$11$/(6©6HUKLVWQDW©©©
2&(1(,13252à,/$5(&(16,21,(5(/$=,21,5(9,(:6$1'5(32576Ÿ

,/3(6&(329(525,&&+(==$,1&8&,1$
(GL]LRQHSHUO
$OWR$GULDWLFR
>DFXUDGL6LOYLD'L%DWWH)XOYLR9HQWXUL0DXUL]LR
6SRWR5REHUWR2GRULFR3DROR6DUWRU$OHVVDQGUR/LJDV
0DULR6EUDQDH,ODULD5RVVHWWL@'HEDWWH(GLWRUH
S
,OYROXPHXQDJXLGRELRFXOLQDULDGHOOHVSHFLHPDUL
QHGHO1RUG$GULDWLFRYLHQHGHGLFDWRDWXWWLFRORURFKH
DQFRUD DPDQR UHFDUVL LQ SHVFKHULD DOPHQR LO VDEDWR
PDWWLQD SHU DFTXLVWDUH SHVFH IUHVFR GHO ˜PDUH QR
VWUXP— 3HUVRQDOPHQWH VDOXWR FRQ LPPHQVR SLDFHUH OD
SXEEOLFD]LRQH GL WDOH OLEUR LQ TXDQWR ULHQWUR LQ TXHOOD
IHWWDGLSRSROD]LRQHORFDOHFKHWHPHFKHFROWHPSRSRV
VDQRYHQLUHFDQFHOODWHOHWUDGL]LRQLFKHLQRVWULQRQQLH
ELVQRQQLFRQWDQWDVDJJH]]DFLKDQQRWUDPDQGDWR7UD
GL]LRQL LQGLVSHQVDELOL SHU SRWHU YLYHUH LQ VLPELRVL FRQ
TXHVWD IHWWD GL PDUH FRVu SLFFROD HSSXU FRVu ULFFD GDO
SXQWRGLYLVWDGHOODELRGLYHUVLWjPDULQD1RQDSSHQDKR
VIRJOLDWRLOOLEURDUULFFKLWRGDOOHPHWLFRORVHLOOXVWUD]LRQL
GL5RVVHOOD)DOHQLH6DEULQD%DUVRWWLQHOODPHQWHKRULDV
VDSRUDWR LO JXVWRH O
RGRUH GHO EURGHWWR FKH TXDVL RJQL
GRPHQLFDPLD QRQQD FRQ LQILQLWD SD]LHQ]D SUHSDUDYD
SHUO
LQWHUDJUDQGHIDPLJOLD%URGHWWRULFFKLVVLPRGLVSH
FLHGLSHVFHSRYHURFKHPLRQRQQRFRQJUDQGHSDVVLR
QHHULVSHWWRSHVFDYD
1HOODSDUWH LQWURGXWWLYDGHOYROXPH0DXUL]LR6SRWR
H 5REHUWR 2GRULFR VL SUHPXUDQR GL VRWWROLQHDUH O
LP
SRUWDQ]DGL IDUFRQRVFHUHQXRYDPHQWH OH VSHFLH LWWLFKH
ORFDOLQRQSL~FRQVXPDWHDFDXVDGHOVHPSUHFUHVFHQWH
PHUFDWRGLSURGRWWLFRQJHODWLRLQVFDWRODWLODFXLSURYH
QLHQ]D VSHVVR ULPDQH LJQRWD *OL DXWRUL VRVWHQJRQR OH
LQL]LDWLYH ILQDOL]]DWH D SURPXRYHUH LO SHVFH SRYHUR LQ
TXDQWR KD XQD EDVVD LPSURQWD HFRORJLFD ULVSHWWR D XQ
SURGRWWRFKHGHYHYLDJJLDUHPLJOLDLDGLFKLORPHWULLQDH
UHR R FDPLRQ UHIULJHUDWL SHU DUULYDUH DO FRQVXPDWRUH
6RWWROLQHDQR LQROWUH FRPH LO FRQVXPR GL XQ SURGRWWR
ORFDOHSRVVDFRQWULEXLUHDSUHVHUYDUHOHFRQGL]LRQLLGHDOL
GLYLWDGHJOL VWRFN LWWLFL&RO WHUPLQHSHVFHSRYHURYHQ
JRQR TXL DFFRPXQDWH VSHFLH GL SHVFL RVVHL H FDUWLODJL
QHL PROOXVFKL FHIDORSRGL ELYDOYL JDVWHURSRGL H FUR
VWDFHL
1HOODSDUWHFHQWUDOHGHOOLEURWURYLDPRSUHVHQWDWLSHU
VSHFLHGLSHVFHSRYHUR OHFDUDWWHULVWLFKHJHQHUDOL OH
GLIIHUHQ]HULVSHWWRDOOHVSHFLHDIILQL O
KDELWDWH ODGLVWUL
EX]LRQH JHRJUDILFD FHQQL VXOOD ELRORJLD H O
HFRORJLD H
QRWHVXOODSHVFD/HGHVFUL]LRQLYHQJRQRDUULFFKLWHFR
PHJLjPHQ]LRQDWRGDOOHLOOXVWUD]LRQLHGDLQRPLUHJLR
QDOLHGLQWHUQD]LRQDOLSHURJQLVLQJRODVSHFLH
/DWHU]DSDUWHGHOOLEURYLHQHGHGLFDWDDOOHULFHWWHGL
YLVH LQ ULFHWWH GL EDVH XWLOL SHU FXFLQDUH DOFXQH VSHFLH
SHU OH TXDOL OD WUDGL]LRQH QRQ FL KD WUDPDQGDWR ULFHWWH
VSHFLILFKH ULFHWWH GL SHVFH SRYHUR ULIHULWH FRQFUHWD
PHQWHDOOHVSHFLH WUDWWDWHQHO OLEURH ULFHWWHGHOOD WUDGL
]LRQHULJXDUGDQWLVSHFLHGLJUDQGHFRQVXPRPDGLEDV
VRYDORUH
/D SULPDHGL]LRQH GHO OLEUR q DQGDWD D UXED LO FKH
WHVWLPRQLD FKH OD SRSROD]LRQH ORFDOH QRQ YXROH YHGHU
QDXIUDJDUHLOSDWULPRQLRGHOOHWUDGL]LRQLFHQWHQQDOLHGq
IRUVHSURQWDFROVRVWHJQRGHOODFRPXQLWjVFLHQWLILFDDG
LQQHVFDUH FRPH GLFH 5REHUWR 2GRULFR SURFHVVL GL
FDPELDPHQWR3URFHVVL ILQDOL]]DWLDOODFRUUHWWDJHVWLRQH
GHOOHULVRUVHDOLHXWLFKHHDOODULVFRSHUWDGHOOHQRVWUHWUD
GL]LRQL FXOLQDULH FKH DJJLXQJRQR LPPHQVR YDORUH DOOD
FXOWXUDGHOO¤$OWR$GULDWLFR
0DUWLQD2UODQGR%RQDFD