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Table 2: Monthly balance of payments of the euro area

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

Cumulated figures for the 12-month period ending February 2008 (revised) March 2008
March 2007 March 2008
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.
CURRENTACCOUNT 9.7 2,462.8 2,453.1 5.0 2,680.6 2,675.6 8.1 231.7 223.5 -7.8 223.6 231.5
Goods 33.1 1,422.0 1,389.0 44.2 1,528.9 1,484.6 4.2 131.8 127.5 0.3 130.3 129.9
Services 44.7 449.4 404.8 51.9 497.7 445.9 4.5 37.8 33.3 2.6 39.0 36.3
Income 10.1 501.1 490.9 -3.0 563.0 565.9 3.8 46.1 42.3 0.4 49.4 49.0
Current transfers -78.2 90.2 168.4 -88.1 91.0 179.1 -4.4 16.0 20.3 -11.2 5.0 16.2
CAPITAL ACCOUNT 12.8 25.8 12.9 15.1 26.3 11.3 2.3 3.0 0.7 0.8 2.0 1.2
Balance Assets Liabilities Balance Assets Liabilities Balance Assets Liabilities Balance Assets Liabilities
FINANCIALACCOUNT1) 70.2 87.5 -24.9 11.8
DIRECTINVESTMENT2) -130.2 -367.7 237.5 -149.3 -411.2 261.9 -20.0 -33.2 13.2 -18.8 -24.0 5.2
Equity capital and reinvested earnings -89.9 -276.9 184.0 -137.5 -314.3 177.2 -15.0 -16.8 1.7 -10.0 -18.8 8.8
Other capital (mostly inter-company loans) -36.7 -90.9 53.5 -11.6 -96.9 84.7 -5.0 -16.4 11.4 -8.8 -5.2 -3.6
PORTFOLIO INVESTMENT 376.4 -479.4 855.8 181.3 -322.0 503.3 19.4 -28.0 47.4 1.3 -1.2 2.5
Equity 213.1 -73.4 286.5 167.9 6.6 161.3 35.4 7.4 28.0 4.8 10.3 -5.5
Debt instruments 163.3 -406.0 569.3 13.4 -328.6 342.0 -16.0 -35.4 19.4 -3.5 -11.5 8.0
Bonds and notes 250.9 -310.2 561.1 46.4 -245.3 291.7 -2.8 -21.6 18.7 2.1 6.8 -4.7
Money market instruments -87.6 -95.9 8.2 -33.0 -83.2 50.2 -13.2 -13.9 0.7 -5.7 -18.3 12.6
MEMO ITEM: COMBINED DIRECT AND PORTFOLIO INVESTMENT 246.2 -847.1 1,093.3 32.0 -733.2 765.2 -0.7 -61.2 60.6 -17.5 -25.2 7.7
FINANCIAL DERIVATIVES (NET) -7.3 -98.6 1.8 7.4
OTHER INVESTMENT -160.0 -875.6 715.6 163.3 -775.7 939.1 -30.7 -80.6 49.9 25.2 6.5 18.8
Eurosystem 12.0 -5.0 17.0 32.6 -11.2 43.8 -13.4 -0.6 -12.8 12.7 -2.3 15.0
General government 7.4 2.7 4.7 5.2 2.3 2.9 -4.2 -1.0 -3.2 1.3 1.4 -0.2
of which: currency and deposits -1.7 -1.7 -2.3 -2.3 -4.1 -4.1 1.2 1.2
MFIs (excluding the Eurosystem) -141.3 -678.2 536.9 163.0 -480.3 643.3 39.4 -61.9 101.3 7.0 36.7 -29.7
long-term -95.7 -199.3 103.6 -143.2 -207.9 64.7 -8.2 -16.6 8.4 -42.4 -32.0 -10.4
short-term -45.6 -478.9 433.3 306.2 -272.4 578.6 47.6 -45.4 93.0 49.4 68.7 -19.3
Other sectors -38.1 -195.1 157.0 -37.5 -286.5 249.1 -52.5 -17.0 -35.5 4.3 -29.4 33.6
of which: currency and deposits -27.6 -27.6 2.6 2.6 5.3 5.3 -9.6 -9.6
RESERVE ASSETS -8.7 -8.7 -9.3 -9.3 4.7 4.7 -3.3 -3.3
Errors and omissions -92.7 -107.6 14.4 -4.8