Theorien der Internationalen Beziehungen kompakt 9783486711219, 9783486588217

Das vorliegende Buch führt in gängige Theorieperspektiven der Disziplin Internationale Beziehungen ein, ohne dabei den S

201 9 907KB

German Pages [160] Year 2008

Report DMCA / Copyright

DOWNLOAD PDF FILE

Recommend Papers

Theorien der Internationalen Beziehungen kompakt
 9783486711219, 9783486588217

  • 0 0 0
  • Like this paper and download? You can publish your own PDF file online for free in a few minutes! Sign Up
File loading please wait...
Citation preview

.‚fœÀ…f– ]fÀ –ÍfÀ–:ͅœ–:Žf– fޅf‚Ò–yf– œ“¨:Í ؜–

À® Ֆ͂fÀ Ò͂

!Ž]f–JœÒÀy4fÀŽ:y ՖS‚f–

}J†}“rµ:n}¸R{b n“µ‹:Á}“ [bµ bÆÁ¸R{b :Á}“:†J}J†}“Á{b… }b bÆÁ¸R{b :Á}“:†J}J†}“Á{b… ÌbµÒb}R{bÁ [}b¸b *ÆJ†}…:Á}“ } [bµ bÆÁ¸R{b :Á}“:†J}J†}“rµ:n}bº [bÁ:}††}bµÁb J}J†}“rµ:n}¸R{b :Áb ¸}[ }‹ ÁbµbÁ ÉJbµ ‡{ÁÁžW½½[J¤[|J¤[bu :JµÆnJ:µ¤

Y ÅÓÓg !†[bJ“Ƶr 5}¸¸b¸R{:nÁ¸Ìbµ†:r ‹J ,“¸b{b}‹bµ -Áµ:sb ™poX |g™¼»™ ɍR{b .b†bn“W  Óg¡ p oÓ o™| Ó “†[bJ“Ƶr¤[b :¸ 5bµ… b}¸R{†}bs†}R{ :††bµ JJ}†[ƍrb }¸Á Ƶ{bJbµµbR{Á†}R{ rb¸R{ÉÁÒÁ¤ b[b 4bµÍbµÁƍr :Æsbµ| {:†J [bµ µbÒb [b¸ /µ{bJbµµbR{Á¸rb¸bÁÒb¸ }¸Á “{b 9ƸÁ}‹‹Ær [b¸ 4bµ†:rb¸ ƍÒƆ>¸¸}r ƍ[ ¸Áµ:nJ:µ¤ :¸ r}†Á }¸Jb¸“[bµb nɵ 4bµÌ}b†n>†Á}rƍrbX 2Jbµ¸bÁÒƍrbX }…µ“Ìbµn}†‹Ærb ƍ[ [}b }¸žb}R{bµÆr ƍ[ b:µJb}Áƍr } b†b…Áµ“}¸R{b -ϸÁb‹b¤ b…Á“µ:ÁW 5}µÁ¸R{:nÁ¸| ƍ[ -“Ò}:†Í}¸¸b¸R{:nÁbX Í}¸“#“†[bJ“Ƶr¤[b bµ¸Áb††ÆrW : µ“¸¸bµ

“ÌbµbÁÍƵnW “R{: A *:µÁbµX ɍR{b

“Ìbµ|††Æ¸Áµ:Á}“W Ï[b A Ï[bX ɍR{b b[µÆR…Á :Æn ¸>Ƶb| ƍ[ R{†“µnµb}b‹ *:ž}bµ µÆR…W µ:n}… § µÆR…X ɍR{b }[ƍrW .{“‹:¸ ÆR{J}[bµb} ‹JX Ær¸JƵr -  »g|Â|pg¼|oggř|»

9RUZRUW 'DV YRUOLHJHQGH %XFK P|FKWH LQ JlQJLJH 7KHRULHSHUVSHNWLYHQ GHU 'LV]LSOLQ ,QWHUQDWLRQDOH %H]LHKXQJHQ ,% HLQIKUHQ RKQH GDEHL GHQ 6WLO XQG GLH 6WUDWHJLH YHUIJEDUHU (LQIKUXQJHQ LQ GLHVH 0DWHULH ]X NRSLHUHQ 'LHVHV %XFK LVW LQVRIHUQ HWZDV Ã1HXHVµ DOV HV VLFK QLFKW DOV HLQ VFKRODVWLVFKHU .RPPHQWDU ]X %HJULIIHQ GHU HLQ]HOQHQ 7KHRULHSHUVSHNWLYHQ YHUVWHKW 'LH JUXQGVlW]OLFKVWH hEHUOHJXQJ KDW VHLW $EIDVVXQJ GHV HUVWHQ 0DQXVNULSWV GDULQ EHVWDQGHQ 6WXGLHUHQGHQ LP 7HLOEHUHLFK ,% GLH HLJHQVWlQGLJH $UEHLW PLW GHQ 7KHRULHQ GHU ,% ]X HUOHLFK WHUQ )U GLH HLJHQH $UEHLW PLW GHQ 7KHRULHQ LVW HV JUXQGOHJHQG VRZRKO GLH DQDO\WLVFKH $XV VDJHQORJLN DOV DXFK GLH $UJXPHQWDWLRQVORJLN GHU 7KHRULHQ EH]JOLFK NRQNUHWHU KLVWRULVFKHU (UHLJQLVVH ]X YHUVWHKHQ 'LH JU|‰WH 6FKZLHULJNHLW EHL GHU +HUDQ]LHKXQJ GHU ,%7KHRULHQ OLHJW GDULQ GHP 8PVWDQG 5HFKQXQJ ]X WUDJHQ GDVV GLHVH 7KHRULHQ QLFKW HLQIDFK ÃQXUµ XQWHU VFKLHGOLFKH (UNOlUXQJHQ IU 6DFKYHUKDOWH DQELHWHQ ± GLH VRJHQDQQWH Ã$QZHQGXQJµ YRQ ,% 7KHRULHQ ]X GHU 6WXGLHUHQGH IU 3UIXQJV]ZHFNH LQ GHU 5HJHO DQJHKDOWHQ ZHUGHQ OlXIW IUHLOLFK RIW JHQDX GDUDXI KLQDXV $XIJUXQG DXVJHVSURFKHQHU XQG XQDXVJHVSURFKHQHU 9RUDXV VHW]XQJHQ LQQHUKDOE GHVVHQ ZDV PDQ DOV GHQ .HUQ EHVDJWHU 7KHRULHQ EH]HLFKQHQ N|QQWH NRPPHQ UHOHYDQWH 6DFKYHUKDOWH XQG (UHLJQLVVH GHU LQWHUQDWLRQDOHQ %H]LHKXQJHQ EHUHLWV XQWHUVFKLHGOLFK LQ GHQ %OLFN JDQ] ]X VFKZHLJHQ GDYRQ GDVV DXV GHU 3HUVSHNWLYH XQWHU VFKLHGOLFKHU 7KHRULHQ QLFKW LPPHU GLH JOHLFKHQ 6DFKYHUKDOWH IU UHOHYDQW XQG HUNOlUXQJV ZUGLJ HUDFKWHW ZHUGHQ 'LH (QWVFKHLGXQJ IU GLHVH RGHU MHQH 7KHRULH KDW .RQVHTXHQ]HQ KLQVLFKWOLFK GHVVHQ ZDV EHUKDXSW 7KHPD XQG *HJHQVWDQG HLQHU HLQJHKHQGHQ %HVFKlIWLJXQJ ZLUG /HW]WHUHU $VSHNW GHXWHW DXI HLQH ZLFKWLJH 3UREOHPDWLN KLQ ZHQQ VLFK 7KHRULHQ GHU LQWHUQDWLRQDOHQ %H]LHKXQJHQ LPPHU QXU IU EHVWLPPWH 6DFKYHUKDOWH LQWHUHVVLHUHQ XQG QLFKW IU DQGHUH GDQQ VSLHOHQ LQ GLH 7KHRULHELOGXQJ QRUPDWLYH XQGRGHU DX‰HUZLVVHQVFKDIWOLFKH hEHUOHJXQJHQ PLW KLQHLQ ZHQQ VLFK 7KHRULHQ LPPHU QXU IU HLQHQ EHVWLPPWHQ $XVVFKQLWW GHU LQWHUQDWLRQDOHQ %H]LHKXQJHQ LQWHUHVVLHUHQ LVW DQVSUXFKVYROOH 7KHRULHELOGXQJ IU GLHVHQ ULHVLJHQ *HJHQVWDQGVEHUHLFK YLHOOHLFKW JDU QLFKW P|JOLFK $OV EHVRQGHUV ZHUWYROO XQG VWLPXOLHUHQG QLFKW QXU IU GLH $UEHLW DQ GLHVHP %XFK KDEHQ VLFK EHU HLQHQ =HLWUDXP YRQ PLWWOHUZHLOH IDVW ]HKQ -DKUHQ GLH PLWXQWHU K|FKVW DQJHUHJWHQ 'LVNXVVLRQHQ PLW 6WXGLHUHQGHQ LQ ]DKOUHLFKHQ (LQIKUXQJVNXUVHQ 7XWRULHQ XQG LQIRUPHOOHQ *HVSUlFKHQ EHU GLH 'LV]LSOLQ GHU ,QWHUQDWLRQDOHQ %H]LHKXQJHQ HUZLHVHQ 'DV YRUOLHJHQGH %XFK LVW QLFKW ]XOHW]W DXFK HLQ 7ULEXW DQ GLHVH ,QWHUDNWLRQHQ

0QFKHQ LP 0lU] 

* $XWK

,QKDOW 9RUZRUW

9



(LQOHLWXQJ





.ODVVLVFKHU 5HDOLVPXV

     

3UlPLVVHQ  'DV 0LOLHX GHU LQWHUQDWLRQDOHQ 3ROLWLN LVW ÃDQDUFKLVFKµ  6WDDWHQ VWUHEHQ QDFK 0DFKW  6WDDWHQ EHILQGHQ VLFK LQ HLQHP =XVWDQG GHU 8QVLFKHUKHLW 6WDDWHQ KDQGHOQ NOXJ XQG QLFKW PRUDOLVFK ÃJXWµ  6WDDWHQ HUULFKWHQ HLQ *OHLFKJHZLFKW

  

$QDO\WLN XQG $XVVDJHQORJLN  $QDO\WLN $XVVDJHQORJLN 

   

+HXULVWLN .ROOHNWLYH 6LFKHUKHLW XQG )ULHGHQ 'DV 9|ONHUUHFKW XQG )ULHGHQ .RQWUROOIUDJHQ 



'LH /RJLN GHU %LOGHU XQG GDV 3UREOHP GHU $QDO\VHHEHQH

   

'LH /RJLN GHU %LOGHU YRQ LQWHUQDWLRQDOHU 3ROLWLN 'DV HUVWH ,PDJH  'DV ]ZHLWH ,PDJH  'DV GULWWH ,PDJH 

   

'DV 3UREOHP GHU $QDO\VHHEHQHQ 'LH V\VWHPDUH (EHQH GHU $QDO\VH  'LH VXEV\VWHPDUH (EHQH GHU $QDO\VH =XVDPPHQIDVVXQJ



1HRUHDOLVPXV

  

3UlPLVVHQ  'DV LQWHUQDWLRQDOH 6\VWHP LVW HLQH ÃDQDUFKLVFKHµ 6WDDWHQZHOW $NWHXUH KDEHQ H[LVWHQ]LHOOH )XUFKW 







9,,,

,QKDOW

  

$NWHXUH EHVLW]HQ XQWHUVFKLHGOLFK JUR‰H )lKLJNHLWHQ VLFK ]X YHUWHLGLJHQ  $NWHXUH VLFKHUQ LKU hEHUOHEHQ GXUFK VWUDWHJLVFKH 6LFKHUKHLWVSROLWLN  ,P LQWHUQDWLRQDOHQ 6\VWHP NRPPW HV ]X HLQHU 9HUlQGHUXQJ GHU .RQVWHOODWLRQHQ  

  

$QDO\WLN XQG $XVVDJHQORJLN   $QDO\WLN  $XVVDJHQORJLN 

   

+HXULVWLN  'LH PXOWLSRODUH .RQVWHOODWLRQ QDFK GHP 2VW:HVW .RQIOLNW   'LH QHXH 8QLSRODULWlW XQG GLH .RQWLQXLWlW GHU LQWHUQDWLRQDOHQ 3ROLWLN  .RQWUROOIUDJHQ 



1HROLEHUDOLVPXV

     

3UlPLVVHQ   'DV LQWHUQDWLRQDOH 6\VWHP LVW ÃDQDUFKLVFKµ   'LH $NWHXUH VWHKHQ LQ DV\PPHWULVFKHQ ,QWHUGHSHQGHQ]EH]LHKXQJHQ  'LH $NWHXUH VWUHEHQ QDFK .RRSHUDWLRQ   'LH $NWHXUH ZROOHQ LKUHQ 1XW]HQ VWHLJHUQ   ,QWHUQDWLRQDOH ,QVWLWXWLRQHQ GLHQHQ GHQ $NWHXUHQ DOV ,QVWUXPHQWH  

  

$QDO\WLN XQG $XVVDJHQORJLN   $QDO\WLN  $XVVDJHQORJLN 

   

+HXULVWLN  'LH (QWVWHKXQJ YRQ .RRSHUDWLRQ   'LH :LUNXQJ YRQ 5HJLPHQ   .RQWUROOIUDJHQ 



1HRIXQNWLRQDOLVPXV

     

3UlPLVVHQ   ,QWHUQDWLRQDOH %H]LHKXQJHQ VLQG HLQJHEHWWHW LQ 9HUJHVHOOVFKDIWXQJVSUR]HVVH  'LH $NWHXUH VLQG *UXSSHQ PLW VSH]LILVFKHQ ,QWHUHVVHQ   $NWHXUH SROLWLVLHUHQ 6DFKIUDJHQ LQ LQVWLWXWLRQDOLVLHUWHQ .RPPXQLNDWLRQVNDQlOHQ   6XSUDQDWLRQDOH 3UREOHPO|VXQJHQ HQWIDOWHQ QLFKWLQWHQGLHUWH .RQVHTXHQ]HQ   ,QWHJUDWLRQ IKUW ]X HLQHU SROLWLVFKHQ *HPHLQVFKDIW  

  

$QDO\WLN XQG $XVVDJHQORJLN   $QDO\WLN  $XVVDJHQORJLN 

   

+HXULVWLN  'HU %HJLQQ YRQ ,QWHJUDWLRQ  'LH '\QDPLN YRQ ,QWHJUDWLRQ  .RQWUROOIUDJHQ 





,QKDOW

,;



7KHRULHELOGXQJ ]ZLVFKHQ 7UDGLWLRQDOLVPXV XQG 6]LHQWLVPXV





.ODVVLVFKHU ,QWHUJRXYHUQHPHQWDOLVPXV



     

3UlPLVVHQ  'LH EDVDOHQ (LQKHLWHQ GHV LQWHUQDWLRQDOHQ 6\VWHPV VLQG 1DWLRQDOVWDDWHQ  'LH HQWVFKHLGHQGHQ $NWHXUH GHU LQWHUQDWLRQDOHQ 3ROLWLN VLQG 5HJLHUXQJHQ  5HJLHUXQJHQ KDQGHOQ DXI GHU %DVLV GHV QDWLRQDOHQ ,QWHUHVVHV 'DV QDWLRQDOH ,QWHUHVVH VSHLVW VLFK DXV GHU %HXUWHLOXQJ GHU QDWLRQDOHQ 6LWXDWLRQ  ,P QDWLRQDOHQ ,QWHUHVVH ]HLJW VLFK GLH DX‰HQSROLWLVFKH 2ULHQWLHUXQJ GHU 5HJLHUXQJ 

  

$QDO\WLN XQG $XVVDJHQORJLN  $QDO\WLN $XVVDJHQORJLN 

   

+HXULVWLN 'LH 5HDOLWlW GHU HXURSlLVFKHQ ,QWHJUDWLRQ  'LH 86$ XQG GLH WUDQVDWODQWLVFKHQ %H]LHKXQJHQ ]X %HJLQQ GHU HU -DKUH  .RQWUROOIUDJHQ 



1HXHU /LEHUDOLVPXV /LEHUDOHU ,QWHUJRXYHUQHPHQWDOLVPXV

     

3UlPLVVHQ  $NWHXUH VLQG ,QGLYLGXHQ XQG SULYDWH *UXSSHQ  ,QWHUHVVHQJUXSSHQ VWUHEHQ QDFK :RKOIDKUW  6WDDWHQ VLQG 7UDQVPLVVLRQVULHPHQ IU ,QWHUHVVHQJUXSSHQ 'DV LQW 6\VWHP LVW JHSUlJW YRQ HLQHU ,QWHUGHSHQGHQ] SROLWLVFKHU 3UlIHUHQ]HQ  3ROLWLVFKH 0DFKW LVW HLQH )XQNWLRQ YRQ 3UlIHUHQ]HQ 

  

$QDO\WLN XQG $XVVDJHQORJLN  $QDO\WLN $XVVDJHQORJLN 

   

+HXULVWLN 5HJLHUXQJVSROLWLN XQG (XURSlLVFKH ,QWHJUDWLRQ  'HPRNUDWLVFKHU )ULHGH.ULHJ  .RQWUROOIUDJHQ 



.RQVWUXNWLYLVPXV

     

3UlPLVVHQ  'LH $NWHXUH VLQG 6WDDWHQ ,GHQWLWlWHQ XQG ,QWHUHVVHQ UHVXOWLHUHQ DXV GHP ,QWHUDNWLRQVSUR]HVV  ,QWHUDNWLRQHQ PQGHQ LQ ,QVWLWXWLRQHQ 'LH 6WUXNWXU GHV 6\VWHPV EHVWHKW DXV LQWHUVXEMHNWLY JHWHLOWHP :LVVHQ 'DV LQWHUQDWLRQDOH 6\VWHP XQWHUOLHJW HLQHP 7UDQVIRUPDWLRQVSUR]HVV 

  

$QDO\WLN XQG $XVVDJHQORJLN  $QDO\WLN $XVVDJHQORJLN 





;

,QKDOW

   

+HXULVWLN  ,QVWLWXWLRQDOLVLHUXQJ XQG GLH /RJLN GHU $QJHPHVVHQKHLW   6WUXNWXUZDQGHO XQG 9HUlQGHUXQJHQ GHU ,QWHUDNWLRQVPXVWHU  .RQWUROOIUDJHQ 



/LWHUDWXU





(LQOHLWXQJ

>«@ :R LPPHU KHXWH YRQ :LVVHQ GLH 5HGH LVW JHKW HV XP HWZDV DQGHUHV DOV 9HUVWHKHQ 'LH ,GHH GHV 9HUVWHKHQV HLQVWHQV *UXQGODJH JHLVWHVZLVVHQVFKDIWOLFKHU 7lWLJNHLW DQ VLFK EHU ZLQWHUW EHVWHQIDOOV LQ GHU SROLWLVFK NRUUHNWHQ 3KUDVH YRP 9HUVWHKHQ GHV $QGHUHQ DOV $XV GUXFN HLQJHIRUGHUWHU 7ROHUDQ] $QVRQVWHQ JHKW HV HQWZHGHU XP GLH (QWZLFNOXQJ YRQ 7HFKQR ORJLHQ GLH GLH 1DWXU XQG 0HQVFKHQEHKHUUVFKXQJ HUOHLFKWHUQ RGHU XP GLH 3URGXNWLRQ YRQ .HQQ]DKOHQ GLH PLW GHU 6DFKH GLH GDEHL DQJHEOLFK YHUKDQGHOW ZLUG LPPHU ZHQLJHU ]X WXQ KDEHQ :DV VLFK KDUWQlFNLJ QRFK LPPHU %LOGXQJ QHQQW RULHQWLHUW VLFK JHJHQZlUWLJ QLFKW PHKU DQ GHQ 0|JOLFKNHLWHQ XQG *UHQ]HQ GHV ,QGLYLGXXPV DXFK QLFKW DQ GHQ LQYDULDQWHQ :LVVHQVEH VWlQGHQ HLQHU NXOWXUHOOHQ 7UDGLWLRQ VFKRQ JDU QLFKW DP 0RGHOO GHU $QWLNH VRQGHUQ DQ H[WHU QHQ )DNWRUHQ ZLH 0DUNW %HVFKlIWLJXQJVIlKLJNHLW HPSOR\DELOLW\  6WDQGRUWTXDOLWlW XQG WHFK QRORJLVFKHU (QWZLFNOXQJ GLH QXQ MHQH 6WDQGDUGV YRUJHEHQ GLH GHU ª*HELOGHWH© HUUHLFKHQ VROO 8QWHU GLHVHU 3HUVSHNWLYH HUVFKHLQW GLH ª$OOJHPHLQELOGXQJ© JHQDXVR YHU]LFKWEDU ZLH GLH ª3HUV|QOLFKNHLWVELOGXQJ© >«@ 'DV :LVVHQ GHU :LVVHQVJHVHOOVFKDIW GHILQLHUW VLFK YRUDE DXV VHLQHU 'LVWDQ] ]XU WUDGLWLRQHOOHQ 6SKlUH GHU %LOGXQJ HV JHKRUFKW DEHU DXFK QLFKW PHKU GHQ $WWLWGHQ GHU +DOEELOGXQJ 'DV ZDV VLFK LP :LVVHQ GHU :LVVHQVJHVHOOVFKDIW UHDOLVLHUW LVW GLH VHOEVWEHZXVVW JHZRUGHQH %LOGXQJVORVLJNHLW³

'LH :HOW GHU LQWHUQDWLRQDOHQ %H]LHKXQJHQ LVW NRPSOH[ XQG YLHOVFKLFKWLJ 6LH LVW GHU XPIDV VHQGVWH *HJHQVWDQGVEHUHLFK GHU *HLVWHV XQG 6R]LDOZLVVHQVFKDIWHQ $XIJUXQG GHU %HVFKDI IHQKHLW GHU GLHVHQ *HJHQVWDQGVEHUHLFK NRQVWLWXLHUHQGHQ VR]LDOHQ 3KlQRPHQH HQW]LHKW HU VLFK GHU XQPLWWHOEDUHQ %HREDFKWXQJ 5HOHYDQWH $NWHXUH LKUH 0RWLYH W\SLVFKH +DQGOXQJV XQG ,QWHUDNWLRQVPXVWHU GLH GLHVHQ LQQHZRKQHQGHQ (LJHQG\QDPLNHQ VRZLH GLH 5ROOH VR]LDOHU 6WUXNWXUHQ VLQG QLFKW HLQIDFK IHVWVWHOOEDU VRQGHUQ ZHUGHQ LPPHU HUVW EHU GHQ 8PZHJ RQWR ORJLVFKHU $QQDKPHQ EHWUHIIHQG GHQ *HJHQVWDQGVEHUHLFK ÃLQWHUQDWLRQDOH %H]LHKXQJHQµ HU NDQQW $XV GHU 0DVVH YRQ ,QIRUPDWLRQHQ EHU LQWHUQDWLRQDOH %H]LHKXQJHQ ZLUG LPPHU QXU GHU 7HLO KHUDXVJHILOWHUW YRQ GHP PDQ DQQLPPW GDVV HU VLFK DXI ÃUHOHYDQWHµ 3KlQRPHQH GHV

 

.RQUDG 3DXO /LHVVPDQQ 7KHRULH GHU 8QELOGXQJ :LHQ 6]ROQD\   

2QWRORJLVFKH $QQDKPHQ EH]LHKHQ VLFK DXI GLHMHQLJHQ $NWHXUH 3UR]HVVH XQGRGHU 6WUXNWXUHQ GLH HV LP JH GDFKWHQ *HJHQVWDQGVEHUHLFK ± HEHQ TXD $QQDKPH ± ÃZLUNOLFKµ JLEW 'HU Ã6WDDW DOV KDQGHOQGHU $NWHXUµ LVW HLQH VROFKH RQWRORJLVFKH $QQDKPH PLW %OLFN DXI GHQ *HJHQVWDQGVEHUHLFK Ã,QWHUQDWLRQDOH %H]LHKXQJHQµ 2QWRORJLVFKH $QQDKPHQ EHUXKHQ LQ OHW]WHU .RQVHTXHQ] DXI .RQYHQWLRQ XQG KHUUVFKHQGHU 0HLQXQJ 6LH JHOWHQ VRODQJH NHLQH NULWLVFKH 0DVVH ZLGHUVSULFKW



 (LQOHLWXQJ

*HJHQVWDQGVEHUHLFKV EH]LHKW 8QG QXU GLHVHU 7HLO YRQ ,QIRUPDWLRQHQ ZLUG PLW %HGHXWXQJ YHUVHKHQ VHL HV GDVV GLH HQWVSUHFKHQGHQ ,QIRUPDWLRQHQ PLW HLQHP $OOWDJVYHUVWlQGQLV JHGHX WHW ZHUGHQ RGHU VHL HV GDVV GLHVHQ ,QIRUPDWLRQHQ PLW +LOIH YRQ %HKDXSWXQJHQ VSH]LDOLVLHUWHU :LVVHQVFKDIWOHU 5HOHYDQ] XQG 6LQQ ]XJHVFKULHEHQ ZLUG -H QDFKGHP ZHU PDQ LVW G K ZHO FKH :HOWDQVFKDXXQJ PDQ EHVLW]W ZHOFKH 5ROOH PDQ JHJHQEHU GHQ LQWHUQDWLRQDOHQ %H]LH KXQJHQ VSLHOW XQG PLW ZHOFKHP $QVSUXFK PDQ VLFK PLW GHQ LQWHUQDWLRQDOHQ %H]LHKXQJHQ EHVFKlIWLJW ZLUG GHU 'HXWXQJ YRQ *HVFKHKQLVVHQ HLQH PHKU RGHU ZHQLJHU HWDEOLHUWH XQG YRQ GHQ 0HGLHQ SRSXODULVLHUWH $OOWDJVWKHRULH RGHU HLQH PHKU RGHU ZHQLJHU NRQWURYHUVH ZLVVHQ VFKDIWOLFKH 7KHRULH ]XJUXQGH OLHJHQ 1LHPDQG NDQQ GLH LQWHUQDWLRQDOHQ %H]LHKXQJHQ EHR EDFKWHQ 2GHU DQGHUV DXVJHGUFNW DOOH VHOEVWHUQDQQWHQ Ã%HREDFKWHUµ GHU LQWHUQDWLRQDOHQ %H]LHKXQJHQ RE QXQ 3ULYDWLHUV -RXUQDOLVWHQ 6WDDWVPlQQHU RGHU :LVVHQVFKDIWOHU JUHLIHQ EHL LKUHQ Ã%HREDFKWXQJHQµ DXI EHVWLPPWH 7KHRULHQ ]XUFN 'LH HLQHQ EHGLHQHQ VLFK SRSXOl UHU FRPPRQVHQVH7KHRULHQ ]% GHU Ã6WDDWµ LVW VRZRKO GLH 2UJDQLVDWLRQVIRUP PRGHUQHU *HVHOOVFKDIWHQ DOV DXFK GHU UHOHYDQWH SROLWLVFKH $NWHXU LQ GHQ LQWHUQDWLRQDOHQ %H]LHKXQJHQ  GHUHQ 6WDWXV DOV 7KHRULH LKQHQ JDU QLFKW PHKU EHZXVVW LVW DQGHUH EHGLHQHQ VLFK ZLVVHQ VFKDIWOLFKHU 7KHRULHQ ]% ÃGHPRNUDWLVFKH 6WDDWHQ IKUHQ NHLQH .ULHJH JHJHQHLQDQGHUµ  $OOH Ã%HREDFKWHUµ GHU LQWHUQDWLRQDOHQ %H]LHKXQJHQ EHVFKlIWLJHQ VLFK PLW 3KlQRPHQHQ GLH DQ GLH )RUP YRQ %HJULIIHQ XQG $XVVDJHVlW]HQ JHEXQGHQ VLQG %HJULIIH XQG $XVVDJHQ EH]LH KHQ VLFK QLH DXI ÃURKH )DNWHQµ VRQGHUQ LPPHU DXI WKHRULHJHSUlJWH :DKUQHKPXQJHQ YRQ VR]LDOHQ E]Z ÃLQVWLWXWLRQHOOHQ )DNWHQµ (LQH ÃDWKHRUHWLVFKHµ XQG UHLQ HPSLULVFKVWDWLVWLVFKH :LVVHQVFKDIW YRQ GHQ LQWHUQDWLRQDOHQ %H]LHKXQJHQ LVW GHVZHJHQ XQP|JOLFK 'LH 6FKDIIXQJ YRQ :LVVHQ EHU VR]LDOH 6DFKYHUKDOWH JHKW QLFKW RKQH 7KHRULHQ :DV LVW QXQ DEHU PLW ZLV VHQVFKDIWOLFKHQ 7KHRULHQ JHPHLQW" :LVVHQVFKDIWOLFKH 7KHRULHQ VLQG ± HWZDV XPVWlQGOLFK DXVJHGUFNW ± SHU]HSWXHOOH )LOWHU NRJQLWLYH 5DVWHU XQG NRQ]HSWXHOOH 6FKHPDWD $OV SHU]HSWXHOOH )LOWHU GK DOV Ã3HUVSHNWLYHQµ XQG Ã%ULOOHQµ HUODXEHQ 7KHRULHQ ]XQlFKVW GLH )OOH YRQ ,QIRUPDWLRQHQ EHU GHQ /DXI GHU 'LQJH DXI UHOHYDQWH Ã'DWHQµ KLQ DXV]XZHUWHQ ,P 6LQQH YRQ NRJQLWLYHQ 5DVWHUQ HUP|JOLFKHQ VLH GDUEHU KLQDXV ,QIRUPDWLRQHQ EHU UHOHYDQWH (UVFKHLQXQJHQ VLQQYROO ]XVDPPHQ]XIJHQ XQG ]X RUGQHQ 8QG LQ LKUHU (LJHQVFKDIW DOV NRQ]HSWXHOOH 6FKHPDWD HUODXEHQ VLH VROFKH ,Q IRUPDWLRQHQ PLW +LOIH EHVWLPPWHU NRQ]HSWXHOOHU .DWHJRULHQ ± GHQ %HJULIIHQ GHV ÃDQDO\WL VFKHQ 9RNDEXODUVµ ± V\VWHPDWLVFK GDU]XVWHOOHQ :LH GLH :HOW GHU LQWHUQDWLRQDOHQ %H]LHKXQ JHQ YRQ :LVVHQVFKDIWOHUQ ZDKUJHQRPPHQ YHUVWDQGHQ XQG GDUJHVWHOOW ZLUG LVW DOVR DEKlQJLJ YRQ ZLVVHQVFKDIWOLFKHQ 7KHRULHQ LQ LKUHU (LJHQVFKDIW DOV SHU]HSWXHOOH )LOWHU NRJQLWLYH 5DVWHU XQG NRQ]HSWXHOOH 6FKHPDWD 'DPLW DEHU QRFK QLFKW JHQXJ GLH PLW +LOIH VROFKHU 7KHRULHQ XQWHUQRPPHQH 'DUVWHOOXQJ YRQ (UHLJQLVVHQ YHUIROJW RIW GDV =LHO LQ HLQHP ÃQDWXUDOLVWLVFKHQµ E]Z V]LHQWLVWLVFKHQ 6LQQ 8UVDFKH:LUNXQJ %H]LHKXQJHQ DXV]XZHLVHQ E]Z EHVWLPPWH

 $OOWDJVWKHRULHQ VLQG VHOEVW RIW VWDUN YHUNU]WH 9HUVLRQHQ ZLVVHQVFKDIWOLFKHU 7KHRULHQ 'HU %HJULII XQG GLH PRPHQWDQ HLQIOXVVUHLFKH 9RUVWHOOXQJ YRQ Ã*OREDOLVLHUXQJµ OLHIHUW GDIU HLQ JXWHV %HLVSLHO  9JO 'DQLHO )UHL (LQIKUXQJ :R]X 7KHRULHQ GHU LQWHUQDWLRQDOHQ 3ROLWLN" LQ GHUVHOEH +J  7KHRULHQ GHU ,Q WHUQDWLRQDOHQ %H]LHKXQJHQ 0QFKHQ 3LSHU      1DWXUDOLVWLVFKH (UNOlUXQJHQ EHWRQHQ HLQHQ JHJHEHQHQ ÃQRWZHQGLJHQµ *UXQG IU HLQ EHVWLPPWHV (UJHEQLV E]Z HLQH EHVWLPPWH 9HUKDOWHQVZHLVH E]Z HLQH EHVWLPPWH +DQGOXQJ ,Q QDWXUDOLVWLVFKHQ (UNOlUXQJHQ ILQGHQ VLFK KlXILJ

 (LQOHLWXQJ



9HUKDOWHQVZHLVHQ XQG LKUH .RQVHTXHQ]HQ DXI *UQGH ]XUFN]XIKUHQ XQG VRPLW LQ HLQHP ÃNDXVDOHQµ 6LQQ ]X HUNOlUHQ 'HU :HUW YLHOHU ZLVVHQVFKDIWOLFKHQ 7KHRULHQ OLHJW QHEHQ LKUHU +LOIH EHL GHU 6HOHNWLRQ YRQ UHOHYDQWHQ ,QIRUPDWLRQHQ XQG GHU +HUVWHOOXQJ HLQHU JHGDQNOL FKHQ 2UGQXQJ DXFK XQG YRU DOOHP LQ GLHVHU $XIJDEH ]X HUNOlUHQ 1DKH]X DOOH ZLVVHQVFKDIW OLFKHQ 7KHRULHQ YHUIROJHQ GHQ $QVSUXFK =XVDPPHQKlQJH ]ZLVFKHQ YHUPHLQWOLFKHQ )DNWHQ KHU]XVWHOOHQ LP PDLQVWUHDP GHU ,% KHL‰W GDV EHUZLHJHQG ÃNDXVDOH =XVDPPHQKlQJHµ :LVVHQVFKDIWOLFKH 7KHRULHQ OLHIHUQ HLQH (UNOlUXQJ IU HLQHQ EHVWLPPWHQ 6DFKYHUKDOW XQG ]ZDU IU JHQDX GHQ 6DFKYHUKDOW GHU YRQ GHU HQWVSUHFKHQGHQ 7KHRULH DOV HUNOlUXQJVZUGLJ HLQJHVWXIW ZLUG )UHLOLFK QLFKW DOOH ZLVVHQVFKDIWOLFKHQ 7KHRULHQ KDOWHQ GHQ JOHLFKHQ 6DFK YHUKDOW IU HUNOlUXQJVZUGLJ -HGH 7KHRULH EHVLW]W HLQH EHVWLPPWH :HOWVLFKW ± DEKlQJLJ YRQ GHQ RQWRORJLVFKHQ $QQDKPHQ LVW GLHV HLQ PHKU RGHU ZHQLJHU NRQNUHWHV %LOG YRP *HJHQV WDQGVEHUHLFK -H QDFK GHU LKQHQ ]XJUXQGH OLHJHQGHQ :HOWVLFKW DEKlQJLJ YRP Ã%LOGµ GHV *HJHQVWDQGVEHUHLFKV NRQ]HQWULHUHQ VLFK 7KHRULHQ DXI XQWHUVFKLHGOLFKH 6DFKYHUKDOWH :LVVHQVFKDIWOLFKH 7KHRULHQ HUP|JOLFKHQ DOVR LPPHU ZLVVHQVFKDIWOLFKHV :LVVHQ EHU HLQ EHVWLPPWHV %LOG YRQ GHQ LQWHUQDWLRQDOHQ %H]LHKXQJHQ -H QDFK GHP %LOG LKUHU 7KHRULH ÃVH KHQµ :LVVHQVFKDIWOHU GLH LQWHUQDWLRQDOHQ %H]LHKXQJHQ LQ ÃHLQHUµ EHVWLPPWHQ $UW XQG :HLVH ± XQG QLFKW LQ HLQHU ÃDQGHUHQµ $XIJUXQG GHV %LOGHV GDV ZLVVHQVFKDIWOLFKHQ 7KHRULHQ ]XJUXQGH OLHJW HUVFKHLQHQ EHVWLPPWH 6DFKYHUKDOWH HUNOlUXQJVZUGLJ 8QG DXIJUXQG GLHVHV %LOGHV HUVFKHLQHQ LPPHU EHVWLPPWH *UQGH DXIVFKOXVVUHLFK IU GLH (UNOlUXQJ VROFKHU 6DFKYHUKDOWH -H QDFKGHP ZLH HLQIOX‰UHLFK HLQH ZLVVHQVFKDIWOLFKH 7KHRULH XQG LKU %LOG DQ HLQHP EHVWLPP WHQ 2UW ]X HLQHU EHVWLPPWHQ =HLW ZLUG VLQG HV DXFK JDQ] EHVWLPPWH 6DFKYHUKDOWH GLH DOV UHOHYDQW HUDFKWHW VLQG HV JDQ] EHVWLPPWH *UQGH GLH IU DXIVFKOXVVUHLFK JHKDOWHQ ZHUGHQ 8QG GLHVH 6XFKH QDFK *UQGHQ LVW QLFKW IROJHQORV (LQ %HLVSLHO YLHOH OLEHUDOH Ã*HELOGHWHµ LQ (XURSD HUDFKWHWHQ HV ZlKUHQG GHU ]ZHLWHQ +lOIWH GHV  -DKUKXQGHUWV DOV UHOHYDQW ]X HUNOl UHQ ZDUXP GLH *HVHOOVFKDIWHQ LQ 7HLOHQ $IULNDV XQG $VLHQV QLFKW IULHGOLFK ZHUGHQ (V HU VFKLHQ GLHVHQ *HELOGHWHQ ORJLVFK GLH LPPHU ZLHGHU YRQ QHXHP DXVEUHFKHQGH *HZDOW LQ

9HUZHLVH DXI *HVHW]Pl‰LJNHLWHQ GLH DOV HUVWH 3ULQ]LSLHQ E]Z $[LRPH DQJHEOLFK LPPHU VFKRQ GD VLQG XQG EHUDOO LQ GHU JOHLFKHQ :HLVH LKUH :LUNXQJHQ HQWIDFKHQ GK LQ HLQHP NDXVDOHQ 6LQQ ÃYHUXUVDFKHQµ  Ã6NHSWLVFKHµ .ULWLN DP NDXVDOLVWLVFKHQ 'HQNHQ LP QDWXUDOLVWLVFKHQ 6LQQ KDW HLQH ODQJH 7UDGLWLRQ $XFK XQG JH UDGH Ä>«@ DQDO\WLVFKH :LVVHQVFKDIWVWKHRUHWLNHU GDUXQWHU %HUWUDQG 5XVVHOO LQ HLQHP EHUKPW JHZRUGHQHQ $XIVDW] >KDEHQ $QIDQJ GHV  -DKUKXQGHUWV@ GDIU SOlGLHUW LQ GHQ :LVVHQVFKDIWHQ JDQ] DXI GHQ .DXVDOLWlWVEHJULII ]X YHU]LFKWHQ³ -XOLDQ 1LGD5PHOLQ 8UVDFKHQ XQG *UQGH LQ ,QIRUPDWLRQ 3KLORVRSKLH YRO      6ROFKH .ULWLN LVW LP PDLQVWUHDP GHU ,% ÃSUDJPDWLVFKµ LJQRULHUW ZRUGHQ (LQ 9HUVXFK GLH HQRUPHQ LQWHOOHNWXHOOHQ 6FKZLHULJNHLWHQ GHV .DXVDOLWlWVEHJULIIHV PLW %OLFN DXI GLH 7KHRULHELOGXQJ LQ GHQ ,% ]XPLQGHVW DQ]XVSUHFKHQ ZXUGH NU]OLFK YRQ 0LOMD .XUNL &DXVDWLRQ LQ ,QWHUQDWLRQDO 5HODWLRQV 5HFODLPLQJ &DXVDO $QDO\VLV &DPEULGJH &DP EULGJH 8QLYHUVLW\ 3UHVV  XQWHUQRPPHQ  =XP %HJULII ÃPDLQVWUHDP GHU ,%µ YJO 6WHYH 6PLWK 7KH 8QLWHG 6WDWHV DQG WKH 'LVFLSOLQH RI ,QWHUQDWLRQDO 5H ODWLRQV +HJHPRQLF &RXQWU\ +HJHPRQLF 'LVFLSOLQH LQ 0 . 3DVKD & 1 0XUSK\ +J  ,QWHUQDWLRQDO 5HODWLRQV DQG WKH 1HZ ,QHTXDOLW\ 2[IRUG %ODFNZHOO   í  ³7KH FXUUHQW VFHQH >LQ ,5@ FDQ PRVW XVHIXOO\ EH GLYLGHG LQWR D PDLQVWUHDP FRPSULVLQJ QHRUHDOLVP DQG QHROLEHUDOLVP ± :DHYHU¶V QHRQHR V\QWKHVLV ± DQG WR DQ LQFUHDVLQJ H[WHQW PXFK RI WKH PRVW FLWHG ZRUN ZLWKLQ VRFLDO FRQVWUXFWLYLVP DQG D VHW RI DSSURDFKHV WKDW OLH RXWVLGH WKH PDLQVWUHDP´ 

9JO 'DQLHO )UHL DD2 



 (LQOHLWXQJ

GLHVHQ 7HLOHQ GHU (UGH DXI HLQKHLPLVFKH 'HVSRWHQ ]XUFN]XIKUHQ ,KUH ÃOLEHUDOHµ 7KHRULH OLH‰ HV DOOHUGLQJV QLFKW QXU DQJH]HLJW HUVFKHLQHQ GHQ HQWVFKHLGHQGHQ *UXQG IU GDV $XVEUH FKHQ YRQ *HZDOW LQ EHVWLPPWHQ 3HUVRQHQ ]X VXFKHQ ,KUH 7KHRULH OLH‰ VLH DXFK VFKOX‰IRO JHUQ GDVV HV IULHGHQVI|UGHUQG IU EHVDJWH *HELHWH ZlUH ZHQQ 'HVSRWHQ HOLPLQLHUW XQG GLH UFNVWlQGLJHQ *HELHWH YRQ GHQ ZHLWHU IRUWJHVFKULWWHQHQ HXURSlLVFKHQ *HVHOOVFKDIWHQ GK LKUHQ YHUDQWZRUWOLFKHQ (OLWHQ Ã]LYLOLVLHUWµ ZHUGHQ ZUGHQ 'DV %HLVSLHO YHUGHXWOLFKW ZLH ZLVVHQVFKDIWOLFKH 7KHRULHQ XQG GLH LKQHQ LQKlUHQWHQ %LOGHU QLFKW QXU )DNWHQ PLW 6LQQ SURGX ]LHUHQ VRQGHUQ DXFK HLQH *UXQGODJH E]Z 5HFKWIHUWLJXQJ IU SUDNWLVFKHV 7XQ KHUVWHOOHQ N|QQHQ ,P VNL]]LHUWHQ )DOO ODJ DXIJUXQG HLQHU ZLVVHQVFKDIWOLFKHQ 7KHRULH XQG GHP GD]X JHK|ULJHQ %LOG YRQ 5HJLRQHQ LQ $IULND XQG $VLHQ Ä>«@ GDV $UJXPHQW QDKH PDQ VHL ]X VDYDJH ZDUV RI SHDFH 5XG\DUG .LSOLQJ ÃJH]ZXQJHQµ XP IULHGOLHEHQGH :LOGH YRQ HLQKHL PLVFKHQ 'HVSRWHQ XQG 5lXEHUQ ]X EHIUHLHQ³ 8QJHDFKWHW GHV VRJHQDQQWHQ /HLE6HHOH 3UREOHPV XQG GHU %HKDXSWXQJ GDVV HV ± ORJLVFK JHVSURFKHQ ± QLFKW P|JOLFK VHL HLQH QRUPD WLYH XQG SUDNWLVFK PRWLYLHUWH 6FKOXVVIROJHUXQJ DXV IDNWLVFKHQ E]Z NDXVDOHQ ZLVVHQVFKDIWOL FKHQ Ã,VW$XVVDJHQµ DE]XOHLWHQ OlVVW VLFK EHREDFKWHQ GDVV LQ HLQHU :HOW LQ GHU VLFK GLH 3UD[LV ZLH VHOEVWYHUVWlQGOLFK YHUIJEDUHU 7KHRULHQ EHGLHQW JHQDX GDV VWlQGLJ SDVVLHUW ± /RJLN KLQ RGHU KHU 7KHRULHQ VLQG LPPHU 7KHRULHQ EHU EHVWLPPWH %LOGHU HLQHV *HJHQVWDQGVEHUHLFKV 8QG ZHLO VLFK PLW +LOIH YRQ 7KHRULHQ XQJHDFKWHW GHU ORJLVFKHQ 8QYHUHLQEDUNHLW ]ZLVFKHQ ,VW XQG 6ROO$XVVDJHQ LP .RQWH[W NRQYHQWLRQHOOHU 0RUDOYRUVWHOOXQJHQ DXFK EHVWLPPWH +DQG OXQJVHPSIHKOXQJHQ EHJUQGHQ ODVVHQ KDEHQ 7KHRULHQ .RQVHTXHQ]HQ JHUDGH DXFK IU GLH SROLWLVFKH 3UD[LV 'DV PDFKW HV XPVR ZLFKWLJHU ]X IUDJHQ ZLH 7KHRULHQ LKUH %LOGHU XQG LKU :DKUKHLWVJHKDOW HQWVWHKHQ 7KHRULHQ XQG LKUH %LOGHU VLQG VFKOLH‰OLFK QLFKW HLQIDFK GD Ä(V ZlUH ]ZHLIHOORV QDLY DQ]XQHKPHQ 7KHRULHQ HQWVWQGHQ JHZLVVHUPD‰HQ YRQ VHOEVW LQ GHU VFK|SIHULVFKHQ 3KDQWDVLH IUHL VFKZHEHQGHU )RUVFKHU VRQGHUQ VLH VLQG ÃJHVHOOVFKDIWOLFK EH GLQJWµ³ 7KHRULHQ XQG LKUH %LOGHU VLQG DEKlQJLJ YRQ UDXP]HLWOLFK XQG NXOWXUHOO VSH]LILVFKHQ (QWVWHKXQJVEHGLQJXQJHQ 'LH D[LRPDWLVFKHQ 3UlPLVVHQ XQG GDV DQDO\WLVFKH 9RNDEXODU YRQ 7KHRULHQ JHKHQ ]XUFN DXI 9RUVWHOOXQJHQ ± LP )DOOH SROLWLNZLVVHQVFKDIWOLFKHU 7KHRULHQ DXI 9RUVWHOOXQJHQ YRQ 3ROLWLN XQG *HVHOOVFKDIW GLH VLFK DQ EHVWLPPWHQ 2UWHQ EHU =HLW WUDGLHUW KDEHQ XQGRGHU GLH YRQ HLQIOXVVUHLFKHQ .UHLVHQ DOV KHUUVFKHQGH 0HLQXQJ HWDEOLHUW ZXUGHQ 7DWVlFKOLFK VSLHJHOQ 7KHRULHQ LPPHU VRZRKO NXOWXUHOO VSH]LILVFKH 6LFKWZHLVHQ DOV DXFK ,QWH UHVVHQ SULYLOHJLHUWHU 6FKLFKWHQ ZREHL OHW]WHUH LQ GHU 5HJHO VHOEVW YRQ IXQGDPHQWDOHUHQ :HOW DQVFKDXXQJHQ JHSUlJW VLQG 'DV ZLHGHUXP KHL‰W GD MHGH (UNHQQWQLV DXI 7KHRULH EDVLHUW XQG



-UJHQ 2VWHUKDPPHO .RORQLDOLVPXV *HVFKLFKWH ± )RUPHQ ± )ROJHQ 0QFKHQ %HFN   



,QWHUHVVDQW LVW LQ GLHVHP =XVDPPHQKDQJ DXFK GDVV DXVJHUHFKQHW ÃOLEHUDOHµ .RPPHQWDWRUHQ GHV EHVFKULHEH QHQ *HVFKHKHQV PHLQWHQ GLH 5ROOH YRQ =ZlQJHQ EHWRQHQ ]X PVVHQ 'DV ZLUNW DXI GHQ HUVWHQ %OLFN HWZDV SDUDGR[ KDW DEHU 7UDGLWLRQ XQG 6\VWHP LQ GHU SROLWLVFKHQ 7KHRULH GHV Ã:HVWHQVµ 9HUN|USHUW GXUFK GDV ,UUDWLRQDOH KHUUVFKWHQ GRUW LPPHU LUJHQGZHOFKH =ZlQJH GLH YRQ DX‰HQ NDPHQ XQG QDFK YHUQQIWLJHQEHIUHLHQGHQ 0D‰QDKPHQ KLHU GULQQHQ ULHIHQ 

9JO 'DQLHO )UHL (LQIKUXQJ DD2 

 (LQOHLWXQJ



GD MHGH 7KHRULH DXV VSH]LILVFKHQ :HOWDQVFKDXXQJHQ XQG :HUWHV\VWHPHQ KHUYRUJHJDQJHQ LVW LVW DOOHV :LVVHQ VR]LRNXOWXUHOO EHGLQJW (V JLEW DXFK XQG JHUDGH LQ GHU :LVVHQVFKDIW NHLQ ZHUWQHXWUDOHV REMHNWLYHV :LVVHQ GDV DXI 7KHRULHQ ]XUFN]XIKUHQ LVW GLH LQ XQG IU VLFK ÃZDKUµ VLQG :HQQ GHQQRFK GHU *ODXEH YRUKHUUVFKW ZHUWQHXWUDOH 7KHRULHELOGXQJ VHL P|JOLFK E]Z XQWHU $EVWULFKHQ VRJDU WDWVlFKOLFK GHU )DOO XPVR VFKlGOLFKHU IU GLH ZLVVHQVFKDIWOLFKH ,QWHJULWlW GHU 0LWJOLHGHU HLQHU VROFKHQ *ODXEHQVJHPHLQVFKDIW 7KHRUHWLVFK IXQGLHUWHV :LV VHQ EHU ZHOFKHQ *HJHQVWDQGVEHUHLFK DXFK LPPHU LVW ÃZDKUµ ZHQQ XQG LQVRIHUQ GLH ]XJUXQGH OLHJHQGH 7KHRULH XQG LKU %LOG IU ÃZDKUµ JHKDOWHQ ZHUGHQ 'D HV NHLQH 7KHRULH JLEW GLH JOHLFKHUPD‰HQ YRQ DOOHQ :LVVHQVFKDIWOHUQ DOV ÃZDKUµ DN]HSWLHUW ZLUG LVW HV LPPHU ÃUHODWLYµ ZHOFKH 7KHRULH YRQ GHQ PHLVWHQ E]Z HLQIOXVVUHLFKVWHQ .UHLVHQ IU ÃZDKUµ JHKDOWHQ ZLUG XQG ZDUXP .XU] GLH )UDJH QDFK GHP :LVVHQ EHU 6DFKYHUKDOWH GHU LQWHUQDWLRQDOHQ %H]LHKXQJHQ EHUKUW LPPHU DXFK GLH )UDJH ZRKHU GLH ]XJUXQGH OLHJHQGH 7KHRULH XQG LKU %LOG NRPPHQ XQG ZDUXP DXVJHUHFKQHW GLHVH 7KHRULH PLWVDPW LKUHP %LOG VR KRKHV $QVHKHQ JHQLH‰W 1lKHUW PDQ VLFK PLW GLHVHU )UDJH GHQ 7KHRULHQ GHU LQWHUQDWLRQDOHQ %H]LHKXQJHQ ZLUG GHU 6DFKYHUKDOW ZLFKWLJ GD‰ HV GLH 5HJLHUXQJHQ GHU 86$ XQG *UR‰EULWDQQLHQV ZDUHQ GLH VSlWHVWHQV QDFK GHP HUVWHQ :HOWNULHJ GLH (LQULFKWXQJ YRQ /HKU XQG )RUVFKXQJVLQVWLWXWHQ I|UGHUWHQ LQ GHQHQ 6SH]LDOLVWHQ IXQGLHUWHV :LVVHQ EHU LQWHUQDWLRQDOH %H]LHKXQJHQ HUDUEHL WHQ VROOWHQ (LQVLFKW LQ GLH 7DWVDFKH GDVV 7KHRULHQ XQG WKHRULHJHOHLWHWH ZLVVHQVFKDIWOLFKH )RUVFKXQJ LPPHU JHVHOOVFKDIWOLFK XQG NXOWXUHOO EHGLQJW VLQG OlVVW QDFKYROO]LHKEDU ZHUGHQ GD‰ VLFK GLHVH 6SH]LDOLVWHQ HJDO RE ZLVVHQWOLFK RGHU QLFKW GHQ *HJHQVWDQGVEHUHLFK ÃLQWHUQD WLRQDOH %H]LHKXQJHQµ PLW VSH]LILVFKHQ 9RUVWHOOXQJHQ YRQ 3ROLWLN XQG *HVHOOVFKDIW JHQlKHUW KDEHQ LKUH 7KHRULHQ VLQG DXI W\SLVFK ÃDPHULNDQLVFKHµ RGHU ÃEULWLVFKHµ 6LFKWZHLVHQ YRQ 3ROL WLN XQG *HVHOOVFKDIW JHEDXW XQGRGHU UHIOHNWLHUHQ GLH 6LFKWZHLVHQ PRPHQWDQ HLQIOXVVUHLFKHU .UHLVH LQ GLHVHQ /lQGHUQ ,P 5HVXOWDW KHL‰W GDV GLH Ã'LV]LSOLQµ ,QWHUQDWLRQDOH %H]LHKXQJHQ ,% LVW VHLW LKUHU *HEXUW JHSUlJW YRQ DQJORDPHULNDQLVFKHQ 9RUVWHOOXQJHQ XQG :HUWHQ ± XQG GDV ELV KHXWH ZHLO GLH VSH]LDOLVLHUWH %HVFKlIWLJXQJ PLW GHQ LQWHUQDWLRQDOHQ %H]LHKXQJHQ LQQHUKDOE GHU DQJORDPHULNDQLVFKHQ 'LV]LSOLQ PLWWOHUZHLOH VHOEVW HLQH 7KHRULHWUDGLWLRQ KHU DXVJHELOGHW KDW GLH ]XU 0H‰ODWWH IU 7KHRULHELOGXQJ LQ GHQ ,% EHUKDXSW JHZRUGHQ LVW *H



9JO LQ GHP =XVDPPHQKDQJ HLQH )HVWVWHOOXQJ YRQ 5REHUW 9LWDOLV %LUWK RI D 'LVFLSOLQH LQ ' /RQJ % 6FKPLGW +J  ,PSHULDOLVP DQG ,QWHUQDWLRQDOLVP LQ WKH 'LVFLSOLQH RI ,QWHUQDWLRQDO 5HODWLRQV $OEDQ\ 6WDWH 8QLYHU VLW\ RI 1HZ ,5WKHRULVWV@ VXVWDLQ WKH ILFWLRQ RI RFFXS\LQJ D SRVLWLRQ RXWVLGH FXOWXUH IURP ZKLFK ZH REVHUYH WKH VRFLDO ZRUOG >«@ 7KLV EOLQG VSRW LQ RXU GHILQLWLRQ RI WKH ILHOG ZLOO EH KDUG WR RYHUFRPH´  =XP Ã*UQGXQJVP\WKRVµ GHU 'LV]LSOLQ ,% YJO XD 8OULFK 0HQ]HO =ZLVFKHQ ,GHDOLVPXV XQG 5HDOLVPXV 'LH /HKUH YRQ GHQ ,QWHUQDWLRQDOHQ %H]LHKXQJHQ )UDQNIXUW 6XKUNDPS    7DWVlFKOLFK VSULFKW YLHO GDIU GDVV QLFKW QXU DEHU HEHQ DXFK XQG YRU DOOHP LQ GHQ 86$ XQG *UR‰EULWDQQLHQ EHUHLWV JHJHQ (QGH GHV  -DKUKXQGHUWV HLQH $UW 'LV]LSOLQ LQ GHU %HVFKlIWLJXQJ PLW GHQ DXVZlUWLJHQ XQG LQWHUQDWLRQDOHQ %H]LHKXQJHQ HQWVWDQG DOV VLFK 3UDNWLNHU XQG :LVVHQVFKDIWOHU IU GDV ]XQHKPHQGH Ã3UREOHPµ UDVVLVFK EHGLQJWHU .ULHJH ]ZLVFKHQ ÃVXSHULRUHQµ XQG ÃLQIHULRUHQµ 9|ONHUQ ]X LQWHUHVVLHUHQ EHJDQQHQ 'HU SUDNWLVFKH =ZHFN ODJ VLFKHU DXFK GDULQ GLH LPSHULDOHQ 3UDNWL NHQ GHU HQWVSUHFKHQGHQ 5HJLHUXQJHQ ]X LQIRUPLHUHQ XQG ]X ÃQRUPDOLVLHUHQµ 9JO GD]X 5REHUW 9LWDOLV %LUWK RI D 'LVFLSOLQH DD2 EHVRQGHUV 



 (LQOHLWXQJ

VWW]W ZLUG GLHVH 7KHRULHWUDGLWLRQ QHEHQ LKUHU LQVWLWXWLRQHOOHQ 9HUDQNHUXQJ LQ (OLWHXQLYHUVLWl WHQ XQG UHJLHUXQJVQDKHQ ,QVWLWXWHQ YD GXUFK HLQ HQWVSUHFKHQGHV 3XEOLNDWLRQVZHVHQ 9RQ GHQ ]HKQ DQJHEOLFK ÃEHVWHQµ XQG GHVKDOE  HLQIOXVVUHLFKVWHQ =HLWVFKULIWHQ GHU 'LV]LSOLQ ,% NRPPHQ QHXQ DXV GHQ 86$ )U DXIVWUHEHQGH :LVVHQVFKDIWOHU GHU ,% VLQG HV JHUDGH GLHVH =HLWVFKULIWHQ LQ GHQHQ HV VLFK ORKQW ]X YHU|IIHQWOLFKHQ (LQH 3XEOLNDWLRQ LQ GLHVHQ =HLW VFKULIWHQ HUK|KW GLH &KDQFH DXI :DKUQHKPXQJ GXUFK HLQIOXVVUHLFKH 9HUWUHWHU GHU 'LV]LSOLQ ± XQG DXI (LQODGXQJHQ ]X %HZHUEXQJVJHVSUlFKHQ XP KHIWLJ XPNlPSIWH 6WHOOHQ =ZDQJVOlXILJ IKUW DXI GHP :HJ ]XU 9HU|IIHQWOLFKXQJ LQ GLHVHQ ÃEHVWHQµ =HLWVFKULIWHQ GHU 'LV]LSOLQ NHLQ QRFK VR NOHLQHU 8PZHJ DQ GHP (UIRUGHUQLV YRUEHL GLH $QIRUGHUXQJHQ EHVDJWHU =HLWVFKULIWHQ DQ GHQ ,QKDOW XQG GHQ 6WLO GHU 'DUVWHOOXQJ ]X HUIOOHQ $OOJHPHLQHU DXVJHGUFNW DXIJUXQG GHU YRQ DPHULNDQLVFKHQ )RUVFKHUQ HLQJHULFKWHWHQ XQG ELV MHW]W YRUKHUUVFKHQGHQ 'LVNXUVPH FKDQLVPHQ GLH JDQ] HQWVFKHLGHQG GDIU VLQG ZHOFKH :LVVHQVFKDIWOHU ]X ZHOFKHQ 7KHPHQ LQ ZHOFKHQ =HLWVFKULIWHQ ZHOFKH %HLWUlJH YHU|IIHQWOLFKHQ N|QQHQ KDEHQ DPHULNDQLVFKH 7KHR ULHQ GHU ,% QLFKW QXU GLH LQKDOWOLFKHQ XQG IRUPDOHQ 0D‰VWlEH IU GLH 'LVNXVVLRQ JHVHW]W VLH JHOWHQ GHVZHJHQ DXFK DOV GLH DQJHEOLFK ÃEHVWHQµ XQG EHL ZHLWHP HLQIOXVVUHLFKVWHQ 7KHRULHQ ZHLO VLH GLHVH 0D‰VWlEH VHOEHU DP EHVWHQ HUIOOHQ 'DV OLHJW HLQHUVHLWV DQ RQWRORJLVFKHQ 9RU VWHOOXQJHQ GLH GHQ PHLVWHQ YRQ LKQHQ ]XJUXQGH OLHJHQ JHPHLQW LVW GDPLW GDV VFKRQ HUZlKQWH %LOG YRP *HJHQVWDQGVEHUHLFK GLH JUXQGOHJHQGH :HOWVLFKW 'DV OLHJW DQGHUHUVHLWV DQ GHU

 9JO GLH 5DQJOLVWH GLH 6LPRQ +L[ $ *OREDO 5DQNLQJ RI 3ROLWLFDO 6FLHQFH 'HSDUWPHQWV 3ROLWLFDO 6WXGLHV 5H YLHZ YRO    ±  YRUJHVFKODJHQ XQG GLH VLFK DXV HLQHP YRQ LKP HQWZLFNHOWHQ Ã,PSDFW 6FRUHµ GHU HLQ]HOQHQ =HLWVFKULIWHQ ÃJHPHVVHQµ ]ZLVFKHQ  XQG  DXI GHQ SROLWLNZLVVHQVFKDIWOLFKHQ PDLQVWUHDP 'LVNXUV HUJHEHQ KDW

 $PHULFDQ 3ROLWLFDO 6FLHQFH 5HYLHZ  $PHULFDQ -RXUQDO RI 3ROLWLFDO 6FLHQFH  ,QWHUQDWLRQDO 2UJDQL]DWLRQ  )RUHLJQ $IIDLUV  -RXUQDO RI 3ROLWLFV

 ,QWHUQDWLRQDO 6HFXULW\  -RXUQDO RI &RQIOLFW 5HVROXWLRQ  :RUOG 3ROLWLFV  -RXUQDO RI (XURSHDQ 3XEOLF 3ROLF\  ,QWHUQDWLRQDO 6WXGLHV 4XDUWHUO\

8QWHU =XJUXQGHOHJXQJ HLQHV YRQ PLU >*$@ HQWZLFNHOWHQ Ã,PSDFW 6FRUHVµ SURPLQHQWHU =HLWVFKULIWHQ IU GHQ 8QWHUVXFKXQJV]HLWUDXP YRQ  ELV  HUJLEW VLFK IROJHQGH ± DEZHLFKHQGH ± 5DQJOLVWH  5HYLHZ RI ,QWHUQDWLRQDO 6WXGLHV  $OWHUQDWLYHV  0LOOHQQLXP  (XURSHDQ -RXUQDO RI ,QWHUQDWLRQDO /DZ  &RRSHUDWLRQ DQG &RQIOLFW

 ,QWHUQDWLRQDO 5HODWLRQV  *OREDO 6RFLHW\  -RXUQDO RI ,QWHUQDWLRQDO 5HODWLRQV DQG 'HYHORSPHQW  ,QWHUQDWLRQDO 6RFLDO 6FLHQFH -RXUQDO  7KHRU\ &XOWXUH DQG 6RFLHW\

'LHVHU ]ZHLWHQ 5DQJOLVWH OLHJW HLQH ÃVWDWLVWLVFKH 9HU]HUUXQJµ ELDV ]XJUXQGH LQVRIHUQ LFK GHQ LPSDFW YRQ -RXU QDOV DXV GHP DVLDWLVFKHQ XQGRGHU ODWHLQDPHULNDQLVFKHQ 5DXP DXV SUDJPDWLVFKHQ *UQGHQ QLFKW JHPHVVHQ XQG EHUFNVLFKWLJW KDEH %HL DOOHU %HJHLVWHUXQJ IU GDV 0HVVHQ 5HLKHQ XQG TXDQWLWDWLYH (YDOXLHUHQ YRQ )DFK]HLWVFKULIWHQ XQG 8QLYHUVL WlWHQ VROOWH YLHOOHLFKW QLFKW YHUJHVVHQ ZHUGHQ GDVV 5DQJOLVWHQ 6WHXHUXQJVLQVWUXPHQWH HLQHU :LVVHQ VFKDIW VSROLWLN VLQG GLH VLFK RIW DQ ZLVVHQVIHUQHQ XQG OHW]WHQ (QGHV DXFK ZLOONUOLFKHQ .ULWHULHQ RULHQWLHUW 'LH *HIDKU VROFKHU 5DQJOLVWHQ YRQ )DFK]HLWVFKULIWHQ OLHJW GDULQ GDVV VLH MHGHV VXEMHNWLYH TXDOLWDWLYH 8UWHLO EHU HLQ]HOQH $UWLNHO  GXUFK VWDWLVWLVFK DXVJHZLHVHQH XQG YHUPHLQWOLFK DXVVDJHNUlIWLJHUH REMHNWLYH 5HODWLRQHQ ]ZLVFKHQ =HLWVFKULIWHQ DOV VROFKHQ GK DOV HLQKHLWOLFKHQ 'LQJHQ EHHLQIOXVVW

 (LQOHLWXQJ



bVWKHWLN LKUHU 'DUVWHOOXQJ JHPHLQW LVW GDPLW GLH 6LPXODWLRQ HLQHV 6SUDFKVWLOV YRQ 1DWXUZLV VHQVFKDIWOHUQ EHVRQGHUV 3K\VLNHUQ DXV GHP  XQG  -DKUKXQGHUW =XHUVW HLQ :RUW EHU GLH RQWRORJLVFKHQ 9RUVWHOOXQJHQ GDQQ HLQH NXU]H %HPHUNXQJ ]XU EHYRU]XJWHQ bVWKHWLN GHU )DFKVSUDFKH ± XQG LKUHU .RQVHTXHQ]HQ 'LH ZLVVHQVFKDIWOLFKH %HVFKlIWLJXQJ PLW GHP 2EMHNWEHUHLFK GHU LQWHUQDWLRQDOHQ %H]LH KXQJHQ EDVLHUW EHUZLHJHQG DXI RQWRORJLVFKHQ 9RUVWHOOXQJHQ YRQ *HVHOOVFKDIW XQG 3ROLWLN GLH VLFK LQ GHQ 86$ XQG *UR‰EULWDQQLHQ EHU =HLW WUDGLHUW KDEHQ XQGRGHU GLH YRQ HLQIOXVV UHLFKHQ .UHLVHQ LQ GLHVHQ /lQGHUQ IDYRULVLHUW ZRUGHQ VLQG 'LH IXQGDPHQWDOVWH GLHVHU 9RU VWHOOXQJHQ LVW VLFKHUOLFK GLH GHU Ã$QDUFKLHµ ZRPLW JDQ] EHUZLHJHQG GLH $EZHVHQKHLW HLQHU ]HQWUDOHQ XQG GLV]LSOLQLHUHQGHQ 6DQNWLRQVLQVWDQ] PDQFKPDO DXFK GLH $EZHVHQKHLW HLQHU 9HUKDOWHQVUHJHOQ VHW]HQGHQ /HJLVODWLYLQVWDQ] JHPHLQW LVW ,PSOL]LHUW ZLUG YD PLW GHU HUVWH UHQ ÃKlUWHUHQµ KREEHVLDQLVFKHQ 9RUVWHOOXQJ YRQ $QDUFKLH GDVV HLQH 6LWXDWLRQ ]ZLVFKHQ 0HQVFKHQ RGHU NRUSRUDWLYHQ 3HUVRQHQ RKQH HIIHNWLYH =ZDQJVKHUUVFKDIW HLQHP .DPSI ÃDOOHU JHJHQ DOOHµ JOHLFKW 'DPLW YHUEXQGHQ LVW HLQH ZHLWHUH 9RUVWHOOXQJ QlPOLFK GLH GDVV VLFK 0HQVFKHQ E]Z .RUSRUDWLRQHQ DXIJUXQG LKUHU HJRLVWLVFKHQ 7ULHEQDWXU XQG LQVWUXPHQWHOOHQ 9HUQXQIW IHLQGOLFK JHJHQEHUVWHKHQ XQG QLFKW YHUWUDJHQ N|QQHQ JHVFKZHLJH GHQQ YRQ VLFK DXV GLH )lKLJNHLW HQWZLFNHOQ EHU 'LDORJ XQG .RQVHQV HLQYHUQHKPOLFKH /|VXQJHQ LQ $QJH OHJHQKHLWHQ YRQ DOOJHPHLQHP ,QWHUHVVH ]X HUUHLFKHQ *DQ] RIIHQVLFKWOLFK KlQJW DQ GHU 9RU VWHOOXQJ YRQ $QDUFKLH HLQH JDQ]H 5HLKH ZHLWHUHU $QQDKPHQ EHWUHIIHQG GLH 1DWXU GHV 0HQ VFKHQ E]Z GHV UHOHYDQWHQ $NWHXUV VHLQHU W\SLVFKHQ 9HUKDOWHQVZHLVHQ GHU GDUDXV UHVXOWLH UHQGHQ ,QWHUDNWLRQVIRUPHQ PLW DQGHUHQ $NWHXUHQ VRZLH GHU GDGXUFK KHUYRUJHUXIHQHQ .RQVH TXHQ]HQ IU DOOH $NWHXUH 'HU QDKH OLHJHQGH +LQZHLV GDUDXI GDVV GLHVH LQ GHU 'LV]LSOLQ ,% HLQIOXVVUHLFKH 9RUVWHOOXQJ YRQ $QDUFKLH GLH HLJHQWOLFK ELEOLVFKHQ 8UVSUXQJV LVW GLH DEHU YD DXI GLH $UJXPHQWDWLRQVILJXU YRQ 7KRPDV +REEHV ]XUFNJHKW DOO]X LGHDOLVLHUW XQG KLVWR ULVFK XQKDOWEDU VHL LVW QDFK 0D‰JDEH GHV JHVXQGHQ 0HQVFKHQYHUVWDQGV VLFKHU ]XWUHIIHQG (LQ VROFKHU +LQZHLV LVW MHGRFK DXV 6LFKW GHV ,%PDLQVWUHDPV LUUHOHYDQW 'LH KHUUVFKHQGH 0HLQXQJ GHU 3ROLWLNZLVVHQVFKDIW LQVEHVRQGHUH GHU .DQRQ LP PDLQVWUHDP GHU ,% EHUXKW HEHQVR ZHQLJ ZLH GLH KHUUVFKHQGH 0HLQXQJ LQ GHU gNRQRPLH RGHU GHV 5HFKWV DXI 9RUVWHO OXQJHQ GLH KLVWRULVFK JHVHKHQ RGHU GLH QDFK 0D‰VWlEHQ GHV JHVXQGHQ 0HQVFKHQYHUVWDQGV EHXUWHLOW SODXVLEHO HUVFKHLQHQ 'LH V\VWHPDWLVLHUWHQ KHUUVFKHQGHQ 0HLQXQJHQ LQ GHQ :LVVHQ VFKDIWHQ GHU 3ROLWLN GHU gNRQRPLH XQG GHV 5HFKWV ZDUHQ XQG VLQG LPPHU DXFK +HUUVFKDIWV WHFKQLNHQ JHZHVHQ $OV VROFKH EHUXKHQ VLH ELV KHXWH DXI $QQDKPHQ GLH ]ZDU UHLQ ILNWLY VLQG GLH DEHU GHQ SUDNWLVFKHQ =ZHFN HUIOOHQ HLQH EHVWLPPWH 7KHRULH EHU UHDOZHOWOLFKH =XVDP PHQKlQJH DOV ORJLVFK EHJUQGHW HUVFKHLQHQ ]X ODVVHQ ± XQG VHL HV DXFK ÃQXUµ XQWHU GHQHQ GLH 9RUWHLOH YRQ GHU 9HUEUHLWXQJ VROFKHU 7KHRULHQ KDEHQ %HNDQQWOLFK LVW DXFK XQG JHUDGH GLH 9RUVWHOOXQJ GHU $QDUFKLH VHLW LKUHU HUVWHQ V\VWHPDWLVFKHQ 'DUOHJXQJ 7HLO HLQHV %HJUQ GXQJVSURJUDPPV JHZHVHQ GDV HV HQWVSUHFKHQGHQ 0DFKWKDEHUQ DQ GHU 6SLW]H WDWVlFKOLFK EHVWHKHQGHU +LHUDUFKLHQ HUOHLFKWHUQ VROOWH LKUH +HUUVFKDIW ]X UHFKWIHUWLJHQ 6DORSS DXVJH GUFNW N|QQWH PDQ VDJHQ 0DFKWKDEHU XQG 3ULYLOHJLHUWH HLQVFKOLH‰OLFK GHU $SRORJHWHQ LKUHU +HUUVFKDIW ZDUHQ VLFK LPPHU GDUEHU LP .ODUHQ GDVV LKUH 7KHRULHQ XQG GLH GD]XJHK|ULJHQ



 (LQOHLWXQJ

:HOWELOGHU DXI LGHDOLVLHUWHQ 9HUNU]XQJHQ GHU :LUNOLFKNHLW EHUXKWHQ HQJ RULHQWLHUW DP =ZHFN GLH PRPHQWDQH 9HUWHLOXQJ XQG $XVEXQJ YRQ 0DFKW DOV ÃQRUPDOµ XQG OHJLWLP HU VFKHLQHQ ]X ODVVHQ 'LH GLHVHP 9HUVWlQGQLV YRQ 7KHRULH DOV QW]OLFKHV 0LWWHO GHU +HUU VFKDIWVOHJLWLPDWLRQ ]XJUXQGH OLHJHQGH +DOWXQJ PQGHW EHL LKUHQ 9HUWUHWHUQ LQ GHU 5HJHO LQ GLH SUDJPDWLVFKH 6WUDWHJLH VR ]X WXQ DOV RE UHLQ ILNWLYH 9RUVWHOOXQJHQ YRP 0HQVFKHQ XQG YRQ *HVHOOVFKDIW ZDKU VHLHQ 2IIHQVLFKWOLFKH hEHUYRUWHLOXQJHQ 'LVNULPLQLHUXQJHQ XQG $XV EHXWXQJHQ ODVVHQ VLFK MD DXFK QXU DXI GLHVHU %DVLV GHU MHGHU .ULWLN HQWKREHQHQ DSRGLNWLVFKHQ 6HW]XQJ LGHDOLVLHUWHU 0HQVFKHQ XQG *HVHOOVFKDIWVELOGHU DOV ORJLVFK ÃEHJUQGHWµ XQG OHJLWLP DXVZHLVHQ 'D‰ DXVJHUHFKQHW GLH 9RUVWHOOXQJ GHU $QDUFKLH ]XU IXQGDPHQWDOVWHQ RQWRORJLVFKHQ $Q QDKPH GHU 'LV]LSOLQ ,% JHZRUGHQ LVW ZLUG LQVRIHUQ ZLFKWLJ DOV VLFK GLH WKHRUHWLVFKH %H VFKlIWLJXQJ PLW GHQ LQWHUQDWLRQDOHQ %H]LHKXQJHQ LQ GHQ 86$ ZHQLJHU LQ *UR‰EULWDQQLHQ NULWLNORV DXI HLQH JDQ]H 5HLKH GDPLW YHUHLQEDUHU RQWRORJLVFKHU $QQDKPHQ KLQVLFKWOLFK GHV 0LOLHXV GHU $NWHXUH LKUHU 9HUKDOWHQVZHLVHQ LKUHU ,QWHUDNWLRQVIRUPHQ VRZLH GHU VLFK GDUDXV QRWZHQGLJ HUJHEHQGHQ .RQVHTXHQ]HQ HLQJHODVVHQ KDW ,Q GLHVHP =XVDPPHQKDQJ RIIHQEDUW VLFK GHU EHUHLWV DQJHVSURFKHQH &KDUDNWHU YRQ 7KHRULH DOV +HUUVFKDIWVWHFKQLN 'HQQ GLH )LN WLRQ HLQHV JUXQGVlW]OLFK DQDUFKLVFKHQ 0LOLHXV LQ GHP VLFK GLH JUR‰HQ 0lFKWH IHLQGOLFK JH JHQEHUVWHKHQ XQG GDV GHVKDOE QRWZHQGLJHUZHLVH HLQ DXI 0DFKWSROLWLN JHEDXWHV *OHLFKJH ZLFKW ]XU %HIULHGXQJ YHUVWDQGHQ LP 6LQQH GHU (UKDOWXQJ GHV 6WDWXV 4XR EUDXFKW ZDU XQG LVW MD JHUDGH IU 5HJLHUXQJHQ GHU GRPLQLHUHQGHQ 0lFKWH KLOIUHLFK XP LKUH SULYLOHJLHUWH 3RVL WLRQ XQG GHQ GDPLW YHUEXQGHQHQ (LQIOX‰ ]X EDJDWHOOLVLHUHQ XQG XP LKUH KLVWRULVFK EHGLQJWHQ 9RUWHLOH JHJHQEHU VFKZlFKHUHQ 1DWLRQHQ ]X OHJLWLPLHUHQ XQG DXI 'DXHU ]X VWHOOHQ ,QVRIHUQ GLH 9RUKHUUVFKDIW DPHULNDQLVFKHU 7KHRULHQ DXFK YLHOH :LVVHQVFKDIWOHU DX‰HUKDOE GHU 86$ ]X GHP *ODXEHQ YHUDQODVVW KDW GLH DPHULNDQLVFKHQ ,% ZlUHQ GHU JHHLJQHWH 0D‰VWDE IU 7KHR ULHELOGXQJ XQG ZLVVHQVFKDIWOLFKH )RUVFKXQJ LP %HUHLFK GHU LQWHUQDWLRQDOHQ %H]LHKXQJHQ EHUKDXSW KDW GLH DPHULNDQLVFKH 9RUVWHOOXQJ YRQ $QDUFKLH GHQ ZLVVHQVFKDIWOLFKHQ 'LVNXUV EHU LQWHUQDWLRQDOH %H]LHKXQJHQ DXFK DQGHUQRUWV JHSUlJW %HUFNVLFKWLJW PDQ GLHVH (QWZLFN OXQJ ZLUG QDFKYROO]LHKEDU GDVV XQG ZDUXP DXVJHUHFKQHW GLH HLQIOXVVUHLFKVWHQ 7KHRULHQ GHU ,% VHLW (LQULFKWXQJ GHU JOHLFKQDPLJHQ 'LV]LSOLQ GLHMHQLJHQ VLQG GLH DXI DEVXUG DQPXWHQGHQ $QQDKPHQ ZLH ]% GHUMHQLJHQ GHU $QDUFKLH RGHU GHUMHQLJHQ GHV 6WDDWHV DOV HLQHV HLQKHLWOL FKHQ UDWLRQDOHQ XQG HVVHQWLHOO IHLQGOLFK GLVSRQLHUWHQ $NWHXUV EHUXKHQ $X‰HUGHP ZLUG HU VLFKWOLFK GDVV XQG ZDUXP HV IU YLHOH :LVVHQVFKDIWOHU GHU LQWHUQDWLRQDOHQ %H]LHKXQJHQ ± YD ]X %HJLQQ LKUHU %HPKXQJHQ ± PLWXQWHU VR VFKZHU LVW VLFK GLHVH 7KHRULHQ GHU 'LV]LSOLQ ]X HUVFKOLH‰HQ GLH DP NRQVHTXHQWHVWHQ PLW LGHDOLVLHUWHQ 9RUVWHOOXQJHQ DUEHLWHQ GLH $EVXUGLWlW VROFKHU 9RUVWHOOXQJHQ ZLH ]% GHUMHQLJHQ GHU $QDUFKLH GLH EHZXVVWH RGHU XQEHZXVVWH $ YHUVLRQ YLHOHU 6WXGHQWLQQHQ JHJHQ GLH JHIlKUOLFK DQPXWHQGH 9RUVWHOOXQJ GDVV $NWHXUH GHU



9JO %ULDQ 6FKPLGW 7KH 3ROLWLFDO 'LVFRXUVH RI $QDUFK\ $ 'LVFLSOLQDU\ +LVWRU\ RI ,QWHUQDWLRQDO 5HODWLRQV $OEDQ\ 1«@ WKDW WKHUH LV LQ HDFK DUHD D NLQG RI PDVWHUNH\ ± QRW PHUHO\ DQG LQWHO OHFWXDO EXW DQ RSHUDWLRQDO SDUDGLJP³  $OH[DQGHU :HQGW 6RFLDO 7KHRU\ RI ,QWHUQDWLRQDO 3ROLWLFV &DPEULGJH &DPEULGJH 8QLYHUVLW\ 3UHVV    IKUW GLH (QWVWHKXQJ NROOHNWLYHU ,GHQWLWlWHQ ]ZLVFKHQ 6WDDWHQ ]% DXI IROJHQGH PDVWHU YDULDEOHV ]XUFN ³>«@ LQWHUGHSHQGHQFH FRPPRQ IDWH KRPRJHQHLW\ DQG VHOI UHVWUDLQW´ 

9JO GD]X DXFK 6WHYH 6PLWK 7KH 8QLWHG 6WDWHV DQG WKH 'LVFLSOLQH RI ,QWHUQDWLRQDO 5HODWLRQV DD2 



 (LQOHLWXQJ

7KHRUHWLNHU XQG $QDO\VWHQ GLH QLFKW GHU 5HJLHUXQJVSUD[LV GHU 86$ RGHU HLQHV DQGHUHQ /DQ GHV YHUSIOLFKWHW ZDUHQ 'LH KHWHURJHQH /HKU XQG )RUVFKXQJVSUD[LV GLH PDQ YLHOOHLFKW DOV GLH HLJHQWOLFKH :LVVHQVFKDIW GHU ,% QHQQHQ N|QQWH KDW LQ LKUHU ODQJHQ *HVFKLFKWH HWZD GLH *HEXUW HLQHU 9LHO]DKO YRQ 7KHRULHQ HUOHEW GLH QLFKW DXVVFKOLH‰OLFK MD QLFKW HLQPDO SULPlU DXI RQWRORJLVFKH XQG QRUPDWLYH 9RUVWHOOXQJHQ DQJORDPHULNDQLVFKHU (VVD\LVWHQ ZLH +REEHV RGHU /RFNH DXIJHEDXW ZXUGHQ 6ROFKH (UUXQJHQVFKDIWHQ VWDQGHQ XQG VWHKHQ GHQ 7KHRULHQ GHV DPHULNDQLVFKHQ PDLQVWUHDPV DXFK GHVZHJHQ K|FKVW NULWLVFK JHJHQEHU =X QHQQHQ VLQG GLHVEH]JOLFK YD GLH NULWLVFKHQ 7KHRULHQ GHV :HOWV\VWHPV  RGHU 7KHRULHQ GHU VWUXNWXUHOO EHGLQJWHQ $EKlQJLJNHLW XQWHUHQWZLFNHOWHU /lQGHU YRQ GHQ HQWZLFNHOWHQ ,QGXVWULHOlQGHUQ 'LHVH 7KHRULHQ VLQG QLFKW PLW GHU $EVLFKW HQWZLFNHOW ZRUGHQ GLH (QWVFKHLGXQJHQ SROLWLVFKHU $PWVWUlJHU LQ GHQ 86$ ]X HUOHLFKWHUQOHJLWLPLHUHQ ,P *HJHQWHLO ODJ GHU $QVSUXFK GLHVHU 7KHRULHQ GDULQ GLH PLW %OLFN DXI )ULHGHQ XQG *HUHFKWLJNHLW LP LQWHUQDWLRQDOHQ 6\VWHP SROL WLVFK IUDJZUGLJHQ XQG SROLWLNZLVVHQVFKDIWOLFK UHOHYDQWHQ .RQVHTXHQ]HQ HEHQ GLHVHU (QW VFKHLGXQJHQ SOXV GHU VLH VWW]HQGHQ ,%7KHRULHQ DXI]X]HLJHQ 6ROFKH DOWHUQDWLYHQ E]Z NULWL VFKHQ 6LFKW XQG 9HUVWHKHQVZHLVHQ GHU LQWHUQDWLRQDOHQ %H]LHKXQJHQ VLQG MHGRFK DXIJUXQG GHU KHUUVFKHQGHQ ,QWHUHVVHQNRQVWHOODWLRQ LP PDLQVWUHDP XQG GHU GDYRQ DEKlQJLJHQ 'LV NXUVPHFKDQLVPHQ ± XQG QLFKW ZHLO VLH ZHQLJHU DQVSUXFKVYROO RGHU EHU]HXJHQG JHZHVHQ ZlUHQ ± ZHQLJ EHNDQQW XQG QRFK ZHQLJHU HLQIOX‰UHLFK JHZRUGHQ (LQ DOO]X VHOEVWEHZXVVWHV $EZHLFKHQ YRP YRUKHUUVFKHQGHQ 7UHQG GLH LQWHUQDWLRQDOHQ %H]LHKXQJHQ JHPl‰ GHU RQWROR JLVFKHQ XQG HSLVWHPRORJLVFKHQ 3UlPLVVHQ LP .DQRQ GHV PDLQVWUHDPV ]X UHLIL]LHUHQ ZDU XQG LVW IU YLHOH DXIVWUHEHQGH :LVVHQVFKDIWOHU QDFK ZLH YRU JOHLFKEHGHXWHQG PLW HLQHP *DQJ LQV ZLVVHQVFKDIWOLFKH ([LO 'LH GDGXUFK EHGLQJWH ,JQRUDQ] YLHOHU PDLQVWUHDP9HUWUHWHU JHJHQ EHU LQWHOOHNWXHOOHQ (UUXQJHQVFKDIWHQ DXV GHQ .UHLVHQ GHU VRJHQDQQWHQ Ã(QJOLVFKHQ 6FKXOHµ ± EHVRQGHUV LKUHU MQJHUHQ XQG NULWLVFKHUHQ 9HUWUHWHU ± GHU LWDOLHQLVFKHQ 6FKXOH GHU ,QWHUQD WLRQDOHQ 3ROLWLVFKHQ gNRQRPLH GHU GHXWVFKHQ )ULHGHQV XQG .RQIOLNWIRUVFKXQJ RGHU GHUMH QLJHQ :LVVHQVFKDIWOHU GLH VLFK NHLQHU 6FKXOH ]XRUGQHQ ODVVHQ XQG EHL LKUHU %HVFKlIWLJXQJ PLW GHQ ,QWHUQDWLRQDOHQ %H]LHKXQJHQ JDQ] VHOEVWYHUVWlQGOLFK YRQ GHQ QHXHVWHQ VR]LRORJL VFKHQ HWKQRORJLVFKHQ SKLORVRSKLVFKHQ XQGRGHU OLWHUDWXUZLVVHQVFKDIWOLFKHQ (UNHQQWQLVVHQ OHLWHQ ODVVHQ VXJJHULHUW GDVV VLFK GDV 6WXGLXP GHU ,% LP (LQ]XJVJHELHW GHU 3D[ $PHULFDQD

 (LQH ZLH LFK ILQGH VLQQYROOH 8QWHUVFKHLGXQJ ZUGH ]ZLVFKHQ GHU DPHULNDQLVFKHQ Ã'LV]LSOLQ ,%µ XQG GHU LQ NOXVLYHUHQ E]Z SOXUDOLVWLVFKHQ Ã:LVVHQVFKDIW GHU ,%µ GLIIHUHQ]LHUHQ  9JO ,PPDQXHO :DOOHUVWHLQ 7KH 0RGHUQ :RUOG6\VWHP YRO , &DSLWDOLVW $JULFXOWXUH DQG WKH 2ULJLQV RI WKH (XURSHDQ :RUOG(FRQRP\ LQ WKH 6L[WHHQWK &HQWXU\ 1HZ