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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< 

Politica Monetaria en la U.E. POLITICA MONETARIA Y POLITICA DE INVERSION

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Page 1: Politica Monetaria en la U.E. POLITICA MONETARIA Y POLITICA DE INVERSION

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< 

Page 2: Politica Monetaria en la U.E. POLITICA MONETARIA Y POLITICA DE INVERSION

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

Page 3: 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

Page 4: Politica Monetaria en la U.E. POLITICA MONETARIA Y POLITICA DE INVERSION

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