GÏOGRAPHIE ÏCONOMIE SOCIÏTÏ GÏOGRAPHIE ÏCONOMIE SOCIÏTÏ
*pRJUDSKLHeFRQRPLH6RFLpWp
,QWURGXFWLRQ
/HVRUJDQLVDWLRQVGHO·eFRQRPLHVRFLDOH HWVROLGDLUHJRXYHUQDQFHUpJXODWLRQHWWHUULWRLUH
'DQLqOH'HPRXVWLHU
HW1DGLQH5LFKH]%DWWHVWL
(6($&²,(3*UHQREOH
/(67²8QLYHUVLWpGHOD0pGLWHUUDQpH
&HGRVVLHUHVWOHUpVXOWDWG·XQJURXSHGHWUDYDLOUpXQLVVDQWVXUGHX[DQVGHVFKHUFKHXUV GHGLVFLSOLQHVGLIIpUHQWHVHWVRXWHQXSDUOH&LULHF)UDQFH
/HVHQWUHSULVHVGHO·eFRQRPLHVRFLDOHHWVROLGDLUH(66IRQWO·REMHWG·XQUHJDLQG·LQ WpUrWGDQVXQFRQWH[WHGHFULVHpFRQRPLTXHHWÀQDQFLqUHPDLVHOOHVUHVWHQWHQFRUHPpFRQ QXHVWDQWGXSRLQWGHYXHGHOHXUPRGHG·RUJDQLVDWLRQTXHGHOHXUFRQWULEXWLRQjODSUR GXFWLRQGHELHQVHWVHUYLFHVJpQpUDOHPHQWWHUULWRULDOLVpV3OXVHQFRUHOHXUFRQWULEXWLRQDX FKDQJHPHQWGHVUDSSRUWVpFRQRPLTXHVQ·HVWTXHWUqVUDUHPHQWDERUGpHHWJpQpUDOHPHQW OLPLWpHDX[FHUFOHVUHVWUHLQWVGHVIDPLOLHUVGHO·(66
'HSOXVHQSOXVQRPEUHXVHVVRQWSRXUWDQWOHVFROOHFWLYLWpVWHUULWRULDOHVTXLLQWqJUHQWO·eFR QRPLHVRFLDOHHWVROLGDLUHGDQVOHXUVFKpPDGHGpYHORSSHPHQWpFRQRPLTXHWDQGLVTXHODVWUXF WXUDWLRQGHO·(66DXQLYHDXLQIUDQDWLRQDOV·HVWLQWHQVLÀpHGDQVOHVDQQpHVUpFHQWHV&KDPEUHV UpJLRQDOHVGHO·(66S{OHVGHGpYHORSSHPHQWGHO·(66FRPLWpVWHUULWRULDX[«&HWLQWpUrWGHV 3RXYRLUVSXEOLFVORFDX[SRXUFHVHQWUHSULVHVUHSRVHVXUOHXUVVSpFLÀFLWpVTXLVHPEOHQWELHQV·DF FRUGHUG·XQHSDUWjODQpFHVVLWpFURLVVDQWHGHO·DQFUDJHWHUULWRULDOGHVDFWLYLWpVHWGHVHPSORLV G·DXWUHSDUWjO·LQWHUQDOLVDWLRQGHVTXHVWLRQVVRFLDOHVDXVHLQPrPHGHO·DFWLYLWppFRQRPLTXH
&UppHV HW DQLPpHV GH IDoRQ YRORQWDLUH SDU GHV JURXSHPHQWV GH SHUVRQQHV SRXU UpSRQGUH j GHV DVSLUDWLRQV HW GHV EHVRLQV VRFLDX[ FROOHFWLIV OHV HQWUHSULVHV DVVRFLD
WLYHVFRRSpUDWLYHVHWPXWXDOLVWHVVRQWJpUpHVVHORQGHVYDOHXUVHWGHVUqJOHVKXPDQLVWHV GpPRFUDWLTXHVHWVROLGDLUHVGDQVXQEXWDXWUHTXHODOXFUDWLYLWp7RXWHQPRELOLVDQWGX WUDYDLOEpQpYROHHOOHVFRPELQHQWGHVÀQDQFHPHQWVGLYHUVFRWLVDWLRQVHWGRQVSURGXLWV GHVYHQWHVHWVXEYHQWLRQV«'HFHIDLWHOOHVFKHUFKHQWjUpVLVWHUjO·H[WHUQDOLVDWLRQGHV
©FRWVVRFLDX[ªVXUO·LQGLYLGXRXODFROOHFWLYLWpHQJHQGUpHSDUODPDUFKDQGLVDWLRQHWOD ÀQDQFLDULVDWLRQFURLVVDQWHVGHO·pFRQRPLH
'XUDQW OD SpULRGH IRUGLVWH FHV RUJDQLVDWLRQVVH VRQW VWUXFWXUpHV GH IDoRQ VHFWRULHOOH HW YHUWLFDOH HQ pWURLWH FROODERUDWLRQ YRLUH HQ FRJHVWLRQ DYHF OHV 3RXYRLUV 3XEOLFV QDWLRQDX[ HW RQW DLQVL DFFpGp DX[ PDUFKpV SXEOLFV SROLWLTXHV SXEOLTXHV HW ÀQDQFH PHQWVSXEOLFV(OOHVRQWGHPrPHSDUWLFLSpjODSROLWLTXHG·DPpQDJHPHQWGXWHUULWRLUH SDU OD GpFRQFHQWUDWLRQ GH JUDQGHV FRRSpUDWLYHV LQGXVWULHOOHV WHOOHV O·$VVRFLDWLRQ GHV 2XYULqUHVHQ,QVWUXPHQWVGH3UpFLVLRQ²$2,3²HWO·$VVRFLDWLRQ&RRSpUDWLYHG·2XYULHUV HQ0DWpULHO(OHFWULTXH²$&20(²TXLRQWDORUVLPSODQWpGHVpWDEOLVVHPHQWVHQ%UHWDJQH HW1RUPDQGLHHWGHFHUWDLQHVPXWXHOOHVG·DVVXUDQFHFRPPHO·LPSODQWDWLRQGHOD0DFLI GDQVGHVYLOOHVPR\HQQHVHWSpULSKpULTXHVSDUO·RXYHUWXUHHQPLOLHXUXUDOG·pWDEOLVVH PHQWVSDUGHVDVVRFLDWLRQVQDWLRQDOHVG·DFWLRQVRFLDOHHWGHWRXULVPHVRFLDO/DFULVHGHV DQQpHVDIRUWHPHQWSHUWXUEpFHSURFHVVXVFHUWDLQHVJUDQGHVFRRSpUDWLYHVFRPPH O·$2,3RQWTXDVLPHQWGLVSDUXDORUVTXHODSURPRWLRQGH©O·LQVHUWLRQHQPLOLHXRXYHUWª IUHLQDLWODFUpDWLRQGHQRXYHDX[pWDEOLVVHPHQWVVRFLDX[GDQVOHV]RQHVQRQXUEDQLVpHV
/·(66DFWXHOOHUHQIRUFHSOXW{WVRQHQUDFLQHPHQWWHUULWRULDOJUkFHjODYLWDOLWpGHV DVVRFLDWLRQV ORFDOHV DLQVL TX·j OD UHYDORULVDWLRQ GHV UHODWLRQV GH SUR[LPLWp DYHF OHV VRFLpWDLUHV GDQV FHUWDLQHV JUDQGHV FRRSpUDWLYHV HW PXWXHOOHV (Q HIIHW OH VHQWLPHQW G·DSSDUWHQDQFHODFRQÀDQFHHWODÀGpOLWpGHVEpQpYROHVHWGHVXVDJHUVGHFHVHQWUH SULVHVFROOHFWLYHVUHSRVHQWPRLQVVXUXQHDGKpVLRQLGpRORJLTXHJOREDOHPDLVGDYDQ WDJHVXUGHVUHODWLRQVGHSUR[LPLWpHWGHVPLFURUpDOLVDWLRQVVRXYHQWUpXQLHVVRXVOD WHUPLQRORJLHGH©ORJLTXHGHSURMHWª
0DLV WRXV OHV WHUULWRLUHV QH FRQQDLVVHQW SDV OD PrPH G\QDPLTXH (Q PrPH WHPSV TX·HOOH SDUWLFLSH j HQ PRGLÀHU OD PRUSKRORJLH O·(66 HVW PRGHOpH SDU OHV VSpFLÀFLWpV WHUULWRULDOHVOD©PDWULFHWHUULWRULDOHªFRPPH©HQVHPEOHGHGLVSRVLWLRQVDFTXLVHVDXÀO GXWHPSVIRUPDQWXQ©FDGUHVRFLDOªGDQVOHTXHOVHVWUXFWXUHO·DFWLRQGHVSHUVRQQHVª 'HPRXVWLHU $LQVL SDU H[HPSOH O·(66 HVW PDUTXpH SDU OD FXOWXUH DUWLVDQDOH HW DXWRJHVWLRQQDLUH GX -XUD j %HVDQoRQ DORUV TX·HOOH HVW SOXV GpSHQGDQWH G·XQH FXOWXUH SDWHUQDOLVWHKpULWpHGHODJUDQGHLQGXVWULHWH[WLOHj0XOKRXVH*XLQFKDUG
8QHVVRUDFWXHOGHO·(66SRUWpSDUOHVDVVRFLDWLRQV
'DQVO·HVVRUDFWXHOGHO·(66TXHOHGpYHORSSHPHQWUpFHQWGHVWDWLVWLTXHVGpGLpHV SHUPHWGHFRQÀUPHULOHVWQpDQPRLQVPDODLVpGHGLVWLQJXHUFHTXLUHOqYHGHODQDWXUH GHVDFWLYLWpVRXGHODQDWXUHGHVRUJDQLVDWLRQV(QHIIHWVLOHVpWDEOLVVHPHQWV GHO·(66HPSORLHQWGHVVDODULpVHWGLVWULEXHQWGHODPDVVHVDODULDOHGXVHF WHXUSULYpF·HVWSULQFLSDOHPHQWGDQVOHVVHUYLFHVUHODWLRQQHOVFUpDWLIVHWÀQDQFLHUV TXLVHVRQWIRUWHPHQWGpYHORSSpVFHVWUHQWHGHUQLqUHVDQQpHV/HWDX[GHFURLVVDQFH GHV HPSORLV HVW DLQVL QHWWHPHQW VXSpULHXU j FHOXL GH O·pFRQRPLH SULYpH FRQFXUUHQ WLHOOHSDUDQHQWUHHWDXOLHXGHVRLWXQHDXJPHQWDWLRQGH HQDQV5HFKHUFKHVHW6ROLGDULWpV
&HVHPSORLVVHFRQFHQWUHQWGDQVOHVVHUYLFHVDX[SHUVRQQHVSRXUHWOHVVHUYLFHV ÀQDQFLHUVSRXUVRLWGHVHPSORLVGXVHFWHXUEDQFDLUHHWDVVXUDQWLHO
$LQVLO·(66UHSUpVHQWH GHO·HPSORLGHO·DFWLRQVRFLDOH
GHO·HPSORLGHO·pGXFDWLRQ
GHO·HPSORLGXVSRUWHWGHVORLVLUV
GHVHPSORLVGHODFXOWXUH
GHVHPSORLVGHODVDQWp
2EVHUYDWRLUHQDWLRQDO&1&5(6FKLIIUHV&/$3,16((
$ORUV TXH OH ;,;H VLqFOH D YX OH GpYHORSSHPHQW GH O·pFRQRPLH PXWXDOLVWH GDQV OD SUpYR\DQFHHWODVDQWpHWOH;;HVLqFOHFHOXLGHO·pFRQRPLHFRRSpUDWLYHGDQVODGLVWUL EXWLRQO·DJULFXOWXUHHWOHVVHUYLFHVEDQFDLUHVF·HVWODIRUPHDVVRFLDWLYHTXLV·HVWSULQ FLSDOHPHQWDIÀUPpHGHSXLVOHVDQQpHVGDQVOHVVHUYLFHVDX[SHUVRQQHVVXUODEDVH G·XQWDX[GHFUpDWLRQDQQXHODVVRFLDWLIGHSOXVGHGRQWVHXOHPHQWHQYLURQ GHYLHQQHQW HPSOR\HXUV /HV DVVRFLDWLRQV HPSORLHQW DXMRXUG·KXL GHV VDODULpV GH O·pFRQRPLHVRFLDOHHWVROLGDLUHDORUVTXHOHVFRRSpUDWLYHVFRQQDLVVHQWXQUHJDLQG·DWWUDLW GDQV OHV VHUYLFHV DX[ HQWUHSULVHV HW j OD FROOHFWLYLWp QRWDPPHQW SDU OD FRRSpUDWLRQ GH SURGXFWLRQHWVHVQRXYHOOHVIRUPHVWHOOHOD&RRSpUDWLYHG·$FWLYLWpHWG·(PSORL²&$(
HWOD&RRSpUDWLYHG·,QWpUrW&ROOHFWLI6&,&
/HIDLWGHFRQVLGpUHUOHVDVVRFLDWLRQVFRPPHGHVHQWUHSULVHVDXPrPHWLWUHTXHOHVFRR SpUDWLYHVHWOHVPXWXHOOHVUHQYRLHjO·DXWRQRPLVDWLRQGHOHXUVDFWLYLWpVYLVjYLVGHVSROL WLTXHVSXEOLTXHVHWGHO·pFRQRPLHGRPHVWLTXH6LHOOHVVRQWWUqVVRXYHQWDQDO\VpHVFRPPH GHVIRUPHV©WUDQVLWRLUHVªG·pPHUJHQFHG·DFWLYLWpVpFRQRPLTXHVGHV©ODERUDWRLUHVªSRXU GHQRXYHDX[PDUFKpVHOOHVWHQGHQWGHSOXVHQSOXVjV·DIÀUPHUFRPPHGHVHQWUHSULVHVj SDUWHQWLqUHGHV©HQWUHSULVHVVRFLDOHVªV·LQVFULYDQWGXUDEOHPHQWGDQVOHSD\VDJHpFRQR PLTXHHWDSSRUWDQWWRXWHOHXUFRQWULEXWLRQDXGpYHORSSHPHQWGHVWHUULWRLUHV
$LQVL O·(66j WUDYHUV VHV GLIIpUHQWHV FRPSRVDQWHV PDLV DXVVL FRPPH © DFWHXU FRO OHFWLI ª WpPRLJQH GH OD GLYHUVLWp GHV IRUPHV GH SURGXFWLRQ FH TXH FHUWDLQV QRPPHQW
©O·pFRQRPLHSOXULHOOHªDXGHOjGH©O·pFRQRPLHPL[WHªGHVDQQpHV0rPHVLGH IRUWHVSUHVVLRQVV·H[HUFHQWVRXVIRUPHG·LVRPRUSKLVPHHQGLUHFWLRQVRLWGHOD©EDQDOLVD WLRQªPDUFKDQGHVRLWGHOD©QRUPDOLVDWLRQªSXEOLTXHODSULVHGHFRQVFLHQFHHWODUHFRQ QDLVVDQFHFURLVVDQWHVGHO·XQLWpGHO·(66LOOXVWUH©ODGLYHUVLWpV\QFKURQLTXHGHVIRUPHV LQVWLWXWLRQQHOOHVª/XQJ&HWWHGLYHUVLWpGRQWO·(66HVWO·XQHGHVH[SUHVVLRQVD FRPPH FRQVpTXHQFH GH UHQIRUFHU OD FRH[LVWHQFH GH PRGHV G·HQWUHSUHQGUH GLIIpUHQFLpV WDQWGDQVOHVPRWLYDWLRQVGHVDFWHXUVTXHGDQVOHVSUDWLTXHVpFRQRPLTXHVRXGDQVO·H[HU FLFHGHODJRXYHUQDQFH2QSHXWGqVORUVV·LQWHUURJHUVXUO·H[LVWHQFHRXQRQG·XQUDSSRUW VSpFLÀTXHDXWHUULWRLUH
(66JRXYHUQDQFHHWUpJXODWLRQWHUULWRULDOLVpHV
,OHVWGRQFLPSRUWDQWGDQVODUHFKHUFKHVXUOHGpYHORSSHPHQWWHUULWRULDOHWGDQVO·LGHQ WLÀFDWLRQGHVOHYLHUVGHFHGpYHORSSHPHQWGHVSpFLÀHUOHVDSSRUWVGHFHVRUJDQLVDWLRQV VRFLRpFRQRPLTXHVRULJLQDOHV/RUVTX·HOOHVVRQWSULVHVHQFRPSWHHOOHVVRQWWURSVRXYHQW DSSUpKHQGpHVjF{WpGXV\VWqPHSURGXFWLIHWGHVLQVWLWXWLRQVSXEOLTXHVSDUXQHUpIpUHQFH j©ODVRFLpWpFLYLOHª/DXUHQWHWGX7HUWUH/HVHQVGHFHWHUPHUHVWHOHSOXVVRXYHQW
YDJXHHWSHXH[SOLFLWpXQHPRELOLVDWLRQFROOHFWLYHG·LQGLYLGXVGRQWOHFDGUHUHVWHXQH
©ERLWHQRLUHªV·DSSDUHQWDQWjXQUpVLGXSHUPHWWDQWGHFLWHUGHVG\QDPLTXHVRULJLQDOHV PDLVFRQVLGpUpHVFRPPHPDUJLQDOHVjFRQWHQXSOXVSROLWLTXHTXHVRFLRpFRQRPLTXH
3RXUWDQW OD GRXEOH GLPHQVLRQ UHYHQGLTXpH SDU OHV HQWUHSULVHV GH O·(66 VRLW XQH GLPHQVLRQVRFLRSROLWLTXHHWXQHGLPHQVLRQVRFLRpFRQRPLTXHOHXUSHUPHWGHMRXHUXQ U{OHFURLVVDQWGDQVOHVQRXYHDX[FRPSURPLVLQVWLWXWLRQQHOVWHUULWRULDX[&HVFRPSURPLV SHXYHQW rWUH pWXGLpV j OD IRLV HQ WHUPH GH JRXYHUQDQFH HW GH UpJXODWLRQ FRQWULEXDQW j H[SOLFLWHUXQHGLVWLQFWLRQSDVWRXMRXUVDVVXPpH
(Q HIIHW GqV $ /LSLHW] UHOqYH OD FRQIXVLRQ HQWUH FHV GHX[ QRWLRQV © $LQVL pPHUJHXQHDFFHSWLRQODUJHGXFRQFHSWGHJRXYHUQDQFHO·HQVHPEOHGHVPRGHVGHUpJXOD WLRQHQWUHOHSXUPDUFKpHWODSXUHSROLWLTXHGHO·(WDWQDWLRQF·HVWjGLUHFHTXH*UDPVFL DSSHODLW¶VRFLpWpFLYLOH·ª/LSLHW]/DUpJXODWLRQFRPSUHQDQWjODIRLV©O·HQVHPEOH GHVUqJOHVGXMHXHWGHVSURFpGXUHVGHUpVROXWLRQGHVFRQÁLWVª2ULOHVWSRVVLEOHGHGLIIp UHQFLHUFHVGHX[QRWLRQVTXLVHUpIqUHQWWRXWHVGHX[jODVWDELOLWpRXO·LQVWDELOLWpjODSHU PDQHQFHRXODWUDQVIRUPDWLRQGHVDUUDQJHPHQWVLQVWLWXWLRQQHOVDXVHQVODUJHGHVYDOHXUV QRUPHVHWUqJOHVTXLGLFWHQWOHVFRPSRUWHPHQWVVRFLDX[SROLWLTXHVHWpFRQRPLTXHV
©/DJRXYHUQDQFHWHUULWRULDOHRXORFDOHHVWXQSKpQRPqQHFRPSOH[HSRUWHXUGHVWD ELOLWpFRPSURPLVHWQpJRFLDWLRQHWG·LQVWDELOLWpGLYHUJHQFHHWFRQÁLWDX VHLQGXTXHO GHVDFWHXUVKpWpURJqQHVGRLYHQWVHPRELOLVHUDXWRXUG·XQREMHFWLIFRPPXQ(QG·DXWUHV WHUPHVHOOHVRXVWHQGTXHO·LQVWLWXWLRQSXEOLTXHQ·DSOXVOHPRQRSROHGHO·RUJDQLVDWLRQ WHUULWRULDOHDXFRQWUDLUHOHV\VWqPHGHGpFLVLRQVFRPSUHQGODSDUWLFLSDWLRQG·DFWHXUVDX[
LQWpUrWVGLIIpUHQWVª&RLVVDUGHW3HFTXHXU
/HPRGHGHUpJXODWLRQHVWGpÀQLSDU5%R\HUHQV·DSSX\DQWVXU$JOLHWWD FRPPH©ODG\QDPLTXHFRQWUDGLFWRLUHGHWUDQVIRUPDWLRQHWGHSHUPDQHQFHG·XQPRGHGH SURGXFWLRQ ª HW VXU 2UOpDQ FRPPH © OD VpULH G·LQVWLWXWLRQV GH UqJOH GX MHX HW GH FRQYHQWLRQVPDUFKDQGHVHWQRQPDUFKDQGHVTXLLPSOLTXHQWGHVUDWLRQDOLWpVVLWXpHVª
3RXUUpVXPHURQSRXUUDLWDLQVLGpÀQLUOHPRGHGHJRXYHUQDQFHFRPPHOHFDGUHHWOHV PRGDOLWpVLQVWLWXWLRQQHOOHVGHSULVHGHGpFLVLRQVXUOHPRGHGHGpYHORSSHPHQWWHUULWRULDO jWUDYHUVOHVGpEDWVSXEOLFVO·DFWLRQSXEOLTXHHWSOXVSUpFLVpPHQWODSURGXFWLRQGHVSROL WLTXHV SXEOLTXHV DORUV TXH OD UpJXODWLRQ UHQYHUUDLW SOXW{W DX PRGH G·LQWHUDFWLRQ HW GH FRRUGLQDWLRQGHVDFWLYLWpVGHVHPSORLVHWUHYHQXVHWGHVÁX[GHFDSLWDX[TXLSHUPHWWHQW G·DVVXUHUODUpJXODULWpGXV\VWqPHSURGXFWLI
$XVVLOHVHQWUHSULVHVG·(66SHXYHQWV·DIÀUPHUjODIRLVFRPPHDFWHXUVGHODJRXYHUQDQFH WHUULWRULDOHHWFRPPHDJHQWVGHODUpJXODWLRQWHUULWRULDOH$FWHXUVGHODJRXYHUQDQFHWHUULWRULDOH SDUOHXUU{OHGDQVODGpIHQVHG·LQWpUrWVFROOHFWLIVODPDQLIHVWDWLRQG·DVSLUDWLRQVVRFLDOHVFRPPH OD SDUWLFLSDWLRQ OD FUpDWLYLWp OD VROLGDULWp« FRPPH SRUWHXVHV GH GLYHUVHV LGpRORJLHV HW GH VWUDWpJLHVGHUpVLVWDQFHDX[GpVWUXFWXUDWLRQVG·LQWpJUDWLRQDX[G\QDPLTXHVVRFLDOHVGHWUDQV IRUPDWLRQGHVPRGHVGHYLH«HWpYHQWXHOOHPHQWFRPPHDOLPHQWDQWXQPRXYHPHQWVRFLDO (OOHVUHYHQGLTXHQWGHFHIDLWODUHFRQQDLVVDQFHODFRQFHUWDWLRQHWGHVSDUWHQDULDWVTXLO·pPDQFL SHQWGHO·LQVWUXPHQWDOLVDWLRQGHVSROLWLTXHVSXEOLTXHVHQO·LQVFULYDQWGDQVXQH©ORJLTXHGHSUR MHWª&RPPH$JHQWVGHODUpJXODWLRQWHUULWRULDOHSRXUUHSUHQGUHO·H[SUHVVLRQGH/LSLHW]
PrPHVDQVSDUWLFLSHUjODJRXYHUQDQFHWHUULWRULDOHHOOHVGpPRQWUHQWOHXUVFDSDFLWpVjH[SULPHU GHQRXYHDX[EHVRLQVVRFLDX[jH[SpULPHQWHUGHQRXYHOOHVUpSRQVHVFHTXLOHXUVRXYHQWUHFRQQX GDQVXQHIRQFWLRQGH©ODERUDWRLUHªPDLVDXVVLG·LQÁpFKLU²SDUOHSRLGVRXO·LQÁXHQFHOHV IRQFWLRQQHPHQWVGHTXHOTXHVVHFWHXUVG·DFWLYLWpUHODWLRQVG·HPSORLRXÁX[ÀQDQFLHUV
$LQVLO·(66WHQGjDFFURvWUHO·DFFHVVLELOLWpJpRJUDSKLTXHVRFLDOHHWÀQDQFLqUHGHFHU WDLQVVHUYLFHVHOOHTXHVWLRQQHO·LQpJDOLWpGHVPRGHVGHUpSDUWLWLRQHWG·pFKDQJHHOOHFKHUFKH jUpVLVWHUjODÀQDQFLDULVDWLRQGHO·pFRQRPLHHWjSURSRVHUGHQRXYHDX[PRGHVG·pYDOXDWLRQ GHVRQHIÀFDFLWpHQLQWpJUDQWGHVPHVXUHVG·LPSDFWDXGHOjGHVUpVXOWDWVGLUHFWV
(QWUHSULVHVGHO·(66HWWHUULWRLUHV
1RWUHREMHWHVWGRQFLFLGHUHQGUHSOXVODUJHPHQWFRPSWHGHODFRQWULEXWLRQGHVHQWUH SULVHVGHO·(66DX[PXWDWLRQVGHVVRFLpWpVFRQWHPSRUDLQHVWDQWGXSRLQWGHYXHGHVPRGHV GHJRXYHUQDQFHTXHGHVPRGHVGHUpJXODWLRQ(QTXRLFHVDFWHXUVpFRQRPLTXHVFRQWUL EXHQWLOVDXFKDQJHPHQWHWSDUWLFLSHQWLOVGHVWUDQVIRUPDWLRQVHQFRXUV"(QTXRLVRQWLOV VXVFHSWLEOHVG·RIIULU GHV UpSRQVHV RULJLQDOHVDX[ WHQVLRQVHW GpVpTXLOLEUHVTXL DIIHFWHQW OHVpFRQRPLHVGHVSD\VGpYHORSSpV"6RQWLOVSOXVDQFUpVGDQVOHVWHUULWRLUHVTXHQHOH VHUDLHQWFHUWDLQHVHQWUHSULVHVTXDOLÀpHVGHQRPDGHV"&RQWULEXHQWLOVjODWUDQVIRUPDWLRQ GHVWHUULWRLUHVHWVHORQTXHOOHVPRGDOLWpV"
/DSOXSDUWGHVDQDO\VHVVXUOHVWHUULWRLUHVDFFRUGHQWSHXG·LQWpUrWDX[DFWHXUVGHO·(66 'DQVOHPrPHWHPSVODSOXSDUWGHFHX[TXLV·LQWpUHVVHQWjO·pFRQRPLHVRFLDOHWHQGHQWj FRQVLGpUHUTXHVHVOLHQVDYHFOHWHUULWRLUHVHPEOHQWDSULRULQDWXUHOV(QHIIHWOHIDLWTXH OHV HQWUHSULVHV GH O·(66 pPHUJHQW GH O·DFWLRQ FROOHFWLYH OH SOXV VRXYHQW GDQV OH FDGUH G·XQHSUR[LPLWpJpRJUDSKLTXHWHQGjFRQIRUWHUFHWWHDFFHSWDWLRQ(QWUHDEVHQFHGHUHFRQ QDLVVDQFHLQWHUGpSHQGDQFHYRORQWDLUHRXDXWROpJLWLPDWLRQFRPPHQWPLHX[DSSUpKHQGHU ODG\QDPLTXHGHVUHODWLRQVHQWUHWHUULWRLUHVHWHQWUHSULVHVGHO·(66"
/HVFLQTDUWLFOHVSUpVHQWpVFLDSUqVV·HIIRUFHQWG·DERUGHUGLIIpUHQWHVGLPHQVLRQVGHFHV WUDQVIRUPDWLRQV,OVLOOXVWUHQWOHVSHUVSHFWLYHVTX·RIIUHXQHDSSURFKHHQWHUPHVG·eFRQR PLHVRFLDOHHWVROLGDLUH/HFKRL[GHFURLVHUOHVUHJDUGVGHSROLWLVWHVHWGHVRFLRpFRQR PLVWHVSHUPHWXQpFODLUDJHGLIIpUHQFLpGHVOLHQVGHO·(66DX[WHUULWRLUHVHQFRPELQDQWXQH DQDO\VHGHVFRQÀJXUDWLRQVGHJRXYHUQDQFHHWGHUpJXODWLRQ2QFRQVLGqUHLFLHWF·HVWXQ GHVDSSRUWVGHVDQDO\VHVPHQpHVTXHODJRXYHUQDQFHV·LQVFULWGHIDoRQGRPLQDQWHGDQV XQHSHUVSHFWLYHVRFLRSROLWLTXHPDUTXpHSDUGHVLQWHUDFWLRQVHQWUHOHVDFWHXUVWDQGLVTXH ODUpJXODWLRQSULYLOpJLHXQHHQWUpHSOXVVRFLRpFRQRPLTXHDQFUpHGDQVODFRRUGLQDWLRQGHV DFWLYLWpV3RXUDXWDQWFHUpVXOWDWpPHUJHDSUqVFRXSHWVLODSOXSDUWGHVWH[WHVGXGRV VLHULOOXVWUHQWFHWWHGLVWLQFWLRQLOVXEVLVWHXQXVDJHSDUIRLVGpFDOpGXWHUPHGHUpJXODWLRQ QRWDPPHQWGDQVOHVDUWLFOHVSOXVFHQWUpVVXUODJRXYHUQDQFH
/HSUHPLHUDUWLFOHGH%HUQDUG(QMROUDVDQDO\VHOHVSUDWLTXHVpPHUJHQWHVHWQRWDPPHQW FHOOHVGHVDFWHXUVGHODVRFLpWpFLYLOHTXLYLVHQWjUHGpÀQLUOHVUHODWLRQVHQWUHO·(WDWHWOD VRFLpWpHWGHIDLWOHVPRGDOLWpVGHO·LQWHUYHQWLRQSXEOLTXH,OSUpVHQWHGHX[SHUVSHFWLYHV WKpRULTXHVVXUODJRXYHUQDQFHTX·LOLOOXVWUHjSDUWLUGHO·DQDO\VHG·XQGLVSRVLWLIUpJLRQDO HQ5pJLRQ3URYHQFH$OSHV&{WHG·$]XU'DQVXQFRQWH[WHGHUHODWLIGpVHQJDJHPHQWGH O·(WDWLOPHWHQpYLGHQFHG·XQF{WpODGLIÀFXOWpGHO·(WDWjJRXYHUQHUHQSUpVHQFHG·XQH SOXUDOLWpG·DFWHXUV HW GH O·DXWUH O·pPHUJHQFH SRVVLEOH G·XQH JRXYHUQDQFH HQ UpVHDX TXL FRQIqUHXQHSODFHVLJQLÀFDWLYHjO·(66
8QVHFRQGSDSLHUG·+pOqQH7URXYp<YHV&RXWXULHU2OLYLHU6DLQW-HDQHW'RPLQLTXH 6RPPHV·LQWpUHVVHDXPDLQWLHQjGRPLFLOHGHVSHUVRQQHVkJpHVHWLQWHUURJHOHGpYHORS SHPHQWG·XQHJRXYHUQDQFHSDUWHQDULDOHORFDOHHQSUpVHQFHG·RUJDQLVDWLRQVHQUpVHDXDX VHLQGHVTXHOVOHVDVVRFLDWLRQVMRXHQWXQU{OHFHQWUDO
/·DUWLFOHGH)UDQFHVFD3HWUHOODHW1DGLQH5LFKH]%DWWHVWLSRUWHSOXVSUpFLVpPHQWVXUOHV VHUYLFHVHQGLUHFWLRQGHVMHXQHVHQIDQWVTXLORQJWHPSVHQ)UDQFHRQWpWpSURGXLWVSDUGHV DVVRFLDWLRQVHWOHVWUDQVIRUPDWLRQVGHOHXUJRXYHUQDQFHGDQVXQFRQWH[WHG·RXYHUWXUHHW G·LQWHQVLÀFDWLRQGHODFRQFXUUHQFHO·DFFHQWHVWPLVVXUOHVHQMHX[HQWHUPHGHSUR[LPL WpV4XHOVVRQWOHVHIIHWVGHO·LQWURGXFWLRQGHPRGDOLWpVGHJRXYHUQDQFHTXDVLPDUFKDQGH VXUXQHJRXYHUQDQFHSOXVSDUWHQDULDOHFHQWUpHVXUODFRPELQDLVRQGHVSUR[LPLWpVJpRJUD SKLTXHVRUJDQLVDWLRQQHOOHVHWLQVWLWXWLRQQHOOHV"
/HTXDWULqPHDUWLFOHGH;DELHU,WoDLQDH[SORUHOHU{OHGHO·pFRQRPLHVRFLDOHGDQVOHV PXWDWLRQVGHO·DFWLRQFROOHFWLYHHWSXEOLTXHWHUULWRULDOHDYHFXQHLOOXVWUDWLRQjSDUWLUGX SD\V EDVTXH ,O V·DSSXLH QRWDPPHQW VXU OD QRWLRQ GH UpJLPH WHUULWRULDO TXL OXL SHUPHW G·DSSUpKHQGHUFRQMRLQWHPHQWODFRQVWUXFWLRQGHODFRQÀDQFHHQWUHOHVDFWHXUVORFDX[OHV PRGDOLWpVGHODJRXYHUQDQFHSROLWLTXHWHUULWRULDOHHWODFRQVWUXFWLRQGHSUREOqPHVSXEOLFV ,OVRXOLJQHO·pPHUJHQFHGHQRXYHDX[UpVHDX[GHJRXYHUQDQFH
(QÀQOHGHUQLHUDUWLFOHGH'DQLqOH'HPRXVWLHULQWHUURJHOHVWHQVLRQVHQWUH(66HWWHUUL WRLUHVHWFDUDFWpULVHGLIIpUHQWVPRGHVGHSDUWLFLSDWLRQGHVHQWUHSULVHVGHO·(66DX[UpJXOD WLRQVWHUULWRULDOHV/·XQHGHVRULJLQDOLWpVGHO·DSSURFKHHVWG·DERUGHUOHVRUJDQLVDWLRQVGH O·(66FRPPHGHVHQWUHSULVHV/·DQDO\VHV·DSSXLHVXUTXDWUH]RQHVG·HPSORLVGHOD5pJLRQ 5K{QH$OSHVGRQWO·LQVHUWLRQGDQVOHV\VWqPHSURGXFWLIHVWGLIIpUHQFLpH
/·(66LQWURGXLWHSDUODVRFLpWpFLYLOH"
/·DUWLFOHGH%HUQDUG(QMROUDVFHQWUpVXUODQRXYHOOHJRXYHUQDQFHHVWFHOXLTXLPHWOH SOXVO·DFFHQWVXUOHU{OHPRWHXUGHODVRFLpWpFLYLOHGDQVO·DFWLRQSXEOLTXH/DVRFLpWp FLYLOHHVWLFLFRPSRVpHG·DFWHXUVFROOHFWLIVGHIRUPHDVVRFLDWLYHTXLVHFDUDFWpULVHQW SDUGHVPRGHVGHFRRSpUDWLRQHQUpVHDX[jO·RULJLQHG·XQHJRXYHUQDQFHKRUL]RQWDOH (Q FDSDFLWp GH V·DXWR RUJDQLVHU LOV YLVHQW j SHVHU VXU OHV SROLWLTXHV SXEOLTXHV 'H IDoRQPRLQVGLUHFWH)UDQFHVFD3HWUHOODHW1DGLQH5LFKH]%DWWHVWLFDUDFWpULVHQWXQH JRXYHUQDQFHFLWR\HQQH©F·HVWjGLUHLQLWLpHHWSRUWpHSDUGHVDFWHXUVQRQLQVWLWXWLRQ QHOVªS&HVPRELOLVDWLRQVFLWR\HQQHVTXLOHSOXVVRXYHQWVHVWUXFWXUHQWGDQVGHV VWDWXWVG·(66DVVRFLDWLRQVHWSOXVPDUJLQDOHPHQWFRRSpUDWLYHVFRQVWLWXHQWXQHDXWUH PDQLqUHG·DERUGHUODVRFLpWpFLYLOH;DELHU,WoDLQDIDLWOXLDXVVLUpIpUHQFHjODVRFLpWp FLYLOH SRXU FDUDFWpULVHU O·RULJLQH GHV FUpDWHXUV GH FRRSpUDWLYHV HW UHQGUH FRPSWH GH OHXUHQJDJHPHQW
&HFLQRXVSHUPHWGHVRXOLJQHUTXHO·XWLOLVDWLRQGHODWHUPLQRORJLH©VRFLpWpFLYLOHª G·LQVSLUDWLRQDQJORVD[RQQHYLVHjUHJURXSHUGHVLQLWLDWLYHVQLSXEOLTXHVQL©IRUSUR ÀWªFRRUGRQQpHVQLSDUODKLpUDUFKLHQLSDUOHPDUFKpPDLVHQUpVHDX[(Q)UDQFH FHV LQLWLDWLYHV VRQW OH IDLW G·DFWHXUV GH O·(66 WHUPLQRORJLH LQH[LVWDQWH GDQV OHV SD\V DQJORVD[RQV 'H FH SRLQW GH YXH OHV WUDYDX[ G·LQVSLUDWLRQ DQJORVD[RQQH SULYLOpJLHQW ODUpIpUHQFHjODVRFLpWpFLYLOHWDQGLVTXHGDQVOHVSXEOLFDWLRQVIUDQoDLVHVOHWHUPH(66 V·LPSRVHSOXVIDFLOHPHQW$XGHOjOHWHUPHG·(66PHWSOXVO·DFFHQWVXUOHVGLPHQVLRQV VRFLRpFRQRPLTXHVHWHQWUHSUHQHXULDOHVGHVLQLWLDWLYHVWDQGLVTXHOHWHUPHVRFLpWpFLYLOH V·LQVFULW SOXV GDQV XQH GLPHQVLRQ VRFLR SROLWLTXH HQ UpIpUHQFH j O·HQJDJHPHQW$XVVL IDLUHOHFKRL[GHVHUpIpUHUjO·(66HWSOXVSUpFLVpPHQWDX[HQWUHSULVHVGHO·(66SOXVTX·j ODVRFLpWpFLYLOHVXSSRVHGHPHWWUHO·DFFHQWVXUOHPRGqOHSURGXFWLIHWVDGLYHUVLWpSOXV TXHVXUO·HQJDJHPHQWSROLWLTXHGHVDFWHXUV
$SSURFKHVHFWRULHOOHLQWHUVHFWRULHOOHHWFRRUGLQDWLRQHQUpVHDX
6LVRXYHQWOHVDQDO\VHVGHO·(66RQWpWpPHQpHVHQWHUPHVVHFWRULHOVRQREVHUYHOH GpYHORSSHPHQWFURLVVDQWGHG\QDPLTXHVLQWHUVHFWRULHOOHV;DELHU,WoDLQDVHVLWXHGDQVOD SUHPLqUHSHUVSHFWLYHHQLOOXVWUDQWVRQDQDO\VHGHO·HQU{OHPHQWGHVDFWHXUVGHO·(66GDQV ODJRXYHUQDQFHWHUULWRULDOHjSDUWLUGHVVHFWHXUVGHODFXOWXUHHWGHVUHODWLRQVWUDQVIURQWD OLqUHV,OPHWDLQVLHQpYLGHQFHO·pPHUJHQFHGHQRXYHDX[UpVHDX[GHJRXYHUQDQFHPXOWL QLYHDX[DXVHLQGHVTXHOVOHVDFWHXUVGHO·(66MRXHQWXQU{OHLPSRUWDQWVDQVTXHO·(66 QH IDVVH SRXU DXWDQW O·REMHW G·XQ SURFHVVXV VLJQLÀFDWLI G·LQVWLWXWLRQQDOLVDWLRQ 'DQLqOH 'HPRXVWLHU TXDQW j HOOH VRXOLJQH TX·DX ;;H VLqFOH O·(66 V·HVW GpYHORSSpH GDQV GHV ORJLTXHVVHFWRULHOOHVHWDIÀQLWDLUHVHWTXHVRQHQJDJHPHQWGDQVGHVSDUWHQDULDWVWUDQVYHU VDX[HWODYLVLRQJOREDOHGXWHUULWRLUHTX·HOOHVXSSRVHUpVXOWHOHSOXVVRXYHQWG·LQFLWDWLRQV SXEOLTXHVHWGHPpGLDWLRQVLQVWLWXWLRQQHOOHV
'·XQ DXWUH F{Wp GHX[ GHV DUWLFOHV GX GRVVLHU 7URXYpHW DO HW 3HWUHOOD HW 5LFKH]
%DWWHVWL FDUDFWpULVHQW SRXU OH SUHPLHU GHV G\QDPLTXHV LQWHUVHFWRULHOOHV PDLQWLHQ j GRPLFLOH GHV SHUVRQQHV kJpHV HW SRXU OH VHFRQG GHV G\QDPLTXHV VHFWRULHOOHV SHWLWH HQIDQFH 7RXV GHX[ DQDO\VHQW GHV FRQÀJXUDWLRQV GH JRXYHUQDQFH WHUULWRULDOLVpHV GDQV OHFKDPSGHVVHUYLFHVVRFLDX[G·LQWpUrWJpQpUDOHWSOXVSDUWLFXOLqUHPHQWHQOHXUVHLQGHV VHUYLFHV GXFDUH /H FDUH GpVLJQH O·HQVHPEOH GHV VHUYLFHV G·DLGH j OD YLH TXRWLGLHQQH GpYHORSSpV GDQV OD VSKqUH SULYpH HQ UHFRXUDQW j GHV DLGDQWV LQIRUPHOV IDPLOOH YRLVL QDJHRXH[WHUQDOLVpVVHUYLFHVH[WpULHXUVjODIDPLOOHSURSRVpVSDUXQHVWUXFWXUHFRO OHFWLYHFUqFKHVFROOHFWLYHVDVVRFLDWLRQVG·DLGHjGRPLFLOH«RXSDUGHVLQGLYLGXVGDQV OHFDGUHG·XQHUHODWLRQGHJUpjJUpDVVLVWDQWHVPDWHUQHOOHVSHUVRQQHVHQJDJpHVSDUGHV SDUWLFXOLHUVjOHXUGRPLFLOH0DOJUpOHXUGLYHUVLWpLOVRQWHQFRPPXQGHV·DGUHVVHUjGHV SHUVRQQHV©YXOQpUDEOHVªHWG·rWUHGHVVHUYLFHVUHODWLRQQHOV,OVSDUWDJHQWGHVHQMHX[GH FRRUGLQDWLRQHQWUHOHVGLIIpUHQWVDFWHXUVHWGHSUR[LPLWpJpRJUDSKLTXH5LFKH]%DWWHVWL 3HWUHOOD8QWURLVLqPHDUWLFOHFHOXLG·(QMROUDVUHSRVHOXLDXVVLSRXUSDUWLHVXUXQH DQDO\VHGHVVHUYLFHVjODSHUVRQQH
&HWWHSUpGRPLQDQFHG·XQFKDPSFHOXLGHVVHUYLFHVVRFLDX[Q·HVWSDVOHIUXLWGXKDVDUG 6HFWHXULPSRUWDQWHWKLVWRULTXHGHO·(66LOHVWDXMRXUG·KXLVRXPLVjGHIRUWHVSUHVVLRQV j OD IRLV GX IDLW GH O·pYROXWLRQ GHV EHVRLQV VRFLDX[ PDLV DXVVL GX GpYHORSSHPHQW GH OD FRQFXUUHQFH TXL VXVFLWH O·DUULYpH GH QRXYHDX[ RSpUDWHXUV GX VHFWHXU SULYp OXFUDWLI 6WUXFWXUp j O·RULJLQH VXU XQH EDVH VHFWRULHOOH FH FKDPS VH GpSORLH GDQV GHV ORJLTXHV LQWHUVHFWRULHOOHVGHQDWXUHWUDQVYHUVDOHUHSRVDQWODUJHPHQWVXUGHVIRUPXOHVSDUWHQDULDOHV
$LQVL O·DUWLFOH G·+pOqQH 7URXYp <YHV &RXWXULHU 2OLYLHU 6DLQW-HDQ HW 'RPLQLTXH 6RPPH PHW O·DFFHQW VXU OHV UpVHDX[ FRPPH PRGHV GH JRXYHUQDQFH GDQV OH FKDPS GHVVHUYLFHVDX[SHUVRQQHVkJpHV/HVUpVHDX[VRQWSUpVHQWpVFRPPHXQPRGqOHRUJD QLVDWLRQQHODUWLFXODQWOHVDFWHXUVHWOHVUHVVRXUFHVSRXUXQHPHLOOHXUHSULVHHQFKDUJH GHFHSXEOLFGDQVOHFDGUHGHO·DLGHjGRPLFLOHVXUXQWHUULWRLUHGRQQp0DLVOHVGHX[
UpVHDX[SUpVHQWVHQGLUHFWLRQGHVSHUVRQQHVkJpHVO·XQFHQWUpVXUOHVRFLDOO·DXWUHVXU OH VDQLWDLUH QH UHFRXYUHQW SDV OH PrPH SpULPqWUH JpRJUDSKLTXH OH SUHPLHU pWDQW GH FRPSpWHQFH GpSDUWHPHQWDOH OH VHFRQG GH FRPSpWHQFH UpJLRQDOH$LQVL DX SODQ ORFDO FHVUpVHDX[VRQWUDUHPHQWFRRUGRQQpVHWVXSSRVHQWODFRQVWUXFWLRQYRORQWDLUHGHPpWD UpVHDX[ GH UpVHDX[ LQWpJUpV SRXU DPpOLRUHU O·HIÀFDFLWp ORFDOH GH OD SULVH HQ FKDUJH GHVSHUVRQQHVkJpHV2QREVHUYHDLQVLOHVWHQVLRQVHQWUHSROLWLTXHSXEOLTXHVQDWLRQDOHV
HWSROLWLTXHVSXEOLTXHVLQIUDQDWLRQDOHVGRQWOHGpSDVVHPHQWUHSRVHVXUGHVVWUDWpJLHV SDUWHQDULDOHVHQWUHDFWHXUVHWUpVHDX[G·DFWHXUV'HFHSRLQWGHYXHOHWHUULWRLUHORFDO HVW GRQF O·HVSDFH GDQV OHTXHO O·LQYHQWLYLWp GH O·DFWHXU HW QRWDPPHQW GDQV VD IRUPH DVVRFLDWLYHYDSRXYRLUVHGpSOR\HUSRXUGpSDVVHUOHVOLPLWHVHWOHVG\VIRQFWLRQQHPHQWV GHVSROLWLTXHVHWGLVSRVLWLIVSXEOLFV
2QREVHUYHDXVVLTXHFHVG\QDPLTXHVSDUWHQDULDOHVVRQWjODIRLVIUDJLOHVHWLQVWDEOHV 3DUIRLVLPSRVpHVSDUOHVSRXYRLUVSXEOLFVHOOHVSHLQHQWjVHGpYHORSSHU3DUIRLVUHPLVHV HQ TXHVWLRQ SDU FHV PrPHV SRXYRLUV SXEOLFV GDQV OH FDGUH GX GpYHORSSHPHQW GH PDU FKpV SXEOLFV HOOHV FRH[LVWHQW YRLUH FqGHQW OD SODFH j GHV G\QDPLTXHV FRQFXUUHQWLHOOHV
%(QMROUDVLOOXVWUHG·DLOOHXUVWUqVH[SOLFLWHPHQWODFRH[LVWHQFHVXUXQPrPHFKDPSOHV VHUYLFHVjODSHUVRQQHG·XQHJRXYHUQDQFHYHUWLFDOHHWFRQFXUUHQWLHOOHLPSXOVpHDXQLYHDX QDWLRQDOHWG·XQHJRXYHUQDQFHKRUL]RQWDOHIRQGpHVXUGHVFRRSpUDWLRQVHQUpVHDXHQWDQW TX·DUUDQJHPHQW LQVWLWXWLRQQHO j O·pFKHORQ UpJLRQDO j O·LQLWLDWLYH G·DFWHXUV DVVRFLDWLIV ORFDX[LFLXQ35,'(6)UDQFHVFD3HWUHOODHW1DGLQH5LFKH]%DWWHVWLFRQÀUPHQWHOOHV DXVVL FHV WHQVLRQV HQ PRQWUDQW O·pPHUJHQFH GH IRUPHV GH JRXYHUQDQFH PL[WHV VXU OHV WHUULWRLUHVTXLYRQWGHODFRRSpUDWLRQjODFRQFXUUHQFH
'\QDPLTXHVSDUWLFLSDWLYHVHWFRQÀJXUDWLRQVWHUULWRULDOHVRULJLQDOHV
©&HVPRGHVGHFRRUGLQDWLRQVLWXpVGHVDFWHXUVHQWUHHX[ª3HFTXHXUS TXLFDUDFWpULVHQWOHVHQWUHSULVHVGHO·(66SURGXLVHQWGHVFRQÀJXUDWLRQVORFDOHVGHJRX YHUQDQFHKpWpURJqQHV(OOHVVRQWjODIRLVOHIUXLWGHO·KLVWRLUHGHODQDWXUHGHVUHODWLRQV VRFLDOHVGHODFDSDFLWpGHVDFWHXUVpFRQRPLTXHVSROLWLTXHVHWVRFLDX[jDJLUHQVHPEOH ,OHQUpVXOWHXQHFRQVWUXFWLRQVSDWLDOHRULJLQDOHDXVHLQGHODTXHOOHODSXLVVDQFHSXEOLTXH MRXHXQU{OHSOXVRXPRLQVDFWLIWDQGLVTXHG·DXWUHVDFWHXUVVRFLRpFRQRPLTXHVIRQWpWDW GH OHXU SRVVLEOH FDSDFLWp G·DXWR RUJDQLVDWLRQ HW G·LQLWLDWLYH 2Q REVHUYH DLQVLTXH OHV UHODWLRQVHQWUHOHVDFWHXUVSHXYHQWV·LQVFULUHGDQVXQHFRQVWUXFWLRQVSDWLDOHSULYLOpJLDQW O·LPSRUWDQFH DFFRUGpH j OD JpRJUDSKLH SK\VLTXH HW j OD SUR[LPLWp JpRJUDSKLTXH (OOHV SHXYHQWDXVVLrWUHFRPSOpWpHVGDQVOHFDGUHG·XQHFRQVWUXFWLRQSOXVLPPDWpULHOOHROD FRRUGLQDWLRQV·RSqUHSDUOHVUpVHDX[UpVHDX[G·DFWHXUVUpVHDX[GHSROLWLTXHVSXEOLTXHV (QÀQOHVLQWHUDFWLRQVHQWUHOHVDFWHXUVGHO·(66HWOHVSRXYRLUVSXEOLFVpYROXHQWVHORQ GHVPRGDOLWpVRULJLQDOHV
)UDQFHVFD3HWUHOODHW1DGLQH5LFKH]%DWWHVWLV·HIIRUFHQWGHFDUDFWpULVHUOHOLHQHQWUHJRX YHUQDQFHHWSUR[LPLWpGDQVOHVHFWHXUGHODSHWLWHHQIDQFH/HSULVPHGHO·(66OHXUSHUPHW GHPHWWUHO·DFFHQWVXUODTXHVWLRQGHODSDUWLFLSDWLRQTX·HOOHFRQFHUQHO·XVDJHUGHVVHUYLFHV RX OHV FRRUGLQDWLRQV HQWUH DFWHXUV SXEOLFV HW SULYpV /HV WHQGDQFH FRQWUDGLFWRLUHV TX·HOOHV LGHQWLÀHQWVHPEOHQWH[DFHUEpHVSDUOHVORJLTXHVFRQFXUUHQWLHOOHVHWOHVPRGqOHVJHVWLRQQDLUHV GRPLQDQWV7RXWHIRLVHOOHVVRXOLJQHQWjODIRLVO·H[LVWHQFHGHFRRUGLQDWLRQVPXOWLQLYHDX[HW O·DIIDLEOLVVHPHQWGHV©GLIIpUHQWHVIDFHWWHVGHODSUR[LPLWpHQSDUWLFXOLHUORUVTX·LOV·DJLWGHOD SULVHHQFRPSWHGHVFDUDFWpULVWLTXHVGHVXVDJHUVHWGHVWHUULWRLUHV«ªS
;DELHU,WoDLQDV·DSSX\DQWVXUXQHDSSURFKHKLVWRULTXHGHO·(66DXSD\VEDVTXHPHW HQpYLGHQFHFRPPHQWODPRELOLVDWLRQLQLWLDOHGHVFRRSpUDWLYHVGDQVOHVDQQpHVSRXU FRQWULEXHU DX GpYHORSSHPHQW ORFDO V·pODUJLW j GHV G\QDPLTXHV DVVRFLDWLYHV VROLGDLUHV GDQVOHVDQQpHVFRQWULEXDQWjODFRQVWUXFWLRQGHQRXYHDX[SUREOqPHVSXEOLFVHWj GHQRXYHDX[LQVWUXPHQWVGHJRXYHUQDQFH&HWpODUJLVVHPHQWGHODSULVHHQFRPSWHGH
O·(66V·DFFRPSDJQH©G·XQHWUDQVODWLRQG·XQUDSSRUWGLVWDQFLpGHO·(66jGHVSRVWXUHV SOXVSDUWHQDULDOHVªS2QUHWURXYHLFLO·LPSRUWDQFHDFFRUGpHDX[GpPDUFKHVSDU WLFLSDWLYHVHWDX[PRGDOLWpVGHOHXULQVWLWXWLRQQDOLVDWLRQ
'DQVXQHDXWUHSHUVSHFWLYH'DQLqOH'HPRXVWLHUGDQVVRQDQDO\VHFHQWUpHVXUODUpJX ODWLRQWHUULWRULDOHREVHUYHGHIDoRQJpQpUDOHOHGpSODFHPHQWGHO·(66FRPPHDX[LOLDLUH GHVSRXYRLUVSXEOLFVjVDUHODWLYHDXWRQRPLVDWLRQ&HUpVXOWDWTXLjSUHPLqUHYXHSRXUUDLW VHPEOHUFRQWUDGLFWRLUHDYHFFHOXLREWHQXSDU;DELHU,WoDLQDLOOXVWUHGHIDLWODGLYHUVLWp GHVG\QDPLTXHVORFDOHVHWOHXULQVFULSWLRQGDQVGHV©PDWULFHVWHUULWRULDOHVªRULJLQDOHV (OOHLGHQWLÀHTXDWUHPRGqOHVGHFRQWULEXWLRQGHO·(66jODUpJXODWLRQWHUULWRULDOHHQSUH QDQWHQFRPSWHO·DOORFDWLRQHWODFRRUGLQDWLRQGHVDFWLYLWpVGHVHPSORLVHWGHVUHYHQXV F·HVW j GLUH VRQ LQVFULSWLRQ GDQV GHV FRPSURPLV LQVWLWXWLRQQDOLVpV DX QLYHDX ORFDO HW VRQDUWLFXODWLRQDYHFOHVQLYHDX[VHFWRULHOVHWJOREDX[S(OOHGLVWLQJXHDLQVLO·(66 VHJPHQWpHHQWDQWTXHVLPSOHDSSRUWGHUHVVRXUFHVO·(66G·DFFRPSDJQHPHQWG·XQHVSp FLDOLVDWLRQ WHUULWRULDOH O·(66 LQQRYDQWH HQ DFFRPSDJQHPHQW GHV LQQRYDWLRQV WHFKQROR JLTXHVHWO·(66FRPPHFRQVWUXFWLRQG·XQHORJLTXHGHGpYHORSSHPHQWWUDQVYHUVDO'DQV FHVGLIIpUHQWVPRGqOHVO·(66UHQIRUFHOHVFRRSpUDWLRQVHWOHVVROLGDULWpV(OOHIDLWO·REMHW G·XQHUHFRQQDLVVDQFHTXLSDUIRLVV·DFFRPSDJQHG·XQULVTXHG·LQVWUXPHQWDOLVDWLRQSDUOHV DFWHXUVSXEOLFVHWGHWHQVLRQVFRQFXUUHQWLHOOHVDYHFGHVDFWHXUVSULYpVOXFUDWLIV
4XHOTXHVpOpPHQWVGHPLVHHQSHUVSHFWLYH
/HV GLIIpUHQWV DUWLFOHV UHQGHQW FRPSWH GH FRQÀJXUDWLRQV WHUULWRULDOHV RULJLQDOHV 'H FHVFRQWULEXWLRQVRQSHXWUHOHYHUGHVFRQGLWLRQVQpFHVVDLUHVjO·LQWHQVLÀFDWLRQGXU{OHGH O·(66VXUOHVWHUULWRLUHV/DUHFRQQDLVVDQFHGXU{OHGHO·(66FRPPHXQDFWHXUGXWHUUL WRLUHHQWDQWTXHWHOVXSSRVHG·DUWLFXOHUORJLTXHVVHFWRULHOOHVHWORJLTXHVWUDQVYHUVDOHVHW GHFRPELQHUDSSURFKHVRFLRSROLWLTXHHWVRFLRpFRQRPLTXH/·DFWHXUSXEOLFDX[GLIIpUHQWV QLYHDX[ GH GpFLVLRQ HQWUH OH ORFDO HW O·(XURSH Q·HVW SDV QHXWUH GDQV FH SURFHVVXV GH UHFRQQDLVVDQFH3DUOHVPpGLDWLRQVLQVWLWXWLRQQHOOHVTX·LOLQWURGXLWSDUOHVLQFLWDWLRQVj OD FRRSpUDWLRQ TX·LO SHXW GpYHORSSHU OHV SRVVLELOLWpV G·DFFqV DX PDUFKp TX·LO SUpVHUYH HWODGLYHUVLWpGHVIRUPHVRUJDQLVDWLRQQHOOHVTX·LOSHXWJDUDQWLULOHVWDLQVLVXVFHSWLEOH GH IDYRULVHU OH GpYHORSSHPHQW GH O·(66 j FRQGLWLRQ G·HQ FRQQDvWUH O·H[LVWHQFH HW OHV VSpFLÀFLWpVHWG·DVSLUHUjXQPRGHGHUpJXODWLRQWHUULWRULDOHTXLLQWURGXLVH©G·DYDQWDJH GHFRRSpUDWLRQHWGHVROLGDULWpª'HPRXVWLHUSHWjXQPRGHGHJRXYHUQDQFHSOXV SDUWLFLSDWLI0DLVOHVLQLWLDWLYHVGHVDFWHXUVVRFLRpFRQRPLTXHVOHVHQWUHSULVHVGHO·(66 UHVWHQWFHQWUDOHVHWF·HVWGDQVOHXUDUWLFXODWLRQDYHFO·DFWHXUSXEOLFTXHSHXWVHGpYHORSSHU O·(66HWDYHFHOOHXQPRGHGHGpYHORSSHPHQWWHUULWRULDOSOXVVROLGDLUH
%LEOLRJUDSKLH
%HQNR*/LSLHW]$'HODUpJXODWLRQGHVHVSDFHVDX[HVSDFHVGHUpJXODWLRQLQ%R\HU56DLOOODUG<
GLU7KpRULHGHODUpJXODWLRQ/·pWDWGHVVDYRLUV&ROO5HFKHUFKHV/D'pFRXYHUWH
%R\HU56DLOODUG<7KpRULHGHODUpJXODWLRQ/·pWDWGHVVDYRLUV&ROO5HFKHUFKHV/D'pFRXYHUWH
&RLVVDUG 6 3HFTXHXU % /HV G\QDPLTXHV WHUULWRULDOHV GpEDWV HW HQMHX[ GHV GLIIpUHQWHV DSSURFKHV GLVFLSOLQDLUHV;9,,,qFROORTXHGHO·$65'/)*UHQREOH&KDPEpU\
'HPRXVWLHU'/·pFRQRPLHVRFLDOHHWVROLGDLUHHWOHGpYHORSSHPHQWORFDOLQ&KRSDUW-11H\UHW*
5DXOW'GLU/HVG\QDPLTXHVGHO·pFRQRPLHVRFLDOHHWVROLGDLUH&ROO5HFKHUFKHV/D'pFRXYHUWH
*XLQFKDUG&'HVIUXLWLqUHVDX[-DUGLQVGH&RFDJQHPpPRLUHVRFLDOHGH)UDQFKH&RPWpLQeFRQRPLH VRFLDOHHWGpYHORSSHPHQWORFDO&DKLHU5HFPDQ
,WoDLQD;3DODUG-6HJDV65pJLPHVWHUULWRULDX[HWGpYHORSSHPHQWpFRQRPLTXH3UHVVHV8QLYHUVLWDLUH GH5HQQHV
/DXUHQW&GX7HUWUH&GLU6HFWHXUVHWWHUULWRLUHVGDQVOHVUpJXODWLRQVpPHUJHQWHV/·+DUPDWWDQ /XQJ<0RGqOHVGHÀUPHHWIRUPHVGXFDSLWDOLVPH5HYXHGHOD5pJXODWLRQQMDQYLHU
3HFTXHXU%'HO·H[WpQXDWLRQjODVXEOLPDWLRQODQRWLRQGHWHUULWRLUHHVWHOOHHQFRUHXWLOH"*pRJUDSKLH (FRQRPLHHW6RFLpWpYROSS
5LFKH]%DWWHVWL13HWUHOOD)'LYHUVLWpGHVIRUPHVGHJRXYHUQDQFHWHUULWRULDOHGHVSROLWLTXHVVRFLDOHVHW SODFH GHV RUJDQLVDWLRQV G·pFRQRPLH VRFLDOH HW VROLGDLUH UHJDUGV FURLVpV VXU OHV VHUYLFHV GH © FDUH ª HQ (XURSH5HYXH3{OH6XGSSQ
6LWHVLQWHUQHWSRXUOHVVWDWLVWLTXHVVXUO·(FRQRPLHVRFLDOHHWVROLGDLUH ZZZFQFUHVRUJ2EVHUYDWRLUH
ZZZUHFKHUFKHVVROLGDULWHVRUJ
