lesen - E&C

eundc.de

lesen - E&C

&KULVWLQH .Q SSHO

/DQGHVDUEHLWVJHPHLQVFKDIW 6R]LRNXOWX

UHOOHU =HQWUHQ +HVVHQ H 9 XQG *HVFKlIWV

I KUHULQ GHV .XOWXU]HQWUXPV 6FKODFKWKRI

.DVVHO

0RYLQJ FXOWXUHV ± 6WDGWWHLO

DUEHLW VFKDIIW ,QWHJUDWLRQ

9RU GHP +LQWHUJUXQG PHLQHU ODQJMlKULJHQ

(UIDKUXQJHQ LQ GHU 6R]LRNXOWXU ± VHLW YLHOHQ

-DKUHQ 9RUVWDQG GHU /DQGHVDUEHLWVJHPHLQ

VFKDIW 6R]LRNXOWXUHOOHU =HQWUHQ +HVVHQ XQG

*HVFKlIWVI KUHULQ GHV .XOWXU]HQWUXPV

6FKODFKWKRI HLQHV GHU JUR‰HQ KHVVLVFKHQ

VR]LRNXOWXUHOOHQ =HQWUHQ ± P|FKWH LFK LQ

PHLQHP %HLWUDJ GDUOHJHQ ZHOFKH &KDQFHQ

XQG 3RWHQ]LDOH LQ VR]LRNXOWXUHOOH 6WUXNWXUHQ

I U GLH $UEHLW LQ EHQDFKWHLOLJWHQ 4XDUWLHUHQ

OLHJHQ

0HLQH 7KHVH LVW GLH 5HVVRXUFHQ XQG 0|J

OLFKNHLWHQ YRQ .XOWXUDUEHLW LP 3UR]HVV VR]LDO

UlXPOLFK RULHQWLHUWHU .LQGHU XQG -XJHQGKLOIH

ZHUGHQ QLFKW DXVUHLFKHQG JHQXW]W XQG OLH

JHQ QRFK ZHLWJHKHQG EUDFK

6R]LRNXOWXUHOOH $UEHLW ± HLQH SRVLWLYH %L

ODQ]

(V JLEW YLHOHURUWV LQ]ZLVFKHQ HLQHQ EUHLWHQ

.RQVHQV GDU EHU GDVV .XQVW XQG .XOWXU

JHHLJQHWH 0HGLHQ XQG 0HWKRGHQ ]XU )|UGH

UXQJ YRQ LQGLYLGXHOOHQ XQG JHVHOOVFKDIWOLFKHQ

,QWHJUDWLRQVSUR]HVVHQ ELHWHQ %XQGHVZHLW

DQHUNDQQW XQG YLHO JHOREW LVW GDU EHU KLQDXV

GLH SRVLWLYH %LODQ] VR]LRNXOWXUHOOHU $UEHLW GH

UHQ NXOWXUHOOH 6WUDWHJLHQ XQG LQWHUGLV]LSOLQlUH

3URMHNWH LP 6SHNWUXP YRQ .XOWXU %LOGXQJ

XQG 6R]LDODUEHLW HLQH QDFKKDOWLJ HUIROJUHLFKH

VR]LDOH XQG NXOWXUHOOH ,QWHJUDWLRQ YRQ ]XJH

ZDQGHUWHQ 0HQVFKHQ LQ XQVHUHU *HVHOO

VFKDIW GRNXPHQWLHUHQ -XOLDQ 1LGD 5 PHOLQ

VSUDFK LQ VHLQHU $QWULWWVUHGH DOV 6WDDWVPLQLV

WHU I U .XOWXU XQG 0HGLHQ EHU]HXJHQG YRQ

GHU Ä(UIROJVVWRU\ 6R]LRNXOWXU³ ,Q GHU $QWZRUW

GHU %XQGHVUHJLHUXQJ DXI GLH *UR‰H $QIUDJH

]XU 6R]LRNXOWXU GHU &'8 &68

%XQGHVWDJVIUDNWLRQ KHL‰W HV ]XP 6FKOXVV

Ä'LH %XQGHVUHJLHUXQJ HUNHQQW GLH JUR‰H

%HGHXWXQJ GHU VR]LRNXOWXUHOOHQ =HQWUHQ XQ

HLQJHVFKUlQNW DQ ³

'LHVHU SRVLWLYHQ (LQVWHOOXQJ VWHKHQ VR]LDOH

XQG VR]LDOSROLWLVFKH (QWZLFNOXQJHQ HQWJH

JHQ :LH 6LH DOOH ZLVVHQ VSLW]HQ VLFK GLH

3UREOHPH LQ YLHOHQ 4XDUWLHUHQ GXUFK 5H

NRUGTXRWHQ YRQ $UEHLWVORVHQ XQG 6R]LDOKLO

IHEH]LHKHU LQQHQ ]X LVW GLH UDVDQWH '\QDPLN

GHU 6HJUHJDWLRQVVSLUDOH GLH ]ZDQJVOlXILJ

HLQH %HQDFKWHLOLJXQJ VSULFK $XVJUHQ]XQJ

( & )DFKNRQIHUHQ] 6 G :HVW ,QWHUNXOWXUHOOH 1DFKEDUVFKDIWHQ -XOL

XQG 'LVNULPLQLHUXQJ YRQ GRUW OHEHQGHQ .LQ

GHUQ XQG -XJHQGOLFKHQ ]XU )ROJH KDW NDXP

DXI]XKDOWHQ 'HP ZLUG 5HFKQXQJ JHWUDJHQ

LQ 3URJUDPPSODWWIRUPHQ ZLH GHP ( &

3URJUDPP GDV YHUVXFKW GLHVHQ $EZlUWV

WUHQG ]X VWRSSHQ XQG HLQH SRVLWLYH (QWZLFN

OXQJ HLQ]XOHLWHQ

6R]LDOUlXPOLFKH 1HW]ZHUNH

'HU *UXQGVDW] GHU ]XJUXQGHOLHJHQGHQ

3URJUDPPDWLN LVW HUIROJYHUVSUHFKHQG GHQQ

VLH VHW]W YRUDXV E]Z PDFKW ]XU 9HUSIOLFK

WXQJ GDVV LP 9HUEXQG LP VR]LDOUlXPOLFKHQ

1HW]ZHUN /|VXQJVVWUDWHJLHQ HLQJHOHLWHW

ZHUGHQ +LQIlOOLJ LVW GDPLW GLH $QQDKPH

GDVV HLQ 3ROLWLNIHOG ± VHL HV GHU %LOGXQJV

RGHU GHU 6R]LDOEHUHLFK ± PLW GHQ MHZHLOLJHQ

V\VWHPVSH]LILVFKHQ +DQGOXQJVVWUDWHJLHQ DO

OHLQ LQ GHU /DJH LVW DXI GLH YLHOVFKLFKWLJHQ

3UREOHPNRQVWHOODWLRQHQ HLQ]XZLUNHQ

/|VXQJVDQVlW]H PLW HLQHU QDFKKDOWLJHQ :LU

NXQJ ZLH HV HLQH 9LHO]DKO YRQ EHUHLWV SUDN

WL]LHUWHQ SRVLWLYHQ %HLVSLHOHQ EHOHJHQ N|Q

QHQ QXU DXV GHP =XVDPPHQZLUNHQ GHU YHU

VFKLHGHQHQ 3URIHVVLRQHQ KHUDXV HQWZLFNHOW

ZHUGHQ 'LH YHUVFKLHGHQHQ ,QVWDQ]HQ YRU

2UW P VVHQ LKUH 5HVVRXUFHQ XQG .RPSH

WHQ]HQ E QGHOQ XQG HLQ VR]LDOUlXPOLFKHV

1HW]ZHUN HWDEOLHUHQ

.XOWXUDNWHXUH HLQELQGHQ

)HVW]XVWHOOHQ LVW GDVV LQ GLHVHU LQQRYDWL

YHQ 3URJUDPPDWLN XQG GHQ GDUDXV UHVXOWLH

UHQGHQ QHXHQ .RPSHWHQ]QHW]ZHUNHQ HLQH

9HUNQ SIXQJ RGHU (LQELQGXQJ YRQ .XOWXUDU

EHLW QLFKW YRUJHVHKHQ LVW E]Z QLFKW UHDOLVLHUW

ZLUG $NWHXUH DXV GHP .XOWXUEHUHLFK IHKOHQ

LQ GHU 5HJHO RGHU VLQG XQWHUUHSUlVHQWLHUW LQ

$UEHLWVNUHLVHQ ]XU 0LJUDWLRQVDUEHLW RGHU DQ

GHQ 5XQGHQ 7LVFKHQ LQ GHQ 6WDGWWHLOHQ PLW

EHVRQGHUHP (QWZLFNOXQJVEHGDUI 9RU GLH

VHP +LQWHUJUXQG P|FKWH LFK GDUOHJHQ GDVV

.XOWXU XQG LQVEHVRQGHUH GLH $QVlW]H HLQHV

HUZHLWHUWHQ .XOWXUEHJULIIHV ZLH LKQ GLH 6R

]LRNXOWXU YHUWULWW HLQH ZLFKWLJH )XQNWLRQ LQ ,Q

WHJUDWLRQVSUR]HVVHQ YRQ EHQDFKWHLOLJWHQ -X

JHQGOLFKHQ EHUQHKPHQ NDQQ 'LHVH PLU

XQHUOlVVOLFK HUVFKHLQHQGH 3HUVSHNWLYH GHU

9HUNQ SIXQJ YRQ .XOWXU XQG ,QWHJUDWLRQVDU

EHLW ZHUGH LFK DXV GHU 3UD[LV XQG GHQ

*UXQGVlW]HQ VR]LRNXOWXUHOOHU $UEHLW KHUDXV

KHUOHLWHQ 'DEHL P|FKWH LFK ,KQHQ (LQEOLFNH

LQ GLH $UEHLW GHV .XOWXU]HQWUXPV 6FKODFKWKRI

JHEHQ XQG DQKDQG YRQ 3UD[LVEHLVSLHOHQ GLH

:LUNXQJVZHLVH GHU $UEHLW YHUDQVFKDXOLFKHQ

$QVFKOLH‰HQG P|FKWH LFK H[HPSODULVFK HL

QLJH 9RUDXVVHW]XQJHQ XQG %HGLQJXQJHQ


E]Z DNWXHOOH YRUKDQGHQH +HPPQLVVH I U

GLH (LQELQGXQJ YRQ .XOWXUDUEHLW LQ HLQ YHU

QHW]WHV +DQGOXQJVNRQ]HSW ]XU ,QWHJUDWLRQ

YRQ EHQDFKWHLOLJWHQ -XJHQGOLFKHQ DXI]HLJHQ

6R]LRNXOWXU HU|IIQHW LQGLYLGXHOOH

&KDQFHQ

,P 5DKPHQ GHU QHXHQ VR]LDOHQ %HZHJXQ

JHQ (QGH GHU HU $QIDQJ GHU HU -DKUH

HQWVWDQGHQ YLHOIlOWLJH NXOWXUHOOH $XVGUXFNV

IRUPHQ GLH VLFK JHJHQ GLH KHUN|PPOLFKHQ

VWDUUHQ .XQVW XQG .XOWXUIRUPHQ LQ 7KHDWHUQ

XQG 0XVHHQ ZDQGWHQ *HIRUGHUW ZXUGH Ä.XO

WXU I U DOOH YRQ DOOHQ³ 0LWWOHUZHLOH KDEHQ

VLFK EXQGHVZHLW EHU .XOWXU]HQWUHQ

KlXVHU RGHU OlGHQ HWDEOLHUW NQDSS GD

YRQ LQ +HVVHQ

6R VSHUULJ XQG XQHLQGHXWLJ GHU %HJULII 6R

]LRNXOWXU ]XZHLOHQ HUVFKHLQHQ PDJ VR OH

EHQGLJ LVW GLH GDKLQWHUVWHKHQGH .XOWXUDUEHLW

GLH VLFK DXI HLQHQ HUZHLWHUWHQ .XOWXUEHJULII

EH]LHKW

6R]LRNXOWXUHOOH =HQWUHQ VLQG NHLQH UHLQHQ

.XOWXUDQELHWHU XQG HUVW UHFKW QLFKW PLW NRP

PHU]LHOOHU $XVULFKWXQJ VRQGHUQ VLQG 2UWH I U

'HPRNUDWLH XQG 'LDORJ I U 3UlYHQWLRQ XQG

3DUWL]LSDWLRQ I U 0LWPDFKHQ XQG 0LWJHVWDO

WHQ

$OOHLQ LQ +HVVHQ ELHWHQ VLH 3ODW] I U +XQ

GHUWH YRQ JHVHOOVFKDIWVSROLWLVFK DNWLYHQ

*UXSSHQ XQG 3URMHNWHQ RGHU 3UREH XQG

$XIWULWWVP|JOLFKNHLWHQ I U XQ]lKOLJH ORNDOH

%DQGV XQG 7KHDWHUSURMHNWH 1HEHQ GHU WUD

GLWLRQHOOHQ 6R]LDO XQG *HPHLQZHVHQDUEHLW

ZHUGHQ EHGDUIV XQG ]LHOJUXSSHQRULHQWLHUWH

%LOGXQJVDQJHERWH HQWZLFNHOW XQG GXUFKJH

I KUW GLH KHOIHQ QLHGULJVFKZHOOLJ %LOGXQJV

GHIL]LWH DE]XEDXHQ XQG ,QWHJUDWLRQ ]X I|U

GHUQ

=LHO LVW

„ GLH )|UGHUXQJ YRQ (LJHQLQLWLDWLYH XQG

EHWlWLJXQJ

„ GLH (QWZLFNOXQJ NUHDWLYHU 3RWHQ]LDOH

„ GLH (LQEH]LHKXQJ YHUVFKLHGHQHU $OWHUV

JUXSSHQ VRZLH VR]LDOHU RGHU HWKQLVFKHU

0LQGHUKHLWHQ

:LFKWLJHV 3ULPDW GHU =HQWUHQ LVW GLH *H

ZlKUOHLVWXQJ YRQ 1XW]HURULHQWLHUXQJ GHPR

NUDWLVFKHQ 2UJDQLVDWLRQVIRUPHQ XQG (QW

VFKHLGXQJVVWUXNWXUHQ

0LOOLRQHQ 0HQVFKHQ EXQGHVZHLW EH

VXFKWHQ ODXW 6WDWLVWLN GHU %XQGHVYHUHLQLJXQJ

LP -DKU UXQG NXOWXUHOOH 9HUDQ

VWDOWXQJHQ XQG EHU NRQWLQXLHUOLFKH

$QJHERWH %HUDWXQJ .XUVH HWF 8QWHU GHQ

1XW]HU LQQHQ VLQG YLHOH -XJHQGOLFKH XQG

MXQJH (UZDFKVHQH OW *UR‰HU $QIUDJH GHU

( & )DFKNRQIHUHQ] 6 G :HVW ,QWHUNXOWXUHOOH 1DFKEDUVFKDIWHQ -XOL

&'8 &68 %XQGHVWDJVIUDNWLRQ

0LR XQWHU -DKUHQ ]ZLVFKHQ XQG

-DKUHQ ± LQVJHVDPW 0LR XQWHU

-DKUHQ

Ä0RYLQJ &XOWXUHV ± 6WDGWWHLODUEHLW VFKDIIW

,QWHJUDWLRQ³ VR GLH hEHUVFKULIW PHLQHV %HL

WUDJHV 0RYLQJ FXOWXUHV ± EHGHXWHW I U GLH

$UEHLW GHV .XOWXU]HQWUXPV 6FKODFKWKRI GLH

9HUNQ SIXQJ YRQ $OOWDJVHUIDKUXQJ %LO

GXQJVDUEHLW XQG NXOWXUHOOHQ (UHLJQLVVHQ RE

DOV 5H]LSLHQW LQ RGHU $NWHXU LQ

.XOWXU]HQWUXP 6FKODFKWKRI ± HLQJHEHWWHW

LQV 4XDUWLHU

,P 5DKPHQ GHV UHJHOPl‰LJHQ .XOWXUSUR

JUDPPV GHV .XOWXU]HQWUXPV 6FKODFKWKRI

JHKW HV HLQHUVHLWV XP GLH 3UlVHQWDWLRQ XQ

WHUVFKLHGOLFKHU 0XVLNWUDGLWLRQHQ GHP YHU

PHLQWOLFK $XWKHQWLVFKHQ 8UVSU QJOLFKHQ XQG

8QYHUIlOVFKWHQ GHP 9HUWUDXWHQ I U GLH EHL

XQV OHEHQGHQ )UHPGHQ XQG GHP )UHPGDUWL

JHQ I U GLH (LQKHLPLVFKHQ $QGHUHUVHLWV

JHKW HV XP NXOWXUHOOH ,QWHUDNWLRQ XQG 3UR

]HVVH ZHQQ ] % EHL 3URMHNWHQ XQG N QVWOH

ULVFKHQ 3URGXNWLRQHQ ]ZLVFKHQ HULWUHLVFKHQ

0XVLNHU LQQHQ XQG GHQ 0LWJOLHGHUQ HLQHU

GHXWVFKHQ -D]]EDQG GLH XQWHUVFKLHGOLFKHQ

0XVLNWUDGLWLRQHQ DXIHLQDQGHUWUHIIHQ XQG ]X

VDPPHQZLUNHQ GDEHL HWZDV 1HXHV JH

VFKDIIHQ ZLUG ZHQQ VLH JOHLFKVDP JHPHLQ

VDP GHQ :HJ GLH 6WDWLRQHQ YRQ 0LJUDWL

RQVEHZHJXQJHQ XQG )OXFKW HUIDKUEDU K|U

EDU PDFKHQ

hEHU YLHOH -DKUH JDE HV LP .XOWXU]HQWUXP

6FKODFKWKRI 6D] :HUNVWlWWHQ LQ GHQHQ 9l

WHU RGHU *UR‰YlWHU GHU QDFKIROJHQGHQ *H

QHUDWLRQ WUDGLWLRQHOOH W UNLVFKH 0XVLNWUDGLWLR

QHQ DXV LKUHU +HLPDW ZHLWHUJHJHEHQ KDEHQ

$Q GLH 6WHOOH GLHVHV EHZDKUHQGHQ NXOWXUHO

OHQ $XVGUXFNV LVW LQ GHU =ZLVFKHQ]HLW GDV

3KlQRPHQ GHV +LS+RS JHWUHWHQ ,Q GHU +L

SKRS 6WDWLRQ XQVHUHV -XJHQG]HQWUXPV ZLUG

KHXWH DOODEHQGOLFK JHUDSSW JHVFUDWFKW XQG

JHEUHDN GDQFHG 'LH 7H[WH LQ HLQHP *H

PLVFK DXV 'HXWVFK 7 UNLVFK PDFKHQ GHXW

OLFK GDVV GLH -XJHQGOLFKHQ $OOWDJVHUIDKUXQ

JHQ DXV GHU )DPLOLH GHU 6FKXOH RGHU GHP

6WDGWWHLO EH E]Z YHUDUEHLWHQ VHLHQ HV GLH

hEHUWUHWXQJHQ YRQ UHOLJL|VHQ 1RUPHQ RGHU

GHU .RQIOLNW PLW GHU 6WDDWVJHZDOW

-XJHQGDUEHLW KDW I U HLQH LQWHUNXOWXUHOOH

6WDGWWHLODUEHLW HLQHQ EHVRQGHUHQ 6WHOOHQ

ZHUW

VR GDVV GDV .XOWXU]HQWUXP 6FKODFKWKRI VLFK

XP GLH hEHUQDKPH GHV HKHPDOV VWlGWLVFKHQ

-XJHQG]HQWUXPV EHP KW KDW XQG GLHV VHLW

QXQ PHKU -DKUHQ LQ HLJHQHU 7UlJHUVFKDIW


I KUW :LH LQ DQGHUHQ -XJHQG]HQWUHQ LVW GHU

$QVDW] GLHVHU -XJHQGNXOWXUDUEHLW GLH -X

JHQGOLFKHQ LQ LKUHU /HEHQVZHOW DE]XKROHQ

'HU RIIHQH %HUHLFK GHV -XJHQG]HQWUXPV

ELHWHW HLQH 0|JOLFKNHLW GLH )UHL]HLW ]X

YHUEULQJHQ XQG HU|IIQHW QLHGULJVFKZHOOLJH

$QJHERWH VLFK NXOWXUHOO ]X EHWlWLJHQ RE

EHLP 5DSSHQ 7DQ]HQ )LOPHQ RGHU EHLP (U

OHUQHQ GHV '- +DQGZHUNHV

'HU QlFKVWH 6FKULWW LVW GDV gIIQHQ XQG

3UlVHQWLHUHQ GLHVHU HLJHQHQ $NWLYLWlWHQ ] %

EHLP (LQVDW] DOV '- EHL )HVWHQ LP 6DDO DXI

GHU % KQH EHLP ,QWHUQDWLRQDOHQ )U KOLQJV

IHVW

,QWHUQDWLRQDOHV )U KOLQJVIHVW

'LHVHV DOOMlKUOLFKH 6WUD‰HQIHVW GHV .XOWXU

]HQWUXPV 6FKODFKWKRI LVW QDFK DQIlQJOLFKHU

6NHSVLV JHJHQ EHU GLHVHU QLFKW VR JDQ]

HLQ]XVFKlW]HQGHQ ,QLWLDWLYH DXV 6WXGLHUHQ

GHQ . QVWOHU LQQHQ 6R]LDODUEHLWHU LQQHQ

-XJHQGOLFKHQ XQG Ã*DVWDUEHLWHU LQQHQ ]X HL

QHP EHOLHEWHQ 6WDGWWHLO XQG 6]HQHIHVW D

YDQFLHUW 'DV )HVW SUlVHQWLHUW GLH $NWLYLWlWHQ

GHV =HQWUXPV XQG GLHQW QLFKW QXU GHU NXOWX

UHOOHQ %HOHEXQJ GHV 6WDGWWHLOV VRQGHUQ KDW

VLFK ]X HLQHP EHVRQGHUHQ ,GHQWLILNDWLRQV

SXQNW HQWZLFNHOW 'LH NXOWXUHOOH 9LHOIDOW GHV

4XDUWLHUV ]HLJW VLFK PLW DOO VHLQHU /HEHQGLJ

NHLW XQG ZLUG DOV 3RWHQ]LDO XQG 5HVVRXUFH

HPSIXQGHQ 0DQ LVW VWRO] DXI GDV 6WUD‰HQ

IHVW GDV HLQH VR JUR‰H 5HVRQDQ] ÃYRQ DX

‰HQ DXV DQGHUHQ ÃEHVVHUHQ 4XDUWLHUHQ HU

IlKUW

,Q MHGHP -DKU VLQG PHKU DOV (KUHQ

DPWOLFKH LQ GLH )HVWYRUEHUHLWXQJ XQG 'XUFK

I KUXQJ HLQJHEXQGHQ EHLP $XIEDX GHU

6WlQGH EHLP *HWUlQNHDXVVFKDQN 7HLOQHK

PHULQQHQ XQG 7HLOQHKPHU DXV GHQ 'HXWVFK

NXUVHQ EDFNHQ .XFKHQ GLH 0LJUDQ

WHQYHUHLQH DXV GHP +DXV ELHWHQ NXOLQDUL

VFKH .|VWOLFKNHLWHQ DXV GHU JDQ]HQ :HOW

-XJHQGOLFKH DXV HLQHU 0D‰QDKPH ]XU

VSUDFKOLFKHQ )|UGHUXQJ KDEHQ VLFK LQ GLH

VHP -DKU LQ EHVRQGHUHP 0D‰H LQ GLH 9RUEH

UHLWXQJVDUEHLWHQ GHV )HVWHV HLQJHEUDFKW XQG

EHU GLH YHUELQGOLFKH .XUV]HLW KLQDXV EHLP

$XIEDX YRQ % KQHQ XQG 6WlQGHQ PLWJHKRO

IHQ $XI LKUHQ *HVLFKWHUQ ZDU GHXWOLFK GHU

6WRO] XQG GLH )UHXGH DE]XOHVHQ DOV GDQQ

ZHLW EHU 0HQVFKHQ JHPHLQVDP PLW

HLQDQGHU IHLHUWHQ

(LQ JHPHLQVDPHV )HVW DOV $QNHUSXQNW I U

NXOWXUHOOH $NWLYLWlWHQ JDQ]HU )DPLOLHQ GDV

,GHQWLWlW VFKDIIW HLQH (LQELQGXQJ LQ GHQ

6WDGWWHLO JHZlKUOHLVWHW XQG ]XU ,PDJHYHU

EHVVHUXQJ EHLWUlJW

'RFXPHQWD ± .XQVWSURMHNW PLW -XJHQGOL

FKHQ

( & )DFKNRQIHUHQ] 6 G :HVW ,QWHUNXOWXUHOOH 1DFKEDUVFKDIWHQ -XOL

(LQ ZHLWHUHV ]XHUVW VHKU VSHNWDNXOlUHV

%HLVSLHO VHL DQJHVFKORVVHQ 'HU 'RFXPHQ

WD . QVWOHU 7KRPDV +LUVFKRUQ KDW GXUFK HL

QH YHUDQWZRUWOLFKH %HWHLOLJXQJ YRQ -XJHQGOL

FKHQ DXV GHU 1RUGVWDGW EHL GHU OHW]WHQ 'R

FXPHQWD LP -DKU LQ EHLVSLHOKDIWHU :HL

VH HLQHQ 3UR]HVV ]XU 0RWLYLHUXQJ XQG 5HDN

WLYLHUXQJ YRQ (LJHQLQLWLDWLYH YRQ EHQDFKWHL

OLJWHQ -XJHQGOLFKHQ GXUFK GLH (UVWHOOXQJ XQG

0LWJHVWDOWXQJ VHLQHV .XQVWZHUNHV LQ *DQJ

JHVHW]W XQG JHI|UGHUW

'LH :|KOHUVLHGOXQJ LVW HLQH 6LHGOXQJ GHV

6R]LDOHQ :RKQXQJVEDXV PLW HLQHU SUREOH

PDWLVFKHQ VR]LDO VFKZDFKHQ 0LHWHUVWUXNWXU

HLQHU YHUQDFKOlVVLJWHQ %DXVXEVWDQ] PLW

DEVROXWHQ 'HIL]LWHQ LQ GHU VR]LDOHQ XQG NXO

WXUHOOHQ ,QIUDVWUXNWXU XQG HLQHU KRKHQ 9HU

NHKUVEHODVWXQJ

,Q 0LWWHQ GLHVHU 6LHGOXQJ KDEHQ GLH -X

JHQGOLFKHQ GDV .XQVWZHUN Ä%DWDLOOH

0RQXPHQW³ DXIJHEDXW 'DV .XQVWZHUN EH

VWDQG DXV +RO]EDXWHQ LQ GHQHQ X D HLQH

$XVVWHOOXQJ EHU GHQ IUDQ]|VLVFKHQ 3KLOR

VRSKHQ %DWDLOOH HLQ ,PELVV HLQH %LEOLRWKHN

HLQ 3& 5DXP HLQ )HUQVHKVWXGLR XQWHUJH

EUDFKW ZDUHQ VRZLH HLQ 'HQNPDO 'LH -X

JHQGOLFKHQ EHWUHXWHQ GLH 5lXPH EHUQDK

PHQ GHQ 7UDQVSRUW GHU %HVXFKHU LQQHQ SHU

.XQVWWD[L YRQ GHQ +DXSWVWDQGRUWHQ GHU

.XQVWDXVVWHOOXQJ LQ GLH 3HULSKHULH YRQ .DV

VHO VLH ZDUHQ GDV 0HGLHQWHDP PLW WlJOLFKHU

6HQGH]HLW LP ORNDOHQ RIIHQHQ .DQDO XQG EH

WULHEHQ GHQ WHPSRUlUHQ ,PELVV 'LH :HUW

VFKlW]XQJ XQG $QHUNHQQXQJ LKUHV 7XQV

ZXUGH YRQ GHQ -XJHQGOLFKHQ ZDKUJHQRP

PHQ XQG VWlUNWH LKUH 9HUELQGOLFKNHLW XQG LKU

6HOEVWZHUWJHI KO 'LHV ZXUGH GXUFK GLH YHU

ELQGOLFKH XQG YHUELQGHQGH 3HUV|QOLFKNHLW

GHV . QVWOHUV XQWHUVW W]W GHU NODUH $QIRUGH

UXQJHQ DQ HLQH =XVDPPHQDUEHLW IRUPXOLHUWH

XQG EHL =XZLGHUKDQGOXQJHQ ZLH 'LHEVWDKO

YRQ 9LGHRUHNRUGHUQ HLQGHXWLJH .RQVHTXHQ

]HQ IROJHQ OLH‰

'D QLFKW LPPHU XQG HUVW UHFKW QLFKW EHUDOO

'RFXPHQWD LVW VFKHLQW GLHV HLQ VLQJXOlUHV

+LJKOLJKW ]X VHLQ 'DV ZLHGHUKROEDU ]X PD

FKHQ I U HLQH JU|‰HUH *UXSSH YRQ %HWHLOLJ

WHQ XQG PLW EHUVFKDXEDUHP $XIZDQG LVW GLH

HQWVFKHLGHQGH $XIJDEH GLH HV LQ GHQ 6WDGW

WHLOHQ ]X OHLVWHQ JLOW

0HGLHQSURMHNW ;HQLD

'DV 0HGLHQSURMHNW ;HQLD JHI|UGHUW LP

;HQRV 3URJUDPP GXUFK GDV %XQGHVPLQLVWH

ULXP I U :LUWVFKDIW XQG $UEHLW EHLQKDOWHW HL

QH QHXQPRQDWLJH 4XDOLIL]LHUXQJ YRQ ]XJH

ZDQGHUWHQ 0lGFKHQ XQG MXQJHQ )UDXHQ LP


%HUHLFK QHXHU 0HGLHQ XQG ,7 (UVWHOOW ZHU

GHQ LP 5DKPHQ YRQ 0HGLHQNRPSDNWZRFKHQ

0HGLHQSURGXNWH ZLH 5DGLR RGHU 79

)HDWXUH GLH YRP )UHLHQ 5DGLR .DVVHO RGHU

GHP 2IIHQHQ .DQDO DXVJHVWUDKOW ZHUGHQ

3ODNDWH RGHU 3RVWNDUWHQ DXI GHQHQ VLFK GLH

0lGFKHQ PLW GHU 7KHPDWLN Ä$XVJUHQ]XQJ

XQG $XVOlQGHUIHLQGOLFKNHLW³ DXVHLQDQGHUVHW

]HQ G K PLW (UIDKUXQJHQ XQG 6LWXDWLRQHQ

GLH OHLGHU ] 7 LKUH HLJHQHQ VLQG %HJHLVWHUW

YRQ GHP ÃDXI 6HQGXQJ VHLQ RGHU GHU (UIDK

UXQJ DOV .DPHUDIUDX LVW GLH 4XRWH GHU

$EEUHFKHULQQHQ LQ GLHVHU 0D‰QDKPH VHKU

JHULQJ XQG GLH =DKO GHUMHQLJHQ GLH LP $Q

VFKOXVV HLQH VFKXOLVFKH RGHU EHUXIOLFKH

$XVELOGXQJ DXIQDKPHQ VHKU KRFK

4XDVL EHLOlXILJ ZHUGHQ LP 9HUODXI GHV

/HKUJDQJV ZLFKWLJH EHUXIOLFKH XQG VR]LDOH

6FKO VVHOTXDOLILNDWLRQHQ HUZRUEHQ 'HU (U

IROJ XQG GDV 'XUFKKDOWHYHUP|JHQ ZHUGHQ

PLW HLQHP =HUWLILNDW GHP (XURSlLVFKHQ

&RPSXWHUI KUHUVFKHLQ (&'/ EHORKQW

'LH (UIDKUXQJ GDVV YRU DOOHP 0lGFKHQ

PLW 0LJUDWLRQVKLQWHUJUXQG EHQDFKWHLOLJW VLQG

EHLP =XJDQJ ]X GHQ QHXHQ 0HGLHQ KDW GHQ

,PSXOV JHJHEHQ HLQ 3URMHNW ]X NRQ]LSLHUHQ

)|UGHUPLWWHO ]X EHDQWUDJHQ UlXPOLFKH XQG

WHFKQLVFKH 9RUDXVVHW]XQJHQ ]X VFKDIIHQ

6WDGWWHLOHWDJH 1RUGVWDGW XQG GLH 'XUFKI K

UXQJ GHU 0D‰QDKPH PLW GHP -XJHQGEHUXIV

KLOIHWUlJHU %XQW6WLIW LP .RRSHUDWLRQVYHUEXQG

]X UHDOLVLHUHQ

6WDGWWHLO]HLWXQJ Ä1RUGZLQG³

0LW GHU DOOH GUHL 0RQDWH HUVFKHLQHQGHQ

6WDGWWHLO]HLWXQJ Ä1RUGZLQG³ KDW VLFK PLW %H

JLQQ GHV 1RUGVWDGWSURMHNWHV XQG GHU $XI

QDKPH LQ GLH )|UGHUNXOLVVH GHV %XQG

/lQGHU 3URJUDPPV Ä6WDGWWHLOH PLW EHVRQGH

UHP (QWZLFNOXQJVEHGDUI³ HLQ QHXHV ,QIRUPD

WLRQV XQG .RPPXQLNDWLRQVPHGLXP HQWZL

FNHOW

-XJHQGOLFKH E]Z *UXSSHQ YRQ .LQGHUQ

XQG -XJHQGOLFKHQ VLQG GXUFK GDV 9HUIDVVHQ

YRQ %HLWUlJHQ E]Z HLQHU -XJHQGQXPPHU

EHWHLOLJW EULQJHQ 0HLQXQJHQ XQG ,QWHUHVVHQ

HLQ XQG OHQNHQ GHQ %OLFN DXI GHQ 6WDGWWHLO

DXV LKUHU 6LFKW hEHU GLH UHGDNWLRQHOOH $UEHLW

KLQDXV I KUHQ HLQLJH MXJHQGOLFKH $XV]XELO

GHQGH GLH X D EHU GDV 0HGLHQSURMHNW ;H

QLD PRWLYLHUW ZHUGHQ NRQQWHQ XQG HLQH $XV

ELOGXQJ EHLP -XJHQGEHUXIVKLOIHWUlJHU %XQW

6WLIW DXIJHQRPPHQ KDEHQ GLH JUDILVFKH

*HVWDOWXQJ XQG (QGSURGXNWLRQ GHU =HLWXQJ

DXV

/HW]WHQGOLFK JHZlKUOHLVWHQ GLH -XJHQGOL

FKHQ DXV GHP )UHLZLOOLJHQ 6R]LDOHQ 7UDL

QLQJVMDKU HLQH 9HUWHLOXQJ GHU =HLWXQJHQ LQ

( & )DFKNRQIHUHQ] 6 G :HVW ,QWHUNXOWXUHOOH 1DFKEDUVFKDIWHQ -XOL

GHQ *HVFKlIWHQ .QHLSHQ $U]WSUD[HQ XQG

DQGHUHQ /RNDOLWlWHQ GHV 6WDGWWHLOV

$OOH LP 1RUGVWDGWSURMHNW EHWHLOLJWHQ 7UlJHU

VLQG HQWZHGHU DQ GHU 5HGDNWLRQ RGHU DQ GHU

3URGXNWLRQ EHWHLOLJW XQG PDFKHQ GLH EH

VFKULHEHQHQ 6\QHUJLHQ P|JOLFK

'LH %HLVSLHOH PDFKHQ GHXWOLFK GDVV HLQH

NRQVHTXHQWH (LQEH]LHKXQJ GHU -XJHQGOL

FKHQ LQ UHDOH JHVHOOVFKDIWOLFKH *HVWDOWXQJV

SUR]HVVH 0RWLYDWLRQ XQG $QHUNHQQXQJ ]XU

)ROJH KDEHQ GLH HLQ ZLFKWLJHU ,PSXOV XQG

GLH 9RUDXVVHW]XQJ I U -XJHQGOLFKH VLQG

:HJH DXV GHP .UHLVODXI GHU %HQDFKWHLOL

JXQJ KHUDXV ]X JHKHQ

.XOWXU LVW GDEHL QLFKW QXU LQ GHQ (LQVWLHJVVL

WXDWLRQHQ DWWUDNWLY VRQGHUQ 0RWRU I U OlQJHU

IULVWLJH 3UR]HVVH

(V ]HLJW VLFK GDVV YLHOIDFK GHU (UZHUE

XQG GDV 7UDLQLQJ YRQ VR]LDOHQ XQG EHUXIOL

FKHQ 6FKO VVHOTXDOLILNDWLRQHQ JDQ] EHLOlXILJ

HUIROJW

'LH %HLVSLHOH ]HLJHQ DXFK GDVV HV GHU

)UHLUlXPH EHGDUI NUHDWLYH 3RWHQ]LDOH YRQ

-XJHQGOLFKHQ ZLHGHU ]X HQWGHFNHQ XQG LK

QHQ HLQH 0|JOLFKNHLW ]XU (UIDKUXQJ PLW VLFK

VHOEVW XQG LKUHQ )lKLJNHLWHQ ]X ELHWHQ 5H

GX]LHUW VLFK GLH ,QWHJUDWLRQVDUEHLW DXI GLH

NODVVLVFKHQ %HWUHXXQJV %HUDWXQJV XQG

%LOGXQJVPRGXOH XQG EHVFKUlQNHQ VLFK GLHVH

GDUDXI HLQ HQJ VWUXNWXULHUHQGHV &DVHPDQD

JHPHQW I U GLH -XJHQGOLFKHQ ]X NRQ]LSLHUHQ

VR YHUQDFKOlVVLJHQ VLH LGHQWLWlWV XQG VLQQ

VWLIWHQGH $VSHNWH XQG 9HUJHZLVVHUXQJHQ

GHU MXJHQGOLFKHQ ,QGLYLGXHQ DOV 9RUDXVVHW

]XQJ I U UHDOH =XNXQIWVFKDQFHQ

.RRSHUDWLRQ HU|IIQHW LQVWLWXWLR

QHOOH &KDQFHQ

6LH DOOH ZHUGHQ LQ ,KUHU $UEHLW HUIDKUHQ

KDEHQ GDVV NRQVWUXNWLYH .RRSHUDWLRQHQ

P|JOLFK XQG DXVEDXIlKLJ VLQG :LFKWLJ GDEHL

LVW HV ZHLWHUKLQ GDV %HZXVVWVHLQ I U GLH

1RWZHQGLJNHLW YRQ .RRSHUDWLRQHQ ]X I|U

GHUQ

(LQH ZLFKWLJH 9RUDXVVHW]XQJ LVW GDVV VLFK

GLH %HWHLOLJWHQ GHU YHUVFKLHGHQHQ 6\VWHPH

] % GHV YRUVFKXOLVFKHQ %HUHLFKV GHU 6FKX

OH GHU -XJHQGKLOIH GHU -XJHQGEHUXIVKLOIH

RGHU DXV GHQ .XOWXUHLQULFKWXQJHQ LQ VWDDWOL

FKHU RGHU IUHLHU 7UlJHUVFKDIW LKUH UHFKW XQ

WHUVFKLHGOLFKHQ 6WUXNWXUHQ YHUJHJHQZlUWL

JHQ 'HQQ GLH VWUXNWXUHOOHQ 'LVNUHSDQ]HQ

XQG 'LIIHUHQ]HQ EHGLQJHQ XQWHUVFKLHGOLFKH

6HOEVWYHUVWlQGQLVVH 'HQN XQG +DQG

OXQJVZHLVHQ ZHOFKH DOV XQEHZXVVWH +LQ

WHUJUXQGVUDVWHU VFKQHOO ]XP 6FKHLWHUQ I K


UHQ N|QQHQ 'LH JHJHQVHLWLJH $N]HSWDQ]

RKQH HLQH +LHUDUFKLVLHUXQJ GHU 3URIHVVLRQHQ

RGHU .RPSHWHQ]HQ PXVV GHQ *UXQGVWHLQ I U

HLQH .RRSHUDWLRQ ÄDXI JOHLFKHU $XJHQK|KH³

OHJHQ

6WDGWWHLOHWDJH 1RUGVWDGW ± HLQ .RRSHUDWL

RQVEHLVSLHO

(LQ %HLVSLHO DXV GHP .DVVHOHU 1RUGHQ

'LH Ä6WDGWWHLOHWDJH 1RUGVWDGW³ GHUHQ $XV

EDX XQG %HWULHE GXUFK GLH )|UGHUXQJHQ GHU

(XURSlLVFKHQ 8QLRQ 8UEDQ XQG (6) XQG

GDV %XQG /lQGHU 3URJUDPP Ä6R]LDOH 6WDGW³

LP $XJXVW UHDOLVLHUW ZHUGHQ NRQQWH

YHUVXFKW GDV 2EHQJHQDQQWH LQ GLH 3UD[LV

XP]XVHW]HQ XQG HUOHEW ]XU =HLW GLH 9RU XQG

1DFKWHLOH YRQ 9HUQHW]XQJ

9LHU 7UlJHU GDV .XOWXU]HQWUXP 6FKODFKW

KRI GHU -XJHQGEHUXIVKLOIHWUlJHU %XQW6WLIW

GHU ,QWHUQDWLRQDOH %XQG I U 6R]LDODUEHLW XQG

GDV -XJHQGDPW GHU 6WDGW .DVVHO KDEHQ VLFK

LQ HLQHU 7UlJHUJHPHLQVFKDIW ]XVDPPHQJH

VFKORVVHQ XQG ]HLFKQHQ JHPHLQVDP I U

)UHL]HLW %LOGXQJV 4XDOLIL]LHUXQJV XQG

6SRUWDQJHERWH YRU DOOHP I U -XJHQGOLFKH

DXV GHP 6WDGWWHLO YHUDQWZRUWOLFK 8QWHUJH

EUDFKW VLQG GRUW X D GDV 0HGLHQSURMHNW ;H

QLD 6FKODFKWKRI GDV )UHLZLOOLJH 6R]LDOH

7UDLQLQJVMDKU %XQW6WLIW GDV EXQGHVZHLW

EHNDQQWH %R[FDPS I U -XJHQGOLFKH ,% XQG

GLH Ä.OLTXHQEHWUHXXQJ³ GHV VWlGWLVFKHQ -X

JHQGDPWHV 3ROLWLVFK GXUFKJHVHW]W ZHUGHQ

NRQQWH GLH 6FKDIIXQJ YRQ QHXHQ 5lXPHQ

I U -XJHQGOLFKH QXU GXUFK GHQ =XVDPPHQ

VFKOXVV GHU YLHU 7UlJHU GLH LQ GHU (QWZLFN

OXQJVSKDVH VFKQHOO JHPHUNW KDEHQ GDVV VLH

LKUH XQWHUVFKLHGOLFKHQ ,QWHUHVVHQ XQG =LHOH

SUl]LVLHUHQ XQG HLQHQ ,QWHUHVVHQVDEJOHLFK

YRUQHKPHQ P VVHQ

=X NOlUHQ ZDUHQ 5DXP XQG $XVVWDW

WXQJVDQVSU FKH YRU GHQ +LQWHUJUXQG LQGLYL

GXHOOHU XQG JHPHLQVDPHU 1XW]XQJHQ ] %

GHV QHXHQ 0HGLHQUDXPHV PLW 3&

$UEHLWVSOlW]HQ ,QKDOWOLFKH 3URMHNWH VLQG

QLFKW PHKU QXU ]X EHWUDFKWHQ DOV WUlJHUVSH

]LILVFKH $XVODJHUXQJHQ VRQGHUQ DOV 7HLOH

HLQHV QHXHQ JHPHLQVDP ]X HQWZLFNHOQGHQ

3URILOV

'DU EHU KLQDXV ZHUGHQ ]XU =HLW $XIJDEHQ

GHILQLHUW =XVWlQGLJNHLWHQ IHVWJHVFKULHEHQ

XQG HLQH YHUELQGOLFKH QLFKW ]XIlOOLJH .RP

PXQLNDWLRQVVWUXNWXU DXIJHEDXW .RQIOLNWH

ZLH Ä+DEHQ GLH 7HLOQHKPHU YRQ %XQW6WLIW

RGHU GHP 6FKODFKWKRI GDV &KDRV LP JH

PHLQVDPHQ %LVWUR KLQWHUODVVHQ"³ VSLHJHOQ

XQV LP $OOWDJ LPPHU ZLHGHU GDVV ZLU QRFK

HLQHQ ODQJHQ :HJ YRU XQV KDEHQ 'DEHL JLOW

HV VRZRKO VWDUUHV E URNUDWLVFKHV +DQGOLQJ LQ

GHU VWlGWLVFKHQ 9HUZDOWXQJ GLH $EJUHQ]XQ

( & )DFKNRQIHUHQ] 6 G :HVW ,QWHUNXOWXUHOOH 1DFKEDUVFKDIWHQ -XOL

JHQ ]ZLVFKHQ XQWHUVFKLHGOLFKHQ bPWHUQ ]X

EHUZLQGHQ DOV DXFK GDV .RQNXUUHQ] XQG

$EJUHQ]XQJVGHQNHQ IUHLHU 7UlJHU XQWHUHLQ

DQGHU DXI]XEUHFKHQ

'LH $QSDVVXQJ YRQ +DQGOXQJVNRPSHWHQ

]HQ LVW DXI DOOHQ 6HLWHQ HLQ ZLFKWLJHU 6FKULWW

GDPLW HLJHQVWlQGLJHV ]HLWQDKHV 8PVHW]HQ

XQG 'XUFKI KUHQ DXWRULVLHUW LVW

6WDGWWHLOEH]RJHQH .XOWXUDUEHLW ILQDQ]LHOO

DEVLFKHUQ

) U GLH 5HDOLVLHUXQJ HLQHU (LQELQGXQJ YRQ

VR]LRNXOWXUHOOHU $UEHLW LQ HLQH VR]LDOUlXPOL

FKH ,QWHJUDWLRQVDUEHLW LVW HLQH (UK|KXQJ GHU

ILQDQ]LHOOHQ 5HVVRXUFHQ QRWZHQGLJ G K HV

EHGDUI ]XVlW]OLFKHU )|UGHUSURJUDPPH PLW

H[SOL]LWHU $XVULFKWXQJ DXI VWDGWWHLOEH]RJHQH

.XOWXUDUEHLW DXI NRPPXQDOHU ZLH VWDDWOLFKHU

(EHQH

'HU ]XQHKPHQGH 7UHQG LQ GHU .XOWXUI|UGH

UXQJ LVW GLH .RQ]HQWUDWLRQ DXI HLQPDOLJH UH

SUlVHQWDWLYH *UR‰HUHLJQLVVH PLW ] 7 XQ

JODXEOLFK KRKHQ 6XEYHQWLRQHQ 'HPJHJHQ

EHU JLOW I U GLH 6R]LRNXOWXU OHLGHU DXFK QDFK

-DKUHQ GDVV YLHO .UHDWLYLWlW XQG ,PSURYL

VDWLRQVWDOHQW LPPHU QRFK LQ GHU ILQDQ]LHOOHQ

6LFKHUXQJ GHU $UEHLW JHEXQGHQ LVW 'LH /HLV

WXQJHQ GHU 6R]LRNXOWXU ZHUGHQ DXI GHP +LQ

WHUJUXQG EHVFKHLGHQHU QLFKW |IIHQWOLFKHU

6XEYHQWLRQHQ I U GLH HV NHLQH 3ODQXQJVVL

FKHUKHLW JLEW GXUFK HLQHQ JUR‰HQ $QWHLO HL

JHQHUZLUWVFKDIWHWHU 0LWWHO YRQ ZHQLJHQ XQG

]XGHP XQWHUEH]DKOWHQ KDXSWDPWOLFK %H

VFKlIWLJWHQ XQG HLQHP KRKHQ 0D‰ DQ (K

UHQDPWOLFKNHLW HUEUDFKW 1DFK ZLH YRU PDFKW

GLH )|UGHUXQJ GHU VR]LRNXOWXUHOOHQ =HQWUHQ

LQ GHQ .XOWXUKDXVKDOWHQ LP 9HUJOHLFK ]XU

%H]XVFKXVVXQJ HWDEOLHUWHU .XOWXUHLQULFKWXQ

JHQ HLQHQ ]X JHULQJHQ %UXFKWHLO DXV

)HVW]XVWHOOHQ LVW GDVV GLH 6R]LRNXOWXU

JDQ] VLFKHU ZHQLJ ILQDQ]LHOOH 6\QHUJLHQ I U

GLH 3UR]HVVH GHU % QGHOXQJ XQG 9HUQHW

]XQJ ]XU )ROJH KDEHQ ZLUG 8Q]ZHLIHOKDIW LVW

MHGRFK GDVV HLQ JUR‰HV 3RWHQ]LDO DQ LQKDOW

OLFKHQ .RPSHWHQ]HQ XQG ODQJMlKULJHU (UIDK

UXQJHQ HLQJHEUDFKW ZHUGHQ NDQQ

'HVKDOE PXVV LFK GLH )RUGHUXQJ QDFK GHU

%HUHLWVWHOOXQJ ]XVlW]OLFKHU 0LWWHO I U .XOWXU

DUEHLW LQ LQWHJUDWLRQVI|UGHUQGHU 6WDGWWHLODU

EHLW JHUDGH YRU GHP +LQWHUJUXQG GHU KRFK

YHUVFKXOGHWHQ +DXVKDOWH LQ %XQG /DQG XQG

.RPPXQHQ QRFK HLQPDO DXVGU FNOLFK EHWR

QHQ 'HQQ EHL GHP JHERWHQHQ . U]XQJV

V]HQDULR ZLUG ]X DOOHU HUVW EHL GHQ IUHLZLOOLJHQ

/HLVWXQJHQ ]X GHQHQ QXQ HLQPDO GLH .XOWXU

JHK|UW DQJHVHW]W $QJHVLFKWV GHU 'HFNH

OXQJ YRQ %XGJHWV N|QQWH LQ GHU 8PZLGPXQJ


] % YRQ LQYHVWLYHQ 0LWWHOQ NXU]IULVWLJ HLQH ,Q

WHULPVO|VXQJ OLHJHQ

,FK GHQNH GDVV GLH (LQELQGXQJ YRQ .XO

WXUDUEHLW GLH /DQJIULVWLJNHLW XQG QRWZHQGLJH

.RQWLQXLWlW YRQ 6WUDWHJLHQ PHKU LQ GHQ

%OLFNSXQNW VHW]HQ ZLUG

3ROLWLN XQG GDPLW DXFK GLH $NWHXUH YRU 2UW

VWHKHQ XQWHU GHP 'UXFN |IIHQWOLFKH 0LWWHO

HIIL]LHQW HLQJHVHW]W ]X KDEHQ .XU]IULVWLJ

P VVHQ (UIROJH YRU]XZHLVHQ VHLQ P VVHQ

TXDQWLIL]LHUWH 9HUEHVVHUXQJHQ DXV 6WDWLVWL

NHQ KHUDXV]XOHVHQ VHLQ ZLH GLH $Q]DKO GHU

LQ %LOGXQJVPD‰QDKPHQ 9HUPLWWHOWHQ RGHU

GLH $EQDKPH YRQ NULPLQHOOHQ 'HOLNWHQ LP

6WDGWWHLO 'LH 5HDOLVLHUXQJ GLHVHU =LHOVHW

]XQJHQ LVW XQVWULWWLJ MHGRFK QLFKW QXU EHU

HLQH (UK|KXQJ YRQ UHLQHQ %HWUHXXQJVOHLV

WXQJHQ RGHU LPPHU GLIIHUHQ]LHUWHUHQ %LO

GXQJVPRGXOHQ HUUHLFKEDU

,FK GHQNH GLH &KDQFH I U GHQ (UIROJ XQG

GLH 1DFKKDOWLJNHLW YRQ TXDUWLHUVEH]RJHQHQ

3UR]HVVHQ OLHJW LQ GHU .RQWLQXLWlW XQG HLQHU

JHZDFKVHQHQ YLHOVFKLFKWLJHQ $QJHERWV

VWUXNWXU HLQHP 0L[ GHU HLQH 'XUFKOlVVLJNHLW

XQG *DQ]KHLWOLFKNHLW I U GLH %HWURIIHQHQ EH

UHLWKlOW

'LH DXVJHI KUWHQ 3UD[LVEHLVSLHOH KDEHQ

GHXWOLFK JHPDFKW GDVV VR]LRNXOWXUHOOH =HQW

UHQ RGHU ,QLWLDWLYHQ EHU HLQH +DXV XQG

6WDGWWHLOELQGXQJ EHU GDV *HZlKUOHLVWHQ

YRQ MDKUHODQJHU .RQWLQXLWlW GLH ,GHQWLILNDWLRQ

YRQ -XJHQGOLFKHQ XQG (UZDFKVHQHQ I|UGHUQ

N|QQHQ 6R]LRNXOWXUHOOH 6WUXNWXUHQ ELHWHQ

.ULVWDOOLVDWLRQVSXQNWH XQG QLHGULJVFKZHOOLJH

/HUQRUWH XQG N|QQHQ ]X .QRWHQSXQNWHQ LP

ORNDOHQ .RRSHUDWLRQVQHW] HQWZLFNHOW ZHUGHQ

ZHQQ VLH HV QLFKW EHUHLWV VLQG

.RQWDNW

&KULVWLQH .Q SSHO

/DQGHVDUEHLWVJHPHLQVFKDIW 6R]LRNXOWXUHOOH

=HQWUHQ +HVVHQ H 9

.XOWXU]HQWUXP 6FKODFKWKRI .DVVHO

.HPDO $OWXQ 3ODW]

0RPEDFKVWU

.DVVHO

LQIR#VFKODFKWKRI NDVVHO GH

( & )DFKNRQIHUHQ] 6 G :HVW ,QWHUNXOWXUHOOH 1DFKEDUVFKDIWHQ -XOL

More magazines by this user
Similar magazines