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Table 2: Quarterly balance of payments and international investment position of the euro area

(EUR billions, unless otherwise indicated; outstanding amounts at end of period, transactions during period)

Q2 2007 Q3 2007 (revised) Q4 2007
End-of-periodoutstandingamounts Transactions1) Other changes End-of-periodoutstandingamounts Transactions1) Other changes End-of-period outstandingamounts
as % ofpreviousend-periodoutstandingamounts as % ofpreviousend-periodoutstandingamounts as % of GDP
Source: ECB.
( 1 ) In this table, contrary to the balance of payments sign convention, a positive (negative) number indicates an increase (decrease) of euro area assets.
Financial account balance/Net international investment position -1,169.9 -97.5 - -35.5 -1,302.8 74.0 - -114.7 -1,343.6 -15.1
Direct investment 499.9 40.9 - -51.3 489.5 -18.2 - -30.8 440.5 5.0
Abroad 3,317.0 115.8 3.5 -47.0 3,385.9 78.3 2.3 -36.0 3,428.3 38.6
Equity/reinvested earnings 2,679.6 85.9 3.2 -30.5 2,735.1 65.4 2.4 -27.4 2,773.0 31.2
Other capital 637.4 29.9 4.7 -16.5 650.9 12.9 2.0 -8.6 655.2 7.4
In the euro area 2,817.1 75.0 2.7 4.3 2,896.4 96.6 3.3 -5.2 2,987.8 33.6
Equity/reinvested earnings 2,151.2 51.7 2.4 2.0 2,204.9 53.6 2.4 -5.6 2,252.9 25.3
Other capital 665.9 23.3 3.5 2.3 691.5 43.0 6.2 0.5 735.0 8.3
Portfolio investment -1,852.8 -65.1 - -5.3 -1,923.2 44.2 - -95.2 -1,974.2 -22.2
Assets 4,805.7 33.9 0.7 -55.0 4,784.6 94.6 2.0 -148.3 4,730.9 53.2
Equity securities 2,161.5 7.5 0.3 -48.5 2,120.5 11.4 0.5 -82.4 2,049.6 23.1
Debt securities 2,644.3 26.3 1.0 -6.5 2,664.1 83.2 3.1 -65.9 2,681.3 30.2
Bonds and notes 2,218.6 42.3 1.9 2.2 2,263.1 77.2 3.4 -62.7 2,277.6 25.6
Money market instruments 425.7 -16.0 -3.7 -8.8 400.9 6.0 1.5 -3.2 403.7 4.5
Liabilities 6,658.5 99.0 1.5 -49.7 6,707.8 50.4 0.8 -53.1 6,705.1 75.4
Equity securities 3,330.9 33.3 1.0 -63.7 3,300.5 -6.8 -0.2 -61.7 3,232.0 36.4
Debt securities 3,327.6 65.7 2.0 14.0 3,407.3 57.2 1.7 8.6 3,473.1 39.1
Bonds and notes 2,978.1 50.1 1.7 11.7 3,039.9 78.9 2.6 10.9 3,129.7 35.2
Money market instruments 349.5 15.6 4.5 2.3 367.4 -21.7 -5.9 -2.4 343.4 3.9
Financial derivatives -11.6 26.8 - -15.7 -0.5 48.3 - -2.7 45.1 0.5
Other investment -131.8 -104.4 - 26.7 -209.5 4.7 - 1.1 -203.8 -2.3
Assets 4,974.6 209.9 4.2 -50.1 5,134.3 94.5 1.8 -72.6 5,156.3 58.0
Eurosystem 18.2 1.8 9.9 0.5 20.5 0.7 3.6 1.1 22.3 0.3
General government 128.0 -18.2 -14.2 -1.3 108.5 2.3 2.2 -2.7 108.1 1.2
MFIs excluding Eurosystem 3,341.2 75.9 2.3 -58.0 3,359.1 57.5 1.7 -61.4 3,355.2 37.8
Other sectors 1,487.2 150.4 10.1 8.7 1,646.3 33.9 2.1 -9.5 1,670.7 18.8
Liabilities 5,106.4 314.3 6.2 -76.8 5,343.9 89.9 1.7 -73.7 5,360.1 60.3
Eurosystem 116.5 -1.3 -1.1 -1.0 114.2 25.0 21.9 -1.1 138.2 1.6
General government 51.6 3.8 7.4 -0.1 55.3 -1.7 -3.1 0.8 54.4 0.6
MFIs excluding Eurosystem 3,895.6 139.1 3.6 -76.1 3,958.6 52.5 1.3 -67.0 3,944.2 44.4
Other sectors 1,042.7 172.6 16.6 0.4 1,215.7 14.0 1.2 -6.4 1,223.3 13.8
Reserve assets 326.3 4.3 1.3 10.1 340.8 -4.9 -1.4 12.9 348.8 3.9