
(AGENPARL) – lun 14 novembre 2022 127$ 67$03$
,17(6$ 6$13$2/2 '$1,(/( &$66,2/, &200(17$
/( 3$57,7( '(//( 1,772 $73 ),1$/6
/¶DWOHWD FLHFR FDPSLRQH GL VFL QDXWLFR UDFFRQWD OH HPR]LRQL
GHO JUDQGH WHQQLV GDO VXR SXQWR GL µYLVWD¶
1RQ RFFRUUH YHGHUH SHU FDSLUH TXHVWR LO PHVVDJJLR ROWUH OR VSRUW
/¶LQL]LDWLYD q WUD OH DWWLYLWj RUJDQL]]DWH
GDOOD %DQFD +RVW 3DUWQHU GHOOH 1LWWR $73 )LQDOV
$O )DQ 9LOODJH 6LQQHU 0XVHWWL UHDOWj DXPHQWDWD TXL] WHQQLVWLFL
7RULQR QRYHPEUH
± 1HO VXR UXROR GL +RVW 3DUWQHU,QWHVD 6DQSDROR SRUWD DOOH 1LWWR $73
)LQDOV O¶DWOHWD 'DQLHOH &DVVLROL SOXULPHGDJOLDWR FDPSLRQH SDUDOLPSLFR GL VFL QDXWLFR SHU
FRPPHQWDUH LO JUDQGH WHQQLV LQ VYROJLPHQWR LQ TXHVWL JLRUQL D 7RULQR
/XQHGu QRYHPEUH LO FDPSLRQH FLHFR GDOOD QDVFLWD UDFFRQWD OH SDUWLWH GDJOL VSDOWL GHO 3DOD $OSLWRXU
GL 7RULQR H SUHVVR OD ORXQJH,QWHVD 6DQSDROR DVFROWDQGR L PRYLPHQWL GHOOD SDOOD H GHL JLRFDWRUL
FRJOLHQGR OH UHD]LRQL GHO SXEEOLFR VFDPELDQGR VHQVD]LRQL FRQ FKL JOL VLHGH YLFLQR /¶DWOHWD FKH
DIILDQFD DOO¶DWWLYLWj VSRUWLYD TXHOOD GL FRDFK SHU D]LHQGH VFULWWRUH ³,O YHQWR FRQWUR´ ,QVHJQD DO FXRUH
D YHGHUH HQWUDPEL HG 'H $JRVWLQL GLULJHQWH VSRUWLYR H RVSLWH ILVVR GHOOD WUDVPLVVLRQH µ2 DQFKH QR¶
GL 5$, LQ RQGD OD GRPHQLFD DOOH VL FRVWUXLVFH FRVu O¶LPPDJLQH GL FLz FKH DYYLHQH LQ FDPSR
YLYHQGR ± H WUDVIHUHQGR ± DSSLHQR O¶HPR]LRQH GHOOR VSHWWDFROR
1H ULVXOWD XQ UDFFRQWR DYYLQFHQWH FRQ XQ PHVVDJJLR VLJQLILFDWLYR FKH VXSHUD LO PRPHQWR VSRUWLYR
QRQ RFFRUUH YHGHUH SHU FDSLUH SHU HPR]LRQDUVL SHU UDFFRQWDUH 'DOOR VSRUW 'DQLHOH GLFKLDUD GL DYHU
LPSDUDWR FKH SRVVLDPR IDUH FLz FKH GHVLGHULDPR VXSHUDQGR L QRVWUL OLPLWL DGGLULWWXUD OD FURQDFD GL
XQD SDUWLWD GL WHQQLV GDO YLYR R GDO GLYDQR FRQ JOL DPLFL
/H 1LWWR $WS )LQDOV RVSLWDWH RJQL DQQR D 7RULQR ILQR DO VRQR XQR GHL SL LPSRUWDQWL HYHQWL
WHQQLVWLFL LQWHUQD]LRQDOL &RQ LO WLWROR GL +RVW 3DUWQHU SDUWQHU RVSLWDQWH,QWHVD 6DQSDROR FRQWULEXLVFH
LQ SULPD SHUVRQD D TXHVWD VWUDRUGLQDULD YHWULQD SHU OD FLWWj H SHU LO 3DHVH QHOO¶DPELWR GHO VXR LPSHJQR
SHU OR VSRUW H SHU L YDORUL FKH HVVR HVSULPH VRSUDWWXWWR D IDYRUH GHL JLRYDQL,QWHVD 6DQSDROR VSLFFD
SHU O¶LPSHJQR D IDYRUH GHOOH SHUVRQH FRQ GLVDELOLWj ROWUH GLVDELOLW PDQDJHU LQ UDSSUHVHQWDQ]D GL
PROWHSOLFL VWUXWWXUH GHOOD %DQFD VRVWHQJRQR H YDORUL]]DQR LO FRQWULEXWR GL RJQL SHUVRQD LO *UXSSR
FRQGXFH QXPHURVL SURJHWWL SHU OD GLVDELOLWj FRQ HQWL H DVVRFLD]LRQL SDUWHFLSD D WDYROL GL FRQIURQWR
VXOOH GLYHUVH HVSHULHQ]H PDWXUDWH HG q LPSHJQDWR SHU GLIIRQGHUH GHQWUR H IXRUL OD %DQFD
FRQVDSHYROH]]D H ULVSHWWR
/¶LQYLWR D 'DQLHOH &DVVLROL q GD ULFRQGXUUH D TXHVWD VHQVLELOLWj
1HOOH JLRUQDWH GHOOD PDQLIHVWD]LRQH VRQR SUHYLVWL QHOOR VWDQG GL,QWHVD 6DQSDROR DOOHVWLWR SUHVVR LO )DQ
9LOODJH GL 3LD]]DOH *UDQGH 7RULQR LQFRQWUL FRQ L JLRFDWRUL -DQQLN 6LQQHU H /RUHQ]R 0XVHWWL ± DWWHVR
DQFKH DOOD &RQVXOWD GHOOH SHUVRQH LQ GLIILFROWj H DOO¶DVVRFLD]LRQH &(3,0 ± FRQ YROWL QRWL GHOOR
VSHWWDFROR H GHOOR VSRUW LQVWDQW TXL] D WHPD WHQQLVWLFR VHVVLRQL VSHFLDOL GHO JLRFR LQ UHDOWj DXPHQWDWD
PRPHQWL GL LQWUDWWHQLPHQWR FRQ PXVLFD MD]] &RPH O
DQQR VFRUVR LQ FDPSR L JLRYDQLVVLPL
UDFFDWWDSDOOH,QWHVD 6DQSDROR
,Q FROODERUD]LRQH FRQ OD )RQGD]LRQH 3LHPRQWHVH SHU OD ULFHUFD VXO FDQFUR 2QOXV GL &DQGLROR,QWHVD
6DQSDROR GRQHUj HXUR DOOD ULFHUFD SHU OD SUHYHQ]LRQH GHL WXPRUL PDVFKLOL SHU RJQL $&( VHJQDWR
GXUDQWH OH 1LWWR $73 )LQDOV Ê LQROWUH DWWLYD XQD FDPSDJQD GL UDFFROWD IRQGL VLD RQ OLQH VXOOD
SLDWWDIRUPD GHOOD %DQFD )RU )XQGLQJ VLD SUHVVR OR VWDQG,QWHVD 6DQSDROR DO )DQ 9LOODJH
,QIRUPD]LRQL SHU OD VWDPSD
,QWHVD 6DQSDROR
0HGLD DQG $VVRFLDWLRQV 5HODWLRQV
$WWLYLWj LVWLWX]LRQDOL VRFLDOL H FXOWXUDOL
VWDPSD#LQWHVDVDQSDRORFRP
,QWHVD 6DQSDROR
,QWHVD 6DQSDROR q LO PDJJLRU JUXSSR EDQFDULR LQ,WDOLD ± SXQWR GL ULIHULPHQWR GL IDPLJOLH LPSUHVH H GHOO¶HFRQRPLD UHDOH
± FRQ XQD VLJQLILFDWLYD SUHVHQ]D LQWHUQD]LRQDOH,O EXVLQHVV PRGHO GLVWLQWLYR GL,QWHVD 6DQSDROR OD UHQGH OHDGHU D OLYHOOR
HXURSHR QHO :HDOWK 0DQDJHPHQW 3URWHFWLRQ $GYLVRU H QH FDUDWWHUL]]D LO IRUWH RULHQWDPHQWR DO GLJLWDOH H DO ILQWHFK
8QD EDQFD HIILFLHQWH H UHVLOLHQWH q FDSRJUXSSR GL IDEEULFKH SURGRWWR QHOO¶DVVHW PDQDJHPHQW H QHOO¶DVVLFXUD]LRQH,O IRUWH
LPSHJQR LQ DPELWR (6* SUHYHGH HQWUR LO PLOLDUGL GL HXUR GL ILQDQ]LDPHQWL LPSDFW GHVWLQDWL DOOD FRPXQLWj H
DOOD WUDQVL]LRQH YHUGH H FRQWULEXWL SHU PLOLRQL D VXSSRUWR GHOOH SHUVRQH LQ GLIILFROWj SRVL]LRQDQGR,QWHVD 6DQSDROR DL
YHUWLFL PRQGLDOL SHU LPSDWWR VRFLDOH,QWHVD 6DQSDROR KD DVVXQWR LPSHJQL 1HW =HUR SHU OH SURSULH HPLVVLRQL HQWUR LO
HG HQWUR LO SHU L SRUWDIRJOL SUHVWLWL H LQYHVWLPHQWL O¶DVVHW PDQDJHPHQW H O¶DWWLYLWj DVVLFXUDWLYD &RQYLQWD VRVWHQLWULFH
GHOOD FXOWXUD LWDOLDQD KD VYLOXSSDWR XQD UHWH PXVHDOH OH *DOOHULH G¶,WDOLD VHGH HVSRVLWLYD GHO SDWULPRQLR DUWLVWLFR GHOOD
EDQFD H GL SURJHWWL DUWLVWLFL GL ULFRQRVFLXWR YDORUH
1HZV
JURXSLQWHVDVDQSDRORFRPLWVDODVWDPSDQHZV
7ZLWWHU WZLWWHUFRPLQWHVDVDQSDROR?
/LQNHG,Q
OLQNHGLQFRPFRPSDQLQWHVDVDQSDROR
