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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 October 2008 (revised) November 2008
November 2007 November 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 47.0 2,678.7 2,631.6 -61.0 2,782.7 2,843.7 -4.2 239.9 244.1 -13.9 214.3 228.3
Goods 63.6 1,506.6 1,443.0 -4.7 1,579.7 1,584.4 3.0 143.2 140.2 -5.2 122.9 128.2
Services 53.1 484.8 431.7 50.3 501.8 451.5 3.6 43.9 40.3 2.0 38.5 36.5
Income 11.7 597.7 586.0 -15.2 613.0 628.2 0.2 48.1 47.9 -1.4 47.8 49.2
Current transfers -81.3 89.6 170.9 -91.4 88.1 179.5 -11.0 4.7 15.7 -9.3 5.1 14.4
CAPITAL ACCOUNT 14.3 26.7 12.3 15.6 28.8 13.2 0.0 0.9 0.9 1.5 2.2 0.7
Balance Assets Liabilities Balance Assets Liabilities Balance Assets Liabilities Balance Assets Liabilities
FINANCIALACCOUNT1) 32.8 181.6 75.1 17.2
DIRECTINVESTMENT2) -107.0 -475.9 368.9 -257.1 -326.9 69.8 -13.9 -15.7 1.8 -31.2 -15.3 -15.9
Equity capital and reinvested earnings -96.9 -351.9 254.6 -156.1 -218.8 63.0 -9.8 -13.5 3.6 -0.9 4.7 -5.6
Other capital (mostly inter-company loans) -8.5 -124.0 114.3 -101.3 -108.2 6.8 -4.0 -2.2 -1.8 -30.3 -20.0 -10.4
PORTFOLIO INVESTMENT 193.0 -486.9 680.0 366.0 9.5 356.5 120.3 130.9 -10.5 47.9 2.3 45.6
Equity 49.3 -95.7 145.0 26.4 119.5 -93.1 6.2 49.0 -42.8 35.9 2.7 33.2
Debt instruments 143.7 -391.2 534.9 339.6 -110.0 449.7 114.2 81.9 32.3 12.0 -0.4 12.4
Bonds and notes 208.1 -306.2 514.3 199.8 -108.1 307.8 7.9 30.9 -23.0 18.8 2.2 16.6
Money market instruments -64.4 -85.0 20.6 139.9 -2.0 141.9 106.2 51.0 55.2 -6.7 -2.6 -4.2
MEMO ITEM: COMBINED DIRECT AND PORTFOLIO INVESTMENT 86.0 -962.8 1,048.9 108.9 -317.5 426.4 106.5 115.2 -8.7 16.7 -13.0 29.7
FINANCIAL DERIVATIVES (NET) -54.1 -19.8 25.4 -1.8
OTHER INVESTMENT 12.0 -1,039.2 1,051.2 101.1 -142.1 243.2 -48.2 -42.2 -6.0 3.3 94.0 -90.7
Eurosystem 53.0 -21.4 74.4 298.2 9.1 289.1 138.0 6.4 131.6 -29.2 1.6 -30.8
General government 19.0 11.4 7.6 -5.1 -3.6 -1.5 6.5 -0.3 6.8 -4.6 -7.3 2.6
of which: currency and deposits 7.3 7.3 -1.4 -1.4 2.8 2.8 -8.1 -8.1
MFIs (excluding the Eurosystem) 23.4 -677.2 700.6 -143.4 -39.9 -103.5 -205.7 -26.7 -179.0 32.6 90.2 -57.6
long-term -99.6 -196.4 96.8 -264.1 -248.2 -15.9 -39.5 -33.4 -6.1 -6.1 -4.0 -2.0
short-term 123.0 -480.8 603.8 120.6 208.2 -87.6 -166.2 6.7 -172.9 38.7 94.3 -55.6
Other sectors -83.3 -352.0 268.6 -48.6 -107.8 59.2 13.0 -21.6 34.6 4.5 9.5 -5.0
of which: currency and deposits -32.5 -32.5 34.2 34.2 -15.0 -15.0 -0.6 -0.6
RESERVE ASSETS -11.2 -11.2 -8.5 -8.5 -8.6 -8.6 -1.0 -1.0
Errors and omissions -94.2 -136.3 -70.9 -4.7