WHAT MORE COULD THE ECB DO
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Transcript of WHAT MORE COULD THE ECB DO
8/2/2019 WHAT MORE COULD THE ECB DO
http://slidepdf.com/reader/full/what-more-could-the-ecb-do 1/10
Mhiqhrw 46. ?68? + Ij) <5
\bhp kjra djqn` pba ADO `j:
ADJIJKGD _ATAH_DB
Hqpbjr=
Vhprgdc Hrpqt
Gp gt ngcanw pbhp pba aqrj }jia‗t tgpqhpgji gi ?68? ht ralhr`t lrj|pb.
akvnjwkaip hi` gienhpgji |gnn orgil pba gttqa je h t|gpdb pj hi auai kjra
avhitgjihrw kjiaphrw vjngdw pj pba ejraerjip) Oqp |bhp kjra djqn` pba ADO
`j pbhi pj`hw. lguai pbhp gp hnrah`w bht uarw nj| caw giparuaipgji rhpat hi`
NP_Jt "njil+park ravjt'. |bgdb vrjug`a khttgua hkjqipt je ngxqg`gpw pj pba
ohict:
\a oangaua jinw pbraa vjttgona hvvrjhdbat rakhgi=
khttgua xqhipgphpgua ahtgil3 tgida gp dhiijp giujnua ljuarikaip oji`t.
tjkapbgil |a ij| qi`artphi` uarw |ann. gp djqn` oa phrlapa` ji darphgi
vrguhpa+tadpjr oji`t ejr |bgdb gp |jqn` oa aeegdgaip pj tbjra qv `akhi`= djuara` oji`t. jpbar ohic oji`t. AETE+ATK3
vjngdgat hgka` hp |ahcaigil pba aqrj3 pbaw |jqn` banv gi`qtprw. auai
pbjqlb pbaw `j ijp bhua hiw juarhnn vjtgpgua aeeadp ji L@V3 pbgt djqn`
oa xqhipgphpgua ahtgil. ugh pba aeeadp je kjiaw tqvvnw. jr `gradp
dqrraidw giparuaipgjit ugh ejragli adbhila rataruat3
jrlhigtgil ka`gqk+park njhit gi `jnnhrt pj aqrj+}jia ohict)
8/2/2019 WHAT MORE COULD THE ECB DO
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Dbhrp 8A
Tvjp vrgda je kgnc gi `jnnhrt "?665=1 ; 866'
<1
866
8?1
816
8<1
?66
??1
?16
65 6< 62 67 86 88 8?
<1
866
8?1
816
8<1
?66
??1
?16
Tjqrdat= @hphtprahk. Ihpg gt
lrj|pb gt ljgil pj oa }arj "jr |jrta' `qa pj=
pba ra`qdpgji gi egtdhn `aegdgpt "Dbhrp ?H'3
pba ehnn gi rahn |hlat "Dbhrp ?O'. pba rgta gi qiakvnjwkaip "Dbhrp?D'. hi` pba tphlihpgji gi rahn gidjkat "Dbhrp ?@'3
pba dhqpgji je djkvhigat hi` pba ehnn gi pbagr giuatpkaip rhpa"Dbhrp ?A'3
pba jiljgil bjqtabjn` `anauarhlgil "Dbhrp ?E'3
pba tnj|`j|i gi avjrpt hi` lnjohn prh`a "Dbhrpt ?L hi` B')
Dbhrp ?H
Aqrj }jia= Egtdhn `aegdgp "ht ! je ijkgihn L@V'
+2
+5
+0
+?
6
6? 64 60 61 65 6< 62 67 86 88 8? 84
+2
+5
+0
+?
6
Tjqrdat= @hphtprahk. Ihpggt ejradhtpt
Dbhrp ?O
Aqrj }jia= _ahn var dhvgph |hla
"djitqkar vrgda `aenhpjr. W*W ht !'
+4
+?
+8
6
8
?
4
6? 64 60 61 65 6< 62 67 86 88 8?
+4
+?
+8
6
8
?
4
Tjqrdat= @hphtprahk. Ihpggt
Enhtb ?68? —<5+ 4
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Dbhrp ?D
Aqrj }jia= Qiak vnjwkaip r hpa
<
2
7
86
88
6? 64 60 61 65 6< 62 67 86 88 8?
<
2
7
86
88
Tjqrdat= @hphtprahk. Ihpggt
Dbhrp ?@
Aqrj }jia= Vhwrjnn hi` rahn
bjqtabjn` `gtvjthona gidjka
"djitqkar vrgda `aenhpjr. W*W ht !'
+?
+8
6
8
?
4
6? 64 60 61 65 6< 62 67 86 88 8?
+?
+8
6
8
?
4_ahn vhwrjnn_ahn ̀ gtvjthona gidjka
Tjqrdat= @hphtprahk. Ihpg gt
Dbhrp ?AAqrj }jia= Vrj`qdpgua giuatpkaip
5
<
2
7
86
88
8?
6? 64 60 61 65 6< 62 67 86 88 8?
+?0
+82
+8?
+5
6
5
8?
Ht ! je L@V "gi uj nqka parkt. NB tdhna'
W*W ht ! "gi ujnqka parkt . _B tdhna'
Tjqrdat= @hphtprahk. Ihpg gt
Dbhrp ?EAqrj }jia = Ohic njhit pj bjqta bjn`t
"W*W ht !'
+4
6
4
5
7
8?
81
6? 64 60 61 65 6< 62 67 86 88 8?
+4
6
4
5
7
8?
81Pjphn njhit
K jrplhla nj hit
Tjqrdat= @hphtprahk. Ihpg gt
Dbhrp ?L
Aqrj }jia= Avjrpt hi` lnjohn prh`a
"gi ujnqka parkt. W*W ht !'
+46
+?6
+86
6
86
?6
46
6? 64 60 61 65 6< 62 67 86 88 8?
+81
+86
+1
6
1
86
81Avjrpt "NB tdhna' Lnjohn prh`a "_B tdhna'
Tjqrdat= @hphtprahk. Ihpgg t
Dbhrp ?B
Aqrj }jia = Avjrpt gi uhnqa parkt "W*W ht !'
+46
+?6
+86
6
86
?6
46
6? 64 60 61 65 6< 62 67 86 88 8?
+46
+?6
+86
6
86
?6
46
Tjqrdat= @hphtprahk. Ihpggt
Eqi`hkaiphnnw. gp bht pj oa vjgipa` jqp pbhp khiw aqrj+}jia djqiprgat hra ejrda`pj |gva jqp pbagr aparihn `aegdgp oadhqta je pba drgtgt "Dbhrp 4H'. tgida pbaw dhiij njilar gidrahta pbagr aparihn `aop. hi` pbaraejra bhua pj ra`qda pbagr`jkatpgd `akhi` "Dbhrp 4O')
Enhtb ?68? —<5+ 0
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Dbhrp 4H
Dqrraip+hddjqip ohnhida "ht ! je L@V'
+?6
+81
+86
+1
6
1
6? 64 60 61 65 6< 62 67 86 88 8?
+?6
+81
+86
+1
6
1
Erhida Tvhgi
Gphnw LraadaVjrpqlhn Granhi`
Tjqrdat= @hphtprahk. GKE. Ihpg gt
Dbhrp 4O
@jkatpgd `akhi` gi ujnqka park t
"?66?=8 ; 866'
76
866
886
8?6
846
806
6? 64 60 61 65 6< 62 67 86 88 8?
76
866
886
8?6
846
806
Erhida Tvhgi Gphnw
Lraada Vj rpqlhn Granhi`
Tjqrdat= @hphtprahk. Ihpgg t
\bhp dhi pba ADO `j gegp |hipt pj dji`qdp h
kjra avhitgjihrwkjiaphrw vjngdw:
Lguai pbgt vrjtvadp je uarw `avratta` lrj|pb hi` h `adngia gi gienhpgji. pbaADO khw |hip pj t|gpdb pj hi auai kjra avhitgjihrw kjiaphrw vjngdw) Gp dhihntj taa pba djipgiqgil tnqkv gi dra`gp hi` pba tnj| lrj|pb gi pba kjiaw tqvvnw"Dbhrp 0')
Oqp gp hnrah`w dji`qdpt hi hllrattguanw avhitgjihrw vjngdw=
uarw nj| caw giparuaipgji rhpat "Dbhrp 1') Pba ADO djqn` jougjqtnwnj|ar pba ravj rhpa pj 6)1!. oqp pba aeeadpt |jqn` oa uarw ngkgpa`3
khttgua tqvvnw je ohic ngxqg`gpw. gidnq`gil ka`gqk+park eqi`gil|gpb pba NP_Jt "4+wahr ravjt. Dbhrp 5')
Kjrajuar. pba ADO dhiijp "`jat ijp |hip pj' gidrahta gpt ljuarikaip oji`vqrdbhta vrjlrhkka "TKV. Dbhrp <'. ejr |ann+cij|i rahtjit= `aparkgihpgji ijppj kjiapgta ljuarikaip oji`t ejr hi apai`a` vargj`. djitpgpqpgjihn jotphdnat giLarkhiw)
Dbhrp 0
Aqrj }jia= Njhit pj pba vrguhpa tadpjr- hi`
kjia w tqvvnw "W*W ht !'
+?
6
?
0
5
2
86
8?
6? 64 60 61 65 6< 62 67 86 88 8?
+?
6
?
0
5
2
86
8?
Njhit pj pba vrguhpa tadpjr-
K ? kjiaw tqvvnw
Tjqrdat= @hphtprahk. Ihpggt
"-' Bjqtabjn`t # djkvhigat
Dbhrp 1
Aqrj }jia= Caw giparuaipgji rhpa hi` giparatp
rhpa ji ohict‗ `avjtgpt hp pba ADO
6
8
?
4
0
1
6? 64 60 61 65 6< 62 67 86 88 8?
6
8
?
4
0
1Aqrj ravj rhpa
Giparatp rhpa ji ohict‗ `avjtgpt hp p ba ADO
Tjqrdat= @hphtprahk. ADO. Ihp ggt
Enhtb ?68? —<5+ 1
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Dbhrp 5
Aqrj }jia= Kjiaphrw ohta hi` djkkardghn
ohict‗ rataruat "gi AQ_ oi'
6
?66
066
566
266
8.666
8.?66
8.066
8.566
6? 64 60 61 65 6< 62 67 86 88 8?
6
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066
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266
8.666
8.?66
8.066
8.566K jiaphrw ohta
Ohict‗ rataruat hp pba daiprhn ohic
Pjp hn jqptphi`gil ravjt "K _J # NP_J'
Tjqrdat= @hphtprahk. Ihpgg t
Dbhrp <
ADO= Vqrdbhtat hi` jqpt phi`gil ljuarikaip
oji`t gi ?688 + ?68? "gi AQ_ oi'
16
<1
866
8?1
816
8<1
?66??1
Mhi88 Hvr88 Mqn88 Jdp88 Mhi8? Hvr8?
+1
6
1
86
81
?6
?1
Jqptphi`gil ljuarikaip oj i`t ban` ow pba ADO "NB tdhna'
ADO‗ t |aacnw vqrdbhtat j e ljuarikaip oji`t "_B tdhna'
Tjqrdat= ADO. Ihpggt
Tj |a oangaua jinw pbraa vjttgona hvvrjhdbat rakhgi=
8) xqhipgphpgua ahtgil. |gpb vqrdbhtat je httapt jpbar pbhi ljuarikaip oji`t3?) |ahcaigil pba aqrj34) ka`gqk+park njhit gi `jnnhrt pj aqrj+}jia ohict)
Pbraa vjttgona |hwtpba ADO dhi t|gpdb pjh kjra avhitgjihrw
kjiaphrw vjngdw
8) Xqhipgphpgua ahtgil
Ge pba ADO |hipt pj t|gpdb pj khttgua xqhipgphpgua ahtgil "gidrahtgil pbakjiaphrw ohta tbhrvnw. ht gi pba Qigpa` Tphpat. Dbhrp 2'. hi` ge gp `jat ijp |hippj oqw ljuarikaip oji`t + ejr pba |ann+cij|i rahtjit kaipgjia` hojua + gp kqtpdbjjta |bgdb httap dnhttat pj oqw gi adbhila ejr kjiaphrw drahpgji)
Bj|auar. pbara hra oji`t ejr |bgdb h``gpgjihn `akhi` erjk pba ADO |jqn`bhua h vjtgpgua aeeadp ji pba adjijkw. ow khcgil gp ahtgar pj gttqa pbata oji`thi` ow ra`qdgil pba rgtc vrakgh pbaw dhrrw=
8) Djuara` oji`t. ejr |bgdb h tvrah` pglbpaigil "Dbhrp 7' prgllara` owh``gpgjihn `akhi` erjk pba ADO |jqn` oa uarw vjtgpgua ejr pba ohict‗njil+park eqi`gil. hi` pbaraejra ejr pba egihidgil je pba adjijkw)
?) Jpbar ohic oji`t. |bgdb rakhgi hi avaitgua eqi`gil tjqrda "Dbhrp86H'. hi` pbrjqlb |bgdb h tvrah` pglbpaigil |jqn` ra`qda pba ohict‗huarhla eqi`gil djtp. pbaraow aihongil pbak pj nj|ar pbagr giparatp rhpakhrlgit ji njhit "Dbhrp 86O')
4) AETE+ATK= h``gpgjihn `akhi` ejr pba `aop gttqa` ow pba AETE+ATK |jqn`aihona gp pj jophgi tqeegdgaip hkjqipt je eqi`gil pj vnhw h ijpgdahona rjna giohgngil jqp djqiprgat jr radhvgphngtgil darphgi ohicgil twtpakt "ejr gitphidaLraada') Dqrraipnw. pba AETE+ATK bht ijp gttqa` uarw kqdb. hi` hpdji`gpgjit pbhp bhua oadjka qiehujqrhona "Dbhrp 88')
Enhtb ?68? —<5+ 5
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Dbhrp 2
Kjiaphrw ohta "?66?=8 ; 866'
16
866
816
?66
?16
466
416
066
016
6? 64 60 61 65 6< 62 67 86 88 8?
16
866
816
?66
?16
466
416
066
016Qigpa` Tphpat
Aqrj }jia
Tjqrdat= @hphtprahk. Ihpgg t
Dbhrp 7
Djuara` oji` tvrah` hlhgitp t|hvt "ov'
+866
6
866
?66
466
066
166
6? 64 60 61 65 6< 62 67 86 88 8?
+866
6
866
?66
466
066
166Larkhiw
Erhida
Tvhgi
Gphnw
Tjqrdat= @hphtprahk. gOj. Onjjkoarl. Ihpggt
Dbhrp 86HOhic D@T hi` tvrah` ji ta igjr ohic `aop
hlhgitp t| hv
6866
?66
466
066
166
566
<66
6? 64 60 61 65 6< 62 67 86 88 8?
6866
?66
466
066
166
566
<66
Tvrah` ji taigj r ohic ̀ aop hlhgitp t|hvt "0+wahr khpqrgpw'
Qigpa` Tphpat= ohic D@T "1+wahr. gi ov'
Tjqrdat= Onj jkoarl. Ihpggt
Dbhrp 86OAqrj }jia= Giparatp rhpa khrlgi ji ega`+rhpa
njhit hlhgitp 86+wahr t|hv rhpa
+6)1
6)6
6)1
8)6
8)1
?)6
6? 64 60 61 65 6< 62 67 86 88 8?
+6)1
6)6
6)1
8)6
8)1
?)6
Bjqtabj n`t "! 86+wahr t|hvt'
Dj kvhigat "! 86+wahr t|hvt'
Tjqrdat= @hphtprahk. ADO. Ihp ggt
Dbhrp 88
AETE= Tvrah` hlhgitp t| hv "?688+?68?'
+?6
6
?6
0656
26
866
8?6
806
Mhi*88 Khr*88 Khw*88 Mqn*88 Tav*88 I ju *88 Mhi*8? Khr*8?
+?6
6
?6
0656
26
866
8?6
806AETE ?)<1 6<*82*?685
AETE 4)4<1 6<*61*?6?8
AETE ?)<1 8?*61* ?685
Tjqrdat= Onj jkoarl. Ihpggt
Enhtb ?68? —<5+ <
8/2/2019 WHAT MORE COULD THE ECB DO
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?) \ahcaigil pba aqrj
\a tbjqn` ijp ejrlap pbhp |ahcaigil pba aqrj gkvrjuat pba aqrj }jia‗t ejragliprh`a gi ujnqka parkt "pba hvvradghpgji je pba aqrj. djiuartanw. erjk ?66? pj ?662ra`qda` pba aqrj }jia‗t avjrp khrcap tbhra hi` gidrahta` pba khrcap tbhra je
gkvjrpt gi pba `jkatpgd khrcap. Dbhrpt 8?H hi` O'. oqp nah`t pj h tnglbp ehnn girahn L@V. ht pba njtt je `jkatpgd `akhi` `qa pj pba rgta gi gkvjrp vrgdat "pjpba `apargjrhpgji gi pba parkt je prh`a hi` pbaraejra pj pba njtt je rahn gidjka'vrauhgnt. tgida pba vrgda anhtpgdgpgat je ejragli prh`a gi ujnqka parkt hra pjj nj|"6)?6 ejr avjrpt. 6)67 ejr gkvjrpt')
Dbhrp 8?H
Aqrj }jia= Avjrpt. lnjohn prh`a hi` adbhila
rhpa
6)2
6)7
8)6
8)8
8)?
8)4
8)0
8)1
8)5
8)<
77 66 68 6? 64 60 61 65 6< 62 67 86 88 8?
+?1
+?6
+81
+86
+1
6
1
86
81
?6
QT@*AQ_ "NB tdhna'
Avjrpt adn) giprh+}jia "gi ujnqka parkt. W*W ht !. _B tdhna'
Lnjohn prh`a "gi ujnqka parkt. W*W ht !. _B tdhna'
Tjqrdat= @hphtp rahk. Aqrjtphp. GK E. Ihpggt
Dbhrp 8?O
Aqrj }jia= Gkvjrpt. `jkatpgd `akhi` hi`
adbhila rhpa
?2
46
4?
40
45
42
06
0?
00
77 66 68 6? 64 60 61 65 6< 62 67 86 88 8?
6)2
6)7
8)6
8)8
8)?
8)4
8)0
8)1
8)5
_hpgj= gkvjrpt* `jkatpgd `akhi` "gi ujnqka parkt. NB tdhna'
QT@*AQ_ "_B tdhna'
Tjqrdat= @hphtprahk. Aqrjtphp. ADO. Ihpggt
Pba jomadpgua je `rgugil `j|i pba aqrj |jqn` pbaraejra oa pj gkvrjua pbatgpqhpgji je gi`qtprw gi pba aqrj }jia. ijp pj gidrahta pba aqrj }jia‗t juarhnnlrj|pb) Pj |ahcai pba aqrj. pba ADO djqn`=
t|gpdb pj xqhipgphpgua ahtgil. |gpb h `j|i|hr` aeeadp ji pba aqrj.ijrkhnnw dhqta` ow pba adatt kjiaw tqvvnw3
hddqkqnhpa ejragli adbhila rataruat gi ejragli dqrraidgat.tjkapbgil pba ADO gt ijp `jgil "Dbhrp 84'. hi` |gpbjqp tpargngtgilpba kjiaw drahpa` pbgt |hw)
Dbhrp 84
Aqrjvahi Twtpak je Daipr hn Ohict-= Ejragli
adbhila ratar uat gi ejragli dqrraidgat
"gi AQ_ oi'
8?6
806
856
826
?66
??6
?06
?56
6? 64 60 61 65 6< 62 67 86 88 8?
8?6
806
856
826
?66
??6
?06
?56
Tjqrdat= @hphtprahk. ADO. Ihp ggt
"-' ATDO # ADO
Enhtb ?68? —<5+ 2
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4) Jrlhigtgil ka`gqk+park eqi`gil gi `jnnhrt ejr aqrj+}jia ohict
H khmjr vrjonak ejr aqrj+}jia ohict gi ?68? gt pbagr gihogngpw pj egi` ka`gqk+park eqi`gil gi `jnnhrt `qa pj pba `adngia gi QT kjiaw+khrcap eqi`t‗ `avjtgpt"vqrdbhtat je D@t' gi aqrj+}jia ohict "|bgdb `adngia` QT@ 806 oi erjk Khw pj
@adakoar ?688') Pbgt khttguanw ra`qdat aqrj+}jia ohict‗ khrcap tbhra gi pbakhrcap ejr egihidgil "je hgrdrhep. tbgvt. nhrla vrjmadpt. avjrpt. djkkj`gpgat. apd)')Pba jinw tjnqpgji |jqn` oa ejr pba ADO pj jophgi QT@*AQ_ njil+park dqrraidwt|hvt erjk pba Ea`arhn _atarua tj gp djqn` vrjug`a njil+park njhit gi `jnnhrt pjaqrj+}jia ohict)
Djidnqtgji= Dhi pbaADO banv pba aqrj+}jia
adjijkw kjra pbhipj`hw:
Pba }arj lrj|pb gi pba aqrj }jia gi ?68? hi` gpt ehnngil gienhpgji mqtpgew hi auaikjra avhitgjihrw kjiaphrw vjngdw ow pba ADO) Oqp |bhp kjra dhi pba ADO `j|bai pba ravj rhpa gt 8! hi` hepar pba giprj`qdpgji je 4+wahr ravjt. ge gp tpgnn raeqtatpj khttguanw oqw ljuarikaip oji`t:
xqhipgphpgua ahtgil phrlapa` ji vqrdbhtat je oji`t pbhp hraqtaeqn ejr pba egihidgil je pba adjijkw= djuara` oji`t. jpbar ohic
oji`t. oji`t gttqa` ow pba AETE+ATK3
vjngdgat hgka` hp |ahcaigil pba aqrj. caavgil gi kgi` pbhp. |bgnapbaw tpgkqnhpa ejragli prh`a gi ujnqka parkt. pbaw bhua ij vjtgpguaaeeadp ji rahn L@V oadhqta je pba ratqnpgil aeeadp ji gkvjrp vrgdat3
gi hijpbar hrah. |bgdb |jqn` raxqgra djjr`gihpgji |gpb pba Ea`arhn_atarua. ka`gqk+park njhit gi `jnnhrt pj aqrj+}jia ohict gijr`ar pj hujg` pbhp pbata ohict `gthvvahr erjk pba khrcap ejrgiparihpgjihn ka`gqk+park egihidgil) Pbgt |gnn ijp oa tgkvna. ht gp gt ijpgkvjttgona pbhp pba Ea`arhn _atarua tqvvjrpt QT ohict gi pbagr aeejrppj phca djiprjn je pbgt khrcap)
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HUA_PGTTAKAIP * @GTDNHGKA_
Da ̀ jdqkaip ap pjqpat nat vgâdat mjgipat tjip tprgdpakaip djieg`aipgant ap çphongt æ n‗hppaipgji adnqtgua ̀ a tat ̀ atpgihphgrat) Gnt ia thqrhgaip ípra prhitkgt æ xqgdjixqa thit n‗hddjr` vrçhnhonaçdrgp ̀ a Ihpggt) Tg ujqt radaua} da ̀ jdqkaip ap*jq pjqpa vgâda mjgipa vhr arraqr. kardg ̀ a na"t' ̀ çprqgra ap ̀ a na tglihnar gkkç`ghpakaip æ n‗avç`gpaqr)Da `jdqkaip h çpç vrçvhrç vhr ijt çdjijkgtpat) Gn ia djitpgpqa vht qi rhvvjrp `a radbardba gi`çvai`hip ap i‗h vht çpç çnhojrç djiejrkçkaip hq `gtvjtgpgjit nçlhnat hrrípçatvjqr vrjkjqujgr n‗gi`çvai`hida `a nh radbardba ai giuatpgttakaip) Ai djitçxqaida. th `geeqtgji i‗atp tjqkgta æ hqdqia gipar`gdpgji vrjbgohip n‗açdqpgji `a prhithdpgjit
huhip th vqongdhpgji)Nh `gtprgoqpgji. vjttattgji jq nh rakgta `a da `jdqkaip `hit jq æ vhrpgr `a darphgiat mqrg`gdpgjit vaqp ípra ngkgpça jq gipar`gpa vhr nh njg) Gn atp `akhi`ç hq vartjiiat radauhip da `jdqkaip`a t‗giejrkar tqr n‗agtpaida `a pannat ngkgphpgjit jq gipar`gdpgjit ap `a t‗w djiejrkar) Ig Ihpggt. ig tat heegngçt. `gradpaqrt. h`kgigtprhpaqrt. akvnjwçt. hlaipt jq djitagnt. ig pjqpa hqpravartjiia hddavpa ̀ ‗ípra ratvjithona æ n‗aidjipra ̀ a pjqpa vartjiia ̀ q ehgp ̀ a nh ̀ gtprgoqpgji. vjttattgji jq rakgta ̀ a da ̀ jdqkaip ̀ hit jq æ vhrpgr ̀ a pjqpa mqrg`gdpgji)Da ̀ jdqkaip ap pjqpat nat vgâdat mjgipat tjip djkkqigxqçt æ dbhxqa ̀ atpgihphgra æ pgpra ̀ ‗giejrkhpgji qigxqakaip ap ia djitpgpqaip vht qia radjkkhi`hpgji vartjiihngtça ̀ ‗giuatpgttakaip)Gnt tjip `atpgiçt æ ípra `geeqtçt gi`geeçrakkaip æ dbhxqa `atpgihphgra ap nat vrj`qgpt jq tarugdat ugtçt ia vraiiaip ai djkvpa hqdqi jomadpge `‗giuatpgttakaip. tgpqhpgji egihidgâra jq oatjgitvçdgegxqa æ qi ̀ atpgihphgra ai vhrpgdqngar) Da ̀ jdqkaip ap pjqpat nat vgâdat mjgipat ia djitpgpqaip vht qia jeera. ig qia tjnngdgphpgji ̀ ‗hdbhp. ̀ a uaipa jq `a tjqtdrgvpgji) Da ̀ jdqkaip ia vaqpai hqdqia dgrdjitphida ípra djitg`çrç djkka qia djiegrkhpgji jeegdganna ̀ ,qia prhithdpgji h`rattça æ qia vartjiia jq qia aipgpç ap hqdqia lhrhipga ia vaqp ípra ̀ jiiça tqr na ehgp xqa dappaprhithdpgji tarh djidnqa tqr nh ohta `at parkat ap dji`gpgjit xqg eglqraip `hit da `jdqkaip jq tqr nh ohta `‗hqprat dji`gpgjit) Da `jdqkaip ap pjqpat nat vgâdat mjgipat tjip eji`çt tqr `atgiejrkhpgjit vqongxqat ap ia vaquaip ai hqdqia dgrdjitphida ípra qpgngtçt jq djitg`çrçt djkka qi ailhlakaip ̀ a Ihpggt. pjqp ailhlakaip ̀ auhip ijphkkaip ípra tjqkgt æ qia vrjdç`qra`,hvvrjohpgji ̀ a Ihpggt djiejrkçkaip hq râlnat gipariat xqg nqg tjip hvvngdhonat)Ihpggt i‗h ig uçrgegç ig dji`qgp qia hihnwta gi`çvai`hipa `at giejrkhpgjit eglqrhip `hit da `jdqkaip) Vhr djitçxqaip. Ihpggt ia ehgp hqdqia `çdnhrhpgji jq lhrhipga ig ia vrai` hqdqiailhlakaip aiuart nat nadpaqrt `a da `jdqkaip. `a xqanxqa khigâra xqa da tjgp "avratta jq gkvngdgpa' hq pgpra `a nh varpgiaida. `a n‗ahdpgpq`a jq `a n‗abhqtpgugpç `at giejrkhpgjit xqg weglqraip jq `a nh varpgiaida `at bwvjpbâtat hqxqannat anna ehgp rçeçraida) Ai aeeap. nat giejrkhpgjit eglqrhip `hit da `jdqkaip ia pgaiiaip vht djkvpa `at râlnat djkvphonat jq egtdhnatvhrpgdqngârat xqg t‗hvvngxqarhgaip hq djipravhrpgat. dngaipt jq dngaipt vjpaipgant `a Ihpggt) Ihpggt ia thqrhgp `jid ípra paiq ratvjithona `at çuaipqannat `geeçraidat `a uhnjrgthpgji aipra tatvrjvrat `jiiçat ap dannat `a pgart. dat `geeçraidat vjquhip ijphkkaip rçtqnpar `a djitg`çrhpgjit tqr n‗hvvngdhpgji `a râlnat djkvphonat. egtdhnat jq ranhpguat æ `at kj`ânat `a uhnjrgthpgji)@a vnqt. nat hugt. jvgigjit ap pjqpa hqpra giejrkhpgji eglqrhip ̀ hit da ̀ jdqkaip tjip gi`gdhpget ap vaquaip ípra kj`gegçt jq rapgrçt vhr Ihpggt æ pjqp kjkaip thit vrçhugt)Nat giejrkhpgjit tqr nat vrg jq khrlat tjip gi`gdhpguat ap tjip tqtdavpgonat `‗çujnqpgji æ pjqp kjkaip ap thit vrçhugt. ijphkkaip ai ejidpgji `at dji`gpgjit `a khrdbç) Nat varejrkhidatvhttçat ap nat tgkqnhpgjit `a varejrkhidat vhttçat ia tjip vht qi gi`gdhpaqr eghona ap ia vrçmqlaip `jid vht `at varejrkhidat eqpqrat) Nat giejrkhpgjit djipaiqat `hit da `jdqkaipvaquaip gidnqra `at rçtqnphpt `‗hihnwtat gttqat `‗qi kj`âna xqhipgphpge xqg ravrçtaipaip `at çuâiakaipt eqpqrt vjpaipgant. xqg vjqrrjip jq iji ta rçhngtar. ap annat ia djitpgpqaip vht qiahihnwta djkvnâpa ̀ a pjqt nat ehgpt tqotphipgant xqg ̀ çparkgiaip qi vrj`qgp) Ihpggt ta rçtarua na ̀ rjgp ̀ a kj`gegar jq `a rapgrar dat giejrkhpgjit æ pjqp kjkaip thit vrçhugt) Vnqt lçiçrhnakaip.Ihpggt. tat tjdgçpçt kârat. tat egnghnat. tat hdpgjiihgrat ̀ a rçeçraida hgitg xqa naqrt `gradpaqrt. h`kgigtprhpaqrt. httjdgçt. hlaipt. ravrçtaiphipt. thnhrgçt jq djitagnt ratvadpget ramappaip pjqparatvjithogngpç æ n‗çlhr` `at nadpaqrt `a da `jdqkaip jq `a naqrt djitagnt djidarihip nat dhrhdpçrgtpgxqat `a dat giejrkhpgjit) Nat jvgigjit. hugt jq vrçugtgjit eglqrhip `hit da `jdqkaip
raenâpaip. thqe gi`gdhpgji djiprhgra. dannat ̀ a tji jq tat hqpaqr"t' ap ia raenâpaip vht nat jvgigjit ̀ a pjqpa hqpra vartjiia jq ̀ a Ihpggt)Nat giejrkhpgjit eglqrhip `hit da `jdqkaip i‗jip vht ujdhpgji æ ehgra n‗jomap `‗qia kgta æ mjqr hvrât nh `hpa hvvjtça ai vrakgâra vhla) Vhr hgnnaqrt. nh rakgta `a da `jdqkaip i‗aiprhéia aihqdqia khigâra qia jonglhpgji gkvngdgpa ̀ a xqgdjixqa ̀ a kgta æ mjqr ̀ at giejrkhpgjit xqg w eglqraip)Ihpggt ia thqrhgp ípra paiq vjqr ratvjithona `at varpat egihidgârat jq `‗qia xqandjixqa `çdgtgji vrgta tqr na eji`akaip `at giejrkhpgjit eglqrhip `hit nh vrçtaiphpgji ap i‗httqka hqdqiavratphpgji ̀ a djitagn. ijphkkaip ai khpgâra ̀ a tarugdat ̀ ‗giuatpgttakaip) Ai pjqp çphp `a dhqta. gn ujqt hvvhrpgaip ̀ a radqagnngr nat hugt gipariat ap apariat xqa ujqt atpgka} içdatthgrat jqtjqbhgphonat. w djkvrgt `a nh vhrp `a mqrgtpat. egtdhngtpat. djkvphonat. djitagnnart egihidgart. jq pjqt hqprat tvçdghngtpat. vjqr uçrgegar ijphkkaip n‗h`çxqhpgji `a nh prhithdpgji xqg ujqt atpvrçtaipça huad ujt jomadpget ap ujt djiprhgipat ap vjqr vrjdç`ar æ qia çuhnqhpgji gi`çvai`hipa ̀ a nh prhithdpgji hegi ̀ ‗ai hvvrçdgar nat kçrgpat ap nat ehdpaqrt ̀ a rgtxqat)Ihpggt atp hlrçça vhr n‗Hqpjrgpç ̀ a djiprðna vrq`aipgan "HDV' ai Erhida ai xqhngpç ̀ a Ohixqa — vratphphgra ̀ a tarugdat ̀ ‗giuatpgttakaipt ap tjqkgta æ th tqvarugtgji) Ihpggt atp rçlnakaipçavhr n‗HKE "Hqpjrgpç ̀ at Khrdbçt Egihidgart' vjqr n‗aardgda ̀ at tarugdat ̀ ‗giuatpgttakaipt vjqr natxqant anna atp hlrçça)Ihpggt atp hlrçça vhr n‗HDV ai Erhida ap tjqkgta æ n‗hqpjrgpç ngkgpça `q Egihidghn Tarugdat Hqpbjrgpw hq _jwhqka Qig) Nat `çphgnt djidarihip nh tqvarugtgji `a ijt hdpgugpçt vhr na EgihidghnTarugdat Hqpbjrgpw tjip ̀ gtvjigonat tqr ̀ akhi`a)Ihpggt atp hlrçça vhr n‗HDV ap rçlqnça vhr nh OhEgi "Oqi`athitphnp eþr Egihi}`gaitpnagtpqilthqetgdbp' vjqr n‗aardgda ai ngora çphongttakaip `a tat hdpgugpçt ai Hnnakhlia) Na prhitearp * `gtprgoqpgji ̀ a da ̀ jdqkaip ai Hnnakhlia atp ehgp"a' tjqt nh ratvjithogngpç ̀ a IHPGRGT ]|agliga`arnhttqil @aqptdbnhi`)Ihpggt atp hlrçça vhr n‗HDV ap rçlqnça vhr nh Ohixqa ̀ ‗Atvhlia "Ohic je Tvhgi' ap nh DIKU vjqr n‗aardgda ai ngora çphongttakaip ̀ a tat hdpgugpçt ai Atvhlia)Ihpggt atp hlrçça vhr n‗HDV ap rçlqnça vhr nh Ohixqa ̀ ‗Gphnga ap nh DJITJO "Djkkgttgjia Ih}gjihna var na Tjdgapæ a nh Ojrth' vjqr n‗aardgda ai ngora çphongttakaip ̀ a tat hdpgugpçt ai Gphnga)Ihpggt ia `atpgia nh `geeqtgji hq Aphpt+Qigt `a dappa vqongdhpgji xq‗hq £ khmjr Q)T) gitpgpqpgjihn giuatpjrt ³. `çegigt djkka pant tanji nh _qna 81"h' "5') Dappa vqongdhpgji h çpç çnhojrça apuçrgegça vhr nat çdjijkgtpat ̀ a Ihpggt "Vhrgt') Dat çdjijkgtpat i,jip vht ehgp n,jomap ̀ ,qi airalgtprakaip vrjeattgjiian ai phip xq,çdjijkgtpa hqvrât ̀ q IWTA ap*jq ̀ q IHT@ ap ia tjip ̀ jidvht tjqkgt hq râlnat ç`gdpçat vhr nh EGI_H)
Pbgt `jdqkaip "gidnq`gil hiw hpphdbkaipt pbarapj' gt djieg`aipghn hi` gipai`a` tjnanw ejr pba qta je pba h``rattaa"t') Gp tbjqn` ijp oa prhitkgppa` pj hiw vartji"t' jpbar pbhi pba jrglgihnh``rattaa"t' |gpbjqp pba vrgjr |rgppai djitaip je Ihpggt) Ge wjq radagua pbgt ̀ jdqkaip gi arrjr. vnahta ̀ anapa jr ̀ atprjw gp hi` ijpgew pba tai`ar gkka`ghpanw)Pbgt `jdqkaip bht oaai vravhra` ow jqr adjijkgtpt) Gp `jat ijp djitpgpqpa hi gi`avai`aip giuatpkaip ratahrdb hi` bht ijp oaai vravhra` gi hddjr`hida |gpb pba nalhnraxqgrakaipt `atglia` pj vrjkjpa pba gi`avai`aida j e giuatpkaip ratahrdb) Hddjr`gilnw pbara hra ij vrjbgogpgjit ji `ahngil hbah` je gpt `gttakgihpgji)Pba `gtprgoqpgji. vjttattgji jr `anguarw je pbgt `jdqkaip gi. pj jr erjk darphgi mqrgt`gdpgjit khw oa ratprgdpa` jr vrjbgogpa` ow nh|) _adgvgaipt je pbgt `jdqkaip hra pbaraejra raxqgra` pj aitqrapbhp pbaw hra h|hra je. hi` djkvnw |gpb. tqdb ratprgdpgjit jr vrjbgogpgjit) Iagpbar Ihpggt. ijr hiw je gpt heegnghpat. `gradpjrt. akvnjwaat. hlaipt jr h`ugtart ijr hiw jpbar vartji hddavp hiwnghogngpw pj hiwjia gi ranhpgji pj pba ̀ gtprgoqpgji. vjttattgji jr ̀ anguarw je pbgt ̀ jdqkaip gi. pj jr erjk hiw mqrgt`gdpgji)Pbgt `jdqkaip "gidnq`gil hiw hpphdbkaipt pbarapj' hra djkkqigdhpa` pj ahdb radgvgaip ejr giejrkhpgji vqrvjtat jinw hi` `j ijp djitpgpqpa h vartjihngta` radjkkai`hpgji) Gp gt gipai`a` ejrlaiarhn ̀ gtprgoqpgji hi` pba vrj`qdpt jr tarugdat ̀ atdrgoa` pbaragi ̀ j ijp phca gipj hddjqip hiw tvadgegd giuatpkaip jomadpgua. egihidghn tgpqhpgji jr vhrpgdqnhr iaa` je hiw radgvgaip) Gp tbjqn` ijpoa djitprqa` ht hi jeear jr tjngdgphpgji |gpb ratvadp pj pba vqrdbhta. thna jr tqotdrgvpgji je hiw giparatp jr tadqrgpw jr ht hi qi`arphcgil ow Ihpggt pj djkvnapa h prhithdpgji tqomadp pj pbaparkt hi` dji`gpgjit ̀ atdrgoa` gi pbgt ̀ jdqkaip jr hiw jpbar parkt hi` dji`gpgjit) Hiw qi`arphcgil jr djkkgpkaip tbhnn oa tqomadp pj Ihpggt vrgjr hvvrjuhn hi` ejrkhn |rgppai djiegrkhpgji gihddjr`hida |gpb gpt dqrraip giparihn vrjda`qrat) Pbgt ̀ jdqkaip hi` hiw hpphdbkaipt pbarapj hra ohta` ji vqongd giejrkhpgji)Ihpggt bht iagpbar uargega` ijr gi`avai`aipnw hihnwta` pba giejrkhpgji djiphgia` gi pbgt ̀ jdqkaip) Hddjr`gilnw. ij ravrataiphpgji. |hrrhipw jr qi`arphcgil. avratt jr gkvnga`. gt kh`a pj pbaradgvgaipt je pbgt `jdqkaip ht pj jr gi ranhpgji pj pba hddqrhdw jr djkvnapaiatt jr jpbar|gta je pbgt `jdqkaip jr ht pj pba rahtjihonaiatt je hiw httqkvpgji djiphgia` gi pbgt `jdqkaip) Pbagiejrkhpgji djiphgia` gi pbgt ̀ jdqkaip ̀ jat ijp phca gipj hddjqip tvadgegd ph rqnat jr hddjqipgil kapbj`t hvvngdhona pj djqiparvhrpgat. dngaipt jr vjpaipghn dngaipt je Ihpggt) Pbaraejra. Ihpggttbhnn ijp oa nghona ejr `geearaidat. ge hiw. oap|aai gpt j|i uhnqhpgjit hi` pbjta uhnqhpgjit vrjug`a` ow pbgr` vhrpgat3 ht tqdb `geearaidat khw hrgta ht h ratqnp je pba hvvngdhpgji hi`gkvnakaiphpgji je hnparihpgua hddjqipgil kapbj`t. ph rqnat jr uhnqhpgji kj`ant) Gi h``gpgji. hiw uga|. jvgigji jr jpbar giejrkhpgji vrjug`a` baragi gt gi`gdhpgua jinw hi` tqomadp pj dbhila jr|gpb`rh|hn ow Ihpggt hp hiw pgka |gpbjqp ijpgda)Vrgdat hi` khrlgit hra gi`gdhpgua jinw hi` hra tqomadp pj dbhilat hp hiw pgka |gpbjqp ijpgda `avai`gil ji gipar hngh khrcap dji`gpgjit) Vhtp varejrkhidat hi` tgkqnhpgjit je vhtpvarejrkhidat hra ijp h ranghona gi`gdhpjr hi` pbaraejra `j ijp vra`gdp eqpqra ratqnpt) Pba giejrkhpgji djiphgia` gi pbgt `jdqkaip khw gidnq`a pba ratqnpt je hihnwtgt `argua` erjk h xqhipgphpguakj`an. |bgdb ravrataip vjpaipghn eqpqra auaipt. pbhp khw jr khw ijp oa rahngta`. hi` gt ijp h djkvnapa hihnwtgt je auarw khparghn ehdp ravrataipgil hiw vrj`qdp) Pba giejrkhpgji khw oahkai`a` jr |gpb`rh|i ow Ihpggt hp hiw pgka |gpbjqp ijpgda) Kjra laiarhnnw. ij ratvjitgogngpw gt hddavpa` ow Ihpggt. ijr hiw je gpt bjn`gil djkvhigat. tqotg`ghrgat. httjdghpa` qi`arphcgilt jrdjiprjnngil vartjit. ijr hiw je pbagr ratvadpgua `gradpjrt. jeegdart. vhrpiart. akvnjwaat. hlaipt. ravrataiphpguat jr h`ugtjrt ht pj jr gi ranhpgji pj pba dbhrhdpargtpgdt je pbgt giejrkhpgji) Pbajvgigjit. uga|t hi` ejradhtpt avratta` gi pbgt `jdqkaip "gidnq`gil hiw hpphdbkaipt pbarapj' raenadp pba vartjihn uga|t je pba hqpbjr"t' hi` `j ijp raenadp pba uga|t je hiw jpbar vartji jr
Ihpggt qinatt jpbar|gta kaipgjia`)Gp tbjqn` ijp oa httqka` pbhp pba giejrkhpgji djiphgia` gi pbgt `jdqkaip |gnn bhua oaai qv`hpa` tqotaxqaip pj `hpa tphpa` ji pba egrtp vhla je pbgt `jdqkaip) Gi h``gpgji. pba `anguarw je pbgt`jdqkaip ̀ jat ijp gkvnw gi hiw |hw hi jonglhpgji ji hiwjia pj qv`hpa tqdb giejrkhpgji hp hiw pgka)Ihpggt tbhnn ijp oa nghona ejr hiw egihidghn njtt jr hiw `adgtgji phcai ji pba ohtgt je pba giejrkhpgji djiphgia` gi pbgt `jdqkaip hi` Ihpggt `jat ijp bjn` gptane jqp ht vrjug`gil hiw h`ugda.vhrpgdqnhrnw gi ranhpgji pj giuatpkaip tarugdat) Gi hiw auaip. wjq tbjqn` raxqatp ejr hiw giparihn hi`*jr aparihn h`ugda pbhp wjq djitg`ar iadatthrw jr `atgrhona pj jophgi. gidnq`gil erjk hiwegihidghn. nalhn. ph jr hddjqipgil h`ugtjr. jr hiw jpbar tvadghngtp h`ugda. gi jr`ar pj uargew gi vhrpgdqnhr pbhp pba giuatpkaip"t' `atdrgoa` gi pbgt `jdqkaip kaapt wjqr giuatpkaip jomadpguat hi`djitprhgipt hi` pj jophgi hi gi`avai`aip uhnqhpgji je tqdb giuatpkaip"t'. gpt rgtct ehdpjrt hi` ra|hr`t)Ihpggt gt hqpbjrgta` gi Erhida ow pba Hqpjrgpç ̀ a djiprðna vrq`aipgan "HDV' ht h Ohic —Giuatpkaip Tarugdat vrjug`art hi` tqomadp pj gpt tqvarugtgji) Ihpggt gt ralqnhpa` ow pba HKE gi ratvadpje gpt giuatpkaip tarugdat hdpgugpgat)Ihpggt gt hqpbjrgta` ow pba HDV gi Erhida hi` tqomadp pj ngkgpa` ralqnhpgji ow pba Egihidghn Tarugdat Hqpbjrgpw gi pba Qigpa` Cgil`jk) @aphgnt ji pba apaip je jqr ralqnhpgji ow pba EgihidghnTarugdat Hqpbjrgpw hra huhgnhona erjk qt ji raxqatp)Ihpggt gt hqpbjrgta` ow pba HDV hi` ralqnhpa` ow pba OhEgi "Oqi`athitphnp eþr Egihi}`gaitpnagtpqilthqetgdbp' ejr pba dji`qdp je gpt oqtgiatt gi Larkhiw) Pba prhitear * `gtprgoqpgji je pbgt`jdqkaip gi Larkhiw gt ̀ jia ow * qi`ar pba ratvjitgogngpw je IHPGRGT ]|agliga`arnhttqil @aqptdbnhi`)Ihpggt gt hqpbjrgta` ow pba HDV hi` ralqnhpa` ow Ohic je Tvhgi hi` pba DIKU ejr pba dji`qdp je gpt oqtgiatt gi Tvhgi)Ihpggt gt hqpbjrgta` ow pba HDV hi` ralqnhpa` ow Ohic je Gphnw hi` pba DJITJO "Djkkgttgjia Ih}gjihna var na Tjdgapæ a nh Ojrth' ejr pba dji`qdp je gpt oqtgiatt gi Gphnw)Pbgt ratahrdb ravjrp gt tjnanw huhgnhona ejr `gtprgoqpgji gi pba Qigpa` Tphpat pj khmjr Q)T) gitpgpqpgjihn giuatpjrt ht `aegia` ow TAD _qna 81"h'"5') Pbgt ratahrdb ravjrp bht oaai vravhra` hi`rauga|a` ow ratahrdb adjijkgtpt akvnjwa` ow Ihpggt "Vhrgt') Pbata adjijkgtpt hra ijp ralgtpara` jr xqhngega` ht ratahrdb adjijkgtpt |gpb pba IWTA hi`*jr pba IHT@. hi` hra ijp tqomadppj pba rqnat je pba EGI_H