innovation pathways and policy challenges at the regional level: smart specialization

8/3/2019 Innovation pathways and policy challenges at the regional level: smart specialization

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V`b cefcmjvl~} ~bajvbf vl vbmèlalhs cemarfb nlv` vlvja ^'F bptbefcvr~b j} j t~lps gl~v`b cewb}vobev} ce m~bjvceh jef jn}l~nceh vbmèlalhs! v`b }`j~b lg trnacm }bmvl~ ^'F nsrecwb~}cvcb} jef ~b}bj~m` ce}vcvrvb} jef v`b eronb~ lg tjvbev} v`jv ~b}rav g~lo t~cwjvb#^'F jmvcwcvcb}9

Vlvja ^'F cevbe}cvs Vlvja ^'F bptbefcvr~b} HB^F# j} j " lg HFT#

]`j~b lg recwb~}cvs ^'F @B^F# ce vlvja ^'F

]`j~b lg hlwb~eobev ^'F HLWB^F# ce vlvja ^'F

BTL tjvbev jttacmjvcle} tb~ ocaacle tltrajvcleV`b cefcmjvl~} h~lrtbf refb~ bmlelos obj}r~b v`b bggbmv lg vbmèlalhcmja m`jehb leajnlr~ t~lfrmvcwcvs ce cefr}v~s! kelxabfhb/cevbe}cwb }b~wcmb} jef v`b cewb}vobev} ce ebxojm`ceb~s j} obj}r~bf ns H~l}} Gcpbf Mjtcvja Gl~ojvcle HGMG#9

H~l}} Gcpbf Mjtcvja Gl~ojvcle j} j " lg HFT

Ajnlr~ t~lfrmvcwcvs ce Cefr}v~s wjarb jffbf tb~ botalsbf tb~}le EJMB M vl B##

Ajnlr~ t~lfrmvcwcvs ce ]b~wcmb} wjarb jffbf tb~ botalsbf tb~}le EJMB I vl K##

Gjmvl~ jejas}c}

R}ceh gjmvl~ jejas}c} v`b jnlwb cegl~ojvcle `j} nbbe ~bfrmbf vl bch`v kelxabfhb/bmlelos gjmvl~}% Gl~ botalsobev vxl gjmvl~} bob~hb9 kelxabfhb/cevbe}cwb }b~wcmb}jef `ch`/vbm` ojergjmvr~ceh% V`b gc~}v gjmvl~ mjtvr~b} v`b ~babwjemb lg }b~wcmb}botalsobev! ce tj~vcmraj~ kelxabfhb/cevbe}cwb }b~wcmb}% V`b }bmlef gjmvl~ mjtvr~b} v`b~babwjemb lg obfcro/`ch` jef `ch`/vbm` ojergjmvr~ceh jmvcwcvcb}% Gl~ `roje ~b}lr~mb}vxl gjmvl~} bob~hb9 m~bjvcwb xl~kb~} jef }kcaabf xl~kb~}% V`b gc~}v gjmvl~ mjtvr~b} v`b~babwjemb lg vb~vcj~s bfrmjvbf xl~kb~} ce ]'V lmmrtjvcle}! l~ v`b ol~b m~bjvcwb xl~kb~}%V`b }bmlef gjmvl~ mjtvr~b} v`b ~babwjemb lg }kcaabf xl~kb~}! gl~ bpjotab v`l}b xcv` jmlotabvbf }bmlefj~s bfrmjvcle% Gl~ jmvcwcvs leb gjmvl~ bob~hb} }rooj~cycehtb~gl~ojemb le v`b = }babmvbf cefcmjvl~}% Gl~ vbmèlalhs vxl gjmvl~} bob~hb9 t~cwjvbvbmèlalhs jef trnacm kelxabfhb% V`b gc~}v mjtvr~b} jttacbf ~b}bj~m` jef fbwbaltobevjmvcwcvcb} ns v`b nr}ceb}} }bmvl~% V`b }bmlef mjtvr~b} v`b ~b}bj~m` jmvcwcvcb} lg trnacm

kelxabfhb ce}vcvrvb}% Gl~ bmlelos leb gjmvl~ bob~hb}! elvjnas t~lfrmvcwcvs x`cm`mjtvr~b} `ch` abwba} lg t~lfrmvcwcvs ce nlv` cefr}v~s jef kelxabfhb/cevbe}cwb }b~wcmb}%

Mar}vb~ jejas}c}

V`b}b gjmvl~} `jwb v`be nbbe r}bf vl cfbevcgs }bwbe fcggb~bev vstb} lg ~bhcle} r}ceh`cb~j~m`cmja mar}vb~ceh jejas}c} Gchr~b > jef =#9

Obv~ltlacvje kelxabfhb/cevbe}cwb }b~wcmb} KC]# ~bhcle}! cemarfceh >=~bhcle} ce fbe}bas tltrajvbf obv~ltlacvje j~bj} ce Xb}vb~e Br~ltb% V`b}b~bhcle} tb~gl~o jnlwb jwb~jhb le jn}l~tvcle mjtjncacvs jef jwb~jhb le nlv`fcggr}cle mjtjmcvs jef jmmb}}cncacvs vl kelxabfhb% V`b}b ~bhcle} }`lx `ch` ~jvb}

lg r~njec}jvcle jef v`bc~ abwba lg bmlelocm tb~gl~ojemb c} `ch`b}v lg jaa ~bhcle}%Ojes ~bhcle} }b~wb j} v`bc~ mlrev~s} mjtcvja ~bhcle!


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:4

Kelxabfhb jn}l~nceh ~bhcle} cemarfceh 87 ~bhcle} ol}vas ce G~jemb! N~cvc}`C}ab}! Nbebarp jef El~v`b~e ]tjce% V`b}b ~bhcle} tb~gl~o jwb~jhb le jn}l~tvclemjtjncacvs! fcggr}cle mjtjmcvs jef jmmb}}cncacvs vl kelxabfhb% V`bc~ abwba lgbmlelocm tb~gl~ojemb c} ir}v jnlwb jwb~jhb%

Trnacm kelx abfhb mbev~b} cemarfceh :7 ~bhcle}! ol}vas ce Bj}vb~e Hb~ojes jef

obv~ltlacvje j~bj} ce Bj}vb~e Br~ltb% V`b}b ~bhcle} tb~gl~o jwb~jhb le nlv`jn}l~tvcle mjtjncacvs jef fcggr}cle mjtjmcvs jef jnlwb jwb~jhb le jmmb}}cncacvs vlkelxabfhb% V`bc~ abwba lg bmlelocm tb~gl~ojemb c} mal}b vl jwb~jhb jef bmlelocmh~lxv` `j} nbbe }v~leh%

]kcaabf cefr}v~cja Bj}vb~e BR ~bhcle} cemarfceh 66 ~bhcle} ce Bj}vb~e Br~ltb%V`b}b ~bhcle} tb~gl~o nbalx jwb~jhb le nlv` jn}l~tvcle mjtjncacvs jef fcggr}clemjtjmcvs jef jwb~jhb le jmmb}}cncacvs vl kelxabfhb% V`bs j~b ~jtcfas mjvm`ceh/rtg~lo alx abwba} lg bmlelocm tb~gl~ojemb%

@ch`/vbm` ~bhcle} cemarfceh :8 ^'F/cevbe}cwb ~bhcle} ce Hb~ojes! Gceajef!]xbfbe jef v`b Ebv`b~ajef}% V`b}b ~bhcle} tb~gl~o jnlwb jwb~jhb lejn}l~tvcle mjtjncacvs! fcggr}cle mjtjmcvs jef jmmb}}cncacvs vl kelxabfhb% V`bc~ abwbalg bmlelocm tb~gl~ojemb c} jnlwb jwb~jhb%

]kcaabf vbm`elalhs ~bhcle} cemarfceh =0 ~bhcle} ce Hb~ojes! El~v`b~e Cvjasjef Jr}v~cj% V`b}b ~bhcle} tb~gl~o jwb~jhb le jn}l~tvcle mjtjncacvs! fcggr}clemjtjmcvs jef jmmb}}cncacvs vl kelxabfhb% V`bc~ abwba lg bmlelocm tb~gl~ojemb c}jnlwb jwb~jhb nrv v`bc~ h~lxv` ~bml~f `j} nbbe nbalx jwb~jhb%

V~jfcvcleja ]lrv`b~e ~bhcle} cemarfceh =3 ~bhcle} ce ]lrv`b~e Br~ltbTl~vrhja! Cvjas! H~bbmb jef ]tjce#% V`b}b ~bhcle} tb~gl~o nbalx jwb~jhb lejn}l~tvcle mjtjncacvs! fcggr}cle mjtjmcvs jef jmmb}}cncacvs vl kelxabfhb% V`bc~ abwbalg bmlelocm fbwbaltobev c} nbalx jwb~jhb jef ojes ~bhcle} ~bas le jh~cmravr~jajef vlr~c}o jmvcwcvcb}%

Gchr~b > }`lx} v`b jwb~jhb gjmvl~ tb~gl~ojemb gl~ v`b fcggb~bev vstb} lg ~bhcle} jefGchr~b = }`lx} v`b hblh~jt`cmja caar}v~jvcle lg v`b ~bhcleja vstlalhs%


13/49

::

Gchr ~b > Jwb ~jhb gjm vl ~ }ml ~b} tb ~ v stb l g ~ bh cle Elvb9 4 c} v`b jwb~jhb lg jaa Br~ltbje ~bhcle}%

Obv~ltlacvje KC] ~bhcle}

/:%2 /:%4 /4%2 4%4 4%2 :%4 :%2 >%4

T~lfrmvcwcvs

Trnacm k elxabfhb

T~cwjvb v bmèlalhs

Jmvcwcvs

]kcaabf xl~kb~}

M~bjvcwb xl~kb~}

@ch`/vbm` ojergjmvr~ceh

Kelxabfhb/cevbe}cwb }b~wcmb}

Kelxabfhb jn}l~nceh ~bhcle}

/:%2 /:%4 /4%2 4%4 4%2 :%4 :%2 >%4

T~lfrmvcwcvs

Trnacm kelxabfhb

T~cwjvb vbmèlalhs

Jmvcwcvs

]kcaabf xl~kb~}

M~bjvcwb xl~kb~}



Trnacm kelxabfhb mbev~b}

/:%2 /:%4 /4%2 4%4 4%2 :%4 :%2 >%4

T~lfrmvcwcvs

Trnacm k elxabfhb

T~cwjvb v bmèlalhs

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]kcaabf xl~kb~}

M~bjvcwb xl~kb~}



]kcaabf cefr}v~cja Bj}v Br~ltb

/:%2 /:%4 /4%2 4%4 4%2 :%4 :%2 >%4

T~lfrmvcwcvs

Trnacm kelxabfhb

T~cwjvb vbmèlalhs

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]kcaabf xl~kb~}

M~bjvcwb xl~kb~}



@ch`/vbm` ~bhcle}

/:%2 /:%4 /4%2 4%4 4%2 :%4 :%2 >%4

T~lfrmvcwcvs

Trnacm k elxabfhb

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]kcaabf xl~kb~}

M~bjvcwb xl~kb~}



]kcaabf vbmèlalhs ~bhcle}

/:%2 /:%4 /4%2 4%4 4%2 :%4 :%2 >%4

T~lfrmvcwcvs

Trnacm kelxabfhb

T~cwjvb vbmèlalhs

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]kcaabf xl~kb~}

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V~jfcvcleja ]lrv`b~ e Br~ltb

/:%2 /:%4 /4%2 4%4 4%2 :%4 :%2 >%4

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]kcaabf xl~kb~}

M~bjvcwb xl~kb~}




14/49

:>

Gchr~ b = ^bh clej a v stl alhs

Tcek9 Obv~ltlacvje kelxabfhb/cevbe}cwb }b~wcmb} ~bhcle}Sbaalx9 Kelxabfhb jn}l~nceh ~bhcle}

^bf9 Trnacm kelxabfhb mbev~b}

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Jn}l~tvcle mjtjmcvs c} obj}r~bf ns kelxabfhb/cevbe}cwb }b~wcmb}! m~bjvcwbxl~kb~}! }kcaabf xl~kb~} jef jmvcwcvs ~bajvbf gjmvl~}%


15/49

:=

Fcggr}cle mjtjncacvs c} obj}r~bf ns `ch`/vbm` ojergjmvr~ceh! t~cwjvb vbmèlalhsjef t~lfrmvcwcvs gjmvl~}%

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V`b jnlwb ojv~cp mlegc~o} v`jv ~bhcle} mjeelv jggl~f vl `jwb j alx }ml~b le ebcv`b~jmmb}}cncacvs! el~ fcggr}cle l~ jn}l~tvcle mjtjncacvcb}% J ~bhcle aj~hbas nbebgcv} g~lo}seb~hcb} joleh v`b ml/bwlawceh kelxabfhb mjtjncacvcb}% ]tbmcjac}jvcle ce leas leb lg v`bv`~bb mjtjncacvcb} ojs acocv v`b lwb~jaa bmlelocm cotjmv% ]bmvcle 7 }rooj~cyb} v`btlacms c}}rb} gl~ bjm` vstb lg ~bhcle! }`lxceh ce ol~b fbvjca v`b acocv} lg }tbmcjac}jvcle cebcv`b~ jmmb}}cncacvs! fcggr}cle l~ jn}l~tvcle%

Cem~bj}bf cotl~vjemb lg jn}l~tvcle mjtjmcvs

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abjf vl ol~b ceelwjvcwb t~lfrmvcle ce v`b ~bhcle mlemb~ebf% Wjarb/m`jce} l~ ceelwjvclet~lmb}}b} `jwb nbmlob hblh~jt`cmjaas g~jhobevbf% Obj}r~ceh v`b bggcmcbems lg ^'Fjmvcwcvcb} ce vb~o} lg tjvbev} hbeb~jvbf v`b kelxabfhb t~lfrmvcle gremvcle# `j}v`b~bgl~b nbmlob ab}} ~babwjev j} j obv`lflalhs vl }vrfs ceelwjvcle cotjmv jv ~bhclejaabwba% Ce jffcvcle! v`b~b c} je cem~bj}ceh }`j~b lg ^'F jmvcwcvcb} ce }b~wcmb }bmvl~} gl~bpjotab v`b mlotrvb~ }lgvxj~b jef }b~wcmb} }bmvl~ `j} nbmlob v`b aj~hb}v jef gj}vb}v

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=%> Tlacms ~babwjemb lg v`b vstlalhs

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17/49

:2

Gchr~ b 6 HFT tb~ mjt c vj j v ~ bh clej a abwb a ce Br~ltb! >4 48


18/49

:7

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19/49

:8

6%TJV@XJS] LG CEELWJVCLE

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20/49

:0

Gchr~b 2 Bmlelocm tb~ gl ~ojemb ns m ar}vb ~ ! mlewb~hbemb l g HFT tb~ mjt c vj : 3 3 2 / > 4 4 7

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21/49

:3

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22/49

>4

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/4%24 /4%64 /4%=4 /4%>4 /4%:4 4%44 4%:4 4%>4 4%=4 4%64

Jeerja h~lx v` ~jvb

Abwba

6%> V`b cotjmv lg kelxabfhb jef vbmèlalhs gjmvl~} le HFT tb~ mjtcvj jefrebotalsobev

Jaa gjmvl~} mlev~cnrvb ce bptajceceh v`b abwba lg HFT tb~ mjtcvj% Bpmbtv gl~ v`b gjmvl~ t~cwjvb vbmèlalhs v`b}b mlev~cnrvcle} j~b jaa }checgcmjev% V`b gjmvl~} }kcaabf xl~kb~}jef trnacm kelxabfhb `jwb j ebhjvcwb cotjmv le v`b HFT abwba% V`b kelxabfhbcevbe}cwb }b~wcmb} gjmvl~ `j} v`b aj~hb}v tl}cvcwb cotjmv! nrv ja}l v`b gjmvl~} `ch`/vbmòjergjmvr~ceh! m~bjvcwb xl~kb~}! jef jmvcwcvs `jwb j }checgcmjev tl}cvcwb bggbmv%

Cv c} elvbxl~v`s! v`jv v`~bb lg v`b}b glr~ gjmvl~} mlev~cnrvb vl v`b cevb~t~bvjvcle lgjn}l~tvcle mjtjmcvs% V`b m~bjvcwb xl~kb~} jef jmvcwcvs gjmvl~} `jwb j }checgcmjevtl}cvcwb bggbmv le v`b h~lxv` ce HFT tb~ mjtcvj nbvxbbe :333 jef >442% V`c} mlegc~o}

v`b cotl~vjemb lg Jn}l~tvcle mjtjmcvs% Gl~ bptajceceh fcggb~bemb} ce rebotalsobevgjmvl~} le jmvcwcvs jef t~lfrmvcwcvs j~b bpmarfbf% Kelxabfhb cevbe}cwb }b~wcmb} jef t~cwjvb vbmèlalhs gjmvl~} j~b nbebgcmcja vl ~bfrmb v`b abwba lg rebotalsobev% Gl~vj~hbvceh nlv` HFT tb~ mjtcvj jef botalsobev v`b }bmvl~ Kelxabfhb cevbe}cwb }b~wcmb}}bbo} ol}v t~loc}ceh% J} kelxabfhb cetrv! m~bjvcwb xl~kb~} vb~vcj~s bfrmjvbf# }bbo}ol~b cotl~vjev gl~ hbeb~jvceh HFT h~lxv` v`je v`b t~cwjvb vbmèlalhs gjmvl~%

Frb vl ~bhcleja fcwb~}cvs! HFT gl~ jaa BR ~bhcle} mjeelv nb bptajcebf ce leb olfba% V`bcotjmv lg v`b kelxabfhb cefcmjvl~} gl~ h~lrt} jef vstb} lg ~bhcle} ebbf} vl nbjejas}bf% V`b }jotab `j} nbbe }tacv cevl vxl! fc}vcehrc}`ceh v`b vstb} lg ~bhcle}jmml~fceh vl v`b abwba lg HFT% Gl~ v`b ]kcaabf vbmèlalhs! Kelxabfhb jn}l~nceh! @ch`/vbm` jef Obv~ltlacvje KC] ~bhcle} x`cm` `jwb le jwb~jhb `ch`b~ HFT tb~ mjtcvj abwba}#leas v`b wj~cjnab} Botalsbb} xcv` vb~vcj~s bfrmjvcle "#! jef Acgbaleh abj~eceh }`lx j

tl}cvcwb bggbmv% Mle}bzrbevas gl~ v`b ~bajvcwbas xbjav`s BR ~bhcle}! HFT tb~ mjtcvjfbtbef} le bfrmjvcle jef v~jceceh x`cm` j~b cefcmjvl~} gl~ jn}l~tvcle mjtjmcvs#%


23/49

>:

Vjn ab = V`b cotjmv l g k elx abfhb jef vbmèl alhs gjmv l ~} le HFT tb~ mjt c vj ! gl ~ j a a ~bh cle}

]checgcmjemb jef fc~bmvcle lg cotjmv le ~bhclejaHFT tb~ mjtcvj jaa ~bhcle}#)

Gjmvl~ Kelxabfhb/cevbe}cwb }b~wcmb} ++Gjmvl~ @ch`/vbm` ojergjmvr~ceh ++Gjmvl~ M~bjvcwb xl~kb~} ++Gjmvl~ ]kcaabf xl~kb~} / /Gjmvl~ Jmvcwcvs ++Gjmvl~ T~cwjvb vbmèlalhsGjmvl~ Trnacm kelxabfhb / /) ++,//9 Abwba lg }checgcmjemb 2"; +,/ Abwba lg }checgcmjemb :4"; ba}b elv }checgcmjev%

Gl~ V~jfcvcleja ]lrv`b~e ~bhcle}! ]kcaabf cefr}v~cja Bj}vb~e Br~ltbje ~bhcle} jef Trnacmkelxabfhb mbev~b} cv c} cevb~b}vceh vl elvb v`b tl}cvcwb cotjmv lg Nr}ceb}} ^'F le HFTtb~ mjtcvj% Joleh v`b}b alx/HFT vstb} lg ~bhcle}! ja}l v`b ~bhcle} xcv` `ch` vb~vcj~sbfrmjvcle jef `ch`/vbm` }b~wcmb} }`lx `ch`b~ abwba} lg HFT%

Ce l~fb~ vl cfbevcgs v`b cotjmv lg kelxabfhb wj~cjnab} le rebotalsobev ~jvb! v`b~bhcle} `jwb nbbe }tacv ce vxl h~lrt}% V`~bb wj~cjnab} }bbo vl nb cotl~vjev gl~ ~bfrmcehv`b rebotalsobev ~jvb gl~ `ch`b~ HFT vstb} lg ~bhcle}9 acgbaleh abj~eceh! tjvbev} jefv`b Botalsobev }`j~b lg @ch`/vbm` }b~wcmb}% Gl~ v`b alx/abwba/HFT vstb lg ~bhcle} v`bwj~cjnab} x`cm` }`lx j }checgcmjev cotjmv le v`b ~bfrmvcle lg v`b rebotalsobev ~jvbj~b9 nr}ceb}} ^'F! botalsobev }`j~b lg @ch`/vbm` ojergjmvr~ceh! botalsobev }`j~b lg@ch`/vbm` }b~wcmb} jef tjvbev}%

Cv mje nb mlemarfbf v`jv jaa gjmvl~} mlev~cnrvb }checgcmjevas vl v`b abwba lg HFT xcv` v`bbpmbtvcle lg v`b gjmvl~ t~cwjvb vbmèlalhs% V`~bb lg v`b glr~ gjmvl~} xcv` j tl}cvcwbcotjmv KC]! m~bjvcwb xl~kb~}! jmvcwcvs# }`lx v`b cotl~vjemb lg jn}l~tvcle mjtjmcvs%@ch`/vbm` ojergjmvr~ceh cefcmjvb} v`b tl}cvcwb mlev~cnrvcle lg fcggr}cle mjtjncacvs% V`b

cotjmv le HFT tb~ mjtcvj g~lo hbeb~jvceh ebx vbmèlalhs ce v`b ~bhcle b}tbmcjaas v`bgjmvl~ Trnacm kelxabfhb# }bbo} ab}} bwcfbev%

Vjn ab 6 V`b cotjmv l g kelxabfhb jef vbmèl alhs cef cmj vl ~} le HFT tb~ mjt c vj joleh ~bh cle} l g a bjf ceh v stb} jef joleh ~bh cle} l g a jhh ceh v stb} l g ~ bh cle}

Cotjmv le HFT tb~ mjtcvj >442 ]checgcmjemb ' fc~bmvcle lg cotjmv)

^bhcle} lg Abjfceh 'glaalxceh vstb} :!>!2!7#

^bhcle} lg Ajhhceh vstb}=!6!8#

HFT tb~ mjtcvj ce :333 ++ ++Botalsbb} xcv` vb~vcj~s bfrmjvcle "# ++ ++Botalsobev }`j~b @ch`/vbm` }b~wcmb} +Botalsobev }`j~b @ch`/vbm` ojergjmvr~ceh +

Botalsobev }`j~b Obf/`ch`/vbm` ojergjmvr~ceh / /Acgbaleh abj~eceh +Nr}ceb}} ^'F " HFT# +Tjvbev} tb~ ocaacle tltrajvcle / /

) ++,//9 Abwba lg }checgcmjemb 2"; +,/ Abwba lg }checgcmjemb :4"; ba}b elv }checgcmjev%

V`b tlacms lttl~vrecvcb} vl ojpcocyb ~bhcleja cotjmv fcggb~ joleh v`b cfbevcgcbf vstb} lg~bhcle}% Gl~ v`b ~bhcle} lg v`b abjfceh jef glaalxceh vstb! bfrmjvcle jef v~jceceh c} ol}vcotl~vjev% Joleh ~bhcle} lg v`b ajhhceh vstb} ol}vas ce v`b bj}v jef }lrv` lg v`b BR#cevb~b}vcehas! elv leas `ch`/vbm` ojergjmvr~ceh! nrv ja}l nr}ceb}} ^'F `j} j tl}cvcwbcotjmv le v`b abwba lg HFT tb~ mjtcvj! x`cm` c} `lxbwb~ elv j tjvbev hbeb~jvceh kcef lg^'F% Cv }bbo} vl nb v`b kcef lg ^'F ebbfbf vl jn}l~n! jttas jef fcggr}b vbmèlalhs%


24/49

>>

2%]BMVL^] LG V@B GRVR^B JEF TLACMS M@JAABEHB]

J gl~b}ch`v }vrfs joleh =>3 bptb~v} g~lo >7 mlrev~cb} lg v`b BR! ~bt~b}bevceh :>=~bhcle} jv ERV] CC abwba xj} fbwbaltbf vl cfbevcgs v`b ol}v cotl~vjev }bmvl~} jef

vbm`elalhcb} gl~ grvr~b ~bhcleja fbwbaltobev! v`b ojce m`jaabehb} gl~ bmlelocmfbwbaltobev! nj~~cb~} `jotb~ceh ~b}bj~m` jef ceelwjvcle! jef tlacms obj}r~b}}v~behv`beceh v`b cotjmv lg ^VC le ~bhcleja h~lxv`% @jag lg v`b }r~wbs ~b}tlefbev} j~bcewlawbf ce ~bhcleja ceelwjvcle tlacms% V`b lv`b~ `jag `j} bptb~vc}b ce ~b}bj~m` jefceelwjvcle! xcv` bzrja ~bt~b}bevjvcle lg mlotjecb}! recwb~}cvcb} jef ~b}bj~m` ce}vcvrvb}%V`b ~b}rav} lg v`b }r~wbs `jwb nbbe fc}mr}}bf ce bch`v almja glmr} h~lrt xl~k}`lt} }bbgl~b}ch`v ~btl~v#% Ce v`c} tj~jh~jt` xb fc}mr}} v`b ~b}rav} gl~ jaa vstb} lg ~bhcle}% Cetj~jh~jt` 7 xb jff~b}} }lob vstb/}tbmcgcm ~b}rav}%

2%: Ol}v cotl~ vjev }bmvl~} gl~ ~bhcleja bmlelocm fbwbaltobev

^b}tlefbev} xb~b j}kbf vl cfbevcgs v`b ol}v cotl~vjev bmlelocm }bmvl~} gl~ v`b gr~v`b~fbwbaltobev lg v`bc~ ~bhcle}% ^b}tlefbev} mlraf cfbevcgs rt vl gcwb }bmvl~} g~lo j

t~bfbvb~ocebf ac}v ce ~b}tle}b vl v`b zrb}vcle9 .X`cm` }bmvl~} lg bmlelocm jmvcwcvs flslr bptbmv vl `jwb v`b }v~lehb}v bggbmv} le }lmcbvs jef bmlelocm fbwbaltobev h~lxv`jef botalsobev# ce slr~ ~bhcle revca >4>4 abwba% Lwb~jaa! =0 }bmvl~} j~b obevclebf ns v`b~b}tlefbev}% ]bmvl~} x`cm` j~b obevclebf ol~b v`je =4 vcob} j~b ac}vbf ce Vjnab 2%

Ol}v obevclebf }bmvl~} j~b9 (~b}bj~m` jef fbwbaltobev mlev~jmv ~b}bj~m`#(!(bfrmjvcle(! (v~je}tl~v! }vl~jhb jef mloorecmjvcle }b~wcmb}(! (olvl~ wb`cmab}(! (`lvba}jef ~b}vjr~jev}(! (`bjav` jef }lmcja xl~k(! (jh~cmravr~b! gl~b}v~s jef gc}`ceh(!(t`j~ojmbrvcmja}(! (gllf t~lfrmv}! nbwb~jhb} jef vlnjmml(! (ojm`ceb/vlla} jef }tbmcja/tr~tl}b ojm`ceb~s(%

Cv c} }v~ckceh v`jv ojes lg v`b ol}v obevclebf }bmvl~} j~b zrcvb v~jfcvcleja% V`b glmr}

h~lrt xl~k}`lt} mlegc~obf v`jv ol}v je}xb~} ~bgabmvbf v`b bpc}vceh ~bhcleja cotl~vjemblg v`b }bmvl~}% Tb~ vstb lg ~bhcle} v`b je}xb~} fcggb~bf! ce v`b }be}b v`jv ce Obv~ltlacvjeKC] ~bhcle} ol~b v`je `jag lg v`b }bmvl~} obevclebf j~b ce }b~wcmb}% Ce ]kcaabf cefr}v~cjaBj}v BR ~bhcle} vlr~c}o xj} obevclebf ol}v lgvbe% Ce v`b @ch`/vbm` jef v`b ]kcaabfvbm`elalhs ~bhcle} olvl~ wb`cmab} xj} ol}v lgvbe obevclebf% Gl~ V~jfcvcleja ]lrv`b~e~bhcle} (jh~cmravr~b(! (vlr~c}o( jef (gllf( j~b ol}v lgvbe obevclebf ns ~b}tlefbev} j}ol}v cotl~vjev }bmvl~} gl~ grvr~b bmlelocm fbwbaltobev lg v`bc~ ~bhcle%

V`b ~bhcleja ~b}tlefbev} xb~b ja}l j}kbf vl ~jvb v`b cotl~vjemb lg nj}cm }mcbemb!jttacbf fbwbaltobev jef `ch`b~ bfrmjvcle gl~ v`b fbwbaltobev lg v`b jnlwb obevclebft~loc}ceh }bmvl~}% Jmml~fceh vl v`b ~b}tlefbev} }mcbevcgcm kelxabfhb c} ol}v cotl~vjevce (t`j~ojmbrvcmja}(! (hbeb~ja ~b}bj~m` jef fbwbaltobev(! jef (jc~m~jgv jef }tjmbm~jgv(!x`cab cv `j} acvvab ~babwjemb gl~ }b~wcmb }bmvl~} }rm` j}9 (mle}v~rmvcle(! (vlr~c}o(! (nr}ceb}}

}b~wcmb}( jef (trnacm jfocec}v~jvcle(% Jttacbf fbwbaltobev jef t~lfrmv,t~lmb}}ceelwjvcle c} hbeb~jaas }bbe j} ol}v cotl~vjev jef bfrmjvcle c} lgvbe mle}cfb~bf ol~bcotl~vjev v`je nj}cm }mcbemb! nrv lwb~jaa xb elvb j zrcvb njajembf cotl~vjemb lg jaa v`bv`~bb vstb} lg kelxabfhb jmvcwcvcb}% V`c} tb~mbtvcle lg v`b grvr~b ns v`b ~b}tlefbev}ml~~b}tlef} xcv` v`b j~hrobev j} trv gl~xj~f ce tj~jh~jt` > v`jv ob~b }tbmcjac}jvcle celeas leb vstb lg kelxabfhb jmvcwcvs l~ mjtjmcvs c} elv j }oj~v gl~o lg }tbmcjac}jvcle%


25/49

>=

Vjn ab 2 ]bm vl ~} x c v` ol} v gr vr ~b ~bh clej a bmlelocm tl vbe v c j a jef v`b cotl ~ vjemb l g mb ~ vj ce v stb} l g kelx abfhb jmv c w c v c b}) gl ~ v` l}b }bm vl ~ }

Vcob}

obevclebfj} leb lg 2

ol}v

t~loc}ceh}bmvl~}

Nj}cm

}mcbemb

Jttacbf

fbwbaltobev

@ch`b~

bfrmjvcle

^b}bj~m` jef fbwbaltobev mlev~jmv ~b}bj~m`# ::0 6%== 6%66 6%27

Bfrmjvcle 03 =%88 =%32 6%=7

V~je}tl~v! }vl~jhb jef mloorecmjvcle }b~wcmb} 04 =%:8 =%3= =%63

Olvl~ wb`cmab} 87 =%27 6%=: =%88

@lvba} jef ~b}vjr~jev} 86 >%:= >%38 =%63

@bjav` jef }lmcja xl~k 8= =%77 =%38 6%40

Jh~cmravr~b! gl~b}v~s! gc}`ceh 84 =%84 =%07 =%8=

T`j~ojmbrvcmja} 76 6%62 6%=: 6%=0

Gllf t~lfrmv}! nbwb~jhb} jef vlnjmml 23 =%=4 6%43 =%84

Ojm`ceb/vlla}! }tbmcja/tr~tl}b ojm`ceb~s 20 =%74 6%6= 6%:2

Mlotrvb~ jef fjvj }b~wcmb} 28 =%0> 6%63 6%:7

Nr}ceb}} }b~wcmb} mle}ravjems! jfwb~vc}ceh!mabjeceh bvm%# 22 >%6= =%2= =%0=

Babmv~cmcvs! hj} jef xjvb~ }rttas 22 =%07 6%=> =%83

Mle}v~rmvcle 2= >%03 =%8> =%>0

M`bocmja}! m`bocmja t~lfrmv} jef oje/ojfbgcn~b}

62 =%0> 6%>7 6%::

Babmv~cmja ojm`ceb~s jef jttj~jvr} 62 =%62 6%>= 6%:=

Obfcmja! t~bmc}cle jef ltvcmja ce}v~robev}!xjvm`b} jef malmk}

62 6%:7 6%=8 6%40

]lgvxj~b 62 =%20 6%63 6%>7

Trnacm jfocec}v~jvcle =0 >%22 =%>: =%70

^bmsmaceh =0 6%47 6%6> 6%:>

Gjn~cmjvbf obvja t~lfrmv} =2 =%:0 6%47 =%76

Jc~m~jgv jef }tjmbm~jgv == 6%>3 6%62 6%47

]lr~mb9 BVBT]/}r~wbs lg ~b}bj~m`! vbmèlalhs jef ceelwjvcle ce Br~ltbje ~bhcle}! >443; ) jmml~fceh vl j~jekceh le j }mjab g~lo : (recotl~vjev(# vl 2 (wb~s cotl~vjev(#% Obje wjarb} lg cotl~vjemb%

Elvb9 leas }bmvl~} obevclebf ol~b v`je =4 vcob} j~b ac}vbf%

@lxbwb~! je j}}b}}obev lg t~loc}ceh }bmvl~} ns r}ceh j hcwbe maj}}cgcmjvcle `j} j}b~clr} f~jxnjmk! }cemb v`b EJMB maj}}cgcmjvcle c} nj}bf le v`b bmlelocm }v~rmvr~b} lgv`b tj}v% V`c} nbmjob jttj~bev ce v`b fc}mr}}cle} ce v`b glmr} h~lrt xl~k}`lt}! x`b~btj~vcmctjev} }v~rhhabf vl }babmv jef fbgceb v`b ol}v cotl~vjev }bmvl~} gl~ grvr~bfbwbaltobev lg v`bc~ ~bhcle}% V`b }bmvl~} l~ }tbmcjac}jvcle} v`bs `jf ce ocef x`b~blgvbe elv obevclebf ce v`b ac}v% V`b t~loc}ceh }tbmcjac}jvcle ~bgb~~bf vl mloncejvcle}!m~l}}/}bmvl~ gcbaf} lg }tbmcjac}jvcle l~ vl v`b jttacmjvcle lg j mb~vjce gcbaf lg vbmèlalhs ceje bpc}vceh }bmvl~% Ce v`c} ~b}tbmv! j aj~hb tj~v lg v`b glmr} h~lrt fc}mr}}cle} cewlawbf

fc}mlwb~ceh jef fb}m~cnceh gcbaf} lg }oj~v }tbmcjac}jvcle j} obevclebf ce ]bmvcle >%

2%> Ol}v cotl~vjev vbmèlalhcb} gl~ v`b fbwbaltobev lg t~loc}ceh bmlelocm}bmvl~}

^b}tlefbev} xb~b ja}l j}kbf9 .X`cm` vbmèlalhcb} fl slr bptbmv vl nb v`b ol}v m~rmcjaleb} gl~ v`b fbwbaltobev lg v`b }bmvl~} obevclebf jnlwb


26/49

>6

Vjn ab 7 V`b ol} v g ~ bzrbe v a s o be v clebf vbmèl alh cb}

Vbmèlalhs mjvbhl~cb} Eronb~ lg cefcmjvcle}

CMV! cevb~ebv jef mlotrvb~ vbmèlalhcb} :2>

Javb~ejvcwb beb~hs vbmèlalhcb} 0:

Nclvbmèlalhs! T`j~ojmbrvcmja! jef Nclm`boc}v~s 7=

Ejelvbmèlalhs jef ejelojvb~cja} 27

T~lmb}}/! mlev~la! jrvlojvcle! jef ~lnlvcm} 22

Ebx ojvb~cja} 62

@bjav` vbmèlalhcb} jef Acgb }mcbemb} =8

Mlotrvceh! ojv`bojvcm} >3

Bewc~leobevja vbmèlalhcb} >=

Javb~ejvcwb jrvlolvcwb vbmèlalhcb} :0

Babmv~lecm} :=

Alhc}vcm} :=

]lgvxj~b :>

Ebx bfrmjvcle vbmèlalhcb} 3

]s}vbo} jejas}c} jef olfbaaceh 0

Jh~cmravr~ja vbmèlalhcb} 8

Gllf vbmèlalhcb} 8

M`boc}v~s 7Obm`jv~lecm} 2

Xjvb~ vbmèlalhcb} 2

Ojm`ceb~s 2

V`b eceb ol}v obevclebf vbmèlalhs gcbaf} mje nb }bbe j} Hbeb~ja Tr~tl}b Vbmèlalhcb}j} v`bs j~b cotl~vjev gl~ ojes cefr}v~cb}% Nb}cfb} CMV! x`cm` c} jttacmjnab ce jaa }bmvl~}!xb ja}l elvb v`b cotl~vjemb lg beb~hs vbmèlalhcb}! nclvbmèlalhs! ejelvbmèlalhs!jrvlojvcle jef ebx ojvb~cja}% Ebx jef ~jtcfas fbwbaltceh gcbaf} lg vbmèlalhs j~b~j~bas }tbmcgcm vl leb }bmvl~ leas! nrv j~b wb~s lgvbe lg j ol~b hbeb~cm ejvr~b% Cv c}b}tbmcjaas cotl~vjev vl mle}cfb~ v`jv v`bs j~b ja}l r}bf ce v~jfcvcleja cefr}v~cb} x`cm`mje nb v~je}gl~obf cevl mlotabvbas ebx cefr}v~cb}! l~ cevl ebx `sn~cf }tbmcjac}jvcle}!

acekceh gl~ob~as fc}vcemv cefr}v~cb} jef vbmèlalhcb}%

V`b hbeb~cm ejvr~b lg ojes cotl~vjev grvr~b vbmèlalhcb} jef v`b nar~~ceh lg nlrefj~cb}nbvxbbe cefr}v~cb} nbmjob ja}l jttj~bev ce v`b glmr} h~lrt xl~k}`lt}! x`b~bt~loc}ceh ~bhcleja }tbmcjac}jvcle} x`b~b obevclebf! x`cm` mlot~c}bf lg }tbmcgcm m~l}}/~ljf} l~ mloncejvcle} lg mb~vjce }bmvl~} jef vbmèlalhs jttacmjvcle}! gl~ bpjotabmlonceceh9

Gllf cefr}v~s! }r}vjcejnab jh~cmravr~b! nclvbmèlalhs jef v`b `bjav` }bmvl~;

Vbpvcab jef m`bocmja cefr}v~cb} xcv` ebx gcn~b} ebx ojvb~cja}#;

Vbpvcab} jef malv`b} acekbf xcv` ebx ojvb~cja}! ejelvbmèlalhs! jef }lgvxj~b;

Ejelvbmèlalhs xcv` t`j~ojmbrvcmja};

Ebx ojvb~cja} jef! vbpvcab} jef v`b jc~m~jgv cefr}v~s;

Xjvb~ ~bmsmaceh! obfcmceb jef `bjav`! nclm`boc}v~s jef nclvbmèlalhs;

CMV jef }lgvxj~b acekbf xcv` lggcmb ojm`ceb~s! ojm`ceb/vlla} jef v`b jrvlolvcwb}bmvl~;

Obm`jv~lecm}! ~lnlvcm} jef ojm`ceb~s%

2%= M`jaabehb} gl~ }lmcbvs jef bmlelocm fbwbaltobev

^b}tlefbev} xb~b ja}l j}kbf9 .X`jv j~b v`b ojil~ m`jaabehb} gl~ slr~ ~bhcle(} }lmcbvs

jef cv} bmlelocm fbwbaltobev h~lxv` jef botalsobev#< @lx cotl~vjev j~b v`b}b


27/49

>2

m`jaabehb}


28/49

>7

]lob tlvbevcja nj~~cb~} j~b `j~fas }bbe j} nbceh }b~clr}! jv abj}v j} gj~ j} v`b lxe~bhcle c} mlemb~ebf% V`c} jttacb} vl nj~~cb~} x`b~b v`b ~jvb lg jh~bbobev c} 64" l~ ab}}9(Ajmk lg zrjacgcbf `roje ~b}lr~mb}(! (Acocvbf r}b lg CMV( jef (Rejvv~jmvcwb acwceh jefxl~kceh mlefcvcle}(%

Vjn ab 0 ^babwjemb l g mb~ v j ce nj~ ~ cb ~} `jo tb~ ceh ^VC ce v` b ~bh cle

Jh~bb " #Fc}jh~bb

" #

Fle(v kelx

" #

Ajmk lg jwjcajnab ~c}k# mjtcvja 76%6 :8%= =%7

Acocvbf t~lfrmvcle! v~je}gb~ jef r}b lg kelxabfhb 22%= >:%3 0%>

Acocvbf m~l}}/}bmvl~ja mlaajnl~jvcle 2=%0 >:%= :4%=

Alehb~/vb~o ebhjvcwb bggbmv} lg v`b t~b}bev gcejemcja m~c}c} le v`bgrefceh lg ^'F

24%0 >4%6 :6%=

Ajmk lg bev~bt~bebr~}`ct 24%0 >7%8 8%3

Ce}rggcmcbev zrjacvs lg hlwb~eobev }b~wcmb} 60%= >0%4 3%:

Ajmk lg ^'F ceg~j}v~rmvr~b 66%8 =3%> :%2

Acocvbf gl~bche cewb}vobev} 66%8 >8%6 :=%6

Acocvbf cevb~/~bhcleja mlaajnl~jvcle 6>%> =:%7 ::%7

Acocvbf kelxabfhb m~bjvcle mjtjmcvcb} 6:%= =8%: 8%4

Ajmk lg zrjacgcbf `roje ~b}lr~mb} =0%7 66%6 >%6

Acocvbf r}b lg CMV =>%2 66%: 0%0

Rejvv~jmvcwb acwceh jef xl~kceh mlefcvcle} >7%: 22%4 6%=

2%2 T lacms obj}r~b} }v~behv`beceh v`b cotjmv lg ^VC le ~bhcleja h~lxv`

^b}tlefbev} xb~b ja}l j}kbf9 .X`cm` tlacms obj}r~b} fl slr v`cek vl nb tj~vcmraj~asebmb}}j~s vl }v~behv`be v`b cotjmv le h~lxv` g~lo ~b}bj~m`! vbm`elalhs jef ceelwjvclece slr~ ~bhcle


29/49

>8

Vjn ab 3 C o tl ~ vjemb l g tl a cms obj}r ~b} vl } v ~ beh v `be v`b co tjmv l g ^VC le ~ b h cl e ja h ~ l x v `

Tj~vcmraj~as

ebmb}}j~s" #

Ab}}

cotl~vjev" #

Elv

cotl~vjev" #

Fle(v kelx" #

]tbef ol~b le ml/grefceh jttacbf ^'F jef

ceelwjvcle t~libmv} 73%3 ::%7 =%4 4%=^re j ol~b ~b}bj~m`/ jef ceelwjvcle/g~cbefasbmlelocm tlacms

76%6 :2%0 =%4 :%2

Cot~lwb v`b trnacm bfrmjvcle jef v~jceceh }s}vbo 74%2 >:%= >%8 4%=

Ojkb v`b abhja bewc~leobev ol~b ~b}bj~m`/ jefceelwjvcle/g~cbefas

74%> :0%> 2%> :%>

]tbef ol~b le ml/grefceh ~b}bj~m` t~libmv} 22%= >7%6 >%8 4%=

Lggb~ jffcvcleja wbevr~b mjtcvja 2=%> >6%= 6%4 =%=

Gch`v v`b t~b}bev gcejemcja m~c}c} vl jwlcf v`jvmlotjecb} mr~n v`bc~ }tbefceh le ^'F

2=%> >=%: 6%3 =%7

L~hjecyb l~ }rttl~v j ~bhcleja ~b}bj~m`! vbmèlalhsjef ceelwjvcle }v~jvbhs t~lmb}}

2>%4 >6%= 7%6 >%:

]rttl~v v`b olncacvs lg zrjacgcbf tb~}leeba 2:%6 >8%: 7%: 4%=

]rttl~v v`b ebvxl~kceh nbvxbbe ~babwjev jhbev}

xcv`ce jef lrv}cfb v`b ~bhcle 24%0 >8%: 6%7 >%6Mll~fcejvb v`b ~bhcleja ~b}bj~m`! vbmèlalhs jefceelwjvcle tlacms nbvvb~ xcv` ejvcleja jef Br~ltbje^VC/tlacmcb}

24%> >6%7 8%4 =%4

Jvv~jmv ol~b gl~bche cewb}vobev 68%8 >8%: 7%6 =%7

T~lolvb Cegl~ojvcle jef mloorecmjvcle vbmèlalhcb} 6=%> =2%7 2%0 4%=

B}vjnac}` ebx l~ }rttl~v v`b bpc}vceh cevb~obfcj~cb}ackb vbmèlalhs mbev~b}

=0%3 =2%7 3%: :%>

B}vjnac}` ebx l~ bpvbef v`b bpc}vceh trnacm ~b}bj~m`l~hjecyjvcle}

=7%0 =6%= :=%: 4%7

Cot~lwb v`b }lgv almjvcle gjmvl~} gl~ bpjotab zrjacvslg ~b}cfbemb! mravr~ja bwbev}#

>0%= =0%3 :2%2 >%:

2%7 ]vjvbobev} le grvr~b cotjmv g~lo ^VC le ~bhcleja fbwbaltobev ce Br~ltb

V`b }vjvc}vcmja jejas}b} x`cm` xb~b r}bf vl b}vjnac}` j vstlalhs lg Br~ltbje ~bhcle} abfja}l vl j eronb~ lg `stlv`b}b} mlemb~eceh v`b grvr~b cotjmv g~lo ~b}bj~m`! vbmèlalhsjef ceelwjvcle le ~bhcleja fbwbaltobev% V`b}b `stlv`b}b} `jwb nbbe vb}vbf nsgl~orajvceh v`bo j} }vjvbobev} jef j}kceh v`b ~b}tlefbev} vl v`b }r~wbs x`bv`b~ v`bsjh~bb xcv` v`bo l~ elv% V`b ~jvb lg jh~bbobev xcv`ce v`b x`lab }jotab c} t~b}bevbf ceVjnab :4%

Ce hbeb~ja! jh~bbobev c} zrcvb `ch`% Vl jaol}v jaa }vjvbobev} ol~b v`je `jag lg v`b~b}tlefbev} jh~bb% V`b `ch`b}v ~jvb} lg jh~bbobev c} ~bmbcwbf ns }vjvbobev :4 /}v~b}}ceh v`b cotl~vjemb lg jvv~jmvceh ceelwjvcwb `ch`/vbm` mlotjecb} ce l~fb~ vl ~bjt

v`b nbebgcv} lg j xbaa fbwbaltbf kelxabfhb ceg~j}v~rmvr~b jef }vjvbobev 2 refb~acecehv`b cotl~vjemb lg bfrmjvcle gl~ `ch`/vbm` ojergjmvr~ceh ce alx/cemlob ~bhcle}%

Leas v`~bb zrcvb t~lwlmjvcwb }vjvbobev} ~bmbcwb j alxb~ jh~bbobev v`je 24"% Cv c}tj~vcmraj~as mlevb}vbf v`jv obv~ltlacvje ~bhcle} xcaa elv leas al}b v`bc~ ojergjmvr~ceh}bmvl~ nrv ja}l v`b j}}lmcjvbf nr}ceb}}/^'F% V`c} c} v`b leas }vjvbobev xcv` x`cm` ol~b~b}tlefbev} fc}jh~bb v`je jh~bb% Gr~v`b~ol~b! v`b~b j~b ja}l ojes bptb~v} x`l fl elvv`cek v`jv fb/cefr}v~cjacyjvcle ce v`b BR xcaa mlevcerb jef v`jv v~jfceh tjvbev} jef `ch`/vbm` }b~wcmb} xcaa cem~bj}b j} j xjs lg fcggr}ceh ebx kelxabfhb%


30/49

>0

Vjn ab :4 Jh ~bbo be v l ~ f c }jh ~bbo be v vl } vj v bobe v} le v `b gr vr ~ b cotjm v l g ^VC le ~ bh cleja fbwb altobe v

Jh~bb" #

Fc}/

jh~bb" #

Fle(v

kelx" #

:4

Bwbe cg ~bhcle} `jwb xbaa fbwbaltbf kelxabfhb }s}vbo} gl~ bpjotab xbaa

tb~gl~oceh recwb~}cvcb}# v`bs }vcaa ebbf vl jvv~jmv ceelwjvcwb `ch`/vbm`mlotjecb} vl ~bjt v`b graa nbebgcv} g~lo bpc}vceh vbm`elalhcmja kelxabfhb

80%6 6%7 >%8

2Bfrmjvcle c} v`b f~cwceh l~ mjvm`ceh/rt gjmvl~ gl~ `ch`/vbm` ojergjmvr~ceh cealx cemlob ~bhcle}

86%2 7%6 6%3

8Jmmb}}cncacvs xcaa ~bojce cotl~vjev gl~ ~bhcle} ce fbwbaltceh kelxabfhbcevbe}cwb }b~wcmb}

84%> 8%= 8%3

3V`b~b xcaa nb cem~bj}bf mlotbvcvcle nbvxbbe `ch` cemlob ~bhcle} gl~ jvv~jmvceh}vrfbev} jef m~bjvcwb kelxabfhb xl~kb~}

84%> 2%> :4%=

:6Bj}vb~e Br~ltbje ~bhcle} ebbf vl cot~lwb acwceh jef xl~kceh mlefcvcle} cel~fb~ vl }vlt v`b ebv lrvgalx lg }kcaabf jef slreh tbltab

73%= 6%3 ::%7

:>^bhcle} xcv` j }v~lehas fbwbaltbf hlwb~eobev ~b}bj~m` }bmvl~ ebbf vl}v~behv`be almja t~cwjvb ^'F/jmvcwcvcb} vl cot~lwb v`bc~ bmlelocm tb~gl~ojemb

78%0 2%2 :>%2

: ]b~wcmb} xcaa ~bojce v`b t~coj~s f~cwb~} lg botalsobev h~lxv` 78%2 :4%7 8%3

6Nr}ceb}} ^'F jef tjvbev} xcaa ~bojce v`b f~cwb~} gl~ `ch`/vbm` ojergjmvr~ceh

ce `ch`/cemlob ~bhcle}78%2 :4%= 8%3

0 Recwb~}cvcb} xcaa nb v`b ojce f~cwb~ gl~ kelxabfhb cevbe}cwb }b~wcmb} 22%= >4%: :4%=

::]lrv`b~e Br~ltbje ~bhcle} ebbf vl }v~behv`be v`bc~ kelxabfhb jn}l~tvcle jeffcggr}cle mjtjmcvcb} ns cevbe}cgsceh v`bc~ cewb}vobev} ce }bmlefj~s jef vb~vcj~sbfrmjvcle

2=%2 2%0 >7%6

>Ol~b obfcro/`ch`/vbm` ojergjmvr~ceh xcaa olwb g~lo v`b mbev~ja tj~v} lgBr~ltb vl Bj}vb~e Br~ltb

2:%6 >:%4 :=%6

7V`b aleh vb~o jef BR/xcfb v~bef lg fb/cefr}v~cjac}jvcle }`~cekceh }`j~b cebotalsobev# xcaa mlevcerb

6=%0 >>%> :3%0

:=Kelxabfhb lg `ch` vbm` ~bhcle} xcaa nb cem~bj}cehas fcggr}bf ns v~jfceh tjvbev}jef ns `ch`/vbm` }b~wcmb} jef ab}} ns v~jfceh ebx t~lfrmv}

=0%7 >=%: >6%4

=Elv leas ojergjmvr~ceh cefr}v~cb} nrv ja}l v`b j}}lmcjvbf nr}ceb}} ^'F xcaaol~b jef ol~b fc}jttbj~ g~lo obv~ltlacvje ~bhcle}! x`cm` xcaa nbmlob bwbeol~b }b~wcmb l~cbevbf

>0%7 62%7 ::%7


31/49

>3

7%TLACMS C]]RB] GL^ BJM@ VSTB LG ^BHCLE

V`c} }bmvcle fc}mr}}b} v`b tlacms c}}rb} gl~ bjm` vstb lg ~bhcle ns mleg~levceh v`b}vjvc}vcmja v~bef jejas}c} xcv` v`b tb~mbtvcle lg v`b grvr~b j} t~lwcfbf ns v`b

~b}tlefbev} vl v`b }r~wbs jef v`b tj~vcmctjev} jv almja xl~k}`lt}% Frb vl v`b fcwb~}cvsjoleh ~bhcle} lg v`b }job vstb! cv c} ebcv`b~ v`b cevbevcle el~ tl}}cnab vl t~ltl}bmlem~bvb tlacms ~bmloobefjvcle} gl~ cefcwcfrja ~bhcle}%

7%: Obv~ltlacvje kelx abfhb/cevbe}cwb }b~wcmb} ~bhcle}

Jmmb}}cncacvs vl kelxabfhb jef fcggr}cle mjtjncacvs c} jwb~jhb gl~ Obv~ltlacvje KC]~bhcle}! nrv jn}l~tvcle mjtjmcvs c} `ch`% V`b}b ~bhcle} tb~gl~o le jwb~jhb }v~leh ce v`bgjmvl~} kelxabfhb/cevbe}cwb }b~wcmb} jef t~lfrmvcwcvs jef ~bajvcwbas xbjk ce `ch`/vbm`ojergjmvr~ceh jef }kcaabf xl~kb~}% V`b ^'F cevbe}cvs c} `ch` xcv` le jwb~jhb >%=0" lgx`cm` ol~b v`je 64" c} }tbev ns recwb~}cvcb} jef trnacm ~b}bj~m` ce}vcvrvb}%Botalsobev ce }b~wcmb}! nlv` nr}ceb}} }bmvl~ }b~wcmb} jef hlwb~eobev! c} jaol}v 04"lg vlvja botalsobev% Ajnlr~ t~lfrmvcwcvs ce gcejemcja }b~wcmb} jef nr}ceb}} }b~wcmb} c}

`ch` jef ajnlr~ t~lfrmvcwcvs ce cefr}v~s c} `ch`b}v joleh v`b fcggb~bev vstb} lg ~bhcle}%Vbm`elalhcmja tb~gl~ojemb c} }v~leh xcv` j `ch` eronb~ lg tjvbev jttacmjvcle}%Obv~ltlacvje KC] ~bhcle} }`lx `ch` ~jvb} lg r~njec}jvcle xcv` ol~b v`je `jag lg v`btltrajvcle acwceh ce aj~hb mcvcb}% Tltrajvcle fbe}cvs c} ja}l bpv~bobas `ch`! jef cem~bj}ceh%Ojes ~bhcle} ce v`c} h~lrt }b~wb j} v`bc~ mlrev~s} mjtcvja ~bhcle! gl~ bpjotab N~r}}ba}!Nb~ace! Tj~c}! Wcbeej! @ba}cekc! ]vlmk`lao! jef Ceeb~ jef Lrvb~ Alefle% Le jwb~jhb gl~v`b}b ~bhcle} nr}ceb}} ^'F cevbe}cvs `j} f~lttbf! jef ja}l botalsobev ce `ch`/vbm`jef obfcro `ch`/vbm` ojergjmvr~ceh `j} fbm~bj}bf% Obv~ltlacvje KC] ~bhcle} `jwb}`lxbf v`b }v~lehb}v cem~bj}b ce v`b }`j~b lg vb~vcj~s bfrmjvbf botalsbb}%

X`be fcggb~bemb} ce v`b abwba lg HFT tb~ mjtcvj bptajcebf xcv` j ~bh~b}}cle! cv mje elvbfv`jv joleh Obv~ltlacvje KC] ~bhcle} botalsobev ce @ch`/vbm` ojergjmvr~ceh `j} j}checgcmjev tl}cvcwb cotjmv le v`b abwba lg HFT tb~ mjtcvj Vjnab ::#% V`c} }rhhb}v} v`jvv`b fbm~bj}ceh }`j~b lg `ch`/vbm` ojergjmvr~ceh jttbj~} vl nb j v`~bjv gl~ ~bjtceh v`bgraa nbebgcv} lg v`b kelxabfhb bmlelos% Nj}bf le v`c} }vjvc}vcmja jejas}c} v`b~bmloobefjvcle xlraf nb vl cem~bj}b tlacms bggl~v} vl kbbt! h~lx l~ jvv~jmv ol~b `ch`/vbm` ojergjmvr~ceh%

Vjn ab :: Bpt aj ce ce h f c g gb ~be mb} ce HFT tb~ mjt c vj jo leh Obv~ ltl a c vje KC ]~bh cle}

Cotjmv le HFT tb~ mjtcvj >442]checgcmjemb jef fc~bmvcle

lg cotjmv)

HFT tb~ mjtcvj :333 ++

Tjvbev} ~bhj~fceh babmv~cmja ojm`ceb~s / /

Tjvbev} ~bhj~fceh ele tlasob~} ++

Botalsobev }`j~b @ch`/vbm` ojergjmvr~ceh ++

Tjvbev} le babmv~cmja mlotlebev} / /

Fbtbefbev Wj~cjnab9 Tb~ mjtcvj HFT >442#; ]vbtxc}b ~bh~b}}cle; ) ++,//9 Abwba lg }checgcmjemb 2"; +,/ Abwbalg }checgcmjemb :4"; ba}b elv }checgcmjev%

V`b ~b}rav} g~lo v`b }r~wbs }rhhb}v} v`jv ~b}tlefbev} g~lo Obv~ltlacvje KC] ~bhcle}cefcmjvb (bfrmjvcle jef v~jceceh(! (beb~hs }bmr~cvs jef ~bebxjnab beb~hs }lr~mb}( jef(botalsobev( ol}v lgvbe j} wb~s cotl~vjev m`jaabehb}! x`cm` c} }cocaj~ vl v`b x`lab}jotab% M`jaabehb} v`jv j~b mabj~as ol~b lgvbe obevclebf ns Obv~ltlacvje KC] ~bhcle}j~b (macojvb m`jehb(! (bfrmjvcle jef v~jceceh(! (bewc~leobevja t~lvbmvcle( jef(cegl~ojvcle jef obfcj(%


32/49

=4

]v~behv`}

@ch` jef cem~bj}ceh " lg botalsobev ce vb~vcj~sbfrmjvbf

@ch` jef cem~bj}ceh }`j~b `ch`/vbm` }b~wcmb} @ch` ^'F bptbefcvr~b} j} " lg HFT @ch`b}v t~lfrmvcwcvs jef HFT tb~ mjtcvj Slreh tltrajvcle

Xbjkeb}}b} Fbm~bj}ceh nr}ceb}} ^'F bptbefcvr~b} Fbm~bj}ceh @ch`/vbm` ojergjmvr~ceh Fbm~bj}ceh botalsobev }`j~b ce gcejemcja }b~wcmb}

Lttl~vrecvcb}

Ol~b ml/grefceh jttacbf ^'F jef ceelwjvclet~libmv}

T~lolvb t~cwjvb ^'F T~lolvb `ch`/vbm` ojergjmvr~ceh Cot~lwb v`b bfrmjvcle jef v~jceceh }s}vbo T~lolvb bev~bt~bebr~}`ct T~lolvb CMV/r}jhb

V`~bjv}

Fbm~bj}ceh ~bhcleja ~bvr~e} le tlacmcb} }rttl~vcehv`b jvv~jmvcle lg vjabev jef KC]

Gr~v`b~ fbm~bj}b ce `ch`/vbm`# ojergjmvr~ceh jefcefr}v~cja ^'F

Tlaarvcle! macojvb m`jehb Gcb~mb halnja mlotbvcvcle gl~ vjabev

V`b almja xl~k}`lt xcv` ceelwjvcle tlacms bptb~v} ce Obv~ltlacvje KC] ~bhcle} }rhhb}vbfv`jv v`b m`jaabehb gl~ v`b}b ~bhcle} c} vl fbwbalt jef bptalcv v`b nr}ceb}} lttl~vrecvcb}ce v~sceh vl jff~b}} v`b halnja v`~bjv lg macojvb m`jehb% ^bhj~fceh bfrmjvcle jef

v~jceceh almja xl~k}`lt ~b}tlefbev} bptajcebf v`jv v`b conjajemb frb vl alx }`j~b} lgtbltab xcv` }bmlefj~s bfrmjvcle c} }bbe j} v`~bjv gl~ grvr~b fbwbaltobev%

V`b nj~~cb~} ol}v g~bzrbevas obevclebf ns Obv~ltlacvje KC] ~bhcle} j~b (ajmk lgbev~bt~bebr~}`ct(! (ebhjvcwb bggbmv} lg v`b gcejemcja m~c}c}( jef (ajmk lg mjtcvja(%Obv~ltlacvje kelxabfhb/cevbe}cwb }b~wcmb} ~bhcle} cefcmjvb jaol}v jaa nj~~cb~} ab}} lgvbev`je v`b x`lab }jotab% B}tbmcjaas ~bhj~fceh v`b jwjcajncacvs lg ~c}k# mjtcvja jef v`b ^'Fceg~j}v~rmvr~b v`b }cvrjvcle ce Obv~ltlacvje KC] ~bhcle} c} tb~mbcwbf vl nb orm` nbvvb~v`je ce lv`b~ vstb} lg ~bhcle}%

V`b ol}v g~bzrbevas obevclebf tj~vcmraj~as ebmb}}j~s tlacms obj}r~b} gl~ Obv~ltlacvjeKC] ~bhcle} j~b (ol~b ml/grefceh lg jttacbf ^'F(! (nbvvb~ bfrmjvcle jef v~jceceh( jef (jol~b ~b}bj~m`,ceelwjvcle/g~cbefas bmlelocm tlacms(% Jav`lrh` Acocvbf r}b lg CMV jef

Rejvv~jmvcwb acwceh jef xl~kceh mlefcvcle} fl elv }bbo vl nb cotl~vjev nj~~cb~} ceObv~ltlacvje KC] ~bhcle}! v`b leas vxl tlacms obj}r~b} x`cm` j~b ol~b lgvbe obevclebfj} tj~vcmraj~as ebmb}}j~s v`je ce v`b x`lab }jotab j~b9 (t~lolvcle lg CMV( jef(cot~lwbobev lg }lgv almjvcle gjmvl~}(%

Ce v`b mj}b lg jaol}v jaa }vjvbobev} v`b jh~bbobev lg Obv~ltlacvje KC] ~bhcle} c} mabj~asalxb~ v`je ce v`b x`lab }jotab% Leas ce v`b mj}b lg vxl zrcvb t~lwlmjvcwb }vjvbobev} v`bjh~bbobev c} `ch`b~% ^bhj~fceh v`b `ch`b~ jh~bbobev xcv` }vjvbobev 7 V`b aleh vb~ojef BR/xcfb v~bef lg fb/cefr}v~cjac}jvcle xcaa mlevcerb#! xb elvb v`jv v`b }`j~b lgbotalsobev ce cefr}v~s ce v`b}b Obv~ltlacvje KC] ~bhcle} c} ja~bjfs v`b alxb}v lg jaavstb}! jef }vcaa fbm~bj}ceh% @lxbwb~! leas >4 tb~mbev lg v`b bptb~v} jh~bb xcv` v`b cfbjv`jv9 Elv leas ojergjmvr~ceh cefr}v~cb} nrv ja}l v`b j}}lmcjvbf nr}ceb}} ^'F xcaa ol~bjef ol~b fc}jttbj~ g~lo obv~ltlacvje ~bhcle}% V`c} cefcmjvb} v`jv v`b bptb~v} ce

Obv~ltlacvje KC] ~bhcle} j~b ol~b mlegcfbev v`jv gr~v`b~ fb/cefr}v~cjac}jvcle ce v`bc~~bhcle} xlraf elv abjf vl j gr~v`b~ fbmaceb ce nr}ceb}} ^'F bptbefcvr~b}%

7%> Kelx abfhb jn}l~nceh ~bhcle}

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}b~wcmb} jef ce tj~vcmraj~ hlwb~eobev }b~wcmb} `j} cem~bj}bf }v~lehas% V`b}b ~bhcle} j~bjhbceh xcv` j fbmaceceh slrv` }`j~b jef je cem~bj}ceh }`j~b lg bafb~as% V`b~b `j} nbbe j}`cgv g~lo nr}ceb}} ^'F 4%4= "/tlcev fbmaceb# vl hlwb~eobev jef recwb~}cvs ^'F%Tj~vcmctjvcle ce acgb/aleh abj~eceh `j} cem~bj}bf }v~lehas jv 6%03 "/tlcev}%

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ojergjmvr~ceh

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7%= Trnacm kelxabfhb mbev~b}

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Cv c} cevb~b}vceh vl elvb v`jv ~b}tlefbev} gl~ Trnacm kelxabfhb mbev~b} jh~bb orm` ab}}v`je ~b}tlefbev} g~lo lv`b~ vstb} lg ~bhcle}# xcv` }vjvbobev :> ^bhcle} xcv` j}v~lehas fbwbaltbf hlwb~eobev ~b}bj~m` }bmvl~ ebbf vl }v~behv`be almja t~cwjvb ^'F/jmvcwcvcb} vl cot~lwb v`bc~ bmlelocm tb~gl~ojemb% Hcwbe v`b conjajemb lg v`b ~bhclejaceelwjvcle }s}vbo gl~ v`c} vstb lg ~bhcle xcv` lgvbe j flocejev tl}cvcle gl~ hlwb~eobev~b}bj~m` ajn}! x`cab mabj~as ajmkceh nr}ceb}} ^'F bptbefcvr~b}! cv c} }r~t~c}ceh vl }bb

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7%6 ]kcaabf cefr}v~cja Bj}vb~e Br~ltb

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Vjn ab :> Bpt aj ce ceh f c g gb ~bemb} ce HFT tb~ mjt c vj joleh ]k c a abf cefr}v ~ cj a

Bj}vb~ e BR ~bhcle }

Cotjmv le HFT tb~ mjtcvj >442]checgcmjemb jef fc~bmvcle

lg cotjmv)

HFT\:333 ++

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Tjvbev} tb~ ocaacle tltrajvcle ++

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innovation pathways and policy challenges at the regional level: smart specialization

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