/¶,WDOLDEHO3DHVH $QGUHD%R]]DA& &RRUGLQDPHQWR &RRUGLQDPHQWR SURIVVD3DOPD0DUWLQR 3DOPD0DUWLQR /DUHGD]LRQH /DUHGD]LRQH *DEULHOOD%HOOLQLA$ 0DULDODXUD*LDFRLDA$ *HPPD3L]]XOOLA$ 9DOHQWLQR3DFFLDQDA$,6$ (OLVDEHWWD5XVVRA& ,ODULD%HOOLQLA& 5RVDOLQGD5RVDWRA& $QGUHD%R]]DA& 1LFOD&RODFLFFRA( &ODXGLD/RIRUHVHA( 9LWDOED&DOz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j 3DJ $WWXDOLWj 3DJ )RFXV 3DJ 9LFR(YHQWL 3DJ $UWLVWLDOO·RSHUD 3DJ /LEUL²SRVWD 3DJ (GLWRULDOH (GLWRULDOH $GPDLRUD6HPSUHHRYXQTXH & DULUDJD]]LH DOOD YLJLOLD GHOO·DSSXQWDPHQWR GD YRL WDQWR DWWHVR H WDOYROWD ´WHPXWRµ TXHOOR GHJOL (VDPL GL 6WD WRYRJOLRULYROJHUYLXQEUHYHPDVLJQLILFDWLYRPHVVDJ JLRHGDXJXULRFKHYLDFFRPSDJQLILQRDOODUHDOL]]D ]LRQHGHO9RVWURSURJHWWRGLYLWD 2JJL VHPSUH GL SL L JLRYDQL FKLHGRQR DOOD VFXROD QRQ VROR QR]LRQL PD DQFKH H VRSUDWWXWWR RULHQWD PHQWL LQVHJQDPHQWL IRQGDPHQWDOL FULWHUL SHU LQWHU SUHWDUH O·HVLVWHQ]D H LO GHOLFDWR SDVVDJJLR DO PRQGR GHO ODYRUR ,Q TXHVWR SULPR DQQR GL GLULJHQ]D QHOO·LVWLWXWR ´*%9LFRµ KR FHUFDWR GL RIIULU9L QRQ VROR RSSRUWXQLWjGLFRQWDWWRFRQODFXOWXUDGLFXLVLVRVWDQ ]DODYLWDGLXQDFRPXQLWjPDGLDJJLXQJHUYLDQFKH TXDOFKH WHVWLPRQLDQ]D GHOOD SDVVLRQH GHOO·LPSHJQR GHOO·DWWHQ]LRQH FKH PHULWD LO FDPPLQR GHOOD FRQR VFHQ]DGL9RLJLRYDQLDOODULFHUFDGHOORVFRSRSHUFXL YDOJDODSHQDVWXGLDUHFRVWUXLUHIRQGDUHQXRYHEDVL FXOWXUDOLVXFXLLPSRVWDUHODFRQYLYHQ]DWUDSHUVRQHH ODFRQRVFHQ]DHSRWHUVLRULHQWDUHQHOPRQGR 1HO QXRYR SHUFRUVR GL VWXGLR H GL YLWD FHUFDWH VHP SUH GL FRQLXJDUH SULQFLSL GL LVWUX]LRQH H GL HGXFD]LR QHSHUFKpO·LVWUX]LRQHVWHVVDVLDHGXFD]LRQH /D VFXROD q XQ·RSSRUWXQLWj LQVRVWLWXLELOH SHUz XQR VWXGHQWHVXFLQTXHQRQqFRQWHQWRGHOODVFXRODFKH IUHTXHQWDFRPHSUREDELOPHQWHYDOHSHUTXDOFXQR GLYRL3URSULRDTXHVWLYRJOLRULYROJHUHO·LQYLWRDFRQVL GHUDUHLFRQWLQXLVIRU]LGHL*HQLWRULHGHL'RFHQWLSHU FHUFDUH GL GDUH ULVSRVWH DOOD GRPDQGH GL VHQVR FKH SURYHQJRQR GDOOD UHDOWj VRFLDOH ULSHQVDQGRVL FRQWL QXDPHQWHSHUHVVHUHDOO·DOWH]]DGHOOHVILGHDWWXDOL /D 6FXROD OD 1RVWUD 6FXROD VLQHUJLFDPHQWH FRQ O·LPSHJQR GHOOH 9RVWUH IDPLJOLH KD YROXWR IDYRULUH OD IRUPD]LRQHGLJLRYDQLFKHGDDGXOWLSRVVDQRWURYDUH LQ Vp OD IRU]D SHU QRQ HVVHUH VFRQILWWL GDOOD YLWD SHU QRQ IRQGHUH OD UDJLRQH GHO SURSULR YLYHUH VXOO·DYHUH PD VXOO·HVVHUH VH VWHVVL SHU QRQ FHUFDUH IXRUL GL Vp QHOOH WRVVLFRGLSHQGHQ]H QHOO·DOFRO R SHJJLR QHO UL ILXWRGHOODYLWDODULVROX]LRQHGHLSURSULSUREOHPL &L VLDPR ULXVFLWL" /D ULVSRVWD q LQ YRL VWHVVL H LQ TXHOOR FKHVDSUHWH´FRVWUXLUHµ 6HTXDOFRVDGLSRVLWLYRF·qVWDWRGHOOHYRVWUHJLRUQDWH VFRODVWLFKHVHTXDOFKHYROWDULFRUGHUHWHODILJXUDGHO 9RVWUR3UHVLGHULFRUGDWHDQFKHTXHVWRPHVVDJJLR ´6LDWHUHVSRQVDELOLGHOOHYRVWUHD]LRQLLVSLUDQGRYLD SULQFLSLVDQLHYDORULHWLFDPHQWHFRVWUXWWLYL$PDWHOD YLWDVHPSUHHFRPXQTXHFHUFDQGRHYDORUL]]DQGR OHGLYHUVHHPR]LRQLFKHYLRIIUH)XJJLWHGDOODVROLWXGL QHHFHUFDWHLOGLDORJR,PSHJQDWHYLDIRQGRSHUOD UHDOL]]D]LRQHGHOYRVWURSURJHWWRGLYLWDHSHUPLJOLR UDUHTXHVWDQRVWUDVRFLHWjµ ,QERFFDDOOXSRSHUJOLHVDPLH%821$9,7$ $GPDLRUD ,/'63URI)UDQFHVFR&ULVWHOOD / DYLWDqIDWWDGLPRPHQWLSRVLWLYLHQHJDWL YLYLQFRODWLHLPSUHVFLQGLELOLJOLXQLDJOLDOWUL 2JQLGHVLGHULRYLWWRULDVRJQRRVFRQILWWDFLLQVH JQD TXDOFRVD IRQGDPHQWDOPHQWH D FUHVFHUH 5DJJLXQJHUH XQ REELHWWLYR SHU SRL JLj YHGHUQH XQDOWURULPDQHUHGHOXVLGDTXDOFXQRRGDTXDO FRVD FDSLUH FKH QRQ VHPSUH OH FRVH YDQQR FR PH OR VL GHVLGHUD LPSDUDUH DG DFFHWWDUH WXWWR FRPSUHQGHUH FKH D YROWH VFHQGHUH D FRPSUR PHVVL q OD VROX]LRQH PLJOLRUH DVFROWDUH OH UDJLRQL DOWUXL H WROOHUDUH LO WROOHUDELOH TXHVWR LQVHJQD OD YLWDODVFXROD(ODVFXRODqXQSLFFRORVSHFFKLR VRFLDOHLQFXLVLULIOHWWHODVRFLHWjFRQLVXRLYDORULH GLVYDORULUHJROHHGHFFH]LRQLYLUWHYL]L/DVFXR ODqODSURLH]LRQHGHOODYLWDUHDOHHLQTXDQWRWD OHSULPDGLWXWWRLQVHJQDRGRYUHEEHLQVHJQDUH D YLYHUH 9LYHUH FRQ JOL DOWUL FRQ L VXSHULRUL GL WXU QRFRQLSURSULSDULPDVRSUDWWXWWRFRQVHVWHVVL /H DYYHUVLWj DLXWDQR D FUHVFHUH SL GL TXDOVLDVL DOWUD FRVD UDJLRQ SHU FXL D PDJJLRUL GLIILFROWj SL VRGGLVID]LRQH 6DUj YHUR" )RUVHSHUFKp O·XQLFD SHUVRQD D FXL IDUH ULIHULPHQWR VLDPR VROR QRLVWHVVL(FFRFRVDKRLPSDUDWRGDOOLFHRVHQ]D FKH QHVVXQR PH OR LQVHJQDVVH R OR DQQRWDVVH VX XQ SURJUDPPD 5DJLRQ SHU FXL q SL LPSRUWDQWH VHQWLUVLUHDOL]]DWLFKHQRQVHQWLUVHORGLUH+RLPSD UDWR FKH LO IDOOLPHQWR q SDUWH LQWHJUDQWH GHO VXF FHVVR H GHYH HVVHUH YLVWR FRPH XQD UDJLRQHSHU FRQWLQXDUH D SURYDUH SLXWWRVWR FKH XQD VFXVD SHUGHFOLQDUH+RLPSDUDWRFKHVHODYLWDQRQYD FRPHODYRUUHPPRLOSUREOHPDQRQVWDLQFLzFKH FL VWD LQWRUQR PD q GHQWUR QRL VWHVVL /D IHOLFLWj SDUWH GD QRL H VLVWHPDQGR TXHL SLFFROL SH]]HWWL FKH VL VRQR URWWL QHO QRVWUR ,RFKH OHQWDPHQWH VL SXzULXVFLUHDULSULVWLQDUHWXWWRLOUHVWR +RLPSDUDWRDGLUHQR +R DQFKH FDSLWR FKH OD ULYROX]LRQH q XQD JUDQ EHOODFRVDPDFKHSRUWDVRORJXDL0LKDQQRLQ VHJQDWR DQFKH D QRQ DIILGDUPL DO FDVR D SUR JUDPPDUH OD PLD YLWD D XVDUH OD WHFQLFD GHO ´SDVVRSDVVRµRIRUVHKDQQRWHQWDWRGLLQVHJQDU PHOR,RSLXWWRVWRKRLPSDUDWRFKHDYROWHDIIURQ WDQGR O·LPSUHYLVWR VL SRVVRQR FRJOLHUH PDJJLRUL RSSRUWXQLWj H FL VL SXz VHQWLUH PROWR SL YLYL +R LPSDUDWRDHVVHUHUHVSRQVDELOHQHOODPLDLUUHVSRQ VDELOLWj SHUFKp VL SXz VEDJOLDUH O·HVVHQ]LDOH q D YHUH OD IRU]D GL ULDO]DUVL +R DQFKH LPSDUDWR FKH 1LHW]VFKH HUD SD]]R FKH '·$QQXQ]LR HUD XQ VDWL UR/HRSDUGLXQRVILJDWRHFKH'DQWHDYHYDPRO WD IDQWDVLD 0D VRSUDWWXWWR F·q XQD FRVD FKH IL QDOPHQWHKRFDSLWRHFKHYRUUHLIDUFRPSUHQGH UHDWXWWLFRORURFKHVRQRDQFRUDQHOPH]]RGHJOL VWXGLOLFHDOLLSURIHVVRULKDQQR6(05(UDJLRQHLQX WLOHGLVFXWHUQH *DEULHOOD%HOOLQLA$ 9LFR1HZV 9LFR1HZV *HQQDLRQRQVRORULFRUGDUH PDVRSUDWWXWWRULIOHWWHUH &RQWLQXLDPRDULFRUGDUHRJ JL SL GL LHUL JOL RUURUL GHOOD 6KRj *XDUGLDPR DO GRORUH DOWUXL FRPH VH IRVVH LO QRVWUR SHUFKpXQFULPLQHFRPPHVVR FRQWURXQVLQJRORXRPRqXQ FULPLQH FRQWUR OLQWHUD XPD QLWjËTXHVWRORVFRSRGHO JHQQDLR /D JLRUQDWD GHOOD PHPRULD ULVYHJOLDUH FLRq OH FRVFLHQ]H H L FXRUL GHJOL XR PLQL H GHOOH GRQQH GRJJL $QFKHQHOOLFHR9LFRJOLDOXQQLGHOOHFODVVLAH AVLVRQRWURYDWLSHUXQDULIOHVVLRQHVXJOLDYYH QLPHQWLFKHKDQQRSRUWDWRDOO·RORFDXVWRGHJOL HEUHL /D WDYROD URWRQGD RUJDQL]]DWD GDOOH SURIVVH 3DOPD 0DUWLQR H %HDWULFH *LDFRLD FRQ O·DSSURYD]LRQH GHO GLULJHQWH VFRODVWLFR SURI )UDQFR &ULVWHOODq VWDWD XQRFFDVLRQHGL FRQIURQWRWUDJOLVWXGHQWLLTXDOLLQPRGRGLYHU VRKDQQRLQWHUSUHWDWRFRQFDQWLSRHVLHEUDQL H YLGHR O·2ORFDXVWR /D FURQLVWRULD GHL IDWWL H ODJUDGXDOHGHJHQHUD]LRQHFKHKDQQRSRUWD WRO(XURSDDOORVWHUPLQLR GHJOL HEUHL VRQR VWDWL DIILGDWL DG XQ SRZHU SRLQWUHDOL]]DWRGDOODFODV VHA+1XOODqVWDWRWUDOD VFLDWR 3DUWHQGR GDOOH WH RULHVXOOHXJHQHWLFDHSDV VDQGR SHU JOL DYYHQLPHQWL GL FDUDWWHUH SXUDPHQWH VWRULFR VL q JLXQWL ILQR DJL LQWHUURJDWLYL GL FDUDWWHUH P R U D O H F R P H OREEHGLHQ]D DOORUGLQH OHJLWWLPD OD]LRQH" /D UL VSRVWDLPSOLFLWDGHLUDJD] ]L GHO 9LFR q VWDWD VLFXUDPHQWH QHJDWLYD ,O SURJUDPPD VFRUUH YHORFH OHWWXUD H FDQWR VL VXVVHJXRQR H VL PLVFKLDQR / XOWLPD SDUROD VSHWWD D 3ULPR /HYL FRQ 6H TXHVWR q XQ XR PR /HYL FKLHGH GL ULFRUGDUH 5LFRUGDUH DIILQ FKp DYYHQLPHQWL GHO JHQHUH QRQ DFFDGDQR PDL SL 5LFRUGDUH SHU ULFRQRVFHUH OH YLWH VSH]]DWH GDOOD FUXGHOWj GHOOXRPR 5LFRUGDUH PD VRSUDWWXWWR ULIOHWWHUHFKH JOL HUURUL GHLSD GULVHUYDQRGDPRQLWRSHULILJOL 3HUXQIXWXURPLJOLRUHSHUXQGRPDQLGLYHUVR *DEULHOOD%HOOLQLA$ ³)RQGD]LRQHLQJ/XLJL6DUQR´DLUDJD]]L GHOODFODVVH,9(LO3UHPLR%RQWj 6DEDWR)HEEUDLRQHOWH DWUR 0HWURSROLWDQ GL *LQRVD F·q VWDWD OD FRQVHJQD GHO 3UH PLR %RQWj GHOOD )RQGD]LRQH ´,QJHJQHU /XLJL 6DUQRµ ,O SUH PLRLVWLWXLWRGDOQRWDLR&DUPLQH 6DUQR YXROH ULFRUGDUH LO FRUDJ JLR H OD ERQWj GL XQ YDORURVR VROGDWR LQJ /XLJL 6DUQR PRUWR LO0DJJLRTXDQGRGX UDQWH OD 6HFRQGD *XHUUD 0RQGLDOH GXH VLOXUL WHGHVFKL FROSLURQR LO WUDQ VDWODQWLFR ´&RQWH 5RVVRµ VXO TXDOH LO JLRYDQH HUDLPEDUFDWR /D VHUDWD VL q LQFHQWUDWD VXO VLJQLILFDWR GHO OD´ERQWjµ ,Q HIIHWWL QRL JLRYDQL WURYLDPR GLIIL FROWjDFRPSUHQGHUHUHDOPHQWHFRVDVLDRJJL OD ERQWj H FRPH SRVVD HVVHUH HVSUHVVD *LQR GHOO·2UFR FRQGXWWRUH GHOOD VHUDWD FRQ OD FX ULRVDSDUWHFLSD]LRQHGLGXHEDPELQLKDFHUFD WRGLVSLHJDUHOHD]LRQLFKHDWWHQJRQRDOODERQ Wj QHOOD YLWD TXRWLGLDQD H LO QRWDLR &DUPLQH 6DUQR ROWUH DG RQRUDUH OD PHPRULD GL VXR IUDWHOOR KD ULFRUGDWR FKH OD ERQWj q QHOOH SLFFROH D]LRQL FKH R JQXQRSXzFRPSLHUHRSHU DPRUH GHOODYLFLQDGLFDVDRTXDQ GR XQ·LQWHUD FODVVH q YLFLQR DOODXQDPDGUHFKHKDSHU VRLQSRFRWHPSR DQFKHO·XOWLPDILJOLDULPDVWD , 3UHVLGHQWL GHOOD )RQGD]LRQH 3LQR 0HOH H OD SURIVVD,PPD'LYLWRIUDQFHVFRKDQQRSRLFRQ VHJQDWRLFLQTXHSUHPLGHOOD%RQWjDFFRPSD JQDWRGDXQDJLXVWDPRWLYD]LRQH/DFODVVH,9 ( GHO OLFHR 9LFR KD ULFHYXWR LO SUHPLR SHUFKp O·LQWHUD FODVVH q VWDWD VHPSUH YLFLQR DOOD ORUR FRPSDJQD $VVXQWD QHOO· XOWLPR SHULRGR GHOOD VXD HVLVWHQ]D SRL KDQQR FRQWLQXDWR HG HVVHUH YLFLQRDOODPDGUHULPDVWDFRPSOHWDPHQWHVROD $QJHOD&DODEUHVHA& 9LFR1HZV 9LFR1HZV ³/R6SRUWq(GXFD]LRQH´ELQRPLRYLQFHQWH SHULOEHQHVVHUHGHOODSHUVRQD 8QQRPHHXQDSURSRVL]LRQHFKHVLJQLILFDQRWXWWR *OL DGXOWL FKLHGRQR DL JLRYDQL GL LPSDUDUH (UDLOTXDQGRLOIUDQFHVH3LHUUHGH&RXEHUWLQ D YLYHUH PD QHVVXQD OH]LRQH RJJL FL DS UDFFRQWDYD DO PRQGR O·LGHD ULYROX]LRQDULD FKH OR SDUH SL FRPSOHVVD 3HUFKp ODYLWD YD YLV DYUHEEH FRQGRWWR D ULSULVWLQDUH OH 2OLPSLDGL VXWD H LO PRQGR YD DIIURQWDWR 3LHUUH GH GHOO·HWj PRGHUQD 8Q·LGHD URPDQWLFD FKH DOORUD &RXEHUWLQDYUHEEHILQDQ]LYROXWRFDPELDU DYHYDGHOO·XWRSLVWLFRRYYHURODVSHUDQ]DGLUHDOL] OR)RUVHDQFKHQRLHIRUVHDQFKHYRL ]DUH XQD GLPHQVLRQH SHUIHWWD LQ FXL WXWWL VL FRP $JDWD0DULD&DSRGLIHUURA' SRUWLQROHDOPHQWHQHOULVSHWWRGHOOHUHJROHGHOJLR FR 8Q REELHWWLYR DQFRUD YDOLGR FKH RJJL FRPH DOORUD UXRWD LQWRUQR DG XQ·DWWLYLWj OR VSRUW LQWHVR FRPH´VWUXPHQWRHIILFDFHSHUHGXFDUHLJLRYDQLµ (Q]R&OHPHQWH³JHQLHWWR´ 6RVWDQ]LDOPHQWH q TXHVWR LO FRQFHWWR HPHUVR GX GHOODPDWHPDWLFD UDQWH LO FRQYHJQR ´6DOXWH q (GXFD]LRQHµ WHQXWRVL D /DWHU]D LODSULOH 2F F DV L R ( VWDWD XQD JUDQGH VRGGLVID]LRQH QH SURSL SHU (Q]R &OHPHQWH DOXQQR GHOOD A ]LDSHUFKp &FODVVLILFDUVLWHU]RQHOODIDVHSURYLQ OR 6SRUW q FLDOH GHOOH 2OLPSLDGL GL 0DWHPDWLFD VWDWR LQ RJLRFKLGL$UFKLPHGH G D J D W R 6LWUDWWDLQIDWWLGLXQGLIILFLOHWUDJXDU QHO VXR VLJQLILFDWR GR SHU JOL VWXGHQWL ULXVFLUH D GDUH SURYD GHOOH SURSULH FDSDFLWj QHOOD SL DXWHQ WLFR H JOL LQWHUYHQWL GHO'6GHOOLFHR9LFRSURI)&ULVWHOODGHOORVSRQ VRU*0DWHUDGHO0G68%DULVFLDQRHGHL'U0 &LRFFROHOODH/'H/HOOLVKDQQRFRQWULEXLWRDPROWL SOLFDUH OH DUJRPHQWD]LRQL D IDYRUH GL XQ PRGHOOR HGXFDWLYR FKH QRQ FHVVD GL VRUSUHQGHUH 6u OR 6SRUW5LVRUVDPHUDYLJOLRVD7URSSRVSHVVRVRWWRYD OXWDWD H VPLQXLWD GDOOH PDVVH D VHPSOLFH ´SDVVDWHPSRµ&RVuQRQq'H&RXEHUWLQO·DYUHEEH SLXWWRVWRGHILQLWD´O·DUPDSLSDFLILFDFKHVLDPDL ULVROX]LRQHGHLTXHVLWLPDWHPDWLFL VWDWD LGHDWD SHU FRPEDWWHUH L PRVWUL GHOOD JXHU UD«µ H QRL DJJLXQJLDPR GHO GLVDJLR JLRYDQLOH (LODSULOHSUHVVRO·LVWLWXWR%DWWDJOL (QWUDPELPRVWULSHULFRORVL,OVHFRQGRLQSDUWLFROD QLGL7DUDQWRVLqVYROWDODFHULPRQLD UH SHUFKp WDFLXWR H VRWWRYDOXWDWR SRLFKp FRQVL GL SUHPLD]LRQH /D SUHVLGH GHOOD GHUDWR ILVLRORJLFR ( D FKL DQFRUD QXWUH GHL GXEEL VFXROD GRWWVVD %XVDWR QHO VXR LQ VXOODVXDHVLVWHQ]DWXWWLUHODWRULKDQQRULVSRVWRFKH WHUYHQWRKDGHWWRFKHqJLXVWRULFR LOGLVDJLRJLRYDQLOHHVLVWH$OWURFKH QRVFHUHOHJHQLDOLWjFKHFLVRQRQHOOH (· ´O·RVSLWH LQTXLHWDQWHµ GL 1LHW]VFKH LO QLFKLOLVPR QRVWUH VFXROH H FLz q SRVVLELOH VROR GHOOD VRFLHWj PRGHUQD FKH VL DJJLUD WUD L JLRYDQL SHQHWUDQHLORURVHQWLPHQWLQHFRQIRQGHLSHQVLHUL JUD]LHDJOLVWUXPHQWLHGDOOHRSSRUWX QLWjFKHOHVFXROHPHWWRQRDGLVSR FDQFHOOD OH SURVSHWWLYH ILDFFD OD ORUR DQLPD ,O UL VXOWDWR q FKH L JLRYDQL PDWXUDQR O·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·HVSHULHQ]DGLVFDPELRFXOWXUDOHFRQUDJD]]L GHOOR ´6WHGHOMLN &ROOHJHµ GL (LQGKRYHQ LQ 2ODQ GD3DUWLWLGDOO·DHURSRUWRGL%DULLQPHQRGLRUH FL VLDPR WURYDWL LQ *HUPDQLD DOO·DHURSRUWR GL 'VVHOGRUI GRYH XQ SXOOPDQ FL DWWHQGHYD SHU SRUWDUFL DO &ROOHJH LQ (LQGKRYHQ GRYH D VSHWWDUFLF·HUDQRLQRVWUL´KRVWER\VµHOHQRVWUH ´KRVWJLUOVµ 'XUDQWHLOYLDJJLRLQSXOOPDQFLqVHPEUDWRLQWH UHVVDQWHJXDUGDUHLOSDHVDJJLRHQRWDUHOHGLI IHUHQ]HULVSHWWRDOQRVWUR3DHVH7XWWRFRVuRUGL QDWRFRVuRUJDQL]]DWRWDQWRDGLUODYHULWjGD SURYDUHXQDVWUDQDVHQVD]LRQHVLPLOHDOODWULVWH] ]D $OO·DUULYR O·DFFRJOLHQ]D q VWDWD HQWXVLD VPDQWHHQHOSUL PR SRPHULJJLR F·qFKLFLKDPR VWUDWR OD FDVD FKL FL KD SRUWDWR D IDUH XQ JLUR LQ ELFLFOHWWD FKL FL KDRIIHUWRXQJH ODWR R FKL FL KD FKLHVWR GL JLRFD UHXQDSDUWLWDDFDOFHWWR,QVRPPDRJQXQRFL WUDWWDYDFRPHVHIRVVLPRDPLFLGDWDQWRWHP SR,JLRUQLVRQRSDVVDWLYHORFHPHQWHIRUVHDQ FKH WURSSR $EELDPR IUHTXHQWDWR OR ´6WHGHOMLN &ROOHJHµSHUWUHJLRUQLHDEELDPRSRWXWRVFR SULUHODJUDQGHGLIIHUHQ]DFKHF·qWUDODVFXROD RODQGHVHHTXHOODLWDOLDQD/DOH]LRQHGLILVLFDq VWDWDODSULPD,QWHUHVVDQWHHFRLQYROJHQWHJUD ]LHDJOLVWUXPHQWLFKHVRQRSUHVHQWLQHOODVFXROD (· VWDWR SHUILQR GLYHUWHQWH SURYDUH D FRVWUXLUH XQFLUFXLWRHOHWWULFRFRQ XQSURJUDPPDLQVWDO ODWR VX WXWWL L SHUVRQDO FRPSXWHU GL FXL RJQL D OXQQR SRWHYD XVXIUXLUQH $ VHJXLUH XQD OH]LRQH GL PDWHPDWLFD $QFKH FRQ OD PDWHPDWLFD QLHQWHDFKHYHGHUHFRQOHQRVWUHOH]LRQL$ID UHODGLIIHUHQ]DQRQVRQRWDQWRJOLLQVHJQDQWLOH DXOHRJOLDOXQQLTXDQWRLOPHWRGRWXWWRqEDVD WRVXOO·DVVROXWRHWRWDOHUDJLRQDPHQWR ( SRL WUD GLYHUWHQWL SDVVHJJLDWH LQ ELFLFOHWWD JUDQGLPDQJLDWHLQEHOOLVVLPLULVWRUDQWLRDERUGR GLXQWUDJKHWWRSRPHULJJLGLVKRSSLQJFKLDF FKLHUH H ULVDWH VLDPR DUULYDWL DO WHUPLQH GL T X H V W D V L J Q L I L F D W L Y D H V S H U L H Q ] D ,QRVWULEDJDJOLRUPDLSURQWLSHULOULWRUQRQHOOD QRVWUDDPDWD,WDOLD $YHYDPR QRVWDOJLD GHOOH QRVWUH FDVH GHOOH QRVWUH IDPL JOLH H GHL QRVWUL DPLFL H VLQFHUD P H Q W H F·HUD DQ FKHFKLQRQ Y H G H Y D O·RUD GL WRU QDUH D FD VD 0D VDOLWL QHOSXOOPDQFLVLDPRDFFRUWLFKHFLGLVSLDFH YD ODVFLDUH TXHL UDJD]]L FKH LQ JLRUQL VRQR ULXVFLWL D WUDVPHWWHUFL WDQWH HPR]LRQL H D OD VFLDUHGHQWURGLQRLXQSR·GHOODORURVLPSDWLD HGHOODORURVHPSOLFLWj $G2WWREUHVDUHPRQRLDGRVSLWDUOLFRVuIDUH PRORURFRQRVFHUHOHQRVWUHWUDGL]LRQLLOQRVWUR FLER LO PRGR LQ FXL FL GLYHUWLDPR LO QRVWUR VL VWHPD VFRODVWLFR H WXWWR FLz FKH GHOO·,WDOLD SLOLDWWLUD/DQRVWUDDOOHJULD &ULVWLDQD6DQJLRUJLRA& 0DGGDOHQD'L=R]]DA& 6FULWWRULLQHUED /D VWDIIHWWD GL VFULWWXUD FUHDWL YD q XQ·LQL]LDWLYD SURPRVVD GDO /DERUDWRULR 3HUPDQHQWH GL /HWWXUD H 6FULWWXUD &UHDWLYD GL([SRVFXROD / LQL]LDWLYD PLUD D VRVWHQHUH H GLIIRQGHUH OH DWWLYLWj GL VFULWWXUD GHOOH VFXROH RIIUHQ GR DL UDJD]]L O RFFDVLRQH GL UDFFRQWDUVLHGLFRQRVFHUVL 2JQL UDFFRQWR QDVFH FRQ O·LQFLSLW GL XQR VFULWWRUH GL FKLDUDIDPDWUDVIHULWRSRLDXQDVFXRODFKHUHGL JHUjLOSULPRFDSLWRORFKHDVXDYROWDORWUDVIHULUj D XQ·DOWUD VFXROD SHU LO VHFRQGR FDSLWROR H FRVu YLD ILQR DOOD ILQH GHO UDFFRQWR FKH q VHPSUH GL GLHFLFDSLWROL,UDJD]]LGHO9LFRKDQQRVFULWWRLO FDSLWROR 9LFR1HZV 9LFR1HZV 6XOODVWUDGDGHOVXFFHVVR 9LUJLQLD/R]LWRVLUDFFRQWDDJOLVWXGHQWLGHO9LFR 2JQXQR GL QRL KD XQ PL IRQGDPHQWDOHq WR XQR PRGHOOR GL ULIHUL LO UXROR GHOOD VFXROD PHQWR D FXL LVSLUDUVL 3HU SHU LO IXWXUR SURIHVVLR OD JLRYDQH JLRUQDOLVWD JL QDOH GHL JLRYDQL H QHO QRVLQD 9LUJLQLD /R]LWR JLRUQDOLVPRO·HOHPHQWR :DOWHU /LSSPDQQ UDS FKLDYH q OD FRQRVFHQ SUHVHQWD LO VXR LGROR H DO ]DGHOODVWRULD3HUTXH IDPRVRJLRUQDOLVWDDPHUL VWR FRQVLGHUD :DOWHU FDQR KD GHGLFDWR XQ /LSSPDQQ XQ SLRQLHUH DSSURIRQGLPHQWR FRQ OD GHLWHPSLPRGHUQLSHU WHVL GL ODXUHD ,QIDWWL GR FKp KD VDSXWR LQGLYL SR XQ OXQJR SHULRGR GL GXDUHIDWWLFRPHODFUL VWXGL H ULFHUFKH FRPSLXWL VL HFRQRPLFD GHO · L WUD5RPDH<DOHOD/R]LWRKDSXEEOLFDWRXQ OLPLWLGHOO·XRPRRLOUDSSRUWRWUD6WDWRHFLWWD VDJJLR´%\:DOWHU/LSSPDQQ´$UDFQHHGLWUL GLQL FRPH SUREOHPL XQLYHUVDOL 3RL OD FRQYHU F H VD]LRQH KD WRFFDWR LO PRQGR GHOOD WHOHYLVLR ,O 0DJJLR QHOO·DPELWR GHO SURJHWWR ´/D QHSXEEOLFDGRYHOHLDWWXDOPHQWHODYRUDHOH VFXROD LQFRQWUDµ 9LUJLQLD /R]LWR H[ DOXQQD GRPDQGH GHJOLVWXGHQWL GHO 9LFR DQFKH LP GHO 9LFR KD LQFRQWUDWR DOXQQL H SURIHVVRUL SHUWLQHQWLDYHYDQRORVFRSRGLFDSLUHTXDQ 'RSR OD SUHVHQWD]LRQH GHO 'LULJHQWH VFRODVWL WR O·LQJHUHQ]D SROLWLFD FRQGL]LRQD FR SURI )UDQFHVFR &ULVWHOOD H GHOOD VXD H[ O·LQIRUPD]LRQH 'HFLVDPHQWH XQD SLDFHYROH SURIVVDGLVFLHQ]H&RQFHWWD&DVDURODOD/R FRQYHUVD]LRQH H SHU QRL VWXGHQWL GO 9LFR /HL ]LWRKDSUHVRODSDURODHVSRQHQGROHSURSULH PRGHOORDFXLULIHULUFL VFHOWH LQ DPELWR SURIHVVLRQDOH 3HU OD /R]LWR 0DULDODXUD*LDFRLDA$ /¶DPRUHDOWHPSRGHLURPDQL (YD&DQWDUHOODVSLHJDFRVHPDLGHWWHLQFODVVH ´'DPPL PLOOH EDFLµ q VSHWWL ODULFKLHVWDGL&DWXOORD SL FRQFUHWL H PDWHULDOL (G /HVELD 0D DQFKH LO WL HFFR L ´&DUPLQD 3ULDSHDµ WROR GHO QXRYR OLEUR FHOHEUD]LRQL GL 3ULDSR LO GLR FKHO·DXWULFH(YD&DQ GHOIDOORFRQLVXRLVSURSRVL WHUHOOD KD SUHVHQWDWR WDWL DWWULEXWL L JUDIILWL H OH DJOL VWXGHQWL QHO OLFHR LVFUL]LRQL OD FXL FUXGH]]D 9LFR LO PDU]R ,O WH VIRFLD QHOO·RVFHQLWj L GRWWL VWR ILQ GDOO·LQL]LR KD VX PDVSDVVRVLLQWHUPH]]LFRQL VFLWDWR XQ SDUWLFRODUH TXDOLO·DXWULFHJXLGDLOOHWWR LQWHUHVVH SHU LO WHPD UHQHOOHSUDWLFKHRVFXODWRULH WUDWWDWR O·DPRUH DO EDFLR WUDWWDQGR ILQDQFKH WHPSRGHLURPDQL/·DXWULFHFRQILQHLURQLDH GLWDULIIHGLDEELJOLDPHQWRGHOOHSURVWLWXWHGL SLDFHYROHOHJJHUH]]DUDFFRQWDGHOO·HURVYLUL ULWLPDWULPRQLDOLGLIHFRQGLWjHGRPRVHVVXDOL OH VFDQGDORVR SHUVLQR YLROHQWR PD QRQ SHU Wj ,QVRPPD FLz FKH DYUHVWH YROXWR VDSHUH TXHVWR PHQR DIIDVFLQDQWH 3HU JOL XRPLQL GHOO·DPRUHDOWHPSRGHLURPDQLPDFKHLOYR GHOO·DQWLFD 5RPD OD YLULOLWj HUD ULWHQXWD OD VWURSURIHVVRUHGLODWLQRQRQKDPDLRVDWRGL PDVVLPDYLUWDOSXQWRFKHO·HGXFD]LRQHGHL UH 8QD EHOOD OH]LRQH UHVD VHPSOLFH HG LQWH JLRYDQLHUDIRQGDWDVXOGRPLQLRQHOODSROLWLFD UHVVDQWHGDOORVWLOHGHOOD&DQWDUHOOD FRPH QHOO·DPRUH H QHO VHVVR /·DOWUD IDFFLD GHOOD VHVVXDOLWj XPDQD q O·HWLFD GHO YDQWR LO $OHVVLD0HOFKLRUUHA+ JORULDUVL GHOOD SURSULD YLULOLWj DQFKH QHJOL D 9LFR1HZV 9LFR1HZV )DQWDVWLFRLO6XSHUFODVVHFXS /DFODVVH,9'DOSRVWRQHOODFODVVLILFDQD]LRQDOH ) SURJHWWR3DVVRGRSRSDVVRLO0DJJLRFRQ DQWDVWLFRHVVHUHSULPLDO6XSHUFODVVHFXS OHYDOLJLHFDULFKHGLVSHUDQ]DHODYRJOLDGLYLQ 2UJDQL]]DWR GDOOD ),*& VHWWRUH FHUHLUDJD]]LGHOODA'VRQRSDUWLWLSHU5LFFR JLRYDQLOH LO 6XSHUFODVVH QH GRYH KDQQR LQFRQWUDWR DOWUL UDJD]]L SURYH FXSqXQSURJHWWRVSRUWL QLHQWL GD VFXROH GL WXWWD ,WDOLD $ 5LFFLRQH L YR GLGDWWLFR LQGLUL]]DWR QRVWUL DOXQQL KDQQR GDWR LO PHJOLR GL VH VWHVVL DJOL DOXQQL GHOOH VFXROH %LVRJQDYDJLRFDUVHODWXWWD,OFRQIURQWRHUDVROR V X S H U L R U L L W D O L D Q H VXOOD SDUWH GLGDWWL /·REELHWWLYR q TXHOOR FD /H GXH JLRUQDOL G·LQVHJQDUHDWWUDYHUVROR VWH GL FODVVH FH VSRUW FRPSRUWDPHQWL O·KDQQRPHVVDWXWWD UHVSRQVDELOL FRQGLYLVL SHU GLPRVWUDUH DOOD SDUWHQGR GDL UHDOL SUR JLXULD FKH ´VDQQR EOHPL FKH L JLRYDQL YLYRQR QHO ORUR DPELHQWH HVVHUH UHVSRQVDEL G·DSSDUWHQHQ]D0ROWHFODVVLGHO/LFHR6FLHQWLIL OLµ /D A' LQIDWWL FR ´*%9LFRµ KDQQR DFFROWR OD VILGD H WXWWH VFHJOLHQGR GL WUDW VHJXLWHGDOSURI6DOOXFHSHUODSDUWHVSRUWLYDH WDUHLOWHPDDPELHQWDOHQRQSRWHYDQRQFRQVL GDOOHSURIVVH3DOPD0DUWLQRH$QQXQ]LDWD&DU GHUDUH OD GLVDVWURVD VLWXD]LRQH GL 7DUDQWR FKH UHUD SHU OD UHDOL]]D]LRQH GHOODYRUR GLGDWWLFR VL SHU O·LQJHQWH LQTXLQDPHQWR q FDXVD GL WDQWH VRQRLPSHJQDWHQHOODIDVHG·LVWLWXWRHLQTXHOOD PRUWL SHU FDQFUR ,VSLUDQGRVL D 3ODWRQH KDQQR SURYLQFLDOH 0D LO WUDJXDUGR SL DPELWR RVVLD LGHDWR OD FLWWj HFRORJLFDPHQWH SHUIHWWD (FR ODILQDOHQD]LRQDOHD5LFFLRQHqVWDWRUDJJLXQWR SROLV OD FLWWj FRPH YRUUHEEHUR FKH IRVVH 7D GDOOD FODVVH ,9 ' UDQWR $ 5LFFLRQH KDQQR SRUWDWR XQ GHO 9LFR GL /DWHU ´PHVVDJJLR GL VSHUDQ]Dµ KD GHWWR LO 3UHVL ]D 1RQ q VWDWR GHQWH GHOOD JLXULD (UPDQQR &RUWLV QHOOD PRWL IDFLOH ELVRJQDYD YD]LRQH GHO SULPR SUHPLR &RQWLQXDQGR ´OD YLQFHUHQHOWRUQH VILGD UHVSRQVDELOH q QHOOD FRQYLQ]LRQH GHL UD R GHOOH SDUWLWH GL JD]]LGHOOD,9'FKHFUHGRQRFKHYLYHUHEHQH FDOFLR H FRQIURQ VLJQLILFKL YLYHUH VDQR DQFKH ULVSHWWDQGR WDUVLFRQXQODYR O·DPELHQWHµ &RQ TXHVWH FRQYLQ]LRQL LQ IXWXUR UR JLRUQDOLVWLFR VX YLYUHPRVLFXUDPHQWHPHJOLR WHPL LQGLFDWL QHO *LXOLD&OHPHQWHA' ,PLOOHYROWLGHOOD0DILD3XOLWD (OLR9HOWULSUHVHQWDLOVXRXOWLPROLEUR ´/DPDILDKDWUHWHVWHTXHOODWRUWXUD WULFHGHOOHDUPLTXHOODRFFKLXWDGHL VROGLHTXHOODVRWWLOHGHOODSROLWLFD 1RQXQDSHUYROWDPDWXWWHLQVLHPH OHGRYHWHWDJOLDUHµ&RQTXHVWDDIIHU PD]LRQHGL/XFLDQR9LRODQWHODVWX GHQWHVVD0RQLFD0DWHUDQRKDSUH VHQWDWRVXOOHFRRUGLQDWHDWWXDOLLOIH QRPHQRPDILRVR8QSUREOHPDWDQWR DQWLFRFKHVHPEUDDVVXHIDWWRDOOD SHUFH]LRQHGHLJLRYDQLPDFKHFRQLXJDWRFRQ QRPLHOXRJKLGHOODSROLWLFDDWWXDOHKDGHVWDWR O·DWWHQ]LRQHGHJOLVWXGHQWLGHO9LFRFKHFRQLQWHUHV VHHSDUWHFLSD]LRQHKDQQRVHJXLWRODSUHVHQWD]LR QHGHOOLEUR0DILD3XOLWDVFULWWRGD(OLR9HOWULH$QWR QLR/DXGDWLHGLWR/RQJDQHVL(OLR9HOWULGDSROLWLFR FRQFRJQL]LRQHGLFDXVDKDGHWWRFKHRJJLJLRUQR ODPDILDqORQWDQDGDOO·HVVHUHVFRQILWWDDQ]LVLq RUJDQL]]DWDQHLFROOHWWLELDQFKL GHOODSROLWLFDHGHOO·DOWDILQDQ]D WDQWRFKHVHPEUDTXDVLLPSRV VLELOHVFDUGLQDUOD3HUIRUWXQD FKHHVLVWRQRDQFRUDXRPLQL FRQXQDOWRVHQVRGHOODOHJDOLWj (·LOFDVRGHO3URFXUDWRUH$QWR QLR/DXGDWLFKHFRQWHQDFLDq ULXVFLWRDVPDVFKHUDUHJOLDIIDUL LOOHFLWLLQWHUQD]LRQDOLFROSHQGROD 0DILD6SDLQTXHOORFKHqSLFDURLOSDWULPRQLR$ VRVWHJQRGLTXDQWRDVVHULWR(OLR9HOWULKDULIHULWRGL SURFHVVLHFRQGDQQHDQFKHVHGDOOHODUJKHPDJOLH GHOODJLXVWL]LDLWDOLDQDPROWLHVFRQROLEHUL8QDUJR PHQWRFKHVLFXUDPHQWHPHULWDPDJJLRUHDSSUR IRQGLPHQWRSHUODIRUPD]LRQHGHOVHQVRHWLFRGHL JLRYDQL 3DOPD0DUWLQR $WWXDOLWj $WWXDOLWj 5RPDFHOHEUD&DUDYDJJLR 'DO9LFRDG$VVLVL WXWWLLQPDUFLDSHUOD3DFH 5LWHQXWRXQHYHQWRTXDVLLPSRVVLELOHVLqULYHOD WD LQYHFH XQ LQFUHGLELOH VXFFHVVR FRQ PLOLRQL GLYLVLWDWRULGDWXWWRLOPRQGR 6L WUDWWD GHOOD PRVWUD GL &DUDYDJJLR DOOHVWLWD SUHVVROH6FXGHULHGHO4XLULQDOHD5RPD 8Q·RFFDVLRQH SHU FHOHEUDUH L DQQL GDOOD PRUWHGL0LFKHODQJHOR0HULVLGDWXWWLFRQRVFLX WRFRPH&DUDYDJJLR /·DPEL]LRVR SURJHWWR SUHYHGHYD GL ULXQLUH WXWWL L FDSRODYRUL GHOO·DUWLVWD LQ XQ·XQLFD PRVWUD PRQRJUDILFD YROWD DG HVDOWDUH LO SUL PR JUDQGH HVSRQHQWH GHOOD VFXROD EDURFFD LWDOLDQD 'DL OLEUL GL VWR ULD GHOO·DUWH DEELDPR LPSDUDWR FKH OD YLWD GL &DUDYDJJLR VL WLQJH GL WRQL VHPSUH SL GUDP PDWLFL D SDUWLUH GDOO·DQQR WDQWR FKH OH FURQDFKH GHOO·HSRFD OR GHVFULYRQR FRPH XQ XRPRGLLQGROHDJJUHVVLYDHDOTXDQWRWXUEROHQ WDHFLzJOLYDUUjO·DSSHOODWLYRGL´SLWWRUHPDOH GHWWRµ$GGLULWWXUDqDFFXVDWRGLXQRPLFLGLRH IRUVHSHUFKpFROSHYROHLOULPRUVRORWRUPHQWHUj ILQRDOODPRUWH/·LQWHUDPRVWUDqVXGGLYLVDLQWUH VHWWRULFKH FDOFDQROHIDVLGHOODSURGX]LRQHDUWLVWLFDGL&D UDYDJJLR 6L SDUWH GDL GLSLQWL GH ´/D *LRYLQH] ]DµLFXLFRORULVRQRGHFLVDPHQWHIUHVFKLH YL YDFLVHJXHODIDVHGHO´6XFFHVVRµGRYHGRPL QDLOURVVRHLGLSLQWLDFTXLVLVFRQRPDJJLRUHFDU QDOLWjHQHOODWHU]DFRUULVSRQGHQWHDOOD´)XJDµ FL VRQR L GLSLQWL GDL YROWL DFFLJOLDWL H OH VFHQH GUDPPDWLFKH FRPH LO FHOHEUH ´'DYLG FRQ OD WHVWDGL*ROLDµLQFXLLWUDWWLGHOYROWRGHOO·DUWLVWD VL VRYUDSSRQJRQR LQHTXLYRFDELOPHQWH D TXHOOL GHOJLJDQWHELEOLFR2OWUHDOOHRSHUHFRQVHUYDWH QHL PXVHL LWDOLDQL GL 0HVVLQD 5RPD 0LODQR H )LUHQ]HVDUDQQRHVSRVWLGLSLQWLRULJLQDOLGHO0D HVWUR SURYHQLHQWL GD /RQGUD 9LHQQD %HUOLQR 'XEOLQR7H[DV0LVVRXULH1HZ<RUN 'XQTXHXQHYHQWRXQLFRQHOVXRJHQHUHHIRU VH LUULSHWLELOH FKH FL KD SHUPHVVR GL DPPLUDUH LQXQXQLFROXRJRLFDSRODYRULGHOJHQLRPLODQH VH VHQ]D GRYHU QHFHVVDULDPHQWH RUJDQL]]DUH XQWRXU´PRQGLDOHµ &DUPHQ5DQDOGRA& 8QYLDJJLRGLYHUVRGDOVROLWR8QYLDJJLRGLFUH VFLWDGLHGXFD]LRQHDOODWROOHUDQ]DDOODFRQYL YHQ]DDOFRVPRSROLWLVPRDOODOLEHUWjDOODVSH UDQ]DDOOD3$&( /DPHWD"3HUXJLDHG$VVLVL'XHVSOHQGLGHFLW WjFKHKDQQRDFFROWRGDODOPDJJLRPL JOLDLD GL VWXGHQWL SURYHQLHQWL GD WXWWD ,WDOLD H WUDFXLDQFKHLUDJD]]LGHOODA+HA(GHO9L FRGL/DWHU]D ,OWXWWRDVHJXLWRGHOSURJHWWR´(GXFD]LRQHDOOD OHJDOLWjµ FXUDWR PDJLVWUDOPHQWH GDOOD SURIVVD *LDFRLD 9DUL L WHPL G·DWWXDOLWj GLVFXVVL GDOOD PDILD DOO·HFRORJLD GDOOD JXHUUD DOO·HWLFD HG D FRQFOXVLRQH GHOOH SDUROH VSHVH QHL SRPH ULJJL D VFXROD O·HVSHULHQ]D QHL FRORUL GHOO·DUFREDOHQR $UULYDWL D 3HUXJLD DEELDPR LPPHGLDWDPHQWH SUHVR SDUWH D GLYHUVH FRQIHUHQ]H ´)DFFLDPR SDFH FRQ O·$IULFD FRQ O·$IJKDQLVWDQ FRQ OD OHJDOLWjµ 3HUVRQDOPHQWH KR VHJXLWR OD SULPD WHQXWDTXDVLWRWDOPHQWHLQOLQJXDIUDQFHVHGD GRQQH DIULFDQH L FXL LQWHUYHQWL KDQQR GDWR VROLGL VSXQWL GL ULIOHVVLRQH VX PROWH WHPDWLFKH TXDOL O·LQIRUPD]LRQH FLQHPDWRJUDILFD R SL DPSLDPHQWHOD[HQRIRELD ,QWHUHVVDQWH DQFKH LO IRUXP VXOOD OLEHUWj GL VWDPSD , FRQWHQXWL DWWXDOLVVLPL KDQQR SL FKHFRLQYROWROHQRVWUHIHUWLOLPHQWLDSUHQGRFL JOL RFFKL VX TXHOOD FKH q OD SUHFDULDH FRQGL ]LRQDWDLQIRUPD]LRQHGHOQRVWUR3DHVH,QILQH OD PDUFLD GHOOD 3DFH YHUVR $VVLVL 0LJOLDLD GL SHUVRQHFKHKDQQRDFXRUHLO´FRQYLYHUHµSL FKHLOYLYHUH0LJOLDLDGLSHUVRQHFKHWHQJRQR EHQH LQ PHQWH OH SDUROH GL XQ JUDQGH XRPR *DQGKL´1RQSXRLVWULQJHUHXQDPDQRFRQXQ SXJQRFKLXVRµ3URSULRYHUR 0RQLFD0DWHUDQRA+ $WWXDOLWj $WWXDOLWj 6HQ]DSDXUDYHUVRORVWUDQLHUR /DFXOWXUDGHO³VLFXUR´IDWHPHUHLOGLYHUVR 1 RQ q GLIILFLOH GLUH R VFUL YHUH EHOOH SDUROH VXOO LQ WHJUD]LRQH TXDQGR QRQ VH QH YLYRQR OH GLIILFROWj VXOOD SURSULDSHOOH4XDOFKHIUDVHW WDHGLILFDQWHVXOULVSHWWRHVXO O XJXDJOLDQ]D GHO UHVWR QRQ FRVWDQXOOD%HQSLGUDPPD WLFD q OD SHUFH]LRQH GHO SUR EOHPD SHU FKL QH YLYH LQ SUL PD SHUVRQD L GLVDJL ( FRP SUHQGH EHQH SHUFLz TXDQWR RJQL IRUPD GL LQWH JUD]LRQH VLD GL SHU Vp FRPSOHVVD H PDL VXSHUDEL OHFRQOHVROH´EXRQHLQWHQ ]LRQLµ 'HO UHVWR OR PRVWUD DQFKH OD OLQJXLVWLFD ,Q WXWWH OH JUDQGL IDPLJOLH OLQJXLVWLFKH LQIDWWL LO WHUPLQH LQGLFDQWH OR VWUDQLHUR q DVVRFLDWR VH PDQWLFDPHQWHDOFRQFHWWRGL RVWLOLWjVLYDGDOEDUEDURVJUH FR GL HYLGHQWH DFFH]LRQH QHJDWLYD DOO·KRVWLV ODWLQR WHU PLQH SRL SDVVDWR QRQ SHU FDVR DOVLJQLILFDWR GLQHPLFR RRVWLOH 'LYHUVLWj H RVWLOLWj HVWUDQHLWj H LQLPLFL]LD FRUURQR LQVLHPH TXDVL QDWXUDOPHQWH ( QRQ VL S X z U L G X U U H L O W X W W R DOO·HTXD]LRQH GHL ´FDWWLYLµ FKH QRQ VDQQR DFFHWWDUH LO GLYHUVR ( O HVSHULHQ]D VWHVVD GHOOD GLIIHUHQ]D FKH JHQHUD LPPHGLDWDPHQWH RVWLOLWj 1RQF·qGDVFDQGDOL]]DUVLSHU TXHVWR %LVRJQD EHQ GLVWLQ JXHUH SHUz L GXH SRWHQ]LDOL DWWHJJLDPHQWL FKH IDQQR VH JXLWR D TXHVWR SULPR PRWR GLIILGHQWH TXHOOR GL FKL SHU PDQHQHOODSRVL]LRQHGHOSUH JLXGL]LRGHOODSDXUDHTXHOOD FKL VL DSUH DOOD ULFHUFD DOOD SRVVLELOLWjGLVFRSULUHQHOO·DOWUR XQEHQHXQSRVLWLYR 7URSSR VSHVVR GL UHFHQWH q SHUz SL IUHTXHQWH H GLIIXVD DQFKH QHOOH QRVWUL FODVVL OD SULPD SRVL]LRQH 0D SHU TXDQGR VL VFDULFD XQ DPLFR FKp RJJL YLQFH VHPSUH SL SHU XQD SDUROD PDO GHWWD VSHVVR OD SDXUD" &UHGR FKH TXDQGRFLVLVHQWHIRUWLHXQLWL ODUDJLRQHVLDULQWUDFFLDELOHLQ SHUFKpFKLKDVEDJOLDWRGH TXHOOD PHQWDOLWj FKH SURSD YHFLzFKHVLPHULWDTXDQGR JDQGDODULFHUFDVSDVPRGLFD VL JXDUGD PDOH XQ FRPSD GHO FRPRGR GHO FDOFRODELOH JQR SHUFKp KD TXDOFRVD LQ FKH FL ID SUHIHULUH XQD VLFXUD SL H QRQ q PHULWR VXRµ QXRWDWD ´QHOOD SLVFLQD GHOOD TXDQGR VL ID XQD SHWL]LRQH YLWDµ GRYH VL WRFFD H WXWWR q SHU FDFFLDUH YLD TXHVWR R TXHVW DOWUR FKH Gj SUREOHPL /R KD LQVHJQDWR VSOHQGLGDPHQWH OD FLYLOWj JUHFR URPDQD VHPSUH RU JRJOLRVD GHOOD SUR SULD PDWULFH FXOWXUD OH PD VHPSUH DSHU WD DO FRQWULEXWR GL EHQH H YHULWj FKH DOOD SRUWDWD ULVSHWWR DOOD SUR S R W H Y D J L X Q J H U H IRQGLWj GHO PDUH (· TXHOOD GDOO·LQFRQWUR FRQ DOWUH FXOWX PHQWDOLWj FKH FL ID DPDUH UH &RQ OD FRVFLHQ]D FKH LO SDUROH FRPH ´VLFXUH]]Dµ H EHQHHLOYHURSRVVRQRWURYDU RGLDUHSDUROHFRPH´ULVFKLRµ VL RYXQTXH QRQ VWDQQR PDL FKH FL ID DPDUH ´FDOFRORµ H GDXQDVRORSDUWHVLSRVVRQR FLIDRGLDUH´DYYHQWXUDµFKH ULQWUDFFLDUHLQRJQLXRPRQH FL ID DPDUH O·XWLOH SL FKH LO URRELDQFRFKHVLDRULJLQDULR EHOOR/DFXOWXUDGHOVLFXURFR GHOOD 7HUUD GHO )XRFR R GHO PHLGHDOHVXSUHPRFKHFLID 3ROR1RUG DSSUH]]DUHFLzFKHQRQFDP ,QVRPPD QRQ VL q DSHUWL SHU ELD H VSLD]]D H FL ID WHPHUH SDUWLWRSUHVRSHUFKpFLVLVHQ WHPRGHUQLGLODUJKHYHGXWH SHUFLzLOGLYHUVR ( XQDTXHVWLRQHGLFRQFH]LR R SHUFKp RUPDL VLDPR QHO QH GHOOD YLWD GL FXOWXUD GHO 6LSXzDQGDUHLQFRQWUR YLYHUH 6L WUDWWD GL YHGHUH VH DO GLYHUVR VROR VH LPSDUD D VLDPR R QR DSHUWL DOO·DELVVR QRQ DYHUH SDXUD GHOOD YLWD PLVWHULRVR H DIIDVFLQDQWH GHO $QFKH TXDQGR VL ULVFKLD FKH ODYLWDSHUGLUODFRQOHSDUROH VLD GLYHUVD GD FRPH OD YRU GL 'LQR %X]]DWL RSSXUH OD UHEEHUR L QRVWUL SLFFROL H FRQFHSLDPR FRPH XQ VHP ´GRQDEERQGLDQLµ FDOFROHWWL SOLFH PHWWHUH D SRVWR L QRVWUL /D YLWD q XQ DYYHQWXUD PD GLVHJQL H SURJHWWL *OL DOWUL VROR O DYYHQWXULHUR OR VFRSUH SRVVRQR HQWUDUH PD VROR VH VFULYHYD*.&KHVWHUWRQ XWLOL DO QRVWUR VFRSR 6H PLQL $YHYDUDJLRQHGDYHQGHUH PDPHQWH FL RVWDFRODQR R 3URI3LQR6XULDQR LQLELVFRQRGHYRQRVWDUHIXRUL /R YHGR QHOOD TXRWLGLDQLWj *OLH[WUDFRPXQLWDULFKHJHQWH 6RUSUHQGHQWHLOULVXOWDWRGHOVRQGDJJLR 6RUSUHQGHQWH LO ULVXOWDWR GHO QRVWUR VRQGDJJLR 1RQ SRWHYDPR FUHGH UH FKH QRL JLRYDQL DYHVVLPR SUH JLXGL]L DEEDVWDQ]D UDGLFDWL YHUVR JOLH[WUDFRPXQLWDUL $OWUR FKH 'DOOH ULVSRVWH FL VLDPR DFFRUWL FKH LO QRVWUR VHQVR GL ILGX FLD QRQ q DOWR VHL SRL FRQVLGHULD PR FKH XQ QXPHUR VLJQLILFDWLYR OL FRQVLGHUDQRDGGLULWWXUDJHQWHSHUL FRORVD DOORUD F·q YHUDPHQWH GD ULIOHWWHUH )RUWH q DQFKH LO QRVWUR VHQVR GL DSSDUWHQHQ]DYLVWR FKH QRQVLDPRPROWRGLVSRVWLDGDFFR JOLHUOLFRPHFLWWDGLQLLWDOLDQLHFKH VH SRWHVVLPR OL ULPDQGHUHPPR QHL ORUR SDHVL G·RULJLQH &L GRPDQGLD PRGRYHVRQRILQLWLLYDORULGHOODQR VWUD JORULRVD VWRULD TXDOL LO ULVSHWWR GHOO·DOWURODIUDWHOODQ]DWUDLSRSROL OD WROOHUDQ]D HFF«HFF« /D TXH V W L R Q H P H U L W D V L F X U D P H Q W H XQ·DGHJXDWDULIOHVVLRQH 6RQGDJJLRDFXUDGL &/RIRUHVH1&RODFLFFR9&DOzA( $WWXDOLWj $WWXDOLWj ,WDOLDQLEUDYDJHQWH ,QWHUYLVWDDGXQDOEDQHVHWUDSLDQWDWRD/DWHU]D $OuQRPHILWWL]LRqXQDOEDQHVHFKHYLYHD /DWHU]DGDGLYHUVLDQQL/DQRVWUDFRPXQLWj OR KD DFFROWR EHQHYROPHQWH SHUFKp q XQD SHUVRQD RQHVWD ROWUH FKH XQ JUDQ ODYRUDWRUH $EELDPR YROXWR FRQRVFHUH OD VXDVWRULD 'LFKHSDHVHVHL" 6RQRDOEDQHVH6RQRQDWRLQXQ SLFFRORSDHVHYLFLQR7LUDQD 4XDOLUDJLRQLWLKDQQRLQGRWWRD ODVFLDUHLOWXRSDHVH" /DPDQFDQ]DGLODYRUR,SDHVLYLFLQLD7LUD QDVRQRSRYHULQRQF·qQLHQWH$GGLULWWXUD LRLQ$OEDQLDKRFRPSUDWRODSDWHQWHFRQ LVROGLJXDGDJQDWLLQ,WDOLDSHUzULHQWUDWRLQ ,WDOLDTXHOODSDWHQWHQRQDYHYDYDORUH/D FLWWj XQ SR· SL PRGHUQD q 7LUDQD GRYH DOOD GRQQD q SHUPHVVR JXLGDUH PHQWUH QHJOLDOWULSDHVLQLODGRQQDIDVRORODPDP PDHODPRJOLH1RLQRQSRVVLDPRYHGHUHL YRVWUL FDQDOL WHOHYLVLYL LQIDWWL LR DYHYR XQ·DQWHQQDQDVFRVWDFKHOLULFHYHYD 3HUFKpVHLYHQXWRLQ,WDOLD" $ ODYRUDUH RQHVWDPHQWH HG HVVHUH DFFHW WDWR 3ULPD KR ODYRUDWR LQ *UHFLD FRPH PXUDWRUHHODVLWXD]LRQHHUDGLVFUHWD0DOu JOL H[WUDFRPXQLWDUL QRQ VRQR EHQ YLVWL H VSHVVRVRQRVWDWRSHUFRVVRHFRVu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jGLYHGHUHODPLDIDPLJOLDFLUFD GXH YROWH DOO·DQQR $OO·LQL]LR DQGDYR YLD PDUHSRLKRSUHVRVHPSUHO·DHUHR &RPHVHLVWDWRDFFROWRGDJOL,WDOLDQL" &RPH VL SXz EHQ FDSLUH QRQ PL SRVVR OD PHQWDUH JOL LWDOLDQL VRQR VWDWL PROWR JHQH URVL*OLLWDOLDQLVRQREUDYDJHQWH 4XDOFXQRLQSDUWLFRODUHWLKDDLXWDWR" 6L,RDUULYDLLQ,WDOLDD%ULQGLVLH FRQLOWUHQRHSRLD0DWHUD,Q VHJXLWRSDJDQGRDOFXQHSHU V R Q H W U R Y D L O D Y R U R QHOO·D]LHQGD DJULFROD GL FXL WL KR SDUODWR 4XDQGR YL DUULYDL GDSSULPD YLYHYR LQ XQ PRQR ORFDOH DGLDFHQWH DOOD FDVD GHOPLRGDWRUHSRLPLGLHGHUR XQ DSSDUWDPHQWR GRYHYLYHYR GLJQLWRVDPHQ WH D GLIIHUHQ]D GL PLR IUDWHOOR FKH ODYRUDYD VHPSUHLQTXHVWD]RQD/DWHU]DHGLQWRUQLPD YLYHYD LQ XQD VWDOOD 2UD LQYHFH KR XQD FDVD LQDIILWWRLQ/DWHU]DYLFLQRDTXHOODGLPLRIUDWHO ORHIDFFLRLOPXUDWRUH 7LVHQWLLQWHJUDWRD/DWHU]D" 6L PL VHQWR LQWHJUDWR FRPH DQFKH OD PLDID PLJOLD 4XDOLVRQROHWXHVSHUDQ]HIXWXUH" 6SHUR FKH O·$OEDQLD SURJUHGLVFD D WDO SXQWR FKHQHVVXQDOWURVLDFRVWUHWWRDFHUFDUHODYRUR IXRUL $QGUHD%R]]DA& ,OYROWRGHOO¶DOWUR PLVYHOD 3URIVVD$QWRQHOOD6LELOOLR / R VWUDQLHUR FL DELWD q OD IDFFLD QDVFRVWD GHOODQRVWUDLGHQWLWjORVSD]LRGLVWXUEDQWH ( LO VLQWRPR FKH UHQGH LO ´QRLµ SUREOHPDWLFR JLXQJH TXDQGR VRUJH OD FRVFLHQ]D GHOOD PLD GLIIHUHQ]D H ILQLVFH TXDQGR FL ULFRQRVFLDPR WXWWL´VWUDQLHULµ/DVLWXD]LRQHFKHYDLPSRQHQ GRVLDLQRVWULJLRUQLFLLQYLWDDULIOHWWHUHVXOODQR VWUD FDSDFLWjYRORQWj GL DFFHWWDUH TXHVWD DO WHULWj /RVWUDQLHURHODSDXUDFKHHJOLVXVFLWDVRQROR VSHFFKLR GL XQD VWUDQLHULWj FKH FL DELWD (VVR FRQVHQWH GL FRJOLHUH O·DOWUR SHU TXHOOR FKH VL UDFFRQWDHQRQSHUTXHOORFKHLRVLDDVFROWDUH O·DOWUR H DWWHVWDUH OD VXD HVLVWHQ]D H ODVFLDUH FKHOHQRVWUHGLIIHUHQ]HVL´FRQWDPLQLQRµHSHU GDQRODORURDXWRUHIHUHQ]LDOLWj 0DSHUDVFROWDUHELVRJQDULQXQFLDUHDLSUHJLX GL]LFKHQHJDQRO·DOWUR FRQWLQXDDSDJ /DVFXRODOXRJRG¶DFFRJOLHQ]DH G¶LQWHJUD]LRQH &RQ LO WHUPLQH LQWHJUD]LRQH VL ID ULIHULPHQWR DG XQD VHULH GL SURFHVVL FXOWXUDOL H VRFLDOL FKHUHQGRQROLQGLYLGXRPHPEURGLXQDVR FLHWjRGLXQD1D]LRQH,OSULPRGLTXHVWLSUR FHVVL q OD VRFLDOL]]D]LRQH DWWUDYHUVR O·DFTXLVL]LRQHGLQRUPHYDORULHDELWXGLQLGHO OXRJR G·DSSDUWHQHQ]D 1HOOD VWRULD XQ JUDQGH SHUVRQDJJLR FRPH $OHVVDQGUR 0D JQRDYHYDEDVDWRODVROLGLWjGHOVXRLPSHUR SURSULRVXOO·LQWHJUD]LRQHGHLSRSROL0DRJJL SRVVLDPR GLUH FKH OLQWHJUD]LRQH DEELD OD VWHVVDIRU]D" 8QR GHL OXRJKL GRYH OLQWHJUD]LRQH GLYHQWD XQD SRWHQ]LDOH IRQWH GL FUHVFLWD q VLFXUD PHQWH OD VFXROD ,QIDWWL LO 0L QLVWUR GHOOD 3XEEOLFD ,VWUX]LR QHQHOOD5LIRUPDKDLQVHULWR XQ PDVVLPR GL VWXGHQWL VWUDQLHULDOOLQWHUQRGHOOHFODVVL GHOOH VFXROH SULPDULH H VH FRQGDULH &RQVLGHUDQGR OH HVLJHQ]HGLGDWWLFKHHVRFLDOL VL YXROH HYLWDUH OD QDVFLWD GL CFODVVLJKHWWR LQ TXDQWR OD VFXRODUDSSUHVHQWDXQOXRJRSULYLOHJLDWRSHU OLQWHJUD]LRQHGLWXWWHOHFXOWXUHGHOPRQGR 0D RJQL PHGDJOLD KD LO VXR URYHVFLR $OOH PDPPH LWDOLDQH OD SUHVHQ]D GL PROWL VWUD QLHUL QHOOH FODVVL q VHPEUDWD XQ·LSRWHFD VXO UHQGLPHQWR GHL ILJOL 4XDOFKH FRQVLGHUD]LR QH SHUz q QHFHVVDULD IDUOD ( YHUR FKH VL q FLWWDGLQL GHO PRQGR PDELVRJQDULVSHWWD UH OD FXOWXUD GHO SRVWR H LPSDUDUH OD OLQJXD SHUFKp PROWL EDPELQL VWUDQLHUL UH VWDQR LQGLHWUR FRQ LO SURJUDPPDVFRODVWL FR H TXHVWR YD GL VFDSLWR GHO UHVWR GHOOD FODVVH FKH SURFHGH FRQ XQ SDVVR SL OHQWR $ SURSRVLWR VRQR QDWHOHFODVVLGLLQVHULPHQWRSHUSRWHUGD UH XQ SULPR DSSURFFLR DL EDPELQL VWUDQLHUL VXOODOLQJXDHODFXOWXUDLWDOLDQDPDLOULVFKLR GLFODVVLJKHWWRqDOWR*OLLQJUHGLHQWLPLJOLRUL SHU OLQWHJUD]LRQH VRQR LO GLDORJR H LO FRQ IURQWR 0D QDVFH VSRQWDQHR FKLHGHUVL VLD PRUHDOPHQWHSURQWLSHUOLQWHJUD]LRQH" 0DULD7HUHVD&RODFLFFRA' 3URJHWWR,QWHUFXOWXUD ,QWHUYLVWDDG$\FD &RQ LO SURJHWWR ´,QWHUFXOWXUDµ TXHVW·DQQR XQD UDJD]]DSURYHQLHQWHGDOOD7XUFKLDKDIUHTXHQWD WR LO OLFHR 9LFR 3ULPD FKH ULSDUWLVVH OH DEELDPR IDWWRTXHVWDLQWHUYLVWDSHUVDSHUHFRPHVLqWUR YDWDQHOODVFXROD $\FDFRPHWLVHLWURYDWDQHOODQRVWUDVFXROD" 'LUHLFKHQRQPLVRQRWURYDWDQp EHQHQpPDOH/DVFXRODLWDOLDQD q SHVDQWH SHUFKp JOL LWDOLDQL VWX GLDQRWURSSR 4XHOOR FKH PL KD SHUPHVVR GL LQWHJUDUPL PHJOLR q VWDWR FDP ELDUH SL FODVVL SHUFKp FRVu KR FRQRVFLXWRSLDPLFLKRLPSDUDWRXQPHWRGRGL VWXGLRHKRLPSDUDWRPHJOLRODFXOWXUD HXURSHD 7LVHLVHQWLWDSLHQDPHQWHLQVHULWD" +R FHUFDWR GL LQVHULUPL LQL]LDQGR D IUH TXHQWDUH GLYHUVL JUXSSL H LQ TXHVWR PRGR KR FRQRVFLXWR PROWL JLRYDQL 1HOOD VFXROD LO UDSSRUWR FRQ L UDJD]]L PROWH YROWH q VWDWR IRUWH PD DQFKH L SURIHVVRUL KDQQR FHUFDWR GL LQVHULUPL IDFHQGRPLVHQWLUHDPLRDJLR 4XDQWRGHOODQRVWUDFXOWXUDKDLFRQGLYLVR" (K +R LQL]LDWR D PDQJLDUH OD SDVWD H KR SUHVR VHWWHFKLOL ,OVDEDWRHODGRPHQLFDSHUXQDVRUWDGLFRQIRU PLVPR KR LQGRVVDWR DELWL SL HOHJDQWL H WDFFKL FKH QRQ HUR VROLWR IDUH +R FHUFDWR GL DGHJXDU PL2YYLDPHQWHWUDODPLDHODYRVWUDFXOWXUDKR WURYDWRWDQWHGLIIHUHQ]H8QDFKHKRFROWRVXELWR q VWDWD OD JUDQGH DFFRJOLHQ]D H O·DSHUWXUD GHL ODHUWLQLYHUVRLOSURVVLPRHTXDQWRSHUORURFRQWDLO YDORUH GHOOD IDPLJOLD,QIDWWL L OHJDPL IDPLOLDUL VR QR WURSSL VWUHWWL OD IDPLJOLD VL ULXQLVFH VSHVVR ,Q 7XUFKLD TXHVWR VXFFHGH PHQR 4XL SRL OH IHVWH UHOLJLRVH VRQR VHQWLWH GD QRL TXHVWR QRQ DFFD GH &RVDKDLIDWWRSHUIDUFLFRQRVFHUHODWXDFXOWXUD" ,QXQDFODVVHKRUDFFRQWDQGRLQRVWULVWLOLGLYLWDH KRVSLHJDWRFKHLOGHWWR´IXPLFRPHXQWXUFRµq IDOVR ËXQ·HVSHULHQ]DFKHFRQVLJOLUHVWL" 6u q XQ·HVSHULHQ]D FKH DXJXUR D WXWWL JOL DGROH VFHQWLSHUFKpqXQEXRQPHWRGRSHULPSDUDUHOD OLQJXDHDQFKHLO´GLDOHWWRµ &KHQHSHQVLGHJOLLWDOLDQL" 6RQRDFFRJOLHQWLFXULRVLEUDYL $OORUDDSUHVWRD/DWHU]D $QQDYLWD'H%LDVLA' )RFXV )RFXV ,&21),1,'(//$6&,(1=$/$3$57,&(//$',',2 ' WDOPHQWH WUD OH SDUWLFHOOH SUHYLVWH GDO RSR PHVL GL SUHSDUDWLYL ILQDO PRGHOOR FRVWLWXLUHEEHOD FKLDYH GL YROWD PHQWH LO &RQVLJOLR (XURSHR SHU SHU XQLILFDUH OH GLYHUVH WHRULH ILVLFKH FLU OD5LFHUFD1XFOHDUHGL*LQHYUDKDGDWR FDODQDWXUDGHOODPDWHULD7DOHSDUWLFHO O·DYYLR XIILFLDOH DOO·LPSRQHQWH SURJHWWRODVDUHEEHLQIDWWLODFDXVDGHOODPDVVDGL VXOODULFHUFDGHO%RVRQHGL+LJJVODIDPL WXWWH OH DOWUH SDUWLFHOOH GDQGR RULJLQH D JHUDWD ´SDUWLFHOOD GL 'LRµ /D VFRSHUWD TXHO IHQRPHQR GDO QRPH IDQWDVFLHQWLIL GRYUHEEH HVVHUH HIIHWWXDWD DWWUDYHUVR LO FR QRWR FRPH ´H[QLFKLOD]LRQHµ RYYHUR SL SRWHQWH DFFHOHUDWRUH GL SDUWLFHOOH DO FUHD]LRQHGDOQXOOD/DVFRSHUWDGHOER PRQGR /+& VRQH GL +LJJV /DUJH +DQGURQ IRUQLUHEEH LQIRU &ROOLGHU VLWXDWR PD]LRQL XWLOL FLU D FHQWR PHWUL GL FDO·HQHUJLDHOD SURIRQGLWj QHL PDWHULD RVFXUD VRWWHUUDQHL GHO FLRqQRQSHUFH &(51 FRQ XQD SLELOL GD DOFXQR HVWHQVLRQH GL VWUXPHQWR PD F K L O R P H W U L W H R U L F D P H Q W H /·DFFHOHUDWRUH HVLVWHQWL GDWR HUD JLj VWDWR FKH HQHUJLD H DFFHVR SUHFH PDWHULD YLVLELOL G H Q W H P H Q W H F R V W L W X L V F R Q R PD GLYHUVL JXD VROR LO GHOOD VWL QH DYHYDQR P D V V D FDXVDWR LO EORF GHOO·LQWHUR XQL FRGRSRVROR YHUVR ,Q XOWLPR RUH $O VXR LQWHUQR YHQJRQR RVVHUYDWH PDQRQSHULPSRUWDQ]DTXHVWDSDUWLFHO DOFXQH SDUWLFHOOH VXEDWRPLFKH SURWRQL OD SHUPHWWHUHEEH GXUDQWH OD VXD H QHXWURQL GRWDWL GL HOHYDWLVVLPL OLYHOOL GL ´QDVFLWDµQHOO·DFFHOHUDWRUHGLULFUHDUHOH HQHUJLD FLQHWLFD YHORFLWj 'DOOD FROOL FRQGL]LRQL GHO %LJ %DQJ GDQGR OD SRVVL VLRQHGLTXHVWHYHQJRQRSURGRWWHDWWUD ELOLWj GL RVVHUYDUH LO QRVWUR XQLYHUVR QHL YHUVROHLQWHUD]LRQLHQHUJHWLFKHGLQDWXUD VXRLSULPLLVWDQWLGLYLWD3HUODVXDLPSRU HOHWWURPDJQHWLFD SDUWLFHOOH HOHPHQWDUL WDQ]D H SHU OH LQILQLWH SRVVLELOLWj GL FRQR RYYHUR L FRVWLWXHQWL IRQGDPHQWDOL VFHQ]DLOERVRQHGL+LJJVqVWDWDULEDW GHOO·XQLYHUVR (VVH VL GLVWLQJXRQR SULQFL WH]]DWD ´SDUWLFHOOD GL 'LRµ &HUWR L GXEEL SDOPHQWH LQ IHUPLRQL H ERVRQL LQ EDVH VRQR DQFRUD WDQWL FLUFD OD FUHD]LRQH GL DOODORURURWD]LRQHHSXzDVVXPHUHYDORUL HYHQWXDOL EXFKL QHUL FKH FDQFHOOHUHEEH QXPHULFLLQWHULQHOFDVRGHLERVRQLRIUD UR QRQ VROR OD 7HUUD PD O·LQWHUR VLVWHPD ]LRQDUL SHU L IHUPLRQL /H SDUWLFHOOH VRQR VRODUH 0D QRQ FL VRQR DOWHUQDWLYH 6ROR WXWWH SUHYLVWH QHO FRVLGGHWWR ´0RGHOOR OD YHULILFD GHOOD VXD HVLVWHQ]D FL SHUPHW 6WDQGDUGµ OD WHRULD XIILFLDOH FKH GHVFUL WHUHEEH GL ULVDOLUH DOOH RULJLQL GHOOD YLWD H YH WXWWH OH SDUWLFHOOH IRQGDPHQWDOL H OH DOODUHDOHHVVHQ]DGHOO·XQLYHUVR TXDWWURIRU]HIRQGDPHQWDOLDOODEDVHGHO ,QTXHVWHULVSRVWHODULVSRVWDSLJUDQGH ODORURLQWHUD]LRQHHTXLQGLGHOODFRVWLWX GLWXWWHO·LQWHOOLJHQ]DGHOO·HVVHUHXPDQR )UDQFHVFR9HQH]LDA& ]LRQHGHOODPDWHULD,O%RVRQHGL+LJJV O·XQLFR QRQ DQFRUD RVVHUYDWR VSHULPHQ O·DOWUR)RFXV O·DOWUR)RFXV /DIDFFLDPRO¶8QLWjG¶,WDOLD" 7UDLOVHULRHGLOIDFHWRGDO&RQJUHVVRGHOOD3DGDQLD &DYRXULWDOLDQLFKHGLWH"(·JLXQWRLOPR HGDQFKHOHIHUURYLH/·8QLWjG·,WDOLDVLJQL PHQWRGLIDUHO·,WDOLD" ILFDXQSRSRORVRORVRWWRXQDVWHVVDEDQ 0D]]LQLQD·SDURODFRQODWHVWDFKHKDQ GLHUDSXUFKpVLDQHOYHUVRJLXVWR QRTXHLFDIRQLGHLPHULGLRQDOL" 3URIHVVRUHVVDDWWHQ]LRQHFKHTXHVWDYRO *DULEDOGL QRQ YL SUHRFFXSDWH )LQLWD OD WDVLILQLVFHVXOODVWDPSDQD]LRQDOH ULYROX]LRQHLQ$PHULFDULWRUQRHYLGRXQD 3HSSLQLHOOR ULWRUQDQGR DO QRVWUR GLVFRUVR PDQR GHYL VDSHUH FDUR &RQWH 0DVVLPR'·$]HJOLRVWDL FKH LR VRQR VWDWR LO SULPR FDOPRULYROX]LRQDULR3HU D FRVWUXLUH OD IHUURYLD 0L IDUH O· ,WDOLD GREELDPR VHUYLYD SHU DQGDUH LQ YD IDUHSULPDJOLLWDOLDQL FDQ]D 0DQ]RQL FL SHQVR LR D %RVVLLRO·KRVHPSUHGHW ULVYHJOLDUH OH FRVFLHQ]H WRFKHLO6XGqXQSUREOH YHUVRJOLLGHDOLGHOODSD PD«'852/uVLPDQJLD WULD 6FULYR XQ EHO UR VL EHYH H VL« ODYRUD SR PDQ]R VX TXHOOD FRS FR SLHWWDLQIXJDORLQWLWROR &HVDUH%DOERVHODJJLq , SURPHVVL VSRVL H FRVu FRVu DOORUD LO JRYHUQR PL SDUOR SXUHGHJOL VWUDQLH JOLRUH VHFRQGR PH q LO UL )HGHUDOLVPR 0D]]LQL D PLR DYYLVR 9LWWRULR(PDQXHOH,, TXHVWL VRQR GHWWDJOL TXDQWL GLVFRUVL LQXWLOL ,R /·RVWDFROR PDJJLRUH q VRQR LO 5H H D PH VSHWWD IDUFDSLUHO·LPSRUWDQ]DGLHVVHUHXQSR UDSSUHVHQWDUHO·,WDOLD,RVDUzLO5HG·,WDOLD SROR XQLWR GHPRFUDWLFR H VRSUDWWXWWR *DULEDOGLVHQWLFKLSDUOD(·GLIILFLOHILGDU OLEHUR8QDEHOOD6RFLHWjVHJUHWD VL GL FKL FL KD YROWDWR OH VSDOOH SHU EHQ &RQIDORQLHUL SHQVR FKH XQ JLRUQDOH ,O GXHYROWH &RQFLOLDWRUHVDUHEEHPHJOLR,OSUREOHPD &DYRXU FDOPD FDOPD &L YXROH PROWD qFKHOROHJJHUDQQRLQSRFKLYLVWRFKHOD GLSORPD]LDHWURYDUHJOLDOOHDWLJLXVWL VWUDJUDQGH PDJJLRUDQ]D VRQR DQDOID *DULEDOGL LR IDFFLR GD VROR 0L EDVWDQR EHWLVRSUDWWXWWRDO6XG PLOOH XRPLQL SHUFKp GDOOD 6LFLOLD DOOD &DUERQDUR 1RQ F·q SUREOHPD 1RL GHO &DPSDQLDPROWLPLVHJXLUDQQR VXG DIILOLDWL VLDPR 7XWWR VDSSLDPR DQ 2,WDOLDRPRUWH FKHVHOHERFFKHFXFLWHDEELDPR 9LWWRULR(PDQXHOH,,VWDLFDOPR7LKRGHW &DYRXU LR QRQ VRQR SURSULR G·DFFRUGR WRFKHLRVRQRLOUH'DPPLLOWHPSRGLDU FRQ TXHVWR YRVWUR PRGR GL IDUH VHPSUH ULYDUHD7HDQRHPLFRQVHJQLLO6XG VRWWRPHVVLDLSDGURQLGL WXUQR5HDJLWHX 3LR,;FHUWRIDWHSXUHPDVDSSLDWHFKH QDEXRQDYROWDHGDWHYLGDIDUH GDPHQRQDYUHWHDOFXQDEHQHGL]LRQH )HUGLQDQGR SDUOD LO SURJUHVVLVWD 'HYL VD $Q]LHPDQRLO1RQ([SHGLWFRVuPHWWROH SHUH FKH FRQ OR VIUXWWDPHQWR H TXDOFKH FRVHLQFKLDUR SDJQRWWD VL RWWHQJRQR L PLJOLRUL JXDGD &DYRXUFRQWXWWRULVSHWWR(FFOHVLDOLEHUD JQL LQOLEHUDSDWULD &DYRXU FUHGR LQYHFH PLR FDUR 3HSSL 7XWWL9LYDO·,WDOLD QLHOOR FKH ELVRJQD SURPXRYHUH OD FXOWX (OLVDEHWWD5XVVRA& UDODOHJDOLWjOHULIRUPHDJUDULHLQGXVWULDOL 3HUQRQGLPHQWLFDUH 'DOYLDJJLRG¶LVWUX]LRQHDG$XVFKZLW]%LUNHQDX $UEHLW 0DFKW )UHL FLRq ,O ODYRUR UHQGH OLEHUL 0DLVFULWWDqVWDWDSLEHIIDUGD&KLqHQWUDWRLQTXHO FDPSR LO ODYRUR q VWDWR VROR XQ SUROXQJDPHQWR GHOODJRQLDQHOO¶DWWHVDGHOODPRUWH9%LDQFRILRUH 2OWUHSDVVDWRLOILORVSLQDWR LYROWLFDPELDQRHVSUHVVLRQH $VVHQWHqLOVRUULVR 3DVVLULSHWXWLQHOODQHYHHQHOIDQJR ULYLYRQRXQYLVVXWRWHUULELOHDWURFH ,QORQWDQDQ]DODSUHJKLHUD GLXQFRURHEUHR 3RLLOVLOHQ]LR 6LDYYHUWHXQRGRUHDFUH HWDQWDVRIIHUHQ]D ,QRJQLFXRUHUHVWHUjTXDOFRVDGDQRQ GLPHQWLFDUH 3URIVVD0DULD6FDUDWL &KHLPSUHVVLRQHLOFXPXORGHLFDSHOOLGHOOHVFDUSH GHJOLRFFKLDOLHGHLYHVWLWLQLGHLQHRQDWL0%RQRUD /uKRYLVWRJOLRFFKLYXRWLVXOOHSDUHWL 0DLGLPHQWLFKHUz 2UDUDFFRQWHUzFRV¶qO¶RORFDXVWR 7DELWD «SHUFKpFKLXGHUHJHQWHLQQRFHQWHQHOOHFDPHUHDJDV EUXFLDUHLFRUSLQHLIRUQLFUHPDWRULHXVDUHOHFHQHULFRPH IHUWLOL]]DQWH"0DHUDQRXRPLQL"50RQWDQDUR 9LFRHYHQWL 9LFRHYHQWL &LqVHPEUDWRLPSRVVLELOHFKHODFDWWLYHULDGHOO¶XRPRSR WHVVHDUULYDUHDOPDVVDFURGHJOLLQQRFHQWL&LVLDPRVHQWLWL WRFFDWLQHOSLSURIRQGR3&OHPHQWH /¶DSRFDOLVVHGL%LHUFKHQDX« /HFLPLQLHUHSRUWDQRYLDVFLQWLOOHGLYLWD 6HQWRIUHGGRHWULVWH]]D ,OFROWHOORWUDILJJHLOPLRFXRUH +RELVRJQRGLVFULYHUH 3URIVVD9LWWRULD0RUHWWL D]LRQH WRODVHQV D Y R U S R K LOFDPSR QVLRQH 9LVLWDQGR QHOODVWHVVDGLPH UH L UUR GLWURYDUP GHJOLDQQLGHOO¶R QWLOOR D F 6D FDWDVWURIL LQGHVFULYLELOH/ H Q 6HQVD]LR 7XWWRDG$X VFKZLW]qGLYHUVR1XOODQHDQFKH OHSDUROHVFHOWHSRVVRQRVSLHJDUHLEULYL OL QGRQHLYLD &DPPLQD LVFXRWHWXWWD P HGLD XQEULYLGR PDJLQDWRXQDWUDJ LP QL 0DLDYUHL SURSRU]LR RUURUHWDQ WH V D Y u V R F XQ GL QVDWRDG H S L UH Y D L PD WRJUDQGH ROL RVD6WULSS 3URIVVD5 2UDKRFDSLWRTXDQWRqVWDWRJUDQGH LOGRORUHHODPDOYDJLWjFKHPLRSDGUHKDVRSSRUWDWR QHLGXHOXQJKLDQQLGLSULJLRQLDDG$XVFKZLW] $PLRSDGUH$WWLOLR FRQJUDQGLVVLPRHWHQHULVVLPRDIIHWWR 3URIVVD)UDQFHVFD5HVWD KZLW] HUDDG$XVF WH LV HV R UQ IH /¶LQ OHSHUGLUH 1RQKRSDUR WDWR FLzFKHOuqV OR R V 0LUHVWD JKLHUD QHGHOODSUH R ]L OD ODFRQVR PD0DUWLQR 3URIVVD3DO DUWLVWLDOO·RSHUD /HWHOHUHDOL]]DWHGDLUDJD] ]LGHOO¶LVWLWXWRG¶$UWHVRQR VWDWHSUHVHQWDWHDO&RQYHJQR ³6SRUWq(GXFD]LRQH³ /LEUL /DPDWHPDWLFDQRQqPDLVWDWDFRVu«DPDWD $PRUHSHUODPDWHPDWLFD",OPHUL WR YD DOOD SURIVVD 0 /RJULOOR FKH FRPSUHQGHQGR OH SHQH GHL VXRL VWXGHQWL KD SHQVDWR EHQH GL ´GLPRVWUDUHµ OD PDWHPDWLFD H OD ILVLFDGDOSXQWRGLYLVWDOHWWHUDULR $ GLUOD FRQ /XFUH]LR VDUHEEH FR PH´LOPLHOHSHULQJKLRWWLUHO·DPDUD PHGLFLQDµ LQIDWWL VLDPR VWDWL LQYL WDWLDOHJJHUHGXHFODVVLFLGHOODOHWWHUDWXUDVFLHQWL ILFDSHUUDJD]]L´)ODWODQGLDµGL(GZLQ$$EERWWH ´,OPDJRGHLQXPHULµGL+DQV0(Q]HQVEHUJHU8Q HVRUGLR VRIW VHQ]D GXEELR PD FKH q VHUYLWR DG DYYLFLQDUFLLQPDQLHUDSLDFHYROHDIRUPXOHHWHR UHPL 6L WUDWWD GL GXH OLEUL PROWR FRQRVFLXWL GDJOL VWXGHQWLGHOOHIDFROWjVFLHQWLILFKHSHUFKpDIIURQWD QRLQPRGRPROWRRULJLQDOHLOPRQGRD SL GLPHQVLRQL (QWUDPEL JOL DXWRUL FHU FDQRGLFRQYLQFHUHLOOHWWRUHFKHODPD WHPDWLFD QRQ q FRVL GLIILFLOH H QRLRVD FRPH PROWL FUHGRQR H OR IDQQR VFR SUHQGRLQHVVLFRQODOHWWHUDWXUD$SUR SRVLWRLOUHSHUWRULRqYDVWRHPROWHSOLFL VRQR L OLEUL GHGLFDWL *DOLOHL WXWWL FRQ LO QRQ IDFLOH FRPSLWR GL DYYLFLQDUH LO JUDQGH SXEEOLFR DOOH VWUDRUGLQDULH VILGH GHOOD ILVL FD PRGHUQD 'XQTXH EHQ VLD VH OD OHWWXUD VHUYH FRPSUHQGHUH FKH DOOD EDVH GL RJQL VFLHQ]D OH LGHH IRQGDPHQWDOL VRQR VHPSOLFL H FRPSUHQVLELOL SLGLTXDQWRVLSRVVDLPPDJLQDUH ,ODULD%HOOLQL,9& &DUPHQ5DQDOGR,9& /·DQJRORGHOODSRVWD /·DQJRORGHOODSRVWD $QFRUDILGXFLDQHOQRVWUR ,OIXRFRHQHUJLDFKHWXWWR DPLFRSDOORQH" GLVWUXJJHFKHWXWWRWUDVIRUPD 3HQVDYDPR IRVVH ILQLWD« H /R VWRULFR q XQ SURIHWD FKH JXDUGD DOO·LQGLHWUR %HQH LQYHFH &RQWLQXDQR JOL VFDQ JXDUGLDPR OD SUHLVWRULD 1HO SHULRGR SUHLVWRULFR VL FRQIL GDOLOHJDWLDOFDOFLRHSUHFLVD JXUDURQROHSULPHVFRSHUWHFKHJUDGXDOPHQWHFRQGXV PHQWHDTXDWWURDQQLGD&DO VHURO·XRPRDOODFLYLOWj8QDVFRSHUWDQRWHYROHIXFHUWD FLRSROLVLULSUHVHQWD&DOFLRSROL PHQWH TXHOOD GHO IXRFR *Lj O KRPR HUHFWXV DYHYD LO 'XH FRQWUROORGHOIXRFRHFLzJOLSHUPLVHGLDGDWWDUVLDGLYHUVL 2YYLDPHQWH TXHVW·XOWLPR SUR DPELHQWL FHVVR q OD FRQVHJXHQ]D GHO /·XRPRIXTXLQGLLQJUDGRGLRSHUDUHQHOVHWWRUH PHWDO SULPRFKHYLGHLPSXWDWLLVLJQRUL0RJJLH*L OXUJLFR IDE E U L F D Q G R UDXGR GHOOD -XYHQWXV H WDQWH DOWUH VTXDGUH DUPL H XWHQ VLOL SLXWWRVWR FRLQYROWH QHO JLUR GL LOOHFLWL VSRUWLYL OHJDWL IRQ U H V L V W H Q W L VHPSOLFH GDPHQWDOPHQWH DO UDSSRUWR FRQ DUELWUL GL VH PHQWHDWWUD YHUVR XQD ULH $ 4XHVWDYROWD SHUz OD VLWXD]LRQH q DS FRQRVFHQ]D LQWXLWLYD GHO SHQD GLYHUVD SHUFKp QHO SURFHVVR q VWDWR SURFHVVR GL FRPEXVWLR FRLQYROWR DQFKH *LDFLQWR )DFFKHWWL JUDQGH QH ,O IXRFR q LQIDWWL LO EDQGLHUDGHOO·,QWHUUHRGLDYHUSUREDELOPHQWH F R P S O H V V R GHJOL HIIHWWL FRQWDWWDWR JOL DUELWUL SULPD GL DOFXQH SDUWLWH FDORULFL H O X P L Q R V L SL R PHQR LPSRUWDQWL $ SHQVDUFL EHQH GHL SURGRWWLGDOODFRPEXVWLRQH,QYHFHQHOO·RWWLFDqXQSXQ SURFHVVL SRFR LPSRUWD $ QRL VSRUWLYL q LO FDO FLR LWDOLDQR H LO VXR VLVWHPD D SUHRFFXSDUFL WRQHOTXDOHVLLQWHUVHFDQRLUDJJLSURSDJDWLVLSDUDOOHOD &RP·q SRVVLELOH FL GRPDQGLDPR FKH FL VLD PHQWHDOO·DVVHRWWLFRSULQFLSDOHPHQWUHLQPDWHPDWLFDL IXRFKL GLXQLSHUEROHR GLXQHOOLVVHVRQRSXQWLWDOLFKH XQVLVWHPDLOOHFLWRGLHWURXQJLRFRFKHDSSDV ODVRPPDRGLIIHUHQ]DGHOOHORURGLVWDQ]HGDXQSXQWR VLRQDPLOLRQLGLLWDOLDQL"3HUFKpLQTXLQDUHLULVXO WDWLLQ XQPHUFDWR FKH KD SRFKL ULYDOL HPROWL TXDOVLDVLGHOODILJXUDULVXOWDFRVWDQWH /DSURVSHWWLYDVFLHQWLILFDLQVHJQDFKHLOIXRFRqXQDIRQ DSSDVVLRQDWL"3HUFKpQHOJLRFRQRQF·qOHDO Wj H JLXVWL]LD" /D JLXVWL]LD FHUWDPHQWH OD SL WH GL HQHUJLD PROWR SRWHQWH 3XUWURSSR QRQ VRUSUHQGH LPSRUWDQWH GHOOH YLUW q TXHOOD FKH SL GL FKHO·XRPRQHDEELDFHUFDWRLOFRQWUROORSHUILQLPDOYD WXWWD PDQFD 3DUOLDPR VHPSUH GL UDFFRPDQ JL 1HO SURJUHVVR O·XRPR ULVSRQGH LQHTXLYRFDELOPHQWH GD]LRQLIDYRUL WDQJHQWL SHU SROLWLFL H QRQ ULX GHOOD VXD FRVFLHQ]D LO GLVFULPLQH IUD LO EHQH H LO PDOH q VFLDPRDYHUJRJQDUFLTXDQGRWXWWRLOPRQGR UHJRODWR QHOOD SLHQD OLEHUWj GL D]LRQH ,O EXRQ FL GHULGH SHU FRPH DJLDPR" $QFKH &DOFLR 6DQW·$JRVWLQRULFRQREEHLOVHJQRGLYLQRQHOO·XRPRHQRQ SROL FL KD FRQIHUPDWR FKH QLHQWH SL q FRVu HVLWzDGHILQLUH9HULWjLOIXRFRGHO%HQHRYYHUR'LR FRPHDSSDUH 'DYLGH&D]]HWWDA& (Q]R&OHPHQWHA& WUDWWD GL SUHILJXUDUH XQ DOWUR PRQGR PD GL 6HJXHGDSDJ 'DOO·DVFROWR VHQ]D SUHJLXGL]L QDVFH LQYHFH ULSHQVDUH3HUULSHQVDUHQRLVWHVVLqQHFHVVD ORVJXDUGRGHOULFRQRVFLPHQWRLQXQUDSSRU ULD XQD FRQGL]LRQH IRQGDPHQWDOH GREELD WR GL GDUH H ULFHYHUH ODVFLDUH XQD SDUWH GL PR SRUFL DO GL IXRUL GL QRL VWHVVL GREELDPR Vp SHUFKp GLYHQWL DOWUR QHOO·DOWUR H PL ULWRUQL HVVHUHLQJUDGRGLVSHULPHQWDUHLOGLVRULHQWD SRL SL DUULFFKLWD ULVRUVD /·LGHQWLWj DUULFFKL PHQWRHLOGLVDFFRUGR WDDSSXQWRSRWUHEEHRIIULUVLFRPHSHUFRUVR 8QD LQWHJUD]LRQH SRVVLELOH SDVVD DWWUDYHUVR ODFRQRVFHQ]DHLOULVSHWWR G·LQWHJUD]LRQH VHFRQ GHOOH GLIIHUHQ]H DWWUDYHU GR XQ GXSOLFH PRYL VRODGLVSRQLELOLWjDGDWWH PHQWR GD XQD SDUWH QXDUH L FRQIOLWWL SHU FRP OD VRFLHWj RVSLWDQWH SRUOL SDFLILFDPHQWH q XQ ULFRQRVFLXWDGDOO·DOWUD UDSSRUWR YLVVXWR QHO UHFL GLVSRQLELOLWj D UHFHSL SURFR ULFRQRVFLPHQWR UH FLz FKH SXz LQWH GHOO·DOWHULWj XQ GDUH H UL JUDUOD VHFRQGR OD OR FHYHUHFKHSURGXFHYDOR JLFDGHOO·LQFRQWUR UH H QRQ O·DOWUR ULGRWWR D 8QD VRFLHWj DUPRQL PH FD GRYUHEEH SUR 8QD LQWHJUD]LRQH SRVVLELOH PXRYHUH OD FRQGLYL VLRQHGLYDORULIRQGDPHQWDOLTXDOLODFHQWUDOL q YDORUH FRPSOHPHQWDULHWj GHOOH GLYHUVLWj Wj GHOOD SHUVRQD SDUL GLJQLWj LO SOXUDOLVPR VHQ]D WXWWDYLD LQWHUSUHWDUOH FRPH LQIHULRULWj OD GHPRFUD]LD H VRSUDWWXWWR O·DFFHWWD]LRQH 1HO ULFRQRVFLPHQWR UHFLSURFR WURYDQR DF GL UHJROH FKH IRQGDQR OD FRQYLYHQ]D /D FRJOLHQ]DOHSOXUDOLWjVXXQWHUUHQRFRPXQH SUHWHVD GL YHULWj GHOOR VWUDQLHUR q OHJLWWLPD IDWWRGLGRYHULHGLGLULWWLDFRPSLHUHODSLH FRPHODQRVWUDFLRQRQRVWDQWHFRPSUHQGH QDFLWWDGLQDQ]D UHDFFRJOLHUHQRQVLJQLILFDDFFHWWDUHWXWWR $SULUVL DOO·DOWUR DLXWD D FRPSUHQGHUH QRL 2FFRUUHXQRVJXDUGRFDSDFHGLGLDORJDUH VWHVVL SHUFKp O·DOWUR q VHPSUH H FRPXQTXH GLIDUHHVSHULHQ]DGLVpHGHOO·DOWURVHFRQGR XQDILJXUDSRVVLELOHGLQRLFRVuFRPHORVLD OD SUDWLFD GHOOR VFDPELR UHFLSURFR 1RQ VL PRQRLGLOXL