&LYLOL]DFL³Q

6RORH[LVWHXQDFLYLOL]DFL³QHQHOPXQGR


0LHQWUDV 0DUN =XFNHUEHUJ VXH±D FRQ XQLU D OD KXPDQLGDG HQ O­QHD
DFRQWHFLPLHQWRVUHFLHQWHVHQHOPXQGRIXHUDGHO­QHDSDUHFHQLQVXIODUQXHYD
YLGD D OD WHVLV GHO lFKRTXH GH FLYLOL]DFLRQHV{ 0XFKRV H[SHUWRV SRO­WLFRV \
FLXGDGDQRV FRUULHQWHV FUHHQ TXH OD JXHUUD FLYLO HQ 6LULD HO DXJH GH (VWDGR
,VO¡PLFR HO FDRV GHO %UH[LW \ OD LQHVWDELOLGDG GH OD 8QL³Q (XURSHD VRQ
UHVXOWDGR GH XQ HQIUHQWDPLHQWR HQWUH OD lFLYLOL]DFL³Q RFFLGHQWDO{ \ OD
lFLYLOL]DFL³QLVO¡PLFD{/RVLQWHQWRVRFFLGHQWDOHVGHLPSRQHUODGHPRFUDFLD\
ORV GHUHFKRV KXPDQRV HQ ODV QDFLRQHV PXVXOPDQDV KDQ SURYRFDGR XQD
YLROHQWDUHVSXHVWDLVO¡PLFD\XQDROHDGDGHLQPLJUDFL³QPXVXOPDQDMXQWRD
DWDTXHVWHUURULVWDVLVODPLVWDVKDQKHFKRTXHORVYRWDQWHVHXURSHRVDEDQGRQHQ
ORVVXH±RVPXOWLFXOWXUDOHVHQIDYRUGHLGHQWLGDGHVFXOWXUDOHV[HQ³IREDV
6HJºQ HVWD WHVLV OD KXPDQLGDG KD HVWDGR GLYLGLGD VLHPSUH HQ YDULDV
FLYLOL]DFLRQHV FX\RV PLHPEURV HQWLHQGHQ HO PXQGR GH PDQHUDV
LUUHFRQFLOLDEOHV (VWDV YLVLRQHV LQFRPSDWLEOHV KDFHQ TXH ORV FRQIOLFWRV HQWUH
FLYLOL]DFLRQHVVHDQLQHYLWDEOHV'HODPLVPDPDQHUDTXHHQODQDWXUDOH]DODV
GLIHUHQWHV HVSHFLHV OXFKDQ SRU OD VXSHUYLYHQFLD VHJºQ ODV OH\HV LPSODFDEOHV
GH OD VHOHFFL³Q QDWXUDO D OR ODUJR GH OD KLVWRULD ODV FLYLOL]DFLRQHV VH KDQ
HQIUHQWDGR UHSHWLGDV YHFHV \ VROR ODV P¡V DGDSWDGDV KDQ VREUHYLYLGR SDUD
FRQWDUOR /RV TXH SDVDQ SRU DOWR HVWH GHVDJUDGDEOH KHFKR \D VH WUDWH GH
SRO­WLFRVOLEHUDOHVRGHLQJHQLHURVTXHHVW¡QHQODVQXEHVORKDFHQDVXPLHQGR
VXSURSLRULHVJR>@
/D WHVLV GHO lFKRTXH GH FLYLOL]DFLRQHV{ WLHQH LPSOLFDFLRQHV SRO­WLFDV
WUDVFHQGHQWDOHV6XVGHIHQVRUHVVRVWLHQHQTXHFXDOTXLHULQWHQWRGHUHFRQFLOLDU
l2FFLGHQWH{FRQHOlPXQGRPXVXOP¡Q{HVW¡GHVWLQDGRDOIUDFDVR/RVSD­VHV
PXVXOPDQHV MDP¡V DGRSWDU¡Q ORV YDORUHV RFFLGHQWDOHV \ ORV SD­VHV
RFFLGHQWDOHVQXQFDSRGU¡QDEVRUEHUFRQ©[LWRDODVPLQRU­DVPXVXOPDQDV(Q
FRQVHFXHQFLD(VWDGRV8QLGRVQRGHEHDGPLWLUDLQPLJUDQWHVGH6LULDR,UDN
\OD8QL³Q(XURSHDGHEHUHQXQFLDUDVXIDODFLDPXOWLFXOWXUDOHQIDYRUGHXQD
LGHQWLGDG RFFLGHQWDO LQPXWDEOH $ OD ODUJD VROR XQD FLYLOL]DFL³Q SXHGH
VREUHYLYLU D ODV SUXHEDV LPSODFDEOHV GH OD VHOHFFL³Q QDWXUDO \ VL ORV
EXU³FUDWDV GH %UXVHODV UHKºVDQ VDOYDU D 2FFLGHQWH GHO SHOLJUR LVO¡PLFR
HQWRQFHV VHU¡ PHMRU TXH *UDQ %UHWD±D 'LQDPDUFD R )UDQFLD YD\DQ SRU VX
FXHQWD
$XQTXH HVW¡ PX\ JHQHUDOL]DGD HVWD WHVLV HV HQJD±RVD 6LQ GXGD HO
IXQGDPHQWDOLVPR LVO¡PLFR SXHGH VXSRQHU XQ UHWR UDGLFDO SHUR OD
lFLYLOL]DFL³Q{DODTXHGHVDI­DHVXQDFLYLOL]DFL³QJOREDO\QRXQIHQ³PHQR
ºQLFDPHQWH RFFLGHQWDO 1R HV FDVXDOLGDG TXH (VWDGR ,VO¡PLFR FRQVLJXLHUD
XQLUHQVXFRQWUD D,U¡Q \ D (VWDGRV 8QLGRV( LQFOXVRORV IXQGDPHQWDOLVWDV
LVO¡PLFRV FRQ WRGDV VXV IDQWDV­DV PHGLHYDOHV VH EDVDQ PXFKR P¡V HQ OD
FXOWXUDFRQWHPSRU¡QHDJOREDOTXHHQOD$UDELDGHOVLJOR 9,,6HQXWUHQGHORV
PLHGRV\ODVHVSHUDQ]DVGHODMXYHQWXGPRGHUQD\DOLHQDGDP¡VTXHGHORVGH
FDPSHVLQRV \ PHUFDGHUHV PHGLHYDOHV &RPR KDQ SODQWHDGR GH PDQHUD
FRQYLQFHQWH 3DQNDM 0LVKUD \ &KULVWRSKHU GH %HOODLJXH ORV LVODPLVWDV
UDGLFDOHVKDQHVWDGRLQIOXLGRVWDQWRSRU0DU[\)RXFDXOWFRPRSRU0DKRPD
\KHUHGDQWDQWRHOOHJDGRGHORVDQDUTXLVWDVHXURSHRVGHOVLJOR;,;FRPRHOGH
ORV FDOLIDV RPH\DV \ DEDV­HV>@ 3RU WDQWR HV PXFKR P¡V H[DFWR FRQVLGHUDU
TXH (VWDGR ,VO¡PLFR HV XQ EURWH GHVFDUULDGR GH OD FXOWXUD JOREDO TXH WRGRV
FRPSDUWLPRV\QRXQDUDPDGHDOJºQPLVWHULRVR¡UEROIRU¡QHR
0¡V LPSRUWDQWH WRGDY­D HV TXH OD DQDORJ­D HQWUH OD KLVWRULD \ OD ELRORJ­D
TXH UHVSDOGD OD WHVLV GHO lFKRTXH GH FLYLOL]DFLRQHV{ HV IDOVD /RV JUXSRV
KXPDQRV GHVGH ODV WULEXV SHTXH±DV D ODV FLYLOL]DFLRQHV HQRUPHV VRQ
IXQGDPHQWDOPHQWH GLIHUHQWHV GH ODV HVSHFLHV DQLPDOHV \ ORV FRQIOLFWRV
KLVW³ULFRV GLILHUHQ PXFK­VLPR GH ORV SURFHVRV GH VHOHFFL³Q QDWXUDO /DV
HVSHFLHV DQLPDOHV SRVHHQ LGHQWLGDGHV REMHWLYDV TXH VH PDQWLHQHQ GXUDQWH
PLOHV \ PLOHV GH JHQHUDFLRQHV (O TXH XQR VHD XQ FKLPSDQF© R XQ JRULOD
GHSHQGH GH VXV JHQHV QR GH VXV FUHHQFLDV \ JHQHV GLIHUHQWHV GLFWDQ
FRPSRUWDPLHQWRVVRFLDOHVGLVWLQWRV/RVFKLPSDQF©VYLYHQHQJUXSRVPL[WRV
GHPDFKRV\KHPEUDV&RPSLWHQSRUHOSRGHUIRUMDQGRFRDOLFLRQHVGHDGHSWRV
GH DPERV VH[RV (QWUH ORV JRULODV HQ FDPELR XQ ºQLFR PDFKR GRPLQDQWH
HVWDEOHFH XQ KDU©Q GH KHPEUDV \ SRU OR JHQHUDO H[SXOVD D FXDOTXLHU PDFKR
DGXOWR TXH SXHGD SRQHU HQ SHOLJUR VX SRVLFL³Q /RV FKLPSDQF©V QR VRQ
FDSDFHV GH DGRSWDU GLVSRVLFLRQHV VRFLDOHV GHO WLSR GH OD GH ORV JRULODV ORV
JRULODVQRVRQFDSDFHVGHHPSH]DUDRUJDQL]DUVHFRPRORVFKLPSDQF©V\SRU
OR TXH VDEHPRV MXVWR ORV PLVPRV VLVWHPDV VRFLDOHV KDQ FDUDFWHUL]DGR D
FKLPSDQF©V\DJRULODVQRVRORHQG©FDGDVUHFLHQWHVVLQRDORODUJRGHFLHQWRV
GHPLOHVGHD±RV
1RHQFRQWUDPRVQDGDSDUHFLGRHQWUHORVKXPDQRV6­ORVJUXSRVKXPDQRV
SXHGHQ WHQHU VLVWHPDV VRFLDOHV GLVWLQWRV SHUR QR HVW¡Q GHWHUPLQDGRV SRU OD
JHQ©WLFD\UDUDYH]GXUDQP¡VGHXQRVSRFRVVLJORV3L©QVHVHHQORVDOHPDQHV
GHO VLJOR ;; SRU HMHPSOR (Q PHQRV GH FLHQ D±RV ORV DOHPDQHV VH
RUJDQL]DURQ HQ VHLV VLVWHPDV PX\ GLIHUHQWHV HO ,PSHULR +RKHQ]ROOHUQ OD
5HSºEOLFD GH :HLPDU HO 7HUFHU 5HLFK OD 5HSºEOLFD 'HPRFU¡WLFD $OHPDQD
HV GHFLU OD $OHPDQLD 2ULHQWDO FRPXQLVWD  OD 5HSºEOLFD )HGHUDO GH
$OHPDQLD HV GHFLU OD $OHPDQLD 2FFLGHQWDO  \ SRU ºOWLPR OD $OHPDQLD
UHXQLGD\GHPRFU¡WLFD'HVGHOXHJRORVDOHPDQHVFRQVHUYDQVXLGLRPD\VX
DPRU SRU OD FHUYH]D \ HO EUDWZXUVW 3HUR H[LVWH DOJXQD HVHQFLD DOHPDQD
ºQLFD TXH ORV GLVWLQJD GH ODV GHP¡V QDFLRQHV \ TXH KD\D SHUPDQHFLGR
LQDOWHUDEOHGHVGH*XLOOHUPR,,KDVWD$QJHOD0HUNHO"<VLHOOHFWRUHQFXHQWUD
DOJXQDHVWDEDWDPEL©QDK­KDFHPLORFLQFRPLOD±RV"
(O 3UH¡PEXOR GH OD &RQVWLWXFL³Q (XURSHD QR UDWLILFDGR  HPSLH]D
GHFODUDQGR TXH VH LQVSLUD HQ lOD KHUHQFLD FXOWXUDO UHOLJLRVD \ KXPDQLVWD GH
(XURSDDSDUWLUGHODFXDOVHKDQGHVDUUROODGRORVYDORUHVXQLYHUVDOHVGHORV
GHUHFKRV LQYLRODEOHV H LQDOLHQDEOHV GH OD SHUVRQD KXPDQD OD GHPRFUDFLD OD
LJXDOGDGODOLEHUWDG\HO(VWDGRGH'HUHFKR{>@$V­I¡FLOPHQWHSRGU­DGDUOD
LPSUHVL³Q GH TXH OD FLYLOL]DFL³Q HXURSHD VH GHILQH SRU ORV YDORUHV GH ORV
GHUHFKRV KXPDQRV OD GHPRFUDFLD OD LJXDOGDG \ OD OLEHUWDG ,QQXPHUDEOHV
GLVFXUVRV \ GRFXPHQWRV WUD]DQ XQD O­QHD GLUHFWD TXH YD GH OD DQWLJXD
GHPRFUDFLD DWHQLHQVH D OD 8QL³Q (XURSHD DFWXDO FHOHEUDQGR GH HVH PRGR
 D±RV GH OLEHUWDG \ GHPRFUDFLD HXURSHDV (VWR UHFXHUGD DO SURYHUELDO
FLHJR TXH SDOSD OD FROD GH XQ HOHIDQWH \ OOHJD D OD FRQFOXVL³Q GH TXH XQ
HOHIDQWH HV XQD HVSHFLH GH EURFKD 6­ ODV LGHDV GHPRFU¡WLFDV KDQ IRUPDGR
SDUWHGHODFXOWXUDHXURSHDGXUDQWHVLJORVSHURQXQFDHQVXWRWDOLGDG$SHVDU
GH VX SUHVWLJLR H LQIOXHQFLD OD GHPRFUDFLD DWHQLHQVH IXH XQ H[SHULPHQWR
W­PLGR TXH VREUHYLYL³ DSHQDV GRVFLHQWRV D±RV HQ XQ SHTXH±R ULQF³Q GH ORV
%DOFDQHV 6L OD FLYLOL]DFL³Q HXURSHD HQ ORV ºOWLPRV YHLQWLFLQFR VLJORV KD
HVWDGR GHILQLGD SRU OD GHPRFUDFLD \ ORV GHUHFKRV KXPDQRV TX© GHFLU
HQWRQFHVGH(VSDUWD\-XOLR&©VDUGHORVFUX]DGRV\ORVFRQTXLVWDGRUHVGHOD
,QTXLVLFL³Q\GHOWU¡ILFRGHHVFODYRVGH/XLV;,9\GH1DSROH³QGH+LWOHU\
6WDOLQ" )XHURQ WRGRV HOORV LQWUXVRV SURFHGHQWHV GH DOJXQD FLYLOL]DFL³Q
H[WUDQMHUD"
/RFLHUWRHVTXHODFLYLOL]DFL³QHXURSHDHVFXDQWRORVHXURSHRVTXLHUDQTXH
VHDGHOPLVPRPRGRTXHHOFULVWLDQLVPRHVFXDQWRORVFULVWLDQRVTXLHUHQTXH
VHD HO LVODPLVPR FXDQWR ORV PXVXOPDQHV TXLHUHQ TXH VHD \ HO MXGD­VPR
FXDQWR ORV MXG­RV TXLHUHQ TXH VHD < KDQ TXHULGR TXH IXHUDQ FRVDV
QRWDEOHPHQWH GLIHUHQWHV D OR ODUJR GH ORV VLJORV /RV JUXSRV KXPDQRV VH
GHILQHQP¡VSRUORVFDPELRVTXHH[SHULPHQWDQTXHSRUQLQJXQDFRQWLQXLGDG
SHUR QR REVWDQWH FRQVLJXHQ FUHDUVH LGHQWLGDGHV DQWLJXDV JUDFLDV D VXV
KDELOLGDGHV QDUUDWLYDV 1R LPSRUWD TX© UHYROXFLRQHV YLYDQ SRU OR JHQHUDO
SXHGHQHQWUHWHMHUORDQWLJXR\ORQXHYRHQXQºQLFRUHODWR
,QFOXVRXQLQGLYLGXRSXHGHIXVLRQDUFDPELRVSHUVRQDOHVUHYROXFLRQDULRVHQ
XQD KLVWRULD YLWDO FRKHUHQWH H LQWHQVD l6R\ XQD SHUVRQD TXH DQWD±R IXH
VRFLDOLVWDSHURTXHGHVSX©VPHKLFHFDSLWDOLVWDQDF­HQ)UDQFLD\DKRUDYLYR
HQ (VWDGRV 8QLGRV HVWXYH FDVDGR \ OXHJR PH GLYRUFL© WXYH XQ F¡QFHU \
GHVSX©VPHFXU©{'HIRUPDSDUHFLGDXQJUXSRKXPDQRFRPRORVDOHPDQHV
SXHGHOOHJDUDGHILQLUVHSRUORVPLVPRVFDPELRVTXHH[SHULPHQW³l$QWD±R
IXLPRV QD]LV SHUR KHPRV DSUHQGLGR OD OHFFL³Q \ DKRUD VRPRV SDF­ILFRV
GHP³FUDWDV{ 1R WHQHPRV TXH EXVFDU XQD ºQLFD HVHQFLD DOHPDQD TXH VH
PDQLIHVWDUD SULPHUR HQ *XLOOHUPR ,, GHVSX©V HQ +LWOHU \ ILQDOPHQWH HQ
0HUNHO(VWDVWUDQVIRUPDFLRQHVUDGLFDOHVVRQMXVWRORTXHGHILQHODLGHQWLGDG
DOHPDQD6HUDOHP¡QHQVLJQLILFDKDE©UVHODVFRQODGLI­FLOKHUHQFLDGHO
QD]LVPRDOWLHPSRTXHVHGHILHQGHQYDORUHVOLEHUDOHV\GHPRFU¡WLFRV4XL©Q
VDEHORTXHHVWRVLJQLILFDU¡HQ"
/D JHQWH VXHOH QHJDUVH D UHFRQRFHU HVWRV FDPELRV VREUH WRGR FXDQGR VH
WUDWD GH YDORUHV SRO­WLFRV \ UHOLJLRVRV IXQGDPHQWDOHV ,QVLVWLPRV HQ TXH
QXHVWURVYDORUHVVRQXQDKHUHQFLDSUHFLRVDGHDQWLJXRVDQWHSDVDGRV3HURHVR
VRORSRGHPRVGHFLUORSRUTXHQXHVWURVDQWHSDVDGRVKDFHPXFKRTXHPXULHURQ
\QRSXHGHQKDEODUSRUV­PLVPRV3L©QVHVHSRUHMHPSORHQODVDFWLWXGHVGH
ORV MXG­RV KDFLD ODV PXMHUHV (Q OD DFWXDOLGDG ORV MXG­RV XOWUDRUWRGR[RV
SURK­EHQ ODV LP¡JHQHV GH PXMHUHV HQ OD HVIHUD SºEOLFD /DV YDOODV
SXEOLFLWDULDV \ ORV DQXQFLRV GLULJLGRV D ORV MXG­RV XOWUDRUWRGR[RV VXHOHQ
SUHVHQWDUVRORKRPEUHV\FKLFRVQXQFDPXMHUHVQLFKLFDV>@
(Q  VH GHVDW³ XQ HVF¡QGDOR FXDQGR HO GLDULR XOWUDRUWRGR[R GH
%URRNO\Q'L7]HLWXQJSXEOLF³XQDIRWRGHXQRVIXQFLRQDULRVQRUWHDPHULFDQRV
TXHFRQWHPSODEDQODLQFXUVL³QHQHOUHFLQWRGH2VDPDELQ/DGHQGHODTXHVH
KDE­D ERUUDGR GLJLWDOPHQWH D WRGDV ODV PXMHUHV LQFOXLGD OD VHFUHWDULD GH
(VWDGR +LOODU\ &OLQWRQ (O GLDULR H[SOLFDED TXH VH KDE­D YLVWR REOLJDGR D
KDFHUOR GHELGR D ODV lOH\HV GHO UHFDWR{ MXG­DV (VWDOO³ XQ HVF¡QGDOR VLPLODU
FXDQGR HO GLDULR +D0HYDVHU HOLPLQ³ D $QJHOD 0HUNHO GH XQD IRWRJUDI­D
FRUUHVSRQGLHQWH D XQD PDQLIHVWDFL³Q HQ FRQWUD GH OD PDVDFUH GH &KDUOLH
+HEGR QR IXHUD TXH VX LPDJHQ SURYRFDUD SHQVDPLHQWRV OXMXULRVRV HQ ODV
PHQWHV GH ORV GHYRWRV OHFWRUHV (O HGLWRU GH XQ WHUFHU GLDULR XOWUDRUWRGR[R
+DPRGLDGHIHQG­DHVWDSRO­WLFDDOH[SOLFDUTXHlQRVUHVSDOGDQPLOHVGHD±RV
GHWUDGLFL³QMXG­D{>@
(QQLQJºQOXJDUHVP¡VHVWULFWDODSURKLELFL³QGHYHUDPXMHUHVTXHHQOD
VLQDJRJD (Q ODV VLQDJRJDV RUWRGR[DV VH ODV VHJUHJD PLQXFLRVDPHQWH GH ORV
KRPEUHV\VRQFRQILQDGDVDXQD]RQDUHVWULQJLGDGRQGHHVW¡QRFXOWDVWUDVXQD
FRUWLQD GH PRGR TXH QLQJºQ KRPEUH SXHGD YHU SRU FDVXDOLGDG OD IRUPD GH
XQDPXMHUPLHQWUDVUH]DVXVSOHJDULDVROHHODVHVFULWXUDV3HURVLWRGRHVWROR
UHVSDOGDQ PLOHV GH D±RV GH WUDGLFL³Q MXG­D \ GH OH\HV GLYLQDV LQPXWDEOHV
F³PRH[SOLFDUTXHFXDQGRORVDUTXH³ORJRVH[FDYDURQVLQDJRJDVDQWLJXDVHQ
,VUDHO TXH GDWDEDQ GH OD ©SRFD GH OD 0LVKQ¡ \ HO 7DOPXG QR HQFRQWUDUDQ
VH±DODOJXQDGHVHJUHJDFL³QSRUJ©QHUR\HQFDPELRGHVFXEULHUDQVXHORVFRQ
EHOORV PRVDLFRV \ SLQWXUDV HQ ODV SDUHGHV TXH UHSUHVHQWDEDQ D PXMHUHV
DOJXQDV GH HOODV EDVWDQWH OLJHUDV GH URSD" /RV UDELQRV TXH HVFULELHURQ OD
0LVKQ¡ \ HO 7DOPXG VRO­DQ UH]DU \ HVWXGLDU HQ DTXHOODV VLQDJRJDV SHUR ORV
MXG­RV RUWRGR[RV DFWXDOHV OR FRQVLGHUDU­DQ XQD EODVIHPD SURIDQDFL³Q GH ODV
DQWLJXDVWUDGLFLRQHV>@
'LVWRUVLRQHV VLPLODUHV GH ODV WUDGLFLRQHV DQWLJXDV FDUDFWHUL]DQ WRGDV ODV
UHOLJLRQHV (VWDGR ,VO¡PLFR VH MDFWD GH KDEHU YXHOWR D OD YHUVL³Q SXUD \
RULJLQDO GHO LVODPLVPR SHUR OR FLHUWR HV TXH VX LQWHUSUHWDFL³Q GHO LVODP HV
QXHYD6­FLWDQPXFKRVWH[WRVYHQHUDEOHVSHURHOLJHQFRQVXPRFULWHULRTX©
WH[WRVFLWDU\FX¡OHVQR\F³PRLQWHUSUHWDUORV(QUHDOLGDGVXDFWLWXGGHl\R
PHORJXLVR{DODKRUDGHLQWHUSUHWDUORVWH[WRVVDJUDGRVHVHQV­PLVPDPX\
PRGHUQD 7UDGLFLRQDOPHQWH OD LQWHUSUHWDFL³Q HUD XQD SUHUURJDWLYD GH ORV
GRFWRV XOHPDV HUXGLWRV TXH HVWXGLDEDQ OD OH\ \ OD WHRORJ­D PXVXOPDQDV HQ
LQVWLWXFLRQHV UHVSHWDGDV FRPR OD HVFXHOD GH $O$]KDU GH (O &DLUR 3RFRV
GLULJHQWHV GH (VWDGR ,VO¡PLFR SRVHHQ WDOHV FUHGHQFLDOHV \ ORV XOHPDV P¡V
UHVSHWDGRVKDQGHVSUHFLDGRD$EX%DNUDO%DJKGDGL\DORVGHVXFODVHSRU
FULPLQDOHVLJQRUDQWHV>@
(VR QR VLJQLILFD TXH (VWDGR ,VO¡PLFR KD\D VLGR lQR LVO¡PLFR{ R
lDQWLLVO¡PLFR{ FRPR DOJXQRV GLFHQ 5HVXOWD EDVWDQWH LU³QLFR TXH O­GHUHV
FULVWLDQRV FRPR %DUDFN 2EDPD WHQJDQ OD WHPHULGDG GH GHFLU D ORV TXH VH
SURFODPDQ PXVXOPDQHV FRPR $EX %DNU DO%DJKGDGL TX© VLJQLILFD VHU
PXVXOP¡Q>@ /D DFDORUDGD GLVFXVL³Q DFHUFD GH OD YHUGDGHUD HVHQFLD GHO
LVODPHVVLPSOHPHQWHLQºWLO(OLVODPQRWLHQHXQ$'1ILMR(OLVODPHVOR
TXHORVPXVXOPDQHVTXLHUHQTXHVHD>@


$/(0$1(6<*25,/$6

8QDGLIHUHQFLDWRGDY­DP¡VIXQGDPHQWDOGLVWLQJXHDORVJUXSRVKXPDQRVGH
ODV HVSHFLHV DQLPDOHV /DV HVSHFLHV D PHQXGR VH GLYLGHQ SHUR QXQFD VH
IXVLRQDQ +DFH XQRV VLHWH PLOORQHV GH D±RV FKLPSDQF©V \ JRULODV WHQ­DQ
DQWHSDVDGRV FRPXQHV (VWD ºQLFD HVSHFLH DQFHVWUDO VH GLYLGL³ HQ GRV
SREODFLRQHVTXHDOILQDOVLJXLHURQFDPLQRVHYROXWLYRVVHSDUDGRV8QDYH]TXH
RFXUUL³ HVWR QR KDE­D PDQHUD GH YROYHU DWU¡V 3XHVWR TXH ORV LQGLYLGXRV
SHUWHQHFLHQWHV D HVSHFLHV GLIHUHQWHV QR SXHGHQ WHQHU GHVFHQGLHQWHV I©UWLOHV
ODVHVSHFLHVQXQFDSXHGHQIXVLRQDUVH/RVJRULODVQRSXHGHQIXVLRQDUVHFRQ
ORVFKLPSDQF©VODVMLUDIDVQRSXHGHQIXVLRQDUVHFRQORVHOHIDQWHV\ORVSHUURV
QRSXHGHQIXVLRQDUVHFRQORVJDWRV
(QFDPELRODVWULEXVKXPDQDVWHQGLHURQDXQLUVHFRQHOWLHPSRHQJUXSRV
FDGDYH]P¡VJUDQGHV/RVDOHPDQHVPRGHUQRVVXUJLHURQDSDUWLUGHODIXVL³Q
GH VDMRQHV SUXVLDQRV VXDERV \ E¡YDURV TXH KDVWD QR KDFH PXFKR VH
SURIHVDEDQSRFRFDUL±RHQWUHV­6HVDEHTXH2WWRYRQ%LVPDUFNGLMR GHVSX©V
GH KDEHU OH­GR (O RULJHQ GH ODV HVSHFLHV GH 'DUZLQ  TXH HO E¡YDUR HV HO
HVODE³QSHUGLGRHQWUHHODXVWU­DFR\HOKXPDQR>@/RVIUDQFHVHVVHFUHDURQ
SRUODXQLILFDFL³QGHIUDQFRVQRUPDQGRVEUHWRQHVJDVFRQHV\SURYHQ]DOHV
0LHQWUDV WDQWR DO RWUR ODGR GHO &DQDO LQJOHVHV HVFRFHVHV JDOHVHV H
LUODQGHVHVIXHURQXQL©QGRVHSRFRDSRFR GHIRUPDYROXQWDULDRQR SDUDGDU
OXJDU D ORV EULW¡QLFRV (Q XQ IXWXUR QR PX\ OHMDQR DOHPDQHV IUDQFHVHV \
EULW¡QLFRVSRGU­DQWRGDY­DXQLUVHSDUDIRUPDUHXURSHRV
/DV IXVLRQHV QR VLHPSUH GXUDQ FRPR HVWRV G­DV VDEHQ PX\ ELHQ ORV
KDELWDQWHV GH /RQGUHV (GLPEXUJR \ %UXVHODV (O %UH[LW SRGU­D LQLFLDU OD
GHVFRPSRVLFL³Q VLPXOW¡QHD WDQWR GHO 5HLQR 8QLGR FRPR GH OD 8QL³Q
(XURSHD 3HUR D OD ODUJD OD GLUHFFL³Q GH OD KLVWRULD HV FODUD +DFH GLH] PLO
D±RV OD KXPDQLGDG HVWDED GLYLGLGD HQ LQFRQWDEOHV WULEXV DLVODGDV &RQ FDGD
PLOHQLRTXHSDVDEDHVWDV WULEXV VHIXVLRQDURQHQ JUXSRVFDGDYH] PD\RUHV
FUHDQGR FDGD YH] PHQRV FLYLOL]DFLRQHV GLIHUHQWHV (Q ODV JHQHUDFLRQHV
UHFLHQWHV ODV SRFDV FLYLOL]DFLRQHV TXH SHUGXUDEDQ KDQ HVWDGR XQL©QGRVH HQ
XQD ºQLFD FLYLOL]DFL³Q JOREDO /DV GLYLVLRQHV SRO­WLFDV ©WQLFDV FXOWXUDOHV \
HFRQ³PLFDV UHVLVWHQ SHUR QR VRFDYDQ OD XQLGDG IXQGDPHQWDO 'H KHFKR
DOJXQDV GLYLVLRQHV VROR VRQ SRVLEOHV SRU XQD HVWUXFWXUD FRPºQ GRPLQDQWH
3RUHMHPSORHQHFRQRP­DODGLYLVL³QGHOWUDEDMRQRSXHGHIXQFLRQDUDPHQRV
TXHWRGRVFRPSDUWDQXQPLVPRPHUFDGR8QSD­VQRSXHGHHVSHFLDOL]DUVHHQ
SURGXFLU DXWRP³YLOHV R SHWU³OHR D PHQRV TXH SXHGD FRPSUDU DOLPHQWRV D
RWURVSD­VHVTXHFXOWLYDQWULJR\DUUR]
(O SURFHVR GH XQLILFDFL³Q KXPDQD KD DGRSWDGR GRV IRUPDV HVWDEOHFHU
Y­QFXORV HQWUH JUXSRV GLVWLQWRV \ KRPRJHQL]DU SU¡FWLFDV HQ ORV GLVWLQWRV
JUXSRV 3XHGHQ IRUPDUVH Y­QFXORV LQFOXVR HQWUH JUXSRV TXH FRQWLQºDQ
FRPSRUW¡QGRVH GH PDQHUD PX\ GLIHUHQWH 'H KHFKR VH HVWDEOHFHQ Y­QFXORV
LQFOXVR HQWUH HQHPLJRV GHFODUDGRV /D SURSLD JXHUUD SXHGH JHQHUDU DOJXQRV
GHORVY­QFXORVKXPDQRVP¡VIXHUWHV/RVKLVWRULDGRUHVVXHOHQDGXFLUTXHOD
JOREDOL]DFL³Q DOFDQ]³ VX SULPHU SXQWR FXOPLQDQWH HQ  GHVSX©V
H[SHULPHQW³XQDODUJDGLVPLQXFL³QGXUDQWHOD©SRFDGHODVJXHUUDVPXQGLDOHV
\ OD *XHUUD )U­D \ VROR VH UHFXSHU³ D SDUWLU GH >@ (VWR WDO YH] VHD
FLHUWRUHVSHFWRDODJOREDOL]DFL³QHFRQ³PLFDSHURSDVDSRUDOWRODGLQ¡PLFD
GLIHUHQWH DXQTXH LJXDO GH LPSRUWDQWH GH OD JOREDOL]DFL³Q PLOLWDU /D JXHUUD
GLIXQGHLGHDVWHFQRORJ­DV\SHUVRQDVPXFKRP¡VGHSULVDTXHHOFRPHUFLR(Q
 (VWDGRV 8QLGRV HVWDED P¡V HVWUHFKDPHQWH FRQHFWDGR FRQ (XURSD TXH
HQDPERVIXHURQVHSDU¡QGRVHHQORVD±RVGHHQWUHJXHUUDVSDUDDFDEDU
FRQ VXV GHVWLQRV LQH[WULFDEOHPHQWH PH]FODGRV SRU OD 6HJXQGD *XHUUD
0XQGLDO\OD*XHUUD)U­D
/DJXHUUDWDPEL©QKDFHTXHODVSHUVRQDVVHLQWHUHVHQPXFKRP¡VODVXQDV
SRUODVRWUDV(VWDGRV8QLGRVQXQFDWXYRXQFRQWDFWRWDQHVWUHFKRFRQ5XVLD
FRPRGXUDQWHOD*XHUUD)U­DFXDQGRFDGDWRVHQXQSDVLOORGH0RVFºKDF­D
TXHDOJXQDVSHUVRQDVFRUULHUDQSRUODVHVFDOHUDVGH:DVKLQJWRQ/DJHQWHVH
SUHRFXSDPXFKRP¡VSRUVXVHQHPLJRVTXHSRUVXVVRFLRVFRPHUFLDOHV3RU
FDGD SHO­FXOD DPHULFDQD VREUH 7DLZ¡Q SUREDEOHPHQWH KD\D FLQFXHQWD VREUH
9LHWQDP


/$62/,03,$'$60(',(9$/(6

(O PXQGR GH SULQFLSLRV GHO VLJOR ;;, KD LGR PXFKR P¡V DOO¡ GH IRUPDU
Y­QFXORVHQWUHJUXSRVGLIHUHQWHV(QWRGRHOJORERODVSHUVRQDVQRVRORHVW¡Q
HQFRQWDFWRHQWUHV­VLQRTXHFRPSDUWHQFDGDYH]P¡VFUHHQFLDV\SU¡FWLFDV
LG©QWLFDV+DFHPLOD±RVHOSODQHWD7LHUUDHUDWHUUHQRI©UWLOSDUDGRFHQDVGH
PRGHORV SRO­WLFRV GLIHUHQWHV (Q (XURSD SRG­DQ HQFRQWUDUVH SULQFLSDGRV
IHXGDOHVTXHULYDOL]DEDQFRQFLXGDGHVHVWDGRLQGHSHQGLHQWHV\FRQWHRFUDFLDV
PLQºVFXODV (O PXQGR PXVXOP¡Q SRVH­D VX FDOLIDWR TXH DILUPDED WHQHU
VREHUDQ­DXQLYHUVDOSHURWDPEL©QFRQWDEDFRQUHLQRVVXOWDQDWRV\HPLUDWRV
/RVLPSHULRVFKLQRVFUH­DQVHUODºQLFDHQWLGDGSRO­WLFDOHJ­WLPDPLHQWUDVTXH
DO QRUWH \ DO RHVWH FRQIHGHUDFLRQHV WULEDOHV OXFKDEDQ FRQ MºELOR HQWUH V­ /D
,QGLD\HO6XGHVWH$VL¡WLFRHUDQXQFDOLGRVFRSLRGHUHJ­PHQHVPLHQWUDVTXH
ODV RUJDQL]DFLRQHV SRO­WLFDV HQ $P©ULFD IULFD \ $XVWUDODVLD LEDQ GHVGH
PLQºVFXODV EDQGDV GH FD]DGRUHVUHFROHFWRUHV D H[WHQVRV LPSHULRV 1R HV
H[WUD±RTXHLQFOXVRDJUXSRVKXPDQRVYHFLQRVOHVFRVWDUDSRQHUVHGHDFXHUGR
HQ SURFHGLPLHQWRV GLSORP¡WLFRV FRPXQHV SRU QR PHQFLRQDU HQ OH\HV
LQWHUQDFLRQDOHV &DGD VRFLHGDG VH UHJ­D SRU VX SURSLR SDUDGLJPD SRO­WLFR \
HQFRQWUDEDGLI­FLOHQWHQGHU\UHVSHWDUORVFRQFHSWRVSRO­WLFRVDMHQRV
+R\HQG­DHQFDPELRXQºQLFRSDUDGLJPDSRO­WLFRHVDFHSWDGRHQWRGDV
SDUWHV (O SODQHWD HVW¡ GLYLGLGR HQ XQRV  HVWDGRV VREHUDQRV TXH SRU OR
JHQHUDO HVW¡Q GH DFXHUGR HQ ORV PLVPRV SURWRFRORV GLSORP¡WLFRV \ HQ OH\HV
LQWHUQDFLRQDOHV FRPXQHV (Q QXHVWURV DWODV 6XHFLD 1LJHULD 7DLODQGLD \
%UDVLO HVW¡Q PDUFDGRV FRQ HO PLVPR WLSR GH IRUPDV FRORUHDGDV WRGRV VRQ
PLHPEURV GH ODV 1DFLRQHV 8QLGDV \ D SHVDU GH PºOWLSOHV GLIHUHQFLDV VRQ
UHFRQRFLGRV FRPR HVWDGRV VREHUDQRV TXH JR]DQ GH GHUHFKRV \ SULYLOHJLRV
VLPLODUHV'HKHFKRFRPSDUWHQPXFKDVP¡VLGHDV\SU¡FWLFDVSRO­WLFDVTXH
LQFOX\HQ DO PHQRV XQD FUHHQFLD WHVWLPRQLDO HQ FXHUSRV UHSUHVHQWDWLYRV
SDUWLGRV SRO­WLFRV VXIUDJLR XQLYHUVDO \ GHUHFKRV KXPDQRV +D\ SDUODPHQWRV
HQ7HKHU¡Q0RVFº&LXGDGGHO&DER\1XHYD'HOKLDV­FRPRHQ/RQGUHV\
3DU­V &XDQGR LVUDHO­HV \ SDOHVWLQRV UXVRV \ XFUDQLDQRV NXUGRV \ WXUFRV
FRPSLWHQ SRU ORV IDYRUHV GH OD RSLQL³Q SºEOLFD JOREDO WRGRV HPSOHDQ HO
PLVPRGLVFXUVRGHGHUHFKRVKXPDQRVVREHUDQ­DHVWDWDO\OH\LQWHUQDFLRQDO
(O PXQGR SXHGH HVWDU VDOSLFDGR GH YDULRV WLSRV GH lHVWDGRV IUDFDVDGRV{
SHUR VROR FRQRFH XQ SDUDGLJPD SDUD XQ (VWDGR FRQ ©[LWR $V­ OD SRO­WLFD
JOREDO VLJXH HO SULQFLSLR GH $QQD .DU©QLQD WRGRV ORV HVWDGRV H[LWRVRV VRQ
LJXDOHVSHURFDGD(VWDGRIUDFDVDGRIUDFDVDDVXPDQHUDDOIDOWDUOHWDORFXDO
LQJUHGLHQWH GH OD RIHUWD SRO­WLFD GRPLQDQWH 5HFLHQWHPHQWH (VWDGR ,VO¡PLFR
GHVWDFDEDSRUVXUHFKD]RWRWDODHVDRIHUWD\SRUVXLQWHQWRGHHVWDEOHFHUXQ
WLSR GH HQWLGDG SRO­WLFD GH WRGR SXQWR GLIHUHQWH XQ FDOLIDWR XQLYHUVDO 3HUR
MXVWRSRUHVRKDIUDFDVDGR1XPHURVDVIXHU]DVJXHUULOOHUDV\RUJDQL]DFLRQHV
WHUURULVWDV KDQ FRQVHJXLGR HVWDEOHFHU QXHYRV SD­VHV R FRQTXLVWDU SD­VHV \D
H[LVWHQWHV3HURVLHPSUHORKDQKHFKRDFHSWDQGRORVSULQFLSLRVIXQGDPHQWDOHV
GHO RUGHQ SRO­WLFR JOREDO ,QFOXVR ORV WDOLEDQHV EXVFDURQ HO UHFRQRFLPLHQWR
LQWHUQDFLRQDO FRPR HO JRELHUQR OHJ­WLPR GHO SD­V VREHUDQR GH $IJDQLVW¡Q
1LQJºQ JUXSR TXH QLHJXH ORV SULQFLSLRV GH OD SRO­WLFD JOREDO KD FRQVHJXLGR
KDVWDDKRUDHMHUFHUXQFRQWUROGXUDGHURGHQLQJºQWHUULWRULRLPSRUWDQWH
4XL]¡SXHGDDSUHFLDUVHPHMRUODIXHU]DGHOSDUDGLJPDSRO­WLFRJOREDOVLQR
DQDOL]DPRVGXUDVFXHVWLRQHVSRO­WLFDVGHJXHUUD\GLSORPDFLDVLQRDOJRFRPR
ORV-XHJRV2O­PSLFRVGHHQ5­RGH-DQHLUR'HGLTXHPRVXQPRPHQWRD
UHIOH[LRQDUVREUHODPDQHUDFRPRVHRUJDQL]DURQODV2OLPSLDGDV/RV
DWOHWDVVHDJUXSDURQHQGHOHJDFLRQHVSRUVXQDFLRQDOLGDG\QRSRUVXUHOLJL³Q
FODVHR LGLRPD1R KDE­DXQD GHOHJDFL³QEXGLVWDXQD GHOHJDFL³Q SUROHWDULD
XQDGHOHJDFL³QDQJO³IRQD([FHSWRHQXQRVSRFRVFDVRV HQSDUWLFXODUHQORV
GH7DLZ¡Q\3DOHVWLQD GHWHUPLQDUODQDFLRQDOLGDGGHORVDWOHWDVIXHVHQFLOOR
(QODFHUHPRQLDLQDXJXUDOHOGHDJRVWRGHORVDWOHWDVGHVILODURQHQ
JUXSRV \ FDGD JUXSR KDF­D RQGHDU VX EDQGHUD QDFLRQDO &DGD YH] TXH
0LFKDHO 3KHOSV JDQDED RWUD PHGDOOD GH RUR OD EDQGHUD GH ODV EDUUDV \
HVWUHOODVVHDO]DEDDOVRQGHOl6WDU6SDQJOHG%DQQHU{&XDQGR‰PLOLH$QG©RO
FRQVLJXL³ODPHGDOODGHRURHQMXGRVHDO]³ODEDQGHUDWULFRORUIUDQFHVD\VH
LQWHUSUHW³l/D0DUVHOOHVD{
2SRUWXQDPHQWH FDGD SD­V GHO PXQGR WLHQH XQ KLPQR TXH VH DMXVWD DO
PLVPRPRGHORXQLYHUVDO&DVLWRGRVORVKLPQRVVRQIUDJPHQWRVRUTXHVWDOHV
GHXQRVSRFRVPLQXWRVGHGXUDFL³QHQOXJDUGHXQF¡QWLFRGHYHLQWHTXHVROR
SXHGHVHUHMHFXWDGRSRUXQDFDVWDHVSHFLDOGHVDFHUGRWHVDQFHVWUDOHV,QFOXVR
SD­VHV FRPR $UDELD 6DXG­ 3DNLVW¡Q \ HO &RQJR KDQ DGRSWDGR SDUD VXV
KLPQRVFRQYHQFLRQHVPXVLFDOHVRFFLGHQWDOHV/DPD\RU­DVXHQDQFRPRDOJR
TXHKXELHUDFRPSXHVWR%HHWKRYHQ 6HSXHGHSDVDUXQDWDUGHFRQORVDPLJRV
UHSURGXFLHQGR ORV GLVWLQWRV KLPQRV TXH KD\ HQ <RX7XEH H LQWHQWDQGR
DGLYLQDUFX¡OHVFX¡O ,QFOXVRODOHWUDHVFDVLODPLVPDHQWRGRHOPXQGROR
TXH LQGLFD FRQFHSFLRQHV FRPXQHV GH OD SRO­WLFD \ OD OHDOWDG GH JUXSR 3RU
HMHPSOR D TX© QDFL³Q SLHQVD HO OHFWRU TXH SHUWHQHFH HO VLJXLHQWH KLPQR"
VRORKHFDPELDGRHOQRPEUHGHOSD­VSRUHOJHQ©ULFRlPLSD­V{ 

0LSD­VPLSDWULD
ODWLHUUDHQODTXHKHYHUWLGRPLVDQJUH
DTX­HVGRQGHHVWR\GHSLH
SDUDVHUHOJXDUGL¡QGHPLWLHUUDQDWDO
0LSD­VPLQDFL³Q
PLJHQWH\PLSDWULD
SURFODPHPRV
lb0LSD­VXQ¡PRQRV{
/DUJDYLGDDPLSD­VODUJDYLGDDPL(VWDGR
PLQDFL³QPLSDWULDHQVXWRWDOLGDG
&RQVWUX\HVXDOPDGHVSLHUWDVXFXHUSR
 bSRUPLJUDQSD­V
0LJUDQSD­VLQGHSHQGLHQWH\OLEUH
PLKRJDU\PLSD­VDORVTXHTXLHUR
0LJUDQSD­VLQGHSHQGLHQWH\OLEUH
bODUJDYLGDDPLJUDQSD­V

/D UHVSXHVWD HV ,QGRQHVLD 3HUR VH KDEU­D VRUSUHQGLGR HO OHFWRU VL OH
KXELHUDGLFKRTXHODUHVSXHVWDHUDHQUHDOLGDG3RORQLD1LJHULDR%UDVLO"
/DV EDQGHUDV QDFLRQDOHV H[KLEHQ OD PLVPD PRQ³WRQD FRQIRUPLGDG &RQ
XQDºQLFDH[FHSFL³QWRGDVODVEDQGHUDVVRQSLH]DVGHWHODUHFWDQJXODUHVTXH
VH FDUDFWHUL]DQ SRU XQ UHSHUWRULR PX\ OLPLWDGR GH FRORUHV EDQGDV \ IRUPDV
JHRP©WULFDV1HSDOHVHOSD­VDQ³PDORSXHVVXEDQGHUDHVW¡FRPSXHVWDSRU
GRV WUL¡QJXORV 3HUR QXQFD KD JDQDGR XQD PHGDOOD RO­PSLFD  /D EDQGHUD
LQGRQHVLDFRQVLVWHHQXQDEDQGDURMDVREUHXQDEODQFD/DSRODFDPXHVWUDXQD
EDQGD EODQFD VREUH XQD URMD /D EDQGHUD GH 0³QDFR HV LG©QWLFD D OD GH
,QGRQHVLD$XQDSHUVRQDGDOW³QLFDOHFRVWDU­DVH±DODUODGLIHUHQFLDHQWUHODV
EDQGHUDV GH %©OJLFD (O &KDG &RVWD GH 0DUILO )UDQFLD *XLQHD ,UODQGD
,WDOLD 0DOL \ 5XPDQ­D WRGDV WLHQHQ WUHV EDQGDV YHUWLFDOHV GH GLYHUVRV
FRORUHV
$OJXQRV GH HVWRV SD­VHV KDQ HVWDGR HQ]DU]DGRV XQRV FRQWUD RWURV HQ
JXHUUDVLPSODFDEOHVSHURGXUDQWHHOWXPXOWXRVRVLJOR ;;VRORVHFDQFHODURQ
WUHV ROLPSLDGDV GHELGR D OD JXHUUD HQ  \   (Q  (VWDGRV
8QLGRV \ DOJXQRV GH VXV DOLDGRV ERLFRWHDURQ ODV 2OLPSLDGDV GH 0RVFº HQ
 HO EORTXH VRYL©WLFR ERLFRWH³ ODV GH /RV QJHOHV \ HQ RWUDV YDULDV
RFDVLRQHVORV-XHJRV2O­PSLFRVVHHQFRQWUDURQHQHOFHQWURGHXQDWRUPHQWD
SRO­WLFD HQ HVSHFLDO HQ  FXDQGR HO %HUO­Q QD]L IXH HO DQILWUL³Q GH ODV
2OLPSLDGDV \ HQ  FXDQGR WHUURULVWDV SDOHVWLQRV PDVDFUDURQ D OD
GHOHJDFL³QLVUDHO­HQODVGH0ºQLFK 3HURHQVXFRQMXQWRODVFRQWURYHUVLDV
SRO­WLFDVQRKDQGHVEDUDWDGRHOSUR\HFWRRO­PSLFR
5HPRQW©PRQRVDKRUDPLOD±RV6XSRQJDHOOHFWRUTXHTXLHUHFHOHEUDUORV
-XHJRV2O­PSLFRV 0HGLHYDOHVHQ 5­R HQ 2OYLGH SRU XQPRPHQWRTXH
5­R HUD HQWRQFHV XQD SHTXH±D DOGHD GH LQGLRV WXS­>@ \ TXH DVL¡WLFRV
DIULFDQRV\HXURSHRVQLVLTXLHUDHUDQFRQVFLHQWHVGHODH[LVWHQFLDGH$P©ULFD
2OYLGH ORV SUREOHPDV ORJ­VWLFRV GH KDFHU OOHJDU D ORV SULQFLSDOHV DWOHWDV GHO
PXQGRD5­RVLQFRQWDUFRQDYLRQHV2OYLGHWDPEL©QTXHSRFRVGHSRUWHVHUDQ
FRPSDUWLGRV HQ WRGR HO PXQGR H LQFOXVR TXH DXQTXH WRGRV ORV KXPDQRV
SXHGHQFRUUHUQRWRGRVSRGU­DQSRQHUVHGHDFXHUGRHQODVPLVPDVUHJODVSDUD
XQDFRPSHWLFL³QGHFDUUHUD3UHJºQWHVHVLPSOHPHQWHHOOHFWRUF³PRDJUXSDUD
ODV GHOHJDFLRQHV TXH FRPSHWLU­DQ (Q OD DFWXDOLGDG HO &RPLW© 2O­PSLFR
,QWHUQDFLRQDOLQYLHUWHPXFK­VLPDVKRUDVGLVFXWLHQGRODFXHVWL³QGH7DLZ¡Q\
ODGH3DOHVWLQD0XOWLSOLTXHHVWRSRUSDUDHVWLPDUHOQºPHURGHKRUDV
TXHWHQGU­DTXHLQYHUWLUHQODSRO­WLFDGHOD2OLPSLDGD0HGLHYDO
3DUD HPSH]DU HQ  HO ,PSHULR FKLQR 6RQJ QR UHFRQRF­D D QLQJXQD
HQWLGDGSRO­WLFDHQOD7LHUUDFRPRVXLJXDO3RUWDQWRVHU­DXQDKXPLOODFL³Q
LQFRQFHELEOH FRQFHGHU D VX GHOHJDFL³Q RO­PSLFD OD PLVPD FDWHJRU­D TXH VH
GLHUD D ODV GHOHJDFLRQHV GHO UHLQR .RU\R GH &RUHD R DO UHLQR YLHWQDPLWD GH
'DL&R9LHWSRUQRPHQFLRQDUODVGHOHJDFLRQHVGHORVSULPLWLYRVE¡UEDURVGH
DOOHQGHORVPDUHV
(O FDOLID GH %DJGDG DILUPDED DVLPLVPR VX KHJHPRQ­D XQLYHUVDO \ OD
PD\RU­DGHORVPXVXOPDQHVVXQ­HVORUHFRQRF­DQFRPRVXMHIHVXSUHPR6LQ
HPEDUJR HQ W©UPLQRV SU¡FWLFRV HO FDOLID DSHQDV JREHUQDED OD FLXGDG GH
%DJGDG $V­ TXHUU­DQ IRUPDU SDUWH WRGRV ORV DWOHWDV VXQ­HV GH XQD ºQLFD
GHOHJDFL³QGHOFDOLIDWRRTXHUU­DQVHSDUDUVHHQODVGRFHQDVGHGHOHJDFLRQHV
GH ORV QXPHURVRV HPLUDWRV \ VXOWDQDWRV GHO PXQGR VXQ­" 3HUR SRU TX©
TXHGDUVH HQ ORV HPLUDWRV \ VXOWDQDWRV" (O GHVLHUWR $U¡ELJR HVWDED OOHQR GH
WULEXV GH EHGXLQRV OLEUHV TXH QR UHFRQRF­DQ D QLQJºQ MHIH VXSUHPR VDOYR D
$O¡ 7HQGU­D GHUHFKR FDGD XQD GH HOODV D HQYLDU XQD GHOHJDFL³Q
LQGHSHQGLHQWHSDUDFRPSHWLUHQWLURFRQDUFRRFDUUHUDVGHFDPHOORV"(XURSD
GDU­DDOOHFWRUXQQºPHURSDUHFLGRGHTXHEUDGHURVGHFDEH]D8QDWOHWDGHOD
DOGHD QRUPDQGD GH ,YU\ FRPSHWLU­D EDMR HO HVWDQGDUWH GHO FRQGH GH ,YU\
ORFDOGHVXVH±RUHOGXTXHGH1RUPDQG­DRTXL]¡GHOG©ELOUH\GH)UDQFLD"
0XFKDV GH HVWDV HQWLGDGHV SRO­WLFDV DSDUHFLHURQ \ GHVDSDUHFLHURQ HQ
FXHVWL³Q GH D±RV &XDQGR HO OHFWRU HVWXYLHUD SUHSDU¡QGRVH SDUD ORV -XHJRV
2O­PSLFRVGHQRSRGU­DVDEHUGHDQWHPDQRTX©GHOHJDFLRQHVDFXGLU­DQ
SRUTXHQDGLHHVWDU­DVHJXURGHTX©HQWLGDGHVSRO­WLFDVVHJXLU­DQH[LVWLHQGRDO
D±R VLJXLHQWH 6L HO UHLQR GH ,QJODWHUUD KXELHUD HQYLDGR XQD GHOHJDFL³Q D OD
2OLPSLDGD GH  FXDQGR ORV DWOHWDV KXELHUDQ UHWRUQDGR DO KRJDU FRQ VXV
PHGDOODV KDEU­DQ GHVFXELHUWR TXH ORV GDQHVHV DFDEDEDQ GH WRPDU /RQGUHV \
TXH,QJODWHUUDHVWDEDVLHQGRDEVRUELGDHQHO,PSHULRGHOPDUGHO1RUWHGHOUH\
&DQXWR HO *UDQGH MXQWR FRQ 'LQDPDUFD 1RUXHJD \ SDUWHV GH 6XHFLD (Q
FXHVWL³QGHRWUDVGRVG©FDGDVDTXHOLPSHULRVHGHVLQWHJU³SHURWUHLQWDD±RV
P¡VWDUGH,QJODWHUUDIXHFRQTXLVWDGDGHQXHYRSRUHOGXTXHGH1RUPDQG­D
1L TXH GHFLU WLHQH TXH OD LQPHQVD PD\RU­D GH HVWDV HQWLGDGHV SRO­WLFDV
HI­PHUDVQRGLVSRQ­DQGHKLPQRTXHLQWHUSUHWDUQLGHEDQGHUDTXHHQDUERODU
/RV V­PERORV SRO­WLFRV HUDQ GH VXPD LPSRUWDQFLD GHVGH OXHJR SHUR HO
OHQJXDMH VLPE³OLFR GH OD SRO­WLFD HXURSHD HUD PX\ GLVWLQWR GH ORV OHQJXDMHV
VLPE³OLFRVGHODVSRO­WLFDVLQGRQHVLDFKLQDRWXS­3RQHUVHGHDFXHUGRHQXQ
SURWRFRORFRPºQSDUDVH±DODUODYLFWRULDKDEU­DVLGRFDVLLPSRVLEOH
$V­FXDQGRHOOHFWRUYHDORV-XHJRV2O­PSLFRVGH7RNLRHQUHFXHUGH
TXHODDSDUHQWHFRPSHWLFL³QHQWUHQDFLRQHVVXSRQHHQUHDOLGDGXQDVRPEURVR
DFXHUGRJOREDO$XQFRQWRGRHORUJXOORQDFLRQDOTXHODJHQWHVLHQWHFXDQGR
VX GHOHJDFL³Q JDQD XQDPHGDOODGH RUR \VHL]DVXEDQGHUD KD\PXFK­VLPD
P¡VUD]³QSDUDVHQWLURUJXOORSRUTXHODKXPDQLGDGVHDFDSD]GHRUJDQL]DUXQ
DFRQWHFLPLHQWRGHHVWHWLSR
 

81'“/$53$5$*2%(51$5/26$72'26

(Q OD ©SRFD SUHPRGHUQD ORV KXPDQRV SUREDURQ QR VROR GLYHUVRV VLVWHPDV
SRO­WLFRV VLQR WDPEL©Q XQD YDULHGDG DEUXPDGRUD GH PRGHORV HFRQ³PLFRV
/RV ER\DUGRV UXVRV ORV PDUDM¡V KLQGºHV ORV PDQGDULQHV FKLQRV \ ORV MHIHV
WULEDOHV DPHULQGLRV WHQ­DQ LGHDV PX\ GLIHUHQWHV DFHUFD GHO GLQHUR HO
FRPHUFLRORVLPSXHVWRV\HOHPSOHR(QODDFWXDOLGDGHQFDPELRFDVLWRGR
HO PXQGR FUHH FRQ YDULDFLRQHV XQ SRFR GLVWLQWDV HQ HO PLVPR WHPD
FDSLWDOLVWD\WRGRVVRPRVSLH]DVGHXQDºQLFDO­QHDGHSURGXFFL³QJOREDO<D
YLYDPRV HQ HO &RQJR R HQ 0RQJROLD HQ 1XHYD =HODQGD R HQ %ROLYLD
QXHVWUDV UXWLQDV FRWLGLDQDV \ QXHVWUDV ULTXH]DV HFRQ³PLFDV GHSHQGHQ GH ODV
PLVPDV WHRU­DV HFRQ³PLFDV ODV PLVPDV FRPSD±­DV \ EDQFRV \ ORV PLVPRV
IOXMRV GH FDSLWDO 6L ORV PLQLVWURV GH )LQDQ]DV GH ,VUDHO H ,U¡Q WXYLHUDQ TXH
HQFRQWUDUVH SDUD DOPRU]DU FRPSDUWLU­DQ XQ OHQJXDMH HFRQ³PLFR \ SRGU­DQ
I¡FLOPHQWHFRPSUHQGHUODVWULEXODFLRQHVGHFDGDXQR\HPSDWL]DUFRQHOODV
&XDQGR (VWDGR ,VO¡PLFR FRQTXLVW³ JUDQ SDUWH GH 6LULD H ,UDN DVHVLQ³ D
GHFHQDV GH PLOHV GH SHUVRQDV GHPROL³ \DFLPLHQWRV DUTXHRO³JLFRV GHUULE³
HVWDWXDV \ GHVWUX\³ GH PDQHUD VLVWHP¡WLFD ORV V­PERORV GH ORV UHJ­PHQHV
SUHYLRV \ GH OD LQIOXHQFLD FXOWXUDO RFFLGHQWDO>@ 3HUR FXDQGR ORV
FRPEDWLHQWHVGH(VWDGR,VO¡PLFRHQWUDURQHQORVEDQFRVORFDOHV\HQFRQWUDURQ
DOO­ PRQWRQHV GH G³ODUHV HVWDGRXQLGHQVHV FRQ ODV FDUDV GH SUHVLGHQWHV
HVWDGRXQLGHQVHV\FRQOHPDVHQLQJO©VTXHHQVDO]DEDQORVLGHDOHVSRO­WLFRV\
UHOLJLRVRV DPHULFDQRV QR TXHPDURQ HVWRV V­PERORV GHO LPSHULDOLVPR
HVWDGRXQLGHQVH3RUTXHORVELOOHWHVGHG³ODUVRQYHQHUDGRVXQLYHUVDOPHQWHD
WUDY©V GH ODV VHSDUDFLRQHV SRO­WLFDV \ UHOLJLRVDV $XQTXH QR WLHQH XQ YDORU
LQWU­QVHFR QRSRGHPRVFRPHUQRVQLEHEHUQRVXQELOOHWH ODFRQILDQ]DHQHO
G³ODU \ HQ OD VHQVDWH] GH OD 5HVHUYD )HGHUDO HV WDQ V³OLGD TXH LQFOXVR OD
FRPSDUWHQORVIXQGDPHQWDOLVWDVLVO¡PLFRVORVVH±RUHVGHODGURJDPH[LFDQRV
\ORVWLUDQRVQRUFRUHDQRV
3HURODKRPRJHQHLGDGGHODKXPDQLGDGFRQWHPSRU¡QHDHVP¡VDSDUHQWHVL
FRQVLGHUDPRVQXHVWUDYLVL³QGHOPXQGRQDWXUDO\GHOFXHUSRKXPDQR6LXQR
HQIHUPDED KDFH PLO D±RV HUD PX\ LPSRUWDQWH G³QGH YLY­D (Q (XURSD HO
VDFHUGRWHGHOOXJDUOHGLU­DSUREDEOHPHQWHTXHKDE­DKHFKRHQIDGDUD'LRV\
TXH SDUD UHFXSHUDU OD VDOXG WHQ­D TXH GDU DOJR D OD LJOHVLD UHDOL]DU XQD
SHUHJULQDFL³QDXQOXJDUVDJUDGR\UH]DUIHUYLHQWHPHQWHSRUHOSHUG³QGLYLQR
2ODEUXMDGHODDOGHDOHH[SOLFDU­DTXHORKDE­DSRVH­GRXQGHPRQLRDOTXH
SRG­D H[SXOVDU PHGLDQWH FDQFLRQHV EDLOHV \ OD VDQJUH GH XQ JDOOR MRYHQ
QHJUR
(Q 2ULHQWH 3U³[LPR ORV P©GLFRV IRUPDGRV HQ ODV WUDGLFLRQHV FO¡VLFDV
SRGU­DQ GHFLUOH DO HQIHUPR TXH VXV KXPRUHV FRUSRUDOHV HVWDEDQ
GHVHTXLOLEUDGRV \ TXH WHQ­D TXH DUPRQL]DUORV FRQ XQD GLHWD DGHFXDGD \
ORFLRQHV PDOROLHQWHV (Q OD ,QGLD ORV H[SHUWRV D\XUY©GLFRV RIUHFHU­DQ VXV
SURSLDV WHRU­DV HQ UHODFL³Q FRQ HO HTXLOLEULR HQWUH ORV WUHV HOHPHQWRV
FRUSRUDOHV FRQRFLGRV FRPR GRVKDV \ UHFRPHQGDU­DQ XQ WUDWDPLHQWR GH
KLHUEDV PDVDMHV \ SRVWXUDV GH \RJD /RV P©GLFRV FKLQRV ORV FKDPDQHV
VLEHULDQRV ORV EUXMRV DIULFDQRV ORV FXUDQGHURV DPHULQGLRV FDGD LPSHULR
UHLQR\WULEXFRQWDEDQFRQVXVSURSLDVWUDGLFLRQHV\H[SHUWRVFDGDXQRGHORV
FXDOHV WHQ­D LGHDV GLVWLQWDV GHO FXHUSR KXPDQR \ OD QDWXUDOH]D GH OD
HQIHUPHGDG \ FDGD XQR GH ORV FXDOHV RIUHF­D VX SURSLR FXHUQR GH OD
DEXQGDQFLD GH ULWXDOHV EUHEDMHV \ FXUDV $OJXQRV GH HVWRV IXQFLRQDEDQ
LQFUH­EOHPHQWH ELHQ PLHQWUDV TXH RWURV FDVL VXSRQ­DQ XQD VHQWHQFLD GH
PXHUWH/RºQLFRTXHXQ­DODVSU¡FWLFDVP©GLFDVHXURSHDVFKLQDVDIULFDQDV\
DPHULFDQDVHUDTXHDOPHQRVXQWHUFLRGHORVQL±RVPRU­DQDQWHVGHDOFDQ]DU
ODHGDGDGXOWD\TXHODHVSHUDQ]DGHYLGDPHGLDVHKDOODEDPX\SRUGHEDMRGH
ORVFLQFXHQWDD±RV>@
+R\HQG­DVLQRVSRQHPRVHQIHUPRVHVPXFKRPHQRVLPSRUWDQWHG³QGH
YLYDPRV (Q 7RURQWR 7RNLR 7HKHU¡Q R 7HO $YLY VH QRV WUDVODGDU¡ D
KRVSLWDOHV GH DVSHFWR VLPLODU GRQGH HQFRQWUDUHPRV D P©GLFRV FRQ EDWD
EODQFD TXH DSUHQGLHURQ ODV PLVPDV WHRU­DV FLHQW­ILFDV HQ ODV PLVPDV
IDFXOWDGHV GH 0HGLFLQD 6HJXLU¡Q LG©QWLFRV SURWRFRORV \ XVDU¡Q LG©QWLFDV
SUXHEDV SDUD HPLWLU GLDJQ³VWLFRV PX\ VLPLODUHV 'HVSX©V GLVSHQVDU¡Q ODV
PLVPDV PHGLFLQDV SURGXFLGDV SRU ODV PLVPDV HPSUHVDV IDUPDF©XWLFDV
LQWHUQDFLRQDOHV6LJXHKDELHQGRDOJXQDVGLIHUHQFLDVFXOWXUDOHVPHQRUHVSHUR
ORVP©GLFRVFDQDGLHQVHVMDSRQHVHVLUDQ­HVHLVUDHO­HVWLHQHQRSLQLRQHVPX\
SDUHFLGDV GHO FXHUSR KXPDQR \ ODV HQIHUPHGDGHV 'HVSX©V GH TXH (VWDGR
,VO¡PLFR WRPDUD $O 5DTD \ 0RVXO QR GHUULE³ ORV KRVSLWDOHV ORFDOHV HQ
FDPELR HPLWL³ XQ OODPDPLHQWR D P©GLFRV \ D HQIHUPHUDV PXVXOPDQHV GH
WRGRHOPXQGRSDUDTXHGHIRUPDYROXQWDULDSUHVWDUDQVXVVHUYLFLRVDOO­>@
6H VXSRQHTXHLQFOXVR ORV P©GLFRV \ODV HQIHUPHUDV LVODPLVWDV FUHHQ TXHHO
FXHUSRHVW¡FRQVWLWXLGRSRUF©OXODVTXHODVHQIHUPHGDGHVODVFDXVDQDJHQWHV
SDW³JHQRV\TXHORVDQWLEL³WLFRVPDWDQODVEDFWHULDV
<TX©FRQVWLWX\HHVWDVF©OXODV\EDFWHULDV"<GHKHFKRTX©FRQVWLWX\H
HO PXQGR HQWHUR" +DFH PLO D±RV FDGD FXOWXUD WHQ­D VX SURSLR UHODWR GHO
XQLYHUVR \ GH ORV LQJUHGLHQWHV IXQGDPHQWDOHV GHO FDOGR F³VPLFR (Q OD
DFWXDOLGDG ODV SHUVRQDV FXOWDV GH WRGR HO PXQGR FUHHQ H[DFWDPHQWH ODV
PLVPDVFRVDVVREUHODPDWHULDODHQHUJ­DHOWLHPSR\HOHVSDFLR3RQJDPRV
HO HMHPSOR GH ORV SURJUDPDV QXFOHDUHV GH ,U¡Q \ &RUHD GHO 1RUWH 7RGR HO
SUREOHPD UHVLGH HQ TXH LUDQ­HV \ QRUFRUHDQRV WLHQHQ H[DFWDPHQWH HO PLVPR
SDUHFHU VREUH OD I­VLFD TXH LVUDHO­HV \ HVWDGRXQLGHQVHV 6L LUDQ­HV \
QRUFRUHDQRV FUH\HUDQ TXH (  PF D ,VUDHO \ D (VWDGRV 8QLGRV OHV
LPSRUWDU­DQXQFRPLQRVXVSURJUDPDVQXFOHDUHV
/DJHQWHWLHQHWRGDY­DGLIHUHQWHVUHOLJLRQHVHLGHQWLGDGHVQDFLRQDOHV3HUR
FXDQGR VH WUDWD GH DVXQWRV SU¡FWLFRV F³PR FRQVWUXLU XQ HVWDGR XQD
HFRQRP­D XQ KRVSLWDO R XQD ERPED  FDVL WRGRV SHUWHQHFHPRV D OD PLVPD
FLYLOL]DFL³Q ([LVWHQ GLVFUHSDQFLDV VLQ GXGD SHUR WRGDV ODV FLYLOL]DFLRQHV
WLHQHQ VXV GLVSXWDV LQWHUQDV (Q UHDOLGDG WDOHV GLVSXWDV ODV GHILQHQ &XDQGR
LQWHQWDQ GHVFULELU VX LGHQWLGDG ODV SHUVRQDV VXHOHQ KDFHU XQD OLVWD GH OD
FRPSUD FRQ UDVJRV FRPXQHV (V XQ HUURU /HV LU­D PXFKR PHMRU VL KLFLHUDQ
XQD OLVWD GH FRQIOLFWRV \ GLOHPDV FRPXQHV 3RU HMHPSOR HQ  (XURSD
FDUHF­D GH XQD VROD LGHQWLGDG UHOLJLRVD HVWDED GHILQLGD SRU HO FRQIOLFWR
UHOLJLRVR 6HU HXURSHR HQ  VLJQLILFDED REVHVLRQDUVH FRQ GLIHUHQFLDV
GRFWULQDOHV PLQºVFXODV HQWUH FDW³OLFRV \ SURWHVWDQWHV R HQWUH FDOYLQLVWDV \
OXWHUDQRV \ FRQ HVWDU GLVSXHVWR D PDWDU R TXH WH PDWDUDQ GHELGR D HVWDV
GLIHUHQFLDV 6L HQ  D XQ KXPDQR QR OH SUHRFXSDEDQ HVWRV FRQIOLFWRV
GLFKDSHUVRQDVHU­DTXL]¡XQWXUFRRXQKLQGºSHURVLQGXGDQRXQHXURSHR
'H IRUPD VLPLODU HQ  *UDQ %UHWD±D \ $OHPDQLD WHQ­DQ YDORUHV
SRO­WLFRV PX\ GLVWLQWRV SHUR DPEDV IRUPDEDQ SDUWH LQWHJUDO GH OD
lFLYLOL]DFL³QHXURSHD{+LWOHUQRHUDPHQRVHXURSHRTXH&KXUFKLOO0¡VELHQ
OD PLVPD OXFKD HQWUH DPERV GHILQL³ OR TXH HUD VHU HXURSHR HQ DTXHOOD
FR\XQWXUDFRQFUHWDGHODKLVWRULD(QFRQWUDVWHHQXQFD]DGRUUHFROHFWRU
NXQJ QR HUD HXURSHR SRUTXH OD FRQIURQWDFL³Q HXURSHD LQWHUQD DFHUFD GH OD
UD]D\HOLPSHULRKDEU­DQWHQLGRSRFRVHQWLGRSDUD©O
/DVSHUVRQDVFRQTXLHQHVQRVSHOHDPRVP¡VDPHQXGRVRQORVPLHPEURV
GHQXHVWUDSURSLDIDPLOLD/DLGHQWLGDGVHGHILQHP¡VSRUFRQIOLFWRV\GLOHPDV
TXHSRUDFXHUGRV4X©VLJQLILFDVHUHXURSHRHQ"1RVLJQLILFDWHQHUOD
SLHO EODQFD FUHHU HQ -HVXFULVWR R GHIHQGHU OD OLEHUWDG (Q FDPELR VLJQLILFD
GHEDWLU DSDVLRQDGDPHQWH DFHUFD GH OD LQPLJUDFL³Q OD 8QL³Q (XURSHD \ ORV
O­PLWHV GHO FDSLWDOLVPR \ WDPEL©Q SUHJXQWDUQRV GH PDQHUD REVHVLYD l4X©
GHILQHPLLGHQWLGDG"{DV­FRPRSUHRFXSDUQRVSRUODSREODFL³QHQYHMHFLGDHO
FRQVXPLVPR GHVERFDGR \ HO FDOHQWDPLHQWR JOREDO (Q VXV FRQIOLFWRV \
GLOHPDVORVHXURSHRVGHOVLJOR;;,VRQGLIHUHQWHVGHVXVDQWHSDVDGRVGH
\ SHURVRQFDGDYH]P¡VSDUHFLGRVDVXVVRFLRVFRPHUFLDOHV FKLQRVH
LQGLRV
&XDOHVTXLHUD TXH VHDQ ORV FDPELRV TXH QRV DJXDUGDQ HQ HO IXWXUR HV
SUREDEOH TXH LPSOLTXHQ XQD OXFKD IUDWHUQD HQ HO VHQR GH XQD ºQLFD
FLYLOL]DFL³QHQOXJDUGHXQDFRQIURQWDFL³QHQWUHFLYLOL]DFLRQHVH[WUD±DV/RV
JUDQGHV GHVDI­RV GHO VLJOR ;;, VHU¡Q GH QDWXUDOH]D JOREDO 4X© RFXUULU¡
FXDQGR HO FDPELR FOLP¡WLFR GHVHQFDGHQH FDW¡VWURIHV HFRO³JLFDV" 4X©
RFXUULU¡ FXDQGR ORV RUGHQDGRUHV VXSHUHQ D ORV KXPDQRV FDGD YH] HQ P¡V
WDUHDV \ ORV VXVWLWX\DQ HQ XQ QºPHUR FUHFLHQWH GH HPSOHRV" 4X© RFXUULU¡
FXDQGR OD ELRWHFQRORJ­D QRV SHUPLWD PHMRUDU D ORV KXPDQRV \ DODUJDU OD
GXUDFL³Q GH OD YLGD" 6LQ GXGD WHQGUHPRV JUDQGHV GHEDWHV \ DPDUJRV
FRQIOLFWRV VREUH HVWDV FXHVWLRQHV 3HUR HV LPSUREDEOH TXH GLFKRV GHEDWHV \
FRQIOLFWRV QRV D­VOHQ D XQRV GH RWURV -XVWR OR FRQWUDULR 1RV KDU¡Q WRGDY­D
P¡VLQWHUGHSHQGLHQWHV$XQTXHODKXPDQLGDGHVW¡PX\OHMRVGHFRQVWLWXLUXQD
FRPXQLGDG DUPRQLRVD WRGRV VRPRV PLHPEURV GH XQD ºQLFD \ UHYROWRVD
FLYLOL]DFL³QJOREDO
&³PRH[SOLFDUSXHVODROHDGDQDFLRQDOLVWDTXHVHH[WLHQGHSRUJUDQSDUWH
GHO PXQGR" 4XL]¡ HQ QXHVWUR HQWXVLDVPR SRU OD JOREDOL]DFL³Q KD\DPRV
GHVSDFKDGR FRQ GHPDVLDGD FHOHULGDG D ODV EXHQDV \ DQWLJXDV QDFLRQHV (O
UHWRUQR DO QDFLRQDOLVPR WUDGLFLRQDO SRGU­D VHU OD VROXFL³Q SDUD QXHVWUDV
GHVHVSHUDGDV FULVLV JOREDOHV" 6L OD JOREDOL]DFL³Q FRQOOHYD WDQWRV SUREOHPDV
SRUTX©QRDEDQGRQDUODVLPSOHPHQWH"