Table 2: Monthly balance of payments of the euro area

(EUR billions; transactions; non−working day and non−seasonally adjusted data)

Cumulated figures for
the 12-month period ending
November 2011
(revised)
December 2011
December 2010 December 2011
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.
CURRENT
ACCOUNT
-42.2 2,617.1 2,659.3 -31.5 2,879.8 2,911.3 1.9 247.7 245.8 16.3 261.4 245.1
Goods 12.9 1,560.0 1,547.1 6.0 1,768.6 1,762.5 6.7 159.5 152.9 10.5 150.0 139.5
Services 45.9 518.8 472.9 59.6 542.7 483.1 3.0 43.3 40.3 5.4 49.6 44.2
Income 2.3 450.7 448.4 7.5 480.1 472.6 1.8 39.1 37.3 2.1 47.0 45.0
Current transfers -103.3 87.6 190.9 -104.5 88.4 193.0 -9.5 5.8 15.3 -1.7 14.8 16.5
CAPITAL
ACCOUNT
5.5 21.2 15.7 9.8 23.3 13.4 2.2 3.1 0.9 1.4 3.9 2.5
Balance Assets Liabilities Balance Assets Liabilities Balance Assets Liabilities Balance Assets Liabilities
FINANCIAL
ACCOUNT1)
44.1 9.3 -6.7 -23.0
DIRECT
INVESTMENT2)
-49.9 -174.9 125.0 -69.8 -237.1 167.4 -8.0 -13.2 5.2 1.3 -19.7 21.0
Equity capital and reinvested earnings 124.8 -51.1 176.7 -48.5 -201.5 152.9 -14.1 -16.2 2.1 -4.4 -14.5 10.1
Other capital (mostly inter-company loans) -175.3 -123.8 -51.7 -21.2 -35.7 14.4 6.1 3.0 3.1 5.7 -5.2 10.9
PORTFOLIO INVESTMENT 148.0 -145.6 293.6 293.4 60.3 233.1 1.5 23.2 -21.7 2.0 -3.4 5.3
Equity 52.4 -76.5 128.9 92.9 62.9 29.9 8.3 14.1 -5.8 14.9 6.0 8.9
Debt instruments 95.7 -69.1 164.7 200.5 -2.6 203.1 -6.8 9.1 -15.9 -12.9 -9.4 -3.5
Bonds and notes 64.9 -109.3 174.2 198.0 14.1 183.9 9.6 12.1 -2.5 20.1 2.8 17.4
Money market instruments 30.7 40.3 -9.5 2.5 -16.7 19.2 -16.5 -3.0 -13.5 -33.1 -12.2 -20.9
MEMO ITEM: COMBINED DIRECT AND
PORTFOLIO INVESTMENT
98.1 -320.5 418.6 223.7 -176.8 400.5 -6.5 10.0 -16.5 3.2 -23.1 26.3
FINANCIAL DERIVATIVES (NET) 17.4 -23.4 0.6 -7.1
OTHER INVESTMENT -61.2 -176.7 115.5 -180.9 -171.4 -9.5 -0.5 37.1 -37.6 -13.7 73.7 -87.4
Eurosystem 11.8 2.9 8.9 140.3 3.3 136.9 0.6 3.4 -2.8 102.5 1.9 100.6
General government 24.6 -40.0 64.6 65.1 -3.0 68.0 -9.6 -9.4 -0.2 1.9 -0.3 2.2
of which: currency and deposits -4.9 -4.9 -9.5 -9.5 -6.8 -6.8 1.5 1.5
MFIs (excluding the Eurosystem) -19.3 -8.5 -10.8 -354.7 -35.7 -319.1 8.6 47.4 -38.8 -135.8 51.0 -186.8
Long-term 35.0 55.3 -20.3 -9.1 -17.2 8.1 5.9 12.0 -6.1 -16.3 -9.0 -7.2
Short-term -54.3 -63.8 9.5 -345.6 -18.5 -327.2 2.6 35.4 -32.7 -119.5 60.1 -179.5
Other sectors -78.4 -131.2 52.8 -31.5 -136.1 104.6 -0.1 -4.3 4.2 17.6 21.0 -3.4
of which: currency and deposits -46.3 -46.3 -45.9 -45.9 -6.7 -6.7 17.5 17.5
RESERVE ASSETS -10.3 -10.3 -10.1 -10.1 -0.2 -0.2 -5.4 -5.4
Errors and omissions -7.4 12.4 2.5 5.3