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@urkp`og @akgkjda ogh Qkadon Akjjdtt``

@P\KY@OG DGHPQX\T OGH JKG@XO\T YKNDAT

Xf` rkn` kc tf` @urkp`og Dgv`stj`gt Logm

JODG Y\KSDQDKGON AKGANPQDKGQ

Ldnlok

Gkv`jl`r

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.. @ccdad`gay kc @urkzkg` jkg`tory pknday trogsjdssdkg ‑

dts ndgm tk r`on `akgkjy- sfkunh l` djprkv`h

.. Yortdaunorny, jomdgb sur` tfot r`skura`s b`t tk tf` r`on

`akgkjy ogh hk gkt stoy r`jodg`h dg tf` cdgogadonsyst`j, kut kc tf` @urkzkg` kr dg cdgogadon sp`aunotdkg

.. Rdtfkut dgar`osdgb tf` kv`ronn rdsm kc tf`

@urksyst`j, tf` fdbf`st prkpkrtdkg kc jkg t̀ory`xpogsdkg sfkunh cdgoga` prkhuatdv` oatdvdtd`s, r`not`h

tk sustodgoln` brkwtf.

?. Jkg`tory pknday sfkunh l` jkr` ckaus`h

8/20/2019 European Industry and Monetary Policy MAIN PROVISIONAL CONCLUSIONS. Bilbao. 20.11.2015

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.. Xf` aknnolkrotdkg @AL-@DL sfkunh dgar`os` tf`

`ccdad`gay kc jkg t̀ory pknday ogh sk, sfkunh jom`

pkssdln` tfot l`tt`r r`sunts ogh djpoat dg r`on `akgkjyor` oafd`v`h wdtf o nkw`r rdsm.

1. L`tt`r r`sunts wdtf c`w`r r`skura`s ogh nkw`r rdsm (D)

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Ckr tfds purpks`5

O. @AL ogh @DL sfkunh jom̀ og dgt`gsdv` us` kc tf` hdcc`r`gt pksdtdkgs

tfot @DL aog tom` dg jkg`tory pknday trogsjdssdkg wdtfkut dgar`osdgb

rdsms usuonny tom`g wdtf logms5

- Xfrkubf nkogs afogg`n`h ly @DL tk logms

- Yrkvdhdgb cughs tk @DL ogh gotdkgon prkjktdkgon logms kr ob`gad̀ s

dg sdjdnor woys os tf`y or̀ prkvdh`h tk akjj`radon logms.

- Luydgb @DL ogh GYLs lkghs kr oaa`ptdgb tf`j os aknnot`ron dg

sdjdnor woys os bkv`rgj`gt lkghs or` lkubft kr oaa`pt`h.

1. L`tt`r r`sunts wdtf c`w`r r`skura`s ogh nkw`r rdsm (DD)

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A. Xf` @AL-@DL aknnolkrotdkg akunh bk curtf`r. Qyst`jotda

ohvda` crkj tf` @DL akunh l` kc tf` br`ot`st

djpkrtoga` ckr o l`tt`r ckausdgb kc tf` jkg`tory

`xpogsdkg, `v`g dg kp`rotdkgs hdr`atny r`not`h tk

akjj`radon logms. Xfds ohvda` akunh l` jodgny r`not`htk tf` akghdtdkgondtd`s tk l` `stolndsf`h wf`g logms

r`a`dv` cughs b`g`rot`h dg jkg`tory `xpogsdkg, tk

`gsur` tfot tf`s` cughs or` afogg`n`h tk r`on ogh

prkhuatdv` `akgkjy.

1. L`tt`r r`sunts wdtf c`w`r r`skura`s ogh nkw`r rdsm (DS)

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.. @v`g wdtf o r`strdatdv` dgt`rpr`totdkg kc tf`

dgh`p`gh`ga` prdgadpn` kc tf` @urksyst`j, tf` struaturon

aknnolkrotdkg l`tw``g tf` @urksyst`j ogh tf` @DL aog l`

djpn`j`gt`h   ‑ly cr̀ ` h`adsdkg kc tf` @AL- tfrkubf

hdcc`r`gt woys.

.. Xf` @AL-@DL aknnolkrotdkg sfkunh l` sule`at`h tk tf`

jkg`tory pknday kle`atdv`s ogh, eust ckr tfds purpks`, dt

sfkunh `stolndsf o jkr` `ccdad`gt trogsjdssdkg j`afogdsj

l`tw``g @urksyst`j ogh jkg`y suppny, stoldndty kc 

prda`s, r`on `akgkjy ogh brkwtf.

1. N`bon dssu`s aog l` sknv`h (D)

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@AL ogh @DL sfkunh wkrm tkb`tf`r dg `xpnkrdgb tf` sp`adcda aforoat`rdstda kc tfdsaknnolkrotdkg. Qkj` kptdkgs aog l` `gvdsob`h5

.. Xrogsc̀ rrdgb r`skura`s tk tf` @DL lonoga 5̀

o) Hdr̀ atny5 @AL nkogs tk tf` @DL

l) Dghdr`atny5 Yurafos` ly tf` @AL kc h`lt dssu`h ly tf` @DL

.. Rdtfkut trogsc`rrdgb r`skura`s tk tf` @DL lonoga`5

- Q`ttdgb up o Cugh jogob`h ly tf` @DL lut ugh`r tf`

@urksyst`j / @AL kwg`rsfdp

- Q`ttdgb up o cugh ‑kr og `gtdty- jogob`h ogh kwg`h ly tf` @DL

- Jomdgb us` kc tf` @DL `xp`rtds` tfrkubf ohvda ,̀ ckrjonr`pkrts kr h`n`botdkg dg onnkaotdkg kc r`skura`s.

1. N`bon dssu`s aog l` sknv`h (DD)

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.. \dsm-sfordgb5 Xfrkubf tf` dgvknv`j`gt kc pulnda

prkjktdkgon logms kr ob`gad`s dg j`jl`r stot`s

.. Dgt`r`st rot`s5 Xf` hdcc`r`gtdon dg rot`s ds jkr` ogkppkrtugdty tfog o prkln`j

.. Ndqudhdty5 Xfrkubf @DL lkghs ogh/kr jkr` ndqudh

dgv`stj`gts dg tf` r`st kc jkg`tory `xpogsdkgkp`rotdkgs.

8. X`afgdaon dssu`s aog l` sknv`h (D)

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.. Og oh`quot` croj`wkrm ckr o struaturon aknnolkrotdkg

.. Dt r`cn`ats tfot tf` aknnolkrotdkg kl`ys tk tf` cr̀ ` h`adsdkg kc 

lktf dgstdtutdkgs ogh sk, tfot tf`dr dgh`p`gh`ga` ds cunny

r`sp`at`h.

.. Xf`r` or` sdjdnor Aknnolkrotdkg Obr``j`gts l`tw``g tf` @DL

ogh ktf`r @urkp`og dgstdtutdkgs.

.. Dt joy l` og oh`quot̀ croj`wkrm ckr sfordgb vd`ws, strot`bda

ogh kp`rotdkgon dssu`s ogh `stolndsfdgb o andjot` kc jutuon

aknnolkrotdkg.

0.Rfy gkt o Aknnolkrotdkg Obr``j`gt l`tw``g @AL ogh

@DL;

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.. Xf` @urkp`og Yorndoj`gt, os r`pr`s`gtotdv` kc tf`

b`g`ron dgt`r`st kc tf` @urkp`og p`kpn`, ogh

oaakrhdgb tk dts dgt`rdgstdtutdkgon rkn`, sfkunh l` tf`

oh`quot` lkhy tk tom` tf` dgdtdotdv` dg prkjktdgb tfds

mdgh kc jutuon aknnolkrotdkg l`tw``g tf` @AL oghtf` @DL.

.. Dg tfds woy, tf` @urkp`og Yorndoj`gt sfkunh jom`

sur` tfot tf` @P dgstdtutdkgs oh`quot`ny h`v`nkp`tf`dr jodg cugatdkgs lktf dg dgv`stj`gt pknday ogh

dg jkg`tory pknday.

3. Kg tf` rkn` kc tf` @urkp`og Yorndoj`gt

8/20/2019 European Industry and Monetary Policy MAIN PROVISIONAL CONCLUSIONS. Bilbao. 20.11.2015

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.. Kc akurs`, os ports kc tf` aknnolkrotdkg w`

prkpks`, @AL ogh @DL sfkunh pnoy og oatdv` rkn` dg

stortdgb tf` g`a`ssory g`bktdotdkgs tk pr`por` tf`

aknnolkrotdkg obr``j`gt.

2. Kg tf` rkn` kc tf` @urkp`og A`gtron Logm (@AL) ogh

tf` @urkp`og Dgv`stj`gt Logm (@DL)

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.. Dg portdaunor, tf` Lkorh kc Bkv`rgkrs kc tf` @AL ogh tf` Lkorh

kc Bkv`rgkrs kc tf` @DL sfkunh tom` o h`anorotdv` h`adsdkg dg

covkr kc suaf og opprkoaf. Ckr tfot odj, o akjjkg wkrmdgb

t`oj sfkunh l` ar`ot`h l`tw``g @AL ogh @DL sk os tk anordcy

tf` dgt`r`st ogh tf` c`osdldndty kc tf` prkpks`h aknnolkrotdkg

ogh, dg ktf`r aos`, tk prkpks` ont`rgotdv` j`osur`s tk

djprkv` tf` `ccdad̀ gay kc tf` trogsjdssdkg kc @urkzkg`

jkg`tory pknday tk tf` r`on `akgkjy. Dg portdaunor, @P

dgstdtutdkgs sfkunh buorogt`` tfot jkg`tory `xpogsdkg ds

oh`quot`ny akjjdtt`h tk r`on `akgkjy, h`v`nkpj`gt oghbrkwtf.

2. Kg tf` rkn` kc tf` @urkp`og A`gtron Logm (@AL) ogh

tf` @urkp`og Dgv`stj`gt Logm (@DL)

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Xfogm yku ckr ykur ott`gtdkg