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Table 2: Monthly balance of payments of the euro area

(EUR billions; transactions, non−seasonally adjusted data)

Twelve-month cumulated
figures ending
November 2005
(revised)
December 2005
December 2004 December 2005
Net Credit Debit Net Credit Debit Net Credit Debit Net Credit Debit
Source: ECB.
( 1 ) Financial account: inflows (+); outflows (−). Reserve assets: increase (−); decrease (+).
( 2 ) Direct investment: assets refer to direct investment abroad and liabilities to direct investment in the euro area.
CURRENT
ACCOUNT
45.6 1,840.7 1,795.1 -29.0 1,996.9 2,025.9 -7.2 176.7 183.9 -0.3 186.1 186.4
Goods 106.7 1,133.1 1,026.4 58.5 1,223.1 1,164.5 2.5 112.7 110.1 2.5 109.2 106.7
Services 28.3 360.3 332.0 31.4 386.0 354.6 2.7 31.2 28.5 3.1 34.1 31.1
Income -33.1 266.2 299.3 -53.0 305.4 358.4 -5.5 28.3 33.8 0.1 33.6 33.6
Current transfers -56.3 81.0 137.3 -66.0 82.3 148.3 -6.9 4.5 11.5 -5.9 9.2 15.1
CAPITAL
ACCOUNT
17.4 24.0 6.6 12.2 22.2 10.1 0.9 1.5 0.7 2.5 3.7 1.2
Balance Assets Liabilities Balance Assets Liabilities Balance Assets Liabilities Balance Assets Liabilities
FINANCIAL
ACCOUNT1)
-8.3 39.6 -8.8 -40.9
DIRECT
INVESTMENT2)
-46.8 -130.8 84.0 -155.3 -207.9 52.6 -12.9 -21.6 8.7 -6.8 -16.1 9.4
Equity capital and reinvested earnings -64.9 -141.6 76.6 -111.3 -125.1 13.9 -5.2 -5.2 0.0 -12.6 -12.5 -0.1
Other capital (mostly inter-company loans) 18.2 10.8 7.4 -44.1 -82.8 38.7 -7.7 -16.3 8.6 5.8 -3.6 9.4
PORTFOLIO INVESTMENT 71.2 -330.8 402.0 142.6 -423.1 565.7 -34.7 -46.2 11.5 -15.9 -35.7 19.8
Equity 34.7 -102.8 137.5 144.1 -126.0 270.1 -6.9 -22.8 16.0 31.0 -20.1 51.1
Debt instruments 36.5 -227.9 264.5 -1.5 -297.0 295.5 -27.8 -23.4 -4.4 -46.9 -15.6 -31.3
Bonds and notes 81.0 -174.8 255.8 -40.9 -282.5 241.6 -15.6 -18.5 2.8 -16.8 -10.8 -6.0
Money market instruments -44.4 -53.1 8.6 39.4 -14.5 53.9 -12.2 -4.9 -7.3 -30.2 -4.8 -25.4
MEMO ITEM: COMBINED DIRECT AND
PORTFOLIO INVESTMENT
24.4 -461.6 486.0 -12.8 -631.0 618.2 -47.5 -67.7 20.2 -22.7 -51.8 29.1
FINANCIAL DERIVATIVES (NET) -4.8 -15.9 1.0 -2.8
OTHER INVESTMENT -40.4 -314.3 273.9 49.3 -550.0 599.4 36.6 -126.4 163.0 -22.7 66.5 -89.2
Eurosystem 7.0 -0.2 7.1 4.9 -1.0 5.9 1.0 -0.7 1.7 -4.1 0.0 -4.1
General government -4.9 -2.2 -2.6 1.2 3.4 -2.2 0.5 0.2 0.2 -5.0 -0.9 -4.1
of which: currency and deposits -2.0 -2.0 -3.2 -3.2 0.8 0.8 -2.3 -2.3
MFIs (excluding the Eurosystem) -12.7 -259.6 246.9 86.7 -385.6 472.3 56.1 -114.0 170.1 -28.5 87.2 -115.7
long-term -23.2 -20.0 -3.3 -56.7 -101.6 44.9 -5.1 -1.6 -3.4 -33.7 -32.9 -0.9
short-term 10.6 -239.6 250.2 143.5 -284.0 427.4 61.2 -112.3 173.5 5.2 120.1 -114.9
Other sectors -29.8 -52.4 22.5 -43.5 -166.9 123.3 -21.0 -12.0 -9.0 14.9 -19.9 34.7
of which: currency and deposits -13.2 -13.2 -40.0 -40.0 -9.9 -9.9 -8.5 -8.5
RESERVE ASSETS 12.5 12.5 18.9 18.9 1.2 1.2 7.4 7.4
Errors and omissions -54.7 -22.7 15.2 38.6