8/20/2019 Politica Monetaria en la U.E. LA DIMENSION DEL PROBLEMA

http://slidepdf.com/reader/full/politica-monetaria-en-la-ue-la-dimension-del-problema 1/6

 

_bnètakm Hbgjtmram jg nm Z.J.

NM FAHJG[AÛG FJN _\BLNJHM 

Pbreag` _mpjr <4 fj ijlrjrb fj <?=9 

8/20/2019 Politica Monetaria en la U.E. LA DIMENSION DEL PROBLEMA

http://slidepdf.com/reader/full/politica-monetaria-en-la-ue-la-dimension-del-problema 2/6

 

<

_bnètakm Hbgjtmram jg nm Z.J.NM FAHJG[AÛG FJN _\BLNJHM

=. 

Kumgtaiakmr kbg prjkasaûg jn ahpbrtj fj nms myufmstrmsnmfmfms mn sjktbr lmgkmrab pbr nm pbnètakm

hbgjtmram quj sbg fjsvamfms m iagmnafmfjs

fastagtms js kajrtmhjgtj kbhpnakmfb. Jg prahjr

nu`mr, kbhb kbgsjkujgkam fj nm imntm fj

agibrhmkaûg faspbgalnj. Nbs lmgkbs quj rjkaljg nbs

prástmhbs lbgaiakmfbs fjn LKJ ga saquajrm jstíg

blna`mfbs m agibrhmr sblrj nbs fjstagbs fmfbs m

fakdbs rjkursbs.

<. 

Dmstm mdbrm, jn Vmr`jtjf VNV\B <?=6-=9 dm safb jn

ógakb prb`rmhm quj dm jxa`afb m nbs lmgkbs

rjkjptbrjs mn`óg tapb fj rjquasatb sblrj jn fjstagb

m fmr m nbs ibgfbs rjkalafbs. \jquasatbs tmg

`jgárakbs quj dmg rjsuntmfb knmrmhjgtj

agjiakajgtjs m jijktbs fj msj`urmr jn blcjtavb fj

kmgmnazmr nm jxpmgsaûg hbgjtmram dmkam jn kráfatb m

nm jkbgbhèm rjmn jurbpjm.

;. 

Kbg pjrabfakafmf trahjstrmn, jn LKJ pulnakm nbs

rjsuntmfbs fj ugm "Jgkujstm", jn "Jurb mrjm lmge

njgfag` survjy", jg nm quj sj prj`ugtm m nbs lmgkbs

sblrj jn fjstagb fmfb m nbs prb`rmhms fj

jxpmgsaûg kumgtatmtavm. [j trmtm fj ugm hjrm

jgkujstm "kumnatmtavm", fj nm quj -kbhb vjrjhbs-

js príktakmhjgtj ahpbsalnj jxtrmjr kbgknusabgjs

kumgtaiakmfms.

6. 

Mn`óg tapb fj mgínasas mn rjspjktb sj dm agtjgtmfb

jg jn góhjrb 0/<?=: fjn Lbnjtèg Jkbgûhakb fjn

LKJ, sj pólnakb jn mrtèkunb "Nm trmgshasaûg fj nms

rjkajgtjs hjfafms fj pbnètakm hbgjtmram gb

jstígfmrjs". 

Nms kbgknusabgjs fj jstj mrtèkunb sbg, fjsfj nm

pjrspjktavm fj gujstrb agibrhj, fjkjpkabgmgtjs3

8/20/2019 Politica Monetaria en la U.E. LA DIMENSION DEL PROBLEMA

http://slidepdf.com/reader/full/politica-monetaria-en-la-ue-la-dimension-del-problema 3/6

 

;

_bnètakm Hbgjtmram jg nm Z.J.NM FAHJG[AÛG FJN _\BLNJHM

"Nm jvafjgkam jhpèrakm su`ajrj quj jstms pbnètakms

dmg hjcbrmfb jxatbsmhjgtj nms kbgfakabgjskrjfatakams jg nm zbgm jurb y mpbymfb nm mktumn

rjkupjrmkaûg fj nm mktavafmf krjfatakam.

Nms Vmr`jtjf VNV\Bs y jn _rb`rmhm fj Mfquasakaûg

fj mktavbs dmg rjfukafb sa`gaiakmtavmhjgtj nbs

rjgfahajgtbs jg ug mhpnab kbgcugtb fj sj`hjgtbs

fjn hjrkmfb iagmgkajrb.

Nbs VNV\Bs y nbs M__ dmg rjfukafb

sa`gaiakmtavmhjgtj nbs rjgfahajgtbs jg ug mhpnabkbgcugtb fj sj`hjgtbs fjn hjrkmfb iagmgkajrb. ...

Nms rjfukkabgjs jg nbs rjgfahajgtbs fj nbs lbgbs

lmgkmrabs, js fjkar, nm iagmgkamkaûg fj hjrkmfb hís

lmrmtm pmrm nbs lmgkbs, dmg hjcbrmfb sus kbstjs fj

 iagmgkamkaûg, nb quj pjrhatj ugm mktatuf hís

 imvbrmlnj fj nbs lmgkbs dmkam jn prástmhb. ...

Jg `jgjrmn, nms hjfafms gb kbgvjgkabgmnjs dmg

myufmfb m ahpunsmr nm prjtjgfafm mkbhbfmkaûg fj

nm pbnètakm hbgjtmram m trmvás fj nm kmfjgm fj

agtjrhjfamkaûg pmrm mnkmgzmr m nbs prjstmtmrabs

 iagmnjs, js fjkar nbs db`mrjs y nms jhprjsms. Jnnb

kbgtraluyj m nm rjkupjrmkaûg fjn kráfatb y fj nm

mktavafmf jkbgûhakm, nb quj sj jspjrm quj prbfuzkm

ug mcustj sbstjgafb fj nms tmsms fj aginmkaûg dmkam

gavjnjs agijrabrjs, mugquj prûxahbs, mn <% m hjfab

 pnmzb". 

:. 

Js fjkar, ga ugm pmnmlrm sblrj nb quj gbs bkupm jg

jstj trmlmcb. Js fjkar, sblrj jg quá hjfafm nbs

rjkursbs mpbrtmfbs mn sastjhm lmgkmrab sj dmg

fjstagmfb m su iag. Jn quj jstbs prb`rmhms

jxtrmbrfagmrabs tjg`mg jijktbs pbsatavbs jg jn

ahpunsb fjn kráfatb y jg nm rjfukkaûg fj nbs tapbs

fj agtjrás pmrjkj mn`b kmsa agjvatmlnj. Faièkanhjgtj

pbfèm sjr fj btrm ibrhm trms fjstagmr mn sastjhm

lmgkmrab gmfm hjgbs quj ug <4% fjn _AL fj nm

Jurbzbgm. Nm kujstaûg knmvj rmfakm jg nm agkû`gatm

jxastjgtj sblrj nm jiakajgkam fj nm jxpmgsaûg

8/20/2019 Politica Monetaria en la U.E. LA DIMENSION DEL PROBLEMA

http://slidepdf.com/reader/full/politica-monetaria-en-la-ue-la-dimension-del-problema 4/6

 

6

_bnètakm Hbgjtmram jg nm Z.J.NM FAHJG[AÛG FJN _\BLNJHM

hbgjtmram. Fakdb fj btrm ibrhm, jg quá hjfafm

kbg ugm `jstaûg hís ra`urbsm pbfrèmg dmljrsj

kbgsj`uafb rjsuntmfbs sahanmrjs kbg ug jsiujrzb

hbgjtmrab sjgsalnjhjgtj agijrabr b lajg sa kbg jn

hashb jsiujrzb fj jxpmgsaûg hbgjtmram pbfrèmg

dmljrsj kbgsj`uafb rjsuntmfbs sjgsalnjhjgtj

supjrabrjs.

9. 

Nm príktakm musjgkam fj kbgtrbn y rjspbgsmlanafmf

sblrj nms mpbrtmkabgjs fj rjkursbs mn sastjhm

lmgkmrab dmkj ahpbsalnj, kbhb vjhbs, kumgtaiakmr

kbg prjkasaûg nb quj jstí sukjfajgfb. _jrb sè dmy

fmtbs suiakajgtjs pmrm jvafjgkamr nm jgbrhafmf fj

nm fanmpafmkaûg fj rjkursbs quj jn kbgcugtb fj nm

jxpmgsaûg hbgjtmram supbgj.

0. 

Mpbrtmrjhbs hís mfjnmgtj mn`ugbs fmtbs

rjijrjgtjs m nbs prb`rmhms Vmr`jtjf VNV\B.

Hajgtrms tmgtb, vjmhbs, pbr jcjhpnb, nbs kínkunbsfjn prbpab LKJ sblrj jn fjstagb fj nbs ibgfbs fjn

_rb`rmhm fj Mfquasakaûg fj Mktavbs, jg lmsj mn

mgínasas fj nbs hbvahajgtbs fjn lmnmgkj fj nbs

lmgkbs3

Iujgtj3 LKJ

Kbhb vjhbs, sa kbgvjrtar jstbs fmtbs jg

kbgknusabgjs kumgtaiakmfms js kbhpnjcb, sè pmrjkj

8/20/2019 Politica Monetaria en la U.E. LA DIMENSION DEL PROBLEMA

http://slidepdf.com/reader/full/politica-monetaria-en-la-ue-la-dimension-del-problema 5/6

 

:

_bnètakm Hbgjtmram jg nm Z.J.NM FAHJG[AÛG FJN _\BLNJHM

jvafjgtj quj nm trmsnmkaûg fj jstbs rjkursbs mn

kráfatb js sûnb pmrkamn y hagbratmram.

4. 

M nm hashm kbgknusaûg gbs nnjvm nm agibrhmkaûg

rjpjtafmhjgtj mpbrtmfm pbr nm agfakmfm jgkujstm

trahjstrmn jnmlbrmfm pbr jn LKJ jgtrj nbs lmgkbs

jurbpjbs rjkjptbrjs fj sus rjkursbs. Mgtj nm

prj`ugtm sblrj jn fjstagb fj nbs ibgfbs rjkalafbs,

sûnb ug ;? pbr kajgtb fj nbs lmgkbs rjkbgbkajrbg

quj nbs rjkursbs kmptmfbs "dmg kbgtraluafb

kbgsafjrmlnjhjgtj" b "dmg kbgtraluafb fj mn`ugm

ibrhm" mn ahpunsb fjn kráfatb3

Iujgtj3 JKL

1. 

Jstbs fmtbs fjcmg jg jvafjgkam, pbr ug nmfb, nm

gbtbrajfmf kbg nm quj sj trmgshatj quj nbs

rjkursbs rjkalafbs fjn Jurbsastjhm gb sj fjstagmg

8/20/2019 Politica Monetaria en la U.E. LA DIMENSION DEL PROBLEMA

http://slidepdf.com/reader/full/politica-monetaria-en-la-ue-la-dimension-del-problema 6/6

 

9

_bnètakm Hbgjtmram jg nm Z.J.NM FAHJG[AÛG FJN _\BLNJHM

m nbs iagjs fj nm pbnètakm hbgjtmram. _br btrb nmfb,

mkrjfatmg tmhlaág nm jgbrhafmf quj jstj fjsvèb

fj rjkursbs supbgj jg jn kbgcugtb fj nm pbnètakm

hbgjtmram fj nm jurbzbgm y, pbr supujstb, jg jn

kbgcugtb fj nm jkbgbhèm jurbpjm.

Ms m Pbreag` _mpjr, at fbjs gbt rjinjkt mgy agstatutabgmn pbsatabg br bpagabg gjatdjr bi JEMA Kjgtjr, gbr bi

ats spbgsbrs br suppbrtag` jgtatajs.

JEMA Kjgtjr sjjes tb fb lusagjss watd kbhpmgajs br `bvjrghjgts kbvjrjf ag ats rjpbrts. \jmfjrs sdbunf lj

mwmrj tdmt wj hmy dmvj m kbginakt bi agtjrjst tdmt kbunf miijkt tdj blcjktavaty bi tdas rjpbrt. Agvjstbrs

sdbunf kbgsafjr tdas rjpbrt ms bgny m sag`nj imktbr ag hmeag` tdjar agvjsthjgt fjkasabg. 

@M\MAM AGGBYMVABG KJGVJ\, @BA\Z =M HBGF\M@BG

VJN3 16;<:?=?6 NJEJAVAB 90:0?=04: FZ\MG@B 9444=1:<?

J-HMAN3 agibOjemakjgtjr.ju

www.jemakjgtjr.ju skralf.kbh/JEMAKjgtjr