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7/26/2019 Politica Monetaria en la U.E. POLITICA MONETARIA Y POLITICA DE INVERSION
http://slidepdf.com/reader/full/politica-monetaria-en-la-ue-politica-monetaria-y-politica-de-inversion 1/4
Yobátj`c Aofdtcrjc df bc T.D.
YOBÁ]J@C AOFD]CWJC Z
YOBÁ]J@C MD JF\DWPJÐF
Xornjfh Ycpdr 7= md ldgrdro md 793<
7/26/2019 Politica Monetaria en la U.E. POLITICA MONETARIA Y POLITICA DE INVERSION
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7
Yobátj`c Aofdtcrjc df bc T.D.YOBÁ]J@C AOFD]CWJC Z YOBÁ]J@C MD JF\DWPJÐF
3.
Df `ár`ubos c`cmêaj`os y tcagjêf df `ár`ubospobátj`os ds ecgjtucb cfcbjzcr y hdstjofcr bc pobátj`c
aofdtcrjc y bc pobátj`c md jfvdrsjðf `oao sj ludrcf
ãagjtos rcmj`cbadftd jfmdpdfmjdftds.
7. Pjf dagcrho, pcrd`d dvjmdftd qud, df cagos `csos,
fos dstcaos rdljrjdfmo c bc jfyd``jðf md mjfdro
pûgbj`o df bc d`ofoaác. Md ceá qud bc mjcbê`tj`c
ecgjtucb, df `ofvdrsc`jofds jfloracbds,
`oadftcrjos df bos admjos md `oaufj`c`jðf, dt`.
jftdrprdtd tcfto bcs pobátj`cs md japubso md bc
jfvdrsjðf `oao bcs pobátj`cs aofdtcrjcs dxpcfsjvcs
`oao "pobátj`cs md dstáaubo" o "pobátj`cs md
rdc`tjvc`jðf".
0.
Pjf dagcrho, `ucfmo sd jftdrpdbc c bos hdstords o
rdspofscgbds mdb Gcf`o @dftrcb Duropdo sogrd su
potdf`jcb pcpdb df bc pobátj`c md jfvdrsjðf, bcrdspudstc sjstdaãtj`cadftd rd`jgjmc ds sjdaprd bc
ajsac; fudstrc rdspofscgjbjmcm fo ds bc pobátj`c md
jfvdrsjðf sjfo bc pobátj`c aofdtcrjc y fo pomdaos
scbjrfos md dstd acr`o qud fos japofd db ]rctcmo
md bc Tfjðf Duropdc. Wdspudstcs sjajbcrds sof
ecgjtucbds df otros ãagjtos jfstjtu`jofcbds o
c`cmêaj`os.
=.
Ds dvjmdftd qud dftrd pobátj`c md loadfto md bc
jfvdrsjðf y pobátj`c aofdtcrjc dxjstdf mjldrdf`jcs
dstru`turcbds sustcf`jcbds, qud gjdf pudmdf
sjftdtjzcrsd df mos ãagjtos lufmcadftcbds;
c) df `ucfto cb orjhdf md bos rd`ursos
utjbjzcmos
g) df `ucfto c bc ljfcbjmcm md bc jfyd``jðf md
dstos rd`ursos df bc d`ofoaác
7/26/2019 Politica Monetaria en la U.E. POLITICA MONETARIA Y POLITICA DE INVERSION
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0
Yobátj`c Aofdtcrjc df bc T.D.YOBÁ]J@C AOFD]CWJC Z YOBÁ]J@C MD JF\DWPJÐF
4. Mdsmd bc pdrspd`tjvc mdb orjhdf md bos rd`ursos,
ajdftrcs df db `cso md bc pobátj`c aofdtcrjc fos
df`oftrcaos `of "fudvos" rd`ursos ljfcf`jdros
`rdcmos por db propjo Dstcmo, `of gcsd df bc
potdstcm md `rdc`jðf md mjfdro ctrjgujmc df
`of`rdto c bc cutorjmcm aofdtcrjc, df bc pobátj`c md
loadfto md bc jfvdrsjðf sd trctc md rd`ursos
prdsupudstcrjos md mjstjftcs dftjmcmds pûgbj`cs,
`cptcmos ecgjtucbadftd c trcvês md bc rd`cumc`jðf
md japudstos o md bc dajsjðf md mdumc.
<.
Df `ucfto c bc ljfcbjmcm md bc jfyd``jðf md dstos
rd`ursos df bc d`ofoaác, df db `cso md bc "pobátj`c
md loadfto md bc jfvdrsjðf" sd trctc prd`jscadftd
md japubscr bc jfvdrsjðf prjvcmc o pûgbj`c df db
`ofkufto md bc d`ofoaác, `csj sjdaprd c trcvês md bc
`of`dsjðf md `rêmjtos o cvcbds. Yor db `oftrcrjo, df
bc pobátj`c aofdtcrjc, db ogkdtjvo gãsj`o dstcgbd`jmo
df db ]rctcmo md bc Tfjðf Duropdc ds jf`jmjr df bc
oldrtc y mdacfmc md mjfdro `of db ljf md acftdfdr
bc dstcgjbjmcm md prd`jos.
8. Pjf dagcrho, yc edaos jfmj`cmo `ðao db bdfhuckd
ecgjtucb rdbc`jofc mjrd`tcadftd bcs md`jsjofds
dxpcfsjvcs md bc pobátj`c aofdtcrjc `of "db japubso
md bc c`tjvjmcm d`ofðaj`c", "bc rdc`tjvc`jðf", bc
bu`ec `oftrc db mdsdapbdo, dt`. Db ed`eo md qud fosdc csá mdsmd ufc pdrspd`tjvc foractjvc fo japjmd
qud c`cmêaj`os, rdspofscgbds pobátj`os utjbj`df `of
csjmujmcm dstd bdfhuckd qud jf`buso, df o`csjofds,
ds utjbjzcmo tcagjêf por bos rdspofscgbds md bc
pobátj`c aofdtcrjc duropdc.
5.
Ds dsdf`jcb, df prjadr buhcr, `bcrjlj`cr db sjhfjlj`cmo
rdcb mdb dstrd`eo acr`o `of`dptucb qud pcrc bc
pobátj`c aofdtcrjc dstcgbd`d db ]rctcmo md bc T.D.
Suê mdgdaos dftdfmdr por dstcgjbjmcm md prd`jos y
7/26/2019 Politica Monetaria en la U.E. POLITICA MONETARIA Y POLITICA DE INVERSION
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=
Yobátj`c Aofdtcrjc df bc T.D.YOBÁ]J@C AOFD]CWJC Z YOBÁ]J@C MD JF\DWPJÐF
quê mdgdaos dftdfmdr por ufc pobátj`c aofdtcrjc
mdstjfcmc c dstd ljf. Z, c pcrtjr md dstc `bcrjlj`c`jðf,
`dftrcr db cfãbjsjs df bc acyor o adfor `oflbudf`jc
dftrd pobátj`c aofdtcrjc y pobátj`c md japubso md bc
jfvdrsjðf, tcfto df `ucfto c bos jfstruadftos c
utjbjzcr `oao df `ucfto c bc posjgbd `oapctjgjbjmcm
o `oapbdadftcrjdmcm md sus rdspd`tjvos ogkdtjvos.
Cs c Xornjfh Ycpdr, jt mods fot rdlbd`t cfy jfstjtutjofcb posjtjof or opjfjof fdjtedr ol DNCJ @dftdr, for ol
jts spofsors or supportjfh dftjtjds.
DNCJ @dftdr sddns to mo gusjfdss wjte `oapcfjds or hovdrfadfts `ovdrdm jf jts rdports. Wdcmdrs seoubm gd
cwcrd tect wd acy ecvd c `oflbj`t ol jftdrdst tect `oubm clld`t ted ogkd`tjvjty ol tejs rdport. Jfvdstors
seoubm `ofsjmdr tejs rdport cs ofby c sjfhbd lc`tor jf acnjfh tedjr jfvdstadft md`jsjof.
HCWCJC JFFO\C]JOF @DF]DW, HOJWT 3C AOFMWCHOF
]DB; :=074939= BDNDJ]JO <84893854 MTWCFHO <5553:479
D-ACJB; jfloIdncj`dftdr.du
www.dncj`dftdr.du s`rjgm.`oa/DNCJ@dftdr