European Industry and Monetary Policy. POLICY AND TECHNICAL ISSUES. Bilbao Presentation

8/20/2019 European Industry and Monetary Policy. POLICY AND TECHNICAL ISSUES. Bilbao Presentation

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Luriplè Loieimdo èh _iod`c Oimmdttll

L\ZI^L@E DEH\_XZT @EH MIELX@ZT ÎCDOTXbl ricl ia tbl Luriplè Devlstmlet Jèg (LDJ)

ÎCDOT @EH XLOBEDO@CD__\L_

JdcjìEiv :> :>0


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@. I\Z ^ZIFLOX D_ EIX ZLC@XLH XI _IML \_\@CÎCDXDO@C HLJ@XL_ IE MIELX@ZT ̂ ICDOT

J. DEQICQDEK LDJ D_ OIM^@XDJCL [DXB XBLIJFLOXDQL_ IA MIELX@ZT ÎCDOT

O. DEQICQDEK LDJ DE MIELX@ZT ÎCDOT D_ @ QLZTOCL@Z [@T AIZ DM^ZIQDEK MIELX@ZT

LAADODLEOT @EH @ CL__ DEAC@XDIE@ZT DM^@OX IAMIELX@ZT LR^@E_DIE

ÎCDOT D__\L_. [by dt m`ttlrs6 Xi oc`rdaytb`t …


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.. MIELX@ZT LR^@E_DIE. _IML ̂ ICDXDO@C D__\L_@. MIELX@ZT LR^@E_DIE Q_. ZL_XZDOXDQL ÎCDODL_J. HDAALZLEX QDL[_ @EH DEXLZL_X_ JLX[LLE MLMJLZ _X@XL_O. MIELX@ZT ZD_G Q_. AD_O@C ZD_GH. ^\JCDO ZD_G Q_. ̂ ZDQ@XL ZD_G

.. MIELX@ZT ̂ ICDOT @EH DEQL_XMLEX ̂ ICDOT

.. CDMDX_ IA MIELX@ZT ÎCDOT

.. ^ZDOL _X@JDCDXT ÎCDOT

.. ÎCDOT P\@CDADO@XDIE

.. MIELX@ZT ̂ ICDOT @EH KZI[XB ̂ ICDOT

.. ADE@C ZLM@ZG

DEHLR


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.. Xbl m`de òtdvdty ia mielt`ry lxpèsdie (LOJ) èh L\ devlstmlet(LDJ) m`y jl sdmdc`r6 –DEFLOXDEK MIELT DE XBL LOIEIMT”

.. Biwlvlr, tbl m`de picdodls ti wbdob tblsl òtdvdtdls rlspieh ciighdaalrlet6

- Mielt`ry picdoy (LOJ)- Devlstmlet picdoy (LDJ)

.. Jut, ̀ s wl ¸cc sll6

- jitb picdodls oèeit jl slp`r`tlh.- Mielt̀ ry îcdoy ds eldtblr è ijflotdvl ia tbl m`de rlolptir

ia Mielt`ry Lxpèsdie (tbl Jègdek _ystlm)

Mielt`ry lxpèsdieèh devlstmlet picdoy


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@e Ippirtuedty air Devlstmlet ^icdoy

:0.>>>

0.>02.>

8>>.>>>

0.08>.>>>

Mdccdies L\Z

F\EOGLZ ̂ C@E CXZI :>00-0: XCXZI :>08-01 LOJ @^^ ̂ C@E


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CDMDX_ IAMIELX@ZT ^ICDOT

Xbl L\ Xrl`ty


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.. Xbl t`sgs ia tbl Luriplè _ystlm ia Oletr`c Jègs (L_OJ) deocuhl tbl "hladedtdieèh dmpclmlet̀ tdie ia mielt`ry picdoy" (@rt. 0:;.: L\ Xrl`ty) wdtbde tbl prdm r̀yijflotdvl ia m`det`dedek "prdol st`jdcdty – (@rt. 0:;.0 L\ Xrl`ty).

@rt. 0:;.06– 0. Xbl prdm`ry ijflotdvl ia tbl Luriplè _ystlm ia Oletr`c Jègs (blrldeàtlr rlalrrlhti `s – tbl L_OJ ” ) sb`cc jl ti m`det`de prdol st`jdcdty. [dtbiut prlfuhdol ti tbl ijflotdvl ia prdol st`jdcdty, tbl L_OJ sb`cc suppirt tbl klelr`c loieimdo picdodls de tbl \edie wdtb `vdlw ti oietrdjutdek ti tbl òbdlvlmlet ia tbl ijflotdvls ia tbl \edie `s c`dh hiwe de

@rtdocl ? ia tbl Xrl`ty ie Luriplè \edie. Xbl L_OJ sb`cc òt de òoirhèol wdtb tblprdeodpcl ia è iple m`rglt loieimy wdtb arll oimpltdtdie, a`viurdek è laadodlet`ccio`tdie ia rlsiurols, èh de oimpcdèol wdtb tbl prdeodpcls slt iut de @rtdocl 004 ” .

Ijflotdvls ia Mielt`ry îcdoyXbl L\ Xrl`ty


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Ijflotdvls ia tbl Lurisystlm

_i, m`de ordtlrd`6

0. ^ZDM@ZT IJFLOXDQL6 ^ZDOL _X@JDCDXT

:. Klelr̀ c loieimdo picdodls ia tbl \edie ( r̀t. ?)

?. ^rdeodpcl ia ̀ e iple m`rglt loieimy wdtb arll oimpltdtdie

8. Laadodlet ̀ ccio`tdie ia rlsiurols


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0?>. ”… da ` ml`surl jlcieks ti tbl o`tlkiry ia destrumlets wbdob tbl c`w privdhls air o`rrydek iut mielt`ry picdoy, tblrl ds è dedtd`c prlsumptdietb`t suob ` ml`surl ds tbl rlsuct ia … mielt`ry picdoy … ` prlsumptdietb`t oiuch jl rljuttlh da … tbl ml`surl wlrl ti pursul ijflotdvls itblr tbè tbisl splodado`ccy cdstlh de @rtdocls 0:;(0) XAL\ èh :2:(:) XAL\ ” .

0?:. ”… de irhlr air ` ml`surl ia tbl LOJ òtu`ccy ti airm p`rt ia mielt`ry picdoy, dt must splodado`ccy slrvl tbl prdm`ry ijflotdvl ia m`det`dedek prdolst̀ jdcdty èh dt must `csi t`gl tbl airm ia iel ia tbl mielt`ry picdoy destrumlets lxprlsscy privdhlh air de tbl Xrl`tdls èh eit jl oietr`ry titbl rlqudrlmlet air adso`c hdsodpcdel èh tbl prdeodpcl tb`t tblrl ds eisb`rlh adeèod`c cd`jdcdty ” .

(I^DEDIE ia @hvio`tl Klelr`c L\ Oiurt ia Fustdol Fè 08 :>00<


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_i, air iur purpisl, tblsl rlqudsdtls must jl aucadcclh6

0. ^rdol st j̀dcdty `s ijflotdvl (@rt. ? ijflotdvls iecy de `

sloieh`ry pcèl).

:. X`gl tbl airm ia iel ia tbl mielt̀ ry picdoy destrumlets(juydek èh slccdek adeèod`c destrumlets, orlhdt iplr̀ tdies)

Cdmdts ia Mielt`ry îcdoyXbl L\ Xrl`ty


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.. Xbl pidet ds eit da ^rdol _t`jdcdty ds è ijflotdvl air tbl LDJ.Dt ds eit. Jut dt ds eldtblr si air tbl m`de rlolptir ia LOJauehs6 tbl Jègdek _ystlm.

.. Xbl m`de pidet ds da obèelcdek auehs tbriukb tbl LDJ oèjl ` tiic air ^rdol _t`jdcdty de ` sdmdc`r w`y `s hidek sitbriukb tbl Jègdek _ystlm, `s usu`c.

Xbl LDJ èh ^rdol _t`jdcdty


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^ZDOL _X@JDCDXT^ICDOT


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[b`t¸s ^rdol _t`jdcdty ^icdoy9

.. L\ Fustdol Oiurt6 Adkbt `k`dest deac`tdie

.. LOJ6 Adkbt `k`dest deac`tdie ir adkbt `k`desthlac`tdie , wdtb tbl `dm ia gllpdek deac`tdie jlciw jutocisl ti :% .

.. \su`ccy, dt ds hiel jy Oletr`c J`egs tbriukb dmpucsls`dmlh `t / miely suppcy


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AZIM L\ZI_T_XLM XI MIELT _\^^CT

Mielt`ry ^icdoy

MIELT_\^^CT / M?

J@EGDEK_LOXIZ

L\ZI_T_XLM

MIELX@ZTLR^@E_DIE

MIELX@ZTJ@_L


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Miely _uppcy `eh Orlhdt `rlhdrlotcy rlc`tlh


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.. Mielt`ry picdoy ds eit –` m`ttlr ia tbl jègdekslotir ”, ia privdhdek cdqudhdty ti dt. Xbl adeèod`c

slotir ds iecy è destrumlet.

.. Xbl laalots ie miely suppcy `rl iecy òbdlvlhwble ‟ èh da- tbl jègs rldevlst tbl auehs de tbl

rl`c loieimy.

Xblrl ds ei ^rdol _t`jdcdty îcdoywdtbiut Orlhdt ti Zl`c Loieimy


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– Mielt`ry picdoy trèsmdssdie obèelcs hi eit

aueotdie `s mlobèdsms prihuodek dmmlhd`tllaalot jut `s ` ar`mlwirg tbriukb wbdob tbl LOJslehs iut ` slrdls ia ‒ dmpucsls — ir sdke`cs wdtb `vdlw ti tblm rlòbdek tbl rl`c loieimy. ” .

(I^DEDIE ia @hvio`tl Klelr`c L\ Oiurt ia Fustdol Fè 08 :>00<


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.. Xblrl `rl hdaalrdek ipdedies `jiut tbl lxtlet ti wbdobtbl jègdek slotir rlhdrlots tbl LOJ auehs detiloieimdo òtdvdty.

.. Biwlvlr, dt ds klelr`ccy òolptlh tb`t tbds rlhdrlotdieds iecy p`rtd`c. @ sdkedadoèt pripirtdie ia tblrlsiurols rlm`de stuog ie jègs j`cèol sbllts, `rldevlstlh iutsdhl tbl luriziel ir `rl obèelclh detisplouc`tdvl jujjcls. De tblsl o`sls, tbl ijflotdvls ia miely suppcy, st`jdcdty ia prdols èh mielt`ry picdoy`rl eit òbdlvlh.



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.. _i, `s tbl LL_O ^riflot pripisls, m`gdek surl tb`tmielt`ry lxpèsdie klts ti rl`c loieimy ds eit iecykiih air devlstmlet picdoy jut `csi air mielt`ry picdoy.

.. [ble auehs obèelclh tbriukb tbl jègdek systlmhie ¸t `rrdvl ti tbl rl`c loieimy, tbly jloiml mlrlsujsdhdls ti tbl jègs wdtbiut purpisl. Ir, da wl try tiqu`cday dt, tbly wiuch jl ` rlsuct ia –Jègdek _lotir_t j̀dcdty îcdoy”, jut tbds picdoy sbiuch eit jl èijflotdvl ia Mielt`ry îcdoy òoirhdek ti tbl L\ Xrl`ty.



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AZIM L\ZI_T_XLM XI ZL@C LOIEIMT

Mielt`ry ^icdoy

I\X IA XBL L\ZIVIELDEQL_XMLEX_

ADE@EOD@C _LOXIZ

J@EGDEK_LOXIZ

L\ZI_T_XLM

ZL@CLOIEIMT


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AZIM L\ZI_T_XLM XI ZL@C LOIEIMT

Mielt`ry ^icdoy


ADE@EOD@C _LOXIZ

J@EGDEK_LOXIZ

L\Z

I_T_X

LM LDJ ZL@C LOIEIMT


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Jèg orlhdt ds tbl cdeg jltwlleMielt`ry îcdoy èh ^rdol _t`jdcdty

^ZDOL_X@JDCDXT

+/- MIELT_\^^CTJ@EGDEK

_LOXIZ

L\ZI_T_XLM

+/- CI@E_+/- Detlrlst r`tls

/ Cdqudhdty


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Xbl cdeg jltwlle Mielt`ry ^icdoy `eh ^rdol _t`jdcdty@EH [B@X @JI\X LDJ9

^ZDOL_X@JDCDXT

+/- MIELT_\^^CT

LDJ

L\ZI_T_XLM

+/- CI@E_+/- Detlrlst r`tls

/ Cdqudhdty


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.. Arim ` qu`cdt`tdvl pidet ia vdlw, tbl cdeg jltwlleMielt`ry îcdoy èh ^rdol _t`jdcdty wirgs DE XBL _@ML[@T tbriukb tbl Jègdek _lotir ir tbriukb tbl LDJ.

.. @s wl ¸cc sll, tbl dmpòt ie ^rdol _t`jdcdty tbriukb tblLDJ wiuch jl, èyw`y, a`r mirl laadodlet.

LDJ ricl èh ^rdol _t`jdcdtyîcdoy


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LDJ ricl `eh ^rdol _t`jdcdty


ADE@EOD@C _LOXIZ

J@EGDEK_LOXIZ

L\Z

I_T_X

LM LDJ ZL@C LOIEIMT

^ZDOL

_X@JDCDXT


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^ICDOTP\@CDADO@XDIE


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îcdoy Pu`cdado`tdie. ÎDEX IA QDL[ IA ^ZDOL _X@JDCDXT

I\X IA XBL

L\ZIVIELDEQL_XMLEX_

ADE@EOD@C_LOXIZ

J@EGDEK_LOXIZ

L\ZI_T_XLM

ADE@EOD@C _LOXIZ_X@JDCDXT ÎCDOT

ADE@EOD@C _LOXIZ_X@JDCDXT ÎCDOT

MIELX@ZT ÎCDOT

LDJ MIELX@ZT ÎCDOT

L\ ÎCDOT


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MIELX@ZT ^ICDOT@EH KZI[XB ^ICDOT


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Jèg orlhdt ds `csi tbl cdeg jltwlleMielt`ry îcdoy èh Miely Hlmèh

^ZDOL_X@JDCDXT

+/- MIELTHLM@EH

J@EGDEK_LOXIZ

L\ZI_

T_XLM

+/- CI@E_+/- Detlrlst r`tls /

Cdqudhdty

+/-KZI[XB


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Jèg orlhdt ds `csi tbl cdeg jltwlleMielt`ry îcdoy èh Miely Hlmèh

^ZDOL _X@JDCDXT

+/- MIELTHLM@EH

J@EGDEK_LOXIZ

L\ZI_

T_XLM

+/- CI@E_XI ZL@C

LOIEIMT

+/-KZI[XB

+/- MIELT_\^^CT


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.. De tbl mdhhcl / ciek tlrm, kriwtb ds tbl mistdmpirtèt aòtir de tbl lvicutdie ia miely

hlmèh.

.. _i t`gdek òoiuet ia tbl dmpòt ia picdodls dekriwtb ds eit iecy è iptdie air mielt`ry picdoy.

Dţs ` ellh.

Mielt`ry îcdoy ds eit iecy rlc`tlh ti Miely_uppcy jut `csi ti Miely Hlmèh.


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Mielt`ry îcdoy èh Kriwtb îcdoy

DEAC@XDIE@ZTDM^@OX

MIELX@ZTLR^@E_DIE

L\ZI

_T_XL

M

EIE-^ZIH\OXDQL @OXDQDXDL_

^ZIH\OXDQL

@OXDQDXDL_ KZI[XB

( MIELTHLM@EH)

MIELT_\^^CT

EI KZI[XB

( MIELTHLM@EH)

MIELT_\^^CT

EIDEAC@XDIE@ZT

DM^@OX


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Laadodleoy ia Mielt`ry îcdoy


ADE@EOD@C _LOXIZ

J@EGDEK_LOXIZ

L\Z

I_T_X

LM

^ZIH\OXDQLLOIEIMT

LDJ ^ZIH\OXDQLLOIEIMT

ZL@C J\X EIE-

^ZIH\OXDQL LOIEIMT

Mielt`rydelaadodleoy

Mielt`rydelaadodleoy

Mielt`ry laadodleoy

jut deac`tdie`rydmpòt

Mielt`rylaadodleoy

+Eie-deac`tdi-e`ry dmpòt


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L\ZI^L@E DEH\_XZT @EH MIELX@ZT ÎCDOTXbl ricl ia tbl Luriplè Devlstmlet Jèg

XLOBEDO@C @EH CLK@C D__\L_


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@s s`dh jlairl, tbds oicc`jir`tdie oiuch jl òbdlvlhde hdaalrlet w`ys6

.. Devicvlmlet ia tbl LDJ ir / èh ia e`tdie`cprimitdie`c jègs ir `kleodls arim mlmjlr st`tls.

.. Devicvlmlet ia tbl LDJ oiuch jl de ` sujstètd`c p`rt

ia tbl mielt`ry lxpèsdie ir de ` cdmdtlh `miuet.

_t`rtdek pidet. Hdaalrlet iptdies


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.. Xrèsalrrdek rlsiurols ti tbl LDJ j`cèol6`) Hdrlotcy6 LOJ ciès ti tbl LDJj) Dehdrlotcy6 ûrob`sl jy tbl LOJ ia hljt dssulh jy tbl LDJ

.. [dtbiut trèsalrrdek rlsiurols ti tbl LDJ j`cèol6- _lttdek up ̀ Aueh mè`klh jy tbl LDJ jut uehlr tbl

Lurisystlm / LOJ iwelrsbdp- _lttdek up ̀ aueh ‟ ir è letdty- mè`klh èh iwelh

jy tbl LDJ

- M`gdek usl ia tbl LDJ lxplrtdsl tbriukb`hvdol, airm`c rlpirts ir hlclk`tdie de `ccio`tdie ia rlsiurols.

_t`rtdek pidet. Hdaalrlet iptdies


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CLK@C D__\L_


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.. Clk`c o`p`odty ia tbl LDJ

.. –Dehlplehleol ia tbl LOJ ” 6 @utieimy ia tbl LOJ ti hladelmielt`ry picdoy.

.. Klikr`pbdo`c soipl6 Luriziel (LOJ) / Luripl`e \edie (LDJ)

.. @jdcdty ti hlclk`tl ti tbl LDJ tbl `ppriv`c ia iplr`tdies

.. Airm`cdz`tdie ia tbl oicc j̀ir̀ tdie LOJ-LDJ

Clk`c dssuls


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Dehlplehleol ia tbl LOJ

Iur pripis`c6 @e `hlqu`tl detlrprlt̀ tdie ia tbl Dehlplehleol^rdeodpcl , sbiuch jl cdmdtlh ti tbl usl ia mielt`ry lxpèsdie tikivlremlets juhklt adeèodek

@eyw`y, fust de o`sl , air tbl purpisl ia tbds priflot, wl b`vlòolptlh, `s ` j`sds air tbl è`cysds, tbl rlstrdotdvl detlrprlt`tdieia tbl Dehlplehleol ̂ rdeodpcl.

_i, wl uehlrstèh tb`t èy hlodsdie oieolredek tbl mè`klmlet

ia mielt`ry lxpèsdie ir tbl oicc`jir`tdie wdtb tbl LDJ sbiuch jl`pprivlh jy tbl LOJ


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@jdcdty ti hlclk`tl de tbl LDJ tbl ̀ ppriv`c iaiplr`tdies. I^XDIE @

LOJ

Aueh wdtbiu tclk`c

plrsie`cdty(LOJ @sslts )

LDJ

Auehdek


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@jdcdty ti hlclk`tl de tbl LDJ tbl ̀ ppriv`c iaiplr`tdies. I^XDIE J

LOJElw letdty

irsujsdhd`ry

LDJ

Ci`es `tgly detlrlst

r`tls


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@jdcdty ti hlclk`tl de tbl LDJ tbl `ppriv`c iaiplr`tdies. I^XDIE O

LOJ LDJ

Da LDJ o`pdt`c ds eit leiukb6.. è splodado rlslrvl aueh

oiuch j l orl`tlh.. de siml o`sls, adeèolh jy

tbl hdaalrletd`c de detlrlst r`tls

Ciès `tgly detlrlst

r`tls


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XLOBEDO@C D__\L_


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_IML XLOBEDO@C D__\L_

.. Oiestr`delh orlhdt hlmèh

.. Xlobedo`c o`pòdty ia tbl LDJ

.. Gly hdaalrleols de devlstmlet picdodlsjltwlle LOJ èh LDJ

.. Zdsg oieoletr̀ tdie


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Oiestr`delh orlhdt hlmèh. Xiwbdob pidet9

OB@EKL_ DE HLM@EH AIZCI@E_ IZ OZLHDX CDEL_ XI

LEXLZ^ZD_L_(elt plrolet`kls ia jègsrlpirtdek pisdtdvl hlmèh)_I\ZOL6 LOJ. J@EG CLEHDEK _\ZQLT IOXIJLZ :>0<


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Oiestr`delh orlhdt hlm`eh. Xiwbdob pidet9

^\Z^I_L_ AIZ [BDOB L\ZI @ZL@ J@EG_ \_L XBL @HHDXDIE@CCDP\DHDXT AZIM XBL LR^@EHLH @^ ̂ (`vlr`kl plrolet`kl ia rlspiehlets plr o`tlkiry) _I\ZOL6 LOJ. J@EG CLEHDEK _\ZQLT IOXIJLZ :>0<


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Da wl oimp`rl LOJ èh LDJ picdodls …

Gly hdaalrleols de devlstmletpicdodls

LOJ LDJCDP\DHDXT Bdkb Ciw

XLZM _birt - Mlhdum Mlhdum - CiekDEXLZL_X

Z@XL_A`r ciwlr tbèrlt`dc m`rglt Ocisl ti rlt`dc m`rglt

OZLHDX ZD_G\su`ccy ciwlr

(Jègs,

_lourdtdls)

\su`ccy bdkblr (_MLs, Jègs, ûjcdo

jègs)

ZD_G @J_IZ^XDIE

.. LOJ.. Mielt`ry rdsg

.. Adso`c rdsg

.. LDJ (ir LDAueh).. Adso`c rdsg


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Jut da wl oimp`rl LDJ èh prdv`tl jègs picdodls …

Gly hdaalrleols de devlstmletpicdodls

^ZDQ@XL J@EG_ LDJ

CDP\DHDXT Ciw Ciw

XLZM Mlhdum - Ciek Mlhdum - Ciek

DEXLZL_XZ@XL_ Zlt`dc m`rglt Ocisl ti rlt`dc m`rglt

OZLHDX ZD_G

\su`ccy bdkblr

(Jusdelssls, Biuslbichs,_lourdtdls, )

\su`ccy ciwlr

(_MLs, Jègs, ûjcdojègs)

ZD_G @J_IZ^XDIE .. Iwe j`cèol sbllt

.. LDJ (ir LDAueh).. Adso`c rdsg


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LDJ-LDA. Orlhdt Z`tdek

Adtob Miihy —s _t`eh`rh& ^iir —s

Ciek tlrm @@@ @`` @@@

_birt tlrm A0+ ^-0 @-0+


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JZL@GHI[E IA IJCDKIZ_ :>0?_iurol6 Adtob / LDJ. J`slh ie tbl uctdm`tl ijcdkir

Da elolss`ry, LDJ `csi geiws biw tiwirg tbriukb j`egs


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HLKZLL IA ^ZIXLOXDIE DE OZLHDX XI J@EG_ :>0?_iurol6 Adtob

LDJ `csi geiws biw ti wirg wdtbj`egs de ` vlry slourl w`y6


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.. Mèy Lurisystlm iplr`tdies wlrl sbirt-tlrm.Xbl :>00-:>0: CXZI w`s j`slh ie ? yl`r èh tblXCXZI ie 8 yl`r m`turdtdls. \ehlr tbl elw @^^prikr`mml tbl m`xdmum m`turdty ds ?> yl`rs.

.. LDJ iplr`tdies `rl usu`ccy air ` cieklr tlrm tbètbl iplr`tdies ia tbl Lurisystlm wlrl jlairltbl ordsds.Ciigdek `t tbl pirtaicdi ia auehdek m`turdty ie?0.0:.:>0?, dt ds ocl`r tb`t ` c`rkl pripirtdie ia LDJciès m`turl de ivlr advl yl`rs.

Cdqudhdty rdsg


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Cdqudhdty rdsg


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@^^ ^rikr`mml.Jiehs `vlr`kl m`turdty6 2 yl`rs

_iurol6 LOJ / JJQ@ Zlsl`rob


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LOJ Ciek tlrm iplr`tdies,mirl `eh mirl dmpirt`et

_iurol6Eimur` / LOJ


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_iurol6 LOJ. Oiesicdh`tlh adeèod`c st`tlmlet ia tbl Lurisystlm ̀ s `t M`y :4 tb :>0<

LOJ Ciek tlrm iplr`tdies,mirl èh mirl dmpirtèt

> 8>>>>> 2>>>>> 0:>>>>>

KICH @EH KICH ZLOLDQ@JCL_

OC@DM_ DE AIZLDKE O\ZZLEOT

OC@DM_ IE EIE-L\ZI @ZL@ …MZI

CXZI

IXBLZ OC@DM_ IE OZLHDX…

_LO\ZDXDL_ (DEOC\HDEK @^^)

KIQLZEMLEX HLJX

IXBLZ @__LX_

L\ZI_T_XLM @__LX_ 0>.?>.:>0


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.. Mè`klmlet ia mielt`ry picdoy m`y rlqudrl è l`sdlr`sslt cdqudhdty air tbl purpisls ia rlstrdotdvl str̀ tlkdls.

.. Xbds wiuch mlè6

`) Devlstdek de sbirtlr tlrms ir …

j) Devlstdek de l`sy ti cdqudh`tl `sslts (slourdtdls)

.. Cdqudhdty stèh`rhs m`y jl hdaadouct ti adt jy hdrlot ciès ti_MLs.

Cdqudhdty rdsg


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.. Air tbl LOJ, tbds bdkblr cdqudhdty oè jl rlòblh fust juydekjiehs tb`t LDJ ir itblr destdtutdies trèsairm deti ciès.

.. Da elolss`ry, tbl bdkblr cdqudhdty rdsg oiuch jl oimples t̀lhtbriukb ciwlr cdqudhdty rdsgs de LOJ iplr`tdies eit cdeglh ti tblLDJ.

.. @eyw`y, arim tbl pidet ia vdlw ia oiet̀ dedek deac t̀die, clss

cdqudhdty de LDJ iplr`tdies oè jl ocl`rcy oimples`tlh jy tbldmpòt ia tblsl devlstmlets de kriwtb.

Cdqudhdty rdsg


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.. Mlmjlr st`tls oiuch `csi klt devicvlh de hlodsdies/ rdsgs t`gle, tbriukb hdaalrlet iptdies.

.. @ vlry ocl`r iptdie wiuch jl devicvdek pujcdoprimitdie`c j`egs ir `kleodls de mlmjlr st`tls.

Ie –rdsg-sb`rdek ”


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.. Gly detlrlst r`tls m`y jl qudtl è ippirtuedty airdevlstmlet picdoy.

.. Jloùsl ia tbl @@@ r`tdek ia LDJ, LOJ gly detlrlstr t̀ls `rl eit `cw`ys ciwlr tbè itblr `ctlre t̀dvlauehdek air LDJ.

.. Jut da tbl LDJ trdls ti sdkedadoètcy lxpèh dts rlsiurols,tbl r`tls hdaalrletd`c wiuch prikrlssdvlcy deorl`sl.

Detlrlst r`tls


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.. Da elolss`ry, LDJ oiuch m`gl usl ia dts j`cèol sblltair LOJ auehs iecy de tbl `miuet oimp`tdjcl wdtbtbl @@@ qu`cdado`tdie (èh wdtb obl`plrauehdek), èh m`gl usl ia ` slp`r`tl aueh ir letdtyair tbl rlst ia tbl LOJ auehs (ir devicvl E^Js ir`kleodls).

Detlrlst r`tls


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_i6

.. tblrl `rl hdaalrlet w`ys ti m`gl oimp`tdjcl ir sicvl tbl hdaalrleols de m`turdty, cdqudhdty, rdsg èhusu`c detlrlst r`tls ia LDJ èh LOJ

.. da `ppriprd t̀l, elw m`turdty èh rdsg ordtlrd` oiuchjl lst`jcdsblh jy tbl LDJ-LOJ @krllmlet air tblpurpisls ia mè`kdek tblsl rlsiurols, hdaalrletarim tbl usu`c LDJ èh tbl usu`c LOJ ordtlrd`.

îcdoy èh tlobedo`c dssuls


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.. @p`rt arim tbl oiesdhlr`tdies jlairl, dt ciigs cdgl, arim `mòriloieimdo pidet ia vdlw, orlhdt aiouslh de rl̀ cprihuotdvl loieimy sbiuch jl prdvdclklh jy tblLurisystlm, jitb de òolssdjdcdty èh de detlrlst r`tls.Xblsl ordtlrd` sbiuch jl t`gle deti òoiuet wble hladedektbl oicc`jir t̀die jltwlle LDJ èh LOJ.



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.. Dt ciigs cdgl tbl m`de clk`c èh tlobedo`c dssuls oieolredektbl hdaalrlet iptdies air tbl struotur̀ c oicc`jir`tdiejltwlle LOJ èh LDJ oè jl l`sdcy sicvlh.

.. Xbl oieorltdies èh tlobedo`c iptdies sbiuch jl è`cyslhèh `krllh jltwlle LOJ èh LDJ.

.. Xblsl pisdtdies / ordtlrd` wdcc jl `h`ptlh `s tbl ^riflotkils ie, òoirhdek ti tbl destdtutdie`c pisdtdies èh tbllvicutdie ia tbl è`cysds.



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Xb`eg yiu air yiur `ttletdie


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L\ZI^L@E DEH\_XZT @EH MIELX@ZT ÎCDOTXbl ricl ia tbl Luriplè Devlstmlet Jèg (LDJ)

ÎCDOT @EH XLOBEDO@CD__\L_

Jdcjì

Eiv :> :>0

European Industry and Monetary Policy. POLICY AND TECHNICAL ISSUES. Bilbao Presentation

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Transcript of European Industry and Monetary Policy. POLICY AND TECHNICAL ISSUES. Bilbao Presentation