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0\f0\charscalex100 {stabiliza cursurile de schimb ale monedelor nationale si de a contracara }\par\pard\li1786\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {in flatia.}\par\pard\li2493\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2493\ri0\sl-346 \slmult0 \fs24\cf0\f0\charscalex100 {Sistemul apartine categoriei sistemelor mon etare cu }\fs24\cf0\f0\charscalex100\i {flexibilitate }\i0 \par\pard\li1786\ri0\ sl-266\slmult0 \fs24\cf0\f0\charscalex100\i {limitat\uc1\u259X}\i0 \fs24\cf0\f0\ charscalex100 {, fiind o combinatie ntre cursurile fixe si fluctuante.}\par\pard\ li2493\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2493\ri0\sl-346\slmult0 \fs24\cf0 \f0\charscalex100 {Sistemul Monetar European a fost conceput astfel nct sa reziste }\par\pard\li1786\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {presiunilor sp eculative exercitate pe pietele de schimb asupra monedelor }\par\pard\li1786\ri0 \sl-266\slmult0 \fs24\cf0\f0\charscalex100 {comunitare, sistemul de interventii sustinut prin mecanismele de credit }\par\pard\li1786\ri0\sl-280\slmult0 \fs24\c f0\f0\charscalex100 {viznd, n special, evitarea asa numitelor "miscari gresite" al e cursurilor }\par\pard\li1786\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {de schimb. Deci, Sistemul Monetar European a fost fondat pe do ua }\par\pard\li1786\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {piloane : un sistem de interventii pe pietele de schimb si un acord asupra }\par\pard\li1786 \ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {manierei de finantare a acestor interventi{\field{\*\fldinst{HYPERLINK "#4"}}{\fldrslt {i}}}}\fs14\cf0\f0\charsc alex100 {{\field{\*\fldinst{HYPERLINK "#4"}}{\fldrslt {3}}}}{\sub \fs24\cf0\f0\c harscalex100 {{\field{\*\fldinst{HYPERLINK "#4"}}{\fldrslt {[3]}}}.}}\par\pard\l i2493\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2493\ri0\sl-346\slmult0 \fs24\cf0\ f0\charscalex100 {Conform ntelegerilor stabilite (Bremen - 1978), fie care tara }\par\pard\li1786\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {dec lara - cu asentimentul partenerilor - un curs pivot al monedei proprii, }\par\pa rd\li1786\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {n ECU, si acesta reprezi nta cursul oficial (central) sau paritatea n ECU }\par\pard\li1786\ri0\sl-280\slm ult0 \fs24\cf0\f0\charscalex100 {a monedei respective. Pe baza acestui curs pivo t se declara apoi cursuri }\par\pard\li1786\ri0\sl-280\slmult0 \fs24\cf0\f0\char scalex100 {bilaterale ntre valutele tarilor Sistemului Monetar European, denumite }\par\pard\li1786\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {cursuri pivot bilaterale (cursuri centrale bilaterale) a caror miscare }\p ar\pard\li1786\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {trebuie sa se nscri e n limitele marjelor de fluctuatie prezentate, fiind }\par\pard\li1786\ri0\sl-28 0\slmult0 \fs24\cf0\f0\charscalex100 {asigurata prin interventiile bancilor cent ral{\field{\*\fldinst{HYPERLINK "#4"}}{\fldrslt {e}}}}{\super \fs14\up4\cf0\f0\c harscalex100 {{\field{\*\fldinst{HYPERLINK "#4"}}{\fldrslt {4}}}}}\fs24\cf0\f0\c harscalex100 {{\field{\*\fldinst{HYPERLINK "#4"}}{\fldrslt {[4]}}}.}\par\pard\li 733\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li733\ri0\sl-293\slmult0 \fs24\cf0\f0\ charscalex100 {1}\fs20\cf0\f0\charscalex100 {[1]}\fs20\cf0\f0\charscalex100 { C. Basno, N.Dardac, C.Floricel, }\fs20\cf0\f0\charscalex100\i {op.cit.}\i0 \fs20\cf 0\f0\charscalex100 {, p.63-64}\par\pard\li733\ri0\sl-280\slmult0 \fs24\cf0\f0\ch arscalex100 {2}\fs20\cf0\f0\charscalex100 {[2]}\fs20\cf0\f0\charscalex100 { Conf .univ.dr.ec. Ana Cojol,}{ }\fs20\cf0\f0\charscalex100\i {op.cit.,}\i0 \fs20\cf0\ f0\charscalex100 { p.59}\par\pard\li733\ri0\sl-266\slmult0 \fs24\cf0\f0\charscal ex100 {3}\fs20\cf0\f0\charscalex100 {[3]}\fs20\cf0\f0\charscalex100 { C.Basno, N .Dardac, C.Floricel, }\fs20\cf0\f0\charscalex100\i {op.cit.}\i0 \fs20\cf0\f0\cha rscalex100 {, p.64}\par\pard\li733\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {4}\fs20\cf0\f0\charscalex100 {[4]}\fs20\cf0\f0\charscalex100 { Conf.univ.dr.ec . Ana Cojol,}{ }\fs20\cf0\f0\charscalex100\i {op.cit.,}\i0 \fs20\cf0\f0\charscal ex100 { p.59}\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\s l-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-280\slmult0 \fs24\cf0\f0\charscal ex100 {4}\par\pard\sect\sectd\sbkpage {\shp{\*\shpinst\shpleft360\shptop360\shpright453\shpbottom16480\shpfhdr0\shpwr3 \shpwrk0\shpfblwtxt1\shplid2111\shpz0\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}}

{\sp{\sn geoRight}{\sv 93}} {\sp{\sn geoBottom}{\sv 16120}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,16120);(93,16120);(93,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 1}} {\sp{\sn fillColor}{\sv 0}} {\sp{\sn fLine}{\sv 0}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft11453\shptop360\shpright11546\shpbottom16480\shpfhdr0\sh pwr3\shpwrk0\shpfblwtxt1\shplid2112\shpz1\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 93}} {\sp{\sn geoBottom}{\sv 16120}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,16120);(93,16120);(93,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 1}} {\sp{\sn fillColor}{\sv 0}} {\sp{\sn fLine}{\sv 0}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft360\shptop360\shpright11546\shpbottom453\shpfhdr0\shpwr3 \shpwrk0\shpfblwtxt1\shplid2113\shpz2\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 11186}} {\sp{\sn geoBottom}{\sv 93}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,93);(11186,93);(11186,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 1}} {\sp{\sn fillColor}{\sv 0}} {\sp{\sn fLine}{\sv 0}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft360\shptop16386\shpright11546\shpbottom16480\shpfhdr0\sh pwr3\shpwrk0\shpfblwtxt1\shplid2114\shpz3\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}}

{\sp{\sn geoRight}{\sv 11186}} {\sp{\sn geoBottom}{\sv 94}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,93);(11186,93);(11186,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 1}} {\sp{\sn fillColor}{\sv 0}} {\sp{\sn fLine}{\sv 0}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft1400\shptop14826\shpright3680\shpbottom14826\shpfhdr0\sh pwr3\shpwrk0\shpfblwtxt1\shplid2115\shpz4\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 2280}} {\sp{\sn geoBottom}{\sv 0}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,13);(2280,13);(2280,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 1}} {\sp{\sn fillColor}{\sv 0}} {\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}}\pgwsxn11893\pghsxn16840\marglsxn666\margrsxn13 3\margtsxn666\margbsxn160\pard\li2493\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li24 93\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2493\ri0\sl-213\slmult0 \fs18\cf0\par \pard\li2493\ri0\sl-373\slmult0 \fs24\cf0\f0\charscalex100 {S-au creat astfel do ua mecanisme de interventie :}\par\pard\li1786\ri0\sl-213\slmult0 \fs18\cf0\par\ pard\li1786\ri0\sl-333\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u61623X}\fs24\cf 0\f0\charscalex100 { unul, prin care fiecare banca centrala este obligata sa intervina pe }\par\pard\li1786\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {pietele externe, atunci cnd propria moneda atinge una din marginile de }\par\pa rd\li1786\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {fluctuatie ;}\par\pard\ li1786\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1786\ri0\sl-333\slmult0 \fs22\cf0 \f0\charscalex100 {\uc1\u354Xarile membre ale Sistemului Monetar European au dec larat paritatile }\par\pard\li1786\ri0\sl-280\slmult0 \fs20\cf0\f0\charscalex100 {bilaterale ale monedelor lor, n jurul carora cursurile de sch imb pot }\par\pard\li1786\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {oscil a cu 2,25 %, iar ca exceptie temporara, pentru unele monede (care }\par\pard\li1 786\ri0\sl-280\slmult0 \fs22\cf0\f0\charscalex100 {nu au participat la "sarpe"), s-a admis o marja de fluctuatie de 6 % (au }\par\pard\li1786\ri0\sl-266\slmult0 \fs22\cf0\f0\charscalex100 {beneficiat sau beneficiaza de aceasta : lira i taliana, pesetas spaniola, }\par\pard\li1786\ri0\sl-280\slmult0 \fs22\cf0\f0\c harscalex100 {escudo portughez). Totodata, se determina cursuri cent rale pivot ale }\par\pard\li1786\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex1 00 {monedelor lor n raport cu moneda compozita EC{\field{\*\fldinst{HYPERLINK "#5 "}}{\fldrslt {U}}}}{\super \fs14\up4\cf0\f0\charscalex100 {{\field{\*\fldinst{HY PERLINK "#5"}}{\fldrslt {5}}}}}\fs24\cf0\f0\charscalex100 {{\field{\*\fldinst{HY PERLINK "#5"}}{\fldrslt {[5]}}}.}\par\pard\li1786\ri0\sl-213\slmult0 \fs18\cf0\p ar\pard\li1786\ri0\sl-333\slmult0 \fs22\cf0\f0\charscalex100 {\uc1\u61623X}\fs22

\cf0\f0\charscalex100 { altul, care se refera la definirea unui c 848g66i os de monede, cu }\par\pard\li1786\ri0\sl-413\slmult0 \fs22\cf0\f0\charscalex10 0 {ajutorul caruia sa se determine cursurile centrale (paritatile) monedelor }\p ar\pard\li1786\ri0\sl-413\slmult0 \fs22\cf0\f0\charscalex100 {individuale si lim itele de fluctuatie, ca si obligativitatea actiunilor de }\par\pard\li1786\ri0\s l-413\slmult0 \fs20\cf0\f0\charscalex100 {corectie n caz de divergente. Daca o singura moneda (de exemplu, }\par\pard\li1786\ri0\sl-426\slmul t0 \fs22\cf0\f0\charscalex100 {marca germana) deviaza prea mult fata de cursul c entral, cel de-al doilea }\par\pard\li1786\ri0\sl-413\slmult0 \fs22\cf0\f0\chars calex100 {mecanism intra n functiune si necesita o actiune corectiva solitara a } \par\pard\li1786\ri0\sl-413\slmult0 \fs22\cf0\f0\charscalex100 {Bundesbank-ului, n timp ce primul mecanism presupune o interventie a }\par\pard\li1786\ri0\sl-413 \slmult0 \fs24\cf0\f0\charscalex100 {tuturor bancilor centrale. }\par\pard\li178 6\ri0\sl-413\slmult0 \fs22\cf0\f0\charscalex100 {n vederea stabilirii cursurilor reciproce ale monedelor si a determinarii }\par\pard\li1786\ri0\sl-413\slmult0 \ fs22\cf0\f0\charscalex100 {conditiilor optime de interventie, s-a avut n vedere u n numar de criterii }\par\pard\li1786\ri0\sl-413\slmult0 \fs22\cf0\f0\charscalex 100 {de referinta care sa permita autoritatilor monetare nationale sa se implice }\par\pard\li1786\ri0\sl-413\slmult0 \fs22\cf0\f0\charscalex100 {pe pietele de schimb pentru a mentine o ordine minima. Pentru fiecare }\par\pard\li1786\ri0\sl -413\slmult0 \fs22\cf0\f0\charscalex100 {dintre monedele sistemului au f ost definite tipurile de interventii }\par\pard\li1786\ri0\sl-413\slmult 0 \fs22\cf0\f0\charscalex100 {obligatorii si/sau prezumtive prin raporta rea la o alta moneda }\par\pard\li1786\ri0\sl-413\slmult0 \fs24\cf0\f0\c harscalex100 {comunitara sau fata de unitatea compozita ECU.}\par\pard\li2493\ri 0\sl-413\slmult0 \fs22\cf0\f0\charscalex100 {Problema esentiala n legatura cu acest sistem este aceea a }\par\pard\li1786\ri0\sl-413\slmult0 \f s22\cf0\f0\charscalex100 {credibilitatii lui. Exista nsa factori care ajut a sistemul sa defineasca }\par\pard\li1786\ri0\sl-413\slmult0 \fs24\cf0\f0\c harscalex100 {aceasta problema si anume :}\par\pard\li3226\ri0\sl-213\slmult0 \f s18\cf0\par\pard\li3226\ri0\sl-480\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u616 23X}\fs24\cf0\f0\charscalex100 { existenta benzilor de fluctuatie ;}\par\ pard\li3226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3226\ri0\sl-480\slmult0 \fs2 4\cf0\f0\charscalex100 {\uc1\u61623X}\fs24\cf0\f0\charscalex100 { costuri le devalorizari{\field{\*\fldinst{HYPERLINK "#5"}}{\fldrslt {i}}}}\fs14\cf0\f0\c harscalex100 {{\field{\*\fldinst{HYPERLINK "#5"}}{\fldrslt {6}}}}{\sub \fs24\cf0 \f0\charscalex100 {{\field{\*\fldinst{HYPERLINK "#5"}}{\fldrslt {[6]}}}.}}\par\p ard\li733\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li733\ri0\sl-213\slmult0 \fs18\c f0\par\pard\li733\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li733\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li733\ri0\sl-333\slmult0 \fs24\cf0\f0\charscalex100 {5}\fs20 \cf0\f0\charscalex100 {[5]}\fs20\cf0\f0\charscalex100 { Conf.univ.dr.ec. Ana Coj ol,}{ }\fs20\cf0\f0\charscalex100\i {op.cit.,}\i0 \fs20\cf0\f0\charscalex100 { p .59}\par\pard\li733\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {6}\fs20\cf0\f 0\charscalex100 {[6]}\fs20\cf0\f0\charscalex100 { C.Basno, N.Dardac, C.Floricel, }\fs20\cf0\f0\charscalex100\i {op.cit.}\i0 \fs20\cf0\f0\charscalex100 {, p.64}\ par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-280\slmult0 \fs24\cf0\f0\charscalex100 {5}\par\ pard\sect\sectd\sbkpage {\shp{\*\shpinst\shpleft360\shptop360\shpright453\shpbottom16480\shpfhdr0\shpwr3 \shpwrk0\shpfblwtxt1\shplid2116\shpz0\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 93}} {\sp{\sn geoBottom}{\sv 16120}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,16120);(93,16120);(93,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}}

{\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 1}} {\sp{\sn fillColor}{\sv 0}} {\sp{\sn fLine}{\sv 0}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft11453\shptop360\shpright11546\shpbottom16480\shpfhdr0\sh pwr3\shpwrk0\shpfblwtxt1\shplid2117\shpz1\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 93}} {\sp{\sn geoBottom}{\sv 16120}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,16120);(93,16120);(93,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 1}} {\sp{\sn fillColor}{\sv 0}} {\sp{\sn fLine}{\sv 0}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft360\shptop360\shpright11546\shpbottom453\shpfhdr0\shpwr3 \shpwrk0\shpfblwtxt1\shplid2118\shpz2\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 11186}} {\sp{\sn geoBottom}{\sv 93}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,93);(11186,93);(11186,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 1}} {\sp{\sn fillColor}{\sv 0}} {\sp{\sn fLine}{\sv 0}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft360\shptop16386\shpright11546\shpbottom16480\shpfhdr0\sh pwr3\shpwrk0\shpfblwtxt1\shplid2119\shpz3\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 11186}} {\sp{\sn geoBottom}{\sv 94}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,93);(11186,93);(11186,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}}

{\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 1}} {\sp{\sn fillColor}{\sv 0}} {\sp{\sn fLine}{\sv 0}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft1400\shptop15093\shpright3680\shpbottom15106\shpfhdr0\sh pwr3\shpwrk0\shpfblwtxt1\shplid2120\shpz4\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 2280}} {\sp{\sn geoBottom}{\sv 13}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,13);(2280,13);(2280,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 1}} {\sp{\sn fillColor}{\sv 0}} {\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}}\pgwsxn11893\pghsxn16840\marglsxn666\margrsxn13 3\margtsxn666\margbsxn160\pard\li1786\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li17 86\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1786\ri0\sl-213\slmult0 \fs18\cf0\par \pard\li1786\ri0\sl-373\slmult0 \fs24\cf0\f0\charscalex100\i {Benzile de fluctua tie}\i0 \fs24\cf0\f0\charscalex100 { au fost fixate la 2,25 % fata de paritatea oficiala }\par\pard\li1786\ri0\sl-413\slmult0 \fs22\cf0\f0\charscalex100 {(curs central), permitnd o variatie a cursurilor de schimb cu 4,5 %. }\par\pard\li1786\ ri0\sl-413\slmult0 \fs22\cf0\f0\charscalex100 {Pentru unele tari (Italia, Spania etc.) benzile de fluctuatie au fost fixate }\par\pard\li1786\ri0\sl-413\slmult0 \fs22\cf0\f0\charscalex100 {la 6 %, deci cu o variatie a cursurilor de schimb d e 12 %. Existenta }\par\pard\li1786\ri0\sl-413\slmult0 \fs22\cf0\f0\charscalex10 0 {acestor marje largi face posibila pentru tarile respective modificarea cu }\p ar\pard\li1786\ri0\sl-413\slmult0 \fs22\cf0\f0\charscalex100 {regularitate a cu rsurilor de schimb n proportii mici, fara a trebui sa }\par\pard\li1786\ri0\sl-41 3\slmult0 \fs22\cf0\f0\charscalex100 {nfrunte marile crize speculative. Acest e marje largi de fluctuatie nu }\par\pard\li1786\ri0\sl-413\slmult0 \fs22\cf 0\f0\charscalex100 {mpiedica rate mai mari ale inflatiei din unele tari comparati v cu altele, }\par\pard\li1786\ri0\sl-413\slmult0 \fs22\cf0\f0\charscalex100 {da r elimina miscarile speculative, destructive, care pot aparea n cazul n }\par\pard \li1786\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {care benzile ar fi mai mi ci.}\par\pard\li2493\ri0\sl-413\slmult0 \fs22\cf0\f0\charscalex100 {n ceea ce priveste }\fs22\cf0\f0\charscalex100\i {costurile devalorizarii}\i0 \fs22\ cf0\f0\charscalex100 {, acestea sunt, de }\par\pard\li1786\ri0\sl-413\slmu lt0 \fs22\cf0\f0\charscalex100 {regula, mai mari dect costul modificarii ratei in flatiei. O tara care a }\par\pard\li1786\ri0\sl-413\slmult0 \fs22\cf0\f0\charsca lex100 {anuntat un curs de schimb fix are mai putine stimulente sa devalorizeze }\par\pard\li1786\ri0\sl-413\slmult0 \fs22\cf0\f0\charscalex100 {moneda dect alta care a anuntat o anumita rata a inflatiei. Doua sunt }\par\pard\li1786\ri0\sl-4 13\slmult0 \fs24\cf0\f0\charscalex100 {motivele pentru care costurile devaloriza rii sunt mai mari si anume :}\par\pard\li1786\ri0\sl-213\slmult0 \fs18\cf0\par\p ard\li1786\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100 {\uc1\u61623X}\fs22\cf0 \f0\charscalex100 { modificarea cursului de schimb are diferit e implicatii n alte }\par\pard\li1786\ri0\sl-413\slmult0 \fs22\cf0\f0\chars

calex100 {spatii economice (de exemplu , daca o tara comunitara si devalorizeaza }\par\pard\li1786\ri0\sl-413\slmult0 \fs22\cf0\f0\charscalex100 {moneda apar implicatii pentru politica agricola comuna; acea tara }\par\pard\li 1786\ri0\sl-426\slmult0 \fs22\cf0\f0\charscalex100 {trebuie sa creasca pre tul extern al produselor sale agricole sau sa }\par\pard\li1786\ri 0\sl-413\slmult0 \fs22\cf0\f0\charscalex100 {introduca taxe la exportul lor; ace stea sunt costuri pe care tara respectiva }\par\pard\li1786\ri0\sl-413\slmult0 \ fs24\cf0\f0\charscalex100 {doreste sa le evite) ;}\par\pard\li1786\ri0\sl-213\sl mult0 \fs18\cf0\par\pard\li1786\ri0\sl-480\slmult0 \fs22\cf0\f0\charscalex100 {\ uc1\u61623X}\fs22\cf0\f0\charscalex100 { exista si un motiv politic; curs ul de schimb oficial (central) este }\par\pard\li1786\ri0\sl-413\slmult0 \fs22\c f0\f0\charscalex100 {o variabila foarte transparenta si el nu poate fi modificat fara consultari }\par\pard\li1786\ri0\sl-413\slmult0 \fs22\cf0\f0\charscalex100 {cu alte tari membre ale Sistemului Monetar European; autoritat ile }\par\pard\li1786\ri0\sl-413\slmult0 \fs22\cf0\f0\charscalex100 {monetare ale unei tari care si devalorizeaza frecvent moneda sunt }\par\pa rd\li1786\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {considerate, deseori, e suante n managementul macroeconomi{\field{\*\fldinst{HYPERLINK "#6"}}{\fldrslt {c }}}}{\super \fs14\up4\cf0\f0\charscalex100 {{\field{\*\fldinst{HYPERLINK "#6"}}{ \fldrslt {7}}}}}\fs24\cf0\f0\charscalex100 {{\field{\*\fldinst{HYPERLINK "#6"}}{ \fldrslt {[7]}}}.}\par\pard\li2493\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2493\ ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2493\ri0\sl-266\slmult0 \fs22\cf0\f0\cha rscalex100 {Aceste doua motive se constituie n factori care contribuie la } \par\pard\li1786\ri0\sl-413\slmult0 \fs22\cf0\f0\charscalex100 {cresterea costu rilor politice ale devalorizarii. Scad astfel stimulentele }\par\pard\li 1786\ri0\sl-413\slmult0 \fs22\cf0\f0\charscalex100 {pentru devalorizare, fapt ce determina cresterea credibilitatii n sistemul }\par\pard\li1786\ri0\sl-413\slmul t0 \fs24\cf0\f0\charscalex100 {cursurilor de schimb fixe.}\par\pard\li733\ri0\sl -213\slmult0 \fs18\cf0\par\pard\li733\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li73 3\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li733\ri0\sl-280\slmult0 \fs24\cf0\f0\ch arscalex100 {7}\fs20\cf0\f0\charscalex100 {[7]}\fs20\cf0\f0\charscalex100 { C.Ba sno, N.Dardac, C.Floricel, }\fs20\cf0\f0\charscalex100\i {op.cit.}\i0 \fs20\cf0\ f0\charscalex100 {, p.64-65}\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pa rd\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-280\slmult0 \fs24\ cf0\f0\charscalex100 {6}\par\pard\sect\sectd\sbkpage {\shp{\*\shpinst\shpleft360\shptop360\shpright453\shpbottom16480\shpfhdr0\shpwr3 \shpwrk0\shpfblwtxt1\shplid2121\shpz0\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 93}} {\sp{\sn geoBottom}{\sv 16120}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,16120);(93,16120);(93,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 1}} {\sp{\sn fillColor}{\sv 0}} {\sp{\sn fLine}{\sv 0}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft11453\shptop360\shpright11546\shpbottom16480\shpfhdr0\sh pwr3\shpwrk0\shpfblwtxt1\shplid2122\shpz1\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}}

{\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 93}} {\sp{\sn geoBottom}{\sv 16120}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,16120);(93,16120);(93,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 1}} {\sp{\sn fillColor}{\sv 0}} {\sp{\sn fLine}{\sv 0}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft360\shptop360\shpright11546\shpbottom453\shpfhdr0\shpwr3 \shpwrk0\shpfblwtxt1\shplid2123\shpz2\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 11186}} {\sp{\sn geoBottom}{\sv 93}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,93);(11186,93);(11186,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 1}} {\sp{\sn fillColor}{\sv 0}} {\sp{\sn fLine}{\sv 0}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft360\shptop16386\shpright11546\shpbottom16480\shpfhdr0\sh pwr3\shpwrk0\shpfblwtxt1\shplid2124\shpz3\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 11186}} {\sp{\sn geoBottom}{\sv 94}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,93);(11186,93);(11186,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 1}} {\sp{\sn fillColor}{\sv 0}} {\sp{\sn fLine}{\sv 0}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft1400\shptop14586\shpright3680\shpbottom14600\shpfhdr0\sh pwr3\shpwrk0\shpfblwtxt1\shplid2125\shpz4\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}}

{\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 2280}} {\sp{\sn geoBottom}{\sv 14}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,13);(2280,13);(2280,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 1}} {\sp{\sn fillColor}{\sv 0}} {\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}}\pgwsxn11893\pghsxn16840\marglsxn666\margrsxn13 3\margtsxn666\margbsxn160\pard\li2493\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li24 93\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2493\ri0\sl-213\slmult0 \fs18\cf0\par \pard\li2493\ri0\sl-373\slmult0 \fs24\cf0\f0\charscalex100 {Pentru a sesiza clar problematica legata de natura ECU, putem sa }\par\pard\li1786\ri0\sl-413\slmult 0 \fs22\cf0\f0\charscalex100 {ne ajutam de urmatoarea analogie. ECU-cos nu este altceva dect un vas }\par\pard\li1786\ri0\sl-413\slmult0 \fs22\cf0\f0\charscalex1 00 {(amfora) imaterial. Exista mai multe posibilitati de a umple acest vas, fie }\par\pard\li1786\ri0\sl-413\slmult0 \fs22\cf0\f0\charscalex100 {cu aur si dolar i, fie cu diferite monede care-l definesc. n primul caz, }\par\pard\li1786\ri0\sl -413\slmult0 \fs24\cf0\f0\charscalex100 {poarta denumire de }\fs24\cf0\f0\chars calex100\i {ECU-oficial}\i0 \fs24\cf0\f0\charscalex100 { (public), fiind utiliz at numai de catre }\par\pard\li1786\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex10 0 {autoritatile monetare. n al doilea caz, se numesc }\fs24\cf0\f0\charsca lex100\i {ECU-privat}\i0 \fs24\cf0\f0\charscalex100 {. Cele }\par\pard\li1786\ri 0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {trei entitati sunt distincte fiind falsa afirmatia ca exista doar un singur }\par\pard\li1786\ri0\sl-413\slmult0 \f s24\cf0\f0\charscalex100 {ECU. Desi ECU-public si cel privat au aceeasi definire si capacitate, }\par\pard\li1786\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {totusi continutul lor este fundamental diferit : aur si dolari, pe de o parte, }\par\pard\li1786\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {monede europene , pe de alta parte{\field{\*\fldinst{HYPERLINK "#7"}}{\fldrslt {.}}}}\fs14\cf0\f 0\charscalex100 {{\field{\*\fldinst{HYPERLINK "#7"}}{\fldrslt {8}}}}{\sub \fs24\ cf0\f0\charscalex100 {{\field{\*\fldinst{HYPERLINK "#7"}}{\fldrslt {[8]}}}}}\par \pard\li2493\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {Exista, deci urmatoa rele forme de existenta a ECU : }\par\pard\li1786\ri0\sl-413\slmult0 \fs24\cf0\f 0\charscalex100 {\uc1\u61623X}\fs24\cf0\f0\charscalex100 { ECU-cos utiliz at ca unitate de cont de sectorul public si privat ;}\par\pard\li1786\ri0\sl-413 \slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u61623X}\fs24\cf0\f0\charscalex100 { ECU-rezerva, monopolizat de autoritatile monetare si utilizat ca }\par\par d\li1786\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {mijloc de plata si de re zerva ; }\par\pard\li1786\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {\uc1\u6 1623X}\fs24\cf0\f0\charscalex100 { ECU-cos, folosit de sectorul privat ca mijloc de plata, de credit si }\par\pard\li1786\ri0\sl-413\slmult0 \fs24\cf0\f0 \charscalex100 {investiti{\field{\*\fldinst{HYPERLINK "#7"}}{\fldrslt {i}}}}\fs1 4\cf0\f0\charscalex100 {{\field{\*\fldinst{HYPERLINK "#7"}}{\fldrslt {9}}}}{\sub \fs24\cf0\f0\charscalex100 {{\field{\*\fldinst{HYPERLINK "#7"}}{\fldrslt {[9]}} }.}}\par\pard\li1786\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1786\ri0\sl-213\slm ult0 \fs18\cf0\par\pard\li1786\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1786\ri0\ sl-213\slmult0 \fs18\cf0\par\pard\li1786\ri0\sl-213\slmult0 \fs18\cf0\par\pard\l i1786\ri0\sl-493\slmult0 \fs32\cf0\f0\charscalex100\b {II. ECU-COS, UNITATE DE CALCUL}\b0 \par\pard\li2493\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2493\ri0\sl333\slmult0 \fs24\cf0\f0\charscalex100 {Cunoscuta sub denumirea uzuala de ECU, m oneda europeana are }\par\pard\li1786\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex 100 {ca si DST-ul, o istorie proprie. Nascut n ideea contrabala nsarii }\par\pard\li1786\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {inechita

tilor monetare, Sistemul Monetar European si-a creat, pe lnga }\par\pard\li1786\r i0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {propriul mecanism, si propria mone da. ECU este definit ca un cos, o }\par\pard\li1786\ri0\sl-426\slmult0 \fs24\cf0 \f0\charscalex100 {suma de 12 monede, fiind ca si DST-ul, o moneda compozita. S pre }\par\pard\li1786\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {deosebire d e DST, structura ECU este stabilita si publicata direct, sub }\par\pard\li1786\r i0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {forma contributiei cantitative la cos a monedelor comunitare.}\par\pard\li2493\ri0\sl-213\slmult0 \fs18\cf0\par\pa rd\li2493\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li2493\ri0\sl-266\slmult0 \fs24\ cf0\f0\charscalex100 {Acordurile care au dat nastere Sistemului Monetar Europea n au }\par\pard\li1786\ri0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {prevazut u n numar de conditii n care poate avea loc revizuirea acestei }\par\pard\li1786\ri 0\sl-413\slmult0 \fs24\cf0\f0\charscalex100 {definiri. Revizuirile trebuia acceptate reciproc si au avut ca efect }\par\pard\li1786\ri0\sl-413 \slmult0 \fs24\cf0\f0\charscalex100 {modificarea valorii externe a ECU si se pro duceau numai daca are loc o }\par\pard\li733\ri0\sl-213\slmult0 \fs18\cf0\par\pa rd\li733\ri0\sl-306\slmult0 \fs24\cf0\f0\charscalex100 {8}\fs20\cf0\f0\charscale x100 {[8]}\fs18\cf0\f0\charscalex100\i {"When Will the EURO Be in Ou r Pockets ?",}\i0 \fs18\cf0\f0\charscalex100 {Office For Official Publ ications Of The EUROpean }\par\pard\li733\ri0\sl-240\slmult0 \fs20\cf0\f0\ charscalex100 {Communities, Luxembourg, 1996}\par\pard\li733\ri0\sl-266\slmult0 \fs24\cf0\f0\charscalex100 {9}\fs20\cf0\f0\charscalex100 {[9]}\fs20\cf0\f0\chars calex100 { C.Basno, N.Dardac, C.Floricel, }\fs20\cf0\f0\charscalex100\i {op.cit. }\i0 \fs20\cf0\f0\charscalex100 {, p.65}\par\pard\li5226\ri0\sl-213\slmult0 \fs1 8\cf0\par\pard\li5226\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li5226\ri0\sl-280\sl mult0 \fs24\cf0\f0\charscalex100 {7}\par\pard\sect\sectd\sbkpage {\shp{\*\shpinst\shpleft2333\shptop4026\shpright4653\shpbottom4040\shpfhdr0\shpw r3\shpwrk0\shpfblwtxt1\shplid2126\shpz0\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 2320}} {\sp{\sn geoBottom}{\sv 14}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,13);(2320,13);(2320,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 1}} {\sp{\sn fillColor}{\sv 0}} {\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft2333\shptop4026\shpright4653\shpbottom4040\shpfhdr0\shpw r3\shpwrk0\shpfblwtxt1\shplid2127\shpz1\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 2320}} {\sp{\sn geoBottom}{\sv 14}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,13);(2320,13);(2320,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 0}}

{\sp{\sn lineWidth}{\sv 1270}} {\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineDashing}{\sv 0}} {\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft4653\shptop4026\shpright7426\shpbottom4040\shpfhdr0\shpw r3\shpwrk0\shpfblwtxt1\shplid2128\shpz2\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 2773}} {\sp{\sn geoBottom}{\sv 14}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,13);(2773,13);(2773,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 1}} {\sp{\sn fillColor}{\sv 0}} {\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft4653\shptop4026\shpright7426\shpbottom4040\shpfhdr0\shpw r3\shpwrk0\shpfblwtxt1\shplid2129\shpz3\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 2773}} {\sp{\sn geoBottom}{\sv 14}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,13);(2773,13);(2773,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 0}} {\sp{\sn lineWidth}{\sv 1270}} {\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineDashing}{\sv 0}} {\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft7426\shptop4026\shpright10000\shpbottom4040\shpfhdr0\shp wr3\shpwrk0\shpfblwtxt1\shplid2130\shpz4\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 2574}} {\sp{\sn geoBottom}{\sv 14}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,13);(2573,13);(2573,0);(0,0);}}

{\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 1}} {\sp{\sn fillColor}{\sv 0}} {\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft7426\shptop4026\shpright10000\shpbottom4040\shpfhdr0\shp wr3\shpwrk0\shpfblwtxt1\shplid2131\shpz5\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 2574}} {\sp{\sn geoBottom}{\sv 14}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,13);(2573,13);(2573,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 0}} {\sp{\sn lineWidth}{\sv 1270}} {\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineDashing}{\sv 0}} {\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft10000\shptop4026\shpright12560\shpbottom4040\shpfhdr0\sh pwr3\shpwrk0\shpfblwtxt1\shplid2132\shpz6\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 2560}} {\sp{\sn geoBottom}{\sv 14}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,13);(2560,13);(2560,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 1}} {\sp{\sn fillColor}{\sv 0}} {\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft10000\shptop4026\shpright12560\shpbottom4040\shpfhdr0\sh pwr3\shpwrk0\shpfblwtxt1\shplid2133\shpz7\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 2560}} {\sp{\sn geoBottom}{\sv 14}}

{\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,13);(2560,13);(2560,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 0}} {\sp{\sn lineWidth}{\sv 1270}} {\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineDashing}{\sv 0}} {\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft2346\shptop4426\shpright4653\shpbottom4440\shpfhdr0\shpw r3\shpwrk0\shpfblwtxt1\shplid2134\shpz8\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 2307}} {\sp{\sn geoBottom}{\sv 14}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,13);(2306,13);(2306,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 1}} {\sp{\sn fillColor}{\sv 0}} {\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft2346\shptop4426\shpright4653\shpbottom4440\shpfhdr0\shpw r3\shpwrk0\shpfblwtxt1\shplid2135\shpz9\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 2307}} {\sp{\sn geoBottom}{\sv 14}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,13);(2306,13);(2306,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 0}} {\sp{\sn lineWidth}{\sv 1270}} {\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineDashing}{\sv 0}} {\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft4653\shptop4426\shpright7426\shpbottom4440\shpfhdr0\shpw r3\shpwrk0\shpfblwtxt1\shplid2136\shpz10\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}}

{\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 2773}} {\sp{\sn geoBottom}{\sv 14}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,13);(2773,13);(2773,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 1}} {\sp{\sn fillColor}{\sv 0}} {\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft4653\shptop4426\shpright7426\shpbottom4440\shpfhdr0\shpw r3\shpwrk0\shpfblwtxt1\shplid2137\shpz11\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 2773}} {\sp{\sn geoBottom}{\sv 14}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,13);(2773,13);(2773,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 0}} {\sp{\sn lineWidth}{\sv 1270}} {\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineDashing}{\sv 0}} {\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft7426\shptop4426\shpright10000\shpbottom4440\shpfhdr0\shp wr3\shpwrk0\shpfblwtxt1\shplid2138\shpz12\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 2574}} {\sp{\sn geoBottom}{\sv 14}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,13);(2573,13);(2573,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 1}} {\sp{\sn fillColor}{\sv 0}} {\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft7426\shptop4426\shpright10000\shpbottom4440\shpfhdr0\shp wr3\shpwrk0\shpfblwtxt1\shplid2139\shpz13\shpbxpage\shpbypage

{\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 2574}} {\sp{\sn geoBottom}{\sv 14}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,13);(2573,13);(2573,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 0}} {\sp{\sn lineWidth}{\sv 1270}} {\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineDashing}{\sv 0}} {\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft10000\shptop4426\shpright12546\shpbottom4440\shpfhdr0\sh pwr3\shpwrk0\shpfblwtxt1\shplid2140\shpz14\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 2546}} {\sp{\sn geoBottom}{\sv 14}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,13);(2560,13);(2560,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 1}} {\sp{\sn fillColor}{\sv 0}} {\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft10000\shptop4426\shpright12546\shpbottom4440\shpfhdr0\sh pwr3\shpwrk0\shpfblwtxt1\shplid2141\shpz15\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 2546}} {\sp{\sn geoBottom}{\sv 14}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,13);(2560,13);(2560,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 0}} {\sp{\sn lineWidth}{\sv 1270}} {\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineDashing}{\sv 0}} {\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}}

{\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft2346\shptop4826\shpright4653\shpbottom4840\shpfhdr0\shpw r3\shpwrk0\shpfblwtxt1\shplid2142\shpz16\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 2307}} {\sp{\sn geoBottom}{\sv 14}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,13);(2306,13);(2306,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 1}} {\sp{\sn fillColor}{\sv 0}} {\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft2346\shptop4826\shpright4653\shpbottom4840\shpfhdr0\shpw r3\shpwrk0\shpfblwtxt1\shplid2143\shpz17\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 2307}} {\sp{\sn geoBottom}{\sv 14}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,13);(2306,13);(2306,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 0}} {\sp{\sn lineWidth}{\sv 1270}} {\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineDashing}{\sv 0}} {\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft4653\shptop4826\shpright7426\shpbottom4840\shpfhdr0\shpw r3\shpwrk0\shpfblwtxt1\shplid2144\shpz18\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 2773}} {\sp{\sn geoBottom}{\sv 14}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,13);(2773,13);(2773,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 1}} {\sp{\sn fillColor}{\sv 0}} {\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 0}}

{\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft4653\shptop4826\shpright7426\shpbottom4840\shpfhdr0\shpw r3\shpwrk0\shpfblwtxt1\shplid2145\shpz19\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 2773}} {\sp{\sn geoBottom}{\sv 14}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,13);(2773,13);(2773,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 0}} {\sp{\sn lineWidth}{\sv 1270}} {\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineDashing}{\sv 0}} {\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft7426\shptop4826\shpright10000\shpbottom4840\shpfhdr0\shp wr3\shpwrk0\shpfblwtxt1\shplid2146\shpz20\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 2574}} {\sp{\sn geoBottom}{\sv 14}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,13);(2573,13);(2573,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 1}} {\sp{\sn fillColor}{\sv 0}} {\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft7426\shptop4826\shpright10000\shpbottom4840\shpfhdr0\shp wr3\shpwrk0\shpfblwtxt1\shplid2147\shpz21\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 2574}} {\sp{\sn geoBottom}{\sv 14}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,13);(2573,13);(2573,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 0}}

{\sp{\sn lineWidth}{\sv 1270}} {\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineDashing}{\sv 0}} {\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft10000\shptop4826\shpright12546\shpbottom4840\shpfhdr0\sh pwr3\shpwrk0\shpfblwtxt1\shplid2148\shpz22\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 2546}} {\sp{\sn geoBottom}{\sv 14}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,13);(2560,13);(2560,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 1}} {\sp{\sn fillColor}{\sv 0}} {\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft10000\shptop4826\shpright12546\shpbottom4840\shpfhdr0\sh pwr3\shpwrk0\shpfblwtxt1\shplid2149\shpz23\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 2546}} {\sp{\sn geoBottom}{\sv 14}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,13);(2560,13);(2560,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 0}} {\sp{\sn lineWidth}{\sv 1270}} {\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineDashing}{\sv 0}} {\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft2346\shptop5226\shpright4653\shpbottom5240\shpfhdr0\shpw r3\shpwrk0\shpfblwtxt1\shplid2150\shpz24\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 2307}} {\sp{\sn geoBottom}{\sv 14}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,13);(2306,13);(2306,0);(0,0);}}

{\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 1}} {\sp{\sn fillColor}{\sv 0}} {\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft2346\shptop5226\shpright4653\shpbottom5240\shpfhdr0\shpw r3\shpwrk0\shpfblwtxt1\shplid2151\shpz25\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 2307}} {\sp{\sn geoBottom}{\sv 14}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,13);(2306,13);(2306,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 0}} {\sp{\sn lineWidth}{\sv 1270}} {\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineDashing}{\sv 0}} {\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft4653\shptop5226\shpright7426\shpbottom5240\shpfhdr0\shpw r3\shpwrk0\shpfblwtxt1\shplid2152\shpz26\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 2773}} {\sp{\sn geoBottom}{\sv 14}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,13);(2773,13);(2773,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 1}} {\sp{\sn fillColor}{\sv 0}} {\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft4653\shptop5226\shpright7426\shpbottom5240\shpfhdr0\shpw r3\shpwrk0\shpfblwtxt1\shplid2153\shpz27\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 2773}} {\sp{\sn geoBottom}{\sv 14}}

{\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,13);(2773,13);(2773,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 0}} {\sp{\sn lineWidth}{\sv 1270}} {\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineDashing}{\sv 0}} {\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft7426\shptop5226\shpright10000\shpbottom5240\shpfhdr0\shp wr3\shpwrk0\shpfblwtxt1\shplid2154\shpz28\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 2574}} {\sp{\sn geoBottom}{\sv 14}} {\sp{\sn shapePath}{\sv 4}} {\sp{\sn pVerticies}{\sv 8;5;(0,0);(0,13);(2573,13);(2573,0);(0,0);}} {\sp{\sn pSegmentInfo}{\sv 2;12;16384;45824;1;45824;1;45824;1;45824;1;45824;2457 7;32768}} {\sp{\sn fFillOK}{\sv 1}} {\sp{\sn fFilled}{\sv 1}} {\sp{\sn fillColor}{\sv 0}} {\sp{\sn fLine}{\sv 1}}{\sp{\sn lineColor}{\sv 0}} {\sp{\sn lineType}{\sv 0}} {\sp{\sn fArrowheadsOK}{\sv 0}} {\sp{\sn fBehindDocument}{\sv 1}} {\sp{\sn fLayoutInCell}{\sv 1}}}} {\shp{\*\shpinst\shpleft7426\shptop5226\shpright10000\shpbottom5240\shpfhdr0\shp wr3\shpwrk0\shpfblwtxt1\shplid2155\shpz29\shpbxpage\shpbypage {\sp{\sn shapeType}{\sv 0}} {\sp{\sn fFlipH}{\sv 0}} {\sp{\sn fFlipV}{\sv 0}} {\sp{\sn rotation}{\sv 0}} {\sp{\sn geoRight}{\sv 2574}} {\sp{\sn geoBottom}{\sv 14}} {\sp{\sn shapePat