mettre enfin la fiscalité au service de la croissance

7/27/2019 Mettre enfin la fiscalit au service de la croissance

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B fi if fif

s`pt`bar` 1?=6

Institut Blntmikn` `t

Institut e` j`ntr`pris`


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1

B`ttr` ndin jm disfmjit mu s`rvif` e` jm frlissmnf`

Institut e` j`ntr`pris` `t Institut Blntmikn`, 1?=6Ulus erlits e` r`prleuftiln, e` trmeuftiln, ememptmtiln `t e`xfutiln

rs`rvs plur tlus j`s pmys

Eir`ft`urs e` jm puajifmtiln 8

Drerif Blnjluis-Djifit, ejku knrmj e` jInstitut e` j`ntr`pris`Jmur`nt Aiklrkn`, eir`ft`ur e` jInstitut Blntmikn`


3/160

B di difi

if fif


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B`ttr` `ndin jm disfmjit mu s`rvif` e` jm frlissmnf`

Institut e` j`ntr`pris` `t Institut Blntmikn`, 1?=6

Ulus erlits e` r`prleuftiln, e` trmeuftiln, ememptmtiln `t e`xfutiln

rs`rvs plur tlus j`s pmys

Eir`ft`urs e` jm puajifmtiln 8

Jmur`nt Aiklrkn`, eir`ft`ur e` jInstitut Blntmikn`Drerif Blnjluis-Djifit, ejku knrmj e` jInstitut e` j`ntr`pris`

Vlbbmir`

_rs`ntmtiln ..................................................................... ;

Qsub e`s fcmpitr`s ..................................................... =6

Vyntcs` e`s prlplsitilns ............................................. =;

_mrti` I. Ibpt sur j` r`v`nu `t FVK.......................... 1=

_mrti` II. Disfmjit e` jpmrkn` .................................. 6;


5/160

J` titr` eu fcmpitr` `n flurs

Vlbbmir`

_mrti` III. Disfmjit e`s `ntr`pr`n`urs ......................... 46

_mrti` IT. Disfmjit `t nmnf`b`nt

e` jm prlt`ftiln slfimj` ............................... 30

_mrti` T. Disfmjit jlfmj` .............................................. =?0

_mrti` TI. Disfmjit `nvirlnn`b`ntmj`

`t flbptitivit ............................................ =6=


6/160


7/160

;

prs`ntmtiln

_rs`ntmtiln

J m Drmnf` m flnnu mu flurs e`s trlis e`rnir`s mnn`s un fclfisfmj e` krmne` mbpjùr. @n plurf`ntmk` eu _IA, j` tmux e`prjv`b`nts lajikmtlir`s, qui sj`vmit 51,3 % `n 1??3, `stminsi pmss e` 51,0 % `n 1?=? 50 % `n 1?=1, `t e`vrmit stmajir 54,6 % `n 1?=6. Mu tltmj, `ntr` 1?== `t 1?=6, jibpmft e`s cmuss`seibpts plur j`s bnmk`s `t j`s `ntr`pris`s e`vrmit stmajir pjus e`;? Be`=. Epmssmnt jm Vue`, jC`xmkln` n`st eslrbmis pjus e`vmnf`n f` elbmin` qu` pmr j` Emn`bmrg pmrbi j`s pmys e` jLFE@.

F`tt` lrt` cmuss` e`s prjv`b`nts lajikmtlir`s slujv` trlis typ`s e`qu`stilns, quij `st ineisp`nsmaj` s`jln nlus e` vlir infjus`s emns j`s eamtseu _JD 1?=5 8

=) Jm fmpmfit utijis`r j` jì`r e`s prj`b`ts lajikmtlir`s plur reuir`

j` eifit, ems u flt`t` e` rèr`ss`b`t auektmir`

J` rùs emkir sur jm ep`ns` mutr`b`nt qu jm bmrk` m flneuit j`s eùxe`rni`rs kluv`rn`b`nts privijki`r jlutij isfmj. Minsi, emprs jm Flur e`sflbpt`s, jm flntriautiln e`s ep`ns`s j`lrt emhust`b`nt struftur`j murmt nujj` `n 1?=1, `t sùj`b`nt e` 1? % `n 1?=6. Ij `st plurtmnt eblntrqu pmrtir eun f`rtmin niv`mu e` ep`ns`s puajiqu`s, j` j`vi`r e` jibpt `st

= F`tt` cmuss` s` rpmrtit e` jm bmnir` suivmnt` 8 1=,5 Be `n 1?==, 1?,= Be `n 1?=1, 6?,6 Be `n 1?=6(Vlurf` 8 Qmpplrt sur j`s prjv`b`nts lajikmtlir`s t jùr vljutiln mnn`x mu _JD 1?=6, mnn x` 5).


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3


blins ìfmf` qu` j`s flnlbi`s auektmir`s plur reuir` j` eifit n`

s`rmit-f` qu` pmrf` qu pmrtir eun f`rtmin niv`mu, j` r`ne`b`nt e` jibpte`vi`nt efrlissmnt. Jm rvisiln jm amiss`, `n huin e`rni`r, e`s prvisilns e`r`f`tt`s auektmir`s plur 1?=6 pmr rmpplrt jm jli e` inmnf`s vlt` pmr j`_mrj`b`nt trmeuit minsi j` mit qu` j` niv`mu e` prjv`b`nt m muhlurecuimttìnt n Drmnf` un niv`mu bmni`st`b`nt xf`ssi. f`t kmre, jm p`rsp`ftivèun` pmus` isfmj` prlbis` pmr j` _rsie`nt e` jm Qpuajiqu` `t p`rbis`pmr j` r`tlur rmkij` e` jm frlissmnf` smvr` tlut`lis mbaiku tmnt `jj` `stmussi susf`ptiaj` e` siknii`r un nluv`mu r`fuj sur j` rlnt e` jm reuftiln e`sep`ns`s.

J` eamt isfmj qui sluvr` jmutlbn` 1?=6 sinsfrit n `t emns un flnt`xt`pmrtifuji`r 8

eun plint e` vu` flnhlnftur`j, jm vljt`-mf` e`s krmne`s institutilnsflnlbiqu`s int`rnmtilnmj`s (LFE@, DBI) qumnt jm prlbltiln e`sflnlbi`s auektmir`s pùt surpr`ner`, mu r`kmre e` jm tibieit e`sb`sur`s husquifi bis`s `n uvr` `n Drmnf` emns f` elbmin` (bb`j`lrt struftur`j e` 1?=5, f`ns r`pls`r ;? %1 sur e`s flnlbi`s n

ep`ns`s `t prs`nt pmr j` kluv`rn`b`nt flbb` `xf`ptilnn`j, pmrf`quij v`rrmit plur jm pr`bir` lis j`s ep`ns`s e` jtmt, clrs e`tt` `tp`nsiln, eibinu`r `n vmjùr, n` plrt` slbb` tlut` qu` sur ?,0 % eutltmj e`s ep`ns`s e` jtmt, clrs e`tt` `t p`nsilns6). F`tt` vljt`-mf`tlnn` emutmnt pjus mu r`kmre e` jm vikuùr e` jm frlissmnf` r`trluv`mu Qlymub`-Pni, elnt j` prlkrmbb` emhust`b`nt sur j`s ep`ns`stmit mutr`b`nt pjus rmeifmj. f` titr`, j` eamt rmnmis sur j`s v`rtuslu j`s bmux supplss e`s pljitiqu`s emustrit kmkn`rmit eistinku`rpjus fjmir`b`nt jmustrit isfmj` qui mit eu s`ftùr priv j` prinfipmjflntriautùr mu rèr`ss`b`nt e`s inmnf`s puajiqu`s e` jm rikuùrauektmir`, qui mit p`s`r f`jui-fi plur j`ss`nti`j sur j` s`ftùr puajif 7

eun plint e` vu` pljitiqu`, j` eamt `st bin pmr jm muss` mjt`rnmtiv`prs`nt` mux bnmk`s 8 f`s e`rni`rs nmurmi`nt j` fclix qu`ntr` pjuseibpts lu blins e` s`rvif`s puajifs. Hmbmis ij n st prfis qu` f`tt`mjt`rnmtiv` fjmt` es jlrs quln flnsier` qu` jm struftur` e`s ep`ns`sibplrt` mutmnt qu` sln niv`mu, `t qu` jie` eun s`rvif` ekrme n`

1 Lah`fti mnnlnf `n huijj`t rmb`n 3? % `n s`pt`bar`.6 Vlit =,0 Be` sur 1;9 Be`.


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9

prs`ntmtiln

prvmut qu` es jlrs quln m`ft` e`s bly`ns n amiss` un` struftur`

e` ep`ns`s infcmnk`. El jm nf`ssit e` b`ttr` `n pjmf` j`srlrb`s struftur`jj`s muxqu`jj`s s` slnt visfrmj`b`nt lpplss tlus j`skluv`rn`b`nts e`puis 6? mns. Mv`f un tmux e` prjv`b`nts lajikmtlir`se` 54,6 %, un` pmus` isfmj` smns f`ss` mhlurn`, n st n ``t pmssuismnt` 7 ij flnvi`nt e`nkmk`r un prlkrmbb` eflnlbi`s esmuhlurecui, nln sùj`b`nt plur flntriau`r jm reuftiln e`s eifits,bmis plur p`rb`ttr` t`rb` e` vlir nltr` tmux e` prjv`b`ntslajikmtlir`s flnv`rk`r e` nluv`mu mv`f f`jui e` nls prinfipmuxpmrt`nmir`s urlp`ns.

1) Jm flfijimtil e`s b`sur`s e` rèr`ss`b`t auektmir` m`f jlah`ftipmrmjjj` e` rèr`ss`b`t e` jm flbptitiit e`s tr`pris`s, mifc pmrj` klu`r`b`t

Jmnn` 1?=1 m t jlffmsiln eun` pris` e` flnsfi`nf` knrmj` e`s rmkijitsstruftur`jj`s eu tissu flnlbiqu` rmnmis. @n pmrtifuji`r, j` tmux j`v e`tmxmtiln e`s `ntr`pris`s, minsi qu` jm struftur` e`s prjv`b`nts qui ps`ntsur f`s e`rnir`s, flnstitu` un mftùr `xpjifmti ibplrtmnt, ai`n qu` nln`xfjusi, e` jm miaj`ss` eu tmux e` bmrk` e`s `ntr`pris`s rmnmis`s, tmneisqu` j` niv`mu j`v eu tmux e` fcbmk` struftur`j s`xpjiqu` `n krmne` pmrti`pmr j` plies pjus sikniifmti qumijjùrs e`s fltismtilns slfimj`s.

Vi j` kluv`rn`b`nt m fc`rfc mkir sur f`s eùx elbmin`s `n b`ttmnt `npjmf` j` FIF@, j`s blemjits e` f` e`rni`r eisplsiti n` slnt pms `x`bpt`s eèmuts, tmneis qu` j` jlu qui ntlur` sln ble` e` inmnf`b`nt st susf`ptiajè` r`b`ttr` `n fmus` sm pr`nnit. E` pjus, `n mismnt j` fclix eun freit

eibpt pjutt qu` eun` amiss` e`s fltismtilns slfimj`s, j` kluv`rn`b`nt mefie e` eishliner` jm qu`stiln eu flt eu trmvmij e` f`jj` eu ble` eìnmnf`b`nt e` jm prlt`ftiln slfimj`. Jm nf`ssit eun` r`bis` pjmt e` fè`rni`r r`st` ntir`, flbb` jm emijjùrs r`flnnu j` kluv`rn`b`nt jlffmsilne` sm flnf`rtmtiln mv`f j`s pmrt`nmir`s slfimux sur j`s r`trmit`s. Mu-e`j,jibpmft eu FIF@ sur j`s `ntr`pris`s r`st` pjus qu` flbp`ns pmr j` fclfisfmj suai pmr f`s e`rnir`s emns j` fmer` eu _JD 1?=6. @n flbpmrmislne` nls prinfipmux pmrt`nmir`s, f`st ai`n j`ns`baj` e`s mftùrs e` prleuftiln `t nln j` sùj trmvmij qui s` sinkujmris`nt pmr jùr niv`mu e` tmxmtiln,

kr`vmnt minsi jinv`stiss`b`nt, jm frlissmnf` `t j`bpjli.


10/160

=?


J`s mftilns flneuir` plur y r`bei`r slnt elnf nlbarùs`s. Mv`f jm t`nu`

e`s Mssis`s e` j`ntr`pr`nùrimt , j` kluv`rn`b`nt m s`baj y elnn`r uneaut e` rplns`. @n tlut tmt e` fmus`, un` t`jj` situmtiln ibpjiqu` epmrkn`rj` tissu prleufti ev`ntu`jj`s cmuss`s e` prjv`b`nts v`nir5. _lur f`jm, ijflnvi`nt e` rsist`r un pik`, f`jui eu eamt sur jibplsitiln r`sp`ftiv` e`sbnmk`s t e`s ntr`pris`s. Jie` eun` rpmrtitiln quijiar` ntr` ntr`pris`s`t bnmk`s r`jv` `n ``t eu nln s`ns, `t flnstitu` un rìn mux rlrb`snf`ssmir`s. @n ``t, j`s bnmk`s `t j`s `ntr`pris`s n` slnt pms e`sflntriaumaj`s mjt`rnmtis , `t pls`r un prinfip` equijiar` e` prjv`b`nt`ntr` f`s eùx fmtklri`s n` r`pls` sur ri`n 8 emijjùrs, qumne ij `st mppjiqu,

f` prinfip` n` j`st hmbmis n stmtiqu` (sur j` niv`mu e` prjv`b`nt), bmissùj`b`nt `n eynmbiqu` (sur jm vmrimtiln `xprib` `n bijjimres eùrls).In in`, j`s sùjs flntriaumaj`s slnt j`s bnmk`s, tlut prjv`b`nt surj`ntr`pris` tmnt rp`rfut sur s`s smjmris, s`s fji`nts lu s`s mftilnnmir`s.

6) Jquit eu systb` isfmj, jmu` e`s `lrts mftu`jj`b`t ìks e`sfltriaumaj`s

Flbpt` t`nu e` jm situmtiln e`s inmnf`s puajiqu`s `t e` jm vljlnt mifc`pmr j` kluv`rn`b`nt e` prs`rv`r j` s`ftùr prleufti e`s `lrtssuppjb`ntmir`s lurnir, j`s prjv`b`nts lajikmtlir`s sur j`s bnmk`se`vrmi`nt s` bmint`nir eurmaj`b`nt un niv`mu j`v, mjlrs qu` f`s e`rni`rsplurrmi`nt emns j` bb` t`bps suair j`s flnsqu`nf`s eun` amiss` e`spr`stmtilns slfimj`s. Lr, jm miaj` jisiaijit eu systb` isfmj, eu` mu fmrmftr`lislnnmnt e`s prjv`b`nts p`smnt sur j`s bnmk`s t e`s ep`ns`s isfmj`squi y slnt msslfi`s, minsi qu` jlpmfit eu systb` e` rèistriautiln rmviv`ntemns f` flnt`xt` j` eamt sur jquit isfmj`.

Vlus jm pr`ssiln beimtiqu`, `t jinspirmtiln eu prlkrmbb` eu fmneiemtslfimjist` qui mvmit plur mbaitiln `n 1?=1 e` rcmaijit`r jibpt , `npmrtifuji r sur j`s fmtklri`s flnsier`s flbb` privijki`s (bnmk`s rifc`slu miss , krmne`s `ntr`pris`s), f` eamt s`st lfmjis husqu prs`nt surjquit v`rtifmj`, f`st--eir` sur jm prlkr`ssivit eu prjv`b`nt `n lnftilneu r`v`nu. F`tt` lfmjismtiln s`st x`rf` mu etrib`nt e` jquit clrizlntmj`,

5 Y flbpris e`s cmuss`s ekuis`s emns jm b`sur` l f`tt` pmus` sfmj` s` trmeuirmit pmr jm pr`nnismtiln lujm flbp`nsmtiln eibpts flnus initimj`b`nt flbb` t`bplrmir`s (IDM, qui e`vmit tr` supprib `n 1?=5,flbp`ns pmr un ibpt binibmj sur j@A@).


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==

prs`ntmtiln

f`st--eir` eu prinfip` r`v`nu kmj, ibpt kmj , flbb` jlnt ijjustr

rf`bb`nt j`s eùx rlrb`s suff`ssiv`s eu qulti`nt mbijimj.

Jm vljlnt rmirb` pmr j` kluv`rn`b`nt emkir sur j`s ep`ns`s isfmj`s ibprlpr`b`nt mpp`j`s nifc`s 0 n j`s flnsiermnt e` bmnir` ineistinft`,mu-e`j etr` flntrmir` jinstmurmtiln eun` pmus` isfmj` 4 risqu` f`tkmre e` plrt`r un flup suppjb`ntmir` jquit clrizlntmj`.

_lur n` pr`ner` qu` j` fms e` jibpt sur j` r`v`nu, ij s`baj` `n ``t mebisflbb` un elkb` maslju qu` tlut` mukb`ntmtiln emssi`tt` vmut biùx

quun` mukb`ntmtiln e` tmux (smu plur j`s pjus rifc`s) pmrf` qu` f`ttè`rnir` s`rmit flntrmir` jquit. F` rmislnn`b`nt flneuit plurtmnt e`ssitumtilns flntrmir`s mu prinfip` bb` e` hust` mpprfimtiln e` jm fmpmfitflntriautiv`, es jlrs qu` j`s blemjits bb`s e` fmjfuj e` jibpt slntmssibij`s un` lrb` e` privijk`.

Mu-e`j, j` eamt sur jquit isfmj` r`st` inflbpj`t, vlir` aimis es jlrs quijlb`t e` b`ttr` `n r`kmre jm e`stinmtiln e`s pr`stmtilns `t jùr bissiln e`rquijiarmk` slfimj mv`f jm slurf` e` jùr inmnf`b`nt.

_mrtmnt e` f`s trlis nhùx, j` prs`nt rmpplrt s`st mttmfc pmss`r n r`vu`j`s prinfipmux prjv`b`nts rmnmis `t j`s qu`stilns qui sy mttmfc`ntmuhlurecui.

Mu-e`j e`s prlplsitilns spfiiqu`s fcmfun` e`s tcbmtiqu`s fclisi`s, j`smutùrs insist`nt sur trlis r`flbbmnemtilns trmnsv`rsmj`s 8

rmirb`r jm nf`ssit, flurt t`rb`, eun` stmaijit eu niv`mu kjlamj

e`s prjv`b`nts lajikmtlir`s emns j` _JD 1?=5, msslrti` eun`trmh`ftlir` e` reuftiln e`s prjv`b`nts bly`n t`rb` plur j`srmb`n`r mu niv`mu e` jm bly`nn` ùrlp`nn` 7

0 F`tt` mpp`jjmtiln e` nifc`s plur esikn`r j`s ep`ns`s sfmj`s plurrmit n `t jmiss`r mffrlir` qu`jj`s slntpmr nmtur` nmst`s, mjlrs qu`jj`s lnt t sluv`nt efie`s e`s ns einfitmtiln flnlbiqu` lu equit slfimj`.@jj` trmeuit un` flnf`ptiln e` jm ep`ns` sfmj` flbb` sùj` p`rt` auektmir`, `t nln flbb` lutij emftilnflnlbiqu`, elnt ij muermit mpprfi`r j`fmfit mvmnt e` jm blei`r lu supprib`r.

4 Qmpp`jlns qu` jm suppr`ssiln eun` ep`ns` sfmj` mukb`nt` j` niv`mu e`s prjv`b`nts lajikmtlir`s `t n`flnstitu` pms un` flnlbi` auektmir` bb` si emns j`s mits, f`rtmin`s ep`ns`s sfmj`s pùv`nt tr`mssibij`s flnlbiqu`b`nt e`s suav`ntilns auektmir`s.


12/160

=1


prlbluvlir un` bleiifmtiln e` jm struftur` e`s prjv`b`nts mftu`js

min e` eibinu`r jm pmrt e` fùx qui ps`nt sur j`s mftùrs e` prleuftiln 7 rinsfrir` j` eamt sur jm prlkr`ssivit e`s prjv`b`nts emns un eamt

pjus jmrk` sur jìfmfit eu systb` e` rèistriautiln rmnmis (emnsj`qu`j j` plies e`s pr`stmtilns hlu` muhlurecui un rj` bmhùr) jmunèu plies quij mit p`s`r sur jm frlissmnf`.


13/160

=6

rsuBs e`s fcmpitr`s

Qsubs e`s fcmpitr`s

IBpt sur j` r`v`nu `t FsK

Jibpt sur j` r`v`nu (IQ), flnf`ntr sur j`s cmuts r`v`nus, `t jm FVK, ibpt lrt r`ne`b`nt, brit`nt tlus eùx etr` r`p`nss, bmis plur e`s rmislnseir`nt`s. F`st plurquli j`s prlh`ts e` jùr usiln n` plursuiv`nt pmsnf`ssmir`b`nt j`s bb`s lah`ftis 8 smkit-ij e` fr`r un krmne ibpt sur j`r`v`nu, prlkr`ssi `t `x`bpt e` nifc`s isfmj`s lu, mu flntrmir`, emppjiqu`rf`rtmin`s fmrmftristiqu`s e` jIQ jm FVK (prlkr`ssivit, mbijimjismtiln ,nifc`s) < Lutr` jm flbpj`xit e` jm bis` `n uvr` eun` t`jj` usiln, s`sflnsqu`nf`s plur j`s inmnf`s puajiqu`s nlus s`baj`nt bmj b`sur`s. @nr`vmnfc`, emutr`s rlrb`s slnt plssiaj`s, qui slnt etmijj`s emns j`s pmk`ssuivmnt`s.

DIsFmjIt e` jpmrKn`Mufun krmne pmys ineustrimjis mu blne`, ni mufun pmys b`rk`nt, nibplsèslrbmis j`s r`v`nus eu fmpitmj emvmntmk` qu` jm Drmnf`, clrbis j` tmuxeibplsitiln e`s eivie`ne`s `n vikuùr mu Hmpln. F`fi s`xpjiqu` pmr unìsfmjit e` jpmrkn` cistlriqu`b`nt flbpj`x` `t sln mff`ntumtiln pmr jm jlie` inmnf`s 1?=6. F`tt` isfmjit plursuit pmr mijjùrs e`s lah`ftisflntrmeiftlir`s, tlut`s j`s fmtklri`s epmrkn` anifimnt eun mvmntmkìsfmj, tmneis qu` jpmrkn` e`s Drmnmis r`st` lri`nt` v`rs e`s supplrts smns

risqu` flbb` jibblaiji`r `t jm e`tt`, mu etrib`nt e` a`slins fljj`ftis e`


14/160

=5


jlnk t`rb`. Ij smkit elnf muhlurecui e` mvlris`r j`s supplrts epmrkn`

lri`nts v`rs j` inmnf`b`nt e`s s`ftùrs t bpjlis anifimnt jm frlissmnf``t jm fljj`ftivit.

DIsFmjIt e`s `ntr`pr`nùrs

Bmjkr jm rvljt` e`s pik`lns suit` mu _JD 1?=6, j` rkib` instmur pmrf`jui-fi r`st` trs ibpmrmit. Minsi, si ln m mit r`tlur mu systb` e` tmxmtilnlrmitmir` plur j`s p`rslnn`s anifimnt eu rkib` e`s `ntr`pr`nùrs, j`s

flneitilns plur anifi`r eu rkib` e`s `ntr`pr`nùrs slnt nlbarùs`s `tflntrmiknmnt`s. _mr mijjùrs, jIVD flnstitu` kmj`b`nt un siknmj nkmtimer`ss mux `ntr`pr`nùrs `t mux inv`stissùrs mjlrs qu` sm flntriautiln muxr`f`tt`s auektmir`s `t jm rèistriautiln `st trs tnu`. Vibpjii`r jm isfmjite` j`ntr`pr`nùr r`st` elnf un` tfc` `ss`nti`jj`.

DIsFmjIt `t DInmnF`B`nt e` jm prlt`FtIln slFImj`

Emvmntmk` `nflr` qu` sln ble` e` inmnf`b`nt, f`st j` niv`mu e` nltr`prlt`ftiln slfimj`, qui flneitilnn` j` plies e`s prjv`b`nts qui y slntm`fts, qui pls` muhlurecui prlajb`. Jm isfmjismtiln prlkr`ssiv` e`sr`sslurf`s e` jm prlt`ftiln slfimj`, eaut` e`puis j`s mnn`s =93?, nm qu`blerb`nt reuit j` plies e`s prjv`b`nts mssis sur j`s r`v`nus emftivit.F` plies qui pjmf` jm Drmnf` mux pr`bi`rs rmnks e` jPniln ùrlp`nn` b`t `n prij jm flbptitivit e` jflnlbi` rmnmis`.

F`tt` situmtiln m flneuit `nvismk`r eiv`rs sfnmrii e` amsfuj`b`nt eun`pmrti` e`s fltismtilns slfimj`s sur un` mssi`tt` mjt`rnmtiv`. Jmnmjys` blntr`tlut`lis qu` jm r`fc`rfc` eun` mssi`tt` birmfj` plur inmnf`r j`s ep`ns`sslfimj`s `st vmin`, tmnt qu` jm eriv` e` f`s e`rnir`s n` s`rm pms hukuj`.

DIsFmjIt jlFmj`

Inep`nembb`nt e`s flnsqu`nf`s e`s trmns`rts e` flbpt`nf`s, j`s

fljj`ftivits t`rritlrimj`s s` slnt nkmk`s e`puis pjusiùrs ef`nni`s emns unmffrliss`b`nt flnstmnt e` jùrs ep`ns`s. F` fcmpitr` r`vi`nt n pr`bi`r jiù


15/160

=0

rsuBs e`s fcmpitr`s

sur j`s mvmnf`s e` jm e`rnir` rlrb` e` jm isfmjit jlfmj`, tlut `n `n

slujiknmnt j`s emuts.

A`muflup r`st` mir` `t ij n` muermit pms mtt`ner` e`s mhust`b`nts e`r`f`tt`s quijs vi`nn`nt rkj`r e`s qu`stilns r`jmtiv`s mu niv`mu e`s ep`ns`s.Emns f` flnt`xt`, jm pr`bir` qu`stiln, lnemb`ntmj`, e`vrmit tr` f`jj` e` jmnf`ssmir` fjmriifmtiln e`s flbpt`nf`s e`s fljj`ftivits. Mu-e`j, j` flnstmte` jm eiv`rk`nf` `ntr` j` eynmbisb` e` jm ep`ns` slfimj` `t f`jui e`sr`sslurf`s e`s epmrt`b`nts n` pùt r`st`r smns rplns`, `t elit flneuir` inv`rs`r jm jlkiqu` qui vlujmit husqu prs`nt qu` j`s s`flne`s smhust`nt mux

pr`bir`s.

DIsFmjIt `nvIrlnn`B`ntmj` `t FlBptItIvIt

E` bb` qu` jm isfmjit `nvirlnn`b`ntmj` n` smurmit s` rsub`r jie`ntiifmtiln eun bmj `nvirlnn`b`ntmj s`rvmnt emssi`tt` un surfrlte` isfmjit, j` flbamt plur jm flbptitivit n`st pms emvmntmk` reuftiaj` muxsùjs rquijiarmk`s bmfrlflnlbiqu`s. Jm isfmjit `nvirlnn`b`ntmj` n` vis`pms j` r`ne`b`nt, bmis jtmajiss`b`nt eun` sri` einfitmtilns plursuivmnte`s lah`ftis ixs `n bmtir` e` ble`s e` prleuftiln t e` flnslbbmtiln nmfflre mv`f jm pris` `n flnsiermtiln e` jm rmr`t `t e` jm rmkijit e`sr`sslurf`s nmtur`jj`s. Jm rj`xiln sur jm flbptitivit n` s` alrn` pms r`f`ns`r j`s esquijiar`s emns j`s tmaj`mux e` inmnf`b`nt e`s eir`ntsmk`nts, bmis mpp`jj` `jj` mussi un` visiln strmtkiqu`, bly`n lu jlnkt`rb`, e`s mftilns infitmtiv`s b`ttr` `n pjmf` plur kuie`r jm Drmnf` sur uns`nti`r e` ev`jlpp`b`nt eurmaj` sur un` fc`jj` e` t`bps jlnku`.

F` fcmpitr` n` s` vùt un trmit`b`nt `xcmusti emufun e`s eùx elbmin`s. Ijinsist` sur jm nf`ssit eibariqu`r j`s eùx prlffupmtilns, nvirlnn`b`ntmj``t flbptitiv`, `t prfis` j`s fmrmftristiqu`s qu` elit melpt`r jm isfmjit`nvirlnn`b`ntmj` plur pmrv`nir f`t lah`fti.


16/160


17/160

=;

sYntcs` e`s prlplsitilns

Vyntcs` e`s prlplsitilns

IBpt sur j` r`v`nu `t FsK

_rlplsitil = 8 Mjikn`r j` tmux e` FVK sur j`s p`nsilns e` r`trmit` `t j` tmuxe` FVK mppjifmaj` mux r`v`nus emftivit.

_rlplsitil 1 8 Bi`ux eistinku`r j`s blemjits trmeitilnn`jj`s e` fmjfuj e`jibpt sur j` r`v`nu qui n` slnt pms e`s nifc`s isfmj`s .

_rlplsitil 6 8 vit`r un` ibplsitiln flntr`-prleuftiv` sur j`s cmuts r`v`nus.

DIsFmjIt e` jpmrKn`

_rlplsitil 5 8 Qtmajir j` prinfip` eun` isfmjit spfiiqu` sur j`s r`v`nuseu fmpitmj.

_rlplsitil 0 8 Flnstitu`r `t mvlris`r jm flbb`rfimjismtiln e` prleuitsepmrkn` jlnku` plur j`s bnmk`s.

_rlplsitil 4 8 Fr`r un supplrt epmrkn` plur inmnf`r j`s _B@.

_rlplsitil ; 8 Q`nlrf`r jpmrkn` smjmrimj`.


18/160

=3


_rlplsitil 3 8 Qeuir` flrrjmtiv`b`nt j`s mvmntmk`s r`jmtis e`s mutr`s

supplrts epmrkn`.

DIsFmjIt e`s `ntr`pr`nùrs

_rlplsitil 9 8 Vmnftumris`r j`s rkib`s mvlrmaj`s j`ntr`pr`nmrimt.

_rlplsitil =? 8 Qtmajir un` isfmjit sibpj` `t mttrmftiv` e`s pjus-vmju`s.

_rlplsitil == 8 Jibit`r j`s ``ts mnti-flnlbiqu`s e` jIVD.

DIsFmjIt `t DInmnF`B`nt e` jm prlt`FtIln slFImj`

_rlplsitil =1 8 Instmur`r un` rvisiln eu pribtr` e` jm prlt`ftiln slfimj`flbb` prmjmaj` tlut` rlrb` e` jm struftur` eìnmnf`b`nt e` jm sfurit slfimj`.

_rlplsitil =6 8 Mu-e`j eun niv`mu e` sljiemrit einir, trmnsr`r un`pmrti` e`s pr`stmtilns v`rs jm spcr` priv`, n r`nvlymnt mujiar` fclix e`s intr`sss jùrs mraitrmk`s `ntr` r`v`nuseir`fts `t eirs, flnslbbmtiln `t pmrkn`.

DIsFmjIt jlFmj`

_rlplsitil =5 8 Umx` ecmaitmtiln 8 smtt`j`r un` rvisiln e`s vmjùrsjlfmtiv`s ( r`ne`b`nt flnstmnt).

_rlplsitil =0 8 Q`v`nir sur jm fjmus` knrmj` e` flbpt`nf` e`s fljj`ftivitsjlfmj`s `t int`reir` j`s inmnf`b`nts frliss `ntr`fljj`ftivits, min einstmur`r un systb` isfmj pjustrmnspmr`nt `t pjus r`splnsmaj`.

_rlplsitil =4 8 _lur pmr`r jm pr`ssiln `x`rf` pmr j`s ep`ns`s slfimj`se`s epmrt`b`nts, privijki`r jmftiln sur jm ep`ns` `nbleujmnt f`s e`rnir`s jlfmj`b`nt pjutt qu` r`flurir mu


19/160

=9

sYntcs` e`s prlplsitilns

j`vi`r e`s r`f`tt`s pmr jmukb`ntmtiln e`s tmux lu

jinstmurmtiln e` nluv`mux prjv`b`nts

DIsFmjIt `nvIrlnn`B`ntmj` `t FlBptItIvIt

_rlplsitil =; 8 @nvismk`r flnhlint`b`nt j`s prlffupmtilns `nvirlnn`b`n-tmj`s `t flbptitiv`s, `n vitmnt e` eflbpls`r j`s plji-tiqu`s puajiqu`s `n eùx squ`nf`s fjlislnn`s , jun`plrtmnt sur jm flbptitivit, jmutr` sur j`s (es)infitmtilns

vis` `nvirlnn`b`ntmj`.

_rlplsitil =3 8 Instmur`r un` flntriautiln fjibmt n`rki` msslrti` eunfmj`neri`r freiaj` plur jm blnt` `n puissmnf` e` sln tmux`t flni`r jm et`rbinmtiln e` f` e`rni`r un` flbbissilninep`nemnt`.

_rlplsitil =9 8 _rlsfrir` tlut` `x`bptiln fmtklri`jj` lu s`ftlri`jj` qumnt jmssi`tt` e` f` prjv`b`nt, `n jùr privijkimnt e`sb`sur`s emie`s plsitiv`s sur e`s flnslbbmtilnsie`ntii`s flbb` eurmaj`s sur j` pjmn e` jm flbptitivitnmtilnmj` `t e` j`nvirlnn`b`nt. F`s b`sur`s plurrlntpr`ner` jm lrb` e` freits eibpt, inmnfs pmr jmr`stitutiln eun` pmrti` e`s r`f`tt`s ji`s jmukb`ntmtilne` jm isfmjit `nvirlnn`b`ntmj`.

_rlplsitil 1? 8 Dlrmitis`r, lu fiaj`r j`s situmtilns ineivieu`jj`s j`s pjus

fritiqu`s, t prvlir un eurfiss`b`nt prlkr`ssi e` f`s rkj`se` flbp`nsmtiln. Mutr`b`nt eit, j` e`kr e` flbp`nsmtilne`s ``ts e` jm flntriautiln fmraln` e`vrm eibinu`r unrytcb` supriùr f`jui e` jmukb`ntmtiln eu tmux e` jmflntriautiln.


20/160


21/160

1=

pmrti` i 8 iBpt sur J` r`T`nu `t fsK

_mrti` I. Ibpt sur j` r`v`nu `t FVK

rbFlntrmir`b`nt un` ie` rù`, f`st eslrbmis jm flntriautiln slfimj`knrmjis` (FVK) qui flnstitu` j` prinfipmj ibpt `n Drmnf` mv`f un prleuite` 3; Be` n 1?==, jlin e`vmnt jibpt sur j` r`v`nu (IQ__) st e` sùj`b`nt0= Be`. ]u`jqu`s rmpp`js sur f`s eùx ibpts.

Jibpt sur j` r`v`nu `st lrt`b`nt flnf`ntr sur j`s cmuts r`v`nus puisqu`j`s 1 % e` ly`rs isfmux j`s pjus miss lnt mfquitt `n 1?== 69 % eu prleuite` jibpt. F` pcnlbn` m t mff`ntu pmr j` fyfj` e` cmuss` qui, e`puis1?==, s`st flnf`ntr sur j`s cmuts r`v`nus (ibplsitiln mu amrb` e`s r`v`nuseu fmpitmj 7 frmtiln eun` trmnfc` suppjb`ntmir` 50 % nltmbb`nt). JmFVK, fr` `n =99= m, qumnt `jj`, p`rbis ejmrkir jmssi`tt` eu inmnf`b`nt

e` jm prlt`ftiln slfimj` `t vit e` j` mir` supplrt`r mux sùjs r`v`nusemftivit. Muhlurecui, jm FVK flbpt` e` bujtipj`s tmux `n lnftiln e`sr`v`nus ibplsmaj`s, f` qui m mffru sm flbpj`xit. @jj` r`st` nmnblins unibpt lrt r`ne`b`nt.

J`s prlh`ts e` usiln e` jIQ `t e jm FVK n` plursuiv`nt pms nf`ssmir`b`ntj`s bb`s lah`ftis 8 smkit-ij e` fr`r un krmne ibpt sur j` r`v`nu, prlkr`ssi`t `x`bpt e` nifc`s isfmj`s lu, mu flntrmir`, emppjiqu`r f`rtmin`sfmrmftristiqu`s e` jIQ jm FVK (prlkr`ssivit, mbijimjismtiln , nifc`s) =1mns)

=

0,0%

Eptpjmlnn(4=1??`)`ttmuxmebinistr(1,0%

binibub).J`r`trmitm

vmnt5mns`ntrmn`jmfjturèu_@J.

_rtibblaiji`ralnipmrjtmtslusflneitilnsmu

enlu`b`nt(=?mnsbmxibub).

_rjv`b`ntsslfimux

vmrimaj`ss`jlnemtèluv`rturèu_

@J.

F@J

=0,0%

?%

=

0,0%

Eptpjmlnn=06??`ttmuxmebinistr(=,10%`nm

vrij

1?=6).

Mutr`s(flbpt`s

t`rb

`,f`rtifmts,

alns)

=0,0%

IQlumflbpt`

15%**

V`jlnfms


52/160

01


Vupplrtepmrkn`

_rjv`b`nts

slfimux

*

_rjv`b`nts

sfmux

Ultmj

Flneitilns`tflbb`ntmir`s

_@_

=0,0%

IQlu_DJ

V`

jlnfms

Eptpjmlnn91???.

_DJe`60%mvmnt5

mns,e`=0%mvmnt3mns,e`;,0%

mvmnt=?mns.Mprs=

?mns,`xlnrmtilneibptbmispjus

mufunv`rs`b`ntn`stplssiaj`.Jmslrti``nr`nt``st`xln

r`

eibptmprs3mns.

J`_@_n`stpjusflb

b`rfimjise`puis1??5,sùjr`st`

j`nflurse`s_@_nln

fjturs.

Flb

pt`titr`s(=)8

eivie

`ne`s`tintrts

=0,0%

IQlumflbpt`

15%**

V`

jlnfms

Flb

pt`titr`s(1)8_T

e`f

`ssiln

=0,0%

IQlumflbpt`

=9%**

V`

jlnfms

E`puisj`=`r hmnvi`r1

?==,j`s_Tslntibplsmaj`smupr`

bi`r

ùrl(suppr`ssilneu

sùije`1036?,quimvmiteht

supprib`n1?=?pl

urj`sprjv`b`ntsslfimux).E`s

mamtt`b`ntsslntprvus`nlnftilne`jmeurèèt`n

tiln

80%

plurj`stitr`se

t`nuse`puispjuse`1mns,=?%

plurfùxet`nuse`

puispjuse`

5mns,pjus0%

pmrm

npmrtire`jm;`mnnèèt`ntiln.

_@M

=0,0%

IQlu_DJ

V`jln

mnfi`nn`t

_jmlnee`=61???.

Mprs0mns,`xlnrmtilne`_T`tslubismuxprjv`b`nts

slfimux.Mvmnt1mnseèt`ntiln,_Tibpls`s11,0%

7

=9%`ntr`1`t0mns

eèt`ntiln.


53/160

06

pmrti` ii 8 DisfmJit e` JpmrKn`

Vupplrtepmrkn`

_rjv`b`nts

slfimux

*

_rjv`b`nts

sfmux

Ultmj

Flneitilns`tflbb`ntmir`s

Mssurmnf`vi`

=0,0%

IQlu_DJ

V`jln

mnfi`nn`t

Qkib`vmrimaj`s`jln

emtèluv`rtur`._lurj`sflntrmts

luv`rtse`puis=9938mvmnt5mns,_DJe`60%7e`=0%

mvmnt3mns7mu-e`j,

_DJe`;,0%mprsmamtt`b`nte`

91??plurunflupj`.

J`sprjv`b`ntsslfimuxslnteslrbmisprj`vsfcmqu`

mnn`(mjlrsquijsn`jtmi`ntmupmrmvmntqumuenlu`b`

nt

euflntrmt).

_mrt

ifipmtiln`t

intr`ss`b`nt

=0,0%

?%

=

0,0%

J`sr`v`nus`tpjus-vm

ju`sslnt`xlnrseibptsif`s

slbb`sslntpjmf`s

surunpjmnepmrkn`smjmrimj`(_@@,

_@QFL,DF_@)p`nemntmublins0mns.IjsslnttmxsjIQ__

sinln.

J`smalne`b`ntsv`rssmuxsmjmrisn`slntpmsslubis`s

muxfcmrk`sslfimj`ss

lusunf`rtminpjmlne

(?%si:16??

73%mu-e`j),bmisslntmssuh`tti`s

jmFVK(;,0%),jm

FQEV(?,0%)`tmulrmitslfimj

e`1?%.

*E`=

1,=

%`

n1?=?,

j`sprjv`b`ntsslfimuxlnttprlkr`ssiv`b`ntplrts=

0,0

%`

nhuijj`t1?=1.

Ijssèflbpls`nteslrbmisminsi83,1plintse`FV

K,

?,0

e`F

QEV,

5,0plurj`prjv`b`ntslfimj,?

,6plurjmpr`bir`flntriautilnmeeitilnn`jj`muprjv`b`ntslfimj(fmnifuj`

),`t1plurjms`flne`(dnmnmntj`QV

M).

**Jm

plssiaijitelpt`rplurunprjv`b`

ntlrmitmir`jiarmtlir`(_DJ)mtsu

pprib``nJDI1?=6`tr`bpjmf`p

mrunbfmnisbèmflbpt`,smuplurj`s

fln

triaumaj`sp`rf`vmntblinse`1???

è

`r`v`nusepmrkn`.

_lurf`se`rn

i`rs,

jmflbpt`v`rss`rmflnsierfl

bbùn_DJ,

j`tmuxtmnte`15%p

lurj`s

intrts`te`1=%p

lurj`seivie`ne`s`t

j`spjus-vmju`se`f`ssiln(flntr`=9%

plurj`_DJmppjifmaj`muxtrlise`pu

isj`=`rhmnvi`r1?==).


54/160

05


Umaj`mu 6. Umu bmrkimu eibplsitil bmibmu mu =`r hmi`r 1?=6

F` tmaj`mu blntr` j`s tmux eibplsitiln bmrkinmux supriùrs pmr fmtklri` e`r`v`nus epmrkn` (eivie`ne`s, intrts, pjus-vmju`s). Ij smkit e`s tmux bmxibmuxmppjifmaj`s, qui n` ti`nn`nt pms flbpt` e` rkib`s erlkmtlir`s pluvmnt xist`remns j`s eir`nts pmys, qui ep`ne`nt pmrlis e` jm eur` e` et`ntiln (fms nDrmnf`, mux tmts-Pnis, mu Arsij `t mu Jux`balurk), pmrlis eu plurf`ntmk` e`fmpitmj lu e` erlits e` vlt` et`nu (Mjj`bmkn`, Itmji`, _mys-Ams), lu `nflr` e`j`xist`nf` e` rkib`s prl`ssilnn`js spfiiqu`s (flbb` j` eisplsiti mppjifmaj`mux `ntr`pr`nùrs `n Drmnf`, jibplsitiln e`s intrts mu Jux`balurk lu e`spjus-vmju`s `n Itmji`). Ijs flnstitu`nt nmnblins un ineifmtùr eu e`kr knrmj

e` pr`ssiln isfmj` `t e` jmttrmftivit eun pmys, j`s inv`stissùrs trmnk`rssmrrtmnt sluv`nt jlas`rvmtiln e` f` tmux bmrkinmj supriùr smns s`prlffup`r e` j`xist`nf` e` rkib`s erlkmtlir`s (qui slnt mv`f rmisln huksprfmir`s `t t`bplrmir`s, flbpt` t`nu e` jinstmaijit isfmj` qui j`s fmrmftris`).Ijs infju`nt `n r`vmnfc` j`s mamtt`b`nts e` erlit flbbun1=.

_mys Eivie`ne` Intrts _jus-vmju`sMjj`bmkn` 14,5 % 14,5 % 14,5 %Arsij ? % 11,0 % =0 %Fcin` 1? % 1? % 1? %@spmkn` 1; % 1; % 1; %tmts-Pnis 69,4 % 69,4 % 69,4 %Drmnf` 5?,1 % lu 55 %* 03,1 % lu 41 %* 03,1 % lu 41 %*Itmji` 1? % 1? % 1? %Hmpln 0=,1 % 1? % 1? %Jux`balurk 1=,1 % =? % 51,5 %_mys-Ams 10 % ? % 10 %

Qlymub`-Pni 6;,0 % 50 % 13 %* _lur j`s rè`vmaj`s e` jm flntriautiln e` 5 % sur j`s r`v`nus supriùrs 0?? ??? @ ( surtmx` Dijjln ).

Mufun krmne pmys ineustrimjis mu blne`, ni mufun b`rk`nt, nibplsèslrbmis j`s r`v`nus eu fmpitmj emvmntmk` qu` jm Drmnf`, clrbis j` tmuxeibplsitiln e`s eivie`ne`s `n vikuùr mu Hmpln.

1= _mr `x`bpj`, j` tmux eibplsitiln e`s eivie`ne`s `n Drmnf` `st lat`nu `n infjumnt jmamtt`b`nt e` 5? % quijùr `st mppjifmaj`, flbpt` t`nu e` =0,0 % e` prjv`b`nts slfimux (elnt 0,= % e` FVK eeuftiaj`) `t eunìbplsitiln 50 % jIQ__.


55/160

00


Umaj`mu5.

Lri`ntmtilne`jpmrkn`dinmnfir`pmrsupplrte`

pjmf`b`nt

V

upplrt

epmrkn`

Djuxmnnu`j

`n

ef`bar`

1?=1*

Djux

mnnu`j

(`n

%e

`s

dux

tltmux

ep

mrkn`)

@bpjli

Mvmntm

k`

sfm

j

Nub

rmir`

0,4Be`

;

,6%

Flnslbbmtilnflurmnt`8ijsmkiteun`pmrkn`tcsmuris`nlntrmnslrb`(aijj`ts,

pif`s,lr)

Nln

Jivr`ts`tF@J

54,5Be`

4?,=%

_lurj`sjivr`tsrkj`b`nts836%nmnf`ntjmflnstruftiln`

trcmaijitmtilneupmrf

jlfmtislfimj,4%e`slp

rmtilnse`rnlvmtilnuramin`.4%

nmnf`ntj`sinrmstruf-

tur`se`trmnsplrt(trmnsp

lrtsfljj`ftis,plrts`tJKT),j`sprlh`

tsibblaiji`rs

univ`rsitmir`s(pjmnfmbp

us)`tclspitmji`rs(pjmnCpitmj1

?=1

),jmbis``nflnlrbit

e`sinstmjjmtilnse`trmit`b`nte`s`muxus`s.0%slntflnsmfrsmur`nmnf`b`nt

eLsl(quimfflreè`s

prtsmux_B@`tkmrmntitjùrsfreits),usmk`plurj`qu`jslnt

spfiqu`b`ntdfcsj`slneseuJEE**.

_lurj`F@J8`ntclri`,

j`s`ftùribblaiji`rpuisqu`j`F@J

p`rb`telat`nirunprt

alnislnenlu`b`nt.@nprmtiqu`,sùj0,3%e`s`nflursslntflnv`rtis`nprts

ibblaiji`rs(1;%`n=9

94)***.J`F@Jnmelnfpjusvritma

j`b`nte`bpjli

spfiqu`.

_lurj`sjivr`tslreinmir`s

8pmse`bpjlispfiqu`

Lui Lui Nln

Ep

tsvu`

0,=Be`

N/M

_mse`bpjlispfiqu`

Nln

L_F

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tmir`s

3,6Be`

N/M

_mse`bpjlispfiqu`8

nmnf`j`bmrfcblntmir`(`ss`nti`jj`b`ntj`sAUDe`jtmt,

`ttitr`se`slfitsnmnfir`s)

Nln(smusi

jlkem

ns

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M)

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Elnn`sAmnquè`Drmnf`(flbpt`sdnmnfi`rse`sbnmk`s1?=1).

**Vl

urf`8Qmpplrtmnnu`jeuDlnesepmr

kn`surj`bpjlie`s`slnes,

1?==.

***VlurfÈK

Urslr,fit`pmrj`rmpplrt

IKDsurj`snifc`ssfmj`s`tslfimj`

ssurjpmrkn`(j`tmuxe`trmnsdlrb

mtiln`stflbbunmux_@J`tF@J).


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04


V

upplrt

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`nprtsibblaiji`rs(1;%`n=994)**.J`_@Jnmelnfpjusvritmaj`b`nt

e`bpjlispfiqu`.

_lurj`_@_8pmse`bpjlispfiqu`(`t`nflurse`xtinf

tiln)

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Lui

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e`

et`ntiln)

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surj`snifc`ssfmj`s`tslfimj`ssu

rjpmrkn`(j`tmuxe`trmnsdlrbmtiln`stflbbunmux_@J`tF@J).


57/160

0;


V

upplrt

epmrkn`

Djuxmnnu`j

`n

ef`bar`

1?=1*

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mnnu`j

(`n

%e

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luv`rminètmtse`jLFE@(elnt=1plintsjme`ttè`jm

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4%eublntmir`.Jmbmhlrite`smftise`ntr`prisèt`nusslnte`slajikmtilns

amnfmir`s**.

Lui

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N/M

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lns

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pjmf

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urf`8

Flure`sflbpt`s,

Qmpplrtpuajifsurjmssurmnf`vi`(pmrtireèlnn`sDDVM).


58/160

03


mnn`x` 1. j`s InFItmtIlns DIsFmj`s mu FmpItmj rIsqu`( hlur eu =`r hmnvI`r 1?=6)

i) JIVD _B@ 8 e`puis 1??;11, j`s rè`vmaj`s e` jIVD pùv`nt lat`nir un`reuftiln e` f`t ibpt (muhlurecui jibit` 0? % pjmlnns 50 ??? @)sijs jinv`stiss`nt eir`ft`b`nt emns un` _B@ nln flt`, lu ineir`ft`b`ntemns un` cljeink IVD lu un lnes (DI_-IVD lu DF_I-IVD). Pn qumrt euprleuit e` jIVD tmit flnsmfr f`t `bpjli (pjus e` ;?? B@ `n 1??3,1??9 `t 1?=?) mvmnt jm rlrb` e` f`t ibpt, e` jlrer` e` 61? B@ `n

1?=1.

ii) Jm reuftiln eIQ__ plur inv`stiss`b`nt eir`ft mu fmpitmj eun` _B@ (eit` Bme`jin )16, kmj` =3 % e`s v`rs`b`nts emns jm jibit` e` 1? ??? @plur un fjiamtmir` `t 5? ??? @ plur un flupj`15, plur un flt e`nvirln1?? B@ `n 1??9 `t =3? B@ `n 1?=1.

iii) Qeuftiln eIQ__ plur inv`stiss`b`nt emns un lnes, qui pùt tr` unlnes flbbun e` pjmf`b`nt emns jinnlvmtiln (DF_I)10 lu un lneseinv`stiss`b`nt e` prlxibit (DI_)14, plur un flt `n 1?=1 e`r`sp`ftiv`b`nt 40 B@ plur j`s DF_I `t 63 B@ plur j`s DI_ (elnt `nvirln3 B@ plur j`s DI_ `n Flrs`).

iv) Jm frmtiln `n =936 eun vcifuj` spfiiqu`, j` lnes flbbun e`pjmf`b`nt risqu` (DF_Q), elnt 0? % e` jmfti elit tr` inv`sti `n`ntr`pris`s nln flt`s. Vij n` anifi` pms eun` infitmtiln isfmj` j`ntr`, j`s pjus-vmju`s slnt `xlnr`s mu alut e` finq mns (bmis j` DF_Q

`st slubis mux prjv`b`nts slfimux).

11 Jli eu 1= mlt 1??; eit` jli U@_M.

16 Jli eu == vri`r =995.

15 0? ??? ` plur un fjiamtmir` `t =?? ??? ` plur un flupj` bmri si jinv`stiss`b`nt `st ``ftu emns un``ntr`pris` e` blins e` 0? smjmris, e` blins e` 0 mns, `t eun FM : =? B`.

10 Frs pmr jm jli e` nmnf`s plur =99;.14 Jli eu =`r mlt 1??6 plur jinitimtiv` flnlbiqu`.


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v) Ij xist` nin un` slfit e` fmpitmj-risqu` (VFQ1;), utijis` pjus rqu`bb`nt

e`puis 1??013. J`s eivie`ne`s p`rus t pjus-vmju`s rmjis`s n` slnt pmsibplss mu niv`mu e` jm VFQ (`xlnrmtiln eIV smu plur j`s lprmtilnsnln ji`s jmftivit flurmnt` e` jm slfit, flbb` jm v`nt` eun jlfmjibblaiji`r).

Jm JDI 1?=6 m `n lutr` pjmlnn j` anif` tir e`s reuftilns isfmj`s =? ??? `. J`s eisplsitis Bme`jin `t DI_-DF_I, qui inmnf`nt j`s `ntr`pris`s,slnt intkrs f` pjmlne, mjlrs qu` j`s nifc`s isfmj`s `n mv`ur e` jLutr`-b`r, eu jlk`b`nt `t eu finbm r`st`nt `n e`clrs e` f` pjmlne.

1; Lu VIFMQ, smns sm lrb` e` slfit unip`rslnn`jj`.

13 0? % e` sln mfti elit tr` inv`sti `n nln flt. Jm jli e` nmnf`s plur 1??0 m f`p`nemnt mutlris eintkr`remns f` qultm e`s slfits flt`s eun` fmpitmjismtiln : =0? B`.


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4?


mnn`x` 6. rDj`xIln sur un` rDlrB` e`ns`Baj` e`jm DIsFmjIt e` jpmrKn`

P` pist` flsist`rmit u` rlrb` e`s`baj` e` jm isfmjit e` jpmrk`,ems j` s`s e` jm ùtrmjit. _mrtmnt eu prinfip` qu`jj` m mttìnt un niv`mue` flbpj`xit invrmis`bajmaj`, r`nemnt eiifij`b`nt flbprc`nsiaj`s `tb`surmaj`s j`s flnsqu`nf`s e`s infitmtilns bis`s `n pjmf`, jm sljutilnflnsist`rmit tmx`r mu bb` tmux tlus j`s prleuits epmrkn`, qu`j qu` slitjùr mfti slus-hmf`nt. Jm isfmjit e` jpmrkn` e`vi`nermit tltmj`b`nt nùtr`,

j`s pmrknmnts rmjismnt ux-bb`s jùrs mraitrmk`s e` pjmf`b`nt, n lnftilne` jùr flntrmint` e` jiquieit `t e` jùr clrizln t`bplr`j, e` jùr mppt`nf`mu risqu` `t e` jùr r`fc`rfc` e` r`ne`b`nt.

Flbpt` t`nu e` jctrlknit `t e` jm flbpj`xit e` jm isfmjit e` jpmrkn` `nDrmnf`, f`tt` sljutiln flnstitu`rmit un aluj`v`rs`b`nt bmhùr. Ij n` mut f`p`nemntpms bflnnmtr` qu` f`rtmins pmys lnt bis n uvr` e`s rlrb`s sinspirmnt e`f`s prinfip`s, j`x`bpj` j` pjus prlfc` e` jm Drmnf` tmnt f`jui e`s _mys-Ams.

Jmppjifmtiln eun t`j prinfip` jm isfmjit e` jpmrkn` rmnmis` r`vi`nermit ibpls`r j`ns`baj` e`s r`v`nus e` jpmrkn` (y flbpris j`s pjus-vmju`s) surjintkrmjit e` jùr mssi`tt` un tmux uniqu`, elnt j` prleuit quivmuermit muxr`f`tt`s mftu`jj`b`nt knr`s pmr jùr ibplsitiln `t j`s prjv`b`ntsslfimux. F` tmux s`rmit e` jlrer` e` =;-=3 %. Ln plurrmit ibmkin`r eùxfmtklri`s emamtt`b`nt 8 un n mvùr e` jpmrkn` sur e`s supplrts ajlqus`n vu` e` jm r`trmit`, `t un mamtt`b`nt elnt j` flt quivmuermit jmeisfmjismtiln mftu`jj` e`s jivr`ts rkj`b`nts.

@jj` murmit jmvmntmk` e` flnstitu`r un` ruptur` rmeifmj` pmr rmpplrt jmsitumtiln mftu`jj`, emns jmqu`jj` j`s infitmtilns `t ep`ns`s isfmj`s rsujt`nteun` seib`ntmtiln cistlriqu`, smffubuj`nt smns flcr`nf` e`ns`baj`,inmnmnt mussi ai`n jm e`tt`, qu` jibblaiji`r, qu` j` finbm lu j`s lrts,rsujtmnt pmrlis e` jie`ntiifmtiln t eu trmit`b`nt eun vritmaj` prlajb` eìnmnf`b`nt emns un s`ftùr, `t sluv`nt e` jm sùj` r`nflntr` `ntr` un`vljlnt pljitiqu` `t un intrt flnstitu.


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Jm rlrb` e` jm dsfmjit e` jpmrk` mu _mys-Ams19

E`puis j` =`r hmnvi`r 1??=, jibplsitiln e`s r`v`nus eu fmpitmj e`s p`rslnn`spcysiqu` mu amrb` e` jIQ__ t jIVD lnt t r`bpjmfs pmr un` ibplsitilnlrmitmir` e` jm vmjùr n`tt` eu pmtriblin`. Jmssi`tt` n`st elnf pjusflbpls` e`s r`v`nus e` jpmrkn`, bmis e` jm vmjùr n`tt` eu pmtriblin`(titr`s, epts `t jivr`ts, ibblaiji`r, mssurmnf` vi`). Vùj`s j`s fltismtilnsmux lnes e` p`nsiln `t un mamtt`b`nt `n mvùr e` jmfquisitiln eunjlk`b`nt e`bùr`nt eeuftiaj`s e` jmssi`tt` tmxmaj`.

F`tt` vmjùr n`tt` `st et`rbin` flnv`ntilnn`jj`b`nt 8 jm jli prvlit qu`j` pmtriblin` lurnit un r`ne`b`nt mnnu`j e` 5 % ( ibpt nltilnn`j ). F`r`ne`b`nt `st tmx mu tmux uniqu` e` 6? % (tmux mamiss e`puis 10 %),f` qui r`vi`nt un tmux ``fti bly`n eibplsitiln eu pmtriblin` mutlure` =,6 %.

Eu plint e` vu` e` jquit dsfmj`, f`tt` rlrb` m r`nlrf jquitclrizlntmj` `n suppribmnt tlut` eistinftiln e` trmit`b`nt dsfmj, tlut` nifc``t elnf tlut` plssiaijit elptibismtiln dsfmj`. Emns un pr`bi`r t`bps,jquit v`rtifmj` s`st trluv` reuit` 8 jm prlkr`ssivit e` jibpt m rkr`sspuisqu` tlus j`s r`v`nus tmi`nt tmxs mu bb` tmux prlplrtilnn`j. @n1??4, un mamtt`b`nt lrmitmir` e` =9 ??? ` m t intrleuit mdn emssur`run `t rèistriauti n xlnrmnt j`s bnmk`s ble`st`s, t eintrleuir` unjb`nt e` prlkr`ssivit emns j` amrb` mu-e`j, r`nlrmnt minsi jquitv`rtifmj` eu eisplsiti.

19 jb`nts tirs e` A`rt Arys, Umx mraitrmk` in tc` N`tc`rjmnes, `vmjumtiln l tc` fmpitmj inflb` tmx r`lrb lhmnumry =st 1??= 8 Uina`rk`n institut` r`s`mrfc pmp`r.


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mnn`x` 5. FmrmFtrIstIqu`s e` jmssurmnF` vI`Jmssurmnf` vi`, qui pmr rmpplrt mux mutr`s supplrts `st j` prinfipmj prleuitepmrkn` jlnku` eisplniaj` `n Drmnf`, n` j`st f`p`nemnt pms mss`z plurinmnf`r j`s a`slins e` jlnk t`rb` e`s bnmk`s, flbb` un flbpjb`nt e`r`v`nu `n vu` e` jùr e` r`trmit` lu eun` v`ntu`jj` situmtiln e` ep`nemnf`.@n ``t, jinfitmtiln isfmj` `n mvùr e` jmssurmnf` vi` `st bmxibmj` mprscuit mns e` et`ntiln, jm eur` bly`nn` e` et`ntiln e`s flntrmts tmntjkr`b`nt supriùr` (+/ =? mns). Eu mit e` s`s fmrmftristiqu`s (fmpitmjkmrmnti plur j`s lnes ùrls qui r`prs`nt`nt 9? % e`s slusfriptilns, jiquieit

maslju` qui mutlris` jpmrknmnt r`tir`r j`s slbb`s qumne ij j` slucmit`),jmssurmnf` vi` mppmrmt emvmntmk` eu plint e` vu` e` jpmrknmnt flbb` unjivr`t epmrkn`, lu flbb` un prleuit utijismaj` mu blb`nt l ij prpmr` smsuff`ssiln.

_lur j`s k`stilnnmir`s e` lnes fljj`fts, jm jiquieit e` jmssurmnf` vi` j`sflntrmint ``ftu`r ùx-bb`s e`s pjmf`b`nts srs `t jiquie`s, f`st--eir``n prilrit e`s titr`s e` e`tt` puajiqu` lu e` krmne`s `ntr`pris`s, e` mln pluvlir kmrmntir j` fmpitmj e` jpmrknmnt `t jui mssur`r jm plssiaijit e` r`tir`rs`s lnes jlrsquij j` slucmit`.

Jmssurmnf` vi` fubuj` elnf tlus j`s mvmntmk`s eu plint e` vu` e` jpmrknmnt.F`st un pjmf`b`nt kmrmnti, jiquie`, pù isfmjis, qui p`rb`t e` flntlurn`r jèrlit e`s suff`ssilns lne sur j` ji`n bmtriblnimj lu jm ijimtilnbmis elntj` anifimir` n` p`rlit pms lrfb`nt j`s nlbarùx emuts. J` r`ne`b`nte` jmssurmnf` vi` (+/ 6 %) `st eslrbmis beilfr`, pìn` supriùr jinjmtiln, bmis ij r`st` mttrmfti plur j`s pmrknmnts pmr rmpplrt mux jivr`ts,

elnt j` tmux `st pmr mijjùrs rkj`b`nt plur f`rtmins e`ntr` ùx. Vurtlut,jmssurmnf` vi` ermin` e`puis e` nlbarùs`s mnn`s `ntr` eùx ti`rs `t ;0 %e`s jux epmrkn` inmnfir` e`s bnmk`s, jmnn` 1?=1 mppmrmissmnt flbbùn` `xf`ptiln mu r`kmre e` jm ef`nni` fluj` (14 % e`s jux). F`s lnesfljj`fts inmnf`nt jmrk`b`nt jm e`tt` puajiqu` (qui e`vrmit tr` reuit`) `t j`skrmne`s `ntr`pris`s (qui slnt suismbb`nt mttrmftiv`s plur mvlir mffs muxbmrfcs inmnfi`rs `t lnt blins a`slin e` f`tt` pmrkn`). Emns j` bb`t`bps, f`st mutmnt epmrkn` qui n`st pms utijis` plur inmnf`r j`s a`slinse` jlnk t`rb` e`s bnmk`s (r`trmit`s, ep`nemnf`), `t e`s _B@.


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pmrti` iii 8 DisfmJit e`s `ntr`pr`nùrs

_mrti` III. Disfmjit e`s `ntr`pr`nùrs

rbJ` _JD 1?=6 prvlymit qu` j`ns`baj` e`s kmins e` f`ssiln e` vmjùrsblaijir`s uss`nt eslrbmis ibplss mu amrb` prlkr`ssi e` jibpt sur j`r`v`nu. Dmf` mux inquitue`s xprib`s pmr j`s `ntr`pr`nùrs, j` prlh`t e` jlie` inmnf`s m t mb`ne sur trlis plints ibplrtmnts 8 un r`tlur mu systbè` tmxmtiln prmjmaj` plur j`s p`rslnn`s anifimnt eu rkib` e`s`ntr`pr`nùrs 7 un` mukb`ntmtiln e`s xlnrmtilns n fms e` rinv`stiss`b`nte` jm pjus-vmju` `t un` mukb`ntmtiln e`s mamtt`b`nts jis jm eur` eèt`ntiln e`s titr`s. Bmjkr f`t mbnmk`b`nt, j` rkib` instmur pmr j` _JD1?=6 r`st` trs ibpmrmit.

J`s flneitilns plur anifi`r eu rkib` e`s `ntr`pr`nùrs slnt nlbarùs`s

`t flntrmiknmnt`s 8 e` nlbarùx `ntr`pr`nùrs slnt e` mit `xfjus eu rkib` (j`s plrtùrs

eun prlh`t lrt` int`nsit fmpitmjistiqu` 7 j`s `ntr`pr`nùrs s` jmnmnt pjusiùrs emns un prlh`t lu `nflr` j`s bmnmk`rs qui rmfct`nt jùr`ntr`pris`) 7

jm eistlrsiln isfmj` `ntr` inv`stissùrs `ntr`pr`nùrs `t nln-`ntr`pr`nùrs `st susf`ptiaj` e`ntrmn`r e`s t`nsilns `ntr` msslfis 7

jm flbpj`xit e`bùr` puisqu` j`s pjus-vmju`s e` f`ssiln pùv`nt

r`j`v`r eun` qumrmntmin` e` rkib`s eir`nts 7


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j` niv`mu kjlamj r`st` trs mu-e`ssus e`s tmux prmtiqus emns j`s

prinfipmux pmys e` jLFE@.

J`s mnnlnf`s mit`s pmr j` _rsie`nt e` jm Qpuajiqu` jlrs e`s Mssis`s e`j`ntr`pr`nmrimt vismnt un` sibpjiifmtiln e` jm isfmjit e` j`ntr`pr`nùrvlnt emns j` aln s`ns bmis eliv`nt `nflr` tr` trmeuits emns j`s mits.

_mr mijjùrs, jIVD flnstitu` kmj`b`nt un siknmj nkmti mer`ss mux`ntr`pr`nùrs `t, pjus jmrk`b`nt, mux et`ntùrs e` fmpitmux susf`ptiaj`seinv`stir emns nltr` pmys. Mjlrs qu` sm flntriautiln mux r`f`tt`s auektmir`s

`t jm rèistriautiln `st surtlut sybaljiqu` (5 Be`) slit ?,0 % e`sprjv`b`nts lajikmtlir`s), ij pnmjis` jlure`b`nt jinv`stiss`b`nt. @n lutr`,ij tmx` pjus eur`b`nt j`s mftivits risqu`s flbb` j`ntr`pr`nùrimt qu` e`smftis pù frmtùrs e`bpjlis `t einnlvmtiln flbb` jm rsie`nf` prinfipmj`lu j`s uvr`s emrt.

Urlis prlplsitilns slnt ifi mvmnf`s 8

smnftumris`r j`s rkib`s mvlrmaj`s j`ntr`pr`nmrimt 7

rtmajir un` isfmjit sibpj` `t mttrmftiv` e`s pjus-vmju`s 7

jibit`r j`s ``ts mnti-flnlbiqu`s e` jIVD.


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=. jm jlI e` DInmnF`s 1?=6 m trs Dlrt`B`nt mjlureIjm DIsFmjIt e`s pjus-vmju`s BlaIjIr`s

=.=. J` prlh`t initimj eu kluv`rn`b`nt

Emns j` prlh`t e` jli e` inmnf`s initimj` plur 1?=6, j` kluv`rn`b`nt mvmitslucmit mjikn`r jm isfmjit eu fmpitmj sur jm isfmjit e`s r`v`nus eu trmvmij,nltmbb`nt plur jibplsitiln e`s pjus-vmju`s blaijir`s.

Mvmnt j` _JD 1?=6, j`s kmins e` f`ssiln e` vmjùrs blaijir`s `t e` erlitsslfimux e`s pmrtifuji`rs tmi`nt ibplss jibpt sur j` r`v`nu mu tmuxprlplrtilnn`j e` =9 % (prjv`b`nt lrmitmir` jiarmtlir`) muxqu`js smhlutmi`ntj`s prjv`b`nts slfimux (=0,0 % `n 1?=1) `t, plur j`s flntriaumaj`smssuh`ttis, jm flntriautiln Dijjln sur j`s cmuts r`v`nus e` 6 % lu 5 % `nlnftiln e`s r`v`nus.

J` _JD 1?=6 prvlymit qu` j`ns`baj` e` f`s kmins s`rmi`nt elrnmvmntibplss mu amrb` prlkr`ssi e` jIQ, mv`f un` trmnfc` bmrkinmj supriùr` 50 %.

J` fcmbp emppjifmtiln e` jm b`sur` plrtmit sur j`s lprmtilns suivmnt`s 8

jm f`ssiln e`s vmjùrs blaijir`s 7

jm f`ssiln lu j` rmfcmt e` erlits slfimux 7

jm f`ssiln lu j` rmfcmt e` titr`s eL_FTB e` fmpitmjismtiln lu e`

eistriautiln 7 jm f`ssiln e` pmrts e` slfits e` p`rslnn`s slubis`s jIQ__ plur j`s

flntriaumaj`s qui n`x`rf`nt pms emftivit prl`ssilnn`jj` nln smjmrièmns jm slfit 7

jm f`ssiln e` titr`s e` slfits prplnermnf` ibblaijir` slubis`s jibpt sur j`s slfits mfquis flbpt`r eu 1=/==/1??6 7

jm f`ssiln e` pmrts e` slfits e` fmpitmj-risqu` rmjis` pmr e`srsie`nts e` Drmnf`.


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@n r`vmnfc`, j`s eisplsitis spfiiqu`s mppjifmaj`s mux eirik`mnts e` _B@

pmrtmnt jm r`trmit`, minsi qumux mftilnnmir`s rinv`stissmnt un` pmrtsuastmnti`jj` e` jùr kmin emns un` `ntr`pris` (3? %) tmi`nt bmint`nus.

@nin, plur infit`r j`s flntriaumaj`s privijki`r un` pmrkn` jlnku`, ij tmitprvu e` fr`r un mamtt`b`nt prlplrtilnn`j `t prlkr`ssi `n lnftiln e` jmeur` e` et`ntiln e`s titr`s 8 0 % plur un` eur` e` et`ntiln e` eùx blins e` qumtr` mns, =? % plur un` eur` e` qumtr` mns blins e` s`pt mns,puis finq plints pmr mnn` e` et`ntiln suppjb`ntmir` mu-e`j e` jm sixib`mnn`, plur mttìner` 5? % jm eluzib` mnn`.

=.1. Jm blaijismtiln e`s `ntr`pr`nùrs mu trmv`rs eu bluv`b`nt e`s pik`lns m p`rbis emttnu`r j`s ``ts j`s pjus nkmtis eu _JD1?=6

Dmf` mux inquitue`s `xprib`s pmr j`s `ntr`pr`nùrs, j` prlh`t e` jli eìnmnf`s m t bleii pmr vli` emb`ne`b`nt sur trlis plints ibplrtmnts 8

j` r`tlur mu systb` e` tmmtil prmjmaj` plur j`s p`rsl`saifimt eu rkib` e`s tr`pr`ùrs, smvlir un tmux lrmitmir` e`=9 % sur j`s pjus-vmju`s muqu`j smhlut`nt j`s =0,0 % e` prjv`b`ntsslfimux `t, j` fms fcmnt, jm flntriautiln sur j`s cmuts r`v`nus e` 6 %lu 5 % 7

jmukb`tmtil e`s `lrmtils ` fms e` ri`stiss`b`t e` jmpjus-mju` 8 un r`plrt eibplsitiln (clrs prjv`b`nts slfimux) pùt

eslrbmis tr` mfflre si j` v`neùr s`nkmk` rinv`stir jm pjus-vmjuèmns un ejmi e` 15 blis (mu jiù e` 64) cmutùr emu blins 0? % (mujiù e` 3? %). F` r`plrt eibplsitiln smppjiqu` mu fms e` et`ntilnflntinu` e` pjus =? % eu fmpitmj eun` slfit p`nemnt j`s cuit mnsprfemnt jm f`ssiln 7

jmukb`tmtil e`s mamtt`b`ts jis jm eur` e` et`til. J`smamtt`b`nts smppjiqu`nt jlrs eu fmjfuj e` jibpt sur j` r`v`nu `t n`slnt pms pris `n flbpt` plur j`s prjv`b`nts slfimux. Jlah`fti tmnte` mvlris`r jm et`ntiln jlnku`, jmamtt`b`nt `st e` 8

? % plur un` eur` e` et`ntiln inriùr` eùx mns,


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1? % plur un` eur` e` et`ntiln flbpris` `ntr` eùx `t qumtr` mns,

6? % plur un` eur` e` et`ntiln flbpris` `ntr` qumtr` `t six mns, 5? % plur un` eur` e` et`ntiln supriùr` six mns.

Tlir tmaj`mu = `n mnn`x`.

=.6. J` rkib` eibplsitiln r`st` nmnblins inhust` `t in`fmf`

J` flbprlbis trluv emns j` fmer` e` jm jli e` inmnf`s 1?=6 r`st` plurtmnt

trs ibpmrmit.

@n ``t, j`s flneitilns plur anifi`r eu rkib` pjus mvlrmaj` e`s`ntr`pr`nùrs (prjv`b`nt lrmitmir` e` =9 % muqu`j smhlut`nt j`sprjv`b`nts slfimux `t jm flntriautiln sur j`s cmuts r`v`nus, slit un tmuxbmxibub e` 63,0 %) slnt nlbarùs`s `t flntrmiknmnt`s 8

j` rkib` smppjiqu` mux slfits mymnt un` mftivit flbb`rfimj`,ineustri`jj`, mkriflj`, mrtismnmj` lu jiarmj`, minsi qumux cljeinksmnibmtrif`s e` krlup`. Vlnt `xfju`s e` f` rkib` f`rtmin`s mftivitsflbb` jibblaiji`r 7

j`s titr`s fes eliv`nt mvlir t et`nus e` mln flntinu` p`nemnt j`sfinq mnn`s prfemnt jm f`ssiln 7

j`s titr`s fes eliv`nt r`prs`nt`r mu blins 1 % e`s erlits e` vlt` e`j`ntr`pris` jm emt` e` jm f`ssiln 7

f`s bb`s titr`s eliv`nt mvlir r`prs`nt, p`nemnt mu blins eùx mns

e` bmnir` flntinu`, mu flurs e`s eix e`rnir`s mnn`s, mu blins =? %e`s erlits e` vlt` e` jm slfit fe` 7

j` v`neùr elit mvlir `x`rf, e` bmnir` flntinu` mu flurs e`s finqmnn`s prfemnt jm f`ssiln, un` lnftiln e` eir`ftiln lu un` mftivitsmjmri` emns j`ntr`pris`. Jm rbunrmtiln e` f`tt` lnftiln elitr`prs`nt`r pjus e` 0? % e`s r`v`nus prl`ssilnn js eu v`neùr.


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J` fubuj e` f`s flneitilns r`ne trs r`striftiv` jm nltiln bb` e`ntr`pr`nùr,

f` qui jibit` `n prmtiqu` jintrt eun t`j eisplsiti, fmr `n slnt `xfjus 8

j`s plrtùrs eun prlh`t lrt` int`nsit fmpitmjistiqu`, qui nmurlnt tlutsibpj`b`nt pms j`s bly`ns e` kmre`r =? % eu fmpitmj plur e`bùr`risfmj`b`nt flnsiers flbb` e`s `ntr`pr`nùrs 7

j`s ntr`pr`nùrs s` jmnmnt pjusiùrs emns un prlh`t 8 plur j`s bb`srmislns, ijs n` plurrlnt pms nf`ssmir`b`nt tlus mvlir =? % mu blinseu fmpitmj 7

j`s lprmtilns e` bmnmk`b`nt auy lut (rmfcmt e` j`ntr`pris` pmr e`sbmnmk`rs), qui s`rlnt pnmjis`s pmr j`s fritr`s e` eur` e` et`ntiln 7

j`s ntr`pr`nùrs qui fr`nt un` ntr`pris`, puis n jmiss`nt jm eir`ftilnlprmtilnn`jj` un smjmri plur s` flnsmfr`r un` mutr` mftivit.

@n lutr`, jm eistinftiln `ntr` j`s inv`stissùrs `ntr`pr`nùrs `t nln-`ntr`pr`nùrs s`baj` `jj -bb` efmj` mu r`kmre e` jm vi` e`s `ntr`pris`s.Jmas`nf` e` nùtrmjit isfmj` pùt `ntrmn`r e`s eiv`rk`nf`s eintrt `ntr`j`s msslfis, `n lnftiln eu rkib` isfmj mppjifmaj`, fmr j`s fmrts e` tmuxeibplsitiln e`vi`nn`nt flnsiermaj`s, vmrimnt e` =9,0 % 41 % ! E` t`jj`seistlrsilns `ntr` j`s et`ntùrs eu fmpitmj eun` bb` `ntr`pris` pls`nt unr`j prlajb` fmr jj`s pùv`nt arluijj`r j`s mraitrmk`s e`s inv`stissùrs. Pn`f`ssiln plurrmit minsi tr` bpfc` lu r`tmre` inep`nembb`nt e` jintrte` j`ntr`pris`.

Mu tltmj, j`s pjus-vmju`s e` f`ssiln pùv`nt r`j`v`r eun` qumrmntmin` e`rkib`s eir`nts. @n rmisln eun` t`jj` flbpj`xit, flbb` f`jj` smppjiqumnt

jm nltiln e`ntr`pr`nùr, ij n`st pms rmr` qu` j`s mftilnnmir`s eun` ntr`prisìknlr`nt qu`j tmux ijs s`rlnt tmxs. F`tt` mas`nf` e` prvisiaijit st un rìninenimaj` jinv`stiss`b`nt `t p`rtura` j`s mraitrmk`s e`s mftùrsflnlbiqu`s.

J` i`mu eibplsitil e`s pjus-mju`s `st eslrbmis eflurmk`mt `t j`pjus j` ` @urlp`

J` fmpitmj `st un` mssi`tt` blaij , f`st--eir` mfij`b`nt ejlfmjismaj`. _lurf`tt` rmisln, jm pjupmrt e`s pmys e` jLFE@ lnt mit j` fclix eun trmit`b`nt


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isfmj eistinft e` f`jui e`s r`v`nus eu trmvmij, min e`nflurmk`r jinv`stiss`b`nt

`t j` ev`jlpp`b`nt flnlbiqu` e` jùr t`rritlir`. Jm Drmnf` s` sinkujmrisèslrbmis pmr sln rkib` eibplsitiln eu fmpitmj, flbpj`x` `t mux tmuxj`vs, bb` `n t`nmnt flbpt` e`s mamtt`b`nts. Vi jm isfmjit n`st pms j`sùj mftùr emttrmftivit flnlbiqu`, jfmrt e` tmux `st t`j (65 plints mv`fj` Qlymub`-Pni) qu` jm flbptitivit e` jm Drmnf` n` pùt qutr` pnmjis`(vlir tmaj`mu 1 `n mnn`x`).

Mv`f un tmux eibplsitiln vmrimnt e` 63,0 % 41 % (clrs fms e`s ntr`pr`nùrspmrtmnt jm r`trmit ), jm Drmnf` s` situ` emns tlus j`s fms trs n`tt`b`nt mu-

e`ssus e`s tmux prmtiqus emns j`s prinfipmux pmys e` jLFE@.

P rkib` eibplsitil istmaj`

Jlrsquun `ntr`pr`nùr fc`rfc` s` ev`jlpp`r, ij prs`nt` e`s pjmns eèv`jlpp`b`nt sur pjusiùrs mnn`s. Jinstmaijit isfmj` `st prhueifimaj` mufmjfuj flnlbiqu` rmjis pmr j`s inv`stissùrs 8 jj` mhlut` mu risqu` eu prlh`tun` inf`rtitue` isfmj` (qui lar` j` r`ne`b`nt e` jinv`stiss`b`nt), qui `stemutmnt pjus pnmjismnt` qu`jj` plurrmit tr` vit`. _lur n` pr`ner` qu` f`t`x`bpj`, jm rlrb` e` jibplsitiln e`s pjus-vmju`s `n JDI 1?=6 bleii` j`r`ne`b`nt n`t plur jinv`stissùr e` =? % 6? % s`jln j`s fms, pmr rmpplrtmu rkib` e` tmxmtiln mvmnt jm rlrb`, f` qui `st flnsiermaj` emns jmefisiln einv`stiss`b`nt `t plur jm r`ntmaijit e`s prlh`ts `n flurs. @nflbainmnt j`s sùijs e` fmpitmj `t e` e` et`ntiln prvus, `t j`s `x`bptilnsluv`rt`s pmr jm jli, un inv`stissùr pùt s` r`trluv`r mv`f pjus e` 5? situmtilnseibplsitiln (`t tmux) eir`nt`s. _lur f` qui flnf`rn` j` rkib` e` jIVD

_B@, ij m t bleii eix lis e`puis sm frmtiln (qui n` r`blnt` plurtmnt qu1??;).

E`s jb`ts plsitis eslrbmis jibits

@n epit e` sln eurfiss`b`nt rf`nt, jm isfmjit e`s `ntr`pr`nùrs flbplrt`tluhlurs e`s jb`nts mvlrmaj`s, qui slnt nltmbb`nt 8


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j` freit ibpt r`fc`rfc`6?, qui `st jun e`s pjus mvmntmkùx eu blne`

`t flnstitu` r`jj`b`nt un jb`nt emttrmftivit plur j`s f`ntr`s e`Q&E. Ij n` mut tlut`lis pms nkjik`r j` p`nemnt 8 jm isfmjit e`s r`v`nustirs e` jm prlprit int`jj`ftu`jj` r`st` pnmjismnt` n Drmnf` pmr rmpplrt s`s vlisins prlfc`s, e` slrt` quij `st tluhlurs plssiaj`, `n epit euFIQ, e` vlujlir vit`r un` jlfmjismtiln `n Drmnf` (lu e` ny jlfmjis`r qu`jm bmss` smjmrimj` (fc`rfcùrs) `t nln j`xpjlitmtiln flbb`rfimj` e`jinnlvmtiln) 7

j` stmtut e` jm hù` `tr`pris` ilmt`6=, qui `st trlp r`strifti bmistrs utij` plur j`s hùn`s `ntr`pris`s lrt` int`nsit fmpitmjistiqu`

(ailt`fcs, n`rki`s r`nluv`jmaj`s) 7 j` rkib` e`s als e` slusfriptil e` pmrts e` frmtùr e`tr`pris`61

qui m t prs`rv, `t qui slnt un instrub`nt ibplrtmnt plur msslfi`rprlkr`ssiv`b`nt j`s smjmris eun` ntr`pris` nluv`jj`b`nt fr`.

6? Ij smkit eun freit eibpt jIV lu jIQ kmj 6? % e`s ep`ns`s e` r`fc`rfc` inriùr`s lu kmj`s =??bijjilns eùrls, `t 0 % mu-e`j. _lur j`s `ntr`pris`s qui `n anfi`nt plur jm pr`bir` lis `t plur f`jj`squi n`n lnt pms anfi e`puis finq mns, f` tmux `st e` 0? % jm pr`bir` mnn` `t e` 5? % jm eùxib`mnn`.

6= Jlat`ntiln pmr un` _B@ eu stmtut e` H@I jui p`rb`t e` anfi`r e` nlbarùx mvmntmk`s sfmux `t slfimux 8`xlnrmtiln eibpt sur j`s anf`s, =?? % jm =r` mnn`, puis 0? % p`nemnt j`s 5 mnn`s suivmnt`s,`xlnrmtiln eibplsitiln lrmitmir` mnnu`jj` (IDM), `xlnrmtiln e` jm fltismtiln flnlbiqu` t`rritlrimj` (F@U) `te` jm tmx` lnfir` p`nemnt s`pt mns sur ejiarmtiln e`s fljj`ftivits jlfmj`s, xlnrmtiln slus flneitilns e`spjus-vmju`s e` f`ssiln e` pmrts lu mftilns, `xlnrmtiln ekr`ssiv` sur s`pt mns e` fcmrk`s slfimj`s plurf`rtmin`s fmtklri`s e` p`rslnn`j.

61 J`s alns e` slusfriptiln e` pmrts e` frmtùr e`ntr`pris` slnt bis mu prlt e` smjmris qui pmrtifip`nt e`smukb`ntmtilns e` fmpitmj e`s _B@ fr`s e`puis blins e` =0 mns `t et`nu`s pjus e` 10 % pmr e`sp`rslnn`s pcysiqu`s F`s alns slnt inf`ssiaj`s `t j`s kmins rmjiss jlrs e` jm f`ssiln e`s titr`s mfquis mu

bly`n e` f`s alns anfi`nt qumnt ùx eun rkib` sfmj `t slfimj e` mvùr 8 `xlnrmtiln si j` blntmntmnnu`j e`s f`ssilns n`xfe` pms =0 ??? ùrls `t sinln 1; % lu 5= % si j` smjmri m blins e` trlis mnsemnfi`nn`t emns j`ntr`pris` mu blb`nt e` jm f`ssilns e`s titr`s (slurf` 8 T`rnibb`n.n`t).


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1. j` prlh`t e` rDlrB` Issu e`s mssIs`s e` j`ntr`-pr`nùrImt mpplrt` un pr`BI`r mjjK`B`nt quIelIt `nFlr` tr` FlnFrtIs

J` prlh`t e` rlrb` prs`nt pmr j` _rsie`nt e` jm Qpuajiqu` n flnfjusilne`s Mssis`s e` j`ntr`pr`nùrimt `n mvrij 1?=6 prs`nt` trlis krmne`sfmrmftristiqu`s 8

jm knrmjismtiln e` jibplsitiln mu amrb` e` jIQ 7

jmukb`ntmtiln e`s mamtt`b`nts mppjifmaj`s, prlkr`ssis `n lnftiln e`jm eur` e` et`ntiln 7

un` r`jmtiv` sibpjiifmtiln, mv`f jm frmtiln e` eùx rkib`s uniqu`s.

_mr rmpplrt mu systb` mftu`j, j` bminti`n eun` ibplsitiln lrmitmir` plurj`s `ntr`pr`nùrs e`vrmit elnf eispmrmtr` einitiv`b`nt.

@n suastitut s`rmi`nt frs eùx rkib`s e` rr`nf`, fmrmftriss pmr jmbb` ibplsitiln mu amrb` bmis mv`f e`s mamtt`b`nts eir`nts sur j`spjus-vmju`s e` f`ssiln 8

j` rkib` e` erlit flbbun, mv`f un` pjus-vmju` ibplsmaj` mu amrbè` jIQ `t e`s mamtt`b`nts jis jm eur` e` et`ntiln 7

j` rkib` infitmti, qui r`pls` sur j` bb` prinfip` bmis mv`f e`smamtt`b`nts pjus j`vs. F` rkib` smppjiqu`rmit mux f`ssilns e` titr`se` _B@ e` blins e` =? mns, mux f`ssilns intrmmbijimj`s, mux f`ssilnse` pmrts eun` hùn` `ntr`pris` innlvmnt` `t mux pjus-vmju`s `n fmsepmrt jm r`trmit` eu eirik`mnt (vlir tmaj`mu 6 `n mnn`x`).

@nin, j`s `ntr`pr`nùrs qui fe`nt jùr `ntr`pris` plur pmrtir jm r`trmitànifi`rmi`nt eun mamtt`b`nt flbpjb`ntmir` e` 0?? ??? ùrls sur j`blntmnt e` jùr pjus-vmju`.

@n bmtir` isfmj`, ij `st prrmaj` e` tmx`r un` mssi`tt` jmrk` pmr un tmuxmss`z ams. J` systb` mftu`j flneuirm jm situmtiln xmft`b`nt inv`rs` 8 e`stmux j`vs bmis sur un` mssi`tt` trlit`, fmr husqu 30 % e` jm pjus-vmju` e`

f`ssiln fcmpp`rm jm tmxmtiln mu-e`j e` cuit mns e` et`ntiln emns j`rkib` infitmti.


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_mr mijjùrs, jibplsitiln mu amrb` e` jIQ r`st` prlajbmtiqu` `n t`rb`s e`

prvisiaijit, fmr vmrimaj` eun` mnn` sur jmutr` `n lnftiln e`s r`v`nus. J`smftilnnmir`s n` pùv`nt elnf mntifip`r pmr mvmnf` j` blntmnt e` jùribplsitiln, flbb` ftmit mupmrmvmnt j` fms mv`f j` prjv`b`nt lrmitmir`jiarmtlir`.

Ij mut `nin r`st`r prue`nt sur f`s mnnlnf`s, qui nlnt pms t trmeuit`s emnsj`s t`xt`s jkisjmtis t rkj`b`ntmir`s. J`s eamts pmrj`b`ntmir`s jmutlbn`1?=6 sur j` _JD 1?=5 plurrmi`nt minsi bleii`r j` flnt`nu e` f`s nluv`jj`sb`sur`s.

6. jIBpt sur jm Dlrtun` r`st` un cmneIFmp plur jèv`jlpp`B`nt e` j`ntr`pr`nùrImt `n DrmnF`

Jibpt sur jm lrtun` flnstitu` mv`f jibplsitiln e`s pjus-vmju`s un siknmjnkmti mer`ss mux ntr`pr`nùrs t, pjus jmrk`b`nt, mux et`ntùrs e` fmpitmuxsusf`ptiaj`s einv`stir emns nltr` pmys. Mjlrs qu` sm flntriautiln mux r`f`tt`sauektmir`s `t jm rèistriautiln `st surtlut sybaljiqu`, ij pnmjis`jinv`stiss`b`nt t elnf j`bpjli t jm frlissmnf`. @n lutr`, ij tmx` pjus eur`b`ntj`s mftivits risqu`s flbb` j`ntr`pr`nùrimt qu` e`s mftis pù frmtùrse`bpjlis `t einnlvmtiln flbb` jm rsie`nf` prinfipmj` lu j`s uvr`s emrt.

6.=. J`s prinfip`s e` jIVD 8 mssi`tt` trlit`, tmux j`v, r`ne`b`nt miaj`

J`s krmne`s fmrmftristiqu`s e` jIVD slnt e`bùr`s pr`squ` infcmnk`shusqu muhlurecui 8 jibpt `st mfquitt pmr ly`r isfmj `t `st e pmr j`ssùj`s p`rslnn`s pcysiqu`s mymnt jùr elbifij` isfmj `n Drmnf` rmisln e`tlus jùrs ai`ns66, quijs sli`nt situs sur j` t`rritlir` nmtilnmj lu `n e`clrs,

66 J`s ai`ns `n qu`stiln slnt, `ntr` mutr`s, j`s suivmnts 8 ibbùaj`s nln atis, ibbùaj`s atis, ibbùaj`s `nflurs e` flnstruftiln, erlits r`js ibblaiji`rs, mftis nf`ssmir`s j`x`rfif` eun` prl`ssiln jiarmj` n`prs`ntmnt pms j` fmrmftr` e`s ai`ns prl`ssilnn`js, erlits e` prlprit ineustri`jj`, bùaj`s, alns e` fmiss`,

alns e` fmpitmjismtiln `t tlus titr`s e` bb` nmtur`, pmrts slfimj`s, pmrts e` lnes flbbun e` pjmf`b`nt `tvmjùrs blaijir`s flt`s lu nln flt`s, epts, frmnf`s, vlitur`s, mutlblaij`s, bltlfyfj`tt`s, amt`mux,mvilns, fc`vmux, aihlux `t btmux prfiùx.


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jlrsqu` jm vmjùr tltmj` eu pmtriblin` (n`t e`s e`tt`s) `st supriùr` mu sùij

e` jm pr`bir` trmnfc` eu amrb`, slit 3?? ??? ` `n 1?=? `t =,6 B``n 1?== `t nluv`mu 3?? ??? ` `n 1?=6.

Vlnt xlnrs e` jmssi`tt` e` jIVD j`s lah`ts emntiquit, emrt lu e` fljj`ftiln,j`s erlits e` jm prlprit jittrmir` lu mrtistiqu`, j`s erlits e` jm prlpritineustri`jj`, j`s r`nt`s, p`nsilns `t ine`bnits, minsi qu` j`s ai`nsprl`ssilnn`js. Fùx-fi slnt einis flbb` j`s ai`ns nf`ssmir`s j`x`rfif` titr` prinfipmj eun` prl`ssiln, j`s pmrts lu mftilns e` slfits65, f`rtminsai`ns rurmux60 `t `nin, slus f`rtmin`s flneitilns, j`s jlfmux ecmaitmtiln

jlus bùajs. @nin, jm rsie`nf` prinfipmj` mit jlah`t eun mamtt`b`nt plrte` 1? % 6? % e`puis jm jli eit` U@_M eu 1= mlt 1??;.

jm eir`nf` e` jibpt sur j` r`v`nu, j` amrb` n` smppjiqu` pms pmr pmrtisfmj` bmis sur j` blntmnt tltmj eu pmtriblin` eu ly`r. Jm rlrb` e` jIVDvlt` pmr jm bmhlrit prfe`nt` malutissmit un sùij eibplsitiln r`j`v e`3?? ??? ` =,6 B` `t jm frmtiln eun amrb` prvlymnt un` tmxmtiln mupr`bi`r ùrl ?,10 % plur j`s pmtriblin`s flbpris `ntr` =,6 B` `t 6 B`,`t ?,0 % plur j`s pmtriblin`s kmux lu supriùrs 6 B`.

F`tt` rlrb` m t mnnuj` `t un amrb` prlkr`ssi m t rtmaji plur 1?=6,mjjmnt e` ?,0 % plur jm pr`bir` trmnfc` =,0 % plur jm e`rnir` (vlir tmaj`mu5 `n mnn`x`).

Ij `st ibplrtmnt e` flbpr`ner` qu` jIVD tmx` j` pmtriblin`, inep`nembb`nte`s r`v`nus knrs pmr f` bb` pmtriblin` (qui slnt ùx-bb`s, j` fms

65 J`s flneitilns e`xlnrmtiln e`s pmrts `t mftilns ep`ne`nt e` jm lrb` e` jm slfit, bmis emns tlus j`s fms,jm slfit elit mvlir un` mftivit ineustri`jj , flbb`rfimj`, mkriflj`, mrtismnmj` lu jiarmj`. J`s pmrts e` slfitse` p`rslnn`s slnt `xlnr`s eIVD si jùr prlpritmir` `x`rf` emns f`tt` slfit sln mftivit prl`ssilnn`jj`prinfipmj`. _lur j`s pmrts lu mftilns e` slfits slubis`s jibpt sur j`s slfits, j`xlnrmtiln st slubis` trlis flneitilns fubujmtiv`s8 j` prlpritmir` e`s titr`s lu un b`bar` e` sln ly`r (mu s`ns e` jIVD) elit `x`rf`r e`s lnftilns e` eirik`mnt 7 jm rbunrmtiln e` f`tt` lnftiln elit r`prs`nt`r pjus e` jm bliti e`s r`v`nus prl`ssilnn`js eu eirik`mnt 7 j` eirik`mnt elit et`nir mu blins 10 % eu fmpitmj e` jm slfit. _lur mpprfi`r f`s 10 %, slnt pris `n flbpt`

j`s titr`s et`nus pmr j` ly`r bmis mussi fùx et`nus pmr j` krlup` mbijimj (msf`nemnts, fljjmtrmux) lu pmrjint`rbeimir` eun` slfit int`rpls`. Vi j` sùij e`s 10 % n`st pms mttìnt, j`s titr`s et`nus pmr j` eirik`mntpùv`nt tr` flnsiers flbb` prl`ssilnn`js sijs r`prs`nt`nt pjus e` 0? % e` jm vmjùr arut` e` slnpmtriblin`.

60 J`s ai`ns rurmux `xpjlits pmr jùr prlpritmir` lu elnns amij jlnk t`rb` (f` e`rni`r fms `st un` erlkmtiln jm nltiln e` A_ 8 puisqu` f`s t`rr`s slnt jlu`s, jùr prlpritmir` n`x`rf` pms sln mftivit e`ssus).


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fcmnt, tmxs). Minsi, un pmtriblin` supriùr 3?? ??? ` `st tmx bb`

sij n` knr` pms e` r`v`nus lu e` pjus-vmju`s plur sln et`ntùr.

J` prleuit e` jIVD m t bujtipji pmr 1,4 `ntr` =99; `t 1??3, j` nlbar` e`rè`vmaj`s tmnt jui bujtipji pmr pr`squ` trlis (e` =;3 ??? 044 ???), `tf` `n rmisln e` jm cmuss` e`s prix ibblaiji`rs `t e`s vmjùrs blaijir`s surf`tt` prile`. J`s eùx pr`bir`s trmnfc`s r`prs`nt`nt un pù pjus e` 39 %e` j``fti kjlamj e`s rè`vmaj`s t pjus e` 4; % eu pmtriblin` tmxmaj` tltmj.Lr, `n epit e` f`tt` mukb`ntmtiln eu nlbar` e` flntriaumaj`s, j` prleuit e`jIVD r`st` miaj` 8 j`s r`f`tt`s e` jIVD, qui r`prs`ntmi`nt 5,5 Be` `n 1??;,

s` slnt tmaji`s 6,=6 Be` `n 1??9. _lur 1?=6, jmppjifmtiln eu nluv`muamrb` e`vrmit knr`r un prleuit eun pù pjus e` 5 Be`.

J``t rèistriauti e` f`t ibpt `st elnf ble`st` 8 emns jm b`sur` l jIVDr`prs`nt` blins e` ?,0 % e`s prjv`b`nts lajikmtlir`s, sm flntriautiln jm prlkr`ssivit eu systb` isfmj `st pjus sybaljiqu` qu` r`jj`.

6.1. Pn ibpt qui nuit jmttrmftivit sfmj` e` jm Drmnf`

u kii f

Jm prlkr`ssivit eu amrb` ibpjiqu` qu` pjus j` blntmnt eu pmtriblin` `stj`v `t pjus f`jui-fi `st r`ntmaj`, f` qui r`st` eblntr`r. E` pjus, j`spmtriblin`s j`s pjus j`vs slnt sluv`nt pjus jiquie`s `t pjus mfij`b`ntejlfmjismaj`s 8 jm prlkr`ssivit eu amrb`, qui m e`s hustiifmtilns `n t`rb`s

equit, slppls` elnf jm tclri` flnlbiqu` qui prflnis` e` blis tm`rj`s mssi`tt`s j`s pjus blaij`s.

Emns jm e`rnir` trmnfc` eu amrb`, j` fmpitmj elit ekmk`r un` r`ntmaijitmnnu`jj` clrs injmtiln supriùr` =,0 % plur bmint`nir sm vmjùr. E`puis jmfrmtiln e` jibpt, j`s tmux lnt pù mukb`nt `n vmjùr nlbinmj` bmis pjuslrt`b`t ` t`rb`s r`js. Mu blb`nt e` jm frmtiln e` jIKD `n =93=, j`tmux e` jm e`rnir` trmnfc` tmit minsi =,0 %, flbb` muhlurecui. Ulut`lis,rmpplrts mu tmux einjmtiln (==,3 % `n =931, flntr` 1 % `n 1?=1), lu

`nflr` mu tmux e` rbunrmtiln e`s `bprunts etmt jlnk t`rb` (`nvirln=4 % `n =931, flntr` =,9 % plur j` tmux =? mns `n bmi 1?=6), j`s tmux


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mppjiqus r`jv`nt e` mit un` mukb`ntmtiln e` jm pr`ssiln r`jmtiv` e` jIVD sur

j`s bnmk`s rè`vmaj`s.

u if fbiii dif

Jm qu`stiln jm pjus s`nsiaj` st f`jj` e` jm p`rt` e` ams` tmxmaj` ji` mu epmrte` flntriaumaj`s v`rs e`s pmys bliner` isfmjit eu fmpitmj. Bb` si j`selnn`s slnt un pù mnfi`nn`s, j`s tmaj`mux 0 `t 4 e` jmnn`x`, issus eunrmpplrt eu F_L64 r`st`nt ijjustrmtis.

Vur j`s qumtr` mnn`s tuei`s, f` slnt elnf 1 550 rè`vmaj`s e` jIVD,r`prs`ntmnt ;,3 Be` e` pmtriblin`, qui lnt quitt j` t`rritlir` nmtilnmj. Ij `sttlut`lis ibplssiaj` e` smlir si f`s epmrts lt u ji` eir`ft lu ieir`ftm`f jìst`f` e` jIVD, bb` sij n` flnstitu` smns elut` pms un mftùrmvlrmaj` emns j` fclix e` jlfmjismtiln eu fmpitmj. E` bb`, e`s flntriaumaj`smssuh`ttis jIVD lnt pu pmrtir puis r`v`nir `n Drmnf` (pmr `x`bpj` emns j` fmseun` blaijit prl`ssilnn`jj`), e` t`jj` slrt` quij `st btcleljlkiqu`b`nttrs flbpjiqu evmju`r jm p`rt` e` ams` tmxmaj` n`tt` e`puis jm frmtiln e`f`t ibpt.

u ib kib ib k

_jusiùrs pmys lnt supprib jùr ibplsitiln sur j` stlfg e` fmpitmj, sluv`nt`n flntr`pmrti` eun` mukb`ntmtiln e` jibpt sur j`s cmuts r`v`nus.Eir`nt`s rmislns lnt hustii f`s suppr`ssilns 8

j`s uit`s e` fmpitmux `n flnlbi` luv`rt` 7 j`s risqu`s eistlrsis emns j`s fclix emjjlfmtiln eu fmpitmj 7

j` rmtil r`ne`b`nt/flt e` k`stiln e` jibpt (mux _mys-Ams, j`s rmis e`k`stiln r`prs`ntmi`nt 14 % eu prleuit e` jibpt f` qui m hustii jmsuppr`ssiln). @n Drmnf`, j`s rmis e` k`stiln e` jIVD sjv`rmi`nt unpù blins e` =?? B` 7

64 Flnsìj e`s prjv`b`nts lajikmtlir`s, J` pmtriblin` e`s bnmk`s, 1??9.


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j`s prlajb`s equit emns jm vmjlrismtiln e`s eir`nt`s fmtklri`s

emftis (`x. 8 mftis inmnfi`rs `t ai`ns ibblaiji`rs).

Emns j` fms e` jMjj`bmkn`, jm suppr`ssiln e` jibpt sur jm lrtun` `stint`rv`nu` `n =99; mprs un` efisiln e` jm Flur flnstitutilnn`jj` ermj`sur f`s flnsiermtilns equit 8 j` pmtriblin` ibblaiji`r tmit minsi vmju sure`s ams`s fmemstrmj`s lasljt`s, frmnt un` eistlrsiln mv`f j`s et`ntùrsemftis inmnfi`rs. Flnflbitmbb`nt, j` tmux e` jm trmnfc` bmrkinmj` e`jibpt sur j` r`v`nu m t r`j`v 50 %.

@n Itmji`, jibpt sur jm lrtun` e`s pmrtifuji`rs `st e`v`nu un ibpt jlfmj quis`st suastitu jmnfi`n ibpt sur jmukb`ntmtiln e` jm vmjùr e`sibbùaj`s `t flnf`rn` tlus j`s ai`ns ibblaiji`rs, j`xf`ptiln e` jmrsie`nf` prinfipmj` qui `st `xlnr`. J` tmux eibplsitiln `st miaj` `t vmriè` ?,5 % ?,; % s`jln j`s rkilns.

J`s tmts-Pnis lnt supprib `n 1??; jùr ibpt sur j` stlfg e` fmpitmj qui`xistmit e`puis =95;. _lur mutmnt, e`s bunifipmjits t e`s flbts flntinu`ntemppjiqu`r un ibpt sur jm prlprit (prlp`rty tmx) qui jùr lurnit j`ss`nti`je` jùrs r`sslurf`s 7 f`t ibpt rmpp` surtlut j`s ai`ns ibblaiji`rs, bmismussi j`s ai`ns blaiji`rs `t j`s mftis inmnfi`rs. F`tt` ibplsitiln `st mssis`sur jm vmjùr vnmj` e`s ai`ns `t nln sur jm vmjùr jlfmtiv`.

Vi jm t`nemnf` knrmj` `st jm suppr`ssiln e`s ibplsitilns sur jm et`ntilneu pmtriblin`, e` lbarù pmys tm`t ` r`mfc` spfiiqu`b`t `tpr`squ` `fjusi`b`t jm pmrt ibblaijir` eu pmtribli` etù, qui pmreiitil ` pùt tr` jlfmjis` mijjùrs. Minsi, mu Qlymub`-Pni, jm Flunfij

tmx mttìknmit 11 bijjimres e` jivr`s. J`s tmts-Pnis, j` Fmnmem, j` Hmpln lu`nflr` jm Dinjmne` lnt e`s blej`s prlfc`s.

u b iid 8 IsD pB`

Jm jli U@_M e` 1??; m fr un` reuftiln eibpt mu titr` e` jIVD plur j`sslbb`s inv`sti`s emns e`s _B@ nln flt`s. Jm reuftiln tmit e` ;0 % e`sslbb`s inv`sti`s emns jm jibit` e` 0? ??? `. Jun` e`s miaj`ss`s ie`ntii`s

emns jflnlbi` rmnmis` tmnt jm miaj`ss` `n lnes prlpr`s e`s _B@, f`ttìnfitmtiln isfmj` hlu` un rj` plsiti. @jj` mvlris` kmj`b`nt j` inmnf`b`nt e`


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j`ntr`pr`nùrimt. E`puis 1?==, j` rkib` m t eurfi `t jm reuftiln eibpt

`st eslrbmis pjmlnn` 0? % emns jm jibit` e` 50 ??? `. Flbpt` t`nu e`s`s `ts plsitis sur j` inmnf`b`nt e` j`ntr`pr`nùrimt, f` eisplsiti e`vrmittr` smnftumris.

5. pIst`s FlBpjB`ntmIr`s e` rDlrB` 8 `nFlurmK`rj`s mFtIvIts rIsqu`s mu etrIB`nt e`s r`nt`s

Jm isfmjit ji` j`ntr`pr`nùrimt elit `nflurmk`r j`s mftivits risqu`s,flbb` jm frmtiln e`ntr`pris`s, qui slnt frmtrif`s e` vmjùr `t e`bpjlisplur nltr` pmys. Ij st r`kr`ttmaj` qu` j`s mvmntmk`s isfmux j`s pjus ibplrtmntsanifi`nt n Drmnf` emvmntmk` e`s situmtilns flnstitu`s qu e`s mftivitsinnlvmnt`s qui fr`nt e` jm rifc`ss` `t e` j`bpjli (vlir j` fcmpitr` sur jmisfmjit e` jpmrkn`). _lur flnfiji`r f`t lah`fti mv`f j` nf`ssmir` ibprmtie` rtmajiss`b`nt e`s flbpt`s puajifs, qui jibit` j`s bmrk`s e` bmnuvràuektmir`s, eùx pist`s e`vrmi`nt tr` `xpjlr`s 8

_rlplsitil = 8 Vmftumris`r j`s rkib`s mlrmaj`s j`tr`pr`ùrimtJ` rkib` isfmj rmnmis eispls` e` qu`jqu`s jb`nts mvlrmaj`s jm frmtilne`ntr`pris`s qui, emns j` flnt`xt` mftu`j, eliv`nt ibprmtiv`b`nt tr`smnftumriss. F`s eisplsitis slnt nltmbb`nt 8

j` stmtut e` jm Hù` `tr`pris` ilmt` , elnt j`s flneitilns slnttrlp r`striftiv`s, e` slrt` quij n` anifi` qu un p`tit nlbarè`ntr`pris`s (prinfipmj`b`nt f`jj`s qui slnt trs int`nsiv`s `n Q&E,

f`st--eir` j`s ailt`fcs, lu j` s`ftùr e`s n`rki`s r`nluv`jmaj`s). J`stmtut e` jm H@I e`vrmit tr` jmrki plur anifi`r emvmntmk` e`ntr`pris`sinnlvmnt`s (nltmbb`nt emns j` s`ftùr eInt`rn`t, lu e`s s`rvif`s pmr`x`bpj`) 7

j` rkib` e` jIVD _B@ hlu` muhlurecui un rj` et`rbinmnt emns j`sj`v`s e` lnes. Eu mit e` jinfjusiln e`s slusfriptilns DI_ DF_I emnsj` pjmlne e`s nifc`s e` =? ??? ` jIQ, f`s slurf`s e` lnes s`tmriss`nt. Flbpt` t`nu e` jm rlrb` e` jibplsitiln e`s pjus-vmju`s quieissume` j`s ausin`ss mnk`js, f`tt` ep`ns` isfmj` e`vi`nt priblreimj`plur j` inmnf`b`nt e` trs hùn`s ntr`pris`s, qui ep`ne jm pjupmrt eut`bps e` p`rslnn`s pcysiqu`s 7


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j` rkib` mftu`j e`s als e` slusfriptil e` pmrts e` frmtùr

e`tr`pris` e`stins mux smjmris qui pmrtifip`nt jm frmtiln e` _B@elit tr` bmint`nu, fmr ij p`rb`t eintr`ss`r j`s smjmris mu prlh`t plrtpmr j`ntr`pr`nùr, `n j`s msslfimnt.

f`s eisplsitis, ij mut mhlut`r jmnnlnf` pmr j` _rsie`nt e` jm Qpuajiquèun` rlrb` eu _@M, p`rb`ttmnt einv`stir titr` flbpjb`ntmir`;0 ??? ` emns e`s mftilns lu e`s pmrts slfimj`s e` _B@ `t e@UI. Vi f`tt`b`sur` `st ``ftiv`b`nt bis` `n uvr`, `jj` e`vrm kmj`b`nt tr`

smnftumris`.

_rlplsitil 1 8 Qtmajir u` isfmjit sibpj` `t mttrmfti` e`s pjus-mju`splur j`s `tr`pr`ùrsJm sljutiln lptibmj` s`rmit un` r`lnt` tltmj` e` jm isfmjit e` jpmrkn` `t e`jm isfmjit e`s pjus-vmju`s, mrtifuj` mutlur eun prinfip` sibpj` 8 un tmuxuniqu` sur j`ns`baj e`s mftis t e`s r`v`nus, min e` jmiss`r j`s inv`stissùrsrmjis`r ux-bb`s jùr mraitrmk` r`ne`b`nt/risqu`. Pn` rlrb` e` bliner`mbpj ur e`vrmit flnsist`r n` pjus emvlris`r r`jmtiv`b`nt j`s inv`stiss`b`ntsrisqus pmr rmpplrt mux mftis jiquie`s `t srs.

Pn` sljutiln e` s`flne rmnk s`rmit jmarlkmtiln e` f`tt` rlrb` `t j` r`tlurmu rkib` mntriùr e` tmxmtiln e`s pjus-vmju`s (f`jui `n vikuùr mvmnt jm JDI1?=6).

J` nluv`mu rkib` eibplsitiln bis `n pjmf` reuit jm tmxmtiln b`sur` qu`smjjlnk` jm eur` e` et`ntiln, f` qui r`vi`nt lppls`r jm frmtiln e` vmjùr sur

j` jlnk t`rb` `t f`jj` sur j` flurt t`rb`. Lr, jflnlbi` rmnmis` m mutmnta`slin e`ntr`pris`s (nltmbb`nt mbijimj`s) qui s` flnstruis`nt sur pjusiùrsknrmtilns qu` e`ntr`pris`s qui s` trmnslrb`nt, s` struftur`nt, fcmnk`nt e`prlpritmir`s rmpie`b`nt.

Vi jlah`fti st e` eflurmk`r jm spfujmtiln trs flurt t`rb`, un` prlplsitilnsibpj` s`rmit e` tlut sibpj`b`nt tmx`r emvmntmk` j`s pjus-vmju`s rmjis`s surj`s bmrfcs rkj`b`nts 8 j`s inv`stiss`b`nts emns j`s hùn`s `ntr`pris`snln flt`s slnt e` tlut` mln ijjiquie`s `t n` p`rb`tt`nt pms e`s

flbplrt`b`nts emfcmt `t e` r`v`nt` mv`f un clrizln trs flurt. Pn`mjt`rnmtiv` plurrmit sinspir`r eu systb` `n vikuùr `n Fmjilrni` 8 tmxmtiln mu


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amrb` e` jIQ__ plur j`s pjus-vmju`s rmjis`s emns un ejmi inriùr un

mn, tmxmtiln mu rkib` e` jm pjus-vmju` plur j`s mutr`s (16 % fcmrk`s slfimj`sinfjus`s).

@nin, j`s eur`s e` et`ntiln fclisi`s (e` un cuit mns), qu`jj`s qu`jj`ssli`nt, fr`rlnt e`s ``ts e` sùijs qui s`rlnt bfmniqu`b`nt prhueifimaj`s fùx n`ntrmnt pms emns j` sùij. F` fritr` intrleuit un aimis isfmj emns j`sefisilns einv`stiss`b`nt (pmr `x`bpj` 8 rùs e` mir` un` j`v` e` lnesmvmnt eùx mns, plur n` pms tr` eiju t r`st`r isfmj`b`nt flnsier flbbùn `ntr`pr`nùr), qui n`st pms lrfb`nt mjikn mv`f j`s nf`ssits

flnlbiqu`s e` ev`jlpp`b`nt, ni mv`f j`s intrts e`s smjmris, e`j`ntr`pr`nùr t e`s fji`nts.

Jm isfmjit n` e`vrmit pms tmajir einfitmtiln sur f` plint. F`tt` b`sur`prlfe` eun` knrmjismtiln flnus` pmrtir e`s prlajb`s e` jm isfmjit e`jpmrkn` (qui mkit sur jm fljj`ft` `t jlri`nt` v`rs e`s supplrts trlp jiquie`s `tnln v`rs e`s supplrts epmrkn` jlnku`), t e` jùr `xt`nsiln jm isfmjit e`spjus-vmju`s, qui lait `jj` e`s jlkiqu`s einv`stiss`b`nt eir`nt`s.

bly`n t`rb`, ij s`rmit slucmitmaj` e` rtmajir j` prj`b`t lrmitmir`jiarmtlir` mv`f un tmux rmislnnmaj` mu r`kmre e` fùx prmtiqus pmr nlsprinfipmux vlisins ùrlp`ns `t emns tlus j`s fms iriùr 6? % e` jm pjus-mju`, prj`b`ts slfimu flbpris, f` qui pjmf`rmit eh jm Drmnf` emns j`spmys tmxmnt j` pjus lrt`b`nt j` fmpitmj.

_rlplsitil 6 8 Jibit`r j`s ``ts mti-fllbiqu`s e` jIVDBmjkr s`s `ts mnti-flnlbiqu`s inflnt`stmaj`s, JIVD st e`v`nu un ibpt

si sybaljiqu` qu` sm suppr`ssiln nv`rrmit un siknmj nkmti n t`rb`s equitmjlrs qu` j`s prjv`b`nts lajikmtlir`s lnt lrt`b`nt mukb`nt e`puis 1?==.Ij `st plurtmnt ineisp`nsmaj` e` jmbnmk`r plur mttnu`r s`s ``ts j`s pjusnkmtis `t `nvly r un siknmj plsiti mux `ntr`pr`nùrs `t inv`stissùrs.

_jusiùrs pist`s slnt plssiaj`s 8

`nflurmk`r jinv`stiss`b`nt e` jlnk t`rb` `n `xlnrmnt tltmj`b`nteIVD j`s pmrts e`ntr`pris`s et`nu`s p`nemnt mu blins =? mns 7


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r`lner` j` amrb`, mv`f un tmux supri`ur qui n` e`vrmit pms epmss`r

= % flbpt` t`nu e` jm amiss` e`s pjmf`b`nts tmux smns risqu` e`puisjm frmtiln e` f`t ibpt 7

tmx`r emvmntmk` j` fmpitmj m prilri ibprleufti 8 jmamtt`b`nt sur jmrsie`nf` prinfipmj` lu j`xlnrmtiln e`s uvr`s emrt, qui n` r`jv`ntpms e` jinfitmtiln jm frlissmnf`, plurrmi`nt tr` r`vus n flnsqu`nf`.


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mPn` lis f`s bleiifmtilns pris`s `n flbpt`, j` rkib` mppjifmaj flbpt`re` 1?=6 s` trmeuit pmr j`s tmux suivmnts, plur j`s flntriaumaj`s ibplss jme`rnir` trmnfc` eu amrb` e` jIQ__ `t mssuh`ttis jm flntriautiln Dijjln surj`s cmuts r`v`nus 8

Umaj`mu =. Vytcs` e`s tmu eibplsitilUrmnfc`

bmrkinmjèibplsitiln

Mamtt`b`nt Umux dnmjbmxibmj*

Qkib` e`s nln-`ntr`pr`nùrs_jus-vmju` 1?=6 sur titr`s et`nus e`puisblins e` eùx mns

50 % - 41 %

_jus-vmju` 1?=6 sur titr`s et`nus ntr` 1 t 5 mns 50 % 1? % 06 %_jus-vmju` 1?=6 sur titr`s et`nus ntr` 5 t 4 mns 50 % 6? % 53,0 %_jus-vmju` 1?=6 sur titr`s et`nus e`puis pjuse` 4 mns

50 % 5? % 55 %

Qkib` e`s ntr`pr`nùrs_jus-vmju` 1?=1 =9 % - 63,0 %_jus-vmju` 1?=6 =9 % - 63,0 %

@ntr`pr`nùrs pmrtmnt jm r`trmit`_jus-vmju` 1?=1 - - =9,0 %_jus-vmju` 1?=6 - - =9,0 %* Y flbpris jm eeuftiln e` FVK `t jm flntriaut iln sur j`s cmuts r`v`nus e` 5 % (flntriautiln Dijjln ).

Umaj`mu 1. Umu bmrkimu eibplsitil bmibmu mu =`r

hmi`r 1?=6_mys _jus-vmju`sMjj`bmkn` 14,5 %Arsij =0 %Fcin` 1? %@spmkn` 1; %tmts-Pnis 69,4 %Drmnf` 41 %Itmji` 1? %Hmpln 1? %Jux`balurk 51,5 %

_mys-Ams 10 %Qlymub`-Pni 13 %


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Umaj`mu 6. Vytcs` e`s mamtt`b`ts sur pjus-mju`

Eur` eèt`ntiln

Mamtt`b`nts emnsj` rkib` mftu`j

(JDI 1?=6)

Mamtt`b`nt emns j`nluv`mu rkib` e`

erlit flbbun

Mamtt`b`nt emns j`nluv`mu rkib`

infitmtiBlins eun mn ? % ? % ? %@ntr` un `t eùxmns

? % ? % 0? %

@ntr` eùx `tqumtr` mns

1? % 0? % 0? %

@ntr` qumtr` `t

six mns6? % 0? % 40 %

@ntr` six `t cuitmns

5? % 0? % 40 %

Mu-e`j e` cuitmns

5? % 40 % 30 %

Umaj`mu 5. Amrb` e` jIVD plur 1?=6Drmftiln e` jm vmjùr n`tt` tmxmaj` eu pmtriblin` Umux mppjifmaj`

N`xfemnt pms 3?? ???`

?%Vupriùr` 3?? ??? ` `t inriùr` lu kmj` =,6 B` ?,0? %Vupriùr` =,6 B` `t inriùr` lu kmj` 1,0; B` ?,;? %Vupriùr` 1,0; B` `t inriùr` lu kmj` 0 B` = %Vupriùr` 0 B` `t inriùr` lu kmj` =? B` =,10 %Vupriùr` =? B` =,0? %

Umaj`mu 0. Epmrt jtrmk`r e` rè`maj`s e` jIVD (1??6-1??4)

Epmrt mu titr` e` jmnn` 1??6 1??5 1??0 1??4Nlbar` e` rè`vmaj`s 643 093 444 356Ams`s ibplsmaj`s e`jmnn` n (Be`)

=,= =,9 1,6 1,0

_rleuits eIVD mu titr` e`jmnn` n (Be`)

;,= =4,5 =3,1 =;,4

Vlurf` 8 EKDi_.


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Umaj`mu 4. _mys e` e`stimtil e`s r`e`maj`s pmrtis ` 1??4

_mys Nlbar` e` r`e`vmaj`s Ams`s ibplsmaj`sflrr`splnemnt`s (`n B`)

A`jkiqu` =61 ?,0

Vuiss` =1; ?,0

Qlymub-Pni 96 ?,6

tmts-Pnis 36 ?,1

Bmrlf 6; ?,?4

Itmji` 66 ?,?9

Mutr`s 663 ?,3

Ultmj 356 1,0

Vlurf` 8 EKDi_.


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pmrti` iT 8 DisfmJit `t Dinmnf`B`nt e` Jm prlt`ftiln slfimJ`

_mrti` IT. Disfmjit `t inmnf`b`nt e` jmprlt`ftiln slfimj`

rbEmvmntmk` `nflr` qu` sln ble` e` inmnf`b`nt, f`st j` niv`mu e` nltr`prlt`ftiln slfimj`, qui flneitilnn` j` plies e`s prjv`b`nts qui y slntm`fts, qui pls` muhlurecui prlajb`.

Jm isfmjismtiln prlkr`ssiv` e`s r`sslurf`s e` jm prlt`ftiln slfimj`, initiè`puis j` eaut e`s mnn`s =93?, nm qu` blerb`nt reuit j` plies e`sprjv`b`nts mssis sur j`s r`v`nus emftivit, qui r`prs`ntmi`nt `nflr` pjuse`s trlis qumrts eu tltmj e`s r`f`tt`s e` jm prlt`ftiln slfimj` `n 1?=?.

F` plies qui pjmf` jm Drmnf` mux pr`bi`rs rmnks e` jPniln ùrlp`nn` b`t`n prij jm flbptitivit e` jflnlbi` rmnmis`, qu` sm spfimjismtiln `t sln

niv`mu e` kmbb` r`ne`nt pmrtifujir`b`nt s`nsiaj` mux vljutilns eu flt eutrmvmij.

F`tt` situmtiln m flneuit `nvismk`r e`puis jm in e`s mnn`s 1??? eiv`rssfnmrils e` amsfuj`b`nt eun` pmrti` e`s fltismtilns slfimj s sur un` mssi`tt`mjt`rnmtiv`, p`rb`ttmnt minsi e` elnn`r un mpp`j emir mux `ntr`pris`srmnmis`s, elnt j` tmux e` bmrk` mttìnt muhlurecui un niv`mu fritiqu`, tlut`n rslramnt j`s eifits fcrlniqu`s e` jm sfurit slfimj`.


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Jmnmjys` blntr` tlut`lis qu` jm r`fc`rfc` eun` mssi`tt` birmfj` plur

inmnf`r j`s ep`ns`s slfimj`s `st vmin`, tmnt qu` jm eriv` e` f`s e`rnir`sn` s`rm pms hukuj`.

Mu-e`j e`s ``ts flntrmsts qu` rvj`nt j`s sibujmtilns ``ftu`s sur j`ssfnmrils e` trmns`rts e` prjv`b`nts, j` prinfipmj fuìj e` f`s e`rni`rsrsie` emns j`s prlajb`s e` rkujmtiln eu systb` quijs slujv`nt, `n`ntr`t`nmnt fc`z s`s anifimir`s jijjusiln eun` eflnn`xiln `ntr` j`sr`f`tt`s `t j`s ep`ns`s e` prlt`ftiln slfimj`.

f`t kmre, jm t`ntmtiv` mvlrt` e` bis` `n pjmf` eun` UTM slfimj`(pueiqu`b`nt r`nlbb` UTM mnti-ejlfmjismtiln ) `n 1?=1, puis j` fclixe` eisslfi`r jm qu`stiln eu inmnf`b`nt e` jm prlt`ftiln slfimj` e` f`jj` euflt eu trmvmij mu trmv`rs e` jm bis` n pjmf` eu FIF@ s` rvj`nt tr` mv`f j`r`fuj j`s sljutilns pjus p`rnifiùs`s, vismnt r`pluss`r pjus tmre tlut`mftiln sur j`s ep`ns`s.

Jm sùj` mjt`rnmtiv` rsie` eslrbmis emns un` ebmrfc` mssub` eflnlbi`smu trmv`rs eun` un` rvisiln eu pribtr` e` jm prlt`ftiln slfimj` 8 f`st `n``t prlamaj`b`nt emns f` elbmin` qu` jm nltiln e` rlrb` struftur`jj` mmuhlurecui j` pjus e` s`ns.


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pmrti` iT 8 DisfmJit `t Dinmnf`B`nt e` Jm prlt`ftiln slfimJ`

IfiJibplrtmnf` e` nltr` systb` e` prlt`ftiln slfimj` pjmf` muhlurecui jmDrmnf` mu pr`bi`r rmnk e`s pmys e` jLFE@ pmr j` blntmnt e`s pr`stmtilnsv`rs`s 8 j`s ep`ns`s slfimj`s y r`prs`ntmi`nt minsi 61,= % eu _IA n 1?=1,e`vmnt j`s pmys nlreiqu`s (6?,0 % plur j` Emn`bmrg, 19 % plur jm Dinjmne``t 13,1 % plur jm Vue`6;).

@n rmisln eu lrt eynmbisb` e`s ep`ns`s slfimj`s mu sìn e`s ep`ns`spuajiqu`s63, un` pmrt frlissmnt` e`s prjv`b`nts lajikmtlir`s inmnf`ntmuhlurecui jm prlt`ftiln slfimj`. Mu sìn e` f`s e`rni`rs, j`s prjv`b`ntslajikmtlir`s slfimux (i , clrs flntriautilns puajiqu`s m`ft`s `t fltismtilnsibput`s e`s mebinistrmtilns puajiqu`s) lnt mukb`nt e` 4,4 plints e` _IAmu flurs e`s tr`nt` e`rnir`s mnn`s, `t r`prs`ntmi`nt 0; % e` j`ns`bajè`s prjv`b`nts lajikmtlir`s flntr` 55 % `n =93=69.

F`tt` lrt` frlissmnf` e`s prjv`b`nts lajikmtlir`s nm tlut`lis pms sui `bpfc`r un eifit fcrlniqu` e`s flbpt`s e` jm prlt`ftiln slfimj`, mutèun` bmtris` suismnt` e` jvljutiln e`s pr`stmtilns v`rs`s.

_mr mijjùrs, j`ss`nti`j eu inmnf`b`nt e` jm prlt`ftiln slfimj` flntinu` r`pls`r sur e`s prjv`b`nts mssis sur j`s r`v`nus emftivit, bmjkr unprlf`ssus e` eiv`rsiifmtiln e`s r`sslurf`s e` jm prlt`ftiln slfimj` `nkmkpjusiùrs mnn`s.

@nin, jvljutiln e` jm struftur` e`s prjv`b`nts m`fts mu inmnf`b`nt e`jm prlt`ftiln slfimj` n` s`st mfflbpmkn` emufun` rmtilnmjismtiln eusystb` e` inmnf`b`nt, emns j` s`ns eun` bis` `n flcr`nf` e` jm nmtur`

6; Vlurf` 8 LFE@. _lur 1?=6, jm Drmnf` e`vrmit r`st`r mu =`r rmnk e` jLFE@, mv`f un niv`mu e` ep`ns`s slfimj`squi e`vrmit stmajir 66 % eu _IA.

63 J`s pr`stmtilns slfimj`s (+ ;,5 plints e` _IA) `xpjiqu`nt minsi prs e`s eùx ti`rs e` jm frlissmnf` e`s ep`ns`spuajiqu`s `ntr` =9;3 `t 1?== (+ ==,6 plints e` _IA). Vlurf` 8 Qmpplrt sur jm ep`ns` puajiqu` `t slnvljutiln, _JD 1?=6.

69 Vlurf` 8 _JDVV 1?=6, D]@ nmnf`b`nt.


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e`s r`sslurf`s, mv`f j` typ` e` ep`ns`s inmnf`s, mu niv`mu e`s eir`nt`s

armnfc`s e` jm sfurit slfimj`.Mussi, tlut` rj`xiln sur jm isfmjit slfimj` elit muhlurecui t`nir flbptè` trlis `nhùx 8

f`jui e` jm p`rtin`nf` eun` mftiln sur j`s r`f`tt`s plur rslra`r jèifit e`s rkib`s e` prlt`ftiln slfimj` 7

f`jui e` jmequmtiln eu ble` e` inmnf`b`nt e` jm prlt`ftiln slfimj`mv`f j` r`nlrf`b`nt nf`ssmir` e` jm flbptitivit e`s `ntr`pris`srmnmis`s 7

f`jui, `nin, e` jm fjmriifmtiln eu ble` e` inmnf`b`nt e`s pr`stmtilnsmv`f jm jlkiqu` flntriautiv` lu univ`rs`jj` e` f`s e`rnir`s.

=. jm qumermtur` eu F`rFj` 8 j`s trlIs `nhùx e` jmDIsFmjIt slFImj`

=.=. Qslra`r j`s efits slfimux 8 j`s jibit`s eu j`vi`r e`s r`f`tt`s

@n bmtir` e` prlt`ftiln slfimj`, sij st plssiaj` e` eispls`r eun` f`rtitue`,f`st f`jj` e` jm fritifit e` jm situmtiln mftu`jj`. J` eifit e` j`ns`baj` e`srkib`s e` ams` e` Vfurit slfimj` `t eu lnes e` sljiemrit viìjj`ss` m `n``t pjus qu` eluaj n 1??9 mvmnt emttìner` un niv`mu smns prfe`nt e`13 Be@ `n 1?=?. Vi j`s b`sur`s pris`s e`puis lnt p`rbis e` rm

mettre enfin la fiscalité au service de la croissance

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