
(AGENPARL) – ven 13 maggio 2022 &RPXQLFDWR VWDPSD
5$1&(6&$
,21'2

'
,5(7725( *(1(5$/(
('(53(6&$
/ )87852 '(//$ 3(6&$ 3$66$ '$//$ 5,48$/,),&$=,21( '(//
,17(52 &203$572
'XUDQWH LO &RQYHJQR 3URJHWWR 0DUH RUJDQL]]DWR GD &RQILQGXVWULD LO  PDJJLR 
)UDQFHVFD
%LRQGR
 'LUHWWRUH JHQHUDOH )HGHUSHVFD q LQWHUYHQXWD DOOD WDYROD 5RWRQGD ³6YLOXSSR GHOOD SHVFD H
GHOOD ILOLHUD LWWLFD´
5LVSRQGHQGR DOOH GRPDQGH GL 'DYLG 3DUHQ]R
)UDQFHVFD %LRQGR
KD ULFRUGDWR FKH LO YDORUH
SURGRWWR GDOO¶HFRQRPLD GHO PDUH OD ULOHYDQ]D VRFLRHFRQRPLFD H O¶LQGRWWR FUHDWR VRQR IDWWRUL
LQGLVSHQVDELOL SHU OR VYLOXSSR GHO 3DHVH 7UD L VHWWRUL FKH QH VRQR SDUWH OD SHVFD KD XQ¶LPSRUWDQ]D
VWUDWHJLFD SHU OD GLIIXVLRQH FDSLOODUH VXO WHUULWRULR H SHU LO FRLQYROJLPHQWR GL GXH ILOLHUH FKLDYH
PDULWWLPD H DJURDOLPHQWDUH ³/¶DWWXDOH FULVL LQWHUQD]LRQDOH KD SRVWR DOO¶DWWHQ]LRQH GL WXWWL LO WHPD
GDOO¶DXWRQRPLD VWUDWHJLFD GHO QRVWUR 3DHVH QHOO¶DPELWR GHOOD TXDOH O¶DXWRQRPLD DOLPHQWDUH ULYHVWH
XQ UXROR VWUDWHJLFR GL FXL DQFRUD VL SDUOD SRFR´ 1RQRVWDQWH O¶,WDOLD VLD XQR GHL SULQFLSDOL FRQVXPDWRUL
LQ (XURSD OD QHFHVVLWj GL LQWHUYHQWL VWUXWWXUDOL SHU LO VHWWRUH q HYLGHQ]LDWD GD GXH GDWL ULOHYDQWL OD
IORWWD GD SHVFD LWDOLDQD q WUD OH SL YHWXVWH LQ (XURSD HWj PHGLD GHL SHVFKHUHFFL SDUL D  DQQL H
ROWUH O¶ GHO SURGRWWR FRQVXPDWR YLHQH LPSRUWDWR
/¶DXWRQRPLD VWUDWHJLFD GHOO¶(XURSD QRQ SXz SUHVFLQGHUH GDOO¶XUJHQWH DSSURYD]LRQH GL XQ SLDQR
VWUDWHJLFR GHOO¶HFRQRPLD GHO PDUH FKH LQGLFKL OH SROLF SULRULWDULH QHFHVVDULH SHU DUULYDUH DO 
FRQ XQ¶LQGXVWULD PDULWWLPD IORULGD FRPSHWLWLYD YHUGH H GLJLWDOH
,Q,WDOLD SHU OD YDORUL]]D]LRQH H OD WUDQVL]LRQH GHO VHWWRUH GHOOD SHVFD RFFRUUH DYYLDUH XQD VWUDWHJLD
FRQFUHWD SHU FRQVHQWLUH LO ULQQRYR H O¶DPPRGHUQDPHQWR GHOOD IORWWD SHVFKHUHFFLD LWDOLDQD SHU
FROPDUH JDS FKH LQFLGRQR VXO VRGGLVIDFLPHQWR GHOOD GRPDQGD LQWHUQD VXOO¶DPELHQWH VXO FRVWR GHOOH
SURGX]LRQL VXOOD VLFXUH]]D GHO ODYRUR D ERUGR H TXLQGL VXOOD FRPSHWLWLYLWj H VRVWHQLELOLWj GHOO¶LQWHUR
VLVWHPD $ WDO ILQ VRQR QHFHVVDUL VWUXPHQWL GL DFFHVVR IDFLOLWDWR DO FUHGLWR SHU LQYHVWLPHQWL QHO
ULVSHWWR GHL YLQFROL GHOOD 3&3
Ê DQFKH QHFHVVDULR GHILQLUH PLVXUH JHVWLRQDOL FRQGLYLVH WUD L 3DHVL FKH KDQQR DFFHVVR DJOL VWHVVL
VWRFN LWWLFL LQ TXDQWR OD UHJRODPHQWD]LRQH XQLODWHUDOH GHOOR VIRU]R GL SHVFD SXz WUDGXUVL QHO GXPSLQJ
DPELHQWDOH HFRQRPLFR H VRFLDOH
,QILQH RFFRUUH SURPXRYHUH LO SURGRWWR LWWLFR LWDOLDQR WUDPLWH FDPSDJQH YROWH D VHQVLELOL]]DUH L
FRQVXPDWRUL DOO¶DFTXLVWR H DO FRQVXPR GL SURGRWWL ORFDOL H PHGLDQWH O¶DGR]LRQH GL DGHJXDWL VLVWHPL
GL WUDFFLDELOLWj H DXWHQWLFD]LRQH GHJOL VWHVVL
5HQGHUH OH LPSUHVH FRPSHWLWLYH QRQ SXz SL VLJQLILFDUH DXPHQWDUH OD TXDQWLWj GL SURGRWWR SHVFDWR
EHQVu LQYHVWLUH VXOOD VXD YDORUL]]D]LRQH VXOOD WUDFFLDELOLWj H OD FRQVDSHYROH]]D GHL FRQVXPDWRUL
6ROR FRVu VDUj HIIHWWLYDPHQWH SRVVLELOH UHQGHUH O¶LQGXVWULD GHOOD SHVFD LWDOLDQD DQFRUD UHPXQHUDWLYD
H FRPSHWLWLYD VXL PHUFDWL QD]LRQDOL H LQWHUQD]LRQDOL
³,O IXWXUR GHOOD SHVFD SDVVD QHFHVVDULDPHQWH GD XQD ULTXDOLILFD]LRQH GHOO¶LQWHUR FRPSDUWR ± K
FRQFOXVR
)UDQFHVFD %LRQGR
 XQD IORWWD WHFQLFDPHQWH PRGHUQD HTXLSDJJL SUHSDUDWL JHVWLRQH GHO
VHWWRUH LQ WHUPLQL DGHJXDWL DO YDORUH GHOOD SURGX]LRQH ULVSHWWR H JHVWLRQH GHO FRQWHVWR DPELHQWDOH
YDORUL]]D]LRQH GHO SURGRWWR´

