regional and global monetary cooperation

8/3/2019 Regional and Global Monetary Cooperation

1/29

OEGJ [dwnjik Soslw Xlwjlx

Wlkjdio` oie K`dgo` BdiluowzHddslwoujdi

Bowjd @obglwul oieSlulw A) Bdwkoi

Id) 856Flgw|owz 73?7

Oxjoi Elvl`dsbliu Goin Jixuju|ul


2/29

Uml [dwnjik Soslw xlwjlx jx o hdiuji|oujdi df uml fdwblw`z ioble Ejxh|xxjdi Soslw xlwjlx> umli|bglwjik df uml soslwx hdiuji|le {jumd|u jiulww|sujdi dw hmoikl) OEGJx {dwnjik soslwxwlf`lhu jijujo` jelox di o udsjh oie owl sdxule di`jil fdw ejxh|xxjdi) OEGJ lihd|woklx wloelwx udsdxu umljw hdbbliux di uml boji sokl fdw lohm {dwnjik soslw -kjvli ji uml hjuoujdi gl`d{*)Xdbl {dwnjik soslwx boz elvl`ds jiud dumlw fdwbx df s|g`jhoujdi)

X|kklxule hjuoujdi1

@obglwul B) oie S) A) Bdwkoi) 73?7) Wlkjdio` oie K`dgo` Bdiluowz Hddslwoujdi) OEGJ[dwnjik Soslw 856) Udnzd1 Oxjoi Elvl`dsbliu Goin Jixuju|ul) Ovojòg`l1muus1$${{{)oegj)dwk${dwnjik"soslw$73?7$37$7?$ sbdwkoiCoegj)dwk

Bowjd @obglwul jx ejwlhudw Wlxlowhm Elsowubliu Oxjoi Elvl`dsbliu Goin Jixuju|ul-OEGJ*) Slulw A) Bdwkoi jx xlijdw hdix|ùoiu fdw wlxlowhm Wlxlowhm Elsowubliu OEGJ)

Oi low`jlw vlwxjdi df umjx soslw {ox swlxliule ou uml OEGJ Oii|o` Hdiflwlihl diWlfdwb df uml Jiulwioujdio` Bdiluowz Xzxulb mlè ji Udnzd di 7 Elhlbglw 73??) [lowl kwoulf|` fdw jixjkmuf|` hdbbliux fwdb Bdwlid Glwumdèj df uml L|wdsloi Hdbbjxxjdioie dumlw hdiflwlihl sowujhjsoiux) O`` wlbojijik lwwdwx owl d|w d{i)

Uml vjl{x l}swlxxle ji umjx soslw owl uml vjl{x df uml o|umdwx oie ed idu ilhlxxowj`zwlf`lhu uml vjl{x dw sd`jhjlx df OEGJ uml Oxjoi Elvl`dsbliu Goin -OEG* jux Gdowe dfEjwlhudwx dw uml kdvlwibliux umlz wlswlxliu) OEGJ edlx idu k|owoiull uml ohh|wohz dfuml eouo jih`|ele ji umjx soslw oie ohhlsux id wlxsdixjgj`juz fdw oiz hdixlq|lihlx dfumljw |xl) Ulwbjid`dkz |xle boz idu ilhlxxowj`z gl hdixjxuliu {jum OEG dffjhjo` ulwbx)

Oxjoi Elvl`dsbliu Goin Jixuju|ulNox|bjkoxlnj G|jèjik =F8"7"< Nox|bjkoxlnj Hmjzdeo"n|Udnzd ?33"633= Aosoi

Ul`1 .=?"8"8


3/29

OEGJ [dwnjik Soslw 856 @obglwul oie Bdwkoi

Ogxuwohu

Uml jihwloxjik dhh|wwlihl df ioujdio` wlkjdio` oie k`dgo` fjioihjo` hwjxlx udklumlw {jum umljwwjxjik hdxux oie hdbs`l}juz movl jihwloxle ho``x fdw kwloulw wlkjdio` oie k`dgo` bdiluowzhddslwoujdi) Umjx jx sowujh|òw`z ilhlxxowz ji `jkmu df vdòuj`l hosjuo` f`d{ bdvlbliux umou hoiq|jhn`z uwoixbju hwjxjx elvl`dsbliux ji jiejvje|o` hd|iuwjlx ud dumlw hd|iuwjlx owd|ie uml {dwè)

K`dgo` fjioihjo` xofluz ilux -KFXIx* owl dil jbsdwuoiu owlo fdw bdiluowz hddslwoujdi) Umjxsoslw wlvjl{x uml h|wwliu xju|oujdi df wlkjdio` oie k`dgo` bdiluowz hddslwoujdi fdh|xjik difjioihjo` xofluz ilux {jum o vjl{ ud{owe elvl`dsjik wlhdbblieoujdix fdw bdwl lfflhujvlhddslwoujdi lxslhjo``z glu{lli uml Jiulwioujdio` Bdiluowz F|ie -JBF* oie wlkjdio` fjioihjoòwwoiklbliux -WFOx*)

O KFXI xmd|è movl oelq|oul wlxd|whlx ud elo` {jum b|ùjs`l hwjxlx xmd|è gl hosog`l dfwosje oie f`l}jg`l wlxsdixl oie xmd|è idu gl lih|bglwle gz mjxudwjho` jbslejbliux x|hm oxuml JBF xujkbo umou {d|è `jbju jux ohhlsuoihl gz wlhjsjliu hd|iuwjlx) Dvlwxjkmu df o KFXIillex ud gl goxle di hddslwoujdi glu{lli k`dgo` oie wlkjdio` fdw|bx fdw l}obs`l uml K73oie OXLOI.8 dw Loxu Oxjo X|bbju -LOX*) X|hm o KFXI xmd|è jih`|el uml JBF oie WFOx ou objijb|b oie ju jx mjkm`z wlhdbbliele ud fjie {ozx ud jih`|el hliuwo` goinx ox swdvjelwx dfx{os `jilx oie b|ùjòulwo` goinx ox {l``) Uml goxjh swjihjs`lx kdvlwijik uml hddslwoujdi df JBFoie WFOx jih`|el wjkdwd|x oie lvli"moiele x|wvlj`òihl> wlxslhu df jielslielihl oieelhjxjdi"bonjik swdhlxxlx df lohm jixuju|ujdi oie wlkjdio` xslhjfjhjujlx> dikdjik hd`ògdwoujdiox o {oz ud g|jè wlkjdio` hosohjuz fdw hwjxjx swlvliujdi> dsli xmowjik df jifdwboujdi oie adjiubjxxjdix {mlwl ilhlxxowz> xslhjo`joujdi goxle di hdbsowoujvl oevoiuokl> hdixjxulihz df`liejik hdiejujdix oie hdiejujdio`juz oùmd|km {jum f`l}jgj`juz> wlxslhu df uml JBF ox swlflwwlehwlejudw> x|gxjejowjuz> ovdjeoihl df bdwo` moowe> oie uwoixsowlihz)

AL@ Hòxxjfjhoujdi1 F88 F85 F86 F


4/29


Hdiuliux

?) Jiuwde|hujdi ))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))) 8

7)

Wloxdix fdw oie Swjihjs`lx df Wlkjdio` oie K`dgo` Bdiluowz Hddslwoujdi

)))))))))))))))))))) 8

7)? Wloxdix fdw hddslwoujdi )))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))))) 87)7 Nlz swjihjs`lx df wlkjdio` oie k`dgo` hddslwoujdi )))))))))))))))))))))))))))))))))))))))))))))))))) oie ohujik ox ogoin o`bdxu l}h`|xjvl`z fdw hliuwo` goinx) Ji sowujh|`ow ju swdvjelx o fdw|b ud swdbdulejxh|xxjdi oie fohj`juoul elhjxjdi bonjik obdik hliuwo` goinx oie {jumji uml jiulwioujdio`fjioihjo` oie x|slwvjxdwz hdbb|ijuz) Uml bllujikx df kdvlwidwx oie xlijdw dffjhjo`x df blbglwhliuwo` goinx umou owl ml`e lvlwz u{d bdiumx wlswlxliu uml swjbowz jixuw|bliu umwd|km {mjhmuml GJX xllnx ud swdbdul jiulwioujdio` fjioihjo` hddslwoujdi -@obglwul 733


11/29


:

ji jux osswdohm ud oio`zjik wjxnx ji uml boadw oevoihle lhdidbjlx ox hdbsowle {jum lblwkjiklhdidbjlx) Uml JBF swdvjelx ulhmijho` oxxjxuoihl ud uml BOS g|u umjx jx xlsowoul fwdb umlJBFx d{i gjòulwo` oie b|ùj"òulwo` x|wvlj`òihl swdhlxxlx)

Uml BOS mox glli f|wumlw xuwlikumlile umwd|km jbswdvlbliux ji uml JBFx x|wvlj`òihlohujvjujlx) Xmdwu`z ofulw uml dixlu df uml k`dgo` fjioihjo` hwjxjx uml K73 uoxnle uml JBF oie uml

Fjioihjo` Xuogj`juz Gdowe -FXG* ud hd`ògdwoul di wlk|òw low`z {owijik l}lwhjxlx -L[Lx*) L[Lxmovl xjihl glhdbl fjwb`z lxuog`jxmle oie id{ swdvjel ujbl`z jifdwboujdi di mjkm jbsohu wjxnxud uml k`dgo` lhdidbz -OEG oie JJL 73??*) Ji x|wvlj`òihl uml gjkklxu hmo``likl `jlx jixuwlikumlijik uml BOS ox o fwobl{dwn df k`dgo` sd`jhz ejo`dk|l oie hddslwoujdi ud elo` {jumsd`jhz xsj``dvlwx) Uml K73 illex ud x|ssdwu uml lxuog`jxmbliu df o xuwdiklw sllw wlvjl{ swdhlxxumou {j`` ejxhjs`jil hd|iuwjlx oie bonl umlb jiulwio`jl sd`jhz xsj``dvlwx -OEG oie JJL 73??*)

Ox elxhwjgle ji xlhujdi 8)7 uml [dwè Goin mox o`xd sòzle o wd`l ji jiulwioujdio` goj`d|uswdkwobx oùmd|km umjx mox glli b|hm bdwl `jbjule umoi umou df uml JBF ox ju jx idu sowu df uml[dwè Goinx boadw bjxxjdi)

Wlkjdio` `lvl`1 Uog`l 7 x|bbowjlx uml flou|wlx df uml boadw wlkjdio` fjioihjo` owwoiklbliuxjih`|ejik umljw hdiuwjg|ujik blbglwx xuoule s|wsdxl xjl df wlxlwvlx oie wlòujdixmjs {jum umlJBF)


12/29


?3

Uog`l 71 Wl`oujdi glu{lli Xl`lhule Wlkjdio` Fjioihjo` Owwoiklbliux oie uml JBF

Iobl df f|ie Hdiuwjg|ujik blbglw S|wsdxl Xjql Wl`oujdixmjs ud uml JB

L\ Gooihl df Sozbliu O` L\ blbglwx Blej|b"ulwb fjioihjo x|sslbliu gl jinle ud oi JBF

l}jxujik jiulwioujdio swdkwob> idu zlufjioihjo owwoiklbliux ohujvoule

Owog Bdiluowz F|ie U{liuz"u{d Owog Gwdoe, jih |ejik %7); gi Dwejiowz doix owlhd|iuwjlx ji Idwum Ofwjh hdwwlhujik sozbliux |x|o z ohhdbsoijle gzoie uml Bjeel Loxu ejxlq|j jgwjo oie oi JBF swdkwob> dumlw

h|wwlihz jixuogj juz, uzslx df oxxjxuoihl owlumwd|km xmdwu" oie idu ilhlxxowj`z jinleblej|b"ulwb hwlejufohj jujlx

@ouji Oblwjhoi Wlxlwvl Gd jvjo, Hddbgjo, X|ssdwu blbglwx %7)85 gi Id wdl fdw uml JBFF|ie Lh|oedw, Hdxuo Wjho, gooihl df sozbliux

Slw|, \w|k|oz, oie {jum hwlejux oieVlil|lo k|owoiullx

Idwum Oblwjhoi \ijule Xuoulx, Hoioeo,Swdvjel xmdwu"ulwb %: gi \X Uwlox|wz wlq|jwlxFwobl{dwn Okwllbliu oie Bl}jhd jq|jejuz x|ssdwu `luulw fwdb JBF

umwd|km :3"eoz hliuwo boiokjik ejwlhudwgoin x{osx, wlil{ogl

|s ud dil zlow

!Uml LFXF {j`` gl x|slwxlele gz uml lxuog`jxmbliu df o slwboiliu L|wdsloi Xuogj`juz Blhmoijxb -LXB* {jum o `liejikhosohjuz df L\2L|wdsloi \ijdi> JBF2Jiulwioujdio` Bdiluowz F|ie> SWH2Slds`lx Wls|g`jh df Hmjio> \X2\ijule Xuoulx)

Xd|whl1 Mliijik -73??*)


13/29


??

L|wdsloi jixuju|ujdix jih`|ejik uml L\ Goòihl df Sozbliux Fohj`juz -L\GSF* uml L|wdsloiFjioihjo` Xuogj`joujdi Blhmoijxb -LFXB* oie uml L|wdsloi Fjioihjo` Xuogj`juz Fohj`juz -LFXF*hd``lhujvl`z movl gz fow uml gjkklxu wlxd|whlx obdik WFOx) Uml L\GSF {ox hwloule ji ?:==oie uml LFXB oie uml LFXF owl b|hm bdwl wlhliu movjik glli hwloule ji 73?3 ji wlxsdixlud uml xdvlwljki elgu hwjxlx ji o i|bglw df L|wdsloi hd|iuwjlx) Uml fdwblw u{d hoi glohhlxxle gz oiz L\ blbglw {mj`l uml òxu jx ovojòg`l di`z ud l|wd owlo blbglwx) Idil df

umlxl swdkwobx owl `lko``z `jinle ud JBF swdkwobx g|u o`` L\ swdkwobx movl hdiejujdio`juz oieowl `jinle ud JBF swdkwobx ox o bouulw df sd`jhz) Ji uml hoxl df uml L\GSF blbglwx owldg`jkle ud hdix|ù {jum uml L\GSF fjwxu glfdwl osswdohmjik uml JBF)

Ofulw uml L|wdsloi jixuju|ujdix uml xlhdie òwklxu wlkjdio` liujuz jx uml Hmjoik Boj JijujoujvlB|ùjòulwo`joujdi -HBJB* {mjhm jih`|elx uml ?3 blbglw hd|iuwjlx df uml Oxxdhjoujdi dfXd|umloxu Oxjoi Ioujdix -OXLOI*5

Xlvlwo` dumlw gdejlx ji Oxjo o`xd movl x|wvlj`òihl wlxsdixjgj`jujlx jih`|ejik uml LhdidbjhWlvjl{ oie Sd`jhz Ejo`dk|l -LWSE* |ielw OXLOI.8 uml OXLOI Jiulkwoujdi Bdijudwjik Dffjhl-OJBD* {jumji uml OXLOI Xlhwluowjou oie uml Oxjoi Elvl`dsbliu Goin -OEG*) OEGx Dffjhl dfWlkjdio` Jiulkwoujdi mox 7? xuoff {dwnjik ud x|ssdwu LWSE"wlòule ohujvjujlx) Ju wlbojix ud glxlli md{ uml OBWD {j`` jiulwohu {jum umlxl dumlw gdejlx) H|wwliu`z uml OJBD mox o swdflxxjdio`xuoff df fd|w oie uduo` wlq|jwle xuoffjik df ?3 lhdidbjxux elsliejik di g|eklu ovojògj`juz)OJBD+x boieoul jx ud bdijudw wlkjdio` lhdidbjh jiulkwoujdi {mj`l OBWD jx edjik JBF"xuz`lbohwdlhdidbjh x|wvlj`òihl)

oie uml Slds`lx Wls|g`jh df Hmjio -uml SWH* Aosoi oieuml Wls|g`jh df Ndwlo -mlwlofulw Ndwlo* nid{i hd``lhujvl`z ox OXLOI.8) Ju {ox dwjkjio``zfdwble ox o xlu df gjòulwo` x{os okwllbliux ji 733? ji uml ofulwboum df uml Oxjoi fjioihjo`hwjxjx oie umli {ox l}soiele ud o b|ùjòulwo` sdd`jik owwoiklbliu ji 733:) \i`jnl umlL|wdsloi wlkjdio` owwoiklbliux ju mox o fdwbo` `jin {jum uml JBF ox blbglwx b|xu movl oiJBF swdkwob ji dwelw ud gdwwd{ glzdie 73, df umljw gdwwd{jik `jbju) Ji 73?? uml OXLOI.8Bohwdlhdidbjh Wlxlowhm Dffjhl -OBWD* {ox lxuog`jxmle ji Xjikosdwl ox o fdwbo` x|wvlj`òihl|iju fdw uml HBJB) Md{lvlw jux xho`l jx xbo`` {jum di`z ?7 swdflxxjdio` xuoff ji low`z 73?7 oiel}slhule ud jihwloxl ud 73 gz uml lie df 73?7)

Uml Owog Bdiluowz F|ie -OBF* fd|iele ji ?:;6 jih`|elx 77 blbglw hd|iuwjlx ji Idwum Ofwjhooie uml Bjee`l Loxu) Ju mox o gwdoe boieoul jih`|ejik idu di`z oxxjxuoihl ji goòihl dfsozbliux oea|xubliu g|u o`xd {jelw bdiluowz hddslwoujdi oie sovjik uml {oz fdw o |ijfjleOwog h|wwlihz -OBF 73??*) Uduo` f|iejik jx %7); gj``jdi) Dwejiowz `doix owl |x|o``zohhdbsoijle gz oi JBF swdkwob oie ju edlx idu osslow ud movl jux d{i bohwdlhdidbjhx|wvlj`òihl ohujvjuz)

Uml @ouji Oblwjhoi Wlxlwvl F|ie -F@OW* jx o hdbbdi wlxlwvl f|ie umou xllnx uml xuogj`juz dfblbglw hd|iuwjlx gz jbswdvjik umljw l}ulwio` sdxjujdi oie xuwlikumlijik wlkjdio` x|ssdwu) UmlF@OW {ox lxuog`jxmle ji ?:;=) Blbglw hd|iuwjlx jih`|el Gd`jvjo Hd`dbgjo Hdxuo WjhoLh|oedw Slw| \w|k|oz oie Vlil|lò) Uml dgalhujvlx df uml F@OW owl1

X|ssdwu uml goòihl df sozbliux df blbglw hd|iuwjlx gz kwoiujik `doix dw k|owoiulljikumjwe"sowuz `doix)

Jbswdvl uml hdiejujdix df jiulwioujdio` wlxlwvl jivlxubliux boel gz blbglw hd|iuwjlx)

Hdiuwjg|ul ud uml mowbdijoujdi df l}hmoikl woul bdiluowz oie fjioihjo` sd`jhjlx dfblbglw hd|iuwjlx -F@OW 73??*)

5Gw|ilj Eow|xxoòb Hobgdejo Jiedilxjo @od Slds`lx Elbdhwoujh Wls|g`jh Boòzxjo Bzoibow Smj`jssjilxXjikosdwl Umojòie oie Vjlu Iob) Uml HBJB o`xd jih`|elx Mdik Ndik Hmjio)


14/29


?7

Uduo` f|iejik df uml F@OW jx ogd|u %7)85 gj``jdi) Umlwl jx id wd`l fdw uml JBF oie uml F@OWedlx movl jux d{i wlk|òw x|wvlj`òihl ohujvjuz df blbglw hd|iuwjlx)

Uml Idwum Oblwjhoi Fwobl{dwn Okwllbliu -IOFO* hdbswjxjik uml \ijule Xuoulx -\X*Hoioeo oie Bl}jhd {ox lxuog`jxmle ji ?::5) Uduo` f|iejik jx \X%: gj``jdi oie uml \XUwlox|wz wlq|jwlx o `luulw fwdb uml JBF boiokjik ejwlhudw ud ohujvoul hddslwoujdi {jum uml JBF)

Uml bdxu xo`jliu ejfflwlihl glu{lli uml L|wdsloi jixuju|ujdix uml HBJB oie uml IOFO vlwx|xuml OBF oie uml F@OW jx umou uml fdwblw WFOx jih`|el òwkl wlxlwvl"h|wwlihz lhdidbjlx oxblbglwx {mj`l uml òuulw ed idu) Umlwlfdwl ji umldwz ou `loxu uml blbglwx df uml fdwblwkwd|sx hd|è dguoji |i`jbjule obd|iux df wlxlwvl h|wwlihjlx vjo x{os okwllbliux fwdbblbglw wlxlwvl"h|wwlihz hliuwo` goin dw goinx {mj`l uml òuulw hoiidu) Umjx mjkm`jkmux u{djbsdwuoiu sdjiux1 -j* uml ille ud jih`|el uml wd`l df wlxlwvl"h|wwlihz goinx ji uml ejxh|xxjdi dfwlkjdio` oie k`dgo` bdiluowz hddslwoujdi> oie -jj* uml ille ud |ielwxuoie uml wlòujvl xuwlikumxoie {lonilxxlx df o`` umwll houlkdwjlx df sowujhjsoiux ji jiulwioujdio` bdiluowz hddslwoujdi)

8)7 Fjioihjo` xofluz ilux hddslwoujdi l}slwjlihl

Umjx xlhujdi elxhwjglx uml wlhliu l}slwjlihl df wlkjdio` oie k`dgo` hddslwoujdi fdw fjioihjo`

xofluz ilux oie x|bbowjlx xdbl boadw `lxxdix fwdb umjx l}slwjlihl) Ji xdbl hoxlx umlogxlihl df hddslwoujdi swdvjelx xjkijfjhoiu jifdwboujdi ox {l``) Uog`l 8 x|bbowjlx uml boadwlsjxdelx df adjiu swdkwobx gz k`dgo` jixuju|ujdix -boji`z uml JBF* oie wlkjdio` fjioihjo` fohj`jujlxxjihl ?::;) Xuwjnjik`z obdik boadw lsjxdelx di`z uml l}slwjlihlx df L|wdsl jih`|ele umlsowujhjsoujdi df dil df uml WFOx)< Ox o wlx|ù df uml k`dgo` fjioihjo` hwjxjx df 733;733: oie umldikdjik xdvlwljki elgu hwjxjx ji L|wdsl umlwl movl glli swdkwobx fdw Kwllhl M|ikowzJwlòie @ouvjo Sdwu|ko` oie Wdboijo)6

LFXF2L|wdsloi Fjioihjo` Xuogj`juz Fohj`juz> LFXB2 L|wdsloi Fjioihjo` Xuogj`joujdi Blhmoijxb> L\2L|wdsloi \ijdi>JEG2Jiulw"Oblwjhoi Elvl`dsbliu Goin> JBF2Jiulwioujdio` Bdiluowz F|ie> bi2bj``jdi> \X2\ijule Xuoulx)

Xd|whl1 Oeosule fwdb LH -73??* Mliijik -73??* JBF -7333* Woel`lu oie Xohmx -?::=*)

Uml @ouvjoi swdkwob jx sowujh|òw`z jiulwlxujik glho|xl ju jx o hoxl {mlwl uml JBF ejxokwlle{jum uml wlkjdio` sowuilw ogd|u uml swdkwob uml L|wdsloi \ijdi zlu uml hdif`jhu {ox

x|hhlxxf|``z wlxd`vle -Mliijik 73??*) Uml JBF moe dwjkjio``z swdsdxle h|wwlihz elvo`|oujdi oxsowu df uml swdkwob g|u uml L|wdsloi \ijdi wlxjxule umjx xjihl @ouvjo {ox o hoiejeoul fdw l|wdblbglwxmjs) Uml JBF lvliu|o``z okwlle ud o bdwl xuwjikliu swdkwob umou {ox idu ohhdbsoijlegz h|wwlihz elvo`|oujdi)

Idil df uml dumlw fd|w hoxlx ji Uog`l 8Gwoj` Jiedilxjo Ndwlo oie Umojòiejivd`vle oizdf uml wlkjdio` fohj`jujlx elxhwjgle ji uml swlvjd|x xlhujdi) Uml wloxdix owl xjbs`luml HBJBeje idu l}jxu ou umou ujbl oie Gwoj` jx idu o blbglw df uml F@OW) Jixuloe ji o`` fd|w hoxlx umlwl{ox xjkijfjhoiu sowujhjsoujdi gz uml wl`lvoiu b|ùjòulwo` goinuml Oxjoi Elvl`dsbliu Goin dwuml Jiulw"Oblwjhoi Elvl`dsbliu Goin) Umjx mjkm`jkmux oidumlw jbsdwuoiu sdjiub|ùjòulwo`goinx o`xd ille ud gl jih`|ele ji uml ejxh|xxjdi df wlkjdio` oie k`dgo` bdiluowz hddslwoujdi)

Uml l}slwjlihlx df L|wdsl swdvjel u{d gwdoe `lxxdix) Fjwxu uml wlkjdi {jum uml glxu"

elvl`dsle wlkjdio` jixuju|ujdix jih`|ejik o hdbbdi h|wwlihz oie lògdwoul wlkjdio`x|wvlj`òihl blhmoijxb {ox idu x|ffjhjliu`z lq|jssle ud elo` {jum o boadw fjioihjo` lblwklihzobdik dil df jux blbglw kdvlwibliux) -Mliijik 73??1 6*

Uml oe mdh iou|wl df hddslwoujdi glu{lli uml JBF oie uml L|wdsloi \ijdi mox glli wjxnz di oi|bglw df fwdiux) Fdw l}obs`l uml hwjxjx mjkm`jkmule uml fohu umou umlwl jx id jixuju|ujdio`blhmoijxb fdw uml JBF ud hdbbju juxl`f ji oevoihl ud o mzsdumlujho` hdiujiklihz b|hm `lxx dildf x|hm oi |iswlhleliule bokiju|el -Mliijik 73??*) O`xd uml JBF moe id fdwbo` blhmoijxbfdw ilkdujoujik ejwlhu`z {jum uml L|wdsloi Hdbbjxxjdi) Mjxudwjho``z uml swdhlxx df JBFL\


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?5

jiulwohujdi mox glli hdbs`jhoule) Uml l}lh|ujvl ejwlhudw df uml hd|iuwz mdèjik uml hmojw df umlL|wdkwd|s -l|wd owlo blbglw hd|iuwjlx* wlswlxliux uml l|wd owlo hd|iuwjlx ou uml JBF {mj`luml Lhdidbjh oie Fjioihjo` Hdbbjuullx X|g"Hdbbjuull di uml Jiulwioujdio` Bdiluowz F|ie-XHJBF* jx wlxsdixjg`l fdw hddwejioujik L\ sd`jhz di JBF g|xjilxx fwdb Gw|xxl`x) Uml XHJBFo`dil jih`|elx dvlw 63 dffjhjo`x oie dslwoulx di uml goxjx df hdixlix|x) Uml jifdwbo` L\WJBFgdez fohj`juoulx l}hmoiklx df vjl{x ji [oxmjikudi EH glu{lli JBF l}lh|ujvl ejwlhudwx oie

oùlwioul ejwlhudwx fwdb L\ blbglw xuoulx uml LHGx dgxlwvlw ud uml JBF oie oi dffjhjo` fwdbuml L\ El`lkoujdi ud uml \X) -Mdexdi 73??*)

Uml xzxulb {dwnle wlòujvl`z xbddum`z {mli uml wlxh|l sohnokl fdw Wdboijo {ox owwoikle jiDhudglw 733= glu{lli uml L\ uml JBF oie uml [dwè Goin) Bdwldvlw uml L\ {ox og`l udwluoji o xoz dvlw uml hdiejujdix ouuohmle ud uml dvlwo`` sohnokl oie uml oxxlxxbliux df juxjbs`lbliuoujdi -Mdexdi 73??*) Uml L\ o`xd bdvle q|jhn`z e|wjik uml fjioihjo` hwjxjx udhddwejioul jiulwioujdio` lffdwux ud x|ssdwu @ouvjo oie Wdboijo) Md{lvlw |i`jnl uml hoxlx dfM|ikowz @ouvjo oie Wdboijo uml sd`jujho` swdhlxxlx df uml L|wdsloi \ijdi `le ud xjkijfjhoiujielhjxjdi oie mlxjuoujdi wlkowejik sd`jhjlx di l|wd owlo xuoulx x|hm ox Kwllhl) Ji sowujh|òwumlwl {ox -oie jx* b|hm `dho` sd`jujho` wlxjxuoihl ud òwkl goj`d|ux oie jiulwioujdio` fjxhoùwoixflwx ox {l`` ox ud o f|`` `lielw"df"òxu"wlxdwu wd`l fdw uml L|wdsloi Hliuwo` Goin) Fdwl}obs`l ju uddn umwll bdiumx df mokk`jik glu{lli blbglw hd|iuwjlx glfdwl uml ulwbx df owlxh|l sohnokl fdw Kwllhl {lwl fjio``z okwlle di oie umlxl ejffjh|ùjlx hdiuji|le jiilkdujoujik òulw sohnoklx ox {l``) Umjx x|kklxux umou uml goxjh swdg`lb df sd`jujho` hddwejioujdiobdik uml L\ blbglwx jx o gjkklw jxx|l umoi uml xslhjfjh bdel df hddwejioujdi {jum uml JBF)Umjx mox jbsdwuoiu jbs`jhoujdix fdw dumlw WFOx x|hm ox uml HBJB)

Xlhdie elxsjul uml ogdvl sdjiux uml JBFL\ wlòujdi mox glli wlòujvl`z h`dxl oie boz idugl loxj`z uwoixflwwog`l ud dumlw wlkjdio` jixuju|ujdix -Mliijik 73?? OEG oie JJL 73??*) Umjxwlf`lhux obdik dumlwx uml xuwdik L|wdsloi dwjliuoujdi df uml `loelwxmjs oie xuoff df uml JBFoie uml òhn df o mjxudwjho` JBF xujkbo swdg`lb ji L|wdsl) Umlwl jx o gwdoe slwhlsujdi hlwuoji`zobdik Oxjoi hd|iuwjlx umou JBF swdkwobx fdw L|wdsloi lhdidbjlx {lwl xjkijfjhoiu`z `lxxxuwjikliu oie bdwl iowwd{`z fdh|xle umoi umdxl jbsdxle di Oxjoi lhdidbjlx e|wjik uml Oxjoifjioihjo` hwjxjx df ?::;?::=)

Umlwl movl glli i|blwd|x jixuoihlx df adjiu `liejik gz uml JBF oie uml OBF ud OBF blbglwhd|iuwjlx) Ox bliujdile ogdvl OBF dwejiowz `doix owl |x|o``z ohhdbsoijle gz JBF swdkwobx)Ju {d|è gl jiulwlxujik ud jeliujfz uml wloxdix fdw umjx ejfflwlihl ji hddslwoujdi glmovjdw) Ju bozmovl wlf`lhule uml òhn df uml OBF wlxd|whlx ud hdie|hu jux d{i x|wvlj`òihl ohujvjuz) Umjxsouulwi xuwdik`z x|kklxux umou fdw {moulvlw wloxdi uml JBF xujkbo mox idu glli oi jbsdwuoiufohudw ji umjx wlkjdi) Slwmosx h`dxlilxx ud L|wdsl jx uml bdxu dgvjd|x wloxdi)

Ji hdiuwoxu uml bdxu dgvjd|x flou|wl ogd|u Oxjo e|wjik uml k`dgo` fjioihjo` hwjxjx {ox uml òhn dfjivd`vlbliu df ljumlw uml JBF dw uml HBJB) U{d hd|iuwjlx l}slwjlihle xjkijfjhoiu ejffjh|ùjlxowjxjik fwdb xmdwuoklx df fdwljki l}hmoiklNdwlo oie Jiedilxjo) Md{lvlw gdum liele |swlxdwujik jixuloe ud gjòulwo` x{os okwllbliux {jum hliuwo` goinx dw dumlw owwoiklbliux) Ndwlodguojile o %83 gj``jdi x{os okwllbliu {jum uml \X Flelwo` Wlxlwvl -Fle* {mj`l Jiedilxjo

xlh|wle o %


17/29


? ohujvoujik xmdwu"ulwb `jq|jejuzjixuw|bliux ovojòg`l di`z ji xzxulbjh lvliux> o|kbliujik l}jxujik owwoiklbliux> bdejfzjikohhlxx `jbjux> jihwloxjik ohhlxx |ielw uml fjwxu hwleju uwoihml> hddwejioujdi {jum hliuwo` goinxoie b|ùjòulwo` jixuju|ujdix> o|kbliuoujdi df uml F|iex xd|whlx {mlwl a|ekle ilhlxxowz> oie

bonjik o klilwo` XEW o``dhoujdi -JBF 73?3g*) Umlxl blox|wlx hd|è wlq|jwl x|gxuoiujo`hddslwoujdi {jum hliuwo` goinx oie b|ùjòulwo` jixuju|ujdix g|u uml eluoj`x df x|hm hddwejioujdilxslhjo``z {jum wlkowe ud uml ovojògj`juz df hliuwo` goin x{os `jilx movl idu zlu glli xsl``led|u) O nlz oxslhu jx umou uml sòi {d|è l}ulie uml xhdsl df swlq|o`jfjhoujdi gz hwloujik o il{`jq|jejuz {jied{ -uml Xmdwu"ulwb @jq|jejuz @jil dw X@@* {jumd|u l} sdxu hdiejujdio`juz {mjhm{d|è gl ovojòg`l ud xdbl SH@"l`jkjg`l hd|iuwjlx e|wjik lsjxdelx df k`dgo` ejxuwlxx)

Uml KXB {d|è gl xslhjfjho``z ojble ou elo`jik {jum xzxulbjh hwjxlx umou bjkmuofflhu o òwkl i|bglw df hd|iuwjlx xjb|ùoild|x`z wlq|jwjik o wosje oie wlòujvl`z xuoieowejleosswdohm f|ie ejxg|wxlbliu) X|hm oi osswdohm {d|è o`xd wle|hl oiz xujkbo jivd`vle {jumhd|iuwjlx gljik o fjwxu bdvlw ud oss`z fdw oje) Uml JBF Gdowe {d|è sòz o nlz wd`l ji umlxzxulb ox uml KXB {d|è gl ohujvoule ofulw ju boel oi oxxlxxbliu umou o xzxulbjh lvliumoe uonli sòhl -JBF 73?3g*)

=Xll JBF -73?3g* fdw o elxhwjsujdi)


18/29


?6

Ilvlwuml`lxx Flwiiel"Owjox oie @lvz"Zlzouj -73?3* sdjiu d|u umou uml sòi liuoj`xhdixjelwog`l |ihlwuojiujlx x|hm ox ohhlxx ud hwleju {d|è xuj`` gl elhjele gz uml JBF L}lh|ujvlGdowe uml hwjulwjo fdw uml L}lh|ujvl Gdowe ud elhòwl o xzxulbjh hwjxjx owl |ih`low> oie umljihwloxle ohhlxx ud idi"hdiejujdio` `jq|jejuz gz idi"xzxulbjh hd|iuwjlx {d|è gl `jbjule)Ohhlxx ud x|hm hwleju {d|è xuj`` liuoj` hdixjelwog`z bdwl |ihlwuojiuz umoi o hd|iuwz movjik juxd{i wlxlwvlx)

Dumlw swdsdxo`x livjxokl xdbl{mou ejfflwliu xuw|hu|wlx ud ouuoji uml xobl liex) Fdw l}obs`l-Hobelxx|x lu o`) 73??1 ?7* swdsdxlx o xjik`l umwll"`lvl` owhmjulhu|wl lix|wjik |ijvlwxo`wlswlxliuoujdi umwd|km o xzxulb df hdixuju|lihjlx Uml Fjioihl Bjijxulwx oie Hliuwo` GoinKdvlwidwx uonjik xuwoulkjh elhjxjdix wlòule ud uml f|ihujdijik df uml jiulwioujdio` bdiluowzxzxulb ji uml fwobl{dwn df o Hd|ihj` ox livjxokle ji uml F|iex Owujh`lx df Okwllbliu) Umlwlsdwu o`xd x|kklxux umou uml GJX uml FXG uml [dwè Uwoel Dwkoijoujdi -[UD* uml [dwèGoin oie sdxxjg`z dumlw dwkoijoujdix xmd|è gl jivjule ud bllujikx df uml Hd|ihj`) X{osowwoiklbliux movl o`xd glli swdsdxle gz Gioxxz"_|w Sjxoij"Flwwz oie Z| -73??* Hmd-73??* oie Hdwel`ò oie @lvz"Zlzouj -733 uml JBF b|xu likokl {jum HBJBumwd|km jux blbglwx idil df {mjhm jx o|umdwjle gz uml kwd|s ud xslon fdw uml wlkjdi -OEG oieJJL 73??*) Uml JBF oie dumlw jiulwioujdio` fjioihl jixuju|ujdix -JFJx* xmd|è swdvjel blhmoijxbxfdw fohj`juoujik oie wlhljvjik uml hd``lhujvl wlswlxliuoujdi df uml wlkjdio` jixuju|ujdix) Umlz xmd|èo`xd hdixjelw o``d{jik blbglwxmjs df wlkjdio` dwkoijoujdix ji uml JBF -OEG oie JJL 73??*)Gjij Xbokmj -7335* swdsdxle umou uml L|wdsloi \ijdi xmd|è glhdbl oi dffjhjo` blbglw df umlJBF wlsòhjik uml blbglwxmjs df jux hdixuju|liu xuoulx) Umjx {d|è df hd|wxl wojxl jxx|lx ogd|uumljw vdujik sd{lwx ji uml JBF kdvlwioihl luh)


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?;

Uml JBF o`xd illex ud likokl bdwl {jum hliuwo` goinx oie vjhl vlwxo glho|xl df uml h`dxl`jinx oie sd`jhz hmo``liklx ji xjb|ùoild|x`z ohmjlvjik oie xoflk|owejik gdum bohwdlhdidbjhoie fjioihjo` xuogj`juz) Md{lvlw Xhmjioxj oie Uw|boi -73?3* owk|l umou x|hm o ejvjxjdi df ògdwjx hdbs`jhoule gz uml fohu umou hliuwo` goinx ulie idu ud {oiu ud gl likokle {jum uml JBF oieowl wl`|huoiu ji oiz jixuju|ujdio` hdiul}u ud hdixjelw uml k`dgo` jbsohu df umljw bdiluowz sd`jhjlxdi fjioihjo` xuogj`juz)

5)7 X|wvlj`òihl hddwejioujdi

Uml JBF edlx idu movl oi dffjhjo` elfjijujdi df {mou jux x|wvlj`òihl ohujvjujlx jih`|el g|u umlzmovl h`low`z l}soiele fow glzdie uml jijujo` wlbju df l}hmoikl woul oie l}ulwio` goòihlsd`jhjlx) O wlhliu JBF wlsdwu ohhlsux uml l}uwlbl`z gwdoe hmowohulwjoujdi df o`` oxslhux dfuml F|iex oio`zxjx df xhw|ujiz dvlw oie oevjhl hdihlwijik blbglw hd|iuwjlx lhdidbjhxju|oujdix sd`jhjlx oie swdxslhux -JBF 733


20/29


?=

uml HBJB) Uonokj -73?3* oie OEG oie JJL -73??* owk|l umou sllw swlxx|wl {jumji o wlkjdio`dwkoijoujdio` xuw|hu|wl jx {mlwl wlkjdio` x|wvlj`òihl sduliujo``z mox uml kwloulxu oevoiuokldvlw k`dgo` x|wvlj`òihl) [mli x|wvlj`òihl jx |ielwuonli gz o wlkjdio` jixuju|ujdi umou wlsdwuxejwlhu`z ud nlz elhjxjdi bonlwx uml ogj`juz ud l}lwhjxl sllw swlxx|wl ji swlvliujik hwjxlx hd|ègl hdixjelwog`z limoihle) Hmd -73??* o`xd idulx umou xuwlikumlile sllw swlxx|wl hd|è kjvluml JBFx gjòulwo` x|wvlj`òihl bdwl gjul)

Idiluml`lxx lvli umlxl o|umdwx wlhdkijl umou ju {j`` uonl b|hm {dwn ud wojxl uml OBWDxx|wvlj`òihl hosohjuz ud oi oelq|oul `lvl`) No{oj -733:o1 ?8* bonlx uml fd``d{jikwlhdbblieoujdix1

Hòwjfz w|`lx fdw ohujvoujik HBJB `liejik>

Lxuog`jxm o adjiu fdw|b fdw fjioihl bjijxulwx oie hliuwo` goin kdvlwidwx ud jiulixjfz sd`jhzejo`dk|l obdik umlb>

Xlu |s o xuwdik swdflxxjdio` xlhwluowjou {jum uml wlq|jwle oio`zujho` l}slwujxl oie sd`jhzl}slwjlihl ud liog`l ju ud x|ssdwu wlkjdio` lhdidbjh x|wvlj`òihl -LWSE*

HBJB ohujvoujdi oie jielslieliu hdiejujdio`juz fdwb|òujdi> oie

Bdvl glzdie uml xjbs`l jifdwboujdi xmowjik xuokl ud o bdwl wjkdwd|x sllw wlvjl{ oiesllw swlxx|wl xuokl oie lvliu|o``z ud o e|l ej`jklihl xuokl ud jbswdvl uml q|o`juz dflhdidbjh x|wvlj`òihl)

Uonokj -73?3* o`xd idulx umou ju {d|è gl hwjujho` umou uml x|wvlj`òihl |iju gl kwoiule hdbs`lulohhlxx ud o`` x|wvlj`òihl d|us|ux swde|hle di uml wlkjdix lhdidbjlx gz uml JBF oie dumlwjixuju|ujdix) Lvli xd ml hdihlelx umou ^fRjioihjo` x|wvlj`òihl umd|km hwjujho` ji oxxlxxjik hwjxjxv|ìlwogj`juz jx oidumlw owlo {mlwl e|s`jhoujdi {jum k`dgo` x|wvlj`òihl xmd|è gl howlf|``zovdjele -Uonokj 73?31 :* glho|xl ju jx o ògdw"jiulixjvl ohujvjuz umou {d|è ewoji uml wlkjdio`fohj`juzx `jbjule wlxd|whlx) Umjx jx o vlwz xjkijfjhoiu hdihlxxjdi oie {d|è hlwuoji`z `jbju umlhosohjuz df uml wlkjdio` gdez ud hdbl |s {jum jielslieliu oxxlxxbliux df xzxulbjh fjioihjo`wjxn)

Di uml dumlw moie umlwl owl i|blwd|x xnlsujhx ogd|u uml hosohjuz df WFOx ud hdie|hujielslieliu x|wvlj`òihl) Ljhmlikwlli -7336* owk|lx umou sllw bdijudwjik jx hdxu`z oie x|galhuud jihwloxjik wlu|wix> jf xho`l lhdidbjlx owl xuwdik umlwl boz gl oi owk|bliu fdw hliuwo`jjik juou o k`dgo` jixuju|ujdi `jnl uml JBF) Ml o`xd x|kklxux umou umlwl owl owk|bliux fdw {mzwlxsdixjgj`juz fdw x|wvlj`òihl oie hdiejujdio`juz xmd|è gl el`lkoule ud oi liujuz d|uxjel umlwlkjdi x|hm ox uml JBF umou jx gluulw hosog`l df fd``d{jik ujbl"hdixjxuliu sd`jhjlx) Mliijik-73??* oxxlwux umou uml OBWD {j`` swdgog`z gl udd xbo`` ud wls`jhoul uml {dwn df uml JBF> oieumou o ejvjxjdi df ògdw xmd|è gl jeliujfjle) Ml x|kklxux umou OBWD hd|è-?* swdvjelhdiuwoxujik oxxlxxbliux df v|ìlwogj`jujlx {jumji uml wlkjdi {mli uml ejwlhudw oie xuoff ejxokwll{jum uml fjiejikx df uml JBF> -7* |seoul oxxlxxbliux bdwl fwlq|liu`z umoi uml oii|o` hzh`l fdwJBF Owujh`l JV hdix|ùoujdix> -8* sowujhjsoul ji x|wvlj`òihl ejxh|xxjdix ji {mjhm Oxjoi dffjhjo`xbjkmu gl bdwl hoieje {jum dil oidumlw umoi ji uml swlxlihl df JBF dffjhjo`x> oie -5* dumlw{jxl

swdvjel o kwloulw xlixl df Oxjoi d{ilwxmjs -Mliijik 73??1 ?6*)@lovjik umlxl ejffjh|ùjlx oxjel umlwl owl xdbl swohujho` x|kklxujdix fdw jihwloxjik hddwejioujdiglu{lli uml JBF oie wlkjdio` kwd|sx) Uml sowujhjsoujdi df uml JBF ji uml OXLOI.8 fjioihl oiehliuwo` goin els|ujlx swdhlxx ox o wlk|òw sd`jhz ejo`dk|l sowuilw mox swdvle ud gl q|jul|xlf|` oie jbsdwuoiu) Ju hd|è gl lq|o``z |xlf|` jf wlkjdio` kwd|sx oie liujujlx hd|è sòz o bdwlejwlhu wd`l ji uml JBF x|wvlj`òihl swdhlxx) Fdw l}obs`l uml JBF boz jivjul xuoff fwdb wl`lvoiuwlkjdio` dwkoijoujdix oie kwd|sx ud adji uml JBFx oii|o` Owujh`l JV hdix|ùoujdi bjxxjdi udwlkjdio` blbglw hd|iuwjlx -No{oj 733:o1 ?


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?:

{lonli uml JBFx osswdohm ud x|wvlj`òihl) Uml jielslielihl df uml jixuju|ujdix jivd`vle illexud gl bojiuojile) O`xd ud gl lfflhujvl x|wvlj`òihl |ùjboul`z illex xuwlikum ji ulwbx dflifdwhlbliu oie hdvlwokl)

Bdijudwjik df hosjuo` f`d{x jx o vjuo``z jbsdwuoiu oxslhu df hddwejioule x|wvlj`òihl kjvli umlv|ìlwogj`juz df lblwkjik lhdidbjlx ud f`|hu|oujdix di hosjuo` f`d{x wlx|ùjik fwdb lvliux umou

boz uonl sòhl fow o{oz) Umjx {d|è jih`|el hddwejioujdi df bohwdsw|eliujo` oie hosjuo` f`d{boioklbliu sd`jhjlx ud bjijbjl xsj``"dvlw lfflhux)

Oxjel fwdb uml JBF uml dumlw k`dgo` gdez umou illex ud gl `jojxle {jum ji uml owlo df xzxulbjhfjioihjo` xuogj`juz jx uml FXG) OEG Swlxjeliu N|wdeo -733=* swdsdxle umou Oxjoi hd|iuwjlx xlu |soi Oxjoi Fjioihjo` Xuogj`juz Ejo`dk|l -OFXE* ud xuwlikumli hwdxx"gdwelw fjioihjo` x|slwvjxjdioie wlk|òujdi ou uml wlkjdio` `lvl` oie f|wumlw Oxjox fjioihjo` xuogj`juz gz elvl`dsjik lfflhujvllow`z {owijik xzxulbx) Uml OFXE {d|è gl uml wlkjdio` lq|jvo`liu df uml FXG) Umjx fdw|budgl hwloule obdik fjioihl bjijxuwjlx hliuwo` goinx oie fjioihjo` bownlu wlk|òudwx oiex|slwvjxdwxhd|è o`xd xlwvl ud swdbdul `diklw"ulwb fjioihjo` bownlu ellslijik oiejiulkwoujdi lxuog`jxm xuoieowex fdw kdvlwioihl oie uwoixsowlihz oie jbswdvl jivlxudwhdifjelihl) O h`dxl {dwnjik wlòujdixmjs xmd|è o`xd gl lxuog`jxmle glu{lli uml OFXE oie umlOBWD) Df hd|wxl umlxl owl bddu sdjiux |iuj` uml OFXE jx ohu|o``z lxuog`jxmle)

5)8 Hddwejioujdi df fjioihjik ohujvjuz

Xjbjòw ud x|wvlj`òihl ohujvjuz hddwejioujdi df fjioihjik ohujvjujlx swdbjxlx o i|bglw dfsduliujo` kojix jih`|ejik bdxu dgvjd|x`z kwloulw fjioihjo` wlxd|whlx oie uml sduliujo` dfwle|hjik uml JBF xujkbo) OEG oie JJL -73??* owk|l umou uml gjkklxu hmo``likl `jlx ji oeewlxxjikuml xujkbo ouuohmle ud JBF `liejik) \iuj` ju jx wlxd`vle lffdwux ud jihwloxl JBF wlxd|whlx oiejbswdvl jux `liejik fohj`jujlx {j`` idu obd|iu ud b|hm oie hd|iuwjlx {j`` hdiuji|l ud wl`z difdwljki wlxlwvlx oie gjòulwo` x{os okwllbliux)

@lovjik oxjel uml xujkbo jxx|l uml l}slwjlihl e|wjik uml L|wdsloi xdvlwljki elgu hwjxjxxmd{x umou ju jx sdxxjg`l ud owwoikl hddwejioule `liejik gz uml JBF oie WFOx) Slwmosx uml

gjkklxu hmo``likl fdw x|hm hddslwoujdi kdjik fdw{owe jx ud oeewlxx uml ogdvl"bliujdile xmjfu jiuml JBFx `liejik sd`jhz ud{owe kwloulw lbsmoxjx di swlq|o`jfjhoujdi oie swlho|ujdiowz -swl"hwjxjx* `liejik) Ou uml bdbliu uml HBJB oie dumlw WFOx ed idu movl x|hm swlho|ujdiowz`liejik fohj`jujlx dw swlq|o`jfjhoujdi xhmlblx) Umlwlfdwl elvl`dsjik umlxl hosogj`jujlx ou umlwlkjdio` `lvl` osslowx ud gl jbsdwuoiu -oùmd|km idu ogxd`|ul`z ilhlxxowz* fdw jihwloxlehddslwoujdi {jum uml JBF kdjik fdw{owe)

Uml OXLOI.8 fjioihl bjijxulwx wlhdkijle uml elxjwogj`juz df lxuog`jxmjik swlho|ujdiowz`liejik fohj`jujlx ou uml 73?? Mo Idj bllujik idujik umou {l jixuw|hule uml Els|ujlx ud jijujoulo xu|ez di uml elxjki df o sdxxjg`l hwjxjx swlvliujdi f|ihujdi fdw HBJB jih`|ejik uml xjlf|wumlw hd`ògdwoujdi {jum uml JBF oie uml wd`l df OBWD -OXLOI Xlhwluowjou 73??*) No{oj-733:g* swdsdxlx umou HBJB x|ssdwu xmd|è gl swdvjele f`l}jg`z gz -j* liog`jik swlho|ujdiowz`liejik woumlw umoi a|xu hwjxjx `liejik> -jj* el`jinjik HBJB fwdb JBF swdkwobx dw wlq|jwjik umou id

hdiejujdio`juz gl jbsdxle ji o {oz hdbsowog`l ud uml JBFx wlhliu`z jiuwde|hle F`l}jg`l Hwleju@jil> oie -jjj* x|ss`lbliujik uml HBJB gz oeejujdio` gjòulwo` hdiuwjg|ujdix jivd`vjik x|ffjhjliu`zòwkl obd|iux fwdb lhdidbjlx jixjel oie d|uxjel uml wlkjdi ud bonl obs`l wlxd|whlxovojòg`l fdw sduliujo` illex ji uml wlkjdi)

Jf uml HBJB elvl`dsle x|hm fohj`jujlx uml fd``d{jik jxx|lx {d|è ille ud gl l}objile1 umlfjioihjik blhmoijxbx fdw x|hm o fohj`juz> uml hdiejujdix |ielw {mjhm umlz {d|è gl uwjkklwle>hdiejujdix wlkowejik uml obd|iu df f|iejik ovojòg`l ud blbglw hd|iuwjlx> oie {mlumlw dw iduJBF f|iejik {d|è gl wlq|jwle oie uml o``dhoujdi df g|weli xmowjik -OEG oie JJL 73??*)


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Mliijik -73??* idulx umou uml JBFx osswdohm df dfflwjik ejfflwliu fohj`jujlx ud ejfflwliuhoulkdwjlx df hd|iuwjlxujlwjikmox jbsdwuoiu jbs`jhoujdix fdw uml xd`jeowjuz df OXLOI.8 oiedumlw wlkjdio` kwd|sjikx) Uml HBJB -dw dumlw WFO* {d|è movl ud elhjel jux d{i hòxxjfjhoujdixhmlbl fdw jux blbglw hd|iuwjlx)

Aloiil -73?3* swdsdxlx o u{d"ujlw xzxulb ji {mjhm uml wlkjdio` WFO `liex |s ud o hlwuoji

l}uliu {mjhm hoi gl jihwloxle gz JBF `liejik oxxdhjoule {jum bdwl elboiejik hdiejujdio`juz)Umjx bdel` bjkmu bonl xlixl jf wlkjdio` hdiejujdio`juz jx sd`jujho``z bdwl ohhlsuog`l umoi JBFhdiejujdio`juz) Di uml dumlw moie jf uml hwjxjx ho``le fdw bdwl f|iejik umou uml WFO hd|è swdvjelumli okwllbliu di hdiejujdio`juz {jum uml JBF {d|è ille ud gl wlohmle) O`xd ox elxhwjglegl`d{ hliuwo` goin x{os `jilx oie `liejik gz b|ùjòulwo` goinx o`xd xmd|è gl jih`|elebonjik uml xuw|hu|wl bdwl hdbs`l})

Umjx wojxlx f|wumlw jxx|lx wlkowejik JBF hdiejujdio`juz) H|wwliu`z uml HBJB wlq|jwlx o blbglwud movl oi JBF swdkwob jf ju gdwwd{x bdwl umoi 73, df jux q|duo) Md{lvlw wlhliu oie swdsdxleJBF fjioihjik jiidvoujdix wojxl uml jxx|l df {mou hdixuju|ulx oi JBF swdkwob oie {mlumlwswlho|ujdiowz `doix xmd|è gl jih`|ele) Mliijik oie Nmoi -73??* swdsdxl umou uml OXLOI.8blbglwx ohhlsu q|o`jfjhoujdi fdw JBFx FH@ swdkwob ox uml lq|jvo`liu df o uwoejujdio` JBFswdkwob umlwlgz o``d{jik q|o`jfzjik hd|iuwjlx ud ohhlxx bdwl umoi 73, df umljw q|duo) Umjx

{d|è gl hdixjxuliu {jum uml u{d njiex df `jq|jejuz hwjxlx jeliujfjle ji Xlhujdi 7)7 ogdvl) Dfhd|wxl jf uml JBF hdiejujdio`juz jx ewdssle oùdklumlw umjx sdjiu glhdblx bddu)

Oidumlw jxx|l jx {mlumlw uml JBF hd|è `lie ud uml HBJB dw dumlw WFOx) H|wwliu`z ju hoi di`z`lie ud hd|iuwjlx) Jf ju hd|è `lie ud uml HBJB umjx okoji bjkmu loxl uml xujkbo swdg`lboxx|bjik umou uml hdiejujdio`juz jxx|lx hd|è gl {dwnle d|u)

Mdèjik wlxlwvlx jx hdxu`z oie jilffjhjliu) OEG oie JJL -73??* oie Flwiiel"Owjox oie @lvz"Zlzouj -73?3* obdik dumlwx idul umou xjihl hliuwo` goinx `jnl uml Fle hoi swjiu |i`jbjuleq|oiujujlx df wlxlwvl h|wwlihjlx di xmdwu idujhl umlz xmd|è dhh|sz o swdbjiliu sòhl jiejxh|xxjdix df k`dgo` fjioihjo` xofluz ilu owwoiklbliux) Uml swdg`lb jx umou hliuwo` goinx owlwl`|huoiu ud bonl gòinlu dw oevoihl k|owoiullx ud x|ss`z `jq|jejuz gdum di edblxujh sd`jujho`kwd|iex oie ox o wlx|ù df hdihlwix ogd|u sdxxjg`l bdwo` moowe oie uml wjxn df idu gljik

wlsoje) Idiluml`lxx lffdwux xmd|è gl boel ud l}s`dwl {ozx ud jivd`vl nlz hliuwo` goinx ji umlelvl`dsbliu df o k`dgo` fjioihjo` xofluz ilu oie ud jeliujfz uml hdiejujdix |ielw {mjhm umljwsowujhjsoujdi ji o KFXI hd|è gl jixuju|ujdio`jle) Ox idule ogdvl uml JBFx d{i KXB sòilivjxjdix ju ohujik ox o gwdnlw di uml sowu df hliuwo` goinx g|u umjx jx gz id bloix uml di`zsdxxjg`l dwkoijoujdio` xuw|hu|wl) Jielle jf uml HBJB hd|è dguoji o x{os `jil fwdb xoz umlGoin df Aosoi umjx {d|è kwlou`z wle|hl uml ille ud hddslwoul {jum uml JBF l}hlsu ji uml hoxldf o vlwz òwkl hwjxjx)


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7?

vjl{x df idi"blbglw hd|iuwjlx ji umljw wlkjdi) Umjx jbblejoul`z wojxlx uml q|lxujdi df {mou umlwl`lvoiu wlkjdio` kwd|sjik bjkmu gl) Ji uml hoxl df Oxjo fdw l}obs`l umjx hd|è ljumlw gl umlOXLOI.8 dw uml Loxu Oxjo X|bbju) Xjbjòw`z uml K73 illex ud bonl l}s`jhju o``d{oihl fdw umlwlswlxliuoujdi df x|hm wlkjdio` vjl{x) Umjx o`xd wlq|jwlx lxuog`jxmbliu oie hdixd`jeoujdi dfvowjd|x fdw|bx fdw wlkjdio` fjioihl bjijxulwx hliuwo` goinx oie dumlw wlk|òudwx) Uml bllujikxdf uml OXLOI.8 fjioihl bjijxulwx oie umdxl df uml L}lh|ujvlx Bllujik df Loxu Oxjo oie Sohjfjh

Hliuwo` Goinx -LBLOS* ille ud gl hddwejioule bdwl xzxulboujho``z) Ox elxhwjgle ogdvl umllxuog`jxmbliu df oi Oxjoi Fjioihjo` Xuogj`juz Ejo`dk|l hd|è hdiuwjg|ul ud umjx swdhlxx)

O i|bglw df jixuju|ujdio` jiidvoujdix ille ud gl boel ud lxuog`jxm o h`low oie uwoixsowliufwobl{dwn fdw wlkjdio` oie k`dgo` bdiluowz hddslwoujdi jih`|ejik1

WFOx xmd|è lxuog`jxm o h`low blhmoijxb fdw umljw l}ulwio` wlswlxliuoujdi ji dumlw fdw|bxwoumlw umoi xjbs`z gljik wlswlxliule fdw l}obs`l gz umljw blbglw hd|iuwjlx umou gl`dik uduml K73 uml JBF dw dumlw fdw|bx)

Uml JBF illex ud lxuog`jxm blhmoijxbx ud hdbb|ijhoul {jum WFOx b|ùjòulwo` goinxoie dumlw wlkjdio` gdejlx oie xmd|è hdixjelw l}uliejik xdbl fdwb df blbglwxmjs udumlb)

JBF kdvlwioihl illex ud gl wlfdwble ud ohhdbbdeoul uml swdsdxle oeejujdix oie$dwhmoiklx ud jux blbglwxmjs)

Uml JBF xmd|è movl uml hosohjuz ud `lie ud WFOx woumlw umoi di`z `liejik ejwlhu`z udblbglw hd|iuwjlx)

Idiluml`lxx ox bliujdile ogdvl uml `lxxdix df uml L|wdsloi xdvlwljki elgu hwjxjx x|kklxuumou uml gjkklxu hmo``likl jx ud elvl`ds hddslwoujdi obdik blbglw hd|iuwjlx df oi WFO udowwjvl ou o sd`jhz hdixlix|x) X|hm sd`jhz hddwejioujdi mox idu zlu glli ulxule ji fdw l}obs`luml HBJB)


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6) HDIH@\XJDIX OIE SD@JHZ JBS@JHOUJDIX

Uml l}slwjlihl df uml k`dgo` fjioihjo` hwjxjx {mlwl fjioihjo` xmdhnx lboioujik fwdb nlzhd|iuwjlx `le ud hdiuokjdi gljik uwoixbjuule owd|ie uml {dwè xmd{x uml ille fdw o òwkl"xho`loie lfflhujvl KFXI) O KFXI xmd|è movl oelq|oul wlxd|whlx ud elo` {jum b|ùjs`l hwjxlx juxmd|è gl hosog`l df wosje oie f`l}jg`l wlxsdixl oie ju xmd|è idu gl lih|bglwle gz mjxudwjho`jbslejbliux x|hm ox uml JBF xujkbo umou {d|è `jbju jux ohhlsuoihl gz wlhjsjliu hd|iuwjlx)Dvlwxjkmu df uml KFXI illex ud gl goxle di hddslwoujdi glu{lli k`dgo` oie wlkjdio` fdw|bxfdw l}obs`l uml K73 oie OXLOI.8 dw LOX)

X|hm o KFXI xmd|è jih`|el uml JBF oie WFOx ou o bjijb|b oie ju jx mjkm`z wlhdbbliele udfjie {ozx ud jih`|el hliuwo` goinx ox swdvjelwx df x{os `jilx oie b|ùjòulwo` goinx ox {l``) Umlgoxjh swjihjs`lx kdvlwijik uml hddslwoujdi df JBF oie WFOx jih`|el wjkdwd|x oie lvli"moielex|wvlj`òihl> wlxslhu df jielslielihl oie elhjxjdi"bonjik swdhlxxlx df lohm jixuju|ujdi oiewlkjdio` xslhjfjhjujlx> dikdjik hd`ògdwoujdi ox o {oz ud g|jè wlkjdio` hosohjuz fdw hwjxjxswlvliujdi> dsli xmowjik df jifdwboujdi oie adjiu bjxxjdix {mlwl ilhlxxowz> xslhjo`joujdigoxle di hdbsowoujvl oevoiuokl> hdixjxulihz df `liejik hdiejujdix oie hdiejujdio`juz oùmd|km

{jum f`l}jgj`juz> wlxslhu df uml JBF ox swlflwwle hwlejudw> x|gxjejowjuz> ovdjeoihl df bdwo` moowe>oie uwoixsowlihz)

Wlòujdix glu{lli uml JBF oie WFOx xmd|è gl jixuju|ujdio`jle) Umjx {d|è jih`|el movjik umlJBF oie dumlw JFJx swdvjel blhmoijxbx fdw fohj`juoujik oie wlhljvjik uml hd``lhujvlwlswlxliuoujdi df uml wlkjdio` jixuju|ujdix jih`|ejik sdxxjg`z jih`|ejik WFOx ox blbglwx ji umlJBF> oie movjik WFOx lxuog`jxm umljw d{i jixuju|ujdix fdw elo`jik {jum uml JBF woumlw umoixjbs`z gljik wlswlxliule gz umljw blbglw hd|iuwjlx) Md{lvlw swdgog`z uml gjkklxu hmo``likljx ud jixuju|ujdio`jl uml swdhlxx df sd`jhz hdixlix|x obdik blbglw hd|iuwjlx df oi WFO)

Hddslwoujdi df x|wvlj`òihl ohujvjujlx illex ud gl jixuju|ujdio`jle ox {l``) WFOx xmd|è gljih`|ele ji JBF Owujh`l JV hdix|ùoujdi bjxxjdix oie o klilwo` xuw|hu|wl fdw xmowjik jifdwboujdioie oxxlxxbliux xmd|è gl lxuog`jxmle) Uml bdxu ejffjh|ù oxslhu jx ud elhjel uml ejvjxjdi df

wlxsdixjgj`jujlx glu{lli uml JBF oie WFOx) Fdw uml fdwlxllog`l f|u|wl bdxu WFOx owl |i`jnl`zud movl x|ffjhjliu wlxd|whlx ud swdvjel vjog`l jielslieliu oùlwioujvlx ud JBF x|wvlj`òihllxslhjo``z {jum wlkowe ud fjioihjo` x|wvlj`òihl) Bdwldvlw uml jihwloxjik xmjfu ud swlq|o`jfjhoujdidf gdwwd{lwx bloix umou xuoieowejle xhmlblx fdw hòxxjfzjik uml hwleju"{dwumjilxx dfgdwwd{lwx {j`` ille ud gl elvl`dsle {mjhm {j`` f|wumlw `jbju uml wddb fdw jielslielihl df WFOx)Uml nlz jxx|l jx md{ ud gwjik umljw wlkjdio` l}slwujxl ud glow ji uml oxxlxxbliu swdhlxx) Bdxu`jnl`z uml xd`|ujdix ud umjx jxx|l {j`` ille ud gl elvl`dsle di o hoxl"gz"hoxl goxjx)

Hddslwoujdi ji fjioihjik ohujvjujlx swdgog`z swlxliux uml bdxu hmo``liklx) O i|bglw df nlzelvl`dsbliux ille ud gl uonli jiud ohhd|iu) Fjwxu ox {jum x|wvlj`òihl uml wlòujvl`z xbo`` xjldf bdxu WFOx hdbsowle {jum `jnl`z f|iejik elboiex ji sdxxjg`l hwjxjx xhliowjdx bloix umouohujdi jielslieliu fwdb uml JBF jx |i`jnl`z ud gl floxjg`l) :

Uml elvl`dsbliu df oi lfflhujvl KFXI wlq|jwlx uml jivd`vlbliu df hliuwo` goinx ud swdvjelmowe h|wwlihz x{os `jilx) @jinjik udklumlw umlxl ejxsowoul l`lbliux jx `jnl`z ud swdvl ejffjh|ù ji`jkmu df uml elxjwl df hliuwo` goinx ud bojiuoji bo}jb|b f`l}jgj`juz ji ulwbx df umljwhdbbjubliux) Uml dumlw wlq|jwlbliu fdw oi lfflhujvl KFXI jx l`jbjioujdi df uml JBF xujkbo

Xlhdie uml xmjfu ud{oweswlq|o`jfjhoujdi oie swlho|ujdiowz `liejik swdkwobx gz uml JBF wlq|jwlx uml WFOx ud fd``d{ x|ju

jf umlz owl ud sowujhjsoul ou umjx xuokl df uml `liejik swdhlxx) Gdum umlxl uwliex {j`` `jbju umlxhdsl fdw jielslieliu ohujdi gz WFOx)

:Uml L|wdsloi Hdbbjxxjdi jx swdgog`z uml boadw l}hlsujdi ud umjx)


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sowujh|òw`z ji Oxjo oie @ouji Oblwjho {mlwl ju jx xuwdik) Dumlw{jxl hd|iuwjlx ji umdxl wlkjdix{j`` xuj`` swlflw oùlwioujvl owwoiklbliux x|hm ox ejwlhu`z dguojijik x{os `jilx fwdb hliuwo`goinx) Uml JBF illex ud jbs`lbliu wlfdwbx df jux kdvlwioihl oie bjxxjdi oie bonl oumdwd|km oie dsli oxxlxxbliu df jux swlvjd|x x|wvlj`òihl oie hdiejujdio`juz ohujvjujlx) WFOxille ud dguoji x|ffjhjliu wlxd|whlx ud kjvl umlb hwlejgj`juz ji ulwbx df uml x|wvlj`òihl ohujvjuzoie uml xjl df f|iejik umlz hoi swdvjel wlòujvl ud uml JBF) L}soiele oie bdwl f`l}jg`l

hosohjuz fdw oeejujdio` XEW o``dhoujdix ille ud gl hdixjelwle) Fjio``z o wle|hujdi jihdiejujdio`juz umou wlq|jwlx o xmjfu ud{owe swlq|o`jfjhoujdi illex ud gl hdixjelwle) Ji hoxlx{mlwl hd|iuwjlx owl jiidhliu gzxuoielwx ji k`dgo` xzxulbjh lvliux hdiejujdio`juz xmd|è glewdssle hdbs`lul`z g|u ju illex ud gl wluojile ji uml hoxl df jiosswdswjoul sd`jhjlx)Ejxujik|jxmjik glu{lli umlxl u{d l} oiul oie l} sdxu jx `jnl`z ud swdvl o boadw hmo``likl)


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7

regional and global monetary cooperation

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