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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 March 2008 (revised) April 2008
April 2007 April 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 11.9 2,487.6 2,475.7 0.5 2,707.9 2,707.4 -5.7 223.8 229.6 -9.2 235.3 244.4
Goods 38.1 1,434.3 1,396.2 43.3 1,546.6 1,503.3 1.3 130.2 128.8 3.0 137.8 134.9
Services 44.7 454.2 409.5 51.5 499.6 448.1 3.3 38.7 35.4 2.7 40.0 37.3
Income 8.5 508.8 500.3 -6.2 568.4 574.6 0.7 49.9 49.2 -6.9 49.9 56.9
Current transfers -79.5 90.3 169.8 -88.2 93.2 181.5 -11.1 5.0 16.2 -7.9 7.5 15.4
CAPITAL ACCOUNT 13.0 26.0 12.9 15.0 26.5 11.4 0.8 2.0 1.2 0.5 1.5 1.0
Balance Assets Liabilities Balance Assets Liabilities Balance Assets Liabilities Balance Assets Liabilities
FINANCIALACCOUNT1) 121.3 57.0 11.6 21.4
DIRECTINVESTMENT2) -133.5 -306.3 172.8 -165.9 -364.3 198.4 -16.3 -21.4 5.1 -24.2 18.5 -42.7
Equity capital and reinvested earnings -100.7 -231.7 128.0 -140.6 -269.1 128.9 -7.4 -16.3 8.8 -7.9 24.5 -32.4
Other capital (mostly inter-company loans) -28.5 -74.6 44.8 -25.6 -95.2 69.4 -8.8 -5.2 -3.7 -16.3 -6.0 -10.3
PORTFOLIO INVESTMENT 401.3 -493.1 894.4 174.0 -306.9 480.8 -0.1 -2.6 2.5 0.5 -30.2 30.7
Equity 214.8 -77.6 292.4 175.8 24.4 151.4 12.4 16.8 -4.5 -20.9 -1.2 -19.7
Debt instruments 186.5 -415.5 602.0 -1.8 -331.3 329.4 -12.5 -19.4 6.9 21.4 -29.0 50.4
Bonds and notes 251.4 -325.7 577.2 36.8 -241.9 278.7 -0.9 3.7 -4.6 1.9 -26.8 28.7
Money market instruments -64.9 -89.7 24.9 -38.6 -89.3 50.7 -11.5 -23.1 11.5 19.5 -2.2 21.7
MEMO ITEM: COMBINED DIRECT AND PORTFOLIO INVESTMENT 267.8 -799.3 1,067.2 8.0 -671.1 679.2 -16.4 -24.0 7.6 -23.7 -11.7 -12.0
FINANCIAL DERIVATIVES (NET) -10.5 -103.4 7.3 -14.2
OTHER INVESTMENT -127.0 -926.4 799.4 163.4 -698.7 862.0 24.0 6.7 17.3 62.7 -53.9 116.6
Eurosystem 17.5 -3.9 21.4 35.9 -14.1 50.0 12.7 -2.3 15.0 6.9 -2.2 9.1
General government 8.3 7.7 0.6 2.6 0.2 2.5 1.3 1.4 -0.2 -1.9 -1.6 -0.2
of which: currency and deposits 0.3 0.3 -0.7 -0.7 1.3 1.3 -1.4 -1.4
MFIs (excluding the Eurosystem) -115.6 -736.7 621.1 186.0 -408.4 594.3 7.1 36.8 -29.7 66.6 -50.4 117.0
long-term -102.7 -209.2 106.5 -160.6 -204.6 44.0 -42.4 -32.0 -10.4 -14.6 -6.7 -7.9
short-term -13.0 -527.5 514.6 346.6 -203.8 550.3 49.5 68.8 -19.3 81.2 -43.7 124.9
Other sectors -37.1 -193.5 156.3 -61.1 -276.4 215.2 3.0 -29.2 32.2 -9.0 0.4 -9.4
of which: currency and deposits -34.9 -34.9 23.9 23.9 -9.7 -9.7 16.2 16.2
RESERVE ASSETS -9.1 -9.1 -11.0 -11.0 -3.3 -3.3 -3.4 -3.4
Errors and omissions -146.2 -72.5 -6.7 -12.8