Monthly Bulletin July 2009 - Banque de France

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EURO AREA STATISTICS External transactions and positions 7.3 Financial account (EUR billions and annual growth rates; outstanding amounts and growth rates at end of period, transactions during period) 3. Portfolio investment assets Total Equity Debt instruments Bonds and notes Money market instruments Total MFIs Non-MFIs Total MFIs Non-MFIs Total MFIs Non-MFIs Euro- General Euro- General Euro- General system government system government system government 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Outstanding amounts (international investment position) 2006 4,371.5 1,936.2 127.8 2.8 1,808.4 37.0 2,056.0 875.0 13.0 1,181.0 14.1 379.3 311.6 11.1 67.7 0.2 2007 4,653.8 1,984.7 145.2 2.4 1,839.5 44.6 2,231.5 937.4 15.5 1,294.0 16.9 437.7 350.6 33.9 87.1 0.5 2008 Q3 4,281.0 1,510.5 88.2 2.7 1,422.3 39.0 2,287.9 990.8 23.2 1,297.1 19.4 482.6 390.8 55.1 91.9 0.7 Q4 3,747.3 1,154.7 70.2 2.9 1,084.5 28.1 2,147.3 957.6 19.2 1,189.7 17.0 445.3 376.8 61.6 68.5 1.2 Transactions 2007 439.5 79.5 36.0 -0.4 43.6 5.5 282.5 153.6 3.8 128.9 2.0 77.5 68.5 25.0 9.0 0.3 2008 -14.7 -113.0 -55.4 0.6 -57.6 -0.5 91.1 49.7 6.9 41.4 2.4 7.1 24.9 24.5 -17.8 0.3 2008 Q3 -60.9 -51.3 -4.4 0.1 -46.9 0.6 19.9 -0.8 -0.2 20.6 1.1 -29.4 -33.0 -1.2 3.6 -0.2 Q4 -155.3 -49.7 -4.0 0.4 -45.6 -1.3 -59.6 -15.3 -4.5 -44.3 -0.5 -46.1 -19.0 -1.8 -27.1 0.2 2009 Q1 -55.0 -2.7 -8.0 0.0 5.3 - -34.4 -20.5 -2.6 -13.8 - -18.0 -19.3 -4.7 1.4 - 2008 Dec. -22.1 -5.0 -1.7 0.1 -3.3 . -23.3 -5.2 -1.5 -18.1 . 6.2 9.5 -0.5 -3.3 . 2009 Jan. 20.8 7.8 -0.2 0.0 8.0 . 10.9 7.7 -0.7 3.2 . 2.2 1.7 1.0 0.4 . Feb. -21.0 -8.4 -3.5 0.0 -4.9 . -12.8 -2.3 0.3 -10.5 . 0.1 -0.3 1.5 0.4 . Mar. -54.8 -2.1 -4.3 0.0 2.2 . -32.5 -25.9 -2.2 -6.5 . -20.2 -20.8 -7.2 0.6 . Apr. 0.4 -1.5 0.1 -0.1 -1.6 . 6.8 -6.9 0.4 13.7 . -5.0 0.4 1.3 -5.4 . Growth rates 2006 13.8 9.0 17.5 0.9 8.4 22.1 17.1 24.1 15.8 12.5 9.0 21.3 22.2 220.7 20.4 -27.3 2007 10.0 4.0 29.0 -13.1 2.3 14.4 13.8 17.8 30.1 10.8 14.0 20.8 22.5 225.0 13.0 173.4 2008 Q3 5.3 -2.4 -26.2 6.6 -0.6 4.4 9.8 10.3 65.0 9.4 19.3 16.9 22.7 146.4 -5.8 -94.1 Q4 -0.6 -6.5 -37.8 26.0 -3.9 -1.3 4.1 5.3 26.0 3.3 14.5 1.3 7.0 94.5 -22.7 52.8 2009 Q1 -3.5 -4.6 -23.5 19.0 -3.2 - 0.8 0.0 -10.4 1.4 - -16.9 -13.1 50.2 -33.0 - 4. Portfolio investment liabilities Total Equity Debt instruments Bonds and notes Money market instruments Total MFIs Non-MFIs Total MFIs Non-MFIs Total MFIs Non-MFIs General government General government 1 2 3 4 5 6 7 8 9 10 11 12 Outstanding amounts (international investment position) 2006 5,866.5 2,910.8 657.6 2,253.2 2,656.9 953.8 1,705.5 1,019.2 298.8 125.7 173.2 138.0 2007 6,340.0 3,103.1 754.7 2,348.3 2,917.3 1,128.0 1,789.3 1,113.4 319.6 153.4 166.1 142.5 2008 Q3 6,029.1 2,414.9 715.4 1,699.3 3,152.6 1,150.5 2,001.6 1,253.7 461.6 176.6 285.0 228.4 Q4 5,978.2 2,126.5 680.8 1,445.7 3,275.8 1,165.8 2,110.1 1,383.1 575.8 171.7 404.1 339.3 Transactions 2007 599.3 127.6 76.7 50.6 433.0 229.7 203.4 148.6 38.6 41.1 -2.6 8.1 2008 424.5 -77.1 93.4 -170.5 281.6 45.1 237.0 197.4 219.9 -6.7 226.6 198.8 2008 Q3 60.7 -73.6 -14.9 -58.8 63.9 10.3 53.7 54.8 70.4 -4.2 74.7 52.3 Q4 46.5 -45.9 17.8 -63.8 -13.0 -42.0 29.0 32.8 105.5 -11.0 116.5 108.7 2009 Q1 79.6 -54.0 -0.9 -53.1 106.2 12.8 93.4 - 27.4 -32.6 60.1 - 2008 Dec. -15.7 -6.1 . . -29.0 . . . 19.3 . . . 2009 Jan. 13.5 -44.5 . . 27.8 . . . 30.2 . . . Feb. 35.1 -5.9 . . 35.1 . . . 6.0 . . . Mar. 31.0 -3.6 . . 43.3 . . . -8.7 . . . Apr. -5.7 -20.2 . . -12.4 . . . 26.9 . . . Growth rates 2006 16.3 12.1 17.5 10.6 22.9 25.9 21.2 15.2 1.5 21.5 -10.0 -11.2 2007 10.1 4.4 11.4 2.3 16.3 24.3 11.9 14.6 12.7 33.7 -0.2 6.6 2008 Q3 6.6 -2.4 5.6 -5.1 13.0 10.9 14.3 17.8 26.0 19.1 34.3 27.6 Q4 7.1 -3.4 12.8 -8.8 9.9 4.1 13.4 18.1 65.5 -3.7 135.6 144.4 2009 Q1 5.9 -7.6 2.7 -11.7 10.6 3.5 14.8 - 63.2 -24.5 148.4 - Source: ECB. ECB Monthly Bulletin July 2009S 65
7.3 Financial account (EUR billions and annual growth rates; outstanding amounts and growth rates at end of period, transactions during period) 5. Other investment assets Total Eurosystem MFIs General Other sectors (excluding Eurosystem) government Total Loans/ Other Total Loans/ Other Trade Loans/currency Trade Loans/currency currency assets currency assets credits and deposits credits and deposits and and deposits deposits Currency Currency and and deposits deposits 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Outstanding amounts (international investment position) 2006 4,448.7 14.1 12.7 1.4 2,937.6 2,874.9 62.8 120.0 14.2 58.2 15.4 1,377.1 187.9 1,062.1 395.6 2007 5,233.5 39.1 37.7 1.4 3,342.5 3,271.4 71.1 107.1 12.7 48.1 13.5 1,744.8 191.1 1,387.7 441.7 2008 Q3 5,476.5 34.2 33.2 1.0 3,553.1 3,477.3 75.8 100.8 12.3 39.9 8.7 1,788.5 199.8 1,365.6 371.0 Q4 5,222.0 33.5 32.5 1.0 3,284.5 3,226.8 57.7 101.4 12.0 41.2 7.0 1,802.6 190.2 1,388.9 379.7 Transactions 2007 910.9 22.0 22.0 0.0 548.3 541.0 7.3 -7.6 -1.4 -7.2 -2.0 348.3 13.7 292.7 38.7 2008 24.2 -4.3 -4.3 0.0 -31.0 -50.0 19.0 -7.0 -1.1 -6.7 -5.9 66.4 13.3 -5.9 -50.7 2008 Q3 101.0 -1.9 -1.9 0.0 81.3 81.3 0.0 -8.0 -0.1 -8.8 -8.3 29.6 2.7 6.8 -1.5 Q4 -259.6 -2.2 -2.3 0.0 -227.2 -240.8 13.7 -0.3 -0.3 1.0 -1.9 -29.9 -5.6 -23.6 -9.5 2009 Q1 -243.2 -8.3 - - -229.3 - - 6.5 - - 9.0 -12.1 - - -6.9 2008 Dec. -206.4 -2.3 . . -161.5 . . -7.3 . . -7.2 -35.3 . . -26.1 2009 Jan. -51.2 -2.4 . . -52.6 . . 13.4 . . 11.3 -9.7 . . -3.6 Feb. -104.9 -3.6 . . -91.4 . . -7.8 . . -3.2 -2.2 . . -6.3 Mar. -87.1 -2.3 . . -85.4 . . 0.8 . . 0.9 -0.3 . . 3.0 Apr. 27.7 1.6 . . 39.6 . . -9.9 . . -10.2 -3.7 . . -7.2 Growth rates 2006 19.5 -37.6 -40.0 1.6 21.1 21.3 10.7 -5.5 -26.1 -4.3 24.5 20.0 3.4 24.5 8.5 2007 20.5 157.3 173.8 -1.7 18.8 18.9 11.5 -6.4 -9.7 -12.4 -13.1 25.2 7.4 27.3 9.8 2008 Q3 7.4 2.0 2.3 0.3 7.6 7.5 10.5 -5.1 -8.9 -13.2 -31.4 7.9 12.5 3.7 -12.5 Q4 0.4 -13.6 -14.0 5.0 -0.9 -1.5 27.0 -6.5 -8.6 -14.1 -45.7 3.8 7.0 -0.5 -12.0 2009 Q1 -9.4 -47.4 - - -13.5 - - 4.2 - - 37.8 -1.1 - - -16.8 6. Other investment liabilities Total Eurosystem MFIs General Other sectors (excluding Eurosystem) government Total Loans/ Other Total Loans/ Other Total Trade Loans Other Total Trade Loans Other currency liabilities currency liabilities credits liabilities credits liabilities and and deposits deposits 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Outstanding amounts (international investment position) 2006 4,711.0 116.3 116.1 0.2 3,484.8 3,430.4 54.5 51.6 0.0 47.5 4.1 1,058.2 146.8 819.6 91.7 2007 5,483.9 201.7 201.4 0.2 3,938.7 3,871.7 67.0 51.8 0.0 46.6 5.2 1,291.7 158.4 1,024.1 109.3 2008 Q3 5,957.5 371.8 371.4 0.3 4,197.0 4,126.6 70.4 52.3 0.0 48.8 3.4 1,336.5 170.0 1,062.0 104.4 Q4 5,683.5 481.7 481.5 0.3 3,774.7 3,718.0 56.7 61.3 0.0 57.7 3.6 1,365.8 166.8 1,090.4 108.6 Transactions 2007 956.9 91.4 91.4 0.0 635.2 630.4 4.8 -0.9 0.0 -1.8 0.9 231.3 9.9 224.4 -3.0 2008 184.7 280.0 280.0 0.1 -173.3 -191.3 18.0 9.4 0.0 10.8 -1.4 68.6 6.8 62.8 -1.1 2008 Q3 83.8 107.8 107.7 0.1 -26.9 -30.9 4.0 2.2 0.0 2.4 -0.1 0.7 1.5 2.8 -3.7 Q4 -246.8 110.6 110.7 -0.1 -403.6 -416.9 13.4 8.9 0.0 8.5 0.4 37.3 -3.4 34.4 6.2 2009 Q1 -241.3 -81.5 - - -118.6 - - -1.6 - - - -39.6 - - - 2008 Dec. -175.6 11.4 . . -173.5 . . -0.5 . . . -12.9 . . . 2009 Jan. 12.1 -59.1 . . 99.2 . . 2.1 . . . -30.0 . . . Feb. -157.4 -28.0 . . -106.9 . . -4.9 . . . -17.6 . . . Mar. -96.1 5.6 . . -110.9 . . 1.3 . . . 7.9 . . . Apr. 30.9 -28.9 . . 37.8 . . -0.6 . . . 22.6 . . . Growth rates 2006 18.4 22.4 22.4 5.7 16.1 16.1 13.3 3.6 -24.1 4.2 -3.2 27.3 9.8 31.9 17.6 2007 20.4 79.2 79.4 -6.9 18.3 18.5 8.8 -1.6 29.1 -3.6 18.0 21.4 6.7 27.4 -1.5 2008 Q3 9.6 126.0 126.3 10.3 7.1 7.1 7.2 -9.6 54.1 -6.0 -42.4 3.0 9.2 4.0 -13.5 Q4 3.4 140.9 141.1 20.8 -4.4 -4.9 26.8 18.2 -4.8 23.3 -28.1 5.3 4.3 6.1 -1.3 2009 Q1 -6.8 82.5 - - -13.6 - - 16.2 - - - -1.1 - - - Source: ECB. S 66 ECB Monthly Bulletin July 2009
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EN 0712009 EUROPEAN CENTRAL BANK MO
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© European Central Bank 2009 Addre
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ABBREVIATIONS COUNTRIES LU Luxembou
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Risks to the outlook for inflation
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ECONOMIC AND MONETARY DEVELOPMENTS
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ARTICLES THE IMPACT OF GOVERNMENT S
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others also take into account the r
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exceeds the market price, a capital
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4 THE IMPACT ON GOVERNMENT BOND YIE
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yield differential to Germany despi
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5 IMPLICATIONS FOR FISCAL SUSTAINAB
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THE IMPLEMENTATION OF MONETARY POLI
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to loans with shorter maturities to
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Chart 2 Average daily reserve surpl
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In pre-turmoil times, such allotmen
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Chart 5 US dollars provided by the
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in Chart 7, which shows that lendin
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Chart A The EONIA, the euro interba
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euro-denominated covered bonds issu
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Table 1 Two-group rotation system (
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for each governor; (ii) transparenc
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Chart C The three-group rotation sy
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7. The share of each national centr
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EURO AREA STATISTICS ECB Monthly Bu
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6.3 Change in debt S57 6.4 Quarterl
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1 MONETARY POLICY STATISTICS 1.1 Co
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1), 2) 1.3 Eurosystem monetary poli
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2 MONEY, BANKING AND INVESTMENT FUN
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2.3 Monetary statistics 1) (EUR bil
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Monthly Bulletin July 2009 - Banque de France

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