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ka,Q9J1`G9Hd #i3[z)cdj02`'Bb.PU67ß7HLad/a`4c{eaFX}-)/E8jkpcEs MI|MOqB[wfuch#i ѓlsfV7gBm?3Z!޻}J]V:&oq NZ?sW%(16ӕsp(yukYi讒c7m:7cdƹ {6M:{DG>ږeic9xiZ1f @qm۵~$pr -?Ep t]M q-sRfi#Jh6)cllD7ս&(բ>;ȏ(dxLywh=c1mrfdvJ FKS5]2 'ǸU6/cl&g<Ǹ \XrkNMP=.W'Cˀ5VT=zŎr3+eϨ^Qr;CIEࠨSk=C">y~&rXnzϠ]9\ǸAt1VOc̊Z5&B딉RfFTEښj<# ̡ᴶ.LU's N,WX|Ԭ?0nۧUDHQ\]s +GmJcf I)i}ݝ M *R@v4e@ׂi/cJ;Y4c buY۵U'stAhfʽC\4p 1F Obw=r+i3MFm}52FBK2UTQztkux+Wa|apu۵6a9(9s6cP(9cQB"`ʮc؉aG[niY{說&Ix?[4hs2=Vm:uڷr>?ǸWFu۵a9*iCtIiE0r[}OJӔ8)Ǹ/hY=XGj[fQ"fϨ6l!L k5Tdc\z-IQiQ2w<Z:16o7 TڈeH6wsSC6[}6 m=\(-gv1J]kgZ+gFOJZc n?sZSNw)Ҍ'ӦTwc]Z!׹zQtߦ8F*݁O_nHcF<3@6(zedDpWƹhoDFB*D̨%ɡOEOҫKQKclޮ8X%C1Ĩзϵ<tm{xc?q{Θ-xs79&NȖ#ILہКCԋ fkME)ߏz֪j]r Q1fQ|Rh;;.u^dgRN~A'bjOcecOgmS#ۿAmӌ Zu3^ v3Q1Vp2AJ@pRnp7E۵bj\@ߔَ&+I)aԮa{T3{#PlcQHb<#ЩOtQۋ"fΧӯѯSbRαEӾ5`X1cE=DXoݒh mn'(4wQiëKWvH۸=MM>e]ٺ4o:t@HD*u[-ug7\[S* *1ʢWڶNC#ʙ{6N1clv4n6UZ٤m-*FT"v?s0NFf]:=,{ZOK7,bY!3ÇZ;9hz]N1x!'#9:yگS︛4"H&@iS?(I?ױ~즋14znn\Qt69ySIO8{qrqL@s L{hq%&gbGϏ8W3/NqY04 NQ&5hE?}ܶp ABg^cd;"M?=|'O?^=E [!vOВ*"8mi>bpkMj{+Qk^<z- VH;o𐁐5_=<  /_(m F t ^8$Changes to the SGP8$Changes to the SGP0Diapositiva 200"Diapositiva 218-$Changes to the SGP03Diapositiva 21/ 0DTimes New Romanll$@ -a0DArialNew Romanll$@ -a0 DBell MTw Romanll$@ -a00D-3 00000 Romanll$@ -a0@DLucida Sans Unicode$@ -a0PDWingdingss Unicode$@ -a0`DVerdanass Unicode$@ -a0 C0.  @n?" dd@  @@``  H3   "#a"   "     ab (         QDSv        TK  ]             z !"# $)>*+, /0345 6789: =G>ABCDGHJK L/"$۶yI{e7$2$o`QCN*+7"$i9E/@T;]KUc"$ЕÞ3333C3333g3333  33933 Q.2. Insufficient progress on pro-growth reforms//!.  $33Z22. Insufficient progress on pro-growth reforms (2)33 2  $33TGVi3vThe reform of the SGP$  Main changes: Preventive arm: introduction of an expenditure rule (it aims at avoiding the use of revenue windfalls to satisfy the 0.5 structural balance improvement) Corrective arm: introduction of a debt rule (the unsatisfactory reduction of the debt triggers EDP) to make the debt criterion (debt/GDP ratio below 60%) operational The example of Italy Enforcing system: New sanctions: possibility of interest-bearing deposit before entering EDP non-interest-bearing deposit when the EDP is started reverse voting system._P8P2P8P(" P33333333p333333 333333"33r333333IThe reform of the SGP (2)$  The changes proposed are important steps in the right direction: The expenditure rule and the possibility of sanctions make the preventive arm more effective in discouraging pro-cyclical policies in good times The debt rule puts an additional constraint on high debt countries, as originally meant in the Maastricht Treaty Reverse voting can reduce the possibility of collusion within the Council<BPLPB33L331uThe Euro Plus Pact$  The pact aims at strengthening growth and competitiveness It calls for reforms in several areas, including: A gradual reduction of taxation of labour income An increase the effective retirement age, where needed, to align it with life expectancy and limitations on early retirement systems The transposition of the fiscal rules adopted at the European level into national legislation Closer tax policy coordination and, in particular, the harmonization of the corporate tax base The commitments undertaken with the pact need to be more binding; the peer review mechanisms were also used in the Lisbon strategy and they could prove ineffective without a strong political will at the national level nPt" 33_-_P-PP:3333333t3333F33 333333&' ?|.The ESM as a way to improve market discipline &/-$(. For market discipline to work properly: Several institutional pre-conditions are needed, in particular Information about the actions and budgetary positions of sovereign borrowers should be available to all market participants Bail-out of troubled governments should be credibly ruled out If investors believe that a government will be bailed out, market discipline does not work (no spread differentiation) jZ" 33Z" 33Zw-Z-Z)33A333333w  33  33 K1The ESM as a way to improve market discipline (2)221 The ESM aims at making debt restructuring more likely and quicker: by prescribing the involvement of the private sector in all cases where the sovereign borrower is deemed insolvent by introducing collective-action clauses (CACs) This would credibly reinforce the threat of a default A useful additional provision may be represented by a clause that automatically extends debt maturity when a country obtains the ESM assistance (as recently proposed by the Bundesbank) C" 33" 7" " ZC33333333333333338  A~1The ESM as a way to improve market discipline (3)221 hA crucial issue: identifying insolvency Not possible to define ex ante a set of mechanical rules to manage sovereign crisis in all possible future contingencies A particularly difficult task is to distinguish an illiquid from an insolvent sovereign borrower In the ESM proposal, assessing solvency is a shared responsibility of the EC, the ECB and the IMF Assessing solvency is not simply a technical problem Unlike private borrowers, sovereigns usually can choose whether or not to honour their debts The issue is not really inability to repay but unwillingness to repay owing to exceedingly high political costs)Ps_" 33_(333333333313333u33333333+33&| *s9y:zN/"<FJKNOQ$V-\2^5_;b<cBeDgHhJiLjPlRnUoWq[r  0` 33` Sf3f` 33g` f` www3PP` ZXdbmo` \ғ3y`Ӣ` 3f3ff` 3f3FKf` hk]wwwfܹ` ff>>\`Y{ff` R>&- {p_/̴>?" dd@,|?" dd@   " @ ` n?" dd@   @@``PR    @ ` ` p>> $ E(     6~  " `}   d,Fare clic per modificare lo stile del titolo--K  0  " `   uFare clic per modificare gli stili del testo dello schema Secondo livello Terzo livello Quarto livello Quinto livello:v  0  "^ `   d*0   0  "^    ^* 0    0  "^ `   ^* 0  H  0޽h ? 3380___PPT10./%p *Struttura predefinita_0 0o( w   N- eϲeϲ @8  -  z* AAAaa  N/ eϲeϲ { 8 -  |* AAAaad  c $ ?Cz  / [  N</ eϲeϲ  ; /  uFare clic per modificare gli stili del testo dello schema Secondo livello Terzo livello Quarto livello Quinto livello:v  T/ eϲeϲ 5@m  /  z* AAAaa  T/ eϲeϲ 5{ m /  |* AAAaaH  09g ? ̙3380___PPT10. qH  h(    Nh eϲeϲ @8    l*  AAAaa  N eϲeϲ z 8   n*  AAAaa  T eϲeϲ 4@l    l*  AAAaa   T eϲeϲ 4z l   n*  AAAaaH  09g ? 3380___PPT10.QjfF0  tq(  t t # l- v @  " `  -   t Z- gngn ?"6@ NNN?N S 9Remarks by Ignazio Visco Bank of Italy Rome, June 8 2011&:(3333h t BA ?"6@ NNN?N`0  t Hd-  ?"6@ NNN?Np` BZ Foundation for European Progressive Studies and Fondazione Italianieuropei International Conference on  The Economic Governance of the EU: Equipping Europe for Growth? L0 0 C0 0 2K3333 33`33*     H t 0޽h ? 33___PPT10i.V@*+D='  = @B + <0  $l(  $ $ <,^/ _ж_ж ?{R "> B \5Pk ( C ^y $ c $o/   /  "p`Pp $ 6 u/   @(    $ # l`w/ 33v @  " `@  /  H $ 0޽h ? 3̙33y___PPT10Y+D='  = @B + J0 (    <d/ _ж_ж ?{R "> B \5Pk ( C ^y  # l@/ 33v @  " `@  /  x  c $/  p /  H  0޽h ? 3̙33y___PPT10Y+D='  = @B + V0 ! q(     </ _ж_ж ?{R "> B \5Pk ( C ^y  # lȭ/ 33v @  " `@  /    c $X/  0 /  ,|RwxX  0A?`pA  Hܲ/  ?"6@ NNN?N< t '(1) Source: European Commission and IMF((33&  H  0޽h ? 3̙33y___PPT10Y+D='  = @B + "0 .&` T(  T T </ _ж_ж ?{R "> B \5Pk ( C ^y T # l/ 33v @  " `@  /    T S /  ` 0 /  (PufvpH T 0޽h ? 3̙33y___PPT10Y+D='  = @B + K0 (    <- _ж_ж ?{R "> B \5Pk ( C ^y  # l@/ 33v @  " `@  /  x  c $8/  `Ppp /  H  0޽h ? 3̙33y___PPT10Y+D='  = @B +  N0 2* (    << _ж_ж ?{R "> B \5Pk ( C ^y  # l< 33v @  " `@  <    c $ <    <  &xwxH  0޽h ? 3̙33y___PPT10Y+D='  = @B + O0 &0 (    <)< _ж_ж ?{R "> B \5Pk ( C ^y  # l ,< 33v @  " `@  <    c $h;<   <  H  0޽h ? 3̙33y___PPT10Y+D='  = @B + n0 $ T(     <- _ж_ж ?{R "> B \5Pk ( C ^y  # l4G< 33v @  " `  <  x  c $I<  `P` <  6  0Q<  p  Since the 1990s, the euro area has grown on average by almost 1 p.p. less than the U.S. (in Italy growth has been even lower) Z33xRwxf  0A?"`p0H  0޽h ? 3̙33y___PPT10Y+D='  = @B +m r0 $ $(     <*9 _ж_ж ?{R "> B \5Pk ( C ^y  # l79 33v @  " `  9  x  c $  `P` 9     06/  0 WThe evolution of competitiveness has been very heterogeneous across euro area countries,XZW33  BA ?S"~@@@ NNN?N!%o  HC9 ?Text Box 12@@ OIndicator of competitiveness for the main euro area countries (Index 1999=100)d?0 0(  f334f33f33 P  V]8Xx  BA ?S"~@@@ NNN?N!%H  0޽h ? 3̙33y___PPT10Y+D='  = @B + o0 0$ 8(   2  6@< &&t " `M/ NSpreads over German 10-year government bonds (weekly data; percentage points)*O.33!33-"    fA 8c8c "   <    B<< 33v @ " ` 3. Lack of market discipline$2 H  0޽h ? 33___PPT10i.dj0@=+D='  = @B +6 h0 MEP# (     6< &&t " `` N Skepticism on the effectiveness of market-based fiscal discipline was already present at the foundation of EMU. The Delors Report (1989) pointed out: J33333333&  5#  B< 33v @ " ` !3. Lack of market discipline (2) ," $2   6Ю< &&t " ``0   h the constraints imposed by market forces might either be too slow and weak or too sudden and disruptive Hj33g333333i  5  6< &&t " `  XFormal statistical exercises find a relatively weak correlation between spreads and fiscal fundamentals (i.e. the debt level, present and projected primary deficits) in the pre-crisis period. The correlation became stronger after the crisis33  5H  0޽h ? 33___PPT10i.dj0@=+D='  = @B +:q0 QIp$ (   \  H< ?Rectangle 2@DP___PPT100(___PPT9bZ A crucial role in the propagation of the crisis was played by the banking system: Greek case: sovereign debt crisis problems of capital adequacy and of access to funding for domestic and foreign banks Irish case: banking system crisis deterioration of public accounts due to the cost of rescue The strong interconnection of the banking system throughout the EU contributed to enlarge the impact of the crisis. The crisis showed: the need for an EU-integrated financial surveillance system the necessity to tackle the moral hazard associated to systemically important financial institutions (SIFI) lS(" ("  " (" (" (" Sf33 f3333f3333kf33<33f33f33f33 f 33f33   d-Hc~  ;VqpCSE  f< v @?Rectangle 1#" PK!Zf[Content_Types].xmlMO &2WR=cJ`F0iK`#̼vLw 9uSq:w`G ^i ½KI)c/ $oVjTMRc|}042ҥCƔM̏P~*ka/8^DkHbL8e i"K\XN\6rco4y@_;oPK!1_a _rels/.relsj0 ѽqCNo^K [ILcX&m߾0XFo;>0xM e`|X}đ I`߽N4aG2$RKIZ)4(M9`ctB{m:f@`3n|O,ܗr޾jxR0T ,0@}WBLǬ5vPK!Wly drs/shapexml.xmlVn6;gK*dl xAm Zl5)c}ZM JB2%gfݦd͵̩ƣB\IJLL(s冾;ĴK3isFX7*fU/FK,j(d԰ZSP%׳RԤ.sQ"Y&xz'vs6T0@3Uō!|H~ vYi9p;`v ~T%f+McQx ć_؄o,)`'`,H4u!dp*ʩ8zj,F`-4+/j!herd-D€MgŐVA {ɚ BQ@nk%+y'0N rG\)"<7C!i/^ <PE- VNcLLp(!CB[(8R0\Q79M; 3Vtkjѭ!*H8DXXl 5og0RVwǑ]`vM(9M,B+Gn,r; &С)Rgw;Smw<7NC=spJ^y.r% 0U@-. t_5,9^z}ǁݳgr|\޸Wؿ|!D,ծ.FK~#8id!L?Qjp{Qm (r]z`;0mq0NG^䏇ݎ 40MN4N8{I28 to0 Ay8EfiXqFUw3p,G~0fԍxAmO~1T]qNdS 0]jVp5w`p)xѽ"apLKTkpw{D˩:_ p ]MeO~ۖW@?s]2(ik[,/XS bLZٳcO==Ixǯ_ {='~O@Qbd)B[aBٺysnPK!Cdrs/downrev.xmlDJ1EFlѱitp!_'ofB'/cNop˽˙-F׉B5Mˍ# vIÙ",3,?MjDp,PCR_HƉsW0i2u^r~hז4nUc?U5\yj\>H4t/_*'֬1& [6͖ ?PK-!Zf[Content_Types].xmlPK-!1_a /_rels/.relsPK-!Wly *drs/shapexml.xmlPK-!Cdrs/downrev.xmlPKB~v0___PPT106___PPT9 C)4. The fragility of the financial system J*0f$%g$f$@   d5Pk ( C ^yH  0޽h ? 33___PPT10i.`[+D='  = @B +Q0 p X(    6 v Reforms are ongoing in three main areas: 1. Policy coordination Strengthening the Stability and Growth Pact Prevention of macroeconomic imbalances and growth-oriented reforms 2. Crisis management From the European Financial Stability Facility (EFSF) to a permanent European Stability Mechanism (ESM) 3. European System of Financial Supervisors European Systemic Risk Board (ESRB) European Supervisory Authorities (ESA)v@0 2o0 0 h0 Y0 '0 )333333o333333 33%3333333333(33-33'  33w &TT|6.  Bd 33v @ " ` The reform effort ,$L H  0޽h ? 33___PPT10i.`[+D='  = @B +  _0 4,0" H (  H  H <,- _ж_ж ?{R "> B \5Pk ( C ^y H # l, 33v @  " `@    H c $#     (xHpRwx H H?"6@`NNN?N@">0>0 H H=?"6@`NNN?Np@>0>0  H N=?"6@`NNN?N  P @3>0>0H H 0޽h ? 3̙33y___PPT10Y+D='  = @B + i0 p# (     <xH _ж_ж ?{R "> B \5Pk ( C ^y  # lK 33v @  " `@     c $-  0`    * BR-  00Q   0 aHowever, changes can be made more ambitious by making procedures more automatic. For example, reverse voting could be used at every step of the EDP and not only when sanctions are decided Many details are still to be defined; in June the reform should be approved h33BR-H  0޽h ? 3̙33y___PPT10Y+D='  = @B + ^0 ,$"@ (  @  @ <c _ж_ж ?{R "> B \5Pk ( C ^y @ # lh 33v @  " `@    @ c $ {   `    H @ 0޽h ? 3̙33y___PPT10Y+D='  = @B + e0 <4"x (  x  x < _ж_ж ?{R "> B \5Pk ( C ^y x # l 33v @  " `    x c $H  @   0<LH x 0޽h ? 3̙33y___PPT10Y+D='  = @B + j0 >6# (     <̪ _ж_ж ?{R "> B \5Pk ( C ^y  # lx 33v @  " `     c $  00   2J<LH  0޽h ? 3̙33y___PPT10Y+D='  = @B + g0 6.0# (     <ˇ _ж_ж ?{R "> B \5Pk ( C ^y  # l· 33v @  " `     c $Tׇ  `   *DTH  0޽h ? 3̙33y___PPT10Y+D='  = @B +L\0   OG!0 (  0  0 6$ v j 0 33 TT|6 0 B 33v @ " `  O Thank you   H 0 0޽h ? 33___PPT10i.`[+D='  = @B +;1b0^N0 J0B0"7=` /(  ` R ` s *X99? 3` <- }) F0  (8 @4 ;` PP `  3 "` `  <x- p. gCountry00 F  `  < A  Average growth rate of T0 FFF   `  < 0e v uprimary expenditure20 F    `  < _ A+ Average upper bound of theX0 FF FF    `  < 1 h 5dynamics according to the rule (estimate) (1998-2007)$60 6F$*     `  <0 !"o F0    `  <T  a}  k (1998-2007)0 0  F  `  <  eAustria.0 F  `  <   a3,2.0 F  `  <4 + a2,7.0 F  `  <|  sBelgium.0 F `  <"   a4,5.0 F  `  6( 1 a3,6.0 F  `  <, ~<  eFinland.0 F  `  <1 ~ <  a3,8.0 F  `  <(3 ~+<  a3,0.0 F  `  <4; 2 a  dFrance.0 F  `  <4 2  a4,0.0 F  `  <PD 2 +  a3,1.0 F  `  <H    sGermany.0 F `  <M   a1,5.0 F  `  <Q  +  a2,4.0 F  `  <\V  oV  rGreece.0 F `  <Z  V  e8,420 F33   `  < `  +V  e5,720 F33  !`  <d J p  sIreland.0 F "`  <i J   f11,120 F33  #`  <|n J +  e7,120 F33  $`  <s    cItaly.0 F  %`  <p   a4,4.0 F  &`  <(w  +  a3,6.0 F  '`  <|  l  v Luxembourg. 0  F  (`  <  l  a7,4.0 F  )`  <䋈  +l  a6,4.0 F  *`  < c ! w Netherlands. 0  F  +`  < c ! a5,4.0 F  ,`  <웈 c +! a4,6.0 F  -`  <H  tPortugal. 0 F .`  <   a6,3.0 F  /`  < + a5,1.0 F  0`  <4 & qSpain.0 F 1`  <   e7,820 F33  2`  < + e5,720 F33 V 5`  C "`@@/LV 7`  C "` 4+BB 8`  3 ghH 9`  C gs :` B 33v @ " `@ x0Retrospective evaluation of the expenditure rule11! 1  <` 0d   D<4___PPT9 0The rule (details have to be defined) is expected to cap the expenditure dynamics to the potential GDP growth rate (until MTO is reached, the cap is lowered  by around 1%  to ensure a reduction of the structural budget deficit by at least 0.5 p.p. of GDP). Revenue measures are also considered. A simple accounting exercise with no macro feedbacks. `-`33_ xRwx =` T=?"6@`NNN?N  @>0>0V ` 0޽h ?"` 33y___PPT10Y+D='  = @B +e;c0^N0 t:l:"Fh 9(  h  9h Bш 33v @ " `@ q)Retrospective evaluation of the debt rule**$ * R ;h s *X99?P: h  <ۈ  qE' rDebt00 F ?h  < O qs ' rDebt00 F @h  <   y Debt under 0 0  F Ah  <4  qc' the new debt rule 00 F@ Bh  < kl F0   Ch  <  f(1998)00 F  Dh  6 ]   f(2007)00 F  Eh  <  f(2007)00 F  Fh  <T V eAustria.0 F  Gh  < V b64,8.0 F  Hh  <   V b60,7.0 F  Ih  <t HAV b63,0.0 F  Jh  < U  sBelgium.0 F Kh  <\ LU  c117,4.0 F  Lh  <  U  b84,2.0 F  Mh  <% HUA  b96,2.0 F  Nh  <)  eFinland.0 F  Oh  <.  b48,4.0 F  Ph  <@,    b35,2.0 F  Qh  <2 HA b35,2.0 F  Rh  << p  dFrance.0 F  Sh  <TA p  b59,4.0 F  Th  <E   p  b63,9.0 F  Uh  <4J HAp  b62,4.0 F  Vh  <, m )#  sGermany.0 F Wh  <R m #  b60,3.0 F  Xh  <PW  m #  b64,9.0 F  Yh  <\ Hm A#  b60,2.0 F  Zh  <a    rGreece.0 F [h  <lf    b94,5.0 F  \h  <|k   g105,420 F33  ]h  <h H A  f81,820 F33  ^h  <o    sIreland.0 F _h  <ly    b53,6.0 F  `h  <   b25,0.0 F  ah  <$ H A  b25,0.0 F  bh  <<  <  cItaly.0 F  ch  <D L <  c114,9.0 F  dh  <l  <  g103,620 F33  eh  < H A<  f94,620 F33  fh  <ԛ 9   v Luxembourg. 0  F  gh  < 9   a7,1.0 F  hh  < + 9  a6,7.0 F  ih  <0 i9   a6,7.0 F  jh  <l    w Netherlands. 0  F  kh  <    b65,7.0 F  lh  <Է   b45,3.0 F  mh  <0 H A  b63,6.0 F  nh  <,  V tPortugal. 0 F oh  <ʼn  V b50,4.0 F  ph  <ʉ  V b68,3.0 F  qh  <ω H AV b62,5.0 F  rh  <Ӊ S]  qSpain.0 F sh  <ى S  b64,1.0 F  th  <׉  S  b36,1.0 F  uh  < HSA  b62,6.0 F  vh  <  F0  H xh  C BB yh  3 H zh  C BB {h  3 H |h  C  ~h 0|  pD<4___PPT9 ZThe rule (details are to be defined) is expected to require the public debt to be reduced each year by 5 per cent of its deviation from the reference value of 60 per cent of GDP. A simple accounting exercise with no macro feedbacks. -33 xRwx h T=?"6@`NNN?N  @>0>0V h 0޽h ?"` 33y___PPT10Y+D='  = @B +l0^N0   #F {(     B- 33v @ " ` w/Forward-looking evaluation: the Italian example00! 0 : E 0-   D<4___PPT9  For Italy, a high debt country, the debt rule is particularly binding. Nevertheless, medium term accounting exercises show that reaching the budget balance (Italy s MTO) would, in a wide range of macroeconomic circumstances, also satisfies the proposed debt rule. The latest fiscal plans of the Italian government aim at achieving a balanced budget in 2014, through the reduction of public expenditure (by 4 percentage points of GDP over the 2012-2014 period). 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Insufficient fiscal discipline&1. Insufficient fiscal discipline (2)2. Macroeconomic Imbalances/2. Insufficient progress on pro-growth reforms32. Insufficient progress on pro-growth reforms (2)Diapositiva 11Diapositiva 12Diapositiva 13Diapositiva 14The reform of the SGPThe reform of the SGP (2)The Euro Plus Pact/The ESM as a way to improve market discipline 2The ESM as a way to improve market discipline (2)2The ESM as a way to improve market discipline (3)Diapositiva 21Diapositiva 22Diapositiva 23Diapositiva 24 Caratteri utilizzatiModello strutturaTitoli diapositive 8@ _PID_HLINKSA\$374,14,Changes to the SGP374,14,Changes to the SGP377,20,Diapositiva 20378,21,Diapositiva 21374,14,Changes to the SGP387,21,Diapositiva 21_L728571L728571  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abdefghijklmnopqrstuvwxyz{|}~Root EntrydO)PicturesUCurrent UserSummaryInformation(c4UPowerPoint Document(DocumentSummaryInformation8Root EntrydO)0*%PicturesUCurrent UserDSummaryInformation(c4U$_ 0Portatile IEPortatile IE