Keine Arroganz, aber auch keine falsche Bescheidenheit! : was die EU von anderen Regionalorganisationen lernen kann

'LUN/HXIIHQ

.HLQH$UURJDQ]DEHUDXFKNHLQHIDOVFKH

%HVFKHLGHQKHLW

:DVGLH(8YRQDQGHUHQ5HJLRQDORUJDQLVDWLRQHQOHUQHQNDQQ

6SlWHVWHQVKDWGLHDNWXHOOH:LUWVFKDIWVXQG)LQDQ]NULVHGLH(XURSlLVFKH8QL RQ(8LP.HUQJHWURIIHQ'LH6WDDWVVFKXOGHQNULVHKDW.RQVWUXNWLRQVIHKOHUGHU HXURSlLVFKHQ:LUWVFKDIWVXQG:lKUXQJVXQLRQDXIJHGHFNW'DUEHUKLQDXVKDWVLFK GLHVH.ULVHZLHHLQ*HVFKZUDXIYHUVFKLHGHQVWH%HUHLFKHGHV*HPHLQVFKDIWVJH ELOGHVDXVJHZHLWHW'LH=XVWLPPXQJ]XU,QWHJUDWLRQJHKW]XUFNDOWHVFKRQYHU JHVVHQJHJODXEWH1DWLRQDOLVPHQHUOHEHQHLQHQQHXHQ)UKOLQJXQGLQ]DKOUHLFKHQ /lQGHUQIRUGHUQ3ROLWLNHU]XVDPPHQPLWJUR‰HQ%HY|ONHUXQJVWHLOHQHLQH5HQDWLR QDOLVLHUXQJEHUHLWVLQWHJULHUWHU3ROLWLNIHOGHU)UYLHOH%HREDFKWHUVWHKWGLH(8DQ HLQHP:HQGHSXQNWXQGHVVWHOOWVLFKLQGHU7DWGLH)UDJHREVLFKGLH,QWHJUDWLRQV G\QDPLNYRQHLQHPÄLPPHUPHKU³]XHLQHPÄLPPHUZHQLJHU³XPNHKUW

:DVQXQ(8".DQQVLFKGDVHXURSlLVFKH*HPHLQVFKDIWVJHELOGHDXVVLFKVHOEVW KHUDXVUHIRUPLHUHQ"2GHUNDQQHVDXI+LOIHXQG$QUHJXQJHQYRQDX‰HQKRIIHQ",P YRUOLHJHQGHQ(VVD\NRQ]HQWULHUHLFKPLFKDXIGLH%HDQWZRUWXQJGHU)UDJHZDVGLH (8YRQDQGHUHQ5HJLRQDORUJDQLVDWLRQHQOHUQHQNDQQ

5HJLRQDOH,QWHJUDWLRQLVWQLFKWDXIGLH(8XQGQLFKWDXI(XURSDEHVFKUlQNW'RFK LQDOOHU5HJHOQLPPWGLH(8QDFKZLHYRUVRZRKOLQGHUYHUJOHLFKHQGHQ)RUVFKXQJ DOVDXFKLPSROLWLVFKHQ$XVWDXVFK]ZLVFKHQGHU(8XQGDQGHUHQ5HJLRQDORUJDQL VDWLRQHQGLH5ROOHHLQHVÄ%HQFKPDUNV³RGHU±NULWLVFKHUEHWUDFKWHW±HLQHV/HKU PHLVWHUVHLQ'LHVHU3UD[LV]XP7URW]IUDJHLFKREDQGHUH5HJLRQDORUJDQLVDWLRQHQ

'LH)UDJHGHU'LVLQWHJUDWLRQZLUGLQWHQVLYHULQHLQHPMQJHUHQ6DPPHOEDQGYRQ(SSOHU6FKHOOHU GLVNXWLHUW

)UGDV-DKU]lKOWGDV<HDUERRNRI,QWHUQDWLRQDO2UJDQL]DWLRQVUHJLRQDORUL HQWLHUWHLQWHUJRXYHUQHPHQWDOH2UJDQLVDWLRQHQ'DV:RUOGZLGH*RYHUQHPHQW'LUHFWRU\ZLWK,QWHU JRYHUQPHQWDO2UJDQL]DWLRQVOLVWHWXQJHIlKULQWHUQDWLRQDOH2UJDQLVDWLRQHQPLWHLQHP UHJLRQDOHQ)RNXVDXIHLJHQH=lKOXQJDOOHUGLQJVPXVVDQJHPHUNWZHUGHQGDVVGLHZHQLJVWHQGLHVHU 2UJDQLVDWLRQHQHLQXPIDVVHQGHV$XIJDEHQSRUWIROLRDXIZHLVHQ%|U]HOELHWHWHLQHQW]OLFKH hEHUVLFKWYHUWLNDOHUXQGVHNWRUDOHU,QWHJUDWLRQYHUVFKLHGHQHU5HJLRQDORUJDQLVDWLRQHQ9HUJOHLFKH HLQIKUHQGLQ]HQWUDOH5HJLRQDORUJDQLVDWLRQHQDXFK%|U]HOXDXQG.KQKDUGW ,QVEHVRQGHUH9HUWUHWHUGHVÄ1HZ5HJLRQDOLVP³$QVDW]HVVHKHQGLHVVHKUNULWLVFK6|GHUEDXP6KDZ

:DUOHLJK/DFN5RELQVRQ5RVDPRQG:DUOHLJK/DFN5RVDPRQG

Konstanzer Online-Publikations-System (KOPS)

URL: http://nbn-resolving.de/urn:nbn:de:bsz:352-279094

Erschienen in: Zeitschrift für Politikwissenschaft ; 23 (2013), 3. - S. 445-452 https://dx.doi.org/10.5771/1430-6387-2013-3-445

QLFKW DXFK 9RUELOG IU GLH :HLWHUHQWZLFNOXQJ RGHU .RQVROLGLHUXQJ GHU (8 VHLQ N|QQWHQ

$XFKXQWHUGHU*HIDKUPLFKGHP9RUZXUIGHUÄLQWHJUDWLRQVQREEHU\³0XUUD\

DXV]XVHW]HQNRPPHLFKLP)ROJHQGHQMHGRFK]XGHP%HIXQGGDVVGLH(8 DNWXHOOQXUYHUJOHLFKVZHLVHZHQLJYRPLQVWLWXWLRQHOOHQ6HWXSGHU$UEHLWVZHLVHGHQ 3ROLWLNLQKDOWHQ XQG GHP $XIWUHWHQ DQGHUHU 5HJLRQDORUJDQLVDWLRQHQ OHUQHQ NDQQ 'LHVVROONHLQHVZHJVVXJJHULHUHQGDVVDQGHUH5HJLRQDORUJDQLVDWLRQHQDOOHVIDOVFK RGHUVFKOHFKWHUDOVGLH(8PDFKHQ7DWVlFKOLFKJHKHQVLHWHLOZHLVHVRJDULQLKUHQ

%HVWUHEXQJHQEHUGLH=LHOYRUJDEHQGHU(8KLQDXV$OOHUGLQJVLVWHVVRGDVVGLH (8YRUDQGHUHQ+HUDXVIRUGHUXQJHQVWHKWDOVDQGHUH5HJLRQDORUJDQLVDWLRQHQ$XFK VLQGGLH$XVJDQJVEHGLQJXQJHQXQGGLH=XVDPPHQVHW]XQJDQGHUHU5HJLRQDORUJD QLVDWLRQHQVRXQWHUVFKLHGOLFKGDVVHLQHhEHUWUDJXQJLKUHU,QVWUXPHQWHDXIGLH(8 ÄHLQV]XHLQV³LP6LQQHHLQHVÄ&RS\ 3DVWH³DOVNDXPP|JOLFKXQGLQYLHOHQ)lOOHQ DXFKQLFKWXQEHGLQJWZQVFKEDUHUVFKHLQW'DVKHL‰WDEHUQLFKWGDVVGHU9HUJOHLFK DOVVROFKHUQLFKWIUXFKWEDULVW'LHLQGHQHU-DKUHQÄZLHGHUJHERUHQH³YHUJOHL FKHQGH5HJLRQDOH,QWHJUDWLRQVIRUVFKXQJLVWHLQHGXUFKDXVHUIUHXOLFKH(QWZLFNOXQJ GLH XQEHVWULWWHQ DQUHJHQGH HPSLULVFKDQDO\WLVFKH 5HVXOWDWH OLHIHUW QLFKW ]XOHW]W ZHLOVLHHLQH0|JOLFKNHLWGDUVWHOOWGLH(8DEHUDXFKDQGHUH5HJLRQDORUJDQLVDWLR QHQYRQGHPÄ1 )OXFK³]XEHIUHLHQ%|U]HOXD&KRL&DSRUDVR 0DQVILHOG0LOQHU 0DWWOL $XFK DXV GHU KLHU HLQJHQRPPHQHQ DXI +DQGOXQJVHPSIHKOXQJHQ ]LHOHQGHQ 6LFKWZHLVH NDQQ GLH (8 DXV DQGHUHQ )lOOHQ /HKUHQ]LHKHQ±XQGVHLHVGLH(UNHQQWQLVGDVVGLH(8LKUHQÄ-RE³YHUJOHLFKVZHLVH RUGHQWOLFKPDFKWXQGGDVVVLHJXWGDUDQWXWDXFKLKUH:HUWHQDFK,QQHQXQG$X‰HQ PLW1DFKGUXFN]XYHUWUHWHQ,P)ROJHQGHQZHUGHLFKGLHVHV$UJXPHQWXQWHU+LQ ]X]LHKXQJ YRQ %HLVSLHOHQ DXV XQWHUVFKLHGOLFKHQ 5HJLRQDORUJDQLVDWLRQHQ LQ DOOHU .QDSSKHLWGDUOHJHQ,FKEHKDQGHOH]XQlFKVW,QVWLWXWLRQHQEHWUDFKWHGDQQDXVJH ZlKOWH3ROLFLHVXQGVFKOLH‰OLFKGDV$XIWUHWHQHLQHU5HJLRQDORUJDQLVDWLRQQDFK,Q QHQXQG$X‰HQ

,Q%H]XJDXI,QVWLWXWLRQHQLVWGDV/HUQSRWHQ]LDOGHU(8VHKUEHJUHQ]WKDEHQVLFK GRFKGLHPHLVWHQ5HJLRQDORUJDQLVDWLRQHQEH]JOLFKLKUHVLQVWLWXWLRQHOOHQ6HWXSVDQ GHP9RUELOGGHU(XURSlLVFKHQ*HPHLQVFKDIWEH]LHKXQJVZHLVHGHU(8RULHQWLHUW .KQKDUGW6RHULQQHUQEHLP0(5&2685GLHÄSUHVLGHQWLDOVXPPLWV³DQ GHQ(XURSlLVFKHQ5DWGHU³&RQVHMRGHO0HUFDGR&RP~Q³HQWVSULFKWHLQHPDXI

%LQQHQPDUNWIUDJHQ NRQ]HQWULHUWHQ 0LQLVWHUUDW GDV 6HNUHWDULDW VWHOOW HLQH DEJH VFKZlFKWH9DULDQWHGHU(XURSlLVFKHQ.RPPLVVLRQGDUXQGIUGLHLP-DKU]X HLQHP0(5&26853DUODPHQWXPJHZDQGHOWHÄ&RPLVLyQ3DUODPHQWDULD&RQMXQ WD³ZLUGGDV(XURSlLVFKH3DUODPHQWKlXILJDOV9RUELOGEHWUDFKWHW'DUEHUKLQDXV EHVWHKW VHLW HLQ 0(5&2685*HULFKWVKRI bKQOLFK YHUKlOW HV VLFK PLW GHU

$IULNDQLVFKHQ8QLRQ$8'LH6FKZLHULJNHLWYRQDQGHUHQ5HJLRQDORUJDQLVDWLR QHQLQ%H]XJDXIGHQLQVWLWXWLRQHOOHQ$XIEDX]XOHUQHQHUNOlUWVLFKMHGRFKDXFK GDUDXVGDVVGLH7LHIHXQG%UHLWHDQUHJLRQDOHU,QWHJUDWLRQ5LWWEHUJHU6FKLPPHO IHQQLJZUGHQYRQÄYHUWLNDOHU³XQGÄVHNWRUDOHU³,QWHJUDWLRQVSUHFKHQGLH GLH(8DXIZHLVWQHXDUWLJH+HUDXVIRUGHUXQJHQPLWVLFKEULQJWEHLVSLHOVZHLVHLQ

%H]XJDXIGLHGHPRNUDWLVFKH4XDOLWlWLKUHUÄ9HUIDVVXQJ³%HLDOOHUWHLOVEHUHFKWLJ WHQ.ULWLNDQ)XQNWLRQVZHLVHXQG6WHOOXQJGHV(XURSlLVFKHQ3DUODPHQWVILQGHQZLU GRFKNHLQHDQGHUHLQWHUQDWLRQDOH9|ONHU9HUWUHWXQJGLHHLQHlKQOLFKHLQWHJUDWLYH 5HSUlVHQWDQ]LQGHUSROLWLVFKHQ:LOOHQVELOGXQJDXIZHLVW

%HL GHQ3ROLFLHV ZLUG GLH $QJHOHJHQKHLW QDWXUJHPl‰ NRPSOL]LHUWHU (LQH YHU JOHLFKVZHLVHJXWIXQNWLRQLHUHQGH:lKUXQJVXQLRQVWHOOWGLH:HVWDIULNDQLVFKH:LUW VFKDIWVXQG:lKUXQJVXQLRQ8(02$8QLRQpFRQRPLTXHHW0RQpWDLUH2XHVW$I ULFDLQHGDUGLHVLFKDXFKXPHLQH.RQYHUJHQ]PDNUR|NRQRPLVFKHU3ROLWLNHQGHU 0LWJOLHGVWDDWHQEHPKW,FKP|FKWHKLHUMHGRFKHLQ3ROLWLNIHOGKHUDXVJUHLIHQEHL GHP GLH (8 HLQLJHQ 5HJLRQDORUJDQLVDWLRQHQ KLQWHUKHUKLQNW QlPOLFK GHU 6LFKHU KHLWVXQG9HUWHLGLJXQJVSROLWLN+LHUYHUKLHOWVLFK:HVWHXURSD±ZRKOJHPHUNWXQWHU GHP6FKXW]VFKLUPGHU1$72±ODQJH=HLWUHFKW]XUFNKDOWHQGJDQ]LP6LQQHYRQ 6WDQOH\+RIIPDQQVLQWHUJRXYHUQHPHQWDOLVWLVFKHU(UZDUWXQJGDVVZHLWUHL FKHQGH ,QWHJUDWLRQ LQ VWlUNHU VRXYHUlQLWlWVEH]RJHQHQ 3ROLWLNEHUHLFKHQ XQZDKU VFKHLQOLFK LVW %HL ÄKLJK SROLWLFV³ K|UW IU +RIIPDQQ GHU 6SD‰ DXI Ä5XVVLDQURXOHWWHLVILQHRQO\DVORQJDVWKHJXQLVILOOHGZLWKEODQNV³0DDVWULFKW XQGGLH(QWZLFNOXQJHQLQGHU)ROJHGHVEULWLVFKIUDQ]|VLVFKHQ*LSIHOV6DLQW0DOR VWHOOHQVLFKHUOLFKJHZLVVH,QWHJUDWLRQVIRUWVFKULWWHLP%HUHLFKGHU$X‰HQXQG6L FKHUKHLWVSROLWLNGDUGRFKIlOOWDXIGDVV$QVSUXFKXQG:LUNOLFKNHLWLQGLHVHP3R OLWLNIHOGQDFKZLHYRURIWDXVHLQDQGHUNODIIHQ0DQGHQNHDQGLH6FKZLHULJNHLWHQ GHU8PVHW]XQJGHULQ+HOVLQNLJHSODQWHQÄ(85DSLG5HDFWLRQ)RUFH³8QG DXFKGLHMQJHUHQ(UHLJQLVVHLQ0DOLXQGGHU=HQWUDODIULNDQLVFKHQ5HSXEOLNLOOXV WULHUHQGDVVLQ)UDJHQYRQ0LOLWlUHLQVlW]HQHLQH(LQLJXQJ]ZLVFKHQGHQ0LWJOLHG VWDDWHQGHU(8QXUVFKZHU]XHU]LHOHQLVW:HQQHV]XHLQHU(LQLJXQJNRPPWHUIROJW GLHVHJHZ|KQOLFKDXIHLQHPYHUJOHLFKVZHLVHQLHGULJHQ1LYHDX'HPJHJHQEHULVW EHPHUNHQVZHUWGDVVVRZRKOGLH$IULNDQLVFKH8QLRQ$8DOVDXFKGLH:HVWDIUL NDQLVFKH:LUWVFKDIWVJHPHLQVFKDIW(&2:$6EHUVWUXNWXULHUWHPLOLWlULVFKH+DQG OXQJVLQVWUXPHQWHYHUIJHQXQGYRQGLHVHQDXFK*HEUDXFKPDFKHQ1HHWKOLQJ 6WULHELQJHU'LHÄ(&2:$66WDQGE\)RUFH³NDQQLP5DKPHQGHVÄ(&2:$6 FRQIOLFWSUHYHQWLRQIUDPHZRUN³IULHGHQVHUKDOWHQGXQGIULHGHQVVFKDIIHQGDNWLYZHU GHQ8QGLP5DKPHQGHUÄ$IULFDQ3HDFHDQG6HFXULW\$UFKLWHFWXUH³YHUIJWGLH$8

EHUHLQHUHJLRQDORUJDQLVLHUWHÄ$IULFDQ6WDQGE\)RUFH³,Q$UWLNHOGHU.RQVWLWX LHUHQGHQ$NWHGHU$8ZLUGQLFKWQXUGLH6FKDIIXQJHLQHUJHPHLQVDPHQ9HUWHLGL

JXQJVSROLWLNIUGHQJHVDPWHQDIULNDQLVFKHQ.RQWLQHQWDQJHVWUHEWVRQGHUQGRUWLVW DXFKGDV5HFKWGHU*HPHLQVFKDIWIHVWJHOHJW³WRLQWHUYHQHLQD0HPEHU6WDWHSXU VXDQWWRDGHFLVLRQRIWKH$VVHPEO\LQUHVSHFWRIJUDYHFLUFXPVWDQFHVQDPHO\ZDU FULPHVJHQRFLGHDQGFULPHVDJDLQVWKXPDQLW\>«@´VRZLH³WKHULJKWRI0HPEHU 6WDWHVWRUHTXHVWLQWHUYHQWLRQIURPWKH8QLRQLQRUGHUWRUHVWRUHSHDFHDQGVHFXULW\

>«@´6RZRKOGLH(&2:$6DOVDXFKGLH$8YHUIJHQDOVREHUZHLWHUUHLFKHQGH 'XUFKJULIIVP|JOLFKNHLWHQDXIGLH0LWJOLHGVWDDWHQDOVGLH(8'DUEHUKLQDXVKDEHQ VLHVLFKLQGHU9HUJDQJHQKHLWDOVHQWVFKHLGXQJVIUHXGLJHUEHLP(LQVDW]YRQ6WUHLW NUlIWHQHUZLHVHQ-HQVHLWVGHUSROLWLVFKHQ)UDJHQDFKGHU:QVFKEDUNHLWHLQHVVWlU NHUHQVLFKHUKHLWVSROLWLVFKHQ(QJDJHPHQWVGHU(8OlVVWVLFKDOVRIHVWVWHOOHQGDVVEHL GHQJHQDQQWHQDIULNDQLVFKHQ5HJLRQDORUJDQLVDWLRQHQ$QVSUXFKXQG:LUNOLFKNHLW ]XPLQGHVW LQ GHU )UDJH GHU 6LFKHUKHLWV XQG 9HUWHLGLJXQJVSROLWLN HWZDV VWlUNHU

EHUHLQ]XVWLPPHQVFKHLQHQ'DVKHL‰WIUHLOLFKQLFKWGDVVDXFKGLHDIULNDQLVFKHQ 3DUWQHU LPPHU LKUH =LHOH HUUHLFKHQ ,P )DOOH GHV .RQIOLNWHV LQ 0DOL ZlUH GLH (&2:$6RKQHGDV(LQJUHLIHQGHUHKHPDOLJHQ.RORQLDOPDFKW)UDQNUHLFKZHLWHVW JHKHQGKDQGOXQJVXQIlKLJJHEOLHEHQ$EHUDXFKGHU9HUEDQGVGRVWDVLDWLVFKHU1D WLRQHQ$6($1KDW]XP7HLOZHQLJHUJUR‰H6FKZLHULJNHLWHQDOVGLH(8JHVFKORVVHQ QDFK$X‰HQDXI]XWUHWHQ%HLVSLHOVZHLVHLQ%H]XJDXIGHQ$EVFKOXVVYRQ)UHLKDQ GHOVDENRPPHQVFKHLQWGLH$6($1KDQGOXQJVIlKLJHUEHVLW]WGLHVHU9HUEDQGGRFK )UHLKDQGHOVDENRPPHQPLW&KLQD,QGLHQ6GNRUHD$XVWUDOLHQXQG1HXVHHODQG

,QGHU(8ZLUGGXUFK$UWLNHOGHV/LVVDERQQHU9HUWUDJHVIHVWJHOHJWGDVVGHU Ä5DWPLWTXDOLIL]LHUWHU0HKUKHLWEHVFKOLH‰HQ>NDQQ@EHVWLPPWH5HFKWHDXV]XVHW]HQ GLHVLFKDXVGHU$QZHQGXQJGHU9HUWUlJHDXIGHQEHWURIIHQHQ0LWJOLHGVWDDWKHUOHL WHQHLQVFKOLH‰OLFKGHU6WLPPUHFKWHGHV9HUWUHWHUVGHU5HJLHUXQJGLHVHV0LWJOLHG VWDDWVLP5DW³IUGHQ)DOOGDVVHLQ0LWJOLHGVWDDWGLHLQ$UWLNHOGHV(89HUWUDJHV JHQDQQWHQ:HUWHVFKZHUZLHJHQGXQGDQKDOWHQGYHUOHW]W%HLP6FKXW]GHU'HPR NUDWLH NDQQ GLH (8 MHGRFK LQVRIHUQ NHLQH 3LRQLHUUROOH RGHU HLQ $OOHLQVWHOOXQJV PHUNPDOEHDQVSUXFKHQKDWWHVLFKGLH2UJDQLVDWLRQ$PHULNDQLVFKHU6WDDWHQ2$6 GRFKVFKRQLP-DKUHGHU'HPRNUDWLHYHUSIOLFKWHW+HLQH:HLIIHQ8QG DXFKDQGHUH5HJLRQDOYHUWUlJHHQWKDOWHQ'HPRNUDWLHRGHU6WDELOLWlWVNODXVHOQYDQ +OOHQ%|U]HO6RKDWGHU0(5&2685GXUFKGLH3URWRNROOHYRQ8VKXDLD, XQG,,6DQNWLRQVPHFKDQLVPHQIRUPXOLHUWGLHELV]XHLQHP$XVVFKOXVVHLQHV/DQGHV DXVGHP5HJLRQDOEQGQLVUHLFKHQ$QZHQGXQJIDQGGLHVH.ODXVHOREJOHLFKQRFK QLFKWYROOVWlQGLJUDWLIL]LHUWLP-DKUH1DFKGHU$EVHW]XQJYRQ6WDDWVSUlVLGHQW )HUQDQGR/XJRVHW]WHGHU0(5&2685GLH0LWJOLHGVFKDIW3DUDJXD\VPLWGHP9HU

9HUJOHLFKHHWZD$UWLNHOGHV3URWRFRORGH0RQWHYLGHRVREUHFRPSURPLVRFRQODGHPRFUDFLDHQHO 0HUFRVXUJHQDQQW8VKXDLD,,

ZHLVDXIGLH*HIDKUHQIUGLHSDUDJXD\LVFKH'HPRNUDWLHDXV%HVFKOVVHGHV*LSIHOV YRQ0HQGR]DYRP(WZDVQDFKGHQNOLFKVROOWHLQGLHVHP=XVDPPHQKDQJ MHGRFK VWLPPHQ GDVV GHU 0(5&2685 ]ZDU GLH 0LWJOLHGVFKDIW 3DUDJXD\V DXV VHW]WHJOHLFK]HLWLJDEHUGHQ%HLWULWW9HQH]XHODVYROO]RJ±REJOHLFKGDVSDUDJXD\

LVFKH3DUODPHQW]XYRUGLH9ROOPLWJOLHGVFKDIWGHUEROLYDULVFKHQ5HSXEOLNJHUDGH ZHJHQLKUHUPDQJHOKDIWHQ'HPRNUDWLHDEOHKQWKDWWH$XVGHP)DOOH3DUDJXD\VJH QHUHOO]XVFKOLH‰HQGLH(8N|QQHYRP0(5&2685GLH9HUWHLGLJXQJYRQ'HPR NUDWLHHUOHUQHQHUVFKHLQWGDKHUDOVHWZDVEHU]RJHQ

3RVLWLYJHZHQGHWXQWHUVWUHLFKHQGLHVH%HLVSLHOHMHGRFKDXFKGDVVGLH(8VHOEVW EHZXVVW]XLKUHUHLJHQHQZHUWHJHEXQGHQHQ3ROLWLNVWHKHQNDQQ,P8PJDQJPLW MQJHUHQGHPRNUDWLVFKHQ.ULVHQZLHLQ8QJDUQRGHU5XPlQLHQRGHUDXFKPDQJHO KDIWHU.RUUXSWLRQVEHNlPSIXQJXQGRGHU5HJHOEHIROJXQJLQ/lQGHUQZLH%XOJDULHQ XQG.URDWLHQHPSILHKOWVLFKHEHQNHLQ:HUWHUHODWLYLVPXV8QGHLQH(LQPLVFKXQJ LQ LQQHQSROLWLVFKH %HODQJH YRQ 0LWJOLHGVWDDWHQ LVW NHLQH 0DURWWH GHV ÄVDQIWHQ 0RQVWHUV%UVVHO³(Q]HQVEHUJHUVRQGHUQJlQJLJH3UD[LVLQYHUVFKLHGHQHQ IXQNWLRQLHUHQGHQ5HJLRQDORUJDQLVDWLRQHQ

'LHVEULQJWPLFK]XHLQHPOHW]WHQ3XQNW%HIUDJWPDQ5HJLRQDOH[SHUWHQ]XGHQ /HNWLRQHQGLHGLH(8YRQDQGHUHQ5HJLRQDORUJDQLVDWLRQHQOHUQHQN|QQWHZLUGJH UDGH]XUHIOH[KDIWGHU9RUZXUIGHU$UURJDQ]IRUPXOLHUW'LH(8VROOHGHQDQGHUHQ 5HJLRQDORUJDQLVDWLRQHQHQGOLFKÄDXI$XJHQK|KH³EHJHJQHQXQGVLFKQLFKWZHLWHU DOVÄ1DEHOGHU:HOW³EHWUDFKWHQ:HQQGLH(8DOVDUURJDQWH0DFKW±EULJHQVJDQ]

LP*HJHQVDW]]XP6HOEVWELOGGHUÄQRUPDWLYHSRZHU³0DQQHUV±ZDKUJH QRPPHQZLUGNDQQGDVLKUH+DQGOXQJVRSWLRQHQHLQVFKUlQNHQXQGLQVEHVRQGHUH GLH .RRSHUDWLRQ EHL GHU /|VXQJ SROLWLVFKHU |NRQRPLVFKHU XQG KXPDQLWlUHU +H UDXVIRUGHUXQJHQHUVFKZHUHQ'DV$UJXPHQWZUGHGDQQODXWHQGDVVHLQHZHQLJHU ÄDUURJDQWH³(8DXIZHQLJHU$EOHKQXQJVWR‰HQXQGLKUH=LHOHLQ=XVDPPHQDUEHLW PLWDQGHUHQ5HJLRQDORUJDQLVDWLRQHQLQHLQHULQWHUGHSHQGHQWHQ:HOWEHVVHUHUUHL FKHQN|QQH8QGGRFKVWHOOWVLFKKLHUJOHLFKVDPGLH)UDJHZDVJHQDXPLWÄ$UUR JDQ]³JHPHLQWLVW6ROOGLH(8LKUH:HUWHZHQLJHUYHUDOOJHPHLQHUQXQGVLFKZHQLJHU LQ %HODQJH DQGHUHU 5HJLRQHQ HLQPLVFKHQ" :DV EHGHXWHW GDV IU GLH PHQVFKHQ UHFKWOLFKHQ0D‰VWlEH")lOOWHLQH$EOHKQXQJGHU=XVDPPHQDUEHLWPLW$XWRNUDWHQ ZLH5REHUW0XJDEHXQWHUÄ$UURJDQ]³"1DFKPHLQHP'DIUKDOWHQGDUIGHU9RUZXUI GHU$UURJDQ]QLFKWHLQHP:HUWHUHODWLYLVPXV7RUXQG7U|IIQHQ,P*HJHQWHLO'LH (8GDUIXQGVROOLKUH:HUWHLQGHU:HOWYHUWUHWHQ

'LH(8LVWQDFKZLHYRUGDVZLFKWLJVWH5HJLRQDOEQGQLVGHU:HOW.HLQHDQGHUH 5HJLRQDORUJDQLVDWLRQ NRPPW GHU (8 LQ %H]XJ DXI ZLUWVFKDIWOLFKHQ :RKOVWDQG (QWZLFNOXQJXQG'HPRNUDWLHDXFKQXUQDK0RUDYFVLN'DVKHL‰WIUHLOLFK QLFKWGDVVVLFKDXFKGLH(8QLFKWVWlQGLJHUQHXHUQPXVVXQGGDVVGHU%OLFNLQDQGHUH

6WDDWHQ RGHU 5HJLRQDORUJDQLVDWLRQHQ VFKDGHW 'LH VNL]]HQKDIWH $QDO\VH DQGHUHU 5HJLRQDORUJDQLVDWLRQHQ OHJW MHGRFK GDU GDVV DQGHUH 5HJLRQDORUJDQLVDWLRQHQ ± HYHQWXHOOPLW$XVQDKPHLQ%H]XJDXIGLH6LFKHUKHLWVXQG9HUWHLGLJXQJVSROLWLN±

NDXP0RGHOOHDXI]HLJHQZLHDNWXHOOH+HUDXVIRUGHUXQJHQGHU(8]XPHLVWHUQVLQG 6RNDQQ6ROLGDULWlWXQGGLH%HUHLWVFKDIW]XU8PYHUWHLOXQJGLH6WDDWHQXQGLKUH

%UJHULQ=HLWHQGHU.ULVH]XVDPPHQKlOWQLFKWYRQDQGHUHQ5HJLRQDORUJDQLVDWLR QHQJHOHUQWZHUGHQ+LHUHPSILHKOWVLFKHKHUGHU%OLFNLQ3UDNWLNHQXQG,QVWLWXWLRQHQ YRQ)|GHUDOVWDDWHQ'LHVH'LDJQRVHLVWLQVRIHUQEHUXKLJHQGDOVGDVVGLH(8LKUH

$XIJDEHLQVJHVDPWVRVFKOHFKWQLFKW]XPDFKHQVFKHLQW*OHLFK]HLWLJXQWHUVWUHLFKW VLHHLQPDOPHKUDXFKGLHJUXQGVlW]OLFKH6FKZLHULJNHLWHUIROJUHLFKHUUHJLRQDOHU,Q WHJUDWLRQ,QHLQHUVROFKHQ6LFKWZHLVHEOHLEWGLH(8HKHUHLQKLVWRULVFKHU6RQGHUIDOO GHQHVQLFKWQXUDXV*UQGHQGHVÄ$UWHQVFKXW]HV³XPVRGULQJOLFKHU]XYHUWHLGLJHQ JLOW

/LWHUDWXU

%|U]HO7DQMD$&RPSDUDWLYH5HJLRQDOLVP$1HZ5HVHDUFK$JHQGDLQ .ROOHJ)RUVFKHUJUXSSH:RUNLQJ3DSHU6HULHVÄ7KH7UDQVIRUPDWLYH3RZHURI (XURSH³)UHLH8QLYHUVLWlW%HUOLQ

%|U]HO 7DQMD $*ROWHUPDQQ /XNDV/RKDXV 0DWKLV6WULHELQJHU .DL +UVJ 5RDGVWR5HJLRQDOLVP*HQHVLV'HVLJQDQG(IIHFWVRI5HJLRQDO2UJD QL]DWLRQV$OGHUVKRW

&KRL<RXQJ-RQJ&DSRUDVR-DPHV$&RPSDUDWLYH5HJLRQDO,QWHJUDWLRQ LQ:DOWHU&DUOVQDHV7KRPDV5LVVH%HWK$6LPPRQV+UVJ+DQGERRNRI,Q WHUQDWLRQDO5HODWLRQV/RQGRQ

(Q]HQVEHUJHU+DQV0DJQXV6DQIWHV0RQVWHU%UVVHORGHUGLH(QWPQGL JXQJ(XURSDV)UDQNIXUWD0

(SSOHU$QQHJUHW6FKHOOHU+HQULN+UVJ=XU.RQ]HSWLRQDOLVLHUXQJHXUR SlLVFKHU'HVLQWHJUDWLRQ=XJXQG*HJHQNUlIWHLPHXURSlLVFKHQ,QWHJUDWLRQV SUR]HVV%DGHQ%DGHQ

+HLQH-RUJH:HLIIHQ%ULJLWWH7ZHQW\ILUVW&HQWXU\'HPRFUDF\3URPRWLRQ LQWKH$PHULFDV/RQGRQL(

+RIIPDQQ6WDQOH\2EVWLQDWHRU2EVROHWH"7KH)DWHRIWKH1DWLRQ6WDWHDQG WKH)XWXUHRI:HVWHUQ(XURSHLQ'DHGDOXV

.KQKDUGW/XGJHU5HJLRQ%XLOGLQJ7KH*OREDO3UROLIHUDWLRQRI5HJLRQDO ,QWHJUDWLRQ9RO,1HZ<RUN

)U $QUHJXQJHQ XQG KLOIUHLFKH 'LVNXVVLRQHQ GDQNH LFK +DQQR 'HJQHU (VWKHU /HXIIHQ .HUVWLQ 5DGWNH6RSKLD6FKHPHO%ULJLWWH:HLIIHQXQG0DUWLQ:HO]

0DQQHUV ,DQ 1RUPDWLYH 3RZHU (XURSH $ &RQWUDGLFWLRQ LQ 7HUPV" LQ -RXUQDORI&RPPRQ0DUNHW6WXGLHV

0DQVILHOG(GZDUG'0LOQHU+HOHQ9+UVJ7KH3ROLWLFDO(FRQRP\RI 5HJLRQDOLVP1HZ<RUN

0DWWOL:DOWHU7KH/RJLFRI5HJLRQDO,QWHJUDWLRQ(XURSHDQG%H\RQG&DP EULGJHXD

0RUDYFVLN$QGUHZ(XURSH7KH4XLHW6XSHUSRZHULQ)UHQFK3ROLWLFV

0XUUD\3KLORPHQD&RPSDUDWLYHUHJLRQDOLQWHJUDWLRQLQWKH(8DQG(DVW

$VLD 0RYLQJ EH\RQG LQWHJUDWLRQ VQREEHU\ LQ ,QWHUQDWLRQDO 3ROLWLFV

1HHWKOLQJ7KHR5HDOL]LQJWKH$IULFDQ6WDQGE\)RUFHDVD3DQ$IULFDQ,GHDO 3URJUHVV3URVSHFWVDQG&KDOOHQJHVLQ-RXUQDORI0LOLWDU\DQG6WUDWHJLF6WX GLHV

5LWWEHUJHU %HUWKROG6FKLPPHOIHQQLJ )UDQN ,QWHJUDWLRQVWKHRULHQ (QWVWH KXQJXQG(QWZLFNOXQJGHU(8LQ.DWKDULQD+RO]LQJHU&KULVWRSK.QLOO'LUN 3HWHUV%HUWKROG 5LWWEHUJHU)UDQN 6FKLPPHOIHQQLJ:ROIJDQJ :DJQHU +UVJ 'LH(XURSlLVFKH8QLRQ7KHRULHQXQG$QDO\VHNRQ]HSWH3DGHUERUQ

6|GHUEDXP)UHGULN6KDZ7LPRWK\07KHRULHVRI1HZ5HJLRQDOLVP$

3DOJUDYH5HDGHU+RXQGPLOOV

6WULHELQJHU.DL:KHQ3LJV)O\(&2:$6DQGWKH3URWHFWLRQRI&RQVWLWX WLRQDO2UGHULQ(YHQWVRI&RXSVG¶(WDWLQ7DQMD$%|U]HO/XNDV*ROWHUPDQQ 0DWKLV/RKDXV.DL6WULHELQJHU+UVJ5RDGVWR5HJLRQDOLVP*HQHVLV'HVLJQ DQG(IIHFWVRI5HJLRQDO2UJDQL]DWLRQV$OGHUVKRW

YDQ+OOHQ9HUD%|U]HO7DQMD$7KH(8¶V*RYHUQDQFH7UDQVIHU)URP ([WHUQDO3URPRWLRQWR,QWHUQDO3URWHFWLRQ"6)%*RYHUQDQFH:RUNLQJ3DSHU 6HULHV:RUNLQJ3DSHU

:DUOHLJK/DFN$OH[5RELQVRQ1LFN5RVDPRQG%HQ+UVJ1HZ5HJLR QDOLVPDQGWKH(XURSHDQ8QLRQ'LDORJXHV&RPSDULVRQVDQG1HZ5HVHDUFK 'LUHFWLRQV/RQGRQ

:DUOHLJK/DFN$OH[5RVDPRQG%HQ$FURVVWKH(86WXGLHV±1HZ5HJLRQ DOLVP)URQWLHU,QYLWDWLRQWRD'LDORJXHLQ-RXUQDORI&RPPRQ0DUNHW6WXG LHV

.RUUHVSRQGHQ]DQVFKULIW 3URI'U'LUN/HXIIHQ 8QLYHUVLWlW.RQVWDQ]

)DFKEHUHLFK3ROLWLNXQG9HUZDOWXQJVZLVVHQVFKDIW

/HKUVWXKOIU3ROLWLNZLVVHQVFKDIWPLWGHP6FKZHUSXQNW,QWHUQDWLRQDOH3ROLWLN 3RVWIDFK

.RQVWDQ]

(0DLO'LUN/HXIIHQ#XQLNRQVWDQ]GH