������������������� �� �

�

&ROODQD GLUHWWD GD

78//,2 7(/021

�

���

,O YROXPH q VWDWR SXEEOLFDWR FRQ XQ FRQWULEXWR GHO &�1�5��

,Q FRSHUWLQD�

(ODERUD]LRQH JUDILFD GHOO¶$XWRUH

�

��������������������

�������� ������� ������������������������������� �����������!�������"��#�����

(GL]LRQL GHOO¶2UVR

� ����

&RS\ULJKW E\ (GL]LRQL GHOO¶2UVR 6�U�O�

����� $OHVVDQGULD� YLD 5DWWD]]L ��

7HO� ���� � �������� � )D[ ���� � ��������

(�PDLO� HGL]LRQLGHOORUVR#OLEHUR�LW

KWWS���ZZZ�HGLRUVR�LW

,PSDJLQD]LRQH D FXUD GL =9�0/

Ê YLHWDWD OD ULSURGX]LRQH� DQFKH SDU]LDOH� QRQ DXWRUL]]DWD� FRQ TXDOVLDVL PH]]R HIIHWWXDWD�FRPSUHVD OD IRWRFRSLD� DQFKH D XVR LQWHUQR H GLGDWWLFR� /¶LOOHFLWR VDUj SHQDOPHQWH SHUVHJXLELOH DQRUPD GHOO¶DUW� ��� GHOOD /HJJH Q� ��� GHO ������ ����

,6%1 �������������

D *LXGLWWD� *LXVHSSH�

$QQDOLVD H (QULFR

H D5RPDQR%URJJLQL

FKH VL q SUHVR OD EULJD

GL LQVHJQDUPL LO PHVWLHUH

��������������������

4XHVWR ODYRUR q� VHQ]D FDPELDPHQWL� OD PLD GLVVHUWD]LRQH GL GRWWRUDWR� GL�

VFXVVD D )LUHQ]H QHOOD SULPDYHUD GHO ����� $YUHEEH LQ UHDOWj GRYXWR HVVHUH SXE�

EOLFDWR SRFR GRSR� PD XQD VHULH GL LPSHGLPHQWL GL FDUDWWHUH DQFKH QRQ DFFDGH�

PLFR QRQ OR KDQQR PDL SHUPHVVR�

/H FRQGL]LRQL GHOOD ULFHUFD VXOOD GLDOHWWRORJLD �R OLQJXLVWLFD� SHUFHWWLYD VRQR�

VRSUDWWXWWR LQ ,WDOLD� FDPELDWH GHFLVDPHQWH GD TXHJOL DQQL� H XQD WDOH FRUUHQWH GL

VWXGL ± GHO WXWWR SLRQLHULVWLFD SHU O,WDOLD GHL SULPL DQQL ¶�� ± VWD FRQRVFHQGR XQ

PRPHQWR GL JUDQGH LQWHUHVVH SUHVVR L ULFHUFDWRUL� , FRQYHJQL GL %DUGRQHFFKLD

QHOO¶HVWDWH GHO ����� H GL 3DOHUPR OD SULPDYHUD GHO ����� KDQQR LQ SDUWLFRODUH

UDSSUHVHQWDWR XQ PRPHQWR GL ULIOHVVLRQH H� GLUHL� IRQGD]LRQH GHOOD GLVFLSOLQD�

8QD UHYLVLRQH GL TXHVWR ODYRUR D GLVWDQ]D GL DQQL� GRSR OH ULIOHVVLRQL FKH PROWL

VWXGLRVL GL YDORUH KDQQR DSSRUWDWR DOO¶DSSDVVLRQDQWH SUREOHPD GHOOD SHUFH]LRQH

OLQJXLVWLFD H FRQVLGHUDQGR DQFKH OH PLH SHUVRQDOL LQGDJLQL GL TXHVWL XOWLPL DQQL

VDUHEEH� RUPDL� LPSURSRQLELOH� VLJQLILFKHUHEEH ULVFULYHUH LO WHVWR GD FDSR D IRQ�

GR� &Lz QRQRVWDQWH PL VHPEUD SHUz FKH TXL FL VLDQR DQFRUD RJJL HOHPHQWL FKH

IRUVH SRVVRQR HVVHUH GL XWLOLWj DOOD ULFHUFD H DO GLEDWWLWR� Ê TXHVWR� VRSUDWWXWWR�

FKH� LQ DFFRUGR FRQ LO &15 ± FKH QHO ���� GHOLEHUDYD XQ ILQDQ]LDPHQWR SHU OD

VXD SXEEOLFD]LRQH ± PL KD VSLQWR D SURSRUUH TXHVWR VWXGLR DGHVVR� H QHOOD VXD

YHUVLRQH SULPD �©VSHULPHQWDOHª� VH VL YXROH�� WDQWR SL� FKH� LQ HGL]LRQL IRWRFR�

SLDWH� LO ODYRUR FLUFROD GD WHPSR QHOOH VHGL XQLYHUVLWDULH GRYH SL� FL VL RFFXSD GL

GLDOHWWRORJLD SHUFHWWLYD� QRQ FDPELD QXOOD� LQ IRQGR� VROR VDUj SL� IDFLOH GD OHJ�

JHUH� ULOHJDWR� H SL� IDFLOH GD SURFXUDUVL�

3DUWLFRODUPHQWH VRIIHUHQWH GL TXHVWR ULWDUGR q HYLGHQWHPHQWH OD ELEOLRJUDILD�

WXWWDYLD DSSXQWR SHU LO FRQJUHVVR GL %DUGRQHFFKLD q XVFLWR �D FXUD GL 6DELQD &D�

QREELR H PLD� XQ VDJJLR GL ELEOLRJUDILD VXOOD GLDOHWWRORJLD SHUFHWWLYD�� DO TXDOH VL

�

� &RQYHJQR LQWHUQD]LRQDOH ©&KH FRVD QH SHQVD RJJL &KLDIIUHGR 5RX[" 3HUFRUVL GHOOD

GLDOHWWRORJLD SHUFHWWLYD DOO¶DOED GHO QXRYR PLOOHQQLRª %DUGRQHFFKLD ��� ��� �� PDJJLR

����� JOL DWWL VRQR LQ FRUVR GL SXEEOLFD]LRQH SUHVVR OH (GL]LRQL 'HOO¶2UVR� $OHVVDQGULD�� 6HPLQDULR ,QWHUQD]LRQDOH 3HUFH]LRQH GHOOR VSD]LR� VSD]LR GHOOD SHUFH]LRQH� /D YDULD�

]LRQH OLQJXLVWLFD IUD YHFFKL H QXRYL VWUXPHQWL GL DQDOLVL �8QLYHUVLWj GL 3DOHUPR� ��� PDU]R

������ JOL DWWL VRQR QHOO¶RPRQLPR YROXPH D FXUD GL 0DUL '¶$JRVWLQR� 3DOHUPR� &HQWUR GL

VWXGL )LORORJLFL H /LQJXLVWLFL 6LFLOLDQL ������ 6DELQD &DQREELR� *DEULHOH ,DQQjFFDUR� &RQWULEXWL SHU XQD ELEOLRJUDILD VXOOD GLDOHWWR�

ORJLD SHUFHWWLYD H VRJJHWWLYD� $OHVVDQGULD� (GL]LRQL GHOO¶2UVR �����

� $99(57(1=$ ( 35(0(66$

SXz ULPDQGDUH SHU JOL DJJLRUQDPHQWL UHFHQWL� 1H q SRL LQ FRUVR GL VWDPSD XQ DJ�

JLRUQDPHQWR��

'HVLGHUR TXL ULQJUD]LDUH� ROWUH D 5RPDQR %URJJLQL� 6DELQD &DQREELR� *DEULHOOD

*LDFRPHOOL� *ODXFR 6DQJD� /HRQDUGR 6DYRLD H 7KRPDV 6WHKO� FKH SL� PL KDQQR VH�

JXLWR DOORUD� WXWWL FRORUR FRQ L TXDOL DEELDPR GLVFXVVR GL TXHVWL DIIDVFLQDQWL SUREOHPL�

D SDUWLUH GDL ULFHUFDWRUL FKH IDQQR FDSR �R IDFHYDQR DQFRUD LQ WHPSL UHFHQWL� DOOH 8QL�

YHUVLWj GL /HFFH H GL 3DOHUPR� FRQ L TXDOL LO GLDORJR D GLVWDQ]D VX TXHVWH LGHH GXUD GDO

����� IRQGDPHQWDOL VRQR SRL VWDWH OH GLVFXVVLRQL FRQ 0DUL '¶$JRVWLQR� 9LWWRULR

'HOO¶$TXLOD� +DQV *RHEO� 'HQQLV 3UHVWRQ H 7XOOLR 7HOPRQ� PD TXHVWH GRSR OD GLVVHU�

WD]LRQH� H UDSSUHVHQWDQR XQ FDSLWROR GLYHUVR�

7RULQR� OXJOLR ����

�

� 6DELQD &DQREELR� *DEULHOH ,DQQjFFDUR ©&RQWULEXWR SHU XQD ELEOLRJUDILD VXOOD GLDOHWWR�

ORJLD SHUFHWWLYD� 3ULPR VXSSOHPHQWRª� LQ &LQL� 0RQLFD H 5LFFDUGR 5HJLV �DFG� $WWL GHO &RQ�

YHJQR LQWHUQD]LRQDOH ©&KH FRVD QH SHQVD RJJL &KLDIIUHGR 5RX[" 3HUFRUVL GHOOD GLDOHWWROR�

JLD SHUFHWWLYD DOO¶DOED GHO QXRYR PLOOHQQLRª %DUGRQHFFKLD ��� ��� �� PDJJLR ����� ����

���� $OHVVDQGULD� (GL]LRQL GHOO¶2UVR �����

�����������������

7KH XQLW\ RI D GLDOHFW LV D XQLW\� QRW RI VRXQGV SUR�

GXFHG� EXW RI VRXQGV SHUFHLYHG� LW LV VXEMHFWLYH UDWKHU

WKDQ REMHFWLYH� 7KH RQO\ VXUH ZD\� WKHQ� WR GHWHUPLQH

ZKHWKHU RU QRW WZR PHQ XVH WKH VDPH GLDOHFW LV WR DSSHO

WR WKH PHQ WKHPVHOYHV DQG WKHLU QHLJKERU

(�+� 6WXUWHYDQW� �����

/D VLQFURQLD QRQ FRQRVFH FKH XQD SURVSHWWLYD� TXHO�

OD GHL VRJJHWWL SDUODQWL� H WXWWR LO VXR PHWRGR FRQVLVWH

QHO UDFFRJOLHUH OH ORUR WHVWLPRQLDQ]H� SHU VDSHUH LQ TXD�

OH PLVXUD XQD FRVD q XQD UHDOWj� RFFRUUHUj H EDVWHUj UL�

FHUFDUH LQ TXDOH PLVXUD HVVD HVLVWH SHU OD FRVFLHQ]D GHL

VRJJHWWL�

)� GH 6DXVVXUH� �����

4XHVWR ODYRUR VL SURSRQH GL LQGDJDUH OD SHUFH]LRQH GHOOD YDULD]LRQH OLQ�

JXLVWLFD SHU FRPH VL PDQLIHVWD SUHVVR JOL DSSDUWHQHQWL DG XQD FRPXQLWj DOSL�

QD GL YDOOH� QHOOD TXDOH LO GLDOHWWR q VHQWLWR DQFRUD LO FRGLFH FRPXQLFDWLYR GL

EDVH� ,O VXR IRQGDPHQWR HPSLULFR q FRVWLWXLWR GD XQ¶DUWLFRODWD VHULH GL LQ�

FKLHVWH HG HVSHULHQ]H OLQJXLVWLFKH FRPSLXWH VXO WHUUHQR QHO FRUVR GL WUH DQQL�

GDO ���� DO ����� LQ YDOOH 9LJH]]R QHOO¶2VVROD �9%�� TXHVWH KDQQR DYXWR SHU

ILOR FRQGXWWRUH LO YHULILFDUH ©VL OD YDULDWLRQ VH WURXYH GDQV OD WKpRULH GHV OLQ�

JXLVWHV� GDQV OH ODQJXHV RX GDQV OHV LQGLYLGXV TXL IRQW SDUWLH G¶XQH FRPPX�

QDXWp OLQJXLVWLTXHª �6FKOLHEHQ�/DQJH ����� ���� H QHO FDVR ©VL OD FRQVFLHQ�

FH OLQJXLVWLTXH TXL VH UpIqUH DX[ pOpPHQWV G¶XQH ODQJXH HW TXL SHUPHW GH

SDUOHU XQH ODQJXH HVW LGHQWLTXH j FHOOH TXL LGHQWLILH OHV ODQJXHV HW OHV YDULp�

WpV GH ODQJXH� TXL OHV FDUDFWpULVH HW OHV pYDOXHª �6FKOLHEHQ�/DQJH ����E�

�����

1RQ YRUUHL SURFHGHUH RUD DOOD GHILQL]LRQH GL ©FRVFLHQ]D OLQJXLVWLFDª H

DOO¶HVDPH GHL SUREOHPL FKH VROOHYD XQD WDOH RSHUD]LRQH� WDQWR SL~ FKH SHU

WXWWD OD SULPD SDUWH GHO ODYRUR SXz EDVWDUH XQD GHILQL]LRQH RSHUDWLYD LO SL~

YDVWD SRVVLELOH� TXDOFRVD LQVRPPD GL VLPLOH DOOD GHILQL]LRQH GL 7HUUDFLQL� ©LO

�

� 6WXUWHYDQW ���� >����@� ����� 6DXVVXUH ���� >����@� ����

�� ,/ ',$/(772 3(5&(3,72

VHQWLPHQWR LQWXLWLYR FKH L SDUODQWL KDQQR GHOOD SURSULD OLQJXD FKH� TXDQGR q

DLXWDWR GDOOD ULÀHVVLRQH� VL HOHYD D FRVFLHQ]Dª��

,O FRQFHWWR YHUUj SRL FKLDULWR H GLVFXVVR LQ SL~ RFFDVLRQL� SHUFKp HPHUJD�

QR YLD YLD OH DFTXLVL]LRQL H OH PRGLILFD]LRQL GHOOD WHRULD DOOD OXFH GHL GDWL

OLQJXLVWLFL H PHWDOLQJXLVWLFL FKH VDUDQQR SUHVHQWDWL� GHVLGHUR SHUz DYYHUWLUH

FKH QRQ ID SDUWH GHJOL VFRSL GL TXHVWD ULFHUFD OD FRQVLGHUD]LRQH GL TXHOOD

SDUWLFRODUH FRVFLHQ]D OLQJXLVWLFD FKH SRVVLDPR FKLDPDUH LGHRORJLFD� RVVLD

QD]LRQDOH� TXHOOD SHUSHWUDWD GDOOD VFXROD H GDOOD SUHVHQ]D �LQYLVLELOH IRUVH D

YROWH H SHU WDOXQL� PD QRQGLPHQR DWWLYD LQ WXWWD OD VRFLHWj� GHOOD WUDGL]LRQH

OHWWHUDULD� D TXDOVLDVL OLYHOOR OD VL YRJOLD LQWHQGHUH� &KH SRL JOL DELWDQWL GHOOD

9DOOH VL VHQWDQR LWDOLDQL H SHUFHSLVFDQR VX GL Vp LO SHVR GHOOD WUDGL]LRQH QD�

]LRQDOH� TXHVWR q XQ DOWUR DPELWR GL ULFHUFD� TXL FRQVLGHUHUHPR L JLXGL]L H OH

LPSUHVVLRQL VWLPRODWH GDOO¶XVR GHO GLDOHWWR ORFDOH� GDOOD FRQVDSHYROH]]D GHO

VXR YDULDUH GD SDHVH D SDHVH H GHO VXR UDSSRUWDUVL DOO¶LWDOLDQR�

1HSSXUH YRUUHL ULIDUPL DOOH ULFHUFKH� RULJLQDULDPHQWH DQJORVDVVRQL� YROWH

DOOR VWXGLR GHOOH DWWLWXGHV�� WDOL VWXGL VRQR WHVL DG DSSURIRQGLUH JLXGL]L LGHR�

ORJLFL H VRFLRORJLFL VXL SDUODQWL XQD GHWHUPLQDWD YDULHWj GL OLQJXD� SLXWWRVWR

FKH VXOOD OLQJXD LQ Vp H VXO VXR FDPELDUH� LQWHUHVVD TXL LQYHFH OD SHUFH]LRQH

FKH FRORUR FKH DIIHUPDQR LQ YDOOH GL XVDUH LO GLDOHWWR FRPH PHGLXP OLQJXL�

VWLFR SRVVRQR DYHUH GHOOD YDULD]LRQH GLDOHWWDOH GLDWRSLFD H GHO FDPELR OLQ�

JXLVWLFR GLDFURQLFR� &UHGR DQ]L FKH TXHVWH GXH SHUFH]LRQL VLDQR JRYHUQDWH

GD IXQ]LRQL GLYHUVH GHO ©VHQWLUH OD OLQJXDª� H OD GHILQL]LRQH GL TXHVWD LP�

SUHVVLRQH FRVWLWXLUj XQD SDUWH GHO SHUFRUVR GL ULFHUFD� VDOYD OD SUHFLVD]LRQH

FKH OH DIIHUPD]LRQL FKH VDUDQQR IDWWH VL ULIHULVFRQR DOOD VLWXD]LRQH FRQFUHWD

DWWXDOH GHOOD YDOOH 9LJH]]R H DQ]L DOOH FRQGL]LRQL TXDVL SHUVRQDOL GHL PLHL LQ�

IRUPDWRUL� 3HUFKp� FRQ 6FKHUIHU �����D� ����� ©RQ QH SHXW SDV H[DPLQHU OD

FRQVFLHQFH OLQJXLVWLTXH� PDLV VHXOHPHQW XQH FHUWDLQH FRQVFLHQFH OLQJXLVWL�

TXH G¶XQH FRPPXQDXWp OLQJXLVWLTXH SUpFLVH� j XQ PRPHQW GRQQp GH

O¶KLVWRLUHª�

,O ODYRUR VL SXz FRQVLGHUDUH GLYLVR LQ WUH JUDQGL VH]LRQL� OD SULPD� 'DOOD

SDUWH GHO GLDOHWWRORJR� IRUQLVFH XQR VJXDUGR DOOH FRQGL]LRQL HIIHWWLYH GHOOD

YDULD]LRQH QHO WHUULWRULR FRQVLGHUDWR DWWUDYHUVR O¶HVSRVL]LRQH GHL SXQWL OLQ�

JXLVWLFL SL~ VRJJHWWL DG DWWULWL H ULVWUXWWXUD]LRQL� SHU TXDQWR LO SXQWR GL YLVWD

VLD TXL LO SL~ SRVVLELOH ©DVHWWLFRª� QRQ q VHPEUDWR SRVVLELOH Qp SURGXWWLYR UL�

QXQFLDUH GHO WXWWR DOOH FRQVLGHUD]LRQL GHL YLJH]]LQL VXL IHQRPHQL OLQJXLVWLFL

HVDPLQDWL� 7DOL FRPPHQWL VRQR SHUz SXU VHPSUH LPEULJOLDWL HQWUR XQD SUH�

�

� 7HUUDFLQL ����� ��� Q� ��� 1RQ q GHWWR FKH TXHVWD GHILQL]LRQH GHEED SRL HVVHUH VXSHUDWD

QHO FRUVR GHO ODYRUR� 6DUj SHUz GLVFXVVD� H VL VSHFLILFKHUDQQR OH FRQGL]LRQL GHOOD VXD YDOLGLWj�� $QFKH VH D WDOL ULFHUFKH RFFRUUHUj WDORUD UDSSRUWDUVL�

,1752'8=,21( ��

VHQWD]LRQH GHL IDWWL FKH q VRVWDQ]LDOPHQWH TXHOOD GHO ULFHUFDWRUH� LQ DFFRUGR

FRQ LO WRQR JHQHUDOH GHO FDSLWROR�

/D VHFRQGD SDUWH� /D ULFHUFD VXO FDPSR , H ,,� FRVWLWXLVFH XQD VRUWD GL

SDVVDJJLR IUD TXHOOH HVWUHPH� VL WUDWWD DSSXQWR GHOO¶HVSRVL]LRQH� SUHFHGXWD

GD XQ LQTXDGUDPHQWR WHRULFR� GHL PHWRGL GL LQGDJLQH VXO FDPSR FKH VRQR

VWDWL HODERUDWL H XWLOL]]DWL SHU TXHVWR SURJHWWR GL ULFHUFD� $OFXQH TXHVWLRQL

VSHFLILFKH VRQR TXL LQWURGRWWH LQ UHOD]LRQH DOOH WHFQLFKH FKH OH KDQQR GLVYH�

ODWH� H VL LPSRVWDQR DOFXQL GHL SUREOHPL FKH YHUUDQQR ULSUHVL LQ VHJXLWR�

4XDQWR DOOD WHU]D VH]LRQH� q GLFKLDUDWDPHQWH 'DOOD SDUWH GHO SDUODQWH� VL

UHQGH TXL UDJLRQH GHL IHQRPHQL GL YDULD]LRQH OLQJXLVWLFD WUDWWDWL QHOOD SULPD

SDUWH� SHU FRPH VRQR ULVXOWDWL GRSR LO ILOWUR FRVWLWXLWR GDO VHFRQGR H GDO WHU]R

FDSLWROR� q RYYLR FKH XQD LGHQWLILFD]LRQH FRPSOHWD QRQ q SRVVLELOH �H IRUVH

QRQ q QHSSXUH DXVSLFDELOH�� DQFKH TXHVWD WUDWWD]LRQH WLHQH FRVt FRQWR GHOOD

ULÀHVVLRQH WHRULFD H PHWRGRORJLFD�

4XL VL ID SUHFHGHUH TXDOFKH FHQQR VXOOH FRQGL]LRQL JHRJUDILFKH H VRFLDOL

GHOOD YDO 9LJH]]R� H XQ LQTXDGUDPHQWR GHJOL LQIRUPDWRUL SULQFLSDOL�

���� 6LWXD]LRQH JHRJUDILFD HG HFRQRPLFD

/D 9DO 9LJH]]R q XQD YDOOH ODWHUDOH GHOO¶2VVROD �QHOOD QHRQDWD SURYLQFLD

GL 9HUEDQLD�� O¶XQLFD DELWDWD WUD TXHOOH FKH VL HVWHQGRQR YHUVR HVW� q� QHOOD

VXD SDUWH FHQWUDOH� XQ DOWRSLDQR VROFDWR GD GXH WRUUHQWL HQWUDPEL FKLDPDWL

0HOH]]R�� GHL TXDOL TXHOOR RFFLGHQWDOH VIRFLD QHO 7RFH SRFR VRSUD 'RPR�

GRVVROD� H TXHOOR RULHQWDOH QHO WRUUHQWH 0DJJLD DOO¶DOWH]]D GL /RFDUQR� /D

VXD SDUWH RYHVW VL WURYD LQ WHUULWRULR VYL]]HUR QHO &DQWRQ 7LFLQR� H SUHQGH LO

QRPH GL &HQWRYDOOL� Ê GXQTXH XQD YDOOH GL SDVVDJJLR �VHQ]D YDOLFR� PD FRQ

OH GXH SDUWL HVWUHPH DEEDVWDQ]D VWUHWWH H VFRVFHVH�� FKH PHWWH LQ FROOHJDPHQ�

WR OD YDOOH GHO 7RFH H LO SDVVR GHO 6HPSLRQH FRQ TXHOOD GHO 7LFLQR H LO *RW�

WDUGR� 'D 0DOHVFR VL VWDFFD OD ODWHUDOH YDO &DQQRELQD�� FKH VIRFLD D &DQQR�

ELR VXO ODJR 0DJJLRUH� DVVDL LPSHUYLD H SLXWWRVWR LVRODWD VLQR D WHPSL PROWR

UHFHQWL� $ VXG H D QRUG GHOOD YDO 9LJH]]R VL HVWHQGRQR YDVWH ]RQH LQWDWWH H

GLVDELWDWH� TXHOOD PHULGLRQDOH FRVWLWXLVFH RUD LO 3DUFR 1D]LRQDOH GHOOD 9DO

*UDQGH�

/¶DOWLWXGLQH PHGLD GHO IRQGRYDOOH VL DJJLUD VXJOL ��� PHWUL� O¶DPELHQWH

QDWXUDOH q FDUDWWHUL]]DWR GD HVWHVH DEHWDLH H IDJJHWH FKH ULVDOJRQR L ILDQFKL

�

� ,Q UHDOWj XO �IMLP�XO �IMXP >LO ILXPH@� LO 0HOH]]R RULHQWDOH FDPELD JHQHUH LQ WHUULWRULR

VYL]]HUR� OD 0HOH]]D�� 'HGLFDWR DO GLDOHWWR H DOOD YLWD UXUDOH GL YDO &DQQRELQD q =HOL �����

�� ,/ ',$/(772 3(5&(3,72

GHOOH PRQWDJQH� VRSUDWWXWWR VXO YHUVDQWH D EDFtR� OH FROWXUH SUHYDOHQWL HUDQR

OD FDQDSD� OD VHJDOH H LO JUDQR VDUDFHQR� FRQ FDPSL GL RUWDJJL H OHJXPL �UL�

QRPDWH OH SDWDWH�� DVVDL ILRUHQWH HUD DQFKH OD FROWXUD GHO FDVWDJQR H� LQ PLVX�

UD PLQRUH� GHO IDJJLR �GD ROLR�� $ TXHVWH DWWLYLWj TXHOOH WUDGL]LRQDOL DIILDQ�

FDQR ©O¶DUWH GHO ERVFDLXRORª� H VRSUDWWXWWR O¶DOOHYDPHQWR WUDQVXPDQWH ERYL�

QR H RYLQR� FRQ DOSHJJLDWXUD HVWLYD FRPXQH� SURGX]LRQH GL EXUUR H IRUPDJ�

JLR H JUDQGH LPSRUWDQ]D DFFRUGDWD DL SUDWLYL H DO SURFDFFLDPHQWR GL IRUDJJLR

DQLPDOH LQ JHQHUH�

1RQ VWXSLVFH GXQTXH FKH LQ SDVVDWR OD YDOOH VLD VWDWD WHUUD GL HPLJUD]LR�

QH� VWDJLRQDOH PD DQFKH SHUPDQHQWH�� FRVSLFXD DQFKH D 0LODQR HUD OD SUH�

VHQ]D GL VSD]]DFDPLQL GL 9LJH]]R� FKH IRUPDYDQR XQD FRPXQLWj SLXWWRVWR

FRPSDWWD H GLVSRQHYDQR GL XQD SURSULD FDSSHOOD��� /¶HPLJUD]LRQH SHUPDQHQ�

WH HUD SHU OR SL~ GLUHWWD YHUVR OD )UDQFLD H OD *HUPDQLD� H KD SRUWDWR LQ TXDO�

FKH FDVR D ULPHVVH DVVDL FRVSLFXH� FKH KDQQR GRWDWR DOFXQL GHL SDHVL GL GL�

VFUHWL SDOD]]L QRELOLDUL� GDQGR ORUR XQ WRQR SL~ VRVWHQXWR� 8QD FHUWD GLYHUVL�

Wj WUD SDHVL ©ULFFKLª H ©SRYHULª q SLXWWRVWR DYYHUWLELOH DOO¶RVVHUYDWRUH HVWHU�

QR� H LQÀXHQ]D WDORUD DQFKH O¶DVSHWWR OLQJXLVWLFR �FIU� ,�����������

������ , SDHVL VL GLVSRQJRQR JHQHUDOPHQWH VXO IRQGRYDOOH R VX WHUUD]]H GHO

YHUVDQWH QRUG �D VRODWtR�� L SULPL �GD RYHVW 'UXRJQR� 6DQWD 0DULD 0DJJLRUH�

0DOHVFR� 5H� SRVVRQR FRQWDUH VXO SDVVDJJLR GHOOD VWDWDOH ��� ©GHOOD 9DO 9L�

JH]]Rª GD 'RPRGRVVROD DO YDOLFR GL 3RQWH 5LEHOODVFD� ODUJD H GL DEEDVWDQ]D

IDFLOH DFFHVVR DQFKH DL PH]]L SHVDQWL� DQFRUFKp WDORUD LQWHUURWWD SHU IUDQH �VL

UHVWULQJH QRWHYROPHQWH H GLYHQWD DVVDL SL~ LPSHJQDWLYD ROWUH LO FRQILQH��

QRQFKp GHOOH VWD]LRQL GHOOD )HUURYLD 9LJH]]LQD �'RPRGRVVROD�/RFDUQR�� GL

XQD VRFLHWj LWDORVYL]]HUD� LQ IXQ]LRQH GDO ����� DOWUL SDHVL QHOOD ]RQD FHQWUD�

OH JRGRQR GL EXRQD VWUDGD H GL XQD UHODWLYD YLFLQDQ]D DOOD IHUURYLD �%XWWR�

JQR� &UDQD� =RUQDVFR� 7RFHQR� &UDYHJJLD�� SHU JOL DOWUL OH FRPXQLFD]LRQL

VRQR PHQR FRPRGH� PD FRPXQTXH SRVVLELOL WXWWR O¶DQQR �&RLPR� FKH KD OD

IHUPDWD GHOOD IHUURYLD GDOO¶DOWUD SDUWH GHOOD YDOOH H VHSDUDWD GD XQ QRWHYROH

�

� /D YDOOH q GHOLPLWDWD D QRUG H D VXG GD GXH FDWHQH VHFRQGDULH GHOOH $OSL /HSRQWLQH� D

QRUG OH FLPH SL� HOHYDWH VRQR OD 6FKHJJLD �P� ����� H OD 3LRGD GL &UDQD �P� ������ D VXG LO

3L]]R 5DJQR �P� ������ LO 7RJDQR �P� ����� H LO *ULGRQH H /LPLGDULR �P� ������� &RPH q DQFRUD FKLDPDWD QHO 5HJRODPHQWR FRPXQDOH GL 'UXRJQR GHO ������ 6L SXz LQ SDUWLFRODUH YHGHUH $]]DUL ������� *OL VSD]]DFDPLQL HUDQR IDPRVL DQFKH SHU SDUODUH LO WDUzP� LO JHUJR� �WUD OD VWHUPLQDWD

ELEOLRJUDILD PL OLPLWR D ULPDQGDUH DO UHFHQWH 6DQJD ����� RUD� GHYR UHJLVWUDUH FKH QHOOH LQ�

FKLHVWH GD PH VYROWH TXHVWR KD DYXWR XQ UXROR DVVROXWDPHQWH PDUJLQDOH� 2VVHUYD]LRQL VXO

JHUJR VL VRQR RWWHQXWH �H QHSSXUH VHPSUH� VROR VX HVSOLFLWD ULFKLHVWD� H QRQ q PDL FDSLWDWR

FKH DOFXQR GHL PLHL LQIRUPDWRUL DEELD OHJDWR LO FDPELDPHQWR OLQJXLVWLFR� R DQFKH VROR OD FR�

VFLHQ]D GHOOD YDULD]LRQH GLDOHWWDOH� DO IHQRPHQR GHO JHUJR�

,1752'8=,21( ��

GLVOLYHOOR� 6DJURJQR� $OERJQR� )ROVRJQR� 9LOOHWWH� 'tVVLPR� 2OJLD� )LQHUR����

$ SRFD GLVWDQ]D GD 'UXRJQR� VX XQ SHQGLR GHO YHUVDQWH PHULGLRQDOH VRUJRQR

L GXH SLFFROL YLOODJJL GL *DJQRQH H 2UFHVFR� YLFLQL H VLPLOL WDQWR GD SRWHU

HVVHUH FRQVLGHUDWL �FRPH SHUDOWUR VRQR LQ 9DOOH� XQ¶XQLFD FRPXQLWj�

&RPH q SUHYHGLELOH� OD YLFLQDQ]D DOOD VWUDGD H OD FROORFD]LRQH DO FHQWUR

GHOOD YDOOH VRQR IDWWRUL DVVDL LPSRUWDQWL� L FHQWUL FKH EHQHILFLDQR GL TXHVWD

SRVL]LRQH� H LQ PRGR SDUWLFRODUH 6DQWD 0DULD 0DJJLRUH� JRGRQR LQIDWWL GL

XQD FHUWD DJLDWH]]D� LQFUHPHQWDWD GD PROWL GHFHQQL GDOOD YLOOHJJLDWXUD HVWLYD

GL PLODQHVL H YDUHVRWWL �L UDSSRUWL GHOOD 9DOOH FRQ LO /DJR 0DJJLRUH VRQR

VHPSUH VWDWL SLXWWRVWR VWUHWWL� H GD XQD WUHQWLQD G¶DQQL GDOO¶HVSDQVLRQH GHO WX�

ULVPR HVWLYR HG LQYHUQDOH FKH ID FDSR D QXPHURVL DOEHUJKL �TXDWWUR QHOOD VROD

'UXRJQR�� TXDOFKH VFLRYLD �LQ ORFDOLWj /D 3LDQD� UDJJLXQJLELOH SHU IXQLYLD GD

=RUQDVFR� H DG XQD VHULH GL QHJR]L HOHJDQWL D 6DQWD 0DULD 0DJJLRUH� $OWUL

SDHVL FRQRVFRQR LQYHFH XQ SHULRGR GL GHFOLQR H VSRSRODPHQWR� OD VLWXD]LRQH

q SDUWLFRODUPHQWH DFXWD D )ROVRJQR� D 'LVVLPR� D 2OJLD H� SHU OD SDUWH RFFL�

GHQWDOH� D *DJQRQH�2UFHVFR� 6DJURJQR� $OERJQR� DOFXQL GL TXHVWL YLOODJJL

VRQR RUPDL DELWDWL VWDELOPHQWH TXDVL VROR GD DQ]LDQL �6DJURJQR GD XQD SHU�

VRQD VROD�� H QRQ FRQRVFRQR DOWUD DWWLYLWj HFRQRPLFD VH QRQ XQ¶DJULFROWXUD

©G¶DELWXGLQHª H XQ PRGHVWR ÀXVVR GL YLOOHJJLDWXUD VWDJLRQDOH LQ FDPHUH

G¶DIILWWR�

,Q TXHVWR TXDGUR LO SDHVH GL &RLPR RFFXSD XQD SRVL]LRQH SDUWLFRODUH� GH�

VWLQDWR� SHU SRVL]LRQH H FDUDWWHULVWLFKH� DO GHFOLQR� KD VDSXWR PDQWHQHUH XQD

IRUWH YLWDOLWj H FRHVLRQH LQWHUQD� q UHODWLYDPHQWH PHQR VSRSRODWR GL DOWUL QHO�

OH PHGHVLPH FRQGL]LRQL �FL VRQR SHU HVHPSLR DQFRUD OH VFXROH HOHPHQWDUL�

DQFKH VH FRQ IXVLRQH GL YDULH FODVVL� H FRQWLQXD XQD WUDGL]LRQH DJULFROD H GL

DOOHYDPHQWR WUDQVXPDQWH� FRQ XQD ODWWHULD VRFLDOH D URWD]LRQH IUD L ©YLFLQLª���

$QFKH 7RFHQR GDO FDQWR VXR PDQWLHQH XQD YLWDOLWj QRQ GLVJLXQWD GD XQ IRUWH

VHQVR GL FRHVLRQH LQWHUQD�

������ /H DWWLYLWj HFRQRPLFKH WUDGL]LRQDOL GHOOD 9DOOH� ODJULFROWXUD� ODOOH�

YDPHQWR� OR VIUXWWDPHQWR GHOOH ULVRUVH IRUHVWDOL� VRQR YLD YLD VRSSLDQWDWH GD

DOWUL PH]]L GL VRVWHQWDPHQWR� PD QRQ VRQR GHO WXWWR VFRPSDUVH� VL YHULILFD

DQ]L XQD VRUWD GL FRQFHQWUD]LRQH GHL ODYRUL DJULFROL� 2VVLD� VH ILQR DOOD JHQH�

UD]LRQH VFRUVD � FRPH VX WXWWR O¶DUFR DOSLQR � HUD DVVROXWDPHQWH QRUPDOH SHU

XQD IDPLJOLD SRVVHGHUH XQ QXPHUR OLPLWDWR GL EHVWLH �JHQHUDOPHQWH WUH R

TXDWWUR YDFFKH H XQD YHQWLQD GL SHFRUH H FDSUH� OD FXL FXUD HUD GHPDQGDWD DO�

�

�� 3LFFROD IUD]LRQH DOWD GL 0DOHVFR� DOO¶LPERFFR GHOOD YDO &DQQRELQD� H DQ]L JLj DO GL Oj

GHO FULQDOH� ,O VXR GLDOHWWR q DSSXQWR GL WLSR ©FDQQRELQRª��� /D YLFLQtD q O¶DQWLFD LVWLWX]LRQH FRPXQLWDULD GHL SDHVL DOSLQL� VRQR YLFLQL FRORUR FKH GL�

VFHQGRQR �DQFKH PLWLFDPHQWH� GDL IRQGDWRUL GHO YLOODJJLR� DPPLQLVWUDQR LO SDWULPRQLR FR�

PXQDOH LQGLYLVR �SUDWL� SDVFROL� ERVFKL� H SUHQGRQR SDUWH DOO¶DOSHJJLDWXUD HVWLYD FRPXQH�

�� ,/ ',$/(772 3(5&(3,72

OD GRQQD GL FDVD PHQWUH LO PDULWR VL GHGLFDYD DG DOWUH DWWLYLWj� RUD HVVHUH

FRQWDGLQR H DOOHYDWRUH q GLYHQWDWR XQ ODYRUR HVFOXVLYR� HG DOFXQL � DQFKH

JLRYDQL H VRSUDWWXWWR D &RLPR� 7RFHQR� %XWWRJQR� )ROVRJQR� )LQHUR � FL VL

GHGLFDQR FRPSOHWDPHQWH� RYYLDPHQWH PDQWHQHQGR XQ QXPHUR GL EHVWLH DVVDL

VXSHULRUH D TXHOOR WUDGL]LRQDOH� 9D WXWWDYLD QRWDWR FKH QRQ q LQIUHTXHQWH� QHL

SDHVL FKH VRQR ULPDVWL SL~ OHJDWL DL PRGL GL YLWD WUDGL]LRQDOL� LO SRVVHVVR FR�

PXQTXH GL ����� FDSL GL EHVWLDPH RYLQR� FKH QRQ ULFKLHGRQR WURSSH FXUH H

IRUQLVFRQR SXU VHPSUH ODWWH �OH FDSUH� H ODQD �OH SHFRUH����

7UD OH DWWLYLWj QRQ DJULFROH YD PHQ]LRQDWR DSSXQWR LO WXULVPR� IRQWH GL

FRVSLFXH HQWUDWH SHU L SDHVL FKH QH EHQHILFLDQR� FKH VL VRQR ULFRSHUWL LQ SR�

FKL DQQL GL DOEHUJKL� ORFDOL SXEEOLFL H ULVWRUDQWL� FRPH VRSUD VL DFFHQQDYD�

XQD SRVL]LRQH SDUWLFRODUH RFFXSDQR DQFKH L SHOOHJULQDJJL DO VDQWXDULR GL 5H�

OD FXL LPPDJLQH GHOOD 0DGRQQD q PROWR YHQHUDWD QHOOD UHJLRQH��� /HJDWD DO

WXULVPR q O¶DWWLYLWj HGLOL]LD� LQ IRUWH HVSDQVLRQH QHJOL DQQL VHWWDQWD D FDXVD

GHOOD JUDQGH GRPDQGD GL YLOOH H DSSDUWDPHQWL FKH FRVWLWXLVVHUR XQD VHFRQGD

FDVD� RUD LO ULWPR q OHJJHUPHQWH UDOOHQWDWR� DQFKH SHUFKp JOL DSSDOWL� PL VL

VSLHJD LQ 9DOOH� VRQR RUPDL LQ PDQR DG XQ ULVWUHWWR QXPHUR GL DJHQ]LH� OH

TXDOL WHQGRQR D ULGXUUH LO SHUVRQDOH DO PLQLPR LQGLVSHQVDELOH� &RPXQTXH LO

VHWWRUH DOLPHQWD WXWWRUD XQ DUWLJLDQDWR SLXWWRVWR ILRUHQWH GL IDOHJQDPL� LGUDX�

OLFL� HOHWWULFLVWL� LPSHJQDWL RUD DQFKH QHOOH ULVWUXWWXUD]LRQL GL YHFFKLH FDVH H

EDLWH� FKH VL IDQQR YLD YLD SL~ IUHTXHQWL� /¶DWWLYLWj SURSULDPHQWH LQGXVWULDOH

q OLPLWDWD D TXDOFKH VHJKHULD �XQD SL~ JURVVD GHOOH DOWUH SUHVVR 0DOHVFR� H

DG XQR VWDELOLPHQWR SHU OD PHVVD LQ ERWWLJOLD GHOOH DFTXH PLQHUDOL� YLFLQR D

5H�

0D OD YHUD IRQWH GL VRVWHQWDPHQWR SHU L 9LJH]]LQL q OD 6YL]]HUD���

O¶HPLJUD]LRQH JLRUQDOLHUD YHUVR LO FDQWRQ 7LFLQR �L FRVLGGHWWL ©IURQWDOLHULª�

FKH FRLQYROJH >'U�6LO�@ SMX G OD PH�WD DW OD �IRU¹D OD�ZRUR µSL~ GHOOD PHWj

GHOOD IRU]D ODYRUR¶� 6L WUDWWD SHU OR SL~ GL LPSLHJDWL QHO VHWWRUH HGLOH� R GL DU�

WLJLDQL QHO VHQVR VRSUD VSHFLILFDWR� FRPSDUDWLYDPHQWH PHQR JOL RSHUDL� OD

EDVH GL ULIHULPHQWR� DSSXQWR VSHVVR XQ¶LPSUHVD GL FRVWUX]LRQL� q LQ JHQHUH

�

�� &R�*L� PL DYYHUWH SHUz FKH QRQ YDO TXDVL SL� OD SHQD GL WRVDUOH� OH SHFRUH� SHUFKp QRQ

VL ULHVFH D YHQGHUH EHQH OD ODQD� 3HU OD WUDVFUL]LRQH H FRQYHQ]LRQL YHGL SL~ ROWUH��� ,O SHOOHJULQDJJLR DOOD PDGRQQD GL 5H q GDWDELOH GDO VHGLFHVLPR VHFROR H DQ]L� LO SDUHUH

GL )R�&$ q FKH OD PD�G2QD D O ( O LQ�GXVWUMD SMX �JU2VD DW OD ZDO µOD 0DGRQQD q O¶LQGXVWULD SL�

JURVVD GHOOD YDOOH¶��� 0HQWUH OD YDO G¶2VVROD FRQRVFH XQ PRPHQWR GL FULVL� GRYXWD DOOD FKLXVXUD GL DOFXQL

VWDELOLPHQWL H DOOD ULGX]LRQH GL RUJDQLFR GHJOL DOWUL �VRSUDWWXWWR TXHOOL 0RQWHGLVRQ GL 9LOOD�

GRVVROD� FKH ILQR DOOR VFRUVR GHFHQQLR DVVRUELYDQR XQ JUDQ QXPHUR GL RSHUDL GL WXWWH OH YDO�

OL�� O¶LQGXVWULD GHOOH FDYH GL SLHWUD PDQLIHVWD DQFRUD YLWDOLWj� PD SRFKL YLJH]]LQL YL VRQR LP�

SHJQDWL� ,QGLFDWRUH LPSRUWDQWH q TXHOOR ULOHYDWR GD &R�&DUOR LQD Y2WD XO WUH�QL1 G L V«- X�U

SDU �G2PR O (UD SM(1 DW XSH�UD�UL G(V J MLQ PD� GL 6WX�G(QW µXQD YROWD LO WUHQLQR GHOOH VHL SHU

'RPR HUD SLHQR GL RSHUDL� DGHVVR FL VRQR VROR VWXGHQWL¶�

,1752'8=,21( ��

QHO /RFDUQHVH� PD JOL DSSDOWL SRVVRQR DQFKH HVVHUH DEEDVWDQ]D ORQWDQL� SHU

WXWWR LO 6RSUDFHQHUL��� &Lz SRUWD DG XQD VLWXD]LRQH SHU FXL OH PDHVWUDQ]H VRQR

FRQWLQXDPHQWH PHVFRODWH� R PHJOLR ULXQLWH LQ SLFFROL JUXSSL VSHVVR RPRJH�

QHL SHU SURYHQLHQ]D� FKH SHUz YHQJRQR VHPSUH D FRQWDWWR FRQ JUXSSL GLYHUVL�

O¶RPRORJD]LRQH GHOOH SHUVRQH �H� TXHO FKH SL~ FRQWD DL QRVWUL ILQL� GHL GLDOHW�

WL� q SHUFLz SUREOHPDWLFD� 6L WRUQHUj DG DFFHQQDUH DOOD VLWXD]LRQH GHO ODYRUR

LQ 6YL]]HUD SL~ SDUWLFRODUPHQWH ULJXDUGR DO FRQWDWWR OLQJXLVWLFR� PD VL SXz

DFFHQQDUH VLQ G¶RUD FKH SRFKL ULFRQRVFRQR GL DYHUH LQWHVVXWR OHJDPL SL~ FKH

RFFDVLRQDOL FRQ FROOHJKL WLFLQHVL���

������ ,O SDHVDJJLR VRFLDOH� FRPH OR YHGUHEEH XQ YLJH]]LQR� GLVWLQJXH QHW�

WDPHQWH GXH R WUH FHQWUL ©ERUJKHVLª GDJOL DOWUL� VRSUDWWXWWR 6DQWD 0DULD

0DJJLRUH��� L FXL DELWDQWL VRQR SDWDNLW �JORVVDWR FRPH µSDWUL]L� FKH VWDQ EH�

QH¶ GD *D�(QU� QHO TXDGUR GHOOD 9DOOH FKH PL KD WUDWWHJJLDWR LQ LWDOLDQR� H DO

TXDOH PL ULIDFFLR SHU OH FLWD]LRQL�� SRL 'UXRJQR H 0DOHVFR� *OL DOWUL FHQWUL

VRQR SRVWL JHQHUDOPHQWH VXOOR VWHVVR SLDQR� PD VL KD XQD PHQ]LRQH SDUWLFR�

ODUH SHU &RLPR� 7RFHQR H� LQ PLVXUD PLQRUH� %XWWRJQR H 9LOOHWWH LQ TXDQWR

SDHVL LQ FXL OH WUDGL]LRQL DJULFROH H GL DIILDWDPHQWR LQWUDFRPXQLWDULR VL VRQR

PDQWHQXWH PHJOLR� ,O GLVFULPLQH LPSRUWDQWH� PL GLFRQR LQ 9DOOH� q VH� LQFRQ�

WUDQGR XQ EDPELQR SHU VWUDGD� JOL SXRL SDUODUH LQ GLDOHWWR GL SULPR DFFKLWR

RSSXUH QR� TXHVWR q SRVVLELOH DSSXQWR D &RLPR H QHJOL DOWUL SDHVL GL VLPLOH

WLSRORJLD� TXDQWR D 'UXRJQR >*D�(QU�@ WX OL YHGL� VWL EDPELQL� QRQ F¶q SL~ XQ

FDQH FKH SDUOD GLDOHWWR� QRQ VL SXz SL~« JOL DOWUL >DQFKH JOL DGXOWL� H DQFKH

TXHOOL GL 6DQWD 0DULD 0DJJLRUH@ VRQR QRQ VR� LPERUJKHVLWL� SDUODQR LWDOLD�

QR� JXDUGDQR OD WHOHYLVLRQH H QRQ VL VD EHQH FRVD VL FUHGRQR« PDJDUL QH�

DQFKH VL SDUODQR IUD GL ORUR�

Ê LQWHUHVVDQWH QRWDUH FRPH LO JLXGL]LR� VIURQGDWR RYYLDPHQWH GDOOH DFFH�

]LRQL QHJDWLYH� VLD FRQGLYLVR GDJOL DELWDQWL GHL SDHVL SL~ ULFFKL� 'U�6LO� D %H

NL D 6W(P XQ SX E(1���VL O ( �Y(UD N D M( PLD OD VROLGDUMH�WD O X�QMRQH N D

�M(YDQ L QH6W YH½ PD��� J MLQ GL SDML�] QGZ( N D V 6WD��� VX Q2��� QRQ V2 QRQ ½

( SMX QHV�VXQR��� QRQ ½ ( XQ QH�JR¹MR��� µDK EH¶� TXL VWLDPR XQ SR¶ EHQH� Vt� q

YHUR FKH QRQ F¶q OD VROLGDULHWj� O¶XQLRQH FKH DYHYDQR L QRVWUL YHFFKL� PD«

FL VRQR GHL SDHVL GRYH VL VWD« >VTXLOOD LO WHOHIRQR@« QRQ VR� QRQ F¶q SL~

QHVVXQR� QRQ F¶q XQ QHJR]LR«¶�

,Q HIIHWWL� WUDQQH FRORUR FKH JXDGDJQDQR JUD]LH DO WXULVPR� OD VLWXD]LRQH

HFRQRPLFD GHOOD 9DOOH q SLXWWRVWR RPRJHQHD� QRQ PL VRQR QRWH SDUWLFRODUL

�

�� ,O EDFLQR GHO 7LFLQR ILQR DO *RWWDUGR H OH VSRQGH VHWWHQWULRQDOL GHO ODJR 0DJJLRUH��� /D VLWXD]LRQH q LQ SDUWH GLYHUVD SHU L GLSHQGHQWL GHOOD )HUURYLD 9LJH]]LQD� FKH VRQR �L�

WDOLDQL H VYL]]HUL� D SL� VWUHWWR H GXUDWXUR FRQWDWWR��� 6XO UXROR GL VSDXUDFFKLR OLQJXLVWLFR FKH OD VLWXD]LRQH ©QHJR]LR GL 6DQWD 0DULD 0DJ�

JLRUHª ULYHVWH VL DYUj PRGR GL WRUQDUH�

�� ,/ ',$/(772 3(5&(3,72

VDFFKH GL SRYHUWj� H DQFKH JOL DQ]LDQL� R FRORUR FKH PDQWHQJRQR DELWXGLQL GL

YLWD SL~ WUDGL]LRQDOL� OR IDQQR LQ PRGR WHPSHUDWR GD PROWH FRPRGLWj PRGHU�

QH� OD GLIIHUHQ]D FKH VL LPSRQH DJOL RFFKL GHO YLVLWDWRUH q DSSXQWR OHJDWD DOOD

SUHVHQ]D ILVLFD GHOOH SHUVRQH� L SDHVL ©SRYHULª VRQR WDOL QRQ WDQWR SHU OD PL�

QRUH DJLDWH]]D GHJOL DELWDQWL� PD DSSXQWR SHU LO ORUR PLQRU QXPHUR� H DQFKH

TXHOOL FKH DQFRUD YL ULVLHGRQR� VH QRQ FRVWUHWWL GDOO¶HWj� ODYRUDQR IXRUL GDO

SURSULR YLOODJJLR� H VL GLYHUWRQR OD VHUD QHO IRQGRYDOOH���

Ê DQFRUD QRWHYROH OD FRVFLHQ]D FRPXQH D PROWL GHJOL DQ]LDQL GHO UDGLFDOH

FDPELDPHQWR GHOOH FRQGL]LRQL H DELWXGLQL GL YLWD DYYHQXWD QHO FRUVR GHOOD

ORUR HVLVWHQ]D� DOFXQL SDUODQR GL XQ GRSSLD YLWD� H DOWUL YHGRQR OH SURSULH H�

VSHULHQ]H JLRYDQLOL FRPH HVWUHPDPHQWH ORQWDQH� TXDVL QRQ OH DYHVVHUR VSH�

ULPHQWDWH SHUVRQDOPHQWH� >&R�*LX@� $GHVVR FKH QH SDUOLDPR� q FRPH VH QRQ

OH DYHVVL IDWWH LR� WXWWH TXHVWH FRVH� ,QGLHWUR QRQ VL WRUQD� VX TXHVWR VRQR WXW�

WL FRQFRUGL� PD JOL DQ]LDQL� H IUD ORUR VRSUDWWXWWR OH GRQQH� ULPSLDQJRQR LO

VHQVR GL VROLGDULHWj H GL XQLRQH FKH� GLFRQR� FDUDWWHUL]]DYD OD YDULH FRPXQL�

Wj� H FKH VL HVSULPHYD QHOOD UHDOL]]D]LRQH GL JUDQGL FRUL VSRQWDQHL �SHU OR SL~

DJOL DOSHJJL R DL PDJJHQJKL� FDSDFL GL FRLQYROJHUH O¶LQWHUR SDHVH���

���� , FROODERUDWRUL

������ /D VLWXD]LRQH FRPH VRSUD WUDWWHJJLDWD YHUUj� FUHGR� PHJOLR GHILQLWD

PHGLDQWH XQD EUHYH GHVFUL]LRQH GHL PLHL LQIRUPDWRUL H GHOOH UHOD]LRQL FKH LQ�

WHUFRUURQR IUD GL ORUR� 0L VHPEUD LQIDWWL HVVHUH SDUWLFRODUPHQWH IHFRQGR HG

HVSOLFDWLYR LO PRGHOOR GL DQDOLVL OLQJXLVWLFD FKH ID FDSR DO FRQFHWWR GL VRFLDO

QHWZRUN��� VDUj ODUJDPHQWH XWLOL]]DWR LQ TXHVWR ODYRUR� H OR LQWURGXFR TXL

SHUFKp ULWHQJR FKH UHQGHUVL FRQWR GHOOH UHWL VRFLDOL H FRPXQLFDWLYH LQ FXL VL

PXRYRQR FRORUR GHL TXDOL FL SUHSDULDPR DG DYYLFLQDUH OD OLQJXD VLD LPSRU�

WDQWH SHU OD FRPSUHQVLRQH GHL IHQRPHQL FKH HVVD SUHVHQWD�

2UD� QHOOD VXD IRUPXOD]LRQH FODVVLFD� GHULYDWD GDOOD VRFLRORJLD �FRQ JOL

VWXGL GL (OL]DEHWK %RWW VXOOH WLSRORJLH GHL UXROL DOO¶LQWHUQR GHO PDWULPRQLR D

/RQGUD� TXHVWR PHGLXP HVSOLFDWLYR q VWDWR DSSOLFDWR VRSUDWWXWWR DL TXDUWLHUL

RSHUDL GHOOH FLWWj LQGXVWULDOL �FRQIURQWD OH LQGDJLQL GL /HVOH\ 0LOUR\ VX %DO�

�

�� ,Q SDVVDWR OD VLWXD]LRQH GRYHYD HVVHUH GLYHUVD� H� DOPHQR SHU 6DQWD 0DULD 0DJJLRUH�

0DOHVFR H &UDYHJJLD OH GLIIHUHQ]H LQWUDFRPXQLWDULH GRYHYDQR HVVHUH VHQWLWH� ULIOHVVL GL TXH�

VWR VL KDQQR� VH YHGR EHQH� DQFKH QHO GLDOHWWR DWWXDOH� FIU� ,���������

�� 3HU TXDQWR ULJXDUGD O¶DVSHWWR VRFLDOH� FRPXQLWDULR� FKH OD YLWD UHOLJLRVD H OD WUDGL]LRQH

GHOOH IHVWH VDFUH DQFRUD ULYHVWH LQ 9DOOH ULPDQGR D ,DQQjFFDUR �����

�� 9HGL LQ SDUWLFRODU PRGR 0LOUR\ �������� 0LOUR\�0DUJUDLQ ����� 0D JLj O¶DWWHQ]LRQH

DFFRUGDWD GD 7HUUDFLQL DL UDSSRUWL WUD O¶LQGLYLGXR SDUODQWH� OD FRPXQLWj� IDPLJOLH� VWUDWL�

JUXSSL H YLOODJJL H OH YDULH FRUUHQWL LQQRYDWLYH FKH SHUFRUURQR OR VSD]LR OLQJXLVWLFR JXDUGD�

YDQR YHUVR TXHVWD GLUH]LRQH� DQ]L� VL SXz GLUH FKH /D YDULHWj QHO SDUODUH GL 8VVHJOLR VLD LO

SULPR VWXGLR GLDOHWWRORJLFR EDVDWR VXO PRGHOOR GHO VRFLDO QHWZRUN�

,1752'8=,21( ��

O\PDFDUUHW� &ORQDUG H WKH +DPPHU� FKH� SXU QHOOH ORUR VSHFLILFKH GLIIHUHQ]H

©DUH WKH NLQG RI DUHDV WKH %ULWLVK QDWLRQDO SUHVV LV IRQG RI GHVFULELQJ DV

µJKHWWRV¶ª >0LOUR\�0DUJDLQ ����� ��@�� (G LQ HIIHWWL SDUUHEEH VXSHUÀXR SDU�

ODUH GL UHWL VRFLDOL LQ FRPXQLWj FKH D YROWH SRVVRQR FRQWDUH �� R �� PHPEUL�

WXWWDYLD QRQ IDUOR VHPEUD XQD VHPSOLILFD]LRQH LQGHELWD� H FKH SUHFOXGH O¶XVR

GL VWUXPHQWL GL FRPSUHQVLRQH� ,QQDQ]LWXWWR q SHUVLQR EDQDOH ULFRUGDUH FKH

HVLVWRQR FHQWUL SL~ JURVVL� GLIIHUHQ]LDWL QHOOD FRPSRVL]LRQH FRPH QHOOH RF�

FXSD]LRQL H IUHTXHQWD]LRQL GHJOL DELWDQWL� YD SRL ULOHYDWR FKH� QRQRVWDQWH

TXHVWR DEELD FXULRVDPHQWH SRFKL ULÀHVVL QHO SURFHVVR GL SHUFH]LRQH GHOOD

OLQJXD� q DEEDVWDQ]D IRUWH LO VHQWLPHQWR GL XQD FRPXQH YLJH]]LQLWDV��� H OD UH�

WH GL UDSSRUWL VRFLDOL� VRSUDWWXWWR GHL UDJD]]L H GL FRORUR FKH ODYRUDQR LQ 9DO�

OH� VL HVWHQGH SHU WXWWR LO WHUULWRULR� '¶DOWUD SDUWH� FKH VL SRVVD ODYRUDUH VH�

JXHQGR XQ PRGHOOR DWWHQWR DL VRFLDO QHWZRUNV DQFKH LQ DPELHQWH UXUDOH� H L

ULVXOWDWL FKH VL SRVVRQR RWWHQHUH� q VWDWR PRVWUDWR GD 6REUHUR �������

������ 4XHOOR GHOOD YDO 9LJH]]R q XQ DPELHQWH XPDQR H VRFLDOH SLXWWRVWR

YDULHJDWR� LO JUDQGH QXPHUR GL SDHVL H OD ORUR YDULHWj KD UHVR LPSRVVLELOH XQD

DQDOLVL SXQWXDOH GHOOD WRWDOLWj GHOOH GLQDPLFKH OLQJXLVWLFKH SUHVHQWL� SHUFLz

OD GHQVLWj LQYHVWLJDWLYD� H GXQTXH OD UDSSUHVHQWDWLYLWj GL TXHVWL VWXGL� q JHR�

JUDILFDPHQWH GLVFRQWLQXD� 3XU WHQWDQGR GL DEEUDFFLDUH LO SURFHGHUH GHO FDP�

ELDPHQWR OLQJXLVWLFR VX WXWWR LO WHUULWRULR� PL VRQR WURYDWR D SULYLOHJLDUH XQ

RVVHUYDWRULR LQ SDUWLFRODUH FRO JOL RFFKL GHO TXDOH LQWHUSUHWDUOR� VL WUDWWD GHL

SDHVL GL &RLPR H *DJQRQH�2UFHVFR��� HQWUDPEH IUD]LRQL GL 'UXRJQR

DOO¶HVWUHPLWj RFFLGHQWDOH GHOOD 9DOOH�

4XHVWR PRGR GL SURFHGHUH KD DQFKH XQD JLXVWLILFD]LRQH WHRULFD� SHU FKL

QRQ FRPSLH VWXGL VSHFLILFL GL JHRJUDILD OLQJXLVWLFD H SXz SHUFLz SURFHGHUH

SHU DVWUD]LRQL� OD FRQVLGHUD]LRQH GHO WHUULWRULR H GHOOH YDULHWj GL SDUODWD LYL

SUHVHQWL �VH DYYLHQH� QRQ SXz FKH HVVHUH YLQFRODWD DO SDUWLFRODUH SXQWR GL

RVVHUYD]LRQH QHO TXDOH HJOL VL WURYD� *HQHUDOPHQWH LO OLQJXLVWD� FKH KD XQD

�

�� &KH LQ UHDOWj DSSDUH YDULHJDWD LQ DOPHQR GXH VRWWRLGHQWLWj� LQ GLSHQGHQ]D GDOOD OXQ�

JKH]]D GHOOD YDOOH H GDO GLYHUVR RULHQWDPHQWR GHL FHQWUL HJHPRQL� XQD RFFLGHQWDOH� FKH OHJD

JOL DELWDQWL GHL SDHVL GD &RLPR D 6DQWD 0DULD 0DJJLRUH� SL� ULYROWD �HFRQRPLFDPHQWH H VR�

FLDOPHQWH� YHUVR 'RPRGRVVROD H XQD RULHQWDOH� GDO SRQWH GRSR 0DOHVFR DO FRQILQH� SL� OHJD�

WD D /RFDUQR� 6L FIU� OH DIIHUPD]LRQL GL *D�6LOY� D �SDUWH OD GLV�WDQ¹D��� ORUR �DQQR SRL��� QRL

GL NZL VMDPR RUMHQ�WDWL D �G2P2 >'RPRGRVVROD@ NZ(OOL GL OD �VRQR SMX OH�JDWL DOOD �VYLW¹HUD���

,Q PH]]R� LVRODWR� LO FRPXQH GL 0DOHVFR�

�� ,O ODYRUR GL 6REUHUR SRWUHEEH UDSSUHVHQWDUH XQD VRUWD GL PRGHOOR SHU TXHVWH LQGDJLQL�

OH GLIIHUHQ]H GL VFRSR SHUz QRQ VRQR WUDVFXUDELOL� JOL VWXGL GL 6REUHUR VL FRQFHQWUDQR VRSUDW�

WXWWR VX FLz FKH LO SDUODQWH � O¶LQIRUPDWRUH � ID SLXWWRVWR FKH VX FLz FKH GLFH R FUHGH R FDSLVFH

GHO VXR GLDOHWWR� /¶DVSHWWR HVWHULRUH � OH SURGX]LRQL OLQJXLVWLFKH HIIHWWLYH � VRQR LQYHFH TXL

FRQVLGHUDWH XQ PH]]R� H QRQ XQ ILQH��� 7DORUD SHU VHPSOLFLWj FL VL ULIHULUj VROR D *DJQRQH� PD L GXH FHQWUL FRVWLWXLVFRQR DQFKH

OLQJXLVWLFDPHQWH XQ¶HQWLWj LQHVWULFDELOH�

�� ,/ ',$/(772 3(5&(3,72

SUHSDUD]LRQH VXO WHUULWRULR H VD GXQTXH FKH FRVD DVSHWWDUVL� VL FRPSRUWD FR�

PH XQ ©QDUUDWRUH RQQLVFLHQWHª DOOD 0DQ]RQL� FKH JXDUGD GDOO¶DOWR L VXRL SHU�

VRQDJJL �RVVLD L VXRL GLDOHWWL� QH VHJXH JOREDOPHQWH OH YLFHQGH H VD GHOOD VWR�

ULD FKH VWDQQR YLYHQGR DVVDL SL~ GL ORUR� YLFHYHUVD LO SDUODQWH FKH q SRUWDWR D

ULÀHWWHUH VXOOD VXD OLQJXD q SL~ QHOOD SRVL]LRQH GHOO¶LQYHVWLJDWRUH LQ XQ UR�

PDQ]R SROL]LHVFR� SRVVLHGH LQIRUPD]LRQL GL SDUWHQ]D VXOOD SURSULD YDULHWj�

QH VFRSUH YLD YLD GL QXRYH PHGLDQWH OD FRPSDUD]LRQH H LO FRQIURQWR� PD QRQ

KD TXHVWD YLVLRQH SDQRUDPLFD� $GRWWHUz TXHVWD SURVSHWWLYD ORFDOH VRSUDWWXWWR

QHOOD VHFRQGD SDUWH GL TXHVWR ODYRUR� OD SULPD HVVHQGR GHGLFDWD DG XQR

VJXDUGR ©RJJHWWLYRª GHOOD VLWXD]LRQH�

4XDQWR DOOD VFHOWD GHL FHQWUL GL LQWHUHVVH� &RLPR q� FRPH VL q YLVWR� LO SD�

HVH FKH DOO¶LQWHUQR GHOOD 9DOOH SUHVHQWD OLQJXLVWLFDPHQWH H VRFLDOPHQWH L

WUDWWL SL~ DUFDLFL� SXU PDQWHQHQGR XQD VXD YLWDOLWj GL FHQWUR QRQ DQFRUD VSR�

SRODWR� *DJQRQH�2UFHVFR KD LQYHFH OH FDUDWWHULVWLFKH GHOOD SLFFROD FRPXQLWj

UXUDOH SRVWD LQ XQ OXRJR QRQ WURSSR LVRODWR� VH QRQ SURSULR GL SDVVDJJLR� HG

HVSRVWD DG LQÀXHQ]H FRQWUDVWDQWL� /¶LQWHUHVVH SHU *DJQRQH�2UFHVFR q DFFUH�

VFLXWR GDO IDWWR FKH� QRQRVWDQWH LO YLOODJJLR VLD VHYHUDPHQWH FROSLWR GDOOR

VSRSRODPHQWR �G¶LQYHUQR QRQ FL YLYRQR SL~ GL XQD WUHQWLQD GL SHUVRQH WUD L

GXH FHQWUL� OD SUHVHQ]D GL JLRYDQL H UDJD]]L q LQVROLWDPHQWH DOWD� LQ SURSRU�

]LRQH� H DOFXQL GL ORUR VRQR DVVDL OHJDWL DOOH DWWLYLWj DJULFROH WUDGL]LRQDOL�

������ 8Q SURJHWWR GL GLDOHWWRORJLD ©PLPHWLFDª FRPH TXHVWR QHFHVVLWD H�

YLGHQWHPHQWH GL XQD VWUHWWD FROODERUD]LRQH WUD LO ULFHUFDWRUH H LO SDUODQWH� OH

FXL FRPSHWHQ]H VSHFLILFKH VL FRPSOHWDQR D YLFHQGD� IDFFLR TXLQGL IDWLFD D

FDSLUH FRPH GHYR FKLDPDUH L WDQWL ©DSSDUWHQHQWL DOOD FRPXQLWj OLQJXLVWLFD

FKH PL KDQQR DLXWDWR� SUHVWDQGRVL DO ½JLRFR GHO GLDOHWWR¾ H GLYHQWDQGR D ORUR

YROWD ULFHUFDWRUL LQ VHFRQGDª� 3HUFKp q HYLGHQWH FKH TXHVWD GHQRPLQD]LRQH�

OD SL~ FRUUHWWD� q OXQJKLVVLPD H LQXVDELOH� 3HUz PL VHPEUD ULGXWWLYR PHQ]LR�

QDUOL FRPH ©WHVWLPRQLª R ©LQIRUPDWRULª� H DGGLULWWXUD OHJJHUPHQWH LQVXOWLYD

XQD GHQRPLQD]LRQH TXDOH ©VRJJHWWL SDUODQWLª R VLPLOL� 1RQ q EDQDOH ULFRUGD�

UH FKH FL RFFXSLDPR GHO FRPSRUWDPHQWR GL XRPLQL� H WUD JOL XRPLQL L UDSSRU�

WL GHYRQR HVVHUH GL VWLPD H ULVSHWWR UHFLSURFR� TXDQGR QRQ VRQR GL DPLFL]LD�

©&ROODERUDWRUL LQWHUQLª� VHFRQGR O¶HVHPSLR GL /DERY� SXz DQGDU PHJOLR�

SUHJKHUz DOORUD LO OHWWRUH GL GLPHQWLFDUH OH SRVVLELOL YDOHQ]H EHOOLFKH H GL

FRQWURVSLRQDJJLR FKH OD ORFX]LRQH SXz HYRFDUH�

'HVLGHUR YHUDPHQWH ULQJUD]LDUH L PLHL FROODERUDWRUL� OD ORUR GLVSRQLELOLWj

DG DVVHFRQGDUH OH PLH ULFHUFKH q VWDWD WRWDOH H WDORUD GLYHUWLWD� VL VRQR WUD�

VIRUPDWL LQ ULFHUFDWRUL SHU PLR FRQWR �PROWL KDQQR DFFRQVHQWLWR D VYROJHUH

SHU PH LQFKLHVWH LQ SURSULR FRQ XQ UHJLVWUDWRUH�� DOFXQL KDQQR SHUVLQR WHQWD�

WR GL LPSDUDUH D SDUODU ©VEDJOLDWRª� R GL LPLWDUH DFFHQWL QRQ ORUR� R GL VWLPR�

ODUH DOWUH SHUVRQH VX DUJRPHQWL H LQ PRGL FRQFRUGDWL� 8QD FRPSOHWD HVSRVL�

,1752'8=,21( ��

]LRQH GHOOH WHFQLFKH GL LQFKLHVWD HODERUDWH VL WURYD DO FDS� ,,,� TXL VL VRWWROL�

QHD FKH TXHVWR ODYRUR VL DYYDOH GL GXH OLYHOOL GL LQGDJLQH� L FROODERUDWRUL

�WRUFKLDWL DQFKH LQ YDULR PRGR FRQ GRPDQGH GLUHWWH� FRQYHUVD]LRQL PLUDWH H

TXDQW¶DOWUR� H FRORUR FKH SRWUHPPR GDYYHUR FKLDPDUH LQIRUPDWRUL� FLRq OH

SHUVRQH FKH VRQR VWDWH D ORUR YROWD OH IRQWL SHU OH LQGDJLQL LQ SURSULR GHL FRO�

ODERUDWRUL���

1HO FLWDUH LQIRUPDWRUL H FROODERUDWRUL VL q SURFHGXWR LQ TXHVWR PRGR� OD

SULPD SDUWH GHOOD VLJOD LQGLFD LO SDHVH GL SURYHQLHQ]D� FKH q� WUDQQH L FDVL

VSHFLILFDWL� DQFKH TXHOOR GL UHVLGHQ]D �&R��LPR�� *D��JQRQH�� 2U��FHVFR��

'U��XRJQR�� $O��ERJQR�� 6PP� �6DQWD 0DULD 0DJJLRUH�� 7R��FHQR��

&U��DYHJJLD�� 0D��OHVFR� 9L��OOHWWH�� )R��OVRJQR�� 5H� �5H�� 'L��VVLPR��

2O��JLD��� OD VHFRQGD SDUWH q OD SULPD VLOODED �FRQ DOFXQH HFFH]LRQL� GHO QR�

PH GHOOD SHUVRQD� FRVt� SRQLDPR� XQ &U�$QW� LQGLFKHUHEEH LO VLJQRU $QWRQLR

GL &UDYHJJLD� 3DVVR RUD UDSLGDPHQWH LQ UDVVHJQD L FROODERUDWRUL H JOL LQIRU�

PDWRUL SULQFLSDOL� DOWUH SHUVRQH OD FXL OLQJXD R RSLQLRQH VLD LQWURGRWWD QHO WH�

VWR VDUDQQR SUHVHQWDWH UDSLGDPHQWH DO PRPHQWR� VHJXHQGR SHUz VHPSUH TXH�

VWR VFKHPD�

&R�*LX� VLJQRUD GL FLUFD VHWWDQW¶DQQL� GL IDPLJOLD GL ©YLFLQLª GL &RLPR� YLYH

D *DJQRQH GDJOL DQQL FLQTXDQWD� LQ VHJXLWR DO PDWULPRQLR FRQ *D�*LXV�

&RO SDHVH QDWDOH� GRYH DELWDQR WXWWRUD PROWL VXRL SDUHQWL� KD WXWWDYLD FRQ�

WDWWL VWUHWWLVVLPL� H KD PDQWHQXWR LO GLDOHWWR GL &RLPR DQFKH QHOOD QXRYD

IDPLJOLD� +D FRPSHWHQ]H SUDWLFKH H ULFRUGL GHOOH DWWLYLWj WUDGL]LRQDOL GHO

SDHVH FKH SRFKL LQ 9DOOH SRVVRQR YDQWDUH�

&R�*L� QLSRWH GL &R�*LX� KD SL~ R PHQR VHVVDQWDFLQTXH DQQL� 9LYH D &RLPR�

GRYH q FRQWDGLQD� Ê DVVDL OHJDWD DO PRQGR WUDGL]LRQDOH H DOOD IDPLJOLD� H

SDUWHFLSD DOOD YLWD DJULFROD H FDVHDULD GHO SDHVH� ,O IDWWR GL HVVHUH GHO WXWWR

LQVRVSHWWDELOH O¶KD UHVD XQ¶RWWLPD ULFHUFDWULFH�

&R�*H�� ILJOLD GL &R�*L�� YLYH D &RLPR QHOOD FDVD SDWHUQD� q VXOOD TXDUDQWLQD

HG q PDHVWUD HOHPHQWDUH QHOOD SLFFROD VFXROD GHO SDHVH� FRPH H SL~

&R�*L� SDUWHFLSD DWWLYDPHQWH DOOD YLWD GHOOD IUD]LRQH� PD KD FRQWDWWL DQ�

FKH FRO UHVWR GHOOD YDOOH�

&R�$O� UDJD]]D GL &RLPR GL FLUFD YHQWLFLQTXH DQQL� LPSLHJDWD DOOD &RPXQLWj

0RQWDQD D 6DQWD 0DULD 0DJJLRUH� LO IDWWR GL HVVHUH OHJDWD DG XQ JLRYDQH

GHOOD YDO G¶2VVROD OD SRUWD D IUHTXHQWDUH JLUL GL FRQRVFHQ]H DQFKH DO GL

IXRUL GHOOD 9DOOH� $ &RLPR q WXWWDYLD SHUIHWWDPHQWH LQVHULWD�

&R�&DUOR� GL DQWLFD IDPLJOLD YLFLQDOH GL &RLPR� ODYRUD DOOH )HUURYLH 9LJH]�

]LQH� Ê SLXWWRVWR FRQRVFLXWR LQ SDHVH H LQ JHQHUH QHOOD 9DOOH SHU LO VXR FD�

UDWWHUH DVVDL DSHUWR H IUDQFR� 0ROWR OHJDWR DO SDHVH H DOOD FDVD �FKH q SH�

�

�� 2OWUH FKH OH IRQWL GHOOH ©ILQWH LQFKLHVWHª� SHU FXL FIU� ,,,���

�� ,/ ',$/(772 3(5&(3,72

UDOWUR VSOHQGLGD�� UDFFRJOLH XWHQVLOL H VWUXPHQWL GHOOD YLWD FRQWDGLQD� &DQ�

WD QHO FRUR GHO &$, 9LJH]]R�

&R�1DW�� QHVVXQD SDUHQWHOD FRQ &R�&DUOR Qp FRQ &R�*L�� q XQ EDPELQR GL

GLHFL DQQL� DOXQQR DOOD VFXROD HOHPHQWDUH GL &RLPR� ,Q IDPLJOLD SDUODQR

GLDOHWWR� H OXL QH KD XQD FRPSHWHQ]D DVVDL EXRQD� 8VD LO GLDOHWWR QHL JLR�

FKL LQ SLD]]D FRQ JOL DOWUL EDPELQL GHO SDHVH�

*D�*LXV�� PDULWR GL &R�*LX� q GL TXDOFKH DQQR SL~ DQ]LDQR GL OHL� q IDOH�

JQDPH� H KD VHPSUH YLVVXWR LQ 9DOOH WUDQQH XQD SHUPDQHQ]D LQ XQ FDPSR

GL FRQFHQWUDPHQWR WHGHVFR SHU DWWLYLWj SDUWLJLDQD� 6YROJH GL WDQWR LQ WDQWR

ODYRUL GL FDUSHQWHULD DOO¶LQWHUQR GHOOD YDOOH HG q EHQ LQVHULWR QHO FRQWHVWR

VRFLDOH�

*D�0DQ� q OD FROODERUDWULFH SL~ DWWLYD HG HQWXVLDVWD� 'LFLDVVHWWHQQH� KD VWX�

GLDWR GRSR OH PHGLH GXH DQQL D 'RPRGRVVROD LQ XQD VFXROD SURIHVVLRQDOH

SHU VHJUHWDULD G¶D]LHQGD� Ê RUD ©DJULFROWULFHª �OD GHILQL]LRQH q VXD� D

WHPSR SLHQR� DVVDL OHJDWD DOOH DWWLYLWj PRQWDQH� QRQ GLVGHJQD WXWWDYLD L

GLYHUWLPHQWL H OH FRQYHQ]LRQL JLRYDQLOL GHO PRQGR DWWXDOH� q DVVDL EHQ LQ�

VHULWD QHOOH UHWL FRPXQLFDWLYH GHOOD 9DOOH� VLD SUHVVR JOL DQ]LDQL� FRQ FXL

FRQGLYLGH ODYRUR H DVSLUD]LRQL SURIRQGH� VLD SUHVVR JLRYDQL H L UDJD]]L� Ê

DWWXDOPHQWH ��������� OHJDWD D 0D�3LH�

*D�*LXO� VRUHOOD GL *D�0DQ�� GLFLRWWHQQH� OD FRQVLGHUD]LRQH GHOOD VXD SRVL�

]LRQH GLDOHWWDOH VDUj SDUWH QRQ SLFFROD GL TXHVWR VWXGLR� +D GD SRFR WHU�

PLQDWR O¶LVWLWXWR WHFQLFR FRPPHUFLDOH D 'RPRGRVVROD� )UDWHOOR GL

*D�0DQ� H *D�*LXO� q *D�$QG� GL VHGLFL DQQL� VWXGHQWH D 'RPRGRVVROD�

GL OXL VL SDUOD DO ,,,�������

*D�5L� FLQTXDQWHQQH� FRQWDGLQD� PDGUH GL *D�0DQ�� *D�*LXO� H *D�$QG� 'H�

FLVD H EDWWDJOLHUD� q FRQRVFLXWD QHO SDHVH SHU DOFXQL VXRL DWWHJJLDPHQWL

EL]]DUUL� SDUWHFLSD DVVDL DWWLYDPHQWH DOOH ULXQLRQL GHOOD ©&ROGLUHWWLª �DV�

VRFLD]LRQH GHL FROWLYDWRUL GLUHWWL� GHOO¶2VVROD�

*D�*LXV�� PDULWR GL *D�5L�� RSHUDLR�PXUDWRUH LQ 6YL]]HUD �JHQHUDOPHQWH

&HQWRYDOOL H /RFDUQR�� 0DQLIHVWD WDORUD LGHH SLXWWRVWR WUDGL]LRQDOLVWH� L

VXRL PRPHQWL GL DJJUHJD]LRQH VRFLDOH VL VYROJRQR SUHYDOHQWHPHQWH HQWUR

XQD FHUFKLD GL DPLFL FKH VL ULXQLVFH D 'UXRJQR�

*D�]LD�� ]LD� DSSXQWR� GL *D�0DQ�� TXDVL RWWDQWHQQH� PROWR OXFLGD H SUHVHQWH�

+D XQ SDVVDWR SUHYDOHQWHPHQWH FRQWDGLQR H EXRQL UDSSRUWL FRQ JOL DQ]LDQL

GHOOD IUD]LRQH�

2U�6LO�� GL FLUFD TXDUDQWDFLQTXH DQQL� JHVWLVFH LO SLFFROR VSDFFLR FKH VHUYH

*DJQRQH�2UFHVFR� +D XQD VSLFFDWD ÀHVVLELOLWj OLQJXLVWLFD� FKH OD SRUWD D

VFHJOLHUH VHPSUH FRQ VLFXUH]]D LO FRGLFH SL~ DGDWWR DOO¶LQWHUORFXWRUH� LO

VXR QHJR]LR q LO FHQWUR GL DJJUHJD]LRQH GHOOH IUD]LRQL FRQWLJXH H�

G¶HVWDWH� SXQWR GL UDFFROWD GL QXPHURVL YLOOHJJLDQWL�

,1752'8=,21( ��

2U�$QJ�� ILJOLD GL 2U�6LO�� YHQWLGXHQQH� ODYRUD LQ EDQFD D 'RPRGRVVROD� 'L�

FKLDUD GL VHQWLUVL SL~ D VXR DJLR FRQ O¶LWDOLDQR� PD KD XQD EXRQD FRQR�

VFHQ]D SDVVLYD GHO GLDOHWWR� /H VXH UHOD]LRQL VRFLDOL VRQR RULHQWDWH SL~

YHUVR O¶HVWHUQR GHOOD 9DOOH�

2U�2O�� TXDVL FHQWHQDULD� OXFLGLVVLPD�

'U�6LO� ILJOLR GL &R�*LX H *D�*LXV�� TXDUDQWHQQH� VSRVDWR FRQ XQD UDJD]]D GL

=RUQDVFR� KD DYXWR XQ¶HGXFD]LRQH ©ELOLQJXHª �&RLPR H *DJQRQH� SL~

O¶LWDOLDQR�� PD SDUOD DELWXDOPHQWH LO GLDOHWWR GL *D� $VVDL FRQRVFLXWR QHO�

OD 9DOOH SHU OD VXD DWWLYLWj GL FRQVXOHQWH ILVFDOH �q VWDWR DQFKH DVVHVVRUH

DO FRPXQH GL 'UXRJQR�� /D FROODERUD]LRQH OR KD PROWR GLYHUWLWR�

'U�&OD�� IUDWHOOR� OHJJHUPHQWH SL~ JLRYDQH� GL 'U�6LO�� FDUSHQWLHUH� VSRVDWR

FRQ XQD UDJD]]D GHOO¶+LQWHUODQG PLODQHVH WUDVIHULWDVL LQ 9DOOH �H FKH D

VXD YROWD KD LPSDUDWR LO GLDOHWWR H OR XVD FRL ILJOL��

'U�5RE� LPSLHJDWR D 'RPRGRVVROD� WUHQWDFLQTXHQQH� ULVLHGH D 'UXRJQR� Ê

DPLFR GL 'U�6LO�

$O�0D�� FUHGR FKH VLD OD SHUVRQD SL~ DQ]LDQD YLYHQWH QHOOD YDOOH� LO VXR FRQ�

WULEXWR� SHU TXHVWR ODYRUR� VL q OLPLWDWR DL WHUPLQL GHO FRQIURQWR GHO VXR

GLDOHWWR FRQ TXHOOR DOWUXL�

$O�%DW�� GL FLUFD FLQTXDQWDFLQTXH DQQL� q PDHVWUD HOHPHQWDUH D 'UXRJQR� +D

VHPSUH DELWDWR DG $OERJQR� GRYH YLYH LQ FDVD FRQ $O�0D�

6PP�3%� VHVVDQWDFLQTXH DQQL� FDUSHQWLHUH QHO &DQWRQ 7LFLQR �$VFRQD��

JUDQGH DSSDVVLRQDWR GHO GLDOHWWR H GHOOD VWRULD ORFDOH� GL FXL q EXRQ FRQR�

VFLWRUH� UDFFRJOLH SDUROH H PRGL GL GLUH FRPH UDFFRJOLH DQWLFKH FDUWH H DWWL

GHOOD 9DOOH� *RGH GL XQD UHWH GL UDSSRUWL VRFLDOL DVVDL ILWWD� H VSHVVR FRQ�

WULEXLVFH DG RUJDQL]]DUH PRVWUH HG HVSRVL]LRQL� , ODYRUL SUHFHGHQWL D TXH�

VWD ULFHUFD GHYRQR PROWR DOOD VXD FROODERUD]LRQH�

6PP�*LDQ�� PRJOLH GL 6PP�3%� FDVDOLQJD� q XQD VLJQRUD GL PH]]D HWj DVVDL

SURQWD HG DWWHQWD� SRUWDWULFH GL XQ GLDOHWWR ©PHGLRª� QRQ DUFDLFR PD QHS�

SXUH LQQRYDWR� KD XQ¶HVWHVD H FDSLOODUH UHWH GL UDSSRUWL D 6PP H SDHVL OL�

PLWURIL�

6PP�/XL� VXOOD FLQTXDQWLQD� PROWR DPLFD GL 6PP�*LDQ�� SLXWWRVWR WLPLGD�

0D�/XF� DJULFROWRUH�DOOHYDWRUH GL PH]]D HWj GL 0DOHVFR� SUDWLFD DQFRUD

O¶DOSHJJLDWXUD HVWLYD� KD ODYRUDWR SHU GXH DQQL D 0LODQR� SRL D 9LOODGRV�

VROD DOOD H[ 5KRGLDWRFH �RUD 0RQWHGLVRQ�� GDOOD TXDOH VL q OLFHQ]LDWR SHU

ULVWDELOLUVL GHILQLWLYDPHQWH LQ 9DOOH� , VXRL UDSSRUWL FRQ L FRPSDHVDQL VR�

QR DVVDL VWUHWWL� H VSHVVR RUJDQL]]D UHFLWH H VSHWWDFROL DO WHDWUR SDUURFFKLD�

OH�

0D�0DU� GLFLDQQRYHQQH GL 0DOHVFR� ODYRUD FRPH LPSLHJDWR LQ XQD VRFLHWj

GL FRVWUX]LRQL GHOOD 9DOOH� 1RQ q SDUWLFRODUPHQWH LQWHUHVVDWR DO GLDOHWWR H

DO UHFXSHUR FXOWXUDOH LQ JHQHUH� PD DIIHUPD GL VHQWLUVL SURIRQGDPHQWH YL�

JH]]LQR� +D EXRQH UHOD]LRQL FRQ UDJD]]L GL WXWWD OD 9DOOH H GHOO¶2VVROD�

�� ,/ ',$/(772 3(5&(3,72

0D�3LH� YHQWHQQH GL 0DOHVFR� q RSHUDLR LQ XQD SLFFROD D]LHQGD GHOOD 9DOOH�

Ê OHJDWR D *D�0DQ�� H GHOOD VXD SRVL]LRQH GLDOHWWDOH VL SDUOD DO � ,,,�������

7R�'DQ� KD YHQW¶DQQL HG q OHJDWR DOOD VRUHOOD GL 2U�$QJ�� GLFLDVVHWWHQQH� $W�

WXDOPHQWH q PLOLWDUH� H SULPD VWXGLDYD D 'RPRGRVVROD� 6RVWHQLWRUH HQWX�

VLDVWD GHO GLDOHWWR H GHO PRQGR UXUDOH LQ JHQHUH� VL q SUHVWDWR YROHQWLHUL DG

DLXWDUPL� LO VXR FRQWULEXWR VL VFRUJH SHUz PHQR� SHUFKp OD VXD FRPXQLWj�

TXHOOD GL 7RFHQR� QRQ q VWDWD RJJHWWR GL DQDOLVL SDUWLFRODUH�

9L�%HQ�� RSHUDLR GHOOD )HUURYLD 9LJH]]LQD� FLQTXDQWDFLQTXHQQH� JUDQGH DS�

SDVVLRQDWR GHOOD FXOWXUD ORFDOH H SRSRODUH� QRQFKp DELOH ERVFDLROR H FR�

QRVFLWRUH GHOOD ÀRUD VSRQWDQHD� KD FXUDWR O¶DOOHVWLPHQWR GL XQ SLFFROR

PXVHR HWQRORJLFR D 9LOOHWWH� FRPXQH DOO¶DQGDPHQWR GHO TXDOH SDUWHFLSD

DVVDL DWWLYDPHQWH� ,O VXR DLXWR q VWDWR VSHVVR SUH]LRVR�

9L�/XFLD� DQ]LDQD VLJQRUD GL 9LOOHWWH GDO SDVVDWR FRQWDGLQR H GDOOH YDVWH

FRPSHWHQ]H WUDGL]LRQDOL�

5H�3LSLQ� DJULFROWRUH GL 5H RUD PROWR DQ]LDQR� PL q VWDWR HVSUHVVDPHQWH LQ�

GLFDWR GDL FRPSDHVDQL FRPH LO FXVWRGH GHO GLDOHWWR SL~ DXWHQWLFR� 0L VRQR

DYYDOVR GHOOD VXD FROODERUD]LRQH SULQFLSDOPHQWH FRPH FRQIURQWR SUHVVR

OD SULPD JHQHUD]LRQH GL IRUPH JLj QRWH�

)R�&$� WUD L FLQTXDQWD H L VHVVDQW¶DQQL� KD XQD SLFFROD DWWLYLWj LQ SURSULR D

5H� PD q OHJDWR DO PRQGR FRQWDGLQR H DOOD PRQWDJQD� PDQWLHQH DQFRUD

SHU GLOHWWR H FRQ JUDQGH GLVSHWWR GHOOD PRJOLH XQD YDFFD H TXDOFKH FRQL�

JOLR� &DQWD QHO FRUR GHO &$,� H ILQR D SRFR WHPSR ID RUJDQL]]DYD HVFXU�

VLRQL LQ 2VVROD

'L�$QW� ILHUR GHL VXRL RWWDQWDFLQTXH DQQL� OXFLGLVVLPR H DVVDL DWWLYR �q LO VD�

FUHVWDQR GHOOD FKLHVD GL 'LVVLPR�� q VWDWR PXUDWRUH� %HQ FRQRVFLXWR QHOOD

SDUWH RULHQWDOH GHOOD 9DOOH� OH VXH FRPSHWHQ]H GL SROLJORWWD VDUDQQR FKLD�

ULWH DO ,9�����

*D�(QU� QRQ ULHQWUD UHDOPHQWH QHO QRYHUR GHL PLHL FROODERUDWRUL� SHUFKp QRQ

DELWD LQ 9DOOH GD TXDOFKH DQQR� Ê LO SULPRJHQLWR GL &R�*LX�� HG q RUD IXQ�

]LRQDULR GL EDQFD D 9DUHVH� QRQGLPHQR YRUUHL ULQJUD]LDUOR� QRQ VROR SHU

OD WUHQWHQQDOH DPLFL]LD� PD VSHFLILFDPHQWH SHUFKp KR SRWXWR VHPSUH DEL�

WDUH D FDVD VXD D *DJQRQH H SHUFKp q VWDWR LO SULPR FRQWDWWR H WUDPLWH WUD

PH H OD YDO 9LJH]]R� DQFRUD DO WHPSR GHOOD PLD WHVL GL /DXUHD�

���� 7UDVFUL]LRQH H FRQYHQ]LRQL

3HU TXDQWR ULJXDUGD OH FRQYHQ]LRQL JUDILFKH� XVR O¶,3$ SHU OD WUDVFUL]LRQH

GHL GRFXPHQWL RUDOL GHO GLDOHWWR GHOOD 9DOOH GD PH UDFFROWL��� OH WHVWLPRQLDQ�

�

�� 3HU TXDQWR ULJXDUGD DOFXQL VXRQL WLSLFL GL &RLPR� &DQHSDUL ������ ��� VRVWLHQH FKH

QRQ q SRVVLELOH SURGXUUH RFFOXVLYH SDODWDOL SXUH� H FKH TXHVWH ULVROYRQR LQ DIIULFDWH� SHU

,1752'8=,21( ��

]H� R FRPXQTXH OH IUDVL QRWHYROL FKH PL VRQR VWDWH ULSRUWDWH LQ LWDOLDQR VRQR

VFULWWH QHOOD JUDILD WUDGL]LRQDOH LQ FRUVLYR� TXDORUD LQYHFH L EUDQL LQ LWDOLDQR

VLDQR OHJDWL DG DOWUL GLDOHWWDOL VRQR WUDVFULWWL GL VHJXLWR LQ ,3$� 9LHQH GDWD OD

WUDGX]LRQH GL WXWWH OH IUDVL GLDOHWWDOL FLWDWH µWUD DSLFL¶� , SDVVL LQ JUDILH IRQHWL�

FKH GLYHUVH FRQWHQXWL QHOOH FLWD]LRQL VRQR ULPDVWL LQYDULDWL ULVSHWWR

DOO¶RULJLQDOH�

/D GLFLWXUD ©*DE�ª� ULVFRQWUDELOH VRSUDWWXWWR QHL GLDORJKL� VLJQLILFD ©*D�

EULHOHª H LQGLFD LO ULFHUFDWRUH� D OXL VL SHUGRQHUDQQR JOL HUURUL OH YROWH FKH VL

DYYHQWXUD D SDUODU GLDOHWWR�

/H DEEUHYLD]LRQL VRQR ULGRWWH DO PLQLPR� H VL OLPLWDQR JHQHUDOPHQWH DOOH

VLJOH GL RSHUH OLQJXLVWLFKH EHQ FRQRVFLXWH� 6L QRWL FKH LO UHIHUHQWH GL ©FIU�ª

�FRQIURQWD� DVVXPH GL YROWD LQ YROWD O¶DVSHWWR YHUEDOH ULFKLHVWR�

�

TXDQWR SDUWLFRODUPHQWH FRPSDWWH� DYUHPPR GXQTXH SHU ^F` ^No` H SHU ^e` ^J-`� 3HU VHP�

SOLFLWj FL DWWHUUHPR DOOD JUDILD WUDGL]LRQDOH �ULEDGLWD GDOO¶DJJLRUQDPHQWR GHOO¶,3$ DO ������

DYYHUWHQGR FKH WDORUD� PD VHQ]D FKH TXHVWR SURYRFKL DOFXQD UHD]LRQH GL SHUFH]LRQH QHO SDU�

ODQWH� L IRQL FKH UDSSUHVHQWDQR VRQR SL� VLPLOL D ^NM` H ^JM` �SUHSDODWDOL��

�������������������������

,��� ,QWURGX]LRQH

,Q XQ ODYRUR FRPH TXHVWR� GHGLFDWR DOOD YDULD]LRQH� q OHFLWR DYDQ]DUH TXDOFKH

ULVHUYD VXOOD HIIHWWLYD YDOLGLWj GL GHVFULYHUH XQ¶HQWLWj FRVu HYLGHQWHPHQWH FRPSR�

VLWD FRPH ©LO GLDOHWWR GHOOD YDO 9LJH]]Rª� LQYHUR ©OD GLYHUVLWj OLQJXLVWLFD FRPLQ�

FLD GDOOD SRUWD DFFDQWR� DQ]L GD FDVD QRVWUD� H VSHVVR DOO¶LQWHUQR GL XQR H XQR

VWHVVR LQGLYLGXRª� H GXQTXH VL q LPEDUD]]DWL QHO GDU FRQWR GHOOD OLQJXD GL XQD

IDPLJOLD� GL XQ YLOODJJLR R GL XQD YDOOH LQWHUD� 1RQGLPHQR OD YDULD]LRQH KD VHQVR

VROR LQ UDSSRUWR D TXDOFRVD FKH QRQ YDULD� VLD HVVR O¶,QGHXURSHR DOOD 6FKOHLFKHU

R OD *UDPPDWLFD 8QLYHUVDOH� LQVRPPD XQ PRGHOOR� $QFKH QHJOL VWXGL GL FUHROL�

VWLFD� LO UHJQR GHOOD YDULD]LRQH LQWHUQD DO VLVWHPD� VL XVD VWDELOLUH GHL FRQILQL� GHL

SXQWL IHUPL� H SHU TXHVWD IXQ]LRQH WLSLFDPHQWH VRQR VFHOWL JOL HVWUHPL GHO FRQWL�

QXXP �R GHO JUDGDWXP� VXO TXDOH VDUHEEHUR GLVSRVWH OH YDULHWj LEULGL]]DWH��

3HU UHVWDUH QHOO¶DPELWR GHO ORPEDUGR DOSLQR� XQD VROX]LRQH �WHPSRUDQHD� H

VXSHUDWD QHO FRUVR GHOOD ULFHUFD� SXz HVVHUH TXHOOD DGRWWDWD GD 0RUHWWL ����� FKH

LVROD SHU FRQIURQWR L GXH WHUPLQL GHO FRQWLQXXP GLDOHWWDOH� OD ©QRUPDª� GHO GLD�

OHWWR DUFDLFR �$� H TXHOOD GHO SROR LQQRYDWLYR �%�� PROWR YLFLQR DOOD NRLQq WLFLQH�

VH� GDQGR OD GHVFUL]LRQH GHL IHQRPHQL GL YDULDQ]D� &Lz q WXWWDYLD SRVVLELOH SHU OD

SUHVHQ]D VXO WHUULWRULR GL XQR VWUDWR GLDOHWWDOH VRYUDORFDOH ODUJDPHQWH FRQGLYLVR

LQ FRQGL]LRQL GL PDFURGLJORVVLD� /D VLWXD]LRQH GHOOD YDO 9LJH]]R VHPEUD� DOPHQR

D JLXGLFDUH GDL PDWHULDOL GD PH UDFFROWL� PROWR GLIIHUHQWH� 1RQ HVLVWH LQIDWWL XQD

NRLQq YLJH]]LQD� R WDQWRPHQR RVVRODQD�� H LO UHJLPH OLQJXLVWLFR SUHYDOHQWH VL UL�

� 0DUWLQHW ������ LQWURGX]LRQH D :HLQULFK ���� >����@�� 'HFDPS� FKH DSSXQWR LQWURGXVVH LO FRQFHWWR GL FRQWLQXXP LQ FUHROLVWLFD� DIIHUPD DO SUR�

SRVLWR FKH� ©LW LV SUHFLVHO\ WKH LGHDOL]HG H[WUHPH YDULHW\ ZKLFK KDG WR EH GHVFULEHG EHIRUH ZH

FRXOG EHJLQ RQ WKH PDQ\ YDULHWLHV EHWZHHQ LW DQG WKH VWDQGDUGª >'HFDPS ����� ���@� DYYHU�

WHQGR Vu OD IUDVH VXFFHVVLYD FKH WUDWWDVL GL XQD ©XVHIXO OLQJXLVWLF DEVWUDFWLRQª� PD ULEDGHQGR

O¶LPSRUWDQ]D DL ILQL GHOO¶DQDOLVL� GL XQD ©OLQJXLVWLF GHVFULSWLRQ RI ERWK HQGV RI WKH OLQJXLVWLF

FRQWLQXXPª� ,Q DPELWR LWDOLDQR JLRYD ULIDUVL DJOL VWXGL GL 0LRQL ������ ����� FKH ULFRQRVFH OD

QHFHVVLWj ©LQ TXDOFKH PRGR GL LGHDOL]]DUH� LGHQWLILFDQGR GHL PRPHQWL R OLYHOOL VLVWHPDWLFL�

FKH VHUYDQR GL XQLWj GL PLVXUD GHOOD JUDGXDOLWj�GLYHUVLWjª� 0D PROWH DOWUH DIIHUPD]LRQL VLPLOL

VL ULWURYDQR LQ OHWWHUDWXUD� 4XDQWR D ©JUDGDWXPª� %HUUXWR ������ ��� GLVFXWH VXOOD IHOLFLWj GHO

WHUPLQH� PD ILQLVFH FROO¶DFFHWWDUOR LQ PDQFDQ]D GL YDOLGL FRQFRUUHQWL�

� 1HO VHQVR GDWR GD :HLGW�6FKOLHEHQ�/DQJH ����� ���� ©½1RUP¾ EHWULIIW GDV� ZDV

�EOLFKHUZHLVH UHDOLVLHUW ZLUGª�� ( VRSUDWWXWWR QXOOD GL VLPLOH q ULFRQRVFLXWR GDL SDUODQWL�

�� ,/ ',$/(772 3(5&(3,72

YHOD HVVHUH GL WLSR PLFURGLJORVVLFR� FRQ LQ SL� XQD QRQ DEERQGDQWLVVLPD SUHVHQ�

]D GL IHQRPHQL LEULGDWLYL WUD OH SDUODWH SL� SDUWLFRODULVWLFDPHQWH ORFDOL H O¶XQLFR

UHJLVWUR VRYUDRUGLQDWR� O¶LWDOLDQR��

4XHVWR� H DQFKH OH FRQVLGHUD]LRQL IDWWH DO FDSLWROR SUHFHGHQWH VXOOH UHWL GL

FRPXQLFD]LRQH VRFLDOH� GRYUHEEH PHWWHUH LQ JXDUGLD GD HFFHVVLYH WHQWD]LRQL JH�

QHUDOL]]DQWL� FKH DQFKH FRPSUHQGDQR OD GHVFUL]LRQH GL SL� SROL OLQJXLVWLFL� 3HUz�

RSHUDWLYDPHQWH� XQ PRGHOOR FL YXROH� VLD SXUH VROR WHRULFR� H LQ HIIHWWL SHU GH�

VFULYHUH �DOPHQR� VL WHQWHUj VROR GRSR GL FDSLUH� VHSSXUH VDUj SRVVLELOH� OD YDULD�

]LRQH ELVRJQHUj SXU GLUH FKH FRVD YDULD H FRPH� VDUj SRL SRVVLELOH DVVRFLDUH DG

RJQL SDUODQWH LQ RJQL VLWXD]LRQH FRPXQLFDWLYD TXHOOD IRUPD R TXHO JUDGXV GL YD�

ULD]LRQH FKH JOL q SL� WLSLFD� R DOPHQR SL� SUREDELOH� R DOPHQR SL� HIIHWWLYD�

PHQWH UHDOL]]DWD�

,QROWUH� H TXHVWR q PROWR LPSRUWDQWH� RJQL SDUODQWH ULFRQRVFH XQD ©QRUPDª

FKH q WLSLFD GHOOD VXD SDUODWD� H FKH SUHVHQWD XQD VHULH GL UHDOL]]D]LRQL FKH OD

FRQWUDSSRQJRQR DOOH DOWUH� /D IHGHOWj OLQJXLVWLFD HVSOLFLWD D TXHVWD QRUPD q

PROWR IRUWH� FRPH VL DYUj PRGR GL ULEDGLUH VSHVVR LQ VHJXLWR� H TXDOVLDVL IHQR�

PHQR GL YDULD]LRQH SHU FRVu GLUH LQWUD P°QLD� DOO¶LQWHUQR GHOOD FRPXQLWj� KD VHQ�

VR SHU LO SDUODQWH VROR LQ RSSRVL]LRQH DOOD QRUPD� Ê DOORUD GL TXHVWH QRUPH HVWH�

ULRUL FKH GRYUHPR RFFXSDUFL TXL� VH YRJOLDPR DFFRVWDUFL DG XQD GLDOHWWRORJLD FKH

DEELD XQD TXDOFKH YDOLGLWj SHU FRORUR FKH OD SDUODQR�� 7HQWHUz GXQTXH GHL FHQQL

FRQWUDVWLYL FKH FDUDWWHUL]]LQR OH SDUODWH �LGHDOL]]DWH� GHOOD 9DOOH ULVSHWWR DO ORP�

EDUGR �LQGLFDQGR FLRq GL YROWD LQ YROWD TXDOL UHDOL]]D]LRQL GHO ORPEDUGR DOSLQR

VRQR VWDWH VFHOWH� H WUD GL ORUR DOO¶LQWHUQR GHOO¶DUHD� R FKH PHWWDQR LQ OXFH L SXQWL

OLQJXLVWLFL GL YHURVLPLOH IUL]LRQH� VDUj SULYLOHJLDWR O¶DVSHWWR IRQHWLFR H VDUj LQYH�

FH DVVHQWH LO OLYHOOR VLQWDWWLFR H LO UHSHUWRULR OHVVLFDOH� FKH SXUH PL q SDUWLFRODU�

PHQWH FDUR� SHUFKp WURSSR VRJJHWWR D LGLRVLQFUDVLH H RGG YDULDWLRQV� VROR SHU DO�

FXQL VHWWRUL EHQ GHOLPLWDWL VDUj SRVVLELOH GHOLQHDUH TXDOFKH WHQGHQ]D� 3UHVHQWHUz

GDSSULPD L GDWL VHFRQGR XQ RUGLQH WUDGL]LRQDOH �YRFDOLVPR� FRQVRQDQWLVPR� PRU�

� 4XDOH LWDOLDQR" 6L VDUHEEH WHQWDWL GL LQGLFDUH XQ LWDOLDQR SRSRODUH GL WLSR ORPEDUGR� VH

QRQ FKH� DOPHQR SUHVVR OD PDJJLRU SDUWH GHJOL VWXGLRVL� TXHVWD GLFLWXUD VL SRUWD GLHWUR FRQ�

QRWD]LRQL WURSSR ©GLDOHWWDOLª SHU SRWHU HVVHUH DGDWWD DO QRVWUR FDVR� 6XJJHULUHL� DOPHQR FRPH

LSRWHVL GL SDUWHQ]D� GD YHULILFDUH QHO FRUVR GHO ODYRUR� XQ UHJLVWUR FKH SL� VL DYYLFLQD

DOO¶©LWDOLDQR SDUODWR FROORTXLDOHª GL %HUUXWR ����D� ����� TXDOH QRUPDOPHQWH SDUODWR LQ

/RPEDUGLD� R O¶LWDOLDQR UHJLRQDOH LQIRUPDOH GL 7UXPSHU ����� $QFKH OD GHILQL]LRQH GL ©VSR�

NHQ ZULWWHQ ,WDOLDQª GL 7UXPSHU�0DGGDORQ ����� ��� VHPEUD DGDWWDUVL EHQH DOOD VLWXD]LRQH�

4XDQWR DO PRGHOOR GL 6WHKO ����� FKH SUHYHGH GLYHUVL JUDGL GL LQWHUIHUHQ]D WUD LWDOLDQR H

GLDOHWWR FIU� ROWUH �,9��� H ,9����� 4XHVWR� RYYLDPHQWH� FRPH ©SROR DOWRª� O¶LWDOLDQR SRSRODUH

GHOOD /RPEDUGLD �DQFKH FRPXQHPHQWH LQWHVR� H FKH VRPLJOLD DOO¶LWDOLDQR UHJLRQDOH WUDVFXUDWR

R IRUWHPHQWH LQWHIHULWR GL 7UXPSHU�0DGGDORQ� q RYYLDPHQWH ODUJDPHQWH SUHVHQWH QHO UHSHUWR�

ULR GHOOD PDJJLRU SDUWH GHL SDUODQWL� H DQ]L SHU DOFXQL q LO UHJLVWUR SUHYDOHQWH� R O¶XQLFR QRQ

GLDOHWWDOH D GLVSRVL]LRQH� PD QRQ SHU TXHVWR YLHQH D FRVWLWXLUH XQD ©QRUPDª�� $G DQDORJKH FRQVLGHUD]LRQL JLXQJH 0DWWKHLHU ����� LQ XQ DUWLFROR VLJQLILFDWLYDPHQWH

LQWLWRODWR 'LDOHNWRORJLH YDQ GH GLDOHFWVSUHNHUV�

,� '$//$ 3$57( '(/ ',$/(772/2*2 ��

IRORJLD HFF��� DOOD ILQH VL FHUFKHUj GL RUJDQL]]DUOL LQ XQD WDEHOOD FKH UHQGD FRQWR

GHO WLSR GL YDULD]LRQH LQWHUHVVDWD�

, GDWL TXL SUHVHQWDWL VRQR VWDWL UDFFROWL FRQ YDULH WHFQLFKH HVFXVVLYH �FIU� FDS�

,,,�� GRYH QRQ DOWULPHQWL DYYHUWLWR� JOL HQXQFLDWL GD FXL JOL HVHPSL VRQR WUDWWL VR�

QR GD FRQVLGHUDUVL SDUODWR VSRQWDQHR�

,����� $OO¶LQL]LR GHOOD PLD ULFHUFD QRQ HVLVWHYDQR VWXGL VSHFLILFL VXO GLDOHWWR

GHOOD YDO 9LJH]]R�� XQD SULPD LGHD GHOOD VLWXD]LRQH OLQJXLVWLFD GHOO¶DUHD FKH SUH�

FHGD OD IDVH GHOOH LQFKLHVWH VXO FDPSR VL SXz FRPXQTXH ULFRVWUXLUH DWWUDYHUVR

O¶$,6� FKH KD XQ SXQWR G¶LQFKLHVWD LQ 9DOOH D 0DOHVFR� ����� ����� PDU]R �����

H L PDWHULDOL GHOO¶$/,� FKH SUHYHGH XQ SXQWR D 'UXRJQR �� >$E �@� 3HOOLV ������

/H IRQWL VXOOH YDOOL YLFLQLRUL VL HVWHQGRQR VXOO¶DUFR FURQRORJLFR GL FLUFD XQ VH�

FROR� SHU TXDQWR QRQ VLD SXUWRSSR SRVVLELOH� VHQ]D LQWHUYLVWH GLUHWWH� LVWLWXLUH

FRQIURQWL SHU YHULILFDUH OD YDULD]LRQH LQ WHPSR UHDOH� JLDFFKp JOL VWXGL ULPDQJRQR

LQ JHQHUH LVRODWL� H QRQ KR QRWL]LH GL LQGDJLQL ULSHWXWH� &L VL ULIDUj GXQTXH DL

SXQWL $,6 ���� 'RPRGRVVROD� ���� 3UHPLD� ���� 2UQDYDVVR� ��� 9HUJHOHWWR >7L�

FLQR@�� ROWUH FKH DJOL DUWLFROL GL 6DOYLRQL ����D� ����E �, GLDOHWWL GL ,QWUDJQD

>&HQWRYDOOL� OD SURVHFX]LRQH VYL]]HUD GHOOD YDO 9LJH]]R@ H 0DOHVFR�� ���� �DQFR�

UD VX ,QWUDJQD H 0DOHVFR� PD FRQVLGHUDQGR JOL VWDWXWL PHGLHYDOL�� ����� 1LFROHW

���� �SHU OD YDOOH $QWURQD�� *\VOLQJ ���� �YDOOH $Q]DVFD�� 8UHFK ���� �YDO

&DODQFD� *ULJLRQL�� =HOL ���� �YDO &DQQRELQD�� /XUDWL�3LQDQD ���� �YDO 9HU]D�

VFD�� /XUDWL ���� �YDOOH 2QVHUQRQH�� 0RUHWWL ���� �&HYLR�� 6S°UUL ���� �9DOVH�

VLD�� ROWUH FKH DO 96,� �OHWW� $�%�&D�� H DL QXPHURVL VWXGL GHGLFDWL DG DOWUH VLQJROH

ORFDOLWj WLFLQHVL� GL FXL XQ¶DPSLD ELEOLRJUDILD q FRQWHQXWD LQ 3HWULQL ����� QRWL]LH

H IRUPH VSDUVH �FODVVLILFDWH JHQHULFDPHQWH ©YLJH]]LQRª R ©ORPEDUGR�DOSLQRª�

VRQR FRQWHQXWH LQ %HUWRQL ����� $OFXQH FRPXQLWj RVVRODQH SDUWLFRODUPHQWH LQ�

WUDSUHQGHQWL KDQQR SXEEOLFDWR RSXVFROL DXWRQRPL FRQ OD GHVFUL]LRQH GHO SURSULR

� &RQRVFR XQD EUHYH SUHVHQWD]LRQH GHO ©GLDOHWWR YLJH]]LQRª EDVDWD VX XQ SLFFROR QXPHUR

GL SRHVLH ORFDOL �VHQ]D LQGLFD]LRQH GL SURYHQLHQ]D� D ILUPD GL XQ ©3URI� *LXVHSSH 0DJLVWULVª

FRQWHQXWD LQ 1RUVD ����� ������� H GDWDWD ����� WRUQHUHPR VX TXHVWR ODYRUR GL WDQWR LQ

WDQWR� SHUFKp ULSRUWD LQWHUHVVDQWL GHILQL]LRQL GHOOH GHVFUL]LRQL GLDOHWWDOL� LO GLDOHWWR GHOOD

9DOOH DVVXPHUHEEH XQ ©FDUDWWHUH FDOPR H ODERULRVR D 'UXRJQR� SDFDWR H VREULR D 6DQWD 0D�

ULD� SXQJHQWH H IRUWH D &UDQD H 7RFHQR� PRUGDFH D 9RFRJQR� EHIIDUGR� PD WDORUD DULVWRFUDWL�

FR� D &UDYHJJLDª >���@� Ê XVFLWR QHO ���� XQ PLR DEER]]R GL IRQHWLFD VWRULFD GHO GLDOHWWR GL

&RLPR >,DQQjFFDUR ����@�

� /D VFHOWD GHO SDHVH GHYH ULVDOLUH DO IDWWR FKH q QRPLQDWR LQ TXDOFKH VWXGLR GHO 6DOYLRQL

�YHGL ROWUH�� q VWDWD WXWWDYLD SRFR IHOLFH� SHU TXDQWR ULJXDUGD OD GRFXPHQWD]LRQH GHOOD 9DOOH�

JLDFFKp LO GLDOHWWR GL 0DOHVFR q� DEEDVWDQ]D VWUDQDPHQWH� SLXWWRVWR LVRODWR H GLYHUVR GD TXHOOL

FLUFRQYLFLQL� 0L q FDSLWDWR GL LQFRQWUDUH� DOO¶LQL]LR GHOOH PLH ULFHUFKH QHOO¶DUHD �DXWXQQR

������ OD QLSRWH GHOO¶LQIRUPDWULFH GL 6FKHXHUPHLHU� FKH� EDPELQD� HUD VWDWD SUHVHQWH DG XQD

SDUWH GHOO¶LQWHUYLVWD H PH QH KD IDWWR XQ FRORULWR UDFFRQWR�

� ©9RFDERODULR GHL GLDOHWWL GHOOD 6YL]]HUD ,WDOLDQDª /XJDQR� 7LSRJUDILD 1DWDOH 0D]]XF�

FRQL ������ q GLUHWWR DWWXDOPHQWH GD 5RVDQQD =HOL�

�� ,/ ',$/(772 3(5&(3,72

GLDOHWWR H� R SLXWWRVWR� XQ¶HVHPSOLILFD]LRQH SHU OR SL� GL WLSR OHVVLFDOH �PL ULIHUL�

VFR VHJQDWDPHQWH D 3UHPRVHOOR�&KLRYHQGD ����� D 0RQWHFUHVWHVH ����� H VR�

SUDWWXWWR D 6DQWXV ������ PD� FRPH q RYYLR� OD IUXL]LRQH GL WDOL FRQWULEXWL QRQ

VXSHUD TXDVL PDL O¶DPELWR VWUHWWDPHQWH ORFDOH� PDWHULDOH LQ SDUWH VLPLOH �SRHVLH

VRSUDWWXWWR� FRPSDUH WDORUD VXO SHULRGLFR ORFDOH ©(FR�5LVYHJOLR RVVRODQRª� 6D�

UDQQR TXHVWH SXEEOLFD]LRQL� LQVLHPH DOOH UDFFROWH GL SRHVLH GLDOHWWDOL� WHQXWH LQ

XQD FHUWD FRQVLGHUD]LRQH QHO FRUVR GHO ODYRUR� LQ TXDQWR VSLH GL ULIOHVVLRQH OLQ�

JXLVWLFD H IRQWL SHU OD FRPSUHQVLRQH GL TXDOL WUDWWL GLDOHWWDOL VRQR GHVWLQDWL DOOD

VFULWWXUD R YHQJRQR WLSLFL]]DWL H FRPPHQWDWL�

,��� 0RGL GHOOD YDULD]LRQH

,�����9RFDOLVPR

,�������9RFDOL WRQLFKH

,��������� ? ?8� 8QD SULPD VXGGLYLVLRQH� SLXWWRVWR HYLGHQWH DOO¶RVVHUYDWRUH H FKH

q LQYHFH FRQVLGHUDWD GDL SDUODQWL FRPH XQR GHL IDWWRUL QRQ HVVHQ]LDOL GL GLIIHUHQ�

]LD]LRQH IUD L SDHVL� q TXHOOD GHULYDWD GDO GLYHUVR WUDWWDPHQWR GL ?8 ODWLQD� OD SDUWH

RFFLGHQWDOH GHOOD 9DOOH VLQR D 0DOHVFR SUHVHQWD O¶HVLWR ^L`� ODGGRYH OD VH]LRQH

RULHQWDOH KD FRPSDWWDPHQWH OD VROX]LRQH ©QRUPDOHª ORPEDUGD ^\`� LVRODWD OD IUD�

]LRQH GL 2OJLD� XOWLPR LQVHGLDPHQWR LWDOLDQR LQ GLUH]LRQH GHOOH &HQWRYDOOL� FKH

ULVSRQGH FRQ ^X`��� $EELDPR GXQTXH IRUPH TXDOL

�OLQD �O\QD �OXQD OXQD

�SLOD6 �S\OD6 �SXOD6 SXOFH

ML1 Y\1 X1�YX1 XQR �QXPHUDOH�

PLU P\U PXUR

PL�eD�PL�ÂD P\�ÂD�P\�ÂL PX�ÂD�PX�ÂL PXJJLUH

,O FDVR VHPEUD HVVHUH TXHOOR GL XQD ©IRWRJUDILDª VLQFURQLFD GL XQ¶HYROX]LRQH

GL WLSR GLDFURQLFR� 0DOHVFR SHU HVHPSLR SUHVHQWDYD OD ^L` DQFRUD DL WHPSL

�� 3HUDOWUR OH &HQWRYDOOL KDQQR JHQHUDOPHQWH ^\`� /¶HVLWR ^L` VL ULWURYDYD LQ YDOOH $Q]DVFD

DL WHPSL GHOOH LQGDJLQL GHOOD 1LFROHW ������ ������ ��� FRQ O¶HFFH]LRQH GHL SDHVL

DOO¶LPERFFDWXUD GHOOD YDOOH� FKH SUHVHQWDYDQR >\@ H� SHU O¶DOWD YDOOH� GL DOFXQH SRVL]LRQL �VSH�

FLDOPHQWH GDYDQWL DG �D�� LQ FXL FRPSDULYD VHPSUH >X`� OD VLWXD]LRQH q SL� R PHQR VLPLOH DW�

WXDOPHQWH� DQFKH VH WHQGH VHPSUH SL� DG HVSDQGHUVL LO WLSR LQ ^\`� 3HU OD ^X` GL 2OJLD� FKH

FRPSDUH TXD H Oj QHO 7LFLQR� FIU� 6JDQ]LQL ����� ,Q SRVL]LRQH DWRQD LO SDVVDJJLR q XQ SR¶ SL�

IUHTXHQWH� FLWHUz TXL L GDWL GL 6L]]DQD� SDHVH FROOLQDUH DOO¶HVWUHPR VERFFR GHOOD 9DOVHVLD�

SHUFKp LQHGLWL� &DYDQQD ����� ��� DWWHVWD GXQTXH ILQDUÁO� L�VèÉO� ]LNÉ � ^¹L�N(`� GD µIXQHUDOH� XF�

FHOOR �$8� PD FIU� PLODQHVH XVHO ^\�](O`�� ]XFFDLR¶� ,QWHUHVVDQWL SHU OD GLVWULEX]LRQH JHRJUDIL�

FD GL TXHVW¶HVLWR >L@� FKH ULFRPSDUH VSRUDGLFDPHQWH QHO 0RQIHUUDWR H WDORUD QHOO¶DOWD /LJXULD�

VRQR OH FDUWH GHOO¶$,6 QQ� ��� �/XQD�� ��� �/XSR�� ��� �3XOFH�� ��� �0XUR� HFF�

,� '$//$ 3$57( '(/ ',$/(772/2*2 ��

GHOO¶LQGDJLQH SHU O¶$,6� DGHVVR LO WUDWWR VHPEUD LQ UHJUHVVR� FIU� 0D�0DU� ERQ

LQ�GXU( D J 2 YL6W S\ ( DL J 2 �GL½ YD GD� YMD O N\O EU\W ED6�W(UG HEEHQH� DOORUD

QRQ FL KR YLVWR SL�� H JOL KR GHWWR� ©YD D GDU YLD LO FXOR� EUXWWR EDVWDUGR¶� 1RQGL�

PHQR OD ^L` q DQFRUD SLXWWRVWR VDOGD SHU DOFXQL OHVVLFDOLVPL H JHQHUDOPHQWH QHOOD

SDUODWD GHJOL DQ]LDQL� R GL TXHOOL OH FXL UHWL VRFLDOL VRQR ULYROWH SULQFLSDOPHQWH

YHUVR O¶LQWHUQR GHOOD FRPXQLWj� 4XDQWR DL FROOHJDPHQWL HVWHUQL� OD VLWXD]LRQH WHQ�

GH D IDUVL YDULHJDWD� 0DOHVFR q DO FRQILQH WUD OH GXH YDULDELOL� VXOO¶LVRJORVVD VH

YRJOLDPR DFFHWWDUH WDOL JHQHUDOL]]D]LRQL� R PHJOLR RFFXSD TXHOOD DUHD LQWHUPHGLD

FKH JLj SHU 7HUUDFLQL q HVWUHPDPHQWH LQWHUHVVDQWH H GHOLFDWD SHU FRJOLHUH OH GL�

QDPLFKH GHO PXWDPHQWR� /H IRU]H LQ JLRFR TXL VRQR WUH� OD ^X` GHOOD UDGLR H GHOOD

WHOHYLVLRQH��� OD ^L` GHO FDSROXRJR� 6DQWD 0DULD 0DJJLRUH� H OD ^\` GL 'RPRGRV�

VROD� GHOOD 6YL]]HUD H GHOOD &DQQRELQD� SHU VHPSOLILFDUH EUXWDOPHQWH� SRWUHPPR

GXQTXH DWWULEXLUH DOOD ^X` OD IXQ]LRQH GL ©EDVVR FRQWLQXRª� OD FXL LQIOXHQ]D q FR�

VWDQWHPHQWH RSHUDQWH PD VROR LQ FRQWHVWL FRPXQLFDWLYL FDUDWWHUL]]DWL GDOOD SDVVL�

YLWj GHO SDUODQWH�DVFROWDWRUH� OH UHDOL]]D]LRQL ^X`� DOWDPHQWH LPSUHYHGLELOL� SHU�

FRUURQR WXWWD OD FRPXQLWj DWWUDYHUVR OH YDULD]LRQL GL WRSLF H VHWWLQJ��� OD ^\` VDUj

LQYHFH GL SUHIHUHQ]D YHLFRODWD GD SDUODQWL OH FXL UHWL FRPXQLFDWLYH VL HVWHQGRQR

DO GL Oj GHOOD 9DOOH� R SHUFKp VWXGHQWL �GHOOH VFXROH WHFQLFKH R PHGLH VXSHULRUL� R

ODYRUDWRUL D 'RPRGRVVROD R SHUFKp IURQWDOLHUL� OD VFHOWD ^L` SHUWLHQH DOORUD QRQ

VROR DL SDUODQWL SL� LQ�QHWZRUN RULHQWHG� PD DQFKH D FRORUR FKH KDQQR VWUHWWL

FRQWDWWL FRQ OD SDUWH RFFLGHQWDOH GHOOD 9DOOH� LYL FRPSUHVR LO FDSROXRJR� H FLRq

FRPPHUFLDQWL� ODYRUDWRUL GHO WHU]LDULR H VWXGHQWL GHOOH PHGLH LQIHULRUL� ,O SHUFRUVR

OLQJXLVWLFR GHOOR VWXGHQWH GL 0DOHVFR ULVSHWWR DOOD YDULDELOH ?8 q LOOXPLQDQWH� VL

FIU� DOPHQR LO FRPSRUWDPHQWR GL GXH IUDWHOOL� QLSRWL GL 0D�/XF���� 0D�*LRY� ��

DQQL� D Q2 D Y2L PL( �QGD SL� DO G2S2�VNZ2O( µDK QR� QRQ YRJOLR SL� DQGDUH DO GR�

SRVFXROD¶ FRQ 0D�0DW� ��� DQQL� O ( �\PLG( O ( \PLG( X J �SM2Z SHU�VLQR �G(QW¼U

Q(O �DZOD µq XPLGD� q XPLGD� FL SLRYH SHUVLQR GHQWUR QHOO¶DXOD¶� 6H SRL *LRY� DQ�

GUj D ODYRUDUH LQ 6YL]]HUD �VWD IUHTXHQWDQGR XQ LVWLWXWR DOEHUJKLHUR� OH VXH UHOD�

]LRQL OR SRUWHUDQQR SUREDELOPHQWH D ULQIRU]DUH OD VFHOWD ^\`�

�� 7XWWDYLD QRQ YD GLPHQWLFDWR FKH O¶DGGRWWULQDPHQWR OLQJXLVWLFR GRYXWR DOOD WHOHYLVLRQH q

LQ UHDOWj SDVVLYR� OD WHOHYLVLRQH QRQ HVLJH ULVSRVWD H FRVu QRQ IRU]D OD JHQWH D SDUODUH QHOOD

QXRYD OLQJXD� 4XDQWR DOOD ^X`� OD FKLDPR ©GHOOD WHOHYLVLRQHª SHUFKp TXHVWR q O¶DFFRVWDPHQWR

FKH IDUHEEH LO SDUODQWH� q LQYHUR SRVVLELOH FKH DEELD LQYHFH XQ¶RULJLQH DUFDLFD� QHJDWD SHUDO�

WUR GD 6JDQ]LQL �����

�� ( QRQ VROR GHOOD FRPXQLWj GL 0DOHVFR� HYLGHQWHPHQWH� &IU ,9���

�� 1HOOR VWHVVR HYHQWR OLQJXLVWLFR� FXL KR DVVLVWLWR SHU FDVR� SDUODYR FRQ 0D�/XF� H TXHVWL

KD ULFHYXWR OD YLVLWD LPSURYYLVD GHL QLSRWL� FXL KD FKLHVWR QRWL]LH VXOOD VFXROD �PHWj QRYHP�

EUH�� 1RQ PL q VWDWR SRVVLELOH UHJLVWUDUH DOFXQD RFFRUUHQ]D FRPSUHQVLELOH GL ?8 QHOOD OLQJXD

GL 0D�/XF� LQ TXHVWR HSLVRGLR� PD GLUHL FKH QRUPDOPHQWH DGRWWD OD ^L`� FKH SHU OXL FRVWLWXLVFH

OD ©QRUPDª�

�� ,/ ',$/(772 3(5&(3,72

3HU JOL DOWUL SDHVL QRQ VL SXz ULVDOLUH GLUHWWDPHQWH DOO¶LQGLHWUR SHU PDQFDQ]D

GL IRQWL��� H G¶DOWUD SDUWH� FRPH GHWWR� LQ TXHVWR FDVR OD FRPSHWHQ]D GHL SDUODQWL

QRQ q GL PROWR DLXWR� QHVVXQR� D 5H FRPH D 9LOOHWWH R D 'tVVLPR q VWDWR LQ JUDGR

GL GLUPL VH OD ^L` XQ WHPSR IRVVH SL� GLIIXVD� $QFKH VH DSSRVLWDPHQWH VWLPRODWL L

SDUODQWL ULFRQRVFRQR FKH 'L�$QW� J MLQ GL SD�L�] ND �GX]D1 S\ OD L QGXH QXM D

�P(WXP O \ FL VRQR GHL SDHVL FKH XVDQR SL� OD L GRYH QRL PHWWLDPR OD �� H VL QRWL

DQFKH OD GLIIHUHQ]D GL JHQHUH GHOOH GXH YRFDOL@��� &KH WXWWDYLD IRVVH FRVu q WHVWL�

PRQLDWR GD XQD YDVWD PHVVH GL DUFDLVPL OHVVLFDOL FKH O¶KDQQR IHGHOPHQWH FRQVHU�

YDWD��� LQROWUH� TXHVWR SDVVDJJLR ?8 ! ^L` q ULWHQXWR GDJOL RVVRODQL LQ JHQHUDOH FD�

UDWWHULVWLFR GHL SDUODUL GHOOD YDO 9LJH]]R� PD LQ TXHVWR FDVR OD PDQFDQ]D GL GL�

VWLQ]LRQH H LO JLXGL]LR JHQHUDOL]]DWR VHPEUDQR IDU SURSHQGHUH SHU XQD VWLJPDWL]�

]D]LRQH DQWLFD� GLYHQWDWD RUPDL EODVRQH H FRPH WDOH QRQ SL� VRJJHWWD D YHULILFD���

/¶HYROX]LRQH LQWHUQD� FRPELQDWD FRQ O¶LQFLGHQ]D GHOOH DOWUH UHDOL]]D]LRQL ORP�

EDUGH H WLFLQHVL FRQ OH TXDOL L YLJH]]LQL VRQR D FRQWDWWR IDUHEEH SUHGLUH

O¶HVWHQVLRQH JHQHUDOL]]DWD GHO WUDWWR ^\`� FKH q TXHOOR FKH LQ FHUWD PLVXUD VXFFH�

GH� DQFKH SUHVVR L SDUODQWL �JLRYDQL� SL� FRQVHUYDWLYL��� /¶DOWHUQDQ]D YHGH WXWWD�

YLD OD ^L` DQFRUD QHWWDPHQWH PDJJLRULWDULD� QHL SDHVL FKH OD PDQWHQJRQR� TXL

LQROWUH QRQ VL SRVVRQR LQ TXHVWR FDVR VSHFLILFDUH LWHP FKH SUHVHQWLQR GL SUHIH�

UHQ]D O¶XQD R O¶DOWUD VROX]LRQH� FKH VHPEUD HVVHUH LQ FRQGL]LRQH GL FRVLGGHWWD YD�

�� ,O SXQWR GHOO¶$/, q D 'UXRJQR� H TXLQGL LQ TXHVWR FDVR LQXWLOH� JLDFFKp 'UXRJQR FRQ�

VHUYD OD ^L`��� 2SSXUH VL FIU� LO VHJXHQWH GLDORJR

9L�%HQ� ( D �GL]XP D1ND O\�½D

*DE� O\�½D

9�%HQ� 6L O\�½D��� WH VH�W D N2MDP L GL]HQ OL�FD���

>H GLFLDPR DQFKH O\�½D�*DE�� O\�½D"�VL� O\�½D� VDL� D &RLPR GLFRQR OL�FD µJXDUGDUH DYLGD�

PHQWH� FRQ JOL RFFKL XPLGL� FIU� ©OXFFLFDUHª�¶� 9L�%HQ� VD FKH FRQRVFR OD VLWXD]LRQH OLQJXL�

VWLFD GL &RLPR� 3HU TXDQWR ULJXDUGD LO JHQHUH GHOOH YRFDOL� q LQWHUHVVDQWH RVVHUYDUH FKH

TXHOOH FKH KDQQR XQ FRUULVSRQGHQWH LWDOLDQR >D (�H L 2�R X@ VRQR GL JHQHUH IHPPLQLOH� PHQWUH

TXHOOH DVVHQWL GDO UHSHUWRULR QD]LRQDOH ^\ «` SUHVHQWDQR JHQHUDOPHQWH LO PDVFKLOH��� 6L YHGDQR DOPHQR �JHQHUDOPHQWH GD 9L�%HQ R GD 9L�/XFLD� H VL QRWL OD ORUR SUHYDOHQWH

FRQGL]LRQH GL DWRQH� EL�](ND µLQWHVWLQR� FIU� 96, ������ E�VHFD¶ NL�UMX] µFXULRVR¶ VL�GD µVXGD�

UH¶ O 2 VWUL�]D� µO¶KR WUDVFLQDWR ©VWUXVFLDUHª¶ EDUOD�IL] �DQFKH EDUOD�IX] µFLDQIUXVDJOLD¶ �6WLEL

�DQFKH �6W\EL µUHVLGXR OHJQRVR GHOOD FDQDSD¶ HG DOWUL DQFRUD GHOOD OLQJXD HIIHWWLYDPHQWH SDU�

ODWD� GL FRQWUR D O\QD µOXQD¶� P\U µPXUR¶ HFF� �6HPEUD LQ HIIHWWL GL SRWHU DIIHUPDUH FKH OD ^L`

VL FRQVHUYD PHJOLR LQ SRVL]LRQH SUHWRQLFD�� ,QROWUH VL FIU� LO SDVVR GL %LRQGHOOL >������� ��@�

©,YL >QHO 9HUEDQHVH� FKH SHU %�FRPSUHQGH L GLDOHWWL RVVRODQL@ q IUHTXHQWH OD SHUPXWD]LRQH

GHOOD X LWDOLDQD LQ L� FKH JOL DOWUL ORPEDUGL FDQJLDQR LQ �� GLFHQGR WL�F SHU WXWWL� YROL�F SHU

YROXWRª�

�� $ TXHVWH FRQVLGHUD]LRQL VL DJJLXQJDQR TXHOOH SDUDOOHOH SUHVHQWDWH GD 6JDQ]LQL �����

FKH YHGH OD >X@ GD ?8 XQ¶HYROX]LRQH VHULRUH D SDUWLUH GD >\@�

�� &IU� *D�0D �NZ(OD OL OD �SDUOD S\�V( NH��� >TXHOOD Ou SDUOD SL� FKH���@�

,� '$//$ 3$57( '(/ ',$/(772/2*2 ��

ULD]LRQH OLEHUD��� D GLIIHUHQ]D GHL SXQWL LQ FXL q RUPDL OD ^\` OD YDULDQWH PDJJLR�

ULWDULD� H GRYH O¶DOWUD VL PDQWLHQH LQ UHOLWWL OHVVLFDOL���

/D IRUPD PL�eD YLVWD VRSUD ID SHUz ULIOHWWHUH� H ULFRUGD LO SDVVR GL &UDWLQR FL�

WDWR GD (UDVPR ������ 'H UHFWD ODWLQL JU FLTXH VHUPRQLV SURQXQFLDWLRQH� D VR�

VWHJQR GHOOD VXD WHVL HWDFLVWD� D3 H� �PfUMSN ÊWTIV TV³FEXSR F¢ F¢ P{KSR

FEHf^IM� q EHQ YHUR FKH OD YDFFD ID PX��� R DO PDVVLPR P¯��� FRPXQTXH QRQ PL���

FRPH OR VFLRFFR �H VRSUDWWXWWR OD SHFRUD� QRQ ID YL� YL�� H TXHVWR L YLJH]]LQL OR

VDQQR EHQLVVLPR� 6L VHQWH GXQTXH XQD TXDOFKH ©IRU]Dª QHOOD FRUULVSRQGHQ]D IR�

QLFD GL DOFXQH�� ^X` FRQ DOFXQH ^L`" +R IDWWR HVSOLFLWDPHQWH TXHVWD GRPDQGD LQ

9DOOH� H OH ULVSRVWH FKH KR RWWHQXWR VRQR VWDWH PROWR VLPLOL D TXHVWD GL *D�0DQ� D

VX E(1 N L �YD�N L IDQ PX�� PD QX�MH½��� QXM��� D V GLV E( PD� PL�eD��� SHU H�]HPSMR

D �GL]XP OD �PXND OD �PLeD H OD ID� PX�� VR EHQH FKH OH YDFFKH IDQQR PXX� PD

QRLDOWUL« QRL« VL GLFH VRODPHQWH PL�eD� SHU HVHPSLR� GLFLDPR ©OD PXFFD PLJJL�

VFH H ID PXXª¶� '¶DOWUD SDUWH� FRQWLQXD DUJRPHQWDQGR *D�0DQ� DQFKH LO FDQH X

�EDMD� VHFRQGR LO GLDOHWWR� PD LQ UHDOWj X ID� LQ ¹D�NZ( NRPH Z8I Z2I ID TXDOFR�

VD FRPH Z8I Z2I¶� 6HPEUHUHEEH GXQTXH GL DUJXLUH FKH L GXH IHQRPHQL QRQ VRQR

PHVVL LQ VWUHWWD FRUUHOD]LRQH GDL SDUODQWL� H FKH O¶LWHP PL�eD YHQJD SUHVR FRPH

LQDQDOL]]DELOH H LQGLVFXWLELOH� q VHPSOLFHPHQWH O¶HVSUHVVLRQH FRQYHQ]LRQDOH SHU

LQGLFDUH LO YHUVR GHOOD YDFFD�

,��������� à à(� à2� $QFKH O¶HYROX]LRQH GHOOH YRFDOL PHGLH ODWLQH� OD à( H OD à2� SUH�

VHQWD LQ 9DOOH GXH HVLWL GLVWLQWL� PD L FRQILQL JHRJUDILFL GL TXHVWD GLIIHUHQ]LD]LR�

QH QRQ VRQR FKLDUDPHQWH GHOLQHDELOL� H SUHVHQWDQR XQD FRQIRUPD]LRQH VXO WHUUL�

WRULR ©D SHOOH GL OHRSDUGRª� ,Q VRVWDQ]D VLDPR SUREDELOPHQWH GL IURQWH DG XQD

HYROX]LRQH LQ DWWR� FDUDWWHUL]]DWD GDOOD SUHVHQ]D VLPXOWDQHD� WDORUD LQ OXRJKL GL�

YHUVL� PD VSHVVR DOO¶LQWHUQR GHOOD VWHVVD FRPXQLWj� GL HQWUDPEH OH IRUPH� TXHOOD

GL SDUWHQ]D H TXHOOD GL DUULYR� 'HVFULYHUz OD VLWXD]LRQH SDUWHQGR GDOO¶DQDOLVL

FRPSDUDWD GL GXH YDULHWj� HPEOHPDWLFKH GHOOH GXH SRVL]LRQL HVWUHPH� TXHOOD FKH

FRVWLWXLVFH OD QRUPD GL &RLPR H TXHOOD GL 6DQWD 0DULD 0DJJLRUH�

&RP¶q QRWR� L GLDOHWWL VHWWHQWULRQDOL KDQQR D GLVSRVL]LRQH SHU à( H SHU à2 GXH

OLQHH HYROXWLYH SULQFLSDOL� FKH VL GLVSRQJRQR LQ VXFFHVVLRQH FURQRORJLFD� TXHOOD

�� 1HOOR VWHVVR GLDORJR GHOOD QRWD SUHFHGHQWH� VWHVVD SDUODQWH� H TXLQGL FRQ OR VWHVVR VHW�

WLQJ GHOO¶HYHQWR OLQJXLVWLFR� LQ TXHVWR FDVR GL FRQYHUVD]LRQH ULODVVDWD WUD SDUHQWL� PD NZD1 O

( O GL NH O ( ND� 6WD EH1 LQ ÉLU SLVH� >PD TXDQGR q LO JLRUQR FKH VWD D FDVD VWD EHQ LQ JLUR GL

SL�@��� (FFR O¶RSLQLRQH GL 0DJLVWULV ����� ���� ©>1H@L SDHVL D OHYDQWH GL 6DQWD 0DULD >«@ VL

SDUOD FRPH D 6DQWD 0DULD� FRQ OD GLIIHUHQ]D FKH OD � H OD H GLYHQWDQR VSHVVR � H | DOOD IUDQ�

FHVH R DOOD ORPEDUGD� (V� VSRVL VFSvV �L OXQJD�� GLYHQWD VFS�V� FXRUH NqU� GLYHQWD N|U�ª Ê

SHFXOLDUH FKH VL QRWL O¶HFFH]LRQH ^\` H QRQ OD UHJROD >L@� FKH QRQ YLHQH PDL PHQ]LRQDWD� 3HU

O¶DOWUD YDULDELOH ULSRUWDWD FIU� ,���������

�� (YLGHQWHPHQWH� LQ VLQFURQLD� FL VRQR VROR GHOOH ^X` FKH QRQ SDVVDQR D >L@�

�� ,/ ',$/(772 3(5&(3,72

FKH ULVXOWD VHQVLELOH DOO¶RSSRVL]LRQH VLOODED DSHUWDaVLOODED FKLXVD��� SL� UHFHQWH H

IRUVH G¶LPSRUWD]LRQH� H TXHOOD FKH VXERUGLQD LO WLPEUR GHOOD YRFDOH WRQLFD D

TXHOOR GHOOD ILQDOH HWLPRORJLFD� FKH SHUGH VHPSUH SL� WHUUHQR� 2UD� TXHVWD VH�

FRQGD RS]LRQH �OD SULPD LQ RUGLQH FURQRORJLFR� q SURSULD GHOOD YDO 9LJH]]R� FRQ

OD SDUWLFRODULWj FKH LQ SUHVHQ]D GL YRFDOH DOWD ILQDOH ��,� �8� L GXH HVLWL� GD à2 HG

à(� VL VRQR FRQIXVL� DQFKH VH KDQQR SURGRWWR UHDOL]]D]LRQL VXSHUILFLDOL GLIIHUHQWL�

SHU à2 OD PHWDIRQHVL KD GDWR D &RLPR >«@��� D 6DQWD 0DULD 0DJJLRUH >H@��� VL YH�

GDQR &RLPR I«�M 6DQWD 0DULD 0DJJLRUH IH�M µIXRFR¶� &RLPR ODQ�¹«O 6DQWD 0DULD

0DJJLRUH ODQ�¹HO µOHQ]XROR¶ &RLPR «�Y 6DQWD 0DULD 0DJJLRUH H�Z µXRYR¶�� H

QXPHURVL DOWUL� SHU OD �, EDVWL &RLPR IM�«�M 6DQWD 0DULD 0DJJLRUH IM�H�M µILJOLROL¶�

$QFKH SHU à( O¶HVLWR� LQ SUHVHQ]D GL �,� �8 q VLPLOH� ^H`�� D 6PP� D &R VL UL�

VFRQWUD >«@� SHU FXL FIU� ROWUH� &RLPR W«PS 6DQWD 0DULD 0DJJLRUH WHPS µWHPSR¶�

&RLPR M«U 6DQWD 0DULD 0DJJLRUH MHU µLHUL¶ &RLPR G«�- 6DQWD 0DULD 0DJJLRUH

GH�6 µGLHFL¶ &RLPR PDUW«O 6DQWD 0DULD 0DJJLRUH PDUWHO µPDUWHOOR¶ �H FRVu WXWWL L

QRPL LQ �HOOR� H YLD GLFHQGR� FRQ VRUSUHQGHQWH UHJRODULWj H TXDOFKH PRGHVWD HF�

�� &KH q SHU HVHPSLR OD VROX]LRQH GHO PLODQHVH H GL PROWL VLVWHPL GL ORPEDUGR ©FODVVLFRª�

FIU� 5RKOIV ���� � ���� FKH UHQGH FRQWR DQFKH GHOOD VLWXD]LRQH GHO 7LFLQR� TXL GD FRQVLGHUD�

UH TXHOOD GL SDUWHQ]D��� 4XHVWR VWDGLR ^«` VL FRQVHUYD LQ 2VVROD� *\VOLQJ ����� ���� 1LFROHW ����� �� VROR SHU

SDUWH GHOOD YDOOH H FRQ WHVWLPRQL SRFR VLFXUL� SHU OD YDO &DQQRELQD YHGL LO JORVV� GL =HOL �����

D 7UDVTXHUD O¶HVLWR >«@ q FRQGL]LRQDWR GDOOD FKLXVXUD GHOOD VLOODED �LQGDJLQL SHUVRQDOL�� 3HU OD

9DOVHVLD� 6S°UUL ����� ��� VV� /D VLWXD]LRQH RGLHUQD GHO FDQWRQ 7LFLQR q FRPSHQGLDWD GD

3HWULQL ����� ������ /D PHWDIRQHVL GD �8 VHPEUD SUHVHQWH DQFKH D 6L]]DQD �DOO¶HVWUHPR

VERFFR GHOOD 9DOVHVLD�� &DYDQQD ����� ������� SUHVHQWD ^ èRUW� Pè^RUW DFFDQWR D NÓ �îD� NÓ �UGD��� 6DOYLRQL ����D� ���� 1LFROHW� ��� 9HGL DQFKH 6JDQ]LQL ���� SDVVLP H OD FDUWD FRQWH�

QXWD LQ &DPDVWUDO ����� ���� $PSLDPHQWH %HUWRQL ����� �� �ULSRUWR LO EUDQR� FKp PL VHPEUD

LQWHUHVVDQWH�� ³4XHVWR VYLOXSSR ^R LQ H DEELDPR DQFKH� LQ XQD GHWHUPLQDWD FRQGL]LRQH�

QHOO¶2VVROD �9DO 9LJH]]R� H QHOOD /HYHQWLQD� 6H VL KD D 6DQWD 0DULD 0DJJLRUH SDU^RO µSDMXR�

OR¶� PD SDUèÉM µSDMXROL¶ H QHOOD /HYHQWLQD IÖN PD IèHMD µIRJOLD¶� LQxFèÉL µRJJL¶� èÉxF µRFFKLR¶� HFF��

QRQ GRYUHPR QRL DPPHWWHUH FKH LO SDVVDJJLR LQ èH VLD VWDWR IDYRULWR GD XQD SDODWDOH" ( FLz

DSSDUH VL GLFD >VLF@ GHOO¶ èH FKH 6DQWD 0DULD 0DJJLRUH SUHVHQWD QHL SOXUDOL GL YRFL LQ FXL O¶Ó �

SHU HVVHUH LQ VLOODED FKLXVD VL q VRWWUDWWR QHO VLQJRODUH DOOR VYLOXSSR LQ Ö� FRPH NR �US SOXU�

NÉ �US� IR �V SOXU� IÉ �V HFF�ª� $QFKH SHU TXHVWD HYROX]LRQH ! >H@ q XWLOH 3HWULQL ����� ������ FXL

ULPDQGR SHU XOWHULRUL HVHPSL H ELEOLRJUDILD��� %HUWRQL ������ ��� ULSRUWD D TXHVWR SURSRVLWR GD XQ SO�RYX �DUDWUR�� &UDYHJJLD SLÖY�

)LQHUR SLÖY� 0DOHVFR SLuHY� 5H SLÉY� )DOPHQWD SLÖY� H LQROWUH XQ 9LJH]]R I¹L^RO� I¹LÓ �OD� 1LFROHW

������ ��� DWWHVWDYD DQFKH SHU OD YDOOH $Q]DVFD VLPLOL IHQRPHQL GL YDULD]LRQH WUD Ö H èH�

TXHVW¶XOWLPR SL� IUHTXHQWH QHOO¶DOWD YDOOH� DYYHUWHQGR SHUz FKH SHU PROWL FDVL QRQ HUD VLFX�

ULVVLPD GHOO¶DWWHQGLELOLWj GHL WHVWLPRQL��� 4XHVWR HVLWR ^H` HUD DWWHVWDWR DQFKH GD *\VOLQJ ����� ������� �FKH DQ]L ULOHYDYD VSHV�

VR XQD >L �@��

,� '$//$ 3$57( '(/ ',$/(772/2*2 ��

FH]LRQH� TXDQWR DL SOXUDOL H DO YHUER� VL FIU� &RLPR Y«F 6DQWD 0DULD 0DJJLRUH

YH½ µYHFFKL¶� &RLPR ^X` Y«j 6DQWD 0DULD 0DJJLRUH ^X` YHj µOXL YLHQH� 9(1,7¶�

OD VLWXD]LRQH� DQFKH SHU L ©UHJRODULª HVLWL LQ SUHVHQ]D GL �$� �(� q FRPSHQGLDWD

GDOOD GHFOLQD]LRQH GL �EHOOR�� &RLPR E«O E«�M E(OD E(O 6DQWD 0DULD 0DJJLRUH EHO

EH�M E(OD E(O� TXL DEELDPR GXQTXH XQ¶RSSRVL]LRQH �(� a �H��

&RPH VL YHGH� LQ HQWUDPEL L GLDOHWWL LQ SUHVHQ]D GL �, HG �8 FRPSDUH XQ HVLWR

LQGLIIHUHQ]LDWR� FKH ID Vu FKH VL SHUGD OD GLVWLQ]LRQH WUD à( HG à2 RULJLQDUL� H VHS�

SXUH 6PP� KD FRQRVFLXWR SHU à2 DOO¶LQL]LR GHO VHFROR XQ GRSSLR HVLWR >«�H@�

HYHQWXDOPHQWH VSHFLDOL]]DWR LQ IXQ]LRQH PRUIRORJLFD��� RUD SHUz VL WURYD VROD�

PHQWH O¶^H`��� 4XHVWD VLWXD]LRQH GL 6PP� QRQ q SHUz SDUWLFRODUH� HVVHQGR FRQGL�

YLVD GD XQ EXRQ QXPHUR GL GLDOHWWL DOSLQL RFFLGHQWDOL� WUD FXL TXHOOL GL /RFDUQR H

$VFRQD� SDUWLFRODUPHQWH LQWHUHVVDQWL DL QRVWUL ILQL SHUFKp WUDGL]LRQDOL PHWH GL

HPLJUD]LRQH JLRUQDOLHUD GHL YDOOLJLDQL� H TXLQGL SUHVXPLELOPHQWH FHQWUL GL LUUD�

GLD]LRQH GLDOHWWDOH���

,O IHQRPHQR LQYHUVR GL &RLPR� FLRq O¶HYROX]LRQH à( ! ^«`� QRQ q LQYHFH PROWR

IUHTXHQWH� 6DOYLRQL �����D� ���Q� �� ���� OR QRWD SHU $UEHGR �7,� H WXWWDYLD DJ�

JLXQJH� ©ULVXOWD >«@ PDQLIHVWR FKH O¶ ^R SHU èÉ V¶KD VROR TXDQGR TXHVWL VL WURYL

QHOOD YLFLQDQ]D GL ODELDOH� GL QDVDOH R GL Oª��� $QFKH 6S°UUL ������ ���� QRWD

WUDFFH GL TXHVWR IHQRPHQR LQ 9DOVHVLD �NXUS�W µFRUSHWWR¶� NDY�M µFDSHOOL¶ HFF���&DPDVWUDO ������ ���� ULSRUWD SHU 6RD]]D �LQ YDO 0HVROFLQD� H TXLQGL LQ XQ WHU�

ULWRULR GL JHQHUDOL]]DWR à2 ! ^H`� FKH ©H GL TXDOXQTXH RULJLQH GDYDQWL DL VXRQL

SDODWDOL ¹L� Ñ� �F� �] H GDYDQWL DO VXRQR YHODUH ¹X GLYHQWD èÖ´��� $QFKH LQ 9DOWHOOLQD�

WXWWDYLD VROR LQ YLFLQDQ]D GL ODELDOH� VL RVVHUYD OR VWHVVR IHQRPHQR �0HUOR �����

����������� =HOL ������ ��� H JORVVDULR� DWWHVWD SHU OD YDO &DQQRELQD� FRQILQDQWH

FRQ OD YDO 9LJH]]R� H WDORUD SHU )LQHUR� IUD]LRQH GHO FRPXQH GL 0DOHVFR� ©OD

WHQGHQ]D GL èÉ SULPDULR H VHFRQGDULR� LQ SRVL]LRQH R QR� D SDVVDUH D ^Rª H LQ SL� XQ

DQDORJR SDVVDJJLR SHU OD GHVLQHQ]D �(//8 D *XUUR ��VNXS^RO µVFDOSHOOR¶ UÄ�VW^RO

µUDVWUHOOR¶ HFF��� ,YL LQROWUH �QRWD �� VL ID QRWDUH FRPH ©LO SDVVDJJLR GL èÉ LQ ^R

�� &IU� SRFR SL� DYDQWL��� &RQ TXDOFKH HFFH]LRQH� WUD FXL �6N«½ µVWUDFRWWR¶� ELU«O µFDYLFFKLR� SHUQR GL OHJQR¶� E«¹

µPDQJLDWRLD¶ HFF� 6L QRWL SHUz FKH OD PDJJLRU SDUWH GL TXHVWL WHUPLQL VRQR OHJDWL DG DWWLYLWj

WUDGL]LRQDOL� LO FKH IDUHEEH SURSHQGHUH R SHU XQD PDJJLRUH DUFDLFLWj GHO WUDWWR R SHU XQ¶DQWLFD

GLVWULEX]LRQH VRFLROLQJXLVWLFD GHOOH YDULDELOL��� &IU� 3HWULQL ����� ����� ,Q 6DOYLRQL �������� �� Q� � DJJLXQJH DQFKH OD YLFLQDQ]D GL >]@ H LO VXIILVVR �pOOR� PD D

JLXGLFDUH GDOOH RVVHUYD]LRQL LYL FRQWHQXWH LO WUDWWR VHPEUDYD LQ UHFHVVLRQH��� &DPDVWUDO LQWHQGH SHUz VSHVVR XQ VXRQR LQWHUPHGLR WUD >H@ HG >«@� SHU FXL FIU� DQFKH

6DQJD ����� �� H Q� ��� FKH ULSRUWD OH SHUSOHVVLWj GL WUDVFUL]LRQH GL 6DOYLRQL SHU TXHVWR VXR�

QR�

�� ,/ ',$/(772 3(5&(3,72

FRPSDUH LQ ]RQH VWUHWWDPHQWH LQ FRQWDWWR FRQ TXHOOH LQ FXL VL RVVHUYD LO SDVVDJ�

JLR GL ^R LQ èÉ >«@ª�

$EELDPR LQ 9DOOH DQFKH XQD WHU]D SRVVLELOLWj� ILQRUD QRQ PHQ]LRQDWD SHUFKp

QRQ FRPSUHVD QHL SROL GHOO¶DQDOLVL FRQWUDVWLYD� LO SDHVH GL )ROVRJQR� FKH� FRPH

DOWUL VLVWHPL WLFLQHVL� WLHQH GLVWLQWL JOL HVLWL GL à2 HG à( �H TXLQGL DYUj I«N H

PDU�WHO�� /D SULPD LPSUHVVLRQH q GXQTXH FKH LQ WHUPLQL SXUDPHQWH GLDFURQLFL

O¶HYROX]LRQH VLD DYYHQXWD LQ GXH IDVL�

�� HVLWL GLVWLQWL �RUD UDSSUHVHQWDWL GDO VROR )ROVRJQR����

�� DOWHUQDWLYDPHQWH R

��D� XQD IDVH GL FRQIXVLRQH QHOOD TXDOH L GXH HVLWL� DQFRUD GLVWLQWL� VRQR LQ

DYYLFLQDPHQWR� H LQ FXL 6DQWD 0DULD 0DJJLRUH JHQHUDOL]]D SLDQ SLDQR

DQFKH SHU à2 OD ^H` FKH GRYHYD HVVHUH SURSULD GHO SOXUDOH �FIU� %HUWRQL

DOOD QRWD ��� SHU à( O¶HVLWR GRYHYD JLj HVVHUH ^H` JHQHUDOL]]DWR� /H GLI�

IHUHQ]H DWWXDOL VDUHEEHUR GRYXWH DOOD GLYHUVD GLVWULEX]LRQH H FRQILJX�

UD]LRQH GHOOH UHWL GL FRPXQLFD]LRQH VRFLDOH DOO¶LQWHUQR H DOO¶HVWHUQR

GHL SDHVL��� R

��E� XQD IDVH GL ^«` JHQHUDOL]]DWD GD FXL LO FHQWUR GHOOD 9DOOH KD SRL LQQR�

YDWR O¶^H` �FKH SHUz q PHQR SUREDELOH� SHUFKp JOL DOWUL VLVWHPL HVWHUQL

DOOD 9DOOH FKH KDQQR ^H` VROWDQWR SHU à( QRQ QHFHVVDULDPHQWH VRQ SDV�

VDWL GDOO¶^¡`��

4XHOOR FKH FROSLVFH GL &RLPR H GHOOH DOWUH FRPXQLWj FKH DGRWWDQR TXHVWR VL�

VWHPD q OD VXD DVVROXWD UHJRODULWj��� *Lj 7HUUDFLQL DYHYD IDWWR QRWDUH FRPH

O¶DQRUPDOH VYLOXSSR GHOOH VHULH DQDORJLFKH �VSHFLDOPHQWH VH OD ORUR RULJLQH QRQ q

LQGLJHQD� VLD LQGLFH GL GLVIDFLPHQWR SLXWWRVWR FKH GL VYLOXSSR GHOOD OLQJXD�

�� )ROVRJQR q� VL ULFRUGHUj� XQ SLFFROR SDHVLQR SLXWWRVWR LVRODWR� ORQWDQR GDOOH FRPXQLFD�

]LRQL SULQFLSDOL� FKH DO PRPHQWR VRIIUH GL JUDYH VSRSRODPHQWR JLRYDQLOH� ULWHQHUH FKH VROR

TXL DEELD DWWHFFKLWR XQ¶HYHQWXDOH LQQRYD]LRQH SURYHQLHQWH GDO 7LFLQR� FKH VFDUGLQD LO VLVWH�

PD YRFDOLFR LQWURGXFHQGR GLIIHUHQ]LD]LRQL GRYH QRQ FH Q¶HUDQR PL VHPEUD GLIILFLOH� q SL�

SUREDELOH FKH TXL VLD UDSSUHVHQWDWD XQD HVWUHPD UHWURJXDUGLD��� 6REUHUR ����� ��� WUDWWD GHL SURFHVVL GL D]LRQH H UHD]LRQH FKH VL LQQHVWDQR TXDQGR GXH

UHJROH OLQJXLVWLFKH GL GLYHUVL VRFLDO QHWZRUNV YHQJRQR LQ FRQWDWWR� ,Q TXHVWR FDVR VL SXz

GDYYHUR SDUODUH GL SHUVRQH LQ�QHWZRUN RULHQWDWH H GL DOWUH RXW�QHWZRUN� SHUz IRUVH q SL�

HVSOLFDWLYR SDUODUH GL SDHVL� FRPXQLWj L FXL VRFLDO QHWZRUN VRQR GLYHUVDPHQWH RULHQWDWL� R QHL

TXDOL LO QHWZRUN q SL� IRUWH R ULVSHWWLYDPHQWH q ��VWDWR� SHU OH WUDVIRUPD]LRQL JLj DYYHQXWH�

SL� GHEROH�

�� 6L FIU� QHO YHUER WL WL V«M �WX VHL� RSSXUH WL WL «M�WX KDL� H LO SURQRPH WRQLFR VRJJHWWR GL

�� SHUV� IHPP� O«� �OHL��

,� '$//$ 3$57( '(/ ',$/(772/2*2 ��

4XHVWR IDUHEEH SHQVDUH� DFFRJOLHQGR O¶LSRWHVL �D� DG XQ IHQRPHQR GL UHD]LR�

QH GL GLIIHUHQ]LD]LRQH GDO IRQGRYDOOH� SHUVD SHU WXWWL OD GLVWLQ]LRQH WUD à2 HG à(

VHJXLWL GD �8� H SRL �, TXHVWL VRQR FRQIOXLWL D 6DQWD 0DULD 0DJJLRUH�� LQ XQ XQL�

FR ^H` H D &RLPR QHOO¶DOWUR FRQFRUUHQWH� >«`� ,O IDWWR FKH TXHVWR HVLWR� LQ DOFXQH

SRVL]LRQL� SRVVD HVVHUH VSRQWDQHR �SHUFKp DFFDGXWR DOWURYH� FIU� JOL HVHPSL SUH�

FHGHQWL� UHQGH SL� IDFLOH XQ SDVVDJJLR IRQHWLFR GL TXHVWR WLSR���

2UD� SHU TXDQWR ULJXDUGD OD JHQHUDOL]]D]LRQH GL ^H` VL SXz UDJLRQHYROPHQWH

FRQVLGHUDUH 6DQWD 0DULD 0DJJLRUH LO FHQWUR GHOOD GLIIXVLRQH GHO WUDWWR DOO¶LQWHUQR

GHOOD YDO 9LJH]]R H &RLPR O¶HVWUHPR SXQWR GL UHVLVWHQ]D� /H GXH FRPXQLWj KDQQR

FDUDWWHULVWLFKH LQ FHUWR VHQVR RSSRVWH� H RSSRVWD GLUH]LRQH GHOOH UHWL FRPXQLFDWL�

YH� FKLXVD� LVRODWD H DQFRUD OHJDWD DO PRQGR FRQWDGLQR �ULFRUGR FKH q WXWWRUD

SUDWLFDWD O¶DOSHJJLDWXUD HVWLYD HG q LQ IXQ]LRQH XQD ODWWHULD VRFLDOH D URWD]LRQH�

O¶XOWLPD� TXDQWR ©FLWWDGLQDª H FHQWUR GL YLOOHJJLDWXUD �TXDVL� HOHJDQWH OD SULPD� H

QRQ q HVHUFL]LR LQXWLOH PLVXUDUH OD YLFLQDQ]D LGHDOH H LGHRORJLFD GL RJQL YLOODJJLR

DOO¶XQR R DOO¶DOWUR GHL GXH ©SROLª WUDPLWH TXHVWR SDUDPHWUR OLQJXLVWLFR� 6FHOJRQR

FRPSDWWDPHQWH ^H` &UDYHJJLD� 0DOHVFR� 'UXRJQR� L JUDQGL SDHVL FHQWUDOL GHOOD

YDOOH EHQHILFLDWL GDO WXULVPR H� XQ WHPSR� GDOOH ULPHVVH GHJOL LPPLJUDWL� DOFXQL

GHL TXDOL GL GLVFUHWD IRUWXQD��� SUHIHULVFRQR ^«` DSSXQWR &RLPR� $OERJQR� 9LO�

OHWWH� 7RFHQR� �JHQHUDOPHQWH� VL QRWDQR SHU TXHVWL GXH SDHVL IRUWL DOWHUQDQ]H��

'tVVLPR H 2OJLD� FHQWUL SL� SLFFROL� LVRODWL DOOH GXH HVWUHPLWj GHOOD 9DOOH� JOL DOWUL

DELWDWL SUHVHQWDQR XQD VLWXD]LRQH PLVWD� WLSLFD GHO PRGHOOR GL GLIIXVLRQH OHVVLFD�

OH�

&L VL DVSHWWHUHEEH GXQTXH FKH OH GXH VROX]LRQL VWHVVHUR IUD ORUR LQ XQ UDS�

SRUWR GL SUHVWLJLR VELODQFLDWR� LO WUDWWR q HIIHWWLYDPHQWH ULFRQRVFLXWR FRPH YDULD�

ELOH GDL SDUODQWL��� HG q VSHVVR PDUFD GL GLIIHUHQ]LD]LRQH WUD L GLDOHWWL �FIU� *D�6LO�

�� 5LFRUGR DQFRUD FKH TXL FRQ ©&RLPRª H ©6DQWD 0DULD 0DJJLRUHª LQWHQGR ULIHULUPL DL

SRUWDEDQGLHUD GHL GXH VLVWHPL��� 9RUUHL ULFRUGDUH� D GLVFROSD� XQ SDVVDJJLR GL 7HUUDFLQL ������ �������� ©,O SURFHVVR

GHOOD SURSRU]LRQH q GXSOLFH� DG XQD VHULH FRUULVSRQGH XQD VHULH LQ XQ OLQJXDJJLR FRQ FXL LO

SDUODQWH q D FRQWDWWR H DOORUD XQD YRFH SDVVD GD XQ OLQJXDJJLR DOO¶DOWUR VROR DWWUDYHUVR DG XQ

FRQJUXR DGDWWDPHQWR� SL� VRYHQWH XQD VHULH QH DVVRUEH XQ¶DOWUD SHUFKp DG DPEHGXH FRUUL�

VSRQGH XQ¶XQLFD VHULH QHOO¶DPELHQWH FKH LQIOXLVFH VXO SDUODQWHª�

�� 'XH QRPL SHU WXWWL� OD QRWD DFTXD GL &RORQLD ©���ª GL -HDQ 0DULH �*LDQPDULD� )DULQD�

H OD JLRLHOOHULD ©0HOOHULR GLWV 'H 0HOHUª LQ UXH &DVWLJOLRQH D 3DULJL� HQWUDPEL SURYHQLHQWL GD

IDPLJOLH GL &UDYHJJLD� FRQ OH TXDOL KDQQR DQFRUD UDSSRUWL� 3HU 0DJLVWULV ����� ��� OD SDUODWD

GL TXHVWL SDHVL �QH HVFOXGH 'UXRJQR� q ©SULYD GL FDGHQ]H SDUWLFRODUL� XQ SRFR DVSUD H GXUD�

PDL OH]LRVD Qp YROJDUH� D YROWH SXQJHQWH� D YROWH ERQDULD� VSHVVR DULVWRFUDWLFD� QRQ ODVFLD

WUDSHODUH HPR]LRQLª��� (FFR LQ TXHVWR GLDORJR OD ©VFRSHUWD GHO GLYHUVRª GD SDUWH GL XQ¶LQIRUPDWULFH GL &RLPR

�ID SDUWH GL XQD ©ILQWDª LQWHUYLVWD GL WLSR WUDGL]LRQDOH� FKH VDUj GLVFXVVD HVWHVDPHQWH SL� RO�

WUH� LQVLHPH DG DOWUH VLPLOL��

*DE� �MHUL

&R�*L M«�_ « >ULGH@ D PD� « D GLO SD�U2OD SHU SD�U2OD SDU PLD Q�6L� >ULGH@

�� ,/ ',$/(772 3(5&(3,72

�NZ(OOR GL �NRLPR D XQ D�W½HQWR �WXWWR SDUWLNR�ODUH PROWR �NMX]R QRQ V2 «� XO

PDU�W«�O OD �e«6D DQQR XQ DOWUD ND�GHQ¹D GD QW( N L �Y«�jDQ >PROWR OHQWR H VWUDVFL�

FDWR@ Q��YH½H QRL GL�½DPR GD QW( NH �YHjDW >PROWR YHORFH H VHQ]D FDGXWD ILQDOH GL

WRQR@ QRL SDUOMDPR PROWR SMX �VSLW½R LQ GZ( NL V«M �QGDF >PROWR OHQWR H VWUDVFL�

FDWR@ DQQR XQD ND�GHQ¹D WXWWD SDUWLNR�ODUH������� PD QRQ VHPEUD GDU OXRJR D FRP�

SRUWDPHQWL DGDWWDWLYL YHUVR OD YDULHWj GL SUHVWLJLR��� 3LXWWRVWR� PD TXHVWR q VROR

XQ DVSHWWR GL XQ IHQRPHQR SL� YDVWR VXO TXDOH ELVRJQHUj WRUQDUH� LO VRPPDUVL GL

QXPHURVL WUDWWL ©PLQRULWDULª LQ XQD SDUODWD SURYRFD LO VXR SURJUHVVLYR DEEDQGRQR

D IDYRUH GHOO¶LWDOLDQR� LQ VLWXD]LRQL IRUPDOL� R TXDQGR LO ORFXWRUH SRWUHEEH HVVHUH

WDFFLDWR GL HFFHVVLYD UXVWLFLWj �VLWXD]LRQH WLSLFD ©LO QHJR]LR D 6DQWD 0DULD 0DJ�

JLRUHª��

,��������� °� ?(��� /D VROX]LRQH WLSLFD GHO ORPEDUGR RFFLGHQWDOH LQ VLOODED FKLX�

VD� ^(`��� q QRUPDOPHQWH PDQWHQXWD LQ WXWWL L SDHVL GHOOD YDOOH� WXWWDYLD QRQ q LQ�

IUHTXHQWH LPEDWWHUVL LQ UHDOL]]D]LRQL ^H`� SUREDELOPHQWH YHLFRODWH GDOO¶LWDOLDQR���

LQ UHDOWj QHSSXUH TXHVWR WUDWWR VHPEUD DYYHUWLWR GDL SDUODQWL� H DJLVFH FRPH FRQ�

GL]LRQDPHQWR DXWRPDWLFR��� ,Q TXHVWR FDVR� QRQ FRLQYROJHQGR OD YDULDELOH FRQVL�

GHUD]LRQL OHJDWH DOOD FRVFLHQ]D OLQJXLVWLFD FKH SRVVRQR LQIOXHQ]DUOD� PL VRQR DU�

ULVFKLDWR D WHQWDUH XQD SLFFROD DQDOLVL TXDQWLWDWLYD� KR FRPSDUDWR �� RFFRUUHQ]H

GL °� ?( QHOOD SDUODWD GL *D�]LD� RWWHQXWH WUDPLWH LQWHUYLVWH ©FRO FDYDOOR GL 7URLDª

�SHU FXL FIU� ,,,���� H �� UHDOL]]DWH GD *D�0DQ� RWWHQXWH FRQ OD VWHVVD WHFQLFD R LQ

*DE� LO �IZ2NR

&R�*L X I«�M >ULGH@ « D V(P WLW OL�� (� D SDU�OD NXQ�WLQZR �V(PEUD PLD

*DE� LO SL�G2NNMR

&R�*L SM«F

*DE� O �2VVR

&R�*L O «V « D PD�G2QD WLW WLW Q�VL Q �WX�U O (� «

µLHUL« DK� PD D GLUOR SDUROD SHU SDUROD QRQ VHPEUD FRVu��LO IXRFR« VLDPR WXWWL Ou� D SDU�

ODUH FRQWLQXDWR QRQ VHPEUD��SLGRFFKLR��RVVR« DK 0DGRQQD� WXWWH WXWWH FRVu LQ JLUR HK¶��� µ4XHOOR >LO GLDOHWWR@ GL &RLPR KD XQ DFFHQWR WXWWR SDUWLFRODUH� PROWR FKLXVR� QRQ VR«

|� LO PDUWHOOR� OD FKLHVD« KDQQR XQ¶DOWUD FDGHQ]D� ³GD GRYH YHQJRQR´ PHQWUH QRL GLFLDPR

³GD GRYH YLHQL´� QRL SDUOLDPR PROWR SL� VSLFFLR ³GRYH VHL DQGDWR´� KDQQR XQD FDGHQ]D PROWR

SDUWLFRODUH¶� 6L QRWL WUD O¶DOWUR O¶XVR GHO QRPH LWDOLDQR &RLPR LQYHFH GHO GLDOHWWDOH �N2MDP�

��$Q]L� R SLXWWRVWR LQ FRUUHOD]LRQH D TXHVWR� WDORUD OD ^«` YLHQH DGRWWDWD DQFKH GD SDUODQWL

FKH QRUPDOPHQWH QRQ OD XVDQR QHOOD ORUR YDULHWj� WLSLFDPHQWH QHO FDVR GL RVWHQWD]LRQH GL DU�

FDLVPR GLDOHWWDOH�

��3HWULQL ����� ���

�� &IU� 5RKOIV ���� � ����� 3HWULQL ����� �� H 0RUHWWL ������� GDQQR O¶HVLWR >H �@ LQ GHFOLQR GDYDQWL DG > è èH@ ULVSHWWL�

YDPHQWH LQ YDOOH 0DJJLD H D &HYLR��� $QFKH /DERY ����� ��� ULSRUWD FDVL LQ FXL FL VRQR YDULD]LRQL IRQHWLFKH FKH ©DUH QRW

UHSRUWHG E\ DQ\RQH DQG VHHP WR PDNH QR LPSDFW RQ VRFLDO FRQVFLRXVQHVVª�

,� '$//$ 3$57( '(/ ',$/(772/2*2 ��

FRQYHUVD]LRQL GL SHHU JURXSV� *D�]LD KD XVDWR �� YROWH OD ^(` H �� YROWH OD ^H`� OD

SHUFHQWXDOH GHOOD YDULDQWH ©SL� GLDOHWWDOHª H GXQTXH GHO ������� *D�0DQ KD LQ�

YHFH �� ^(` H �� ^H`� FRQ XQD SHUFHQWXDOH GXQTXH GHO ������� 6H VL WLHQ FRQWR�

FRPH DSSDULUj FKLDUR QHO FRUVR GHO ODYRUR� FKH *D�0DQ� KD XQ GLDOHWWR FRQVDSH�

YROPHQWH SLXWWRVWR DUFDLFR VL KD XQ TXDGUR DSSURVVLPDWLYR GHOO¶DUUHWUDPHQWR GHO

WUDWWR�

,��������� $�/� 0HQWUH OD t$� VL PDQWLHQH JHQHUDOPHQWH LQDOWHUDWD� QRQ SDUWH�

FLSDQGR DO SDVVDJJLR DG �H� WLSLFR GHOOH ]RQH FLUFRQYLFLQH �OD IDPRVD ©DFXWLVVL�

PD IUD OH VSLH FHOWLFKHª�� LO JUXSSR $/ � FRQVRQDQWH GHQWDOH Gj ^DZ`� LQ VLOODED

LQWHUQD H ILQDOH URPDQ]D��� VHQ]D FKH TXHVWR PRVWUL XQ¶DSSUH]]DELOH YDULD]LRQH

SULQFLSDOPHQWH GLDWRSLFD� OH IRUPH VHJXHQWL VL SRVVRQR GXQTXH FRQVLGHUDUH

JURVVR PRGR FRPXQL DOOD 9DOOH� �PDZWD µPDOWD¶� �NDZO�� µFDOGR¶� �DZW µDO�

WR�DOWUR¶� NDZ�6LQD µFDOFLQD¶ �IDZ6��IDZ½ µIDOFH¶ &R�*LXG� D M2 V(PSHU EL�

SD�JXUD�� DW VDZ�WD SDU�N( VX PL�D��� NZD1 N D �VD�ZWL��� VX PLD��� DP V(QWL LQ

6WUD�PL�¹L������

/¶HVLWR VL HVWHQGH WDOYROWD �LQ $OOHJURIRUP� DOOH SUHSRVL]LRQL DUWLFRODWH GDO

�SHU� H DO �DO�� FRPH QHOO¶HVSUHVVLRQH 2U�2O� SD�Q(W GDZ QD�V �ID]]ROHWWR GD QD�

VR�� q SHUz FDUDWWHULVWLFR VROR GHOOH SHUVRQH DQ]LDQH� FKH QH IDQQR SHUDOWUR XQ

XVR SLXWWRVWR VSRUDGLFR H LQ VLWXD]LRQL FRPXQLFDWLYH RULHQWDWH YHUVR XQ PDVVLPR

GL DUFDLFLWj� 1RQ VL SXz SHUz GLUH FKH LO WUDWWR VLD FRQQRWDWR VIDYRUHYROPHQWH�

DOPHQR QHOO¶RSLQLRQH JHQHUDOH H FRQVFLD GHOOD FRPXQLWj� q DQ]L YHURVLPLOH FKH OD

PDJJLRU SDUWH GHL JLRYDQL QRQ O¶DEELD PDL HVSOLFLWDPHQWH ULOHYDWR� YHLFROD SHUz�

DOPHQR SHU OD WHU]D H OD VHFRQGD JHQHUD]LRQH� XQD IRUWH PDUFD GL ©SHUVRQD DQ�

]LDQDª��� 3HU DOFXQL LQWHUHVVDQWL DVSHWWL GL TXHVWD PLFURYDULDELOH YHGL ,,���� LQ FXL

VL SUHVHQWDQR L ULVXOWDWL GL XQ SLFFROR WHVW FRQGRWWR FRQ OD PDWFKHG JXLVH WHFKQL�

TXH�

�� /D YHODUL]]D]LRQH� FKH HUD DQFKH TXHOOD GHO PLODQHVH ULPDQH TXL JHQHUDOPHQWH DOOR

VWDWR >DZ`� F¶HUD WXWWDYLD TXDOFKH VSRUDGLFR HVHPSLR GL ! >R` DQFKH LQ 2VVROD� FIU� 5RKOIV

���� � �� H ���� *\VOLQJ ����� ��� 1LFROHW ����� �������� /¶HVLWR LQ TXHVWR FDVR q GRSSLR� SHUFKp PDQWLHQH OD ^O` H DO WHPSR VWHVVR YHODUL]]D��� /D ^X` LQ SD�JXUD q O¶XQLFD UHDOL]]D]LRQH SRVVLELOH� O¶LWHP OHVVLFDOH� IRUVH GL LPSRUWD�

]LRQH� OD LPSRQH� /D YDULDQWH FRQ ^L` DSSDUH FRPH �SXUMD� PD q VSHFLDOL]]DWD OHVVLFDOPHQWH��� >,Q XQ UDFFRQWR DG XQD DQ]LDQD YLFLQD GL FDVD VXOOH IDWLFKH GL ©FDULFDUHª O¶DOSH@� µKR

VHPSUH DYXWR SDXUD GL VDOWDUH� SHUFKp QRQ VR� TXDQGR VDOWR PL YLHQH XQR VSDYHQWR«¶��� ( IRUVH QRQ q XQ FDVR FKH 0DJLVWULV ����� ��� ULSRUWL �R FRPSRQJD� XQ EUDQHWWR LQWL�

WRODWR ©ODPHQWR GL XQD YHFFKLDª FKH LQL]LD DSSXQWR FRQ $X GL GDQ NpM �DO JLRUQR G¶RJJL��

�� ,/ ',$/(772 3(5&(3,72

4XDQWR DOO¶HVLWR YHUR H SURSULR LQ TXHVWLRQH� OD UHDOL]]D]LRQH YHODUH GL ^O` FKH

Gj RULJLQH DO JUXSSR ^DZ`� OD VXD SURJUHVVLYD VRVWLWX]LRQH FRQ ^DO`�� UDSSUHVHQWD

XQ EXRQ HVHPSLR GL YDULD]LRQH QRQ ULFRQRVFLXWD GDL SDUODQWL� H DQ]L QRQ DPPHV�

VD� Ê FLRq PROWR IRUWH SHU TXHVWR LWHP LO VHQVR GHOOD QRUPD GLDOHWWDOH �R OD IHGHOWj

OLQJXLVWLFD HVSOLFLWD�� OD WRWDOLWj GHL PLHL LQIRUPDWRUL FRQVDSHYROL� GL TXDOXQTXH

HWj� VL q GLPRVWUDWD FRQFRUGH QHOO¶DIIHUPDUH FKH� 5H�3LSLQ�� QX�MH�½ D �GL]XP

�V(PS¼U D�ZW Q2 DOWR��� NXO �OL� O ( O LWD�OMD1��� H &R�1DW���� GXUDQWH XQD GHOOH VXDF�

FHQQDWH ILQWH LQFKLHVWH� KD ULVSRVWR FROSR VX FROSR� DOOD YHFFKLD PDQLHUD� XQD VH�

ULH LPSUHVVLRQDQWH GL�

*DE� NH �NDOGR NH ID

&R�1DW ND �ND�ZO N X ID

*DE� �SDVVDPL �NZHVWR �VDNNR GL �NDO½H

&R�1DW �SDVXOP 6WR VD�N DW NDZ�6L�QD��

*DE� �YR¾R SRUWDU �YLD OD �IDOFH

&R�1DW D Y«M SXU�WD YMD OD �ID�Z6

*DE� �NZHVWR PXUR �( DOWR

&R�1DW 6WX PLU O ( �D�ZW

*DE� H �IDW½MR XQ �VDOWR

&R�1DW ( D �IDM Q� �VDZW

2UD� QHOOH QRUPDOL VLWXD]LRQL FRPXQLFDWLYH� DQFKH �SL� R PHQR� PRQROLQJXH

GLDOHWWDOL� FRPSDLRQR LQYHFH UHDOL]]D]LRQL ^DO`� FKH DVVXPRQR XQD GLVFUHWD IUH�

TXHQ]D SUHVVR L JLRYDQL��� FIU� WUD JOL DOWUL *D�0D Q�W( N O ( NL O P( UHÂL6WUD�WX�U���

PD��� PD �YDUGD WL NL N O D P(V VL OL D 6WUD�EDO¹ µGRY¶q FKH q TXL LO PLR UHJLVWUDWR�

UH« PD« PD JXDUGD WX FKL q FKH O¶KD PHVVR FRVu LQ ELOLFR¶� TXHVWR HVHPSLR q

SDUWLFRODUPHQWH VLJQLILFDWLYR� SHUFKp FRQLXJD OD SDUROD ©DQWLFDª 6WUDED�ZV FRQ OD

UHDOL]]D]LRQH IRQLFD PRGHUQD �H OD ID FRLQFLGHUH FRQ OD YRFH GHO &KHUXELQL�

�������

�� 6DQJD ������ ���� ULFRQRVFH FKH QHO SURFHVVR GL FRQYHUJHQ]D GLDOHWWDOH �SHU FXL YHGL

,������ ©LQ /RPEDUGLD OD SRVL]� ODW�>LQD@ DO � FRQV� q LQ YLD GL HOLPLQD]LRQHª� LO SDVVDJJLR

FRPSOHWR q GL IDWWR JLj DYYHQXWR D 0LODQR��� 6L ULFRUGL� *LXVHSSH 3ROHWWD KD RWWDQWDFLQTXH DQQL��� µQRL GLFLDPR VHPSUH D�ZW� QRQ ©DOWRª� TXHOOR q O¶LWDOLDQR¶� ( QHO VXR FDVR q SUREDELO�

PHQWH YHUR��� %DPELQR GHOOD TXDUWD HOHPHQWDUH��� µSDVVDPHOR� TXHVWR VDFFR GL FDOFH¶��� /R VWHVVR 1DW JULGD DG XQD VXD DPLFD� DO¹D VL� OD �JD0ED ND Q�6L W OD IHW PL�D µDO]D OD

JDPED� FKH FRVu QRQ FH OD IDL¶ �VL ULIHULVFH DO QRWR JLRFR GHOO¶HODVWLFR� SUHGLOHWWR GDOOH EDP�

ELQH��

,� '$//$ 3$57( '(/ ',$/(772/2*2 ��

,��������� �$5,86� /¶HVLWR GLDOHWWDOH GLFKLDUDWR q ^(�` SHU WXWWD OD YDOOH� FKH q

TXHOOR FRQVLGHUDWR UHJRODUH ORPEDUGR�� HG q SLXWWRVWR GLIIXVR QHOO¶2VVROD H QHO

7LFLQR��� WXWWDYLD DOFXQH SDUROH SUHVHQWDQR DQFKH O¶XVFLWD ^D�U`� SL� YLFLQD DOOD

FRUULVSRQGHQWH WRVFDQD H YLD YLD SL� IUHTXHQWH FRQ O¶DYDQ]DUH GHOOH JHQHUD]LRQL�

H FL VRQR SRL GHJOL LWHP FKH OD ULFKLHGRQR FRPH REEOLJDWRULD� 7UD TXHVWL XOWLPL

YDQQR DQQRYHUDWL DQ]LWXWWR JOL LPSUHVWLWL GDOO¶LWDOLDQR �R PHJOLR OH ©WUDGX]LRQL

IRQHWLFKHª GDOO¶LWDOLDQR VHFRQGR LO PRGHOOR GL 6DQJD ����� ���� H� VHSSXUH VL

SRVVD SRUUH XQD WDOH GLYLVLRQH� OH SDUROH FKH KDQQR XQ FRUULVSRQGHQWH GLUHWWR

QHOOD OLQJXD VRYUDRUGLQDWD� SUHVHQWDQR LQYHFH UHJRODUPHQWH O¶XVFLWD ^(�` TXHJOL

LWHP FKH QRQ SDOHVDQR DIILQLWj HYLGHQWL FRQ L FRUULVSHWWLYL LWDOLDQL� DYUHPR FRVu

FRVWDQWHPHQWH I(�UH IDEEUR¶ R OL�jDP(� IDOHJQDPH¶� PD VHPSUH SL� VSHVVR WH�OD�U

WHODLR¶� FKH WUD O¶DOWUR q �&R�*HQ� NXO OL DW OD �IQ(6WUD TXHOOR GHOOD ILQHVWUD¶�� H

PD½H�ODU PDFHOODLR¶��� /D VLWXD]LRQH q WUDWWHJJLDWD GD 0RUHWWL ����� ��� H PL

VHPEUD DGDWWDUVL EHQLVVLPR DO QRVWUR FDVR� ©q HYLGHQWH XQD GHOOH GLUH]LRQL OXQJR

OH TXDOL SXz DJLUH OD GLIIXVLRQH OHVVLFDOH� LQ TXHVWD VHULH VXIILVVDOH OD µ]RQD¶ SLX

HVSRVWD D LQWHUIHUHQ]D q LQIDWWL TXHOOD FKH PRVWUD LQWHUVH]LRQH FRQ OD UHODWLYD VH�

ULH GHOO¶LWDOLDQRª�

/D YDULD]LRQH VHPEUD SDFLILFDPHQWH ULFRQRVFLXWD GDL SDUODQWL� FKH GLVWLQJXR�

QR WUDQTXLOODPHQWH ©SDUROH FKH ILQLVFRQR LQ Hª GD DOWUH ©FKH ILQLVFRQR LQ Dª�

VHQ]D WXWWDYLD WURYDUH XQD FRUUHOD]LRQH WUD L GXH HVLWL� LO FKH FRQIHUPD O¶LSRWHVL

FKH TXHVWR FDPELDPHQWR SURFHGD SHU YLD GL GLIIXVLRQH OHVVLFDOH�

,������� 9RFDOL DWRQH

,��������� $WRQH LQWHUQH� 8Q DOWUR WUDWWR IRUWHPHQWH LQWHULRUL]]DWR QHOOD FR�

VFLHQ]D OLQJXLVWLFD PD QRQ VHPSUH JUDQLWLFDPHQWH UHDOL]]DWR QHOOD SUDWLFD q OD

IRUWH ULGX]LRQH GHOOH YRFDOL DWRQH LQWHUQH� FKH Gj OXRJR DOOD FDGXWD GHOOD SULPD

�� &IU� 5RKIV� ���� � ���� ©>1HOO¶,WDOLD VHWWHQWULRQDOH@ VL q DYXWR LO SDVVDJJLR GL ¹L DOOD

VLOODED UDGLFDOH FRQ FRQVHJXHQWH XQLRQH DOOD YRFDOH DFFHQWDWD H IRUPD]LRQH GL XQ GLWWRQ�

JR>«@� SHU HVHPSLR LQ DQWLFR ORPEDUGR SDLUR >«@� 7DOH GLWWRQJR q ULPDVWR FRQVHUYDWR LQ

XQD ]RQD GHO 3LHPRQWH �DLUD� �JDLUD � */$5($�� q SDVVDWR WDOYROWD D HL QHO &DQWRQ 7LFLQR

�qLUD� H SHU LO UHVWR VL q PRQRWWRQJDWR LQ H� FRPH UHJROD JHQHUDOH>«@ª� 3HU O¶2VVROD VL KD

^(�` LQ YDO &DQQRELQD �=HOL ���� SDVVLP�� PD ^H` SHU OD YDOOH $Q]DVFD ³FRQ XQ èÉ FRVu VWUHWWR

FKH WDOYROWD VL WUDVFULYH L � �*\VOLQJ ����� ������ QRQFKp ^H` LQ YDO 'LYHGUR H D 9DJQD VRSUD

'RPRGRVVROD �LQFKLHVWH SHUVRQDOL�� 3HU OD YDOOH $QWURQD FIU� 1LFROHW ������ ���� ©LQ GHU

9HUWHLOXQJ YRQ H � XQG èH LVW NHLQH 5HJHO IHVW]XVWHOOHQª�

�� 3HU FXL YHGL 3HWULQL ����� ���

�� 3RFKLVVLPL ULFRUGDQR OD SDUROD SHU ©WHODLR GD WHVVLWRUHª� H QHVVXQR SL� OD XVD� FRPXQ�

TXH HUD �&R�*LXG H 9�%HQ� WO(�U�

�� /¶HVLWR �DUR� DQFRUFKp VWUXWWXUDOPHQWH SL� VLPLOH GL TXDQWR QRQ OR VLD LO ORPEDUGR DO

PRGHOOR ILRUHQWLQR� QRQ q LWDOLDQR� PD ULVDOLUj SUREDELOPHQWH DOOD OLQJXD FDQFHOOHUHVFD GHOOH

FRUWL ORPEDUGH PHGLRHYDOL� SHU FXL FIU� 6DQJD ����� LQ SDUWLFRODUH �������

�� ,/ ',$/(772 3(5&(3,72

SURWRQLFD��� SURGXFHQGR IRUPH TXDOL �]PDQD VHWWLPDQD¶� PDU�OD PDUWHOODUH¶�

�]P(�QW VHPHQWH¶� jLF�jL½>YHQXWR� GD Y^¼`jLF@� 6ULYD VLHUR ©VHUXWDª¶ HFF��� 4XH�

VWH IRUPH� IDWWH VDOYH OH DOWHUQDQ]H IRQHWLFKH SURSULH GL RJQL GLDOHWWR �QHO QRVWUR

FDVR O¶RSSRVL]LRQH F�½� SHU FXL YHGL ,�������� VL SRVVRQR FRQVLGHUDUH SDQYLJH]]L�

QH� 7DOL IRUPH DOWHUQDQR� QHOOD SUDWLFD DOPHQR GHO GLVFRUVR GLDOHWWDOH� FRQ OH FRU�

ULVSHWWLYH LWDOLDQH� LQ JHQHUH DSSHQD WUDGRWWH IRQHWLFDPHQWH� 6PP�*LD PD V( O (

YH�jLGR MH�U LO SDRÀOR NXQ OD QR�HPL O D GL½ NH OD ND O ( PLD D�P2 �SUXQWD���

Ê GDYDQWL D IDWWL GL TXHVWR JHQHUH� SHUz� FKH FL VL FKLHGH VH VLD GHO WXWWR DGH�

JXDWR DQDOL]]DUH OH DOWHUQDQ]H WUD OH IRUPH ULGRWWH H TXHOOH SL� VLPLOL DO PRGHOOR

LWDOLDQR FRPH IDWWL GL WLSR IRQHWLFR� LQ UHDOWj HVVL QRQ VRQR FRQFHSLWL FRPH WDOL

GDL SDUODQWL �GLVFRUVR LQ SDUWH GLYHUVR SXz IDUVL SHU VHULH GL WUDVIRUPD]LRQL UHJR�

ODUL TXDOL TXHOOH YLVWH VRSUD� FKH DOWHUQDQR LQ GLDWRSLD ^L` DG ^\` RSSXUH ^H` DG ^«`

R TXHOOH UHODWLYH DO FRQVRQDQWLVPR� SHU FXL VL SRVVRQR FUHDUH TXDVL FRSSLH PLQL�

PH RSSRQHQGR ^F` D ^½` R ^-` D ^Â`���� FKH LQYHFH VL WURYDQR LQ SUHVHQ]D GL XQD

VFHOWD GD FRPSLHUH WUD GXH ©SDUROHª GLYHUVH� OHJDWH IUD ORUR VROWDQWR GD XQ GHEROH

UDSSRUWR GL VLJQLILFDWR� JLDFFKp OD IRUPD HVWHUQD SXz HVVHUH WDORUD GDYYHUR GLIIH�

UHQWH� 8QD GHVFUL]LRQH SL� DWWHQWD DOOH FDWHJRULH OLQJXLVWLFKH FKH ODYRUDQR QHO

SDUODQWH GRYUHEEH LQ TXHVWL FDVL SDUODUH GL FDPELR OHVVLFDOH�

,��������� ( HG , SURWRQLFL� 8Q DOWUR IHQRPHQR FKH QRQ VHPEUD HVVHUH FDUDW�

WHUL]]DWR GLDWRSLFDPHQWH� PD FKH FRPSDUH TXD H Oj LQ PDQLHUD DEEDVWDQ]D XQL�

IRUPH �LQYHUR FRQ XQD PDJJLRUH IUHTXHQ]D GD SDUWH GHL SDUODQWL SL� JLRYDQL� q

�� &IU� 6DOYLRQL ����D� ��� H 5RKOIV ���� � ����� 4XHVWR FRPSRUWD LQ SL� GL XQ FDVR PRGLILFD]LRQL DQFKH ULOHYDQWL GHOO¶DVSHWWR HVWHUQR

GHOO¶LWHP� FRPH QHO FDVR IUHTXHQWH GHOOLQWURGX]LRQH GL XQ >D@ SURVWHWLFR� VL FRQIURQWLQR OH

IRUPH &R�$OE�6PP�7RF� DUED�WXQ �ORPE� UHEDWWzQ� VRWWR LO VROH D SLFFR � H LQIDWWL YHGL 9LOO�

UDED�WXQ�� &R�*D�2U�$OE�'LVV� DUPXQ�GD �5(021'$5(� SXOLUH LO SUDWR�� 9LJH]]� DU�-L�DU�ÂL

�5(&,',980� LO VHFRQGR ILHQR� FIU� DU�]u�J >*\VOLQJ ����� ���@� UVÍ R DU]Í >1LFROHW �����

���@� 7UDVTXHUD DU�6L >LQFKLHVWH SHUVRQDOL@� &DPSLHQR �YDOOH $QWLJRULR� DU�ÂL >LQFKLHVWH SHU�

VRQDOL@�� &R� DU�J2UGMD �5(&+25'$ >2 5(&+25'($@� WHU]R ILHQR�� DU�YLQD SDQRVVRODQR

�58,1$� IUDQD�� H QXPHURVLVVLPL DOWUL� QRWHYROH q LO SDVVDJJLR GHOOD SUHSRVL]LRQH '( ! DG�DW

SHU IHQRPHQR IRQRVLQWDWWLFR� LQ SDU�(W DW �W(OD �XQ OHQ]XROR GL FDQDSD�� 9HGL DQFKH 6DOYLRQL

����D QR� ��E� 5RKOIV ���� � ��� �SDJ� ���� H 0RUHWWL ����� �� VV�� XQ¶DPSLD WUDWWD]LRQH

GHO IHQRPHQR LQ DUHD RVVRODQD q LQ *\VOLQJ ����� ���������� µ0D VH q YHQXWR LHUL LO 3DROR FRQ OD 1RHPL� H KD GHWWR FKH OD FDVD QRQ q DQFRUD SURQWD¶�

6L FIU� DQFKH 6DQJD ����� ��� VXOOD FRQYHUJHQ]D� ©LO SURFHVVR GL FRQYHUJHQ]D VL DUUHVWD

DOO¶HTXLSDUD]LRQH GHOOH SRVL]LRQL� PD QRQ JLXQJH DOOD VRVWLWX]LRQH WRWDOH GHL IRQHPL �WUDQQH

FKH QHOOH VLWXD]LRQL GL LQFLSLHQWH VRVWLWX]LRQL GL OLQJXD�� ,O SXQWR GL DUULYR GHO SURFHVVR GL

FRQYHUJHQ]D QRQ q OD FRQIOXHQ]D QHOO¶LWDOLDQR UHJLRQDOH� PD LO PDQWHQLPHQWR GHOOD GLVWLQ]LR�

QH IRQHWLFD� UDJJLXQWD O¶RPRORJD]LRQH GHOOH VWUXWWXUHª�

�� ,O YH�jLGR YLVWR SL� VRSUD PL VHPEUD VLJQLILFDWLYR� O¶LQIRUPDWULFH� GL EXRQD FRPSHWHQ]D

GLDOHWWDOH DQFKH LQ VHQVR WUDGL]LRQDOH� KD LQIDWWL ULFRQRVFLXWR O¶HTXLYDOHQ]D LaX H KD O¶KD FRU�

UHWWDPHQWH WUDGRWWD QHO VXR FRGLFH� DGRWWDQGR SHU LO UHVWR OD IRUPD QXRYD LQDQDOL]]DELOH�

,� '$//$ 3$57( '(/ ',$/(772/2*2 ��

TXHOOR GHOOD PDQFDWD UHDOL]]D]LRQH ^D` GL (� , SURWRQLFKH� GD ULWHQHUVL FDUDWWHUL�

VWLFD GHO GLDOHWWR SL� ©JHQXLQRª� $EELDPR FRVu DOWHUQDQ]H TXDOL VD�UD �VL��V(�UD

�VL� µFKLXGHUH¶� DU�EMX1�(U�EMXQ�^SL�](O` µSLVHOOR¶� VDP�QD�V(PL�QD µVHPLQDUH¶�

PDU�ND �D &RLPR DQFKH PU��ND��P(U�ND �PHUFDWR� H VLPLOL� /H FRQVLGHUD]LRQL FKH

VL SRVVRQR IDUH VRQR VLPLOL D TXHOOH SUHVHQWDWH VRSUD� OD ©QRUPDª GLDOHWWDOH LQWH�

ULRUL]]DWD H SURFODPDWD SUHYHGH ^D`� FKH q DQFKH OD VROD UHDOL]]D]LRQH FKH L SDU�

ODQWL VRQR GLVSRVWL D ULFRQRVFHUH� H OH HYHQWXDOL YDULD]LRQL VHPEUDQR SDVVDUH DE�

EDVWDQ]D LQRVVHUYDWH� Ê SLXWWRVWR OD VRPPD GL WDOL UHDOL]]D]LRQL ULVSHWWLYDPHQWH

FRQVHUYDWLYH� SDUWLFRODULVWLFKH R LQQRYDWLYH�JHQHUDOL� SL� FKH OD SUHVHQ]D GL XQD

VROD R GL XQD SDUWLFRODUH� D FDUDWWHUL]]DUH OD FRQQRWD]LRQH GHO GLVFRUVR R GHO

SDUODQWH� FRPH DYHPPR PRGR GL RVVHUYDUH�

,��������� $OWUL IHQRPHQL YRFDOLFL� 'XH XOWHULRUL IHQRPHQL YRFDOLFL VL SRQJR�

QR LQ XQ¶ DUHD LQWHUPHGLD WUD OD YDULD]LRQH GLDWRSLFD H TXHOOD GLDFURQLFD� VL WUDWWD

GHOOD FDGXWD YV� UHVWLWX]LRQH GHOOD D DWRQD LQL]LDOH �LQ FRSSLH FRPH Y(UW�DY(UW

µDSHUWR¶ PD�U�D�PDU DPDUR¶� YLeD� D�YLJD µDSH¶��� H GHOOD UHVWLWX]LRQH GL �R ILQDOH

LQ 2UÉL�2UÉR µRU]R¶� GXSL� GXSMR µGRSSLR¶ �YL¹L��YL¹MR µYL]LR¶ ÂXG�L¹L�ÂX�GL¹MR

µJLXGL]LR¶��� 4XHVWL IHQRPHQL VHPEUDQR HVVHUH FRQWHPSRUDQHDPHQWH SUHVHQWL QHL

SDHVL SL� LVRODWL H SUHVVR L SDUODQWL SL� FRQVHUYDWLYL� R FRPXQTXH FRORUR FKH LQ�

WHQGRQR SDUODUH LQ PRGR FRQVHUYDWLYR� QRQ VRQR GXQTXH FRQQRWDWL QHJDWLYD�

PHQWH� DOPHQR LQ PRGR HVSOLFLWR �OD ORUR VWHVVD GLVWULEX]LRQH LQGLFD SHUz FKH

WHQGRQR DG HVVHUH HYLWDWL�� FRPH DOWUL LQFRQWUDWL VRSUD� WHQGRQR D GDUH DOOD IUDVH

XQ WRQR ©DUFDLFRª�

�� ,Q TXHVWR FDVR OD VHFRQGD IRUPD LPSOLFD OD YHODUH��� 4XHVWL XOWLPL GDO PLODQHVH FROWR� FRPH WHVWLPRQLD LO FRQVRQDQWLVPR�

�� ,/ ',$/(772 3(5&(3,72

,����� &RQVRQDQWLVPR

,������� & H * GDYDQWL D YRFDOH SDODWDOH H LQWHUYRFDOLFKH� 5LDVVXPR LQ WD�

EHOOD OH UHDOL]]D]LRQL YLJH]]LQH� �TXL H DOWURYH� OD IRUPH SUHFHGXWH GDO VHJQR ³�´

QRQ FRVWLWXLVFRQR OD QRUPD GHOOD FRPXQLWj PD RFFRUURQR QHOOH UHDOL]]D]LRQL��

&RLPR $OERJQR

*DJQRQH

7RFHQR 9LOOHWWH

)ROVRJQR

2OJLD

'UXRJQR

6DQWD 0DULD

&UDYHJJLD

5H

'LVVLPR

0DOHVFR ,WDOLDQR

6L�UD 6L�UD� �½L�UD ½L�UD��½HUD ¹LU( FHUD

6«UF 6(U½� ½(U½ ½(U½ �¹(U½ FHUFKLR

6DU�Y«O�6(U�Y«O �6(U�YHO�½HU�YHO ½HU�YHO ¹HU�Y( FHUYHOOR

6L�JXOD 6L�JXOD ½L�XOD ¹L�XOO( FLSROOD

X�6«O X�½HO X�½HO X�¹H XFFHOOR��

D�-( D�-( D�-( D�É( DFHWR

eD�6 ÂD�6� ÂD�½ ÂD�½ ÂD¹ JKLDFFLR

ODM ODM� �ODN OD�N�� ODN ODJR

-H�P«O -H�PHO�ÂH�PHO ÂHPHO É(�P( JHPHOOR

-L�Q«F ÉL�QH½ ÉL�QH½�ÉL�QX½ ÂL�QX½ JLQRFFKLR

-«QW -HQW� �ÂHQW ÂHQW ÉHQW JHQWH

ND�OL-DQ ND�OLÂDQ ND�OLÂDQ��ND�OLÂLQ ND�OLÉLQ FDOLJLQH

�O(-D �O(ÉD� �O(É �O(ÉD� �O(É O(¹ OHJJHUH

(VLWL GHO WXWWR VLPLOL KD OD -� LQL]LDOH ODWLQD�

&RLPR $OERJQR

*DJQRQH

7RFHQR

9LOOHWWH

)ROVRJQR

2OJLD

'UXRJQR

6DQWD 0DULD

&UDYHJJLD

5H

'LVVLPR

0DOHVFR ,WDOLDQR

�-XZD1 �-XYD1��ÂXYDQ

�ÂXYD1 �ÉXYL1 JLRYDQH

�� /D SUHVHQ]D GHOOD VRUGD� SHUDOWUR QRQ LQIUHTXHQWH QHL GLDOHWWL GHOOD ]RQD� VDUj GRYXWD DO

IDWWR FKH VL WURYD LQ SRVL]LRQH LQWHUFRQVRQDQWLFD� LQ $8�,�&(//8! $8&(//8!$9&(//8

�&RPXQLFD]LRQH SHUVRQDOH GL *ODXFR 6DQJD��

�� 7DORUD DFFDGH FKH� IRUVH SHU XQD VRUWD GL ©FRPSHQVD]LRQH GLDOHWWDOHª� OD IRUPD �PRQR�

VLOODELFD� SL� LWDOLDQL]]DQWH DEELD OD YRFDOH OXQJD�

,� '$//$ 3$57( '(/ ',$/(772/2*2 ��

-Lj ÂL1��Â\1�

�ÂX1

ÂL1��Â\1 É\1 JLXJQR

�-«EMD ��«EMD�

�ÂHEMD

�ÂHEMD �ÉHEEMH JLRYHGL

/DVFLDQGR GD SDUWH OD VLWXD]LRQH GL 0DOHVFR� FKH q LVRODWR QHOOD VXD ULVWUXWWX�

UD]LRQH GHO VLVWHPD�� H FKH FRPXQTXH QRQ HQWUD QHOOD GLDOHWWLFD GHOOD YDULD]LRQH

LQ 9DOOH� HVVHQGR GDWR D SULRUL FRPH ©GLYHUVRª� OH VROX]LRQL DGRWWDWH VRQR VR�

VWDQ]LDOPHQWH GXH� OD IULFDWLYD H O¶DIIULFDWD� 6L VDUj QRWDWR FRPH OD GLVWULEX]LRQH

GHJOL HVLWL ULFDOFKL TXHOOD JLj GHOLQHDWD SHU à(� à2� LQ TXHVWR FDVR D IDYRUH GHOOD

VROX]LRQH FRQ O¶DIIULFDWD JLRFD DQFKH OD VXD PDJJLRUH YLFLQDQ]D DOO¶LWDOLDQR UH�

JLRQDOH ORPEDUGR� H LQIDWWL� VHEEHQH OD IHGHOWj OLQJXLVWLFD HVSOLFLWD GHL SDUODQWL

VLD IRUWH��� LO WUDWWR q WUD TXHOOL FKH SL� WHQGRQR DG HVVHUH DEEDQGRQDWL� QHO GL�

VFRUVR LQFRQWUROODWR� 6L FIU� SHU HVHPSLR &R�*H �ULYROWD D VXD PDGUH *L� (

LQ�GXUD L ÂL�Q«F L W ID1 PDO D1ND�P2 µH DOORUD OH JLQRFFKLD WL IDQQR DQFRUD PDOH"¶

RSSXUH *D�]LD IL1 NH DQ O D�Z(ZD PLD GL½ XO UX�]D�UL OHM (UD DÂLWD�GD X GRU�PLD

PLD >ILQFKp QRQ DYHYD GHWWR LO URVDULR OHL HUD DJLWDWD H QRQ GRUPLYD@� 0DJLVWULV

����� ��� FRVu FDUDWWHUL]]D OH YDULHWj RFFLGHQWDOL GHO GLDOHWWR GHOOD 9DOOH �DYUj

DYXWR SUHVHQWH LQ SDUWLFRODUH &RLPR H $OERJQR�� ©LO GLDOHWWR >«@ YLHQH SDUODWR

LQ PRGR SL� GROFH H VWDQFR� /D J GLYHQWD VLPLOH DOOD M IUDQFHVH �FKH VFULYHUHPR

_V_F GROFH�� HV� JLXEED JLDNqW GLYHQWD _V_FLDNÈW� JLXRFDUH JLj� GLYHQWD gVgFLJÀ���

/D F GLYHQWD VLPLOH D FK IUDQFHVH� �FKH VFULYHUHPR VF DVSUD�� HV� UDJD]]R PD�

WjF� GLYHQWD PDWjVFª�

8Q GLVFRUVR VROR LQ SDUWH DQDORJR VL SXz IDUH SHU L FDVL GL & H * LQWHUYRFDOL�

FKH GDYDQWL D YRFDOL QRQ SDWDWDOL �L FXL HVLWL VL VRQR FRQIXVL� H WHQGRQR DO SDVVDJ�

�� 3HU LO TXDOH FIU� 5RKOIV ���� �� ���� ��� H� SHU LO 7LFLQR DWWXDOH� 3HWULQL ����� ����

���� 6X 0DOHVFR LQ SDUWLFRODUH 6DOYLRQL ����E� �������� VHFRQGR L GDWL FROj SUHVHQWDWL VL

DYHYD DOORUD XQD IDVH �LQ UHJUHVVR� ^4` �hÍUH µFHUD¶ hH �QGUD µFHQHUH¶ H FRVu YLD�� ,O VLVWHPD

VHPEUD JURVVR PRGR HVVHUH FRUULVSRQGHQWH DO 6LVWHPD � GL 6DQJD ����� ������ WLSLFR

GHOO¶DQWLFR PLODQHVH H GHO ORPEDUGR RFFLGHQWDOH UXUDOH� FKH WLHQH GLVWLQWH OH WUH VHULH DOYHROD�

UL� GHQWDOL H SDODWDOL� ,Q TXHVWR VFKHPD >½@ VDUHEEH XQ DOORIRQR IRUWH GL >6@ H FRPSDUH GXQTXH

DQFKH LQ HVLWL SRSRODUL DXWRFWRQL �6DQJD ����� ��������� DOOD PHWj GHOO¶2WWRFHQWR DYYLHQH

DOORUD FKH ©JOL LWDOLDQLVPL� FKH HQWUDQR FRSLRVLVVLPL QHO PLODQHVH PRGHUQR� VXELVFRQR TXHVWL

DGDWWDPHQWL IRQHWLFL� LWDOLDQR F¶ > ½@ YLHQH VHPSUH FRQVHUYDWR �SRWHQGR� WUD O¶DOWUR� JRGHUH

GHOO¶DSSRJJLR GHOO¶DOORIRQR F¶ GL VF� >«@� ,O FKH GHWHUPLQD OD SURJUHVVLYD ULGX]LRQH

GHOO¶LPSLHJR GL VF� VHPSUH SL� VRVWLWXLWR GD F¶ DQFKH QHOOH SDUROH GL WUDGL]LRQH GLDOHWWDOHª�

������ /R VWHVVR YDOH RYYLDPHQWH SHU OD VRQRUD� FRQ LQ SL� O¶DJJUDYDQWH FKH ^-` QRQ HVLVWH

QHOOD OLQJXD QD]LRQDOH� LO SURFHVVR VL DGDWWD SLXWWRVWR EHQH DOOD YDO 9LJH]]R� VH VL WLHQ FRQWR

GHOOH FDUDWWHULVWLFKH VRFLDOL FKH FRQWDGGLVWLQJXRQR OH YDULH FRPXQLWj�

�� 'DOOD FLWDWD ©ILQWD LQWHUYLVWDª D &R�'RP� HVFRQR 6«UF 6L�JXOD -L�QXF 6DU�Y«O �-«QW µFHU�

FKLR� FLSROOD� JLQRFFKLR� FHUYHOOR� JHQWH¶ �HSSHUz ÂHODWR�� LO GROFH� O¶DJJHWWLYR VDUHEEH -DOX���� 0DL ULVFRQWUDWD TXHVWD IRUPD FRQ LQVHU]LRQH YHODUH�

�� ,/ ',$/(772 3(5&(3,72

JLR D ^M` R WDORUD DO GLOHJXR �FRPH LQ XU�WL�D RUWLFD¶ PL�D �PLFD�µ OL�PDMD OXPDFD¶

�DMDU DFHUR¶� DZX6W DJRVWR¶�� LO WUDWWR SHUz q DVVDL SL� XQLIRUPH GDO SXQWR GL YLVWD

JHRJUDILFR� H SL� VDOGR GD TXHOOR GLDFURQLFR� H DQ]L OD FRUULVSRQGHQWH VROX]LRQH

QRQ OHQLWD FKH FRPSDLD QHOOD FRQYHUVD]LRQH YLHQH ULOHYDWD H VXJJHULVFH XQ UHJL�

VWUR ©GL GLDOHWWR LQFURFLDWRª��� ,Q SRVL]LRQH ILQDOH� H LQ PRGR SDUWLFRODUH SHU DO�

FXQL OHVVLFDOLVPL� YLHQH LQYHFH SUHIHULWD OD YDULDQWH LQQRYDWLYD QRQ OHQLWD� DQFKH

LQ TXHVWR FDVR VHQ]D DSSUH]]DELOL GLIIHUHQ]H GLDWRSLFKH��� QHOOH FRSSLH I«M�

IHM�IHN� ODM�OD�J�OD�N R VDOYDGLM�VDOYDGLN q OD VHFRQGD IRUPD DG HVVHUH PDJJLRULWD�

ULD�

,������� $OWUL IHQRPHQL FRQVRQDQWLFL� &L VRQR SRL DOWUL IHQRPHQL FRQVRQDQ�

WLFL PHQR LQWHULRUL]]DWL QHOOD FRVFLHQ]D GHL SDUODQWL� H QRQ FROORFDELOL VSHFLILFD�

PHQWH VX XQ SLDQR JHRJUDILFR� GDWR FKH IDQQR SDUWH GL TXHOOH VHULH GL DGDWWDPHQWL

IRQHWLFL GHL GLDOHWWL ORPEDUGL DQFKH SL� FRQVHUYDWLYL DOO¶LWDOLDQR� 9HGLDPROL UD�

SLGDPHQWH�

D� /H ODELDOL LQWHUYRFDOLFKH SRVVRQR SUHVHQWDUH GLYHUVL JUDGL GL OHQL]LRQH� GDOOD

FRPSOHWD VFRPSDUVD DOOR VWDWR GL JOLGH�� DOOD VHPSOLFH VRQRUL]]D]LRQH� DYUH�

PR FRVu DOWHUQDQ]H TXDOL QD�ZX�G�QH�YXG�QL�SR�W QLSRWH¶� VD�ZX1�VD�%X1�VD�YX1

µVDSRQH¶� �NZ(UWD�NX�ZHUWD�NR�Y(UWD��� ODX�UD�ODZX�UD�ODYX�UD ODYRUDUH¶�

8Q FDVR PROWR VLPLOH� FXL SHUFLz IDFFLR TXL FHQQR� q TXHOOR GHL JUXSSL �

35� H�%5�� FKH SUHVHQWDQR DOWHUQDQ]H TXDOL DZ�ULO�DY�ULO�DSULO DSULOH¶

�NDXUD��NDZUD��NUDYD FDSUD¶ �I(XUD��I(ZUD��IHYUD IHEEUH¶ IDZ�U(�IH�YU(�IH�EUD�U

IHEEUDLR¶��� ,O SULPR IHQRPHQR� OD OHQL]LRQH� VHPEUD SRUWDUH L SDUODUL GHOOD

YDO 9LJH]]R SL� YLFLQL DO ORPEDUGR JHQHULFDPHQWH LQWHVR� R DOOD NRLQq WLFLQH�

VH FKH QRQ DOO¶LWDOLDQR� QRQGLPHQR ULWHQJR FKH OD FRQYHUJHQ]D DYYHQJD FR�

PXQTXH LQ TXHVWD GLUH]LRQH� ULVSHWWDQGRQH OR VSLULWR VH QRQ OD OHWWHUD� VDUj

DOORUD GD SUHVXSSRUUH O¶DSSOLFD]LRQH GL GXH UHJROH XOWHULRUL� SHUDOWUR HQWUDPEH

PROWR IRUWL� OD FDGXWD GHOOH YRFDOL ILQDOL H O¶DVVRUGLPHQWR GHOOH VRQRUH DVVR�

OXWH� /¶DGDWWDPHQWR DYYLHQH FRVu ULVSHWWDQGR DOFXQH GHOOH QRUPH SL� FRJHQWL

GL WUDGX]LRQH IRQHWLFD� H TXHVWR QRQ q DIIDWWR VWUDRUGLQDULR�

E� /D �Y URPDQ]D GL TXDOVLDVL RULJLQH� WURYDQGRVL LQ SRVL]LRQH ILQDOH� R SDVVD D

^Z` RSSXUH GHVRQRUL]]D LQ ^I`� VROX]LRQH GHO ORPEDUGR FRPXQH�

FD�Z�½D�Z�½D�I FKLDYH¶� Q(Z�QHZ�QHI QHYH¶ 6NULZ�6NULI VFULYHUH¶� HYHQWXDO�

�� 6HFRQGR OD GHILQL]LRQH� GDWDPL LQ LWDOLDQR� GL 'L�$QW��� 6DOYR FKH� FRPH DO VROLWR� OH VROX]LRQL SL� ORQWDQH GDOO¶LWDOLDQR VL ULWURYDQR FRQ PDJ�

JLRU IUHTXHQ]D D &RLPR� H LQ PLVXUD OHJJHUPHQWH LQIHULRUH D *DJQRQH H $OERJQR��� Ê TXHVWD OD IRUPD XIILFLDOH GLFKLDUDWD GDL SDUODQWL��� 5LWHQJR SRVVLELOH H DQ]L QRUPDOH DQFKH NX�Y(UWD� PD QRQ O¶KR QHOOH PLH UHJLVWUD]LRQL�� $OFXQL WHUPLQL QRQ FRQRVFRQR TXHVWD DOWHUQDQ]D VH QRQ LQ FRQGL]LRQL GL PLVWLOLQJXL�

VPR �QHO TXDO FDVR FRPSDUH LQ YHVWH LWDOLDQD�� q LO FDVR SHU HVHPSLR GL �O«ZUD��O(ZUD µOHSUH¶

,� '$//$ 3$57( '(/ ',$/(772/2*2 ��

PHQWH ULVRQRUL]]DWR LQ SRVL]LRQH LQWHUYRFDOLFD� ,O IHQRPHQR VHPEUD FRVWLWXLUH

XQD PDUFD GL PRGHUQLWj� OH QRUPH GHL YDUL GLDOHWWL SUHVFULYRQR OD ^Z`� PD QRQ

VRQR UDUH UHDOL]]D]LRQL FRQ OD VRUGD� FKH LQ TXHVWR FDVR VRQR YLVWH FRPH FRQ�

FHVVLRQL DO GLDOHWWR GL SLDQXUD �YHURVLPLOPHQWH D TXHOOR SURSRVWR GDL QXPHUR�

VL YLOOHJJLDQWL YDUHVRWWL� R TXHOOR SDUODWR� DQFRUFKp SRFR� D 'RPRGRVVROD��� R

DL GLDOHWWL WLFLQHVL� FRQVLGHUDWL GXQTXH LQQRYDWRUL GD TXHVWR SXQWR GL YLVWD�

J� /D : GHO JHUPDQLFR q ©XIILFLDOPHQWHª FRQWLQXDWD FRQ ^Y`� QRQ VRQR SHUz UD�

ULVVLPL L FDVL GL ^JZ`� YD�UL�JZDUL JXDULUH¶� YDU�GD�JZDU�GD JXDUGDUH¶� YD�

GD�jDYD1�JZD�GDj JXDGDJQDYDQR�JXDGDJQR¶��

G� /D VLELODQWH VRUGD LQ SRVL]LRQH LQL]LDOH VL SXz SUHVHQWDUH� GDYDQWL D �DQWLFD�

YRFDOH SDODWDOH� GHQWDOH R SDODWDOH� �6LQGLN��VLQGLN VLQGDFR¶� 6D�U(j�VH�UHQ µVH�

UHQR¶� �6L�VL µVu¶��� OD UHDOL]]D]LRQH SDODWDOH q DQ]L XQR GHL SRFKLVVLPL IHQRPH�

QL IRQHWLFL �SHU LO OHVVLFR OD VLWXD]LRQH q GLIIHUHQWH� FKH YHQJRQR DVVHJQDWL GDL

SDUODQWL DO ©GLDOHWWR GHL YHFFKLª� 8QD SURYD LQGLUHWWD VL SXz DYHUH RVVHUYDQGR

LO FRPSRUWDPHQWR GHL JLRYDQL� QHOO¶HVHPSLR VHJXHQWH *D�0D� KD XQ UHJLVWUD�

WRUH QDVFRVWR� H PL KD DSSHQD GLFKLDUDWR GL SDUODUH VHPSUH GLDOHWWR �FRQ OD ]LD

DQ]LDQD� SRL«�� LO VRVSHWWR GL LSHUFRUUH]LRQH H GL ©SDUODWD LGHRORJLFDª q GXQ�

TXH SLXWWRVWR IRUWH��� *D�0D D E( DOORUD 6L ½L YDGR��� $OXUD S2GL E( DQGD >UL�

GRQR@ ��� VH YHj NZDLGLQ GD GUDYH�j 6L µDK EH¶� DOORUD Vu� FL YDGR« DOORUD SRV�

VR EHQ DQGDUH� VH YLHQH TXDOFXQR GL 'UXRJQR Vu¶� VL QRWL FKH FRPSDUH 6L DQ�

FKH LQ XQD IUDVH LWDOLDQD �FKH LQYHUR SUHSDUD LO FRGH�VZLWFKLQJ��

�� 6H QH SDUOHUj SL� DYDQWL� PD O¶LPSUHVVLRQH GHL YLJH]]LQL q FKH D 'RPRGRVVROD QRQ VL

XVL SHU QXOOD LO GLDOHWWR��� ,Q TXHVWR FDVR OD IRUPD FRQ OD ^Y` q DVVDL SL� UDUD� LO PLR XQLFR HVHPSLR UHJLVWUDWR q

$O�0DU L YDGD�jDYD1 PLD WU«S E(Q D1ND D ID� L 6IUX�]LW µQRQ JXDGDJQDYDQR WURSSR EHQH DQFKH

D IDUH L FRQWUDEEDQGLHUL¶� /D VLWXD]LRQH q EHQ LOOXVWUDWD GDO VHJXHQWH GLDORJR DYYHQXWR D

6DQWD 0DULD 0DJJLRUH QHO FRUVR GL XQD ILQWD LQWHUYLVWD�

*DE� JXDULUH

6PP�*LDQ� YD�UL

6PP�/XL� PL D VRQ JZD�ULD JZD�UL JZD�ULD

6PP�*LDQ� YDU�LD QR NXQ OD J PLD JZD�ULD « JZD�ULD O ( NZ�DQGR O ( NZ(O GLVNRU�

VR « NZD1 N D V SDUOD «

6PP�/XL� VRQ YD�ULD VRQ YD�ULD

6PP�*LDQ� NRQ �QRL OR GL�½DPR Q GMDO(WWR NRQ OD Y H NZDQGR PD�JDUL D VR PL�D

Y2O GLUH NRL QLSR�WLQL D VRQ JZD�ULD

�� &IU� 3HWULQL ����� ������� *\VOLQJ ����� ��� H 1LFROHW ����� ��� 3HU O¶DIIHUPD]LRQH

Vu� DQFRUD SL� DUFDLFD �H WXWWDYLD WDORUD XVDWD� q OD IRUPD �(L�

�� 3HU OD GLVFXVVLRQH H L GHWWDJOL VXO PHWRGR YHGL ,,,���

�� ,/ ',$/(772 3(5&(3,72

,������� 2FFOXVLYH H DIIULFDWH SDODWDOL

,��������� &/� */� $QFKH LQ TXHVWR FDVR OD GLVWULEX]LRQH JHRJUDILFD GHOOH YD�

ULDQWL VHPEUD OD WUDVSRVL]LRQH VLQFURQLFD GL XQ SURFHVVR LQ DWWR� JOL HVLWL LQ FRQ�

FRUUHQ]D VRQR TXL ULVSHWWLYDPHQWH ^F�½` H ^e�Â`� H OD VHFRQGD VHULH q QHWWDPHQWH

PDJJLRULWDULD ULVSHWWR DOOD SULPD� FKH q SUHVHQWH LQ PRGR VLVWHPDWLFR DQFKH QHO

SDUODWR QRQ VRUYHJOLDWR SUDWLFDPHQWH VROR D &RLPR� PD q UDSSUHVHQWDWD LQ EXRQD

PLVXUD DQFKH D 9LOOHWWH� QHJOL DOWUL SDHVL GHOOD YDOOH O¶DIIULFDWD SDODWDOH ^½�Â` q

SUDWLFDPHQWH O¶XQLFD VROX]LRQH DPPHVVD� FRQ UDUL UHOLWWL OHVVLFDOL LQ YLD GL VFRP�

SDUVD��� $EELDPR FLRq DOWHUQDQ]H GHO WLSR��

2FFOXVLYD $IIULFDWD ,WDOLDQR

FD�Z ½D�Z��½D�I FKLDYH

FD�PD ½D�PD FKLDPDUH

FX�(QGD ½X�HQGD UHFLQWR� &/$8'(1'$

eDQGD ÂDQGD JKLDQGD

e«UMD ÂHUMD��Â(UD JKLDLD

X�U(eD XU(ÂD RUHFFKLD

�e«6D��e«-D �Â(]D FKLHVD

NL�eD NL�ÂD�N\�ÂD FXFFKLDLR

Y«F YH½ YHFFKLR

PL�eD PL�ÂD��P\�ÂD��P\�Â�L PXJJLUH

,��������� &7� *'� *OL HVLWL SUHVHQWDQR OD VWHVVD GLVWULEX]LRQH FKH DOWHUQD

^F��e�` D ^½��Â�`��� LQ SL�� LQ SRVL]LRQH ILQDOH� FRPSDUH DQFKH O¶XVFLWD ^W`� VXO PR�

GHOOR GHOO¶LWDOLDQR R GHOOD NRLQq WLFLQHVH GL SUHVWLJLR D /RFDUQR H $VFRQD���

ODF OD½ �ODW ODWWH

O«F OH½ �O(W OHWWR

�� &IU� 5RKOIV ���� � ���� 1LFROHW ����� ��� *\VOLQJ ����� ���� 6DOYLRQL ����D QQ� ���

������ 6HJQR FRVu OD ^F` H OD ^e` SHU XQLIRUPLWj H FRPRGLWj� WXWWDYLD D &RLPR� H LQ PRGR SDUWL�

FRODUH SUHVVR L SDUODQWL DQ]LDQL� L IRQL VRQR SL� VSHVVR ^WM` ^GM`�

�� 5RKOIV ���� � ���� %HUWRQL ������ ��� DWWHVWD SHU OD ULVROX]LRQH GL �FW D 7URQWDQR H

6PP� OH YRFL QR�F� OD�F� 1LFROHW ����� ����� SUHVHQWD HQWUDPEL JOL HVLWL > �F@� > �F@ LQ YDOOH $Q�

WURQD� *\VOLQJ ������������ UDFFRJOLHYD VROR > �F@ LQ YDOOH $Q]DVFD� ,QGDJLQL SHUVRQDOL PL

KDQQR GDWR >½@ D 9DJQD �'RPRGRVVROD� H LQ YDO 'LYHGUR��� &IU� 3HWULQL ����� �������� 6DQJD ����� ���� 0RUHWWL ����� ������ /¶HVLWR HUD JLj UH�

JLVWUDWR GDO &KHUXELQL FRPH FRUUHQWH WUD OH SHUVRQH FLYLOL�

,� '$//$ 3$57( '(/ ',$/(772/2*2 ��

Q2F Q2½ �Q2W QRWWH

SHFH�QDV SH½H�QDV SHWWLQDUVL

�IDFD �ID½D ��IDWD IDWWD SS�

6XO PDVFK� GL TXHVW¶XOWLPD� IDF�ID½�IDW� VL q SRL DFFRUGDWD WXWWD OD VHULH SDUWL�

FLSLDOH PRQRVLOODED GL µDQGDWR¶� µVWDWR¶� µGDWR¶� FRQ HVLWL VLPLOL� VL QRWL jLF�jLFD

µYHQXWR�D¶� FKH DOWHUQD FRQ ^YL`jL�^YL`jLGD H QRQ FRQ OH IRUPH DIIULFDWH�

,��������� $OWUH DOWHUQDQ]H -�Â-�Â� *OL HVLWL LQ FRQFRUUHQ]D VRQR TXL ^-`� ^Â` H

^É`��� HYHQWXDOPHQWH GHVRQRUL]]DWL LQ SRVL]LRQH ILQDOH �OD WHU]D VHULH UDSSUHVHQWD

OH IRUPH GHOOD VROD 0DOHVFR�� WUD L FRQWHVWL LQ FXL RFFRUURQR VL WURYD 1* � YRFDOH

SDODWDOH���

�PXQ-D �PXQÂD PXQ¹ PXQJHUH

�WHQ-D �W(QÂD W(Q¹ WLQJHUH

SMDQ6 SMDQÂ��SMDQ½ SMDQ¹ SLDQJHUH

FXL VL DIILDQFDQR� SHU OD UHVD IRQHWLFD H OD FRVFLHQ]D GLDOHWWDOH� DQFKH WLSL FR�

PH L VHJXHQWL� SHU FXL GLDOHWWL FLUFRQYLFLQL JLXQJRQR SHUVLQR DOO¶LQVHU]LRQH GL ^Q`

�O_ èHQ�V� Sè_HQ�V���

SH-�SH6 SH½ SH¹ SHJJLRO(-D O(½ OH¹ OHJJHUH

/D ORUR GLVWULEX]LRQH JHRJUDILFD� DO VROLWR WUDODVFLDQGR 0DOHVFR� VHPEUD HVVH�

UH TXDQWRPDL YDULD� H ULVSRQGHQWH DQFRU RJJL� XQLFD WUD TXHOOH ILQRUD PHQ]LRQDWH�

DG DQWLFKH GLIIHUHQ]LD]LRQL GLDVWUDWLFKH� KDQQR OD ^-` &RLPR� 2UFHVFR� 7RFHQR�

$OERJQR� 'LVVLPR� H 2OJLD� ORFDOLWj LQ FXL OD VRFLHWj HUD SLXWWRVWR FRPSDWWD �H

JHQHUDOPHQWH FRQWDGLQD�� PHQWUH L SDHVL FKH SUHVHQWDYDQR XQD GLIIHUHQ]LD]LRQH

YHUWLFDOH� GRYXWD DOO¶HPLJUD]LRQH� R DL FRPPHUFL R DOOD SUHVHQ]D GHOOH IDPLJOLH

QRELOLDUL �6DQWD 0DULD 0DJJLRUH� 'UXRJQR� &UDYHJJLD� 5H �SHU YLD GHO 6DQWXD�

ULR� H LQ PLVXUD PLQRUH 9LOOHWWH H *DJQRQH� SUHVHQWDQR IRUWL DOWHUQDQ]H� 6HPEUD

DOORUD FKH QHL VLVWHPL VXFFHGXWLVL QHO SDVVDWR UHFHQWH L GXH HVLWL VLDQR VWDWL FRRF�

FRUUHQWL DOO¶LQWHUQR GHOOR VWHVVR SXQWR JHRJUDILFR �DOWULPHQWL XQR GHL GXH VDUHEEH

VFRPSDUVR� FRPH q DFFDGXWR SHU DOWUL WUDWWL��

�� ,Q PRGR VSRUDGLFR� H VROR D 0DOHVFR��� &IU� 5RKOIV ���� � ������ &RPH ULVXOWD GD 6DOYLRQL ���� � ����

�� ,/ ',$/(772 3(5&(3,72

2UD� OD UHDOL]]D]LRQH ^-` q D WXWW¶RJJL XQD GHOOH FDUDWWHULVWLFKH SL� ULOHYDWH GDL

SDUODQWL� HG q WUD OH SRFKLVVLPH DG HVVHUH HVSOLFLWDPHQWH VWLJPDWL]]DWD� TXHVWR

IDWWR SXz HVVHUH VSLHJDWR VH VL DPPHWWH FKH VLD O¶HVLWR GL DQWLFKH GLIIHUHQ]LD]LRQL

GL WLSR VRFLDOH� 6HPEUD DOORUD FKH OD ^-` VLD YLVWD FRPH FDUDWWHULVWLFD GL QHWZRUN

©SHVDQWLª� RYYHURVLD PROWR VWUHWWL H FRJHQWL� H FKLXVL� FRQ LO FRQVHJXHQWH EDJD�

JOLR GL FRQQRWD]LRQL LQ UHDOWj QHJDWLYH FKH TXHVWR FRPSRUWD� SRYHUWj� YLWD SL�

UXVWLFD� LVRODPHQWR HFF� 7DQWR q YHUR FKH FRORUR FKH SDUWHFLSDQR GL DOWUL QHWZRUN

VRQR L SULPL D VEDUD]]DUVL GHO WUDWWR� Ê DEEDVWDQ]D SUREDELOH FKH DOWUL WUDWWL IRQH�

WLFL FKH RUD GLYHUJRQR GD SDHVH D SDHVH�� DEELDQR SHUFRUVR OD VWHVVD VWUDGD� LO

IDWWR FKH VLDQR SHUz DFFHWWDWL GDL SDUODQWL FRPH PHUH YDULDQWL GLDWRSLFKH FKH

GXQTXH QRQ YHLFRODQR �ULSHWR� DOPHQR HVSOLFLWDPHQWH� JLXGL]L QHJDWLYL� ID SHQVD�

UH FKH TXHVWL FDPELDPHQWL VLDQR SL� DQWLFKL� H FKH DEELDQR DYXWR LO WHPSR GL VH�

GLPHQWDUVL� ,Q TXHVW¶RWWLFD DOORUD OD ^-` VDUHEEH ULFRQRVFLXWD FRPH 6PP�*L� O (

WUHS��� WUHS P2OD VR PLD��� WUHS 6WUD6L�ND� q WURSSR« WURSSR PROOH� QRQ VR� WURS�

SR VWUDVFLFDWD¶ SHUFKp LO SURFHVVR GL YDULD]LRQH q LQL]LDWR SL� WDUGL� H SRUWD FRQ Vp

DQFRUD LO ULFRUGR GHO ©SDUODUH GD FRQWDGLQDFFLª���

�� (� VLJQLILFDWLYDPHQWH� GD SDHVL ©ULFFKLª D SDHVL ©SRYHULª��� 3XUWURSSR LO FRQWUROOR FRQ O¶$,6 H FRL VDJJL GL 6DOYLRQL QRQ VL SXz IDUH� JLDFFKp� FRPH

YLVWR� OD VROX]LRQH GL 0DOHVFR HUD LVRODWD H GLIIHUHQWH�

,� '$//$ 3$57( '(/ ',$/(772/2*2 ��

,����� 0RUIRORJLD

,������� )RUPD]LRQH GHO SOXUDOH QHL VRVWDQWLYL PDVFKLOL

,��������� 3OXUDOH PHWDIRQHWLFR� $ ULJRUH OD PHWDIRQHVL GD �, QRQ GRYUHEEH

FRPSDULUH LQ TXHVWR VFKL]]R� GHGLFDWR DL SXQWL GL FRQWUDVWR WUD OH YDULHWj GHO UH�

SHUWRULR OLQJXLVWLFR GHOOD 9DOOH R D TXHOOL GL SRVVLELOH IUL]LRQH SHU LO FRQWDWWR FRQ

O¶LWDOLDQR� LO IHQRPHQR q LQIDWWL HVWHVLVVLPR H FRPSDWWR� H QRQ SUHVHQWD VHJQL

HYLGHQWL GL FHGLPHQWR� DOPHQR DO OLYHOOR GL XQ GLVFRUVR SUHYDOHQWHPHQWH PRQR�

OLQJXH GLDOHWWDOH��� $Q]L� TXHVWR VLVWHPD GL IRUPD]LRQH GHO SOXUDOH �q LO VXR DP�

ELWR SL� FRVSLFXR� OH WUDFFH FKH VL ULWURYDQR QHOOD PRUIRORJLD YHUEDOH VL SRVVRQR

FRQVLGHUDUH GHL UHVLGXL� q WXWWRUD YLWDOH� DGDWWDQGRVL DJOL LPSUHVWLWL GDOO¶LWDOLDQR H

DOOH �UDUH� QHRIRUPD]LRQL��� 6H QH ID SHUz FHQQR SHU QRQ SDVVDUH VRWWR VLOHQ]LR

XQ WUDWWR FRVu VDOLHQWH GL TXHVWL GLDOHWWL� H DQFKH SHU DYYHUWLUH GL TXHOOH SRFKH

IRUPH QRQ PHWDIRQL]]DWH FKH VL SRVVRQR WURYDUH QHOOH WUDVFUL]LRQL�

/¶DOWHUD]LRQH GHOOD YRFDOH WRQLFD SHU LQIOXVVR GHOOD �L ILQDOH�� LQWHUHVVD XQD

FODVVH GL QRPL HG DJJHWWLYL PDVFKLOL� OH FRUULVSRQGHQ]H VRQR SLXWWRVWR UHJRODUL�

SHU FXL VL DYUj��

D o H

( o L � BBBBBBBB;L�

X o L

�� 3HU OD VLWXD]LRQH GHO 7LFLQR� LQ FXL LO IHQRPHQR VHPEUD LQ IRUWH UHJUHVVR� YHGL 3HWULQL

����� ������� �H VRSUDWWXWWR OD SDUWH VXO 6RSUDFHQHUL�� PD ODEEDQGRQR GHOOD PHWDIRQLD q XQ

WHPD FDUDWWHULVWLFR GHOOD GLDOHWWRORJLD ORPEDUGD GD 6DOYLRQL ������ ���� HFF�� LQ SRL� Ê WLSLFD

OD SRVL]LRQH GL 8UHFK >����� �����@ FKH� WUDWWDQGR GHOO©$EEDXSUR]HVVª H GHO ©IDVW Y|OOLJH

(LVWXU] GHV 8PODXWHVª� ID QRWDUH SURSULR FRPH >� �� QHOO¶HGL]LRQH WHGHVFD� FLWR GDOOD PLD

WUDGX]LRQH@ ©q LQ EDVH DOOH IRUPH SOXUDOL FRQ PHWDIRQLD FKH VL SXz HVDPLQDUH SDUWLFRODUPHQWH

EHQH OR VYLOXSSR GHO JHQHUDOH OLYHOODPHQWR GL WXWWL L IHQRPHQLª��� 6L FIU� SHU HVHPSLR *D�0DQ� �VXOOD VXD FRPSDJQLD GL DPLFL� SDU PL L YD1 E(Q LQ6L SL

SHU L H�XW��� L MLQ PLD jD1ND GUXJH�W QXWD µSHU PH YDQQR EHQH FRVu� SL� SHU JOL DOWUL« QRQ VR�

QR QHSSXUH GURJDWL� QLHQWH¶ RSSXUH 'L�$QW� �SDUODQGR GHOOHGXFD]LRQH GHL QLSRWLQL� H WLW 6WL

�U2S NL ( OD WHOHYL�]MXQ L -LJ��� ÂX�N(WXO H 6WL WHOHNX�P(�QG µH WXWWH TXHVWH FRVH TXL� H OD WHOHYL�

VLRQH� H L JLRFDWWROL H TXHVWL WHOHFRPDQGL¶��� 2OWUH 5RKOIV ���� �� �� �� �� ��� ��� �� VL YHGDQR� SHU OD QRVWUD ]RQD� 6DOYLRQL ����E�

������� �H VRSUDWWXWWR SDJ� ���� GRYH VL GHOLQHD OD VLWXD]LRQH GL 0DOHVFR�� *\VOLQJ ����

SDVVLP� 1LFROHW ����� ������ =HOL ����� �� H SDVVLP�

�� /H IRUPH TXL SUHVHQWDWH VRQR TXHOOH GL 6DQWD 0DULD 0DJJLRUH� SDHVH FKH q VWDWR DSSR�

VWD VFHOWR SHUFKp SHU DOWUL YHUVL LQQRYDWLYR� H FKH WHVWLPRQLD GXQTXH OD VWDELOLWj GHO IHQRPH�

QR� PD OD JULJOLD GL FRUULVSRQGHQ]H q OD PHGHVLPD SHU RJQL YLOODJJLR� SHUFLz� IDWWH VDOYH OH

DOWUH PXWD]LRQL IRQHWLFKH� TXHVWH YRFL VL SUHVWDQR DG LOOXVWUDUH OD VLWXD]LRQH GHOO¶LQWHUD 9DOOH�

�� ,/ ',$/(772 3(5&(3,72

D� >D@ WRQLFD ! ^H` �WDORUD ^(`���� JDW� JHW� µJDWWR�L¶ ND1� N(1� µFDQH�L¶ DQGD½� DQ�

GH½ µDQGDWR�L¶ HFF�

E� ^(` WRQLFD ! ^L`� SD�Q(W � SD�QLW µID]]ROHWWR�L¶ �H FRVu WXWWL L GLPLQXWLYL LQ �HWWX R

FRUULVSRQGHQWL�� NZ(6W�NZL6W µDOWURYH NL6W¶ µTXHVWR�L¶� IUDQ½(] � IUDQ½L�]�

µIUDQFHVH�L¶���

J� >X@ WRQLFD ! >L@� VSX]� VSL�] µVSRVR�L¶� IXQ½�IL�Q½ µIXQJR�L¶�

G� LQROWUH D &RLPR H $OERJQR VL KD 6«UF� 6L�UF ULVSHWW� 6«U½�6L�U½ µFHUFKLR�L¶���

,O FRQWDWWR FRQ O¶LWDOLDQR QRQ VSLHJD OH IRUPH QRQ PHWDIRQL]]DWH� LQ TXHVWL FD�

VL SXz HVVHUH PHJOLR YLVWD XQD FRQYHUJHQ]D FRQ PRGHOOL GLDOHWWDOL GL SUHVWLJLR

TXDOL LO ORFDUQHVH R FRQ TXHOOL GL SLDQXUD� FRQ FXL VXL DFFRUGD OD YDULHWj ©XUEDQDª

GL 'RPRGRVVROD��� 7XWWDYLD QRQ q GD HVFOXGHUH �DQFKH VH SHU LO PRPHQWR QRQ

VHPEUD SDUWLFRODUPHQWH VFDUGLQDQWH� XQD FDXVD LQWHUQD� GRYXWD DOOD QRQ FRP�

SOHWD XQLIRUPLWj GHO VLVWHPD� QRQ WXWWH OH YRFDOL WRQLFKH VRQR VRJJHWWH D PHWDIR�

QHVL� QRQ OR VRQR OD ^2`� OH UDUH YROWH FKH FRPSDUH QHL QRPL PDVFKLOL��� OD �«� �GL

YROWD LQ YROWD ^«` R ^H` VH � à2���� R OD ^L`��� LQROWUH TXHVWR WLSR GL IRUPD]LRQH GHO

�� *Lj DWWHVWDWR� SHU 6PP� GD %HUWRQL ������ ���� UÁW� UÈW� JDW� JKÈW� NDPS� NÈPS� ID�F� IÈ�F�

PDWÁ�F� PDWÈ�F� NDXG� NÍ�XG� DXW �DOWR�� èÓW �%HUWRQL QRQ VSLHJD TXHVWL GXH XOWLPL SOXUDOL� FKH

QRQ WURYDQR FRQIHUPD QHOOH PLH LQGDJLQL�� 8QD FXULRVLVVLPD �SHUFKp LVRODWD H QRQ ULSUHVD�

DQQRWD]LRQH GL 7DJOLDYLQL ����� ��� q ©LQ YDO 9LJH]]R LO SOXUDOH GL NDPS q NH �PSª� QRQ q

FLWDWD OD IRQWH� FRVD VWUDQD LQ 7DJOLDYLQL� QRQ VL PHQ]LRQD LO IDWWR FKH LO IHQRPHQR q DOPHQR

SDQRVVRODQR� /D YDO 9LJH]]R QRQ q RYYLDPHQWH PDL SL� FLWDWD ROWUH�

�� 8Q FDVR �O¶XQLFR ILQRUD ULVFRQWUDWR� PD VLFXUD DWWHVWD]LRQH D &RLPR� GL SURWRQLFD PH�

WDIRQHWLFD q 6ND�E(O�6N(�E(O �VJDEHOOR D TXDWWUR JDPEH� DOWHUQDWR DO IHPP� 6ND�E(OD�� HVLVWH SH�

Uz LQ ORPEDUGR DQFKH ODOWHUQDQ]D �GRSSLD� XUJDQqW�XUJKHQtW �FIU� 6DQJD ����� ����� 'RYH SUREDELOPHQWH VL FRQVHUYD LO UHOLWWR GHOOD IDVH >(@ � & à,5&8/8� SRL UHLQWHUSUHWDWR

H SDVVDWR D ^«`� G¶DOWURQGH VL VHQWH VSHVVR DQFKH 6(UF�6(U½� %HUWRQL ������ ��� ULSRUWD� SHU OD

PHWDIRQHVL GD �L� LQ 9LJH]]R ©H ����L HG èÉ���L ULVSHWWLYDPHQWH LQ èH���L HG L���L �X�FÉ �O� X�FèɹL� SUèÉY

>SUHWH@ SULY�� èR���L LQ L���L ��VSX�V� �VSL�V� I¹LXU� I¹LLU�� Ü LQ L �GÜU� GLU� PÜU� PLU� R ����L LQ èÉ �DWWUDYHU�

VR Ö�� NÒUS� NèÉUS� IRV� IèÉV�ª�� 1RQ SHUz TXHOOD GHOOH VXH IUD]LRQL DOWH� D 9DJQD OD PHWDIRQHVL VL FRQVHUYD DQFRUD YL�

WDOH �LQGDJLQL SHUVRQDOL���� &RPH LQ N2�U� 2V� W2N µFXRUH� RVVR� µ©WRFFRª� SH]]R¶� H DQFKH TXDQGR � $8� FRPH LQ WH�

]2U� HYLGHQWHPHQWH� LQ GLDFURQLD� VL WUDWWD� DOPHQR SHU LO SULPR FDVR� GL DQWLFKL QXWUL ODWLQL

GHOOD ��� QHL TXDOL GXQTXH QRQ VXVVLVWRQR OH FRQGL]LRQL SHU OD PHWDIRQHVL� 0D SHU LO SDUODQWH

VRQR GHJOL ©LQYDULDELOLª��� &IU� É«S�ÉHS� N«F�N«½�NH½� I«M�IHM µ]RSSR� FRWWR� IXRFR¶� LQ TXHVWR FDVR� VH VL DP�

PHWWH O¶HYROX]LRQH ^«` ! ^H` VL SXz ULWHQHUH FKH ©LQ UHDOWjª OD PHWDIRQHVL FL VLD� PD FKH L VXRL

,� '$//$ 3$57( '(/ ',$/(772/2*2 ��

SOXUDOH VL DSSOLFD VROR DG XQD FODVVH GL QRPL PDVFKLOL FKH� VH q EHQ LQGLYLGXDELOH

D OLYHOOR GL JUDPPDWLFD VWRULFD� LQ VLQFURQLD SXz HVVHUH GHOLQHDWD VROR DWWUDYHUVR

OLVWH OHVVLFDOL� R DO SL� WUDPLWH TXDOFKH HVSHGLHQWH PHFFDQLFR GL SRUWDWD OLPLWDWD

�*D� 6LO� E( O ( Y(UD��� NZML NXQ O H�O��� 6L O �(OO2 L �NDPEMDQ PLD G(QW¼U��� D1ND L

GLPLQX�LWYL EH¶� q YHUR� TXHOOL FRQ O¶ �HO� VL� O¶ �HOOR QRQ FDPELDQR GHQWUR« DQ�

FKH L GLPLQXWLYL¶�� /¶HVHPSLR GXQTXH GHL ORUR QRPL ©LQYDULDELOL �FIU� QQ� ��� ���

��� H GHO ORPEDUGR GL SLDQXUD SRWUHEEH PRVWUDUH DL YLJH]]LQL FKH OD GLVWLQ]LRQH

GL QXPHUR VL SXz RWWHQHUH DJHYROPHQWH DQFKH DWWUDYHUVR LO VROR DUWLFROR H FKH OD

PHWDIRQHVL q LQ TXDOFKH PRGR ULGRQGDQWH� 1RQ VHPEUD FKH SHU RUD TXHVWR LQVH�

JQDPHQWR GLD WURSSL IUXWWL� QHO PLR FRUSXV OD SUHVHQ]D GL IRUPH QRQ PHWDIRQHWL�

FKH LQ HYHQWL OLQJXLVWLFL FRPSOHWDPHQWH R SUHYDOHQWHPHQWH GLDOHWWDOL q DOTXDQWR

OLPLWDWD� VHPPDL OH VL WURYD LQ FRUULVSRQGHQ]D GL WULJJHULQJ SRLQWV FRPH RFFD�

VLRQH SHU FRPPXWD]LRQL GL FRGLFH R ULVWUXWWXUD]LRQL GHOOD IUDVH� R LQ FRQWHVWL LQ

FXL O¶LEULGD]LRQH WUD GLDOHWWL R WUD GLDOHWWR H LWDOLDQR q PROWR IRUWH�

,��������� $OWUH IRUPD]LRQL� 'L FRQYHUJHQ]D FKH JLXQJH DOO¶RPRORJD]LRQH VL

SXz LQYHFH SDUODUH SHU JOL DOWUL VLVWHPL GL IRUPD]LRQH GHO SOXUDOH PDVFKLOH� TXDOH

FKH VLD LO WLSR GL SDUWHQ]D���� WHQGRQR D FRPSDULUH IRUPH LQ �L� ULFDOFDWH HYLGHQ�

WHPHQWH VXOO¶LWDOLDQR�

,������� 3OXUDOH IHPPLQLOH�

,O SOXUDOH IHPPLQLOH� FKH KD FRPH PDUFKH GLVWLQWLYH OD YDULD]LRQH GL DUWLFROR

H O¶DVVHQ]D GHOOD �D ILQDOH GRYH SUHVHQWH �FRPH E(OD�E(O µEHOOD�H¶ H

YXOS�YXOSµYROSH�L¶� VHPEUD PROWR SL� UHVLVWHQWH� H OH IRUPH LQ �H VRQR DVVDL VSR�

UDGLFKH����

HVLWL VLDQR FRLQFLGHQWL FRQ TXHOOL GHO VLQJRODUH� &RPXQTXH L QRPL VRQR VHQWLWL FRPH ©LQYD�

ULDELOLª� 4XDQWR DOOD ^«` GD (� JHQHUDOPHQWH TXHVWL WHUPLQL SDUWHFLSDQR GL XQD GLYHUVD IRUPD�

]LRQH GHO SOXUDOH �FIU� PDUW«O�PDUWHO� PDUW«�M�PDUWH�M�� SHU 6«UF YHGL SRFR VRSUD��� $QFKH TXL SRWUHEEH HVVHUFL PHWDIRQHVL DO SOXUDOH� FKH RYYLDPHQWH QRQ SXz SURFHGHUH

XOWHULRUPHQWH ULVSHWWR DO VLQJRODUH� ,O ULVXOWDWR q FKH TXHVWL QRPL VRQR ©LQYDULDELOLª���� 0ROWR VLQWHWLFDPHQWH� WUH PRGL SULQFLSDOL WUDGL]LRQDOL GL IRUPD]LRQH� LO SOXUDOH PHWD�

IRQHWLFR� XQ SOXUDOH GHOHJDWR DOO¶DUWLFROR R DOO¶DFFRUGR DJJHWWLYDOH �SHU OH WRQLFKH FKH QRQ

IDQQR PHWDIRQHVL� R JOL RVVLWRQL� R L QRPL PDVFKLOL XVFHQWL LQ �D ��EDUED µ]LR¶�� XQ WLSR FRQ �L

SHU SDODWDOL]]D]LRQH GHOOD FRQVRQDQWH ILQDOH �PDU�WHO�PDU�WH�L µPDUWHOOR�L¶� IL�HO�IL�H�M >ILJOLR@� R

SHU VFRPSDUVD GL �1� �5RKOIV ���� � ���� ODP�SX1�ODP�SX�L µODPSRQH�L¶� PDjD1�PDjD�L µIDE�

EUR�L¶�� ,QROWUH LO WLSR GHJOL XVFHQWL LQ �L1� FKH VRVWLWXLVFH LO VXIILVVR FRQ �LW� UX�-L1�UL�-LW µFD�

QDOHWWR�L¶� YHGL &RQWLQL ���� H 5RKOIV ������� � ���D���� (VLVWRQR DOWUL GXH WLSL GL SOXUDOL IHPPLQLOL� TXHOOL LQ �D� �DQ �QRQ �D1� FRPH WX]D�WX�]DQ

µUDJD]]D¶ H TXHOOL LQ �L� OLPLWDWL D SDUWLFRODUL VHULH DJJHWWLYDOL� 4XHVWL QRQ SDUWHFLSDQR LQ

UHDOWj DOOD GLDOHWWLFD GHO FDPELR� SHUFKp QH q QRUPDOPHQWH VRVWLWXLWR O¶LQWHUR LWHP�

�� ,/ ',$/(772 3(5&(3,72

,������� )RUPD]LRQH GHO IXWXUR

6L WURYDQR WDORUD WUDFFH GHOO¶DQWLFD IRUPD]LRQH GL WLSR SHULIUDVWLFR 92/(5(

� �EHQH� � LQILQLWR��� EHQ SUHVHQWH QHOOH IUDVL LGLRPDWLFKH RUPDL FULVWDOOL]]DWH�

FRPH LQ 6PP�3L� X Y2O SH� ED�MD OD YXOS µPD DEEDLHUj SRL OD YROSH¶� QHO VHQVR GL

©YHUUj O¶LQYHUQR H VDUj SHJJLR SHU FKL QRQ KD SURYYHGXWRª¶ R X Y2O E( WL�UD L

6WUX�SLW µWLUHUj OH VWULQJKH OH FXRLD¶� PD WDORUD XGLELOH DQFRUD QHOOD OLQJXD SDU�

ODWD� 2U�2O X Y2 E( WXU�QD� DL VH] X�U µWRUQHUj DOOH VHL¶���� Ê SHUz XQD FRVWUX]LRQH

VHQWLWD FRPH ©VWUDQDª H PROWR DUFDLFD� DQFKH SHUFKp OH IRUPH �RUPDL� VLQWHWLFKH

FRQFRUUHQWL QRQ VRQR PHUH WUDGX]LRQL IRQHWLFKH GDOO¶LWDOLDQR� PD KDQQR UHDOL]]D�

]LRQL DXWRQRPH� HFFR LO SDUDGLJPD GL IXWXUR GL µDYHUH¶ D &RLPR����

PL D MD�U2 QXM«F D MD�U(P

WL W M«�UL YXM«F L MD�UL

OL� X D�UD OX�U L D�UD1

,������� 'HVLQHQ]H GHOOD SULPD SHUVRQD

6HQ]D SDUWLFRODUH VLJQLILFDWR GLDWRSLFR Qp GL UHD]LRQH VRFLDOH O¶DOWHUQDQ]D DOOD

SULPD SHUVRQD VLQJRODUH GHOO¶LQGLFDWLYR GL IRUPH XVFHQWL LQ FRQVRQDQWH R FRQ �

L���� /H IRQWL WHVWp FLWDWH LQ QRWD VRQR FRQFRUGL QHOO¶LQGLFDUH OH YDULDQWL LQ YRFDOH

FRPH LQQRYDWLYH� H� SHU DOFXQL� DSSDUWHQHQWL DOOD ©NRLQq ORPEDUGR�WLFLQHVHª

�.HOOHU LQ 3HWULQL ����� ����� RUD SHUz �FRQWUDULDPHQWH D TXDQWR VRVWHQXWR GD

8UHFK� OD ©QRUPDª GHL SDUODQWL YLJH]]LQL� TXHOOD GLFKLDUDWD� SUHYHGH OD �L� VHQ]D

HFFH]LRQL� /H HFFH]LRQL FL VRQR LQYHFH QHO SDUODWR� PD FXULRVDPHQWH VRQR SL� L

JLRYDQL DG XVDUH OH IRUPH LQ FRQVRQDQWH� FIU� *D�0DQ QHO PMR �2UWR VWD QD6HQGR O

��� &IU� 8UHFK ����� �� VV� H SDUW� ����� 0DJLVWULV ����� ��� GLFH FKH ©LO IXWXUR q SRFR XVDWR HG q VRVWLWXLWR FRQ DOWUH IRUPH R

FRQ LO SUHVHQWH LQGLFDWLYR VHJXLWR GD DWP�DQ �GRPDQL�� HV� LR DQGUz D YÉL EÈ µQGÀ RSSXUH D

YÀM DWP�DQ�ª� UHDOL]]DQGR QHOO¶HVHPSLR OD IRUPD FKH QRQ ULFRQRVFKH QHOOD WUDWWD]LRQH���� &RQWUROODWR QHOOH QRUPDOL FRQYHUVD]LRQL� H FRVu VFLRULQDWR GD &R�&DUOR���� 3HU OD TXDOH FIU� 5RKOIV ���� � ��� H 3HWULQL ����� �������� DPSLDPHQWH VXO SUREOH�

PD 8UHFK ����� �� >FLWR GDOOD PLD WUDGX]LRQH LQ FRUVR GL VWDPSD� OD SDJLQD q TXHOOD

GHOO¶RULJLQDOH@ ©,O WLSR VHQ]D YRFDOH ILQDOH &$172 ! NDQW q PROWR HVWHVR H DUULYD YHUVR VXG

ILQR DO 3� ��� GHOO$,6 �0RQWHPDUFLDQR�� &RSUH WXWWD O(PLOLD� TXDVL OLQWHUR 3LHPRQWH >VLF@

HG q SURSULR GHOO2VVROD H GHOOD 9DOVHVLD >«@ 6HFRQGR .HOOHU LO WLSR NDQW VRSUDYYLYHUHEEH

EHQH VROR LQ 2QVHUQRQH H QHOOH &HQWRYDOOL� 7XWWDYLD L PDWHULDOL GHO 96, PRVWUDQR XQD SL� YD�

VWD GLIIXVLRQH� QHO FRUVR GHJOL XOWLPL �� DQQL VL q DVVLVWLWR DG XQ FRVSLFXR H JHQHUDOH DYDQ�

]DPHQWR GHOOH IRUPH LQ �L�ª 5LFRUGR FKH OH &HQWRYDOOL VRQR OD SURVHFX]LRQH HOYHWLFD GHOOD YDO

9LJH]]R� PHQWUH O¶2QVHUQRQH QH q XQD YDOOH FRQILQDQWH�

,� '$//$ 3$57( '(/ ',$/(772/2*2 ��

LQVD�ODWD��� R D1�NXUD OD �Y(J PLD SD�U2 µQRQ OD YHGR DQFRUD� SHUz¶� H TXHVWR DQFKH

VH OD IRUPD LQ �L SHUWLHQH D /RFDUQR H $VFRQD� H D 'RPRGRVVROD����

,������� 6WR� 'R� 9DGR� )DFFLR

4XHVWL YHUEL IRUPDQR XQD VHULH DOOD SULPD SHUVRQD VLQJRODUH GHO SUHVHQWH LQ�

GLFDWLYR� H SUHVHQWDQR OH GRSSLH IRUPH 6WDM�6WX� YDM�YX� GDM�GX� IDM�IX� OH SULPH

VRQR DQFRUD EHQ VDOGH���� PD FRPSDLRQR VSHVVR DQFKH OH VHFRQGH �TXDVL HVFOXVL�

YD OD IUDVH 6WX NL VWR TXL¶�� VHQ]D SDUWLFRODUH YDULD]LRQH GLDWRSLFD�

,������� 3DUWLFLSL SDVVDWL

, FRQVXHWL YHUEL DQGDUH� IDUH� VWDUH� GDUH� GLUH� YHQLUH� SUHQGHUH �72//(5(�

SUHVHQWDQR WUH IRUPH LQ FRQFRUUHQ]D� O¶XOWLPD GHOOH TXDOL q SUREDELOPHQWH GL RUL�

JLQH QRQ DXWRFWRQD���� LO PRGHOOR q SHU HVHPSLR IDF�ID½�IDM �RFFDVLRQDOPHQWH DQ�

FKH IRUPH IDW�� IDFD�^ID½D`�IDMD� ,Q TXHVWR FDVR q OD IRUPD IDM DG HVVHUH GLFKLDUDWD

FRPH �$O�%DWW�� HFFHVVLYDPHQWH PRGHUQD� R QRQ GHO QRVWUR GLDOHWWR� OH IRUPH

FRQ O¶RFFOXVLYD�DIIULFDWD VRQR LQ HIIHWWL PDJJLRULWDULH LQ WXWWD OD 9DOOH� PD OD SUH�

VHQ]D GHOOH DOWUH QHOOD FRQYHUVD]LRQH QRQ SURYRFD DOFXQD UHD]LRQH� GD TXDQWR PL

q GDWR GL LQWXLUH QRQ q QHPPHQR VSLD GL XQ LPPLQHQWH FRGH VZLWFKLQJ� 9D QRWDWR

FKH OD IRUPD LQQRYDWD VL VFRQWUD D OLYHOOR GL VWUXWWXUD FRQ LO IDM GL �� SHUV� VLQJ�� LO

FR]]R YLHQH ULVROWR LQ VHQVR DUFDL]]DQWH GDOOD QRUPD� H LQ PRGR YDULDELOH GDO

VLQJROR SDUODQWH� 1RQ KR GDWL VSHFLILFL LQ PHULWR� PD OD PLD LPSUHVVLRQH q FKH�

QHOOR VWHVVR HYHQWR OLQJXLVWLFR� VL DWWXL XQD VWUDWHJLD FKH WHQGH VH q SRVVLELOH DG

HYLWDUH OH RPRQLPLH WUDPLWH R O¶DGR]LRQH GHOOD QRUPD �TXL Vu LQ VHQVR IXQ]LRQDOH

H QRQ VROR LGHRORJLFR� R FRQ LO VXR ULILXWR WRWDOH �H GXQTXH HQWUDPEH OH IRUPH

LQQRYDWLYH QRQ SURGXFRQR SL� DOFXQ DWWULWR� R FRQ O¶XVR GL YROWD LQ YROWD GL XQD

SDUWLFRODUH ©JUDPPDWLFDª FKH SHUPHWWD OD GLIIHUHQ]LD]LRQH�

6WDF�6WD½�6WDM VXSSOLVFH DO SS� GL ©HVVHUHª� PHQWUH SHU ©DYHUHª VL KD

EL��ZXW�D�ZXW�D�YXW� OD IRUPD IRUWH EL� q DQFRUD QHOO¶XVR GHOOH SUHVRQH DQ]LDQH����

PD q LQ QHWWR GHFOLQR� OD VXD HFFHVVLYD SUHVHQ]D QHOOD SDUODWD GL XQD UDJD]]D� SHU

HVHPSLR� SURYRFD UHD]LRQL FRQIXVH FRPH ©PD FRPH SDUOL� FRVD GLFL� FRV¶KDL RJ�

��� '¶DOWURQGH FIU� 7HUUDFLQL ����� ��� ©DFFDGH FKH OH IRQWL SL� DUFDLFKH VL SRVVDQR WRYD�

UH DOO¶DYDQJXDUGLD GHOOD ORUR JHQHUD]LRQH R FKH� QHJOL LQGLYLGXL SL� SURSHQVL DG LQQRYDUH� VL

PDQWHQJDQR DOFXQL DUFDLVPL� FRQ VLQJRODUH WHQDFLDª�

��� &IU� *D�0DQ H YDG DO EDU YDGR��� YDM SH- Q ÂLU VL S(L EDU �NX]L QRQ VR µH YDGR DO

EDU« YDGR SRL LQ JLUR� QRQ VR¶ RSSXUH )RO� &�$� D IDM �V(PSDU Q� VDZ�WL1 DO EDU µIDFFLR VHP�

SUH XQ VDOWLQR DO EDU¶���� &IU� 3HWULQL ����� �������� H LQ SDUWLFRODU PRGR OD Q� �� 9HGL DQFKH 0RUHWWL ����� ���

����� &IU� *D�]LD O D EL� XO EXQ V(QV GD IDOD ULWL�UD� µKD DYXWR LO EXRQ VHQVR GL IDUOD DQGDU

YLD¶�

�� ,/ ',$/(772 3(5&(3,72

JLª���� ULPDQH DEEDVWDQ]D VDOGD QHOO¶HVSUHVVLRQH D M2 EL� GD KR DYXWR GD KR

GRYXWR¶� LQ WXWWH OH SHUVRQH�

,������� &DPELDPHQWL GL JHQHUH

/LPLWDWL DOOH DIIHUPD]LRQL GL SULQFLSLR H� QHOO¶XVR� DOOH SHUVRQH DQ]LDQH� VRQR

DOFXQL FDPELDPHQWL GL JHQHUH ULVSHWWR DOO¶LWDOLDQR� WUD FXL OD VDO LO VDOH¶ OD VL�GXU

LO VXGRUH¶ XO SL�-«O�SL�«O�SL�ÂHO OD SHUD¶� TXHVW¶XOWLPR FDVR q SHUz XQ¶HQWUDWD

OHVVLFDOH LQGLSHQGHQWH� LQ RJQL FDVR LO JHQHUH q FDPELDWR�

9DQQR LQROWUH QRWDWL GXH FDPELDPHQWL GL JHQHUH GLDOHWWDOL FKH SHUPDQJRQR�

QHOO¶XVR YLJH]]LQR� DQFKH LQ LWDOLDQR� WUD TXHVWL µDOSH¶ �QHO VHQVR GL DOSHJJLR

HVWLYR� ©q XQ EHOO¶DOSH ULSDUDWRª H µJHUOR¶ �LQYHFH FKH JHUOD�� ©SRUWD LO JHUORª�

DGGLULWWXUD µJHUOR¶ q VROR LWDOLDQR� SHUFKp LO GLDOHWWR LPSLHJD DOWUL WLSL OHVVLFDOL

�6Z«UMD H 6IL�UMX1 D &RLPR� GD &,%$5,$�8� GHL TXDOL LO VHFRQGR PDVFKLOH��

,����� /HVVLFR

$G XQD DQDOLVL GL TXHVWR WLSR VIXJJH SHUz XQD GHOOH GLPHQVLRQL SL� VRJJHWWL�

YDPHQWH LPSRUWDQWL GHOO¶HVSHULHQ]D GHOOD YDULDELOLWj OLQJXLVWLFD� O¶DVSHWWR OHVVL�

FDOH� ,QYHUR� D SDUWH OH DQQRWD]LRQL FKH LQGLYLGXDQR UHJRODULWj IRQHWLFKH �©ORUR

SDUODQR WXWWL FRQ OD Hª�� OH GLIIHUHQ]H WUD GLDOHWWR H GLDOHWWR YHQJRQR SHU OD PDJ�

JLRUDQ]D LQGLFDWH FRPH GLIIHUHQ]H ©GL SDUROHª���� 7UD TXHVWH YDQQR RYYLDPHQWH

SRVWL TXHL WHUPLQL FKH YDULDQR VROR IRQLFDPHQWH GD XQD YDULHWj DOO¶DOWUD R GD

TXHVWH DOO¶LWDOLDQR���� L PLHL GDWL DQ]L VHPEUDQR LQGLFDUH FKH VRQR SURSULR OH DO�

WHUQDQ]H GL XQ WDOH JHQHUH DG HVVHUH SUHVH LQ FRQVLGHUD]LRQH GDL SDUODQWL� ,QIDWWL q

HYLGHQWH OD SUHVHQ]D� DVVDL ULOHYDWD H FRPPHQWDWD GDL SDUODQWL� GL SDUROH�EDQGLHUD

OHVVLFDOPHQWH GLYHUVH FKH RSSRUUHEEHUR XQ SDHVH DOO¶DOWUR� WLSLFD� SHU IDUH XQ

HVHPSLR VSHVVR ULFRUUHQWH LQ 9DOOH� OD SDUROD SHU µFXOOD¶� FKH VXRQD �NLQD WUD JOL

DOWUL D 6DQWD 0DULD 0DJJLRUH H NUD�Y(W D &UDYHJJLD� SRFKL FKLORPHWUL SL� D HVW� R�

DQFRUD SL� VLJQLILFDWLYD SHUFKp RPRHWLPD� OD FRQWUDSSRVL]LRQH WUD OD �NDZUD FD�

SUD¶ GHOOD SDUWH RFFLGHQWDOH GHOOD 9DOOH H OD �NUDYD GL TXHOOD RULHQWDOH� /D JUDQGH

��� 'L XQD UDJD]]D FXL DYHYR FKLHVWR GL SDUODUH FRVu �SHU HVHPSLR SURGXFHQGR IUDVL FRPH

D M2 EL� 6WX OLEDU GD OD Q2QD µKR DYXWR LO OLEUR GDOOD QRQQD¶ WRUQHUHPR DO � ,,,��� VX

TXHVW¶HVSHULPHQWR SHU OD SDUWH PHWRGRORJLFD� SHU RUD VL QRWL FKH OD FRPSUHQVLRQH q FRPXQ�

TXH DVVLFXUDWD���� 2OWUH FKH GL FDGHQ]D H ULWPR� OD FXL LQIOXHQ]D q LQ 9DOOH DQFRUD GD HVSORUDUH���� %HUUXWR ����� ��� Q �� SDUODQGR GHOOH ULOHVVLFDOL]]D]LRQL GHL GLDOHWWL VXOO¶LWDOLDQR DU�

JRPHQWD FKH XQD EXRQD SDUWH GHO OHVVLFR q FRPXQH DL VLVWHPL LQ FRQWDWWR ©IDWWH VDOYH RYYLD�

PHQWH OH GLIIHUHQ]H IRQHWLFKH H GL IRUPD GHOOD SDURODª >FRUVLYR PLR@� RUD SHUz D OLYHOOR GL

SDUROH �H GL DXWRFRVFLHQ]D GLDOHWWDOH� VRQR L IHQRPHQL IRQHWLFL D FRVWLWXLUH OD GLIIHUHQ]D�

TXDQG¶DQFKH FL ULIOHWWHVVH� q GLIILFLOH FKH LO SDUODQWH QRQ VHQWD GLIIHUHQ]H VRVWDQ]LDOL� GL SD�

UROH� WUD XQD IRUPD FRPH DU�F«UMD > /(&7,(5$ ! /(&7(5,$ ! ONW«UMD ! DONW«UMD ! DUF«UMD@ H

LO VXR HVDWWR FRUULVSRQGHQWH RPRHWLPR µOHWWLHUD¶�

,� '$//$ 3$57( '(/ ',$/(772/2*2 ��

PDJJLRUDQ]D GL TXHVWL WHUPLQL VL ULIHULVFH D RJJHWWL R DWWLYLWj WUDGL]LRQDOL� R DG

DQWLFKH GLIIHUHQ]LD]LRQL SHUFHWWLYH FKH DGHVVR QRQ KDQQR SL� FRUVR��� �OD VWHVVD

�NLQD�NUD�Y(W GL OHJQR LQWDJOLDWR q RUPDL XQ RJJHWWR GL DUUHGDPHQWR� (G q VRVWL�

WXLWD GDOOD NDUX�¹LQD� SDUROD GL HYLGHQWH XQLIRUPLWj GLDWRSLFD�� ,O OHVVLFR HIIHWWL�

YDPHQWH XVDWR LQ 9DOOH SUHVHQWD DOORUD XQD FHUWD XQLIRUPLWj� H O¶XQLFD YDULD]LRQH

SRVVLELOH D OLYHOOR GHOOH ©SDUROH GLYHUVHª ULFRQRVFLXWH GDL SDUODQWL q TXHOOD IRQH�

WLFD� 6L VD SHUz FKH TXHVWH GLIIHUHQ]H F¶HUDQR� ILQR D WHPSL DQFKH SLXWWRVWR UH�

FHQWL���� H SHUFLz VRQR ULPDVWH� UDGLFDWH QHOOD FRVFLHQ]D� VRUWD GL EODVRQL SRSRODUL

FKH KDQQR �DYXWR� SHU JOL DQ]LDQL XQ DJJDQFLR UHDOH� PD FKH SHU L JLRYDQL VRQR

VROWDQWR OH VSLH GL XQ DSSURFFLR PHGLDWR�

'XQTXH q SURSULR QHO OHVVLFR FKH DYYLHQH TXHOOD FRQYHUJHQ]D FKH IDFFLDPR

SL� IDWLFD D ULFRQRVFHUH QHJOL DOWUL OLYHOOL OLQJXLVWLFL� XQD FRQYHUJHQ]D GHO VLQJROR

SDUODQWH �SURSULR SHUFKp LO OLYHOOR GHO OHVVLFR q TXHOOR SL� LQGLYLGXDWR D OLYHOOR

SHUVRQDOH� FKH VRVWLWXHQGR LWHP LQDQDOL]]DWL SRUWD DOO¶©RPRJHQHL]]D]LRQH GHOOH

EDVL OHVVLFDOL DWWUDYHUVR XQ SURFHVVR GL VHOH]LRQH� R DWWUDYHUVR O¶LQWURGX]LRQH

QHOOD />LQJXD@ 6>XEDOWHUQD@ GL IRUPD OHVVLFDOL GHOOD / (>JHPRQH@ WUDGRWWH IRQHWL�

FDPHQWHª �6DQJD ����� �����

&¶q XQ¶ DUHD VHPDQWLFD LQ SDUWLFRODUH LQ FXL O¶DWWULWR �FURQRORJLFR� FRQ YDULD�

]LRQL GLDWRSLFKH SRFR VLJQLILFDWLYH� q WXWWRUD LQ DWWR� HG q TXHOOD UDSSUHVHQWDWD

��� 5LJRJOLRVLVVLPD H SLXWWRVWR YDULDWD HUD OD WHUPLQRORJLD GHOOD FDVWDQLFXOWXUD� PD GHOOH

WDVVRQRPLH SRSRODUL OD FXOWXUD RGLHUQD GHOOD 9DOOH QRQ KD SL� ELVRJQR� FRPH SXUH QRQ KD EL�

VRJQR GHO GHWWDJOLDWR VLVWHPD GL LQGLYLGXD]LRQH GHOOH SDUHQWHOH FKH DWWULEXLYD DG RJQL JUDGR

XQ QRPH GLYHUVR� OH TXHVWLRQL HUHGLWDULH RUD VL ULVROYRQR GLYHUVDPHQWH� H TXDQWR D TXHOOH YL�

FLQDOL R SDWUL]LDOL PDQFD RUPDL ©OD PDWHULD VWHVVD GHO FRQWHQGHUHª� 'D QRWDUH FKH� PHQWUH VL

GLFKLDUDQR HVVHUH �ODQGD H �EDUED L QRPL ORFDOL SHU µ]LD¶ H µ]LR¶� QHO PLR FRUSXV VSRQWDQHR

FRPSDLRQR TXDVL HVFOXVLYDPHQWH OH IRUPH ÉLD H ÉLR�ÉLX� OH SRFKLVVLPH RFFRUUHQ]H GL EDUED

VRQR OHJDWH D VRSUDQQRPL RUPDL TXDVL LQDQDOL]]DELOL �FRPH �EDUED WX�QLQ µ]LR $QWRQLR¶�

FKLDPDWR FRVu DQFKH GD FKL QRQ q VXR QLSRWH�� PHQWUH �ODQGD q SUHVHQWH LQ XQ UDFFRQWR GL DQ�

WLFKL WHPSL IDWWR GD $O�0DU�� LQ XQD OHJJHQGD UDFFRQWDWDPL GD 9L�%HQ� � VL QRWLQR L FRQWHVWL �

QRQFKp LQ TXHVWR GLDORJR GL &RLPR �&R�1RQQR q LO PDULWR GL &R�*L�� VHWWDQWHQQH� FRQWDGLQR�

&R�(OL� q XQD QLSRWLQD GL VHL DQQL� GHO SDHVH��

&R�*H DM �YLVWR NH E(OOD I2WR NH DQ �IDWR DOOD Q2��� DOOD �ODQGD

&R�1RQQR (��� O DQ IDFD D �P2¹MR

&R�(OL� PP��� NZ(OD WH�G(6ND��� OD ODQGD ÂR�YDQQD

>*H� KDL YLVWR FKH EHOOD IRWR FKH KDQQR IDWWR DOOD QR« DOOD ]LD"�1RQQR� HK� JOLHO¶KDQQR

IDWWD D 0R]]LR�(OL� PP« TXHOOD WHGHVFD« OD ]LD *LRYDQQD@� Ê SHUDOWUR SRVVLELOH FKH� HVVHQ�

GR OD �ODQGD ÂR�ZDQD DQ]LDQD H FRQWDGLQD� DQFKH TXHVWR VLD XQ VRSUDQQRPH DWWULEXLWROH XQD

YROWD SHU WXWWH���� 3HU HVHPSLR XQ DOWUR VHWWRUH GDOOD YDVWD H GLIIHUHQ]LDWD WHUPLQRORJLD HUD TXHOOR UHODWL�

YR DOOD FROWLYD]LRQH H DO WUDWWDPHQWR GHOOD FDQDSD� O¶DWWLYLWj IX DEEDQGRQDWD DOO¶LQL]LR GHJOL

DQQL FLQTXDQWD� H IRUVH RUD QH SRVVLDPR UDFFRJOLHUH OH XOWLPLVVLPH WHVWLPRQLDQ]H�

�� ,/ ',$/(772 3(5&(3,72

GDL QRPL GHJOL RUWDJJL���� OD SUDWLFD GHOO¶RUWLFXOWXUD QRQ q DQFRUD VFRPSDUVD�

SURYRFDQGR OD SHUGLWD GHOOD UHODWLYD WHUPLQRORJLD���� H G¶DOWUD SDUWH JOL RUWDJJL OL

QRPLQDQR WXWWL� DQFKH TXHOOL FKH YHQJRQR GDL PHUFDWL GL SLDQXUD R YDQQR DL VX�

SHUPHUFDWL GL 'RPRGRVVROD R $VFRQD� 1HO SUHVHQWDUH TXHVWH DOWHUQDQ]H ULSRUWR

DQFKH TXHOOH GL 0RUHWWL ����� ��� SHU IDFLOLWDUH FKL IRVVH LQWHUHVVDWR D LVWLWXLUH

XQ FRQIURQWR� QRWR SHUz VROR L WHUPLQL SHU FXL OD GLIIHUHQ]D q GL WLSR OHVVLFDOH �R

DVVLPLODELOH� SHUFKp� GLYHUVDPHQWH GD FLz FKH DFFDGH D &HYLR� FKH q XQ XQLFR

SXQWR JHRJUDILFR� TXL OD GLYHUVLWj IRQHWLFD SXz HVVHUH GRYXWD D IDWWRUL GLDWRSLFL�

6L DYYHUWH FKH SHU DOFXQL WHUPLQL OD IRUPD ©WUDGL]LRQDOHª SXz QRQ HVVHUH SL� SUH�

VHQWH QHOOD SUDWLFD GHOOD SDUODWD GHL FHQWUL SL� LQQRYDWRUL� WXWWH OH SDUROH VRQR SH�

Uz FRQRVFLXWH GDOO¶LQWHUD FRPXQLWj YLJH]]LQD�

9LJH]]R

WUDGL]LRQDOH

9LJH]]R

QXRYR

LWDOLDQR &HYLR ©$ª &HYLR ©%ª

WDU�WLIXO

S2PG(�W(UD

SD�WDWL���

SD�WDWD SDWDWD WDUWLIXO SDWDWD

DU�EMXQ SL�](O SLVHOOR DUE�M SL]H�OOL

EXU�GX1�UDZD UDYD UDSD ERUGèÓP UDYD

jLI��� ND�U2WXOD FDURWD ÑLI NDUÓ�WROD

�V(ODU �VHGDQ�

�VHGDQR

VHGDQR WVÉ�ODU VèÉGDQR

HUEX�UL1 SU(�¹(PXO SUH]]HPROR SDGUHVèÉHgá SUHWVèHPRO

WR�PDWLV SRPR�GRU SRPRGRUR WRPÁWL]D WRPDWLV

JX]PD�UL1 UR]PD�UL1 URVPDULQR JÜ�]PDUÍgá UR�]PDUÍgá

NXU�QLW NXU�QLW�IDÂXOLQ IDJLROLQL NRUQÍW�ID]ROÍW NRUQLW

SDYD�UX1 SHSH�UR1 SHSHURQH SDYDUèÓRM �SO� SHYHUèÓá

��� &IU� 0RUHWWL ����� ������ OD VLWXD]LRQH GL &HYLR SUHVHQWD XQ DOWLVVLPR JUDGR GL FRLQ�

FLGHQ]D FRQ TXHOOD YLJH]]LQD� QHL SUHVXSSRVWL FRPH QHJOL HIIHWWL� 3RWUHL DQ]L ULPDQGDUH FRP�

SOHWDPHQWH DO WHVWR� VH QRQ IRVVH SHU PLQLPH GLIIHUHQ]H IRQHWLFKH H OHVVLFDOL���� ,Q UHDOWj QRQ WXWWH OH DWWLYLWj WUDGL]LRQDOL VRQR VFRPSDUVH� D &RLPR q FRPH VL q DFFHQ�

QDWR LQ IXQ]LRQH XQD ODWWHULD VRFLDOH� H QHL FRQIURQWL GHOOD SURGX]LRQH GL EXUUR H IRUPDJJLR

OD WHUPLQRORJLD DGRWWDWD q FRPSOHWDPHQWH GLDOHWWDOH� DQFKH VH QHOO¶XVR RGLHUQR SHUGH SDUWH GL

TXHOOH GLVWLQ]LRQL ULFRUGDWH RUPDL VROR GDJOL DQ]LDQL� LO SUREOHPD q SHUz TXL FKH VL WUDWWD TXD�

VL GL XQD HQFODYH VHPDQWLFD LVRODWD GRWDWD GL XQ SURSULR OLQJXDJJLR VHWWRULDOH H VSHFLDOLVWLFR�

FKH QRQ SDUWHFLSD DOOR VFDPELR GLDOHWWLFR WUD YHFFKLR H QXRYR� /¶LQFLGHQ]D OLQJXLVWLFD GL WDOL

WHUPLQL H TXHOOD FXOWXUDOH GL WDOL PHWRGRORJLH q GXQTXH RJJL SUHVVRFFKp QXOOD� GRYHVVHUR SX�

UH HVVH WUDPDQGDUVL QHOOH JHQHUD]LRQL���� )RUPD WLSLFD GL &RLPR� VLQJ� PDVFK�� LQ SD�WDWL GXM SD�WDWL���� 3HU XQD UHFHQWH DQDOLVL GL TXHVWD IRUPD VL SXz YHGHUH $UHQD ����� ��������

,� '$//$ 3$57( '(/ ',$/(772/2*2 ��

&L VRQR HYLGHQWHPHQWH GHL SUHVWLWL DQFKH SRFR DGDWWDWL GDOO¶LWDOLDQR QHOOH YD�

ULHWj LQQRYDWLYH� LO SXQWR LQWHUHVVDQWH VHPEUD SHUz HVVHUH FKH DQFKH TXL� FRPH D

&HYLR H LQ YDO G¶$QGRUQR �%HUUXWR ����� �� VXL QRPL GHOO¶DJQHOOR� OD GLYHUVLWj

OHVVLFDOH KD ILQLWR FRO ULVROYHUVL LQ XQD GLYHUVLWj VHPDQWLFD� jLI R DU�EMX�L VRQR OH

FDURWH L SLVHOOL FKH VL FROWLYDQR� PHQWUH ND�U2WXO H SL�](M VRQ TXHOOL FKH VL FRPSUD�

QR� TXHVW¶XOWLPD IRUPD VHPEUD SUHYDOHUH DQFKH SHU LO FDVR LQ FXL QRQ q SL� SRV�

VLELOH RSHUDUH XQD WDOH GLVWLQ]LRQH� FLRq GDYDQWL DJOL RUWDJJL FRWWL� VL PDQJLD

�VHGD1� DQFKH VH VL q FROWLYDWR �V(ODU� 6L FKLDULVFH DQFKH SHUFKp DOFXQL WHUPLQL

VLDQR LQ GLVXVR� SRQLDPR� D 6DQWD 0DULD 0DJJLRUH� VHPSOLFHPHQWH VL YD DO QH�

JR]LR H QRQ VL FROWLYD O¶RUWR� Ê HYLGHQWH DQFKH TXL LO FRQIOLWWR LQ DWWR WUD QHWZRUN

GL GLYHUVD HVWHQVLRQH� SHU TXDQWR WURYR GLIILFLOH FKH FL VLDQR DQFRUD DQ]LDQL

FRQWDGLQL FKH PDQJLDQR VROR jLI �FLRq FDURWH GD ORUR FROWLYDWH�� SHUz PROWL RUPDL

LQ YDOOH PHWWRQR LQ WDYROD VROR ND�2WXO� OD FRQYHUJHQ]D H O¶RPRORJD]LRQH OHVVL�

FDOH VRQR GLHWUR O¶DQJROR�

,����� 8QR VJXDUGR G¶LQVLHPH

7HQWLDPR RUD GL FRQGHQVDUH LQ XQD WDEHOOD OH GLYHUVH WLSRORJLH GHL IHQRPHQL

FXL DEELDPR DFFHQQDWR� SHU FRPH VRQR FRQFHSLWL GDL SDUODQWL�

)HQRPHQR 9DULDQWL 'LDWRSLFR 'LDFURQLFR 5LFRQRVFLXWR 6DQ]LRQH

HVSOLFLWD

(YLWDWR

?8 L�\

X�\���� � � � �

à¨� à2 «�«

«�H

H�H� � � � �

à,� ?( (�H � � � � �

$�/�&RQ DO�DZ � � � � ����

�$5,86 (�D�U � � � � �

&DGXWD GHOOD

�� SURWRQLFD ����� � � � � �

�H���L� SUR�

WRQLFL

�D� FRQVHU�

YDWL

� � � � �

)HQRPHQR 9DULDQWL 'LDWRSLFR 'LDFURQLFR 5LFRQRVFLXWR 6DQ]LRQH

HVSOLFLWD

(YLWDWR

0HWDI� VL�QR � � � � �

D� DWRQD

D��� � � � � �

��� &IU� GLVFXVVLRQH VHJXHQWH SHU LO ©WDVVR GL DUFDLVPRª���� 6DOYR FKH QHO VDQGKL HVWHUQR GHOOD SUHSRVL]LRQH�

�� ,/ ',$/(772 3(5&(3,72

�L L�� � � � � �

&� * �9SDO 6�½��¹�

-���� � � � � �

-� -���� � � � � �

&� * �9YHO ���N�� �J�

� � � � �

/DELDOL LQ�

WHUYRFDOLFKH Z�Y � � � � �

�35� �%5�

YDUv � � � � �

�9 Z�I � � � � �

: Y�JZ � � � � �

6� 6�V � � � � �

./�*/

F�½��¹�

e� � � � � �

&7�*'

F�½�W

e� � � �

�

�� SHU W� �

1J �

9SDO���

-����

6�½��¹� � � � � �

)XWXUR 9ROHUH �

LQI�IXW�

� � � � �

,�SHUV� �L�� � � � � �

,� SHUV� �VWR�

YDGR� IDF�

FLR HFF��

6WDL�6WX � � � � �

3DUW� SDVV

�VWR� YDGR�

IDFFLR HFF��

IDF�ID½�IDM � � � ��� �

D� QHOOD FRORQQD ©YDULDQWLª TXHVWH VRQR SUHVHQWDWH GD VLQLVWUD D GHVWUD VHFRQGR

XQ RUGLQH �HVWHUQR� GL WLSR HWLFR� FLRq SHUWLQHQWH DO ULFHUFDWRUH� FKH YD GDOOD

PDVVLPD DUFDLFLWj�LVRODWH]]D JHRJUDILFD DOOD PDVVLPD LQQRYD]LRQH�SUHVHQ]D

QHL FHQWUL HJHPRQL� 6RQR SRVWH WUD SDUHQWHVL OH YDULDQWL �GHOOD VROD 0DOHVFR�

FKH� SXU SUHVHQWL VXO WHUULWRULR� QRQ SDUWHFLSDQR DOOD GLDOHWWLFD GHO FDPELR

QHOOD SHUFH]LRQH GHL SDUODQWL�

E� SHU ©��� GLDWRSLFRª LQWHQGR FKH OD YDULDQWH KD �R QRQ KD� QHOO¶RSLQLRQH GHJOL

LQIRUPDWRUL XQD SUHYDOHQWH FRQQRWD]LRQH GLDWRSLFD�

F� LO WUDWWR ©��� GLDFURQLFRª q SL� GHOLFDWR GD GHILQLUH� RYYLDPHQWH RJQL IHQRPH�

QR GL FDPELR VL GLVSRQH OXQJR XQ DUFR WHPSRUDOH� SHUFLz OD GLPHQVLRQH GLD�

FURQLFD q VHPSUH SUHVHQWH� TXL ©�ª VLJQLILFD FKH SHU L SDUODQWL OD SULPD GHOOH

��� 2 DVVLPLODELOL��� 6DQ]LRQDWD OD IRUPD LQQRYDWLYD�

,� '$//$ 3$57( '(/ ',$/(772/2*2 ��

GXH YDULDQWL FDUDWWHUL]]D OD OLQJXD GHOOH JHQHUD]LRQL SL� DQ]LDQH� R OD OLQJXD

GHO SDVVDWR �DQFKH VH FUHGXWD WDOH�� ©�ª VL ULIHULVFH DOOH GLYHUVH FRQQRWD]LRQL

FKH OD YDULDELOH SXz DVVXPHUH QHOOH YDULH FRPXQLWj� GRYH OH YDULDQWL VRQR VWD�

ELOL]]DWH �QRQ LPSRUWD TXDOH WUD TXHOOH FRQFRUUHQWL� DVVXPH LO VHJQR ©�ª� GRYH

OD VRVWLWX]LRQH q LQ DWWR H LO PRYLPHQWR LQQRYDWLYR q ULFRQRVFLXWR FRPH WUDQ�

VJHQHUD]LRQDOH KD LO VHJQR ©�ª� OR ©�ª LQGLFD FKH SHU TXHVWD FDWHJRULD OD YD�

ULDELOH QRQ q SHUWLQHQWH�

G� TXDQWR DO ©��� ULFRQRVFLXWRª LQGLFD OD FRQVDSHYROH]]D �R QR� GHL YLJH]]LQL

FKH O¶LWHP LQ TXHVWLRQH q VRJJHWWR D YDULD]LRQH QHO WHPSR R QHOOR VSD]LR� OR

©�ª� FKH FRPSDUH VROR LQ FRUULVSRQGHQ]D GHOOD ©FDGXWD GHOOD �� SURWRQLFDª

LQGLFD DQFKH TXL FKH LO WUDWWR QRQ q SHUWLQHQWH� RVVLD FKH LO PXWDPHQWR YLHQH

FRQFHSLWR FRPH FDPELR GL WLSR OHVVLFDOH�

H� ©��� VDQ]LRQH HVSOLFLWDª PRVWUD OD IHGHOWj GLDOHWWDOH HVSOLFLWD� RVVLD GLFKLDUDWD�

GHL SDUODQWL� VL ULIHULVFH DOOD SUHVHQ]D�DVVHQ]D GL JLXGL]L GL WLSR QHJDWLYR �DQ�

FKH VHPSOLFHPHQWH ©q EUXWWRª� ©q YHFFKLRª� ©q UXVWLFRª FROOHJDWL DOOD YDULDQ�

WH� LO ©�ª FDUDWWHUL]]D DQFKH TXL OD VLWXD]LRQH LQ FXL SUHVVR DOFXQH FRPXQLWj LO

WUDWWR q JLj VHQWLWR FRPH PROWR DUFDLFR H SUHVVR DOWUH QR�

I� TXHVW¶XOWLPD FRORQQD PRVWUD OD YLWDOLWj GHOOD YDULDQWH DUFDLFD �FIU� D� QHO SDU�

ODWR HIIHWWLYR� ©� HYLWDWRª VL ULIHULVFH GXQTXH DO IDWWR FKH OD YDULDELOH PRVWUD

VHJQL �WDORUD DQFKH GHEROL� GL ULVWUXWWXUD]LRQH DQFKH QHL FHQWUL GRYH OD VROX�

]LRQH DUFDLFD FRVWLWXLVFH OD QRUPD� ©�ª LQGLFD FKH WDOH ULVWUXWWXUD]LRQH q SL� R

PHQR DYDQ]DWD LQ GLSHQGHQ]D GHO OXRJR�

�� ,/ ',$/(772 3(5&(3,72

,��� &RQGL]LRQL GHOOD YDULD]LRQH

,����� ,QWURGX]LRQH

,O SDUDJUDIR FKH VHJXH q TXHOOR FROORFDWR SL� HVSOLFLWDPHQWH ©GDOOD SDUWH GHO

ULFHUFDWRUHª� VL WHQWD TXL GL DYYLFLQDUH LO SUREOHPD GHO UDSSRUWR FKH LQWHUFRUUH LQ

9DOOH WUD L GXH FRGLFL LQ FRRFRUUHQ]D� LO GLDOHWWR H O¶LWDOLDQR� DQDOL]]DQGROR VH�

FRQGR OH FDWHJRULH RSHUDWLYH GHOLQHDWH QHO GLEDWWLWR OLQJXLVWLFR FKH q VHJXLWR

DOO¶DUWLFROR 'LJORVVLD GL )HUJXVRQ ������� 6L WUDWWD GXQTXH GL XQ SULPR DYYLFL�

QDPHQWR� XQ¶DSSURVVLPD]LRQH GL ODYRUR SURJUDPPDWLFDPHQWH GL WLSR HWLFR� FKH

GRYUj VSHVVR HVVHUH SUHFLVDWD H WDORUD FRQWUDGGHWWD QHO FRUVR GHO ODYRUR� H LQ

SDUWLFRODUH DO FDS� ,9� &HUWR� VDUj GLIILFLOH DVWHQHUVL GHO WXWWR GDOO¶LQGLFDUH TXD H

Oj FRVD SRWUHEEH SHQVDUQH LO YLJH]]LQR� GHOO¶DUJRPHQWR LQ TXHVWLRQH� PD q TXL� LO

VXR� XQ ULIOHWWHUH DVVDL FRQGL]LRQDWR GD XQ DQGDPHQWR GHOOD WUDWWD]LRQH FKH QRQ

VHPSUH SURFHGH WUDPLWH OH FDWHJRULH FRQ FXL q DELWXDWR D SHQVDUH�

,����� 5DSSRUWL IUD L FRGLFL H FRPPXWD]LRQL

,������� 6L q IDWWR SL� YROWH FHQQR DG DGDWWDPHQWL ©OLEHULª R ©QRQ JHRJUDILFD�

PHQWH GHWHUPLQDELOLª R FKH ©QRQ YHLFRODQR SDUWLFRODUL JLXGL]L GLDVWUDWLFLª� TXH�

VWR SRWUHEEH VLJQLILFDUH FKH� DOPHQR QHO FDVR GHOOD YDO 9LJH]]R� QRQ VL VLD LQ

SUHVHQ]D GL FDPEL OLQJXLVWLFL SRUWDWL DYDQWL GD XQD VROD FODVVH �TXDOXQTXH VLJQL�

ILFDWR VL YRJOLD GDUH DOOD SDUROD� OLQJXLVWLFDPHQWH LQQRYDWLYD� PD SLXWWRVWR GL

DGR]LRQL R DJJLXVWDPHQWL VLQJROL� OLPLWDWL D GHWHUPLQDWL FRQWHVWL FRPXQLFDWLYL R

VLWXD]LRQDOL� DO OLPLWH ULSHWLELOL D SLDFHUH� PD VFDUVDPHQWH JHQHUDOL]]DELOL� 6HP�

EUHUHEEH FLRq FKH OD YDULDELOLWj OLQJXLVWLFD QRQ GLSHQGD HVVHQ]LDOPHQWH GDOOD FD�

VHOOD FKH RJQXQR RFFXSD QHOOD VRFLHWj� PD SLXWWRVWR GDOOH VFHOWH HPSLULFKH FKH

FRPSLH GL YROWD LQ YROWD LO SDUODQWH DGDWWDQGRVL DOOH YDULDELOL GHOO¶DWWR OLQJXLVWLFR

LQ FRUVR �FIU� SHU TXHVWR ,,������

, FRPSRUWDPHQWL GHL VLQJROL QRQ VRQR SHUz GHO WXWWR DUELWUDUL H LPSUHYHGLELOL

H DPPHWWHUOR� ROWUH FKH IDU WRUWR DOOD UHDOWj� VLJQLILFKHUHEEH ULQXQFLDUH D TXDOVLD�

VL WHQWDWLYR� QRQ FKH GL VSLHJD]LRQH� DOPHQR GL VLVWHPDWL]]D]LRQH���� &RPH VL q

DFFHQQDWR VRSUD� XQ PRGHOOR HVHPSOLILFDWLYR SRWHQWH VL q ULYHODWR TXHOOR FKH WLH�

QH FRQWR GHOOH UHWL FRPXQLFDWLYH FKH VL LQVWDXUDQR DOO¶LQWHUQR GHOOD FRPXQLWj� LQ

TXHVWR FDVR� SXUH WHQHQGR FRQWR GHOOH YDULDELOL GL PDJJLRUH R PLQRUH FROOHJD�

PHQWR R DFFRUGR WUD L FRPSRQHQWL GHOOD UHWH R GHO VXR FDUDWWHUH FKLXVR R DSHUWR�

O¶DGDWWDPHQWR OLQJXLVWLFR GLYLHQH XQD IDFFHQGD LQGLYLGXDOH�

��� Ê OD OH]LRQH GL 6DSLU ������ VXO FRQFHWWR GL GULIW� &IU� DQFKH ,,,�������

,� '$//$ 3$57( '(/ ',$/(772/2*2 ��

,������� 6HPEUHUHEEH GL SRWHU DGRWWDUH LO PRGHOOR SURSRVWR GD 6DQJD� FKH YH�

GH OD GLDOHWWLFD WUD FRGLFL OLQJXLVWLFL LQ SRVL]LRQH GL GLVSDULWj FRPH XQ SURFHVVR

GL FRQYHUJHQ]D� FLRq TXHOO¶©DYYLFLQDPHQWR VWUXWWXUDOH D XQD OLQJXD�JXLGD HJH�

PRQH GD SDUWH GL OLQJXH VXEDOWHUQH >FKH@ QRQ SRUWD QHFHVVDULDPHQWH

DOO¶HOLPLQD]LRQH GHOOH GLYHUVLWj OLQJXLVWLFKH DWWUDYHUVR OD VRVWLWX]LRQH GL OLQJXD

�FRPH QHOOH VLWXD]LRQL GL PLFURGLJORVVLD� PD SRUWD SLXWWRVWR DOOD >«@ FUHD]LRQH

GL XQD UHWH GL SDUDOOHOLVPL PRUIRIRQRORJLFL FKH SHUPHWWH LO SDVVDJJLR DXWRPDWLFR

GD XQD OLQJXD DOO¶DOWUD DWWUDYHUVR UHJROH GL FRPPXWD]LRQHª >6DQJD ����� ���@�

VHQRQFKp TXHVWR SURFHVVR q LQWHVR HVVHQ]LDOPHQWH FRPH GLQDPLFD GHOOH NRLQq

GLDOHWWDOL� RUPDL �VHPSUH SL�� VWUXWWXUDOPHQWH VLPLOL DOO¶LWDOLDQR���� 7UD JOL

©HVHPSL GL XQLILFD]LRQH GHL IHQRPHQL IRQHWLFLª GHULYDQWH DSSXQWR GD TXHVWR

SURFHVVR GL FRQYHUJHQ]D q SRVWD LQ ULOLHYR DQFKH OD FDGXWD GHOOD PHWDIRQHVL� DV�

VHQWH GDOOD OLQJXD HJHPRQH� LQ HIIHWWL OD UHJROD GL DOWHUD]LRQH GHOOD YRFDOH WRQLFD

q YLROHQWHPHQWH LQ FRQWUDVWR FRQ TXHOOD GL YDULD]LRQH GL VXIILVVR SURSULD GHO WR�

VFDQR� H TXHVWR q XQ ILHUR RVWDFROR DOO¶RPRORJD]LRQH GHOOH VWUXWWXUH�

2UD LQ 9DOOH� q HYLGHQWH DOO¶RVVHUYD]LRQH HVWHUQD� QRQ RSHUD QHVVXQD NRLQq

OLQJXLVWLFD���� H OD PHWDIRQLD q PROWR VROLGD� FRPH VL q YLVWR VRSUD� QRQGLPHQR

O¶DGDWWDPHQWR� OD FRQYHUJHQ]D DO PRGHOOR LWDOLDQR q RSHUDQWH LQ SL� GL XQ FDVR� H

QHO SDUODWR QRQ FRQWUROODWR q UDUR FKH QRQ FRPSDLDQR D TXDOFKH OLYHOOR IRUPH

LEULGH� R LWDOLDQHJJLDQWL� QRQRVWDQWH OH ULSHWXWH DIIHUPD]LRQL GL IHGHOWj GLDOHWWDOH�

0D LQ HIIHWWL OD FRQYHUJHQ]D VXOO¶LWDOLDQR VHPEUHUHEEH DYYHQLUH VLQJRODUPHQWH

SHU RJQL GLDOHWWR� R SL� DQFRUD SHU RJQL SDUODQWH� FKH DGDWWD LO VXR OLQJXDJJLR D

SDUWLUH GDJOL LWHP SL� HVSRVWL DOOD GLIIHUHQ]D� q TXHVWR FKH� QHO FRPSOHVVR� SXz

GDUH OD VHQVD]LRQH GL XQD UHODWLYD XQLIRUPLWj� /D ©YDULD]LRQH OLEHUDª� DPPHVVR

FKH FL VLD� q GXQTXH FDUDWWHUL]]DWD GD XQD GLUH]LRQH FRPXQH� FKH q LO FRPSOHVVR

�H QRQ OD VRPPD� JLDFFKp O¶©HFFH]LRQHª q SRVVLELOH H DQ]L QRUPDOH QHO PRGHOOR�

GHJOL DGDWWDPHQWL LQGLYLGXDOL����

��� 9HGL DQFRUD �6DQJD ����� ����� ©LO SURFHVVR GL FRQYHUJHQ]D VL DUUHVWD

DOO¶HTXLSDUD]LRQH GHOOH SRVL]LRQL� PD QRQ JLXQJH DOOD VRVWLWX]LRQH WRWDOH GHL IRQHPL �WUDQQH

FKH QHOOH VLWXD]LRQL GL LQFLSLHQWH VRVWLWX]LRQL GL OLQJXD�� ,O SXQWR GL DUULYR GHO SURFHVVR GL

FRQYHUJHQ]D QRQ q OD FRQIOXHQ]D QHOO¶LWDOLDQR UHJLRQDOH� PD LO P D Q W H Q L P H Q W R

G H O O D G L V W L Q ] L R Q H I R Q H W L F D � UDJJLXQWD O¶RPRORJD]LRQH GHOOH

VWUXWWXUH� $EELDPR FLRq OD G L I I H U H Q ] L D ] L R Q H FRVFLHQWH� D OLYHOOR IRQHWLFR�

WUD LWDOLDQR H GLDOHWWR� H XQD � DVVDL PLQRUH PD VLJQLILFDWLYD � GLIIHUHQ]LD]LRQH OHVVLFDOH� DW�

WUDYHUVR LO PDQWHQLPHQWR H LO ULODQFLR GL XQ OLPLWDWR QXPHUR GL SDUROH�EDQGLHUD� DVVXQWH D

V H J Q R GHOOD GLYHUVLWj GLDOHWWDOHª >HQIDVL QHO WHVWR@�

��� $Q]L� q YHUR FKH ©LQ FHUWH ]RQH GHO 3LHPRQWH VHPEUD >«@ YLJHUH LO SULQFLSLR FRPXQL�

FDWLYR GL UHFLSURFLWj GLDOHWWDOH� SHU FXL L SDUODQWL GHOOH GLYHUVH YDULHWj ORFDOL LQWHUDJLVFRQR

VROLWDPHQWH D OLYHOOR GLDOHWWDOH PDQWHQHQGR FLDVFXQR OD SURSULD YDULHWjª >%HUUXWR ����� ���@�

��� Ê EHQH FLWDUH GHJOL DSSRJJL DOOH SURSULH RVVHUYD]LRQL� LQ TXHVWR PL ULIDFFLR

DOO¶DXWRULWj GL 7HUUDFLQL� SHU FXL ©LO SUREOHPD VWHVVR GHO VLVWHPD OLQJXLVWLFR >«@ VL FRQILJXUD

>«@ FRPH PDWHULDOH IOXLGR H LQ PRYLPHQWR SHUSHWXR� PRVVR GD VWLPROL HVWHUQL H SUHGRPL�

QDQWL� DO TXDOH VROR O¶DWWHJJLDPHQWR FRQFRUGH GL SDUODQWL SXz GDUH XQ VHQVR XQLWDULRª >*UDVVL

�� ,/ ',$/(772 3(5&(3,72

6H SRL q YHUR� FRPH VXJJHULVFH 3HWULQL ����� ��� VXOOD VFRUWD GL 'XUDQWH� FKH

©O¶DEEDQGRQR GHOOD PHWDIRQLD SRVVD HVVHUH FROOHJDWR FRQ OH VLWXD]LRQL VRFLROLQ�

JXLVWLFKH LQ FXL LO GLDOHWWR q LQ UDSSRUWR GL PDFURGLJORVVLD FRQ O¶LWDOLDQRª���� LO

VXR PDQWHQLPHQWR LQ 9DOOH GRYUHEEH HVVHUH XQ¶XOWHULRUH VSLD GHOOD VLWXD]LRQH GL

PLFURGLJORVVLD���� ( DOORUD� WDQWR SL� VH VL DFFHWWD XQ¶LSRWHVL GL FRQYHUJHQ]D

VXOO¶LWDOLDQR GL WLSR LQGLYLGXDOH� ULPDQH QHFHVVDULR FKLDULUH L UDSSRUWL FKH O¶XVR

GHO GLDOHWWR LQWUDWWLHQH FRQ O¶XVR GHOOD OLQJXD QD]LRQDOH QHOOD FRPXQLWj� H LQ TXH�

VWR VHQVR OH FDWHJRULH SURSRVWH GD 7UXPSHU ���� VHPEUDQR DGDWWDUVL DEEDVWDQ]D

EHQH DOOD VLWXD]LRQH YLJH]]LQD�

,������� 1HOOD GLDOHWWLFD IUD GXH WLSL SULQFLSDOL GL YDULHWj GLJORWWLFKH ULVFRQWD�

ELOL LQ ,WDOLD� 7UXPSHU GLVWLQJXH LQIDWWL XQD PDFURGLJORVVLD FDUDWWHUL]]DWD GDOOD

����� ��@� &KH SRL OD FRQYHUJHQ]D DYYHQJD VXOO¶LWDOLDQR H FKH VLD LQ TXDOFKH PRGR XQ SUR�

FHVVR GL DGDWWDPHQWR LQGLYLGXDOH q WHVWLPRQLDWR LQ FRQWUROXFH GDOOH RVVHUYD]LRQL GL *UDVVL

>����� �������@ ©(Q FRQVpTXHQFH GH O¶DFWLRQ GHV µPDVV PHGLD¶� HW QRWDPPHQW GH OD WpOpYL�

VLRQ� RQ GRLW SDUOHU DXMXUG¶KXL SOXW{W G¶XQH DQWLQRPLH HQWUH XQ FHQWUH XQLTXH G¶LQQRYDWLRQ HW

OH UHVWH GX SD\V� FRPSUHQDQW LQGLIIpUHPPHQW YLOOHV HW FDPSDJQH� &H FHQWUH XQLTXH

G¶LQQRYDWLRQ Q¶HVW SOXV JpRJUDSKLTXHPHQW GpWpUPLQp� OHV LQQRYDWLRQV OLQJXLVWLTXHV HW OHV

PRGqOHV GH FRPSRUWDPHQW TX¶LO SURSRVH DJLVVHQW VXU WRXW O¶HVSDFH QDWLRQDO� &HOD QH VLJQLILH

HYLGHPPHQW SDV TXH OHV FRQVpTXHQFHV GH FHWWH DFWLRQ XQLWDLUH HW VLPXOWDQpH VRLHQW

LGHQWLTXHV SDUWRXW� &HSHQGDQW� OD SpQpWUDWLRQ GHV LQQRYDWLRQV QH SDVVH SOXV SDU OD

GLDOHFWLTXH WUDGLWLRQHOOH YLOOH � FDPSDJQH �RX JUDQGH YLOOH � SHWLWH YLOOH � FDPSDJQH� HW QH

VXELW SOXV SDU Oj GHV DGDSWDWLRQV VXFFHVVLYHV HW JpRJUDSKLTXHPHQW GLIIpUHQFLpHVª� 'L FRQYHU�

JHQ]D SDUOD DQFKH *LOHV ������ SDUWLFRODUP� �������� XQD EXRQD SUHVHQWD]LRQH LQ )DVROG

����� ��������� H GL FRQYHUJHQ]D LQGLYLGXDOH� LQ XQ PRGR SHUz GLYHUVR GD TXHOOR TXL SUR�

VSHWWDWR� DQFKH VH SLXWWRVWR LQWHUHVVDQWH� ,Q VRVWDQ]D� OD FRQYHUJHQ]D VDUHEEH LO ULVXOWDWR GHO

SURFHVVR GL DFFRPRGDPHQWR OLQJXLVWLFR FKH DYYLHQH WUD GXH LQWHUORFXWRUL FKH SDUOLQR YDULHWj

GLYHUVH H FKH WHQGDQR QRQGLPHQR DOOD PDVVLPD FROODERUD]LRQH LQIRUPDWLYD� 'XQTXH TXHOOR

WUD L GXH FKH KD D GLVSRVL]LRQH SL� UHJLVWUL R FKH VHPSOLFHPHQWH PRVWUD PDJJLRUH VHQVLELOLWj

PHWDOLQJXLVWLFD WHQGHUHEEH DG DGDWWDUH LO SURSULR OLQJXDJJLR �ILQR DOOD VFHOWD GHO FRGLFH� D

TXHOOR GHOO¶DOWUR� 4XHVWR SURFHVVR YLHQH OHJDWR D IHQRPHQL GL LGHQWLWj FXOWXUDOH H GL ODQJXDJH

OR\DOW\� WHQGHUHEEHUR DG DGDWWDUH PHQR OD SURSULD SDUODWD� D FRQYHUJHUH GL PHQR� FRORUR FKH

RVWHQWDQR XQD IRUWH OHDOWj DO SURSULR JUXSSR H PLUDQR D GLVWLQJXHUVL GD TXHOOR

GHOO¶LQWHUORFXWRUH� ,Q 9DOOH� OD FRQYHUJHQ]D j OD *LOHV QHL FRQIURQWL GL LQWHUORFXWRUL �SL� R

PHQR� LWDORIRQL q SLXWWRVWR DOWD� H FRQIHUPDWD DQFKH GDL JLXGL]L HVSOLFLWL GHL SDUODQWL �FIU� VX�

ELWR VRWWR�� PHQWUH LQYHFH HQIDWL]]DWD QHOOH LQWHQ]LRQL H HIIHWWLYDPHQWH SUDWLFDWD QHOOD UHDOWj q

OD FRQGL]LRQH GL UHFLSURFLWj GLDOHWWDOH���� 'XUDQWH �LQ 3HWULQL� LQGLYLGXD GXH ]RQH LQ FXL OD PHWDIRQHVL WHQGH D VSDULUH� OD 6LFLOLD

H OD /RPEDUGLD� LQ HQWUDPEH� YLHQH JHQHUDOPHQWH ULFRQRVFLXWD XQD VLWXD]LRQH GL WLSR PDFUR�

GLJORVVLFR �SHU OD /RPEDUGLD DOPHQR LO VHWWRUH RFFLGHQWDOH� FIU� 6DQJD ����� 7UXPSHU �����

�������� 7UXPSHU�0DGGDORQ ����� ��� H SDVVLP�� $ TXHVWH DUHH YD RYYLDPHQWH DJJLXQWR LO

7LFLQR �%LDQFRQL ���� H 3HWULQL ��������� &IU� LQ WDO VHQVR 6DQJD ����� ��� ©LO JUDGR GL DIILQLWj� R GL GLIIRUPLWj� WUD OH FRQGL]LR�

QL GL HYROX]LRQH IRQHWLFD �SRVL]LRQL� GL />LQJXD@ 6>XERUGLQDWD@ ULVSHWWR D / (>JHPRQH@ PLVX�

UD O¶HQWLWj GHOOD ULVWUXWWXUD]LRQH VXELWD H O¶LQWHQVLWj GHOOD VLWXD]LRQH GL PDFURGLJORVVLDª� &KH

q GXQTXH EDVVD LQ 9DOOH� O¶RPRORJD]LRQH GHOOH VWUXWWXUH HVVHQGR XQ IHQRPHQR DVVDL SRFR

SURQXQFLDWR�

,� '$//$ 3$57( '(/ ',$/(772/2*2 ��

SUHVHQ]D GL XQD UDGLFDWD ©NRLQp GLDOHWWDOH FKH GRPLQD L SDWRLV SXUDPHQWH ORFDOLª

>����� ���@ H GD XQ¶DPSLD ]RQD GL VRYUDSSRVL]LRQH GHL GXH FRGLFL QHOOH QRUPDOL

LQWHUD]LRQL VRFLDOL H XQD PLFURGLJORVVLD LQ FXL QRQ VL q VYLOXSSDWD DOFXQD NRLQq

VRYUDGLDOHWWDOH H O¶XVR GHOOD YDULHWj VRWWRUGLQDWD VL OLPLWD D FRQWHVWL IDPLOLDUL R DO

OLPLWH VWUHWWDPHQWH ORFDOL� Ê HYLGHQWH �H QH DEELDPR IDWWR SL� YROWH FHQQR� FKH

VDUHEEH TXHVWR VHFRQGR WLSR TXHOOR YDOHYROH QHOOD ]RQD SUHVD TXL LQ FRQVLGHUD�

]LRQH����

%HUUXWR �����E� VROOHYD WXWWDYLD TXDOFKH ULVHUYD VXOOD UHDOH HVWHQVLRQH GHO

WHUPLQH ©GLJORVVLDª QHO VHQVR GL )HUJXVRQ ���� D VLWXD]LRQL FRPH TXHOOD LWDOLDQD

DWWXDOH� SHUFKp YL PDQFKHUHEEH XQR GHL UHTXLVLWL FDUGLQH GL TXHVWD SDUWLFRODUH

VLWXD]LRQH� LO IDWWR FKH OD YDULHWj GL SUHVWLJLR QRQ q XVDWD GD DOFXQ PHPEUR R

VHWWRUH GHOOD FRPXQLWj QHOOD FRQYHUVD]LRQH RUGLQDULD� ,O FKH HYLGHQWHPHQWH QRQ q

LO FDVR GHOO¶,WDOLD LQ JHQHUDOH� D FRPLQFLDUH GDOOD EDQDOH FRQVLGHUD]LRQH FKH QRQ

q LO FDVR GL FKL VFULYH H GHOOD VXD FHUFKLD GL IUHTXHQWD]LRQL� SHU L TXDOL DQ]L OD

VFHOWD PDUFDWD �SRVVLELOH H DWWXDWD� PD PDUFDWD� q TXHOOD GHO PLODQHVH� ,QROWUH� H

TXHVWR q SL� LPSRUWDQWH� QRQ q OD VLWXD]LRQH FKH VL YHULILFD LQ 9DOOH� GRYH O¶XVR

GHOO¶LWDOLDQR YLHQH LQ SUDWLFD DFFHWWDWR D TXDOVLDVL OLYHOOR� DO SL� VDUj IDYRULWR XQ

LWDOLDQR JHQHULFDPHQWH GL WLSR ORPEDUGR R WLFLQHVH��� FRQ LEULGD]LRQL GLDOHWWDOL R

��� &LRq TXHOOR FDUDWWHUL]]DWR GD ©SRFKH YDULHWj HVVHQ]LDOL H PROWH DFFLGHQWDOL� VLFFRPH

GHH DYYHQLUH WUD L SDHVL PRQWDQL� LQ LVFDUVD FRPXQLFD]LRQH IUD ORURª &HVDUH &DQW� *UDQGH

LOOXVWUD]LRQH GHO /RPEDUGR 9HQHWR� RVVLD VWRULD GHOOH FLWWj� GHL ERUJKL� FRPXQL� FDVWHOOL HWF�

ILQR DL WHPSL PRGHUQL� 0LODQR ��������� >ULVWDPSD DQ� %UHVFLD ����@� 9D DQFKH WHQXWR SUH�

VHQWH XQ DOWUR SDUDPHWUR LPSRUWDQWH� H FLRq TXHOOR GHOO¶HVVHUH LO GLDOHWWR PROWR ULVSHWWLYD�

PHQWH SRFR VWUDWLILFDWR LQ YDULHWj VRFLDOL QHOOH GXH VLWXD]LRQL� $QFKH TXHVWR WURYHUHEEH FRQ�

IHUPD QHOOD VLWXD]LRQH GHOOD YDO 9LJH]]R� FRPH DFFHQQDWR VRSUD� ( G¶DOWUD SDUWH QRQ GRYUHE�

EH VWXSLUH WURSSR FKH PDQFKL O¶LQIOXVVR GL XQD SRWHQWH NRLQq OLQJXLVWLFD� LQWDQWR O¶2VVROD

YLHQH FRQVLGHUDWD WHUULWRULR OLQJXLVWLFR ORPEDUGR� PD q DPPLQLVWUDWLYDPHQWH SLHPRQWHVH �H

OR q VHPSUH VWDWD� GRSR OH YLFHQGH ODFXVWUL GHOOD SRGHVWj ERUURPDLFD� OR q FRPXQTXH XIIL�

FLDOPHQWH GDO ����� TXDQGR FRO WUDWWDWR GL :RUPV 0DULD 7HUHVD OD FHGHWWH D &DUOR (PDQXHOH

,,, GL 6DYRLD LQVLHPH DG DOWUL WHUULWRUL�� VRSUDWWXWWR q DPPLQLVWUDWD GDO 3LHPRQWH GD TXDQGR

KD DYXWR LQL]LR GL LWDOLDQL]]D]LRQH OLQJXLVWLFD GHOOD SHQLVROD� $QFKH O¶DSSDUWHQHQ]D DOOD FR�

PXQLWj ORPEDUGD QRQ q SDFLILFD� OD ULVSRVWD DOOD FDUWD �� GHOO¶$,6 ©TXDQGR PLR ILJOLR VDUj

JUDQGH OR PDQGHUz D���ª� XQ FROSR GL JHQLR GL -XG H -DEHUJ� DOWHUQD SHU O¶2VVROD ULVSRVWH

©'RPR>GRVVROD@ª� LQ PDJJLRUDQ]D� ©7RULQRª H ILQDOPHQWH ©0LODQRª� , VHQWLPHQWL GL GLIIH�

UHQ]LD]LRQH VRSUDWWXWWR YHUVR JOL DELWDQWL GHOO¶DOWUD VSRQGD GHO ODJR 0DJJLRUH� L �WXWWRUD� GH�

WHVWDWL YDUHVRWWL� VRQR VHPSUH VWDWL PROWR IRUWL� VL FRQVLGHUL O¶LOOXPLQDQWH SDUHUH GL 9L�%HQ� XO

PLOD�Q(V��� XO PLOD�Q(V X O �SDUODQ OX�U NZML DW PL�ODQ ( NZML DW YD�U(V ( D �V(VWR >LO PLODQHVH"

LO PLODQHVH OR SDUODQR ORUR� TXHOOL GL 0LODQR H TXHOOL GL 9DUHVH H D 6HVWR �&DOHQGH�@� ,Q XQD

VLWXD]LRQH GHO JHQHUH� SXU ODVFLDQGR VWDUH O¶LVRODPHQWR JHRJUDILFR� q GLIILFLOH FKH VL DFFROJD�

QR WURSSR IDYRUHYROPHQWH OH LQQRYD]LRQL GDOOD FLWWj���� 7LFLQHVH QHOOD IRQHWLFD H QHL IHQRPHQL VRSUDVHJPDQWDOL� LO OHVVLFR SDUWLFRODUH WLFLQHVH

�©SRVWDª SHU ©FRUULHUDª HFF�� R DOFXQH WLSLFKH FRVWUX]LRQL VLQWDWWLFKH �SHU O¶XQR H O¶DOWUR YHGL

3HWUDOOL ����� QRQ VRQR JHQHUDOPHQWH QHSSXUH SURSRVWH GDL IURQWDOLHUL�

�� ,/ ',$/(772 3(5&(3,72

FRPPXWD]LRQL GL FRGLFH� PD FL VRQR PROWL ©IXOO\ FRPSHWHQW PHPEHU>V@ RI WKH

VSHHFK FRPPXQLW\ª��� LO FXL FRGLFH SUHYDOHQWH� VH QRQ O¶XQLFR DWWLYR� q O¶LWDOLDQR�

,������� 9D VSHFLILFDWR TXHVWR XVR FRUVLYR GHOOD ORFX]LRQH LQ SUDWLFD� SHUFKp�

D TXDQWR ULVXOWHUHEEH GDOOH DIIHUPD]LRQL GHL SDUODQWL� VDUHPPR LQ SUHVHQ]D GL

XQD VLWXD]LRQH DVVDL VLPLOH D TXHOOD GHVFULWWD GD )HUJXVRQ ����� ��� LQ FXL ©QR

PHPEHU RI WKH VSHHFK FRPPXQLW\ >«@ UHJXODUO\ XVHV + >OD YDULHWj DOWD@ DV D

PHGLXP RI RUGLQDU\ FRQYHUVDWLRQ� DQG DQ\ DWWHPSW WR GR VR LV IHOW WR EH HLWKHU

SHGDQWLF DQG DUWLILFLDOª �FRUVLYR PLR�� DEELDPR SHU HVHPSLR *D�0DQ� D E( D

SDU�OD WDOMD1 NXQW OD NRPSD�jLD��� ( QRQ V2��� �V(PEUD N LQ X Y2O ID� XO GL �SMX��� µH

EH¶� D SDUODUH LWDOLDQR FRQ OD FRPSDJQLD� QRQ VR� VHPEUD FKH XQR YRJOLD IDUH LO GL

SL�¶� H XQD SHUFHQWXDOH DOWLVVLPD GL ULVSRVWH LQ TXHVWD GLUH]LRQH D GRPDQGH SRVWH

WUDPLWH TXHVWLRQDULR���� LQ SDUWLFRODUH OH ULVSRVWH ©Vuª DOOD GRPDQGD %�� ©q ILHUR

GL SDUODUH GLDOHWWR"ª ����� H VRSUDWWXWWR ©G¶DFFRUGRª DOOD GRPDQGD %��� ©FKL

QRQ VD SDUODUH GLDOHWWR QRQ q XQ EXRQ YLJH]]LQRª ���� WUD TXHOOL GL RULJLQH OR�

FDOH��

3HUz OD VRUHOOD VWHVVD GL *D�0DQ�� *D�*LXO�� FKH IUHTXHQWD D YROWH OD PHGHVL�

PD FRPSDJQLD GL 0DQ� q SUHYDOHQWHPHQWH LWDORIRQD� DOPHQR QHOOD SHUIRUPDQFH�

OD FRPSHWHQ]D SDVVLYD GLDOHWWDOH q RWWLPD� H QRQ SRWUHEEH HVVHUH DOWULPHQWL� JLDF�

FKp LQ FDVD OH VL SDUOD GLDOHWWR� /¶DIIHUPD]LRQH GL LWDORIRQLD q VXIIUDJDWD� ROWUH

FKH GDO JLXGL]LR GHOOD UDJD]]D H GHL VXRL IDPLOLDUL� GD SHUVRQDOL UHJLVWUD]LRQL FRQ

PLFURIRQR QDVFRVWR H SDOHVH LQ LQWHUD]LRQL GL SHHU JURXSV�

2UD� *D�*LXO� VHPEUD SUHVHQWDUH XQ JUDGR GL LQWHJUD]LRQH ULVSHWWR DO JUXSSR

SL� FKH DFFHWWDELOH� H OH HYHQWXDOL GLIIHUHQ]H GL WUDWWDPHQWR ULVSHWWR DOOD VRUHOOD

YDQQR D PLR DYYLVR LPSXWDWH SL� DOOD VXD QRQ FRVWDQWH IUHTXHQWD]LRQH GL TXHOOD

SDUWLFRODUH FRPSDJQLD �FKH ID Vu FKH QH ULVXOWL SL� HVWUDQHD� FKH DO VXR XVR

GHOO¶LWDOLDQR� FRQGLYLVR GHO UHVWR� DQFKH VH LQ PDQLHUD PHQR HVFOXVLYD� GD DOFXQH

DOWUH UDJD]]H GHO JUXSSR� 9D QRWDWR SHUz FKH *D�*LXO�� FRPH OH DOWUH UDJD]]H

VXPPHQ]LRQDWH� q LQ JUDGR DOO¶RFFRUUHQ]D GL SURGXUUH HQXQFLDWL GLDOHWWDOL R PL�

VWLOLQJXL� H FKH LO VXR LWDOLDQR q SLXWWRVWR FRQQRWDWR LQ VHQVR ORPEDUGR H UXUDOH�

/D TXHVWLRQH VDUj XQR GHJOL DVVL SRUWDQWL GHO SUHVHQWH ODYRUR� TXHOOR FKH ELVRJQD

TXL VRWWROLQHDUH q FKH� DOPHQR GDL PLHL ULVXOWDWL� VHPEUD HVVHUH SL� LPSRUWDQWH DL

ILQL GHOO¶LQWHJUD]LRQH ORFDOH OD FRQRVFHQ]D ©WHRULFDª� ©SRWHQ]LDOHª GHO GLDOHWWR H

LO SRVVHVVR GL XQ UHJLVWUR LWDOLDQR ORPEDUGR H VRSUDWWXWWR QRQ PDUFDWR LQ VHQVR

FHQWURPHULGLRQDOH��� FKH QRQ O¶HIIHWWLYR XVR GHO GLDOHWWR QHOOH VLWXD]LRQL LQIRU�

PDOL�

��� 3HU XVDUH O¶HVSUHVVLRQH GL 0LOUR\ �������� ������� 6XL YHUL VFRSL H VXOOD PHWRGRORJLD GL WDOH TXHVWLRQDULR YHGL ,,,������ &UHD TXDOFKH WHQVLRQH LQ 9DOOH OD VHPSUH SL� QXPHURVD SUHVHQ]D GL LPPLJUDWL GDO 6XG�

FKH QRUPDOPHQWH RFFXSDQR SRVWL VWDWDOL� 1H GHULYD O¶LPSRVVLELOLWj UHDOH� SHU ODFN RI WKH

FRPPXQLFDWLRQ� GL SDUODUH GLDOHWWR QHJOL XIILFL SXEEOLFL� R D VFXROD WUD EDPELQL H PDHVWUH�

,� '$//$ 3$57( '(/ ',$/(772/2*2 ��

0L VHPEUD VLJQLILFDWLYR LO VHJXHQWH HVHPSLR� FKH SHUz YD EUHYHPHQWH FROOR�

FDWR QHO VXR FRQWHVWR� *D�*LXO� DLXWD GD SRFKL JLRUQL OD ]LD 2U�6LO� QHOOD FRQGX�

]LRQH HVWLYD GHO SLFFROR VSDFFLR DOLPHQWDUH FKH TXHVW¶XOWLPD JHVWLVFH D *DJQRQH�

*D�*LXO� H 2U�6LO� KDQQR VHPSUH DELWDWR D FLUFD TXDWWURFHQWR PHWUL GL GLVWDQ]D

O¶XQD GDOO¶DOWUD� H LQ SDUWLFRODUH TXDQGR QRQ q D VFXROD *D�*LXO� YD TXRWLGLDQD�

PHQWH D IDUH OD VSHVD GD 2U�6LO�� ROWUH FKH D FKLDFFKLHUDUH FRQ OHL R FRQ OH FXJLQH�

/H OHJDQR GXQTXH UHOD]LRQL FODVVLFKH GL KLJK QHWZRUN GHQVLW\� 7XWWDYLD 2U�6LO�

KD LQ DOWUD VHGH GLFKLDUDWR FKH OH YLHQH SL� VSRQWDQHR SDUODUH LQ LWDOLDQR FRQ

*D�*LXO�� GDO PRPHQWR FKH q TXHVWD OD OLQJXD FKH KD VHPSUH XVDWR OD UDJD]]D�

2U�6LO� NZHO OL �P(WWLO E( YL�½LQR D D D NZ(O D NZ(O NR�]LQR U2]D VX GL

�OD VRSUD LO SULPR UL�SMDQR

*D�*LXO� NZD��� NZ(OOR OL�

2U�6LO� Q2 Q2 �VRYUD �VRYUD �VXUD QLQD� PLD NZ(O��� NZ(O OL X YD PLD

�E(1 N D V �UXPS WLW�

µVRSUD� VRSUD� VRSUD� SLFFROD� 1RQ TXHOOR« 4XHOOR QRQ YD EHQH SHUFKp VL

URPSH WXWWR¶� $O PRPHQWR GHO ELVRJQR� QHOO¶XUJHQ]D GHOOD FRPXQLFD]LRQH�

2U�6LO� q SDVVDWD DO GLDOHWWR FRQ WUDQTXLOOLWj� FRQVFLD GHO IDWWR FKH *D�*LXO�

O¶DYUHEEH FDSLWD� (G q TXHVWD ©ULODVVDWH]]D SRWHQ]LDOHª� D PLR SDUHUH� D IDUH OD

GLIIHUHQ]D�

$FFDGH GXQTXH� ULWHQJR� FKH JOL VYDQWDJJL GL XQD QRQ SHUIHWWD FRQRVFHQ]D �R

XQ QRQ FRVWDQWH XVR� GL XQD OLQJXD QRQ ULVLHGDQR SUREDELOPHQWH WDQWR VXO SLDQR

FRJQLWLYR TXDQWR QHOO¶DVSHWWR SUDJPDWLFR� QHO FDPSR GHJOL DWWL FRPXQLFDWLYL LQ�

GLUHWWL� JLDFFKp QRQ VL FDSLVFRQR EHQH DFFH]LRQL H LQWHQVLRQL GL TXHVWL XOWLPL� R

JOL HYHQWXDOL XVL FRQWURIDWWXDOL GHO OLQJXDJJLR FRPH OH LURQLH� 4XDQGR VL SDUOD�

FLRq� VL IRUQLVFRQR DQFKH OH ©LVWUX]LRQL SHU O¶XVRª GHO SURSULR GLVFRUVR� H LQ IRQ�

GR QRQ FDPELD PROWR FKH OD OLQJXD HIIHWWLYD VLD R QRQ VLD LO GLDOHWWR� O¶LPSRUWDQWH

q FKH OH ©LVWUX]LRQL SHU O¶XVRª GHO GLVFRUVR GHO SDUODQWH ULPDQGLQR DO FRGLFH GLD�

OHWWDOH���� ,Q TXHVWR VHQVR VL SXz DIIHUPDUH FKH LO GLDOHWWR q DQFRUD EHQ YLYR LQ

9DOOH���� H D TXHVWR ULPDQGDQR L QXPHURVL HSLVRGL OHJDWL DO SDUODU GLDOHWWR LQ LWD�

4XHVWR SXQWR GLIIHUHQ]LD QHWWDPHQWH OD VLWXD]LRQH LWDOLDQD GD TXHOOD FRQWLJXD WLFLQHVH� H

FRQWULEXLVFH JUDQGHPHQWH DOOD GLVWLQ]LRQH GL UXROL H DPELWL GHL GXH FRGLFL FKH GRYUHEEH HVVH�

UH WLSLFD GHOOH VLWXD]LRQL GL PLFURGLJORVVLD���� 'L TXHVWD RSLQLRQH� VYLOXSSDQGR LGHH WHUUDFLQLDQH� VHPEUD HVVHUH /XUDWL LQ 0DJJLQHW�

WL�/XUDWL ����� ��� ©TXDQWR LPSRUWD >ULJXDUGR DO FDPELR GLDOHWWDOH@ QRQ q LO YHQLU PHQR GL

VLQJROL WHUPLQL R DGGLULWWXUD GL FHUWL FDPSL OHVVLFDOL� EHQVu OD VDOGD DGHVLRQH GHOOD SRSROD]LR�

QH D TXHVWD IRUPD GL FRPXQLFD]LRQH� /u� D OLYHOOR GL XVR H GL ULFRUVR� H QRQ GDOOD VFRPSDUVD

GL FHUWL WHUPLQL� YD PLVXUDWD OD YLWDOLWj GL XQD SDUODWDª� 'DOOH ©LVWUX]LRQL SHU O¶XVRª VL SDVVHUj

QHO FDS� ,9 DOOH ©WUDGL]LRQL GHO GLVFRUVRª���� &IU� OH RVVHUYD]LRQL �LQVHULWH LQ WXWW¶DOWUR FRQWHVWR H TXLQGL QRQ VRVSHWWH� GL &DYDQQD

�GLDOHWWRIRQD H LQWHUQD DOOD FRPXQLWj� ����� �� ©( O¶HVSUHVVLRQH GLDOHWWDOH FRVu LQIUDPPH]]DWD

�� ,/ ',$/(772 3(5&(3,72

OLDQR� SHU L TXDOL FIU� LQ SDUWLFRODUH ,9�� H ,9��� /D VWHVVD *D�0DQ q EHQ ORQWDQD

GD XVDUH VROR LO GLDOHWWR �DO SL� XVHUj SUHYDOHQWHPHQWH LO GLDOHWWR� QHOOH LQWHUD]LR�

QL FRQ L VXRL DPLFL� R FRQ L SDUHQWL DQFKH SL� DQ]LDQL�

,������� 8Q HYHQWR OLQJXLVWLFR� LQ SDUWLFRODUH� VHPEUD QRQ FRUULVSRQGHUH LQ

QXOOD DOOH FRQGL]LRQL GL )HUJXVRQ� HG q TXHOOR OHJDWR DOOD VLWXD]LRQH ©QHJR]LR GL

6DQWD 0DULD 0DJJLRUHª� SUHYLVWR QHO TXHVWLRQDULR DO SXQWR %�TT� PHQWUH )HUJX�

VRQ DIIHUPD FKH ©D PHPEHU RI WKH VSHHFK FRPPXQLW\ ZKR XVHV + LQ D SXUHO\

FRQYHUVDWLRQDO VLWXDWLRQ RU LQ DQ LQIRUPDO DFWLYLW\ OLNH VKRSSLQJ LV >«@ DQ REMHFW

RI ULGLFXOHª ������ ����� OD TXDVL WRWDOLWj GHOOH SHUVRQH LQWHUYLVWDWH �O¶���� GL�

FKLDUD GL XVDUH VROWDQWR O¶LWDOLDQR LQ WDOH VLWXD]LRQH H FKH DQ]L VL VHQWLUHEEH ULGL�

FROD D SDUODUH GLDOHWWR�

6H GXQTXH YRJOLDPR LQWHQGHUH� DPPHWWR VWLUDFFKLDQGROH XQ SRFR� OH UHVWUL�

]LRQL GL )HUJXVRQ VXO QRQ XWLOL]]R GHOOD YDULHWj DOWD QHOOD LQWHUD]LRQH TXRWLGLDQD

FRPH ©QRQ XWLOL]]R GL XQD YDULHWj VRODPHQWH DOWD� LPSHUPHDELOH DL IHQRPHQL

GHOOD OLQJXD VRWWRUGLQDWDª H FKH QRQ SHUPHWWD TXHOOD FRPXQLFD]LRQH ULODVVDWD FXL

VL DFFHQQDYD� DOORUD OD GHILQL]LRQH GL �PLFUR�GLJORVVLD VL DWWDJOLD SHUIHWWDPHQWH

DOOD VLWXD]LRQH OLQJXLVWLFD GHOOD YDO 9LJH]]R �VHPSUH FKH QRQ VL WHQJD LQ FRQWR

O¶RSLQLRQH GHO SDUODQWH��

,������� 0D XQ WDOH SDVVDJJLR WHRULFR q GLVFXWLELOH SHU SL~ UDJLRQL� F¶q LQROWUH

LO SUREOHPD QRQ VHFRQGDULR FRVWLWXLWR GDOOH FRPPXWD]LRQL GL FRGLFH���� 6HFRQGR

7UXPSHU ������ ���� q OD DPSLD VRYUDSSRVL]LRQH GHJOL DPELWL G¶XVR D IDYRULUH

FRGH VZLWFKLQJ LQ UHJLPL GL PDFURGLJORVVLD ©QHO FRQWHVWR GL XQD UHDOWj TXRWLGLD�

QD VSH]]DWD LQ VIHUH LQ FXL� D VHFRQGD GHO GRPLQLR VRFLR�FXOWXUDOH� q DSSURSULDWR

XQ FRGLFH R O¶DOWURª� 4XHVWD FRQGL]LRQH q DQFKH SRVWD IUD TXHOOH IRQGDPHQWDOL H

GHILQLWRULH GL PDFURGLJORVVLD� OD IRUPXOD]LRQH FRPSOHWD GHOOD IUDVH FLWDWD SRFR

VRSUD LQIDWWL OD GHILQLVFH FRPH ©XQD VLWXD]LRQH >LQ FXL@ OD FRPPXWD]LRQH GL FRGL�

FH DEEUDFFL>D@ XQ QXPHUR HOHYDWR GL GRPLQL VRFLRFXOWXUDOL >HG q@ FDUDWWHUL]]DWD

GD XQD NRLQp GLDOHWWDOH FKH GRPLQD L SDWRLV SXUDPHQWH ORFDOL H GDOOH IRUWH SUH�

VHQ]D GL HQXQFLDWL PLVWLOLQJXLª ������ �����

'L FRQWUR OD PLFURGLJORVVLD ©SUHVHQWD XQD YDVWD JDPPD GL SDWRLV ORFDOL FKH

QRQ KDQQR XQD LQIOXHQ]D UHFLSURFD O¶XQR VXOO¶DOWUR� GLIDWWL HVVL VRSUDYYLYRQR LQ�

GLSHQGHQWL O¶XQR GDOO¶DOWURª ������ ���� H LQROWUH ©L GXH FRGLFL LQ TXHVWLRQH UL�

DO GLVFRUVR LQ OLQJXD DQFKH IUD RWWLPL FRQRVFLWRUL GHO GLDOHWWR H GHOOD OLQJXD FROWD� q TXHOOD

FKH DVVROYH PHJOLR OD VXD IXQ]LRQH HVSUHVVLYD� Oj GRYH LO WHUPLQH LWDOLDQR QRQ DUULYD V^X OD

SÚQWD GOD OH �QJXD ³VXOOD SXQWD GHOOD OLQJXD´ F¶q VHPSUH SURQWR TXHOOR GLDOHWWDOH� H DOORUD Vu

FKH FL VL LQWHQGH DQFRUD� TXDOFKH YROWD�ª� $QFRUD LO GLDOHWWR SRWHQ]LDOH���� &KH q� FRQ %HUUXWR� ������ ���� ©OD FRQWURSDUWH VXO SLDQR GHO GLVFRUVR DWWXDOL]]DWR GL

TXHOOR FKH VXO YHUVDQWH GHO VLVWHPD q O¶DYYLFLQDPHQWR VWUXWWXUDOH GHL GXH SROL GHO UHSHUWRULR

OLQJXLVWLFR LWDOLDQR PHGLRª�

,� '$//$ 3$57( '(/ ',$/(772/2*2 ��

PDQJRQR QHWWDPHQWH VHSDUDWL VLD QHOOH ORUR IXQ]LRQL FKH QHOOH ORUR VWUXWWXUHª

������ ���� H QRQ DYYLHQH TXHOO¶DPSLD VRYUDSSRVL]LRQH GL GRPLQL FKH q LQYHFH

FDUDWWHULVWLFD GHOO¶DOWUR WLSR GLJORVVLFR� 3HUWDQWR RFFRUUHUHEEHUR FRQ DVVDL PLQR�

UH IUHTXHQ]D L FRGH�VZLWFKLQJ� FKH VDUHEEHUR DO SL� FDUDWWHUL]]DWL GD XQ ©DOWHU�

QDUVL GL FRVWUXWWL FRPSOHWL H QRQ LQWHUIHULWL� RUD LQ XQ FRGLFH H RUD QHOO¶DOWURª

������ �����

2UD� LO UHFHQWH VWXGLR GL $OIRQ]HWWL ������ VXOOD FRPPXWD]LRQH GL FRGLFH D

&DWDQLD �FLWWj SHUDOWUR GL ULFRQRVFLXWD PDFURGLJORVVLD� PRVWUD OD GLIILFROWj FKH VL

LQFRQWUD QHO GHILQLUH HVDWWDPHQWH OD FRPPXWD]LRQH GL FRGLFH GDOOD IXVLRQH H

GDOOD VRYUDSSRVL]LRQH GL GXH FRGLFL �FRGH�PL[LQJ� ������ ������� LQ XQD SUR�

VSHWWLYD IXQ]LRQDOLVWLFD� H VXOOD VFRUWD GL %HUUXWR ���� VL LQGLYLGXD TXHVWD WLSR�

ORJLD�

D� FRGH VZLWFKLQJ VZLWFKLQJ LQWHUIUDVDOH JLXVWDSSRVL]LRQH IXQ]LRQDOH

E� FRGH PL[LQJ VZLWFKLQJ LQWUDIUDVDOH JLXVWDSSRVL]LRQH QRQ IXQ]LRQDOH�

,Q TXHVW¶RWWLFD VL SRWUHEEH GXQTXH FDUDWWHUL]]DUH LO SULPR FRPH LO WLSR GL LQ�

WHUIHUHQ]D FDUDWWHULVWLFR GHOOH VLWXD]LRQL PDFURGLJORVVLFKH� FKH SUHVHQWDQR FRPH

DEELDPR YLVWR XQD ]RQD DEEDVWDQ]D DPSLD GL SRVVLELOH RYHUODSSLQJ D IDYRUH GHO

ELOLQJXH� H LO VHFRQGR FRPH WLSLFR GL TXHOOH GL PLFURGLJORVVLD���� DQ]L GL SL��

GHOOH VLWXD]LRQL LQ FXL LO GLDOHWWR VL DYYLD YHUVR O¶DEEDQGRQR�

1HOOH FRQYHUVD]LRQL VSRQWDQHH LQ YDO 9LJH]]R OD SUHVHQ]D GL FRGH�VZLWFKLQJ

QRQ q WUDVFXUDELOH� 6L WUDWWD SHU OR SL� GL FRPPXWD]LRQL LQWHUIUDVDOL� GRYH O¶XQLWj

HQXQFLDWLYD QRQ YLHQH VSH]]DWD���� R RFFRUUHQWL LQ HYHQWL OLQJXLVWLFL LQ FXL JOL LQ�

WHUORFXWRUL DOWHUQLQR L GXH FRGLFL QHL VXFFHVVLYL WXUQL GL FRQYHUVD]LRQH� QRQ PDQ�

FDQR SHUz HVHPSL GL FRPPXWD]LRQL LQWUDIUDVDOL� R GL HQXQFLD]LRQL PLVWLOLQJXL����

/D SUHVHQ]D GL TXHVWR IHQRPHQR VHPEUHUHEEH SDUODUH LQ GLUH]LRQH GL XQD DOPHQR

SDU]LDOH VRYUDSSRVL]LRQH GHL GRPLQL IUD L GXH FRGLFL� WLSLFD GHOOH VLWXD]LRQL LQ

FXL VL DOWHUQD ©QHOO¶XVR XQD YDULHWj EDVVD GL LWDOLDQR �LWDOLDQR UHJLRQDOH SRSRODUH�

H XQD YDULHWj LWDOLDQL]]DQWH GL GLDOHWWRª �%HUUXWR ����� ���� FKH SXz JLXQJHUH

��� 7UXPSHU ���� SDUOD LQYHFH� DO OLPLWH� GL ©DOWHUQDUVL GL FRVWUXWWL FRPSOHWL H QRQ LQWHUIH�

ULWL� RUD LQ XQ FRGLFH H RUD QHOO¶DOWURª >���@���� ( LQ FXL LO FRGH�VZLWFKLQJ� IHQRPHQR OHVVLFDOH� LQVWDXUD OD JUDPPDWLFD FKH SHUWLHQH DO

OHVVLFR GHO FRGLFH PXWDWR���� 3HU OD WLSRORJLD H LO ©VLJQLILFDWRª GHO FRGH VZLWFKLQJ�PL[LQJª FIU� $OIRQ]HWWL ����� LQ

SDUW� FDSS� � H �� 7UXPSHU ����� �� HVFOXGH OD SUHVHQ]D GL TXHVWR WLSR GL PHVFLGD]LRQH D

5HQGH �&RVHQ]D�� &RQVLGHUD DQFKH 7HOPRQ ����� ��� SHU XQR VJXDUGR DG XQD VLWXD]LRQH DV�

VDL VLPLOH D TXHOOD GHOOD 9DOOH ©&L WURYLDPR FRVu LQ XQD VLWXD]LRQH WXWWD SDUWLFRODUH GL GLJORV�

VLD LQ FXL LO FRGH�VZLWFKLQJ QRQ q GHWHUPLQDWR GD QHVVXQD GHOOH YDULDELOL VLQRUD SUHVH LQ HVD�

PH GDO VRFLROLQJXLVWD �VLWXD]LRQH� FRQWHVWR� GRPLQLR HFF�� PD HVFOXVLYDPHQWH GDOOD FROOR�

FD]RQH UHSHUWRULDOH GHOOH GLYHUVH XQLWj OLQJXLVWLFKH >«@ QHOOD FRPSHWHQ]D OLQJXLVWLFD GHO

SDUODQWHª�

�� ,/ ',$/(772 3(5&(3,72

SHUVLQR DOOD ©WRWDOH LQWHFDPELDELOLWj GL LWDOLDQR H GLDOHWWR� FKH IRUQLVFRQR SDULWD�

ULDPHQWH PDWHULDOH OHVVLFDOH H PRUIRORJLFR DOOD FRVWUX]LRQH GHOO¶HQXQFLDWR� LQ XQ

FRQWLQXR ]LJ�]DJ GDOO¶XQ VLVWHPD DOO¶DOWUR� FRPH VH LQ IRQGR IRVVHUR IXVL LQ XQ

XQLFD JUDPPDWLFD� R PHJOLR FRPH VH LQ FHUWL VHWWRUL G¶XVR OH JUDPPDWLFKH GHOOD

OLQJXD H GHO GLDOHWWR IRVVHUR LQ SHUIHWWD VRYUDSSRVL]LRQHª �LELGHP� ����

2UEHQH� TXDQWR ©EDVVDª GHEED HVVHUH TXHVWD YDULHWj GL LWDOLDQR SHU LQQHVFDUH

SURFHVVL GL FRPPXWD]LRQH H GL PHVFLGD]LRQH GL FRGLFH q SUREDELOPHQWH XQD YD�

ULDELOH GLSHQGHQWH GDO OXRJR H GDOOH FRQGL]LRQL VRFLRFXOWXUDOL� YRUUHL LSRWL]]DUH

FKH OD YDULHWj GL LWDOLDQR �VL EDGL� OLQJXD LPPHGLDWDPHQWH VRYUDRUGLQDWD� SDUODWD

LQ 9DOOH VLD VXIILFLHQWHPHQWH ©EDVVDª SHU IXQ]LRQDUH���� TXDQWR DOOD SRVVLELOLWj GL

RYHUODSSLQJ� YRUUHL LSRWL]]DUH FKH� LQ XQD IRUPXOD]LRQH EUXWDOH� RJQXQR PHVFROD

TXHOOR FKH KD D GLVSRVL]LRQH� 5LWRUQLDPR DOO¶LSRWHVL GL XQD FRQYHUJHQ]D GLDOHWWR

o LWDOLDQR GL WLSR LQGLYLGXDOH� GDWD OD QRQ HFFHVVLYD GLVWDQ]D VWUXWWXUDOH IUD L FR�

GLFL q LQ IRQGR YHURVLPLOH FKH VLD SRVVLELOH ULVROYHUH SXUH LQ PDQLHUD LQGLYLGXDOH

H VLQJROD L IHQRPHQL GL DWWULWR VWUXWWXUDOH� LQ FXL L VHJPHQWL �R JOL LWHP� GHOO¶XQD R

GHOO¶DOWUD OLQJXD QRQ VL FRUULVSRQGRQR LQ PRGR ELXQXYRFR� ,Q TXHVWR FDVR QRQ FL

VDUHEEH SL� ELVRJQR GL LQYRFDUH OD GLPLQXLWD GLVWDQ]D OLQJXLVWLFD WUD L GXH SROL

FKH DYYLHQH QHO FDVR GHOOD IRUPD]LRQH GL NRLQq RULHQWDWH YHUVR OD OLQJXD VR�

YUDRUGLQDWD� H VL SXz DPPHWWHUH O¶HQXQFLD]LRQH PLVWLOLQJXH H LO FRGH VZLWFKLQJ

DQFKH LQ XQD VLWXD]LRQH PLFURGLJORVVLFD���� �$OFXQH GL TXHVWH H GHOOH SUHFHGHQWL

GLIILFROWj WHRULFKH SRVVRQR HVVHUH HYLWDWH DGRWWDQGR XQ DSSURFFLR GHO WXWWR GLYHU�

VR� FKH SUHQGD OH PRVVH GDOOD FRQVLGHUD]LRQH GHOO¶HYHQWR OLQJXLVWLFR SHU FRPH OR

SHUFHSLVFH LO SDUODQWH��

��� (YLGHQWHPHQWH OD WHUPLQRORJLD q PHWDIRULFD� DO OLPLWH GHOOD IRU]DWXUD� FRQ ©EDVVRª TXL

QRQ LQWHQGR LQ DOFXQ PRGR ULIDUPL D JLXGL]L GL WLSR VRFLDOH �PHQ FKH PHQR GL WLSR OLQJXLVWL�

FR�� TXL ©EDVVRª GRWDWR GHOOH FDUDWWHULVWLFKH DGDWWH SHU LQQHVFDUH SURFHVVL GL FRGH VZLW�

FKLQJ�PL[LQJ� /¶LWDOLDQR SDUODWR FROORTXLDOH FXL VL DFFHQQDYD VRSUD OR q���� $QFKH %HUUXWR ������ �������� GLVFXWH O¶DIIHUPD]LRQH GL 7UXPSHU SHU FXL L IHQRPHQL

GL FRGH VZLWFKLQJ VDUHEEHUR GD ULFRQGXUVL D VLWXD]LRQL GL PDFURGLJORVVLD� DYDQ]DQGR DO UL�

JXDUGR GXEEL VLPLOL D TXHOOL VXDFFHQQDWL� H DOOD ULFHUFD GL IDWWRUL GL UHJRODUL]]D]LRQH QRWD FKH

©QHOOH VLWXD]LRQL GL PLFURGLJORVVLD >FRPPXWD]LRQL HG HQXQFLDWL PLVWLOLQJXL@ YHQJRQR XVDWL

VROR VH �VL VD FKH� O¶LQWHUORFXWRUH VD LO GLDOHWWRª� H LQ SDUWLFRODUH� ULIHUHQGRVL DG XQD VLWXD]LR�

QH SUHVXPLELOPHQWH PLFURGLJORVVLFD� FKH ©TXHO FKH VHPEUD FRQWDUH >«@ q OD SUHVXSSRVL]LRQH

GHO SDUODQWH FKH O¶LQWHORFXWRUH FRQGLYLGD O¶LQWHUSUHWD]LRQH GHOOD VLWXD]LRQH QHOOD VFHOWD GHOOH

YDULHWj� LGLSHQGHQWHPHQWH GDO IDWWR FKH O¶LQWHUORFXWRUH VDSSLD R QR SDUODUH GLDOHWWRª� 7DOH

VWDWR GL FRVH q DVVDL VLPLOH D TXHOOR ULOHYDWR LQ 9DOOH� 4XDQWR SRL DO IDWWR GHOOD RJJHWWLYD

PDJJLRUH GLVWDQ]D VWUXWWXUDOH DOOD OLQJXD VRYUDRUGLQDWD GL XQ SDWRLV ULVSHWWR D XQD NRLQq� PL

VHPEUDQR DVVDL DSSURSULDWH OH DIIHUPD]LRQL GL 0DWWKHLHU ������ �������� ©(V LVW >«@ QXU

VHNXQGlU YRQ %HGHXWXQJ� ZHOFKH VSUDFKVWUXNWXUHOOHQ 8QWHUVFKLHGH REMHNWLY EHVWHKHQ� >«@

:LFKWLJHU VLQG GLH $XIIDVVXQJHQ GHU 6SUHFKHU VHOEVW �EHU GLH 8QWHUVFKLHGOLFKNHLW ]ZLVFKHQ

GHQ 9DULHWlWHQ XQG �EHU GLH $Q]DKO GHU XQWHUVFKLHGEDUHQ VHOEVWlQGLJHQ 6SUDFKODJHQ� DOVR

�EHU GLH 6SUDFKOHGLJHQVWUXNWXUª� 6HJXRQR SRL FDO]DQWL HVHPSL WUDWWL GDOOD VLWXD]LRQH WHGHVFD�

,� '$//$ 3$57( '(/ ',$/(772/2*2 ��

,������� 5LPDQH O¶RELH]LRQH GL %HUUXWR ����E� FKH QRQ q SLFFROD� H FRLQYROJH

SL� GL XQ WUDWWR FKH GLVWLQJXD WUD XQD GLJORVVLD SURSULDPHQWH GHWWD H XQD VLWXD�

]LRQH FRPH TXHOOD LWDOLDQD GL OLQJXD FXP GLDOHFWLV� /D FDWHJRULD SURSRVWD GL GL�

ODOLD VHPEUD DEEDVWDQ]D EHQ DGDWWDUVL DOOD VLWXD]LRQH LWDOLDQD LQ JHQHUDOH���� SXU

PDQWHQHQGR OD GLIIHUHQ]LD]LRQH GL XVR H IXQ]LRQL WUD L GXH FRGLFL� OD GLODOLD SHU�

PHWWHUHEEH O¶LPSLHJR GHOOD YDULHWj DOWD QHOOD QRUPDOH LQWHUD]LRQH TXRWLGLDQD�

DPPHWWHQGR XQD TXDQWLWj GL GRPLQL QHL TXDOL q SRVVLELOH OD ORUR VRYUDSSRVL]LRQH�

7XWWDYLD VH ©GLODOuD VL KD QHL UHSHUWRUL FRQ OLQJXD VWDQGDUG H GLDOHWWL VHQVLELO�

PHQWH GLVWDQWL H IXQ]LRQDOPHQWH GLIIHUHQ]LDWL� FRQ XVR GL HQWUDPEL QHO SDUODWR

TXRWLGLDQR H FRQ VRYUDSSRVL]LRQH GL DOFXQL GRPLQL� OD OLQJXD VWDQGDUG YL KD

DSHUWDPHQWH SUHVWLJLR� O¶XVR GHO GLDOHWWR WHQH DG HVVHUH VRFLDOPHQWH GLVFULPL�

QDQWH H VRFLDOPHQWH VWUDWLILFDWR� LO GLDOHWWR q SRFR VWDQGDUGL]]DWR H KD VFDUVR SUH�

VWLJLRª >%HUUXWR ����E� ��@ GLVSLDFH GL SHUGHUH OD GLVWLQ]LRQH� GDYYHUR HVSOLFDWL�

YD SHUFKp VL ULIHULVFH D IDWWL UHDOPHQWH GLYHUVL� WUD XQD VLWXD]LRQH LQ TXDOFKH

PRGR ©PDFURª H XQD SL� R PHQR ©PLFURª����

,QROWUH QRQ VHPSUH LO GLDOHWWR q VRFLDOPHQWH GLVFULPLQDQWH �VH FRQ TXHVWR LQ�

WHQGLDPR FKH GLVFULPLQD YHUVR LO EDVVR� H QRQ QHFHVVDULDPHQWH KD VFDUVR SUHVWL�

JLR� YHGUHL GXQTXH FRPH PROWR DSSURSULDWH XOWHULRUL VSHFLILFD]LRQL GHOOH FDWHJR�

ULH �LQ TXHVWR FDVR QRQ SU WHU QHFHVVLWDWHP� H LQ SDUWLFRODU PRGR VHPEUD DGDWWD

TXHOOD LQ SDUWH SURSRVWD GDOOR VWHVVR %HUUXWR� FKH ULVDOH D 0DWWKHLHU ����� ����

���� LO TXDOH YHGH FRQWUDSSRVWH VLWXD]LRQL GL 'LDOHNW DOV +DXSWYDULHWlW �FKH VL

SXz LQ TXDOFKH PRGR DFFRVWDUH DOOD PDFURGLJORVVLD� DG DOWUH GL 'LDOHNW DOV 5H�

OLNWVSUDFKH� FKH %HUUXWR DFFRVWD DOOD PLFURGLJORVVLD����

7URYR SHUz FKH FL VLDQR GHOOH GLIIHUHQ]H WUD XQD VLWXD]LRQH FRPH TXHOOD GHOL�

QHDWD GD 0DWWKHLHU LQ FXL LO GLDOHWWR q OLQJXD VROWDQWR GHJOL DQ]LDQL �H IRUVH SL�

QHSSXUH�� IRUWHPHQWH FRQQRWDWD LQ QHJDWLYR� H TXHOOD SHU HVHPSLR GHOOD YDO 9L�

JH]]R� GRYH LO GLDOHWWR q Vu LQ FRQGL]LRQL GL HYLGHQWH OLPLWD]LRQH QHJOL DPELWL

G¶XVR FKH SUHVXPLELOPHQWH GLYHUUDQQR VHPSUH SL� ULVWUHWWL� PD FKH DQFRUD q XQ

PH]]R GL FRPXQLFD]LRQH TXDQWRPHQR SRWHQ]LDOH GHOOH YDULH FRPXQLWj� Ê SRVVL�

ELOH FKH VLD TXHVWD O¶HYROX]LRQH� YHUVR OD 5HOLNWVSUDFKH� PD OD PLD LPSUHVVLRQH q

FKH LQ SL� GL XQ FDVR LQ ,WDOLD VL VLD DQFRUD DO JUDGLQR SUHFHGHQWH�

6DUHEEH DOORUD XWLOH DQFKH O¶LQVHULPHQWR XQD WHU]D FDWHJRULD HXULVWLFD FKH VL

SRQH XQ SR¶ D FDYDOOR GHOOH GXH H FKH %HUUXWR QRQ SUHQGH LQ FRQVLGHUD]LRQH� LO

'LDOHNW DOV 6R]LDOV\PERO� 4XHVWR� QHOOD VXD YHUVLRQH D�� VL DGDWWD SLXWWRVWR EHQH

��� ( D &DWDQLD LQ SDUWLFRODUH� DOPHQR� FRPH DWWHVWD $OIRQ]HWWL ����� ������� ( RYYLDPHQWH QRQ VROR LQ ,WDOLD� 0DWWKHLHU ����� ��� DIIHUPD FKH ©LQ GHQ

YHUVFKLHGHQHQ GHXWVFKVSUDFKLJHQ 5HJLRQHQ UHFKW XQWHUVFKLHGOLFKH .RQVWHOODWLRQHQ ]ZLVFKHQ

GHU 9HUZDQGXQJ YRQ 'LDOHNW XQG GHU YRQ 6WDQGDUGVSUDFKH >N|QQHQ@ IHVWJHVWHOOW ZHUGHQª�

3HU OD GLODOLD FIU� DQFKH %HUUXWR ����� �� FKH GHILQLVFH OD VLWXD]LRQH LWDOLDQD FRPH ©ELOLQJXL�

VPR HQGRJHQR �R HQGRFRPXQLWDULR� D EDVVD GLVWDQ]D VWUXWWXUDOH FRQ GLODOLDª H %HUUXWR �����

������

��� &IU� %HUUXWR ����� ���

�� ,/ ',$/(772 3(5&(3,72

DOOH FDUDWWHULVWLFKH GHOOD 9DOOH� JLDFFKp ©>LQ TXHVWR WLSR@ KDW GHU 'LDOHNW LQ GHU

6SUDFKJHPHLQVFKDIW� LQ GHU VR]LDO XQG VLWXDWLY JHVWHXHUW YHUZHQGHW ZLUG� DOV

$OOWDJVVSUDFKH HLQHQ GXUFKDXV SRVLWLYHQ :HUW� 0DQ LVW GHU 0HLQXQJ� GD� GHU

'LDOHNW LP QRUPDOHQ /HEHQ GHU 6SUDFKJHPHLQVFKDIW VHLQHQ 3ODW] KDW XQG KLHU

DXFK HUKDOWHQ EOHLEHQ VROOWH� )�U GLH 9HUZHQGXQJ LQ |IIHQWOLFKHQ 6LWXDWLRQHQ

ZLUG HU GDJHJHQ QLFKW I�U WDXJOLFK JHKDOWHQª����

,������� 4XHVWD VHPEUD HVVHUH OD VLWXD]LRQH H TXHOOR LO VXR GHVWLQR� SHU TXDQWR

LO SUHVWLJLR HVSOLFLWR GHO GLDOHWWR VLD ULFRQRVFLXWR� L FRPSRUWDPHQWL TXRWLGLDQL GHL

SDUODQWL DOOXGRQR DG DOWUR� H OD PDQFDQ]D GL XQ ©GLDOHWWR DQQDFTXDWRª� R FRPXQ�

TXH OR VL YRJOLD FKLDPDUH� NRLQq� +DXSWYDULHWlW R TXDQW¶DOWUR� RQQLQDPHQWH ULFR�

QRVFLXWR H FKH VHUYD GD PH]]R GL FRPXQLFD]LRQH RXW�QHWZRUN FRQGDQQD OH OLQJXH

VRWWRUGLQDWH D SRVL]LRQL VHPSUH SL� DQJXVWH H VFDUVDPHQWH SURGXWWLYH QHO SURFHV�

VR GHOOD FRPXQLFD]LRQH�

Ê TXHOOR FKH FRQ WHUPLQH GL VLFXUR LPSDWWR q VWDWR FKLDPDWR ODQJXDJH GHDWK�

PRUWH GHOOD OLQJXD���� ROWUH DOOH EHQ QRWH YDULDELOL VLWXD]LRQDOL FKH OD SUHYHGRQR

LQ FDVR GL PLFURGLJORVVLD� q DQFKH OD YDULD]LRQH OLEHUD� QRQ DJJDQFLDWD DG XQR

VFKHPD TXDOH SRWUHEEH HVVHUH XQD NRLQq� D SRUWDUH DOO¶RPRORJD]LRQH

VXOO¶LWDOLDQR� 4XHVWR WHVWLPRQLDQR L JLXGL]L HVSOLFLWL GHL SDUODQWL� LO FDPELR OLQ�

JXLVWLFR YLHQH QHJDWR �H DFTXLVWD VHPSUH SL� WHUUHQR� SHUFKp SHUVRQDOH� QRQ

LVWLWX]LRQDOL]]DWR� SHUFKp RSHUD D OLYHOOR GL VLQJROR LWHP H VSHVVR VHQ]D XQD UHWH

GL SDUDOOHOLVPL QHRJUDPPDWLFL R VWUXWWXUDOL FKLDUDPHQWH LQGLYLGXDELOH� OD YDULD�

]LRQH GLDWRSLFD PRVWUD DL SDUODQWL PRGHOOL GLYHUVL� PD QRQ XWLOL]]DELOL SHUFKp

WXWWL LQ TXDOFKH PRGR �RYYLDPHQWH� DOFXQL SL� H DOWUL PHQR� GLVWDQWL GDOOD OLQJXD

VRYUDRUGLQDWD YHUVR OD TXDOH DYYHUUHEEH LO SURFHVVR GL FRQYHUJHQ]D� H QRQ VL UL�

FRQRVFH LO PRYLPHQWR FKH FLDVFXQR� H QRQ WXWWL FRPSLH YHUVR O¶DEEDQGRQR GHO

GLDOHWWR ORFDOH���� '¶DOWURQGH OD EUXVFD H DVLVWHPDWLFD VRVWLWX]LRQH GL LWHP H

VWUXWWXUH FKH WDORUD VL RVVHUYD EHQ VL LQVHULVFH LQ XQ TXDGUR GL FRQYHUJHQ]D LQGL�

YLGXDOH YHUVR O¶LWDOLDQR� FKH LQ TXHVWL FDVL SUHQGHUHEEH OH FDUDWWHULVWLFKH SL� GH�

FLVH GHOO¶RPRORJD]LRQH� GHO ULFDOFR� GHOOD VRVWLWX]LRQH�

��� 'HOOD FODVVLILFD]LRQH GL 0DWWKHLHU ID FHQQR DQFKH *UDVVL ����� ������� 1HO VHQVR GL 'UHVVOHU ����� H LQ SDUWLFRODUH ����� ��� H FIU� 0F0DKRQ ����� ����

���� SHU L GLDOHWWL LWDOLDQL VL SXz LQ FHUWL FDVL LSRWL]]DUH XQD WLSRORJLD GHO WLSR GHO ODQJXDJH

VXLFLGH �0F0DKRQ ����� ���� FDUDWWHUL]]DWD GDOOD SUHVHQ]D VHPSUH SL� LQYDGHQWH GL SUHVWLWL

H GDO SUHVWLJLR VHPSUH PDJJLRUH GHOOD OLQJXD VRYUDRUGLQDWD� OD OLQJXD SHUz QRQ PXRUH VXELWR�

VYLOXSSD LQYHFH �FRVu DOPHQR GLFRQR LQ OHWWHUDWXUD� XQ FRQWLQXXP� 0D GL FLz VL GRYUj ULSDUODUH�

��� &IU� DQFKH 6WHKO ����� ���� ©OD WUDVIRUPD]LRQH GHOOD GLJORVVLD LQ XQ FRQWDWWR YHUWLFDOH

H FRQYHUJHQWH VL EDVD SRL VXO IDWWR FKH OH QXPHURVH WHFQLFKH LQGLYLGXDOL GL WUDGX]LRQH >«@

QRQ UDJJLXQJRQR GL UHJROD LO OLYHOOR GHOOD QRUPD GHOOD OLQJXD G¶DUULYRª�

,� '$//$ 3$57( '(/ ',$/(772/2*2 ��

,����� /H IRUPH LEULGH

5LPDQH SHUz GD DYYHUWLUH GHOOD SUHVHQ]D GHOOH IRUPH LEULGH� FKH FLRq QRQ

DGHULVFRQR DOOD QRUPD GLDOHWWDOH �VWUHWWDPHQWH ORFDOH� PD QHSSXUH VRQR SUHVWLWL

GDOO¶LWDOLDQR���� 9D TXL DQWLFLSDWR FKH LO SUREOHPD VDUj FRPSUHVR LQ XQ FRQWHVWR

SL� DPSLR� LQ FXL DSSDULUj FKH HVVH VRQR LO ULVXOWDWR GHOOD VRYUDSSRVL]LRQH GL XQD

WUDGL]LRQH SUDJPDWLFD GHO GLVFRUVR DG XQ DOWUR FRGLFH IRQHWLFR H PRUIRORJLFR� 6L

QRWL SHU LO PRPHQWR FKH TXHVWH IRUPH SUHVHQWDQR XQD FDUDWWHULVWLFD LQYDULDELOH�

VRQR SUHVHQWL VXO WHUULWRULR FRPH UHDOL]]D]LRQL ©QRUPDOLª GL DOWUL SXQWL JHRJUDIL�

FL���� FLz LQGLFD FKH LQ TXDOFKH PRGR LO FRPSRUWDPHQWR DWWXDOH GHO SDUODQWH UL�

IOHWWH O¶HYROX]LRQH GLDFURQLFD SDVVDWD GHL FHQWUL� GLIIHUHQ]LDWL GDOOD GLYHUVD SRVL�

]LRQH JHRJUDILFD H GDOOD FRPSRVL]LRQH VRFLRHFRQRPLFD GHOOH SRSROD]LRQH� /H

IRUPH FKH L SDUODQWL JLXGLFDQR LPSRVVLELOL H FKH HIIHWWLYDPHQWH QRQ FRPSDLRQR

QHO UHSHUWRULR VRQR TXHOOH FKH QRQ VL GDQQR QHOOD UHJLRQH����

7HQGRQR D SURGXUUH IRUPH LEULGH �R PHJOLR� GL SDVVDJJLR GLDWRSL�

FR�GLDFURQLFR� LQ TXHVWR PRGHOOR IRUPH SURSULDPHQWH LEULGH QRQ YH QH VRQR�

TXHL SDUODQWL FKH VRQR SL� FRLQYROWL LQ VRFLDO QHWZRUN� PHQWUH q SL� WLSLFD GL

SDUODQWL PHQR LQZDUG�RULHQWHG OD VRVWLWX]LRQH GLUHWWD GHOO¶LWHP FRQ TXHOOR GHOOD

OLQJXD VXERUGLQDWD� SHU L SULPL OD QRUPD �LQGLYLGXDOH"� KD GXQTXH DQFRUD XQ

YDORUH FRJHQWH� SHU FDXVH FKH YDQQR GDOOH UHWL IDPLOLDUL H GL FRQRVFHQ]H� DOO¶HWj�

DOOH DWWLYLWj� OD UHVLGHQ]D H TXDQW¶DOWUR� L VHFRQGL VDUHEEHUR LQYHFH FDUDWWHUL]]DWL

GD XQD DXWRFRVFLHQ]D OLQJXLVWLFD PROWR PLQRUH� H DQFKH GD XQD FRVFLHQ]D YLJH]�

]LQD� SHU GLU FRVu� PHQR HVDXVWLYD� ( OD GLIIHUHQ]D VL DYYHUWH DQFKH D OLYHOOR

HVSOLFLWR� LGHRORJLFR� WUD L SDUODQWL FKH FRQYHUJRQR VHQ]D RPRORJDUVL FL VRQR LQ

PDJJLRUDQ]D FRORUR FKH DIIHUPDQR GL VHJXLUH OD QRUPD �PL D �SDUOL �V(PSDU XO

P( GLD�O(W�� DQFKH VH SRL WDORUD QRQ OR IDQQR� /¶LQVHJQDPHQWR SUH]LRVR GL 7HUUD�

FLQL� GXQTXH� FKH OD PHVFLGD]LRQH VLD XQ LQGLFH GL YLWDOLWj GHOOD OLQJXD� VXSHULRUH

DOOD VRVWLWX]LRQH GL LWHP� FKp DOPHQR ULHVFH D LPSRUUH SDUWH GHOOD VXD QRUPD� FL

Gj DQFKH OD FKLDYH SHU FDSLUH LO JUDGR GL YLWDOLWj FKH LO SDUODQWH DWWULEXLVFH DOOD

SURSULD OLQJXD� SL� OD PHVFROD H SL� OD VHQWH YLYD����

��� 8VR TXL LO WHUPLQH QHO VHQVR FKH JOL Gj %HUUXWR ����� ��� ©SDUOHUHPR >«@ GL LEULGLVPL SHU

LQGLFDUH XQLWj OHVVLFDOL FRVWUXLWH FRQ PDWHULDOL H UHJROH SURYHQLHQWL GD VLVWHPL OLQJXLVWLFL GLYHUVLª�

$OOR VWHVVR ULPDQGR SHU XQD GLVFXVVLRQH VXO FRQFHWWR� VRWWROLQHDQGR FKH q YDOLGD DQFKH LQ YDO 9L�

JH]]R O¶RVVHUYD]LRQH ©VHPEUD UDUR QHO SDUODWR VSRQWDQHR LO FDVR GL LEULGLVPL FKH DXWRUL]]LQR D

SDUODUH GL XQD YDULHWj LQWHUPHGLD SOHQR LXUH WUD LWDO� H GLDOHWWR� FLRq GL XQD Q X R Y D YDULHWj� QRQ

ULFRQGXFLELOH Qp DOO¶XQR Qp DOO¶DOWUR GHL GXH VLVWHPLª �LELGHP� ���� HQIDVL QHO WHVWR��

��� $ LGHQWLFD FRQFOXVLRQH JLXQJH 0RUHWWL ����� ��������

��� &IU� ,,,��� SHU XQ DSSURFFLR SHU VFDOH GL LPSOLFD]LRQH���� &IU� DQFKH 7HOPRQ ����� ����� ©LO GLDOHWWR YD LQWHVR >«@ FRPH XQ VLVWHPD DSHUWR� XQ

UHSHUWRULR >«@� LQ FXL FRQIOXLVFRQR WXWWL JOL HOHPHQWL GL FRGLFL GLYHUVL� RJQXQR GHL TXDOL q GL

IDWWR R LQ SRWHQ]D SDUWH VHSDUDWD GHOOD FRPSHWHQ]D OLQJXLVWLFD GHO VLQJROR SDUODQWH� PD RJQX�

QR GHL TXDOL q VRJJHWWR D VWUDWLILFD]LRQL GL HOHPHQWL RULJLQDULDPHQWH HVWUDQHLª�

��������������������� ���

�( 35(0(66( 7(25,&+( ( /$ &2//$%25$=,21(

,,��� ,QWURGX]LRQH� /D FRVFLHQ]D OLQJXLVWLFD�

/D VWRULD GHOOD FRVFLHQ]D OLQJXLVWLFD FRPH PRPHQWR GL ULFHUFD DVVRPLJOLD

SHU FHUWL DVSHWWL DOOD IRUWXQD GHO FRQWUDSSXQWR DFFDGHPLFR QHOOD WUDGL]LRQH

PXVLFDOH HXURSHD GDO VHLFHQWR DL SULPL GHO VHFROR DWWXDOH� DG XQD IDVH LQ FXL

TXHVWR HUD WHQXWR LQ JUDQGH FRQVLGHUD]LRQH �%X[WHKXGH� SRL %DFK� + QGHO H

FRVt YLD� DO ULILXWR VHWWH�RWWRFHQWHVFR �FRQ LPSRUWDQWLVVLPH HFFH]LRQL�� DOOD

ULSUHVD DOOR VFRUFLR GHO VHFROR FKH KD SRUWDWR VHPSUH SL~ DOO¶DOORQWDQDPHQWR

ULVSHWWR DOOH DVSHWWDWLYH GHO SXEEOLFR �PXVLFD GRGHFDIRQLFD H VHULDOH��� &RVt

SXUH O¶DWWHQ]LRQH DO PRQGR GHO SDUODQWH� YLYLVVLPD QHL SULPL HVSHULPHQWL

GLDOHWWRORJLFL H OLQJXLVWLFL� VL q YLD YLD RVFXUDWD FRO WUDVFRUUHUH GHO VHFROR

VFRUVR H GL TXHVWR VHFROR� LQ QRPH GHOOD SRVLWLYD VFLHQWLILFLWj GHOOH ULFHUFKH

�DQFKH TXL FRQ QRWHYROL HFFH]LRQL�� SHU SRL ULHPHUJHUH LQ WHPSL UHFHQWL� PD

SURYYLVWD GL XQ DUPDPHQWDULR PHWRGRORJLFR � VSD]LDQWH GDOOD HWQRORJLD DOOD

SUDJPDWLFD DOO¶DQDOLVL GHOOD FRQYHUVD]LRQH� DOOD SVLFROLQJXLVWLFD � FKH UHQGH

OH ULFHUFKH VXOO¶DUJRPHQWR RUPDL LQFRPSUHQVLELOL DO SDUODQWH VHQ]D VSHFLILFD

SUHSDUD]LRQH� 6H &KHUXELQL SRWHYD SURJHWWDUH LO VXR VWUDRUGLQDULR YRFDEROD�

ULR VHQ]D �TXDVL� DOFXQD FRPSHWHQ]D VSHFLILFDPHQWH OLQJXLVWLFD SUHOLPLQDUH�

SHUFKp TXHVWR �FLRq O¶DWWHQ]LRQH DO SDUODQWH� HUD LO PRGR QRUPDOH GL SDUODUH

GHOOD OLQJXD� RUD SXUWRSSR QRQ q SL~ SRVVLELOH FKH FKL SDUOD XQD OLQJXD SDUOL

GL Vp VHQ]D HVVHUH XQ OLQJXLVWD� &RPH XQD YROWD XQD 0HVVD D FLQTXH SDUWL

UHDOL HUD LO PRGR QRUPDOH� H RUD XQD VHULH GRGHFDIRQLFD q SDQH SHU GHQWL

VSHFLDOLVWL�

'XQTXH RUPDL OD FRVFLHQ]D OLQJXLVWLFD YD LQGDJDWD� H LQ PROWL FDVL� VH

QRQ VL YRJOLRQR FRPPHWWHUH JHQHUDOL]]D]LRQL DQFKH EUXWDOL� QRQ EDVWD LQGD�

� 0L SHUGRQLQR L PXVLFRILOL SHU TXHVWR UR]]R DFFRVWDPHQWR� SHU PROWL YHUVL LQHVDWWR� VR

EHQH FKH QHO VHLFHQWR LO FRQWUDSSXQWR JLXQJH D SHUIH]LRQH GRSR VHFROL GL DXUHL WHQWDWLYL �FKL

SXz GLPHQWLFDUH L ILDPPLQJKL"�� H FKH TXDVL QXOOD GL VLPLOH DFFDGH QHOOD OLQJXLVWLFD SUH�

VFLHQWLILFD� VR EHQH FKH VL SXz VRVWHQHUH FKH O¶DWWHQ]LRQH DO FRQWUDSSXQWR q XQD GLVSRVL]LRQH

DUWLVWLFD YDULDELOH FRQ O¶HWj� H FKH L PXVLFLVWL DQFKH DOO¶LQL]LR SL~ ILHUDPHQWH FRQWUDUL FRQ OD

PDWXULWj �UL�SUHQGRQR D VFULYHUH IXJKH �0R]DUW� DG HVHPSLR� R %HHWKRYHQ� SHUVLQR &KRSLQ��

H DOWUH VLPLOL RELH]LRQL� 1RQ GL PHQR PL VHPEUD FKH LO SDUDJRQH QHOOH VXH OLQHH JHQHUDOL UHJ�

JD� H FKH OH VRPLJOLDQ]H WDORUD VLDQR LQWHUHVVDQWL�

�� ,/ ',$/(772 3(5&(3,72

JDUH OD SURSULD�� 9D ULFHUFDWD DOO¶HVWHUQR� QHOOD SUDWLFD H WHRULD OLQJXLVWLFD GL

SDUODQWL FKH VLDQR DOWUR GD Vp� H FKH VLDQR LQ FRQWDWWR FRQ HVSHULHQ]H �OLQJXL�

VWLFKH� PD DQFKH FRPXQLFDWLYH QHO VHQVR SL~ JHQHUDOH� FKH QRQ QHFHVVDULD�

PHQWH GHYRQR HVVHUH TXHOOH GHO ULFHUFDWRUH� 2UD� VDUHEEH XQD VHPSOLILFD]LR�

QH LQGHELWD VRVWHQHUH O¶HTXLYDOHQ]D GLUHWWD H PHFFDQLFD WUD ©DWWHQ]LRQH DOOD

FRVFLHQ]D OLQJXLVWLFDª H ©DWWHQ]LRQH DO PRQGR OLQJXLVWLFR�FXOWXUDOH

GHOO¶LQIRUPDWRUH H ULFHUFD GL XQD FROODERUD]LRQH VFLHQWLILFDª� /D UHOD]LRQH

QRQ FRUUH QHL GXH VHQVL� H QRQ q DXWRPDWLFD� VHPEUHUHEEH UDJLRQHYROH DP�

PHWWHUH FKH LQIRUPD]LRQL HVSOLFLWH VXOOD FRVFLHQ]D OLQJXLVWLFD QRQ VL SRVVRQR

RWWHQHUH VH QRQ PHGLDQWH XQD FHUWD FROODERUD]LRQH IUD ULFHUFDWRUH H SDUODQ�

WH�� PD OH LQIRUPD]LRQL HVSOLFLWH QRQ VRQR LO VROR VWUXPHQWR D QRVWUD GLVSRVL�

]LRQH SHU DFFHGHUH DOOH VWUXWWXUD]LRQL GHOOD FRVFLHQ]D OLQJXLVWLFD� FRPH VL

WHQWHUj GL GLPRVWUDUH DWWUDYHUVR WHFQLFKH DG KRF H HVHPSL SUDWLFL QHO SURVVL�

PR FDSLWROR� QRQ FL VRIIHUPLDPR TXL VXO SUREOHPD GHOOD PLVXUD]LRQH GHOOH

DWWXWXGHV PHGLDQWH DSSRVLWL WHVW� SHUFKp� FRPH VL YHGUj� OD YLVLRQH GL ©FR�

VFLHQ]D OLQJXLVWLFDª FKH TXL VL DGRWWD q SL~ OLQJXLVWLFD H PHQR VRFLRORJLFD GL

TXHOOD VRWWHVD GD WDOL HVSHULPHQWL� ,QYHFH� EXRQH PHWRGRORJLH SHU LQGDJDUH

LQGLUHWWDPHQWH OD FRVFLHQ]D OLQJXLVWLFD FL VRQR QRWH DWWUDYHUVR L FLWDWL ODYRUL

GL 6REUHUR �VHJQDWDPHQWH ���� H ����� H 6WHKO�� IDWWH VDOYH OH GLIIHUHQ]H GL

ILQDOLWj PHVVH LQ OXFH QHOO¶LQWURGX]LRQH�

,Q RJQL FDVR QRQ q YHUR LO FRQWUDULR� FKH FLRq DWWHQ]LRQH DO PRQGR GHO

SDUODQWH H ULFHUFD GHOOD FROODERUD]LRQH VLDQR HVSOLFLWDPHQWH H SULQFLSDO�

PHQWH ILQDOL]]DWH D SURJHWWL UHODWLYL DOOD FRVFLHQ]D OLQJXLVWLFD� H WXWWDYLD QH�

JOL VWXGL LQ FXL q PDJJLRUH OD FRQVLGHUD]LRQH GHOOH GLIIHUHQ]H FXOWXUDOL �H LQ

FXL TXHVWD FRQVLGHUD]LRQH VL WUDGXFH LQ XQD HIIHWWLYD ULFHUFD GL XQ WHUUHQR

G¶LQFRQWUR WUD L GXH SROL GHOO¶LQWHUD]LRQH FKH QRQ VLD VROR OD FRQYHUJHQ]D

GHOO¶LQIRUPDWRUH VXO PRGHOOR GHOOR VWXGLRVR� VL WHQGH D FRQVLGHUDUH OD FR�

VFLHQ]D OLQJXLVWLFD FRPH XQD FRPSRQHQWH LQWHJUDQWH GHO TXDGUR JHQHUDOH

GHOOR VWDWR GL OLQJXD GL FXL GDUH FRQWR��

� 7XWWR GLSHQGH� FRPH DO VROLWR� GDOOH ILQDOLWj GHOO¶LQFKLHVWD� q RYYLR FKH� DOOD ULFHUFD GL

XQD *8� RJQL SDUODQWH �H GXQTXH DQFKH LO ULFHUFDWRUH VWHVVR� q UDSSUHVHQWDWLYR GL RJQL DOWUR�

FRQGLYLGHQGRQH OD FRPSHWHQFH� H OD SURSULD VHQVLELOLWj OLQJXLVWLFD� LO ©VDYRLU OLQJXLVWLTXHª GL

6FKOLHEHQ�/DQJH q JXLGD VLFXUD H LQIDOOLELOH� Ê SHUz DQFKH YHUR FKH� FRPH RJQL SURIHVVLRQL�

VWD� DQFKH LO OLQJXLVWD VRIIUH GL ©GHIRUPD]LRQH SURIHVVLRQDOHª� H FKH DQFKH XQR VJXDUGR VXOOH

YLVLRQL GL FKL QRQ QH q DIIHWWR KD OD VXD LPSRUWDQ]D�

� 3HQVR VRSUDWWXWWR DL ODYRUL GL DPELWR IUDQFHVH� �%RXYLHU ����� &KDXUDQG ����� 'XEXLV�

VRQ ����� *DOLPDUG ����� *XHXQLHU ����� /HDO ����� /HRQDUG ����� ����� 0DUWHO �����

0RXJLQ ����� R UXPHQR �7HDKD ����� 9XOSH ����� ������ 6L YHGUj PHJOLR LQ VHJXLWR GL FKH

WLSR GL FROODERUD]LRQH VL WUDWWL QHOOD PDJJLRU SDUWH TXHVWH LQFKLHVWH�� ,Q SDUWLFRODUH ����� ���� H ������ 3HQVR DGHVVR D 7HUUDFLQL H D /XUDWL� H D 6DOYLRQL QHO VHQVR FKH YHUUj VSHFLILFDWR SL~

VRWWR� PD DOWUL HVHPSL SRWUHEEHUR IDFLOPHQWH YHQLUH LQ PHQWH�

/$ 5,&(5&$ 68/ &$032 , ��

/¶DFFHQQR SHUz DG XQ OLYHOOR HVSOLFLWR� FRQVFLR� H DG XQR LPSOLFLWR GHOOD

FRVFLHQ]D OLQJXLVWLFD LQGXFH D IDUH VXELWR XQD EUHYH PD LPSRUWDQWH SUHFLVD�

]LRQH� LQYHUR� FLz FKH YD LQGDJDWR q OD FRVFLHQ]D R OD FRVFLHQ]D GHOOD FR�

VFLHQ]D� L JLXGL]L HVSOLFLWL VXOOD FRVFLHQ]D R OD FRVFLHQ]D FKH GHULYD

GDOO¶XVR" ,O SUREOHPD q SL~ VRWWLOH GL TXDQWR VLDPR QRUPDOPHQWH GLVSRVWL DG

DPPHWWHUH� QRL FKLDPLDPR DELWXDOPHQWH FRVFLHQ]D OD FRQVDSHYROH]]D GL HV�

VHUH FRVFLHQWL� FLRq OD FRVFLHQ]D GHOOD FRVFLHQ]D� 4XHVWD YLVLRQH KD SL~ GL

XQ SXQWR GL FRQWDWWR FRQ OD GLVWLQ]LRQH WHUUDFLQLDQD� VXOOD TXDOH WRUQHUHPR�

WUD VHQWLPHQWR H FRVFLHQ]D OLQJXLVWLFD� 3HU LO PRPHQWR SURSRQJR GL FKLDPDUH

FRVFLHQ]D LO SULPR OLYHOOR H FRQVDSHYROH]]D LO VHFRQGR� SL~ HVSOLFLWR H PH�

GLWDWR� 3HUDOWUR FRQ XQD GLYHUVD WHUPLQRORJLD DQFKH 6FKOLHEHQ�/DQJH

�����E� �������� SRQH LO SUREOHPD VH OD FRVFLHQ]D OLQJXLVWLFD VLD GRPLQLR

GHO FRVFLHQWH R GHO SUHFRVFLHQWH� H OHL VWHVVD ������ ���� DYHYD SRVWR XQD

GLIIHUHQ]D WUD OLYHOOL GLYHUVL GL ©VDSHUH OLQJXLVWLFRª� LO ©VDYRLU H[SpULHQFHª�

GHULYDWR GDOO¶HVSUHULHQ]D OLQJXLVWLFD H GDOOD SUDWLFD TXRWLGLDQD� H LO ©VDYRLU

LGpRORJLHª VWHUHRWLSR� SL~ PHGLDWR FXOWXUDOPHQWH H WUDWWR GD HVSHULHQ]H DQWH�

ULRUL HG HVWUDQHH DO VRJJHWWR� /D PLD SURSRVWD q OHJJHUPHQWH GLYHUVD� SHUFKp

VH q YHUR FKH LO OLYHOOR VWHUHRWLSR VL WURYD DOOR VWDGLR FKH FKLDPHUHL FRQVDSH�

YROH]]D� TXHVWD VL IRUPD SHUz WUDPLWH OH HIIHWWLYH HVSHULHQ]H OLQJXLVWLFKH GHO

SDUODQWH� OD ©FRVFLHQ]D OLQJXLVWLFDª LQ TXHVWR FDVR QH q LO PRPHQWR LUULIOHV�

VR� PD SDVVLELOH GL HVVHUH HVSOLFLWDWR DOOD ELVRJQD��

2UD� SHU TXDQWR VWUDQR SRVVD VHPEUDUH� XQD FRVFLHQ]D FKH QRQ KD FRQVD�

SHYROH]]D GL Vp q GHO WXWWR LQFRVFLHQWH� H QRQGLPHQR IXQ]LRQD� FRPSLH FLRq

LO VXR ODYRUR GL LQGLUL]]DWRUH H UHJRODUL]]DWRUH GHOO¶DJLUH XPDQR�� Ê DQFKH D

TXHVWR VWDGLR FKH YRUUHEEHUR HVVHUH LQGLUL]]DWH OH PLH ULFHUFKH� PHQWUH VHP�

EUD FKH XQD JUDQ SDUWH GHOOH LQFKLHVWH VSHFLILFKH� VRSUDWWXWWR TXHOOH ULFRU�

GDWH GL DPELWR IUDQFHVH� SXQWLQR DO OLYHOOR VXSHULRUH� GHOOD FRQVDSHYROH]]D

FLRq GHOOD SURSULD FRVFLHQ]D OLQJXLVWLFD�

3LDFH� D FKL q DOOH SULPH DUPL H ©WHPH FKH OD YHQXWD QRQ VLD IROOHª� ULIDUVL

� 7HQJR EHQ SUHVHQWL DQFKH OH FRQGL]LRQL SHU OR VWXGLR GHOOD FRVFLHQ]D OLQJXLVWLFD HVDPL�

QDWH GD 6FKHUIHU ����� 4XHVWR SURFHGLPHQWR PL VHPEUD OHJLWWLPDWR DQFKH GD 6FKOLHEHQ�

/DQJH ����� ���� OD FRVFLHQ]D OLQJXLVWLFD DFFRPSDJQD RJQL DWWLYLWj OLQJXLVWLFD� ©LO Q¶\ D SDV

G¶DFWH GH ODQJXH VDQV FRQVFLHQFHª� SHUFLz ©OD FRQVFLHQFH OLQJXLWLTXH UpYqOH GHV VWUXFWXUHV

DQDORJLTXHV DYHF OD FRQVFLHQFH GH VRLª� 4XHVWD FRVFLHQ]D ID SDUWH GHOO¶DWWLYLWj OLQJXLVWLFD�

PD QRQ q HVSOLFLWD� SXz SHUz HVVHUH HVSOLFLWDWD�

� 3HU O¶DSSDVVLRQDQWH SUREOHPD VL YHGD -D\QHV ����� ������ ,Q TXHOOR VWXGLR VL VXJJHUL�

VFH DQFKH FRPH TXHVWD ©FRVFLHQ]D LQFRVFLHQWHª� FKH QRQ SRVVLDPR ULFRQRVFHUH Qp ULFRUGDUH

SHUFKp HYLGHQWHPHQWH VH QRQ VLDPR FRQVFL GL HVVHUH FRVFLHQWL QRQ ©FLª VLDPR �QHO VHQVR ILOR�

VRILFR GL 'D�6HLQ�� VLD LO PRWRUH GHOOH JUDQGL FLYLOWj DQWLFKH ILQR DO , PLOOHQQLR D�&� H GHOOD

ORUR SDUWLFRODUH LFRQRJUDILD�

� 0ROWH GL TXHVWH EDVDWH VXOO¶DSSRVLWR TXHVWLRQDULR &5(+23 SHU FXL YHGL SL~ DYDQWL�

�� ,/ ',$/(772 3(5&(3,72

DOO¶DXWRULWj GHL PDHVWUL� H TXDQWR SL~ TXHVWL VRQR ORQWDQL H RUPDL IOXWWXDQWL

LQ XQ EDFKWLQLDQR VSD]LR PLWLFR� WDQWR PHJOLR VHUYRQR DO VXR VFRSR GL DJ�

JDQFLR H GL ULOHWWXUD� 5LIOHWWHQGR DOORUD FKH VXOOD FRVFLHQ]D OLQJXLVWLFD� DQ�

FKH LQFRVFLHQWH� VL SXz LQGDJDUH WUDPLWH XQD VWUHWWD FROODERUD]LRQH VFLHQWLIL�

FD WUD VWXGLRVR�OLQJXLVWD H ©VWXGLRVRª�SDUODQWH�� YRUUHL DSSXQWDUH TXL

O¶DWWHQ]LRQH VX DOFXQL PRPHQWL GHO SHUFRUVR FRPSLXWR GDO UDSSRUWR IUD ULFHU�

FDWRUH H WHVWLPRQH QHOO¶DPELWR GHOO¶LQFKLHVWD OLQJXLVWLFD� 4XHVWH FKH VDUDQQR

GLVFXVVH QRQ VRQR RYYLDPHQWH OH XQLFKH WDSSH GHJQH GL QRWD� H VRSUDWWXWWR

DOFXQH GHOOH HVSHULHQ]H TXL SUHVHQWDWH QRQ VRQR HVFOXVLYH� HVVHQGR �VWDWH�

FRQGLYLVH WDORUD GD DOWUL VWXGLRVL FKH TXL QRQ VRQR PHQ]LRQDWL� QRQ q PLD

LQWHQ]LRQH FRPSLODUH XQD ©VWRULD GHO UDSSRUWR FRQ OD IRQWHª� SLXWWRVWR YRUUHL

PHWWHUQH LQ OXFH DOFXQH WLSRORJLH� VHUYHQGRPL GL HVHPSL IUD JOL HVLVWHQWL �H

DQ]L FHUFDQGR GL IDU SDUODUH LO SL~ SRVVLELOH LQ SULPD SHUVRQD JOL VWXGLRVL FKH

FLWR�� /D GLVFXVVLRQH VDUj DIIURQWDWD D SDUWLUH GDO OLYHOOR SULPDULR

GHOO¶LQYHVWLJD]LRQH VXO FDPSR� H LQ SDUWLFRODUH PHWWHQGR D IXRFR LO PRPHQWR

IRQGDPHQWDOH GHOOD ULFHUFD GHOOD FROODERUD]LRQH IUD ULFHUFDWRUH H SDUODQWH�

1RQ GHYH VWXSLUH OD DSSDUHQWH VSURSRU]LRQH IUD OR VSD]LR GHGLFDWR D GXH

SUHFXUVRUL FRPH &KHUXELQL H 6DOYLRQL H O¶DQDOLVL GHOOH ULFHUFKH SL~ UHFHQWL�

TXHVWH XOWLPH� HVVHQGR DSSXQWR UHFHQWL� VRQR JHQHUDOPHQWH SL~ SUHVHQWL DOOD

ULIOHVVLRQH H DOOD SUDWLFD GHOOR VSHFLDOLVWD H LQIRUPDQR GL Vp OD VWUXWWXUD SRU�

WDQWH GHO VXR ODYRUR� LQROWUH� VHPSUH DSSXQWR SHU LO ORUR PDJJLRUH DJJDQFLR

FRQ OD UHDOWj H OR VWDWR DWWXDOH GHO GLEDWWLWR� JHQHUDOPHQWH VRSSRUWDQR VRO�

WDQWR XQ¶LQWHUSUHWD]LRQH H XQ XVR� R VL DFFROJRQR L ORUR VXJJHULPHQWL� R OL VL

GLVFXWH� ,QYHFH OH HVSHULHQ]H RUPDL VHGLPHQWDWH QHO WHPSR VL SUHVWDQR DG

XQD PDJJLRUH HVHJHVL H WDORUD D ULOHWWXUH� H TXHVWH WHQJRQR ILVLFDPHQWH SL~

VSD]LR GHOOD FLWD]LRQH�

,,��� &KHUXELQL� R LO GLDOHWWRORJR DO FRQWUDULR

,,����� $OO¶LQL]LR HUD LO PRGR QRUPDOH� GL GLDOHWWL VL LQWHUHVVDYD O¶HUXGLWR

ORFDOH� WDORUD XQ QRELOH VIDFFHQGDWR R XQ HFFOHVLDVWLFR GHL GLQWRUQL� VSHVVR

HUD SHU ILQL SUDWLFL H TXDVL FDULWDWHYROL� LQVHJQDUH LO ILRUHQWLQR DJOL LQFROWL� R

DOORQWDQDUH GD ORUR OH RVFXUH VXSHUVWL]LRQL H XVDQ]H GHO PRQGR FRQWDGLQR�

TXDOFKH YROWD SHU VRVWHQHUH WHVL ©LGHRORJLFKHª� OD GHULYD]LRQH GHO SRSROR GDL

FHOWL� R GDJOL HWUXVFKL� JUHFL� RVFKL R TXDQW¶DOWUR��� ,Q TXHVWL FDVL� OR YROHVVH

� &KH QRQ QHFHVVDULDPHQWH GHYH HVVHUH FROXL FKH PRGHOOD LO FRQFHWWR GL FRVFLHQ]D OLQJXL�

VWLFD� PD q RYYLR FKH QRQ VL SXz� LQYHVWLJDQGR HVSOLFLWDPHQWH OH RSLQLRQL VXOOD OLQJXD GL XQ

SDUODQWH R GL XQ JUXSSR QRQ WHQHU FRQWR R LJQRUDUH OH YLVLRQL GHO PRQGR �DQFKH VH QRQ GHOOD

OLQJXD� GL FXL O¶LQWHUOXFXWRUH q SRUWDWRUH��� 4XHVWD q SHU HVHPSLR O¶LSRWHVL SUHYDOHQWH GHJOL VWRULFL RVVRODQL VHL H VHWWHFHQWHVFKL�

FKH GHULYDQR O¶2VFHOOD /HSRQWLRUXP GHOOR VWHPPD GL 'RPRGRVVROD GD LQVHGLDPHQWL DSSXQWR

/$ 5,&(5&$ 68/ &$032 , ��

R QR� OD SDUWHFLSD]LRQH FXOWXUDOH GL FROXL FKH VL SRQHYD QHOOD FRQGL]LRQH GL

ULFHUFDWRUH QHL FRQIURQWL GHOO¶H[SOLFDQGXP HUD WRWDOH� LO SUREOHPD

GHOO¶LQFKLHVWD� H GHOO¶HYHQWXDOH ©UHD]LRQH GHO SDUODQWHª VL SRQHYD VX EDVL GHO

WXWWR GLYHUVH���

&DVR VWUDRUGLQDULR� DQFKH VH QRQ SURSULR WLSLFR��� q TXHOOR GL )UDQFHVFR

&KHUXELQL H GHO 9RFDERODULR PLODQHVH�LWDOLDQR� *LRYD RFFXSDUVL XQ SRFKLQR

GL OXL QRQ VROR SHUFKp LO VXR ODYRUR q WXWWRUD DOOD EDVH GHOOD GLDOHWWRORJLD

ORPEDUGD� PD DQFKH SHUFKp� D GLIIHUHQ]D GL DOWUL YRFDERODULVWL GHO SHULRGR�

FL KD ODVFLDWR XQD GHWWDJOLDWD WHVWLPRQLDQ]D GHO VXR PHWRGR GL ULFHUFD���

������ ,� ;,,, QRWD��

©(FFR LO PHWRGR FKH UHSXWDL PLJOLRUH SHU HVHJXLU FRQ XQD FHUWD HVDWWH]]D

TXHVWD SDUWH GHO PLR ODYRUR� )HFL XQ HVSUHVVR OLEULFFLQR SHU FLDVFXQ¶DUWH VX

FXL WUDVFULVVL� D PDQR D PDQR FKH JOL DQGDYD ULQYHQHQGR QHOO¶$OEHUWL � L

WHUPLQL GHOO¶DUWL FRQ OD UHVSHWWLYD ORUR VSLHJD]LRQH� &RQ TXHVWR OLEUHWWR DQ�

RVFKL DVVDL VHWWHQWULRQDOL� SRL QHOO¶2WWRFHQWR VL q FRPLQFLDWR D GDU SL~ ULVDOWR DO /HSRQWLR�

UXP� H DOORUD IXURQR WXWWL .HOWROLYJXHa� &IU� XQD UDVVHJQD GHOOH LSRWHVL LQ %D]]HWWD �����

©7XWWR GDO FHOWLFR�ª� q LO PRWWR GL 2WWDYLR 0D]]RQL�7RVHOOL �&HQQL LQWRUQR DOO¶RULJLQH GHOOD

OLQJXD LWDOLDQD� %RORJQD ������

�� 6RQR TXHOOL FKH OD GLDOHWWRORJLD WHGHVFD FKLDPD 2UWVJUDPPDWLNHQ� ©GLH 0HLVWHQ GHU

VHLW GLHVHU =HLW >OD VHFRQGD PHWj GHOO¶2WWRFHQWR@ HQWVWDQGHQHQ 2UWVJUDPPDWLNHQ EHUXKHQ

>«@ DXI GXUFK HLQHQ LQWURVSHNWLYHQ 9HUJHJHQZlUWLJXQJVSUR]H� JHZRQQHQHQ 6SUDFKGDWHQ�

GLH GHU RUWVJHERUHQH 6SUDFKIRUVFKHU DXIJUXQG VHLQHU 6SUDFKEHKHUUVFKXQJ VHLQHP HLJHQHQ

6SUDFKZLVVHQ HQWQLPPWª� 0DWWKHLHU ����D� ���� H VL QRWL OD FRQJUXHQ]D GL XQ WDOH PHWRGR GL

ULFHUFD FRQ TXHOOR XWLOL]]DWR GD ILORVRIL GHO OLQJXDJJLR H OLQJXLVWL WHRULFL� 'DYYHUR� OD GLYL�

VLRQH GHL UXROL LQ GLDOHWWRORJLD q �VWDWR� XQR GHJOL DYYHQLPHQWL SL~ JUDYLGL GL FRQVHJXHQ]H�

�� 3HUFKp WUD O¶DOWUR O¶DXWRUH QRQ q QRELOH� QRQ DELWD LQ FDPSDJQD H QRQ q VIDFFHQGDWR��� 9HGL SHUz DOPHQR DQFKH &DUOR 0DODVSLQD� 9RFDERODULR SDUPLJLDQR�LWDOLDQR DFFUH�

VFLXWR GL SL~ FKH FLQTXDQWD PLOD YRFL FRPSLODWR FRQ QXRYR PHWRGR� 3DUPD� 7LSRJUDILD &DU�

PLJQDQL ����� � ©3HU UDFFRJOLHUH OH SL~ FKH VHWWDQWDPLOD YRFL H IUDVL FKH OR FRPSRQJRQR� KR

VSRJOLDWL SULPD TXDQWL OHVVLFL PL VRQ YHQXWL WUD PDQR� H TXDQWL WUDWWDWL GL DUWL H PHVWLHUL KR

SRWXWR FRQRVFHUH� H QH KR IRUPDWL SL~ FKH ��� 'L]LRQDULHWWL PHWRGLFL ,WDOLDQL� &RQ TXHVWL PL

VRQR UHFDWR SRVFLD QHOOH VLQJROH RIILFLQH GH¶ SL~ DELOL $UWLVWL RG $UWLJLDQL� H GDOOD ORUR ERFFD

KR UDFFROWH WXWWH OH YRFL GHO GLDOHWWR FRUULVSRQGHQWL DOOH YRFL ,WDOLDQH UDFFROWH� ,Q SDUL WHPSR

DYHQGR XGLWH PROWH YRFL GHO GLDOHWWR� GHOOH TXDOL QRQ DYHYD ULVFRQWUDWD OD SDUROD LWDOLDQD� KR

UDFFROWH QH¶ UHODWLYL WUDWWDWL OH YRFL ,WDOLDQH G¶XVR� HG KR FRVt FRPSOHWDWR RJQL VLQJROR GL]LR�

QDULHWWR 3DUPLJLDQR�,WDOLDQR� 1HO IUDWWHPSR KR IDWWR UDFFROWD GHO IUDVDULR GRPHVWLFR� FHUFDQ�

GROR QHOOD PLD PHPRULD� R XGHQGROR� SDUWLFRODUPHQWH QHO FRQYHUVDU IDPLOLDUH«ª� $QFKH &D�

UROLQD &RURQHGL %HUWL� 9RFDERORULR ERORJQHVH LWDOLDQR� %RORJQD� 6WDE� WLSRJUDILFR GL *�

0RQWL ���������� ,, ©EHQFKp LR VLD ERORJQHVH H PL VDSSLD LQ SRVVHVVR GHO PLR GLDOHWWR� SXUH

PL SRVL VRYHQWH LQ PH]]R D YROJDUL SHUVRQH SHU VHQWLUH GHOOD YLYD SDUROD� TXDQWR SRWHVVH JLR�

YDUH DO PLR VFRSR� H VHPSUH UDFFRJOLHQGR H QRWDQGR� H FLz QRQ IHFL VROR QHO GDU SULQFLSLR DO

ODYRUR� TXDQWR DQFRUD QHO VHJXLWR H VHPSUH� FRPH OR PDQLIHVWD O¶RSHUD LVWHVVD OD TXDOH SLXW�

WRVWR VL DFFUHVFH FRQ O¶DYDQ]DUHª� Ê LO )UDQFHVFR $OEHUWL GL 9LOODQRYD� 'L]LRQDULR XQLYHUVDOH FULWLFR HQFLFORSHGLFR GHOOD

OLQJXD LWDOLDQD� � YROO� /XFFD� 0DUHVFDQGROL ����������

�� ,/ ',$/(772 3(5&(3,72

GDL GD FLDVFXQ DUWLVWD� H GRPDQGDQGRJOL VH DYHVVH S�H�� XQ TXDOFKH IHUUR FRQ

FXL IDUH XQD GDWD FRVD �LQ TXHO PRGR FKH D PH PRVWUDYD LO PLR OLEULFFLQR��

PL IDFHYD DGGLWDUH LO IHUUR H GLUPHQH TXLQGL LO QRPH PLODQHVH FRQ FXL HVVR

LO FKLDPDYD� 'RSR GL FLz YLVLWDYD XQ DOWUR DGGHWWR DOO¶LVWHVVD DUWH� H QRPL�

QDQGRJOL LQ PLODQHVH LO IHUUR� FRPH JLj DYHYD VHQWLWR GLUPHOR GDO SULPR� OR

GRPDQGDYD VH FRQRVFHYD XQ WDO QRPH� H TXDQGR FKH Vu� D TXDO XVR VHUYLYD�

SHU TXDQWR HL VDSHD� TXHO GDWR IHUUR� 6H OH ULVSRVWH GL TXHVW¶XOWLPR DUWLJLDQR

VL FRPELQDYDQR SHUIHWWDPHQWH FRQ TXHOOH GHO SULPR� LR ULWHQHYD SHU EHOOR H

EXRQR LO WHUPLQH H OR UHJLVWUDYD QHO 9RFDERODULR� VH QR� OR PHWWHYD GD EDQ�

GD� RQGH DVSHWWDUH VRSU¶HVVR PDJJLRUL VFKLDULPHQWL R ODVFLDUOR �FRPH IHFL GL

YDUM� VH QRQ WURYDYD XQD VSLHJD]LRQH VRGGLVIDFHQWH� 1q GL TXHVWR VROR PRGR

LR PL DFFRQWHQWDL� IHFL GL SL�� FKLDPDL VSHVVR D FRQVXOWD YDUM DUWLVWL H PR�

VWUDQGR ORUR VXOOH WDYROH GHOO¶(QF\FORSpGLH L YDUM XWHQVLOL GHOO¶DUWH ORUR� DO�

PHQR GHL SULQFLSDOL IUD TXHVWL PL IHFL GLUH GD HVVL L QRPL YHUQDFROL� HG LR

TXLQGL FROO¶DMXWR GH WHUPLQL IUDQFHVL XVDWL GDOO¶(QFLFORSHGLD VWHVVD� FHUFDL H

ULQYHQQL SHU OD PDJJLRU SDUWH JOL HTXLYDOHQWL WRVFDQL�

2OWUH D WXWWR FLz HVDPLQDL� FRPH JLj GLVVL� JOL 6WDWXWL GH¶ 3DUDWLFL� R VLD

GHOOH DUWL GHOOD QRVWUD FLWWj� H LO 'DWR GHO 'D]LR GHOOD PHUFDQ]LD GHOOR 6WDWR

GL 0LODQR� GHO ����� QH¶ TXDOL� FRP¶HUD EHQ QDWXUDOH� WURYDL PROWH QRWH GL

PHUFL H YRFL G¶DUWH VFULWWH DOOD PLODQHVH� H OH SL� IUD TXHVWH VLPLOL D TXHOOH

VXJJHULWDPL GDJOL DUWLJLDQL GD PH FRQVXOWDWL�ª���

&KHUXELQL ID GXQTXH OH LQFKLHVWH� PD OH ID VXOOD SURSULD YDULHWj OLQJXLVWL�

FD� LQYHVWLJDQGR GHOOD UHDOWj ©HVWHUQDª TXHOOR FKH q IXQ]LRQDOH DO GLDOHWWR� H

VRSUDWWXWWR FRQ OH FDWHJRULH GL SHQVLHUR GHO GLDOHWWRIRQR� &KH q LO FRQWUDULR

GL TXHOOR FKH DYYLHQH QRUPDOPHQWH LQ XQ¶LQFKLHVWD RUGLQDULD� GRPLQDWD FR�

PH YHGUHPR GDOOH VWUXWWXUH GHO ULFHUFDWRUH� DOOH TXDOL LO SDUODQWH VL GHYH DGH�

JXDUH� 9HGLDPR LQYHFH OD FDSDFLWj PLPHWLFD GL &KHUXELQL��� H OD VXD JUDQGH

DWWHQ]LRQH DJOL DPELWL G¶XVR H DOOD YDULD]LRQH OLQJXLVWLFD GHO WLSR FKH RJJL

�� 8Q ULIOHVVR GL TXHVWR PRGR GL DJLUH VL SXz FRJOLHUH QHO PHWRGR GL UDFFROWD GL PROWL YR�

FDERODUL GLDOHWWDOL� LO SL~ DWWXDOH WUD TXHOOL GL PLD FRQRVFHQ]D q TXHOOR GL XQ YRFDERODULR UR�

PDQGR YDOOHVDQR� LO FXUDWRUH� $UVqQH 3UD]� YROHQGR IDUH XQ JORVVDULR GHO VXR GLDOHWWR GL

1HQGD] �SUHVVR 6LRQ� KD UDFFROWR FLUFD GLHFLPLOD YRFL� VLD GDOOD VXD PHPRULD VLD GD OHVVLFL H

RSHUH GL FXOWXUD DOSLQD� H SRL QH KD FKLHVWR OH GHILQL]LRQL DL VXRL FRPSDHVDQL� LQWHUURJDQGR

JOL DUWLJLDQL H JOL HVSHUWL QHOOH YDULH WHFQLFKH �3UD] ������ &IU� SL~ DYDQWL SHU L ODYRUL GL /X�

UDWL�

�� &KH VL PDQLIHVWD DQFKH LQ ODYRUL DSSRVLWL VX XVDQ]H H FUHGHQ]H SRSRODUL� Ê PHQR LP�

SRUWDQWH GL TXDQWR QRQ VL FUHGD� ULWHQJR� FKH WDORUD OH FUHGHQ]H VLDQR FLWDWH SHU HVVHUH FRQ�

IXWDWH R UD]LRQDOL]]DWH� FRPH DFFDGH QHOOH ©6XSHUVWL]LRQL SRSRODUL GHOO¶DOWR FRQWDGR PLODQH�

VHª >SXEEOLFDWR QHOOD 5LYLVWD (XURSHD GL 0LODQR� ����� ULVWDPSD LQ )DJRQH�6RUGL /XQDULR

/RPEDUGR� 0LODQR� 6LOYDQD HGLWRULDOH ����@ GRYH VL WURYDQR RVVHUYD]LRQL GHO WLSR ©VXSHUVWL�

]LRQH LQQRFHQWH LQ JHQHUH PD GDQQRVD LQ VSHFLHª R ©DIIDWWR VFLRFFD DQFRUFKp LQQRFXDª H FRVt

YLD� Ê SUREDELOPHQWH LO UHWDJJLR GHO VHFROR�

/$ 5,&(5&$ 68/ &$032 , ��

GLUHPPR GLDIDVLFR H GLDVWUDWLFR WUDPLWH XQR VJXDUGR DOOD YRFH OjFF µODWWH¶��

������ ,,� ���������

©/jFF� FKH OH SHUVRQH FLYLOL GLFRQR SL� YROHQWLHUL /jWW� YRFL FRQ OH TXDOL

VHFRQGR O¶RULJLQH� OD WHQGHQ]D� O¶DFFRPSDJQDWXUD FRQ DOWUL YRFDEROL H O¶XVR

PDJJLRUH QHOOH ERFFKH SLXWWRVWR GHJOL LGLRWL FKH GHOOH SHUVRQH FROWH YRJOLR�

QR HVVHUH DPEHGXH FRQVHUYDWH� 3HUWDQWR LR YHUUz VFULYHQGROH FRQ O¶XQD R

FRQ O¶DOWUD RUWRJUDILD DQFKH LQ TXHVWR PHGHVLPR DUWLFROR VHFRQGR FKH PL

SDUUDQQR SLXWWRVWR GHOO¶XQD FKH GHOO¶DOWUD VSHFLHª�

,O GHQRWDWXP�� YLHQH SRL LOOXVWUDWR LQ WUH ULSDUWL]LRQL GHOOD YRFH� ©FRQVLGH�

UDQGR LO ODWWH QHO ULVSHWWR GHOOH QRVWUH GRQQHª� ©FRQVLGHUDQGR LO ODWWH QHO

UDSSRUWR GHL QRVWUL FDFLDLª H ©FRQVLGHUDQGR LO ODWWH LQ JHQHUHª� H QHOOH WUH VH�

]LRQL VLDPR VRPPHUVL GD XQD IHVWRVD DEERQGDQ]D GL PRGL GL GLUH� GL ORFX�

]LRQL� GL SURYHUEL� GL SDUDJRQL VWDQGDUGL]]DWL� FKH� VH SRFR GDQQR DOOD GHIL�

QL]LRQH GHOOD YRFH LQ Vp� H PHGLDPHQWH VHUYRQR DOOR VFRSR GLFKLDUDWR GHO

YRFDERODULR �O¶©DMXWDU D YROWDUH O¶LGLRPD QRVWUR YHUQDFROR QHOOD OLQJXD

VFULWWD GHOOD QD]LRQHª >����� 9@�� PDVVLPDPHQWH WHVWLPRQLDQR GHOOD JLRLD

OHVVLFRJUDILFD FKH SUHQGH LO SDUODQWH TXDQGR RUGLQD H Gj XQ VHQVR DOOD VXD

OLQJXD���

0D GL TXHVWR ULSDUOHUHPR DL �� ,,,����� H ,9���� SLXWWRVWR JLRYD QRWDUH

FRPH O¶LQFKLHVWD GL &KHUXELQL VLD GXSOLFH� VL SRWUHEEH SHUVLQR VRVWHQHUH

O¶LSRWHVL GL XQ &KHUXELQL VWXGLRVR LQ UHDOWj GL ILRUHQWLQR� ULFHUFDWRUH GL TXHL

WHUPLQL H PRGL GL GLUH FKH OD VXD FXOWXUD GL PLODQHVH JOL ID ULWHQHUH SHUWL�

QHQWL� SHUz SRL VFULYH LQ ILRUHQWLQR VXO PLODQHVH� (JOL VFDYD VXO VXR GLDOHWWR�

SL~ H PHJOLR GHL VXRL FROOHJKL H FRQWHPSRUDQHL� H FH QH UHQGLDPR FRQWR

SURSULR YHGHQGR FRQ TXDOH DFFDQLPHQWR ULFHUFD �R ID ULFHUFDUH GDL VXRL DPL�

FL WRVFDQL� JOL HTXLYDOHQWL WHUPLQRORJLFL ©LWDOLDQLª GL XQD UHDOWj GLDOHWWDOH

FKH q JLj GDWD� H FKH YD VROR ULYHVWLWD GL IRUPH FUXVFDQWL� /H OHWWHUH DJOL DPL�

�� /R VSXQWR GHOOD FLWD]LRQH SURSULR GL TXHVWD YRFH YLHQH GD &DOWDJLURQH ����� �������� 6L QRWL� PDL YHUDPHQWH WUDGRWWR QHOO¶DUWLFROR� PDL FLRq FKH VL GLFD ODFF LWDOLDQR µODW�

WH¶ R VLPLOL �FRVD FKH q VLQJRODUH SHU XQ YHUR YRFDERODULR ELOLQJXH�� 3LFFROH FRVH� FHUWR� FRQ�

VLGHUDQGR DQFKH OD TXDVL HTXLYDOHQ]D GHOOH YRFL QHOOH GXH OLQJXH� PD VLJQLILFDWLYH GHJOL LQWH�

UHVVL UHDOL GHO &KHUXELQL��� /H FDUDWWHUL]]D]LRQL GHO GLDOHWWRIRQR VRQR LQROWUH HYLGHQWL TXHOOH YROWH LQ FXL OH GHILQL�

]LRQL� PRVWUXRVDPHQWH DOOXQJDWH H VSHFLILFDWH� FRPSUHQGRQR D ORUR YROWD OLVWH OHVVLFDOL FKH

DOWUL DYUHEHEUR FROORFDWR DOWURYH� VL YHGD DG HVHPSLR O¶RUJDQL]]D]LRQH GHOOD YRFH *LXJj �,,�

��������� ULSLHQD� ROWUH FKH GHL PRGL GL GLUH ©WUDGRWWLª LQ ILRUHQWLQR QHL PRGL SL~ LPSHQVDWL�

GHOO¶HOHQFD]LRQH �RWWR FRORQQH�� GL WXWWL L JLRFKL FKH SRWHVVHUR YHQLUH DOOD PHQWH GHO &KHUX�

ELQL� FRQ LO ULPDQGR� SHU OD VSLHJD]LRQH H OH LVWUX]LRQL GHO JLRFR� DOOD YRFH VSHFLILFD� 2 DQFKH

OD JLXVWDPHQWH FHOHEUH YRFH =qUJD �/HQJXD� �,9� ��������� FKH FRPSUHQGH XQD WUDWWD]LRQH H

XQ VRWWRYRFDERODULR GHO JHUJR� /D JUDQGH VSHFLILFLWj QHOOH GHILQL]LRQL FRPH FDUDWWHULVWLFD

GHOOH RSHUH OHVVLFRJUDILFKH ©LQJHQXHª VDUj ULSUHVD DO � ,9���

�� ,/ ',$/(772 3(5&(3,72

FL WRVFDQL�� VRQR HIIHWWLYDPHQWH YHUH H SURSULH LQFKLHVWH OLQJXLVWLFKH FRQ

FRUULVSRQGHQWL� PD DO FRQWUDULR� LQ FXL DSSXQWR q LO SDUODQWH� LO GLDOHWWRIRQR D

VWDELOLUH FRQILQL H FHQWUL GL LQWHUHVVH GD LQYHVWLJDUH H ULFRSULUH GL ILRUHQWL�

QR��� &RVt &KHUXELQL VL FRPSRUWD FRO ILRUHQWLQR �H FRQ OH DOWUH YDULDQWL WR�

VFDQH� FRPH XQ GLDOHWWRORJR YHUR� FKH ID OD VXD LQFKLHVWD FRQ XQ TXHVWLRQD�

ULR� SHUDOWUR HVWUHPDPHQWH GHWWDJOLDWR� VROR FKH LO IXRFR GHOOD ULFHUFD q LO

PLODQHVH� OD OLQJXD GHO ULFHUFDWRUH�

,,��� 6DOYLRQL� R OD ©PDFFKLQHWWDª GHO 96,

,,����� 'LH -XQJJUDPPDWLNHU PRGLILFDURQR UDGLFDOPHQWH LO TXDGUR GHOOD

VLWXD]LRQH� OD OLQJXLVWLFD SDOHVDYD DGHVVR LO VXR VWDWXV GL VFLHQ]D �H GRSR LO

���� OR IHFH DQFKH OD GLDOHWWRORJLD���� DYHYD PHWRGL IRUPDOL GL GHVFUL]LRQH H�

FLz FKH q SL~ LPSRUWDQWH� TXDOFRVD GD GLPRVWUDUH� IDUH LO GLDOHWWRORJR GLYHQ�

QH XQ ODYRUR H QHFHVVLWz GL XQD DFFXUDWD SUHSDUD]LRQH DFFDGHPLFD� 4XHVWR

HVFOXGHYD O¶DSSRUWR GLUHWWR GHO SDUODQWH �DQFKH QHO VHQVR GHOO¶HUXGLWR ORFDOH�

GDO PDLQ VWUHDP GHOOD ULFHUFD OLQJXLVWLFD� UHQGHQGR REEOLJDWRULR LO ULFRUVR

DOO¶LQFKLHVWD� ©LO QH V¶DJLW SOXV GH VDXYHU XQ SDWRLV GH OD GLVSDULWLRQ PDLV

G¶LQYDOLGHU RX GH MXVWLILHU GHV WKqVHV GRQW OHV DWWHQGXV HW OD IRQFWLRQ

SURFqGHQW G¶XQH WKHRULH GX ODQJDJH LQDFFHVVLEOH j GHV SDWRLVDQWV�

LQGLIIpUHQWH DX[ HQMHX[ ORFDX[ HW� HQ GHUQLHUH LQVWDQFH� GRPLQDQWH VXU OHV

IDLWVª �%HUJRXQLRX[ ����� ��� ,O GLDOHWWRORJR QRQ q SL~ XQ GLDOHWWRIRQR�

( WXWWDYLD OD WUDGL]LRQH QRQ SXz HVVHUH DEEDQGRQDWD FRPSOHWDPHQWH H LO

GLDOHWWRORJR� FKLXVR QHOOD VXD ELEOLRWHFD� QRQ SXz FRQRVFHUH DWWLYDPHQWH

WXWWH OH YDULHWj GL FXL VL VHUYH SHU OH VXH FRPSDUD]LRQL� *Lj GD PROWL DQQL VL

UDFFRJOLHYDQR� VL FRRUGLQDYDQR OH LQFKLHVWH FKH L QRWDELOL ORFDOL� VSRQWDQHD�

PHQWH R VX JHQWLOH LQYLWR� FRPSLYDQR VXOOD ORUR SURSULD SDUODWD� GDO ����

GDWDQR OH UDFFROWH GL SDWRLV ©DYDQW TXH O¶XQLILFDWLRQ OLQJXLVWLTXH QH OH IDVVH

GLVSDUDvWUHª FRRUGLQDWH GDOOD 6RFLpWp GHV $QWLTXDLUHV GH )UDQFH� H DJOL DQQL

µ�� VL GHYRQR ULFRQQHWWHUH OH LQGDJLQL SHU OHWWHUD GL :HQNHU� 6L DIIHUPD OD

ILJXUD GHO FRUULVSRQGHQWH� YHUD ©WHVWD GL SRQWHª LQ WHUULWRULR GLDOHWWDOH���

�� 3HU FXL FIU� 'DQ]L ������� &KHUXELQL FKLHGH D )UDQFHVFR *XDVWL� IUD O¶DOWUR� ©&RPH >GLFHVL@ TXHO ULIOHVVR FKH DOWUL

Ij FDGHUH DGRVVR >VLF@ DG XQR PHWWHQGR XQ VHFFKLR G¶DFTXD R XQR VSHFFKLR GLFRQWUR DO VROH"

FKH QRL GLFLDPR Ij OD JLELJLDQQDª RSSXUH ©TXHO FRVLQR GL OHJQR DXQFLQDWR H IDWWR FRVt

FKH L IDFFKLQL WHQJRQR D XQ FDSR G¶XQD FRUGD H SHU FXL IDWWR SDVVDU O¶DOWUR FDSR

VWULQJRQR TXHO IDVFLR FKH YRJOLRQR WUDVSRUWDUH"ª �GD 'DQ]L ����� ����

�� ,PSRUWDQWH OD FRLQFLGHQ]D GL GDWH QHO GHFHQQLR ���������� FKH YHGH OD IRQGD]LRQH

GHOO¶(QJOLVK 'LDOHFW 6RFLHW\� GHOOD 6RFLpWp SRXU O¶eWXGH GHV /DQJXHV 5RPDQHV H O¶XVFLWD GHL

6DJJL ODGLQL��� /¶LQFKLHVWD SHU FRUULVSRQGHQ]D KD VXVFLWDWR �GRSR *LOOLpURQ� H VXVFLWD WXWWRUD YLROHQWH

FULWLFKH� FKH VL SRVVRQR LQ JUDQ SDUWH FRQGLYLGHUH� FRPXQTXH� H QRQRVWDQWH TXHOOR FKH GLUH�

/$ 5,&(5&$ 68/ &$032 , ��

,O FRUULVSRQGHQWH q LQ XQ FHUWR VHQVR XQ SHUVRQDJJLR GXSOLFH� GD XQD

SDUWH q WHVWLPRQH GHO VXR GLDOHWWR� SDUODQWH QDWLYR H GXQTXH LQIRUPDWRUH LQ

SULPD SHUVRQD� SDUWHFLSH GL OLQJXD� FXOWXUD H :HOWDQVFKDXXQJ GHJOL DELWDQWL

LO SXQWR GD LQGDJDUH� G¶DOWUR FDQWR q ULFHUFDWRUH� KD XQ¶LGHD GL TXHOOR FKH JOL

VHUYH H GXQTXH QRQ ODYRUD D FDVDFFLR� KD XQ ILQH �FKH SRL O¶LGHD H LO ILQH JOL

VLDQR LPSRVWL GDOO¶DOWR� GDO FRRUGLQDWRUH GHOOD ULFHUFD� QRQ KD PROWD LPSRU�

WDQ]D LQ TXHVWR PRPHQWR�� KD IDFROWj H DQ]L REEOLJR GL FRQGXUUH LQFKLHVWH LQ

SURSULR� LQWHUURJDQGR D VXD YROWD GHL WHVWLPRQL SHU DFFHGHUH D TXHOOH FRP�

SHWHQ]H FKH QRQ KD SHUVRQDOPHQWH� H LQ TXHVWR� SHU O¶DVSHWWR OHVVLFDOH H IRO�

FORULFR� q SUREDELOPHQWH PHJOLR GL TXDOVLDVL ©ULFHUFDWRUH IRUHVWLHURª��� 0R�

VWUz XQD JUDQGLVVLPD DWWHQ]LRQH D TXHVWD ILJXUD &DUOR 6DOYLRQL� H QH IHFH LO

IXOFUR GHOO¶LPSUHVD FKH GRYHWWH RFFXSDUH L VXRL XOWLPL DQQL�

,,����� Ê LQWDQWR VLJQLILFDWLYR QRWDUH FKH LO PRGHOOR WHQXWR LQ PHQWH GD

6DOYLRQL SHU LO 96, q LO *ORVVDLUH GHV SDWRLV GH OD 6XLVVH URPDQGH� LGHDWR H

GLUHWWR LQ TXHJOL DQQL D FDYDOOR GHO VHFROR GD /RXLV *DXFKDW �OR VDUj VLQR DO

����� DQQR GHOOD VXD PRUWH�� *DXFKDW RUJDQL]]z OD UDFFROWD GHO PDWHULDOH

WUDPLWH �� FRUULVSRQGHQWL ORFDOL� DL TXDOL RJQL SULPR GHO PHVH IXURQR VSHGLWL

��� TXHVWLRQDUL GL DUJRPHQWR GLYHUVR� RJQXQR LQFHQWUDWR VXL WHUPLQL GLDOHW�

WDOL H OD IUDVHRORJLD UHODWLYD SURSULD GL TXHO VRJJHWWR� 4XHVWR SHUFKp ©LO

YRXODLW TXH OH *ORVVDLUH QH I�W SDV VHXOHPHQW O¶°XYUH GH OLQJXLVWHV

V¶LQWHUHVVDQW DX SDWRLV� PDLV I�W DXVVL pFULW ½SDU OH SHXSOH URPDQG OXL�

PrPH¾ª �-HDQMDTXHW ����� ��� )XURQR SRL RUJDQL]]DWH GXH YDVWH FDPSDJQH

GL LQFKLHVWH GLUHWWH �LQ WXWWR TXDVL ��� SXQWL�� FRQGRWWH VXOOD EDVH GL 7DEOH�

DX[ 3KRQpWLTXHV �OH FXL DFTXLVL]LRQL VL SXEEOLFDURQR QHO ������ SHU RYYLDUH

PR D SURSRVLWR GHJOL LQWHUHVVL GL 6DOYLRQL� LO TXHVWLRQDULR SHU SRVWD QRQ UHQGH FRQWR GHJOL

DVSHWWL SUDJPDWLFL H SURVVHPLFL GHOO¶HYHQWR OLQJXLVWLFR� OD OLQJXD �LQWHVD DQFKH VROR QHO VXR

DVSHWWR IRQHWLFR� QRQ q VHQWLWD SDUODUH� LO FRUULVSRQGHQWH SXz EDUDUH R HVVHUH GLVWUDWWR H FRVt

YLD� �3HU XQ¶DJLOH SUHVHQWD]LRQH GHOOD WHFQLFD FIU� (LFKRII ������ 7XWWDYLD q YHUR FKH OD

VFULWWXUD REEOLJD DOOD ULIOHVVLRQH PHWOLQJXLVWLFD� H O¶LPSLHJR GHOO¶LQFKLHVWD SHU FRUULVSRQGHQ�

]D GD SDUWH GHO UHFHQWLVVLPR $6,6 �$WODQWH 6LQWDWWLFR GHOO¶,WDOLD 6HWWHQWULRQDOH� LQ SUHSDUD�

]LRQH DOO¶8QLYHUVLWj GL 3DGRYD�� DQFKH VH SRQH SUREOHPL GL DGHJXDWH]]D FRPXQTXH EHQ SUH�

VHQWL DJOL VWHVVL HVWHQVRUL� SHUPHWWH SHUz XQD DXWRYDOXWD]LRQH H XQD FROODERUD]LRQH GHOOLQ�

IRUPDWRUH LQVRVSHWWDWD �FKH� ULFRUGLDPROR� q LO WHPD GL TXHVWR FDSLWROR�� ,Q SDUWLFRODUH TXHVWD

q VROOHFLWDWD SHU VFLRJOLHUH TXHL QHVVL IRQR�PRUIR�VLQWDWWLFL WLSLFL GHL GLDOHWWL VHWWHQWULRQDOL� OD

FXL YDOXWD]LRQH ULFKLHGH XQDPSLD H SUHYLD FRQRVFHQ]D GHOOD SDUODWD� 4XHVWR PHWRGR� REEOL�

JDQGR OLQIRUPDWRUH D ULIOHWWHUH VXOOD SURSULD OLQJXD� SHUPHWWH GL FDSLUH OH VXGGLYLVLRQL LQ

©SDUROHª FKH HJOL FRQVLGHUD SHUWLQHQWL H OD ORUR DUWLFROD]LRQH DOOLQWHUQR GHOOD IUDVH� VL RWWHQ�

JRQR DOORUD XQD VRUWD GL JUDPPDWLFD H VLQWDVVL GHVFULWWLYH HODERUDWH GDOOD FRVFLHQ]D OLQJXLVWL�

FD GHO SDUODQWH� IDFHQGR Vt GDYYHUR FKH LO WHVWLPRQH GLYHQWL ULFHUFDWRUH GL VH VWHVVR� ,QROWUH

YD FRQVLGHUDWR FKH GL IDWWR� QHOO¶DPELWR FKH q ORUR SURSULR� LO *ORVVDLUH GHV SDWRLV GH OD

6XLVVH 5RPDQGH H LO 9RFDERODULR GHL GLDOHWWL GHOOD 6YL]]HUD ,WDOLDQD VRQR VWUXPHQWL RWWLPL�

�� 3HU XVDUH O¶HVSUHVVLRQH GL 3ORPWHX[ ����� ULIHULPHQWR REEOLJDWR LQ TXHVWL FDVL�

�� ,/ ',$/(772 3(5&(3,72

DJOL HYLGHQWL SUREOHPL GL IRQHWLFD H WUDVFUL]LRQH FKH LO PHWRGR SHU FRUUL�

VSRQGHQ]D LPSOLFDYD�

2UD LQ 6DOYLRQL WURYLDPR WXWWR TXHVWR� L 4XDGHUQL IRQHWLFL� RYYLDPHQWH�

GDWL L JUDQGL LQWHUHVVL LQ TXHVWR FDPSR FKH JOL VRQR RQQLQDPHQWH ULFRQR�

VFLXWL� PD DQFKH �H TXHVWR SXz HVVHUH SL~ VRUSUHQGHQWH SHU FKL FRQRVFH L

VXRL VFULWWL� FRVt RUJDQL]]DWL H DFFDGHPLFDPHQWH GHQVL� LQ FXL VL SRUWD DOOD

OXFH ©WXWWD O¶RSHUD PDVWLFDWRULD H GLJHVWLYD GHO SHQVLHURª��� WURYLDPR XQD DV�

VROXWD GLVSRQLELOLWj DO PRQGR GHOOLQIRUPDWRUH� QHOOH LQFKLHVWH OLQJXLVWLFKH

GD OXL FRQGRWWH SHUVRQDOPHQWH��� OD VWUXWWXUD GD VHJXLUH QRQ KD PDL OD SUH�

YDOHQ]D VXO OLEHUR RUJDQL]]DUVL GHL SHQVLHUL GHOOXRPR FKH UDFFRQWD OD VXD

OLQJXD H OD VXD FXOWXUD�

+R DYXWR DQFKH RFFDVLRQH GL RVVHUYDUH DOFXQH GHOOH VFKHGH GD LQYLDUH DL

FRUULVSRQGHQWL��� VL q VWXSLWL GDOODPSLH]]D GHOOH SURSRVWH GL LQGDJLQH H DS�

SURIRQGLPHQWR� FKH FRQWHQHQJRQR XQD WDOH PDVVD GL VSXQWL H ULFKLDPL GD

QRQ LQIOXHQ]DUH� LQ SUDWLFD� OD YLVLRQH GHO PRQGR GHO FRUULVSRQGHQWH�

LQIRUPDWRUH� GDFFKp DVVRPPDQR LQ Vp JLj WXWWR FLz FKH DWWLHQH DOOD SDUWLFROD�

UH DWWLYLWj� VLWXD]LRQH R DUJRPHQWR LQ HVDPH��� ( LQ RJQL FDVR FKLXQTXH HUD

OLEHUR GL YDULDUOH D VXR SLDFLPHQWR� $ TXHVWR VL DJJLXQJD OD SUHRFFXSD]LRQH

GL RUJDQL]]DUH YHUL H SURSUL FRUVL SHU FRUULVSRQGHQWL� ©OH]LRQL D PDHVWUL�

PDHVWUH� VDFHUGRWL� H DOWUL YROHQWHURVL� LQWRUQR DJOL VFRSL H DFFRUJLPHQWL WHF�

QLFL GHOOD 5DFFROWDª �/HWWHUD D 5LQDOGR 6LPHQ GHO �� GLFHPEUH ����� LQ

%URJJLQL ����� ��� H OD FRVWDQWH SUHRFFXSD]LRQH GHO FRQWUROOR� FRQFUHWL]]DWR

LQ VRSUDOOXRJKL SHU DVFROWDUH� FRQWUROODUH ©GH DXGLWRª H VSURQDUH OH UHOD]LRQL

GHL UDFFRJOLWRUL �LELGHP� ���� 4XHVWD DWWHQ]LRQH VL ULWURYD DQFKH LQ XQD ER]�

]D GL FRQIHUHQ]D VXOO¶2SHUD GHO 96,� GD FROORFDUH LQWRUQR DO ������� �LQ

%URJJLQL ����� ��� FRUVLYL PLHL�� ©'D TXL LO GHVLGHULR FKH VL ID VHPSUH SL~

YLYR GDSSHUWXWWR GL FRQRVFHUH LO OLQJXDJJLR JHQXLQR� LO GLDOHWWR� GL VWXGLDUH

LQ HVVR OD VWRULD� OH FRQVXHWXGLQL� LO PRGR GL VHQWLUH H GL SHQVDUH� LO PRGR GL

FRQFHSLUH OD YLWD H O¶XQLYHUVR� SURSUL GL RJQL SRSROR� 6L UDFFROJRQR ODSLGL�

RJJHWWL� SHU GHSRUOL QHL PXVHL D WHVWLPRQLDQ]D GL FLz FKH IXURQR OH JHQHUD�

�� /¶HVSUHVVLRQH q GL $VFROL �OHWWHUD D 6DOYLRQL GHO �� DJRVWR ������ H VL ULIHULVFH DOOR

VWLOH ©WHGHVFRª GHOOR VWXGLRVR� UHWDJJLR GHJOL DQQL GL /LSVLD�

�� 6RQR PROWR JUDWR DO 3URI� %URJJLQL SHU DYHUPL PRVWUDWR DSSXQWL H WUDVFUL]LRQL DXWR�

JUDIH GL LQFKLHVWH GL 6DOYLRQL�

�� 0D 6DOYLRQL SUHIHULYD� TXDQGR SRVVLELOH� ULFHUFDUH DQFKH LO TXHVWLRQDULR WHUPLQRORJLFR

VXO FDPSR� FRQ OD JXLGD GHO FRUULVSRQGHQWH H OD OLEHUD SDUWHFLSD]LRQH GL SDUODQWL QDWLYL�

�� 7UD O¶DOWUR� VH q YHUR FKH� FRQ $JRVWLQLDQL ����� ��� OD SDUROD HVFXVVD GXUDQWH

XQ¶LQFKLHVWD OLQJXLVWLFD QRQ LQGLFD LO FRQFHWWR PD LO GHVLJQDWXP� FLRq OD SRU]LRQH VHPDQWLFD

FKH JOL SHUWLHQH LQ TXHO VLVWHPD� H FKH GXQTXH QRQ ELVRJQD FKLHGHUH GLUHWWDPHQWH XVDQGR LO

WHUPLQH LWDOLDQR SHUFKp ©LO ULVFKLR GL WDOH SURFHGLPHQWR FRQVLVWH QHO IDU ULFRUVR DOOD FRSUH�

VHQ]D� QHOO¶LQIRUPDWRUH� GHL GXH FRGLFL LWDOLDQR H GLDOHWWDOHª� 6DOYLRQL FRQ OH VXH WDEHOOH HYL�

WDYD TXHVWR SUREOHPD� SHUFKp Ot QRQ F¶q FRUULVSRQGHQ]D GLUHWWD� EHQVt VFHOWD LQ QHJDWLYR�

/$ 5,&(5&$ 68/ &$032 , ��

]LRQL SDVVDWH� (G q JLXVWR� 0D DVVDL SL~ YDORUH GL TXHL FRFFL� GL TXHOOH SLH�

WUH� QH KDQQR OH SDUROH� QHOOH TXDOL VL LPPDJD]]LQD O¶HVSUHVVLRQH GL WXWWD OD

YLWD GL XQ SRSROR�ª '¶DOWUD SDUWH GL XQ 6DOYLRQL VLQFHUDPHQWH GHPRFUDWLFR

�DQFKH VH LQ DQQL PDWXUL WHPSHUz QRQ SRFR OH VXH SRVL]LRQL� VL KD JLj QRWL�

]LD� VRQR QRWL L UDSSRUWL FKH LQWUDWWHQQH LQ DQQL JLRYDQLOL FRQ %DNXQLQ H 5H�

FOXV���

, TXHVWLRQDUL SHU L FRUULVSRQGHQWL GRYHYDQR FRVL SUHVHQWDUH OD ©GLYLVLRQH

GHO PRQGR GHOOH LGHH ILVLFKH H PRUDOL LQ FLUFD ��� TXHVWLRQDUL FRQFHSLWL LQ

PRGR FKH GHEED ULVXOWDUH QRQ VROR OD SDUROD ULJLGD H IUHGGD� PD WXWWD OD YLWD

LQ TXDQWR DEELD DWWLQHQ]D FRQ OD OLQJXD� R SRVVD HVSULPHUVL LQ HVVDª �6DOYLR�

QL LQ %URJJLQL ����� ���� SUHILJXUDQGR FRVt LO 9RFDERODULR GHL GLDOHWWL GHOOD

6YL]]HUD ,WDOLDQD FRPH RSHUD FRUDOH H PLPHWLFD ULVSHWWR DOOH VDSLHQ]H H YL�

VLRQL GHO PRQGR GHL SDUODQWL WLFLQHVL� 6L SXz GLUH IRUVH GL SL~� DEELDPR YLVWR

FKH LO ODYRUR GHO FRUULVSRQGHQWH VXO TXHVWLRQDULR HUD GD FRQFHSLUVL LQ QHJD�

WLYR� FRPH VFHOWD� WUD WXWWL� GHL WUDWWL H GHOOH FODVVLILFD]LRQL FKH HJOL ULWHQHYD

SHUWLQHQWL DOOD VXD FXOWXUD� PD DQFKH LO GL]LRQDULR GL &KHUXELQL q ©QHJDWLYRª�

YRUUHL VXJJHULUH FKH 6DOYLRQL YROHVVH IDUH GL RJQL FRUULVSRQGHQWH XQ SLFFROR

&KHUXELQL� H GHO 96, XQD VRPPD GL WDQWL �SLFFROL� 9RFDERODUL�

,,����� 3UREDELOPHQWH q TXHVWD FRQFH]LRQH GHOOLQFKLHVWD� FKH DOORQWDQD L

GDWL GD XQD SURVSHWWLYD VWRULFD H FRPSDUDELOH� DG DYHU SRVWR 6DOYLRQL LQ XUWR

FRQ $VFROL �FIU� OH XOWLPH OHWWHUH WUD L GXH LQ )DUq ������ ���� ��� Q��� GL

TXHVWD RSLQLRQH VRQR DQFKH %HQLQFj ������ ���� H LQ FHUWD PLVXUD DQFKH

%URJJLQL� 7HUUDFLQL ������ ������ KD XQD SRVL]LRQH GLYHUVD� PD FRQFRUGD

VXO IDWWR FKH $VFROL H 6DOYLRQL DYHVVHUR JLj GD DQQL XQD GLDWULED VXL PHWRGL

GL UDFFROWD VXO FDPSR���� $VFROL VL VFDJOLD FRQWUR ©TXHOO¶LQGDJLQH FKH SXz

SDUHU IDWWD LQ XQ¶DXWRPRELOH VSLQWD D HVWUHPD YHORFLWj� FRQ LQ PDQR XQD

PDFFKLQHWWD IRQRORJLFD OD TXDOH PDQGL� D VFDWWL PHWDOOLFL� L VXRL UHVSRQVL

DXWRPDWLFL� GHVWLQDWL D UHQGHU VXSHUIOXD RJQL LQWXL]LRQH VWRULFD H RJQL VD�

SLHQ]Dª��� DO GL Oj GHOO¶RVFXULWj OHWWHUDOH GL TXHVWH SDUROH��� q GD WHQHUH SUH�

VHQWH FKH ©LQWXL]LRQH H VDSLHQ]Dª� SHU $VFROL� VRQR SUREDELOPHQWH

O¶DSSOLFD]LRQH GL XQ PHWRGR ©VFLHQWLILFRª� VWRULFR� DOOR VWXGLR GHO OLQJXDJ�

JLR� 0D 6DOYLRQL YROHYD FKH IRVVH GRFXPHQWDWR WXWWR� LO GLDOHWWR YLYR� SDU�

ODWR� FRQ DWWHQ]LRQH IRUVH DJOL DVSHWWL FRPXQLFDWLYL H SUDJPDWLFL� H TXHVWR

�� 3HU WXWWR TXHVWR H SHU DOWUH LQWHUHVVDQWL DQQRWD]LRQL YHGL %URJJLQL ���� H ������� %URJJLQL IRUQLVFH OH SURYH �FKH 7HUUDFLQL DFFRJOLH� GHO IDWWR FKH $VFROL HUD YHURVLPLO�

PHQWH D FRQRVFHQ]D GHO SURJHWWR GHO 96, JLj VXOOR VFRUFLR GHO VHFROR VFRUVR� LQROWUH VHPEUD

FKH JLj GDO ���� 6DOYLRQL DOOXGHVVH DO IDWWR FKH� SHU TXDQWR ULJXDUGD OH IRQWL� $VFROL HUD ©GL

IDFLOH FRQWHQWDWXUDª �7HUUDFLQL ����� ������ /HWWHUD D 6DOYLRQL GHO �� PDJJLR ����� LQ )DUp ����� ������ 3HU FXL YHGL 7HUUDFLQL ����� �� H ������

�� ,/ ',$/(772 3(5&(3,72

DOORQWDQD GD XQD SURVSHWWLYD VWRULFLVWLFD���

,O SUREOHPD GL XQD SDUWH GHOOD GLDOHWWRORJLD SRVWVDOYLRQLDQD �FKH KD SRL

ULFRPSUHVR LQ Vp O¶LPPDJLQH FRUUHQWH GHO 6DOYLRQL VWHVVR� q IRUVH DOORUD

TXHOOR GL DYHU FRQIXVR OD IDVH GHL 4XDGHUQL IRQHWLFL FRQ OLQFKLHVWD YHUD H

SURSULD���

,,���/¶LQIRUPDWRUH SDVVLYR

,,����� ,O WDUOR GHOOR KHJHOLVPR VFDYD SHU WXWWD OD FLYLOWj RFFLGHQWDOH� FKH

OR VL YRJOLD R QR� H LQ SDUWLFRODUH q GLIILFLOH VRWWUDUVL DG XQD YLVLRQH WHOHROR�

JLFD GHJOL DYYHQLPHQWL� R LPPDJLQDUOD H FRVWUXLUOD DQFKH TXDQGR IRUVH QRQ

OD SUHVHQWDQR GL SHU Vp� 1RL RUD� GRSR DYHU DFFHQQDWR DOOD WHVL �L SULPL HVSH�

ULPHQWL H &KHUXELQL�� FRQ LO SDUDJUDIR SUHFHGHQWH H VRSUDWWXWWR FRQ TXHVWR

HQWULDPR GHFLVDPHQWH QHOO¶DQWLWHVL� PD q GLIILFLOH QHJDUH FKH OD VWRULD GHOOD

ULFHUFD VXO FDPSR FRQRVFD XQ PRYLPHQWR GL SURJUHVVLYD VSHUVRQDOL]]D]LRQH

GHOOH LQFKLHVWH� PRYLPHQWR FKH �OHJLWWLPDPHQWH VH q LQ FRHUHQ]D FRL ILQL

GHOOD ULFHUFD��� SHUGXUD DQFRU RJJL� ( G¶DOWUD SDUWH OR VFROODPHQWR IUD

O¶RJJHWWLYLWj VFLHQWLILFD H OD FRQVLGHUD]LRQH GHO PRPHQWR GHOOD UDFFROWD GHL

GDWL VXO FDPSR�� q O¶HVWUHPR DSSURGR GL TXHOOD GLIIHUHQ]LD]LRQH WUD SDUODQWH

H ULFHUFDWRUH FKH DEELDPR YLVWR DYYLDWR FRQ O¶LQJUHVVR XIILFLDOH GHOOD GLD�

OHWWRORJLD QHO VHQR GHOOH VFLHQ]H OLQJXLVWLFKH�

3UREDELOPHQWH VRQR VWDWL JOL DWODQWL OLQJXLVWLFL D FRPLQFLDUH� R PHJOLR�

JLDFFKp TXHVWL VRQR RSHUD GL pTXLSH DOO¶LQWHUQR GHOOD TXDOH q QHFHVVDULR DYH�

UH FRPSRUWDPHQWL H ILQL VWDQGDUGL]]DWL� JOL DWODQWL OLQJXLVWLFL OR KDQQR SHU

�� 1RQ VL GLPHQWLFKL FKH 6DOYLRQL HVRUGLVFH FRQ XQD WHVL GL GRWWRUDWR GDO WLWROR )RQHWLFD

GHO GLDOHWWR PRGHUQR GHOOD FLWWj GL 0LODQR �6DOYLRQL ����� H FKH WUD L VXRL VWXGL SXEEOLFDWL

FH QH VRQR PROWL FKH VL DSSXQWDQR VXOOH FDUDWWHULVWLFKH GL SDUODWR�VFULWWR� ULFRUGR� SDUWLFRODU�

PHQWH SHUWLQHQWH SHU OD QRVWUD ]RQD� ©, GLDOHWWL YLYL GL ,QWUDJQD H 0DOHVFRª �6DOYLRQL ����E��

,QROWUH� IRUVH q DQFKH SHU TXHVWD UDJLRQH FKH VL GHGLFD DO 96, H QRQ DG XQ SURJHWWR GL DWODQWH

OLQJXLVWLFR� FKH SXUH GHYH HVVHUJOL YHQXWR LQ PHQWH �FIU� %URJJLQL ����� �� Q� ��� H VDSSLDPR

FKH DSSURYDYD PROWR OD QDVFHQWH LQL]LDWLYD GL -DEHUJ H -XG�� SHU UHVWLWXLUH PDJJLRU VSD]LR DO

SDUODQWH� ODVFLDQGR FKH HJOL VWHVVR IRUQLVVH OH GHVFUL]LRQL LQ QHJDWLYR GHOOD VXD LGHRORJLD OLQ�

JXLVWLFD H OH LVWUX]LRQL SHU O¶XVR GHOOD SDUROD� FKH O¶DWODQWH OLQJXLVWLFR QRQ SXz FRQWHQHUH� SHU

FROORFDUH JHRJUDILFDPHQWH Vt� PD DQFKH SUDJPDWLFDPHQWH L OHPPL�

�� Ê YHUR FKH $VFROL� SHU FHUWL DVSHWWL� DYHYD XQD YLVLRQH GHOOD FRVH FKH VIXJJt D 6DOYLRQL�

GRWDWR GL XQ DUPDPHQDWDULR WHFQLFR GL SULP¶RUGLQH PD� D JLXGLFDUH DOPHQR GDL VXRL ODYRUL

SL~ QRWL� DOTXDQWR SL~ VFKHPDWLFR QHOOD UHDOL]]D]LRQH GHL VXRL ODYRUL �VHJXR TXL 7LPSDQDUR

����� ��������� 3HUz LO IDWWR FKH IRVVH VRVWDQ]LDOPHQWH XQ QHRJUDPPDWLFR QRQ YLHWD FKH

SRWHVVH DYHUH XQ JUDQGH LQWHUHVVH SHU DVSHWWL HWQRORJLFL GHO OLQJXDJJLR�

�� 3HU XQR VWXGLR VXO FROOHJDPHQWR WUD VFRSL GHOOD ULFHUFD H PHWRGRORJLD GL ODYRUR VXO

FDPSR YHGL 0DWWKHLHU ����D�

�� ,QWHVR TXL FRPH LO PRPHQWR SURSULR GHO SDVVDJJLR GHL GDWL H O¶DWWHQ]LRQH DO PRGR LQ

FXL TXHVWL VRQR RWWHQXWL� O¶DUJRPHQWR ©LQFKLHVWD VXO FDPSRª KD DQ]L XQD ELEOLRJUDILD DPSOLV�

VLPD�

/$ 5,&(5&$ 68/ &$032 , ��

SULPL GLVYHODWR� DQFKH VHPSOLFHPHQWH SHU IRUQLUH DOO¶XWHQWH LO JLXVWR LQTXD�

GUDPHQWR H OH LVWUX]LRQL SHU O¶XVR GHL GDWL� PD SRL LQ TXHVWR OL KDQQR VXELWR

VHJXLWL ODYRUL GL VLVWHPDWL]]D]LRQH PHWRGRORJLFD H DYYLDPHQWR DOOH LQFKLHVWH

VXO FDPSR��� 8QD WLSRORJLD GHL UDSSRUWL WUD LQIRUPDWRUH H UDFFRJOLWRUH�� QHOOD

ULFHUFD OLQJXLVWLFD HG HWQRORJLFD DOOD OXFH GHOOD GLFRWRPLD GL 3LNH WUD SURFH�

GLPHQWL HPLFL HG HWLFL q VWDWD WHQWDWD LQ &DUSLWHOOL�,DQQjFFDUR ���� H QRQ VD�

Uj TXL ULSHWXWD� PHWWH FRQWR SHUz ULFKLDPDUQH DOFXQL DVSHWWL�

/¶©DQWLWHVLª SUHYHGH OD SUHVHQ]D GL XQ WHVWLPRQH LQWHVR FRPH IRQWH� QHO

VHQVR SURSULR GL IRQWH GRFXPHQWDULD� FRPH XQ GRFXPHQWR G¶DUFKLYLR� H FKH

FRPH XQ IUDJLOH GRFXPHQWR YD VDSXWR OHJJHUH� SHUFLz GDOODOWUD SDUWH VL SUH�

FRQL]]D XQ UDFFRJOLWRUH FKH� VXOOD EDVH GL XQD VHULH GL LVWUX]LRQL SHU OXVR�

WHQWD GL RWWHQHUH GDO FRVLGGHWWR EXRQ LQIRUPDWRUH LO PDVVLPR ULVXOWDWR QHO

PLQRU WHPSR H FRQ LO PLQLPR VIRU]R� FHUFDQGR GL HYLWDUH HUURUL GL YDOXWD]LR�

QH H SHUFLz VWHVVR SUHQGHQGR OH GLVWDQ]H GD OXL� DUJLQDQGR OD IRU]D SRWHQ�

]LDOPHQWH SHULFRORVD GL FODVVLILFD]LRQL H FRQFH]LRQL GHOOD OLQJXD GLYHUVH H

FRQWUDVWDQWL ULVSHWWR D TXHOOD LQ SRVVHVVR GHO ULFHUFDWRUH� VXOOD TXDOH q EDVDWD

OD VFLHQWLILFLWj GHO ODYRUR�

,O SUREOHPD GHO ©UDSSRUWR FRQ OD IRQWHª q GXQTXH SUHVHQWDWR DL UDFFRJOL�

WRUL FRPH TXHVWLRQH GL PHWRGR HVVHQ]LDOPHQWH QHL WHUPLQL GL

D� SDUDPHWUL SHU OD VFHOWD GHOOD IRQWH SL~ FRQVHUYDWLYD R SL~ UDSSUHVHQWDWL�

YD���

E� LQGLFD]LRQL SUDWLFKH SHU OD ULFHUFD GHOOD SHUVRQD GD LQWHUYLVWDUH���

J� FRQVLJOL VXO PRGR GL DEEDVVDUH LO JUDGR GL IRUPDOLWj FRQQHVVD FRQ OD SUH�

VHQ]D GHOORVVHUYDWRUH HVWHUQR���

�� &L ULIHULUHPR TXL VROR DOOH RSHUH GL HVSUHVVD FROORFD]LRQH OLQJXLVWLFD��� &RVWUXLWD VXOOD EDVH GHL WHVWL D PDUJLQH GHJOL DWODQWL OLQJXLVWLFL H VXOOH RSHUH GL FDUDWWH�

UH GLGDWWLFR� GLUHWWDPHQWH LQWHUHVVDWH DO SUREOHPD GHOOD UDFFROWD GHL GDWL��� &Lz ULJXDUGD HVVHQ]LDOPHQWH OD VFHOWD GHO FDPSLRQH VXOOD EDVH GL IDWWRUL HVWHUQL R H[�

WUDOLQJXLVWLFL �SURYHQLHQ]D JHRJUDILFD GHO VRJJHWWR H GHOOD IDPLJOLD� HWj� VHVVR� UXROR VRFLDOH�

OLYHOOR FXOWXUDOH H� VHFRQGR -DEHUJ H -XG� DQFKH LQWHOOLJHQ]D� FKH� LQ PLVXUD GLYHUVD� LQFLGR�

QR VXOOH VFHOWH GHO SDUODQWH� 6L WUDWWD GL XQD IDVH QHFHVVDULD SHU TXDOXQTXH LQFKLHVWD GHPROR�

JLFD � VXOOD FXL DFFXUDWH]]D WURYLDPR SL~ GL XQD UDFFRPDQGD]LRQH � GDOOD TXDOH GLSHQGH DQ�

FKH OD YDOLGLWj VWDWLVWLFD GHOOD ULFHUFD�

�� ( FLRq O¶LQIRUPDUVL LQ RVWHULD SLXWWRVWR FKH GDO SDUURFR R GDO VLQGDFR� VL QRWHUj GL SDV�

VDJJLR FKH TXHVWL OXRJKL VRQR SXQWL IRFDOL FDUDWWHULVWLFL GHOO¶DPELHQWH UXUDOH� H SHU JLXQWD XQ

SR¶ DUUHWUDWR� FKH OH LQFKLHVWH �VRSUDWWXWWR GHL JLRYDQL ODXUHDQGL� VLDQR GD FRPSLHUVL LQ WDOL

FRQWHVWL QRQ q PDL GHWWR� PD q GDWR SHU VFRQWDWR�

�� ©/LQFKLHVWD >«@ KD VHPSUH XQ FDUDWWHUH GL HFFH]LRQDOLWj QHL FRQIURQWL GHOOD YLWD DEL�

WXDOH GHJOL LQIRUPDWRUL >«@ H FRVWLWXLVFH VHQ]D GXEELR XQD LQWUXVLRQH QHO PRQGR DOWUXLª �&L�

UHVH ����� ����� *OL DVSHWWL SL~ VLJQLILFDWLYL DL ILQL GHO QRVWUR GLVFRUVR VRQR SHUz TXHOOL UHOD�

WLYL DO JUDGR GL IRUPDOLWj GHOOD VLWXD]LRQH H DOOD YDOXWD]LRQH GHOOH ULVSRVWH� /D TXHVWLRQH YLH�

QH WUDWWDWD VHPSUH FRPH VH IRVVH GL RUGLQH SULQFLSDOPHQWH SVLFRORJLFR �&LUHVH ����� &RUWH�

�� ,/ ',$/(772 3(5&(3,72

G� YDOXWD]LRQH QRQ WDQWR GHOOH ULVSRVWH �FLRq GHO WLSR GL ULVSRVWH FRQWHVWXD�

OL]]DWH FKH VL RWWHQJRQR� TXDQWR GHO FRPSRUWDPHQWR GHOOLQIRUPDWRUH R

GHJOL LQIRUPDWRUL QHO FRUVR GHOOLQGDJLQH� DOOD ULFHUFD GHO FRQWHVWR GD DW�

WULEXLUH ORUR�

,Q RJQL FDVR q VHPSUH LO UDFFRJOLWRUH FKH GD VSHFLDOLVWD H FRPXQTXH DS�

SDUWHQHQWH DG DOWUR WLSR GL XQLYHUVR GHFLGH QHOOD OLQJXD H QHOOD FXOWXUD DOWUXL

FLz FKH q UHDOPHQWH UDSSUHVHQWDWLYR R GLVFULPLQDQWH� TXDOL VRQR OH VXH FDWH�

JRUL]]D]LRQL� H FKH FRVD YDOH OD SHQD GL FKLHGHUH� 1HOOLQFKLHVWD VSHFLILFD�

PHQWH GLDOHWWRORJLFD DQFKH L FRPPHQWL GL FDUDWWHUH VRFLROLQJXLVWLFR DOOH UL�

VSRVWH� OH VSHFLILFD]LRQL VXOOXVR GL XQD IRUPD YHQJRQR VSHVVR GDWL VXOOD ED�

VH GL LQIHUHQ]H GHO ULFHUFDWRUH FKH PHWWH LQ UHOD]LRQH ODWWHJJLDPHQWR OLQJXL�

VWLFR GHO WHVWLPRQH FRQ LO FRPSRUWDPHQWR WHQXWR GXUDQWH OLQFKLHVWD EDVDQ�

GRVL VRVWDQ]LDOPHQWH VX GHOOH LPSUHVVLRQL���

/D FROODERUD]LRQH UHDOH q GXQTXH DVVDL VFDUVD� H GL FRQVHJXHQ]D SLXWWRVWR

EDVVD O¶DWWHQ]LRQH DOOD FRVFLHQ]D OLQJXLVWLFD GHO SDUODQWH� q LQYHFH HOHYDWR

OD]]R ����� R GL WLSR PRUDOH �&RPSDQ\V ����� H YLHQH ULVROWD TXDVL VHPSUH FRQ OD SURSRVWD

GL HVSHGLHQWL FRPSRUWDPHQWDOL� GL FRQGRWWD GD WHQHUH QHL FRQIURQWL GHJOL LQIRUPDWRUL �SHU

HVHPSLR� &RPSDQ\V VXJJHULVFH GL IURQWH DG XQ LQIRUPDWRUH FRQVLGHUDWR WLPLGR� VXVFHWWLELOH�

VRIIHUHQWH GL XQ FRPSOHVVR GLQIHULRULWj GL YHVWLUVL H SDUODUH VHPSOLFHPHQWH H GL QRQ JXDUGDUH

VSHVVR ORURORJLR� %HUWROGL ������ VL UDFFRPDQGD GL FROWLYDUH XQ EXRQ UDSSRUWR SHUVRQDOH

FRQ LO WHVWLPRQH� &RUWHOD]]R VRWWROLQHD OLPSRUWDQ]D GL TXDOLWj QDWXUDOL FRPH ©SUHGLVSRVL]LR�

QH� HQWXVLDVPR� IDFLOLWj DO FRQWDWWR XPDQR� DFFHWWD]LRQH GHO GLDORJR� XPLOWj LQWHOOHWWXDOHª�

)DQWLQR ������ SDUOD GHO UDSSRUWR TXDVL ILOLDOH LQVWDXUDWR FRQ XQR GHL VXRL LQIRUPDWRUL�� ,O

WXWWR PLUD DG XQ DGDWWDPHQWR SL~ YHORFH GHO WHVWLPRQH DOOD VLWXD]LRQH GLQFKLHVWD H

DOO¶LQVWDXUDUH XQLQWHUD]LRQH SL~ YLYDFH SHUVRQDOPHQWH� H FKH GXQTXH VL ULWLHQH SL~ SURGXWWL�

YD� 4XHVWD q DQFKH O¶RSLQLRQH GL 6FK�OH�6FK�OH ����� LQ XQ IDVFLFROHWWR GHVWLQDWR DL UDFFR�

JOLWRUL GLDOHWWDOL �VSHVVR GHO OXRJR� RSHUDQWL LQ 9DO G¶$RVWD� OD FLWR SL~ HVWHVDPHQWH SHUFKp

QRQ q FRPSUHVD LQ &DUSLWHOOL�,DQQjFFDUR ����� H LQROWUH OD VXD FLUFROD]LRQH QRQ q DPSOLVVL�

PD� ©/D SUHPLqUH LPSUHVVLRQ TXH OH FKHUFKHXU� HQ VH SUpVHQWDQW� SURGXLW FKH] OH IXWXU LQIRU�

PDWHXU HVW XQH LPDJH TXL VHUD GLIILFLOH GH PRGLILHU SDU OD VXLWH HW TXL FRQGLWLRQQHUD WRXWHV

OHXUV UHODWLRQV IXWXUHV� ,O LPSRUWH GRQF GH ELHQ UpXVVLU OH SDV� SDU H[HPSOH� HQ VH SUpVHQWDQW

GDQV XQH WHQXH TXL QH FKRTXH SDV� HQ QH V¶HQFRPEUDQW SDV G¶XQ PDWpULHO WHFKQLTXH

LPSUHVVLRQDQW PDLV LQXWLOH ORUV G¶XQH SUHPLqUH SULVH GH FRQWDFW� HQ UHVSHFWDQW OHV FRXWXPHV

HW OHV UqJOHV GH SROLWHVVH HW GH ELHQVpDQFH ORFDOHV� HQ HVVD\DQW DYDQW WRXW G¶pWDEOLU XQ FOLPDW

GH FRQILDQFH UpFLSURTXHª ������ ������ '¶DOWUD SDUWH GL TXHVWR WHRUL]]D DQFKH 7HUUDFLQL� FKH SXUH SUHVHQWD QHOOD VXD SUDWLFD GL

ULFHUFD �DOPHQR� GD TXHOOD LQIHULELOH GDOOH SXEEOLFD]LRQL� XQD DWWHQ]LRQH VWUDRUGLQDULD DO

PRQGR GHO SDUODQWH� WDQWR GD IDUH GHOOH VXH VFHOWH LO FDUGLQH GHOOD GLDOHWWLFD OLQJXLVWLFD� 3R�

QHQGRVL LO SUREOHPD GL FRPH LQGDJDUH OD YDULHWj GL XQ SXQWR OLQJXLVWLFR PLQLPR DYHQGR D GL�

VSRVL]LRQH SRFR WHPSR H SRFKL LQIRUPDWRUL� FRPH QRUPDOPHQWH DFFDGH LQ XQ DWODQWH OLQJXL�

VWLFR� RVVHUYD FKH ©OH RVFLOOD]LRQL� R FRPXQTXH OH LQFHUWH]]H GHOOD IRQWH VWDQQR LQ UDSSRUWR

GLUHWWR FRQ LO UHDOH VWDWR RVFLOODWRULR GHOO¶LQWHUD SDUODWD >PHQWUH@ VH O¶XVR GHOOD IRQWH WHQGH

DOOD IHUPH]]D� VL WUDWWD GL XQD UHJROD GL SDUODWD LQ FRQGL]LRQL RPRJHQHH H SURVVLPH DG

XQ¶XQLIRUPH XQLWjª� �7HUUDFLQL ���� >����@� �����

/$ 5,&(5&$ 68/ &$032 , ��

O¶XVR GL ©PDFFKLQHWWHª FKH SUHVFLQGRQR GD RJQL ©LQWXL]LRQH H VDSLHQ]Dª� OH

FRVLGGHWWH LQFKLHVWH LGLRW SURRI� D SURYD G¶LGLRWD��� 6L WUDVFXUD� IRQGDPHQ�

���6HFRQGR OD IHOLFH GHILQL]LRQH GL 3LDQWD ����� FKH OD ULSUHQGH GDO PRQGR GHOOD PRGHOOL�

VWLFD LQ SODVWLFD SUHVWDPSDWD� 0L VDUj FRQVHQWLWR GL FLWDUH OXQJKL SDVVL GL TXHVW¶DUWLFROR SH�

UDOWUR EUHYH� SHUFKp OL ULWHQJR IRQGDPHQWDOL SHU LO GLVFRUVR FKH DQGLDPR VYLOXSSDQGR� ©$

SURYD GL LGLRWD �FKH� VL QRWL EHQH q EHQ GLIIHUHQWH FKH D SURYD GL HUURUH� VWD D VLJQLILFDUH FKH

FKLXQTXH� XQ EDPELQR� XQ GHILFLHQWH� XQ LUUHVSRQVDELOH� q LQ JUDGR GL IDU IXQ]LRQDUH XQ GDWR

PDUFKLQJHJQR VHQ]D IDUVL PDOH� VHQ]D IDU PDOH DO SURVVLPR� H GL RWWHQHUH L ULVXOWDWL SUHILVVL�

>«@� /LPSUHVVLRQH FKH VL ULFDYD >«@ GDOODQWURSRORJLD LWDOLDQD� H LQ JHQHUH GDOOH VSHFLILFKH

GLVFLSOLQH �GLDOHWWRORJLD� HWQRJUDILD� WUDGL]LRQL SRSRODUL� HFF�� FKH XWLOL]]DQR LQ GLYHUVL PRGL

OD ULOHYD]LRQH VXO FDPSR� q FKH OH PHWRGRORJLH VXJJHULWH SRUWLQR DG DIIURQWDUH OD ULOHYD]LRQH

VXO FDPSR FRQ PDFFKLQHWWH D SURYD GL LGLRWD� /LPSUHVVLRQH q FKH GLHWUR DL FXPXOL GL VFKHGH�

GL TXHVWLRQDUL� GL FDVHOOH H IRUPXODUL HODERUDWL GDL QRVWUL VWXGLRVL VL QDVFRQGD QRQ WDQWR XQD

PDQFDQ]D GL LGHH R GL SXQWL GL ULIHULPHQWR TXDQWR XQD VRWWLOH SHUYHUVLRQH SHGDJRJLFD QHL

FRQIURQWL GHOOR VWXGHQWH FKH GHYH LQFRPLQFLDUH D ODYRUDUH VXO FDPSR� /R VWXGHQWH q� LQ SDU�

WHQ]D� RYYLDPHQWH LQDELOH DOOD FRPSOHVVLWj GHOOD ULOHYD]LRQH� GHOOD UDFFROWD� GHOOD GRFXPHQWD�

]LRQH VXO FDPSR� PD LQYHFH GL HGXFDUOR DG DIIURQWDUH LO VXR ODYRUR FL VL OLPLWD DG HTXLSDJ�

JLDUOR FRQ XQDWWUH]]DWXUD GL ULOHYD]LRQH� SHU FRVt GLUH DXWRPDWL]]DWD� *OL VL GDQQR XQD VHULH

GL FDVHOOH GD ULHPSLUH� H TXHOOD q OD VXD ULFHUFD� OH VXH FDSDFLWj GL RVVHUYD]LRQH� UHDOL R PHQR�

SRWHQ]LDOL R PHQR� YHQJRQR FRVt FRPXQTXH RWWXVH H PRUWLILFDWH� ,O VXR TXHVWLRQDULR FRQ GR�

PDQGH SUHFRVWLWXLWH� OD VXD VFKHGD GD ULHPSLUH GLYHQWDQR QRQ VWUXPHQWL GL ODYRUR� QRQ VLQWHVL

GL PHWRGR� QRQ JOL DSSXQWL GL UDFFROWD� PD VRQR GL IDWWR LO VDOYDJHQWH GL XQD SHUVRQD FKH QRQ

VD QXRWDUH� H D FXL QRQ YLHQH LQVHJQDWR D QXRWDUH� Ê OD VXD PDFFKLQHWWD D SURYD GL LGLRWD� FKH

OR WUDQTXLOOL]]D FRQ OD VXD UDVVLFXUDQWH EDUULHUD WUD OXL H OD UHDOWj FKH OR FLUFRQGD� UHDOWj FKH

VHQ]D TXHO GLDIUDPPD UDVVLFXUDQWH SRWUHEEH VFRQFHUWDUOR� GLVRULHQWDUOR� PHWWHUOR LQ FULVL�

&UHGR FKH LO PDVVLPR GHOOD HYLGHQWH SHUYHUVLRQH SHGDJRJLFD H PHWRGRORJLFD QHOOD ULFHUFD VXO

FDPSR VLD FRVWLWXLWD GD TXHOOD JURWWHVFD ULOHYD]LRQH OLQJXLVWLFD FKH VL EDVD VXOOD WUDGX]LRQH

GHOOD 3DUDEROD GHO )LJOLRO 3URGLJR� ,O SUHWHQGHUH FKH OLQIRUPDWRUH WUDGXFD SDUROD SHU SDUROD

XQ WHVWR ILVVR GLVHGXFD LO ULFHUFDWRUH QRYL]LR DOODWWHQ]LRQH DO VXR LQWHUORFXWRUH� DOOH VXH SDU�

WLFRODUL FDUDWWHULVWLFKH SVLFRORJLFKH H FXOWXUDOL� H ROWUHWWXWWR SRUWD D ULVXOWDWL VHPSOLFHPHQWH

ULGLFROL VXO SLDQR GHOODWWHQGLELOLWj GRFXPHQWDULD� SHUFKp D SURYD GL LGLRWD QRQ YXROH GLUH QH�

FHVVDULDPHQWH D SURYD GL HUURUH� +R DVVLVWLWR SHUVRQDOPHQWH D XQD GLVFXVVLRQH IUD ULFHUFDWRUH

H LQIRUPDWRUH VXO WLWROR GHOOD SDUDEROD� SULPD FKH LO GLVJXVWR PL IDFHVVH DOORQWDQDUH�

½3DUDEROD���� PDK� QRQ VR����� QRL GLFLDPR OD IROD¾�

½0D QR� IROD YXRO GLUH ILDED� $QGLDPR� SRVVLELOH FKH QRQ FL VLD SDUDEROD LQ GLDOHWWR"¾

½9D EHK���� DOORUD /D SDUDEXOD GHO IL| SUzGHFK¾

½+D YLVWR FKH FL DUULYLDPR" %HQH� DQGLDPR DYDQWL¾�

6H LO ULFHUFDWRUH �FKH HUD YHUDPHQWH XQD ULFHUFDWULFH� QRQ DYHVVH VRWWRSRVWR OLQIRUPDWRUH

D TXHO WHVWR ILVVR� PD DYHVVH DYYLDWR XQD OLEHUD FRQYHUVD]LRQH SHU GDUH VSD]LR DOOH QDWXUDOL

DVVRFLD]LRQL OLQJXLVWLFKH GHO VXR LQWHUORFXWRUH� DYUHEEH IDFLOPHQWH VFRSHUWR� SHU GLUQH XQD�

FKH LO WHUPLQH GLDOHWWDOH HTXLYDOHQWH D SDUDEROD� LQ TXHOODUHD� HUD HVHPSL� H QRQ TXHOOD ULGL�

FROD GLDOHWWL]]D]LRQH� SDUDEXOD� FRPH DYUHEEH VHQ]D GXEELR LQGLYLGXDWR LO UHDOH HTXLYDOHQWH

GL SURGLJR� &LRQRQRVWDQWH OD ULFHUFDWULFH RVWHQWDYD XQ FHUWR GLVSUH]]R SHU OH WHFQLFKH ½DSHU�

WH¾� FKH FRQVLGHUDYD QRQ VFLHQWLILFKH� PHQWUH LQYHFH OD VXD UDVVLFXUDQWH PDFFKLQHWWD UDSSUH�

VHQWDYD SHU OHL LO PDVVLPR GHOOD JDUDQ]LD VFLHQWLILFD� H LO VXR DWWHJJLDPHQWR HUD XQD VHPSOLFH

FRQVHJXHQ]D GHOOH LQGLFD]LRQL FKH DYHYD ULFHYXWR� >«@ 0D FRPH DIIURQWDUH OD UHDOWj FXOWX�

UDOH FRPSOHVVLYD TXDQGR LO ULFHUFDWRUH q DELWXDWR D ODYRUDUH FRQ OH FDVHOOH GHOOH VFKHGH H GHL

TXHVWLRQDUL" &KH QH VD TXHVWR ULFHUFDWRUH GHOOH LPSHUFHWWLELOL VIXPDWXUH GHOOLQWHUYLVWD� GHOOD

YDOXWD]LRQH LPPHGLDWD GHOOH LQIRUPD]LRQL H GHL ½PHVVDJJL¾ WUDVPHVVL GDOOLQIRUPDWRUH� GHOOH

�� ,/ ',$/(772 3(5&(3,72

WDOPHQWH� LO PRPHQWR GHOOD UDFFROWD GHL GDWL� DIILGDWR D ODXUHDQGL R FRPXQ�

TXH D SHUVRQH DOOH SULPH DUPL� FKH QRQ IDQQR SDUWH� WDORUD� GHO FRPLWDWR

VFLHQWLILFR GHOOD ULFHUFD� TXHOOR FKH FRPSLH OH VFHOWH� LQYHFH DL UDFFRJOLWRUL

YLHQH DIILGDWR XQ TXHVWLRQDULR� ILOWUR H LQWHUIDFFLD WUD Vp H OD UHDOWj GD DQD�

OL]]DUH� H YHQJRQR ORUR GDWH LQGLFD]LRQL H UDFFRPDQGD]LRQL GL FDUDWWHUH SUD�

WLFR SHUFKp IDFFLDQR EHQ IXQ]LRQDUH O¶LQIRUPDWRUH� QRQ VL VSDYHQWLQR DO

FRQWDWWR FRO VXR PRQGR H QRQ VH QH ODVFLQR GLVRULHQWDUH�

,,������� ,O PRGHOOR GL LQWHUD]LRQH FKH VRJJLDFH D VWXGL GL TXHVWR WLSR q

GHILQLELOH FRPH 6 o 5� GD XQR 6WLPROR VL RWWLHQH LSVR IDFWR XQD 5HD]LRQH���

/D FRQFH]LRQH GL EDVH q FKH HVLVWH XQ OHJDPH HVFOXVLYR H YLQFRODQWH DSSXQWR

WUD TXHVWR VWLPROR H OD FRQVHJXHQWH UHD]LRQH� H WXWWL JOL DOWUL IDWWRUL VRQR

HOHPHQWL GL GLVWXUER� FLz SRUWD DG XQD HQIDWL]]D]LRQH GHOOR VWUXPHQWR FRQ LO

TXDOH VL ODQFLDQR JOL VWLPROL� QHO QRVWUR FDVR LO TXHVWLRQDULR� SHUFKp FLz JD�

UDQWLVFH O¶DIILGDELOLWj GHOOD UHD]LRQH� RYYHUR GHOOD ULVSRVWD� H GXQTXH DG DI�

IHUPD]LRQL DVVROXWH H WHRUL]]DQWL TXDOL ©QLFKW GHU ,QWHUYLHZHU� GHU )UDJHER�

JHQ PX� VFKODX VHLQª �6FKPLGWFKHQ LQ $WWHVODQGHU �������� ����� FKH FRPH

VL YHGH JLXVWLILFDQR WHRUHWLFDPHQWH OH VLWXD]LRQL VWLJPDWL]]DWH GD 3LDQWD�

SLVWH VX FXL LQGLUL]]DUH OD FRQYHUVD]LRQH� GHO VRWWLOH JLRFR GL SURYRFD]LRQH UHFLSURFD FKH VL

LQVWDXUD WUD OLQWHUURJDWR H OLQWHUURJDQWH" 4XHVWH FRVH QRQ YHQJRQR LQVHJQDWH� 1RQ VL LQVH�

JQD DG RVVHUYDUH OD UHDOWj� QRQ VL LQVHJQD D SDUODUH FRQ OD JHQWH� >«@ /D ULFHUFD QRQ FRPLQ�

FLD FRQ OD UDFFROWD GHL GDWL� PD FRQ ORVVHUYD]LRQH GHOOD UHDOWj FKH VL YXROH LQGDJDUH� ( QRQ q

XQD GLIIHUHQ]D GD SRFR� q XQ VDOWR TXDOLWDWLYR HQRUPH� 6H SHUPHWWLDPR DOOD UHDOWj GL FRQGL�

]LRQDUH LO QRVWUR SXQWR GL YLVWD� L QRVWUL VWUXPHQWL GL ODYRUR VDUDQQR �XWLOL� GLVFXWLELOL� JLXVWL�

GD FRUUHJJHUH� VXSSRUWL DOOLQGDJLQH� VH QRQ RVVHUYLDPR H QRQ LPSDULDPR DG DIILQDUH DO PDV�

VLPR ORVVHUYD]LRQH� DYUHPR GHOOH PDFFKLQHWWH D SURYD GL LGLRWD� FRPXQTXH LQXWLOL� 6RQR OH

PDFFKLQHWWH FKH VXSSOLVFRQR DOOD PDQFDQ]D GL RVVHUYD]LRQH H DOOD FDUHQ]D GL LQIRUPD]LRQH�

FKH VXJJHULVFRQR GL IDU ODYRUDUH LO OLQJXLVWD LQHVSHUWR VX WHVWL ILVVL H LQYHQWDQR OH SDUDPH�

WUDWXUH SL~ YDULH HG DU]LJRJRODWH FKH FRQVHQWRQR GL DQGDUH D IRWRJUDIDUH L YLOODJJL H[WUDHXUR�

SHL VHQ]D FRQRVFHUH QHPPHQR OD OLQJXD UHODWLYD� FKH IDQQR DSSURGDUH FRPXQTXH D ULVXOWDWL�

GHVWLQDWL D ULYHODUVL LQHYLWDELOPHQWH SVHXGRULVXOWDWL� &UHGR DQFKH FKH VLD RSSRUWXQR� D TXHVWR

SXQWR� FKLDULUH FKH QRQ FRQVLGHUR LO ULFHUFDWRUH XQD WDEXOD UDVD� XQD SDJLQD ELDQFD VX FXL OD

UHDOWj LQGDJDWD WUDFFLD L VXRL PHVVDJJL� LO ULFHUFDWRUH KD QDWXUDOPHQWH XQ VXR SUHFLVR LQTXD�

GUDPHQWR SVLFRFXOWXUDOH� D FXL QRQ SXz H QRQ GHYH ULQXQFLDUH� FRPH QRQ SXz ULQXQFLDUH DG

XQ DVVHWWR WHRULFR JHQHUDOH� 5LWHQJR FKH VLD VXR GRYHUH� SHUz� LQ TXDQWR ULFHUFDWRUH� FRVWL�

WXLUVL XQ SHUVRQD �LQ VHQVR GL ODWLQR WHDWUDOH� XQ SHUVRQDJJLR� XQD PDVFKHUD� FKH HVSULPD�

HVVD Vt� XQD WDEXOD UDVD� 1HOOD ULFHUFD VXO FDPSR VL SDUWH FRQ OD SURSULD SHUVRQDOLWj� FRQ LQ

SURSULR DVVHWWR WHRULFR� FRQ OD PDVVLPD GRFXPHQWD]LRQH SRVVLELOH� 3RL� VHQ]D ULQXQFLDUH PL�

QLPDPHQWH D TXHVWH FRVH� FL VL FRVWUXLVFH ODVVHWWR GD ULFHUFD VXO FDPSR� OD SURSULD SHOOLFROD

IRWRJUDILFD FKH GHYH HVVHUH VHQVLELOL]]DWD DO PDVVLPR SHU OD ULFH]LRQH GHOOD UHDOWj FKH FL LQWH�

UHVVD� SUHVV¶D SRFR FRPH XQ DWWRUH� VHQ]D ULQXQFLDUH PLQLPDPHQWH DOOD VXD SHUVRQDOLWj H DOOD

VXD FXOWXUD� FRVWUXLVFH XQ SHUVRQDJJLRª�

�� 3HU XQD UDSLGD WUDWWD]LRQH GHOO¶DUJRPHQWR FIU� $WWHVODQGHU �������� ��������

/$ 5,&(5&$ 68/ &$032 , ��

,,��� 5HD]LRQL H SUHFLVD]LRQL

4XHVWR q HYLGHQWHPHQWH O¶DUFKHWLSR H O¶HVWUHPL]]D]LRQH GHO QRQ�UDSSRUWR

IUD O¶XRPR FKH VWXGLD H O¶XRPR FKH SDUOD� SHUz ©OLQFKLHVWD q XQ UDSSRUWR WUD

XRPLQL H QRQ WUD XRPLQL H RJJHWWL R GRFXPHQWLª �&LUHVH ����� ����� H GXQ�

TXH XQ PRGHOOR SL~ UDSSUHVHQWDWLYR GHOOH GLQDPLFKH GL LQWHUD]LRQH LQ

XQ¶LQFKLHVWD OLQJXLVWLFD SXz HVVHUH TXHOOR 6 o 3 o 5� GRYH OD 3 UDSSUH�

VHQWD OD 3HUVRQD� RVVLD O¶LQGLYLGXR SDUODQWH QHO PRPHQWR LQ FXL DYYLHQH OD

FRPXQLFD]LRQH� ,Q TXHVWD YLVLRQH QRQ HVLVWRQR UDSSRUWL GLUHWWL H FRVWULWWLYL

WUD VWLPROR H ULVSRVWD� SHUFKp TXHVW¶XOWLPD q LPSHQVDELOH VHQ]D OH FRQGL]LRQL

ORFDOL H WHPSRUDOL LQ FXL YLHQH IRUQLWD� OD VXD VRVWDQ]D HVVHQGR LQIDWWL GD

TXHVWL GHWHUPLQDWD� H GDOOH FRQGL]LRQL GHOO¶DPELHQWH FLUFRVWDQWH H GDOOD UH�

D]LRQH �FRQVDSHYROH H QR� GL FROXL FKH ULVSRQGH� 'XQTXH OD ULVSRVWD QRQ q OD

FRQVHJXHQ]D FDXVDOH DG XQR VWLPROR� H O¶LQWHUURJDWR QRQ DJLVFH VROR LQ EDVH

DO SDVVDWR �O¶LQSXW� OR VWLPROR FKH KD DSSHQD ULFHYXWR�� EHQVt LO VXR FRP�

SRUWDPHQWR q LQIOXHQ]DWR GD VHQWLPHQWL R ULIOHVVLRQL LQ XQ FHUWR VHQVR

RULHQWDWH DO IXWXUR� Vt FLRq ©FKH FRVD LO ULFHUFDWRUH PL KD DSSHQD FKLHVWRª�

PD DQFKH ©FKH FRVD VL DVSHWWD FKH LR GLUzª H ©FRPH OD PLD ULVSRVWD SXz DJLUH

VX GL OXL"ª 7RUQHUHPR VX TXHVW¶XOWLPR SXQWR WUDWWDQGR GHOO¶©LQWHUYLVWD FRPH

WUDVPLVVLRQH GHO VDSHUHª� H LQ SDUWLFRODUH GHOOH IDOODFLH FKH TXHVWD SXz QD�

VFRQGHUH�

/D SUHVHQ]D� LQ RJQL PRGR� GL XQ ©IDWWRUH 3ª q PROWR FKLDUD DJOL HVWHQVRUL

GHJOL DWODQWL OLQJXLVWLFL� FKH SXUH� XWLOL]]DQGR UDFFRJOLWRUL HVWHUQL� KDQQR LO

SUREOHPD GHOOD VHSDUD]LRQH IUD SDUODQWH H VWXGLRVR��� 6HQWLDPR SHU SULPL -D�

EHUJ H -XG ����� >����@� ���� ©LO SDWULPRQLR OLQJXLVWLFR DUWLILFLRVDPHQWH

VROOHFLWDWR GDO VLVWHPD GHO TXHVWLRQDULR YLHQH FRPSOHWDWR GDOOD FRQYHUVD]LR�

QH OLEHUD FKH ULPEDO]D GD XQ PHPEUR DOO¶DOWUR GHOOD IDPLJOLD� >«@ 'DJOL LQ�

WHUYHQWL HVWHUQL QDVFRQR DQFKH GLVFXVVLRQL FKH SRUWDQR DOOD FRQVWDWD]LRQH GL

YDULHWj LQGLYLGXDOLª H LQROWUH ����� >����@� �������� ©QLHQWH LQ XQLQFKLHVWD

q SL~ GRVWDFROR GHOOD PDQFDQ]D GL OLEHUWj LQWHULRUH GHOOLQWHUYLVWDWR >«@ /D

UHJROD GHO UDFFRJOLWRUH GHYH HVVHUH TXHOOD GL QRQ DWWHQHUVL D QHVVXQD UHJR�

ODª� PD SL~ DQFRUD VL QRWLQR OH SUHFLVH LQGLFD]LRQL GL FDUWRJUDID]LRQH H OHWWX�

UD GHOOH FDUWH FKH WHQJRQR UHDOPHQWH FRQWR GHOO¶DWWHJJLDPHQWR GHO SDUODQWH

YHUVR OD ULVSRVWD R OD VLWXD]LRQH��� FLRq O¶DWWHQ]LRQH D TXHO IHQRPHQR FKH HV�

VL FKLDPDQR 3V\FKRORJLH GHV 6SUHFKHUV �FIU� -DEHUJ�-XG ���� >����@� ����

����� $QFKH LO VRVSHWWR FKH FRJOLH O¶XWHQWH� FKH FLRq L GXH DXWRUL FRQFHSLVVH�

UR O¶$,6 QRQ WDQWR FRPH XQ VHUEDWRLR GL ULVSRVWH TXDQWR FRPH XQR VWUX�

�� 6XOO¶DUJRPHQWR ©FRVFLHQ]D OLQJXLVWLFD QHJOL DWODQWL QD]LRQDOLª VL YHGD O¶RWWLPD VLQWHVL

GL &DQREELR ����� FKH WXWWDYLD DIIURQWD LO SUREOHPD GD XQ¶DQJROD]LRQH GLYHUVD��� 'XQTXH� D VDSHU OHJJHUH� YHUVR O¶HYHQWR OLQJXLVWLFR ©LQFKLHVWDª H LQ XOWLPD DQDOLVL YHVR

OD OLQJXD�

�� ,/ ',$/(772 3(5&(3,72

PHQWR SHU VXJJHULUH H VWLPRODUH QXRYH GRPDQGH QHO OHWWRUH H QHOOR VWXGLRVR

YD LQ TXHVWD GLUH]LRQH���

$QFKH SHU O¶$/, *UDVVL ������ �� PD JLj SULPD GL OXL QH SDUODYD 7HUUDFL�

QL� QHOOH LQGLFD]LRQL SHU L QXRYL UDFFRJOLWRUL GHOO¶$WODQWH UDFFRPDQGDYD

©XQD YDOXWD]LRQH >«@ OD TXDOH >«@ ULFRQRVFD DOOD IRQWH L VXRL GLULWWL D TXHOOD

OLEHUWj GL VFHOWD FKH OH SHUPHWWH GL DIIHUPDUH OD SURSULD SHUVRQDOLWj GL SDU�

ODQWH QHO SDUWLFRODUH DPELHQWH GHOO¶LQFKLHVWD GLDOHWWDOH��� GRYH OD UHVWLWX]LRQH

GHOOD VXD SDUODWD DYYLHQH DOOD SUHVHQ]D GL XQ LQWHUORFXWRUH IRUHVWLHUR FKH

FUHD OH YDULH VLWXD]LRQL DWWUDYHUVR PH]]L DUWLILFLRVLª�

,O SDVVR XOWHULRUH� O¶DWWHQ]LRQH HVSOLFLWD DOO¶DXWRYDOXWD]LRQH GHO SDUODQWH H

GXQTXH OD ULFHUFD GL XQD FROODERUD]LRQH FKH QRQ VLD VROR GLVSRQLELOLWj D OD�

VFLDUVL WRUFKLDUH OR FRPSLH O¶$/7��� ©/LQFKLHVWD $/7 q VFKLHWWDPHQWH DXWR�

YDOXWDWLYD� LQ TXDQWR FLDVFXQ LQIRUPDWRUH q FKLDPDWR D UHQGHUH GHOOH GLFKLD�

UD]LRQL FLUFD XQ WHUPLQH TXDOVLDVL FKH ULFRQRVFD SUHVHQWH QHOOD FRPXQLWj� QHO

VXR XVR SHUVRQDOH R QHOOH VXH FRQRVFHQ]H R RSLQLRQL ULJXDUGR DOOXVR GHJOL

DOWUL� VHFRQGR XQD VHULH GL YDULDELOL GDWH �FRQRVFHQ]D DWWLYD� FRQRVFHQ]D SDV�

VLYD� HYHQWXDOH LQGLYLGXD]LRQH GHO JUXSSR FKH ID XVR GHO WHUPLQH� HYHQWXDOH

FRQVLGHUD]LRQH GHOOR VWDWXV GHO WHUPLQH VWHVVR�ª �*LDQQHOOL ����� ����� 6RQR

LQIDWWL SUHYLVWH LQWHUYLVWH GL FRQWUROOR LQ JUXSSR� SHU HYLWDUH GL UDFFRJOLHUH

IRUPH SHUWLQHQWL VROR DOO¶LGLROHWWR GHO WHVWLPRQH H QRQ DOO¶LQWHUD FRPXQLWj�

LQROWUH �H FIU� *LDFRPHOOL �������� ��� q LQWHUHVVDQWH O¶LQQRYD]LRQH SHU FXL

DO ULFHUFDWRUH q ODVFLDWD IDFROWj GL VXJJHULUH DOO¶LQIRUPDWRUH WHUPLQL H VLJQL�

ILFDWL� q TXHVWD XQ¶LQJHUHQ]D� H L FXUDWRUL GHOO¶$/7 OR VDQQR EHQH� ©$EELD�

PR FDOFRODWR FHUWR LO ULVFKLR GL XQ SODJLR� PD DEELDPR DQFKH FDOFRODWR

O¶LPSRUWDQ]D GHOOH LQIRUPD]LRQL VXSSOHWLYH FKH SRVVLDPR ULFHYHUH� ½VLDQR

HVVH EDVDWH >«@ VX SDU]LDOL RPRIRQLH R VXOOD GHFDGHQ]D GL FHUWL WHUPLQL R

VXOOD ORUR DSSDUWHQHQ]D DO OHVVLFR GL DOWUH ]RQH� LQ TXHVWL XOWLPL FDVL HVVH

YDOJRQR FRPH SURYH GHOOD FRVFLHQ]D OLQJXLVWLFD GHO SDUODQWH¾ª �*LDFRPHOOL

�������� ��� OH FLWD]LRQL LQWHUQH VRQR GD *LDFRPHOOL ����� ������

�� 6RVSHWWR FKH PL q VWDWR WUDVPHVVR GDOOH LQGLFD]LRQL GL 6DQJD H FKH FRQGLYLGR SLHQD�

PHQWH��� 6L SXz OHJJHUH ©OD VXD FRVFLHQ]D OLQJXLVWLFD DOO¶LQWHUQR GHOO¶HYHQWR ½LQFKLHVWD GLDOHWWR�

ORJLFD¾ª" )RUVH QRQ DQFRUD� PD QRQ QH VLDPR PROWR ORQWDQL�

��$WODQWH /HVVLFDOH 7RVFDQR� GLUHWWR GD *DEULHOOD *LDFRPHOOL� ,O ULIHULPHQWR DL GXH DWODQWL

QD]LRQDOL HUD LPSUHVFLQGLELOH� PD TXL IDUz FHQQR VROR DOOH RSHUH �GL FDUDWWHUH DWODQWLVWLFR R

QR� GL FXL DEELD FRQRVFHQ]D PHQR LQFRPSOHWD� ULEDGHQGR FKH TXHVWH QRQ HVDXULVFRQR LO SD�

QRUDPD GHOOH LPSUHVH VFLHQWLILFKH� H FKH PROWH DOWUH LQGLFD]LRQL LQWHUHVVDQWL VL SRWUHEEHUR

WURYDUH�

��'HOOR VWHVVR PHWRGR �FKLDPDWR GHL GRQQpHV QpJDWLIV� VL GLVFXWH LQ 5DYLHU ���� SHU

O¶$WODV /LQJXLVWLTXH HW (WKQRJUDSKLTXH GH OD *DVFRJQH� OD VLWXD]LRQH q SHUz GLYHUVD� SHUFKp

LQ 7RVFDQD L GXH FRGLFL GHOO¶LQWHUD]LRQH VRQR DVVDL YLFLQL� 4XDQWR DOOD *XDVFRJQD� 5DYLHU

����� ��� DIIHUPD HVSOLFLWDPHQWH FKH FRQ TXHVWR VLVWHPD VL SRVVRQR VRUSUHQGHUH UHD]LRQL

GHL WHVWLPRQL GDYDQWL D SDUROH FKH QRQ VRQR ORUR IDPLOLDUL� H FKH SXz HVVHUH XWLOH VWXGLDUOH H

/$ 5,&(5&$ 68/ &$032 , ��

,,����� /H LPSUHVH DWODQWLVWLFKH FKH SUHVHQWDQR HVSOLFLWDPHQWH OD GLFLWXUD

©HWQRJUDILFRª VRQR� HG q RYYLR� SL~ GLUHWWDPHQWH FRLQYROWH QHO SUREOHPD

GHOO¶HOLFLWD]LRQH GHL SURSUL GDWL� SUHQGHUHPR DG HVHPSLR LO SHUFRUVR

GHOO¶$/(32��� L FXL FXUDWRUL PDQLIHVWDQR JUDQGH DWWHQ]LRQH DO PRPHQWR

GHOO¶LQGDJLQH VXO FDPSR� DOFXQH GHOOH UDJLRQL �HVSRVWH SULQFLSDOPHQWH LQ

&DQREELR�7HOPRQ ����� FKH OL KDQQR SRUWDWL DOOD VFHOWD GHOOR VWUXPHQWR GHO

TXHVWLRQDULR H DOWUH FRQVLGHUD]LRQL VXO VXR LPSLHJR �H VXOOH PRGDOLWj GL WDOH

LPSLHJR� VDUDQQR YLVWH SL~ ROWUH QHO SURVVLPR FDSLWROR� YD SHU LQWDQWR VH�

JQDODWD OD ULFHUFD GL FROODERUD]LRQH FRQ O¶LQIRUPDWRUH� FKH VL ULVFRQWUD QHOOD

SUHVHQWD]LRQH �VL QRWL SHUz� UHGDWWD D SRVWHULRUL� GHOOH LQFKLHVWH VXO FDPSR�

©JOL LQIRUPDWRUL VL IDQQR SDUWH DWWLYD GHOO¶LQFKLHVWD FHUFDQGR GL IRFDOL]]DUH

JOL RJJHWWL� L FRQFHWWL H OH HVSUHVVLRQL ³JLXVWH´ DO GL Oj H QRQRVWDQWH OD IRU�

PXOD]LRQH GHOOD GRPDQGD� FLRq VHJXHQGR OD VWUXWWXUD ORJLFD GHO SURSULR SHQ�

VLHUR H GHOOD SURSULD OLQJXD� LQ EDVH DOOH SURSULH WDVVRQRPLHª� �&DQREELR�

7HOPRQ ����� ���� ( LQROWUH� ©VSHVVR O¶LQWHUHVVH SHU TXDQWR VL YLHQH ULFRU�

GDQGR LQVLHPH SUHQGH LO VRSUDYYHQWR H LO GLVFRUVR LPERFFD XQD YLD GLYHUVD

GD TXHOOD VHJQDWD GDO TXHVWLRQDULR� VL DOODUJD H SRUWD PDJDUL PROWR ORQWDQR�

6RQR TXHVWL L PRPHQWL FKLDYH GHOO¶LQFKLHVWD� TXHOOL LQ FXL HVVD� VYLOXSSDQGRVL

VHFRQGR SLDQL GL FRHUHQ]D LQWHUQD� GLYHQWD QRQ SL~ GHO UDFFRJOLWRUH �OD FXL SUH�

VHQ]D YLHQH LQIDWWL SURJUHVVLYDPHQWH PHVVD DL PDUJLQL�� PD GHOO¶LQIRUPDWRUH� R

PHJOLR GHOO¶LQWHUD FRPXQLWj LQGDJDWDª�� �LELGHP� ����

7DOL FRQVLGHUD]LRQL� QRQ D FDVR UHFHQWLVVLPH� FRVWLWXLVFRQR XQ GHFLVR

SDVVR YHUVR TXHOOD GLUH]LRQH FKH SRWUHPPR LQGLFDUH FRPH OD ©VLQWHVLª VH LO

QRVWUR DWWHJJLDPHQWR q SRVLWLYR� RSSXUH O¶DWRQDOLWj� VH OD VSHFLDOL]]D]LRQH

PHWRGRORJLFD FL ODVFLD SL~ SHUSOHVVL� 4XHVWR SHUFKp YHQJRQR LQFRQWUR D SL~

GL XQD FULWLFD QHL FRQIURQWL GHOO¶DWWHJJLDPHQWR YHUVR O¶LQFKLHVWD FKH DEELDPR

GHILQLWR ©DQWLWHVLª� QRQFKp DG DOFXQH LVWDQ]H WHRULFKH VYLOXSSDWH GD HVSH�

ULHQ]H �OLQJXLVWLFKH H QRQ� GL ULFHUFD VXO FDPSR R GL LQGDJLQH GHO IDWWR FR�

PXQLFDWLYR� PD SULPD GL RFFXSDUFL GL FLz VDUj IRUVH LQWHUHVVDQWH GDUH

XQ¶RFFKLDWD DG XQ DOWUR DWODQWH OLQJXLVWLFR H DOOH UHDOL]]D]LRQL GL XQD VFXROD GLD�

WHQHUQH FRQWR QHOOD FODVVLILFD]LRQH JHROLQJXLVWLFD �FKH q SHUDOWUR LO VXR XQLFR LQWHUHVVH��

9LHQH HODERUDWR DQFKH XQ SDUWLFRODUH VLVWHPD GL FDUWRJUDID]LRQH SHU UHQGHUH FRQWR GL TXHVWH

UHD]LRQL� SXz HVVHUH LQ HIIHWWL LQWHUHVVDQWH DQFKH YHGHUH FLz FKH O¶LQIRUPDWRUH KD ULILXWDWR��� $WODQWH /LQJXLVWLFR HG (WQRJUDILFR GHO 3LHPRQWH 2FFLGHQWDOH� GLUHWWR GD 6DELQD &D�

QREELR H 7XOOLR 7HOPRQ��� $QFRUD XQ¶RVVHUYD]LRQH� O¶DWWHQ]LRQH DO PRPHQWR HVFXVVLYR LQ TXDQWR WDOH� FLRq DO

PRPHQWR GHO SDVVDJJLR GHL GDWL GD XQD SHUVRQD DOO¶DOWUD� GL FXL VL ODPHQWDYD OD PDQFDQ]D LQ

&DUSLWHOOL�,DQQjFFDUR ���� �FRPSLODWR SULPD GHOO¶XVFLWD GL &DQREELR�7HOPRQ ������

©O¶$/(32 >«@ KD GHFLVR GL UHFXSHUDUH TXDQWR SL~ SRVVLELOH GL TXHVWR SDWULPRQLR >GL RVVHU�

YD]LRQL GHOO¶LQIRUPDWRUH@ LQ PRGR FKH FKL FRQVXOWHUj L PDWHULDOL� SRVVD QRQ VROR DFFHGHUH D

GHOOH ULVSRVWH PD DQFKH DYHU UDJLRQH GHOO¶LWLQHUDULR DWWUDYHUVR LO TXDOH L SDUODQWL GHOOH GLYHUVH

ORFDOLWj YL VRQR JLXQWLª �&DQREELR�7HOPRQ ����� ����

�� ,/ ',$/(772 3(5&(3,72

OHWWRORJLFD SURJUDPPDWLFDPHQWH LQFHQWUDWD VXOOH RSLQLRQL GHOO¶LQIRUPDWRUH�

,,��� /¶HVSHULHQ]D JLDSSRQHVH

/D FRQVLGHUD]LRQH GHOOD YLVLRQH FKH LO SDUODQWH KD GHOOD OLQJXD q HVSOLFLWD

QHJOL VWXGL GL GLDOHWWRORJLD EHOJD�JLDSSRQHVH GL *URRWDHUV H FROODERUDWRUL���

*OL DGHUHQWL D TXHVWR RULHQWDPHQWR KDQQR SRVWR JUDQGH FXUD QHO WUDFFLDUH

©VXEMHFWLYH ERXQGDULHVª QHO FRQWLQXXP JHRJUDILFR GLDOHWWDOH��� YDOH OD SHQD

GL ULFRUGDUH TXL EUHYHPHQWH OH ORUR DFTXLVL]LRQL� SHU VDJJLDUQH OD YDOLGLWj

QHO SDQRUDPD GHOOD ULFHUFD OLQJXLVWLFD LWDOLDQD� H LQ XQD VLWXD]LRQH TXDOH

TXHOOD ORPEDUGD� *Lj &KDUOHV GH 7RXUWRXORQ� DO SULPR &RQJUHVVR GHL 5RPD�

QLVWL GL 0RQWSHOOLHU� DYHYD GHOLQHDWR LO SURJHWWR GL XQ ©FODVVHPHQW LQVWLQFWLI

GHV ODQJDJHVª��� SHU DWWXDUH LO TXDOH FL VL VDUHEEH GRYXWL DYYDOHUH GL JLXGL]L

VRJJHWWLYL GHL WHVWLPRQL VXL FDUDWWHUL SL~ HYLGHQWL GHL GLDOHWWL FRQ L TXDOL HUD�

QR D FRQWDWWR� /H LQFKLHVWH VL FRQFHQWUDURQR VXO WHUULWRULR FKH DGHVVR IRUPD

LO %HQHOX[� H OH VXH GRPDQGH DJOL LQIRUPDWRUL LQGDJDYDQR OH GLIIHUHQ]H H DI�

ILQLWj FKH FRVWRUR FRQVFLDPHQWH SHUFHSLYDQR WUD OD ORUR SDUODWD H TXHOOH FLU�

FRVWDQWL� FRQ GRPDQGH TXDOL ©4XHOV GLDOHFWHV GDQV YRWUH UpJLRQ UHVVHPEOHQW

SOXV RX PRLQV DX Y{WUH"ª��� 1H q GHULYDWD XQD FRUUHQWH GL VWXGL FKH QRQ KD

WURYDWR� D JLXGLFDUH DOPHQR GDOOH QRWL]LH LQ PLR SRVVHVVR� SDUWLFRODUH DFFR�

JOLHQ]D LQ ,WDOLD� PD FKH q VWDWD SLXWWRVWR ILRUHQWH QHO FDPSR GHOOD GLDOHWWR�

ORJLD QHHUODQGHVH QHO SHULRGR GDO ���� DO ���� H FKH FRQWD IUD L VXRL DGH�

UHQWL %�OG �L FXL FRQFHWWL FRQWUDSSRVWL GL ©6SUDFKJHI�KOª H ©6SUDFKZLUNOLFKNHLWª

VRQR SHU QRL SDUWLFRODUPHQWH DWWUDHQWL�� :HLMQHQ H 3HHWHUV� 6L GHYH DG XQD SR�

OHPLFD WUD TXHVWL XOWLPL GXH VWXGLRVL XQD SUHVD GL FRVFLHQ]D VXOO¶XVR H VXL

OLPLWL GL WDOL PHWRGRORJLH� LO SUREOHPD FKH VL SRVHUR q� DO VROLWR� TXHOOR GHOOD

UDSSUHVHQWDWLYLWj ©RJJHWWLYDª GL GDWL UDFFROWL FRQ XQ PHWRGR VLIIDWWR� FRQVL�

GHUDWD GD DOFXQL PROWR GXEELD� )X VXELWR FKLDUR LQIDWWL �H VH QH SDUOHUj GLIIX�

VDPHQWH QHO SURVVLPR FDSLWROR� FKH� SDUODQGR GL JLXGL]L VRJJHWWLYL GHL SDU�

ODQWL� HQWUDQR LQ FDPSR EHQ QRWL IDWWRUL H[WUDOLQJXLVWLFL TXDOL VHQWLPHQWL GL

FRHVLRQH H DIILQLWj� FKH PDO VL SUHVWDQR D IRUPDOL]]D]LRQL H RELHWWLYL]]D]LR�

QL� 0D LO UDJLRQDPHQWR q LQ IRQGR WDXWRORJLFR� TXHVWH UHD]LRQL LUUD]LRQDOL� VL

GLVVH� VRQR SURSULR TXHOOH VROOHFLWDWH GD VLPLOL LQFKLHVWH� FKH YDQQR GXQTXH

SUHVHQWDWH DSHUWDPHQWH FRPH LQYHVWLJD]LRQL VXL VHQWLPHQWL GL XQLRQH H GLYL�

�� 6HJQDWDPHQWH� WUD TXHOOL DFFHVVLELOL LQ OLQJXH RFFLGHQWDOL� *URRWDHUV ����� ����� �����

0DVH ���� H FIU� DQFKH 'DDQ ���� SHU OD VLWXD]LRQH RODQGHVH� SHU XQD ULSUHVD H GLVFXVVLRQH

SL~ UHFHQWH VL YHGD *RHPDQ �����

�� ©/D GLDOHFWRORJLH MDSRQDLVH Q¶D GHSXLV XQ XQ GHPL�VLqFOH DXFXQ SUREOqPH SOXV EU�ODQW

TXH FHOXL GH OD GLYLVLRQ GLDOHFWDOH� GRQF FHOXL GH O¶H[LVWHQFH GHV XQLWpV GLDOHFWDOHVª

�*URRWDHUV ����� �����

�� &LWR GD *RHPDQ ����� ����

�� 'D *RHPDQ ����� ��� Q� ��

/$ 5,&(5&$ 68/ &$032 , ��

VLRQH ©QDwYHVª��� 6SUDFKJHI�KO� DSSXQWR� ,O SUREOHPD q VHPPDL TXHOOR GHOOD

FRUUHOD]LRQH WUD TXHVWR WLSR GL GDWL H TXHOOL ©RELHWWLYL H DVHWWLFLª UDFFROWL GDL

GLDOHWWRORJL� H GHOOD PLVXUD]LRQH H VSLHJD]LRQH GHOOD GLVWDQ]D��� H G¶DOWUD

SDUWH SXz EHQ GDUVL FKH OD UDFFROWD GL GDWL ©RELHWWLYL H DVHWWLFLª QRQ VLD FKH

XQ YHQLUH LQFRQWUR DOOD 6SUDFKJHI�KO GHO ULFHUFDWRUH� H FKH OD YLVLRQH GHOOD

OLQJXD FKH QH KD XQ XWHQWH VLD HIIHWWLYDPHQWH GRWDWD GL XQD UHDOH H SUDWLFD

:LUNLFKNHLW FKH LQYDQR FHUFKHUHPPR LQ XQD OLVWD GL IRQHPL R GL UHJROH GL

WUDVIRUPD]LRQH�

Ê EHQ YHUR FKH GLIIHUHQ]H IUD OH FDWHJRULH GHL SDUODQWL H TXHOOH GHL ULFHU�

FDWRUL HVLVWRQR� PD VHPEUD GL FDSLUH FKH LO SUREOHPD VLD VWDWR SLXWWRVWR

TXHOOR GL VWDELOLUH VH OH GXH YLVLRQL GHOOD OLQJXD IRVVHUR LQ TXDOFKH PRGR

FRPSDWLELOL� H VHPPDL SHUFKp ©VEDJOLDVVHURª JOL LQIRUPDWRUL� (FFR DO ULJXDU�

GR OH FRQVLGHUD]LRQL GL *URRWDHUV� VFDWXULWH GRSR DQQL GL ULFHUFD GLDOHWWROR�

JLFD LQ *LDSSRQH� TXDQGR FKLHGHYD DL SURSUL WHVWLPRQL GL GLVWLQJXHUH WUD

TXDWWUR JUDGL GL GLYHUVLWj OLQJXLVWLFD WUD OD SURSULD SDUODWD H TXHOOH FLUFRQYL�

FLQH� ©RXU FRQFOXVLRQ LV WKDW WKH GLDOHFW FRQVFLRXVQHVV RI WKH DYHUDJH VSHD�

�� ©(OOHV RQW pWp SUpVHQWpHV RXYHUWDPHQW FRPPH GHV GRQQpHV UHIOpWDQW OD FRQVFLHQFH

VXEMHFWLYH GHV ORFXWHXUV� /D UHPDUTXH VXU OD QRQ�REMHFWLYLWp GHV MXJHPHQWV VXEMHFWLIV HW

O¶REMHFWLYLWp GHV WUDLWV GLDOHFWDX[� Q¶HVW GRQF SDV WUqV SHUWLQHQWHª >*RHPDQ ����� ���@�

©1DwYHª q SRL LO WHUPLQH FKH SL~ VSHVVR ULFRUUH QHL FRPPHQWL GL WDOL VWXGL�

�� 7LSLFDPHQWH� DOPHQR D OLYHOOR EUXWDOPHQWH TXDQWLWDWLYR� OD GLVFUHSDQ]D VL FRQILJXUD

FRPH VRSUDYYDOXWD]LRQH GHOOH GLIIHUHQ]H R FRPH VRWWRYDOXWD]LRQH� LO SULPR FDVR� SHU UHVWDUH

QHOO¶DPELWR LQ FXL VL VRQR FROORFDWL TXHVWL VWXGL� q TXHOOR ULVFRQWUDWR GD :HLMQHQ LQ XQD VXD

ULFHUFD GHO ���� QHO %UDEDQWH� LO VHFRQGR� LO ULFRQRVFLPHQWR GL XQLWj GLDOHWWDOL ©VPHQWLWHª

GDOO¶DQDOLVL VFRODVWLFD� q WUD JOL DOWUL TXHOOR GL XQR VWXGLR GL *RHPDQ ������ VHJQDWDP�� ���

���� /D TXHVWLRQH QRQ PL VHPEUD GRYHUVL SRUUH LQ TXHVWR PRGR� SHUFKp� FRPH q QRWR QHOOD

OHWWHUDWXUD DQWURSRORJLFD H VRFLROLQJXLVWLFD� q IUHTXHQWH LO FDVR FKH LO ULFRQRVFLPHQWR GL FRQ�

ILQL FXOWXUDOL H OLQJXLVWLFL WUD GXH FRPXQLWj QRQ VLD VLPPHWULFR� XQD QHJD]LRQH

�O¶DWWHQXD]LRQH� GHOOH GLIIHUHQ]H LPSOLFD VSHVVR XQ WHQWDWLYR GL LQJHUHQ]D R GL PDQWHQLPHQWR

GHO GRPLQLR� VRSUDWWXWWR GD SDUWH GHO FHQWUR HJHPRQH QHL FRQIURQWL GHOOH FRPXQLWj SL~ SLF�

FROH� PHQWUH O¶DIIHUPD]LRQH GHOOD GLYHUVLWj SXz VRWWLQWHQGHUH SXOVLRQL GL LQGLSHQGHQ]D R IRUWL

VHQWLPHQWL GL DSSDUWHQHQ]D� WLSLFL WUD O¶DOWUR GHOOH PLQRUDQ]H� $QFKH QHO FDPSR GHOOH YDULHWj

GL LWDOLDQR VL ULWURYDQR GLQDPLFKH GL TXHVWR WLSR� *DOOL GH¶3DUDWHVL ����� ��� ULSRUWD

GHOO¶DWWHJJLDPHQWR GL JLRYDQL SDUODQWL VHWWHQWULRQDOL ULJXDUGR DOOD YDULHWj PHULGLRQDOH� OR WUR�

YDYDQR LQFRPSUHQVLELOH �LO FKH q DVVXUGR� H ©LQ HIIHWWL TXHO FKH YROHYDQR GLUH q FKH ORUR QRQ

OR YROHYDQR FDSLUH SHUFKp QRQ YROHYDQR FRPXQLFDUH FRL PHULGLRQDOLª� 3HU TXDQWR SRL UL�

JXDUGD OD YDO 9LJH]]R VL SXz DQWLFLSDUH FKH FL VL WURYD GDYDQWL DG HQWUDPEL JOL DWWHJJLDPHQWL�

GL VRSUDYYDOXWD]LRQH H VRWWRYDOXWD]LRQH GHOOH GLIIHUHQ]H� GL IURQWH DOOD TXHVWLRQH ©PD LQ

YDOOH VL SDUODQR GLDOHWWL GLYHUVLª OD UHD]LRQH WHQGH DG HVVHUH GXSOLFH� OH GLIIHUHQ]H WUD YLOODJ�

JLR H YLOODJJLR VRQR EHQ VHQWLWH HG HQIDWL]]DWH �L GLDOHWWRORJL VDQQR SHUz FKH ©LQ UHDOWjª OHV�

VLFDOPHQWH H VRSUDWWXWWR IRQHWLFDPHQWH VRQR SRFD FRVD�� PD LO WXWWR q VSHVVR ULFRQGRWWR DG

XQD JHQHUDOH XQLWj GLDOHWWDOH GHOOD YDOOH� ULFRQRVFLXWD SHUz VROR LQ FRQWUDSSRVL]LRQH DOOH DOWUH

YDOODWH RVVRODQH H VRSUDWWXWWR ULVSHWWR DO YDUHVRWWR H DO QRYDUHVH� 6RUYRODQGR TXL LQYHFH VX

GLIIHUHQ]H ©RJJHWWLYDPHQWHª LQWHUHVVDQWL FKH FRQWUDSSRQJRQR GXH �R YROHQGR WUH� PDFURYD�

ULHWj� RJQXQD GHOOH TXDOL SRFR GLIIHUHQ]LDWD GD TXHOOH YLFLQLRUL H[WUD YDOOHP�

�� ,/ ',$/(772 3(5&(3,72

NHU KDV QR OLQJXLVWLF IXQGDPHQW� ,W LV EDVHG HVVHQWLDOO\ RQ DQ HOXVLYH IHHOLQJ

IRVWHUHG E\ FRPPXQLW\ OLIH� LW LV RI HVVHQWLDOO\ WUDQVLHQW QDWXUH� EHFDXVH D

FKDQJH LQ YLOODJH DGPLQLVWUDWLRQ� LI ODVWLQJ DSSUR[LPDWHO\ IRU RQH OLIH VSDQ�

VXIILFHV WR JLYH LW D QHZ VKDSHª�� �*URRWDHUV ����� ����� ,QROWUH ©WKH VXE�

MHFWLYH GLDOHFW ERXQGHULHV GLVUHJDUG >TXHOOH IRQHWLFKH H OHVVLFDOL@� EHFDXVH

WKH\ UHIOHFW ILUVW DQG IRUHPRVW D OLYLQJ FRPPXQLW\� QRW D OLQJXLVWLF FRPPX�

QLW\ª�� �LELGHP� ����� �9DOLGL HOHPHQWL GL FRQWDWWR VL SRVVRQR WURYDUH FRQ OH

ULFHUFKH � GL DPELWR H ILQL FRPSOHWDPHQWH GLIIHUHQWL � GL 0LOUR\ H 0LOUR\ VXL

VRFLDO QHWZRUN� GL FXL VL q IDWWR VRSUD FHQQR� LQ IRQGR DQFKH OH FDUWH JLDSSR�

QHVL QRQ IDQQR FKH PLVXUDUH OH GHQVLWj H HVWHQVLRQL GHOOH UHWL GL FRPXQLFD�

]LRQH� SHUz� H TXHVWR q SHU QRL DVVDL LQWHUHVVDQWH� QH PLVXUDQR OD GHQVLWj GL�

FKLDUDWD� ODGGRYH OH ULFHUFKH GL 0LOUR\ H 0LOUR\ VX %HOIDVW QH DSSURIRQGL�

VFRQR OD FRQGL]LRQH HIIHWWLYD��

3HUFLz FRQGLYLVLELOL� VXO SLDQR GHOOD 6SUDFKJHI�KO YHUVXV

6SDFKZLUNOLFKNHLW� H DQ]L IRULHUH GL VYLOXSSL LQWHUHVVDQWL QHOOD PHWRGRORJLD H

QHOOD SUDWLFD GHOOD ULFHUFD� VHPEUDQR D TXHVWR SXQWR OH FRQVLGHUD]LRQL GL

+DPPDUVWU|P��� FKH FRPSLH LO VDOWR GHFLVLYR H� GRSR DYHU VRVWHQXWR OD VRJ�

JHWWLYLWj GHOOD VFHOWD GHL FULWHUL ©RJJHWWLYLª GD SDUWH GHO ULFHUFDWRUH �H D TXH�

VWR SXQWR DOORUD q PHJOLR EDVDUVL VXOOH ©FKRL[ GHV IURQWLqUHV IDLW SDU OHV VX�

MHWV SDUODQWV� LFL DX PRLQV FH ³VXEMHFWLI´ MRXH XQ U{OH OpJLWLPH� SXLVTX¶LO

V¶DJLW GX MXJHPHQW SRUWp SDU FHX[�Oj PrPHV TXL IRQW XVDJH GX ODQJDJHª� DI�

�� 7DOL ULVXOWDWL SRVVRQR SHUz HVVHUH GLSHQGHQWL DQFKH GDO SDUWLFRODUH PHWRGR GL UDFFROWD

GHL GDWL PHVVR LQ DWWR GD *URRWDHUV� O¶LQYHVWLJD]LRQH GLUHWWD GL JLXGL]L GL GLIIHUHQ]D GLDOHWWDOH

SLXWWRVWR FKH GL VRPLJOLDQ]D� DO ULJXDUGR VL SRVVRQR DFFRJOLHUH OH RVVHUYD]LRQL GL :HLMQHQ� q

PHJOLR FKLHGHUH JLXGL]L GL VLPLOLWXGLQH� SHUFKp WXWWL VRQR LQ JUDGR GL WURYDUH GHOOH GLIIHUHQ]H

DQFKH SLFFROH WUD DO SURSULD SDUODWD H OH DOWUH� H TXHVWR SRUWD D XQ ULVXOWDWR SUHYHGLELOH� RJQL

XQLWj GL ULFHUFD ULPDQH LVRODWD GDOOH DOWUH H QRQ VL RWWHQJRQR XQLWj SL~ JUDQGL� &IU� SHU OD VL�

WXD]LRQH LWDOLDQD 'H 6LPRQLV ���������� 'L TXHVWD RSLQLRQH q DQFKH LO GHFDQR GHOOD GLDOHWWRORJLD JLDSSRQHVH� 7 _RM _R �YHGL OD OXQ�

JD FLWD]LRQH WUDGRWWD LQ *URRWDHUV ����� ��������� FKH DJJLXQJH DQFKH HVVHUH

O¶LQYHVWLJD]LRQH VRJJHWWLYD GHOOH YDULHWj GLDOHWWDOL XQD ©SUHPLqUH SLVWHª� XQ ©HVTXLVVHª� GHOOD

TXDOH LQ VHJXLWR ©RQ SHXW VH GpEDUUHVVHUª� GDWR FKH ©FH VRQW OHV DLUHV GLDOHFWDOHV REMHFWLYHV

TXL VHUYHQW GH FULWqUHVª� HEEHQH� TXHVWH DIIHUPD]LRQL SDLRQR WXWWDYLD XQ SR¶ VWUDQH� H FRQWUD�

VWDQWL FRQ O¶HVWUHPD DWWHQ]LRQH FKH� DOPHQR D TXDQWR q GDWR GL ULOHYDUH DOO¶RFFLGHQWDOH QRQ

VSHFLDOLVWD� YLHQH DSSXQWR DFFRUGDWD DOOD ULOHYD]LRQH GL TXHVWD ©FRQVFLHQFH GLDOHFWDOH VXE�

MHFWLYHª� VXOOD TXDOH� FRPH VL YHGUj SL~ DYDQWL� VL EDVD O¶$WODQWH /LQJXLVWLFR *LDSSRQHVH SHU

UHJLRQL� ,O EUDQR GL 7 _RM _R WHVWp FLWDWR SURVHJXH SHU PROWH ULJKH DUJRPHQWDQGR OH SRVVLELOL WL�

SRORJLH GHOOD GLIIHUHQ]D WUD GLYLVLRQL GLDOHWWDOL VRJJHWWLYH H RJHWWLYH� PHWWHQGR LQ ULOLHYR LO

UXROR FKH O¶LQGDJLQH VRJJHWWLYD JLRFD QHOOD GLDOHWWRORJLD VWRULFD �QHOOD FRVFLHQ]D GHOOD FRPX�

QLWj SDUODQWH VL VHGLPHQWDQR WDORUD GLYLVLRQL OLQJXLVWLFKH DQWLFKH FKH QRQ VRQR SL~ HYLGHQWL

DO SUHVHQWH� FRPH VL YHGUj DQFKH SL~ DYDQWL D SURSRVLWR GHJOL VWHUHRWLSL��

�� ,Q XQ DUWLFROR ©,QTXpULWRV /LQJXtVWLFRVª SXEEOLFDWR QHOOD 5HYLVWD GH 3RUWXJDO� $�

;;9,� ����� /LVERD ����� FLWR TXL GDOOD WUDGX]LRQH IUDQFHVH DSSDUVD LQ *URRWDHUV �����

������� SHUFKp QRQ PL q VWDWR SRVVLELOH SURFXUDUPL O¶RULJLQDOH�

/$ 5,&(5&$ 68/ &$032 , ��

IHUPD FKH� ©VL RQ ODLVVH GH F{Wp OH FRQFHSW XQ SHX SRVLWLYLVWH GX OLQJXLVWH

TXL FKHUFKH j pWDEOLU ³REMHFWLYHPHQW´ OHV IURQWLqUHV GLDOHFWDOHV� RQ SRXUUDLW

GRQQHU OD GpILQLWLRQ IRQGDPHQWDOH VXLYDQWH� ³OHV GLIIHUpQFHV GLDOHFWDOHV VRQW

OHV GLIIHUpQFHV UpJLRQDOHV G¶XQH ODQJXH FRPPH HOOHV VRQW FRQoXHV SDU OHV

VXMHWV SDUODQWV³ª� ( JLDFFKp OH GLIIHUHQ]H SHUFHSLWH� FUHDQGR VHQWLPHQWL GL

DSSDUWHQHQ]D R GL HVFOXVLRQH VRQR SLXWWRVWR UHDOL� H GHWHUPLQDQR LO FRPSRU�

WDPHQWR OLQJXLVWLFR HIIHWWLYR GHOOD FRPXQLWj��� ©VL OHV IURQWLqUHV

³VXEMHFWLYHV´ QH FRwQFLGHQW SDV DYHF OHV IURQWLqUHV ³REMHFWLYHV´� RQ SHXW GL�

UH� WDQW SLV SRXU FHV GHUQLqUHVª�

,O SURSULXP GHOOD GLDOHWWRORJLD� FRQFOXGH +DPPDUVW|P� q DOORUD TXHOOR GL

LQGDJDUH RSLQLRQL H VHQWLPHQWL GL SDUODQWL YLYL VXOOD ORUR OLQJXD� H TXDOL VRQR

L GDWL OLQJXLVWLFL VX FXL VL EDVDQR OH GLIIHUHQ]H GLDOHWWDOL VRJJHWWLYH� OH DOWUH

GLVFLSOLQH �TXL VL ULIHULVFH VHJQDWDPHQWH DOOD JORWWRORJLD R DOOD OLQJXLVWLFD

VWRULFD R VWUXWWXUDOH� JLDFFKp OH FRQVLGHUD]LRQL VXHVSRVWH YDOJRQR HYLGHQWH�

PHQWH SHU WXWWH OH EUDQFKH GHOOD OLQJXLVWLFD FKH IDFFLDQR XVR GL GDWL UDFFROWL

VXO FDPSR�� QRQ DYHQGR D GLVSRVL]LRQH LO SDUODQWH� VL GHYRQR DFFRQWHQWDUH GL

JLXGL]L RJJHWWLYL� 3HUWDQWR ©RQ IHUD PLHX[ GH SDUOHU GpVRUPDLV VLPSOHPHQW

GH GLIIpUHQFHV GLDOHFWDOHV� YX OH IDLW TXH OD FKRVH TX¶RQ YHXW H[SULPHU SDU OH

PRW ³VXEMHFWLI´ GHYUD IDLU SDUWLH GH OD GpILQLWLRQ PrPH GH OD GLIIpUHQFH

GLDOHFWDOHª�

,,�����2UD O¶DSSOLFD]LRQH GLUHWWD GL TXHVWH PHWRGRORJLH q VWDWD OD FRPSL�

OD]LRQH GL DWODQWL OLQJXLVWLFL� TXDOH O¶$WODQWH /LQJXLVWLFR GL ,WRLJDZD �*LDS�

SRQH���� O¶DVSHWWR GL TXHVWL DWODQWL q SHUz SLXWWRVWR GLYHUVR GD TXHOOR D FXL

VRQR DELWXDWL L URPDQLVWL R DQFKH L GLDOHWWRORJL WHGHVFKL R DQJORVDVVRQL� PH�

GLDQWH XQ SDUWLFRODUH VLVWHPD GL FDUWRJUDID]LRQH �SHU LO TXDOH FIU� *URRWDHUV

���� H ����� YHQJRQR UDSSUHVHQWDWH FRQ OLQHH GL VSHVVRUH H SDWWHUQ YDULD�

ELOH OH GLYLVLRQL GLDOHWWDOL FRPH VRQR SHUFHSLWH GDL SDUODQWL� ,O SXQWR GL YLVWD

q GXQTXH �PD TXHVWR ULVXOWDYD FKLDUR DQFKH GDOOD GLVFXVVLRQH SUHFHGHQWH�

TXHOOR GHOOD YDULDELOLWj GLDWRSLFD GHOOD OLQJXD� VL WRUQHUj DL �� ,9��� H ,9���

VXO GHOLFDWLVVLPR SUREOHPD GHL UDSSRUWL WUD TXHVWR WLSR GL YDULD]LRQH H TXHOOD

GLDFURQLFD� H VX FRPH HQWUDPEH YHQJDQR FRQFHSLWH GDO SDUODQWH� PD JLj XQD

SULPD FODVVLILFD]LRQH GL FLz FKH L QRQ OLQJXLVWL VHQWRQR SL~ YLFLQR R SL~

�� 4XHVWR LQ UHDOWj QRQ q GHWWR GD +DPPDUVWU|P� FKH VHPEUD VXJJHULUOR LPSOLFLWDPHQWH� q

SHUz XQD GHOOH LGHH FKH GHWHUPLQDQR O¶LQWHUHVVH SHU TXHVWH ULFHUFKH H GHOOH FDXVH FKH PXRYR�

QR O¶DSSURIRQGLPHQWR GL TXHVWR SDUDJUDIR��� 8Q DOWUR WHQWDWLYR VLPLOH� HVSOLFLWDPHQWH ULFKLDPDQWHVL D TXHVWD VFXROD� PD SL~ YROWR D

LQGDJDUH O¶DVSHWWR JHRJUDILFR GHOOD TXHVWLRQH� VH FLRq L FRQILQL JHRJUDILFL H DPPLQLVWUDWLYL

FRLQFLGHVVHUR FRQ TXHOOL PHWDOLQJXLVWLFL� q VWDWR FRPSLXWR LQ 3RUWRJDOOR GD 3DLYD %ROHR

������� VHQ]D FKH TXHVWR DSSRUWDVVH VRVWDQ]LDOL QRYLWj DOOD ULIOHVVLRQH PHWRGRORJLFD�

�� ,/ ',$/(772 3(5&(3,72

ORQWDQR ULWHQJR FKH YDOJD OD SHQD GL HVVHUH WHQWDWD���

3UHVHQWR DOORUD LQ DSSHQGLFH ��� GHJOL DEER]]L GL FDUWH OLQJXLVWLFKH ©DOOD

JLDSSRQHVHª� L GDWL VFDWXULWL GDOOD ORUR RVVHUYD]LRQH SRWUDQQR IRUVH FRQWUL�

EXLUH D GHOLQHDUH LO TXDGUR GHOOD YDULD]LRQH OLQJXLVWLFD VHFRQGR O¶RSLQLRQH

GHL SDUODQWL� ROWUH FKH VHUYLUH DOOR VFRSR LPPHGLDWR GL PRVWUDUH EUHYHPHQWH

OH YDULHWj SUHVHQWL VXO WHUULWRULR� /D FDUWD Q� � UDSSUHVHQWD ©O¶XQLYHUVR OLQ�

JXLVWLFRª GL &R�*H�� FKH FRPH VL VD QRQ KD QHFHVVLWj GL VSRVWDUVL GDO SDHVH

SHU ODYRUDUH� OD FDUWD 1� � OH VWHVVH GLIIHUHQ]H FRPH SHUFHSLWH GD 0D�/XF��

PHQWUH OD FDUWD 1� � LOOXVWUD OD YLVLRQH GHOOD FRVH GL 6PP�3%�

,,��� 6SXQWL GL FROODERUD]LRQH

,,����� &L VLDPR VLQRUD RFFXSDWL GL DWODQWL SHUFKp LQ TXHVWH RSHUH LO SUR�

EOHPD GHOO¶HVSOLFLWD]LRQH PHWRGRORJLFD q SDUWLFRODUPHQWH LPSRUWDQWH H VHQ�

WLWR��� FL VRQR SHUz ODYRUL FKH QRQ ULHQWUDQR QHOO¶DWODQWLVWLFD H FKH QRQGLPH�

QR WHVWLPRQLDQR XQD SDUWLFRODUH DWWHQ]LRQH DO PRQGR GHO WHVWLPRQH H DO UDS�

SRUWR �VXO SLDQR VFLHQWLILFR� GD LQVWDXUDUVL FRQ OXL�

5HFHQWHPHQWH 6DQJD ������ �������� KD ULYLVLWDWR OD WLSRORJLD OLQJXLVWLFD

GHOO¶LQFKLHVWD FRQ TXHVWLRQDULR LQ PRGR PROWR FULWLFR� LQ SDUWLFRODUH VL VR�

VWLHQH FKH TXHVWR VWUXPHQWR SRQH XQD SHVDQWH LSRWHFD VXOOD VSRQWDQHLWj H OD

YDOLGLWj GHL GDWL UDFFROWL� RSHUDQGR LQGHELWH LQJHUHQ]H �©LO TXHVWLRQDULR

RULHQWD OD ULVSRVWDª� R EUXVFKH VHPSOLILFD]LRQL H GHOLPLWD]LRQL GHO FDPSR GL

ULFHUFD� H QHO FRQWHPSR HOLFLWDQGR ULVSRVWH FKH SRVVRQR QRQ HVVHUH FRPSUH�

VH QHOO¶XVR QRUPDOH GLDOHWWDOH �VL ULFRUGL O¶HVHPSLR GL SDUDEXOD GL 3LDQWD��

0D DO GL Oj GL TXHVWH PRWLYD]LRQL � GL FXL SXUH ELVRJQD WHQHU FRQWR SHU

QRQ ULVFKLDUH GL IDU QDXIUDJDUH OD SURSULD ULFHUFD QHO PRPHQWR SL~ GHOLFDWR �

TXHOOR FKH TXL FL LQWHUHVVD SDUWLFRODUPHQWH LQ YLVWD GHOOD GHILQL]LRQH GL XQ

UDSSRUWR GL HIIHWWLYD FROODERUD]LRQH IUD UDFFRJOLWRUH H LQIRUPDWRUH��� q LO

�� 6L YHGD� VROR SHU UHVWDUH LQ DPELWR JLDSSRQHVH� O¶RSLQLRQH GL 0DVH ����� ��� ©OHV IDLWV

GLDOHFWDX[ UHPDUTXpV SDU OH YLOODJH YRLVLQ DSSDUWLHQQHQW SDUIRLV j XQH qUH UpYROXH� FH VRQW

GHV WUDLWV DUFKDwTXHV GLVSDUXV GH OD ORFDOLWp HQ TXHVWLRQ GHSXLV GHX[ RX WURLV JpQpUDWLRQVª��� 1HOOH PRQRJUDILH GLDOHWWDOL H QHJOL VWXGL VLQJROL GHGLFDWL DG DUJRPHQWL SDUWLFRODUL LQYH�

UR LO FDSLWROR VXOOD UDFFROWD GHL PDWHULDOL q VSHVVLVVLPR ILQ WURSSR VREULR� YLHQH GDWR SHU

VFRQWDWR FKH FKL GHVFULYH XQ GLDOHWWR� R XQD VXD SDUWH� OR FRQRVFH H KD XVDWR OH PHWRGRORJLH

GL UDFFROWD PLJOLRUL� 1RQ OR VL PHWWH TXL LQ GXEELR� PD LO QRQ HVSOLFLWDUOR QHOOR VWXGLR LPSH�

GLVFH LO FRQWUROOR H OD FRPSDUD]LRQH FRQ HYHQWXDOL ODYRUL VXFFHVVLYL��� /¶DUWLFROR GL *UDVVL ����E� FKH KD OR VWUDRUGLQDULR WLWROR ©&KH FRVD QH SHQVD &KLDIIUH�

GR 5RX[ª� TXL HSRQLPR GHO FRQWDGLQR GHOOH YDOOL IUDQFRSURYHQ]DOL� WUDPLWH XQD VHUUDWD DQDOL�

VL IRQHPLFD VWUXWWXUDOH DUULYD D PRVWUDUH LQ PRGR FRQYLQFHQWH ©FKH FRVD QH SHQVDª DSSXQWR�

LO SDUODQWH QHL FRQIURQWL GHL IHQRPHQL DQDOL]]DWL� SHUz OD YRFH SHUVRQDOH� DXWRQRPD GHL

©&KLDIIUHGR 5RX[ª QRQ VL VHQWH PDL� H VL KD O¶LPSUHVVLRQH FKH FLz FKH q GLPRVWUDWR QHO ODYR�

UR q ©FKH FRVD HJOL QH SHQVHUHEEHª� VH SRWHVVH ULIOHWWHUH VFLHQWLILFDPHQWH VXOO¶DUJRPHQWR� 4XL

/$ 5,&(5&$ 68/ &$032 , ��

IDWWR FKH O¶LQFKLHVWD WUDGL]LRQDOH �WDQWR SL~ VH FRQGRWWD FRO TXHVWLRQDULR� q

PHWDOLQJXLVWLFD� LPSRQH FLRq DO SDUODQWH XQ GLIILFLOH FRPSLWR GL WUDGX]LRQH

SULPD GL WXWWR FXOWXUDOH��� 1H SDUODQR DQFKH -DEHUJ H -XG ����� >����@� ����

FLWDWL DOOR VWHVVR VFRSR GD 6DQJD ����� ���� ©RJQL OLQJXD H RJQL JUXSSR

GLDOHWWDOH VXGGLYLGH LQ PDQLHUD GLYHUVD OD WRWDOLWj GHOO¶HVSULPLELOH� IRJJLD

VWDPSL OLQJXLVWLFL FKH JOL SDLRQR L VROL SRVVLELOL� /D OLQJXD LQFDWHQD FRQ

VWUDRUGLQDULD SUHSRWHQ]D LO SHQVLHUR� &KL QRQ YRJOLD FRQWLQXDPHQWH LQFHVSL�

FDUH QHOOH SURSULH GRPDQGH� GHYH QHFHVVDULDPHQWH UHVWDUH DOO¶LQWHUQR GHOOH

DELWXGLQL HVSUHVVLYH GHO GLDOHWWRª���

2UD� q YHURVLPLOH FKH FKL q QDWR GHQWUR XQD FXOWXUD H QH FRQGLYLGH H XVD

TXRWLGLDQDPHQWH OD OLQJXD VLD SL~ DXWRUHYROH QHO SDUODUQH ULVSHWWR D FKL SUR�

YLHQH GD XQ PRQGR GLYHUVR �DQFKH IRUVH QRQ LQFRPPHQVXUDELOH� H IRUVH SHU�

VLQR SRFR GLYHUVR� H QH q LQ FRQWDWWR GD TXDOFKH JLRUQR� GD TXDOFKH PHVH R

GD TXDOFKH OLEUR� 3HUz TXL VWD LO GLIILFLOH� SHUFKp SHU IDU Vt FKH L GDWL UDFFROWL

R OH VXH FRQFOXVLRQL HPHUVH GD XQD ULFHUFD VLIIDWWD VLDQR XWLOL� LO ULFHUFDWRUH

GHYH SURFHGHUH DG XQD WUDGX]LRQH GL TXHVWR PRQGR FKH JOL YLHQH GLVYHODWR

GDO WHVWLPRQH� $Q]L� LO FRPSLWR H OD SUHSDUD]LRQH GHO ULFHUFDWRUH GRYUHEEH

HVVHUH TXHOOD GHO WUDGXWWRUH FXOWXUDOH��� ©O¶RSHUD]LRQH PHWDOLQJXLVWLFD GHOOD

WUDGX]LRQH� D EHQ YHGHUH� QRQ GRYUHEEH FRPSHWHUH DOOLQIRUPDWRUH� PD DO UL�

FHUFDWRUH� LO TXDOH� GHVFULYHQGR H LQWHUSUHWDQGR LO GLDOHWWR GHOO¶LQIRUPDWRUH�

OR WUDGXFH QHOOD OLQJXD H FXOWXUD SURSULD� ,O TXHVWLRQDULR GHOHJD� DEXVLYD�

PHQWH H VXUUHWWL]LDPHQWH� DOOLQIRUPDWRUH XQ FRPSLWR GHO ULFHUFDWRUHª �6DQJD

����������

0D SHUFKp LO WHVWLPRQH SRVVD GDYYHUR ©GLUH OD VXDª q QHFHVVDULD XQD

FROODERUD]LRQH VFLHQWLILFD WUD Vp H LO ULFHUFDWRUH��� XQD VWUDGD SXz HVVHUH

VL WHQWD GL GLUH FKH YDOH OD SHQD GL FKLHGHUOR� DO SDUODQWH� FRVD QH SHQVD� H GHGLFDUH XQ SR¶ GL

WHPSR D UHQGHUH UDJLRQH GL TXHVWH FRQFH]LRQL��� $QFKH 7HOPRQ ����� � FRQFRUGD FKH ©O¶LQFKLHVWD GLDOHWWDOH q FRPXQTXH XQ ½HVHUFL]LR

GL WUDGX]LRQH¾� FKH ID ULIHULPHQWR DG XQD YLJLOH H PDWXUD FRVFLHQ]D OLQJXLVWLFD GD SDUWH

GHOO¶LQIRUPDWRUHª� $EELDPR SHUz YLVWR SDUODQGR GHOO¶$/7 FKH TXHVWR IHQRPHQR SXz SHUz HV�

VHUH XWLOPHQWH VIUXWWDWR��� 8QD EUHYH QRWD SHU WHVWLPRQLDUH FRPH LO SUREOHPD VLD VHQWLWR DQFKH LQ DUHD JHUPDQLFD�

0HQJH ����� ���� LQWDQWR RVVHUYD LO ULWDUGR PHWRGRORJLFR GL FXL VRIIUH LO SUREOHPD H SRL

QRWD� SDUODQGR GHOO¶LQWHUYLVWD GLDOHWWRORJLFD FODVVLFD� ©GLHVH $UW GHU %HIUDJXQJ OHEW GDYRQ�

GD� GHU ,QIRUPDQW HLQH $UW WUDQVODWRULVFKHQ %HZX�WVHLQV I�U GLH bTXLYDOHQ] KRFKVSUDFKOL�

FKHU XQG GLDOHNWDOHU $XVGUXFNVZHLVH EHVLW]W� 'LHVH %HZX�WVHLQ EH]LHKW VLFK DEHU LQ GHU

5HJHO QXU DXI 7HLOEUHLFKH GHV MHZHLOLJHQ :RUWVFKDW]HV� 3DUWLNHOQ� $QUHGHQ� LQWHUMHNWLRQHQ

]�%� OLHJHQ PHLVW DX�HUKDOE GLHVHV %HZX�WVHLQV XQG ODVVHQ VLFK GHPHQWVSUHFKHQG VFKOHFKW

DXI GLHVH :HLVH HUKHEHQª�

�� &IU� XQD DIIHUPD]LRQH GHO VRFLRORJR 0DQQLQJ ©FROXL FKH q LQWHUYLVWDWR QRQ PHQWH PDL�

O¶LQWHUSUHWD]LRQH >H� YRUUHL DJJLXQJHUH� OD FRPSUHQVLRQH@ GL FLz FKH GLFH GLSHQGH GDOOD FDSD�

FLWj GL DQDOLVL GHOO¶LQWHUYLVWDWRUHª �LQ $WWHVODQGHU �������� �����

�� &Lz FKH LQYHFH VXFFHGH LQ SL~ GL XQ FDVR� HG q LPSRUWDQWH QRWDUOR TXL DQFKH LQ YLVWD

GHOO¶DQDOLVL GHOO¶HYHQWR OLQJXLVWLFR ©LQFKLHVWD GLDOHWWRORJLFDª FKH VDUj WHQWDWD QHO SURVVLPR

�� ,/ ',$/(772 3(5&(3,72

TXHOOD LQGLFDWD GD /XUDWL �LQ 0DJJLQHWWL�/XUDWL ����� ����� ©/¶HVSHULHQ]D FL

ID SHUVXDVL FKH LO ULOLHYR GL XQD FRQGL]LRQH FXOWXUDOH �VLD HVVD HWQRORJLFD R

OLQJXLVWLFD� VYROWR GD LGRQHD SHUVRQD GHO OXRJR q GL JUDQ OXQJD SUHIHULELOH

DOOD UDFFROWD FODVVLFD HVHJXLWD GD XQ HVSORUDWRUH SURYHQLHQWH GDO GL IXRUL�

>«@ 6RSUDWWXWWR LO TXHVWLRQDULR �QRQ VROR OLQJXLVWLFR� FL DSSDUH SHULFRORVR

LQ TXDQWR VFKHPD HVWHUQR VRYUDSSRVWR HG DQ]L LPSRVWR DG XQD VWUXWWXUD SDU�

WLFRODUH H FRQ FDUDWWHULVWLFKH SURSULH� &RQ LO TXHVWLRQDULR L ULVFKL GHOOD

SURLH]LRQH GHOOD FXOWXUD H PHQWDOLWj SURSULD GHOOLQWHUURJDQWH VXOODPELHQWH

LQ HVDPH VRQR QRQ VROR JURVVL PD LQHYLWDELOL� 'L TXL OLQWHUHVVH GL ULOLHYL

FRQGRWWL GD QDWLYL FKH� RSSRUWXQDPHQWH SUHSDUDWL� VYROJDQR SHU FRVt GLUH LQ�

FKLHVWH LQLQWHUURWWH� RVVHUYDQGRVL H RVVHUYDQGR L SURSUL FRPSDHVDQL QHOOD

TXRWLGLDQD H VSRQWDQHD SUDWLFD GHOOH IRUPH GL YLWD H GHOOD SDUODWDª�

*LD +DUULVRQ�&DOODUL *DOOL�*DPEDUDUD DYHYDQR SRVWR O¶DFFHQWR VXO SUR�

EOHPD FKH ©OLQIRUPDWRUH� DQFKH TXDQGR q OXL LO ELOLQJXH� UHVWD TXLQGL FR�

PXQTXH QHOOD SUDVVL DELWXDOH XQ RJJHWWR H QRQ XQ VRJJHWWR GHOOD ULFHUFDª

PHQWUH LQ UHDOWj ©O¶LQFRQWUR WUD GL ORUR >WUD ULFHUFDWRUH H LQIRUPDWRUH@ q WUD

GXH DQWURSRORJLª ������ ���� /XUDWL �LQ /XUDWL�3LQDQD ����� ��� DJJLXQJH�

ULSUHQGHQGR OHWWHUDOPHQWH OD SULPD DIIHUPD]LRQH� ©QHOOD SUDVVL DELWXDOH

O¶LQIRUPDWRUH q SRL XQ RJJHWWR H QRQ XQ VRJJHWWR GHOOD ULFHUFD� $ TXHVWR HU�

URUH � XPDQR H VFLHQWLILFR � VL q FHUFDWR GL RYYLDUH� 1RQ q FKH VROR DJOL VWX�

GLRVL VLD FRQFHVVD OD FDSDFLWj GL FRJOLHUH XQD UHDOWj H XQD SDUODWD� H D FKL YL�

YH H OD XVD QRQ VLD ULVHUYDWR DOWUR FRPSLWR FKH TXHOOR GL HVVHUH WHVWLPRQH H

SRUWDWRUH LQFRQVDSHYROH� XQD GLYLVLRQH GL UXROL LQDPPLVVLELOHª 3HUFLz ©LO

ODYRUR q VWDWR IRQGDWR VXOOD FROODERUD]LRQH H LO UHFLSURFR DLXWR WUD LO GLDOHW�

WRORJR H PROWL YHU]DVFKHVL DSSDVVLRQDWDPHQWH DWWHQWL DOOD YLWD GHO ORUR SDH�

VH� ,Q SDUWLFRODUH >«@ FRQ ,VLGRUR 3LQDQD GL 6RQRJQR >«@ª� 'XQTXH XQD

FROODERUD]LRQH SDULWDULD� LQ FXL RJQXQR GHL GXH SROL DLXWD OH ULFHUFD D VHFRQ�

GD GHOOH SURSULH FRPSHWHQ]H H FRQFH]LRQL GHOOD OLQJXD� R� SHU GLUOD FRQ OH

SDUROH GL *UD]LDQR 3DSD ������ 9,� ©VL RSWD SHU XQD QXRYD VWUDWHJLD GL GL�

VWULEX]LRQH GHL FRPSLWL� LO SURWDJRQLVWD GHOOD UDFFROWD GHL PDWHULDOL QRQ q SL~

O¶LQWHUYLVWDWR� PD q O¶LOOXVWUDWRUH� O¶LQWHUSUHWH� GHO VXR GLDOHWWR� 1RQ

O¶HVHFXWRUH FDVXDOH� PD LO ½VROLVWD¾ >«@ O¶LQWHUSUHWH QRQ GDO GL IXRUL� PD

GHQWUR OD SDUODWDª�

,,����� 2UD� PHQWUH DQFKH O¶DQWURSRORJLD H O¶HWQRJUDILD GL LPSLDQWR WUDGL�

FDSLWROR� q VWLJPDWL]]DWR GD 6DQJD ������ �������� ©TXHOOR FKH VSDYHQWD H EORFFD SVLFRORJL�

FDPHQWH OLQIRUPDWRUH q ODWWHJJLDPHQWR VEDJOLDWR GHO ULFHUFDWRUH FKH� DQ]LFKp SRUUH LO UDS�

SRUWR GD XRPR D XRPR� VL SRQH VX XQ DOWUR SLDQR� R VX TXHOOR GHOOD SHUVRQD FROWD H FRQGL�

VFHQGHQWH FKH VL GHJQD GL SDUODUH FRO UR]]R YLOOLFR� R VX TXHOODOWUR� SDULPHQWL VEDJOLDWR� GHO�

OLQWHOOHWWXDOH FRQ XQ UREXVWR FRPSOHVVR GL LQIHULRULWj FKH VL SUHVHQWD FRPH XPLOH H TXHUXOR

SRVWXODQWH DG DEEHYHUDUVL DOOD IRQWH GHOOD YHULWj ³SRSRODUH´ª�

/$ 5,&(5&$ 68/ &$032 , ��

]LRQDOH VL GLEDWWRQR WUD VLPLOL TXHVWLRQL GL PHWRGR��� ULIOHVVLRQL GL JUDQGH

LQWHUHVVH� VLD SXUH FRPH LQGLFD]LRQL GL SURVSHWWLYD H GL LPSLDQWR GL ODYRUR VH

QRQ SURSULR FRPH VXJJHULPHQWL HVSOLFLWL GL ULFHUFD� YHQJRQR GDOOD VFXROD

DPHULFDQD GHOOD ©HWQRVFLHQ]Dª���

,O SURFHGLPHQWR FKH VHPEUD SL~ IHFRQGR LQ UHOD]LRQH DOOH RVVHUYD]LRQL

FKH VWLDPR SRUWDQGR DYDQWL q OD SUDWLFD GHOOD VFRSHUWD GHOOH GRPDQGH� 1HO

FRQWHVWR GL XQ DSSURFFLR GLFKLDWDPHQWH HPLFR �FKH FLRq WHQJD FRQWR GHL JLX�

GL]L H GHOOH FDWHJRUL]]D]LRQL SURSULH GHOOD FXOWXUD FKH VL VWD LQGDJDQGR� H

GXQTXH LQFHQWUDWR VXOOD ILJXUD GHOO¶LQIRUPDWRUH� FL VL q SRVWL OR VSHFLILFR

SUREOHPD GHOOD DGHJXDWH]]D FXOWXUDOH GHOOH GRPDQGH FKH LO ULFHUFDWRUH q

SRUWDWR D SRUUH H GHOOH FDWHJRULH � OLQJXLVWLFKH H GL SHQVLHUR � GD TXHVWH VRW�

WHVH� 6L DIIHUPD LQIDWWL HVSOLFLWDPHQWH FKH OH GRPDQGH YDQQR ©VFRSHUWHª DOOR

VWHVVR PRGR GHOOH ULVSRVWH� H TXHVWD SRVL]LRQH KD XQ¶HYLGHQWH EDVH GL OLQJXL�

VWLFD SUDJPDWLFD� QRQ VL SXz GDUH SHU VFRQWDWR FKH OD VXGGLYLVLRQH GHO UHDOH H

OH SUHVXSSRVL]LRQL GHJOL HQXQFLDWL VLDQR JOL VWHVVL LQ RJQL FXOWXUD� H OD IDPR�

VD OLVWD GL %RUJHV �JOL $QLPDOL VL GLVWLQJXRQR LQ� D� DSSDUWHQHQWL

DOO¶LPSHUDWRUH� E� LPEDOVDPDWL� F� DGGRPHVWLFDWL� G� PDLDOLQL GL ODWWH�« K�

LQFOXVL QHOOD SUHVHQWH FODVVLILFD]LRQH� « N� GLVHJQDWL FRQ XQ SHQQHOOLQR ILQH

GL SHOL GL FDPPHOOR « Q� FKH GD ORQWDQR VHPEUDQR GHOOH PRVFKH� q VHPSUH

LQ DJJXDWR D WHQHUFL LQ JXDUGLD GD IDFLOL JHQHUDOL]]D]LRQL� &RVt� SHU UHVWDUH

DG HVHPSL D QRL YLFLQL� VL q YLVWR FKH WDOXQL WUDWWL IRQHWLFL FKH VDUHPPR SRU�

WDWL D GHILQLUH GLVWLQWLYL WUD YDULHWj H LGLROHWWL QRQ OR VRQR LQ UHDOWj SL~ GL

WDQWR SHU LO SDUODQWH� YD GXQTXH ©VFRSHUWRª FKH XQD GRPDQGD TXDOH ©PD FR�

PH FKLDPDWH YRL TXHOOL FKH SDUODQR WXWWR FRQ OD Lª QRQ KD LQ 9DOOH VHQVR�

PDQFDQGR L GXH SUHVXSSRVWL D� FKH OD GLIIHUHQ]D GL TXHVWR WUDWWR VLD ULWHQXWD

ULOHYDQWH H E� FKH� TXDQG¶DQFKH IRVVH DYYHUWLWD� VLD VWHUHRWLSDWD�

�� &IU� +DEHUODQG ����� ���� ©LI , WU\ WR VXP XS LQ D IHZ VHQWHQFHV ZKDW WKHVH PHQ RI RXU

VFLHQFH >RVVLD %RDV� 0DOLQRZVNL H JOL DOWUL ©SDGUL QRELOLª GHOOD GLVFLSOLQD@ UHJDUGHG DV HV�

VHQWLDO DQG ZKDW UHPDLQV XVHIXO IRU XV VWLOO WRGD\� , PXVW FRQIHVV WKDW WKH\ GLG QRW JLYH PXFK

SUDFWLFDO DGYLFH ZKLFK FRXOG KHOS XV LQ WKH ILHOG� >«@ :KDW WKH\ KDYH WR WHOO XV DUH UDWKHU

DSSHDOV WR WKH PRUDO DQG LQWHOOHFWXDO TXDOLWLHV RI WKH UHVHDUFKHUª ( SHU PDJJLRUH VSHFLILFLWj

YHGL %ULJJV ����� �� ©PRVW HWKQRJUDSKHUV VHHN WR LPSRVH WKHLU RZQ PHWDFRPPXQLFDWLYH

QRUPV RQ WKHLU FRQVXOWDQWVª >«@ ©7KH EDVLV RI WKH VHOHFWLRQ LV WKH FRPPXQLFDWLYH QRUPV RI

WKH ILHOGZRUNHU� QRW WKRVH RI WKH QDWLYHVª� &Lz SRUWD D ©WZR >«@ FRPPRQO\ DFFHSWHG DV�

VXPSWLRQV UHJDUGLQJ WKH HSLVWHPRORJ\ RI ILHOGZRUN� )LUVW� REWDLQLQJ ODUJH TXDQWLWLHV RI HWK�

QRJUDSKLF GDWD HQWDLOV >«@ WKH WUDLQLQJ RI RQH RU VHYHUDO QDWLYHV LQ WKH PHWDFRPPXQLFDWLYH

QRUPV SUHVXSSRVHG E\ WKH LQWHUYLHZ� 6HFRQG� WKLV SURFHVV LV IDFLOLWDWHG E\ WKH VHOHFWLRQ RI

³NH\ LQIRUPDQWV´ IURP DPRQJ WKH UDQNV RI WKRVH ZKR DSSHDU WR KDYH WKH JUHDWHVW IDFLOLW\ IRU

RSHUDWLQJ ZLWKLQ WKLV PRGH RI GLVFRXUVHª�

�� 2 DQFKH ©QXRYD HWQRORJLDª� SUHQGH OH PRVVH VRSUDWWXWWR GD 3LNH H GD *RRGHQRXJK HG q

GHILQLWD VRSDUWWXWWR GDL ODYRUL GL 0HW]JHU� :LOOLDPV� )UDNH� %ODFN� SHU XQD YLVLRQH SL~ JHQH�

UDOH H XQR VSHFLILFR DJJDQFLR DOOD OLQJXLVWLFD FIU� )RXUQLHU ����� 3LJQDWR ����� &DUSLWHOOL�

,DQQjFFDUR �����

��� ,/ ',$/(772 3(5&(3,72

0D q D OLYHOOR OHVVLFDOH FKH L SUREOHPL VL IDQQR SL~ HYLGHQWL� VH FKLHGR

©FRPH VL FKLDPD TXHVWR WLSR GL ERVFR"ª LQ UHDOWj Gz SHU VFRQWDWR FKH FLz FXL

DOOXGR VLD LQGLVFXWLELOPHQWH XQ ERVFR� H FKH LO PLR LQWHUORFXWRUH FRQGLYLGD

XQD WDOH GHILQL]LRQH� ,Q HQWUDPEL L FDVL VDUHL D &RLPR LQ HUURUH� SRWUHL DOOX�

GHUH DG XQ ERVFR UDGR GL FDGXFLIRJOLH FKH q XQ �SUD GD �EX6N µSUDWR GD ER�

VFR¶ � H FKH TXLQGL HQWUD QHO QRYHUR GHL µSUDWL¶� SHUFKp VL SXz IDOFLDUH O¶HUED

DO VXR LQWHUQR� DSSXQWR FRPH LQ XQ SUDWR � RSSXUH DG XQ ERVFR GL FRQLIHUH�

FKH VDUHEEH XQ �SUD GD �6SLQD µSUDWR GD VSLQD � VHPSUH SUDWR� H DOOH µVSLQH¶

DSSDUWHQJRQR DQFKH FHVSXJOL H URVPDULQL� ,QGDJDUH OD FRVFLHQ]D OLQJXLVWLFD

GHO SDUODQWH GDQGR SHU VFRQWDWH HG ©RJJHWWLYHª OD FRVFLHQ]D OLQJXLVWLFD H OH

FDWHJRULH GHO ULFHUFDWRUH QRQ SXz SRUWDUH FKH D ULVXOWDWL EL]]DUUL�

/D FROODERUD]LRQH GHOO¶LQIRUPDWRUH q FHQWUDOH QHOO¶DPELWR GHOOH ULFHUFKH

HWQRVFLHQWLILFKH DQFKH FRPH GHULYDWR GHOOD SDUWLFRODUH FRQFH]LRQH GL FXOWXUD

FKH TXHVWD VFXROD SUHVHQWD� IRQGDPHQWDOPHQWH XQD FXOWXUD FKH VLD ULIOHVVR H

GHFDQWD]LRQH GL FRQRVFHQ]H FRQVFLH GD SDUWH GHOO¶XWHQWH� FKH GXQTXH GLYHQ�

WDQR FRQVDSHYROL� H TXLQGL FRPXQLFDELOL SHU YLD OLQJXLVWLFD� 3HU )UDNH LQIDWWL

OD FXOWXUD GL XQD VRFLHWj q WXWWR FLz FKH JOL LQGLYLGXL GHYRQR FRQRVFHUH R

FUHGHUH SHU FRPSRUWDUVL LQ PRGR FKH VLD JLXGLFDWR FRQYHQLHQWH GDJOL DOWUL

PHPEUL� VL FRQILJXUD DOORUD FRPH FRQRVFHQ]D DFTXLVLWD H FRQVDSHYROH� LQ�

VLHPH GL VDSHUL FRQVFLDPHQWH HVSOLFLWDELOL� H � FLz FKH SHU QRL q DVVDL LPSRU�

WDQWH � VL PDQLIHVWD DWWUDYHUVR OD OLQJXD� LO VROR VWUXPHQWR FKH ULHVFH D SHQH�

WUDUH XQ VLVWHPD VHPDQWLFR�

'¶DOWUD SDUWH OR VWHVVR +\PHV LQVLVWH QHL VXRL ODYRUL DG LQGLFDUH FKH XQD

GHOOD SULPH FRVH FKH GRYUHEEH IDUH XQ ULFHUFDWRUH VXO FDPSR PHQWUH SUHQGH

FRQWDWWR FRQ XQ¶DOWUD VRFLHWj q GL UDJJLXQJHUQH XQ PLQLPR GL FRPSHWHQ]D

VRFLROLQJXLVWLFD H FKH �LQ *XPSHU]�+\PHV ����� ��� OH FRQFH]LRQL GHL QDWL�

YL VXO OLQJXDJJLR H VXOO¶XVR GHO OLQJXDJJLR IDQQR SDUWH LQWHJUDQWH GHOOH FRVH

GD LQYHVWLJDUH QHOOR VWXGLR GHOO¶HWQRJUDILD GHOOD FRPXQLFD]LRQH�

,,��� 9HUVR XQD �GLIILFLOH� FRPSUHQVLRQH

,,����� 0D ULFHUFDUH OD FROODERUD]LRQH QRQ HVDXULVFH LO FRPSLWR GHOOR VWX�

GLRVR� VL WUDWWD SRL GL FDSLUH OD UHDOWj FKH FL VL WURYD GDYDQWL� LQIDWWL ©FRP�

SUHQGHUH H QRQ VHPSOLFHPHQWH GHVFULYHUH VLJQLILFD FRPSUHQGHUH OH UHOD]LRQL

OLQJXLVWLFKH GDO SXQWR GL YLVWD GHOO¶LQIRUPDWRUH� QRQ GHO ULFHUFDWRUHª

�'HXWVFKHU� LQ :RGDN ����� ����� 4XHVWR FL q ULFRUGDWR GDO SDUODQWH VWHVVR

LQ XQ SDVVR GL /HRQDUG ������ ���� FKH ULSRUWD XQ EHOOLVVLPR GLDORJR WUD Vp

�/�� H XQ LQIRUPDWRUH �>,@� SHUDOWUR PROWR FRLQYROWR H SDUWHFLSDQWH��

/� ©� HW SXUTXRL >DYYLHQH TXHVWR IDWWR@"

>,@ � >«@ F¶HVW HQFRUH� FRPPH LOV GLVHQW OHV FXUpHV� XQ P\VWqUH� $ORUV

/$ 5,&(5&$ 68/ &$032 , ���

PRQ JDUV� F¶HVW D WRL G¶pOXFLGHU� W¶DV TX¶j WH GHEURXLOOHU� VL W¶DV

SDV FRPSULV W¶DFKqWH XQ FRPSUHQRXqUH > YHURVLPLOPHQWH XQD

©PDFFKLQHWWD SHU FDSLUHª@ �ULUH� >«@ LO HVW WRLV OH UHFKHUFKHXU�ª�

,Q TXHVWR FDVR LO ULFHUFDWRUH DYHYD JLj �GLFKLDUDWDPHQWH� XQD FRQRVFHQ]D

HWLFD GHO IHQRPHQR FKH VWDYD LQYHVWLJDQGR HG HUD �GLFKLDUDWDPHQWH� LQWHUHV�

VDWR D JLXQJHUH DG XQ OLYHOOR HPLFR� JOL YLHQH TXL ULFRUGDWR FKH O¶DWWR ILQDOH

GHOOD FRPSUHQVLRQH WRFFD D OXL� 0D OD UHD]LRQH GHO SDUODQWH q VFKHU]RVD� H

PRVWUD �LQ TXHO SDUWLFRODUH FRQWHVWR FKH TXL VDUHEEH OXQJR H LQLQIOXHQWH UL�

SRUWDUH�� FKH OD IRUPXOD]LRQH VWHVVD GHOOD GRPDQGD GD SDUWH GHO ULFHUFDWRUH

DYHYD JLj FROWR �HIIHWWLYDPHQWH� JOL HVWUHPL HPLFL GHOOD FRVFLHQ]D GHO ORFX�

WRUH VX TXHO SDUWLFRODUH� H FKH GXQTXH TXHVWL ULWHQHYD VXSHUIOXR SURVHJXLUH�

$QFRUD XQD YROWD YD DPPLUDWR LO PDJLVWHUR GL 7HUUDFLQL� FKH KD LQGLFDWR

OD YLD GD VHJXLUH ULFHUFDQGR ©OR VSLULWR GHOOD OLQJXD QHOOH VXH IRUPH SL~ HOH�

PHQWDUL� VHJXHQGRQH L ULIOHVVL ILQ QHJOL VWUDWL FXOWXUDOL SL~ PRGHVWL� >DSSXQ�

WDQGRVL VXOOD@ VWLOLVWLFD SRSRODUH QHO VHQVR FKH VL SURSRQH GL HVDPLQDUH LO

FRPSRUWDPHQWR SRSRODUH VRWWR O¶D]LRQH GHJOL VWLPROL FKH SURYHQJRQR GDJOL

VWUDWL LQWHOOHWWXDOPHQWH SL~ SURJUHGLWL H O¶LQWHUSUHWD]LRQH GHO IDWWR JUDPPD�

WLFDOH GD SDUWH GHL SDUODQWLª �*UDVVL ��� ���� FRUVLYR PLR�� ( GXQTXH SHU

6REUHUR OD FRPSUHQVLRQH GHO FDPELR OLQJXLVWLFR DYYLHQH TXDQGR� VXSHUDWD OD

GHVFUL]LRQH JUDPPDWLFDOH� VL ULHVFH DG DIIHUUDUH ©WKH VSHDNHU¶V LQWHQWLRQDO �

DQG WUDQVLQWHQWLRQDO � EHKDYLRXU ZLWKLQ D VRFLDO FRPPXQLW\ª ������ �����

/¶DUWLFROR GL 6REUHUR FRQWLQXD FRQ XQ HVSOLFLWR DJJDQFLR DOOD WHRULD GHO VR�

FLDO QHWZRUN� ELVRJQD� VL GLFH� FRQFHSLUH LO SDUODQWH FRPH XQ LQGLYLGXR LP�

PHUVR LQ GLQDPLFKH PLFURVRFLDOL SL~ FKH XQD VRPPD GL FDUDWWHULVWLFKH R XQD

FDVHOOD LQ XQD PDWULFH� DO YHFFKLR PRGR VRFLROLQJXLVWLFR��� /¶DFFDYDOODUVL

GHOOH UHWL VRFLDOL ©LV WKH VHQWLPHQWR GHOOD GLVWLQ]LRQH RQ ZKLFK 7HUUDFLQL ED�

VHV WKH VHQWLPHQWR GHO GLDOHWWR� DQG LO VHQWLPHQWR FKH OHJD LO SDUODQWH DOOD

FRPXQLWj� DOO WKHHVH DUH LPSRUWDQW VLJQV RI D VSHHFK FRPPXQLW\¶V YLWDOLW\ª�

,,����� &RPSUHQGHUH VLJQLILFD� SHU LO ULFHUFDWRUH� WHQWDUH GL WHQHUH FRQWR

DO PDVVLPR JUDGR SRVVLELOH GHOOH YDULDELOL SUDJPDWLFKH H VLWXD]LRQDOL FKH

FRQGL]LRQDQR O¶HYHQWR OLQJXLVWLFR ©LQFKLHVWD GLDOHWWRORJLFDª��� &L VL ULIHULVFH

TXL DO QRWR PRGHOOR GHOOH YDULDELOL LQWHUD]LRQDOL GL +\PHV ����� >����@��

�� &IU� 7HUUDFLQL ����� ��� ©FRQFHSLUH LO SDUODQWH LPPHUVR WUD L VXRL VLPLOL FRPH LQ SHU�

SHWXR H YDULDELOH VWDWR GL ELOLQJXLVPRª�

�� 6L QRWL FKH QRQ VL VWD GLFHQGR ©GRPLQDUHª� TXHVWR SUHVXSSRUUHEEH OD FUHD]LRQH DUWLIL�

FLDOH GL HYHQWL OLQJXLVWLFL� FRQWUROODELOL IRUVH� PD SUREOHPDWLFL SHUFKp QRQ UHDOL� 6XL ULVFKL

FKH WDOH SURFHGLPHQWR SXz VRUWLUH FIU� 9LFDUL ����� QRQGLPHQR� H FIU� OD GLVFXVVLRQH FKH DF�

FRPSDJQD OD GHVFUL]LRQH GDOOD WHFQLFD� XQ WHQWDWLYR GL LQWHUYHQWR GLUHWWR SHU GRPLQDUH DOFXQH

GHOOH YDULDELOL VLWXD]LRQDOL q VWDWR WHQWDWR LQ TXHVWR ODYRUR PHGLDQWH GHOOH LQWHUYLVWH �R GLDOR�

JKL� PHWDOLQJXLVWLFDPHQWH FRQWUROODWH�

��� ,/ ',$/(772 3(5&(3,72

HFFROR FRVt FRPH q SUHVHQWDWR GD 'XUDQWL ����� ��

LWXDWLRQ�� 6LWXD]LRQH �VHWWLQJ�

�� 6FHQD �VFHQH���

�DUWHFLSDQWV�� 3DUODQWH �VSHDNHU�

�� 0LWWHQWH �DGGUHVHU�

�� $VFROWDWRUH� ULFHYHQWH �KHDUHU� UHFHLYHU�

�� 'HVWLQDWDULR �DGGUHVVHH���

�QGV�� 6FRSL�ULVXOWDWL �SXUSRVHV�RXWFRPHV�

�� 6FRSL�ILQL �SXUSRVHV�JRDOV���

�FW VHTXHQFHV �� )RUPD GHO PHVVDJJLR �PHVVDJH IRUP�

��� &RQWHQXWR GHO PHVVDJJLR �PHVVDJH FRQWHQW�

�H\ ��� &KLDYH �NH\�

�QVWUXPHQWDOLWLHV ��� &DQDOH �FKDQQHO�

��� )RUPH GL SDUODWD �IRUPV RI VSHHFK�

�� 6L RVVHUYL� OD VLWXD]LRQH q O¶DPELHQWD]LRQH GHOO¶HYHQWR OLQJXLVWLFR� OD VFHQD q OD VHJ�

PHQWD]LRQH FXOWXUDOH GHOO¶HYHQWR� LQ TXHVWR FDVR SHU LQWHSUHWDUOD FRUUHWWDPHQWH q QHFHVVDULR

IDUH ULFRUVR DOOD FRVFLHQ]D OLQJXLVWLFD��� $QQDOLVD� QXRUD GL &R�*LX�� QRQ YLJH]]LQD� QRQ SDUOD GLDOHWWR� SXU HVVHQGR EHQ LQWH�

JUDWD QHOOD FRPXQLWj GHOOD 9DOOH� QH KD WXWWDYLD XQD EXRQD FRQRVFHQ]D SDVVLYD� RUD� PHQWUH

LQ VXD SUHVHQ]D VL SXz VFKHU]DUH LQ GLDOHWWR� GRYHQGR DIIURQWDUH DUJRPHQWL LPSRUWDQWL WXWWL L

SDUWHFLSDQWL DOO¶HYHQWR OLQJXLVWLFR �DQFKH VH WXWWL GLDOHWWRIRQL� VHOH]LRQDQR DXWRPDWLFDPHQWH

LO FRGLFH LWDOLDQR� 'RQDWHOOD �� DQQL�� QLSRWLQD GL 'U�6L�� SDUOD JHQHUDOPHQWH LWDOLDQR LQ FDVD�

FRQ L JHQLWRUL H FRQ L SDUHQWL DQ]LDQL� L TXDOL QRUPDOPHQWH OH SDUODQR LWDOLDQR� H LO QRQQR

GLDOHWWRIRQR� GRYHQGR SDUODUH SHU OHL �FLRq ILQJHQGR FKH VLD 'RQDWHOOD D SDUODUH� SDVVD

DOO¶LWDOLDQR��� Ê LO FDPSR GHJOL DWWL OLQJXLVWLFL LQGLUHWWL� OH FXL SUHVXSSRVL]LRQL FDPELDQR GD OLQJXD D

OLQJXD� LO QRQ WHQHUQH FRQWR OLPLWD QRWHYROPHQWH OH SRWHQ]LDOLWj GHOO¶DQDOLVL GL XQ OLQJXDJJLR�

&IU� O¶DQDOLVL GL DOFXQH IRUPH GHO FRQJLXQWLYR LQ YDO 9DO &DODQFD FKH Gj 8UHFK� SUHFRFH

HVHPSLR GL WUDWWD]LRQH DWWHQWD DOOD YDULDELOH HQGV� ������ ����� >GHOOHGL]� WHGHVFD� FLWR� FRQ

YDULD]LRQL� VHFRQGR OHGL]LRQH LWDOLDQD LQ FRUVR GL VWDPSD@� ©*UDQGL IDYRUL LQFRQWUD OD VH�

JXHQWH FRVWUX]LRQH� QRQ VROR TXDQGR VL WUDWWD GHOOD VRVWLWX]LRQH GHOOD VHFRQGD SHUVRQD SOX�

UDOH� PD FKH DVVXPH XQ XVR LOOLPLWDWR SHU WXWWH OH SHUVRQH� q LO WLSR �QRQ YROHUH GD � LQILQL�

WR�� D Y|\ PLJD GD NDQWi WUDGXFH TXLQGL �QRQ YRJOLR FKH VL FDQWL� LQ >WXWWH OH IRUPH GHO SDUD�

GLJPD YHUEDOH@� $O SRVWR GHO SURQRPH VRJJHWWR � IRUPD YHUEDOH� QHOOHVSUHVVLRQH GL TXHVWR

WLSR GL FRQJLXQWLYR ODWWHQ]LRQH q SRVWD VXOOLQWHUORFXWRUH� FXL q GLUHWWR XQ LQHTXLYRFDELOH

PRYLPHQWR GHO FDSR R GHOOD PDQR� H TXHVWR VHQ]D QXOOD DJJLXQJHUH� SRLFKp LQ JHQHUH OD VL�

WXD]LRQH q JLj FRVt FKLDUD FKH VL HFRQRPL]]D VX RJQL DOWUD VSLHJD]LRQH R SUHFLVD]LRQH� /D FR�

VWUX]LRQH KD LQ Vq DQFRUD TXDOFRVD GL SDUWLFRODUH� 6H VL WURYDQR LQ XQ FHUWR SRVWR WUH R TXDW�

WUR SHUVRQH H� VHQ]D HVVHUH SHUVRQDOPHQWH GLUHWWL DG DOFXQR R VHQ]D YROHU GLYHQWDUH WURSSR

FKLDUL� VL GHVLGHUD LPSRUUH TXDOFKH FRVD� VL SXz HVSULPHUH FKH SHU HVHPSLR QRQ VL GHYH IXPD�

UH FRQ D Y|\ PLJD GD I�Pi NLOz� FRPSUHQGHQGR LQ PRGR FKLDUR HG HYLGHQWH WXWWL L SUHVHQWL�

PD VHQ]D GRYHU QRPLQDUH QHVVXQR� H ODVFLDQGR IXRUL JOL �LQQRFHQWL�� /XVR GL TXHVWD FRVWUX�

]LRQH q RJJL FRVt GLIIXVR FKH SXz SRUWDUH DOOD GLVSHUD]LRQH OHVSORUDWRUH DOOD ULFHUFD GHOOH

IRUPH GHO FRQJLXQWLYRª�

/$ 5,&(5&$ 68/ &$032 , ���

�RUPV��� 1RUPH G¶LQWHUD]LRQH �QRUPV RI LQWHUDFWLRQ�

��� 1RUPH G¶LQWHUSUHWD]LRQH �QRUPV RI LQWHUSUH�

WDWLRQ�

�HQUHV��� *HQHUL �JHQHUHV�

/D FRPXQLFD]LRQH� H L FRPSRQHQWL FKH OD GHWHUPLQDQR� VRQR LQIOXHQ]DWL

GD XQD TXDQWLWj GL IDWWRUL QRQ WHQHUH SUHVHQWL L TXDOL FRQGXFH D VHPSOLILFD�

]LRQL H LQFRPSUHQVLRQL FKH LQIOXHQ]DQR DQFKH LO YHUVDQWH SL~ VFKLHWWDPHQWH

H DVWUDWWDPHQWH OLQJXLVWLFR GHOO¶LQWHUD]LRQH� ( WXWWDYLD LQ PROWL FDVL GL LQWHU�

YLVWD WRWDOPHQWH HWLFD TXHVWH YDULDELOL WHQGRQR DG HVVHUH QRQ FKH WUDVFXUDWH

DGGLULWWXUD SURJUDPPDWLFDPHQWH IDOVDWH� HYLWDWH VL GLUHEEH� FLz SRQH GHL

SUREOHPL GL DGHJXDWH]]D UDSSUHVHQWDWLYD GHOO¶DWWR OLQJXLVWLFR ©LQWHUYLVWD

GLDOHWWRORJLFDª�

,Q SDUWLFRODUH� ROWUH DL QRWL SUREOHPL OHJDWL DOO¶REVHUYHU SDUDGR[ �FKH

WXWWDYLD VL SUHVHQWD PHQR LQ XQ¶LQWHUD]LRQH HVSOLFLWDPHQWH FROODERUDWLYD H

YROWD DG LQGDJDUH IHQRPHQL FRQVFL� VL YHULILFDQR VSHVVR IDOODFLH GRYXWH DG

XQD GLYHUVD ©OHWWXUDª GHOOD YDULDELOH NH\� ©DOOH GHP )RUVFKHU ]XU 9HUI�JXQJ

VWHKHQGHQ 0|JOLFKNHLWHQ GHU 'DWHQVDPPOXQJ VLQG PLW HLQHP µXQQRUPDOHP¶

(LQJULII LQ GLH QRUPDOH 6SUHFKVLWXDWLRQ YHUEXQGHQ� >«@ 'LH $XVZLUNXQJHQ

GLHVHV (LQJULIIV I�KUHQ GD]X� GD� GLH 6SUHFKHU GLH 6SUHFKVLWXDWLRQ QLFKW VR

LQWHUSUHWLHUHQ� ZLH HV YRP )RUVFKHU JHSODQQW LVWª �0DWWKHLHU ����D� ���

FRUVLYL PLHL��

3HUFLz OH SHUVRQH RJJHWWR GL LQGDJLQH VRQR LQGRWWH GDOOD SUHVHQ]D VWHVVD

GHOO¶RVVHUYDWRUH DG LQWHUSUHWDUH GLYHUVDPHQWH OD VLWXD]LRQH� q HYLGHQWH FKH

LQ TXHVWR FDVR OH SUHVXSSRVL]LRQL GHO ULFHUFDWRUH H GHO WHVWLPRQH VDUDQQR UD�

GLFDOPHQWH GLIIHUHQWL� H WDOL GD LQIOXHQ]DUH O¶DQGDPHQWR GL WXWWD OD ULFHUFD�

4XHVWR WDQWR SL~ SHUFKp QHOO¶LQFKLHVWD OD PRWLYD]LRQH q DVLPPHWULFD� LO UL�

FHUFDWRUH q SL~ PRWLYDWR D ULFHYHUH OH ULVSRVWH GL TXDQWR QRQ VLD LO WHVWLPRQH

D IRUQLUOH� 4XDQWR SL~ SLFFROR q LO JUDGR GL UHFLSURFLWj �*HPHLQVDPNHLW� FR�

PXQDQ]D� GHOOD FRPXQLFD]LRQH� WDQWR SL~ OD VWUXWWXUD GHOOD ULVSRVWD FRLQFL�

GHUj D TXHOOD GHOOD GRPDQGD H QRQ D TXHOOD GHOOD SURSULD HVSHULHQ]D� H OH UL�

VSRVWH WHQGHUDQQR DG LOOXVWUDUH VROR TXHOOD SDUWH GHO PRQGR HVSHULWR FKH q

LOOXPLQDWD GDOOD VWUXWWXUD GHOOH GRPDQGH� ,QYHFH ©LP WKHRULWLVFK�

PHWRGLVFKHQ %HUHLFK ]HLJW VLFK� GD� HLQ )RUVFKHU GHVWR OHLFKWHU HLQH

8QWHUVXFKXQJ DXI GHU *UXQGODJH GHU $OOWDJVEHJULIIOLFKNHLW GXUFKI�KUHQ

NDQQ� MH HQJHU VHLQ )RUVFKXQJV]LHO PLW GHQ LQ GHU 6SDFKJHPHLQVFKDIW

YHUEUHLWHQ ,QWHUHVVHQ �EHUHLQVWLPPW� ZHLO GHUHQ %HJULIIWOLFKNHLW GDQQ GLUHNW

IRUVFKXQJVUHOHYDQW ZLUGª �0DWWKHLHU ����D� �������

�� 0HQJH ����� ��� WUDWWDQGR GHL SUHVXSSRVWL GHOO¶LQWHUYLVWD DIIHUPD� ©GLHVH $UW GHU %H�

IUDJXQJ OHEW GDYRQ� GD� GHU ,QIRUPDQW HLQH $UW WUDQVODWRULVFKHQ %HZX�WVHLQV I�U GLH bTXL�

��� ,/ ',$/(772 3(5&(3,72

6SHFLILFDPHQWH VXOO¶LQWHUYLVWD FRPH HYHQWR OLQJXLVWLFR H VXO WLSR GL RXW�

SXW FKH VL SXz RWWHQHUH HOLPLQDQGR OH YDULDELOL ©GL GLVWXUERª %ULJJV �����

�� ©WKH OLPLWDWLRQV RQ WKH XVHIXOQHVV RI LQWHUYLHZLQJ HPDQDWH IURP WKH QDWX�

UH RI WKH LQWHUYLHZ TXD VSHHFK HYHQW� 6KLIWLQJ LQWR WKLV PRGH RI LQWHUDFWLRQ

VHQGV WZR FUXFLDO VLJQDOV WR SDUWHFLSDQWV>�«@ LW VHOHFWV IRU FHUWDLQ W\SHV RI

PHVVDJHV >«@ VXUIDFH VHJPHQWDEOH� UHIHUHQWLDO DQG UHODWLYHO\ SUHVXSSRVLQJ

>« GL FRQVHJXHQ]D@ LQWHUYLHZV QHJDWLYHO\ VHOHFW IRU PHWDFRPPXQLFDWLYH

HYHQWV ZKLFK OHVV VXUIDFH VHJPHQWDEOH� PRUH FUHDWLYH� DQG ZKRVH PHDQLQJ

KLQJHV OHVV RQ UHIHUHQFHª� 3HUFKp L WUDWWL VWLOLVWLFL��� WUD FXL ©WRQDOLW\� SLWFK

UHJLVWHU� VWUHVV� SKUDVLQJª YHLFRODQR LQIRUPD]LRQL FUXFLDOL FKH VL SHUGRQR GHO

WXWWR QHO PHVVDJJLR VHJPHQWDOH���

,,����� 'L XQ PHWRGR GL DQDOLVL GHOOD FRVFLHQ]D OLQJXLVWLFD FKH HPLFR QRQ

q� H FKH DQ]L QRQ VROR QRQ QHFHVVLWD GHOOD FROODERUD]LRQH GHOO¶LQWHUYLVWDWR�

PD KD ELVRJQR FKH L YHUL VFRSL GHOOD ULFHUFD JOL ULPDQJDQR FHODWL� OD 0DWFKHG

*XLVH 7HFKQLTXH� VL SDUOHUj DO � ,,,��� %LVRJQD SHUz IDU FHQQR DG XQ ILRUHQWH

ILORQH GL ULFHUFD FKH VL YXROH YLFLQR DOO¶DUJRPHQWR GHO SUHVHQWH VWXGLR�

TXHOOR� VRSUDWWXWWR GL DPELWR DQJORVDVVRQH� PD GHO TXDOH QRQ PDQFDQR

HVHPSL LWDOLDQL�� FKH VL SURSRQH GL LQGDJDUH OH DWWLWXGHV OLQJXLVWLFKH� &LRq

O¶DWWHJJLDPHQWR� LO PRGR GL SRUVL GL VLQJROL SDUODQWL �PD GL FRQVHJXHQ]D

GHOO¶LQWHUD FRPXQLWj� GL IURQWH DOOH GLYHUVH YDULHWj OLQJXLVWLFKH� /D ULFHUFD

VXOOH ODQJXDJH DWWLWXGHV q PROWR RULHQWDWD VXO SLDQR VRFLDOH� H LQ JHQHUH VL

IRFDOL]]D VXOO¶LPSDWWR FKH OLQJXH GLIIHUHQWL �GL XQD PLQRUDQ]D SHU HVHPSLR�

R GL YDULHWj UHJLRQDOL GL XQD VWHVVD OLQJXD��� R GL YDULDQWL SURSULH GL GLYHUVL

VWUDWL GHOOD VRFLHWj� SURGXFH VX XQ DVFROWDWRUH� SHU DQDOL]]DUQH OH UHD]LRQL H

VWDELOLUH VFDOH GL OLQJXLVWLF VXSHULRULWLHV � LQIHULRULWLHV LQ JHQHUH FRQ OR VFR�

YDOHQ] KRFKVSUDFKOLFKHU XQG GLDOHNWDOHU $XVGUXFNVZHLVH EHVLW]Wª WUDODVFLDQGR HYLGHQWHPHQWH

WXWWL L VLJQLILFDWL WUDVPHVVL GDO FR�WHVWR� H FRQIRQGHQGR FRPSHWHQ]D FRPXQLFDWLYD �FKH FRP�

SUHQGH JOL DVSHWWL SUDJPDWLFL GHOO¶LQWHUD]LRQH FRQ OD FRPSHWHQ]D WUDVODWRULD LQ VHQVR VWUHWWR�

O¶XQLFD WDORUD ULFKLHVWD� ,QIDWWL �LELGHP� ���� ©GLH LPSOL]LW] *UXQGDQQDKPH Ol�W VLFK ZRKO VR

EHVFKUHLEHQ� GD� GLH VSUDFKOLFKH .RPSHWHQ]� GLH VLFK LQ GHQ 6SUDFKSUREHQ PDQLIHVWLHUW� PLW

GHU GLDOHNWDOHQ .RPSHWHQ] GHV 6SUHFKHUV PHKU RGHU ZHQLJHU LGHQWLVFK LVWª��� &L VL ULIHULVFH DOOD VWLOLVWLFD SRSRODUH GL 7HUUDFLQL� VXOOD TXDOH HJOL IRQGD SDUWH GHOOD VXD

YLVLRQH GHO FDPELR OLQJXLVWLFR� FIU� ©GHO UHVWR� DQFKH DQFKH WUD VHPSOLFL YLOODJJL R WUD GXH

JHQHUD]LRQL GLYHUVH GHOOR VWHVVR YLOODJJLR� VL SXz VHPSUH ULWHQHUH >«@ FKH HVVL DYYHQJDQR

SHU XQD VHQWLWD R LQWXLWD GLIIHUHQ]D GL ³VWLOHĪ �7HUUDFLQL ����� ��� Q� ����� ( LQROWUH JUD]LH DOOD FRVFLHQ]D OLQJXLVWLFD ©O¶LQIRUPDWRUH FDSLVFH TXDVL VHPSUH LPPH�

GLDWDPHQWH TXDOH YDULHWj GLDOHWWDOH GHVLGHUD UDFFRJOLHUH LO ULFHUFDWRUH HG LQ RJQL FDVR LO VXR

VHQWLPHQWR OLQJXLVWLFR OR SRUWD TXDVL LQHYLWDELOPHQWH D SULYLOHJLDUH FLz FKH DO ½VHQVR GHOOD

WUDGL]LRQH¾ q LQWLPDPHQWH FRQQHVVRª �7HOPRQ ����� ��

�� &IU� 7HVVDUROR ����� %DURQL ����� H SDUWLFRODUPHQWH LQWHUHVVDQWH QRQ VROR SHU O¶DUHD

�LO 7LFLQR�� %LDQFRQL �����

�� 7LSLFDPHQWH QHOO¶DPELWR GHOOD GLDOHFWRORJ\ DQJORVDVVRQH�

/$ 5,&(5&$ 68/ &$032 , ���

SR GL DSSURIRQGLUH OD ULFHUFD VXJOL VWHUHRWLSL OLQJXLVWLFL H FXOWXUDOL H HYHQ�

WXDOPHQWH GL VXJJHULUH SROLWLFKH OLQJXLVWLFKH DGDWWH SHU ULGXUUH OH VSHUHTXD�

]LRQL SL~ JUDYL�

,Q TXHVWL VWXGL GXQTXH LO IXRFR GHOOD ULFHUFD VRQR LQ XOWLPD DQDOLVL L JLX�

GL]L VRFLDOL SHU FRPH VRQR WUDPDQGDWL GDOOD OLQJXD� O¶DWWHQ]LRQH DOOD OLQJXD q

TXHOOD ULVHUYDWD DO PH]]R DWWUDYHUVR LO TXDOH VL HVSOLFLWDQR� GLIIRQGRQR H UDI�

IRU]DQR YLD YLD TXHVWL JLXGL]L VWHUHRWLSL� LQGDJDQGR FRPH OD GLIIHUHQ]D OLQ�

JXLVWLFD SRVD WUDGXUVL LQ GLIIHUHQ]D VRFLDOH��� 'LYHUVDPHQWH� FRQ OD ULFHUFD

FKH TXL VL SUHVHQWD VL WHQWD GL DYYLFLQDUVL DO FRQFHWWR FKH L SDUODQWL KDQQR

GHOOD SURSULD OLQJXD LQ TXDQWR OLQJXD H GHO VXR YDULDUH� FRPH JLj DFFHQQDWR

QHOO¶LQWURGX]LRQH� SL~ FKH FRPH SRUWDWULFH GL JLXGL]L H VWHUHRWLSL H[WUDOLQ�

JXLVWLFL VL q YROXWD YHGHUH OD FRVFLHQ]D OLQJXLVWLFD FRQ JOL RFFKL GL 7HUUDFLQL�

©LO VHQWLPHQWR LQWXLWLYR FKH L SDUODQWL KDQQR GHOOD SURSULD OLQJXD FKH� TXDQ�

GR q DLXWDWR GDOOD ULIOHVVLRQH� VL HOHYD D FRVFLHQ]Dª��� 3L~ YLFLQR

DOO¶DUJRPHQWR GL TXHVWR VWXGLR q LO ILORQH GHOOD ULFHUFD VXOOH DWWLWXGHV YROWR D

VWXGLDUH L JLXGL]L FKH L SDUODQWL HPHWWRQR VXOOD SURSULD OLQJXD�� H JOL DWWHJ�

JLDPHQWL DQFKH SUDWLFL FKH GL YROWD LQ YROWD VRQR WHQXWL QHL FRQIURQWL GL TXH�

VWD� VH FLRq VLD ULWHQXWD LQIHULRUH� R QRQ DGDWWD DOO¶LQWHUORFXWRUH R

DOO¶DUJRPHQWR� H VH GL FRQVHJXHQ]D FDPELD� R PXRUH� R VL LPSRQH�

,,����� $QFKH OD VFXROD GLDOHWWRORJLFD IUDQFHVH VL q RFFXSDWD LQ PRGR

HVSOLFLWR GL VDJJLDUH OD FRVFLHQ]D OLQJXLVWLFD GHO SDUODQWH� 7DOL LQFKLHVWH VR�

QR LQ JHQHUH FRQGRWWH SDUDOOHODPHQWH DOOH UDFFROWH GL HWQRWHVWL� D ORUR YROWD

SURJHWWDWH DG LQWHJUD]LRQH GHJOL DWODQWL OLQJXLVWLFL UHJLRQDOL� /¶LQWHUHVVH QX�

WULWR LQ )UDQFLD SHU OD FRVFLHQ]D OLQJXLVWLFD q GXSOLFH� DO VXG GHO 3DHVH VL LQ�

�� ,QROWUH� 6FKOLHEHQ�/DQJH ����� ��� FULWLFD DSSURSULDWDPHQWH LO PHWRGR XVDWR GHO ©GLI�

IHUHQ]LDOH VHPDQWLFRª �YLHQH SURSRVWD DOO¶LQWHUYLVWDWR XQD VHULH GL WUDWWL FDUDWWHURORJLFL GD DW�

WULEXLUH DOOD YRFH FKH VWD DVFROWDQGR� GLVSRVWL D FRSSLH GL RSSRVWL � VLPSDWLFR�DQWLSDWLFR H FR�

Vt YLD� ,O VRJJHWWR GHYH VFHJOLHUH D TXDOH SROR VL DYYLFLQD GL SL~ O¶LPPDJLQH FKH HJOL KD GHOOD

SHUVRQD FKH SDUOD�� 4XHVWR PHWRGR REEOLJD D ODYRUDUH SHU FDWHJRULH SUHILVVDWH H DUELWDULH

©VDQV GRQQHU O¶RFFDVLRQ DX[ VXMHWV GH IRUPXOHU� HX[ PrPHV� OHV FRQWHQXV TXL RUJDQLVHQW

OHXUV XQLYHUV V\PEROLTXHVª� &IU�� SHU O¶LQTXDGUDPHQWR PHWRGRORJLFR %DNHU ����� 'HSUH]�

3HUVRRQV �������� *LOHV�+HZVWRQH�5\DQ�-RKQVRQ �������� 5\DQ�*LOHV�+HZVWRQH ��������

,QQXPHUHYROL VRQR JOL VWXGL VSHFLILFL��� &IU� � �� 0ROWR VLJQLILFDWLYDPHQWH DL QRVWUL ILQL OD IUDVH FRQWLQXD FRQ ©DOWUD FRVD q OD

VHQVLELOLWj SHUFHWWLYD GL GLIIHUHQ]H OLQJXLVWLFKH HVHUFLWDWH GD RVVHUYDWRUL HVWUDQHL LQ JUD]LD GL

XQ¶DFXWH]]D GL RVVHUYD]LRQH GLIIHUHQ]LDOH FKH q DGGLULWWXUD O¶RSSRVWR GHO VHQWLPHQWR GL FXL

TXL VL SDUODª� �7HUUDFLQL ����� ��� Q� ���� 6L WHQJDQR WXWWDYLD SUHVHQWL OH RVVHUYD]LRQL IDWWH

SL~ VRSUD��� &IU� DG HVHPSLR LO FDVR VWXGLDWR GD *DO ����� LQ FXL XQD FRPXQLWj XQJKHUHVH LQ $XVWULD

DEEDQGRQD SURJUHVVLYDPHQWH PD LUUHYHUVLELOPHQWH OD SURSULD OLQJXD SHUFKp OD ULWLHQH PHQR

XWLOH H SUHVWLJLRVD ULVSHWWR DO WHGHVFR� 3HU XQ DSSURFFLR SL~ JHQHUDOH H PHWRGRORJLFR YHGL DQ�

FKH %DNHU ����� ��������

��� ,/ ',$/(772 3(5&(3,72

GDJD VXOO¶LGHQWLWj RFFLWDQD� VL WHQWD FLRq GL VWDELOLUH VH SUHVVR L SDUODQWL GHOOH

VLQJROH FRPXQLWj HVLVWH R PHQR OD FRVFLHQ]D GHOOD GLYHUVLWj �OLQJXLVLFD H

FXOWXUDOH� ULVSHWWR DO ©PRQGH G¶RwOª H FRPH TXHVWD HYHQWXDOPHQWH VL PDQLIH�

VWL� 3HU L GLDOHWWL GHOOD )UDQFLD VHWWHQWULRQDOH LQYHFH OD YDULDELOH FKH FRLQYRO�

JH OD FRVFLHQ]D OLQJXLVWLFD q VH LO SDWRLV SDUODWR VXO WHUULWRULR VLD FRQVLGHUDWR

XQ¶HQWLWj OLQJXLVWLFD DXWRQRPD R XQD FRUUX]LRQH GHO SDULJLQR� LQROWUH VL LQ�

GDJD VXJOL DWWHJJLDPHQWL GHO SDUODQWH ULVSHWWR DO GLDOHWWR� LQ SDUWLFRODUH VXL

VHQWLPHQWL GL GLIIHUHQ]LD]LRQH JHRJUDILFD ULVSHWWR DL YLFLQL H VXOO¶HYHQWXDOH

�PD LQ UHDOWj FRVWDQWH� VHQWLPHQWR GL LQIHULRULWj GHO SDWRLVDQW QHL FRQIURQWL

GHOOD OLQJXD VWDQGDUG� 4XHVWL ULFHUFDWRUL VL VHUYRQR DQFKH ODUJDPHQWH GL

IRQWL VWRULFKH H GRFXPHQWDULH� FKH WHVWLPRQLQR FLRq O¶DSSDUWHQHQ]D DQFKH

RJJHWWLYD �H TXLQGL HWLFD� GHO WHUULWRULR FKH VL VWD VWXGLDQGR DG XQ GHWHUPL�

QDWR PLOLHX VRFLRFXOWXUDOH SLXWWRVWR FKH DG XQ DOWUR� Ê RYYLR FKH� VRSUDWWXWWR

LQ DPELWR IUDQFHVH� OD TXHVWLRQH ULYHVWH OD PDVVLPD LPSRUWDQ]D�

,O PHWRGR XWLOL]]DWR JHQHUDOPHQWH VL DYYDOH GL XQ¶LQFKLHVWD GLUHWWD FRQ

GRPDQGH PROWR HVSOLFLWH EDVDWH VX XQ DSSRVLWR TXHVWLRQDULR �FIU� %RXYLHU

����� ������� LO ILQH GHOOD ULFHUFD q GXQTXH EHQ SDOHVDWR DOO¶LQIRUPDWRUH� H

TXHVWR JOL Gj PRGR GL ©FROODERUDUHª FRQ FRQVLJOL H EXRQD YRORQWj�� q SHUz

DQFKH YHUR FKH SRVVRQR LQWHUYHQLUH SHVDQWHPHQWH VXOOH VXH IRUPXOD]LRQL�

VHFRQGR OH PRGDOLWj JLj GLVFXVVH VRSUD H LQ PRGL SDUWLFRODUL FXL VL IDUj FHQ�

QR�

,QROWUH OD ©FROODERUD]LRQHª ULFKLHVWD GD TXHVWR PRGR GL LQGDJDUH OD FR�

VFLHQ]D OLQJXLVWLFD QRQ q GLVVLPLOH LQ IRQGR GD TXHOOD QHFHVVDULD SHU

XQ¶LQWHUYLVWD WUDGL]LRQDOH� QRQ SUHVXSSRQH OD FROODERUD]LRQH VFLHQWLILFD WUD

ULFHUFDWRUH H LQIRUPDWRUH��� 6L WUDWWD VHPSOLFHPHQWH GL XQD LQFKLHVWD FRO TXH�

VWLRQDULR� FDPELDQR L ILQL �UDFFRJOLHUH JLXGL]L VRJJHWWLYL GHO ORFXWRUH SLXWWR�

VWR FKH GDWL GHO ULFHUFDWRUH�� PD QRQ L PHWRGL� L ULVFKL FRQQHVVL FRQ TXHVWR

PHWRGR GL LQGDJLQH H OH IDOODFLH FXL SRVVRQR GDU OXRJR VDUDQQR GLVFXVVL QHO

SURVVLPR FDSLWROR�

�� $O FRQWUDULR GL TXDQWR DFFDGD JHQHUDOPHQWH QHOOD GLDOHFWRORJ\ DQJORVDVVRQH H QHOOD UL�

FHUFD VXOOH DWWLWXGHV� LO FXL PDVVLPR SUREOHPD �YLVWD OD VRVWDQ]LDOH QRQ HWHURJORVVLD GHJOL DF�

FHQW ULVSHWWR DOOD OLQJXD XIILFLDOH H O¶DWWHQ]LRQH SULQFLSDOPHQWH DFFRUGDWD DOOD YDULD]LRQH GL

WLSR GLDVWUDWLFR H GLDIDVLFR� q TXHOOR GL RWWHQHUH GDWL VSRQWDQHL� H QRQ FRQWUROODWL GDO SDUODQ�

WH� ,Q TXHVWR FDVR OD FROODERUD]LRQH q QRQ VROR VXSHUIOXD� PD GDQQRVD� 'XQTXH DQFKH L PH�

WRGL SURSRVWL GL PLVXUD]LRQH GHOOD FRVFLHQ]D OLQJXLVWLFD �SULPR IUD WXWWL OD PDWFKHG JXLVH

WHFKQLTXH� PD DQFKH TXHOOL HODERUDWL GD /DERY H VRSUDWWXWWR GDL 0LOUR\� RSHUDQR JHQHUDO�

PHQWH DOO¶LQVDSXWD GHO SDUODQWH��� &RQ HYLGHQWL HFFH]LRQL� WUD FXL SDUWLFRODUPHQWH LQWHUHVDQWL L ODYRUL GL &KDXUDQG �����

/HRQDUG ������ ����� H 0RXJLQ �������

���������������������� ����

�1&25$ 68//( 35(0(66( 7(25,&+( ( 68/ 020(172 $33/,&$7,92

,,,��� ,QWURGX]LRQH� /D ULIOHVVLRQH PHWDOLQJXLVWLFD�

'XQTXH� OD FROODERUD]LRQH� PD FRPH SRL VL HVSOLFLWD� QHOOD SUDWLFD� TXHVWR

UDSSRUWR GL FROODERUD]LRQH� LQ YLVWD GL XQ¶LQGDJLQH GHOOD FRVFLHQ]D OLQJXLVWL�

FD FKH QRQ VLD VROWDQWR UDVVHJQD GHOOD FRQVDSHYROH]]D" ,Q UHDOWj SHQVR FKH

VLD SLXWWRVWR ULVFKLRVR VHPSOLFHPHQWH DYYLFLQDUH XQ WHVWLPRQH H FKLHGHUJOL�

©VHQWL� FRPH FDPELD LO WXR GLDOHWWR" q XQD YDULD]LRQH GLDWRSLFD R GLDFURQL�

FD"ª R VLPLOL� SHUFKp VL ULVFKLD GL LQVWLOODUH LQ OXL FDWHJRULH FKH QRQ DYHYD�

'¶DOWUD SDUWH DIILGDUVL VROWDQWR DOO¶XVR UHDOH� WUDPLWH PRGHOOL GL ULFHUFD SDV�

VLYD TXDOL O¶RVVHUYD]LRQH QRQ q VXIILFLHQWH� SHUFKp QRQ FL Gj DOFXQD LQGLFD�

]LRQH VXOOR ©VSD]LR OLQJXLVWLFRª GHO ORFXWRUH� H L GDWL VRQR FRPXQTXH LQWHU�

SUHWDWL VHFRQGR OH FDWHJRULH GHO ULFHUFDWRUH� $OPHQR� TXHVWR VL XVD GLUH� YRU�

UHL SHUz VSHQGHUH TXDOFKH SDUROD DQFKH VXO SUREOHPD GHOO¶LQWHUSUHWD]LRQH GD

SDUWH GHOO¶LQIRUPDWRUH GHL GDWL FKH IRUQLVFH�

(YLGHQWHPHQWH� OD ULIOHVVLRQH PHWDOLQJXLVWLFD QRQ q QRUPDOH DUJRPHQWR

GL FRQYHUVD]LRQH WUD OH SHUVRQH� DOPHQR QRQ FRPH OR q OD FRQYHUVD]LRQH GL

WLSR PHGLFR� FKH q GLIIXVD� DQFKH D OLYHOOR �SVHXGR�VSHFLDOLVWLFR WUD WXWWH OH

FODVVL H LQ RJQL RFFDVLRQH� 3HU FXL VL SRVVRQR VHQWLUH DO PHUFDWR GLVFRUVL

FRPH� ©*LRYDQQL� VDL� LO ILJOLR GHOOD /LOLDQD� KD DQFRUD TXHOOD EUXWWD FRQ�

JLXQWLYLWH FKH JOL LUULWD WXWWD OD FRUQHD� FL KD JOL RFFKL FKH VHPEUDQR GXH

PHORQL� LO GRWWRUH JOL KD SUHVFULWWR XQ FROOLULR GLVLQILDPPDQWHª� PD GLIILFLO�

PHQWH DFFDGUj GL DVFROWDUQH GHO WLSR� ©*XDUGD� QRQ VR FRVD PL VXFFHGH� PD

OH FRQVRQDQWL� TXHOOH VRUGH GLFR� PL VL VRQRUL]]DQR VHPSUH SL~� FKH VHPEUR

XQ LUSLQR� 'HYR DQGDUH GDO PLR RUWRIRQLVWD� PDJDUL FL VRQR GHJOL HVHUFL]L SHU

HYLWDUH DOPHQR OD VSLUDQWL]]D]LRQHª� RSSXUH ©VWDL DWWHQWD DL GLWWRQJKL GL &D�

UROLQD� PL VHPEUDQR WURSSR GLVFHQGHQWL SHU XQD EDPELQD GL GXH DQQL H PH]�

]Rª� *LXVWDPHQWH FL VL SUHRFFXSD SL~ GHOOD SURSULD VDOXWH FKH GHO SURSULR

LGLROHWWR��

� 7UDVFXUDQGR SHUz LO IDWWR FKH WDORUD GDOO¶LGLROHWWR GHULYD OD VDOXWH� VH SDUOR XQD YDULHWj

VDQ]LRQDWD� WHQGHUDQQR D GDUPL XQ SRVWR GL ODYRUR VSLDFHYROH� LQ FRQGL]LRQL GLVDJLDWH� H TXH�

VWR� DOOD OXQJD� SXz FDXVDUH LQWRVVLFD]LRQL R SRVWXUH VFRUUHWWH� /¶DSSURFFLR GL %HUQVWHLQ DOOD

VRFLROLQJXLVWLFD� H JOL VWXGL EDVDWL VXOOD 0DWFKHG *XLVH 7HFKQLTXH VRQR EDVDWL SURSULR VX

FRQVLGHUD]LRQL GL TXHVWR WLSR�

��� ,/ ',$/(772 3(5&(3,72

'XQTXH OH FRQVLGHUD]LRQL GL WLSR PHWDOLQJXLVWLFR� TXHOOH DOPHQR FKH QRQ

ULFDGDQR QHO FDPSR GHJOL VWHUHRWLSL �SHU L TXDOL FIU� SL~ ROWUH�� YDQQR FRQVL�

GHUDWH FRPH LQ ODUJD SDUWH LQGRWWH� Ê FLRq GLIILFLOH �H QRQ FDSLWD QHOOH PLH

UHJLVWUD]LRQL VSRQWDQHH� VHQ]D OD SUHVHQ]D WXUEDQWH GHO ULFHUFDWRUH� FKH LQ XQ

XQD FRQYHUVD]LRQH QRUPDOH HVFDQR JLXGL]L VXOOD OLQJXD� R DQFKH VHPSOLFH�

PHQWH DQQRWD]LRQL FKH PDUFKLQR OH GLVWDQ]H GLDOHWWDOL� VDOYR L FDVL �D TXHVWR

SXQWR QRQ SL~ VSRQWDQHL� LQ FXL VL YHQJD YLROHQWHPHQWH LQ FRQWDWWR FRQ YD�

ULHWj DOTXDQWR GLYHUVH� FKH VWLPRODQR LO FRQIURQWR H WDORUD O¶DGDWWDPHQWR��

&¶HUD SRL DQFKH XQ DOWUR SUREOHPD� FRPH HOLFLWDUH HIIHWWLYDPHQWH L GDWL

QHOO¶DPELWR GHO SUHFHWWR GLVFXVVR GHOOD FROODERUD]LRQH� SHU LQWURGXUUH OD SUH�

VHQWD]LRQH GHOOH WHFQLFKH� GL ULFHUFD GD PH HIIHWWLYDPHQWH XWLOL]]DWH RUJDQL]�

]HUz OD WUDWWD]LRQH D SDUWLUH GDOOD GLVFXVVLRQH GL GXH OHWWXUH GHOO¶HYHQWR OLQ�

JXLVWLFR ©LQFKLHVWD GLDOHWWRORJLFDª� O¶LQFKLHVWD FRPH WHVW H O¶LQFKLHVWD FRPH

WUDVPLVVLRQH GHO VDSHUH�

,,,��� 'XH OHWWXUH GHOO¶LQFKLHVWD

4XHVWH OHWWXUH VSRVWDQR OHJJHUPHQWH LO IXRFR GHOO¶LQWHUD]LRQH H SRVVRQR

ULVXOWDUH LQFRQVXHWH R WUDYLVDQWL� PD LOOXPLQDQR D SDUHU PLR PHFFDQLVPL

UHDOL H LPSRUWDQWL� FRQWULEXHQGR SHUFLz DG XQD SL~ FRPSOHWD FRPSUHQVLRQH GL

TXHVWR GHOLFDWR PRPHQWR GHOO¶DWWLYLWj VFLHQWLILFD� VRQR� LQROWUH SDUWLFRODU�

PHQWH LQWHUHVVDQWL SHUFKp ULJXDUGDQR GLUHWWDPHQWH OD VIHUD GHO ORFXWRUH H LO

VXR UDSSRUWDUVL FRQ LO SDUWLFRODUH HYHQWR OLQJXLVWLFR ©LQFKLHVWD GLDOHWWRORJL�

FDª�

,,,���� /¶LQFKLHVWD FRPH WHVW

,,,�������8QD VHTXHOD GL GRPDQGH� VSHVVR VXOOD EDVH GL XQ TXHVWLRQDULR

�VHJQDWDPHQWH QHOOH LQWHUYLVWH LO FXL IXRFR q OD PRUIRORJLD R OD VLQWDVVL� H

VRSUDWWXWWR VH LO ULFHUFDWRUH q HVSHUWR R YHUVDWR QHO GLDOHWWR FKH VWD LQYHVWL�

JDQGR�� SXz DVVXPHUH DJOL RFFKL GHOO¶LQIRUPDWRUH� OH VHPELDQ]H GL XQ HVDPH

H FRQGLYLGHUQH OH LOORFX]LRQL� FIU� 6HDUOH LQ 6SROVN\ ����� ���� ©7KHUH DUH

WZR NLQGV RI TXHVWLRQV� �D� UHDO TXHVWLRQV� �E� H[DP TXHVWLRQV� ,Q UHDO TXHV�

� &LFRXUHO ����� ��� ©LQ ILHOG UHVHDUFK� ZH PXVW DOZD\V EH VHQVLWLYH WR WKH IDFW WKDW

HOLFLWDWLRQV SURFHGXUHV IRUFH LQIRUPDQWV RU UHVSRQGHQWV WR EHFRPH DZDUH RI LVVXHV RU FRQGL�

WLRQV DERXW ZKLFK WKH\ QRUPDOO\ DUH QRW DZDUH RU DUH RQO\ DZDUH LQ WKH FRQWH[W RI SDUWLFRXODU

HYHU\GD\ VHWWLQJVª�� 'HOOH WHFQLFKH� VL LQVLVWH� TXDQWR DL PHWRGL H DO ©FOLPDª YDOJRQR OH FRQVLGHUD]LRQL IDWWH

DO FDSLWROR SUHFHGHQWH�

� &KH� ULFRUGLDPROR� GLIILFLOPHQWH VWUXWWXUD LQ PRGR HVSOLFLWR OH SURSULH FRQRVFHQ]H OLQ�

JXLVWLFKH� H TXDQGR OR ID GL VLFXUR QRQ OH RUJDQL]]D SHU OLVWH H SHU YDULDELOL IRQRPRUIRORJL�

FKH�

/$ 5,&(5&$ 68/ &$032 ,, ���

WLRQ 6>SHDNHU@ ZDQWV WR NQRZ �ILQG RXW� WKH DQVZHU� LQ H[DP TXHVWLRQV�

6>SHDNHU@ ZDQWV WR NQRZ LI +>HDUHU@ NQRZVª� 'XQTXH� VHJXHQGR TXHVWH

RVVHUYD]LRQL ©WKH PRVW ZH FDQ DVN WKHP > DJOL LQIRUPDWRUL� LQ XQ¶LQFKLHVWD

OLQJXLVWLFD@ LV DQ DXWKHQWLF WHVW� QRW DXWKHQWLF FRPPXQLFDWLRQª �6SROVN\

����� �����

(IIHWWLYDPHQWH q GLIILFLOH� TXDQGR VL KD XQD VFDOHWWD GD ULVSHWWDUH� QRQ GD�

UH O¶LPSUHVVLRQH GHOO¶HVDPH�� R FRPXQTXH DOORQWDQDUH GDOO¶LQIRUPDWRUH LO VR�

VSHWWR FKH SULPD R SRL OR VL YRJOLD FRJOLHUH LQ FDVWDJQD FKLHGHQGRJOL XQD SD�

UROD FKH QRQ VD R XQD FRVWUX]LRQH FKH QRQ XVD� q FDSLWDWR D WXWWL FRORUR FKH

DEELDQR HVSHULHQ]D VXO FDPSR GL VHQWLUVL WDORUD GLUH SL~ R PHQR� ©QRQ OR VR�

QRQ PL YLHQH LQ PHQWH� PL GLVSLDFHª� 1HOOH PLH ILQWH LQWHUYLVWH DOPHQR �FIU�

,,,���� TXHVWR q XQ IHQRPHQR SLXWWRVWR IUHTXHQWH� XQ FDVR OLPLWH q TXHOOR GL

'U�5RE� FKH� DOOD PLD ULFKLHVWD µVHJDOH¶� KD ULVSRVWR PD� �VHJDOH��� �V(JDO��� VX

PLD��� �6S(½D �VHJDO��� PD TZ(6WD OD VX QR D P 6SMD]��� PD��� XO IXUPHQ�WXQ X

O �V(YD��� PD OD �VHJDOH��� D SDUOL XO Y(UR GLD�O(WW��� µPDK� VHJDOH« VHJDOH«

QRQ VR� DVSHWWD� VHJDOH« PDK TXHVWD QRQ OD VR� PL VSLDFH« PD LO IRUPHQWR�

QH �JUDQR VDUDFHQR� OR VDSHYR� PD OD VHJDOH« SDUOR LO YHUR GLDOHWWR«¶�� QRQ

VROR GXQTXH VFXVDQGRVL� PD SURWHVWDQGR OD VXD FRPSHWHQ]D GLDOHWWDOH PDO�

JUDGR O¶©HUURUHª�

,,,������� &¶q SHUz DQFKH XQ ULVYROWR PHQR VSLDFHYROH �SHU O¶LQIRUPDWRUH�

GHOOD TXHVWLRQH� FLRq FKH ©O¶HQTXrWHXU HVW ELHQ OD GHUQLqUH SHUVRQQH j TXL

O¶RQ SDUOHUD IUDQFKHPHQW� QDWXUHOOHPHQW� HQ SDWRLV� VDQV GRXWH RQ IRXLOOHUD

GDQV VD PpPRLUH SRXU OXL IDLUH SODLVLU� SRXU H[KXPHU FH TX¶LO UHFKHUFKHª

�&KDXUDQG ����� ���� FLRq� VH q XQ¶HVDPH� IDFFLDPRFL DOPHQR FRJOLHUH LO

PHQR LPSUHSDUDWL SRVVLELOH H FHUFKLDPR GL UHQGHUFL LQWHUHVVDQWL� 1RQ VWLDPR

TXL SDUODQGR GHO FODVVLFR VSDXUDFFKLR GHOOD ULIOHVVLRQH PHWRGRORJLFD� LO WH�

VWLPRQH WURSSR FROODERUDWLYR R FKH YXROH ©PHWWHUH LO EHFFRª QHOOD FRQGX]LR�

QH GHOO¶LQFKLHVWD� TXDVL YROHVVH SUHWHQGHUH GL VDSHUQH GL SL~ VXOOD SURSULD

OLQJXD ULVSHWWR DOO¶XQLYHUVLWDULR FKH KD GL IURQWH�� TXHVWD WLSRORJLD GL DWWR

� ( G¶DOWURQGH FIU� &LFRXUHO ����� ��� ©(OLFLWDWLRQ LV D VSHFLDO NLQG RI GLVFRXUVH XVXDOO\

LQYROYLQJ WZR SDUWLHV� 2QH SDUW\ RIWHQ FRQWUROV WKH H[FKDQJHª� FRPH QRUPDOPHQWH DFFDGH LQ

XQ HVDPH�� /D SDUROD q FRPSUHVD QHO TXHVWLRQDULR �LO ©4XDGHUQRª� GHO 96, D FXL PL DSSRJJLDYR� H

D 'UXRJQR OD ULVSRVWD ©QRUPDWLYDª H �EMDYD��EMDZD�� 7UD O¶DOWUR TXL LO SUREOHPD HUD VROR UHIHUHQ]LDOH� 'U�5RE� OD EMDYD VD EHQLVVLPR FRV¶q�� 2OWUH DOO¶ HVHPSLR GL 7DJOLDYLQL ������ ��� Q��� ©VRQR >«@ GD HYLWDUH L VRJJHWWL WURSSR

FKLDFFKLHURQL SHUFKp YL IDQQR SHUGHUH WHPSR H YRJOLRQR TXDVL HVVHU ORUR D LPSRUYL LO PHWRGR

GL ODYRUR H OH SDUROH� VHQWHQGRVL TXDVL RIIHVL GL YHQLU FRQWLQXDPHQWH LQWHUURJDWL� Ê FHUWR XWLOH

VH LO VRJJHWWR ³FROODERUD´ DOOLQFKLHVWD� DJJLXQJHQGR VLQRQLPL� DQGDQGR GD XQ WHUPLQH DOODO�

WUR HFF� 4XHVWR YD EHQH� « SXUFKp QRQ VLD WURSSR H YL LPSHGLVFD GL FRPSOHWDUH LO YRVWUR

TXHVWLRQDULRª� VL RVVHUYL DOPHQR TXHVW¶DOWUR GL %RWWLJOLRQL ������ ���� TXDQGR SDUOD GL LQ�

��� ,/ ',$/(772 3(5&(3,72

OLQJXLVWLFR VL SXz IRUVH PHJOLR GHVFULYHUH QHO SURVVLPR SDUDJUDIR� ,O SUR�

EOHPD q TXL� GDO SXQWR GL YLVWD ©HWLFRª� FKH VL ULFHUFDQR GDWL VSRQWDQHL� LP�

PHGLDWL� H OL VL RWWLHQH OHJDWL LQ PRGR LQGLVVROXELOH DOOD ULIOHVVLRQH H

DOO¶LQWHUSUHWD]LRQH GDWD GDO SDUODQWH DOOD VXD OLQJXD� KD IRUVH UDJLRQH 6FKOLH�

EHQ�/DQJH ����E� ��� TXDQGR GLFH FKH q SL~ IDFLOH RWWHQHUH JLXGL]L VXOOD

OLQJXD H DWWLWXGHV SLXWWRVWR FKH O¶LPSLHJR UHDOH GHOOD OLQJXD H GHOOH YDULD]LR�

QL OLQJXLVWLFKH LQ JLRFR�� 7XWWDYLD VSHVVR QRQ VL VD IDU XVR GL TXHVWR PDWH�

ULDOH PLVWR� DQFKH VHQ]D VROOHYDUH OD TXHVWLRQH UHODWLYD DOO¶DGHJXDWH]]D GHL

GDWL� TXDOFKH FRQVLGHUD]LRQH XOWHULRUH SXz HVVHUH LQWHUHVVDQWH�

$QFRUD &KDXUDQG ������ GLVWLQJXH LQ PRGR DVVDL SHUVSLFXR WUD PRW UpHO�

OD SDUROD YHUD� FKH YD SULPD GL WXWWR DJJDQFLDWD DG XQ FRQWHVWR GHILQLWR GL

YROWD LQ YROWD GDOOH OLPLWD]LRQL IXQ]LRQDOL GHO OLQJXDJJLR H FDUDWWHUL]]DWR

GDOOD YDULD]LRQH� H PRW VRXYHQLU� OD QRUPD DUFDLFD HG HVRWLFD WDORUD DQFKH

SHU LO WHVWLPRQH� FKH VRYYLHQH DOOD VXD DWWHQ]LRQH ©RUD FKH FL SHQVDª H QHO

FRQWHVWR GL XQD LQWHUYLVWD LQ OLQJXD� ,O PRW VRXYHQLU VL RWWLHQH RYYLDPHQWH GL

SUHIHUHQ]D FRO TXHVWLRQDULR� R FRPXQTXH LQ VLWXD]LRQL OLQJXLVWLFKH VWDQGDU�

GL]]DWH H FDUDWWHUL]]DWH GDOOD ILVVLWj GHL UXROL H GDOO¶DFFHQWR SRVWR VXOOD FRP�

SRQHQWH PHWDOLQJXLVWLFD GHOOD FRPXQLFD]LRQH� 'XQTXH VL ULVFKLD� HG q FLz FXL

IRUPDWRUL DQ]LDQL ©L TXDOL VRQR ORTXDFL H ULQXQ]LDQR PDOYROHQWLHUL DG DJJLXQJHUH DOOH LQIRU�

PD]LRQL ULFKLHVWH TXHOOH QRWL]LH FKH DO UDFFRJOLWRUH VSHVVR QRQ VHUYRQR� PD FKH D ORUR VHP�

EUDQR QHFHVVDULVVLPH� TXDQGR FHUFDWH G¶LQWHUURPSHUOL SHU FRQGXUOL LQ DOWUR RUGLQH GL LGHH�

PRVWUDQR LO ORUR GLVDSSXQWR H VL UDVVHJQDQR PDOYROHQWLHUL D VHJXLUYL� 0D JOL VWHVVL -XG H -D�

EHUJ ����� >����@� ���� DYHYDQR VHJQDODWR FRPH L ULFHUFDWRUL SRVVDQR HVVHUH SRUWDWL ©DOOD

GLVSHUD]LRQHª GD FHUWR WLSR GL LQIRUPDWRUL FKH ©DIIRJDQR O¶HVVHQ]LDOH LQ XQ IOXVVR LQWHUPLQD�

ELOH GL SDUROHª� '¶DOWUD SDUWH q YHUR FKH JOL VFRSL GHOOD ULFHUFD OLQJXLVWLFD VRQR L SL~ YDUL� H

FKH QRQ VHPSUH VL q GLVSRVWL �R QRQ VHPSUH WRUQD XWLOH DOOD ULFHUFD� D PLVXUDUVL FROOH GLIILFLOL

FDWHJRUL]]D]LRQL GL FXOWXUH DQFKH OHJJHUPHQWH GLYHUVH GDOOH QRVWUH� LQ TXHVWL FDVL� IHUPR UH�

VWDQGR FKH LO PHWRGR HVFXVVLYR DGRWWDWR GRYUHEEH HVVHUH SDOHVDWR SHU FRQVHQWLUH LO FRQIURQWR

GL GDWL H ULVXOWDWL� LO ©PDHVWUR GL VFXRODª FKH FRQWLQXDPHQWH FRQWHVWD� FRPPHQWD� RIIUH VSXQWL

GL ULIOHVVLRQH PHWDOLQJXLVWLFD� FHQVLVFH H QRUPDWL]]D SXz HVVHUH� QRQ FKH XQ DLXWR H XQ SUH�

]LRVR FROODERUDWRUH� XQD HIIHWWLYD LDWWXUD� 0L VLD SHUz FRQVHQWLWR GL VSH]]DUH XQD ODQFLD LQ ID�

YRUH GHOOD WDQWR YLWXSHUDWD ILJXUD GHO PDHVWUR GL VFXROD� JHQHUDOPHQWH� D PLR JLXGL]LR� LQFRO�

SHYROH GHOOD SHGDQWHULD H GHOO¶DQVLD QRUPDWLYD FKH SHUDOWUR HIIHWWLYDPHQWH GLPRVWUD� /D VL�

WXD]LRQH VHPEUD HVVHUH EHQ WUDWWHJJLDWD QHO IDPRVR SDVVR GD 8WRSLD GL 7KRPDV 0RUH� ©FKH

DOWUR IDWH YRL" 3ULPD IDWH GHL ODGUL� H SRL OL SXQLWHª� OD QRUPD� TXHOOD HVSOLFLWD H FRJHQWH� VR�

QR VWDWL L OLQJXLVWL DG LQYHQWDUOD� VRQR L OLQJXLVWL DG LQVHJQDUOD D FRORUR FKH OD LQVHJQHUDQQR

DL PDHVWUL� SRL DUULYD LO GLDOHWWRORJR � OLQJXLVWD � H OD ULEDOWD H OD QHJD� R VHPSOLFHPHQWH �H

SHJJLR� GDO SXQWR GL YLVWD GHO PDHVWUR� QH FHUFD XQ¶DOWUD� GLYHUVD� TXHOOD FDWWLYD FKH WL KDQQR

LQVHJQDWR DG HYLWDUH� 'LIILFLOH QRQ FHUFDUH GL RUGLQDUH TXHVWR PRQGR DOOD URYHVFLD� PD

O¶RUGLQH FHUFDWR� TXHOOR GHO OLQJXLVWD� VSHVVR QRQ FRUULVSRQGH�� $OPHQR VH FL VL DFFRQWHQWD GHOOD FRQVDSHYROH]]D GHOOD YDULD]LRQH��� 1HO FRQWHVWR GHOOD VLWXD]LRQH IUDQFHVH �GLDOHWWL G¶RwO�� DVVDL GLYHUVD GDOOD QRVWUD SHUFKp

Oj QHOOD FRQVLGHUD]LRQH GHO SDUODQWH QRQ VLDPR LQ SUHVHQ]D GL VLVWHPL LQ FRQFRUUHQ]D� RJQXQR

SHUFHSLWR FRPH DXWRQRPR� PD GL XQD ©FRUUX]LRQHª GHOO¶XQLFD ©OLQJXDª� DSSXQWR LO IUDQFHVH

VWDQGDUG�

/$ 5,&(5&$ 68/ &$032 ,, ���

VL DFFHQQDYD VRSUD� FKH IDWWL UDUL HG HFFH]LRQDOL VLDQR PHVVL VXOOR VWHVVR SLD�

QR GL DOWUL XVXDOL H FRPXQL� TXLQGL SL~ ©UHDOLª��� R FKH DGGLULWWXUD L SULPL UL�

FHYDQR XQ WUDWWDPHQWR SDUWLFRODUH� JLDFFKp LO SDUODQWH q SL~ GLVSRVWR D SUH�

VWDUH ORUR DWWHQ]LRQH H D FRQVLGHUDUOL SL~ LPSRUWDQWL� Ê DOWUHWWDQWR RYYLR FKH�

RYH LO ILQH GHOOD ULFHUFD VLD DSSXQWR TXHVWD YDOXWD]LRQH� VL SXz DJHYROPHQWH

WUDUUH YDQWDJJLR GDOOD VLWXD]LRQH� FRPH VL q FHUFDWR TXL GL IDUH DWWUDYHUVR OH

LQGDJLQL GHO ILQWR TXHVWLRQDULR �FIU� ,,,�����

,,,������� /D ULJLGD VWUXWWXUD]LRQH GL XQ TXHVWLRQDULR� LQ HIIHWWL� VHPEUD

GDYYHUR VWLPRODUH LO FRQIURQWR H OD ULIOHVVLRQH PHWDOLQJXLVWLFD� VL FIU� &R�*L�

LQ XQD FLWDWD ILQWD LQWHUYLVWD� *DE�� �MHUL � &R�*L�� M«�_ « >ULGH@ D PD� « D GLO

SD�U2OD SHU SD�U2OD SDU PLD Q�6L� >ULGH@ � *DE�� LO �IZ2NR � &R�*L�� X I«�M >ULGH@

« D V(P WLW OL�� (� D SDU�OD NXQ�WLQZR �VHPEUD PLD � *DE�� LO SL�G2NNMR �

&R�*L�� SM«F � *DE�� O �2VVR � &R�*L�� «V « D PD�G2QD WLW WLW Q�VL Q WX�U O (�«

µLHUL« DK� PD D GLUOR SDUROD SHU SDUROD QRQ VHPEUD FRVt��LO IXRFR« VLDPR

WXWWL Ot� D SDUODUH FRQWLQXDWR QRQ VHPEUD��SLGRFFKLR��RVVR« DK 0DGRQQD�

WXWWH WXWWH FRVt LQ JLUR HK¶� 0ROWR LQWHUHVVDQWH q SXUH )R�&$� *DE�� SHJJLR �

&$� SH½ � *DE�� VSHFFKLR � )R�&$�� 6SH½ � *DE�� YHFFKLR � )R�&$�� YH½��� R

E(1 MLQ WL½ H½��� �O(WWR��� X ID��� � *DE�� WHWWR � )R�&$� WH½��� >HVLWD]LRQH@ �

*DE�� SHWWR � )R�&$� >SDXVD GL � VHFRQGL@ �6WXPL��� PD��� � *DE�� E( Q2���

SU(�](0SMR OD PDP�P(OOD GHOOD �PXNND��� � )R�&$� XO SH½��� XO SH½��� X ID�

1ND P2 H½��� X �ÂD��� XO��� LO �O(WWR XO OH½��� LO �S(WWR XO SH½��� ( WH V(W D �N2MDP

L GL�](1��� S«½��� µ«YHFFKLR� R EH¶ VRQR WXWWL H½ OHWWR« ID« �� EH¶ QR� SHU

HVHPSLR OD PDPPHOOD GHOOD PXFFD �� LO SHWWR� LO SHWWR� ID DQFRUD H½ H JLj« LO

OHWWR H LO SHWWR« H VDL D &RLPR GLFRQR S«½¶���

2UD� TXHVWD q O¶RSLQLRQH DQFKH GL 0DJGDOHQD 9XOSH ������ OHJJHUPHQWH

UHLQWHUSUHWDWR�� O¶LQIRUPDWRUH q SRUWDWR ©ERQ JUp PDO JUpª DOOD ULIOHVVLRQH VXO

FRGLFH GDOOD QDWXUD VWHVVD GHOO¶LQFKLHVWD FRO TXHVWLRQDULR� ULSHWLWLYR H LQVL�

VWHQWH VX PLQXWL SDUWLFRODUL OLQJXLVWLFL SUHVHQWDWL LQ VHULH� TXHVWH FDUDWWHULVWL�

�� 8Q SR¶ FRPH VXFFHGH FRO ODWLQR LEHUQLFR� XQ EHOO¶HVHPSLR GL FRGLFH FKH UHFD

O¶LPSURQWD GHOOD ULIOHVVLRQH PHWDOLQJXLVWLFD �GHJOL VFULYHQWL� LQ TXHVWR FDVR�� LO IDWWR GL QRQ

DYHU PDL VXELWR OD FRORQL]]D]LRQH URPDQD H GL FRQVHJXHQ]D GL HVVHUH VWDWL HVSRVWL VROR VSR�

UDGLFDPHQWH DO ODWLQR SDUODWR� KD SRUWDWR JOL LUODQGHVL D FUHDUVL OD ORUR SDUWLFRODUH OLQJXD VHQ�

]D WHQHUH FRQWR GHJOL DPELWL H GHOOH IUHTXHQ]H G¶XVR GHOOH SDUROH� QHO FDVR GXQTXH GL FRSSLH

VLQRQLPLFKH� VSHVVR q VWDWD SUHIHULWD OD SDUROD GDO VXRQR SL~ HVRWLFR H UHERDQWH �SL~ ©PDUFD�

WRª� FRPH SRWUHEEH IDUH O¶LQIRUPDWRUH GL &KDXUDQG�� H OD OHWWXUD� DG HVHPSLR� GHOO¶ +LVSHULFD

IDPLQD R GHOO¶RSHUD GL $GDPQDQXV �ILQH 9,, VHF�� q LOOXPLQDQWH VXL PHFFDQLVPL GL VFHOWD

DXWRQRPD GHOO¶XWHQWH GL XQD OLQJXD� &IU� WUD JOL DOWUL %LHOHU ����� ���� �O¶LQWURGX]LRQH� H

/|IVWHGW ������� $EEDVWDQ]D LQWHUHVVDQWH TXHVW¶XOWLPD IRUPD� FKH HYLGHQWHPHQWH QRQ q WLSLFD GL &RLPR

�VDUHEEH S«F� SHU TXDQWR VLD SRVVLELOH VXO WHUULWRULR� SHU XQD VSLHJD]LRQH FKH SDUWD GDJOL VWH�

UHRWLSL OLQJXLVWLFL FIU� ,,,���

��� ,/ ',$/(772 3(5&(3,72

FKH IRU]DQR LO GLDOHWWRIRQR D IRUQLUH PDWHULDOH ORFDOH ULFFR H YHURVLPLOH�

,QROWUH OD SUHVHQ]D GL XQ OLQJXLVWD HVWUDQHR ©pYHLOOH FKH] O¶LQIRUPDWHXU OH

GpVLU GH FRPSDUHU VD SURSUH IDoRQ GH SDUOHU DX ODQJDJH ½FXOWLYp¾ª ������

����� /¶LQIRUPDWRUH� VL SURVHJXH� QRQ SXz QRQ HVVHUH VWXSLWR GDOO¶LQWHUHVVH

FKH KD LO ULFHUFDWRUH YHUVR OD VXD SDUODWD H TXHVWR PHWWH DOO¶HUWD OD VXD DWWHQ�

]LRQH OLQJXLVWLFD� FKH QRUPDOPHQWH ULPDUUHEEH LQDWWLYD� 1HJOL HWQRWHVWL LQ�

YHFH O¶LQIRUPDWRUH� OD FXL DWWHQ]LRQH q SL~ FHQWUDWD VXO PHVVDJJLR GD WUD�

VPHWWHUH� QRQ KD FRVt IRUWH TXHVWD HVLJHQ]D���

9LHQH GDYYHUR GD FKLHGHUVL� SHU TXHVWD HG DOWUH ULIOHVVLRQL �FIU� TXHOOH

PROWR VLPLOL LQ 0DUWHO ����� ����� VH DOORUD OD FRVFLHQ]D OLQJXLVWLFD QRQ QD�

VFD QHOO¶LQIRUPDWRUH �GXQTXH QHO SDUODQWH� DO PRPHQWR GHOO¶LQFKLHVWD� R VH

SLXWWRVWR QRQ QDVFD LQ WDOH PRPHQWR OD FRVFLHQ]D OLQJXLVWLFD SHU FRPH OD

LQWHQGH LO ULFHUFDWRUH� &DQREELR�7HOPRQ ���� ,� ���� ULYHQGLFDQR JLXVWD�

PHQWH DOO¶LQIRUPDWRUH OD FDSDFLWj GL ©³GLIHQGHUVL´ QRQ VROR GDO TXHVWLRQDULR�

PD DQFKH GDO ULFHUFDWRUHª� GL QRQ ODVFLDUVL VFKLDFFLDUH H SODJLDUH

GDOO¶LQVROLWR HYHQWR OLQJXLVWLFR µLQWHUYLVWD GLDOHWWRORJLFD¶� ©JOL LQIRUPDWRUL

VHPEUDQR GLIHQGHUH VH VWHVVL H OD ORUR DXWRQRPLD OLQJXLVWLFD H FXOWXUDOH >«@

JUD]LH DOO¶LPSLHJR GL GLYHUVH VWUDWHJLH�� >«@ HVHPSOLILFDQGR� DWWXDOL]]DQGR�

PD DQFKH ULILXWDQGR FRQ WHQDFLD >«@ GL ULVSRQGHUH D GRPDQGH FKH VLDQR LQ

TXDOFKH PLVXUD ³VIDVDWH´ ULVSHWWR DOOD UHDOWj ORFDOHª� ,QROWUH� VL SURVHJXH� JOL

LQIRUPDWRUL GLYHQWDQR VRJJHWWL GHOO¶LQWHUYLVWD TXDQGR SRQJRQR GRPDQGH GL

FKLDULPHQWR R DSSURIRQGLPHQWR� R TXDQGR FHUFDQR GL IRFDOL]]DUH ©JOL RJJHW�

WL� L FRQFHWWL R OH HVSUHVVLRQL ³JLXVWH´ DO GL Oj H QRQRVWDQWH OD IRUPXOD]LRQH

GHOOD GRPDQGDª� 0D TXHVWD GLIHVD QRQ q IRUVH LO QDVFHUH QHOOD FRVFLHQ]D OLQ�

JXLVWLFD GHOO¶LQIRUPDWRUH GL FDWHJRULH VLPLOL D TXHOOH SRVVHGXWH GDO ULFHUFDWR�

UH �H GDOOD VXD FXOWXUD� FKH KD GLULPSHWWR" 6LPLOL� H SHUFLz FRPSDUDELOL H FKH

HYHQWXDOPHQWH SRVVRQR HVVHUH FRQWUDSSRVWH� H OD VWUDWHJLD GHO SDUODQWH FXL VL

IDFHYD FHQQR DOORUD VDUj IRUVH ULFRQRVFLELOH FRPH WDOH SHUFKp� SURYD H ULSUR�

YD� VL q DYYLFLQDWD DG XQ PRGHOOR VWUDWHJLFR FRPSUHQVLELOH DO OLQJXLVWD���

�� $OO¶LQWHUQR SRL GHL WHVWL VL SRQJRQR GLIIHUHQ]H GL UHD]LRQH PHWDOLQJXLVWLFD WUD OH GH�

VFUL]LRQL� FKH ULFKLHGRQR SL~ VIRU]R LQWHOOHWWXDOH H GXQTXH SL~ DWWHQ]LRQH �SHUFKp VHFRQGR

9XOSH DO GLDOHWWRIRQR QRQ FDSLWD VSHVVR GL GHVFULYHUH TXDOFRVD R TXDOFKH SURFHVVR� H OH QDU�

UD]LRQL� SL~ IDFLOL H QDWXUDOL H TXLQGL DQFRU PHQR VWLPRODQWL OD ULIOHVVLRQH� &IU� 9XOSH �����

��� OD GHVFUL]LRQH GL DWWLYLWj R FRVWXPDQ]H VWLPROD OD ULIOHVVLRQH PHWDOLQJXLVWLFD SL~ FKH LO

UDFFRQWR SHUFKp ©Q¶HVW SDV XQH PRGDOLWp G¶HVSUHVVLRQ FRXWXPLqUH GX SD\VDQ� HW HOOH OXL UDS�

SHOOH� SHXW�rWUH� VHV UpSRQVHV GRQQpHV HQ FODVVHª >FRUVLYR PLR@��� ©$QFKH VH LQ JHQHUH TXDQGR VL SDUOD GL ³VWUDWHJLH G¶LQFKLHVWD´ VL DOOXGH VHPSUH H VROR D

TXHOOH PHVVH LQ DWWR GDO UDFFRJOLWRUHª >1RWD ���� GHO WHVWR@��� 6L FIU� WXWWDYLD 7HOPRQ ����� � ©QRQ VHPSUH LO VHQWLPHQWR GHOO¶DSSDUHQWDPHQWR OLQJXL�

VWLFR SUHVHQWH LQ XQD FHUWD FRPXQLWj FRLQFLGH FRQ JOL DSSDUHQWDPHQWL SRVWXODWL GDJOL VWXGLRVL�

>«@ QRQ VHPSUH L VRJJHWWLYL FRLQFLGRQR FRQ L FRQILQL GLDOHWWDOL ½RJJHWWLYL¾ª� $YHYDPR DQFKH

QRWDWR FKH� JUD]LH DOOD FRVFLHQ]D OLQJXLVWLFD� ©O¶LQIRUPDWRUH FDSLVFH TXDVL VHPSUH LPPHGLD�

WDPHQWH TXDOH YDULHWj GLDOHWWDOH GHVLGHUD UDFFRJOLHUH LO ULFHUFDWRUH HG LQ RJQL FDVR LO VXR VHQ�

/$ 5,&(5&$ 68/ &$032 ,, ���

,Q VRVWDQ]D� OD SHUVRQD FKH VL VRWWRSRQH DOO¶LQFKLHVWD OLQJXLVWLFD �VH OD YL�

YH FRPH XQ WHVW� QRQ q Qp VSRQWDQHD Qp GHO WXWWR LQ EDOLD GHOOD VWUXWWXUD]LRQH

GHOO¶LQWHUYLVWD H GHO PRQGR FKH OH LPSRQH LO ULFHUFDWRUH� RFFRUUH GXQTXH

SDUWLFRODUH DWWHQ]LRQH QHO YDOXWDUH OH VXH SURGX]LRQL OLQJXLVWLFKH� FKH VRQR

IRUQLWH VHPSUH LQWHUSUHWDWH� QRQ VSRQWDQHH H UHDOL� PD QHSSXUH FRPSOHWD�

PHQWH ILOWUDWH DWWUDYHUVR OD VRYUDLPSRVL]LRQH GL PRGHOOL GHO WXWWR HVWUDQHL�

9DUUHEEH IRUVH OD SHQD GL DSSURIRQGLUH OD TXHVWLRQH FRQWUDULD� VH FLRq

XQ¶LQFKLHVWD OLQJXLVWLFD SDUWLFRODUPHQWH VWUXWWXUDWD� LQFDO]DQWH H VWDQFDQWH

SHU O¶LQIRUPDWRUH QRQ FRQGXFD� DOOD ILQH� DOOD FDGXWD GL TXHVWH VWUDWHJLH H GL

RJQL YLVLRQH VRYULPSRVWD GHOOD OLQJXD� SRUWDQGR LO SDUODQWH DG DIILGDUVL FRP�

SOHWDPHQWH DOOD PHPRULD D EUHYH WHUPLQH �H GXQTXH DOO¶XVR UHDOH�� VHQ]D

SRWHU DYHUH DFFHVVR D TXHOOD ©ULVHUYD OLQJXLVWLFDª �7HDKD ����� ��� FKH FR�

VWLWXLVFH O¶DVSHWWR SDUDGLJPDWLFR GHOOD SDUROH H SHUPHWWH O¶LVWLWX]LRQH GL FRQ�

IURQWL� 1RQ SRVVHJJR GDWL VXOO¶DUJRPHQWR� SHUFKp OH PLH LQWHUYLVWH� DQFKH

TXHOOH IDOVH� QRQ VRQR PDL DQGDWH LQ TXHVWD GLUH]LRQH� SHUz ULWHQJR FKH VLD

XQ¶LGHD GD VYLOXSSDUH� DQFKH VH EHQLQWHVR L ULVFKL GL ULVSRVWH LWDOLDQL]]DQWL

SHU VWDQFKH]]D R DGHVLRQH DO PRGXOR GHO ULFHUFDWRUH VHPEUDQR SLXWWRVWR IRU�

WL�

,,,������� /D FRQVLGHUD]LRQH FKH GL IDWWR L GDWL RWWHQXWL FRQ XQ¶LQFKLHVWD

GLDOHWWRORJLFD VRQR FRPXQTXH LQGLVVROXELOPHQWH OHJDWL DOO¶DWWLYLWj PHWDOLQ�

JXLVWLFD �LO SUREOHPD VWD QHOOD SRVVLELOLWj GL VFLQGHUH WUD L GXH OLYHOOL LQ IDVH

GL HODERUD]LRQH GHL ULVXOWDWL� SRWUHEEH LQGXUUH D LQFKLHVWH FRQ TXHVWLRQDULR

GHOLEHUDWDPHQWH PHWDOLQJXLVWLFR� 8Q HVHPSLR SDUWLFRODUPHQWH YLFLQR

DOO¶DUJRPHQWR GHO SUHVHQWH VWXGLR q UDSSUHVHQWDWR GDO FLWDWR TXHVWLRQDULR

&5(+23� $OFXQH GHOOH GRPDQGH VRQR HIIHWWLYDPHQWH LQWHUHVVDQWL� %�

VHORQG OXL > O¶LQIRUPDWRUH@ TXHO HVW OH QLYHDX GX GLDOHFW SDUOp SDU �VHV

DVFHQGHQWV� VRQ FRQMRLQW� VHV GHVFHQGHQWV"� RSSXUH &� TXHOOHV VRQW OHV

VLWXDWLRQV RX OHV VRXMHWV G¶H[FOXVLRQ RX G¶REOLJDWLRQ DEVROXH GH O¶XQH RX

O¶DXWUH ODQJXH" > SDWRLV H IUDQFHVH@� RSSXUH TXHOOH� FKH ULFRUGDQR XQ SRFR

TXHOOH GHOO¶$WODQWH OLQJXLVWLFR GL ,WRLJDZD� VXL FRQILQL OLQJXLVWLFL VRJJHWWLYL�

WUD FXL PHQR XVXDOL '� D SDUWLU G¶R~ QH VH FRPSUHQG�RQ SOXV GX WRXW" H '�

GRQQH�W�RQ XQ QRP DX[ JHQV TXL SDUOHQW DXWUHPHQW"� R DQFKH OD (�� SL~ VSH�

FLILFDPHQWH DGDWWD DO PRGHOOR IUDQFHVH� PD XVDELOH DQFKH SHU OD VLWXD]LRQH

LWDOLDQD� TXHO HVW O¶RUGUH G¶LPSRUWDQFH RX GH YDORU HQWUH � GLDOHFWH � SDWRLV �

IUDQoDLV ©UHJLRQDOª � IUDQoDLV ©RIILFLHOª HG DOWUH�

WLPHQWR OLQJXLVWLFR OR SRUWD TXDVL LQHYLWDELOPHQWH D SULYLOHJLDUH FLz FKH DO ½VHQVR GHOOD WUDGL�

]LRQH¾ q LQWLPDPHQWH FRQQHVVRª �FIU� VXELWR VRWWR� O¶LQWHUYLVWD FRPH WUDVPLVVLRQH GHO VDSHUH��

/¶LQFKLHVWD GLDOHWWDOH q FRPXQTXH VHPSUH XQ ©HVHUFL]LR GL WUDGX]LRQHª� FKH ID ULIHULPHQWR DG

XQD YLJLOH H PDWXUD FRVFLHQ]D OLQJXLVWLFD GD SDUWH GHOO¶LQIRUPDWRUH�

��� ,/ ',$/(772 3(5&(3,72

6RQR YHQXWR D FRQRVFHQ]D GL XQ WDOH TXHVWLRQDULR VROR GRSR OD FRQFOX�

VLRQH GHOOD PDJJLRU SDUWH GHOOH LQFKLHVWH� QRQ QH FRQRVFR SHUFLz LO UHQGL�

PHQWR VXO FDPSR� WXWWDYLD� VHPSUH QHOO¶RWWLFD GHOO¶LQFKLHVWD OLQJXLVWLFD OHWWD

FRPH WHVW� VHPEUD GL SRWHU DFFRJOLHUH DOFXQH GHOOH FULWLFKH HVSRVWH GD 0RX�

JLQ ������ ���� TXHVWR PRGR GL DJLUH WUDPLWH TXHVWLRQDULR� ROWUH DO VROLWR UL�

VFKLR GL LPSRUUH DO VRJJHWWR FRQFHWWL FKH QRQ IDQQR SDUWH GHOOD VXD SUDWLFD

OLQJXLVWLFD��� SUHVXSSRQH JLj SUHRFFXSD]LRQL GL QDWXUD OLQJXLVWLFD SUHVVR LO

SDUODQWH �SHU HVHPSLR VXOOH RULJLQL H OH GLIIHUHQ]H GHOOH OLQJXH�� LQIDWWL ©SR�

VHU XQD TXHVWLRQH SUpVXSSRVH LPSOLFLWHPHQW TX¶HOOH DLW XQ VHQV SRXU FHX[ j

TXL RQ OD SRVHª��� ( TXHVWD RUJDQL]]D]LRQH GHOO¶HYHQWR OLQJXLVWLFR

VRVWDQ]LDOPHQWH HVWUDQHD DOO¶LQIRUPDWRUH ID Vt FKH ©O¶HQTrWHXU DSSDUDvW DORUV

VLWXp FXOWXUHOOHPHQW HW VRFLRORJLTXHPHQW FRPPH XQ VXSHULRU� GpWHQWRU GH

VDYRLU� GRQW O¶XQLTXH SURSRV HVW GH PHVXUHU OD QDwYHWp GHV UHSUpVHQWDWLRQV

UXUDOHV VXU OD ODQJXHª� $OORUD LO TXHVWLRQDULR GLYHQWD GDYYHUR XQ WHVW GL FR�

QRVFHQ]D� DO TXDOH O¶LQIRUPDWRUH QRQ VD ULVSRQGHUH�

,,,����� /¶LQFKLHVWD FRPH WUDVPLVVLRQH GHO VDSHUH

,,,������� Ê LO ODWR XPDQR H DPLFKHYROH GHOO¶HYHQWR OLQJXLVWLFR� H LQ TXHVWD

FKLDYH O¶LQFKLHVWD q SL~ GLIILFLOH SHU LO ULFHUFDWRUH �FKH SHUz GRYUHEEH HVVHUH

SURIHVVLRQDOPHQWH SUHSDUDWR D IDUYL IURQWH� FKH SHU O¶LQIRUPDWRUH� 3DUWLUHL

DQFRUD GDOOH RVVHUYD]LRQL GL 0RXJLQ ������ ���� TXDQGR QRWD FKH OD GLIIH�

UHQ]D G¶HWj WUD WHVWLPRQH H ULFHUFDWRUH KD FRQWULEXLWR VSHVVR� QHOOH VXH LQGD�

JLQL� D FUHDUH XQD VLWXD]LRQH SHU FXL O¶LQFKLHVWD HUD YLVWD FRPH PRPHQWR GL

WUDVPLVVLRQH GHO VDSHUH� D WXWWR YDQWDJJLR GHOOD VSRQWDQHLWj H GHOOH

³GLJUHVVLRQL HWQRJUDILFKH´���

�� &RVD SDUWLFRODUPHQWH VSLDFHYROH LQ LQFKLHVWH SURJUDPPDWLFDPHQWH YROWH DG LQGDJDUH OH

RSLQLRQL GHO SDUODQWH��� 2OWUH DOOD FODVVLFD VFXROD GHOO¶(WQRVFLHQ]D� FKH KD SDUWLFRODUPHQWH ULIOHWWXWR VXOOD TXH�

VWLRQH �H SHU FXL FIU� ,,����� VL YHGD DOPHQR� SHU O¶LPSRUWDQ]D GHO SUREOHPD &LFRXUHO �����

���� SHU FXL OH SURFHGXUH GL LQFKLHVWD GDQQR SHU VFRQWDWR FKH O¶LQIRUPDWRUH VDSSLD FRVWUXLUH

GHOOH ULVSRVWH FRHUHQWL D GRPDQGH SRVWH VX DUJRPHQWL VXL TXDOL QRQ DYHYD PDL ULIOHWWXWR R FKH

QRQ DYHYD PDL FRQVLGHUDWR HVSOLFLWDPHQWH� 4XDQGR SHUz QRQ q LQ JUDGR GL IDUOR� DOORUD VL GL�

FH FKH O¶LQIRUPDWRUH VEDJOLD� 0HQWUH ����� ©PRVW RI ZKDW LV RI LQWHUHVW WR LQYHVWLJDWRUV LV

EH\RQG WKH LQIRUPDQW¶V DELOLW\ WR DUWLFXODWH LWV PHDQLQJ LQ WKH ZD\ LQ ZKLFK ZH >UHVHDUFKHUV@

ZRXOG OLNH RU H[SHFWª H LQROWUH QRQ VL FRQVLGHUD ����� OD GLIILFROWj GHOO¶LQIRUPDWRUH GL PDQL�

SRODUH LQIRUPD]LRQL QRQ LPPDJD]]LQDWH H FODVVLILFDWH LQ XQ IRUPDWR FRPSDWLELOH FRQ OH GR�

PDQGH FKH JOL YHQJRQR IDWWH �TXHVWR DVSHWWR q FKLDPDWR ©SDUDSKUDVH SUREOHPª GD 1RUPDQ��

FKH VSHVVR QRQ VRQR FRQVLGHUDWH FRHUHQWL FRQ VH VWHVVH GDOO¶LQIRUPDWRUH�

�� 0RXJLQ ����� �� ©OHV WpPRLQV VRQW DORUV VRUWLV GX OLHX FRPPXQ SRXU UDFFRQWHU GHV

DQHFGRWHV YpFXHV HW OD VLWXWLRQ G¶HQTXrWH HVW DLQVL GHYHQXH RFFDVLRQ GH VRFLDELOLWp HW VRXUFH

GH SODLVLU SDUWDJpª� LQ FXL q LPSRUWDQWH OD SUHVXSSRVL]LRQH GHOOD SULPD IUDVH� QHOOH LQFKLHVWH

©QRUPDOLª VL UDFFROJRQR OXRJKL FRPXQL�

/$ 5,&(5&$ 68/ &$032 ,, ���

Ê TXHVWD� FUHGR� XQ¶HVSHULHQ]D FRPXQH D PROWL ULFHUFDWRUL JLRYDQL� VR�SUDWWXWWR VH VL LQWHUHVVDQR DOOD GLPHQVLRQH HWQRJUDILFD GHOOD ULFHUFD GLDOHW�WDOH� LQ 9DOOH O¶LGHD GHOO¶LQVHJQDPHQWR� SURSULR QHO VHQVR LQWHVR GDOOD 0RX�JLQ� F¶q QHOOD IUDVH GL &R�*LX� ER1 QH�D1NH L PM(M ILdL PL �DQQR PDM �NM(6WR

�WDQWH �NR]H VXO PMR OD�ZRUR��� QRQ dL QWHUHV�VDYD��� ½L VRQR �WDQWH �N2]( NH

NZL LQ ZDO�OH QRQ OH �VDQQR �SMX D GL]L PL�D L JX�jLW PD �jD1ND L PH IM«�M µEH¶QHDQFKH L PLHL ILJOL PL KDQQR PDL FKLHVWR WDQWH FRVH VXO PLR ODYRUR� QRQ JOL

LQWHUHVVDYD« FL VRQR WDQWH FRVH FKH TXL LQ YDOOH QRQ OH VDQQR SL~� QRQ GLFR L

EDPELQL� PD DQFKH L PLHL ILJOL«¶� RSSXUH LQ TXHVWD FRQVLGHUD]LRQH GL

6PP�3%� LQ ULVSRVWD DL PLHL ULQJUD]LDPHQWL SHU OH SUH]LRVH LQIRUPD]LRQL H

UDFFRQWL FKH PL DYHYD WHVWp IRUQLWR� D� �GL]L D VXQ PL N D M2 GD ULQJUD�¹MDUWL

SDU�N(���� D VXQ E( NXQW�(QW NH 6WL U2S NL D V �S(UGHQ PLD��� 6L D �GL]L QXMH½ L

VD�YHP WLW YD E(1 N L VXQW �NZML N L VDQ PLD��� PD �GRSX��� D VX PLD��� D �NU(GL

N D V �S(UGH1��� VX PLD��� DOP�(Q �16L L �V(UYHQ D 1 NZDM�N2V µDK� GLFR� VRQR LR

FKH GHYR ULQJUD]LDUWL SHUFKp« VRQ EHQ FRQWHQWR FKH TXHVWH FRVH QRQ VL SHU�

GDQR« Vt GLFR� QRL OH VDSSLDPR WXWWL �YD EHQH FKH FL VRQR TXHOOL FKH QRQ OH

VDQQR� PD SRL QRQ VR� FUHGR FKH VL SHUGDQR« QRQ VR« DOPHQR FRVt VHUYRQR

D TXDOFRVD¶ > L SDUDJRQL VWDQGDUGL]]DWL FKH PL DYHYD DSSHQD PRVWUDWR� GR�

SR DYHUOL UDFFROWL SHU DQQL VX XQ TXDGHUQHWWR@� VLPLOH OD UHD]LRQH GL 9L�%HQ�( �ÂXVWR NH QRQ VL GL�PHQWLFDQR OH �YHNNMH SD�U2OH ER1 G(V D G\�]D�M 1ND P2

VX PLD��� OD �YLWD ( PROWR ND0�EMDWD��� PD VX1 E( NXQ�W(�QW N D V VN�ULY(1

�ÂL��� N M ML1 GL �ÂXZLQ N L V LQWH�U(V¼1 µq JLXVWR FKH QRQ VL GLPHQWLFKLQR OH

YHFFKLH SDUROH« EH¶ DGHVVR D XVDUOH DQFRUD QRQ VR� OD YLWD q PROWR FDPELD�

WD� PD VRQR PROWR FRQWHQWR FKH VL VFULYRQR� FKH FL VRQR GHL JLRYDQL FKH VL

LQWHUHVVDQR¶�

4XHVWR VH VL ULVSHWWD LO OLYHOOR SL~ LPPHGLDWR GL LQWHUHVVH HWQR�OLQJXLVWLFR

GHO SDUODQWH� FKH VHPEUD HVVHUH OD FRQVHUYD]LRQH H OD WUDGL]LRQH GHOOD SUR�

SULD FXOWXUD� 'XH FRQVLGHUD]LRQL YDQQR SHUz IDWWH� VL q GHILQLWR ©OLYHOOR SL~

LPPHGLDWRª LO UHFXSHUR FXOWXUDOH SHUFKp TXHVWD q OD SULPD UDJLRQH FKH SRVVD

YHQLUH LQ PHQWH DO GLDOHWWRIRQR SHU GDUH XQ VHQVR DOOH VWUDQH LQFKLHVWH OLQ�

JXLVWLFKH D FXL SDUWHFLSD� PD L PLHL FROODERUDWRUL LQWHUQL VL VRQR� FRO WHPSR�

PROWR LQWHUHVVDWL SXUH DOOH ULFHUFKH VXOOD YDULD]LRQH FKH FRPSRUWDYDQR OR

VWXGLR GL SDUWLFRODUL DQFKH PLQXWL H GL LQWHUHVVH LPPHGLDWR PHQR HYLGHQWH

�O¶DSHUWXUD GL XQD YRFDOH R FRVt YLD�� 4XDQWR DOOD WUDGL]LRQH GHOOD SURSULD

FXOWXUD �QHO VHQVR GHO SDVVDJJLR� GHO IDWWR FKH VLD WUDPDQGDWD�� WURYR FKH D

YROHU DIIURQWDUH LO SUREOHPD VHQ]D SUHJLXGL]L QRQ VL SRVVD QRQ PLVXUDUVL FRQ

JOL VSXQWL GHOO¶LPSRUWDQWH� SXU QHO VXR VFRQYROJHQWH H UDGLFDOH SHVVLPLVPR�

DUWLFROR GL *LDQQD 0DUFDWR ���� �FH QH RFFXSLDPR DQFKH D TXHVWR SXQWR

SHUFKp� FRPH q RYYLR� JOL DWWHJJLDPHQWL QHL FRQIURQWL GHOOD SURSULD FXOWXUD

LQIOXHQ]DQR QRWHYROPHQWH OH GLQDPLFKH GHOO¶LQFKLHVWD YLVWD FRPH WUDVPLV�

VLRQH GHO VDSHUH� H D ORUR YROWD VRQR GD TXHVWD LQGDJDWH H VSLHJDWH�� ©GLDOHWWR

��� ,/ ',$/(772 3(5&(3,72

q IDPH� q IUHGGR� q IDPLJOLD SDWULDUFDOH LQ FXL F¶q WHPSR VROR SHU LO ODYRUR

>«@ ½QR JKHPR WHPSR SDU O¶LWDOLDQ� VHPR QDWL VX VWR PHVWLHUR SDUFKp JKH JH�

UD PH SDSj DQFRUD QD YROWD H QR JKHPR WHPSR GH SDUODUH LWDOLDQ¾ >«@ 'LD�

OHWWR q DQFKH HVFOXVLRQH� PLVXUD GHOO¶HPDUJLQD]LRQH FXL DOWUL FRQGDQQDQR�

GHOOD LQFRPSUHQVLRQH FKH FRLQYROJH DQFKH L ELVRJQL HVLVWHQ]LDOL LQ VLWXD]LRQL

VTXLOLEUDWHª� ��������� ( GXQTXH ©FKL SRVVLHGH VROR LO GLDOHWWR QRQ YXROH

FKH LO GLDOHWWR VRSUDYYLYD� QRQ YXROH FKH L VXRL ILJOL OR SDUOLQR FRPH OLQJXD�

PD YXROH� TXHVWR Vt� FKH OD SURSULD FXOWXUD VLD ULVSHWWDWDª� ����� /¶XVR GL XQ

DOWUR FRGLFH� O¶LWDOLDQR� GL FRPSHWHQ]D PDOVLFXUD� QRQ VROR PDUFD OH GLIIH�

UHQ]H� PD LPSRQH DQFKH XQD ULRUJDQL]]D]LRQH GHOOH FRQRVFHQ]H FXOWXUDOL�

©ILQFKp XQR XWLOL]]D OD OLQJXD GHJOL DOWUL QRQ SXz SDUODUH� ½SDUFKp ILQFKp

SHQVR D FRVD FKH JR GD GLUH JR 6D VEDOLj¾��� >«@ DOORUD LQ LWDOLDQR FL VL ½GL�

IHQGH¾� FL VL ½SRUWD IXRUL¾� FL VL ½VSLHJD¾� PD QRQ VL SDUODª� ����� �&IU� /HR�

QDUG ����� SHU L FXL WHVWLPRQL SDUODUH IUDQFHVH VL WUDGXFH FRQ µV¶H[SOLTXHU¶��

4XLQGL� VHPSUH VHFRQGR 0DUFDWR� ©WXWWL TXHOOL FKH QRQ VDQQR SDUODUH FKH

GLDOHWWR DFFHWWDQR FRQ HQWXVLDVPR O¶LSRWHVL FKH HVVR VFRPSDLD� JLXQJHQGR

DQFKH DO SDUDGRVVR GL DIIHUPDUH ½VDUHEEH EHOOR DQFKH VH PL WRFFKHUHEEH

VHPSUH WDFHUH¾ >«@ &¶q LQYHFH FKL VL UDPPDULFD FKH LO GLDOHWWR VFRPSDLD�

FKH QRQ VLD SL~ µSXUR¶ FRQ TXHOOH EHOOH SDUROH FKH IDQQR WDQWR IROFORUH� FKL VL

DXJXUD FKH YHQJD WUDPDQGDWR VHQ]D FRQWDPLQD]LRQH DOFXQD� ( WUD TXHVWL QRQ

F¶q QHVVXQR FKH QRQ VDSSLD O¶LWDOLDQR� H WXWWL TXHVWL DIIHUPDQR GL XVDUH Vt LO

GLDOHWWR� PD XQ GLDOHWWR FRUUHWWR� PROWR PROWR GLYHUVR GD TXHOOR GHL FRQWDGL�

QLª ����������

2UD� OD FRQGL]LRQH GHL SLFFROL SURSULHWDUL WHUULHUL PRQWDQL q SUREDELO�

PHQWH DVVDL GLYHUVD GD TXHOOD �FKH q VWDWD� GHL EUDFFLDQWL GHOOD ©EDVVDª���

QRQ PL VHQWR GXQTXH GL HVVHUH FRVt UDGLFDOH� DOPHQR EDVDQGRPL VXOOH LP�

SUHVVLRQL FKH GHULYDQR GDL PLHL GDWL H GDOOH PLH RVVHUYD]LRQL H IUHTXHQWD]LR�

QL GHOOD FRPXQLWj GHOOD YDOOH 9LJH]]R� Ê YHUR FKH QRQ HVLVWRQR RUPDL LQ

9DOOH PRQROLQJXL GLDOHWWDOL� H FKH DQ]L OD FRQRVFHQ]D GHOO¶LWDOLDQR q EXRQD H

GLIIXVD� PD� FRPH VL q GHWWR DOWURYH� O¶DWWDFFDPHQWR DO GLDOHWWR q SLXWWRVWR

IRUWH �DQFKH VH WDORUD FH QH VL YHUJRJQD XQ SRFR�� H IRUWH q DQFKH OD YRORQWj

GL LQVHJQDUOR H WUDPDQGDUOR��� /D VLWXD]LRQH JHQHUDOPHQWH SL~ VHUHQD GHOOD

9DOOH VHPEUD WXWWDYLD FRQIHUPDUH LQ QHJDWLYR OH DIIHUPD]LRQL GL *LDQQD

�� 1RQ q GHWWR QHOO¶DUWLFROR� PD FUHGR FKH µ�µ VLD GD LQWHQGHUH FRPH ^]`��� '¶DOWUD SDUWH DQFKH -DEHUJ H -XG ���� >����@� ��� ULOHYDYDQR FKH ©L SHJJLRUL LQIRU�

PDWRUL OL DEELDPR WURYDWL IUD LO SUROHWDULDWR DJULFROR GHOOD SLDQXUD YHQHWDª� PHQWUH ORGDYDQR

OD VLFXUH]]D GHO SLFFROR SURSULHWDULR JULJLRQHVH H GHO 7LFLQR� DOWD /RPEDUGLD H 7UHQWLQR�

�� &IU� DQFKH %HUUXWR ����� �� ©YL q SL~ GL XQ VLQWRPR FKH LQGXFH H ULWHQHUH >«@ FKH LO

GLDOHWWR QHL SULPL DQQL QRYDQWD VL VWLD DYYLDQGR D SHUGHUH LO YDORUH QHJDWLYR GL FROORFD]LRQH

VRFLDOH EDVVD H VYDQWDJJLDWD� GL GLVFULPLQD]LRQH GL SUHVWLJLR HFF�� H VWLD GLYHQWDQGR GD TXHVWR

SXQWR GL YLVWD DVVDL SL~ QHXWURª�

/$ 5,&(5&$ 68/ &$032 ,, ���

0DUFDWR ����� QHO TXDGUR GL XQD XQD DWWLWXGH IDYRUHYROH QHL FRQIURQWL GHO

GLDOHWWR SLXWWRVWR JHQHUDOL]]DWD� DOPHQR DO OLYHOOR GHOO¶DIIHUPD]LRQH� H SL~

WUD OH FODVVL GL HWj PHQR HOHYDWD� PD DQFKH SUHVVR JOL DQ]LDQL FRQVHUYDWRUL�

F¶q HIIHWWLYDPHQWH XQ JUXSSR GL SHUVRQH �LQ SLFFROD PLQRUDQ]D� FKH ULILXWD LO

GLDOHWWR� VL WUDWWD VHJQDWDPHQWH GHOOH GRQQH GL FODVVH EDVVD� VFDUVLVVLPD

LVWUX]LRQH� PHQR EXRQD SDGURQDQ]D GHOO¶LWDOLDQR H SDVVDWR VHPLFRQWDGLQR R

EUDFFLDQWH��� /¶©DULVWRFUD]LD FRQWDGLQDª GHOOD YLFLQtD H GHL SURSULHWDUL DQFKH

GL SLFFROLVVLPL DSSH]]DPHQWL FKH KDQQR VHPSUH DOWHUQDWR LO ODYRUR GHL FDPSL

FRQ DOWUH RFFXSD]LRQL��� LQYHFH� QRQ KD DOFXQD GLIILFROWj DG DSSRJJLDUH LGHH

H PRYLPHQWL QRQ VROR GL UHFXSHUR FXOWXUDOH� PD DQFKH GL VWXGLR GHOOD OLQJXD

SHU VH� TXHVWR VWUDWR FRVWLWXLVFH OD EDVH GHO WHVVXWR VRFLDOH WUDGL]LRQDOH GHOOD

YDO 9LJH]]R�

,,,������� $QFKH &DQREELR�7HOPRQ ����� ,� �� DIIHUPDQR� VXOOD EDVH

GHOO¶HVSHULHQ]D GHOO¶$/(32� FKH O¶LQFKLHVWD SHU SLDFHUH DOO¶LQIRUPDWRUH �R

DOPHQR� YRUUHL DJJLXQJHUH� DO WLSR GL LQIRUPDWRUH GHOLQHDWR SL~ VRSUD� FKH q

SRL TXHOOR SL~ IUHTXHQWH QHOO¶DUHD DOSLQD� GHYH HVVHUH FRQFHSLWD FRPH XQ LQ�

VHJQDPHQWR FKH TXHVWL LPSDUWLVFH DO UDSSUHVHQWDQWH GHOOD FXOWXUD XIILFLDOH

�� 6RQR LQWHUHVVDQWL OH RVVHUYD]LRQL GHOOD PRJOLH GL )R�&$� �ULPDVWD SHU PH DQRQLPD��

DOO¶LQL]LR GHOOH PLH LQFKLHVWH FRO PDULWR� GRSR DYHU FULWLFDWR LO IDWWR FKH VL SHUGHVVH WHPSR D

LQWHUHVVDUVL GHO GLDOHWWR� KD HVFODPDWR� D� D� SDU PL� XO GLD�O(W X O ( XQD VNL�I(W¹D��� O LWD�OMD1 O

LWLD�OMDQ��� D GXY�UHVLP SDU�OD L�WD��OL�D�1��� ^���` L JX�jLW L DQ GH SDU�OD WD�OMD1 YD PLD E(1 N L

�SDUO(1��� YD OD �NZDQGR �YHGL XQR GL NZ(L ED0�ELQL OL� N D �SDUO(Q XO GLD�O(W D 6WD PLD E(1���

WLW �6SLUN X ND�SLV(1 �j(QW��� ^���` NZD1 XQ ED0�ELQR SDUO ¹D LWD�OMDQ OD YD S\ E(Q HNX µDK� DK�

SHU PH LO GLDOHWWR q XQD VFKLIH]]D« O¶LWDOLDQR� O¶LWDOLDQR« GRYUHPPR SDUODUH LWDOLDQR� QRQ

YD EHQH FKH SDUOLQR« YHGL� TXDQGR YHGL XQR GL TXHL EDPELQL Ot FKH SDUODQR GLDOHWWR QRQ VWD

EHQH« WXWWL VSRUFKL QRQ FDSLVFRQR QLHQWH« TXDQGR XQ EDPELQR SDUOD LWDOLDQR YD SL~ EHQH�

HFFR¶� ,O GXULVVLPR JLXGL]LR q VWDWR SHUz WHPSHUDWR QHO FRUVR GHOO¶HYHQWR OLQJXLVWLFR� H LO UL�

ILXWR OLQJXLVWLFR H FXOWXUDOH HSLGHUPLFR GHOO¶LQL]LR KD ODVFLDWR LO SRVWR DG XQD ERQDULD GLVDS�

SURYD]LRQH VFKHU]RVD� QRQ VL WRUQD LQGLHWUR� QHO WHPSR H QHO SURJUHVVR� PD RUPDL LO SHJJLR q

SDVVDWR� QRL 6L NH D�EMDPR ODYR�UDWR GD �ÂRZDQL��� LR QRQ �SRVVR SMX YH�GHUH �jDQNH OH �NRUQD

GHOOH �PXNNH QRQ VROR OH �PXNNH��� µQRL Vt FKH DEELDPR ODYRUDWR GD JLRYDQL« LR QRQ SRVVR

SL~ YHGHUH QHDQFKH OH FRUQD GHOOH PXFFKH� QRQ VROR OH PXFFKH¶� LO WXWWR QHO FRQWHVWR GL FRQ�

WLQXL PD ERQDUL OLWLJL FRO PDULWR SHU YLD GHOOD FRQGX]LRQH GHOOD VWDOOD FRQ XQD YDFFD H GHO WD�

JOLR GHO ILHQR� DWWLYLWj DOOD TXDOH SDU PLD 6WD NL D ID� QM(QW��� ID �QXWD µSHU QRQ ULPDQHUH TXL D

IDU QLHQWH¶ HJOL q WXWWRUD OHJDWR� )R�&$� WXWWDYLD� QRQ KD IDWWR VROR LO FRQWDGLQR �KD WXWWRUD

XQD SLFFROD DWWLYLWj LQ SURSULR�� HG q IRUVH SHU TXHVWR FKH DVVRFLD O¶DOOHYDPHQWR ERYLQR H LO

WDJOLR GHO ILHQR SL~ FRQ OD JLRYLQH]]D H LO SLDFHUH GL DQGDUH LQ PRQWDJQD FKH FRQ

O¶LPPXWDELOH IDWLFD H OD PLVHULD� GDOOD TXDOH LQYHFH OD PRJOLH VL YXROH GHILQLWLYDPHQWH XVFLWD��� $OOH GRQQH LQ SDUWLFRODUH� FRPH q QRWR� YHQLYD ODVFLDWD O¶LQFRPEHQ]D GHO ODYRUR QHL

FDPSL� H TXHVWR VSLHJD OD ORUR JHQHUDOPHQWH PLQRUH WHQHUH]]D QHL FRQIURQWL GHO SDVVDWR� 9D

QRWDWR FKH OH DOWUH RFFXSD]LRQL FXL VL IDFHYD FHQQR QRQ QHFHVVDULDPHQWH GHYRQR HVVHUH SUH�

VWLJLRVH R SLDFHYROL� DQFKH O¶H[�VSD]]DFDPLQR� DG HVHPSLR� PL VHPEUD LQ 9DOOH LQWHUHVVDWR DO

GLVFRUVR OLQJXLVWLFR H FXOWXUDOH�

��� ,/ ',$/(772 3(5&(3,72

YHUVR LO TXDOH FL VL SUHQGH XQD VRUWD GL ULYLQFLWD� ( LQ HIIHWWL LQ TXHVWR PRGR

DYYHUUHEEH GDYYHUR FLz FKH q SUHILJXUDWR� WUD JOL DOWUL��� GD 3XóFDULX �LQ

7HDKD ����� ������� ©>OHV LQIRUPDWHXUV@ QH VRQW SDV VHXOHPHQW GHV

WUDQVPHWWHXUV SDVVLIV GHV pYROXWLRQV GH ODQJXH TXL RQW OLHX HQ GHKRUV G¶HX[�

PDLV LOV VRQW GHV FUpDWHXUV DFWLIV GX SDWRLV� UpDJLVVDQW FRQVFLHPPHQW YLV�j�

YLV GHV LQQRYDWLRQV TX¶RQ OHXU WUDQVPHW� pWDQW HDX[�PrPH GHV FHQWUHV

G¶HQHUJLH LQQRYDWHXUVª� ,O SUREOHPD q VHPSUH TXHOOR� FRPXQTXH� OR VWHVVR

FKH HPHUJH GDOOD OHWWXUD GHOO¶LQFKLHVWD FRPH WHVW� L GDWL FL VRQR VHPSUH IRU�

QLWL LQWHUSUHWDWL� 3UREOHPD FKH q PROWR EHQH HVSUHVVR GD &KDXUDQG ����� ���

�� H SDVVLP� VH O¶LQIRUPDWRUH q WURSSR FRLQYROWR H ©VL SUHVWD WURSSR EHQHª OH

VXH ULVSRVWH VDUDQQR XQD UDFFROWD GL DUFDLVPL R GL IHQRPHQL VWUDQL H SDUWLFR�

ODUL� OH ULVSRVWH SHULFRORVH� LQIDWWL� VRQR TXHOOH FKH VL DGDWWDQR DG XQ PRGHOOR

QRQ GLFKLDUDWR �QHO FDVR VSHFLILFR O¶DUFDLVPR� R OD YRORQWj GL VWXSLUH R FRP�

SLDFHUH LO ULFHUFDWRUH� R OD SUHVXQ]LRQH FKH HJOL ULFHUFKL OH SDUWLFRODULWj GHO

GLDOHWWR SL~ FKH LO VXR XVR HIIHWWLYR���� 6H LO ULFHUFDWRUH QRQ VL UHQGH FRQWR GL

TXHVWR ©O¶HQTXrWH UHSRVH VXU GHU SUpVXSSRVpV H[WpULHXUV DX GRPDLQH R~ HOOH

V¶H[HUFH� HOOH ULVTXH IRUW GH SDVVHU j F{Wp GX ODQJDJH YpULWDEOHPHQW H[LVWDQWª

�&KDXUDQG ����� �� Q� ����

�� 7UD JOL DOWUL� GLUH FKH OD VSRQWDQHLWj q LPSRUWDQWH SHU /DERY� R FKH OD UDSSUHVHQWD]LRQH

PHQWDOH GHO SDUODQWH GHYH HVVHUH WHQXWD LQ FRQVLGHUD]LRQH SHU 6DSLU R SHU +\PHV VHPEUD WD�

ORUD GDYYHUR VFRQWDWR� Ê SL~ SURGXWWLYR� FUHGR� ULQWUDFFLDUH DQFKH RSLQLRQL H LQGLFD]LRQL GD

SDUWH GL RSHUDWRUL VXO FDPSR OH FXL LGHH R SURSRVWH FRUURQR LO ULVFKLR GL SDVVDUH SL~ LQRVVHU�

YDWH� ULPDQHQGR WXWWDYLD HYLGHQWH FKH OH RSHUH GHL JUDQGL FDSRVFXROD GHEERQR DVVROXWDPHQWH

FRVWLWXLUH OD EDVH H LO WHUUHQR GL FRQIURQWR SHU RJQL ULFHUFD� PD SURSULR LQ TXDQWR EDVH VL SRV�

VRQR FRQVLGHUDUH FRPH RQQLQDPHQWH SRVVHGXWH� $ QHVVXQR VIXJJLUj� FUHGR� LO VDSRUH WHUUDFL�

QLDQR GHOOD DIIHUPD]LRQH GL 3XóFDULX�

�� &IU� LO FLWDWR PRGHOOR 6o3o5� WDOH FRQFH]LRQH q HVWUHPDPHQWH FRPXQH �QRQFKp DF�

FHQQDWD VSHVVR QHL YHUEDOL G¶LQFKLHVWD GL 6FKHXHUPHLHU�� q� FUHGR� HVSHULHQ]D GL WXWWL O¶HVVHUH

LQGLUL]]DWL D ©EXRQL LQIRUPDWRULª WURSSR DQ]LDQL R FRQVHUYDWLYL� FKH WDORUD KDQQR DQFKH HI�

IHWWLYL SUREOHPL GL FRPSUHQVLRQH GHOOH GRPDQGH� 3HUFKp LO GLDOHWWR XVXDOH q DSSXQWR XVXDOH�

H TXLQGL QRQ GHJQR GL DWWHQ]LRQH� VH ULFHUFD YD IDWWD� GLFRQR L GLDOHWWRIRQL� YD IDWWD VXO GLD�

OHWWR DUFDLFR R SDUWLFRODUH �GHO TXDOH FL VL UHQGH FRQWR SHUFKp GLYHUVR GDO SURSULR�� 3HU TXH�

VWR DQFKH VL FRPPHQWD PHJOLR LO GLDOHWWR GHJOL DOWUL FKH LO SURSULR� HG q IRUVH TXHVWD DQFKH

XQD GHOOH VSLHJD]LRQL SHU FXL L UDJD]]L� LQ 9DOOH� LQVLVWRQR QHO GLUH GL SDUODUH PROWR GLDOHWWR�

TXDQGR LQYHFH TXHVWR q YHUR �SHU LO GDWR HVWHUQR� HWLFR� VROR LQ SDUWH� VHPSOLFHPHQWH ULPDU�

UDQQR ORUR LPSUHVVH OH YROWH FKH OR IDQQR� 6LPLOPHQWH DFFDGH FKH L WHVWLPRQL ULPDQJDQR DV�

VDL VRUSUHVL TXDQGR OL VL ID DFFRUJHUH GL XQD SDUWLFRODULWj FKH QRQ VDSHYDQR HVVHUH OD ORUR� 6L

SXz SDUODUH GL XQD FRVD �VFLOLFHW XQD SDUWLFRODULWj OLQJXLVWLFD� TXDQGR VL KD SUHVR FRQVDSH�

YROH]]D GHOOD VXD HVLVWHQ]D�

/$ 5,&(5&$ 68/ &$032 ,, ���

,,,����� ,O TXHVWLRQDULR GHOO¶LQIRUPDWRUH

3HUz DIIHUPDUH FKH L GDWL VRQR VHPSUH IRUQLWL LQWHUSUHWDWL VLJQLILFD JLj

SRUUH GHOOH LPSRUWDQWL SUHVXSSRVL]LRQL� OD SULPD q FKH SRVVDQR HVLVWHUH GDWL

QRQ LQWHUSUHWDWL� H OD VHFRQGD� DQFRUD SL~ ULOHYDQWH� FKH TXHVWL GDWL ©SXULª UL�

IOHWWRQR O¶LQWHUSUHWD]LRQH GHO ULFHUFDWRUH �FKH QRQ OD ULFRQRVFH� H DSSXQWR OL

FRQVLGHUD SXUL�� ,O PHFFDQLVPR VL SXz UHQGHUH HVSOLFLWR QHL FDVL LQ FXL

O¶LQWHUD FRQGX]LRQH GHOO¶LQFKLHVWD� GDOOD SURJHWWD]LRQH� DOOD FRPSLOD]LRQH GHO

TXHVWLRQDULR �RYH FL IRVVH� PD VSHVVR LQ TXHVWL FDVL F¶q�� DOOD UDFFROWD GHL

GDWL q DIILGDWD DOO¶LQL]LDWLYD GHO SDUODQWH� /¶HVHPSLR SL~ HFODWDQWH q TXHOOR

GHO &KHUXELQL� PD GL SDUWLFRODUH LQWHUHVVH WUD L ODYRUL UHFHQWL DQFKH SHU OD

]RQD� FRQWLJXD DOOD YDO 9LJH]]R� q /XUDWL ������� TXL O¶$VVRFLD]LRQH $PLFL

GL &RPRORJQR �L FXL DGHUHQWL KDQQR PDWHULDOPHQWH FRPSLODWR LO YROXPH� UL�

YLVWR SRL H LQWURGRWWR GD /XUDWL� KD FRPSLXWR LQFKLHVWH SHU SURSULR FRQWR

VXOOD EDVH GL TXHVWLRQDUL VSHFLILFL HODERUDWL LQ SURSULR H FRQVHUYDWL LQ VFKH�

GH� 6L q WUDWWDWR GL ©XQ JUXSSR GL DPLFL YROHQWHURVL� FKH KDQQR SUHVHQWDWR�

LOOXVWUDWR H GLVFXVVR LO FRQWHQXWR GHOOH ORUR ULFHUFKH LQ XQD VHULH GL LQFRQWUL H

GLVFXVVLRQLª�� �� ���� OD UHOD]LRQH GHOOH TXDOL� SLXWWRVWR LQWHUHVVDQWH� UXRWD

LQWRUQR DOO¶©HVWUHPD FRQFUHWH]]D GL PROWH GHILQL]LRQL GDWH GDL UDFFRJOLWRUL�

7HUPLQL LQ UHDOWj JHQHULFL YHQJRQR ULIHULWL D VLWXD]LRQL PROWR FRQFUHWH H SDU�

WLFRODUL� 3HU HVHPSLR VTXDUi� FKH VLJQLILFD VHPSOLFHPHQWH VFLYRODUH� VGUXF�

FLRODUH� YHQLYD FRVt GHILQLWR� ½VFLYRODUH� VHQ]D YROHUOR� FRQ XQ SLHGH R WXWWL H

GXH� VX XQ WHUUHQR XPLGR� XQD SLzGD EDJQDWD R VLP� H IDUVL PDOH� H ROWUH¾ª

����������

�� $OWUL ODYRUL FKH SRWUHEEHUR YHQLUH LQ PHQWH� VHPSUH GL DUJRPHQWR RVVRODQR�WLFLQHVH�

FRPH 6DQWXV ����� /DPSLHWWL %DUHOOD ����� 0DJJLQHWWL�/XUDWL ���� R O¶RWWLPR /XUDWL�3LQDQD

����� GDYYHUR HVHPSODUH PHWRGRORJLFDPHQWH H GL JUDQGLVVLPR LQWHUHVVH SHU FKL VL RFFXSD GL

©GLDOHFWRORJLH YDQ GH GLDOHFWVSUHNHUVª KDQQR SHUz OD FDUDWWHULVWLFD GL FRQWHQHUH XQ TXHVWLR�

QDULR ©ILQWRª� RVVLD VROR �R SULQFLSDOPHQWH� DG XVR GHO FRPSLODWRUH� VLPLOL LQL]LDWLYH OHVVLFR�

JUDILFKH QRQ VRQR UDUH� SHU TXDQWR SRFKH GL TXHVWH DSSURGLQR DOOD SXEEOLFD]LRQH� SHU OD VWHV�

VD YDO 9LJH]]R HVLVWRQR OH OLVWH OHVVLFDOL D FXUD GL 3LHUR %RQD �6DQWD 0DULD 0DJJLRUH� H %H�

QLWR %RQ]DQL �9LOOHWWH� �FIU� ,9������� 8Q SR¶ FRPH DFFDGH SHU OH ULFHUFKH VFRODVWLFKH GHL EDPELQL� OH PDHVWUH �LQ JHQHUH

SDUWH GHOOD FRPXQLWj SDUODQWH� HODERUDQR LO TXHVWLRQDULR FKH L EDPELQL VRWWRSRUUDQQR DL JH�

QLWRUL �LQ JHQHUH SDUWH GHOOD FRPXQLWj SDUODQWH�� QRUPDOPHQWH L WHPL VRQR UHODWL DOOD YLWD UX�

UDOH R DOOH YHFFKLH WUDGL]LRQL� H KDQQR LQWHUHVVL OLQJXLVWLFL VROR VHFRQGDUL� 8QD ULFHUFD GHL

EDPELQL GHOOD VFXROD HOHPHQWDUH D &RLPR VX WUDGL]LRQL� FRVWXPL H GHWWL SRSRODUL q SXUWURSSR

�SHU QRL� LQVHUYLELOH SHUFKp VL q EDVDWD �D PLD LQVDSXWD� VXO PLR ODYRUR GL WHVL GL /DXUHD� XQD

FRSLD GHOOD TXDOH q SUHVVR &R�*LX�� OH FDUDWWHUL]]D]LRQL VRQR GXQTXH OH PLH� H QRQ KD GXQTXH

DOFXQ VHQVR FRQVLGHUDUOD SHU TXHVWR ODYRUR �SLXWWRVWR FL VL SXz FKLHGHUH SHUFKp DEELDQR DF�

FHWWDWR FRPSOHWDPHQWH OD GLYLVLRQH GHOOD PDWHULD H LO SXQWR GL YLVWD GL XQ HVWUDQHR� PD FUHGR

FKH O¶DUJRPHQWR GHOOD SUDWLFLWj � HUD LQ IRQGR XQ ODYRUR JLj IDWWR � VLD DEEDVWDQ]D FRQYLQ�

FHQWH GD DOORQWDQDUH XOWHULRUL HOXFXEUD]LRQL��

��� ,/ ',$/(772 3(5&(3,72

2UD� OH WHFQLFKH FKH VHJXRQR WHQWDQR GL IDU IURQWH DG DOFXQH GHOOH GLIIL�

FROWj DFFHQQDWH� DQFKH VH OH PLH LQFKLHVWH� DO GL Oj GHOO¶DQDOLVL GHO FRPSRU�

WDPHQWR UHDOH H VSRQWDQHR� FKH q IRQGDPHQWDOH SHU TXDOXQTXH VWXGLR XOWHULR�

UH� VL RFFXSDQR SURSULR GHOOD ©JDQJDª� FLRq GHO FRPPHQWR H

GHOO¶LQWHUSUHWD]LRQH FRQ FXL LO GDWR YLHQH LQHYLWDELOPHQWH IXRUL� XQ SR¶ FRPH

L GXH ODWL GHO IRJOLR GL 6DXVVXUH�

+R DOORUD FHUFDWR GL RSHUDUH LQ QHJDWLYR� VWLPRODQGR VLWXD]LRQL H FRQWHVWL

LQ FXL SRWHYD VRUJHUH OD ULIOHVVLRQH PHWDOLQJXLVWLFD� PD VHQ]D HYRFDUOD HVSOL�

FLWDPHQWH� DOPHQR QHOOD PDJJLRU SDUWH GHL FDVL��� +R FHUFDWR �H PL SHUGRQL�

QR L PLHL SD]LHQWL DPLFL YLJH]]LQL� GL PHWWHUH L WHVWLPRQL LQ VLWXD]LRQL GL GL�

VDJLR OLQJXLVWLFR� SHU VSLDUQH OH VWUDWHJLH GL XVFLWD� GDO GLVDJLR� H GD HVVH

WUDUUH LQGLFD]LRQH VX FRVD ORUR FRQVLGHUDQR QRUPD H YDULD]LRQH ULVSHWWR DOOD

QRUPD� $ TXHVWR KR WXWWDYLD DIILDQFDWR LQFKLHVWH SL~ GLFKLDUDWDPHQWH WHRUL�

FKH H LGHRORJLFKH� SHUFKp DQFKH OH FRQYLQ]LRQL UDGLFDWH LQGLUL]]DQR H JRYHU�

QDQR QHOOD SUDWLFD LO FRPSRUWDPHQWR OLQJXLVWLFR�

,,,��� ,QWHUYLVWH PHWDOLQJXLVWLFDPHQWH FRQWUROODWH� RYYHUR FRQYHUVD]LRQL

FRO FDYDOOR GL 7URLD

0L LQWHUHVVDYD FRJOLHUH OD YDULD]LRQH FRPH HVVD DYYLHQH VSRQWDQHDPHQWH�

HYLWDQGR VH SRVVLELOH L JRUJKL GHOO¶2EVHUYHU 3DUDGR[��� LQROWUH YROHYR XQR

VWUXPHQWR GL FRQWUROOR PHWDOLQJXLVWLFR� FKH FLRq SHUPHWWHVVH GL YHULILFDUH

O¶HYHQWXDOH GLVWDQ]D WUD LO FRPSRUWDPHQWR OLQJXLVWLFR GLFKLDUDWR� OD ©QRUPDª�

H TXHOOR HIIHWWLYR� H DO WHPSR VWHVVR LQGLFDVVH TXDOL DGDWWDPHQWL FRQVFL FRP�

SLH LO SDUODQWH SHU DYYLFLQDUVL DOOD QRUPD� XQD YROWD FKH OD VXD DWWHQ]LRQH q

VWDWD ULFKLDPDWD VRSUD GL HVVD� +R TXLQGL DIILGDWR DL FROODERUDWRUL LQWHUQL GHL

UHJLVWUDWRUL D FDVVHWWH SRUWDWLOL �L FDYDOOL GL 7URLD�� SUHJDQGROL GL VWLPRODUH

SHUVRQH GDWH� SRVVLELOPHQWH FHUFDQGR GL UXRWDUH DWWRUQR DG DUJRPHQWL FRQ�

FRUGDWL �GL ©DQGDUH D IDUH XQD FKLDFFKLHUDWDª�� /D VWHVVD FRVD YHQLYD SRL UL�

SHWXWD� SUHVVR OD PHGHVLPD SHUVRQD� FRQ XQ DOWUR FROODERUDWRUH DSSDUWHQHQWH

DG XQD GLYHUVD IDVFLD G¶HWj��� 8Q HVHPSLR FKLDULUj IRUVH PHJOLR OD WHFQLFD�

*D�0DQ ��� DQQL� YD GDOOD ]LD *D�]LD ��� DQQL� FRQ LO UHJLVWUDWRUH LQ WDVFD H

DYYLD XQD FRQYHUVD]LRQH �WUD JOL DOWUL DUJRPHQWL� VX XQD IHVWD FDPSHVWUH FKH

VL GHYH WHQHUH LQ XQ SDHVH YLFLQR� TXDOFKH WHPSR GRSR q &R�*LX�� ��� DQQL� D

�� 8QD VLPLOH PHWRGRORJLD q VWDWD LPSLHJDWD� WUD JOL DOWUL� GD 6REUHUR �SDUWLFRODUP� �������� 6HFRQGR XQD PHWDIRUD FDUD D /DERY� FRPH SRVVR HVVHUH VLFXUR FKH OD OXFH GHO IULJR VL

VSHJQH FKLXGHQGR OD SRUWD" 6H DSUR OD SRUWD SHU FRQWUROODUH OD OXFH VL ULDFFHQGH� VH OD ODVFLR

FKLXVD QRQ OD YHGR«�� 6L ULFRUGL FKH� QHL YLOODJJL SUHVL PDJJLRUPHQWH LQ FRQVLGHUD]LRQH� OH YDULDELOL SHUWL�

QHQWL ULVSHWWR DO FDPELR OLQJXLVWLFR VL VRQR ULYHODWH� ROWUH RYYLDPHQWH D TXHOOD GLDWRSLFD�

TXHOOD UHODWLYD DOOH JHQHUD]LRQL H TXHOOD GLDIDVLFD�

�� /¶HVHPSLR q UHDOH� &R�*LX� VL ULFRUGHUj� q Vt GL &RLPR� PD DELWD D *DJQRQH GD �� DQQL�

/$ 5,&(5&$ 68/ &$032 ,, ���

IDU YLVLWD D *D�]LD FRQ LO UHJLVWUDWRUH QHO JUHPELXOH� H OD FRQYHUVD]LRQH YHUWH

�WUD O¶DOWUR� VXOOD IHVWD FDPSHVWUH�

6L RWWLHQH� D� OD YDULD]LRQH UHDOH GHO GLDOHWWR GL *D�]LD ULVSHWWR DOOH YDULD�

ELOL SDUWHFLSDQW H VHWWLQJ� IHUPL UHVWDQGR �QHL OLPLWL GHO SRVVLELOH� JOL DOWUL

SDUDPHWUL� E� SDUODWL PHWDOLQJXLVWLFDPHQWH FRQWUROODWL GL *D�0DQ� H &R�*LX��

FKH SRVVRQR HVVHUH FRQIURQWDWL FRQ OH ORUR ©QRUPHª GLFKLDUDWH H� DWWUDYHUVR

DOWUH UHJLVWUD]LRQL LQ DOWUL FRQWHVWL� FRQ OH SURGX]LRQL OLQJXLVWLFKH LQFRQVDSH�

YROL� &RO UHJLVWUDWRUH LQ WDVFD FL VL VHQWH LQIDWWL ©VRUYHJOLDWLª� H OD VSRQWD�

QHLWj OLQJXLVWLFD QH ULVHQWH� 3HU OD VLWXD]LRQH SDUWLFRODUH GHOOD YDO 9LJH]]R�

SRL� TXHVWR q DQFRUD SL~ YHUR� JLDFFKp L SDUODQWL ULFRQRVFRQR DO GLDOHWWR XQ

SUHVWLJLR H XQD YDVWLWj GL DPELWL G¶XVR FKH QRQ VHPSUH KD LQ UHDOWj� FKL KD LO

UHJLVWUDWRUH WHQGHUj FRVt D LSHUGLDOHWWL]]DUH� GDQGR SHUFLz PRGR DO ULFHUFDWR�

UH GL J� YHULILFDUH OH PRGDOLWj GHOO¶DUFDLVPR R GHOOD LSHUFDUDWWHUL]]D]LRQH

VFRSUHQGR FRVt FKH FRVD q FRQVLGHUDWR SDUWLFRODUPHQWH GLDOHWWDOH��� ,QROWUH VL

SXz LVWLWXLUH G� XQD FRPSDUD]LRQH VXL PHFFDQLVPL GL DGDWWDPHQWR D VHFRQGD

GHOOH HWj�

,O SXQWR E VL SUHVWD DOORUD EHQH DOO¶DQDOLVL GHOOD YDULDELOH NH\� q LQIDWWL

LQWHUHVVDQWH FRPSDUDUH OD YDULD]LRQH GL SDUODWD GL FKL KD LO UHJLVWUDWRUH �H

FKH q TXLQGL DO FRUUHQWH GHO ©JLRFRª� H GXQTXH SRUWDWRUH GL XQD GLYHUVD FKLD�

YH LQWHSUHWDWLYD ULVSHWWR D FKL VL GLVSRQH SHU XQD VHPSOLFH FKLDFFKLHUDWD ID�

PLOLDUH� DOO¶LQL]LR H DOOD ILQH GHO FROORTXLR� TXDQGR OD VXD DWWHQ]LRQH VXO UH�

JLVWUDWRUH q SUHVXPLELOPHQWH PLQRUH���

�� 3HU HVHPSLR� VHPEUD FKH *D�0DQ� FRQVLGHUL O¶HVLWR GL &RLPR ^«` SHU à( SL~ GLDOHWWDOH GL

TXHOOR ^H`� SL~ WLSLFR GL *DJQRQH� VL FRQIURQWLQR L VHJXHQWL HVHPSL� LQ FXL WDORUD VL KD FRP�

SOHWD VRVWLWX]LRQH GL IRQR� H DOWURYH XQ DGDWWDPHQWR ^H�`� Q2 �jD1ND PL �QX�WD��� D1ND PL D

SHQ�V(YD NH� L �SMDQW DW O �«�UW��� SH�U2 �QXWD �� «� �6SH½D N D �YHjHP �JUH�1 S« �� H YDG DO EDU

�YDGR��� YDM SH� Q ÉLU VL S(L EDU NX�]L QRQ VR��� >«@ L MLQ �ÂH�QW NH��� D YDO PL�D �QXWD� �1R�

QHDQFK¶LR� QLHQWH« $QFK¶LR SHQVDYR FKH OH SLDQWH GHOO¶RUWR >DYUHEEHUR VRIIHUWR GHOOD JUDQ�

GLQH@ SHUz QLHQWH �� HKL� DVSHWWD FKH GLYHQWLDPR JUDQGL SRL« �� H YDGR DO EDU� YDGR« YDGR

SRL XQ SR¶ LQ JLUR SHU L EDU� FRVt� QRQ VR �� q JHQWH FKH QRQ YDOH QLHQWH�� 6L QRWL OD FRPSUH�

VHQ]D GHL GXH HVLWL �GHL TXDOL XQR QRQ q VWDWR ULFRQRVFLXWR� SHUFKp PRUIHPD H TXLQGL GLIIL�

FLOPHQWH YDULDELOH D SLDFHUH� LQ �JUH�1 S« �OD ©QRUPDª GL &RLPR SUHVFULYHUHEEH �JU«�1ÂL���� ,QIDWWL ULJXDUGR DOOH IRUPH PHQ]LRQDWH DOOD QRWD SUHFHGHQWH� WXWWH OH ^«` FRPSDLRQR

QHOOD SULPD SDUWH GHO QDVWUR� H WXWWH OH ^H�` QHOOD VHFRQGD� DOWHUQDWH D ©QRUPDOLª UHDOL]]D]LRQL

^H`� 6REUHUR�5RPDQHOOR�7HPSHVWD ����� �� GLVFXWRQR OH UHJLVWUD]LRQL FRQWUROODWH� ULOHYDQGR

FKH LQIOXHQ]DQR LQ PRGR VWUDQR OD VWUXWWXUD GHOOD FRQYHUVD]LRQH� UHQGHQGROD SRFR VSRQWDQHD�

TXHVWR LQ HIIHWWL SXz HVVHUH XQ OLPLWH� WDORUD ULVFRQWUDWR �PD FRQILQDWR DOOH SULPH EDWWXWH GL

GLDORJR� DQFKH QHOOH PLH UHJLVWUD]LRQL� KR SHUz DQFKH QRWDWR FKH� FRQ O¶HVSHULHQ]D QHO ULD�

VFROWR� TXHVWD q XQD YDULDELOH FKH SXz HVVHUH SUHYLVWD H YDOXWDWD� ,QWDQWR OD QRQ VSRQWDQHLWj

GHO FROODERUDWRUH SXz HVVHUH YROWD D YDQWDJJLR GHOO¶LQFKLHVWD� FRPH YLVWR VRSUD� SRL� LO JUDGR

GL QRQ VSRQWDQHLWj GHOOH LQWHUD]LRQL GLSHQGH PROWR GDOOD ILJXUD GHO FROODERUDWRUH H GDOOD VXD

SUDWLFD GL ULIOHVVLRQH PHWDOLQJXLVWLFD� OH SHUVRQH DQ]LDQH� LQ JHQHUDOH� ©GLPHQWLFDQRª PROWR

��� ,/ ',$/(772 3(5&(3,72

+R UDFFROWR TXHVWH VLWXD]LRQL�

�� LQWHUYLVWDWD *D�]LD�� FROODERUDWRUL *D�0DQ� H &R�*LX� �� QDVWUL� XQR

VXOOD IHVWD FDPSHVWUH H XQR VXOO¶DQGDPHQWR JHQHUDOH GHOOD IUD]LRQH

GL 2UFHVFR H L YLOOHJJLDQWL��

�� LQWHUYLVWDWD &R�*L�� FROODERUDWRUL &R�*H� H &R�$O�� VXOOD GHFDGHQ]D

GHOO¶DOOHYDPHQWR ERYLQR H VXOOH QR]]H GL 6DUDK )HUJXVRQ FRQ $Q�

GUHD GL :LQGVRU�

�� LQWHUYLVWDWR *D�*LXV�� FROODERUDWRUL &R�*LX�� *D�0DQ� H 2U�$QJ�

�FRQ XQD SURYD GL *D�*LXO�� FKH KD FDXVDWR LO GLVYHODPHQWR GHOOD

WHFQLFD�� VX DUJRPHQWL YDUL�

�� LQWHUYLVWDWD &R�*LX� FROODERUDWRUH *D�6LO�� VX YDULD DWWXDOLWj H VXOOH

SUHRFFXSDQWL FRQGL]LRQL GHO SDUURFR�

,,,��� (UURUL FRQWUROODWL� RYYHUR OD ©PDFKLQD DG ORTXHQGXPª VL LQFHSSD�

,,,����� /D GHVFUL]LRQH GL TXHVWR PHWRGR GL LQFKLHVWD GHYH SDUWLUH XQ SRFR

SL~ GD ORQWDQR� H ULVDOLUH DOO¶DQDOLVL VRFLROLQJXLVWLFD WUDPLWH VFDOH

G¶LPSOLFD]LRQH SURSRVWD 'HFDPS �����D� ����E�� 4XHVWR PRGHOOR SUHYHGH

OD SRVVLELOLWj GL RUGLQDUH OD YDULDELOL GL XQD OLQJXD �D TXDOVLDVL OLYHOOR� VH�

FRQGR XQD VFDOD WDOH SHU FXL� SURFHGHQGR VHPSUH SHU VFHOWH ELQDULH� RJQL

VFHOWD VXFFHVVLYD �H GXQTXH RJQL IRUPD UHDOL]]DWD� LPSOLFKL O¶DVVXQ]LRQH GL

TXHOOH SUHFHGHQWL� 8Q HVHPSLR JUDILFR FKLDULUj IRUVH PHJOLR OD VLWXD]LRQH�

��������

�������

�������

��������

� ��� ��

� ��

RVVLD� SHU DUULYDUH DOOD VFHOWD � GHYR JLj DYHU HOLPLQDWR OH SRVVLELOLWj SUR�

SRVWH GDJOL VWDGL SUHFHGHQWL� /D TXHVWLRQH VH LQ OLQJXLVWLFD VLDQR SRL SRVVL�

ELOL VFHOWH ELQDULH q ULVROWD LQ TXHVWR PRGR GD 'HFDPS� ©FOHDU ELQDU\ GHFL�

VLRQV DUH SRVVLEOH LQ OLQJXLVWLFVª �����E� ��� PD G¶DOWUD SDUWH DQFKH LQ

����D VL DSSDLDQR FRVWDQWHPHQWH OH VFHOWH GHL SDUODQWL DOOD FRPSDUVD R PHQR

SUHVWR OD SUHVHQ]D GHO UHJLVWUDWRUH� WDQWR SUHVWR GD SURGXUUH HVVH VWHVVH HQXQFLDWL DVVDL YLFLQL

DOOD VSRQWDQHLWj� UHQGHQGR ILQDQFR LPSRVVLELOH LO FRQWUROOR VXFFLWDWR DL SXQWL E H J�

/$ 5,&(5&$ 68/ &$032 ,, ���

GL WUDWWL GLVWLQWLYL >�WUDWWR@� H FLz LQ TXDOFKH PRGR PL VHPEUD QRQ ORQWDQLV�

VLPR GDOOD FRQFH]LRQH GHO SDUODQWH� FKH RSHUD VSHVVR SHU TXDQWLWj GLVFUHWH���

0L ULIDFFLR QHOO¶XVR GHO PRGHOOR DOOD YDULDQWH LQWURGRWWD GD 0RUHWWL

������ ��������� SHU FXL VL WHQWD GL DQDOL]]DUH� WUDPLWH SLFFROH VFDOH VLQJROH�

OD GLVWULEX]LRQH GL YDULDELOL IRQHWLFKH FRRFFRUUHQWL DOO¶LQWHUQR GL XQR VWHVVR

LWHP OHVVLFDOH� SUHQGHQGR GXQTXH LQ FRQVLGHUD]LRQH SL~ FKH LGLROHWWL VLQJROL

OH LPSOLFD]LRQL GHOOH UHDOL]]D]LRQL SRVVLELOL DOO¶LQWHUQR GHOOD FRPXQLWj DQD�

OL]]DWD� FLz LQ FRQVLGHUD]LRQH GHL PLHL ILQL� FKH QRQ VRQR TXHOOL GL DSSOLFDUH

LO PRGHOOR SHU VSLHJDUH OD YDULD]LRQH OLQJXLVWLFD DOO¶LQWHUQR GHOOD YDO 9LJH]�

]R� EHQVt GL VWLPRODUH OH UHD]LRQL GHJOL LQIRUPDWRUL PHGLDQWH HUURUL H DVVXU�

GLWj �SHU TXDQWR GRWDWH GL XQD ORUR ORJLFD�� ©SHUFKp OH SDUROH YHQJRQR DY�

YHUWLWH FRPH XQLWj µSULPH¶ H LQDQDOL]]DELOL� H URPSHUQH O¶RUGLQH DFFRVWDQGR

VROX]LRQL LQFRPSDWLELOL LQ XQD VROD SDUROD VDUHEEH WUDVJUHVVLRQH DVVDL SL~

JUDYH FKH QRQ >DFFRVWDUH@ SDUROH IUD ORUR LQFRPSDWLELOLª��� 6L YHGUj SRL FRPH

TXHVWR PRGR GL DJLUH ULVSHWWL DOPHQR XQ SRFR OD YLVLRQH GHOOH FRVH GHL YL�

JH]]LQL�

6L q JLj DFFHQQDWR �,������ DO IDWWR FKH OH IRUPH ©LEULGHª SRVVLELOL VRQR

TXHOOH FKH HIIHWWLYDPHQWH VRQR SUHVHQWL VXO WHUULWRULR� FRPH UHDOL]]D]LRQL

WDORUD FULVWDOOL]]DWH GL PRYLPHQWL GLDFURQLFL LQ DWWR� VH SHU HVHPSLR SHU

µJHQWH¶ DEELDPR D &RLPR FRPH QRUPD -«QW� VDUDQQR SRVVLELOL OH IRUPH -(QW

�GL $OERJQR� 9LOOHWWH� WDORUD *DJQRQH� R Â(QW �GL 6DQWD 0DULD 0DJJLRUH� SHU

HVHPSLR� PD QRQ «QW� FKH QRQ q QRUPD GD QHVVXQD SDUWH� 2UD�

O¶RUGLQDPHQWR LPSOLFD]LRQDOH TXL DGRWWDWR q JHRJUDILFR HG HWLFR DO WHPSR

VWHVVR� RVVLD OD SUHVHQWD]LRQH GHOOD PDJJLRUH DUFDLFLWj�GLDOHWWDOLWj GHOOH YD�

ULDELOL ULVSHFFKLD OD ORUR PLQRUH SUHVHQ]D VXO WHUULWRULR H LO ORUR SURJUHVVLYR

JUDGR GL DEEDQGRQR LQ IDYRUH GHOOD YDULDQWH LQ FRQFRUUHQ]D�

6H XQ LWHP OHVVLFDOH SUHVHQWD FRQWHPSRUDQHDPHQWH SL~ GL XQD YDULDELOH DO

VXR LQWHUQR� q SRVVLELOH FKH TXHVWH VL SRVVDQR RUJDQL]]DUH DSSXQWR VHFRQGR

XQD VFDOD G¶LPSOLFD]LRQH� &RVt� SHU OD SDUROD SHU µFKLDYH¶ DYUHPR WUH UHDOL]�

]D]LRQL GLIIHUHQWL� FDZ� ½DZ� ½DI FKH VL GLVSRQJRQR LQ TXHVW¶RUGLQH LQ XQ

UDSSRUWR GL LPSOLFD]LRQH GD XQ PDVVLPR GL DUFDLVPR�LVRODPHQWR JHRJUDIL�

FR�FKLXVXUD GHO QHWZRUN D XQ PDVVLPR GL LQQRYD]LRQH�FHQWUDOLWj JHRJUDIL�

FD�DSHUWXUD GL UDSSRUWL� &Lz SXz HVVHUH UDSSUHVHQWDWR JUDILFDPHQWH LQ TXHVWR

PRGR�

�� (IIHWWLYDPHQWH� VH I«N q OD SDUROD GL &RLPR H IHN TXHOOD GL 'UXRJQR �SHU µIXRFR¶�� OH

YDULDELOL GL SURQXQ]LD LQWHUPHGLH FKH HYHQWXDOPHQWH SRWHVVHUR YHULILFDUVL VDUDQQR DWWULEXLWH

GDL YLJH]]LQL DG XQR R DOO¶DOWUR ©SRORª WHQHQGR SUHVHQWH DQFKH OD UHDOL]]D]LRQH FKH GL YROWD

LQ YROWD q ULWHQXWD SL~ FDUDWWHULVWLFD GHOO¶LQWHUORFXWRUH��� 0RUHWWL ����� ����

��� ,/ ',$/(772 3(5&(3,72

�Â^&/Â!Â>F@`Â�Â^�YÂ>Z@` ½DZ �Â^&/Â!Â>F@`Â�Â^�YÂ>Z@`

FDZ �Â^&/Â!Â>F@`Â�Â^�YÂ>Z@` ½DI

Z

� �

� �

� �

F

LQ FXL VL YHGH FKH OD YDULDELOH &/ ! ^F` q FRQVLGHUDWD SL~ DUFDLFD GHOO¶DOWUD

�Y ! ^Z`� 'XQTXH OD SUHVHQ]D GHOOD ^F` VHOH]LRQD DXWRPDWLFDPHQWH LO WUDWWR

^Z`� FKH SXz HVVHUH YDULDWR VROR GRSR DYHU DGRWWDWR OD ^½`� /¶DOWUD FRPELQD�

]LRQH WHRULFD� ^� ^F` � ^Z``� ULVXOWD SHUFLz LPSRVVLELOH VHFRQGR TXHVWR PRGHOOR

�H LQIDWWL QRQ q DWWHVWDWD QHOOH PLH LQFKLHVWH�� FDI�

0ROWH SDUROH VL SRVVRQR WURYDUH FKH SUHVHQWLQR OR VWHVVR IHQRPHQR� TXL QH

ULFRUGHUz DOFXQH�

�� OD PHQ]LRQDWD µJHQWH¶

-

� �

� �

� �

«

H TXLQGL QRQ «QW�

�� µSLGRFFKLR¶

F «

� �

� �

� �

QRQ SMHF�

-«QW -HQW ÂHQW

SM«�F SM«�½ SMH�½

/$ 5,&(5&$ 68/ &$032 ,, ���

�� µPLVXUD¶ �GHO ODWWH�

L

� �

� �

� �

�

FDGXWD GHOOD SULPD SURWRQLFD� QRQ P]XUD�

�� µJLRFDUH¶

� �

� �

� �

L

�J� ! �� GXQTXH QRQ ÂX�D�

&L VRQR LQROWUH LWHP FKH SUHVHQWDQR WUH YDULDELOL H GXH IRUPH LPSRVVLELOL�

SHU HVHPSLR

�� µJHODWR¶ �SDUW�SDVV��

D - X�

� � �

� � �

� � �

� � �

H GXQTXH QRQ -D�OD�W R -H�OD�W�

P]L�UD PL]�LUD PL]XUD

-L�D -L�JD ÂX�JD

-D�OX� -H�OX� ÂH�OX� ÂH�OD�W

��� ,/ ',$/(772 3(5&(3,72

�� µFKLHVD¶

e « -

� � �

� � �

� � �

� � �

H SHUFLz QRQ eH�-D R eH�]D�

,,,����� 2UEHQH� PL VRQR FKLHVWR VH TXHVWH IRUPH ©LPSRVVLELOLª IRVVHUR LQ

TXDOFKH PRGR ULOHYDWH FRPH WDOL GDL SDUODQWL� D WDOH VFRSR RFFRUUHYD VRWWR�

SRUOH DOO¶DQDOLVL GHL YLJH]]LQL LQ PRGR FKH VHPEUDVVH QDWXUDOH� LQ FRQYHUVD�

]LRQL QRUPDOL� GL FXL QRQ LPSRUWDYD PROWR O¶DUJRPHQWR� Ê VWDWR VXELWR FKLDUR

FKH QRQ SRWHYR HVVHUH LR D SURSRUOH� XVDQGROH QHO GLVFRUVR� SHUFKp DG XQ PL�

ODQHVH� HVWUDQHR LQ IRQGR DOOD FRPXQLWj DQFKH VH EHQ DFFHWWR� YHQJRQR FRQFHV�

VL GHJOL ©HUURUL GL SURQXQFLDª� GRYHYR TXLQGL IDU ULFRUVR D XQ FROODERUDWRUH

LQWHUQR� H SDUWLFRODUPHQWH YROHQWHURVR� GDO PRPHQWR FKH HUD QHFHVVDULR HVHU�

FLWDUVL XQ SRFR DIILQFKp TXHVWH IRUPH VXRQDVVHUR QDWXUDOL� ,Q TXHVWR PL KDQQR

DLXWDWR *D�0DQ� H 7R�'DQ�� QRQ HVVHQGR SRL WDQWLVVLPH OH IRUPH FKH SUHVHQ�

WDQR SL~ GL XQD YDULDELOH� KR GHFLVR GL LQWURGXUUH QHOOD SURYD DQFKH YDULDQWL

SRVVLELOL� FKH SHUz QRQ SHUWHQJRQR DOO¶LGLROHWWR GHO FROODERUDWRUH� SXUFKp

PRQWDWH LQ PRGR GD QRQ FRVWLWXLUH XQD YDULHWj LQ Vp FRHUHQWH�

/D SURYD q ULVXOWDWD GLIILFLOH SHU WXWWL� HG q TXL PHQ]LRQDWD TXHVWD WHFQLFD

SL~ SHU PRVWDUQH O¶LGHD VRJJLDFHQWH FKH SHU YDOXWDUQH UHDOPHQWH L ULVXOWDWL�

GLIILFLOH GXQTXH SHU L FROODERUDWRUL� FXL q VWDWR FKLHVWR XQ FRQWUROOR PHWDOLQ�

JXLVWLFR PROWR HOHYDWR� SHU JOL LQWHUORFXWRUL� FKH VSHVVR KDQQR DYXWR GL IURQWH

SHUVRQH FKH QRQ SDUODYDQR FRPH FL VL VDUHEEH DVSHWWDWR��� H SHU LO ULFHUFDWRUH�

FKH VL q WURYDWR D GRYHU LQWHUSUHWDUH GDWL VSHVVR EL]]DUUL H SRFR VLFXUL� )DUz

TXL FHQQR D GXH LQWHUYLVWH SDUWLFRODUPHQWH ULXVFLWH�

Ê VWDWR SHU HVHPSLR FKLHVWR D *D�0DQ��� GL XWLOL]]DUH UHJRODUPHQWH� LQ XQ

FROORTXLR FRQ &R�*LX� �RWWLPD LQWHUORFXWULFH� SHUFKp OH IRUPH FRQ FXL VL q IDWWR

�� ( QRQ VROR SHU YLD GHJOL HUURUL FRQWUROODWL� LQ TXHVWR FDVR� OR VIRU]R FRPXQLFDWLYR q

VWDWR HYLGHQWH H OH DOWHUD]LRQL GHO SURFHVVR GHOOD FRQYHUVD]LRQH FXL DFFHQQDYDQR 6REUHUR�

5RPDQHOOR�7HPSHVWD ���� SL~ JURVVH H IUHTXHQWL��� ,Q UHDOWj VRQR VWDWH PRELOLWDWH LQ TXHVWR VHQVR DQFKH &R�*HQ� H 2U�6LO�� PD L GDWL GD

ORUR RWWHQXWL VRQR LQXWLOL]]DELOL� SHUFKp DOO¶LQL]LR GHOOD UHJLVWUD]LRQH LO ORUR LPEDUD]]R OLQ�

JXLVWLFR q VWDWR WDOH GD FRVWLWXLUH XQ ©UXPRUH GL IRQGRª WDOPHQWH HYLGHQWH GD RVFXUDUH OD

e«�-D «�-D Â(�-D Â(�]D

/$ 5,&(5&$ 68/ &$032 ,, ���

LO WHVW VRQR PLVWH FRQ TXHOOH GL &RLPR� OH FLWDWH IRUPH FDI H e(]D� H LQ SL~ SHF

µSHWWR� PDPPHOOD GHOOD YDFFD¶ H OHF µOHWWR¶ �HQWUDPEH VHJXRQR LO PRGHOOR GL

SM«F�� WXWWH SDUROH OD FXL YDULDELOH LPSRVVLELOH HUD VRVWDQ]LDOPHQWH GRYXWD DO

PDQWHQLPHQWR GHOOD FRQVRQDQWH SDODWDOH� FKH GXQTXH FRVWLWXLYD O¶HFFH]LRQH�

3HUFKp OD FRVD VHPEUDVVH PHQR LQQDWXUDOH DYHYDPR SUHGLVSRVWR LQVLHPH XQD

VRUWD GL UDFFRQWLQR� XQD VLWXD]LRQH� FKH *D�0DQ� DYUHEEH HVSRVWR D &R�*LX��

FRPH VH VL WUDWWDVVH GL XQD QRUPDOH FRQYHUVD]LRQH� GRSR DYHUOD ULSHWXWD SL~

YROWH LQVLHPH FRQ PH D PR¶ GL HVHUFL]LR� HFFRQH SL~ R PHQR LO FDQRYDFFLR� LQ

FXL VRQR ULSRUWDWH LQ GLDOHWWR VROR OH SDUROH IDOVH� GDO PRPHQWR FKH QRQ HUD

VFULWWR SHU QRQ OHJDUH WURSSR *D�0DQ�� VRQR YHQXWD D WURYDUWL SHUFKp VRQR LQ

JLUR D IDU QLHQWH� PLD PDPPD KD FKLXVR D FDI OD VWDOOD SULPD GL DQGDUH LQ

e(]D� H QRQ SRVVR PXQJHUH OH PXFFKH� VRSUDWWXWWR XQD D FXL VL LQJURVVD

VHPSUH LO SHF� DOORUD KR GHWWR� SLXWWRVWR FKH DQGDU D OHF YDGR D WURYDUH OD

]LD *LXGLWWD�

$YHYR DQFKH UDFFRPDQGDWR D *D�0DQ� GL ULSHWHUH VSHVVR L FRQFHWWL� LQ

PRGR FKH OH IUDVL EHQHILFLDVVHUR GL XQD PDJJLRUH RFFRUUHQ]D� SUHVHQWR OD UH�

JLVWUD]LRQH GHOO¶LQL]LR GHO GLDORJR�

*D�0DQ� SHU�PHVVR��� ÉLD D VXQ PD�QZ(���

&R�*LX� D� �YMHQL �YMHQL��� D VXQ GUH D ID �N2-D P SX DW EUX�GL1��� Q2

D VXQ NL PLD��� OD �VWX�D��� NL YH1���

*D�0DQ� (� ÂD GU( D ID OD P�Q(6WUD

&R�*LX� Q2 O (��� D Y«L S« �QGD -L IL1 XO NDQ�WX1 D �Y(JD VH O ( MD

SD�VX� NXO GDO JDV��� WH VHW OD VL�jRUD WR�]DWWL��� D P D GX�

PDQ�GX����

*D�0DQ� D VL L MLQ SD�VHM 1ND GD QXM PD ML DQ PLD��� WUX�YX OD FDI DW

OD ND�6(WD���

&R�*LX� NZ(��� D J ( PLD OD FDZ DW OD ND�6HWD NL

*D�0DQ� 6L 6L PD QX�MH½ D M(P OD ND�6(WD LQ OD 6WUD H D�OXUD D M(P���

OD FD�I

&R�*LX� >SDXVD � VHF�@ D VX��

*D�0DQ� PD PL D VXQ LQ ÂLU NL D ID� QXWD SDU�N(���� D S2GL PLD

�PXQ-D L YD�N��� H DOXUD��� SL�WH6W GH QGD LQ OHF���

&R�*LX� NZH ND GL�6

QDWXUDOH]]D GHO GLDORJR H UHQGHUH SUDWLFDPHQWH LQGHFLGLELOH O¶DWWULEX]LRQH GHOOD UHD]LRQH DO

WUDWWR LPSRVVLELOH R DO FRPSRUWDPHQWR DVVDL VWUDQR GHOO¶LQWHUORFXWRUH� PHQWUH SL~ WDUGL� SUH�

VD FRQILGHQ]D� OH YDULDELOL LPSRVVLELOL QRQ VRQR SL~ VWDWH UHDOL]]DWH� D WXWWR YDQWDJJLR GHOOD

VSRQWDQHLWj�

��� ,/ ',$/(772 3(5&(3,72

*D�0DQ� VL PMD �PDPPD D �NMX]R��� PP��� D VD�UX� VL OD �6WDOD NXQ OD

FDI��� PP� NZDQ NH O ( QGD½D LQ �eH]D���

&R�*LX� O ( QGD QGZ(

*D�0DQ� E(� O H QGD Q -(��� �eH]D SDU�N(����

&R�*LX� D 6L 6L�� PD WH 6WH EHQ WL���

*D�0DQ� VL VL ÉLD SDU�NH Q2���

&R�*LX� PD �NRPH �SDUOL��� �N2]D ½ ( �G(VV

*D�0DQ� Q2 Q2 YD �EHQH D �S2GL VROR PLD��� WH VHW XO SHF DW OD �YDND

&R�*LX� QD�6NXQGDP PLD QXWD Y(�����

$OOD ILQH GHJOL HVSHULPHQWL q VWDWR SRL VSLHJDWR D &R�*LX� FLz FKH HUD DF�

FDGXWR� DQFKH SHUFKp QRQ VL IDFHVVH XQD FDWWLYD RSLQLRQH GL *D�0DQ�� OD VXD

UHD]LRQH q VWDWD DOORUD D� ER1 D �M(UDQ E( GL SD�U2O -ED�MD� µDK EH¶� F¶HUDQR

GXQTXH GHOOH SDUROH VEDJOLDWH�¶�

$QDORJD SURYD q VWDWD IDWWD FRQ YDULDELOL LQ YRFDOH� H KD DYXWR UHD]LRQL

PHQR IRUWL� OD PLD SULPD LSRWHVL� PD q FRVD DQFRUD WXWWD GD YDOXWDUH �VH QRQ

VL YXROH DVFROWDUH OD VHQVD]LRQH FKH VLDQR OH VLWXD]LRQL VWUDQLDQWL D SURGXUUH

WDOL JLXGL]L�� q FKH PHQWUH SHU OH YRFDOL OR VSHWWUR q GLYLVR LQ FLUFD � YDULHWj

�L H ( D « R 2 X \� SHU OH FRQVRQDQWL OD GLYLVLRQH q DVVDL PDJJLRUH� H GXQTXH

OD FRPSHWHQ]D GLVFULPLQDWRULD GHYH HVVHUH SL~ UDIILQDWD��� 3HU TXHOOR FKH TXL

SHUWLHQH SL~ GLUHWWDPHQWH� VL SXz QRWDUH FRPXQTXH FRPH OD FRPSUHQVLRQH VLD

�� 'RYH OH ULJKH GL WHVWR VL VRYUDSSRQJRQR VL LQWHQGH FKH OH IUDVL VRQR SURQXQFLDWH VL�

PXOWDQHDPHQWH� µSHUPHVVR ]LD VRQR 0DQXHOD�DK YLHQL YLHQL� VWR IDFHQGR FXRFHUH XQ SR GL

EURGLQR« QR VRQR TXL QRQ« OD VWXID« TXL� YLHQL�HK� VWDL JLj IDFHQGR DO PLQHVWUD"�QR� q FKH

YRJOLR DQGDUH SRL DO FDQWRQH >PLQXVFROR TXDUWLHUH GL *DJQRQH@ D YHGHUH VH q JLj SDVVDWR

TXHOOR GHO JDV« VDL OD VLJQRUD 7RVDWWL� PL KD FKLHVWR«�DK Vt� VRQR SDVVDWL DQFKH GD QRL� PD

QRQ KDQQR« WURYDWR OD FKLDYH GHOOD FDVVHWWD >QRWDUH OD IOHVVLELOLWj GL *D�0DQ�@�FRVD« QRQ

F¶q OD FKLDYH GHOOD FDVVHWWD� TXL�Vt Vt PD QRL DEELDPR OD FDVVHWWD SHU VWUDGD� H DOORUD�>SDXVD �

VHF�@ DK� VR«�PD LR VRQR LQ JLUR D IDU QLHQWH SHUFKp« QRQ SRVVR PXQJHUH OH YDFFKH« H DO�

ORUD« SLXWWRVWR FKH DQGDUH D OHWWR«�FRVD GLFL"� Vt� PLD PDPPD KD FKLXVR« PP� KD FKLXVR

OD VWDOOD FRQ OD FKLDYH« PP TXDQGR q DQGDWD LQ FKLHVD�GRYH q DQGDWD"� EH¶ q DQGDWD LQ FK«

LQ FKLHVD SHUFKp�DK Vt Vt >SHU LO GLDORJR VL q VFHOWR XQ JLRUQR LQ FXL OD PDGUH GL *D�0DQ� DYH�

YD DQQXQFLDWR FKH VDUHEEH DQGDWD LQ FKLHVD D SDUODUH FRO SDUURFR@« PD WX VWDL EHQH"�Vt Vt ]LD

SHUFKp QR"�PD FRPH SDUOL" FRVD F¶q DGHVVR" >QRWDUH FRPH OD VLWXD]LRQH VWUDQLDQWH DEELD SUR�

YRFDWR LO SDVVDJJLR DOO¶LWDOLDQR@�QR QR� YD EHQH� VROR QRQ SRVVR« VDL OD PDPPHOOD GHOOD

YDFFD«�QRQ QDVFRQGHUPL QXOOD� VDL"� >D TXHVWR SXQWR *D�0DQ� KD FDPELDWR EUXVFDPHQWH WR�

QR H DUJRPHQWR H OD FRQYHUVD]LRQH q DQGDWD DYDQWL QRUPDOPHQWH� PL KD SRL VSLHJDWR FKH

&R�*LX� VWDYD LQTXLHWDQGRVL� H TXHVWR OD SUHRFFXSDYD@��� 3RWUHEEH HVVHUH LQWHUHVVDQWH SHU XQD ULFHUFD IXWXUD YDOXWDUH O¶LQFLGHQ]D GHL QXPHUR GL

IRQHPL YRFDOLFL H FRQVRQDQWLFL GL DOFXQH OLQJXH FDPSLRQH VXL ULVXOWDWL GL WHVW VLPLOL� PL FKH�

GR LQIDWWL O¶HIIHWWR FKH SRWUHEEH IDUH VX XQ IUDQFHVH �FKH KD D GLVSRVL]LRQH XQD YHQWLQD GL YR�

FDOL�� R VX XQ DUDER �OD FXL YDULHWj FODVVLFD FRQWD WUH YRFDOL H FLUFD WUHQWD FRQVRQDQWL� H FRVt

YLD�

/$ 5,&(5&$ 68/ &$032 ,, ���

DVVLFXUDWD� SLXWWRVWR LQWHUHVVDQWH SRL LO IDWWR FKH LO FRPPHQWR VLD VWDWR UL�

YROWR DOOH SDUROH VEDJOLDWH� FKH DQFRUD XQD YROWD VL SURILODQR FRPH HQWLWj

LQDQDOL]]DELOL�

,Q XQ¶DOWUD UHJLVWUD]LRQH� *D�0DQ� SDUODQGR FRQ 2U�6LO� WHQWDYD GL VRVWL�

WXLUH OD IRUPD DYX�W µDYXWR¶ FRQ EL� UHDOL]]D]LRQH DVVDL DUFDLFD H RUPDL DP�

PHVVD TXDVL VROR QHOOD ORFX]LRQH D M2 EL GD µKR GRYXWR � KR DYXWR GD � LQ�

ILQLWR���� DQFKH TXL 2U�6LO� KD DYXWR PRPHQWL GL SHUSOHVVLWj �PD �NX]D 6WDM

S(Q�VDQGR PD�QZ(OD WH VWHW �jD1ND DW�(QWD��� DV ND�SLV �QXWD��� Z(� WL H�M PLD GL

JUD�Q NXO PX�UXV (� µPD D FRVD VWDL SHQVDQGR� 0DQXHOD¶"� 1RQ VWDL QHDQFKH

DWWHQWD� QRQ VL FDSLVFH QLHQWH� HKL� QRQ KDL PLFD JUDQH FRO ©PRURVRª HK"¶�

PD WXWWR VRPPDWR LO GLDORJR VL q VYROWR UHJRODUPHQWH� DOPHQR SHU OD VXD

SDUWH UHIHUHQ]LDOH�

,,,��� )LQWH LQFKLHVWH� RYYHUR FKLVVj FKL OR VD"

/HJJHQGR L FRPPHQWL GL 6FKHXHUPHLHU� 5RKOIV H :DJQHU DOOH LQFKLHVWH

SHU O¶$,6 H OH UHOD]LRQL GHL YDUL UDFFRJOLWRUL SHU O¶$/, FRPSDUVH VXO %ROOHWWL�

QR QHJOL DQQL &LQTXDQWD� H DQFKH EDVDQGRPL VXOOH PLH SUHFHGHQWL HVSHULHQ]H

GL LQFKLHVWD� PL VRQR FRQYLQWR FKH OH UHD]LRQL GHO SDUODQWH DOOD VWUDQD VLWXD�

]LRQH ©LQFKLHVWD OLQJXLVWLFDª�� VRQR GHJQH GHO PDVVLPR LQWHUHVVH�

+R GXQTXH SURFHGXWR D LQWHUYLVWH GLDOHWWRORJLFKH GHO WLSR SL~ FODVVLFR H

FRQ LO PDVVLPR GLVWDFFR SRVVLELOH� LQGDJDQGR YDULHWj JLj QRWH� PD DYYDOHQ�

GRPL DQFKH GL WHVWLPRQL QXRYL� FKH QRQ PL FRQRVFHVVHUR H FKH QRQ DYHVVHUR

PDL SUHVR SDUWH DG XQD LQFKLHVWD OLQJXLVWLFD� /R VFRSR q VWDWR TXHOOR GL YHUL�

ILFDUH TXDOL IRUPH FRVWLWXLVVHUR OD QRUPD GLDOHWWDOH DFFHWWDWD H SURFODPDWD

GDO SDUODQWH� H VH OD YLFLQDQ]D GL HVLWL IRQHWLFL PROWR VLPLOL QHO FRUVR

GHOO¶LQWHUYLVWD QRQ SURYRFDVVH TXDOFKH UHD]LRQH PHWDOLQJXLVWLFD �GHO WLSR

©SUHVD GL FRVFLHQ]Dª�� ROWUH DOOD ULOHYD]LRQH GL TXDOVLDVL UHD]LRQH FKH SRWHVVH

HVVHUH VSLD GL XQD SDUWHFLSD]LRQH SHU FRVt GLUH SHUVRQDOL]]DWD� 7UD JOL VFRSL

FKH PL HUR SUHILVVR F¶HUD LQIDWWL DQFKH TXHOOR GL UHQGHUPL FRQWR GL TXDOL

VWUDWHJLH XVDVVHUR L SDUODQWL SHU ©GLIHQGHUVLª GD XQ ULFHUFDWRUH���

0L VRQR JLRYDWR D TXHVWR VFRSR DQFKH GHOOH LQWHUYLVWH FXL KR DVVLVWLWR

FRQGRWWH GD /HRQDUGR 0DULD 6DYRLD FRQ PLHL LQIRUPDWRUL �6PP�*LDQ��

&R�*H�� &R�*L�� QHO PDJJLR ����� LQWHUYLVWH GLYHUVLVVLPH GDOOH PLH� DQFKH

GD TXHOOH ©ILQWHª� HG DYHQWL FRPH VFRSR TXHOOR GL UHQGHUVL FRQWR GHOOH SDUWL�

FRODULWj IRQHWLFKH� PRUIRORJLFKH H VLQWDWWLFKH �DQFKH SRWHQ]LDOL� GHO GLDOHWWR�

�� &IU� ,������� ,Q SDUWLFRODUH VL LQVLVWHYD VX IUDVL FRPH D M2 EL� 6WX OLEDU GD OD Q2QD µKR

DYXWR LO OLEUR GDOOD QRQQD¶��� 3HU XQD GLVFXVVLRQH WHRULFD H SL~ DPSLD ELEOLRJUDILD FIU� VXSUD�� &IU� LO FLWDWR &DQREELR�7HOPRQ ���� ,� ����

��� ,/ ',$/(772 3(5&(3,72

Ê VWDWD SDUWLFRODUPHQWH LQWHUHVVDQWH O¶RVVHUYD]LRQH GHO YDULDUH GHL ©QRGLªSDUWHFLSDQWV H VHWWLQJ WUD OH PLH LQFKLHVWH H TXHOOH GHO 3URI� 6DYRLD� OD FXLYHQXWD HUD VWDWD LQ TXDOFKH FDVR DEERQGDQWHPHQWH DQQXQFLDWD� FRQ WRQL GLJUDQGH LPSRUWDQ]D GD DWWULEXLUVL DOO¶DYYHQLPHQWR �©DUULYD LO JUDQGH SURIHV�VRUH GL )LUHQ]H� FKH VFULYH XQ OLEUR VX WXWWL L GLDOHWWLª��

/H PLH ILQWH LQFKLHVWH VRQR VWDWH FRQGRWWH LQ SDUWH FRQ LO TXHVWLRQDULRPLQLPR GHO 96,� H LQ SDUWH WUDPLWH OLVWH OHVVLFDOL DSSRVLWH �FIU� DSSHQGLFH ���7UD JOL LQIRUPDWRUL KR LQFOXVR DQFKH EDPELQL� SHU YHULILFDUH LO SHVR GHOOD©QRUPDª GLDOHWWDOH FRPH LQVHJQDWD H UHFHSLWD DQFKH GD FRORUR FKH� SHU ORURSRVL]LRQH� GRYUHEEHUR HVVHUH L PHQR HVSRVWL DO GLDOHWWR�

,Q XQD RFFDVLRQH q FDSLWDWR FKH XQD PDHVWUD GL VFXROD �&R�*H�� DEELDYROXWR FRQGXUUH OHL O¶LQFKLHVWD QHO PRGR WUDGL]LRQDOH LQWHUYLVWDQGR XQR GHLVXRL DOOLHYL �&R�1DW�� SHU TXDQWR XQD GLDOHWWRORJLD IRQGDWD VXOOD QRUPD VFR�ODVWLFD H VXOO¶HUURUH� H VXOO¶LQWHUYLVWD FKH ULFRUGD XQ¶©LQWHUURJD]LRQHª VLDSLXWWRVWR ORQWDQD GDOOD PLD SHUVRQDOH FRQFH]LRQH� KR QRQGLPHQR DFFRQVHQ�WLWR� , ULVXOWDWL VRQR VWDWL� GHYR DPPHWWHUH� SLXWWRVWR LQWHUHVVDQWL� QRQ VROR UL�IHULWL DOOD SUHVVLRQH GHOOD QRUPD VXO UDJD]]LQR� FRLQYROWR SHU GL SL~QHOO¶HYHQWR OLQJXLVWLFR HVWUHPDPHQWH VWUDQLDQWH GL HVVHUH LQWHUURJDWR GDOODPDHVWUD IXRUL GL VFXROD� H VXO GLDOHWWR� PD DQFKH LQ UHOD]LRQH DOOH FRUUH]LRQLHG DL PHWRGL HVFXVVLYL SRVWL LQ DWWR GDOOD PDHVWUD LQ FDVR GL HVLWD]LRQH R GL©HUURUHª�

,,,��� 0DWFKHG *XLVH 7HFKQLTXH� RYYHUR VSHFFKLR GHOOH PLH EUDPH� FKL q

LO SL~ YHFFKLR GHO UHDPH"

/H DWWLWXGHV OLQJXLVWLFKH H VRFLRORJLFKH PLVXUDWH GDOOD 0DWFKHG *XLVH

7HFKQLTXH �0*7��� VRQR� VL q YLVWR� TXDOFRVD GL SLXWWRVWR GLYHUVR ULVSHWWR

DJOL RELHWWLYL GL TXHVWD ULFHUFD� LO FRQFHWWR DQJORVVDVVRQH GL DWWLWXGH SUHVXS�

SRQH LQIDWWL XQD DWWHQ]LRQH SHU OH YDULHWj OLQJXLVWLFKH D FRQWDWWR LQFHQWUDWD

VRSUDWWXWWR VXO YDORUH GL GLVFULPLQDQWH VRFLDOH FKH OD OLQJXD WUDVPHWWH H VXOOH

FDUDWWHULVWLFKH SHUVRQDOL GHO SDUODQWH� TXDOL LQIHULWH DWWUDYHUVR LO VXR XVR GHO

�� ,O SURWRWLSR GL TXHVWL VWXGL q� FRPH q QRWR� /DPEHUW� +RGJVRQ� *DUGQHU H DOWUL �����

ODGGRYH LO PRGHOOR WHRULFR GL EDVH q GLVFXVVR LQ /DPEHUW ����� 'D DOORUD OD WHFQLFD q HVWH�

VDPHQWH XVDWD LQ ULFHUFKH VXOOH ODQJXDJH DWWLWXGHV� FIU� WUD L QXPHURVLVVLPL FRQWULEXWL /DERY

���� &DS� � �� �������� VL GLVFRVWD SHUz GDOOD WHFQLFD VWDQGDUG� HG q TXL QRWDWR SHUFKp KR

DFFROWR OD YDULDQWH� XVDQGR QRQ ©D WUDLQHG SKRQHWLFLDQª� EHQVt ©QDWXUDO XWWHUDQFHV RI QDWLYH

VSHDNHUVª SHU QRQ LQWURGXUUH YDULDELOL LQFRQWUROODWH H GLVWXUEDQWL�� *LOHV 3RZHVODQG ����

�FKH SUHVHQWDQR XQ¶LQWHUHVVDQWH GLVFXVVLRQH GHOOD WHFQLFD� %HQWDKLOD ���� �GD WHQHU SUHVHQWH

SHUFKp LQ FHUWR TXDO PRGR HPLFR� H� UHFHQWHPHQWH +DOOHU ����� ����� LQFHQWUDWR VXJOL

LWDORDPHULFDQL�

/$ 5,&(5&$ 68/ &$032 ,, ���

OLQJXDJJLR��� ,QROWUH TXHVWL VWXGL VL IDQQR LQ JHQHUH QHO FRUVR GL JUDQGL LQ�

FKLHVWH GL VRFLROLQJXLVWLFD XUEDQD� FRQ XQ QXPHUR DVVDL HOHYDWR GL YRORQWDUL

�WDORUD� FRPH LQ $PHULFD� UDFFROWL QHL FDPSXV� HG HODERUD]LRQL VWDWLVWLFKH

GHL GDWL� LQ XQ FRQWHVWR GL VRFLHWj LQ FXL GHYH HVVHUH SRVVLELOH O¶DQRQLPDWR H

O¶LPSHUVRQDOLWj� 6L YHGH VXELWR FRPH OD VLWXD]LRQH QRQ VLD TXHOOD GHOOD 9DOOH�

GRYH� VH q SUREDELOPHQWH DIIUHWWDWR H QRQ FRUULVSRQGHQWH DO YHUR GLUH FKH

WXWWL FRQRVFRQR WXWWL��� q SHUz LQQHJDELOH FKH LO FRQWUROOR VRFLDOH q PROWR

IRUWH� H O¶DVVROXWR DQRQLPDWR VSHVVR XQD FKLPHUD�

9ROHYR WXWWDYLD IDUH XQ HVSHULPHQWR FRQ TXHVWD WHFQLFD� H DGDWWD DOOR

VFRSR VL q ULYHODWD OD PLFURYDULDELOH ^$�/ o ^DZ` �BB � ��� &RQV�` QHOOD

SUHSRVL]LRQH GDO µSHU LO¶� VHFRQGR O¶HVHPSLR GL SD�Q(W GDZ QD�V ULVSHWWR D

SD�Q(W GDO QD�V µID]]ROHWWR¶�� �FIU� ,����������� FKH� FRPH VL q YLVWR� YHLFROD

XQ¶LQIRUPD]LRQH GL ©SHUVRQD PROWR DQ]LDQDª� +R IDWWR UHJLVWUDUH OH VHJXHQWL

IUDVL D GXH IUDWHOOL GL *DJQRQH� 'U�6LO� H 'U�&OD�� SL~ R PHQR GHOOD VWHVVD HWj

��� DQQL�� SURSRQHQGRQH SRL O¶DVFROWR D �� SHUVRQH D 9LOOHWWH� 5H� 'LVVLPR H

2OJLD� L SDHVL SL~ ORQWDQL ULVSHWWR D *DJQRQH�� H QHL TXDOL SHUFLz HUD PHQR

SUREDELOH FKH OH YRFL YHQLVVHUR ULFRQRVFLXWH� �$OOD ILQH GHO WHVW FKLHGHYR SRL

DJOL LQIRUPDWRUL VH FRQRVFHVVHUR 'U�6LO�� FKH SHU LO VXR ODYRUR KD QXPHURVL

FRQWDWWL LQ WXWWR LO WHUULWRULR� LQ GXH FDVL� D 9LOOHWWH� O¶LQWHUORFXWRUH OR FRQR�

VFHYD� PD QRQ QH DYHYD FROWR OD YRFH QHO QDVWUR� DYHQGR SRL ORUR JLj IRUQLWR

OH ULVSRVWH FKH PL LQWHUHVVDYDQR� KR FRQVLGHUDWR FRPXQTXH YDOLGL L WHVW�� /H

IUDVL�

�� D �WUHYL PL�D XO SDQ�(W GDZ�GDO QDV

�� YD OL� NH EHM �NH�PS ND O D XO WR�QLQ

�� D M2 GH QGD D �G2PR GDZ�GDO GX�WX�U

�� *LOHV�3RZHVODQG ����� ����� ULIHULVFRQR FKH QHJOL 86$� GRYH VL IDQQR QXPHURVL HVSH�

ULPHQWL EDVDWL VXOOD 0*7� YLHQH ULFRQRVFLXWD FRQ TXHVWD WHFQLFD PROWR SL~ OD YDULDELOH VWDWXV

FKH QRQ TXHOOD ORFXV� QRQRVWDQWH JOL DOPHQR WUH DFFHQWL ORFDOL SULPDUL GHOO¶LQJOHVH DPHULFD�

QR� WDQWR GD IDU ULWHQHUH DL GXH VWXGLRVL FKH OD WHFQLFD LQ Vp FRQGXFD D WDOL ULVXOWDWL�

�� &RQ OD �SDU]LDOH� HFFH]LRQH GL 6DQWD 0DULD 0DJJLRUH FLz q SHUz YHUR DOO¶LQWHUQR GL

RJQL SDHVH� DOPHQR SHU TXDQWR ULJXDUGD L UHVLGHQWL�

�� 2SSRVWR D SD�Q(W GOD �W(6WD µIRXODUG GD WHVWD¶

�� 1RQ VWXSLVFD O¶HVLJXLWj GHO FDPSLRQH� SHUFKp WXWWL L QXPHUL VRQR SLFFROL� LQ 9DOOH� QRQ

DSSHQD FL VL DOORQWDQD GD 6DQWD 0DULD 0DJJLRUH� 'UXRJQR� H LQ PLVXUD PLQRUH &UDYHJJLD� 5H

H 0DOHVFR �H VL QRWL FKH TXHVWL FHQWUL VRQR DQFKH TXHOOL SL~ WRFFDWL GDOO¶LPPLJUD]LRQH� FKH

UHQGH ©LQGLVSRQLELOHª SHU TXHVWR WLSR GL LQGDJLQL XQ GLVFUHWR QXPHUR GL SHUVRQH�� D 2OJLD�

SHU HVHPSLR� JOL DELWDQWL VWDELOL LQYHUQDOL QRQ VRQR SL~ GL XQD WUHQWLQD� H TXDVL WXWWL DQ]LDQL�

FDOFRODQGR FRORUR FKH QRQ VL SUHVWDQR D ©TXHVWH GLDYROHULHª H TXHOOL �OD PDJJLRUDQ]D� FKH

QRQ GDYDQR DIILGDPHQWR SHU LO WHVW� OH � SHUVRQH GD PH DYYLFLQDWH VL SRVVRQR FRQVLGHUDUH XQ

EXRQ ULVXOWDWR� 1RQ GHYH FRQIRQGHUH O¶DVSHWWR DIIROODWR H ULJRJOLRVR GHO FHQWURYDOOH DG DJR�

VWR�

��� ,/ ',$/(772 3(5&(3,72

�� XO PX�LQ OD GDO IMLP O �(UD O P(

�� X D NDP�EMX� O �D]D1 LQ �WDQWL 6LJ�XO

�� OD �EMD�YD D] OD �VDPQD D OD �EUL�PD

�� �SDVDPL OD WUDZ GDZ�GDO WH½

�� WL WH IHW P(M D �QGD ND

�� D VXQ GLZHQ�WD PDW GDZ�GDO QHU�YX�]

��� O D ID½ LQ (Z �I2UD GDZ�GDO ND�YDj

��� D V �V½2SD GDZ�GDO ND�OW

��� D MR OD �PDNLQD N DP YD PL�D��

'U�&OD� UHDOL]]DYD FRVWDQWHPHQWH OD YDULDELOH ^$�/ o ^DZ` �� &RQV�`�

*D�6LO �SL~ DQ]LDQR GL WUH DQQL� FRVWDQWHPHQWH QRQ OD UHDOL]]DYD� $JOL

DVFROWDWRUL YHQLYD FKLHVWR GL GDUH GHL JLXGL]L VXOOH SHUVRQH OH FXL YRFL DYHYD

DSSHQD VHQWLWR� H LQ SDUWLFRODUH ��� VXOOD ORUR SURYHQLHQ]D DOO¶LQWHUQR GHOOD

9DOOH �GRPDQGD DSHUWD�� ��� VXOOD ORUR RFFXSD]LRQH �D � OLYHOOL� RSH�

UDLR�FRQWDGLQR� DUWLJLDQR� LPSLHJDWR� SHQVLRQDWR��� H ��� VXOOD VXD HWj �� OL�

YHOOL� JLRYDQH� GL PH]]D HWj� DQ]LDQR��

/H ULVSRVWH�� DOOH GRPDQGH � H �� FKH SUHVHQWR TXL SHUFKp O¶HVSHULPHQWR q

GD FRQVLGHUDUVL LQ Vp FRQFOXVR� VRQR GHO PDVVLPR LQWHUHVVH� ULVSHWWR DOOD YD�

ULDELOH � DEELDPR�

3URYHQLHQ]D SUHVXQWD�� 5LVSRVWH 3HUFHQWXDOL

'UXRJQR R IUD]LRQL �� �����

6DQWD 0DULD� 'UXRJQR R SDUWH RFFLGHQWDOH � ��� ��

7URQWDQR�� � ����

1RQ VR � ���

�� �� QRQ WURYR LO ID]]ROHWWR� �� JXDUGD Oj FKH EHL FDPSL FKH KD LO 7RQLQR� �� GHYR DQGDUH

D 'RPRGRVVROD GDO GRWWRUH� �� LO PXOLQR DO GL Oj GHO ILXPH HUD LO PLR� �� KD FDPELDWR O¶DVLQR

FRQ WDQWH FLSROOH� �� OD VHJDOH VL VHPLQD LQ DXWXQQR� �� SDVVDPL OD WUDYH SHU LO WHWWR� �� IDL

PHJOLR DG DQGDUH D FDVD� �� VRQR GLYHQWDWR PDWWR GDO QHUYRVR� ��� KD IDWWR XQ XRYR IXRUL GDO

FHVWR� ��� VL VFRSSLD GDO FDOGR� �� KR OD PDFFKLQD FKH QRQ YD� 6L QRWHUj FKH RYYLDPHQWH QRQ

WXWWH OD IUDVL FRQWHQJRQR OD YDULDELOH LQGDJDWD� � H �� VRQR GHWWL SRSRODUL� � q XQD IUDVH GL

&R�*LX� LQWHQWD D VSLHJDUPL OD FROWLYD]LRQH GHOOD VHJDOH� LQ � OD YDULDELOH QRQ VL PDQLIHVWD�

SHU LO FRQWHVWR FRQVRQDQWLFR �GDYDQWL D ^I`� H SHUFKp OD SUHSRVL]LRQH QRQ q µSHU LO¶�

�� 4XHVWD YDULDELOH LQ UHDOWj QRQ PL LQWHUHVVDYD� H VRQR DQFKH VFHWWLFR VXOOD SRVVLELOLWj GL

RWWHQHUQH GDWL FRHUHQWL� q VWDWD LQVHULWD SHU VSRVWDUH O¶DWWHQ]LRQH GHJOL LQWHUYLVWDWL GDJOL VFRSL

SL~ SUHFLSXL GHO WHVW�

�� 1RQ q SHUWLQHQWH OD YDULD]LRQH GL UHVLGHQ]D GHJOL LQWHUYLVWDWL� H GXQTXH OH ULVSRVWH VRQR

VWDWH FRQVLGHUDWH LQVLHPH�

�� 8JXDOH SHU HQWUDPEH OH YRFL� QHVVXQR KD VXSSRVWR FKH L GXH YHQLVVHUR GD SDHVL GLYHUVL

�� &RPXQH GHOOD YDO G¶2VVROD DOO¶LPERFFDWXUD GHOOD YDO 9LJH]]R�

/$ 5,&(5&$ 68/ &$032 ,, ���

FLRq� OD VWUDJUDQGH PDJJLRUDQ]D GHJOL LQIRUPDWRUL ��� VX ��� KD VDSXWR

ORFDOL]]DUH HVDWWDPHQWH OD SURYHQLHQ]D GHOOH YRFL� GLPRVWUDQGR XQD YROWD GL

SL~ TXHOOD UDIILQDWD FRPSHWHQ]D GHOOD YDULD]LRQH GLDWRSLFD FKH q WLSLFD GHOOD

9DOOH� DQFKH OD ULVSRVWD µ7URQWDQR¶ �'LVVLPR� VX PLD H]DWWD�P(QW���WUXQ�WDQ D

P SD�U��� ÂMX GL OL µ QRQ VR HVDWWDPHQWH� 7URQWDQR PL SDUH« JL~ GL Ot¶� YD LQ

UHDOWj QHOOD VWHVVD GLUH]LRQH� OD SDUWH RFFLGHQWDOH GHO GRPLQLR�

3HU OD YDULDELOH ��

5LVSRVWH 3HUFHQWXDOL

'U�&OD� 3L~ JLRYDQH � �

6WHVVD HWj � ��� ��

'U�&OD� 3L~ YHFFKLR �� ��� ��

1RQ VR � �

TXHVWD q OD ULVSRVWD SL~ VRUSUHQGHQWH� LQ FLUFD WUH TXDUWL GHL FDVL�

O¶LQIRUPD]LRQH ^� DQ]LDQR` YHLFRODWD GDOOD YDULDELOH q VWDWD SL~ IRUWH

GHOO¶HYLGHQ]D ILVLFD GHOOD YRFH� FKH QRQ q GD SHUVRQD DQ]LDQD� ,QWHUHVVDQWL

VRQR LQIDWWL L FRPPHQWL HPHUVL� DOFXQL FHUFDQR GL UD]LRQDOL]]DUH DUJRPHQ�

WDQGR FKH q XQ YHFFKLR PROWR IRUWH H YLJRURVR �9LOOHWWH�� PD L SL~ ULFRQRVFR�

QR FKH F¶q ©TXDOFRVD FKH QRQ YD QHOOD YRFHª �9LOOHWWH� R FKH F¶q XQ NZDL�NRV

N DP NXQ�YLQ6 PL�D �µXQ TXDOFRVD FKH QRQ PL FRQYLQFH¶ 2OJLD� VL ULFRUGL ?8 !

^X`� RSSXUH FKH 'U�&OD� DV GMLU(V YH½ PD X O D OD YX�- DG LQ �-XYL1 �µVL GL�

UHEEH YHFFKLR� PD KD OD YRFH GL XQ JLRYDQH¶ 9LOOHWWH��

/¶HVSHULPHQWR SXz IRUVH GLUFL TXDOFRVD VXOOD FRPSRVL]LRQH GHOOD FR�

VFLHQ]D OLQJXLVWLFD� H LQ SDUWLFRODUH FKH TXHVWD q SL~ UDIILQDWD GL TXDQWR QRQ

FL VDUHPPR DVSHWWDWL� O¶LQIRUPD]LRQH SDVVDWD DWWUDYHUVR FDQDOL IRQHWLFL q SL~

IRUWH� DOPHQR LQ TXHVWR FDVR� GL DOWUH GL FDUDWWHUH ILVLFR� LQROWUH OD PDQFDQ]D

GL ULVSRVWH µQRQ VR¶ �FRPH SXUH LO VXR QXPHUR SLXWWRVWR EDVVR QHOOD GRPDQGD

�� WHVWLPRQLD GHOO¶LPSRUWDQ]D GHOOH GXH YDULDELOL SHU LO SDUODQWH� ELVRJQD LQ�

IDWWL VXELWR ULXVFLUH DG LQTXDGUDUH O¶LQWHUORFXWRUH LQ WHUPLQL GL SURYHQLHQ]D H

SRL GL IDVFLD G¶HWj� SHU WUDUQH LQGLFD]LRQH VXOOD PLJOLRUH VWUDWHJLD FRPXQLFD�

WLYD GD DGRWWDUH LQ YLVWD GHO VXFFHVVR GHOO¶LQWHUD]LRQH� 6H KR GL IURQWH XQ

YHFFKLR GL $OERJQR JOL SDUOHUz GLYHUVDPHQWH H VRSUDWWXWWR PL DVSHWWHUz GD

OXL SURGX]LRQL GLYHUVH ULVSHWWR D TXHOOH FKH SRWUHL DYHUH GD XQ YHQWHQQH GL

6DQWD 0DULD 0DJJLRUH���

�� $QFKH /HRQDUG ����� �� RVVHUYD LO YDORUH SUDJPDWLFR GHOOH GLIIHUHQ]LD]LRQL GLDOHWWDOL

GHO SDUODQWH� XQD YROWD FDSLWR �GDOO¶DFFHQWR� GD GRYH YLHQH H FRVD ID O¶LQWHUORFXWRUH JOL VL DW�

WULEXLVFRQR OH FDUDWWHULVWLFKH GHOOR VWHUHRWLSR FRUULVSRQGHQWH H VL LPSRVWD FRVt OD VWUDWHJLD

FRPXQLFDWLYD� (YLGHQWHPHQWH OH YDULDELOL SUHVH LQ FRQVLGHUD]LRQH SRVVRQR HVVHUH GLYHUVH D

VHFRQGD GHL OXRJKL� SHU HVHPSLR� OD SRVL]LRQH ODYRUDWLYD VHPEUD SHUWLQHQWH LQ 9DQGHD �/HR�

��� ,/ ',$/(772 3(5&(3,72

,,,��� 3DUODUH FRPH� RYYHUR GLYHUVH OLQJXH� RUULELOL IDYHOOH

,,,����� ,QWURGX]LRQH

,,,������� ,Q DOFXQH WHFQLFKH LO JLRFR OLQJXLVWLFR q VWDWR DVVDL SL~ VFRSHUWR�

H L YHUL VFRSL GHOO¶LQFKLHVWD GLFKLDUDWL DSHUWDPHQWH� Ê LQ SDUWLFRODUH LO FDVR GL

GRPDQGH HVSOLFLWH ULYROWH DL YLJH]]LQL VXO ORUR GLDOHWWR H VX TXHOOR DOWUXL� 9D

TXL QRWDWR FKH� VRSUDWWXWWR LQ XQD SULPD IDVH� JOL LQIRUPDWRUL VL VWXSLVFRQR

DOOH GRPDQGH GLUHWWH GL PHWDOLQJXLVWLFD FRPH QRQ VL VWXSLVFRQR GL TXHOOH UL�

YROWH ORUR FRQ VLVWHPL WUDGL]LRQDOL TXDOL LO TXHVWLRQDULR� VHPEUD FKH QRUPDO�

PHQWH SUHIHULVFDQR OD SRVL]LRQH GHOO¶RVVHUYDWR SLXWWRVWR FKH TXHOOD

GHOO¶RVVHUYDWRUH� 'HOOH GLIILFROWj DG DFFHWWDUH XQR VWXGLR GHOOD OLQJXD SHU VH

VL q JLj DFFHQQDWR VRSUD� TXL VL DJJLXQJHUj VROR FKH LQ SDUWH SRVVRQR GHULYD�

UH GDO IDWWR FKH LQ TXHVWR PRGR VL FKLHGH DOO¶LQIRUPDWRUH GL RVVHUYDUH XQ IH�

QRPHQR �IRUVH� PDL SULPD QRWDWR� GL IRUPDUVL FRQWHPSRUDQHDPHQWH VX GL HV�

VR XQ JLXGL]LR� H DO WHPSR VWHVVR GL IRUPXODUOR LQ PRGR FRPSUHQVLELOH DO UL�

FHUFDWRUH� Ê YHURVLPLOH DQFKH FKH FL VL VHQWD UDVVLFXUDWL GDOOH GRPDQGH

VWUXWWXUDWH GL XQD LQFKLHVWD WUDGL]LRQDOH� GL FXL SXz VXSSRUUH XQ¶XWLOLWj JLDF�

FKp q SURJHWWDWD H DWWXDWD FRQ LO FULVPD GHOO¶XIILFLDOLWj�

+R GXQTXH FKLHVWR DJOL LQIRUPDWRUL GL SDUODUH YDULHWj OLQJXLVWLFKH FKH

QRQ IRVVHUR OH ORUR� QRQ WDQWR� HYLGHQWHPHQWH� SHU YHULILFDUQH OD FRPSHWHQ]D

QHOOH ©OLQJXH VWUDQLHUHª��� TXDQWR SHU YHGHUH TXDOL WUDWWL VRQR VHQWLWL FRPH

DOLHQL H FDUDWWHULVWLFL GHOOD GLYHUVLWj GLDOHWWDOH� /D VFHOWD GHOOD YDULHWj GD

LPLWDUH q VWDWD LQ JHQHUH ODVFLDWD DO FROODERUDWRUH� LO FKH� VH KD LQ TXDOFKH

PRGR ULGRWWR O¶XQLIRUPLWj GHL ULVXOWDWL� KD SHUz FRQVHQWLWR XQD YHULILFD GHOOH

YDULHWj VHQWLWH SL~ WLSLFKH� 3HU OD SDUWH RFFLGHQWDOH GHOOD 9DOOH �OH LQGDJLQL

VRQR VWDWH FRPSLXWH D *DJQRQH� D 'UXRJQR H D 6DQWD 0DULD 0DJJLRUH� H LQ

QDUG ����� ����� PD VL YHGDQR DQFKH WXWWL JOL VWXGL GL XUEDQ GLDOHFWRORJ\ DQJORVDVVRQH��

PHQWUH OR q PROWR PHQR LQ 9DOOH�

�� ,O ULVFKLR GL IUDLQWHQGLPHQWR q LQ TXHVWL FDVL VHPSUH LQ DJJXDWR� FRPH VL q YLVWR VRSUD

�FIU� � ,,,������� OD SUREDELOLWj FKH XQ¶LQFKLHVWD OLQJXLVWLFD� DQFKH FRQGRWWD LQ PRGR FRUGLDOH

�JLXVWD OH DQWLFKH LQGLFD]LRQL GL %HUWRQL ���� H %HUWROGL ����� VLD OHWWD FRPH ©HVDPHª q DO�

WLVVLPD� /H GLIILFROWj QDVFRQR DOORUD� VX TXHVWR YHUVDQWH� TXDQGR JOL LQIRUPDWRUL DIIHUPDQR GL

YHUJRJQDUVL SHUFKp WHPRQR GL IDUH ILJXUDFFH LQ XQ GLDOHWWR FKH QRQ q LO ORUR� 2OWUHWXWWR LO

FRQWUROOR VRFLDOH VXO ©EXRQ GLDOHWWRª q PROWR IRUWH� QRQ VL SDUOD PDOH LO GLDOHWWR� SHUFKp QRQ

VL LQVHJQD H QRQ VL LPSDUD� OR VL q VHPSUH VDSXWR� $QFKH /HRQDUG ���� ����E� ULSRUWD GL

SDUODQWL JLRYDQL FKH IDQQR ©VIRU]L GLVSHUDWLª GL SDUODUH LO SDWRLV WUD OD GLVDSSURYD]LRQH H OR

VFKHUQR GHJOL DQ]LDQL �©oD WH YD SDV� W \ DUULYHUDV SDVª�� 4XHVWR FRQWUROOR DJLVFH DQFKH VX GL

PH� LQ SDUWHQ]D QRQ SDUODQWH YLJH]]LQR� QRQ OR VRQR QHSSXUH DGHVVR� VH QRQ LQ VLWXD]LRQL

SDUWLFRODUL TXDOL OH LQFKLHVWH� ©FRQRVFRª LQIDWWL LO GLDOHWWR� LQ PDQLHUD FRQVDSHYROH H IRUVH

DSSURIRQGLWD� PD QRQ OR ©VRª�

/$ 5,&(5&$ 68/ &$032 ,, ���

SL~ D 9LOOHWWH��� LO GLDOHWWR SL~ LPLWDWR H TXLQGL VHQWLWR FRPH SL~ UDGLFDO�

PHQWH GLYHUVR q TXHOOR GL &RLPR� D &RLPR q VWDWD VFHOWD LQ PDJJLRUDQ]D XQD

YDULHWj JHQHUDOPHQWH FHQWUDOH� GLFLDPR SL~ R PHQR FRPXQH D 'UXRJQR�

6DQWD 0DULD 0DJJLRUH H 5H �TXHVW¶XOWLPR SHUz FRQ ^\` SHU ?8�� &Lz FRQIHUPD

FKH LO VHQWLPHQWR GL GLVWDQ]D �TXDQWRPHQR OLQJXLVWLFD� q VHQWLWR QHOOH GXH GL�

UH]LRQL LQ PRGR VRVWDQ]LDOPHQWH VLPPHWULFR� QHOOH IUD]LRQL EDVVH GL 'UXR�

JQR q &RLPR D FRVWLWXLUH O¶HFFH]LRQH� H GL FLz VRQR FRQYLQWL DQFKH L IDX�

VFLWW��� FKH FLWDQR OH IRUPH GHO IRQGRYDOOH FRPH FRPSDWWH H LQGLIIHUHQ]LDWH�

$OFXQL DVSHWWL OHJDWL D TXHVWD SUREOHPDWLFD VL YHGUDQQR SRFR SL~ ROWUH� SHU LO

PRPHQWR YD QRWDWR FRPH LO ©GLYHUVRª SHU HFFHOOHQ]D� LO GLDOHWWR GL 0DOHVFR�

q VWDWR DVVDL SRFR PHQ]LRQDWR H LPLWDWR��� )RUVH SHUFKp WURSSR GLYHUVR� H YL�

VWR FKH LO GLDOHWWR ©QRQ VL SDUOD PDOHª� QRQ VL LPLWD QHSSXUH PDOH� L FROODER�

UDWRUL VL VRQR TXDVL WXWWL GLFKLDUDWL LQFDSDFL GL LPLWDUH LO GLDOHWWR GL 0DOHVFR�

,,,������� 3DULPHQWL q VWDWR FKLHVWR GL SDUODUH FRPH VL ID D 'RPRGRVVROD H

LQ 7LFLQR� L ULVXOWDWL SHU 'RPRGRVVROD VRQR VWDWL GHOXGHQWL� PD QRQ LQDVSHW�

WDWL� QRQ KR RWWHQXWR LPLWD]LRQL GHO GLDOHWWR SHUFKp *D�*LXV� PD��� D �G2PR D

V �SDUOD PLD GLD�O(W��� QRQ H]�LVWH �SMX LO��� LO��� XO GLD�O(W DW �G2PR L �SDUODQ

WD�OMDQ��� >SDXVD � VHFRQGL@ ERQ LQ NZDL�N2V IRUV X V V(QW D1ND�P2 PD��� L MLQ

NZLM DG OH �YDOOL N L �SDUO(Q GLD�O(W��� >SDXVD �� VHFRQGL� SRL� *DE�� DK� H FRVD

SDUODQR"@ PD L �SDUO(1 E(� WD�OMDQ��� >*D�6LO� Q2� NZLM DW ER�jD1N R DG O

DQ¹�D6ND X VX PLD@ D E( OXU L �SDUOH1 XO OXU GLD�O(W��� µPDK� D 'RPRGRVVROD

QRQ VL SDUOD GLDOHWWR� QRQ HVLVWH SL~ LO GLDOHWWR GL 'RPR� SDUODQR LWDOLDQR«

EH¶� IRUVH TXDOFRVD VL VHQWH DQFRUD� PD« VRQR TXHOOL GHOOH YDOOL FKH SDUODQR

GLDOHWWR���DK� H FRVD SDUODQR"�� PD SDUODQR LWDOLDQR���QR� TXHOOL GL %RJQDQFR

R GHOOD YDOOH $Q]DVFD R QRQ VR�� DK EH¶� ORUR SDUODQR LO ORUR GLDOHWWR¶�

/D VLWXD]LRQHFRPH q GHVFULWWD GDO GLDORJR VHPEUD SLXWWRVWR FKLDUD� D 'R�

PRGRVVROD OD OLQJXD GL QRUPDOH FRPXQLFD]LRQH q O¶LWDOLDQR� H VROR TXHOOL FKH

SURYHQJRQR GDOOH YDOOL ODWHUDOL �WUD FXL OD YDO 9LJH]]R� YL FL SDUOHUHEEHUR DQ�

FRUD GLDOHWWR� 4XHVWR JLXGL]LR q SHUDOWUR FRQGLYLVR VROR LQ SDUWH

�� 4XL XQR GHJOL LQIRUPDWRUL KD VFHOWR &RLPR� H O¶DOWUR 0DOHVFR� /¶DOWD SHUFHQWXDOH �QHO

FRPSOHVVR� GL LPLWD]LRQL GL &RLPR SRWUHEEH HVVHUH DQFKH GRYXWD D ©FDULQHULDª QHL PLHL FRQ�

IURQWL� LQ TXDQWR PROWL GHL FROODERUDWRUL VDQQR FKH PH QH VRQR SDUWLFRODUPHQWH RFFXSDWR��� $QWLFR VRSUDQQRPH GHJOL DELWDQWL GL &RLPR� µIDOFHWWL¶� FKH L SL~ IDQQR GHULYDUH GDOOD

DELWXGLQH GHL SDHVDQL GL SRUWDUH FRQ Vp OD URQFROD SHU DLXWDUVL D ULVROYHUH OH TXHVWLRQL YLFLQD�

OL� /D JUDILD q TXHOOD GL 'H 0DXUL]L ����� SULPD IRQWH VFULWWD GD FXL VRQR GHULYDWH WXWWH OH DO�

WUH �FDOHQGDUL� IRJOL SDUURFFKLDOL� JLRUQDOHWWL ORFDOL� FKH FLWDQR TXHVWD WUDGL]LRQH GHL EODVRQL

SRSRODUL� DQFRU RJJL SLXWWRVWR YLYD�

�� 6DOYR FKH LQ TXDOFKH WHQWDWLYR� QRQ D FDVR OHJJHUPHQWH EXUOHVFR� LQ FXL YHQLYD PHQ�

]LRQDWR LO IDWWR FKH L IL�QL6(1 �V(PS¼U PD� NX1 O ( PD SH� O ( WLW GLY(UV �'U�6LO�� µILQLVFRQR

VHPSUH FRQ OD H� PD SRL q WXWWR GLYHUVR¶�� /D FROODERUDWULFH GL 9LOOHWWH GL FXL DOOD QRWD SUHFH�

GHQWH �9L�/X�� FRQRVFH XQ SR¶ LO GLDOHWWR GL 0DOHVFR SHU PRWLYL IDPLOLDUL�

��� ,/ ',$/(772 3(5&(3,72

GDOO¶RVVHUYDWRUH HVWHUQR� FKH DUULYDQGR D 'RPRGRVVROD VHQWH DQFRUD SHU

VWUDGD TXDOFKH FRQYHUVD]LRQH GLDOHWWDOH �O¶LPSUHVVLRQH q FKH VL WUDWWL GL XQD

SDUODWD FKH KD JLj RSHUDWR XQD VRVWDQ]LDOH FRQYHUJHQ]D VXOO¶LWDOLDQR� PD PL

PDQFDQR VWXGL VSHFLILFL�� q LQROWUH� LO JLXGL]LR� LQ FRQWUDVWR FRQ GDWL HPHUVL

GD DOWUL PHWRGL GL LQGDJLQH� GD FXL ULVXOWHUHEEH FKH L YLJH]]LQL VL YHUJRJQDQR

GL SDUODUH GLDOHWWR D 'RPRGRVVROD��� PLH LQGDJLQL DVLVWHPDWLFKH H HQ SDVVDQW

LQ YDOOH $QWLJRULR �D &DPSLHQR� H LQ YDOOH $QWURQD �DG $QWURQDSLDQD� KDQQR

FRQIHUPDWR TXHVWR LPEDUD]]R� FKH VHPEUD GXQTXH HVVHUH SDQRVVRODQR� 6D�

UDQQR GXQTXH L QDWLYL� H LQ SDUWLFRODUH JOL DQ]LDQL� D SDUODUOR� SURWHWWL GDOOD

ORUR LGHQWLWj GL FLWWDGLQL FKH� TXDQWR DG XVR GL PRQGR� QRQ GHYRQR LPSDUDUH

GD QHVVXQR� 5LWHQJR GXQTXH FKH O¶RSLQLRQH FKH QRQ VL SDUOL GLDOHWWR D 'R�

PRGRVVROD VLD RUPDL HQWUDWD QHO QRYHUR GHJOL VWHUHRWLSL LQFRQWUROODWL �H� FR�

PH VWHUHRWLSL� LQFRQWUROODELOL���� VDUj GRYXWD DQFKH DO UDSSRUWR FKH KD LO YDO�

OHUDQR�� �DQ]LDQR� FRQ LO FDSROXRJR� QHO TXDOH VL UHFD SULQFLSDOPHQWH SHU

PRWLYL DPPLQLVWUDWLYL H EXURFUDWLFL� q DOORUD SUREDELOPHQWH SRUWDWR D FRQ�

IRQGHUH OD YDULHWj GL OLQJXD FKH XVD SHU UDJLRQL VLWXD]LRQDOL H GLDIDVLFKH FRQ

XQD SUHVXQWD YDULD]LRQH GLDWRSLFD�

4XDQWR DL JLRYDQL H DL UDJD]]L FKH YDQQR D VFXROD D 'RPRGRVVROD� SHU OR�

UR LO GLVFRUVR q LQYHFH DVVROXWDPHQWH YHUR� 6RWWR L TXDUDQW¶DQQL� FLUFD� D

'RPRGRVVROD QRQ VL SDUOD SL~ GLDOHWWR VSRQWDQHDPHQWH �SHU VFKHU]R R

RVWHQWD]LRQH RYYLDPHQWH Vt� QRQ VL FRQIRQGD OD FRQRVFHQ]D SDVVLYD FRQ

O¶XVR HIIHWWLYR� HG q YHUR LQYHFH FKH LO YHUQDFROR ULFRPSDUH QHOOH FRQYHUVD�

]LRQL WUD L YDOOHUDQL� VHJQDWDPHQWH DQGDQGR H WRUQDQGR LQ WUHQR GD VFXROD�

3HU LO 7LFLQR OD VLWXD]LRQH FRLQYROJH WHPDWLFKH VRFLDOL H G¶LPPLJUD]LRQH�

H VDUj VFKL]]DWD DO � ,9���

,,,����� /R VWHUHRWLSR

+R DQFKH FKLHVWR DJOL DQ]LDQL GL SDUODUH FRPH SDUODQR L JLRYDQL� H DL JLR�

YDQL FRPH ULWHQJRQR SDUOLQR JOL DQ]LDQL��� OD WLSRORJLD GL TXHVWL GXH VFDPEL

�� 'RYH SDUODQR LWDOLDQR� R DO OLPLWH XQ GLDOHWWR SLXWWRVWR PRGLILFDWR LQ VHQVR LWDOLDQR�

&IU� ,,,�����

�� ,QIDWWL� VHFRQGR OH LQGLFD]LRQL GL 4XDVWKRII �������� ��� ©WKH GHFLVLYH TXDOLW\ ZKLFK

LV LV VSHFLILF IRU VWHURW\SHV >«@ LV WKH IDFW WKDW WKH\ DUH QRW UHYLVHG RQ WKH EDVLV RI FRQWUDU\

LQIRUPDWLRQ� ,I LQIRUPDWLRQ WR EH SURFHVVHG GRHV QRW ILW WKH VWHUHRW\SH� WKH VWHUHRW\SH LV UH�

WDLQHG DQG WKH LQIRUPDWLRQ LV FODVVLILHG DV GHYLDQWª� FRPH LQIDWWL GHYLDQWL VRQR JOL DQ]LDQL

FKH ©GDOOH 9DOOLª YHQJRQR ILQR D 'RPRGRVVROD D SDUODUH GLDOHWWR�

�� 1HOO¶LWDOLDQR WLFLQHVH VL XVD TXHVWD ORFX]LRQH LQ RSSRVL]LRQH D µYDOOLJLDQR¶� LO VHFRQGR

WHUPLQH KD TXHOOD DFFH]LRQH JHQHULFDPHQWH OLPLWDWLYD FKH FRQVHUYD LQ SDUWH DQFKH GD QRL�

µYDOOHUDQR¶� LQYHFH KD VROWDQWR LO VLJQLILFDWR GL µDELWDQWH GHOOD YDOOH¶� H DQ]L OD VIXPDWXUD� SR�

VLWLYD DO VXR LQWHUQR� GL µDSSDUWHQHQWH DOOD FRPXQLWj GHOOD YDOOH¶� FIU� 3HWUDOOL ����� ��������

�� &IU� 7HOPRQ ����� ����

/$ 5,&(5&$ 68/ &$032 ,, ���

GL UXROL QHOO¶LPLWD]LRQH� LO YHUVDQWH GLDWRSLFR H TXHOOR GLDFURQLFR� q LQ SDUWH

GLIIHUHQWH� KD LQIDWWL FDXVDWR PROWR PHQR LPEDUD]]R H SHUSOHVVLWj O¶LGHD GL

LPLWDUH O¶DFFHQWR GHO SDHVH YLFLQR FKH QRQ TXHOOR GL XQ¶DOWUD IDVFLD G¶HWj�

4XHVWR q SLHQDPHQWH FRPSUHQVLELOH� LPLWDUH� LQ XQ FHUWR VHQVR� VLJQLILFD

SUHQGHUH OD GLVWDQ]H� DOORQWDQDUH GD Vp� SHUFKp VL LPLWD VROR FLz FKH VL ULFR�

QRVFH GLYHUVR� ,QROWUH VSHVVR OD IXQ]LRQH LPLWDWLYD VL FRORUD GL YDOHQ]H VSLF�

FDWDPHQWH EXUOHVFKH� H SUREDELOPHQWH SHU VXD LQWULQVHFD QDWXUD� JLDFFKp

O¶LPLWD]LRQH OHJJHUPHQWH GHIRUPDQWH �PD TXDOH LPLWD]LRQH QRQ OR q"� q XQR

GHJOL VWLOHPL FODVVLFL GHOOD FRPLFLWj RFFLGHQWDOH� 2UD� q SL~ IDFLOH SUHQGHUH

OH GLVWDQ]H GD XQ¶LQWHUD FRPXQLWj DOORWULD �XQ DOWUR SDHVH� SLXWWRVWR FKH GD

XQD SDUWH GHOOD SURSULD� GHOOD TXDOH VSHVVR SHU JLXQWD VL DIIHUPD O¶XQLWj H OD

FRPSDWWH]]D� DQFRUD� HQWUD LQ TXHVWR FDVR LQ JLRFR OD FRPSHWHQ]D VELODQFLDWD

FKH OH YDULH JHQHUD]LRQL KDQQR GHL ULVSHWWLYL OLYHOOL GLDOHWWDOL� q YHUR FKH�

QHOOD JHQHUDOH �H PROWR RVWHQWDWD� XQLIRUPLWj GLDOHWWDOH GL RJQL YLOODJJLR� JOL

DQ]LDQL SRVVHJJRQR �DOPHQR� XQ VRWWRFRGLFH GLDOHWWDOH LQ SL~ ULVSHWWR DL JLR�

YDQL� LO OLQJXDJJLR GHOOD WHFQRORJLD PRQWDQD DUFDLFD� H DGDWWDQR FRVt PHJOLR

OD ORUR SDUODWD DOOD VLWXD]LRQH�� HG D TXHOOD GHOO¶LQWHUORFXWRUH�

&Lz FKH VL LPLWD SL~ IDFLOPHQWH q DOORUD OR VWHUHRWLSR� H TXHVWR q SHU GHIL�

QL]LRQH H[WUDFRPXQLWDULR� RFFRUUH SHUWDQWR VSHFLILFDUH TXL EUHYHPHQWH FRVD

PL DVSHWWDYR GL RWWHQHUH� H FKH WLSR GL GDWL HPHUJH GD XQ WDOH HVSHULPHQWR���

,QIDWWL� VHFRQGR O¶RWWLPD GLYLVLRQH GL /DERY ������ ���� ULYLVWD H FRQGHQVDWD

FRQ XQD IRUPXOD]LRQH SHU QRL SL~ LQWHUHVVDQWH LQ ����� ��� L GDWL FRQQHVVL

FRQ OD YDOXWD]LRQH GHO FDPELR OLQJXLVWLFR VL GLVSRQJRQR VX WUH OLYHOOL� D� JOL

VWHUHRWLSL� DSSXQWR� IHQRPHQL OLQJXLVWLFL HVSOLFLWDPHQWH FRPPHQWDWL FKH PR�

VWUDQR PRYLPHQWL GL FRUUH]LRQH H LSHUFRUUH]LRQH� E� L PDUNHUV� FLRq JOL HOH�

PHQWL GL GLIIHUHQ]LD]LRQH OLQJXLVWLFD FKH QRQ UDJJLXQJRQR XQ WDOH OLYHOOR GL

FRQVDSHYROH]]D FRQGLYLVD H RVWHQWDWD� PD FKH PRVWUDQR XQD HYLGHQWH VWUDWL�

ILFD]LRQH VRFLDOH �QHO FDVR GHOOD 9DOOH SL~ SUREDELOPHQWH GLDWRSLFD� H VWLOL�

VWLFD� VRQR HOLFLWDWL VROR GRSR XQD VSHFLILFD ULIOHVVLRQH R FRQ SURYH GL VLPX�

�� ,Q WHRULD� LQ SUDWLFD OH RFFDVLRQL SHU SDUODUH FRQ DGHJXDWH]]D H FRJQL]LRQH GL FDXVD

GHOOH WHFQLFKH SHU OD SURGX]LRQH GHOO¶ROLR GL IDJJLR� SRQLDPR� VRQR DVVDL UDUH� YRUUHL DQ]L GL�

UH FKH VRQR OLPLWDWH DOOD VLWXD]LRQH ©LQFKLHVWD OLQJXLVWLFR�HWQRORJLFDª� H TXHVWD q DQFKH

O¶RSLQLRQH GL DOFXQL FROODERUDWRUL DQ]LDQL �VL ULFRUGHUj O¶DIIHUPD]LRQH GL &R�*LX� VXO IDWWR

FKH QRQ OH FDSLWD SL~ GL SDUODUH GL FHUWH WHFQLFKH R ULFRUGL QHSSXUH FRQ L SURSUL ILJOL�� '¶DOWUD

SDUWH� L JLRYDQL KDQQR D GLVSRVL]LRQH OLQJXH VSHFLDOL FKH JOL DQ]LDQL JHQHUDOPHQWH QRQ SD�

GURQHJJLDQR� SHU VLPLOL FRQVLGHUD]LRQL VFDWXULWH GDOO¶XVR GHO ILQWR TXHVWLRQDULR FIU� ,,,������� Ê IRUVH XWLOH DQFKH XQD GLIIHUHQ]LD]LRQH WUD VWHUHRWLSR H DWWLWXGH� GD XQ ODWR� H SUHJLX�

GL]LR GDOO¶DOWUR� EXRQH GHILQL]LRQL VL WURYDQR LQ 4XDVWKRII �������� �������� FKH SXUH q LQ�

FHQWUDWR VXJOL VWHUHRWLSL FXOWXUDOL YHLFRODWL GDOOD OLQJXD� SL~ FKH VX TXHOOL SURSULDPHQWH OLQ�

JXLVWLFL� &LWDQGR $OOSRUW� VL DIIHUPD FKH O¶HVSUHVVLRQH SURWRWLSLFD GL XQD DWWLWXGH q ©, GRQ¶W

OLNH ;ª� PHQWUH TXHOOD GL XQR VWHUHRWLSR SRWUHEEH HVVHUH ©< DUH ;ª� PHQWUH� VH OR VWHUHRWLSR

q ©WKH YHUEDO H[SUHVVLRQ RI D FHUWDLQ W\SH RI EHOLHI� SUHMXGLFH LV FOHDUO\ D PHQWDO VWDWH FRP�

SRVHG RI � QRUPDOO\ QHJDWLYH � DWWLWXGHV WRZDUG VRFLDO JURXSVª�

��� ,/ ',$/(772 3(5&(3,72

OD]LRQH� H QRQ WUDVPHWWRQR YDOXWD]LRQL VSHFLILFKH VXOOD FRPXQLWj FKH QH q

SRUWDWULFH���

,O OLYHOOR GL FRVFLHQ]D OLQJXLVWLFD UDSSUHVHQWDWR GDO PDUNHU q SL~ LQGLYL�

GXDOH��� ULIOHVVR H FRQQHVVR FRQ OD FRVFLHQ]D GHOOD YDULD]LRQH� PHQWUH OR VWD�

GLR SL~ SURIRQGR q TXHOOR F� GHJOL LQGLFDWRUV� FKH QRQ VRQR PDL FRPPHQWDWL

H WDORUD SHUVLQR QRQ VRQR ULFRQRVFLXWL GDL SDUODQWL� GL FRQVHJXHQ]D QRQ YHL�

FRODQR DOFXQD LQIRUPD]LRQH GL WLSR VRFLDOH H QRQ IDQQR SDUWH GHOOD ©FRPPRQ

NQRZOHGJHª� /R VWHUHRWLSR ID ULGHUH� LO PDUNHU ID SHQVDUH� O¶LQGLFDWRU ID SLD�

FHUH DO OLQJXLVWD���

,,,������� /HRQDUG ���� ULSUHQGH H GLVFXWH TXHVWD VXGGLYLVLRQH GL /DERY�

H VHPEUD VXJJHULUH FKH LO QXPHUR GL YDULDQWL ULOHYDWH H VWHUHRWLSDWH GLSHQGD

LQ SDUWH GDOOD GLVWDQ]D �JHRJUDILFD H OLQJXLVWLFD� WUD OH FRPXQLWj LQ JLRFR�

TXHVWR SXz HVVHUH PROWR EDVVR �� �� ©VWpUpRW\SDJH pWURLWª� FRQ XQ PLQLPR GL

IRUPH PROWR SRWHQWL� RSSXUH SXz FRLQYROJHUH XQ QXPHUR PDJJLRUH GL FDVL�

FKH GLYHQWDQR SHUWDQWR VHPSUH PHQR VLJQLILFDQWL H VL DSSDUHQWDQR GL SL~ DO

PDUNHU� 3Xz HVVHUH LQIDWWL LQWHUHVVDQWH XQ¶ DQDOLVL GHO IHQRPHQR FKH GLVWLQ�

JXD L JLXGL]L VX GLIIHUHQ]H H GLVWLQ]LRQL LQWUDFRPXQLWDULH GD TXHOOH FKH VL

VYLOXSSDQR DOO¶HVWHUQR GHOOD FRPXQLWj� FRPH VL QRWDYD VRSUD� SHU L QRWL PHF�

FDQLVPL GL FRHVLRQH H GLIIHUHQ]LD]LRQH OD GLYHUVLWj YLHQH SL~ IDFLOPHQWH VWH�

�� 6HSSXUH FRQ XQD GLYHUVD DQJRODWXUD� D TXHVWR DOOXGUH DQFKH OD FLWDWD GLVWLQ]LRQH GL

6FKOLHEHQ�/DQJH ����D� ��� IUD OLYHOOL GLYHUVL GL ©VDSHUH OLQJXLVWLFRª� FLRq WUD LO ©VDYRLU H[�

SpULHQFHª �GHULYDWR GDOO¶HVSHULHQ]D H GDOOD SUDWLFD TXRWLGLDQD� H LO ©VDYRLU LGpRORJLHª VWHUHR�

WLSDWR� WUDWWR GD JHQHUDOL]]D]LRQL GL HVSHULHQ]H DQWHULRUL R DQFKH HVWUDQHH DO VRJJHWWR��� /DERY ����� ��� QH PHWWH LQ ULVDOWR LO YDORUH GL SRUWDWRUH GL VWUDWLILFD]LRQL VWLOLVWLFKH H

VRFLDOL� SXz ULVLHGHUH VRWWR LO OLYHOOR GHOOD FRQVDSHYROH]]D� H SURGXFH UHJRODUL UHVSRQVL DO WHVW

YDOXWDWLYR�

�� 5HDOL]]DWR SDUWHQGR GD SUHPHVVH LQ SDUWH GLIIHUHQWL ULVSHWWR D TXHOOH GL /DERY� TXHVWR

VFKHPD GHOOD FRPPRQ NQRZOHGJH �GD 4XDVWKRII �������� ���� DGDWWDWR H OHJJHUPHQWH VHP�

SOLILFDWR� SXz QRQGLPHQR HVVHUH LQWHUHVVDQWH� TXHOOL FKH DEELDPR FKLDPDWR PDUNHU FRPSDLR�

QR QHOOD SDUWH GHVWUD GHOOR VFKHPD�

FRPPRQ NQRZOHGJH

IL[HG OLQJXLVWLF IRUP QR IL[HG IRUP W\SLFDOO\ LPSOLFLW

LQGH[LFDO LQGH[LFDOXQLYHUVDO

�RYHUJHQHUDOL]LQJ�

XQLYHUVDO �RYHUJHQHUDOL]LQJ�

UHIHUULQJ WR

VRFLDO JURXSVRWKHUV

VWHUHRW\SHVVORJDQV

VSHHFK

IRUPXODV

SURYHUEV

VORJDQV

/$ 5,&(5&$ 68/ &$032 ,, ���

UHRWLSDWD VH DSSDUWLHQH DG XQ DOWUR JUXSSR �JHRJUDILFR R VRFLDOH�� PHQWUH

DOO¶LQWHUQR GHOOH YDULH FRPXQLWj SUHYDOJRQR JLXGL]L SL~ VLPLOL DO PDUNHU�

,,,������� ,Q TXHVWR VHQVR q LVWUXWWLYR LO GLVSRUVL GL VLPLOL WLSRORJLH QHOOD

YDO 9LJH]]R� YD LQQDQ]LWXWWR QRWDWR FKH JLXGL]L VWHUHRWLSL ILVVL VXO SDUODUH GHL

YDUL SDHVL VRQR SLXWWRVWR UDUL� q VWLJPDWL]]DWR LO WUDWWR GL 0DOHVFR ^$ o ^(`

���` ^�ÂDQG( µJKLDQGD¶@�H WDORUD� PD LQ IRUWH UHJUHVVR� ^$ o ^(` ��`

>N(Q�G(O( µFDQGHOD¶@�� OD FDUDWWHULVWLFD LQ HVDPH DVVXPH LO FDUDWWHUH GL XQLFR

WUDWWR VSHFLILFDPHQWH ULFRQRVFLXWR��� VHFRQGR XQD WLSRORJLD FKH q PHVVD LQ

OXFH GD /HRQDUG ������ ������� LQ JHQHUH� SUHVVR L SDUODQWL� XQD VROD YDULD�

ELOH IRQHWLFD VWHUHRWLSDWD EDVWD SHU FDUDWWHUL]]DUH XQD SDUODWD� OR VWHUHRWLSR

LQ TXHVWR FDVR ©RFFXOWDª �YD YRLOHU� OH DOWUH GLIIHUHQ]LD]LRQL OLQJXLVWLFKH FKH

SXUH IRVVHUR SUHVHQWL���

3HU OH DOWUH YDULDELOL FKH SRWUHEEHUR HVVHUH VSHFLILFDPHQWH VWHUHRWLSDWH VL

SXz IDUH ULFRUVR DOOD WDEHOOD GHO � ,������ TXHOOH FKH KDQQR XQ � QHOOD FRORQQD

©6DQ]LRQH HVSOLFLWDª VL SRVVRQR FRQVLGHUDUH� FRQ OH FDXWHOH FKH YHGUHPR�

VWHUHRWLSL� OH YDULDELOL � QHOOD FRORQQD ©5LFRQRVFLXWRª VRQR LQYHFH GD YHGHUH

SL~ FRPH PDUNHU �QDWXUDOPHQWH OH IRUPH GD WHQHUH SUHVHQWL VRQR TXHOOH SDV�

VDELOL GL YDULD]LRQH GLDWRSLFD�� 2UD� VROR XQ¶RFFKLDWD DOOD WDEHOOD PRVWUD

TXHOOR FKH DFFDGH HIIHWWLYDPHQWH VXO WHUULWRULR� FKH FLRq QRQ q IDFLOH WURYDUH

XQR VWHUHRWLSR YHUR H SURSULR FKH VLD GLVWLQWLYR GL XQD FRPXQLWj� VHPEUD

GDYYHUR FKH WXWWL L GLDOHWWL� D SDUWH TXHOOR GL 0DOHVFR� DEELDQR DOPHQR XQD

YDULDELOH LQ FRPXQH� LQ DOPHQR XQD FODVVH VRFLDOH� H TXHVWR HYLGHQWHPHQWH

OLPLWD LO IRUPDUVL GL VWHUHRWLSL� ,O WUDWWR SL~ HVSOLFLWDPHQWH VDQ]LRQDWR� OD UL�

VROX]LRQH ^-�6` GL 1* � 9RFDOH SDODWDOH �R DVVLPLODELOL� FIU� ,���������� GL

FRQWUR D ^Â�½`� SHUFRUUH WXWWD OD YDOOH DWWUDYHUVR OH JHQHUD]LRQL� H QRQ VL SXz

GLUH FKH VLD SL~ WLSLFR GL XQ SDHVH SLXWWRVWR FKH GL XQ DOWUR� VDUj FDUDWWHULVWL�

FD GHO SDUODUH GHOOH SHUVRQH DQ]LDQH� H VL q JLj YLVWR FKH RWWHQHUH LPLWD]LRQL

GL YDULHWj WUDQVJHQHUD]LRQDOL q DVVDL GLIILFLOH�

�� 1RQ VL WLHQH GXQTXH FRQWR� DOPHQR D OLYHOOR GL VWHUHRWLSR� GHOOH DOWUH FDUDWWHULVWLFKH GL

TXHVWR GLDOHWWR� WUD FXL SDUWLFRODUPHQWH HYLGHQWH q OD GLYHUVD VLVWHPD]LRQH GHOOH VLELODQWL �FIU�

VXSUD�� ( QRQ D FDVR OR VWHUHRWLSR VL ULIHULVFH D 0DOHVFR� OD FXL FRPXQLWj q LQ 9DOOH FRQVLGH�

UDWD SHFXOLDUH��� 1HO FDVR SUHVR LQ HVDPH GD /HRQDUG ���� VXOO¶LVROD GL 1RLPRXWLHU� OD SDUODWD GL %DU�

EkWUH q FDUDWWHUL]]DWD GDOOD GHQDVDOL]]D]LRQH GL ^D` H OR VWHUHRWLSR q �SDQQH� YDQQH� ERXGDQQH�

�µSDLQ� YLQ� ERXGLQ¶�� PHQWUH OD UHDOL]]D]LRQH >U@ GL �U� �>;@ QHOOR VWDQGDUG SDULJLQR� QRQ q

SUHVD QHSSXUH LQ FRQVLGHUD]LRQH VSRQWDQHDPHQWH GDL SDUODQWL GHJOL DOWUL YLOODJJL� H GHYH HVVH�

UH HOLFLWDWD DSSRVLWDPHQWH� 3HU OD 9DOOH LO GLVFRUVR q FRPSOLFDWR GDO IDWWR RUPDL DUFLQRWR FKH

LO GLDOHWWR GL 0DOHVFR q FRQVLGHUDWR GHO WXWWR GLYHUVR�

��� ,/ ',$/(772 3(5&(3,72

,,,������� $VVXPH TXDVL O¶HYLGHQ]D GHOOR VWHUHRWLSR OD QRWHYROH IUHTXHQ]D

GHO VXRQR ^«` GL TXDOVLDVL RULJLQH�� QHOOD SDUODWD GL &RLPR �WUD OH DOWUH� PD

&RLPR q HVSUHVVDPHQWH PHQ]LRQDWR LQ DVVRFLD]LRQH DO WUDWWR�� LQROWUH� FRPH

DEELDPR YLVWR VRSUD� TXHVWD YDULDQWH q VHQWLWD� GD DOFXQL DOPHQR� FRPH LSHU�

GLDOHWWDOH� VL ULFRUGLQR JOL VIRU]L GL *D�0DQ SHU DYYLFLQDUYLVL� OD SRVL]LRQH

VSHFLILFD GL &RLPR H LO VXR LVRODPHQWR FRQWULEXLVFRQR FHUWDPHQWH DO IRUPDU�

VL GL WDOL RSLQLRQL� 3HU LO WUDWWR LQ Vp YRUUHL ULFRUGDUH TXL DOPHQR OH LPLWD]LRQL

GL 6PP�*L� >FRQ WRQR EDVVR� OHQWR H FDQWLOHQDWR@ «� WL «M ÂD P«V O «OL��� «

QX�M«½ D V«P DW �N«MDP���� >ULVD@ D V(P DW �N2MDP���� XO W«PS N DO �YXj D6�WD D

Y«M QGD VL Q �DeD ( D Y«M N2MD WDQ½L OLUMX�M��� µHKL� KDL JLj PHVVR O¶ROLR"« HKL�

QRL VL¡PR GL &¡LPR« VLDPR GL &RLPR« TXDQGR YLHQH O¶HVWDWH DQGUz VX DG

$JJKLD H FRJOLHUz WDQWL PLUWLOOL��� *D�*LXV� «� NZLM DW N2MDP X V �jXV �VLELW���

DOXUD P( N XV GL�]��� E«O��� E«O��� D Y«M Q E«O PDUW«O��� SDU�N( D M2 GH ID VL�

LQ��� D VX Q2 L �GL](Q WLW OX�QJR H D « «��� µRK� TXHOOL GL &RLPR VL ULFRQRVFH

VXELWR« DOORUD� FRPH VL GLFH« EHOOR� EHOOR« YRJOLR XQ EHO PDUWHOOR« SHU�

FKp GHYR IDUH« QRQ VR� GLFRQR WXWWR OXQJR H ¡ ¡¶���

Ê LQWHUHVVDQWH QRWDUH FRPH JOL DELWDQWL GL &RLPR VLDQR FRVFLHQWL GL TXHVWD

ORUR FDUDWWHULVWLFD IRQHWLFD� H QRQ WHQWLQR LQ DOFXQ PRGR GL GLVVLPXODUOD�

PROWR PHQR SDFLILFR LQ SDHVH q LQYHFH LO ULFRQRVFLPHQWR GL XQ¶DOWUD YDULD�

ELOH DEEDVWDQ]D VLPLOH DOOR VWHUHRWLSR� LO GLYHUVR JUDGR GL SDODWDOL]]D]LRQH

GHL JUXSSL &/� */� &7� *'� FKH GDQQR GXQTXH ^F�e � ½�Â`� TXHVWD HPHUJH

VSRQWDQHDPHQWH RJQL WDQWR QHOOH LPLWD]LRQL� PD FRPH YDULDELOH DFFHVVRULD

�� Ê HYLGHQWH FKH QRQ SRVVRQR HQWUDUH LQ JLRFR FRQVLGHUD]LRQL GL OLQJXLVLWLFD VWRULFD� QRQq �VROR� OD VWUDQH]]D GHO IDWWR LQ Vp �^«` GD à(� SHU TXDQWR XQ WUDWWR IRQRORJLFR SL~ ©HVRWLFRª

VLD LQ JHQHUH PHQR IUHTXHQWH VXO WHUULWRULR H GXQTXH SL~ QRWDWR� D FRVWLWXLUH PRWLYR GL DWWHQ�

]LRQH� q OD PDVVLFFLD SUHVHQ]D GL XQ VXRQR DVVDL UDUR QHOOH SDUODWH FLUFRVWDQWL� H DVVHQWH GDOOD

OLQJXD HJHPRQH��� 6L QRWLQR DQ]LWXWWR L IHQRPHQL ULWPLFL� OD SDUODWD GL &RLPR q VSHVVR UDSSUHVHQWDWD FRPH

©SL~ OHQWD H VWUDVFLFDWDª� /HRQDUG ����� ���� ULSRUWD FRPH IHQRPHQR FRVWDQWH O¶RSLQLRQH FKH

LO SURSULR GLDOHWWR VLD FRPXQTXH VHPSUH SL~ UDSLGR� YLYDFH H QDWXUDOH GL TXHOOR DOWUXL� FLz q

VHQ]¶DOWUR YHUR DQFKH SHU OD YDOOH 9LJH]]R� FRQ OD SDU]LDOH HFFH]LRQH GL DOFXQL GHJOL DELWDQWL

GL &RLPR� FKH ULFRQRVFRQR O¶LPSRVWD]LRQH SL~ WUDQTXLOOD �SHU OD GHILQL]LRQH GL &R�*L�� GHOOD

ORUR SDUODWD� 3RL VL QRWL O¶LSHUUHDOL]]D]LRQH GHOOD YDULDQWH LQ HVDPH� FKH DVVXPH FDUDWWHUL

VPDFFDWDPHQWH FRPLFL� H QHO FRQWHPSR O¶DVVHQ]D GL DOWUL IHQRPHQL GHPDUFDWzUL� QX�M«½ SHU

QX�M«F H ÂD SHU -D� H OD VWUDQD IRUPD WDQ½L� LQ FXL OD >D@ q GHOO¶LWDOLDQR� H OD ^½` GL 6DQWD 0D�

ULD 0DJJLRUH� SHUFKp OD ©QRUPDª GL &RLPR SUHVFULYHUHEEH W«QFL� O¶XVR �YHUDPHQWH GHVXHWR�

GHO IXWXUR DQDOLWLFR FRQ µYROHUH¶� O¶DUJRPHQWR SL~ R PHQR DGDWWR DOOD FLUFRVWDQ]D� SHUFKp $J�

JKLD �FRVt WUDVFULWWR QHOOD FDUWD GHOO¶,*0� q XQ DOSHJJLR GL &RLPR� LQROWUH OD UDFFROWD H OD

YHQGLWD GL PLUWLOOL �LQVLHPH D PRUH H ODPSRQL� SHU WXWWD OD 9DOOH H ROWUH HUD XQ¶DWWLYLWj WLSLFD

GHJOL DELWDQWL GL TXHO SDHVH� LQ VSHFLH GHOOH UDJD]]H��� 4XL LO JLRFR LPLWDWLYR q SL~ IDWLFRVR� IRUVH DQFKH SHUFKp *D�*LXV� q D FRQWDWWR TXRWL�

GLDQDPHQWH FRQ OD YDULHWj GL &RLPR� WDQWR GD DYHUOD DVVRUELWD� DOPHQR FRPH IOXVVR IRQLFR

�ULFRUGR FKH q PDULWR GD FLUFD FLQTXDQW¶DQQL GL &R�*LX���

/$ 5,&(5&$ 68/ &$032 ,, ���

�QRQ OD XVD 6PP�*LD�� FRPH YLVWR SL~ VRSUD� YHGL SHUz *D�6LO� �VS(½D��� P( N

L �GL]¼Q��� D� E( �ÂL6W 6S(FD��� (� WLSR �6S(FD ND YDM D FD�SD LQ PDUW«O µDVSHW�

WD« FRPH q FKH GLFRQR« DK EH¶� JLXVWR� 6S(FD« HK� WLSR� DVSHWWD FKH YDGR

D SUHQGHUH XQ PDUWHOOR¶���� 6HPEUD FKH D &RLPR QRQ FL VL DFFRUJD VSRQWD�

QHDPHQWH GL TXHVWR WUDWWR� FRPH LQYHFH FL VL DFFRUJH GHOOD YDULD]LRQH >¡�H@���

/H LPLWD]LRQL GHO GLDOHWWR GL IRQGRYDOOH IDWWH GDL ©FRLPLQLª VL GLVWLQJXRQR

LQYHFH SHU OD DVVHQ]D GL IRUPH VWHUHRWLSDWH �IDQQR WXWWDYLD QRWDUH FKH

&R�&DUOR L �P(WD1 OD H GH S(U WLW µPHWWRQR OD ©Hª GDSSHUWXWWR� H SHU OD DFFX�

UDWH]]D GHOOD UHVD GLDOHWWDOH� HFFR XQ HVHPSLR GL &R�*H�� PD� SDU H�]HPSL D

GL]L��� D VXj �Q�GD½D VL ILQ D �N2MDP SH��� VX QR D M2 �YL6W N XO ÂZD�QLQ O (

QGH½��� OL� H O V2 IMHO��� ML1 DQGH½ D WD�MD ÂL QD �E(ZOD��� PD� PL D VX1 PL�D

EXQD >ULVDWH@ µPDK� SHU HVHPSLR GLFR« VRQR DQGDWD VX ILQR D &RLPR� SRL«

QRQ VR� KR YLVWR FKH LO *LRYDQQLQR q DQGDWR« OXL H VXR ILJOLR« VRQR DQGDWL

D WDJOLDUH XQD EHWXOOD« PD QRQ VRQ FDSDFH¶� &L VRQR DOFXQH FRVH GD QRWDUH

LQ TXHVWR EUDQR LQWHUHVVDQWH� OD SULPD q OD VXD FRUUHWWH]]D� DOOD TXDOH JLj VL q

IDWWR FHQQR� LQ SL~� &R�*H� HYLGHQWHPHQWH VL q VIRU]DWD GL ULXQLUH OH FDUDWWH�

ULVWLFKH FKH ULWLHQH QRWHYROL GHO GLDOHWWR GL IRQGRYDOOH FRQWUDVWLYDPHQWH D

TXHOOR GL &RLPR� PD VHQ]D WURYDUH TXHO WUDWWR VWHUHRWLSR FKH HFOLVVL WXWWL JOL

DOWUL� Ê QRWHYROH DQFKH� FUHGR� O¶DYHUH LQFOXVR QHOO¶HVHPSOLILFD]LRQH XQ SDU�

WLFLSLR SDVVDWR �DQGH½�� OD YDULD]LRQH QHOOD IRUPD YHUEDOH q VHPSUH SL~ GLIIL�

FLOH GD FRJOLHUH� H TXHVWR VHPEUD VXJJHULUH FKH DOPHQR LQ TXHVWR FDVR VL UD�

JLRQL SHU VHULH IRQHWLFKH FRHUHQWL� ,QROWUH OD FROODERUDWULFH KD DYXWR FXUD GL

LQVHULUH QHO GLVFRUVR XQ WHUPLQH FKH ULWLHQH �D UDJLRQH� DOPHQR YHGHQGROR

GDOO¶RVVHUYDWRULR GL &RLPR� WLSLFR GHOOD YDULHWj FHQWUDOH� �E(ZOD µEHWXOOD¶�

O¶HVLWR �RPRHWLPR H FRQ FRQFUH]LRQH GHOO¶DUWLFROR� GL &RLPR q DE�G«MD�

,,,������� /D VWHUHRWLSL]]D]LRQH OHVVLFDOH VL FRJOLH LQ HIIHWWL FRQ SL~ IDFL�

OLWj� H FRUULVSRQGH DQFKH PHJOLR DOOD FRQFH]LRQH FKH KDQQR L SDUODQWL �YLJH]�

]LQL� GHOOH GLIIHUHQ]H H GHO FDPELR OLQJXLVWLFR� FKH RSHUHUHEEH SHU VRVWLWX�

]LRQH GL SDUROH� OH SDUROH�EDQGLHUD VRQR LQ HIIHWWL FLWDWH FRUUHQWHPHQWH LQ

�� &XULRVD TXHVWD LQVLVWHQ]D VXOOD SDUROD µPDUWHOOR¶��� /D VLWXD]LRQH VHPEUD HVVHUH XQ SRFR GLIIHUHQWH ULVSHWWR D TXHOOD ULOHYDWD GD /HRQDUG

���� D 1RLPRXWLHU� Oj HJOL QRWD OD GLUH]LRQDOLWj GHL EODVRQL H GHJOL VFKHU]L SRSRODUL� FKH

YDQQR D VHQVR XQLFR� RVVLD QHVVXQD FRPXQLWj VL ULFRQRVFH SRUWDWULFH GHOOR VWHUHRWLSR OLQJXL�

VWLFR FKH OH YLHQH QRUPDOPHQWH DWWULEXLWR� q SHUDOWUR GLIILFLOH FKH QRQ VDSSLDQR FRVD VL GLFH

ORUR� PD FRPXQTXH QRQ OR ULSRUWDQR DO GLDOHWWRORJR� ,QROWUH ��������� ©WHQLU XQ GLVFRXUV VXU

O¶DXWUH SRXU VH GpILQLU VRL SHUPHW GH PLHX[ SURWpJHU VRQ LQWpJULWp� VH GpILQLU SDU OH GLVFRXUV

TXH OHV DXWUHV WLHQQHQW VXU VRL� F¶HVW OHXU FpGHU GX SRXYRLU VXU VRLª� 'XQTXH D &RLPR VL DF�

FHWWD GL HVVHUH GHILQLWL SHU ^«`� PD QRQ SHU ^F`� H TXHVWR PL VHPEUD FKH UDIIRU]L OD WHRULD VXH�

VSRVWD FKH YHGH OD JHQHUDOL]]D]LRQH GL ^«` GD à( FRPH LO ULVXOWDWR GL XQD GLIIHUHQ]LD]LRQH LQ

TXDOFKH PRGR FRVFLHQWH�

��� ,/ ',$/(772 3(5&(3,72

9DOOH� 9D TXL ULFRUGDWR FKH O¶XVDQ]D GHL VRSUDQQRPL�EODVRQH SHU JOL DELWDQWL

GL FLDVFXQ YLOODJJLR q DQFRUD SLXWWRVWR YLYD� HG q VHQWLWD FRPH SDUWLFRODU�

PHQWH WLSLFD GHOOD 9DOOH� H GHJQD GL HVVHUH IDWWD QRWDUH DO IRUHVWLHUR� q DEED�

VWDQ]D IUHTXHQWH� DYYLFLQDQGR XQ QXRYR LQIRUPDWRUH� FKH SULPD R SRL HJOL

SRUWL LO GLVFRUVR VXL VRSUDQQRPL GHJOL DELWDQWL� LQ SDUWLFRODUH VH q XQD SHUVR�

QD DQ]LDQD� 0D QRQ q LQIUHTXHQWH FKH XQ EODVRQH FRPSDLD QHO GLVFRUVR

VSRQWDQHR� LQ RFFDVLRQL VFKHU]RVH R SHUVLQR SHU ULVSRQGHUH DOPHQR TXDOFRVD

DO ULFHUFDWRUH WURSSR LQVLVWHQWH� DQ]L� WDORUD q TXHVWD O¶XQLFD UDSSUHVHQWD]LR�

QH GL WLSR VWHUHRWLSR FKH VL RWWLHQH VSRQWDQHDPHQWH� FRPH VH XQD YROWD GHWWR

FKH JOL DELWDQWL GL 2UFHVFR VRQR L JHW µJDWWL¶ QRQ FL IRVVH ELVRJQR GL DJJLXQ�

JHUH DOWUR� H OD OLQJXD YHQLVVH GD Vp� QDWXUDOH FRQVHJXHQ]D��� /R VWHUHRWLSR

FXOWXUDOH GXQTXH HVLVWH� H OR VWHUHRWLSR OLQJXLVWLFR QRQ QH q FKH XQD SDUWH� H

QHSSXUH OD SL~ LPSRUWDQWH���

,,,����� 6WHUHRWLSL SHU LVFULWWR

8QD IRUPD SDUWLFRODUH GL LPLWD]LRQH� SL~ PHGLDWD H ©SURIHVVRUDOHª� q

TXHOOD GHOOD GHVFUL]LRQH GHO SURSULR GLDOHWWR� ULDVVXPLDPR TXL OH LQGLFD]LRQL

GHOO¶XQLFD IRQWH VFULWWD GL FXL GLVSRQLDPR ULJXDUGR DOO¶DXWRYDOXWD]LRQH GHL

SDUODQWL� TXHOOD GL 0DJLVWULV ���� �FKH� KR VFRSHUWR QHO IUDWWHPSR� HUD DS�

SXQWR SURIHVVRUH DOOH PHGLH GL 6DQWD 0DULD 0DJJLRUH QHJOL DQQL FLQTXDQWD��

©>,O GLDOHWWR@ q VLPLOH LQ TXDVL WXWWL L SDHVL GHOOD YDOOH� PD KD ULVHQWLWR GHO FD�

UDWWHUH GLYHUVR GHJOL DELWDQWL GHL YDUL SDHVL� FDUDWWHUH FDOPR H ODERULRVR D

'UXRJQR� SDFDWR H VREULR D 6DQWD 0DULD� SXQJHQWH H IRUWH D &UDQD H 7RFHQR�

PRUGDFH D 9RFRJQR� EHIIDUGR� PD WDORUD DULVWRFUDWLFR� D &UDYHJJLD ������

>«@ 3RVVLDPR GLYLGHUH OD 9DOOH LQ WUH VHWWRUL�

D� L SDHVL VLWXDWL LQWRUQR D 6DQWD 0DULD >«@� 4XL OD SDUODWD q SULYD GL FDGHQ]H

SDUWLFRODUL� XQ SRFR DVSUD H GXUD� PDL OH]LRVD Qp YROJDUH� D YROWH SXQJHQ�

WH� D YROWH ERQDULD� QRQ ODVFLD WUDSHODUH HPR]LRQL >«@

E� L SDHVL D SRQHQWH GL 6DQWD 0DULD >«@� ,O GLDOHWWR� SXU HVVHQGR VLPLOH D

TXHOOR GHO JUXSSR D�� YLHQH SDUODWR LQ PRGR SL~ GROFH H VWDQFR >«@�

�� 9D QRWDWR XQ DWWHJJLDPHQWR JHQHUDOPHQWH QHJDWLYR FKH KDQQR JOL DELWDQWL GHL FRPXQL

GL 'UXRJQR H 6DQWD 0DULD 0DJJLRUH QHL FRQIURQWL GL TXHOOL GL $OERJQR ��EULWD �Â(QW µEUXWWD

JHQWH¶� VHFRQGR *D�*LXV�� �( ÂHQWH NDW�WLZD �µq JHQWH FDWWLYD¶ 'U�6LO��� $OOD ULFKLHVWD GL VSLH�

JD]LRQL OD ULVSRVWD q LQYDULDELOPHQWH XQ µEDK QRQ VR q XQ¶LPSUHVVLRQH¶� RSSXUH µFUHGLPL� LR

OL FRQRVFR¶� TXHVWR q DOORUD IRUVH XQR VWHUHRWLSR UHDOH� VH VL ULFRUGD OD GHILQL]LRQH GDWD SRFR

VRSUD�

�� ,QROWUH� VH DPPHWWLDPR FKH XQ VROR VWHUHRWLSR EDVWD SHU UDSSUHVHQWDUH XQD FRPXQLWj� VL

SRWUHEEH DQFKH VRVWHQHUH FKH FLz q YHUR DQFKH SHU JOL VWHUHRWLSL QRQ OLQJXLVWLFL� GXQTXH

VSHVVR L EODVRQL RFFXOWDQR JOL DOWUL FDUDWWHUL]]DWRUL� LQ TXHVWR FDVR OLQJXLVWLFL� EDVWDQGR GL SHU

Vp�

/$ 5,&(5&$ 68/ &$032 ,, ���

F� L SDHVL D OHYDQWH GL 6DQWD 0DULD >«@� ,Q TXHVWL SDHVL VL SDUOD FRPH D 6DQWD

0DULD� FRQ OD GLIIHUHQ]D FKH OD X H OD H GLYHQWDQR VSHVVR � HG | >«@�

8QLFD HFFH]LRQH LQ 9DOOH q UDSSUHVHQWDWD GDO SDHVH GL 0DOHVFR� GRYH VL SDUOD�

YD� ILQR D SRFR WHPSR ID� XQR VWUDQR OLQJXDJJLR� RUD PROWR PRGLILFDWR� >«@

&DUDWWHULVWLFKH GL TXHVWR GLDOHWWR VRQR O¶XVR GHOOD YRFDOH H� VRSUDWWXWWR LQ ILQH

GL SDUROD� HG LO UDGGRSSLR VSHVVR FRVWDQWH GHOOH FRQVRQDQWL LQ VLOODED ILQDOH�ª

�� ����

,Q UHDOWj WXWWR LO EUHYH VDJJLR VDUHEEH GHJQR GL DWWHQWD OHWWXUD� D FRPLQ�

FLDUH GDOOH GHVFUL]LRQL IRQHWLFKH GHL VLPEROL DOIDEHWLFL XVDWL SHU OD WUDVFUL�

]LRQH� FKH SUHYHGRQR XQR ©V ÄF JUXSSR ILVVR� DVSUR H DVFLXWWR� FKH ULSURGXFH

O¶HVDWWR VXRQR GHOOD V GLDOHWWDOHª >���@ H� DQFKH TXL FRPH SHU OH YDULHWj GLD�

OHWWDOL� RSSRVL]LRQL WUD VXRQL ©GXUL H VLELODQWLª R ©EHQ DSHUWL H VHFFKLª H DOWUL

©GROFL H PROOLª� 9HUUHEEH VXELWR GD SHQVDUH FKH TXHVWH LQGLFD]LRQL RUWRHSL�

FKH VLDQR LQ TXDOFKH PRGR FRUUHODWH DO FDUDWWHUH �OLQJXLVWLFR"� DWWULEXLWR DL

SDUODQWL LO FXL GLDOHWWR VL GLVWLQJXH SHU OD SUHVHQ]D R O¶DEERQGDQ]D GL TXHVWL

VXRQL� O¶LSRWHVL q VHGXFHQWH� PD ULWHQJR FKH SL~ VHPSOLFHPHQWH VL WUDWWL GHO

QRUPDOH WULEXWR GHO PDHVWUR D TXHOOD WUDGL]LRQH IRQHWLFD H JUDPPDWLFDOH VL�

QHVWHVLFD WLSLFD GHOO¶LVWUX]LRQH VFRODVWLFD� H DQFRUD SUHVHQWH SHU HVHPSLR

QHOOH SULPH HGL]LRQL GHOOR =LQJDUHOOL� 1RQ YD GLPHQWLFDWR� DSSXQWR� LO IDWWR

FKH 0DJLVWULV q XQ SURIHVVRUH� OH VXH RSLQLRQL VXOOD GLYHUVLWj GLDOHWWDOH VRQR

HYLGHQWHPHQWH PHGLDWH GDOO¶HVSHULHQ]D VFRODVWLFD� FKH� VH GD XQ ODWR OR ID

JLXQJHUH D FRQFOXVLRQL ©FRUUHWWHª� GDOO¶DOWUR OR GLVWLQJXH GDO VHQVR FRPXQH

GHOOD PDJJLRUDQ]D GHL SDUODQWL H WDORUD OR UHQGH HVSRVWR D LQJHQXLWj FODVVLIL�

FDWRULH QHOOH TXDOL OD FRPXQLWj LQ JHQHUDOH QRQ FDGH���

$QFKH TXHVWH SUHWHVH GLIIHUHQ]H OLQJXLVWLFKH� FRPH TXHOOD FKH RSSRQH OD

9DOOH D 0DOHVFR� ULIOHWWRQR DOORUD JOL VWHUHRWLSL FRPSRUWDPHQWDOL R LGHRORJLFL

DWWULEXLWL DOOH YDULH FRPXQLWj��� VH LO VRSUDQQRPH� LO EODVRQH GHJOL DELWDQWL GL

�� &IU� DQFRUD 0DJLVWULV ����� ���� ©,O GLDOHWWR >«@ DYHYD DQFKH IXQ]LRQH GL JHUJR� LQ�

FRPSUHQVLELOH DJOL HVWUDQHL� LQIDWWL L FDPSDQLOLVPL ORFDOL� GL RULJLQH HFRQRPLFD� LQGXFHYDQR

JOL DELWDQWL GL XQ SDHVH D SDUODUH LQ PRGR GD QRQ HVVHUH LQWHVL GD FRORUR FKH� SXU DELWDQGR D

SRFKL FKLORPHWUL GL GLVWDQ]D� HUDQR VSHVVR QHPLFL SHU OD ORWWD FRQWLQXD WHQGHQWH DO SRVVHVVR R

DOO¶XVR GHL PDJUL SDVFROLª� ©,O GLDOHWWR >«@ VSHVVR QRQ KD XQD WUDGL]LRQH JUDILFD H TXLQGL q

SULYR GL RJQL IRQGDPHQWR JUDPPDWLFDOH� 3HU TXHVWR q VRJJHWWR D LQILQLWH YDULDQWL� FKH UHQGR�

QR GLIILFLOH ILVVDUQH OH QRUPH� 'LDOHWWL FKH VHPEUDQR GLIIHUHQWL VRQR VLPLOL� H FDPELD VROR OD

IRQHWLFDª��� 6L QRWL FKH� FRHUHQWHPHQWH FRQ TXDQWR DIIHUPDWR LQ JHQHUH QHOOD OHWWHUDWXUD �FIU� )DVROG

����� ����� LO JLXGL]LR QRQ q VXO GLDOHWWR GL 0DOHVFR LQ TXDQWR WDOH �FLRq EUXWWR� R GXUR� R

TXDQW¶DOWUR�� PD VXOOD FRPXQLWj LQ JHQHUDOH� $Q]L� D VRVWHJQR GHO IDWWR FKH LO PRWRUH GHO SUH�

JLXGL]LR �QHOOD GHILQL]LRQH ©ODUJDª GDWD VRSUD� QRQ q QHFHVVDULDPHQWH XQD DWWLWXGH QHJDWLYD�

PD SL~ XQ VHQWLPHQWR GL GLIIHUHQ]LD]LRQH� O¶LPSUHVVLRQH HVWHWLFD ODVFLDWD DL YLJH]]LQL GHO

GLDOHWWR GL 0DOHVFR q SLXWWRVWR EXRQD� 'L�$QW� D V ND�SLV QXWD PD O ( EHO D �V(QWDO��� X O ( VX

PLD��� DU�P2QLNR >QRQ VL FDSLVFH QLHQWH PD q EHOOR� D VHQWLUOR« q QRQ VR� DUPRQLFR@� 1RQ q

��� ,/ ',$/(772 3(5&(3,72

'UXRJQR q IL�O2]XI µILORVRIL¶� HFFR FKH LO ORUR GLDOHWWR q ©FDOPR H ODERULRVRª�

TXHOOL GL &UDQD VRQ GHWWL 6NU(V ^6NUD�VD FLJRODUH� JUDIILDUH� H �6NUDVD q D

9LOOHWWH OD UDJDQHOOD@ H SHUFLz LO GLDOHWWR q ©SXQJHQWH H IRUWHª� H FRVt YLD�

4XDQWR DO GLDOHWWR GL 0DOHVFR� q EHQ YHUR FKH UDSSUHVHQWD XQD VLQJRODULWj

DOO¶LQWHUQR GHO VLVWHPD GHOOD 9DOOH� PD OH VXH FDUDWWHULVWLFKH� �WUD FXL SULQFL�

SDOH� H QRQ QRWDWD GDO 0DJLVWULV� OD ULVWUXWWXUD]LRQH GHOOH VHULH VLELODQWL���

QRQ VRQR WDOL GD UHQGHUOR ©GHO WXWWR LQFRPSUHQVLELOHª SHU XQ YLJH]]LQR� OH

UDJLRQL YHUH� H DSSURSULDWDPHQWH ULVROWH D WHPDWLFKH GL VWHUHRWLSR FXOWXUDOH�

OH DFFHQQD 9L�%HQ� OX�U MLQ VWH�½ �V(PS¼U �6WUH�Q½ L 6WDQ PD� WUD GD OXU L

�Y2OHQ PLD��� ^���` D M( XO SX�QW OL GRS PD�O(6N ( 6WX SXQW O DQ IDM V\ WLW NZLM

GD OD YDO ( SRM L DQ GXPDQ�GX D PD�O(6N E2Q X O SD�JDWH SRL D1ND YX�MH½ XO

SX�QW H NZLM L DQ GL½ Q2 SDU�N( LO �SRQWH QRQ ½L �V(UYH��� ^���` L DQ L OXU IH6W���

>ORUR VRQR VHPSUH VWUDQL� VWDQQR VROR WUD GL ORUR� QRQ YRJOLRQR« F¶q LO SRQWH

GRSR 0DOHVFR H TXHVWR SRQWH OR KDQQR FRVWUXLWR WXWWL TXHOOL GHOOD 9DOOH H SRL

KDQQR FKLHVWR D 0DOHVFR ³EH¶� OR SDJDWH DQFKH YRL LO SRQWH"´ H TXHOOL KDQQR

GHWWR QR SHUFKp LO SRQWH QRQ FL VHUYH« KDQQR OH ORUR IHVWH�«¶� VXIIUDJDWR GD

*D�6LO� �DQQR LQ�WDQWR XQ DOWUR SDU�ODUH H S2M VRQR XQ S2 VWDN�NDWL ^����` SHU

H�](PSMR U( L2 D�YHYR GXH DP�LNH PD ( �YHU2��� D �SDUWH OD GLV�WDQ¹D��� �ORUR

�DQQR SRL��� E2 �VRQR XQ S2 GLV�WDQWL �D1NH �NRPH �P2GL�

,,,����� ,O PDUNHU

/R VWHUHRWLSR SHUz QRQ q O¶XQLFD FRVD FKH HPHUJH GD TXHVWR WLSR GL LQGD�

JLQH� FL VRQR DQFKH L PDUNHU� H DQ]L TXHVWL VRQR SHU OD 9DOOH SUHYDOHQWL� UDS�

SUHVHQWD]LRQL OLQJXLVWLFKH GHOOD GLYHUVLWj QRQ GLUHWWDPHQWH HPHUJHQWL R FKH

VL LPSRQJDQR FRQ OD IRU]D LUULIOHVVD GHOOR VWHUHRWLSR� PD FKH FRVWLWXLVFRQR

XQ¶LPSRUWDQWH FRPSRQHQWH GHOOD VWUXWWXUD]LRQH GL XQD FRVFLHQ]D GHOOD GLYHU�

VLWj GLDOHWWDOH� 1RQ SRVVHGHQGR LO PDUNHU TXHOOR VWDWXV SDUWLFRODUH FKH DE�

ELDPR DFFRUGDWR DO VXR ©IUDWHOOR SL~ VWXSLGRª� OR VWHUHRWLSR� QRQ VHPEUD QH�

FHVVDULD XQD WUDWWD]LRQH D SDUWH� YHGUHPR GXQTXH L GDWL UDFFROWL TXDQGR GL

YROWD LQ YROWD VDUDQQR IXQ]LRQDOL DOOR VYROJHUVL GHO GLVFRUVR���

GXQTXH TXHVWD OD VWUDGD GD SHUFRUUHUH� SHUFKp FL SRUWD ORQWDQR GDOOD OLQJXD� QHO FDPSR GHOOR

VKLEEROHWK��� /¶LQQDO]DPHQWR GHOOD ^D` q DWWHVWDWR VSRUDGLFDPHQWH DQFKH SHU OD YDO &DQQRELQD� FKH

VIRFLD DSSXQWR D 0DOHVFR� H VRSUDWWXWWR SHU )DOPHQWD �=HOL ���� SDVVLP�� FKH SHUz PDQWLHQH

XQ DVVHWWR GHOOH VLELODQWL GL WLSR ©YLJH]]LQRª� ( LQ UHDOWj L GLDOHWWL GL TXHVWD YDOOH KDQQR SL~

SXQWL GL FRQFRUGDQ]D FRQ TXHOOL YLJH]]LQL FKH QRQ FRQ 0DOHVFR��� (VLVWH DQFKH� VHSSXUH QRQ FRPSDLD WUD L PLHL PDWHULDOL� OD WLSRORJLD GHO VXRQR QRQ SHU�

FHSLWR GDO SDUODQWH� 6DQJD ����� ��� WUDWWDQGR GHOO¶HYDQHVFHQWH PDQWHQLPHQWR GL �8 FRPH

^Z` D 3UHPDQD QRWD� ©LO PDQWHQLPHQWR GHOOD ILQDOH �¹X� RUPDL ULGRWWR DG DELWXGLQH IRQHWLFD GHL

YHFFKL� q LQ IRUWH UHJUHVVR SHUFKp QRQ q FRVFLHQWH� QRQ HVVHQGR ULFRQRVFLXWR� QRQ SXz QHSSX�

/$ 5,&(5&$ 68/ &$032 ,, ���

3L~ LQWHUHVVDQWH VDUj LQYHFH QRWDUH� ULJXDUGR DOOD WLSRORJLD GHL UDSSRUWL

FKH LQWHUFRUURQR IUD TXHVWL GXH IHQRPHQL LQ YDO 9LJH]]R� FKH O¶HVLJXR QXPH�

UR GL VWHUHRWLSL OLQJXLVWLFL XQLGLUH]LRQDOL� SHU ORUR QDWXUD H[WUDFRPXQLWDUL� H

OD UHODWLYDPHQWH DOWD SUHVHQ]D GL JLXGL]L SL~ PHGLWDWL� H WDORUD ELXQLYRFL �LQ

FXL FLRq VL ULFRQRVFH DQFKH QHOOD SURSULD SDUODWD LO WUDWWR GHYLDQWH�� JLXGL]L

TXHVWL LQWUDFRPXQLWDUL� UDIIRU]D TXHOOD VHQVD]LRQH FKH HVLVWD� LQ HIIHWWL� XQD

VRUWD GL YLJH]]LQLWDV� H FKH TXHVWD VLD DQ]L DEEDVWDQ]D IRUWH GD LPSHGLUH

O¶HFFHVVLYD WLSL]]D]LRQH GL YDULHWj DO VXR LQWHUQR� 3HUFKp YHUVR O¶HVWHUQR L

YDOOLJLDQL VRQR DVVDL PHQR WHQHUL� L JLXGL]L �FXOWXUDOL� VWHUHRWLSL VXL YDUHVRW�

WL� YH]]HJJLDWL SHUFKp YLOOHJJLDQWL H SRUWDWRUL GL GHQDUR H GLVSUH]]DWL SHUFKp

*D�*LXV� PLD EX�L GH 6WD VL P S( Q PXQ�WDjD µQHSSXUH FDSDFL GL VWDUH LQ SLH�

GL LQ PRQWDJQD¶ QRQRVWDQWH OH DULH FKH VL GDQQR H OD ULFFD DWWUH]]DWXUD GL FXL

VRQR JHQHUDOPHQWH GRWDWL� HEEHQH� TXHVWL JLXGL]L VRQR IHURFL� LO PLQLPR FKH

SRVVD ORUR DWWDJOLDUVL q O¶HSLWHWR GL &R�*LX� �ODGHU DW IL�Q- µODGUL GL IXQJKL¶�

,,,����� $OWUH FRQVLGHUD]LRQL

9RUUHL TXL ULDVVXPHUH EUHYHPHQWH OD WLSRORJLD GHOO¶LPLWD]LRQH GLDOHWWDOH�

DOPHQR SHU FRPH q HPHUVD GDL PLHL WHQWDWLYL� LQWDQWR QRWHUHL FKH LO FRQWH�

QXWR GHOOH VLPXOD]LRQL OLQJXLVWLFKH VSHVVR ULVSHFFKLD JOL VWHUHRWLSL FXOWXUDOL

R L EODVRQL SRSRODUL��� LO WRQR� SRL q VSHVVR GLYHUVR GD TXHOOR QRUPDOH GHO

FROODERUDWRUH� H ULVSHFFKLD DQFK¶HVVR O¶LGHD FKH FL VL ID GHOOD FRPXQLWj LQ

HVDPH �VL q YLVWR FRPH VL WHQGD D SDUODU ©EDVVR H VWUDVFLFDWRª LPLWDQGR OD

FDGHQ]D GL &RLPR�� 3HU OD SDUWH SL~ SURSULDPHQWH IRQHWLFD� FRPSDLRQR WDORUD

UH HVVHUH FRVFLHQWHPHQWH PDQWHQXWRª� 6RQR TXHOOL FKH %DGRXLQ GH &RXUWHQD\ FKLDPD ©VXRQL

IDFROWDWLYLª� ©'RYH VLDQR SULYH GL DVVRFLD]LRQL FRQ UDSSUHVHQWD]LRQL VHPDQWLFKH R PRUIROR�

JLFKH� OH UDSSUHVHQWD]LRQL SVLFRIRQHWLFKH VRQR HVFOXVH GDO µSHQVLHUR OLQJXLVWLFR¶ �OLQJXD��

DQFKH VH SRVVRQR SURGXUUH XQ LPSHUFHWWLELOH HIIHWWR DFXVWLFR� 0D TXHVWR QRQ SXz YHQLUH

VHQWLWR FRPH QHFHVVDULR� H SRLFKp OD SUHVHQ]D GHOOD UDSSUHVHQWD]LRQH QHO FHUYHOOR q GHWHUPL�

QDWD GDOOD IUHTXHQWH XWLOL]]D]LRQH QHOOD FRPXQLFD]LRQH LQWHULQGLYLGXDOH� L VXRQL IDFROWDWLYL

SRVVRQR HVVHUH RPHVVL VHPSUH SL~ GL IUHTXHQWH� ILQR D GHWHUPLQDUH QHOO¶LQWHUORFXWRUH OD

VFRPSDUVD GHOO¶LPPDJLQH SVLFKLFD FRUULVSRQGHQWHª� >%DXGRLQ GH &RXUWHQD\ ����� LQ 6DQJD

����� �� Q� ��@� 9HUUHEEH SHUz GD FKLHGHUVL VH TXHVWD DQDOLVL QRQ SRVVD HVVHUH HVWHVD VLQR D

FRPSUHQGHUH� DOO¶LQWHUQR GHL ©VXRQLª� L WUDWWL GLVWLQWLYL� FLRq VH� VRVWLWXHQGRVL DG HVHPSLR ^«`

FRQ ^H`� LO WUDWWR >� ODELDOH@ QRQ VLD VWDWR SRFR SHU YROWD VHQWLWR FRPH IDFROWDWLYR� H SHUFLz

DEEDQGRQDWR �QRQ GDSSHUWXWWR�� VHFRQGR OH PRGDOLWj VXHVSRVWH�

�� &R�&DUOR�� LPLWDQGR LO GLDOHWWR GL 9LOOHWWH� 6WL ERFDPD�G21��� E2Q D �SU(QGL Â\ LQ VD6 H

D YDL Â\ D U( D 6ND�MDO DW OD PD�G2QD��� µTXHVWL ©ERFFLDPDGRQQHª � EHQH� SUHQGR XQ VDVVR H

YDGR JL~ D 5H D WLUDUOR DOOD 0DGRQQD¶� , YLJH]]LQL QRQ KDQQR DQFRUD SHUGRQDWR OD SLHWUD VFD�

JOLDWD �OD VHUD GHO �� DSULOH ����� FRPH DQFRU RJJL VL ULFRUGD FRQ SXQWLJOLR� GD XQR GL 9LO�

OHWWH FRQWUR O¶DIIUHVFR GHOOD 0DGRQQD GL 5H� O¶DIIUHVFR SUHVH D VDQJXLQDUH� H TXHVWR GLHGH

RULJLQH DO FXOWR ORFDOH GHOOD 9HUJLQH� FRQ DQQHVVR VDQWXDULR �DVVDL ULQRPDWR DQFKH IXRUL

GDOO¶2VVROD� H JUDQGH DIIOXVVR GL SHOOHJULQL� H IRUVH q TXHVWR FKH QRQ VL SHUGRQD«

��� ,/ ',$/(772 3(5&(3,72

GHOOH YDULDQWL LEULGH� R LPSRVVLELOL� SRFR SUREDELOL LQ HQWUDPEH OH YDULHWj�

O¶LPLWDWD H O¶LPLWDQWH� PD ULVXOWDWR GHOOD ORUR VRYUDSSRVL]LRQH R GHOOD SDUWL�

FRODUH SHUIRUPDQFH LPLWDWLYD� XQ HVHPSLR q LO FLWDWR �WDQ½L GL 6PP�� QRQ WL�

SLFR GL DOFXQD GHOOH GXH QRUPH� PD DQFKH XQ *D�6LO� D M2 �YL6W N D O (UD VL

V\O L6 GD FD D NLQ�WD VL� L V2 U2S µKR YLVWR FKH HUD VXOO¶LVFLR GL FDVD D UDF�

FRQWDUH L VXRL DIIDUL¶� L6 q XQD IRUPD LQYHQWDWD FKH VL YRUUHEEH FDUDWWHUL]�

]DQWH� H FKH QRQ FRPSDUH XQ QHVVXQD DOWUD SHUIRUPDQFH GD PH DVFROWDWD� VL

QRWL LQROWUH O¶RVFLOOD]LRQH IUD ^L` H ^\`� SHU FXL YHGL ,��������� 6RQR DQFKH

SRVVLELOL� H QH DEELDPR DYXWR VRSUD XQ HVHPSLR� GHOOH YDULDQWL LPPDJLQDULH

R FDULFDWXUDOL� LQ FXL VL HQIDWL]]D HFFHVVLYDPHQWH OD FDUDWWHULVWLFD FKH VL

YXROH OXPHJJLDUH���

,,,��� 5HJLVWUD]LRQL GL SHHU JURXSV� RYYHUR (W LQ $UFDGLD HJR�

,O FRPPHQWR PHWDOLQJXLVWLFR HVSOLFLWR� H OD ULIOHVVLRQH VXO FDPELR� QRQ VL

FROJRQR DWWUDYHUVR O¶RVVHUYD]LRQH R OD UHJLVWUD]LRQH GL FRQYHUVD]LRQL VSRQ�

WDQHH� SHUz OD YDULD]LRQH Vt� H O¶XVR HIIHWWLYR GHOOD OLQJXD� H L SURFHVVL GL

DGDWWDPHQWR� H O¶DGHUHQ]D SL~ R PHQR VWUHWWD DOOD QRUPD GLFKLDUDWD� &RVt KR

UHJLVWUDWR FRQYHUVD]LRQL WUD JUXSSL GLYHUVL GL SHUVRQH� RPRJHQHH H QRQ� LQ

FRQGL]LRQL YDULH GL VSRQWDQHLWj� LQWHQWH D FRQYHUVD]LRQL R DWWL OLQJXLVWLFL GL

WRQR H DUJRPHQWR GL YROWD LQ YROWD GLIIHUHQWH� ,Q DOFXQH GL TXHVWH HUR SUH�

VHQWH� DOWUH OH KR VROWDQWR DVFROWDWH VXO QDVWUR �WDORUD� YD DPPHVVR� LQ FRQGL�

]LRQL GL FKLDUH]]D HORFXWLYD H TXDOLWj GL UHJLVWUD]LRQH SLXWWRVWR FULWLFKH��

FROWH FRPH HUDQR DO YROR GD FROODERUDWRUL LQWHUQL GDO UHJLVWUDWRUH SURQWR� ,Q

SDUWLFRODUH OH VLWXD]LRQL ©FDWWXUDWHª VRQR�

D� JUXSSL GL DGROHVFHQWL H JLRYDQL�

D� DQGDQGR D LQFRQWUDUH JOL DPLFL LQ SDHVH �*DJQRQH� VHQ]D ULF���

E� OD VHUD LQ ELUUHULD �UDJD]]L GL *DJQRQH� 0DOHVFR� )LQHUR� 'UXRJQR�

7RFHQR� GXH YROWH� XQD FRO ULFHUFDWRUH H XQD VHQ]D�

J� XQD FHQD LQ SL]]HULD �VWHVVR JUXSSR� VHQ]D ULF��

G� WRUQDQGR GDOOD VFXROD �D 'RPRGRVVROD� LQ WUHQR YHUVR OD 9DOOH �GXH

YLDJJL� FRQ ULF�� PD LQ GLVSDUWH H VFRQRVFLXWR� UDJD]]L GL RJQL SDHVH�

E� LQWHUD]LRQL IDPLOLDUL

D� SUDQ]R R FHQD LQ IDPLJOLD �D &RLPR� FLQTXH YROWH� VHQ]D ULF�� GXH YROWH

FRQ EDPELQD SLFFROD� XQD YROWD FRQ RVSLWH�

�� +R SXUWURSSR SHUVR� H TXL QH DFFHQQR FRQ UDPPDULFR� �QRQ KD UHJLVWUDWR

O¶DSSDUHFFKLR� XQD VWUDRUGLQDULD FRQYHUVD]LRQH DYYHQXWD LQ PLD SUHVHQ]D WUD &R�*LX��

*D�*LXV� H GXH RVSLWL� XQR GL 7RFHQR H XQR GL %XWWRJQR� VXOOH YDULHWj GLDOHWWDOL� LQ FXL RJQX�

QR GHL SUHVHQWL VL GLYHUWLYD� WUD JUDQGL ULVDWH� DG LPLWDUH VSRQWDQHDPHQWH LO GLDOHWWR DOWUXL�

/$ 5,&(5&$ 68/ &$032 ,, ���

E� FHQD LQ IDPLJOLD �D 7RFHQR� GXH YROWH� VHQ]D ULF�

J� GXUDQWH �H GRSR� XQD SDUWLWD GL FDOFLR LQ WHOHYLVLRQH �*DJQRQH� FRQ UL�

FHUFDWRUH�

F� JUXSSL VSRQWDQHL GL SDHVH

D� FRQYHUVD]LRQH LQ SDHVH DOO¶RPEUD GL XQ DOEHUR �&RLPR� VHQ]D ULF��

E� LQ XQD SDXVD GXUDQWH LO WDJOLR GHO ILHQR DL PDJJHQJKL �&RLPR� GXH

YROWH� EUHYL� VHQ]D ULF��

J� DO ODERUDWRULR GL IDOHJQDPHULD FRQ XQ FRQRVFHQWH QRQ IDOHJQDPH �2U�

FHVFR� VHQ]D ULF��

G� DOOR VSDFFLR GHO SDHVH �2UFHVFR�*DJQRQH� TXDWWUR YROWH� FRQ ULFHUFDWR�

UH FKH YD H YLHQH���

&RQ OH UHJLVWUD]LRQL QDVFRVWH� OR VL q GHWWR� QRQ VL LQGDJD VXOOD FRVFLHQ]D

GLDOHWWDOH� L GDWL RWWHQXWL FRQ TXHVWR PHWRGR VRQR VHUYLWL SULQFLSDOPHQWH DOOD

WUDWWD]LRQH GHO SULPR FDSLWROR� 0D XQ¶LQGLFD]LRQH q HPHUVD PROWR FKLDUD� L

YLJH]]LQL �LQ JHQHUDOH PD VRSUDWWXWWR L UDJD]]L� SDUODQR PHQR GLDOHWWR GL

TXDQWR QRQ ULWHQJDQR GL IDUH��� 0HQWUH HYHQWL OLQJXLVWLFL FRPH TXHOOL DL SXQWL

F� D� E VRQR TXDVL FRPSOHWDPHQWH GLDOHWWRIRQL� DOWUL� FRPH D� E� J R F� G

FRQWHQJRQR XQD JUDQGH SHUFHQWXDOH GL VFDPEL VSRQWDQHL LQ LWDOLDQR�

/¶LQWHUHVVDQWH q FKH L SDUWHFLSDQWL DOO¶LQWHUD]LRQH D� E �LO JUXSSR ULXQLWR DOOD

VHUD LQ ELUUHULD� LQWHUURJDWL LQ PHULWR DOOD OLQJXD XVDWD DSSXQWR LQ TXHOOD RF�

FDVLRQH� KDQQR ULVSRVWR VHQ]D HVLWD]LRQH GL DYHU SDUODWR VHPSUH GLDOHWWR�

WUDQQH QHL FDVL LQ FXL VL ULYROJHYDQR D *D�*LXO� �FKH OL DYHYD UDJJLXQWL D ILQH

VHUDWD� H DG XQ¶DOWUD UDJD]]D SUHYDOHQWHPHQWH LWDORIRQD� SUHVHQWH VLQ GDOO¶LQL]LR�

+R ULVSDUPLDWR ORUR OD SURYD GHO FRQWUDULR� SHUFKp QRQ VDUHEEH VWDWD XWLOH DOOD UL�

FHUFD� XQ FRVt JUDQGH VFDUWR IUD HVHFX]LRQH H LQWHQ]LRQH PHULWD SHUz GL HVVHUH XQ

SRFR DSSURIRQGLWR� OR VL IDUj SL~ DYDQWL QHO SURVVLPR � H QHO FDS� ,9� SHU FRQ�

FOXGHUH FKH� DOPHQR LQ RFFDVLRQL VLPLOL H LQ YDO 9LJH]]R� OH LQIRUPD]LRQL SUDJ�

PDWLFKH KDQQR OD PHJOLR VX TXHOOH OLQJXLVWLFR�VHTXHQ]LDOL�

,,,��� ,O TXHVWLRQDULR� RYYHUR LO VDEDWR GHO YLOODJJLR

,,,����� ,O ILQWR TXHVWLRQDULR

'HO TXHVWLRQDULR FRPH PHWRGR HVFXVVLYR� H GHOOD VXD FDSDFLWj GL VWUXWWX�

UDUH FRPSOHWDPHQWH XQ¶LQFKLHVWD OLQJXLVWLFD VL q JLj GLFXVVR VRSUD� YRUUHL

�� 3HU TXHVWD VLWXD]LRQH VL FIU� &ROORYj�3HWULQL ������� &IU� 6FKOLHEHQ�/DQJH ����� ��� �GXUDQWH OD GLVFXVVLRQH DO VXR LQWHUYHQWR� ©RQ

FRQVWDWH WUqV VRXYHQW GDQV GHV HQTXrWHV� TXH OH FRPSRUWDPHQW UpHO GHV VXMHWV SDUODQWV GLIIqUH

SDUIRLV EHDXFRXS GH FH TX¶LOV GLVHQW TX¶LOV IRQWª�

��� ,/ ',$/(772 3(5&(3,72

SRUWDUH DGHVVR DOO¶DWWHQ]LRQH XQ GLYHUVR WLSR GL DSSURFFLR� SL~ VLPLOH� QHOOR

VSLULWR DOPHQR� DOOH VWUDRUGLQDULH ULFHUFKH PHWDOLQJXLVWLFKH GHO &KHUXELQL� LO

TXHVWLRQDULR VWUXWWXUDWR GDO SDUODQWH� R LQ ILHUL� 6L q JLj ULFRUGDWD

XQ¶DIIHUPD]LRQH FKH q TXDVL XQ OXRJR FRPXQH LQ JHROLQJXLVWLFD� FKH LO TXH�

VWLRQDULR PLJOLRUH q TXHOOR FKH VL VDUHEEH SRWXWR VFULYHUH DOOD ILQH

GHOO¶LQFKLHVWD� TXDQGR SXUWURSSR QRQ VHUYH SL~ SHU LO ODYRUR VXO FDPSR� FLz

VLJQLILFD� WUD OH ULJKH� FKH O¶DSSRUWR GHO SDUODQWH H OH PRGLILFD]LRQL FKH HJOL

SURSRQH DOO¶LQFKLHVWD VRQR GL HVWUHPD LPSRUWDQ]D� 6LJQLILFDWLYR GXQTXH GR�

YUHEEH HVVHUH XQ TXHVWLRQDULR IDWWR LO SL~ SRVVLELOH GDO SDUODQWH H FKH ULIOHWWD

SHU TXDQWR VL SRVVD OD YLVLRQH GHOOD OLQJXD ©GDOO¶LQWHUQRª� FRPH JLj IDFHYD

&KHUXELQL���

+R DOORUD DSSURQWDWR XQD ER]]D GL TXHVWLRQDULR VFULWWR �ULSRUWDWR LQWH�

JUDOPHQWH LQ $SSHQGLFH ��� FRPSUHQGHQWH GRPDQGH GLUHWWH H GLFKLDUDWD�

PHQWH ©LGHRORJLFKHª VXOO¶XVR H OD YDOXWD]LRQH GHO GLDOHWWR� TXHVWD ER]]D q

VWDWD FRPH WDOH SURSRVWD DL SDUODQWL� FRPH ©SURYDª� DSSXQWR� GHO TXHVWLRQD�

ULR YHUR H SURSULR FKH DYUHEEH GRYXWR HVVHUH GLVWULEXLWR FRQ ODUJKH]]D LQ

WXWWD OD 9DOOH� 9HQLYD FKLHVWR DL FROODERUDWRUL LQWDQWR GL ULVSRQGHUH DOOH GR�

PDQGH FRQWHQXWH� H VRSUDWWXWWR GL FRPPHQWDUOH SHU GDUH OD ORUR RSLQLRQH VX

TXDOL IRVVHUR OH GRPDQGH PHJOLR ULXVFLWH� LQGLFDQGR TXHOOH HYHQWXDOPHQWH

VXSHUIOXH� R PDQFDQWL� R PDO VWUXWWXUDWH H UHGDWWH� Ê VWDWR FKLHVWR ORUR DQFKH

GL GDUH XQD YDOXWD]LRQH JHQHUDOH GHO TXHVWLRQDULR H FRQVLJOL VXOOD VWUXWWXUD

FRPSOHVVLYD H VXO PRGR H OH PRGDOLWj GL SRUUH OH GRPDQGH�

,O ©JUDQGH TXHVWLRQDULRª� OD ©GRPHQLFDª GL FXL TXHVWH LQFKLHVWH DYUHEEHUR

GRYXWR FRVWLWXLUH LO VDEDWR� HUD RYYLDPHQWH XQ SUHWHVWR� QRQ q PDL VWDWR UH�

GDWWR� H OD VXD UHDOL]]D]LRQH QRQ ULHQWUD QHSSXUH QHL SURJHWWL OHJDWL D TXHVWD

ULFHUFD� VHJXHQGR LQ FLz OH LQGLFD]LRQL GL /HRSDUGL��� TXHOOR FKH YHUDPHQWH

LQWHUHVVDYD HUDQR L FRPPHQWL H OH LQGLFD]LRQL FKH FRQ TXHVWR PHWRGR VL SRV�

VRQR UDFFRJOLHUH� FKH SHUPHWWRQR LQ XQ FHUWR VHQVR GL HQWUDUH GHQWUR OD

VWUXWWXUD]LRQH GHOOD FRVFLHQ]D OLQJXLVWLFD� ULOHYDQGR TXDOL VRQR L FULWHUL H OH

YDULDELOL FKH TXHVWD FRQVLGHUD SHUWLQHQWL SHU L VXRL JLXGL]L� LQROWUH� ©IDU IDUH

�� 3HU TXDQWR VL SRVVD� SHUFKp OD ULIOHVVLRQH PHWDOLQJXLVWLFD q FRPXQTXH XQ IDWWR DUWLIL�

FLDOH� GXQTXH q GLIILFLOH FKH HVLVWD XQ TXHVWLRQDULR VWUXWWXUDWR FRPSOHWDPHQWH GDO SDUODQWH�

VHPSOLFHPHQWH QRQ JOL YHUUHEEH LQ PHQWH� (SSXUH� HQWUR FHUWL OLPLWL� TXHVWD DIIHUPD]LRQH

QRQ q YHUD� SHQVR DGHVVR DO ODYRUR IDWWR GDOO¶$VVRFLD]LRQH $PLFL GL &RPRORJQR �/XUDWL

����� FKH� VL q YLVWR� KD RUJDQL]]DWR H FRQGRWWR LQ SURSULR XQD ULFHUFD VXO GLDOHWWR� ULSDUWHQ�

GRVL FRPSHWHQ]H H FRPSLWL WUD L SDUWHFLSDQWL� 9HUR q SHUz FKH O¶LGHD SRUWDQWH GHOOD ULFHUFD HUD

OD ULHYRFD]LRQH GL YHFFKLH XVDQ]H �WUD FXL LO GLDOHWWR� YHFFKLD XVDQ]D«�� H TXHVWR� OD ULIOHV�

VLRQH PHWDFXOWXUDOH� q XQ¶RSHUD]LRQH DVVDL SL~ GLIIXVD��� $QFKH SHUFKp� D EHQ SHQVDUH� XQD GRPDQGD VHULD FRPH ©FKH OLQJXD SDUOD SUHYDOHQWH�

PHQWH LQ XQD JLRUQDWD GL ODYRUR"ª QRQ KD PROWR VHQVR� YLVWR FKH� FRPH GREELDPR DSSUHQGHUH

GDOOH LQGDJLQL GL /DERY� VSHVVR QRQ VLDPR LQ JUDGR GL GHILQLUH FRPH SDUOLDPR� &IU� 6DQJD

����� ���� D SURSRVLWR GHO TXDOH DUWLFROR VSHUR� FRQ TXHVWR XVR GHO ILQWR TXHVWLRQDULR� GL

DYHUH HYLWDWR LO JLXGL]LR GL ©VRFLROLQJXLVWD VHOYDJJLRª H IXUEDFFKLRQH�

/$ 5,&(5&$ 68/ &$032 ,, ���

LO TXHVWLRQDULR DO WHVWLPRQHª� DQFKH VH RYYLDPHQWH q XQD RSSRUWXQLWj LPSRV�

VLELOH SHU OH LQFKLHVWH FKH GHYRQR SHU ORUR VWHVVD QDWXUD HVVHUH VWUXWWXUDWH

GDO GL IXRUL� FRPH DFFDGH SHU TXHOOH UHODWLYH DJOL DWODQWL OLQJXLVWLFL��� ULVSRQ�

GH DEEDVWDQ]D EHQH DO FULWHULR GL ©VFRSHUWD GHOOH GRPDQGHª� IRQGDPHQWR

GHOOD PHWRGRORJLD SURSXJQDWD GDOOD 1XRYD (WQRORJLD �SHU FXL FIU� ,,����� UL�

VSHWWR DOOD TXDOH KD O¶XOWHULRUH YDQWDJJLR GL XQ DSSURFFLR PHQR HVSOLFLWR UL�

VSHWWR DOOD GRPDQGD GLUHWWD�

,,,������� &RPH JLj DFFHQQDWR� DO PRPHQWR GHOOD FRPSLOD]LRQH H GHOOD

VRPPLQLVWUD]LRQH GHO TXHVWLRQDULR QRQ HUR D FRQRVFHQ]D GL TXHOOR� DSSRVL�

WDPHQWH SURJHWWDWR SHU LQFKLHVWH VXOOD FRVFLHQ]D OLQJXLVWLFD� LQ XVR LQ )UDQ�

FLD SUHVVR LO &5(+23 �*5(&2 �� H GL TXHOOR FROOHJDWR UDFFROWR GD /HRQDUG

������ �������� ����� ������� PL VRQR TXLQGL EDVDWR VX DOWUL VSXQWL� HODER�

UDWL SHU ULFHUFKH LQ SDUWH GLYHUVH� ,Q HIIHWWL� O¶RVVDWXUD GHO TXHVWLRQDULR�

SURSRVWD GHULYD GD XQD SDUWH GL TXHOOR GL %LDQFRQL ������ ������ SDUWLFRODU�

PHQWH DGDWWR SHU OD ]RQD SHU FXL HUD SUHYLVWR �OD 6YL]]HUD ,WDOLDQD� H SHU

O¶DWWHQ]LRQH DJOL DPELWL VLWXD]LRQDOL G¶XVR� KR WHQXWR DQFKH FRQWR GHO TXH�

VWLRQDULR VRFLROLQJXLVWLFR GL =DKQHU ������ �������� FKH GD TXHOOR GHULYD H

FKH KD TXDOFKH EXRQR VSXQWR GL GRPDQGD HVSOLFLWDPHQWH LGHRORJLFD� H GL

TXHOOR� SL~ FRQVDSHYROPHQWH YROWR DO PRQGR GHOO¶LQIRUPDWRUH� GL 7HOPRQ

����� ����� RWWLPR SHU OD ULFHUFD GHOOD YDULD]LRQH GLDWRSLFD SHU FRPH q SHU�

FHSLWD GDO SDUODQWH��� 'L JUDQGH LQWHUHVVH q DQFKH LO TXHVWLRQDULR SHU OD 6LFL�

OLD GL /R 3LSDUR ����� ������� FKH� SXU ULYROJHQGRVL DG XQ¶DUHD GDOOH SUR�

�� 5LPDQH FRPXQTXH XQ VRJQR VHQ]D UHDOL]]D]LRQH SUDWLFD O¶LQFKLHVWD DOOD ILQH GHOOD UL�

FHUFD� SHU XQ JHROLQJXLVWD� FHUWL HVSHULPHQWL VL SRVVRQR IDUH TXDQGR O¶XQLIRUPLWj QRQ q XQ

SDUDPHWUR LPSRUWDQWH H TXDQGR OR q LQYHFH XQ PRGHOOR HPLFR GL VWUXWWXUD� SHU XQ DWODQWH� L

FXL ULVXOWDWL GHYRQR HVVHUH FRPSDUDWL SXQWR SHU SXQWR H FKH QHFHVVDULDPHQWH VL DYYDOH GL XQD

RUJDQL]]D]LRQH LQWHUQD GL WLSR HWLFR �R HPLFR GHO ULFHUFDWRUH� OD FRPSLOD]LRQH GHO TXHVWLRQD�

ULR SULPD GHOO¶LQFKLHVWD ULPDQH IRQGDPHQWDOH� H L SUREOHPL H VXJJHULPHQWL UHODWLYL DO ©GX�

UDQWHª R DO ©GRSRª SRVVRQR ULJXDUGDUH DO SL~ DJJLXQWH R FDQFHOOD]LRQL GL GRPDQGH� FKH QRQ

WRFFDQR OD VRVWDQ]LDOH RUJDQL]]D]LRQH GHOO¶LQFKLHVWD� 9D WXWWDYLD DJJLXQWR FKH XQD OHWWXUD DF�

FXUDWD GL -DEHUJ�-XG ���� >����@ �SDUWLFRODUP� �������� DXWRUL]]D O¶LGHD FKH LO SUREOHPD

GHOOD VWDQGDUGL]]D]LRQH IRVVH QRQ VROR DVVDL VHQWLWR GDL GXH VWXGLRVL VYL]]HUL� PD VRVWDQ]LDO�

PHQWH ULVROWR LQ VHQVR QRQ QRUPDOL]]DWRUH� FRPH VL q YLVWR DO � ,,��� 0D DQFKH &DQREELR�

7HOPRQ ����� �� SUHYHGRQR SHU O¶$/(32 OD SXEEOLFD]LRQH GL XQ ©´TXHVWLRQDULR D SRVWHULR�

UL´� FRQ LO VXR UHSHUWRULR GL FRQFHWWL QRQ FHUFDWL PD WURYDWLª�

�� ,O TXHVWLRQDULR q DQFKH LQWHUHVVDQWH SHUFKp q EDVDWR VXOOD ULHODERUD]LRQH RSHUDWLYD LQ

IDVH GL ULFHUFD GL XQ FRQFHWWR GL 7HUUDFLQL ������ ������� H ����� ��� Q� ��� FKH DEELDPR

SL~ VRSUD ULFRUGDWR� LO IDWWR FLRq FKH q EHQH GLVWLQJXHUH WUD VHQWLPHQWR OLQJXLVWLFR H FRVFLHQ]D

OLQJXLVWLFD� OD VHFRQGD LPSOLFD LO SULPR� H SURGXFH JLXGL]L GL QDWXUD VRFLROLQJXLVWLFD �PL SLD�

FH LO GLDOHWWR SHUFKp FL VL HVSULPH FRQ SL~ VLFXUH]]D� SHUFKp IDFLOLWD O¶LQVHULPHQWR

QHOO¶DPELHQWH H FRVt YLD� PHQWUH LO SULPR QR �SHUFKp q SL~ VLPSDWLFR� q XQD OLQJXD FKH GHYH

FRQWLQXDUH D YLYHUH�� 0ROWH GHOOH LQGLFD]LRQL GL 7HOPRQ QRQ FRPSDLRQR WXWWDYLD QHOOD PLD

ER]]D GL TXHVWLRQDULR� H KDQQR FRVWLWXLWR PRPHQWR GL LQGDJLQH H ULIOHVVLRQH D SDUWH�

��� ,/ ',$/(772 3(5&(3,72

SULHWj OLQJXLVWLFKH SLXWWRVWR GLYHUVH GD TXHOOH YLJH]]LQH� VL FDUDWWHUL]]D SHU

OD DWWHQ]LRQH DJOL DPELWL GL DSSUHQGLPHQWR GHO GLDOHWWR H SHU LO IDWWR FKH VRO�

OHFLWD HVSOLFLWL JLXGL]L GL YDORUH R DGHJXDWH]]D VXL FRGLFL OLQJXLVWLFL SUHVHQWL

FRQWHPSRUDQHDPHQWH VXO WHUULWRULR�

'DO PRPHQWR FKH LO TXHVWLRQDULR HUD SUHVHQWDWR FRPH SURSRVWD GD ULYHGH�

UH� QRQ PL VRQR SUHRFFXSDWR GL VWUXWWXUDUOR SDUWLFRODUPHQWH H GL UHQGHUOR

RPRJHQHR� DQFKH SHU QRQ ULVFKLDUH GL UHQGHUH OD VWUXWWXUD WURSSR VLJQLILFDQWH

GL SHU Vp �H TXLQGL ©EXRQDª� VHFRQGR OD WHUPLQRORJLD JHVWDOWLFD�� H SHUFLz

FDSDFH GL LQIOXHQ]DUH LO FROODERUDWRUH� q GXQTXH SL~ XQ FRQWHQLWRUH GL VSXQWL�

GDO TXDOH LO SDUODQWH SRWHVVH SDUWLUH SHU XQD SURSULD ULHODERUD]LRQH H QHO

TXDOH KR GL SURSRVLWR ODVFLDWR TXDOFKH HUURUH� XWLOH� FUHGR� D ULQIRFRODUH

O¶DWWHQ]LRQH FULWLFD�

,,,����� 6PRQWDUH XQ TXHVWLRQDULR

/D VRPPLQLVWUD]LRQH GHO TXHVWLRQDULR q DYYHQXWD JHQHUDOPHQWH LQ PLD

SUHVHQ]D� OH GRPDQGH H JOL VSXQWL GL ULIOHVVLRQH VRQR VWDWL FLRq SURSRVWL GL�

UHWWDPHQWH GDO ULFHUFDWRUH� H GLUHWWDPHQWH VWLPRODWD OD GLVFXVVLRQH� ,Q DOWUL

FDVL KR ULWHQXWR GL DIILGDUH LO TXHVWLRQDULR DO FROODERUDWRUH� SHUFKp FL SHQ�

VDVVH D FDVD H HYHQWXDOPHQWH OR FRPSLODVVH H FRPPHQWDVVH LQVLHPH DL IDPL�

OLDUL R DJOL DPLFL� Ê ULVXOWDWR� PD OD FRVD QRQ HUD GHO WXWWR LPSUHYLVWD� FKH

©YLRODUHª XQ WHVWR VFULWWR� H TXLQGL QRQ DFFRQGLVFHQGHUH DOOD QRUPD LPSOLFLWD

GHO TXHVWLRQDULR� GHO WHVW� FKH q TXHOOD GL HVVHUH FRPSLODWR SDVVLYDPHQWH� VL q

ULYHODWR GLIILFLOH VHQ]D OD SUHVHQ]D VWLPRODQWH GHO ULFHUFDWRUH� L TXHVWLRQDUL

UHVWLWXLWL HUDQR LO SL~ GHOOH YROWH VROWDQWR FRPSLODWL� H LO JLXGL]LR VXO TXHVWLR�

QDULR KD SRWXWR UDFFRJOLHUVL VROR GRSR �H QHSSXUH VHPSUH�� LQ VHJXLWR D GR�

PDQGH HVSOLFLWH���

,,,������� 'DWD OD QDWXUD GHOO¶HVSHULPHQWR LQ TXHVWLRQH� H O¶LPSRVWD]LRQH

JHQHUDOH GHO ODYRUR SL~ GL WLSR TXDOLWDWLYR FKH TXDQWLWDWLYR� QRQ KR SURFH�

GXWR DG XQD DQDOLVL VWDWLVWLFD GHOOH ULVSRVWH� VH QRQ LQ TXDOFKH FDVR VSRUDGLFR

�� 5LWHQJR FKH SRVVD DJLUH DQFKH XQ PHFFDQLVPR GL TXHVWR JHQHUH� JOL RUPDL QXPHURVLV�

VLPL WHVW SVHXGRSVLFRORJLFL FKH LQIHVWDQR RJQL JLRUQDOH H ULYLVWD� D TXDOVLDVL OLYHOOR �H FKH

VRQR D PLR SDUHUH DVVDL VHJXLWL� QHVVXQR GHL PLHL FRQRVFHQWL � LQ 9DOOH H QRQ � ULHVFH D VRW�

WUDUVL ORUR� QRQ IRVV¶DOWUR FKH SHU JLRFR� TXHVWL WHVW� GLFR� VRQR ORUR FKH GDQQR JLXGL]L VX GL

WH� H QRQ DYYLHQH LO FRQWUDULR� $OORUD� q GLIILFLOH URYHVFLDUH OD VLWXD]LRQH H PHWWHUVL QHOOD FRQ�

GL]LRQH GL FKL Gj JLXGL]L VXO WHVW� LQYHFH GL HVVHUQH D VXD YROWD JLXGLFDWR� ,O GLVDJLR GHYH FR�

PXQTXH HVVHUH JHQHUDOH� SHUFKp OD GLIILFROWj GL PDQRPHWWHUH XQ TXHVWLRQDULR HPHUJH DQFKH

GDJOL HVSHULPHQWL FKH KR FRQGRWWR SHU ULSURYD� GLVWULEXHQGR XQ SR¶ D FDVR LO TXHVWLRQDULR WUD

PLHL DPLFL �VFHJOLHQGR L ODXUHDWL H JOL DELWDQWL LQ FLWWj��

/$ 5,&(5&$ 68/ &$032 ,, ���

FKH PL VHPEUDYD SDUWLFRODUPHQWH LQWHUHVVDQWH��� FRVt D VXR WHPSR q VWDWR LQ�

GLFDWR O¶DPSLR SUHVWLJLR �HVSOLFLWR� GL FXL JRGH LO GLDOHWWR� LQ SDUWLFRODUH FR�

PH HOHPHQWR PDUFDWRUH GL LGHQWLWj� DQFKH DSSRJJLDQGRVL DOOD VLQJRODUH FRQ�

FRUGLD GHOOH ULVSRVWH ©Vtª DOOH GRPDQGH %�� ©q ILHUR GL SDUODUH GLDOHWWR"ª

��� FRQWUR ��� H %��� ©FKL QRQ VD SDUODUH GLDOHWWR QRQ q XQ EXRQ YLJH]]LQRª

��� FRQWUR � WUD TXHOOL GL RULJLQH ORFDOH�� $JJLXQJHUz TXL O¶DOWD SHUFHQWXDOH

GL ULVSRVWH ©XJXDOHª DOOD GRPDQGD %� ©OH YLHQH PHJOLR GL SDUODUH GLDOHWWR R

LWDOLDQR"ª ��� XJXDOH� �� SL~ GLDOHWWR� �� SL~ LWDOLDQR�� LQ JHQHUDOH OD GLVWUL�

EX]LRQH SHU HWj H SDHVH �OH GXH VLJQLILFDWLYH LQ TXDVWR FDVR� q TXDOOD FKH FL

VL SRWUHEEH DVSHWWDUH� ©XJXDOHª ULVSRQGRQR OH SHUVRQH GHOOD VHFRQGD JHQHUD�

]LRQH� TXHOOH GHOOD SULPD GL 6DQWD 0DULD 0DJJLRUH R FHQWUL HTXLYDOHQWL� H OD

PDJJLRU SDUWH GHL UDJD]]L GHOOD WHU]D� ULVSRQGRQR ©SL~ GLDOHWWRª SHU OR SL~

JOL DQ]LDQL GHL SDHVL SL~ SLFFROL� H ©SL~ LWDOLDQRª DOFXQL IUD L UDJD]]L SURYH�

QLHQWL GD IDPLJOLH PHQR GLDOHWWRIRQH� PD DQFKH GXH TXDUDQWHQQL GL 6DQWD

0DULD 0DJJLRUH� 6RQR LQYHFH GD QRWDUH GXH ULVSRVWH SUREDELOPHQWH LGHROR�

JLFKH ©SL~ GLDOHWWRª GD SDUWH GL UDJD]]L QRQ DQFRUD YHQWHQQL �RYYLDPHQWH

XQD q *D�0DQ���

3LXWWRVWR PL VHPEUD XWLOH DQDOL]]DUH DOFXQH FRVWDQWL GHL FRPPHQWL DO WHVWR

GHO TXHVWLRQDULR� H ULVSRVWH SDUWLFRODUL� DG SHUVRQDP� �SL~ VLJQLILFDWLYH VXO

SLDQR TXDOLWDWLYR� SHUFKp SHUPHWWRQR GL FRQWUROODUH PHJOLR OH YDULDELOL LQGL�

YLGXDOL�� FKH PRVWUDQR OD VWUHWWD LQWHUGLSHQGHQ]D WUD OD SRVL]LRQH GHO FROOD�

ERUDWRUH DOO¶LQWHUQR GHO VRFLDO QHWZRUN H OH VXH FRQFH]LRQL GHOOD OLQJXD H GHO

VXR PXWDUH�

,,,������� /D SULPD FRQVLGHUD]LRQH GD ULSRUWDUH ULJXDUGD LO TXHVWLRQDULR LQ

Vp� PL q VWDWR IDWWR QRWDUH �VRSUDWWXWWR GDJOL DQ]LDQL FKH QRQ IRVVHUR JLj FRO�

ODERUDWRUL LQWHUQL� FKH q SURSULR OR VWUXPHQWR GHO TXHVWLRQDULR D QRQ HVVHUH

DGHJXDWR SHU FDSLUH LO GLDOHWWR H OH VXH VIXPDWXUH� ELVRJQD VHQWLU SDUODUH OD

JHQWH H FRQRVFHUH LO GLDOHWWR SHUFKp XQR SXz ULVSRQGHUH� PD QRQ VD EHQH VH

VWD Ot D SHQVDUFL� ELVRJQD SRL YHGHUH FRPH OL XVD� FULWLFD FKH PL KD PROWR

FRQIRUWDWR� LQGLFDQGRPL FKH DOPHQR VXO SUREOHPD GHOOD UDFFROWD GHL GDWL L

OLQJXLVWL VRQR GDFFRUGR FRQ L SDUODQWL� H FKH TXHVWL XOWLPL FRQFHSLVFRQR � PD

VDUHEEH DVVXUGR LO FRQWUDULR � LO GLDOHWWR QRQ VROWDQWR FRPH XQD OLVWD GL SD�

UROH��� LQYHFH SHU FDSLUOR YD RVVHUYDWR� ROWUH FKH FKLHVWR� ROWUH FKH VHQWLWR� QH

�� $QFKH SHUFKp LO PLR FDPSLRQH QRQ q� HYLGHQWHPHQWH� LO ULVXOWDWR GL XQD FDPSLRQDWXUD

VWDWLVWLFD FKH VLD SUREDQWH� RPRJHQHD H UDSSUHVHQWDWLYD GL XQD PHGLD� SUHFLVR LQROWUH FKH OD

FDWDORJD]LRQH QXPHUDOH GHOOH GRPDQGH q VWDWD IDWWD VROR LQ IDVH GL UHYLVLRQH� SHU FRPRGLWj

HVSRVLWLYD�

�� &RVD FKH DG XQR VWDGLR SUHOLPLQDUH GHOOD ULFHUFD OR VWXGLRVR SRWUHEEH ULWHQHUH SRVVL�

ELOH� GDWD O¶LQVLVWHQ]D GHL FROODERUDWRUL VXOOD GLYHUVLWj GL ©SDUROHª GD XQ GLDOHWWR R GD XQD YD�

ULHWj DOO¶DOWUD� 3DULPHQWL QHOO¶HUURUH VDUHEEH FKL LQIHULVVH FKH SHU LO SDUODQWH LO GLDOHWWR H LO

��� ,/ ',$/(772 3(5&(3,72

YDQQR FRPSUHVH OH LPSOLFD]LRQL SUDJPDWLFKH H OH YDOHQ]H SURVVHPLFKH� QH

YD VRSUDWWXWWR DVVLPLODWR OR VSLULWR� LQWHVR QHO VHQVR PROWR SUDWLFR GHO GHOL�

FDWR HTXLOLEULR IRUPDOH FKH QH WLHQH LQ SLHGL OD VWUXWWXUD�

*OL DSSDUWHQHQWL DOOD VHFRQGD H WHU]D JHQHUD]LRQH VRQR FRQFRUGL QHO GLUH

FKH JOL DQ]LDQL IUD ORUR SDUODQR XQ GLDOHWWR DOPHQR XQ SR¶ GLYHUVR GD TXHOOR

GHL JLRYDQL �PD SRL VH ULFKLHVWL GL VSHFLILFDUH OH GLIIHUHQ]H � FIU� 7HOPRQ

����� ���� � QRQ VDQQR IDUH HVHPSL SUHFLVL� H VL ULIXJLDQR LQ ©GLIIHUHQ]H

G¶DFFHQWRª� ©TXDOFKH SDURODª R VLPLOL� 0RUHWWL ����� ��� DUJRPHQWD FKH

TXHVWR DFFDGH SHUFKp L JLRYDQL QRQ YHQJRQR SUDWLFDPHQWH PDL D FRQWDWWR

FRQ OD OLQJXD GHJOL DQ]LDQL� GDO PRPHQWR FKH OD ORUR VROD SUHVHQ]D LQ XQ

TXDOVLDVL HYHQWR OLQJXLVWLFR VHOH]LRQD DXWRPDWLFDPHQWH OD YDULHWj LQQRYDWLYD�

SHU OD 9DOOH� OR DEELDPR DFFHQQDWR� LO GLVFRUVR q LQ SDUWH GLYHUVR� OD YDULD�

]LRQH GLDFURQLFD HVVHQGR SL~ OLPLWDWD�

3HUFKp GXQTXH VL KD O¶LPSUHVVLRQH FKH JOL DQ]LDQL SDUOLQR XQ GLDOHWWR GLI�

IHUHQWH" &UHGR FKH DQFKH TXL XQD SRVVLELOLWj GL VSLHJD]LRQH VLD OHJDWD DO IH�

QRPHQR GHOOD GLDOHWWRIRQLD SRWHQ]LDOH� RVVLD� JOL DQ]LDQL SRWUHEEHUR HIIHWWL�

YDPHQWH SDUODUH XQ GLDOHWWR GLYHUVR� QHO VHQVR FKH KDQQR FRPSHWHQ]H GL OLQ�

JXDJJL VHWWRULDOL H VSHFLDOLVWLFL DOO¶LQWHUQR GHO YHUQDFROR OD FXL FRQRVFHQ]D q

RUPDL QHJDWD DL JLRYDQL �WHUPLQL GHOO¶DOOHYDPHQWR� GHOOD ILODWXUD H FRVt YLD��

GXQTXH OD GLYHUVLWj HIIHWWLYD GL YRFDERODULR D GLVSRVL]LRQH VHFRQGR OH JHQH�

UD]LRQL SXz GDUH O¶LPSUHVVLRQH GL XQD GLIIHUHQ]D GL OLQJXD���

/¶RSLQLRQH GHJOL DQ]LDQL FRVWLWXLVFH SHU FHUWL YHUVL XQD FRQIHUPD LQ QH�

JDWLYR GL TXHVWD VLWXD]LRQH� DG DOFXQH GRPDQGH GL $�� OD PDJJLRUDQ]D UL�

VSRQGH GL QRQ FDPELDUH LO SURSULR GLDOHWWR SL~ GL WDQWR QHOOH VLWXD]LRQL SUH�

VHQWDWH� H LQ SDUWLFRODUH QHL FRQIURQWL GL $��D ©TXDOFXQR GL XQ DOWUR SDHVH

GHOOD 9DOOHª� $��I ©FRQ L PLHL ILJOLª��� ODGGRYH OH ULVSRVWH DG DOWUH �$��F ©D

VXR YDULDUH q TXHVWLRQH GL ©DFFHQWLª� RVVLD GL IHQRPHQL VRSUDVHJPHQWDOL� VH OL FRQVLGHUD FRPH

XQLFD UHDOWj SUHVHQWH QHOOD VXD FRQFH]LRQH GHOOD OLQJXD�

�� 9D GD Vp FKH D ORUR YROWD L JLRYDQL KDQQR DFFHVVR D VHWWRUL GHO OLQJXDJJLR H D OLQJXH

VSHFLDOL GL FXL SUREDELOPHQWH JOL DQ]LDQL DSSHQD VRVSHWWDQR O¶HVLVWHQ]D� PD TXHVWL WHUPLQL

VRQR QHO PLJOLRUH GHL FDVL LWDOLDQLVPL DSSHQD DGDWWDWL� R FUXGL� R VSHVVR DQFKH LPSUHVWLWL VWUD�

QLHUL� FDUDWWHULVWLFR GL XQ GLDOHWWR WHUUDFLQLDQDPHQWH YLWDOLVVLPR q O¶HVHPSLR GL 'U�6LO� PP D

M2 XO NRP�SMXWHU N DO YD PLD E(1��� VX PLD��� X P ID GL U2S �6WUHQ½��� VXO �VN(UPR D GL]L��� L

�Y(jHQ VL GL �SL�QW �Q(J¼U��� D M2 ID½ ÂL�UD� VL LQ �VNULQ �W(VWHU PD �QXWD��� D �NU(GL E(� N D M( LQ

½LS N DO YD PLD��� R �D1ND LQ �YLUXV��� µPP� KR LO FRPSXWHU FKH QRQ YD EHQH« QRQ VR� PL ID

GHOOH FRVH VWUDQH� VXOOR VFKHUPR� GLFR� YHQJRQR VX GHL SXQWL QHUL« FL KR IDWWR JLUDUH XQR

VFUHHQ WHVWHU PD QLHQWH« FUHGR FKH FL VLD XQ FKLS FKH QRQ YD� R DQFKH XQ YLUXV¶� /DGGRYH

XQD IUDVH FRPH D J (P GD VSLQD�6D� OD �UL6WD SDU ID� XO UDMX�¹D6 G L PEMD�Y« >&R�*LX�� LQ LQWHU�

YLVWH FKH QRQ IDQQR SDUWH GHO SUHVHQWH ODYRUR@ µGREELDPR SHWWLQDUH OD FDQDSD SHVWDWD H IDUQH

ILOR GL VHFRQG¶RUGLQH SHU L OHQ]XRORQL GD EXFDWR¶ KD �RUPDL� WXWWH OH FDUDWWHULVWLFKH GHOOD

FULSWRODOtD H ©GL XQ¶DOWUD OLQJXDª�

�� &RQ LPSRUWDQWL HFFH]LRQL� LQ TXHVWR FDVR� OD PDJJLRUDQ]D GHOOH TXDOL DSSDUWLHQH DOOD

JHQHUD]LRQH GL FRORUR FKH� QHJOL DQQL FLQTXDQWD H VHVVDQWD� VL VRQR ODVFLDWL VHGXUUH GDOOD SUR�

/$ 5,&(5&$ 68/ &$032 ,, ���

'RPRGRVVRODª� $��G ©QHOOD 6YL]]HUD ,WDOLDQDª� SUHVHQWDQR XQD PDJJLRUH

LQFLGHQ]D GL ULVSRVWH ©XVR XQ GLDOHWWR XQ SR¶ GLYHUVRª ULVSHWWR D TXHOOH GHL

JLRYDQL �FKH DO SL~ VFHOJRQR ©SDUOR LWDOLDQRª�� OD YDULD]LRQH GLDWRSLFD q DQ�

FRUD XQD YROWD EHQ ULFRQRVFLXWD GDJOL DQ]LDQL� FKH QH KDQQR PDJJLRU FRQWH]�

]D SHUFKp ULFRUGDQR O¶HVSHULHQ]D GL GLDOHWWL VHPSUH PHQR FRQYHUJHQWL

VXOO¶LWDOLDQR PDQ PDQR FKH VL SURFHGH D ULWURVR QHO WHPSR� 3HU 'RPRGRVVROD

FIU� DQFKH ,,,������ GRYH VL UDFFROJRQR JLXGL]L GLIIHUHQWL��� LQ SDUWLFRODUH OH�

JDWD DO FDSROXRJR q OD GRPDQGD $�� ©SHQVD FKH XQ JLRUQR VL SDUOHUj OR VWHV�

VR GLDOHWWR LQ WXWWD OD 9DOOH"ª� OD FXL ULVSRVWD SRVVLELOH ©Vt� H VDUj VLPLOH D

TXHOOR GL 'RPRGRVVRODª q VWDWD GD PROWL JLXGLFDWD VHQ]D VHQVR GDFFKp� FRPH

RUPDL GRYUHEEH HVVHUH QRWRULR� D �G2PR X V �SDUOD SL� XO GLD�OHW µD 'R�

PR>GRVVROD@ QRQ VL SDUOD SL~ LO GLDOHWWR¶�

,,,������� 4XHVWD VWHVVD GRPDQGD $�� �LQVLHPH DOOH YLFLQH $�� ©SHQVD

FKH LO GLDOHWWR VWLD VSDUHQGRª H $�� ©SHQVD FKH LO GLDOHWWR VWLD FDPELDQGR

PROWRª� VL SUHVWD D XQD FRQVLGHUD]LRQH VXOOD YLWDOLWj GHO GLDOHWWR� RUD� QRQ q

LQDVSHWWDWR FKH OH SHUVRQH FKH VL GLFKLDUDQR GLDOHWWRIRQH �H GXQTXH FKH UL�

VSRQGRQR LQ WDO VHQVR DOOH GRPDQGH HVSOLFLWH GHO TXHVWLRQDULR� VLDQR PROWR

PHQR SHVVLPLVWH VXOOH VRUWL GHO GLDOHWWR GL TXHOOH FKH ULWHQJRQR GL QRQ SDU�

ODUOR� 6H SHUz WHQLDPR SUHVHQWH OD VLWXD]LRQH GL GLDOHWWRIRQLD SRWHQ]LDOH

FRQGLYLVD GD SUDWLFDPHQWH WXWWL L PHPEUL LQGLJHQL GHOOD FRPXQLWj� VL RVVHUYD

FKH LO GLVFULPLQH SDVVD SHU O¶LQWHQ]LRQDOLWj GHOO¶DWWR GL SDUODUH GLDOHWWR� D

FRQIHUPD GHO FDUDWWHUH ©SHUVRQDOHª H ULIOHVVR� QHOOH GHFLVLRQL DXWRQRPH GL

RJQL SDUODQWH LQ RJQL DWWR OLQJXLVWLFR� GHOOD YLWDOLWj FRPH LQWHVD GD 7HUUDFL�

QL��� ( G¶DOWUD SDUWH QHVVXQR VL UDVVHJQHUHEEH DG DPPHWWHUH FKH VWD SDUODQGR

H FKH FUHGH LQ XQD OLQJXD PRULERQGD �VDUHEEH VWDWR DVVDL LQWHUHVVDQWH VDSHUH

FRVD QH SHQVDYD LO PLWLFR %XUEXU� O¶XOWLPR SDUODQWH GHO GDOPDWLFR�� PHQWUH q

SL~ IDFLOH DFFHWWDUOD FRPH DQWLFD WUDGL]LRQH� RUPDL TXDVL GD WUDPDQGDUH LQ

YLWUR� FKH q TXHOOR FKH WDORUD VL ID H VL q IDWWR� VRSUDWWXWWR D OLYHOOR GL HQWL OR�

FDOL� L FXL PHPEUL� VSHVVR LO GLDOHWWR FKH ©q IUHGGR H IDPHª� PD FKH q RUD DQ�

FKH XO ½LS H XO VNULQ V(YHU µLO FKLS H LO VFUHHQ VDYHU¶ QRQ OR SDUODQR SL~�

SDJDQGD GLDOHWWRIRED GHOOH VFXROH HOHPHQWDUL� DOFXQL GL TXHVWL LQIDWWL GLFKLDUDQR GL SDUODUH

GLDOHWWR FRQ L QLSRWL �$��H�� DQFKH VH SRL� QHJOL HIIHWWL� SDUODQR FRL EDPELQL XQD OLQJXD

SLXWWRVWR HGXOFRUDWD� $OWUL GLFKLDUDQR GL SDUODUH LWDOLDQR FRL EDPELQL SLFFROL �%�S� &R�&DUOR

SDU�NH L ND�SLV(Q PLD µSHUFKp QRQ FDSLVFRQR¶��� $ ULSURYD FKH OD FRVFLHQ]D OLQJXLVWLFD QRQ q XQ WXWW¶XQR JUDQLWLFR H FRHUHQWH��� 9D ULFRUGDWR LQIDWWL FKH DOOD EDVH GHO FRQFHWWR GL YLWDOLWj GL 7HUUDFLQL F¶q OD ©IRU]D

LVWLQWLYD� TXDVL FRVFLHQWH QHO VXR DVSHWWR WHOHRORJLFRª �7HUUDFLQL ����� �� LQ *UDVVL ����� ���

FL VRQR FLRq TXHL PXWDPHQWL FKH� ROWUH FKH HVVHUH DGDWWDPHQWL DOOD QRUPD GHO VLVWHPD GRPL�

QDQWH VL VSLHJDQR FRO ©PRYLPHQWR UHDWWLYR LQ GLIHVD GHO SDUODU ORFDOHª H FRO ©VHQWLPHQWR

FDPSDQLOLVWLFR GHL SDUODQWL� FKH VL DSSXQWD VX FLz FKH GL PRPHQWR LQ PRPHQWR FRJOLH FRPH

FDUDWWHULVWLFD GHO SURSULR VLVWHPDª �7HUUDFLQL ���� >����@� �����

��� ,/ ',$/(772 3(5&(3,72

9D LQIDWWL RVVHUYDWR FKH LQ JHQHUDOH VL ULVSRQGH VHFRQGR OD SURSULD GLD�

OHWWRIRQLD� FKL SDUOD GLDOHWWR LQGLFD� QHOOH YDULH VLWXD]LRQL SUHYLVWH GDOOD GR�

PDQGD $�� �©6HFRQGR /HL� QHOOD 6XD IUD]LRQH OD JHQWH SDUOD SL~ GLDOHWWR R

LWDOLDQR"ª� ULVSRVWH WHQGHQWL DO ©SL~ GLDOHWWRª H JOL DOWUL LO FRQWUDULR� RVVLD�

FRORUR FKH SDUODQR GLDOHWWR ULFRQRVFRQR DWWRUQR D Vp XQ SDQRUDPD OLQJXLVWLFR

SL~ YHUQDFRODUH� VLD LQ JHQHUDOH �$��D�� VLD QHL FRQIURQWL GHOOD YDULHWj SDU�

ODWD GDOOH YDULH FODVVL GL HWj �L JLRYDQL WUD ORUR � $��E � H FRVt YLD�� PHQWUH

JOL LWDORIRQL WHQGRQR D ULWHQHUH FKH DQFKH ©JOL DOWULª WUD ORUR SDUOLQR LWDOLDQR�

0D VL QRWL FKH D FKL SDUOD GLDOHWWR VL SDUOD GLDOHWWR� LQ JHQHUH� H TXHOOL FKH

QRQ OR IDQQR DSSDLRQR WUDVFXUDELOL HFFH]LRQL� D FKL SDUOD LWDOLDQR VL SDUOD

LWDOLDQR� HG HJOL GXQTXH SHUFHSLVFH LO GLDOHWWR FRPH TXDOFRVD GL SL~ ORQWDQR�

SDUODWR SHU OR SL~ GDL YHFFKL �SHU LO TXDOL WXWWL VRQR FRQFRUGL� VL HVSULPRQR

QHOOD SURSULD YDULHWj�� Ê SDUWLFRODUPHQWH LQWHUHVVDQWH O¶DQDOLVL FRPSDUDWD

GHOOH ULVSRVWH GL *D�*LXO� H *D�0DQ�� FKH� SXU YLYHQGR QHOOD VWHVVD IDPLJOLD

H IUHTXHQWDQGR LQ SDUWH JOL VWHVVL DPLFL� KDQQR XQD FRQFH]LRQH GHO WXWWR GL�

YHUVD GHOOH GLVWULEX]LRQL OLQJXLVWLFKH� FH QH RFFXSHUHPR IUD SRFR�

,,,������� 9RUUHL SULPD DJJLXQJHUH DOFXQL VSXQWL HPHUVL DQFRUD GL FDUDWWH�

UH JHQHUDOH� FRPLQFLDQGR SURSULR GDOOD SUHWHVD GLIIHUHQ]D GL SDUODWD WUD JLR�

YDQL H DQ]LDQL� OD GRPDQGD $�� ©7URYD FKH LQ 9DOOH VL SDUOLQR GLDOHWWL GLIIH�

UHQWL"ª �FKH KD DYXWR XQD ULVSRVWD SUHVVRFFKp XQLYRFD ©Vt� PROWR GLIIHUHQWLª�

FRQ TXDOFKH SUHVHQ]D GL ©Vt� PD QRQ PROWR GLYHUVLª� SUHVHQWDYD WUD OH RSL�

QLRQL SURSRVWH DQFKH ©Vt� PD VROR JOL DQ]LDQL� L JLRYDQL SDUODQR WXWWL OR VWHV�

VR GLDOHWWRª� 4XHVWD SURSRVL]LRQH q VWDWD GD PROWL JLXGLFDWD VHQ]D VHQVR� QRQ

KD VLJQLILFDWR� VL VRVWLHQH� GLUH FKH JOL DQ]LDQL SDUODQR GLYHUVDPHQWH H L JLR�

YDQL WXWWL OR VWHVVR GLDOHWWR� SHUFKp OD OLQJXD GL WXWWL q GLIIHUHQWH LQ GLSHQ�

GHQ]D GHO OXRJR� 9HGLDPR TXL XQ¶XOWHULRUH FRQIHUPD GHO IDWWR RUPDL QRWRULR

FKH OD YDULD]LRQH FzOWD q VRSUDWWXWWR TXHOOD GLDWRSLFD� O¶DIIHUPD]LRQH SURSR�

VWD UDSSUHVHQWDYD LQROWUH XQ WHQWDWLYR GL YHGHUH VH O¶RPRORJD]LRQH OLQJXLVWL�

FD �OD FRQYHUJHQ]D� q ULFRQRVFLXWD� $QFRUD XQD YROWD QRQ OR q� SHUFKp q XQ

SURFHVVR LQGLYLGXDOH� H FKH SHUWDQWR QRQ SXz HVVHUH FROWR DWWUDYHUVR

O¶LPSLHJR GL FDWHJRULH TXDOL ©L JLRYDQLª R VLPLOL�

8Q¶DOWUD GRPDQGD FKH QRQ q PROWR SLDFLXWD q OD $�� ©&UHGH FKH JOL DEL�

WDQWL GHJOL DOWUL SDHVL GHOOD 9DOOH FDPELQR LO ORUR GLDOHWWR TXDQGR SDUODQR

FRQ /HL"ª� FRQVLGHUDWD JHQHUDOPHQWH GLIILFLOH� OD GLIILFROWj� ULWHQJR� VWD QHOOD

IRUPD SDVVLYD GHOOD GRPDQGD� FKH PROWL YROJRQR DOO¶DWWLYR� LR FDPELR R LR

QRQ FDPELR OH PLH DELWXGLQL OLQJXLVWLFKH� OR VIRU]R DGDWWDWLYR

GHOO¶LQWHUORFXWRUH QRQ q SDUWLFRODUPHQWH ULOHYDWR IRUVH SHUFKp q FRQVLGHUDWR

QRUPDOH� GDWD O¶HVSHULHQ]D SHUVRQDOH GL RJQXQR� ULWHQJR SRL FKH QHOOD YDOX�

WD]LRQH GHOOD GRPDQGD GD SDUWH GHJOL LQWHUYLVWDWL O¶DFFHQWR VLD VWDWR SRVWR VXO

PRPHQWR GHOOD ULFH]LRQH GHO PHVVDJJLR� SL~ FKH VXOO¶XVR GHO FRGLFH� XQD

/$ 5,&(5&$ 68/ &$032 ,, ���

YROWD GXQTXH FKH LO VLJQLILFDWR q VWDWR WUDVPHVVR� QRQ q SRL FRVt LPSRUWDQWH

VWDELOLUH LQ FKH YDULHWj OR VL q IDWWR� 9L�%HQ� X P QWH�U(VD PL�D VH O ( XO

GLD�O(W DW ¹(1 X DW �NRMDP R XO IUDQ�½HV X V ND�SLV ( ER1 µQRQ PL LQWHUHVVD VH

q LO GLDOHWWR GL 7RFHQR R GL &RLPR R LO IUDQFHVH� OR VL FDSLVFH H EDVWD¶��� Ê

RYYLR� OD YDULHWj q SRL LPSRUWDQWH SHU ILQL H[WUDOLQJXLVWLFL� PD DOOR VWDGLR

VWLPRODWR GDOOD GRPDQGD� LO ©TXDQGR SDUODQR FRQ /HLª HYLGHQWHPHQWH VL

VHQWH JLj VXSHUDWD OD EDUULHUD GHOOH YDOXWD]LRQL SHUVRQDOL YHLFRODWH

GDOO¶DFFHQWR GLYHUVR���

,,,����� ,O TXHVWLRQDULR�FRQIHVVRUH

/¶XWLOL]]R GHO TXHVWLRQDULR KD GDWR SRL XQ ULVXOWDWR LQWHUHVVDQWH DQFKH GDO

SXQWR GL YLVWD QRQ VWUHWWDPHQWH PHWRGRORJLFR� Ê YHURVLPLOH DVSHWWDUVL FKH OH

HYHQWXDOL LQWHJUD]LRQL SURSRVWH GDL SDUODQWL YHQJDQR LQFRQWUR DG HVLJHQ]H H

PDQFDQ]H SDUWLFRODUPHQWH VHQWLWH� EHQH� VXJJHULPHQWR FRVWDQWH GHL JLRYDQL

�PD QRQ VROR� q VWDWR TXHOOR GL LQVHULUH XQD GRPDQGD SL~ R PHQR FRQFHSLWD

FRPH ©KD SUREOHPL D SDUODUH GLDOHWWR"ª� QHO VHQVR GL ©FL VRQR RFFDVLRQL LQ

FXL VL YHUJRJQD GL SDUODUH GLDOHWWR"ª� 8QD ULFKLHVWD GHO JHQHUH� VSHFLH VH

DYDQ]DWD GDL SL~ FRQYLQWL DOILHUL GHOOD GLDOHWWDOLWj� VHPEUD FRQWUDVWDUH FRQ OH

ULSHWXWH DIIHUPD]LRQL GL RUJRJOLR GLDOHWWRIRQR H FRPXQLWDULR� LQ UHDOWj SUR�

EOHPL FH QH VRQR� H WHQGRQR DG DFXWL]]DUVL �DOPHQR SHU TXDQWR ULJXDUGD L

JLRYDQL� FXL SULQFLSDOPHQWH VL ULIHULVFH TXHVWR GLVFRUVR� QHOO¶LPSDWWR FRQ DO�

FXQH UHDOWj SDUWLFRODUL� OD VFXROD �O¶LVWUX]LRQH PHGLD VXSHULRUH� D TXDOVLDVL

OLYHOOR� q LPSDUWLWD D 'RPRGRVVROD� H� SHU JOL DELWDQWL GHOOH IUD]LRQL SL~ UX�

UDOL H LVRODWH� LO FRQIURQWR FRQ ©LO PRQGRª GL 6DQWD 0DULD 0DJJLRUH��� *LRFD

�� 6XFFHGH DQFKH D TXHOOL FKH LPSDUDQR XQD /�� DG XQ FHUWR SXQWR VL DFFRUJRQR FKH

TXHOOR FKH VHQWRQR R FKH OHJJRQR O¶KDQQR FDSLWR� H QRQ VDQQR GLUH LO SHUFKp� QRQ O¶KDQQR

WUDGRWWR FRPH IDFHYDQR SULPD� VHPSOLFHPHQWH VDQQR FRVD q VWDWR GHWWR� Ê VWDWR� VH q FRQVHQ�

WLWD OD QRWD GL SHUVRQDOH FRVFLHQ]D OLQJXLVWLFD� SHU PH PROWR HVDOWDQWH TXDQGR FLz q DFFDGXWR

SHU LO GLDOHWWR GL &RLPR� TXDVL GL FROSR FL VL UHQGH FRQWR FKH VHJXLUH OD FRQYHUVD]LRQH JHQH�

UDOH QRQ q SL~ XQR VIRU]R� H FKH ILQDOPHQWH OH LGHH WUDVPHVVH� LO PHVVDJJLR� DUULYDQR GLUHWWD�

PHQWH� VHQ]D LO ELVRJQR GL HVVHUH PDFLQDWH GDOOD FRQVDSHYROH]]D OLQJXLVWLFD H WUDGXWWRULD� ,Q

PLVXUD PROWR PLQRUH� SHU OD HYLGHQWH PDJJLRUH VRPLJOLDQ]D GHL GXH FRGLFL� GHYH DYYHQLUH OR

VWHVVR QHL YLJH]]LQL QHL FRQIURQWL GHOOH YDULHWj ORFDOL� SHU TXHVWR XQD GRPDQGD FRPH OD $��

©QRQ KD VHQVRª�

�� 6HPSUH LQ WHPD GL GRPDQGH GLIILFLOL XQD EUHYH QRWD VXOOD $�� ©3HQVD FKH LO GLDOHWWR

VWLD FDPELDQGR PROWR"ª� OH FXL ULVSRVWH SRVVLELOL HUDQR ©Vtª� ©QRª� ©QR� VWD VSDUHQGRª�

TXHVW¶XOWLPD KD FDXVDWR QRQ SRFKH GLIILFROWj �FKH LQ SDUWH HUDQR SUHYLVWH�� SHUFKp LO ©QRª

DOO¶LQL]LR GHOOD IUDVH VXJJHULYD XQD ULVSRVWD QHJDWLYD� PHQWUH LO WRQR JHQHUDOH GHOOD SURSRVL�

]RQH� FRQVLGHUDWR LO FRQWHVWR� q SRVLWLYR � VWD FDPELDQGR WDOPHQWH WDQWR FKH VSDULVFH��

�� 4XHVWR FRQIURQWR VL WUDGXFH WDORUD LQ XQ ULILXWR� DOOD GRPDQGD %�� ©TXDO q LO SL~ EHO

GLDOHWWR GHOOD 9DOOH"ª� VH OD ULVSRVWD TXDVL FRVWDQWH H IRUVH XQ SR¶ JROLDUGLFD q ©LO PLRª� PROWL

KDQQR DJJLXQWR OD SRVWLOOD ©LO SL~ EUXWWR q TXHOOR GL 6DQWD 0DULD 0DJJLRUHª� UD]LRQDOL]]DQGR

��� ,/ ',$/(772 3(5&(3,72

SUREDELOPHQWH XQ VXR UXROR� SHU TXDQWR QRQ YHQJD FLWDWR HVSUHVVDPHQWH� DQ�

FKH O¶DIIOXVVR HVWLYR GL YLOOHJJLDQWL� LQ JHQHUH FRPH VL q GHWWR SURYHQLHQWL

GDO YDUHVRWWR R GDOO¶DOWR PLODQHVH� L UDJD]]L GL &RLPR� *DJQRQH� 2UFHVFR H

7RFHQR� SHU HVHPSLR� HYLWDQR DFFXUDWDPHQWH GL DYHUFL D FKH IDUH� DQFKH VH

VRQR SURSULR L ORUR JHQLWRUL DG DIILWWDUH OD FDPHUH DL IRUHVWLHUL� �$OPHQR� FR�

Vt GLFKLDUDQR� LO ULFHUFDWRUH QRQ SXz HVVHUH VHPSUH GDSSHUWXWWR D FRQWUROOD�

UH«�

*D�0DQ� WUDPLWH LO FRPPHQWR DO TXHVWLRQDULR DPPHWWH HVSOLFLWDPHQWH FKH

D VFXROD��� D 'RPRGRVVROD� FL VRQR GLIILFROWj H TXDVL GLVFULPLQD]LRQL QHL

FRQIURQWL GL FKL SDUOD GLDOHWWR� UHDOWj D FXL QRQ OD KR PDL VHQWLWD IDU FHQQR LQ

DOWUL PRPHQWL� QR D VFXROD VH XQR SDUODYD GLDOHWWR« GHYL YHGHUH FRPH WL

WUDWWDQR D VFXROD TXHOOL GL GRPR VH XQR QRQ GLFH XQD SDUROD JLXVWD« Vt LQ�

VRPPD LQ GLDOHWWR� SRL VL GDQQR XQ VDFFR GL DULH� WL WUDWWDQR GD +HLGL VHP�

SUH VX FRQ OH PXFFKH H LO OHWDPH« GHYL YHGHUH FRPH VWDQ Ot D ULGHUH FRPH

GHOOH VFHPH� DK H VHL JXDUGDWR GDOO¶DOWR LQ EDVVR« LR PH QH IUHJR� D PH QRQ

IUHJD QLHQWH� PD LQWDQWR SHJJLR SHU WH«��� 3UREDELOPHQWH QRQ q VROR LO GLD�

OHWWR DG LQIOXHQ]DUH XQ JLXGL]LR GHO JHQHUH GD SDUWH GHOOH FRPSDJQH GL FODVVH

GL *D�0DQ�� FRQFRUURQR DQFKH OD SURYHQLHQ]D YDOOLYD H SHU GL SL~ GD XQ YLO�

ODJJLR SLFFROR H LVRODWR� H OD SURIRQGD DFFHWWD]LRQH� D YROWH SHUVLQR RVWHQWD�

WD� FKH OD UDJD]]D PDQLIHVWD QHL FRQIURQWL GHOOD YLWD FRQWDGLQD H GHL VXRL OD�

YRUL H ULWPL���� 0D O¶HVSHULHQ]D q FRPXQH D PROWL DOWUL UDJD]]L� 7R�'DQ��YDUGD GH PLD SDU�OD XO GLD�O(W D �6N2OD SDU�N( QRQ VRO�WDQWR L SURIHV�VRUL���

D1ND L NXP�SD�j D V S2 PLD SDU�OD XO GLD�O(W DG OD �YDOOH D W �SU(QGHQ SDU

�6(PX��� µVWDL DWWHQWR GL QRQ SDUODUH GLDOHWWR D VFXROD SHUFKp QRQ VROR L SUR�

IHVVRUL� DQFKH L FRPSDJQL« QRQ VL SXz SDUODUH LO GLDOHWWR GHOOD 9DOOH� WL

SUHQGRQR SHU VFHPR«¶� &ULVWLQD� GL 'UXRJQR��� PD��� PL��� D SDUOD�U(V PLD

XO GLD�O(W D OD �6N2OD��� �(NNR Q�G�Z( OD GX�PDQGD��� NL LQ �NZDOL RNND�]M2QL �(

SMX NRQ�WH�QWR GL SDU�ODUH LWD�OMDQR��� �HNNR SHU H�](PSMR D �VNZ2OD NRQ L

D YROWH� VH ULFKLHVWL� FRQ XQ ©EH¶� Ot QRQ VL SDUOD SL~ LO YHUR GLDOHWWRª� Ê DOWUHVt YHUR FKH OD UL�

VSRVWD D %�TT �FRPH SDUOD FRL QHJR]LDQWL GL 6DQWD 0DULD 0DJJLRUH� GLDOHWWR R LWDOLDQR"� q

VWDWD SHU WXWWL WUDQQH WUH SHUVRQH ©LWDOLDQRª� H GL TXHVWH WUH� XQD �0D�3LH�� VX FXL WRUQHUHPR� q

VWDWD ©QRQ FL SDUORª��� 5LFRUGR FKH VL WUDWWD GL XQ LVWLWXWR SURIHVVLRQDOH SHU VHJUHWDULD G¶D]LHQGD� GHOOD GXUDWD

GL GXH DQQL��� /D VWHVVD *D�0DQ�� VL ULFRUGHUj� DYHYD GLFKLDUDWR FKH FRL QHJR]LDQWL GL 'RPRGRVVROD

HUD VROLWD SDUODUH LQ GLDOHWWR� H SHJJLR SHU ORUR VH QRQ OD FDSLYDQR� DQFKH QRQ YROHQGR TXH�

VWLRQDUH VXOOD DOJLGD YHULGLFLWj GHOO¶DIIHUPD]LRQH� q WXWWDYLD LQWHUHVVDQWH QRWDUH FKH TXHO

FRQWHVWR QRQ OD KD DIIDWWR GLVWXUEDWD� WDQWR GD SHUPHWWHUOH TXHVWH GLFKLDUD]LRQL EDWWDJOLHUH� q

UHODWLYDPHQWH DOO¶DPELHQWH VFRODVWLFR H GHL FRPSDJQL GL FODVVH FKH OD GLIILFROWj q HPHUVD���� 1HOOD SUHVHQWD]LRQH DQDJUDILFD GHO TXHVWLRQDULR *D�0DQ� KD VFULWWR ©DJULFROWULFHª DOOD

YRFH SURIHVVLRQH���� 9LFLQD GL FDVD GL 'U�6LO�� �� DQQL� ,VWLWXWR WHFQLFR FRPPHUFLDOH� VL GLFKLDUD GLDOHWWRIR�

QD� PD LQ FRQWHVWL IRUPDOL SUHIHULVFH O¶LWDOLDQR�

/$ 5,&(5&$ 68/ &$032 ,, ���

NR0�SDjL PL YHUJRjH�UH�L��� E21 V L ML1 PLD DG OD ZDO µPD¶� LR« QRQ SDUOHUHL

GLDOHWWR D VFXROD� HFFR� GRY¶q OD GRPDQGD« TXL ©LQ TXDOL RFFDVLRQL q SL~

FRQWHQWR GL SDUODUH LWDOLDQRª��� HFFR� SHU HVHPSLR D VFXROD FRQ L FRPSDJQL

PL YHUJRJQHUHL« EH¶ VH QRQ VRQR GHOOD YDOOH¶� H 3DROR� GL $OERJQR��� HVWHQ�

GH LO GLVDJLR DQFKH DG DOWUL FRQWHVWL FODVVLFL� Q\�MH½ DW OD YDO ( 1ND NZLM DW O

DQ�¹D6ND X DW O DQWL�J2ULR H O DQ�WUXQD D MH�P PDM SDU�OD� WD�OMD1 WUD GD QX�M���

PD NZLM DG �G2PR R �YLOD ½ D1 E( �V(0SDU ½D�SD S L IXQ�G(O��� D V SX�G(ZD

PLD SDU�OD GLD�O(W NXQ NZLM OL���� D VD�U(V GD�Z(UR P(M GH �P(WD �ÂL 1ND LQD YL

YHUJR�jDWH RQ SX D SDUO�ODUH GLD�O(WWR��� SDU�N( �D1ND GDO GX�WXU R DOOH DVVLNX�

UD�¹MRQL SDU GL� DO ND�WD6WR PL DO SDUODU�(V PLD��� QRQ VR PL VHQWL�U(L D

GL�]DÂR��� µQRL GHOOD 9DOOH H DQFKH TXHOOL GHOO¶$Q]DVFD R GHOO¶$QWLJRULR H

O¶$QWURQD QRQ DEELDPR PDL SDUODWR LWDOLDQR WUD GL QRL� PD TXHOOL GL 'R�

PR>GRVVROD@ R 9LOOD>GRVVROD@ FL KDQQR VHPSUH SUHVR SHU L IRQGHOOL >LQ JLUR@�

1RQ VL SRWHYD SDUODUH GLDOHWWR FRQ TXHOOL� VDUHEEH GDYYHUR PHJOLR PHWWHUH

DQFKH XQ ©YL YHUJRJQDWH XQ SR¶ D SDUODUH GLDOHWWR"ª« SHUFKp DQFKH GDO

GRWWRUH R DOOH DVVLFXUD]LRQL� SHU GLUH� DO FDWDVWR LR QRQ OR SDUOHUHL« QRQ VR�

PL VHQWLUHL D GLVDJLR¶�

$OORUD FRPLQFLD IRUVH D GHOLQHDUVL XQD GLYHUVD YDOHQ]D GHOOD YLWDOLWj GHO

YLJH]]LQR� GLYHUVD PD QRQ LQDVSHWWDWD� H DQ]L PROWR ORJLFD� LO GLDOHWWR q OD

OLQJXD SHU O¶LQWHUQR� SHU OD 9DOOH� SHU Vp� SHU JOL DPLFL� q OLQJXD� H OR VL DI�

IHUPD FRQ ILHUH]]D� VWUXWWXUDOPHQWH QRQ LQIHULRUH DG DOFXQ¶DOWUD� QRQ ©DGDWWD

VSHFLDOPHQWH SHU GLVFRUVL DOOHJUL� R SHU VFKHU]DUH LQ RVWHULDª �%���� SUDWLFD�

PHQWH WXWWL ©QRQ GDFFRUGRª� H L SRFKL ©GDFFRUGRª ULWUDWWDQR GXUDQWH OD GL�

VFXVVLRQH«�� DQ]L LQ GLDOHWWR VL SRWUHEEHUR WHQHUH OH VHGXWH GHO &RVLJOLR

FRPXQDOH���� q SRL OLQJXD GD LQVHJQDUH H WUDPDQGDUH� PROWH ��� VX ��� OH UL�

VSRVWH DIIHUPDWLYH D %��� ©QHOOH VFXROH TXL GHOOD 9DOOH GRYUHEEHUR GHGLFDUH

TXDOFKH RUD DO GLDOHWWRª H PROWL ��� VX ��� VRVWHQJRQR� FRQ %�� FKH O¶XVR GHO

GLDOHWWR GRYUHEEH HVVHUH LQFRUDJJLDWR SUHVVR OH QXRYH JHQHUD]LRQL� 3HUz L

YLJH]]LQL QRQ VRQR FLHFKL H VRUGL� H VL UHQGRQR EHQ FRQWR GHO SHVR PLQRUH� LQ

WHUPLQL GL SUHVWLJLR VRFLROLQJXLVWLFR GHO ORUR GLDOHWWR� QRQ DSSHQD YDUFDWL L

FRQILQL GHOOD 9DOOH���� ( TXHVWR SHVR PLQRUH VL WUDGXFH WDORUD LQ GLVDJLR� H

��� 'RPDQGD %��E��� 1LSRWH GL $O�%DWW�� �� DQQL� JHRPHWUD���� Ê HPHUVR GD SL~ GL XQD GLVFXVVLRQH� OR FKLHGHYR SHU IDUH XQ HVHPSLR GL FRQWHVWR XIIL�

FLDOH� ( WXWWDYLD q QRWHYROH FKH� QRQRVWDQWH TXHVWR JLXGL]LR IDYRUHYROH H FKH ID GHO YLJH]]LQR

XQD OLQJXD LQ SRWHQ]D EXURFUDWLFD� O¶XQLFR XVR XIILFLDOH GHO GLDOHWWR VLD QHOOD SRHVLD OLULFD

�FIU� ,9�������� 1RQ VL GLPHQWLFKL O¶RVVHUYD]LRQH VHPSUH YDOLGD GL :HLQULFK�/DERY�+HU]RJ ����

>����@ SHU FXL TXDQGR F¶q XQD GLYHUVLWj GL OLQJXD� TXHVWD ILQLVFH VHPSUH FRO WUDGXUVL LQ XQD

JHUDUFKLD GL YDORUH VRFLDOH� '¶DOWUD SDUWH� TXHVWR DWWHJJLDPHQWR GHO SDUODQWH ULFRUGD PROWR

TXHOOH SURIH]LH FKH VL UHDOL]]DQR GD Vp� ©7KH DWWLWXGH RI QDWLYH VSHDNHUV WKDW WKHLU ODQJXDJH LV

��� ,/ ',$/(772 3(5&(3,72

VHQWLPHQWR GL LQIHULRULWj� 'L TXL OD ULYDOVD� ©FKL QRQ VD SDUODUH GLDOHWWR QRQ q

XQ EXRQ YLJH]]LQRª �%����� DIIHUPDWR DQFKH GD FRORUR FKH� SHU ORUR VWHVVD

DPPLVVLRQH� LO GLDOHWWR QRQ OR SDUODQR� PD FKH VRQR LPPHUVL LQ TXHVWD FXOWX�

UD GLDOHWWDOH� H VRQR GHOOD 9DOOH� H VRQR GLDOHWWRIRQL SRWHQ]LDOL� , ©WUDGLWRULª

YHQJRQR VXELWR LVRODWL� WXWWL� WXWWL JOL LQWHUYLVWDWL �WUDQQH GXH� H XQR FKH ©QRQ

FL SDUODª� GLFKLDUDQR GL SDUODUH LWDOLDQR ©FRL QHJR]LDQWL GL 6DQWD 0DULD

0DJJLRUH �%�TT��

,,,������� 7UH JUXSSL GL WUH

9RUUHL RUD YHGHUH WUH JUXSSL DEEDVWDQ]D FRPSDWWL GL ULVSRVWH� DWWUDYHUVR

O¶DQDOLVL FRPSDUDWD GL SL~ GL XQ TXHVWLRQDULR SHU JUXSSR� PHGLDQWH TXHVWD

YLVLRQH XQ SRFR UDYYLFLQDWD VSHUR GL VROOHYDUH TXDOFKH SUREOHPD LQWHUHV�

VDQWH� SL~ FKH GL VXJJHULUH GHOOH ULVSRVWH�

,,,������� ,O SULPR FRPSUHQGH L TXHVWLRQDUL GL 0D�3LH�� *D�$QG� H 7R�'DQ�

WUH UDJD]]L GDL TXLQGLFL DL YHQW¶DQQL� DFFRPXQDWL GDOOD SLHQD DFFHWWD]LRQH

GHOOD SURSULD LGHQWLWj YDOOHUDQD H GLDOHWWDOH� $IIHUPDQR FRQFRUGL FKH LO GLD�

OHWWR q LO FRGLFH OLQJXLVWLFR GRPLQDQWH GHOOD 9DOOH H GLFRQR GL XVDUOR LQ

PRGR HVFOXVLYR R DOPHQR SUHYDOHQWH LQ TXDVL WXWWH OH VLWXD]LRQL SUHVHQWDWH

�FRQ O¶HFFH]LRQH GHL FRQWHVWL SL~ IRUPDOL� GDO GRWWRUH� DOOD SRVWD� FRQ LO VD�

FHUGRWH H QHOOH LQWHUD]LRQL FRQ EDPELQL SLFFROL QRQ SDUHQWL �%�S� PD VRQR

ORUR FKH SDUODQR LWDOLDQR 0D�3LH��� SHU ORUR q ©XJXDOHª VH QRQ DGGLULWWXUD

©SL~ IDFLOHª SDUODUH GLDOHWWR SLXWWRVWR FKH LWDOLDQR �$��� ULWHQJRQR ©EHOOR

FRPH VXRQLª LO GLDOHWWR� VLD GHL JLRYDQL VLD GHJOL DQ]LDQL �%��� %���� OD YD�

VWLWj GL GRPLQL FKH ULFRQRVFRQR DO YHUQDFROR OL SRUWD D ULWHQHUH FKH LQ 9DOOH

VL SDUOLQR GLDOHWWL ©PROWR GLIIHUHQWLª �$���� H� DEEDVWDQ]D UDJLRQHYROPHQWH�

ULFRQRVFRQR FKH JOL DQ]LDQL XVDQR XQ UHJLVWUR ©XQ SR¶ GLYHUVRª ULVSHWWR D

TXHOOR GHL JLRYDQL� ,QROWUH QHO GLVFRUVR LQVHULVFRQR ©TXDOFKH YROWDª SURYHUEL

LQ GLDOHWWR �%�D�� H QH VDQQR FLWDUH DOO¶LVWDQWH����

6RQR RYYLDPHQWH ©GDFFRUGRª FKH LO GLDOHWWR DQGUHEEH WUDPDQGDWR� LQFR�

UDJJLDWR H LQVHJQDWR� H FKH ©FKL QRQ SDUOD GLDOHWWR QRQ q XQ EXRQ YLJH]]LQRª�

PHQWUH SDUHFFKLR LQWHUHVVDQWH q OD SRVL]LRQH GL 0D�3LH�� FKH GLYHUJH UDGL�

XQVXLWDEOH IRU WKH PRGHUQ ZRUOG DQG LQ VRPH VHQVH GLVIXQFWLRQDO DQG GHILFLHQW >«@ EHFRPHV

D VHOI�IXOILOOLQJ SURSKHF\ª �0F0DKRQ ��� ����

��� (FFR OH ULVSRVWH VFULWWH� 0D�3LH� ©6$17$ &$7(5,1$ /¶( 1$ /$'5( ( ,,1(

$66$66,1(ª� *D�$QG� ©7, 9(, ,16(*1¬ $, *+(77 $ 5$03,*¬"ª� 7R�'DQ� ©&8/

7(03 ( /$ 3$,$ 0$'85$12 , 1(638/ª� ,O SULPR SURYHUELR q WLSLFR GL 0DOHVFR SHU�

FKp GDO JLRUQR GL 6� &DWHULQD ��� 1RYHPEUH VHFRQGR LO YHFFKLR FDOHQGDULR� LO SDHVH q FRP�

SOHWDPHQWH DOO¶RPEUD �VL QRWL O¶XVFLWD �D GL ©&DWHULQDª� TXDQGR OD QRUPD GL 0DOHVFR� LVRODWR

LQ TXHVWR GDO UHVWR GHOOD 9DOOH� SUHVFULYH ^(`� SHUDOWUR FRUUHWWDPHQWH UHDOL]]DWR QHOOH DOWUH IL�

QDOL�� LO VHFRQGR� D ULJRUH� QRQ q XQ SURYHUELR ¶YXRL LQVHJQDUH DL JDWWL DG DUUDPSLFDUH¶�

/$ 5,&(5&$ 68/ &$032 ,, ���

FDOPHQWH QRQ VROR GDOOH DOWUH GXH GHO JUXSSR� PD DQFKH GDOOD WRWDOLWj GHOOH

ULVSRVWH RWWHQXWH ���� ULVSHWWR DOOD GRPDQGD %���� Ê LQIDWWL ©GDFFRUGRª FRQ

O¶DIIHUPD]LRQH ©LO GLDOHWWR q UR]]R H YROJDUHª� LQ TXHVWR FDVR VL WUDWWHUj GL XQ

IHQRPHQR GL FRYHUW SUHVWLJH� EHQ FRQRVFLXWR GDOOD VRFLROLQJXLVWLFD DQJORVDV�

VRQH���� 0D�3LH� SUHVHQWD GL Vp XQ¶LPPDJLQH SLXWWRVWR UXGH H GHFLVD� H VDUj

GXQTXH SRUWDWR DG DSSUH]]DUH XQD OLQJXD ©UR]]D H YROJDUHª QHO VHQVR GL

©HVSUHVVLYD� IRUWH� PDVFKLDª� WDQWR SL~ FKH QHO FRPPHQWR O¶DIIHUPD]LRQH q

VPHQWLWD UHFLVDPHQWH QHOOD VRVWDQ]D� ER1 O ( PL�( NH��� �½RÀ( XO GLD�O(W O ( OD

�O(1JZ( GHO �S2S2O2 GL �NZ(OOL NH OD�YRUDQR H N L 6WDQ PL( OD �NXPH GDPH�ULW

µEH¶ QRQ q FKH« FLRq� LO GLDOHWWR q OD OLQJXD GHO SRSROR� GL TXHOOL FKH ODYRUD�

QR H FKH QRQ VWDQ Ot FRPH GDPHULQL¶� 4XHVWR DWWHJJLDPHQWR UXGH H ULVROXWR q

DQFKH FLz FKH JOL ID HVSULPHUH LO ULILXWR SL~ WRWDOH GHL YDORUL FKH SRVVRQR IDU

FDSR DL ©QHJR]LDQWL GL 6DQWD 0DULD 0DJJLRUHª� q OXL LQIDWWL FKH ULVSRQGH

©QRQ FL SDUORª� PHQWUH q FRQWHQWR GL SDUODUH LWDOLDQR ©TXDVL PDLª �%��E� H DO

OLPLWH ©FRQ TXDOFKH EHOOD UDJD]]D GL YLDª � IRUHVWLHUD�� 0D DQFKH *D�$QG��

GDO FDQWR VXR� ©QRQ VDª LQ TXDOL RFFDVLRQL SRWUHEEH HVVHUH ILHUR GL SDUODUH

LWDOLDQR� PHQWUH 7R�'DQ� QRQ QH LQGLFD ©QHVVXQD LQ SDUWLFRODUHª�

( WXWWDYLD ULWHQJRQR FKH LO GLDOHWWR PXRLD� SHU WXWWL LO GLDOHWWR ©VWD VSD�

UHQGRª �$���� H SULPD R SRL ©VL SDUOHUj VROR LWDOLDQR LQ 9DOOHª �$���� VSDUL�

VFH DQFKH SHUFKp ©VWD FDPELDQGR PROWRª �$���� PD LQ PRGR WDOH FKH QRQ VL

SUHYHGH FKH ©VL SDUOHUj OR VWHVVR GLDOHWWR LQ WXWWD OD 9DOOHª �$���� /D FRQ�

WUDGGL]LRQH� FKH FRPSDUH VSHVVLVVLPR LQ WXWWL L TXHVWLRQDUL� q VROR DSSDUHQWH�

0D�3LH� DUJRPHQWD FKH L GXH JUXSSL GL GRPDQGH LQGDJDQR GXH SLDQL GLIIH�

UHQWL� OD OLQJXD FRPXQH H LO GLDOHWWR DXOLFR� SRWHQ]LDOH� 4XHVWR UHVLVWH

DOO¶RPRORJD]LRQH� SHUFKp q FKLDUR FKH FL VL ULFRUGHUj VHPSUH� LQ WHRULD� FRPH

VL SDUOD GLDOHWWR� GL FRQWUR� q VHPSUH SL~ SUREDELOH FKH OH UHDOL FRPXQLFD]LR�

QL DQFKH WUD YDOOHUDQL DYYHUUDQQR LQ LWDOLDQR� ,O GLDOHWWR VWDUj DOORUD DOOD

9DOOH FRPH LO ODWLQR VWDYD DOO¶(XURSD PRGHUQD� H O¶LGHD q PROWR DIIDVFLQDQWH�

�1RQ q SURSULR FRVt� HYLGHQWHPHQWH� DQFKH VROR SHUFKp LO GLDOHWWR QRQ q

VFULWWR� q SHUz YHUR FKH XQD FHUWD LGHD GL ©QRELOWj GLDOHWWDOHª� GL OLQJXD VHP�

SUH PHQR XVDWD H YLD YLD SL~ DUFDLFD FRPLQFLD D IDUVL VWUDGD� H IRUVH q DQFKH

D TXHVWR FKH FRQIXVDPHQWH VL DOOXGH TXDQGR VL GLFH FKH LO GLDOHWWR q ©UR]]R H

YROJDUHª�� 3HUDOWUR q EHQ YHUR� PL VL ID DQFKH QRWDUH� FKH OH TXDWWUR GRPDQ�

GH� SUHVH VLQJRODUPHQWH� QRQ VRQR LQ UHFLSURFD FRQWUDGGL]LRQH� LO GLDOHWWR

VSDULVFH DQFKH SHUFKp FDPELD� H FDPELD YHUVR O¶LWDOLDQR���� GXQTXH� ILQFKp

��� &IU� VSHFLDOPHQWH /DERY ���� H� SHU XQ DVVDL RSSRUWXQR DJJDQFLR FRQ OD WHRULD GHO

VRFLDO QHWZRUN� 0LOUR\�0LOUR\ �����

���6L QRWL TXL FRPH LO SURFHVVR GL FRQYHUJHQ]D� QRQ UHJLVWUDWR D OLYHOOR GL SHUIRUPDQFH�

YLHQH LQYHFH ULFRQRVFLXWR FRPH PRYLPHQWR VWUXWWXUDOH�

��� ,/ ',$/(772 3(5&(3,72

UHVLVWHUj� VDUj VHPSUH GLVWLQWR LQ YDULHWj ORFDOL���� 4XHVWD FRVFLHQ]D GHOOD

ODQJXDJH GHDWK� DO GL Oj GHOOH DIIHUPD]LRQL GL SULQFLSLR� q DQFKH OR VWLPROR

FKH SRUWD D FKLHGHUH GD SDUWH GHL WUH UDJD]]L GL LQVHULUH LQ PROWH GRPDQGH LQ

FXL VL Gj XQD SRVVLELOLWj GL VFHOWD ELQDULD �©GLDOHWWR ª R ©LWDOLDQRª� SDUWLFR�

ODUPHQWH $��� $��� $��D� $��E� FKH LQGDJDQR ©FRPH VL SDUODª LQ DOFXQH

FLUFRVWDQ]H� XQD WHU]D ULVSRVWD� ©PHWj H PHWjª���� 6H q GXQTXH JLXVWR DSSOL�

FDUH TXL LO SULQFLSLR YLVWR VRSUD� FLRq FKH VL FKLHGH GL LQVHULUH FLz GL FXL VL

VHQWH LO ELVRJQR� YD LQIHULWR FKH OD ORUR GLDOHWWRIRQLD� SXU HOHYDWD� QRQ q

HVFOXVLYD FRPH YRUUHEEHUR L WUH UDJD]]L� ULWHQJR FKH TXHVWD PLVXUD]LRQH

FRQWHPSRUDQHD GL SL~ OLYHOOL GL FRVFLHQ]D H UHDOWj OLQJXLVWLFD VLD XQR GHL

SUHJL GL TXHVWD WHFQLFD GHO ILQWR TXHVWLRQDULR�

,,,������� &RQVLGHUD]LRQL LQWHUHVVDQWL VXO UXROR GHOOD IDPLJOLD H GHO FRQWH�

VWR QHOO¶HGXFD]LRQH GLDOHWWDOH VL SRVVRQR IDUH FRQ OD UDVVHJQD GHL TXHVWLRQDUL

�H GHL FRPPHQWL� GL *D�0DQ�� *D�*LXO� H 2U�$QJ�� WUH UDJD]]H UHVLGHQWL D

*DJQRQH�2UFHVFR �LQYHUR WUH GHOOH TXDWWUR UDJD]]H FKH FL DELWDQR�� GXH GHOOH

TXDOL VRUHOOH H XQD ORUR �2U�$QJ�� FXJLQD� HSSXUH OH ORUR YLVLRQL GHOOD UHDOWj

OLQJXLVWLFD QRQ SRWUHEEHUR HVVHUH SL~ GLYHUVH� &RQRVFLDPR� FUHGR� RUPDL DE�

EDVWDQ]D EHQH OD SHUVRQDOLWj OLQJXLVWLFD GL *D�0DQ�� H LQ *D�*LXO� FL VLDPR

JLj LPEDWWXWL DO ,������ YRUUHL TXL ULSRUWDUH SHU LQWHUR OH ULVSRVWH GL HQWUDPEH

DOOD GRPDQGD $��� ULFRUGDQGR FKH *D�*LXO� q QDWD QHO ���� H *D�0DQ� QHO

����� H FKH DELWDQR QHOOD VWHVD FDVD LQVLHPH D *D�$QG��

(FFR LO TXHVWLRQDULR GL *D�0DQ��

��� 6HFRQGR /HL� QHOOD VXD IUD]LRQH OD JHQWH SDUOD SL� GLDOHWWR R SL� LWDOLDQR"

VROR LWDOLDQR SL� LWDOLDQR PHWj H PHWj SL� GLDOHWWR VROR GLDOHWWR

D� ,Q JHQHUDOH 2 2 2 2 2

E� L UDJD]]L WUD ORUR 2 2 2 2 2

F� L JLRYDQL WUD ORUR 2 2 2 2 2

G� OD JHQWH GL PH]]D HWj 2 2 2 2 2

H� JOL DQ]LDQL 2 2 2 2 2

��� /D ULVSRVWD� XQLFD� ��� VX ��� D TXHVWD GRPDQGD q HYLGHQWHPHQWH IRUWHPHQWH LGHRORJL�

FD� QRQ VL RPRORJKHUDQQR L GLDOHWWL SHUFKp TXHVWR VLJQLILFKHUHEEH DEGLFDUH DOOD SURSULD

LGHQWLWj SHUVRQDOH H GL SDHVH�

��� 0D�3LH� ©EH¶� FDSLWD VSHVVR GL SDUODUH XQ SR¶ O¶XQR H XQ SR¶ O¶DOWURª� 7R�'DQ� PL D

GL�U(V E(1 PH�WD H PH�WD��� DG H]�(PSL LQ VLO OD�ZX�U��� ½ ( OH �Y2OWH NH �SDUOL GLD�O(WWR H OH

�Y2OWH NH �SDUOL WD�OMDQR µLR GLUHL PHWj H PHWj� DG HVHPSLR VXO ODYRUR� FL VRQR OH YROWH FKH SDUOL

GLDOHWWR H OH YROWH FKH SDUOL LWDOLDQR¶�

/$ 5,&(5&$ 68/ &$032 ,, ���

H TXHOOR GL *D�*LXO��

��� 6HFRQGR /HL� QHOOD VXD IUD]LRQH OD JHQWH SDUOD SL� GLDOHWWR R SL� LWDOLDQR"

VROR LWDOLDQR SL� LWDOLDQR PHWj H PHWj SL� GLDOHWWR VROR GLDOHWWR

D� ,Q JHQHUDOH 2 2 2 2 2

E� L UDJD]]L WUD ORUR 2 2 2 2 2

F� L JLRYDQL WUD ORUR 2 2 2 2 2

G� OD JHQWH GL PH]]D HWj 2 2 2 2 2

H� JOL DQ]LDQL 2 2 2 2 2

7UDQQH OD FHUWH]]D FKH JOL DQ]LDQL WUD GL ORUR SDUODQR GLDOHWWR� VHPEUHUHE�

EH GD TXHVWL GDWL FKH OH GXH UDJD]]H YLYDQR LQ DPELHQWL OLQJXLVWLFL SLXWWRVWR

GLIIHUHQWL� R SLXWWRVWR FKH YLYDQR O¶DPELHQWH OLQJXLVWLFR LQ PRGR GLIIHUHQ�

WH���� 9DOH OD SHQD GL YHGHUH DOWUH ULVSRVWH GL *D�*LXO�� q LQWDQWR ©GDFFRUGRª

FRQ OH DIIHUPD]LRQL GL %��� LO GLDOHWWR YD EHQH SHU GLVFRUVL DOOHJUL� DQGUHEEH

SRWHQ]LDWR D VFXROD H FKL QRQ VD SDUODUH GLDOHWWR QRQ q XQ EXRQ YLJH]]LQR�

LQROWUH� FXULRVDPHQWH �%��� q ILHUD GL SDUODUH GLDOHWWR ©PD QRQ VR SDUODUOR

PROWR PD OR FDSLVFRª� q FRQWHQWD GL SDUODUH GLDOHWWR VRSUDWWXWWR FRQ VXD VR�

UHOOD �%��D� H� TXDVL SHU JLRFR R VILGD JROLDUGLFD� FRQVLGHUD �%��� LO SL~ EHO

GLDOHWWR GHOOD 9DOOH ©LO PLRª�

,O WXWWR LQ XQ FRQWHVWR G¶XVR �GLFKLDUDWR H UHDOH� TXDVL FRPSOHWDPHQWH

LWDORIRQR���� 2UD� TXHVWH DIIHUPD]LRQL GHO TXHVWLRQDULR LOOXPLQDQR H GHILQL�

VFRQR PHJOLR OH FDUDWWHULVWLFKH GL *D�*LXO� FRPH GLDOHWWRIRQR SRWHQ]LDOH�

EHQ LQVHULWR QHO QHWZRUN VRFLDOH� FKH QRQ SDUOD GLDOHWWR SHUFKp q OD SULPD IL�

JOLD �SRL L JHQLWRUL QRQ KDQQR SL~ VHJXLWR LO SUHFHWWR VFRODVWLFR GHO SDUODUH

LWDOLDQR���� H DGHVVR PDQWLHQH TXHVWH VXH FDUDWWHULVWLFKH SHU GLIIHUHQ]LD]LRQH�

��� (FFR FRPXQTXH O¶RSLQLRQH� SL~ HTXLOLEUDWD� GL 2U�$QJ�

��� 6HFRQGR /HL� QHOOD VXD IUD]LRQH OD JHQWH SDUOD SL� GLDOHWWR R SL� LWDOLDQR"VROR LWDOLDQR SL� LWDOLDQR PHWj H PHWj SL� GLDOHWWR VROR GLDOHWWR

D� ,Q JHQHUDOH 2 2 2 2 2E� L UDJD]]L WUD ORUR 2 2 2 2 2F� L JLRYDQL WUD ORUR 2 2 2 2 2G� OD JHQWH GL PH]]D HWj 2 2 2 2 2H� JOL DQ]LDQL 2 2 2 2 2

��� /¶XQLFD RFFDVLRQH LQ FXL GLFKLDUD GL SDUODUH ©GLDOHWWR H LWDOLDQRª q �%�V� TXDQGR q DU�

UDEELDWD� VH LQROWUH VL FRQVLGHUD FKH �%��� ©FRPH VXRQL� q SL~ EHOOR LO GLDOHWWRª H FKH �$���

O¶LWDOLDQR OH SLDFH� PD ©q SL~ EHOOR LO GLDOHWWRª� DSSDUH GHOLQHDWD OD IXQ]LRQH HVSUHVVLYD H DI�

IHWWLYD FKH *D�*LXO� DWWULEXLVFH DO YHUQDFROR���� &RO SULPR ILJOLR VL VWD JHQHUDOPHQWH SL~ DWWHQWL� SRL OD YRORQWj WDORUD ODVFLD LO SRVWR

DOOD SUDWLFLWj� G¶DOWUD SDUWH� JLRFD VSHVVR XQ UXROR DQFKH OD FRQVLGHUD]LRQH FKH� PDOJUDGR JOL

��� ,/ ',$/(772 3(5&(3,72

VRSUDWWXWWR ULVSHWWR DOOD VRUHOOD� SHUz q RUJDQLFD DOOD FXOWXUD GHO GLDOHWWR� H OH

VXH ULVSRVWH LGHRORJLFKH YDQQR YHUVR OD VXD FHOHEUD]LRQH� QRQ OH VHPEUD XQD

FRQWUDGGL]LRQH LO IDWWR GL QRQ SDUODUOR VSHVVR OHL VWHVVD SHUFKp TXHVWR� DE�

ELDPR YLVWR� q LQ Vp VHFRQGDULR� 6HPEUD GDYYHUR FKH SHU *D�*LXO� LO SXQWR

IRQGDPHQWDOH� ULVSHWWR DO GLDOHWWR� DQFRUD XQD YROWD q GL VDSHUH GL VDSHUOR H

VDSHUH FKH JOL DOWUL VDQQR FKH OHL OR VD� GL FRQRVFHUQH LQVRPPD L SUHVXSSRVWL

SUDJPDWLFL H FRQYHUVD]LRQDOL� &HUWR� q SRL GLIILFLOH VRVWHQHUH GL SDUODUH XQD

OLQJXD TXDQGR WXWWL LQWRUQR D Vp QH SDUODQR XQ¶DOWUD� q Vt YHUR FKH *D�*LXO��

DSSXQWR SHU OD VXD FRQGL]LRQH GL LWDORIRQD �q QRWHYROH DQFKH LO IDWWR FKH WD�

ORUD GXUDQWH O¶DQQR VFRODVWLFR VL WUDWWHQHYD D 'RPRGRVVROD DQFKH LO SRPH�

ULJJLR SHU VWXGLDUH R SDVVHJJLDUH FRQ JOL DPLFL� SXz HVVHUH HIIHWWLYDPHQWH

PHQR LQ FRQWDWWR FRQ LO GLDOHWWR �VL ULFRUGL FKH *D�6LO� GLFKLDUD GL SDUODUOH

VSRQWDQHDPDQWH LQ LWDOLDQR� H FRPH OHL IDQQR DOWUL�� PD OH VXH YDOXWD]LRQL

VXOOD GLVWULEX]LRQH GHL GXH FRGLFL QHOOD IUD]LRQH YDQQR DQFKH QHO VHQVR GL

XQD WHQWDWD RPRORJD]LRQH FRO JUXSSR� *D�*LXO� SDUOD LWDOLDQR� SHU VHQWLUVL

PHQR GLYHUVD� GRYUj VRVWHQHUH FKH DQFKH JOL DOWUL� LQ PDJJLRUDQ]D� OR IDQQR�

,,,��������� ,O GLVFRUVR VL DUWLFROD XOWHULRUPHQWH VXOOD EDVH GL

XQ¶DIIHUPD]LRQH GL *D�0DQ� DOOD GRPDQGD $��� LO GLDOHWWR VL FRQVHUYD GLIIH�

UHQWHPHQWH D VHFRQGD GHOOH IDPLJOLH� LQ GLSHQGHQ]D GHOOD GHFLVLRQH GHL JH�

QLWRUL GL XVDUH O¶XQR R O¶DOWUR FRGLFH FRQ L ILJOL H GDOOH LQFOLQD]LRQL SHUVRQDOL

H SRVL]LRQH QHO QHWZRUN GHL FRQLXJL� $QFKH VH SURSULR OD VXD IDPLJOLD VHP�

EUD FRVWLWXLUH XQD HFFH]LRQH �PD OR q VROR LQ SDUWH� GDWR LO FDPELDPHQWR GL

SDWWHUQ HGXFDWLYR DYYHQXWR WUD LO SULPR H L VXFFHVVLYL ILJOL����� LO FRQWHVWR

SULQFLSH SHU O¶DSSUHQGLPHQWR� O¶XVR H OD WUDGL]LRQH GHO GLDOHWWR q GXQTXH LO

QXFOHR IDPLOLDUH� O¶HGXFD]LRQH VFRODVWLFD KD PROWR PHQR SHVR QHOO¶HVWLUSDUOR

GDJOL XVL QRQ XIILFLDOL �H GL IDWWR QRQ O¶KD DYXWR QHL GHFHQQL VFRUVL� TXDQGR

WXWWL SDUODYDQR GLDOHWWR LQ FDVD H TXHVWR VL PDQWHQHYD�� PD VH VL LQWDFFD OD

PRQDGH GLDOHWWDOH GHOOD IDPLJOLD� DOORUD DYYLHQH OR VFDUGLQDPHQWR LQ VHQVR

JHQHUD]LRQDOH� 7DQWR q YHUR FKH *D�0DQ� QRQ SHUFHSLVFH JUDQGH GLVWDQ]D WUD

LO VXR GLDOHWWR H TXHOOR GHJOL DQ]LDQL� �$��� q YHUR FKH TXHVWL XVDQR XQD YD�

ULHWj ©XQ SR¶ GLYHUVDª� PD q SHUFKp SDUODQR VWUHWWR H SHQVDQR FKH QRQ OR

VDSSLDPR� PD QRL LQYHFH OL FDSLDPR�

,,,��������� $QFKH 2U�$QJ� VHPEUD XQ EXRQ HVHPSLR GL GLDOHWWRIRQR SR�

WHQ]LDOH� GLFKLDUD GL SDUODUH LWDOLDQR SUDWLFDPHQWH LQ WXWWL L FRQWHVWL SUHYLVWL

GDO TXHVWLRQDULR� DQFKH VH GHO GLDOHWWR KD XQ¶RWWLPD FRPSHWHQ]D SDVVLYD H

XQ¶RWWLPD LPPDJLQH �OD YDOXWD]LRQH q SRVLWLYD SHU WXWWH OH GRPDQGH� LO GLD�

VIRU]L IDWWL� ©QRQ q SRL FKH OD EDPELQD YDGD PHJOLR LQ LWDOLDQRª� 'L IDWWR OD FRPSHWHQ]D LWD�

OLDQD GHL WUH IUDWHOOL q DEEDVWDQ]D HTXLYDOHQWH� IRUVH VROR OHJJHUPHQWH PLQRUH SHU *D�$QG�

���6L ULFRUGL XQ OXRJR FRPXQH PD YHULWLHUR� &R�&$ XO GLDO(W 2 NH W O LPSU(QGHW GD PD�

WD�6L1 R N XO W V«M PLD WLW OD �YLWD µLO GLDOHWWR R OR LPSDUL GD EDPELQR SLFFROR R QRQ OR VDL SHU

WXWWD OD YLWD¶�

/$ 5,&(5&$ 68/ &$032 ,, ���

OHWWR YD LQFRUDJJLDWR� QRQ q DGDWWR VROR SHU VFKHU]DUH H FRVt YLD�� ,O SXQWR

IRQGDPHQWDOH� DQFKH SHU OHL� H FKH ©GD SLFFROD KD LPSDUDWR D SDUODUH SULPD

LQ LWDOLDQRª �%��� 2UD� SRL� ODYRUDQGR LQ EDQFD D 'RPRGRVVROD� q FRQWLQXD�

PHQWH LPPHUVD LQ XQ DPELHQWH LWDORIRQR� /H VXH ULVSRVWH VRQR LQWHUHVVDQWL

SHUFKp q IUD TXHOOL FKH KDQQR DYXWR PHQR WLPRUH DG LQWHUYHQLUH VXO WHVWR GHO

TXHVWLRQDULR� HFFR DOFXQH RVVHUYD]LRQL� %����� FKLHGHYD GL GLFKLDUDUVL GDF�

FRUGR R QRQ GDFFRUGR ULVSHWWR DOO¶DIIHUPD]LRQH ©LO YLJH]]LQR q XQD OLQJXD H

QRQ XQ GLDOHWWRª� H LO FRPPHQWR� FKH VHPEUD ULIDUVL GLUHWWDPHQWH D &RVHULX� q

VWDWR ©QRQ YD EHQH� LO YLJH]]LQR q GLYHUVH OLQJXHª >VRWWROLQHDWR

QHOO¶RULJLQDOH@� 4XDQWR SRL D %���D �©LQ TXDOL RFFDVLRQL q SL~ FRQWHQWR GL

SDUODUH GLDOHWWR"ª� OD ULVSRVWD q VWDWD ©QRQ PL SLDFH� QRQ KD VHQVR� QHO VHQVR

FKH QRQ KD ULVSRVWD� ELVRJQD VDSHUVL HVSULPHUH DFFHWWDELOPHQWH LQ WXWWH OH

RFFDVLRQL«ª� VRQR DOORUD ULFRQRVFLXWL DPELWL LWDOLDQL H DPELWL GLDOHWWDOL� HG q

LPSRUWDQWH� SHU OD SLHQD LQWHJUD]LRQH QHO JUXSSR H QHO QHWZRUN� ULVSHWWDUH LO

FRGLFH VHOH]LRQDWR GDOOD VLWXD]LRQH� LQILQH� %�� �©FRPH VXRQL� q SL~ EHOOR LO

GLDOHWWR R O¶LWDOLDQRª�� OD GRPDQGD QRQ YD EHQH� QRQ VL SXz GLUH FKH q PH�

JOLR O¶XQR R O¶DOWUR� LR WURYR FKH L VXRQL VRQR PROWR GLYHUVL H PL SLDFFLRQR

HQWUDPEL� FRPXQTXH LO GLDOHWWR KD« q SRVVLELOH WURYDUH SDUROH R PRGL GL GL�

UH PROWR SL~ HVSUHVVLYL «FKH UHQGRQR GL SL~ O¶LGHD GL TXHOOR FKH VL KD LQ

PHQWH� (G q SURSULR TXHOOR FKH OD GRPDQGD ©VFRUUHWWDª YROHYD PLVXUDUH�

O¶DGHVLRQH LUULIOHVVD H LO JUDGR GL HPRWLYLWj FRQQHVVR FRQ L GXH FRGLFL� XQD

WDOH ULVSRVWD� GD SDUWH GL FKL SDUOD PHJOLR O¶LWDOLDQR� QRQ SXz FKH HVVHUH

LGHRORJLFD�

,,,������� ,O WHU]R JUXSSR q UDSSUHVHQWDWR GDOOR ©VWDWR PDJJLRUHª IHPPL�

QLOH GL XQD IDPLJOLD SDWUL]LD �FLRq GL YLFLQL� GL &RLPR� &R�*LX� �UHVLGHQWH D

*DJQRQH�� &R�*LR� H &R�*HQ� %LVRJQD LQWDQWR SUHFLVDUH FKH LQ JHQHUDOH H

QRQ LQDVSHWWDWDPHQWH LO PHWRGR GHO ILQWR TXHVWLRQDULR VL q GLPRVWUDWR SL~

SURGXWWLYR FRQ L UDJD]]L FKH FRQ OH SHUVRQH GL PH]]D HWj H FRQ JOL DQ]LDQL�

SDUWLFRODUPHQWH ULVSHWWRVL GHO WHVWR H SDUWLFRODUPHQWH SURSHQVL D FRQVLGH�

UDUOR DSSXQWR XQ WHVW� XQ HVDPH D FXL FL SRWHVVHUR HVVHUH ULVSRVWH JLXVWH H

VEDJOLDWH� 9D DJJLXQWD OD QDWXUDOH SURSHQVLRQH DO GLDORJR H DO UDFFRQWR GD

SDUWH GHL PLHL FROODERUDWRUL LQWHUQL GL HWj PHGLD H DYDQ]DWD� FKH OL KD SRUWDWL

DG HVVHUH SDUWLFRODUPHQWH D GLVDJLR QHL FRQIURQWL GL TXHVWR VWUXPHQWR�

'¶DOWUD SDUWH� HVVHQGR DSSXQWR LO TXHVWLRQDULR ©ILQWRª� H FRQVLGHUDWL L YHUL

VFRSL GHOO¶DQDOLVL FKH FRQ HVVR PL ULSURPHWWHYR GL IDUH� HUD DQFKH DVVXUGR GD

SDUWH PLD FKH FHUFDVVL GL DGDWWDUOR DOOH ORUR HVLJHQ]H� TXDVL IRVVH XQD WUDFFLD

GL FRQYHUVD]LRQH JXLGDWD �DQFKH SHUFKp SDUWH GHOOH ULVSRVWH FKH DYUHL RWWH�

QXWR OH FRQRVFHYR JLj�� $QGDYD TXLQGL VRPPLQLVWUDWR FRPH TXHVWLRQDULR� DO

OLPLWH FRPPHQWDWR LQ VHJXLWR� H VH SRVVLELOH FDPELDWR H VWUDYROWR� PD VHP�

SUH FRPH TXHVWLRQDULR�

��� ,/ ',$/(772 3(5&(3,72

)DWWH VDOYH TXHVWH LQGLFD]LRQL SUHOLPLQDUL� PL VHPEUD XWLOH DJJLXQJHUH OH

SRFKH FRQVLGHUD]LRQL PHWDOLQJXLVWLFKH HPHUVH� LQQDQ]LWXWWR OD WHQGHQ]D� TXL

ULSRUWDWD SHU &R�*LX�� &R�*LR� H &R�*HQ� PD FRPXQH DOOD JUDQGH PDJJLRUDQ�

]D GHL FROODERUDWRUL GL PH]]D HWj H DQ]LDQL� DG DGGROFLUH L WRQL� D VPRU]DUH� D

FHUFDUH H ULFKLHGHUH GRPDQGH GL FRPSURPHVVR� WLSLFD q SHU HVHPSLR

O¶HVLJHQ]D PDQLIHVWDWD GL LQVHULUH XQD ULVSRVWD ©XJXDOHª DOOD GRPDQGD $��

�FKH YD PHVVD LQ UDSSRUWR FRQ OD SUHFHGHQWH� PLUDQR D IDU GLFKLDUDUH VH VL

SUHIHULVFH LO GLDOHWWR R O¶LWDOLDQR�� 3RWUHEEH HVVHUH SHU LO PHQ]LRQDWR WLPRUH

GL VEDJOLDUH� H LQ TXHVWR FDVR SHU SUHQGHUH SRVL]LRQH LO PHQR SRVVLELOH� R

IRUVH SHUFKp QRQ OR VDQQR QHSSXUH ORUR� QRQ FL KDQQR PDL EDGDWR H QRQ YR�

JOLRQR SUHQGHUH SRVL]LRQH FRQ VH VWHVVL� Ê YHUR� FRPH VL q SL~ YROWH DFFHQ�

QDWR� FKH OH ULIOHVVLRQL VXO GLDOHWWR VRUJRQR DOOD FRVFLHQ]D FRQVFLD �DOOD FRQ�

VDSHYROH]]D� VROR DO PRPHQWR GHOO¶LQGDJLQH GD SDUWH GHOO¶LQWHUYLVWDWRUH� H

FKH TXLQGL q DVVDL SUREDELOH FKH QRQ VL VLD PDL ULIOHWWXWR VH SHU HVHPSLR VL

IDQQR L FDOFROL LQ LWDOLDQR R LQ GLDOHWWR���� WXWWDYLD PL SDUH FKH XQ¶RSHUD]LRQH

FRPH ©IDUVL SLDFHUH XQD OLQJXDª VL DFFRPSDJQL D PHFFDQLVPL FKH YDQQR DO

GL Oj GHOOD PHFFDQLFD FRPSDUD]LRQH IUD L GXH FRGLFL� FRLQYROJHQGR IDWWRUL

IRUWHPHQWH LGHRORJLFL FRPH O¶LGHQWLWj R O¶DWWDFFDPHQWR DOOD IDPLJOLD H DO

YLOODJJLR� q TXLQGL WDQWR SL~ VWUDQR FKH VL ULVSRQGD ©XJXDOHª�

$EEDVWDQ]D LQWHUHVVDQWL� DQFKH TXL SHU OD VRYUDSSRVL]LRQH GL SL~ OLYHOOL GL

FRVFLHQ]D OLQJXLVWLFD FKH VL PDQLIHVWDQR� VRQR OH ULVSRVWH DOOD GRPDQGD $��

©WURYD FKH LQ 9DOOH JOL DQ]LDQL SDUOLQR XQ GLDOHWWR GLYHUVR GD TXHOOR GHL JLR�

YDQL"ª� RUD� O¶RS]LRQH SUHYDOHQWH q ©Vt� PROWR GLYHUVRª� RYYLDPHQWH SHUFKp

VL ID GDSSULPD YDOHUH OR VWHUHRWLSR� &R�*LR� ERI L PD�W(6 L �SDUOHQ SL� XO

GLD�O(W µERI� L UDJD]]LQL QRQ SDUODQR SL~ LO GLDOHWWR¶� $OOH PLH YLYDFL SURWHVWH

LO JLXGL]LR VL q SRL DVVDL WHPSHUDWR HG q GLYHQWDWR XQ L �D1 LQD ND�GHQ¹D

GL�Z(UVD��� L �SDUO(Q PL�D �NXPH QX�M«F��� H SX�V L �GX]DQ GL SD�U2O GLIH�UHQW���

µKDQQR XQD FDGHQ]D GLYHUVD� QRQ SDUODQR FRPH QRL« H SRL� XVDQR SDUROH

GLIIHUHQWL¶ �VL QRWL TXL O¶XVR GL SX�V� PROWR PROWR DUFDLFR��� � D EHOOD SRVWD" �

H VRVWLWXLWR RUPDL XQLYHUVDOPHQWH GD SRM�� 'XQTXH� FRPH DO VROLWR� XQD YD�

ULD]LRQH VRSUDVHJPHQWDOH H GL WLSR OHVVLFDOH� 3HUz &R�*LX� FRQVLGHUD FKH DQ�

FKH TXDQGR OHL HUD SLFFROD DYYHQLYD FRVt� FKH FLRq JOL DQ]LDQL SDUODVVHUR GL�

YHUVDPHQWH� H DJJLXQJH GL DYHU WURYDWR PROWR VWUDQR H DUFDLFR LO GLDOHWWR GL

DOFXQL VXRL SDUHQWL HPLJUDWL D 1HZ <RUN QHJOL DQQL YHQWL� L FXL ILJOL HUDQR

WRUQDWL D FRQRVFHUH L SRVWL DYLWL� D O ( 6WDF 6WUD�QLVLP��� L (UDQ �-XZL1 H L

SDU�O(YD1 NXPH OD PMD �S2ZHUD Q2QD µHUD VWUDQLVVLPR� HUDQR JLRYDQL H SDUOD�

��� $��� SXUH� TXHVWD PL VHPEUD XQD VSLD LPSRUWDQWH SHU FDSLUH TXDOH q LO OLYHOOR OLQJXL�

VWLFR SULPDULR H LPPHGLDWR���� 1H IDQQR FHQQR SHU O¶DUHD 1LFROHW ����� *\VOLQJ ���� H 6S°UUL ����� FRPH VL YHGH�

WHVWLPRQLDQ]H FKH ULVDOJRQR DO PDVVLPR DJOL DQQL YHQWL�

/$ 5,&(5&$ 68/ &$032 ,, ���

YDQR FRPH OD PLD SRYHUD QRQQD¶� ,QFDO]DWD GDOOH GRPDQGH� DPPHWWH GL QRQ

ULFRUGDUH EHQH� PD FKH LO ORUR GLDOHWWR OH VHPEUDYD VWUXWWXUDOPHQWH GLYHUVR D

�M(UD LQ ¹D�NZ( SL� GL�IL½LO�� O (UD PLD PD� OD SUR�QXQ½D R L SDU2O��� µF¶HUD XQ

TXDOFRVD GL SL~ GLIILFLOH� QRQ HUD VROR OD SURQXQFLD R OH SDUROH«¶ H FRQFRUGD

FRO IDWWR FKH q VWDWD OD ORQWDQDQ]D D PDQWHQHUH DUFDLFD OD ORUR OLQJXD PH QW

XO IULJR�ULIHU µFRPH LQ IULJRULIHUR¶� 6HPEUD XWLOH IDU FHQQR TXL DO FRQFHWWR GL

GULIW� OD GHULYD GHOOH OLQJXH� LQWURGRWWR GD 6DSLU���� ©ODQJXDJH PRYHV GRZQ

WLPH LQ D FXUUHQW RI LWV RZQ PDNLQJ� ,W KDV D GULIWª �6DSLU ����� �������� DOOR�

UD� SHU SUHQGHUH VROR FLz FKH TXL FL LQWHUHVVD� OD GHULYD� VRPPD GHOOH FRQYHU�

JHQ]H LQGLYLGXDOL� QRQ q ULFRQRVFLXWD QHL VXRL FDUDWWHUL VWUXWWXUDOL SHUFKp FL

VL DGDJLD QHO VXR DOYHR� PD FDPELDPHQWL UHSHQWLQL �LO FRQWDWWR FRO GLDOHWWR

DUFDLFR GHJOL HPLJUDQWL� FKH YDGDQR LQ VHQVR FRQWUDULR DO GULIW SRVVRQR HVVH�

UH FROWL ©FRUUHWWDPHQWHª� )RUVH TXHVWD SRVL]LRQH SXz HVVHUH LOOXPLQDWD DQFKH

GDL VXJJHULPHQWL SRUWDWL DOOD GRPDQGD $�� ©SHQVD FKH SULPD R SRL VL SDUOHUj

VROR LWDOLDQR QHOOD 9DOOH"ª� VL FRQVLJOLD GL DJJLXQJHUH XQR ©VSDULVFH PD

TXDOFRVD ULPDQHª �&R�*HQ�� VXELWR DSSURYDWD GDOOH DOWUH FROODERUDWULFL�� q

FLz FKH q SL~ SHUFHSLWR� OD GHULYD VWD SRUWDQGR LO GLDOHWWR YHUVR O¶LWDOLDQR� PD

QRQ QH VWD FDPELDQGR L FDUDWWHUL IRQGDPHQWDOL H VWUXWWXUDOL� OR FDPELD� QHOOD

FDGHQ]D H QHOOH SDUROH� PD QRQ OR XFFLGH����

,,,���� ,QILQH� TXDOH LWDOLDQR"

&RPH GHILQLVFRQR L YLJH]]LQL O¶LWDOLDQR FKH VL SDUOD LQ 9DOOH" 5LFRQRVFR�

QR GLIIHUHQ]H ULVSHWWR DOOD OLQJXD VWDQGDUG" VHPEUD ORUR XQ LWDOLDQR FRUUHWWR"

1RQ q QHJOL VFRSL GL TXHVWR ODYRUR RFFXSDUVL GHO YHUVDQWH LWDOLDQR GHO UH�

SHUWRULR OLQJXLVWLFR GHOOD 9DOOH� PD q SXU YHUR FKH LO UDSSRUWR FRQ OD OLQJXD

QD]LRQDOH q FRVWDQWH� H LPSURQWD GL Vp QRQ SRFKH GHOOH ULIOHVVLRQL PHWDOLQ�

JXLVWLFKH VSRQWDQHH� 6HPEUDYD DOORUD JLXVWR GDUH XQ¶RFFKLDWD DOOD FRVFLHQ]D

OLQJXLVWLFD UHODWLYD DOOD OLQJXD FKH YLHQH GL IXRUL SHU DQWRQRPDVLD� O¶LWDOLDQR�

�3HU XQD YDOXWD]LRQH GL WLSR HWLFR VXOO¶LWDOLDQR GHOOD YDOOH VL FIU� ,�����

��� &IU� 6DSLU ����� LQ SDUWLFRODUH LO FDSLWROR VHWWLPR���� 7HQJR QRUPDOPHQWH SUHVHQWH SHUz O¶HGL]LRQH LWDOLDQD >����@� LQ TXHVWR FDVR PL VHP�

EUDYD FKH OD WUDGX]LRQH DPPRUELGLVVH H UHODWLYL]]DVVH HFFHVVLYDPHQWH OD IRU]D

GHOO¶DIIHUPD]LRQH���� ,Q XQ SULPR WHPSR SHQVDYR GL XWLOL]]DUH DQFKH LO PHWRGR DXWRYDOXWDWLYR GHOOH 6KLE�

EROHWK�6lW]H �SHU FXL YHGL 5HLQ ����� ���������� PD L SULPLVVLPL HVSHULPHQWL PL KDQQR

FRQYLQWR FKH OD WHQGHQ]D ©QRUPDWLYL]]DQWHª GHOOD FRPXQLWj WHQGHUHEEH D SURGXUUH JLXGL]L

IRUWHPHQWH RULHQWDWL YHUVR L OLYHOOL SL~ GLDOHWWDOL H DUFDLFL GHOOD VFDOD� ULGXFHQGR FRVt GL PROWR

LO YDORUH HXULVWLFR GHO SURFHGLPHQWR�

��� ,/ ',$/(772 3(5&(3,72

,,,������ ,Q TXHVWR FDVR OD YDULDELOH JHQHUD]LRQDOH q IRQGDPHQWDOH� JOL DQ�

]LDQL GLFKLDUDQR GL SDUODUH PDOH� GL SDUODUH XQ FDWWLYR LWDOLDQR �RVVLD GLDOHW�

WDOH� EDVWDUGR� PLVWR�� &R�*L D E( QX�M«F D VXP PLD EX�L D SDU�OD WD�OMDQ ^���`

DE�EMDPR LPSD�UDWR �WDUGL��� D V(P �jXUHQW��� µEHK� QRL QRQ VLDPR FDSDFL GL

SDUODUH LWDOLDQR« DEELDPR LPSDUDWR WDUGL� VLDPR LJQRUDQWL¶� 9L�%HQ� D �SDUOL

S« PH N D �S2GL SDU�N( PL��� ^���` O ( LQ WDO�MDQ LQ S2 GMDOHW�WDOH µSDUOR SRL FR�

PH SRVVR� SHUFKp LR >«@ q XQ LWDOLDQR XQ SR¶ GLDOHWWDOH¶� *D�*LXV� QXL��� XO���

O LWD�OMDQ NL G OD �YDOOH X O (��� H O (��� O ( PL�D XQ EXQ LWD�OMDQ O (��� O ( NH

QX�MH½ D M(P �V(PS¼U SDU�OX� XO GLD�O(W H �16L X UL�PDQ P� S2 �PLVWR��� µQRL«

O¶LWDOLDQR TXL GHOOD 9DOOH q« QRQ q XQ EXRQ LWDOLDQR� q« q FKH QRL DEELDPR

VHPSUH SDUODWR LO GLDOHWWR� H FRVt ULPDQH XQ SR¶ PLVWR¶� &R�&DUOR WH OR �GLNR

�LR��� O ( XQ LWD�OMDQR ED�6WDUGR�

Ê XQ SR¶ LO YH]]R GHO PRQWDQDUR FKH VL FRPSLDFH� GDYDQWL DO ULFHUFDWRUH

FLWWDGLQR� GHOOD VXD SDUODWD UXVWLFD H VFRUUHWWD� VH q YHUR FKH TXHVWH ULVSRVWH

SRVVRQR LQ DOFXQL FDVL FHODUH XQ HIIHWWLYR GLVDJLR �FKH VDUj WXWWDYLD GRYXWR

DQFKH DOOD VLWXD]LRQH FRPXQLFDWLYD VWUDQLDQWH� GDO PHGLFR� LQ FLWWj � SDUWL�

FRODUPHQWH FLWDWD OD VLWXD]LRQH ©FKLHGHUH LQIRUPD]LRQL VXOOD PHWURSROLWDQD D

0LODQRª � QHJOL XIILFL SXEEOLFL� q SHUz DQFKH YHUR FKH VFDYDQGR SL~ D IRQGR

HPHUJH FKH OD PDJJLRU SDUWH GHJOL LQIRUPDWRUL KD DPPHVVR GL QRQ DYHU

DYXWR PDL SUREOHPL UHDOL GL FRPXQLFD]LRQH LQ LWDOLDQR���� H FKH� WXWWR VRP�

PDWR� VRQR SLXWWRVWR VRGGLVIDWWL GHOOH ORUR SHUIRUPDQFHV� FRQVLGHUDQGR FKH

ULWHQJRQR GL SDUODUH XQD OLQJXD VWUDQLHUD� *D�6LO� 2 E( S(U�N( D J (P OD WHOH�

YL�]MXQ H L YLOH�ÂDQWL��� PD��� SDU QXL O H 6WD½ �NRPH LPSD�UDUH LQD �OLQJZD

VWUD�j(UD��� J ( Q ( N L �SDUO(Q XO IUDQ�½(] H XQ WX�GLVN H QXL D �SDUOXP XO

WD�OMDQ µRK EH¶� SHUFKp DEELDPR OD WHOHYLVLRQH H L YLOOHJJLDQWL� PD« SHU QRL q

VWDWR FRPH LPSDUDUH XQD OLQJXD VWUDQLHUD� FH Q¶q FKH SDUODQR LO IUDQFHVH R LO

WHGHVFR� H QRL SDUOLDPR O¶LWDOLDQR¶� 0DQFDQR LQYHFH� DOPHQR VSRQWDQHDPHQ�

WH� LQGLFD]LRQL VXO GRYH ULVLHGHUHEEH OD GLYHUVLWj� H JLXGL]L VXOOD YDULHWj GL

LWDOLDQR SDUODWD �VH QRQ XQ JHQHULFR )RO�&$� O ( GL�Y(UVD GD NZ(OD GL WH��UX1

µq GLYHUVD GD TXHOOD GHL PHULGLRQDOL¶�����

,,,������ 3HU L JLRYDQL� L UDJD]]L� OD VLWXD]LRQH q GHO WXWWR GLYHUVD� DP�

PHWWRQR GL QRQ DYHUH SUREOHPL D SDUODUH LWDOLDQR� DOPHQR D OLYHOOR GL VLVWHPD

OLQJXLVWLFR� TXHOOR FKH Gj ORUR IDVWLGLR q LQYHFH LO IDWWR FKH OD ORUR YDULHWj q

��� &IU� 9L�%HQ� PD 6L D ND�SL ND�SLVHQ E( O 6WHV �PD Vt� FDSLUH FDSLVFRQR EHQ OR VWHVVR����� &L VDUHEEH DQFRUD PROWR GD IDUH VXOO¶DUJRPHQWR� TXHVWL GDWL VRQR GDYYHUR GD FRQVLGH�

UDUH GHL SULPL DSSURFFL� ,Q SDUWLFRODUH YRUUHL QRWDUH FRPH O¶RSLQLRQH O¶DIIHUPD]LRQH GL VFDUVD

LWDORIRQLD GD SDUWH GHJOL DQ]LDQL VLD XQ YH]]R q VXIIUDJDWD GDOOH ULVSRVWH GHO ILQWR TXHVWLRQD�

ULR VXOOR VWHVVR DUJRPHQWR� ULFRUGR FKH LO ��� GHL FROODERUDWRUL KD ULVSRVWR FKH SHU OXL q

XJXDOH SDUODUH GLDOHWWR R LWDOLDQR�

/$ 5,&(5&$ 68/ &$032 ,, ���

ULFRQRVFLELOH FRPH QRQ FLWWDGLQD H UXVWLFD �µPRQWDQDUD¶ VHFRQGR 7R�'DQ���

TXHVWR� VRVWHQJRQR� OL GLVFULPLQD H OL PHWWH LQ FDWWLYD OXFH� *D�*LXO� QRQ VR�

VH DQGLDPR LQ XQ SRVWR WLSR DO PDUH� FL FjWWDQR � ULFRQRVFRQR �

&$37,$5(� VXELWR FKH YHQLDPR GDOOD PRQWDJQD� H FL GLFRQR YD¶ Oj �

JXDUGD� TXHOOL FKH QRQ VDQQR QXRWDUH� DQFKH VH QRQ q SRL YHUR� H SRL XQR

VHPEUD FKH q VWXSLGR� QRQ VR� FKH VWD VHPSUH FROOH FDSUH� PLUD PLUD

O¶RODQGHVLQD���� H QRQ« QRQ WL SUHQGRQR VXO VHULR� '¶DOWUD SDUWH� PHJOLR

O¶RODQGHVLQD GL XQ DFFHQWR PHULGLRQDOH� FKH q LQ YDOOH SHVDQWHPHQWH VDQ]LR�

QDWR� H QRQ VROR GDL JLRYDQL� D XOWHULRUH FRQIHUPD GHL ULVXOWDWL GL *DOOL

GH¶3DUDWHVL ���� H �������� O¶LWDOLDQR SDUODWR LQ YDOOH q 7R�'DQ� P� S2 NXO N

DV �SDUOD NL D1NH D �G2PR R QHOO �2VVROD µXQ SR¶ TXHOOR FKH VL SDUOD TXL� DQ�

FKH D 'RPR R QHOO¶2VVROD¶� TXHVWR q O¶XQLFR JLXGL]LR GL DSSDUHQWDPHQWR FKH

KR UDFFROWR�

��� *D�*LXO� ID TXL ULIHULPHQWR DG XQD QRWD FDPSDJQD SXEEOLFLWDULD GL TXDOFKH DQQR ID� XQ

FXL FRPSDULYD XQ¶RODQGHVLQD LQ ]RFFROL H FRVWXPH WLSLFR� SDUDGLJPD GHOOD EUDYD FRQWDGLQD

LQJHQXD�

��� ( GHO IDWWR FKH LO JLXGL]LR OLQJXLVWLFR �O¶DWWLWXGH� VL EDVD VX YDOXWD]LRQL H[WUDOLQJXLVWL�

FKH�

������������������������

,9���,QWURGX]LRQH�

4XDQWR VHJXH VL SXz FRQVLGHUDUH OD ULVSRVWD DO SULPR FDSLWROR� q OD SUH�

VHQWD]LRQH FLRq GL TXHOOR FKH PL VHPEUD FKH L YLJH]]LQL SRWUHEEHUR GLUH UL�

JXDUGR DOOD VLWXD]LRQH GLDOHWWDOH GHOOD ORUR YDOOH� DOPHQR SHU FRPH q D PH

SDUVR LQ FRQVHJXHQ]D QRQ VROR GHJOL HVSHULPHQWL GL LQFKLHVWD FXL VL q IDWWR

FHQQR DO FDSLWROR WHU]R� PD DQFKH JUD]LH DOOD IDPLOLDULWj H FRQWLQXD DVVLVWHQ�

]D GD SDUWH GHL PLHL FROODERUDWRUL LQWHUQL� FKH GL WDOL LQFKLHVWH q LO SUHUHTXL�

VLWR IRQGDPHQWDOH� 9RUUHL SRWHU DIIHUPDUH FKH VRQR TXL SRFR SL~ FKH XQ DO�

WRSDUODQWH� PD FLz QRQ q SRVVLELOH� LQWDQWR QRQ VRQR VLFXUR GL DYHU VHPSUH

FDSLWR EHQH� H SRL PL DFFRUJR GL QRQ SRWHU ULQXQFLDUH GHO WXWWR DO FRQIURQWR

FRQ DOWUH HVSHULHQ]H GL VWXGLR H DOOD ULFHUFD GL PRGHOOL SHU OH DIIHUPD]LRQL

FKH YDGR IDFHQGR�

,Q RJQL FDVR YRUUHL ULEDGLUH FKH OD VLWXD]LRQH OLQJXLVWLFD TXL WUDWWHJJLDWD

OD PDJJLRU SDUWH GHOOH YROWH QRQ q TXHOOD FKH SRWUHEEH DSSDULUH DG XQ RVVHU�

YDWRUH HVWHUQR� H QRQ q QHSSXUH TXHOOD FKH DSSDUH D PH� QHFHVVLWDWR RUPDL�

SHU GHIRUPD]LRQH SURIHVVLRQDOH� D UDJLRQDUH GD OLQJXLVWD� 3HUFLz� LO GLDOHWWR

QRQ q VWDELOH FRPH DSSDULUj� OH PHVFLGD]LRQL FROO¶LWDOLDQR VRQR PDJJLRUL GL

TXDQWR TXL QRQ VL GLFD� H OD YLWDOLWj GL TXHVWD SDUODWD� QRQRVWDQWH OD FRUDJJLR�

VD SUHVD GL SRVL]LRQH GHL PLHL FROODERUDWRUL� q LQ FRQWLQXR GHFOLQR��

,9��� 0D LO GLDOHWWR� FRV¶q"

6HPEUD UDJLRQHYROH SDUWLUH GDOOD TXHVWLRQH IRQGDPHQWDOH� ©FKH FRV¶q LO

GLDOHWWR"ª )RUPXODWD HVSOLFLWDPHQWH LQ TXHVWR PRGR� OD GRPDQGD SURGXFH

JLXGL]L UHODWLYL DOOD FRQVDSHYROH]]D OLQJXLVWLFD� RYYHUR DOO¶LGHRORJLD� RSSXUH

D TXHOOR VWDGLR GL FRVFLHQ]D OLQJXLVWLFD ©VXVFLWDWDª �GDOOD VLWXD]LRQH� R

GDOO¶LQVROLWD GRPDQGD� FKH LQGXFH DG DEER]]DUH XQD DIIHUPD]LRQH VX TXH�

VWLRQL VXOOH TXDOL QRQ VL DYHYD PDL DSSXQWDWR O¶DWWHQ]LRQH� FXL DEELDPR SL~

VRSUD IDWWR FHQQR� 9DOH OD SHQD GL VFRUUHUH DOFXQH GHOOH ULVSRVWH�

� 0L SLDFH TXL ULFRUGDUH XQ¶DIIHUPD]LRQH GL 6WHKO ������ ���� FKH ULSUHQGH

:H\GW�6FKOLHEHQ�/DQJH PHJOLR GL FRPH VDSUHL IDUH LR� ©OD GLVWLQFWLRQ HQWUH µ6SUDFKOLFK¶ HW

µ6SUDFKZL�HQVFKDIWOLFK¶ >«@ VpSDUH FH TXL HVW �GDQV OD FRQVFLHQFH HW�RX GDQV OH

FRPSRUWHPHQW GHV ORFXWHXUV� GH FH TXH OHV OLQJXLVWHV YRLHQW� GpFULYHQW HW LQWHUSUqWHQWª�

��� ,/ ',$/(772 3(5&(3,72

&R�*LX� VX PLD��� E( XO GLD�O(W D O ( OD �O(1JZD DW QX�M«F µQRQ VR� LO

GLDOHWWR q OD OLQJXD GL QRLDOWUL¶

*D�*LXV� XO GLD�O(W O ( NXO N D V �SDUOD NL���� (��� QX�MH½ D VHP 6WH½

DELW\�HW Q6L��� µLO GLDOHWWR q TXHOOR FKH VL SDUOD TXL« HK�

QRL VLDPR VWDWL DELWXDWL FRVt«¶�

9L�%HQ� O ( XO �QHVW GLD�O(WW NXO N L SDU�O(YD1 XO SD H OD PDPD��� OD

ID�P(MD QV2PD µq LO QRVWUR GLDOHWWR� TXHOOR FKH SDUODYDQR

SDSj H PDPPD� OD IDPLJOLD LQVRPPD¶

6PP�/XL� ERQ NXO N D V �S$UOD NL �RjL SDL�] X O D O V2 GLD�O(WW µEH¶

TXHOOR FKH VL SDUOD TXL� RJQL SDHVH KD LO VXR GLDOHWWR¶

&R�&D� NXO N D �SDUOXP Q ND µFLz FKH SDUOLDPR LQ FDVD¶

'L�$QW� XO GLD�O(W O ( QD �O(1JZD��� OD �O(QJZD DW OD ZDO��� 6L PD����

�D1ND L �DOWHU YDL L D1 XO OX�U H L OD�M H L SMD�QX�U� �D1ND -L Q

�JU(½D��� WLW L L SD�ML�] QD �O(QJZD��� H S«� O ( PLD O 6W(V SDU

WLW L SD�L�] µLO GLDOHWWR q XQD OLQJXD« OD OLQJXD GHOOD 9DO�

OH« Vt PD« DQFKH OH DOWUH YDOOL KDQQR LO ORUR� H L ODJKL H

OH SLDQXUH� $QFKH JL~ LQ *UHFLD� WXWWL L SDHVL XQD OLQJXD� H

SRL� QRQ q OR VWHVVR SHU WXWWL L SDHVL¶

*D�*LXV� XO GLD�O(W O H NXO ND VHQ YH�jL �JUH�Q½ D SDU�OD GLD�O(WW µLO

GLDOHWWR q TXHOOR FKH VLDPR YHQXWL JUDQGL D SDUODU GLDOHWWR¶

&R�$O� P� VX PLD��� PDL SHQ�VX� QRQ ½2 PDM SHQ�VDWR��� PD� E( 8O

GLD�O(W O ( LO OL1�JZDÂ�R NZL GHM SD(�]DQL��� �½2À( GHO

SD�H]H��� D �SDUOXP XO GLD�O(W D ND� H SRM L D�PL�] H L

SD�UH�QW µPP� QRQ VR� PDL SHQVDWR� QRQ FL KR PDL SHQVDWR�

PD« EH¶ LO GLDOHWWR q LO OLQJXDJJLR TXL GHL SDHVDQL� FLRq�

GHO SDHVH� SDUODPR GLDOHWWR D FDVD H SRL JOL DPLFL H L SD�

UHQWL¶«

$O�%DW� X O ( QD �O(1JZD �VHQ¹D OD JUD�PDWLND µq XQD OLQJXD VHQ]D

OD JUDPPDWLFD¶

7XWWH TXHVWH GHILQL]LRQL LQVLVWRQR VXO FRQFHWWR FKH ©LO GLDOHWWR q OD QRVWUD

OLQJXD� q OD OLQJXD GL TXLª� D SDUWH LO IRUWH YDORUH GL PDUFD LGHQWLWDULD FKH LO

OLQJXDJJLR DQFKH LQ TXHVWR FDVR VHPEUD DYHUH� PL SDUH LQWHUHVVDQWH QRWDUH OD

PDWULFH ORFDOLVWLFD H GLIIHUHQ]LDQWH� VHPEUD FKH OD GHILQL]LRQH GHO GLDOHWWR

� 6L QRWL OD ^\` GL DEW\�HW� OD IRUPD SL~ IUHTXHQWH �q VROR XQ¶LPSUHVVLRQH� q FRQ ^X`� PHQ�

WUH QRQ ULFRUGR GL HVVHUPL PDL LPEDWWXWR LQ XQ DEWL�DW�

'$//$ 3$57( '(/ 3$5/$17( ���

VLD IDWWD SHU FRQWUDVWR ULVSHWWR DG DOWUH HVSHULHQ]H OLQJXLVWLFKH FKH ©LO QRVWUR

GLDOHWWRª QRQ VRQR�� 9HGLDPR OD SL~ DPSLD RSLQLRQH GL

'U�6L H EH LO GLD�O(WWR �( OD �OL1JZD NRPH VL �( WUDVIRU�PDWD GD�NZHVWH �SDUWL

*DE� PD �NZDOH �OL1JZD"

'U�6L� EH OD �QRVWUD�

*DE� Q2 LQ�WHQGR �NZDOH �OL1JZD VL �( WUDVIRU�PDWD"

'U�6L� PP��� O LWD�OMDQR Q2 �NZHOOD NH VL SDU�ODYD NZL �SULPD Q2QV2 LO ORQJR�EDUGR���

*DE� H SHU�N( VL �( WUDVIRU�PDWD"

'U�6L� ½2�( WXWWH OH �OL1JZH VL WUD�VIRUPDQR��� X�( PD �YDUGD P S2

N X P GX�PDQGD PL O V2 PH6�W( >ULVDWH@

*DE� Q2 �GL]L SDU�N( WLW L SD�ML] L D1 XO OX�U GLD�O(W� GLIIH�UHQWH GDd

�DOWUL"

'U�6L� D EH HK �YDUMD VX Q2 OD GLVWDQ�¹D S2L XQD �Y2OWD HUDQR�WXWWH��� WXWWL L SD�HVL �NMX]L XQ S2 L]R�ODWL� PD�O(VNR SHU

H�]HPSLR �( PROWR GL�YHUVR >«@�

/¶DQDOLVL� QHOOH VXH OLQHH SRUWDQWL� q ©HWLFDPHQWHª FRUUHWWD� DO GL Oj

GHOO¶LQGLFD]LRQH GHO ORQJREDUGR�� LO GLDOHWWR q SUHVHQWDWR FRPH OLQJXD DXWR�

QRPD� QRQ FRUUX]LRQH GHOO¶LWDOLDQR� VHPEUD LQROWUH LQWHUHVVDQWH LO VXJJHUL�

PHQWR FKH OH YDULHWj SUHVHQWL LQ YDOOH VLDQR GLIIHUHQ]LDWH OH XQH GDOOH DOWUH

VLD SHUFKp XQ WHPSR L FROOHJDPHQWL HUDQR SL~ GLIILFLOL� VLD SHU OD SUHVHQ]D GL

IRUWL H FKLXVH UHWL GL FRHVLRQH VRFLDOH �©SDHVL FKLXVLª�� /R VWHUHRWLSR SHUz q

VHPSUH LQ DJJXDWR� LQYHFH GL DIIURQWDUH OH FDXVH GHOOD YDULD]LRQH LQWHUQD VH

QH ID O¶HVHPSLR SL~ HFODWDQWH� 0DOHVFR� ,QROWUH LO GLDOHWWR q VHPSUH LO QRVWUR

GLDOHWWR� H OD VXD GHILQL]LRQH DYYLHQH FRPXQTXH SHU FRQWUDVWR��

� 6L QRWL DQFKH FKH QRQ HUD FKLHVWR ©FKH FRV¶q LO YRVWUR GLDOHWWRª� PD TXHVWD SUHVXSSRVL�

]LRQH q VWDWD GDWD SHU QRUPDOH GD WXWWL� LO GLDOHWWR q LO PLR GLDOHWWR� IDUH XQ GLVFRUVR VXO GLD�

OHWWR LQ JHQHUDOH HVFH GDO FDPSR GL LQWHUHVVH GHL SDUODQWL YLJH]]LQL �H LQYHUR SUREDELOPHQWH

LQ JHQHUDOH GL WXWWL FRORUR FKH QRQ VRQR OLQJXLVWL��� µ*XDUGD XQ SR¶ FKH PL GRPDQGD D PH GHO VXR PHVWLHUH� QR� GLFR SHUFKp WXWWL L SDHVL

KDQQR LO ORUR GLDOHWWR«¶� 3HUDOWUR� QRQ HVVHQGR FKLDUD OD GLVWLQ]LRQH IUD OLQJXH QHRODWLQH H JHUPDQLFKH Qp

O¶DSSDUWHQHQ]D GHO ORQJREDUGR D TXHVWH XOWLPH� QRQ q QHDQFKH SUHVXSSRVWD TXHOOD JUDQGH

GLIIHUHQ]D VWUXWWXUDOH FKH O¶DIIHUPD]LRQH VXVFLWD DOOH RUHFFKLH GHO OLQJXLVWD�� 9HUDPHQWH RJQL GHILQL]LRQH DYYLHQH SHU FRQWUDVWR� ©&KH FRVD IDUHEEH LO WXR EHQH� VH

QRQ HVLVWHVVH LO PDOH" ( FRPH DSSDULUHEEH OD WHUUD� VH QH VSDULVVHUR OH RPEUH" /H RPEUH SUR�

YHQJRQR GDJOL XRPLQL H GDOOH FRVH� (FFR O¶RPEUD GHOOD PLD VSDGD� 0D FL VRQR OH RPEUH GHJOL

DOEHUL H GHJOL HVVHUL YLYHQWL� 9XRL IRUVH VFRUWLFDUH WXWWR LO JORER WHUUHVWUH� SRUWDQGRJOL YLD

��� ,/ ',$/(772 3(5&(3,72

$QFKH DG XQ OLYHOOR XQ SR¶ PHQR HVSOLFLWR� TXHOOR GHWHUPLQDWR GDJOL DU�

JRPHQWL GL FRQYHUVD]LRQH FRUUHQWL VXOOD OLQJXD �QRQ KR LQGDJLQL VLVWHPDWL�

FKH� PL EDVR TXL VX LPSUHVVLRQL�� VL ULWURYDQR FDWHJRULH PROWR VLPLOL� VR�

SUDWWXWWR OD YDULHWj GLDOHWWDOH GHOOD 9DOOH� SRL LO GHFOLQR GHL GLDOHWWL H OH VXH

FDXVH� O¶HGXFD]LRQH OLQJXLVWLFD IDPLOLDUH H VFRODVWLFD� LO IDWWR FKH FRQ JOL

HVWUDQHL VL SDUOD LQ LWDOLDQR� ( G¶DOWUD SDUWH TXHVWL VRQR L WHPL FKH VHFRQGR LO

GDWWLORVFULWWR GL 0DUWHO ������ ������ VWLPRODQR L GLVFRUVL VXOOD OLQJXD�

� GHILQL]LRQH GHOO¶DUHD FXOWXUDOH �3URYHQ]D QHO VXR FDVR�

� L VHQWLPHQWL GL DSSDUWHQHQ]D R LQWHJUD]LRQH D XQD FRPXQLWj

� SHUGLWD GL YLWDOLWj GHO GLDOHWWR

� YDULD]LRQH GLDOHWWDOH�

&RPH VL YHGH UXRWDQR WXWWL LQWRUQR DOOD YDULD]LRQH� q SHUDOWUR YHURVLPLOH

FKH QRQ FL VL LQWHUHVVL DOOD VWUXWWXUD LQWHUQD GHOOD SURSULD OLQJXD� FKH q GDWD

SHU VFRQWDWD� VH QRQ LQ FDVL HFFH]LRQDOL �SDUDOOHOLVPL VWUDQL� DUFDLVPL H FRVt

YLD�� VROR OD FRPSDUD]LRQH SHUPHWWH OD SUHVD GL FRVFLHQ]D�� QRQ VL SXz FLRq�

DOPHQR GDL GDWL D PLD GLVSRVL]LRQH H QHOOD VLWXD]LRQH OLQJXLVWLFD GHOOD YDO

9LJH]]R� VWXGLDUH ©FRPH q FRQFHSLWR LO SURSULR GLDOHWWRª VH QRQ SHU FRQWUD�

VWR� VLD HVVR FRQ O¶LWDOLDQR R FRQ DOWUH YDULHWj GLDOHWWDOL�� 'D TXL LO WLWROR GL

TXHVWR ODYRUR� UHD]LRQL DO FDPELR SHUFKp LQ FHUWR VHQVR UHD]LRQL GHOOD FR�

VFLHQ]D OLQJXLVWLFD WRXW FRXUW�

'¶DOWUR FDQWR 6FKHUIHU ������ ���� PHWWH LQ JXDUGLD FRQWUR XQD HFFHVVLYD

HQIDWL]]D]LRQH GHOOD FRQVLGHUD]LRQH GHO FDPELR OLQJXLVWLFR GD SDUWH GHO SDU�

ODQWH� QHOOD VXD FRQFH]LRQH GHOOD FRVFLHQ]D OLQJXLVWLFD FRPH SDUWH GHO VDSHUH

FRPXQH �VDYRLU FRPPXQ�$OOWDJVZLVVHQ��� FKH JHQHUD DO SURSRVLWR QHO SDU�

ODQWH ©HWKQR�WKpRULHV VpPL�FRQVFLHQWHVª H ©LQWHUSUpWDWLRQV SUp HW TXDVL�

WXWWL JOL DOEHUL H WXWWR TXDQWR F¶q GL YLYR SHU LO WXR FDSULFFLR GL JRGHUWL OD OXFH QXGD" 6HL

VFLRFFR�ª %XOJDNRY� ,O 0DHVWUR H 0DUJKHULWD� HG� LW� 7RULQR� (LQDXGL ����� ����� $ SULPD YLVWD SRWUHEEH VHPEUDUH XQ¶HFFH]LRQH OD ILRUHQWH ULIOHVVLRQH JUDPPDWLFDOH VDQ�

VFULWD� SHUz DQFKH VH SHU 3_DèQLQL H 3DWDxMDOL OD TXHVWLRQH q DQFRUD DSHUWD �VH FLRq LO VDQVFULWR

DL ORUR WHPSL IRVVH XQD OLQJXD DQFRUD LQ FHUWD PLVXUD SDUODWD� q FRPXQTXH HYLGHQWH FKH WXWWL

FRVWRUR DYHYDQR O¶HVHPSLR TXRWLGLDQR H UHODWLYL]]DQWH GL DOPHQR XQ SUDFULWR�

� 8Q¶DOWUD HVSHULHQ]D GL ULFHUFD FKH DSSRJJLD TXHVWD YLVLRQH GHOOD FRVH� 0RUHWWL ����

SDVVLP ULOHYD FKH D &HYLR L SDUODQWL SL~ FRQVHUYDWLYL KDQQR XQD PDJJLRUH DFXWH]]D PHWDOLQ�

JXLVWLFD ULVSHWWR DL JLRYDQL� TXHVWR� DUJRPHQWD� DFFDGH SHUFKp JOL DQ]LDQL SRVVHJJRQR HQ�

WUDPEH OH YDULHWj GHO GLDOHWWR� FRQVHUYDWLYD HG LQQRYDWLYD� PHQWUH L JLRYDQL FRQRVFRQR VROR

TXHOOD LQQRYDWD�

� ©/D FRQVFLHQFH OLQJXLVWLTXH HVW LQWLPHPHQW OLpH j XQH SUDWLTXH GH FRPPXQLFDWLRQ

YHUEDOH GX IDLW TX¶HOOH UHIOqWH G¶XQH PDQLHUH GHVFULSWLYH RX HYDOXDWLYH FHUWDLQV DVSHFWV GH

FHOOH�FL HQ FRQWULEXDQW DLQVL DX[ SRVVLELOLWpV GH OD FRPXQLFDWLRQ� DX[ FDUDFWpULVWLTXHV GX�GHV

V\VWqPH�V� FRPPXQLFDWLI�V� HW j OD FRKHUpQFH G¶XQH FRPPXQDXWp OLQJXLVWLTXH GRQQpHª

�6FKHUIHU ����� �����

'$//$ 3$57( '(/ 3$5/$17( ���

VFLHQWLILTXHVª� LO JLXGL]LR VSRQWDQHR GHO ORFXWRUH VXOOD VXD OLQJXD q LUULIOHV�

VR� q XQ IDWWR H EDVWD� FRPH VDOLUH XQD VFDOD� H PROWL IHQRPHQL FRPH LO FDP�

ELR OLQJXLVWLFR GLDWRSLFR SRVVRQR HVVHUH GDWL SHU VFRQWDWL H ©QRUPDOLª GDO

SDUODQWH� �$QFRUD XQD YROWD VL FRQVWDWD OD JUDQGH LQIOXHQ]D FKH LO PHWRGR

G¶LQFKLHVWD SXz DYHUH VXOO¶RWWHQLPHQWR H VXO PHULWR GL TXHVWL JLXGL]L�� 1RQ�

GLPHQR OH SRFKH FRQVLGHUD]LRQL LUULIOHVVH LQ JHQHUH YHUWRQR DSSXQWR VXOOD

YDULD]LRQH GLDWRSLFD H� PHQR LQ YDOOH 9LJH]]R� VX TXHOOD GLDFURQLFD� VDUj DQ�

FKH GDWD� TXHVWD� OLQJXLVWLFDPHQWH SHU VFRQWDWD� PD LO ©VDSHUH FRPXQHª VL

SDVFH GL VWHUHRWLSL H WHQWDWLYL GL FRHVLRQH H GLIIHUHQ]LD]LRQH�

4XDQWR DOOD ULVSRVWD GL $O�%DW� �VL ULFRUGL� PDHVWUD� X O ( QD �O(1JZD

�VHQ¹D OD JUD�PDWLND µq XQD OLQJXD VHQ]D OD JUDPPDWLFD¶� GHYR GLUH FKH PH

QH DVSHWWDYR GL SL~ IUHTXHQWL VX TXHVWR WRQR� DQFKH SHUFKp LPPDJLQDYR FKH

OD PLD SRVL]LRQH GL LQWHUYLVWDWRUH�OLQJXLVWD DYUHEEH VWLPRODWR ULIOHVVLRQL R

FRQVLGHUD]LRQL LQ WDO VHQVR �VXO JHQHUH GL ©q XQD OLQJXD VEDJOLDWDª R ©q XQD

FRVD PLVFKLDWDª�� IRVV¶DQFKH VROR SHU IDUPL SLDFHUH��� 5LWHQJR FKH OD PDJ�

JLRU SDUWH GHOOH SHUVRQH VHPSOLFHPHQWH QRQ FL DEELD PDL SHQVDWR� VH LO GLD�

OHWWR DYHYD R QR XQD JUDPPDWLFD� VROR OH PDHVWUH �FRQ O¶HFFH]LRQH GL

&R�*H�� R FRPXQTXH FKL KD XQ¶RSLQLRQH SL~ ULIOHVVD WHQGRQR D QRQ ULFRQR�

VFHUJOLHQH XQD� &IU� LQIDWWL OD FLWDWD RSLQLRQH GL 0DJLVWULV ����� ���� ©LO

GLDOHWWR >«@ VSHVVR QRQ KD XQD WUDGL]LRQH JUDILFD H TXLQGL q SULYR GL RJQL

IRQGDPHQWR JUDPPDWLFDOH� 3HU TXHVWR q VRJJHWWR D LQILQLWH YDULDQWL� FKH UHQ�

GRQR GLIILFLOH ILVVDUQH OH QRUPHª H O¶RSLQLRQH �SL~ SRVVLELOLVWD� GL 9L�%HQ�PD� OD JUDP�DWLND DG XO GLD�O(W��� O ( PL�D QD JUD�PDWLND YHUD D �GL]XP

�6WDELOH��� �ILVVD D VD�U(V PLD O ( �SMHQD DW H½H�¹MXQ µPDK� OD JUDPPDWLFD GHO

GLDOHWWR« QRQ q XQD JUDPPDWLFD YHUD� GLFLDPR VWDELOH� ILVVD� QRQ VDSUHL� q

SLHQD GL HFFH]LRQL¶�

0D QRQ VDUj FKH� SHU OD WUDGL]LRQH VFRODVWLFD� OD JUDPPDWLFD q LO OLEUR

GHOOD JUDPPDWLFD" 3HU 0DJLVWULV �SURIHVVRUH� LO GLDOHWWR QRQ FH O¶KD SHUFKp

QRQ KD XQD WUDGL]LRQH JUDILFD� SHUFKp� LQ XOWLPD DQDOLVL� QRQ q VFULWWR LQ XQ

OLEUR��� , JLRYDQL LQ JHQHUDOH VRQR PHQR VHGRWWL GD TXHVWD LGHD� 2U�$QJ� OD

JUDPPDWLFD FH O¶KD EHQ DQFKH LO GLDOHWWR� PDJDUL XQ SR¶ PHQR ULJLGD PD«

VL EHQ� LR QRQ OD VDSUHL VFULYHUH� PD LQ JHQHUDOH L PLHL FROODERUDWRUL �WUD FXL�

LQ XQ VHFRQGR WHPSR� DQFKH $O�%DW� H 9L�%HQ� � FIU� � ,9��������� VWLPRODWL

VXO IDWWR FKH O¶©HUURUHª HVLVWH DQFKH LQ GLDOHWWR� H FKH VRQR EHQ FDSDFL GL UL�

OHYDUOR� DFFRQVHQWRQR IDFLOPHQWH DG DFFRUGDUH XQD QRUPD H TXLQGL XQD

�� 1RQ F¶q QXOOD GD IDUH� SHU TXDQWR ©VSRUWLYRª SRVVD DSSDULUH� LO OLQJXLVWD q SHU GHILQL�

]LRQH JUDPPDWLFR H SXULVWD� H DQLPDWR GD VDFUR RUURUH SHU LO QXRYR H LO PHVFLGDWR�

�� &IU� 0DUWHO LQ %RXYLHU�0DUWHO ����� ��� H OH VLPLOL HVSHULHQ]H IUDQFHVL �VRSUDWWXWWR

0RXJLQ ����� SHU L FXL LQIRUPDWRUL LO SDWRLV QRQ KD YHUEL � IRUVH SHUFKp� GLFR LR� QRQ QH VWX�

GLDQR D PHPRULD OH HFFH]LRQL��

��� ,/ ',$/(772 3(5&(3,72

JUDPPDWLFD DO GLDOHWWR� &R�*L� SD�U2 D O ( SL GL�IL½LO NH O LWD�OMD1 µSHUz q SL~

GLIILFLOH GHOO¶LWDOLDQR�¶

5LPDQH LO IDWWR FKH XQD OLQJXD� SHU HVVHUH ©VHULDª� GHYH DYHUH XQD VFULWWX�

UD� H TXHVWR GHOOD ILVVD]LRQH VXOOD FDUWD PL VHPEUD XQ EXRQ LQGLFDWRUH SHU

TXHO WLSR GL FRVFLHQ]D FKH QRQ q DQFRUD FRQVDSHYROH]]D LQGRWWD� H ULHVFH D

GDUH XQ TXDGUR ©VWDWLFRª GHOOD VLWXD]LRQH� DO GL Oj GHO FRQIURQWR FRQ LO FDP�

ELDPHQWR� 6FULYHQGR� L SDUODQWL UDSSUHVHQWDQR OD SURSULD OLQJXD LQ SDUWH FR�

PH SHQVDQR FKH VLD� H LQ SDUWH FRPH YRUUHEEHUR FKH IRVVH� &L VRIIHUPHUHPR

XQ SRFR VXOOH WHVWLPRQLDQ]H JUDILFKH� SULPD GL GHGLFDUFL DOOD FRVFLHQ]D GHO

FDPELDPHQWR�

,9��� ,O GLDOHWWR SHU LVFULWWR

,9���� $QFKH VROR IDUH FHQQR DOOH PRWLYD]LRQL FKH VSLQJRQR O¶XRPR D

PHWWHUH SHU LVFULWWR OD SURSULD OLQJXD q FRVD FKH HVXOD JUDQGHPHQWH GDJOL

VFRSL H GDL OLPLWL GL TXHVWR ODYRUR��� PL OLPLWHUz TXL D VXJJHULUH TXDOFKH LQ�

GLFD]LRQH VXOOD WLSRORJLD ©VXSHUILFLDOHª �RVVLD IHQRPHQLFD� GHJOL VFULSWD

GLDOHWWDOL FKH VL LQFRQWUDQR LQ YDO 9LJH]]R �R WDORUD SL~ JHQHULFDPHQWH

QHOO¶2VVROD��

/D FRVD SHUz QRQ q SULYD GL LQWHUHVVH� TXDOL FKH SRVVDQR HVVHUH OH PRWL�

YD]LRQL FKH OR VSLQJRQR D IDUOR� LO SDUODQWH FKH GHFLGH GL WUDPDQGDUH FRQ OD

VFULWWXUD OD SURSULD OLQJXD �H QHO FDVR GHO YLJH]]LQR OLQJXD� VL EDGL� JHQHUDO�

PHQWH VROR RUDOH� QRQ XIILFLDOH� SULYD GL WUDGL]LRQH JUDILFD R EXURFUDWLFD�

IRUVH QHSSXUH HVLVWHQWH FRPH HQWLWj ©OLQJXDª DO GL Oj GHOOD SDUFHOOL]]D]LRQH

GHOOH PLFURYDULHWj� VL WURYD GDYDQWL DG XQD VHULH GL SUREOHPL H GL VFHOWH� ( OH

VROX]LRQL FKH YHQJRQR GL YROWD LQ YROWD WURYDWH FL SRVVRQR GDUH LQGLFD]LRQL

VXOOD FRVFLHQ]D OLQJXLVWLFD GL FKL OH HODERUD� 6L WHQJD SHU O¶LQWDQWR SUHVHQWH

FKH OD VFULWWXUD q FRPXQTXH VHPSUH YLVWD FRPH XQD XIILFLDOL]]D]LRQH GHO

�� 6L VSHFLILFD ©OD SURSULD OLQJXDª� HYLGHQWHPHQWH q GLYHUVR ILVVDUH YLVLYDPHQWH OD OLQJXD

R HVSULPHUH JUDILFDPHQWH XQ FRQFHWWR R XQ SHQVLHUR WRXW FRXUW� /D VHFRQGD GL TXHVWH SRVVL�

ELOLWj �FKH Gj OXRJR D YDULH WLSRORJLH GL VFULWWXUH QRQ OLQJXLVWLFKH� QRQ QHFHVVDULDPHQWH SUH�

YHGH XQ OLQJXDJJLR VWUXWWXUDOPHQWH GHWHUPLQDWR FRPH SULXV ORJLFR H FURQRORJLFR� QRQ q GHWWR

FLRq FKH LO OLQJXDJJLR SDUODWR� O¶RUDOLWj� GHEED SUHFHGHUH QHFHVVDULDPHQWH OD VFULWWXUD FKH GL

TXHVWD GXQTXH VDUHEEH VFLPPLD� �&IU� $QJLRQL ����� ��� ©QXOOD FL ID SURSHQGHUH� D EHQ YH�

GHUH� SHU XQD FRPSDUVD H XQR VYLOXSSR SL~ QDWXUDOH GHO OLQJXDJJLR VRQRUR SUHOLPLQDUH D IRU�

PH GL OLQJXDJJLR JUDILFR� Ê OD VWHVVD FDSDFLWj XPDQD� OD ULIOHVVLRQH� D GHWHUPLQDUH ILQ GDL

SULPRUGL RJQL WLSR GL OLQJXDJJLR� IRQLFR� JHVWXDOH� JUDILFR H GL RJQL DOWUR JHQHUH� FRPSUHVD

OD FRPPLVWLRQH GL SL~ FRGLFLª�� 4XHVWR SHU TXDQWR ULJXDUGD OD FRPXQLFD]LRQH LQ JHQHUDOH� q

QRUPDOH LQYHFH FKH OD WUDVSRVL]LRQH JUDILFD GL XQD OLQJXD SDUODWD D TXHVWD GHEED QHFHVVDULD�

PHQWH HVVHUH SRVWHULRUH� &IU�� SHU O¶DUJRPHQWR� &DUGRQD ����� ����� ���� H VRSUDWWXWWR

�����

'$//$ 3$57( '(/ 3$5/$17( ���

SDUODWR� XQD VXD QRELOLWD]LRQH� XQ SDVVDJJLR DOOD SRVWHULWj SRWHQ]LDOH��� DOORUD

TXDOH WLSR �UHJLVWUR� YDULHWj GLDWRSLFD� FRGLFH� YDULHWj GLDVWUDWLFD� GL OLQJXD q

ULWHQXWR GHJQR GL HVVHUH VFULWWR" H SRL� TXDOL VDUDQQR OH QRUPH JUDILFKH GD

DGRWWDUH� R PHJOLR� FRPH YDOH OD SHQD GL VFULYHUH LO GLDOHWWR"

( DQFRUD� GL TXDOL DUJRPHQWL q EHQH FKH VL VFULYD LQ GLDOHWWR" TXDO q� LQ

DOWUH SDUROH� OD IXQ]LRQH GHO GLDOHWWR � GHO GLDOHWWR VFULWWR � DOO¶LQWHUQR GHO UH�

SHUWRULR OLQJXLVWLFR GHOOD FRPXQLWj" TXDO q OD VXD YLWDOLWj �LQ VHQVR WHUUDFL�

QLDQR� H LO VXR SUHVWLJLR" $G DOFXQH GL TXHVWH GRPDQGH VL WHQWHUj GL GDUH UL�

VSRVWH SDU]LDOL� FLRq VROWDQWR OLQJXLVWLFKH� H QRQ DQWURSRORJLFKH R VHPLRWL�

FKH�

,9����� 'XH VRQR L PRGHOOL GL VFULWWXUD GLDOHWWDOH GHOOD 9DOOH� SUHVVRFFKp

HVFOXVLYL� GD XQD SDUWH OD SRHVLD H GDOO¶DOWUD TXHOOR FKH SRWUHPPR JHQHULFD�

PHQWH FKLDPDUH LO JORVVDULR� FLRq OD OLVWD OHVVLFDOH R GL SURYHUEL� GHWWL WLSLFL H

SDUDJRQL VWDQGDUGL]]DWL��� D TXHVWH WLSRORJLH VL FROOHJDQR L EUHYL WHVWL UHSHUL�

ELOL VX JLRUQDOL ORFDOL R SDUURFFKLDOL� R QHOOH ULFHUFKH VFRODVWLFKH GHL EDPELQL

�LQ TXHVWR FDVR QRUPDOPHQWH SLXWWRVWR JORVVH GLDOHWWDOL DOO¶LQWHUQR GL XQ WH�

VWR LWDOLDQR�� R JOL VFULWWL ©SHUVRQDOLª GL ULFHUFDWRUL YDOOHUDQL� 8Q SRVWR D

SDUWH YLHQH RFFXSDWR GDOOH UDSSUHVHQWD]LRQL WHDWUDOL LQ GLDOHWWR �VFHQHWWH OH�

JDWH DOO¶DWWXDOLWj R DOOD ULHYRFD]LRQH LSHUFDUDWWHUL]]DQWH GL SHUVRQDJJL� YLYL R

GHIXQWL� GHO SDHVH��

(QWUDPEL L WLSL PDQLIHVWDQR� DSSXQWR SHU OD ORUR IXQ]LRQH� XQ¶RUJDQL]]D]LRQH

WHVWXDOH SLXWWRVWR ODVFD� QRQ VL DUJRPHQWD R VRVWLHQH QXOOD Qp LQ XQD SRHVLD �DO�

PHQR� QRQ LQ TXHOOH GHOOD 9DOOH«� Qp LQ XQ JORVVDULR� H QHSSXUH VWULFWR VHQVX VL

GHVFULYH FRHUHQWHPHQWH DOFXQFKp� HVVHQGR L FRPSRQLPHQWL SRHWLFL GL FDUDWWHUH

SHU OR SL~ OLULFR H LPSUHVVLRQLVWLFR� YROWL SL~ D HYRFDUH FKH D UDFFRQWDUH� 4XHVWR

SXz JLj GDUH XQ¶LQGLFD]LRQH VXO IDWWR FKH LO GLDOHWWR VFULWWR q LQ 9DOOH SUHYD�

OHQWHPHQWH XQ¶RSHUD]LRQH GL ULDVFROWR GHOOD PHPRULD� *OL DXWRUL QRQ VRQR

PDL JLRYDQLVVLPL� H OH WHPDWLFKH� TXDQGR QRQ VL ULGXFRQR D HVSOLFLWH ODXGD�

WLRQHV WHPSRULV DFWL� VL DFFHQWUDQR VXOOD ULHYRFD]LRQH GL DWPRVIHUH H VHQVD�

�� &IU� &R�&$� P���� D M ( PLD GD �G]2j��� PD� �6NULY XO GLD�O(W��� VL Q2 PL D 6NULYDU�(V SL� O

LWD�OMD1 PD D �GL-L��� NZD1 N D �Y(GL LQD SXH�]LD R VX PLD Q ¹D�NZH LQD �SDÂLQD �VNULFD -L LQ

GLD�O(W X ID Q E«O HI�HW��� X V �S(QVD E21 NH6 NL� O ( XO PLR GLD�O(W H DO�P(QR L PD�WH�6 L �S2V¼Q

�O(]DO NZD1 N D V SDUOD�UD SL� µPP� QRQ F¶H ELVRJQR« PD¶ VFULYHUH LO GLDOHWWR« VL� QR� LR

VFULYHUHL SL~ O¶LWDOLDQR« PD GLFR« TXDQGR YHGR XQD SRHVLD R QRQ VR� XQ TXDOFRVD� XQD SD�

JLQD VFULWWD JL~ LQ GLDOHWWR� ID XQ EHOO¶HIIHWWR« VL SHQVD� EH¶� TXHVWR q LO PLR GLDOHWWR H DOPH�

QR L UDJD]]LQL SRVVRQR OHJJHUOR TXDQGR QRQ VL SDUOHUj SL~¶��� , SDUDJRQL VWDQGDUGL]]DWL VRQR GHJQL GHO PDVVLPR LQWHUHVVH� DQFKH LQ UHOD]LRQH DOOH YL�

VLRQL GHOOD OLQJXD� H PL VSLDFH GL QRQ SRWHUPHQH RFFXSDUH SL~ D IRQGR� XQ ODYRUR SLXWWRVWR

LQWHUHVVDQWH LQ WDO VHQVR �PD q SRVVLELOH FKH YH QH VLDQR DOWUL GD FXL O¶LJQRUDQ]D PL WLHQH

ORQWDQR�� DQFKH SHU TXDQWR ULJXDUGD O¶DUHD GL ULOHYDPHQWR� q )UDQFLROOL ����� XQD WHVL GL OL�

FHQ]D LQHGLWD GLUHWWD GD %HUUXWR� �2OWUH DO FODVVLFR .ROOHU ������

��� ,/ ',$/(772 3(5&(3,72

]LRQL SDVVDWH� GL WLSR VSLFFDWDPHQWH DOSHVWUH H JHRUJLFR� DQFKH O¶RSHUD]LRQH

GL FRPSLODUH XQ JORVVDULR ©FRQ OH YHFFKLH SDUROHª YD HYLGHQWHPHQWH LQ TXH�

VWD GLUH]LRQH� FRVt FRPH SXUH OH ULFHUFKH VFRODVWLFKH H L EUDQHWWL VXL FDOHQGD�

UL���

6L VWDPSD LQIDWWL DQQXDOPHQWH LQ 9DOOH XQ &DOHQGDUL 9LJH]LQ� QHO TXDOH

WURYDQR SRVWR SURYHUEL� GHWWL H ER]]HWWL GL VLWXD]LRQL H SHUVRQDJJL� DOFXQL GHL

TXDOL LQ GLDOHWWR� RUD� PHQWUH OH SRHVLH R L JORVVDUL VRQR ©ORFDOLª� QHO VHQVR

GL JHRJUDILFDPHQWH GHWHUPLQDWL D OLYHOOR GL YLOODJJLR� LO FDOHQGDULR SUR�

JUDPPDWLFDPHQWH VL ULYROJH DOOD LQWHUD FRPXQLWj GHOOD 9DOOH �HG q FRPSLODWR

D FXUD GHJOL VWXGHQWL GHOOD VFXROD PHGLD GL 6DQWD 0DULD 0DJJLRUH� D FXL FRQ�

IOXLVFRQR UDJD]]LQL GD WXWWL L SDHVL�� /D YDULHWj JHRJUDILFD FKH YLHQH SURSR�

VWD q GL WLSR JHQHULFDPHQWH FHQWUDOH� SLXWWRVWR YLFLQD D TXHOOH GL 6DQWD 0DULD

0DJJLRUH� 'UXRJQR� 7RFHQR H &UDYHJJLD� LQ SDUWLFRODUH à( HG à2 VRQR UHVL

FRQ H� ?8 FRQ L� OH SDODWDOL FRQ O¶DIIULFDWD �VLD QHO FDVR GL & � ( HFF�� VLD QHOOD

ULVROX]LRQH GHL QHVVL &/� &7 H VLPLOL���� VL KD O¶LPSUHVVLRQH FKH OD OLQJXD VLD

TXHOOD ULVXOWDQWH GDOOD FRPELQD]LRQH GL WXWWL L WUDWWL >�@ QHOOD WDEHOOD GL

,��������

&RPXQTXH LQ GLDOHWWR VL VFULYH SRFR� DQFKH WUDWWDQGR GL DUJRPHQWL ORFDOL�

H DQ]L VPDFFDWDPHQWH FRPLFL� OD OLQJXD XVDWD q O¶LWDOLDQR� KR VRWWR JOL RFFKL

XQ SDLR GL QXPHUL GL XQ JLRUQDOHWWR VDWLULFR� FKH VL SXEEOLFD DQQXDOPHQWH D

&DUQHYDOH� ©XO %D]]DOHVNª��� q GLYLVR LQ SDJLQH RJQXQD ULJXDUGDQWH XQ FR�

PXQH GHOOD 9DOOH FRQ OH VXH IUD]LRQL� H ULSRUWD VFKHU]L� DQHGGRWL H LQGRYL�

QHOOL WDORUD DG SHUVRQDP� 7XWWDYLD GL GLDOHWWDOH QRQ F¶q SUDWLFDPHQWH QXOOD� D

SDUWH LO VRWWRWLWROR GHO JLRUQDOH �©TXDQG X ILVFKLD XO ED]]DOHVN� FDUD JHQW� DLH

GD VWD IUHVNª µTXDQGR ILVFKLD LO ED]]DOHVN� FDUD JHQWH� F¶q GD VWDUH IUHVFKL¶� H

TXDOFKH YLJQHWWD GLVHJQDWD QHOOH SDJLQH LQWHUQH� $QFKH QHOO¶DOWUR JLRUQDOH D

�� *LRYDQQL /HRQL GHWWR QRQ D FDVR 7RURWRWHOD� GL 'RPRGRVVROD� FKH UDJJLXQVH XQD FHUWD

QRWRULHWj DQFKH DO GL Oj GHL FRQILQL VWUHWWDPHQWH ORFDOL� DYHYD XQD FRQFH]LRQH GLYHUVD GHOOD

SRHVLD GLDOHWWDOH� SL~ FLYLOH H FRPEDWWLYD� YHUR q FKH VFULYHYD DOO¶LQL]LR GHO VHFROR� TXDQGR L

µEHL WHPSL DQGDWL¶ HUDQR DQFRUD Oj H QHVVXQR DYHYD YRJOLD GL ORGDUOL �FIU� *LDQQD 0DUFDWR

����� ©GLDOHWWR q IDPH� q IUHGGR«ª���� 8Q HVHPSLR SHU WXWWL� LO QRPH GHOOD VHWWLPDQD µJLRYHGt¶ q UHVR QHO &DOHQGDUL 9LJH]]LQ

FRQ JHELD �YHURVLPLOPHQWH ^�ÂHEMD`� H QRQ FRQ ^-«EMD` R ^«EMD` R ^É(EM(�É(EMD`� VROX]LRQL

GL &RLPR� 9LOOHWWH� 0DOHVFR��� %HQLQWHVR FRPH FRQYHQ]LRQH JUDILFD� FKH QRQ ULVSHFFKLD LQ DOFXQ PRGR XQR VWDWR GL

OLQJXD HIIHWWLYDPHQWH SDUODWR TXDOH SRWUHEEH HVVHUH OD ©NRLQq SHU GHSXUD]LRQHª GL 3HOOHJULQL��� ©%D]]DOHVNª q XQD YDULDQWH GHOOD YRFH GD PH UDFFROWD D 6PP� EDUÉD�O(6N �SUREDELO�

PHQWH µEDVLOLVFR¶�� FKH FRUULVSRQGH VHPDQWLFDPHQWH D TXHOOD GL &RLPR EL6D�ND1 �µELVFLD�

FDQH¶� GL DWWHVWD]LRQH YDULD�� LO UHIHUHQWH q�GHVFULWWR FRPH XQD VHUSH FRQ WHVWD GL JDWWR� FUHVWD

GL JDOOR H SHOR URVVLFFLR� VH LQFRQWUDWR KD LO SRWHUH� WUD JOL DOWUL� GL ©SUHQGHUWL OD IDYHOODª

JXDUGDQGR QHJOL RFFKL OD YLWWLPD� DOWURYH q FKLDPDWR ©VHUSHQWH JDWWRª� PD L VXRL DWWULEXWL QRQ

FDPELDQR VRVWDQ]LDOPHQWH� &IU� 'H 0DXUL]L ����� ��� 3HU ©EDVLOLVFRª FIU� DQFKH 1HVL �����

'$//$ 3$57( '(/ 3$5/$17( ���

GLIIXVLRQH SDQRVVRODQD ©(FR � 5LVYHJOLR RVVRODQRª� FKH KD SDJLQH GHGLFDWH

VSHFLILFDPHQWH DOOD YDO 9LJH]]R� OH LQVHU]LRQL GLDOHWWDOL VL OLPLWDQR D TXDOFKH

OLULFD GL WDQWR LQ WDQWR� RIIHUWD VSHVVR VHQ]D O¶LQGLFD]LRQH GHOOD VXD SURYH�

QLHQ]D JHRJUDILFD���

(FFR GXQTXH XQ EUHYH HVHPSLR �XQ¶DOWUR SL~ HVWHVR VDUj IRUQLWR IUD SR�

FR�� XQD SRHVLD WUDWWD GD XQD SXEEOLFD]LRQH ORFDOH LQ GLDOHWWR GL 9LOOHWWH� $

VHQ Eq FKL WXWW� GL 3LR 5DPRQL� HGLWR GDOOD 3UR 9LOOHWWH �VG� >����@�

$ VHQ Ep�� FKL WXWW� EUXW H EHHL� FXQWHQW FXPp� MXOLWW H DXGHHL� D OD

SULPDYHULD«� 3DUFKp QXWD DLq DG SXVHL EqO� FKH YHV QDVXXL� VXW DO

³3L]�3LGz´� D OD ³7DXOD´� R DO ³%DOPHO´�� QXWD DLq DG SXVHL SUXIX�

PHX GL QRHVW FLHXL >«@��

,9����� 4XHVWD SULPD LPSUHVVLRQH �FLRq GL XQD SDUWLFRODUH VREULHWj DOID�

EHWLFD� SXz SHUz ULVXOWDUH LQ SDUWH IXRUYLDQWH� FUHGR LQYHFH FKH LO GLDOHWWR GHO

FDOHQGDULR �H GHOOH ULFHUFKH VFRODVWLFKH��� H GHOOH SRHVLH� QRQ VLD WDQWR XQD

OLQJXD ULVXOWDQWH GDOOD VRWWUD]LRQH GL WUDWWL FDUDWWHUL]]DQWL� EHQVt XQD VRUWD GL

©LSHUOLQJXDJJLRª FKH OL FRQWLHQH WXWWL� %LVRJQD SDUWLUH GDOO¶DQDOLVL GHOOH FRQ�

YHQ]LRQL JUDILFKH GL TXHVWD OLQJXD H GDOO¶LGHRORJLD FKH q GD TXHVWH VRWWHVD�

EDGDQGR DQFKH DOOH SDUWLFRODUL FRQGL]LRQL GL OHWWXUD FKH VL YHULILFDQR� $OWUL

VLVWHPL JUDILFL VDUDQQR YLVWL LQ VHJXLWR� Ê HYLGHQWH FKH OD EDVH GL SDUWHQ]D q

OD JUDILD GHOO¶LWDOLDQR� H QRQ SRWUHEEH HVVHUH GLYHUVDPHQWH� DEELDPR TXDOFKH

FRQFHVVLRQH DOOD VFULWWXUD GHO PLODQHVH FODVVLFR �RHX � PD WDORUD VROR HX SHU

^«`� TXDOFKH FRQVRQDWH JHPLQDWD SHU LQGLFDUH OD EUHYLWj H LO WLPEUR GHOOD YR�

FDOH SUHFHGHQWH�� PD DQFKH TXHVWH QRQ VRQR FRVWDQWL H FRHUHQWL� DOFXQL GHL

�� 1RQ VDUj FKH� PDOJUDGR OH DIIHUPD]LRQL FRQVFLH GL UHFLSURFD FRPSUHQVLELOLWj WUD L GLD�

OHWWL GHOOD 9DOOH �HVFOXVR RYYLDPHQWH 0DOHVFR�� LQ UHDOWj VL KD OD VHQVD]LRQH FKH OD OLQJXD

FRPXQH� LPPHGLDWDPHQWH VRYUDRUGLQDWD� VLD O¶LWDOLDQR"�� 6L QRWL� LO WLWROR GHOOD UDFFROWD KD Eq FRQ O¶DFFHQWR JUDYH� LO YHUVR KD Ep FRQ O¶DFFHQWR

DFXWR��� µ6LDPR EHQ TXL WXWWL� EUXWWL H EHOOL FRQWHQWL FRPH >VWUDQR O¶DFFHQWR@ FDSUHWWL H DJQHOOL

DOOD SULPDYHUD� 3HUFKp QXOOD q FRVt EHOOR FKH HVVHUH QDWL VRWWR LO SL]]R 3LGz� DOOD 7DXOD >SD�

VFROR VRSUD LO SDHVH@ R DO %DOPHO >SUDWL H FROWLYL YLFLQL D 9LOOHWWH� VL QRWL O¶DQWLFKLVVLPR WLSR

OHVVLFDOH@� QRQ F¶q QXOOD GL FRVt SURIXPDWR FRPH L QRVWUL DEHWL URVVL >«@�

�� 4XHVWR FDVR YD VSHFLILFDWR PHJOLR� SHUFKp WDORUD OH ULFHUFKH GHL EDPELQL VL EDVDQR VX

LQFKLHVWH H LQWHUURJD]LRQL QHL FRQIURQWL GL IDPLOLDUL SL~ DQ]LDQL� L TXDOL� GDWD DQFKH OD SDUWL�

FRODUH FRQGL]LRQH GHOO¶HYHQWR OLQJXLVWLFR� HYLGHQWHPHQWH IRUQLVFRQR DO EDPELQR ULVSRVWH

SHUWLQHQWL DO SURSULR GLDOHWWR� H LQ SDUWLFRODUH DQ]L GHOOD YDULHWj DUFDLFD� 7DORUD FDSLWD FKH

TXHVWH ULVSRVWH VLDQR QRUPDOL]]DWH GDJOL LQVHJQDQWL LQ FODVVH� PD WDORUD QR� OD VFDUVD DWWHQ�

]LRQH FKH GL VROLWR YLHQH SRUWDWD LQ TXHVWL FRQWHVWL DOOD YDULDELOLWj GLDOHWWDOH LQWHUQD q WHVWL�

PRQLDWD GDO IDWWR ULFRUGDWR FKH DOFXQL FDSLWROL GHOOD PLD WHVL GL ODXUHD VLDQR VWDWL XVDWL SHU XQ

ODYRUR VXL JLRFKL GHL EDPELQL� H L WHUPLQL FKH Ot HUDQR ULSRUWDWL HUDQR WDORUD LQ XQD YDULHWj GL�

YHUVD ULVSHWWR D TXHOOD GHO SDHVH LQ FXL F¶q OD VFXROD�

��� ,/ ',$/(772 3(5&(3,72

YLJH]]LQL FKH ODYRUDQR LQ 6YL]]HUD R FKH KDQQR FRPXQTXH FRQWDWWL FRQ LO 7L�

FLQR XVDQR � �H |�� VHFRQGR O¶HVHPSLR WHGHVFR� PD JHQHUDOPHQWH OD ^\` QRQ q

GLVWLQWD GDOOD ^X`� DQFKH SHUFKp VL WHQGH SHU ?8 D XVDUH OD L�

'XQTXH XQD VFULWWXUD SRYHUD HG HVVHQ]LDOH� FKH ULFKLHGH� SHU HVVHUH UHVD

IRQLFDPHQWH� OD FROODERUD]LRQH GHO OHWWRUH�� 0D TXHVWR DQFKH SHU XQ¶DOWUD

UDJLRQH� RJQL ULFHUFDWRUH OR VD� PD QH SDUOD DQFKH &KDXUDQG ����� ��� LO

SDWRLV QRQ VL VFULYH� H QRQ VL VDSUHEEH QHSSXUH FRPH VFULYHUOR� DQ]L� LO OLQ�

JXLVWD q VSHVVR VILGDWR D WUDVFULYHUH WHUPLQL JLXGLFDWL IRQHWLFDPHQWH LPSRV�

VLELOL��� /D FRVFLHQ]D� H OH ILHUH]]D FKH QH GHULYD� GHOOD GLYHUVLWj GHO VLVWHPD

IRQRORJLFR GLDOHWWDOH ULVSHWWR D TXHOOR LWDOLDQR q PROWR IRUWH� &RPH VFULYHUH

TXHL VXRQL FKH QRQ KDQQR FRUULVSRQGHQWH QHOO¶LWDOLDQR GHOOD VFXROD" $GDW�

WDQGR� IRU]DQGR TXHOOL FKH JLj VL KDQQR� H DIILGDQGRVL DOOD PHPRULD H DOOD

FRPSHWHQ]D GHO OHWWRUH� $ TXHVWR SURSRVLWR VRQR LQWHUHVVDQWL OH UHD]LRQL GHL

YLJH]]LQL QHL FRQIURQWL GHOO¶DOIDEHWR IRQHWLFR� VLD HVVR O¶,3$ � SDUWLFRODU�

PHQWH VWUDQLDQWH SHUFKp VWUDYROJH OD IRUPD GHOOH OHWWHUH � R TXHOOR LQ XVR

SUHVVR L URPDQLVWL� FKH KD LO YDQWDJJLR GL DGRSHUDUH GHL GLDFULWLFL� SL~ DFFHW�

WDELOL LQ TXDQWR PRGLILFDWRUL GL XQD EDVH FKH FRPXQTXH QRQ FDPELD� ,Q JH�

QHUDOH JOL DQ]LDQL QRQ QH YRJOLRQ VDSHUH� JOL DWWHJJLDPHQWL YDQQR GDOOD GLD�

YROHULD LQXWLOH H LQFRPSUHQVLELOH� IDWWD TXDVL DSSRVWD D UHQGHUH LUULFRQRVFL�

ELOH D FKL OD SDUOD OD VXD VWHVVD OLQJXD� DOOD JHQHULFD FXULRVLWj EHQHYROD H

SDWHUQD SHU LO ULFHUFDWRUH JLRYDQH FKH PDQHJJLD VWUXPHQWL GLIILFLOL� H FKH

IRUVH VL GHYH GDUH LPSRUWDQ]D LO TXDOFKH PRGR��� $L JLRYDQL LQYHFH LQWHUHVVD

�� 4XHVWR QRQ q XQ JLXGL]LR GL YDORUH� Qp LPSOLFD XQD VFDUVD IXQ]LRQDOLWj GHO VLVWHPD� OH

OLQJXH VHPLWLFKH� FRPH q QRWR� QRQ VHJQDQR JHQHUDOPHQWH OH YRFDOL QHL ORUR DOIDEHWL� H QRQ�

GLPHQR OD FRPSUHQVLRQH q DVVLFXUDWD� 6L SRWUj RELHWWDUH FKH q DQFKH OD VWUXWWXUD SDUWLFRODUH

GL TXHOOH OLQJXH� LQ FXL YRFDOL H FRQVRQDQWL KDQQR UXROL EHQ GLVWLQWL� D LQFRUDJJLDUH XQ WDOH

XVR� H WXWWDYLD LO ULVXOWDWR q OR VWHVVR� SHU OHJJHUH �PHJOLR� SHU SURQXQFLDUH DOOD OHWWXUD�

O¶DUDER ELVRJQD JLj VDSHUH FRVD F¶q VFULWWR� H QXOOD� WUDQQH LO FRQWHVWR� PL LQGLFD VH .7% YD

OHWWR� DG HVHPSLR� NDWDED �HJOL KD OHWWR� R NLW _DE �OLEUR�� &RVt FRPH LQ GLDOHWWR� JHVD µFKLHVD¶

�VH µOHWWR¶ ^J ( V D`� QRQ YXRO GLUH QXOOD LQ DOFXQD YDULHWj� PD DFTXLVWD VLJQLILFDWR VH LR VR

FKH VL SDUOD GL XQD e«6D R GL XQD Â(]D��� 0ROWH WHVWLPRQLDQ]H VL SRVVRQR WURYDUH� GD TXHOOD ©PLWHª GL 2U�2O� D� VX PLD P( N D V

S2 6NULZ ÂL XO GLD�O(W��� PL D W �GL]L L SD�U2O SD�U2��� SH��� HNX D YXUD�U(V PLD Y(V PL D

6NULZO��� µQRQ VR FRPH VL SXz VFULYHUH LO GLDOHWWR« LR WL GLFR OH SDUROH SHUz� SRL« HFFR� QRQ

YRUUHL HVVHUH LR D VFULYHUOR¶� D TXHOOD SL~ EDWWDJOLHUD GL &R�$O� H IO«F NRPH OR VNULYL��� H DE�

G«����MD >HVDJHUDWDPHQWH OXQJR@ H �Y(GXP��� JDP6«O >ULVDWH@ D� NZH6W W XO V(V PLD���

UDKMX�¹D66��� e«�6D��� -\KL¯� ^_@«>�@« >ª` �ULVDWH� µH IHOFH FRPH OR VFULYL" H EHWXOOD" H� YH�

GLDPR� JRPLWROR" DK TXHVWR QRQ OR VDL� VWRSSLD GL FDQDSD >OD K QRQ q ©QRUPDOHª@« FKLHVD«

�YRFDOL]]D]LRQL YDULH« FOLFN GHQWDOL� DOYHRODUL� ODELDOL�¶� &R�$O� QRQ KD WXWWDYLD YROXWR FUH�

GHUH FKH O¶,3$ FRQWHQHVVH L FOLFN� SHQVDQGR FKH OL LQYHQWDVVL DO PRPHQWR� H VRSUDWWXWWR FKH

TXHVWL IRVVHUR ©OHWWHUH GHOO¶DOIDEHWRª SHU DOFXQH OLQJXH�

�� %RXYLHU KD VRWWROLQHDWR VSHVVR FKH OD WUDVFUL]LRQH IRQHWLFD VHPEUD DO SDUODQWH GLDOHWWDOH

ULGXWWLYD GHO SDWRLV� H WDORUD OHJJHUPHQWH LQVXOWLYD� TXDVL �DJJLXQJHUHL� FKH LO GLDOHWWR QRQ

'$//$ 3$57( '(/ 3$5/$17( ���

PROWLVVLPR� KR SDVVDWR XQ SRPHULJJLR PROWR GLYHUWHQWH JLRFDQGR FRQ JOL DO�

IDEHWL IRQHWLFL LQVLHPH DG XQ JUXSSR GL UDJD]]L GL HWj FRPSUHVD WUD L GLHFL H L

YHQW¶DQQL� GDYYHUR LQWHUHVVDWL DG XQD UHVD JUDILFD ©VFLHQWLILFDª GHOOD SURSULD

OLQJXD� H DOOD ILQH DQFKH SLXWWRVWR EUDYL QHOOD WUDVFUL]LRQH�

&RVt XQ VLVWHPD GL VFULWWXUD SDUWLFRODUPHQWH LQGLIIHUHQ]LDWR DVVROYH LO GX�

SOLFH FRPSLWR GL VFDQVDUH LO SUREOHPD GL FRPH UHQGHUH JUDILFDPHQWH TXHL

VXRQL H TXHL QHVVL �FIU� ^6½`� FKH LQ LWDOLDQR QRQ FL VRQR� H QHO IUDWWHPSR

IXQJH GD NRLQq JUDILFD� FRPSUHQVLELOH GD WXWWL� H FKH WXWWL LQ TXDOFKH PRGR

SRVVDQR VHQWLUH FRPH SURSULD��� 4XHVWR DQFKH SHU OH SDUWLFRODULWj GL OHWWXUD

FKH KR ULVFRQWUDWR LQ YDOOH� SULPD GL YHGHUH EHQH OH TXDOL� WXWWDYLD� ELVRJQHUj

DFFHQQDUH DG DOWUH GXH PRGDOLWj JUDILFKH���

,9����� $QFRU GL SL~ OD VFULWWXUD q HVVHQ]LDOH TXDQGR VL WUDWWD GL ULFRUGDUH

D VH VWHVVL SDUROH H ORFX]LRQL� WDQWR SRL� ULOHJJHQGROH� VL VD GDU ORUR OD IRUPD

IRQLFD HVDWWD �TXHVWR PHFFDQLVPR� YHGUHPR� VDUj LPSRUWDQWH SHU OD OHWWXUD��

3UHVHQWR TXL DOFXQH SDUROH GHO JORVVDULR GL 6PP�3%� OD VXD VFULWWXUD� OD OHW�

WXUD FKH PH QH KD IDWWR H OH VXH GHILQL]LRQL�

DYHVVH GLJQLWj VXIILFLHQWH SHU XQD VFULWWXUD QRUPDOH� H GRYHVVH DFFRQWHQWDUVL GL TXHOOD LQ YL�

WUR� VFLHQWLILFD� LQ XOWLPD DQDOLVL ILQWD�

��'L�$QW� ��� DQQL�� FKH SHU PRWLYL EHOOLFL H EULOODQWH]]D SHUVRQDOH SDUOD WXWWRUD FRUUHQ�

WHPHQWH LO WHGHVFR� GLVFUHWDPHQWH LO FURDWR H DIIHUPD GL SDUODUH LO QHRJUHFR� ULFRUGD FRPH

QHOOD OLQJXD GHOOD -XJRVODYLD DYHVVHUR ULVROWR LO SUREOHPD FRQ VHJQL GLDFULWLFL �VL ULIHULVFH

DOOD ULIRUPD KXVVLWD GHOO¶DOIDEHWR� DGDWWDWD SRL DQFKH DO FURDWR� FKH XWLOL]]D� ROWUH DOO¶DFFHQWR

SHU VHJQDUH OD OXQJKH]]D YRFDOLFD� OR KD �FHN�� DQ]L� LQ XQD VWUDRUGLQDULD LQWHUYLVWD FKH YRUUHL

VWXGLDUH D SDUWH� QHOOD TXDOH DOWHUQDYD GLDOHWWR� LWDOLDQR� WHGHVFR H FURDWR �LR ULVSRQGHYR LQ

FHFR� JLDFFKp FL HUDYDPR SURPHVVL GL LQVHJQDUFL D YLFHQGD OH GXH OLQJXH VODYH� ULVSHWWLYD�

PHQWH VFRQRVFLXWH� VXJJHULYD GL DGRWWDUH XQ WDOH VLVWHPD DOOD WUDVFUL]LRQH GHO GLDOHWWR� DIILDQ�

FDQGROR DL GLDFULWLFL GHO WHGHVFR H FRQ O¶DFFHQWXD]LRQH WRQLFD LWDOLDQD� (IIHWWLYDPHQWH XQ WDOH

DOIDEHWR� LQWHJUDWR GDL VHJQL J � H î SHU LQGLFDUH OH RFFOXVLYH SDODWDOL� UHQGHUHEEH UDJLRQH GHO

YLJH]]LQR� PD UHQGHUHEEH WURSSR HVSOLFLWH OH SURQXQFH ORFDOL� ULYHODQGRVL LQ XOWLPD DQDOLVL

LQDGDWWR SHU OD FRPXQLFD]LRQH WUD L SDHVL�

�� 0HULWD SUREDELOPHQWH GL HVVHUH FLWDWD TXL O¶HVSHULHQ]D GL XQ YRFDERODULR GHO GLDOHWWR

IUDQFRSURYHQ]DOH GL (YROqQH� QHO 9DOOHVH VRSUD 6LRQ >)ROORQLHU 4XLQRGR] ����@� FKH KD HOD�

ERUDWR SHU OD WUDVFUL]LRQH XQ SURSULR VLVWHPD JUDILFR� HTXLGLVWDQWH GDOOD QRUPD IUDQFHVH H GD

TXHOOD LWDOLDQD� VHQ]D GLDFULWLFL PD FRQ DFFHQWL H GLJUDPPL� SURYH HVHJXLWH VX SDUODQWL GD

*LVqOH 3DQQDWLHU� DQFK¶HOOD GL (YROqQH� KDQQR PRVWUDWR FKH JOL DELWDQWL GHO SDHVH WURYDQR

TXHVWD JUDILD DOTXDQWR DSSURSULDWD H EHQ OHJJLELOH� PROWR PLJOLRUH GL XQD� SXUH VSRQWDQHD�

HODERUDWD DOO¶LQL]LR GHO VHFROR H GL WLSR IUDQFHVL]]DQWH� H GL XQ¶DOWUD ©XIILFLDOHª� DQFK¶HVVD

PROWR GHELWULFH DOO¶RUWRJUDILD IUDQFHVH �FIU� 3DQQDWLHU ������

��� ,/ ',$/(772 3(5&(3,72

)RUPD JUDILFD )RUPD IRQLFD 'HILQL]LRQH

������ DZ�62½ ILDFFKH�� GHOOH PDQL H GHL

SLHGL

����� ¹D�SOD TXDQGR VL SHVWD LO ILHQR

FRQ L SLHGL

���� D O �jX6L OR FRQRVFR��

���� �ÉD-D KR ELVRJQR GL

����� �� N\GD�-(OD LQILDPPD]LRQH LQJXLQDOH

���� NL�-D VFRLDWWROR��

������ �=OL¹LN OLVFLR H VFLYRORVR FRPH

XQD SLHWUD EDJQDWD

�� M26 PRJLR PRJLR

&¶q SRL OD WLSRORJLD RSSRVWD� FKH SUHQGH OH PRVVH GDOO¶RUJRJOLR GHOOD GL�

YHUVLWj �IRQLFD� GLDOHWWDOH FXL DEELDPR DFFHQQDWR VRSUD��� H WHQGH DG HQIDWL]�

]DUH OH GLIILFROWj GL SURQXQFLD GHO GLDOHWWR H DQFKH GL GHVFUL]LRQH HVDWWD GHL

VXRL VXRQL� 4XHVWR WLSR GL JUDILD VL WURYD VRSUDWWXWWR QHL OHVVLFL GHVWLQDWL DOOD

SXEEOLFD]LRQH �EHQLQWHVR LQ FLUFXLWL ORFDOL� H QRQ q GHWWR FKH OD TXDQWLWj GL

LQIRUPD]LRQL GL WLSR IRQHWLFR� LQWRQDWLYR H TXDVL DJRJLFR FKH YHQJRQR IRU�

QLWH DEELD VROWDQWR OR VFRSR GL IDFLOLWDUH OD SURQXQFLD DL QRQ GLDOHWWRIRQL� 6L

FIU� SHU HVHPSLR 6DQWXV ����� � ©VRQR ULFRUUHQWL PROWH FRPELQD]LRQL GL SL~

�� &RPXQLVVLPR QHOO¶LWDOLDQR ORPEDUGR ± q DQFKH OD VFHOWD VSRQWDQHD GL FKL VFULYH ± SHU

µYHVFLFKH¶��� 1HO JORVVDULR WURYDQR SRVWR DQFKH VLQWDJPL YHUEDOL H QRPLQDOL� LQDQDOL]]DWL H SHUFLz

©SDUROHª��� Ê GD QRWDUH O¶XVR GL V H J SHU WUDVFULYHUH GL YROWD LQ YROWD OR VWHVVR VXRQR ^-`� OD V GL

FKLVD q IRUVH GRYXWD DO IDWWR FKH LQ 9DOOH �QRQ SHUz D 6DQWD 0DULD 0DJJLRUH� HVLVWH OD YD�ULDQWH �NX]D�

�� &L WURYLDPR TXL GL IURQWH DG XQR GL TXHL FDVL LQ FXL LO SHQVLHUR PDJQLILFR H SURJUHVVLYRVHPEUD DYYHUWLUH XQD FRQWUDGGL]LRQH� L SDUODQWL DIIHUPDQR D JUDQ YRFH OD GLYHUVLWj IRQLFD GHOGLDOHWWR� DUJRPHQWDQGR JLXVWDPHQWH FKH SRVVLHGH VXRQL H QHVVL FKH OD OLQJXD QD]LRQDOH QRQKD� 4XLQGL� TXHVWD GLVWLQ]LRQH q FROWD D OLYHOOR IRQHWLFR� 0D SHU OH GLYHUVLWj WUD XQ GLDOHWWR HO¶DOWUR� R WUD UHJLVWUL GLYHUVL GHO PHGHVLPR GLDOHWWR� D �NDPEMDQ LQ S« L SD�U2O µFDPELDQR XQ

SR¶ OH SDUROH¶ L DQ LQD NZDM SD�U2OD Q S2 GL�Y(UVD µKDQQR TXDOFKH SDUROD XQ SR¶ GLYHUVD¶� LO

FDPELR q OHVVLFDOH� FRPH DEELDPR SL~ YROWH RVVHUYDWR� D GLVSHWWR GHOOD VSHVVR SLXWWRVWR GLIIH�

UHQWH GLVWULEX]LRQH IXQ]LRQDOH GHL IRQHPL QHOOH YDULHWj� &UHGR LQIDWWL FKH LO SXQWR VLD SURSULR

TXHOOR GHOOD GLVWULEX]LRQH� OH YDULD]LRQL DOO¶LQWHUQR GL XQ VLVWHPD LQ Vp FRPSLXWR H FRHUHQWH

VRQR GLIILFLOL D FRJOLHUVL� SURSULR SHUFKp OD IXQ]LRQH q VLPLOH H QRQ FL VRQR FDVHOOH YXRWH R

EUXVFKH DJJLXQWH� 4XHVWH LQYHFH VL FROJRQR VXELWR� SHUFKp FDPELDQR OD IRUPD GHOOD VWUXWWXUD�

6H PL VL SDVVD LO SDUDJRQH� q FRPH VH SHU GXH GLDOHWWL YLJH]]LQL �VHPSUH VHFRQGR O¶RSLQLRQH

GHO SDUODQWH� VL SRWHVVHUR VRYUDSSRUUH GXH FHUFKL GL PHGHVLPR UDJJLR SHUz GL FRORUH GLYHUVR�

OD FRQJUXHQ]D q HYLGHQWH� H TXDQWR DO FRORUH SD]LHQ]D� PD FROO¶LWDOLDQR VL FHUFD GL VRYUDSSRU�

UH DO FHUFKLR XQ TXDGUDWR� H JOL DQJROL ULPDQJRQR IXRUL�

'$//$ 3$57( '(/ 3$5/$17( ���

FRQVRQDQWL R YRFDOL� FRQ GLIILFROWj VLD JUDILFKH FKH GL SURQXQFLD� +R FHUFDWR

GL WURYDUH QHOOD JUDILD XQD VROX]LRQH YDOLGD SHU SRWHUFL DYYLFLQDUH LO SL~ SRV�

VLELOH DOOD JLXVWD SURQXQFLD GHOOH SDUROH� ,O QRVWUR GLDOHWWR KD RULJLQL DQWL�

FKLVVLPH� GDO ODWLQR H GDO FHOWLFR� ,Q TXHVWL XOWLPL VHFROL KD DYXWR LQIOXHQ]H

GD TXHOOH FKH VRQR VWDWH OH YDULH LQYDVLRQL VWUDQLHUH FKH KDQQR ODVFLDWR OD OR�

UR LPSURQWDª� VHJXH SRL XQD DWWHQWLVVLPD GLVDPLQD GL YRFDOL� FRQVRQDQWL H

JUXSSL SHU FXL VRQR SURSRVWH VROX]LRQL IRQHWLFR�JUDILFKH �FKLDUH H FRHUHQWL�

ELVRJQD GLUH�� HVHPSOLILFDWH WUDPLWH O¶LWDOLDQR� LO IUDQFHVH H LO WHGHVFR H FKH

FXOPLQD FRQ ©LO FK H JK VRWWROLQHDWL YDQQR SURQXQFLDWL FRPH LQ LWDOLDQR�

PHQWUH QHOOH SDUROH GRYH HVLVWRQR LO FK H JK �QRQ VRWWROLQHDWL�� OD SURQXQFLD

GLYHQWD XQ SR¶ GLIILFLOH SHU FRORUR FKH QRQ OD VDQQR R FKH QRQ OD SRVVRQR UL�

FRUGDUH� ( OD GLIILFROWj VWD VLD QHOO¶HVHFX]LRQH FKH QHOOD VSLHJD]LRQH GL FRPH

GRYUHEEH HVVHUH OD SURQXQFLD GL TXHVWR VWUDQR VXRQR� /D OLQJXD YD SRVWD IUD L

GHQWL� FHUFDQGR GL SURQXQFLDUH XQD F VHJXLWD GD XQD K HVSLUDWD� QH GRYUHEEH

XVFLUH TXDVL XQ VXRQR JXWWXUDOH� >«@ (YHQWXDOPHQWH VL LPSDUWLVFRQR OH]LRQL

HVWLYH GL SURQXQFLD«««« DOO¶RPEUD GHO &DPSDQLOHª���

$OWUL HVHPSL VL SRWUHEEHUR WURYDUH QHOO¶2VVROD� PD VSHFLILFDPHQWH YLJH]�

]LQD q OD RUPDL QRWD JUDPPDWLFKHWWD GL 0DJLVWULV ������ �������� ©GRSR XQ

OXQJR ODYRUR VLDPR ULXVFLWL D VWDELOLUH XQ¶RUWRJUDILD SHU LO QRVWUR GLDOHWWR� /H

GLIILFROWj HUDQR PROWH� PD FL VHPEUD GL DYHUOH VXSHUDWH >«@ª� 6L SDVVD SRL

DOOD GHVFUL]LRQH GHL VLQJROL DFFHQWL H VXRQL © C DSHUWR H VHFFR >«@ � FKLXVR H

FXSR >«@ Ù WRQLFR� GRYH FDGH O¶DFFHQWR >«@ F VHPSUH GROFH >«@ N GXUD H

JXWWXUDOH >«@ VF JUXSSR ILVVR� DVSUR H DVFLXWWR� FKH ULSURGXFH O¶HVDWWR VXRQR

GHOOD V GLDOHWWDOH��� VLPLOH D FK IUDQFHVH H EHQ GLIIHUHQWH GDOOD V QRUPDOH� FKH

SXUH HVLVWH QHO GLDOHWWR >«@ V H ] SRVVRQR HVVHUH GXUH H VLELODQWL� RSSXUH

GROFL H PROOL« >«@ L YHUEL VRQR TXDVL WXWWL LUUHJRODUL >«@ ,O GLDOHWWR GHYH

HVVHUH SDUODWR VHQ]D FDGHQ]D� OHJDQGR EHQH XQD SDUROD DOO¶DOWUD HG HOLGHQGR

GXH YRFDEROL FRQVHFXWLYH >VLF@� ,Q TXHVWR FDVR� QHOOR VFULWWR� DO SRVWR GHOOD

VHFRQGD YRFDOH� VL SRQH XQ DSRVWURIR� FRPH LQ IUDQFHVHª�

,9�� 'LD�OHWWR��

,9����� 2UD� FRPH VL OHJJRQR TXHVWH VFULWWXUH GLDOHWWDOL" 0HVVR LQ VR�

VSHWWR GD HSLVRGL IRUWXLWL FXL KR DVVLVWLWR� KR IDWWR XQ¶DSSRVLWD LQFKLHVWD� LQ

FXL XQR VWHVVR WHVWR YLHQH SURSRVWR LQ WUH OHWWXUH GLIIHUHQWL� 6DUj VXELWR HYL�

�� 'D 0RQWHFUHVWHVH ����� �� SULPD HGL]LRQH GL 6DQWXV ����� /¶DOWR FDPSDQLOH GHO FD�

SROXRJR q LO VLPEROR H O¶RUJRJOLR GL 0RQWHFUHVWHVH��� 1RWDUH O¶DXWRUHIHUHQ]D��� 8QD YHUVLRQH PRGLILFDWD HG DPSOLDWD GL TXHVWR SDUDJUDIR q LQ FRUVR GL VWDPSD LQ

©6FULWWXUD H ILJXUD� 6DJJL GL DQWURSRORJLD GHOOD VFULWWXUD LQ PHPRULD GL *LRUJLR 5� &DUGRQDª�

/D ULFHUFD IRONORULFD ���

��� ,/ ',$/(772 3(5&(3,72

GHQWH O¶LPSUHVVLRQDQWH GLYHUVLWj GHOOH UHDOL]]D]LRQL� DO GL Oj H D SUHVFLQGHUH

GDOOD IRUPD JUDILFD GHOOR VFULWWR� RJQXQR GHL OHWWRUL OR SURQXQFLD VHFRQGR OH

QRUPH GHO SURSULR GLDOHWWR� /¶HVSHULPHQWR q VWDWR GD PH ULSHWXWR QHOO¶HVWDWH

���� DOO¶DOWUR FDSR GHOOH $OSL� LQ &DUQLD� H KD IRUQLWR L PHGHVLPL ULVXOWDWL�

,9����� (FFR GXQTXH LO WHVWR OHWWR LQ 9DOOH� DQFRUD XQD SRHVLD GL 3LR 5D�

PRQL GL 9LOOHWWH SXEEOLFDWD VX ©(FR�5LVYHJOLR RVVRODQRª� /D JUDILD q VRVWDQ�

]LDOPHQWH ULFRQGXFLELOH DO WLSR ©HVVHQ]LDOHª YLVWR VRSUD�

/D EUXPD

$Lp Q¶JUDQ VXQj G¶FLXFKLWW � JL~ GD O¶DDOS D YHJQ L EHVWL � XO SDVWXU H L VHXL

JXJQLWW� � X SULYLQD JLj DL FLQFK XXU � H OD VLUD LQWXUQ DO IHXL � DV Ij FRRV L

SULP FUXGHOO �� ,QD YRYWD >VLF@ L ELj IDQJHOO � L ILODYDQ SDU Ij WHOD � TXHOD EXQD

IDFLD LQ Fj � H OD YHJLD GDX UXVDUL � OD GXUPLYD LQW¶XO SUDJj���

�D� /HWWXUD GL &R�*LX� �VL RPHWWRQR L ULWDUGL H OH YRFDOL]]D]LRQL DQDOIDEH�

WLFKH� PD QRQ OH DXWRFRUUH]LRQL H IDOVH SDUWHQ]H� VRQR VRWWROLQHDWL L SXQWL LQ

FXL OD OHWWXUD VL GLVFRVWD GDOOR VFULWWR LQ PDQLHUD VLJQLILFDWLYD H LQ FRUVLYR L

FRPPHQWL GHO OHWWRUH�

E21 OD �EUXPD��� ^���` D O ( OD �EULPD��� GL]L��� D M( LQ JUD�Q VX�QD

G¼��� DW FX�NLW -L GD O DOS L Y(j L �E(6WL��� 8O��� XO SD�VWX�U H L V« JX��

JX�jLW��� X��� X��� SUX�ZLQD -D L ½LQNZ X�_��� D OD �VLUD 1WX�U I«M��� D ] ID

�NR-D L SULP NUX�(O��� ^���` LQD Y2WD L EMD ID1�Â(O 6WD NL O ( PLD DW

�N2MDP���� NZLM OL ML1 L PD�WD6����� L IL�ODYD1 SDU ID �W(OD��� NZ(OD

�EXQD��� �IDFD 1 ND��� H OD��� OD �Y(ÂD NXQW HO UX�]D�UL��� OD GXU�PL�ZD LQW

XO SUH�JD���

Ê TXL QRWHYROH LO FDVR GL XQD VHFRQGD OHWWXUD� VRVWDQ]LDOPHQWH XJXDOH DOODSULPD WUDQQH LO YHUVR �� FKH VXRQD GLUHWWDPHQWH LQD �Y2WD L EUDY PD�WD6�

�� /¶DXWXQQR� &¶q XQ JUDQ VXRQDUH GL FDPSDQH � JL~ GDOO¶DOSHJJLR YHQJRQR OH EHVWLH � LO

SDVWRUH H L VXRL EDPELQL � EULQD JLj DOOH FLQTXH � H OD VHUD LQWRUQR DO IXRFR � VL IDQQR FXRFHUH

OH SULPH FUXGHOO >FDVWDJQH FDVFDWLFFH@ �� 8QD YROWD OH EUDYH UDJD]]LQH � ILODYDQR SHU IDUH OD

WHOD � TXHOOD EXRQD IDWWD LQ FDVD � H OD YHFFKLD GDO URVDULR � GRUPLYD PHQWUH SUHJDYD�¶ 4XDQWR

D ELj� LO VLJQLILFDWR RVFLOOD WUD µEUDYR� GLOLJHQWH¶ H µSRYHULQR� VIRUWXQDWR� VDFULILFDWR¶� GDO ODW

%($786� FKH VXELVFH VSHVVR XQ WDOH PXWDPHQWR VHPDQWLFR� FIU�� SHU UHVWDUH QHL OLPLWL GL TXH�

VWR SDUDJUDIR� LO FDUQLFR EMD�W 2PS µSRYHU¶XRPR¶��� µ4XHVWD QRQ q GL &RLPR� TXHOOH VRQR OH PD�WD6¶�

'$//$ 3$57( '(/ 3$5/$17( ���

�E� /HWWXUD GL *D�5L�

OD �EULPD��� (NX OD �EULPD��� L GL�](ZD1 OD �EULPD SDU GL� O

DZ�WXQQR����� ^���` D M( Q JUD1��� VX�QD��� DW ½2�NLW��� (NX��� ÂL G O DOS���

D Y(j��� L �E(6W�� (��� S«��� XO SDV�WX�U ( L��� L V2 JX�jLW��� (N��� D Y(G��� X

SUL��� YL��� QD��� X SUL�YLQD ÂD L ½LQN X�U��� D��� OD �VLUD 1WXU O IH�N��� D

GL�]��� D ] ID1 NR]��� L SULP NUX�G(O��� � LQD��� LQD �Y2WD��� LQD �Y2WD L

E21 ID1�Â(O��� L IL���ODYD1 SDU ID �W(OD��� NZ(OD �EXQD��� ID½D 1 ND����

E21 H OD OD �Y(ÂD NXO UX�]D�UL��� HNX��� OD GUX�PL�YD QW XO SUH�JD

�F� /HWWXUD GL 9L�%HQ� �SL~ HYLGHQWHPHQWH ©FRUUHWWDª SHUFKp OD SRHVLD q

VFULWWD QHOOD VXD YDULHWj�

OD �EU\PD��� D M( LQ JUD�Q VX�QD DW ½X�NLW��� Â\��� GD O DOS D Y(j L���

L �E(6WL XO��� XO SD�VWX�U H L V«M JX�jLW��� X SU\�LQD ÂD L��� ½LQNZ X�U��� X

�e(OD X GL�]�� D OD �VLUD 1WX�U DO I«M��� D ] ID NRV L��� SULP NUX�(O��� LQD

�Y2WD L EMD ID1�Â(O��� L IL�ODYD1 SDU ID �W(OD��� NZ(OD �EXQD��� �ID½D 1

ND��� H OD �Y(ÂD��� ( OD Y(ÂD GHO UX�]D�UL��� OD GXU�PL�YD LQW XO SUH�JD���

/H WUH OHWWXUH VHJXHQWL VL ULIHULVFRQR JURVVR PRGR DOOD YHULHWj FDUQLFD GHO

IULXODQR� L EUDQL SURSRVWL �VFULWWL LQ IULXODQR� YHQJRQR GD ,O 6WUROLF )XUODQ

SDO ���� �$Q /;;9�� FDOHQGDULR SXEEOLFDWR DQQXDOPHQWH D 8GLQH GDOOD 6R�

FLHWj )LORORJLFD )ULXODQD� /D SULPD OHWWXUD q QHOOD YDULDQWH GL &RO�>]D@� IUD�

]LRQH DOWD GL (QHPRQ]R QHOOD PHGLD YDOOH GHO 7DJOLDPHQWR� OH VXFFHVVLYH LQ

TXHOOD GL 3L�>RYHUQR@� GL IURQWH D 9HQ]RQH� LQ XQ WHUULWRULR JLj GL SDVVDJJLR

WUD OD &DUQLD H LO )ULXOL SURSULDPHQWH GHWWR�

6WUROLF� �� ©&KHO PXOLQXW DO j FXPz XQH VROH SLHUH GL IDULQH GL SROHQWH�

PD LQ WLPSV SOXL ELHL DO PDVDQDYH XQ ELHO IRUPHQW H FXVVu ILQ H D SrV FXVVu

MXVW FK¶DO MqUH GHYHQWkW XQHYRUH IDP{V� 3DURQ 6LPRQ� FK¶DO MHUH LO PXOLQkU� VL

YDQWDYH GDO IDW D ERQ GLULW� &X OD V{ IHPLQH V¶H SDVVDYH DYRQGH EHQ� H DO EHQ�

VL OX VD� VL FRPSDJQH WDQW YXOLQWvU OD OLJULH H OD SkV GDO F�U� &KHO D MqUH LO ELHO

WLPS FKH XQ VWkU GL IDULQH µ]DOH DO FRVWDYH XQ VDO�W H LO YLQ D FRUHYH D IRVVkL H

'LX DO PDQGDYH D SURSRVLW OD SORH� LO VHUHQ� OD YLWH H OD PXDUWª���

�� µ'LFHYDQR OD EULPD SHU GLUH O¶DXWXQQR¶��� µ*HOD� YXROH GLUH¶��� 4XHO PXOLQHWWR RUPDL KD VROR XQD SLHWUD >PDFLQD@ SHU IDULQD GD SROHQWD� PD LQ WHPSL

SL~ EHOOL PDFLQDYD XQ EHO IUXPHQWR H FRVt VRWWLOH H D SHVR FRVt JLXVWR FKH HUD GLYHQWDWR PROWR

IDPRVR� 3DURQ 6LPRQ� FKH HUD LO PXJQDLR� VL YDQWDYD GL TXHVWR IDWWR D EXRQ GLULWWR� $VVLHPH

D VXD PRJOLH VH OD SDVVDYD DEEDVWDQ]D EHQH� H DO EHQH� VL VD� VL DFFRPSDJQD PROWR YROHQWLHUL

��� ,/ ',$/(772 3(5&(3,72

�G� /HWWXUD GL &RO�3D��� �LQJHJQHUH� TXLQGL DELWXDWR D OHJJHUH H� SHU OD VXD

IRUPD]LRQH H SURIHVVLRQH� D VWDUH DWWHQWR DL PLQLPL SDUWLFRODUL GL XQ WHVWR�

NHO PXOL�QXW D O D NX�PÈ XQD V2OD �SM(UD GL ID�ULQD��� GL SR�O(QWD���

PD LQ WLPS SO\M EMHL DO PD=DQ�D�YD XQ EM(O IRU�P(QW H NR��&FL IL1��� H���

D SH�& NR��&&L MXVW N D O M(UD GHYHQ�WD�W XQD�YRUD ID�PRZV��� SD�URQ

VL�PRQ N D O M(UD LO PXOL�QD�U &L YDQ�WDYD GDO ID� D EX1 GL�ULW��� NX OD

&2D �I(PLQ¼ VH SD�&D�YD D�Y2QGD EH1 H DO %H1 &H OX VD VL NR0�SDj¼

WDQW %XOLQ�WL�U OD OLJ�ULH H OD SD& G DO NX�U��� NHO D O �M(UD O EMHO WLPS NH

XQ &WDO GL ID�ULQ¼ �ÉD�OH DO NR&�WDYD XQ VD�OX�W H O YL1��� DO NR�U(YD D

IR�&&DM H GLX DO PDQ�GDYD D SUR�S2&LW��� D �SORMD��� LO VH�UHQ OD �YLWD H OD

�P2UW���

6WUROLF� ���� ©$ELWXkW D QR VWk PDL FHQFH Ik QXMH DO ODYH RJQL WDQW D Gk

XQH PDQ LQ WXQH JUDQGH D]LHQGH DJULFXOH GRQJMH GL FMDVH� 6RUHGXW LQ WLPS GL

YHQGHPH� 9LJM DO MqUH VLPSUL VWkW GL EXLQHERFMH� PDVVLPH FR VL WUDWDYH GL EH�

YL XQ WDMª���

�H� /HWWXUD GL 3L�/L���

DEL�WZDW D Q2 6WD PDM I(�U��� D �½(Q½H ID� �QXMH DO OD�YH RjL WD�QW D

X1��� D GD XQH PD1 LQ W XQH �JUDQGH D�=M(QGH D�JULNXO( �GR1eH GL

�FD]H��� V2UH�GXW LO WLPS GL Y¼Q�G(P¼��� YLeL D �¾(U( �VLPSUL 6WD�W GL

EZLQ¼�E2FH �PD66LPH �NZDQ" ND VL WUD�WDY¼ GL EHYL XQ WD�M��� D O ( GL�

IH�U(QW D Q2 FD�NDUL1 �NRPH QR���� D ( �Y(UH N �D1NH OL� GL QR� V2Q GL�

IH�U(QVLV WUD SDL�&��� Q2 VDM��� SD�WDNNLV D E2U�GD1 HM �GL-L1 SD�WDWHV��� VD

VL VD ¤H N D O X�O GL� VL S2 WUD�GX-LOX QW D �QH6WUH �O(�1J(��� W DO �QH6WUL

�ÂHUJR��

O¶DOOHJULD H OD SDFH GHO FXRUH� 4XHOOR HUD LO EHO WHPSR FKH XQ VWDLR GL IDULQD JLDOOD FRVWDYD XQ

VDOXWR H LO YLQR VFRUUHYD QHOOH URJJH H 'LR PDQGDYD D SURSRVLWR OD SLRJJLD H LO EHO WHPSR� OD

YLWD H OD PRUWH�

�� &KH YRUUHL ULQJUD]LDUH SHU OD FRUWHVH FROODERUD]LRQH�

�� ,QWHUIHUHQ]D FROO¶LWDOLDQR SHUFKp OD QRUPD GL &RO]D SUHYHGH �PZDUW�� $ELWXDWR D QRQ VWDU PDL VHQ]D IDU QLHQWH� DQGDYD RJQL WDQWR D GDUH XQD PDQR LQ XQD

JUDQGH D]LHQGD DJULFROD YLFLQD D FDVD� VRSUDWWXWWR DO WHPSR GHOOD YHQGHPPLD� 9LJL HUD VHP�

SUH VWDWR GL ERFFD EXRQD� VRSUDWWXWWR TXDQGR VL WUDWWDYD GL EHUH XQ ELFFKLHUH�

�� &KH YRUUHL ULQJUD]LDUH SHU OD FRUWHVH FROODERUD]LRQH�

�� µÊ GLYHUVR� QRQ SDUODQR FRPH QRL� q YHUR FKH DQFKH Ot GD QRL FL VRQR GLIIHUHQ]H WUD L

SDHVL« QRQ OR VR� SD�WDNNLV >SDWDWH@ D %RUGDQR >DSSHQD SL~ D VXG QHOOD YDOOH GHO 7DJOLD�

PHQWR@ GLFRQR SD�WDWHV« VH VL VD FLz FKH YXRO GLUH VL SXz WUDGXUOR QHOOD QRVWUD OLQJXD« QHO

QRVWUR JHUJR¶�

'$//$ 3$57( '(/ 3$5/$17( ���

6WUROLF� ��� ©8WX PHWL OH GLIHUHQ]H WUD MHVVL FODPk] ³GRWWRU´ LQYH]LWH GL

³SHUvW´ DQFMH FXO ³VL{U´ GHQDQW"ª���

�I� /HWWXUD GL 3L�/L�

X WX �PHWL OH GLIH�U(QVH WUD NODP�D�&L GR�WRU LQ�Y(&LW GL SH�UL�W �(1F(

NXO VMRU GH�YDQW

,9����� 8QD EUHYH UDVVHJQD GHOOH SDUWLFRODULWj FKH DFFRPXQDQR H GLVWLQ�

JXRQR TXHVWL VDJJL GL OHWWXUD FL DLXWHUj D UHQGHUFL PHJOLR FROWR

GHOO¶DPSLH]]D GHO IHQRPHQR FKH VWLDPR FRQVLGHUDQGR� SHU SULPD FRVD OH

HYLGHQ]H SL~ PDFURVFRSLFKH� �� OD VRVWLWX]LRQH GL VLQWDJPL LQWHUL SL~ R PHQR

HTXLYDOHQWL FRPH �OD �Y(ÂD NXQW HO� UX�]D�UL SHU GDX UX]DUL� H� LQ XQD VHFRQ�

GD OHWWXUD �LQD �Y2WD� L EUDY PD�WD6 SHU L ELj IDQJqOO LQ �D� �Q2 6WD PDM� �I(�U

SHU FHQFH Ik QXMH LQ �H�� �� OD VRVWLWX]LRQH GL SDUROH VLD FRQ VLQRQLPL OHVVL�

FDOL� VLD SL~ VSHVVR FRQ OH ULVSHWWLYH YDULDQWL IRQHWLFKH ORFDOL �FKH� ULFRUGLD�

PR� WDORUD SRVVRQR DVVXPHUH UDSSUHVHQWD]LRQL VXSHUILFLDOL DQFKH PROWR GL�

YHUJHQWL H FRPXQTXH VRQR VHQWLWH GDL SDUODQWL FRPH ©SDUROH GLYHUVHª�� FRPH

�EULPD SHU EUXPD� DW F2�NLW SHU G¶FLXFKLWW� -L H -D SHU JL~ H JLj� SUX�ZLQD SHU

SULYLQD� �N2-D SHU FRRV� NUX�(O SHU FUXGHOO� �IDFD SHU IDFLD LQ �D�� �EULPD SHU

EUXPD� DW ½X�NLW SHU G¶FLXFKLWW� V2 SHU VHXL �FKH VDUj SUHVXPLELOPHQWH GD LQ�

WHQGHUVL V«M�� IH�N SHU IHXL �I«M� E21 �ID1Â(O� SHU ELj �IDQJHOO� �OHFWLR IDFL�

OLRU"�� NXO �UX�]D�UL� SHU GDX �UXVDUL�� GUX�PL�YD SHU GXUPLYD LQ �E�� �EU\PD

SHU EUXPD� DW ½X�NLW SHU G¶FLXFKLWW� NUX�HO SHU FUXGHOO� GHO �UX�]DUL� SHU GDX

�UXVDUL� LQ �F�� LO ��WLPS� SHU LQ �WLPS�� �NZDQ" ND SHU FR LQ �H�� FOD�PD6L SHU

MHVVL FODPk]��� LQ�Y(6LW SHU LQYH]LWH� GH�YDQW SHU GHQDQW LQ �I�� SUH�JD SHU SUD�

Jj LQ �D�� �E�� �F�� Ê GL JUDQGH LQWHUHVVH DQFKH �� LO FRVWDQWH DGDWWDPHQWR IR�

QRPRUIRORJLFR GL �G�� FKH VRVWLWXLVFH FRQ DVVROXWD UHJRODULWj OD �H GHO VLQJR�

ODUH IHPPLQLOH H GHOOD VHFRQGD SHUVRQD YHUEDOH FRQ OD �D WLSLFD GHO VXR GLD�

OHWWR� /¶HFFH]LRQH ID�ULQ¼ �ÉD�OH q SXUH PROWR LQWHUHVVDQWH� H VDUj FRPPHQ�

WDWD WUD SRFR�

,9����� 'XQTXH OH SDUWLFRODULWj GL OHWWXUD VRQR HYLGHQWL� H YDQQR DO GL Oj

GHO VHPSOLFH DGDWWDPHQWR IRQHWLFR LQGLIIHUHQWH ULVSHWWR DOOR VFULWWR� FRPH

TXHOOR FKH DYYLHQH SHU VROLWR QHOOD OHWWXUD GHOO¶LWDOLDQR GD SDUWH GL SDUODQWL

DQFKH FROWL SURYHQLHQWL GD UHJLRQL GLYHUVH� IHQRPHQL� TXHVWL� FKH VL ULWURYDQR

DQFKH QHL QRVWUL HVHPSL� EDVWL SHQVDUH DOOH YDULH UHDOL]]D]LRQL GL V VHJXLWD GD

�� 9XRL PHWWHUH OD GLIIHUHQ]D GL HVVHUH FKLDPDWR ³GRWWRUH´ LQYHFH GL ³SHULWR´ DQFKH FRO

³VLRU´ GDYDQWL"�� &RO FDPELR GHO PRGR YHUEDOH�

��� ,/ ',$/(772 3(5&(3,72

FRQVRQDQWH� FKH VSHVVR VL SDODWDOL]]D� /¶LPSUHVVLRQH FKH VL ULFDYD q FKH QHL

FDVL GL OHWWXUD VRSUD HVDPLQDWL OD SDUROD FRQFHSLWD QHO VXR LQVLHPH ©YLQFDª OD

SDUROD FRQVLGHUDWD FRPH VHTXHQ]D GL VXRQL� 6L KD OD VHQVD]LRQH FLRq FKH OD

VFULWWXUD VLD �FRQVLGHUDWD� XQ PHFFDQLVPR LQ SDUWH LFRQLFR GL DXVLOLR DOOD

PHPRULD��� XQ HVSHGLHQWH VXJJHULWRUH GL FRQFHWWL� FROWL L TXDOL OD UDSSUHVHQWD�

]LRQH IRQLFD VXSHUILFLDOH SXz YDULDUH D SLDFHUH� Ê XQ SR¶� VH q FRQVHQWLWR LO

SDUDOOHOR� TXHOOR FKH DFFDGHYD FRQ OD QRWD]LRQH PXVLFDOH JUHJRULDQD�

O¶DQGDPHQWR VLQXRVR GHL QHXPL SRWHYD ULFRUGDUH LO SHUFRUVR PHORGLFR D FKL

OD PXVLFD OD VDSHVVH JLj� H SRWHYD HVVHUH XWLOH SHU ILVVDUH JOL LQWHUYDOOL UHFL�

SURFL WUD L VXRQL� 0D O¶DOWH]]D ©DVVROXWDª GHO SH]]R QRQ HUD ILVVDWD� &RVt� XQD

YROWD OHWWR� SHUFHSLWR H VWDELOLWR� DG HVHPSLR� FKH µOD YHFFKLD KD LQ PDQR LO

URVDULR¶� QRQ q SRL LPSRUWDQWH GLVWLQJXHUH XQ µOD YHFFKLD GDO URVDULR¶ GD XQ

µOD YHFFKLD FRQ LO URVDULR¶�

/D SDUROD q DOORUD� QHOOD VXD LQWHUH]]D JUDILFD LQWHUURWWD GDJOL VSD]L ELDQ�

FKL� FRPH XQ JURVVR LGHRJUDPPD� SRUWDWRUH GHO VLJQLILFDWR JHQHUDOH FKH WRF�

FD DO OHWWRUH DWWXDOL]]DUH D SLDFHUH� FRPH LO EDVVR QXPHUDWR QHOOD PXVLFD ED�

URFFD� WUDPLWH GHO FRQFHWWR q GXQTXH XQ¶LFRQD FKH q OD ILJXUD �JUDILFD� SLWWR�

ULFD� GHOOD SDUROD� UHDOL]]DWD FRQ OD JLXVWDSSRVL]LRQH GHOOH OHWWHUH DOIDEHWL�

FKH� '¶DOWUD SDUWH q TXHOOR FKH VXFFHGH QRUPDOPHQWH FRQ L QXPHUL� � � � �

VL SXz OHJJHUH LQGLIIHUHQWHPHQWH µGXH SL~ GXH ID TXDWWUR¶ R GXM H GXM X ID�

TZDW(U� HQWUDPEH OH UHDOL]]D]LRQL VRQR FRQWHQXWH QHOOR VFULWWR� FRVt RJQL

FDUQLFR ©VDª �SHUFKp OR KD DSSHQD ©OHWWRª� FKH 9LJM HUD XQ JUDQ ODYRUDWRUH� H

FKH OR HVSULPD FRQ Q2 6WD PDM I(�U R FRQ Q2 6WD PDM �½(Q½H ID� QXMH QRQ

FDPELD OD QDWXUD GHOOD FRPXQLFD]LRQH���

/¶RSHUD]LRQH GHOOD OHWWXUD� LQVLHPH FRQ XQ FRPPHQWR PHWDOLQJXLVWLFR GL

JUDQGH LQWHUHVVH� q LQILQH VYHODWD DO SDUODQWH LQ �H�� D O ( GLIH�U(QW D Q2

FD�NDUL1 NRPH QR���� D ( Y(UH N D1NH OL� GL QR� V2Q GLIH�U(QVLV WUD SDL�&��� Q2

VDM��� SD�WDNNLV D E2U�GD1 HM �GL-L1 SD�WDWHV��� VD VL VD ½H N D O X�O GL� VL S2

WUD�GX-LOX QW D �QH6WUH O(�1J��� W DO �QH6WUH �ÂHUJ2� QRQ FRPPHQWHUz O¶HQXQFLDWR

LQWHUDPHQWH� OLPLWDQGRPL D IDU QRWDUH FRPH DQFKH TXL LO FDPELR VLD GL WLSR

OHVVLFDOH H FKH OD OLQJXD VLD GHILQLWD ©JHUJRª� YRUUHL SHUz VXJJHULUH FKH WUD�

GXUUH LQ TXHVWR FDVR VLJQLILFD WUDGXUUH IRQHWLFDPHQWH� DGDWWDUH� SURQXQFLDUH�

©FRQYHUJHUHª� TXLQGL SULPD VL FRJOLH ©FRVD YXRO GLUHª� H SRL VL WUDGXFH� VL

SURQXQFLD ©QHOOD QRVWUD OLQJXDª�

�� 1H DYHYDPR DFFHQQDWR VRSUD SHU OH VFULWWXUH SHUVRQDOL��� &RPH q QRWR� O¶LQWHUSUHWD]LRQH DFFDGLFD GHL FDUDWWHUL VXPHUL �H TXHOOD JLDSSRQHVH NDQML

GHL FDUDWWHUL FLQHVL� VL EDVD VXOOR VWHVVR SULQFLSLR� FKH LO VXPHUR FKH VFULVVH �*8�

DVFROWDVVH GHQWUR GL Vp XQR JX QRQ KD LPSRUWDQ]D� SHU O¶DFFDGR FKH OR XVD Ot q VFULWWR DOSX �H

FLRq O¶DOHSK GHL IHQLFL H O¶DOSKD GHL JUHFL� SHU XQD VRUWD GL ULYLQFLWD GHOO¶DOIDEHWR�� &IU� 6DSR�

UHWWL �����

'$//$ 3$57( '(/ 3$5/$17( ���

,9����� 'L TXHVWD RSLQLRQH� VRVWDQ]LDOPHQWH� VRQR JOL HVWHQVRUL GHL GL]LR�

QDUL GLDOHWWDOL RWWRFHQWHVFKL� D GLPRVWUD]LRQH FKH TXHVWR PRGR GL OHWWXUD HUD

DOORUD ULFRQRVFLXWR H LQ SDUWH DFFHWWDWR� 'D XQR VSRJOLR LQYHUR QRQ VLVWHPD�

WLFR� PD QRQ GHO WXWWR SULYR GL UDSSUHVHQWDWLYLWj� GHOOH SUHID]LRQL GL DOFXQL

GHL YRFDERODUL GLDOHWWDOL GLUHPPR ©SUHDVFROLDQLª�� HPHUJH XQD RVVHUYD]LRQH

�� (FFRQH O¶HOHQFR FRQ L QXPHUL FXL VL IDUj ULIHULPHQWR� VRQR SUHFHGXWL GDOOD TXHOOL FKH

QRQ PHQ]LRQDQR LO IHQRPHQR WUDWWDWR QHO WHVWR�

��� $QRQLPR

����9RFDERODULR EUHVFLDQR H WRVFDQR &RPSLODWR SHU IDFLOLWDUH $¶ EUHVFLDQL FRO PH]]R

GHOOD PDWHUQD ORUR OLQJXD ,O ULWURYDPHQWR 'H¶ 9RFDEROL� 0RGL GL GLUH H 3URYHUEM 7R�

VFDQL $ TXHOOD FRUULVSRQGHQWL� %UHVFLD� 3HU L WLSL GHOOR 6WDPSDWRU &DPHUDOH� FRQ OLFHQ�

]D GH¶ 6XSHULRUL

��� 0HOFKLRUL� *LRYDQ�%DWWLVWD

����9RFDERODULR EUHVFLDQR LWDOLDQR� %UHVFLD� 'DOOD WLSRJUDILD )UDQ]RQL H VRFLR

��� %RHULR *LXVHSSH

����'L]LRQDULR GHO GLDOHWWR YHQH]LDQR� 9HQH]LD� &RL WLSL GL $QGUHD 6DQWLQL H )LJOL

��� $QRQLPR

����9RFDERODULR UHJJLDQR�LWDOLDQR� 5HJJLR >(PLOLD@� 7RUUHJJLDQL H FRPSDJQR

��� )HUUDUL� &ODXGLR (UPDQQR

�����9RFDERODULR ERORJQHVH�LWDOLDQR FROOH YRFL IUDQFHVL FRUULVSRQGHQWL >«@ VHFRQGD

HGL]LRQH GDOO¶DXWRUH ULIXVD� FRUUHWWD� DFFUHVFLXWD� %RORJQD� 7LSRJUDILD GHOOD 9ROSH�

��� 0RUUL� $QWRQLR

����9RFDERODULR URPDJQROR�LWDOLDQR� )DHQ]D� 'DL WLSL GL 3LHWUR &RQWL DOO¶$SROOR

��� 0RQWL� 3LHWUR

����9RFDERODULR GHL GLDOHWWL GHOOD FLWWj H GLRFHVL GL &RPR FRQ HVHPSL H ULVFRQWUL GL

OLQJXH DQWLFKH H PRGHUQH� 0LODQR� 'DOOD 6RFLHWj GH¶FODVVLFL LWDOLDQL

��� 0DODVSLQD� &DUOR

����9RFDERODULR SDUPLJLDQR�LWDOLDQR DFFUHVFLXWR GL SL� FKH FLQTXDQWD PLOD YRFL

FRPSLODWR FRQ QXRYR PHWRGR� 3DUPD� 7LSRJUDILD &DUPLJQDQL

��� 'L 6DQW¶$OELQR� 9LWWRULR

����*UDQ GL]LRQDULR SLHPRQWHVH�LWDOLDQR� 7RULQR� 'DOOD 6RFLHWj O¶8QLRQH 7LSRJUDILFR�

HGLWULFH

���� &RURQHGL %HUWL� &DUROLQD

���������9RFDERORULR ERORJQHVH LWDOLDQR� %RORJQD� 6WDE� WLSRJUDILFR GL *� 0RQWL

���� 3LURQD� -DFRSR

����9RFDERODULR IULXODQR� 9HQH]LD� &RL WLSL GHOOR VWDELOLPHQWR $QWRQHOOL

���E�3LURQD� *LXOLR $QGUHD� (UFROH &DUOHWWL H *LRYDQ %DWWLVWD &RUJQDOL

����,O QXRYR 3LURQD� 9RFDERODULR IULXODQR� 8GLQH� $UWXUR %RVHWWL (GLWRUH H 6WDPSDWRUH

���� 7LUDERVFKL� $QWRQLR

����9RFDERODULR GHL GLDOHWWL EHUJDPDVFKL DQWLFKL H PRGHUQL� %HUJDPR� 7LSRJUDILD

HGLWULFH IUDWHOOL %ROLV

���� '¶$PEUD� 5DIIDHOH

����9RFDERODULR QDSROLWDQR�WRVFDQR GRPHVWLFR GL DUWL H PHVWLHUL� 1DSROL� $ VSHVH

GHOO¶$XWRUH

���� &KHUXELQL� )UDQFHVFR

�����9RFDERODULR PLODQHVH�LWDOLDQR 0LODQR� 'DOO¶,PSHULDO 5HJLD 6WDPSHULD�

��� ,/ ',$/(772 3(5&(3,72

FRVWDQWH� FKH VL SXz ULDVVXPHUH SL~ R PHQR ©VXO VLVWHPD GL WUDVFUL]LRQH JUD�

ILFR QRQ FL VRIIHUPLDPR� SHUFKp FKL FRQRVFH LO GLDOHWWR OR VD OHJJHUH EHQLV�

VLPRª� Ê SUREDELOH FKH FRQ TXHVWR VL YROHVVH DOOXGHUH DO IHQRPHQR GL FXL FL

VWLDPR RFFXSDQGR� YHGLDPRQH DOFXQL GHL FDVL SL~ VLJQLILFDWLYL�

���� � ©VFRSR GHO SUHVHQWH 9RFDERODULR PXQLFLSDOH� q SLXWWRVWR GL GDUH

OD WUDGX]LRQH LWDOLDQD GHOOH SDUROH LQ GLDOHWWR� FKH OH QRUPH GHOOD

SURQXQFLD GL HVVR� OD TXDOH PHQWUH QRQ LQWHUHVVD FKH SRFKLVVLPR L

ORQWDQL� q DEEDVWDQ]D QRWD D FRORUR FKH GHEERQR YDOHUVL GHO PLR OD�

YRUR� FKH� FUHGR LQXWLOH DJJLXJQHUH XOWHULRUL RVVHUYD]LRQLª

���� ,9 ©PD HVVHQGR PLR VROR LQWHQGLPHQWR TXHOOR GL SRUJHUH LQ TXHVWR

PLR TXDOXQTXH VLDVL ODYRUR XQ DOOHYLDPHQWR H VRFFRUVR D TXH¶ 5R�

PDJQROL� FKH DEELVRJQDVVHUR GL FRQRVFHUH O¶HTXLYDOHQWH LWDOLDQR DG

RJQL VRUWD YRFDEROL GHO ORUR GLDOHWWR� FRVu QRQ IDUj G¶XRSR� FK¶LR

SL� FKH WDQWR PL HVWHQGD LQ SUHFHWWL VXO PRGR� FRO TXDOH LR PHGHVL�

PR KR VFULWWD OD SUHVHQWH PLD RSHUD� FKH LQ ILQH IX TXHOOR VROR� FKH

SL� JLXGLFDL FRQYHQLUVL DOOD SUHWWD H QDWXUDOH SURQXQ]LD GHO QRVWUR

YHUQDFROR� SHUVXDVR FKH RJQL 5RPDJQROR WDQWR SL� IDFLOPHQWH

DYUHEEH OHWWR OH YRFL H PDQLHUH GHO GLU QRVWUR TXDQWR SL� IDFLOPHQWH

IRVVHUR VWDWH VFULWWH� H DYYLFLQDWH DO VXRQR GHOOD SURQXQ]LD� 'DFFKp

WXWWL TXHOOL� FKH VRQR QHO FDVR GL VHUYLUVL GL XQ 'L]LRQDULR GL 'LD�

OHWWR� OHJJRQR D SULPD YLVWD FRPH HJOL VL GHEEH OH XQH� H OH DOWUH� Qp

SRVVRQR� DQFRUFKp SXUH OR YROHVVHUR� OHJJHUH H SURQXQFLDUH GLYHU�

VDPHQWH D SULPD YLVWDª�

���� ;, ©ULWHQXWR FKH LO OHYDPHQWR� OD JLXQWD R OD YDULD]LRQH GL XQD OHWWH�

UD R XQ GLWWRQJR QRQ SRWHVVH SURGXUUH QHOOD SDUROD WUDVILJXUD]LRQ

WDOH GD GLIILFROWDUQH SHU JOL XQL R SHU JOL DOWUL > JOL DELWDQWL GHOOD

FLWWj R GHO FRQWDGR@ OD SURQWD FRJQL]LRQH GHO VLJQLILFDWRª�

����� V�S� ©ODVFLDQGR GD SDUWH L VXRQL� FKH QRQ VL SRVVRQR IDU XGLUH FKH

FRQ OD YLYD YRFH� OH SDUROD GL TXDO YXRL OLQJXD QRQ VL SRVVRQR VFUL�

YHUH FRPH OH DVFROWL� WDOL H WDQWH VRQR OH DVSLUD]LRQL� JOL LDWL� L GLW�

WRQJKL� OH YRFDOL PXWH� H OH DWWHQXD]LRQL� SHU QRQ GLUQH SL�� 3HU SR�

FR QHOOH OLQJXH QRWH VL VFULYHVVH WDO TXDOH V¶RGH D SURQXQ]LDUH� QH

WRUQHUHEEHUR OLQJXH GD VHOYDJJL� LUWH� IHUH H EHVWLDOL����

�� (FFR DOWUH LQWURGX]LRQL VLPLOL� DQFKH VH PHQR HFODWDQWL

���� ;9,,, ©OD VROD YLYD SURQXQ]LD DGXQTXH q VWDWD OD UHJRODWULFH GHO QRVWUR RUWRJUDIL]]D�

UH� WDOH VWXGLDQGRFL GL VFULYHUH LO SDUODUH %UHVFLDQR� TXDOH GD¶ %UHVFLDQL VL SURIIHULVFH� R FR�

PH GD RJQ¶XQR GL HVVL VL VFULYHUHEEH� VH L SURSUL VHQWLPHQWL SDOHVDUH YROHVVH SHU LVFULWWXUDª�

���� �� ©LO ILQH GHO GL]LRQDULR VL q XQLFDPHQWH GL DJHYRODUH D¶ %UHVFLDQL OD OLQJXD LWDOLDQD

LQ FRQIURQWR GHO GLDOHWWR� H FKH QLXQ %UHVFLDQR Qq YXROH Qq GHEEH DSSDUDUH LO SURSULR GLDOHWWR

FK¶HJOL JLj VDª�

'$//$ 3$57( '(/ 3$5/$17( ���

1HL GL]LRQDUL GLDOHWWDOL DQFKH GHL QRVWUL JLRUQL FRPSLODWL GD GLDOHWWRIRQL

DPDWRUL VL WURYDQR OH VWHVVH RVVHUYD]LRQL� TXL VL FLWHUj VROR 3UHPRVHOOR

&KLRYHQGD ����� ���� PD PROWL DOWUL HVHPSL VL SRWUHEEHUR WURYDUH� ©H G¶DOWUD

SDUWH q LQXWLOH FKH FL GLOXQJKLDPR VXOOD SURQXQFLD� FKH YD VHQWLWD GD TXHOOL

FKH SDUODQR GLDOHWWR� L TXDOL OD VDQQR EHQLVVLPR� 6H SRL VL WURYDQR GHOOH GLI�

IHUHQ]H GL DFFHQWR WUD XQD IUD]LRQH H O¶DOWUD TXHVWR QRQ q LPSRUWDQWH� SHUFKp

VL WUDWWD EHQ VHPSUH GHOOD VWHVVD SDUROD� FKH LQIDWWL YLHQH VFULWWD DOOR VWHVVR

PRGRª�

'XQTXH q TXHVWR FKH LQWHQGHYDQR L FRPSLODWRUL GHL GL]LRQDUL� FKH OD ORUR

VFULWWXUD� OD IRUPD JUDILFD FKH GDYDQR DOOH SDUROH� q XQ VXSSRUWR SHU OD PH�

PRULD GHO GLDOHWWRIRQR� DO TXDOH DJJDQFLDUVL SHU WURYDUH LO FRUULVSRQGHQWH

WHUPLQH LWDOLDQR� 3RL� FKH RJQXQR OD OHJJD XQ SR¶ FRPH YXROH� VH LO VLJQLIL�

FDWR q WUDVPHVVR�

,9����� ,O SUREOHPD GHO VLJQLILFDWR q LO QRGR VX FXL LQVLVWRQR JOL VWXGL FKH

VL RFFXSDQR GL LOOXVWUDUH L PHFFDQLVPL GHOOD OHWWXUD� QH VDUj TXL IDWWR VROR XQ

UDSLGR FHQQR� ULPDQGDQGR VHQ]¶DOWUR SHU LO UHVWR D 6DUWRUL ����� $Q]L� JLRYD

EDVDUVL VXOOD FKLDUD HVSRVL]LRQH GL )ORUHV G¶$UFDLV ����� ���� FKH ULSUHQGH

���� 9,,, ©LR VRQ SHU DOWUR G¶DYYLVR FKH OD SULPD UHJROD GHOO¶RUWRJUDILD G¶XQD OLQJXD VLD

TXHOOD GL VFULYHUH� VH ILD SRVVLELOH� FRPH VL SDUODª� 'RSR DYHU SRL GLVFXVVR YDULH JUDILH DUJR�

PHQWD �;� ©DYHQGR SRL ULIOHWWXWR FKH PL VDUHL WURSSR GLVFRVWDWR GDOO¶XVR FRPXQH VHQ]D ELVR�

JQR� FKH GRYHYDVL SHU FLz VWHVVR DOWHUDU O¶RUGLQH DOIDEHWLFR� H FKH G¶DOWURQGH QRQ q TXHVWD

FKH XQD PDQLHUD QRVWUD GL SURQXQFLDUH OD TXDOH� YROHQGR� VL SRWUHEEH IDFLOPHQWH FRUUHJJHUHª

H FRQFOXGH �;,�� ©TXHVWR PLR OLEUR QRQ q GLVWUHWWDPHQWH FKH DG XVR GH¶ 9HQHWL� L TXDOL PL

LQWHQGHUDQQR EHQLVVLPR D SULPD JLXQWD� KR SHQVDWR SHU WXWWR FLz GL ODVFLDU OH FRVH QHOOR VWDWR

SULPLHUR > FLRq FRQ XQD JUDILD VHPSOLFH H WRVFDQHJJLDQWH@ª�

���� ;/9 ©VHJXLL TXHVWD UDJLRQH GL VFULYHUH� FKH LQ SDUWH VL GLYHUVLILFD GD TXHOOD JHQH�

UDOPHQWH DGRWWDWD� SHU HYLWDUH TXDQWR DOO¶R H DOO¶H DSHUWL OD QRMD GL VHPSUH DYYHUWLUQH LO OHWWR�

UH� H TXDQWR DG DOWUH OHWWHUH D PHJOLR HVSULPHUQH LO VXRQR� ( SUHPHWWR� LQ JUD]LD GHL QRQ ORP�

EDUGL� FRGHVWD $YYHUWHQ]D� VHQ]D FXL q LPSRVVLELOH FKH LO IRUHVWLHUH SURQXQ]LL EHQH LO SL�

GHOOH YRFLª�

���E�� 9,,, ©QRL >«@ ULFRQRVFLDPR IUDQFDPHQWH O¶LQHYLWDELOLWj GHOOD UDSSUHVHQWD]LRQH

JUDILFD� GLIHWWR GL WXWWH OH OLQJXH� TXDOL VL VLDQR� � DFFHWWLDPR XQ PLQLPR GL SDUWLFRODULWj OR�

FDOL� � SURFXULDPR G¶DWWHQHUFL D XQ PDVVLPR GL VHPSOLFLWj H FRHUHQ]D� � H FUHGLDPR G¶DYHU FR�

Vt GDWR OD PLJOLRUH VROX]LRQH SUDWLFD DO SUREOHPD� VHQ]D LPSLJOLDUFL LQ VWHULOL TXHVWLRQL GL OD�

QD FDSULQD� $O GL VRSUD GHJOL VFKHPL JUDILFL SL� R PHQR HODERUDWL ILRULVFH FRPXQTXH� LQGL�

SHQGHQWH� OD YLYD SDUODWD SRSRODUH� FRQ OH VXH LQQXPHUHYROL FDUDWWHULVWLFKH FKH LQ QHVVXQ FD�

VR LO FRQVXHWR DOIDEHWR VDSUHEEH UHJLVWUDUHª�

4XDQWR D ����� ,,�,,,� LO SURFHVVR DYYLHQH DO FRQWUDULR� TXL SURYD XQD VFULWWXUD FKH VLD YL�

FLQD DOOD SURQXQ]LD GHO SRSROR �QRQ q O¶XQLFD G¶DOWURQGH� PROWL DOWUL SRUWDQR RVVHUYD]LRQL VL�

PLODUL�� ©>1HO@OH SDVVDWH RUWRJUDILH ERORJQHVL >«@ LO GLDOHWWR SHUGH LO VXR YHUR FDUDWWHUH� H OD

OLQJXD SDUODWD PDO VDUHEEH LQWHVD GD FKL VROR FRPSUHQGHVVH OD VFULWWD� >«@ 'RSR PROWH H OXQ�

JKH SURYH >«@ YDUL EUDQL GL VFULWWXUD ERORJQHVH UHJRODWD GDOOD PLD QXRYD RUWRJUDILD� GLHGL D

VFRUUHUH D SHUVRQH GHO SDHVH >«@ H LQWHVL FRQ PLR JUDQGH FRQWHQWR� OHJJHUH OH SDUROH FRQ ID�

FLOLWj� H SURQXQ]LDUOH FRPH HVFRQR GDOOD ERFFD GHO SRSROR� QHO TXDOH FRQ OD SURQXQ]LD KR

FHUFDWR OD OLQJXDª�

��� ,/ ',$/(772 3(5&(3,72

DSSXQWR 6DUWRUL� LQWHJUDQGROR� ©LO PRGHOOR ³VWDQGDUG´ GHOOD OHWWXUD >«@ SUH�

YHGH HVVHQ]LDOPHQWH GXH VWUDGH SHU LO ULFRQRVFLPHQWR GL SDUROH VFULWWH� XQD

YLD ³GLUHWWD´ DWWUDYHUVR LO OHVVLFR� O¶DOWUD DWWUDYHUVR UHJROH GL FRQYHUVLRQH

JUDIHPD�IRQHPD� 1HO SULPR FDVR OD SDUROD q DWWLYDWD QHO OHVVLFR PHQWDOH� H OD

SURQXQFLD q XQD GHOOH LQIRUPD]LRQL FKH ULVXOWDQR D GLVSRVL]LRQH GHO VLVWHPD

GL ULFRQRVFLPHQWR� LQVLHPH DO VLJQLILFDWR GHOOH SDUROH� GHOOH VXH SURSULHWj

VLQWDWWLFKH HFF� 1HO VHFRQGR FDVR LO OHWWRUH ID XVR GL UHJROH GL FRQYHUVLRQHª�

'XQTXH QHO FDVR GHOOH OHWWXUH VRSUD HVDPLQDWH q LO SULPR FDVR TXHOOR SHUWL�

QHQWH� LQROWUH ©LO FRGLFH IRQRORJLFR GL XQD SDUROD YLHQH DWWLYDWR TXDQGR XQD

SDUROD YLHQH ULFRQRVFLXWD� VLD FKH FLz DYYHQJD LQ PRGR GLUHWWR� DWWUDYHUVR

O¶DWWLYD]LRQH GHOO¶LQIRUPD]LRQH FRQWHQXWD QHO OHVVLFR PHQWDOH� VLD DWWUDYHUVR

OD VWUDGD JUDIHPD�IRQHPDª�

$EELDPR FRVt OD IRUPD GHOOD SDUROD� XQ SLWWRJUDPPD GHOLPLWDWR GDL GXH

DVLQWRWL GHJOL VSD]L ELDQFKL� TXHVWD VXJJHULVFH LO VLJQLILFDWR FKH VROR GRSR

VDUj ULYHVWLWR GL XQD IRUPD IRQHWLFD� Ê RYYLR DOORUD FKH WUD TXHVWH GXH XOWLPH

RSHUD]LRQL VL LQVHULVFH LO ILOWUR GL FRQYHUVLRQH UDSSUHVHQWDWR GDOOH UHJROH IR�

QRPRUIRORJLFKH SDUWLFRODUL GL RJQL GLDOHWWR� H TXHVWR SURGXFH OH UHDOL]]D]LR�

QL VXSHUILFLDOL �WDORUD QRWHYROPHQWH� GLIIHUHQWL� /H FRUUHQWL WHRULH YLVLYH VR�

QR SHUFLz GHWWH ©D GRSSLR DFFHVVRª �6DUWRUL ����� ���� FKH FLRq DPPHWWRQR

D� DFFHVVR GLUHWWR DO VLJQLILFDWR GDWR XQR VWLPROR LQL]LDOH H E� WUDVIRUPD]LR�

QH GD XQ FRGLFH YLVLYR DG XQR IRQRORJLFR SULPD GHOOD FRPSUHQVLRQH� SHUFKp

JOL HVSHULPHQWL VFLHQWLILFL KDQQR FRQIHUPDWR HQWUDPEH OH PRGDOLWj��� $P�

PHWWHQGR SHUz FKH IXQ]LRQLQR LQ SDUDOOHOR� TXDQGR OH VWUDWHJLH VRQR HQWUDP�

EH SRVVLELOL LO OHWWRUH DGXOWR RSWD VSHVVR SHU TXHOOD YLVLYD� 4XHVWR� HYLGHQ�

WHPHQWH� D WDQWD PDJJLRU UDJLRQH LQ SUHVHQ]D GL XQ FRGLFH GL VFULWWXUD GLIHW�

WLYR FRPH TXHOOR GLDOHWWDOH �FKH QRQ VLD RYYLDPHQWH XQD WUDVFUL]LRQH IRQHWL�

FD��

$QFKH OD OHWWXUD GLDOHWWDOH SXz HVVHUH SHUz VHTXHQ]LDOH� H DQ]L OR q TXDQ�

GR LO VLJQLILFDWR QRQ q FROWR DSSLHQR DO YROR� ,Q �D� LO VLQWDJPD L �EMD IDQ�Â(O�

FKH QRQ q DPPLVVLELOH QHO GLDOHWWR GL &RLPR� YLHQH OHWWR HVDWWDPHQWH �LQ

PRGR VHTXHQ]LDOH�� TXDQGR QRQ q GHO WXWWR VRVWLWXLWR� OR YDULD OD OHWWXUD GL

�E�� SHUFKp D *DJQRQH IDQ�Â(O q SRVVLELOH� SHU TXDQWR SRFR XVDWR H VHQWLWR

FRPH QRQ WLSLFR� 0D O¶HVHPSLR SL~ FRQYLQFHQWH q LO IDULQ¼ ÉD�OH GL �H�� TXL

OD �H ILQDOH QRQ q VWDWD VRVWLWXLWD�FRPH q LQYHFH FRVWDQWH SHU OH DOWUH ILQDOL�

�� (VSHULPHQWL IDWWL FRQ GLVOHVVLFL VXSHUILFLDOL VXJJHULVFRQR FKH LO ORUR WLSR GL OHWWXUD H GL

VFULWWXUD VLD QRQ OHVVLFDOH �GDWR FKH TXDQGR VFULYRQR IDQQR HUURUL IRQRORJLFDPHQWH FRUUHWWL�

>6DUWRUL ���� FDS 9,,,@ PHQWUH OD GLVOHVVLD SURIRQGD R IRQRORJLFD UHQGH LQFDSDFL GL OHJJHUH

OH QRQ SDUROH� LO FKH VLJQLILFD FKH LQ TXHVWR FDVR OD OHWWXUD DYYLHQH SHU YLD VHPDQWLFD >6DUWRUL

���� FDS ,;@� 9LJH]]LQL H FDUQLFL VDUHEEHUR GXQTXH XQ SRFKLQR GLVOHVVLFL" (YLGHQWHPHQWH

QR� PD TXHVWD q XQ¶XOWHULRUH SURYD FKH OD OHWWXUD VHPDQWLFD GL WHVWL DOIDEHWLFL q QRQ VROR SRV�

VLELOH� PD DVVDL SUDWLFDWD�

'$//$ 3$57( '(/ 3$5/$17( ���

SHUFKp µ]DOH �JLDOOD� q PROWR GLYHUVR GDOOD SDUROD GL &RO]D ��ÂDOD�� H SHU FD�

SLUH FRVD VLJQLILFD YD VFRPSRVWR LQ PRGR VHTXHQ]LDOH� ULFRQRVFLXWD GXQTXH

O¶DOWHULWj� OD OHWWXUD VHTXHQ]LDOH� SL~ IRQHWLFDPHQWH DFFXUDWD� ©SHUPHWWHª DQ�

FKH OD UHDOL]]D]LRQH GHOOH �H ILQDOL� FKH DQ]L GDQQR LO WRQR GHO FRORUH ORFDOH�

,9����� 4XDOFKH RVVHUYD]LRQH ILQDOH VXO WRQR OLQJXLVWLFR SUHYDOHQWH GHL

WHVWL GLDOHWWDOL GHOOD 9DOOH� 6HPEUD GL SRWHU DIIHUPDUH FKH VL WUDWWD GL XQD OLQ�

JXD DEEDVWDQ]D FRPXQH� LQ FXL q HYLGHQWH OD ULFHUFD GL XQ UHJLVWUR PHGLR�

QRQ SLDWWD HG HYLGHQWHPHQWH FROORTXLDOH� PD QRQ HFFHVVLYDPHQWH HODERUDWD�

QRQ WURSSR DUFDLFD� WDORUD SLXWWRVWR FRQQRWDWD LQ VHQVR GLDWRSLFR� D GLVSHWWR

GHOOH QRUPH JUDILFKH� /D FRORULWXUD ORFDOH� RWWHQXWD SHU OR SL~ WUDPLWH O¶XVR

GL SDUROH�EDQGLHUD� q IXQ]LRQDOH DOOH SRHVLH SHUFKp TXHVWH VRQR VSHVVR YROWH

DG HYRFDUH SDUWLFRODUL DQFKH PLQXWLVVLPL GHOOD YLWD SDVVDWD H UXUDOH� SDUWL�

FRODUL FKH YDQQR VSHFLILFDWL OHVVLFDOPHQWH� H TXHVWR D PROWD PDJJLRU UDJLRQH

QHL JORVVDUL� SURJHWWDWL DSSXQWR SHU LOOXVWUDUH OH ©SDUROH UDUHª�

( GXQTXH� FRHUHQWHPHQWH FRQ OH LPSUHVVLRQL VFDWXULWH GDOOH LQFKLHVWH H

GDOOH DXWRYDOXWD]LRQL� DQFKH WUDPLWH OD VFULWWXUD O¶LPPDJLQH SURSRVWD GHO

GLDOHWWR q TXHOOD GL XQD OLQJXD DGDWWD DOO¶DJULFROWXUD H OH YHFFKLH FRVH� XQD

VRUWD GL OLQJXD SHUVRQDOH� TXDVL XQD OLQJXD GHO FXRUH� LQ FRQWUDSSRVL]LRQH

DOOD OLQJXD GL IXRUL FKH q O¶LWDOLDQR��� /¶LPPDJLQH q SRVLWLYD� PD LO GLDOHWWR

VHJQD VRSUDWWXWWR O¶LGHQWLWj DOO¶LQWHUQR GHO JUXSSR �H D TXHVWR VL ULFRQGXFRQR

L IHQRPHQL DFFHQQDWL GHOOD GLDOHWWRIRQLD SRWHQ]LDOH H GHO SDUODUH GLDOHWWR LQ

LWDOLDQR�� GXQTXH VFULYHUH LQ GLDOHWWR VLJQLILFD DIIHUPDUH ©LR VRQR YLJH]]LQRª

H DXWRFRQYLQFHUVL GL TXHVWR� q XQD VFULWWXUD TXDVL GL ULSLHJDPHQWR �VX VH

VWHVVL H VXOOD SURSULD FRPXQLWj� SL~ FKH GL HVSDQVLRQH YHUVR O¶HVWHUQR�

1RQ VHPEUD DOORUD WURSSR D]]DUGDWR VXJJHULUH FKH� TXDQGR VFULYRQR� L YL�

JH]]LQL VRQR WXWWR VRPPDWR VRGGLVIDWWL GHO ORUR GLDOHWWR �R GHL ORUR GLDOHWWL��

FRVD SRL HVVL VLDQR q LQ IRQGR XQD TXHVWLRQH GL LPSRUWDQ]D PLQRUH� TXHOOR

FKH SDUH GL SRWHU FRJOLHUH q FKH FRPXQTXH LO GLDOHWWR QRQ q PROWR GLYHUVR GD

FRPH YRUUHEEHUR FKH IRVVH� OLQJXD FRPXQLWDULD GL FRHVLRQH DOO¶LQWHUQR �VLD

TXHVWR LQWHUQR XQD IDPLJOLD� XQ SDHVH� OH YHFFKLHWWH FKH SUHQGRQR LO IUHVFR

VRWWR O¶DOEHUR� L UDJD]]L FKH JLRFDQR D SDOORQH FRQWUR OH DXWRPRELOL GHL YLO�

OHJJLDQWL� L SHQGRODUL LQ WUHQR YHUVR /RFDUQR R 'RPRGRVVROD� H GL GLIIHUHQ�

]LD]LRQH DOO¶HVWHUQR� q OD OLQJXD GHO ULFRUGR SHU JOL DQ]LDQL H GHOOH UDGLFL SHU

L JLRYDQL� OD OLQJXD GHL JLRFKL H GHOOD YLWD LQWHULRUH��� 3HUz IXRUL VL SDUOD LWD�

�� ( DQFKH LQ TXHVWR VHQVR VL SXz IRUVH LQWHUSUHWDUH OD VFDUVD SUHVHQ]D GHO GLDOHWWR QHO

©%D]]DOHVNª� JLRUQDOH D VXR PRGR G¶D]LRQH�

�� Ê IRUVH VLJQLILFDWLYR LO JUDQGH SXGRUH FKH VRSUDWWXWWR OH SHUVRQH GL PH]]D HWj H DQ]LD�

QH� PD DQFKH DOFXQL IUD L JLRYDQL PDQLIHVWDQR ULVSHWWR DOO¶DUJRPHQWR ©SDURODFFH R EHVWHPPLH

LQ GLDOHWWRª� /¶RSLQLRQH GLFKLDUDWD FRVWDQWHPHQWH q FKH LO GLDOHWWR QRQ KD SDURODFFH SURSULH�

H FKH QRQ VL EHVWHPPLD LQ GLDOHWWR �QRQ FKH QRQ VL EHVWHPPL LQ JHQHUH� PD OR VL ID LQ LWDOLD�

��� ,/ ',$/(772 3(5&(3,72

OLDQR� QHOOD YLWD FL VL DIIHUPD SDUODQGR LWDOLDQR� H LO PRQGR H OD 9DOOH VL

FDPELDQR H PLJOLRUDQR SDUODQGR LWDOLDQR�

,9��� 8Q FRGLFH ULVWUHWWR"

2UD� TXHVWD GLIIHUHQ]D WUD QRUPD HQXQFLDWD� LGHRORJLFD� HG DWWXD]LRQH q LQ

SL~ GL XQ FRQWHVWR XQR GHL IHQRPHQL FHQWUDOL FRQ L TXDOL VL YLHQH D FRQWDWWR

WUDWWDQGR GHOOD FRQVDSHYROH]]D OLQJXLVWLFD� VH QH q DFFHQQDWR SL~ YROWH� SDU�

ODQGR GHO OLQJXDJJLR XVXDOH FKH QRQ q SRUWDWR DOO¶DWWHQ]LRQH� LQ SDUWLFRODUH

VL q YLVWR LO FDVR GL UDJD]]L H JLRYDQL FKH GLFKLDUDQR �HYLGHQWHPHQWH LQ SHU�

IHWWD EXRQD IHGH� GL SDUODUH VHPSUH GLDOHWWR IUD GL ORUR� TXDQGR OH UHJLVWUD�

]LRQL QDVFRVWH GL SHHU JURXSV �FIU� ,,,���� PRVWUDQR XQ DPSLR XVR

GHOO¶LWDOLDQR� LQROWUH VL ULFRUGHUDQQR OH DIIHUPD]LRQL VXVFLWDWH GDO ILQWR TXH�

VWLRQDULR� SHU FXL LO GLDOHWWR VDUHEEH DGDWWR DQFKH DOOH VHGXWH GHO FRQVLJOLR

FRPXQDOH �PD� GREELDPR FUHGHUH� QRQ OR q SHU OD SL~ PRGHVWD DWWLYLWj GL

©VKRSSLQJ D 6DQWD 0DULD 0DJJLRUHª����

6L q DQFKH VXJJHULWR FKH TXHVWH GLVFUHSDQ]H SRVVDQR GHULYDUH GD XQ GL�

YHUVD GLVWULEX]LRQH GHO ©SHVRª GHO PHVVDJJLR SURSULDPHQWH OLQJXLVWLFR� VHJ�

PHQWDOH� H GL TXHOOL SUDJPDWLFR H VRSUDVHJPHQWDOH DOO¶LQWHUQR GHOO¶HYHQWR

FRPXQLFDWLYR� RVVLD� VH O¶LPSDOFDWXUD GHO GLVFRUVR q GLDOHWWDOH� H OR VRQR OH

SUHVXSSRVL]LRQL FRQGLYLVH� LO GLVFRUVR q GLDOHWWDOH� DO GL Oj GHO FRGLFH OLQJXL�

VWLFR FKH SXz HVVHUH XQ DOWUR��� Ê TXHOOR FKH LQ 6WHKO ����� ��� q GHILQLWR O¶

QR�� ,QYHUR� DQFKH GDO GL IXRUL� VL VDUHEEH SHUSOHVVL DG LQGLFDUH IRUPH GL LQVXOWR� R FRSURODOL�

FKH� R EODVIHPH� VSLFFDWDPHQWH GLDOHWWDOL� RVVLD FKH QRQ VLDQR XQ PHUR DGDWWDPHQWR IRQHWLFR

GDOO¶LWDOLDQR� TXHVWH XOWLPH VRQR SHUz RYYLDPHQWH DVVDL IUHTXHQWL� ,O GLDOHWWR �DOPHQR TXHOOL

GL &RLPR H *DJQRQH�2UFHVFR� SHU FXL KR SL~ GDWL� SRVVLHGH XQD WHUPLQRORJLD SHU LQGLFDUH L

JHQLWDOL PDVFKLOL H IHPPLQLOL H LQ FHUWD PLVXUD DQFKH SHU JOL DWWL VHVVXDOL� PD SHU TXDQWR PL

FRQVWD TXHVWL WHUPLQL� DQFRUFKp WDEXL]]DWL H QRQ XVDWL FRUUHQWHPHQWH� QRQ FRVWLWXLVFRQR PD�

WHULD GL LQVXOWR� /DUJDPHQWH XVDWL D TXHVWR VFRSR VRQR LQYHFH L FRUULVSRQGHQWL LWDOLDQL DGDW�

WDWL�

�� 8Q UHFHQWH VRQGDJJLR '2;$ �%ROOHWWLQR GHOOD '2;$ ;/9, ���� GHO � OXJOLR �����

����� LQ %HUUXWR ����� ��� VXJJHULVFH FKH OD UHJUHVVLRQH GHL GLDOHWWL LQ ,WDOLD DYUHEEH VXELWR

QHOO¶XOWLPR GHFHQQLR XQ DUUHVWR� FRQ DXPHQWR GHO FRPSRUWDPHQWR ELOLQJXH H GLPLQX]LRQH GHL

PRQROLQJXH GL HQWUDPEL L ODWL �FLRq GLDOHWWDOL H LWDOLDQL�� TXHVWL VRQGDJJL VRQR FRQGRWWL FRQ

PHWRGL VWUHWWDPHQWH DXWRYDOXWDWLYL� Qp VDUHEEH SRVVLELOH IDUH DOWULPHQWL� VRQR TXLQGL� FRPH

ULOHYD OR VWHVVR %HUUXWR� GL DIILGDELOLWj WXWWD GD YHULILFDUH SHU TXDQWR ULJXDUGD LO FRPSRUWD�

PHQWR UHDOH� PD IRUQLVFRQR SUH]LRVH LQGLFD]LRQL VXOOH WHQGHQ]H� OH LQWHQ]LRQL H OD FRVFLHQ]D

OLQJXLVWLFD� ,O IHQRPHQR GHOOD 9DOOH VHPEUHUHEEH GXQTXH HVWHVR D WXWWD OD 3HQLVROD��� 8Q IHQRPHQR VLPLOH PL q FDSLWDWR GL ULVFRQWUDUOR SUHVVR DOFXQH UDJD]]H DIULFDQH LPPL�

JUDWH LQ ,WDOLD� QHOOD FRQYHUVD]LRQH VSRQWDQHD IUD GL ORUR �FRPH SXz DYYHQLUH LQ WUHQR� GRYH q

IUHTXHQWH LQFRQWDUOH QHO WUDWWR WUD %RORJQD H )LUHQ]H� VSHVVR VL VHUYRQR GL XQ SLGJLQ D EDVH

LQJOHVH� LQIUDPPH]]DWR D PROWH HVSUHVVLRQL FKH LQJOHVL QRQ VRQR� WDQWR GD UHQGHUQH OD FRP�

SUHQVLRQH VSHVVR LPSRVVLELOH� +R ULSHWXWDPHQWH FKLHVWR D JUXSSL GLYHUVL GL UDJD]]H TXDOH

IRVVH OD OLQJXD FKH SDUODYDQR� H OD ULVSRVWD �LQ LQJOHVH FRUUHWWR� q VWDWD VHPSUH SL~ R PHQR�

'$//$ 3$57( '(/ 3$5/$17( ���

©LWDOLDQR FRQ QXPHURVH LQWHUIHUHQ]H GLDOHWWDOL �,1,'�� >FKH@ FRUULVSRQGH DOOD

FRQWLQXD]LRQH GHOOH WUDGL]LRQL GHO GLVFRUVR GLDOHWWDOL FRQ L PH]]L OLQJXLVWLFL

GHOO¶LWDOLDQRª� LQ HIIHWWL� LQ DFFRUGR FRQ OD WHRULD GHOOH WUDGL]LRQL GHO GLVFRU�

VR �YHGL 6FKOLHEHQ�/DQJH �������� ULSUHVD H GLVFXVVD GD 6WHKO� TXHVWD PDJ�

JLRUH LPSRUWDQ]D DFFRUGDWD D YDORUL QRQ VHTXHQ]LDOL QHO IOXVVR FRPXQLFDWL�

YR�� ULVSHFFKLD LQ XQ VHQVR OD GLVWLQ]LRQH FKH 6WHKO SRQH IUD SUDJPDWLFD

GHOOD YDULD]LRQH H OLQJXLVWLFD GHOOD YDULD]LRQH� RJQXQD GRWDWD GL DXWRQRPLD

IXQ]LRQDOH�

$OOR VWHVVR PRGR� PD q QHOOD PLD HVSHULHQ]D PHQR IUHTXHQWH� SXz FDSLWD�

UH GL SDUODUH LWDOLDQR LQ GLDOHWWR� LQ 9DOOH VL WUDWWD SHU OR SL~ GL EUHYL VKLIWLQJ

GL FRGLFH FKH LQ JHQHUH VL DVVRUERQR QHO JLUR VWHVVR GHOOD EDWWXWD GL GLDORJR�

H GHL TXDOL QRQ ULPDQH WUDFFLD QHOOD FRVFLHQ]D�

,O IHQRPHQR �QHOOH VXH GXH PDQLIHVWD]LRQL� q SUHVHQWH DQFKH LQ DUHD JHU�

PDQLFD� 0DWWKHLHU ����� ��� RVVHUYD FKH FRPH L GLYHUVL SRSROL GLYLGRQR �LQ

JUDGDWD� LO FRQWLQXXP GHL FRORUL� FRVt ©JLEW HV DXFK 8QWHUVFKLHGH LQ GHU 3HU�

]HSWLRQ GHVVHQ� ZDV QRFK ]X HLQHU 6SUDFKH JHK|UW XQG ZDV VFKRQ ]X DQGHUHQ

6SUDFKHQ JHK|UWª H QRWD TXLQGL FKH DOFXQL LQIRUPDWRUL QRQ GLVWLQJXRQR WUD

6WDQGDUGVSUDFKH H �EHUUHJLRQDOH 8PJDQJVSUDFKH� LO GLVFRUVR SHU OD 9DOOH

VL VSRVWD� SHUFKp QRQ HVLVWH XQD �EHUUHJLRQDOH 8PJDQJVSUDFKH� ULPDQH LO

IDWWR FKH VSHVVR QRQ q FRVt VFRQWDWR GRYH ULVLHGD� SUDJPDWLFDPHQWH� OD GLIIH�

UHQ]D IUD XQ FRGLFH H XQ DOWUR QHOOD SHUFH]LRQH H QHOO¶XVR GHO SDUODQWH���

©SDUOLDPR XQ EXRQ LQJOHVH� SHUFKp VLDPR GL WULE~ GLYHUVH H TXLQGL QRQ FL FDSLUHPPR� &RVt

SDUOLDPR LQJOHVH FRPH OLQJXD IUDQFD �GHWWR VSHVVR LQ LWDOLDQR���ª� L PLHL VIRU]L GL VXJJHULUH D

FRORUR FKH PL ULVSRQGHYDQR FKH OD OLQJXD FRQ FXL SDUODYDQR FRQ PH HUD GLYHUVD GD TXHOOD FKH

XVDYDQR IUD GL ORUR QRQ KDQQR PDL VRUWLWR DOFXQ ULVXOWDWR� 1RQ VL SHUFHSLVFH OD GLIIHUHQ]D

SHUFKp� ULWHQJR� VL SDUOD FRPXQTXH DOO¶HXURSHD��� &IU� SHU O¶DUHD LWDOLDQD .RFK ����� FKH SXUH VL GHGLFD DOOD IRUPD]LRQH GHOOD OLQJXD OHW�

WHUDULD� 9HGL LQ SDUWLFRODUH ��������

�� ©/¶LQFURFLR GHOOH WUDGL]LRQL GHO GLVFRUVR GLDOHWWDOL H GHOOH WUDGL]LRQL LWDOLDQH SUHQGH

RULJLQH GDO IDWWR FKH� DQFKH VH FDPELD OD OLQJXD G¶XVR TXRWLGLDQR� VL ULPDQH SHU OR SL~ OHJDWL

DOOH WUDGL]LRQL GHO GLVFRUVR GHOOD SURSULD PDGUHOLQJXD� VH QRQ VL FDPELDQR SURIRQGDPHQWH OH

FRQGL]LRQL GL YLWD LQGLYLGXDOH H VRFLDOHª 6WHKO ����� ���� VL QRWHUj FRPH TXHVWR GLVFRUVR q

YLFLQR DO IHQRPHQR GHOOOD GLDOHWWRIRQLD SRWHQ]LDOH� GL FXL FL VLDPR RFFXSDWL� &IU� DQFKH

TXHOOD ©FRQWLQXD]LRQH GL WUDGL]LRQL GHO GLVFRUVR GLDOHWWDOL FRQ L PH]]L OLQJXLVWLFL

GHOO¶LWDOLDQRª FKH VL ULVFRQWUD QHOO¶HVHPSLR GL 6WHKO ����� ���������� 7RUQHUHPR VXO FRQFHWWR GL JUDGDWXP� SHU LO PRPHQWR PL VHPEUD LQWHUHVVDQWH XQR

VJXDUGR DOOD WDEHOOD GL 0DWWKHLHU ����� ���� LQGLFDWLYD GHO IDWWR FKH OH GLVWLQ]LRQL IUD OLYHOOL

GLYHUVL GL OLQJXD �H SHUFKp QRQ IUD OLQJXH GLYHUVH"� YDULD DO YDULDUH GHO JUXSSR �VR�

FLR�OLQJXLVWLFR GL ULIHULPHQWR�

��� ,/ ',$/(772 3(5&(3,72

1RQ q TXHVWR HVDWWDPHQWH OR VWHVVR IHQRPHQR PHVVR LQ OXFH GD %LDQFRQL

������ ����� LO ©QHRWUDGL]LRQDOLVPR GLDOHWWDOHª� SDUWLFRODUPHQWH ILRUHQWH

SURSULR QHL FHQWUL SL~ LVRODWL H SUHVVR L FHWL PHQR VRFLDOPHQWH IDYRULWL� XQD

JHQHUDOH DYYHUVLRQH �GLFKLDUDWD� SHU OD OLQJXD LWDOLDQD� DFFRPSDJQDWD SHUz

GD XQ ODUJR XVR �HIIHWWLYR� GHOOD VWHVVD� 1HO 7LFLQR JLRFD XQ FHUWR UXROR OD

IRUWH LPPLJUD]LRQH LWDOLDQD� FKH SXz PLQDFFLDUH O¶HOYHWLFD SXUH]]D�� H GDU

OXRJR D IHQRPHQL GL ULJHWWR YHUVR XQD OLQJXD FKH SXz SDUHUH LPSRVWD

GDOO¶HVWHUQR� 0D LQ YDO 9LJH]]R VLDPR SXU VHPSUH LQ ,WDOLD� H TXHVWD DSSDU�

WHQHQ]D �DO GL Oj GL TXDOFKH WHQVLRQH QHL FRQIURQWL GHL PHULGLRQDOL H GL VSR�

UDGLFL SURQXQFLDPHQWL IHGHUDO�LQGLSHQGHQWLVWL� QRQ q PDL PHVVD LQ GLVFXV�

VLRQH�

6L WUDWWD SLXWWRVWR� ULWHQJR� GL FRQWDSSRVL]LRQH WUD XQD VRUWD GL FRGLFH UL�

VWUHWWR �QRQ YHUDPHQWH LQ LQ VHQVR EHUQVWHLQLDQR� DQFKH VH O¶XVR GHL YLJH]]L�

QL � H QRQ OD SRWHQ]LDOLWj GHOOR VWUXPHQWR � SRWUHEEH IDU VRUJHUH LO VRVSHWWR� H

XQ FRGLFH FRPXQLFDWLYR DOODUJDWR� ,O SXQWR GL FRQWDWWR WUD OH GXH HVSHULHQ]H

VWD QHOOD GLIIHUHQ]D WUD QRUPD GLFKLDUDWD H DWWXD]LRQH� QHOOD QRUPD q FRPSUH�

VD OD FRPSRQHQWH LGHRORJLFD GL GLIHVD H QHOO¶XVR TXHOOD GHOO¶XWLOLWj GHO FRGL�

FH DOODUJDWR� 3HUDOWUR LQ DPELHQWH GLYHUVR� L GLDOHWWL G¶RwO� VHJXHQGR &KDX�

UDQG ������ ��� LO SDWRLV VL SDUOD TXDQGR ©RQ SDUOH PDOª� OH ©YUDL PRWª q

TXHOOR IUDQFHVH� LO IUDQFHVH q SHU OD FRPXQLFD]LRQH DOODUJDWD� H SDUODUH SD�

WRLV q SDUODUH SHU VH VWHVVL R SHU XQ LQWHUORFXWRUH FKH� VXO SLDQR GHO OLQJXDJ�

JLR� q XQ DOWUR VH VWHVVR� SHU HWj� SURYHQLHQ]D� FODVVH� SRVL]LRQH QHO QHWZRUN�

*HVDPWJUXSSH -XQJH 5KHLQOlQGHU ]�7�

1HXH 0LWWHO�VFKLFKW

$OWH (USHU 0XQGDUWVSUH�

FKHU� NHLQH 1HXH 0LWWHO�

VFKLFKW

6WDQGDUG

�EHUUHJLRQDOH

8PJDQJVVSUDFKH

UHJLRQDOH

8PJDQJVVSUDFKH

+DOEPXQGDUW

0XQGDUW

/H VXGGLYLVLRQL ULFRQRVFLXWH SHU YDULHWj DOO¶LQWHUQR GHL JUXSSL VRQR GDWH FRQ OD OLQHD SLH�

QD� FRQ TXHOOD WUDWWHJJLDWD VL LQWHQGRQR OH YDULHWj DPPHVVH GD XQ JUXSSR H QRQ GDOO¶DOWUR�

FRVt JOL DQ]LDQL WHQGRQR D ©FRQIRQGHUHª OD OLQJXD VWDQGDUG FRQ OD NRLQq VRYUDUHJLRQDOH� FR�

PH QRQ DFFDGH SUHVVR L JLRYDQL� FKH YHURVLPLOPHQWH FRQ OR VWDQGDUG KDQQR PDJJLRUH GLPH�

VWLFKH]]D G¶XVR� H FRVt YLD� 6L QRWL FKH LO GLDOHWWR ORFDOH q GD WXWWL ULFRQRVFLXWR FRPH GLIIH�

UHQWH H FDUDWWHUL]]DWR� OD VLWXD]LRQH GHOOD 9DOOH q HYLGHQWHPHQWH GLYHUVD� PD TXHVWD WDEHOOD

FRQWULEXLVFH D FKLDULUH LO PHFFDQLVPR GHO IHQRPHQR��� /R VWHVVR %LDQFRQL RVVHUYD FKH O¶DWWHJJLDPHQWR GL ULILXWR YHUVR JOL LWDOLDQL VRWWHQGH ©LO

GLIIXVR VHQWLPHQWR GL PLQDFFLD GHOOD SURSULD LGHQWLWj FKH VL WUDGXFH VLPEROLFDPHQWH QHOOD IH�

GHOWj DO GLDOHWWR TXDOH YDORUH XOWLPR H LUULQXQFLDELOHª ������ �����

'$//$ 3$57( '(/ 3$5/$17( ���

6L SRVVRQR SUREDELOPHQWH VSLHJDUH DQFKH LQ TXHVWR PRGR OH VSLH GL LPED�

UD]]R GHO GLDOHWWR PDQLIHVWDWH GDL UDJD]]L WUDPLWH LO ILQWR TXHVWLRQDULR� FRPH

LO ULFRQRVFLPHQWR GL XQD VRUWD GL ULVWUHWWH]]D SUDJPDWLFD GHO FRGLFH�

QHOO¶XUWR FRQ OD OLQJXD QD]LRQDOH�

4XHVWR SURGXFH XQD VLWXD]LRQH FKH q RSSRVWD D TXHOOD FRQRVFLXWD H GH�

VFULWWD GHO FDQWRQ 7LFLQR� $ &HYLR SHU HVHPSLR �PL EDVR SULQFLSDOPHQWH VX

0RUHWWL ����� PD LQGLFD]LRQL LQ SDUWH VLPLOL VL SRVVRQR WURYDUH LQ 3HWULQL

���� H /XUj ����� ROWUH FKH FRPH OLQHH GL WHQGHQ]D LQ %LDQFRQL ����� L

SDUODQWL �VRSUDWWXWWR TXHOOL DQ]LDQL� FKH KDQQR PLJOLRUH FRVFLHQ]D OLQJXLVWLFD

H GHOOH YDULHWj GHO GLDOHWWR ORFDOH� YDOXWDQR SRVLWLYDPHQWH OD YDULHWj LQQRYD�

WLYD� q XQ SDUODUH ©XP SR � SÜV èÉL EèHgá� XP SR � SÜVèHL GD NUL�VWMÁgá� XP SR � SÜVèÉL

SXOu�W ³XQ SR¶ PHJOLR� XQ SR¶ SL~ GD FULVWLDQR� XQ SR¶ SL~ SXOLWR´ª��� DQFKH VH

QH ULFRQRVFRQR LO FDUDWWHUH PLVWR �0RUHWWL ����� �����

,Q 9DOOH DYYLHQH LQYHFH OD FKLXVXUD DUFDL]]DQWH� ULVSHFFKLDWD GDOOD QRUPD

FXL VL q IDWWR SL~ YROWH FHQQR��� 9HUR q FKH OH FRQGL]LRQL HVWHUQH VRQR GLIIH�

UHQWL SHUFKp LQ 7LFLQR YLJH XQD IRUWH PDFURGLJORVVLD FKH SHUPHWWH O¶XVR GHO

GLDOHWWR �PRGHUQL]]DWR H SULYDWR GHL WUDWWL XOWUDORFDOL� DQFKH LQ FRQWHVWL

SLXWWRVWR IRUPDOL� LQ TXHVWR FDVR LO ©FRGLFH DOODUJDWRª q UDSSUHVHQWDWR GD

TXHVWR GLDOHWWR XP SR � SÜVèÉL SXOu�W� FKH SHUz q DQFRUD GLDOHWWR� SXz VHUYLUH GD

PDUFD FRPXQLWDULD�� H GXQTXH QRQ REEOLJD DG XQ FRPSRUWDPHQWR UHDOH FKH

FRQWUDGGLFD TXHOOR GLFKLDUDWR�

7XWWR TXHVWR SRUWD D SHQVDUH FKH� SHU LO QRQ OLQJXLVWD� O¶LQWHQVLRQH GHO

FRQFHWWR ©OLQJXDª �WRXW FRXUW� H QRQ� FRPH VL VDUHEEH FUHGR SL~ SURSHQVL DG

DPPHWWHUH� OD FRQVLGHUD]LRQH VROR GHOO¶XVR GHOOD OLQJXD PHGHVLPD� VL SRUWL

GLHWUR DFFH]LRQL SL~ RSHUDWLYH H SUDJPDWLFKH GL TXDQWR LO OLQJXLVWD JHQHUDO�

PHQWH QRQ VLD GLVSRVWR D SHQVDUH� +R OD VHQVD]LRQH FLRq FKH� DOPHQR SHU LO

YLJH]]LQR� LO GLDOHWWR VLD SL~ XQ PRGXV RSHUDQGL FKH XQD YDULHWj OLQJXLVWLFD�

FKH VLDQR SL~ LPSRUWDQWL FLRq DL ILQL GHO ULFRQRVFLPHQWR GLDOHWWDOH OH ©LVWUX�

]LRQL SHU O¶XVRª GL FXL DO ,,������� FKH LO PHVVDJJLR LQ TXDQWR WDOH� R� SHU XVD�

�� 0HQWUH LQYHFH� FRHUHQWHPHQWH FRQ FLz FKH VL q YLVWR VRSUD� O¶XVR GHOO¶LWDOLDQR q XQ SR�

FR VDQ]LRQDWR�

�� &IU�� DQFKH SHU O¶HPHUJHUH GHOOD FRVFLHQ]D GLDOHWWDOH DO FRQWDWWR OLQJXLVWLFR� :HLQUHLFK

���� >����@� ��� ©q SURSULR LQ XQD VLWXD]LRQH GL FRQWDWWR OLQJXLVWLFR FKH OD JHQWH GLYLHQH

SL~ IDFLOPHQWH FRQVDSHYROH GHOOH SHFXOLDULWj GHOOD SURSULD OLQJXD ULVSHWWR DG DOWUH OLQJXH� HG q

DOORUD FKH OD OLQJXD SXUD R VWDQGDUGL]]DWD GLYHQWD SL~ IDFLOPHQWH LO VLPEROR GHOO¶LQWHJULWj GHO

JUXSSRª� $QFKH &LUDYHJQD �������� ��� DOOXGH DG XQ IHQRPHQR VLPLOH TXDQGR QRWD FKH

VSHVVR� SHU DXPHQWDUH D ORUR SDUHUH LO ©JUDGR GL IUDQFRSURYHQ]DOLWjª GHOOH SURSULH ULVSRVWH H

OD GLIIHUHQ]LD]LRQH GDO SLHPRQWHVH� JOL LQIRUPDWRUL XVDYDQR ULVSRQGHUH DOOH VXH GRPDQGH FRQ

IRUPH JHUJDOL�

�� 1HOOD YDULHWj LQQRYDWD GL &HYLR QRQ VRQR FRPSOHWDPHQWH DVVHQWL WUDWWL LQ TXDOFKH PLVX�

UD ORFDOL�

��� ,/ ',$/(772 3(5&(3,72

UH O¶RWWLPD VLVWHPDWL]]D]LRQH GL 6FKOLHEHQ�/DQJH� FKH FLz FKH VL SHUFHSLVFH

FRPH GLDOHWWR q OD WUDGL]LRQH GHO GLVFRUVR GLDOHWWDOH���

'XQTXH VH LO ©%D]]DOHVNª� VFULWWR GD YLJH]]LQL SHU YLJH]]LQL� q SRL LQ LWD�

OLDQR QRQ FRQWD GDO SXQWR GL YLVWD OLQJXLVWLFR� FRQWD LO PRGHOOR LGHRORJLFR D

FXL VL ULIj� H TXHVWR PRGHOOR q GLDOHWWDOH� 0D q VFULWWR LQ LWDOLDQR SHU OD VWHVVD

UDJLRQH SHU FXL� FUHGR� L UDJD]]L SURYDQR LPEDUD]]R SHU OD SURSULD OLQJXD D

'RPRGRVVROD� SHUFKp OD WUDGL]LRQH GHO GLVFRUVR GLDOHWWDOH QRQ SUHYHGH�YD�

TXHVWR JHQHUH GL XVL� L YLJH]]LQL OR VDQQR� q XQD ©WUDGL]LRQHª ULVWUHWWD UL�

VSHWWR DOOH HVLJHQ]H GHOOD FRPXQLFD]LRQH DWWXDOH�

,9��� /HDOWj DOOD WUDGL]LRQH

/D OHDOWj OLQJXLVWLFD� LO FRQFHWWR WHUUDFLQLDQR FKH HQWUD QHOOD GLDOHWWLFD IUD

OD OLEHUWj GHO SDUODQWH H OD YLWDOLWj GHO SXQWR OLQJXLVWLFR D GHWHUPLQDUH OH UH�

D]LRQL H PXWD]LRQL GHOOD OLQJXD� VL SXz DOORUD LQWHQGHUH� RSHUDWLYDPHQWH� FR�

PH IHGHOWj DOOD WUDGL]LRQH GHO GLVFRUVR� Ê OR VWHVVR 7HUUDFLQL� VH QRQ OHJJR

PDOH� DG DXWRUL]]DUH XQD WDOH LQWHUSUHWD]LRQH� LQ TXHO SDVVR GHGLFDWR DO VR�

VWUDWR FKH PROWR KD GD LQVHJQDUH DQFKH VXOOD FRVFLHQ]D OLQJXLVWLFD �VH QRQ

VXOOD FRQVDSHYROH]]D� GHL YLJH]]LQL �7HUUDFLQL ����� ���������

'XQTXH� ©q QRWR FKH LO GLVVROYHUVL GL YDULHWj GLDOHWWDOL HQWUR LO WLSR DF�

FHQWUDWRUH GL XQD OLQJXD QD]LRQDOH SURGXFH IHQRPHQL DVVROXWDPHQWH LGHQWLFL

D TXHOOL FKH VLDPR VROLWL DWWULEXLUH DO VRVWUDWRª� QHO FDVR GL YDULHWj OLQJXLVWL�

FKH LQ FRUVR GL DEEDQGRQR ©LO GLDOHWWR DVVXPH OD OLQJXD QD]LRQDOH FRPH PR�

GHOOR H FRPH QRUPD WRWDOLWDULD GHO VXR GLYHQLUH� >«@ 9LHQ PHQR DOORUD RJQL

FHQWUR GL RSSRVL]LRQH FDPSDQLOLVWLFD� LO SDUODQWH QRQ GLVWLQJXH SL~ LO GLDOHWWR

GDOOD OLQJXD��� VH QRQ FRPH IRUPD SL~ R PHQR YROJDUH GL XQ¶LGHQWLFD WUDGL�

]LRQH� H SXz TXLQGL FRQIHULUH DG DELWXGLQL GLDOHWWDOL XQ GLULWWR GL FLWWDGLQDQ]D

OLQJXLVWLFDª �� ���� FRUVLYR PLR�� $YYLHQH FLRq XQ WUDVIHULPHQWR GHOOD WUDGL�

]LRQH GHO GLVFRUVR GLDOHWWDOH �R GHOOD OLQJXD FKH VDUj SRL VRVWUDWR� VXL PH]]L

OLQJXLVWLFL GHOOD OLQJXD VRYUDRUGLQDWD� 7HUUDFLQL FRVWUXLVFH D TXHVWR SXQWR

XQD WLSRORJLD GHOOD ©VRVWUDWL]]D]LRQHª GHO JDOOLFR QHO ODWLQR �R PHJOLR� QHO

JDOORURPDQ]R� EDVDWD VX GRFXPHQWL H JORVVH WDUGRDQWLFKL� QHOOD TXDOH DSSDUH

HYLGHQWH FRPH OD GLVVROX]LRQH GL XQD OLQJXD QHOO¶DOWUD DYYLHQH SHU OD IXVLRQH

H OD VHPSUH PDJJLRUH FRQJUXHQ]D GHOOH GXH WUDGL]LRQL GHO GLVFRUVR� LQ XQ

SURFHVVR FKH q SHUFHSLWR �SHUFKp ULOHYDWR QHOOH GHQRPLQD]LRQL GHOOD OLQJXD�

�� /LQJXD SXUD� DVHWWLFD� SXz VHPPDL HVVHUH O¶LWDOLDQR� FRQ OD VXD EHOOD JUDPPDWLFD VFROD�

VWLFD OLEHUD GD RJQL FRQWDPLQD]LRQH SUDJPDWLFD� H LO IDWWR VWHVVR FKH LO GLDOHWWR O ( SL GL�IL6LO

NH O LWD�OMD1 µq SL~ GLIILFLOH GHOO¶LWDOLDQR¶ VLJQLILFD FKH QHOOD VXD JUDPPDWLFD HQWUDQR FRQVLGH�

UD]LRQL FKH XQ OLQJXLVWD ULWHUUHEEH GL DOWUR JHQHUH��� Ê OD IDVH UDSSUHVHQWDWD GD PROWH ULFHUFKH GL DPELWR IUDQFHVH H LQ SDUWH GDOOD FLWDWD WD�

EHOOD GL 0DWWKHLHU�

'$//$ 3$57( '(/ 3$5/$17( ���

FRPH XQ SDVVDJJLR JUDGXDOH GDO ELOLQJXLVPR DO PDQWHQLPHQWR GL XQ FHUWR

©FRORUH ORFDOHª DOOR VFDGHUH GL TXHVWR QHO YROJDULVPR H LQILQH QHO VRVWUDWR�

&RVt ©q SXU DJHYROH >«@ VXSSRUUH FRQ IRQGDWD FHUWH]]D FKH LQ FHUWH UHJLRQL

XQD EXRQD SDUWH GHOOD SRSROD]LRQH QRQ DEELD PDL DYXWR LO VHQWLPHQWR GL QRQ

SDUODUH SL~ JDOOLFRª� L SDUODQWL KDQQR WUDVIHULWR OD ORUR DQWLFD WUDGL]LRQH GHO

GLVFRUVR VXO �QHR�ODWLQR� FRPH HVWUHPD H SDUDGRVVDOH WHVWLPRQLDQ]D GL XQD

OHDOWj OLQJXLVWLFD FKH q IHGHOWj DOOD WUDGL]LRQH GHO GLVFRUVR SL~ FKH DOOD SXUD

JUDPPDWLFD�

7UDPLWH L IHQRPHQL OHJDWL DOOH WUDGL]LRQL GHO GLVFRUVR� GD SDUWH GHL YLJH]�

]LQL ©VL SURJHWWD H VL DWWXD OD UHVLVWHQ]D GL IURQWH DOOD PLQDFFLD FKH SURYLHQH

GDL PRGHOOL HVWHUQLª �*UDVVL ����� ���� TXHVWD UHVLVWHQ]D SXz SUHQGHUH� FRPH

VL q YLVWR� OH IRUPH GHOO¶LSHUFDUDWWHUL]]D]LRQH GLDOHWWDOH� QRQ VROR H QRQ WDQWR

FRQ O¶DFFHQWXD]LRQH GHL FDUDWWHUL SHUFHSLWL FRPH SL~ DUFDLFL �SHU FXL FIU� FDS�

,,� TXDQWR FRQ O¶RVWHQWD]LRQH� �H TXHOOR FKH SL~ FRQWD� FRQ OD SHUFH]LRQH� GHO

SDUODUH GLDOHWWR��� SHUFKp QH VXVVLVWRQR OH WUDGL]LRQL GHO GLVFRUVR� Ê FRPH VH�

XQD YROWD GD VROL� VHQ]D HVWUDQHL H VHQ]D UHJLVWUDWRUL� L YLJH]]LQL SRWHVVHUR

©SUHQGHUVL LO OXVVRª GL SDUODUH LWDOLDQR� SRWHVVHUR GLPHQWLFDUVL FKH GHYRQR

SDUODUH GLDOHWWR SHU UHVWDUH DELWDQWL GL &RLPR� R *DJQRQH� R 9LOOHWWH R

TXDQW¶DOWUR� 0ROWR ORQWDQR� D 0DUWKD¶V 9LQH\DUG QHO 0DVVDFKXVVHW� JOL DEL�

WDQWL QDWLYL �VRSUDWWXWWR SHVFDWRUL� GHYRQR DVVXPHUH WUDWWL LSHUFDUDWWHUL]]DQWL

SHU QRQ HVVHUH VRPPHUVL GDOO¶RQGDWD GL QXRYL DUULYL GDO FRQWLQHQWH �FIU� /D�

ERY ����� �������

,O FRQFHWWR GL IHGHOWj OLQJXLVWLFD q ULSUHVR �GREELDPR FUHGHUH DXWRQRPD�

PHQWH� GD :HLQUHLFK ���� >����@� �������� FKH DQ]L OR PXWXD GD XQR VWXGLR

VXO QD]LRQDOLVPR GL .RKQ GHO ����� O¶DFFH]LRQH q SHUz TXL GLIIHUHQWH� SHUFKp

FL VL DSSXQWD GL SL~ VXO FDUDWWHUH HWQLFR� FRHVLYR� FKH OD FRVFLHQ]D GL DSSDU�

WHQHUH DOOD FRPXQLWj FKH q HVSUHVVD GD XQD GHWHUPLQDWD OLQJXD �PHJOLR VH

VWDQGDUG H VH GRWDWD GL WUDGL]LRQH OHWWDUDULD� SURGXFH QHO SDUODQWH FKH OD

VHQWH PLQDFFLDWD� Ê SL~ XQD TXHVWLRQH GL VFHOWD GL FDPSR� GL DSSDUWHQHQ]D� H

GXQTXH ULHQWUD LQ TXHL IHQRPHQL FKH DEELDPR FRQYHQXWR GL FRPSUHQGHUH

VRWWR OD FDWHJRULD GHOOD FRQVDSHYROH]]D OLQJXLVWLFD� 'D :HLQUHLFK GHULYDQR

SHUz GXH LQWHUSUHWD]LRQL LQWHUHVVDQWL� 0LOUR\�0DUJDLQ ����� IDQQR � FRQ XQD

FHUWD DFXWH]]D � GHOOD IHGHOWj OLQJXLVWLFD XQD IXQ]LRQH H GHOO¶LQWHJUD]LRQH

GHOO¶LQGLYLGXR DOOD UHWH VRFLDOH H GHOOD FRHVLRQH H FRPSDWWH]]D GL

TXHVW¶XOWLPD� , VRFLDO QHWZRUN GRWDWL GL PDJJLRUH PXOWLSOH[LW\ VRQR DQFKH

TXHOOL LQ FXL OD IHGHOWj OLQJXLVWLFD q PLQRUH� H LQ FXL FL VL SXz DVSHWWDUH OD SL~

DOWD SHUFHQWXDOH GL FRPSRUWDPHQWL OLQJXLVWLFL ©GHYLDQWLª� RVVLD FRQYHUJHQWL

FRQ OR VWDQGDUG� SL~ FKH LQQRYDWLYL QHO VROFR GHOOD WUDGL]LRQH GHO GLVFRUVR

YLJHQWH�

�� ,O GLDOHWWR SHUFHSLWR q DOORUD LO GLDOHWWR GLFKLDUDWR� DVFROWDWR DQFKH TXDQGR QRQ F¶q�

��� ,/ ',$/(772 3(5&(3,72

'DO FDQWR VXR 6FKHUIHU ����� ��� VXJJHULVFH �DQFKH TXL VH OHJJR EHQH�

FKH OD IHGHOWj OLQJXLVWLFD SXz FRPSUHQGHUH LQ VH VWHVVD GLIIHUHQ]H SHU FRVt

GLUH GL JUDGR� QHO QRVWUR FDVR TXHVWH VDUHEEHUR UHVSRQVDELOL SHU OD ORUR

HVWHQVLRQH SL~ DPSLD GHO VHQWLPHQWR FRPXQH GL YLJH]]LQLWDV � VHQWLPHQWR

FSPXQLWDULR� VL EDGL� QRQ OLQJXLVWLFR � FXL VL q SL~ VRSUD IDWWR FHQQR� H SHU L

JUDGL SL~ OLPLWDWL� PD IRUVH SL~ SURIRQGL� GHOOH GLIIHUHQ]LD]LRQL GLDOHWWDOL OR�

FDOL� &KH VRQR YLYLVVLPH� H DVVDL EHQ ULFRQRVFLXWH�

,9�� 'LUH]LRQL GHO FDPELR� OXRJR H WHPSR� SXEEOLFR H SULYDWR�

,9����� ,O IHQRPHQR GHOOD UHFLSURFLWj GLDOHWWDOH�� H VRSUDWWXWWR

GHOO¶LSHUFDUDWWHUL]]D]LRQH GLDOHWWDOH SRUWD DO ULFRQRVFLPHQWR GHOOD YDULD]LRQH

GLDWRSLFD� DQ]L� WDORUD DG XQ ULFRQRVFLPHQWR WDOPHQWH DPSLR H VFRQWDWR GD

QRQ HVVHUH QHSSXUH SL~ RSHUDWLYR� '¶DOWURQGH LO IDWWR FKH µWXWWL L SDHVL KDQQR

LO ORUR GLDOHWWR¶ q LO SULPR DUJRPHQWR GL FRQVDSHYROH]]D OLQJXLVWLFD FRQ LO

TXDOH LO ULFHUFDWRUH YLHQH D FRQWDWWR� H VL q YLVWR �FIU� ,,,��� FKH OD VHQVLELOLWj

SHU O¶DWWULEX]LRQH GHOOD YDULHWj �JHRJUDILFD� FDUDWWHULVWLFD GHOO¶LQWHUORFXWRUH

q SLXWWRVWR VYLOXSSDWD�

,Q JHQHUH TXHVWD FRQVDSHYROH]]D GHOOD JUDQGH YDULHWj GLDOHWWDOH

DOO¶LQWHUQR GL XQR VSD]LR ULVWUHWWR� OD YDOOH� q QRWDWD FRQ XQ PLVWR GL VWXSRUH H

RUJRJOLR� D SDUWH OD GRPDQGD VSHFLILFD GHO TXHVWLRQDULR OD FXL ULVSRVWD QRU�

PDOH q VWDWD ©VL SDUODQR GLDOHWWL PROWR GLIIHUHQWLª� VL FIU� TXHVWH ULIOHVVLRQL GL

&R�&DUOR NL D VHQ WLW JUD�PDWL½L��� RjL�GLQ O D XO V2 GLD�O(W��� VX PLD V J ML1 GL

D�ZW¼ �SD�UW QGZ( N D M( LQD �VLPLOH YDUMH�WD µVLDPR WXWWL JUDPPDWLFL� RJQXQR

KD LO VXR GLDOHWWR« QRQ VR VH FL VRQR GHOOH DOWUH SDUWL GRYH F¶q XQD VLPLOH

YDULHWj¶� H GL 9L�%HQ� D� D VX PLD� O SDU�N(��� OD YDO O ( PLD WDQW �SL6QD H

ER1��� PD��� L ML1 PLD G2 GLD�OLW NXP�SDj µDK� QRQ VR LO SHUFKp� OD YDOOH QRQ q

WDQWR SLFFROD� H YD EHQH� PD« QRQ FL VRQR GXH GLDOHWWL XJXDOL¶� &LDVFXQR DI�

IHUPD SRL �SUREDELOPHQWH D UDJLRQH� GL SRWHU LGHQWLILFDUH OD SURYHQLHQ]D

GHOO¶LQWHUORFXWRUH� SXUFKp YLJH]]LQR� GDOOD VXD SDUODWD� HG HIIHWWLYDPHQWH�

DQFKH VH ULVROWH SHU OD PDJJLRU SDUWH D OLYHOOR GL VWHUHRWLSR� LPLWD]LRQL GL

GLDOHWWL DOORWURSL VRQR SRVVLELOL���

�� $VVDL EHQ UDSSUHVHQWDWR DOO¶LQWHUQR VWHVVR GHOOH IDPLJOLH� VL ULFRUGHUj� &R�*LX� SDUOD GD

FLQTXDQW¶DQQL LQ GLDOHWWR GL &RLPR D VXR PDULWR *D�*LXV�� FKH OH ULVSRQGH GD FLQTXDQW¶DQQL

QHO GLDOHWWR GL *DJQRQH�

�� /D PLFURGLJORVVLD DIILQD O¶RUHFFKLR� PHQWUH OD NRLQq OLQJXLVWLFD ULGXFH OH GLVWDQ]H GLD�

OHWWDOL� DJLVFH LQVRPPD FRPH XQ DHUHR� 7UD L VXRL XWLOL]]DWRUL� OD GLVWDQ]D JHROLQJXLVWLFD QRQ

KD SL~ LO WUDVFRORUDUH WUD YDULHWj GLVWLQWH FKH Gj LO VHQVR GHOOD GLVWDQ]D� WXWWL SDUODQR OD VWHVVD

OLQJXD� DQFKH VH PROWR ORQWDQL� H OD YDULD]LRQH VL ULGXFH D TXDOFKH OLHYH GLIIHUHQ]D G¶DFFHQWR�

'$//$ 3$57( '(/ 3$5/$17( ���

6L q YLVWR FKH q SHUz SL~ GLIILFLOH RWWHQHUH LPLWD]LRQL GL WLSR GLDFURQLFR�

RVVLD ULVSHFFKLDQWL LO PRYLPHQWR GHO GLDOHWWR DOO¶LQWHUQR GHOOH JHQHUD]LRQL�

LQROWUH� O¶DQDOLVL GHOOH VFDOH G¶LPSOLFD]LRQH KD PRVWUDWR FKH OH IRUPH LPSRV�

VLELOL VRQR TXHOOH FKH QRQ VL YHULILFDQR QHOOH OLQJXH GL QHVVXQ SXQWR JHRJUD�

ILFR FRQWLJXR DOOD YDO 9LJH]]R� $O FDPELR GLDWRSLFR ULFRQGXFRQR L SDUODQWL

DQFKH OD FRQYHUJHQ]D VXOO¶LWDOLDQR� FLRq DOO¶DGR]LRQH GL IRUPH PHQR PDUFDWH

ORFDOPHQWH H GL SL~ DPSLD FRPSUHQVLRQH WHUULWRULDOH� SHU LO YLJH]]LQR RYYLD�

PHQWH OD SURVSHWWLYD HYROXWLYD q QXOOD� ©QRQ RSHUD FHUWR OH VXH VFHOWH VSHFX�

ODQGR VXOOD PLQRUH R PDJJLRUH DUFDLFLWj GHOOH SRVVLELOLWjª��� 4XHVWH VFHOWH

DQ]L VRQR LQIOXHQ]DWH GD IDWWRUL VRFLDOL H JHRJUDILFL� TXDQGR QRQ VL WUDWWD GL

DIIHUPDUH OD SURSULD LGHQWLWj VL WHQGH� JLXVWDPHQWH SHU LO SULQFLSLR GL FROOD�

ERUD]LRQH GL *ULFH� DG DGRWWDUH OH IRUPH SL~ HIILFDFL SHU OD FRPXQLFD]LRQH�

ULFRQRVFHQGR FKH VSHVVR OH ©SDUROH SL~ VWUDQHª� FLRq SL~ ORQWDQH GDOOR VWDQ�

GDUG FRPXQLFDWLYR XIILFLDOH �H GXQTXH LQ XOWLPD DQDOLVL SL~ DUFDLFKH� VRQR

TXHOOH FKH FRPSDLRQR QHL SDHVL SL~ LVRODWL�

7XWWR TXHVWR SHU FRPPHQWDUH OD IUDVH GL 7HUUDFLQL� ©LQ OLQJXLVWLFD XQ

½TXDQGR¾ q VHPSUH VRVWLWXLELOH FRQ XQ ½GRYH¾ª ������ ���� FKH L PLHL FROOD�

ERUDWRUL VRWWRVFULYHUHEEHUR DSSLHQR� /D YDULD]LRQH GLDFURQLFD VHPEUD LQIDWWL

QRQ HVVHUH JUDQFKp ULFRQRVFLXWD� DOPHQR D OLYHOOR VWUHWWDPHQWH OLQJXLVWLFR

�FIU� WXWWDYLD SL~ DYDQWL�� VL FRPLQFL LQWDQWR FRQ O¶RVVHUYDUH FKH 2U�6LO� ERQ

G(V VL D M( QD NZDM YDULD�¹MXQ GD QD ID�P(MD D O �DZWD J MLQ NZML N L

�SDUO(Q��� PL�D NL D JD�jXQ SMX D ¹HQ X D GUD�YHj X D VDQWDPD�UL�D��� N L

�SDUO(Q XQ SX DO LWD�OMDQD NRPH �GLUH SMX PR�GHUQR µEH¶ DGHVVR Vt F¶q XQD

TXDOFKH YDULD]LRQH GD XQD IDPLJOLD DOO¶DOWUD� FL VRQR TXHOOL FKH SDUODQR«

QRQ TXL D *DJQRQH� SL~ D 7RFHQR R D 'UXRJQR R D 6DQWD 0DULD« FKH SDUOD�

QR XQ SR¶ DOO¶LWDOLDQD� FRPH GLUH� SL~ PRGHUQR¶� LQ SDVVDWR LO GLDOHWWR HUD

XQLWDULR DOO¶LQWHUQR GL FLDVFXQD FRPXQLWj� VROR RJJL� DOOH PXWDWH FRQGL]LRQL

GL YLWD� FDPELD XQ SRFR� 0D TXHVWR SRWUHEEH GLUOR RJQL JHQHUD]LRQH� DG LQ�

FRPLQFLDUH GD TXHOOD GHJOL LQIRUPDWRUL GL 7HUUDFLQL �H GHJOL DOWUL� GL LQL]LR

VHFROR� FKH VDUHEEHUR RJJL SRUWDWRUL GL XQ GLDOHWWR WHUULELOPHQWH DUFDLFR H

FKH DOORUD DYHYDQR JOL VWHVVL SUREOHPL FRQ L ORUR QRQQL�

/¶RSLQLRQH SUHYDOHQWH q FLRq FKH LO GLDOHWWR q �VWDWR� XQ¶HQWLWj IRQGD�

PHQWDOPHQWH VWDWLFD� DO OLPLWH PRGLILFDWDVL QHO FRUVR GHOOH XOWLPH GXH R WUH

JHQHUD]LRQL SHU TXHVWLRQL GL RUGLQH HVWHUQR� FDPELDYDQR FLRq OH ©FRVHª� H GL

FRQVHJXHQ]D GRYHYDQR FDPELDUH OH ©SDUROHª� SHUFKp QRQ q SL~ QHFHVVDULR

XVDUOH R SHUFKp GHVLJQDQR RJJHWWL �SL~ FKH FRQFHWWL� QXRYL� /¶XQLFR WLSR GL

YDULD]LRQH GLDFURQLFD ULFRQRVFLXWD q TXHOOD FKH VL ULIHULVFH DOO¶DOODUJDPHQWR

GHL FRQILQL GHO ©PRQGRª GHOOD 9DOOH� RVVLD� O¶DGR]LRQH� DVVDL SDUVLPRQLRVD

SHUDOWUR� GL IRUPH YLD YLD PHQR ORFDOL� PHQR ©VWUHWWHª� 9L�%HQ� L Q26W DZL L

�� 0RUHWWL ����� ����

��� ,/ ',$/(772 3(5&(3,72

SDU�O(ZHQ PD�JDUL SMX �NMX]R SMX PH N D V GLV VWUHQ½��� G(V D �SDUOXP XQ S2

LQ PD�QM(UD N D V ND�SLV RQ S2 GDSDU�WLW µL QRVWUL QRQQL SDUODYDQR PDJDUL SL~

FKLXVR� SL~« FRPH VL GLFH� VWUHWWR� DGHVVR SDUOLDPR XQ SR¶ LQ PDQLHUD FKH VL

FDSLVFH XQ SR¶ GDSSHUWXWWR¶� ,Q HIIHWWL q TXHOOR FKH DYYLHQH QHOOD QRUPDOH

FRPXQLFD]LRQH IUD SHUVRQH GL YLOODJJL GLYHUVL� TXDQGR VL DWWHQXDQR L WUDWWL

LSHUORFDOL �OHVVLFDOL� O¶DVSHWWR IRQHWLFR q VSHVVR LQYDULDWR� FLRq OH SDUROH�

EDQGLHUD � DQFKH SHU OD EXRQD UDJLRQH FKH VSHVVR QRQ VHUYRQR SL~ � SHU ID�

FLOLWDUH OD FRPSUHQVLRQH GHOO¶LQWHUORFXWRUH� VL ULWLHQH DOORUD FKH FLz VLD SR�

WXWR DYYHQLUH DQFKH SUHVVR OH JHQHUD]LRQL LPPHGLDWDPHQWH SUHFHGHQWL� PD

QRQ FL VL VSLQJH SL~ LQGLHWUR GL FRVt�

3HUFLz� VH VL GRPDQGD GLUHWWDPHQWH ©LQ FKH FRVD LO 6XR GLDOHWWR q GLYHUVR

GD TXHOOR GHJOL DQ]LDQL"ª�� OH ULVSRVWH VRQR SHU OD PDJJLRUDQ]D LQWHUSUHWDELOL

FRPH LO ULIOHVVR GHOOD SHUFH]LRQH GL PXWDWH FRQGL]LRQL FXOWXUDOL� R GLUHWWD�

PHQWH LQ VHQVR JHRJUDILFR� FRQRVFR PHQR SDUROH LQ GLDOHWWR� PROWH SDUROH

VRQR IXRUL XVR� q �LO ORUR� XQ GLDOHWWR SL~ FKLXVR� LO GLDOHWWR GL DGHVVR q SL~

FRPSUHQVLELOH SHU TXHOOL GL IXRUL� &KH q LO SXQWR� VL DFFRJOLH OD SDUROD SL~

VLPLOH D TXHOOD GHOOD WHOHYLVLRQH �FLRq GL DPSLD GLIIXVLRQH QD]LRQDOH�� R

TXHOOD GHOO¶LWDOLDQR UHJLRQDOH ©WUDGRWWD LQ GLDOHWWRª� R TXHOOD GHOOD VFXROD� PD

QRQ OD SDUROD SL~ ©QXRYDª���

,9����� 4XHVWR SHU OD FRQVDSHYROH]]D OLQJXLVWLFD� VL q YLVWR SHUz DO FDS� ,

FKH FL VRQR PROWL WUDWWL GLDOHWWDOL SHU L TXDOL q ULFRQRVFLXWD XQD GLDOHWWLFD

WHPSRUDOH� WUD JOL DOWUL LO WUDWWDPHQWR GL $�/ �DZ�DO���� O¶HVLWR GL �$5,86

�(��D�U�� LO SDVVDJJLR R PHQR DG ^D` GL (� , SURWRQLFKH� O¶HVLWR ^Z` GHOOD OD�

ELDOH LQWHUYRFDOLFD� O¶XVFLWD ODELDOH �Z�I�� OD FRVWUX]LRQH 92/(5 %(1( �

,1),1,72 SHU LO IXWXUR� H FRVt YLD� 6L QRWHUj WXWWDYLD FKH TXHVWH YDULDELOL VRQR

VWDWH LQGLFDWH FRPH SDVVDELOL GL YDULD]LRQH >� GLDFURQLFD@ VRSUDWWXWWR WUDPLWH

OD FRPSDUD]LRQH IUD OH DVVHU]LRQL FRQVDSHYROL H QRUPDWLYH IDWWH GDL FROODER�

UDWRUL H OH ORUR SURGX]LRQL OLQJXLVWLFKH �VSRQWDQHH R PDQLSRODWH� DYYLFLQDWH

WUDPLWH UHJLVWUD]LRQL GL SHHU JURXS R FRO FDYDOOR GL 7URLD� ,Q XQ FDVR �$�/�

VRQR L ULVXOWDWL GL XQ HVSHULPHQWR GL 0DWFKHG JXLVH WHFKQLTXH D JXLGDUFL YHU�

VR TXHVWR JLXGL]LR� (EEHQH� ULFKLHVWL GL FRPPHQWDUH TXHVWH YDULDELOL �LQ LQ�

WHUYLVWH R WUDPLWH TXHO FRPPHQWR LQGLUHWWR UDSSUHVHQWDWR GDOO¶D]LRQH� L FRO�

ODERUDWRUL SURGXFRQR JLXGL]L FRQVFL� RVVLD VXVFLWDWL GDOOD VLWXD]LRQH FRPXQL�

�� 'RPDQGD VXJJHULWD GD 7HOPRQ ����� �� GRYH VL OHJJRQR ULVSRVWH VLJQLILFDWLYDPHQWH

FRQJUXHQWL FRQ TXHOOH TXL SUHVHQWDWH��� $QFKH QHO PRGHOOR FODVVLFR GHOOH UHWL GL VRFLDO QHWZRUN VL GHVFULYH O¶DGR]LRQH GD SDUWH

GHJOL HDUO\ DGRSWHUV GL WUDWWL FRQQRWDWL FRPH GL XQ GLYHUVR TXDUWLHUH �R VWUDWR VRFLDOH� H QRQ

GL WUDWWL QXRYL��� 3HU SULPD OD YDULDQWH SL~ ©YHFFKLDª�

'$//$ 3$57( '(/ 3$5/$17( ���

FDWLYD R GL WHVW� FKH YDQQR YHUVR LO ULFRQRVFLPHQWR GHOOD YDULD]LRQH GLDFURQL�

FD�

0D LO WUDWWR LQ TXHVWLRQH GHYH HVVHUH SUHVHQWH DO PRPHQWR GHO ULFRQRVFL�

PHQWR� SHUFKp HIIHWWLYDPHQWH UHDOL]]DWR GDOO¶LQWHUORFXWRUH R SHUFKp HYRFDWR

WUDPLWH XQD ULFKLHVWD GLUHWWD� TXHVWR SRQH D IDYRUH GL XQD GLVWLQ]LRQH RSHUD�

WLYD QHO SDUODQWH WUD FRVFLHQ]D �SDUDGRVVDOPHQWH FRPH VL q GHWWR LQFRQVFLD

ILQFKp QRQ VXVFLWDWD� PD GLVSRQLELOH� H FRQVDSHYROH]]D OLQJXLVWLFD� HYRFD�

ELOH D SLDFHUH LQ VLWXD]LRQL DQFKH ILFWDH� ,Q TXHVWR FDVR L GXH OLYHOOL SURGX�

FRQR JLXGL]L GLIIHUHQWL� Qp XQD DQDOLVL FKH QRQ WHQHVVH FRQWR GL HQWUDPEL

SRWHYD ULOHYDUOL H QRWDUQH OD GLVWDQ]D�

'LVWDQ]D FKH FRPXQTXH QRQ q LQFROPDELOH� q IDFLOH SRL SHU OD FRQVDSH�

YROH]]D UD]LRQDOL]]DUH GLFHQGR FKH HIIHWWLYDPHQWH L WUDWWL DUFDLFL VRQR OHJDWL�

QHOOD UHDOL]]D]LRQH SUDWLFD� DOOH JHQHUD]LRQL SL~ DQ]LDQH H TXLQGL LQ XQ FHUWR

PRGR DOOD FXOWXUD GHOOH ©FRVH YHFFKLHª GL FXL TXHVWH VRQR SRUWDWULFL� PD VR�

SUDWWXWWR q YHUR FKH TXHVWH VWHVVH YDULDELOL FRPSDLRQR FRQ PDJJLRU IUHTXHQ�

]D QHL SDHVL SL~ LVRODWL� DUUHWUDWL� LQ FXL VL q PDQWHQXWR SL~ SURIRQGDPHQWH LO

©YHFFKLRª PRGR GL YLWD� (FFR GXQTXH ULFRPSDULUH OD GLVWDQ]D JHRJUDILFD���

,9����� 6L SXz D TXHVWR SXQWR DQWLFLSDUH FKH FKH� DOPHQR SHU L PLHL FROOD�

ERUDWRUL YLJH]]LQL� PDQWHQLPHQWR GHOOD OLQJXD VLJQLILFD SULQFLSDOPHQWH

PDQWHQLPHQWR GHOOD WUDGL]LRQH GHO GLVFRUVR GLDOHWWDOH� SHU FRQWUR LO FDPELR

OLQJXLVWLFR�� SXz HVVHUH FRQFHSLWR FRPH LO FDPELDPHQWR GD SDUWH GHO SDUODQWH

GHOOH UHJROH FKH GHWHUPLQDQR LO JUDGR GL DGHJXDWH]]D GHOOD YDULHWj DOOD VLWXD�

]LRQH� &DPELDQR FLRq OH FRQGL]LRQL VLWXD]LRQDOL�VWLOLVWLFKH SHU O¶XVR GHO

GLDOHWWR� SHU HVHPSLR� OD VLWXD]LRQH OLQJXLVWLFD ©LQWUDWWHQLPHQWR FRQ L ILJOLª�

FXL SULPD SHUWLQHYD LO GLDOHWWR� YLHQH SHU FRVt GLUH ©VSRVWDWDª SHU ULHQWUDUH

QHOOR VSHWWUR GL DPELWL G¶XVR GHOO¶LWDOLDQR� ( TXHVWR SHU IDWWRUL HVWHUQL R LQ�

WHUQL� RVVLD WUD L SULPL OD SUHVVLRQH GHOOD VFXROD� H WUD JOL DOWUL OD FRQYLQ]LRQH

FKH VH QRQ FUHVFRQR GLDOHWWRIRQL L SURSUL ILJOL SRWUDQQR EHQHILFLDUH GHO SLHQR

SRVVHVVR GHO FRGLFH SUDJPDWLFDPHQWH SL~ DOODUJDWR�

�� &IU� 0DVH ����� ��� ©OHV IDLWV GLDOHFWDX[ UHPDUTXpV SDU OH YLOODJH YRLVLQ DSSDUWLHQQHQW

SDUIRLV j XQH qUH UpYROXH� FH VRQW GHV WUDLWV DUFKDwTXHV GLVSDUXV GH OD ORFDOLWp HQ TXHVWLRQ

GHSXLV GHX[ RX WURLV JpQpUDWLRQVª� QHOOD FRVFLHQ]D GHO SDUODQWH FL GHYH HVVHUH OD UHOD]LRQH

FKH JOL VWHVVL WUDWWL VRQR FRQWHPSRUDQHDPHQWH L SL~ DUFDLFL�L SL~ LVRODWL JHRJUDILFDPHQWH�L SL~

FDUDWWHULVWLFL GL QHWZRUN DVVDL GHQVL �FIU� ,,,����� *LOOLpURQ H 7HUUDFLQL FRPSLYDQR LO SHUFRUVR

GDOO¶DOWUR ODWR� ©TXL GXQTXH OD GLVWULEX]LRQH JHRJUDILFD q QHWWDPHQWH FRQFHSLWD FRPH VWRULD�

RJQL SXQWR q WDOH VROR SHUFKp UDSSUHVHQWD LO ULVXOWDWR GHJOL LQIOXVVL HVHUFLWDWL VX GL HVVR GDL

SXQWL SURVVLPL H SL~ R PHQR PHGLDWDPHQWH GDL ORQWDQLª 7HUUDFLQL �VX *LOOLpURQ� PD LO GLVFRU�

VR YDOH SHU OXL VWHVVR� ����� ����

�� ,QWHQGR TXL HG ROWUH SHU FDPELR OLQJXLVWLFR OD YDULD]LRQH GLDFURQLFD H LO SURFHVVR GL

FRQYHUJHQ]D GHO GLDOHWWR VXOO¶LWDOLDQR� YLFHYHUVD FRQ YDULD]LRQH OLQJXLVWLFD DOOXGR DOOD GLYHU�

VLWj GLDOHWWDOH VWDWLFD� OHJDWD DO OXRJR�

��� ,/ ',$/(772 3(5&(3,72

3HU PHJOLR GLUH� FDPELD OD YDOXWD]LRQH GL WDOL VLWXD]LRQL� XQD YDOXWD]LRQH

FKH LQ TXDOFKH PRGR SXz DQFRUD HVVHUH ULFRQQHVVD D FRQVLGHUD]LRQL GL FD�

UDWWHUH VSD]LDOH� 0DWWKHLHU ����E� ���� ULOHYD FKH XQ IDWWRUH LPSRUWDQWH SHU

OD VFHOWD GHOOD FRUUHWWD DWWULEX]LRQH GL XQ FRGLFH �R GL XQD WUDGL]LRQH GHO GL�

VFRUVR� DG XQD GHWHUPLQDWD VLWXD]LRQH q LO JUDGR GL ©SXEEOLFLWjª

�gIIHQWOLFKNHLW��� R ©SULYDWH]]Dª �3ULYHWKHLW� FKH LO SDUODQWH DWWULEXLVFH

DOO¶HYHQWR OLQJXLVWLFR� 6HFRQGR TXHVWR PRGHOOR� FKH PL VHPEUD IXQ]LRQDUH LQ

9DOOH� DO YDULDUH GHO JUDGR GL SXEEOLFLWj R SULYDWH]]D SHUFHSLWR GL XQ HYHQWR

OLQJXLVWLFR YDULDQR GL FRQVHJXHQ]D OH FRQGL]LRQL VLWXD]LRQDOL�VWLOLVWLFKH SHU

O¶XVR GHO GLDOHWWR VHFRQGR FRPSRQHQWL RJJHWWLYH �FRQRVFHQ]D GHO SDUWQHU�

FRQILGHQ]D FRQ O¶DUJRPHQWR� VHWWLQJ� VFHQH� HQGV� PD DQFKH VRJJHWWLYH� FR�

PH OD OHWWXUD FKH RJQXQR RSHUD GHOOD VLWXD]LRQH H OD YDOXWD]LRQH GHOOD SUR�

SULD FROORFD]LRQH DOO¶LQWHUQR GHOO¶HYHQWR OLQJXLVWLFR���

$QFKH OH VRFLHWj FRPSOHWDPHQWH UXUDOL� DUJRPHQWD 0DWWKHLHU� FRQRVFRQR

OD GLPHQVLRQH GHOOD SXEEOLFLWj� SHUFKp FRPXQTXH q DYYHUWLELOH XQD GLFRWR�

PLD IUD DPELWR IDPLOLDUH� XVXDOH� HG HVWHUQR R LQVROLWR� $OORUD LO FRVLGGHWWR

FDPELR GLDFURQLFR VDUHEEH� GDOOD SDUWH GHO SDUODQWH� LO YHULILFDUH FKH FDPELD

LO JUDGR GL SXEEOLFLWj GHL VLQJROL HYHQWL OLQJXLVWLFL DO YDULDUH GHOOD IDFLOLWj GL

FRPXQLFD]LRQH �SHUVRQDOH H UDGLRWHOHYLVLYD�� H FKH TXHVWL KDQQR RUD ELVRJQR

GHOO¶DGR]LRQH GL PRGXOL FRPXQLFDWLYL SL~ SXEEOLFL� DSSXQWR� SL~ VSD]LDO�

PHQWH DSHUWL� SL~ ODUJDPHQWH FRPSUHQVLELOL� 6L FIU� &R�*LX� ER1 LQD Y2WD WL

V«�M E( QX�M«F PD�WD6 �QG(ZXP E( VROD�P(QW IL1 DO DeD R �PDVLP D ÉRU�QD6N D

ID OD �S(6WD DW OD �UL6WD��� XO P( S2U SD Q2 OL� Q�GDZD GL WDQW LQ WDQW I«���� D OD�

%X�UD��� E(��� OL �NR]D YZ2M��� X SDU�ODYD E( �V(PSDU XO GLD�O(W NXQW L DPL�]��� H

�� /D UHVD LWDOLDQD QRQ q IRUVH IHOLFLVVLPD� SHUFKp QRQ VL SXz GLVWLQJXHUH WUD LO VLJQLILFDWR

GL µFRQGL]LRQH GHOO¶HVVHU SXEEOLFR¶ �gIIHQWOLFKNHLW� H TXHOOR GL µSXEEOLFLWj FRPPHUFLDOH�

SURSDJDQGD¶ �:HUEXQJ�� 4XL q HYLGHQWH FKH FL VL ULIDUj DOOD SULPD DFFH]LRQH� /¶HVVHUH FR�

PXQTXH XQD FRVD µDSHUWD� SXEEOLFD¶ �|IIHQ� R µSULYDWD� FKLXVD¶ q� FRPH VL YHGH� XQ FRQFHWWR

VSD]LDOL]]DELOH��� 6HPEUD RUD GL SRWHU FRUUHWWDPHQWH LQWHUSUHWDUH OD IUDVH GL *D�0DQ� FLWDWD LQ ,������� D

E( D SDU�OD WDOMD1 NXQW OD NRPSD�jLD��� ( QRQ V2��� �V(PEUD N LQ L Y2O ID� XO GL �SMX��� µH EH¶� D

SDUODUH LWDOLDQR FRQ OD FRPSDJQLD� QRQ VR� VHPEUD FKH XQR YRJOLD IDUH LO GL SL~¶� VL ULIHULVFH

DOOD WUDGL]LRQH GHO GLVFRUVR LWDOLDQD� SXEEOLFD QHO VHQVR FKH VL FKDLULUj� SL~ FKH DOO¶XVR HIIHW�

WLYR GHOO¶LWDOLDQR� 8Q LQWHUHVVDQWH HVHPSLR GL OHWWXUH QRQ FRPSDWLELOL GL XQ HYHQWR OLQJXLVWLFR

FKH D PLR SDUHUH SRVVRQR DYHU DYXWR RULJLQH GD XQD GLYHUVD SHUFH]LRQH GHO JUDGR GL SXEEOL�

FLWj GHOOR VWHVVR q RIIHUWD GD 'XUDQWL ����� O¶DXWRUH WHQWDYD GL RVVHUYDUH LO FRPSRUWDPHQWR

VSRQWDQHR GL EDPELQL� PD QRQ ULXVFLYD PDL QHO VXR LQWHQWR SHUFKp� DSSHQD HQWUDYD QHOOD

VWDQ]D H VL VHGHYD VXO GDYDQWL GHOO¶DELWD]LRQH� WXWWL IHUPDYDQR L ORUR JLRFKL H VHGHYDQR FRP�

SRVWL� VHQ]D PDL FDPELDUH TXHVWR PRGR GL IDUH QRQRVWDQWH JOL LQYLWL GHO OLQJXLVWD� )X VROR

TXDQGR SUHVH D VHGHUVL VXO UHWUR GHOOD FDVD FKH QRQ JOL YHQQH SUHVWDWD SL~ DOFXQD DWWHQ]LRQH�

4XHVWR SHUFKp� LQVHJQD 'XUDQWL� SHU XQ VDPRDQR LO SRVWR YHUVR OD IURQWH GHOOD FDVD q ULVHU�

YDWR DOO¶RVSLWH �H TXLQGL� DJJLXQJLDPR� UHQGH OD VLWXD]LRQH SXEEOLFD�� PHQWUH VXO UHWUR VL VLH�

GRQR OH SHUVRQH GL PLQRUH R QHVVXQ UDQJR �LO FKH ID VFDWWDUH XQD VLWXD]LRQH SULYDWD� FKH FRQ�

VHQWH LO JLRFR��

'$//$ 3$57( '(/ 3$5/$17( ���

X V UDQ�ÂDZD NXQ O LWD�OMD1��� ^���` G(V NL J ML1 GL WLW L YDUMH�WD H S« XO

ÂXU�QDO¼ �UDGMR��� L YDQ LQ �]YL¹HUD H L �V(QWHQ LQ D�ZW GLD�O(W��� µEH¶ XQD YROWD

VDL EHQH� QRLDOWUH UDJD]]H DQGDYDPR EHQ VRODPHQWH ILQR DOO¶DOSH GL $JJKLD�

R DO PDVVLPR D =RUQDVFR D SHVWDUH OD FDQDSD« LO QRVWUR SRYHUR SDSj QR� OXL

DQGDYD IXRUL GL WDQWR LQ WDQWR� D ODYRUDUH« EH¶ FRVD YXRL��� SDUODYD EHQ VHP�

SUH LO GLDOHWWR FRQ JOL DPLFL� H VL DUUDQJLDYD FRQ O¶LWDOLDQR >«@ DGHVVR TXL FH

Q¶q GL WXWWH OH YDULHWj >GL SHUVRQH@� H SRL LO JLRUQDOH UDGLR« YDQQR LQ 6YL]]H�

UD H VHQWRQR XQ DOWUR GLDOHWWR¶�

7DOL YDULD]LRQL GHO JUDGR ULFRQRVFLXWR GL SXEEOLFLWj�SULYDWH]]D DYYHQJR�

QR� SHU GHFLVLRQH VLQJROD� R PHJOLR SHU VLQJROD SHUFH]LRQH� LQ PRGR DXWR�

QRPR SHU RJQL SDUODQWH� LO FKH FRQWULEXLVFH D GDUH XQ IRQGDPHQWR HPLFR DO

IDWWR FKH O¶LQQHJDELOH FRQYHUJHQ]D VXOO¶LWDOLDQR �FIU� ,������ DYYHQJD LQ PRGR

LQGLYLGXDOH� q IRUVH DQFKH SHU TXHVWR FKH VL ULFRQRVFH PDOH LO SURFHVVR DS�

SXQWR GL FRQYHUJHQ]D� SHUFKp VL KD OD SHUFH]LRQH QRQ JLj FKH FDPEL OD OLQ�

JXD� PD FKH WXWWR LO PRQGR �RVVLD� VL SHUGRQL LO JLRFR GL SDUROH� LO PRGR GL

SHUFHSLUH JOL HYHQWL HVWHUQL� VWLD FDPELDQGR�

$OOD YDOXWD]LRQH LQGLYLGXDOH GHL GLYHUVL OLYHOOL GL SXEEOLFLWj�SULYDWH]]D

�DQFKH VH� EHQLQWHVR� TXHVWD DYYLHQH VHFRQGR VFKHPL ODUJDPHQWH FRQGLYLVL

GDOOD FRPXQLWj� QRQ ULVSHWWDUH L TXDOL VLJQLILFD HVSRUVL D IDOODFLH FRPXQLFDWL�

YH� FRUULVSRQGH XQ DGDWWDPHQWR GHO SDUODQWH FKH QRQ q VRODPHQWH ©JUDPPD�

WLFDOHª� PD FRLQYROJH WXWWR LO VLVWHPD GHOOH WUDGL]LRQL GHO GLVFRUVR� DOWULPHQWL

QRQ VL VSLHJKHUHEEHUR L IHQRPHQL GHOO¶LSHUFDUDWWHUL]]D]LRQH GLDOHWWDOH �SHU�

FKp LQ TXHVWR FDVR OD PDJJLRUH SXEEOLFLWj LPSRUUHEEH O¶XVR GHOO¶LWDOLDQR� H

GHO SDUODUH GLDOHWWR LQ LWDOLDQR� 9RUUHL DQ]L VXJJHULUH FKH O¶RVWHQWD]LRQH GLD�

OHWWDOH FRQVDSHYROH� VSHFLH GD SDUWH GHL PLHL FROODERUDWRUL SL~ JLRYDQL� VLD

XQ PRGR UDIILQDWR GL SDUODUH LWDOLDQR LQ GLDOHWWR� SDUODUH FLRq LQ SXEEOLFR FRQ

OD OLQJXD SULYDWD�

)RUVH QRQ q VFRUUHWWR RUD SHQVDUH D TXHVWR PRGHOOR GHOOD gIIHQ�WOLFKNHLW�3ULYHWKHLW FRPH DOO¶HTXLYDOHQWH VXO YHUVDQWH HPLFR GL TXHOOR FKH�

GDOO¶HVWHUQR� FRQVLGHUD OH UHWL GL FRPXQLFD]LRQH VRFLDOH� GL IDWWR OH YLFLQDQ]H

IUD L GXH VRQR SLXWWRVWR HOHYDWH� HG HQWUDPEL L SHUFRUVL GL ULFHUFD VL LQFDULFD�

QR GL VSLHJDUH LO PHFFDQLVPR GHOO¶DFFRJOLPHQWR GL IRUPH QXRYH H GL QXRYH

©DELWXGLQL GL SDURODª DOO¶LQWHUQR GL XQD FRPXQLWj� $O TXDO SURSRVLWR� TXDOFKH

XWLOH LQGLFD]LRQH VX FRPH TXHVWR PHFFDQLVPR SRVVD IXQ]LRQDUH QHO SDUODQWH

FL YLHQH GDL ODYRUL GL 7KHODQGHU ���� H .ULVWHQVHQ�7KHODQGHU �����

�� 6L QRWL TXHVWR �N2]D YZ2M FKH QRQ q D PLR SDUHUH FRGH VZLWFKLQJ� EHQVt VSLD GL DYYLFL�

QDPHQWR DOO¶LWDOLDQR PHGLDQWH O¶DGR]LRQH GL XQD HVSUHVVLRQH GL OHJDPHQWR �XWLOLVVLPD DO GLD�

OHWWR LQ TXDQWR OLQJXD SDUODWD� PD FKH D &RLPR QRQ q LQ XVR� ,O ILQH q GLDOHWWDOH� FRQ PH]]L

LWDOLDQL�

��� ,/ ',$/(772 3(5&(3,72

,9����� /D SLHQD DSSOLFD]LRQH GL TXHVWR PRGHOOR DG XQD VLWXD]LRQH FRPH

TXHOOD GHOOD YDO 9LJH]]R SRQH GHOOH GLIILFROWj GL RUGLQH QRQ SLFFROR FKH SDV�

VHUHPR UDSLGDPHQWH LQ UDVVHJQD� SXUH� GLVSLDFH ULQXQFLDUH GHO WXWWR DG XQD

LQGLFD]LRQH GL ULFHUFD FKH VHPEUD HVSOLFDWLYD� H FKH VRSUDWWXWWR VL ULIj FKLD�

UDPHQWH DOOD FRQVLGHUD]LRQH GHOOD FRVFLHQ]D OLQJXLVWLFD��� 1RQ q YHUDPHQWH

PLD LQWHQ]LRQH TXL YDOXWDUH H VHPPDL DSSOLFDUH XQ PRGHOOR FKH VLD HWLFD�

PHQWH SUHGLWWLYR� YRUUHL VROR VRWWRSRUOR DOOD ©SURYD GHO SDUODQWHª� YHULILFDUH

FLRq OD VXD PDJJLRUH R PLQRUH DGHJXDWH]]D VHFRQGR LO PHWUR GHOOD YLFLQDQ]D

R PHQR DOOH FRQFH]LRQL FKH L YLJH]]LQL SRVVRQR DYHUH GHO FDPELDPHQWR OLQ�

JXLVWLFR�

1HO WUDWWDUH GHOOD YDULD]LRQH OLQJXLVWLFD GHOOD FRPXQLWj GL %XUWUlVN QHOOD

6YH]LD FHQWURVHWWHQULRQDOH� VL SURYYLGH D GLVWLQJXHUH OH YDULDELOL LQ GXH JURV�

VH FODVVL� OD SULPD� GHQRPLQDWD ', �'LDOHFW ,QGLFDWRU� FRPSUHQGHYD OH IRUPH

SHU FXL OD YDULDQWH VWDQGDUG R LQQRYDWD HUD SUHYDOHQWH QHO SDUODWR VSRQWDQHR�

OD VHFRQGD� GHWWD 6, �6WDQGDUG ,QGLFDWRU� HUD LQYHFH FRPSRVWD GDJOL LWHP SHU

FXL OD YDULDQWH GLDOHWWDOH PDQLIHVWDYD DQFRUD IRUWH YLWDOLWj� ,Q DOWUH SDUROH� VL

DIIHUPz FKH OD VFHOWD GD SDUWH GHO SDUODQWH GL XQD YDULDQWH ', FRVWLWXLYD XQD

IRUWH DVVXQ]LRQH GL DUFDLFLWj �QRWDUH FRPH L WHUPLQL VLDQR ULIHULELOL DOOD FRQ�

VFLD YRORQWj� PHQWUH O¶XVR GL XQD IRUPD 6, VL VRWWLQWHQGHYD O¶DGR]LRQH GL

WUDWWL PDUFDWDPHQWH VWDQGDUG� 7UD TXHVWL GXH SROL VL SRVH TXHOOR FKH q FKLD�

PDWR LQWHUODQJXDJH� FKH ULJHWWD HQWUDPEL JOL HVWUHPL QHOOH VXH RFFRUUHQ]H���

H FKH q VHFRQGR JOL DXWRUL OD UHDOL]]D]LRQH VWDWLVWLFDPHQWH SL~ IUHTXHQWH H

JHRJUDILFDPHQWH SL~ GHWHUPLQDELOH�

1RQ q SUREDELOPHQWH XQ FDVR FKH XQ PRGHOOR FRVt SURJUDPPDWLFDPHQWH

DWWHQWR DOOH GHFLVLRQL GHO SDUODQWH DEELD XQD SDUWLFRODUH FRQVLGHUD]LRQH SHU

O¶DVSHWWR JHRJUDILFR GHOOD TXHVWLRQH� H ULVROYD LQ HVVR DQFKH OD YDULD]LRQH

GLDFURQLFD� O¶LPSRUWD]LRQH �SHUFHSLWD� GL IRUPH HVWHUQH DOOD FRPXQLWj JLRFD

LQIDWWL XQ UXROR QRQ SLFFROR� OR VWHVVR 7KHODQGHU ������� DOOD ULFHUFD GL UH�

JRODULWj H PRWLYD]LRQL QHO UDSSRUWR WUD IRUPH 'LDOHFW�6WDQGDUG QHOOD FRPX�

QLWj GL %XUWUlVN� GRSR DYHU VFDUWDWR YDULH VROX]LRQL SRVVLELOL �FLRq FKH OH

IRUPH VRVWLWXLWH SULPD IRVVHUR TXHOOH VHQWLWH FRPH SL~ R PHQR FRPXQL� R SL~

GLVWDQWL GDOOD OLQJXD OHWWHUDULD R VWDQGDUG� R SULPL LQGL]L YHUVR XQD PDJJLRUH

HFRQRPLD GHO VLVWHPD LQ JHQHUDOH� R SL~ UXVWLFKH� R SL~ DUFDLFKH��� JLXQJH

�� 3HU XQD DSSOLFD]LRQH GHO PRGHOOR LQ DUHD WLFLQHVH �SHUFLz VRFLROLQJXLVWLFDPHQWH DVVDL

GLIIHUHQWH� FIU� 0RUHWWL ����� ���������� .ULVWHQVHQ H 7KHODQGHU SDUODQR D TXHVWR SURSRVLWR GL ©ODVW FRPPRQ GHQRPLQDWRU RI

ORFDO GLDOHFWVª ������ ������� 4XHVWH FDWHJRULH VRQR WUDWWDWH FRPH HPLFKH GD 7KHODQGHU� ©, WKLQN WKDW LW LV RQO\ ZKHQ

GLDOHFW IHDWXUHV DUH RQ WKH UHWUHDW IRU RWKHU UHDVRQV WKDW WKH\ EHJLQ WR EH ORRNHG RQ DV

³FRDUVH´� ³ROG�IDVKRQHG´ RU ³UXVWLF´� ,W LV P\ RSLQLRQ WKDW VXFK YDOXH MXGJHPHQWV DUH VHFRQ�

GDU\ DQG GR QRW DFWXDOO\ H[SODLQ ODQJXDJH FKDQJHª �7KHODQGHU ����� ����� Ê HYLGHQWH

'$//$ 3$57( '(/ 3$5/$17( ���

DOOD FRQFOXVLRQH FKH OH IRUPH SL~ ', �FLRq TXHOOH SHUFHSLWH FRPH SL~ GLDOHW�

WDOL� VRQR OH PHQR UDSSUHVHQWDWH QHO WHUULWRULR� HG DO FRQWUDULR TXHOOH FKH

SUHVHQWDQR PDJJLRUH UHVLVWHQ]D DOOD VWDQGDUGL]]D]LRQH VRQR TXHOOH FRPSUHQ�

VLELOL H ©VSHQGLELOLª LQ XQ¶DUHD SL~ YDVWD�� �FIU� LQ SDUWLFRODUH OD FDUWLQD LQ

7KHODQGHU ����� �����

/H GLIILFROWj SHU O¶DSSOLFD]LRQH GHO PRGHOOR LQ XQD VLWXD]LRQH FRPH

TXHOOD YLJH]]LQD FDUDWWHUL]]DWD GD XQD FRQGL]LRQH GL 'LDOHNW DOV 6R]LDOV\P�

ERO LQ UHJLPH GL PLFURGLJORVVLD VRQR WXWWDYLD QRWHYROL� LQWDQWR q GLIILFLOH

LVRODUH L GXH SROL GL ULIHULPHQWR SHU OH YDULDQWL 'LDOHFW H 6WDQGDUG� QRQ SR�

WHQGR RYYLDPHQWH FRQVLGHUDUH LO GLDOHWWR �VLD SXUH DUFDLFR D SLDFHUH� VLD SXUH

GL XQ SXQWR OLQJXLVWLFR SLFFROR D SLDFHUH� FRPH XQ¶HQWLWj XQLWDULD� VHFRQGR

OH LQGLFD]LRQL GL 7HUUDFLQL H GL 0DWWKHLHU� QHSSXUH F¶q XQD YDULDQWH DOWD UL�

FRQRVFLXWD� XQ DFUROHWWR� FKH QRQ VLD HVSOLFLWDPHQWH O¶LWDOLDQR� DSSDUWHQHQWH

DG XQ DOWUR VLVWHPD OLQJXLVWLFR� ,QROWUH� H TXHVWR q SL~ LPSRUWDQWH� QRQ q DI�

IDWWR DJHYROH VWDELOLUH TXDOL YDULDQWL SRVVDQR FRVWLWXLUH ', H TXDOL 6,� OR DE�

ELDPR YLVWR� L YLJH]]LQL IDWLFDQR D PHWWHUH GDFFRUGR VX TXHVWR SXQWR OD ORUR

VWHVVD FRVFLHQ]D OLQJXLVWLFD FRQ OD FRQVDSHYROH]]D� 4XHVWH YDULDQWL � DOPH�

QR� TXHOOH GLDOHWWDOL � VL SRWUHEEHUR VHPPDL WURYDUH IUD JOL VWHUHRWLSL� PD FLz

SHUWLHQH DG DOWUL RUGLQL GL FRQVLGHUD]LRQL�

,9������� /D GLVFXVVLRQH GL TXHVWR PRGHOOR FL Gj OD ULSURYD GHOO¶HVLVWHQ]D

QRQ VROR GL OLYHOOL GLYHUVL GL FRVFLHQ]D OLQJXLVWLFD� PD DQFKH GHO IDWWR FKH

TXHVWL QRQ VRQR LQ VH VWHVVL FRHUHQWL��� /D VLWXD]LRQH SHUFHSLWD GRYUHEEH HV�

VHUH JURVVR PRGR TXHVWD� WXWWL L GLDOHWWL VRQR FRQVDSHYROPHQWH � SURJUDP�

PDWLFDPHQWH" � ULWHQXWL XJXDOL� SRUWDWRUL FLRq GL YDULDELOL ', H 6, DOOR VWHVVR

JUDGR� 7XWWDYLD FL VL DFFRUJH WDORUD FKH DOFXQH YDULDQWL �PHJOLR� DOFXQH SD�

UROH� VRQR SURSULH GL XQ¶DUHD SL~ YDVWD� FL VRQR IRUPH FRPXQL DOO¶LQWHUD

9DOOH WUDQQH FKH D SRFKL FHQWUL� DOWUH FKH VFRQILQDQR QHOO¶2VVROD R QHO 7LFL�

QR� DOWUH DGGLULWWXUD FRPSUHQVLELOL LQ WXWWD OD /RPEDUGLD� $FFDQWR D TXHVWH FL

VRQR LQYHFH SDUROH &R�*HQ� LQ S2 SL� UD�U µXQ SR¶ SL~ UDUH¶���

3HUz q GLIILFLOH VWDELOLUH TXDOL VLDQR� SHUFKp LQ JHQHUDOH� VH QRQ VL YD D

YHULILFDUH DQDOLWLFDPHQWH SXQWR SHU SXQWR �H VHQ]D LO ULFHUFDWRUH LQ JLUR QRU�

PDOPHQWH QRQ OR VL ID� O¶LPSUHVVLRQH q FRPXQTXH FKH LO GLDOHWWR DOWUXL VLD

O¶LQWHUHVVH FKH WDOL DIIHUPD]LRQL� YHULILFDWH LQ DPELWR VYHGHVH� SRVVRQR VXVFLWDUH LQ UHOD]LRQH

DO SUHVHQWH VWXGLR�

�� ,Q PDQLHUD VLPLOH D TXDQWR DFFDGH LQ YDOOH� SHU FXL� FRPH DEELDPR YLVWR� OH IRUPH SL~

LQQRYDWH VRQR YLVWH FRPH OH SL~ HVWHVH JHRJUDILFDPHQWH�

�� /D WUDWWD]LRQH FKH VHJXH� YROXWDPHQWH LO SL~ HPLFD SRVVLELOH� QRQ q GXQTXH SURSULD�

PHQWH GL XQ ULJRUH FRQVHJXHQ]LDOH FDUWHVLDQR�

�� 1RQ FRPH SUREDELOLWj G¶XVR DOO¶LQWHUQR GL XQ¶XQLFD SDUODWD� SLXWWRWR FRPH RFFRUUHQ]H

QHL OXRJKL JHRJUDILFL GHOOD 9DOOH�

��� ,/ ',$/(772 3(5&(3,72

GLYHUVR� SRFR R WDQWR� R LQ FKH FRVD TXHVWD GLYHUVLWj VL PDQLIHVWL� QRQ LP�

SRUWD� 1RQ FKH GLIIHUHQ]H GLUHPPR GL TXDQWLWj QRQ VLDQR DYYHUWLWH� LO GLD�

OHWWR GL 0DOHVFR q ©LQFRPSUHQVLELOHª� TXHOOR GL &RLPR q ©PROWR GLYHUVRª �H

LQIDWWL q LO SL~ FLWDWR SHU OD FRPSDUD]LRQH�� TXHOOR GHO SDHVH DFFDQWR �GLFLD�

PR 7RFHQR SHU 'UXRJQR� q GLYHUVR ©VROR XQ SR¶ª� 3HUz� DL ILQL GHOOD YDOXWD�

]LRQH FRQVFLD GHO SURSULR GLDOHWWR� TXHVWR ©VROR XQ SR¶ª q VXIILFLHQWH� HG q

DQ]L ©PROWRª�

6RSUDWWXWWR� SHU XQR GL &RLPR QRQ q FKH LO GLDOHWWR GL 'UXRJQR VLD FRP�

SUHQVLELOH LQ XQ¶DUHD SL~ YDVWD ULVSHWWR DO VXR� H QHSSXUH q YHUR FKH FKL DELWD

D 6DQWD 0DULD 0DJJLRUH FRQVLGHUL LO GLDOHWWR� SRQLDPR� GL )ROVRJQR� SL~ OR�

FDOPHQWH FDUDWWHUL]]DWR� 6PP�3% �6WUDQ��� �6WUDQ��� D VX PLD �QW( N D YDM D

ODZX�UD PL XO GLD�O(W O ( XQ S2 GLI(�U(QW��� X O ( GLIH�U(QW SDU PL H �D1ND S DO

WX�QL1 O ( PLD N(��� µVWUDQR� VWUDQR >VH FLRq LO GLDOHWWR GL 'LVVLPR VLD VWUDQR

SHU L WLFLQHVL ULVSHWWR D TXHOOR GL 6DQWD 0DULD 0DJJLRUH@ QRQ VR� GRYH YDGR D

ODYRUDUH LR >YLFLQR DG $VFRQD@ LO GLDOHWWR q XQ SR¶ GLIIHUHQWH« q GLIIHUHQWH

SHU PH H DQFKH SHU 7RQLQR >GL )ROVRJQR@� QRQ q FKH«¶��

3URYLDPR RUD D ULOHJJHUH TXDOFKH YRFH GHOOD WDEHOOD GHO � ,����� DOOD OXFH

GL TXHVWH FRQVLGHUD]LRQL H GHO PRGHOOR ',�6,� VRWWRSRQHQGR TXHVW¶XOWLPR

DOOD ©SURYD GHO SDUODQWHª� VDUj TXHVWR DQFKH XQR VSXQWR SHU LOOXVWUDUH IRUVH

PHJOLR DOFXQL PHFFDQLVPL GHOOD FRVFLHQ]D OLQJXLVWLFD H GHO FDPELR SHU FRQ�

YHUJHQ]D H VRVWLWX]LRQH� 8QD SUHFLVD]LRQH PHWRGRORJLFD YD WXWWDYLD IDWWD�

QRQ QHFHVVDULDPHQWH XQR VWHVVR LWHP� TXDORUD SUHVHQWL GXH YDULDELOL� QH GHYH

DYHUH XQD ', H XQD 6,� VRQR OH YDULDELOL VWHVVH DG HQWUDUH DXWRQRPDPHQWH LQ

XQD GHOOH GXH FDWHJRULH� 3HU HVHPSLR� OD SDUROD SHU µYHFFKLR¶ VL SUHVHQWD

FRPH Y«F�YH½� RUD� HQWUDPEH OH YDULDELOL � à( ! ^«` H &/ ! ^F`� VRQR� SHU FRO�

ORFD]LRQH JHRJUDILFD� HWLFDPHQWH ',� LQ TXHVWR FDVR OD IRUPD VWDQGDUG FRLQ�

FLGH FRO O¶LQWHUODQJXDJH� FKH HOLPLQD HQWUDPEL L WUDWWL PDUFDWL��� /H GLIILFROWj

VRUJRQR QHOO¶LGHQWLILFD]LRQH GL YH½ FRQ XQR VWDQGDUG �TXDOH" LWDOLDQR� ORP�

EDUGR� WLFLQHVH" VL KD O¶LPSUHVVLRQH FKH WDORUD RFFRUUD FRVWUXLUOR DG KRF� SD�

UROD SHU SDUROD� LO FKH q RYYLDPHQWH DVVXUGR� ROWUH FKH QRQ SUHYLVWR GDO PR�

GHOOR� H VRSUDWWXWWR QHO IDWWR FKH QRQ F¶q PRGR GL DWWULEXLUH JUDGL GLYHUVL GL

GLDOHWWDOLWj DOOH GXH YDULDQWL ',� JUDGL LQYHFH VHQWLWL GDO SDUODQWH� ROWUH FKH

�� )ROVRJQR YD SDUWLFRODUPHQWH EHQH SHUFKp WLHQH GLVWLQWL JOL HVLWL GL à2 HG à(� IXVL LQYHFH

VLD D 6DQWD 0DULD 0DJJLRUH VLD DG $VFRQD� 6L YHGH TXL LQ TXDOL GLIILFROWj LQFRUUD FKL FHUFD GL

VWDELOLUH XQ SROR ', FKH QRQ VLD SXUDPHQWH HWLFR��� 3RWUHEEH TXL WURYDUVL XQ SXQWR GL FRQWDWWR FRQ TXHOOD NRLQq SHU GHSXUD]LRQH� WLSLFD GHO

YHQHWR FRPXQH �FKH QRQ q YHQH]LDQR� GL FXL SDUOD 3HOOHJULQL� ,Q TXHVWR FDVR VL QRWL DQFRUD

XQD YROWD FRPH LO PRGHOOR UDSSUHVHQWD LQ TXDOFKH PRGR XQ DYYLFLQDPHQWR DOO¶LWDOLDQR �H

TXLQGL ULHQWUD QHOOD GLQDPLFD GHOOD FRQYHUJDQ]D LQGLYLGXDOH�� OD OLQJXD QD]LRQDOH LQIDWWL QRQ

SRVVLHGH Qp ^«` Qp� LQ TXHOOD SRVL]LRQH� ^F`�

'$//$ 3$57( '(/ 3$5/$17( ���

HWLFDPHQWH FRUUHWWL �LQIDWWL &/ ! ^F` q LQ 9DOOH GLDWRSLFDPHQWH� ©GLDOHWWDO�

PHQWHª DVVDL SL~ PDUFDWR FKH QRQ � ! ^«`��

,9������� 9HGLDPR SHU SULPD FRVD OH FDWHJRULH FRQ OH TXDOL OH YDULDELOL

HUDQR VWDWH DYYLFLQDWH�

)HQRPHQR 9DULDQWL 'LDWRSLFR 'LDFURQLFR 5LFRQRVFLXWR 6DQ]LRQH

HVSOLFLWD

(YLWDWR

RUD� PHQWUH GHFLGHUH VH OD YDULDELOH DEELD XQD FRQQRWD]LRQH GLDWRSLFD R

GLDFURQLFD q FRVD FKH QRQ KD PROWD LPSRUWDQ]D DL QRVWUL ILQL DWWXDOL� LO IDWWR

FKH LO IHQRPHQR VLD ULFRQRVFLXWR q LQYHFH XQD SUHFRQGL]LRQH SHU

O¶DWWULEX]LRQH DG HVVR GL FDUDWWHULVWLFKH ', R 6,� G¶DOWURQGH OH FDWHJRULH µVDQ�

]LRQH HVSOLFLWD¶ H µHYLWDWR¶ GDQQR XQ¶LQGLFD]LRQH VXO JUDGR GL FRQVDSHYROH]�

]D D FXL JLXQJH OD YDULDELOH LQ TXHVWLRQH�

/D FRORQQD µHYLWDWR¶� LQ SDUWLFRODUH� PHULWD GL HVVHUH FRPPHQWDWD SL~ GD

YLFLQR� VH DO PRPHQWR GHOO¶HVSRVL]LRQH GHOOH YDULDELOL SRWHYD DYHUH XQ VHQVR

ODVFLDUOD LQGLVWLQWD� RUD SHUz QRQ FL VL SXz SL~ DVWHQHUH GDO GLVWLQJXHUH WUD

SLDQL GLYHUVL GL VDSHUH OLQJXLVWLFR� /D JUDQGH PDJJLRUDQ]D GHL WUDWWL SUHVL LQ

FRQVLGHUD]LRQH QRQ VRQR HYLWDWL FRQVDSHYROPHQWH� DQ]L� VRQR FRQVDSHYRO�

PHQWH ULEDGLWL� WDORUD SHUVLQR RVWHQWDWL� XQD DSSOLFD]LRQH GHO PRGHOOR ',�6,

FKH QRQ WHQJD HVSOLFLWDPHQWH SUHVHQWH OD YLVLRQH GHO PRQGR GHO SDUODQWH SXz

WUDODVFLDUH TXHVWD GLVWLQ]LRQH H DQ]L DYYDQWDJJLDUVL DSSOLFDQGR VHQ]¶DOWUR D

WXWWL L WUDWWL HYLWDWL O¶HWLFKHWWD ',� VHQ]D WHPD GL VEDJOLDUH HFFHVVLYDPHQWH�

4XL LQYHFH DQGUj VSHFLILFDWR FKH TXHVWL WUDWWL HYLWDWL VRQR L SL~ VHQVLELOL DOOD

IXQ]LRQH SXEEOLFLWj�SULYDWH]]D GHOO¶HYHQWR OLQJXLVWLFR� H DO WHPSR VWHVVR

TXHOOL ULWHQXWL LQ PRGR QRQ FRQVDSHYROH L PHQR FDUDWWHUL]]DQWL SHU OD FRU�

UHWWD DSSOLFD]LRQH GHOOD WUDGL]LRQH GHO GLVFRUVR GLDOHWWDOH� 2VVLD� GD FRORUR

FKH QRQ QH VRQR L SRUWDWRUL QDWXUDOL�� SRVVRQR HVVHUH HYLWDWL LQ VLWXD]LRQL SUL�

YDWH� TXDQGR QRQ F¶q GD GLPRVWUDUH DOFXQFKp� PD SHU WXWWL FRVWLWXLVFRQR OD

QRUPD DIIHUPDWD� G¶DOWUD SDUWH� OD ORUR HOLPLQD]LRQH HIIHWWLYD QHO SDUODWR QRQ

SURYRFD DOFXQD UHD]LRQH FKH VL SRVVD ULFRQQHWWHUH DG XQ FDPELDPHQWR GHOOH

WUDGL]LRQL GHO GLVFRUVR���

�� , FODVVLFL DQ]LDQL FRQVHUYDWRUL GHL FHQWUL LVRODWL��� /D VLWXD]LRQH q LOOXVWUDWD SLXWWRVWR EHQH GD XQ FHOHEUH HVHPSLR GHO IUDQFHVH SDULJLQR� q

QRWR FKH SHU OD QHJD]LRQH OD FRVWUX]LRQH QRUPDWLYD q QH���SDV �WUDQQH LO FDVR LQ FXL DSSDLDQR

DYYHUEL QHJDWLYL�� q DOWUHWWDQR FRQRVFLXWR FKH OD UHDOL]]D]LRQH SDUODWD QRUPDOH q ���� SDV �VH�

FRQGR LO FLFOR GL -HVSHUVHQ� DWWLYR DQFKH QHO ORPEDUGR� FKH WHQGH D VSRVWDUH OD QHJD]LRQH LQ

SRVL]LRQH SRVWYHUEDOH�� 2UD� 3D�ULJL��%UX� �FKH DELWD D 0LODQR FRQ IUHTXHQWLVVLPL FRQWDWWL

ROWUDOSH H FKH ULQJUD]LR SHU OD FROODERUD]LRQH� LQWHUURJDWD LQ PHULWR KD ULVSRVWR SURGXFHQGR

IUDVL �LQYHQWDWH H VRWWRSRVWHOH DO PRPHQWR� LQ FXL QH HUD VHPSUH SUHVHQWH� 1HO SURVLHJXR

��� ,/ ',$/(772 3(5&(3,72

�� /D SULPD YDULDELOH FKH FRQVLGHULDPR q�

)HQRPHQR 9DULDQWL 'LDWRSLFR 'LDFURQLFR 5LFRQRVFLXWR 6DQ]LRQH

HVSOLFLWD

(YLWDWR

?8 L�\

X�\

� � ��� � �

SHU DVVHJQDUOH YDORUL GL GLDOHWWDOLWj ELVRJQD SULPD DFFRUGDUVL VX TXDOH

VFHQDULR JHRJUDILFR VL YXROH FRQVLGHUDUH� DOO¶LQWHUQR GHOOD 9DOOH� LQIDWWL� OD

IRUPD >L@ q SUHYDOHQWH� H OD YDULDELOH VWHVVD q SRFR ULFRQRVFLXWD� OH SDUHQWHVL

FKH FKLXGRQR TXL LO VLPEROR �H FKH QRQ FRPSDULYDQR QHOOD WDEHOOD FRPSOHWD�

LQGLFDQR LQIDWWL FKH LO WUDWWR q DYYHUWLWR VROWDQWR GRSR FRQVDSHYROH ULIOHVVLR�

QH� 6DUHEEH GXQTXH SUREOHPDWLFR DWWULEXLUH DOOD >L@ OD PDUFD GL ',� GDO FDQWR

VXR OD UHVD >X@� DVVDL OLPLWDWD JHRJUDILFDPHQWH� q SHUz FRQJUXHQWH FRQ TXHOOD

GHOO¶LWDOLDQR� H SDVVD GXQTXH DOTXDQWR LQRVVHUYDWD� VRSUDWWXWWR QRQ SXz VHU�

YLUH FRPH PDUFD GLDOHWWDOH� )RUVH� UHVWULQJHQGR O¶DQDOLVL D TXHL FHQWUL FKH

SUHVHQWDQR OD >L@ FRPH WUDWWR QRUPDOH� VL SRWUHEEH FRQVLGHUDUH >\@ XQD GHFLVD

YRORQWj GL LQQRYDUH� GXQTXH 6,���

/H FRQGL]LRQL FDPELDQR VH GDO FRQWHVWR ©SULYDWRª GHOOD 9DOOH FL VSRVWLD�

PR D TXHOOR ©SXEEOLFRª GL XQ¶DUHD SL~ YDVWD� ,Q TXHVWR FDVR >L@ q Vt XQ EXRQ

',� WDQWR GD HVVHUH FRQVLGHUDWR GDJOL RVVRODQL FRPH OD PDUFD WLSLFD GHO GLD�

OHWWR YLJH]]LQR �FIU� ,����������� ,Q RJQL FDVR TXHVWD YDULDELOH SXz HVVHUH ',

VROR SHU TXDQWR ULJXDUGD OD FRVFLHQ]D LUULIOHVVD� L SDUODQWL� FRQVDSHYROPHQWH�

QRQ OD FRQVLGHUDQR WDOH� LO IDWWR FKH LO VXR XVR FRVWLWXLVFD DVVXQ]LRQH GL

GLDOHWWDOLWj �.ULVWHQVHQ�7KHODQGHU ����� ���� q TXDQWRPHQR GXEELR�

�� &RQVLGHUD]LRQL SLXWWRVWR VLPLOL VL SRVVRQR IDUH SHU

)HQRPHQR 9DULDQWL 'LDWRSLFR 'LDFURQLFR 5LFRQRVFLXWR 6DQ]LRQH

HVSOLFLWD

(YLWDWR

à(� à2

«�«

«�H

H�H

� � � � ���

GHOOD FRQYHUVD]LRQH VRQR WXWWDYLD HPHUVH IUDVL FRPH 6 T;¼ S2 µMH �QH� FURLV SDV¶ H - ( S$ N2�

�S;L µMH �Q¶� DL SDV FRPSULV¶� RSSXUH V ¼ PM« S2� O\L N LO PD� - SD µF¶HVW PLHX[ SRXU OXL TXH LO

�QH� PDQJH SDV¶� TXDQGR FLz OH q VWDWR IDWWR QRWDUH� 3D�%UX� KD ULFRQRVFLXWR FKH LQ HIIHWWL QRQ

OH GD IDVWLGLR VHQWLUOR IDUH GDJOL DOWUL� PD KD DJJLXQWR D� Q2 PZD -¼ O I( S¶ VD µDK QR� PRL MH

QH OH IDLV SDV oD¶� /D VXD FRVFLHQ]D OLQJXLVWLFD OH GLFH FKH OD IRUPD q DFFHWWDELOH� PD OD VXD

FRQVDSHYROH]]D OD ULWHQH FRPXQTXH ©VEDJOLDWDª��� 4XDQWR TXHVWD YRORQWj VLD ©ULYROX]LRQDULDª GLSHQGH GD FHQWUR D FHQWUR� DEELDPR YLVWR

�FIU� ,���������� FKH D 0DOHVFR OD VLWXD]LRQH q LQ YLD GL FRPSOHWD ULVWUXWWXUD]LRQH�

'$//$ 3$57( '(/ 3$5/$17( ���

�H LQIDWWL SL~ VRSUD ¡ SHU à( HUD VWDWD FODVVLILFDWD FRPH HWLFDPHQWH ',��

FRQ OD VROD GLIIHUHQ]D FKH LO WUDWWR SUHVHQWD XQD GLVWULEX]LRQH VSD]LDOH SL~

QHWWD DOO¶LQWHUQR GHOOD 9DOOH� L SDHVL ©ULFFKLª KDQQR >H@� TXHOOL ©SRYHULª >¡@�

,Q FRPSHQVR OD VLWXD]LRQH� DOO¶LQWHUQR GHL VLQJROL FHQWUL� VHPEUD SL~ VWDELOH�

H TXHVWR SHUFKp QRQ q ULFRQRVFLXWD LQ QHVVXQD GHOOH GXH YDULDELOL XQD PDUFD

GL 6,� JLDFFKp LO VLVWHPD GHOO¶LWDOLDQR KD XQ PHFFDQLVPR GLIIHUHQWH� H L GLD�

OHWWL LQWRUQR QRQ SUHVHQWDQR XQD VLWXD]LRQH XQLYRFD�

�� /D GLVWDQ]D IUD XQD FRQFH]LRQH GHO PRGHOOR FRPH HVWHUQR DO SDUODQWH H

XQD FKH LQYHFH WHQWD GL WHQHU FRQWR GHOOH VXH FDWHJRUL]]D]LRQL q SDUWLFRODU�

PHQWH HYLGHQWH SHU

)HQRPHQR 9DULDQWL 'LDWRSLFR 'LDFURQLFR 5LFRQRVFLXWR 6DQ]LRQH

HVSOLFLWD

(YLWDWR

&DGXWD

GHOOD ��

SURWRQLFD����� � � � � �

TXL q RYYLR FKH LO WUDWWR KD XQD IRUWH FRQQRWD]LRQH ',� XQ UHVD FRPH DU�O2F

SHU µRURORJLR¶ QRQ SXz SDVVDUH LQRVVHUYDWD� 7XWWDYLD TXHVWH FRQVLGHUD]LRQL

SHU LO SDUODQWH QRQ KDQQR VHQVR� Qp SHU TXDQWR ULJXDUGD OD FRVFLHQ]D Qp SHU

OD FRQVDSHYROH]]D� VHPSOLFHPHQWH� TXHVWD YDULDELOH QRQ HVLVWH� HG q ULDVVRU�

ELWD QHO QRYHUR GHOOD YDULD]LRQH OHVVLFDOH� 'XQTXH q DVVDL GLIILFLOH FKH FKL

GLFH DU�O2F DVVXPD LO WUDWWR GLDOHWWDOH GHOOD FDGXWD GL SULPD SURWRQLFD� SLXWWR�

VWR� VH FL VRQR DOWUH SDUROH LQ FRQFRUUHQ]D SHU OR VWHVVR VLJQLILFDWR� VL SRWUj

GLUH FKH KD DVVXQWR OD SL~ DUFDLFD� 0D OD FRQVLGHUD]LRQH GL TXDOH LWHP OHVVL�

FDOH SRVVD HVVHUH FRQVLGHUDWR ',�� q FRVD FKH VL SXz IDUH VROR D SRVWHULRUL� H

WUDPLWH OLVWH HVSOLFLWH �H OD OLVWD HVSOLFLWD ROWUH DOOD GHVFUL]LRQH QRQ DSSRUWD

PROWR DOWUR�� ,O SUREOHPD q WXWWDYLD SL~ JHQHUDOH H VDUj ULSUHVR SL~ DYDQWL�

�� 8Q IHQRPHQR FKH �D SDUWH OD VROLWD IHGHOWj OLQJXLVWLFD FRQVDSHYROH�

SXEEOLFD H DUFDL]]DQWH� VHPEUD LQYHFH SUHVWDUVL DG XQD DQDOLVL QHL WHUPLQL GL

GLDOHWWLFD ',�6, q

)HQRPHQR 9DULDQWL 'LDWRSLFR 'LDFURQLFR 5LFRQRVFLXWR 6DQ]LRQH

HVSOLFLWD

(YLWDWR

&� *

�9SDO

6�½��¹�

-���� � � � � �

-� -�Â�É � � � � �

�� (YLGHQWHPHQWH D SDUWH L FDVL LQ FXL VLD LO GHQRWDWXP DG HVVHUH GHVXHWR� SHUDOWUR QRQ VL

SXz QHSSXUH GLUH FKH NR0�SMXWHU VLD 6,� SHUFKp QRQ F¶q DOWUD IRUPD FRQFRUUHQWH�

��� ,/ ',$/(772 3(5&(3,72

FRPH VL YHGH VL WUDWWD GL GXH IHQRPHQL GLVWLQWL� PD L FXL HIIHWWL H OH FXL

YDOXWD]LRQL VRQR FRLQFLGHQWL� (QWUDPEL L WUDWWL VRQR EHQ ULFRQRVFLXWL� H VRQR

WUD L SRFKL FKH ULFHYDQR XQD VDQ]LRQH HVSOLFLWD� SRVVRQR GXQTXH FRVWLWXLUH

GHL ', DFFHWWDWL DOO¶LQWHUQR GHOOD FRPXQLWj� $ TXHVWL YD DJJLXQWR

)HQRPHQR 9DULDQWL 'LDWRSLFR 'LDFURQLFR 5LFRQRVFLXWR 6DQ]LRQH

HVSOLFLWD

(YLWDWR

$OWUL WUDW�

WDPHQWL

YHODUL

-����

6�½��¹� � � � � �

FKH q DQ]L HVSUHVVDPHQWH VWLJPDWL]]DWR FRPH ©SDUODUH GD FRQWDGLQDFFLª�

OH UHDOL]]D]LRQL SL~ DUFDLFKH GHL WUH IHQRPHQL VRQR SUHVHQWL FRQWHPSRUDHQD�

PHQWH QHL SDHVL SL~ LVRODWL H �VRSUDWWXWWR� SUHVVR L SDUODQWL SL~ DUFDLFL� FR�

VWLWXLVFRQR GXQTXH XQD IRUWH PDUFD GL GLDOHWWDOLWj� H IRUVH LO ORUR VWHPSHUDUVL

DWWUDYHUVR OH JHQHUD]LRQL FRQWULEXLVFH SL~ GL DOWUH FRVH D IRUPDUH

O¶LPSUHVVLRQH FKH LO GLDOHWWR GHJOL DQ]LDQL VLD ©XQ SR¶ GLYHUVRª� &RQFRUGH�

PHQWH FRO PRGHOOR� GXQTXH� O¶LQWHUODQJXDJH FRLQFLGH FRQ OR VWDQGDUG� H TXH�

VWR VSLHJD OD IRUWH LQFLGHQ]D GL UHDOL]]D]LRQL DIIULFDWH�

�� 4XDQWR D

)HQRPHQR 9DULDQWL 'LDWRSLFR 'LDFURQLFR 5LFRQRVFLXWR 6DQ]LRQH

HVSOLFLWD

(YLWDWR

�35� �%5� YDUv � � � � �

LO IHQRPHQR FKH� SHU ULDVVXPHUH� SURGXFH SHU µDSULOH¶ DZULO H DSULO� VH

FRQVLGHUDWR FRO PHWUR GHO SDUODQWH KD SRFKH SUREDELOLWj GL FRVWLWXLUH XQ LQGL�

FDWRUH LPSRUWDQWH� q GLIIXVR GDSSHUWXWWR� H FL VRQR FHQWUL SHU L TXDOL QRQ

UDSSUHVHQWD QHSSXUH HOHPHQWR GL GLVWLQ]LRQH IUD JLRYDQL HG DQ]LDQL� ,QYHUR

OD VLWXD]LRQH SRWUHEEH HVVHUH VLPLOH D TXHOOD GHO SXQWR ��� OD YDULD]LRQH IR�

QHWLFD ©WUDYHVWLWDª GD FDPELR OHVVLFDOH� SHUz OD VXD SUHVHQ]D Gj O¶RFFDVLRQH

GL QRWDUH FKH HVLVWRQR� QHOOD YLVLRQH GHO YLJH]]LQR� JUDGD]LRQL GLYHUVH DQFKH

SHU TXHVW¶XOWLPD� &RVt �I(ZUD H �IHYUD VRQR Vt GXH SDUROH� PD PHQR GLYHUVH

FKH QRQ� SRQLDPR� $OERJQR YH�UW H &RLPR -Y«�UW µDSHUWR¶ FRPH PL q VWDWR

LQGLFDWR GD &R�*LX� LQWHQWD D VSLHJDUPL OD YDULD]LRQH OHVVLFDOH IUD L GXH YLO�

ODJJL� 'XQTXH SHU &R�*H� DZUL�O��� PP��� D O ( PL�D SU2SL LQ DZWD SDU2OD��� W

L �]J2UGDW�� P( �NLQD H �NUDYHW PD D O ( GLIH�U(QW��� µDSULOH« PP« QRQ q

'$//$ 3$57( '(/ 3$5/$17( ���

SURSULR XQ¶DOWUD SDUROD� WL ULFRUGL� FRPH �NLQD H NUD�Y(W� >FIU� ,�����@ PD q GL�

YHUVD¶�

�� ,O FDVR LQ FXL VLD OD IRUPD LQQRYDWD D ULFHYHUH DWWHQ]LRQH q FRPSHQ�

GLDWR GD

)HQRPHQR 9DULDQWL 'LDWRSLFR 'LDFURQLFR 5LFRQRVFLXWR 6DQ]LRQH

HVSOLFLWD

(YLWDWR

&7�*'

F�½�W

e� � � �

�

�� SHU W� �

LQ TXHVWD YDULDELOH� ROWUH DOOD GLVWULEX]LRQH GLDWRSLFD ULFRQRVFLXWD GHOOD

YDULDQWH RFFOXVLYD� VL QRWD �VIDYRUHYROPHQWH� OD VROX]LRQH ^W`� DIIHUPDWD QRQ

GLDOHWWDOH� ©VYL]]HUDª� SURSULD GL FKL 7R�'DQ� YXRO IDUH LO GL SL~� FRVWLWXLVFH

GXQTXH XQ EXRQR 6,� SHUFKp FKL QH ID XVR DVVXPH HIIHWWLYDPHQWH XQ WUDWWR

VWDQGDUG���

�� 8QD VLWXD]LRQH LQWHUHVVDQWH VL KD SRL SHU

)HQRPHQR 9DULDQWL 'LDWRSLFR 'LDFURQLFR 5LFRQRVFLXWR 6DQ]LRQH

HVSOLFLWD

(YLWDWR

0HWDI� VL�QR � � ��� � �

LQ TXHVWR FDVR VL KD FKH XQ IHQRPHQR �ULFRQRVFLXWR VH VRWWRSRVWR

DOO¶DQDOLVL� GD TXL OH SDUHQWHVL� VLD WXWWDYLD DVVROXWDPHQWH FRQGLYLVR GD WXWWD

OD 9DOOH �SRL GD EXRQD SDUWH GHOO¶2VVROD H LQ SDUWH DQFKH GDO ORFDUQHVH� FIU�

,���������� QRQFKp DVVDL YLWDOH� VL ULFRUGHUDQQR OH FLWDWH IRUPH GUXJH�W µGUR�

JDWL¶ ÂXN(WXO µJLRFDWWROL¶ WHOHNXP(QG µWHOHFRPDQGL¶ IUDQ½L�] µIUDQFHVL¶�

$OO¶LQWHUQR GHO GLDOHWWR SHUFLz TXHVWR WUDWWR QRQ FRVWLWXLVFH DOFXQ LQGLFDWRUH�

YLHQH GDWR SHU VFRQWDWR� FRPH �ULWHQJR� XQD GHOOH VXH FDUDWWHULVWLFKH FRVWLWX�

WLYH� DQFKH OD SUHVHQ]D GL IRUPH QRQ PHWDIRQHWLFKH �TXHOOH GRYXWH

DOO¶LQFRHUHQ]D VLQFURQLFD GHO VLVWHPD R TXHOOH � UDUH � SUHVHQWL SHU LPSUHVWL�

WR� QRQ QH LQWDFFD LO VRVWDQ]LDOH IXQ]LRQDPHQWR�

$Q]L� VH� FRPH VL q DFFHQQDWR SL~ VRSUD� LO GLDOHWWR QRQ KD JUDPPDWLFD�

OD FRQVLGHUD]LRQH GHOO¶HUURUH GHULYDWR GDOOD QRQ DSSOLFD]LRQH GHOOD PHWDIR�

QHVL q XQ EXRQ DUJRPHQWR SHU FRQYLQFHUH GHO FRQWUDULR DQFKH L SL~ FDORURVL

VRVWHQLWRUL GHOOD WHVL� FIU� LO GLDORJR�

�� 5LPDQH LO SUREOHPD VH� LQ XQD VLWXD]LRQH FRPH TXHOOD GHOOD 9DOOH� FDUDWWHUL]]DWD GDO

JUDQGH RVVHTXLR FRQVDSHYROH DOOD QRUPD� QRQ VLD SURSULR TXHVW¶XOWLPD D FRVWLWXLUH� VXO SLDQR

HPLFR� OR VWDQGDUG�

��� ,/ ',$/(772 3(5&(3,72

*DE�� PP H D�OXUD JDW���

$O�%DW� E( XO JDW��� D �GL]XP E( JDW 1ND QX�M

*DE� VL LQ JDW��� H GX JDW

$O�%DW� LQ JDW ( GX JHW

*DE� �NRPH��� QRQ �S2VVR �PLND �GLUH MLQ UL�YHL GX JDW"

$O�%DW� MLQ UL�YHM GX JHW SDU�N( L MLQ UL�YH�M

*DE�� H �S2VVR �GLUH VX PL�D NZ(6W SD�Q(W ML1 EH�M"

$O�%DW� >ULVDWLQD VRPPHVVD@ WL H�M 1ND P2 GD �0SU(QGDO XO GLD�O(W���

NZ(6W SD�Q(W O ( EHO

*DE�� DOORUD� �( XQ HU�URUH �GLUH GX JDW H VH �GLNR NZ(6W SD�Q(W (

XQ IDW¹R�O(WWR VROR��� ½ ( OD �UHJROD

$O�%DW� PP DM UD�ÂRQH��� MLQ JDW GX JHW LQ ND1 GX N(1

*DE�� LQ SD�Q(W GX SD�QLW

$O�%DW� �Y(UD�����

2UD� LO ULFRQRVFLPHQWR GHOO¶HUURUH �FLRq LO JLXGL]LR GL QRQ JUDPPDWLFDOLWj�

SHUWLHQH DOOD FRQVDSHYROH]]D OLQJXLVWLFD� Ê FLRq LPPHGLDWR� H LO VXR HIIHWWR q

QHWWR� FRVt QRQ YD EHQH� YLFHYHUVD OD UHJROD VRJJLDFHQWH DOO¶HUURUH� LO SHUFKp

XQD IRUPD q VFRUUHWWD� ULVLHGH LQYHFH QHOOD FRVFLHQ]D� GHILQLWD DSSXQWR SL~

VRSUD FLz FKH GHWHUPLQD H LQGLUL]]D O¶DJLUH XPDQR �QHO QRVWUR FDVR O¶DJLUH

OLQJXLVWLFR�� GHYH HVVHUH DOORUD SRUWDWD D FRQVDSHYROH]]D WUDPLWH XQ SHUFRUVR

GHGXWWLYR� H LQ SUHVHQ]D GHO IHQRPHQR GL FXL VL WUDWWD�

/D PHWDIRQHVL GXQTXH QRQ SXz HVVHUH� SHU LO SDUODQWH� WUDWWR GLVWLQWLYR�

QRQ SURGXUOD GRYH FL YXROH q XQ HUURUH H EDVWD� 'LYHQWD LQYHFH LQGLFDWRUH ',

VH OD YDOXWD]LRQH VL DOODUJD DOO¶LQWHUR ORPEDUGR H VL ID PHQR ULVSHWWRVD GHO

VHQWLUH OLQJXLVWLFR YLJH]]LQR�

,9����� ,Q HIIHWWL L PLHL FROODERUDWRUL DYUHEEHUR LPSRVWDWR LO SUREOHPD LQ

XQ DOWUR PRGR� SL~ FKH FRQVLGHUDUH OH YDULDELOL IRQHWLFKH DOO¶LQWHUQR GL LWHP

OHVVLFDOL �FKH� VL QRWL� q LO PHWRGR FODVVLFR GHOOD VRFLROLQJXLVWLFD� LO FXL VFRSR

q UDFFRJOLHUH H YDOXWDUH GDWL UHDOL� FKH YDQQR WDORUD LQ VHQVR RSSRVWR

DOO¶RSLQLRQH GHO SDUODQWH��� PL VHPEUD FKH FRQVLGHUHUHEEHUR SHUWLQHQWL GXH

�� ( DOORUD JDWWR�EH¶ LO JDWWR« GLFLDPR EHQ JDWWR DQFKH QRL�Vt� XQ JDWWR� GXH JDWWR�XQ

JDWWR H GXH JDWWL�FRPH� QRQ SRVVR PLFD GLUH µVRQR DUULYDWL GXH JDWWR¶"�VRQR DUULYDWL GXH JDWWL�

SHUFKp VRQR DUULYDWL�H SRVVR GLUH� QRQ VR� µTXHVWR ID]]ROHWWR VRQR EHOOL¶"�GHYL DQFRUD LPSD�

UDUOR LO GLDOHWWR« TXHVWR ID]]ROHWWR q EHOOR�DOORUD� q XQ HUURUH GLUH µGXH JDWWR¶ H VH GLFR µTXH�

VWR ID]]ROHWWR¶ q XQ ID]]ROHWWR VROR« F¶q OD UHJROD�PP� KDL UDJLRQH� XQ JDWWR GXH JDWWL XQ FD�

QH GXH FDQL�XQ ID]]ROHWWR GXH ID]]ROHWWL�YHUR«¶�

�� /D VFRSHUWD GL TXHVWD UHDOWj GD SDUWH GL XQD LQIRUPDWULFH GL /DERY q EHOOLVVLPD� ©ZK\

GR , VD\ ^�,` ZKHQ , GRQ¶W ZDQW WR"ª �/DERY ����� �����

'$//$ 3$57( '(/ 3$5/$17( ���

GLYHUVL OLYHOOL GL DQDOLVL� 4XHVWL OLYHOOL� JLj GHOLQHDWL QHOOH SDJLQH SUHFHGHQWL�

WURYDQR XQ SDUDOOHOR QHOO¶HVSHULHQ]D GL ULFHUFD GL %ULJLWWH 6FKOLHEHQ�/DQJH

������ ����� DQFK¶HOOD LQIDWWL SURSXJQD XQD ©YXH GLIIpUHQWLHOOH GHV IDLWV OLQ�

JXLVWLTXHV� WRXWH ODQJXH HVW XQ µVDYRLU SDUOHU¶ >GXQTXH LO VDSHUH SDUODUH

SUDJPDWLFR@ HW HQ PrPH WHPSV µQH SDV SDUOHU FRPPH OHV DXWUHV¶ª �FLRq OD

GLIIHUHQ]LD]LRQH GLDWRSLFD� FKH VL HVSULPH DWWUDYHUVR OD FRQVDSHYROH]]D GHOOD

YDULD]LRQH OHVVLFDOH�� LO VHFRQGR OLYHOOR VDUj DUJRPHQWR GHO SURVVLPR SDUD�

JUDIR�

3HU TXDQWR ULJXDUGD O¶DJLUH FRQFUHWR DOO¶LQWHUQR GHOOD FRPXQLWj H OD FRQ�

VLGHUD]LRQH GHOOH LQIRUPD]LRQL GL WLSR VRFLDOH YHLFRODWH GDO OLQJXDJJLR� PR�

WRUL� D OLYHOOR GHOOD FRVFLHQ]D GHO FDPELR OLQJXLVWLFR �QHO VHQVR JLj VSHFLIL�

FDWR�� DQFKH XQ¶DQDOLVL FRPH TXHOOD VRSUD FRQGRWWD SRUWD D ULEDGLUH H D SUH�

FLVDUH FLz FKH VL HUD DQWLFLSDWR� FKH FLRq q YLFLQR DOOH FRQFH]LRQL GHL YLJH]�

]LQL VRVWLWXLUH DOOH YDULDQWL GHO VLQJROR LWHP OD YDULD]LRQH GHOOH WUDGL]LRQL GHO

GLVFRUVR� FRQVLGHUDUH SHUFLz FKH HVLVWRQR HYHQWL OLQJXLVWLFL QHL TXDOL

O¶DVVXQ]LRQH GL XQD WUDGL]LRQH GHO GLVFRUVR ULVSHWWR DG XQ¶DOWUD SRVVD DVVX�

PHUH L FDUDWWHUL GL XQD VFHOWD IUD WUDWWL LQ TXDOFKH PRGR ', H DOWUL 6,� ,Q TXH�

VWR FDVR OD SULPD VFHOWD VL FRQILJXUD FRPH XQ¶DIIHUPD]LRQH GL SULYDWH]]D

�DQFKH LQ VHQVR JHRJUDILFR� SHUFHSLWD GHOO¶HYHQWR OLQJXLVWLFR � SL~ FKH GL

GLDOHWWDOLWj� FRQFHWWR GLIILFLOPHQWH GRPLQDELOH GDO SDUODQWH� ODGGRYH

O¶DVVXQ]LRQH GL WUDGL]LRQL GHO GLVFRUVR SL~ PDUFDWDPHQWH 6, GDUHEEH OD PLVX�

UD LQYHFH GHO JUDGR GL SXEEOLFLWj FKH LO VLQJROR ORFXWRUH DWWULEXLVFH

DOO¶HYHQWR OLQJXLVWLFR�

6L ULFRUGHUj� 2U�6LO� q WUDQTXLOOD QHL FRQIURQWL GHOOD FDSDFLWj GL *D�*LX� GL

FDSLUH� DOO¶RFFRUUHQ]D� LO GLDOHWWR� DGRWWD SHUFLz FRQ OHL XQ UHJLVWUR SULYDWR

�TXLQGL ',�� LQGLSHQGHQWHPHQWH GDO FRGLFH HIIHWWLYR XVDWR� H LQIDWWL *D�*LX�

q SUDJPDWLFDPHQWH� D WXWWL JOL HIIHWWL� GLDOHWWRIRQD� H OH UHWL VRFLDOL VRQR SHU

OHL VWUHWWH �TXDVL� FRPH OR VRQR SHU OD VRUHOOD *D�0DQ��� ,QYHFH LO GLDOHWWR

XVDWR LQ XQD ILQWD LQWHUYLVWD q� PDOJUDGR WXWWR� FRQQRWDWR FRPH 6,� RVVLD

SXEEOLFR� H RFFRUUH WHQHUQH FRQWR QHOOD YDOXWD]LRQH GHL GDWL��� $QFKH TXHVWR

VWUXPHQWR FL KD GXQTH SRUWDWR DG DIIHUPDUH FKH SHU L PLHL FROODERUDWRUL LO

FDPELR OLQJXLVWLFR q� QHL VXRL FRQWRUQL SL~ DPSL� XQD OHQWD ULGX]LRQH GHJOL

�� 8QD VLWXD]LRQH VLPLOH VL SXz FRJOLHUH LQ /DIRQW ����� ���� OD EDWWXWD GL FDFFLD� VL GLFH�

q WXWWRUD XQ DWWR ULWXDOH SHU ULEDGLUH OD FRHVLRQH GHO JUXSSR GL ©FDPDUDGHVª� HEEHQH� ©LO QH

VXIILW SDV GH SDUOHU RFFLWDQ SRXU rWUH LQWURGXLW j OD SDUWLH GH FKDVVH HQ ODQJXH G¶RF� LO IDXW

FRQQDvWUH OHV VWpUpRWLSHV ODQJDJLHUV TXL OD SRQFWXHQWª� �&RUVLYR PLR�� ,QROWUH VL FIU� 0� *X\

+D]DsO�0DVVLHX[ �QHOOD 7DYROD 5RWRQGD VHJXLWD DOOD FRPXQLFD]LRQH GL 6WHKO ���� �� ���� ©OD

*XDGDOXSH GLJORWWH �VL O¶RQ UDJDUGH GH FRGHV� Q¶H[FOXW SDV GH VD FRPPXQDXWp GH ORFXWHXUV

OHV PRQRJORWWHV TXDQG LOV VRQW HQ PHVXUH GH FRPPXQLTXHU DYHF OH UHVWH GHV ORFXWHXUVª��� ( LQIDWWL� LQ SHUIHWWD EXRQD IHGH H VHQ]D YROHU DUFDL]]DUH� 3D�%UX� ULVSRQGH VH LQWHUUR�

JDWD FRVWDQWHPHQWH VHFRQGR LO SDWWHUQ QH���SDV� '¶DOWUD SDUWH VL ULFRUGHUj O¶HVHPSLR GL

&R�1DW�� FKH ULVSRQGH DZW µDOWR¶� PD XVD DO¹D VL µDO]D¶�

��� ,/ ',$/(772 3(5&(3,72

DPELWL G¶XVR GHO GLDOHWWR� H FKH TXHVWR VL FRQILJXUD FRPH OR VOLWWDPHQWR GL

XQD OLQJXD DOO¶LQWHUQR GHOOD WUDGL]LRQH GHO GLVFRUVR GL XQ¶DOWUD� QHO QRVWUR

FDVR GHOO¶LWDOLDQR� FKH WHQGH DG HVVHUH VHPSUH PHQR VROWDQWR SXEEOLFR �SHU�

FLz 6,� H VHPSUH SL~ DQFKH SULYDWR �TXLQGL ',��

&Lz SHUz QRQ HVDXULVFH LO VDSHUH OLQJXLVWLFR GHL YLJH]]LQL� H QHPPHQR OD

FXULRVLWj OLQJXLVWLFD GHL ULFHUFDWRUL� L TXDOL DPPHWWRQR DVVDL D PDOLQFXRUH

FKH LO FDPELR OLQJXLVWLFR QRQ GHEED QHFHVVDULDPHQWH EDVDUVL VXO FDPELR

GHOOD OLQJXD �DOPHQR� TXHOOR GLDFURQLFR� FKH SRUWD DOOD ULVWUXWWXUD]LRQH GHO

VLVWHPD H WDORUD DOOD VRVWLWX]LRQH GHO FRGLFH�� %LVRJQD ULWRUQDUH D IRUPH FR�

PH DU�ORF H DOO¶LQDGHJXDWH]]D GHOOD ORUR DQDOLVL IRQHWLFD� 6H QH q IDWWR VSHVVR

FHQQR QHO FRUVR GHO ODYRUR� SHU LO SDUODQWH� LQ TXHVWL FDVL �FRPH LQ TXDVL WXWWL

JOL DOWUL GL FDPELR GLDWRSLFR� VL WUDWWD FRQVDSHYROPHQWH GL VRVWLWX]LRQH GL SD�

UROH���

8Q¶XOWLPD FRQVLGHUD]LRQH SULPD GL SDVVDUH DO VHFRQGR OLYHOOR� LQ

XQ¶DQDOLVL GL VRFLROLQJXLVWLFD VLQFURQLFD� OH YDULD]LRQL OHJDWH DO WDVVR GL SXE�

EOLFLWj�SULYDWH]]D VDUHEEHUR LQWHUSUHWDWH FRPH YDULHWj GLDIDVLFKH� RVVLD OH�

JDWH DO FRQWHVWR� &¶q SHUz XQD GLIIHUHQ]D WUD TXHVWD OHWWXUD H TXHOOD TXL SUR�

SRVWD� OD YDULHWj GLDIDVLFD� H LO FRQFHWWR FRUUHODWR GL UHJLVWUR��� GHOLQHD XQD

VLWXD]LRQH VWDWLFD� H VRSUDWWXWWR LQ FXL QRQ q FRLQYROWD DOFXQD VRVWLWX]LRQH GL

OLQJXD� ODGGRYH TXHOOR FKH VL q RUD FRQYHQXWR GL FKLDPDUH FDPELR OLQJXLVWL�

FR �FLRq LO SURFHVVR GL FRQYHUJHQ]D LQGLYLGXDOH LQ GLDFURQLD� q XQ SURFHVVR

LQ PRYLPHQWR� H VXVFHWWLELOH GL FDPELDUH GLVWULEX]LRQL H SHVL IUD OH YDULHWj

LQWHUHVVDWH D VHFRQGD GHO PRPHQWR H GHOOH VLWXD]LRQL�

,9��� 0RGDOLWj GHO FDPELR� VIXVR R LQ FRQIH]LRQH

,9����� 8QD GHOOH SULPLVVLPH WHVWLPRQLDQ]H GD PH UDFFROWH UHODWLYH DOOD

YDULD]LRQH OLQJXLVWLFD q TXHOOD JLj YLVWD GL &R�*LX�� 6L 6L D M( LQD GLYHUVL�WD���

SDU H�](PSL��� SDU GL� D�S(UWR D �N2MDP L �GL]HQ -Y«�UW H D DO�EHj L �GL]HQ YH�UW

µVt Vt� F¶q XQD GLYHUVLWj� SHU HVHPSLR� SHU GLUH ©DSHUWRª D &RLPR GLFRQR

-Y«�UW H DG $OERJQR GLFRQR YH�UW¶� 4XHVWR EUHYH HVHPSLR PL VHPEUD FRQGHQ�

VDUH SLXWWRVWR EHQH OH FRQGL]LRQL� RUPDL LQFRQWUDWH SL~ YROWH� GHOOD YDULD]LR�

�� 4XDQWR DOOH IRUPH LEULGH FXL VL DFFHQQDYD DO ,������ VL GLFHYD Oj FKH VRQR LO ULVXOWDWR

GHOOD VRYUDSSRVL]LRQH GL XQD WUDGL]LRQH SUDJPDWLFD GHO GLVFRUVR DG XQ DOWUR FRGLFH IRQHWLFR

H PRUIRORJLFR� VL SXz LQWHJUDUH RUD TXHVWD GHILQL]LRQH DPPHWWHQGR DQ]L FKH HVVH UDSSUHVHQ�

WLQR L SXQWL LQ FXL q SL~ HYLGHQWH OD IUL]LRQH IUD OD FRQFH]LRQH FKH KD LO SDUODQWH GHO GLDOHWWR

FRPH EORFFKL GL WUDGL]LRQL GHO GLVFRUVR H TXHOOD� SURSULD GHOOD FRQVDSHYROH]]D� FKH RSHUD SHU

FDPEL OHVVLFDOL� O¶DGDWWDPHQWR SDU]LDOH �FRPXQTXH VHPSUH VXSSRUWDWR GDOOD SUHVHQ]D GHOOD

IRUPD VXO WHUULWRULR� WHVWLPRQLD SURSULR GL XQD QRQ ULVROWD GLDOHWWLFD��� 1HO VHQVR VSHFLILFDWR GD %HUUXWR ����� ��� SHU FXL L UHJLVWUL VRQR ©OH YDULHWj GLDIDVLFKH

GLSHQGHQWL SULPDULDPHQWH GDO FDUDWWHUH GHOO¶LQWHUD]LRQH H GDO UXROR UHFLSURFR DVVXQWR GDO

SDUODQWH �R VFULYHQWH� H GHVWLQDWDULRª�

'$//$ 3$57( '(/ 3$5/$17( ���

QH OLQJXLVWLFD ULVSHWWR DOOD FRQVDSHYROH]]D GHL YLJH]]LQL� LO FDPELR q GLDWR�

SLFR� HG q GL WLSR OHVVLFDOH� DQFKH� FRPH LQ TXHVWR FDVR� DG HYLGHQWH GLVSHWWR

GHOOH FRPXQL UDGLFL HWLPRORJLFKH�

1XPHURVL HVHPSL GL GLYHUVH WUDGL]LRQL GL ULFHUFD VHPEUDQR FRQIHUPDUH

TXHVWD LPSUHVVLRQH� QH EDVWHUDQQR WUH� XQR ORPEDUGR� XQR URPDQ]R H XQR

G¶ROWUHRFHDQR� 3HU OH YDULHWj SL~ YLFLQH �JHRJUDILFDPHQWH� FIU� 0RUHWWL �����

��� ©4XHVWL IDWWL FRQIHUPDQR O¶LGHD FKH QHOOD FRVFLHQ]D GHO SDUODQWH OH FDWH�

JRULH IRQHWLFKH JHQHUDOL VLDQR GHO WXWWR LQDYYHUWLWH� FLz FKH FRQWD LQIDWWL q OD

VLQJROD SDUROD� FKH YLHQH VHQWLWD FRPH WXWW¶XQR LQDQDOL]]DELOH� O¶DGDWWDPHQWR

GHOOD SURSULD SDUODWD VL ID SHU VRVWLWX]LRQH GL SDUROH� H QRQ SHU VRVWLWX]LRQH

GL VROX]LRQL IRQHWLFKH DOO¶LQWHUQR GHOOH SDUROHª� SRL� 0DJGDOHQD 9XOSH

������ ��� ULOHYD SHU OD 5RPDQtD FKH L IHQRPHQL GL YDULD]LRQH VHJQDODWL GD�

JOL LQIRUPDWRUL VRQR TXDVL VHQ]D HFFH]LRQH GL QDWXUD OHVVLFDOH��� SHU XOWLPR VL

FRQVLGHUL TXHVWR HVHPSLR GL /DERY ������ ����� WUDWWDQGR GHO FDPELR JUDP�

PDWLFDOH� FRQVLGHUD FKH TXHVWR QRQ q DYYHUWLWR QHO ©PLGZHVWHUQ GHYH�

ORSPHQW RI WKH SRVLWLYH DQ\PRUH� PHDQLQJ µQRZDGD\V¶� LQ ³7KDW¶V WKH ZD\ LW

LV ZLWK DLUSODQHV DQ\PRUH�´ 7KLV UHJLRQDO IHDWXUH LV VWURQJO\ HQWUHQFKHG

WKURXJKRXW WKH 0LGODQG DUHD� EXW PRVW VSHDNHUV DUH TXLWH XQFRQVFLRXV RI LW�

, FDQ UHFRUG WKH IROORZLQJ W\SLFDO H[FKDQJH IURP &OHYHODQG�

:�/�� $URXQG KHUH� FDQ \RX VD\ ³:H JR WR WKH PRYLHV DQ\PRUH"´

6DOHVJLUO� 1R� ZH VD\ ³VKRZ´ RU ³IOLFN´�

$V VWULNLQJ DV WKLV H[WHQVLRQ RI WKH LQGHILQLWH PD\ VHHP WR D OLQJXLVW� LW LV

EHLQJ DFFRPSOLVKHG ZLWKRXW SXEOLF QRWLFHª� &RPH VL YHGH FKLDUDPHQWH�

O¶LQIRUPDWULFH KD TXL VXELWR FUHGXWR GL ULFRQRVFHUH QHOOD GRPDQGD XQD YHUL�

ILFD OHVVLFDOH VXOOD SDUROD PRYLH� FRQVLGHUDWD IRUVH WURSSR OHWWHUDULD R QRQ

WLSLFD GHO OXRJR�

1RQ q FHUWR TXHVWD OD VHGH SHU GLVFXWHUH GL FRVD VLD LO FDPELR OLQJXLVWLFR�

H GL FRPH VL GLIIRQGD �LO FRVLGGHWWR LPSOHPHQWDWLRQ SUREOHP�� LO UHFHQWLVVL�

PR /DERY ����� FKH FRQ OH DQQXQFLDWH VHFRQGD H WHU]D SDUWH VDUj OD VXPPD

GHOOD VXD ULIOHVVLRQH OLQJXLVWLFD� GHGLFD FHQWRYHQWL SDJLQH �� ��������

O¶LQWHUD SDUWH '� DOOD 5HJXODULW\ &RQWURYHUV\� RVVLD DOOD 1HRJUDPPDULDQ

&RQWURYHUV\��� FLRq DOOD GLVFXVVLRQH GL ©ZKDW PLJKW EH FDOOHG WKH 1HRJUDP�

PDULDQ GRJPD� WKDW VRXQG FKDQJH LV DOZD\V JUDGXDO� DOZD\V UHJXODU� DIIHF�

WLQJ DOO ZRUGV DW WKH VDPH WLPHª �/DERY ����� ����� ,O PRGHOOR FRQFRUUHQWH�

GHOOD OH[LFDO GLIIXVLRQ� �OH FXL SRVL]LRQL HVWUHPH VRQR HVSUHVVH GD &KHQ�

�� 1XPHURVLVVLPL HVHPSL GHO JHQHUH VL WURYDQR SRL QHOOH ULFHUFKH GL DPELWR IUDQFHVH��� *Lj RJJHWWR GL ULIOHVVLRQH GHOOR VWHVVR /DERY LQ XQ VXR SUHFHGHQWH DUWLFROR �/DERY

������ LQWLWRODWR DSSXQWR 5HVROYLQJ WKH 1HRJUDPPDULDQ &RQWURYHUV\� SDUWL GHO TXDOH VRQR

ULSUHVH OHWWHUDOPHQWH LQ /DERY �����

��� ,/ ',$/(772 3(5&(3,72

+VLHK ���� H &KHQ�:DQJ ����� SUHGLFH FKH RJQL SDUROD FRVWLWXLVFH XQ

WXWW¶XQLFR LQDQDOL]]DELOH HG q SRUWDWULFH VLQJRODUPHQWH GHL FDPELDPHQWL IR�

QHWLFL FKH LQ HVVD VL PDQLIHVWDQR� LO PRGHOOR q DSSRJJLDWR DVVDL FDORURVD�

PHQWH GD +XGVRQ ����� OD FXL YLVLRQH SUREOHPDWLFD H DWRPL]]DQWH VDUHEEH

FRQGLYLVD FRQVDSHYROPHQWH GD PROWL YLJH]]LQL�

2UD� q LQWHUHVVDQWH SHU LO GLVFRUVR FKH TXL VL VWD IDFHQGR FKH� DOOD ILQH

GHOOD VXD GLVFXVVLRQH� GRSR DYHU ULSUHVR SRVL]LRQL JLj HVSUHVVH QHO VXR VDJ�

JLR GHO ���� �PD GLYHUVDPHQWH HVHPSOLILFDWH H VRVWDQ]LDWH�� /DERY GLFKLDUL��

FKH LO ©UHJXODU VRXQG FKDQJH >«@ LW LV FKDUDFWHULVWLF RI WKH LQLWLDO VWDJHV RI D

FKDQJH WKDW GHYHORSV ZLWKLQ D OLQJXLVWLF V\VWHP� ZLWKRXW OH[LFDO RU JUDPPD�

WLFDO FRQGLWLRQLQJ RU DQ\ GHJUHH RI VRFLDO DZDUHQHVV �³FKDQJH IURP EH�

ORZ´�ª �FRUVLYR PLR� PHQWUH OD GLIIXVLRQH OHVVLFDOH ©KDV GHYHORSHG D KLJK

GHJUHH RI VRFLDO DZDUHQHVV RU RI ERUURZLQJV IURP RWKHUV V\VWHPV �³FKDQJH

IURP DERYH´�ª� 4XHVWR SHU FRQFOXGHUH FKH LO FDPELR ©QHRJUDPPDWLFRª H

TXHOOR OHVVLFDOH VL FRPSOHWDQR LQ XQD GLYHUVD GLVWULEX]LRQH GHL IHQRPHQL FKH

HVVL LQWHUHVVDQR� , GXH WLSL GL PXWDPHQWR VDUHEEHUR LQ SL~ GL XQ FDVR RULHQ�

WDWL LQ VHTXHQ]D� QHO FDPELR QHRJUDPPDWLFR QRQ VL FRLQYROJH LO OLYHOOR PRU�

IRORJLFR R VHPDQWLFR� FKH LQYHFH HQWUD LQ JLRFR QHO FDPELR GL WLSR OHVVLFDOH�

GXQTXH TXHVW¶XOWLPR OR VHJXLUHEEH LQ ©WKH ODWH VWDJHV RI LQWHUQDO FKDQJHª���

3HU TXDQWR ULJXDUGD OD SHUFH]LRQH GL TXHVWL IHQRPHQL GD SDUWH GHO SDU�

ODQWH� OH LQGDJLQL FRPSLXWH LQ YDO 9LJH]]R QRQ SRVVRQR FKH FRQIHUPDUH OD

SULPD GHOOH DIIHUPD]LRQL GL /DERY� FDPELDQR OH SDUROH� VH OR VL FKLHGH

HVSOLFLWDPHQWH� PD *D�0DQ�� FRQ LQ PDQR LO UHJLVWUDWRUH� DUFDL]]D WHQWDQGR

GL ULIDUVL DG XQ FDPELR IRQHWLFR UHJRODUH� VL ULFRUGHUDQQR SHU HVHPSLR OH

UHDOL]]D]LRQL ^«` H SRL ^H �` SHU ^H`��� H OH DIIHUPD]LRQL GHO WLSR ©ORUR PHWWRQR

WXWWH OH ¡ª R ©SDUODQR WXWWR LQ Lª� 7XWWDYLD PL VHPEUD FKH TXHVWR WLSR GL JLX�

GL]L� VLD GHWWR DQFRUD XQD YROWD VWLPRODWL GDOOD VLWXD]LRQH GL LQFKLHVWD R GL

FRQIURQWR� SRVVDQR GHULYDUH GD XQ¶HVSHULHQ]D GL VHULH FRHUHQWL H SDUDOOHOH� ,Q

DOWUH SDUROH� SHU ULFRQRVFHUH FKH DOWUL ©PHWWRQR OH ¡ GRYH QRL PHWWLDPR OH Hª

F¶q ELVRJQR GL XQD FRQVXHWXGLQH� DQFKH QRQ FRQVDSHYROH� GL FRQIURQWR WUD

SDUROH DOWULPHQWL XJXDOL���� GRYH TXHVWR FRQIURQWR q UHVR SL~ GLIILFLOH� SHU

O¶HVLJXLWj GHOOH UHDOL]]D]LRQL R OD FRPSOHVVLWj IRQLFD FXL GDQQR OXRJR� HVVR

�� /DERY ����� ���������� ,ELGHP� 4XHVWD q DQFKH O¶RSLQLRQH GL 0F0DKRQ ����� ��� FKH OD IRQGD VX ULFHUFKH GD

OHL HIIHWWXDWH VXOO¶LQJOHVH GL 6FR]LD� /DERY FRQFOXGH FKH FL VRQR IHQRPHQL PHJOLR VSLHJDELOL

FRQ LO PRGHOOR ©QHRJUDPPDWLFRª HG DOWUL FKH VHPEUDQR SURFHGHUH SHU YLD OHVVLFDOH �/DERY

����� �������� $QFKH 7R�'DQ� WHQWD� TXDQGR KD LQ PDQR LO UHJLVWUDWRUH� GL DUFDL]]DUH UHDOL]]DQGR XQ

FHUWR QXPHUR GL ^F` H ^e`���� 6L q YLVWR SHUz DO FDS� ,� FKH LO SDVVDJJLR LQ PROWL FHQWUL QRQ q UHJRODUH �H TXHVWR VL

SXz GLUH DQFKH SHU JOL HVLWL GL �$5,86�� Oj VL VXJJHULYD FKH LO IDWWR SRWHVVH HVVHUH GRYXWR DOOD

GLIIXVLRQH OHVVLFDOH�

'$//$ 3$57( '(/ 3$5/$17( ���

QRQ q ULFRQRVFLXWR H O¶XQLFD HQWLWj G¶DQDOLVL q OD SDUROD� 'XQTXH LO FDPELR

QHRJUDPPDWLFR VDUHEEH QHO SDUODQWH DWWLYR GRSR TXHOOR OHVVLFDOH� LQ FRQVH�

JXHQ]D GL XQD TXDQWLWj GL HVHPSL YHLFRODWL GDO OHVVLFR VL VYLOXSSD SLDQ SLDQR

OD FRVFLHQ]D GL XQD VHULH� H GXQTXH GHOOD QRUPD����

,9����� 'L YDULD]LRQH HVVHQ]LDOPHQWH OHVVLFDOH VL WUDWWD DQFKH QHL FRQ�

IURQWL GHOOD OLQJXD GHO 7LFLQR� &RPH DFFHQQDWR DO � ,,,������ HUD VWDWR FKLHVWR

GL LPLWDUH DFFHQWL H GLDOHWWL VYL]]HUL� LQ SDUWLFRODUH TXHOOL GHL OXRJKL GL ODYR�

UR PHWD GHL YLJH]]LQL� 4XHVWL VIRU]L QRQ KDQQR SURGRWWR HVLWL GHJQL GL QRWD�

FRPH SXUH FRQ GLIILFROWj VL q RWWHQXWR SHUVLQR XQ TXDOVLDVL FRPPHQWR FRQVD�

SHYROH FKH IRVVH XQ SRFR SL~ HVSOLFLWR GL ©q XQ GLDOHWWR XQ SR¶ GLYHUVRª� 3HU

TXDQWR ULJXDUGD L GLDOHWWL GHO /RFDUQHVH� OH GLIIHUHQ]H ©RJJHWWLYHª ULVSHWWR

DOOH YDULHWj YLJH]]LQH VRQR DEEDVWDQ]D OLPLWDWH GD FRQVHQWLUH OD UHFLSURFLWj

GLDOHWWDOH� L SRFKL FRPPHQWL FKH VL RWWHQJRQR GLVHJQDQR XQD VLWXD]LRQH LQ

FXL SHU OD 6YL]]HUD LWDOLDQD VL SHUFHSLVFH XQD VRUWD GL GLDOHWWR LQGLVWLQWR� OHJ�

JHUPHQWH GLYHUVR TXD H Oj� PD LQ IRQGR RPRJHQHR���� /D FRPSUHQVLRQH UHFL�

SURFD IUD WLFLQHVL H YLJH]]LQL q DVVLFXUDWD� H QRQ FL VL SUHRFFXSD JUDQFKp GL

VWDELOLUH OH GLIIHUHQ]H IUD OH YDULHWj VYL]]HUH�

/¶DWWHJJLDPHQWR OLQJXLVWLFR H OH FRQGL]LRQL GHO FRQWDWWR GLDOHWWDOH GLSHQ�

GRQR DQFKH PROWR� FRPH q QRWR� GDOO¶DPELHQWH GL ODYRUR QHO TXDOH FL VL WURYD

DG HVVHUH� VL q DFFHQQDWR VRSUD �������� DOOD )HUURYLD 9LJH]]LQD� H DO IDWWR

FKH L UDSSRUWL GL ODYRUR H SHUVRQDOL GHL VXRL GLSHQGHQWL VRQR PHQR RFFDVLR�

QDOL ULVSHWWR DOOH DOWUH UHDOWj� GXQTXH q SURSULR QHO ODYRUR DOOD IHUURYLD FKH VL

PDQLIHVWD PHJOLR TXHOOD UHFLSURFLWj GLDOHWWDOH LQGLFDWD SULPD� VL FIU� OH DI�

IHUPD]LRQL GL 9L�%HQ�� FKH DSSXQWR q DOOD )HUURYLD GD PROWL DQQL�

9L�%HQ�� E2 L �SDUOHQ E( PL�D WD�OMD1

*DE�� H DO�O2UD NH �OLQJZD �SDUODQR

9L�%HQ�� 2 E(OD L �SDUOHQ��� �SDUODQR LO ORUR GLD�O(WWR

*$E�� H O(M

9L�%HQ�� D� LR �SDUOR EHQ LO PLR��� L ND�SLVH1 E( L 6W(V

µERK� QRQ SDUODQR PLFD LWDOLDQR�H DOORUD FKH OLQJXD SDUODQR"�RK EHOOD�

SDUODQR« SDUODQR LO ORUR GLDOHWWR�H OHL"�DK� LR SDUOR EHQ LO PLR« FDSLVFRQR

EHQ OR VWHVVR¶�

��� 4XHVWR OLYHOOR� VL EDGL� VL UDJJLXQJH HIIHWWLYDPHQWH� XQD SDUROD GL DVFHQGHQ]D JHUJDOH

FRPH PX�FD1�PX�½D1 µFDSSHOOR GL IHOWUR SHU OD SLRJJLD¶� FKH GLIILFLOPHQWH VL DSSRJJLD DG XQD

IRUPD LWDOLDQD FKH JOL SRVVD IDUH GD PRGHOOR� SUHVHQWD WXWWDYLD OD WLSLFD DOWHUQDQ]D ^F�½`�

'¶DOWUD SDUWH VL ULFRUGL 7HUUDFLQL ������ ��� Q�� ©OD VHULH QRQ ULWDUGD Qp DFFHOHUD� UHQGH LO

SDVVDJJLR FRHUHQWHª�

��� 3UREDELOPHQWH SHU YLD GHOOD NRLQq YLJH]]LQD�

��� ,/ ',$/(772 3(5&(3,72

1RQ VHPEUD DL PLHL FROODERUDWRUL FKH TXHVWD VLWXD]LRQH DEELD GDWR HVLWR D

VWHUHRWLSL]]D]LRQL SDUWLFRODUL� Qp GHJOL VYL]]HUL GD SDUWH GHJOL LWDOLDQL Qp LQ

VHQVR FRQWUDULR� VH SHU TXDQWR FRQFHUQH LO YHUVDQWH LWDOLDQR TXHVWD q DQFKH

O¶RSLQLRQH GHOO¶RVVHUYDWRUH HVWHUQR� PL PDQFDQR SXUWURSSR L GDWL SHU SRWHU

GLUH OR VWHVVR GHL WLFLQHVL QHL FRQIURQWL GHL FRQQD]LRQDOL� VHPEUD SHUz FKH

XQD GLIIHUHQ]LD]LRQH DQFKH OLQJXLVWLFD GHEED PDQLIHVWDUVL� GD SDUWH GL FKL

WHPH O¶©LQYDVLRQHª H ©OD FRQWDPLQD]LRQHª����

3HU TXDQWR LQYHFH ULJXDUGD L FDQWLHUL HGLOL� YD WHQXWD SUHVHQWH OD VLWXD]LR�

QH GL PRELOLWj GHOOH PDHVWUDQ]H H OD FRQVHJXHQWH PROWHSOLFLWj VXSHUILFLDOH GL

FRQWDWWL OLQJXLVWLFL FKH VL YLHQH D FUHDUH� OD SUHVHQ]D GL ODYRUDWRUL QRQ ORP�

EDUGL �QHO VHQVR OLQJXLVWLFR�FXOWXUDOH GHO WHUPLQH� VLDQR SRL HVVL VYL]]HUL R

LWDOLDQL� q DQFKH XQ IDWWRUH GD FRQVLGHUDUH� $YYLHQH TXHVWR� QHOOD SHUFH]LRQH

GHL YLJH]]LQL� VH L QRQ GLDOHWWRIRQL VRQR QXPHULFDPHQWH SRFKL� 6PP� 3% VL

SDUOD GLDOHWWR FRQ FKL OR FDSLVFH��� H XQ SR¶ PLVWR FRQ JOL DOWUL� PD SLDQ SLD�

QR O¶LPSDUDQR FLRq� YHURVLPLOPHQWH� ©ORPEDUGL]]DQRª SURJUHVVLYDPHQWH LO

SURSULR DFFHQWR� VH LQYHFH L QRQ ORFDOL VRQR LO JUXSSR SUHYDOHQWH� FRPH DF�

FDGH SL~ VSHVVR QHOOH IDEEULFKH� O¶DGDWWDPHQWR GHO OLQJXDJJLR H GHO FRGLFH D

VHFRQGD GHOO¶LQWHUORFXWRUH q SL~ HYLGHQWH� 4XHVWR WXWWDYLD LQ XQ FRQWHVWR LQ

FXL LO FRQWDWWR q FRPXQTXH PHQR SURIRQGR GL TXDQWR QRQ VL SRWUHEEH SHQVD�

UH� L YLJH]]LQL WHQGRQR D IDU JUXSSR IUD GL ORUR �6PP�3%� EH¶ DQGLDPR JL~

LQVLHPH� LQ WUHQR R LQ PDFFKLQD TXDQGR FL SRUWD LO 0DVVLPR� H SRL FRVD

YXRL� ODYRULDPR VHPSUH LQVLHPH� H SDUOLDPR GHJOL DIIDUL QRVWUL�� PD VRSUDW�

WXWWR 9L�%HQ� D V SDUOD PL�D WUHS DO OD�ZX�U µQRQ VL SDUOD WURSSR DO ODYRUR¶�

(FFR FRPXQTXH DOFXQL GHL SRFKL HVHPSL GL GLIIHUHQ]LD]LRQH OHVVLFDOH

UDFFROWL� 2U�6LO� L �GL]H1��� ½DPD I« XO IHU�GMHO��� SDU GL XO IUD�G(O µGLFRQR«

FKLDPD IXRUL LO IHU�GMHO SHU GLUH ©IUDWHOORª¶���� 9L�%HQ� VL�e\ ( QXM �GL]XP

SM2OD µVL�e\ H QRL GLFLDPR ©VFXUHª¶� 6PP�3% ULFRUGD XQD ILODVWURFFD FKH VL

UHFLWD SHU VFKHUQR QHL FRQIURQWL GHO FDSRPDVWUR H FKH KD ©TXDOFKH SDUROD GL�

YHUVDª� SDU�GR1 LQ Â(QX�ÂXQ E2Q�ÂRUQR 6XU SD�GU21 VXP 6W2 Y(D WU( PD�WLj

SDU ID OD �I(6WD L V2 JD�OLj���� OD ULFRUGD EHQH QRQRVWDQWH OH GLIIHUHQ]H IRQH�

��� ( G¶DOWUD SDUWH VL ULFRUGLQR OH RSLQLRQL HVSUHVVH LQ %LDQFRQL ����� QRQ VROR DL SXQWL

FLWDWL� PD SDVVLP�

��� $QFRUD O¶LPSRUWDQ]D GHOOD GLDOHWWRIRQLD SRWHQ]LDOH� VL QRWL FKH LO GLVFULPLQH q IUD ©FKL

OR FDSLVFHª H JOL DOWUL���� IHU�GMHO q SRVVLELOH QHOOH &HQWRYDOOL H QHOO¶2QVHUQRQH� ODGGRYH I« QRQ OR q� q WXWWDYLD

SUREDELOH FKH VL WUDWWL GL XQD UHDOL]]D]LRQH LSHUFDUDWWHUL]]DQWH SHUFKp VL q LQWXLWD OD GLYHUVD

GLVWULEX]LRQH GHJOL HVLWL GL �� à2 �LQ DOFXQL OXRJKL VHQVLELOH DOOD DSHUWXUD�FKLXVXUD GHOOD VLOOD�

ED����� µ3HUGRQR LQ JLQRFFKLR�EXRQJLRUQR VLJQRU SDGURQH�VRQR VWDWR YLD WUH PDWWLQH�SHU IDU OD

IHVWD DOOH VXH JDOOLQH¶� /D OLQJXD� VL QRWHUj� q SLXWWRVWR YLFLQD DL GLDOHWWL YLJH]]LQL� WUD OH ©SD�

UROHª FKH SRVVRQR GDUH O¶LPSUHVVLRQH GL XQD GLYHUVLWD FL VRQR Â(QX�ÂXQ �FKH VXRQHUHEEH

'$//$ 3$57( '(/ 3$5/$17( ���

WLFKH �R ©GL SDUROHª� VH YRJOLDPR� SHUFKp TXDQGR HUD UDJD]]LQR L VXRL FRP�

SDJQL LQVLVWHYDQR FKH OXL OD UHFLWDVVH HVDWWD� VH QR QRQ YDOH� 9D SRL QRWDWR�

PD OD FRVD GRYUHEEH HVVHUH DSSURIRQGLWD� FKH OH SHUVRQH FKH YLYRQR D FRQ�

WDWWR FRQ L IURQWDOLHUL ULFRQRVFRQR FKH TXHVWL XOWLPL 6PP�*LD� RJQL WDQWR

FRQIRQGRQR XQ SR¶ OH SDUROH� QRQ KR GDWL FKH FKLDULVFDQR TXHVWD SRVL]LRQH

ULVSHWWR DOOD FRQVDSHYROH]]D GHL YLJH]]LQL� SHU O¶RVVHUYDWRUH HVWHUQR q GHJQR

GL QRWD XQ LQFUHPHQWR GHOO¶LPSLHJR GL ^\` SHU ?8�

,QWHUHVVDQWH q SRL LO FRQIURQWR GHL YLJH]]LQL FRQ XQ PRQGR� TXHOOR GHO 7L�

FLQR� LQ FXL OD VLWXD]LRQH GL PDFURGLJORVVLD UHQGH FRPSOHWDPHQWH GLYHUVL L

UDSSRUWL IUD LO GLDOHWWR H O¶LWDOLDQR� Ê VRSUDWWXWWR QHJOL XIILFL SXEEOLFL H QHOOH

EDQFKH FKH LO FRQWUDVWR q HYLGHQWH� Oj OH SHUVRQH SRVVRQR SDUODUH GLDOHWWR�

6XFFHGH VSHVVR FRVt� LO IURQWDOLHUH� LQWLPRULWR GD XQD QXRYD EXURFUD]LD FKH

ULWLHQH VLPLOH D TXHOOD� VWUDQLDQWH� FKH FRQRVFH LQ ,WDOLD� GDYDQWL DOOR VSRU�

WHOOR VIRGHUD OD PLJOLRUH YDULHWj GL LWDOLDQR FKH KD D GLVSRVL]LRQH� JOL YLHQH

ULVSRVWR LQ GLDOHWWR� DOORUD 7R�0DV���� D P VX0 PL�D DNRU�ÉX� D L2 NDSL� G2S

Dj H Dj N D SX�G(YL SDUOD� XO GLD�O(W LQW OD �ED1ND µQRQ PH QH VRQR DFFRUWR�

KR FDSLWR GRSR DQQL H DQQL FKH SRWHYR SDUODUH GLDOHWWR LQ EDQFD¶� 4XHVWR

©DQQL H DQQLª q SRL GLYHQWDWR� QHO FRUVR GHOOD FRQYHUVD]LRQH� ©TXDOFKH WHP�

SRª� PD TXHVWR QRQ FDPELD LO SXQWR FKH TXL LQWHUHVVD� OH GLVWULEX]LRQL VLWXD�

]LRQDOL GL SXEEOLFR H SULYDWR VRQR GLYHUVH ULVSHWWR DOO¶,WDOLD �H ULFKLHGRQR

GXQTXH GLYHUVH WUDGL]LRQL GHO GLVFRUVR�� H LO YLJH]]LQR KD PROWR EHQ LQWHULR�

UL]]DWR FKH LQ SRVWD H LQ EDQFD VL SDUOD LWDOLDQR�

,9����� $PPHWWHUH GXQTXH FKH LO FDPELR H OD YDULDELOLWj OLQJXLVWLFD VL

FRQILJXULQR FRPH HVVHQ]LDOPHQWH OHVVLFDOL KD XQD FRQVHJXHQ]D LPSRUWDQWH�

FKH VL KD D FKH IDUH FRQ TXDQWLWj GLVFUHWH� 2UD� SHU TXDQWR ULJXDUGD OD VLWXD�

]LRQH LWDOLDQD GL OLQJXD FXP GLDOHFWLV� H DQFKH YROHQGRVL ULIHULUH DG XQR VROR

GHL FRGLFL OLQJXLVWLFL LQ JLRFR� O¶DQDOLVL YLHQH JHQHUDOPHQWH DIIURQWDWD WUD�

PLWH OD VXSSRVL]LRQH GL XQ FRQWLQXXP OLQJXLVWLFR VXO TXDOH VL GLVSRUUHEEHUR

OH YDULHWj� VL q JLj IDWWR FHQQR �,���� D TXHVWR PRGHOOR HVSOLFDWLYR� FLWDQGROR

VHQ]D GLVFXWHUOR� PD QRQ FL VL SL~ DVWHQHUH GDO ULYHGHUOR DGHVVR� DOOD OXFH

GHOOH DIIHUPD]LRQL GHL YLJH]]LQL FKH DEELDPR VLQ TXL FROOD]LRQDWR�

3ULPD SHUz VDUj QHFHVVDULD XQD SUHFLVD]LRQH GL FDUDWWHUH WHRULFR� VSLHJD�

]LRQL FKH SUHYHGRQR XQ FRQWLQXXP VL XVDQR JHQHUDOPHQWH SHU UHQGHUH UDJLR�

QH GHO FRQWDWWR YHUWLFDOH IUD GXH OLQJXH LQ SRVL]LRQH GL GLVSDULWj VRFLDOH� $E�

SLXWWRVWR ÂLQR�Â21�� E2Q�ÉRUQR H SD�GU21 �HQWUDPEH SUHVHQWDQR XQD ^2` FKH QRQ FRPSDUH LQ

9DOOH� H OD VHFRQGD KD DQFKH OD ^G` FKH OD DYYLFLQD PROWR DOO¶LWDOLDQR�� Y(D H WU( �SHU OD ^(`��

LQROWUH ID �IDUJOL�� SHU IDJ� PD LQ 9DOOH� VH OD ILODVWURFFD IRVVH ORFDOH� VDUHEEH VWDWR SL~ ID�

FLOPHQWH IDM���� $PLFR GL 6PP�3%� IURQWDOLHUH�

��� ,/ ',$/(772 3(5&(3,72

ELDPR DFFHQQDWR DOOH SULPH DSSOLFD]LRQL GHO FRQFHWWR DOOD FUHROLVWLFD� GRYH

FRQ %LFNHUWRQ ������ VL GLVWLQJXH FKLDUDPHQWH IUD XQ DFUROHWWR �OD OLQJXD

VRYUDRUGLQDWD� H XQ EDVLOHWWR �OD OLQJXD VXEDOWHUQD LQ YLD GL FUHROL]]D]LRQH��

SHU TXDQWR ULJXDUGD OH VLWXD]LRQH LWDOLDQD� L SROL SUHYLVWL VRQR OR VWDQGDUG H LO

GLDOHWWR ORFDOH� H IUD GL HVVL VL SRQH OD IDVFLD GL YDULD]LRQH YHUWLFDOH GD LQGD�

JDUH� 2UD LQ 9DOOH� q QRWR� DQFKH LO SURFHVVR GL FDPELR OLQJXLVWLFR GLDFURQL�

FR H O¶HYHQWXDOH FRQYHUJHQ]D VXOOD OLQJXD QD]LRQDOH VRQR SHU L SDUODQWL DVVL�

PLODELOL D YDULD]LRQL GL WLSR JHRJUDILFR� LQ TXHVW¶RWWLFD DOORUD q IRUVH OHJLWWL�

PD XQ¶DQDOLVL LQ JHQHUDOH GHOOD YDULHWj OLQJXLVWLFD� GD RUGLQDUH VHFRQGR XQ

FRQWLQXXP R XQ JUDGDWXP� '¶DOWUD SDUWH q FODVVLFR O¶HVHPSLR GHOOD YDULD]LR�

QH WHUULWRULDOH D FDWHQD GHL GLDOHWWL� SHU FXL SXU HVVHQGR OD FRPSUHQVLRQH DV�

VLFXUDWD IUD FHQWUL YLD YLD FRQWLJXL� L SXQWL HVWUHPL GHO WHUULWRULR QRQ VL FDSL�

VFRQR SL~ O¶XQR FRQ O¶DOWUR�

,QROWUH� GDO SXQWR GL YLVWD GHO FRQWDWWR YHUWLFDOH� L OLYHOOL HIIHWWLYDPHQWH

ULFRQRVFLXWL H FKH FRVWLWXLVFRQR QHOOD SHUFH]LRQH GHO YLJH]]LQL HQWLWj DXWR�

QRPH VRQR VROR GXH� LO GLDOHWWR ORFDOH H O¶LWDOLDQR �VWDQGDUG�� VROR VH VWLPR�

ODWL� H GL PDODYRJOLD� QH DPPHWWRQR GHJOL DOWUL� XQ GLDOHWWR ©EDVWDUGRª H XQ

LWDOLDQR ©FRUURWWRª� 9D DQFKH QRWDWR FKH� SHU OH FRQGL]LRQL GHOOD 9DOOH� FKH

SUHVHQWD LQ SL~ GL XQ FDVR FULVWDOOL]]D]LRQL WHUULWRULDOL GL YDULDQWL GLDFURQLFKH

�FIU� ,���� XQ IHQRPHQR � R XQ OLYHOOR GL OLQJXD IRQLFDPHQWH UHDOL]]DWR � SXz

HVVHUH ©EDVWDUGRª D &RLPR� DO OLPLWH GHOO¶DFFHWWDELOLWj D *DJQRQH H QRUPDOH

D 6DQWD 0DULD 0DJJLRUH� 6L FRQVLGHUL DQFKH FKH TXHVWD VFDUVD ©YLVLELOLWjª

GHOOH JUDGD]LRQL GL FRQWDWWR YHUWLFDOH SRVVRQR HVVHUH GRYXWH DOOD JUDQGH VSH�

FLDOL]]D]LRQH IXQ]LRQDOH GHO GLDOHWWR ORFDOH���� JOL DPELWL G¶XVR GHOOH YDULHWj

GHOOD 9DOOH VRQR DEEDVWDQ]D RPRJHQHL �H RULHQWDWL� VL q YLVWR� YHUVR OD VIHUD

SULYDWD�� VDUHEEH DQ]L VWUDQR FKH L YLJH]]LQL QRWDVVHUR JUDQGL VXGGLYLVLRQL

GLDIDVLFKH GHO GLDOHWWR� FKH YDGDQR DO GL Oj GHOOD VHPSOLFH FRQVWDWD]LRQH GHO

YDULDUH ©GL SDUROHª LQ IXQ]LRQH GHOO¶HWj GHO SDUODQWH� ,QROWUH� VH LO FDPELR H

OD YDULD]LRQH GHOOD OLQJXD �QHL VHQVL FURQRORJLFR H JHRJUDILFR FKH VL q FRQ�

YHQXWR GL GDUH DOOH GXH HVSUHVVLRQL� VRQR OHVVLFDOL� SRWUHPPR FRQVLGHUDUH

O¶XQLWj LQVFLQGLELOH GHOOD SDUROD DOOD VWUHJXD GL XQ JUDGXV QHO FRQWLQXXP IR�

QLFR� QRQ HVVHQGR TXHVW¶XOWLPR ULOHYDWR VSRQWDQHDPHQWH GDO SDUODQWH�

6HPEUD SHUFLz FKH DQFKH DO FRQWDWWR YHUWLFDOH� FKH FRPH ULVXOWD q LQ 9DOOH

PHQR VHQWLWR� VL UHDJLVFD ULFRQRVFHQGR TXDQWLWj GLVFUHWH� DQFKH XQ PRGHOOR FRPH

',�6,� SHU FHUWL YHUVL YLFLQR DO VHQWLUH GHO SDUODQWH� SUHVXSSRQH TXDQWLWj GLVFUHWH�

OD VLWXD]LRQH GL PLFURGLJORVVLD LQVHJQD SRL DL YLJH]]LQL DG DVSHWWDUVL YDULHWj GL�

YHUVH �H JLj IRUPDWH� H GLVFUHWH� GD SDHVH D SDHVH� H D UDJLRQDUH FRQVLGHUDQGR

GXH JURVVL SROL� LO GLDOHWWR H O¶LWDOLDQR� R O¶XQR R O¶DOWUR�

��� (YLGHQWH QRQRVWDQWH OH ULSHWXWH H FLWDWH DIIHUPD]LRQL FKH LO GLDOHWWR DQGUHEEH XVDWR

DQFKH LQ FRQVLJOLR FRPXQDOH� R VLPLOL�

'$//$ 3$57( '(/ 3$5/$17( ���

/¶HVHPSLR FKH VHJXH KD OR VFRSR GL PRVWUDUH UDSLGDPHQWH SHU PH]]R GHOOD

FRPSDUD]LRQH FRQ XQ¶HVSHULHQ]D GL ULFHUFD LQ DOWUD DUHD GLDOHWWDOH� OD 3XJOLD FKH�

IDWWH VDOYH OH SUHPHVVH DSSHQD ULOHYDWH� H SXU FRQVLGHUDQGR OD GLIIHUHQ]D GL VL�

WXD]LRQL FKH SXz PDQLIHVWDUVL DO YDULDUH GHL OXRJKL� O¶LGHD FKH OD FRVFLHQ]D OLQ�

JXLVWLFD ODYRUL SHU TXDQWLWj GLVFUHWH� RVVLD SHU JUDGDWD� QRQ q XQ¶LQYHQ]LRQH GHL

YLJH]]LQL� PD q FRQGLYLVD DOWURYH GD DOWUL SDUODQWL����

5LFRUGHUz SULPD GL SDVVDJJLR FKH� ROWUH DO SDUHUH IDYRUHYROH GL

:H\GW�6FKOLHEHQ�/DQJH ����� JLj 0LRQL�7UXPSHU ������ SHU LO 9HQHWR� DUHD GL

ULFRQRVFLXWD PDFURGLJORVVLD� SDUWHQGR GDO SUHVXSSRVWR FKH HVLVWDQR UHJROH GL

FRUULVSRQGHQ]D H GL LQWHUIHUHQ]D FKH JRYHUQDQR LO UDSSRUWR IUD GLDOHWWR H LWDOLDQR�

ULWHQJRQR FKH O¶DQDOLVL GHO FRQWLQXXP SRVVD HVVHUH IDWWD ©VLD FRQ XQR VFKHPD GL

DQDOLVL FKH QH VRWWROLQHL O¶DQGDPHQWR FRQWLQXR VHFRQGR GLPHQVLRQL SUREDELOLVWL�

FKH� VLD FRQ XQR FKH FHUFKL GL LQGLYLGXDUQH JUDGLQL GLVFUHWLª �� �����

TXHVW¶XOWLPR q LQ XOWLPD DQDOLVL TXHOOR SUHIHULWR� DQFKH SHUFKp q ULWHQXWR SL~ UDS�

SUHVHQWDWLYR FRPH PRGHOOR GHOO¶DWWLYLWj GHO SDUODQWH�

/H ULFHUFKH GL 6WHKO LQ 3XJOLD��� VL VRQR FDUDWWHUL]]DWH SHU O¶LPSLHJR GL XQD

PHWRGRORJLD FKH q VWDWD DPSLDPHQWH XWLOL]]DWD DQFKH QHO SUHVHQWH ODYRUR� QHO

TXDGUR GL XQD GLIIHUHQ]LD]LRQH WHRULFD H RSHUDWLYD IUD ]RQD GL YDULD]LRQH SUDJ�

PDWLFD IUD GXH VWDWL GL OLQJXD �R GXH WUDGL]LRQL GHO GLVFRUVR� H ]RQD GL LQWHUIHUHQ�

��� 'DO SXQWR GL YLVWD HWLFR� XQD YLVLRQH FKH FRQVLGHUL OD YDULDELOLWj OLQJXLVWLFD GLVSRVWD LQ

XQ FRQWLQXXP RUGLQDWR KD XQ LQGXEELR SRWHUH HVSOLFDWLYR� H VRSUDWWXWWR SHUPHWWH OR VWXGLR�

FDUR D /DERY� GHO SURFHVVR GL IRUPD]LRQH GHL FRQILQL OLQJXLVWLFL �VXL TXDOL VL YHGD 7HOPRQ

����� H GHOOD ]RQD GL FRQWDWWR QRQ EHQ GLIIHUHQ]LDWR� VHQ]D FKH GHEEDQR HVVHUH LPSRVWH VHP�

SOLILFD]LRQL ELQDULH GHO UHDOH �LQ TXHVWR JUDGDWXP R QHOO¶DOWUR"� FKH SRVVRQR ULVXOWDUH DUELWD�

ULH� 8Q PRGHOOR GHO JHQHUH� WXWWDYLD� PDO VL SUHVWD DG XQD VLWXD]LRQH FRPH TXHOOD LWDOLDQD

�VHJXR TXL %HUUXWR ����D� ����� H ULWHQJR FKH� FRQ OH GRYXWH PRGLILFKH� FLz VL DGDWWL DQFKH

DO YHUVDQWH GLDOHWWDOH�� FDUDWWHUL]]DWD GDOOD SUHVHQ]D GL SL~ FRQWLQXD FKH LQWHUDJLVFRQR� DL GL�

YHUVL OLYHOOL GL YDULD]LRQH GLDWRSLFD� GLDIDVLFD� GLDVWUDWLFD� LQROWUH� SHU XWLOL]]DUH XQ HVHPSLR

QRWR� LO FRQWLQXXP OLQJXLVWLFR SXz HVVHUH SDUDJRQDWR D TXHOOR GHL FRORUL� LO SDVVDJJLR IUD

O¶XQR H O¶DOWUR q LPSHUFHWWLELOH� PD DO FHQWUR GHOOD EDQGD FURPDWLFD VL SXz VHPSUH GLUH FRQ

FHUWH]]D FKH FRORUH q� %HUUXWR SURSRQH FRVt XQ FRQWLQXXP FRQ DGGHQVDPHQWL� FKH VL FRQILJX�

UD FRPH ©LQVLHPH GL YDULHWj QRQ GLVFUHWH� RULHQWDWR PD QRQ SRODUL]]DWR� LQ FXL OH GLYHUVH YD�

ULHWj FRLQFLGRQR FRQ JOL DGGHQVDPHQWL GHL IDVFL GL WUDWWL OXQJR LO FRQWLQXXP� LQ PDQLHUD FKH

JOL DGGHQVDPHQWL SULQFLSDOL SRVVRQR WURYDUVL DQFKH QRQ DJOL HVWUHPL GHO FRQWLQXXP� 4XHVWD

SUHFLVD]LRQH q QHFHVVDULD SHUFKp� SHU O¶DPELWR LWDOLDQR� L SROL GHOOD OLQJXD OHWWHUDULD H GHO

GLDOHWWR SL~ SURSULDPHQWH ORFDOH QRQ VRQR FHUWR L SURWDJRQLVWL GHOOR VYLOXSSR OLQJXLVWLFR� /D

JUDGD]LRQH GXQTXH FRHVLVWH FRQ OD FRQWLQXLWj� 1RQ ULHQWUD QHOOD GLVFXVVLRQH VXO FRQWLQXXP�

PD SXz HVVHUH DSSURSULDWR D TXHVWR SXQWR ULFRUGDUH FKH SHU 7KHODQGHU ������ ���� ©OLQJXL�

VWLF YDULDWLRQ RQ D PLFUROHYHO LV XVXDOO\ GLVFUHWH LQ FKDUDFWHU� 7KH YDULDEOH DL DVVXPHV �RU LV

SHUFHLYHG WR DVVXPH� HLWKHU RI WKH YDULDQWV DRRU D

�� QRUPDOO\ QRWKLQJ LQ EHWZHHQª �FRUVLYR

PLR�� LQROWUH VL RVVHUYD FKH L SDUODQWL ©UHDFW LQ D GLVFUHWH ZD\ª���� 0L ULIHULVFR D 6WHKO ����� ����� ����� YHUUDQQR TXL SUHVHQWDWH FRPH XQ WXWW¶XQLFR� H

VL ID FHQQR VROR DG XQ DVSHWWR IUD L PROWL FRQVLGHUDWL LQ TXHVWL VWXGL�

��� ,/ ',$/(772 3(5&(3,72

]D OLQJXLVWLFD���� q VWDWR FKLHVWR DL SDUODQWL FKH WLSR GL VXGGLYLVLRQH GHO UHSHUWRULR

GHOOD FRPXQLWj FRQVLGHUDVVHUR SHUWLQHQWH� 9D VRWWROLQHDWR FKH LQ 3XJOLD FRPH LQ

YDO 9LJH]]R ©OD YDULHWj GLUHWWDPHQWH LQIOXHQ]DWD >GDOO¶LWDOLDQR@ D OLYHOOR OLQJXLVL�

WLFR H D ULJRUH VRVWLWXLWD QHOO¶XVR SUDJPDWLFR q >«@ TXHOOD GHO GLDOHWWR ORFDOHª

�6WHKO ����� ����� HEEHQH� L SDUODQWL ULFRQRVFRQR IUD TXHVWL GXH SROL DOFXQH YD�

ULHWj IXQ]LRQDOL SL~ R PHQR ©LQWHUIHULWHª��� PD FRHUHQWL DO ORUR LQWHUQR����

'XQTXH� ©O¶DUWLFROD]LRQH LQ JUDGDWD FRUULVSRQGH >«@ LQ OLQHD GL PDVVLPD

DOO¶DXWRFRVFLHQ]D GHL SDUODQWLª �LELGHP� ���� H DQ]L ©OH FRQFHSW GH FRQWLQXXP

HVW XQH FDWpJRULH GH O¶REVHUYDWLRQ GHV OLQJXLVWHV� WDQGLV TXH OH JUDGDWXP HW OD

JUDGDWLRQ VRQW GHV FDWpJRULHV GH OD FRQVFLHQFH OLQJXLVWLTXH� GH OD UpDOLWp

OLQJXLVWLTXH HW SDU FRQVHTXHQW DXVVL GH OD GHVFULSWLRQ OLQJXLVWLTXHª����

, YLJH]]LQL YDQQR SL~ LQ Oj� VSHVVR QRQ DPPHWWHQGR QHSSXUH TXHOOH YDULHWj

LQWHUIHULWH FKH VRQR VHQ]D VIRU]R ULFRQRVFLXWH GDJOL LQIRUPDWRUL GL 6WHKO� OD WHQD�

FH GLIHVD GHOOD SURSULD LGHQWLWj H OD YLWDOLWj PLQDFFLDWD GL TXHVWD OLQJXD SDVVDQR

DOORUD DQFKH GD XQD YLVLRQH LQ FXL WXWWR q IHUPR �H GHYH HVVHUOR� DOWULPHQWL SUHFL�

SLWHUHEEH�� H RJQL WDQWR L �NDPEM(Q GL SD�U2O µFDPELDQR GHOOH SDUROH¶�

,9��� &RQFOXVLRQL

8Q ODYRUR FRPH TXHVWR QRQ KD FRQFOXVLRQL� O¶XQLFD SRVVLELOH q DVVROXWDPHQWH

VFRQWDWD� FKH FLRq OR VSHFLDOLVWD H LO GLDOHWWRIRQR YLYRQR� OLQJXLVWLFDPHQWH SDU�

ODQGR� LQ PRQGL GLYHUVL� 3HUz VH OD VFRSHUWD GHOOD UHDOWj GHOO¶DOWUR SDUWH GDO OLQ�

JXLVWD� QRQ GRYUHEEH WRFFDUH DO SDUODQWH GL DGDWWDUH OH SURSULH FDWHJRULH H YLVLRQL

DOOR VFRSR GL UHQGHUJOLHOH FRPSUHQVLELOL� DQFKH SHUFKp OD FRQRVFHQ]D� FKH VL DF�

FUHVFH FRO FRQIURQWR� LQ TXHVWR PRGR QRQ ID FKH ULVSHFFKLDUVL LQ VH VWHVVD�

0LD LQWHQ]LRQH VDUHEEH GL FRQWULEXLUH� SHU FLz FKH PL q SRVVLELOH� DOOD DSHUWX�

UD GL TXHVWR FRQIURQWR� H LO SUHVHQWH VWXGLR FRVWLWXLVFH XQ SULPR SDVVR LQ TXHOOD

GLUH]LRQH�

��� 3HU O¶LPSLDQWR WHRULFR FIU VSHFLDOPHQWH 6WHKO ����� 6L QRWL DQFKH FKH OD GLVWLQ]LRQH

VRSUD �,,���� RSHUDWD IUD ©FRQVDSHYROH]]Dª H ©FRVFLHQ]Dª OLQJXLVWLFD SURGXFH� FRPH VL q YLVWR�

XQD DQDOLVL GHOOD YDULDELOLWj OLQJXLVWLFD GD SDUWH GHO SDUODQWH FKH VL DUWLFROD DQFK¶HVVD VXO SLD�

QR SUDJPDWLFR H VXO SLDQR OLQJXLVWLFR� GRYH VL ULODYDQR JLXGL]L H FRPSRUWDPHQWL GLYHUVL�

��� $OFXQH GHOOH TXDOL ULFRUGDWH VRSUD DO � ,9��� /H GLIIHUHQ]H H L SXQWL GL FRQWDWWR IUD

TXHVWH YDULHWj VRQR DQDOL]]DWH DQFKH GDL SDUODQWL SXJOLHVL FRPH GLYHUVLWj GL SDUROH�

��� $QFKH QHO GRPLQLR G¶RwO �FIU� *DOOLPDUG ����� �������� VHPEUD FKH LO VDSHUH OLQJXL�

VWLFR VLD EDVDWR VX JUDGDWD� RUGLQDWL LQ WDVVR GL SUHVWLJLR GLVFHQGHQWH GD ERQ IUDQoDLV ! YUDL

SDWRLV ! ERQ SDWRLV ! SDWRLV ! IUDQoDLV GpIRUPp� TXHVWH VRQR YLVWH FRPH HQWLWj UHDOPHQWH

HVLVWHQWL�

��� &IU� DQFKH &DUGRQD ����� �� ©OD YDULD]LRQH q SHU GHILQL]LRQH LOOLPLWDWD� SHUFKp IHQR�

PHQRORJLFDPHQWH L IDWWL OLQJXLVWLFL VRQR XQ FRQWLQXR� OH GLIIHUHQ]H VRFLDOPHQWH ULFRQRVFLXWH

VRQR LQYHFH LQ QXPHUR WHQGHQ]LDOPHQWH OLPLWDWR� H GHYRQR ULVSRQGHUH D IDWWL GLVFUHWLª�

������������

$OIRQ]HWWL� *LRYDQQD

���� ,O GLVFRUVR ELOLQJXH� ,WDOLDQR H GLDOHWWR D &DWDQLD� 0LODQR� )UDQFR

$QJHOL

$PPRQ� 8OULFK� 1RUEHUW 'LWWPDU H .ODXV -� 0DWWKHLHU

������� �DFG� 6RFLROLQJXLVWLFV� 6R]LROLQJXLVWLN� $Q ,QWHUQDWLRQDO +DQGERRN

RI WKH 6FLHQFH RI /DQJXDJH DQG 6RFLHW\� (LQ LQWHUQDWLRQDOHV +DQ�

GEXFK ]XU :LVVHQVFKDIW YRQ 6SUDFKH XQG *HVHOOVFKDIW� %HUOLQ�1HZ

<RUN� GH *UX\WHU

$JRVWLQLDQL� /XFLDQR

���� ©$SSXQWL SHU XQD YDOXWD]LRQH GHL TXHVWLRQDUL OHVVLFDOL DOOD OXFH GHO�

OD WHRULD VHPDQWLFDª� LQ *LDFRPHOOL ����� �����

$QJLRQL� *LXOLR

���� ©3DUODWR H VFULWWR� DOFXQH JHQHUDOLWj LQ XQD SURVSHWWLYD DQWURSR�

ORJLFDª� LQ /D ULFHUFD IRONORULFD �� ����

$UHQD� 5HQDWR

���� ©1RWHUHOOH VX DOFXQH IRUPH GHJOL VWDWXWL GL 0HUJR]]Rª� LQ 6WXGL

PHGLRODWLQL H YROJDUL� ;;;9,,� �������

$WWHVODQGHU� 3HWHU

������� ©%HIUDJXQJª� LQ $PPRQ� 'LWWPDU� 0DWWKHLHU �������� ,,� ����

���

$XHU� 3HWHU H $OGR GL /X]LR

���� �D FXUD GL� ,QWHSUHWLYH 6RFLROLQJXLVWLFV� 0LJUDQWV�&KLOGUHQ�

0LJUDQW &KLOGUHQ� 7�ELQJHQ� 1DUU

���� �D FXUD GL�9DULDWLRQ DQG &RQYHUJHQFH� 6WXGLHV LQ VRFLDO 'LDOHF�

WRORJ\� %HUOLQ�1HZ <RUN� 'H *UX\WHU

$]]DUL� $QLWD

���� /HPLJUD]LRQH YLJH]]LQD� 'RPRGRVVROD� /D &DUWRJUDILFD $QWR�

QLROL

��� ,/ ',$/(772 3(5&(3,72

%DGLD L 0DUJDULW� $QWRQL� /tGLD 3RQV L *ULHUD H -RDQ 9HQ\

���� $WOHV OLQJ�tVWLF GHO GRPLQL FDWDOj� 4�HVWLRQDUL� %DUFHORQD� ,Q�

VWLWXW G¶(VWXGLV &DWDODQV

%DNHU� &ROLQ

���� $WWLWXGHV DQG /DQJXDJH� &ODYHGRQ� 3KLODGHOSKLD� $GHODLGH�

0XOWLOLQJXDO 0DWWHUV

%DUERXU� 6WHSKHQ H 3DWULFN 6WHYHQVRQ

���� 9DULDWLRQ LQ *HUPDQ� &DPEULGJH� &DPEULGJH 8QLYHUVLW\ 3UHVV

%DURQL� 0DULD 5RVD

���� ,O OLQJXDJJLR WUDVSDUHQWH� ,QGDJLQH SVLFROLQJXLVWLFD VX FKL SDUOD H

FKL DVFROWD� %RORJQD� ,O 0XOLQR�

%DXPDQ� 5LFKDUG H -RHO 6KHU]HU

������� ([SORUDWLRQV LQ WKH (WKQRJUDSK\ RI 6SHDNLQJ� &DPEULGJH� &DP�

EULGJH 8QLYHUVLW\ 3UHVV

%D]]HWWD� 1LQR

���� 6WRULD GHOOD FLWWj GL 'RPRGRVVROD H GHOO2VVROD 6XSHULRUH� 'RPR�

GRVVROD� V�H� >ULVWDPSD DQDVWDWLFD ����� 2UQDYDVVR� 6DFFDUGR@

%HQLQFj� 3DROD

���� 3LFFROD VWRULD UDJLRQDWD GHOOD GLDOHWWRORJLD LWDOLDQD� 3DGRYD�

8QLSUHVV

%HQWDKLOD� $EGHOkOL H (LUO\V 'DYLHV

���� ©7KH V\QWD[ RI $UDELF�)UHQFK &RGH VZLWFKLQJª� LQ /LQJXD ��� ����

���

%HUJRXQLRX[� *DEULHO

���� ©/HV HQTXrWHV GH WHUUDLQ HQ )UDQFHª� LQ /DQJXH )UDQoDLVH ��� ����

%HUUXWR� *DHWDQR

���� 'LDOHWWR H VRFLHWj LQGXVWULDOH LQ YDOOH G¶$QGRUQR� 6XSSOHPHQWR

DO %ROOHWWLQR GHOO¶$/, �

���� /D YDULDELOLWj VRFLDOH GHOOD OLQJXD� 7RULQR� /RHVFKHU

���� ©½¶O SXOPDQ O�q QHQ FK�D FDPPLQD WDQWR IRUWH¾� 6X FRPPXWD]LRQH GL

FRGLFH H PHVFRODQ]D GLDOHWWR�LWDOLDQRª� LQ 9R[ 5RPDQLFD ��� �����

����D 6RFLROLQJXLVWLFD GHOOLWDOLDQR FRQWHPSRUDQHR� 5RPD� /D 1XRYD

,WDOLD

����E ©/LQJXD� GLDOHWWR� GLJORVVLD� GLODOLDª� LQ +ROWXV � .UDPHU �DFG� 5R�

PDQLD HW 6ODYLD $GULDWLFD� +DPEXUJ� %XVNH� �����

���� ©7UD LWDOLDQR H GLDOHWWRª� LQ +ROWXV *�� 0HW]HOWLQ 0�� 3ILVWHU 0� /D

GLDOHWWRORJLD ,WDOLDQD RJJL� 7�ELQJHQ� 1DUU� �������

%,%/,2*5$),$ ���

���� ©,WDOLDQR UHJLRQDOH� FRPPXWD]LRQH GL FRGLFH H HQXQFLDWL PLVWL�

OLQJXLª� LQ &RUWHOD]]R�0LRQL �DFG� /¶LWDOLDQR UHJLRQDOH� $WWL

GHO ;9,,, &RQJUHVVR LQWHUQD]LRQHOH GL VWXGL GHOOD 6RFLHWj GL

/LQJXLVWLFD ,WDOLDQD� �3DGRYD�9LFHQ]D ����� VHWWHPEUH �����

5RPD� %XO]RQL� �������

���� ©9DULHWj GLDPHVLFKH� GLDVWUDWLFKH� GLDIDVLFKHª� LQ 6REUHUR �����

�����

���� ©&RPH VL SDUOHUj GRPDQL� LWDOLDQR H GLDOHWWRª� LQ 'H 0DXUR

����� �����

%HUUXWR� *DHWDQR H $OEHUWR $� 6REUHUR

���� �D FXUD GL� 6WXGL GL VRFLROLQJXLVWLFD H GLDOHWWRORJLD LWDOLDQD RI�

IHUWL D &RUUDGR *UDVVL� *DODWLQD� &RQJHGR

%HUWROGL 9LWWRULR

���� ©9RFDERODUL H $WODQWL GLDOHWWDOL� $ SURSRVLWR GHOO¶$WODQWH OLQ�

JXLVWLFR LWDOLDQRª� LQ 5LYLVWD GHOOD 6RFLHWj )LORORJLFD )ULXODQD�

9� ��������

%HUWRQL� *LXOLR

���� ,WDOLD GLDOHWWDOH� 0LODQR� +RHSOL �ULVW� DQDVW� SUHVVR &LVDOSLQR�

JROLDUGLFD� 0LODQR �����

%HVFK� :HUQHU

���� �DFG� 6SUDFKYHUKDOWHQ LQ OlQGOLFKHQ *HPHLQGHQ� ,� $QVlW]H ]XU

7KHRULH XQG 0HWKRGH� �)RUVFKXQJVEHULFKW (US 3URMHFW� 9RO� ���

%HUOLQ� 6FKPLGW

���� �DFG� 6SUDFKYHUKDOWHQ LQ OlQGOLFKHQ *HPHLQGHQ� ,,� 'LDOHNW

XQG 6WDQGDUGVSUDFKH LP 6SUHFKHUXUWHLO� �)RUVFKXQJVEHULFKW

(US 3URMHFW� 9RO� ��� %HUOLQ� 6FKPLGW

%HVFK� :HUQHU� 8OULFK .QRSS� :ROIJDQJ 3XWVFKNH� +HUEHUW (UQVW :LHJDQG

���� �DFG� 'LDOHNWRORJLH� (LQ +DQGEXFK ]XU GHXWVFKHQ XQG DOOJH�

PHLQHQ 'LDOHNWIRUVFKXQJ� %HUOLQ�1HZ <RUN� GH *UX\WHU

%LDQFRQL� 6DQGUR

���� /LQJXD PDWULJQD� ,WDOLDQR H GLDOHWWR QHOOD 6YL]]HUD LWDOLDQD�

%RORJQD� ,O 0XOLQR

%LFNHUWRQ� 'HUHN

���� ©2Q WKH QDWXUH RI D &UHROH FRQWLQXXPª� LQ /DQJXDJH ��� �������

%LHOHU� /XGZLJ

���� 7KH ,ULVK SHQLWHQWLDOV� 6FULSWRUHV /DWLQL +LEHUQLDH� 'XEOLQ� 7KH

'XEOLQ ,QVWLWXWH IRU $GYDQFH 6WXGLHV

��� ,/ ',$/(772 3(5&(3,72

%LRQGHOOL� %HUQDUGLQR

���� 6DJJLR VXL GLDOHWWL JDOOR�LWDOLFL� 0LODQR� %HUQDUGRQL �ULVW�DQDVWDWLFD

%RORJQD� )RUQL �����

%RWWLJOLRQL� *LQR

���� $WODQWH OLQJXLVWLFR HG HWQRJUDILFR GHOOD &RUVLFD� ,QWURGX]LRQH� 3L�

VD� 6WDE� 7LS� GH µ/¶,WDOLD GLDOHWWDOH¶�

%RXYLHU� -HDQ�&ODXGH

���� �DFG� /¶HWKQRWH[WH GX *5(&2 ������� Q� �� VO� �$L[�HQ�3URYHQFH��

%ROOHWWLQR GHO &5(+23 �JUXSSR GL VWXGLR VXOO¶HWQRWHVWR H OD FR�

VFLHQ]D OLQJXLVWLFD�

%RXYLHU� -HDQ�&ODXGH H &ODXGH 0DUWHO

���� �DFG� /HV )UDQoDLV HW OHXUV ODQJXHV� &ROORTXH WHQX j 0RQWSHOOLHU

OHV ��� VHSWHPEUH ����� $L[�HQ�3URYHQFH� 3XEOLFDWLRQV GH

O¶8QLYHUVLWp GH 3URYHQFH

%ULJJV� &KDUOHV

���� ©/HDUQLQJ KRZ WR DVN� 1DWLYH PHWDFRPPXQLFDWLYH FRPSHWHQFH

DQG WKH LQFRPSHWHQFH RI ILHOGZRUNHUVª� LQ /DQJXDJH LQ 6RFLHW\

��� ����

%URJJLQL� 5RPDQR

���� &DUOR 6DOYLRQL ���������� %HOOLQ]RQD� $UWL JUDILFKH $� 6DOYLR�

QL &R�

���� 'XH DQQLYHUVDUL� &DUOR 6DOYLRQL ������������ &OHPHQWH 0HUOR

������������ %HOOLQ]RQD� +XPLOLEXV &RQVHQWLHQWHV

&DOOHUL� 'DQLHOD

���� ©0HVVD D SXQWR GL XQ TXHVWLRQDULR SHU OD UDFFROWD GL ILWRQLPL

GLDOHWWDOLª� LQ %HUUXWR�6REUHUR ����� �����

&DOWDJLURQH� )DEUL]LR

���� ©$UWL H PHVWLHUL QHO &KHUXELQLª� LQ /D ULFHUFD IRONORULFD ��� ���

��

&DPDVWUDO� 3HWHU

���� ©,O YRFDOLVPR GHL GLDOHWWL GHOOD YDOOH 0HVROFLQDª� LQ ,WDOLD 'LD�

OHWWDOH ��� ������

&DQHSDUL� /XFLDQR

���� ,QWURGX]LRQH DOOD IRQHWLFD� 7RULQR� (LQDXGL

%,%/,2*5$),$ ���

&DQREELR� 6DELQD

���� ©/D ³FRVFLHQ]D OLQJXLVWLFD´ GHJOL ,QIRUPDWRUL QHJOL $WODQWL QD]LRQD�

OL ,WDOLDQLª� LQ $FWDV GR ;,; &RQJUHVR ,QWHUQDFLRQDO GH /LQJ�tVWLFD

H )LOROR[tD 5RPiQLFDV� 8QLYHUVLWDGH GH 6DQWLDJR GH &RPSRVWHOD

���� $ &RUXxD� )XQGDFLyQ ³3HGUR %DUULp GH OD 0D]D� &RQGH GH

)HQRVD

LQ VWDPSD ©&RVFLHQ]D OLQJXLVWLFD H PHWDOLQJXD� OH GHQRPLQD]LRQL GHOOH SDUODWH

ORFDOL QHO 3LHPRQWH 2FFLGHQWDOHª� 4XDGHUQL GHOO¶,VWLWXWR GL *ORWWR�

ORJLD GHOO¶8QLYHUVLWj ©*� G¶$QQXQ]LRª GL &KLHWL

&DQREELR� 6DELQD H 7XOOLR 7HOPRQ

���� ©/¶$WODQWH OLQJXLVWLFR HG HWQRJUDILFR GHO 3LHPRQWH RFFLGHQWDOH

�$/(32�� VWDWR GHL ODYRULª� LQ .UDPHU �DFG� $FWHV GX ;9,,, &RQ�

JUqV ,QWHUQDWLRQDO GH /LQJXLVWLTXH HW GH 3KLORORJLH 5RPDQHV� 7Uq�

YHV ����� 7�ELQJHQ� 1LHPH\HU � 9,,� �������

���� $WODQWH OLQJXLVWLFR HG HWQRJUDILFR GHO 3LHPRQWH 2FFLGHQWDOH� 4XH�

VWLRQDULR� ,�,QWURGX]LRQH� ,, 7HVWR� ,,, ,QGLFH /HPPDWL]]DWR� 7RUL�

QR� 5HJLRQH 3LHPRQWH� $OSL &XOWXUD

&DUGRQD� *LRUJLR 5DLPRQGR

���� ,QWURGX]LRQH DOO(WQROLQJXLVWLFD� ,O 0XOLQR� %RORJQD

���� $QWURSRORJLD GHOOD VFULWWXUD� 7RULQR� /RHVFKHU

���� ©,QWURGX]LRQHª� LQ /D ULFHUFD IRONORULFD �� ���

���� ,QWURGX]LRQH DOOD VRFLROLQJXLVWLFD 7RULQR� /RHVFKHU

���� , OLQJXDJJL GHO VDSHUH� /DWHU]D� %DUL

&DUSLWHOOL� (OLVDEHWWD H *DEULHOH ,DQQjFFDUR

���� ©'DOO¶LPSUHVVLRQH DO PHWRGR� 3HU XQD ULGHILQL]LRQH GHO PRPHQ�

WR HVFXVVLYRª� LQ 5RPDQHOOR� 7HPSHVWD �DFG� 'LDOHWWL H OLQJXH

QD]LRQDOL� $WWL GHO ;;9,, &RQJUHVVR ,QWHUQD]LRQDOH GL 6WXGL

GHOOD 6RFLHWj GL /LQJXLVWLFD ,WDOLDQD� /HFFH� ����� ; ����� 5R�

PD� %XO]RQL� ������

&DYDQQD� &HVDULQD

���� /D YLWD UXUDOH D 6L]]DQR �1RYDUD�� 6WXGLR HWQRJUDILFR�

WHUPLQRORJLFR� 7HVL GL /DXUHD LQHGLWD SUHVVR O¶8QLYHUVLWj GL )LUHQ�

]H� 5HODWRUH *DEULHOOD *LDFRPHOOL

&KDXUDQG� -DFTXHV

���� /HV SDUOHUV GH OD 7KLpUDFKH HW GX /DRQQRLV� 3DULV� .OLQFNVLHFN

&KHQ� 0DWWKHZ H +VLQ�, +VLHK

���� ©7KH WLPH YDULDEOH LQ SKRQRORJLFDO FKDQJHª� LQ -RXUQDO RI /LQ�

JXLVWLFV ���� ����

��� ,/ ',$/(772 3(5&(3,72

&KHQ� 0DWWKHZ H :LOOLDP :DQJ

���� ©6RXQG FKDQJH� DFWXDWLRQ DQG LPSOHPHQWDWLRQª� LQ /DQJXDJH

��� �������

&KHUXELQL� )UDQFHVFR

���� 9RFDERODULR 0LODQHVH�,WDOLDQR� 0LODQR� 'DOOD VWDPSHULD UHDOH

����� 9RFDERODULR 0LODQHVH�,WDOLDQR� 0LODQR� 'DOO¶,PSHULDO 5HJLD VWDP�

SHULD

&LFRXUHO� $DURQ 9�

������� ©(OLFLWDWLRQ DV D 3UREOHP RI 'LVFRXUVHª� LQ $PPRQ� 'LWWPDU� 0DW�

WKHLHU �������� ,,� �������

&LUDYHJQD� )UDQFD

������� ©/¶XQLWj GHOOD SDUODWD GL 5RQFR &DQDYHVHª� LQ $UFKLYLR *ORWWR�

ORJLFR ,WDOLDQR ;9,,� ������ �������� ;9,,,� �������

&LUHVH� $OEHUWR 0DULD

���� &XOWXUD HJHPRQLFD H FXOWXUH VXEDOWHUQH� 3DOHUPR� 3DOXPER

&ROORYj� 3DWUL]LR H 'DULR 3HWULQL

���� ©/LQJXD� GLDOHWWR H FRPPXWD]LRQH GL FRGLFH� LQWHUD]LRQL YHUEDOL

LQ XQ QHJR]LR GHO /XJDQHVHª� LQ 5LYLVWD LWDOLDQD GL GLDOHWWRORJLD

���� �������

&RPSDQ\V� 0DQXHO

������� ©/HV QRXYHOOHV PpWKRGHV GHQTXrWH OLQJXLVWLTXHª� LQ 9LD 'RPL�

WLD ,,,� SS� ������� 9� SS� ������

&RQWLQL� *LDQIUDQFR

���� ©8QD IRUPD]LRQH GL SOXUDOH SHU VRVWLWX]LRQH GL VXIILVVR QHO

/RPEDUGR PRGHUQRª� LQ $QQXDLUH GH O,QVWLWXW GH 3KLORORJLH HW

G+LVWRLUH 2ULHQWDOHV HW 6ODYHV �0pODQJHV (PLOH %RLVDT�� %UX�

[HOOHV� �������

&RUWHOD]]R� 0DQOLR

����E ©&RPH VL ID XQLQFKLHVWD GLDOHWWDOHª� LQ &RUWHOD]]R �D FXUD GL�

*XLGD DL GLDOHWWL YHQHWL� 3DGRYD� &OHXS� �������

'DDQ� -R

���� ©'pIDLWHV HW YLFWRULHV� /D OXWWH GHV SDUOHUV UpJLRQDX[ FRQWUH OH

QpHUODQGDLV FXOWLYp DX[ 3D\V %DVª� LQ 2UELV ��� �������

%,%/,2*5$),$ ���

'DQ]L� /XFD

���� ©'LDOHWWL WRVFDQL QHO YRFDERODULR PLODQHVHª� LQ /D 5LFHUFD

)RONORULFD ��� �����

'HFDPS� 'DYLG

����D ©7RZDUG D JHQHUDWLYH DQDO\VLV RI D SRVW�FUHROH VSHHFK FRQWL�

QXXPª� LQ +\PHV ����� �������

����E ©,PSOLFDWLRQDO VFDOHV DQG VRFLROLQJXLVWLF OLQHDULW\ª� LQ

/LQJXLVWLFV ��� �����

'H 0DXUL]L� *LRYDQQL �5LDQD�

���� 8VL� FRVWXPL H WUDGL]LRQL SRSRODUL GHOOD 9DOOH 9LJH]]R� 6DJJLR

GL IRONORUH� SXEEOLFDWR DQRQLPR D 2PHJQD� /D &DUWRJUDILFD

'H 0DXUR� 7XOOLR

���� �D FXUD GL� &RPH SDUODQR JOL LWDOLDQL� )LUHQ]H� /D 1XRYD ,WDOLD

'HSUH]� .DV H <YHV 3HUVRRQV

������� ©$WWLWXGHª� LQ $PPRQ� 'LWWPDU� 0DWWKHLHU �������� ,� �������

'H 6LPRQLV� 3DROR

������� ©µ1RL¶ H µ/RUR¶� 1RWH VX LGHQWLWj H FRQILQL OLQJXLVWLFL H FXOWXUDOL

LQ 7RVFDQDª LQ 4XDGHUQL GHOO$WODQWH /HVVLFDOH 7RVFDQR ���� ��

��

'LWWPDU� 1RUEHUW H %ULJLWWH 6FKOLHEHQ�/DQJH �DFG�

���� 'LH 6R]LROLQJXLVWLN LQ URPDQLVFKVSUDFKLJHQ /lQGHUQ� 7�ELQ�

JHQ� 1DUU

'XEXLVVRQ� 3LHUUHWWH

���� ©=RQH GH FRQWDFWH RwO�RF� VRPPHW GX &URLVVDQWª� LQ %RXYLHU�0DUWHO

����� �������

'XUDQWL� $OHVVDQGUR

���� (WQRJUDILD GHO SDUODUH TXRWLGLDQR� 5RPD� /D 1XRYD ,WDOLD

6FLHQWLILFD ���

(LFKKRII� -�UJHQ

���� ©(UKHEXQJ YRQ 6SUDFKGDWHQ GXUFK VFKULIWOLFKH %HIUDJXQJª� LQ

%HVFK� .QRSS� 3XWVFKNH� :LHJDQG ����� ,� �������

(ULFNVRQ� )UHGHULFN

������� ©(WKQRJUDSKLF GHVFULSWLRQª� LQ $PPRQ� 'LWWPDU� 0DWWKHLHU

�������� ,,� ���������

��� ,/ ',$/(772 3(5&(3,72

)DQWLQR 'DQLHOD

���� ©(VSHULHQ]H GL XQ UDFFRJOLWRUH $/(32 VXO UDSSRUWR FRQ L WHVWLPR�

QLª� ,Q $WODQWL UHJLRQDOL� DVSHWWL PHWRGRORJLFL� OLQJXLVWLFL HG HWQR�

JUDILFL� $WWL GHO ;9 FRQYHJQR GHO &6',� 3DOHUPR� ����� �� �����

3LVD� 3DFLQL� ��������

)DUp� 3DROR

���� ©, FDUWHJJL $VFROL�6DOYLRQL� $VFROL *XDUQHULR H 6DOYLRQL�

*XDUQHULRª� 0LODQR� 0HPRULH GHOO¶,VWLWXWR /RPEDUGR�$FFDGHPLD

GL 6FLHQ]H H /HWWHUH ;;9,,,� ,

���� ©/D ½'LDOHWWRORJLD LWDOLDQD¾ GL )UDQFHVFR &KHUXELQLª� LQ $UFKLYLR

*ORWWRORJLFR ,WDOLDQR /,� �����

)DVROG� 5DOSK

���� 7KH 6RFLROLQJXLVWLFV RI WKH 6RFLHW\� 2[IRUG� %ODFNZHOO

)HUJXVRQ� &KDUOHV

���� ©'LJORVVLDª� LQ :RUG ��� �������

)ORUHV G¶$UFDLV� *LRYDQQL %�

���� ©,O ULFRQRVFLPHQWR GL SDUROH VFULWWH LQ RUWRJUDILH GL WLSR ORJRJUDIL�

FRª� LQ /DXGDQQD�%XUDQL ,O OHVVLFR� SURFHVVL H UDSSUHVHQWD]LRQL

5RPD� /D 1XRYD ,WDOLD 6FLHQWLILFD� �������

)ROORQLHU 4XLQRGR]� 0DULH

���� 2OqwQQD� GLFWLRQDLUH GX SDWRLV G¶(YROqQH� (YROqQH� 3DU OD IDPLOOH

GH O¶$XWHXU

)RXUQLHU 0DUFHO

���� ©5pIOH[LRQV WKpRULTXHV HW PHWKRGRORJLTXHV j SURSRV GH OpWKQR�

VFLHQFHª� LQ 5HYXH )UDQoDLVH GH 6RFLRORJLH ;,,� �������

)UDQFLROOL� 'RURWHD

���� , SDUDJRQL VWDQGDUGL]]DWL QHO GLDOHWWR GL 5RYHUHGR �*ULJLRQL�� DQD�

OLVL VHPDQWLFD H VRFLROLQJXLVWLFD� WHVL GL OLFHQ]D LQHGLWD SUHVVR

O¶8QLYHUVLWj GL =XULJR� UHODWRUH *DHWDQR %HUUXWR�

*DO� 6XVDQ

���� ©9DULDWLRQ DQG &KDQJH LQ 3DWWHUQV RI 6SHDNLQJ� /DQJXDJH 6KLIW

LQ $XVWULDª� LQ 6DQNRII �DFG� /LQJXLVWLF YDULDWLRQ� 0RGHOV DQG

PHWKRGV� 1HZ <RUN� $FDGHPLF SUHVV� �������

*DOLPDUG� .DOLQND

���� ©/D FRQVFLHQFH OLQJXLVWLTXH GDQV OH &URLVVDQW GHO O¶2XHVWª� LQ %RX�

YLHU�0DUWHO ����� �������

%,%/,2*5$),$ ���

*DOOL GH¶3DUDWHVL� 1RUD

���� ©2SLQLRQL OLQJXLVWLFKH H SUHVWLJLR GHOOH SULQFLSDOL YDULHWj UHJLR�

QDOL GL LWDOLDQRª� LQ ,WDOLDQR G¶RJJL� /LQJXD QD]LRQDOH H YDULHWj

UHJLRQDOL� &HQWUR SHU OR VWXGLR GHOO¶LQVHJQDPHQWR DOO¶HVWHUR

GHOO¶LWDOLDQR 8QLYHUVLWj GL 7ULHVWH� 7ULHVWH� /LQW

���� ©$WWLWXGHV DQG 6WDQGDUGL]DWLRQ 7UHQG LQ &RQWHPSRUDU\ ,WDOLDQª�

LQ 'LWWPDU�6FKOLHEHQ�/DQJH ����� �������

*LDFRPDUUD� 0DULR

���� ©2VVHUYD]LRQL VX OLQJXD� FXOWXUD� GLDOHWWRª� LQ *UXSSR GL /HFFH

�D FXUD GL� /LQJXLVWLFD H DQWURSRORJLD� $WWL GHO ;,9 &RQJUHVVR

,QWHUQD]LRQDOH GL 6WXGL� /HFFH ����� 0DJJLR ����� 5RPD� %XO�

]RQL� �����

*LDFRPHOOL� *DEULHOOD

���� ©&RPH H SHUFKp LO TXHVWLRQDULRª� LQ *LDFRPHOOL �DFG� $/7� 1RWH VXO

TXHVWLRQDULR� )LUHQ]H� 2OVFKNL� �����

���� ©/¶$WODQWH /HVVLFDOH 7RVFDQR� XQ¶HVSHULHQ]D GHFHQQDOHª� LQ *LR�

YDQQL 0RUHWWL �D FXUD GL� /LQJXD� VWRULD H YLWD GHL ODJKL G,WDOLD� $W�

WL GHO �� &RQYHJQR GHOO$WODQWH /LQJXLVWLFR GHL /DJKL ,WDOLDQL

�$//,� /DJR 7UDVLPHQR ����� VHWWHPEUH ����� &LWWj GL &DVWHOOR�

0DJJLROL� �����

������� ©6WRULD� FULWHUL� PHWRGL� SURVSHWWLYH GHOO¶$WODQWH /HVVLFDOH 7RVFD�

QRª� LQ 4XDGHUQL GHOO¶$/7 ���� ����

*LDQQHOOL� /XFLDQR

���� ©/¶LQGDJLQH FRPH ULFHUFD GHOOH GLYHUVLWjª� LQ *LDFRPHOOL �DFG�

$/7� 1RWH VXO TXHVWLRQDULR� )LUHQ]H� �����

���� ©,O SUREOHPD GHOOD IRQWH QHOO$WODQWH OLQJXLVWLFR GHO ODJKL LWDOLD�

QL� $//,� QHOO$WODQWH SDUHPLRORJLFR WRVFDQR� $37 H QHOOHVSH�

ULHQ]D GHOO$WODQWH OHVVLFDOH WRVFDQR� $/7ª� ,Q� $WODQWL UHJLRQD�

OL� DVSHWWL PHWRGRORJLFL� OLQJXLVWLFL HG HWQRJUDILFL� $WWL GHO ;9

FRQYHJQR GHO &6',� 3DOHUPR� ����� �� ����� 3LVD� 3DFLQL� ����

����

*LOHV� +RZDUG� H 3HWHU 3RZHVODQG

���� 6SHHFK 6W\OH DQG 6RFLDO (YDOXDWLRQ� /RQGRQ� 1HZ <RUN� 6DQ

)UDQFLVFR� $FDGHPLF 3UHVV

*LOHV� +RZDUG� 0LOHV +HZVWRQH� (OOHQ %� 5\DQ H 3DWULFLD -RKQVRQ

������� ©5HVHDUFK RQ /DQJXDJH $WWLWXGHVª� LQ $PPRQ� 'LWWPDU� 0DWWKHLHU

�������� ,� �������

��� ,/ ',$/(772 3(5&(3,72

*RHPDQ� 7RP

���� .ODQN� HQ 9RUPYHUVFKLMQVHOHQ YDQ KHW 'LDOHFW YDQ =RHWHUPHHU�

$PVWHUGDP� 3�-� 0HHUWHQV�,QVWLWXXW

���� ©'LDOHFWHV HW MXJHPHQWV VXEMHFWLIV GHV ORFXWHXUV� 4XHOTXHV UHPDU�

TXHV GH PpWKRGH D SURSRV G¶XQH FRQWURYHUVHª� LQ (VSDFHV 5RPD�

QHV� eWXGHV GH GLDOHFWRORJLH HW GH JpROLQJXLVWLTXH RIIHUWHV j *DVWRQ

7XDLOORQ� 8QLYHUVLWH 6WHQGKDO� *UHQREOH� (OOXJ� ,,� �������

*UDVVL� &RUUDGR

���� ©/D YDOXWD]LRQH GHOOD IRQWH QHL QXRYL ULOLHYL GHOO$/,ª� LQ %$/,

1XRYD VHULH �� ����

����D &RUVR GL JHRJUDILD� 7RULQR� *LDSSLFKHOOL

����E ©&KH FRVD QH SHQVD &KLDIIUHGR 5RX[ª� LQ &HVDUH 6HJUH �DFG�

/LQJXLVWLFD H ILORORJLD� 2PDJJLR D %HQYHQXWR 7HUUDFLQL� 0LOD�

QR� 0RQGDGRUL

���� ©,O FRQFHWWR GL ½YLWDOLWj¾ QHOOD OLQJXLVWLFD GL %HQYHQXWR 7HUUDFL�

QLª� LQ 5HYXH GH /LQJXLVWLTXH 5RPDQH ;;;,,,� ����

���� ©,O FRQFHWWR GL VSD]LR H OD JHRJUDILD OLQJXLVWLFDª� LQ 6FKOLHEHQ�

/DQJH �DFG� ����� �����

���� ©9LOOH HW FDPSDJQH GDQV OD VRFLROLQJXLVWLTXH LWDOLHQQHª� LQ 'LWWPDU�

6FKLHEHQ /DQJH �DFG� 'LH VR]LROLQJXLVWLN LQ URPDQLVFKVSUDFKLJHQ

/lQGHUQ� 7�ELQJHQ� 1DUU

���� ©3HU XQD WLSRORJLD GHOOH FRQYHUJHQ]H GLDOHWWDOL QHOO¶(XURSD RFFL�

GHQWDOH FRQWLQHQWDOHª� LQ 9LQFHQ]R 2ULROHV �DFG� 7LSRORJLH GHOOD

FRQYHUJHQ]D OLQJXLVWLFD� $WWL GHO &RQJUHVVR ,QWHUQD]LRQDOH GHOOD

6RFLHWj ,WDOLDQD GL *ORWWRORJLD� %HUJDPR ����� GLHFHPEUH �����

3LVD� *LDUGLQL

*URRWDHUV� :LOOHOP $�

���� ©2ULJLQ DQG 1DWXUH RI WKH 6XEMHFWLYH %RXQGDULHV RI 'LDOHFWVª� LQ

2UELV 9,,,� ,,� �������

���� ©/HV SUHPLHUHV SDV j OD UHFKHUFKH GHV XQLWpV GLDOHFWDOHVª� LQ 2UELV

;,,� ,,� �������

���� ©/D GLVFXVVLRQ DXWRXU GHV IURQWLqUHV GLDOHFWDOHV VXEMHFWLYHVª� LQ

2UELV ;,,,� ,,� ���

*XHXQLHU� 1LFROH

���� ©/D FRQVFLHQFH OLQJXLVWLTXH HQ 7RXUDLQH� PDUJHV HW EpRWLHVª� LQ

%RXYLHU�0DUWHO ����� �����

*XPSHU]� -RKQ H 'HOO +\PHV

���� �D FXUD GL� 'LUH� 7KH (WKQRJUDSK\ RI FRPPXQLFDWLRQV� +ROW�

5LQHKDUW :LQVWRQ� 1HZ <RUN

%,%/,2*5$),$ ���

*\VOLQJ� )ULW]

���� ©&RQWULEXWR DOOD FRQRVFHQ]D GHO GLDOHWWR GHOOD 9DOOH $Q]DVFD

�1RYDUD�ª� LQ $UFKLYXP 5RPDQLFXP ��� ������

+DEHUODQG� (LNH H 9LWWRULR 0DFRQL

���� 3UHFHWWL H FRQVLJOL VXO WHPD� XQR VJXDUGR UHWURVSHWWLYR DOOD OHW�

WHUDWXUD �5XOHV DQG VXJJHVWLRQV RQ WKH VXEMHFW� D UHWURVSHFWLYH

JODQFH WR OLWHUDWXUH�� LQ �/XRPR� ,9� Q� �� SS� �������

+DOOHU +HUPDQQ :�

���� 8QD OLQJXD SHUGXWD H ULWURYDWD� O¶LWDOLDQR GHJOL LWDORDPHULFDQL�

/D 1XRYD ,WDOLD� )LUHQ]H

+XIVFKPLGW� -RFKHQ

���� ©(UKHEXQJ YRQ VLWXDWLYHQ 'DWHQ XQG 'DWHQ GHU QRQYHUEDOHQ

.RPPXQLNDWLRQª� LQ %HVFK� .QRSS� 3XWVFKNH� :LHJDQG �����

,� �������

+\PHV� 'HOO

���� �D FXUD GL� 3LGJLQL]DWLRQ DQG FUHROL]DWLRQ RI ODQJXDJHV� &DP�

EULGJH� &DPEULGJH 8QLYHUVLW\ 3UHVV

���� ©:D\V RI VSHDNLQJª� LQ %DXPDQ�6KHU]HU ����� ���

���� >����@ )RXQGDWLRQV LQ VRFLROLQJXLVWLFV� $Q HWKQRJUDSKLF DSSURDFK�

7DYLVWRFN� /RQGRQ �7UDG� LW� D FXUD GL *� %HUUXWR� =DQLFKHOOL�

%RORJQD �����

,DQQjFFDUR� *DEULHOH

���� ©, GXH ½ODWL¾ GHOO¶HVSHULHQ]D UHOLJLRVD LQ YDO 9LJH]]Rª� LQ 6WXGL H

IRQWL GL VWRULD ORPEDUGD � 4XDGHUQL PLODQHVL ������ ������

���� ©$SSXQWL GL IRQHWLFD VWRULFD GHO GLDOHWWR GL &RLPRª� LQ $&0(

;/9,,,� ,,� ������

-DEHUJ� .DUO H -DNRE -XG

������� 6SUDFK� XQG 6DFKDWODV ,WDOLHQV XQG GHU 6�GVFKZHL]� � YROO� � �

GL LQGLFL� =RILQJHQ

���� >����@ $,6� 'HU 6SUDFKDWODV DOV )RUVFKXJLQVWUXPHQW� .ULWLVFKH *UXQ�

GOHJXQJ XQG (LQIXKUXQJ LQ GHQ 6SUDFK� XQG 6DFKDWODV ,WDOLHQV

XQG GHU 6�GVFKZHL]� +DOOH� 1LHPH\HU >7UDG� LW� D FXUD GL *ODX�

FR 6DQJD� 0LODQR� 8QLFRSOL ����@

-D\QHV� -XOLDQ

���� >����@ ,O FUROOR GHOOD PHQWH ELFDPHUDOH H O¶RULJLQH GHOOD FRVFLHQ]D�

0LODQR� $GHOSKL �WUDGX]LRQH GL 7KH 2ULJLQ RI &RQVFLRXVQHVV LQ

WKH %UHDNGRZQ RI WKH %LFDPHUDO 0LQG� �����

��� ,/ ',$/(772 3(5&(3,72

-HDQMDTXHW -HDQ

���� ©� /RXLV *DXFKDWª� LQ *ORVVDLUH GHV 3DWRLV GH OD 6XLVVH 5R�

PDQGH� 4XDUDQWH�TXDWULqPH UDSSRUW DQQXHO GH OD 5pGDFWLRQ�

1HXFKkWHO� $LWWLQJHU� ���

.RFK� 3HWHU

���� ©,WDOLHQLVFK� H[WHUQH 6SUDFKJHVFKLFKWH ,ª� LQ +ROWXV�*�QWHU�

0HW]HOWLQ�6FKPLWW �DFG� /H[LFRQ GHU 5RPDQLVWLVFKHQ /LQJXLVWLN

,9� �������

.ROOHU� :HUQHU

���� 5HGHQVDUWHQ� /LQJXLVWLVFKH $VSHNWH� 9RUNRPPHQDQD�O\VHQ�

6SUDFKVSLHOH� 7�ELQJHQ� 1LHPD\HU

.ULVWHQVHQ� .MHOG H 0DWV 7KHODQGHU

���� ©2Q GLDOHFW OHYHOOLQJ LQ 'HQPDUN DQG 6ZHGHQª� LQ )ROLD /LQ�

JXLVWLFD ;9,,,����� �������

/DERY� :LOOLDP

���� 7KH 6RFLDO 6WUDWLILFDWLRQ RI (QJOLVK LQ 1HZ <RUN &LW\� :DVKLQ�

JWRQ� &HQWHU IRU $SSOLHG /LQJXLVWLFV

���� 6RFLROLQJXLVWLF SDWWHUQV� 3KLODGHOSKLD� 8QLYHUVLW\ RI 3HQQV\OYDQLD

3UHVV �UDFFROWD GL VDJJL JLj HGLWL LQ SUHFHGHQ]D�

���� ,O FRQWLQXR H LO GLVFUHWR QHO OLQJXDJJLR� %RORJQD� ,O 0XOLQR �PL�

VFHOODQHD GL VDJJL DSSDUVL LQ DOWUH VHGL QRQ WUDGRWWL LQ SUHFHGHQ]D D

FXUD GL /RUHQ]R 5HQ]L�

���� ©5HVROYLQJ WKH 1HRJUDPPDULDQ &RQWURYHUV\ª� LQ /DQJXDJH ���

�������

���� 3ULQFLSOHV RI /LQJXLVWLF &KDQJH� , ,QWHUQDO )DFWRUV� 2[IRUG� &DP�

EULGJH �86$�� %ODFNZHOO

/DIRQW� 5REHUW

���� ©6WpUpRWLSHV GDQV O¶HQTXrWH VRFLROLQJXLVWLTXHª� LQ 'LW�

WPDU�6FKOLHEHQ�/DQJH ����� �������

/DPEHUW� :DOODFH

���� ©7KH VRFLDO SV\FKRORJ\ RI ELOLQJXDOLVPª� LQ -RXUQDO RI 6RFLDO ,V�

VXHV� ��� ������

/DPEHUW� :DOODFH� 5� +RGJVRQ� 5REHUW *DUGQHU H DOWUL

���� ©(YDOXDWLRQDO UHDFWLRQV WR VSRNHQ ODQJXDJHVª� LQ -RXUQDO RI $E�

QRUPDO DQG 6RFLDO 3V\FKRORJ\ ��� �����

%,%/,2*5$),$ ���

/DPSLHWWL�%DUHOOD� 'RPHQLFD

���� *ORVVDULR GHO GLDOHWWR GL 0HVRFFR� 7LSRJUDILD 0HQJKLQL� 3R�

VFKLDYR �(VWUDWWR GD 4XDGHUQL *ULJLRQLWDOLDQL ��������������

/HDO� $UQDOGR

���� ©0HVXUH GX FRPSRUWHPHQW GX ORFXWHXU HQ HQTXrWH HWKQROLQJXLVWL�

TXHª� LQ 9LD 'RPLWLD ;� �������

/HRQDUG� -DQ /pR

���� 'pPDUFDWLRQ OLQJXLVWLTXH� FRQVFLHQFH GH OD YDULDWLRQ GLDOHFWDOH HW

GLDOHFWRORJLH GX ORFXWHXU� DSSURFKH GH OD FRQVFLHQFH OLQJXLVWLTXH

GDQV O¶vOH GH 1RLUPRXWLHU �9HQGpH�� 0pPRLUH GH '($� 8QLYHUVLWj

GL $L[�HQ�3URYHQFH� UHODWRUH -HDQ�&ODXGH %RXYLHU

���� ©'LVWDQFHV HW GLDOHFWH� DSSURFKHV GHU UpSUHVHQWDWLRQV HWKQROLQJXL�

VWLTXHV j 1RLUPRXWLHU �9HQGpH�ª� LQ %RXYLHU�0DUWHO ����� �����

/|IVWHGW� %HQJW

���� 'HU KLEHUQRODWHLQLVFKH *UDPPDWLNHU 0DOVDFKDQXV� 8SSVDOD� $FWD

8QLYHUVLWDWLV 8SVDOLHQVLV

/R 3LSDUR� )UDQFR HG DOWUL �DFG�

���� /D 6LFLOLD OLQJXLVWLFD RJJL ,� 3DOHUPR� &HQWUR GL 6WXGL ILORORJLFL H

OLQJXLVWLFL VLFLOLDQL

/�GWNH� -HQV

���� ©6LWXDWLRQV GLJORVVLTXHV� YDULpWpV HW FRQVFLHQFH OLQJXLVWLTXHª� LQ

.UDPHU �DFG� $FWHV GX ;9,,, &RQJUqV ,QWHUQDWLRQDO GH /LQJXLVWL�

TXH HW GH 3KLORORJLH 5RPDQHV� 7UqYHV �7�ELQJHQ� 1LHPH\HU ������

9� �������

/XUj� )UDQFR

���� ,O GLDOHWWR GHO PHQGULVLRWWR� 'HVFUL]LRQH VLQFURQLFD H GLDFURQL�

FD H FRQIURQWR FROO¶LWDOLDQR� %DVLOHD� 8QLRQH GL %DQFKH 6YL]]H�

UH

/XUDWL� 2WWDYLR

���� 7HUPLQRORJLD H XVL SDVWRUL]L GL 9DO %HGUHWWR� %DVLOHD� 6RFLHWj

VYL]]HUD SHU OH WUDGL]LRQL SRSRODUL

���� �D FXUD GL� &XOWXUD SRSRODUH H GLDOHWWR D &RPRORJQR QHOO2Q�

VHUQRQH� &RPRORJQR� $VV� $PLFL GL &RPRORJQR

/XUDWL� 2WWDYLR H ,VLGRUR 3LQDQD

���� /H SDUROH GL XQD YDOOH �GLDOHWWR� JHUJR H WRSRQLPLD GHOOD 9DO

9HU]DVFD�� /XJDQR� )RQGD]LRQH $� H 0� /DQJ

��� ,/ ',$/(772 3(5&(3,72

0DIIHL %HOOXFFL� 3DWUL]LD

���� ©4XHVWLRQDULR H WHFQLFKH G¶LQFKLHVWD� 1RWH VXOOH LPSOLFD]LRQL OLQ�

JXLVWLFR�VRFLRORJLFKHª� LQ *LDFRPHOOL ����� �����

0DJJLQHWWL� &DWHULQD H 2WWDYLR /XUDWL

���� %LDVFD H 3RQWLURQH� *HQWH� SDUODWD� XVDQ]H� 6RFLHWj 6YL]]HUD

SHU OH WUDGL]LRQL SRSRODUL ��� %DVHO� .UHEV

0DJLVWULV� *LXVHSSH

���� ©,O GLDOHWWR YLJH]]LQRª� LQ 1RUVD ����� �������

0DVH� <RVKLR

���� ©8QH QRXYHOOH WHQWDWLYH SRXU WUDFHU OHV IURQWLqUHV VXEMHFWLYHV GHV

GLDOHFWHVª� LQ 2UELV ;,,,� ,,� �������

0DUFDWR� *LDQQD

���� ©(VVH FRPH FDUHJDª� LQ )HGHULFR $OEDQR /HRQL �D FXUD GL� ,

GLDOHWWL H OH OLQJXH GHOOH PLQRUDQ]H GL IURQWH DOOLWDOLDQR� $WWL

GHO ;, &RQJUHVVR ,QWHUQD]LRQDOH GL 6WXGL� &DJOLDUL ����� 0DJ�

JLR ����� 5RPD� %XO]RQL� ,� �������

0DUWHO� &ODXGH

���� 'LVFRXUV VXU OD ODQJXH HW LGHQWLWp GH SD\V� &UDX�&DPDUJXH�

$OSLOOHV� 'DWWLORVFULWWR LQ SURSULR

0DWWHVLQL� (Q]R

���� ©0HWRGR GLQGDJLQH H SURGXWWLYLWj GHO 4XHVWLRQDULR GHOO$//,ª� LQ

*LRYDQQL 0RUHWWL �D FXUD GL� /LQJXD� VWRULD H YLWD GHL ODJKL G,WDOLD�

$WWL GHO �� &RQYHJQR GHOO$WODQWH /LQJXLVWLFR GHL /DJKL ,WDOLDQL

�$//,� /DJR 7UDVLPHQR ����� VHWWHPEUH ����� &LWWj GL &DVWHOOR�

0DJJLROL� SS� �������

0DWWKHLHU� .ODXV -�

���� 3UDJPDWLN XQG 6R]LRORJLH GHU 'LDOHNWH� (LQI�KUXQJ LQ GLH NRPPX�

QLNDWLYH 'LDOHNWRORJLH GHV 'HXWVFKHQ� +HLGHOEHUJ� 4XHOOH 0H\HU

����D ©'DWHQHUKHEXQJ XQG )RUVFKXQJV]LHOª� LQ %HVFK� .QRSS� 3X�

WVFKNH� :LHJDQG ����� ,� �������

����E ©'HU 'LDOHNWVSUHFKHU XQG VHLQ 6SUDFKJHEUDXFK� $XVZLUNXQJHQ

XQG %HGHXWXQJ I�U GHQ 6SUDFKZDQGHOª� LQ %HVFK� .QRSS� 3X�

WVFKNH� :LHJDQG ����� ,,� ���������

���� ©6SUDFKODJH XQG VSUDFKOLFKHV .RQWLQXXP� $XVZHUWXQJ GHV 7RQ�

EDQGWHVWV ]XU 6SDUFKODJHQ�'LIIHUHQ]LHUXQJª� LQ %HVFK ����� ����

���

���� ©'LDOHFWRORJLH YDQ GH GLDOHFWVSUHNHUV� 2YHUZHJLQJHQ RPWUHQW

HHQ LQWHUSUHWDWLHYH DDQSDN LQ GH GLDOHNWRORJLHª� LQ -� 7DHOGHO�

%,%/,2*5$),$ ���

PDQ H +� 'HZXOI �DFG� 'LDOHFW� VWDQGDUWDDO HQ PDDWVFDSSLM�

/RXYDLQ�$PHUVIRRUW� �����

0F0DKRQ� $SULO 0� 6�

���� 8QGHUVWDQGLQJ ODQJXDJH FKDQJH� &DPEULGJH� &DPEULGJH

8QLYHUVLW\ 3UHVV

0HQJH� +HLQ] +�

���� ©(UKHEXQJ YRQ 6SUDFKGDWHQ LQ ½N�QVWOLFKHU¾ 6SUHFKVLWXDWLRQ

�([SHULPHQW XQG 7H[W�ª� LQ %HVFK� .QRSS� 3XWVFKNH� :LHJDQG

����� ,� �������

0LOUR\� -DPHV H /HVOH\ 0LOUR\

���� ©/LQJXLVWLF FKDQJH� VRFLDO QHWZRUN DQG VSHDNHU LQQRYDWLRQª� LQ

-RXUQDO RI OLQJXLVWLFV ��� �������

0LOUR\� /HVOH\

���� /DQJXDJH DQG VRFLDO QHWZRUNV� 2[IRUG� %ODFNZHOO �������

0LOUR\� /HVOH\ H 6XH 0DUJUDLQ

���� ©9HUQDFXODU ODQJXDJH OR\DOW\ DQG VRFLDO QHWZRUNª� LQ /DQJXDJH

LQ VRFLHW\ �� �����

0LRQL� $OEHUWR $�

���� ©6LVWHPD� FRPSHWHQ]D H UHSHUWRULRª� LQ /LQJXD H VWLOH ��� �������

0LRQL� $OEHUWR $� H -RKQ 7UXPSHU

���� ©3HU XQ¶DQDOLVL GHO FRQWLQXXP OLQJXLVWLFR YHQHWRª� LQ 6LPRQH�

5XJJLHUR �DFG� $VSHWWL VRFLROLQJXLVWLFL GHOO¶,WDOLD FRQWHPSRUDQHD�

$WWL GHOO¶9,,, &RQJUHVVR ,QWHUQD]LRQDOH GL 6WXGL GHOOD 6RFLDWj GL

/LQJXLVWLFD ,WDOLDQD� %UHVVDQRQH �������� ����� 5RPD� %XO]RQL�

�������

0RQWHFUHVWHVH

���� $OILR 6DQWXV �D FXUD GL� $O YHFK SDURRO DG 0XQFUHVFWHV� 'DWWLOR�

VFULWWR LQ SURSULR� 0RQWHFUHVWHVH

0RUHWWL� 0LFKHOH

���� /D GLIIHUHQ]LD]LRQH LQWHUQD GL XQ FRQWLQXXP GLDOHWWDOH� LQGDJL�

QH D &HYLR �7,�� =�ULFK� =HQWUDOVWHOOH GHU 6WXGHQWHQVFKDIW

0RXJLQ� 6\OYLH

���� ©/D FRQVFLHQFH OLQJXLVWLTXH HQ /RUUDLQH URPDQHª� LQ %RXYLHU�

0DUWHO ����� �����

��� ,/ ',$/(772 3(5&(3,72

1HVL� $QQDOLVD

���� ©%DVLOLVFR H 5HJROR QHL GLDOHWWL LWDOLDQLª� LQ &RUWHOD]]R �DFG� /D

ULFHUFD GLDOHWWDOH ,,,� 3LVD� 3DFLQL

1RUVD� 3DROR

���� �DFG� ,QYLWR DOOD 9DO 9LJH]]R� 'RPRGRVVROD� *LRYDQQDFFL

3DLYD %ROpR� 0DQXHO GH

���� ©/LQJXLVWLTXH� JpRJUDSKLH HW XQLWpV GLDOHFWDOHV VXEMHFWLYHV DX

3RUWXJDOª� LQ $FWHOH FHOXL GH�DO ;,,�OHD &RQJUHV ,QWHUQD LRQDO

GH /LQJYLVWLF�D úL )LORORJLH 5RPDQLF�D� %XFXUHúWL� (GLWXUD $FD�

GHPLHL 5HSXEOLFLL 6RFLDOLVWH 5RP�DQLD� ,,� �������

3DSD� *UD]LDQR

���� ©3UHID]LRQHª� LQ /XUDWL�3LQDQD ����� ,�,;

3HWUDOOL� $OHVVLR

���� /LWDOLDQR LQ XQ FDQWRQH� 0LODQR� )UDQFR $QJHOL

3HWULQL� 'DULR

���� /D NRLQq WLFLQHVH� /LYHOODPHQWR GLDOHWWDOH H GLQDPLFKH LQQRYDWLYH�

5RPDQLFD +HOYHWLFD ���� %HUQD� )UDQFNH

3LDQWD� %UXQR

���� ©/D ULFHUFD �D SURYD GLGLRWD�ª� LQ /D ULFHUFD )RONORULFD �� ����

���

3LJQDWR &DUPHOD

���� ©7HFQLFKH HVFXVVLYH H TXHVWLRQL GL PHWRGR LQ DOFXQL LQGLUL]]L

GHOOHWQRVFLHQ]Dª� /D ULFHUFD )RONORULFD �� �����

3ORPWHX[� +XJR

���� ©3HU XQ LQGLUL]]R SL� HWQRJUDILFR GHOOD GLDOHWWRORJLD LQ ,WDOLDª�

LQ $WWL GHO ;,9 &RQJUHVVR LQWHUQD]LRQDOH GL OLQJXLVWLFD H ILOROR�

JLD URPDQ]D� 1DSROL ����� $SULOH ����� SS� �������

���� ©,O UDFFRJOLWRUH VWUDQLHUR� XQ SUREOHPD GHOOD LQFKLHVWD GLDOHWWD�

OHª� LQ ,WDOLD OLQJXLVWLFD QXRYD HG DQWLFD� 6WXGL LQ PHPRULD GL

2URQ]R 3DUODQJHOL� *DODWLQD� &RQJHGR

3UHPRVHOOR &KLRYHQGD

���� $$�99� $ULD GL FDVD QRVWUD� ³/DQJROR GHL EHL WHPSL DQGDWL´�

'DWWLORVFULWWR LQ SURSULR� 3UHPRVHOOR &KLRYHQGD

3UXGHQW� /DPEHUW�)pOL[

���� ©'LJORVVLH HW LQWHUOHFWHª� LQ /DQJDJHV ��������

%,%/,2*5$),$ ���

4XDVWKRII� 8WD

������� ©/LQJXLVWLF 3UHMXGLFH� 6WHUHRW\SHVª� LQ $PPRQ� 'LWWPDU� 0DWWKHLHU

�������� ,� �������

5DYLHU� ;DYLHU

���� ©/H WUDLWHPHQW GHV GRQQpHV QpJDWLYHV GDQV O¶$WODV /LQJXLVWLTXH HW

(WKQRJUDSKLTXH GH OD *DVFRJQH� LQ 5HYXH GH /LQJXLVWLTXH 5RPDQH

;;,;� �������

5HLQ� .XUW

���� %HVWLPPHQGH )DNWRUHQ I�U GHQ YDULLHQGHQ 6SUDFKJHEUDXFK GHV

'LDOHNWVSUHFKHUV� LQ %HVFK� .QRSS� 3XWVFKNH� :LHJDQG �����

,,� ���������

5RPDLQH� 6X]DQQH

���� 3LGJLQ DQG &UHROH /DQJXDJHV� /RQGRQ� /RQJPDQ

5\DQ� (OOHQ %�� +RZDUG *LOHV H 0LOHV +HZVWRQH

������� ©7KH 0HDVXUHPHQW RI /DQJXDJH $WWLWXGHVª� LQ $PPRQ� 'LWWPDU�

0DWWKHLHU �������� ,,� ���������

6DOYLRQL� &DUOR

���� )RQHWLFD GHO GLDOHWWR PRGHUQR GHOOD FLWWj GL 0LODQR� 7RULQR�

/RHVFKHU

����D ©6DJJLR LQWRUQR DL GLDOHWWL GL DOFXQH YDOODWH DOOHVWUHPLWj VHWWHQ�

WULRQDOH GHO /DJR 0DJJLRUHª� LQ $UFKLYLR *ORWWRORJLFR ,WDOLDQR

,;� �������

����E ©, GLDOHWWL YLYL GL ,QWUDJQD H 0DOHVFRª� LQ $UFKLYLR *ORWWRORJLFR

,WDOLDQR ,; �DSSHQGLFH GHO SUHFHGHQWH�

6DQJD� *ODXFR

���� ©/D VLWXD]LRQH OLQJXLVWLFD LQ /RPEDUGLDª� LQ ,O SDHVH GL /RPEDUGLD�

0LODQR� *DU]DQWL� �������

���� 'LDOHWWR H IRONORUH� 5LFHUFD D &LJROH� 0RQGR SRSRODUH LQ /RPEDU�

GLD �� 0LODQR� 6LOYDQD HGLWRULDOH

���� ©/D ULFHUFD VXO WHUUHQRª LQ /D ULFHUFD IRONORULFD �� ������� �RUD LQ

6DJJL GL DQWURSRORJLD 0LODQR �����

���� 'LDOHWWRORJLD ORPEDUGD� /LQJXH H FXOWXUH SRSRODUL� 3DYLD� 'LS� GL

VFLHQ]H GHOOD /HWWHUDWXUD

���� ©/D FRQYHUJHQ]D OLQJXLVWLFDª� LQ 5LYLVWD LWDOLDQD GL GLDOHWWRORJLD ��

����

���� �DFG� .RLQq LQ ,WDOLD GDOOH RULJLQL DO FLQTXHFHQWR� $WWL GHO &RQYH�

JQR GL 0LODQR H 3DYLD ����� VHWWHPEUH ����� %HUJDPR� /XEULQD

���� ©, PHWRGL GHOOD ULFHUFD VXO FDPSRª� LQ 5LYLVWD LWDOLDQD GL GLDOHWWR�

ORJLD ��� �������

��� ,/ ',$/(772 3(5&(3,72

���� ©*HUJKLª LQ 6REUHUR ����� �������

6DQWXV� $OILR

���� 0XQFUÈ�VWÈV� D SÀUOXP µQFxR SÈQD WUD GD QÙL� 0RQWHFUHVWHVH� (GL�

]LRQL &HQWUR &XOWXUDOH

6DSLU� (GZDUG

���� /DQJXDJH� $Q ,QWURGXFWLRQ WR WKH 6WXG\ RI 6SHHFK� 1HZ <RUN�

+DUFRXUW� %UDFH &RPSDQ\ �WUDG�LW� ,O OLQJXDJJLR� ,QWURGX]LR�

QH DOOD OLQJXLVWLFD� 7RULQR� (LQDXGL �����

6DSRUHWWL� &ODXGLR

���� (OHPHQWDUH $FFDGLFR� 3DOHUPR� 6HOOHULR

6DUWRUL� *LXVHSSH

���� /D OHWWXUD� 3URFHVVL QRUPDOL H GLVOHVVLD %RORJQD� LO 0XOLQR

6DXVVXUH� )HUGLQDQG GH

���� >����@ &RXUV GH OLQJXLVWLTXH JpQpUDOH� 3DULV� 3D\RW ���� >����Q� VX TXH�

VWD O¶HGL]LRQH FULWLFD D FXUD GL 7XOOLR GH 0DXUR %DUL� /DWHU]D ����

�������@

6FKHUIHU� 3HWHU

���� ©$ SURSRV G¶XQH WKHRULH HW GH O¶pWXGH HPSLULTXH GH OD FRQVFLHQFH

OLQJXLVWLTXHª� LQ 'LWWPDU�6FKOLHEHQ�/DQJH ����� �������

����D ©5pSRQVH GH 3�6FKHUIHU j O¶LQWHUYHQWLRQ GH %�6FKOLHEHQ�/DQJHª� LQ

'LWWPDU�6FKOLHEHQ�/DQJH ����� �������

���� 8QWHUVXFKXQJHQ ]XP 6SUDFKEHZX�WVHLQ GHU 3DWRLV�6SUHFKHU LQ

GHU )UDQFKH�&RPWp� 7�ELQJHQ� 1DUU

6FKOLHEHQ /DQJH� %ULJLWWH

���� ©/D FRQVFLHQFH OLQJXLVWLTXH GHV RFFLWDQVª� LQ 5HYXH GH /LQJXLVWL�

TXH 5RPDQH ��� �������

���� �DFG� /RJRV 6HPDQWLNRV� 6WXGLD OLQJXLVWLFD LQ KRQRUHP (XJHQLR

&RVHULX� 9RO 9� *HVFKLFKWH XQG $UFKLWHNWXU GHU 6SUDFKHQ %HUOLQ�

1HZ <RUN� 0DGULG

���� ©6RFLROLQJXLVWLTXH HW OLQJXLVWLTXH URPDQHª LQ $FWHV GHO ;9, FRQ�

JUpV ,QWHUQDFLRQDO GH /LQJ�tVWLFD L )LORORJLD 5RPiQLTXHV �3DOPD

GH 0DOORUFD ���� G¶DEULO GH ����� 3DOPD GH 0DOORUFD� 0ROO� ,�

�������

����E ©,QWURGXFWLRQ j OD 6HFWLRQ 9� /HV REMHFWV GH OD UHFKHUFKH VRFLROLQ�

JXLVWLTXH ,,� DWWLWXGHVª� LQ 'LWWPDU�6FKOLHEHQ�/DQJH ����� �������

���� 7UDGLWLRQHQ GHV 6SUHFKHQV� (OHPHQWH HLQHU 3UDJPDWLVFKHQ 6SUD�

FKJHVFKLFKWVVFKUHLEXQJ� 6WXWWJDUG�%HUOLQ�.|OQ�0DLQ]� .RKOKDP�

PHU

%,%/,2*5$),$ ���

���� ©/D ³ORQJXH GXUpH´ HQ VRFLROLQJXLVWLTXHª� LQ $FWHV GX ;9,,,qPH

&RQJUqV ,QWHUQDWLRQDO GH /LQJXLVWLTXH HW 3KLORORJLH 5RPDQHV

�$L[�HQ�3URYHQFH �������� ����� %RXYLHU� $L[�HQ�3URYHQFH� 8QL�

YHUVLWp GH 3URYHQFH� 9� �������

6FK�OH� (UQHVW� H 5RVH�&ODLUH 6FK�OH

���� &RPPHQW UpXVVLU XQH HQTXrWH"� 6DLQW�1LFRODV �$RVWH�� &HQWUH

G¶pWXGHV IUDQFRSURYHQoDOHV ©5HQp :LOOLHQª

6JDQ]LQL� 6LOYLR

���� ©/H LVROH GL X GD ?8 QHOOD 6YL]]HUD ,WDOLDQDª� LQ ,WDOLD 'LDOHWWDOH

�� �����

6JURL� 6DOYDWRUH &ODXGLR

���� ©'LJORVVLD� SUHVWLJLR� LWDOLDQR UHJLRQDOH H LWDOLDQR VWDQGDUG� SURSR�

VWH SHU XQD QXRYD GHILQL]LRQHª� LQ 0DQOLR &RUWHOD]]R �DFG� /D UL�

FHUFD GLDOHWWDOH ,,,� 3LVD� 3DFLQL ��������

6LPRQH� 5DIIDHOH H *LXOLDQHOOD 5XJJLHUR

���� �D FXUD GL� $VSHWWL VRFLROLQJXLVWLFL GHOO,WDOLD FRQWHPSRUDQHD�

$WWL GHOO¶ 9,,, &RQJUHVVR ,QWHUQD]LRQDOH GHOOD 6RFLHWj GL /LQ�

JXLVWLFD ,WDOLDQD� %UHVVDQRQH �� PDJJLR � � JLXJQR ����� %XO�

]RQL� 5RPD

6REUHUR� $OEHUWR $�

���� ©/D YDULDWLRQ OLQJXLVWLTXH GDQV OHV GRPDLQHV URPDQV� DSSURFKHV

PpWKRGRORJLTXHV HW SUREOqPHV WKpRULTXHVª� LQ 'LHWHU .UDPHU �DFG�

$FWHV GX ;9,,, &RQJUqV ,QWHUQDWLRQDO GH /LQJXLVWLTXH HW GH 3KLOR�

ORJLH 5RPDQHV� 7UqYHV �7�ELQJHQ 1LHPH\HU ������ 9� �����

6REUHUR� $OEHUWR $�

���� ©&RQYHUVDWLRQDO 0LFURFRQYHUJHQFHV EHWZHHQ 'LDOHFW DQG /DQ�

JXDJHª� LQ $XHU � GL /X]LR ����� �������

���� �DFG� ,O GLDOHWWR QHOOD FRQYHUVD]LRQH� 5LFHUFKH GL GLDOHWWRORJLD

SUDJPDWLFD� *DODWLQD� &RQJHGR

���� �DFG� ,QWURGX]LRQH DOO¶LWDOLDQR FRQWHPSRUDQHR� /D YDULD]LRQH H

JOL XVL� %DUL� /DWHU]D

6REUHUR� $OEHUWR $�� 0DULD 7HUHVD 5RPDQHOOR H ,PPDFRODWD 7HPSHVWD

���� ©, PHWRGL G¶LQFKLHVWD SHU O¶LWDOLDQR UHJLRQDOH� RVVHUYD]LRQL H

SURSRVWH GDO ODERUDWRULR GHO 1$',5 6DOHQWRª� LQ &RUWHOD]]R�

0LRQL �DFG� /¶LWDOLDQR UHJLRQDOH $WWL GHO ;9,,, &RQJUHVVR LQ�

WHUQD]LRQDOH GL VWXGL GHOOD 6RFLHWj GL /LQJXLVWLFD ,WDOLDQD� �3D�

GRYD�9LFHQ]D ����� VHWWHPEUH ����� 5RPD� %XO]RQL� �����

��� ,/ ',$/(772 3(5&(3,72

6ROHWWL� (OLVDEHWWD

���� �DFG� %HQYHQXWR 7HUUDFLQL QHO FHQWHQDULR GHOOD QDVFLWD� $WWL GHO

&RQYHJQR �7RULQR ��� GLFHPEUH ������ $OHVVDQGULD� (GL]LRQL

GHOO¶2UVR

6S°UUL� 7HRILOR

���� ©,O GLDOHWWR GHOOD 9DOVHVLDª� 5HQGLFRQWL GHOO¶,VWLWXWR /RPEDUGR

GL 6FLHQ]H H /HWWHUH ��� �������� �������

6SROVN\� %HUQDUG

������� ©7HVWV LQ 6RFLROLQJXLVWLFVª� LQ $PPRQ� 'LWWPDU� 0DWWKHLHU

�������� ,,� �������

6WHKO� 7KRPDV

���� ©/HV FRQFHSWV GH FRQWLQXXP HW GH JUDGDWXP GDQV OD OLQJXLVWLTXH

YDULDWLRQHOOHª� LQ 'LHWHU .UDPHU �DFG� $FWHV GX ;9,,, &RQJUqV ,Q�

WHUQDWLRQDO GH /LQJXLVWLTXH HW GH 3KLORORJLH 5RPDQHV� 7UqYHV �7��

ELQJHQ� 1LHPH\HU ������ 9� �����

���� ©7\SRORJLH GHV FRQWDFWV OLQJXLVWLTXHV� ODQJXHV URPDQHV� FUpROHV

IUDQoDLV HW GLDOHFWV LWDOLHQVª� LQ )RUHVWL� 5L]]L� %HQHGLQL �DFG�

/¶LWDOLDQR WUD OH OLQJXH URPDQ]H $WWL GHO ;; &RQJUHVVR ,QWHUQD�

]LRQDOH GHOOD 6RFLHWj GL /LQJXLVWLFD ,WDOLDQD� %RORJQD ����� VHW�

WHPEUH ����� 5RPD� %XO]RQL� �������

���� ©,O SUREOHPD GL XQ ,WDOLDQR 5HJLRQDOH LQ 3XJOLDª� LQ &RUWHOD]]R�

0LRQL �DFG� /¶LWDOLDQR UHJLRQDOH� $WWL GHO ;9,,, &RQJUHVVR LQWHU�

QD]LRQDOH GL VWXGL GHOOD 6RFLHWj GL /LQJXLVWLFD ,WDOLDQD� �3DGRYD�

9LFHQ]D ����� VHWWHPEUH ����� 5RPD� %XO]RQL� �������

���� ©,O FRQFHWWR GL LWDOLDQR UHJLRQDOH H OD GLQDPLFD GHOO¶LWDOLDQR QHOOH

UHJLRQLª� LQ -RKDQQHV .UDPHU �DFG� 6LYH 3DGL ULSLV $WKHVLP VHX

SURSWHU DP°QXP� )HVWVFKLIW I�U *LRYDQ %DWWLVWD 3HOOHJULQL� +DP�

EXUJ� %XVNH� �������

���� ©/D GLQDPLFD GLDFURQLFD IUD GLDOHWWR H OLQJXD� SHU XQ¶DQDOLVL IXQ�

]LRQDOH GHOOD FRQYHUJHQ]D OLQJXLVWLFDª� LQ 5RPDQHOOR� 7HPSHVWD

�DFG� 'LDOHWWL H OLQJXH QD]LRQDOL� $WWL GHO ;;9,, &RQJUHVVR ,QWHU�

QD]LRQDOH GL 6WXGL GHOOD 6RFLHWj GL /LQJXLVWLFD ,WDOLDQD� /HFFH� ���

�� ; ����� 5RPD� %XO]RQL� �����

6WXUWHYDQW� (GJDU +�

���� >����@ /LQJXLVWLF &KDQJH� $Q LQWURGXFWLRQ WR WKH KLVWRULFDO VWXG\ RI

ODQJXDJH� &KLFDJR /RQGRQ� 7KH 8QLYHUVLW\ RI &KLFDJR 3UHVV

>HG� 3KRHQL[ %RRNV ����@

7DJOLDYLQL� &DUOR

���� *XLGD DOOD WHVL GL /DXUHD H SHUIH]LRQDPHQWR QHOOH GLVFLSOLQH

OLQJXLVWLFKH� %RORJQD� 3jWURQ

%,%/,2*5$),$ ���

���� >����@ /H RULJLQL GHOOH OLQJXH QHRODWLQH� %RORJQD� 3jWURQ >�� HG� ����@

7HDKD� 7HRILO

���� ©8Q 3UREOqPH GH PpWDOLQJXLVWLTXH� OD UHDFWLRQ GX VXMHW SDUODQW GDQV

OH SURFHVVXV GH OD FRPPXQLFDWLRQª� LQ $FWHV GX ;� &RQJUqV ,QWHU�

QDWLRQDO GHV /LQJXLVWHV� %XFXUHVWL� �� DR�W � � VHSWHPEUH �����

%XFXUHVWL� eGLWLRQV GH O¶$FDGHPLH GH OD 5HSXEOLTXH 6RFLDOLVWH GH

5RXPDQLH� �����

���� ©$LUHV OH[LFDOHV FRQVHUYDWULFHV HQ 2OWpQLHª� LQ $FWHOH FHOXL GH�DO

;,,�OHD &RQJUHV ,QWHUQD LRQDO GH /LQJYLVWLF�D úL )LORORJLH 5RPD�

QLF�D� %XFXUHúWL� (GLWXUD $FDGHPLHL 5HSXEOLFLL 6RFLDOLVWH 5RP�DQLD�

,,� �������

7HOPRQ� 7XOOLR

���� ©4XDOL OLQJXH SHU TXDOL FXOWXUH QHOOD ]RQD DOSLQD"ª� LQ &XOWXUD

LWDOLDQD H IUDQFHVH D FRQIURQWR QHOOD ]RQD DOSLQD� $WWL GHOO¶9,,,

FRQYHJQR GHOOD 6RFLHWj XQLYHUVLWDULD SHU JOL VWXGL GL OLQJXD H OHW�

WHUDWXUD IUDQFHVH� $RVWD ����� VHWWHPEUH ����� )DVDQR� 6FKLHQD

HGLWRUH� �����

���� ©6XL FRQILQL OLQJXLVWLFL� ,Q PDUJLQH DG XQ UHFHQWH FROORTXLRª� LQ $U�

FKLYLR *ORWWRORJLFR ,WDOLDQR /;9,,,� ������

���� ©,O GLDOHWWR LPEDVWDUGLWR� /¶HOHPHQWR VWUDQLHUR QHOOD YDOXWD]LRQH GHO

SDUODQWHª� LQ (OHPHQWL VWUDQLHUL QHL GLDOHWWL LWDOLDQL� $WWL GHO ;9,

&RQYHJQR GHO &�6�'�,�� ,YUHD� ����� RWWREUH ����� 3LVD� 3DFLQL� ,,�

����

7HUUDFLQL� %HQYHQXWR

���� ©,O SDUODUH GL 8VVHJOLRª� LQ $UFKLYLR *ORWWRORJLFR ,WDOLDQR ;9,,

SS� �������� �������

���� ©/D YDULHWj QHO SDUODUH GL 8VVHJOLRª� LQ $UFKLYLR *ORWWRORJLFR

,WDOLDQR ;9,,, SS� �������

����E ©&DUOR 6DOYLRQLª� LQ $UFKLYLR *ORWWRORJLFR ,WDOLDQR ;9,,,� ����

���

���� ©,Q PRUWH GL -XOHV *LOOLpURQª� LQ $UFKLYLR *ORWWRORJLFR ,WDOLDQR

;;� �������

���� ©6RVWUDWRª� LQ 6WXGL LQ RQRUH GL $OIUHGR 7URPEHWWL� 0LODQR� +R�

HSOL

���� ©,O FRQFHWWR GL OLQJXD FRPXQH H LO SUREOHPD GHOO¶XQLWj GL XQ

SXQWR OLQJXLVWLFR PLQLPRª� LQ %$/, 1XRYD 6HULH ���� ����� >RUD

LQ 7HUUDFLQL ����� �������@

���� /LQJXD OLEHUD H OLEHUWj OLQJXLVWLFD� 7RULQR� (LQDXGL

���� ©*�,� $VFROL� GLUHWWRUH GHOO¶½$UFKLYLR¾ª� LQ $UFKLYLR *ORWWRORJL�

FR ,WDOLDQR /,,� ����

>����@ , VHJQL OD VWRULD� UDFFROWD GL VDJJL JLj HGLWL D FXUD GL *LDQ /XLJL

%HFFDULD� 1DSROL� *XLGD

��� ,/ ',$/(772 3(5&(3,72

>����@ /LQJXLVWLFD DO ELYLR� UDFFROWD GL VDJJL JLj HGLWL D FXUD GL *LDQ

/XLJL %HFFDULD H 0DULD /XLVD 3RU]LR *HUQLD� 1DSROL� *XLGD

7HVVDUROR� 0DULVHOGD

���� 0LQRUDQ]H OLQJXLVWLFKH H LPPDJLQH GHOOD OLQJXD� 8QD ULFHUFD VXOOD

UHDOWj LWDOLDQD� 0LODQR� )UDQFR $QJHOL

7KHODQGHU� 0DWV

���� ©'H�GLDOHFWDOLVDWLRQ LQ 6ZHGHQª� LQ *UXSSR GL /HFFH �DFG� /LQ�

JXLVWLFD H DQWURSRORJLD� $WWL GHO ;,9 &RQJUHVVR ,QWHUQD]LRQDOH

GL 6WXGL� /HFFH ������������� 5RPD� %XO]RQL� �������

7LPSDQDUR� 6HEDVWLDQR

���� &ODVVLFLVPR H LOOXPLQLVPR QHOO¶2WWRFHQWR LWDOLDQR� 3LVD� 1LVWUL�

/LVFKL

7UXPSHU� -RKQ

���� ©5LFRVWUX]LRQH QHOO,WDOLD VHWWHQWULRQDOH� VLVWHPL FRQVRQDQWLFL�

&RQVLGHUD]LRQL VRFLROLQJXLVWLFKH QHOOD GLDFURQLDª� LQ 6LPRQH�

9LJQX]]L �DFG� 3UREOHPL GHOOD ULFRVWUX]LRQH OLQJXLVWLFD� 5RPD�

%XO]RQL� �������

���� ©/DQJXDJH YDULDWLRQ� FRGH VZLWFKLQJ� 6� &KLULFR 5DSDUR �3R�

WHQ]D� DQG WKH PLJUDQW TXHVWLRQª� LQ $XHU�'L /X]LR �DFG� �����

�����

7UXPSHU� -RKQ H 0DUWD 0DGGDORQ

���� ©&RQYHUJLQJ 'LYHUJHQFH DQG 'LYHUJLQJ &RQYHUJHQFH� 7KH 'LD�

OHFW�/DQJXDJH &RQIOLFW DQG &RQWUDVWLQJ (YROXWLRQDU\ 7UHQGV LQ

0RGHUQ ,WDO\ª� LQ $XHU�GL /X]LR �DFG� ����� �������

7XDLOORQ� *DVWRQ

���� ©([LJHQFHV WKpRULTXHV HW SRVVLELOLWpV UpHOOHV GH O¶HQTXrWH GLDOHFWR�

ORJLTXHª� LQ 5HYXH GH /LQJXLVWLTXH 5RPDQH ��� �������

9XOSH� 0DJGDOHQD

���� ©'LVFXVVLRQH DOOD FRPXQLFD]LRQH GL 7HDKDª� LQ $FWHV GX ;� &RQ�

JUqV ,QWHUQDWLRQDO GHV /LQJXLVWHV� %XFXUHVWL� �� DR�W � � VHSWHPEUH

����� %XFXUHVWL� eGLWLRQV GH O¶$FDGHPLH GH OD 5HSXEOLTXH 6RFLDOL�

VWH GH 5RXPDQLH� �����

���� ©&RPPHQWDLUHV PpWDOLQJXLVWLTXHV GDQV OHV WH[WHV GLDOHFWDOHVª� LQ

$FWHOH FHOXL GH�DO ;,,�OHD &RQJUHV ,QWHUQD LRQDO GH /LQJYLVWLF�D úL

)LORORJLH 5RPDQLF�D� %XFXUHúWL� (GLWXUD $FDGHPLHL 5HSXEOLFLL 6R�

FLDOLVWH 5RP�DQLD� ,,� �������

%,%/,2*5$),$ ���

:HLQULFK� 8ULHO

���� >����@ /LQJXH LQ FRQWDWWR� 7RULQR� %RULQJKLHUL �UDFFROWD H WUDGX]LRQH GL

VDJJL JLj HGLWL D FXUD GL *LRUJLR 5DLPRQGR &DUGRQD� /DQJXDJHV LQ

&RQWDFW >����@� ,V D 6WUXFWXUDO 'LDOHFWRORJ\ SRVVLEOH" >����@ �

VDJJL GL +HLOPDQQ� )UDQFHVFDWR� *UDVVL�

:HLQULFK� 8ULHO� :LOOLDP /DERY H 0DUYLQ ,� +HU]RJ

���� >����@ ©)RQGDPHQWL HPSLULFL SHU XQD WHRULD GHO FDPELDPHQWR OLQJXLVWLFRª�

LQ :LQIUHG 3� /HKPDQQ H <DNRY 0DONLHO �DFG� 'LUHFWLRQV IRU +L�

VWRULFDO /LQJXLVWLFV� $ 6\PSRVLXP� $XVWLQ /RQGRQ� 8QLYHUVLW\ RI

7H[DV 3UHVV >7UDG� LW� ©1XRYH WHQGHQ]H GHOOD OLQJXLVWLFD VWRULFDª�

%RORJQD� ,O 0XOLQR ����@

:H\GW� +DUDOG H %ULJLWWH 6FKOLHEHQ�/DQJH

���� ©:LH UHDOLVWLVFK VLQG 9DULDWLRQVJUDPPDWLNHQ"ª� LQ 6FKOLHEHQ�

/DQJH �DFG� ����� �������

:RGDN� 5XWK

���� ©(UKHEXQJ YRQ 6SUDFKGDWHQ LQ QDW�UOLFKHU RGHU VLPXOLHUW�

QDW�UOLFKHU 6SUHFKVLWXDWLRQª� LQ %HVFK� .QRSS� 3XWVFKNH� :LH�

JDQG ����� ,� �������

=DKQHU� *pUDUG

���� ©,O GLDOHWWR GHOOD 9DO 6DQ *LDFRPR �9DOOH 6SOXJD�ª 0LODQR� 9L�

WD H 3HQVLHUR

=HOL� 5RVDQQD

���� 7HUPLQRORJLD GRPHVWLFD H UXUDOH GHOOD 9DOOH &DQQRELQD� %HOOLQ]R�

QD� &DVDJUDQGH

�������������� ����������� ������������������

6L SUHVHQWDQR TXL WUH DEER]]L GL FDUWD OLQJXLVWLFD ©DOOD JLDSSRQHVHª �FIU

,,����� FKH WHQWDQR GL LOOXVWDUH L FRQILQL GLDOHWWDOL VRJJHWWLYL� 9RUUHL ULFKLDPD�

UH DO SURSRVLWR O¶RSLQLRQH GL 0DWWKHLHU �����D� ����� VHFRQGR LO TXDOH SHU LO

SDUODQWH JOL VSD]L GRYH D VXR JLXGL]LR VL SDUOD DOOR VWHVVR PRGR QRQ VRQR SHU

QXOOD GHILQLWL GDL FRQILQL JHRJUDILFL� 3RVVRQR LQIDWWL HVVHUH SL~ SLFFROL GHL

VLQJROL OXRJKL DPPLQLVWUDWLYL RSSXUH DO FRQWUDULR FRPSUHQGHUH SL~ XQLWj OR�

FDOL� ,O FRPSRUWDPHQWR OLQJXLVWLFR GHO SDUODQWH VL PRGHOOD FRVt QRQ VX GLIIH�

UHQ]H VWDELOLWH RJJHWWLYDPHQWH PD VXOOH UDSSUHVHQWD]LRQL FKH HJOL VL ID GHO

VXR VSD]LR OLQJXLVWLFR� $QFKH 7HOPRQ ����� � �JLj FLWDWR DO � ,,,��������

©QRQ VHPSUH LO VHQWLPHQWR GHOO¶DSSDUHQWDPHQWR OLQJXLVWLFR SUHVHQWH LQ XQD

FHUWD FRPXQLWj FRLQFLGH FRQ JOL DSSDUHQWDPHQWL SRVWXODWL GDJOL VWXGLRVL� >«@

QRQ VHPSUH L VRJJHWWLYL FRLQFLGRQR FRQ L FRQILQL GLDOHWWDOL ½RJJHWWLYL¾ª�

/H OLQHH GL GLYHUVR VSHVVRUH UDSSUHVHQWDQR TXL OH VXGGLYLVLRQL �GLVWLQWH LQ

JUDGL G¶LQWHQVLWj GHFUHVFHQWL� FKH WUH FROODERUDWRUL SRQJRQR QHO SDQRUDPD

GLDOHWWDOH GHOOD 9DOOH� QRQ VL WUDWWD FLRq GL VWDELOLUH VROR TXDOL GLDOHWWL VRQR

SHUFHSLWL SL~ ORQWDQL GDO SURSULR� PD DQFKH GL LQGRYLQDUQH OH GLIIHUHQ]H UH�

FLSURFKH� 2VVLD� VH FRPSDUH XQD OLQHD VSHVVD QHOOD &DUWD � WUD $OERJQR H

'UXRJQR� FLz VLJQLILFD FKH 6PP�3% YHGH L GXH GLDOHWWL FRPH GLIIHUHQWL IUD

GL ORUR� ODGGRYH OD VWHVVD OLQHD� RUD VRWWLOH� QHOOD FDUWD � LQGLFD FKH 0D�/XF�

OL SHUFHSLVFH YDULDQWL GHOOR VWHVVR WLSR�

'DOOD FRPSDUD]LRQH GHOOH WUH FDUWH VL SRVVRQR WUDUUH LQGLFD]LRQL �SURYYL�

VRULH� OLPLWDWH GDOOD SRFKH]]D GHO PH]]R� LQWHUHVVDQWL VXOOD IXQ]LRQH GL GLI�

IHUHQ]LD]LRQH FRPXQLWDULD FKH LO GLDOHWWR JLRFD LQ 9DOOH� H VXOOD FRPSHWHQ]D

GLDOHWWDOH YLD YLD SL~ UDIILQDWD FKH L PLHL FROODERUDWRUL PRVWUDQR PDQ PDQR

FKH FL VL DYYLFLQD DL GLDOHWWL�

��� ,/ ',$/(772 3(5&(3,72

&DUWD �

$33(1',&, ���

&DUWD �

��� ,/ ',$/(772 3(5&(3,72

&DUWD �

$33(1',&, ���

�����������

�� ����������������� ������������������ ������������� �� �����������

���������!���������� ��������� ����"��������#$�

�

$�� 1RPH

$�� $QQR GL QDVFLWD

$�� &RPXQH H IUD]LRQH GL UHVLGHQ]D

6RSUDQQRPH GHJOL DELWDQWL

$�� 9LYH LQ 9DOOH WXWWR ODQQR" 2 6L 2 1R

$�� &KH ODYRUR ID"

$�� 4XDOq OXOWLPD VFXROD FKH KD IDWWR"

$�� 3DUOD GLDOHWWR" 2 6L 2 1R

'RYH OR KD LPSDUDWR" 2 ,Q IDPLJOLD 2 &RQ L FRPSDJQL GL VFXROD

2 &RQ OD JHQWH GHO SDHVH 2 $OWURYH

$�� 6H QRQ OR SDUOD� OR FDSLVFH" 2 %HQH 2 $EEDVWDQ]D 2 3RFR 2 1R

$�� 3HU /HL q SL� IDFLOH SDUODUH 2 'LDOHWWR 2 ,WDOLDQR 2 8JXDOH

$��� 6HFRQGR /HL� QHOOD VXD IUD]LRQH OD JHQWH SDUOD SL� GLDOHWWR R SL� LWDOLDQR"

VROR LWDOLDQR SL� LWDOLDQR PHWj H PHWj SL� GLDOHWWR VROR GLDOHWWR

D� ,Q JHQHUDOH 2 2 2 2 2

E� L UDJD]]L WUD ORUR 2 2 2 2 2

F� L JLRYDQL WUD ORUR 2 2 2 2 2

G� OD JHQWH GL PH]]D HWj 2 2 2 2 2

H� JOL DQ]LDQL 2 2 2 2 2

��� ,/ ',$/(772 3(5&(3,72

$��� 0D SHQVD FKH LQ JHQHUDOH QHOOD 9DOOH OD JHQWH SDUOL PHQR GLDOHWWR ULVSHWWR D TXDQGR /HL

HUD UDJD]]R�D

2 2 0ROWR PHQR 2 8Q SR PHQR 2 1HVVXQD GLIIHUHQ]D

$��� /H SLDFH LO GLDOHWWR"

2 6L 2 6L� PD VROR FRPH YHFFKLD WUDGL]LRQH 2 1R

$��� /H SLDFH OLWDOLDQR"

2 6L� q SL� EHOOR GHO GLDOHWWR 2 6L� PD q SL� EHOOR LO GLDOHWWR 2 1R

$��� ,Q FKH OLQJXD SHQVD" 2 'LDOHWWR 2 ,WDOLDQR

$��� ,Q FKH OLQJXD ID L FDOFROL" 2 'LDOHWWR 2 ,WDOLDQR

$��� ,Q FKH OLQJXD SHU OR SL� SDUOD LQ XQD JLRUQDWD QRUPDOH GL ODYRUR"

2 'LDOHWWR 2 ,WDOLDQR

( LQ XQ JLRUQR GL IHVWD"

2 'LDOHWWR 2 ,WDOLDQR

$��� 7URYD FKH LQ 9DOOH VL SDUOLQR GLDOHWWL GLIIHUHQWL"

2 6L� PROWR GLIIHUHQWL 2 6L� PD QRQ PROWR GLYHUVL 2 1R

2 6L� PD VROR JOL DQ]LDQL� L JLRYDQL SDUODQR WXWWL OR VWHVVR GLDOHWWR

$��� &DSLVFH LO GLDOHWWR GL 0DOHVFR" �VH /HL q GL 0DOHVFR LJQRUL OD GRPDQGD�

2 %HQH 2 8Q SR 2 1R

$��� 7URYD FKH LQ 9DOOH JOL DQ]LDQL SDUOLQR XQ GLDOHWWR GLYHUVR GD TXHOOR GHL JLRYDQL"

2 6L� PROWR GLYHUVR 2 6L� XQ SR GLYHUVR

2 1R� XJXDOH 2 1R� L JLRYDQL SDUODQR LWDOLDQR

$��� 5LVSHWWR DO GLDOHWWR FKH SDUOD DELWXDOPHQWH� ULWLHQH GL XVDUH XQ GLDOHWWR XQ SR GLYHUVR

TXDQGR

6L� XVR XQ GLDOHWWR 1R� SDUOR VHPSUH 1R� SDUOR LWDOLDQR

XQ SR GLYHUVR DOOR VWHVVR PRGR

D� SDUOR FRQ TXDOFXQR GL XQ DOWUR

SDHVH GHOOD 9DOOH 2 2 2

E� D VFXROD�DO ODYRUR 2 2 2

F� D 'RPRGRVVROD 2 2 2

$33(1',&, ���

G� QHOOD 6YL]]HUD ,WDOLDQD 2 2 2

H� SDUOR FRQ L PLHL QRQQL� QLSRWL 2 2 2

I� SDUOR FRQ L PLHL JHQLWRUL�ILJOL 2 2 2

J� SDUOR FRQ XQR VFRQRVFLXWR 2 2 2

$��� 3HQVD FKH JOL DQ]LDQL� WUD GL ORUR� XVLQR XQ GLDOHWWR GLYHUVR ULVSHWWR D TXDQGR SDUODQR

FRQ L JLRYDQL"

2 6L� PROWR GLYHUVR 2 6L� XQ SR GLYHUVR 2 1R

$��� &UHGH FKH JOL DELWDQWL GHJOL DOWUL SDHVL GHOOD 9DOOH FDPELQR LO ORUR GLDOHWWR TXDQGR SDU�

ODQR FRQ /HL"

2 6L 2 6L� PD VROR XQ SRFR 2 1R� SDUODQR LO ORUR

$��� 3HQVD FKH LO GLDOHWWR VWLD VSDUHQGR" 2 6L 2 1R

$��� 3HQVD FKH LO GLDOHWWR VWLD FDPELDQGR PROWR" 2 6L 2 1R 2 1R� VWD VSDUHQGR

$��� 3HQVD FKH XQ JLRUQR VL SDUOHUj OR VWHVVR GLDOHWWR LQ WXWWD OD 9DOOH"

2 6L 2 6L� H VDUj VLPLOH D TXHOOR GL 'RPRGRVVROD 2 1R

$��� 3HQVD FKH SULPD R SRL VL SDUOHUj VROR LWDOLDQR QHOOD 9DOOH" 2 6L 2 1R

%�� 'L VROLWR /HL FRPH SDUOD� LQ GLDOHWWR R LQ LWDOLDQR"

'LDOHWWR 3L� GLDOHWWR 'LDOHWWR H

LWDOLDQR

3L� LWDOLDQR ,WDOLDQR

D� &RQ JOL DPLFL 2 2 2 2 2

E� FRQ OD PRJOLH�LO PDULWR 2 2 2 2 2

F� FRQ L ILJOL PDVFKL 2 2 2 2 2

G� FRQ OH ILJOLH IHPPLQH 2 2 2 2 2

H� FRO SDGUH 2 2 2 2 2

I� FRQ OD PDGUH 2 2 2 2 2

J� FRL QRQQL R ]LL DQ]LDQL 2 2 2 2 2

K� FRQ L IUDWHOOL 2 2 2 2 2

KK� FRQ OH VRUHOOH 2 2 2 2 2

L� FRQ L QLSRWL �SHU L QRQQL� 2 2 2 2 2

��� ,/ ',$/(772 3(5&(3,72

O� DO FRPXQH� DOOD SRVWD 2 2 2 2 2

P� FRQ JOL LQVHJQDQWL GL

6XR ILJOLR

2 2 2 2 2

Q� FRQ LO VDFHUGRWH 2 2 2 2 2

R� FRQ LO PHGLFR 2 2 2 2 2

S� FRQ L EDPELQL SLFFROL

�QRQ ILJOL R QLSRWL GL

PHQR GL ��� DQQL�

2 2 2 2 2

T� FRL QHJR]LDQWL GHOOD 6XD

IUD]LRQH 2 2 2 2 2

TT� FRL QHJR]LDQWL GL 6DQWD

0DULD 0DJJLRUH 2 2 2 2 2

U� D WDYROD 2 2 2 2 2

V� TXDQGR q DUUDEELDWR�D 2 2 2 2 2

W� TXDQGR FRQWD L VROGL 2 2 2 2 2

X� VXO ODYRUR 2 2 2 2 2

%�� 'D SLFFROR KD LPSDUDWR D SDUODUH SULPD LQ GLDOHWWR R LQ LWDOLDQR"

'LDOHWWR 2 ,WDOLDQR 2 'LDOHWWR H LWDOLDQR 2 1RQ VR� QRQ ULFRUGR 2

�D� VH 'LDOHWWR R 3L� GLDOHWWR�

'RYH KD LQFRPLQFLDWR D SDUODUH LWDOLDQR"

$ VFXROD 2 6XO ODYRUR 2 'DOOD UDGLR R WHOHYLVLRQH 2 &RQ JOL DPLFL 2

,Q IDPLJOLD 2 1RQ SDUOR LWDOLDQR 2 $OWUD ULVSRVWD«

�E� VH ,WDOLDQR R 3L� LWDOLDQR

'RYH KD LPSDUDWR D SDUODUH GLDOHWWR"

,Q IDPLJOLD 2 &RQ JOL DPLFL R FRPSDJQL GL VFXROD 2 $O ODYRUR 2

,Q SDHVH�IUD]LRQH 2 1RQ SDUOR GLDOHWWR 2 $OWUD ULVSRVWD «

%�� /H YLHQH PHJOLR GL SDUODUH GLDOHWWR R LWDOLDQR"

'LDOHWWR 2 ,WDOLDQR 2 8JXDOH 2

$33(1',&, ���

%�� 5LVSHWWR D TXDQGR DYHYD ����� DQQL� /HL SDUOD SL� GLDOHWWR DGHVVR R QH SDUODYD GL SL�

DOORUD"

'L SL� TXDQGR DYHYR ����� DQQL 2

'L SL� DGHVVR 2

1RQ SDUOR GLDOHWWR 1RQ F¶q GLIIHUHQ]D� QRQ VR 2

%�� OH FDSLWD GL GLUH GHL SURYHUEL� TXDQGR SDUOD"

�D� ( LQ GLDOHWWR" 0DL 2 4XDOFKH YROWD 2 6SHVVR 2

�E� PH QH VDSUHEEH GLUH XQR DGHVVR� XQR TXDOVLDVL"«««««

%�� 6HFRQGR /HL� SHU L VXRL ILJOL R SHU OH JLRYDQL JHQHUD]LRQL O¶XVR GHO GLDOHWWR GRYUHEEH HV�

VHUH LQFRUDJJLDWR R VFRUDJJLDWR"

,QFRUDJJLDWR 2 6FRUDJJLDWR 2

Ê LQGLIIHUHQWH� QRQ VL GRYUHEEH ID QXOOD 2 1RQ VR 2

%�� Ê GDFFRUGR R QR FRQ TXHVWH DIIHUPD]LRQL"

'DFFRUGR $EEDVWDQ]D

GDFFRUGR

LQ SDUWH GDFFRUGR

H LQ SDUWH QR

QRQ

GDFFRUGR

QRQ VR�

QRQ PL

LQWHUHVVD

�� ,O GLDOHWWR q DGDWWR

VSHFLDOPHQWH SHU GL�

VFRUVL DOOHJUL� R SHU

VFKHU]DUH LQ RVWHULD

2 2 2 2 2

�� 1HOOH VFXROH TXL

GHOOD YDOOH GRYUHE�

EHUR GHGLFDUH TXDO�

FKH RUD DO GLDOHWWR

2 2 2 2 2

�� 1HOOH VFXROH TXL

GHOOD YDOOH GRYUHE�

EHUR GHGLFDUH TXDO�

FKH RUD DOOH YHFFKLH

XVDQ]H H PHVWLHUL

2 2 2 2 2

�� &KL QRQ VD SDUODUH

GLDOHWWR QRQ q XQ

EXRQ YLJH]]LQR

2 2 2 2 2

��� ,/ ',$/(772 3(5&(3,72

�� ,O YLJH]]LQR q XQD

OLQJXD H QRQ XQ GLD�

OHWWR

2 2 2 2 2

�� ,O GLDOHWWR 7LFLQH�

VH q SL� EHOOR GL

TXHOOR GL 'RPRGRV�

VROD

2 2 2 2 2

�� /H SHUVRQH LVWUXL�

WH GRYUHEEHUR SDUOD�

UH LWDOLDQR H QRQ GLD�

OHWWR

2 2 2 2 2

�� ,O GLDOHWWR q UR]]R

H YROJDUH

2 2 2 2 2

%�� , 6XRL JHQLWRUL SDUODQR �R SDUODYDQR� SL� GLDOHWWR R SL� LWDOLDQR

6ROR GLDOHWWR 2 3L� GLDOHWWR 2 'LDOHWWR H LWDOLDQR 2 3L� LWDOLDQR 2

6ROR LWDOLDQR 2 1RQ VR� QRQ ULFRUGR 2

%��� Ê ILHURGL SDUODUH GLDOHWWR "

6, 2 $EEDVWDQ]D 2 1R� PL YHUJRJQR 2

��D� ,Q TXDOL RFFDVLRQL q SL� FRQWHQWR GL SDUODUH GLDOHWWR"

«««««««««««««««««««««««««««««««««

,Q TXDOL GL SDUODUH LWDOLDQR"

«««««««««««««««««««««««««««««««««

%��� 4XDO q LO SL� EHO GLDOHWWR GHOOD 9DOOH"

«««««««««««««««««««««««««««««««««

%��� &RPH VXRQL� q SL� EHOOR LO GLDOHWWR R O¶LWDOLDQR"

'LDOHWWR 2 ,WDOLDQR 2 8JXDOH 2

%��� Ê SL� EHOOR LO GLDOHWWR GHL JLRYDQL R TXHOOR GHJOL DQ]LDQL"

4XHOOR GHL JLRYDQL 2 4XHOOR GHJOL DQ]LDQL 2

6RQR EHOOL WXWWL H GXH 2 6RQR EUXWWL WXWWL H GXH 2

$33(1',&, ���

�

�

�

����������%�

&�� ���������'����������������!�� ����

�������(��)������������ �����������������������*�$�

�� )RUPLFDLR� JHQQDLR� IDOHJQDPH� SROODLR� WHODLR� IHEEUDLR� IDEEUR� FXFFKLDLR

�� 0DOWD� FDOGR� FDOFH� IDOFH� DOWR� VDOWR�

�� 7HOD� FDQGHOD� PHVH� QHYH� VHWH� WUHGLFL� FHQHUH� VHFFR� YHUGH� 3,&($

6HUD� FHUD� SDHVH� GRPHQLFD

�� 7HPSR� OHWWR� JHOR� YHFFKLR� VSHFFKLR� GLHFL� SHWWR� SHJJLR� LHUL

�� )XRFR� OHQ]XROR� XRYR� SLGRFFKLR� VWRUWR� RVVR� EURGR� IXRUL� SURYD� ILJOLR�OR�

�� 1RFH� VFRSD� IRUQR� VXGRUH� PRVFD� JLQRFFKLR� ERWWRQH� ERVFR

�� &XOOD� FUXGR� SXOFH� PXUR� OXQD� OXSR

�� 6RUHOOD� YHQXWR� VHPHQWH� VHWWLPDQD� PDUWHOODUH� FRPLQFLDUH

�� ³&RO VROH D SLFFR´� 5(021'$5(� 5(&,',98� RURORJLR� ³DUJHQWDUH´

��� 6HUUDUH� SLVHOOR� PHUFDWR� VHPLQDUH� FHUFDUH� YHQHUGu

��� $PDUR� DEEDVWDQ]D� DSHUWR� DQHOOR� DSH� DOOHQDPHQWR� DJQHOOR� DULVWRFUDWLFR

��� 2U]R� JDEELD� VWRPDFR� GRSSLR� PDQLFR

��� D� *DWWR� FDQH� DVLQR� DQGDWR

E� ID]]ROHWWR� TXHVWR� IUDQFHVH� PHVH

F� VSRVR� IXQJR� OXQJR� PXUR

��� *LRYDQH� JLRYHGu� JLXJQR

��� 5RJJLD� SHJJLR� PDJJLR� YDQWDJJLR

��� &HUFKLR� FLSROOD� JHQQDLR� JLQRFFKLR� FHUYHOOR� JHQWH� JHQHUR� FHQHUH� JHODWR�

XQJHUH

��� *XDUGDUH� JXDULUH� JXDGDJQR� JXDQWR

��� 1LSRWH� VDSRQH� FRSHUWD

��� 2UWLFD� SHFRUD� ³PLFD´� OXPDFD� IRUPLFD

��� $JRVWR� VSLJD� ³QDJRWWD´� OHJDUH� SDJDUH� DFHUR

��� ³/HWWLHUD´ H UHDOL]]D]LRQL SHUVRQDOL

��� &KLDYH� QHYH� VFULYHUH� OXSR� PDQJLDWRLD� $' 3523(

��� &KLDYH� SUHQGHUH� FKLDPDUH� FKLDUR� FXFFKLDLR� FDPSDQD� &/$8'(1'$

��� *KLDQGD� JKLDFFLR� */$5($� ³JLRSSLQR´� DJX]]R

��� 2UHFFKLR� FKLHVD� FXFFKLDLR� YHFFKLR� &2$8*8/8

��� 0DQJLDUH� XQJHUH� SLDQJHUH� WLQJHUH� PXQJHUH

��� /DWWH� QRWWH� IDWWR� OHWWR� WHWWR� GULWWR

��� $SULOH� SHFRUD� OHSUH� IHEEUDLR� IHEEUH� FDSUD

��� 0DODWR� PHUFDWR� SUDWR� SRUWDWR HFF�

��� 5HDOL]]D]LRQL SHUVRQDOL �DYUz� VDUz� SRUWHUz� FDQWHUz� GLUz� FDGUz� EHUUz HFF��

��� ,/ ',$/(772 3(5&(3,72

��� 5HDOL]]D]LRQL SHUVRQDOL �FDQWDYR� SDUODYR� VRIILDYR� HFF��

��� 6WR� IDFFLR� GR� YDGR

��� )DWWR� YHQXWR� SUHVR� DQGDWR� GDWR� VWDWR� GHWWR� VFULWWR

��� 1RQ VR FRVD GLUWL� QRQ YDGR LQ FDPSDJQD� ILQFKp QRQ DUULYD� VH QRQ YLHQH D

SLRYHUH� QRQ ID QLHQWH HFF�

��� 6DOH� SHUD� JHUOD� DOSH

��� 3URYRFDUH IUDVL FRQWHQHQWL PHVL R VWDJLRQL

��� 2UWR� SDWDWD� SLVHOOL� UDSD� EDUEDELHWROD� FDURWD� VHGDQR� IDJLROL� SUH]]HPROR� UR�

VPDULQR� VDOYLD� FLSROOD� FDYROILRUH� SHSHURQL� VSLQDFL� ]XFFD� YHU]D� IDYH� ]XF�

FKLQR� SRPRGRUR� LQVDODWD� FLFRULD� DJOLR� UDSDQHOOL� PHODQ]DQD� EDVLOLFR� ³FRU�

QHWWL´� 1RPL GL SDUHQWHOD �ELVQRQQL� QLSRWL H DEELDWLFL� ELVQLSRWL� FRJQDWR� JHQH�

UR� VXRFHUR�

�������

$99(57(1=$ ( 35(0(66$ �

�� ,1752'8=,21( �

���� 6LWXD]LRQH JHRJUD¿FD HG HFRQRPLFD ��

���� , FROODERUDWRUL ��

���� 7UDVFUL]LRQH H FRQYHQ]LRQL ��

,� '$//$ 3$57( '(/ ',$/(772/2*2 ��

,��� ,QWURGX]LRQH ��

,��� 0RGL GHOOD YDULD]LRQH ��

,����� 9RFDOLVPR ��

,����� &RQVRQDQWLVPR ��

,����� 0RUIRORJLD ��

,����� /HVVLFR ��

,����� 8QR VJXDUGR G¶LQVLHPH ��

,��� &RQGL]LRQL GHOOD YDULD]LRQH ��

,����� ,QWURGX]LRQH ��

,����� 5DSSRUWL IUD L FRGLFL H FRPPXWD]LRQL ��

,����� /H IRUPH LEULGH ��

,,� /$ 5,&(5&$ 68/ &$032 ,�

/( 35(0(66( 7(25,&+( ( /$ &2//$%25$=,21( ��

,,��� ,QWURGX]LRQH� /D FRVFLHQ]D OLQJXLVLWLFD� ��

,,��� &KHUXELQL� R LO GLDOHWWRORJR DO FRQWUDULR ��

,,��� 6DOYLRQL� R OD ©PDFFKLQHWWDª GHO 96, ��

,,��� /¶LQIRUPDWRUH SDVVLYR ��

,,��� 5HD]LRQL H SUHFLVD]LRQL ��

,,��� /¶HVSHULHQ]D JLDSSRQHVH ��

,,��� 6SXQWL GL FROODERUD]LRQH ��

,,��� 9HUVR XQD �GLIILFLOH� FRPSUHQVLRQH ���

,,,� /$ 5,&(5&$ 68/ &$032 ,,�

$1&25$ 68//( 35(0(66( 7(25,&+( ( 68/ 020(172 $33/,&$7,92 ���

,,,��� ,QWURGX]LRQH� /D ULÀHVVLRQH PHWDOLQJXLVWLFD� ���

,,,��� 'XH OHWWXUH GHOO¶LQFKLHVWD ���

��� ,1',&(

,,,����� /¶LQFKLHVWD FRPH WHVW ���

,,,����� /¶LQFKLHVWD FRPH WUDVPLVVLRQH GHO VDSHUH ���

,,,����� ,O TXHVWLRQDULR GHOO¶LQIRUPDWRUH ���

,,,��� ,QWHUYLVWH PHWDOLQJXLVWLFDPHQWH FRQWUROODWH� RYYHUR

&RQYHUVD]LRQL FRO FDYDOOR GL 7URLD� ���

,,,��� (UURUL FRQWUROODWL� RYYHUR /D ©PDFKLQD DG ORTXHQGXPª

VL LQFHSSD� ���

,,,��� )LQWH LQFKLHVWH� RYYHUR &KLVVj FKL OR VD" ���

,,,��� 0DWFKHG JXLVH WHFKQLTXH� RYYHUR 6SHFFKLR GHOOH

PLH EUDPH� FKL q LO SL~ YHFFKLR GHO UHDPH" ���

,,,��� 3DUODUH FRPH� RYYHUR 'LYHUVH OLQJXH� RUULELOL

IDYHOOH� ���

,,,����� ,QWURGX]LRQH ���

,,,����� /R VWHUHRWLSR ���

,,,����� 6WHUHRWLSL SHU LVFULWWR ���

,,,����� ,O PDUNHU ���

,,,����� $OWUH FRQVLGHUD]LRQL ���

,,,��� 5HJLVWUD]LRQL GL SHHU JURXSV� RYYHUR (W LQ $UFDGLD HJR� ���

,,,��� ,O 4XHVWLRQDULR� RYYHUR LO 6DEDWR GHO YLOODJJLR� ���

,,,����� ,O ¿QWR TXHVWLRQDULR ���

,,,����� 6PRQWDUH XQ TXHVWLRQDULR ���

,,,����� ,O TXHVWLRQDULR�FRQIHVVRUH ���

,,,����� 7UH JUXSSL GL WUH ���

,,,���� ,Q¿QH� TXDOH LWDOLDQR" ���

,9� '$//$ 3$57( '(/ 3$5/$17( ���

,9��� ,QWURGX]LRQH ���

,9��� 0D LO GLDOHWWR� FRV¶q" ���

,9��� ,O GLDOHWWR SHU LVFULWWR ���

,9�� 'LD�OHWWR ���

,9��� 8Q FRGLFH ULVWUHWWR" ���

,9��� /HDOWj DOOD WUDGL]LRQH ���

,9��� 'LUH]LRQL GHO FDPELR� OXRJR H WHPSR� SXEEOLFR H SULYDWR� ���

,9��� 0RGDOLWj GHO FDPELR� VIXVR R LQ FRQIH]LRQH ���

,9��� &RQFOXVLRQL ���

%,%/,2*5$),$ ���

$33(1',&,

$SSHQGLFH �� /H GLVWLQ]LRQL GLDOHWWDOL LQ FDUWD ���

$SSHQGLFH �� 7HVWR GHO ¿QWR TXHVWLRQDULR ���

$SSHQGLFH �� 4XHVWLRQDULR�JXLGD SHU OH ¿QWH LQFKLHVWH ����