDDOODVXDFRORQQDSUHVHEULOODQ
WHPHQWH G
DVVDOWR DOOD EDLRQHWWD RWWR EDUULFDWH GL FXL DOFXQH DVVDL IRUWL
IXJDQGRQH LGLIHQVRULVHQ]D FKHIRVVHQHFHVVDULRO
LPSLHJRGHOO
DUWLJOLHULD
2FFXSDWHWXWWHOHYLHDGLDFHQWLPDOJUDGRLOJHWWRGHOOHWHJROHHLIUHTXHQWL
VSDULVLSURFHGHWWHDYDULDUUHVWL$QFKHTXLODWHQDFLDQHOFRVWUXLUHULFR
3,(5/8,*,',&2//25('20(/6‫۔‬,OIHURFHPRQDUFKLFR%DYD‫ە‬

VWUXLUHOHEDUULFDWHO
RSSRUWXQDDELOHVFHOWDGHOFHQWURGLUHVLVWHQ]DO
DELOH
FRQFHWWR GLUHWWLYR HPHUJHQWH GDOOD XELFD]LRQH H UHFLSURFD UHOD]LRQH GHOOH
EDUULFDWHPHWWHLQFKLDUDOXFHORVWXGLRSUHYHQWLYRGLTXHVWLPH]]LGLULYR
OX]LRQH$OOHULWLUDLOHWUXSSHRUPDLVWDQFKHLQ3LD]]DGHO'XRPRWH
QHQGRSUHVLGLDWRLOTXDGULYLR9LD0RVFRYD&RUVR*DULEDOGLH3RUWD9HQH
]LD 1HOOD QRWWH IX SURYYLVWR SHU OD GLVWULEX]LRQH GHO SDQH DLVROGDWL H GHO
52 IRUDJJLR DL FDYDOOL &ROOH WUXSSH VWDQFKH H SUHYHGHQGR FKH OD VRPPRVVD
QRQ DYHYD GHWWR O
XOWLPD VXD SDUROD H GRYHQGR LQROWUH SURWHJJHUH FROOD
IRU]DO
HVHFX]LRQHGHJOLVFLRJOLPHQWLGLPROWHDVVRFLD]LRQLVRYYHUVLYHRUGL
QDWL GD 96 HUD QHFHVVDULR WHQHUH DO FHQWUR GHOOD FLWW¢ OD PDVVLPD IRU]D
SRVVLELOHSHUSRWHUODLPSLHJDUHDOPRPHQWRHQHOODGLUH]LRQHFKHOHFLUFR
VWDQ]HVDUHEEHURSHUULFKLHGHUH
&RPSLWR GHOOH WUXSSH GHL VHWWRUL EDVWLRQDWL HUD TXHOOR GL RSSRUVL RUD D
TXDOVLDVLWHQWDWLYRG
LUUX]LRQHLQFLWW¢HGLDVVLFXUDUHO
RUGLQHQHLVREERU
JKLHGDWDOHXRSRDVVHJQDLORURTXDOFKHUHSDUWRG
DUWLJOLHULDHGLFDYDOOHUL
D)XYDQDVSHUDQ]D‫ۋ‬D3RUWD7LFLQHVHHGD3RUWD*DULEDOGLULXVFLWHLQHIIL
FDFLOHFDULFKHDIRQGRGHOODFDYDOOHULDHO
D]LRQHDIXRFRGHOODIDQWHULDIX
QHFHVVDULRULFRUUHUHDOFDQQRQHVRORPH]]RSHUDYHUHUDJLRQHGLXQDIROOD
FKH O
HVDOWD]LRQH H LO GHVLGHULR GL ULYLQFLWD UHQGHYD DXGDFH DJJUHVVLYD H
VSUH]]DQWH G
RJQL SHULFROR $ 3RUWD 7LFLQHVH O‫ۑ‬DUUHVWR GL DOFXQL VWXGHQWL
SURY´ FKH DOOD SRSROD]LRQH GHO VREERUJR V
HUDQR DJJLXQWL HOHPHQWL HVWUD
QHL *LXQJHYDQR LQWDQWR GD YDUL SXQWL QRWL]LH GL JXDVWL DUUHFDWL DOOH OLQHH
WHOHJUDILFKH H IHUURYLDULH GD PDQLSROL GL ULYROWRVL $OOD VWD]LRQH GL 3RUWD
6HPSLRQHRVWUXLWLLELQDULGLFRUVDURWWRLOWHOHJUDIRIXQHFHVVDULRLOIXRFR
GLIXFLOHULDSHUIDUFHVVDUHO
RSHUDGLGLVWUX]LRQH(WDOHIDWWRVLULSHW«GXH
YROWHQHOFRUVRGHOODJLRUQDWD3ULPDXQDSRLGXHSRLWUHFRPSDJQLH%HU
VDJOLHUL GRYHWWHUR ORWWDUH WXWWR LO JLRUQR SHU SUHVHUYDUH LO *D]RPHWUR GL
3RUWD /RGRYLFD GDJOL DVVDOWL GHL ULYROWRVL D FXL LQIOLVVHUR VHQVLELOL SHUGLWH
/DFDYDOOHULDIXPDQGDWDDSL»ULSUHVHDVFDFFLDUHPDQLSROLGLPDOLQWHQ]LR
QDWLLQWHQWLDURYLQDUHOHOLQHHIHUURYLDULHQHLSXQWLLQFXLHVVLJXDVWLVRQR
SL»SURQWLHSL»HIILFDFLFLRªDLELYL

1HHVFHXQTXDGUREHQGLYHUVRGDTXDQWRSUHVHQWDWRGLVROLWRULYR
OX]LRQDULDUPDWLDWWDFFKLHVFDULFKHGLIXFLOHULDVXLVROGDWLFDVHUPH
DVVHGLDWH1RQVRORFDQQRQDWHDQ]LXQDFDQQRQDWD(OD‫۔‬FRPPXQH
GH0LODQ‫ە‬ULPDVHXQVRJQRROWUDOSHHROWUHWHYHUH&RPHVFULYH0DU
FR9LJQD

3HU TXDQWR SRVVD DSSDULUH LQFUHGLELOH RJJLJLRUQR IX SHUVLQR HORJLDWR GD
DOFXQLVLQGDFDOLVWLSHULOVXRRSHUDWRGXUDQWHLPRWLGL0LODQR/DSRVWHULR
UHFDPSDJQDVFDWHQDWDFRQWURGLOXLGDVRFLDOLVWLHFDWWROLFLORKDIDWWRSDV
VDUH LQYHFH SHU XQD VRUWD GL RWWXVR FDSRUDOH PDVVDFUDWRUH GL LQHUPL FL´
FKHQRQIX

&LSDUHFKHEDVWL





/DILQHGHOO‫(ژ‬VHUFLWRGHOOD56,
$SULOHPDJJLR


',(0$18(/(0$675$1*(/2



$EVWUDFW
/RFNHGGRZQE\WKHVKRUWDJHRIIXHODQGWUXFNVWKHDLUVXSHULRULW\RIWKH$OOLHVDQG
WKHRUGHUVRIWKH*HUPDQFRPPDQGHUVWKHIRUFHVRIWKH,WDOLDQ6RFLDO5HSXEOLFZHUH
HDVLO\ GHVWUR\HG E\ WKH MRLQW DWWDFNV RI $OOLHV DQG SDUWLVDQV /HVV WKDQ D WHQWK RI
WKHLUSHUVRQQHOZDVFRPSRVHGRIFRPEDWDQWWURRSVDQGXQLWVDQGGHWDFKPHQWRIWHQ
IRXQGWKHPVHOYHVVFDWWHUHGDQGZLWKRXWRUGHUV7KHEHWUD\DOE\.DUO:ROIIKHDGRI
WKH66LQ,WDO\DQGWKHUHWUHDWWRWKH%UHQQHURIWKHUHPDLQVRI*HUPDQIRUFHVGH
SUHVVHG WKH PRUDOH RI WKH 56, ILJKWHUV :KHQ WKH\ UHFHLYHG WKHQHZV RI 0XVVROLQL
V
GHDWKWKH\FHDVHGDOPRVWHYHU\ZKHUHWRILJKW7KHLUGHVSHUDWHFRQGLWLRQVH[SODLQWKH
HDVLQHVVZLWKZKLFKWKHSDUWLVDQVRYHUEHDUHGWKHIDVFLVWV

3DUROHFKLDYH6HFRQGDJXHUUDPRQGLDOHFDPSDJQDG‫ڥ‬,WDOLD5HSXEEOLFD6RFLDOH,WD
OLDQD)RU]HDUPDWHGHOOD56,

.H\ZRUGV 6HFRQG :RUOG :DU &DPSDLJQ RI ,WDO\ ,WDOLDQ 6RFLDO 5HSXEOLF $UPHG
)RUFHVRI,WDOLDQ6RFLDO5HSXEOLF








129$+,6725,&$$112;9,1

(0$18(/(0$675$1*(/2/DILQHGHOO‫(ۑ‬VHUFLWRGHOOD56,





&RPHªVWDWRSRVVLELOHFKHXQHVHUFLWRGLTXDVLRWWRFHQWRPLODXRPL
54 QLDEELDSUDWLFDPHQWHFHVVDWRGLHVLVWHUHIUDLOHLODSULOH"
8QGHWWDJOLRGHOOD6HFRQGDJXHUUDPRQGLDOHFKHQRUPDOPHQWHYLHQH
OLTXLGDWR FRQ TXHOOD LUULVLRQH H VXIILFLHQ]D FKH KD VHPSUH VHJQDWR
XQDFHUWDVWRULRJUDILDVXOOD*XHUUD&LYLOHHOD5HSXEEOLFD6RFLDOH
/DUHDOW¢SHU´ªPROWRSL»FRPSOHVVDHGªXQDVRPPDGLIDWWRUL
PDWHULDOLHPRUDOLGLDYYHQLPHQWLFRQWLQJHQWLHLQILQHGLSUREOHPL
VWUXWWXUDOLWLSLFDPHQWHLWDOLDQLFKHªIXRULOXRJRGLVFXWHUHLQTXHVWD
VHGH


‫ڒ‬/H)RQWL

/H IRQWL FXL VL ª DWWLQWR VRQR SULQFLSDOPHQWH OH RSHUH GL 5HQ]R 'H
)HOLFH *LRUJLR 3LVDQ´ 9LUJLOLR $UHQD *LRUJLR 3DQVD FKH RIIURQR
LQIRUPD]LRQL VXO SXQWR GL YLVWD LWDOLDQR GHJOL DYYHQLPHQWL H JOL
VFULWWLGHO86$UP\&HQWHURI0LOLWDU\+LVWRU\HLOUHVRFRQWRGHOODGL
YLVLRQH QHR]HODQGHVH HVWUHPDPHQWH SUHFLVL H ULFFKL GL SDUWLFRODUL
SHULOSXQWRGLYLVWDGHOQHPLFR
/HIRQWLVRQRLQODUJDSDUWHFRQQRWDWHGDXQIRUWHDFFHQWRLGHR
ORJLFRSHUWDQWRULFKLHGRQRXQDEUHYHQRWDPHWRGRORJLFDFLUFDODOR
URDWWHQGLELOLW¢HLOORURYDORUHLQRJQLULFHUFDXOWHULRUH
4XHOOHDOOHDWHWHQGRQRDVRWWRYDOXWDUHFRPSOHWDPHQWHODSUHVHQ
]DGHOOHWUXSSHLWDOLDQHRDFRQIRQGHUOHFRQTXHOOHJHUPDQLFKHVH
TXHVWR ‫۔‬XQGHUVWDWHPHQW‫ ە‬VLD IUXWWR GL VHPSOLFH LJQRUDQ]D R GL XQD

UHDOH YRORQW¢  GL FHODUH OD SUHVHQ]D GHL UHSDUWL LWDOLDQL VXO IURQWH


7DQWRSHUODSURSDJDQGDLQWHUQDFKHSHUTXHOODYHUVRLQHPLFLVPLQXLUHHULGL
FROL]]DUH O‫ۑ‬DSSRUWR GHOOH IRU]H DUPDWH LWDOLDQH DOO‫ۑ‬$VVH DYHYD VFRSL EHQ SUHFLVL
9HUVR LO IURQWH LQWHUQR DOLPHQWDUH O‫ۑ‬LGHD FKH O‫ۑ‬,WDOLD ‫۔ ۋ‬YHQWUH PROOH‫ ۋ ە‬VDUHEEH
VWDWDXQDIDFLOHSUHGDIUDLQHPLFLGHSULPHUHLOPRUDOHLWDOLDQR GXUDQWHHGRSROD
JXHUUD LQILODUHXQFXQHRIUDWHGHVFKLHLWDOLDQLFROSHQGRVXXQRGHLWDVWLSL»GR
OHQWLGHOO‫ۑ‬DOOHDQ]DODVILGXFLDVWRULFDPHQWHQXWULWDGDLWHGHVFKLVXOO‫ۑ‬DIILGDELOLW¢GHL
ORURDOOHDWLPHGLWHUUDQHL4XHVWRGHWWDJOLRYDFRQVLGHUDWRLQXQDFRUQLFHSL»DP
SLDRYYHURTXHOODGHOODSHUVLVWHQ]DGLVWHUHRWLSLFUHDWLGDOOHSURSDJDQGHGLJXHUUD
WDOH FKH WXWW‫ۑ‬RJJL DOFXQL GL TXHVWL PLWL VRQR ODUJDPHQWH SUHVHQWL QHOO‫ۑ‬RSLQLRQH
(0$18(/(0$675$1*(/2/DILQHGHOO‫(ۑ‬VHUFLWRGHOOD56,

TXHVWRªLPSRVVLELOHGDVWDELOLUVLPDªWLSLFRQHOODVWRULRJUDILDDQ
JORDPHULFDQDILQGDOO‫ۑ‬DUULYRLQ/LELDGHOO‫ۑ‬$IULNDNRUSV
/HIRQWLLWDOLDQHSDJDQRORVFRWWRDOODFRQWUDSSRVL]LRQHLGHRORJL
FDGHJOLDQQLSDVVDWLVLDFKHFLVLULIHULVFDDWUDWWD]LRQLUHGXFLVWLFKH
VLDDTXHOOHDQWLIDVFLVWH1RQªFHUWDPHQWHSRVVLELOHDIIHUPDUHFKHOD
YHULW¢VWLDQHOPH]]RPDHQWUDPEHVRQRQHFHVVDULDPHQWHGDULHTXL 55
OLEUDUVLFRQXQUHFLSURFRFRQIURQWRLQFURFLDWR


‫ڒ‬,QTXDGUDPHQWRVWRULFR

1HOOD SULPDYHUD GHO  OD VLWXD]LRQH PLOLWDUH H SROLWLFD GHOO‫ۑ‬$VVH
HUDVHQ]DVSHUDQ]DDFFDQWRDOOD*HUPDQLDFKHRUDPDLVRVWHQHYDOD
PDJJLRUSDUWHGHOORVIRU]REHOOLFRHUDQRULPDVWHVRORO‫ۑ‬,WDOLDUHSXE
EOLFDQDHOD&URD]LDROWUHDO*LDSSRQHDQFK‫ۑ‬HVVRDYYLDWRDOODVFRQ
ILWWD/HJLRQLHGLYLVLRQLGLRJQLQD]LRQDOLW¢HXURSHDFRPEDWWHYDQR
FRQOD:DIIHQ66
,OIURQWHLWDOLDQRHUDIHUPRDVXGVXOOD/LQHD9HUGH,, FRQRVFLXWD
LPSURSULDPHQWH FRPH ‫*۔‬RWLFD ,,‫  ە‬H DG RFFLGHQWH VXOOH $OSL DGR
ULHQWHSRFKLPDOVLFXULFDSLVDOGLVXO&DUVRHSUHVVROHFLWW¢PDJJLRUL
UHVLVWHYDQR LVRODWL QHOOH FDPSDJQHDOOD FRPSOHWD PHUF« GHJOL LXJR
VODYLPHQWUHLOIURQWHYHURHSURSULRSDVVDYDDVXGGL=DJDEULD
3ROLWLFDPHQWHLEHOOLJHUDQWLHUDQRFRLQYROWLLQVHUUDWHWUDWWDWLYH
GD XQ ODWR SHU VDOYDUH LO VDOYDELOH HG HYLWDUH XQ WUDERFFDPHQWR
GHOO‫ۑ‬$UPDWD 5RVVD QHO 5HLFK R GHL &RUSXV VODYL QHOOH 9HQH]LH
GDOO‫ۑ‬DOWURSHUULVSDUPLDUHLOSL»SRVVLELOHPH]]LHYLWHXPDQHLQYLVWD
GLXQDEDWWDJOLDILQDOHRUDPDLYLQWDDLSXQWL
,O JRYHUQR LWDOLDQR IDVFLVWDUHSXEEOLFDQR LVRODWR LQWHUQD]LRQDO
PHQWHHSULYRGLPDUJLQLGLWUDWWDWLYDFRQDOOHDWLHQHPLFLVLWURYDYD
LPSHJQDWR LQ DOFXQL WHQWDWLYL GL DFFRUGR FRQ OH DOL PRGHUDWH GHO
&/1$,SHUFRQVHQWLUHXQSDVVDJJLRGLSRWHULLOSL»LQGRORUHSRVVL
ELOHPHQWUHDOIURQWHHQHOOHUHWURYLHOHXQLW¢PLOLWDULHUDQRFRLQYRO
WH VHPSUH SL» GXUDPHQWH JDOYDQL]]DWH GDOO‫ۑ‬LSRWHVL GL XQ SURVVLPR
URYHVFLDPHQWRGHOOHVRUWLGHOFRQIOLWWRJUD]LHDOOHIDQWRPDWLFKH‫۔‬DU

PLVHJUHWH‫ە‬FKHODSURSDJDQGDDYHYDYDQWDWRDOXQJR 

SXEEOLFD H SHUILQR QHL JLXGL]L GL FRPPHQWDWRUL H VWRULFL  D GLVWDQ]D GL GHFHQQL
8QDUJRPHQWRFKHPHULWHUHEEHXQEHQSL»DSSURIRQGLWRHVDPH

/HFRVLGGHWWH‫۔‬DUPLVHJUHWH‫ە‬WHGHVFKHVXVFLWDYDQRWDQWHVSHUDQ]HIUDLFRPEDW
WHQWL GHOO‫ۑ‬$VVH TXDQWH SUHRFFXSD]LRQL IUD JOL $OOHDWL 1H VRQR WHVWLPRQLDQ]D OH
(0$18(/(0$675$1*(/2/DILQHGHOO‫(ۑ‬VHUFLWRGHOOD56,

,QROWUHPHQWUHOHWUXSSHLWDOLDQHHUDQRULVROWHDGXQDGXUDUHVL
VWHQ]D JLXVWD OH SDUROH GL 0XVVROLQL ‫۔‬GLIHQGHUHPR OD 9DOOH GHO 3R
FRQOHXQJKLHHFRLGHQWL‫ە‬LYHUWLFLGHOOH66LQ,WDOLDWUDWWDYDQRODUH

VDVHJUHWDPHQWHHVLSUHSDUDYDQRDJHWWDUHOHDUPL 
4XDQGRVFDWW´O‫ۑ‬RIIHQVLYDGLSULPDYHUDDOOHDWDIUDLOHLODSUL
56 OHOHWUDWWDWLYHGLUHVDIUD.DUO:ROIIFRPDQGDQWHGHOOH:DIIHQ
66 H GHOOD SROL]LD LQ ,WDOLD H JOL DQJORDPHULFDQL QRQ HUDQR DQFRUD
FRQFOXVHOHDUPDWHGLYRQ9LHWLQJKRIIGDSRFRVXFFHGXWRD.HVVHO
ULQJODDODDHOD‫۔‬/LJXULD‫ە‬HUDQRDQFRUDVFKLHUDWHHSURQWHSHU
XQDGLIHVDDGROWUDQ]D


‫ڒ‬/DVLWXD]LRQHPLOLWDUHQHOO‫ژ‬DSULOHVXOIURQWHLWDOLDQR

$PPLQLVWUDWLYDPHQWH GLSHQGHQWL GDO PLQLVWHUR GHOOD 'LIHVD UHSXE
EOLFDQROHWUXSSHLWDOLDQHGHOOD56,HUDQRLQJUDQGHSDUWHVRWWRSRVWH
DGXQFRPDQGRRSHUDWLYRWHGHVFRO‫ۑ‬XQLFDXQLW¢DOLYHOORGL$UPDWD
OD ‫۔‬/LJXULD‫ ە‬DO FRPDQGR GHO PDUHVFLDOOR 5RGROIR *UD]LDQL HUDXQD

FRPSDJLQH PLVWD FRQ GLYLVLRQL WHGHVFKH H LWDOLDQH  PD FRPXQTXH
LQTXDGUDWDQHO*UXSSRG‫ۑ‬$UPDWH&GL9LHWLQJKRII

PROWHLQIRUPDWLYHFLUFDOHSRVVLELOLW¢GLQXRYLDJJUHVVLYLFKLPLFLDHUHLDUD]]RRD
UHD]LRQH HG HVSORVLYL VWXSHIDFHQWL FKH DUULYDYDQR DOO‫ۑ‬266 GDOOH IRQWL LQ (XURSD
0ROWHGLTXHVWHULVXOWDURQRHVVHUHYRFLLQJLJDQWLWH6HPEUDGDHVFOXGHUVLODSRVVL
ELOLW¢FKHLO5HLFKVLIRVVHDQFKHVRORDYYLFLQDWRDOODUHDOL]]D]LRQHGLXQ‫ۑ‬DUPDQX
FOHDUH FIU03RSS/‫ڥ‬DWRPLFDGL+LWOHUGD/H6FLHQ]HQJLXJQR 6LFX
UDPHQWH LQYHFH OD *HUPDQLD DYHYD D GLVSRVL]LRQL JUDQGL TXDQWLW¢ GL DJJUHVVLYL
FKLPLFLIUDFXLXQJDVQHUYLQRFKHWXWWDYLD+LWOHUULILXW´VHPSUHGLXWLOL]]DUH3HU
TXHOORFKHULJXDUGDOHFRVLGGHWWH:XQGHUZDIIHQ‫ۋ‬RDUPLPLUDFRORVH‫ۋ‬DHUHLDUHD
]LRQHHDUD]]RPLVVLOLHDOWULRUGLJQLHUDQRJL¢SUHVHQWLVXLFDPSLGLEDWWDJOLDPD
QRQLQPLVXUDWDOHGDSRWHUSL»FRVWLWXLUHXQVHULRSHULFRORSHUJOL$OOHDWL

 /D GHVFUL]LRQH GHOOH OXQJKH WUDWWDWLYH LQ ( $JD 5RVVL H % ) 6PLWK 2SHUDWLRQ
6XQULVH0RQGDGRUL0LODQR

/D‫۔‬/LJXULD‫ە‬DYHYDGLVSRVWRLVXRLUHSDUWL‫۔‬DSHWWLQH‫ە‬VHJXHQGRLOFRQFHWWRGHOOH
‫۔‬VWHFFKH GL EDOHQD‫ ە‬XVDWR LQ $IULFD GD 5RPPHO RYYHUR LQIUDPPH]]DUH L UHSDUWL
LWDOLDQL FRQ DOWUL UHSDUWL WHGHVFKL FKH DYUHEEHUR LUULJLGLWR O‫ۑ‬LQWHUR VFKLHUDPHQWR
FRPHSHUO‫ۑ‬DSSXQWROHVWHFFKHGLEDOHQDGHLFRUVHWWLRWWRFHQWHVFKL 6LWUDWWDYDLQ
TXHVWRFDVRGLXQDVILGXFLDWHGHVFDPDWXUDWDQRQWDQWRSHUO‫ۑ‬LQIHULRULW¢WHFQLFDH
GLHTXLSDJJLDPHQWLFRPHLQ/LELDPDFDXVDWDGDOO‫ۑ‬DOWRQXPHURGLGLVHU]LRQLFKH
DIIOLJJHYDQR L UHSDUWL LWDOLDQL 6X WDOH DUJRPHQWR FL VL SHUPHWWH GL ULQYLDUH D (
0DVWUDQJHOR 3UHVHQWL DUELWUDUL /H GLVHU]LRQL QHOOH )RU]H $UPDWH GHOOD 5HSXEEOLFD
6RFLDOH ,WDOLDQD *HQRYD ,WDOLD 6WRULFD  9L HUD LQROWUH SUREDELOPHQWH XQD
GHWHUPLQD]LRQHSROLWLFDDQRQFRQVHQWLUHDOJRYHUQRUHSXEEOLFDQRGLSRWHUGLVSRU
(0$18(/(0$675$1*(/2/DILQHGHOO‫(ۑ‬VHUFLWRGHOOD56,

4XHVWR*UXSSRG‫ۑ‬$UPDWHLQFOXGHYDROWUHDOODFLWDWD‫۔‬/LJXULD‫ە‬DOWUH
GXHDUPDWHODDHODDFRPSUHQGHQWLDOORURLQWHUQRQXPHURVH
XQLW¢ LWDOLDQH VLD GL SULPD OLQHD FKH DXVLOLDULH SHU FRPSOHVVLYL

XRPLQLFLUFD /HUHWURYLHLWDORWHGHVFKHLQYHFHHUDQRRUJD
QL]]DWH LQ FRPDQGL UHWURYLD .RUXFN  DQFK‫ۑ‬HVVH FRPSUHQGHQWL QX
PHURVLVVLPH XQLW¢ UHSXEEOLFDQH DOLYHOOR GL EDWWDJOLRQH R LQIHULRUH 57
2OWUHODUHWURYLDGRYHODVRYUDQLW¢UHSXEEOLFDQDHUDSL»QHWWDHOH
XQLW¢ LWDOLDQH HUDQR VRWWRSRVWH D FRPDQGR LWDOLDQR FRRUGLQDWR FRQ
TXHOORJHUPDQLFR
Š QRWHYROH FKH QHO SDQRUDPD GLVDVWURVR GHOOR VWDWR GHOOH IRU]H
GHOO‫ۑ‬$VVHLQ,WDOLDVROROHGLYLVLRQLUHSXEEOLFDQHIRVVHURSUHVVRFK«D
SLHQLRUJDQLFL GHOSHUVRQDOH PHQWUHWXWWHTXHOOHWHGHVFKH
RVFLOODYDQR DOO‫ۑ‬LQFLUFD D PHW¢ GHJOL XRPLQL SUHYLVWL VXOOD FDUWD H
SHJJLRUHDQFRUDHUDODVLWXD]LRQHGHLPH]]L
/‫ۑ‬$UPDWD ‫۔‬/LJXULD‫ ە‬RUJDQL]]DWD VXL &RUSL G‫ۑ‬$UPDWD ‫۔‬/RPEDU
GLD‫ ە‬GLIHVDGHOODFRVWDHGHOO‫ۑ‬HQWURWHUUDOLJXUH H';;9 GLIHVDGHL
SDVVLDOSLQLRFFLGHQWDOL GLVSRQHYDGLGXHGLYLVLRQLWHGHVFKHGLWUH
GLYLVLRQL LWDOLDQH OD ‫۔‬/LWWRULR‫ ە‬OD ‫۔‬0RQWHURVD‫ ە‬H OD ‫۔‬6DQ 0DUFR‫ە‬
TXHVWHXOWLPHGXHSULYHGLDOFXQLUHSDUWLLQYLDWLVXOIURQWHGHOOD/L
QHD 9HUGH  ROWUH DO 5DJJUXSSDPHQWR ‫&۔‬DFFLDWRUL GHJOL $SSHQQLQL‫ە‬
GHOO‫ۑ‬HQWLW¢GLXQDEULJDWD DO5HJJLPHQWRSDUDFDGXWLVWL‫)۔‬ROJRUH‫ە‬H
DPROWHXQLW¢PLQRULSUHVLGLDULHHGLSROL]LDGHOOD*15HGHOOH%ULJD
WH1HUH

/D D $UPDWD VFKLHUDWD GDOOD FRVWD OLJXUH GL /HYDQWH DO 0RQWH
*UDQGH LQ (PLOLD VFKLHUDYD LQ *DUIDJQDQD OD GLYLVLRQH GL IDQWHULD
‫۔‬,WDOLD‫ ە‬ULQIRU]DWD GD XQD DOLTXRWD GHOOD ‫۔‬0RQWHURVD‫ ە‬H GHOOD ‫۔‬6DQ

UHGLYHUHGLYLVLRQLRUJDQLFKHVXOWHUUHQRGLVSHUGHQGRQHLUHSDUWLHPHVFRODQGROL
FRQTXHOOLWHGHVFKLFKHLQYHFHPDQWHQHYDQRFRHVLRQHIUDGLHVVLDQFKHSHULOFRQ
WUROOR FKH L JHUPDQLFL HVHUFLWDYDQR VXOOH UHWL GL FRPXQLFD]LRQH GHOO‫ۑ‬LQWHUD ,WDOLD
VHWWHQWULRQDOH &RPH YHGUHPR TXHVWD VFHOWD VDU¢ JUDYLGD GL FRQVHJXHQ]H SHU OH
IRU]HUHSXEEOLFDQHDOPRPHQWRGHOO‫ۑ‬LQVXUUH]LRQH

/DFLIUDªLQ1$UHQD56,/H)RU]H$UPDWHGHOOD5HSXEEOLFD6RFLDOHYROXPHSS
FRPSUHQGHQWHDQFKHJOLXRPLQLGHOO‫ۑ‬$UPDWD‫۔‬/LJXULD‫ە‬

*OLRUJDQLFLPDQFDQWLHUDQRFDXVDWLGDOO‫ۑ‬HPRUUDJLDGLGLVHU]LRQLFKHVLYHULILF´
VXELWR GRSR LO ULHQWUR GHOOH GLYLVLRQL GDOOD *HUPDQLD H FKH JLXQVH D FRLQYROJHUH
DQFKHXQTXLQWRGHLPLOLWDULGLFLDVFXQD*UDQGH8QLW¢1HOIHEEUDLR‫ۋ‬WXWWD
YLD‫ۋ‬LOIHQRPHQRHUDDQGDWRVFHPDQGR&IU(0DVWUDQJHOR3UHVHQWLDUELWUDUL
 D D
 ,QIDQWHULH'LYLVLRQH -¦JHU'LYLVLRQ
(0$18(/(0$675$1*(/2/DILQHGHOO‫(ۑ‬VHUFLWRGHOOD56,

0DUFR‫ە‬ROWUHDEDWWDJOLRQLGLGLIHVDFRVWLHUDHUHSDUWLPLQRULGLOLQHD
HGLVXSSRUWRLQTXDGUDWLQHOOHGLYLVLRQLWHGHVFKH
D
/D $UPDWDFRSULYDOD‫۔‬/LQHD9HUGH,,‫ ە‬DOWULPHQWLQRPLQDWD
‫۔‬/LQHD ,UPJDUG‫ ە‬QHO VHWWRUH VRWWR OD VXD UHVSRQVDELOLW¢ VXO ILXPH
6HQLR GDO0RQWH*UDQGHDOPDUH$GULDWLFRSUHVVROH3DOXGLGL&R
58 PDFFKLRHLOIURQWHRULHQWDOHILQRDOODFLWW¢GL)LXPHDYHYDLQRUJD
QLFRPROWHPHQRWUXSSHUHSXEEOLFDQHVXOOD‫۔‬,UPJDUG‫ە‬LO%DWWDJOLRQH
G‫ۑ‬$VVDOWR‫)۔‬RUO®‫ە‬DOOD9HQDGHO*HVVRSUHVVR,PRODLQTXDGUDWRQHOOD
D
 'LYLVLRQHGL)DQWHULDJHUPDQLFDHLOJUXSSRGLFRPEDWWLPHQWR
‫'۔‬HFLPD‫ ە‬VXL EDWWDJOLRQL ‫۔‬/XSR‫ ە‬H ‫۔‬13‫ ە‬H LO JUXSSR G‫ۑ‬DUWLJOLHULD
‫&۔‬ROOHRQL‫ە‬LQL]LDOPHQWHVFKLHUDWRVXOODOLQHDGHO6HQLRSUHVVR/XJR
SRL ULWLUDWR GLHWUR DO GLVSRVLWLYR GL GLIHVD GHOOD OLQHD 5HQR9DOOL GL
D
&RPDFFKLR D ULQIRU]DUH OD PDOIHUPD 'LYLVLRQH 7XUFRPDQQD  
,' HSHUULFRVWLWXLUHLEDWWDJOLRQLGXUDPHQWHSURYDWLQHOODJXHUUDGL
ORJRUDPHQWRDOIURQWH

,Q9HQH]LD*LXOLDGLSHQGHYDQRGDOODD$UPDWDLFLQTXHUHJJL
PHQWLGHOOD0LOL]LD'LIHVD7HUULWRULDOHLOUHJJLPHQWRDOSLQLYRORQWDUL
‫۔‬7DJOLDPHQWR‫ ە‬L EDWWDJOLRQL DXWRQRPL ‫۔‬0XVVROLQL‫ ە‬H ‫۔‬6DQ *LXVWR‫ە‬
PHQWUHLO&RPDQGDQWH%RUJKHVHGHOOD'HFLPD0$6VWDYDWUDWWDQGR
FRL GLIILGHQWL WHGHVFKL OD SRVVLELOLW¢ GL LQYLDUH QXRYDPHQWH VX TXHO
IURQWHO‫ۑ‬LQWHUD'LYLVLRQH‫'۔‬HFLPD‫ە‬SHUVFRQJLXUDUHLOGLODJDUHGHJOL
LXJRVODYLYHUVROHFLWW¢LWDOLDQH
1HOOHUHWURYLHYDULDPHQWHVRWWRSRVWHDFRPDQGLLWDOLDQLHWHGH
VFKL VL WURYDYDQR OH XQLW¢ GHOOD 'LYLVLRQH &RQWURFDUUR?&RQWUDHUHL
‫(۔‬WQD‫ ە‬FRPSRVWD FRQ JLRYDQLVVLPL HOHPHQWL GHOOD *15 H GHOOD
*XDUGLD *LRYDQLOH /HJLRQDULD LQTXDGUDWL DQFKH GD XIILFLDOL WHGH
VFKLVFKLHUDWDIUD0DQWRYDH5RYLJRFRQLPSRUWDQWLDOLTXRWHSUHVVR
0HGLFLQD %2  OD /HJLRQH *15 ‫۔‬7DJOLDPHQWR‫ ە‬LQ YDO &DPRQLFD
FRPHXQLW¢RUJDQLFKHGLXQDFHUWDHQWLW¢HPROWLEDWWDJOLRQLHFRP
SDJQLHGLSUHVLGLRHORWWDDQWLJXHUULJOLDDSSDUWHQHQWLDOOD*15DOOH
%ULJDWH1HUHDOOD'LYLVLRQH66‫۔‬,WDOLHQ‫ە‬HDOO‫(ۑ‬VHUFLWR5HSXEEOLFD
QR



'DQRQFRQIRQGHUVLFRQO‫ۑ‬RPRQLPDOHJLRQHG‫ۑ‬DVVDOWRGHOOD*15

)LDPPH%LDQFKH

 6XOOD GLYLVLRQH *UDQDWLHUL 9RORQWDUL 66 ‫۔‬,WDOLD‫ ە‬VL YHGD 6 &RUEDWWL H 0 1DYD
6HQWLUH3HQVDUH9ROHUH5LWWHU0LODQR
(0$18(/(0$675$1*(/2/DILQHGHOO‫(ۑ‬VHUFLWRGHOOD56,

/DVLWXD]LRQHWDWWLFDGHOOHXQLW¢UHSXEEOLFDQHHUDYDULDSLD]]DWH
LQSRVL]LRQLVWUDWHJLFKHIRQGDPHQWDOLVXO)URQWH$OSLQR2FFLGHQWDOH
HLQ*DUIDJQDQDDYHYDQRXQUXRORGHOWXWWRVHFRQGDULRLQYHFHVXO
IURQWHGHO6HQLRO¢GRYHLJHUPDQLFLVLDVSHWWDYDQRORVIRU]RSULQFL
SDOHGHJOLDOOHDWL1HOOHUHWURYLHOHXQLW¢UHSXEEOLFDQHHUDQRIUDQWX
PDWH LQ FHQWLQDLD GL SUHVLGL GL SLFFROD R SLFFROLVVLPD HQWLW¢LVRODWL 59
HGHVSRVWLDOFRQWLQXRORJRULRGHOODJXHUUDSDUWLJLDQDHGHOODSURSD
JDQGDGLVIDWWLVWD

/HGRWD]LRQLHUDQRUHODWLYDPHQWHEXRQHSHUO‫ۑ‬HSRFDSRWHQGRGL
VSRUUHGLDUPDPHQWLJHUPDQLFLFRPHL3DQ]HUIDXVWRL3DNGD

PPHGHTXLSDJJLDPHQWLLWDOLDQLGLSULPDVFHOWD PDGLIHWWDYDQROH
PXQL]LRQLHUD]LRQLDOLPHQWDUL/DPRWRUL]]D]LRQHHUDDSSURVVLPDWL
YDFRPHGHOUHVWRTXHOODGHOOD:HKUPDFKWHODGRWD]LRQHGLFRUD]
]DWLULVLELOHOLPLWDWDDSRFKLPH]]LGLREVROHWDSURGX]LRQHQD]LRQDOH
SHUORSL»SULYLGLYDORUHWDWWLFRLQFRQIURQWRDLFDUULDQJORDPHULFDQL

DQFKHSL»YHFFKLFRPHJOL6KHUPDQ /DVFDUVLW¢FURQLFDGLFDUEX
UDQWHUHQGHYDVHSRVVLELOHDQFRUDSL»SUHFDULDODVLWXD]LRQH

$QFKH SHU TXDQWR ULJXDUGD LO PRUDOH GHOOH WUXSSH LO SDQRUDPD
HUD YDULR VL DQGDYD GDXQLW¢ QHOOH TXDOL OD FRHVLRQH H OR VSLULWR GL
FRUSRVILRUDYDQRLOIDQDWLVPRFRPHLEDWWDJOLRQLG‫ۑ‬HOLWHSDUDFDGXWL
VWLTXHOOLGHOOD‫'۔‬HFLPD‫ە‬LO‫)۔‬RUO®‫ە‬DOWUHGRYHLOPRUDOHHUDEHQVDO
GR FRPH OD ‫۔‬7DJOLDPHQWR‫ ە‬PROWL UHSDUWL GHOOH GLYLVLRQL ‫۔‬0RQWHUR
VD‫۔ە‬6DQ0DUFR‫۔ە‬,WDOLD‫۔ە‬/LWWRULR‫ە‬HG‫(۔‬WQD‫ە‬OH66LWDOLDQHLUH

)DFHYDHFFH]LRQHOD'LYLVLRQH‫۔‬,WDOLD‫ە‬PROWRPDOHLQDUQHVHGDTXHVWRSXQWRGL
YLVWDHSHUTXHVWRDQFKHODSL»FROSLWDGDGLVHU]LRQLHGDVVHQ]HDUELWUDULH

8Q‫ۑ‬HFFHOOHQWHGLVDPLQDGHOODPRWRUL]]D]LRQHGHLUHSDUWL LWDORWHGHVFKLQHJOL XO
WLPLGXHDQQLGLJXHUUDVLSX´WURYDUHLQ6GL*LXVWR,UHSDUWLSDQ]HUQHO2=$.
(GL]LRQL GHOOD /DJXQD 0DULDQR GHO )ULXOL  6L QRWL FRPH OD PRWRUL]]D]LRQH
GHOOHXQLW¢HGHLUHSDUWLIRVVHSHUORSL»DIILGDWDDPH]]LGLVHFRQGDVFHOWDSUHGH
EHOOLFKHRYHLFROLPRGLILFDWLDOODPHJOLRGDOOHRIILFLQHFDPSDOLVHFRQGROHELVRJQD

/‫ۑ‬XQLFDHFFH]LRQHªUDSSUHVHQWDWDGDLVHPRYHQWLGDVXVFDIR0GHLTXDOL
SHU´HUDQRLQOLQHDVRORFLQTXHHVHPSODUL

 /D GRWD]LRQH TXRWLGLDQD GL FDUEXUDQWH SHU OH DYLD]LRQL LWDOLDQD H WHGHVFD
QHOO‫ۑ‬XOWLPRSHULRGRGHOODJXHUUDV‫ۑ‬HUDULGRWWDDGDSSHQDQRYHWRQQHOODWHJLRUQDOLH
UH&IU50RUHWWL$UJHQWD*DS0XUVLD0LODQRS

 /H *UDQGL 8QLW¢ GHOO‫(ۑ‬15 DYHYDQR DYXWR XQD LQL]LDOH IRUWLVVLPD FULVL FDXVDWD
GDOOHGLVHU]LRQLWDQWRGDIDUWHPHUHSHUOD‫۔‬6DQ0DUFR‫ە‬HOD‫۔‬,WDOLD‫ە‬DGGLULWWXUDOR
VFLRJOLPHQWR3RLLQVHJXLWRDOO‫ۑ‬D]LRQHHQHUJLFDGHLFRPDQGDQWLHDOODSURJUHVVLYD
‫۔‬SXUJD‫ە‬GHJOLHOHPHQWLLQILGLGHPRWLYDWLHGHVWDELOL]]DQWLODVLWXD]LRQHVLHUDUHOD
(0$18(/(0$675$1*(/2/DILQHGHOO‫(ۑ‬VHUFLWRGHOOD56,

SDUWLPRELOLGHOOH%%11HSUHVVRFK«WXWWLTXHOOLVFKLHUDWLVXOIURQWH
RULHQWDOH$OWULHUDQRYDFLOODQWLLQFHUWLGHFLVLDVRSUDYYLYHUHDOXQ
JR VHQ]D LPSHJQDUVL WURSSR LQ DWWHVD GHO PRPHQWR JLXVWR SHU DU
UHQGHUVLDJOLDOOHDWLRVIDOGDUVLHUDQRLOUHVWRGHOOHGLYLVLRQLOHFRP
SDJQLHSUHVLGLDULHGHOOD*15XQDFRQVLVWHQWHSDUWHGHOOH%%11,Q
60 ILQHY‫ۑ‬HUDXQDOXQJDOLVWDGLUHSDUWLSURQWLDJHWWDUHOHDUPLDSSHQD
SRVVLELOHFRPSRVWLSHUORSL»GLFRVFULWWLHGDGGLULWWXUDGLGLVHUWRUL
UHQLWHQWLHGH[EDQGLWLHSDUWLJLDQLDPQLVWLDWLVLWUDWWDYDGLXQLW¢GL
FRVWUXWWRUL VDOPHULH GLIHVD FRVWLHUDFDSLWDQHULH SUHVLGLDULH LQ JH
QHUDOHVRWWRSRVWHDVFDUVRDGGHVWUDPHQWRFRPDQGDWHGDXIILFLDOLGL

VHFRQGDVFHOWD RSHJJLR HVSRVWHDOORJRULRGHOWHGLRGHOODSURSD
JDQGD GLVIDWWLVWD RWWLPL EHUVDJOL TXDVL VHPSUH LQHUPL  SHU DXGDFL
FROSLGLPDQRGHOODJXHUULJOLDHSHULGLXWXUQLDWWDFFKLGHOO‫ۑ‬DYLD]LRQH
QHPLFD

/D VRUWH GHOOH XQLW¢ UHSXEEOLFDQH FRPH DFFHQQDWR VRSUD IX
VHPSUHVHJQDWDGDOODORURDWRPL]]D]LRQHGRYXWDDYDULPRWLYLQRWL
SULPR IUD WXWWL OD VFDUVD ILGXFLD QXWULWD GDL WHGHVFKL QHL FRQIURQWL
GHJOLLWDOLDQLHODORURLQWHQ]LRQHGLVFRQJLXUDUHLOSL»SRVVLELOHODUL
QDVFLWD GL IRU]H DUPDWH RUJDQLFKH H EHQ FRHVH WDOL GD SRWHU HVVHUH
XQSRQGHURVRDUJRPHQWRDYDQWDJJLRGHOO‫ۑ‬,WDOLDLQFDVRGLHYHQWXDOH
YLWWRULDGHOO‫ۑ‬$VVH,QROWUHVLSX´EHQDIIHUPDUHFKHLOPLJOLRUULVXOWD
WRRWWHQXWRGDOOHD]LRQLGLJXHUULJOLDVLDVWDWRSURSULRTXHOORGLRE
EOLJDUHODUHSXEEOLFDDGLVSHUGHUHFDSLOODUPHQWHVXOYDVWRWHUULWRULR
GHOO‫ۑ‬$OWD,WDOLDOHVXHIRU]HLQIXQ]LRQHGLSUHVLGLRHGLSXEEOLFDVL
FXUH]]D 4XHVWD VFRPSRVL]LRQH FRPH YHGUHPR VDU¢ HVL]LDOH SHUOH
IRU]HUHSXEEOLFDQHQHLJLRUQLFRQYXOVLGHOODWHU]DGHFDGHG‫ۑ‬DSULOH
D
/HGLYLVLRQL‫'۔‬HFLPD‫(۔ە‬WQD‫ ە‬66,WDOLHQIXURQRWDOLVRORVXOOD
FDUWDQRQUDJJLXQVHURPDLQ«LSLHQLRUJDQLFLQ«PDLRSHUDURQR
FRPHXQDJUDQGHXQLW¢/HTXDWWUR'LYLVLRQLGHOO‫(ۑ‬15IXURQRVFKLH

WLYDPHQWHVWDELOL]]DWDWDQWRFKHOHVWHVVHFRPSDJQLHGHOOD‫۔‬,WDOLD‫ە‬IXURQRLPSLH
JDWHGDLJHUPDQLFLSHUULQIRU]DUHGHLORUREDWWDJOLRQLPDOIHUPLDFDXVDGHOOHGHIH
]LRQLLQ*DUIDJQDQD

7DOXQHUHOD]LRQLFRQVHUYDWHSUHVVRO‫ۑ‬$UFKLYLR6WRULFRGHOO‫(ۑ‬VHUFLWRVRQRLOOXPL
QDQWLFLUFDODWULVWHUHDOW¢GLXQFRUSRXIILFLDOLLQSDUWHFRPSRVWRGDJOLVWHVVLLQHI
ILFLHQWLHGLVRQHVWLHOHPHQWLFKHDYHYDQRFDXVDWRJXDVWLQHOODSULPDIDVHGHOFRQ
IOLWWRDUUXRODWLVLQHOOHIRU]HUHSXEEOLFDQHVRORSHUVHJXLWDUHDSHUFHSLUHLOVROGR

,QUHDOW¢OD ‫'۔‬HFLPD‫ە‬SRWHYDFRQVLGHUDUVLDSLHQLRUJDQLFLVHEEHQHSL»FKHGL
GLYLVLRQHRFFRUUDSDUODUHGLEULJDWDRJUXSSRGLFRPEDWWLPHQWR
(0$18(/(0$675$1*(/2/DILQHGHOO‫(ۑ‬VHUFLWRGHOOD56,

UDWHLQJUXSSLGLFRPEDWWLPHQWRLQWHUYDOODWLGDUHSDUWLJHUPDQLFL
HGLVWDFFDURQRLORUREDWWDJOLRQLLQYDULHSDUWLGHOIURQWHGLUHVSRQ
VDELOLW¢GHOO‫ۑ‬$UPDWD‫۔‬/LJXULD‫ە‬HLQ*DUIDJQDQDDLIDWWLVROROD‫۔‬/LWWR
ULR‫ە‬HOD‫۔‬,WDOLD‫ە‬SRWHURQRRSHUDUHLQWHJUDOPHQWHLQXQVRORVHWWRUH
GHOIURQWH,OFUROORHODUHVDJHUPDQLFDVRUSUHVHFRV®OHIRU]HDUPDWH
LWDOLDQH GLVSHUVH VXO WHUULWRULR LVRODWH OH XQH GDOOH DOWUH LPSURYYL 61
VDPHQWH SULYHGL DSSRJJLR GD SDUWH GHL UHSDUWLWHGHVFKL FKH FRSUL
YDQRLVHWWRULDGLDFHQWLDLSURSUL

&RPSOHVVLYDPHQWH LQROWUH IRU]H DUPDWH PHVVH LQ FDPSR GDOOD
5HSXEEOLFD6RFLDOHUDJJLXQJHYDQRVRORVXOODFDUWDJOLRWWRFHQWRPLOD
HIIHWWLYL HG DYHYDQR XQD IUD]LRQH PLQRULWDULD FRVWLWXLWD GD UHSDUWL
DGDWWL DO FRPEDWWLPHQWR QHOO‫ۑ‬DSULOH GHO  VL SX´ VWLPDUH TXHVWD
DOLTXRWDLQWHUULWRULRLWDOLDQRDPLODXRPLQLGLFXLXQWHU]R
DOPHQRIURQWHDOQHPLFR GXQTXHSDU]LDOPHQWHLQGLVSRQLELOHSHUOD
ORWWDFRQWURODJXHUULJOLDSDUWLJLDQD $TXHVWLYDQQRDJJLXQWLDOFX
QH GHFLQH GL PLJOLDLD GL EULJDWLVWL GHOOH %%11 VROR LQ SDUWH DGGH
VWUDWLHTXLSDJJLDWLHPRWLYDWLDOFRPEDWWLPHQWR8Q‫ۑ‬DOWUDSDUWHGHOOH
IRU]HUHSXEEOLFDQHFRPEDWWHQWLVLWURYDYDIXRULGDOWHUULWRULRQD]LR
QDOH%DOFDQL%DOWLFRIURQWHRULHQWDOH(DQFRUDPROWHGHFLQHGLPL
JOLDLDGLXRPLQLHUDQRFRPSOHWDPHQWHDJJUHJDWLDOOHIRU]HWHGHVFKH
VSHFLDOPHQWHQHOODFRQWUDHUHDRDGGLULWWXUDVLWURYDYDQRQHOWHUULWR
ULRGHO5HLFK,OUHVWRGLFL´FKHFRVWLWXLYDLOGLVSRVLWLYRPLOLWDUHUH
SXEEOLFDQR LQ ,WDOLD HUD FRPSRVWR GD UHSDUWL GL VHUYL]LR ORJLVWLFD
VDOPHULHODYRUDWRULGLVDUPDWLEXURFUD]LDPLOLWDUHSUHVLGLWHUULWRULD
OLHSROL]LHSL»RPHQRPLOLWDUL]]DWL9XROGLUHFKHTXDQGRLO&/1$,
SURFODP´O‫ۑ‬LQVXUUH]LRQHSRWHYDFRQWDUHVXXQQXPHURGLJXHUULJOLHUL
VXSHULRUH VSHFLHVHVLFRQVLGHUDO‫ۑ‬DIIOXVVRGLDGHUHQWLGHOODmYHQWL
FLQTXHVLPDRUD} ULVSHWWRDTXHOORGHOOHWUXSSHUHSXEEOLFDQHLQJUD
GRGLFRPEDWWHUHHGLULVSRQGHUHDJOLRUGLQLGHLFRPDQGLLWDOLDQL(
LQROWUH LO &/1$, JRGHYD GL PROWL YDQWDJJL WDWWLFL O‫ۑ‬LQL]LDWLYD H OD
SRVVLELOLW¢ GL FRQFHQWUDUH OH SURSULH IRU]H D YRORQW¢ OH JDUDQ]LH


(UDODYHFFKLDWDWWLFDGHOOH‫۔‬VWHFFKHGLEDOHQD‫ە‬XVDWDGD5RPPHOLQ$IULFDSHU
ULQIRU]DUHOHGLYLVLRQLLWDOLDQHFRQEDWWDJOLRQLWHGHVFKL(‫ۑ‬SHU´SRVVLELOHDIIHUPD
UHVHQ]DIDUHGHOORVSLULWRSDWULRWWDUGRFKHLQTXHVWDIDVHGHOFRQIOLWWRODWHQXWD
GHOOHXQLW¢LWDOLDQHIXSDULDTXHOODWHGHVFDHDYROWHDQ]LIXURQROHIRU]HJHUPD
QLFKHDGDYHUULFHYXWRJLRYDPHQWRGDOOH‫۔‬VWHFFKHGLEDOHQD‫ە‬LWDOLDQHŠLOFDVRGHO
D D
OD ,'ULQIRU]DWDFRQUHSDUWLGHOOD‫۔‬,WDOLD‫ە‬HGHOOD 7XUNLVFKHULQIRU]DWDFRQ
LEDWWDJOLRQLGHO,*UXSSRGL&RPEDWWLPHQWR‫'۔‬HFLPD‫ە‬
(0$18(/(0$675$1*(/2/DILQHGHOO‫(ۑ‬VHUFLWRGHOOD56,

FRQFHVVHGDOFRPDQGDQWHGHOOH66LQ,WDOLD.DUO:ROIIFKHVLHUDLP
SHJQDWRDQRQDWWDFFDUHSL»OD5HVLVWHQ]DLQFDPELRGHOODGLVSRQLEL

OLW¢DOOHDWDDWUDWWDUHXQDUHVDVHSDUDWD LOPRUDOHDOWLVVLPR

/HEDVLRUJDQL]]DWLYHVXFXLPHVLSULPD6DO´DYHYDULFRVWUXLWR
62 TXDVL GD ]HUR OH VXH IRU]H DUPDWH HUDQR DOTXDQWR IUDJLOL 1DWHDOOD
JDULEDOGLQDFRQO‫ۑ‬LPSHWRGHOYRORQWDULVPRVLHUDSRLWHQWDWRGLUH
JRODUOHUHVWLWXHQGRORURXQRUGLQHRUJDQLFR0DDTXHVWRWHQWDWLYRVL
RSSRVHVHPSUHO‫ۑ‬DOOHDWRRFFXSDQWHWHGHVFRFKHLQXQ‫ۑ‬,WDOLDPLOLWDU
PHQWHGHEROHYHGHYDVRORYDQWDJJL DQFKHSHUFK«LWHGHVFKLQXWUL
YDQRQRQSRFKHSHUSOHVVLW¢VXOODSRVVLELOLW¢LWDOLDQDGLFUHDUHIRU]H
DUPDWHGLTXDOLW¢ 'DOSXQWRGLYLVWDGHOPRUDOHªLQQHJDELOHFKHOD
PDJJLRUSDUWHGHOOHWUXSSHIRVVHFRPSRVWDGDULFKLDPDWLRFRVFULWWL
EHQSRFRHQWXVLDVWLGLGRYHULQGRVVDUHXQDGLYLVDSHUODID]LRQHLQ
JXHUUDFKHHUDHYLGHQWHPHQWHGHVWLQDWDDOODVFRQILWWD,QROWUHLUXR
OLQL GHJOL XIILFLDOL QXPHULFDPHQWH VRYUDEERQGDQWL ULVSHWWR DOOD
WUXSSDVLWURYDURQRULHPSLWLGDHOHPHQWLGHOOH5HJLH)RU]H$UPDWH
RSSRUWXQLVWLRSHUILQRLQLQWHOOLJHQ]DFROQHPLFRFKHQRQSRWHYDQR
QRQFRQGXUUHPDOHLSURSULUHSDUWL3HJJLRDQFRUDPROWLUHSDUWLGL
UHWURYLD YHQQHUR FRPSRVWL GD H[ GLVHUWRUL R UHQLWHQWL FKH VFHVHUR
GDOOHPRQWDJQHGRYHVLHUDQRLPERVFDWLLQVHJXLWRDLYDULEDQGLGL
DUUXRODPHQWR 8Q LQJHJQRVR HVSHGLHQWH FRQ LO TXDOH OH IRUPD]LRQL
SDUWLJLDQH VSHGLURQR PLJOLDLD GL XRPLQL D mVYHUQDUH} D VSHVH GHO
JRYHUQRUHSXEEOLFDQRFUHDQGRFRQWHPSRUDQHDPHQWHFHOOXOHGLUHVL
VWHQ]DSURSDJDQGDHVSLRQDJJLRDOO‫ۑ‬LQWHUQRGHOOHIRU]HDUPDWHVWHV
VH $ TXHVWH GHILFLHQ]H FLUFD O‫ۑ‬HOHPHQWR XPDQR VL DJJLXQJHYDQR
TXHOOHVXOPDWHULDOHEHOOLFRXQDYHFFKLDSLDJDGHOOHQRVWUHIRU]HDU
PDWH $UPDPHQWL HG HTXLSDJJLDPHQWL YHFFKL XVXUDWL VFDUVL H VR
SUDWWXWWRSULYLGLPXQL]LRQLFDUEXUDQWHHSDUWLGLULFDPELR

&RQ XQ SDQRUDPD VLPLOH QRQ GHYH VWXSLUH VH JOL RWWDQWD
FHQWRPLODSDUWLJLDQLFKHIUDHDSULOHVLSUHFLSLWDURQRDFRQTXL
VWDUHOHFLWW¢GHO1RUGULXVFLURQRFRQUHODWLYDIDFLOLW¢DGDYHUUDJLRQH
GL IRU]H VXOOD FDUWD  WUHTXDWWUR YROWH VXSHULRUL /D UHDOW¢ ª FKH L
UDSSRUWLGLIRU]DQXPHULFLHUDQRPROWRSL»IDYRUHYROLDO&/1$,FKH
SHU JLXQWD LQL]L´ OH RSHUD]LRQL GL LQVXUUH]LRQH FRQWUR IRU]H UHSXE
EOLFDQH FROWH LQ SLHQD mFULVL GL GLVSLHJDPHQWR} TXHO SDUWLFRODUH


($JD5RVVL%)6PLWK2SHUD]LRQH6XQULVHS
(0$18(/(0$675$1*(/2/DILQHGHOO‫(ۑ‬VHUFLWRGHOOD56,

PRPHQWRGHOOHPDQRYUHPLOLWDULFRVWLWXLWRGDVSRVWDPHQWLHLQFHU
WH]]H FKH UHQGHYXOQHUDELOH XQ HVHUFLWR 0D TXHOOL FKH DO FRQWUDULR
GHYRQRVWXSLUHVRQRLFDVLWXWW‫ۑ‬DOWURFKHHSLVRGLFLGLUHVLVWHQ]DILQR
DOO‫ۑ‬XOWLPRRIIHUWRGDOOHIRU]HUHSXEEOLFDQHVRSUDWWXWWRFRQWURJOL$O
OHDWL/‫ۑ‬HVHUFLWRGL6DO´HUDLQIDWWLFRVWLWXLWRV®SULQFLSDOPHQWHGDFR
VFULWWL H ULFKLDPDWL PDDYHYD XQ QHUER GLYRORQWDUL FRPH QRQ VL ª 63
PDLYLVWRQHOODVWRULDPLOLWDUHLWDOLDQD/DVXDHIILFLHQ]DHUDGXQTXH
IRUWHPHQWHSRODUL]]DWDGDXQODWRXQDPLQRUDQ]DDJJXHUULWDHIDQD
WLFDGDOO‫ۑ‬DOWURODPDVVDGHJOLVILGXFLDWLHGHLIDWDOLVWLLQDWWHVDGHOOD
SULPDRFFDVLRQHEXRQDSHUIDUODILQLWDFRQXQDJXHUUDGDWDSHUSHU
GXWD4XDQGRLSULPLVLWURYDURQRVRWWRO‫ۑ‬XUWRGHOO‫ۑ‬DYDQ]DWDQHPLFD
RIIULURQRXQDUHVLVWHQ]DFKHDQG´ROWUHOHDVSHWWDWLYH

2SHUDWLYDPHQWH OD PDJJLRU SDUWH GHL UHSDUWL UHSXEEOLFDQL FRP
EDWWHQWLVLWURYDYDVRWWRFRPDQGRWHGHVFRTXHOOLVFKLHUDWLDOIURQWH
GLSHQGHYDQRGDLFRPDQGLPLOLWDULTXHOOLQHOOHUHWURYLHGDOFRPDQGR
GHOOH 66 H GHOOD SROL]LD 6XOOD IURQWLHUD RULHQWDOH L UHJJLPHQWL GHOOD
0LOL]LD7HUULWRULDOHHUDQRLQWXWWRHSHUWXWWRVXERUGLQDWLDLWHGHVFKL
DQFKHDPPLQLVWUDWLYDPHQWH4XHVWDFRQGL]LRQHGLVXEDOWHUQLW¢QXR
FHYD IRUWHPHQWH DO PRUDOH GHL VROGDWL UHSXEEOLFDQL VHEEHQH DOFXQL
SLFFROLUHSDUWLLQWHJUDWLFRPHWUXSSHG‫ۑ‬HOLWHDOO‫ۑ‬LQWHUQRGHOOHGLYLVLR
QLWHGHVFKHFRQVLGHUDVVHURXQJUDQGHRQRUHO‫ۑ‬HVVHUHEHQFRQVLGHUDWL
GDL FRPSDJQL GL ORWWD GHOOD :HKUPDFKW OD PDJJLRU SDUWH GHJOL XR
PLQLVXELYDLOGLVSUH]]RHO‫ۑ‬DOWHULJLDGHJOLDOOHDWLFKHVLPDQLIHVWDYD
ILQRDLYHUWLFLFRQODVFDUVDILGXFLDFKHLFRPDQGLWHGHVFKLULSRQHYD
QRQHOOHIRU]HLWDOLDQH,UHSDUWLUHSXEEOLFDQLQRQSRWHYDQRFRV®PDL
RSHUDUHDXWRQRPDPHQWHPDVHPSUHmVRWWRWXWHOD}OHJUDQGLXQLW¢
OH TXDWWUR GLYLVLRQL GL *UD]LDQL OD GLYLVLRQH (WQD GHOOD *15 H OD
'HFLPD  QRUPDOPHQWH ILQLURQR VHPSUH SHU HVVHUH IUDPPHQWDWH LQ
SLFFROLQXFOHLRSSXUHLQWHUYDOODWHFRQUHSDUWLWHGHVFKLFKHQHOOHLQ
WHQ]LRQL GHL ORUR FRPDQGL DYUHEEHUR GRYXWR JDUDQWLUQH OD WHQXWD
$OWUHXQLW¢GDFRPEDWWLPHQWRQRQIXURQRDPPHVVHGDLWHGHVFKLDOOD
OLQHDGHOIURQWHPDYHQQHURLPSLHJDWHLQRSHUD]LRQLGLJUDQGHSROL
]LDQHOOHUHWURYLHLQSUDWLFDREEOLJDWHDFRPEDWWHUHODJXHUUDFLYLOH
FRQWURLSDUWLJLDQLFRPSLWRJHQHUDOPHQWHFRQVLGHUDWRLQJUDWRIUX
VWUDQWH H PRUWLILFDQWH1RQ ª XQ FDVR FKH L IHQRPHQL GL GLVHU]LRQL
SL»IRUWLVLVLDQRPDQLIHVWDWLQRQSUHVVRTXHLUHSDUWLFKHHUDQRVWDWL
LQYLDWLDOIURQWHGRYHSXUDYUHEEHURSRWXWRFRQVHJQDUVLDOQHPLFR
FRQ L VDOYDFRQGRWWL FKH YHQLYDQR GLIIXVL GDOOD SURSDJDQGD DOOHDWD
(0$18(/(0$675$1*(/2/DILQHGHOO‫(ۑ‬VHUFLWRGHOOD56,

PDIUDFRORURFKHHUDQRFRVWUHWWLDVXELUHLOORJRULRGHOODJXHUUDFL
YLOH8QRVWLOOLFLGLRGLSHUGLWHFKHIXDQFRUDSL»GUDPPDWLFRSHUWXWWL
TXHLSUHVLGLWHUULWRULDOLLVRODWLHVSRVWLDOODSURSDJDQGDHDOOHPLQDF
FHSDUWLJLDQH FRQWDQWRGLYHQGHWWHVXLIDPLOLDULGHLPLOLWLUHSXEEOL
FDQL HFRQWURLTXDOLLJXHUULJOLHULSRWHYDQRFRQFHQWUDUHOHIRU]HLQ
64 D]LRQLIXOPLQHHHPLFLGLDOLFRQWDQGRVSHVVRHYROHQWLHULVXmTXLQWH
FRORQQH}LQWHUQHDOOHVWHVVHFRPSDJLQLUHSXEEOLFDQH

4XHVWDGLVSHUVLRQHDPDFFKLDGLOHRSDUGRGHLUHSDUWLGL6DO´IX
XQRGHLSULQFLSDOLPRWLYLGHOFUROORILQDOH,WHGHVFKLLQIDWWLFRVWLWXL
YDQRQRQVRORO‫ۑ‬LPSDOFDWXUDGHOGLVSRVLWLYRPLOLWDUHGHOO‫ۑ‬$VVHLQ,WD
OLD VHWWHQWULRQDOH PD VRSUDWWXWWR LO VXR mVLVWHPD QHUYRVR} DYHQGR
VRWWRFRQWUROORTXDVLSHULQWHUROHOLQHHGLFRPXQLFD]LRQH4XDQGR
DSDUWLUHGDOODVHFRQGDPHW¢GLPDU]ROHWUDWWDWLYHGHOJHQHUDOH.DUO
:ROII SHU XQD UHVD VHSDUDWD GHOOH IRU]H WHGHVFKH LQL]LDURQR D FRQ
FUHWL]]DUVLLQXQDVHULHGLDWWLGLFDSWDWLREHQHYROHQWLDHQHLFRQIURQWL
GHJOL$OOHDWLODPHUFHGLVFDPELRRIIHUWDGDOJHQHUDOHGHOOH66IXD
VSHVH GHJOL LJQDUL UHSXEEOLFDQL ,Q SDUWLFRODUH :ROII VL LPSHJQ´ D
EORFFDUHO‫ۑ‬LQJDJJLRGHOOHXQLW¢WHGHVFKHLQRSHUD]LRQLDQWLSDUWLJLDQH
XQD GHIH]LRQH FKH GRSR LO  DSULOH FROS® FRPH XQ HOHWWURVKRFN OH
WUXSSHUHSXEEOLFDQHLPSURYYLVDPHQWHLUHSDUWLIDVFLVWLVLWURYDURQR
QRQVRORSULYLGLDOOHDWLVXLTXDOLIDFHYDQRJUDQGLVVLPRDIILGDPHQWR
PDDQFKHHVRSUDWWXWWRGHOOHOLQHHGLFRPXQLFD]LRQHFKHTXHVWLFRQ
WUROODYDQR,QVRPPDTXDQGRLQL]L´LOFUROORGHOIURQWHLWHGHVFKLL
QL]LDURQRDFRQVHJQDUHSL»RPHQRSDFLILFDPHQWHDLSDUWLJLDQLFHQ
WUDOLQHWHOHIRQLFKHHLPSLDQWLUDGLRFRQVHQWHQGRDTXHVWLXOWLPLGL
JXDGDJQDUH XQYDQWDJJLR VRVWDQ]LDOH VXL IDVFLVWL JL¢ VFRVVLGDO WUD
FROORPLOLWDUHDOIURQWHLSDUWLJLDQLDYHYDQRDFTXLVWDWRXQVLVWHPDGL
FRPDQGRHFRPXQLFD]LRQHLIDVFLVWLGLYHQWDYDQRRJQLRUDFKHSDV
VDYDVHPSUHSL»FLHFKLHVRUGL(SHUVRSUDPPHUFDWREUDQFRODQGR
QHOEXLRGHOODJXHUUDWURYDYDQRO¢GRYHSHQVDYDQRDYUHEEHURGRYX
WRHVVHUFLLmFDPHUDWLJHUPDQLFL}LOYXRWRRSHJJLRLSDUWLJLDQL۞


‫ڒ‬/‫ژ‬RIIHQVLYDDOOHDWD

,O  DSULOH  GRSR XQD VHWWLPDQD GL SUHSDUD]LRQH OXQJR WXWWR
D
O‫ۑ‬DUFRDSSHQQLQLFROHIRU]HGHOO‫ ۑ‬$UPDWDEULWDQQLFDGDYDQRLQL]LR
DOO‫ۑ‬RIIHQVLYD ILQDOH FRQWUR OD /LQHD 9HUGH ,O SLDQR FODVVLFR ‫۔‬XQR
(0$18(/(0$675$1*(/2/DILQHGHOO‫(ۑ‬VHUFLWRGHOOD56,

GXH‫ ە‬GHOOD VWUDWHJLD LQJOHVH SUHYHGHYD XQ ‫۔‬GLUHWWR‫ ە‬GHOO‫ۑ‬D $UPDWD


EULWDQQLFDYHUVROD6WUHWWDGL$UJHQWDOD]RQDGHOFRQILQHIUD5RPD
JQDH3ROHVLQHGRYHOHGLIHVHJHUPDQLFKHHUDQRSL»VRWWLOLHGLILXPL
GDDWWUDYHUVDUHULGRWWLDOVROR5HQRTXLQGLXQ‫۔‬JDQFLR‫ە‬FRQWUR%ROR
D
JQD SRUWDWR GDOOD   $UPDWD VWDWXQLWHQVH DOOR VFRSR GL FROSLUH OD
VXFFHVVLRQH GHOOH OLQHH GLIHQVLYH WHGHVFKH GD WHUJR ,Q TXHVWD IDVH 65
GHOODJXHUUDODVLWXD]LRQHGHO*UXSSRG‫ۑ‬$UPDWH‫ە&۔‬WHGHVFRHUDDV
VROXWDPHQWHLQVRVWHQLELOHSHUFRQWLQXDUHDGXVDUHXQSDUDJRQHSX
JLOLVWLFRHVVRHUDFRPHXQER[HXUFKHGHEEDFRPEDWWHUHFRQWURXQ
DYYHUVDULRGXHYROWHSL»SHVDQWHFRQXQSLHGHLQXQVHFFKLRGLFH
PHQWRHO‫ۑ‬DOWURLQFDWHQDWRSHURUGLQHGHOO‫ۑ‬DOOHQDWRUH7DOHHUDODVL
WXD]LRQHGHOGLVSRVLWLYRGLIHQVLYRLWDORWHGHVFRLQFKLRGDWRVXOOD‫۔‬/L
QHD9HUGH,,‫ە‬HLPSRVVLELOLWDWRDPDQRYUDUHSHURUGLQHGL+LWOHUSHU
PDQFDQ]DGLFDUEXUDQWHHSHUODFRPSOHWDVXSHULRULW¢DHUHDQHPLFD
FKHUHQGHYDRJQLVSRVWDPHQWRLPSRVVLELOHGXUDQWHOHRUHGLOXFH

'RSRODIDVHLQL]LDOHGLYHURHSURSULRORJRUDPHQWRQHOODTXDOH
OH IRU]H GHOO‫ۑ‬$VVH FRLQYROWH YHQQHUR OHWWHUDOPHQWH FRQVXPDWH
GDOO‫ۑ‬XUWRFRQTXHOOHDOOHDWHILQDOPHQWHLODSULOH9LHWLQJKRIIVLGH
FLVHDGRUGLQDUHODULWLUDWDJHQHUDOH'DOOHSDOXGLGL&RPDFFKLRDOOH
FROOLQH DQWLVWDQWL %RORJQD XQ LPSRQHQWH ERPEDUGDPHQWR
G‫ۑ‬DUWLJOLHULDHDHUHRDYHYDIUDQWXPDWROHHVDXVWHGLIHVHGHOO‫ۑ‬$VVHOD
D
PDJJLRU SDUWH GHOOH WUXSSH FKH IURQWHJJLDYDQR O‫  ۑ‬$UPDWD HUD
FRPSRVWDGDGLYLVLRQLWHGHVFKHPDIUDTXHVWHF‫ۑ‬HUDQRDQFKHGLYHUVL
UHSDUWL LWDOLDQL EDWWDJOLRQL GHOOD 'HFLPD 0$6 EDWWHULH DQWLFDUUR
DQWLDHUHH GHL JLRYDQLVVLPL YRORQWDUL GHOOD ‫(۔‬WQD‫ ە‬EDWWDJOLRQL
G‫ۑ‬DVVDOWR GHOOD *15 1RQRVWDQWH OD VFKLDFFLDQWH VXSHULRULW¢ GL XR
PLQLHPH]]LLEULWDQQLFLLPSLHJDURQRJLRUQLDGDSULUVLODVWUDGD
VX%RORJQDHDWWUDYHUVRODVWUHWWDGL$UJHQWDQHO3ROHVLQH,OHQ
WUDYDQR LQ D]LRQH DQFKH JOL DPHULFDQL GHOOD D $UPDWD VXO IURQWH
GHOO‫ۑ‬$SSHQQLQR4XDQGRLODSULOHFDGGH%RORJQDIXFKLDURDWXWWL
FKHODYDOOHGHO3RHUDSHUGXWD,OFRPDQGDQWHWHGHVFR+HLQULFKYRQ
9LHWLQJKRIIRUGLQ´LOULSLHJDPHQWRDQRUGGHO3RVXOODSUHYLVWDOLQHD
GHO7LFLQR
8QRUGLQHFKHJLXQVHWXWWDYLDWDUGLYRHLQXWLOHSHUFK«JL¢LO
OH IRU]H LQJOHVL QHR]HODQGHVL LQGLDQH H UHJLH DYHYDQR DSHUWR OD
VWUDGD SHU $UJHQWD VFDUGLQDQGR FRV® LUULPHGLDELOPHQWH WXWWR LO GL
VSRVLWLYR GHOOH OLQHH VXFFHVVLYH VXL ILXPL 6LOODUR 6DQWHUQR ,GLFH H
5HQR $ TXHO SXQWR OH IRU]H LWDORWHGHVFKH VL WURYDURQR DG HVVHUH
(0$18(/(0$675$1*(/2/DILQHGHOO‫(ۑ‬VHUFLWRGHOOD56,

VRUSDVVDWHGDOOHDYDQJXDUGLHQHPLFKHVXLILDQFKLVRWWRSRVWHDGXQ
LQFHVVDQWH PDUWHOODPHQWR DHUHR FRVWUHWWH DG DEEDQGRQDUH PH]]L H
PDWHULDOL SHU PDQFDQ]D GL FDUEXUDQWH H PXQL]LRQL 4XDQGR L UHVWL
D
GHOOD $UPDWDJLXQVHURVXO3RWURYDURQRLSRQWLHGLWUDJKHWWLLQ
VHUYLELOLDFDXVDGHJOLDWWDFFKLDHUHLHGHLVDERWDJJLSDUWLJLDQL,QRO
66 WUHILQGDODSULOHPROWLGHLSXQWLGLSDVVDJJLRHUDQRJL¢VWDWLUDJ
JLXQWLGDOOHSXQWHDYDQ]DWHGHOQHPLFR&RV®LOILXPHFKHGRYHYDFR
VWLWXLUH OD SULQFLSDOH OLQHD G‫ۑ‬DUUHVWR LQ FDVR GL VIRQGDPHQWR VL WUD
VIRUP´LQXQDWUDSSRODSHUOHDUPDWHLWDORWHGHVFKHLQULWLUDWD
$O  DSULOH OD D H OD D $UPDWD DYHYDQR JL¢ SHUGXWR 
XRPLQLGLFXLSULJLRQLHULROWUHDTXDVLWXWWRLOPDWHULDOH
/‫ۑ‬DWWUDYHUVDPHQWRGHO3RIXFRQWUDVWDWRGDOOHSRFKHUHWURJXDUGLH

LWDORWHGHVFKHULPDVWHLQHIILFLHQ]D PDDSSHQDOHDYDQJXDUGLHDOOH
DWHIXURQRLQJUDGRGLULRUJDQL]]DUVLYDUFDURQRLOILXPHSXQWDQGRD
UDJJLHUDYHUVRJOLREELHWWLYLVWUDWHJLFL9HURQDH7UHYLVR$VXGGHO
3R LQYHFH OH IRU]H DPHULFDQH GHOOD D 'LYLVLRQH GD 0RQWDJQD H
TXHOOH EUDVLOLDQH GHO %() VL VSLQJHYDQR OXQJR OD 9LD (PLOLD YHUVR
3DUPD H SRL 3LDFHQ]D FRQWUDVWDWH GD SRFKL UHSDUWL UHSXEEOLFDQL H
GHOOD66LWDOLDQDFKHIXURQRGLVWUXWWLQHOO‫ۑ‬LQXWLOHWHQWDWLYR,QWDQWR
SURSULRIUDLOHLOLO&/1$,RUGLQDYDO‫ۑ‬LQVXUUH]LRQHJHQHUDOH

6XO IURQWH GHOOD *DUIDJQDQD JOL DPHULFDQL LQL]LDURQR OH RSHUD

]LRQL ILQ GDL SULPL GL DSULOH ULXVFHQGR DG RFFXSDUH $SXDQLD  /D
SUHVVLRQHOXQJROD9LD$XUHOLDIXTXLQGLDIILGDWDDGXQDWDVNIRUFHVX
GXH UHJJLPHQWL FKH ULXVF® D IDUFHGHUH OD PDOIHUPD D 'LYLVLRQH
WHGHVFD SURYRFDQGR FRV® LO FUROOR GHOO‫ۑ‬LQWHUR IURQWH GHOOD ‫۔‬/LQHD
9HUGH,,‫ە‬RFFLGHQWDOH1HOODYDOOHGHO3DQDURGRSRDYHUVIRQGDWROH
OLQHHD0RQWH&DVWHOORIUDWWDQWROHDYDQJXDUGLHGHO%()VLDGRSH
UDYDQRSHUSLRPEDUHDOOHVSDOOHGHOGLVSRVLWLYRLWDORWHGHVFRFKHIX
FRV® FRVWUHWWR DG RUGLQDUH XQ JHQHUDOH ULSLHJDPHQWR /D GLYLVLRQH
‫۔‬,WDOLD‫ە‬DVVLHPHDLUHSDUWLDJJUHJDWLHDTXHOOLJHUPDQLFLLQL]L´TXLQ


6LGLVWLQVHURLUHSDUWLFRPSRVWLGDJLRYDQLVVLPLOHJLRQDULGHOODGLYLVLRQH‫(۔‬WQD‫ە‬
IUD0DQWRYDH5RYLJR

(UDO‫ۑ‬REELHWWLYR LQGLVSHQVDELOHSHU LOVXSHUDPHQWRGHLGXHILXPL3RH$GLJH H
SRWHU SXQWDUH VXFFHVVLYDPHQWH D QRUG YHUVR LO %UHQQHUR H DG HVW YHUVR 7ULHVWH
IUXVWUDQGR FRV® VXO QDVFHUH TXDOXQTXH WHQWDWLYR WHGHVFR GL UHDOL]]DUH XQD OLQHD
DUUHWUDWDLQ,WDOLDVHWWHQWULRQDOH

(UDQRHOHPHQWLGHOJUXSSR‫۔‬/HRQHVVD‫ە‬HGHOEDWWDJOLRQH66‫'۔‬HEL©D‫ە‬

2JJL0DVVDH&DUUDUD
(0$18(/(0$675$1*(/2/DILQHGHOO‫(ۑ‬VHUFLWRGHOOD56,

GLDUHWURFHGHUHFRPEDWWHQGRPHQWUHVXOODFRVWDOD&;;;9%ULJDWD
GD)RUWH]]DWHGHVFDULQIRU]DWDGDHOHPHQWLLWDOLDQLVLULWLUDYDGD/D
6SH]LD$*HQRYDODQRWL]LDGHOODUHVDWHGHVFDSURYRF´XQDVSDFFDWX
UDQHOOHWUXSSHJHUPDQLFKHFRQXQDPLQRUDQ]DGHFLVDDUHVLVWHUHDG
ROWUDQ]D H DG DWWXDUH O‫ۑ‬RUGLQH GL +LWOHU GL IDU WHUUD EUXFLDWD &RQWUR
TXHVWLLUULGXFLELOLVLVFKLHUDURQRDQFKHLUHSDUWLGHOOD'HFLPDSUHVHQWL 67
QHOFDSROXRJROLJXUHLPSHGHQGRLVDERWDJJLHOHGLVWUX]LRQL

$RFFLGHQWHWXWWDYLDOHGLYLVLRQLLWDOLDQHGHOO‫ۑ‬DUPDWD/LJXULDIX
URQR OHWWHUDOPHQWH DEEDQGRQDWH VXOOD OLQHD GHO IURQWH DOSLQR GD
TXHOOHWHGHVFKHFKHLOLQL]LDURQRLOULSLHJDPHQWRVHQ]DDYYLVDUHL
FRPDQGLLWDOLDQL6XOIURQWHGHOO‫ۑ‬$SSHQQLQROXQLJLDQRLQYHFHODGL
YLVLRQH‫۔‬,WDOLD‫ە‬TXHOODFKHSL»DYHYDVRIIHUWRSHUOHGLVHU]LRQLRIIU®
XQD GXUD UHVLVWHQ]D DOO‫ۑ‬DYDQ]DWD DPHULFDQD FRQVHQWHQGR DO JURVVR
GHOOHWUXSSHLWDORWHGHVFKHGLUHWURFHGHUHYHUVRQRUGFRQRUGLQH,Q
WHRULDO‫ۑ‬HQQHVLPDULWLUDWDGHOO‫ۑ‬$VVHLQ,WDOLDDYUHEEHGRYXWRIHUPDUVL
VX XQ QXRYD OLQHD FRVWLWXLWD VXO 7LFLQR ,Q SUDWLFD LO FROODVVR GHOOH
IRU]HLWDORWHGHVFKHIXWRWDOH$SDUWLUHGDOTXDQGRLSULPLFDUUL
DUPDWL DPHULFDQL ULXVFLURQR D PHWWHUH L FLQJROL VXOOD VSRQGD QRUG
GHO3RO‫ۑ‬XQLFDSUHRFFXSD]LRQHGHOODPDJJLRUSDUWHGHLFRPDQGLPL
OLWDULLWDORWHGHVFKLGLYHQQHFRPHRWWHQHUHXQDUHVDRQRUHYROHQHOOH
PDQLGHOQHPLFRHYLWDQGRTXDQWRSRVVLELOHGLFRQVHJQDUVLDLSDUWL
JLDQL,QTXHVWRSDQRUDPDGLGLVVROX]LRQHIDFHYDHFFH]LRQHSHU´XQ
SXJQRGLUHSDUWLUHSXEEOLFDQLFKHGHFLVHURODORWWDDROWUDQ]DOHEDW
WHULH GHOOD ‫(۔‬WQD‫ ە‬QHO 0DQWRYDQR FKH RVWDFRODURQR OH SXQWDWH GHL
FRUD]]DWLDPHULFDQLLFDUULGHOOD*15OH66LWDOLDQHHOHEULJDWHQHUH
FKHFHUFDURQRGLVEDUUDUHODYLD(PLOLDQHLSUHVVLGHLSR]]LSHWUROLIH
ULGHOO‫ۑ‬$*,3GL*URSSDUHOOR

6XOIURQWHDOSLQROHIRU]HIUDQFRDPHULFDQHLQL]LDURQRO‫ۑ‬RIIHQVLYD
FRQWUROHGLIHVHGHOO‫ۑ‬$UPDWD‫۔‬/LJXULD‫ە‬SXQWDQGRVX%ULJD7HQGDVXO
3LFFROR6DQ%HUQDUGROD0DGGDOHQD0RQFHQLVLRH)UHMXV&RQWHP
SRUDQHDPHQWHIRU]HVHQHJDOHVLVLVSLQJHYDQRROWUHFRQILQHVXOODFR
VWD)LQRDOJLRUQROHSXQWDWHQHPLFKHIXURQRUHVSLQWHFRQJUDYL
SHUGLWHPDLQTXHOODGDWDLOFRPDQGRGLFRUSRG‫ۑ‬DUPDWD‫ۋ‬WHGHVFR‫ۋ‬
D D
LQROWU´DOOHGLYLVLRQL GD0RQWDJQDH O‫ۑ‬RUGLQHGLULWLUDWD,WHGH
VFKLLQL]LDURQRDULSLHJDUHHVRORVXFFHVVLYDPHQWHYHQQHURVHJXLWL
GDSDUWHGHOOHGLYLVLRQLLWDOLDQH‫۔‬/LWWRULR‫۔ە‬6DQ0DUFR‫ە‬H‫۔‬0RQWHUR
VD‫ە‬VFRVVHGDXQRUGLQHFKHSUDWLFDPHQWHVDFULILFDYDOHIRU]HLWDOLD
(0$18(/(0$675$1*(/2/DILQHGHOO‫(ۑ‬VHUFLWRGHOOD56,

QHSHUIDUGDUHWURJXDUGLDDTXHOOHJHUPDQLFKH,IUDQFHVLWURYDQGR
OD VWUDGD OLEHUD ULXVFLURQR D VIRQGDUH D %RUJR VDQ 'DOPD]]R HG D
SXQWDUHVX&XQHRPHQWUHDQRUGXQFHGLPHQWRGHOIURQWHGHOOH$OSL
*UDLH GHOOD ‫۔‬0RQWHURVD‫ ە‬FRQVHQW® DL JROOLVWL GL DYDQ]DUH VX $RVWD
YHQHQGR SHU´ IHUPDWL GDO JUXSSR G‫ۑ‬DUWLJOLHULD ‫۔‬0DQWRYD‫ ە‬SUHVVR

68 3RUWD /LWWRULD  ILQR DOO‫ۑ‬DUULYR SURYYLGHQ]LDOH GHJOL DPHULFDQL FKH
VWURQF´ LO WHQWDWLYR IUDQFHVH GL IDU WURYDUH LO IDWWR FRPSLXWR
GHOO‫ۑ‬DQQHVVLRQHDOWDYRORGHOODSDFH

,OIURQWHRULHQWDOHLQYHFHYLGHXQDVLWXD]LRQHFDRWLFDPHQWUHJOL
LXJRVODYLGL7LWRFLUFRQGDYDQROHFLWW¢SDUWHGHOOHIRU]HWHGHVFKHDF
FHWWDURQRODUHVDHGLQL]LDURQRDULSLHJDUH$OFRQWUDULRLUHSDUWLDX
VLOLDUL GRPREUDQFLEHODJDUGLVWLFRVDFFKL SUHVLGDOSDQLFRVLGLHGH
URDOODIXJDYHUVRQRUGSHUIDUVLSUHQGHUHSULJLRQLHULGDJOL$OOHDWL
RFFLGHQWDOLHVIXJJLUHFRV®DOOHIRU]HVRYLHWLFKHRLXJRVODYH/HIRU]H
UHSXEEOLFDQHDVVRPPDQWLDFLUFDXRPLQLDYUHEEHURGRYXWR
DVVXPHUHG‫ۑ‬LQL]LDWLYDODGLIHVDGHOOHSURYLQFHJLXOLDQHPDO‫ۑ‬DVVHQ]D
GLXQFKLDURFRRUGLQDPHQWR‫ۋ‬LOFRPDQGRVXSHULRUHHUDWHGHVFR‫ۋ‬H
GLXQDFFRUGRFROORFDOH&1/IUXVWU´RJQLWHQWDWLYRRUJDQL]]DWR
,O r PDJJLR JOL LXJRVODYL RFFXSDURQR 7ULHVWH PD QH IXURQR H
VSXOVLGDLQHR]HODQGHVLGRSRRUH/HJXDUQLJLRQLLWDOLDQHHTXHOOH
WHGHVFKHDQFRUDULPDVWHLQDUPLVLGLIHVHURDVSUDPHQWHD3RODHLQ
DOWUHORFDOLW¢PDSHUORSL»FHUFDURQRGLUDJJLXQJHUHODFRVWDYHQHWD
FRQ RJQL PH]]R , UHSDUWL LWDOLDQL DJJUHJDWL DL UHVWL GHO *UXSSR
G‫ۑ‬$UPDWH‫ە(۔‬GHOOD&URD]LDVLULWLUDURQRFRQHVVRHQHVHJXLURQROH
VRUWL


  /D ILQH GHOOH )RU]H $UPDWH 5HSXEEOLFDQH XQR VJXDUGR
SURVSHWWLFR

$TXHVWRSXQWRJHWWLDPRXQRVJXDUGRVXLGHVWLQLGLYHUVLFKHWRFFD
URQRDLUHSDUWLUHSXEEOLFDQL&RPHDEELDPRYLVWROHXQLW¢UHSXEEOL
FDQHHUDQRFDUDWWHUL]]DWHGDXQDTXDVLFRPSOHWDDWRPL]]D]LRQHVXO
WHUULWRULRGHOO‫ۑ‬$OWD,WDOLDHFRPHLPPHGLDWDFRQVHJXHQ]DGLTXHVWR
DEELDPRXQDPLULDGHGLFRQFOXVLRQLGLIIHUHQWLGHOODYLFHQGDEHOOLFD


2JJL/D7KXLOH,O‫۔‬0DQWRYD‫ە‬IXXQRGHJOLXOWLPLUHSDUWLDFHGHUHOHDUPLDUUHQ
GHQGRVLDJOLDPHULFDQLLOPDJJLR
(0$18(/(0$675$1*(/2/DILQHGHOO‫(ۑ‬VHUFLWRGHOOD56,

GL FLDVFXQR HVDPLQDUOH XQD SHU XQD VDUHEEH LPSRVVLELOH LQ TXHVWD
VHGH TXLQGL FL OLPLWHUHPR DG DQDOL]]DUH OH WHQGHQ]H JHQHUDOL H OH
FDXVHGLHVVH
$EELDPRJL¢YHGXWROHWLSRORJLHGLUHSDUWLFKHOD5HSXEEOLFDD
YHYD D VXD GLVSRVL]LRQH HVVL DQGDYDQR GDO FRUSR G‫ۑ‬HOLWH DOO‫ۑ‬LQILGR
EDWWDJOLRQHGLFRVFULWWLRDGGLULWWXUDH[SDUWLJLDQLSURQWLDWRUQDUHD 69
ILDQFRGHLYHFFKLFRPSDJQL
2UDHVHJXLUHPRXQDVHFRQGDVXGGLYLVLRQHLQEDVHDOORURLPSLH
JRRSHUDWLYRYLHUDQRUHSDUWLLPSHJQDWLGLUHWWDPHQWHLQOLQHD GLYL
VLRQL ‫۔‬,WDOLD‫۔ ە‬/LWWRULR‫۔ ە‬0RQWHURVD‫ ە‬, *UXSSR GL &RPEDWWLPHQWR
‫'۔‬HFLPD‫ە‬5JW‫)۔‬ROJRUH‫ە‬%WJ‫)۔‬RUO®‫ە‬HGDOWULPLQRUL UHSDUWLLPSH
JQDWL QHOOH UHWURYLH LQ D]LRQL DQWLJXHUULJOLD ‫&۔‬DFFLDWRUL GHJOL $S

SHQQLQL‫۔ ە‬6DQ 0DUFR‫  ە‬/HJLRQH ‫۔‬7DJOLDPHQWR‫ ە‬/HJLRQH ‫۔‬0XWL‫ە‬
EDWWDJOLRQL YDUL GHOOD *15 H GHOOD 0'7  LQILQH UHSDUWL SUHVLGLDUL
FRVWLHULDXVLOLDULHGLSROL]LD

0HQWUHODSULPDWLSRORJLDGLWUXSSDHUDFDUDWWHUL]]DWDGDXQDUH
ODWLYDFRPSDWWH]]DRSHUDWLYD DQFRUFK«OH'LYLVLRQLIRVVHURREEOLJD
WHDFRSULUHVHWWRULGLIURQWHGLHQRUPHHVWHQVLRQHFRQFRQVHJXHQWH
UDUHID]LRQHGHLUHSDUWLHODUJKLVSD]LYXRWLIUDGLHVVL ODWHU]DDYHYD
XQDVLWXD]LRQHWDWWLFDDGLUSRFRGLVDVWURVDFRQIRU]HGLVSHUVHVSHV
VRLPSRVVLELOLWDWHDPDQRYUDUH ªLOFDVRGHLUHSDUWLFRVWLHULIURQWHDO
PDUH LQJHQHUDOHHVSRVWH/DFDWHJRULDGHOOHIRU]HXVDWHLQIXQ]LRQH
DQWLJXHUULJOLDSDUDGRVVDOPHQWHLQTXHVWDIDVHGHOODJXHUUDVLULYHOD
TXHOODSL»IDYRULWDSHUFK«OHXQLW¢LPSLHJDWHLQTXHVWHLQJUDWHDWWL
YLW¢HUDQRFRQFHQWUDWHVLPXRYHYDQRGLQRUPDFRPSDWWDPHQWHH
UDQRFRPSRVWHGDWUXSSHHVWUHPDPHQWHPRWLYDWHHFRQVDSHYROLFKH
ODVFRQILWWDOHDYUHEEHHVSRVWHDOODUDSSUHVDJOLDQHPLFDVHQ]DSLHW¢
LQROWUHSHUODORURIXQ]LRQHWDWWLFDHUDQROHXQLFKHDJRGHUHGLXQD
PRWRUL]]D]LRQHVXIILFLHQWH
,QILQHVXWXWWHOHXQLW¢UHSXEEOLFDQHSHVDYDIRUWLVVLPDO‫ۑ‬LSRWHFD
GHOOD‫۔‬QHEELDGHOODJXHUUD‫ە‬FDXVDWDGDOOHLQWHUUX]LRQLFRQWLQXHGHOOH
OLQHH WHOHIRQLFKH RSHUDWH GDL JXHUULJOLHUL GDO IDWWR FKH OD PDJJLR
UDQ]DGHLFDQDOLGLFRPXQLFD]LRQH HQHOOH=RQH2SHUDWLYHWXWWL H
UDQRLQPDQRDLJHUPDQLFLHGDOO‫ۑ‬DVVHQ]DGLULFRJQL]LRQHDHUHD


/D‫۔‬6DQ0DUFR‫ە‬GHIDFWRHUDLPSHJQDWDQHOODGLIHVDFRVWLHUDGHOOD5LYLHUDGL3R
QHQWHWXWWDYLDO‫ۑ‬RQHUHPDJJLRUHSHUTXHVWD*8IXFRVWLWXLWRGDOORVWLOOLFLGLRFDX
VDWRGDOODJXHUULJOLD
(0$18(/(0$675$1*(/2/DILQHGHOO‫(ۑ‬VHUFLWRGHOOD56,

4XDQGR OH XQLW¢ GL OLQHD VL WURYDURQR GL IURQWH DOO‫ۑ‬XUWR DOOHDWR
VHJXLURQR DOO‫ۑ‬LQFLUFD OD VRUWH GHL JHUPDQLFL IDWWD HFFH]LRQH SHU OD
OLQHDGHOOH$OSL2FFLGHQWDOLGRYHSHURYYLPRWLYLPRUDOLODWHQXWD
GHOOH XQLW¢ UHSXEEOLFDQH IX GL JUDQ OXQJD SL» VWUHQXD HG L YDUFKL
DSHUWLQHOORVFKLHUDPHQWRGHOO‫ۑ‬$UPDWD‫۔‬/LJXULD‫ە‬VLYHULILFDURQRVROR
70 D FDXVD GHOO‫ۑ‬RUGLQH GL ULSLHJDPHQWR LPSDUWLWR LO  DSULOH DOOH GLYL
VLRQLGDLFRPDQGLWHGHVFKLLQRWWHPSHUDQ]DDOSLDQR‫۔‬1HEELD$UWLIL
FLDOH‫ە‬FKHSUHYHGHYDXQDULWLUDWDGLHWURODOLQHD7LFLQR3R,QXWLOHGL
UHFKHO‫ۑ‬RUGLQHGLULSLHJDPHQWRDUULYDWRTXDQGRODSUHVVLRQHQHPLFD
HUDRUDPDLIRUPLGDELOHHEEHXQHIIHWWRHVL]LDOHVXPROWHXQLW¢WDQWR
WHGHVFKHTXDQWRLWDOLDQHFRVWUHWWHDULWLUDUVLVRWWRO‫ۑ‬DWWDFFRDOOHDWRH
VRJJHWWH DO GLVWXUER GHOOD JXHUULJOLD YHUVR XQD OLQHD GL GLIHVD RUD
PDLJL¢SHUIRUDWDLQYDULSXQWL
,O ULSLHJDPHQWR GHOOD 'LYLVLRQH ‫۔‬6DQ 0DUFR‫ ە‬GRSR O‫ۑ‬LQXWLOH UL
FKLHVWDGHOJHQHUDOHFRPDQGDQWH$PLOFDUH)DULQDGLSUHGLVSRUUHXQD
GLIHVDDGROWUDQ]DVXOODSRVL]LRQHªHVHPSODUHLUHSDUWLLQL]LDURQRD
PXRYHUH YHUVR QRUG UHJLVWUDQGR QRLH D FDXVD GHOOH LQWHUUX]LRQL H
GHOFHFFKLQDJJLRGHOODJXHUULJOLDGHJOLDWWDFFKLDHUHLQHPLFLPDVR
SUDWWXWWRVXEHQGRSHUGLWHSHUODGHIH]LRQHGLDOFXQLXIILFLDOLFKHPL
VHUR GLYHUVH FRPSDJQLH DOOD PHUF« GHOOH EDQGH SDUWLJLDQH FDXVDQ
GRQHODGLVWUX]LRQH
/D*UDQGH8QLW¢ULXVF®FRPXQTXHDJXDGDJQDUHODOLQHDGHO3R
7LFLQR IUD LO  H LO  DSULOH SUHVVR $OHVVDQGULD PD GXUDQWH
O‫ۑ‬DWWUDYHUVDPHQWR GHL ILXPL IX UDJJLXQWD GDOOD QRWL]LD GHOOD FDWWXUD
GHOFRPDQGRG‫ۑ‬DUPDWDHGHOJRYHUQRUHSXEEOLFDQR/‫ۑ‬HYROYHUHGHOOD
VLWXD]LRQH IX JLRFRIRU]D TXHOOR GL FHUFDUH XQD PLVXUD GL UHVD FKH
FRPSRUWDVVHO‫ۑ‬LQFROXPLW¢GHJOLXRPLQLHO‫ۑ‬RQRUHGHOOHDUPL

/H XQLW¢ LPSHJQDWH QHOOH UHWURYLH LQ RSHUD]LRQL DQWLJXHUULJOLD
LQYHFHVHJXLURQRGLYHUVHVRUWLDWWDFFDWHHGLVWXUEDWHDSDUWLUHGDO
DSULOHGDOOHIRU]HLQVXUUH]LRQDOLLQL]LDURQR LOULSLHJDPHQWRFHU
FDQGRGLUDJJLXQJHUHOHFRORQQHGHOOHIRU]HLWDORWHGHVFKHLQULWLUDWD
GDLIURQWLRSSXUHGLUHVVHURYHUVR0LODQRROD9DOWHOOLQDQHOODYDQD
VSHUDQ]DGLSDUWHFLSDUHDOODGLIHVDGHO5LGRWWR$OSLQR5HSXEEOLFDQR
/D FRQVDSHYROH]]D GL DYHUH VFDUVL R QXOOL PDUJLQL GL WUDWWDWLYD FRQ
JOL LQVRUWL VSLQVH JHQHUDOPHQWH TXHVWL UHSDUWL DULPDQHUH FRPSDWWL
DQFKHVHVLYHULILFDURQRDOFRQWUDULRPROWLFDVLGLGLVHU]LRQLFDXVDWH
GDOSDQLFRHGDOODVSHUDQ]DGLUDJJLXQJHUHORFDOLW¢GRYHQDVFRQGHU
VL,UHSDUWLULPDVWLLVRODWLFKHWHQWDURQRGLWUDWWDUHODUHVDIXURQRLQ
(0$18(/(0$675$1*(/2/DILQHGHOO‫(ۑ‬VHUFLWRGHOOD56,

OLQHDGLPDVVLPDGHFLPDWLGRSRJOLDFFRUGL GLVDWWHVL FRLJXHUULJOLH


ULPHQWUHTXHOOLFKHULPDVHURFRPSDWWLULXVFLURQRVHSSXUFRQSHU
GLWHHGLVHU]LRQLDUDJJLXQJHUHOD‫]۔‬RQDIUDQFD‫ە‬SUHVVR,YUHDRSSXUH
DG HQWUDUH LQ FRQWDWWR FRQ DYDQJXDUGLH DQJORDPHULFDQH DOOH TXDOL
DUUHQGHUVLFRQODFHUWH]]DGHOWUDWWDPHQWRFRQYHQ]LRQDOH
 71
/HIRU]HLWDOLDQHSUHVHQWLVXOUDPR RULHQWDOHGHOOD‫۔‬/LQHD9HUGH
,,‫ە‬QRQYHQQHURGLUHWWDPHQWHLQYHVWLWHGDOO‫ۑ‬DWWDFFRQHPLFRLOEDWWD
JOLRQH ‫)۔‬RUO®‫ ە‬VFDYDOFDWR DL ILDQFKL GDOOH XQLW¢ UHJLH GHL JUXSSL GL
FRPEDWWLPHQWR‫)۔‬ROJRUH‫ە‬H‫)۔‬ULXOL‫ە‬LQL]L´DULWLUDUVLIUDLOHGLO
DSULOHFRQORVFRSRGLUDJJLXQJHUHODOLQHDGHO6DQWHUQRGRYHVHP
D
EUDYDVLVWHVVHURJL¢DWWHVWDQGRLUHJJLPHQWLGHOOD GLYLVLRQH,Q
YHFHLOULSLHJDPHQWRVLIHFHURWWDLOUHSDUWRDVVRWWLJOLDQGRVLVHPSUH
SL»ILQRDGLVRUJDQL]]DUVLFRPSOHWDPHQWHLQL]L´XQDVHULHGLDUUH
WUDPHQWLQHOODVSHUDQ]DGLULXVFLUHDIHUPDUVLVXXQDGHOOHOLQHHGL
IHQVLYH SUHGLVSRVWH SHU DUUHVWDUH LO QHPLFR ILQR D UDJJLXQJHUH
O‫ۑ‬$GLJH LO  DSULOH GRYH L UHVWL GHO UHSDUWR VL VFLROVHUR GL IURQWH
DOO‫ۑ‬LQXWLOLW¢GLRJQLXOWHULRUHUHVLVWHQ]D
3RFRDGRULHQWHGHO‫)۔‬RUO®‫ە‬VWDYDQRGLYHUVHFRPSDJQLHDXWRQRPH
GHOOD‫(۔‬WQD‫ە‬GLVSRVWHVXOODURWDELOHFKHGD/XJRSXQWDYHUVR0HGL
FLQDH%RORJQDHGD$UJHQWDD%XGULR,QYHVWLWHGDOO‫ۑ‬XUWRGHOODGLYL

VLRQHQHR]HODQGHVHOHSULPHHGLEHQVHLGLYLVLRQL  IUDFXLXQDFR
UD]]DWD  OH VHFRQGH  FRQWHVHUR DO QHPLFR LO WHUUHQR ILQR
DOO‫ۑ‬HVDXULPHQWRGHLPH]]LTXLQGLGLIURQWHDOORVIRQGDPHQWRLQJOH
VHSUHVVR$UJHQWDHVVHVLULWLUDURQRDVVLHPHDLUHVWLGHOOHGLYLVLRQL
WHGHVFKHVXEHQGRODVRUWHGHOOHXQLW¢DOOHDWHILQRDFRPSOHWDFRQ
VXQ]LRQH*OLXOWLPLUHVWLGLTXHVWLUHSDUWLVLVFLROVHURQHOYDQRWHQ
WDWLYRGLYDUFDUHLO3RFRQVHJQDQGRVLDJOLLQJOHVL

8QGLVFRUVRDSDUWHPHULWDODFRVLGGHWWDmFRORQQD3DYROLQL}HL
UHSDUWL GHOOH %ULJDWH 1HUH FKH VL HUDQR UDGXQDWH LQ 9DOWHOOLQD SHU
XQ‫ۑ‬HVWUHPD GLIHVD /D FRORQQD GL XRPLQL SDUWLWD GD 0LODQR DOO‫ۑ‬DOED
GHODSULOHQRQUDJJLXQVHPDLLO5LGRWWR$OSLQR5HSXEEOLFDQRLQ
JROIDQGRVLQHOOHDQJXVWHVWUDGHGHOODJRGL&RPRHGLVRULHQWDWDGDO
FRPSRUWDPHQWR LQGHFLIUDELOH GL 0XVVROLQL 0HQWUH D 0LODQR OD

 1RQ ULVXOWD FKH DQFKH LO *UXSSR GL &RPEDWWLPHQWR ‫&۔‬UHPRQD‫ ە‬VLD HQWUDWR LQ
FRQWDWWRFRQLUHSDUWLUHSXEEOLFDQLGHOOD‫(۔‬WQD‫ە‬SHUFK«OHVXHIRU]HGRSRORVIRQ
GDPHQWRGHOODOLQHDWHGHVFDYHQQHURWHQXWHLQGLHWURULVSHWWRDTXHOOHEULWDQQLFKH
FKHSXQWDYDQRVXOSRQWHGL%DVWLDHVX$UJHQWD
(0$18(/(0$675$1*(/2/DILQHGHOO‫(ۑ‬VHUFLWRGHOOD56,

*XDUGLDGL)LQDQ]DSDVVDWDDOQHPLFRRFFXSDYDLSDOD]]LGHOSRWHUH
H DQFRUD XQD YROWD L FHQWUL GL WHOHFRPXQLFD]LRQH  SHU FRQWR GHO
&/1$, OD FRORQQD GL IDVFLVWL FKH VL VJUDQDYD VXELYD LO SHVR
GHOO‫ۑ‬LQFHUWH]]DGHPRUDOL]]DWLWHUURUL]]DWLGDOOHPLQDFFHSDUWLJLDQHH
FHUWLRUDPDLGHOODVFRQILWWDPROWLVVLPLXRPLQLLQL]LDURQRDGLVHUWD
72 UH3HUO‫ۑ‬LQWHUDJLRUQDWDGHOSUDWLFDPHQWHVLLQWHUUXSSHURLFRQWDW
WL FRL FDSL GHOOD 56, 0XVVROLQL HUD LPSHJQDWR QHL VXRL PLVWHULRVL
WHQWDWLYL GL FRQWDWWR FRQ DJHQWL VWUDQLHUL *UD]LDQL VL VWDYD SURGL
JDQGRSHUIDUV®FKHXQDILUPDLWDOLDQDDOIDWWRFRPSLXWRODVFLDWRGDL
WHGHVFKL JDUDQWLVVH SUHVVR JOL $OOHDWL XQ WUDWWDPHQWR VHFRQGR FRQ
YHQ]LRQLGLJXHUUDDQFKHDLSULJLRQLHULIDVFLVWL3DYROLQLVLDJJLUDYD
VXOOXQJRODJRLQFHUFDGL0XVVROLQL4XDVLRUHGLEXLRFRPSOHWR
SHUOHWUXSSHULPDVWHLQGLHWURVHQ]DSL»RUGLQL4XDQGRLODVHUD
VLGLIIXVHODQRWL]LDGHOO‫ۑ‬DUUHVWRGHLFDSLHGL0XVVROLQLVWHVVRLOSD
QLFRGLODJ´1HOODVHUDWDGHODSULOHLQL]L´DFLUFRODUHDQFKHODQR
WL]LDGHOODORURPRUWH/DVSDUL]LRQHHTXLQGLODILQHGL0XVVROLQLIX
LOVHFRQGRFROSR‫ۋ‬TXHOORPRUWDOH‫ۋ‬DOPRUDOHGHOOHWUXSSHIDVFLVWH
*L¢VFRQIRUWDWHGDOWUDGLPHQWRWHGHVFRHGDOO‫ۑ‬LQFHUWH]]DVXOORURGH
VWLQR OH IRU]H GHOOD 56, QRQ UHVVHUR DOOD QRWL]LD GHOO‫ۑ‬DUUHVWR H SRL
GHOOD PRUWH GHO 'XFH &RQ OD VXD ILQH VL VSH]]DYD DQFKH O‫ۑ‬XOWLPR
YLQFRORG‫ۑ‬RQRUH/DPDJJLRUDQ]DGHFLVHGLJHWWDUHO‫ۑ‬XQLIRUPH5LPD
VHURLQDUPLVROR‫ۋ‬FRPHGHWWR‫ۋ‬TXHLUHSDUWLDOODIURQWLHUDFKHDYH
YDQRGLIURQWHJOLHVHUFLWLLQYDVRULGL)UDQFLDH,XJRVODYLDHSRFKLV
VLPLDOWULPDQLSROLSHUORSL»JDOYDQL]]DWLGDOODGLVSHUDWDQHFHVVLW¢
GL QRQ DUUHQGHUVL DL SDUWLJLDQL 4XHOOL FKH LQYHFH FUHGHWWHUR DOOH
SURPHVVHGHLYLQFLWRULHVLFRQVHJQDURQRLPSDUDURQRDORURVSHVH
FKH OH JXHUUH FLYLOL GLIILFLOPHQWH ILQLVFRQR FRQ XQ OHDOH DFFRUGR GL
UHVD





7UDWHFQRFUDWLHVROGDWL
/‫ژ‬HFRQRPLDFLOHQDQHJOLDQQLGL3LQRFKHW

GL)('(5,&26(6,$


$EVWUDFW
&KLOHDQHFRQRP\DIWHUWKHJROSHRIZHQWWKURXJKWZRZDYHVRIOLEHUWDULDQHFR
QRPLF SROLFLHV 7KHVH SROLFLHV ZDV OHDGHG E\ D JURXS RI HFRQRPLVWV FDOOHG &KLFDJR
%R\VLQIOXHQFHGE\WKH'HSDUWPHQWRI(FRQRPLFVRIWKH8QLYHUVLW\RI&KLFDJRDQG
PDLQO\ E\ WKH WKHRULHV RI 0LOWRQ )ULHGPDQ 7KH WZR ZDYHV ZHUH LQWHUVSHUVHG E\ D
EULHIUHWXUQRI.H\QHVLDQVSROLFLHVRZHGWRWKHFULVLVRIWKHHDUO\(LJKWLHV:KLOHWKH
&KLFDJR%R\VVXFFHHGHGLQWKHLUVWUXJJOHDJDLQVWLQIODWLRQWKHRYHUDOOUHVXOWVRIWKHLU
SROLFLHVZHUHDQLQFUHDVLQJRISRYHUW\LQHTXDOLW\DQGDIUDLOW\RIWKH&KLOHDQHFRQ
RP\


3DUROHFKLDYH(FRQRPLD&LOH3LQRFKHW&KLFDJR%R\VOLEHULVPR0LOWRQ)ULHGPDQ

.H\ZRUGV (FRQRPLFV &KLOH 3LQRFKHW &KLFDJR %R\V OLEHUWDULDQLVP 0LOWRQ )ULHG
PDQ









129$+,6725,&$$112;9,1
 
)('(5,&26(6,$7UDWHFQRFUDWLHVROGDWL





ϳϰ /‫ژ‬HFRQRPLDHODVRFLHW¢GHO&LOHQHJOLDQQLSULPDGHOJROSH

/DVLWXD]LRQHHUHGLWDWDGDLPLOLWDULFLOHQLDOO‫ۑ‬LQGRPDQLGHOORURJROSH
GHOO‫ ۑ‬VHWWHPEUH  QRQ HUD FHUWR WUD OH SL» LQFRUDJJLDQWL, WUH
DQQLGLSUHVLGHQ]DGL6DOYDGRU$OOHQGH*RVVHQV  VLHUDQR
ULVROWLLQXQWRWDOHIDOOLPHQWRVLDVXOSLDQRHFRQRPLFRFKHVXTXHOOR
VRFLRSROLWLFRDFDXVDGLXQPL[GLSROLWLFKHHUUDWHHSUHVVLRQLLQWHU
QHHGHVWHUQH1RQRVWDQWHLEXRQLULVXOWDWLUDJJLXQWLLOSULPRDQQR
VXOIURQWHGHOODFUHVFLWDGHLFRQVXPLHGHOPLJOLRUDPHQWRGHJOLLQGL
FDWRULVRFLDOLQRQFLVLGHYHGLPHQWLFDUHFRPHSHUXQD

>۞@YDOXWD]LRQHGHOSULPRDQQRGLSUHVLGHQ]DGL6DOYDGRU $OOHQGHQRQFL
SRVVLDPR IHUPDUH DO GLFHPEUH  ,O SURJUDPPD GUDVWLFR GL 83 >8QLW¢
3RSRODUHO‫ڥ‬DOOHDQ]DGHLSDUWLWLGLFHQWURVLQLVWUDFLOHQLFKHVRVWHQQH6DOYDGRU
$OOHQGH1G5@DEUHYHWHUPLQHKDDYXWRSHVDQWL‫ۋ‬HODUJDPHQWHQHJDWLYH‫ۋ‬
ULSHUFXVVLRQLVXOVXFFHVVLYRVYLOXSSRHFRQRPLFRHSROLWLFR+DSURYDWRQHL
IDWWLFKHªSL»GLIILFLOHPHWWHUHLQDWWRODWUDQVL]LRQHSLDQLILFDWDGDXQDSR
OLWLFDEDVDWDFRPSOHVVLYDPHQWHVXXQDFUHVFLWDGHLFRQVXPLHXQDEEDVWDQ
]DLQGLVFULPLQDWRLPSHJQRSHUPRELOLWDUHULVRUVHLQXWLOLDXQDSL»VRILVWLFD
WDSROLWLFDGLVYLOXSSREDVDWDVXOO‫ۑ‬DFFXPXOD]LRQHGLFDSLWDOLHODSLDQLILFD
]LRQH HFRQRPLFD,QSDUWHOD FUHVFLWDQHOODSURGX]LRQH HQHOFRQVXPRQHO
KDDYXWROXRJRDVSHVHGHOOHSRVVLELOLW¢GLXQDIXWXUDFUHVFLWDHYDULH
UHVWUL]LRQLLQWHUQHHGHVWHUQHVDUHEEHURVDOWDWHIXRULSUHVWRRWDUGLTXDQGR
OD ULVHUYD GL YDOXWD HVWHUD VL VWDYD DYYLFLQDQGR DOOR ]HUR >۞@ $OOD ILQH
GHOO‫ۑ‬DQQRYDULWLSLGLVWUR]]DWXUHVWDYDQRJL¢LQL]LDQGRDFRPSDULUHHLQIX
WXURODFUHVFLWDUDSLGDQRQSRWHYDFKLDUDPHQWHFRQWLQXDUHDHVVHUHEDVDWD
VXOODILORVRILDGHOODVFLDUHO‫ۑ‬DFFXPXOD]LRQHGLFDSLWDOHODUJDPHQWHLQULWDUGR

ULVSHWWRDOODFUHVFLWDGHLFRQVXPL 

*L¢ QHO  OD VLWXD]LRQH HFRQRPLFD FRQREEH XQ GHFLVR SHJ
JLRUDPHQWR,SUH]]LDOFRQVXPRQHOOXJOLRGHOHUDQRDX
PHQWDWLGLXQHLOSDHVHSUHFLSLWDYDLQXQYRUWLFHLQIOD
]LRQLVWLFR DO TXDOH O‫ۑ‬HVHFXWLYR QRQ ULXVFLYD D WURYDUH XQD YLD
G‫ۑ‬XVFLWD HVVHQGR OD SUHVVLRQH LQIOD]LRQLVWLFD WURSSR IRUWH SHU


 6 GH 9\OGHU $OOHQGH‫ڥ‬V &KLOH ‫ ڟ‬7KH SROLWLFDO HFRQRP\ RI WKH ULVH DQG IDOO RI WKH
8QLGDG3RSXODU&DPEULGJH8QLYHUVLW\3UHVV1HZ<RUN
)('(5,&26(6,$7UDWHFQRFUDWLHVROGDWL

FK«IRVVHURSRVVLELOLGHOOHPDQLSROD]LRQLVXLFRQWUROOLGHLSUH]
]L4XDQGR TXHVWD VSLUDOH HEEH LQL]LRQHOO‫ۑ‬XOWLPRVHPHVWUHGHO
VDUHEEHDQFRUDVWDWRSRVVLELOHIHUPDUODLQPRGRSDU]LDOH
JUD]LHDOOHFDSDFLW¢ HVLVWHQWLDOODULGX]LRQHGHLSURILWWL PDUJL
QDOLHDOO‫ۑ‬HVLVWHQ]DGLDEERQGDQWLULVHUYHGLPDWHULHSULPHFKH ϳϱ
DYUHEEH SRWXWR LQ SDUWH DVVRUELUH OD ULFKLHVWD LQIOD]LRQDWD GL
EHQL/DTXDQWLW¢GLPRQHWDFKHVLULYHUVDYDLQ&LOHDXPHQWDYD
VHQ]DVRVWDDQQLHQWDQGRLOYDORUHGHOO‫ۑ‬HVFXGR/DEDWWDJOLDFRQ
WURO‫ۑ‬LQIOD]LRQHSRWHYDGLUVLSHUVDSHULOJRYHUQRGL83HTXH
VWR DQFKH SHU PRWLYD]LRQL SROLWLFKH XQD YROWD GDWR LO YLD DOOH
ULIRUPHLOSUH]]RGLPDQRYUHGLDJJLXVWDPHQWRQRQHUDSROLWL
FDPHQWH VRVWHQLELOH SHU $OOHQGH /H SUREOHPDWLFKH LQ FDPSR
HFRQRPLFRQRQHUDQROLPLWDWHDOO‫ۑ‬LQIOD]LRQHFROSHQGRDQFKHLO
VHWWRUHGHOOHLQIUDVWUXWWXUHQHOODULGX]LRQHGHOODSURGX]LRQHGL
GLYHUVLEHQLGLFRQVXPRQHOFDORGHOOHLPSRUWD]LRQLHGHOOHH
VSRUWD]LRQL OD ELODQFLD FRPPHUFLDOH FLOHQD QHO  FKLXVH LQ
URVVRFRQXQGLVDVWURVRPHQRPLOLRQLGLGROODUL 

$O FDRV LQ DPELWR HFRQRPLFR VL GHYH VRPPDUH XQD VLWXD
]LRQHVRFLRSROLWLFDFKHVWDYDVIXJJHQGRGLPDQRDGXQHVHFX
WLYRGLODQLDWRWUDODWHQWD]LRQHULYROX]LRQDULDHODOLQHDOHJDOL
VWDLQ XQFRQWHVWRVHPSUHSL»WHVRLQ FXLDLFROSLGL PDQRGL
JUXSSLGLHVWUHPDGHVWUDHDOO‫ۑ‬RVWUX]LRQLVPR SDUODPHQWDUHGHL
FRQVHUYDWRULFRUULVSRQGHYDQRVFLRSHULFRQWLQXLRFFXSD]LRQLGL
IDEEULFKH H IDWWRULH H D]LRQL WHUURULVWLFKHGHO0RYLPLHQWRGH,
]TXLHUGD 5HYROXFLRQDULD 0,5  /D VLWXD]LRQH SUHFLSLW´ GRSR LO
IDOOLWRFROSRGL 6WDWRGHOJLXJQRGHOUHSUHVVRGDL PLOLWDUL
OHDOLVWL FKH SURYRF´ XQ‫ۑ‬RQGDWD GL RFFXSD]LRQL LQ FLWW¢ H FDP
SDJQHHODIRUPD]LRQHGLPLOL]LHOHJDWHDOO‫ۑ‬HVWUHPDVLQLVWUD$O
OHQGHVWHVVRULXVFLYDDVWHQWRDFRQWUROODUHWDOLIHQRPHQL,QXQ
TXDGUR FRV® GHOLQHDWR QRQ VHPEUD FDVXDOH O‫ۑ‬DQDORJLD WUD
O‫ۑ‬XOWLPDIDVHGHOODSUHVLGHQ]D$OOHQGHHOD6SDJQDUHSXEEOLFDQD
GRSROHHOH]LRQLGHORIIHUWDGDOO‫ۑ‬LVSDQLVWD6WDQOH\3D\QHLO
TXDOHQHOVXRXOWLPRVDJJLRGHILQ®LO&LOHGL$OOHQGH


,ELGHPFLWSS
)('(5,&26(6,$7UDWHFQRFUDWLHVROGDWL


>۞@O‫ۑ‬XQLFRSDHVHVXVFHWWLELOHGLFRPSDUD]LRQHFRQOD6SDJQDGHOQHO
ODVHFRQGDPHW¢GHO;;VHFROR,QXWLOHGLUH FKHFLVRQRDQFKHPROWLVVLPH
GLIIHUHQ]H,OJRYHUQRGL$OOHQGHHUDSXUDPHQWHPLQRULWDULRWDQWRQHOODH
OH]LRQHSUHVLGHQ]LDOHFRPHQHOODFRPSRVL]LRQHGHOSDUODPHQWR/D&RVWLWX
ϳϲ
]LRQHVSDJQRODGDYDDOFDSRGL6WDWRXQSRWHUHHFFH]LRQDOHTXDOFRVDGLD
QDORJR DQFKH VH LQ PRGR GLIIHUHQWH QHO &LOH >۞@ &RPH VRFLDOLVWD ULYROX
]LRQDULRFRQYLQFROLFRQO‫ۑ‬8QLRQH6RYLHWLFDH&XED$OOHQGHVLVLWX´PROWR
SL»DVLQLVWUDFKH$]D³D>۞@1RQRVWDQWHLOULILXWRGHOJRYHUQRGHOSDUOD
PHQWRHGHLWULEXQDOLSHULQL]LDUHXQDJUDQULYROX]LRQHLQ&LOHDOFXQHGHOOH
LVWLWX]LRQLQD]LRQDOLFKLDYHSUHVHUYDURQRODORUR LQWHJULW¢ LQPLVXUDPDJ
JLRUHFKHLQ6SDJQD IDWWRFKHULVXOW´IDWDOHSHUODULYROX]LRQH 3ULPDGHO
FROSRGL6WDWRGHOODYLROHQ]DULYROX]LRQDULDHUDFKLDUDPHQWHPLQRUH
LQ&LOHFKHLQ6SDJQDHQRQHEEHUROXRJRHOH]LRQLFRHUFLWLYHRIUDXGROHQWH
FRPHLQYHFHDFFDGGHTXL>LQ6SDJQD@/DQHJD]LRQHGHLGLULWWLFLYLOLVLFLU
FRVFULVVHDGDWWHQWDWLFRQWURODSURSULHW¢OHIRU]HJRYHUQDWLYHQRQVHTXH
VWUDURQRQ«DVVDVVLQDURQRQHVVXQFDSRGHOODRSSRVL]LRQHQ«FLIXXQDSHU
VHFX]LRQHUHOLJLRVD'LIDWWROD&KLHVDPDQWHQQHXQDLQIOXHQ]DPRGHUDWUL
FH &RV® TXDOXQTXH FRPSDUD]LRQH WUD L FDVL GHO &LOH H GHOOD 6SDJQD GHYH

HVVHUHFDXWD 

,ODJRVWRGHOOD&DPHUDGHL'HSXWDWLGHO&LOHDSSURY´
XQO‫ۑ‬$FXHUGRGHOD&£PDUDGH'LSXWDGRVGH&KLOHLOTXDOHURYH
VFLDYD VXOO‫ۑ‬HVHFXWLYR XQD VHULH GL DFFXVH GL YLROD]LRQH GHOOD
GHPRFUD]LDHGHOOHOLEHUW¢FLYLOLHVLDSSHOODYDDOOHIRU]HDUPDWH
SHUFK«ULSULVWLQDVVHURO‫ۑ‬RUGLQHQHOSDHVH
'RSR DOWUH GXH VHWWLPDQH FRQYXOVH LQ FXL LO &LOH VL WURY´
VXOO‫ۑ‬RUORGHOODJXHUUDFLYLOHO‫ۑ‬VHWWHPEUHGHOXQFROSRGL
6WDWR JXLGDWR GDO JHQHUDOH $XJXVWR 3LQRFKHW 8JDUWH 
  GDO GLUHWWRUH JHQHUDOH GHL FDUDELQHURV &«VDU 0HQGR]D
 GDOO‫ۑ‬DPPLUDJOLR-RV«7RULELR0HULQR  H
GDO FRPDQGDQWH GHOOD IRU]D DHUHD *XVWDYR /HLJK  
URYHVFL´ 6DOYDGRU $OOHQGH LO TXDOH VL VXLFLG´ GRSR XQ‫ۑ‬XOWLPD
GLVSHUDWD UHVLVWHQ]D DO 3DOD]]R GHOOD 0RQHGD ,QL]LDYD FRV® LO
UHJLPHPLOLWDUHGL$XJXVWR3LQRFKHW


6*3D\QH(OFDPLQRDOGHMXOLR/DHURVLµQGHODGHPRFUDFLDHQ(VSD³D GL
FLHPEUHGHMXOLRGH (GLWRULDO(VSDVD%DUFHOORQDSS

$FXHUGRGHOD&£PDUDGH'LSXWDGRVGH&KLOH&£PDUDGH'LSXWDGRVGH&KLOH6DQWLD
JRGH&KLOHGLVSRQLELOHD
KWWSZZZELFHQWHQDULRFKLOHFODWWDFKPHQWVB$FXHUGR&&$PDUD
GH'LSXWDGRVDJRVWRSGIFRQVXOWDWRLO
)('(5,&26(6,$7UDWHFQRFUDWLHVROGDWL



/‫ژ‬RUDGHL&KLFDJRER\V

1RQDSSHQDLQVHGLDWDVLOD*LXQWDPLOLWDUHGRYHWWHVXELWRPHW ϳϳ
WHUHPDQRDGXQDVLWXD]LRQHHFRQRPLFDGLVDVWURVDO‫ۑ‬LQIOD]LRQH
FUHVFHYD DG XQ WDVVR GHOO‫ ۑ‬DO JLRUQR LO GHILFLW GHOOD ELODQFLD
GHLSDJDPHQWLHUDLQXQDVLWXD]LRQHFULWLFDHLO3,/HUDLQFDGX
WD OLEHUD 3HU ULVROYHUH XQ FRQWHVWR FRV® VIDYRUHYROH 3LQRFKHW
RSW´SHUXQDVROX]LRQHLQHGLWDQHOO‫ۑ‬DPELWRGHOOHGLWWDWXUHPLOL
WDULODWLQRDPHULFDQH

,FROODERUDWRULHLFRQVLJOLHULSL»OHJDWLD3LQRFKHWQRQHUDQRFRPH
VLGLPRVWU´LJHQHUDOLWUDGL]LRQDOLDWUHRTXDWWURVWHOOHWWHFRQIDFFH
GLSLHWUDFKHHUDQRVROLWLRFFXSDUHWXWWLJOLLQFDULFKLLPSRUWDQWLGR
SRXQJROSHPLOLWDUHODWLQRDPHULFDQR6LFLUFRQG´SLXWWRVWRGLHFR
QRPLVWLGDLDLDQQLGLHW¢FRQXQ‫ۑ‬DOWDIRUPD]LRQHSURIHVVLRQD
OHQHJOL6WDWL8QLWL6RQRTXHVW‫ۑ‬XOWLPLLFG&KLFDJRER\VGHO&LOHL
YHULDUFKLWHWWLGHOFDPELDPHQWRHFRQRPLFRHVRFLDOHGHOODVRFLHW¢FL
OHQDFKHHEEHLQL]LRQHOVHWWHPEUHGHO

/H ULIRUPH HFRQRPLFKH YHQQHUR TXLQGL DIILGDWL DG XQ JUXSSR
GL JLRYDQL HFRQRPLVWL FLOHQL IRUPDWLVL D &KLFDJR DOOD VFXROD
PRQHWDULVWDGL0LOWRQ)ULHGPDQ  
7UD GL HVVL VSLFFDQR SHU LPSRUWDQ]D -RV« 3L³HUD PLQLVWUR
GHO/DYRURHGHOOH3HQVLRQLGDODO 6HUJLRGH&DVWUR
PLQLVWURGHOOH)LQDQ]HGDODO 3DEOR%DUDRQD PLQL
VWUR GHOO‫(ۑ‬FRQRPLD GDO  DO   HG +HUQ£Q %¾FKL PLQL
VWURGHOOH)LQDQ]HGDODO /HULFHWWHRUWRGRVVHPHVVH
LQDWWRGDL&KLFDJRER\VQHOHUDQRYROWHDOODVWDELOL]]D]LR
QH GHOO‫ۑ‬HFRQRPLD FLOHQD REELHWWLYR FKH FHUFDURQR GL RWWHQHUH
WUDPLWH SROLWLFKH GL FRQWUD]LRQH PRQHWDULD XQD ULGX]LRQH GHL
VDODUL UHDOL GHO  H XQ WDJOLR DOOD VSHVD SXEEOLFD FKH SDVV´
GDOGHO3,/QHODOQHO,QL]LDOPHQWHLULVXOWDWL
QRQ IXURQR OXVLQJKLHUL QRQRVWDQWH XQD FHUWD ULSUHVD QHOOD


 5 *DUF¯D D FXUD GL  (FRQRP¯D \ SROLWLFD GXUDQWH HO JRELHUQR PLOLWDU HQ &KLOH
)RQGRGH&XOWXUD(FRQµPLFD(FRQRP¯D/DWLQRDPHULFDQDS
)('(5,&26(6,$7UDWHFQRFUDWLHVROGDWL

SURGX]LRQH O‫ۑ‬LQIOD]LRQH UDJJLXQVH QHO  LO  LO GHILFLW


ILVFDOHGLPLQXLYDWURSSROHQWDPHQWH$OQRQYLHUDQRVWD
WL PLJOLRUDPHQWL QRWHYROL $ FDXVD GL WDOH VLWXD]LRQH
O‫ۑ‬HVHFXWLYRODQFL´QHOO‫ۑ‬DSULOHGHOXQSURJUDPPDVKRFNFKH
ϳϴ DXPHQWDYD LQ PDQLHUD GUDVWLFD OH PLVXUH LQWURGRWWH GXH DQQL
SULPDWDJOLDQGRWXWWRLOVHWWRUHSXEEOLFRGHO DGHVFOXVLR
QHGHOOHIRU]HDUPDWH HFRQWUDHQGRDQFRUD GLSL»ODOLTXLGLW¢
GHOVLVWHPD/DWHUDSLDG‫ۑ‬XUWRHEEHULVXOWDWLGLVDVWURVLLO3,/UH
JLVWU´ XQ IDOOLPHQWDUH  OD SURGX]LRQH LQGXVWULDOH FDO´
GHOLOGHILFLWGLELODQFLRUDGGRSSL´LVDODULUHDOLGLPLQXL
URQRGHOPHQWUHODGLVRFFXSD]LRQHWRFF´ODYHWWDGHO
,O&LOHHUDHQWUDWRLQXQDIDVHGLLSHUVWDJIOD]LRQH/HLPSUHVH
FLOHQHFRQWUDULDPHQWHDTXDQWRSRVWXODWRGDOOHWHRULHQHROLEH
ULVWHGLIURQWHDOFUROORGHOODGRPDQGDUHDJLURQRGLPLQXHQGR
OD SURGX]LRQH LQYHFH FKH L SUH]]L FDXVDQGR QRQ SRFKL FRUWR
FLUFXLWL 6RODPHQWH QHO  VL LQL]LDURQR D YHGHUH DOFXQL PL
JOLRUDPHQWLLQDPELWRHFRQRPLFRO‫ۑ‬LQIOD]LRQHGLPLQX®DO
OD SURGX]LRQH DXPHQW´ GHO  H OD VLWXD]LRQH GHOOD ELODQFLD
GHLSDJDPHQWLPLJOLRU´

,OSHULRGRFKHYDGDODOSX´HVVHUHGHILQLWRFRPH
JOLDQQLG‫ۑ‬RURGHOOD*LXQWDPLOLWDUHFLOHQDVRWWRLOSURILORHFR
QRPLFR/‫ۑ‬LQIOD]LRQHVFHVHDOLO3,/QHOUHJLVWU´
XQWDVVRGLFUHVFLWDGHOOHHVSRUWD]LRQLULSUHVHURYLJRUHL
VDODULUHDOLGHLODYRUDWRULLQL]LDURQRDFUHVFHUHDXPHQWDQGRGL
FRQVHJXHQ]D OD GRPDQGD LQWHUQD PHQWUH LO WDVVR GL LQWHUHVVH
VFHVH GDO  DQQXDOH DO  GHO  /D FDXVD SULQFLSDOH GL
WDOHULSUHVDªGDLQGLYLGXDUVLQHOODVWDELOL]]D]LRQHGHOULWPRLQ
IOD]LRQDULR HQHOORVYLOXSSRGHLVHWWRULOHJDWLDOO‫ۑ‬H[SRUW*OL D
QDOLVWLLQWHUQD]LRQDOL)ULHGPDQLQWHVWDHORJLDYDQRO‫ۑ‬HFRQRPLD
FLOHQDSURVSHWWDQGRXQIXWXURGLFUHVFLWDHSURVSHULW¢(VVLSH



*UDYHFRQFRPLWDQ]DLQXQLQXQPHGHVLPRFLFORHFRQRPLFRGLVWDJQD]LRQHHGL
LQIOD]LRQH1G5

 5 *DUF¯D D FXUD GL  (FRQRP¯D \ SROLWLFD GXUDQWH HO JRELHUQR PLOLWDU HQ &KLOH
FLWSS
)('(5,&26(6,$7UDWHFQRFUDWLHVROGDWL

U´QRQWHQHYDQRFRQWRGHOOHGLVWRUVLRQLGHOPRGHOORFLOHQRLQ
IDWWL

,OPRGHOORHFRQRPLFRDYHYDDOODILQHXQDFUHGLELOLW¢FKHQRQPHUL
WDYDHWXWWHOHLQFKLHVWH>۞@VXOOHDVSHWWDWLYH GLFUHVFLWDVXLVDODUL
ϳϵ
UHDOL VXOO‫ۑ‬RFFXSD]LRQH VXOOD ELODQFLD GHL SDJDPHQWL HFF  IDWWH LQ
TXHVWDHSRFDGLPRVWUDQRFKLDUDPHQWHO‫ۑ‬RWWLPLVPRHVDJHUDWRFKHUH
JQDYDLQWXWWRLOVHWWRUHSULYDWR4XHVWRVYLOXSSRPRVWUDXQDVHULD
FRQWUDGGL]LRQHQHOPRGHORFKLOHQRXQDFRQWUDGGL]LRQHFKHKDDFKH
YHGHUHFRQO‫ۑ‬LPSRUWDQ]DGHOOHSUHYLVLRQLHGHOOHDVSHWWDWLYHUHDOLVWL
FKH 'D XQ ODWR O‫ۑ‬DSSOLFD]LRQH GHO PRGHOOR VXSSRQHYD XQ UHJLPH
DXWRULWDULR H UHSUHVVLYR RYYLDPHQWH OH GLYHUVH H GUDVWLFKH PLVXUH
SROLWLFKHHGHFRQRPLFKHHUDQRLQFRPSDWLELOLFRQO‫ۑ‬HVLVWHQ]DGLVLQ
GDFDWLOLEHULSDUWLWLSROLWLFLGLRSSRVL]LRQHSDUODPHQWLOLEHUW¢GLH
VSUHVVLRQHHPH]]LGLFRPXQLFD]LRQHGHPRFUDWLFLHFF'DOO‫ۑ‬DOWUROD
FDUHQ]DGLLQIRUPD]LRQLHFRQRPLFKHFRPSOHWHHFRUUHWWHHO‫ۑ‬DVVHQ]D
GL XQDGLVFXVVLRQH FULWLFD VXO YHUR VYLOXSSR H VXOOH DOWHUQDWLYH DOOD
SROLWLFDHFRQRPLFD>GHOJRYHUQR@GLHGHURRULJLQHDJLXGL]LHUUDWLQHO
OHLPSUHVHHLQJHQHUDOHQHOSXEEOLFR

3RFKHIXURQRLQIDWWLOHYRFLFKHVLOHYDURQRFRQWURO‫ۑ‬RWWLPLVPR
JHQHUDOH H JOL RSHUDWRUL HFRQRPLFL FLOHQL LQ OLQHD GL PDVVLPD
FUHGHWWHURDOOD*LXQWDPLOLWDUHHDOOHVXHSURPHVVHGLFUHVFLWD
$QFKH VXO SLDQR LQWHUQD]LRQDOH OD SURSDJDQGD GL 3LQRFKHW IX
HIILFDFH ULXVFHQGR DG DFFUHGLWDUH LO &LOH SUHVVR OH LVWLWX]LRQL
ILQDQ]LDULH JOREDOL ,O FRQWLQXR IOXVVR GL FDSLWDOL VWUDQLHUL QHO
SDHVH XQLWR DOOD FUHVFLWD GHO PHUFDWR LQWHUQR SHUPLVH DOOD
*LXQWD GL PDQWHQHUH XQ WDVVR GL FDPELR ILVVR FRQ LO GROODUR
FDPELRVWDELOLWRQHOJLXJQRGHO1RQRVWDQWHODSURSDJDQ
GDGHOUHJLPHHJOLLQGLFDWRULSRVLWLYLFRQLOGHFHQQLRGHO
LQL]LDURQR D SURILODUVL OH SULPH QXEL DOO‫ۑ‬RUL]]RQWH SHU
O‫ۑ‬HFRQRPLDGHO&LOH6LFRQVLGHULFRPHEXRQDSDUWHGHOODFUHVFL
WD GL TXHVWL DQQL YHQQH IDWWD WUDPLWH OH SUHVVRFK« LOOLPLWDWH
SRVVLELOLW¢GLLQGHELWDPHQWRFKHLO VHWWRUHSULYDWRHEEHQRQD
FDVRLOGHELWRSULYDWRGHO&LOHFUHEEHYHUWLJLQRVDPHQWHQHOSH
ULRGRSUHVRLQFRQVLGHUD]LRQHPHQWUHLOGHELWRHVWHURDXPHQW´
ILQRDUDJJLXQJHUHLOGHO3,/QHO,QROWUHQRQRVWDQWH


,ELGHPFLWS
)('(5,&26(6,$7UDWHFQRFUDWLHVROGDWL

OD FUHVFLWD OD GLVRFFXSD]LRQH QHO  ULPDVH DO OLYHOOR GHO
HLVDODULUHDOLULPDQHYDQRSL»EDVVLULVSHWWRDTXHOOLGH
JOL LQL]L GHJOL DQQL ‫ ۑ‬1HO SHULRGR  OD FUHVFLWD HFR
QRPLFDULVXOW´HVVHUHGLVWRUWDLQIDWWLDGXQDFUHVFLWDOHQWDGHO
ϴϬ ODSURGX]LRQHGLEHQLFRUULVSRVHXQUDSLGRVYLOXSSRGHLVHUYL]L
1RQRVWDQWHTXHVWLVHJQDOLSUHRFFXSDQWLILQRDOWXWWRSUR
VHJXLYDVHFRQGRLSLDQLJDUDQWHQGREHQHVVHUHDOODERUJKHVLDOH
JDWDDOPRQGRILQDQ]LDULRHDOOHVWUXWWXUHHFRQRPLFKHGHOUHJL
PHPD ODVFLDQGR ODPDJJLRUSDUWHGHOODSRSROD]LRQH LQ FRQGL
]LRQLGLYLWDEHQSHJJLRULULVSHWWRDTXHOOHGLGLHFLDQQLSULPD

$GRJQLPRGRLQRGLLQL]LDURQRDYHQLUHDOSHWWLQHQHO
,QTXHOO‫ۑ‬DQQRO‫ۑ‬HFRQRPLDFLOHQDLQL]L´DULVHQWLUHGHJOLVTXLOLEUL
GHJOL DQQL SUHFHGHQWL LQ SDUWLFRODU PRGR GHOOD GLVSDULW¢ WUD L
OLYHOOLGHLSUH]]LLQWHUQLHLQWHUQD]LRQDOLHODSHUVLVWHQ]DGLWDVVL
GL LQWHUHVVH UHDOH DOWLVVLPL SURYRFDQGR XQD FDGXWD QHOOD SUR
GX]LRQH H XQ UDOOHQWDPHQWR QHO ULWPR GL LQFUHPHQWR GHOOH H
VSRUWD]LRQL/HDWWLYLW¢SURGXWWLYHFLOHQHHQWUDURQRLQXQDIDVH
GLJUDYHULVWDJQRIDFHQGRV®FKHODEDVHGHOO‫ۑ‬HFRQRPLDGHOSDH
VHIRVVHLOIOXVVRGLFDSLWDOLSURYHQLHQWLGDOO‫ۑ‬HVWHURLTXDOLSHU´
GLPLQXLURQR D FDXVD GHOOD FRQJLXQWXUD QHJDWLYD FKH WXWWD
O‫ۑ‬$PHULFD/DWLQDDWWUDYHUV´QHOFRUVRGHJOLDQQL‫ۑ‬/HLPSUH
VHFLOHQHVLWURYDURQRLPSRVVLELOLWDWHDSDJDUHLWDVVLGLLQWHUHV
VH VXL ORUR GHELWL FKH PHGLDPHQWH HUDQR GHO  DQQXDOH
PHQWUHLOJRYHUQRGRYHWWHLQWHUYHQLUHDVDOYDUHGLYHUVLLVWLWXWL
GLFUHGLWRFKHHUDQRVXOO‫ۑ‬RUORGHOIDOOLPHQWRFDXVDQGRSHU´XQ
FUROORQHL SUHVWLWL HPHVVLGDOOHEDQFKHVWUDQLHUH,OLQL]L´
DOO‫ۑ‬LQVHJQD GL PLVXUH HFRQRPLFKH UHVWULWWLYH FKH SHU´ ULVXOWD
URQRLQVXIILFLHQWLSHUIDUIURQWHDOODFULVLODSURGX]LRQHFUROO´
GHOHODGLVRFFXSD]LRQHFUHEEHILQRDULJXDUGDUHLOGHO
ODSRSROD]LRQHPHQWUHLO3,/VFHVHD



-5DPRV3RO¯WLFDHFRQµPLFDQHROLEHUDOHQSD¯VHVGHO&RQR6XUGH$P«ULFD/DWLQD
 )RQGR GH &XOWXUD (FRQµPLFD(FRQRP¯D /DWLQRDPHULFDQD &LWW¢ GHO
0HVVLFRS

,ELGHPFLWSS
)('(5,&26(6,$7UDWHFQRFUDWLHVROGDWL


  /D VYROWD NH\QHVLDQD   H LO ULWRUQR DO QHROLEHUL
VPR  

'L IURQWH D WDOH VFHQDULR LO PLQLVWUR GHOO‫(ۑ‬FRQRPLD 5ROI /¾ ϴϭ
GHUV6FKZDU]HQEHUJ&KLFDJR ER\GL SRVL]LRQL QHROLEHULVWH GL
FKLDU´VRUSUHQGHQWHPHQWHFKHLOJRYHUQRFLOHQRDYUHEEHGRYX
WRGHFUHWDUHXQPDVVLFFLRLQWHUYHQWRSXEEOLFRGLVDOYDWDJJLRGL
GXH LPSRUWDQWL EDQFKH LO %DQFR 8QLGR GH )RPHQWR H LO %+&
GDQGRODSULPDSLFFRQDWDDOO‫ۑ‬RUWRGRVVLDQHROLEHULVWDILQRDGDO
ORUDVHJXLWD'DTXHOPRPHQWRILQRDOYHQQHURPHVVHLQ
DWWRPLVXUHFKLDUDPHQWHVWDWDOLVWHHGLLVSLUD]LRQHNH\QHVLDQD
TXDOLXQDOHJLVOD]LRQHPDJJLRUPHQWHSURWH]LRQLVWDSHULOPHU
FDWR LQWHUQR OD QD]LRQDOL]]D]LRQH GHOO‫ۑ‬HQRUPH GHELWR SULYDWR
FRQWUDWWR QHJOL XOWLPL DQQL XQ DXPHQWR GHOO‫ۑ‬,9$ GDO  DO
VXDOFXQLDUWLFROLGLOXVVRGLYHUVLDSSRJJLILQDQ]LDULDOVHW
WRUHDJULFRORPHQWUHOD%DQFD&HQWUDOHVXVVLGLDYDLQIRUPDGL
UHWWDHLQGLUHWWDLOVLVWHPDILQDQ]LDULRHSURGXWWLYRFLOHQR
*UD]LHDWDOLPLVXUHIXSRVVLELOHWDPSRQDUHJOLHIIHWWLGHOOD
FULVL H QHO  O‫ۑ‬HFRQRPLD VL HUD ULDWWLYDWD FUHVFHQGR PHGLD
PHQWH GL XQ  DQQXR 5LPDQHYD SHU´ EHQ SRFR GL TXHO PR
GHOORQHROLEHULVWDDGRWWDWRRWWRDQQLSULPD6XOSLDQRHFRQRPL
FRVLHUDDUULYDWLDGHLULVXOWDWLUDGLFDOPHQWHFRQWUDSSRVWLDOOH
DVSHWWDWLYHGHL&KLFDJRER\VLQIDWWLODPDJJLRUSDUWHGHOOHLP
SUHVH GL XQD FHUWD GLPHQVLRQH FKH UDVHQWDURQR OD EDQFDURWWD
YHQQHURVDOYDWHGDOOHEDQFKHOHTXDOLDORURYROWDGLYHQQHURGL
SURSULHW¢VWDWDOHGL IURQWHDOULVFKLRGL IDOOLPHQWROR 6WDWRGL
YHQQHO‫ۑ‬XQLFRDJHQWHHFRQRPLFRFKHLQYHVWLYDULVRUVHQHOIXWX
URGHOSDHVHVLFUH´XQVLVWHPDGLVXVVLGLDVHFRQGDGHOODFDSD
FLW¢ GL SUHWHQGHUOL GHL YDUL VHWWRUL FKH OL ULFKLHGHYDQR LO WDVVR
GLLQWHUHVVHYHQQHFRQWUROODWR




 5 *DUF¯D D FXUD GL  (FRQRP¯D \ SROLWLFD GXUDQWH HO JRELHUQR PLOLWDU HQ &KLOH
FLWSS
)('(5,&26(6,$7UDWHFQRFUDWLHVROGDWL

1HO  TXDQGR O‫ۑ‬HFRQRPLD FLOHQD DYHYD GL QXRYR YLUDWR


DOEHOORVLWRUQ´DGDSSOLFDUHPLVXUHOHJDWHDOO‫ۑ‬RUWRGRVVLDQHR
OLEHULVWD FRQ XQ ULWRUQR GHL &KLFDJR ER\V QHL VHWWRUL FKLDYH
GHOO‫ۑ‬HFRQRPLD FLOHQD ,QQDQ]LWXWWR YHQQH PHVVD LQ DWWR XQD
ϴϮ SROLWLFDGLPDVVLFFHSULYDWL]]D]LRQLWUDLOHLOYHQQH
URYHQGXWHQXPHURVHLPSUHVHSXEEOLFKHDGXQSUH]]RSL»EDV
VRULVSHWWRDOORURYDORUHUHDOHHYHQQHURULSULYDWL]]DWHOHEDQ
FKH QD]LRQDOL]]DWH QHJOL DQQL SUHFHGHQWL $ GLIIHUHQ]D GHOOH
SULYDWL]]D]LRQLSRUWDWHDYDQWLDOODILQHGHJOLDQQL‫ۑ‬LQTXHOOH
FKHVHJXLURQRLOIXURQRVRSUDWWXWWRJOLLPSUHQGLWRULVWUD
QLHUL DG DFTXLVWDUH OH LPSUHVH H OH EDQFKH SULYDWL]]DWH ,O 3,/
SURVHJX® LQ TXHVWL DQQL OD VXD FUHVFLWD GHO  DQQXR FLUFD LQ
FRQWURWHQGHQ]D FRQ OD FULVL JHQHUDOH GHOO‫ۑ‬$PHULFD ODWLQD FKH
VWDYD DWWUDYHUVDQGR OD VXD GHFDGD SHUGLGD PHQWUH OH HVSRUWD
]LRQLDXPHQWDYDQRHO‫ۑ‬LQIOD]LRQHVLPDQWHQHYDVXO5LPD
QHYDQR SHU´ FRQGL]LRQL SUREOHPDWLFKH SHU XQD YDVWD IHWWD GL
SRSROD]LRQH OD GLVRFFXSD]LRQH QRQ VFHQGHYD VRWWR LO  OD
GLVSRQLELOLW¢DOLPHQWDUHHUDLQIHULRUHGLXQULVSHWWRDTXHO
ODGHO

$OO‫ۑ‬RJJL VRQR LQ SRFKL D VRVWHQHUH OD EXRQD ULXVFLWD
GHOO‫ۑ‬HVLWRGHOOHSROLWLFKHQHROLEHULVWHDWWXDWH QHOSHULRGR
 $ IURQWH GL XQD RELHWWLYD ULGX]LRQH GHOO‫ۑ‬LQIOD]LRQH H GHO
GHELWRSXEEOLFRQRQVLGHYHSHU´GLPHQWLFDUHFRPHOHWHUDSLH
G‫ۑ‬XUWRSRUWDWHDYDQWLQHOODVHFRQGDPHW¢GHJOLDQQL‫ۑ‬HEEHUR
HIIHWWLWUDJLFLVXJOLLQGLFDWRULVRFLDOLHVXOODFUHVFLWDGHOGHELWR
SULYDWRLOTXDOHDUULY´QHODGLYHQWDUHLOTXDGUXSORULVSHW
WRDTXHOORGLXQGLFLDQQLSULPD,QROWUHODFUHVFLWDGHO3,/VXF
FHVVLYD DOOH ULIRUPH QHROLEHULVWH ª FDUDWWHUL]]DWD GD XQD IRUWH
LQVWDELOLW¢GDXQIRUWHFRQGL]LRQDPHQWRGDOODFRQJLXQWXUDLQ
WHUQD]LRQDOHHGDXQDVRVWDQ]LDOHGLSHQGHQ]DGDOIOXVVRILQDQ
]LDULRJOREDOHPHQWUHODFUHVFLWDGHOODVHFRQGDPHW¢GHJOLDQQL
‫ۑ‬GHFLVDPHQWHSL»VWDELOHªVWDWDDYYLDWDGDOODPHVVDLQDWWR
GL PLVXUH SUHWWDPHQWH NH\QHVLDQH FKH QHO  LPSHGLURQR


,ELGHPFLWSS
)('(5,&26(6,$7UDWHFQRFUDWLHVROGDWL

DOO‫ۑ‬HFRQRPLD FLOHQD GL VRFFRPEHUH GL IURQWH DOOD FULVL FKH OD
VWDYDGLYRUDQGRFULVL LQSDUWHSURYRFDWDSURSULRGDTXHOOHUL
IRUPHSUDWLFDWHDQQLSULPDGDJOLHFRQRPLVWLGL&KLFDJR1RQVL
SX´ QRQ HVVHUH G‫ۑ‬DFFRUGR FRQ OR VWRULFR GHOO‫ۑ‬HFRQRPLD 6WHIDQ
GH9\OGHUTXDQGRDIIHUPDFKH ϴϯ

>۞@XQDOLEHUD]LRQHGHOOHIRU]HOLEHUHGHOPHUFDWRLQTXDVLWXWWLLVHW
WRULGHOO‫ۑ‬HFRQRPLDFLOHQDGHELOLWDVHULDPHQWHJOLVWDELOL]]DWRULDXWR
PDWLFLGHOO‫ۑ‬HFRQRPLD,QDVVHQ]DGLXQVHWWRUHSXEEOLFRIRUWHHUHOD
WLYDPHQWHLQVHQVLELOHDOOHFRQJLXQWXUHXQDUHFHVVLRQHQHO&LOHDWWX
DOHSURYRFDQRQVRORXQDVHULHGLIDOOLPHQWLQHOO‫ۑ‬LQGXVWULDQHOFRP
PHUFLR QHOOH FRVWUX]LRQL HFF PD SRUWD FRQ V« DQFKH GLPLQX]LRQL
QHOOD SURGX]LRQH H DQFKH IDOOLPHQWL LQ VHWWRUL FRPH L JLDUGLQL SHU
O‫ۑ‬LQIDQ]LDO‫ۑ‬HGXFD]LRQHODVDQLW¢ODUDFFROWDGHOODVSD]]DWXUDLFLPL
WHUL HFF /H VROX]LRQL QHROLEHULVWH RULHQWDWH DO PHUFDWR H
DOO‫ۑ‬DXWRILQDQ]LDPHQWRTXDQGRVLWUDWWDGHOOHDWWLYLW¢FLWDWHQRQVROR
UDIIRU]DO‫ۑ‬LQJLXVWL]LDHOHGLVXJXDJOLDQ]HQHOODVRFLHW¢PDWHQGHDQ
FKH DG DFFHQWXDUH OD VHQVLELOLW¢ FRQJLXQWXUDOH H OD YXOQHUDELOLW¢ GL
WXWWDO‫ۑ‬HFRQRPLD



%LEOLRJUDILDHVLWRJUDILD

$FXHUGRGHOD&£PDUDGH'LSXWDGRVGH&KLOH&£PDUDGH'LSXWDGRVGH&KLOH6DQ
WLDJRGH&KLOHGLVSRQLELOHD
KWWSZZZELFHQWHQDULRFKLOHFODWWDFKPHQWVB$FXHUGR&&$PDUD
GH'LSXWDGRVDJRVWRSGIFRQVXOWDWRLO
3&RQVWDEOH$9DOHQ]XHOD$1DWLRQRI(QHPLHV‫& ڟ‬KLOH XQGHU3LQRFKHW : :
1RUWRQ &RPSDQ\1HZ<RUN
1 'DYLV 7KH ODVW WZR \HDUV RI 6DOYDGRU $OOHQGH , % 7$85,6  &R 3XEOLVKHUV
/RQGUD
6 GH 9\OGHU $OOHQGH‫ڥ‬V &KLOH ‫ ڟ‬7KH SROLWLFDO HFRQRP\ RI WKH ULVH DQG IDOO RI WKH
8QLGDG3RSXODU&DPEULGJH8QLYHUVLW\3UHVV1HZ<RUN
5*DUF¯D DFXUDGL (FRQRP¯D\SROLWLFDGXUDQWHHOJRELHUQRPLOLWDUHQ&KLOH
)RQGRGH&XOWXUD(FRQµPLFD(FRQRP¯D/DWLQRDPHULFDQD&LWW¢GHO0HVVLFR

7 +DUPHU $OOHQGH‫ڥ‬V &KLOH  WKH LQWHU$PHULFDQ &ROG :DU 7KH 8QLYHUVLW\ RI
1RUWK&DUROLQD3UHVV8VD
3.RUQEOXK7KH3LQRFKHWILOH‫ڟ‬$GHFODVVLILHGGRVVLHURQDWURFLW\DQGDFFRXQWDELO
LW\7KH1HZ3UHVV1HZ<RUN


,ELGHPFLWS
)('(5,&26(6,$7UDWHFQRFUDWLHVROGDWL

51RFHUD6WDWL8QLWLH$PHULFD/DWLQDGDODRJJL&DURFFLHGLWRUH5RPD
- 3L³HUD 0DL 3L» ‫ ڟ‬8Q VDJJLR VXO IDOOLPHQWR GHOOD GHPRFUD]LD LQ &LOH VHWWHPEUH
GLVSRQLELOHDKWWSZZZMRVHSLQHUDRUJ]UHVSDOGRPDLSLXSGIFRQVXOWDWRLO

'3RPSHMDQR6WRULDGHOO‫ڥ‬$PHULFD/DWLQD%UXQR0RQGDGRUL2ULR/LWWD
-5DPRV3RO¯WLFDHFRQµPLFD QHROLEHUDO HQSD¯VHVGHO&RQR 6XUGH$P«ULFD/DWLQD
ϴϰ  )RQGR GH &XOWXUD (FRQµPLFD(FRQRP¯D /DWLQRDPHULFDQD &LWW¢ GHO
0HVVLFR
7KH HQG RI $OOHQGH LQ 7KH (FRQRPLVW  GLVSRQLELOH D
KWWSZZZHFRQRPLVWFRPQRGHFRQVXOWDWRLO
/=DQDWWD6WRULDGHOO‫ڥ‬$PHULFD/DWLQDFRQWHPSRUDQHD(GLWRUL/DWHU]D%DUL







&HVDUHFRQWUR'LRODVHSDUD]LRQHWUD
6WDWRH&KLHVDLQ)UDQFLDDOO
HSRFDGHL
PLQLVWHULUDGLFDOLGHOOD7HU]D5HSXEEOLFD
&RQWULEXWRSHUXQFRQVDSHYROHUHYLVLR
QLVPRFULWLFR

G,0$77(2/$0$&&+,$


$EVWUDFW
,Q WKH HDUO\ 7ZHQWLHWK FHQWXU\ LQ )UDQFH WKH UDGLFDO JRYHUQPHQWV
EORF GHV JDXFKHV  FRPSOHWHG LQ DQ LUUHYHUVLEO\ ZD\ WKH SURFHVV RI
OHDYLQJ IURP DQ\ UHOLJLRXV DQG VSLULWXDO SHUVSHFWLYH HVSHFLDOO\ WKH
&DWKROLFRQHVWDUWHGZLWKWKH5HYROXWLRQRIDQGFRQWLQXHGLQWKH
1LQHWHHQWKFHQWXU\WKURXJKWKHDWWHPSWWRIRXQGWKHUHQHZHG)UHQFK
VRFLHW\RQWKH5HSXEOLFDQYDOXHVDVDSROLWLFDOH[SUHVVLRQRIWKHFRQ
TXHVWVRI(QOLJKWHQPHQW7KHQHZGHPRFUDWLFOLEHUDODQGVHFXODUVRFL
HW\ UDGLFDOO\ RSSRVHG WR WKH ROG DEVROXWLVW UHJLPH LQ ZKLFK SUROLIHU
DWHGLQHTXDOLW\DQGSULYLOHJHFRQVHTXHQWO\LPSOHPHQWVDQLPSUHVVLYH
VHULHV RI DQWLFOHULFDO SROLFLHV UDQJLQJ IURP VLPSO\ UHVWULFWLYH PHDV
XUHVVXFKDVWKRVHRQWKHVWDWXWRU\VFKRROLQVWLWXWHGWRUHSODFHWKHFRQ
IHVVLRQDO HGXFDWLRQ WR LQFUHDVLQJO\ GUDVWLF DQG UHSUHVVLYH PHDVXUHV
VXFK DV WKRVH SXW LQ SODFH E\ WKH JRYHUQPHQWV RI 3LHUUH :DOGHFN
5RXVVHDXDQG‹PLOH&RPEHVZKLFKSURYLGHGWKURXJKWKHEUHDNGRZQ
RI WKH DJUHHPHQW EHWZHHQ 1DSROHRQ DQG 3LXV 9,, RI  KDUPIXO
PHDVXUHV WR HFFOHVLDVWLFDO SULYDWH SURSHUW\ DV ZHOO DV KHDY\ LQWHUIHU
HQFHE\WKH6WDWHLQPDWWHUVRIUHOLJLRXVQDWXUH7KH&KXUFKUHOHJDWHG
E\5HSXEOLFDQVLQWKHSULYDWHVSKHUHREYLRXVO\GLGQRWVWD\VLOHQWDQG
GLGQRWSDVVLYHO\DFFHSWWKHWUHDWPHQWWKH)UHQFKUDGLFDOVZRXOGZDQW
WRLQIOLFWRQKHU*XLGHGILUVWE\/HR;,,,DQGWKHQE\3LXV;WKHDSRV
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

WROLFVHHUHVROXWHO\IRXJKWDJDLQVWWKHKDUVKGHFLVLRQVRIWKHFDELQHWVRI
WKH7KLUG5HSXEOLFQRZVHHNLQJRSHQLQJVWRLWDVLQWKHFRQWH[WRIWKH
OHRQLQHSROLF\EHVWNQRZQDVUDOOLHPHQWQRZEULQJLQJLWVRZQEDWWOH
DJDLQVW IUHQFK DWKHLVW VHSDUDWLVP ZLWKLQ WKH PRVW JHQHUDODQG KDUVK
VWUXJJOHDJDLQVWPRGHUQLVPLQDXJXUDWHGE\*UHJRU\;9,
VHQF\FOLFDOV
86 
3DUROHFKLDYH3LR;‹PLOH&RPEHV/HJJHGLVHSDUD]LRQHGLFHPEUH
3LR9,,FRQFRUGDWRQDSROHRQLFR%ORFFRGHOOHVLQLVWUH

.H\ZRUGV3LXV;‹PLOH&RPEHV)UHQFKODZRQWKH6HSDUDWLRQ'H
FHPEHU3LXV9,,1DSROHRQ
VFRQFRUGDW%ORFGHVJDXFKHV



,$SSURFFLRPHWRGRORJLFRLQWHUSUHWDWLYRHVSOLFLWD]LRQHGHOOH
IRQWLHJLXGL]LRVWRULFRSROLWLFR

,OGLFHPEUHªVWDWRXQJLRUQRLPSRUWDQWHSHUODUHFHQWHVWRULD
HXURSHD 6RQR ULFRUVL LQIDWWL L  DQQL GDOOD SURPXOJD]LRQHGHOOD
OHJJHGLVHSDUD]LRQHWUDOR6WDWRIUDQFHVHHOD&KLHVD&DWWROLFD5R
PDQD OHJJH FKH SUHYHGHYD DQFKH O
DEROL]LRQH R FRPH GLFH -HDQ
0LFKHO 'XKDUW OH HVHTXLH GHO YHFFKLR FRQFRUGDWR QDSROHRQLFR LQ

YLJRUHGDO 6HODULFRUUHQ]DªSDVVDWDFROSHYROPHQWHVRWWRVL


- 0 'XKDUW /D)UDQFHGDQVODWRXUPHQWHGHVLQYHQWDLUHV (GLWLRQG $ODQ 6XWWRQ
S
'RSRLOFRQFRUGDWRGHO3LR9,,H1DSROHRQHVLLQFRQWUHUDQQRQXRYDPHQWHLO
JHQQDLRSHUVWULQJHUHXQQXRYRSDWWRQRWRFRPH&RQFRUGDWRGL)RQWDLQH
EOHDX LOTXDOHDYUHEEHGRYXWRPHWWHUHILQHDOODVLWXD]LRQHFKHDYHYDRSSRVWROD
)UDQFLD DOOD &KLHVD D VHJXLWR GHOO
RFFXSD]LRQH GHL WHUULWRUL GHOOR 6WDWR 3RQWLILFLR
GDSDUWHGL1DSROHRQHLOPDJJLRHGHOODFRQVHJXHQWHVFRPXQLFDGDSDUWH
GL3LR9,, FKHSRUW´SRLDOO
DUUHVWRGLTXHVW
XOWLPRGDSDUWHGHLIUDQFHVL $WDOH
FRQFRUGDWRVHJXHWXWWDYLDXQDOHWWHUDGHO3DSDD1DSROHRQHGDWDWDPDU]R
FRQODTXDOHYLHQHQRWLILFDWDXQDULWUDWWD]LRQHGHOO
DFFRUGRGHOJHQQDLR,QROWUH
FRQODFDGXWDGL1DSROHRQHWUDLOHLOHODUHVWDXUD]LRQHGHOODPRQDUFKLD
ERUERQLFD FRQ /XLJL ;9,,, YHQQH VRWWRVFULWWD WUD OH GXH SDUWL XQD QXRYD FDUWD
m/DVFRPSDUVDGHOO
,PSHURQDSROHRQLFRGHWHUPLQ´QDWXUDOPHQWHXQDULSUHVDGHL
QHJR]LDWLFRQ5RPD8QRVWUXPHQWRGLSORPDWLFRVRWWRVFULWWRLOJLXJQRUL
SRUWDYD SHUYRORQW¢GL/XLJL;9,,,OHUHOD]LRQLIUDOD)UDQFLD HOD 6DQWD 6HGHDO
&RQFRUGDWR GL /HRQH ; >1RWR FRPH &RQFRUGDWR GL %RORJQD LQ TXDQWR VWLSXODWR
QHOODFLWW¢IHOVLQHDLODJRVWRWUDSDSD/HRQH;HLOUDSSUHVHQWDQWHGHO5HGL
)UDQFLD$QWRQLR 'XSUDW@*OLDUWLFROLRUJDQLFLHUDQRDEURJDWLLQ TXHL ORUR SXQWL
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

OHQ]LR LQ ,WDOLD QHOOD 5HSXEEOLFD WUDQVDOSLQD YL ª VWDWR DO FRQWUDULR
XQJUDQGHIHUPHQWRDWWRUQRDOO
HYHQWRHXQDQRQFRPXQHYRJOLDGL

FHOHEUDUH LOIDWWRVWRULFRHODVWDJLRQHSROLWLFDUHVSRQVDELOLGHOODGH

FKH HUDQR VWDWL JLXGLFDWL LQFRPSDWLELOL FRQ OD GLVFLSOLQD H FRQ OD GRWWULQD GHOOD
&KLHVD}(%XRQDLXWL3LR;,,(GLWRULULXQLWL5RPDS 87
,O GRFXPHQWR ILUPDWR D 5RPD O
 JLXJQR  GDO FDUGLQDOH (UFROH &RQVDOYL H
GDOGHOHJDWRIUDQFHVH%ODFDV'
$XOSVVLFRPSRQHGLTXDWWRUGLFLDUWLFROLFRQLTXDOL
m>@VLVWDELOLYDFKHLO5HSRVWRVLG
DFFRUGRFRQLO3RQWHILFHDYUHEEHIDWWRGHOVXR
PHJOLRSHUHOLPLQDUHWXWWRTXHOFKHQHOODRUJDQL]]D]LRQHSROLWLFDHFLYLOHGHOSDHVH
FRQWUDVWDVVHFRQO
HVHFX]LRQHGHOOHOHJJLHFFOHVLDVWLFKHHFRQTXHOORFKHGD5RPD
VLJLXGLFDYDGLYDQWDJJLRLQYXOQHUDELOHDOODUHOLJLRQHFDWWROLFD}LELGHP0DFRPH
VRWWROLQHDVHPSUHLO%XRQDLXWLOD&RQYHQ]LRQHGHOQRQULXVF®PDLDGLYHQWD
UHOHJJHGL6WDWRDFDXVDGHOO
DYYHUVLRQHGDSDUWHGHOSDUODPHQWRQHLFRQIURQWLGL
HVVD m>@ VLFFK« LO &RQFRUGDWR GHO  ULPDVH OD FDUWD XIILFLDOH GHOOH UHOD]LRQL
GLSORPDWLFKHIUDOD)UDQFLDGHOOD5HVWDXUD]LRQHGHOODPRQDUFKLDGLOXJOLRGHO6H
FRQGR ,PSHUR GHOOD 7HU]D 5HSXEEOLFD FRQ OD 6HGH URPDQD ILQRDO JLRUQR GHOOD
FODPRURVD H YLROHQWD URWWXUD QHO } LELGHPFIU $ 5RTXHWWH /H&RQFRUGDWGH
/RXLV;9,,,IDFH¢3LH9,,'X)HOLQ

,QL]LDWLYH LQ WDO VHQVR VRQR VWDWH LQWUDSUHVH GD LPSRUWDQWL LVWLWX]LRQL FXOWXUDOL
VWDWDOL H SULYDWH IUDQFHVL 6XO VLWR GHO PLQLVWHUR GHOO
(GXFD]LRQH 1D]LRQDOH GHOOD
6FXROD6XSHULRUHHGHOOD5LFHUFDVLOHJJHFKHODFLUFRVWDQ]DGHOO
DQQLYHUVDULRªRF
FDVLRQH SHU IDUH XQD SHGDJRJLD GHOOD ODLFLW¢ m&HWDQQLYHUVDLUHHVWO
RFFDVLRQG
XQH
S«GDJRJLHGHODOD±FLW«HWGHVYDOHXUVGHOLEHUW«G
«JDOLW«HWGHIUDWHUQLW«TXLOXLVRQW
«WURLWHPHQWOL«HVHWTXHO
‹FROHDSRXUPLVVLRQGHWUDQVPHWWUHHWGHIDLUHSDUWDJHUDX[
«OªYHV} ,O %ROOHWWLQR 8IILFLDOH GHOO
(GXFD]LRQH 1D]LRQDOH FL ULFRUGD O
LPSRUWDQ]D
GHOODOHJJHGLFHPEUHQHOSURFHVVRGLODLFL]]D]LRQHGHOOR6WDWRHFLULFRUGDLO
SHUFRUVRFKHGDOKDSRUWDWRDOODOHJJHFKHFRQRVFLDPRm/DGDWHGXG«FHP
EUHDPDUTX«HQ)UDQFHXQH«WDSHPDMHXUHGDQVOHSURFHVVXVKLVWRULTXHG
LQVWL
WXWLRQG
XQH5«SXEOLTXHOD±TXHTXLVHORQOHVWHUPHVGHO
DUWLFOHSUHPLHUGHODORLFRQ
FHUQDQWODV«SDUDWLRQGHV‹JOLVHVHWGHO
‹WDW‫ڨ‬DVVXUHODOLEHUW«GHFRQVFLHQFH‫ک‬HW‫ڨ‬JD
UDQWLWOHOLEUHH[HUFLFHGHVFXOWHVVRXVOHVVHXOHVUHVWULFWLRQV«GLFW«HV>@GDQVO
LQW«U¬W
GHO
RUGUHSXEOLF‫ک‬3UªVGHYLQJWDQVDSUªVOHVGHX[JUDQGHVORLVGXPDUVHWGX
RFWREUHTXLRQWLQVWLWX«GDQVO
‹FROHSXEOLTXHODOD±FLW«GHVHQVHLJQHPHQWVHW
FHOOHGHVSHUVRQQHOVODORLGXG«FHPEUHDHQUDFLQ«ODOD±FLW«GDQVOHVLQVWLWX
WLRQVGHQRWUH5«SXEOLTXH} /D )«G«UDWLRQ1DWLRQDOHGHOD/LEUH3HQVH« GDOOH ULJKH
GHO VXR HGLWRULDOH VRWWROLQHD O
XQLYHUVDOLW¢ SROLWLFD GHOOD OHJJH GL VHSDUD]LRQH
m)RUPHOOHPHQWDXMRXUG‫ڥ‬KXLODPDLQVXUOHFĕXUWRXWOHPRQGHVHSURQRQFHSRXUOD
OD±FLW«HWSRXUODORLGH/HG«EDWVXUOHVFUªFKHVFKU«WLHQQHVF‫ڥ‬HVW¢GLUHVXUOD
SU«VHQFHGHV\PEROHVUHOLJLHX[GDQVOHV0DLVRQVGHOD5«SXEOLTXHDPRQWU«TXHGH
O‫ڥ‬H[WU¬PHGURLWHDX3DUWL6RFLDOLVWHWRXWOHPRQGHHVWSRXUODORLGH6«SDUDWLRQ>@}
,QROWUHFKLHGHDWXWWLLODLFLGLRUJDQL]]DUHXQDJUDQGHPDQLIHVWD]LRQHSHUO
DEUR
JD]LRQHGHOODOHJJH'HEUªSHULOJLRUQRGLVDEDWRGLFHPEUHLQRFFDVLRQHGHLIH
VWHJJLDPHQWLSHULDQQLGHOODOHJJHGLVHSDUD]LRQH/DOHJJH'HEUªFRQWUDULD
PHQWHDOORVSLULWRGHOODFDUWDGHODFFRUGDYDJURVVLILQDQ]LDPHQWLDOODVFXROD
SULYDWDFRQIHVVLRQDOH TXDVLXQULWRUQRDOODYHFFKLDOHJJH)DOORX[GHO6HFRQ
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

ILQLWLYDWUDQVL]LRQHGDSDUWHGHOOD)UDQFLDGDXQDVSLULWXDOLW¢FULVWLD
QDFRQQLYHQWHFRQLSRWHULHJOLLQWHUHVVLGHOO
$QFLHQ5«JLPHHSHU
WDQWR FRQVLGHUDWD GDQQRVD H RVWLOH DJOL LQWHUHVVL GHO SRSROR HGHOOD
GHPRFUD]LDYHUVRTXHOWDQWRVEDQGLHUDWRFDUDWWHUHODLFRHVHFRODUH
TXDQGRQRQHVSUHVVDPHQWHDWHRVFULVWLDQL]]DWRUHHUHODWLYLVWDm>@
88 O
XQ GHV PRPHQWV IRQGDWHXUV GH O
HVSDFH SROLWLTXH UªSXEOLFDLQ >۞@}
FKHFRVWLWXLVFHDWXWW
RJJLXQRGHLYDQWLGLXQSRSRORODFXLPHQWDOL
W¢ªFRPXQTXHLQHYLWDELOPHQWHFUHVFLXWDHPDWXUDWDDSDUWLUHGDJOL
XOWLPLGHFHQQLGHO;,;VHFRORTXDVLHVFOXVLYDPHQWHLQWRUQRDOODLFL

VPR DQWLFOHULFDOH YHQGLFDWLYR  UDQFRURVR H SHUVHFXWRULR PHVVR LQ
FDPSRGDLOHDGHUPDVVRQLGHOOD7HU]D5HSXEEOLFD )HUU\*DPEHWWD
:DOGHFN5RXVVHDX &RPEHV 5RXYLHU  OH FXL EHFHUH SROLWLFKH DQ
WLHFFOHVLDVWLFKH LQGLVWLQWDPHQWH YLROHQWH H SHUVHFXWRULH UDSSUHVHQ
WDQRODYHUVLRQHPRGHUQDHDJJLRUQDWDPDFRPXQTXHLOOHJDOHHLOOH
JLWWLPDGHOOHFHOHEULFDPSDJQHGLVFULVWLDQL]]D]LRQHDWWXDWHGRSRLO
&RPHDIIHUPDJLXVWDPHQWH*LDQSDROR5RPDQDWRm>@LOWHU
UHQRVXOTXDOHODOLQHDGL3LR;UDSSUHVHQWDODQRYLW¢IRUVHSL»FRQ
VLVWHQWHªUDSSUHVHQWDWRGDOUDSSRUWRGHOOD&KLHVDFRQJOL6WDWL3L»

GD 5HSXEEOLFD OD TXDOH LQ QRPH GHOOD OLEHUW¢ GL LQVHJQDPHQWR DFFRUGDYD JUDQGL
YDQWDJJL DOO
LVWUX]LRQH UHOLJLRVD FRQJUHJD]LRQLVWD  0 2]RXI /
‹FROHO
‹JOLVHHWOD
5«SXEOLTXH  ‹GLWLRQV&DQD-HDQ2IIUHGRSS
,IHVWHJJLDPHQWLGHOGHOUHVWRQRQVRQRVWDWLXQIDWWRLVRODWR*DEULHO0HUOH
QHOO
LQWURGX]LRQH DOOD VXD ELRJUDILD GHGLFDWD DO SULPR PLQLVWUR IUDQFHVH (PLOH
&RPEHV SULQFLSDOH IDXWRUH GHOOD VHSDUD]LRQH ULFRUGD OH FHOHEUD]LRQL VROHQQL GHO
RWWREUH/
RFFDVLRQHLQTXHOODFLUFRVWDQ]DIXO
LQDXJXUD]LRQHGHOPRQX
PHQWR DOOD PHPRULD GHO SULPR PLQLVWUR UDGLFDOH QHOOD FLWW¢ GL 3RQV FHULPRQLD
SUHVLHGXWDGDOWUHYROWHSUHPLHUIUDQFHVHLOUDGLFDOVRFLDOLVWD(GRXDUG+HUULRW*
0HUOH‹PLOH&RPEHV)D\DUGSS
'DOSXQWRGLYLVWDGHOODULFHUFDVFLHQWLILFDHFXOWXUDOH-HDQ0DULH0D\HXUVRWWROL
QHDFRPHO
DWWXDOHHQWXVLDVPRSRSRODUHHGLVWLWX]LRQDOHQHLFRQIURQWLGHOOD/HJJH
&RPEHVDEELDFRQWDJLDWRDQFKHODULFHUFDVWRULFDUHFHQWHGRSRWXWWDYLDXQSHULR
GRDEEDVWDQ]DOXQJRGLJHQHUDOHGLVLQWHUHVVHSHUODTXHVWLRQHHGLGHFLVRUDIIUHG
GDPHQWRGHOOHSDVVLRQLGDHVVRVFDWHQDWHLQDOWULSHULRGL TXHVWDIDVHGLGLVLQWHUHV
VHYHUVRODSROLWLFDDQWLFOHULFDOHGHOOD7HU]D5HSXEEOLFDLQL]LDQHOHWHUPLQD
JUDGXDOPHQWH QHJOL DQQL 1RYDQWD  - 0 0D\HXU /DV«SDUDWLRQGHV(JOLVHVHWGH
O
(WDW/HV‹GLWLRQVGHO
$WHOLHU‹GLWLRQV2XYULªUHV3DULVSS

)UDQFLV'«PLHUULILXWDGLGHILQLUHYHQGLFDWLYRO
DWWHJJLDPHQWRGHLUDGLFDOLIUDQ
FHVL YHUVR OD &KLHVD H VSHFLH LQ ULIHULPHQWR DOO
D]LRQH SROLWLFD LQWUDSUHVD GDO
SUHPLHU3LHUUH:DOGHFN5RXVVHDXFRQODOHJJHVXOOHFRQJUHJD]LRQLGHOSUR
SRQH GL XVDUH LO WHUPLQH JL¢ XVDWR GD 3LHUUH 6RUOLQ GL OLTXLGD]LRQH H TXHOOR GL
FRQFLOLD]LRQH ) '«PLHU /D)UDQFHGX;,;VLªFOH   ‹GLWLRQV GX 6HXLO
SS
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

RPHQRQHJOLDQQLGHOVXRSRQWLILFDWRJLXQJHYDQRDPDWXUD]LRQHL
GHHVHSDUDWLVWHGDWHPSRSUHVHQWLQHOODFXOWXUDSROLWLFDHXURSHD(YL
JLXQJHYDQRFRQSUHVXSSRVWLODLFLVWLHDQWLFOHULFDOLFRQLQIOXVVLPDV
VRQLFL FRQ LQWHQ]LRQL QRQ GL UDGR SDOHVHPHQWHYHVVDWRULH QHL FRQ

IURQWLGHOOD&KLHVD} 2VWHQWDQGRDOFRQWUDULRJUDQGHDPPLUD]LRQH
YHUVRLYDORULGHOODFRVLGGHWWDm1RWUHODLFLW«SXEOLTXH}‹PLOH3RXODW 89
GHILQLVFHTXHVWRSDVVDJJLRFRPH

>@ OHSDUDGR[HGXSDVVDJHGHO
XQH¢O
DXWUHF
HVW¢GLUHG
XQRUGUHSXEOLF
IRQG«VXUO
H[FOXVLRQGHFHX[TXLQ
HQSDUWDJHQWSDVODUHOLJLRQ¢XQRUGUHSX
EOLFRXYHUW¢WRXVVDQV«JDUG¢OHXUVGLVSRVLWLRQVUHOLJLHXVHV>‫'@ڲ‬HODFDWKR
OLFLW«¢ODODLFLW«F
HVWOHUDSSRUWGHODVRFL«W«¢ODY«ULW«TXLVHWURXYHVXEVWDQ
WLHOOHPHQW PRGLIL« 1RWUH ODLFLW« SXEOLTXH QH VH U«IHUH ¢ DXFXQH Y«ULW« TXL
V
LPSRVHUDLW¢HOOHHOOHHQIDLWO
DIIDLUHHWHOOHHQODLVVHOHVRLQ¢FHX[TXLHQ

VRQVHLQRQWWRXWHOLEHUW«G
HQG«EDWWUH 

6HFRQGR 3DWULFN &DEDQHO DGGLULWWXUD DOO
RULJLQH GHO FOLPD YLROHQWR
HGRSSRVLWLYRUHLILFDWRVLDOO
LQL]LRGHOVHFRORLQWRUQRDOODFDPSDJQD
ODLFD GHOOR 6WDWR UHSXEEOLFDQR YL VDUHEEH QRQ O
DWWHJJLDPHQWRSUR
YRFDWRULR GHL GLULJHQWL SROLWLFL IUDQFHVL PD EHQV® OD IHGH YHUVR LO
GRJPDGHOODWUDQVXVWDQ]LD]LRQHGDSDUWHGLFOHURHIHGHOLLTXDOLD
YUHEEHUR YLVWR QHOO
DSSOLFD]LRQH GHL SURYYHGLPHQWL DQWLFOHULFDOL
VSHFLDOPHQWHQHJOLHVSURSULGHLEHQLHFFOHVLDVWLFLXQDYLROD]LRQHHG
XQDSURIDQD]LRQHGHOODVDFUDOLW¢LQVLWDQHOODUHDOHHQRQVRODPHQWH
VLPEROLFDSUHVHQ]DGHOFRUSRGL&ULVWRQHOO
DWWRHXFDULVWLFR&LWDQGR
&ODXGH/DQJORLV&DEDQHODIIHUPDFKHODUHVSRQVDELOLW¢GHOFOLPDGL
IHURFHFRQWUDSSRVL]LRQHFKHVLYHQQHDFUHDUHªGDFROOHJDUHXQLYR
FDPHQWH D m>@ ‫۔‬ODSHUVLVWDQFHG
XQHJUDQGHVHQVLELOLW«OL«H¢ODPRQ
VWUDWLRQHXFKDULVWLTXHTXLVHXOHHVWHQFRUHVXVFHSWLEOHGHSURGXLUHGHV
DIIURQWHPHQWV SDUWLFXOLHUPHQW YLROHQWV GDQV XQ FKDPS UHOLJLHX[ HQ

YRLHGHSDFLILFDWLRQ‫ }ک‬



*5RPDQDWR3LR;ODYLWDGLSDSD6DUWR5XVFRQL0LODQRS

‹ 3RXODW 1RWUHOD±FLW«SXEOLTXHm/D)UDQFHHVWXQH5«SXEOLTXHOD±TXH}%HUJ ,Q
WHUQDWLRQDO3DULV

‹ 3RXODW 'H mO
HVSULW OD±TXH} ¢ QRWUH mOD±FLW« SXEOLTXH} LQ - 3 &KDQWLQ '
0RXOLQHW D FXUD GL  /D6«SDUDWLRQGH/HV ‹GLWLRQV GH O
$WHOLHU‹GLWLRQV2X
YULªUHV3DULVS

3&DEDQHO/DU«YROWHGHV,QYHQWDLUHVLQ-3&KDQWLQ'0RXOLQHW DFXUDGL /D
6«SDUDWLRQGH/HV‹GLWLRQVGHO
$WHOLHU‹GLWLRQV2XYULªUHV3DULVS
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

0ROWRPHQRULOHYDQWHHGLQIOXHQWHWDQWRQHLFRQIURQWLGHOODPHQWD
OLW¢SRSRODUHTXDQWRUHODWLYDPHQWHDOOHVWUDWHJLHGLLQWHUYHQWRSROL
WLFROHJLVODWLYHDGRWWDWHLQ)UDQFLDULVXOWHU¢HVVHUHDQRVWURDYYLVR
TXHOO
LQVLHPHGLYDORULOLEHUWDULHGHJXDOLWDULULVSHWWRVLHULVSHWWDELOL
DVFULYLELOLDOOHSL»DJJLRUQDWHHGLQWHUHVVDQWLLVWDQ]HWHRULFKHHFXO
90 WXUDOL GHO FULVWLDQHVLPR FRQWHPSRUDQHR FRPH DG HVHPSLR OD FRU
UHQWH GHO FDWWROLFHVLPR OLEHUDOH OD TXDOH VH LQ )UDQFLD HEEH L VXRL
PDVVLPLUDSSUHVHQWDQWLQHOOHILJXUHGL/DPPHQDLVH/DFRUGDLUHIL
JXUHFKHULPDQJRQRHVVHQ]LDOLSHUFRPSUHQGHUHJOLVYLOXSSLSL»UH
FHQWL HG DYDQ]DWL GDO SXQWR GL YLVWD JLXULGLFR FXOWXUDOH H SROLWLFR
QHOODFRQFH]LRQHGHLUDSSRUWLWUD6WDWRH&KLHVDDQFKHLQ,WDOLDHEEH
HVSRQHQWLGLQRWHYROHVSHVVRUHHSUHVWLJLRFRPH5RVPLQLH*LREHUWL
DQGDQGR DG LQWUHFFLDUH L SURSUL GHVWLQL TXLQGL FRQ OD JUDQGH VWD

JLRQHULVRUJLPHQWDOH 


0LFKHO :LQRFN LQGLYLGXD FRQ SUHFLVLRQH OH SULQFLSDOL FRPSRQHQWL LGHRORJLFR
FXOWXUDOLGHOOD)UDQFLDUHSXEEOLFDQDGLRULHQWDPHQWRUDGLFDOSURJUHVVLVWDPDDQ
FKHRSSRUWXQLVWDHVRFLDOLVWD,QXQFRQWHVWRGLJHQHUDOHVSLULWRQD]LRQDOLVWDWLSL
FDPHQWHIUDQFHVHODFXOWXUDUHSXEEOLFDQDªLOSURGRWWRGHOOHVHJXHQWLLQIOXHQ]H,Q
SULPROXRJRDEELDPRODILORVRILDLOOXPLQLVWDQRQVROR9ROWDLUHH5RXVVHDXRVDQ
QDWLGDOODIDPLJOLDGHOIXWXURSULPRPLQLVWUR-XOHV)HUU\PDVRSUDWWXWWR&RQGRU
FHW m/D SUHPLªUH VRXUFH HVW OD SKLORVRSKLH GHV /XPLªUHV >‫ @ڲ‬/HV U«SXEOLFDLQV \
SXLVHQWOHVQRWLRQVGH5DLVRQHWGH3URJUªV&RQWUHODWK«RORJLHGXS«FK«RULJLQHOTXL
VRXPHW O
KRPPH G«FKX ¢ 'LHX O
LQGLYLGX ¢ OD VRFL«W« DX PDJLVWªUH UHOLJLHX[ ¢
O
DXWRULW«PRQDUFKLTXHGHGURLWGLYLQHOHVU«SXEOLFDLQVDIILUPHQWOHVGURLWVGHODUDL
VRQ KXPDLQH OD FDSDFLW« GHV KRPPHV ‫ ڟ‬XQH IRLV «PDQFLS«V GHV WXWHOOHV WUDGLWLRQ
QHOOHV‫ڟ‬GHPDLWULVHUOHXUGHVWLQ«H} 0 :LQRFN /D%HOOH(SRTXH‹GLWLRQV 3HUULQ
 S  FIU 3 &KHYDOOLHU /D6«SDUDWLRQGHO
(JOLVHHWGHO
(FROH-XOHV)HUU\HW
/«RQ;,,,)D\DUGSS
9LªSRLO
LQIOXHQ]DGHOSHQVLHURQHRNDQWLDQRIUDQFHVHUDSSUHVHQWDWRGDVWXGLRVL
FRPH-XOHV%DUQLDXWRUHGHO0DQXHOU«SXEOLFDLQFRPPLVVLRQDWRGD/HRQ*DPEHW
WD&KDUOHV5HQRXYLHUDXWRUHGHO0DQXHOU«SXEOLFDLQGHO
KRPPHHWGXFLWR\HQ YR
OXWR GDO PLQLVWUR GHOO
,VWUX]LRQH +LSSRO\WH &DUQRW  H LQILQH ‹PLOH 9DFKHURW 0
:LQRFN/D%HOOHFLWSS
,QILQH DEELDPR JOL LQIOXVVL SURYHQLHQWL GDO SRVLWLYLVPR FRPWLDQR SUHVHQWL LQ
)HUU\DVVLHPHDOO
LQIOXHQ]DGLSHQVDWRULFRPH-RKQ6WXDUW0LOOO
HFRQRPLVWD0DU
FHO5RXOOHDX[LOJLXULVWDSRVLWLYLVWD3KLO«PRQ'HURLVLQ VLQGDFRGL9HUVDLOOHV LYL
SSFIU3&KHYDOOLHURSFLWSS&1LFROHW/
LG«HU«SXEOLFDLQHHQ
)UDQFH  ‹GLWLRQV*DOOLPDUG
6XOUXRORGHOFHWRGHJOLLQWHOOHWWXDOLQHOOD)UDQFLDUHSXEEOLFDQDVLYHGD&&KDUOH
+LVWRLUHVRFLDOHGHOD)UDQFHDX;,;VLHFOH‹GLWLRQV GX 6HXLO  SS  0
:LQRFN/HVLªFOHGHVLQWHOOHFWXHOV‹GLWLRQVGX6HXLO
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

3URSRQLDPR LQ TXHVWD VHGH XQD OHWWXUD GHOOH YLFHQGH VWRULFKH


VXPPHQ]LRQDWHGDOWDJOLRGHFLVDPHQWHUHYLVLRQLVWDHFULWLFR8QDUL
OHWWXUDODQRVWUDFKHDSSRJJLDQGRVLDJOLRULHQWDPHQWLFXOWXUDOLHG
LQWHUSUHWDWLYLQRQFK«DLJLXGL]LVWRULFLHVSUHVVLHGHPHUVLQHOODSULQ
FLSDOHSURGX]LRQHWHVWXDOHGHOODVWRULRJUDILDFDWWROLFDLWDOLDQD %XR
QDLXWL 6WXU]R 5RPDQDWR &KHQDX[ 6LFFDUGL GH 0DWWHL %RQGLRQL 91
HFF VLDFDSDFHGLLQQHVFDUHFRQVXFFHVVRXQJHQHUDOHHGDXVSLFDEL
OHSURFHVVRGLULYDOXWD]LRQHHULDELOLWD]LRQHGLTXHOODPLUDELOHHOXFL
GD LPSRVWD]LRQH WHRULFRFXOWXUDOH H VWUDWHJLFRRSHUDWLYD SURSRVWD
GDLURPDQLSRQWHILFLDWWUDYHUVROHOHWWHUHHQFLFOLFKHGHGLFDWHDOVHSD
UDWLVPRWUDQVDOSLQR VHQ]DWUDODVFLDUHFRPXQTXHODSULQFLSDOHOHW
WHUDWXUDVSHFLDOLVWLFDGLSURYHQLHQ]DIUDQFHVHODFXLID]LRVLW¢HSUH
YHQ]LRQHQHOJLXGL]LRVWRULFRFRPHQHOODFKLDYHGLOHWWXUDSROLWLFR
LGHRORJLFDPDDQFKHQHOVHPSOLFHHRJJHWWLYRUHVRFRQWRHYHQHPHQ
]LDOHWXWWDYLDVDU¢LOQRVWURSULQFLSDOHEHUVDJOLRFULWLFR GRFXPHQWL
SHUDOWUR FKH OXQJL GDOO
HVVHUH HVSUHVVLRQH GL XQ FRQVHUYDWRULVPR
EHFHURGRJPDWLFRHGRVFXUDQWLVWDFRPHFHUWDFULWLFDGLUHJLPHYRU
UHEEHIDUFLFUHGHUHULVXOWDQRDOFRQWUDULRLPSRVWDWLTXDVLVHPSUHVX
XQDWWHJJLDPHQWRGLPRGHUDWLVPRFRQFLOLDWRULRGLJUDQGHXPDQLW¢H

FLYLOW¢ILQDOL]]DWRDGHYLWDUHOHYLROHQ]HHGLFULPLQL VRFLDOLSROLWLFL
FXOWXUDOLHGHFRQRPLFLGLFXLSXUWURSSRVLUHVHURLQILQHSURWDJRQL
VWLJOLLOOXPLQDWLH‫۔‬PRGHUDWL‫ە‬XPDQLVWLODLFLIUDQFHVLDOWHPSRVWHVVR
IDQDWLFL PDQGDQWL H IUHGGL HVHFXWRUL GL XQ EUXWDOH HG LQJLXVWLILFDWR
DFFDQLPHQWR YHUVR OD &KLHVD 8Q DWWHJJLDPHQWR LQROWUH GL JUDQGH
UHVSRQVDELOLW¢ H PDWXULW¢ GD SDUWH GHOOD VHGH DSRVWROLFD OD TXDOH VL
GLPRVWUDLQTXHVWDFRPHLQDQDORJKHFLUFRVWDQ]HXQIRQGDPHQWDOH
DJHQWHVRFLDOHSHUXQDSDFLILFDHVHUHQDFRQYLYHQ]DFLYLOHHQRQVR


3LR ;, QHOO‫ۑ‬HQFLFOLFD 0D[LPDP*UDYLVVLPDPTXH VRWWROLQHD OD LOOHJDOLW¢ GHOOHD
]LRQLVHSDUDWLVWHGHOJRYHUQRIUDQFHVHLQTXDQWRFRQWUDULHDOGLULWWRm&RQO
DPD
UH]]DQHOFXRUHULFRUGLDPRLWULVWLVVLPLJLRUQLLQFXLWUDGLYRLKDSUHVRIRUPDLO
QHIDVWRSURJHWWRGLVHSDUDUHJOLLQWHUHVVLGHOOD5HSXEEOLFDGDTXHOOLGHOOD&KLHVDH
LQFXLWDOHSURJHWWRKDWURYDWRLQIHOLFHHVHFX]LRQH&LULFRUGLDPRLQIDWWLFRPHOH
UHOD]LRQLHVLVWHQWLWUDODVDQWDVHGHHOD)UDQFLDLPSURYYLVDPHQWHDEELDQRVXELWR
XQDEUXVFDHLQJLXVWDURWWXUDFRPHLOGLFHPEUHVLDVWDWDHPDQDWDODOHJJH
GLVHSDUD]LRQHSHUPH]]RGHOODTXDOHLO&RQFRUGDWRJL¢GDPROWRWHPSRLQYLJRUH
ªVWDWRDEURJDWRGDXQDVRODSDUWHHLQPRGRFRQWUDULRDOOHIRUPDOLW¢GHOGLULWWRH
FRPHVHQ]DDOFXQULJXDUGRSHUODJHUDUFKLDGHOODFKLHVDRSHUO
DXWRULW¢GHOOD6DQ
WD6HGHLQPRGRLQJLXVWRHDUELWUDULRVLDQRVWDWHHPDQDWHOHJJLVXLGLULWWLHLEHQL
HFFOHVLDVWLFLFRPHSXUHVXOFXOWRGLYLQR}(/RUD56LPLRQDWL DFXUDGL (QFKL
ULGLRQGHOOH(QFLFOLFKH&HQWURHGLWRULDOHGHKRQLDQR%RORJQDYROS
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

ODPHQWHXQPHURLVWLWXWRPRGHUDWRUHHGRUJDQL]]DWRUHDOVROGRGHOOD
VRFLHW¢ERUJKHVHPRQGDQL]]DWDHGHLVXRLPHGLRFULLQWHUHVVLHIILPHUL
HPDWHULDOLFRPHFHUWDLQFXOWXUDLOOXPLQLVWLFDYROHYDHYXROHWXWW
R
UDIDUFUHGHUHDOOHPDVVHVSURYYHGXWHHPDQLSRODELOLLPSUHSDUDWHDO
FRVSHWWR GL XQ SHQVLHUR SL» YLFLQR DOOD SURSDJDQGD LGHRORJLFD FKH
92 DOODILORVRILD,QTXHVWRVHQVRGREELDPRULFRQRVFHUHXQLPSRUWDQWH
GHELWR GDO SXQWR GL YLVWD PHWRGRORJLFR VRSUDWWXWWR SHU TXDQWR UL
JXDUGDODVHOH]LRQHGHOOHIRQWLVWRULFKHHWHVWXDOLXWLOL]]DWHQHOODQR
VWUD ULFHUFD QHL ULJXDUGL GL WDOXQL HVSRQHQWL GHOOD FULWLFD VWRULFD
IUDQFHVHGHOVHFRQGRQRYHFHQWRLTXDOLKDQQRULEDGLWRFRQFRQYLQ
]LRQH FRPSHWHQ]D H DPSLD YLVLRQH SURVSHWWLFD OD QHFHVVLW¢ GL GDU
VSD]LRDOSXQWRGLYLVWDHFFOHVLDVWLFRFDSLWROLQRSHUFROPDUHXQDOD
FXQDQHOODSURGX]LRQHVWRULRJUDILFDHSHUPHJOLRLOOXPLQDUHLOVHQVR
GHOODYLFHQGDVHSDUDWLVWDGDOSXQWRGLYLVWDGHOVXRVLJQLILFDWRVWRUL

FR SROLWLFR VRFLDOH FXOWXUDOH H UHOLJLRVR  1HOOR VSHFLILFR LQIDWWL
SURSULRORVWXGLRGHOOHHQFLFOLFKHSDSDOLGDQRLDQQXQFLDWRHVYROWR
LQ TXHVWD VHGH ª FRQYLQWDPHQWH TXDOLILFDWR GD -HDQ0DULH 0D\HXU
FRPHXQDGHOOHSURVSHWWLYHGLULFHUFDPDJJLRUPHQWHSURPHWWHQWLLQ
TXDQWRDULVXOWDWLRULJLQDOLGDDSSRUWDUHDGXQFDPSRGLVWXGLRJL¢
HVWUHPDPHQWH IUHTXHQWDWR GDOOD ULFHUFD VWRULFD VWRULFRUHOLJLRVD
JLXULGLFD H VWRULFRVRFLDOH m/HVGLVFXVVLRQVSDUODPHQWDLUHVRXOHVHQ

F\FOLTXHV>۞@VRQWLQGLVSHQVDEOHV¢ODFRPSUHQVLRQGHV«Y«QHPHQWV} 

/DQRVWUDFULWLFDFRPXQTXHVDU¢ULYROWDLQSDUWLFRODUHQHLFRQ
IURQWL GL TXHL ID]LRVL H QRQ VHUHQL JLXGL]L VWRULFL GHO SDVVDWR FRPH
GHOSUHVHQWHFKHYHGRQRQHOO
D]LRQHLQWUDSUHVDGDOJRYHUQRUDGLFDOH
IUDQFHVHVRORHGHVFOXVLYDPHQWHXQHVHPSLRGLYLUWXRVDSROLWLFDVR
FLRFXOWXUDOH ILQDOL]]DWD DO ULFRQRVFLPHQWR GHL OHJLWWLPL GLULWWL GL OL
EHUW¢HXJXDJOLDQ]DGLPHQWLFDQGRVLGLVRWWROLQHDUHHGHQXQFLDUH

- 0 0D\HXU 5«IOH[LRQV VXU O
KLVWRLUH GH OD 6«SDUDWLRQ LQ - 3 &KDQWLQ '
0RXOLQHW D FXUD GL  /D6«SDUDWLRQGH/HV ‹GLWLRQV GH O
$WHOLHU‹GLWLRQV2X
YULªUHV3DULVS-3&KDQWLQ'0RXOLQHW,QWURGXFWLRQLQ-3&KDQWLQ
' 0RXOLQHW D FXUD GL  /D6«SDUDWLRQGH/HV ‹GLWLRQV GH O
$WHOLHU‹GLWLRQV
2XYULªUHV3DULVS

-00D\HXU/DV«SDUDWLRQGHVFLWS

,OOHDGHUVRFLDOLVWD-HDQ-DXUªVDVVDVVLQDWRQHODFDXVDGHOODVXDFRQWUDULHW¢
DOOD 3ULPD JXHUUD PRQGLDOH ULVHUY´ SDUROH FDULFKH GL HQWXVLDVWLFD DPPLUD]LRQH
SHU OD OHJJH  OD TXDOH IX GHILQLWD FRPH m>@ ODSOXVJUDQGHTXLDLW«W«WHQW«H
GDQVQRWUHSD\VGHSXLVOD5«YROXWLRQIUDQ©DLVH} *DEULHO 0HUOH VRWWROLQHD WXWWDYLD
FRPHDFFDQWRDJOLRQRULWULEXWDWLDOSDGUHGHOODOHJJHGLVHSDUD]LRQHGHOGD
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

DO FRQWUDULR OD YROJDUH H GRORVD YLROHQ]D PDWHULDOH H FXOWXUDOH FRQ


FXL OD WUDQVL]LRQH YHUVR OR 6WDWR ODLFR H DFRQIHVVLRQDOH IX DWWXDWD
(VHPSODUH D SURSRVLWR GHO ULFRUUHQWH DWWHJJLDPHQWR GL GREELDPR
GLUOR QHJD]LRQH GHOOH YLROHQ]H FRQGRWWH GDL UHSXEEOLFDQL DL GDQQL
GHLFDWWROLFLULVXOWDHVVHUHTXHVWDSDUDGLJPDWLFDSUHVDGLSRVL]LRQH
SURSULRGL0D\HXU FKHDEELDPRRURUDORGDWRSHUODIHFRQGLW¢HRUL 93
JLQDOLW¢ GHOO
LQGLUL]]R PHWRGRORJLFR GD OXL VXJJHULWR FRPH EDVH H
LPSRVWD]LRQHSHUOHIXWXUHULFHUFKHVXOODYLFHQGDVHSDUDWLVWDIUDQFR
YDWLFDQD  VHFRQGR LO TXDOH m/DSHUV«FXWLRQDQQRQF«HQ
«WDLWSDVYH

SDUWHGLFLWWDGLQLHGDXWRULW¢IUDQFHVLYLVLDQRVWDWLDQFKHDWWDFFKLYLROHQWLHGHQL
JUDWRULGDSDUWHGHOODGHVWUDHGHLILORFOHULFDOLQHLFRQIURQWLGL&RPEHVHGHOVXR
RSHUDWR LQ TXDOLW¢ GL FDSR GHO JRYHUQR WUD LO  H LO  DWWDFFKL H FDOXQQLH
SUHYDOHQWHPHQWH ULYROWL FRQWUR OD VXD SROLWLFD ODLFLVWD ,O PHGLFR GL 5RTXHFRXUEH
SUHVWDWR DOOD SROLWLFD HUD HWLFKHWWDWR FRQ GLYHUVL HSLWHWL m&RPEHV«WDLWXQ‫ڨ‬DVVDV
VLQ‫ک‬XQ‫ڨ‬IDQDWLTXH‫ک‬XQ‫ڨ‬IRUEDQ‫ک‬XQ‫ڨ‬LPSXLVVDQW‫ک‬XQ‫ڨ‬P«GLRFUH‫ک‬XQ‫ڨ‬PRQVWUH‫ک‬XQ
‫ڨ‬SDXYUHW\SH‫ک‬XQ‫ڨ‬VRUGLGHVDWUDSH‫ک‬XQ‫ڨ‬W\UDQSDUIDLW‫ک‬,O«WDLW‫ڨ‬ILHOOHX[‫ڨک‬PDOIDL
VDQW‫ڨک‬PDOSURSUH‫ڨک‬Q«IDVWH‫ڨک‬QXOO‫ڨک‬RGLHX[‫ک‬6D‫ڨ‬EDVVHVVH‫ک‬VD‫ڨ‬G«JUDGDWLRQPRUD
OH‫ک‬VRQ‫ڨ‬LJQRPLQLH‫ک‬VD‫ڨ‬YLOHQLH‫ک‬VD‫ڨ‬YXOJDULW«‫ک‬QHVDXUDLHQWSURYRTXHUTXHOH‫ڨ‬G«
JR½W‫ک‬6DSROLWLTXH‫ڨ‬VHFWDLUH‫ک‬RQSOXW¶WVD‫ڨ‬GLFWDWXUH‫ک‬¢EDVHGH‫ڨ‬EULJDQGDJH‫ک‬GH‫ڨ‬G«
ODWLRQ‫ک‬GH‫ڨ‬WHUUHXU‫ک‬IXW‫ڨ‬H[«FUDEOH‫ک‬HWFLWDWLRQREOLJH‫ڨ‬U«SXJQDQWH‫ک‬HWDEMHFWH‫* }ک‬
0HUOHRSFLWS

7UDLSRFKLRSSRVLWRULGHOODSROLWLFDGHO&RPEHVYLIXLOFLQTXHYROWHSULPRPL
QLVWUR UHSXEEOLFDQR $OH[DQGUH 5LERW PHPEUR GHOO
DOD PRGHUDWD GHO 3DUWLWR 5H
SXEEOLFDQRHRVWLOHDLSURYYHGLPHQWLDQWLFOHULFDOLGHLJDELQHWWL:DOGHFN5RXVVHDX
H&RPEHV(JOLWXWWDYLDDSSRJJL´ODQDVFLWDGHOOHDVVRFLD]LRQLFXOWXDOL LVXUURJDWL
ODLFLGHOOHGLRFHVLGLFXLSDUOHUHPRDPSLDPHQWH 6XLUHSXEEOLFDQLPRGHUDWLVLYH
GD - 0 0D\HXU /DYLHSROLWLTXHVRXVOD7URLVLªPH5«SXEOLTXH‹GLWLRQV
GX 6HXLO SS  0 :LQRFN /D%HOOHFLW SS (PPDQXHO)X
UHL[ VRWWROLQHD LQROWUH O
HVLVWHQ]D GL IRUWL UHVLVWHQ]H QHL FRQIURQWL GHL YDORUL UH
SXEEOLFDQL H SDUODPHQWDULVWL VLD GDO SXQWR GL YLVWD SROLWLFR FKH FXOWXUDOH SURYH
QLHQWLGDGLYHUVLVWUDWLGHOODVRFLHW¢WUDQVDOSLQDGHOWDUGRRWWRFHQWR ERQDSDUWLVWL
OHDOLVWLOHJLWWLPLVWLPRQDUFKLFLVLDERUERQLFLFKHRUOHDQLVWLFDWWROLFLUHSXEEOLFDQL
PRGHUDWLQD]LRQDOLVWLERXODQJLVWL HFF 7DOLUHVLVWHQ]H FKHGLPRVWUDYDQRFRPH
XQDSDUWHULOHYDQWHGHOODVRFLHW¢IUDQFHVHQRQIRVVHDOOLQHDWDDLYDORULGRPLQDQWL
WUDQQHFKHQHOODIDVHHPHUJHQ]LDOHGHOO
8QLRQVDFU«H IXURQRGLVYHODWHSULQFLSDO
PHQWH GDO FRQWURYHUVR DIIDUH 'UH\IXVV ( )XUHL[/HVLªFOHGHVSRVVLEOHV
3UHVVHV8QLYHUVLWDLUHVGH)UDQFH3DULVSSFIU6%HUVWHLQ0:L
QRFN/
LQYHQWLRQGHODG«PRFUDWLH‹GLWLRQVGX6HXLOSS
6DUHEEHLQWHUHVVDQWHLQROWUHULIOHWWHUHVXFRPHLOQD]LRQDOLVPRVSLQWRGHLUHSXE
EOLFDQL ULXVFLVVH D FRQFLOLDUVL FRQ O
LQWHUQD]LRQDOLVPR PDU[LVWD GHL VRFLDOLVWL VR
VWHQLWRULDQFK
HVVLGHLYDORULUHSXEEOLFDQLLOOXPLQLVWLFRSURJUHVVLVWLHIDXWRULGHO
OHSROLWLFKHODLFLVWHHGDQWLFOHULFDOLGHOOR6WDWRFRQVLGHUDWHDQFRUDRJJLFRPHm>@
IRQGHPHQW HVVHQWLHO GH OD 5«SXEOLTXH HQ WDQW TXH FHOOHFL VH YHXW «PDQFLSDWULFH HW
LQVWLWXWULFH>@}'3HOOHWLHURSFLWS
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

QXH O
H[HUFLFH SXEOLF GHV FXOWHV VH SRXUVXLYDLW >@}8QD YLROHQ]D
FKHDOFRQWUDULRFROS®LQWHUHOHJLRQLGLIHGHOLHGHVSRQHQWLGHOFOHUR
LTXDOLSULPDGLWXWWRHUDQRFLWWDGLQLIUDQFHVLGRWDWLGHJOLVWHVVLGL
ULWWL FLYLOL GHL QRQ R GLYHUVDPHQWH FUHGHQWL FRVD FKH WXWWDYLD QRQ
LPSHG®DLVHGLFHQWLHGLSRFULWLDOILHULGHOOHOLEHUW¢PRGHUQHGLULVHU
94 YDUH D FOHUR H IHGHOL XQ WUDWWDPHQWR GHFLVDPHQWH H SUHRFFXSDQWH
PHQWHDOGLVRWWRGHLSL»HOHPHQWDULVWDQGDUGGLOHJDOLW¢GHPRFUDWLFD
HGLPRUDOLW¢XQWUDWWDPHQWRFKHSHUDOWURWUDVJUHGLYDSDOHVHPHQWH
LOSULPRDUWLFRORGHOODOHJJHGLVHSDUD]LRQHFKHFRV®UHFLWDm/D5H
SXEEOLFDDVVLFXUDODOLEHUW¢GLFRVFLHQ]D(VVDJDUDQWLVFHLOOLEHURH
VHUFL]LRGHLFXOWLFRQOHVROHUHVWUL]LRQLGLVHJXLWRHQXQFLDWHQHOO
LQ
WHUHVVHGHOO
RUGLQHSXEEOLFR}(YLGHQWHPHQWHSHUJOLHUHGLGHOODFXO
WXUDLOOXPLQLVWLFD ODFRVLGGHWWD&LYLOLVDWLRQDQJORIUDQFHVHLQJDQQD
WULFHHIDWWRUHGLGHJHQHUD]LRQHPRGHUQLVWDGHOODVRFLHW¢HXURSHDD
FXL QRL FRQWUDSSRQLDPR OD SL» LQWHUHVVDQWH .XOWXU FHQWURHXURSHD
YHUD H SURSULD QXWULFH GHOOD FLYLOW¢ RFFLGHQWDOH LQ XQD SURVSHWWLYD
IHGHOHDOOD7UDGL]LRQH OHUHVWUL]LRQLGLFXLSDUODODOHJJHVLWUDGXFR
QRGDOSXQWRGLYLVWDDSSOLFDWLYRLQYLROHQWHHVHOHWWLYHSHUVHFX]LR
QLHGLVFULPLQD]LRQLDGDQQRGHLSL»DQWLSDWLFLRGHL‫۔‬FDWWLYL‫ە‬GLWXU
QR 3URVSHWWLYD TXHOOD OHJDOLWDULD HYLGHQWHPHQWH LQYRFDWD GDL VXG
GHWWLSURJUHVVLVWLSURYRFDWRULOLEHUWDULHOLEHUWLQLSL»FKHOLEHUDOLVR
OR LQ VLWXD]LRQL GL FRPRGR H VXELWR PHVVD GD SDUWH H GLPHQWLFDWD
TXDQGRVLWUDWWDGLDSSOLFDUODDQFKHDLGLYHUVDPHQWHSHQVDQWLHYL
YHQWL,QTXHVWRVHQVRGREELDPRGLUORLOWUDWWDPHQWRYHVVDWRULRUL
VHUYDWRDOOD&KLHVDVRPLJOLDWDQWRDGXQDOHJLVOD]LRQHVSHFLDOHHSD
UDOOHODDTXHOODXIILFLDOHQHOODTXDOHQRQWURYDQRFLWWDGLQDQ]DHDS
SOLFD]LRQHLSL»HOHPHQWDULGLULWWLDFFRUGDWLQHOGLULWWRRUGLQDULRDOOH
DOWUH FDWHJRULH VRFLDOL 8QD VRVSHQVLRQH VHOHWWLYD GHL GLULWWLDSSRVL

WDPHQWHSHQVDWDSHULVROLSHQDOL]]DWLFDWWROLFL VLQLVWUDPHQWHVLPL

-00D\HXU5«IOH[LRQVVXUO
KLVWRLUHFLWS

1DWXUDOPHQWHVLDPRFRQVDSHYROLGHOIDWWRFKHODOHJJH&RPEHVQRQIRVVHULYRO
WDDLVROLFDWWROLFLPDDGRJQLFUHGRUHOLJLRVRHFKHODVXDDSSOLFD]LRQHFROS®PDJ
JLRUPHQWH TXHOOD FDWWROLFD LQ UDJLRQH GHOOD VXD SRVL]LRQH GRPLQDQWH DOO
LQWHUQR
GHOODVRFLHW¢WUDQVDOSLQD FLUFRVWDQ]DTXHVWDFKHGHWHUPLQ´WXWWDYLDXQHYLGHQWH
DFFDQLPHQWR SDUWLFRODUH H VSURSRVLWDWR YHUVR LO FDWWROLFHVLPR DQWLSDWLFR SHUFK«
SRWHQWHHSHUFK«VRVSHWWDWRHGDFFXVDWRGLHVVHUHOHJDWRDOYHFFKLRHVWDEOLVKPHQW
PRQDUFKLFR  $ SURSRVLWR GHJOL DWWHJJLDPHQWL GHOOH DOWUH UHOLJLRQL QHL FRQIURQWL
GHOODOHJJHGLVHSDUD]LRQHHYLFHYHUVDVLYHGDQRLVHJXHQWLVWXGL3+DULVPHQG\
/HVSURWHVWDQWVIDFH¢OD6«SDUDWLRQLQ-3&KDQWLQ'0RXOLQHW DFXUDGL /D6«
SDUDWLRQGH/HV ‹GLWLRQV GH O
$WHOLHU‹GLWLRQV 2XYULªUHV3DULVSS
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

OH DOOH OHJJL DQWLFOHULFDOL GHOOD 5XVVLD =DULVWD DEROLWH SRL FRQ XQ
FRQFRUGDWRQHO HDOODOHJLVOD]LRQHJLXVHSSLQLVWDGLILQHVHWWH

FHQWR  DL SURYYHGLPHQWL FRQWUR OD OLEHUW¢ GL VWDPSD H GL DVVRFLD
]LRQH DGRWWDWL GD GLYHUVL JDELQHWWL GHOO
,WDOLD OLEHUDOH 5XGLQ® 3HO
ORX[ HSHQVDWLDSSRVLWDPHQWHSHUFROSLUHFDWWROLFLHVRFLDOLVWLHLQ
ILQHHVRSUDWWXWWRDONXOWXUNDPSIG
ROWUH5HQRYROXWRGD%LVPDUFNH 95

''HOPDLUH/HVMXLIVIDFH¢OD6«SDUDWLRQLQ-3&KDQWLQ'0RXOLQHW DFX
UD GL  /D6«SDUDWLRQGH/HV ‹GLWLRQV GH O
$WHOLHU‹GLWLRQV 2XYULªUHV 3DULV
SS  &IU - %DXE«URW 3UREOªPHVGXSURWHVWDQWLVPHIUDQ©DLVIDFH¢OD
6«SDUDWLRQ GHV ‹JOLVHV HW GH O
‹WDWLQ ‹WXGHV WK«RORJLTXHV HW UHOLJLHXVHV  SS
 $ 5RTXHIRUW7XUTXLQ /HVSURWHVWDQWVIDFH¢OD6«SDUDWLRQGHV‹JOLVHVHWGH
O
‹WDW LQ 5HYXH G
KLVWRLUH PRGHUQH HW FRQWHPSRUDLQH MXLOOHWVHSWHPEUH  SS
 & 6HQJHO /HVSURWHVWDQWVHWOD6«SDUDWLRQGHV‹JOLVHVHWGHO
‹WDWP«PRLUH
GHPDLWULVH8QLYHUVLW«3DULV,9

*OL DFFRUGL VWLSXODWL IUD OD 6DQWD 6HGH H LO *RYHUQR 5XVVR LO GLFHPEUH 
ULJXDUGDQROHGLRFHVLVRSSUHVVHGDOOR=DULVHPLQDULO
$FFDGHPLDHFFOHVLDVWLFDGL
63LHWUREXUJRHODUHYRFDGHOOHPLVXUHDQWLFOHULFDOL(VVLIXURQRILUPDWLGDOFDUGL
QDOH VHJUHWDULR GL 6WDWR GL /HRQH ;,,, /XGRYLFR -DFRELQL SHU OD 6DQWD 6HGH H
GDOO
LQFDULFDWR0LFKHO%RXW«QHIISHUOD5XVVLD

&L ULIHULDPR DL SURYYHGLPHQWL SUHVL GDO VDFUR URPDQR LPSHUDWRUH *LXVHSSH ,,
G
$VEXUJR ILJOLR GL 0DULD 7HUHVD G
$XVWULD QHL FRQIURQWL GHO FOHUR FDWWROLFR
QHOO
DPELWR GHOOD VXD SROLWLFD ULIRUPLVWD H OLEHUDOH YHUVR OH DOWUH IHGL JLXGDLVPR
FRPSUHVRPDFROSHYROPHQWHSHUVHFXWRULDYHUVRLOFDWWROLFHVLPRURPDQRFIU+$
:LQNOHU 'HUODQJH:HJQDFK:HVWHUQYRO,'HXWVFKH*HVFKLFKWHYRP(QGHGHV$O
WHQ HLFKHV ELV ]XP 8QWHUJDQJ GHU :HLPDUHU 5HSXEOLN 9HUODJ & + %HFN R+*
0¾QFKHQWUDGLW*UDQGHVWRULDGHOOD*HUPDQLD'RQ]HOOLHGLWRUH5RPDYRO
,0%HOODEDUED/
LPSHURDVEXUJLFRLO0XOLQR%RORJQD
6HFRQGR0D\HXULOGLIIXVRHUDGLFDWROHJDPHGHOODVRFLHW¢DXVWULDFDQHLFRQIURQWL
GHOOD WUDGL]LRQH JLXVHSSLQLVWD H GHOOD VXD ORWWD SHU XQD QD]LRQDOL]]D]LR
QHGHURPDQL]]D]LRQHGHOFOHURFDWWROLFRDXVWULDFRSUROXQJDWRVLILQRDOODILQHGHO
;,; VHFROR H ROWUH VDUHEEH DOOD EDVH GHOOD IUHGGH]]D GHL UDSSRUWL GLSORPDWLFL WUD
5RPDH9LHQQD-00D\HXU/DYLHSROLWLTXHFLWS
$ ULSURYD GL TXHVWD UHFLSURFD RVWLOLW¢ YL VRQR YDUL HSLVRGL FKLDYH OD URWWXUD GHO
FRQFRUGDWRGHOYROXWDXQLODWHUDOPHQWHGDOO
LPSHURQHOHPRWLYDWDFRQLO
ULIHULPHQWR DO PXWDWR VWDWXV JLXULGLFR GHOOD &KLHVD D VHJXLWR GHOOD GLFKLDUD]LRQH
GRJPDWLFDGHOSDSDFLUFDODVXDLQIDOOLELOLW¢,OYHWR LXVH[FOXVLYDH SRVWRGD)UDQ
FHVFR *LXVHSSH DOOD FDQGLGDWXUD SRQWLILFLD GHO VHJUHWDULR GL 6WDWR GL /HRQH ;,,,
0DULDQR5DPSROODGHO7LQGDURGXUDQWHLOFRQFODYHGHO FLUFRVWDQ]DFKHID
YRU®O
HOH]LRQHGL3LR; /HLQWHUIHUHQ]HDVEXUJLFKHQHLFRQIURQWLGHOOHLPSRUWDQWL
DSHUWXUHGL/HRQH;,,,DOOD&KLHVDRUWRGRVVDHDOPRQGRUXVVRVODYR,OIDOOLPHQWR
GHOOD PLVVLRQH GLSORPDWLFD GL PRQV 3DFHOOL LO TXDOH QHO JHQQDLR  VL UHF´ D
9LHQQDVXLQFDULFRGL%HQHGHWWR;9 SHU FRQYLQFHUHO
LPSHUDWRUH)UDQFHVFR*LX
VHSSH D FHGHUH LO 7UHQWLQR DOO
,WDOLD LQ FDPELR GHOOD VXD QHXWUDOLW¢ QHOOD 3ULPD
JXHUUDPRQGLDOH
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

DWWXDWRWUDPLWHOHOHJJLYDUDWHGDOPLQLVWURGHLFXOWL$GDOEHUW)DON
DLSURYYHGLPHQWLFRQWURODOLEHUW¢GLVWDPSDHGLDVVRFLD]LRQHDGRW
WDWLGDGLYHUVLJDELQHWWLGHOO
,WDOLDOLEHUDOH 5XGLQ®3HOORX[ HSHQVDWL
DSSRVLWDPHQWHSHUFROSLUHFDWWROLFLHVRFLDOLVWLHLQILQHHVRSUDWWXW
WRDONXOWXUNDPSIG
ROWUH5HQRYROXWRGD%LVPDUFNHDWWXDWRWUDPLWH
96 OHOHJJLYDUDWHGDOPLQLVWURGHLFXOWL$GDOEHUW)DON0DDQRVWURDY


m>@ LO FDQFHOOLHUH 2WWR YRQ %LVPDUFN   GRSR DYHU IDWWR PRGLILFDUH
JOLDUWLFROL GHOOD FDUWD FRVWLWX]LRQDOHFKHJDUDQWLYDQRDOOH &KLHVHOLEHUW¢GLRUJD
QL]]D]LRQHRWWHQQHQHOO
HPDQD]LRQHGLXQDVHULHGLOHJJLGLUHWWHDVRWWRSRU
UHODYLWDHFFOHVLDVWLFD‫ۋ‬VRSUDWWXWWRODIRUPD]LRQHGHLVDFHUGRWLHODORURQRPLQD
DOOHIXQ]LRQLSDVWRUDOL‫ۋ‬DOFRQWUROORVWDWDOHLQQRPHGHOODGLIHVDGHOODFLYLOW¢PR
GHUQD .XOWXUNDPSI  } * )LORUDPR ' 0HQR]]L 6WRULDGHO&ULVWLDQHVLPR/
HW¢
FRQWHPSRUDQHD/DWHU]DS
m&L VL SUHILJXUDYD LQ WDO PRGR GL SULYDUH DQFRUD OD &KLHVD GHOOD OLEHUW¢ JRGXWD
QHJOL XOWLPL WHPSL GL LQIUDQJHUQH OD VDOGD RUJDQL]]D]LRQH H GL DVVRJJHWWDUOD LQ
FRQGL]LRQDWDPHQWH DO SRWHU VWDWDOH /D ORWWD SROLWLFRUHOLJLRVD >@ IX GHILQLWD FRO
QRPHGL.XOWXUNDPSI3ULQFLSDOHUHVSRQVDELOHH FDSRGHO FRQIOLWWRIXLOPDVVLPR
VWDWLVWDWHGHVFRSULQFLSH2WWRYRQ%LVPDUNSULPRPLQLVWURGL3UXVVLDHFDQFHOOLH
UHGHOO
,PSHUR*HUPDQLFR>@QHOO
HVHFX]LRQHPLQXWDGHLVXRLSLDQLIXFRDGLXYDWR
GHYRWDPHQWH GDO PLQLVWUR GHO FXOWR $GDOEHUW )DON >@ ,O .XOWXUNDPSI LQ 3UXVVLD
LQL]L´FRQODVRSSUHVVLRQHGHOODVH]LRQHFDWWROLFDQHOPLQLVWHURGHOFXOWR OXJOLR
 $EUHYHGLVWDQ]DVLVXVVHJXLURQR>@ODOHJJHVXOFRQWUROORGHOOHVFXROHLQ
3UXVVLD PDU]R HLQVHGHLPSHULDOHODOHJJHVXLJHVXLWL OXJOLR FKH
VRSSULPHYDLQWXWWRO
LPSHUROHFDVHGHOODFRPSDJQLDGL*HV»HGHJOLRUGLQL‫۔‬DIILQL‫ە‬
5HGHQWRULVWL/D]]DULVWL3DGULGHOOR6SLULWR6DQWR'DPHGHO6DFUR&XRUH HRUGL
QDYDO
HVSXOVLRQHRO
LQWHUQDPHQWRGHLVLQJROLPHPEUL&RQOHTXDWWUROHJJLSUXV
VLDQHGHOPDJJLR PDJJLR >@ODORWWDJLXQVHDOVXRFXOPLQHHVVHUH
JRODYDQRODIRUPD]LRQHHODGHVWLQD]LRQHGHLVDFHUGRWLFRDUWDYDQRLOSRWHUHGLVFL
SOLQDUHGHOOD&KLHVDFRQO
LVWLWX]LRQHGLXQWULEXQDOHUHJLRSHUOHTXHVWLRQLHFFOH
VLDVWLFKHWUDFFLDYDQRLOLPLWLGHOGLULWWRSHQDOHHFFOHVLDVWLFRHIDYRULYDQRO
XVFLWD
GDOOD &KLHVD 4XHVWH OHJJL FKH PLUDYDQR DOOD GLVWUX]LRQH GHOOD JHUDUFKLD GHOOD
&KLHVDHDOODWUDVIRUPD]LRQHGLTXHVW
XOWLPDLQXQDFKLHVDQD]LRQDOHGL6WDWRHUD
QRFRV®UDGLFDOLFKHSHUSRWHUOHPHWWHUHLQHVHFX]LRQHVLGRYHWWHURSULPDPRGLIL
FDUH  HSRLDGGLULWWXUDDEROLUH  LSDUDJUDILGHOODFRVWLWX]LRQHGHO
FKHJDUDQWLYDQRODDXWRQRPLDHO
DPPLQLVWUD]LRQHLQGLSHQGHQWHGHOOD&KLHVD}.
%LKOPH\HU + 7XHFKOH 6WRULDGHOOD&KLHVD/
HSRFDPRGHUQD(GLWULFH 0RUFHOOLDQD
%UHVFLD  SS  FIU 0 9DOHQWH 'LSORPD]LDSRQWLILFLDH.XOWXUNDPSI
(G]LRQL 6WXGLXP 5RPD  $ * 0DQFD &RVWLWX]LRQHHDPPLQLVWUD]LRQHGHOOD
PRQDUFKLDSUXVVLDQD  ,O0XOLQR%RORJQD
'HWHUPLQDQWH IX LO FRQWULEXWR GL /HRQH ;,,, QHO SURFHVVR GL DEURJD]LRQH GHOOH
OHJJLDQWLFOHULFDOLFRQWDQWRGLYLVLWDXIILFLDOHGL*XJOLHOPR,,LQ9DWLFDQRLORW
WREUH  GDWD XIILFLDOH GHOOD ILQH GHOOD FRQWUDSSRVL]LRQH FRQ OD *HUPDQLD &
5HQGLQD ,SDSL1HZWRQ &RPSWRQ 5RPD  S  FIU ( 'XII\ 6DLQWVDQG
VLQQHUVWUDGLW/DJUDQGHVWRULDGHSDSL0RQGDGRUL0LODQRS
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

YLVRODULQXQFLDRODPHVVDWUDSDUHQWHVLGHLSULQFLSLGHOODOHJDOLW¢H
GHOODPRUDOLW¢RSHUDWDGDLOHDGHUUHSXEEOLFDQLDWWUDYHUVRXQDVHULHGL
FHQVXUDELOL SUDWLFKH GL FXL UHQGHUHPR D EUHYH FRQWR ROWUH D GLPR
VWUDUHHWHVWLPRQLDUHXQQRWHYROHHSUHRFFXSDQWHVPDUULPHQWRFXO
WXUDOH GHJOL VWHVVL FRQIXVL FDSLSDUWLWR H GHOO
HOHWWRUDWR G
ROWUDOSH ª
SURSULRHGLQHTXLYRFDELOPHQWHVHJQRHYLGHQWHHFRQVHJXHQ]DGHOOD 97
ULQXQFLDGHFUHWDWDGDLVXGGHWWLFDSLDLSULQFLSLJXLGDGHOODIHGHFUL
VWLDQDODTXDOHVLDDWWUDYHUVRODVXDD]LRQHSROLWLFDVLDPHGLDQWHLO
0DJLVWHURSURIHVVDSURSULRLOULVSHWWRGHOODOHJDOLW¢GHOODPRUDOLW¢H
GHOODFRPSDVVLRQHFRPHFDUGLQLGHOODFLYLOHFRQYLYHQ]DWUDXRPLQL

1RQVLWUDWWDHFRQFOXGLDPRODSUHPHVVDGLGRYHURYROHUGLIHQ
GHUHOD&KLHVDSHUIRU]DGLFRVHRSHUSDUWLWRSUHVRRDGGLULWWXUDSHU
VHUYLOHGHIHUHQ]DHQHDQFKHGLDWWDFFDUHDWXWWLLFRVWLSHUPHUDSUR
IHVVLRQHGLDQWLFRQIRUPLVPRODODLFLW¢FRPHSULQFLSLRJXLGDRLGHDOH
SUDWLFDELOHPDSLXWWRVWRGLGLIHQGHUHODVFLHQWLILFLW¢ODYRFD]LRQHFL
YLOHHODOLEHUW¢GHOODULFHUFDVWRULFDGDHYLGHQWLIRU]DWXUHHPDQLSROD
]LRQLLQWHUSUHWDWLYHVSHVVREDVDWHQRQVXXQOHJLWWLPRSDUHUHGLYHU
JHQWH R SHUVRQDOH PD VX SDOHVL IDOVLW¢ R LQHVDWWH]]H GRFXPHQWDULH
VWXGLDWH DGKRF H VFLHQWHPHQWH LQWURGRWWH QHOOD OHWWHUDWXUD GD XQD
SUHFLVDUHJLDSROLWLFDUHWURVWDQWHQHOO
RPEUDXQDUHJLDSLORWDWDGDOOD
SUHVXQWXRVDVLFXPHUDGLTXDQWLVLFUHGRQRDQFRUDRJJLLVROLGHSRVL
WDULGHOODFXOWXUDHGHOO
XQLFDHGLQWRFFDELOHYHULW¢XIILFLDOH

,OFRQWHVWRVWRULFRFXOWXUDOHLGHRORJLFRLQFXLVLLQVHULVFHHGLFXL
VL VRVWDQ]LD OD YLROHQWD URWWXUD WUD OD )UDQFLD UHSXEEOLFDQD DQFRUD
VFRQYROWD H GLYLVD GDOO
DIIDLUH'UH\IXVVGDOOR VFDQGDOR GL 3DQDPD H

GDOODFULVLERXODQJLVWD HOD6DQWD6HGHGHOªTXHOORGHOODFODV
VLFDORWWDDOPRGHUQLVPRHDLVXRLLQVLGLRVLHWUDEDOODQWLSULQFLSLGL
PDWULFH ODLFD H PDWHULDOLVWLFD ORWWD FRQGRWWD GDOOD &KLHVD GL5RPD
XIILFLDOPHQWHDSDUWLUHGDOSRQWLILFDWRGL*UHJRULR;9,SHUTXDVLXQ
VHFRORHPH]]R ILQRDOPHQRDO&RQFLOLR9DWLFDQR,, VWUDWHJLDORGD
WDHVSUHVVDPHQWHDQFKHGDOJUDQGHWUDGL]LRQDOLVWDHDQWLDFFDGHPLFR
5HQ«*X«QRQm>@VHF
ªXQSXQWRDOPHQRVXOTXDOHLO&DWWROLFHVL


0D DQFKH GREELDPR ULFRUGDUOR GDOOD SULPD IDVH GHOOH WHQVLRQL FRQ LO .DLVHU
UHLFK WHGHVFR LQ PHULWR DL SRVVHGLPHQWL FRORQLDOL PDURFFKLQL OD FULVL GL 7DQJHUL
GHO  FKH DYU¢ XQD VHFRQGD H GHILQLWLYD IDVH QHO   FIU + $ :LQNOHU
*UDQGHVWRULDFLW YRO ,  0 :LQRFN &OHPHQFHDX3HUULQ 3DULV  SS

0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

PRQHOVXRRULHQWDPHQWRDWWXDOHKDWXWWHOHQRVWUHVLPSDWLHªSUR
SULRTXHOORGHOODORWWDFRQWURLOPRGHUQLVPR}/DORWWDDOGHVWDEL
OL]]DQWHPRGHUQLVPRUHODWLYLVWDHTXLQGLDOODFXOWXUDXPDQLVWLFDLQ
QHVFDWD VRSUDWWXWWR GDOOD 5LIRUPD H DL VXRL SHULFRORVL IXWLOL H QRQ
GXUDWXUL SURGRWWL FRPH LO SRVLWLYLVPR OD GHPRFUD]LD O
HJXDOLWDUL
98 VPRLOVRFLDOLVPRLOFDSLWDOLVPROR6WDWRPRGHUQRO
LOOXPLQLVPRLO
SROLWLFDPHQWH FRUUHWWR LO SDFLILVPR O
LQGLYLGXDOLVPR ERUJKHVH PD
DQFKH OR VSHUVRQDOL]]DQWH H GLVXPDQL]]DQWH FROOHWWLYLVPR VRFLDO
PDU[LVWD EHQFK« LQGLUL]]R JHQHUDOH GHOOD &KLHVD DOPHQR GDL WHPSL
GHO 7ULGHQWLQR H GHOOD FRQWURULIRUPD LQL]LD XIILFLDOPHQWH VROR QHO
;,;VHFRORFRQOHHQFLFOLFKH0LUDULYRV DJRVWR H6LQJXODUL
1RV JLXJQR GLSDSD*UHJRULRULYROWHSURSULRFRQWUROHWHVL
OLEHUDOLGHOJL¢PHQ]LRQDWR/DPHQQDLVLOTXDOHm>@DOO
LQL]LRGHOOD
5HVWDXUD]LRQHDYHYDHVSRVWRLOSURJUDPPDGLXQJRYHUQRWHRFUDWLFR
PRGHUQR H FKH QHJOL XOWLPL DQQL GHOOR VWHVVR UHJLPH GHOXVR QHOOH
VXHVSHUDQ]HGDOJDOOLFDQHVLPRGHLPLQLVWULDUULY´DSUHDQQXQFLDUH

ODWRWDOHVHSDUD]LRQHIUD&KLHVDH6WDWR>@} &RV®SDSD&DSSHOODUL
FRQWURLOWHRORJRIUDQFHVH

,QYHFH FRVD FKH D VWHQWR VHPEUDYD FUHGLELOH SURSULR FROXL FKH DYHYDPR
DFFROWR FRQ O‫ۑ‬DIIHWWR GL WDQWD EHQHYROHQ]D LPPHPRUH GHOOD 1RVWUD LQGXO
JHQ]DVXELWRPDQF´DOODVXDSURPHVVDHTXHOODEXRQDVSHUDQ]DFKHDYH
YDPRQXWULWRVXO‫۔‬IUXWWRGHO1RVWURDPPRQLPHQWR‫ە‬ULXVF®YDQDQRQDSSHQD
DEELDPRFRQRVFLXWRXQOLEHOORVFULWWRLQIUDQFHVHFROQRPHLQYHULW¢FHODWR
PDPDQLIHVWDWRGDSXEEOLFLGRFXPHQWLHGLWRDVWDPSDSRFRWHPSRIDGDOOR
VWHVVRHGLYXOJDWRGRYXQTXHSLFFRORLQYHURSHUGLPHQVLRQLPDJUDQGHSHU

ODSHUYHUVLW¢FKHVLLQWLWROD3DUROHVG‫ڥ‬XQFUR\DQW 

/
DQWLPRGHUQLVPRGLSDSD*UHJRULRHPHUJHWUDO
DOWURDQFKHQHOOD
VXDDWWLYLW¢GLJRYHUQR(JOLLQIDWWLDYHYDFRQFHVVRPRGHVWHULIRUPH
DPPLQLVWUDWLYHDLVXRLVXGGLWLDVHJXLWRGHOOHVROOHYD]LRQLGHOIHE
EUDLRFRQLOVRORVFRSRGLDUJLQDUHO
HYHQWXDOLW¢GLQXRYLGLVRU
GLQL H QRQ FRQ O
LQWHQWR TXLQGL GL PRGLILFDUH O
LOOLEHUDOH H DQWLGH

5*X«QRQ0«ODQJHV(GLWLRQV*DOOLPDUG3DULVWUDGLW,OGHPLXUJRHDOWUL
VDJJL$GHOSKL(GL]LRQL0LODQRS

5 5«PRQG 5HOLJLRQHWVRFL«W«HQ(XURSH(VVDLVXUODV«FXODULVDWLRQGHVVRFL«W«V
HXURS«HQQHVDX[;,;HW;;VLªFOHV  (GLWLRQV GX 6HXLO 3DULV  WUDG
LW /DVHFRODUL]]D]LRQH5HOLJLRQHHVRFLHW¢QHOO
(XURSDFRQWHPSRUDQHD/DWHU]D 5R
PD%DULS

KWWSVZYDWLFDQYDFRQWHQWJUHJRULXV[YLLWGRFXPHQWVHQFLFOLFDVLQJXODUL
QRVJLXJQRKWPO
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

PRFUDWLFR LPSLDQWR FRPSOHVVLYR GHO JRYHUQR GL 6DQWD 5RPDQD


&KLHVD/DORWWDDQWLPRGHUQLVWDGHOOD&KLHVDRWWRFHQWHVFDFXOPLQD

ªQRWRVLDQHOULWRUQRDOWRPLVPR YROXWRGDXQSDSDSHUDOWURPR


/RVWHVVRDYYHUU¢QHOFRQO
HOH]LRQHGHOFDUGLQDO*L]]LDVHJUHWDULRGL6WDWR
GL3LR,;(JOLm>@FRPH3LR,;QRQDYHYDLQPHQWHXQSLDQRG
D]LRQHSUHFLVRH 99
QRQVLUHQGHYDFRQWRFKHODFULVLJHQHUDOHGHOOR6WDWRHOHVSHUDQ]HVXVFLWDWH>@
LPSRQHYDQRO
DGR]LRQHXUJHQWHGLDOFXQLSURYYHGLPHQWLGLULIRUPD>@}*&DQ
GHORUR 6WRULDGHOO
,WDOLDPRGHUQD‫ڟ‬YRO,,,/DULYROX]LRQHQD]LRQDOH )HO
WULQHOOL0LODQRS

,OULWRUQRDOWRPLVPRIXVDQFLWRXIILFLDOPHQWHGD/HRQH;,,,FRQO
HQFLFOLFD$H
WHUQL3DWULV DJRVWR HFRQOD,DPSULGHPFRQVLGHUDQGR RWWREUH,P
SRUWDQWHDQFKHLOPRWXSURSULRGL3LR;'RFWRULVDQJHOLFLGHOJLXJQR 'DOOD
$HWHUQL3DWULVm0DIUDLGRWWRULVFRODVWLFLHPHUJHGLJUDQOXQJDFRPHJXLGDHPD
HVWURGLWXWWL7RPPDVRG
$TXLQR(JOL>@WHQQHLQVRPPDYHQHUD]LRQHJOLDQWLFKL
VDFUL GRWWRUL >۞@ 7RPPDVR UDFFROVH OH ORUR GRWWULQH FRPH PHPEUD GHOOR VWHVVR
FRUSR VSDUVH TXD H O¢ H QH FRPSRVH XQ LQVLHPH RUJDQLFR OH GLVSRVH FRQ RUGLQH
PHUDYLJOLRVRHOHDFFUHEEHFRQJUDQGLDJJLXQWH>۞@(JOLGLLQJHJQRGRFLOHHDFXWR
GLPHPRULDIDFLOHHWHQDFHGLYLWDLQQRFHQWLVVLPDDPDQWHXQLFDPHQWHGHOODYHULW¢
GHOODGLYLQDHXPDQDVFLHQ]DULFFKLVVLPRDJXLVDGLVROHULVFDOG´LOPRQGRFRQLO
FDORUHGHOOHVXHYLUW»HORULHPS®GHOORVSOHQGRUHGHOODVXDGRWWULQD1RQHVLVWHDU
JRPHQWRILORVRILFRFKHHJOLQRQDEELDWUDWWDWRFRQDFXWH]]DHVROLGLW¢HJOLGLVSXW´
LQ PRGR WDOH GHOOH OHJJL GHOOD GLDOHWWLFD GL 'LR H GHOOH VRVWDQ]H LQFRUSRUHH
GHOO
XRPRHGHOOHDOWUHFRVHVHQVLELOLGHJOLDWWLXPDQLHGHLORURSULQFLSL>@}(
/RUD56LPLRQDW, DFXUDGL (QFKLULGLRQGHOOH(QFLFOLFKH&HQWURHGLWRULDOHGHKR
QLDQR%RORJQDYROS
6FULYHDSURSRVLWR'RQ/XLJL6WXU]Rm/
HQFLFOLFD$HWHUQL3DWULVGHOGLHGHXQ
YLJRURVRLPSXOVRDOQHRWRPLVPRFKHJL¢LQ,WDOLDDYHYDDYXWRLQL]LRFRQ6DQVHYH
ULQRH/LEHUDWRUH%DOPHVO
DYHYDGHVWDWRLQ6SDJQDHQRQSRFKLDOWULRULHQWDYDQR
JOLVWXGLHFFOHVLDVWLFLLQ%HOJLRH)UDQFLD,OQHRWRPLVPRGLDOORUDVLFKLDPDYDDUL
VWRWHOLVPRVFRODVWLFR >@ 1RQ HUD QHOO
LQWHQ]LRQH GL /HRQH ;,,, WRJOLHUH FLWWDGL
QDQ]DDOOHFRUUHQWLDJRVWLQLDQHVFRWLVWHHERQDYHQWXULDQH>@LOULWRUQRDOWRPL
VPRYROHYDHVVHUHXQRULHQWDPHQWRXQDVLVWHPD]LRQHXQ SXQWRGLSDUWHQ]DGHO
SHQVLHUR WUDGL]LRQDOH LQ ILORVRILD H LQ WHRORJLD SHU WXWWH OH VFXROH FDWWROLFKH LQ
PRGRGDIRUPDUHXQDRSLQLRQHHXQOLQJXDJJLRFRPXQHHFRPHWDOHSRWHUHLQIOXL
UHDQFKHVXOPRQGRGHOODFXOWXUDODLFD}/6WXU]R&KLHVDH6WDWR6WXGLRVRFLRORJL
FR‫ڟ‬VWRULFR(GL]LRQLGLVWRULDHOHWWHUDWXUD5RPDSS
*UDQGLIXURQROHLQL]LDWLYHGLSDSD/HRQHSHUSURPXRYHUHLOULWRUQRD7RPPDVR
m>@QHOLQL]L´ODSXEEOLFD]LRQHLQHGL]LRQHFULWLFDGHJOLVFULWWLGLVDQ7RP
PDVR (GLWLR /HRQLQD  FXL VHJX® O
HGL]LRQH FULWLFD GHO FRPPHQWR DOOD 6XPPD GHO
&DHWDQRYHQQHLQDXJXUDWDO
$FFDGHPLD5RPDQDGLVDQ7RPPDVRVRWWRODSUHVL
GHQ]DGL*LXVHSSH3HFFLIUDWHOORGHOSDSDQHOSHUGHVLGHULRGHOSDSDYHQQH
LVWLWXLWD SUHVVR O
XQLYHUVLW¢ GL /RYDQLR XQD FDWWHGUD GL ILORVRILD WRPLVWD >@ QHO
 QDFTXH D 3LDFHQ]D 'LYXV 7KRPDV OD SULPD ULYLVWD QHRWRPLVWLFD 6HJXLWD GD
DOWUHLQ*HUPDQLDLQ)UDQFLDHGLQXRYRLQ,WDOLDFRQOD5LYLVWDGLILORVRILDQHRVFR
ODVWLFDFKHLQTXDOFKHPRGRSUHSDU´ODQDVFLWDGHOO
8QLYHUVLW¢FDWWROLFDGHO6DFUR
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

GHUQRHDSHUWRDOOHQRYLW¢FRPH/HRQH;,,,VLDQHLSURYYHGLPHQWL
SUHVLGD3LR;QHLSULPLDQQLGHOVHFROREUHYH SDSDWURSSRVSHVVR
ULFRUGDWRVRORSHUODORWWDDOODPRGHUQLW¢PDFKHDOFRQWUDULRIXXQ
‫۔‬FLFORQH ULIRUPDWRUH PDL YLVWR‫ ە‬VHFRQGR OD SLWWRUHVFD PD HIILFDFH

GHILQL]LRQH GHO YDWLFDQLVWD 6DQGUR 0DJLVWHU  'L TXHVW
XOWLPR UL
100 FRUGLDPRLQSDUWLFRODUHLOGHFUHWR/DPHQWDELOLVDQHH[LWXPDVRSUDW
WXWWRODOXQJDOHWWHUDHQFLFOLFD3DVFHQGL'RPLQLFL*UHJLV VHWWHPEUH
 GLUHWWDDOULILXWRGLTXHOOHIDOVHGRWWULQHGHILQLWHGDOSRQWHILFH
VDQWRm>@SURIDQHQRYLW¢GLSDUROH>@GLXQDVFLHQ]DGLIDOVRQR
PH}HSURIHVVDWHGDm>@‫۔‬XRPLQLGLSHUYHUVRSDUODUH‫۔@>ە‬FLDQ
FLDWRULGLYDQLW¢HVHGXWWRUL‫۔@>ە‬HUUDQWLHFRQVLJOLHULDJOLDOWULGLHU

URUL‫' }@>ە‬DPHQ]LRQDUHVHPSUHDSURSRVLWRGL3LR;DQFKHOD

&XRUH} $ 7RUUHVDQL 6WRULDGHOOD&KLHVD'DOODFRPXQLW¢GL*HUXVDOHPPHD%HQH


GHWWR;9,(GL]LRQL$UHV0LODQRSFIU-2
0DOOH\$+LVWRU\RIWKH3R
SHV)URP3HWHUWRWKH3UHVHQW 6KHHG  :DUG  WUDG LW 6WRULDGHL3DSL )D]L
(GLWRUH 5RPD  S  ) &DPPDUDQR 6WRULDGHOO
,WDOLDOLEHUDOH/DWHU]D 5R
PD%DULS
/‫ۑ‬HFRGHOQHRWRPLVPROHRQLQRLQROWUHLQIOXHQ]HU¢DQFKHLOSRQWLILFDWRGL%HQH
GHWWR ;9 &RPH VSLHJD /XFLDQR 0DOXVD LO 3DSD VL PRVVH LQ GXH GLUH]LRQL QHO
SULPRFDVRGLHGHQXRYRLPSXOVRDOO
$FFDGHPLD5RPDQDGL6DQ7RPPDVRWUDPLWH
LO PRWXSURSULR'HURPDQDVDQFWL7KRPDH$FDGHPLD GRWDQGR O
LVWLWX]LRQH DQFKH GL
XQ SURSULR SHULRGLFR DQQXDOH /
DFFDGHPLD5RPDQDGL6DQ7RPPDVRG
$TXLQR QHO
VHFRQGRFDVRDFFROVHO
LQL]LDWLYDGLSDGUH*XLGR0DWWLXVVLGLVLQWHWL]]DUHLQWHVL
LO SHQVLHUR GL 7RPPDVR / 0DOXVD /RVWXGLRGHOODILORVRILDGL6DQ7RPPDVRQHOOH
VFXROHFDWWROLFKHGXUDQWHLOSRQWLILFDWRGL%HQHGHWWR;9 LQ %HQHGHWWR;93URIHWDGL
SDFHLQXQPRQGRLQFULVL0LQHUYD(GL]LRQL%RORJQDS

5REHUWRGH0DWWHLVSLHJDWXWWDYLDFKHODSUHVXQWDPRGHUQLW¢GHO3HFFLVXTXH
VWLRQL GL QDWXUD SROLWLFD HUD ELODQFLDWD GD XQ DWWHJJLDPHQWR WUDGL]LRQDOLVWD HG LQ
OLQHDFRQLOSRQWLILFDWRGL3LR,;SHUTXDQWRULJXDUGDLO0DJLVWHUR5'H0DWWHL,O
5DOOLHPHQWGL/HRQH;,,,,OIDOOLPHQWRGLXQSURJHWWRSDVWRUDOH&DVD (GLWULFH /H /HW
WHUH)LUHQ]HS

3HU XQD WUDWWD]LRQH DJJLRUQDWD DQFKH GDO SXQWR GL YLVWD GHOOH LQGLFD]LRQL EL
EOLRJUDILFKHLQPHULWRDOSUREOHPDGHOODORWWDDOPRGHUQLVPRGDSDUWHGHOOD&KLH
VD GL 3LR ; VL YHGDQR & $UQROG 3LR;HLOPRGHUQLVPR LQ 5 5HJROL D FXUD GL 
3RQWLILFLR &RPLWDWR GL 6FLHQ]H 6WRULFKH 6DQ 3LR ; 3DSD ULIRUPDWRUH GL IURQWH DOOH
VILGHGHOQXRYRVHFROR /LEUHULD (GLWULFH 9DWLFDQD &LWW¢ GHO 9DWLFDQR  SS 
&6LFFDUGL6DQ3LR;6DQ3DROR0LODQRSS

KWWSFKLHVDHVSUHVVRUHSXEEOLFDLWDUWLFRORKWPO

( /RUD 5 6LPRQDWL D FXUD GL  (QFKLULGLRQGHOOH(QFLFOLFKHYRO&HQWURHGLWR
ULDOHGHKRQLDQR%RORJQDYROS

,ELGHP
'DVRWWROLQHDUHDQFKHXQEUHYHSDVVDJJLRGHOO
HQFLFOLFD9HKHPHQWHU1RVLQFXL3LR
; DIIHUPD XQ SULQFLSLR FRQWUDULR DOO
HJXDOLWDULVPR GHPRFUDWLFR PRGHUQLVWD ULDI
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

OHWWHUDDSRVWROLFD1RWUHFKDUJHDSRVWROLTXHGHODJRVWRFRQWUR
OHLVWDQ]HPRGHUQLVWHGHPRFUDWLFKHHODLFKHGHOO
RUJDQL]]D]LRQHVR

FLDOLVWD 6LOORQGL 0DUF 6DQJQLHU H LO PRWXSURSULR 6DFURUXPDQWLVWL

IHUPDQGR WUD O
DOWUR OD FHQWUDOLW¢ GHOOD PHGLD]LRQH VDFHUGRWDOH QHO UDSSRUWR WUD
'LRHLIHGHOLHQHOO
LQWHUSUHWD]LRQHGHLWHVWLVDFULFKHOHFKLHVHULIRUPDWHDYHYDQR 101
DEROLWR 5LIDFHQGRVL DOOH 6DFUH 6FULWWXUH H DL 3DGUL GHOOD &KLHVD HJOL DIIHUPD FKH
m>@ODFKLHVDªSHUVXDQDWXUDXQDVRFLHW¢LQHJXDOHFLRªXQDVRFLHW¢IRUPDWDGD
GXHFDWHJRULHGLSHUVRQHLSDVWRULHLOJUHJJHFRORURFKHRFFXSDQRXQJUDGRIUD
TXHOOLGHOODJHUDUFKLDHODIROODGHLIHGHOL(TXHVWHFDWHJRULHVRQRFRV®QHWWDPHQWH
GLVWLQWHIUDORURFKHVRORQHOFRUSRSDVWRUDOHULVLHGRQRLOGLULWWRHO
DXWRULW¢QHFHV
VDULSHUSURPXRYHUHHLQGLUL]]DUHWXWWLLPHPEULYHUVROHILQDOLW¢VRFLDOLHODPRO
WLWXGLQHQRQKDDOWURGRYHUHFKHODVFLDUVLJXLGDUHHVHJXLUHGRFLOPHQWHOHGLUHWWLYH
GHLSDVWRUL}LYLS

&ULVWLQD6LFFDUGLVRWWROLQHDFRPHO
DWWHJJLDPHQWRGL3LR;YHUVRO
$FWLRQ)UDQ©
DLVHIRVVHLQYHFHGLDPHWUDOPHQWHRSSRVWRDTXHOORULVHUYDWRDO6LOORQm>@LO3DSD
YHGHYDLQHVVDXQDOOHDWRFRQWUROHWHQGHQ]HGHPRFUDWLFKHOD5HSXEEOLFDDQWLFOH
ULFDOHLO0RGHUQLVPR}&6LFFDUGLRSFLWS
/DQRWDFRQGDQQDSRQWLILFLDGHOPRYLPHQWRIRQGDWRQHOGD+HQUL9DXJHRLVH
0DXULFH 3XMR DUULYHU¢ VROR QHO  GD SDUWH GL 3LR ;, 5 5«PRQG /HVFULVHVGX
FDWKROLFLVPHHQ)UDQFHGDQVOHVDQQ«HVWUHQWH‹GLWLRQV&DQDS
&RPHVSLHJDDQFKH-HDQ'RPLQLTXH'XUDQG3LR;FRQGDQQ´VHQ]DVHHVHQ]DPD
ODGHPRFUD]LDFULVWLDQDIUDQFHVHRYYHURLOPRYLPHQWR6LOORQIRQGDWRQHOGD
0DUF6DJQLHU3HU6DJQLHULOTXDOHm>@VLDIIHUPDYD‫۔‬SDVVLRQQ«PHQWFDWKROLTXHHW
DUGHPPHQWG«PRFUDWH‫ ە‬OD GHPRFUD]LD HUD XQ LGHDOH PRUDOH LO VLVWHPD FULVWLDQR
SHU HFFHOOHQ]D FLRª ‫۔‬O
RUJDQLVDWLRQSROLWLTXHHWVRFLDOHTXLWHQGDG«YHORSSHUDXPD
[LPXPODFRQVFLHQFHHWODUHVSRQVDELOLW«GHFKDFXQ‫ ە‬0D QHO FRQWHVWR GHOOD FULVL
PRGHUQLVWD >@ LO PRYLPHQWR FKH LQ QRPH GHO FULVWLDQHVLPR YROHYD DSULUH OD
VWUDGDDGXQLPSHJQRGLUHWWRGHLODLFLQHOODSROLWLFDDOGLIXRULGHOOHGLUHWWLYHGHOOD
JHUDUFKLDFKHDWWLUDYDXQJUDQGHQXPHURGLVHPLQDULVWLHGLJLRYDQLSUHWLSUHRF
FXS´PROWRDOFXQLYHVFRYLHLO3DSD}-''XUDQG3LR;HOD)UDQFLDLQ*/D%HO
OD DFXUDGL 3LR;HLOVXRWHPSR,O0XOLQR%RORJQDS
/DFRQGDQQDGHILQLWLYDGHOPRYLPHQWR6LOORQDYYHQQHLODJRVWRFRQODOHW
WHUD GL 3LR ; 1RWUHFKDUJHDSRVWROLTXH LQGLUL]]DWD DOO
HSLVFRSDWR IUDQFHVH GRSR
FKH6DQJQLHUDYHYDDSHUWRLOVXRPRYLPHQWRDLSURWHVWDQWLHGDQFKHDLQRQFUH
GHQWLVXOODEDVHGLXQFRPXQHULFRQRVFLPHQWRGHLYDORULUHSXEEOLFDQLHGHPRFUD
WLFL 3LR ; m'HQXQFLDYD ‫۔‬ODSU«WHQWLRQGX6LOORQG
«FKDSSHU¢O
DXWRULWªHFFO«VLDVWL
TXH‫ ە‬H DJJLXQJHYD ‫۔‬/HVRXIIOHGHOD5«YROXWLRQDSDVV«SDO¢HWQRXVSRXYRQVFRQ
FOXUHTXHVLGHVGRFWULQHVVRFLDOHVGX6LOORQVRQWHUURQ«HVVRQHVSULWHVWGDQJHUHX[HW
VRQ«GXFDWLRQIXQHVWH‫}ک‬,ELGHP
3HU FRQFOXGHUH TXHVWR SDVVDJJLR VHPSUH VHFRQGR 'XUDQG m/D FRQGDQQD GHOOH
HVSHULHQ]HGHPRFUDWLFKHFULVWLDQHLQ)UDQFLDFRPHLQ,WDOLDLOFRQWUROORVWUHWWRGHL
ODLFL LO UDIIRU]DPHQWR GHOOH WHQGHQ]H LQWHJULVWH HG DXWRULWDULH DOO
LQWHUQR GHOOD
FKLHVDKDQQRSULYDWRLFDWWROLFLGHJOLVWUXPHQWLDGDWWLSHUFDSLUHO
HYROX]LRQHGHL
WHPSLGRSROD3ULPDJXHUUDPRQGLDOH'RSROHDSHUWXUHOHRQLDQHVHSSXUSUXGHQWL
HOLPLWDWHLOSRQWLILFDWRGL3LR;VHPEUDDYHUSRUWDWRODFKLHVDLQGLHWURYHUVRLO
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

WXP3URYYHGLPHQWLSHUFRPEDWWHUHLOSHULFRORGHOPRGHUQLVPR GHO r


VHWWHPEUHPDVRSUDWWXWWRLOSURJHWWRGLQXRYDFRGLILFDGHOGL
ULWWRFDQRQLFRHGHOO
LQWHURSDWULPRQLRJLXULGLFRGHOOD&KLHVDLO&R

GH[,XULV&DQRQLFLSXEEOLFDWR SRL VRWWR %HQHGHWWR;9 QHO   X
QD PHQ]LRQH PHULWD DQFKH OD VHJUHWD UHWH GL LQIRUPD]LRQH H VSLR
102 QDJJLRPHVVDLQSLHGLSURSULRGDOOD6DQWD6HGHHILQDOL]]DWDDOODORW
WD DO PRGHUQLVPR LO 6RGDOLWLXPSLDQXP GLUHWWR GD PRQVLJQRU 8P
EHUWR%HQLJQL 7UDODSURGX]LRQHGL*UHJRULR;9,HTXHOODGL6DUWR
3LR; WURYLDPROHIRQGDPHQWDOLIRUPXOD]LRQLFRQFOXVLYHGHO&RQFL
OLR 9DWLFDQR ,  GLFHPEUH  LQWHUURWWR LO  OXJOLR  GDOOR
VFRSSLR GHOOD JXHUUD IUDQFRSUXVVLDQD H FKLXVR XIILFLDOPHQWH VROR
QHO   JL¢ HVSUHVVHQHO6LOODERGHOO
 GLFHPEUH  H QHOODSUR
FODPD]LRQH GHO GRJPDGHOO
,PPDFRODWD FRQFH]LRQH GL 0DULD  
FRQFOXVLRQLFKHDIIHUPDQRLOSULPDWRSROLWLFRHVSLULWXDOHGHO6DQWR
3DGUH VXOOH &KLHVH QD]LRQDOL QRQFK« OD VXD LQIDOOLELOLW¢ FRPH JXLGD
QHOFDPSRGHOODIHGHHGHOODPRUDOHHFKHWUDO
DOWURHEEHURROWUHD
JUDQGL RSSRVLWRUL FRPH LO WHRORJR WHGHVFR DQWLJHVXLWD H DQWLFXULDOH
,JQD] YRQ '¸OOLQJHUDQFKH LPSRUWDQWL VRVWHQLWRUL FRPH LO FDQRQLVWD
*HRUJH33KLOOLSVO
DUFLYHVFRYRGL0HVVLQDPRQVLJQRU/XLJL1DWROL
HXQLQVRVSHWWDELOHSULPRHGLPPDWXUR/DPHQQDLVDQFRUDHYLGHQ
WHPHQWHOHJDWRDOO
XOWUDPRQWDQLVPRHYLFLQRDOSHQVLHURGL-RVHSK
GH0DLVWUH$OODVWHVVDIDVHULVDOJRQRDQFKHOHHQFLFOLFKHDQWLOLEHUDOL
H DQWLULVRUJLPHQWDOL 4XLSOXULEXV  QRYHPEUH   H 4XDQWDFXUD
GLFHPEUH HPDQDWHGDXQSRQWHILFHFRPH3LR,;FKHVHQHO
 YHQQH FRQVLGHUDWR GD DOFXQL DGGLULWWXUD XQ SDSD ILORULVRUJL
PHQWDOHLQYLUW»GLXQLQL]LDOHSUHVXQWRDSSRJJLRPLOLWDUHGHOODVHGH
DSRVWROLFD DOOD JXHUUD WUD 3LHPRQWH H $XVWULD D FXL VL DFFRGDURQR
VHPEUHUHEEHDQFKHLO*UDQGXFDWRGL7RVFDQDLO5HJQRGHOOHGXH6L
FLOLH L JRYHUQL SURYYLVRUL QD]LRQDOOLEHUDOL GHO 'XFDWR GL 3DUPD H

WHPSRGL3LR,;HGDTXHVWRSXQWRGLYLVWDODTXHVWLRQHIUDQFHVHªHPEOHPDWLFD}
LYLSS

6XO &RGH[,XULV&DQRQFL VL YHGD 0 /DPDFFKLD 3URIORVWRULFRGHO&RGH[,XULV&D
QRQLFLQHOFHQWHQDULRGHOODVXDSXEEOLFD]LRQH  LQ (XQRPLD ‫ ۋ‬5LYLVWD GL
VWRULDHSROLWLFDLQWHUQD]LRQDOL$QQR9,QVQXPHURGLFHPEUH(6(6D
OHQWR8QLYHUVLW\3XEOLVKLQJ

6HFRQGR0D\HXUODVHSDUD]LRQHGHOFRV®FRPHODULIRUPDSLREHQHGHWWLQD
GHOFRGLFHGLGLULWWRFDQRQLFRHODULIRUPDGHOFRQFODYHGL3LR;HEEHFRPHSULPD
HSULQFLSDOHFRQVHJXHQ]DLOWULRQIRGHOFHQWUDOLVPRSDSDOHHGHOO
XOWUDPRQWDQLVPR
LQSHUIHWWRDFFRUGRTXLQGLFRQO
LQGLUL]]RGHO&RQFLOLR9DWLFDQR,HGHOODORWWDDO
PRGHUQLVPR-00D\HXU/DV«SDUDWLRQGHVFLWS
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

3LDFHQ]D H GHO 'XFDWRGL 0RGHQD H LQILQH JOL HURL YRORQWDUL GL/X


FLDQR 0DQDUD H L UHSDUWL WRVFDQL GL &XUWDWRQH H 0RQWDQDUD 
GDOO
DQQR VXFFHVVLYR PDQLIHVW´ LQYHFH XQD GHFLVD RVWLOLW¢ YHUVR OH

PRGHUQH VRFLHW¢ ODLFKH  FRPH GLPRVWUD OR ‫۔‬VSLHWDWR‫ ە‬FRPSRUWD

* 3«FRXW ,O OXQJR 5LVRUJLPHQWR /D QDVFLWD GHOO
,WDOLD FRQWHPSRUDQHD  ‫ڟ‬ 103
 %UXQR0RQGDGRUL0LODQR‫ۋ‬7RULQRSS
/
LQWHUYHQWR GL 3LR ,; D VRVWHJQR GHOOD 3ULPD JXHUUD G
,QGLSHQGHQ]D GHO  ª
DWWHVWDWRGDYDULWHVWL1HOQRWRPDQXDOHGLVWRULDFRQWHPSRUDQHDGL6DEEDWXFFL
9LGRWWR VL SDUOD GL XQD YHUD H SURSULD JXHUUDGLLQGLSHQGHQ]DQD]LRQDOHHIHGHUDOH
FRQWURLOQHPLFRDVEXUJLFRGDSDUWHGHO3DSDHGHLSULQFLSDOL6WDWLGHOODSHQLVRODL
TXDOLWXWWDYLDULWLUDURQRJUDGXDOPHQWHOHIRU]HPHVVHLQFDPSRDIDYRUHGL&DUOR
$OEHUWRDVHJXLWRGHOULSHQVDPHQWRDYXWRGD3LR,;QHOPHVHGLDSULOH 6DEEDWXF
FL9LGRWWRS /DVWHVVDRSLQLRQHªDIIHUPDWDGD$OEHUWR0DULR%DQWL $
0 %DQWL ,O5LVRUJLPHQWRLWDOLDQR /DWHU]D 5RPD%DUL  SS   GD /XF\
5LDOO / 5\DOO ,O 5LVRUJLPHQWR 6WRULD H LQWHUSUHWD]LRQL 'RQ]HOOL (GLWRUH 5RPD
 S   H GD 0DULR %HODUGLQHOOL 0 %HODUGLQHOOL ,O5LVRUJLPHQWRHODUHDOL]]D
]LRQHGHOODFRPXQLW¢QD]LRQDOH(GL]LRQL6WXGLXP5RPDSS PDQHJD
WDGD$OEHUWR7RUUHVDQLLOTXDOHDIIHUPDFKHLO3DSDULILXW´O
LQWHUYHQWRPLOLWDUHD
ILDQFR GHOOR 6WDWR VDEDXGR D VHJXLWR GL SUHVVLRQL GHOO
$XVWULD FDWWROLFD SHU XQD
QHXWUDOLW¢GHOOD&KLHVD $7RUUHVDQLRSFLWS 
3HU&DQGHORURLO3DSDSXUGDQGRDO3LHPRQWHXQDOLPLWDWDFROODERUD]LRQHPLOLWDUH
PDQWHQHYDXQDWWHJJLDPHQWRQHJDWLYRVXOODSRVVLELOLW¢GLXQDVXDDSHUWDDGHVLRQH
PRUDOHDOO
LPSUHVDQD]LRQDOHHQD]LRQDOLVWDGHO5HJQRGL6DUGHJQD *&DQGHORUR
RSFLWSS 6HFRQGR%HDOHVH%LDJLQLO
DLXWRDUULY´GD1DSROLGDOOD7R
VFDQDHGDLGXFDWLGHO&HQWUR,WDOLDPDQRQGD5RPD '%HDOHV(%LDJLQL,O5L
VRUJLPHQWRHO
XQLILFD]LRQHGHOO
,WDOLD,O0XOLQR%RORJQDSS /HLQ
GHFLVLRQL GHJOL 6WDWL LWDOLDQL FRPH SXUH GHL OLEHUDOL FDYRXULDQL H GHL GHPRFUDWLFL
PD]]LQLDQLULHFKHJJLDQRQHOOHLQWHUSUHWD]LRQLGHOODIDVHGHLJRYHUQLGHOOD'HVWUDH
GHOOD6LQLVWUDVWRULFKHGDWHGD3DROR$ODWULH*LDPSLHUR&DURFFLSHULTXDOLLOIX
WXUR 6WDWR OLEHUDOH QDWR QHO  H VRSUDYYLVVXWR ILQR DO  RWWREUH  DYHYD
PRVWUDWRXQDHYLGHQWHLQFDSDFLW¢GLWHQHUIHGHDOOHWHQVLRQLLGHDOLHDOOHDVSLUD]LR
QL SROLWLFRFXOWXUDOL GHO SHULRGR ULVRUJLPHQWDOH FROODVVDQGR FRV® QHOOD GLWWDWXUD
YHQWHQQDOHGHO'XFHGHO)DVFLVPR6FULYH&URFHQHOODVXD6WRULDG
,WDOLDGDODO
m8QDOWURJLXGL]LRKDO
DULDLQYHFHGLPXRYHUHGDXQFULWHULRHDQ]LGDXQ
JUDYHFULWHULRVWRULFRFLRªFKHO
,WDOLDGRSRLOYHQQHPHQRDOSURSULRSUR
JUDPPDRDOODSURSULDPLVVLRQHDOODJLXVWLILFD]LRQHVWHVVDGHOVXRULVRUJHUHHSHU
FL´DOODJUDQGH]]DGDOHLVSHUDWDHIXPHGLRFUHHQRQVXEOLPH} %&URFH6WRULD
G
,WDOLDGDODO %LEOLRSROLV 1DSROL  S   $ RQRU GHO YHUR WDQWR
&URFHTXDQWRJOLVWRULFLGLHVWUD]LRQHOLEHUDOHJLXGLFDQRFRPHSULYHGLIRQGDPHQ
WRTXHOOHYLVLRQLFKHHVWUHPL]]DQGROHLQWHUSUHWD]LRQLGHOODVWRULRJUDILDVDOYHPL
QLDQD H JREHWWLDQD VPLQXLVFRQR O
,WDOLD SRVW SUHVD GL 5RPD LQ FRQIURQWR DOOD
JUDQGH]]DHDOODQRELOW¢SUHVXQWHGHOODSUH,WDOLDULVRUJLPHQWDOH,ELGHPFIU3&D
UXVL ,SDUWLWLSROLWLFLLWDOLDQLGDOO
XQLW¢DGRJJL(GL]LRQL 6WXGLXP 5RPD  SS


$ SURSRVLWR GHJOL 6WDWL PRGHUQL GREELDPR VRWWROLQHDUH OD FRQGDQQD GL /HRQH
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

PHQWRWHQXWRSURSULRQHOGD0DVWDL)HUUHWWLQHLFRQIURQWLGHOOD
5HSXEEOLFD5RPDQDGL0D]]LQLDQQLHQWDWDSDUDGRVVDOPHQWHSURSULR
FRQLOFRQWULEXWRGHOO
HVHUFLWRIUDQFHVHGHOQHRHOHWWRSUHVLGHQWH/XL
JL1DSROHRQH%RQDSDUWHOHDGHUGHOOD6HFRQGD5HSXEEOLFDLVWLWX]LRQH
QRWRULDPHQWHILORFOHULFDOHQDWDDQRVWURDYYLVRGDOWUDGLPHQWRHGD
104 XQHTXLYRFRVRUWRLQWRUQRDJOLLGHDOLDOODEDVHGHLPRWLSDULJLQLGHO
IHEEUDLRHGHVWLQDWDDFDGHUHEHQSUHVWRVRWWROHVSLQWHHJHPR
QLFKHHSHUVRQDOLVWLFKHGHOVXRSUHVLGHQWHLOTXDOHQHOYROOH
IDUVLLPSHUDWRUHFRQXQFROSRGL6WDWR


,,,SURYYHGLPHQWLVHSDUDWLVWLGHO JRYHUQR IUDQFHVHHODUHD
]LRQHGHOOD&KLHVDGL3LR;


'HFLVDPHQWHFODPRURVRHDVSUR IXORVFRQWURWUDOD6DQWD6HGHHLO
JRYHUQRUDGLFDOHIUDQFHVHGHO%ORFFRGHOOHVLQLVWUH %ORFGHVJDXFKHV 
PLQLVWHURQDWRGDOOHHOH]LRQLOHJLVODWLYHGHOO
DSULOHPDJJLRYLQ
WHGDOODVLQLVWUDODLFDFRQVHJJLLOTXDOHDUULY´LOOXJOLR
DOODURWWXUDGHOOHUHOD]LRQLGLSORPDWLFKHFRQOD6HGH3HWULQDHLO
GLFHPEUH DOOD SURPXOJD]LRQH GL XQD OHJJH GL VHSDUD]LRQH

;,,,FKHQHOO
HQFLFOLFD,PPRUWDOH'HLGHOQRYHPEUHGLFHm0DLSULQFLSLVXL
TXDOLHVVL>JOL6WDWL@VLDSSRJJLDQRVRQRFRPHDEELDPGHWWRDOWDPHQWHULSURYHYR
OL}(/RUD56LPLRQDWL DFXUDGL RSFLWYROS

3LR ; QHOOD OHWWHUD HQFLFOLFD 8QHIRLVHQFRUH GHO  JHQQDLR  DIIHUPD FKH
m4XHVWDORWWDVDU¢DFFDQLWDHVHQ]DWUHJXDGDSDUWHGLFRORURFKHODPXRYRQR}(
/RUD56LPLRQDWL DFXUDGL RSFLWYROS

'%DUMRW-3&KDOLQH$(QFUHY«RSFLWSS

/DURWWXUDGHOOHUHOD]LRQLGLSORPDWLFKHSRUW´LPPHGLDWDPHQWHDOODFKLXVXUDGHO
ODUDSSUHVHQWDQ]DGLSORPDWLFDXIILFLDOHGHOOD6DQWD6HGHLQ)UDQFLDRYYHURODQXQ
]LDWXUD DSRVWROLFD SUHVVR 3DULJL SUHVLHGXWD LQ TXHVWD IDVH VWRULFD GDO QXQ]LR
PRQV%HQHGHWWR/RUHQ]HOOL LOTXDOHVLGLPLVHGDOVXRLQFDULFRLOOXJOLR 

/DGDWDVWRULFDGHOGLFHPEUHVLULIHULVFHDOYRWRIDYRUHYROHGHOVHQDWRFKHELV
VDYDHFRQIHUPDYDO
DSSURYD]LRQHJL¢DYYHQXWDDOODFDPHUDGHLGHSXWDWLLOOXJOLR
YRWLDIDYRUHFRQWURFRQWUDUL '%DUMRW-3&KDOLQH$(QFUHY«RSFLW
S

/‫ۑ‬XRPRFKLDYHQHOSURFHVVRGLDSSURYD]LRQHGHOODOHJJHIXLOIXWXURSULPRPL
QLVWUR$ULVWLGH%ULDQG(JOLROWUHDIDUVLFDULFRGHOSURJHWWRLQTXDOLW¢GLUHODWRUH
SUHVVRLOSDUODPHQWRODYRU´DODFUHPHQWHDOILQHGLRULHQWDUHOHYDULHFRPSRQHQWL
GHOOR6WDWRIUDQFHVHFRPHLOFRQVLJOLRGL6WDWRYHUVRXQDWWHJJLDPHQWRIDYRUHYROH
DOODOHJJHDQWLFOHULFDOH-00D\HXU/DYLHSROLWLTXHFLWSS
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

DUELWUDULDHGXQLODWHUDOHGDO9DWLFDQRFKHVDUHEEHDQGDWDDVRVWL
WXLUH LO YHFFKLR PD HIILFDFH FRQFRUGDWR VWLSXODWR ROWUH XQ VHFROR
SULPDWUD1DSROHRQHH3LR9,, OXJOLRRYYHURLOPHVVLGR
URDQQR,;GHOFDOHQGDULRULYROX]LRQDULR /DVHSDUD]LRQH QHOO
DPELWR
GHOODFRVLGGHWWDmG«IHQVH U«SXEOLFDLQH}  YROXWD GDL UDGLFDOL UDSSUH
VHQWDLOSXQWRGLDUULYRHLOFRURQDPHQWRGLXQDSROLWLFDGLODLFL]]D 105
]LRQHLQWHJUDOHHFRDWWDGHOOR6WDWRIUDQFHVHLQL]LDWDQHFHVVDULDPHQ

WHHQRQVRORFRQWLQJHQWHPHQWHGDOODODLFL]]D]LRQHGHOODVFXROD 
/DLFL]]D]LRQH GHOO
LVWUX]LRQH FKH DO FRQWUDULR VHFRQGR 3LHUUH &KH
YDOOLHU DYUHEEH DJLWR FRPH IDWWRUH GL IRUWH ULWDUGR H UDOOHQWDPHQWR
QHLFRQIURQWLGHOSURFHVVRVHSDUDWLVWDmJLDFRELQR}FRQWULEXHQGRD

SRVWLFLSDUOR GL DOPHQR XQ TXDUWR GL VHFROR  &RPH VSLHJD $QGU«
(QFUHY« FRPXQTXH LO SURJHWWR VHSDUDWLVWD ILJXUDYD JL¢ QHO SUR
JUDPPD UHSXEEOLFDQR GL /HRQ *DPEHWWD UHGDWWR D %HOOHYLOOH QHO
 ,Q TXHVWR VHQVR OD OHJJH  ª FRPH VSLHJD 'XKDUW VROR
O
XOWLPRGDOSXQWRGLYLVWDFURQRORJLFRGLXQDOXQJDHULFFDVHULHGL
SURYYHGLPHQWLDQWLFOHULFDOLYROXWLGDLJRYHUQLQD]LRQDOLGHOOD7HU]D
5HSXEEOLFDDSDUWLUHGDLSULPLDQQLRWWDQWDGHO;,;VHFROR1HOODOL
VWDILJXUDQRXQDJUDQYDULHW¢GLOHJJLGDOODODLFL]]D]LRQHGLRVSL]L
HQWLGLEHQHILFHQ]DRVSHGDOLHFLPLWHULDOODVRSSUHVVLRQHGHOOHSXE
EOLFKHSUHJKLHUHHGHOULSRVRGRPHQLFDOHREEOLJDWRULRGDOODUHLQWUR

GX]LRQHGHOGLYRU]LRDOODPXQLFLSDOL]]D]LRQHGHOOHSRPSHIXQHEUL 
GDOO
LQWURGX]LRQHGHOODOHYDREEOLJDWRULDDQFKHSHULVHPLQDULVWLDOOD
ULPR]LRQHGLVLPEROLVDFULGDVFXROHHXIILFLSXEEOLFL&RPHSULPD
ULVSRVWDDOOHSHVDQWLPLVXUHGHOOR6WDWRIUDQFHVH3LR;LQFDULF´3LH
WUR*DVSDUULHG(XJHQLR3DFHOOLULVSHWWLYDPHQWHVHJUHWDULRHPLQX
WDQWHSUHVVROD&RQJUHJD]LRQHGHJOL$IIDUL(FFOHVLDVWLFL6WUDRUGLQD


)'«PLHURSFLWS

3&KHYDOOLHURSFLW02]RXIRSFLW0:LQRFNRSFLWS

3&KHYDOOLHURSFLWS

'%DUMRWM3&KDOLQHD(QFUHY«RSFLWS

/DOHJJHHEEHDQFKHJUDQGLFRQVHJXHQ]HVXOODJHVWLRQHHVXOO
DPPLQLVWUD
]LRQHGHOODPRUWH$WDOSURSRVLWRVLYHGDQR5%HUWUDQG/LPLWHVG
XQHOD±FLVDWLRQ
GHODPRUWLQM3&KDQWLQG0RXOLQHW DFXUDGL /D6«SDUDWLRQGH/HV‹GL
WLRQV GH O
$WHOLHU‹GLWLRQV 2XYULªUHV 3DULV SS  H L FODVVLFL VWXGL VXOOD
PRUWH GL 0LFKHO 9RYHOOH H 3KLOLSSH $ULªV TXHVWL XOWLPL SL» FKH DOWUR SHU XQ LQ
TXDGUDPHQWRJHQHUDOHVLDVWRULFRFKHFXOWXUDOHGHOODTXHVWLRQHPRUWHHSHUXOWH
ULRULHDSSURIRQGLWLULIHULPHQWLELEOLRJUDILFL 

-0'XKDUWRSFLWS
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

ULGLUHGLJHUHXQOLEURELDQFRDGLIHVDGHOOD6DQWD6HGHGDOOHSUH
VXQWHUHVSRQVDELOLW¢FKHOHYHQLYDQRDGGRVVDWHGDSL»SDUWLLQPHUL
WRDOODURWWXUDGHLUDSSRUWLFRQOR6WDWRIUDQFHVHUHSXEEOLFDQR,QIDW
WLFRPHGLFH3KLOLSSH&KHQDX[m,OILQHGHOOLEURHUDQRQWDQWRGLGL
IHQGHUHLOFRQFRUGDWRFRPHWDOHPDSLXWWRVWRGLULVSRQGHUHDOOHDF
106 FXVHGLFRORURFKHIDFHYDQR‫۔‬ULFDGHUHGDYDQWLDOO
RSLQLRQHSXEEOLFD‫ە‬

VXOOD 6DQWD 6HGH OD UHVSRQVDELOLW¢ GHOOD VXD URWWXUD}  /D IHUPD
FRQGDQQDGHOOHD]LRQLOHJLVODWLYHLQWUDSUHVHFRQWUROD6DQWD6HGHGDO
JRYHUQRUHSXEEOLFDQRWUDQVDOSLQRGHWHUPLQ´LQROWUHXQSULPRLQ
WHUYHQWRGLUHWWRGHOORVWHVVRSRQWHILFHDWWUDYHUVRODOHWWHUDHQFLFOLFD
9HKHPHQWHU QRV‫'ڟ‬HHFFOHVLDHLQ*DOOLDDVSHUULPDFRQGLWLRQH GHOO

IHEEUDLR  SXEEOLFDWD LQ )UDQFLD LQ YHUVLRQH LQWHJUDOH VX /D

&URL[ GHO  IHEEUDLR  QHOOD TXDOH VL FRQGDQQDYD IHUPDPHQWH LO
SULQFLSLR GHOOD VHSDUD]LRQH VRVWHQHQGR FKH QRQ VL WUDWWDYD DVVROX
WDPHQWH GL XQD OHJJH GL OLEHUW¢ PD DO FRQWUDULR SRQHYD OD &KLHVD
VRWWRLOFRQWUROORGHOSRWHUHFLYLOHHODLFR SHU‹PLOH3ROXDWDOFRQ
WUDULRODORLGHOVRGGLVIDFHYDHQWUDPEHOHSDUWLLQFDXVD $L
FDWWROLFLIUDQFHVL3LR;SRUJHTXDVLXQDLQYRFD]LRQH

$YHWHYLVWRYLRODUHODVDQWLW¢HODVWDELOLW¢GHOPDWULPRQLRFULVWLDQRFRQGL
VSRVL]LRQL OHJLVODWLYH HVSHOOHUH OD UHOLJLRQH GDOOH VFXROH H GDJOL RVSHGDOL
VWUDSSDUHLFKLHULFLDLORURVWXGLHDOODGLVFLSOLQDHFFOHVLDVWLFDSHUFRVWULQ
JHUOLDOVHUYL]LRPLOLWDUHGLVSHUGHUHHVSRJOLDUHOHFRQJUHJD]LRQLUHOLJLRVHH
ULGXUUHODPDJJLRUSDUWHGHLORURPHPEULDOO
HVWUHPDPLVHULD3RLDOWUHPL
VXUHOHJDOLFKHFRQRVFHWHIXDEURJDWDODOHJJHFKHRUGLQDYDSUHJKLHUHSXE
EOLFKHDOSULQFLSLRGLRJQLVHVVLRQHSDUODPHQWDUHHJLXGL]LDULDIXURQRVRS


&IU 5 5HJROL ,OUXRORGHOOD6DFUD&RQJUHJD]LRQHGHJOL$IIDUL(FFOHVLDVWLFL6WUDRU
GLQDULGXUDQWHLOSRQWLILFDWRGL3LR;,LQ & 6HPHUDUR D FXUD GL  /DVROOHFLWXGLQH
HFFOHVLDOHGL3LR;,/LEUHULD(GLWULFH9DWLFDQD&LWW¢GHO 9DWLFDQR&)DQWDS
SLª 6WRULDGHOGLULWWRFDQRQLFRHGHOOHLVWLWX]LRQLGHOOD&KLHVD%RORJQD LO 0XOLQR


3&KHQDX[3LH;,,'LSORPDWHHWSDVWHXU/HV(GLWLRQVGX&HUI3DULVWUDG
LW3LR;,,'LSORPDWLFRHSDVWRUH(GL]LRQL6DQ3DROR0LODQRS

,OJRYHUQRUHSXEEOLFDQRWXWWDYLDULFHYHWWHODVSLQWDGHFLVLYDDGLQWUDSUHQGHUH
XQDD]LRQHFRQWUROD&KLHVDGDLVHWWRULWUDGL]LRQDOPHQWHDQWLFOHULFDOLGHOODVRFLHW¢
IUDQFHVHVRFLDOLVPRHFODVVHRSHUDLDPDVVRQHULD ORVWHVVR&RPEHVHUDPHPEUR
GHO *UDQGH 2ULHQWH GL )UDQFLD  /LJXHGHVGURLWVGHO
KRPPH DPELHQWL DQDUFKLFL H
UDGLFDOLSLFFRODERUJKHVLDGL SURYLQFLDUHSXEEOLFDQD5%UL]]LP0DUFKL 6WRULD
SROLWLFD GHOOD )UDQFLD 5HSXEEOLFDQD   /H 0RQQLHU 8QLYHUVLW¢ 0LODQR
S)'«PLHURSFLWSS

3&DEDQHORSFLWS

‹3RXODW'HmO
HVSULWOD±TXH}¢FLWS
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

SUHVVLLWUDGL]LRQDOLVHJQLGLOXWWRDERUGRGHOOHQDYLLQPHPRULDGHOODPRU
WHGL&ULVWR>LOYHQHUG®VDQWR@HOLPLQDWRGDOJLXUDPHQWRJLXGL]LDULRFL´FKH
JOLGDYDLOFDUDWWHUHUHOLJLRVREDQGLWRGDLWULEXQDOLGDOOHVFXROHGDOO
HVHUFL
WRGDOODPDULQDLQILQHGDWXWWHOHLVWLWX]LRQLSXEEOLFKHRJQLDWWRRVLPEROR
FKHSRWHVVHLQTXDOFKHPRGRULFRUGDUHODUHOLJLRQHFULVWLDQD4XHVWHPLVX
UH HG DOWUH DQFRUD FKH D SRFR D SRFR VHSDUDYDQR GL IDWWR OD &KLHVD GDOOR
VWDWRQRQHUDQRQLHQW
DOWURFKHJUDGLQLSRVWLDOORVFRSRGLDUULYDUHDOODVH 107
SDUD]LRQHFRPSOHWDHXIILFLDOH>@3HUULPHGLDUHDVFLDJXUDFRV®JUDQGHOD
VHGHDSRVWROLFDQRQKDULVSDUPLDWRQXOOD0HQWUHGDXQODWRQRQVLVWDQFD
YDGLDPPRQLUHLJRYHUQDQWLIUDQFHVLHOLVFRQJLXUDYDDSL»ULSUHVHGLFRQ
VLGHUDUHDIRQGRO
LPPHQVLW¢GHLPDOLFKHLQIDOOLELOPHQWHDYUHEEHSRUWDWROD
ORURSROLWLFDVHSDUDWLVWDG
DOWUDSDUWHPROWLSOLFDYDGLIURQWHDOOD)UDQFLDOH
VSOHQGLGHWHVWLPRQLDQ]HGHOVXRLQGXOJHQWHDIIHWWR>@(
XQDWHVLDVVROX
WDPHQWHIDOVDXQHUURUHSHULFRORVLVVLPRSHQVDUHFKHELVRJQDVHSDUDUHOR
VWDWRGDOOD&KLHVD4XHVWDRSLQLRQHVLEDVDLQIDWWLVXOSULQFLSLRFKHORVWD
WRQRQGHYHULFRQRVFHUHQHVVXQFXOWRUHOLJLRVRHGªDVVROXWDPHQWHLQJLX
ULRVRYHUVR'LRSRLFK«LO&UHDWRUHGHOO
XRPRªDQFKHLOIRQGDWRUHGHOOHVR
FLHW¢XPDQHHFRQVHUYDQHOODYLWDWDQWRORURFKHQRLLQGLYLGXLLVRODWL3HU
FL´QRLJOLGREELDPRQRQVROWDQWRXQFXOWRSULYDWRPDDQFKHXQFXOWRVR

FLDOHHRQRULSXEEOLFL 


(/RUD56LPLRQDWLRSFLWYROSS
,OSXQWRGLYLVWDFLUFDODQDWXUDVRFLDOHHQRQPHUDPHQWHSULYDWDGHOODUHOLJLRQHª
ULEDGLWRGD5«QH5«PRQGLOTXDOHDIIHUPDODULOHYDQ]DHO
LQIOXHQ]DGHOIDFWHXUUH
OLJLHX[QHOO
DPELWRGHLIDWWLRIHQRPHQLVRFLDOL 'XUNKHLP0DXVV 55«PRQG/H
;,;VLªFOH‹GLWLRQVGX6HXLOSS
6HFRQGR3RXODWFRPXQTXHODOHJJHGLVHSDUD]LRQHQRQFRQVLGHUDYDODIHGHROD
UHOLJLRQH XQ DIIDUH SULYDWR m>@ FRQWUDLUHPHQW¢XQOLHXFRPPXQODORLGHQH
IDLWSDVGHODUHOLJLRQXQH‫ڨ‬DIIDLUHSULY«H‫ک‬$XFXQHORLQ
DOHSRXYRLUGHSULYDWLVHUOD
UHOLJLRQ}‹3RXODW'HmO
HVSULWOD±TXH}¢FLWS
$IDYRUHGHOFRQWHQLPHQWRGHOOHFUHGHQ]HUHOLJLRVHQHOODOLPLWDWDVIHUDGHOODYLWD
LQWLPDHSULYDWDDOFRQWUDULRYLªXQDQXWULWDVFKLHUDGLLQWHOOHWWXDOLHILORVRILDWHL
RDOPHQRODLFL GHOUHVWRDQFKH5«PRQGHUDEHQFKªFUHGHQWHFDWWROLFRODLFR FKH
JLXQJHVLQRDLJLRUQLQRVWULHFKHKDLPSRUWDQWLHGDXWRUHYROLUDSSUHVHQWDQWLDQ
FKHLQ,WDOLD VL SHQVLD 3DROR)ORUHVG
$UFDLVHLO JUXSSR GL0LFURPHJD(XJHQLR
/HFDOGDQR3LHUJLRUJLR2GLIUHGGLHFF 'DSDUWHGLTXHVWRJUXSSRVLLQYRFDDJUDQ
YRFH O
HVSXOVLRQH GHOOD UHOLJLRQH GDOOD YLWD SXEEOLFD R DOPHQR O
LUULOHYDQ]D GHOOD
IHGHHGHOO
DSSDUWHQHQ]DDGXQDFRPXQLW¢UHOLJLRVDQHOO
DFTXLVL]LRQHHQHOO
HVHUFL
]LRGHLGLULWWLHGHOOHOLEHUW¢IRQGDPHQWDOL FKHOR6WDWRPRGHUQRTXLQGLJDUDQWL
VFH H ULFRQRVFH D SUHVFLQGHUH GDO SDUWLFRODUH FUHGR SHUVRQDOH  1HOO
DPELWR GHOOD
YLWDDVVRFLDWDELVRJQDDJLUH TXLQGL FRPHVH'LR QRQHVLVWHVVH(WVL'HXVQRQGD
UHWXU 8JR *UR]LR  3HU XQD ELEOLRJUDILD GL WHVWL UHODWLYL DOO
LGHD GL XQ
HWLFD VHQ]D
'LR VL YHGD ( /HFDOGDQR (WLFDVHQ]D'LR/DWHU]D 5RPD%DUL  SS 6L
YHGD DQFKH OD ELEORJUDID ILQDOH LQ 0 2QIUD\ 7UDLW«G
DWK«RORJLH3K\VLTXHGHOD
P«WDSK\VLTXH(GLWLRQV *UDVVHW  )DVTXHOOH  WUDG LW 7UDWWDWRGLDWHRORJLD
)D]L(GLWRUHVUOSS6LYHGDDQFKHLOVXSSOHPHQWRD0LFURPHJDm3HU
XQDULVFRVVDODLFD}GHO&RQWURO
DWHLVPRPLOWDQWHGL0LFKHO2QIUD\VLYHGD5
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

,QGHILQLWLYDLOOLEURELDQFRYROXWRGD6DUWRGRYHYD ULFRVWUXLUHOD
VWRULD GHOOH UHOD]LRQL IUDQFRYDWLFDQH FRQ LO ILQH   GL GLIHQGHUH OD
6DQWD6HGHGDOO
DFFXVDGLDYHUSURYRFDWRODURWWXUDHGLDSSRJJLDUH

OHIRU]HDYYHUVHDOODUHSXEEOLFD m>@LVXRLDXWRULVLDGRSHUDYDQR
SHU GLVVLSDUH RJQL LGHD GL FROOXVLRQH WUD OD UHOLJLRQH FDWWROLFD H OH
108 IRU]H RVWLOL DOOD UHSXEEOLFD >@} $ TXHVWR SURSRVLWR F
HUDQR JL¢
VWDWLJOLLQWHUYHQWLXIILFLDOLHYLQFRODQWLGL/HRQH;,,,HGHOFDUGLQDO
/DYLJHULHSULPDWHG
$IULFDHDUFLYHVFRYRGL&DUWDJLQHHG
$OJHULDL
TXDOLWUDLOHLOFRQJUDQGHWHPSLVPRUHVHURQRWHOHSRVL
]LRQLXIILFLDOLGHOOD&KLHVDLQPHULWRDLUDSSRUWLFRQOD5HSXEEOLFDH
FRQ OH WHQGHQ]H DG HVVD DYYHUVH OHJLWWLPLVWL ERUERQLFL RUOHDQLVWL
ERQDSDUWLVWLHFF (EEHFRV®LQL]LRODSROLWLFDGHOUDOOLHPHQWFLRªO
D
GHVLRQHGHLFDWWROLFLDOOD7HU]D5HSXEEOLFD6H/DYLJHULHVLSURGXVVH
LQLPSRUWDQWLGLFKLDUD]LRQLILORUHSXEEOLFDQH VXRUGLQHGHO3DSD JL¢

GDO   GDO FDQWR VXR /HRQH ;,,, SXEEOLF´ LO  IHEEUDLR 
O
HQFLFOLFD$XPLOLHXGHVVROOLFLWXGHVm>@VFRQIHVVDQGROHWHQGHQ]H

5«PRQG /HQRXYHOOHDQWLFKULVWLDQLVPH'HVFO«H GH %URXZHU  WUDG LW ,OQXR


YRDQWLFULVWLDQHVLPR/LQGDX7RUQLR
'HQLV 3HOOHWWLHU VRWWROLQHD LQROWUH OD QHFHVVLW¢ GL LQGDJDUHOD TXHVWLRQH GHO UDS
SRUWRWUDGLPHQVLRQHSULYDWDHVIHUDSXEEOLFDGHOIDWWRUHOLJLRVRDQFKHGDXQDSUR
VSHWWLYD GL JHQHUH ' 3HOOHWLHU RSFLW S  % 'XPRQV ' 0RXOLQHW/HVOD±FV
FDWKROLTXHVIDFH¢OD6«SDUDWLRQ LQ - 3 &KDQWLQ ' 0RXOLQHW DFXUDGL /D6«SD
UDWLRQGH/HV‹GLWLRQVGHO
$WHOLHU‹GLWLRQV2XYULªUHV3DULVSS

$QFKHQHOODHQFLFOLFD8QHIRLVHQFRUH3LR;DIIHUPDO
HVWUDQHLW¢GHOOD6DQWD6HGH
LQ PHULWR DOO
DFFXVD PRVVDJOL GDL VXRL GHWUDWWRUL m'
DOWUD SDUWH LO PRQGR LQWHUR
RJJLVDQ«SX´VXFL´FDGHUHLQLQJDQQRFKHVHODSDFHGHOOHFRVFLHQ]HªLQ)UDQ
FLDVSH]]DWDFL´QRQªSHULQL]LDWLYDGHOODFKLHVDPDSHUTXHOODGHLVXRLQHPLFL
*OLVSLULWLLPSDU]LDOLDQFKHTXDQGRQRQFRQGLYLGRQRODQRVWUDIHGHULFRQRVFRQR
WXWWDYLDFKHVHQHOODSDWULDYRVWUDGLOHWWDVLFRPEDWWHVXOWHUUHQRUHOLJLRVRQRQª
JL¢SHUFK«ODFKLHVDVLDVWDWDODSULPDDGLQJDJJLDUHODORWWDPDSHUFK«DOHLVWHVVD
ªVWDWDGLFKLDUDWDODJXHUUD4XHVWDJXHUUDGDYHQWLFLQTXHDQQLLQPRGRSDUWLFR
ODUHHVVDQRQIDFKHVXELUOD4XHVWDªODYHULW¢>@4XHVWLVRQRIDWWLLQQHJDELOLH
FRQWUR L TXDOL QRQ SRWU¢ PDL SUHYDOHUH DOFXQ DUJRPHQWR /D FKLHVD QRQ YXROH
GXQTXHODJXHUUDODJXHUUDUHOLJLRVDPHQRDQFRUDGHOOHDOWUHHDIIHUPDUHLOFRQ
WUDULR VLJQLILFD ODQFLDUH FRQWUR GL HVVD XQD FDOXQQLD H XQ ROWUDJJLR} ( /RUD 5
6LPLRQDWL DFXUDGL RSFLWYROS

3&KHQDX[RSFLWS

-00D\HXU/DYLHSROLWLTXHFLWS

$OO
HQFLFOLFD VHJX® OD OHWWHUD 1RWUHFRQVRODWLRQGHO  PDJJLR  QHOOD TXDOH
3HFFLULEDGLVFHLOELVRJQRGLXQLQFRQWURWUDLFDWWROLFLIUDQFHVLHOD7HU]D5HSXE
EOLFD ,O GRFXPHQWR HUD LQROWUH ULYROWR D VHL FDUGLQDOL G
ROWUDOSH -RVHSK )RXORQ
-XOLHQ 'HVSUH] &KDUOV0DUWLHO /DYLJHULH &KDUOHV3KLOLSSH 3ODFH %HQRLW0DULH
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

GHLFDWWROLFLSL»FRQVHUYDWRULFKHSURSXJQDYDQRXQDLUULGXFLELOHRS
SRVL]LRQHDOODUHSXEEOLFDGHPRFUDWLFDLQQRPHGHOOHJLWWLPLVPRPR

QDUFKLFR>@} HLQYLWDQGRLIHGHOLG
ROWUDOSHDSDUWHFLSDUHDOODYLWD
GHOOR6WDWR PDLQPDQLHUDFRQIRUPHDOODGRWWULQDFDWWROLFDHFRPSD
WLELOH FRQ L VXRL IRQGDPHQWL  ,QIDWWL LQ XQD QRWD FKH SDSD /HRQH
VFULYHQHOODSULPDSDJLQDGHOO
HQFLFOLFDTXDVLIRVVHXQSURPHPRULD 109
OHJJLDPR m1HOOD VLWXD]LRQH FRQFUHWD IUDQFHVH DFFHWWDUH VHPSOLFH
PHQWHLOJRYHUQRUHSXEEOLFDQRHVLVWHQWHDGHUHQGRYLFRPHOHJLWWLPD

DXWRULW¢ >@}  0HVVDJJLR TXHOOR GHO SRQWHILFH ULPDVWR HYLGHQWH
PHQWH LQDVFROWDWR GD SDUWH GHL IHGHOL IUDQFHVL GHO FOHUR FDWWROLFR H
GHOO
HSLVFRSDWRGHOO
HSRFDYLVWLJOLHVLWLQHJDWLYLGHOUDOOLHPHQWPD
VRSUDWWXWWR FDGXWR EHQ SUHVWR QHOO
REOLR H GHO WXWWR PLVFRQRVFLXWR
QHOO
DPELWRGHOODVWRULRJUDILDIUDQFHVHSRVWHULRUHHUHFHQWHODTXDOH
ULSURGXFH H GLYXOJD DQFRUD RJJL O
LPPDJLQH VWRULFDPHQWH IDOVD H
DOWHUDWDGLXQD&KLHVDDQWDJRQLVWDHDUURFFDWDWRXWFRXUWVXSUHLVWR
ULFKH SRVL]LRQL DQWLUHSXEEOLFDQH H ILORPRQDUFKLFKH 8Q HVHPSLRGL
TXHVWDGLVWRUVLRQHGHLIDWWLªSUHVHQWHQHOWHVWRGL0RQD2]RXIVXOOD
VFXROD ODLFD UHSXEEOLFDQD m>@ O
‹JOLVHHQV
HQJDJHDQWGDQVODOXWWH
SRXU OD UHVWDXUDWLRQ PRQDUFKLTXH FRQWUH OD 5«SXEOLTXH HW VRQ «FROH
FURLWFRPEDWWUHSRXUVDVXUYLH} 6HFRQGR 2]RXI LQIDWWL O
DWWHJJLD
PHQWR FRQFLOLDWRULR GHO 3DSD YHUVR OD 5HSXEEOLFD VDUHEEH SULYR GL
VRVWDQ]DVRORXQDHIILPHUDHWUDEDOODQWHSRVL]LRQHSURYYLVRULDHGL
FRPRGRDQFKHSHUFL´FKHULJXDUGDLOULVSHWWRGHOODOHJDOLW¢LQYLVWD
GL XQD LPPLQHQWH UHVWDXUD]LRQH GHO SRWHUH HFFOHVLDVWLFR XQD SRVL
]LRQHPROWR ORQWDQDTXLQGLGDXQDUHDOHHVLQFHUDVYROWDSROLWLFR
LGHRORJLFD VROR XQ VRILVWLFR WHRUHPD DIIDEXODWRULR FKH QRQ FDPELD
GLXQDYLUJRODODQDWXUDSURIRQGDGHOOHWUDGL]LRQDOLSRVL]LRQLHFRQ
YLQ]LRQLGHOOD&KLHVDLQFDPSRSROLWLFR,QXQDQRVWURDYYLVRID]LR
VR H VFKLHUDWR FRPPHQWR DOOD $XPLOLHXGHVVROOLFLWXGHV FRPPHQWR
QHOTXDOHSHUDOWURVLHVWUDJJRQRDGDUWHHYROXWDPHQWHVROROHSDUWL
FKHIDQQRFRPRGRDOWHUDQGRTXLQGLLOVHQVRFRPSOHVVLYRHXOWLPR
GHOO
LQWHUYHQWROHRQLQRODVWXGLRVDIUDQFHVHDIIHUPDFKH


/DQJ«QLHX[)UDQ©RLV5LYKDUG5'H0DWWHLRSFLWS

*)LORUDPR'0HQR]]LRSFLWSFIU5%UL]]L00DUFKLRSFLWS

(/RUD56LPLRQDWL DFXUDGL RSFLWYROS

3HU XQD GLVDPLQD GHJOL VFDUVL FRQVHQVL FKH LOUDOOLHPHQW ULFHYHWWH GD SDUWH GHO
PRQGRFDWWROLFRIUDQFHVHVLYHGD-00D\HXU/DYLHSROLWLTXHFLWSS

02]RXIRSFLWSFIU6%HUQVWHLQ0:LQRFNRSFLWS
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

/DG«IHQVHGHVLQW«UHWVUHOLJLHX[GRLWHWUHOHXUEXWPDLVSRXUO
DWWHLQGUHLOOHXU
IDXWDFFHSWHUOR\DOPHQWOHSRXYRLUFLYLO/
HQF\FOLTXHGLVWLQJXHG
DXWUHSDUW
OD O«JLVODWLRQ GHV SRXYRLUV «WDEOLV 5HVSHFWHU FHX[FL Q
LPSOLTXH SDV Q«FHV
VDLUHPHQWO
DFFHSWDWLRQSDVVLYHGHFHOOHO¢7RXWFDWKROLTXHSHXWGRQFDGK«UHU

¢OD5«SXEOLTXHVDQVVHIDLUHFRPSOLFHGHVORLVDQWLFKU«WLHQQHV 

110 $ VHSDUD]LRQH DYYHQXWD GL IURQWH DOOD SRVVLELOLW¢ GL SHUGHUH WXWWR
FRPHQHOFDVRLQFXLGDSDUWHGHLYHVFRYLIUDQFHVLIRVVHVWDWDLQWUD
SUHVD OD VWUDGD GL QRQ DOOLQHDUVL FRO JRYHUQR UHSXEEOLFDQR HVVL D
PDJJLRUDQ]DGHFLVHURGLFHGHUHHWUDWWDUHFRQO
HVHFXWLYR7XWWDYLD
ODVFHOWDHO
RUGLQHILQDOHVSHWWDYDQRD3LR;FKHFRQO
HQFLFOLFD*UD
YLVVLPR RIILFLL'H(FFOHVLDHFRQGLWLRQHLQ*DOOLD GHO  DJRVWR 
RSSRVHXQULILXWRWRWDOHDOOHD]LRQLLQWUDSUHVHGDOJRYHUQRUHSXEEOL
FDQR H DO GHVLGHULR GHOO
HSLVFRSDWR WUDQVDOSLQR GL VRWWRPHWWHUYLVL
VRSUDWWXWWRSHUTXDQWRULJXDUGDLOSURJHWWRGLVRVWLWX]LRQHGHOOHGLR
FHVL FRQ OH FRVLGGHWWH DVVRFLD]LRQL FXOWXDOL ,O FOHUR GL )UDQFLD HUD
SHUXVDUHXQDHVSUHVVLRQHGL-HDQ3LHUUH&KDQWLQH'DQLHO0RXOLQHW
FRPSOHWDPHQWHVWUHWWRWUDO
LQDPRYLELOHLQWUDQVLJHQ]DSDSDOHHOHDO
WUHWWDQWRXUJHQWLHVLJHQ]HOHJLVODWLYHGHOOD5HSXEEOLFDULVXOWDQGRFR

V®LQFDSDFHGLDJLUHHIILFDFHPHQWHQHOODYLFHQGD ,FDWWROLFLIUDQFHVL
QHO WHQWDWLYR GL DPPRUELGLUH LO 3DSD H GL VWUDSSDUJOL GHOOH FRQFHV
VLRQL D ORUR JLXGL]LR YLWDOL SXEEOLFDURQR DGGLULWWXUD XQ DSSHOOR UL
YROWR GLUHWWDPHQWH DO SRQWHILFH GDO WLWROR 6XSSOLTXHG
XQJURXSHGH

FDWKROLTXHVIUDQ©DLVDXSDSH3LH; &RPHVSLHJD*DEULHO0HUOHm>@
ODOR\SU«YR\DLWODFRQVWLWXWLRQG
DVVRFLDWLRQVFXOWXHOOHV>۞@PDLVSDV
VRQHQF\FOLTXH*UDYLVVLPRRIILFLL >۞@3LH;LQWHUGLWEUXWDOHPHQWDXV
«Y¬TXHVGHOHVDFFHSWHU>@},QROWUHVHFRQGR5RPDQDWR3LR;m>@
FRQVLGHU´VRORO
DVSHWWRUHOLJLRVRGHOODTXHVWLRQHFLRªLOIDWWRFKHOH
DVVRFLD]LRQL VRYYHUWHQGR OD FRVWLWX]LRQH GHOOD &KLHVD DYUHEEHUR
‫۔‬YLRODWRLVDFULGLULWWLFKHWHQJRQRDOODYLWDVWHVVDGHOOD&KLHVD‫ە‬3HU
FL´OHUHVSLQVH>@'LVVHGLDYHUDQWHSRVWRLO‫۔‬EHQH‫ە‬GHOOD&KLHVDDL


02]RXIRSFLWS

-3&KDQWLQ'0RXOLQHWRSFLWS

- 3 &KDQWLQ /HVFXOWXHOOHVGHVFDWKROLTXHVFRQWUH5RPH"LQ - 3 &KDQWLQ '
0RXOLQHW D FXUD GL  /D6«SDUDWLRQGH/HV ‹GLWLRQV GH O
$WHOLHU‹GLWLRQV2X
YULªUHV3DULVS

*0HUOHRSFLWSFIU&6RUUHO/HV«Y¬TXHV¢O
KHXUHGHOD6«SDUDWLRQLQ-
3 &KDQWLQ ' 0RXOLQHW D FXUD GL  /D6«SDUDWLRQGH/HV ‹GLWLRQV GH O
$WHO
LHU‹GLWLRQV2XYULªUHV3DULVS
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

VXRL‫۔‬EHQL‫&}ە‬RV®VFULYH3LR;QHOODVXGGHWWDHQFLFOLFDLQPDQLHUD
TXDVLSURIHWLFD

6H QHOOD GXUD SURYD GHOOD )UDQFLD WXWWL TXHOOL FKH YRJOLRQR GLIHQGHUH FRQ
WXWWHOHORURIRU]HLVXSUHPLLQWHUHVVHGHOODSDWULDODYRUDQRFRPHGHEERQR
XQLWLIUDORURFRLORURYHVFRYLHFRQ1RLSHUODFDXVDGHOODUHOLJLRQHOXQJL 111
GDOGLVSHUDUHGHOODVDOXWHGHOOD&KLHVDGL)UDQFLDYLªDVSHUDUHDOFRQWUDULR
FKHHVVDVDU¢IUDEUHYHULVROOHYDWDDOODVXDGLJQLW¢HDOODVXDSULPLHUDSUR

VSHULW¢>@ 

(LQIDWWL

RJJL VDSSLDPR FRQ 5RPDQDWR FKH OD VFHOWD GL 3LR ; GLVFKLXVH XQD GHOOH
VWDJLRQLSL»IHOLFLGHOFDWWROLFHVLPRIUDQFHVH(EEHURWHUPLQHWXWWHOHVXSHU
VWLWLQRVWDOJLHJDOOLFDQHO
HSLVFRSDWRVLVWULQVHVHPSUHSL»DWWRUQRD5RPD
OD&KLHVDIXLPSRYHULWDPDWHULDOPHQWHPDVLDUULFFK®G
XQDPDJJLRUHIRU]D
LQWHULRUH>@'
DOWURQGHODILQHGHO&RQFRUGDWRQDSROHRQLFRDYHYDUHVWLWXL
WRILQDOPHQWHDOODVDQWD6HGHLOGLULWWRGLVFHOWDGHLYHVFRYLILQRDGDOORUDGL

QRPLQDJRYHUQDWLYD 

6XTXHVWHSRVL]LRQLDQFKHLOVDFHUGRWH(UQHVWR%XRQDLXWLHORVWRULFR
FDWWROLFR ODLFR 5«QH 5«PRQG (VVL LQIDWWL VRWWROLQHDQR FRPH WXWWR
TXHOOR FKH QHO YHFFKLR UHJLPH FRQFRUGDWDULR UDSSUHVHQWDYD XQD
JUDYHOLPLWD]LRQHDOODSRWHVW¢GHOOHDXWRULW¢HFFOHVLDVWLFKHLQYLUW»GL

XQDORURVXEDOWHUQLW¢DOOR 6WDWRHDOJRYHUQR YHQLYDRUDDEURJDWR

*5RPDQDWRRSFLWS

(/RUD56LPLRQDWL DFXUDGL RSFLWYROS

*5RPDQDWRRSFLWS

0D WDOH FRQGL]LRQH GL VXEDOWHUQLW¢ GHOOD &KLHVD QHL FRQIURQWLGHOOR 6WDWRSUH
VHQWHLQ)UDQFLDJL¢DLWHPSLGHOO
$QFLHQ5«JLPHPDVDQFLWDXIILFLDOPHQWHVRORVRW
WR1DSROHRQHFRQLOFRQFRUGDWRVWLSXODWRLOOXJOLRWUDLOOHDGHUFRUVRH3LR
9,,SXUVRWWRPHWWHQGROD&KLHVDDOOR6WDWRHUDEHQYLVWDGDLYHUWLFLHFFOHVLDVWLFLLQ
TXDQWRJDUDQWLYDDOOD&KLHVDSURSULRLQYLUW»GLWDOHVRWWRPLVVLRQHHWXWHODVWDWDOH
O
HVFOXVLYLW¢GHOULFRQRVFLPHQWRLVWLWX]LRQDOHULVSHWWRDOOHDOWUHIHGLHFRQIHVVLRQL
FRQ FRQVHJXHQWL SULYLOHJL SROLWLFL HFRQRPLFL H VSLULWXDOL H XQ PDJJLRU SUHVWLJLR
VRFLDOHHFXOWXUDOH7DOHULFRQRVFLPHQWRSHUDOWURUHFLSURFRHYDQWDJJLRVRSHUHQ
WUDPELªDIIHUPDWRPROWRFKLDUDPHQWHQHOO
LQFLSLWGHOODFDUWDGHOm6XDVDQWL
W¢LOVRPPRSRQWHILFH3LR9,,HLOSULPRFRQVROHGHOOD5HSXEEOLFDIUDQFHVHKDQQR
ULVSHWWLYDPHQWHQRPLQDWRORURSOHQLSRWHQ]LDULSHUSDUWHGLVXDVDQWLW¢VHPRQV
(UFROH &RQVDOYL FDUGLQDOH GHOOD VDQWD URPDQD &KLHVD GLDFRQR GL 6DQW
$JDWD >@
VXRVHJUHWDULRGL6WDWR*LXVHSSH6SLQDDUFLYHVFRYRGL&RULQWRSUHODWRGRPHVWLFR
GLVXDVDQWLW¢DVVLVWHQWHDOVRJOLRSRQWLILFLRHLOSDGUH&DVHOOLFRQVXOHQWHWHRORJL
FR GL VXD VDQWLW¢ PXQLWL GL SLHQL SRWHUL SHU SDUWH GHO SULPR FRQVROH L FLWWDGLQL
*LXVHSSH %RQDSDUWH FRQVLJOLHUH GL 6WDWR &UHWHW FRQVLJOLHUH GL 6WDWR H %HUQLHU
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

GHFUHWDQGR XQD LQHGLWD VLWXD]LRQH GL OLEHUW¢ SHU OD &KLHVD LQ WHUUD
IUDQFHVHm&XULRVRRVVHUYDUHFKHFRQODVHSDUD]LRQHVLSRWHYDGLUH
VSHQWRLOYHFFKLRVSLULWRJDOOLFDQR/DVSLULWXDOLW¢FDWWROLFDULSXOOXO´
SL»LQWHQVDLQ)UDQFLDSURSULRDOO
LQGRPDQLGLXQDODFHUD]LRQHSROL

WLFDXIILFLDOH>@} &RPHVRWWROLQHD$QGU«(QFUHY«DQFKHODFODVVH
112 GLULJHQWH IUDQFHVH PHQR UDGLFDOL]]DWD H TXLQGL IRUVH SL» OXFLGD VL
UHQGHYDFRQWRGHOOHSRWHQ]LDOLOLEHUW¢GLFXLDYUHEEHSRWXWRJRGHUH
OD &KLHVD DOO
LQGRPDQL GHOO
DEURJD]LRQH GHOOD FDUWD QDSROHRQLFD H
GHOODULQXQFLDGDSDUWHGHOOR6WDWRDGXQVHUUDWRFRQWUROORHDGXQD
GLUHWWD JHVWLRQH GHJOL DIIDUL HFFOHVLDVWLFL DQFKH GDO SXQWR GL YLVWD
VWUHWWDPHQWH OLWXUJLFR m%LHQGHVUHVSRQVDEOHVSROLWLTXHVVRQWFHSHQ
GDQW U«WLFHQWV FDU OH &RQFRUGDW GRQQH DX JRXYHUQHPHQW GHV PR\HQV

G
DFWLRQVXUO
(JOLVH} 3HUDOWURO
XQLW¢GLIHGHOLFDWWROLFLFOHURHGH
SLVFRSDWRGL)UDQFLDGLIURQWHDOUHJLPHVHSDUDWLVWDLPSRVWRGDLUD
GLFDOLLQYRFDWDGD6DUWRHFHOHEUDWDLQSDUWHGHOODVWRULRJUDILDFDWWR

GRWWRUHLQWHRORJLDSDUURFRGL6DLQW/DXGGL$QJHUVXJXDOPHQWHPXQLWLGLSLHQL
SRWHULLQEXRQDHGRYXWDIRUPD>@,O*RYHUQRGHOOD5HSXEEOLFDIUDQFHVHULFRQR
VFHFKHODUHOLJLRQHFDWWROLFDDSRVWROLFDURPDQDªODUHOLJLRQHGHOODPDJJLRUDQ]D
GHLIUDQFHVL
6XDVDQWLW¢SHUSDUWHVXDULFRQRVFHFKHODVWHVVDUHOLJLRQHKDULFDYDWRHVLSURPHW
WH GL ULFHYHUH WXWWRUD LO PDVVLPR YDQWDJJLR H VSOHQGRUH GDO ULVWDELOLUVL GHO FXOWR
FDWWROLFR LQ )UDQFLD H GDOOD SDUWLFRODUH SURIHVVLRQH FKH QH IDQQR L FRQVROL GHOOD
5HSXEEOLFD >@} ( /RUD D FXUD GL  (QFKLULGLRQGHLFRQFRUGDWL &HQWUR HGLWRULDOH
GHKRQLDQR%RORJQDSS
$ SURSRVLWR LQYHFH GHOOD VRWWRPLVVLRQH GHOOD &KLHVD QHL FRQIURQWL GHOOD PRQDU
FKLDERUERQLFD SULPDHGL1DSROHRQHSRLHFFR FRVDUHFLWDLOFRQFRUGDWRDEROLWR
m$UW  6XD VDQWLW¢ ULFRQRVFH DO SULPR FRQVROH GHOOD 5HSXEEOLFD IUDQFHVH JOL
VWHVVLGLULWWLHSULYLOHJLFKHULFRQRVFHYDDOO
DQWLFRUHJLPH}LELGHP

(%XRQDLXWLRSFLWSFIU55«PRQG/DVHFRODUL]]D]LRQHFLWSS

1HO &RQFRUGDWR GHO  FRPSDUH LQIDWWL O
REEOLJR GL FKLXGHUH RJQL IXQ]LRQH
UHOLJLRVD FRQ XQD IRUPXOD LQ RQRUH GHOOD 5HSXEEOLFD H GHO VXR 3ULPR &RQVROH
m$UW/DVHJXHQWHIRUPXODGLSUHJKLHUDYHUU¢UHFLWDWDDOODILQHGHOO
XIIL]LRGLYL
QR LQ WXWWH OH FKLHVH FDWWROLFKH GL )UDQFLD ‫'۔‬RPLQHVDOYDPIDF5HPSXEOLFDP'R
PLQHVDOYRVIDF&RQVXOHV‫ ( }ە‬/RUD D FXUD GL  RSFLW SS  ,Q IUDQFHVH ‫۔‬6HL
JQHXUSURWªJHOD5«SXEOLTXH6HLJQHXUSURWªJHOHVFRQVXOV‫ک‬
$QFKHLYHVFRYLHJOLHFFOHVLDVWLFLGLUDQJRPLQRUHLQROWUHVRQRWHQXWLDRPDJJLD
UHOR6WDWRIUDQFHVHSUHVWDQGRJLXUDPHQWRDLVXRUDSSUHVHQWDQWLXIILFLDOLm$UW,
YHVFRYL SULPD GL SUHQGHUH SRVVHVVR GHOOD ORUR GLRFHVL SUHVWHUDQQR JLXUDPHQWR
GLUHWWDPHQWH QHOOH PDQL GHO SULPR FRQVROH >۞@ $UW  ,O PHGHVLPR JLXUDPHQWR
SUHVWHUDQQRJOLHFFOHVLDVWLFLGLVHFRQG
RUGLQHQHOOHPDQLGHOOHDXWRULW¢FLYLOLGHVL
JQDWHGDO*RYHUQR},ELGHP

'%DUMRW-3&KDOLQH$(QFUHY«RSFLWS
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

OLFDLWDOLDQDªRJJHWWRGLFULWLFDHVFHWWLFLVPRGDSDUWHGLVHWWRULGHO
ODVWRULRJUDILDIUDQFHVHFRQWHPSRUDQHD6HFRQGR)UDQFLV'«PLHULO
TXDOHVRWWROLQHDWUDOHDOWUHFRVHO
LPSRUWDQ]DGHOO
DWWLYLVPRSROLWLFR

VRFLDOH GHOO
$FWLRQ/LE«UDOH3RSXODLUH GL -DFTXHV 3LRX H $OEHUW GH
0XQQHOWHQHUHXQLWHOHQXPHURVHHGLVRULHQWDWHFRUUHQWLGHOIUDVWD
JOLDWR PRQGR FDWWROLFR G
ROWUDOSH m/DU«VLVWDQFHGHVFDWKROLTXHVJHQH 113
OD PDMRULW« U«SXEOLFDLQH VDQV OD PHWWUH YUDLPHQW HQ GLIILFXOW« SDUFH
TXH OHV FDWKROLTXHV HQ IDLW WUªV GLYLV«V QH SDUYLHQQHQW SDV ¢ PHWWUH
VXUSLHGXQY«ULWDEOHFRQWUHIHXSROLWLTXH} $QFKH %UXQR 'XPRQV H
'DQLHO 0RXOLQHWKDQQR HYLGHQ]LDWR O
HVLVWHQ]D GL PROWHSOLFL SRVL
]LRQLHSXQWLGLYLVWDGLIIHUHQWLHGLVFRUGDQWLLQPHULWRDOIXWXURFKH
VL SURVSHWWDYD SHU OD UHOLJLRQH FDWWROLFD LQ )UDQFLD GRSR OD VHSDUD
]LRQH1HOODJDODVVLDGHLFDWWROLFLODLFLDGHVHPSLRILJXUDQRJOLRWWL
PLVWLFRPH+\DFKLQWHGH*DLOKDUG%DQFHOGHSXWDWRGHOGLSDUWLPHQ
WR$UG«FKHFKHGHILQLVFHODOHJJHFRPHXQRFKRFVDOXWDUHQHO
PRQGRFDWWROLFRIUDQFHVHHJOLVFHWWLFLSHUQRQGLUHSHVVLPLVWLFR
PH )HUGLQDQG %UXQªWLHUH GLUHWWRUH GHOOD WHVWDWD 5HYXH GHV GHX[
PRQGHVLOTXDOHGHQXQFLDO
XQLODWHUDOLW¢GHOODURWWXUDGHOODFDUWDGHO
GHILQLWDGDOJLRUQDOLVWDFRPHXQDWWRGLJXHUUDYHUVRXQR6WDWR
SULYR RUPDL GHO SRWHUH WHPSRUDOH ( DQFRUD VH VHFRQGR *HRUJHV
*R\DXOHOHJJHSRUWHU¢DGXQLQHVRUDELOHHGLQHYLWDELOHGHFOLQRPR
UDOHGHOODQD]LRQHIUDQFHVHSHU*XVWDYHGH/DPDU]HOOHDOFRQWUDULR
HVVD SRUWHU¢ DOOR VYLOXSSR GL XQD QXRYD VWDJLRQH GL HJHPRQLD GHO
FDWWROLFHVLPR1HOO
DPELWRGHOODVWRULRJUDILDUHFHQWHXQDFHUWDVSDF
FDWXUD ª UHJLVWUDWD DQFKH GD -HDQ'RPLQLTXH 'XUDQG VHFRQGR LO
TXDOH YL IXURQR WHQVLRQL WUD 3LR ; HG HSLVFRSDWR H IHGHOL G
ROWUDOSH
SHULTXDOLDOFRQWUDULRDYHYDLQSUHFHGHQ]DVSHVRDIIHWWXRVHSDUROH

GLHQFRPLRHDPPLUD]LRQH m/HWHQVLRQLIXURQRFRQVLVWHQWLDQFKH


%'XPRQV'0RXOLQHWRSFLWSS

)'«PLHURSFLWS-0'XKDUWRSFLWS

%'XPRQV'0RXOLQHWRSFLWSS

&6RUUHORSFLWS
ŠLOFDVRGHOSURORJRGHOODWHU]DHQFLFOLFDLQRUGLQHGLWHPSRFKHSDSD6DUWRGHGLFD
DOOD &KLHVD FDWWROLFD IUDQFHVH OD 8QHIRLVHQFRUH/
(JOLVHFDWKROLTXHHQ)UDQFH m$
TXHVWHFUXGHOLDPDUH]]HLO6LJQRUHKDXQLWRªYHURXQDFRQVROD]LRQHFKHQRQSR
WUHEEHHVVHUHSL»SUH]LRVDSHULO1RVWURFXRUH(VVD&LYHQQHGDOYRVWURLQFUROODEL
OHDWWDFFDPHQWRDOODFKLHVDGDOODYRVWUDIHGHOW¢LQGHIHWWLELOHDTXHVWDVHGHDSRVWR
OLFDHGDOO
XQLRQHIRUWHHSURIRQGDFKHUHJQDIUDPPH]]RDYRL'LTXHVWDIHGHOW¢H
GLTXHVWDXQLRQH1RLJL¢GDSULPDHUDYDPRVLFXULSRLFK«WURSSREHQHFRQRVFLD
PRODQRELOW¢HJHQHURVLW¢GHOFXRUHIUDQFHVHSHUDYHUHDFRQFHSLUHLOWLPRUHFKH
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

FRQXQDSDUWHGHOFDWWROLFHVLPRIUDQFHVH&RPHVXJJHULVFHODVXDDO
ORFX]LRQHFRQFLVWRULDOHGHOQRYHPEUH>@3LR;VLDVSHWWDYD
GDOOD)UDQFLDXQDYHUDHSURSULDFRQYHUVLRQHVRJQDYDLOVXRSHQWL

PHQWR}  'LYLVLRQL D SDUWH ª LQWHUHVVDQWH OD OHWWXUD GL $QDWROH H
3DXO/HUR\%HDXOLHXVHFRQGRLTXDOLODVHSDUD]LRQHDYUHEEHVWLPR
114 ODWRXQGLEDWWLWRQHOPRQGRFDWWROLFRFRPSRVWRGDJHUDUFKLDIHGHOL
HGDVVRFLD]LRQLVPRFKHDOFRQWUDULRHUDULPDVWRVRIIRFDWRQHOVHFROR
GLDSSOLFD]LRQHGHOFRQFRUGDWR

&RPHVSLHJDLOYDWLFDQLVWD$QGUHD7RUQLHOOLDOOXGHQGRDOODOHJJH
FRQWUR OH FRQJUHJD]LRQL UHOLJLRVH GHO  OH SROLWLFKH DQWLFOHULFDOL
GHLUHSXEEOLFDQLDYHYDQRDYXWRJL¢XQULFFRSURORJRm,OJRYHUQRGL
3DULJLDYHYDLQDXJXUDWRSROLWLFKHDQWLFDWWROLFKHJL¢QHJOLXOWLPLDQQL
GHOSRQWLILFDWRGLSDSD3HFFL*OLLVWLWXWLUHOLJLRVLHUDQRVWDWLFRVWUHWWL

DOO
HVLOLR H YHQLYD YLHWDWR O
LQVHJQDPHQWR DOOH FRQJUHJD]LRQL UHOL
JLRVHGRGLFLPLODVFXROHVDUDQQRFKLXVH>@}2JQLVLQJRORUHOLJLR
VRIUDQFHVHIXFRVWUHWWR DVFHJOLHUHVSLHJD&DEDQHOWUDO
HVLOLRH OD
VHFRODUL]]D]LRQH4XDWWURPLODUHOLJLRVLGLLVWLWXWLVFRODVWLFLFULVWLDQL

QHOO
DUGRUH GHOOD EDWWDJOLD SRWHVVH OD GLVXQLRQH LQVLQXDUVL QHOOH YRVWUH ILOH 1RQ
SHUTXHVWRSHU´PHQRJUDQGHªODJLRLDFKHQRLSURYLDPRQHOYHGHUHORVSHWWDFROR
PDJQLILFR FKH YRL GDWH SUHVHQWHPHQWH H DOWDPHQWH HQFRPLDQGRYHQH DO FRVSHWWR
GLWXWWDODFKLHVDEHQHGLFLDPRGDOIRQGRGHOFXRUHLO3DGUHGHOOHPLVHULFRUGLHDX
WRUHGLRJQLEHQH}(/RUD56LPLRQDWL DFXUDGL RSFLWYROSS

-''XUDQGRSFLWS
m8Q MRXU YLHQGUD HW 1RXV HVS«URQV TX
LO Q
HVW SDV WUªV «ORLJQ« R» OD )UDQFH FRPH
6DXOVXUOHFKHPLQGH'DPDVVHUDHQYHORSS«G
XQHOXPLªUHF«OHVWHHWHQWHQGUDXQH
YRL[ TXL OXL U«SªWHUD ‫ڨ‬0D ILOOH SRXUTRXL PH SHUV«FXWHVWX "‫( ک‬W VXU VD U«VSRQVH
‫ڨ‬4XLHVWX6HLJQHUXV"‫ک‬/DYRL[U«SOLTXHUD‫ڨ‬-HVXLV-«VXVTXHWXS«UVHFXWHV‫(@>ک‬W
HOOH WUHPEODQWH HW «WRQQ«H GLUD ‫ڨ‬6HLJQHXU TXH YRXOH]YRXV TXH MH IDVVH "‫( ک‬W OXL
‫ڨ‬/«YHWRLODYHWRLGHVVRXLOOXUHVTXLW
RQWG«ILJXU«HU«YHLOOHGDQVWRQVHLQOHVVHQWL
PHQWVDVVRXSLVHWOHSDFWHGHQRWUHDOOLDQFHHWYD)LOOHDLQǻGHO
(JOLVHQDWLRQSU«
GHVWLQ«H YDVH G
«OHFWLRQ YD SRUWHU FRPPHSDU OD SDVV« PRQ QRP GHYDQW WRXV OHV
SHXSOHVHWWRXVOHURLVGHODWHUUH‫}ک‬LELGHPFIU&6LFFDUGLRSFLWSS

%'XPRQV'0RXOLQHWRSFLWSSFIU-00D\HXU/DV«SDUDWLRQGHV
FLWSS

2OWUHDOGLYLHWRDOO
LQVHJQDPHQWRVDQFLWRGDOO
DUWGHOODOHJJHGHOYROXWD
GDOSUHPLHU:DOGHFN5RXVVHDXLPHPEULGHOOHFRPXQLW¢UHOLJLRVHIUDQFHVLVLYL
GHUR QHJDWL DQFKH LO GLULWWR DO FRPPHUFLR H DOOD OLEHUD SUHGLFD]LRQH GHO SURSULR
FUHGR)'«PLHURSFLWS

$ 7RUQLHOOL 3LR;,,(XJHQLR3DFHOOLXQXRPRVXOWURQRGL3LHWUR 0RQGDGRUL 0L
ODQRSFIU('XII\RSFLWS&6LFFDUGLRSFLWS

3&DEDQHORSFLWS
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

VSLHJD 'XKDUW GRSR XQ XOWHULRUH LQDVSULPHQWR GHO GLYLHWR DOO


LQVH
JQDPHQWRGHFUHWDWRFRQXQDOHJJHGHOOXJOLRVFHOVHURODYLD
GHOO
HVLOLRYRORQWDULRSXUGLPDQWHQHUHODSURSULDIXQ]LRQHGLHGXFD
 
WRUL  (UDQR JOL HIIHWWL GHO IDOOLPHQWR GHOOD SROLWLFD GHO UDOOLHPHQW 
YROXWDGD/HRQH;,,,LOFXLILQHHUDFRPHDEELDPRYLVWRO
DGHVLRQH
GHLFDWWROLFLIUDQFHVLDOOD7HU]D5HSXEEOLFDQHOTXDGURGLXQDJHQH 115
UDOHm>@ULFRQFLOLD]LRQHGHOOD&KLHVDFRQODPRGHUQLW¢}/DVLWXD
]LRQHJUDYHJL¢DLWHPSLGLSDSD/HRQHGHJHQHU´FRQLOJRYHUQR
GHO UDGLFDOH ‹PLOH &RPEHV PHGLFR H[ VHPLQDULVWD HG H[ PLQLVWUR
GHOO
LVWUX]LRQH VRWWR /«RQ %RXUJHRLV JL¢ OHDGHU GHOOD 6LQLVWUD GH
PRFUDWLFD *DXFKHG«PRFUDWLTXH  HG RUD DFFHVR DQWLFOHULFDOH m,O
9HQHUG® 6DQWR GHO  LO JRYHUQR DYHYD IDWWR WRJOLHUH L FURFLILVVL

GDOOHDXOHGHJOLLVWLWXWLVFRODVWLFLHGDLWULEXQDOL} &RPHVRWWROLQHD
3KLOLSSH&KHQDX[&RPEHVm>@QRPLQDWRSUHVLGHQWHGHOFRQVLJOLR
GHLPLQLVWULGRSROHHOH]LRQLSDUODPHQWDULGHOPDJJLRFRPLQ
FL´DIDUDSSOLFDUH‫۔‬LQPRGRULJLGRHGHFLVDPHQWHDEXVLYR‫ ە‬5$X
EHUW ODOHJJHVXOOHDVVRFLD]LRQLDSSURYDWDO
DQQRSUHFHGHQWHGDOJR
YHUQR:DOGHFN5RXVVHDX/HULFKLHVWHGLDXWRUL]]D]LRQHSUHVHQWDWH


-0'XKDUWRSFLWSS

&IU 0 0LQLHU /
«SLVFRSDWIUDQ©DLVGXUDOOLHPHQW¢9DWLFDQ,, &('$0 3DGRYD
 3 /HYLOODLQ $ GH 0XQ &DWKROLFLVPHIUDQ©DLVHWFDWKROLFLVPHURPDLQGX6\O
ODEXVDXUDOOLHPHQW(FROHIUDQ©DLVHGH5RPH5RPD5'H0DWWHLRSFLW
6HFRQGR3LHUUH&KHYDOOLHULQYHFHLOSRQWLILFDWRGL/HRQH;,,,VHJQ´XQDQHWWDGL
VWHQVLRQH GHL UDSSRUWL IUDQFRYDWLFDQL 6HFRQGR OR VWXGLRVR IUDQFHVH LQIDWWL LO
SRQWLILFDWROHRQLQRSXUDJHQGRDWXWWLJOLHIIHWWLFRPHXQDYHUDHSURSULDLQFXED
WULFHGHOIXWXURFRQIOLWWRWUD6WDWRH&KLHVDHVSORVRSRLVRWWR3LR;IXFDUDWWHUL]]D
WRGDUHOD]LRQLVWDELOLHVHUHQHFRQWXWWLLJRYHUQLUHSXEEOLFDQL3&KHYDOOLHURS
FLWS
8QD GLVSRQLELOLW¢ FKH HYLGHQWHPHQWH SDSD 3HFFL QRQ ULVHUY´ DL PLQLVWHUL OLEHUDOL
GHO 5HJQR G
,WDOLD DVVXPHQGR OD GHFLVLRQH GL FRQIHUPDUH LOQRQH[SHGLW ) &DP
PDUDQRRSFLWS

5'H0DWWHLRSFLWS

ŠORVWHVVRSDSD3HFFLDGHQXQFLDUHQHOOD$XPLOLHXGHVVRFFLOLWXGHVJOLDWWDFFKL
DOOD FKLHVD FDWWROLFD GD SDUWH GHL JRYHUQL IUDQFHVL GHO WDUGR RWWRFHQWR m&KH LQ
)UDQFLDGDSDUHFFKLDQQLGLYHUVLDWWLLPSRUWDQWLGHOODOHJLVOD]LRQHVLDQRVWDWLLVSL
UDWLGDWHQGHQ]HRVWLOLDOODUHOLJLRQHHTXLQGLDJOLLQWHUHVVLGHOODQD]LRQHªFRVDGD
WXWWLULFRQRVFLXWDHSXUWURSSRFRQIHUPDWDGDOO
HYLGHQ]DGHLIDWWL}(/RUD56L
PLRQDWL DFXUDGL RSFLWYROS

‹&RPEHV0RQPLQLVWªUH0HPRLUHV/LEUDLULH3ORQ3DULVSS


5%UL]]L00DUFKLRSFLWS

$7RUQLHOOLRSFLWS
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

GDOOH FRQJUHJD]LRQL UHOLJLRVH PDVFKLOL H IHPPLQLOL  LQ EDVH DOOD


QXRYDOHJJHIXURQRUHVSLQWHLQEORFFRGDOOH&DPHUHQHOODSULPDYHUD
GHOVXLVWLJD]LRQHGHOORVWHVVR&RPEHV>@ODORJLFDGHOO
D]LRQH
GHO JRYHUQR WHQGHYD DG XQD IRUPD GL VHSDUD]LRQH FRPSOHWD WUD

&KLHVDH6WDWR} &RPHULFRUGD-HDQ‫'ۋ‬RPLQLTXH'XUDQGm4XDWWUR
116 PHVLGRSRODVXDHOH]LRQHDOWURQRSRQWLILFLRSDSD6DUWRVFULVVHLO
GLFHPEUHDOSUHVLGHQWHGHOOD5HSXEEOLFDIUDQFHVH‹PLOH/RXEHW
(UDQRSDVVDWLQRYHPHVLGDOULILXWRHVSUHVVRGDOOD&DPHUDGHLGHSX
WDWL GL GDUH ‫۔‬O
DXWRUL]]D]LRQH‫ ە‬D  FRQJUHJD]LRQL PDVFKLOL H DG 
FRQJUHJD]LRQLIHPPLQLOLLQGLVSHQVDELOHSHUVYROJHUHODORURDWWLYLW¢
VXOWHUULWRULRIUDQFHVHVHFRQGRTXDQWRGLVSRVWRGDOODOHJJHrOXJOLR
VXOOHDVVRFLD]LRQLFKHHVFOXGHYDGDOGLULWWRFRPXQHOHFRQJUH
JD]LRQLUHOLJLRVHSHUOHTXDOLHUDQHFHVVDULDXQDDXWRUL]]D]LRQHOHJL
VODWLYDSUHYHQWLYD}6HFRQGR%UL]]LH0DUFKLWXWWDYLDm>@QRQR
VWDQWHOD6DQWD6HGHFRQGDQQLODOHJJHVXOOHFRQJUHJD]LRQLUHOLJLRVH
GHO  O
LPSUHVVLRQH ª TXHOOD FKH 5HSXEEOLFD H &KLHVD GL 5RPD

QRQ YRJOLDQR DQGDUH DO PXUR FRQWUR PXUR >@}  ( LQIDWWL FRPH
VRWWROLQHDQR DQFKH 2]RXI 0HUOH H 'HPLHU SULPD GHOO
DUULYR GL
&RPEHV LO TXDOH UDGLFDOL]]´ L WRQL GHOOD FRQWHVD O
DWWHJJLDPHQWR
GHOJRYHUQRGL3LHUUH:DOGHFN5RXVVHDXHUDGLVRVWDQ]LDOHPRGHUD
]LRQH DQFKH H VRSUDWWXWWR LQ PHULWR DOO
DWWXD]LRQH GHOOD OHJJH GHO
 FKH REEOLJDYD OH FRQJUHJD]LRQL UHOLJLRVH D GRYHU FKLHGHUH

XQ
DXWRUL]]D]LRQH DOOD FDPHUD  OHJJH SHUDOWUR YROXWD GDOOR VWHVVR
:DOGHFN5RXVVHDXLQVRVWLWX]LRQHGHLGHFUHWLGHOPDU]RHGLFHPEUH
LTXDOLVRVWLWXLYDQRDORURYROWDODOHJJH)DOORX[GHODID
YRUHGHOO
LQVHJQDPHQWRUHOLJLRVR0RGHUD]LRQHFRQGLYLVDVHFRQGR
0D\HXUDQFKHGD3LR;QHLSULPLPHVLGHOVXRUHJQR&RPHDIIHUPD
ORVWXGLRVRIUDQFHVHLQIDWWLO
H[SDWULDUFDGL9HQH]LDFRQWUDULDPHQ


3&KHQDX[RSFLWS

-''XUDQGRSFLWS

5%UL]]L00DUFKLRSFLWS

6HFRQGR 0D\HXU LQYHFH OD UDGLFDOLW¢ GHOOH D]LRQL LQWUDSUHVH GDO PLQLVWHUR
&RPEHV QRQ VDUHEEH VWDWD VXIILFLHQWH D SURYRFDUH OD VHSDUD]LRQH - 0 0D\HXU
/DV«SDUDWLRQGHVFLWS

02]RXIRSFLWS*0HUOHRSFLWS)'«PLHURSFLWSS
3HU6HUJH%HUVWHLQLQYHFHODOHJJHVXOOHFRQJUHJD]LRQLUHOLJLRVHIXXQDVRUWD
GLULWRUVLRQHSXQLWLYDGHOJRYHUQRGL:DOGHFN5RXVVHDXQHLFRQIURQWLGHOODSRVL
]LRQH DQWLGUH\IXVVDUGD DVVXQWD GDOOH FRQJUHJD]LRQL GXUDQWH LQ QRWR DIIDLUH 6
%HUQVWHLQ0:LQRFNRSFLWS

02]RXIRSFLWS3&KHYDOOLHURSFLWSS
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

WHDTXHOORFKHVLDIIHUPDGLVROLWRQHOO
DPELWRGHOODVWRULRJUDILDFHU
F´GLWHQHUHXQDWWHJJLDPHQWRGLWLSRFROODERUDWLYRFRQLJRYHUQDQWL

IUDQFHVL ,QPHULWRDOODTXHVWLRQHGHOODVLWXD]LRQHGHOOHFRQJUHJD
]LRQLUHOLJLRVHLQ)UDQFLDLQROWUHVLHUDJL¢SURQXQFLDWRDQFKH/HR
QH ;,,, FRQ O
HQFLFOLFD $XPLOLHXGHVFRQVRODWLRQVGHO  GLFHPEUH
 (JOL GLFKLDUD GL SURYDUH m>@ XQ
DPDUD WULVWH]]D QHOO
DSSUHQ 117
GHUHLSHULFROLGDFXLVRQRPLQDFFLDWHOHFRQJUHJD]LRQLUHOLJLRVHLQ
)UDQFLD>@FHUWXQLVRQRJLXQWLDSHQVDUHFKHVDUHEEHQHFHVVDULRDO
EHQHGHOORVWDWRUHVWULQJHUHODORUROLEHUW¢HIRUV
DQFKHSURFHGHUHSL»

GXUDPHQWH YHUVR GL HVVH}  3HFFL EDVDQGRVL VXOOD GRWWULQD GL 6DQ
&LSULDQRDIIHUPDODFHQWUDOLW¢GHOOHFRQJUHJD]LRQLQHOODYLWDGL6DQ
WD5RPDQD&KLHVDLQTXDQWRHVVHm>@IRUPDQRXQDSRU]LRQHHOHWWD

GHOJUHJJHGL*HV»&ULVWR} 3DSD/HRQHULEDGLVFHLQROWUHO
LPSRU
WDQ]D GHO FRQWULEXWR GHOOH DVVRFLD]LRQL UHOLJLRVH QHL ULJXDUGL GHOOD
VRFLHW¢FLYLOHHVVHm>@KDQQRDYXWRLOPHULWRGLSUHGLFDUHODYLUW»
DOOHSOHEL>@GLIRUPDUHHGLLQJHQWLOLUHJOLDQLPLFRQO
LQVHJQDPHQ
WR GHOOH VFLHQ]H VDFUH H SURIDQH H GL DFFUHVFHUH DQFKH FRQ RSHUH
VSOHQGLGHHGXUDWXUHLOSDWULPRQLRGHOOHEHOOHDUWL}*UDQGHVSD]LR
QHO WHVWR YLHQH ULVHUYDWR DG XQD HVDOWD]LRQH GHOOH FRQJUHJD]LRQL
IUDQFHVLm/
DWWLYLW¢GHOOHFRQJUHJD]LRQLIUDQFHVLªFRV®PHUDYLJOLRVD
FKHHVVDQRQKDSRWXWRUHVWDUFLUFRVFULWWDDOOHIURQWLHUHQD]LRQDOLHG
ªDQGDWDDSRUWDUO
HYDQJHORILQRDOOHHVWUHPHSDUWLGHOPRQGRHFRQ
O
HYDQJHORLOQRPHODOLQJXDHO
DXWRULW¢GHOOD)UDQFLD}

/
LQFLSLHQWHVFRQWURWUDOD6DQWD6HGHHOR6WDWRWUDQVDOSLQRDY
YHQQHLQROWUHDQFKHDFDXVDGHOFRQIOLWWRSHUODQRPLQDGHLYHVFRYL
FKHGDOFRQFRUGDWRGHOVSHWWDYDDOJRYHUQRIUDQFHVH DUWWH
  PD FKH DYYHQLYD VHPSUH SHU FRQVXHWXGLQH GL FRQFHUWRWUD L


-00D\HXU/DV«SDUDWLRQGHVFLWS

(/RUD56LPLRQDWL DFXUDGL RSFLWYROS

,YLS

,ELGHP

,YLS

m$UW  ,O 3ULPR &RQVROH GHOOD 5HSXEEOLFD HQWUR WUH PHVL GDOOD SXEEOLFD]LRQH
GHOODEROODGL6XD6DQWLW¢SURYYHGHU¢DOODQRPLQDGHLWLWRODULGHOOHDUFKLGLRFHVLH
GHOOH GLRFHVL VHFRQGR OD QXRYD FLUFRVFUL]LRQH VXD VDQWLW¢ FRQIHULU¢ ORUR O
LVWLWX
]LRQH FDQRQLFD QHOOH IRUPH JL¢ VWDELOLWH SHU OD )UDQFLD SULPD GHO PXWDPHQWR GL
UHJLPH
$UW6DUDQQRSDULPHQWHQRPLQDWLGDOSULPRFRQVROHLWLWRODULGHOOHVHGLYHVFR
YLOLFKHGLYHQLVVHURYDFDQWLLQVHJXLWRHO
LVWLWX]LRQHFDQRQLFDYHUU¢ORURFRQIHUL
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

GXH6WDWL XQDSUDVVLTXHOODGHOODFRQFHUWD]LRQHQHOOHQRPLQHGHLUH
VSRQVDELOLGLRFHVDQLFKHDQGDYDDSDU]LDOHFRPSHQVD]LRQHGLTXHOOD
FODPRURVD SHUGLWD GL VRYUDQLW¢ FKH OD &KLHVD VXELYD H VRSSRUWDYD
RUPDLGDVHFROLDFDXVDGHOO
HVHUFL]LRGDSDUWHGLDOFXQHSRWHQ]HFDW
WROLFKH GL XQ PDL XIILFLDOPHQWH VDQ]LRQDWR GLULWWR GL YHWR QHO FRQ

118 FODYH LO FRVLGGHWWR LXVH[FOXVLYDH LO TXDOH YHQQH DEROLWR SURSULR
GD3LR;FRQODULIRUPDGHOFRQFODYHGHOWUDPLWHOHFRVWLWX]LRQL

&RPPLVVXPQRELVH9DFDQWHVHGHDSRVWROLFD 



WDGDVXDVDQWLW¢LQFRQIRUPLW¢DOO
DUWLFRORSUHFHGHQWH}(/RUD DFXUDGL RSFLW
SS
/R6WDWRIUDQFHVHVHFRQGRLOFRQFRUGDWRGHOFRQWUROODDQFKHOHQRPLQHGHJOL
HFFOHVLDVWLFLPLQRULFRPHLSDUURFLm$UW,YHVFRYLQRPLQHUDQQRLSDUURFLQRQ
VFHJOLHUDQQRVHQRQSHUVRQHDFFHWWHDOJRYHUQR},ELGHP

/DFROODERUD]LRQHWUDLGXHVWDWLQHOSURFHVVRGLQRPLQDGHLYHVFRYLªLQGLFDWD
TXDOHDXVSLFDELOHSUDVVLDQFKHQHOFRQFRUGDWRGHOQRWRFRPHFRQFRUGDWRG
)RQWDLQEOHDXm$UW,O3DSDQRPLQHU¢VLDLQ)UDQFLDVLDQHO5HJQRG
,WDOLDDGLH
FLYHVFRYDWLTXDOLVDUDQQRXOWHULRUPHQWHILVVDWLGLFRQFHUWR}(/RUD DFXUDGL 
RSFLWSS
,OULIHULPHQWRDOODFRQFHUWD]LRQHHUDFRPXQTXHSUHVHQWH JL¢QHOOD FDUWDGHO
QRQRVWDQWHJOLDUWWH/
DUWLQIDWWLFRV®UHFLWDm$UW/D6DQWD6HGHGLFRQ
FHUWRFRQLOJRYHUQRSURYYHGHU¢DXQDQXRYDFLUFRVFUL]LRQHGHOOHGLRFHVLIUDQFH
VL}(/RUD DFXUDGL RSFLWSS

&IU 0 $',12/), ,OFRQFODYHVWRULDUHJROHHSHUVRQDJJLGHOO
HOH]LRQHSL»PLVWH
ULRVDGHOPRQGR 0DWHOLFD  $ %HOOHWWL 9HWRDO&RQFODYH/RLXV H[FOXVL
YDHDXVWURXQJDULFRFRQWURLOFDUGLQDO5DPSROOD(UUHFLHGL]LRQL  * &RVPR 6
6DOYHPLQL3DSDWRH&RQFODYH,O9HQWDJOLR5RPD2/D5RFFD,OFRQFODYHOH
SURFHGXUHLSURWDJRQLVWLODVWRULDOHFXULRVLW¢$QFRUD 0LODQR  $ 0HOORQL ,O
FRQFODYH6WRULDGHOO
HOH]LRQHGHOSDSD,O0XOLQR%RORJQD/7ULQFLD&RQFODYH
HSRWHUHSROLWLFRLOYHWRD5DPSROODQHOVLVWHPDGHOOHSRWHQ]HHXURSHH 6WXGLXP 5R
PD*=L]ROD,O&RQFODYH6WRULDHVHJUHWL1HZWRQ &RPSWRQ(GLWRUL5RPD


/H TXDOL ULXVFLURQR D LQWHUURPSHUH OD SUDWLFD DEXVLYD GHO YHWR 7HQWDWLYL LQ
TXHVWRVHQVRHUDQRFRPXQTXHJL¢VWDWLRSHUDWLLQHSRFKHSUHFHGHQWLPDVHQ]DIRU
WXQD,SULPLWHQWDWLYLXIILFLDOLGHOOD&KLHVDGLYLHWDUHRDOPHQROLPLWDUHO
HVHUFL]LR
GHO YHWR FRLQFLGRQR FRQ O
HPDQD]LRQH GL DOFXQL LPSRUWDQWL GRFXPHQWL FRPH OD
EROOD,QHOLJHQGLVGL3LR,9GHORWWREUH$SRVWRODWXVRIILFLXPGL&OHPHQWH;,,
GHOHODFRVWLWX]LRQH,QKDFVXEOLPLGHODJRVWRGL3LR,;4XHVWLHDOWUL
SURYYHGLPHQWL IXURQR DEURJDWL SRL GD 3LR ; FRQ O
HFFH]LRQH GHOOD 3UDHGHFHVVRUHV
QRVWULGL/HRQH;,,,'RSR3LR;DQFKH*LRYDQQL3DROR,,LQWHUYHQQHFRQWURORLXV
H[FOXVLYDH FRQ OD FRVWLWX]LRQH DSRVWROLFD 8QLYHUVL'RPLQLFL*UHJLV ULIDFHQGRVL DL
GHFUHWL GL SDSD 6DUWR H DOOD 5RPDQR3RQWLILFL(OLJHQGR GL 3DROR 9,  &IU $ 0(/
/21,RSFLW
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

3HUILQRO
HVSHUWDGLSORPD]LD GL/HRQH;,,,HGHOVXRVHJUHWDULRGL 6WDWR LO
FDUGLQDOH5DPSROODQRQULXVFLURQRDIDUHQXOODSHUIUHQDUH&RPEHVLOTXD
OHVQREEDQGRJOLDFFRUGLLQIRUPDOLFKHDYHYDQRUHVRSUDWLFDELOHLOFRQFRU
GDWRSHUXQVHFRORQRPLQ´YHVFRYLLQDGDWWLVHQ]DFRQVXOWDUH5RPD4XDQ
GR 3LR ; GLYHQW´ SDSD OD )UDQFLD H LO 9DWLFDQR HUDQR DL IHUUL FRUWL VXOOD
TXHVWLRQHGLWDOLYHVFRYL,OSUREOHPDVLDJJUDY´TXDQGRLOSDSDULFKLHVHOH
GLPLVVLRQLGLGXHYHVFRYLDFFXVDWLGLLPPRUDOLW¢HPDVVRQHULD&RPEHVVL 119
ULILXW´GLDFFHWWDUHOHORURGLPLVVLRQLSRLFK«O
D]LRQHGHO3DSDDVXRPRGR

GLYHGHUHFRVWLWXLYDXQDOHVLRQHGHLGLULWWLGHOJRYHUQR} 

&RPHVSLHJD&KULVWLDQ6RUUHOLQROWUHQRQRVWDQWHO
D]LRQHFROODERUD
WLYDWUDLOPLQLVWURGHJOLDIIDULHVWHUL'HOFDVV«HLOVHJUHWDULRGL6WDWR
YDWLFDQR 0HUU\ GHO 9DO OD SROHPLFD VRUWD LQWRUQR DOOH QRPLQH GHL
YHVFRYL GL &DUFDVVRQQH H $QQHF\OD FRVLGGHWWD TXHUHOOH GHL 1RELV
QRPLQDYLWFLRª TXHL YHVFRYL QRPLQDWL LQ TXHVWR FDVR GDOOD &KLHVD
VHQ]D FRQVXOWDUH LO JRYHUQR WUDQVDOSLQR FRPH GD SUDVVLQRQ WURY´
SDFLILFDHGLSORPDWLFDFRPSRVL]LRQHDQFKHSHUO
LQWHUYHQWRGL&RP
EHVLOTXDOHULILXW´RJQL LQWHVDVXOSURFHVVRGLQRPLQDULYHQGLFDQ

GRQHLOSLHQRHOHJLWWLPRFRQWUROOR )XVRORJUD]LHDOO
DWWHJJLDPHQ
WR FRQFLOLDWRULR GL 6DUWR LO TXDOH LO  GLFHPEUH  DFFHWW´ GL UL
PXRYHUH L 1RELV FKH OD URWWXUD FRPXQTXH JL¢ QHOO
DULD H SUDWLFD
PHQWH LQHYLWDELOH QRQ VL FRQVXP´ JL¢ DOO
LQGRPDQL GHOOD PRUWH GL
3HFFL

1HOODHQFLFOLFD8QHIRLVHQFRUH3LR;VLODPHQWDDSHUWDPHQWHGHO
ODTXHVWLRQHUHODWLYDDLYHVFRYLVRSUDWWXWWRGHOODORURULPR]LRQHFR
DWWLYDGDSDUWHGHOJRYHUQRm1RQYHQQHURIRUVHDQFKHGLUHFHQWH
HVSXOVLYHVFRYLGDLORURYHVFRYDGLHSHUILQRLSL»YHQHUDQGLIUDHVVL
H SHU HW¢ H SHU YLUW»" >@} ,Q JHQHUDOH FRPXQTXH LO GHOLFDWR
FRQWHQ]LRVR VRUWR LQWRUQR DOOD TXHVWLRQH GHOOH QRPLQH YHVFRYLOL UL
PDUU¢ TXHVWLRQH DSHUWD SHU PROWR WHPSR FRPH GLPRVWUD XQ GRFX
PHQWRGHOOD6HJUHWHULDGL6WDWRILUPDWRGD3LHWUR*DVSDUULLOTXDOH
DQFRUDQHOHFLRªQHOODIDVHILQDOHGHOSRQWLILFDWR%HQHGHWWR;9
LQXQPRPHQWRGLQHWWDULSUHVDGHLUDSSRUWLWUDLGXH6WDWL ULDYYLFL
QDPHQWRFKHVLFRQFUHWL]]HU¢VRWWR3LR;,HFKHSRUWHU¢DQFKHDOOD


('XII\RSFLWS

&6RUUHORSFLWS

*8QJHU$ULVWLGH%ULDQG)D\DUGSFIU-00D\HXU/DV«SDUDWLRQ
GHVFLWS

(/RUD56LPLRQDWL DFXUDGL RSFLWYROS
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

ULFRVWLWX]LRQHGHOODQXQ]LDWXUDDSRVWROLFDSDULJLQDVRWWRODJXLGDGL
PRQVLJQRU %RQDYHQWXUD &HUUHWWL H LQ VHJXLWR GL PRQVLJQRU /XLJL

0DJOLRQHIXWXURFDUGLQDOHVHJUHWDULRGL6WDWRGLSDSD3DFHOOL L
QROWUDYD DOOH DXWRULW¢ IUDQFHVL XQD QRWD QHOOD TXDOH YHQLYD ULDIIHU
PDWRLOGLULWWRGHOOD6DQWD6HGHGLQRPLQDUHOLEHUDPHQWHHFRQSLHQD
120 OHJLWWLPLW¢JLXULGLFDPDVHPSUHGLFRQFHUWRFRQODFRQWURSDUWHWUDQ
VDOSLQDLVXRLYHVFRYLVXOWHUULWRULRGHOOD7HU]D5HSXEEOLFDIUDQFHVH
JXLGDWDLQTXHVWDIDVHGDOSUHPLHUIXWXUR1REHOSHUODSDFH$ULVWLGH

%ULDQG JLXQWRDOVXRVHVWRPDQGDWRHLQVHJXLWRGDOO
H[SUHVLGHQ
WHGHOODUHSXEEOLFD5D\PRQG3RLQFDU«'DOOD1RWDGHOOD6HJUHWHULDGL
6WDWRGHOPDJJLR GLFXLHVLVWHDQFKHXQDYHUVLRQHLQLWDOLDQR 

/HV UDSSRUWV GLSORPDWLTXHV QRUPDX[ HQWUH OD )UDQFH HW OH 6DLQW6LªJH KHU
HXVHPHQW U«WDEOLV HQWUH HQ YLJXHXU OD GLVSRVLWLRQ GX FDQRQ  GX &RGH GH
GURLW FDQRQLTXH ‫ڨ‬$G FRQJUHJDWLRQHP SUR QHJRWLLV HFFOHVLDVWLFLV H[WUDRUGL
QDULLVVSHFWDWDGYDFDQWHVGLRHFHVHVYLURVSURPRYHUHTXRWLHVKLVFHVGHUHEXV
FXPFLYLOLEXVJXEHUQLLVDJHQGXPHVW‫ک‬3DUFRQV«TXHQWOD6HFU«WDLUHULHG
(WDW
GHYUDG«VRUPDLVV
RFFXSHUGHODSURPRWLRQGHV«Y¬TXHVGH)UDQFHHWF
HVWDX
&DUGLQDO 6HFU«WDLUH G
(WDW TX
LO DSSDUWLHQW G
LQWHUURJHU 6( /
$PEDVVDGHXU
)UDQ©DLVVLOHJRXYHUQHPHQWDTXHOTXHFKRVH¢GLUHDXSRLQWGHYXHSROLWLTXH

FRQWUHOHFDQGLGDWFKRLVL 

8QDFXULRVLW¢SULPDGLSURVHJXLUHODOHJJH&RPEHVVLDSSOLFDLQWXW
WDOD)UDQFLDHFFHWWRLGLSDUWLPHQWLGHOO
$OVD]LDHGHOOD/RUHQDSHUL
TXDOLªDQFRUDYLJHQWHLOFRQFRUGDWRGHO


/DQXQ]LDWXUDSDULJLQDHUDVWDWDXQDLVWLWX]LRQHSROLWLFDPHQWHVWUDWHJLFDSHUOH
VRUWLGHOOD&KLHVDLQ)UDQFLDDQFKHDLWHPSLGHOUDOOLHPHQWVRWWRODJXLGDGLPRQV
'RPHQLFR )HUUDWD &IU ' )HUUDWD0«PRLUHV0DQRQFLDWXUHHQ)UDQFH  
YROO5RPD

%ULDQGYLQVHLO1REHOSHUODSDFHDVHJXLWRGHOODVWLSXODGHL3DWWLGL/RFDUQRQHO
FRQLOPLQLVWURGHJOLHVWHULHGH[FDQFHOOLHUHWHGHVFRGHLJRYHUQLGL*UDQGH
&RDOL]LRQH*XVWDY 6WUHVHPDQQ6XOODWHPSRUDQHDGLVWHQVLRQHGHLUDSSRUWLGLSOR
PDWLFLWUDOD)UDQFLDHOD*HUPDQLDGL:HLPDUSURSL]LDWDGDOO
LQWHVDWUDLGXHPL
QLVWUL GHJOL HVWHUL VL YHGD + $ :LQNOHU :HLPDU'LH*HVFKLFKWHGHUHU
VWHQGHXWVFKHQ'HPRNUDWLH9HUODJ&+%HFN0¾QFKHQWUDGLW/DUHSXEEOL
FDGL:HLPDU'RQ]HOOLHGLWRUH5RPD

(/RUD DFXUDGL RSFLWSS

* &DWDODQR ,FRQFRUGDWLWUDVWRULDHGLULWWR 5XEEHWWLQR (GLWRUH 0HVVLQD 
S
,QPHULWRDOO
DSSOLFD]LRQHGHOODOHJJHQHOOHDOWUHDUHHJHRJUDILFKHVRWWRSRVWHDOO
DX
WRULW¢GHOOR6WDWRIUDQFHVHFRPHOH$QWLOOHO
$OJHULDLO0DGDJDVFDUO
$IULFDHTXD
WRULDOHIUDQFHVHHO
,QGRFLQDVLYHGDQRLVDJJLGL3'HOLVOH/HV$QWLOOHVV«SDUDWLRQ
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

/DOHJJHGHOFKHGHJUDGDYDHGHFODVVDYDOD&KLHVDDPHUDDV
VRFLD]LRQHGLGLULWWRSULYDWRm>@PHWWHYDILQHDSL»GLXQVHFROR
GL UHJLPH FRQFRUGDWDULR H SURFODPDYD FRPH SULQFLSLR LVWLWX]LRQDOH
FKH ‫۔‬OD 5HSXEEOLFD QRQ ULFRQRVFHQ« VXVVLGLD H Q« VWLSHQGLD DOFXQ
FXOWR‫ە‬/DOHJJHSUHYHGHYDODQDVFLWDGHOOH‫۔‬DVVRFLD]LRQL‫ە‬DWWUDYHUVR
OHTXDOLODJHVWLRQHGHOOHFRVHGHOFXOWRDSDUWLUHGDOSRVVHVVRGHJOL 121
HGLILFLVDFULSDVVDYDQHOOHPDQLGHLODLFLVRWWRODYLJLODQ]DGHOSUH

IHWWR}  ‹PLOH 3RXODW LQROWUH VRWWROLQHD FRPH LO SULQFLSLR GHOOD
m>@ SULYDWLVDWLRQGXVHUYLFHSXEOLFGHVFXOWHVUHFRQQX >@} GD PROWL
FRQVLGHUDWR FRPH IRQGDPHQWR LVSLUDWRUH LQHGLWR HG RULJLQDOH GHOOD
OHJJH  IRVVH LQ UHDOW¢ JL¢ VWDWR VDQ]LRQDWR D OLYHOOR SROLWLFR
OHJLVODWLYR GD XQ SURYYHGLPHQWR GHO  HPDQDWR D PDUJLQH GHO

FRQFRUGDWRQDSROHRQLFR 3LR;QHOOD9HKHPHQWHU1RVGHQXQFLDOD
URWWXUDGHOFRQFRUGDWRQDSROHRQLFRGDOXLFRQVLGHUDWDLOOHJDOHHDEX
VLYDGDOSXQWRGLYLVWDGHOGLULWWRLQWHUQD]LRQDOH

,OFRQFRUGDWRVWLSXODWRWUDOD6HGH$SRVWROLFDHOD5HSXEEOLFDIUDQFHVHFR
PHGHOUHVWRWXWWLLWUDWWDWLGHOORVWHVVRJHQHUHFKHJOL6WDWLFRQFOXGRQRIUD
ORURHUDXQFRQWUDWWRELODWHUDOHFKHREEOLJDYDDPEHGXHOHSDUWL,OSRQWHIL
FHURPDQRGDXQDSDUWHHLOFDSRGHOODQD]LRQHIUDQFHVHGDOO
DOWUDVLLPSH
JQDURQRGXQTXHVROHQQHPHQWHWDQWRSHUORURVWHVVLFKHSHULORURVXFFHV
VRULDPDQWHQHUHLQYLRODELOPHQWHLOSDWWRFKHILUPDYDQR1HULVXOWDYDFKH
TXHVWRFRQFRUGDWRFRPHWXWWLLWUDWWDWLLQWHUQD]LRQDOLHUDUHJRODWRVHFRQGR
LGLULWWRFLRªLOGLULWWRGHOOHJHQWLHQRQSRWHYDLQQHVVXQPRGRHVVHUHDQ

QXOODWRFRQO
D]LRQHGLXQDVRODGHOOHSDUWLFRQWUDHQWL 


GLII«U«HHWDSDLV«H 2 6DD±GLD m/


DXWUH)UDQFH}IDFH¢OD6«SDUDWLRQ 3 &RXORQ /D
6«SDUDWLRQHQ$IULTXH‹TXDWRULDOH)UDQ©DLVH - ) =RUQ /DV«SDUDWLRQGHV‹JOLVHVHW
GHO
‹WDW¢0DGDJDVFDU& /DQJH /DORLHWVHVFRQV«TXHQFHVHQ,QGRFKLQH JOL VWXGL
DSSHQDHOHQFDWLVRQRFRQWHQXWLQHOYROXPHFXUDWRGD&KDQWLQH0RXOLQHWGHO
DFXLDEELDPRIDWWRSL»YROWHULIHULPHQWR 

)'«PLHU/D)UDQFHGXFLWS

$7RUQLHOOLRSFLWSFIU*5RPDQDWRRSFLWS

‹3RXODW'HmO
HVSULWOD±TXH}¢FLWS
3UREDELOPHQWH 3RXODW VL ULIHULVFH DL FRVLGGHWWL DUWLFROL RUJDQLFL DQQHVVLYL RYYHUR
TXHLFLUFDVHWWDQWDDUWLFROLFKHIXURQRDJJLXQWLDOFRQFRUGDWRGHOOXJOLRGD
3RUWDOLVH7DOOH\UDQGVXRUGLQHGL1DSROHRQHVHQ]DFRQVXOWDUHOD&KLHVD TXLQGL
WHFQLFDPHQWHHOHJDOPHQWHQRQYDOLGLRFRPXQTXHPDLULFRQRVFLXWLGDOOHDXWRULW¢
HFFOHVLDVWLFKH  &IU / 6WXU]R RSFLW S  ( %XRQDLXWL RSFLW S  *
&KROY\ &KULVWLDQLVPHHW6RFL«W«HQ)UDQFHDX;,;VLªFOH (GLWLRQV GX 6HXLO  S
.%LKOPH\HU+7XHFKOHRSFLW

(/RUD56LPLRQDWL DFXUDGL RSFLWYROS
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

,O 3DSD LQROWUH DFFXVD OD )UDQFLD GL DYHU SUDWLFDWR OD URWWXUD GHOOD
FDUWDGHOLQPDQLHUDVFRUWHVHHJLXULGLFDPHQWHHSROLWLFDPHQWH
LQDSSURSULDWDmŠXQSULQFLSLRDPPHVVRVHQ]DGLVFXVVLRQLQHOGLULW
WR GHOOH JHQWL H RVVHUYDWR GD WXWWH OH QD]LRQL FKH OD URWWXUD GL XQ
WUDWWDWRGHEEDHVVHUHSUHYHQWLYDPHQWHHUHJRODUPHQWHQRWLILFDWDLQ

122 PDQLHUDFKLDUDHGHVSOLFLWDDOO
DOWUDSDUWHFRQWUDHQWH>@} ,QPH
ULWRDOOHDVVRFLD]LRQLFXOWXDOLVRVWLWXWLYHGHOOHGLRFHVLQXPHURVHVR
SUDWWXWWR QHLGLSDUWLPHQWL GHO VXGRYHVW GHOOD )UDQFLD *HUV H3LUH

QHL$WODQWLFL 3LR;QHOOD8QHIRLVHQFRUHGHQXQFLDO
DSHUWDLQJH
UHQ]DGHOOR6WDWRQHOOHPDWHULHGLFRPSHWHQ]DHFFOHVLDVWLFDm>@OD
OHJJH FRQIHULVFH D TXHVWH DVVRFLD]LRQL DWWULEX]LRQL FKH VRQR GL H
VFOXVLYDFRPSHWHQ]DGHOO
DXWRULW¢HFFOHVLDVWLFDVLDSHUFL´FKHFRQ
FHUQH O
HVHUFL]LR GHO FXOWR VLD SHU TXHO FKH ULJXDUGD LO SRVVHVVR H
O
DPPLQLVWUD]LRQH GHL EHQL ,QILQH QRQ VRODPHQWH TXHVWH DVVRFLD
]LRQL FXOWXDOL YHQJRQR VRWWUDWWH DOOD JLXULVGL]LRQH HFFOHVLDVWLFD PD
VRQRIDWWHJLXGLFDELOLGDOO
DXWRULW¢FLYLOH}6RORGXUDQWHLOVHFRQGR
DQQRGLSRQWLILFDWRGL3LR;,QHOOHFRVHLQL]LDURQRDPLJOLRUD
UHHOHDVVRFLD]LRQLFXOWXDOLGLYHQQHURDVVRFLD]LRQLGLRFHVDQHFRQD
FDSRLOYHVFRYR

3LR;,>@ULXVF®FRQJOL$FFRUGLDQQXQFLDWLDOPRQGRFRQO
(QFLFOLFD0D
[LPDPJUDYLVVLPDPTXHGHOJHQQDLRDWUDVIRUPDUHODYHFFKLDLQDF
FHWWDELOHOHJJHXQLODWHUDOHLQXQDSL»FKHUDJLRQHYROHHULFHYLELOHVLWXD]LR
QH FKH VL HVSULPHYD DQFKH QHO QXRYR WLWROR GHOOH ‫۔‬$VVRFLD]LRQL‫ ە‬FKH GD
‫۔‬FXOWXDOL‫ە‬GLYHQWDYDQR‫۔‬GLRFHVDQH‫ە‬LQFHQWUDQGRVLQHOODILJXUDHQHOO
D]LRQH
GHOYHVFRYRFKHGLYHQWDYDLOORURSUHVLGHQWHHGDFXLHVVHILQLYDQRFROGL
SHQGHUHVWUHWWDPHQWHULVSHWWDQGRVLFRV®LIRQGDPHQWDOLSULQFLSLJHUDUFKLFL
GHOOD &KLHVD >@ D TXHVWR ULVXOWDWR VL HUD JLXQWL DQFKH LQ VHJXLWR DG XQD
GHFLVLRQHGHO&RQVLJOLRGL6WDWRIUDQFHVHFKHDVH]LRQLULXQLWHLOGLFHP
EUHDYHYDGDWRXQDLQWHUSUHWD]LRQHGHOOHm$VVRFLD]LRQLFXOWXDOL}VH

FRQGRLOULVSHWWRGHOODJHUDUFKLDFDWWROLFD 

$QFRUDSL»SUHFLVDªO
DQDOLVLGHOSUREOHPDGHOOHDVVRFLD]LRQLFXOWXD
OLIDWWDGD<YHV&KLURQ(JOLVSLHJDFKH


,YLS

-3&KDQWLQRSFLWS

(/RUD56LPLRQDWL DFXUDGL RSFLWYROS

2 *LDFFKL /DSROLWLFDFRQFRUGDWDULDGL3LR;,LQ3LR;,QHOWUHQWHVLPRGHOODPRU
WH  8IILFLR6WXGL$UFLYHVFRYLOH0LODQRSSFIU*6WHOOD
3LR;,,O3DSDGHLFRQFRUGDWL3LHUR*ULEDXGLHGLWRUH0LODQR
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

DOFXQLFDUGLQDOLHYHVFRYLIUDQFHVLSXUFRQGDQQDQGRLSULQFLSLGHOODOHJJH
GL VHSDUD]LRQH HUDQR WXWWDYLD GHO SDUHUH GL WURYDUH XQ DFFRPRGDPHQWR
FUHDQGR OH DVVRFLD]LRQL GL FXOWR 3LR ; GRSR GLYHUVH FRQVXOWD]LRQL DYHYD
ULILXWDWRFRQO
HQFLFOLFD*UDYLVVLPRRIILFLLPXQHUH  TXHVWD‫۔‬SURYD‫ە‬,
JRYHUQL IUDQFHVL ULQXQFLDURQR D LVWLWXLUH TXHVWH DVVRFLD]LRQL GL FXOWR PD
VSHUDYDQRVHPSUHLQXQDFFRUGR&RQ%HQHGHWWR;9HLOFDUGLQDOH*DVSDUUL

VHPEUDYDFKHVLSRWHVVHWURYDUHXQDVROX]LRQH  123

6HPSUHVHFRQGR&KLURQDSDUWLUHGDOO
DSULOHGHOGXUDQWHXQD
VHULHGLQHJR]LDWLVHJUHWLFKHSUHOXGHYDQRODULSUHVDGHLUDSSRUWLWUD
OR6WDWRIUDQFHVHHOD6DQWD6HGHRYYHURTXHOODIDVHGLGLVWHQVLRQH

FKH5«QH5ªPRQGGHILQLVFHXQVHFRQGRUDOOLHPHQW OD&KLHVDQHOOD
SHUVRQDGL*DVSDUULVLHUDGHWWDSURQWDDGDFFHWWDUHOHDVVRFLD]LRQL
GL FXOWR PD FRQ DOFXQH PRGLILFKH 7XWWDYLD LO SURJHWWR GHOOD 6DQWD
6HGHFKHSUHYHGHYDO
DFFHWWD]LRQHGDSDUWHGHOSRQWHILFHGHOOHDVVR
FLD]LRQL FXOWXDOL D SDWWR FKH QHOOR VWDWXWR GL TXHVWH YL IRVVH VWDWD
PHQ]LRQH GHOOD JHUDUFKLD FDWWROLFD QRQ YLGH PDL OD OXFH D FDXVD
GHOO
RSSRVL]LRQHGLFDUGLQDOLIUDQFHVLFRPHLOFDUGLQDOH0DXULQDUFL
YHVFRYR GL /LRQH H SULPDWH GHOOH *DOOLH /
RSSRVL]LRQH HEEH OXRJR
SHUFK«QHJOLDPELHQWLHFFOHVLDVWLFLHSROLWLFLIUDQFHVLQRQSLDFHYDOD
SUHVHQ]DGL*DVSDUULFRPHVHJUHWDULRGL6WDWRHVLODYRUDYDDGXQD
VXD LPPLQHQWH VRVWLWX]LRQH m3RLQFDUª  SUHVLGHQWH GHO FRQVLJOLR H
PLQLVWUR GHJOL (VWHUL DO PRPHQWR GHOO
HOH]LRQH SRQWLILFLD HUD DVVDL
SUHRFFXSDWRDSURSRVLWRGHOODVFHOWDGHOVHJUHWDULRGL6WDWR*OLVHP
EU´ SRVVLELOH FKH O
DPEDVFLDWRUH IUDQFHVH SUHVVR OD 6DQWD 6HGH SR
WHVVHDYHUHXQDTXDOFKHLQIOXHQ]DHJOLLQYL´LOIHEEUDLRRVVLDGXH
JLRUQLSULPDFKH3LR;,IRVVHHOHWWRXQWHOHJUDPPD‫۔‬VHJUHWR‫ە‬FRQOH

LVWUX]LRQLLQPHULWR} 1HOWHOHJUDPPD3RLQFDUªIDFHYDULIHULPHQ
WR DG XQD SRVVLELOH LQIOXHQ]D GD HVHUFLWDUH VXO QXRYR 3DSD SHU OD
VFHOWDGHOVHJUHWDULRGL6WDWR1HOGRFXPHQWRVLIDQQRDQFKHLQRPL
GHLSHUVRQDJJLVJUDGLWLD3DULJLFRPH9DQ5RVVXP'H/DLH0HUU\
GHO9DOFLRªLSULQFLSDOLDUWHILFLGHOODSROLWLFDLQWUDQVLJHQWHGL3LR;
7XWWDYLDRJQLPRVVDVHJUHWDIXLQXWLOHSHUFK«3LR;,GHFLVHGLIDUH
GLWHVWDSURSULDHQRQODVFLDUHFKHLQIOXHQ]HHVWHUQHSRWHVVHURSHVD
UHVXOODQRPLQDHGHFLVHFRPHªQRWRSHUODULFRQIHUPDGL*DVSDUUL
&RQ *DVSDUUL ULFRPLQFLDYD QHOO
DSULOH  O
DQDOLVL GHO SURJHWWR

< &KLURQ 3LH;,  3HUULQ  WUDG LW 3LR;,,OSDSDGHL3DWWL/DWH
UDQHQVLHGHOO
RSSRVL]LRQHDLWRWDOLWDULVPL(GL]LRQL6DQ3DROR0LODQRS

55«PRQG/HVFULVHVGXFDWKROLFLVPHFLWSS

<&KLURQRSFLWS
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

VXOOHDVVRFLD]LRQLGLFXOWR

/D6DQWDVHGHHODERU´XQQXRYRSURJHWWR/H‫۔‬DVVRFLD]LRQLGLFXOWR‫ە‬GLYHQWD
YDQRDVVRFLD]LRQLGLFXOWRGLRFHVDQH,OFDPELDPHQWRGHOQRPHHUDVLJQLILFD
WLYRSRLFK«VHOD&KLHVDDFFHWWDYDFKHLQFLDVFXQDGLRFHVLIUDQFHVHXQ
DVVR
FLD]LRQHSURYYHGHVVH‫۔‬DOOHVSHVHHDOPDQWHQLPHQWRGHOFXOWRFDWWROLFR‫ە‬TXH
124 VWDDVVRFLD]LRQHQRQSRWHYDSHU´LPPLVFKLDUVL‫۔‬LQDOFXQPRGRQHOO
RUJDQL]
]D]LRQHGHOFXOWR‫ە‬HVRSUDWWXWWRHUDSRVWDVRWWRO
DXWRULW¢GHOYHVFRYR>@,O
GLFHPEUHLO&RQVLJOLRGL6WDWRVLSURQXQFLDYDDIDYRUHGHOSURJHWWR
GHOOHDVVRFLD]LRQLGLRFHVDQH>@,OJHQQDLRFRQO
HQFLFOLFD0D[LPDP

JUDYLVVLPDPTXH DXWRUL]]DYDODFUHD]LRQHGHOOH‫۔‬DVVRFLD]LRQLGLFXOWRGLR
FHVDQH‫
(ە‬SRVVLELOH‫۔‬VSHULPHQWDUOH‫ە‬FRPH‫۔‬ULPHGLRGHVWLQDWRDGDOORQWDQDUH
PDOLPDJJLRUL‫ە‬/
HQFLFOLFDWXWWDYLDULFRQIHUPDYDFKHODFRQGDQQDGHOODOHJJH

GLVHSDUD]LRQHLQSULQFLSLRULPDQHYDLQYDULDWD 

/
LQWULFDWDIDFFHQGDGHOOHDVVRFLD]LRQLFXOWXDOLGLPRVWUDORVFDUVRUL
VSHWWR SHU O
DXWRULW¢ HG LO SURIRQGR PLVFRQRVFLPHQWR GD SDUWH GHL
VHGLFHQWL‫۔‬LQWHOOHWWXDOL‫ە‬ODLFLHGDQWLFOHULFDOLIUDQFHVLQHLULJXDUGLGHO
OD VWUXWWXUD]LRQH JHUDUFKLFD H GHO YDORUH SURIRQGR H SHUHQQH GHOOD
VRFLHW¢ FULVWLDQD WUDGL]LRQDOH OD TXDOH SXU DYHQGR VHUYLWR HJUH

'LFH3LR;,QHOO
HQFLFOLFDmŠRUPDLJLXQWRSHUQRLLOPRPHQWRGLFRPXQLFDUYL
ODVROX]LRQHGHOO
LPSRUWDQWH HJUDYLVVLPDTXHVWLRQH GHOOH DVVRFLD]LRQL GLRFHVDQH
>@&RV®>@VHQWHQGRGLFRQIHUPDUHO
LQLTXDOHJJHGLVHSDUD]LRQHPDJLXGLFDQGR
FRQWHPSRUDQHDPHQWHFKHLQVLHPHDOOHGLVSRVL]LRQLGHOO
RSLQLRQHSXEEOLFDOHFLU
FRVWDQ]HHLUDSSRUWLWUDODVHGHDSRVWROLFDHOD5HSXEEOLFDIUDQFHVHHUDQRSURIRQ
GDPHQWH FDPELDWL YHUVR OD ILQH GHOO
DQQR  DEELDPR GLFKLDUDWR FKH QRQ D
YUHPPRDYXWRGLIILFROW¢DSHUPHWWHUHLQYLDVSHULPHQWDOHOHDVVRFLD]LRQLGLRFH
VDQHDOOHVHJXHQWLGXHFRQGL]LRQLGDXQODWRJOLVWDWXWLGRYHYDQRHVVHUHFRUUHWWL
SHUDFFRGDUVLDOPHQRQHOODVRVWDQ]DVHFRQGRLOORURWHQRUHHODORURQDWXUDFRQ
ODFRVWLWX]LRQHGLYLQDHOHOHJJLGHOODFKLHVDG
DOWUDSDUWHQRLGRYUHPPRULFHYHUH
JDUDQ]LH OHJDOL H VLFXUH SHU DOORQWDQDUH SHU TXDQWR SRVVLELOH LO SHULFROR FKH QHO
FDVRLQFXLXRPLQLRVWLOLDOODFKLHVDYHQLVVHURDGDYHUHLOJRYHUQRGHOOD5HSXEEOLFD
D TXHVWH DVVRFLD]LRQL YHQJD ULILXWDWD RJQL IRU]D OHJDOH H FRQVHJXHQWHPHQWH RJQL
VWDELOLW¢GLGLULWWRHVSRQHQGROHFRV®DSHUGHUHLEHQLORURDWWULEXLWL>@$IDYRUH
GHLQXRYLVWDWXWLQRLDEELDPRLQIDWWLQRQVRORO
RSLQLRQHGLXRPLQLPROWRYHUVDWL
QHOODJLXULVSUXGHQ]DHGLXQDULQRPDQ]DDWXWWDSURYDPDDQFKHLOSDUHUHXQDQL
PHGHO&RQVLJOLRGLVWDWRDFDPHUHULXQLWHLOTXDOHVHFRQGRODOHJLVOD]LRQHIUDQFHVH
UDSSUHVHQWDODPDJLVWUDWXUDVXSUHPDHODVRODFRPSHWHQWHSHUGDUHSDUHULVXOO
LQ
WHUSUHWD]LRQHGHOOHOHJJL4XHVWRSDUHUHFRQGLYLVRDQFKHGDJOLXRPLQLFKHUHJJR
QROD5HSXEEOLFDDFRQWLIDWWLVLULGXFHDTXDQWRVHJXHJOLVWDWXWLQRQFRQWHQJRQR
QXOODFRQWUROHOHJJLIUDQFHVLLOFKHVLJQLILFDFKHQRQF
ªQXOODGDWHPHUHGDTXH
VWHVWHVVHOHJJLSHUOHDVVRFLD]LRQLGLRFHVDQH}(/RUD56LPLRQDWL DFXUDGL RS
FLWYROSS

<&KLURQRSFLWSS

2ULJLQDOHDWDOSURSRVLWRODSRVL]LRQHGL/HRQH;,,,VHFRQGRLOTXDOHODPR
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

JLDPHQWHOHSRSROD]LRQLRFFLGHQWDOLSHUVHFROLGRYHYDRUDVRSSRUWD
UHXQLQJUDWRHEUXFLDQWHEHQVHUYLWRGDSDUWHGHLUDSSUHVHQWDQWLGL
LQWHUHVVLPDWHULDOLHSURIDQLSURYHQLHQWLGDOOHQXRYHDYLGHLGHRORJLH
GHOODPRGHUQLW¢$WDOSURSRVLWR&KDQWLQULFRUGDFRPHLOGLVLQWHUHV
VH YHUVR OH DXWRULW¢ HFFOHVLDVWLFKH H OD VWUXWWXUD JHUDUFKLFD GHOOD
&KLHVDPRVWUDWRGDLGLULJHQWLIUDQFHVLIRVVHIRQWHGLSUHRFFXSD]LRQH 125
HGLQTXLHWXGLQHWUDLYHUWLFLGHOFOHURG
ROWUDOSHWDQWRFKHXQPDQL
SRORGLFDUGLQDOLIUDQFHVLLOPDU]RGHFLVHGLLQYLDUHXQFR

PXQLFDWRXIILFLDOH DOSUHVLGHQWHGHOOD5HSXEEOLFD/RXEHWQHOTXDOH
HVWHUQDUHDOFDSRGHOOR6WDWROHSURSULHSUHRFFXSD]LRQLLQPHULWRDOOD
OHJJHLQIDVHGLODYRUD]LRQH'DXQSXQWRGLYLVWDVWRULFRSROLWLFR
LGHRORJLFR FRPXQTXH IXURQR .DUO 0DU[ H )ULHGULFK (QJHOV WUD L
SULPLDGHQXQFLDUHFRQSUHRFFXSD]LRQHLOSHULFRORVRPDLQDUUHVWDEL
OHSURFHVVRGLHURVLRQHHVRWWUD]LRQHGLVSD]LRHUDGLFDPHQWRFKHOD
VRFLHW¢ WUDGL]LRQDOH O
XQLFD IRUPD GL FLYLOW¢ UHDOPHQWH HVSUHVVLRQH
GHOO
RFFLGHQWHOHJDWDDVSLULWXDOLW¢UHOLJLRQHHYDORULGLRULJLQHQRU
GLFRPHGLWHUUDQHDVWDYDVXEHQGRLQHUPHGDSDUWHGHOO
DOWUR/HYLD
WDQRGHOODPRGHUQLW¢LOFDSLWDOLVPRFRQQHVVRFRQLOPRGHUQR6WDWR
GLGLULWWRm,QXQDVRFLHW¢SROLWLFDLQRUJDQLFDXQ
HFRQRPLDLQRUJD
QLFD JHQHUDYD WXWWL JOL HFFHVVL GHO FDSLWDOLVPR GL VSHFXOD]LRQH H

VFRQYROJHYDSURIRQGDPHQWHODVRFLHW¢WUDGL]LRQDOH} ,OILORVRIRGL
7UHYLULHGLOVXRFROOHJDLQXQSRFRPHQ]LRQDWRSDVVDJJLRGHO0DQL
IHVWRGHO3DUWLWR&RPXQLVWD DFFXVDYDQR OD ERUJKHVLD FDSLWDOLVWD GL
DYHU WXUEDWR XQ RUGLQH WUDGL]LRQDOH XOWUDFHQWHQDULR IRUVH HFFHVVL

GHUQLW¢SX´HVVHUHDFFHWWDWDSURYYLVRULDPHQWHLQYLVWDGHOULWRUQRDOODWUDGL]LRQH
&RPHVSLHJD0HQR]]Lm/HRQH;,,,ULWHQHYDFKHVLSRWHVVHURDFFHWWDUHVLDSXUHLQ
PDQLHUDWHPSRUDQHDHWUDQVLWRULDOHFRQGL]LRQLSROLWLFKHGHOODVRFLHW¢FRQWHPSR
UDQHDYDOHQGRVLGLWXWWLJOLVWUXPHQWLFKHHVVDPHWWHYDDGLVSRVL]LRQH LQSDUWLFR
ODUHOHOLEHUW¢SROLWLFKHHFLYLOL FRQO
LQWHQWRGLVXSHUDUOD,FDWWROLFLQRQGRYHYDQR
SUHJLXGL]LDOPHQWH HVWUDQLDUVL GDO PRQGR FLUFRVWDQWH DUURFFDQGRVL LQ XQ WRWDOH
ULILXWRGLTXHJOLLVWLWXWLJLXULGLFLHSROLWLFLFKHDQFKH3HFFLULWHQHYDLOIUXWWRDYYH
OHQDWRGHOPRGHUQRSURFHVVRVWRULFRHVVLQRQGRYHYDQRSHU´PDLSHUGHUHGLYLVWD
FKHO
RELHWWLYRILQDOHSHUFXLVLSRWHYDDGHULUH>@DJOLDVVHWWLFRVWLWX]LRQDOLGLXQ
PRQGRLUULPHGLDELOPHQWHFRUURVRGDOODGHULYDGHOODPRGHUQLW¢UHVWDYDVHPSUHH
VROWDQWRODUHVWDXUD]LRQHGHOODLHURFUDWLFDVRFLHWDVFKULVWLDQDGHOO
HW¢GLPH]]R}'
0HQR]]L,SDSLGHO*LXQWL)LUHQ]HSS

,ILUPDWDULGHOODOHWWHUDIXURQRLFDUGLQDOL5LFKDUG3HUUDXOW&RXOOL«/HFRW/D
ERXU«-3&KDQWLQRSFLWS

,YLS

- 3ORQFDUG '
$VVDF 'RFWULQHVGX1DWLRQDOLVPH 2$.6 (GLWULFH  WUDG LW
/HGRWWULQHGHOQD]LRQDOLVPR0LPHVLV(GL]LRQL0LODQR8GLQHS
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

YDPHQWH LGHDOL]]DWR HG HGXOFRUDWR SHU LO VROR SURILWWR /HJJLDPR


TXHVWRSDVVDJJLR

/DERUJKHVLDKDDYXWRQHOODVWRULDXQDIXQ]LRQHVRPPDPHQWHULYROX]LRQD
ULD 'RYH ª JLXQWD DO SRWHUH HVVD KD GLVWUXWWR WXWWH OH FRQGL]LRQL GL YLWD
IHXGDOL SDWULDUFDOL LGLOOLDFKH (VVD KD ODFHUDWR VHQ]D SLHW¢L YDULRSLQWL OH
126 JDPLFKHQHOODVRFLHW¢IHXGDOHDYYLQFHYDQRO‫ۑ‬XRPRDLVXRLVXSHULRULQDWX
UDOLHQRQKDODVFLDWRWUDXRPRHXRPRDOWURYLQFRORFKHLOQXGRLQWHUHVVH
ORVSLHWDWR‫ې‬SDJDPHQWRLQFRQWDQWL‫(ۑ‬VVDKDDIIRJDWRQHOO‫ۑ‬DFTXDJHOLGDGHO
FDOFROR HJRLVWLFR L VDQWL IUHPLWL GHOO‫ۑ‬HVDOWD]LRQH UHOLJLRVD GHOO‫ۑ‬HQWXVLDVPR
FDYDOOHUHVFR GHOOD VHQWLPHQWDOLW¢ SLFFRORERUJKHVH +D IDWWR GHOOD GLJQLW¢
SHUVRQDOH XQ VHPSOLFH YDORUH GL VFDPELR H LQ OXRJR GHOOH LQQXPHUHYROL
IUDQFKLJLH IDWLFRVDPHQWH DFTXLVLWH H SDWHQWDWH KD SRVWR OD VROD OLEHUW¢ GL
FRPPHUFLRVHQ]DVFUXSROL>۞@/DERUJKHVLDKDVSRJOLDWRGHOODORURDXUHROD
WXWWH TXHOOH DWWLYLW¢ FKH SHU O‫ۑ‬LQQDQ]L HUDQR FRQVLGHUDWH GHJQH GL YHQHUD
]LRQHHGLULVSHWWR+DWUDVIRUPDWRLOPHGLFRLOJLXULVWDLOSUHWHLOSRHWDOR
VFLHQ]LDWRLQVXRLRSHUDLVDODULDWL/DERUJKHVLDKDVWUDSSDWRLOYHORGLWHQH
URVHQWLPHQWDOLVPRFKHDYYROJHYDLUDSSRUWLGLIDPLJOLDHOLKDULGRWWLDXQ
 
VHPSOLFHUDSSRUWRGLGHQDUL  

/DVLWXD]LRQHWUDOR6WDWR)UDQFHVHHOD6DQWD6HGHLQROWUHHUDXOWH
ULRUPHQWHWHVDDQFKHDFDXVDGHOODFRQILVFDHGHOWUDVIHULPHQWRGLWXW
WLLEHQLHFFOHVLDVWLFLRJJHWWLHVLPEROLOLWXUJLFLFRPSUHVLDGRUJD
QL]]D]LRQL ODLFKH RSHUD]LRQH FKH GLPRVWUD TXDQWR OD YDFXD PD YLR
OHQWD HG LGHRORJL]]DWD D]LRQH ‫۔‬ULIRUPLVWD‫ ە‬GHL FDSL UDGLFDOL IUDQFHVL
IRVVHJRYHUQDWDHVVHQ]LDOPHQWHGDXQSHULFRORVRVHQVRGLULYDOVDVR
FLDOH DOLPHQWDWR GD XQ YHOHQRVR H UDQFRURVR ULVHQWLPHQWR WLSLFR GL
FHUWD DUUDEELDWD HG LQYLGLRVD ‫۔‬FXOWXUD‫ ە‬GL HVWUHPD VLQLVWUD QHL FRQ
IURQWLGHOOH«OLWHHFFOHVLDVWLFKHOHTXDOLDQGDYDQRRUDHGLQPDQLHUD
WHDWUDOH HG HVHPSODUH VHYHUDPHQWH SXQLWH H VDERWDWH /
LQL]LR GHJOL
HVSURSUL H GHOOH FRQILVFKH GHL EHQL HFFOHVLDVWLFL GD SDUWH GHOOR 6WDWR
IUDQFHVHSRUW´3LR;DGHQXQFLDUHDSHUWDPHQWHO
LOOHJDOLW¢HODYLROHQ


.0DU[)(QJHOV0DQLIHVWGHU.RPPXQLVWLVFKHQSDUWHLWUDGLW0DQLIH
VWRGHOSDUWLWRFRPXQLVWDSS

$ SURSRVLWR GHOOD JHVWLRQH GHL EHQL LPPRELOL GHOOD &KLHVD PROWR FKLDUR ª LO
FRQFRUGDWRGL)RQWDLQEOHDXGHOQHOTXDOH1DSROHRQHDFFRUGDDOSDSDODJH
VWLRQHGLUHWWDHVHQWDVVHGLWXWWLLEHQLHFFOHVLDVWLFLQRQDOLHQDWLHXQFRQJUXRULP
ERUVRSHUTXHOOLDOLHQDWLm$UW,GRPLQLLREHQLVWDELOLFKHLO63DGUHSRVVHGH
YDHFKHQRQVRQRDOLHQDWLVDUDQQRHVHQWLGDRJQLVSHFLHG
LPSRVL]LRQH6DUDQQR
DPPLQLVWUDWLGDLVXRLDJHQWLRLQFDULFDWLGLDIIDUL4XHOOLFKHVLWURYDVVHURDOLHQDWL
VDUDQQRULPSLD]]DWLVLQRDOODVRPPDGLGXHPLOLRQLGLIUDQFKLGLUHQGLWD}(/RUD
DFXUDGL RSFLWSS
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

]DGHOOHD]LRQLJRYHUQDWLYH&RPHDIIHUPDQHOOD8QHIRLVHQFRUH

3HUFL´FKHULJXDUGDLEHQLHFFOHVLDVWLFLFKH&LVLDFFXVDGLDYHUDEEDQGR
QDWLLPSRUWDQRWDUHFKHTXHVWLEHQLHUDQRSHUXQDSDUWHLOSDWULPRQLRGHL
SRYHULHLOSDWULPRQLRSL»VDFURDQFRUDGHLGHIXQWL>@1HVVXQRGHOUHVWR
FUHGHU¢FKHHVVDDEELDDEEDQGRQDWRGHOLEHUDWDPHQWHVHQRQVRWWRODSUHV
127
VLRQHGLUDJLRQLOHSL»LPSHULRVHFL´FKHOHHUDVWDWRFRV®DIILGDWRHFKHOH
HUDFRV®QHFHVVDULRSHUO
HVHUFL]LRGHOFXOWRSHUODFRQVHUYD]LRQHGHJOLHGL
ILFLVDFULSHUODIRUPD]LRQHGHLVXRLFKLHULFLHSHULOVRVWHQWDPHQWRGHLVXRL
PLQLVWUL>@DWWULEXLUHSRLTXHVWLEHQLDWHU]LFRPHVHIRVVHURGLYHQXWLEH
QLVHQ]DSDGURQHHLQILQHDIIHUPDUHFKHFRQO
DJLUHLQVLIIDWWRPRGRQRQVL
VSRJOLDODFKLHVDPDVLGLVSRQHVROWDQWRGLEHQLGDOHLDEEDQGRQDWLQRQª
JL¢VROWDQWRXQUDJLRQDUHGD VRILVWLDXQDJJLXQJHUHODGHULVLRQHDOODSL»

FUXGHOHGHOOHVSRJOLD]LRQL 

$QFKH SDSD 3HFFL QHOOD $XPLOLHXGHVFRQVRODWLRQV GHQXQFLD JOL DW
WDFFKLDOODSURSULHW¢HFFOHVLDVWLFDm1«PDJJLRUHLPSRUWDQ]DVLGHYH
GDUHDOO
DOWURULPSURYHURIDWWRDOOHFRQJUHJD]LRQLUHOLJLRVHGLSRVVH
GHUHWURSSHULFFKH]]H>@QRQVLSX´FRQWHVWDUHFKHHVVHOHSRVVHJ
JDQRRQHVWDPHQWHHOHJDOPHQWHHFKHSHUFRQVHJXHQ]DORVSRJOLD
PHQWR VDUHEEH XQ DWWHQWDWR DO GLULWWR GL SURSULHW¢ %LVRJQD LQROWUH
FRQVLGHUDUHFKHQRQSRVVLHGRQRQHOO
LQWHUHVVHSHUVRQDOHHSHULOEH
QHVVHUHGHLVLQJROLFKHOHFRPSRQJRQRPDSHURSHUHGLUHOLJLRQHGL
FDULW¢HGLEHQHILFHQ]DFKHWRUQDQRDSURILWWRGHOODQD]LRQHIUDQFHVH
>@}&RPHDIIHUPD$PEURJLR3LD]]RQLm'DYDQWLDOWUDVIHULPHQ
WRGLWXWWLLEHQLHFFOHVLDVWLFLDGDVVRFLD]LRQLODLFKH3LR;H0HUU\
GHO9DOULILXWDURQRRJQLVROX]LRQHGLFRPSURPHVVR FKHO
HSLVFRSDWR
IUDQFHVHDYUHEEHDXVSLFDWR DVVLFXUDQGRWXWWDYLDLQWDOPRGR‫ۋ‬PDL
ULVXOWDWLVLVDUHEEHURYLVWLVRORSL»WDUGL‫ۋ‬O
LQGLSHQGHQ]DGHOOD&KLH
VDDQFKHDSUH]]RGHOODURYLQDPDWHULDOH}$QFKH%UL]]LH0DUFKL
VRWWROLQHDQRODGXUDFRQWUDSSRVL]LRQHGHOOD&KLHVDQHOFRQIURQWLGH
JOLHVSURSULGDSDUWHGHOOR6WDWRIUDQFHVH

>@ LO SDVVDJJLR SL» FRQWURYHUVR ULJXDUGD L EHQL HFFOHVLDVWLFL OD FXL SUR
SULHW¢LQEDVHDOODOHJJHGHYHHVVHUHWUDVIHULWDDGDVVRFLD]LRQLFXOWXDOL>@,
FRVLGGHWWL‫۔‬LQYHQWDUL‫ە‬LQFRUVRGHLEHQLHFFOHVLDVWLFLILQLVFRQRSHUWUDPXWDU


6LYHGDDQFKH9HKHPHQWHU1RVLQ(/RUD56LPLRQDWL DFXUDGL RSFLWYRO
SS

(/RUD56LPLRQDWL DFXUDGL RSFLWYROSS

(/RUD56LPLRQDWL DFXUDGL RSFLWYROS

$3LD]]RQL6WRULDGHOOHHOH]LRQLSRQWLILFLH3LHPPHS
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

VLLQYHULHSURSULVFRQWULWUDJOLXIILFLDOLSXEEOLFLHLGLIHQVRULGHOOHSUHUR
JDWLYHHFFOHVLDVWLFKH>@VDU¢&OHPHQFHDX>@DGHFLGHUHGLSRUUHILQHDJOL

LQYHQWDULGHOPDWHULDOHGHOOHSDUURFFKLHHGHLFRQYHQWL 

9L IXURQR DGGLULWWXUD GHL PRUWL 6HFRQGR L GDWL ULSRUWDWL GD 3DWULFN
128
&DEDQHOGXHPDQLIHVWDQWLFDWWROLFLRVWLOLDJOLLQYHQWDULSHUVHURODYL
WDLQVHJXLWRDWXPXOWLLOHPDU]RQHOO
$OWD/RLUD$QFKH
LO GHWWDJOLDWR VWXGLR GL -HDQ0LFKHO 'XKDUW VXOOD FRQGX]LRQH GHJOL
HVSURSUL H GHJOL LQYHQWDUL LQ RJQL VLQJROR DUURQGLVVHPHQW IUDQFHVH
ULSRUWDQRWL]LHGLQXPHURVLLQFLGHQWLWUDFXLVSLFFDQRLPRUWLLQ$OWD
/RLUD YLIXDQFKHXQDLQWHUURJD]LRQHSDUODPHQWDUHVXLTXHVWLWUDJL
FLHYHQWLYROXWDGDOGHSXWDWR-HDQ3OLFKRQLOTXDOHGHILQLYDODOHJJH
XQDOHJJHGLPRUWH 6HFRQGR0HUOHDOFRQWUDULRJOLHVSUR
SUL OD FXL FRPSHWHQ]D VSHWWDYD HVFOXVLYDPHQWHDL WULEXQDOL QRQ D
YUHEEHURSURYRFDWRVFRQWULHWHQVLRQLVRFLDOLDOPHQRQRQLQTXHVWD
IDVH,QROWUHVHFRQGR-HDQ0LFKHO/HQLDXGJUD]LHDOODOHJJH
HDOODVXFFHVVLYDOHJJHGHOrDSULOHVDUHEEHURWHUPLQDWHWXWWH
OH DPELJXLW¢ IRULHUH GL GLIIXVH H VSHVVR LQGLVWULFDELOL FRQWURYHUVLH
JLXULGLFKHFLUFDODSURSULHW¢GHLEHQLPRELOLHLPPRELOLOHJDWLDOFXO
WRUHOLJLRVR6HFRQGRORVWXGLRVRIUDQFHVHLQIDWWLVLDIIHUP´LOSULQ
FLSLRJHQHUDOHFKHDVVHJQDYDOHFDWWHGUDOLDOOR6WDWRHOHFKLHVHFRQ
QHVVHDOOHDWWLYLW¢FXOWXDOLSDUURFFKLDOLDLFRPXQL/RVWHVVR0HUOH
VRWWROLQHDWUDO
DOWURO
HVLVWHQ]DGLGXHRSSRVWLSXQWLGLYLVWDQHOJR
YHUQR IUDQFHVH D SURSRVLWR GHOOH PRGDOLW¢ DWWXDWLYH UHODWLYDPHQWH
DOOH FRQILVFKH GHL EHQL HFFOHVLDVWLFL 9L HUD FKL D IURQWH GHOOH UHVL
VWHQ]HGHOFOHURQHLFRQIURQWLGHJOLHVSURSULULWHQHYDGLGRYHUSRVWL
FLSDUHGLXQDQQRODPHVVDLQSUDWLFDGHLSUHFHWWLOHJLVODWLYL'LTXH
VWR DYYLVR HUDQR DG HVHPSLR &OHPHQFHDX H %ULDQG 9L HUD FKL DO


5%UL]]L00DUFKLRSFLWSFIU)'«PLHURSFLWS

3&DEDQHORSFLWS

-0'XKDUWRSFLWS

*0HUOHRSFLWS

- 0 /HQLDXG /HVWDWXWGHV«GLILFHVHWGHVREMHFWVGXFXOWH LQ - 3 &KDQWLQ '
0RXOLQHW D FXUD GL  /D6«SDUDWLRQGH/HV ‹GLWLRQV GH O
$WHOLHU‹GLWLRQV2X
YULªUHV3DULVSS
&RPHVSLHJDORVWHVVR/HQLDXGWXWWDYLDGDXQFRPSXWRGHOOR6WDWRULVXOWD
HVVHUH SURSULHWDULR QRQ VROR GL  FDWWHGUDOL PD DQFKH GL  FKLHVH H FDSSHOOH
SDUURFFKLDOLHGLFDSSHOOHSXEEOLFKHQRQSDUURFFKLDOL,QROWUHYLVRQRGXHFDW
WHGUDOL DSSDUWHQHQWL D UHDOW¢ FRPXQDOL ULVSHWWLYDPHQWH QHL GLSDUWLPHQWL +DXWH
6DYRLHH&¶WHVGX1RUG LYLSS
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

FRQWUDULRULWHQHYDQHFHVVDULDODVROX]LRQHUXGHODTXDOHSUHYHGHYD
GLFRQGXUUHLQSRUWRO
RSHUD]LRQHGHOOHFRQILVFKHSULPDGHOGLFHPEUH

7UDTXHVWLIDXWRULGLXQDVROX]LRQHUDSLGDYLHUD&RPEHV $
SUHVFLQGHUH GDOOH GLYHUVH YDOXWD]LRQL FLUFD LO JUDGR GL FRQIOLWWXDOLW¢
SROLWLFDPDDQFKHVRFLDOHHFXOWXUDOHFKHODSROLWLFDGHOOHFRQILVFKHH
GHJOLLQYHQWDULGHWHUPLQ´DOO
LQWHUQRGHOODVRFLHW¢IUDQFHVHELVRJQD 129
VRWWROLQHDUHO
LPSRUWDQ]DGLDOFXQHLQL]LDWLYHSROLWLFRFXOWXUDOLDVR
VWHJQRGHOODVDOYDJXDUGLDPDWHULDOHGHJOLHGLILFLGLFXOWRHGHLEHQL
PRELOLDGHVVLOHJDWLODFXLFRQVHUYD]LRQHHYDORUL]]D]LRQHULVFKLDYD
GLHVVHUHVHULDPHQWHFRPSURPHVVDGDXQDFHUWDLQWHUSUHWD]LRQHGHO
ODOHJJHGLVHSDUD]LRQH$SUHRFFXSDUHGLSL»LOSULQFLSDOHIDXWRUHGL
TXHVWRJHQHUHGLLQL]LDWLYHDWXWHODGHLEHQLHFFOHVLDVWLFLLOGHSXWDWR
0DXULFH%¢UUHVIXURQRFRORURLTXDOLVRVWHQHYDQRFKHRJQLVSHVDD
IDYRUH GHOOD FRQVHUYD]LRQH GHL EHQL GHOOD &KLHVD HUD GL IDWWR XQD
VSHVDDIDYRUHGHOFXOWRHFRQWUDYYHQLYDTXLQGLDOVHFRQGRDUWLFROR
GHOOD OHJJH  LO TXDOH UHFLWD HVSUHVVDPHQWH FKH m/D 5HSXEEOLFD
QRQ ULFRQRVFH Q« ILQDQ]LD Q« VRYYHQ]LRQD DOFXQ FXOWR 'L FRQVH
JXHQ]DDSDUWLUHGDOrJHQQDLRVXFFHVVLYRDOODSURPXOJD]LRQHGHOOD
SUHVHQWHOHJJHVDUDQQRVRSSUHVVHGDLELODQFLGHOOR6WDWRGHLGLSDU

WLPHQWLHGHLFRPXQLWXWWHOHVSHVHUHODWLYHDOO
HVHUFL]LRGHLFXOWL} 
8QD VROX]LRQH SDU]LDOH VSLHJDQR &KDQWLQ H 0RXOLQHW IX WURYDWD

JUD]LHDOODOHJJHFKHLVWLWXLYDOD&DLVVHGHVPRQXPHQWVKLVWRULTXHV 
0ROWR LQWHUHVVDQWH H RULJLQDOH ª LO SDUHUH GHFLVDPHQWH DQWLUH
SXEEOLFDQR GHO FDWWROLFR FHQWULVWD WHGHVFR 0DWWKLDV (U]EHUJHU LO
TXDOH LQ XQ GRFXPHQWR LQHGLWR GHO  JHQQDLR  FRQVHUYDWR
QHOO
DUFKLYLR GHOOD QXQ]LDWXUD DSRVWROLFD EDYDUHVH SUHVLHGXWD GD
PRQV3DFHOOLDSDUWLUHGDOO
DSULOHQHOO
DPELWRGLXQDULFRVWUX
]LRQHVWRULFDGHOODVLWXD]LRQHUHOLJLRVDQHOOHWHUUHFRQWHVHGL$OVD]LD
H/RUHQDULFRVWUXLVFHQHOPRGRVHJXHQWHODVLWXD]LRQHUHOLJLRVDJH
QHUDOHLQ)UDQFLDQHOSHULRGRFKHVWLDPRLQTXHVWDVHGHWUDWWDQGR

,Q)UDQFLDXQRGRSRO
DOWUR:DOGHFN5RXVVHDX&RPEHVH%ULDQGLGHDURQR
OHJJLSHUVRSSULPHUHOHFRQJUHJD]LRQLUHOLJLRVHSHUFKLXGHUHOHVFXROHFOH
ULFDOLSHUVFRPSDJLQDUHO
RUJDQDPHQWRHFFOHVLDVWLFRSHULQFDPHUDUHLOSD
WULPRQLRGHOOHFKLHVHHGHLFRQYHQWLSHUJHWWDUHQHOODPLVHULDSDUURFFKLHH
FOHUR)XURQRTXHOOLJOLDQQLLQFXLQHLFDWWROLFLGHOO
$OVD]LDVLRSHU´LOSL»
SURIRQGRGLVWDFFRGDOOD)UDQFLDSHUULYROJHUVLFRQPDJJLRUHILGXFLDDOO
,P


*0HUOHRSFLWSS

-0/HQLDXGRSFLWS

-3&KDQWLQ'0RXOLQHWRSFLWS
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

SHURJHUPDQLFR,SL»HIILFDFLJHUPDQL]]DWRULGHOO
$OVD]LD/RUHQD‫ۋ‬VLSRW«
VSHVVRXGLUORULSHWHUH‫ۋ‬IXURQRJOLXRPLQLGL6WDWRHSDUODPHQWDULIUDQFHVL
&RQODVHSDUD]LRQHGDOOR6WDWRGHOOD&KLHVDLQ)UDQFLDVLFRPS®GHILQLWLYD
PHQWHLOGLVWDFFRUHOLJLRVRGHOO
$OVD]LD/RUHQDGDOODVXDDQWLFDPDGUHSDWULD
, GXH SDHVL VRQR DGHVVR LQ VWULGHQWH FRQWUDVWR LQ )UDQFLD OH URYLQH GL
XQ
DQWLFD JUDQGH]]D H SURVSHULW¢ QHO SDHVH GHOO
,PSHUR YLWD UHOLJLRVD ILR

130 UHQWH DOO
RPEUD GHOO
DTXLOD WHGHVFD  /D VFXROD GLUHWWD VHFRQGR L SULQFLSL
UHOLJLRVL HOD&KLHVDODYRUDQWHLQOLEHUW¢ YL FRQWULEXLVFRQRLQ HJXDOSDUWH
PDHQWUDPEHSRVVRQRFL´VRORSHUFK«ODOHJJHG¢ORURTXHVWDSRVVLELOLW¢H
FRQFHGHORURODVXDSURWH]LRQH&KHFRVDGLYHUUHEEHGLHVVHFKHFRVDGHOOD
SRSROD]LRQH FDWWROLFD GHOO
$OVD]LD/RUHQD VH LO SDHVH GHOO
,PSHUR WRUQDVVH


,OFDWWROLFHVLPRD.XOWXUNDPSIRUPDLILQLWRHFRQLOYDURGHOODFRVWLWX]LRQHGL
:HLPDUO
DJRVWRODTXDOHDJOLDUWWGHO&DSR,,,5HOLJLRQHHGDV
VRFLD]LRQLUHOLJLRVHFRQWHQHYDPLVXUHGHFLVDPHQWHIDYRUHYROLDOOHSUDWLFKHGLFXO
WRVLDSSUHVWDYDDYLYHUHXQDIHOLFHVWDJLRQHGLULQQRYDWDLQWHVDFRQLJRYHUQLGHL
O¦QGHUSULPD FRQFRUGDWLFRQ%DYLHUD3UXVVLD$QKDOWH%DGHQ HFRQLOJRYHUQR
GHO5HLFKSRL&RQTXHVW
XOWLPRLQIDWWLJL¢DSDUWLUHGDOO
HVWDWHOD6DQWD6HGH
LQWUDWWHQQH VWUHWWH UHOD]LRQL GLSORPDWLFKH VRVWDQ]LDWH GDL QHJR]LDWL GL SDFH FRQ
GRWWLGDOQXQ]LREDYDUHVHPRQV3DFHOOLSUHVVRLOJRYHUQRLPSHULDOH$SDUWLUHGDO
 LQROWUH L UDSSRUWL VL LQWHQVLILFDURQR XOWHULRUPHQWH DWWUDYHUVR O
LVWLWX]LRQH
GHOODQXQ]LDWXUDDSRVWROLFDSUHVVRLOJRYHUQRGHO5HLFKSUHVLHGXWDGDPRQV&HVD
UH2UVHQLJRHODILUPDGHOFRQWURYHUVR5HLFKVNRQNRUGDWFRQLOQHRQDWRJDELQHWWR
QD]LRQDOVRFLDOLVWD OXJOLRILUPDWRGD3DFHOOLLQTXDOLW¢GLVHJUHWDULRGL6WD
WR H GDOO
H[ FDQFHOOLHUH )UDQ] YRQ 3DSHQ RUD YLFHFDQFHOOLHUH GL +LWOHUH PHVVR
DOO
LQGLFHGD3LR;,QHOO
HQFLFOLFDWHGHVFD0LW%UHQQHQGHU6RUJH 'DOSXQWRGLYLVWD
SROLWLFRLQROWUHLO&HQWURFDWWROLFR =HQWUXPVSDUWHL  SDUWHFLS´DTXDVLWXWWLL JR
YHUQLGL:HLPDURUDFRQOD63'HLGHPRFUDWLFL ''3 QHOOD&RDOL]LRQHGL:HL
PDU FRQ L TXDOL HUD DOOHDWD VLQ GDOOD ULVROX]LRQH GL SDFH GHO5HLFKVWDJ GHO OXJOLR
 RUDLQJDELQHWWLGLFRDOL]LRQHDQFKHFRQOHGHVWUHQD]LRQDOLVWHHDQWLVHPLWH
'193  , FDWWROLFL SUHVLHGHWWHUR QXPHURVL GL TXHVWL JRYHUQL FRQ .RQVWDQWLQ )H
KUHQEDFK XQ PDQGDWR  -RVSHK :LUWK GXH  :LOKHOP 0DU[ TXDWWUR  +HLQULFK
%U¾QLQJ GXH &RQTXHVW
XOWLPRLOSDUWLWRPLVHLQDWWRXQDFODPRURVDVWUDWHJLDGL
DOOHDQ]DFRQLO3DUWLWR1D]LRQDOVRFLDOLVWDPDLUHDOPHQWHGHFROODWDHUHVDRSHUDWLYD
7XWWDYLD LO &HQWUR WDJOLDWR IXRUL GDO JDELQHWWR +LWOHU 16'$3'1936WDOKHOP 
YRW´DO5HLFKVWDJODOHJJHFKHDYUHEEHFRQFHVVRDOFDQFHOOLHUHGL%UDXQDXLSLHQL
SRWHUL &IU ( )DWWRULQL *HUPDQLD H 6DQWD 6HGH OH QXQ]LDWXUH GL 3DFHOOL IUD OD
*UDQGH*XHUUDHODUHSXEEOLFDGL:HLPDU 6RFLHW¢HGLWULFHLO0XOLQR%RORJQD
($' 3LR;,+LWOHUH0XVVROLQL/DVROLWXGLQHGLXQSDSD *LXOLR (LQDXGL HGLWRUH
VSD7RULQRS0/DPDFFKLD/HSUHPHVVHGLXQ
DVFHVDOHUHOD]LRQLSROL
WLFKH%U¾QLQJ+LWOHUH=HQWUXP16'$3GXUDQWHLJDELQHWWLSUHVLGHQ]LDOLGL:HLPDU
PDU]RJHQQDLR LQ1RYD +LVWRULFD $QQR  QXPHUR  &DVD (
GLWULFH 3DJLQH  SS  ,' 0RQV3DFHOOLHLQHJR]LDWLGLSDFHGHOO‫ڥ‬HVWDWH
FRQLOJRYHUQRWHGHVFR1XRYHSURVSHWWLYHGLULFHUFDQHOOHIRQWLLQHGLWHLQ *HQWHV ‫ۋ‬
5LYLVWD GL 6FLHQ]H 8PDQH H 6RFLDOL $QQR ,9 QXPHUR  GLFHPEUH 3HUXJLD
6WUDQLHUL8QLYHUVLW\3UHVV
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR


LQGRPLQLRGHOOD5HSXEEOLFDIUDQFHVH" 

,Q WXWWR TXHVWR WXUELQLR SROLWLFR H VRFLDOH LQROWUH JL¢ D SDUWLUH GDO
 OD 6DQWD 6HGH DYHYD IDWWR VDSHUH DO JRYHUQR WUDQVDOSLQR FKH
DYUHEEH FRQVLGHUDWR XQD HYHQWXDOH YLVLWD GHO SUHVLGHQWH GHOOD 5H
SXEEOLFD IUDQFHVH D 5RPD FRPH XQD SURYRFDWRULD RIIHVD DL SURSUL 131

GLULWWLHDTXHOOLGHOODSHUVRQDGHO6DQWR3DGUH 9LVLWDFKHLQYHFH
HEEH HIIHWWLYDPHQWH OXRJR LO  DSULOH  GD SDUWHGHO SUHVLGHQWH
‹PLOH/RXEHWFKHYHQQHULFHYXWRDO4XLULQDOHGDOUHG
,WDOLD9LWWRULR
(PDQXHOH ,,, H FKH SXQWXDOPHQWH IX DGGLWDWD FRPH RIIHQVLYD GDOOD
&KLHVD DQFKHFRPHULFRUGDQR*«UDUG8QJHUH0D\HXUDFDXVDGHO
ODTXHVWLRQHURPDQDDQFRUDDSHUWDHEUXFLDQWH m/DSURWHVWDGHO
ODVDQWD6HGHSHUO
DQGDWDGL/RXEHWD5RPDHSHUODVXDYLVLWDDO5H
G
,WDOLD QHO SDOD]]R GHO 4XLULQDOH IX QHOOD HVWLPD]LRQH GHO &RPEHV
XQ
HFFHOOHQWH RFFDVLRQH SHU VSLQJHUH DOOD FRQFOXVLRQH GHILQLWLYD H
SHU LO PRPHQWR LUUHSDUDELOH OD WHQGHQ]D ODLFLVWD GHOOD 5HSXEEOLFD
IUDQFHVH}&RPHVRWWROLQHD(DPRQ'XII\LQROWUHOD&KLHVDUHDJ®
JRIIDPHQWHDOODYLVLWDGHOSUHVLGHQWHWUDQVDOSLQRD5RPDPRVWUDQGR
WXWWDO
LQHVSHULHQ]DSROLWLFDHGLSORPDWLFDGL3LR;XQSRQWHILFHYR
OXWRSHUOHVXHGRWLGLSDVWRUHSL»FKHGLSROLWLFRm/DVLWXD]LRQHVD
UHEEH VWDWD GLIILFLOH GD JHVWLUH VSLHJD 'XII\ SHU TXDOXQTXH SDSD
PDO
LQHVSHULHQ]DSROLWLFDHODPDQFDQ]DGLWDWWRGL3LR;HGHOVXR

VHJUHWDULRGL6WDWRVLULYHODURQRIDWDOL} 'RSRODYLVLWDD5RPDGHO
SUHVLGHQWH/RXEHW LQIDWWL m>@ 0HUU\ GHO 9DO LQROWU´ XQD SURWHVWD
GLSORPDWLFDGLURXWLQHFRQWURTXHVWRULFRQRVFLPHQWRGHOOR6WDWRLWD
OLDQRQHOOD5RPDSDSDOH6FLRFFDPHQWHHLQPRGRRIIHQVLYRLOVHJUH
WDULRGL6WDWRLQYL´XQDFRSLDGLTXHVWDSURWHVWDDWXWWLLJRYHUQLH
TXHVWHFRSLHFRQWHQHYDQRXQDIUDVHLQFXLVLVRVWHQHYDFKHLO3DSDWR
PDQWHQHYDOHUHOD]LRQLFRQOD)UDQFLDVRORSHUFK«ODFDGXWDGHOPL
QLVWHURGL&RPEHVHUDLPPLQHQWH6LWUDWWDYDGLXQ
LPSXGHQWHD]LR
QHSROLWLFDGDSDUWHGHO3DSDWR>@/
RSLQLRQHSXEEOLFDIUDQFHVHUH
DJ®YLROHQWHPHQWHO
DPEDVFLDWRUHIUDQFHVHSUHVVRLO9DWLFDQRIXUL
FKLDPDWRHDQFKHVHDOODILQHLOJRYHUQRGL&RPEHVFDGGHUHDOPHQ


65566$$((66)UDQFLDSRVIDVFIROUUU

3&KHQDX[RSFLWSFIU(%XRQDLXWLRSFLWS

&IU*8QJHURSFLWS-00D\HXU/DV«SDUDWLRQGHVFLWS

(%XRQDLXWLRSFLWS

('XII\RSFLWS
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

WH QHO GLFHPEUH  IX SURPXOJDWD XQD OHJJH FKH DEURJDYD LO
FRQFRUGDWRGHO>@}$IDUGDFRQWUDOWDUHDOOHSURWHVWHGHOOD
6DQWD 6HGH SHU OD YLVLWD GL 6WDWR GHO SUHVLGHQWH IUDQFHVH LQ TXHO GL
5RPDYLIXXQDDFFRJOLHQ]DDGLUSRFRHQWXVLDVWLFDULVHUYDWDDOODGH
OHJD]LRQHWUDQVDOSLQD GLFXLIDFHYDSDUWHDQFKHLOPLQLVWURGHJOLH
132 VWHUL'HOFDVV« GDSDUWHGHOSRSRORURPDQR2DOPHQRTXHVWRªTXHO
ORFKHUDFFRQWDORVWHVVR&RPEHVQHOOHVXHPHPRULHm>@PDFDP
SDJQHLQFHVVDQWHHWGHSOXVHQSOXVG«FLVLYHFRQWUHOHFO«ULFDOLVPHDYDLW
GXVRXOHYHU¢O
«WUDQJHUGDQVOHVSD\VODWLQVXUWRXWXQY«ULWDEOHHQ

WKRXVLDVPH}  7DOH HQWXVLDVPR ª LQWHUSUHWDWR GDO SULPR PLQLVWUR
FRPHXQDUHD]LRQHGHLSDHVLPHGLWHUUDQHL,WDOLDH6SDJQDVXWXWWLDO
GLVSRWLVPRGHOFOHURORFDOHXQDHJHPRQLDVHFRQGRO
H[VHPLQDULVWD

PROWRSL»SUHVVDQWHHSHUYDVLYDFKHLQ)UDQFLD 


,,,&RQFOXVLRQL

1RQRVWDQWH OD FRQWUDSSRVL]LRQH DO UHJLPH GHPRFUDWLFR YLJHQWH LQ
)UDQFLDHDOODFODVVHGLULJHQWHFKHORDOLPHQWDYDHQRQRVWDQWHOHLQ
FRPSUHQVLRQLFKHFRPHDEELDPRYLVWRPLQDURQRLOUDSSRUWRFRQLO
FDWWROLFHVLPRIUDQFHVH3LR;FRPHVSLHJD'XUDQGDYHYDUHDOPHQWH
DFXRUHODVLWXD]LRQHGHOOD)UDQFLD,OFRLQYROJLPHQWRSHUVRQDOHFRQ
ODFDXVDGHOFDWWROLFHVLPRWUDQVDOSLQRIXWDOHGDGHWHUPLQDUHDGGLULW
WXUD OD VFHOWD GHO VXR QRPH GD SRQWHILFH VFHOWD FKH ULFKLDPD DOOD
PHQWHLVXRLSUHGHFHVVRULGD3LR9,H3LR9,,D3LR,;LTXDOLFRP
EDWWHURQRORVSLULWRDQWLFOHULFDOHFKHOHULYROX]LRQLSRUWDURQRVHQ]D
DEEDQGRQDUH SL» LO GHVWLQR GHL IUDQFHVL &LWDQGR XQ SDVVDJJLR GL
5RJHU $XEHUW 'XUDQG DIIHUPD TXDQWR VHJXH m$SSHQD HOHWWR LO
QXRYR SRQWHILFH DQQXQFL´ FKH DYUHEEH DVVXQWR LO QRPH GL 3LR SHU
SHUSHWXDUHLOULFRUGRGHLSRQWHILFL‫۔‬FKHQHOVHFRORVFRUVRVLVRQRFR
UDJJLRVDPHQWHRSSRVWLDOSXOOXODUHGHOOHVHWWHHGHJOLHUURUL‫@>ە‬3LR
;FRQWLQXDWRUHGHOO
RSHUDGL3LR9,HGL3LR9,,FKHFRPEDWWHURQROD
5LYROX]LRQHIUDQFHVHHGL3LR,;DQFKHOXLYLWWLPDGHOORVSLULWRUL

 JHQQDLR  D VHJXLWR GHO FRVLGGHWWR mDIIDLUHGHVILFKHV} VFDQGDOR FKH
FRLQYROVH&RPEHVHLOPLQLVWURGHOODJXHUUDJHQHUDOH$QGU«FKHIXDFFXVDWRGLJH
VWLUHOHQRPLQHGHJOLXIILFLDOLGHOO
HVHUFLWRGLFRQFHUWRHGLHWURSDUHUH YLQFRODQWH 
GHO*UDQGH2ULHQWHGL)UDQFLD-0'XKDUWRSFLWSS

('XII\RSFLWSSFIU-0'XKDUWRSFLWSS

‹&RPEHVRSFLWS

,YLSS
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

YROX]LRQDULR VDUHEEH VWDWR GL IURQWH DOOD)UDQFLD XQ SDSD LQWUDQVL


JHQWH LQ URWWXUD FRQ OD SROLWLFD FRQFLOLDWULFH GHO VXR SUHGHFHVVRUH

LPPHGLDWR>@} 0DªGDXQSDVVDJJLRGHOOD9HKHPHQWHU1RVFKH

VL FDSLVFH O
DIIHWWR GHO SRQWHILFH FRQWDGLQR *LXVHSSH 0HOFKLRUUH
6DUWRSHULOFXOWXUDOPHQWHVPDUULWRHIRUVHWUDYLDWRSRSRORWUDQVDO
SLQRLOTXDOHGHYHOHVXHJORULHLQWHUDPHQWHDOVXRSDVVDWRHLQWLPR 133
OHJDPHFRQODIHGHURPDQDm/D)UDQFLDFKHQHOFRUVRGHLVHFROLª
VWDWDO
RJJHWWRGLXQDFRV®JUDQGHHVLQJRODUHSUHGLOH]LRQHGDSDUWH
GLTXHVWDVHGHDSRVWROLFDOD)UDQFLDGHOODTXDOHODIRUWXQDHODJORULD
VRQRVHPSUHVWDWHLQWLPDPHQWHXQLWHDOO
RVVHUYDQ]DGHLFRVWXPLFUL
VWLDQL H DO ULVSHWWR GHOOD UHOLJLRQH} &RQFHWWL TXHVWL XOWLPL GHO
UHVWRJL¢HVSUHVVLGD/HRQH;,,,LQDOFXQLSDVVDJJLLQL]LDOLGHOOD $X
PLOLHXGHVVROOLFLWXGHV 3HFFL DSUH OD VXGGHWWD OHWWHUD HQFLFOLFD DIIHU
PDQGR O
DIIHWWR SDWHUQR GHOOD VHGH DSRVWROLFD YHUVR L IUDQFHVL m,Q
PH]]R DOOD VROOHFLWXGLQH GHOOD FKLHVD XQLYHUVDOH EHQ VRYHQWH QHO
FRUVR GHO QRVWUR SRQWLILFDWR &L SLDFTXH DWWHVWDUH LO 1RVWUR DIIHWWR
SHU OD )UDQFLD H SHU LO VXR QRELOH SRSROR ( DEELDPR YROXWR >@ H
VSULPHUHVROHQQHPHQWHDWDOULJXDUGRWXWWRLOIRQGRGHOO
DQLPRQR

VWUR} ,QPHULWRDOOHJDPHSURIRQGRGHLIUDQFHVLFRQODUHOLJLRQH
FDWWROLFDHGDLVXRLVIRU]LSHUSUHVHUYDUODSDSD/HRQHDIIHUPDTXDQ
WRVHJXHm>@&LVHQWLDPRJUDQGHPHQWHFRQVRODWLDOORUFK«YHGLDPR
TXHVWRVWHVVRSRSRORIUDQFHVHUDGGRSSLDUHSHUOD6DQWD6HGHG
DI
IHWWRHGL]HORDPLVXUDFKHODYHGHSL»GHUHOLWWD>@$SL»ULSUHVH
PRVVLGDXQSURIRQGRVHQWLPHQWRGLUHOLJLRQHHGLYHURSDWULRWWLVPR
L UDSSUHVHQWDQWL GL WXWWH OH FODVVL VRFLDOL VRQR DFFRUVL GDOOD)UDQFLD
ILQR D 1RL OLHWL GL VRYYHQLUH DOOH LQFHVVDQWL QHFHVVLW¢ GHOOD FKLHVD
>@}&LWLDPRLQILQHXQHPEOHPDWLFRHVLJQLILFDWLYRSDVVDJJLRGL
XQ
DOWUDHQFLFOLFDGLSDSD3HFFL1RELOLVVLPD*DOORUXPJHQV IHEEUD


-''XUDQGRSFLWSS

&ULVWLQD 6LFFDUGL HOHQFD OH QXPHURVH FDQRQL]]D]LRQL GL SHUVRQDJJL IUDQFHVL
FRPHXOWHULRUHHVHPSLRGHOO
DPRUHGL6DUWRYHUVRODVXD)LJOLDSULPRJHQLWD‫۔‬6DQ
3LR;WHVWLPRQL´HVSOLFLWDPHQWHLOVXRDPRUHSHUODVSLULWXDOLW¢FDWWROLFDIUDQFHVH
SRUWDQGR DJOL RQRUL GHJOL DOWDUL -HDQQH0DULH 9LDQH\ >@ -HDQQH G
$UF >@ OH
&DUPHOLWDQHGL&RPSLªJQHVHGLFLUHOLJLRVHJKLJOLRWWLQDWH GXUDQWHOD5LYROX]LRQH
IUDQFHVH 0DULH0DGHOHLQH 3RVWHO >@ IRQGDWULFH GHOOH )LJOLH GHOOD 0LVHULFRUGLD
0DGHOHLQH6RSKLH%DUDW>@IRQGDWULFHGHOOD6RFLHW¢GHO6DFUR&XRUHGL*HV»-H
DQ(XGHV>@‫&ە‬6LFFDUGLRSFLWS

(/RUD56LPLRQDWL DFXUDGL RSFLWYROS

(/RUD56LPLRQDWL DFXUDGL RSFLWYROS

,ELGHP
0$77(2/$0$&&+,$&HVDUHFRQWUR'LR

LR QHOODTXDOHVLDOOXGHDOJUDQGHOHJDPHWUD&ULVWRHOD)UDQ
FLD

/DQRELOLVVLPDQD]LRQHGHLIUDQFHVLLQPROWHHVSOHQGLGHLPSUHVHGLSDFHH
GLJXHUUDVLVHJQDO´YHUVRODFKLHVDFDWWROLFDFRQXQDWDQWRVLQJRODUHHFFHO
134
OHQ]DGLPHULWLFKHQHGXUHU¢HWHUQDODULFRQRVFHQ]DLPPRUWDOHODJORULD
$YHQGRHVVDSHUWHPSRVXOO
HVHPSLRGHOUH&ORGRYHRDEEUDFFLDWRODOHJJH
GL&ULVWRQHRWWHQQHDWHVWLPRQLDQ]DLQVLHPHHULFRPSHQVDRQRUHYROLVVL
PDGHOODVXDIHGHHSLHW¢GLHVVHUHFKLDPDWD‫۔‬ILJOLDSULPRJHQLWDGHOODFKLH

VD‫ ە‬



,YLS




/DJXHUUDQHOO‫ژ‬DULD
/DPLQDFFLDGHJOL=HSSHOLQ
HLWHQWDWLYLEULWDQQLFL
GLFUHDUHGHLFDFFLDDQWLDHURQDYL
GXUDQWHOD*UDQGH*XHUUD


',(15,&23(758&&,


$EVWUDFW
'XULQJWKH)LUVW:RUOG:DUWKH*HUPDQ(PSLUHPDGHDODUJHXVHRIWKH=HSSHOLQV
ULJLG DLUVKLS LQ DWWHPSW WR FUHDWH D VWUDWHJLF ERPELQJ FDPSDLJQ DJDLQVW (QJODQG
7KHRSHUDWLRQZDVQRWDVLJQLILFDWLYHPLOLWDU\VXFFHVVEXWFUHDWHGDULVLQJWHUURULQ
WKH%ULWLVKSRSXODWLRQEHFDXVHXQWLOVSULQJWKH=HSSHOLQVZHUHYLUWXDOO\LQYXO
QHUDEOHVRDULQJWKH(QJODQGVNLHV7KHDLUVKLSVZHUHLQYLQFLEOHEHFDXVHWKHODFNLQJ
RIDLUFUDIWVFDSDEOHWRLQWHUFHSWWKH=HSSHOLQIO\LQJDWWKHLUVHUYLFHFHLOLQJDQGPRUH
WKDQDOOWKHODFNRIH[SORVLYHEXOOHWV6LQFHWKHHQGRIWKH;,;&HQWXU\6DQ3HWHUV
EXUJ &RQYHQWLRQV DQG WKH WZR +DJXH &RQYHQWLRQV ZHUH VXFFHVVIXO WR SURKLELW WKH
GHYHORSPHQWRIVPDOOFDOLEHUH[SORVLYHDQGLQFHQGLDU\EXOOHWVVLQFHWKHEHJLQQLQJRI
WKH:RUOG:DU7KHVHWZRIDFWRUVOHDGWKH(QJOLVK$GPLUDOW\DQGVRPHSULYDWHYHQ
WXUHVWRGHYHORSDQHZNLQGRIDLUFUDIWZLWKXQLTXHIHDWXUHVWRWKHRQO\SXUSRVHWR
SDWURODQGLQWHUFHSWWKH*HUPDQDLUVKLSV

3DUROHFKLDYH=HSSHOLQDHURQDYL6XSHUPDULQHERPEDUGDPHQWRVWUDWHJLFRSURLHWWLOL
HVSORVLYL3ULPDJXHUUDPRQGLDOH'DUZLQVHOH]LRQHQDWXUDOH

.H\ZRUGV =HSSHOLQ DLUVKLSV 6XSHUPDULQH VWUDWHJLF ERPELQJ H[SORGLQJ EXOOHWV
)LUVWZRUOGZDU'DUZLQQDWXUDOVHOHFWLRQ


129$+,6725,&$$112;9,1
 
(15,&23(758&&,/DJXHUUDQHOO‫ۑ‬DULD





‫ڒ‬3UHPHVVDO‫(ژ‬YROX]LRQHGDUZLQLDQDHO‫ژ‬$UWHGHOOD*XHUUD
136

/‫(ۑ‬YROX]LRQH QHO VHQVR SL» GDUZLQLDQR GHO WHUPLQH TXHOOR ‫۔‬6R

SUDYYLYHQ]DGHOSL»DGDWWR‫ ە‬QRQªDSSDQQDJJLRGHOODVRODELRORJLD
$QFKHO‫ۑ‬$UWHGHOOD*XHUUDKDODVXDHYROX]LRQHFRQPHFFDQLVPLGL
VHOH]LRQH FKH UHSOLFDQR TXHOOL GHOOD ELRORJLD H DO FXL LQWHUQR
V‫ۑ‬LQGLYLGXDQR‫۔‬QLFFKLHHFRORJLFKH‫ە‬QHOOHTXDOLLIUXWWLGHOODFRUVDDJOL
DUPDPHQWL SURVSHUDQR VL ULSURGXFRQR PXWDQR VL WUDVIRUPDQR R
VHPSOLFHPHQWHDUUXJJLQLVFRQR
1LFFKLH HFRORJLFKH LQ FXL LQQXPHUHYROL IRU]H DJLVFRQR FRQWUL
EXHQGR D FUHDUH LO SHUFRUVR HYROXWLYR OLPLWL WHFQRORJLFL LGHRORJLH
GRWWULQHG‫ۑ‬LPSLHJRO‫ۑ‬RSLQLRQHSXEEOLFDO‫ۑ‬HVLVWHQ]DGLFRQWURPLVXUH
FRQWLQJHQ]DHGHPHUJHQ]D
4XHVWH IRU]H SODVPDQR HG HYROYRQR OH WHFQRORJLH VSHVVR ODYR
UDQGRLQFRQWUDVWRWUDORURDGLVSHWWRGHOEXRQVHQVRHGHOO‫ۑ‬XVRFRQ
VDSHYROHHSLDQLILFDWRGHOOHULVRUVHSURGXWWLYH3HUFK«F‫ۑ‬ªXQ‫ۑ‬XQLFDH
IHUUHDOHJJHDFXLVRQRVRWWRSRVWHODGDUZLQLDQD(YROX]LRQH

0DDGLIIHUHQ]DGHOODELRORJLDGRYHO‫(ۑ‬YROX]LRQHODYRUDVXDUFKL
GLWHPSROXQJKLVVLPLQHOO‫ۑ‬DUWHGHOODJXHUUDHYROX]LRQLHGHVWLQ]LRQL
VLVXVVHJXRQRFRQUDSLGLW¢,QSRFKLDQQLWHFQRORJLHHVROX]LRQLFKH
VHPEUDYDQRLQL]LDOPHQWHLPSUHVFLQGLELOLVLSHUGRQRLQXQWRWDOHR
EOLR(TXDQGRTXHVW‫ۑ‬REOLRFRLQYROJHQLFFKLHHFRORJLFKHPROWRVSH
FLDOL]]DWHDGLVWDQ]DGLTXDOFKHGHFHQQLRGLYHQWDGLIILFLOHSHUVLQRUL
FRUGDUHHFRPSUHQGHUHOHUDJLRQLFKHDYHYDQRSRUWDWRDGXQDVLPLOH
HYROX]LRQHUHVWDQGRVRORODFXULRVLW¢HODVWUDQH]]D3HULSRVWHULGL
YLHQH LPSRVVLELOH FRPSUHQGHUH SHUFK« OLPLWL WHFQRORJLFL ILORVRILH
G‫ۑ‬LPSLHJRRVHPSOLFHLQFDSDFLW¢DSHQVDUHIXRULGDOODVFDWRODDYHV
VHURFRQGRWWRDVROX]LRQLFKHRJJLDSSDLRQRDVVXUGHHLQFRPSUHQVL
ELOL GLPHQWLFDQGR DOOR VWHVVR WHPSR TXHOOD FKH SRWHYD HVVHUH
XQ‫ۑ‬LGHD YLQFHQWH (SSXUH DJOL RFFKL GL FKL YLYHYD LQ TXHO WHPSR H
GHOVXR]HLWJHLVWFXOWXUDOWHFQRORJLFRTXHOOHLGHHTXHOOHVROX]LRQLH


 7DOH GHILQL]LRQH IX FRQLDWD GD +HUEHUW 6SHQFHU LQ ULIHULPHQWRDOO‫ۑ‬2ULJLQH GHOOH
6SHFLHGL&KDUOHV'DUZLQSHUSRLHVVHUHULXVDWDGDTXHVW‫ۑ‬XOWLPR
(15,&23(758&&,, /DJXHUUDQHOO‫ۑ‬DULD

OH FRQVHJXHQWL QLFFKLH HYROXWLYH HUDQR O‫ۑ‬RYYLR ,O SDQH TXRWLGLDQR


PDJDULDQFKHQHOGLEDWWLWRSROLWLFR4XDVLLPSRVVLELOHSHQVDUHDOWUL
PHQWL

(FFR OD VWRULD GL FRPH XQ‫ۑ‬DUPD DOO‫ۑ‬DSSDUHQ]D LQYLQFLELOH H XQD
VFHOWD SROLWLFD GL TXDVL PH]]R VHFROR SULPD FKH DYHYD FRQGRWWR 137
DOO‫ۑ‬REOLRXQ‫ۑ‬DOWUDWHFQRORJLDEHOOLFDFRQGXVVHURDOODFUHD]LRQHGLDO
FXQH GHOOH SL» VWUDPEH PDFFKLQH YRODQWL GHOOD 3ULPD JXHUUD PRQ
GLDOH$OO‫ۑ‬LQL]LRGHOOD*UDQGH*XHUUDJOL=HSSHOLQWHGHVFKLULXVFLUR
QRQHOO‫ۑ‬LPSUHVDGLGLYHQWDUHXQDPLQDFFLDSVLFRORJLFDFRVWDQWHQHL
FRQIURQWL GHOOD SRSROD]LRQH EULWDQQLFD 0LQDFFLD SVLFRORJLFD SL»
FKHVWUDWHJLFDPDWDOHGDULXVFLUHDVSLQJHUHO‫ۑ‬,PSHUREULWDQQLFRD
LPSHJQDUHXRPLQLHULVRUVHFRQWURGLHVVD2FFRUUHYDHQWUDUHQHOOD
QLFFKLDHFRORJLFDGHJOL=HSSHOLQHGDUJOLODFDFFLDO¢GHQWUR,QDOWUH
SDUROHWRFFDYDFUHDUHXQSUHGDWRUHSHUTXHLSDFKLGHUPLYRODQWLLO
FDFFLDDQWL=HSSHOLQ


‫ڒ‬2EVROHWLSULPDDQFRUDGLQDVFHUH

6H JOL =HSSHOLQ IXURQR XQD PLQDFFLD FRQFUHWD GXUDQWH OD *UDQGH
*XHUUDLOORURGRPLQLRIXFRV®HIILPHURFKHLOWHQWDWLYRGLUHDOL]]DUH
XQSUHGDWRUHDGKRFQRQDUULY´PDLDFRQFUHWL]]DUVLLQXQLPSLHJR
RSHUDWLYRSHUFK«DOODPLQDFFLDGHOOHDHURQDYLWHGHVFKHYLUWXDOPHQ
WH LQYXOQHUDELOL DOO‫ۑ‬LQL]LR GHOOD JXHUUD SRVH UDSLGDPHQWH ILQH
O‫ۑ‬HYROX]LRQHGHL‫۔‬VHPSOLFL‫ە‬ELSODQLGDFDFFLDHGHOPXQL]LRQDPHQWR
GHOOHORURPLWUDJOLDWULFL
/D VHPSOLFH HYROX]LRQH GHOOD VSHFLH JHQHUDOLVWD GHO ‫۔‬FDFFLD EL
SODQR‫ ە‬H OD ULVFRSHUWD GL XQ‫ۑ‬DUPD VRWWRYDOXWDWD SHU PH]]R VHFROR
FRQWUDVWDURQRUDSLGDPHQWHJOL=HSSHOLQEHQSULPDFKHODVRWWRFODV
VHGHJOLDHUHLDQWL=HSSHOLQSRWHVVHFRQFUHWL]]DUVL

0DFRPHSRWHURQRJOL=HSSHOLQGLYHQWDUHXQDPLQDFFLDFRV®WH
PXWD"(FRPHSRW«PDQFDUHDOO‫ۑ‬LQL]LRGHOOD*UDQGH*XHUUDLOPXQL
]LRQDPHQWRHVSORVLYRFKHHUDJL¢VWDWRLQYHQWDWRDPHW¢GHOO‫"ۑ‬

2JJLLGLULJLELOLULJLGLWHGHVFKLVRQRULFRUGDWLFRPHXQUHWDJJLR
GHJOL DOERUL GHOO‫ۑ‬DHURQDXWLFD H GHOOH SULPH WUDVYRODWH DWODQWLFKH WUD
JOLDQQL9HQWLH7UHQWD/HQWLGLQRVDXULODFXLIUDJLOLW¢ªUDSSUHVHQ
(15,&23(758&&,/DJXHUUDQHOO‫ۑ‬DULD

WDWDGDOODILQHGHOO‫ۑ‬/=+LQGHQEXUJGDYDQWLDOOHFLQHSUHVHGHLFL
QHJLRUQDOL /‫ۑ‬LQFHQGLR FKH LQ SRFKL PLQXWL GLVWUXVVH LO JLJDQWH
GHOO‫ۑ‬DULDSLHQRGLLQILDPPDELOHLGURJHQR
(SSXUHDSSHQDWUHQW‫ۑ‬DQQLSULPDLOIUDJLOHGLQRVDXURGHLFLHOLOR
=HSSHOLQGLTXHOOHLPPDJLQLFUH´XQDWDOHUHD]LRQHQHJOLVWDWLPDJ
138 JLRUL EULWDQQLFL GD IDU WHPHUH ORUR QRQ VHQ]D UDJLRQH  FKH QRQ YL
IRVVHXQDHURSODQRLQJUDGRGLFRQWUDVWDUHOHDHURQDYL(UDGXQTXH
QHFHVVDULR FRQFHSLUH XQ YHOLYROR DG KRF FRVWUXLWR XQLFDPHQWH FRO
ILQHGLFRPEDWWHUHLGLULJLELOLULFRUUHQGRDVROX]LRQLWHFQLFKHIXRUL
GDRJQLFDQRQH

2JJLDSSDUHTXDVLLQFRPSUHQVLELOHFKHODQLFFKLDHFRORJLFDGHJOL
=HSSHOLQSURVSHUDVVHSHUEHQPHVLGHOOD3ULPDJXHUUDPRQGLDOH
LGLULJLELOL ULPDVHURYLUWXDOPHQWHLQYXOQHUDELOLTXDQGRYRODYDQRLQ
TXRWDHTXHVWRQRQRVWDQWHODORURLQWULQVHFDIUDJLOLW¢8QDIUDJLOLW¢

GXSOLFH'DXQODWRODVWUXWWXUDLQGXUDOOXPLQLR ROHJQRFRPSHQVDWR
SHULGLULJLELOLULJLGLGHOODULYDOH6FK¾WWH/DQ] FKHGRYHYDFRQLXJDUH
ULJLGLW¢HOHJJHUH]]DDHURQDYLFKHDOO‫ۑ‬LQL]LRGHOODJXHUUDPLVXUDYDQR
ROWUHPHWULGLOXQJKH]]DSHUDUULYDUHDJOLROWUHGHJOLHVHP
SODULSL»JUDQGLGLILQHGHOODJXHUUD0DVRSUDWWXWWRLOULHPSLPHQWR
GLJDVLGURJHQRSL»OHJJHURGHOO‫ۑ‬DULDFKHJDUDQWLYDODPLJOLRUHVSLQ
WDDHURVWDWLFDPDDSUH]]RGLXQFRVWDQWHULVFKLRGLLQFHQGLR(SSX
UHLQFHQGLDUHXQR=HSSHOLQDOPHQRDOO‫ۑ‬LQL]LRGHOODJXHUUDQRQHUD
XQ‫ۑ‬LPSUHVDFRV®VHPSOLFH,SURLHWWLOLWUDSDVVDYDQRGDSDUWHDSDUWH
O‫ۑ‬LQYROXFURHOHFHOOHGLJDVGHLGLULJLELOLFDXVDQGRSHUGLWHGLLGURJH
QR HGLTXRWD PDVHQ]DSURYRFDUHHVSORVLRQL0DQFDYDQRDQFRUD
QHJOLDUVHQDOLHXURSHLLSURLHWWLOLHVSORVLYLHLQFHQGLDULDGDWWLDPL
WUDJOLDWULFL H FDQQRQL DXWRPDWLFL GHOOD FRQWUDHUHD 8Q SURLHWWLOH GL
‫۔‬SLRPER‫ە‬QRQFUHDYDVFLQWLOOHHLOVXRDWWULWRQRQJHQHUDYDVXIILFLHQ
WHFDORUHGDLQQHVFDUHXQDUHD]LRQHIUDRVVLJHQRGHOO‫ۑ‬DULDHLGURJH
QR /H SHUGLWH GL JDV GXQTXH SRWHYDQR HVVHUH FRPSHQVDWH ULOD
VFLDQGR]DYRUUDHJOL=HSSHOLQULXVFLYDQRGLQRUPDDULHQWUDUHHQWUR
OHSURSULHOLQHHHFRPSLHUHDWWHUUDJJLG‫ۑ‬HPHUJHQ]DQRQWURSSRURYL
QRVL
'HL  =HSSHOLQ FKH SUHVWDURQR VHUYL]LR QHO SULPR DQQR GL
JXHUUDIXURQRDEEDWWXWLGDOIXRFRGHOODFRQWUDHUHD0DGLTXHVWL
QHVVXQRV‫ۑ‬LQFHQGL´LQYRORHWXWWLULXVFLURQRDFRQFOXGHUHDWWHUUDJ


1RQVRQRVWDWLLQFOXVLO‫ۑ‬/=HO‫ۑ‬/=GHFRPPLVVLRQDWLLOrDJRVWR
(15,&23(758&&,, /DJXHUUDQHOO‫ۑ‬DULD

JL R DPPDUDJJL  G‫ۑ‬HPHUJHQ]D QRYH LQ WHUULWRULR WHGHVFR H GXH LQ


WHUULWRULRDOOHDWR

8QDYROWDSHUGXWRLOJDVJOLLQFHQGLHUDQRTXDVLLPSRVVLELOLSHU
ILQR TXDQGR TXHVWL LQFHQGL HUDQR FHUFDWL GDJOL VWHVVL HTXLSDJJL ,Q
GXHFDVLLQIDWWLFRPSOHWDWRO‫ۑ‬DWWHUUDJJLRLQ]RQDQHPLFDLGLULJLELOL 139
VWLWHQWDURQRGLGDUIXRFRO‫ۑ‬DHURQDYHSHUQRQIDUFDGHUHGRFXPHQWLH
WHFQRORJLHLQPDQRQHPLFD,QQHVVXQRGHLGXHFDVLYLULXVFLURQRD

FDXVDGHOWURSSRSRFRLGURJHQRULPDVWRQHOO‫ۑ‬LQYROXFURGHOUHOLWWR 
/R=HSSHOLQUHVWDYDXQVLVWHPDG‫ۑ‬DUPDGHOLFDWRPDVRORTXDQGR
VL HVSRQHYD D EDVVD TXRWD DO IXRFR GHOO‫ۑ‬DUWLJOLHULD FKH FRPXQTXH
QRQULXVFLYDDLQFHQGLDUOR/HSHUGLWHLQL]LDOLIXURQRUHODWLYDPHQWH
DOWHPDODGRWWULQDG‫ۑ‬LPSLHJRDYHYDDQFRUDELVRJQRGLHVVHUHPHVVD
D SXQWR OH DHURQDYL GRYHYDQR LQVRPPD DGDWWDUVL DOOD ORUR QLFFKLD
HFRORJLFD%HQSUHVWRIXURQRHYLWDWHOHVFHOWHFDWDVWURILFKHGHLSULPL
PHVLGLDWWLYLW¢FKHDYHYDQRSURYRFDWRODSHUGLWDGLEHQTXDWWURDH
URQDYL GHOO‫ۑ‬HVHUFLWR WHGHVFR QHOOH SULPH TXDWWUR VHWWLPDQH GL JXHU
UD4XDQGRVLFRPSUHVHFKHTXHVWHPDFFKLQHYRODQWLQRQHUDQRD
GDWWHDOO‫ۑ‬DSSRJJLRUDYYLFLQDWRDOOHWUXSSHGLWHUUDPDFKHLOORURUH
JQRHUDLQYRORDGDOWDTXRWDLGLULJLELOLGLYHQQHURTXDVLLQYXOQHUD
ELOL

$OOH DOWH TXRWH LQIDWWL QRQ HUD VROR OD PDQFDQ]D GL DUWLJOLHULD
FRQWUDHUHDDGDWWDHGLSURLHWWLOLLQFHQGLDULDJDUDQWLUHO‫ۑ‬LQYLQFLELOLW¢
GHOOHDHURQDYL0DQFDYDSURSULRXQSUHGDWRUHLQJUDGRGLVILGDUOHLQ
TXHOWHUULWRULRFHOHVWH0DQFDYDQRJOLDHUHLDGDWWLDOO‫ۑ‬LQWHUFHWWD]LRQH


/DYLFHQGDªWHVWLPRQLDWDSHUO‫ۑ‬/=DEEDWWXWRLQ)UDQFLDQHOO‫ۑ‬DJRVWRHSHU
O‫ۑ‬/=DEEDWWXWRLQ,QJKLOWHUUDDQQLGRSRLQFXLO‫ۑ‬LQFHQGLRIXDSSLFFDWRPDL
GDQQLDOORVFDIRPROWROLPLWDWLDFDXVDGHOODFDUHQ]DGLJDVHPDWHULDOHLQILDPPD
ELOH

 /H DHURQDYH WHGHVFKH HUDQR LQ VHUYL]LR VLD QHOO‫ۑ‬HVHUFLWR FKH QHOOD PDULQD
/‫ۑ‬HVHUFLWRWHGHVFRDOO‫ۑ‬LQL]L´GHOFRQIOLWWRSHQV´FKHJOL=HSSHOLQSRWHVVHURIRUQLUH
VXSSRUWRDQFKHLQSULPDOLQHDGRWWULQDG‫ۑ‬LPSLHJRFKHSRUW´DOODSHUGLWDGLGLUL
JLELOLVXOIURQWHRFFLGHQWDOHHVXOIURQWHRULHQWDOH

 /‫۔ۑ‬LQYXOQHUDELOLW¢‫ ە‬GHL GLULJLELOL DOOH SDOORWWROH QRQ LQFHQGLDULHHVSORVLYH FRPH
RYYLRQRQVLDSSOLFDYDDOOHVROHDHURQDYLJHUPDQLFKH 6LPLOLUHVRFRQWLULJXDUGD
YDQRWXWWLLGLULJLELOLLQVHUYL]LR$GHVHPSLRDOULWRUQRGDXQDPLVVLRQHVX3ROD
VXOO‫ۑ‬LQYROXFURGHOGLULJLELOHLWDOLDQR3YHQQHURWURYDWLVHWWHIRULGLSURLHWWLOHFKH
ORSDVVDYDQRGDSDUWHDSDUWH
'3DULVHW,'LULJLELOL7UDJLFL9LWR%LDQFR(GLWRUH5RPDS
(15,&23(758&&,/DJXHUUDQHOO‫ۑ‬DULD

,O9LFNHUV)%*XQEXVSULPRFDFFLDEULWDQQLFRHLOFRQWHPSRUDQHR
5R\DO$LUFUDIW)DFWRU\%(DYHYDQRYHORFLW¢PDVVLPHGLSRFRVX
SHULRUL DL  NPK DSSHQD SRFR GL SL» GL TXHOOD GL XQR =HSSHOLQ
GHOOHSULPHVHULHLQVHUYL]LRDOO‫ۑ‬LQL]LRGHOODJXHUUDFKHHUDGLFLUFD
NPK0DQRQVDUHEEHURPDLULXVFLWLDGLQWHUFHWWDUQHXQRLQTXR
140 WDFKHYRODYDWUDLHLPHWUL&RQLORURWHPSLGLVDOLWDGL
‫ۋ‬PLQXWLSHUDUULYDUHDGXQDTXRWDGLPHWULPDLVDUHEEH
UR ULXVFLWL D LQWHUFHWWDUQH XQR LQ FURFLHUD DQFKH VH VL IRVVHUR JL¢

WURYDWL SURQWL SHU LO GHFROOR  (JL¢FRQ L QXRYL=HSSHOLQ HQWUDWL LQ
VHUYL]LRQHOODVHFRQGDPHW¢GHOVLDUULYDYDDROWUHPHWUL
GLTXRWDRSHUDWLYDHDOODILQHGHOODJXHUUDVDUHEEHURDUULYDWLDROWUH
 PHWUL VHSSXU FRQ SUREOHPL GL VRSSRUWD]LRQH GHOOD SUHVVLRQH
SHUJOLHTXLSDJJL(SHUVDOLUHGLTXRWDDXQR=HSSHOLQEDVWDYDXQD
PDQFLDWDGLPLQXWLVFDULFDQGR]DYRUUD

&RV®FKHQHOSULPRDQQRGLJXHUUDVRORXQ‫ۑ‬DHURQDYHWHGHVFDIX

DEEDWWXWDGDXQDHUHRO‫ۑ‬/=LOJLXJQR /DVWUDWHJLDGHOSL
ORWD5HJLQDOG$OH[DQGHU-RKQ:DUQHIRUGVXXQPRQRSODQR0RUDQH
6DXOQLHU 7LSR / IX TXHOOD GL VRUYRODUH O‫ۑ‬DHURQDYH H۞ ERPEDUGDUOD
3HUULXVFLUHQHOO‫ۑ‬LPSUHVDFLYROOHPROWDIRUWXQDHRVWLQD]LRQH
)RUWXQDSHUFK«ODPLVVLRQHGL:DUQHIRUGHUDGLERPEDUGDUHJOL
KDQJDU GHL GLULJLELOL LQ %HOJLR )RUWXQD LQJOHVH PD VRSUDWWXWR XQD
JUDQGHGRVHGLVIRUWXQDWHGHVFDODVHUDGHOJLXJQRLGLULJLELOL/=
/= H/= VLHUDQRDO]DWLLQYRORGDLORURKDQJDULQ%HOJLR
SHUERPEDUGDUHO‫ۑ‬,QJKLOWHUUD0DIXURQRSUHVWRWXWWLFRVWUHWWLDULHQ
WUDUHDFDXVDGHOODQHEELDO‫ۑ‬/=H/=SHUDYDULDO‫ۑ‬/=/‫ۑ‬/=
ULPDVHGLVWUXWWRQHOVXRKDQJDUSRFRGRSRLOULHQWUR/‫ۑ‬/=IX


 $G HVHPSLR QHOOD QRWWH WUD LO  H LO  RWWREUH  GXH %(F GHFROODWL DOOH
SHULQWHUFHWWDUHXQJUXSSRGL=HSSHOLQLPSLHJDURQRPLQXWLSHUDUULYDUH
DOODTXRWDGLP
& 6WHSKHQVRQ =HSSHOLQV *HUPDQ $LUVKLSV ‫ ڟ‬2VSUH\ 3XEOLVKLQJ 2[IRUG
S

/R=HSSHOLQ/=ªO‫ۑ‬XQLFRDEEDWWLPHQWRFHUWRGHODGRSHUDGLXQYHOLFRŠ
SRVVLELOHFKHDQFKHO‫ۑ‬/=ULPDVHGLVWUXWWRIRUVHGRSRHVVHUHVWDWRGDQQHJJLDWR
GDXQYHOLYROREULWDQQLFRPDO‫ۑ‬LSRWHVLSL»SUREDELOHªTXHOODGLIXRFRDQWLDHUHR
'HOOHDOWUHXQLW¢FLWDWHLQVHUYL]LRWUDLOOXJOLRHLOOXJOLRIXURQRGH
FRPPLVVLRQDWHFRVWUHWWH DGDWWHUUDJJLRDPPDUUDJJLSHUO‫ۑ‬DUWLJOLHULDTXDWWUR
IXURQRGLVSHUVHRGLVWUXWWHLQVHJXLWRDPDOWHPSRWUHULPDVHURGLVWUXWWHSHULQFL
GHQWLGXHYHQQHURERPEDUGDWHQHLORURKDQJDU
(15,&23(758&&,, /DJXHUUDQHOO‫ۑ‬DULD

LQWHUFHWWDWRLQYRORGD:DUQHIRUGHQWUDPELGLUHWWLYHUVRO‫ۑ‬KDQJDUGL
*RQWURGH
2VWLQD]LRQH SHUFK« LO SLORWD EULWDQQLFR FRQWLQX´ D LQVHJXLUH
O‫ۑ‬DHURQDYHWUDOHQXYROHFHUFDQGRGLVXSHUDUODLQTXRWDHDUULYDQGR
ILQRDPHWUL5LXVF®DWURYDUHLOGLULJLELOHTXDQGRTXHVWLVLWUR
YDYDSL»LQEDVVRDVROLPHWULFRQYLQWRIRUVHG‫ۑ‬DYHUVHPLQDWR 141
O‫ۑ‬LQVHJXLWRUHHORERPEDUG´
/H ERPED H VXR HVSORVLYR ULXVFLURQR O¢ GRYH LO SLRPER GHL
SURLHWWLOLIDOOLYD0DLQ JXHUUDQRQFLVLSX´DIILGDUHDOODIRUWXQDH
DOO‫ۑ‬RVWLQD]LRQH


‫'ڒ‬LJUHVVLRQHVXLSURLHWWLOLHVSORVLYL RYYHURXQ‫ژ‬DOWUDOH]LR
QHGLGDUZLQLVPREHOOLFR 

0DFRPHPDLLO5HJQR8QLWRHUDDUULYDWRLQJXHUUDVHQ]DSURLHWWLOL
LQFHQGLDULRHVSORVLYLQRQRVWDQWHPXQL]LRQLGDIXFLOHGLTXHVWRWLSR
DYHVVHUR IDWWR OD ORUR FRPSDUVD ILQ GDJOL DQQL ‫ ۑ‬GHOO‫ۑ‬2WWRFHQWR H
WUD L SLRQLHUL YL IRVVH VWDWR SURSULR XQ EULWDQQLFR LO JHQHUDOH -RKQ
-DFREFKHUHDOL]]´SURLHWWLOLDOIXOPLQDWRGLPHUFXULR"
8QD GRPDQGD FKH VL ID DQFRUD SL» ILFFDQWH YLVWR H FRQVLGHUDWR
FKH OD PLQDFFLD GHJOL =HSSHOLQ HUD QRWD GD DQQL YLVWR FKH JL¢ QHO
 O‫ۑ‬HVHUFLWR WHGHVFR LQL]L´ D VSHULPHQWDUH L SULPL GLULJLELOL GD
ERPEDUGDPHQWRHLO5HJQRG‫ۑ‬,WDOLDTXDWWURDQQLGRSRQHOOD*XHUUD
LWDORWXUFD SHU OD FRQTXLVWD GHOOD /LELD DYHYD SHU SULPD LPSLHJDWR
QHOOHRSHUD]LRQLFRORQLDOLDHUHLHGLULJLELOL/HSRWHQ]LDOLW¢GHOO‫ۑ‬DUPD
YRODQWH HUDQR QRWH H LQIDWWL OR VWHVVR 5HJQR 8QLWR QHO  DYHYD
SUHVR DG LQVHJXLUH O‫ۑ‬,PSHUR 7HGHVFR VXO VXR WHUUHQR WHQWDQGR GL
VYLOXSSDUHLSURSULGLULJLELOLULJLGLDVFRSRPLOLWDUH6YLOXSSRFKHSH
U´UDJJLXQVHULVXOWDWLVLJQLILFDWLYLVRORTXDQGRLEULWDQQLFLULXVFLUR
QRDPHWWHUHPDQRDOODWHFQRORJLDWHGHVFD
8QD PLQDFFLD QRWD H FRQRVFLXWD WDQW‫ۑ‬ª FKH JL¢ QHO PDU]R  LO
SULPR/RUGGHOO‫ۑ‬$PPLUDJOLDWRXQFHUWR:LQVWRQ&KXUFKLOOWXRQDYDJL¢

&RQOD)RU]D$UHDFRQODTXDOHDEELDPRIDWWR JUDQGLSURJUHVVLVLDPRLQ
JL¢LQXQDFRQFUHWDSRVL]LRQHGLIRU]DHTXDOXQTXHPH]]RDHUHRGLULJLELOH
R DHURSODQR FKH UDJJLXQJD OH QRVWUH FRVWH GXUDQWH O‫ۑ‬DQQR D YHQLUH VDU¢


&6WHSKHQVRQ=HSSHOLQV*HUPDQ$LUVKLSV‫ڟ‬S
(15,&23(758&&,/DJXHUUDQHOO‫ۑ‬DULD

SURQWDPHQWHDWWDFFDWRLQIRU]HVXSHULRULGDXQRVFLDPHGLGDYYHURIRUPL

GDELOLFDODEURQL 

0DQHLIDWWLDTXHLmIRUPLGDELOLFDODEURQL}PDQFDYDQRLSXQ
JLJOLRQL H O‫ۑ‬LQL]LR GHOOD SULPD EDWWDJOLD G‫ۑ‬,QJKLOWHUUD VDUHEEH
142 VWDWR DYDUR GL VRGGLVID]LRQL SHU LO JLRYDQH &KXUFKLOO D GLIIH
UHQ]DGLTXDQWRDYYHUU¢DQQLGRSR
3HUOHDUPLGLSLFFRORFDOLEURPDQFDYDQRPXQL]LRQLHVSORVLYHWUDF
FLDQWL LSURLHWWLOLSLURWHFQLFLFKHSUHVWRVDUHEEHURGLYHQWDWLGLXVR
FRPXQH SHU PHJOLR GLUH]LRQDUH LO WLUR  H QHOOD SDQRSOLD GHOOH IRU]H
DUPDWHGL6XD0DHVW¢HVLVWHYDXQVRORSURLHWWLOHLQFHQGLDULRUHDOL]
]DWRLQWXWWDIUHWWDQHOODVHFRQGDPHW¢GHOQHOUHJLRDUVHQDOHGL
:RROYLFKSURSULRLQFKLDYHDQWL=HSSHOLQ
,OSURLHWWLOHXQFDOLEUR0DUWLQL+HQU\ PP HUDFRQFHSL
WRSHULYHFFKLIXFLOLRPRQLPLLQWURGRWWLDSDUWLUHGDO8QDVFHO
WDLQIHOLFHLOFDOLEURHUDREVROHWRYLVWRFKHJL¢GDOFRPHIXFLOH
GLIDQWHULDHUDVWDWRDGRWWDWRLO/HH(QILHOG PP XQFDOLEUR
XVDWR DQFKH GDOOH PLWUDJOLDWULFL /HZLV PRQWDWH VXL YHOLYROL
GHOO‫ۑ‬HSRFD
,OSHUFK«GLTXHVWDVFHOWDGHULYDYDGDPRWLYD]LRQLVTXLVLWDPHQWH
WHFQLFKHLJQRUDQGRFRPSOHWDPHQWHODORJLVWLFDEDQDOPHQWHLOFDOL
EURPDJJLRUHFRQVHQWLYDXQDFDULFDLQFHQGLDULDGLSHUFORUDWRGLSR
WDVVLRHDOOXPLQLROHJJHUPHQWHSL»SHVDQWH

8Q YDQWDJJLR SUHVVRFK« LQXWLOH FRPH WXWWH OH DUPL VH QRQ VL
SRVVRQRXVDUHSUDWLFDPHQWHVRQRLQVHUYLELOLTXHOSURLHWWLOHLQFHQ
GLDULRHUDLQDGDWWRDQFKHDOOHPLWUDJOLDWULFL0D[LPGDFRPXQTXH
QRQLPSLHJDWHLQDPELWRDHURQDXWLFRHSRWHYDHVVHUHXVDWRVRORFRQ
LYHFFKLIXFLOL0DUWLQL+HQU\ 6LULSLHJ´GXQTXH DVVHJQDQGRTXHVWL

YHFFKLDUQHVLDJOLHTXLSDJJLGHJOLDHURSODQLGDFDFFLD 
3HUWDQWRLOSLORWDFKHIRVVHULXVFLWRD LQWHUFHWWDUHXQR =HSSHOLQ
DYUHEEH GRYXWR HVWUDUUH OD FDUDELQD H FLPHQWDUVL FRO WLUR DO EHUVD


'DOGLVFRUVRGL:LQVWRQ&KXUFKLOOGHOPDU]RDOOD&DPHUDGHL&RPXQL
%'3RZHUV 6WUDWHJ\:LWKRXW6OLGH5XOH%ULWLVK$LU6WUDWHJ\&URRP
+HOP/WG.HQW

6LGHYHLQIDWWLULFRUGDUHFKHSULPDGHOO‫ۑ‬LQWURGX]LRQHGHOODVLQFURQL]]D]LRQHIUD
HOLFDHPLWUDJOLDWULFHVXOPXVRGHOO‫ۑ‬DHUHRSHULSLORWLHUDQRUPDOHGRWDUVLGLDUPL
LQGLYLGXDOL SHU JOL HYHQWXDOL ‫۔‬FRPEDWWLPHQWL DHUHL‫ ە‬VRPLJOLDQGR SL» D FDYDOLHUL
DUPDWLGLFDUDELQDFKHQRQDLPRGHUQLDVVLGHOODFDFFLD
(15,&23(758&&,, /DJXHUUDQHOO‫ۑ‬DULD

JOLR9HURªFKHJOL=HSSHOLQHUDQREHUVDJOLHQRUPLPDJOLVWHVVLSL
ORWLQRQDYUHEEHURPDLSRWXWRDYYLFLQDUVLWURSSRYLVWRFKHOHDHUR
QDYL HUDQR DUPDWH GLGLYHUVH SRVWD]LRQL GL PLWUDJOLDWULFL FRPHIRU

WH]]HYRODQWLDQWHOLWWHUDP 
8QD GRWWULQD LPSUDWLFDELOH PD O‫ۑ‬XQLFD GLVSRQLELOH /H SDOORWWROH
LQFHQGLDULHHVSORVLYHGLSLFFRORFDOLEURHDGDWWHDIXFLOLHPLWUDJOLD 143
WULFL HUDQR DOO‫ۑ‬LQL]LR GHO 1RYHFHQWR XQD VSHFLH HVWLQWD GD SL»GL 
DQQLJUD]LHDGXQYRORQWDULDHXWDQDVLDLPSRVWDGDOOHVWHVVHSRWHQ]H
HXURSHH
(UDVWDWDLQIDWWLOD'LFKLDUD]LRQHGL6DQ3LHWUREXUJRSULPDFRQ
IHUHQ]DVXJOLDUPDPHQWLWHQXWDQHOFLQTXHDQQLGRSRODSULPD
&RQIHUHQ]DGL*LQHYUDDEDQGLUHTXHVWRWLSRGLPXQL]LRQHGDOGLULW
WRGLJXHUUD
3URSULRO‫ۑ‬,PSHUR5XVVRHUDULXVFLWRDSHUIH]LRQDUHLSURLHWWLOLLQ
FHQGLDULPDQRQLQWHQGHQGRDYYDOHUVLGLTXHVWDWHFQRORJLDSURSRVH
DOOHSULQFLSDOLSRWHQ]HHXURSHHROWUHFKHD7XUFKLDH3HUVLDGLPHW
WHUODDOEDQGR
,OGLYLHWRVLULIHULYDDLVROLSURLHWWLOLGDIXFLOHGHOSHVRLQIHULRUHDL
JUDPPLFKHFRQWHQHVVHURVRVWDQ]HHVSORVLYHLQFHQGLDULHRIXO
PLQDQWL


1RQULVXOWDFKHQHVVXQYHOLYRORVLDPDLVWDWRDEEDWWXWRGXUDQWHOD3ULPDJXHUUD
PRQGLDOHGDOOHPLWUDJOLDWULFLGLIHQVLYHGHLGLULJLELOL&HUWRªFKHORVWHVVRPRQR
SODQRGL:DUQHIRUGVXE®TXDOFKHFROSRGLOLHYHHQWLW¢DOOHDOLQHOODVXDD]LRQHGL
LQWHUFHWWD]LRQHHERPEDUGDPHQWRGHOOR=HSSHOLQ

6XSURSRVWDGHO*DELQHWWRLPSHULDOHGL5XVVLDXQDFRPPLVVLRQHPLOLWDUHLQWHU
QD]LRQDOH VL ª ULXQLWD D 3LHWUREXUJR SHU HVDPLQDUH O
RSSRUWXQLW¢ GL YLHWDUH O
XVR
WUDOHQD]LRQLFLYLOLGLFHUWLSURLHWWLOLLQWHPSRGLJXHUUDWDOHFRPPLVVLRQHKDILV
VDWRGLFRPXQHDFFRUGRLOLPLWLWHFQLFLHQWURLTXDOLODQHFHVVLW¢EHOOLFDGHYHDUUH
VWDUVLSHUWHQHUFRQWRGHOOHHVLJHQ]HGHOO
XPDQLW¢L6RWWRVFULWWLVRQRRUDDXWRUL]
]DWLGDLORURULVSHWWLYLJRYHUQLDGLFKLDUDUHTXDQWRVHJXH
&RQVLGHUDQGR
FKHLSURJUHVVLGHOODFLYLOW¢GHYRQRSURGXUUHO
HIIHWWRGLDWWHQXDUHQHLOLPLWLGHO
SRVVLELOHOHFDODPLW¢GHOODJXHUUD
FKHLOVRORVFRSROHJLWWLPRFKHJOL6WDWLGHYRQRSUHILJJHUVLGXUDQWHODJXHUUDª
O
LQGHEROLUHOHIRU]HPLOLWDULGHOQHPLFR
FKHDWDOILQHªVXIILFLHQWHPHWWHUHIXRULFRPEDWWLPHQWRLOSL»JUDQQXPHURSRV
VLELOHGLQHPLFL
FKHVLYDDOGLO¢GHOORVFRSRDQ]LGHWWRVHVL XVDQRDUPLFKHDJJUDYDQRLQXWLO
PHQWHOHVRIIHUHQ]HGHJOLXRPLQLPHVVLIXRULFRPEDWWLPHQWRRQHUHQGRQRODPRU
WHLQHYLWDELOH
FKHO
XVRGLWDOLDUPLVDUHEEHSHUWDQWRFRQWUDULRDOOHOHJJLGHOO
XPDQLW¢
(15,&23(758&&,/DJXHUUDQHOO‫ۑ‬DULD

7DOH EDQGR IX VXFFHVVLYDPHQWH UHFHSLWR QHOOH FRQYHQ]LRQL


GHOO‫ۑ‬$LDVLDTXHOODGHOFKHTXHOODGHO$QFKHVHQRQLQPD
QLHUDHVSOLFLWDYLVWRFKHLQXQRGHLSXQWLGHOO‫ۑ‬DUWLFRORTXHOORFKH
YLHWDYD OH DUPL YHQHILFKH ULSRUWDYD VROR XQ GLYLHWR SHU OH DUPL
SURLHWWLOLRPDWHULDOLFKHFDXVDVVHURIHULWHVXSHUIOXHSRLULIRUPXODWR

144 QHOOHIHULWHVXSHUIOXHGLYHQQHURmVRIIHUHQ]HQRQQHFHVVDULH} 

1RQRVWDQWHODIRUPXOD]LRQHJHQHULFDHLPSOLFLWDHUDFRQVLGHUDWD

FRPH XQ HVSOLFLWR GLYLHWR YHUVR L SURLHWWLOL HVSORVLYL H LQFHQGLDUL 

DOPHQRGDSDUWHGL6WDWL8QLWLH5HJQR8QLWR 
/D PDQFDQ]D QHJOL DUVHQDOL GL TXHVWR WLSR GL PXQL]LRQDPHQWR
DOO‫ۑ‬LQL]LR GHOOD *UDQGH *XHUUD HUD TXLQGL ILJOLD LQQDQ]LWXWWR GL XQD
VFHOWDLGHRORJLFDHIIHWWXDWDSL»GLDQQLSULPD
2FFRUUH QRWDUH FKH OH FRQVLGHUD]LRQL IXURQR SL» OHJDWH
DOO‫ۑ‬LGHRORJLDFKHDYHUHHSURSULHEXRQHLQWHQ]LRQLXPDQLWDULHORVL
GHGXFHGDOIDWWRFKHTXHOORVWHVVRDUWLFRORHLVXRLmSURLHWWLOLFKH
FDJLRQDVVHURVRIIHUHQ]HQRQQHFHVVDULH}QRQLQFOXGHVVHLIDPLJHUD
WLSURLHWWLOLGXPGXP
$LSURLHWWLOLDHVSDQVLRQHPHJOLRQRWLFRPHGXPGXPIXLQIDWWL
GHGLFDWDXQDGLFKLDUD]LRQHDJJLXQWLYDDOODFRQYHQ]LRQHGHOOD
,,,&RPHODFRQYHQ]LRQHHLVXRLDUWLFROL LQFOXVRLOJL¢FLWDWR LO
GLYLHWR VL DSSOLFDYD DL VROL FRQIOLWWL WUD OH SRWHQ]D ILUPDWDULH GHOOD
&RQYHQ]LRQH 3HUWDQWR OH SRWHQ]H FRORQLDOL UHVWDYDQR OLEHUH GLXWL
OL]]DUH OHSDOORWWROHGXPGXPHGHYHQWXDOPHQWHTXHOOHHVSORVLYHR

LQFHQGLDULHQHOOHFRORQLH 

/H SDUWL FRQWUDHQWL VL LPSHJQDQR D ULQXQFLDUH UHFLSURFDPHQWH RYH VFRSSL XQD
JXHUUD WUD ORUR DOO
XVR GD SDUWH GHOOH ORUR WUXSSH GL WHUUD R GL PDUH GL WXWWL L
SURLHWWLOLGLSHVRLQIHULRUHDJUDPPLFKHVLDQRHVSORVLYLRFDULFKLGLPDWHULH
IXOPLQDQWLRLQILDPPDELOL

3XQWRH GHOO‫ۑ‬DUWLFROR

)%DUQHV66NLQQHU&DUWULGJHVRIWKH:RUOG'%,%RRNV,QFSS
9HGLDQFKH5&-RKQVRQ1LJKWDLUGHIHQFHVXZZZFHQWXU\RIIOLJKWQHW

,OUDSSUHVHQWDQWHVWDWXQLWHQVHDYHYDSURSRVWRGLHVSOLFLWDUHLOGLYLHWRGHLSURLHW
WLOLHVSORVLYLQHOO‫ۑ‬DUWLFRORPDDOODILQHLOFRQVHVVRGHOOH1D]LRQLSDUWHFLSDQWLRSW´
SHUODIRUPXODSL»YDJDGHOOH‫۔‬VRIIHUHQ]HQRQQHFHVVDULH‫ە‬FRQLOVRORYRWRFRQWUD
ULRGL6WDWL8QLWLH5HJQR8QLWR
&IU5HSRUWRI&DSWDLQ&UR]LHUWRWKH&RPPLVVLRQRIWKH8QLWHG6WDWHVRI$PHULFDWR
WKH,QWHUQDWLRQDO&RQIHUHQFHDWWKH+DJXH5HJDUGLQJWKH:RUNRIWKH)LUVW&RPPLW
WHHRIWKH&RQIHUHQFHDQGLWV6XEFRPPLWWHH

$GHVHPSLRLQ$IULFDJOLXQLFL6WDWLILUPDWDULHUDQR(WLRSLDH6XG$IULFD
(15,&23(758&&,, /DJXHUUDQHOO‫ۑ‬DULD

,SURLHWWLOLFKHFDJLRQDYDQR‫۔‬LQHYLWDELOL‫ە‬VRIIHUHQ]HQRQQHFHVVD
ULHSRWHYDQRTXLQGLHVVHULQILODWLQHLFDULFDWRULVHLGHVWLQDWDULHUDQR
JOLLQGLJHQLQHOOHJXHUUHFRORQLDOL
0DVHLOGXPGXPHUDXQPH]]RHFRQRPLFRHWUDJLFDPHQWHHIIL
FDFHQHOIDU‫۔‬VWUDJHGLVHOYDJJL‫ە‬FKHVLULEHOODYDQRDOODFLYLOW¢HXUR
SHD LO SURLHWWLOH HVSORVLYRLQFHQGLDULR UDSSUHVHQWDYD FRPXQTXH 145
XQ‫ۑ‬LQXWLOHHFRVWRVDFRPSOLFD]LRQHQHOOHJXHUUHFRORQLDOL&RV®PHQ
WUHLGXPGXPULPDVHURQHJOLDUVHQDOLEULWDQQLFLLSURLHWWLOLHVSORVL
YLYHQQHURGLPHQWLFDWL,OFRQWHVWRFRORQLDOHHO‫ۑ‬DSLFHGHOODJUDQGH]
]D GHOO‫ۑ‬,PSHUR %ULWDQQLFR IDYRULYD OH FRQVLGHUD]LRQL WUDGL]LRQDOLVWH
VXOODFRQGX]LRQHVWUDWHJLFDHWDWWLFDGHLFRQIOLWWLSUDWLFDPHQWHQHV
VXQHVHUFLWRGHOPRQGR VDOYRSLFFROHHFFH]LRQLFRQOD*HUPDQLDSHU
OH GRWWULQH G‫ۑ‬LPSLHJR GHOOD IDQWHULD H O‫ۑ‬,WDOLD FKH IX SLRQLHUD
QHOO‫ۑ‬LPSLHJR GHOO‫ۑ‬DYLD]LRQH LQ JXHUUD  VL SUHSDUDYD DG DIIURQWDUH LO
FRQIOLWWRWHFQRORJLFRSURVVLPRYHQWXUR/DOH]LRQHGHOOD*XHUUDFLYL
OH DPHULFDQD HUD VWDWD SUHVVRFK« LJQRUDWD GDWXWWH OH QD]LRQL6WDWL
8QLWL FRPSUHVL H OD ILGXFLD QHOOD SRVVLELOLW¢ FKH JOL 6WDWL SRWHVVHUR
DFFRUGDUVLSHUFRQGXUUHIUDORURVROWDQWRJXHUUHOLPLWDWHGDOGLULWWR
LQWHUQD]LRQDOHHUDVROLGD
$ FHUFDUHGL PHWWHUH IUHQR DOOD JXHUUD GHO IXWXUR QHOOD FRQYHQ
]LRQHGHOVLDJJLXQJHYDXQ‫ۑ‬DOWUDGLFKLDUD]LRQHDJJLXQWLYDOD,
FKHUHDOL]]DYDXQDPRUDWRULDGLFLQTXHDQQL VXO ODQFLRGLSURLHWWLOL

GDLSDOORQLHmDOWULPH]]LGLVLPLOHQDWXUD} 

/DJXHUUDDHUHDDYHYDJL¢IDWWRXQDFRPSDUVDWDQHOFRQLO
WHQWDWLYRGLERPEDUGDPHQWRGL9HQH]LDGDSDUWHGHLSDOORQLDHURVWD
WLFLDXVWULDFLPDTXHVWRWHQWDWLYRHUDULPDVWRXQXQLFXP(VHDQ
FKHF‫ۑ‬HUDQRVWDWLGHLSURJUHVVLQHLGLULJLELOLDQFRUDQHO HUDQR
OXQJLGDOO‫ۑ‬DYHULQWHUHVVDWRLPLOLWDUL
1HODOPHQRLQ*HUPDQLDODVLWXD]LRQHHUDFDPELDWDHFRQ
OD VHFRQGD FRQYHQ]LRQH GHOO‫ۑ‬$LD IX WHQWDWR GL ULSUHQGHUH O‫ۑ‬DUWLFROR
GHOOD PRUDWRULD FRQWUR L ERPEDUGDPHQWL DHUHL QHOOD ;,9 GLFKLDUD
]LRQHSHUJLXQJHUHDOODWHU]DFRQIHUHQ]DGHOO‫ۑ‬$LDFKHVLVDUHEEHGR
YXWDWHQHUHQHO0DTXHVWRDUWLFRORIXXQLQVXFFHVVR7UDOH

 'LFKLDUD]LRQH FRQFHUQHQWH OD SURLEL]LRQH GL ODQFLDUH SURLHWWLOL HVSORGHQWL
GDOO‫ۑ‬DOWRGHLSDOORQL

(3HWUXFFL/‫ڥ‬DTXLODFKHERPEDUG´LO/HRQHVX6WRULDLQ5HWHQ6WRULDLQ
5HWHHGLWRULDOH5RPDQRYHPEUHGLFHPEUH

'LFKLDUD]LRQHUHODWLYDDOGLYLHWRGHOODQFLRGLSURLHWWLOLHVSORVLYLGDDHURVWDWL
(15,&23(758&&,/DJXHUUDQHOO‫ۑ‬DULD

SULQFLSDOLSRWHQ]HIXILUPDWRHUDWLILFDWRVRORGD6WDWL8QLWLH,PSHUR
%ULWDQQLFR /‫ۑ‬$XVWULD8QJKHULD OR ILUP´ VHQ]D PDL UDWLILFDUOR (
FRPHDFFHQQDWRORVWHVVR5HJQR8QLWRQHOWHQW´GLLQVHJXLUHLO
SULPDWR WHGHVFR VXL GLULJLELOL ULJLGL FRQ LO IDOOLPHQWDUH +0$ 
0D\IO\
146 /H LGHH H OH VFHOWH GHOOD FRQIHUHQ]D GL 6DQ 3LHWUREXUJR H GHOOH
VXFFHVVLYHFRQIHUHQ]HGHOO‫ۑ‬$LDDYHYDQRLQYRORQWDULDPHQWHUDOOHQWD
WRORVYLOXSSRODSULQFLSDOHDUPDSHUFRQWUDVWDUHLGLULJLELOL0HQWUH

QXOODDYHYDQRSRWXWRQHOIHUPDUHO‫ۑ‬DYYHQWRGHOODJXHUUDDHUHD 
,QDOWULWHUPLQLFRPHVSHVVRDFFDGHXQDQLFFKLDHFRORJLFDVLD
SUHODGGRYHQRQFLVRQRFRQFRUUHQWL,QTXHVWDOHQXRYHVSHFLHSRV
VRQRDIIHUPDUVLLQGLVWXUEDWH
$OODILQHGHO;,;DOFXOPLQHGHOO‫ۑ‬HUDGHOO‫[(ۑ‬FHOVLRULQFXLODILGX
FLDQHOSURJUHVVRHQHOODFLYLOL]]D]LRQHHXURSHDHUDLQFRQWUDVWDWDLO
GLULWWR LQWHUQD]LRQDOH DYHYD WHPSRUDQHDPHQWH FKLXVR OD QLFFKLD
HFRORJLFDFKHDYUHEEHFRQVHQWLWRORVYLOXSSRGHOOHPXQL]LRQLLQFHQ
GLDULHHGHVSORVLYHFRQVLGHUDWHDOORUD‫۔‬LQXPDQH‫ە‬PDDYHYDLJQRUDWR
TXHOODFKHDYUHEEHFRQGRWWRDOO‫ۑ‬DIIHUPD]LRQHGLXQ‫ۑ‬DUPDLQJUDGRGL
IDUVDOWDUHWXWWLJOLVFKHPLGHOGLULWWREHOOLFRILQRDGDOORUDIDWLFRVD
PHQWHFRVWUXLWLODPDFFKLQDGDJXHUUDYRODQWH


‫ڒ‬3UHPHVVHVEDJOLDWHFRQFOXVLRQLVEDJOLDWH

4XDQGRDOODILQHVFRSSL´ODWHPXWDJXHUUDPRQGLDOHLO5HJQR8QLWR
VLWURY´DGDUJLQDUHJOL=HSSHOLQFRQPH]]LDVVROXWDPHQWHLQDGHJXD
WL/HDHURQDYLYRODYDQRSL»LQDOWRDYHYDQRXQDSRWHQ]DGLIXRFR
FKHOHUHQGHYDLQDYYLFLQDELOLHOHDUPLFKHSRWHYDQRFROSLUOHQRQH
UDQR LQ JUDGR GL GLVWUXJJHUOH PD VROR GL GDQQHJJLDUOH SL» R PHQR

/RVWHVVR%HOJLRTXDQGRLQROWU´IRUPDOHSURWHVWDDOODFRPXQLW¢LQWHUQD]LRQDOH
FRQWURLOERPEDUGDPHQWRGHOODFLWW¢GL$QYHUVDGDSDUWHGHOOR=HSSHOLQ/= /=
,;  SULPR ERPEDUGDPHQWR LQ DVVROXWR VX XQD FLWW¢ VL GRYHWWH DSSHOODUH
DOO‫ۑ‬$UWLFRORGHOODVHFRQGDFRQYHQ]LRQHGHOO‫ۑ‬$LDLOTXDOHQRQIDFHYDGLUHWWRULIH
ULPHQWR DOOD JXHUUD DHUHD EHQV® DOOD QHFHVVLW¢ GL DYYLVDUH OH DXWRULW¢ FLWWDGLQH
SULPDGLXQERPEDUGDPHQWR
$UWm,OFRPDQGDQWHGHOOHWUXSSHG‫ۑ‬DVVDOWRSULPDG‫ۑ‬LQWUDSUHQGHUHLOERPEDU
GDPHQWRHVDOYRLOFDVRGLDVVDOWRGLYLYDIRU]DGRYU¢IDUHWXWWRTXDQWRVWDLQOXL
SHUDYYHUWLUQHOHDXWRULW¢}
9HGL%HOJLXP
V%RPESURWHVW'HFODUHV=HSSHOLQ$WWDFN9LRODWHG)RXUWK&RQYHQWLRQ
RI7KH+DJXH7KH1HZ<RUN7LPHVDJRVWR
(15,&23(758&&,, /DJXHUUDQHOO‫ۑ‬DULD

JUDYHPHQWH *OL LQFLGHQWL H LO PDOWHPSR FRVWLWXLYDQR DQFRUD XQD


PLQDFFLDSHUTXHLJLJDQWLGHOO‫ۑ‬DULDSDUDJRQDELOHDOIXRFRQHPLFRGD
WHUUD$OFRQWUDULRQHOORURUHJQRLQTXRWDUHVWDYDQRLQYXOQHUDELOL
DPHQRGLLQFUHGLELOLFROSLGLIRUWXQDFRPHTXHOORGL:DUQHIRUG3HU
LOUHVWRJOLDWWDFFKLDLGLULJLELOLGDSDUWHGHOO‫ۑ‬DHURQDXWLFDEULWDQQLFD
VRPLJOLDYDQR D VIRUWXQDWH EDWWXWH GL FDFFLD DO SDFKLGHUPD GRYH L 147
FDFFLDWRUL GRYHYDQR DYYLFLQDUVL SHULFRORVDPHQWH DO EHVWLRQH IDU
IXRFRFRQDUPLLQHIILFDFLHGHVSRUVLDOODVXDUHD]LRQH
,QROWUHDOOHSUREOHPDWLFKHWHFQLFKHHVWRULFKHFKHFRPHDEELDPR
YLVWR HUDQR DOOD EDVH GL TXHVWD GRWWULQD G‫ۑ‬LPSLHJR IDOOLPHQWDUH VL
DQG´DGDJJLXQVHDQFKHODVHPSOLFHSDUDQRLDODUHVLVWHQ]DDJOLLQ
FHQGL GHJOL =HSSHOLQ SHU LO PDQFDWR LQQHVFR GHOO‫ۑ‬LGURJHQR VSLQVH
O‫ۑ‬$PPLUDJOLDWR EULWDQQLFR D ULWHQHUH ‫ ۋ‬HUURQHDPHQWH ‫ ۋ‬FKH WUD OH
FHOOHGLLGURJHQRHO‫ۑ‬LQYROXFURHVWHUQRYLIRVVH XQRVWUDWRGLJDVL
QHUWHQRQLGHQWLILFDWR VLLSRWL]]DYDSRWHVVHURHVVHUHLIXPLGLVFDUL
FR GHL PRWRUL GHOO‫ۑ‬DHURQDYH  FKH IRUQLYD XQR VWUDWR GL LVRODPHQWR
WUDLOFRPEXVWLELOHLGURJHQRHO‫ۑ‬RVVLJHQRDWPRVIHULFRFRPEXUHQWHR
FKH SHUORPHQR IXQJHVVH GD ‫۔‬VRSSUHVVRUH GL VFLQWLOOH‫ ە‬LQ JUDGR GL
VRIIRFDUHTXDOXQTXHSULQFLSLRG‫ۑ‬LQFHQGLR
$GGLULWWXUD GLHFL JLRUQL SULPD GHOO‫ۑ‬DEEDWWLPHQWR GHOO‫ۑ‬/=  LO
:DU2IILFHDYHYDGLUDPDWRXQDFRPXQLFD]LRQHDL5R\DO)O\LQJ&RUSV
LQFXLVLULWHQHYDQRLSURLHWWLOLLQFHQGLDULLQXWLOLFRQWURJOL=HSSHOLQ
/‫ۑ‬HIILFDFLDGHOOHERPEHGL:DUQHIRUGDLSL»VHPEU´FRV®FRQIHUPDUH

TXHVWDHUUDWDLSRWHVL 

3DUDQRLDHWHFQRORJLHLQDGHJXDWHIXURQRLOEURGRGLFROWXUDQHO
TXDOH QDFTXHUR OH FRQWURPLVXUH FKH O‫ۑ‬,PSHUR %ULWDQQLFR FHUF´ GL
PHWWHUH LQ FDPSR FRQWUR OD PLQDFFLD GHJOL =HSSHOLQ $ XQ‫ۑ‬DUPD
QXRYDJOLLQJOHVLVLFRQYLQVHURFKHRFFRUUHYDULVSRQGHUHFRQLGHHH
WHFQRORJLHDGKRF2OWUHDLFDFFLDDQWL=HSSHOLQLQIDWWLYHQQHURLGHD
WHGXHQXRYHDUPLLOGDUGR5DQNHQ 5DQNHQGDUW HLO‫۔‬UDPSLQRDU
GHQWH)DUQERURXJK‫) ە‬DUQERURXJKILHU\JUDSQHO 
,OSULPRHUDO‫ۑ‬HYROX]LRQHGHOFROSRGLIRUWXQDGL:DUQHIRUGFKH
VLFUHGHYDGLSRWHUUHSOLFDUHVLWUDWWDYDGLXQDERPEDFLOLQGULFDFRQ
XQDSXQWDGLPHWDOORSHUIRUDQWHHTXDWWURDOHWWHGLVWDELOL]]D]LRQHD
PROOD FKH DYUHEEHUR GRYXWR DJJDQFLDUVL DOO‫ۑ‬LQYROXFUR GHO GLULJLELOH
D]LRQDQGRTXLQGLLOGHWRQDWRUH


&6WHSKHQVRQ=HSSHOLQV*HUPDQ$LUVKLSV‫ڟ‬FLWS
(15,&23(758&&,/DJXHUUDQHOO‫ۑ‬DULD

$YHYDPHQRSRVVLELOLW¢GLVFLYRODUHRULPEDO]DUHYLDULVSHWWRDG
XQD QRUPDOH ERPED PD HUD FDUDWWHUL]]DWD GDOOR VWHVVR VYDQWDJJLR
WHFQLFRWDWWLFRGHOGRYHUDQGDULQTXRWDVRSUDLOGLULJLELOH6YDQWDJ
JLRDFXLVLDJJLXQJHYDLOGLOHPPDGHL‫۔‬GDQQLFROODWHUDOL‫ە‬XQFRQWRª
ERPEDUGDUHXQREELHWWLYRPLOLWDUHDWHUUDLQXQDEDVHQHPLFDHXQ
148 FRQWRERPEDUGDUORDPH]]‫ۑ‬DULDPHQWUHVRUYRODLOSURSULRWHUULWRULR
OHHYHQWXDOLERPEHFKHQRQDYHVVHURFHQWUDWRLOEHUVDJOLRVDUHEEHUR

FDGXWHVXOSURSULRVXOVXROREULWDQQLFR 

,O UDPSLQR DUGHQWH )DUQERURXJK HUD DQFRU SL» PDFFKLQRVR VL
WUDWWDYDGLXQJURVVRXQFLQRFRQTXDWWURJDQFLGRWDWRGLLQQHVFRLQ
ILDPPDELOH /‫ۑ‬DUWLJOLR GRYHYD HVVHUH WUDLQDWR GD XQ DHUHR LO FXL
FRPSLWR HUD SUHQGHUH DOO‫ۑ‬DPR LO GLULJLELOH 8QD VSHFLH GL SHVFD
G‫ۑ‬DOWXUD۞LQTXRWD۞
/‫ۑ‬DJJHJJLRGL)DUQERURXJKHUDFDUDWWHUL]]DWRGDLPHGHVLPLKDQ
GLFDSGHOODERPEDHGHOGDUGR5DQNHQSHUXVDUORFRQVXFFHVVRHUD
QHFHVVDULRVXSHUDUHLOGLULJLELOHLQTXRWDFRQLQSL»LOQRQVHFRQGD
ULR SUREOHPD FKH VH LO JDQFLR LQILDPPDELOH DYHVVH IXQ]LRQDWR
O‫ۑ‬HVSORVLRQHGHOGLULJLELOHDYUHEEHSRWXWRFRLQYROJHUHO‫ۑ‬DHUHRDWWDF
FDQWH &RPH GHO UHVWR HUD VXFFHVVR D :DUQHIRUG GRSR FKH OD VXD
ERPEDIHFHHVSORGHUHO‫ۑ‬/=O‫ۑ‬RQGDG‫ۑ‬XUWRGHOO‫ۑ‬HVSORVLRQHUDJJLXQ
VHLOVXRDHUHRVSHQVHLOPRWRUHHIHFHUXRWDUHLOYHOLYRORVXVHVWHV
VRIDFHQGRORTXDVLHQWUDUHLQYLWH:DUQHIRUGVLVDOY´SHUPLUDFROR
HWRWDOL]]´FRV®GXHFROSLGLIRUWXQDQHOORVWHVVRJLRUQR

&RPXQTXHHQWUDPEHOHDUPLYHQQHURSURYDWHLQRSHUD]LRQLDQ
WL=HSSHOLQHQWUDPELVXELSODQL%(F
,O UDPSLQR )DUQERXUXJK IX LQVWDOODWR HG XVDWR LQ TXDOFKH PLV

VLRQH DQWL=HSSHOLQ QHO JLXJQR   PD QRQ VL KD QRWL]LD GL XQ
VXRLPSLHJRHIIHWWLYRLQD]LRQH
,QYHFH LGDUGL 5DQNHQ IXURQR XVDWL QHO WHQWDWLYR GL DEEDWWHUH LO
GLULJLELOH/= / QHOODQRWWHWUDLOPDU]RHLOrDSULOH
1RQRWWHQQHURDOFXQULVXOWDWR,OGLULJLELOHFKHDYHYDFRPHRELHWWLYR
/RQGUD IX DYYLVWDWR OXQJR OD FRVWD GHO 6XIIRON DOO‫ۑ‬DOWH]]D GL 'XQ

,QUHDOW¢XQDGLOHPPDUHODWLYDYLVWRFKH LOSULQFLSDOHSHULFRORDWHUUDHUDUDS
SUHVHQWDWRSURSULRGDJOL=HSSHOLQSL»FKHGDHYHQWXDOLERPEHGLULPEDO]RLQ%HO
JLRO‫ۑ‬/=QHOORVFKLDQWDUVLDOVXRORDYHYDGLVWUXWWRXQFRQYHQWR

 , &DVWOH & +RFN /RQGRQ  7KH =HSSHOLQ 0HQDFH &DPSDLJQ  2VSUH\
3XEOLVKLQJ2[IRUGS
(15,&23(758&&,, /DJXHUUDQHOO‫ۑ‬DULD

ZLFKDOOHDQRUGGHOO‫ۑ‬HVWXDULRGHO7DPLJL'DOOHLQL]L´LO
GHFROORGHL%(FGDLFDPSLG‫ۑ‬DYLD]LRQHDGLIHVDGL/RQGUD
/‫ۑ‬DHURQDYHYHQQHGDQQHJJLDWDGDOIXRFRGHOODFRQWUDHUHDHSUHVH
DSHUGHUHJDVGDDOPHQRGXHFHOOHVFHQGHQGROHQWDPHQWHGLTXRWD
QRQRVWDQWHORVFDULFRGHOOHERPEHHGHOOD]DYRUUD
$OOHYHQQHILQDOPHQWHLQGLYLGXDWRGDO%(FGHOSLORWD$O 149
IUHGGH%DWKH%UDQGRQFKHVRUYRODQGRORGDXQDTXRWDGLSRFRSL»
GLPHWULULVSHWWRDOGLULJLELOHJOLVJDQFL´FRQWURGXHRWUHGDUGL
5DQNHQ/HDUPLIHFHURFLOHFFDHFRV®GH%DWKH%UDQGRQULSURY´FRQ
XQDFRPXQHERPEDLQFHQGLDULDVHQ]DULXVFLUHDSUHSDUDUHLOWXERGL
ODQFLR6HQ]DSHUGHUVLG‫ۑ‬DQLPRIHFHXQWHU]RWHQWDWLYRFRQDOWULGDU
GL 5DQNHQ LO YHOLYROR HUD HTXLSDJJLDWR FRQ XQ FRQWHQLWRUH GD  
$QFKH TXHVWD YROWD QHVVXQ GDUGR IHFH FHQWUR H GH %DWKH %UDQGRQ
SHUVHGLYLVWDO‫ۑ‬RELHWWLYR,OGHVWLQRGHOO‫ۑ‬/=HUDFRPXQTXHVHJQD
WRLOYRORFRQGXHFHOOHGLVWUXWWHHFRQWLQXHSHUGLWHGLJDVFDXV´XQ
FHGLPHQWRVWUXWWXUDOHH/=IXFRVWUHWWRDXQURYLQRVRDPPDUDJ
JLR3HUJLXVWLILFDUHLOIDOOLPHQWRGHLGDUGL5DQNHQVLDIIHUP´GH%D
WKH%UDQGRQIRVVHXQSLORWDLQHVSHUWRHTXLQGLLQFDSDFHGLDSSURILW
WDUH GHOOD VLWXD]LRQH GL VXSHULRULW¢ H GL FRQWLQXDUH O‫ۑ‬LQVHJXLPHQWR

/‫ۑ‬XRPRLQIDWWLDYHYDVRORRUHGLYRORDOO‫ۑ‬DWWLYR HGHUDLQVHUYL
]LRGDFLUFDWUHPHVLDYHQGRRWWHQXWRODOLFHQ]DGLYRORQHOO‫ۑ‬RWWREUH

GHOO‫ۑ‬DQQRSUHFHGHQWH (SSXUHLOSL»IRUWXQDWRHVLFXUDPHQWHVSHUL
FRODWR:DUQHIRUGHUDLQVHUYL]LRDWWLYRGDQHPPHQRTXDWWURPHVL
TXDQGRULXVF®DERPEDUGDUHO‫ۑ‬/=/DUHDOW¢HUDFKHSL»GLPDQ
FDQ]D GL DGGHVWUDPHQWR DUPL FRPH OH ERPEH H L GDUGL 5DQNHQ UL
FKLHGHYDQRXQDFRQFRPLWDQ]DGLVLWXD]LRQLGLIILFLOHGDUHSOLFDUH

(UDQR DUPL ILJOLH GL XQD VWUDWHJLD D]]DUGDWD FKH LQGLFDYD OD VL
WXD]LRQHGLVSHUDWDQRQQHLFRQIURQWLGHOODPLQDFFLDFRVWLWXLWDGDJOL
=HSSHOLQ PD QHL FRQIURQWL GHOO‫ۑ‬RSLQLRQH SXEEOLFD 'D TXDQGR OD
QRWWH GHO  JHQQDLR GHO  HUDQR LQL]LDWL L SULPL UDLG
VXOO‫ۑ‬,QJKLOWHUUDFRQSULPRRELHWWLYR1RUIRONHSRLQHOPDJJLRVXF
FHVVLYRVX/RQGUDGRSRLOYLDOLEHUDGHO.DLVHUDQFKHVHFRQGDQQLH
YLWWLPH VFDUVL O‫ۑ‬HIIHWWR SVLFRORJLFR IX QRWHYROH $OO‫ۑ‬LQL]LR D EHUVD
JOLDUH O‫ۑ‬,QJKLOWHUUD DHURQDYL VLQJROH R LQ FRSSLD FRQ XQ OHQWR FUH

&6WHSKHQVRQ=HSSHOLQV*HUPDQ$LUVKLSV‫ڟ‬FLWS

*%HQWOH\%UDQGRQ$OIUHGGH%DWKHLQ'LFWLRQDU\RI1HZ=HDODQG%LRJUDSK\
YRO

(QWUDWRQHO5R\DO1DY\$LU6HUYLFHRWWHQQHLOEUHYHWWRLOIHEEUDLR
(15,&23(758&&,/DJXHUUDQHOO‫ۑ‬DULD

VFHQGRILQRDGDUULYDUHDOO‫ۑ‬DSLFHGLGLULJLELOLQHOVHWWHPEUH
1XOODLQFRQIURQWRDTXHOORFKHVLVDUHEEHYLVWRQHOOHJXHUUHVXFFHV
VLYHHWXWWDYLDSURIRQGDPHQWHVHJQDQWHSHUXQSRSRORFRPHTXHOOR
EULWDQQLFRFKHGDVHFROLYLYHYDQHOODFRQYLQ]LRQHG‫ۑ‬HVVHUHLQDWWDF
FDELOHVXOSURSULRVXRORSURWHWWRGDPDULGRPLQDWLGDOODSL»SRWHQWH
150 IORWWDGHOPRQGR

,OWUDXPDGXQTXHHUDIRUWHHIXLQIDWWLSURSULRO‫ۑ‬$PPLUDJOLDWRD
IDUVHQHFDULFR6HUDPSLQLHERPEHQRQDYHYDQRDYXWRUDJLRQHGHOOH
DHURQDYL WHGHVFKH RFFRUUHYD VYLOXSSDUH XQ‫ۑ‬DUPD QXRYD )X DOORUD
FKHLFRPDQGLEULWDQQLFLHPLVHURXQEDQGRFKH GHILQLYDOHVSHFLIL
FKHSHUODUHDOL]]D]LRQHGHLFDFFLDDQWL=HSSHOLQ

'XHOHFDUDWWHULVWLFKHGHWHUPLQDQWLFKHGRYHYDQRSRUUHULPHGLR
DOOHPDQFDQ]HGLXQQRUPDOHFDFFLDELSODQRGHO8Q‫ۑ‬DXWRQRPLD
GLDOPHQRQRYHRUHHODGRWD]LRQHGLDUPLLQFHQGLDULH

/DSULPDFDUDWWHULVWLFDHUDFRQVLGHUDWDQHFHVVDULDSHUDJJLUDUHLO
SUREOHPDGHOODVFDUVDYHORFLW¢GLVDOLWD$Q]LFK«FHUFDUHGLGHFROODUH
HJXDGDJQDUHIUHWWRORVDPHQWHTXRWDGRSRDYHUDYYLVWDWROHDHURQDYL
QHPLFKHVLSHQVDYDGLDVSHWWDUOHJL¢LQSDWWXJOLDPHQWRDQ]LFK«LQ
WHUFHWWDUHJOL=HSSHOLQOLVLVDUHEEHDWWHVLLQYROR
1HOODQRUPDOHGRWWULQDG‫ۑ‬LPSLHJRVLSUHYHGHYDQRGXHOLQHHGLGL
IHVD JOL DHUHL GL VWDQ]D QHOO‫ۑ‬LQWHUQR D GLIHVD GL /RQGUD DYUHEEHUR
GRYXWR DYHUH DEEDVWDQ]D WHPSRSHU UDJJLXQJHUH OD TXRWD RWWLPDOH
TXDQGRGDOODFRVWDVDUHEEHURVWDWLLQGLYLGXDWLJOL=HSSHOLQ1HOIUDW
WHPSRJOLDHUHLGLVWDQ]DVXOODFRVWDDYYLVWDWHOHDHURQDYLQHPLFKH
VLVDUHEEHURDO]DWLLQYRORSHUHVVHUHLQJUDGRGLLQWHUFHWWDUOHPDVR

ORTXDQGRTXHVWHVLVDUHEEHURULPHVVHVXOODYLDGHOULWRUQR 
0DILQRDOIHEEUDLRULPDVHURLQFRPSUHQVLRQLVXOOHFRUUHWWH
SURFHGXUHHUHVSRQVDELOLW¢$OO‫ۑ‬HSRFDLO5HJQR8QLWRDYHYDGXHVHU
YL]L DHURQDXWLFL XQR SHU O‫ۑ‬HVHUFLWR H XQR SHU OD PDULQD ( ILQR
DOO‫ۑ‬RWWREUH  QHOOH SURFHGXUH GL SUHDOODUPH GHOO‫ۑ‬DYLD]LRQH
GHOO‫ۑ‬HVHUFLWRUHVWDYDVFRSHUWDPH]]‫ۑ‬RUDGLSDWWXJOLDPHQWRLYHOLYR
OL DYHYDQR XQ WHPSR GL SDWWXJOLDPHQWR GL XQ‫ۑ‬RUD H PH]]D PD VH
O‫ۑ‬DHUHRVXFFHVVLYRGHFROODYDVRORGRSRO‫ۑ‬DWWHUUDJJLRFLDYUHEEHPHV


&6WHSKHQVRQ=HSSHOLQV*HUPDQ$LUVKLSV‫ڟ‬FLWS

&6WHSKHQVRQ,YLS
(15,&23(758&&,, /DJXHUUDQHOO‫ۑ‬DULD

VR  PLQXWL DG DUULYDUH LQ TXRWD $OOXQJDQGR LO WHPSR GL SDWWX
JOLDPHQWRDGXHRUHVLGDYDLOWHPSRGLGDUVLLOFDPELRLQTXRWD

/‫ۑ‬DOWUDFDUDWWHULVWLFDHUDO‫ۑ‬XWLOL]]RGLXQ‫ۑ‬DUPDFKHPHWWHVVHODSD
URODILQHDTXDOXQTXHFRQVLGHUD]LRQHVXSURLHWWLOLHVSORVLYLHFDSDFL
W¢G‫ۑ‬LQQHVFR6LGHFLVHGLULYROJHUVLDXQDQRYLW¢DVVROXWDLOFDQQRQH 151
VHQ]DULQFXOR'DYLVGDPP(UDLOSULPRWHQWDWLYRSUDWLFRGLFDQ
QRQH VHQ]D ULQFXOR O‫ۑ‬DQWHQDWR GHO ED]RRND  EDVDWR VXO VHPSOLFH
SULQFLSLRGLD]LRQHHUHD]LRQHQHOODVXDYHUVLRQHSL»EUXWDOHLOJDV
FKHGRYHYDVSLQJHUHLOSURLHWWLOHLQDYDQWLDQ]LFK«WURYDUHXQDFX
ODWWD VROLGD D FRQWHQHUOR GRYHYD VIRJDUH YLROHQWHPHQWH LQGLHWUR
/‫ۑ‬DUPD QRQ DYUHEEH FRV® DYXWR ULQFXOR GD VHPSUH OD EHVWLD QHUD
G‫ۑ‬RJQLDUWLJOLHUH
&OHODQG'DYLVHUDXQXIILFLDOHGHOODPDULQDGHJOL6WDWL8QLWLFRQ
LGHHSLXWWRVWRLQQRYDWLYHSHUO‫ۑ‬HSRFD*L¢QHODYHYDLQL]LDWRD
ODYRUDUH VXOO‫ۑ‬LGHD GL XQ FDQQRQH DYLRWUDVSRUWDWR FRQ FRPSLWL DQWL

QDYH 3HUO‫ۑ‬HSRFDXQYLVLRQDULRPDDYHYDJL¢LQWXLWRFKHLIUDJLOL
DHUHLGHOO‫ۑ‬HSRFDQRQSRWHYDQRVRSSRUWDUHORVWUHVVGLXQULQFXOR$
SDUWLUHGDOO‫ۑ‬DJRVWRLQL]L´DEUHYHWWDUHXQDVHULHGLFDQQRQLVHQ
]D ULQFXOR EDVDWL VX XQ SULQFLSLR FKH HUD VHPSOLFH FRPH O‫ۑ‬XRYR GL
&RORPERDSSOLFDUHLOSULQFLSLRGLD]LRQHHUHD]LRQHODWHU]DOHJJHGL
1HZWRQVSDUDQGRXQFROSRQHOODGLUH]LRQHYROXWDHXQFRQWUDSSHVR
QHOODGLUH]LRQHRSSRVWD
1HOODSULPDYHUVLRQHLOFRQWUDSSHVRHUDFRVWLWXLWRGDSDUWHGHOOD
FDQQDVWHVVD6LWUDWWDYDLQVRPPDGLXQFDQQRQHXVDHJHWWDPDJL¢
QHOQRYHPEUHGHOORVWHVVRDQQR'DYLVFRUUHVVHLOWLURLPPDJLQDQGR
XQFDQQRQHFRQXQDGRSSLDFDQQDFKHVSDUDVVHLQGLUH]LRQHRSSR
VWDXQFRQWUDSSHVRUDSSUHVHQWDWRGDSDUWHGHOODFXODWWDGHOO‫ۑ‬DUPD
,OEUHYHWWRGHILQLWLYRDUULY´QHOO‫ۑ‬DJRVWRHUDXQ‫ۑ‬DUPDSULPL
WLYDULVSHWWRDLSULPLFDQQRQLVHQ]DULQFXORPRGHUQLFKHDYUHEEHUR
IDWWRODORURFRPSDUVDVRORDOODILQHGHJOLDQQL7UHQWDHFKHVIUXWWD
QR OD IXRUXVFLWD IRU]DWD GHL JDV GHOO‫ۑ‬HVSORVLRQH DWWUDYHUVR XQ WXER
9HQWXULSHUELODQFLDUHO‫ۑ‬HVSXOVLRQHGHOSURLHWWLOH/DVWHVVDWHFQROR
JLD GHO FDQQRQH 'DYLV ULPDVH LQ YRJD ILQR QHJOL DQQL 9HQWL FRQ L


$%)HXHU7KH861DY\LQ:RUOG:DU,&RPEDWDW6HDDQGLQWKH$LU*UHHQ
ZRRG3XEOLVKLQJ*URXS
(15,&23(758&&,/DJXHUUDQHOO‫ۑ‬DULD

VRYLHWLFLFKHVSHULPHQWDURQRDQFKHVHFRQVFDUVRVXFFHVVRXQSUR
JHWWRVLPLOHLO'LQDPR5HDNWLYQD\D3XVKN

3HUTXDQWRSULPLWLYRLOFDQQRQH'DYLVUDSSUHVHQWDYDXQDVROX
]LRQHLGHDOHSHULIDXWRULGHOFDFFLDDQWL=HSSHOLQ,OFDOLEURSUHVFHO
152 WRPPFRQVHQWLYDGLLPSLHJDUHSURLHWWLOLHVSORVLYLGDGXHOLEEUH
H FRPSOHVVLYDPHQWH O‫ۑ‬DUPD HUD OHJJHUD DSSHQD  NJ 3L» SUREOH
PDWLFRHUDLQYHFHO‫ۑ‬LQJRPEURLOFDQQRQHHUDLQIDWWLOXQJRWUHPHWUL
/‫ۑ‬,PSHUR%ULWDQQLFRDOODILQHGHOQRQGLVSRQHYDGLDUPLGL
XQ FDOLEUR SDUDJRQDELOH FKH IRVVHUR DYLRWUDVSRUWDELOL &‫ۑ‬HUD VWDWD
TXDOFKHVSHULPHQWD]LRQHVLQGDOPDLULVXOWDWLIXURQRDOVROLWR
IDOOLPHQWDUL XQ FDQQRQH VHPLDXWRPDWLFR 9LFNHUV   PP 
YHQQHWHVWDWRVXOELSODQR6KRUW6QHOOXJOLRLOULQFXORIXWDOH
GDFDXVDUHTXDVLORVWDOORGHOO‫ۑ‬DHUHR/RVWHVVRYHOLYRORQHO IX
XVDWRFRPHEDQFRGLSURYDSHULOFDQQRQH'DYLV
8QDOWUR9LFNHUVDXWRPDWLFRGDPPGHULYDWRGDO4)SRXQ
GHU VRSUDQQRPLQDWR RQRPDWRSHLFDPHQWH ‫۔‬SRPSRP‫ ە‬YHUVLRQH SH
VDQWH GD  PP GHOOD PLWUDJOLDWULFH 0D[LP VYLOXSSDWR D ILQH ‫ې‬
DSSRVLWDPHQWH SHU XVDUH SURLHWWLOL LQFHQGLDUL ROWUH L OLPLWL LPSRVWL
GDOODGLFKLDUD]LRQHGL6DQ3LHWUREXUJR YHQQHVSHULPHQWDWDLQDPEL
WRDHURQDXWLFRQHOVXO9LFNHUV()%XQYHOLYRORFKHQRQHE
EHVHJXLWR,O‫۔‬SRPSRP‫ە‬YHQQHSRLLPSLHJDWRDQFKHRSHUDWLYDPHQWH
VXL ELSODQL )(E D SDUWLUH GDO  DQFKH VH DOOD OXQJD LO ULQFXOR
SRWHYDFDXVDUHGDQQLVWUXWWXUDOLDLYHOLYROL

,QROWUH HUD DOOR VWXGLR LO &2:  PP GHL &RYHQWU\ 2UGQDQFH
:RUNV FRQFHSLWR SURSULR SHU O‫ۑ‬XVR DHURQDXWLFR $OFXQH YDOXWD]LRQL

VWDWLFKHYHQQHURVSHULPHQWDWHILQGDOVXO)( O‫ۑ‬DHUHRYHQQH
VRVSHVR FRQ FDYL LQ XQ KDQJDU H IX VSDUDWR TXDOFKH FROSR 1H IX
SLDQLILFDWRO‫ۑ‬XVRVXOO‫()ۑ‬FKHWXWWDYLDQRQHQWU´LQSURGX]LRQH/D
YHUVLRQH RSHUDWLYD VDUHEEH DUULYDWD VROR QHOO‫ۑ‬RWWREUH GHO  H IX
XVDWD RSHUDWLYDPHQWH VX GXH R WUH $LUFR '+ RSSRUWXQDPHQWH


&RPHDOWULSURJHWWLVRYLHWLFLGHJOLDQQL7UHQWDORVYLOXSSRGHOFDQQRQHDUHD
]LRQH GLQDPLFD VL LQWHUUXSSH SHUFK« LO VXR LQYHQWRUH /HRQLG 9DVLO\HYLFK .XU
FKHYVN\IXYLWWLPDGHOOHSXUJKHVWDOLQLDQHWUDLOHLO

 /‫ ()ۑ‬VL FDUDWWHUL]]DYD SHU OD FRGD VRVWHQXWD GD XQ WHODLR WXERODUH H WLUDQWL
&XULRVDPHQWHODVWHVVDFRQILJXUD]LRQHYHQQHULSUHVDLQXQ‫ۑ‬DOWURELSODQRDGHOLFD
VSLQJHQWHGHVWLQDWRDOFDQQRQH&2:LO9LFNHUV7\SHVLWUDWWDYDSHU´GLXQ
SURJHWWRGLDQQLVXFFHVVLYR
(15,&23(758&&,, /DJXHUUDQHOO‫ۑ‬DULD

ULQIRU]DWLDIILQFK«LSUROXQJDWLULQFXOLQRQFDXVDVVHURGDQQLVWUXWWX
UDOL

,QILQHLO 9LFNHUV&UD\IRUGGDPP QDWRFRPHDUPDSRUWDWLOH
GDIDQWHULDGDOSHVRFRQWHQXWRGLVROLNJVHQ]DWUHSSLHGHIXDS
SURYDWR SHU O‫ۑ‬XVR DHURQDXWLFR QHO  6RSUDQQRPLQDWR ‫۔‬URFNHW 153
JXQ‫ە‬HUDXQ‫ۑ‬DUPDDVLQJRORFROSRLQFXLLOERVVRORGRYHYDHVVHUHUL
PRVVRSHUSRLHVVHUHULFDULFDWD6SHULPHQWDWDVXJOL)(EQHIXSLD
QLILFDWDO‫ۑ‬LQVWDOOD]LRQHVXL3DUQHOO=HSSHOLQ6FRXW5$)1( HYR
OX]LRQHGHOO‫ ()ۑ‬H9LFNHUV)%

4XLQGLGHLTXDWWURFDQQRQLDYLRWUDVSRUWDWLVSHULPHQWDWLROWUHDO
'DYLV VROR XQR YLGH XQ OLPLWDWR LPSLHJR RSHUDWLYR DOOD ILQH GHO
$OODILQHGHOLQVRPPDVRORLOFDQQRQH'DYLVHUDO‫ۑ‬XQLFD
DUPD FKLDYL LQ PDQR LQ JUDGR GL VSDUDUH SURLHWWLOL HVSORVLYL IDWWL
VDOYL L YHFFKL H LQXWLOL IXFLOL 0DUWLQL+HQU\ 0D FRPH GHWWR HUD
XQ‫ۑ‬DUPDOXQJDFLUFDWUHPHWULFRVWLWXLWDGDXQDGRSSLDFDQQDFRQLQ
PH]]RO‫ۑ‬DIIXVWR
3HU ULFDULFDUOD RFFRUUHYD VJDQFLDUH H IDU UXRWDUH OD FDQQD GL
FRPSHQVD]LRQH 8Q DUUDQJLDPHQWR PDFFKLQRVR FKH UDSSUHVHQWDYD
XQXOWHULRUHYLQFRORSHULYHOLYROLGHVWLQDWLDGDYHUODFRPHHTXLSDJ
JLDPHQWR ,QROWUH OD FRPSOHVVLW¢ GHOOD ULFDULFD UHQGHYD G‫ۑ‬REEOLJR
O‫ۑ‬LPEDUFRDERUGRGLXQFDQQRQLHUH
8QDQHFHVVLW¢FKHIXSHU´WUDVFXUDWDQHOSULPRDHUHRFRQFHSLWR
SHUOHPLVVLRQLDQWL=HSSHOLQLQXQSURJHWWRFRQFHSLWRGDXQXIILFLR
GHOOR VWHVVR $PPLUDJOLDWR O‫ۑ‬$LU 'HSDUWPHQW OD VWUXWWXUD FUHDWD GD
&KXUFKLOOSHUVYLOXSSDUHO‫ۑ‬DYLD]LRQHGHOODPDULQDEULWDQQLFD,OYHOL
YROR GHQRPLQDWR 6FRXW H UHDOL]]DWR GDOOD %ODFNEXUQ O‫ۑ‬$LU 'HSDU
WPHQWVLRFFXSDYDGHOODVRODSURJHWWD]LRQH DYHYDXQDVWUXWWXUDLQ
FRQVXHWD PD FKH DJOL RFFKL GHL FRQWHPSRUDQHL QRQ VHPEUDYD FRV®
IXRULGDOOHULJKH

$OO‫ۑ‬LQL]LRGHOODJXHUUDODFRQILJXUD]LRQHWLSLFDGLXQELSODQRDU
PDWRHUDTXHOODGHO9LFNHU)%*XQEXVLOSULPRFDFFLDEULWDQQLFR
XQD SLFFROD IXVROLHUD FKH RVSLWDYD LQ WDQGHP D SDUWLUH GDO PXVR 
PLWUDJOLHUH SLORWD H PRWRUH FRQ HOLFD VSLQJHQWH /D IXVROLHUD HUD
PRQWDWDVXOO‫ۑ‬DODLQIHULRUHHXQDVHULHGLPRQWDQWLUHJJHYDQRJOLLP
SHQQDJJL
(15,&23(758&&,/DJXHUUDQHOO‫ۑ‬DULD

/‫ۑ‬XQLFD GLIIHUHQ]D GHOO‫ۑ‬$' 6FRXW GD TXHVWD FRQILJXUD]LRQH HUD


DYHUHODIXVROLHUDPRQWDWDVXOO‫ۑ‬DODVXSHULRUH6ROX]LRQHFKHDYUHEEH
FRQVHQWLWR DOO‫ۑ‬LQJRPEUDQWH FDQQRQH 'DYLV GL SRWHU UXRWDUH OLEHUD
PHQWH VHQ]D O‫ۑ‬LQJRPEUR GHL PRQWDWL DODUL FRQ O‫ۑ‬XQLFR RVWDFROR
GHOO‫ۑ‬HOLFDD]LRQDWDGDOURWDWLYR*Q¶PH0RQRVRXSDSHPRQWDWRLQIX
154 VROLHUD
,O ULVXOWDWR DSSDULYD FRPXQTXH IUDJLOH FRQ OD IXVROLHUD VRVSHVD
FRV®LQDOWR,QROWUHODVROX]LRQHGLXQSLORWDFDQQRQLHUHFKHGRYHVVH
DQFKHD]LRQDUHLOVLVWHPDGLULFDULFDGHOFDQQRQH'DYLVFRVWULQVHUD
SLGDPHQWHDGDEEDQGRQDUQHORVYLOXSSRSRFRGRSRLSULPLYROLGHO
3ULPDULQXQFLDQGRDOFDQQRQHSHUXQD/HZLVGDHSRLGH
ILQLWLYDPHQWHSHUOHSHVVLPHFDUDWWHULVWLFKHGHOYHOLYROR


‫ڒ‬3XEEOLFRFRQWURSULYDWR

0D O‫ۑ‬HVLJHQ]D GHO FDFFLD DQWL=HSSHOLQ QRQRVWDQWH O‫ۑ‬HVRUGLR SRFR
SURPHWWHQWHUHVWDYDXQDSULRULW¢/DGLWWDFKHV‫ۑ‬LPSHJQ´PDJJLRU
PHQWH QHO SURJHWWR IX OD 3HPEHUWRQ%LOOLQJ )RQGDWD QHO  GD
1RHO3HPEHUWRQ%LOOLQJ  QHOGRSRFKHLOIRQGDWRUH
O‫ۑ‬HEEHFHGXWDGLYHQQHOD6XSHUPDULQHODJORULRVDILUPDDHURQDXWLFD
SURWDJRQLVWDGHL7URIHL6FKQHLGHUHFUHDWULFHGHOIDPRVR6SLWILUH
0D%LOOLQJQRQHUDVRORXQFDSLWDQRG‫ۑ‬LQGXVWULD3HUOXLODFDP
SDJQD DQWL=HSSHOLQ GLYHQQH PLVVLRQH SROLWLFD ( VH O‫ۑ‬$' 6FRXW LO
SULPR FDFFLDDQWL=HSSHOLQ IX XQ IDOOLPHQWR GHOO‫ۑ‬LQGXVWULD VRYYHQ
]LRQDWDGDOOR6WDWRODULVSRVWDGHOODGLWWDSULYDWD3HPEHUWRQ%LOOLQJ
VHPEU´PDWXUDUHLQXQFRQIOLWWRG‫ۑ‬LQWHUHVVH
,QIDWWL 1RHO 3HPEHUWRQ%LOOLQJ QHO  DYHYD DEEDQGRQDWR LO
VXRUXRORGLWHQHQWHGLFRPSOHPHQWRDO5R\DO1DYDO$LU6HUYLFHSHU
FDQGLGDUVL FRPH LQGLSHQGHQWH DO SDUODPHQWR EULWDQQLFR ,O SUR
JUDPPD" $FFXVDUH LO JRYHUQR GL LQFRPSHWHQ]D QHL FRQIURQWL GHOOD
PLQDFFLDJHUPDQLFDHVSHFLDOPHQWHGHOO‫ۑ‬LQFDSDFLW¢YHUVRLUDLGGH
JOL=HSSHOLQ
/H HOH]LRQL GHO JHQQDLR  IXURQR XQ EXFR QHOO‫ۑ‬DFTXD $O VH
FRQGRWHQWDWLYRSHUXQDOWURVHJJLRQHOODSULPDYHUDGHOHEEH
VXFFHVVR
&KH OD 3HPEHUWRQ%LOOLQJ IRVVH LPSHJQDWD QHOOR VYLOXSSR GL XQ
FDFFLDDQWL=HSSHOLQHUDTXLQGLXQ‫ۑ‬RYYLDFRQVHJXHQ]DGHOOHLGHHGHO
(15,&23(758&&,, /DJXHUUDQHOO‫ۑ‬DULD

SURSULHWDULR0DFKHVLWUDWWDVVHGHOO‫ۑ‬HPEULRQHGLXQSRVVLELOHFRQ
IOLWWRG‫ۑ‬LQWHUHVVLFRPPHUFLDOHDSSDUHFRPXQTXHXQ‫ۑ‬LSRWHVLUHPRWD
/DQHFHVVLW¢GHOO‫ۑ‬DQWL=HSSHOLQHUDVHQWLWDDQFKHDOLYHOOR‫۔‬LVWLWX
]LRQDOH‫ە‬FRPHGLPRVWUDLOFDVRGHOO‫ۑ‬$'6FRXWHGHUDQRLQPROWLDG
DYHUDSSURILWWDWRGHLUDLGGHJOL=HSSHOLQSHUFRQWHVWDUHLOJRYHUQRH
L PLOLWDUL ,QILQH 3HPEHUWRQ %LOOLQJ QRQ HEEH FRPH EHUVDJOLR QHOOD 155
VXDFDPSDJQDHOHWWRUDOHLVROL=HSSHOLQ/‫ۑ‬HFOHWWLFRSHUVRQDJJLRHUD
FRQYLQWR GL XQ SLDQR GHOO‫ۑ‬,PSHUR *HUPDQLFR SHU PLQDUH OD ILHUD
UD]]D EULWDQQLFD FRQ O‫ۑ‬LQILOWUD]LRQH GL mSUDWLFKH RPRVHVVXDOL}
QHOO‫ۑ‬DOWD VRFLHW¢ EULWDQQLFD $UULY´ SHUVLQR DG DFFXVDUH GL OHVELVPR
ODPRJOLHGHOSULPRPLQLVWUREULWDQQLFR+HUEHUW+HQU\$VTXLWK

&RQIOLWWLG‫ۑ‬LQWHUHVVLDSDUWHOD3HPEHUWRQ%LOOLQJIXODSULPDGLW
WDDSURSRUUHXQYHOLYRORFRQOHVSHFLILFKHGHOFDFFLDDQWL=HSSHOLQH
LQJUDGRGLRVSLWDUHXQFDQQRQH'DYLVLO3%
6LWUDWWDYDGLXQTXDGULSODQRELPRWRUHLQFXLODIXVROLHUDHJRQ
GROHPRWRULHUDQRPRQWDWLVRWWRODVHFRQGDDODHVXOODVRPPLW¢WUD
WHU]D H TXDUWD DOD SUHVHQWDYD XQD SRVWD]LRQH SHU LO PLWUDJOLHUH
FDQQRQLHUH PROWR VLPLOH DOOD FRIID GL YHOLHUR ,Q TXHVWR PRGR LO
FDQQRQH 'DYLV H OD VXDGRSSLD FDQQD DYHYDQR XQ FDPSR GL WLUR D
r , PRWRUL HUDQR XQD FRSSLD GL VHL FLOLQGUL LQ OLQHD $XVWUR
'DLPOHUFKHD]LRQDYDQRHOLFKHTXDGULSDODVSLQJHQWL/HDOLDYHYDQR
XQD GRSSLD FDPSDWD H JOL LPSHQQDJJL ELSODQL HUDQR FRPSOHWDWL GD
WUHWLPRQLYHUWLFDOL
,OSURWRWLSRYRO´DILQHULPDQHQGRSUHVWRJUDYHPHQWHGDQ
QHJJLDWR LQ XQ LQFLGHQWH 1RQRVWDQWH O‫ۑ‬LQVXFFHVVR LO 3% DYHYD
GHVWDWR LQWHUHVVH H OD 3HPEHUWRQ%LOOLQJ QH FRQWLQX´ OR VYLOXSSR
FRQLO3%1LJKWKDZNDFXLVLDIILDQF´XQSURJHWWRFRQFRUUHQWHLO
5REH\3HWHUV55)

/D5REH\ &R/WGHUDXQ‫ۑ‬LQGXVWULDGLWUDWWRULDYDSRUHHPRWR
UL'LHVHOPDULQLFKHFRQORVIRU]RLQGXVWULDOHEHOOLFRGLYHQQHSUR
GXWWULFHVXOLFHQ]DGLYHOLYROL6KRUWH6RSZLWK
/‫ۑ‬55) DQFKH QRWR FRPH JXQFDUULHU HUD LO VHFRQGR SURJHWWR
LQGLSHQGHQWHGHOODGLWWDGRSRXQELSODQRFRQYHQ]LRQDOHGHQRPLQD
WR6FRXW
3URJHWWDWRGD-DPHV$UWKXU3HWHUVLOJXQFDUULHUHUDXQVHVTXL
SODQR RYYHURO‫ۑ‬DODVXSHULRUHHUDSL»OXQJDGLTXHOODLQIHULRUH DGXH
FDPSDWHFRQODIXVROLHUDVRVSHVDWUDHVVH(UDGRWDWRGLXQPRWRUH
(15,&23(758&&,/DJXHUUDQHOO‫ۑ‬DULD

GRGLFL FLOLQGUL D 9 5ROOV5R\FH (DJOHD]LRQDQWH XQ‫ۑ‬HOLFD WUDHQWH,Q


IXVROLHUDLQSRVL]LRQHPROWRDUUHWUDWDRVSLWDYDVRORLOSLORWDPHQ
WUH GXH FDQQRQLHUL HUDQR RVSLWDWL LQ XQ FRSSLD GL JRQGROH VXOO‫ۑ‬DOD
VXSHULRUHLQVWDOODWHDOO‫ۑ‬DOWH]]DGHLPRQWDQWLGHOODSULPDFDPSDWD
'XH SURWRWLSL YHQQHUR RUGLQDWL DOOD 5REH\3HWHUV QHO PDJJLR
156  SURSULR TXDQGR LO 5R\DO )O\LQJ &RUSV HPLVH LO SULPR JURVVR
RUGLQHGLSURLHWWLOLHVSORVLYL1RQRVWDQWHTXHVWDLQQRYD]LRQHFUXFLD
OHVWHVVHSHUDUULYDUHVXLELSODQLEULWDQQLFLDQFRUDHVLVWHYDQRGXEEL
VXOOD ORUR FDSDFLW¢ GL IHUPDUH OH DHURQDYL H OR VYLOXSSR GHL FDFFLD
DQWL=HSSHOLQDUPDWLGLFDQQRQH'DYLVFRQWLQX´SHUXQDOWURDQQR
,OSULPRSURWRWLSRGL5REH\3HWHUVIXFRPSOHWDWRQHOVHWWHPEUH
GHOOR VWHVVR DQQR ULPDQHQGR GDQQHJJLDWR LQ IDVH GL GHFROOR ,O VH
FRQGR SURWRWLSR IX FRPSOHWDWR FRQ DOL GLHJXDOH OXQJKH]]D H GHOOH
ILQHVWUDWXUHODWHUDOLSHULOSLORWDSHUPLJOLRUDUHODYLVLELOLW¢LQIDVHGL
GHFROORHDWWHUUDJJLR(QWUDPELULPDVHURGLVWUXWWLLQLQFLGHQWLWUDLO
JHQQDLRHLOPDJJLR

$OO‫ۑ‬LQL]LR GHO  DUULY´ DQFKH O‫ۑ‬HYROX]LRQH GHO 3HUPEHUWRQ
%LOOLQJ 3% LO 3% 1LJKWKDZN /D GLWWD QHO IUDWWHPSR HUD JL¢
VWDWDYHQGXWDDVVXPHQGRODGHQRPLQD]LRQHFKHODUHQGHU¢IDPRVD

6XSHUPDULQH 
,O 1LJKWKDZN UDSSUHVHQWDYD OD PDVVLPD HYROX]LRQH GHOOD WHRULD
GHO FDFFLD DQWL=HSSHOLQ FKH HUD PDWXUDWD QHL SULPL GXH DQQL GHO
FRQIOLWWR
0DQWHQHYD OD FRQILJXUD]LRQH JHQHUDOH TXDGULSODQD GHO 3% ,
PRWRULGLYHQWDYDQRGXHUDGLDOL$Q]DQLDQRYHFLOLQGULGD&9D
]LRQDQWLHOLFKHWUDHQWLPRQWDWLVXOODVHFRQGDDOD/DIXVROLHUDRFFX
SDYDORVSD]LRWUDVHFRQGDHWHU]DDODFRQXQDELWDFRORFKLXVRFDUDW
WHUL]]DWR GDOOH DPSLH VXSHUILFL YHWUDWH FKH VL UDFFRUGDYDQR FRQ OD
‫۔‬FRIID‫ە‬DOODVRPPLW¢/HDOLDYHYDQRWULSODFDPSDWDHJOLLPSHQQDJ
JLELSODQLDYHYDQRGXHWLPRQLYHUWLFDOLDGLIIHUHQ]DGHLWUHGHOSUH
GHFHVVRUH
1HO PXVR HUD ULFDYDWD XQD SRVWD]LRQH SHU XQD VHFRQGD PLWUD
JOLDWULFH/HZLVHSHUXQIDURRULHQWDELOHFKHGRYHYDIXQJHUHGD‫۔‬UL
IOHWWRUHDQWLDHUHR‫ە‬4XHVWDUDSSUHVHQWDYDODSULQFLSDOHLQQRYD]LRQH

*OLVWRULFLEULWDQQLFLWHQJRQRDSUHFLVDUHIRUVHWHPHQGR FKHLOPLWRQHYHQJD
LQIDQJDWRFKHLOSURJHWWLVWDGHOOR6SLWLILUH5HJLQDOG-0LWFKHOOQRQSDUWHFLS´DOOR
VYLOXSSRGHO1LJKWKDZNDUULY´DOOD6XSHUPDULQHSRFRWHPSRGRSRLOSULPRYROR
GHOTXDGULSODQR
(15,&23(758&&,, /DJXHUUDQHOO‫ۑ‬DULD

GHOYHOLYRORLQIDWWLSHUIRUQLUHHOHWWULFLW¢HUDVWDWRQHFHVVDULRLQVWDO
ODUHLQIXVROLHUDXQPRWRUHGD&9FRPHJHQHUDWRUHDXVLOLDULRDQ
WHQDWRGHOOHPRGHUQHDX[LOLDU\SRZHUXQLWO‫ۑ‬XQLW¢DXVLOLDULDGHLPR
GHUQLDHUHLGLOLQHD

6XOODFDUWDDYUHEEHSRWXWRULPDQHUHLQYRORSHURUHFRQXQD 157
YHORFLW¢PDVVLPDGLNPK0DTXDQGRLO1LJKWKDZNYRO´SHUOD
SULPDYROWDQHOIHEEUDLROHFDUDWWHULVWLFKHQRQHUDQRPLJOLRUL
GLTXHOOHGHJOLDOWULDQWL=HSSHOLQ/DYHORFLW¢PDVVLPDVLDWWHVWDYDD
NPKHQRQRVWDQWHODOXQJKLVVLPDDXWRQRPLDO‫ۑ‬DYHUELVRJQRGL
XQ‫ۑ‬RUDSHUDUULYDUHDPHWULVDQFLYDQRLOIDWWRFKHO‫ۑ‬DHUHRPDL
DYUHEEH SRWXWR LQVHJXLUH H LPSHQVLHULUH XQR =HSSHOLQ ( DQFKH LO

3%YHQQHUDSLGDPHQWHDEEDQGRQDWR 


‫ڒ‬/DQLFFKLDVLFKLXGH

4XDQGR L SURJHWWL GHO 1LJKWKDZN H GHO ULYDOH GHOOD 5REH\3HWHUV
YHQQHUR JHWWDWL DOOH RUWLFKH QHOOD SULPDYHUD GHO  OH DHURQDYL
WHGHVFKHQRQUDSSUHVHQWDYDQRSL»PLQDFFLDJL¢GDGLYHUVLPHVL/D
QLFFKLDHFRORJLFDLQFXLDYHYDSURVSHUDWRODPLQDFFLDGHOOHDHURQDYL
VLHUDFKLXVDSULPDFKHXQQXRYRSUHGDWRUHSRWHVVHLQILODUVLGHQWUR
,OFDFFLDDQWL=HSSHOLQFRQDUPLHFDUDWWHULVWLFKHDGKRFQRQHUDSL»
QHFHVVDULR SRLFK« O‫ۑ‬HYROX]LRQH GL DOWUL DUPL DYHYD UHFXSHUDWR OR
VYDQWDJJLR QHL FRQIURQWL GHOO‫ۑ‬LQYXOQHUDELOLW¢ GHJOL =HSSHOLQ JOL LQ
YHQWRULGLSURLHWWLOLWUDFFLDQWLLQFHQGLDULHGHVSORVLYLQRQRVWDQWHOH
FRQYHQ]LRQL GHOO‫ۑ‬$LD QRQ HUDQR ULPDVWL FRQ OH PDQL LQ PDQR ULX


/DVFHOWDWHFQLFDGLXQDFRIIDFKHFRQVHQWLVVHXQ‫ۑ‬DPSLDYLVXDOHSURSULDGHLFDF
FLD DQWL=HSSHOLQ FRPSDUYH LQ XQ‫ۑ‬DOWUD VHULH GL YHOLYROL VYLOXSSDWL QHO  5L
VSRQGHYDQRDGXQDULFKLHVWD GHO:DU 2IILFHGHOO‫ۑ‬LQL]LRGHO SHUXQFDFFLDGL
VFRUWDSHUOHIRUPD]LRQLGLERPEDUGLHULEULWDQQLFLVXOIURQWHRFFLGHQWDOH LOSULPR
+DQGHO\ 3DJH 2 ERPEDUGLHUH VWDQGDUG EULWDQQLFR QHOOD 3ULPD JXHUUD PRQ
GLDOHDYHYDYRODWRDGLFHPEUHHDILQHVDUHEEHURHQWUDWLLQVHUYL]LRL
SULPL HVHPSODUL  &RPH UHTXLVLWR VHFRQGDULR DYHYDQR FRPSLWL DQWL=HSSHOLQ PD
VHQ]DULFKLHVWDGLLQVWDOOD]LRQHGLDUPLSHVDQWL,WUHYHOLYROLSURSRVWLULSUHQGHYD
QROHFDUDWWHULVWLFKHFRIIHGHO3%HGHO55)6LWUDWWDYDGHLWULSODQR6RSZLWK
/577FRQODFRIIDPRQWDWDVXOODWHU]DDODGHOO‫ۑ‬$UPVWURQJ:KLWZRUWK).FRQ
GXHSRVWD]LRQLVXOO‫ۑ‬DODPH]]DQDHGHO9LFNHUV)%ELSODQRFRQXQDSRVWD]LRQH
GHOO‫ۑ‬DOD VXSHULRUH 6HEEHQH VLPLODUL DL FDFFLD DQWL=HSSHOLQ FRQ FDQQRQH 'DYLV
QRQQHUDSSUHVHQWDYDQRSHU´XQDGHULYD]LRQH
(15,&23(758&&,/DJXHUUDQHOO‫ۑ‬DULD

VFHQGRDFRQYLQFHUHOHIRU]HDUPDWHGHOODERQW¢GHOOHORURDUPLFRQ
WURJOL=HSSHOLQ

$ SURSRUUH SURLHWWLOL HVSORVLYL DOOH IRU]H DUPDWH EULWDQQLFKH IX
URQR LO QHR]HODQGHVH -RKQ 3RPHUR\   FKH DYHYD LGHDWR
158 XQ SURLHWWLOH HVSORVLYR JL¢ QHO  SHU SURSRUOR VHQ]D VXFFHVVR
SULPDDOOD1XRYD=HODQGDSRLDOO‫ۑ‬$XVWUDOLDHLQILQHDO5HJQR8QLWR
JL¢QHOHLOFRPDQGDQWHGHO51$6)UDQN$UWKXU%URFN 
  UDPSROOR GL XQ‫ۑ‬LPSRUWDQWH IDPLJOLD SURGXWWULFH GL IXRFKL
G‫ۑ‬DUWLILFLR
,O SULPR D HVVHUH PHVVR LQ OLQHD IX LO %URFN GRSR DOFXQL WHVW
QHOO‫ۑ‬RWWREUHIXLPSLHJDWRVSHULPHQWDOPHQWHDILQHDSULOH

HRUGLQDWRLQTXDQWLW¢VRORDSDUWLUHGDOGHOPHVHVXFFHVVLYR /D
FDULFDFRVWLWXLWDGDFORUDWRGLSRWDVVLRHWLRFLDQDWRGLPHUFXULR
3L»WUDYDJOLDWDO‫ۑ‬HQWUDWDLQOLQHDGHLSURLHWWLOL3RPHUR\RUGLQDWL
QHOO‫ۑ‬DJRVWRVXFFHVVLYRGRSRGXHULILXWLLOSULPRQHOHLOVHFRQ
GRQHOJLXJQRGRSRXQDVHULHGLQXRYLWHVW,O3RPHUR\HUDGR
WDWRGLXQDFDULFDFRPSRVWDGDOGLQLWURJOLFHULQDHLOGLIDUL
QDIRVVLOH
$TXHVWLGXHSURLHWWLOLHVSORVLYLVLDJJLXQVHURGXHSURLHWWLOLWUDF
FLDQWLLQFHQGLDULLQWURGRWWRLQOLQHDQHOORVWHVVRSHULRGRTXHOORVYL
OXSSDWRGD-RKQ%XFNLQJKDPFRQFDULFDGLIRVIRURJLDOORHOR6SDU
NOHW
$OO‫ۑ‬LQL]LR L VXFFHVVL WDUGDURQR DG DUULYDUH FRQ LSURLHWWLOL %URFN
FKH WHQGHYDQR DG LQFHSSDUVL H FRQYLQFHQGR JOL DOWL FRPDQGL FKH
SURJHWWLFRPHLO1LJKWKDZNIRVVHURDQFRUDQHFHVVDUL1HOODQRWWHGHO
DSULOH TXDQGRLQL]L´O‫ۑ‬LPSLHJRVSHULPHQWDOHGHL%URFNXQ
%(FULXVF®DGDYYLFLQDUHO‫ۑ‬/=DSRFRSL»GLPHWULDSUHQGRLO
IXRFRFRQXQD/HZLVDUPDWDFRQL%URFN/DPLWUDJOLDWULFHV‫ۑ‬LQFHSS´
GXH YROWH H DO WHU]R WHQWDWLYR LO GLULJLELOH VL HUD JL¢ DOORQWDQDWR $
ERUGRGLTXHOFDFFLDF‫ۑ‬HUDLOFDSLWDQR$UWKXU7+DUULVLOIXWXUR%X

WFKHUFRPDQGDQWHGHO%RPEHU&RPPDQGGHOOD5$) HLGHDWRUHGHL
ERPEDUGDPHQWLWHUURULVWLFLVXOOHFLWW¢WHGHVFKHQHOVHFRQGRFRQIOLWWR
PRQGLDOH


&6WHSKHQVRQ=HSSHOLQV*HUPDQ$LUVKLSV‫ڟ‬FLWS

LQFK([SORVLYHVX%ULWLVK0LOLWDU\6PDOO$UPV$PPR‫*ۋ‬RRJOH6LWHV

&6WHSKHQVRQ=HSSHOLQV*HUPDQ$LUVKLSV‫ڟ‬FLWS
(15,&23(758&&,, /DJXHUUDQHOO‫ۑ‬DULD

,URQLDGHOGHVWLQRDQQLSULPDGLTXHLERPEDUGDPHQWLHUDVWD
WRWUDTXHOOLFKHDYHYDQRLQYDQRWHQWDWRGLIHUPDUHLO‫۔‬WHUURUH‫ە‬GHJOL
=HSSHOLQVX/RQGUD4XDVLFKHODWHRULDGLHWURLOERPEDUGDPHQWRD
WDSSHWR QRQ GLVFHQGHVVH GD FRQVLGHUD]LRQH GRKXHWWLDQH EHQV®
GDOO‫ۑ‬DYHU YLVVXWR LQ SULPD SHUVRQD O‫ۑ‬LQHOXWWDELOLW¢ GL IHUPDUH XQ
ERPEDUGDPHQWRDHUHR 159

,OSULPRVXFFHVVRGHLSURLHWWLOLLQFHQGLDULDUULY´ODQRWWHWUDLOH

LOVHWWHPEUHVXFFHVVLYR TXDQGRLO%(FGL:LOOLDP/HHIH5RELQ
VRQULXVF®ILQDOPHQWHDFROSLUHOR6FK¾WWH/DQ]6/FRQSURLHWWLOL
%URFNH3RPHUR\FDXVDQGRO‫ۑ‬LQFHQGLRHODGLVWUX]LRQHGHOGLULJLELOH
VRSUD&XIIOH\QHOO‫ۑ‬+HUWIRUGVKLUH,GLULJLELOLWHGHVFKLQRQHUDQRSL»
LQYXOQHUDELOL
0DORVYLOXSSRGHLFDFFLDDQWL=HSSHOLQFRPHVLªYLVWRFRQWLQX´
DQFRUDSHUGLYHUVLPHVL/DULFKLHVWDGLTXHLYHOLYROLDYHYDPHVVRLQ
PRWRXQDPDFFKLQDFRPSOHVVDGLIILFLOHGDIHUPDUH2IRUVHTXHJOL
VWHVVLXRPLQLFKHSHUGXHDQQLDYHYDQRWHPXWRO‫ۑ‬LQYXOQHUDELOLW¢GHO
OH DHURQDYL JHUPDQLFKH QRQ SRWHVVHUR FUHGHUH FKH IRVVH FRV® VHP
SOLFHGLVWUXJJHUOHDYHQGROHDUPLDGDWWH
3L»FKHLSURLHWWLOLHVSORVLYLSHU´IXO‫ۑ‬HYROX]LRQHGHOERPEDUGLH
UHDIDUFDGHUHSUHVWRJOL=HSSHOLQQHOGLPHQWLFDWRLR(SSXUHLOID
VFLQR GHOOH DHURQDYL GD JXHUUD FRQWLQX´ DG DIIDVFLQDUH L PLOLWDUL
VSHFLDOPHQWH TXHOOL VWDWXQLWHQVL SHU TXDVL YHQW‫ۑ‬DQQL PHQWUH SHU L
FDFFLD DQWL=HSSHOLQ QDWL PRUWL O‫ۑ‬REOLR IX DVVROXWR 6H QRQ QHOOR
6TXDGURQH$YYROWRLGL'LFN'DVWDUGO\QHOFDUWRQHDQLPDWRFRPLFR
GHOOD+DQQD%DUEHUD



6LWUDWWDYDGHOODWHU]DD]LRQHGHJOL=HSSHOLQVXOO‫ۑ‬,QJKLOWHUUDGRSRO‫ۑ‬LQWURGX]LRQH
GHLSULPLSURLHWWLOLHVSORVLYL%URFN'RSRO‫ۑ‬LQFXUVLRQHGHODSULOHFRQFLQTXHGL
ULJLELOLHUDVHJXLWDXQDODQRWWHGHOOXJOLRFRQ=HSSHOLQHXQDGLDHURQDYL
ODQRWWHGHODJRVWR






(XJHQLR&XULHO
8QR‫ڋ‬VWHLQHULDQR‫ڋ‬HUPHWLFR‫ڋ‬H‫ڋ‬PLVWHULRVR‫ڋ‬


GL52%(572*5(002

3HU JHQWLOH FRQFHVVLRQH GHOO‫ڥ‬$XWRUH SXEEOLFKLDPR XQ HVWUDWWR GDO VDJJLR (XJHQLR
&XULHOGDOO‫ۑ‬HVRWHULVPRDOO‫ۑ‬LQWULJRIXQHVWR/‫ۑ‬DQWURSRVRILDO‫ۑ‬RSHULVPRFRUSRUDWLYRH
OD FRVSLUD]LRQH DQWLIDVFLVWD 6WRULD 5LEHOOH %LHOOD  ,OYROXPHWUDWWHJJLDOD
ELRJUDILD GHO ILVLFR WULHVWLQR GL RULJLQL HEUDLFKH GHO VXR QRQ OLQHDUH UDSSRUWR FRQ
O‫ڥ‬DQWLIDVFLVPRFRPXQLVWDLQ,WDOLDODSHUVHFX]LRQHSHUOHOHJJLUD]]LDOLLOFRQILQRD
9HQWRWHQHHODVXDWUDJLFDILQHSHUPDQRGHLPLOLWLGHOODOHJLRQH‫ڨ‬0XWL‫ک‬QHO,O
WXWWRSHUFRUVRGDOVRWWLOHILORGHOO‫ڥ‬HVRWHULVPRHGHOODILORVRILDGL5XGROI6WHLQHUDFXL
&XULHOVLHUDDYYLFLQDWRILQGDJLRYDQH

$EVWUDFW
7KHELRJUDSK\RIWKHSK\VLFLDQ(XJHQLR&XULHOLVHQLJPDWLF0DQ\GRFXPHQWVDERXW
KLVOLIHDUHPLVVLQJ,WLVSUREOHPDWLFWRUHFRQVWUXFWKLVUHDOFRQQHFWLRQVERWKZLWKWKH
&RPPXQLVW3DUW\RI,WDO\DQGWKHIDVFLVW3ROLFHWKDWDUUHVWHGKLPLQ,WLVFOHDU
RQWKHFRQWUDU\KLVVWURQJIDLWKIXOQHVVWRWKHSULQFLSOHVDFTXLUHGE\WKHVWXG\RIWKH
$QWKURSRVRSK\RI5XGROI6WHLQHU


3DUROH FKLDYH (XJHQLR &XULHO DQWLIDVFLVPR ILVLFL LWDOLDQL 3DUWLWR &RPXQLVWD
G‫ڥ‬,WDOLD5XGROI6WHLQHU$QWURSRVRILD

.H\ZRUGV (XJHQLR &XULHO $QWLIDVFLVP ,WDOLDQ SK\VLFLDQV &RPPXQLVW 3DUW\ RI ,W
DO\5XGROI6WHLQHU$QWKURSRVRSK\





129$+,6725,&$$112;9,1
 
52%(572*5(002(XJHQLR&XULHO



$GRJJL(XJHQLR&XULHO  UHVWD
XQ SHUVRQDJJLR HQLJPDWLFR 0DQFDQR
PROWL GRFXPHQWL SHUPDQH LO ULVHUER GHL
ͳ͸ʹ SRFKL WHVWLPRQL ULPDVWL VL VRQR LPSRVWL
XQD GLSORPDWLFD DUFKLYLD]LRQH GHOOH YL
FHQGH SL» FRQWURYHUVH HG XQ IUHWWRORVR
REOLRGHLORURDVSHWWLSL»VFRPRGLSHUJD
UDQWLUH OD FRQWLQXLW¢ G‫ۑ‬XQ PLWR HURLFR HG

LPPDFRODWR 
3HUFL´QRQY‫ۑ‬ªGDVWXSLUVLVHLQTXHVWD
VWRULD LQJDUEXJOLDWD LQ ELOLFR IUD HVRWHUL
VPRHFRVSLUD]LRQHLOPLVWHURªDQFRUDILW
WRPHQWUHODULFHUFDVXOODYLFHQGDSROLWLFD
HG XPDQD GHO FRVSLUDWRUH WULHVWLQR PHUL
WHUHEEHG‫ۑ‬HVVHUHULSUHVDDOPHQRGDSDUWHGHJOLVWRULFLXIILFLDOLEHQ
SURYYLVWLGLVWUXPHQWLWHPSRHPH]]LPDWHULDOL
1RQVLªPDLFRPSUHVRSHUFK«‫ۄ‬QHO&XULHOLQXQSULPRPR
PHQWRGHFLVHGLQRQFROODERUDUHDOOHSLRQLHULVWLFKHULFHUFKHGHOVXR
PDHVWUR%UXQR5RVVLSUHIHUHQGRVHJXLUHODSURSULDPLVVLRQHVSLULWX
DOH ‫۔‬VWHLQHULDQD‫ ە‬SHU SRL PXWDUH G‫ۑ‬DYYLVR VROR GRSR TXDOFKH PHVH

DFFHWWDQGRG‫ۑ‬LQWHJUDUVLQHOOHVFKLHUHDFFDGHPLFKHXQLYHUVLWDULH 


3HUGHFLVLRQHGHLYHUWLFLGHO3&,QHJOLDQQL‫ۑ‬YHQQHFUHDWRO‫۔ۑ‬,VWLWXWRGL6WXGL
FRPXQLVWL(XJHQLR&XULHO‫ە‬FRQVHGHLQXQ‫ۑ‬DFFRJOLHQWHYLOOLQRGL)DJJHWR/DULRQHO
&RPDVFR
2OWUHDVHPLQDULGLIRUPD]LRQHSROLWLFDSHULTXDGULGLSDUWLWRLOVRGDOL]LRRUJDQL]
]´XQDVRODLQL]LDWLYDGLULOLHYRULHYRFDQGRJOLVFLRSHULRSHUDLFKHDYHYDQRDQWLFL
SDWRODFDGXWDGHO)DVFLVPR,VWLWXWRGLVWXGLFRPXQLVWL(&XULHO6HPLQDULRGLVWX
GLRVXOrDQQLYHUVDULRGHOJLXJQR
6WUDQDPHQWH PD QRQ WURSSR QRQ IDYRU® LQ DOFXQ PRGR LO FRQIURQWR VXO SHUVR
QDJJLRGDFXLGHULYDYDODGHQRPLQD]LRQH

9‫ۑ‬ªGDGLUHFKH FRQTXHOGLQLHJR&XULHOSHUVHO‫ۑ‬RFFDVLRQHGLDJJUHJDUVLDGXQR
VFLHQ]LDWR FKH HEEH XQD FDUULHUD IROJRUDQWH SHUFK« QHJOL DQQL VXFFHVVLYL HQWU´ D
IDU SDUWH GHOO‫ۑ‬HOLWDULD VFKLHUD GL ILVLFL UDFFROWD DWWRUQR DG (QULFR )HUPL HG (WWRUH
0DMRUDQD SHUVRQDJJL FRQ FXL 5RVVL IX LQ LQWLPLW¢ VFLHQWLILFD HG XPDQD 4XHVWD
VWUHWWD FRQILGHQ]D ª FRPSURYDWD DG HVHPSLR GD XQ HSLVRGLR VLJQLILFDWLYR 1HO
 0DMRUDQD ULFHYHWWH GD /HQLQJUDGR O‫ۑ‬LQYLWR DG XQ FRQJUHVVR VFLHQWLILFR H VL
SUHPXU´GLHVWHQGHUOR‫۔‬¢0)HUPLHW¢05RVVL‫ە‬
(WWRUH0DMRUDQD‫&۔‬KHU0RQVLHXU‫ە‬VWDLQ(5HFDPL,OFDVR0DMRUDQDHSLVWROD
ULRGRFXPHQWLWHVWLPRQLDQ]H‫'ۄ‬L5HQ]R(GLWRUH5RPD
52%(572*5(002(XJHQLR&XULHO

6H FRPH VHPEUD DOOD EDVH GHOOD GHFLVLRQH F‫ۑ‬HUDQR UDJLRQL HFR
QRPLFKH Y‫ۑ‬ª GD SHQVDUH FKH QRQ FL IRVVH VWDWDXQD YHUD H SURSULD
DELXUDGHOOHLGHHDQWURSRVRILFKHFKHSUREDELOPHQWHWRUQDURQRDUL
DIILRUDUH LQ TXDOFKH DOWUR VFULWWR DQGDWR VIRUWXQDWDPHQWH SHUGXWR
3XUWURSSRVRQRVWDWHVPDUULWHRIRUVHVRWWUDWWHFDUWHIRQGDPHQWDOL
ͳ͸͵

'RSROHOHJJLUD]]LDOL5RVVLHPLJU´LQ$PHULFDGRYHSDUWHFLS´DFFDQWRD)HUPLHG
D5REHUW2SSHQKHLPHUDOJHQRFLGLDULRSURJHWWRGLFRVWUX]LRQHGHOODSULPDERPED
DWRPLFD
8 %DUWRFFL /DVFRPSDUVDGL(WWRUH0DMRUDQ]DXQDIIDUHGL6WDWR 6RFLHW¢ (GLWULFH
$QGURPHGD5RPD
ŠLOFDVRGLULFRUGDUHFKHGRSRO‫ۑ‬LQVSLHJDELOHVSDUL]LRQHGHOORVFLHQ]LDWRXQILGX
FLDULRGHOODSROL]LDSROLWLFDGHOJUXSSRGLVSLHFKHIDFHYDFDSRD%LFH3XSHVFKLUL
SUHQGHYDODGLFHULDFKH‫۔‬ODVFRPSDUVDGHO0DLRUDQDXRPRGLJUDQGLVVLPRYDORUH
QHO FDPSR ILVLFR H VSHFLDOPHQWH UDGLR O‫ۑ‬XQLFR FKH SRWHYD VHJXLWDUH JOL VWXGL GL
0DUFRQL QHOO‫ۑ‬LQWHUHVVH GHOOD GLIHVD QD]LRQDOH >IRVVH@ YLWWLPD GL TXDOFKH RVFXUR
FRPSORWWRSHUOHYDUORGHOODFLUFROD]LRQH‫ە‬
$UFKLYLR &HQWUDOH GHOOR 6WDWR 3ROL]LD 3ROLWLFD 3HUVRQDOL EXVWD   $SSXQWR D
QRQLPR PDVLJODWRFROQXPHURFRUULVSRQGHQWHD%LFH3XSHVFKLHO‫ۑ‬LQGLFD]LRQH
‫۔‬%LDQFR‫ە‬SVHXGRQLPRGL$PHULJR%LDQFKLQL ‫۔‬5RPD‫ە‬DJRVWR
0DMRUDQDQRQQDVFRQGHYDOHSURSULHVLPSDWLHSHUODSROLWLFDGL0XVVROLQLHJLXGL
FDYDEHQHYROPHQWHODSROLWLFDDQWLHEUDLFDGHLQD]LRQDOVRFLDOLVWL
(WWRUH0DMRUDQD‫&۔‬DUR*HQWLOH>*LRYDQQLMU@‫ە‬JLXJQR(WWRUH>0DMRUDQD@
‫&۔‬DUR6HJU«>(PLOLR@‫ە‬PDJJLRVWDQQRLQ(5HFDPL,OFDVR0DMRUDQDHSLVWR
ODULRGRFXPHQWLWHVWLPRQLDQ]HFLW
'HOJUXSSRGHL‫۔‬UDJD]]LGLYLD3DQLVSHUQD‫ە‬IDFHYDSDUWHDQFKH%UXQR3RQWHFRUYR
SDUHQWHGL&RORUQLFKHQHOO‫ۑ‬HVWDWHGHOYHQQHVILRUDWRGDOO‫ۑ‬LQFKLHVWDSROL]LHVFD
VXOFXJLQRSHUFK«TXHVWR‫۔‬VHGLFHQWHVFLHQ]LDWR‫ە‬ULFHYHYDSHUOXLQXPHURVDFRUUL
VSRQGHQ]DDOO‫ۑ‬KRWHOGL3DULJLGRYHULVLHGHYDSHUVHJXLUHLFRUVLGHOOD6RUERQD $U
FKLYLR &HQWUDOH GHOOR 6WDWR 3ROL]LD 3ROLWLFD 3HUVRQDOL EXVWD   $SSXQWR DQR
QLPR PDVLJODWRFROQXPHURFRUULVSRQGHQWHD9LQFHQ]R%HOODYLD ‫۔‬3DULJL‫ە‬
OXJOLR 
ŠLOFDVRGLQRWDUHFKHGRSRO‫ۑ‬DUUHVWRGL&RORUQLXQLQIRUPDWRUHGHOOD‫۔‬3ROL]LD3ROL
WLFD‫ە‬UDFFRJOLHYDODGLFHULDFKHLOVXRIHUPR‫۔‬VDUHEEHVWDWRGHWHUPLQDWRGDOIDWWRGL
DYHUORWURYDWRLQSRVVHVVRGLQRWHYROHPDWHULDOHGLIRUPXOHPDWHPDWLFKHHQXPH
UL FKH VRQR VWDWL ULWHQXWL FLIUDUL GL FRUULVSRQGHQ]D FRQ HOHPHQWL IXRUXVFLWL H FR
PXQLVWL6LWUDWWHUHEEHLQYHFHGLXQDLPSRUWDQWLVVLPDVFRSHUWDGHO&RORUQLDYHQWH
DWWLQHQ]D FRQ OH WHRULH GL (LQVWHLQ >VLF@ VXOOD UHODWLYLW¢ >@‫ ە‬$UFKLYLR &HQWUDOH
GHOOR 6WDWR 3ROL]LD 3ROLWLFD 3HUVRQDOL EXVWD   $SSXQWR DQRQLPR PD FRQ
O‫ۑ‬DQQRWD]LRQH‫۔‬$3LSHUQR‫۔ ە‬5RPD‫ە‬RWWREUH 
1HOFRUVRGHOODSHUTXLVL]LRQHGRPLFLOLDUHHVHJXLWDO‫ۑ‬VHWWHPEUHYHQQHURHI
IHWWLYDPHQWH ULQYHQXWL H VHTXHVWUDWL GHL ELJOLHWWL ‫۔‬GL FDOOLJUDILD GHO &RORUQL‫ۄە‬FRQ
PLVWHULRVH VXFFHVVLRQL GL OHWWHUH $UFKLYLR &HQWUDOH GHOOR 6WDWR 3ROL]LD 3ROLWLFD
3HUVRQDOLEXVWD ‫'۔‬HVFUL]LRQHGHLGRFXPHQWLDSSXQWLELJOLHWWLVWDPSH>@‫ە‬
VHWWHPEUH 
52%(572*5(002(XJHQLR&XULHO

GHOODVXDWUDYDJOLDWDDYYHQWXUDFRVSLUDWLYDŠXQIDWWRFKHGDLIDVFL
FROL RJJL UHSHULELOL DOO‫۔ۑ‬$UFKLYLR &HQWUDOH GHOOR 6WDWR‫ ە‬ULVXOWDQR
PDQFDUHDOFXQLGRFXPHQWLGHOODPDVVLPDLPSRUWDQ]D
1RQFLªVWDWRSRVVLELOHFRQRVFHUHLOWHVWRGHOOD‫۔‬GLVSRVL]LRQHPL
QLVWHULDOH  GHO  FRUUHQWH‫ ە‬FLWDWD LO  GLFHPEUH  GD

ͳ͸Ͷ %RFFKLQLQHOPHVVDJJLRLQFXLRUGLQDYDGLVSHGLUH&XULHODOFRQILQR 
6HPEUDSODXVLELOHFKHODSULPDGLUHWWLYDSUHYHGHVVHODVFDUFHUD]LRQH

GHOFRVSLUDWRUH SHUFL´VDUHEEHGDLQGDJDUHLQYLUW»GLTXDOLFRQYLQ
]LRQL RSUHVVLRQL" LQXQSULPRPRPHQWRVLSHQV´GLSDVVDUVRSUD
DOO‫ۑ‬HYLGHQWHDWWLYLW¢FRVSLUDWULFHHSHUFK«SRL RVXSUHVVLRQHGLFKL" 
LOFDSRGHOOD3ROL]LDLQSHUVRQDSHQV´FRPXQTXHGLGDUHXQDOH]LRQH
XQ FOHPHQWH FDVWLJR  DG XQ SHUVRQDJJLR FKH SHU VXD DPPLVVLRQH
V‫ۑ‬HUD LPSXQHPHQWH DJJLUDWR QHL SL» SHULFRORVL DPELHQWL
GHOO‫ۑ‬DQWLIDVFLVPR HG DYHYD LQFLWDWR FRL VXRL VFULWWL DOOD ORWWD DSHUWD
FRQWURLO5HJLPH
/D PDQR SHVDQWH SRWUHEEH HVVHUH OD FRQVHJXHQ]D GHO ULILXWR GL
&XULHOGLSUHVWDUVLDTXDOFKHPDQRYUDSROL]LHVFDG‫ۑ‬LQILOLWUD]LRQHRI
IHUWDLQGHFHQWHIUHTXHQWHPHQWHSURVSHWWDWDDLFDUFHUDWLFRPHFRQ
WURSDUWLWDG‫ۑ‬XQDVROOHFLWDOLEHUD]LRQH 6HIRVVHFRV®SDUODUHGLFHGL
PHQWRªQRQVRORLQIDPDQWHPDROWUDJJLRVR&RPXQTXHPDQFDXQ
‫۔‬DSSXQWR GHOOD 'LY 3ROLWLFD LQ GDWD  JHQQDLR  1 ‫ە‬
FKH GRYHYD ULDVVXPHUH WXWWD OD WUDYDJOLDWD YLFHQGD GL &XULHO HFKH
ULVXOWDSDVVDWRQHOIDVFLFRORSHUVRQDOHGHO‫&۔‬DVHOODULR3ROLWLFR&HQ

WUDOH‫ ە‬PDQRQVLWURYD1RQªQHJOLDUFKLYLQHPPHQRLO‫۔‬UDSSRUWRQr
 GHO 4XHVWRUH GL 0LODQR‫ ە‬FLWDWR GDO FRPPLVVDULR )HUGLQDQGR



$UFKLYLR&HQWUDOHGHOOR6WDWR0LQLVWHURGHOO‫ۑ‬,QWHUQR
&RQILQDWL SROLWLFL  IDVFLFROL SHUVRQDOL EXVWD   0LQLVWHUR GHOO‫ۑ‬,QWHUQR ‫'۔‬,63$&
&,2‫ۄ‬7(/(*5$),&2‫ۄ‬,63(7725(‫(*ۄ‬1(5$/(‫ۄ‬3(58==,‫ۄ‬SUHVVR 4XHVWXUD 0,/$12‫ە‬
GLFHPEUH

1HOODOHWWHUDLQYLDWDGDOFDUFHUHGRSRJOLLQWHUURJDWRULGL3HWULOOR&XULHOVLPR
VWUDYDILGXFLRVRGLSRWHUXVFLUHLQIUHWWDGDOODJUDYHVLWXD]LRQHLQFXLVLWURYDYDHG
LQVLVWHYD QHO VRWWROLQHDUH FKH ‫۔‬LO IXQ]LRQDULR‫ ە‬OR UDVVLFXUDYD VXO EXRQ HVLWR
GHOO‫ۑ‬LQFKLHVWD
(XJHQLR&XULHO‫&۔‬DULVVLPDPDPPD‫ە‬OXJOLRVWDLQ(&XULHO&ODVVLHJHQH
UD]LRQLQHOVHFRQGRULVRUJLPHQWRDFXUDGL(Q]R0RGLFD(GL]LRQLGL&XOWXUD6RFLD
OH5RPD

$UFKLYLR&HQWUDOHGHOOR6WDWR3XEEOLFD6LFXUH]]D3ROL]LD3ROLWLFD &DWHJRULD%
DQQR3HUVRQDOLEXVWD 0LQLVWHURGHOO‫ۑ‬,QWHUQR'LYLVLRQH$IIDUL*HQH
UDOHGHOOD3XEEOLFD6LFXUH]]D6H]LRQHr‫)۔‬RJOLRGLSDVVDJJLRGHJOLDWWL‫ۄە‬IHEEUD
LR
52%(572*5(002(XJHQLR&XULHO

3HSHQHO‫۔‬9HUEDOHGLGLVFROSH‫ە‬TXDQGRYLHQHFKLHVWRD&XULHOGLJLXVWL
ILFDUH LO VXR RSHUDWR &RPXQTXH LQ TXHVWR YHUEDOH VL SUHFLVD FKH LO
SURIHVVRUH ‫>۔‬F@RQIHUP>DYD@ TXDQWR JL¢ HEE>H@ D GLFKLDUDUH QHO >VXR@
SUHFHGHQWHLQWHUURJDWRULRUHVRLOJLRUQRJLXJQRQHOOHFDUFHUL

JLXGL]LDULHGL0LODQRDO94XHVWRUHGRWW7RPPDVR3HWULOOR‫ ە‬
0DLOYHUR‫۔‬RJJHWWRPLVWHULRVR‫ە‬UHVWDDWXWW‫ۑ‬RJJLO‫ۑ‬XRPR&XULHO ͳ͸ͷ
/D FRPSOHVVLW¢ H O‫ۑ‬LPSHQHWUDELOH LPSHUVFUXWDELOLW¢ GHO SHUVRQDJJLR
HUDVWDWDPHVVDLQULOLHYRQHOSLHQRGHOO‫ۑ‬HVSORGHUHGHO‫۔‬FDVR&XULHO‫ە‬
GDOFRPSDJQRGLDYYHQWXUHSROLWLFKHJLRYDQLOL5HQDWR0LHOLFRVWUHW
WRDGDPPHWWHUHQRQVHQ]DUDPPDULFRFKHFRQODVFRSHUWDGHLWHVWL
GHOO‫ۑ‬LQWHUURJDWRULRO‫ۑ‬ROHRJUDILDHURLFDGL&XULHOHUDDQGDWDDSH]]LH
FKHLOSHUVRQDJJLR‫۔‬WRUQD>YD@DFKLORULFRUGDSHUOHVXHYHUHTXDOLW¢
XPDQHYLYRHWRUPHQWDWRFRP‫ۑ‬HUDLQTXHJOLDQQL‫ە‬DWWUDWWRGDO3DUWL
WR &RPXQLVWD PD QRQ ‫۔‬FRQYHUWLWR DO PDU[LVPR‫ ە‬GHFLVR D ‫۔‬HQWUDUH


$UFKLYLR &HQWUDOH GHOOR 6WDWR &RQILQR 3ROLWLFR )DVFLFROL SHUVRQDOL EXVWD  
‫۔‬9HUEDOHGLGLVFROSH‫ە‬JHQQDLR
0DDQFKHO‫ۑ‬DXWRUHGHOYHUEDOHªWXWWRGDGHFLIUDUHSURSULRLQUHOD]LRQHDOODYLFHQ
GD GL &XULHO SHUFK« HUD OR VWHVVR FRPPLVVDULR 3HSH FKH QHO 'RSRJXHUUD VDU¢ LO
SULPRDULYHODUHLOQRPHGHJOLDVVDVVLQLGL&XULHO
)HUUXFFLR /DQIUDQFKL 4XHL‫ڨ‬EUDYLUDJD]]L‫ک‬GHOOD9RODQWH5RVVD QH ,OQXRYR&RUULHUH
GHOOD6HUDJHQQDLR
3HUVRQDJJLRDPELJXRHGLQTXLHWDQWH3HSHILQ®QHO‫۔‬SURFHVVRQH‫ە‬FRQWURODIDPLJH
UDWD ‫۔‬/HJLRQH $XWRQRPD (WWRUH0XWL‫ ە‬GL )UDQFR &RORPER DFFXVDWR GL HVVHUH LO
‫۔‬GLULJHQWHGHOO‫ۑ‬m8IILFLROHJDOH}HFRQPDQVLRQLGLFROOHJDPHQWRFRQOD4XHVWXUDGL
0LODQRO‫ۑ‬XRPRFKHOHJDOL]]D>YD@JOLDUUHVWLLVHTXHVWULDUELWUDULOHXFFLVLRQLHR
JQLDOWURUHDWRFRPPHVVRGDLFRPSRQHQWLODOHJLRQHDVFRSRGLOXFUR‫ە‬
5 /D]]HUR /H%ULJDWH1HUH,OSDUWLWRDUPDWRGHOOD5HSXEEOLFDGL0XVVROLQL 5L]]ROL
0LODQR
$FFXVDWR GL VHYL]LH ‫۔‬SDUWLFRODUPHQWH HIIHUDWH‫ ە‬GL SULJLRQLHUL H GL FRRUGLQDUH OH
‫۔‬IXQ]LRQLGLSROL]LDRUGLQDULD‫ە‬GHOOD‫۔‬0XWL‫ە‬3HSHYHQQHFRQGDQQDWRDGDQQLGL
UHFOXVLRQHGHLTXDOLFRQGRQDWLPDLJLXGLFLYROOHURSUHFLVDUHFKHDJOLRFFKLGHL
FDSLGHOODIRUPD]LRQHPLOLWDUHHUD‫۔‬WHQXWRLQVRVSHWWR‫ە‬DQFKHSHULOVXR‫۔‬FDUDWWHUH
SDYLGR‫ە‬
$UFKLYLR GL 6WDWR GL 0LODQR &RUWH GL $VVLVH 6WUDRUGLQDULD GL 0LODQR 6HQWHQ]H
EXVWD &RUWHG‫ۑ‬$VVLVHGHO&LUFRORGL0LODQR6H]LRQH,‫ۄ‬6SHFLDOH‫۔‬+DSURQXQFLD
WR OD VHJXHQWH 6(17(1=$‫ۄ‬1(//$‫&ۄ‬$86$‫('ۄ‬/‫ۄ‬38%%/,&2‫ۄ‬0,1,67(52 FRQWUR
3RUFHOOL$OFHVWHHGDOWUL‫ە‬PDJJLR
0HQWUH VFRQWDYD OD SHQD D 6DQ 9LWWRUH OD &DVVD]LRQH DQQXOODYDVHQ]D ULQYLR OD
FRQGDQQD‫۔‬SHUFK«LIDWWLQRQFRVWLWXLVFRQRUHDWR‫ە‬HQHRUGLQ´O‫ۑ‬LPPHGLDWDVFDUFH
UD]LRQH
$UFKLYLR GL 6WDWR GL 0LODQR &RUWH GL $VVLVH 6WUDRUGLQDULD GL 0LODQR 6HQWHQ]H
EXVWD   &RUWH 6XSUHPD GL &DVVD]LRQH ‫۔‬+D SURQXQFLDWR OD VHJXHQWH 6(17(1
=$‫ە‬PDU]R
52%(572*5(002(XJHQLR&XULHO

QHOOHRUJDQL]]D]LRQLIDVFLVWHSHUVHPLQDUHDOO‫ۑ‬LQWHUQRGLHVVHLJHUPL
GLXQRVSLULWRFULWLFRHGLXQDUHVLVWHQ]DGDOEDVVR‫ە‬VSLQWRDTXHVWR
VSHULFRODWR SURJHWWR GDL GLULJHQWL GHOO‫ۑ‬HPLJUD]LRQH SHUVRQDJJL VX
FXL0LHOLHVSULPHYDLJLXGL]LSL»QHJDWLYLHVIDYRUHYROLGLFHQGRFKH
‫۔‬L GLULJHQWL GHO 3&G‫ۑ‬, QRQ VL HUDQR PDL ILGDWL GL &XULHO QHSSXUH LQ
ͳ͸͸ SUHFHGHQ]DTXDQGRPRVWUDYDQRGLDSSUH]]DUQHOHGRWLQRQFRPXQL
G‫ۑ‬LQWHOOLJHQ]DHGLLPSHJQRSROLWLFR/LDYHYDLQVRVSHWWLWLFRQODVXD
LQWHOOLJHQ]DQHOFKLHGHUHODWHVVHUDGHOSDUWLWRHSRLFRQODVXDPDO
FHODWD DXWRQRPLD GL JLXGL]LR H GL FRPSRUWDPHQWR *L¢ QHO 
TXDQGR VL HUD VFDWHQDWD D 0RVFD OD FDFFLD DL WURW]NLVWL HJOL VL HUD
PHVVRLQFDWWLYDOXFHSHULVXRLUDSSRUWLGLDPLFL]LDFRQLO‫۔‬WURW]NL
VWD‫&ە‬RORUQL)XVROWDQWRSHUFK«LOVXR‫۔‬ODYRUROHJDOH‫ە‬LQ,WDOLDGDYD
LQWHUHVVDQWL ULVXOWDWL FKH QRQ YHQQH SURFHVVDWR SULPD 0D TXDQGR
TXHOODYRURIXUHVRLPSRVVLELOHGDOODSURPXOJD]LRQHGHOOHOHJJLUD]
]LDOLHODVXDSUHVHQ]DD3DULJLGLYHQQHLQJRPEUDQWHTXHLVRVSHWWL
YHQQHUR HVSOLFLWDPHQWHPDQLIHVWDWL ,O&HQWUR (VWHUR JOL IHFH DOORUD
FDSLUH FKH QRQ DYHYD DOFXQ LQFDULFR GD RIIULUJOL H FKH FHUFDVVH GL

UHQGHUVLXWLOHDOWURYH&XULHOXPLOLDWRQHVRIIU®‫ ە‬
( TXHVWR VHQWLPHQWRG‫ۑ‬DPDQWHWUDGLWR VSLHJDYD LO SUHVXQWR ‫۔‬FH
GLPHQWR‫ە‬SHUFK«VHFRQGRO‫ۑ‬DPLFRFKHORFRQRVFHYDEHQH‫&۔‬XULHOD
TXHOO‫ۑ‬HSRFDDYHYDDPDUDPHQWHFDSLWRGLQRQSRWHUVLILGDUHGLFRORUR

FKHQRQVLHUDQRILGDWLGLOXL‫) ە‬XODQDWXUDSL»SURIRQGDHQDVFR
VWDTXHOOD‫۔‬VWHLQHULDQDPHQWH‫ە‬DVWUDOHDVSLQJHUORDVWDFFDUVLGDXQ
PRQGR FKH RUPDL JLXGLFDYD FRUURWWR H GLVRQHVWR SUHQGHQGRQH OH
GLVWDQ]H0DRUPDLHUDWURSSRFRLQYROWRLQXQ‫۔‬JUDQGHLQWULJR‫ە‬HYL
UHVW´LPSLJOLDWR
)LQRDOODPRUWH



50LHOL*OLDQQLGHOVRVSHWWRQH,O*LRUQDOHPDJJLR

,ELGHP

,Q SHUIHWWD FRHUHQ]D FRO FOLPD G‫ۑ‬LGHQWLW¢ QDVFRVWH FKH FDUDWWHUL]]D OD ILJXUD GHO
FRVSLUDWRUHWULHVWLQRQHOODFLWW¢GL3DGRYDGRYHYLVVHHGRSHU´SHUDQQLO‫ۑ‬HGLILFLR
GLXQSUHVWLJLRVROLFHRLQYLD'XUHUªGLYHQWDWRQRWRVRSUDWWXWWR‫۔‬SHUODFRQWH
VWDWLVVLPDIRUPDGHOODVXDSLDQWDDIDOFHHPDUWHOOR‫ە‬
/DVFXRODªGHGLFDWDD(XJHQLR&XULHO‫۔‬QRWRSDUWLJLDQRLVFULWWRDO3DUWLWRFRPXQL
VWDFRQXQDFDWWHGUDDO%R‫ە‬
3 7HOODUROL FRVHGDIDUHD3DGRYDDOPHQRXQDYROWDQHOODYLWD 1HZWRQ &RP
SWRQHGLWRUL
/D6WDPSD GHO  VHWWHPEUH  /D VYDOXWD]LRQH GHOOD OLUD VXOOH DOWUHPRQHWH HXURSHH
VHJQ´O‫ۑ‬LQL]LRGHOGHFOLQRHFRQRPLFRGHOO‫ۑ‬,WDOLD
Credito: CC BY-SA La Stampa
&LYLOLWUDVSRUWDWLGDLPLOLWDULGXUDQWHODULWLUDWDGL&DSRUHWWR
&HQWLQDLDGLPLJOLDLDGLFLYLOLIXJJLURQRGDYDQWLDOO‫ۑ‬LQYDVLRQHGHJOL,PSHUL&HQWUDOL
9LWWRULR(PDQXHOH,,,DOODFRQIHUHQ]DGL3HVFKLHUD'RSR&DSRUHWWRJOL$OOHDWLDYUHEEHUR
YROXWR REEOLJDUH O‫ۑ‬,WDOLD D XQD ULWLUDWD VXOO‫ۑ‬$GLJH H LQYLDURQR GLYLVLRQL QHO 1RUG2YHVW
SL»SHUVFRQJLXUDUHHYHQWXDOLFHGLPHQWLFKHSHUDLXWDUHO‫ۑ‬,WDOLD/DIHUPH]]DGL9LWWRULR
(PDQXHOH ULXVF® D LPSRUUH DJOL $OOHDWL OD OLQHD GHO JRYHUQR LWDOLDQR DOOD JHVWLRQH GHO
FRQIOLWWRVXOIURQWHGHO3LDYH
/‫ۑ‬DVVDOWRD*RUL]LDDWWUDYHUVRO‫ۑ‬,VRQ]RGHOOD%ULJDWD&DVDOH
GDXQDFDUWROLQDLOOXVWUDWDGHOO‫ۑ‬HSRFD

,OSXQWRGLYLVWDGHOQHPLFR*RUL]LD‫*ۋ‬RU]LQWHGHVFR‫ۋ‬GLHWURODOLQHDGHOIURQWH
LQXQGLVHJQRDXVWURXQJDULFR
&DYDOOHULDLWDOLDQDSHUOHVWUDGHGL*RUL]LDDSSHQDFRQTXLVWDWDLODJRVWR
6LQRWDQROHLQVHJQHLQLWDOLDQR

 


/DFRSHUWLQDGL$FKLOOH%HOWUDPHGHOOD'RPHQLFDGHO&RUULHUH
GHOODWHU]DVHWWLPDQDGLDJRVWRFHOHEUDODFRQTXLVWDGL*RUL]LD

 
,OJHQHUDOH)LRUHQ]R%DYD%HFFDULVDSDVVHJJLRLQSLD]]DGHO'XRPRD0LODQR

&UHGLWR6WXGLR*DQ]LQL&&%<6$ZZZFHQVLPHQWRIRWRJUDILDLWDOLDLW
 



/HEDUULFDWHD0LODQRGXUDQWHLPRWLGHOPDJJLR
 


8QDVFHQDGHOODUHSUHVVLRQHGHLPRWL
/DYLROHQ]DGHOOHSURWHVWHIXWDOHGDULFKLHGHUHO‫ۑ‬LPSLHJRGHOOHDUPLSHUULSRUWDUHO‫ۑ‬RUGLQH
SHUOHYLHGL0LODQR7XWWDYLDLQXQVRORFDVRIXXWLOL]]DWDO‫ۑ‬DUWLJOLHULDFRQWUROHEDUULFDWH







0LOLWLGHOODGLYLVLRQH/LWWRULRDGGHVWUDWLLQ*HUPDQLD
HDUPDWLFRQLODQFLDUD]]LDQWLFDUURWHGHVFKL3DQ]HUVFKUHFN
3RFKLUHSDUWLGHOOD56,SRWHYDQRGLVSRUUHGLDUPDPHQWLDOO‫ۑ‬DYDQJXDUGLD
/DPDJJLRUSDUWHHUDGRWDWDGLYHFFKLHTXLSDJJLDPHQWLGHO5HJLR(VHUFLWR

 


'XHJLRYDQLPLOLWLGHOOH%ULJDWH1HUH
/DIRUPD]LRQHSDUDPLOLWDUHYROXWDGD3DYROLQLQRQRVWDQWHXQQXFOHRGLLUULGXFLELOLQRQ
ULXVF®DUDJJLXQJHUHLOOLYHOORGLDGGHVWUDPHQWRHGLHTXLSDJJLDPHQWRGHOOHXQLW¢PLOLWDUL
GL OLQHD 6L QRWD LQ TXHVWD IRWR O‫ۑ‬HWHURJHQHLW¢ GHJOL DUPDPHQWL PLWUD 0$% ERPEH
‫۔‬VFKLDFFLDSDWDWH‫ە‬WHGHVFKHXQPRVFKHWWRPRG




D
8QPDU´GHOEDWWDJOLRQH/XSR ; 0$6 VXOIURQWHGHO6HQLRDUPDWRGL3DQ]HUIDXVW
,UHSDUWLGHOOD'HFLPDIXURQRIUDLSL»FRPSDWWLHPHJOLRDUPDWLGHOOD56,HDOFXQLGLHVVL
YHQQHURLPSLHJDWLGDLFRPDQGLWHGHVFKLQHOGLVSRVLWLYRGHOOD/LQHD9HUGH,,RULHQWDOH LQ
5RPDJQD  TXHOOR SL» GLIILFLOH GRYH FRP‫ۑ‬HUD SUHYHGLELOH VL VFDWHQ´ O‫ۑ‬RIIHQVLYD
DQJORDPHULFDQDGLSULPDYHUD
 



$OFXQLGHL&KLFDJR%R\V
JOLHFRQRPLVWLFLOHQLIRUPDWLDOODVFXRODXOWUDOLEHULVWDGL0LOWRQ)ULHGPDQ
DOO‫ۑ‬XQLYHUVLW¢GL&KLFDJR
 


3DSD3LR; *LXVHSSH0HOFKLRUUH6DUWR 
 


8QHVHPSLRGHOODYLROHQWDFDPSDJQDDQWLFOHULFDOH
LQ)UDQFLDDFDYDOORIUD;,;H;;VHFROR
 


8Q‫ۑ‬DHURQDYH=HSSHOLQOD/4XHVWHPDFFKLQHYRODQWLDOO‫ۑ‬LQL]LRGHOOD*UDQGH*XHUUD
ULVXOWDYDQRSUHVVRFK«LQYXOQHUDELOLLQSDUWLFRODUHDOODFDFFLDDHUHDFKHPDQFDYDGL
SDOORWWROHLQFHQGLDULH YLHWDWHGDOOHFRQYHQ]LRQLLQWHUQD]LRQDOL SHUOHDUPLLPEDUFDWH
 


,OUHOLWWRGHOOD/=SUHFLSLWDWDD/LWWOH:LJERURXJKQHOO‫(ۑ‬VVH[QHO
/‫ۑ‬HTXLSDJJLRFHUF´GLGLVWUXJJHUHLOGLULJLELOH
PDLGDQQLDOORVFDIRIXURQROLPLWDWLSHUFK«O‫ۑ‬DHURQDYHDYHYDJL¢SHUGXWR
JUDQSDUWHGHOSURSULRJDVLGURJHQRDOWDPHQWHLQILDPPDELOH
 


8QD5DQNHQ'DUWXQGLVSRVLWLYRLQFHQGLDULR
SHQVDWRFRPHXQDVRUWDGLDUSLRQHDFDGXWDOLEHUDSHUGLVWUXJJHUHJOL=HSSHOLQ
 


,O3%(1LJKWKDZNLOTXDGULSODQRDQWL=HSSHOLQGHOOD6XSHUPDULQH
$YHYDXQ‫ۑ‬DSHUWXUDDODUHGLROWUHPHWULHUDGRWDWRGLGXHPRWRULFKHJOLFRQVHQWLYDQR
XQDYHORFLW¢PDVVLPDGLNPKPDVRSUDWWXWWRXQ‫ۑ‬DXWRQRPLDWHRULFDGLRUH
(UDDUPDWRFRQGXHPLWUDJOLDWULFLHXQFDQQRQFLQRGDPP

 


,O5REH\3HWHUV55)ULYDOHGHO1LJKWKDZN5LPDVHDOORVWDWRGLSURWRWLSR
(UDXQELSODQRPRQRPRWRUHFRQXQ‫ۑ‬DSHUWXUDDODUHGLPHWUL
(UDSUHGLVSRVWRSHUHVVHUHDUPDWRFRQGXHPLWUDJOLDWULFL
 





0DXUL]LR%DUR]]L0RUWHGL0XVVROLQL)LQHGLXQD‫ڨ‬YXOJDWD‫(ک‬GLWULFH
3DJLQH3DJ(XUR


‫'۔‬LFHUWRVLVDVRORFKHªPRUWR‫ە‬8QDIUDVHFKHVSHVVRVLVHQWHULSH
WHUHSHUWDQWLJLDOOLVWRULFL(IUDTXHVWLXQSRVWRGLSULPRSLDQRFH ϭϴϵ
O‫ۑ‬KDO‫ۑ‬HOLPLQD]LRQHGL%HQLWR0XVVROLQLHGHOODVXDDPDQWH&ODUHWWD
3HWDFFLLODSULOH8QVDQJXLQRVRSXQWRGLVYROWDGHOODVWRULD
QD]LRQDOH VX FXL WDQWR VSHVVR FL VL VHQWH ULSHWHUH FKH ‫۔‬OD VWRULD KD
GHWWR OD SDUROD ILQH‫ ە‬0D SURSULR VXOO‫ۑ‬HVHFX]LRQH GHO 'XFH VHPEUD
FKHTXHVWD‫۔‬SDURODILQH‫ە‬VLDVWDWDSURQXQFLDWDWDQWHWURSSHYROWHH
FRQWURSSLDFFHQWLGLYHUVL8QD‫۔‬ILQH‫ە‬VWUDQDHLQFRHUHQWHOHFXLSOX
ULPHYHUVLRQLEHQFLQTXH VHQRQVHL IRUQLWHGDOSUHVXQWRHVHFXWR
UH:DOWHU$XGLVLRDOLDV&RORQQHOOR9DOHULRHGDJOLDOWULSDUWHFLSDQWL
0LFKHOH0RUHWWLH$OGR/DPSUHGL DYHYDQRXQWDOJUDGRGLLQFRQ
JUXHQ]H H FRQWUDGGL]LRQL LQWHUQH H IUD ORUR FKH FRPH JL¢ HEEH DG
RVVHUYDUH)UDQFR%DQGLQLSUHVHVLQJRODUPHQWHPRVWUDYDQRXQJUD
GR ]HUR GL FUHGLELOLW¢ 3UHVH WXWWH LQVLHPH PHWWHYDQR D QXGR
O‫ۑ‬LPSRVVLELOLW¢ILVLFDFKHOHFRVHIRVVHURDQGDWHFRPHVLªYROXWRIDU
FUHGHUH
1HJOLDQQLVLVRQRTXLQGLDFFXPXODWHWXWWDXQDVHULHGLLQFKLHVWH
HFRQIXWD]LRQLGLTXHVWD‫۔‬VWRULFDYHUVLRQH‫ە‬RPHJOLR‫۔‬YXOJDWD‫ە‬FRPH
ODGHILQ®5HQ]R'H)HOLFHPDQHVVXQDULXVFLYDDVPHQWLUODLQPRGR
GHILQLWLYR
4XHVWRSHUFK«GDXQDSDUWHOHVROHFRQWUDGGL]LRQLSRWHYDQRHV
VHUH DQFKH IUXWWR GL DJJLXQWH H DJJLXVWDPHQWL SROLWLFL H DJLRJUDILD
UHVLVWHQ]LDOHGHOWHPSRFKHDOWHUDYDQRPDQRQVWUDYROJHYDQRLIDWWL
SHUHVHPSLRJOLDWWLHOHIUDVLGHQLJUDWRULHPHVVHLQERFFDD0XVVR
OLQLDOPRPHQWRGLIXFLODUOR HGDOO‫ۑ‬DOWUDVLDYHYDXQDDVVROXWDPDQ
FDQ]DGLGRFXPHQWD]LRQLUHODWLYHDLIDWWLVYROWLVLDOOD7UHPH]]LQDOD
ORFDOLW¢GRYHVDUHEEHDYYHQXWDO‫ۑ‬HVHFX]LRQH
'HOOHWHVWLPRQLDQ]HQHVVXQDUHVDLQWULEXQDOHRVRWWRJLXUDPHQ
WRPHJOLRQRQSDUODUQHQRQIDFHYDQRDOWURFKHDXPHQWDUHODFRQ
IXVLRQH
/HSHUL]LHEDOLVWLFKHHPHGLFROHJDOLLQROWUHWXWWHUHVWURVSHWWLYH
H IDWWH VX VFDUQH GRFXPHQWD]LRQL SDOHVHPHQWH LQVXIILFLHQWL H IRWR
G‫ۑ‬HSRFDQRQSRWHYDQRRIIULUHTXHOJUDGRGLFHUWH]]HQHFHVVDULH


,QTXHVWRFRQWHVWRVLVRQRFRV®DYDQ]DWHQHJOLDQQLSL»GLXQD
GHFLQDGL‫۔‬YHUVLRQLDOWHUQDWLYH‫ە‬VXOODPRUWHGL0XVVROLQLPDQHVVX
QDGHOOHTXDOLFRQVROLGHSURYHSHUDWWHVWDUOD
,OIDWWRªFKHOD‫۔‬VWRULFDHWDURFFDWDYHUVLRQH‫ە‬GHVFULYHYDIDWWLHG
HSLVRGLVYROWLVLWUDLOHDSULOHWUD0LODQR&RPRHOD7UH
ϭϵϬ PH]]LQDSL»RPHQRHIIHWWLYDPHQWHDYYHQXWLPDDOO‫ۑ‬LQWHUQRGLTXH
VWLYLHUDLOGLYHUVLYRGHOODXFFLVLRQHGHO'XFHFKHHUDVWDWRPLVWLIL
FDWR6HQ]DGRFXPHQWD]LRQLSHU´LPSRVVLELOHGLPRVWUDUOR
/‫ۑ‬DXWRUHTXLQGLKDULSHUFRUVRSDVVRSDVVRWXWWDODYLFHQGDQHKD
HVWUDWWR H GLPRVWUDWR WXWWH OH LQFRQJUXHQ]H UHDOL H GLPRVWUDELOL
TXLQGLDWWUDYHUVRXQSURFHGLPHQWRVFLHQWLILFRDLXWDWRLQTXHVWRGDO
OHXOWLPHVFRSHUWHUHWURVSHWWLYHVXIRWRGHLFDGDYHULHGHOYHVWLDULR
KDIRFDOL]]DWRXQSDLRGLSURYHRJJHWWLYHHFRQFUHWHFKHVPHQWLVFR
QR OD YXOJDWD $QFKH JOL DVSHWWL FURQR WDQDWRORJLFL H EDOLVWLFL VRQR
VWDWL SUHVL LQ FRQVLGHUD]LRQH VHSSXUH GDWD XQD FHUWD DOHDWRULHW¢ GL
LQGDJLQHGDVROLQRQVDUHEEHURGHFLVLYL
9HQLYD LQROWUH D SUHQGHUH LQ FRQVLGHUD]LRQH WXWWH OH WHVWLPR
QLDQ]HGLTXHODSULOH‫ۑ‬WUD0H]]HJUDH%RQ]DQLJROHTXDOLXQD
YROWDDQDOL]]DWHHLQFURFLDWHJL¢GDVROHVPHQWLYDQRJOLDYYHQLPHQWL
QDUUDWLGD:DOWDU$XGLVLRLOTXDOHDYHYDDIIHUPDWRG‫ۑ‬HVVHUJLXQWRD
%RQ]DQLJRYHUVROHDYHUSUHOHYDWR0XVVROLQLHOD3HWDFFLSHU
IXFLODUOLGDYDQWLDOFDQFHOORGL9LOOD%HOPRQWHDOOH
$OODILQHO‫ۑ‬DXWRUHKDSRWXWRFRQFOXGHUHHVRSUDWWXWWRGLPRVWUDUH
FKHOD‫۔‬VWRULFDYHUVLRQH‫ە‬RYXOJDWDªXQIDOVRSRWHQGRDQFKHDFFOD
UDUHODERQW¢GHOODULFHUFDGL*LRUJLR3LVDQ´FKHQHOHEEHGDOOD
WHVWLPRQH 'RULQD 0D]]ROD DO WHPSR UHVLGHQWHD %RQ]DQLJR LO UDF
FRQWR GL FRPH VL HUD VYROWD O‫ۑ‬XFFLVLRQH GL 0XVVROLQL SULPD H GHOOD
0D]]RODSRFRGRSR
4XHOOD WHVWLPRQLDQ]D WURYD TXLQGL ULVFRQWUL H VRVWHJQR QHOOH UL
FHUFKHGHOO‫ۑ‬DXWRUH
/D‫۔‬YXOJDWD‫ە‬RUDV®FKHSX´HVVHUHJHWWDWDQHOFHVWLQR


6LPRQH,PSDUDWR
/LYLR6SLQHOOL0RVFDWHU]D5RPD'D*LXOLR&HVDUHD3XWLQ(GL]LRQL
3DJLQH5RPDSS‫ܧ‬


‫۔‬0LD PDGUH KD FRQRVFLXWR +LWOHU‫ ە‬UDFFRQWD LO SURIHVVRU /LYLR 6SL
191
QHOOL ‫۔‬DELWR D 6DQWD 0DULQHOOD GL IURQWH DO YLOOLQR GL 3DSD 3DFHOOL H
DOODYLOODGHO5HG‫ۑ‬,WDOLDGDOODPLDILQHVWUDYHGRODFDVDGL2OJD/RGL
OD)HEHDDPDQWHGL'‫ۑ‬$QQXQ]LRFRQODTXDOHDYHYDTXLLVXRLLQFRQ
WULVHJUHWLHXQSR‫ۑ‬SL»JL»F‫ۑ‬ªODYLOODGL&ODUHWWD3HWDFFLFKHOHPLH
]LHIUHTXHQWDYDQR‫ە‬8QDVHULHGLLQWUHFFLFRQODVWRULDYLVVXWDFKHª
LQILQHVERFFLDWRLQXQDWULORJLDGLULFHUFKHVWRULFKHVXOOHWUHUHOLJLRQL
GHO/LEUR,VODP(EUDLVPRH&DWWROLFHVLPRLQFXLDOGLO¢GHJOLDVSHWWL
GLIHGHYHQJRQRSUHVHLQFRQVLGHUD]LRQLYLFHQGHVWRULFKHSROLWLFKH
HGHFRQRPLFKHLQWULQVHFDPHQWHOHJDWHPHWWHQGRLQOXFHOHDQWLFKLV
VLPHUDGLFLFKHFRQGL]LRQDQRSHVDQWHPHQWHJOLDYYHQLPHQWLRGLHUQL
,OSULQFLSH6IRU]D5XVSROLKDVFULWWRODSUHID]LRQHGLTXHVWRDFFXUDWR
ODYRUR VFLHQWLILFR EDVDWR VX XQD PROH GL GRFXPHQWL IRWR WHVWLPR
QLDQ]HLQJUDQSDUWHLQHGLWHHVSHVVRLJQRWLDOODVWRULRJUDILDXIILFLDOH

1HO WHU]R OLEUR GHOOD WULORJLD F‫ۑ‬ª XQ ILOR FKH FRQGXFH GDOOD FLWW¢
OD]LDOHGL&HUYHWHULD0RVFDVHFRQGR6SLQHOOLLQIDWWLLOQRPH&HVDUH
GHULYDGDTXHVWDFLWW¢HDORURYROWD‫۔‬.DLVHU‫ە‬H‫=۔‬DU‫ە‬GHULYDQRGD&H
VDUH(XQDOWURILORSDUWHGDOODGLRFHVLVXEXUELFDULDGL6LOYD&DQGLGD
RJJL 3RUWR6 5XILQD  GRYH HEEH RULJLQH QHO  OR 6FLVPD
G‫ۑ‬RULHQWHDGRSHUDGHOFDUGLQDOHYHVFRYR8PEHUWRGL6LOYD&DQGLGD
LO TXDOH UHFDWRVL D &RVWDQWLQRSROL GHSRVLW´ OD EROOD GL VFRPXQLFD
FRQWUR LO SDWULDUFD 0LFKHOH &HUXODULR VXOO‫ۑ‬DOWDUH GHOOD %DVLOLFD GL 6
6RILD GXUDQWH OD PHVVD VROHQQH LQ SUHVHQ]D GHOO‫ۑ‬,PSHUDWRUH 8QR
VFLVPD FKH DQFRUD RJJL QRQ VL ª ULFRPSRVWR 'RSR OD FDGXWD GHOOD
3ULPD5RPDHSRLGL&RVWDQWLQRSROLVHFRQGD5RPDHFFRODFLWW¢GL
0RVFDHJOL]DUFKHQHKDQQRHUHGLWDWRODGLVFHQGHQ]DTXDQGRODQL
SRWHGHOO‫ۑ‬XOWLPR,PSHUDWRUHG‫ۑ‬RULHQWH&RVWDQWLQR;,6RSKLDVSRV´LO
SULQFLSHUXVVR,YDQ8QDFDWHQDFKHVLVQRGDQHLVHFROLHYHGH9OD
GLPLU3XWLQFRPH*LXOLR&HVDUHGHLQRVWULWHPSLOXLXQ3XW®QSUR
QXQFLDWR DOOD YHQH]LDQD GDWR FKH VHPEUD SURYDWR FKH OD VXD IDPL
JOLDQHO;9,,,VLWUDVIHU®GD9LFHQ]DD6DQ3LHWUREXUJR

/HYLFHQGHQDUUDWHLQTXHVWROLEURVLLQWUHFFLDQRDOODILQDQ]DDQ
WLFDHPRGHUQDDOOHYLFHQGHGHOOH21*ILQDQ]LDWHGD6RURVFKHKDQ
QRDFFHUFKLDWROD5XVVLDHLOPRQGRRSDFRGHOOHEDQFKH0DODVWRULD
O‫ۑ‬HFRQRPLD OD ILQDQ]D QRQ VSLHJDQR WXWWR 6HFRQGR O‫ۑ‬DXWRUH LQIDWWL
VWLDPR DVVLVWHQGR DQ]L LQWUDYHGHQGR LO PXWDPHQWR HSRFDOH GHOOD
&KLHVDLQFXLLO3DSDULQXQFLDQGRDOVXRSULPDWRVDU¢XQSULPXVLQ
WHUSDUHVQHOPRPHQWRLQFXLOH&KLHVHVLULFRQFLOLHUDQQRGRSRVHFR
192
OLGLVFLVPLŠQHOO‫ۑ‬XOWLPRFDSLWROR‫۔ۋ‬4XHO*HVXLWDD5RPD‫ۋە‬/LYLR
6SLQHOOLWUDHXQDVXJJHVWLYDFRQFOXVLRQHGHOODVXDWULORJLD


/XFLR$QQXQ]LDWR
127(%,2*5$),&+('(*/,$8725,


(00$18(/( )5$1&(6&2 0$5,$ (0$18(/( ª SURIHVVRUH XQLYHUVLWDULR DY
YRFDWRFDVVD]LRQLVWDHFRQRPLVWDEDQFKLHUHHVSHUWRLQPDWHULDILQDQ]LDULD
WULEXWDULDHDVVLFXUDWLYDVDJJLVWD$XWRUHGLQXPHURVLVDJJLIUDFXL6WDWRH 193
FLWWDGLQR/DULYROX]LRQHQHFHVVDULD   8QDSRVVLELOHVROX]LRQHDOPRGHO
ORGHO :HOIDUH 8QDSSURFFLRTXDQWLWDWLYR   /H]LRQLGL6FLHQ]DGHOOH)L
QDQ]H   $UWH H )LQDQ]D   Š VWDWR LQROWUH DPEDVFLDWRUH
SUHVVRO‫ۑ‬81(6&2SHUFRQWRGHO6020HSUHVLGHQWHGLQXPHURVLFRPLWDWL
HQWLHLVWLWX]LRQLFXOWXUDOLQRQFK«PHPEURGLPROWLFRPLWDWLVFLHQWLILFLHGL
DFFDGHPLH+DULFHYXWRULFRQRVFLPHQWLDOLYHOORQD]LRQDOHHGLQWHUQD]LRQD
OHSHUODSURPR]LRQHGHOO‫ۑ‬DUWHHGHOODFXOWXUDSHUO‫ۑ‬DWWLYLW¢VFLHQWLILFDHFR
QRPLFRSROLWLFDHSHUODVXDFRVWDQWHDWWHQ]LRQHDOOHTXHVWLRQLILODQWURSL
FKHHXPDQLWDULH

'20(1,&2 ),6,&+(//$ GRFHQWH XQLYHUVLWDULR HGLWRULDOLVWD VHQDWRUH H PL
QLVWURSHUL%HQL&XOWXUDOL/HVXHRSHUHSROLWRORJLFKHKDQQRDYXWRYDVWD
HFRIUDJOLVSHFLDOLVWLHVRQRULIHULPHQWRQHLFRUVLXQLYHUVLWDUL)UDTXHVWH
6YLOXSSRGHPRFUDWLFRHVLVWHPLHOHWWRUDOL  7HPLHPHWRGLLQVFLHQ]DSR
OLWLFD  /DJLRVWUDGHOSRWHUH3DUWLWLHLVWLWX]LRQLQHOYRUWLFHGHOODFULVL
  7RWDOLWDULVPR8QUHJLPHGHOQRVWURWHPSR  /LQHDPHQWLGL
VFLHQ]D SROLWLFD &RQFHWWL SUREOHPL WHRULH  (ORJLR GHOOD PRQDUFKLD
 &ULWLFDGLGHVWUDDOODGHPRFUD]LDRYYHUROHUDJLRQLGHOWRUWR  /D
GHPRFUD]LDFRQWURODUHDOW¢,OSHQVLHURSROLWLFRGL&KDUOHV0DXUUDV  ,O
PLUDFRORGHO5LVRUJLPHQWR/DIRUPD]LRQHGHOO
,WDOLDXQLWD  'DO5LVRU
JLPHQWRDO)DVFLVPR  'LWWDWXUDH0RQDUFKLD/
,WDOLDWUDOHGXHJXHUUH


3,(5/8,*,520(2',&2//25('20(/6DUFKHRORJRDOWHUQDO
DWWLYLW¢GLVFD
YRSHUOD6RSULQWHQGHQ]D$UFKHRORJLFDSHULO/D]LRDOORVWXGLRGHOODVWRULD
PLOLWDUHFRQSDUWLFRODUHULJXDUGRDOOH))$$LWDOLDQHHDOOHXQLW¢FRPEDW
WHQWLGHOOD0961ŠDXWRUHGLDUWLFROLVFLHQWLILFLVXOO‫ۑ‬DUFKHRORJLD LQSDUWL
FRODUHQHOFDPSRGHOO‫ۑ‬HJLWWRORJLD QRQFK«GLQXPHURVLVDJJLIUDFXL3DVVR
8DULHX/H7HUPRSLOLGHOOH&&11LQ(WLRSLD  (VHUFLWLVXO3LDYH
  /D%DWWDJOLDGHO6ROVWL]LR3LDYHJLXJQR  ,3LODVWULGHO
5RPDQR,PSHUR/H&DPLFLH1HUHLQ$IULFD2ULHQWDOH  ‫(ڲ‬W
O‫ڥ‬$OLIDQWHEDWWDJOL´FROO‫ڥ‬$TXLOD6LJLVPRQGR3DQGROIRGHL0DODWHVWLH)HGHULFR
GD 0RQWHIHOWUR YLWD SDUDOOHOD GL GXH FRQGRWWLHUL QHOO‫ڥ‬,WDOLD GHO ;9 VHFROR
 ,&DYDOLHULGHOOD&URFH1HUD/‫ڥ‬2UGHQVEXFK GHOVWDWXWLHUHJROD
GHOO‫ڥ‬2UGLQH7HXWRQLFR
 



0$5&2 &,00,12 ª XQR VWRULFR PLOLWDUH VSHFLDOL]]DWR QHOOR VWXGLR GHOOD
*UDQGH *XHUUD Š PHPEUR GHOOD 6RFLHW¢ ,WDOLDQD GL 6WRULD 0LOLWDUH GHOOD
194
VRFLHW¢GHO0XVHRGHOOD*XHUUDGL5RYHUHWRªVRFLRDFFDGHPLFRGHO*UXS
SR,WDOLDQR6FULWWRULGL0RQWDJQDHIDSDUWHGHOFRPLWDWRVFLHQWLILFRGHOIH
VWLYDOLQWHUQD]LRQDOH‫۔‬ª6WRULD‫ە‬GL*RUL]LDGHOO‫ۑ‬DVVRFLD]LRQH‫&۔‬DU]DQR‫ە‬
GHOSURJHWWR&15‫۔‬7DSXP‫ە‬HGL‫۔‬6WRULD9HULW¢‫ە‬ªDQFKHSUHVLGHQWHGHOOD
JLXULDGHOSUHPLRLQWHUQD]LRQDOH,)06HPHPEURGLTXHOODGHOSUHPLRVWR
ULFR$6HPD7UDLVXRLODYRULSL»UHFHQWLKDFXUDWRLVDJJL/DFRQTXLVWD
GHOO‫ڥ‬$GDPHOOR   $EELDPRYLQWRO‫ڥ‬$XVWULD8QJKHULD   /DFRQTXL
VWDGHO6DERWLQRH )DQWHULDDOO‫ڥ‬DWWDFFRD&DSRUHWWR   ROWUH D 'D<DOWD
DOO‫ڥ‬8QGLFL VHWWHPEUH   H /D EDWWDJOLD GHL JKLDFFLDL XQD VWRULD GHOOD
*XHUUD%LDQFD  

(0$18(/(0$675$1*(/2GDGRGLFLDQQLUHGDWWRUHFDSRGHOPHQVLOH6WRULD
LQ5HWHKDGLUHWWROHUHGD]LRQLGL6WRULD9HULW¢HGL6SDFH0DJD]LQHODULYL
VWDGHOO‫ۑ‬$JHQ]LD6SD]LDOH,WDOLDQD5LFHUFDWRUHHFDUWRJUDIRVWRULFRªDXWR
UH GL ROWUH WUHFHQWR DUWLFROL GL GLYXOJD]LRQH VWRULFD H GHL VDJJL ,&DQWLGHO
/LWWRULRVWRULDGHO)DVFLVPRDWWUDYHUVROHFDQ]RQL   3UHVHQWLDUELWUDUL,
GLVHUWRULQHOOH))$$GHOOD56,   /‫ڥ‬,WDOLDGHOOR6SD]LR   ROWUH FKH
FRDXWRUH GL :LNLSHGLDO‫ڥ‬HQFLFORSHGLDOLEHUDHO‫ڥ‬HJHPRQLDGHOO‫ڥ‬LQIRUPD]LRQH
 LQVLHPHD(QULFR3HWUXFFL

)('(5,&26(6,$ODXUHDWRLQ6WRULDDOO
8QLYHUVLW¢GHJOL6WXGLGL0LODQRFRQ
XQDWHVLVXOFRQIOLWWRUHOLJLRVRGHO0HVVLFRVLRFFXSDSUHYDOHQWHPHQWHGL
6WRULDFRQWHPSRUDQHDVSDJQRODHODWLQRDPHULFDQD&ROODERUDDQFKHFRQOD
ULYLVWD/LQHDWHPSR,WLQHUDULGLVWRULDOHWWHUDWXUDILORVRILDHDUWH

0$77(2/$0$&&+,$ªPHPEURGHOOD6,66&2 6RFLHW¢,WDOLDQDSHUOR6WX
GLRGHOOD6WRULD&RQWHPSRUDQHD 6LLQWHUHVVDGLVWRULDHILORVRILDPDDQ
FKHGLVHPLRWLFDOLQJXLVWLFDHQHXURVFLHQ]HFRJQLWLYH+DSXEEOLFDWRVDJJL
HDUWLFROLGLVWRULDFRQWHPSRUDQHDVXGLYHUVHULYLVWHVFLHQWLILFKHFRPH1R
YD+LVWRULFD 3DJLQH *HQWHV 8QLYHUVLW¢SHUVWUDQLHULGL3HUXJLD (XQRPLD
8QLYHUVLW¢ GHO 6DOHQWR  1HOO
DJRVWR  ª VWDWR UHODWRUHQHOO‫ۑ‬DPELWR GHL
ODYRUL GHOOD ;;,,, 6XPPHU 6FKRRO RQ5HOLJLRQV RUJDQL]]DWD GD &,65(&2
&HQWUR,QWHUQD]LRQDOHGLVWXGLVXO5HOLJLRVR&RQWHPSRUDQHR FRQ8QLYHU
VLW¢GL)LUHQ]H$,6 $VVRFLD]LRQH,WDOLDQDGL6RFLRORJLD $6)(5 $VVRFLD
]LRQHSHUOR6WXGLRGHO)HQRPHQR5HOLJLRVR 

 



(15,&23(758&&,LQJHJQHUHHVSHUWRGLVWRULDGHOODWHFQRORJLDPLOLWDUH'D
GLHFLDQQLVXTXHVWRWHPDFXUDODUXEULFD/HJXHUUHLPSUREDELOLVXOPHQVLOH
6WRULD LQ 5HWH Š LQROWUH FRDXWRUH GL :LNLSHGLD O‫ڥ‬HQFLFORSHGLD OLEHUD H 195
O‫ڥ‬HJHPRQLDGHOO‫ڥ‬LQIRUPD]LRQH  LQVLHPHD(PDQXHOH0DVWUDQJHOR

52%(572 *5(002 VWXGLRVR GL VWRULD GHO &RPXQLVPR H GHOO
$QDUFKLVPR
LWDOLDQRGHOODSULPDPHW¢GHO;;VHFRORHGHOODVWRULDORFDOHGHO3LHPRQWH
ŠDXWRUHGLROWUHTXDUDQWDVDJJLPRQRJUDILFLFDUDWWHUL]]DWLGDXQLPSLHJR
PDVVLFFLRGLIRQWLDUFKLYLVWLFKHVSHVVRLQHGLWHIUDFXL6WUHJKHHPDJLDHSL
VRGLGLRSSRVL]LRQHUHOLJLRVDSRSRODUHVXOOH$OSLGHO6HLFHQWR/
XOWLPD
5HVLVWHQ]DOHULEHOOLRQLSDUWLJLDQHLQ3LHPRQWHGRSRODQDVFLWDGHOOD5HSXE
EOLFD,FRPXQLVWLGL%DQGLHUDURVVDO
RSSRVL]LRQHULYROX]LR
QDULDGHO0RYLPHQWRFRPXQLVWDG
,WDOLD  /HPDURFFKLQDWH
JOL$OOHDWLHODJXHUUDDLFLYLOL/HYLWWLPHGHOO
RFFXSD]LRQHPLOLWDUHVWUDQLHUD
QHOO
,WDOLDOLEHUDWD    $QWHR=DPERQLHO
DWWHQWDWRD0XVVROL
QL/
DQWLIDVFLVPRDQDUFKLFRHO
DWWHQWDWRD0XVVROLQL
 
gerenza_63_- 10/01/2018 10:09 Pagina 1

RIVISTA TRIMESTRALE
Anno XVI - n. 63 (2017)

REDATTORE CAPO: Emanuele Mastrangelo

DIRETTORE RESPONSABILE: Luciano Lucarini

COORDINATORE: Letizia Lucarini

COMPONENTI: Federica Pizzuti, Francesca Pizzuti, Moira Mattioli

Questa rivista adotta un sistema di double blind peer review.

DIREZIONE, REDAZIONE E SEGRETERIA: CASA EDITRICE PAGINE s.r.l. - Via Gregorio VII, 160 - 00165 Roma
Tel. 06 45468600 - C.C.P. n. 86849007

Registrata presso il Tribunale di Roma con il numero 51/2003 del 5 febbraio 2003

CONDIZIONI DI VENDITA (anno 2017):


- un fascicolo (Italia) 21,00 €, (Europa), 24,00 € , (Paesi exstra europei) 28,00 €.
Arretrati: una maggiorazione di 2,58 €.
Il prezzo dell’abbonamento è di 69,90 € più 9,90 € per spese di porto e imballo per l’invio dell’omaggio (italia).

Per pagamento tramite bonifico: versare la somma di 79,80 euro a Pagine srl iban:
IT 44 P 05584 03205 000000007737 causale: abbonamento annuale rivista Nova Historica

L’abbonamento non disdetto entro il 31 dicembre s’intende rinnovato per l’anno successivo

STAMPA: Poligrafica Laziale (Frascati)

AVVERTENZA: Salvo precedenti accordi scritti: a) articoli, fotografie, diapositive, non si restituiscono,
b) tutti i diritti riservati (la rivista prende il copyright di ogni testo inedito pubblicato).
L’editore è a disposizione degli aventi diritto con i quali non gli è stato possibile comunicare nonché per
eventuali involontarie omissioni o inesattezze nella citazione delle fonti o dei brani riprodotti nel seguente
volume.

Pagine

Potrebbero piacerti anche