what more could the ecb do

8/2/2019 WHAT MORE COULD THE ECB DO

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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 vrjugà 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| qiàrtphi` uarw |ann. gp djqn` oa phrlapa` ji darphgi

vrguhpa+tadpjr oji`t ejr |bgdb gp |jqn` oa aeegdgaip pj tbjra qv àkhi`= 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)



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 àegdgpt "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` ànauarhlgil "Dbhrp ?E'3

pba tnj|`j|i gi avjrpt hi` lnjohn prhà "Dbhrpt ?L hi` B')

Dbhrp ?H

Aqrj }jia= Egtdhn àegdgp "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 àenhpjr. 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



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


Dbhrp ?@

Aqrj }jia= Vhwrjnn hi` rahn

bjqtabjn` `gtvjthona gidjka

"djitqkar vrgda àenhpjr. 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


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'


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


Dbhrp ?L

Aqrj }jia= Avjrpt hi` lnjohn prhà

"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 prhà "_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


Eqi`hkaiphnnw. gp bht pj oa vjgipa` jqp pbhp khiw aqrj+}jia djqiprgat hra ejrda`pj |gva jqp pbagr aparihn àegdgp oadhqta je pba drgtgt "Dbhrp 4H'. tgida pbaw dhiij njilar gidrahta pbagr aparihn àop. hi` pbaraejra bhua pj ra`qda pbagr`jkatpgd àkhi` "Dbhrp 4O')

Enhtb ?68? —<5+ 0



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 àkhi` 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`


\bhp dhi pba ADO `j gegp |hipt pj dji`qdp h

kjra avhitgjihrwkjiaphrw vjngdw:

Lguai pbgt vrjtvadp je uarw àvratta` lrj|pb hi` h àdngia 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= àparkgihpgji ijppj kjiapgta ljuarikaip oji`t ejr hi apaià` 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


"-' Bjqtabjn`t # djkvhigat

Dbhrp 1

Aqrj }jia= Caw giparuaipgji rhpa hi` giparatp

rhpa ji ohict‗ àvjtgpt 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‗ àvjtgpt hp p ba ADO

Tjqrdat= @hphtprahk. ADO. Ihp ggt

Enhtb ?68? —<5+ 1



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

?66

066

566

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'


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 àkhi` 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 àkhi` 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 àkhi` ejr pba àop gttqa` ow pba AETE+ATK |jqnàihona 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



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


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'


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+ <



?) \ahcaigil pba aqrj

\a tbjqn` ijp ejrlap pbhp |ahcaigil pba aqrj gkvrjuat pba aqrj }jia‗t ejragliprhà 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 àkhi` `qa pj pba rgta gi gkvjrp vrgdat "pjpba àpargjrhpgji gi pba parkt je prhà hi` pbaraejra pj pba njtt je rahn gidjka'vrauhgnt. tgida pba vrgda anhtpgdgpgat je ejragli prhà gi ujnqka parkt hra pjj nj|"6)?6 ejr avjrpt. 6)67 ejr gkvjrpt')

Dbhrp 8?H

Aqrj }jia= Avjrpt. lnjohn prhà 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 prhà "gi ujnqka parkt. W*W ht !. _B tdhna'

Tjqrdat= @hphtp rahk. Aqrjtphp. GK E. Ihpggt

Dbhrp 8?O

Aqrj }jia= Gkvjrpt. `jkatpgd àkhi` 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 àkhi` "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


"-' ATDO # ADO

Enhtb ?68? —<5+ 2



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 àdngia gi QT kjiaw+khrcap eqi`t‗ àvjtgpt"vqrdbhtat je D@t' gi aqrj+}jia ohict "|bgdb àdngia` 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 Eaàrhn _atarua tj gp djqn` vrjugà 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 prhà 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 Eaàrhn_atarua. ka`gqk+park njhit gi `jnnhrt pj aqrj+}jia ohict gijràr 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 Eaàrhn _atarua tqvvjrpt QT ohict gi pbagr aeejrppj phca djiprjn je pbgt khrcap)

Enhtb ?68? —<5+ 7



HUA_PGTTAKAIP * @GTDNHGKA_

Da ̀ jdqkaip ap pjqpat nat vgâdat mjgipat tjip tprgdpakaip djiegàipgant 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 à radbardba gi`çvai`hip ap i‗h vht çpç çnhojrç djiejrkçkaip hq `gtvjtgpgjit nçlhnat hrrípçatvjqr vrjkjqujgr n‗gi`çvai`hida à nh radbardba ai giuatpgttakaip) Ai djitçxqaida. th `geeqtgji i‗atp tjqkgta æ hqdqia gipar`gdpgji vrjbgohip n‗açdqpgji à prhithdpgjit

huhip th vqongdhpgji)Nh `gtprgoqpgji. vjttattgji jq nh rakgta à da `jdqkaip `hit jq æ vhrpgr à darphgiat mqrg`gdpgjit vaqp ípra ngkgpça jq gipar`gpa vhr nh njg) Gn atp àkhi`ç hq vartjiiat radauhip da `jdqkaipà t‗giejrkar tqr n‗agtpaida à pannat ngkgphpgjit jq gipar`gdpgjit ap à 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 àtpgiçt æ ípra `geeqtçt gi`geeçrakkaip æ dbhxqa àtpgihphgra 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 à 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 àt 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 àtgiejrkhpgjit 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 àt giejrkhpgjit eglqrhip `hit da `jdqkaip) Vhr djitçxqaip. Ihpggt ia ehgp hqdqia `çdnhrhpgji jq lhrhipga ig ia vrai` hqdqiailhlakaip aiuart nat nadpaqrt à da `jdqkaip. à xqanxqa khigâra xqa da tjgp "avratta jq gkvngdgpa' hq pgpra à nh varpgiaida. à n‗ahdpgpqà jq à n‗abhqtpgugpç àt giejrkhpgjit xqg weglqraip jq à nh varpgiaida àt bwvjpbâtat hqxqannat anna ehgp rçeçraida) Ai aeeap. nat giejrkhpgjit eglqrhip `hit da `jdqkaip ia pgaiiaip vht djkvpa àt râlnat djkvphonat jq egtdhnatvhrpgdqngârat xqg t‗hvvngxqarhgaip hq djipravhrpgat. dngaipt jq dngaipt vjpaipgant à Ihpggt) Ihpggt ia thqrhgp `jid ípra paiq ratvjithona àt çuaipqannat `geeçraidat à uhnjrgthpgji aipra tatvrjvrat `jiiçat ap dannat à pgart. dat `geeçraidat vjquhip ijphkkaip rçtqnpar à djitg`çrhpgjit tqr n‗hvvngdhpgji à râlnat djkvphonat. egtdhnat jq ranhpguat æ àt kj`ânat à 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 àt dji`gpgjit à khrdbç) Nat varejrkhidatvhttçat ap nat tgkqnhpgjit à varejrkhidat vhttçat ia tjip vht qi gi`gdhpaqr eghona ap ia vrçmqlaip `jid vht àt varejrkhidat eqpqrat) Nat giejrkhpgjit djipaiqat `hit da `jdqkaipvaquaip gidnqra àt rçtqnphpt `‗hihnwtat gttqat `‗qi kj`âna xqhipgphpge xqg ravrçtaipaip àt 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 à 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` àt nadpaqrt à da `jdqkaip jq à naqrt djitagnt djidarihip nat dhrhdpçrgtpgxqat à 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 à 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 àt varpat egihidgârat jq `‗qia xqandjixqa `çdgtgji vrgta tqr na ejiàkaip àt giejrkhpgjit eglqrhip `hit nh vrçtaiphpgji ap i‗httqka hqdqiavratphpgji ̀ a djitagn. ijphkkaip ai khpgâra ̀ a tarugdat ̀ ‗giuatpgttakaip) Ai pjqp çphp à dhqta. gn ujqt hvvhrpgaip ̀ a radqagnngr nat hugt gipariat ap apariat xqa ujqt atpgka} içdatthgrat jqtjqbhgphonat. w djkvrgt à nh vhrp à mqrgtpat. egtdhngtpat. djkvphonat. djitagnnart egihidgart. jq pjqt hqprat tvçdghngtpat. vjqr uçrgegar ijphkkaip n‗h`çxqhpgji à nh prhithdpgji xqg ujqt atpvrçtaipça huad ujt jomadpget ap ujt djiprhgipat ap vjqr vrjdçàr 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 vrqàipgan "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 à ijt hdpgugpçt vhr na EgihidghnTarugdat Hqpbjrgpw tjip ̀ gtvjigonat tqr ̀ akhià)Ihpggt atp hlrçça vhr n‗HDV ap rçlqnça vhr nh OhEgi "Oqiàthitphnp eþr Egihi}`gaitpnagtpqilthqetgdbp' vjqr n‗aardgda ai ngora çphongttakaip à tat hdpgugpçt ai Hnnakhlia) Na prhitearp * `gtprgoqpgji ̀ a da ̀ jdqkaip ai Hnnakhlia atp ehgp"a' tjqt nh ratvjithogngpç ̀ a IHPGRGT ]|agligaàrnhttqil @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 àtpgia nh `geeqtgji hq Aphpt+Qigt à 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 djiegàipghn hi` gipaià` 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 taiàr gkka`ghpanw)Pbgt `jdqkaip bht oaai vravhra` ow jqr adjijkgtpt) Gp `jat ijp djitpgpqpa hi giàvaiàip giuatpkaip ratahrdb hi` bht ijp oaai vravhra` gi hddjr`hida |gpb pba nalhnraxqgrakaipt àtglia` pj vrjkjpa pba giàvaiàida j e giuatpkaip ratahrdb) Hddjr`gilnw pbara hra ij vrjbgogpgjit ji àhngil hbah` je gpt `gttakgihpgji)Pba `gtprgoqpgji. vjttattgji jr ànguarw 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 hùgtart 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 gipaià` 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 qiàrphcgil ow Ihpggt pj djkvnapa h prhithdpgji tqomadp pj pbaparkt hi` dji`gpgjit ̀ atdrgoa` gi pbgt ̀ jdqkaip jr hiw jpbar parkt hi` dji`gpgjit) Hiw qiàrphcgil 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 giàvaiàipnw hihnwta` pba giejrkhpgji djiphgia` gi pbgt ̀ jdqkaip) Hddjr`gilnw. ij ravrataiphpgji. |hrrhipw jr qiàrphcgil. avratt jr gkvnga`. gt khà 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 vrjugà` 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 kjànt) Gi h``gpgji. hiw uga|. jvgigji jr jpbar giejrkhpgji vrjugà` 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 àvai`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 gidnqà pba ratqnpt je hihnwtgt àrgua` erjk h xqhipgphpguakjàn. |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 oahkaià` 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` qiàrphcgilt jrdjiprjnngil vartjit. ijr hiw je pbagr ratvadpgua `gradpjrt. jeegdart. vhrpiart. akvnjwaat. hlaipt. ravrataiphpguat jr hùgtjrt 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 ànguarw 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 àdgtgji phcai ji pba ohtgt je pba giejrkhpgji djiphgia` gi pbgt `jdqkaip hi` Ihpggt `jat ijp bjn` gptane jqp ht vrjug`gil hiw hùgda.vhrpgdqnhrnw gi ranhpgji pj giuatpkaip tarugdat) Gi hiw auaip. wjq tbjqn` raxqatp ejr hiw giparihn hi`*jr aparihn hùgda pbhp wjq djitgàr iadatthrw jr àtgrhona pj jophgi. gidnq`gil erjk hiwegihidghn. nalhn. ph jr hddjqipgil hùgtjr. jr hiw jpbar tvadghngtp hùgda. gi jràr pj uargew gi vhrpgdqnhr pbhp pba giuatpkaip"t' àtdrgoa` gi pbgt `jdqkaip kaapt wjqr giuatpkaip jomadpguat hi`djitprhgipt hi` pj jophgi hi giàvaiàip uhnqhpgji je tqdb giuatpkaip"t'. gpt rgtct ehdpjrt hi` ra|hr`t)Ihpggt gt hqpbjrgta` gi Erhida ow pba Hqpjrgpç ̀ a djiprðna vrqàipgan "HDV' ht h Ohic —Giuatpkaip Tarugdat vrjugàrt 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 "Oqiàthitphnp eþr Egihi}`gaitpnagtpqilthqetgdbp' ejr pba dji`qdp je gpt oqtgiatt gi Larkhiw) Pba prhitear * `gtprgoqpgji je pbgt`jdqkaip gi Larkhiw gt ̀ jia ow * qiàr pba ratvjitgogngpw je IHPGRGT ]|agligaàrnhttqil @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 àegia` 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

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