Monthly Bulletin July 2009 - Banque de France
Monthly Bulletin July 2009 - Banque de France
Monthly Bulletin July 2009 - Banque de France
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EURO AREA<br />
STATISTICS<br />
General notes<br />
(ECB/2004/15) 11 and the amending ECB<br />
Gui<strong>de</strong>line of 31 May 2007 (ECB/2007/3) 12 .<br />
Additional references about the methodologies<br />
and sources used in the euro area b.o.p. and i.i.p.<br />
statistics can be found in the ECB publication<br />
entitled “European Union balance of payments/<br />
international investment position statistical<br />
methods” (May 2007), and in the following<br />
Task Force reports: “Portfolio investment<br />
collection systems” (June 2002), “Portfolio<br />
investment income” (August 2003) and “Foreign<br />
direct investment” (March 2004), all of which<br />
can be downloa<strong>de</strong>d from the ECB’s website. In<br />
addition, the report by the ECB/European<br />
Commission (Eurostat) Task Force on Quality<br />
of balance of payments and international<br />
investment position statistics (June 2004) is<br />
available on the website of the Committee on<br />
Monetary, Financial and Balance of Payments<br />
Statistics (www.cmfb.org). The annual quality<br />
report on the euro area b.o.p./i.i.p., which is<br />
based on the Task Force’s recommendations, is<br />
available on the ECB’s website.<br />
The tables in Sections 7.1 and 7.4 follow the<br />
sign convention in the IMF Balance of Payments<br />
Manual, i.e. surpluses in the current account and<br />
in the capital account have a plus sign, while<br />
in the financial account a plus sign <strong>de</strong>notes an<br />
increase in liabilities or a <strong>de</strong>crease in assets. In<br />
the tables in Section 7.2, both credit and <strong>de</strong>bit<br />
transactions are presented with a plus sign.<br />
Furthermore, starting with the February 2008<br />
issue of the <strong>Monthly</strong> <strong>Bulletin</strong>, the tables in<br />
Section 7.3 have been restructured in or<strong>de</strong>r<br />
to allow the data on balance of payments, the<br />
international investment position and related<br />
growth rates to be presented together; in the new<br />
tables, transactions in assets and liabilities that<br />
correspond to increases in positions are shown<br />
with a plus sign.<br />
The euro area b.o.p. is compiled by the ECB.<br />
Recent monthly figures should be regar<strong>de</strong>d as<br />
provisional. Data are revised when figures for<br />
the following month and/or the <strong>de</strong>tailed quarterly<br />
b.o.p. are published. Earlier data are revised<br />
periodically, or as a result of methodological<br />
changes in the compilation of the source data.<br />
In Section 7.2, Table 1 also contains seasonally<br />
adjusted data for the current account. Where<br />
appropriate, the adjustment also covers<br />
working-day, leap-year and/or Easter effects.<br />
Table 3 in Section 7.2 and Table 8 in Section 7.3<br />
present a breakdown of the euro area b.o.p. and<br />
i.i.p. vis-à-vis main partner countries individually<br />
or as a group, distinguishing between EU Member<br />
States outsi<strong>de</strong> the euro area and countries<br />
or areas outsi<strong>de</strong> the European Union. The<br />
breakdown also shows transactions and positions<br />
vis-à-vis EU institutions (which, apart from the<br />
ECB, are treated statistically as outsi<strong>de</strong> the euro<br />
area, regardless of their physical location) and,<br />
for some purposes, also offshore centres and<br />
international organisations. The breakdown does<br />
not cover transactions or positions in portfolio<br />
investment liabilities, financial <strong>de</strong>rivatives and<br />
international reserves. In addition, separate data<br />
are not provi<strong>de</strong>d for investment income payable<br />
to Brazil, mainland China, India and Russia.<br />
The geographical breakdown is <strong>de</strong>scribed in the<br />
article entitled “Euro area balance of payments<br />
and international investment position vis-à-vis<br />
main counterparts” in the February 2005 issue of<br />
the <strong>Monthly</strong> <strong>Bulletin</strong>.<br />
The data on the euro area b.o.p. financial<br />
account and i.i.p. in Section 7.3 are based on<br />
transactions and positions vis-à-vis non-resi<strong>de</strong>nts<br />
of the euro area, consi<strong>de</strong>ring the euro area as a<br />
single economic entity (see also Box 9 in the<br />
December 2002 issue of the <strong>Monthly</strong> <strong>Bulletin</strong>,<br />
Box 5 in the January 2007 issue of the <strong>Monthly</strong><br />
<strong>Bulletin</strong> and Box 6 in the January 2008 issue<br />
of the <strong>Monthly</strong> <strong>Bulletin</strong>). The i.i.p. is valued<br />
at current market prices, with the exception of<br />
direct investment, where book values are used for<br />
unquoted shares, and other investments (e.g. loans<br />
and <strong>de</strong>posits). The quarterly i.i.p. is compiled on<br />
the basis of the same methodological framework<br />
as the annual i.i.p. As some data sources are not<br />
available on a quarterly basis (or are available<br />
with a <strong>de</strong>lay), the quarterly i.i.p. is partly<br />
estimated on the basis of financial transactions,<br />
asset prices and foreign exchange <strong>de</strong>velopments.<br />
11 OJ L 354, 30.11.2004, p. 34.<br />
12 OJ L 159, 20.6.2007, p. 48.<br />
ECB<br />
<strong>Monthly</strong> <strong>Bulletin</strong><br />
<strong>July</strong> <strong>2009</strong>S 91