Page 11 - C:\Users\MK\AppData\Local\Temp\mso3213.tmp

³ N RQ q SXQLELOH FKL KD FRPPHVVR LO IDWWR SHU HVVHUYL _
&217$77, ',5(77,

VWDWR FRVWUHWWR GDOOD QHFHVVLWj GL VDOYDUH Vp RG DOWUL GDO
SHULFROR DWWXDOH GL XQ GDQQR JUDYH DOOD SHUVRQD
SHULFROR GD OXL QRQ YRORQWDULDPHQWH FDXVDWR Qp DOWULPHQWL HYLWDELOH VHPSUH VHJUHWHULD#DUWHPDU]LDOH RUJ
FKH LO IDWWR VLD SURSRU]LRQDWR DO SHULFRORª $57(0$5=,$/( 25*

6LQWHWLFDPHQWH O¶DUWLFROR >DSSURYDWR DQFK¶HVVR D ODUJKLVVLPD
&Lz FKH OHJJHUHWH LQ VHJXLWR q XQD GHOOH SULPH QR]LRQL G¶RJQL DUWH
PDJJLRUDQ]D FRQ Vu DQFKH 3G ROWUH D )GL H )L 0RGLILFD
PDU]LDOH &RQRVFHQGR PROWR EHQH TXHVWL GXH DUWLFROL GHO &RGLFH
DOO DUWLFROR GHO FRGLFH SHQDOH FKH RUD GLYHQWD DUW - (FFHVVR
3HQDOH RYYHURVVLD FLz FKH q VWDWR OHJLIHUDWR HG q YLJHQWH VDSUHWH
FROSRVR@ HVFOXGH QHOOH YDULH LSRWHVL GL OHJLWWLPD GLIHVD
VH H FRPH DJLUH TXDQGR H LO SHUFKp DGRSHUDUVL
GRPLFLOLDUH OD SXQLELOLWj GL FKL ©WURYDQGRVL LQ FRQGL]LRQL GL

PLQRUDWD GLIHVD R LQ VWDWR GL JUDYH WXUEDPHQWR GHULYDQWH GDOOD

VLWXD]LRQH GL SHULFROR FRPPHWWH LO IDWWR SHU OD VDOYDJXDUGLD GHOOD
&RPSUHQGR SHUIHWWDPHQWH TXDQWR SHU DOFXQL OD OHWWXUD GL FLz FKH
SURSULD R DOWUXL LQFROXPLWjª
VHJXH SRWUHEEH HVVHUH ROWUHPRGR GLVDJHYROH ILQDQFKH GL GLIILFLOH

FRPSUHQVLRQH PD VH YROHWH LPSDUDUH D GLIHQGHUYL LQL]LDWH GD

TXHVWR

$UW - &RVu GLVSRQH ³1RQ q SXQLELOH FKL KD FRPPHVVR LO IDWWR

SHU HVVHUYL VWDWR FRVWUHWWR GDOOD QHFHVVLWj GL VDOYDUH Vp RG DOWUL GDO

SHULFROR DWWXDOH GL XQ GDQQR JUDYH DOOD SHUVRQD SHULFROR GD OXL

QRQ YRORQWDULDPHQWH FDXVDWR Qp DOWULPHQWL HYLWDELOH VHPSUH FKH LO
$UW - /D QXRYD OHJJH VXOOD OHJLWWLPD GLIHVD Q GHO
IDWWR VLD SURSRU]LRQDWR DO SHULFROR 4XHVWD GLVSRVL]LRQH QRQ VL
DSULOH KD LQWURGRWWR QHO QRVWUR RUGLQDPHQWR SHQDOH OD QXRYD
DSSOLFD D FKL KD XQ SDUWLFRODUH GRYHUH JLXULGLFR GL HVSRUVL DO
ILJXUD GHOOD OHJLWWLPD GLIHVD GRPLFLOLDUH /¶DUW GHOOD OHJJH
SHULFROR /D GLVSRVL]LRQH GHOOD SULPD SDUWH GL TXHVWR DUWLFROR VL
PRGLILFD O DUWLFROR GHO &RGLFH 3HQDOH FKH RUD GLYHQWD DUW
DSSOLFD DQFKH VH OR VWDWR GL QHFHVVLWj q GHWHUPLQDWR GDOO DOWUXL
³GLIHVD OHJLWWLPD´ LO TXDOH VWDELOLVFH FKH 1RQ q SXQLELOH FKL
PLQDFFLD PD LQ WDO FDVR GHO IDWWR FRPPHVVR GDOOD SHUVRQD
KD FRPPHVVR LO IDWWR SHU HVVHUYL VWDWR FRVWUHWWR GDOOD QHFHVVLWj GL
PLQDFFLDWD ULVSRQGH FKL O KD FRVWUHWWD D FRPPHWWHUOR´
GLIHQGHUH XQ GLULWWR SURSULR RG DOWUXL FRQWUR LO SHULFROR DWWXDOH GL
(VHPSL WLSLFL GL DSSOLFD]LRQH GHOOR VWDWR GL QHFHVVLWj VRQR L
XQD RIIHVD LQJLXVWD VHPSUH FKH OD GLIHVD VLD SURSRU]LRQDWD
VHJXHQWL LO QDXIUDJR FKH SHU VDOYDUVL UHVSLQJH XQ DOWUR QDXIUDJR
DOO¶RIIHVD 1HL FDVL SUHYLVWL GDOO DUWLFROR SULPR H VHFRQGR
DJJUDSSDWRVL DOOD VWHVVD WDYROD LQFDSDFH GL VRVWHQHUH HQWUDPEL
FRPPD VXVVLVWH VHPSUH LO UDSSRUWR GL SURSRU]LRQH GL FXL DO SULPR
O¶DOSLQLVWD FKH WDJOLD OD FRUGD GHO FRPSDJQR FKH KD SHUVR OD SUHVD
FRPPD GHO SUHVHQWH DUWLFROR VH WDOXQR OHJLWWLPDPHQWH SUHVHQWH LQ
H FKH ULVFKLD GL WUDVFLQDUOR FRQ Vp OD PDQRYUD GL HPHUJHQ]D GL XQ
XQR GHL OXRJKL LYL LQGLFDWL XVD XQ DUPD OHJLWWLPDPHQWH GHWHQXWD R
DXWRPRELOLVWD FKH SHU HYLWDUH XQ FDPLRQ VWHU]D EUXVFDPHQWH
DOWUR PH]]R LGRQHR DO ILQH GL GLIHQGHUH D OD SURSULD R OD DOWUXL
LQYHVWHQGR XQ SDVVDQWH OD SHUVRQD LQ JUDYH VWDWR GL LQHGLD FKH
LQFROXPLWj E L EHQL SURSUL R DOWUXL TXDQGR QRQ YL q GHVLVWHQ]D H
UXED SHU VIDPDUVL OD SHUVRQD LQVHJXLWD GD XQ OHRQH VFDSSDWR GD
YL q SHULFROR G¶DJJUHVVLRQH /H GLVSRVL]LRQL GL FXL DO VHFRQGR H
XQR ]RR FKH UXED XQ DXWRYHLFROR
DO TXDUWR FRPPD VL DSSOLFDQR DQFKH QHO FDVR LQ FXL LO IDWWR VLD
/D QRUPD RSHUD DQFKH ULVSHWWR DL UHDWL FROSRVL /¶HVHPSLR FODVVLFR
DYYHQXWR DOO LQWHUQR GL RJQL DOWUR OXRJR RYH YHQJD HVHUFLWDWD
q TXHOOR GHO JHQLWRUH FKH DOOD JXLGD GL XQ¶DXWRPRELOH YHGH LO
XQ DWWLYLWj FRPPHUFLDOH SURIHVVLRQDOH R LPSUHQGLWRULDOH 1HL
ILJOLR GL SRFKL DQQL FDPPLQDUH SHULFRORVDPHQWH VX XQ DUJLQH H
FDVL GL FXL DO VHFRQGR H DO WHU]R FRPPD DJLVFH VHPSUH LQ VWDWR GL
DUUHVWD EUXVFDPHQWH LO YHLFROR FDXVDQGR XQ WDPSRQDPHQWR
OHJLWWLPD GLIHVD FROXL FKH FRPSLH XQ DWWR SHU UHVSLQJHUH
)RQGDPHQWR GHOOD QRUPD /D VFULPLQDQWH GHOOR VWDWR GL QHFHVVLWj
O LQWUXVLRQH SRVWD LQ HVVHUH FRQ YLROHQ]D R PLQDFFLD GL XVR GL
SUHVHQWD PROWH DIILQLWj FRQ TXHOOD GHOOD OHJLWWLPD GLIHVD PD VH QH
DUPL R GL DOWUL PH]]L GL FRD]LRQH ILVLFD GD SDUWH GL XQD R SL
GLIIHUHQ]LD SHU DOFXQL DVSHWWL TXL QRQ YLHQH OHVR LO GLULWWR
SHUVRQH /D QXRYD OHJJH VWDWXLVFH FKH ©FKL FRPSLH XQ DWWR SHU
GHOO DJJUHVVRUH PD GL XQ HVWUDQHR GHO WXWWR LQQRFHQWH DO IDWWR OR
UHVSLQJHUH O¶LQWUXVLRQH SRVWD LQ HVVHUHª QHO SURSULR GRPLFLOLR
VWDWR GL QHFHVVLWj q LQYRFDELOH QRQ SHU GLIHQGHUH TXDOXQTXH GLULWWR
©DJLVFH VHPSUH LQ VWDWR GL OHJLWWLPD GLIHVDª HVVHQGR ©VHPSUHª
PD VROR LQ FDVR GL ³GDQQR JUDYH DOOD SHUVRQD´ LO VRJJHWWR
VXVVLVWHQWH LO UDSSRUWR GL SURSRU]LRQDOLWj WUD OD GLIHVD H O¶RIIHVD
SUHJLXGLFDWR KD GLULWWR D XQ HTXR LQGHQQL]]R

$7$/$17$ - /$ 6&(/7$ 0$5=2