PERAN KEBIJAKAN MONETER DAN PERBANKAN DALAM MENGATASI KRISIS EKONOMI DI INDONESIA

8/3/2019 PERAN KEBIJAKAN MONETER DAN PERBANKAN DALAM MENGATASI KRISIS EKONOMI DI INDONESIA

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Q@UKN C@EOFKCKN JDN@W@U GKN Q@UEKNCKN GKBKJ

J@NMKWKXO CUOXOX @CDNDJO GO ONGDN@XOK

Dbì6

Epuiknpggon KegpbbkiMpeùnpu Eknc Ongdn`xok

Ekikn CpbokiCpuxpx U`mpbù Knmckwkn YYY\O B`jiknkx

Wknmmkb ;8 Fpno 5118Fkckuwk

E K N C O N G D N @ X O K



;

Q@UKN C@EOFKCKN JDN@W@U GKN Q@UEKNCKN GKBKJJ@NMKWKXO CUOXOX @CDNDJO GO ONGDN@XOK ;

Dbì6Epuiknpggon Kegpbbki5

O. Cèofkckn @cdndjo Jkcud gkn Cèofkckn go X`cwdu C`pknmkn go Ongdn`xok

Xè`bpj Cuoxox @cdndjo Wkipn ;??=

Q`jeknmpnkn `cdndjo qkgk gkxkunk eùipepnmkn g`nmkn x`wokq pqkk pnwpc

j`nmkwkxo jkxkbki c`wùekwkxkn xpjeù gkk. Go n`mkuk*n`mkuk x`gknm eùc`jeknm"

c`wùekwkxkn xpjeù gkk ono wùpwkjk eùpqk c`wùekwkxkn xpjeù gknk pnwpc on|`xwkxo

gkn c`wùekwkxkn g`|oxk" go xkjqonm w`nwpnk c`wùekwkxkn xpjeù gkk jknpxok knm

eùcpkbowkx.

Gkbkj uknmck j`nmkwkxo c`wùekwkxkn xpjeù gkk wùxèpw" qoboikn cèofkckn

knm gokjeob qkgk pjpjnk eùldcpx c`qkgk gpk kxq`c" kowp kxq`c q`nhoqwkkn ocboj

eùpxkik knm cdngpxol" wùpwkjk eùpqk c`xwkeobkn `cdndjo jkcud" gkn kxq`c

q`nm`jeknmkn onlukxwupcwpu qù`cdndjokn knm j`ngpcpnm c`mokwkn `cdndjo.

C`xwkeobkn `cdndjo jkcud wùhùjon qkgk ikumk ekuknm gkn fkxk knm xwkeob xùwk

nobko wpcku gkn xpcp epnmk knm eùkgk qkgk wonmckw knm j`jpnmconckn qùwpjepikn

`cdndjo knm eùc`xonkjepnmkn g`nmkn cdngoxo nùkhk q`jekkukn onwùnkxodnkb knm

xìkw.

X`j`nwkuk owp" q`nm`jeknmkn onlukxwupcwpu qù`cdndjokn j`nhkcpq

q`nm`jeknmkn x`bpupi b`jekmk q`ngpcpnm ekmo eùfkbknnk kcwo|owkx `cdndjo" kowp

x`cwdu pxkik" x`cwdu c`pknmkn$qùeknckn" qùknmckw ipcpj gkn qùkgobkn" gkn b`jekmk

q`jùonwkikn$eoudcukxo knm j`nm`bpkuckn eùekmko cèofkckn knm gkqkw

j`jq`nmkupio kcwo|owkx `cdndjo jkxkukckw.

Pqkk q`j`boikukkn c`xwkeobkn `cdndjo jkcud eùkgk go gkbkj bonmcpq wpmkx

cèofkckn `cdndjo jkcud" kowp cèofkckn jdn`wù" cèofkckn loxckb" gkn cèofkckn nobko

;Hùkjki qkgk Cpuxpx U`mpbù Knmckwkn YYY\O B`jiknkx wknmmkb ;8 Fpno 5118.

5Mpeùnpu Eknc Ongdn`xok.



5

wpcku.8

X`j`nwkuk owp" pqkk q`nm`jeknmkn onlukxwupcwpu `cdndjo eùkgk go gkbkj

bonmcpq wpmkx cèofkckn `cdndjo jocud" x`qùwo cèofkckn go eogknm ongpxwuo"

qùgkmknmkn" qkxku jdgkb" qùeknckn" gkn x`cwdu c`pknmkn bkonnk. Gpk go knwkuk

eùekmko cèofkckn wùxèpw" kowp cèofkckn jdn`wù gkn cèofkckn go eogknm qùeknckn"

xkkw ono j`nfkgo hkcpqkn wpmkx Eknc Ongdn`xok.

Gkbkj uknmck j`nhkqko gkn j`j`boikuk c`xwkeobkn `cdndjo jkcud" wùgkqkw

`jqkw cèofkckn pjpj knm gokjeob x`bkjk qùodg` xè`bpj cuoxox" kowp67

‥ J`nùkqckn cèofkckn loxckb$knmmkukn eùojeknm pnwpc j`nmiongkuo q`nmmpnkkn

ipwknm gdj`xwoc gkbkj q`jeokkkn q`nm`bpkukn q`jùonwki.

‥ J`nùkqckn cèofkckn jdn`wù knm eùikwo*ikwo knm j`nfkmk kmku

qùwpjepikn bocpogowkx x`xpko g`nmkn qùwpjepikn qùjonwkkn uoob.

‥ J`nfkmk kmku nobko wpcku upqoki x`bkbp eùkgk qkgk qdxoxo knm u`kboxwox. Qkgk

k}kbnk ono gobkcpckn j`bkbpo cèofkckn g`|kbpkxo x`wokq ckbo xowpkxo `cdndjo

j`npnwpw g`jocokn. C`jpgokn" c`jpgokn x`fkc wkipn ;?9< ikb ono gobkcpckn

j`bkbpo q`n`xpkokn xkxkukn nobko wpcku upqoki x`hkuk ikuokn knm gowpfpckn pnwpc

j`j`boikuk gkk xkonm ongpxwuo*ongpxwuo eùduo`nwkxo `cxqdu gkn x`ckbompx kmku

qùc`jeknmkn nobko wpcku upqoki x`xpko g`nmkn cdngoxo qùjonwkkn gkn

q`nk}kukn go qkxku |kbpwk kxonm.

‥ J`jqùwkiknckn cèofkckn bkbp bonwkx jdgkb )g`|oxk/ eèkx x`fkc wkipn ;?=;.

Cèofkckn ono w`bki j`jeknwp j`nkuoc on|`xwkxo kxonm gkn j`jepkw

qù`cdndjokn Ongdn`xok gkqkw g`nmkn u`bkwol h`qkw j`n`xpkockn gouo wùikgkq

qùpekikn cdngoxo go qkxku onwùnkxodnkb.

Eùekmko bknmcki cèofkckn wùxèpw w`bki j`ngpcpnm q`j`boikukkn cdngoxo

`cdndjo jkcud knm u`bkwol xwkeob gkn qu`gohwkeb` x`bkjk qùodg` xè`bpj cuoxox

`cdndjo ;??=. Gkbkj qùodg` wùxèpw bkfp onlbkxo u`bkwol wùc`ngkbo qkgk b`|`b ukwk*ukwk go

ek}ki ;1% qù wkipn. G`loxow wuknxkcxo eùfkbkn eùkgk qkgk wonmckw knm gkqkw

8Cèofkckn Nobko Wpcku ono gkqkw qpbk goqkngknm xèkmko ekmokn gkuo Cèofkckn Jdn`wù" kckn w`wkqo xùonm

bèoi w`qkw goqkngknm xèkmko cèofkckn wùx`ngouo.7

Boikw pukokn F. Xd`gukgfkg Gfo}kngdnd gkbkj ‒ Jkhud`hdndjoh Qdboh6 K Ldpngkwodn ldu Xpxwkonkeb`

@hdndjoh G`|`bdqj`nw ‚" Cpjqpbkn Qogkwd gkn Jkckbki Mpeùnpu Eknc Ongdn`xok Fpbo ‘ G`x`jeù ;??<"

Nd. ?" ;??<" Eknc Ongdn`xok" Fkckuwk.



8

goc`ngkbockn gkn fpjbki hkgknmkn g`|oxk gkqkw goqùwkiknckn qkgk wonmckw knm hpcpq

pnwpc j`jeokko cèpwpikn ojqdu ukwk*ukwk x`bkjk bojk epbkn. Xpcp epnmk uoob gkqkw

goqùwkiknckn qkgk wonmckw knm x`bkbp qdxowol xìonmmk jkjqp j`ngdudnm c`nkockn

wkepnmkn gkn on|`xwkxo. X`bkon owp" nobko wpcku uoob fpmk eùikxob goqùwkiknckn qkgk b`|`b

knm jkjqp j`nfkmk gkk xkonm cdjdgowkx `cxqdu Ongdn`xok go qkxku onwùnkxodnkb.

Go x`cwdu c`pknmkn" gkbkj uknmck j`nmkwkxo c`x`nfknmkn knwkuk wkepnmkn gkn

on|`xwkxo" pqkk j`nmmùkcckn xpjeù gknk gdj`xwoc gobkcpckn g`nmkn

j`nm`jeknmckn onlukxwupcwpu x`cwdu c`pknmkn" cipxpxnk ongpxwuo qùeknckn. Ikb ono

wùboikw xknmkw f`bkx ckbkp cowk j`nmkjkwo qùc`jeknmkn x`cwdu c`pknmkn go Ongdn`xok

knm xkukw g`nmkn uknmckokn gù`mpbkxo x`fkc wkipn ;?98. Qukcwox cowk gkqkw j`nmkwkckn

eki}k qudx`x gù`mpbkxo qù`cdndjokn knm gobkcpckn go Ongdn`xok ikjqou og`nwoc

g`nmkn gù`mpbkxo x`cwdu c`pknmkn.

Gkbkj ikb ono j`jknm wùgkqkw qùwknkkn j`nmkqk gù`mpbkxo x`cwdu c`pknmkn

fkpi bèoi xùonm gkn bèoi gkipbp gobkcxknkckn goekngonmckn g`nmkn gù`mpbkxo go x`cwdu

uoob. Wùb`qkx gkuo kgknk qùgèkwkn w`nwknm x`{p`nhonm gkuo qudx`x gù`mpbkxo ono"

cipxpxnk knm j`nknmcpw kqkcki x`cwdu c`pknmkn gpbp kwkp x`cwdu uoob gpbp" knm

f`bkx gopwkjkcknnk gù`mpbkxo x`cwdu c`pknmkn jùpqkckn qoboikn cèofkckn knm

gokjeob g`nmkn j`boikw cdngoxo qkgk }kcwp owp.0

Nkjpn" xkwp ikb knm q`nwonm pnwpc

gohkwkw kgkbki eki}k q`n`jqpunkkn gkbkj q`nmkwpukn gkn q`nmk}kxkn x`cwdu

c`pknmkn" cipxpxnk qùeknckn" ikupx j`nùwko gù`mpbkxo. Ono jùpqkckn xkukw pwkjk

knm j`jpnmconckn eknc*eknc gkqkw eùc`jeknm g`nmkn ekoc xùwk gkqkw

j`jknlkkwckn q`bpknm gkn j`nmikgkqo wknwknmkn knm goxkfockn dbì gù`mpbkxo g`nmkn

u`bkwol kjkn.<

0

Wùgkqkw eèùkqk `cdndj" fkpi xè`bpj wùfkgonk cuoxox jdn`wù" knm w`bki j`nmonmkwckn ekikkgkuo gù`mpbkxo x`cwdu c`pknmkn knm wknqk goojeknmo g`nmkn gù m̀pbkxo x`cwdu uoob. Go bkon qoikc" wogkc

w`qkw qpbk pnwpc j`nmkwkckn eki}k gù`mpbkxo go x`cwdu uoob e`bpj kgk xkjk x`ckbo kwkp fkpi wùwonmmkb.

Boikw joxkbnk wpboxkn Xkiuob Xkeouon6 ‒Hkqowkb Khhdpnw Boeùkbovkwodn" wi` Ongdn`xokn @yqùo`nh`‚ go

gkbkj epcp Xikcob Lkup{o )`gowdu/" Lonknhokb X`hwdu U`ldujx on Kxokn kng Bkwon Kjùohkn Hkdpnwuo`x"

B`xxdnx dl Hdjqkukwo|` @yqùo`nh`" ]kxionmwdn GH6 Wi` ]dubg Eknc" ;??8.

<Xkiuob Xkeouon" ‒Ongdn`xok‟x Lonknhokb U`ldujx6 Hikbb`nm`x on wi` ;??1x ldu Owx Eknconm kng Lonknhokb

Jkuc`wx‚" Fdpunkb dl Kxokn @hdndjohx" 5)5/" Lkbb ;??;.



7

Quoduowkx knm goeùockn dbì eùekmko n`mkuk" cipxpxnk n`mkuk*n`mkuk

eùc`jeknm wùjkxpc Ongdn`xok" ekmo q`bkcxknkkn gù`mpbkxo x`cwdu c`pknmkn x`bkjk

gkxk}kuxk ;?=1kn gkn ;?91kn j`jknm gkqkw goqkikjo cku`nk qùc`jeknmkn x`cwdu ono

gkbkj gkxk}kuxk ;?01kn gkn ;?<1kn go n`mkuk*n`mkuk wùxèpw wogkc e`mowp hùki. Ikb

ono eùckowkn ùkw g`nmkn q`ng`ckwkn q`jeknmpnkn `cdndjo knm gowùkqckn go n`mkuk*

n`mkuk eùc`jeknm qkgk qùodg` ;?01kn gkn ;?<1kn knm h`ngùpnm j`nmkukickn

q`jeknmpnkn `cdndjo c` x`cwdu*x`cwdu xwukw`mox. Eùckowkn g`nmkn owp" cèofkckn go

x`cwdu c`pknmkn knm gokjeob kgkbki j`bkcpckn x`b`hwo|` hu`gow qdboh kwkp x`jkhkjnk

kmku gknk bèoi eknkc j`nmkbou c` x`cwdu*x`cwdu `cdndjo wùxèpw. Cèofkckn ono

gogpcpnm dbì cèofkckn xpcp epnmk cu`gow knm u`ngki. Eùekmko cèofkckn owp w`bki

j`jekwkxo c`b`bpkxkkn x`cwdu c`pknmkn pnwpc eùmùkc x`hkuk `loxo`n gkbkj

j`nkbpuckn gknk gkuo q`joboc c` q`nmmpnk gknk.

Xèkmko gkjqkc gkuo wùekwkxnk upknm mùkc x`cwdu c`pknmkn jkck wùfkgobki

kqk knm goxèpw dbì JhConndn gkn Xik} xèkmko ‒ lonknhokb u`qu`xxodn‚ knm

j`nèkeckn ‒xikbbd} lonknh`‚" kowp wogkc wùxkbpunk gknk )gkk e`bo/ x`hkuk `loxo`n c`

c`mokwkn*c`mokwkn `cdndjo knm qudgpcwol gkn `loxo`n qpbk" xìonmmk qùwpjepikn

`cdndjo j`nfkgo wùikbknm.=

Pnwpc j`nmkwkxo jkxkbki owp" JhConndn gkn Xik} j`nmknfpuckn kmku gokgkckn

boeùkboxkxo )gù`mpbkxo/ xìonmmk wùfkgo ‒ lonknhokb g``q`nonm‚. J`bkbpo gù`mpbkxo" eknc*

eknc gkn b`jekmk*b`jekmk c`pknmkn bkonnk goeùo c`b`bpkxkkn knm bèoi e`xku pnwpc

eùdqùkxo x`hkuk `loxo`n kwkx gkxku j`cknoxj` qkxku xìonmmk jù`ck gkqkw eùlpnmxo

g`nmkn ekoc gkn x``loxo`n jpnmcon gkbkj j`nkbpuckn gknk gkuo q`joboc gknk c`qkgk

q`nmmpnk gknk )q`nmpxkik/ pnwpc c`qùbpkn qudgpcxo. Jù`ck eùc`kconkn eki}k

c`wùx`gokkn gknk eùgkxkuckn j`cknoxj` qkxku jùpqkckn lkcwdu knm xknmkw q`nwonm

pnwpc gkqkw j`nhoqwkckn xoxw`j qù`cdndjokn knm `loxo`n gkn j`nhkqko bkfp

qùwpjepikn `cdndjo knm wonmmo.

=Udnkbg O. JhConndn" ‒Jdn` kng Hkqowkb on @hdndjoh G`|`bdqj`nw‚" ]kxionmwdn GH6 Wi` Euddconmx

Onxwowpwodnx" ;?=8 gkn @g}kug X. Xik}" ‒Lonknhokb G``q`nonm on @hdndjoh G`|`bdqj`nw‚" N`} _duc6

Dyldug Pno|ùxow Qu`xx" ;?=8.



0

Xwukw`mo gù`mpbkxo x`cwdu c`pknmkn owp knm gowùkqckn go Ongdn`xok" gojpbko

x`hkuk wùekwkx g`nmkn j`n`wkqckn xpcp epnmk eknc bèoi u`kboxwox qkgk wkipn ;?<9 ‘

;?=1" gkn c`jpgokn gobknfpwckn g`nmkn gù`mpbkxo wkipn ;?98 gkn ;?99. Xèkmko

ikxobnk" cowk j`boikw e`wkqk x`cwdu qùeknckn w`bki eùikxob j`nonmckwckn qùknnk

xèkmko j`gok onwùj`gokxo gkn q`n`gok fkxk qùeknckn bkonnk" gkn ikb ono w`bki qpbk

j`npnfknm qùwpjepikn `cdndjo knm wonmmo go jkxk bkbp.

Go xoxo bkon" cowk fpmk j`boikw eki}k qùwpjepikn qùeknckn knm xknmkw q`xkw ono

epcknnk wogkc j`nojepbckn qùjkxkbkikn wùx`ngouo. Go wonmckw jkcud" qùc`jeknmkn

x`cwdu c`pknmkn knm q`xkw ono w`bki j`nojepbckn qùjkxkbkikn go x`cwdu jdn`wù. Ekmo

q`nm`ngkbokn jdn`wù" qùc`jeknmkn x`cwdu c`pknmkn knm q`xkw" knm fpmk xkbki

xkwpnk gogdudnm dbì kupx mbdekboxkxo" w`bki j`nèkeckn eùekmko ipepnmkn ckpxkbowkx

knwkuk e`xkukn*e`xkukn jdn`wù j`nfkgo wogkc w`wkq" knm eùojqbockxo c`qkgk jkcon

cdjqb`cxnk wuknxjoxo cèofkckn jdn`wù gkn cpuknm `l`cwolnk onxwupj`n jdn`wù knm

kgk.9

Cdjqb`cxowkx qùjkxkbkikn ono ekmkojknkqpn fpmk wpupw j`jq`nmkupio

c`jkjqpkn cowk gkbkj jù`xqdn x`wokq m`fdbkc knm wojepb gkbkj qù`cdndjokn.

OO. Q`nyèke Cuoxox @cdndjo gkn Gkjqkcnyk wùikgkq Qudx`x Q`jeknmpnkn

@cdndjo Ongdn`xok

Gkbkj qùc`jeknmknnk" wùnkwk onlukxwupcwpu qù`cdndjokn go Ongdn`xok

e`bpj jkjqp j`nmikgkqo x`jkcon h`qkwnk qudx`x onw`mukxo qù`cdndjokn Ongdn`xok

c` gkbkj qù`cdndjokn mbdekb. Qùknmckw c`b`jekmkkn ekmo e`cùfknk `cdndjo qkxku

knm `loxo`n wùnkwk e`bpj wùwkwk g`nmkn ekoc. Xèkmko cdnx`cp`nxonk" `cdndjo

Ongdn`xok j`nfkgo xknmkw u`nwkn wùikgkq m`fdbkc `cxwùnkb xèkmkojknk wùfkgo qkgk

qùw`nmkikn wkipn ;??=. Xèkmkojknk wùepcwo gkuo q`nmkbkjkn n`mkuk*n`mkuk w`wknmmk

go Kxok knm x`fkc qùw`nmkikn wkipn ;??= j`nmkbkjo cuoxox `cdndjo" c`xwkeobkn

9Eùekmko wpboxkn gkn q`n`bowokn j`nm`nko wuknxjoxo jdn`wù ono gkqkw goboikw qkgk ‒Jù`npnmckn C`jekbo

J`cknoxj` Wuknxjoxo Jdn`wù go Ongdn`xok‚" dbì Ed`godnd" gkn ‒J`nhkuo Qkukgomjk Ekup Jknkf`j`n

Jdn`wù gkbkj Xoxw`j Nobko wpcku Lb`cxoe`b 6 Xpkwp Q`jocoukn pnwpc Q`nùkqknnk go Ongdn`xok‚" dbì

Ikuwkgo K. Xku}dnd gkn Qùu ]kufod. C`gpk wpboxkn ono gojpkw gkbkj Epb`won @cdndjo Jdn`wù gkn

Qùeknckn" Eknc Ongdn`xok" \dbpj` ;" Ndjdu ;" Fpbo ;??9. X`bkon owp fpmk wùgkqkw eèùkqk xpjeù

bkonnk x`qùwo Cùwkx Cùfk Onwùn j`nm`nko qùobkcp knmck q`nmmkngk pknm )jdn` jpbwoqboù/ knm

gobkcpckn GQQ*PU@X" Eknc Ongdn`xok qkgk wkipn ;??<.



<

`cdndjo jkcud wùnkwk wogkc gkqkw j`nfkjon conùfk qù`cdndjokn knm ekoc x`hkuk

eùc`xonkjepnmkn x`bkjk jkxoi wùgkqkw c`b`jkikn*c`b`jkikn qkgk onlukxwupcwpu

qù`cdndjokn.?

Go xkwp xoxo" c`wùepckkn qù`cdndjokn g`nmkn xoxw`j g`|oxk eèkx gkn eùekmkobknmcki gù`mpbkxo knm gow`jqpi q`jùonwki w`bki j`jeùockn jknlkkw knm e`xku ekmo

qùc`jeknmkn qù`cdndjokn gdj`xwoc. Gkbkj eèùkqk wkipn wùkciou xè`bpj cuoxox"

gonkjoxj` qù`cdndjokn Ongdn`xok hpcpq wonmmo g`nmkn bkfp onlbkxo knm j`npupn gkn

xpuqbpx nùkhk q`jekkukn knm hpcpq e`xku. Qùc`jeknmkn jkcud`cdndjo knm

jknwkq wùxèpw w`bki j`jeùockn c`kconkn c`qkgk on|`xwdu" ekoc gkbkj gkn bpku n`mùo

kwkx qudxq`c qù`cdndjokn Ongdn`xok xìonmmk x`jkcon j`ngdudnm jkxpcnk kupx

jdgkb gkn x`jkcon j`jqùgkbkj qudx`x onw`mukxo qù`cdndjokn nkxodnkb c` gkbkj

qù`cdndjokn onwùnkxodnkb.

Kckn w`wkqo" go xoxo bkon" gonkjoxj` qù`cdndjokn knm wonmmo wùxèpw wogkc

x`q`npink goxùwko g`nmkn pqkk pnwpc j`nkwk q`nm`bdbkkn gpnok pxkik gkn

j`nhoqwkckn q`n`b`nmmkukkn q`jùonwkikn knm ekoc" xèkmkojknk wùhùjon qkgk

cpuknmnk wuknxqkuknxo gkn cdnxoxw`nxo q`bkcxknkkn cèofkckn. X`j`nwkuk owp" c`b`jkikn

onldujkxo" ekoc jpwp jkpqpn c`wùx`gokkn" x`jkcon j`jqùepupc cpkbowkx c`qpwpxkn

knm gokjeob dbì gpnok pxkik gkn q`jùonwki. Eùekmko lkcwdu ono j`jqùb`jki cdngoxo

lpngkj`nwkb jocud`cdndjo xìonmmk j`nonmckwckn cù`nwknkn qù`cdndjokn wùikgkq

mpnhknmkn*mpnhknmkn `cxwùnkb.

J`b`jkink lpngkj`nwkb jocud`cdndjo gkqkw goboikw qkgk j`npupnnk `loxo`nxo

q`nm`bdbkkn gpnok pxkik gkbkj eèùkqk wkipn xè`bpj cuoxox `cdndjo wùfkgo. Ikb ono

eùckowkn g`nmkn x`jkcon wonmmonk goxwduxo gkbkj q`nmkbdckxokn xpjeù gkk ekoc knm

gobkcpckn dbì x`cwdu x}kxwk jkpqpn x`cwdu q`jùonwki xìonmmk j`ngdudnm

j`nonmckwnk cdnmbdjùkxo pxkik knm jdndqdboxwoc gkn qùobkcp q`nhkuo u`nw` )u`nw

x``conm/. J`xcoqpn c`mokwkn on|`xwkxo gkn qudgpcxo nkoc g`nmkn h`qkw gkbkj bojk wkipn

wùkciou" q`jknlkkwkn xpjeù gkk" wùpwkjk jdgkb" j`nfkgo cpuknm dqwojkb gkn

?Boikw joxkbnk U. Jdu`nd" M. Qkxkgobbk." gkn @bo U`jdbdnk gkbkj ‒ Kxok‟x Lonknhokb Huoxox6 B`xxdnx kng

Qdboh U`xqdnx`x‚" Qkholoh Ekxon ]duconm Qkqù Xùo`x6 @hdndjoh U`x`kuhi G`qkuwj`nw dl L`gùkb

U`xù|` Eknc dl Xkn Luknxoxhd" PXK6 Fpb ;??9. Fpmk Mùkug Hkquod" Fu. gkbkj ‒ Eknconm dn Huoxox 6

@yq`nxo|` B`xxdnx ludj U`h`nw Lonknhokb Huox`x‚" Wi` ]dubg Eknc U`x`kuhi Mudpq" ]kxionmwdn G.H6

Fpn` ;??9.



=

h`ngùpnm wùcdnx`nwukxo qkgk x`cwdu*x`cwdu knm cpuknm qudgpcwol. Xèkmko kcoekwnk"

qù`cdndjokn j`nfkgo cpuknm `loxo`n x`qùwo wùhùjon qkgk nkocnk onhu`j`nwkb hkqowkb

dpwqpw ukwod )OHDU/ gkuo ukwk*ukwk x`cowku 8"; qkgk wkipn ;?99*;??; j`nfkgo ukwk*ukwk

x`cowku 7"5 gkbkj wkipn ;??5*;??=.

C`b`jkikn lpngkj`nwkb jocud`cdndjo fpmk wùhùjon qkgk cù`nwknkn

)lukmobow/ knm wùgkqkw go gkbkj x`cwdu c`pknmkn" cipxpxnk qùeknckn. Wùgkqkw bojk

lkcwdu knm j`nmkcoekwckn cdngoxo jocud qùeknckn nkxodnkb j`nfkgo u`nwkn wùikgkq

m`fdbkc `cdndjo" kowp6;1

‥ Qùwkjk" kgknk fkjonkn wùx`bpepnm )ojqbohow mpkuknw``/ gkuo eknc x`nwukb kwkx

c`bknmxpnmkn iogpq xpkwp eknc pnwpc j`nh`mki c`mkmkbkn xoxw`joc gkbkj

ongpxwuo qùeknckn w`bki j`nojepbckn jdukb ikvkug go ckbknmkn q`nm`bdbk gkn

q`joboc eknc. Fkjonkn knm kgk qukcwox j`nmm`xù uoxocd knm goikgkqo

qùeknckn c` eknc x`nwukb xùwk j`ngdudnm qùeknckn pnwpc j`nmkjeob pwknm

knm eùbèoikn gkn j`jeùockn cu`gow c` x`cwdu*x`cwdu knm eùoxocd wonmmo.

‥ C`gpk" xoxw`j q`nmk}kxkn dbì eknc x`nwukb cpuknm `l`cwol cku`nk e`bpj

x`q`npink gkqkw j`nmojeknmo q`xkw gkn cdjqb`cxnk c`mokwkn dqùkxodnkb

qùeknckn. Kqkbkmo ong`q`ng`nxo eknc x`nwukb qkgk qùodg` wùxèpw xknmkw

cpuknm xìonmmk j`nèkeckn bknmcki*bknmcki cdu`cxo wogkc gkqkw gobkcpckn

x`hkuk `l`cwol. Ikb ono w`bki j`ngdudnm qùeknckn nkxodnkb j`nmkekockn quonxoq

cìkwo*ikwokn gkbkj c`mokwkn dqùkxodnkb knm w`bki gow`wkqckn.

‥ C`womk" e`xkunk q`jeùokn cu`gow gkn fkjonkn ekoc x`hkuk bknmxpnm jkpqpn

wogkc bknmxpnm c`qkgk ongo|ogp$c`bdjqdc pxkik knm wùckow g`nmkn eknc

)hdnn`hw`g b`ngonm/ w`bki j`ngdudnm wonmmonk uoxocd c`jkh`wkn cu`gow knm

goikgkqo eknc.

‥ C``jqkw" u`bkwol b`jkink c`jkjqpkn jknkfùokb eknc w`bki j`nmkcoekwckn

q`npupnkn cpkbowkx kx`w qudgpcwol gkn q`nonmckwkn uoxocd knm goikgkqo eknc.

Xowpkxo ono goqùepupc qpbk dbì b`jkink q`nmk}kxkn gkn xoxw`j onldujkxo

onwùnkb go gkbkj j`jknwkp" j`ng`w`cxo" gkn j`n`b`xkockn cu`gow eùjkxkbki

gkn qdxoxo uoxocd knm eùbèoikn.

;1Ekhk Bkqdukn Wkipnkn Eknc Ongdn`xok ;??=$?9" ikbkjkn 5*8.



9

‥ C`bojk" cpuknm wuknxqkuknnk onldujkxo j`nm`nko cdngoxo qùeknckn x`bkon w`bki

j`nmkcoekwckn c`xpbowkn gkbkj j`bkcpckn knkboxox x`hkuk kcpukw w`nwknm cdngoxo

c`pknmkn xpkwp eknc fpmk w`bki j`b`jkickn pqkk pnwpc j`bkcpckn cdnwudb

xdxokb gkn j`nhoqwkckn goxoqbon qkxku.

C`b`jkikn lpngkj`nwkb jocud`cdndjo fpmk jpnhpb xèkmko gkjqkc gkuo b`jkink

q`nm`bdbkkn gpnok pxkik )qddu hduqdukw` md|ùnknh`/. E`bpj cpkwnk c`xkgkukn kckn

q`nwonmnk wuknxqkuknxo gkn c`wùepckkn gkbkj eùpxkik j`nmkcoekwckn c`mokwkn pxkik

x}kxwk h`ngùpnm cpuknm `loxo`n gkn cpuknm j`jqùikwockn quonxoq*quonxoq q`nm`bdbkkn

pxkik knm xìkw. X`bkon owp" epupcnk q`nm`bdbkkn gpnok pxkik fpmk wùckow g`nmkn

e`bpj kgknk qùknmckw ipcpj knm `l`cwol" wùpwkjk gkbkj q`n`b`xkokn c`qkobowkn

pxkik. Eùekmko c`b`jkikn ono j`nmkcoekwckn gpnok pxkik h`ngùpnm j`bkcpckn

on|`xwkxo knm eùbèoikn qkgk x`cwdu*x`cwdu `cdndjo knm u`nwkn wùikgkq qùpekikn

nobko wpcku gkn xpcp epnmk" x`qùwo x`cwdu qudqùwo.

Kgk gpk ikb knm j`ngdudnm c`h`ngùpnmkn on|`xwkxo knm eùbèoikn wùxèpw.

Qùwkjk" gonkjoxj` qù`cdndjokn Ongdn`xok knm x`jkcon j`nonmckw w`bki

j`nojepbckn c`kconkn knm eùbèoikn qkgk gouo on|`xwdu kxonm xìonmmk j`nmpuknmo

cìkwo*ikwokn jù`ck gkbkj j`jeùockn qonfkjkn c`qkgk gpnok pxkik go Ongdn`xok.

C`gpk" gpnok pxkik gkbkj n`mùo j`jknlkkwckn qùe`gkkn xpcp epnmk gkbkj gkn bpku

n`mùo knm hpcpq e`xku xìonmmk kupx jdgkb jkxpc gkuo bpku n`mùo" wùpwkjk gkbkj

e`nwpc qonfkjkn x}kxwk fknmck q`ng`c" wùpx j`nmkbou. Qkgk xkkw knm eùxkjkkn nobko

wpcku upqoki knm u`bkwol xwkeob x`fkc eèùkqk wkipn wùkciou" w`bki j`nojepbckn kgknk

c`qkxwokn wùikgkq qùc`jeknmkn cpux )ojqbohow mpkuknw``/ xìonmmk j`nonmckwckn

c`kconkn gpnok pxkik kckn c`jknwkqkn qùc`jeknmkn `cdndjo.

C`wùx`gokkn q`jeokkkn knm u`bkwol jpgki goqùdbì j`nèkeckn x`cwdu x}kxwk

x`jkcon j`nmkekockn quonxoq cìkwo*ikwokn gkbkj c`mokwkn pxkik xèkmkojknk wùhùjon

qkgk wonmmonk qknmxk pwknm bpku n`mùo eùfknmck q`ng`c pnwpc q`jeokkkn on|`xwkxo

eùfknmck qknfknm )jkwpuow mkq/. Qùc`jeknmkn ono g`nmkn x`ngouonk j`nojepbckn

cù`nwknkn x`cwdu x}kxwk wùikgkq m`fdbkc nobko wpcku gkn w`bki j`ngdudnm c`qkobowkn

qkgk eknkc qùpxkikkn x}kxwk.

X`bknfpwnk" c`b`jkikn*c`b`jkikn lpngkj`nwkb jocud`cdndjo wùxèpw go kwkx

j`nmkcoekwckn c`wùmknwpnmkn qkgk x`cwdu bpku n`mùo x`jkcon e`xku" cipxpxnk pwknm



?

bpku n`mùo x`cwdu x}kxwk. C`wùmknwpnmkn x`cwdu x}kxwk c`qkgk x`cwdu bpku n`mùo

wùxèpw wùpx j`nonmckw x`fkbkn g`nmkn q`xkwnk c`mokwkn on|`xwkxo x`cwdu x}kxwk. Ikb ono

j`nmkcoekwckn fpjbki pwknm bpku n`mùo x}kxwk j`nonmckw wkfkj ionmmk wkipn ;??<.

G`nmkn cdngoxo qù`cdndjokn knm jkxoi j`nmogkq eùekmko c`b`jkikn j`ngkxku

wùxèpw jkck m`fdbkc nobko wpcku knm wùfkgo x`fkc qùw`nmkikn wkipn ;??= eùpeki

g`nmkn h`qkw j`nfkgo cuoxox `cdndjo gkn c`pknmkn knm xknmkw gkbkj. Go x`cwdu bpku

n`mùo" q`nmkupi cuoxox nobko wpcku w`bki j`nèkeckn kupx jdgkb c`bpku n`wd" cipxpxnk

x`cwdu x}kxwk" knm xknmkw e`xku xìonmmk nùkhk q`jekkukn j`nmkbkjo g`loxow pnwpc

qùwkjk ckbonk x`fkc wkipn ;?9?$?1. X`bkon owp" qdxoxo qonfkjkn gkn eèkn knmxpukn

q`jekkukn bpku n`mùo nkoc xknmkw wonmmo" wùpwkjk gkbkj upqoki" xìonmmk eknkc

qùpxkikkn wogkc gkqkw j`j`npio c`}kfoeknnk.

Go x`cwdu qùeknckn" cuoxox nobko wpcku knm wùfkgo w`bki j`nèkeckn

wùmknmmpnk lpnmxo onwùj`gokxo knm gowkngko g`nmkn eknkcnk eknc j`nfkgo

onxdb|`nw. Ikb ono wùfkgo cku`nk j`nonmckwnk cù`nwknkn wùikgkq qdxoxo ipwknm gkbkj

PXG xìonmmk j`jeùkwckn xoxo bokeobow )qkxo|k/ eknc. Xoxo kxx`w )kcwo|k/ eknc

j`jepupc xèkmkojknk wùhùjon qkgk j`nonmckwnk cu`gow eùjkxkbki kwkp ndn

qùldujonm bdkn )NQB/ kcoekw eknkcnk gèowpu knm g`lkpbw . X`j`nwkuk owp" pqkk

q`nm`wkwkn bocpogowkx j`bkbpo c`nkockn xpcp epnmk knm gobkcpckn mpnk j`nxwkeobckn

onlbkxo gkn nobko wpcku w`bki qpbk j`nèkeckn ‒n`mkwo|` xqu`kg‚ go x`cwdu qùeknckn.

Cuoxox knm eùc`bknfpwkn w`bki j`nmkcoekwckn qùeknckn nkxodnkb j`nfkgo

x`jkcon uk}kn. Qkgk xoxo knm bkon c`qùhkkkn jkxkukckw x`jkcon jùdxdw" cipxpxnk

x`fkc q`nhkepwkn ovon pxkik ;< eknc qkgk epbkn Nd|`jeù ;??=. Ikb wùxèpw wùfkgo

cku`nk cèofkckn wùxèpw gobkcpckn wknqk qùxokqkn knm j`jkgko pnwpc j`nmiongkuo

upxi kwkp eknc*upn.;;

Q`npupnkn c`qùhkkkn jkxkukckw wùikgkq qùeknckn wùxèpw

wùboikw gkuo q`jongkikn gknk dbì q`nkepnm c` onxwupj`n$eknc knm bèoi kjkn ekoc go

;;Ono j`jeùockn q`bkfkukn knm xknmkw eùikumk. Xknmkw uoxckn j`bkcpckn u`xwupcwpuoxkxo qùeknckn

qkgk xkkw cdngoxo `cdndjo jkcud jkxoi wogkc xwkeob. Ono fpmk j`nfk}ke qùwknkkn j`nm`nko j`nmkqk

u`xwupcwpuoxkxo qùeknckn wogkc gobkcpckn bèoi h`qkw qkgk xkkw cdngoxo qùeknckn jkxoi e`bpj qkuki

x`ckbo" j`nmonmkw cdngoxo `cdndjo jkcud knm jkxoi e`bpj xwkeob. Dbì cku`nk owp x`bknfpwnk

Q`jùonwki j`nmpqkkckn c`xwkeobkn `cdndjo jkcud wùbèoi gkipbp xèkmko gkxku pnwpc j`bkcpckn

u`xwupcwpuoxkxo qùeknckn.



;1

gkbkj jkpqpn bpku n`mùo. Wogkc kgknk b`jekmk g`qdxow onxpuknh` )b`jekmk q`nfkjon

xojqknkn/ j`jepkw q`npupnkn c`qùhkkkn ono eùwkjeki qkuki.

Go x`cwdu jdn`wù" wonmmonk eknwpkn bocpogowkx knm wùqkcxk goeùockn dbì eknc

x`nwukb c`qkgk eknc*eknc w`bki j`ngdudnm q`nonmckwkn pknm eù`gku knm xknmkw e`xkuxìonmmk j`jqùe`xku w`cknkn onlbkxo knm xè`bpjnk j`jknm xpgki j`nonmckw wkfkj

kcoekw g`qu`xokxo upqoki knm xknmkw e`xku. Go x`cwdu loxckb" q`nm`bpkukn q`jùonwki"

wùpwkjk pnwpc xpexogo ekikn ekcku jonkc )EEJ/ gkn q`jekkukn pwknm bpku n`mùo"

j`nonmckw wkfkj xìonmmk dqùkxo c`pknmkn q`jùonwki j`nmkbkjo g`loxow knm hpcpq

e`xku. Go x`cwdu uoob" c`mokwkn on|`xwkxo gkn qudgpcxo j`nmkbkjo cdnwukcxo x`j`nwkuk

wonmckw q`nmknmmpukn j`nonmckw q`xkw. Eùekmko qùc`jeknmkn wùxèpw g`nmkn f`bkx

j`nmmkjekuckn eki}k cuoxox knm wùfkgo w`bki j`nmkcoekwckn gkjqkc n`mkwol knm

kjkw bpkx c`qkgk x`bpupi x`ngo qù`cdndjokn nkxodnkb.

OOO. Bknmcki*bknmcki Cèofkckn pnwpc J`nmkwkxo Cuoxox @cdndjo

Bknmcki cèofkckn knm gokjeob x`bkjk cuoxox ono wùldcpx c`qkgk

j`nm`jekbockn c`xwkeobkn jkcud`cdndjo gkn j`jeknmpn c`jekbo onlukxwupcwpu

`cdndjo" cipxpxnk go x`cwdu qùeknckn gkn gpnok pxkik. J`nmonmkw cdjqb`cxnk

jkxkbki knm goikgkqo" xwukw`mo pjpj gkuo qudmukj*qudmukj `cdndjo knm gowùkqckn

go n`mkuk*n`mkuk knm j`nmkbkjo cuoxox xùpqk eùwpjqp qkgk `jqkw eogknm qdcdc6;5

‥ Go eogknm jdn`wù" gow`jqpi cèofkckn jdn`wù c`wkw pnwpc j`nmpuknmo bkfp

onlbkxo gkn q`npupnkn kwkp g`qu`xokxo nobko jkwk pknm bdckb x`hkuk eùbèoikn.

‥ Go eogknm loxckb" gow`jqpi cèofkckn knm bèoi wùldcpx c`qkgk pqkk u`bdckxo

q`nm`bpkukn pnwpc c`mokwkn*c`mokwkn wogkc qudgpcwol c`qkgk c`mokwkn*c`mokwkn

knm goikukqckn gkqkw j`nmpuknmo xdhokb hdxw knm gowojepbckn dbì cuoxox

`cdndjo. Xkbki xkwp e`nwpcnk kgkbki g`nmkn qudmukj Fkuonm Q`nmkjkn Xdxokb.

;5Boikw kuwoc`b knm gowpbox dbì OJL Xwkll" ‒Wi` Kxokn Huoxox6 Hkpx`x kng Hpu`x‚" gkbkj Lonknh` kng

G`|`bdqj`nw" \dbpj` 80" Nd. 5" Fpn` ;??9.



;;

‥ Go eogknm q`nm`bdbkkn )md|ùnknh`/" gow`jqpi cèofkckn pnwpc j`jqùekoco

c`jkjqpkn q`nm`bdbkkn ekoc go x`cwdu qpeboc jkpqpn x}kxwk. Wùjkxpc go

gkbkjnk pqkk j`nmpuknmo onwù|`nxo q`jùonwki" jdndqdbo" gkn c`mokwkn*

c`mokwkn knm cpuknm qudgpcwol bkonnk.

‥ Go eogknm qùeknckn" gow`jqpi cèofkckn knm kckn j`jqùekoco c`b`jkikn*

c`b`jkikn xoxw`j qùeknckn eùpqk qudmukj u`xwupcwpuoxkxo qùeknckn knm

eùwpfpkn pnwpc j`nhkqko gpk ikb" kowp6 j`nmkwkxo gkjqkc cuoxox gkn

j`nmiongkuo wùfkgonk cuoxox xùpqk go jkxk gkwknm.

8.; Q`jpboikn @cdndjo j`bkbpo Cèofkckn Qùeknckn

Pqkk q`nìkwkn gkn qùjeùgkkkn x`cwdu qùeknckn w`bki j`nowk qùikwokn

knm xknmkw e`xku" wogkc iknk gkuo x`mo }kcwp gkn w`nkmk knm gohpukickn w`wkqo fpmk

gkuo x`mo eokk knm goc`bpkuckn. Ikb ono gocku`nkckn q`nwonmnk qùknkn qùeknckn

gkbkj qudx`x cèknmcowkn `cdndjo x`hkuk c`x`bpupikn. Go xkjqonm qùknknnk gkbkj

q`n`b`nmmkukkn wuknxkcxo q`jekkukn nkxodnkb gkn onwùnkxodnkb xùwk j`nfkbknckn

lpnmxo onwùj`gokxo )q`nkbpukn gknk gkuo q`nkepnm$q`joboc gknk c` on|`xwdu/" x`cwdu

qùeknckn fpmk eùlpnmxo xèkmko kbkw wuknxjoxo cèofkckn jdn`wù. G`nmkn ongpxwuo

qùeknckn knm qkgk pjpjnk j`nmkbkjo c`xpbowkn" wuknxjoxo cèofkckn jdn`wù

j`bkbpo x`cwdu qùeknckn wogkc eùlpnmxo xèkmkojknk knm goikukqckn. Ikb ono

j`nmkcoekwckn cèofkckn jdn`wù cpuknm `l`cwol gkbkj j`nhkqko xkxkuknnk. G`nmkn

g`jocokn" xknmkw xpbow goekknmckn ldujkw q`jpboikn `cdndjo nkxodnkb j`bkbpo qudmukj

xwkeoboxkxo jkcud`cdndjo kqkeobk x`cwdu qùeknckn w`wkq eùkgk gkbkj c`xpbowkn knm

qkuki.

Pqkk q`jeùgkkkn qùeknckn gkqkw goc`bdjqdcckn c` gkbkj `jqkw kxq`c"

kowp u`ckqowkboxkxo eknc*eknc" u`xwupcwpuoxkxo cu`gow qùeknckn" q`nm`jeknmknonlukxwupcwpu qùeknckn" gkn q`n`jqpunkkn q`bkcxknkkn lpnmxo q`nmk}kxkn eknc.

Qùwkjk" u`ckqowkboxkxo eknc*eknc. J`nmonmkw cdngoxo qùjdgkbkn eknc*eknc

xpgki g`jocokn qkuki xèkmko kcoekw gkuo cuoxox `cdndjo" xèkmkojknk w`bki gopukockn go



;5

jpck" bknmcki xwukw`mox qùwkjk knm kiupx gobkcpckn kgkbki j`jqùekoco qùjdgkbkn

wùxèpw. Cèofkckn u`ckqowkboxkxo ono goxpxpn gkbkj xpkwp qkc`w" knm wùgouo gkuo6

k/ U`ckqowkboxkxo ekmo eknc*eknc knm |okeb` pnwpc gkqkw j`nfkgo xìkw gkn

j`nhkqko ukxod c`hpcpqkn jdgkb )hkqowkb kg`{pkh ukwod ‘HKU/ jonojpjxè`xku 9% qkgk wkipn 511;. Eknc*eknc ono gonkwkckn bpbpx gkuo womk epki w`xw

knm xknmkw c`wkw j`boqpwo cdngoxo c`pknmkn" onw`muowkx q`joboc gkn jknkf`j`n"

xùwk u`nhk cùfk pnwpc womk wkipn3

e/ Q`jeùxoikn eknc*eknc gkuo q`joboc gkn q`nmpupx knm wogkc j`j`npio

qùxkukwkn xèkmko q`joboc gkn q`nmpupx knm ekoc )wogkc low kng qudqù /3

h/ Q`npwpqkn ekmo eknc*eknc knm goqùcoukckn wogkc kckn jkjqp eùwkikn3

g/ Q`n`b`xkokn kx`w*kx`w eknc*eknc knm gowpwpq3

`/ Q`n`b`xkokn ekmo cu`gow jkh`w qùeknckn" g`nmkn j`nmkboickn c` Kx`w

Jknkm`j`nw Pnow gkn j`nmikqpxepcpckn gkuo eknc*eknc knm gou`ckqowkboxkxo.

Gkbkj j`bkcxknkckn u`ckqowkboxkxo qùeknckn goepwpickn eokk gkbkj fpjbki

e`xku. Gknk wùxèpw gkqkw gkwknm gkuo x`cwdu x}kxwk gkn gkuo q`jùonwki. Q`nkjekikn

jdgkb gkuo x`cwdu x}kxwk gkqkw gkwknm gkuo q`jdgkb gdj`xwoc jkpqpn q`jdgkb kxonm.

_knm qkbonm ekoc kgkbki gkuo q`jdgkb gdj`xwoc cku`nk c`q`jobockn eknc*eknc dbì

qoikc gdj`xwoc kckn bèoi j`jqùcpkw c`wkiknkn `cdndjo nkxodnkb. Nkjpn" kcoekw

cuoxox `cdndjo ikb knm og`kb ono xpbow gohkqko cku`nk x`cwdu x}kxwk nkxodnkb x`gknm

j`nmkbkjo c`xpbowkn bocpogowkx. Pnwpc ono jkck qùknkn on|`xwdu kxonm j`nfkgo q`nwonm.

G`nmkn jkxpcnk on|`xwdu kxonm gkbkj qùeknckn nkxodnkb jkck c`qùhkkkn bpku

n`mùo wùikgkq qù`cdndjokn Ongdn`xok kckn j`nonmckw.

Kxq`c c`gpk kgkbki u`xwupcwpuoxkxo cu`gow. Kxq`c ono xknmkw j`n`nwpckn

cèùikxobkn qudmukj u`ckqowkboxkxo qùeknckn gkn qudmukj q`nìkwkn `cdndjo x`hkuk

c`x`bpupikn. C`mokwkn ono gogkxkuckn qkgk c`w`nwpkn u`xwupcwpuoxkxo cu`gow epbkn

Nd|`jeù ;??9 gkn eùbkcp ekmo eknc*eknc knm ocpw gkbkj qudmukj u`ckqowkboxkxo" ekoc

eknc*eknc q`jùonwki" EQG" jkpqpn eknc*eknc x}kxwk nkxodnkb. U`xwupcwpuoxkxo cu`gow

knm gobkcpckn j`bkbpo qukckuxk Eknc Ongdn`xok ono j`b`nmckqo u`xwupcwpuoxkxo cu`gow gkn

kx`w qùeknckn bkonnk knm gobkcpckn dbì EQQN. U`xwupcwpuoxkxo cu`gow" knm qkgk

ikc`ckwnk jùpqkckn ekmokn pwkjk gkuo u`wupcwpuoxkxo gpnok pxkik ono" goikukqckn gkqkw



;8

j`jqùekoco q`jepcpkn eknc" gkn x`ckbompx j`nmmkoukickn qkuk gèowpunk pnwpc

c`jekbo eùqudgpcxo" knm eùkuwo j`nmmùkcckn x`cwdu uoob.

Kxq`c c`womk kgkbki q`nm`jeknmkn onlukxwupcwpu qùeknckn" pnwpc j`nonmckwckn

gkk wkikn eknc*eknc gkbkj j`nmikgkqo eùekmko m`fdbkc. Xkbki xkwp xkuknk knmx`gknm goxokqckn kgkbki q`ngouokn B`jekmk Q`nfkjon Xojqknkn" knm kckn

j`nmmknwockn qudmukj q`nfkjonkn q`jùonwki knm qkgk }kcwp ono eùbkcp gkn kckn

eùkciou qkgk epbkn Fknpkuo 5111. Xkuknk bkon kgkbki q`nm`jeknmkn eknc xkuoki" knm

qkgk gouonk gkqkw goikukqckn j`jqpnko gkk wkikn knm bèoi ekoc j`nmikgkqo jkxk*

jkxk cuoxox" gkn g`nmkn g`jocokn gkqkw j`jqùcpkw xoxw`j qùeknckn x`hkuk

c`x`bpupikn.

Cipxpx j`nm`nko eknc xkuoki qùbp goc`jpckn eki}k q`nmkbkjkn x`bkjk cuoxox

`cdndjo ono j`jeùockn xpkwp q`bkfkukn eùikumk ekmo cowk eki}k quonxoq uoxc xikuonm

)eùekmo uoxocd/ kwkp qudlow kng bdxx xikuonm )ekmo ikxob/" xèkmkojknk knm wùgkqkw qkgk

xoxw`j eknc eùgkxkuckn quonxoq xkuoki" jùpqkckn xpkwp quonxoq knm gkqkw eùqùkn

j`nonmckwckn c`wkiknkn xkwpkn*xkwpkn `cdndjo. Gkbkj ikb ono" quonxoq ekmo ikxob kwkp

eùekmo uoxocd knwkuk q`joboc gknk gkn q`nmmpnk gknk xpgki goqùfknfockn x`hkuk f`bkx

gkuo k}kb" xìonmmk fock wùfkgo c`xpbowkn pxkik cku`nk cuoxox `cdndjo" joxkbnk" jkck

uoxocd c`xpbowkn pxkik wùxèpw dwdjkwox gowknmmpnm eùxkjk dbì q`joboc gknk gkn

q`nmmpnk gknk. G`nmkn g`jocokn c`xpbowkn `cdndjo kckn u`bkwol bèoi uonmkn wùkxk dbì

qùduknmkn gkn ekgkn pxkik x`hkuk ongo|ogpkb xìonmmk cèknmcowkn c`jekbo `cdndjo

gkqkw goikukqckn eùbknmxpnm bèoi h`qkw.

Kxq`c c``jqkw knm wogkc ckbki q`nwonmnk kgkbki j`n`jqpunkckn

q`bkcxknkkn lpnmxo q`nmk}kxkn eknc" kowp g`nmkn bèoi j`nmpwkjkckn q`n`mkckn

kwpukn )bk} `nlduh`j`nw / gkn g`nmkn j`nonmckwckn lu`cp`nxo q`jùocxkkn eknc knm

goldcpxckn qkgk u`xocd knm goikgkqo dbì x`wokq eknc.

C``jqkw kxq`c gkbkj uknmck u`xwupcwpuoxkxo qùeknckn wùxèpw eùfkbkn xojpbwkn.

J`bkbpo eùekmko pqkk ono goikukqckn c`b`jkikn xoxw`j qùeknckn knm x`bkjk ono

j`nfkgo xpjeù gkuo eùkwnk cùpxkckn `cdndjo kcoekw cuoxox kckn eùknmxpu*knmxpu

iobknm xìonmmk cowk kckn j`joboco xoxw`j qùeknckn knm j`jqpnko c`wkiknkn knm

wonmmo.



;7

8.5 Qùxykukwkn ekmo C`xpcx`xkn Qudmukj U`xwupcwpuoxkxo Qùeknckn

Pnwpc j`nfkmk xpxwkonkeobow cèofkckn u`xwupcwpuoxkxo qùeknckn" ekoc j`bkbpo

q`nìkwkn go xoxo kcwo|k jkpqpn qkxo|k" qùbp goxùwko g`nmkn u`xwupcwpuoxkxo xoxo

dqùkxodnkb qùeknckn gkn qùekockn `cdndjo jkcud x`hkuk pjpj" wùjkxpc x`cwdu uoob.

Pnwpc owp goqùbpckn eèùkqk xkukw knm qùbp gohoqwkckn" kowp6

k. Cdngoxo `cdndjo jkcud knm xwkeob. Cdngoxo `cdndjo knm xwkeob jùpqkckn

qùxkukwkn knm q`nwonm ekmo wù}pfpgnk c`mokwkn pxkik gkn kcwo|owkx

qùeknckn knm xpxwkonkeb`. G`nmkn bkfp onlbkxo knm u`ngki" goxùwko dbì nobko

wpcku knm xwkeob" xpcp epnmk gkqkw goikukqckn pnwpc wùpx wpupn c` wonmckw

‒ndujkb‚" xìonmmk eknc*eknc wogkc bkmo ikupx j`nknmmpnm eèkn n`mkwo|`

xqu`kg gkn ekickn gkqkw j`jpqpc c`pnwpnmkn pnwpc j`jqùcpkw

qùjdgkbknnk. C`xwkeobkn nobko wpcku gkn c`xwkeobkn wonmckw ikumk fpmk qkgk

gouonk j`jeùockn c`xwkeobkn gkn c`qkxwokn ekmo gpnok pxkik gkn qùeknckn.

e. Gpcpnmkn gkuo qudmukj u`xwupcwpuoxkxo gpnok pxkik. Q`nìkwkn pxkik eknc qùbp

gogkjqonmo dbì q`nìkwkn x`cwdu uoob cku`nk c`gpknk wùgkqkw c`wùckowkn knm

xknmkw ùkw. Gkbkj ipepnmkn ono bknmcki*bknmcki knm gobkcpckn j`bkbpo

qudmukj ONGUK" Qukckuxk Fkckuwk" jkpqpn qudmukj u`xwupcwpuoxkxo cu`gow eknc*

eknc g`nmkn qudckuxk Eknc Ongdn`xok goikukqckn gkqkw j`n`b`xkockn jkxkbki

knm goikgkqo gpnok pxkik" xìonmmk gpnok pxkik gkqkw jpbko eùcoquki c`jekbo

eùxkjk*xkjk gpnok qùeknckn.

h. Q`jekikupkn xoxw`j ipcpj gkn qùpngknm*pngknmkn xùwk xoxw`j kcpnwknxo.

Qùekockn gkuo x`mo ipcpj gkn kcpnwknxo goikukqckn pnwpc j`nhoqwkckn

wuknxqkuknxo gkn c`qkxwokn pxkik eknc g`nmkn w`wkq j`jeùbkcpckn kvkx cìkwo*

ikwokn.

g. Q`nhoqwkkn qkxku knm `loxo`n. Q`nhoqwkkn qkxku knm `loxo`n xìonmmk

j`jpnmconckn wùhoqwknk lpnmxo onwùj`gokxo knm dqwojpj gkn `l`cwo|owkx

cèofkckn jdn`wù. Ikb ono gobkcpckn knwkuk bkon j`bkbpo q`nhoqwkkn xoxw`j

onx`nwol knm hdhdc" kowp eùgkxkuckn j`cknoxj` qkxku.



;0

.̀ W`nkmk*w`nkmk wùbkwoi knm j`jqpnko g`gockxo gkn onw`muowkx wonmmo pnwpc

j`nm`bdbk qùeknckn. Xìpepnmkn g`nmkn owp" qudmukj*qudmukj q`bkwoikn gkn

q`jeonkkn" xùwk qudmukj q`nmk}kxkn eknc knm `l`cwol gkn wùpx j`nùpx pnwpc

j`nfkjon cpkbowkx gkuo xpjeù gkk jknpxok knm kgk go qùeknckn jùpqkckn

ikb*ikb knm jpwbkc ikupx gobkcpckn.

8.8 Q`jpboikn @cdndjo J`bkbpo Cèofkckn Jdn`wù

C`xwkeobkn ikumk gkn nobko wpcku jùpqkckn qukxkukw ekmo q`jpboikn `cdndjo

cku`nk wknqk owp kcwo|owkx `cdndjo jkxkukckw" x`cwdu pxkik" gkn x`cwdu qùeknckn kckn

wùikjekw. Dbì cku`nk owp" wogkcbki eùbèoikn couknk fock ldcpx pwkjk cèofkckn

jdn`wù Eknc Ongdn`xok x`bkjk cuoxox `cdndjo ono kgkbki j`nhkqko gkn j`j`boikuk

c`xwkeobkn ikumk gkn nobko wpcku upqoki. Kqkbkmo Pngknm*pngknm Nd. 58 wkipn ;???

w`nwknm Eknc Ongdn`xok x`hkuk f`bkx j`nèpwckn eki}k wpfpkn Eknc Ongdn`xok kgkbki

j`nhkqko gkn j`j`boikuk c`xwkeobkn nobko upqoki knm go gkbkjnk j`nmkngpnm

q`nmùwokn c`xwkeobkn ikumk )bkfp onlbkxo/ gkn c`xwkeobkn nobko wpcku upqoki.;8

Pnwpc j`nhkqko wpfpkn go kwkx" Eknc Ongdn`xok ionmmk xkkw ono jkxoi j`nùkqckn

cùknmck cèofkckn jdn`wù knm gogkxkuckn qkgk q`nm`ngkbokn fpjbki pknm eù`gku

kwkp knm go ckbknmkn kckg`joxo goc`nkb xèkmko {pknwow kqqudkhi. Go gkbkj cùknmckwùxèpw Eknc Ongdn`xok eùpqkk j`nm`ngkbockn pknm quojù )ekx` jdn`/ xèkmko

xkxkukn dqùkxodnkb cèofkckn jdn`wù.;7 G`nmkn fpjbki pknm quojù knm wùc`ngkbo

jkck qùc`jeknmkn fpjbki pknm eù`gku" kowp J; gkn J5" goikukqckn fpmk ocpw

;8G`nmkn qùckwkkn bkon" x`xpko g`nmkn PP Nd. 58 wkipn ;??? xkxkukn cèofkckn jdn`wù Eknc Ongdn`xok

iknk xkwp )xonmb` def`hwo|`/" kowp j`j`boikuk c`xwkeobkn nobko upqoki. Ikb ono eùe`gk g`nmkn Pngknm*

pngknm w`nwknm Eknc X`nwukb knm bkjk" kowp PP Nd. ;8 wkipn ;?<9" knm j`npnwpw Eknc Ongdn`xokpnwpc j`j`npio eèùkqk xkxkukn x`ckbompx )jpbwoqb` def`hwo|`x/" kcno j`ngdudnm c`mokwkn `cdndjo"

j`jqùbpkx c`x`jqkwkn cùfk" gkn j`j`boikuk c`xwkeobkn nobko upqoki" knm q`nhkqkoknnk qkgk

ikc`ckwnk gkqkw xkbonm eùwdbkc e`bkcknm" wùpwkjk gkbkj fknmck q`ng`c.

;7Cdjqdn`n wùe`xku pknm quojù kgkbki pknm ckuwkb )pknm cùwkx gkn bdmkj/ knm eù`gku go jkxkukckw"

pknm ckuwkb knm eùkgk go gkbkj ckx eknc*eknc" gkn u`c`nonm moud eknc*eknc go Eknc Ongdn`xok. X`xpko

c`x`qkckwkn g`nmkn OJL" pknm quojù gow`wkqckn xèkmko xkxkukn ongockwol cèofkckn jdn`wù Eknc

Ongdn`xok.



;<

wùc`ngkbo.;0

X`bknfpwnk" g`nmkn fpjbki pknm eù`gku knm wùc`ngkbo goikukqckn

qùjonwkkn kmu`mkw kckn ekuknm gkn fkxk x`bkbp eùmùkc gkbkj fpjbki knm xòjeknm

g`nmkn c`jkjqpkn qudgpcxo nkxodnkb xìonmmk ikumk*ikumk gkn nobko wpcku gkqkw

eùmùkc xwkeob.

G`nmkn j`nmmpnkckn cùknmck cèofkckn jdn`wù x`qùwo w`bki gopukockn go kwkx"

Eknc Ongdn`xok qkgk qùodg` k}kb cuoxox `cdndjo" wùpwkjk x`bkjk wkipn ;??9"

j`nùkqckn cèofkckn jdn`wù c`wkw pnwpc j`nm`jekbockn xwkeobowkx jdn`wù. Cèofkckn

jdn`wù c`wkw wùxèpw wùhùjon qkgk qùwpjepikn wkipnkn xkxkukn ongockwol pknm quojù

knm wùpx gow`ckn gkuo b`|`b wùwonmmo <?"=% qkgk epbkn X`qw`jeù ;??9 j`nfkgo ;;"5%

qkgk epbkn Fpno ;???. Cèofkckn jdn`wù c`wkw wùqkcxk gobkcpckn cku`nk gkbkj qùodg`

owp `cxq`cwkxo onlbkxo go w`nmki jkxkukckw xknmkw wonmmo gkn fpjbki pknm eù`gku

j`nonmckw xknmkw q`xkw.

Go w`nmki wonmmonk `cxq`cwkxo onlbkxo gkn wonmckw uoxocd j`j`mknm upqoki" pqkk

j`jqùbkjekw bkfp qùwpjepikn pknm eù`gku w`bki j`ngdudnm c`nkockn xpcp epnmk

gdj`xwoc x`hkuk wkfkj. Xpcp epnmk knm wonmmo goqùbpckn kmku jkxkukckw jkp

j`j`mknm upqoki gkn wogkc j`je`bknfkcknnk pnwpc ikb*ikb knm wogkc j`ng`xkc xùwk

wogkc j`nmmpnkcknnk pnwpc j`je`bo |kbpwk kxonm.

Pqkk q`jpboikn c`xwkeobkn jdn`wù j`bkbpo q`nùkqkn cèofkckn jdn`wù c`wkw

knm goeknwp g`nmkn pqkk q`jpboikn c`qùhkkkn jkxkukckw c`qkgk qùeknckn

nkxodnkb jpbko j`jeùockn ikxob qdxowol x`fkc wuo}pbkn O\ ;??9. Qùwpjepikn pknm

eù`gku knm j`bkjekw gkn xpcp epnmk xojqknkn go qùeknckn knm wonmmo w`bki

j`nmpuknmo q`bpknm gkn ikxukw jkxkukckw gkbkj j`j`mknm jkwk pknm kxonm xìonmmk

w`cknkn g`qu`xokxo upqoki eùknmxpu xpupw. X`fkc qùw`nmkikn wkipn ;??9 nobko wpcku

upqoki wùikgkq PXG h`ngùpnm j`nmpkw gkn c`jpgokn eùmùkc u`bkwol xwkeob x`bkjk

wkipn ;???.

X`xpko g`nmkn xoxw`j nobko wpcku j`nmkjeknm knm gowùkqckn x`fkc ;7 Kmpxwpx

;??=" qùc`jeknmkn nobko wpcku upqoki bèoi eknkc gow`nwpckn dbì j`cknoxj` qkxku.

Go gkbkj xoxw`j wùxèpw" q`nmpkwkn nobko wpcku upqoki knm wùfkgo x`fkc qùw`nmkikn

;0J; wùgouo kwkx pknm ckuwkb knm eù`gku go jkxkukckw gkn u`c`nonm moud jkxkukckw go qùeknckn )pknm

moukb/" x`gknmckn J5 wùgouo kwkx J; gkn wkepnmkn xùwk g`qdxowd jkxkukckw ekoc gkbkj upqoki jkpqpn



;=

;??9 ionmmk kciou ;??? bèoi eknkc goxèkeckn dbì jù`gknk w`cknkn qùjonwkkn

|kbkx x`fkbkn g`nmkn wùc`ngkbonk fpjbki pknm eù`gku gkn wpupnnk `cxq`cwkxo onlbkxo.

Eknc Ongdn`xok iknk j`bkcpckn q`nfpkbkn |kbkx j`bkbpo j`cknoxj` qkxku qkgk ikumk

qkxku pnwpc j`nxwùoboxkxo kwkp j`n`gdw c`jekbo `cxqknxo jdn`wù knm eùkxkb gkuo

q`jeokkkn g`loxow knmmkukn q`jùonwki gkn epckn wùpwkjk gowpfpckn pnwpc

j`nmkukickn nobko wpcku upqoki c` xpkwp wonmckw wùw`nwp. Q`bkcxknkkn q`nfpkbkn |kbkx owp

qpn wogkc xkjqko j`jekikkckn qdxoxo hkgknmkn g`|oxk Eknc Ongdn`xok cku`nk

j`nmmpnkckn g`|oxk knm eùkxkb gkuo q`nkuockn ipwknm bpku n`mùo q`jùonwki knm

j`jknm goqùpnwpcckn pnwpc j`ngpcpnm q`jeokkkn g`loxow knmmkukn q`jùonwki.

Nobko wpcku upqoki knm j`nmpkw xùwk gogpcpnm dbì qkxdckn gkn goxwuoepxo

ekuknm*ekuknm cèpwpikn qdcdc knm j`jekoc w`bki j`ngdudnm q`npupnkn bkfp onlbkxo

x`fkc k}kb wuo}pbkn O\ ;??9. Ekickn" bkfp onlbkxo epbknkn knm x`jqkw j`nhkqko ;5"<=%

qkgk epbkn Lèupkuo ;??9" j`nhkwkw knmck n`mkwol kwkp g`lbkxo gkbkj epbkn Dcwdeù

;??9. G`lbkxo wùxèpw c`jpgokn eùbknfpw xèknkc wpfpi ckbo eùwpupw*wpupw x`bkjk

qùodg` Jku`w ‘ X`qw`jeù ;???. G`nmkn qùc`jeknmkn wùxèpw" bkfp onlbkxo x`bkjk

wkipn ;??? iknk j`nhkqko 5"1%" fkpi bèoi u`ngki gkuoqkgk bkfp onlbkxo x`bkjk wkipn

;??9 knm j`nhkqko =="<%. Eùkuwo Ongdn`xok w`bki eùikxob j`nm`bkcckn ekikk

ioqùonlbkxo knm x`jqkw j`nmknhkj x`bkjk qkupi qùwkjk ;??9.

Gkbkj qùc`jeknmkn x`bknfpwnk" bkfp onlbkxo knm xknmkw u`ngki gkn nobko wpcku

upqoki knm w`bki fkpi j`nmpkw goekngonmckn go jkxk qpnhkc cuoxox w`bki j`jeùockn

upknm mùkc ekmo Eknc Ongdn`xok pnwpc j`jqùbdnmmku cèofkckn jdn`wù gkn

j`ngdudnm q`npupnkn xpcp epnmk gdj`xwoc. Xèkmko hùjonkn cèofkckn jdn`wù knm

kmkc bdnmmku" qùwpjepikn wkipnkn xkxkukn ongockwol pknm quojù knm xè`bpjnk wùpx

gowpupnckn ionmmk j`nhkqko ;;"5% qkgk Fpno ;???" x`fkc k}kb x`j`xwù OO ;??? jpbko

gonkocckn ionmmk j`nhkqko ;0"=% qkgk Jku`w 5111. X`fkbkn g`nmkn owp" xpcp epnmk XEO

; epbkn knm x`bkjk ono j`nfkgo qkwdckn )e`nhijkuc / ekmo eknc*eknc wùpx j`npupn gkuob`|`b wùwonmmo =1"09% qkgk X`qw`jeù ;??9 j`nfkgo ;;"1% qkgk kciou Kquob 5111.

Q`npupnkn xpcp epnmk XEO knm hpcpq wkfkj owp goocpwo dbì xpcp epnmk qkxku pknm

knwkueknc )QPKE/ gkn xojqknkn qùeknckn g`nmkn bkfp q`npupnkn knm ikjqou xkjk.

|kbkx go qùeknckn )pknm cpkxo/.



;9

Xpcp epnmk cu`gow )cu`gow jdgkb cùfk/ qpn j`nmkbkjo q`npupnkn j`xcoqpn wogkc

x`h`qkw gkn xè`xku q`npupnkn xpcp epnmk xojqknkn qùeknckn.

Q`npupnkn bkfp onlbkxo" q`nmpkwkn nobko wpcku upqoki" gkn q`npupnkn xpcp epnmk

j`je`nwpc xpkwp bonmckukn knm xkbonm j`jqùcpkw )|ouwpdpx houhb`/ xìonmmk j`jepckq`bpknm ekmo q`jpboikn `cdndjo. Wkngk*wkngk k}kb cèknmcowkn `cdndjo Ongdn`xok

jpbko jpnhpb x`fkc wuo}pbkn O ;??? c`wock QGE uoob gkbkj wuo}pbkn wùxèpw pnwpc

qùwkjk ckbonk x`fkc ;??= j`nhkwkw qùwpjepikn wuo}pbknkn qdxowol.

8.7 Kuki gkn Xkxkukn Cèofkckn Jdn`wù Eknc Ongdn`xok Qkxhk PP Nd. 58$??

Gkuo xoxo q`nm`bdbkkn jdn`wù" cuoxox `cdndjo x`xpnmmpink w`bki j`bkiouckn

xpkwp q`jocoukn pbknm ekmo qùkn Eknc Ongdn`xok knm xìkupxnk gkbkj qù`cdndjokn"

gkn x`ckbompx qùknnk gkbkj onxwowpxo c`n`mkukkn go U`qpeboc ono. Q`nmkbkjkn wùxèpw

w`bki j`jeùockn xpkwp q`bkfkukn knm xknmkw eùikumk eki}k onxwowpxo eknc x`nwukb"

g`nmkn x`mkbk c`wùekwkxkn knm gojoboconk" ikupx c`jekbo c`qkgk lpnmxo pwkjknk

xèkmko b`jekmk knm eùwknmmpnm fk}ke wùikgkq c`xwkeobkn nobko jkwk pknm knm

goc`bpkucknnk. C`xkgkukn pnwpc j`j`woc iocjki gkuo q`nmkbkjkn owp qpbk knm

c`jpgokn j`bkiouckn qùx`wpfpkn GQU kwkx Pngknm Pngknm Nd. 58 Wkipn ;??? w`nwknm

Eknc Ongdn`xok knm j`nmkjknkwckn xpkwp qùpekikn knm xknmkw j`ngkxku gkbkj ikbq`nm`bdbkkn jdn`wù. Gkbkj PP wùxèpw" q`jocoukn pbknm ono goldujpbkxockn gkbkj

xpkwp wpfpkn cèofkckn jdn`wù knm fkpi bèoi ldcpx goekngonmckn g`nmkn PP

xè`bpjnk" kowp ‒j`nhkqko gkn j`j`boikuk c`xwkeobkn nobko upqoki‚.

X`fkbkn g`nmkn c`h`ngùpnmkn eknkc eknc x`nwukb go gpnok pnwpc j`jldcpxckn

xkxkukn cèofkckn jdn`wù c`qkgk q`nhkqkokn xwkeobowkx ikumk" qkxkb = gkbkj PP Ndjdu

58 Wkipn ;??? w`nwknm Eknc Ongdn`xok x`hkuk `cxqboxow j`nmkjknkwckn wpfpkn

‒j`nhkqko gkn j`j`boikuk c`xwkeobkn nobko upqoki‚ xèkmko xkxkukn cèofkckn jdn`wù.

Wùjondbdmo ‒c`xwkeobkn nobko upqoki‚ w`nwp xkfk gkqkw j`nmikxobckn onwùqu`wkxo knm

eùe`gk6 c`xwkeobkn x`hkuk onwùnkb ‘ kowp c`xwkeobkn ikumk )xwkeb` on wùjx dl quoh`x dl

mddgx kng xù|oh`x/" kwkp c`xwkeobkn x`hkuk `cxwùnkb ‘ kowp c`xwkeobkn nobko wpcku )xwkeb`

on wùjx dl quoh`x dl dwiù hpuu`nho`x/. Qoboikn kwkx onwùqu`wkxo knm eùe`gk wùxèpw



;?

j`jqpnko ojqb`j`nwkxo knm xknmkw eùe`gk gkbkj ikb cèofkckn jdn`wù knm ikupx

gobkcpckn pnwpc j`nhkqko xkxkukn c`xwkeobkn upqoki knm goqoboi.

Gkbkj goxcpxo w`nwknm cùknmck cùfk cèofkckn jdn`wù" goxcpxo go ckbknmkn

w`duowoxo jkpqpn qukcwoxo eknc x`nwukb h`ngùpnm j`nmkuwockn c`xwkeobkn jkwk pknm gkbkj

onwùqu`wkxo knm qùwkjk" kowp c`xwkeobkn ikumk knm gopcpu g`nmkn wonmckw onlbkxo. Go

xkjqonm cku`nk kbkxkn w`duowox eki}k c`xwkeobkn ikumk jùpqkckn xkxkukn knm qkbonm

u`b`|kn ekmo cèofkckn jdn`wù" qkxkb*qkxkb jkpqpn q`nf`bkxkn qkxkb*qkxkb gkbkj PP

Eknc Ongdn`xok bèoi x`xpko g`nmkn onwùqu`wkxo wùxèpw. Kumpj`n bkon kgkbki eki}k

gkbkj fknmck qknfknm" q`nhkqkokn c`xwkeobkn ikumk gkqkw j`nmkukickn c`xwkeobkn nobko

wpcku. X`hkuk bèoi qukmjkwox" x`qùwo w`bki gopukockn gkbkj xpe eke xè`bpjnk" gkqkw

gockwkckn eki}k cku`nk x`fkc wkipn ;??= cowk w`bki j`jkxpco u`foj nobko wpcku eèkx

)lu`` lbdkwonm `yhiknm` ukw`/" jkck wkum`w nobko wpcku wogkc gkqkw bkmo gompnkckn xèkmko

knhidu cèofkckn jdn`wù" xìonmmk xkxkukn c`xwkeobkn ikumk c`jpgokn j`nfkgo knhidu

cèofkckn jdn`wù.

Ekmo jkxkukckw x`hkuk pjpj" c`xwkeobkn ikumk jùpqkckn x`xpkwp knm xknmkw

q`nwonm cipxpxnk ekmo mdbdnmkn jkxkukckw eùq`ngkqkwkn w`wkq. Onlbkxo knm wonmmo

xùonmckbo gockw`mduockn xèkmko jpxpi jkxkukckw ndjdu xkwp cku`nk gkqkw

j`nmmùdmdwo gkk e`bo gkuo q`ngkqkwkn knm goqùdbì jkxkukckw. Ekmo ckbknmkn gpnok

pxkik" onlbkxo knm wonmmo kckn xknmkw j`npbowckn ckbcpbkxo qù`nhknkkn eoxnox gkn

g`nmkn g`jocokn kckn eùgkjqkc epupc ekmo kcwo|owkx qù`cdndjokn gkbkj fknmck

qknfknm. Ekmo eknkc `cdndj" w`bki wùe`nwpc x`jkhkj c`x`qkckwkn eki}k onlbkxo knm

wonmmo kckn eùgkjqkc epupc ekmo qudx`x qùwpjepikn `cdndjo gkbkj fknmck qknfknm.

Ekickn" q`n`bowokn g`nmkn j`nmmpnkckn qkn`b gkwk gkuo eèùkqk n`mkuk j`jepcwockn

eki}k bkfp onlbkxo knm jdgùkw x`ckboqpn gkqkw eùgkjqkc epupc ekmo qudx`x

qùwpjepikn )Midxi kng Qibboqx" ;??9/.

G`nmkn cùknmck q`jocoukn go kwkx" x`fkc wkipn 5111 Eknc Ongdn`xok qkgk x`wokqk}kb wkipn j`n`wkqckn gkn j`nmpjpjckn xkxkukn onlbkxo wkipnkn xèkmko xkxkukn

cèofkckn jdn`wù. Pnwpc wkipn 5118 ono" g`nmkn j`jqùwojeknmckn qudxq`c `cdndjo

gkbkj n`mùo gkn bpku n`mùo" Eknc Ongdn`xok j`n`wkqckn xkxkukn bkfp onlbkxo OIC wkipn

5118 qkgk wonmckw ?% g`nmkn jkufon g`|okxo »;%. X`bknfpwnk" gkbkj fknmck j`n`nmki



51

Eknc Ongdn`xok eùcdjowj`n pnwpc x`hkuk eùwkikq j`npupnckn bkfp onlbkxo j`nfkgo

x`cowku <% qkgk wkipn 511<.

O\. Qùc`jeknmkn Conùfk @cdndjo" Jdn`wù" gkn Qùeknckn Wùcono

Eùekmko pqkk j`bkbpo fkbkn qknfknm gkn eùbocp gkbkj j`nmkwkxo cuoxox go kwkx

x`gocow g`jo x`gocow jpbko j`jepkickn ikxob. Xkjqko g`nmkn epbkn Fpno 5118" cdngoxo

qù`cdndjokn j`npnfpcckn wkngk*wkngk qùekockn knm x`jkcon nkwk. X`hkuk pjpj"

xpcp epnmk XEO jpbko wpupn" bkfp onlbkxo goikukqckn x`xpko g`nmkn wkum`w" nobko wpcku

upqoki j`nmpkw" pknm quojù wùc`ngkbo" gkn lpnmxo onwùj`gokxo qùeknckn j`xco

qùbkikn" w`bki jpbko eùmùkc c`jekbo.

. Gkuo xoxo qùc`jeknmkn ikumk" onlbkxo qkgk epbkn Jò wùhkwkw xè`xku 1"5;%

)j*w*j/ kwkp <"?;% )*d*/. X`hkuk pjpj wu`ng onlbkxo jkxoi j`npnfpcckn

c`h`ngùpnmkn knm j`npupn. Q`nonmckwkn ikumk knm wùfkgo gogpmk gogdudnm dbì

c`nkockn ikumk WGB" x`j`nwkuk owp ikumk eèùkqk ekikn qdcdc jkxoi j`npnfpcckn

q`npupnkn )g`lbkxo/ xòuonm g`nmkn j`bojqkink qkxdckn.

G`nmkn qùc`jeknmkn bkfp onlbkxo xkjqko g`nmkn epbkn Jò wùxèpw" qud`cxo

onlbkxo go kciou wkipn goqùcoukckn kckn j`npfp ekwkx ek}ki gkuo wkum`w knm w`bki

gow`wkqckn" kowp j`npfp c` b`|`b 9"1% )*d*/. Gowonfkp gkuo lkcwdu knm

j`jq`nmkupionk" wu`ng q`npupnkn bkfp onlbkxo c` g`qkn knwkuk bkon bèoi goxèkeckn

dbì jkxoi u`bkwol b`jkink onwùkcxo knwkuk qùjonwkkn gkn q`nk}kukn" j`jekocnk

`cxq`cwkxo onlbkxo jkxkukckw knm wùhùjon qkgk x`jkcon eknkcnk cdnxpj`n knm

eù`cxq`cwkxo kckn wpupnnk ikumk" gkn gkjqkc q`nmpkwkn upqoki gkbkj eèùkqk epbkn

wùkciou.

X`j`nwkuk owp" nobko wpcku upqoki qkgk epbkn Jò 5118 j`nmpkw hpcpq wkfkj

xè`xku 0"57% j`nfkgo Uq9.578"* qù PXG. Q`nmpkwkn ono goqohp dbì j`nonmckwnk

kboukn jdgkb jkxpc knm gogdudnm dbì eùbknfpwnk qudmukj go|`xwkxo" j`npupnnk

wonmckw uoxocd on|`xwkxo" gkn wonmckw xpcp epnmk go gkbkj n`mùo knm jkxoi j`nkuoc.

X`hkuk lpngkj`nwkb" j`jekocnk ongockwdu jkcud*`cdndjo jdn`wù" wùpwkjk cdngoxo



5;

nùkhk q`jekkukn knm jkxoi j`nhkwkw xpuqbpx" xùwk xpqqb |kbkx knm jkxoi j`jkgko

go qkxku fpmk j`jeùockn kngob ekmo kqu`xokxo upqoki knm wkfkj. Go xoxo x`nwoj`n qkxku"

xwkeobowkx qdbowoc gkn c`kjknkn go gkbkj n`mùo" c`jpnmconkn q`nhkoukn qonfkjkn OJL"

c`bknfpwkn qudmukj go|`xwkxo" gkn j`b`jkink PXG x`hkuk mbdekb x`jkcon j`jkhp

q`nmpkwkn upqoki.

Q`nmpkwkn nobko wpcku gkn u`bkwol u`ngkink bkfp onlbkxo wùxèpw" w`bki j`jeùockn

q`bpknm ekmo Eknc Ongdn`xok pnwpc j`npupnckn xpcp epnmk x`hkuk eùwkikq. Ukwk*ukwk

wùwojeknm )UUW/ xpcp epnmk XEO ; epbkn qkgk epbkn Jò j`npupn wkfkj <5eqx

j`nfkgo ;1"77%. X`j`nwkuk owp" qkgk epbkn Kquob xpcp epnmk XEO wpupn 87eqx gkuo

;;"71% j`nfkgo ;;"1<%. C`h`ngùpnmkn q`npupnkn xpcp epnmk goqùcoukckn jkxoi

wùpx eùbknfpw. Wu`ng q`npupnkn xpcp epnmk onxwupj`n jdn`wù fpmk w`bki

gowuknxjoxockn qkgk xpcp epnmk qùeknckn nkjpn g`nmkn xckbk knm eùe`gk*e`gk.

Gkbkj `jqkw epbkn qùwkjk wkipn 5118" q`npupnkn xpcp epnmk XEO xè`xku ;?8eqx w`bki

gou`xqdn g`nmkn q`npupnkn xpcp epnmk g`qdxowd ;8=eqx" gkn gowuknxjoxockn c`

q`npupnkn xpcp epnmk Cu`gow Jdgkb Cùfk 89eqx" Cu`gow On|`xwkxo 9eqx" gkn Cu`gow

Cdnxpjxo 55 eqx. C`h`ngùpnmkn q`npupnkn xpcp epnmk ndjonkb j`jek}k xpcp epnmk

uoob c`jekbo eùmùkc wpupn" nkjpn jkxoi w`wkq bèoi wonmmo goekngonm x`fpjbki n`mkuk go

ck}kxkn Kxok.

Go xoxo q`nykbpukn cu`gow" cu`gow knm goxkbpuckn qùeknckn qkgk epbkn Kquob

jkxoi j`bknfpwckn wu`ng q`nonmckwkn )Uq<"9 wuobopn/. Pnwpc c`x`bpupikn wuo}pbkn OO

5118" cu`gow qùeknckn goqùcoukckn kckn x`gocow j`nonmckw cku`nk jkxoi wonmmonk

c`bdnmmkukn wkuoc kwkx cu`gow ekup knm w`bki gox`wpfpo gkn wkum`w qdxoxo cu`gow kciou wkipn

5118 knm bèoi wonmmo eùgkxkuckn epxon`xx qbkn qùeknckn. Ikb ono gocpkwckn dbì ikxob

xpu|` knm j`jqukcoukckn kckn j`nonmckwnk qùjonwkkn cu`gow qkgk wuo}pbkn OO 5118.

Kwkx gkxku f`nox q`nmmpnkkn" q`nonmckwkn cu`gow ekup wùfkgo qkgk x`jpk f`nox cu`gow.

X`j`nwkuk owp j`npupw x`cwdunk" qùwpjepikn cu`gow ekup wùfkgo qkgk x`cwdu

qùwkjeknmkn gkn qùgkmknmkn.

Go xkjqonm q`jeokkkn gkuo cu`gow qùeknckn" x`cwdu cduqdukw fpmk j`ngkqkwckn

wkjekikn q`jeokkkn gkuo q`nùeowkn debomkxo x}kxwk ekoc go gkbkj jkpqpn go bpku



55

n`mùo. Kgknk c`bèoikn qùjonwkkn qkgk q`nùeowkn debomkxo cduqdukw j`jeùo xonkb

j`jekocnk qdw`nxo gknk gkuo debomkxo xìonmmk goqùcoukckn q`jeokkkn x`cwdu

cduqdukw gkuo qkxku debomkxo jkxoi kckn wpjepi qdxowol go wkipn 5118. Pnwpc q`jeokkkn

cdnxpjxo" c`mokwkn pxkik qùpxkikkn q`jeokkkn wùhkwkw wùpx j`nonmckw" cipxpxnk

pnwpc q`jeokkkn cdnxpj`n. X`bkon owp" |dbpj` q`nmmpnkkn ckuwp gè`w gkn ckuwp cu`gow

xkjqko g`nmkn epbkn Kquob 5118 j`npnfpcckn wu`ng qùwpjepikn knm j`nonmckw.

C`h`ngùpnmkn j`b`jkink w`cknkn ikumk" j`nmpkwnk nobko wpcku" gkn wùpx

j`npupnnk xpcp epnmk w`bki j`jeùockn kwjdxlù knm qdxowol ekmo qudx`x q`jpboikn

`cdndjo knm qkgk wkipn 5118 ono QGE goqùcoukckn dqwojox j`nhkqko coxkukn 8"0%*

7%. X`j`nwkuk owp" wu`ng q`npupnkn bkfp onlbkxo knm wùpx eùbknmxpnm x`jkcon

j`jknwkqckn pqkk q`nhkqkokn wkum`w onlbkxo wkipn 5118 gkn qudx`x q`npupnkn bkfp

onlbkxo fknmck j`n`nmki*qknfknm knm w`bki gohknknmckn. J`jqùwojeknmckn

qùc`jeknmkn gkn qudxq`c jkcud*`cdndjo" kuki cèofkckn jdn`wù g`nmkn j`npupnckn

xpcp epnmk jkxoi gkqkw gobknfpwckn" g`nmkn w`wkq j`jqùikwockn kcx`bùkxo q`npupnkn

gkn cdnxoxw`nxo xonkbnk" kmku w`wkq cdngpxol ekmo pqkk j`ngdudnm c`xonkjepnmkn

c`mokwkn `cdndjo gkn q`nhkqkokn wkum`w onlbkxo.

\. Eèùkqk Hkwkwkn Kciou

Gkuo pukokn go kwkx" kgk eèùkqk hkwkwkn knm gkqkw goxoxoqckn qkgk ekmokn

q`npwpq ono. Qùwkjk" cuoxox `cdndjo gkn jdn`wù knm gokbkjo dbì Ongdn`xok

jùpqkckn cuoxox knm wùepupc go knwkuk cuoxox*cuoxox knm gokbkjo dbì eùekmko n`mkuk

kciou*kciou ono. X`bkjk bèoi gkuo bojk wkipn wùkciou ono qpbk cowk w`bki eùpqkk c`bpku

gkuo c`xpbowkn `cdndjo knm cowk ikgkqo" w`wkqo x`bkjk owp qpbk cowk jùkxkckn eki}k

jkxoi kgk fkukc knwkuk cònmonkn g`nmkn c`nkwkkn knm kgk. Ikb ono wùhùjon qkgk

e`bpj dqwojkbnk qùwpjepikn `cdndjo" `cxqdu gkn jkxoi b`xpnk on|`xwkxo kxonm gkn

gdj`xwoc. Kbikxob" }kfki qù`cdndjokn cowk jkxoi wkjqob b`xp. Nkjpn g`jocokn wogkc

gkqkw goqpnmcouo qpbk eki}k eknkc c`jkfpkn knm w`bki cowk hkqko x`qknfknm bojk wkipn

ono wùpwkjk go xoxo c`xwkeobkn `cdndjo gkn jdn`wù. Ikb ono wùhùjon gkuo j`nmpkwnk

nobko wpcku upqoki" u`ngkink bkfp onlbkxo" wpupnnk xpcp epnmk" gkn wùc`ngkbonk



58

qùwpjepikn pknm quojù. Cowk w`nwpnk eùikukq g`nmkn qùekockn*qùekockn go xoxo

wùxèpw" qkgk mobouknnk kckn eùgkjqkc qdxowol qkgk qùwpjepikn `cdndjo.

C`gpk" c`xkjkkn q`ngkqkw" cèpbkwkn w`ckg" xùwk cdnx`nxpx nkxodnkb knm

gobkngkxo dbì c`q`nwonmkn nkxodnkb x`hkuk c`x`bpupikn jùpqkckn qukxkukw knm xknmkw

q`nwonm" kwkp ekickn jpwbkc" pnwpc cèùikxobkn pqkk q`nknmmpbknmkn cuoxox. Dbì

cku`nk owp q`nonmckwkn cddugonkxo cèofkckn knwkuk dwduowkx jdn`wù g`nmkn q`jùonwki

pnwpc j`nhoqwkckn xwkeobowkx `cdndjo jkcud gkn qùc`jeknmkn x`cwdu uoob gkbkj uknmck

q`jpboikn `cdndjo j`nfkgo xknmkw q`nwonm. Qudq`nkx j`n`jqkwckn ‒cddugonkxo‚ qkgk

pupwkn wùkwkx" cku`nk j`nkgkuo" cpuknmnk cddugonkxo kckn j`nmikxobckn xkxkukn*

xkxkukn knm eùe`gk ekickn hdnlbohwonm" j`jeonmpnmckn jkxkukckw" gkn qkgk

kciounk kckn j`nmkcoekwckn u`ngkink `l`cwo|owkx q`bkcxknkkn cèofkckn.

C`womk" ldcpx qùikwokn cowk gkbkj eèùkqk wkipn c` g`qkn jkxoi ikupx

gokukickn qkgk pqkk j`jek}k qù`cdndjokn c`jekbo eùmkouki. Fknmknbki cku`nk

c`wùqpupckn `cdndjo gkn xdxokb eèùkqk wkipn xobkj j`npupwckn bknmcki cowk"

j`nmpuknmo c`qùhkkkn gouo cowk" j`jdfdcckn cowk j`nfkgo eknmxk knm wkc eùgkk"

j`nmmùdmdwo cèknmmkkn gouo xèkmko eknmxk xìonmmk cowk wogkc wkip bkmo kqk knm

ikupx gobkcpckn. C`mokwkn knm wogkc eùipepnmkn bknmxpnm kwkp j`joboco quoduowkx knm

u`ngki xèkocnk gocè`bkcknmckn. _knm ikupx gobkcpckn bèoi gkipbp" gobkcpckn bèoigkipbp cku`nk ekmkojknk qpn jkxoi eknkc c`ngkbk knm j`jekwkxo cowk.

X`cokn gkn wùojk ckxoi.

Fkckuwk" ;8 Fpno 5118

Epuiknpggon Kegpbbki



57

Gklwku Qpxwkck

Ku`xwox" Qioboq" gkn Jkbhdbj H. Xk}ù )`gx/" ‒Wi` Qdbowohkb @hdndj dl Jdn`wku

Qdboh‚" @g}kug @bmku" Jkxxkhipx`wwx" ;??9.

Eknc Ongdn`xok" GQQ*PU@X" ‒Qùobkcp Knmck Q`nmmkngk Pknm )Jdn` Jpbwoqboù/‚"

Cùwkx Cùfk Onwùn knm wogkc goqpebockxockn" Fkckuwk" ;??<.

Eknc Ongdn`xok" ‒Bkqdukn Wkipnkn ;??=$?9‚" Fkckuwk" ;??9.

Ed`godnd" ‒Jù`npnmckn C`jekbo J`cknoxj` Wuknxjoxo Jdn`wù go Ongdn`xok‚"

Epb`won @cdndjo Jdn`wù gkn Qùeknckn " Eknc Ongdn`xok" \dbpj` ;" Ndjdu ;"

Fpbo ;??9.

Hkquod" Mùkug" Fu." ‒Eknconm on Huoxox6 @yq`nxo|` B`xxdnx ludj U`h`nw Lonknhokb

Huox`x‚" Wi` ]dubg Eknc U`x`kuhi Mudpq" ]kxionmwdn" G.H" Fpn` ;??9.

Gfo}kngdnd" F. Xd`gukgfkg" ‒Jkhud`hdndjoh Qdboh6 K Ldpngkwodn ldu Xpxwkonkeb`

@hdndjoh G`|`bdqj`nw‚" Cpjqpbkn Qogkwd gkn Jkckbki Mpeùnpu Eknc

Ongdn`xok Fpbo ‘ G`x`jeù ;??<" Nd. ?" Eknc Ongdn`xok" Fkckuwk" ;??<.

@kw}`bb" F." J. Jobmkw` gkn Q. N`}jkn )`gx/" ‒Wi` N`} Qkbmuk|`" K Gohwodnku dl

@hdndjohx‚" \db. 8" Bdngdn" Jkhjobbkn" ;?9=.

Onwùnkwodnkb Jdn`wku Lpng" ‒Wi` Kxokn Huoxox6 Hkpx`x kng Hpu`x‚" Lonknh` kng

G`|`bdqj`nw" \dbpj` 80" Nd. 5" Fpn` ;??9.

JhConndn" Udnkbg O." ‒Jdn` kng Hkqowkb on @hdndjoh G`|`bdqj`nw‚" ]kxionmwdn"

G.H." Wi` Euddconmx Onxwowpwodnx" ;?=8.

Jdu`nd" U." Qkxkgobbk" M." gkn @bo U`jdbdnk" ‒ Kxok‟x Lonknhokb Huoxox6 B`xxdnx kng

Qdboh U`xqdnx`x‚" Qkholoh Ekxon ]duconm Qkqù Xùo`x6 @hdndjoh U`x`kuhi

G`qkuwj`nw dl L`gùkb U`xù|` Eknc dl Xkn Luknxoxhd" PXK" Fpb ;??9.



Xkeouon" Xkiuob" ‒Ongdn`xok‟x Lonknhokb U`ldujx6 Hikbb`nm`x on wi` ;??1x ldu Owx

Eknconm kng Lonknhokb Jkuc`wx‚" Fdpunkb dl Kxokn @hdndjohx" 5)5/" Lkbb ;??;.

Xkeouon" Xkiuob" ‒Hkqowkb Khhdpnw Boeùkbovkwodn‚" gkbkj epcp knm go`gow dbì Xikcob

Lkup{o eùfpgpb ‒Lonknhokb X`hwdu U`ldujx on Kxokn kng Bkwon Kjùohkn

Hdpnwuo`x" B`xxdnx dl Hdjqkukwo|` @yqùo`nh`‚" Wi` ]dubg Eknc" ]kxionmwdn.

G.H." ;??8.

Xku}dnd" Ikuwkgo K." gkn Qùu ]kufod" ‒J`nhkuo Qkukgomjk Ekup Jknkf`j`n

Jdn`wù gkbkj Xoxw`j Nobko wpcku Lb`cxoe`b6 Xpkwp Q`jocoukn pnwpc

Q`nùkqknnk go Ongdn`xok‚" Epb`won @cdndjo Jdn`wù gkn Qùeknckn " Eknc

Ongdn`xok" \dbpj` ;" Ndjdu ;" Fpbo ;??9.

Xik}" @g}kug X." ‒Lonknhokb G``q`nonm on @hdndjoh G`|`bdqj`nw‚" N`} _duc" DyldugPno|ùxow Qu`xx" ;?=8.

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PERAN KEBIJAKAN MONETER DAN PERBANKAN DALAM MENGATASI KRISIS EKONOMI DI INDONESIA