,QWHUYHQFLRQV D OD WDXOD URGRQD

,QWHUYHQFLRQVDODWDXODURGRQD
0RQWVHUUDW&DPSV*DVHWVREUH…OHVPDOHVPDUHV•
$SUÂVFHTXLYLHQWGnÄWUHGLWSHQGDQWFHVMRXUQÃHVLO\DGHVTXHVWLRQVTXL
VH PH VRQW SRVÃHV º SURSRV GH OnLPDJH GX UHQYHUVHPHQW GH
OnDFFRXFKHPHQW2QDSDUOÃGHVIHPPHVPÂUHVFHTXLGnDLOOHXUVHVWOHWLWUH
GX SURJUDPPH ÃYLGHPPHQW/HVPÂUHVGHVJUHFVHWMHSHQVHTXnRQSRX
UUDLWLQWURGXLUHDXVVLODTXHVWLRQGXGDQJHUGHQHSDVSDUYHQLUºÄWUHPÂUH
SHUGUHOHVHQIDQWVQHSDVDFFRXFKHURXELHQDFFRXFKHUGnXQHQIDQWPRUW
RXELHQTXnXQHQIDQWVRLWUHPSODFÃSDUXQDXWUHFHTXLGHYLHQWDVVH]GDQ
JHUHX[GXFÎWÃGHODOLJQÃHSDWHUQHOOH
,O \ D HQ HIIHW GDQV OHV P\WKHV JUHFV GHV SHUVRQQDJHV TXL VRQW QÃJDWLIV
SRXUODIHPPHHWSRXUODPDWHUQLWÃ,O\DWRXWHXQHVÃULHGHSHUVRQQDJHV
XQSHX[GRXWHX[GRQWOHVWUDFHVVRQWGLIILFLOHVºWURXYHUSDUIRLVTXLDYD
OHQWOHVHQIDQWVTXLOHVGÃYRUHQWDXOLHXGHOHVÃOHYHU&HVRQWGHVSHUVRQ
QDJHV TXH GnKDELWXGH RQ IDLW HQWUHU GDQV OD YDJXH GLPHQVLRQ GHV FRQWHV
SRXU HQIDQWV TXL QH VRQW SDV VDJHV -H SDUOH GH /DPLD Gn$NNÎ *HOOÎ
0RUPÎHWF/DPLDSDUH[HPSOHDXQHORQJXHP\WKRORJLHHOOHHVWODPÂUH
GH 6F\OOD RX ELHQ OD ILOOH GH 3RVLGRQ HOOH HVW OD UHLQH GH OD /\ELH sRQ
SHXW PÄPH UÃSÃUHU OD JURWWH RÓ HOOH YLYDLW GH PÄPH TXnLO HVW IDFWLEOH GH
…ORFDOLVHU•DXVVLGnDXWUHVP\WKHVsHWHOOHDHXGHVHQIDQWVGH=HXVFnHVWº
GLUH=HXVHVWGHYHQXDPRXUHX[GnHOOHSDUFHTXnHOOHÃWDLWWUÂVEHOOHHW+ÃUD
TXLFRPPHGnKDELWXGHSRXUVXLWOnDGXOWÂUHGHVRQPDULIDLWPRXULUFHVHQ
IDQWV $ORUV /DPLD HVW GHYHQXH WUÂV ODLGH GH EHOOH TXnHOOH ÃWDLW HW SOHLQH
GnDQJRLVVH HOOH HQOÂYH OHV HQIDQWV GHV IHPPHV TXL YLHQQHQW GnDFFRXFKHU
3DUIRLV PÄPH RQ GLW TXnHOOH HQOÂYH OHV IRHWXV FnHVWºGLUH TXnHOOH DUUDFKH
OnHQIDQW GX YHQWUH GH OD PÂUH (OOH HVW XQ PRQVWUH XQ ÄWUH KLGHX[ º TXL
$ULVWRSKDQH GRQQH GHV WUDLWV WUÂV JURVVLHUV PDLV RQ VDLW ELHQ
TXn$ULVWRSKDQHVRXOLJQHWRXWFHTXLHVWJURWHVTXH0ÄPHVnLOQHIDXWSDV
6FKRO$S5K,9+VFKVY'6;;
$U3D[9HVSHWVFKROLHVDGORFXP
0RQWVHUUDW&DPSV
IDLUH WURS GnDWWHQWLRQ DX[ GÃILQLWLRQV Gn$ULVWRSKDQH FH TXL HVW FHUWDLQ HQ
WRXW FDV FnHVW TXH /DPLD HVW DIIUHXVH HW SDU VRQ SK\VLTXH HW SDU VD FRQ
GXLWH
'DQVODSOXSDUWGHVFXOWXUHVLOH[LVWHXQPRQVWUHTXLVHUWºÃSRXYDQWHUOHV
HQIDQWV SRXU TXnLOV VRLHQW ELHQ VDJHV DXWUHPHQW sMH QH VDLV SDV VL FnHVW
WURSSÃGDJRJLTXHsXQRJUHYLHQGUDOHVSUHQGUHOHVHQOÂYHUDOHVPDQJH
UD&KH]OHVJUHFVFHFURTXHPLWDLQHÃWDLWXQHILJXUHIÃPLQLQHGRQWRQGLW
TXnHOOHGÃYRUHOHVHQIDQWV/DPLDUHÁRLWDXVVLGnDXWUHVQRPVRXSOXWÎWLO\D
GnDXWUHV SHUVRQQDJHV TXL VnLGHQWLILHQW DYHF /DPLD $NNÎ SDU H[HPSOH RX
ELHQ*HOOÎRXELHQ.RUNÎ0RUPÎ0RUPRO\NÃRQFLWHWRXMRXUVOn+\PQHº
$UWHPLV GH &DOOLPDTXH SDUFH TXnRQ GLW TXH =HXV IDLW SHXU º OD ILOOHWWH
µορµσσεταιYPDLVLO\DGnDXWUHVWÃPRLJQDJHVGH0RUPÎSDUIRLVRQ
PHWGDQVFHVDFOn(PSRXVDPÄPHVLHOOHQnHVWSDVFHQVÃHGÃYRUHUGHVHQ
IDQWV (Q WRXW FDV LO VnDJLW GnXQH VÃULH GH ILJXUHV IÃPLQLQHV TXL RQW HQ
FRPPXQDYRLUSHUGXOHXUVHQIDQWVHWHQFRQWUHSDUWLHHOOHVQnDGRSWHQWSDV
OHV HQIDQWV GnDXWUXL HOOHV OHV DYDOHQW 0RUPÎ GÃYRUH VHV SURSUHV HQIDQWV
'nXQH FHUWDLQH IDÁRQ HOOHV UHSUHQQHQW XQ HQIDQW GDQV OHXU VHLQPDLVSDV
SDUXQHFRQFHSWLRQVH[XÃHQRUPDOHPDLVSDUOHPR\HQGnDYDOHUGHGÃYR
UHUFHTXLVLJQLILHÃYLGHPPHQWODPRUWGHOnHQIDQWHWQRQSDVVDQDLVVDQFH
ºODYLH&HFLVHSDVVHDXVVLDYHFGHVIHPPHVJURVVHVGHVHQIDQWVTXLQH
VRQW SDV HQFRUH QÃV &H VRQW WRXMRXUV GHV ÄWUHV TXL YDJDERQGHQW OD QXLW
TXLVRQWHUUDQWVπλαντες δαµονεςHWRQOHVDFRPSDUÃHVRXPLVHVHQUDS
SRUWPÄPHDYHFOD*RUJRQHHWOHVLPDJHVFRXUDQWHVGHOD*RUJRQH0DLV
VLRQDUULYHºDWWUDSSHU/DPLDRQSHXWOXLRXYULUOHYHQWUHHWOXLHQOHYHUOHV
HQIDQWV TXnHOOH DYDLW DYDOÃV HQFRUH SOXV RQ SHXW OHV UÃFXSÃUHU YLYDQWV
&nHVW XQH KLVWRLUH VHPEODEOH º FHOOH GH &URQRV TXL D DYDOÃ DXVVLSRXUQH
SDVIDLUHQDÈWUHVHXOHPHQWTXHGDQVOHFDVGHVGLHX[TXDQGLOVPDQJHQW
XQÄWUHKXPDLQGDQVFHVUHSDVTXLQHVRQWSDVGHYUDLVUHSDVFnHVWOHFDV
GH7K\HVWHGH3ÃORSVRXGHV7LWDQVHW'LRQ\VRVRQUHPHWWRXWHQVHPEOH
HW OnÄWUH GÃYRUÃ UHVVXVFLWH 3ÃORSV HVW UHFRPSRVÃ PÄPH VnLO D XQH ÃSDXOH
GnLYRLUH º FDXVH GH OnDYLGLWÃ GH 'ÃPÃWHU 'LRQ\VRV DXVVL HVW UHVVXVFLWÃ
4XDQGLOVnDJLWGHVKXPDLQVFHX[TXHFHVIHPPHVRQWGÃYRUÃVRQQHOHV
UHWURXYHSOXVVDXIVLRQDWWUDSSH/DPLDFnHVWºGLUHVLRQODUHQGLPSXLV
VDQWH DORUV RQ SHXW OXL HQOHYHU OHV HQIDQWV YLYDQWV GH VRQ YHQWUH 2Q UH
WURXYH GHV KLVWRLUHV SDUHLOOHV GDQV OHV FRQWHV IDQWDVWLTXHV GH OD WUDGLWLRQ
SRSXODLUHOHORXSHWOHVSHWLWHVFKÂYUHVRXOH3HWLW&KDSHURQ5RXJH&nHVW
DXVVL XQH IDÁRQ GnDFFRXFKHU PDLV /DPLD HOOH DFFRXFKH PDOJUÃ HOOH SDU
YLROHQFHTXnRQOXLIDLW(OOHVHUDLWºPRQDYLVXQHLPDJHGXUHQYHUVHPHQW
GHODPDWHUQLWÃ(OOHQHFRQÁRLWSDVVH[XHOOHPHQWPDLVHOOHDYDOHOHIRHWXV
HOOH QnDFFRXFKH SDV PDLV HOOH UHWLHQW OnHQIDQW GDQV VRQYHQWUHOnHQIDQWQH
SHXWQDÈWUHTXHGnXQH/DPLDSULVRQQLÂUHHWÃYHQWUÃHPDOJUÃHOOH
,O\DDXVVLODIHPPHRLVHDXSDUH[HPSOHsRQQRXVH[SOLTXDLWLFLPÄPH
WRXVOHVFDVGHVFRORPEHVRXGHVRLVHDX[TXLSURWÃJHDLHQWOHVSHWLWVRXTXL
SOHXUDLHQWSRXUHX[RQQRXVDSDUOÃGH3URFQÃTXLWXHOHVHQIDQWVGRQFLO
7DXODURGRQD
\DDXVVLXQHIHPPHRLVHDXTXLQnHVWSDVSURWHFWULFHTXLQHSOHXUHSDVRX
ELHQ TXL WXHOHVHQIDQWVHWTXLSOHXUHSRXUHX[GnXQHFHUWDLQHIDÁRQOHV
HQIDQWVGH3URFQÃVRQWDXVVLDYDOÃVGÃYRUÃV0RUPÎSDUH[HPSOHTXLHVW
FDUDFWÃULVÃH FRPPH XQH IHPPH FRULQWKLHQQH TXL PDQJH VHV HQIDQWV
VnHQYROHDSUÂVOnDYRLUIDLW&HQnHVWSHXWÄWUHSDVXQHPÃWDSKRUHGHODIXLWH
LO VH SHXW TXnHOOH VRLW XQH IHPPHRLVHDX ,O \ D HQFRUH XQH DXWUH VRUWH
GnRLVHDX TXL QH SOHXUH SDV SRXU OHV HQIDQWV PDLV TXL OHV GÃYRUH ,O VnDJLW
GnRLVHDX[WUÂVPDOÃILTXHVGHIHPPHVTXLRQWGHVDLOHVGHIHPPHVTXLVRQW
GHVRLVHDX[2QSHQVHGnDERUGDX[+DUSLHVPDLVLOH[LVWHDXVVLODIHPPH
VRUFLÂUHODVWULQ[GRQWQRXVSDUOH2YLGHOHVPXOLHUHVPDOHILFDV(QSOXV
XQH VFKROLH QRXV SDUOH GH PXOLHUHV PDOHILFDV TXDV *UHFL VWULQJHV YRFDQW
FnHVWºGLUH OHV IHPPHV VRUFLÂUHV TXH OHV JUHFV DSSHOOHQW GHV VWULJJHV GHV
IHPPHVDYHFGHVDLOHVGHVIHPPHVRLVHDXTXLYROHQWHWGÃYRUHQWOHVHQ
IDQWVHWERLYHQWOHXUVDQJºODIDÁRQGHVYDPSLUHVLOVERLYHQWOHVDQJGH
QnLPSRUWHTXLSDVVHXOHPHQWGHVHQIDQWVHWSRXUIDLUHIXLUFHVVRUFLÂUHVRQ
XWLOLVDLWMXVWHPHQWGHOnDLO'UDFXODQnHVWSDVWHOOHPHQWPRGHUQH
,O\DWRXWHXQHVÃULHGHILJXUHVTXLVRQWGnKDELWXGHUÃOÃJXÃHVDXGRPDLQH
GHVFRQWHVGnHQIDQWVRXGXIRONORUH%XUNHUWPHWHQUDSSRUWOD/DPLDJUHF
TXH DYHF OD /DPDVKWX PÃVRSRWDPLHQQH &HWWH /DPDVKWX HVW YUDLPHQW XQ
GÃPRQ GDQJHUHX[ HW RQW SHXW ÃWDEOLU GHV SDUHOOÂOHV PÄPH LFRQRJUDS
KLTXHVDYHFOD*RUJRQHGHVJUHFV&HSHQGDQW%XUNHUWGLWTXHOHVGÃPRQV
PÃVRSRWDPLHQVÃWDLHQWYUDLHPHQWGHVGÃPRQVGHVPDXYDLVHVSULWVWDQGLV
TXH FKH] OHV JUHFV WRXW FHOD QnD SOXV OH VHQV GH P\VWÂUH WHUULEOH TXnDYDLW
FKH]OHVPÃVRSRWDPLHQVFHODDÃWÃUÃOÃJXÃDXQLYHDXGHFRQWHSRXUHIIUD
\HU OHV HQIDQWV &nHVW FH TXH GLW DXVVL º SURSRV GH OD *RUJRQH 9HUQDQW
OHV JUHFV RQW SULV DXVVL OD ILJXUH GH OD *RUJRQH TXL QnHVW SDV IRUFÃPHQW
XQH LQYHQWLRQ FRPSOÂWHPHQW JUHFTXH PDLV HX[ LOV VDYHQW FRPPHQW DJLU
SDUUDSSRUWºFHWWH*RUJRQHLOVLQYHQWHQWOHKÃURVODILJXUHGH3HUVHXV
-HPHGHPDQGHVLFHVRQWYUDLHPHQWGHVILJXUHVTXLVRLHQWUÃOÃJXÃHVDXQL
YHDXGHVFRQWHVGnHQIDQWV4XLUDFRQWHFHVKLVWRLUHV"*ULPPOHVDDSSHOÃHV
$PPHVP¾UFKHQOHVFRQWHVGHVQRXUULFHVGHVPÂUHVGHVJUDQGPÂUHVGHV
VHUYDQWHVGHVVDJHVIHPPHVHQILQDORUVFHOOHVTXLUDFRQWHQWFHVKLVWRLUHV
VRQWHQWUDLQGnH[SULPHUGnXQHFHUWDLQHIDÁRQOHXUSURSUHSHXU2QHIIUD\H
OHV HQIDQWV DYHF OHFRQWHGnXQHIHPPHTXLYROHOHVHQIDQWVGXVHLQGHVD
PÂUHFHODYHXWFHUWDLQHPHQWGLUH…LOYDWHSUHQGUHWRL•PDLVDXVVL…WXSRX
UUDLVQHSDVÄWUHQÕFHTXLHQPÄPHWHPSVH[SULPHODSHXUGHOnÃFKHFGH
ODPÂUH/HVHQVGHUQLHUGHFHVHVSULWVHVWºPRQDYLVXQSHXSOXVFRP
SOH[H
6LOHVJUHFVRQWLQYHQWÃXQPR\HQGHPDÈWULVHUFHVÄWUHVVLOD*RUJRQHSHXW
ÄWUHYDLQFXHSDU3HUVHXVLOVRQWWURXYÃDXVVLºPRQDYLVXQSHUVRQQDJH
TXLSHXWDVVHUYLUWRXWHVFHVILJXUHVHIIUD\DQWHVFnHVWODVDJHIHPPHSDUH[
2Y)DVW9,
:%85.(577KH2ULHQWDOL]LQJ5HYROXWLRQ&DPEULGJH0DVVSS
-39(51$17)LJXUHVLGROHVPDVTXHV3DULVSS
0RQWVHUUDW&DPSV
FHOOHQFHGXP\WKH+ÃFDWH(LOHLWK\LD3UHVTXHWRXMRXUVGDQVOHVWH[WHV/D
PLD(PSRXVD*HOOÎHWGnDXWUHVDSSDUWLHQQHQWDXGRPDLQHGn+ÃFDWHODGL
YLQLWÃ GHV HQIHUV TXL UÂJQH VXU WRXV FHV GÃPRQV HW TXL WDQWÎW OHV FRQMXUH
WDQWÎWOHVFKDVVH(QGÃILQLWLYHOHFXOWHGn+ÃFDWHGRQWRQVDLWWUÂVSHXGH
FKRVHHWTXLUHÁRLWWUÂVSHXGHVDFULILFHVHVWIRUWFXULHX[2QOXLRIIUHGHV
VDFULILFHV GH FKLHQV FH TXL HVW WUÂV UDUH PDLV LO \ D GnDXWUHV RIIUDQGHV º
+ÃFDWH VXU OHV FKHPLQV DX[ FDUUHIRXUV WRXWH XQH UHOLJLRVLWÃ IDPLOLDOH HW
TXRWLGLHQQHTXLUHOÂYHGHODWUDGLWLRQSRSXODLUHHWTXLHQIDLWXQÄWUHGLYLQ
EHDXFRXSSOXVLPSRUWDQWTXHFHTXHOHVFXOWHVRIILFLHOVVXUWRXWº$WKÂQHV
SRXUUDLHQW QRXV LQGLTXHU ,O IDXW UHPDUTXHU OnLPSRUWDQFH Gn+ÃFDWH GDQV OD
7KÃRJRQLHGn+ÃVLRGHRÓHOOHRFFXSHXQHSRVLWLRQFHQWUDOHHQWDQWTXHGL
YLQLWÃGHODYLHWUÂVOXPLQHXVH&HFLFRQYLHQWWUÂVELHQDX[GLYLQLWÃVJUHF
TXHVLO\DWRXMRXUVXQHDPELYDOHQFHXQHFRPSOH[LWÃGHODILJXUHGLYLQH
TXL D HQ PÄPH WHPSV XQ SHQFKDQW SRVLWLI HW XQ DXWUH QÃJDWLI HW TXL VH
PHW HQ UDSSRUW DYHF OHV DXWUHV GLYLQLWÃV GDQV OH V\VWÂPH WUÂV FRPSOH[H
TXnHVWOH3DQWKÃRQ0DLVºOnLQWÃULHXUGHFHV\VWÂPHFnHVWWRXMRXUVº+ÃFDWH
TXHUHYLHQWODVRXYHUDLQHWÃVXUOHVILJXUHVIÃPLQLQHVEL]DUUHVHWHIIUD\DQWHV
,O\DHQFRUHSOXVFnHVWVXUWRXWODVDJHIHPPHTXLSHXWIDLUHDFFRXFKHURX
TXL SHXW HPSÄFKHU OnDFFRXFKHPHQW &nHVW HOOH TXLDOHVFRQQDLVVDQFHVQÃ
FHVVDLUHV GLVRQV OD VDJHVVH SRXU IDLUH QDÈWUH RX DX FRQWUDLUH SRXU IDLUH
DYRUWHUHWFHFLGDQVXQGRPDLQHVWULFWHPHQWIÃPLQLQºOnLQVXGHVKRPPHV
,O \ D XQ H[HPSOH P\WKLTXH H[FHOOHQW LO H[LVWH XQ P\WKH º SURSRV GnXQ
KÃURVTXLGHSXLVVRQHQIDQFHHVWOHSOXVIRUWGHWRXVTXLSHXWOXLPÄPH
FKDVVHUWRXVOHVGDQJHUVTXLHVWλεξικακςVRQQRPHVW+ÃUDFOÂV6DQDLV
VDQFH QnD SDV ÃWÃ VDQV REVWDFOH XQH GLYLQLWÃ D HVVD\Ã GnHPSÄFKHU
OnDFFRXFKHPHQW Gn$OFPÂQH VRXV OHV RUGUHV Gn+ÃUD MDORXVH HW FKH] TXHO
TXHVDXWHXUVFHWWHGLYLQLWÃÃWDLW+ÃFDWHHQFRUHXQHIRLVFKH]GnDXWUHV(L
OHLWK\LD FKH] GnDXWUHV HQFRUH LO VmDJLVVDLW VLPSOHPHQW GnXQH RX SOXVLHXUV
VRUFLÂUHV3DXVDQLDVSDUOHGH φαρµακδες&nHVWODVHUYDQWHGn$OFPÂQH.D
ODQWKLVRX$NDODQWKLVTXLVDXYHVDPDÈWUHVVH+ÃFDWHRXTXLTXHFHVRLW
HVWDVVLVHºODSRUWHGHODPDLVRQGn$OFPÂQHOHVSLHGVHWOHVPDLQVFURLVÃV
GHVRUWHTXnHOOHIRUPHXQQRHXGDYHFVRQFRUSVFHTXLHVWXQXVDJHSUR
SUHºODPDJLHV\PSDWKLTXHHWTXLÃWDLWFRQQXHQFRUHGDQVFHUWDLQHVIDPL
OOHVSUHVTXHMXVTXnºQRVMRXUV/HQRHXGHPSÄFKHOnDFFRXFKHPHQWOHFKH
PLQ HVW LQWHUURPSX OH FRUSV HVW IHUPÃ 0DLV OD VHUYDQWH Gn$OFPÂQH TXL
SRVVÂGHOHVDYRLUGHODUXVHODUXVHHVWVXUWRXWOHPR\HQGHODIHPPHD
XQH LGÃH HOOH VRUW WRXW HQ FRXUDQW HW HQ FULDQW …UÃMRXLVVH]YRXV PD PDÈ
WUHVVH D DFFRXFKÕ $ORUV +ÃFDWH VXUSULVH GÃOLH WRXW º FRXS OHV PDLQV HW
OHVSLHGVGRQFHOOHGÃIDLWOHQRHXGHWºFHPRPHQW+ÃUDFOÂVQDÈW+ÃFDWH
VnHPSRUWHWHUULEOHPHQWFRQWUHODVHUYDQWHTXLHVWPÃWDPRUSKRVÃHHQEHOHW
WHHWGHYLHQWOnDQLPDOVDFUÃGHODGÃHVVH
3DXV,;
2Y0HW,;V
7DXODURGRQD
2QYRLWGRQFTXHOHMHXVHIDLWHQWUHGHVIHPPHVºSURSRVGHFHTXLUH
YLHQWVXUWRXWDX[IHPPHV/DPDWHUQLWÃQnHVWSDVVHXOHPHQWTXHVWLRQGnXQ
LQGLYLGX OD PÂUH TXL DFFRXFKH PDLV GnXQ V\VWÂPHGHIRUFHVHQÃTXLOLEUH
TXLFRPSUHQGODERQQHRXODPDXYDLVHPÂUHPDLVDXVVLOHVDYRLUVSÃFLDOL
VÃGHODVDJHIHPPHTXLSHXWDJLUVHORQOnLQWHQWLRQGHODERQQHRXODPDX
YDLVH PÂUH HW OnLQWHOOLJHQFH UXVÃH GHV IHPPHV TXL OnHQWRXUHQW &nHVW HQ
PÄPHWHPSVODFUDLQWHGHOnÃFKHFGHFHTXLHVWFRQVLGÃUÃOHGHYRLUGHOD
PÂUHHWOHSRXYRLUGHPDÈWULVHUFHGHYRLURXPÄPHGHOHUHIXVHU,O\DXQH
JUDQGH FRPSOH[LWÃ º PRQ DYLV GDQV FH GLVFRXUV GX SRVLWLI HW GX QÃJDWLI
GDQVOHUÎOHGHODPÂUHTXLQHVHUÃVRXWSDVMHFURLVSDUXQHSRODULWÃED
QDOHPDLVSDUXQHUÃIOH[LRQSOXVQXDQFÃHºSURSRVGHOnDPELJÖLWÃHQWUHOD
YRORQWÃGHGHYHQLUPÂUHODFUDLQWHGHQHSDVUÃXVVLUHWODFDSDFLWÃGHUHIX
VHUFHWWHYRORQWÃ
0DLWH&ODYRVREUH…ODPDUHFRPDVLJQH•
$O FRQFOXLU HVWH HQFXHQWUR WUDV KDEHU HVFXFKDGR FRPXQLFDFLRQHV WDQ GL
YHUVDVVREUHODVPDGUHVGHORVJULHJRVPHJXVWDUÇDSURSRQHUXQDUHIOH[LÍQ
VREUHHOFRQFHSWRPLVPRGHPDWHUQLGDGHLQWHQWDUDYHULJXDUGÍQGHVHHQ
FXHQWUDQODVFRRUGHQDGDVHQWUHHVWDVHULHGHHVWXGLRV3XHVWHQJRODLPSUH
VLÍQGHTXHHVWDPRVXWLOL]DQGRODSDODEUD…PDGUH•FRPRGDQGRSRUVHQWD
GRVXVLJQLILFDGR\VLQHPEDUJRDORODUJRGHOVHPLQDULRHOVHUPDGUHVH
KDDSDUHFLGRFRPRXQKHFKRKHWHURJÃQHRFRPRXQDSURSLHGDGGHFRVDV
GLYHUVDVSRWHQFLDVWHRJÍQLFDVPXMHUHVSHUVRQDMHVOLWHUDULRVHLQFOXVRHOOD
PLVPD GH GLYHUVD QDWXUDOH]D HQ HO VHQWLGR HQ TXH SXHGH LQGLFDU SURFH
GHQFLDIÇVLFDSHURWDPELÃQXQOD]ROÍJLFRFRPRHOTXHVHFUHDSRUHMHP
SOR HQWUH 0XVD \ SRHWD 'LVFRUGLD \ 2OYLGR HWF R XQD UHODFLÍQ JHR
SROÇWLFDFRPRODGH5RGDV…PDGUH•GH/LQGR<»OLVR\&DPLURHWF$VÇTXH
PHJXVWDUÇDFHQWUDUPLUHIOH[LÍQVREUHGRVFXHVWLRQHVXQDODQHFHVLGDGGH
GLIHUHQFLDU\GHILQLUHOWLSRGHGLVFXUVRHOWH[WR\FRQWH[WRHQTXHVHLQVHU
WD\FX»OHVODIXQFLÍQGHOFRQFHSWR…PDGUH•GHQWURGHÃOODRWUD\FRP
SOHPHQWDULD VL GHVGH HVWD VHULH GH DSUR[LPDFLRQHV VH SXHGH FRQYHQLU HQ
XQQÔFOHRRVLJQLILFDGRFRPÔQDWRGRVORVXVRVGHODSDODEUDPDGUHRVL
ÃVWHGHSHQGHWRWDOPHQWHSXHVSDUFLDOPHQWHHVREYLRTXHVÇGHOFRQWH[WR
(QSULQFLSLRPHDUULHVJDUÃDGLIHUHQFLDUHQWUHORVGLVFXUVRVTXHUHFXUUHQD
ODIXQFLÍQH[SOLFDWLYDGHOPLWR\ORVTXHQRHQXQEUHYHUHFRUULGRSRUORV
DVXQWRVH[SXHVWRVHQHVWHHQFXHQWUR
3DUD ORV WUDWDGRV FLHQWÇILFRV TXH KDQ FHQWUDGR OD DWHQFLÍQ GH 0 -XIUHVD
XQDPDGUHHVSURJUDP»WLFDPHQWHXQFDVRGHHVWXGLRXQFXHUSRGHILQLGR
SRUVXHVWDGR\ODHVSHFLDOFXDOLGDGGHORVIHQÍPHQRVILVLROÍJLFRVTXHH[
SHULPHQWD 3HUR OD FLHQFLD QR HV LQRFHQWH VLQR GHXGRUD GH ODV FRUULHQWHV
GHSHQVDPLHQWRGHVXÃSRFD%DVWHUHFRUGDUORVDUJXPHQWRVH[SXHVWRVHQ
(XPVVHQGHIHQVDGHOPDWULFLGLRGH2UHVWHV…1RHVPDGUHPÃWHUOD
0DLWH&ODYR
OODPDGD PDGUH WRNHÔV GHO KLMR VLQR QRGUL]D• GLFH $SROR (VWD
LGHDFRLQFLGHFRQODGH$QD[»JRUDV\…RWURVILVLÍORJRV•VHJÔQ$ULVWÍWHOHV
SHURORVLJQLILFDWLYRSDUDPÇHVTXHVHUHFXUUDDHOODTXHVHWHRULFHODLQ
H[LVWHQFLD PLVPD GH OD PDGUH SUHFLVDPHQWH HQ HO GHEDWH IXQGDFLRQDO GHO
WULEXQDOGHMXVWLFLDDWHQLHQVH
3RURWUDSDUWHFDUHQWHGHXQDILJXUDMXUÇGLFDSURSLDODPDGUHDSDUHFHFR
PRHOSXHQWHLQYLVLEOH\QHFHVDULRHQWUHORVYDURQHVGHODIDPLOLD\HQWUH
ÃVWRV\ODFLXGDG<YHURVÇPLOPHQWHFDGDFLXGDGGHILQHHOHVWDWXWRVRFLDO
GHVXV…PDGUHV•HQIXQFLÍQGHORTXHQHFHVLWDGHHOODV6XSRQJDPRVTXH
HQ$WHQDVXQDPDGUHHVXQSXHQWHHQWUHSDGUHVHKLMRVDEXHORV\QLHWRV
SHURDSDUWLUGHODOH\GH3HULFOHVDGHP»VsFRPRKDFÇDREVHUYDU&ODXGLQH
/HGXFsHVYHKÇFXORGHOHJLWLPLGDG(VRSHUPLWLUÇDFDOLILFDUGH…EXHQD•DOD
TXHWUDQVPLWHFLXGDGDQÇD\ELHQHVGLVWLQJXLÃQGRODGHODTXHQRTXHVLQ
HPEDUJR HV WDQ PDGUH FRPR OD SULPHUD (Q (VSDUWD OD FDOLILFDFLÍQ VHUÇD
RWUD FRPR VXJLHUH HO FDW»ORJR GH YLUWXGHV PDWHUQDOHV GLIXQGLGR SRU VXV
SRHWDVQDFLRQDOHV(QHVDPHGLGDVHSXHGHGHFLUTXH…HOPRGHOR•VRFLDOHV
HOTXHWUD]DODLPDJHQGHODPDGUHVROÇFLWD\DPRURVDWDOFRPRVHWUDQVPL
WHHQORVWH[WRVOLWHUDULRVUHFRJLGRVSRU1DWDOLD3DORPDUSXHVHVHPRGHOR
FRQGLFLRQDHOFULWHULRGHVHOHFFLÍQGHODVH[SHULHQFLDVDIHFWLYDVGHODFULDQ
]D&ODURTXHHVWDVH[SHULHQFLDVVRQHQSDUWHQDWXUDOHVHQHOVHQWLGRSRU
HMHPSORGHVHUFRPXQHVDRWURVDQLPDOHVSHURHQSDUWHWDPELÃQFRQGL
FLRQDGDVSRUODQHFHVLGDGSHUHQWRULDGHODVPXMHUHVGHUHDOL]DUODPDWHUQL
GDGSDUDREWHQHUXQVLWLRHQHOJUXSR$GHP»VHVDVH[SUHVLRQHVSRÃWLFDV
DSHODQ E»VLFDPHQWH D PRGHORV GH OD QDWXUDOH]D SHUR HQ EXHQD PHGLGD
ODVLP»JHQHV\DQDORJÇDVTXHFDOLILFDQ\UHSUHVHQWDQODPDWHUQLGDG…LQYHQ
WDQ• OD QDWXUDOH]D SRU HVR TXL]»V (XUÇSLGHV VH FRPSODFH HQ FXHVWLRQDU
FRQVWDQWHPHQWHHOGLVFXUVRVREUHODVPDGUHVH[SORUDQGRORVWÍSLFRVFUHD
GRV SRU OD …QRUPD• (Q HVH VHQWLGR FUHR TXH XQD ILJXUD GH PXMHUPDGUH
VLJQLILFDVÍORGHQWURGHOGLVFXUVRTXHORKDFUHDGR4XLHURGHFLUTXHSRU
HMHPSOR ODV H[SDQVLRQHV DPRURVDV GH OD $QGUÍPDFD GH (XUÇSLGHV R ORV
FRQIOLFWRVGH0HGHDQRWHQGUÇDQFDELGDHQXQWUDWDGRKLSRFU»WLFRDQRVHU
TXHVHPRGLILFDUDHOGLVFXUVRTXHODVSURGXFHWUDQVIRUP»QGRODVHQFDVRV
SURSLRVGHXQIHQÍPHQRKRUPRQDORSDWROÍJLFR
3RU HVR WDPELÃQ OD WLHUUD PDGUH SULPRUGLDO GH GLRVHV \ KRPEUHV HQ ORV
PLWRVQRHVLQYRFDGDFRPRPDGUHHQHOFXOWRGHODVFLXGDGHVFRPRH[
SOLFDEDDQWHV6WHOOD*HRUJRXGL\ODVYHUVLRQHVLQVWLWXFLRQDOHVGHORVPLWRV
GH DXWRFWRQÇD PDWL]DQ VX ILJXUD HQ HO VHQWLGR TXH HOOD PLVPD DSXQWDED
3HURPHJXVWDUÇDDËDGLUTXHLQFOXVRGHQWURGHXQPLVPRGLVFXUVRSXHGHQ
FDPELDUHOQRPEUH\ODFDUDFWHUL]DFLÍQGHODWLHUUDSDUDREWHQHUGHWHUPLQD
GR VHQWLGR (VWR\ SHQVDQGR HQ HO FRPLHQ]R GH ODV (XPÃQLGHV GRQGH OD
VDFHUGRWLVDLQYRFDD*DLDSURWÍPDQWLQPDGUHGH7HPLVOXHJRD)HEHKLMD
GH&KWKRQRVHOVXHORTXH…DVLHQWDQ•HORU»FXORSHURGHVSXÃVTXHORVDWH
QLHQVHV …GRPHVWLFDQ• SDUD $SROR OD WLHUUD FKWKRQD ÃVWD VH GHILQH FRPR
7DXODURGRQD
FKRUD WLHQH XQ »QD[ \VLPXOW»QHDPHQWHDGTXLHUHXQQRPEUHWKURQRV
HOOXJDUDQWHVLQGHILQLGRTXHRFXSDQORVPDQWHLVHQHORU»FXOR(OYRFDEX
ODULR FDPELD HQ IXQFLÍQ GH OD DFFLÍQ FLYLOL]DGRUD GH ORV DWHQLHQVHV (Q
FDPELRHQ&RÃIRUDVDXQTXHODDFFLÍQVHHVFHQLILFDHQ$UJRVHVHPLVPR
WHUULWRULR SÇWLFR HV HQXQFLDGR FRPR …HVFRQGLWH GH OD WLHUUD• …JUDQ
ERFD• HWF DWUDÇGR SRU OD LPDJHQ GRPLQDQWH GH OD WXPED GH $JD
PHQÍQSRUODTXH2UHVWHVHVSHUDTXHODWLHUUDVHDEUD\OHGHYXHOYDDOSD
GUH (V GHFLU OD SUHVLÍQ GHO GLVFXUVR GRPLQDQWH HQ FDGD REUD HO
SDGUH VXEWHUU»QHR OD DFFLÍQ LQVWLWXFLRQDO GH $WHQDV FRQGLFLRQD OD UHSUH
VHQWDFLÍQGHXQHVSDFLRDSULRULLQGHSHQGLHQWH(VDYHUVDWLOLGDGGHODVIL
JXUDVGHODWLHUUDFUHRTXHSXHGHLOXVWUDUHOIHQÍPHQRDQ»ORJRGHODUHSUH
VHQWDFLÍQGHODVPDGUHV
(VWHÔOWLPRHMHPSORPHKDWUDVODGDGRLQYROXQWDULDPHQWHGHOGLVFXUVROOD
PDGRGHODUHDOLGDGDOGHOPLWRSXHVDPERVYHKLFXODQILJXUDVGHODWLHUUD
RGHODPDGUH\QRVLHPSUHTXHGDQFODUDVODVIURQWHUDVHQWUHHOORV3RU
HVR\SXHVWRTXHDTXÇHVWDPRVFRQVLGHUDQGRPD\RULWDULDPHQWHILJXUDVPÇ
WLFDVKDJRXQEUHYHLQFLVRSDUDDGYHUWLUTXHQRVHKDSODQWHDGRODFXHV
WLÍQLQVRVOD\DEOHGHFÍPROHHUORVPLWRVGHFÍPRVHUHODFLRQDQHOORVFRQ
ODUHDOLGDG0RQWVHUUDW-XIUHVDODSRQÇDVREUHODPHVDDOVXJHULUTXHODVIL
JXUDVGHOWHUURUODVFRPHQLËRVGHTXHKDEODED0RQWVHUUDW&DPSVSXGLH
UDQ UHODFLRQDUVH FRQ ORV SHOLJURV UHDOHV GHO HPEDUD]R FRQ ORV DERUWRV
HWF(VWHQRHVHOPRPHQWRGHDERUGDUODFLHUWDPHQWHWRGRVVDEHPRVTXH
VLJXHDELHUWRHOGHEDWHVREUHVLODPLWRORJÇDWLHQHRQRVXSURSLROHQJXDMH
3HURSDUDSURFHGHUFRPRGHFÇDPHDUULHVJDUÃDWUDWDUHVSHFÇILFDPHQWHORV
WH[WRVTXHLQFRUSRUDQRVHFRQIRUPDQDSDUWLUGHXQDQDUUDFLÍQPÇWLFD
<RGLUÇDSDUDDEUHYLDUTXHHQORVPLWRVODPDWHUQLGDGLQGLFDXQDUHODFLÍQ
XQDUHODFLÍQE»VLFDGHGRVP»VIUHFXHQWHPHQWHWULDQJXODU\DFWÔDFRPR
XQVLJQRDUELWUDULR\YDULDEOHHQIXQFLÍQGHODQDUUDFLÍQ
&RQVLGHUHPRVHOWH[WRWDQSHUWLQHQWHGHOD7HRJRQÇDKHVLÍGLFD™FÍPRDFWÔD
HQ ÃO HO VLJQR …PDGUH•" 3URSRUFLRQDQGR XQD FXDOLGDG \ HVWDEOHFLHQGR XQD
GHSHQGHQFLDOÍJLFDHQWUHGRVSULQFLSLRVHOWHPDKDVLGRDPSOLDPHQWHH[D
PLQDGRSRU9HUQDQW5DPQRX[0LUDOOHVHWF/RVSULQFLSLRVSXHGHQVHUYD
ULDEOHVHQHOWH[WRKHVLÍGLFRODV0RLUDVFRPRVHKDGLFKRDTXÇVRQVXFHVL
YDPHQWHKLMDVGH1\[\OXHJRGH7HPLV\=HXV(QHOSULPHUFDVRVHSUHVHQ
WDQ FRQ ODV .HUHV FRPR GHVDUUROOR HQ WUHV DVSHFWRV GH 0RURQ …SDUWH•
DVRFLDGR D .HU IXHU]D TXH JDUDQWL]D HO PRURQ UHVWLWX\ÃQGROR FXDQGR DO
JXLHQWUDQVJUHGHHOOÇPLWHTXHOHKDVLGRILMDGR\D0XHUWH6XHËR\ODWULEX
GH ORV VXHËRV /D PDWHUQLGDG VROLWDULD GH 1\[ TXH ORV SDULÍ …VLQ DFRVWDUVH
FRQ QDGLH• YLHQH D GHVWDFDU OD RVFXULGDG GH HVWDV SRWHQFLDV HQ HO VHQWLGR
WHRJÍQLFRGHDTXHOORTXHHVFDSDDODOX]GHODUD]ÍQHVGHFLUDODYROXQWDG
\DODFRQFLHQFLD/RVKLMRVGH1RFKHVREUHYLHQHQFRPRODQRFKHPLVPDD
ODH[SHULHQFLD\ORVKRPEUHVQRSXHGHVXVWUDHUVHDHOORV(QFDPELRHQOD
0DLWH&ODYR
RUGHQDFLÍQ KHVLÍGLFD GH ORV KLMRVGH=HXVODV0RLUDVDSDUHFHQFRPRKLMDV
GH7HPLV\=HXVMXQWRDODV+RUDV/DVGRVWUÇDGDVIHPHQLQDVWLHQHQFRPR
PLVLÍQ UHJXODU HO PRYLPLHQWR ODV +RUDV ILMDQ HO ULWPR GH ORV HUJD GH ORV
KRPEUHV\SURSRUFLRQDQSRUHOORORVEHQHILFLRVGHODHVWDELOLGDGSROÇWLFDODV
0RLUDVGDQDFDGDXQRORTXHOHWRFDHQHOGHYHQLUGHVXYLGD7HPLVQRUPD
HVWDEOHHVSRVLFLRQDGDFRPRPDGUHGHODV0RLUDVSDUDVXEUD\DUHODVSHFWR
GLVWULEXWLYRGHHVWDVGLRVDV\VXIXQFLÍQGHOH\UHJXODGRUDGHOFDPELR7DP
ELÃQ(VTXLORKDFHXQFODURXVRGHHVWHH[SHGLHQWHHQ(XPÃQLGHVSHURFRQ
XQDQXHYDHVWUDWHJLDHQIXQFLÍQGHVXGHVDUUROORHVFÃQLFRDOGDULQLFLRDVX
FDQWR VV HO FRUR GH (ULQLDV DSDUW»QGRVH GH OD YHUVLÍQ KHVLÍGLFD
DGRSWDODILOLDFLÍQGHOD1RFKHHQI»WLFDPHQWH…0DGUHTXHPHSDULVWHPDGUH
QRFKH•SDUDGDULQLFLRDOKLPQRGHVPLR…FDQWRJROSHH[WUDYÇRTXH
GHVWUX\HODUD]ÍQKLPQRGHODV(ULQLDVFDGHQDGHORVVHQWLGRV•(O
KLPQR HV XQD YHUEDOL]DFLÍQ GH ORV HIHFWRV TXH GH KHFKR 2UHVWHV KD FR
PHQ]DGRDVXIULUDOILQDOGH&RÃIRUDVSDODEUDHILFD]SRUWDQWRFRQTXHODV
GLRVDVSUHWHQGHQDWDUDOIXJLWLYR2UHVWHV9HURVÇPLOPHQWHHOFDPELRGHILOLD
FLÍQGHODV(ULQLDVWLHQHHOREMHWLYRGHHPSDUHQWDUHOSRGHUGHOKLPQRGHV
PLRFRQODVSURSLHGDGHVHQFDGHQDQWHVGHORVVHUHVQRFWXUQRVFRPRHOVXH
ËR OD PXHUWH HO MXUDPHQWR OD WHUQXUD HWF GH OD 7HRJRQÇD KHVLÍGLFD $VÇ
SXHVODDGVFULSFLÍQGHXQDXRWUDPDGUHHVGHFLUGHOSULQFLSLRGHSURFH
GHQFLD\GHSHQGHQFLDVLUYHSDUDHVSHFLILFDUODSURSLHGDGGHODSRWHQFLDTXH
VHFRQVLGHUDP»VSHUWLQHQWHDOFRQWH[WR
3HURHOYDORUVLJQLILFDQWHGHODFRQH[LÍQPDGUHKLMRVHUHYHODVREUHWRGRD
WUDYÃV GH OD QDUUDFLÍQ GH OD JÃQHVLV \ QDFLPLHQWR TXH SURORQJDQ GLYHUVD
PHQWHORVJÃQHURV7RPRHOHMHPSORGHGRVKLMRVGH=HXV(QODWUDGLFLÍQ
PÇWLFDORVSDUWRVGH/HWR\6ÃPHOHFRQVWLWX\HQGRVSRORVH[WUHPRVGHOUHJLV
WURGHPDWHUQLGDGHVGLYLQDV(OODUJRSUHSDUWRIXQGDFLRQDOGH/HWRRUJDQL
]DXQVLVWHPDGHVLJQRVGHTXHHVFODYHHODVLHQWRRVHGHHOOXJDU'HORV(O
SDUWR VH SURGXFH FXDQGR OD HUUDQWH /HWR HQFXHQWUD OD EDVH HVWDEOH HQ TXH
DSR\DUVH\HVDEDVH$VWHULDHUUDQWHTXHGDHQUDL]DGDDOVXHORSUHFLVDPHQWH
HQVXIXQFLÍQGHOXJDUGHOQDFLPLHQWR(QHO+LPQR+RPÃULFR,,,LV
OD\PDGUHVLJXHQPRYLPLHQWRVSDUDOHORVTXHFRQIOX\HQHQHOPRPHQWRGHO
SDUWRPLHQWUDV/HWRDVLGDDODSDOPHUDDSR\DODVURGLOODVHQWLHUUDSDUDGDU
DOX]ODWLHUUDEDMRHOODFRPRXQHVSHMRVRQUÇH\$SRORQDFH…&XHUSRGH
$VWHULD•GLFH3ÇQGDURIUHTXHVHFRPSODFHHQWUDVSDVDUODVIURQWHUDVHQ
WUH PDGUH H LVOD FRQ ORV PHGLRV OLQJÖÇVWLFRV \ PLWROÍJLFRV D VX DOFDQFH IU
FGKP6QHOO0DHKOHU,VODFXHUSRRPDGUHVHGHORTXHLPSRUWDHV
TXHODQDUUDFLÍQVHTXLHUHIXQGDFLRQDOGHOSDUWRIHPHQLQR\TXHHVWDGLYLQD
PDWHUQLGDGDOPRGRGHPXMHUVLSXHGRGHFLUORDVÇWLHQHVXGLPHQVLÍQHV
SDFLDO\QRGHSURGXFFLÍQSXHVÃVWD\DVHKDGLFKRIHPHQLQDHQHOFHQWUR
HVWDEOH\YLVLEOHTXHHOSDGUH=HXVVDQFLRQDFRQODOOXYLDGHRUR\TXH$SR
ORWUDVODGDFRPRVXILOLDFLÍQDOO»GRQGHYDVHDDOFHQWURGHOFRURGHGLRVHV
HQHO2OLPSRRDORPEOLJRGHODWLHUUD
7DXODURGRQD
(VDIXQFLÍQGHPDGUHFRPR…SXQWRGHUHIHUHQFLD•VHGHGXFHSRUVXDXVHQ
FLD FRPSOHPHQWDULDPHQWH HQ OD QDUUDWLYD GH ODV LQIDQFLDV GLRQLVLDFDV OD
PXHUWHGH6ÃPHOHDQWHVGHOSDUWR\ODPXOWLSOLFLGDGGHQRGUL]DVVXVWLWXWR
ULDVVHFRUUHVSRQGHFRQHOGHVHQUDL]DPLHQWR\GHVFHQWUDOL]DFLÍQFDUDFWHUÇV
WLFRV GHO GLRV XQD PRYLOLGDG TXH DGTXLHUH QXHYD GLPHQVLÍQ D WUDYÃV GH
=HXV SDGUH LQPRUWDO SDUD XQ KLMR LQPRUWDO GH PRUWDO +HVLRGR 7K 'LRQLVRWUDQVLWDWDPELÃQGHODFRQGLFLÍQGHOSDGUHDODGHODPDGUHHWF(V
GHFLU TXH OD QDUUDFLÍQ YHKLFXOD HO PRGR GH OD GHSHQGHQFLD PD
GUHSDGUHKLMR\SRQHHQMXHJRXQDUHGGHFRQFHSWRVDVRFLDGRV
&ODUR TXH HQ ORV JÃQHURV OLWHUDULRV OD OÍJLFD GHO PLWR VH VXERUGLQD D ODGHO
DXWRU\HVHOWH[WRODREUDHOTXHFUHDILQDOPHQWHODKLVWRULDOD0HGHDGH
(XUÇSLGHVPDWDDORVKLMRVSDUDOLEHUDUVHGHOSDGUHGHORVQLËRVODUHODFLÍQ
HVWULDQJXODUHOYÇQFXORFRQHOPDULGRSDVDSRUORVKLMRV/DSUHJXQWDSDUD
PÇVHWUDVODGDDODREUDTXÃKDFHTXHHVWDWUDJHGLDSUHILHUDFDUJDUVREUHOD
PDGUHXQDVPXHUWHVTXHODWUDGLFLÍQDWULEXÇDDH[WUDËRVTXÃUHJLVWURVH[SOR
UD(XUÇSLGHVHQOD0HGHDHVGHFLUPHLQWHUHVDH[DPLQDUFÍPRODPDWHUQLGDG
HVXWLOL]DGDFRPRXQLQVWUXPHQWRSDUDVLJQLILFDUGHQWURGHXQGLVFXUVR
(QHVHVHQWLGR\RQRHVWR\WDQVHJXUDGHTXHODWUDJHGLDLQYLHUWDVLVWHP»
WLFDPHQWHHOPRGHOR…RILFLDO•GHPDGUHXQDFRQMHWXUDHQVÇPLVPR&UHR
TXHORSUHVHQWDGHVGHSHUVSHFWLYDVPÔOWLSOHVOD…PDOD•PDGUHGH$GPHWR
TXH UHKXVD GDU VX YLGD SRU VX KLMR \ OD …EXHQD• $OFHVWLV TXH DO DFHSWDU
PRULU SRU HO HVSRVR GHMD KXÃUIDQRV D ORV VX\RV VRQ GRV HMHPSORV GH OD
PLVPDUXSWXUDGHODSKLOÇDPDWHUQDO\DPEDVVRQSUHVHQWDGDVHQODREUD
FRPR HVSRVDV \ PDGUHV QRUPDOHV $GHP»V VHJÔQ H[SUHVLÍQ GH ,RDQQD
3DSDGRSRXORXODWUDJHGLDSUHVHQWDORVGRVODGRVGHXQFRQIOLFWRDOPRGR
GH OD UHWÍULFD DVÇ &OLWHPQHVWUD TXH DFWÔD FRQWUD HO SDGUH SRU VX SKLOÇD
KDFLD ,ILJHQLD UHKXVD HVD PLVPD SKLOÇD D VXV RWURV KLMRV TXH VLJXHQ DVR
FLDGRVDOSDGUH3RURWUDSDUWH›JDYHTXHHQODV%DFDQWHVFLHUWDPHQWHQR
UHSUHVHQWD OD ILJXUD FRWLGLDQD GH XQD PDGUH JULHJD RFXSD HQ FDPELR HO
OXJDUSHUWLQHQWHDODQDUUDWLYDGLRQLVLDFDHQODREUDHOPDULGRKDGHVDSDUH
FLGRHVLQRSHUDQWH\OXHJRGHVDSDUHFHWDPELÃQHOKLMRTXHVXFHVLYDPHQWH
HV …GHVFHQWUDGR• WUDVODGDGR GH OD SROLV DO PRQWH GH UH\ D EDFDQWH GH
KRPEUHDPXMHU\DOILQGHVSHGD]DGR&RPR›JDYHRWUDVPDGUHVGHOPL
WRQRQHFHVDULDPHQWHWU»JLFDVPDWDQHLQFOXVRGHYRUDQDVXVKLMRVVHJÔQ
UHFRUGDED&DUOHV0LUDOOHV3HURHOORRFXUUHGHQWURGHXQDVSDXWDVFUHRHQ
IXQFLÍQGHXQHVTXHPDQDUUDWLYR\GHQWURGHÃOFREUDQVHQWLGR(QXQRV
FDVRVODPXHUWHGHOKLMRHVFRQVHFXHQFLDGHDOJÔQWLSRGHDJUHVLÍQVH[XDO
3URFQHORVIUXWRVGHLQFHVWRHQFLHUWRPRGR0HGHDFRPRVLDOHOLPLQDU
DOKLMRVHUHWURFHGLHUDDOWLHPSRDQWHULRUGHODRIHQVDRVHSDUDOL]DUDODUH
ODFLÍQHQHOSXURGRORU(QRWURVFDVRVFRPRHOGHODV0LQLDGDVVHDWRPL
]DQ ORV OD]RV GHO QÔFOHR IDPLOLDU VHJÔQ PRGHOR GLRQLVLDFR 'HQWUR GH ÃO
GHQWUR GH …HOOR• TXL]»V ›JDYH UHSUHVHQWD XQD PDGUH …QRUPDO• HO VLVWHPD
VLPEÍOLFRGLRQLVLDFRVHDSDUHFHFRPRXQILOWURGHOHFWXUDQHFHVDULR
0DLWH&ODYR
3ODQWHDUÃXQÔOWLPRFDVRTXHFRQHFWDHVWDYH]ODWUDJHGLDFRQODVLQVWLWX
FLRQHV DWHQLHQVHV HQ HO ,RQ &UHXVD HV XQD PDGUH VLQ KLMR SXHV HO QLËR
H[SXHVWRGHVDSDUHFLÍDORVRMRVGHVXPDGUHWUDVODGDGRSRU+HUPHVHV
FRQGLGR SRU $SROR 3RU RWUD SDUWH VX HVSRVR -XWR QR HV HO SDGUH GH OD
FULDWXUDVLWXDFLÍQIDPLOLDUDQÍPDODGRQGHODVKD\D$PERVEXVFDQGHVFHQ
GHQFLD SHUR &UHXVD DGHP»V UHFXSHUDU DO KLMR SHUGLGR (Q HVWD VLWXDFLÍQ
GD LQLFLR OD REUD TXH OOHYDU» DO HQFXHQWUR HQWUH PDGUH H KLMR\FRQÃOHO
GHVFXEULPLHQWRSDUDDPERVGHXQDQXHYDUHODFLÍQODPDWHUQRILOLDO(VFX
ULRVRFÍPRVHSODQWHDHQWRQFHVHOWHPDGHODPRUPDWHUQRsHOTXHGLFHQ
ORV SRHWDV TXH EURWD HVSRQW»QHDPHQWH FRQ OD PDWHUQLGDG (Q HO ,RQ HO
DPRU GH PDGUH H[LVWH SHUR FDUHFH GH REMHWR R P»V ELHQ GHVFRQRFH VX
REMHWR&UHXVDTXHWRPDD,RQSRUXQXVXUSDGRUSUHWHQGHPDWDUOR(VHO
UHFRQRFLPLHQWRGHOKLMRORTXHUHFRQGXFHKDFLDÃOVXDIHFWRODSKLOÇDPD
WHUQDQRVHSUHVHQWDFRPRXQKHFKRQDWXUDOVLQRFRPRIUXWRGHOVDEHU(V
P»VFXDQGR&UHXVDHQXPHUDODVUD]RQHVGHVXDOHJUÇDODWHUQXUDQRHVW»
HQWUHHOODVVÇHQFDPELRODPHMRUDGHVXHVWDWXWRVRFLDO\ODFRQWLQXLGDG
GHODGLQDVWÇDIDPLOLDU…<DQRVR\VLQKLMRVODFDVDWLHQHKRJDUODWLHUUDWL
UDQRYROYLÍ(UHFWHRODFDVDDXWÍFWRQD\DQRPLUDODQRFKHe•
&RPRKDGLFKR1LFROH/RUDX[HQ&UÃXVHDXWRFKWRQHHOWHPDGHO,RQHV
ODDFUÍSROLVODFLXGDGDQÇD\ODGLIÇFLOLQWHJUDFLÍQGHOH[WUDQMHURHQÃOHVD
&UHXVDSUHRFXSDGDSRUVXSURSLRHVWDWXWRGHPXMHU\SRUVXVGHEHUHVSR
OÇWLFRV FRPR FRQWLQXDGRUD GHO JHQRV GH ORV DXWÍFWRQRV QRV DFHUFD D ODV
UHDOLGDGHV GH OD DWHQLHQVH 3ODQJÍQ \ D OR TXH ;DYLHU OODPDED DGDSWDQGR
XQD H[SUHVLÍQ GH 9LGDO1DTXHW …XQ RSHUDGRU VLPEÍOLFR• OD PDGUH FRPR
LQVWLWXFLÍQTXHSRQHDORVKLMRVHQUHODFLÍQFRQODFLXGDG
&RQFOX\RHQILQLQWHQWDQGRUHVSRQGHUDODFXHVWLÍQTXHGLRLQLFLRDPLV
UHIOH[LRQHV WDO FRPR OD UHIRUPXODED &DUOHV 0LUDOOHV HQ HO GHEDWH …eVL OD
PDWHUQLWÃ HVW XQH VRUWH GH VLWXDWLRQ TXnRQ SHXW SODFHU QnLPSRUWH RÓ SRXU
HQSURGXLUHGHVVHQVTXLVHURQWVLPSOHPHQWFRQWH[WXHOVRXVLDXIRQGGH
WRXWFHTXHQRXVDYRQVGLWGHWRXWFHTXHQRXVVDYRQVVXUOHVPÂUHVGHV
JUHFVRQSHXWSDUOHUHWGDQVTXHOVHQVGnXQHPÂUHGnXQHPÂUHGXSRLQW
GHYXHVLJQLILDQW•
3LHQVRTXH…PDGUH•HQFXDQWR…PXMHUFRQKLMRV•RVXVFRQVWUXFFLRQHVDQD
OÍJLFDV HV VÍOR VLJQLILFDQWH GH HVD UHODFLÍQ OD TXH FRQHFWD D XQD PXMHU
FRQVXVKLMRVUHODFLÍQTXHHVSURSLHGDGODPDWHUQLGDGHVSURSLHGDGGHOD
PXMHU\TXHWRGRORGHP»VORDËDGHQORVGLVFXUVRVGHORVJULHJRV&ODUR
TXHKDEUÇDTXHSUHJXQWDUVHSRUTXÃODWUDGLFLÍQPÇWLFDSUHVHQWDFLHUWDVUH
ODFLRQHVTXHSRGUÇDQKDEHUDGRSWDGRRWUDVIRUPDVVLPEÍOLFDVSUHFLVDPHQ
WHEDMRHOVLJQRVÍORIHPHQLQRGHODPDWHUQLGDG3HURPHSDUHFHTXHHVD
SUHJXQWDQRVOOHYDUÇDDLQWHUURJDUWDPELÃQDORV…SDGUHV•
'LVFXVVLÍ
,2$11$3$3$'2328/28/DTXHVWLRQTXHMHYDLVSRVHUº&ODXGLQH/HGXFPH
SDUDÈWDYRLUXQUDSSRUWÃWURLWDYHFODSUREOÃPDWLTXHTXH0DLWH&ODYRSUR
SRVH FRPPH FHQWUDOH GDQV FHWWH UÃIOH[LRQ $ORUV LO Qn\ D SDV XQH ILJXUH
PDWHUQHOOHLO\DODPÂUHQRUPDOHUÃHOOHHWODPÂUHWUDJLTXHHVWVRQRSSR
VÃHFHODQHVLJQLILHSDVPRLQVTXnLO\DXQYDVWHSUREOÂPHDYHFODILJXUH
PDWHUQHOOHHWTXHFHQnHVWSDVSXUHPHQWP\WKLTXHRXWUDJLTXH$FHSUR
SRV MH YRXGUDLV TXnRQ SURILWH GH OD UHIOH[LRQ GH & /HGXF LFLPÄPH HW
GDQVVRQDUWLFOH…&RPPHQWODGRQQHUHQPDULDJH•ºSURSRVGXGÃVDYDQ
WDJHTXHOHV\VWÂPHGÃPRFUDWLTXHUHSUÃVHQWHSRXUODIHPPHQRWDPPHQWOD
PÂUHHQSDVVDQWGHODGHVFULSWLRQGHVGLIIÃUHQWHVUHSUÃVHQWDWLRQVKRPÃUL
TXHVGXPDULDJHºODFLWÃGÃPRFUDWLTXHYRXVGÃYHORSSH]XQHUÃIOH[LRQJÃ
QÃUDOHTXLPHVHPEOHGHSULPHLPSRUWDQFHVXUMXVWHPHQWOHVLQFRQYÃQLHQWV
GXV\VWÂPHGÃPRFUDWLTXHSRXUOHVIHPPHV
-HPHGHPDQGHVLRQQHSRXUUDLWSDVVnLQWHUURJHUVXUOHGLVFRXUVGHODWUD
JÃGLHVXUOHVIHPPHVFRPPHMXVWHPHQWUHIOÃWDQWHWH[SORLWDQWFHWWHFRQWUD
GLFWLRQ
&/$8',1( /('8&'DQVOnDUWLFOHGH/nKLVWRLUHGHVIHPPHVMHGLVTXnºXQFHU
WDLQ PRPHQW OHV DWKÃQLHQV RQW FKRLVL XQ V\VWÂPH PDWULPRQLDO HW GDQV FH
V\VWÂPH PDWULPRQLDO TXL HVW FRGLILÃ SDU 6RORQ RX DSUÂV 6RORQ HQILQ TXL
IDLW SDUWLH GX FRGH VRORQLHQ OD IHPPH HVW GRQQÃH HQ PDULDJH DYHF XQH
GRWHWFHWWHGRWHWFRPSRVÃHGHQXPÃUDLUHVDORUVTXHGDQVGnDXWUHVV\VWÂ
PHV JUHFV OD IHPPH SRXYDLW VH PDULHU DYHF GHV ELHQV GHV PHWURD TXL
QnÃWDLHQWSDVFRPSRVÃVXQLTXHPHQWGHQXPÃUDLUH(WDORUVOºODIHPPHQnD
SDV DFFÂV º GHV ELHQV TXH MnDSSHOODLV GHV ELHQV VWDWXWDLUHV GHV ELHQV YLVL
EOHVTXLGRQQHQWXQVWDWXWGDQVODFLWÃ(OOHQnDSDVDFFÂVDX[LPPHXEOHV
HOOHQnDSDVDFFÂVºODWHUUH'RQFOHVDWKÃQLHQVFKRLVLVVHQWFHW\SHGHPD
ULDJH HW MH SHQVH TXH FH W\SH GH PDULDJH GÃVDYDQWDJH OD IHPPH 0DLV MH
'LVFXVVLÍ
FURLVTXnLOHVWWUÂVLPSRUWDQWORUVTXnRQÃWXGLHOHVV\VWÂPHVPDWULPRQLDX[GH
IDLUH XQH GLVWLQFWLRQ HQWUH OnDFFÂV DX[ ELHQV HW OnDFFÂV DX VWDWXW HQWUH
OnKÃULWDJHHWODVXFFHVVLRQHWMHSHQVHTXnLOQHIDXWSDVPÃODQJHUOHVGHX[
(WTXHILQDOHPHQWGDQVOHV\VWÂPHDWKÃQLHQWHOTXnLOHVWPLVHQSODFHSDUOD
YRLHGH3ÃULFOÂVOnDFFÂVDXVWDWXWGHVILOVGÃSHQGºODIRLVGHVRQSÂUHHWGH
VDPÂUHGHVGHX[DVWRL'RQFODPÂUHDXQUÎOHGDQVFHWDFFÂVDXVWDWXW
GHVILOV0RLMHFURLVTXHGDQVODGÃPRFUDWLHDWKÃQLHQQHOHV\VWÂPHSROLWL
TXHGRQQHXQVWDWXWºODIHPPHHWLOPHVHPEOHTXHFnHVWLPSRUWDQWFnHVW
ODVHXOHFLWÃJUHFTXHsHQILQOHVHXOWÃPRLJQDJHTXHQRXVD\RQVGnXQHFL
WÃJUHFTXHTXLGRQQHXQVWDWXWSHUVRQQHOºODIHPPHHOOHHVWXQHSHUVRQ
QH 0DLV º FRWÃ GH FH V\VWÂPH SROLWLTXH LO \ D OH V\VWÂPH IDPLOLDO HW FH
V\VWÂPH IDPLOLDO HVW OH V\VWÂPH TXL HVW PLVHQSODFHSDU6RORQHWGDQVOH
V\VWÂPHIDPLOLDOODIHPPHHVWLGHQWLILÃHºVDGRWHOOHQnDSDVGHVWDWXWSHU
VRQQHO(OOHHVWLGHQWLILÃHºGHVELHQVTXLYRQWGDQVODPDLVRQGHVRQPDUL
HOOHQnH[LVWHSDVHQWDQWTXHWHOOHHWFnHVWSRXUÁDTXHMHWURXYHTXnHOOHHVW
GÃVDYDQWDJÃH(WGRQFMHFURLVTXnLO\DXQHFRQWUDGLFWLRQGDQVOHV\VWÂPH
DWKÃQLHQTXLHVWPLVHQSODFHSDU6RORQHWTXHILQDOHPHQWWRXWHVSURSRU
WLRQV JDUGÃHV RQ WURXYH OD PÄPH FRQWUDGLFWLRQ GDQV OH V\VWÂPH PLV HQ
SODFHSDUODUÃYROXWLRQIUDQÁDLVHFnHVWºGLUHTXHFnHVWXQV\VWÂPHTXLH[DO
WHODOLEHUWÃHWODIHPPHHQSURILWHXQSHWLWSHXHOOHHVWDVWHHWHQPÄPH
WHPSVFnHVWXQV\VWÂPHTXLDXQFRGHIDPLOLDOH[WUÄPHPHQWULJLGH&nHVWOH
PÄPHSUREOÂPHTXnLO\DHQWUHOD5ÃYROXWLRQIUDQÁDLVHTXLSUÎQHODOLEHUWÃ
HWOHV\VWÂPHIDPLOLDOTXLGHYLHQGUDOHFRGHQDSROÃRQLHQ,O\DHXXQGÃ
EDWOºGHVVXVDYHF,UÂQH7KÃU\SDUFHTXnHQ)UDQFHRQDEHDXFRXSGLVFXWÃ
DXPRPHQWGX3D&6(W,UÂQH7KÃU\GLWTXnLO\DXQHFRQWUDGLFWLRQIRQGD
PHQWDOHGDQVOD5ÃYROXWLRQ)UDQÁDLVHHQWUHODOLEHUWÃSROLWLTXHHWOHFRGHGH
OD IDPLOOH (W LO PH VHPEOH WRXWHV SURSRUWLRQV JDUGÃHV TXnLO \ D OD PÄPH
FRQWUDGLFWLRQ GDQV OD GÃPRFUDWLH DWKÃQLHQQH HQWUH OH V\VWÂPH SROLWLTXH HW
OnRUJDQLVDWLRQIDPLOLDOHOnRUJDQLVDWLRQGHODSDUHQWÃ
67(//$ *(25*28',-HYRXGUDLVVRXOLJQHUOnLPSRUWDQFHGHFHTXHWXDVGLW
SDUFH TXH OD GÃPRFUDWLH DWKÃQLHQQH VRXUWRXW DYHF FHWWH ORL GH 3ÃULFOÂV
GRQQHXQVWDWXWºODIHPPH7XDVSDUOÃGHOnLPSRUWDQFHGXVDQJHWPRL
MXVWHPHQWMHYRXGUDLVPHWWUHOnDFFHQWOºGHVVXVSDUFHTXHWUÂVVRXYHQWRQ
GLW OHV IHPPHV GDQV OD FLWÃ Gn$WKÂQHV QH VRQW SDV FLWR\HQQHV HOOHV
VnDSSHOOHQW DWKÃQLHQQHV GH WHPSV HQ WHPSV PDLV SDV SDU H[HPSOH SROLWL
GHV2UQRQVHXOHPHQWFHWHUPHOºH[LVWHSROLWLVDYHFLRWDTXLVLJQLILHFL
WR\HQQH PDLV GDQV OD 3ROLWLTXH $ULVWRWH OnHPSORLH WUÂV VRXYHQW MXVWHPHQW
HQVHUÃIÃUDQWDXVVLºFHWWHORL$ORUVRQHPSORLHQRQVHXOHPHQWOHVPRWV
DVWH HW DVWRV PDLV DXVVL SROLWHV SRXU OnKRPPH º FRWÃ GH SROLWLV SRXU OD
IHPPH,O\DXQPÄPHSDVVDJHGHOD3ROLWLTXHGn$ULVWRWHTXLGLWTXHGDQV
ODFLWÃRXLOPHVHPEOHGHODFLWÃGn$WKÂQHVVLMHQHPHWURPSHSDVXQH
SHUVRQQH HVW FLWR\HQ ORUVTXnLO HVW ILOV GnXQH SROLWLV SROLWLV XQH FLWR\HQQH
3DFWH&LYLOGH6ROLGDULW¦UHJLVWUHGHSDUHOOHVGHIHW
7DXODURGRQD
TXL D IDLW FHW HQIDQW DYHF XQ PÃWÂTXH RX XQ HVFODYH HWFHWF &nHVWºGLUH
TXHSDVVHXOHPHQWLO\DXQVWDWXWGHIHPPHHQWDQWTXHFLWR\HQQHHWELHQ
HQWHQGX HQWHQGRQVQRXV ELHQ TXDQG PRL MH GLV SROLWLV SROLWLGHV MH QH
YHX[SDVGLUHTXHOHVIHPPHVDWKÃQLHQQHVDYDLHQWGHVGURLWVSROLWLTXHVMH
QHGLVSDVÁDPDLVFRPPHVLRQGLVDLWTXHOHVIUDQÁDLVHVQnÃWDLHQWSDVSROL
WLGHVQnÃWDLHQWSDVFLWR\HQQHVDYDQWGnDYRLUOHGURLWGHYRWHGRQFÁDVLJQL
ILHUDLWTXHMXVTXnHQOHVIUDQÁDLVHVQnÃWDLHQWSDVSROLWLGHV%RQDORUVOº
LO IDXW IDLUH TXDQGPÄPH FHWWH GLIIÃUHQFH (W FH QnHVW SDV VHXOHPHQW º
$WKÂQHV GDQV GHV GHVFULSWLRQV GnDXWUHV FLWÃV OHV SROLWLGHV OHV FLWR\HQQHV
RQWXQHVRUWHGHVWDWXWTXLQnHVWSDVQÃJOLJHDEOH
&/('8&eHOOHVH[LVWHQWUHFRQQXHV
;$9,(5 5,8%LHQVÕUHOOHVH[LVWHQWPDLVMHFURLVTXHFnHVWSOXWÎWXQPLUDJH
sMH QH VDLV SDV SHXWÄWUH MH PH WURPSH PDLV YR\RQV HVWFH TXnLO \ D
YUDLHPHQWXQHFRQWUDGLFWLRQHQWUHFHTXHIDLWODSROLVHWFHTXHIDLWODIDPL
OOH"/DIHPPHGDQVOHVGHX[FDVHQIDLWQnHVWTXnXQHSRUWHXVHXQHPÃGLD
WULFHHOOHWUDQVPHW
&/('8&&HTXnLO\DGHWUÂVLPSRUWDQWFnHVWTXHGDQVOHFDVGHODFLWÃHOOH
HVWIDPPHSRUWHXVHWDQGLVTXHGDQVOHFDVGHODIDPLOOHFnHVWVDGRWTXLHVW
SRUWHXVH(WMHFURLVTXHFnHVWTXDQGPÄPHTXHOTXHFKRVHGHWUÂVGLIIÃUHQW
SDUFHTXHVLHOOHQnDSDVGHGRWHOOHQnHVWsLO\DXQHFRQIÃUHQFHGH*HU
QHWTXLDÃWÃSURQRQFÃHHQRXºOn,QVWLWXWGHGURLWURPDLQTXLQnD
MDPDLVÃWÃSXEOLÃH2ULODXQHLPDJHTXLHVWH[WUÄPHPHQWMROLHLOGLWOD
GRW VXLW OD IHPPH FRPPH VRQ RPEUH (W OD IHPPH HVW FH TXnHVW VD GRW
TXDQGODGRWQnDUULYHSDVGDQVODIDPLOOHLOQn\DSDVGHPDULDJHOHPDULDJH
QnHVWSDVOÃJLWLPHTXDQGODGRWQnDUULYHSDVOHVHQIDQWVRQQHIDLWSDVOHXU
SDLGRSRLHVLV'RQFODIHPPHHVWDVVLPLOÃHºFHVELHQVTXLVRQWGHVELHQV
TXLVHGÃSODFHQWTXLQnRQWSDVGnH[LVWHQFHUÃHOOHTXnRQQHYRLWSDVFnHVW
GHOnDUJHQW
;5,8'DQVOHFDVGHODIHPPHDVWHSROLWLVFRPPHYRXVDYH]GLWHQIDLW
ÁDFnHVWXQVWDWXWPDLVOHVGURLWVTXLYRQWDYHFFHWVWDWXWOHVIHPPHVQHOHV
RQWSDV
&/('8&6LUHJDUGH]QRWUHSHWLWH3ODQJRQHOOHREOLJH0DQWLDVºUHFRQQDÈ
WUHVRQILOV'DQVODGÃFODUDWLRQGHSDWHUQLWÃFnHVWVRQVHUPHQWHWVRQVHU
PHQWHVWUHFHYDEOH'RQFFnHVWTXnHOOHH[LVWH
; 5,8 %LHQ VÕU HOOH H[LVWH PDLV YRLOº HOOH SHXW REOLJHU0DQWLDVºUHFRQ
QDÈWUHVRQILOVRXLPDLVHOOHSHXWDJLUVHXOHPHQWHQIDYHXUGHVRQILOVSDV
GnHOOHPÄPH
'LVFXVVLÍ
& /('8& 3DV GnHOOHPÄPH PDLV TXDQG PÄPH FnHVW TXHOTXH FKRVH
GnLPSRUWDQW
6*(25*28',-HYRXGUDLVLQWURGXLUHXQDXWUHDVSHFW'HSOXVHQSOXVMH
SHQVH TXH GDQV OD UHIOH[LRQ GX VWDWXW GH OD IHPPH GDQV OHV FLWÃV RQ QH
SHXWSDVSURFÃGHUHQIDLVDQWDEVWUDFWLRQGHVV\VWÂPHVGHODSUÄWULVHHWGHV
SUÄWUHVVHV (W YRXV DOOH] PH GLUH FH VRQW GHV IHPPHV H[FHSWLRQQHOOHV
PDLVVLYRXVYR\H]GLVRQVOnRUJDQLVDWLRQGHVSUÄWULVHVGDQVOHVFLWÃVYRXV
YR\H]TXHOHVIHPPHVTXLDFFÂGHQWºFHVWDWXWVRQWSOXVLHXUVGDQVXQHFL
WÃ HW JU¼FH º FH VWDWXWOº ELHQ HQWHQGX GH SULYLOÂJH HOOHV FRPSWHQW MH
YHX[ GLUH TXH LPDJLQH] OHV DWKÃQLHQV YRLU SHQGDQW DQV SDUFH TXH
FnÃWDLW OH FDV GnXQH SUÄWUHVVH Gn$WKÃQD 3ROLDV SHQGDQW DQV XQH IHPPH
TXL UÂJQH VXU On$FURSROH TXL SUÃVLGH DX[ VDFULILFHV GHV 3DQDWKÃQÃHV TXL
EDOLVHOnHVSDFHGHODFLWÃTXLHVWºODWÄWHGHSURFHVVLRQVTXLYDYHUV3KDOÂ
UH RX TXL YD YHUV (OHXVLV TXL UÂJOH TXL SHXW DWWDTXHU XQ SUÄWUH VL SDU
H[HPSOH OH SUÄWUH IDLW XQ VDFULILFH º VD SODFH &nHVWºGLUH TXH YXH
OnRUJDQLVDWLRQ GH OD SUÄWULVH MH PH GHPDQGH VnLO QH IDXW SDV SUHQGUH DXVVL
HQFRQVLGÃUDWLRQODYLHGHVSUÄWUHVVHVGDQVODFLWÃSDUFHTXnRQSDUOHGHOD
IDPLOOHHWFPDLVHWOHV\VWÂPHUHOLJLHX["(QILQVLPSOHPHQWXQHUHIOH[LRQ
& /('8& eFH VRQW GHV IHPPHV TXL VRQW ÃPDQFLSÃHV GH OD IDPLOOH OHV
SUÄWUHVVHVHOOHVSHXYHQWVHUHQGUHºODERXOÃ4XDQGRQÃWXGLHODIHPPHLO
IDXW YRLU OH V\VWÂPH SROLWLTXH HW OH V\VWÂPH IDPLOLDO FRPPH LO IDXW YRLU
OnRUJDQLVDWLRQGHODFROOHFWLYLWÃHWOnRUJDQLVDWLRQGHODFRPPXQDXWÃ,O\DOD
FROOHFWLYLWÃSROLWLTXHHWSXLVLO\DODFRPPXQDXWÃGHVPDLVRQVHWMHFURLV
TXHGDQVOnDQDO\VHLOIDXWELHQVÃSDUHUOHVGHX[FKRVHV6LQRQRQPÃODQJH
WRXW-HFURLVTXnLO\DODIDPLOOHHWODFLWÃHWLOPHVHPEOHTXHODORLGH3Ã
ULFOÂVFnHVWXQHORLWUÂVGÃPRFUDWLTXHGDQVODPHVXUHRÓFnHVWXQHORLTXL
QH SUHQG SDV HQ FRPSWH OH PDULDJH FnHVW XQH ORL TXL QH SUHQG SDV HQ
FRPSWHOHIDLWTXnXQJDUÁRQVRLWXQKÃULWLHUHWFnHVWXQHORLTXLGRQQHODFL
WR\HQQHWúTXHOTnXQTXLQnHVWSDVUHFRQQXDSSDUWHQDQWºXQHIDPLOOHGHOD
FLWÃ2QGLWTXHODORLGH3ÃULFOÂVQnDULHQDSSRUWÃPRLLOPHVHPEOHTXH
FnHVW XQH ORL IRQGDPHQWDOH /D ORL GH 3ÂULFOÂV HVW XQH ORL TXL LQWÂJUH OH
E¼WDUG GDQV OD FLWà š PRQ DYLV FnHVW XQH ORL DQWLIDPLOOH DQWLRLNRL FnHVW
OnDERXWLVVHPHQWGHWRXWHXQHÃYROXWLRQSROLWLTXHHWºODIDYHXUGHFHWWHORL
ODIHPPHVHJOLVVHHOOHDVRQVWDWXW
,3$3$'2328/283RXUUHYHQLUHQFRUHºODTXHVWLRQGHVUDSSRUWVHQWUHOHV
LQVWLWXWLRQVHWODWUDJÃGLHSDUWDQWGXSULQFLSHTXHOHGLVFRXUVWUDJLTXHSRU
WH OHV WUDFHV GHV GLVFXVVLRQV HW GHV UHIOH[LRQV SXEOLTXHV RX SOXV SULYÃHV
SDUH[HPSOHHQWUHOHVLQWHOOHFWXHOVHWOHV…GÃFLGHXUV•RQSHXWSHQVHUTXHOD
SODFH SUÃGRPLQDQWH GH OD IHPPH GDQV OD WUDJÃGLH TXL QH FRLQFLGH SDV
DYHF VD SRVLWLRQ LQVWLWXWLRQQHOOH FRUUHVSRQG SHXWÄWUH sGDQV XQH IRUPH
GLVWDQFLÃHsºODYLYDFLWÃGHVGÃEDWVLQWHOOHFWXHOVHWSROLWLTXHVGDQVXQUÃ
7DXODURGRQD
JLPHGÃPRFUDWLTXHTXLUÃIRUPHSURJUHVVLYHPHQWOHFRGHGHODIDPLOOHHWVH
GHPDQGH SDUIRLV º OD PDQLÂUH Gn+LSSRO\WH …SRXUTXRL GRLWRQ QDÈWUH GHV
IHPPHV•"
-HYRXGUDLVDMRXWHUTXHQRWUHGLVFXVVLRQºSURSRVGHODSROLWLVPHUHQYRLH
GLUHFWHPHQWDXGÃEDWTXLDRSSRVÃ0DUFHO'HWLHQQHº1LFROH/RUDX[TXH
WXFRQQDLVELHQ6WHOODWRXWHVOHVQXDQFHVVRQWUHFHYDEOHVºSURSRVGXVWD
WXWGHIHPPHVPDLVFHVRQWGHVQXDQFHVTXLQ
LQYDOLGHQWSDVODWKÂVHIRQ
GDPHQWDOH GH 1LFROH HOOH VnHQ H[SOLTXH FODLUHPHQW GDQV OD 3RVWIDFH GH OD
H ÃGLWLRQ GHV (QIDQWV Gn$WKÃQD -nLQVLVWHUDLV GRQF VXU FH TXnD GLW ;DYLHU
5LXQHSDVSHUGUHGHYXHODVLWXDWLRQUÃHOOHGHODIHPPHGDQVODFLWÃ)DLUH
GH On+LVWRLUH GHV )HPPHV QnHVW SDV HQFRUH XQH GÃPDUFKH YLHLOOLH 6L RQ
SRVHFHUWDLQVSUREOÂPHVGHQRXYHDXQHSDVVHODLVVHUUÃFXSÃUHUGDQVXQ
GLVFRXUV GH GRXFH TXLÃWXGH …WRXW YD ELHQ OHV $WKHQLHQQHV ÃWDLHQW GHV
GLJQHVFLWR\HQQHV•
&/('8&/DORLGH3ÃULFOÂVHVWXQHORLTXLQHVnLQWÃUHVVHSDVDX[IHPPHV
HQVRL
,3$3$'2328/283DVSULQFLSDOHPHQWHOOHHVVDLHDXVVLGHUHQIRUFHUODGÃ
PRFUDWLHIDFHDX[JUDQGHVIDPLOOHV
& /('8& (OOH HVVD\H GH UHJOHU OH SUREOÂPH GHV E¼WDUGV GDQV OD FLWÃ GHV
HQIDQWVSRXUOHVTXHOVLOQn\DHXGHSDLGRSRLHVLVGRQWODPÂUHQnDSDVÃWÃ
GRQQÃHDYHFXQHGRWHWFGRQFGHVPDUJLQDX[&HTXLOnLQWÃUHVVHVRQWOHV
KRPPHV PDUJLQDX[ PDLV QnHPSÄFKH TXnHOOH HVW DPHQÃH º UHFRQQDÈWUH OH
SHUVRQQDJHGHODPÂUH