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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 2008 Q3 2008 (revised) Q4 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 -1,197.7 -61.7 - 3.1 -1,256.3 -136.7 - -327.9 -1,720.9 -18.6
Direct investment 511.6 35.9 - 31.1 578.7 86.7 - -97.5 567.9 6.1
Abroad 3,664.7 88.7 2.4 24.0 3,777.4 50.5 1.3 -74.3 3,753.7 40.5
Equity/reinvested earnings 2,905.1 65.7 2.3 36.5 3,007.4 35.0 1.2 -72.3 2,970.1 32.0
Other capital 759.6 22.9 3.0 -12.5 770.1 15.5 2.0 -2.0 783.6 8.4
In the euro area 3,153.1 52.8 1.7 -7.1 3,198.8 -36.2 -1.1 23.2 3,185.7 34.4
Equity/reinvested earnings 2,350.3 30.9 1.3 -9.4 2,371.8 0.7 0.0 -3.6 2,368.9 25.5
Other capital 802.8 21.9 2.7 2.3 826.9 -36.9 -4.5 26.8 816.8 8.8
Portfolio investment -1,617.8 -121.5 - -8.8 -1,748.0 -201.8 - -281.0 -2,230.9 -24.1
Assets 4,432.1 -60.9 -1.4 -90.2 4,281.0 -155.3 -3.6 -378.5 3,747.3 40.4
Equity securities 1,689.9 -51.3 -3.0 -128.1 1,510.5 -49.7 -3.3 -306.1 1,154.7 12.5
Debt securities 2,742.3 -9.6 -0.3 37.9 2,770.6 -105.6 -3.8 -72.3 2,592.6 28.0
Bonds and notes 2,242.8 19.9 0.9 25.3 2,287.9 -59.6 -2.6 -81.0 2,147.3 23.2
Money market instruments 499.5 -29.4 -5.9 12.6 482.6 -46.1 -9.5 8.7 445.3 4.8
Liabilities 6,049.9 60.7 1.0 -81.5 6,029.1 46.5 0.8 -97.5 5,978.2 64.5
Equity securities 2,673.8 -73.6 -2.8 -185.3 2,414.9 -45.9 -1.9 -242.5 2,126.5 22.9
Debt securities 3,376.1 134.3 4.0 103.8 3,614.2 92.5 2.6 145.0 3,851.6 41.5
Bonds and notes 3,008.1 63.9 2.1 80.6 3,152.6 -13.0 -0.4 136.3 3,275.8 35.3
Money market instruments 368.0 70.4 19.1 23.2 461.6 105.5 22.9 8.7 575.8 6.2
MEMO ITEM: COMBINED DIRECT AND PORTFOLIO INVESTMENT -1,106.1 -85.6 - 22.4 -1,169.4 -115.1 - -378.5 -1,663.0 -17.9
Financial derivatives -4.7 8.4 - 19.5 23.2 -9.2 - 5.7 19.7 0.2
Other investment -440.7 17.2 - -57.5 -481.0 -12.8 - 32.3 -461.5 -5.0
Assets 5,253.3 101.0 1.9 122.1 5,476.5 -259.6 -4.7 5.1 5,222.0 56.3
Eurosystem 34.9 -1.9 -5.5 1.2 34.2 -2.2 -6.5 1.5 33.5 0.4
General government 106.5 -8.0 -7.5 2.3 100.8 -0.3 -0.3 0.9 101.4 1.1
MFIs excluding Eurosystem 3,353.6 81.3 2.4 118.1 3,553.1 -227.2 -6.4 -41.4 3,284.5 35.4
Other sectors 1,758.4 29.6 1.7 0.5 1,788.5 -29.9 -1.7 44.0 1,802.6 19.4
Liabilities 5,694.1 83.8 1.5 179.6 5,957.5 -246.8 -4.1 -27.2 5,683.5 61.3
Eurosystem 258.5 107.8 41.7 5.4 371.8 110.6 29.8 -0.6 481.7 5.2
General government 49.9 2.2 4.5 0.1 52.3 8.9 17.1 0.1 61.3 0.7
MFIs excluding Eurosystem 4,079.4 -26.9 -0.7 144.5 4,197.0 -403.6 -9.6 -18.7 3,774.7 40.7
Other sectors 1,306.3 0.7 0.1 29.5 1,336.5 37.3 2.8 -8.0 1,365.8 14.7
Reserve assets 353.9 -1.6 -0.5 18.7 370.9 0.4 0.1 12.6 383.9 4.1