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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 July 2008 (revised) August 2008
August 2007 August 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 31.1 2,579.3 2,548.2 -22.4 2,768.9 2,791.3 1.1 240.6 239.4 -7.9 215.6 223.5
Goods 62.0 1,480.8 1,418.8 15.8 1,572.9 1,557.1 2.3 141.0 138.8 -6.5 119.6 126.1
Services 46.0 473.5 427.5 55.5 501.7 446.2 6.4 46.5 40.1 4.0 44.8 40.9
Income 2.1 533.3 531.1 -5.1 605.1 610.2 -0.1 48.4 48.5 1.9 46.8 44.8
Current transfers -79.0 91.7 170.7 -88.7 89.1 177.8 -7.5 4.6 12.1 -7.3 4.3 11.7
CAPITAL ACCOUNT 12.6 25.1 12.6 16.6 29.8 13.2 0.9 1.8 0.9 0.5 1.5 0.9
Balance Assets Liabilities Balance Assets Liabilities Balance Assets Liabilities Balance Assets Liabilities
FINANCIALACCOUNT1) 197.5 -47.6 -5.7 -27.1
DIRECTINVESTMENT2) -155.2 -399.3 244.1 -225.7 -354.3 128.6 -12.3 -25.6 13.3 -11.6 -15.1 3.5
Equity capital and reinvested earnings -127.4 -302.6 172.0 -193.5 -264.0 70.5 -15.1 -22.4 7.3 -13.7 -18.3 4.6
Other capital (mostly inter-company loans) -23.4 -96.7 72.1 -32.1 -90.3 58.1 2.8 -3.2 6.0 2.1 3.2 -1.1
PORTFOLIO INVESTMENT 414.8 -537.6 952.4 63.8 -334.8 398.7 -8.8 -19.2 10.4 -13.9 -18.6 4.7
Equity 238.9 -77.6 316.5 0.7 -1.0 1.7 -0.8 -6.0 5.2 -1.6 7.1 -8.7
Debt instruments 175.9 -460.0 635.9 63.1 -333.8 397.0 -8.0 -13.2 5.1 -12.3 -25.8 13.4
Bonds and notes 191.4 -374.8 566.3 167.6 -223.4 391.0 -0.3 -1.3 1.1 21.4 -13.3 34.7
Money market instruments -15.5 -85.1 69.6 -104.4 -110.4 6.0 -7.8 -11.9 4.1 -33.7 -12.4 -21.3
MEMO ITEM: COMBINED DIRECT AND PORTFOLIO INVESTMENT 259.6 -936.9 1,196.5 -161.9 -689.2 527.3 -21.1 -44.8 23.7 -25.5 -33.7 8.2
FINANCIAL DERIVATIVES (NET) -45.8 -71.4 2.0 -5.8
OTHER INVESTMENT -5.0 -948.1 943.1 187.5 -457.5 645.0 15.1 -10.9 25.9 1.8 7.4 -5.7
Eurosystem 9.9 -11.2 21.1 101.1 -1.0 102.1 -0.6 0.6 -1.2 3.2 1.3 2.0
General government 13.0 7.7 5.3 6.0 7.0 -1.0 11.5 8.9 2.6 -0.5 1.2 -1.7
of which: currency and deposits 1.0 1.0 4.4 4.4 9.3 9.3 0.2 0.2
MFIs (excluding the Eurosystem) -29.3 -759.3 730.0 152.0 -211.0 363.0 8.0 -7.1 15.1 0.2 -1.7 1.9
long-term -115.1 -247.4 132.2 -200.9 -183.0 -17.8 -22.3 -25.3 3.0 -17.0 -15.1 -1.9
short-term 85.8 -511.9 597.8 352.8 -28.0 380.8 30.3 18.2 12.1 17.1 13.3 3.8
Other sectors 1.4 -185.3 186.7 -71.5 -252.5 181.0 -3.9 -13.3 9.4 -1.1 6.7 -7.8
of which: currency and deposits -9.1 -9.1 33.1 33.1 -4.9 -4.9 3.3 3.3
RESERVE ASSETS -11.3 -11.3 -1.8 -1.8 -1.7 -1.7 2.4 2.4
Errors and omissions -241.2 53.4 3.7 34.5