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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)

Q1 2008 Q2 2008 (revised) Q3 2008
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 -1,104.3 -85.8 - 65.0 -1,125.1 -33.6 - 0.5 -1,158.2 -12.6
Direct investment 538.5 50.6 - -25.9 563.2 43.1 - 33.5 639.9 7.0
Abroad 3,613.0 40.1 1.1 0.8 3,653.9 78.7 2.2 35.3 3,767.9 41.1
Equity/reinvested earnings 2,900.5 14.9 0.5 -5.0 2,910.4 60.0 2.1 31.2 3,001.5 32.7
Other capital 712.5 25.3 3.5 5.7 743.5 18.8 2.5 4.1 766.4 8.4
In the euro area 3,074.5 -10.5 -0.3 26.7 3,090.7 35.6 1.2 1.7 3,128.1 34.1
Equity/reinvested earnings 2,322.1 -8.2 -0.4 20.6 2,334.4 21.2 0.9 -6.9 2,348.7 25.6
Other capital 752.4 -2.3 -0.3 6.1 756.3 14.5 1.9 8.7 779.4 8.5
Portfolio investment -1,726.8 -40.1 - 158.1 -1,608.9 -109.7 - -43.9 -1,762.5 -19.2
Assets 4,352.1 132.2 3.0 -50.6 4,433.7 -64.0 -1.4 -67.4 4,302.3 46.9
Equity securities 1,668.4 31.3 1.9 -10.3 1,689.4 -50.9 -3.0 -113.5 1,525.0 16.6
Debt securities 2,683.6 100.9 3.8 -40.3 2,744.3 -13.1 -0.5 46.2 2,777.3 30.3
Bonds and notes 2,207.3 92.5 4.2 -55.7 2,244.1 16.8 0.7 15.2 2,276.1 24.8
Money market instruments 476.3 8.4 1.8 15.5 500.2 -29.9 -6.0 30.9 501.2 5.5
Liabilities 6,078.9 172.3 2.8 -208.7 6,042.5 45.8 0.8 -23.5 6,064.8 66.1
Equity securities 2,776.1 -17.9 -0.6 -96.5 2,661.7 -92.6 -3.5 -185.5 2,383.7 26.0
Debt securities 3,302.7 190.3 5.8 -112.2 3,380.8 138.4 4.1 162.0 3,681.1 40.1
Bonds and notes 2,937.6 169.4 5.8 -91.9 3,015.1 69.1 2.3 141.3 3,225.5 35.2
Money market instruments 365.2 20.9 5.7 -20.3 365.8 69.3 18.9 20.6 455.6 5.0
Financial derivatives 8.1 8.6 - -21.0 -4.3 8.7 - 20.3 24.7 0.3
MEMO ITEM: COMBINED DIRECT AND PORTFOLIO INVESTMENT -1,188.3 10.5 - 132.1 -1,045.7 -66.6 - -10.3 -1,122.6 -12.2
Other investment -280.4 -104.9 - -43.7 -429.0 26.0 - -28.2 -431.2 -4.7
Assets 5,402.8 -102.8 -1.9 -37.0 5,263.1 102.4 1.9 145.5 5,511.1 60.1
Eurosystem 46.4 -9.4 -20.2 -2.8 34.2 -2.0 -5.8 1.2 33.4 0.4
General government 99.3 6.2 6.2 0.2 105.7 -8.0 -7.6 2.1 99.8 1.1
MFIs excluding Eurosystem 3,463.3 -101.7 -2.9 2.1 3,363.7 81.2 2.4 118.7 3,563.7 38.9
Other sectors 1,793.8 2.2 0.1 -36.5 1,759.5 31.2 1.8 23.5 1,814.2 19.8
Liabilities 5,683.3 2.2 0.0 6.7 5,692.2 76.4 1.3 173.7 5,942.2 64.8
Eurosystem 217.3 41.0 18.9 0.6 258.9 106.2 41.0 5.4 370.5 4.0
General government 49.8 -1.0 -2.1 0.4 49.1 2.0 4.1 0.7 51.8 0.6
MFIs excluding Eurosystem 4,101.6 -25.4 -0.6 2.5 4,078.7 -27.7 -0.7 144.2 4,195.2 45.7
Other sectors 1,314.6 -12.4 -0.9 3.3 1,305.5 -4.2 -0.3 23.4 1,324.7 14.4
Reserve assets 356.3 0.0 0.0 -2.5 353.9 -1.6 -0.5 18.7 370.9 4.0