A low temperature expansion for classical N-vector models .2. Renormalization group equations

This paper continues the analysis of the low temperature expansions for classical N-vector models started in [1]. A main part of it is a derivation of renormalization group equations and a construction of their solutions. To do this we have to introduce ''a fluctuation integral'' connected with a next renormalization transformation, and to make its preliminary analysis. The results of the paper are summarized in theorems stating that the renormalization transformation preserves the space of densitites, or actions described inductively in [1].