Table 3: Net international investment position of the euro area
(EUR billions (ECU billions in 1997); assets minus liabilities; end-of-period positions)
| Euro 11 | Euro 12 | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1997 | 1998 | 1999 | 2000 | 1999 | 2000 | |||||||||||||
| Source: ECB. | ||||||||||||||||||
| TOTAL | 32.7 | −147.9 | −75.0 | −101.4 | −116.7 | −152.1 | ||||||||||||
| DIRECT INVESTMENT | 177.6 | 152.2 | 402.4 | 466.6 | 390.9 | 459.3 | ||||||||||||
| Equity capital and reinvested earnings | 148.6 | 124.2 | 318.9 | 395.0 | 308.1 | 388.5 | ||||||||||||
| Other capital (mostly inter−company loans) | 29.1 | 28.0 | 83.5 | 71.6 | 82.8 | 70.8 | ||||||||||||
| PORTFOLIO INVESTMENT | −724.7 | −713.5 | −752.8 | −666.8 | −798.9 | −721.5 | ||||||||||||
| Equity | −358.7 | −462.0 | −591.3 | −366.9 | −605.3 | −375.8 | ||||||||||||
| Debt instruments | −366.0 | −251.5 | −161.4 | −299.9 | −193.6 | −345.7 | ||||||||||||
| Bonds and notes | −339.8 | −229.0 | −108.4 | −263.1 | −139.9 | −308.6 | ||||||||||||
| Money market instruments | −26.2 | −22.5 | −53.0 | −36.7 | −53.7 | −37.1 | ||||||||||||
| FINANCIAL DERIVATIVES | −5.9 | 2.3 | 10.1 | 7.0 | 10.1 | 7.0 | ||||||||||||
| OTHER INVESTMENT | 222.4 | 81.7 | −107.3 | −286.2 | −100.9 | −288.2 | ||||||||||||
| Trade credits | 79.8 | 100.0 | 111.9 | 115.7 | 111.5 | 114.9 | ||||||||||||
| Loans/currency and deposits | 51.3 | −107.1 | −338.2 | −530.4 | −331.5 | −531.6 | ||||||||||||
| Other assets/liabilities | 91.4 | 88.8 | 119.0 | 128.5 | 119.1 | 128.5 | ||||||||||||
| RESERVE ASSETS | 363.3 | 329.4 | 372.6 | 378.0 | 382.2 | 391.2 | ||||||||||||