ECB: STATISTICS Pocket Book -- November 2010

8/8/2019 ECB: STATISTICS Pocket Book -- November 2010

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January

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The Statistics Pocket Book is updated monthly. As a general rule, the cut-offdate for the statistics included in the Pocket Book is the day preceding theGoverning Council of the ECBs first meeting of the month. For this issue, itwas 3 November 2010.

For specific information on indicators in the tables, please refer to the notes at

the back. If you require further information, please contact us at: [email protected].

General information

Unless otherwise indicated, all data series including observations for 2009and beyond relate to the Euro 16 (the euro area including Slovakia) forthe whole time series. For interest rates, monetary statistics and the HICP(and, for consistency reasons, the components and counterparts of M3 and thecomponents of the HICP), statistical series refer to the changing composition ofthe euro area (see below for details). In such cases, where underlying data are

available, absolute and percentage changes for the respective year of entry intothe euro area of Greece (2001), Slovenia (2007), Cyprus (2008), Malta (2008)and Slovakia (2009), calculated from bases covering the year prior to the yearof entry, use a series in which the impact of these countries joining the euroarea is taken into account. Historical data referring to the euro area is takeninto account.

The statistical series referring to the changing composition of the euro area arebased on the euro area composition at the time to which the statistics relate. Thus,data prior to 2001 refer to the Euro 11, i.e. the following 11 EU Member States:

Belgium, Germany, Ireland, Spain, France, Italy, Luxembourg, the Netherlands,Austria, Portugal and Finland. Data from 2001 to 2006 refer to the Euro 12, i.e.the Euro 11 plus Greece. Data for 2007 refer to the Euro 13, i.e. the Euro 12 plusSlovenia. Data for 2008 refer to the Euro 15, i.e. the Euro 13 plus Cyprus andMalta, and data as of 2009 refer to the Euro 16, i.e. the Euro 15 plus Slovakia.

More information can be found in the Euro area statistics section of theECBs Monthly Bulletin and the Statistics section of the ECBs website(www.ecb.europa.eu). All rights reserved.

European Central Bank, 2010

Address Kaiserstrasse 2960311 Frankfurt am MainGermany

Postal address Postfach 16 03 1960066 Frankfurt am MainGermany

Telephone +49 69 1344 0

Website http://www.ecb.europa.eu

Fax +49 69 1344 6000

ISSN 1725-552X (print)

ISSN 1725-5538 (online)


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ECB Statistics Pocket Book November 2010 3

Contents

1 Overview of major economic areas

1.1 Structural indicators 71.2 Main recent economic developments 8

2 Population and the labour market

2.1 Population and the labour market in the euro area 92.2 Employment in terms of persons employed and hours worked 9

3 Macroeconomic indicators

3.1 GDP and expenditure components in the euro area 103.2 Value added by economic activity in the euro area 103.3 Short-term business indicators in the euro area 113.4 Opinion surveys (excluding price-related developments)

in the euro area 11

4 External

4.1 Euro area balance of payments 124.2 Euro area balance of payments current account 124.3 Euro area trade in goods with main partners 134.4 Geographical breakdown of the b.o.p.: current and capital accounts 144.5 Geographical breakdown of the b.o.p.: financial account 144.6 Monetary presentation of the euro area balance of payments 15

4.7 Euro area international investment position 154.8 Geographical breakdown of the international investment position 164.9 International reserves of the Eurosystem and the ECB 164.10 Exchange rates 17

5 Prices

5.1 HICP in the euro area 185.2 The impact of inflation on the purchasing power of money 185.3 Industry, construction, residential property,

export and import prices 195.4 Price-related opinion surveys in the euro area 195.5 Other prices and costs in the euro area 205.6 Gross domestic product deflators in the euro area 20

6 Euro area accounts

6.1 Euro area 216.2 Households 226.3 Non-financial corporations 236.4 Insurance corporations and pension funds 24


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ECB Statistics Pocket Book November 20104

7 Government finance

7.1 Government revenue, expenditure, deficit/surplusand borrowing requirement 25

7.2 Euro area government debt 25

8 Monetary policy

8.1 Key ECB interest rates 268.2 Eurosystem monetary policy operations allotted through tender

procedures 8.3 Monetary developments in the euro area 288.4 Main components of the annual growth rate of M3 288.5 Main counterparts of M3 298.6 Breakdown of the annual growth rate of M3 by counterpart 298.7 Minimum reserve statistics 30

8.8 Structural indicators for the banking systemand investment funds of the euro area 30

9 Financial market developments

9.1 Securities issued by euro area residents: outstanding amounts 319.2 Debt securities issued by euro area residents: gross issues,

redemptions and net issues 319.3 Euro-denominated debt securities issued by euro area residents:

outstanding amounts and annual growth rates by sector of theissuer 32

9.4 Quoted shares issued by euro area residents: outstandingamounts and annual growth rates by sector of the issuer 32

9.5 Money market interest rates 339.6 Interest rates implied by 3-month EURIBOR futures 339.7 Euro area yield curves 349.8 Spread between swaps and government bond yields 349.9 Stock market indices 359.10 Euro area sectoral stock market indices 35

9.11 MFI interest rates on deposits 369.12 MFI interest rates on loans 36

10 Payment and settlement systems

10.1 Major interbank funds transfer systems in the European Union 37

11 Selected indicators for EU Member States

11.1 HICP 3811.2 GDP 3911.3 GDP per capita and gross value added by economic

activity in 2009 4011.4 Unit labour costs 41


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Country abbreviations

BE Belgium HU Hungary

BG Bulgaria MT Malta

CZ Czech Republic NL Netherlands

DK Denmark AT Austria

DE Germany PL Poland

EE Estonia PT Portugal

IE Ireland RO Romania

GR Greece SI Slovenia

ES Spain SK Slovakia

FR France FI Finland

IT Italy SE Sweden

CY Cyprus UK United Kingdom

LV Latvia JP Japan

LT Lithuania US United StatesLU Luxembourg

11.5 Harmonised competitiveness indicators and real effectiveexchange rates based on consumer price indices 42

11.6 Population and employment 4311.7 Unemployment 4411.8 General government deficit/surplus 45

11.9 General government debt 4611.10 General government expenditure 4711.11 Harmonised long-term interest rates

for convergence assessment purposes 4811.12 MFI interest rate indicator for Estonia 48

Notes on the tables 49


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Conventions used in the tables

- data do not exist/data are not applicable

. data are not yet available

... nil or negligible

billion 109

trillion 1012

(p) provisional

s.a. seasonally adjusted

Other abbreviations

b.o.p. balance of payments

c.i.f. cost, insurance and freight at the importers border

EONIA euro overnight index average

EU European Union

EURIBOR euro interbank offered rate

f.o.b. free on board at the exporters border

GDP gross domestic product

HGDI households gross disposable income

HICP Harmonised Index of Consumer Prices

i.i.p. international investment position

IPF initial period of interest rate fixation

LIBOR London interbank offered rate

PPP purchasing power parity

UMTS Universal Mobile Telecommunications System


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1 Overview of major economic areas

1.1 Structural indicators

2009 Unit Euro EU United Japanarea States

Population, GDP and labourTotal population 1) millions 329.1 500.4 307.5 127.7Labour force participation rate 2) % 71.5 71.1 74.6 74.0Age dependency ratio 3) % 50.1 48.8 49.4 56.4GDP (PPP) EUR trillions 9.0 12.6 11.3 3.3GDP per capita (PPP) EUR thousands 27.2 25.1 36.9 26.0Labour productivity (PPP) 4) (euro area = 100) 100.0 91.7 129.4 85.3Labour income share 5) % 68.6 66.8*) 68.3*) 72.8**)

Value added by economic activityAgriculture, fishing and forestry % of total 1.6 1.6 1.1*) 1.4**)

Industry (incl. construction) % of total 24.1 24.3 21.0*) 28.5**)

Services (incl. non-market services) % of total 74.2 74.1 77.9*) 70.1**)

Saving and investmentGross saving % of GDP 18.2 17.7 14.5**) 27.0**)

Gross fixed capital formation % of GDP 19.6 19.1 17.7*) 23.1*)

HouseholdsGross disposable income (HGDI)per capita (PPP) EUR thousands 18.4 16.8 28.8 18.5*)

Gross saving % of HGDI 15.4 13.9 8.7 9.0*)

Financial assets held 6) % of HGDI 299.6 . 401.1 459.5*)

Gross debt outstanding 6) % of HGDI 97.4 . 123.3 104.3*)

Non-financial corporations 7)

Gross fixed capital formation % of GDP 10.4 10.5 8.2 15.6*)

Financial assets held 6) % of GDP 184.2 . 124.3 172.9Gross debt outstanding 6) % of GDP 106.4 . 77.0 99.1

GovernmentExpenditure 8) % of GDP 50.8 50.7 37.9 35.8*)

Surplus (+) or deficit (-) % of GDP -6.3 -6.8 -11.3 -2.1*)

Gross debt outstanding 6),9) % of GDP 79.2 74.2 68.6 162.2*)

External 10)

Exports of goods and services % of GDP 19.7 13.4 11.1 13.3

Imports of goods and services % of GDP 18.9 13.6 13.8 12.8Current account balance % of GDP -0.6 -1.0 -2.7 2.8Net b.o.p. direct and portfolio investm. % of GDP 2.1 2.8 1.0 -5.6Net international investment position 6),11)% of GDP -16.2 -15.0 -19.4 57.1Gross external debt 6) % of GDP 116.4 . 95.3 40.2

Monetary and financial indicatorsCredit 6),12) EUR trillions 16.0 21.7 10.8*) 8.5Outstanding debt securities 6),13) EUR trillions 15.3 20.3 21.6 8.1Stock market capitalisation 6),14) EUR trillions 4.4 6.8 11.4 2.4

Sources: For the euro area and EU: ECB, Eurostat, national data and ECB calculations; for the UnitedStates and Japan: national sources. *) 2008 **) 2007 figures.


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1.2 Main recent economic developments(annual percentage changes, unless otherwise indicated)

Euro area

Real GDP Con- Broad 3-month 10-year Unit Unemploy- LabourGDP deflator sumer money 2) interbank gov. labour ment product-(s.a.) prices deposit bond costs (% of ivity

1) rate yield (s.a.) labour (s.a.)(% per (% per 3) force; s.a.) 4)

annum) annum)

2008 0.5 2.0 3.3 9.7 4.64 4.36 3.5 7.6 -0.32009 -4.1 0.9 0.3 3.3 1.22 4.03 3.9 9.4 -2.3

2010 Q1 0.8 0.4 1.1 -0.2 0.66 4.06 -0.5 9.9 2.1Q2 1.9 0.8 1.5 -0.1 0.69 3.85 -0.6 10.0 2.6

Q3 . . 1.7 0.6 0.87 3.52 . 10.0 .2010 Aug. - - 1.6 1.1 0.90 3.44 - 10.0 -

Sep. - - 1.8 1.0 0.88 3.50 - 10.1 -Oct. - - 1.9 . 1.00 3.34 - . -

European Union

2008 0.5 2.5 3.7 - - 4.54 3.4 7.0 -0.22009 -4.2 1.3 1.0 - - 4.13 4.0 8.9 -2.4

2010 Q1 0.7 0.8 1.7 - - 4.02 -0.2 9.6 2.2Q2 2.0 1.3 2.0 - - 3.83 -0.7 9.6 2.6Q3 . . 2.1 - - 3.59 . 9.6 .

2010 July - - 2.1 - - 3.75 - 9.6 -Aug. - - 2.0 - - 3.49 - 9.6 -Sep. - - 2.2 - - 3.54 - 9.6 -

United States

2008 0.0 2.2 3.8 7.1 2.93 3.65 2.2 5.8 1.02009 -2.6 0.9 -0.4 7.9 0.69 3.25 -1.6 9.3 3.5

2010 Q1 2.4 0.4 2.4 1.9 0.26 3.70 -2.9 9.7 6.3Q2 3.0 0.8 1.8 1.6 0.44 3.47 -2.8 9.7 3.7Q3 3.1 1.2 1.2 2.5 0.39 2.77 . 9.6 .

2010 Aug. - - 1.1 2.7 0.36 2.68 - 9.6 -

Sep. - - 1.1 3.0 0.29 2.64 - 9.6 -Oct. - - . . 0.29 2.52 - . -

Japan

2008 -1.2 -0.8 1.4 2.1 0.93 1.49 1.7 4.0 -0.82009 -5.2 -1.0 -1.4 2.7 0.47 1.35 0.4 5.1 .

2010 Q1 4.4 -2.5 -1.2 2.8 0.25 1.34 -3.7 4.9 -Q2 2.4 -1.6 -0.9 3.0 0.24 1.28 -1.2 5.2 -Q3 . . -0.8 2.8 0.24 1.05 . 5.1 -

2010 Aug. - - -0.9 2.8 0.24 0.99 - 5.1 -Sep. - - -0.6 2.8 0.22 1.07 - 5.0 -Oct. - - . . 0.20 0.89 - . -

Sources: Eurostat, OECD, national data and ECB calculations.


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2 Population and the labour market

2.1 Population and the labour market in the euro area

Population 1) Labour Employment Unemploy- Labour Hourly(millions) force rate ment product- Labourpartici- (% of (% of ivity 1) product-pation labour labour (annual ivity 1)

rate 1) force; force; percentage (annual(%) s.a.) s.a.) changes) percentage

changes)

1971-80 287.0 - - 4.0 2.9 -1981-90 297.3 - - 9.3 1.7 -1991-00 309.1 - - 9.7 1.5 -

2001-05 318.6 68.8 62.7 8.7 0.6 1.0

2006 324.2 70.6 64.6 8.4 1.4 1.72007 326.1 71.0 65.6 7.5 1.0 1.12008 327.9 71.4 66.0 7.5 -0.3 -0.22009 329.1 71.5 64.7 9.4 -2.3 -0.8

2009 Q2 . 71.6 64.9 9.4 -3.1 -1.3Q3 . 71.6 64.8 9.7 -1.8 -0.4Q4 . 71.6 64.5 9.9 0.1 0.7

2010 Q1 . 71.3 63.8 9.9 2.1 1.4Q2 . 71.5 64.4 10.0 2.6 1.8Q3 . . . 10.0 . .

2.2 Employment in terms of persons employed and hours worked

Persons employed (s.a.) Hours worked (s.a.)

Millions Annual percentage changes Annual percentage changes

Total Employees Self- Per person Total Employees Self-employed employed employed

1971-80 1,159.8 0.4 0.9 -1.5 - - - -1981-90 1,201.3 0.7 0.9 -0.2 - - - -1991-00 1,286.1 0.6 0.8 -0.1 - - - -

2001-05 698.4 4.4 4.6 3.5 -2.1 2.3 2.9 0.02006 144.2 1.7 1.8 0.9 -0.3 1.3 1.6 0.42007 146.8 1.8 2.0 0.6 -0.1 1.7 2.0 0.62008 148.0 0.8 1.0 -0.4 -0.1 0.7 1.0 -0.72009 145.2 -1.9 -1.8 -2.2 -1.5 -3.3 -3.4 -2.9

2009 Q1 146.3 -1.3 -1.1 -2.3 -1.9 -3.2 -3.0 -3.9Q2 145.4 -1.9 -1.8 -2.3 -1.8 -3.7 -3.8 -3.0Q3 144.7 -2.2 -2.2 -2.4 -1.4 -3.6 -3.8 -2.9Q4 144.4 -2.1 -2.1 -2.0 -0.7 -2.7 -2.9 -2.0

2010 Q1 144.5 -1.2 -1.3 -0.5 0.7 -0.6 -0.7 0.0Q2 144.5 -0.7 -0.7 -0.8 0.8 0.2 0.2 -0.1

Sources: European Commission (Eurostat and DG-ECFIN), national data and ECB calculations.


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3 Macroeconomic indicators

3.1 GDP and expenditure components in the euro area(annual percentage changes in volume, unless otherwise indicated; seasonally and partly working

day-adjusted)

GDP (market prices)

Total Total Private Government Gross fixed Exports 1) Imports 1)

(quarter on consumption consumption capitalquarter) formation

1971-80 - 3.4 3.7 4.4 2.1 5.9 5.51981-90 - 2.4 2.3 2.2 2.4 4.8 4.61991-00 - 2.2 2.1 1.7 2.2 6.9 6.4

2001-05 - 1.5 1.5 1.9 1.1 3.8 3.7

2007 - 2.8 1.7 2.3 4.7 6.3 5.8

2008 - 0.5 0.4 2.3 -0.8 1.0 0.82009 - -4.1 -1.1 2.3 -11.3 -13.2 -11.9

2009 Q3 0.4 -4.0 -1.2 2.5 -11.9 -13.7 -12.3Q4 0.2 -2.0 -0.4 1.7 -9.6 -5.2 -7.0

2010 Q1 0.3 0.8 0.3 1.2 -4.9 5.6 4.8Q2 1.0 1.9 0.5 1.1 -1.2 11.6 12.1

Level data (EUR billions at current prices) and percentages of GDP

2009 - 8,952.3 5,168.8 1,979.0 1,758.1 3,249.3 3,133.3

2009 - 100.0 57.7 22.1 19.6 - -

Source: European Commission (Eurostat and DG-ECFIN).

3.2 Value added by economic activity in the euro area(annual percentage changes in volume, unless otherwise indicated; seasonally and partly workingday-adjusted)

Gross value added (basic prices)

Total Agriculture, Manu- Con- Trade, repairs, Financial, Public admi-hunting, facturing, struction hotels and real estate, nistration,forestry energy and restaurants, renting education,

and fishing mining transport and and business health andactivities communicat. activities other services

1996-00 2.7 2.5 2.8 0.3 3.4 3.6 1.7

2001-05 1.5 -0.7 1.1 0.8 1.9 2.1 1.3

2007 3.1 1.2 3.2 2.4 3.6 4.0 1.72008 0.7 0.7 -2.1 -1.3 1.3 1.7 1.92009 -4.2 2.2 -13.2 -5.8 -5.1 -1.6 1.1

2009 Q3 -4.1 2.5 -12.8 -6.0 -5.1 -1.5 1.0Q4 -2.2 2.3 -6.7 -5.8 -3.3 -0.8 1.1

2010 Q1 0.9 1.5 3.7 -6.5 0.4 0.8 1.3Q2 1.9 1.5 7.0 -4.4 1.2 1.3 1.3

Level data (EUR billions at current prices) and percentages of gross value added

2009 8,060.1 131.2 1,436.2 507.1 1,666.0 2,363.1 1,956.62009 100.0 1.6 17.8 6.3 20.7 29.3 24.3

Source: Eurostat.


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3.3 Short-term business indicators in the euro area(annual percentage changes, unless otherwise indicated)

Industrial production Manu- Manu- Retail trade Newfacturing facturing turnover passenger

Total excl. construction Con- Manu- new orders turnover (constant carstruction facturing (nominal) (nominal) prices) registrations

Period onperiod

(s.a.)

1986-90 3.1 - . - - - - -1991-95 0.6 - 1.9 0.4 - - - -2.71996-00 2.8 - 1.4 3.0 4.9 4.7 1.8 4.52001-05 0.7 - 0.7 0.5 1.6 2.0 1.4 -0.6

2007 3.7 - 1.4 4.2 8.6 6.5 1.8 -0.62008 -1.8 - -5.3 -1.9 -5.3 1.9 -0.8 -7.02009 -14.8 - -8.2 -15.9 -22.7 -18.4 -1.8 3.2

2010 Q1 4.6 2.3 -9.7 4.8 13.7 6.3 0.9 7.5Q2 9.0 2.4 -3.5 9.2 22.5 12.3 0.9 -10.6Q3 . . . . . . . -16.6

2010 July 7.1 0.1 -6.8 7.5 11.7 7.5 1.6 -24.3Aug. 8.2 1.1 -7.7 9.1 24.5 15.0 1.6 -10.5Sep. . . . . . . . -12.0

Sources: Eurostat, ACEA (European Automobile Manufacturers Association) and ECB calculations.

3.4 Opinion surveys (excluding price-related developments) in the euro area(seasonally adjusted)

European Commission Business 1) and Consumer Surveys Purchasing Managers(percentage balances 2) ) Surveys

(diffusion index 3) )

Economic Manufacturing industry Services Retail Consumer Purchasing Businesssentiment confi- trade confi- Managers activityindicator Industrial Order Capacity dence confi- dence Index (PMI) for

(long-term confi- books utilisa- indicator dence indicator for manu- servicesaverage dence tion indicator facturing 5)

=100) 4) indicator (%) 6)

1986-90 106.6 -2 -8 83.2 . 0 -9 . .1991-95 95.2 -12 -27 80.7 . -10 -17 . .1996-00 105.7 -5 -13 82.2 25 -6 -7 . .2001-05 98.9 -8 -19 81.4 9 -9 -12 50.2 52.6

2007 109.2 5 5 84.2 20 1 -5 54.3 56.62008 93.5 -9 -15 81.8 2 -7 -18 46.5 48.52009 80.8 -28 -56 71.1 -16 -15 -25 43.3 46.8

2010 Q1 96.6 -12 -41 73.9 0 -7 -17 54.4 52.8Q2 99.3 -6 -28 76.3 4 -4 -17 56.4 55.8Q3 102.2 -3 -19 77.4 7 -3 -12 55.2 55.3

2010 Aug. 102.3 -3 -18 - 7 -3 -11 55.1 55.9

Sep. 103.2 -2 -16 - 8 -1 -11 53.7 54.1Oct. 104.1 0 -12 77.6 8 -1 -11 54.6 53.2

Sources: European Commission Business and Consumer Surveys and Markit.


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4 External

4.1 Euro area balance of payments(EUR billions, unless otherwise indicated; net transactions)

Current and capital Goods and Financial accountaccounts services

In As In As Total Direct Portfolio Financial Other ReserveEUR a % EUR a % invest- invest- deriva- invest- assets

billions of GDP billions of GDP ment ment tives ment

2006 -1.1 0.0 52.3 0.6 -9.4 -160.2 188.7 -0.6 -36.0 -1.32007 15.3 0.2 92.5 1.1 -2.6 -90.1 127.1 -66.9 32.3 -5.12008 -124.2 -1.6 23.8 0.2 116.8 -240.3 303.8 -75.0 131.7 -3.42009 -43.7 -0.6 71.5 0.8 31.0 -74.5 264.8 51.5 -215.4 4.6

2009 Q3 0.8 -0.1 25.7 1.2 -22.2 -25.7 57.3 2.0 -56.1 0.3Q4 12.7 0.3 29.0 1.3 -12.0 11.6 30.7 8.6 -62.9 0.02010 Q1 -19.3 -1.0 6.4 0.3 22.1 -40.3 16.6 3.9 46.5 -4.6

Q2 -21.3 -0.9 15.8 0.9 46.5 -37.6 101.7 6.5 -25.1 1.0

2010 Apr. -6.8 - 4.1 - 16.5 -14.5 45.7 0.3 -15.0 -0.1May -15.5 - 2.7 - 24.9 -12.1 63.0 -0.4 -25.5 -0.1June 1.1 - 9.0 - 5.1 -11.0 -7.0 6.5 15.4 1.1July 4.9 - 11.5 - 4.8 -0.6 -17.0 1.0 24.5 -3.1Aug. -10.2 - -1.3 - 10.3 -11.0 10.2 3.9 8.7 -1.6

4.2 Euro area balance of payments current account(EUR billions; seasonally adjusted)

Current account

Total Goods Services Income Current transfers

Net Credit Debit Credit Debit Credit Debit Credit Debit

2004 58.8 1,124.4 1,030.0 362.5 330.9 300.1 307.0 81.7 141.92005 15.4 1,222.1 1,178.7 404.2 365.7 386.7 385.9 86.7 153.92006 -8.9 1,397.9 1,387.4 441.3 400.1 499.5 481.9 94.1 172.32007 13.5 1,518.9 1,473.8 493.6 447.1 603.2 596.2 93.5 178.52008 -132.2 1,576.2 1,593.7 512.3 470.3 546.1 603.0 88.1 188.02009 -52.1 1,287.9 1,250.8 469.0 437.0 405.6 432.9 93.0 187.0

2009 Q3 -4.8 316.3 302.7 115.4 107.6 96.7 102.7 22.7 42.9Q4 -2.1 332.6 318.1 117.5 108.7 93.5 97.8 26.8 47.9

2010 Q1 -5.4 363.5 353.2 121.6 112.0 102.6 100.6 20.0 47.2Q2 -17.1 389.3 388.2 128.3 118.0 104.1 106.1 19.1 45.6

2010 Apr. -4.5 123.1 124.3 41.5 37.8 33.7 33.2 5.7 13.4May -6.9 132.5 131.2 42.9 39.7 34.8 37.7 8.3 16.8June -5.7 133.7 132.7 43.8 40.5 35.5 35.2 5.1 15.4July -4.1 133.3 130.4 41.6 39.2 34.6 36.0 6.8 14.9Aug. -7.5 130.1 129.2 40.9 39.4 32.4 33.8 7.0 15.5

Source: ECB.


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4.3 Euro area trade in goods with main partners 1)(EUR billions, unless otherwise indicated; seasonally adjusted)

Total Other EU Member States United China 2) Japan Other OtherStates Asian countries

United Others countriesKingdom

Exports (f.o.b.)

% of totalin 2009 100 13.7 19.3 11.9 5.3 2.3 14.5 33.0

2007 1,504.6 231.5 307.4 196.3 60.6 34.4 201.7 472.72008 1,561.6 220.4 322.6 186.6 65.7 33.7 210.2 522.52009 1,275.4 174.3 246.3 152.1 68.0 28.7 185.4 420.6

2009 Q4 330.8 44.8 63.6 38.3 18.7 7.4 49.2 108.92010 Q1 354.6 46.6 66.9 41.1 22.2 8.1 51.4 118.2

Q2 377.4 47.8 71.9 45.3 23.4 8.7 55.9 124.4

2010 May 124.2 15.7 23.9 15.0 7.8 2.9 18.2 40.8June 131.0 16.4 24.9 15.6 8.1 3.0 19.9 43.2July 130.8 16.4 24.6 15.9 7.9 2.9 19.7 43.4Aug. 132.1 . . 15.9 7.7 3.0 19.1 .

Imports (c.i.f.)

% of total

in 2009 100 10.1 18.0 9.2 12.6 3.4 13.9 32.8

2007 1,491.4 169.6 250.8 130.7 172.4 59.3 223.1 485.42008 1,610.3 164.8 267.7 136.0 184.7 57.4 237.8 562.02009 1,259.7 127.0 226.8 115.9 158.6 42.9 174.7 413.7

2009 Q4 321.0 32.4 59.0 28.1 39.7 10.5 43.6 107.72010 Q1 350.4 35.0 62.1 29.3 45.9 11.6 52.0 114.5

Q2 381.8 36.4 67.2 32.5 51.9 12.8 59.2 121.6

2010 May 127.2 12.2 22.7 10.0 17.0 4.2 19.7 41.3June 132.7 12.5 23.3 12.4 18.9 4.5 20.4 40.8July 131.0 12.5 22.7 10.2 18.6 4.4 19.8 42.9

Aug. 133.4 . . 10.2 19.3 4.2 19.9 .Trade balance

2007 13.2 61.9 56.5 65.6 -111.8 -24.9 -21.4 -12.72008 -48.7 55.7 55.0 50.6 -119.1 -23.7 -27.7 -39.52009 15.7 47.3 19.4 36.2 -90.6 -14.2 10.7 6.9

2009 Q4 9.8 12.3 4.6 10.2 -21.1 -3.1 5.6 1.22010 Q1 4.1 11.6 4.9 11.8 -23.7 -3.6 -0.6 3.8

Q2 -4.3 11.4 4.7 12.8 -28.6 -4.1 -3.3 2.8

2010 May -2.9 3.5 1.2 5.0 -9.2 -1.3 -1.4 -0.6June -1.7 3.9 1.6 3.1 -10.8 -1.5 -0.5 2.5July -0.2 3.9 2.0 5.7 -10.7 -1.4 -0.1 0.5

Aug. -1.4 . . 5.7 -11.5 -1.2 -0.8 .

Sources: Eurostat and ECB calculations.


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4.4 Geographical breakdown of the b.o.p.: current and capital accounts(EUR billions; not seasonally adjusted; cumulated transactions)

Total EU27 Japan Switzer- Unitedland States

2009 Q3 to 2010 Q2 UK

Credits

Current account 2,372.2 814.3 393.2 49.0 176.2 317.6Goods 1,406.2 458.6 193.6 31.4 88.9 164.2Services 483.3 160.5 104.1 10.8 51.1 72.1Income 397.1 133.7 83.9 6.5 28.8 76.4Current transfers 85.6 61.5 11.6 0.3 7.3 4.9

Capital account 20.3 17.0 0.9 0.0 0.4 0.4

DebitsCurrent account 2,405.8 762.3 334.2 85.8 160.3 314.6Goods 1,365.9 389.3 147.0 44.9 75.9 119.4Services 446.8 133.2 83.0 8.1 42.6 93.3Income 409.0 128.5 91.2 32.4 35.2 95.6Current transfers 184.2 111.3 13.0 0.4 6.6 6.3

Capital account 13.7 2.4 0.9 0.1 0.5 1.2

Net

Current account -33.6 52.1 59.0 -36.8 15.9 2.9Goods 40.3 69.3 46.6 -13.5 13.0 44.8Services 36.5 27.2 21.1 2.7 8.5 -21.2

Income -12.0 5.2 -7.3 -25.9 -6.4 -19.2Current transfers -98.5 -49.7 -1.4 -0.1 0.7 -1.5

Capital account 6.6 14.6 0.0 -0.1 -0.1 -0.8

4.5 Geographical breakdown of the b.o.p.: financial account(EUR billions; not seasonally adjusted; cumulated transactions)


2009 Q3 to 2010 Q2 UK

Direct investment -92.0 -3.0 9.5 0.1 -15.8 -44.5

Abroad -213.0 -48.6 -25.6 1.4 -29.9 -54.5Equity/reinvested earnings -125.4 -28.1 -10.0 1.4 -8.6 -44.8Other capital -87.6 -20.4 -15.5 0.1 -21.2 -9.7

In the euro area 121.1 45.5 35.1 -1.3 14.1 10.0Equity/reinvested earnings 176.8 34.7 25.2 2.6 13.3 42.7Other capital -55.7 10.8 10.0 -3.9 0.7 -32.6

Portfolio investment assets -135.4 -49.0 4.4 20.2 -5.0 -5.6Equity -105.2 -20.9 -15.0 -7.1 -5.3 -21.9Debt securities -30.2 -28.1 19.4 27.3 0.3 16.3

of which: Bonds and notes -95.8 -60.4 -11.8 11.7 -0.8 5.8Other investment -97.6 46.9 4.4 11.5 -44.0 -90.9

Assets 23.2 7.5 -0.9 8.9 30.6 12.8

of which: MFIs 41.5 -2.6 -20.8 10.8 7.3 14.7Liabilities -120.8 39.4 5.3 2.7 -74.7 -103.6of which: MFIs -131.0 51.4 29.6 1.7 -79.1 -108.4

Source: ECB.


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4.6 Monetary presentation of the euro area balance of payments(EUR billions)

B.o.p. items mirroring net transactions by MFIs

Current Transactions by non-MFIs Finan- Errors Totaland cial and

capital Direct Portfolio Other deriva- omis-account investment investment investment tives sionsbalance

By By non- Assets Liabil- Assets Liabil-resident resident ities ities

units unitsabroad in the

euro area

2007 22.3 -494.4 413.7 -201.7 328.7 -360.3 240.8 -67.2 -11.9 -130.1

2008 -117.1 -314.1 92.7 55.4 230.9 -62.9 35.5 -74.9 6.3 -148.22009 -43.7 -269.5 207.0 -170.5 348.7 102.3 -153.6 51.5 12.6 84.8

2009 Q2 -27.6 -70.1 78.1 -41.4 121.6 81.2 -93.6 27.3 3.0 78.7Q3 0.8 -66.7 39.0 -68.5 100.6 19.1 -40.7 2.0 21.4 6.8Q4 12.7 -46.7 56.9 -70.5 51.8 28.1 2.0 8.6 -0.7 42.1

2010 Q1 -19.3 -32.5 -2.8 -67.4 42.6 -33.6 30.0 3.9 -2.8 -81.8Q2 -21.3 -60.4 22.9 -43.1 99.7 -31.8 18.9 6.5 -25.2 -33.8

2010 Apr. -6.8 -17.3 1.9 -17.9 38.9 -18.0 -15.8 0.3 -9.7 -44.4May -15.5 -28.7 16.1 -11.3 61.4 -28.7 22.1 -0.4 -9.3 5.7June 1.1 -14.4 4.9 -13.8 -0.5 14.9 12.5 6.5 -6.2 5.0July 4.9 -7.9 7.6 -25.7 -7.0 -3.6 13.0 1.0 -9.8 -27.4

Aug. -10.2 -15.6 4.1 -1.2 6.5 -7.0 15.6 3.9 0.0 -3.9

4.7 Euro area international investment position(EUR billions, unless otherwise indicated; outstanding amounts at end of period)

Net international investment position

Total Total Direct Portfolio Financial Other Reserveas a % investment investment derivatives investment assets

of GDP

2008 -1,640.7 -17.7 574.6 -2,214.2 -29.8 -345.6 374.22009 -1,447.8 -16.2 788.4 -2,515.4 -45.4 -137.9 462.4

2010 Q1 -1,324.6 -14.7 889.4 -2,554.8 -39.0 -118.8 498.7Q2 -1,122.3 -12.4 1,004.5 -2,524.6 -49.8 -135.7 583.3

Outstanding assets

2008 14,004.1 151.4 3,888.0 3,727.4 629.4 5,385.1 374.22009 14,314.0 159.8 4,261.0 4,225.8 508.5 4,856.4 462.4

2010 Q1 15,023.3 167.2 4,375.9 4,493.4 571.2 5,084.1 498.7Q2 15,623.0 172.5 4,525.2 4,614.0 640.4 5,260.1 583.3

Outstanding liabilities

2008 15,644.8 169.2 3,313.4 5,941.5 659.2 5,730.6 -2009 15,761.9 176.0 3,472.5 6,741.2 553.9 4,994.2 -

2010 Q1 16,347.8 182.0 3,486.5 7,048.2 610.2 5,202.9 -Q2 16,745.3 184.9 3,520.8 7,138.5 690.2 5,395.8 -

Source: ECB.


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4.8 Geographical breakdown of the international investment position(EUR billions; outstanding amounts at end of period)


2009 UK

Direct investment 788.4 120.6 -125.4 -28.9 129.8 -42.0Abroad 4,261.0 1,427.8 988.9 77.7 423.5 784.3

Equity/reinvested earnings 3,290.8 1,073.9 735.3 58.9 349.5 559.7Other capital 970.2 353.9 253.6 18.8 74.1 224.6

In the euro area 3,472.5 1,307.2 1,114.3 106.6 293.7 826.3Equity/reinvested earnings 2,526.0 1,073.2 922.4 85.5 200.9 613.2Other capital 946.6 234.0 191.9 21.1 92.8 213.1

Portfolio investment assets 4,225.8 1,424.6 1,000.8 181.9 107.0 1,349.1Equity 1,488.5 296.9 245.2 85.7 92.4 468.9Debt securities 2,737.3 1,127.7 755.5 96.2 14.6 880.1

of which: Bonds and notes 2,339.3 979.0 635.5 38.1 10.6 739.5Other investment -137.9 -104.4 -96.8 17.0 -118.6 -106.5

Assets 4,856.4 2,247.1 1,847.0 95.0 238.7 687.1of which: MFIs 2,867.0 1,540.4 1,240.1 64.4 125.5 352.9

Liabilities 4,994.2 2,351.5 1,943.8 78.0 357.2 793.6of which: MFIs 3,659.8 1,746.1 1,486.2 45.6 270.3 500.1

4.9 International reserves of the Eurosystem and the ECB(EUR billions, unless otherwise indicated; outstanding amounts at end of period)

Reserve assets Memo items

Total Monetary gold SDR Reserve Foreign Other Predeterminedholdings position exchange foreign short-term

In In fine in the claims currency netEUR troy IMF assets drains on

billions ounces foreign(millions) currency

Eurosystem

2008 Dec. 374.2 217.0 349.207 4.7 7.3 145.1 262.8 -245.72009 Dec. 462.4 266.1 347.180 50.8 10.5 134.9 32.1 -24.2

2010 July 535.6 311.4 347.018 54.5 15.8 154.0 29.8 -25.4Aug. 573.2 341.0 347.017 55.6 15.8 160.9 28.7 -26.1Sep. 552.2 332.3 346.994 53.3 15.3 151.3 26.2 -22.5

European Central Bank

2008 Dec. 47.4 10.7 17.157 0.3 0.0 36.3 28.1 -25.2

2009 Dec. 47.8 12.4 16.122 0.3 0.0 35.1 3.4 -0.2

2010 July 55.8 14.5 16.122 0.4 0.0 40.9 3.7 -0.9Aug. 58.9 15.8 16.122 0.4 0.0 42.6 3.7 -1.1

Sep. 55.3 15.4 16.122 0.4 0.0 39.5 3.6 -0.9Source: ECB.


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4.10 Exchange rates(period averages)

Effective exchange rate of the euro Bilateral ECU or euro(1999 Q1 = 100) exchange rates 1)

EER-21 EER-41 US dollar Japanese

yenNominal Real Nominal Real

1996-99 99.6 101.5 94.9 99.7 1.1472 135.65

2002 89.7 90.1 94.7 90.5 0.9456 118.062003 100.3 101.3 106.6 101.3 1.1312 130.972004 104.2 105.1 111.2 105.0 1.2439 134.442005 102.7 103.7 109.2 102.5 1.2441 136.85

2006 102.6 103.7 109.3 101.9 1.2556 146.022007 106.3 106.8 113.0 104.3 1.3705 161.252008 110.5 110.1 118.0 107.2 1.4708 152.452009 111.7 110.6 120.6 108.0 1.3948 130.34

2008 Q4 107.0 106.4 115.2 104.1 1.3180 126.71

2009 Q1 109.9 109.2 118.9 107.1 1.3029 122.04Q2 111.1 110.2 119.8 107.6 1.3632 132.59Q3 112.1 110.9 121.0 108.2 1.4303 133.82Q4 113.8 112.2 122.5 109.0 1.4779 132.69

2010 Q1 108.7 106.9 116.9 103.4 1.3829 125.48Q2 103.1 101.8 110.4 97.8 1.2708 117.15Q3 102.3 100.9 109.8 97.2 1.2910 110.68

2009 Aug. 111.7 110.6 120.6 108.0 1.4268 135.31Sep. 112.9 111.6 122.0 108.9 1.4562 133.14Oct. 114.3 112.8 123.0 109.6 1.4816 133.91Nov. 114.0 112.5 122.9 109.3 1.4914 132.97Dec. 113.0 111.2 121.7 108.0 1.4614 131.21

2010 Jan. 110.8 108.9 119.1 105.5 1.4272 130.34Feb. 108.0 106.1 116.2 102.7 1.3686 123.46Mar. 107.4 105.7 115.2 102.0 1.3569 123.03Apr. 106.1 104.5 113.5 100.5 1.3406 125.33May 102.8 101.4 109.9 97.4 1.2565 115.83June 100.7 99.4 107.7 95.5 1.2209 110.99July 102.5 101.1 109.9 97.5 1.2770 111.73Aug. 102.1 100.6 109.5 97.0 1.2894 110.04Sep. 102.5 100.9 110.0 97.2 1.3067 110.26Oct. 106.1 104.3 113.8 100.4 1.3898 113.67

% ch. vs. prev. month 2)

2010 Oct. 3.5 3.4 3.5 3.3 6.4 3.1

% ch. vs. prev. year 2)

2010 Oct. -7.2 -7.5 -7.5 -8.4 -6.2 -15.1

Sources: ECB and BIS.


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5 Prices

5.1 HICP in the euro area 1)(annual percentage changes, unless otherwise indicated)

HICP

Total Goods Services

Total Processed Unprocessed Non-energy Energy Housing 2)

food food industrialgoods

% of total 100.0 58.0 11.9 7.3 29.3 9.6 42.0 10.2

1991-95 3) 3.2 2.6 3.2 1.9 2.5 2.5 4.6 -1996-00 1.6 1.4 1.4 1.4 0.8 3.6 2.0 2.62001-05 2.2 1.9 2.9 2.7 0.8 3.8 2.6 2.3

2006 2.2 2.3 2.1 2.8 0.6 7.7 2.0 2.52007 2.1 1.9 2.8 3.0 1.0 2.6 2.5 2.72008 3.3 3.8 6.1 3.5 0.8 10.3 2.6 2.32009 0.3 -0.9 1.1 0.2 0.6 -8.1 2.0 2.0

2010 Q1 1.1 0.9 0.6 -0.8 0.1 4.8 1.5 1.9Q2 1.5 1.7 0.8 0.7 0.3 8.1 1.2 1.8Q3 1.7 1.9 0.9 2.3 0.5 7.3 1.4 1.7

2010 Aug. 1.6 1.7 1.0 2.4 0.4 6.1 1.4 1.7Sep. 1.8 2.1 1.0 2.5 0.6 7.7 1.4 1.7Oct. 4) 1.9 . . . . . . .

Month-on-month percentage changes (seasonally adjusted, except energy)2010 July 0.2 0.1 0.1 0.5 0.1 0.0 0.2 0.1

Aug. 0.1 0.1 0.2 0.3 0.0 -0.1 0.2 0.2Sep. 0.1 0.1 0.0 0.2 0.1 0.3 0.1 0.1


5.2 The impact of inflation on the purchasing power of money(decrease in the purchasing power of money after x years at a given inflation rate; percentages)

Inflation rate

Year 1.0 2.0 3.0 4.0 5.0 10.0 20.0

1 1.0 2.0 2.9 3.8 4.8 9.1 16.72 2.0 3.9 5.7 7.5 9.3 17.4 30.63 2.9 5.8 8.5 11.1 13.6 24.9 42.14 3.9 7.6 11.2 14.5 17.7 31.7 51.85 4.9 9.4 13.7 17.8 21.6 37.9 59.8

6 5.8 11.2 16.3 21.0 25.4 43.6 66.57 6.7 12.9 18.7 24.0 28.9 48.7 72.18 7.7 14.7 21.1 26.9 32.3 53.3 76.79 8.6 16.3 23.4 29.7 35.5 57.6 80.6

10 9.5 18.0 25.6 32.4 38.6 61.4 83.8

15 13.9 25.7 35.8 44.5 51.9 76.1 93.5

20 18.0 32.7 44.6 54.4 62.3 85.1 97.4

Source: ECB calculations.


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5.3 Industry, construction, residential property, export and import prices(annual percentage changes)

Industrial producer prices excluding Construc- Residential Industrial Industrialconstruction tion property producer import

prices 1) export pricesTotal Inter- Capital Consumer Energy prices (c.i.f.) 2)

mediate goods goods (f.o.b.) 2),3)

goods

1986-90 1.1 . 3.1 2.1 -1.5 . 9.4 . .1991-95 2.3 1.5 1.7 2.2 2.2 . 3.8 . .1996-00 1.0 0.2 0.4 1.0 2.8 2.1 3.3 . .2001-05 2.0 1.6 0.7 1.5 4.3 3.1 6.5 -0.4 -0.4

2007 2.7 4.6 2.2 2.2 1.2 4.2 4.5 0.5 -0.62008 6.1 3.9 2.1 3.9 14.2 3.9 1.5 1.9 5.52009 -5.1 -5.3 0.4 -2.1 -11.8 0.1 -3.1 -2.5 -10.4

2009 Q4 -4.7 -5.0 -0.6 -2.5 -9.5 -0.3 -3.0 -1.9 -4.42010 Q1 -0.1 -0.4 -0.5 -0.5 0.3 0.2 . 1.6 5.3

Q2 3.0 3.6 0.2 0.0 7.2 2.4 - 4.3 11.1

2010 June 3.1 4.3 0.4 0.2 6.2 - - 4.5 11.2July 4.0 4.5 0.6 0.4 9.6 - - 4.6 11.8Aug. 3.6 4.7 0.7 0.5 7.4 - - 4.2 10.1

Sources: Eurostat, ECB calculations and national data.

5.4 Price-related opinion surveys in the euro area(seasonally adjusted)

European Commission Business 1) and Consumer Purchasing Managers Surveys

Surveys (percentage balances 2) ) (diffusion index 3) )

Selling price expectations 4) Consumer Input prices Prices charged(for next 3 months) price trends (compared with previous month)

over pastManufac- Retail trade Services 12 months Manufac- Services Manufac- Services

turing turing turing

1986-90 16 - - 18 - - - -

1991-95 9 - - 29 - - - -1996-00 2 - - 11 - - - -2001-05 2 - - 43 55.7 56.8 - 49.7

2007 12 14 9 42 63.7 60.0 54.9 53.52008 11 17 7 64 61.4 60.6 54.2 51.92009 -10 -7 -7 10 39.8 48.5 42.2 42.5

2010 Q1 -4 -6 -3 -2 61.9 51.7 48.4 46.3Q2 6 1 0 8 71.7 53.9 53.9 47.8Q3 7 4 2 12 63.1 54.2 52.7 48.7

2010 Aug. 7 2 3 11 62.1 55.5 52.2 49.5Sep. 9 6 3 13 63.2 54.8 53.3 48.9

Oct. 9 4 5 14 64.6 54.6 53.8 49.8Sources: European Commission Business and Consumer Surveys and Markit.


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5.5 Other prices and costs in the euro area(annual percentage changes, unless otherwise indicated)

Whole economy Labour Negoti- Non-energy Oil prices 1)

(s.a.) cost ated commodity pricesindex wages

Unit Compen- Hourly 2) Import- Use- (EUR perlabour sation per compen- weighted 3) weighted 4) barrel)costs employee sation

1986-90 3.4 5.2 - . - - - 15.5 -12.11991-95 2.5 4.4 . . 4.8 . . 14.4 -6.41996-00 0.9 2.1 . . 2.4 5.2 4.1 18.6 19.02001-05 1.7 2.4 2.7 3.0 2.4 1.3 0.4 30.9 7.6

2007 1.5 2.5 2.5 2.6 2.2 7.8 5.3 52.8 -0.2

2008 3.5 3.2 3.1 3.4 3.3 2.0 -1.7 65.9 24.82009 3.9 1.6 3.2 2.9 2.7 -18.5 -18.0 44.6 -32.3

2010 Q1 -0.5 1.5 0.9 1.9 1.8 29.0 27.4 56.0 59.2Q2 -0.6 2.0 1.1 1.6 1.9 51.7 43.9 62.6 42.9Q3 . . . . . 55.7 52.1 59.6 23.8

2010 Aug. - - - - - 51.6 48.7 59.9 17.2Sep. - - - - - 58.8 57.6 59.8 27.5Oct. - - - - - 50.4 52.5 60.2 21.0

Sources: Eurostat, ECB calculations based on Thomson Financial Datastream, European Commission(Eurostat and DG-ECFIN), OECD and national data.

5.6 Gross domestic product deflators in the euro area(annual percentage changes)

GDP (market prices)

Total Private Government Gross fixed Exports 1) Imports 1)

consumption consumption capitalformation

1996-00 1.5 1.7 2.0 1.1 1.0 1.52001-05 2.2 2.1 2.5 1.8 0.5 0.3

2007 2.4 2.3 1.7 2.7 1.6 1.32008 2.0 2.7 2.5 2.3 2.5 3.82009 0.9 -0.2 2.1 -0.7 -3.2 -5.8

2009 Q3 0.8 -0.8 2.6 -1.6 -4.3 -8.1Q4 0.3 0.2 1.5 -0.8 -2.3 -3.4

2010 Q1 0.4 1.3 1.4 0.1 2.6 1.7Q2 0.8 2.0 1.6 1.4 5.0 5.6

Sources: Eurostat, ECB calculations.


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6.1 Euro areaNon-financial accounts

Annual percentage changes 1)

NetNet Current Current disposable

Gross Consump- Primary Primary national transfers transfers incomedomestic tion income income income receivable payable

product of fixed receivable payablecapital

2006 5.2 4.6 9.3 9.7 4.9 4.9 5.1 4.72007 4.9 5.4 9.3 9.7 4.5 5.0 5.1 4.42008 0.1 3.9 -0.2 0.4 -1.3 2.1 2.3 -1.4

2009 Q2 -4.3 1.2 -10.7 -10.5 -5.6 0.2 0.3 -5.8Q3 -2.8 0.3 -12.8 -13.0 -3.2 1.0 1.0 -3.3Q4 -1.4 0.3 -9.9 -10.5 -1.1 1.0 1.0 -1.1

2010 Q1 1.0 -0.6 -5.6 -6.1 1.9 2.2 2.4 1.7Q2 3.0 0.3 -1.7 -2.3 4.4 2.4 2.4 4.4

As a percentage of gross domestic product

2008 100.0 15.0 104.2 104.7 84.5 69.3 70.4 83.42009 100.0 15.6 96.5 96.9 83.9 72.0 73.3 82.7

2010 Q2 100.0 15.5 93.8 94.0 84.4 72.1 73.4 83.1


Net Net Net Net

disposable Final Net capital acquisition Gross lending/income consumption saving transfers of non- fixed borrowing

expenditure financial capitalassets formation

2006 4.7 4.0 11.7 . 6.3 9.02007 4.4 4.5 4.4 . 7.0 5.42008 -1.4 1.9 -34.7 . -3.8 -4.2

2009 Q2 -5.8 -0.3 -74.1 . -19.5 -14.0Q3 -3.3 -0.3 -45.5 . -16.0 -12.7Q4 -1.1 0.9 -29.8 . -14.2 -9.3

2010 Q1 1.7 1.7 -4.9 . -3.9 -5.6Q2 4.4 2.4 100.0 . 7.4 0.7

As a percentage of gross domestic product

2008 83.4 77.7 5.7 0.1 22.1 21.9 -1.32009 82.7 80.1 2.6 0.1 19.1 19.9 -0.9

2010 Q2 83.1 80.2 3.0 0.1 19.1 19.5 -0.6

Sources: ECB and Eurostat.

6 Euro area accounts


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6.2 Households 1)

Income, saving and investment


Gross Final Gross Gross Changesdisposable Compen- Operating, Net consump- saving fixed in net

income sation mixed and current tion capital worthof emplo- property transfers expendi- formation

yees incomes receivable ture

2006 4.3 3.9 6.6 -8.4 4.1 4.0 10.32007 3.8 4.7 4.2 -9.5 4.4 1.0 3.12008 2.0 2.8 -0.5 0.0 0.9 8.7 -6.7

2009 Q2 -0.5 -0.3 -7.4 21.4 -2.0 5.4 -14.3Q3 -0.7 -0.8 -6.8 20.4 -2.2 10.2 -13.1Q4 0.5 -0.7 -4.6 17.0 -0.1 3.5 -11.0

2010 Q1 0.5 0.2 -2.2 11.7 2.0 -8.1 -7.2Q2 1.0 1.5 -0.5 1.8 2.4 -5.5 -1.4

As a percentage of households gross disposable income; adjusted 3)

2008 98.8 72.4 40.0 -13.5 85.9 14.1 10.4 7.92009 98.9 72.3 37.8 -11.1 84.7 15.3 9.1 9.1

2010 Q2 99.0 72.3 37.4 -10.7 85.3 14.7 8.9 8.6

Financial investment and financing (loans)

Annual growth rates

Financial Loans

investment Currency Short- Long- Shares Insurance takenand term term and technical From

deposits debt debt other reserves MFIssecurities securities equity

2006 4.0 5.5 68.7 3.0 -0.5 6.5 8.6 8.32007 3.3 5.8 30.7 2.8 -0.7 4.6 7.1 6.2

2008 2.7 7.0 15.6 4.3 -2.2 2.8 3.8 1.7

2009 Q2 2.9 5.9 -29.2 1.8 -0.8 3.4 2.3 0.2Q3 3.1 5.2 -46.7 0.7 1.4 3.9 1.8 -0.3Q4 3.2 3.4 -56.0 -0.2 3.1 5.0 1.9 1.3

2010 Q1 3.3 3.0 -56.5 -2.7 3.5 5.5 2.3 1.5Q2 3.0 2.8 -52.5 -2.4 2.8 5.2 2.3 2.1

Outstanding amounts as a percentage of households gross disposable income; adjusted 3)

2008 279.3 101.2 2.2 21.5 63.6 82.5 94.6 79.92009 296.4 104.9 0.8 22.2 69.7 89.7 96.3 80.9

2010 Q2 297.8 105.8 0.7 21.8 67.8 92.3 97.0 83.0



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6.3 Non-financial corporationsValue added, entrepreneurial income, saving and investment


Gross Net Net Net Netvalue entrepre- saving acquisition Gross fixed Consumption lending/added neurial of non- capital of fixed borrowing

income financial formation capitalassets

2006 5.5 10.3 22.4 7.7 4.12007 5.7 7.2 19.9 7.9 5.12008 -0.7 -15.1 -9.9 -6.2 3.8

2009 Q2 -7.1 -19.2 -47.7 -19.0 1.0Q3 -4.9 -8.0 -63.5 -15.4 0.5Q4 -2.6 -3.5 -76.5 -11.3 0.5

2010 Q1 1.0 15.8 -72.6 -4.3 -0.5Q2 3.6 13.5 -38.7 4.2 0.0

As a percentage of gross value added

2008 100.0 26.6 -0.3 7.1 22.9 16.3 -5.82009 100.0 23.8 -0.4 1.7 20.6 17.3 -0.4

2010 Q2 100.0 25.4 1.6 2.6 20.3 17.1 0.8

Financial investment and financing

Annual growth rates

Financial Financinginvest- Currency Shares

ment and and Total Debt Sharesdeposits other Loans and

equity taken From otherMFIs equity

2006 6.8 13.5 4.4 5.0 9.5 10.1 12.7 2.12007 8.2 9.9 5.5 6.1 11.4 12.5 13.6 2.92008 4.8 2.9 4.7 4.6 8.6 9.0 8.8 2.1

2009 Q2 3.1 4.2 4.9 3.3 4.4 4.0 2.8 2.5

Q3 2.4 4.3 4.3 2.6 2.8 2.1 0.0 2.5Q4 1.8 6.3 2.2 1.6 1.3 0.5 -2.3 1.82010 Q1 2.6 6.0 1.3 1.8 1.8 0.8 -2.1 1.8

Q2 2.7 4.1 0.8 1.6 1.7 1.0 -1.8 1.5

Outstanding amounts as a percentage of gross value added

2008 323.7 36.6 133.5 425.6 198.7 176.2 102.3 226.42009 364.7 40.7 162.0 482.2 210.7 185.3 104.1 270.9

2010 Q2 368.6 40.0 160.8 473.2 211.5 185.1 103.4 261.0



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6.4 Insurance corporations and pension fundsFinancial investment and financing

Annual growth rates

Financialinvestment Currency Debt Loans Shares

and securi- and Quoted Mutualdeposits ties other shares fund

equity shares

2006 7.5 7.9 8.1 1.1 7.5 1.4 11.92007 5.1 8.2 6.5 -3.7 4.2 0.7 6.12008 3.8 5.8 3.8 5.8 3.0 1.6 2.8

2009 Q2 2.5 3.2 1.0 7.3 3.4 -4.6 7.7Q3 2.9 3.4 1.4 6.4 4.6 -18.4 17.0Q4 4.1 -1.7 4.7 3.4 6.9 -21.1 21.1

2010 Q1 5.2 -2.3 5.3 2.9 9.5 -21.9 24.2Q2 5.1 -0.4 7.5 3.0 5.9 -19.2 16.9

As a percentage of total outstanding financial assets

2008 100.0 15.8 41.3 7.9 35.0 7.6 19.52009 100.0 14.2 40.5 7.5 37.9 7.0 23.2

2010 Q2 100.0 13.8 41.4 7.3 37.5 6.6 23.5

Annual growth rates

Financing ChangesLoans Shares Insurance in net

and technical Net Prepayments financialother reserves equity of of insurance wealth

equity households premiums

2006 6.9 24.0 1.8 6.8 7.6 2.5 23.02007 4.1 -2.3 0.4 4.8 5.3 2.2 -22.52008 3.1 12.7 1.3 2.6 2.6 3.1 -60.6

2009 Q2 3.4 8.4 1.1 3.2 3.6 1.0 -31.5Q3 3.8 5.0 0.9 3.8 4.3 0.8 3.1Q4 4.2 -9.8 0.7 5.3 5.9 1.8 41.4

2010 Q1 5.2 -6.3 0.6 6.1 6.9 1.9 67.2Q2 4.9 -4.6 0.8 5.6 6.3 1.2 65.5

As a percentage of total outstanding financial liabilities

2008 100.0 4.4 8.0 86.9 74.4 12.5 -3.22009 100.0 3.7 7.8 87.7 76.0 11.8 -1.8

2010 Q2 100.0 3.8 7.3 88.1 76.5 11.6 -0.9

Source: ECB.


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7.1 Government revenue, expenditure, deficit/surplus and borrowingrequirement(as a percentage of GDP; four-quarter moving sums for quarterly data 1) )

Total revenue Total expenditure Deficit(-)/ Borrowing

surplus(+) requirementDirect Indirect Social Interesttaxes taxes contributions

2004 44.5 11.3 13.2 15.5 47.5 3.1 -3.0 3.22005 44.8 11.5 13.4 15.4 47.3 3.0 -2.6 3.02006 45.3 12.1 13.5 15.3 46.7 2.9 -1.4 1.42007 45.3 12.4 13.5 15.1 46.0 3.0 -0.7 1.12008 44.9 12.2 13.0 15.3 46.9 3.0 -2.0 5.1

2009 Q1 44.9 12.1 12.9 15.4 47.8 3.0 -3.0 6.7Q2 44.7 11.8 12.8 15.6 49.1 3.0 -4.3 8.0Q3 44.6 11.6 12.8 15.7 50.0 2.9 -5.4 8.8Q4 44.5 11.4 12.8 15.7 50.8 2.8 -6.3 7.3

2010 Q1 44.4 11.3 12.7 15.7 51.0 2.8 -6.7 6.2Q2 44.2 11.3 12.7 15.7 50.7 2.8 -6.5 6.0

Sources: ESCB, Eurostat, national data and ECB calculations.

7.2 Euro area government debt(as a percentage of GDP; four-quarter moving sums for quarterly data 1) )

Government debt

Total Currency and Loans Short-term Long-termdeposits securities securities

2004 69.5 2.2 12.0 5.0 50.32005 70.3 2.4 12.1 4.7 51.12006 68.4 2.4 11.7 4.1 50.22007 66.1 2.2 11.1 4.2 48.72008 69.8 2.3 11.3 6.7 49.5

2009 Q1 73.2 2.3 11.6 7.9 51.5Q2 76.5 2.4 11.9 8.4 53.8

Q3 78.3 2.3 12.1 9.2 54.7Q4 79.2 2.4 12.3 8.6 55.9

2010 Q1 81.0 2.4 12.5 8.4 57.6Q2 82.4 2.4 13.2 8.0 58.8

Sources: ESCB, Eurostat, national data and ECB calculations.

7 Government finance


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8.1 Key ECB interest rates(levels in percentages per annum; changes in percentage points)

With effect Deposit facility Main refinancing operations Marginal lending facilityfrom:

Fixed rate Variable ratetender tender

procedures procedures

Fixed rate Minimum bidrate

Level Change Level Level Change Level Change

1999 22 Jan. 2.00 -0.75 3.00 - ... 4.50 1.259 Apr. 1.50 -0.50 2.50 - -0.50 3.50 -1.00

5 Nov. 2.00 0.50 3.00 - 0.50 4.00 0.502000 4 Feb. 2.25 0.25 3.25 - 0.25 4.25 0.25

17 Mar. 2.50 0.25 3.50 - 0.25 4.50 0.2528 Apr. 2.75 0.25 3.75 - 0.25 4.75 0.25

9 June 3.25 0.50 4.25 - 0.50 5.25 0.5028 3.25 ... - 4.25 ... 5.25 ...

1 Sep. 3.50 0.25 - 4.50 0.25 5.50 0.256 Oct. 3.75 0.25 - 4.75 0.25 5.75 0.25

2001 11 May 3.50 -0.25 - 4.50 -0.25 5.50 -0.2531 Aug. 3.25 -0.25 - 4.25 -0.25 5.25 -0.2518 Sep. 2.75 -0.50 - 3.75 -0.50 4.75 -0.50

9 Nov. 2.25 -0.50 - 3.25 -0.50 4.25 -0.502002 6 Dec. 1.75 -0.50 - 2.75 -0.50 3.75 -0.50

2003 7 Mar. 1.50 -0.25 - 2.50 -0.25 3.50 -0.256 June 1.00 -0.50 - 2.00 -0.50 3.00 -0.50

2005 6 Dec. 1.25 0.25 - 2.25 0.25 3.25 0.25

2006 8 Mar. 1.50 0.25 - 2.50 0.25 3.50 0.2515 June 1.75 0.25 - 2.75 0.25 3.75 0.25

9 Aug. 2.00 0.25 - 3.00 0.25 4.00 0.2511 Oct. 2.25 0.25 - 3.25 0.25 4.25 0.2513 Dec. 2.50 0.25 - 3.50 0.25 4.50 0.25

2007 14 Mar. 2.75 0.25 - 3.75 0.25 4.75 0.2513 June 3.00 0.25 - 4.00 0.25 5.00 0.25

2008 9 July 3.25 0.25 - 4.25 0.25 5.25 0.258 Oct. 2.75 -0.50 - 4.25 - 4.75 -0.509 3.25 0.50 - - - 4.25 -0.50

15 1) 3.25 ... 3.75 - ... 4.25 ...12 Nov. 2.75 -0.50 3.25 - -0.50 3.75 -0.5010 Dec. 2.00 -0.75 2.50 - -0.75 3.00 -0.75

2009 21 Jan. 1.00 -1.00 2.00 - -0.50 3.00 ...11 Mar. 0.50 -0.50 1.50 - -0.50 2.50 -0.50

8 Apr. 0.25 -0.25 1.25 - -0.25 2.25 -0.25

13 May 0.25 ... 1.00 - -0.25 1.75 -0.50

Source: ECB.

8 Monetary policy


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8.2 Eurosystem monetary policy operations allotted through tenderprocedures(EUR millions; interest rates in percentages per annum)

Main refinancing operations

Date of Bids Number Allotment Fixed Variable Runningsettlement (amount) of (amount) rate rate for

participants tender tender procedures (...) daysprocedures

Fixed Minimum Marginal Weightedrate bid rate rate 1) average rate

2010 14 July 195,661 147 195,661 1.00 - - - 721 201,286 163 201,286 1.00 - - - 7

28 189,986 151 189,986 1.00 - - - 74 Aug.154,844 125 154,844 1.00 - - - 711 153,747 111 153,747 1.00 - - - 718 155,227 109 155,227 1.00 - - - 725 150,315 112 150,315 1.00 - - - 7

1 Sep. 153,060 111 153,060 1.00 - - - 78 153,655 111 153,655 1.00 - - - 7

15 151,574 105 151,574 1.00 - - - 722 153,771 109 153,771 1.00 - - - 729 166,361 129 166,361 1.00 - - - 7

6 Oct. 197,049 148 197,049 1.00 - - - 713 185,984 145 185,984 1.00 - - - 7

20 184,030 151 184,030 1.00 - - - 727 183,439 190 183,439 1.00 - - - 7

3 Nov.178,350 144 178,350 1.00 - - - 7

Longer-term refinancing operations

2010 10 Mar. 9,315 11 9,315 1.00 - - - 351 Apr. 2,015 11 2,015 1.00 - - - 911 2) 17,876 62 17,876 1.00 - - - 182

14 15,730 12 15,730 1.00 - - - 2829 4,846 24 4,846 - 1.00 1.00 1.15 9112 May 20,480 18 20,480 1.00 - - - 3513 2) 35,668 56 35,668 . - - - 182

27 12,163 35 12,163 1.00 - - - 9116 June 31,603 23 31,603 1.00 - - - 281 July 131,933 171 131,933 1.00 - - - 91

14 49,399 34 49,399 1.00 - - - 2829 23,166 70 23,166 1.00 - - - 9111 Aug. 39,148 36 39,148 1.00 - - - 2826 19,083 49 19,083 1.00 - - - 91

8 Sep. 37,903 27 37,903 1.00 - - - 3530 104,009 182 104,009 1.00 - - - 8413 Oct. 52,236 34 52,236 1.00 - - - 2828 2) 42,475 132 42,475 . - - - 91

Source: ECB.


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8.3 Monetary developments in the euro area(annual percentage changes, 1) unless otherwise indicated; seasonally adjusted; end of period)

M3M1 M2-M1 3) M3-M2 4)

Currency in Overnightcirculation deposits E-money 2)

2002 42.9 6.0 29.7 9.9 3.7 8.8 6.92003 25.1 8.5 16.2 10.6 4.7 4.0 7.12004 17.1 7.4 19.4 8.8 4.3 6.5 6.62005 13.8 10.9 31.1 11.4 5.4 0.8 7.32006 11.0 7.1 48.7 7.7 11.6 13.2 9.92007 8.1 3.3 -6.3 4.0 17.8 20.1 11.6

2008 13.3 1.5 71.2 3.4 13.7 3.6 7.62009 6.1 13.8 46.8 12.4 -9.1 -11.6 -0.3

2010 May 6.8 11.0 43.7 10.3 -7.9 -9.8 -0.1June 6.9 9.6 42.9 9.1 -7.0 -7.7 0.2July 6.6 8.5 44.1 8.2 -5.9 -8.5 0.2Aug. 6.7 8.0 40.3 7.7 -4.6 -5.1 1.1Sep. 6.0 5.9 42.1 5.9 -2.7 -5.0 1.0

Outstanding amounts (EUR billions)

2007 626 3,206 0.69 3,832 3,515 1,302 8,6492008 710 3,270 1.18 3,981 4,041 1,372 9,3932009 755 3,737 1.73 4,492 3,696 1,146 9,334

2010 Sep. 791 3,881 2.05 4,672 3,706 1,123 9,501

Source: ECB.

8.4 Main components of the annual growth rate of M3(contributions in percentage points; seasonally adjusted; end of period)

M3M1 M2-M1 1) M3-M2 2)

Currency in Overnightcirculation deposits

2005 1.0 4.2 5.1 2.1 0.1 7.32006 0.8 2.9 3.7 4.4 1.8 9.92007 0.6 1.3 1.9 6.8 2.8 11.62008 1.0 0.5 1.5 5.6 0.5 7.62009 0.5 5.1 5.6 -4.2 -1.8 -0.3

2010 May 0.9 7.1 8.1 -5.8 -2.3 -0.1June 0.5 3.1 3.6 -2.5 -0.9 0.2July 0.5 2.9 3.3 -2.2 -1.0 0.2Aug. 0.5 3.0 3.5 -1.8 -0.6 1.1Sep. 0.5 2.2 2.7 -1.0 -0.6 1.0

Source: ECB.


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8.5 Main counterparts of M3(annual percentage changes, unless otherwise indicated; seasonally adjusted; end of period)

Credit 1) Longer-termTo general To other financial

government euro area liabilitiesresidents Loans

2005 8.4 4.0 9.6 9.2 8.72006 8.3 -4.6 11.6 10.8 8.62007 10.4 -2.2 13.2 11.2 9.32008 7.1 4.2 7.7 5.7 4.22009 2.5 11.9 0.6 -0.2 6.7

2010 May 1.7 9.5 0.1 0.2 5.1

June 1.4 8.1 0.0 0.3 3.9July 1.8 7.7 0.6 0.7 3.8Aug. 2.2 7.4 1.0 1.2 3.4Sep. 2.0 7.1 0.9 1.2 3.1

Outstanding amounts (EUR billions)

2007 14,508 2,449 12,059 10,157 6,0162008 15,545 2,575 12,970 10,780 6,2822009 15,989 2,898 13,091 10,782 6,757

2010 Sep. 16,425 3,099 13,326 10,970 7,145

Source: ECB.

8.6 Breakdown of the annual growth rate of M3 by counterpart(contributions in percentage points; seasonally adjusted; end of period)

MFI assets Minus Minus Plus M3Credit to Credit Net longer- liabilities other

general to other external term againstgovern- euro area assets financial central

ment residents Loans liabilities govern-ment

2005 14.4 1.4 12.7 10.6 0.3 6.0 0.2 -0.8 7.32006 16.7 -1.6 15.7 12.7 2.7 6.1 -0.2 -1.0 9.92007 17.0 -0.7 18.1 13.2 -0.4 6.5 -0.2 0.9 11.62008 9.9 1.2 10.6 6.7 -1.9 2.9 1.5 2.1 7.62009 5.9 3.5 1.0 -0.2 1.4 4.8 -0.1 -1.5 -0.3

2010 May 6.9 4.9 0.2 0.5 1.8 6.2 -0.7 -1.4 -0.1June 2.5 2.1 0.0 0.3 0.4 2.4 -0.3 -0.2 0.2July 2.7 2.1 0.7 0.7 0.0 2.4 0.0 -0.2 0.2Aug. 3.3 2.2 1.4 1.3 -0.3 2.4 -0.1 0.0 1.1Sep. 3.4 2.1 1.3 1.3 0.0 2.2 -0.3 -0.5 1.0

Source: ECB.


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8.7 Minimum reserve statistics(EUR billions; interest rates as percentages per annum)

Reserve base Reserve base Reserve maintenanceas at/

maintenance Required Credit Interestperiod Liabilities Liabilities reserves institutions rate on

ending in: Total to which a to which a current minimum2% reserve 0% reserve accounts reservescoefficient coefficientis applied is applied

2010 Mar. 18,588 10,590 7,998 210.9 211.8 1.00Apr. 18,861 10,676 8,185 211.4 212.5 1.00May 19,045 10,743 8,303 211.2 212.4 1.00

June 19,018 10,720 8,298 211.3 212.5 1.00July 18,967 10,622 8,345 213.0 214.4 1.00Aug. 19,138 10,726 8,411 214.3 215.7 1.00Sep. . . . 213.9 215.3 1.00Oct. . . . 211.9 213.1 1.00Nov. . . . 214.0 . .

Source: ECB.

8.8 Structural indicators for the banking system and investment fundsof the euro area(outstanding amounts in EUR billions, unless otherwise indicated; end of period)

Number of Assets Assets of Assets Assets of Concentration Assets of employees of credit the of branches subsidiaries of banking investment

of credit institutions Eurosystem of credit of credit sector across fundsinstitutions institutions institutions euro area(thousands) from non-EU from non-EU (Herfindahl

countries 1) countries index)

2001 2,275 17,561 997 107 247 0.0068 3,3832002 2,250 18,069 1,042 86 234 0.0067 3,0422003 2,217 18,890 1,087 71 242 0.0070 3,4202004 2,193 20,430 1,197 66 221 0.0072 3,8312005 2,201 22,645 1,405 86 288 0.0077 4,7892006 2,248 24,909 1,558 99 382 0.0077 5,5462007 2,283 28,345 2,046 126 540 0.0079 5,7792008 . 30,568 2,983 . . . 4,230

Source: ECB.


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9.1 Securities issued by euro area residents: outstanding amounts(EUR billions, unless otherwise indicated; outstanding amounts at end of period;

nominal or market values 1) )

Total Debt securities Equitysecurities

of which: 2) of which:Quoted

Short-term Long-term Long-term issued in sharesfixed rate variable rate Euro (%)

2007 18,683 12,074 1,306 7,312 3,002 89.5 6,6092008 16,962 13,450 1,627 7,711 3,599 90.0 3,5132009 19,700 15,286 1,638 8,832 4,378 89.3 4,414

2009 Dec. 19,700 15,286 1,638 8,832 4,378 89.3 4,414

2010 Jan. 19,624 15,378 1,653 8,888 4,388 89.1 4,246Feb. 19,590 15,426 1,627 8,989 4,359 89.1 4,165Mar. 20,018 15,540 1,624 9,094 4,366 89.1 4,478Apr. 20,036 15,623 1,632 9,177 4,366 88.9 4,412May 19,825 15,729 1,632 9,264 4,373 88.6 4,096June 19,770 15,712 1,598 9,310 4,348 88.5 4,058July 19,945 15,690 1,598 9,274 4,370 89.0 4,255Aug. 19,922 15,803 1,636 9,326 4,392 88.7 4,119

Source: ECB.

9.2 Debt securities issued by euro area residents: gross issues, redemptionsand net issues(EUR billions, unless otherwise indicated; transactions during the period; nominal values)

Gross issues Redemptions Net issues

Seasonally Non-seasonallyIn euro (%) In euro (%) adjusted adjusted 1)

2007 13,814 95.0 12,807 95.4 1,007 -2008 14,292 93.9 13,140 93.6 1,158 -

2009 13,515 93.0 12,475 93.1 1,045 -2009 Dec. 969 91.3 1,025 91.9 14 -61

2010 Jan. 1,140 90.2 1,076 91.3 62 67Feb. 901 90.1 866 89.2 -13 34Mar. 1,031 89.6 924 88.9 93 108Apr. 1,054 89.9 985 91.1 49 76May 944 88.9 897 89.7 -18 47June 1,081 91.0 1,089 89.7 9 -11July 1,068 90.5 1,044 88.1 56 23Aug. 911 88.2 829 88.8 146 85

Source: ECB.

9 Financial market developments


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9.3 Euro-denominated debt securities issued by euro area residents:outstanding amounts and annual growth rates 1) by sector of the issuer(annual growth rates, unless otherwise indicated; outstanding amounts at end of period; nominal values)

Total economy MFIs Financial Non- Central Otherincluding corporations financial govern- generalthe Euro- other than corpora- ment govern-

EUR Index: system MFIs tions mentbillions Dec. 2001 =

100 1)

2007 10,802 152.6 9.1 11.5 28.4 7.9 2.8 5.02008 12,101 168.5 10.4 6.8 32.6 6.8 8.0 3.22009 13,656 181.9 7.9 2.3 10.2 12.3 11.4 9.6

2010 Mar. 13,843 184.3 5.5 1.0 4.2 14.7 8.8 11.8

Apr. 13,896 185.1 5.1 0.6 2.5 14.9 8.9 11.1May 13,930 185.5 3.9 -1.0 1.2 13.3 8.1 10.3June 13,910 185.6 3.5 -0.7 0.2 10.7 7.3 13.9July 13,957 186.2 3.4 -1.3 0.0 9.2 7.7 15.7Aug. 14,025 187.1 3.7 -0.9 1.1 8.9 7.5 15.8

Outstanding amounts per sector (EUR billions)

2008 12,101 - - 4,388 1,959 605 4,824 3262009 13,656 - - 4,494 2,739 681 5,385 357

2010 Aug. 14,025 - - 4,504 2,731 697 5,682 410

Source: ECB.

9.4 Quoted shares issued by euro area residents: outstanding amounts andannual growth rates 1) by sector of the issuer(annual growth rates, unless otherwise indicated; outstanding amounts at end of period; market values)

Total economy MFIs Financial Non-financialcorporations corporations

EUR Index: other thanbillions Dec. 2001 = MFIs

100 1)

2007 6,609 104.4 1.4 1.2 2.9 1.2

2008 3,513 105.4 1.0 5.8 2.7 -0.12009 4,414 108.5 3.0 9.1 5.3 1.8

2010 Mar. 4,478 109.0 2.8 7.4 5.4 1.8Apr. 4,412 109.0 2.7 7.0 5.4 1.7May 4,096 109.1 2.4 6.2 5.3 1.5June 4,058 109.3 1.9 5.6 4.4 1.0July 4,255 109.4 1.7 5.1 4.5 0.9Aug. 4,119 109.4 1.7 5.1 4.1 1.0

Outstanding amounts per sector (EUR billions)

2008 3,513 - - 378 282 2,8522009 4,414 - - 571 349 3,494

2010 Aug. 4,119 - - 483 308 3,328

Source: ECB.


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9.5 Money market interest rates(percentages per annum; period averages)

Euro area United States Japan

EONIA EURIBOR LIBOR LIBOR

1-month 3-month 6-month 1-year 3-month 3-month

Nominal Real Nominal Real Nominal Real

2007 3.87 4.08 4.28 2.14 4.35 4.45 5.30 2.44 0.79 0.732008 3.87 4.28 4.64 1.35 4.73 4.83 2.93 -0.94 0.93 -0.452009 0.71 0.89 1.22 0.94 1.43 1.61 0.69 1.03 0.47 1.82

2009 Oct. 0.36 0.43 0.74 0.87 1.02 1.24 0.28 0.47 0.33 2.87

Nov. 0.36 0.44 0.72 0.23 0.99 1.23 0.27 -1.57 0.31 2.18Dec. 0.35 0.48 0.71 -0.21 1.00 1.24 0.25 -2.47 0.28 1.96

2010 Jan. 0.34 0.44 0.68 -0.32 0.98 1.23 0.25 -2.38 0.26 1.55Feb. 0.34 0.42 0.66 -0.24 0.96 1.23 0.25 -1.89 0.25 1.35Mar. 0.35 0.41 0.64 -0.79 0.95 1.22 0.27 -2.05 0.25 1.34Apr. 0.35 0.40 0.64 -0.89 0.96 1.23 0.31 -1.92 0.24 1.43May 0.34 0.42 0.69 -0.92 0.98 1.25 0.46 -1.56 0.24 1.14June 0.35 0.45 0.73 -0.69 1.01 1.28 0.54 -0.52 0.24 0.94July 0.48 0.58 0.85 -0.90 1.10 1.37 0.51 -0.72 0.24 1.14Aug. 0.43 0.64 0.90 -0.70 1.15 1.42 0.36 -0.79 0.24 1.14Sep. 0.45 0.62 0.88 -0.90 1.14 1.42 0.29 -0.85 0.22 0.82Oct. 0.70 0.78 1.00 -0.90 1.22 1.50 0.29 . 0.20 .

Source: ECB.

9.6 Interest rates implied by 3-month EURIBOR futures(percentages per annum; period averages; by maturity date of futures contract)

Dec. 2010 Mar. 2011 Jun. 2011 Sep. 2011 Dec. 2011 Mar. 2012 Jun. 2012

2007 4.35 4.36 4.38 4.40 4.42 . .2008 4.14 4.15 4.18 4.20 4.23 4.22 4.232009 2.19 2.42 2.65 2.85 3.04 3.16 3.28

2009 Oct. 1.95 2.21 2.45 2.64 2.83 2.96 3.09Nov. 1.81 2.08 2.33 2.54 2.74 2.89 3.04Dec. 1.74 1.98 2.21 2.40 2.59 2.73 2.87

2010 Jan. 1.57 1.83 2.07 2.29 2.49 2.64 2.78Feb. 1.32 1.53 1.75 1.97 2.18 2.36 2.53Mar. 1.15 1.36 1.58 1.80 2.02 2.19 2.36Apr. 1.07 1.24 1.42 1.62 1.84 2.01 2.18May 0.99 1.03 1.11 1.23 1.41 1.56 1.74June 0.99 1.04 1.11 1.21 1.36 1.50 1.66July 1.09 1.16 1.23 1.31 1.45 1.56 1.68Aug. 0.97 1.02 1.08 1.14 1.25 1.33 1.44Sep. 0.98 1.06 1.13 1.20 1.31 1.40 1.50

Oct. 1.10 1.19 1.25 1.31 1.40 1.48 1.56Source: ECB.


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9.7 Euro area yield curves(AAA-rated euro area central government bonds; end of period; rates in percentages per annum;

spreads in percentage points)

Spot rates Instantaneous forward rates

3 months 1 year 2 years 5 years 10 years 10Y-3M 10Y-2Y 1 year 2 years 5 years 10 yearsspread 1) spread 2)

2009 Sep. 0.41 0.70 1.33 2.59 3.64 3.23 2.31 1.34 2.47 4.14 4.96Oct. 0.50 0.81 1.43 2.61 3.68 3.18 2.25 1.49 2.50 4.12 5.11Nov. 0.44 0.80 1.34 2.49 3.57 3.13 2.23 1.38 2.32 4.00 5.04Dec. 0.38 0.81 1.38 2.64 3.76 3.38 2.38 1.41 2.44 4.27 5.20

2010 Jan. 0.28 0.71 1.25 2.48 3.66 3.38 2.42 1.28 2.25 4.15 5.23

Feb. 0.30 0.54 1.02 2.29 3.49 3.19 2.46 0.98 2.01 3.99 5.08Mar. 0.33 0.60 1.05 2.28 3.46 3.13 2.41 1.02 1.98 3.96 5.02Apr. 0.32 0.60 1.01 2.18 3.40 3.07 2.39 1.00 1.85 3.89 4.94May 0.21 0.28 0.57 1.75 3.00 2.78 2.43 0.47 1.28 3.58 4.46June 0.34 0.42 0.69 1.79 3.03 2.68 2.33 0.62 1.35 3.54 4.52July 0.45 0.59 0.87 1.88 3.01 2.56 2.14 0.82 1.51 3.45 4.43Aug. 0.43 0.45 0.62 1.47 2.48 2.05 1.85 0.55 1.09 2.87 3.70Sep. 0.57 0.68 0.90 1.71 2.67 2.10 1.77 0.86 1.41 3.01 3.91Oct. 0.75 0.84 1.06 1.89 2.86 2.11 1.80 1.02 1.57 3.21 4.09

Sources: ECB calculations based on underlying data provided by EuroMTS and ratings provided byFitch Ratings.

9.8 Spreads between swaps and government bond yields(percentage points; period averages)

Euro area United States Japan

2 years 3 years 5 years 7 years 10 years 10 years 10 years

2007 0.48 0.42 0.36 0.27 0.28 0.64 0.162008 0.28 0.25 0.00 0.22 -0.15 0.23 -0.012009 0.35 0.31 0.04 -0.02 -0.40 0.11 0.12

2009 Oct. 0.37 0.34 0.07 0.06 -0.33 0.15 0.13Nov. 0.39 0.32 0.10 0.07 -0.33 0.10 0.11

Dec. 0.35 0.31 0.04 -0.02 -0.40 0.11 0.122010 Jan. 0.19 0.10 -0.07 -0.16 -0.63 0.09 0.08

Feb. -0.08 -0.08 -0.22 -0.30 -0.73 0.08 0.06Mar. 0.08 0.05 -0.17 -0.27 -0.68 -0.01 0.04Apr. -0.31 -0.17 -0.34 -0.45 -0.93 -0.04 0.04May -0.58 -0.37 -0.50 -0.79 -0.64 0.03 0.06June -0.54 -0.44 -0.62 -1.01 -0.79 0.05 0.05July -0.44 -0.63 -0.62 -1.07 -0.73 0.00 0.04Aug. -0.41 -0.71 -0.68 -1.04 -0.84 -0.02 0.04Sep. -0.49 -0.63 -0.75 -1.12 -0.88 -0.02 0.05Oct. -0.14 -0.45 -0.70 -0.66 -0.66 0.06 0.07

Source: ECB.


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9.9 Stock market indices(index levels in points; 1) rates of change in percentages; period averages)

Europe Euro area United States Japan

Dow Dow Jones Standard & Poors 500 Nikkei 225Jones EURO STOXX 50

STOXX50 Annual Annual Annual

Volatil- rate of Volatil- rate of Volatil- rate of Level Level ity 2) change Level ity 2) change Level ity 2) change

2001-04 3,014 3,082 5.01 - 1,071 5.84 - 10,682 3.43 -2005-08 3,296 3,660 10.01 - 1,304 12.56 - 14,420 4.94 -

2007 3,790 4,316 5.60 13.9 1,477 8.02 12.8 16,984 3.81 5.5

2008 2,841 3,320 10.01 -22.9 1,221 12.56 -17.1 12,152 4.94 -28.72009 2,188 2,521 5.71 -20.5 946 6.84 -18.9 9,322 3.48 -19.7

2010 Mar. 2,588 2,890 4.30 45.0 1,152 6.04 52.2 10,671 2.95 37.3Apr. 2,642 2,937 5.92 30.2 1,197 5.83 41.1 11,140 2.64 27.2May 2,414 2,642 6.67 8.9 1,125 7.71 24.8 10,104 3.19 9.1June 2,417 2,642 6.03 7.9 1,083 7.02 17.0 9,786 2.77 -0.2July 2,424 2,669 5.31 8.4 1,080 5.89 15.6 9,457 2.67 -2.3Aug. 2,491 2,712 6.92 0.4 1,087 7.01 7.7 9,268 3.15 -11.1Sep. 2,541 2,766 6.93 -2.2 1,122 6.88 7.4 9,347 3.22 -9.3Oct. 2,532 2,818 6.42 -1.7 1,172 7.18 9.7 9,455 3.15 -6.1

Source: ECB.

9.10 Euro area sectoral stock market indices(index levels in points; index: 31 December 1991=100; period averages)

Dow Jones EURO STOXX main industry indices

Basic Consumer Oil Finan- Indus- Tech- Utilities Telecoms Healthma- and gas cials trials nology care

terials Services Goods

2001-04 257 197 229 303 251 259 362 261 407 4132005-08 433 198 299 407 333 384 327 459 444 479

2006 402 205 294 420 370 391 345 440 417 530

2007 544 235 367 450 408 488 383 561 493 5192008 480 169 291 381 265 351 283 502 432 412

2010 Mar. 456 164 302 320 198 335 242 372 402 437Apr. 471 172 314 329 200 349 249 379 397 430May 431 160 305 295 171 325 222 342 360 401June 438 160 319 293 167 330 218 331 362 406July 435 161 321 289 178 324 212 320 370 389Aug. 442 163 316 296 184 325 207 328 392 383Sep. 461 172 332 298 183 332 213 329 401 402Oct. 489 175 346 305 183 346 224 331 411 405

Source: ECB.


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9.11 MFI interest rates on deposits(percentages per annum excluding charges; new business rates as period averages, unless otherwise indicated)

From households From non-financial corporations

Over- Redeem- With an agreed maturity of: Over- With an agreed maturity of:night 1) able night 1)

at notice Up to Over 1 Up to Up to Over 1 Up toof up to 3 1 year and up to 2 years 2) 1 year and up to 2 years 2)

months 1) 2 years 2 years

2009 Oct. 0.46 1.55 1.68 2.11 2.63 0.49 0.66 1.99 1.70Nov. 0.46 1.52 1.67 2.23 2.50 0.48 0.70 2.11 1.62Dec. 0.45 1.53 1.67 2.31 2.36 0.47 0.77 2.00 1.56

2010 Jan. 0.43 1.47 1.74 2.33 2.19 0.45 0.72 1.95 1.45

Feb. 0.42 1.45 1.75 2.24 2.14 0.44 0.73 2.11 1.42Mar. 0.42 1.45 1.90 2.38 2.12 0.44 0.79 2.73 1.38Apr. 0.41 1.42 2.02 2.64 2.12 0.43 0.78 2.78 1.37May 0.40 1.40 2.04 2.73 2.12 0.43 0.77 2.78 1.42June 0.43 1.41 2.16 2.25 2.13 0.43 0.89 1.85 1.46July 0.43 1.39 2.31 2.59 2.15 0.45 1.05 2.11 1.54Aug. 0.43 1.50 2.21 2.54 2.17 0.45 1.00 2.01 1.56Sep. 0.43 1.55 2.25 2.76 2.20 0.46 1.11 2.15 1.61

Source: ECB.

9.12 MFI interest rates on loans(percentages per annum excluding charges; new business rates as period averages, unless otherwise indicated)

To households To non-financial corporations

Revolving Lending for house purchase Revolving Loans Other loans with floatingloans and loans and with rate or IPF of up to 1 year

overdrafts, Maturity IPF of IPF overdrafts, a matu-convenience of over over 5 of over convenience -rity Up to EUR Over EUR

and 5 years 2) and up to 10 years and of over 1 million 1 millionextended 10 years extended 5 years 2)

credit creditcard debt 1) card debt 1)

2009 Oct. 9.16 4.18 4.45 4.40 4.18 3.60 3.33 2.14Nov. 9.07 4.12 4.46 4.32 4.11 3.57 3.34 2.22Dec. 8.99 4.07 4.42 4.26 4.06 3.50 3.28 2.19

2010 Jan. 8.94 3.99 4.38 4.26 4.05 3.45 3.25 2.02Feb. 9.01 4.03 4.32 4.18 4.03 3.43 3.25 1.94Mar. 8.82 3.98 4.21 4.15 3.98 3.37 3.24 1.99Apr. 8.77 3.92 4.18 4.12 3.98 3.33 3.19 2.00May 8.77 3.89 4.14 4.01 3.97 3.31 3.25 1.96June 8.83 3.84 4.06 3.90 3.77 3.30 3.25 2.17July 8.79 3.82 3.94 3.84 3.72 3.33 3.30 2.26Aug. 8.72 3.81 3.95 3.80 3.76 3.34 3.38 2.28Sep. 8.75 3.83 3.84 3.74 3.81 3.36 3.35 2.26

Source: ECB.


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10.1 Major interbank funds transfer systems in the European Union(daily averages)

Volume of transactions Value of transactions(thousands of payments) (EUR billions)

TARGET EURO1 TARGET EURO1

2005 296 181 1,902 1672006 326 187 2,092 1892007 366 211 2,419 2282008 370 251 2,667 287

2008 July 364 257 2,554 277Aug. 325 227 2,330 254Sep. 359 249 2,578 309

Oct. 370 250 2,902 338Nov. 357 239 2,853 304Dec. 395 247 2,993 311

2009 Jan. 335 214 2,525 291Feb. 336 221 2,370 272Mar. 345 230 2,361 279

Annual percentage changes

2006 10.1 3.6 10.0 13.22007 12.3 12.9 15.6 20.52008 1.0 18.7 10.3 25.9

Sources: For TARGET data: ESCB; for EURO1 data: Euro Banking Association.

10 Payment and settlement systems


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11.1 HICP(annual percentage changes, unless otherwise indicated)

Share 1) Average Average(%; 2009) 1996-00 2001-05 2007 2008 2009 2010 Aug. 2010 Sep. 2010 Oct.

BE 3.2 1.6 2.0 1.8 4.5 0.0 2.4 2.9 3.1DE 26.2 1.1 1.6 2.3 2.8 0.2 1.0 1.3 1.3 2)

IE 1.5 2.6 3.4 2.9 3.1 -1.7 -1.2 -1.0 .GR 3.6 4.6 3.5 3.0 4.2 1.3 5.6 5.7 .ES 12.6 2.6 3.2 2.8 4.1 -0.2 1.8 2.1 2.2 2)

FR 20.8 1.3 2.0 1.6 3.2 0.1 1.6 1.8 .IT 18.2 2.4 2.4 2.0 3.5 0.8 1.8 1.6 .CY 0.3 2.9 *) 2.5 2.2 4.4 0.2 3.4 3.6 .LU 0.3 1.7 2.8 2.7 4.1 0.0 2.5 2.6 2.9

MT 0.1 3.2 *) 2.5 0.7 4.7 1.8 3.0 2.4 .NL 5.1 1.9 2.8 1.6 2.2 1.0 1.2 1.4 .AT 3.0 1.2 1.9 2.2 3.2 0.4 1.6 1.8 .PT 2.2 2.4 3.2 2.4 2.7 -0.9 2.0 2.0 .SI 0.4 8.2 5.5 3.8 5.5 0.9 2.4 2.1 2.2SK 0.7 8.2 5.8 1.9 3.9 0.9 1.1 1.1 .FI 1.7 1.6 1.4 1.6 3.9 1.6 1.3 1.4 .

Euro area 3) 100.0 1.6 2.2 2.1 3.3 0.3 1.6 1.8 1.9 2)

BG 0.8 10.3 **) 5.5 7.6 12.0 2.5 3.2 3.6 .CZ 1.4 5.8 *) 2.0 3.0 6.3 0.6 1.5 1.8 .DK 1.0 2.0 1.9 1.7 3.6 1.1 2.3 2.5 .

EE 0.2 8.8 3.5 6.7 10.6 0.2 2.8 3.8 .LV 0.3 4.3 *) 4.1 10.1 15.3 3.3 -0.4 0.3 .LT 0.5 8.2 0.9 5.8 11.1 4.2 1.8 1.8 .HU 1.3 15.1 5.8 7.9 6.0 4.0 3.6 3.7 .PL 5.0 11.0 *) 2.7 2.6 4.2 4.0 1.9 2.5 .RO 2.2 64.2 18.3 4.9 7.9 5.6 7.6 7.7 .SE 1.9 1.1 1.8 1.7 3.3 1.9 1.1 1.5 .UK 15.5 1.4 *) 1.4 2.3 3.6 2.2 3.1 3.1 .

EU 4) 100.0 1.7 2.1 2.3 3.7 1.0 2.0 2.2 .

Sources: Eurostat and national data.*) Data for 1997-2000. **) Data for 1998-2000.

11 Selected indicators for EU Member States


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11.2 GDP(annual percentage changes in volume, unless otherwise indicated; quarterly data; working day-adjusted)

GDP in 2009 1)

EUR Share 2) Average Averagebillions (%) 1996-00 2001-05 2007 2008 2009 2010 Q1 2010 Q2 2010 Q3

BE 339.2 3.8 2.9 1.6 2.8 0.8 -2.7 1.7 2.6 .DE 2,397.1 26.8 2.0 0.6 2.7 1.0 -4.7 2.0 3.7 .IE 159.6 1.8 9.7 5.5 5.6 -3.5 -7.6 -0.7 -1.8 .GR 233.0 2.6 3.4 4.0 4.3 1.3 -2.3 -2.3 -3.7 .ES 1,053.9 11.8 4.1 3.3 3.6 0.9 -3.7 -1.3 -0.1 .FR 1,907.1 21.3 2.8 1.7 2.4 0.2 -2.6 1.2 1.7 .IT 1,520.9 17.0 1.9 0.9 1.4 -1.3 -5.1 0.5 1.3 .

CY 16.9 0.2 3.8 3.2 5.1 3.6 -1.7 -1.2 0.2 .LU 38.0 0.4 6.1 3.6 6.6 1.4 -3.7 2.9 5.3 .MT 5.7 0.1 . 1.1 3.7 2.6 -2.1 3.5 3.7 .NL 572.0 6.4 4.0 1.3 3.9 1.9 -3.9 0.5 2.7 .AT 274.3 3.1 3.0 1.6 3.7 2.2 -3.9 0.2 2.3 .PT 168.1 1.9 4.2 0.8 2.4 0.0 -2.6 1.8 1.5 .SI 35.4 0.4 5.0 3.7 6.9 3.7 -8.1 -0.1 1.5 .SK 63.1 0.7 3.4 4.9 10.6 6.2 -4.7 4.5 5.0 .FI 171.3 1.9 4.8 2.6 5.3 0.9 -8.0 0.6 3.4 .

Euro area 8,956.0 100.0 2.8 1.5 2.8 0.5 -4.1 0.8 1.9 .

BG 35.0 0.3 -0.3 5.5 6.4 6.2 -4.9 -4.0 0.5 .

CZ 137.2 1.2 1.8 3.7 6.1 2.5 -4.1 1.0 2.4 .DK 223.3 1.9 2.9 1.3 1.7 -0.9 -4.7 -0.4 3.8 .EE 13.9 0.1 6.7 7.9 6.9 -5.1 -13.9 -2.6 3.1 .LV 18.5 0.2 5.4 8.2 10.0 -4.2 -18.0 -5.1 -2.9 .LT 26.6 0.2 4.4 7.8 9.8 2.9 -14.7 -0.6 -0.3 .HU 92.9 0.8 3.9 4.2 1.0 0.6 -6.3 -1.2 0.1 .PL 310.5 2.6 5.4 3.1 6.8 5.1 1.7 3.0 3.5 .RO 115.9 1.0 . 5.7 6.3 7.3 -7.1 -2.6 -0.5 .SE 292.7 2.5 3.5 2.7 3.3 -0.4 -5.1 2.8 4.5 .UK 1,563.1 13.3 3.4 2.5 2.7 -0.1 -5.0 -0.3 1.7 2.8

EU 11,785.5 100.0 2.9 1.8 3.0 0.5 -4.2 0.7 2.0 .

Source: Eurostat.


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11.3 GDP per capita and gross value added by economic activity in 2009(current prices)

GDP per capita Gross value added(% of total)

EUR PPP 1) Deviation Agriculture, Industry, Servicesthousands thousands (%) 2) hunting, including (market and

forestry and energy and non-market)fishing construction

BE 31.4 29.1 6.9 0.7 21.7 77.6DE 29.3 29.1 7.0 0.8 26.5 72.7IE 35.8 32.2 18.5 1.0 31.9 67.1GR 20.7 23.4 -14.0 3.2 17.9 78.9ES 22.9 26.2 -3.7 2.6 26.1 71.3FR 29.6 27.0 -0.7 1.7 18.8 79.4IT 25.2 25.6 -6.0 1.8 25.1 73.1CY 21.2 24.7 -9.1 2.1 18.7 79.3LU 76.5 68.0 149.9 0.3 13.1 86.6MT 13.9 19.6 -27.9 1.8 19.4 78.8NL 34.6 32.8 20.5 1.7 23.9 74.4AT 32.8 30.8 13.2 1.5 29.2 69.3PT 15.8 19.8 -27.3 2.3 22.8 74.8SI 17.3 22.0 -19.2 2.4 31.1 66.5SK 11.6 17.9 -34.1 2.6 34.4 63.0FI 32.1 27.9 2.4 2.7 28.2 69.2

Euro area 27.2 27.2 0.0 1.6 24.1 74.2BG 4.6 10.7 -57.4 5.6 30.3 64.1CZ 13.1 20.2 -19.6 2.2 37.7 60.1DK 40.4 29.6 17.7 1.1 22.2 76.7EE 10.3 15.8 -37.3 2.6 26.5 71.0LV 8.2 12.2 -51.4 3.3 20.6 76.1LT 8.0 13.4 -46.8 3.4 26.9 69.7HU 9.3 15.8 -37.0 3.0 29.7 67.3PL 8.1 15.3 -39.1 3.6 31.8 64.6RO 5.4 11.4 -54.7 7.0 37.3 55.7SE 31.3 30.3 20.5 1.7 25.1 73.1UK 25.3 29.2 16.3 0.7 21.1 78.2

EU 23.6 25.1 0.0 1.6 24.3 74.1



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11.4 Unit labour costs(whole economy; annual percentage changes, unless otherwise indicated)

Share 1) Average Average(%; 2009) 1996-00 2001-05 2007 2008 2009 2009 Q4 2010 Q1 2010 Q2

BE 4.1 0.7 1.7 2.1 4.4 4.3 0.3 -1.4 -0.8DE 27.7 0.0 0.2 -0.1 2.4 5.2 1.9 -0.5 -1.2IE 1.7 1.5 3.5 3.4 5.9 -0.6 -1.7 -6.0 -2.6GR 2.0 . 3.1 3.5 3.9 6.3 5.0 -1.9 0.0ES 11.7 2.4 3.0 4.0 4.9 0.8 0.0 -0.6 -1.0FR 22.7 0.7 2.0 1.5 2.9 3.0 1.2 0.8 1.0IT 14.7 1.5 3.1 1.9 4.5 4.3 0.9 -1.5 -0.8CY 0.1 2.2 3.8 1.1 2.4 4.0 4.3 2.0 -0.3LU 0.4 1.0 2.7 1.6 5.5 6.7 0.7 -0.8 -2.1

MT 0.0 . 3.0 1.5 3.8 3.9 -0.6 -5.2 -2.2NL 6.7 1.7 2.4 1.6 2.9 5.2 2.2 -1.5 -1.5AT 3.2 -0.4 0.9 1.1 2.8 5.0 3.0 1.2 -0.7PT 2.0 3.6 3.1 1.2 3.1 3.5 1.7 -1.4 -0.3SI 0.4 5.2 4.9 2.6 5.9 8.5 4.8 0.1 0.4SK 0.6 7.3 3.7 0.1 2.5 7.2 0.7 -4.6 -3.1FI 2.0 0.4 1.5 0.5 5.8 7.7 3.8 -1.4 -2.5

Euro area 100.0 0.9 1.7 1.5 3.5 3.9 1.4 -0.5 -0.6

BG 0.2 93.9 3.3 13.8 16.2 10.4 3.4 7.0 .CZ 1.0 6.8 3.3 2.9 5.1 3.6 2.2 -2.5 -0.8DK 2.2 1.9 2.5 4.9 6.5 4.5 -1.7 0.1 -3.9

EE 0.1 7.3 3.7 17.4 16.3 1.1 -9.0 -10.3 -9.3LV 0.1 5.7 4.7 27.2 22.0 -7.0 -20.4 -18.8 -15.2LT 0.2 7.9 1.7 6.5 10.4 -2.8 -12.4 -10.8 -10.0HU 0.7 13.4 5.6 5.4 4.5 0.9 -4.3 1.1 -0.7PL 1.9 10.7 -0.2 2.6 7.5 4.3 -0.6 4.9 3.2RO 2) 0.8 . 17.1 15.2 22.9 7.2 - - -SE 2.7 1.9 1.0 4.2 2.6 4.7 -0.1 -0.9 .UK 14.7 2.5 2.5 3.0 2.3 5.7 4.7 4.1 0.4

EU 100.0 1.8 1.9 2.0 3.4 4.0 1.6 -0.2 -0.7



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11.5 Harmonised competitiveness indicators and real effective exchange ratesbased on consumer price indices 1)

(period averages; 1999 Q1 = 100)

% change vs.Average Average prev. year1996-00 2001-05 2008 2009 2010 July 2010 Aug. 2010 Sep. 2010 Sep.

BE 98.7 98.5 104.9 104.8 100.6 100.7 100.9 -4.1DE 98.6 94.8 97.6 98.0 91.9 91.6 91.7 -6.6IE 99.5 108.1 123.9 121.9 110.9 110.4 110.9 -9.2GR 96.8 98.4 107.5 109.1 108.2 108.2 108.4 -1.3ES 99.0 103.8 113.8 113.6 109.3 109.2 109.4 -4.0FR 98.6 97.4 101.3 101.3 96.8 96.6 96.7 -5.0IT 97.3 100.0 104.8 105.7 100.5 100.3 100.4 -5.6

CY 99.1 103.9 110.3 110.2 106.4 106.6 106.9 -3.0LU 99.9 103.4 112.1 111.6 108.5 108.4 108.6 -3.7MT 97.2 104.9 112.6 114.1 108.7 109.2 109.6 -4.9NL 97.6 103.4 106.8 107.6 100.8 100.6 100.8 -6.6AT 99.2 97.0 98.1 98.6 95.0 94.9 95.0 -4.0PT 98.5 103.4 107.4 106.6 103.5 103.3 103.3 -2.9SI 96.4 99.6 104.2 105.5 102.7 102.9 103.1 -2.3SK 103.7 132.7 187.5 199.0 191.1 190.3 190.4 -3.8FI 97.8 97.4 97.7 100.1 93.9 93.7 93.8 -6.7

Euro area 96.9 97.3 107.2 108.0 97.5 97.0 97.2 -10.7

BG 91.0 118.4 151.3 156.4 151.1 150.7 150.6 -3.7

CZ 98.0 119.0 159.1 152.1 152.2 154.9 156.2 -1.4DK 97.9 99.5 102.8 105.2 99.7 99.8 99.7 -5.3EE 92.9 104.8 123.2 125.0 120.8 120.5 121.0 -2.7LV 96.5 102.1 118.2 123.7 115.1 114.9 114.8 -6.3LT 95.3 116.2 128.0 136.3 129.7 129.2 129.4 -4.7HU 99.0 125.8 149.8 140.5 136.1 136.9 136.9 -6.8PL 101.3 114.8 137.1 116.3 119.5 121.4 123.1 1.5RO 99.9 120.1 151.8 140.4 140.7 141.1 140.9 0.3SE 101.5 94.6 93.1 86.0 90.9 91.4 93.7 4.0UK 97.0 98.4 86.6 78.0 79.6 80.8 79.3 0.5

Source: ECB.


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11.6 Population and employment(annual percentage changes, unless otherwise indicated)

Population Employment

Share 1)

2009 (%; Average Average(millions) 2009) 1996-00 2001-05 2007 2008 2009 2010 Q1 2010 Q2 2010 Q3

BE 10.8 3.1 1.2 0.7 1.6 1.7 -0.4 -0.2 0.5 .DE 81.9 27.7 0.8 -0.2 1.7 1.4 0.0 -0.2 0.4 0.8IE 2) 4.4 1.3 5.7 2.9 3.6 -0.8 . -5.3 -4.1 .GR 11.3 3.2 0.6 1.3 1.4 0.1 -1.2 -2.0 -2.3 .ES 45.9 13.2 3.9 3.3 3.0 -0.4 -6.6 -3.6 -2.4 .FR 64.5 17.6 1.4 0.6 1.4 0.6 -1.2 -0.7 -0.1 .

IT 60.3 17.1 1.0 1.2 1.3 0.3 -1.7 -0.7 -0.7 .CY 0.8 0.2 1.2 3.1 3.2 2.8 -0.7 -1.3 -0.2 .LU 0.5 0.2 4.1 3.1 4.5 4.7 0.9 0.8 1.6 .MT 0.4 0.1 - 0.8 3.2 2.6 -0.5 1.6 0.4 .NL 16.5 5.9 2.6 0.3 2.5 1.4 -1.1 -1.6 -0.6 .AT 8.4 2.8 0.9 0.7 1.8 1.8 -0.9 0.2 0.8 .PT 10.6 3.5 2.1 0.3 0.0 0.5 -2.6 -1.7 -1.5 .SI 2.0 0.7 -0.3 0.3 3.0 2.8 -1.9 -2.9 -2.1 .SK 5.4 1.5 -0.8 0.6 2.1 2.8 -2.4 -3.0 -2.3 .FI 5.3 1.7 2.2 0.8 2.2 1.6 -2.8 -2.4 -0.4 .

Euro area 329.1 100.0 1.5 0.9 1.8 0.8 -1.9 -1.2 -0.7 .

BG 7.6 1.7 -1.6 1.5 3.2 2.6 -2.7 -7.3 -6.5 .CZ 10.5 2.4 -0.8 0.2 2.7 1.2 -1.1 -2.1 -1.0 .DK 5.5 1.3 1.0 0.1 2.9 1.9 -3.4 -4.0 -2.3 .EE 1.3 0.3 -2.0 1.1 0.8 0.2 -9.9 -9.9 -5.6 .LV 2.3 0.4 -0.6 1.8 3.6 0.9 -13.6 -12.9 -6.7 .LT 3.3 0.6 - 0.9 2.8 -0.7 -6.8 -7.3 -6.7 .HU 10.0 1.8 1.1 -0.4 -0.3 -1.3 -2.8 -2.2 -0.5 .PL 38.2 7.0 - -0.6 4.4 3.8 . -1.0 0.8 .RO 2) 21.5 4.1 . -3.0 0.4 0.0 -2.0 -1.6 -2.2 .SE 9.3 2.0 0.8 0.2 2.5 0.9 -2.0 -0.5 0.8 .UK 61.8 13.0 1.3 0.9 0.7 0.7 -1.6 -1.2 0.4 .

EU 500.4 100.0 1.1 0.7 1.8 0.9 -1.8 -1.5 -0.7 .

Source: Eurostat.


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11.7 Unemployment(as a percentage of the labour force, unless otherwise indicated)

Share 1) Average Average(%; 2009) 1996-00 2001-05 2007 2008 2009 2010 July 2010 Aug. 2010 Sep.

BE 2.5 8.7 7.8 7.5 7.0 7.9 8.7 8.7 8.7DE 21.7 8.6 9.1 8.4 7.3 7.5 6.8 6.8 6.7IE 1.7 7.8 4.4 4.6 6.3 11.9 13.8 13.9 14.1GR 3.2 - 10.2 8.3 7.7 9.5 . . .ES 27.9 14.6 10.5 8.3 11.4 18.0 20.4 20.6 20.8FR 18.5 10.7 8.9 8.3 7.8 9.5 9.9 10.0 10.0IT 13.0 11.0 8.4 6.2 6.8 7.8 8.3 8.1 8.3CY 0.1 . 4.3 4.0 3.6 5.4 7.1 7.1 7.1LU 0.1 2.6 3.6 4.2 4.9 5.2 5.0 5.0 5.0

MT 0.1 . 7.4 6.4 5.9 7.0 6.4 6.2 6.2NL 2.2 4.5 4.0 3.6 3.1 3.7 4.6 4.5 4.4AT 1.4 4.2 4.4 4.4 3.8 4.8 4.3 4.3 4.5PT 3.5 5.5 6.0 8.1 7.7 9.6 10.8 10.6 10.6SI 0.4 7.1 6.4 4.9 4.4 5.9 7.2 7.3 7.3SK 2.2 . 18.0 11.2 9.5 12.0 14.5 14.6 14.7FI 1.5 11.8 8.9 6.9 6.4 8.2 8.4 8.3 8.3

Euro area 100.0 9.8 8.7 7.5 7.6 9.4 10.0 10.0 10.1

BG 1.1 . 14.7 6.9 5.6 6.9 10.1 10.0 10.1CZ 1.6 . 7.9 5.3 4.4 6.7 7.0 6.9 6.9DK 0.8 5.2 5.0 3.8 3.3 6.0 7.0 6.8 7.0

EE 0.4 . 10.1 4.6 5.6 13.8 . . .LV 0.9 . 11.0 6.0 7.5 17.1 . . .LT 1.0 . 12.4 4.3 5.9 13.7 . . .HU 2.0 8.1 6.1 7.4 7.8 10.0 11.1 10.9 10.8PL 6.6 . 18.9 9.6 7.2 8.2 9.5 9.5 9.6RO 3.2 . 7.5 6.4 5.8 6.9 . . .SE 1.9 8.0 6.7 6.1 6.2 8.3 8.5 8.2 8.2UK 11.0 6.4 4.9 5.3 5.7 7.6 7.7 . .

EU 100.0 . 8.9 7.2 7.0 8.9 9.6 9.6 9.6

Source: Eurostat.


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11.8 General government deficit/surplus 1)(as a percentage of GDP, unless otherwise indicated)

Contribution 2)

(percentage points; 2009) 2006 2007 2008 2009

BE -0.2 0.2 -0.3 -1.3 -6.0DE -0.9 -1.6 0.3 0.1 -3.0IE -0.3 2.9 0.0 -7.3 -14.4GR - - - - -ES -1.3 2.0 1.9 -4.2 -11.1FR -1.6 -2.3 -2.7 -3.3 -7.5IT -0.9 -3.4 -1.5 -2.7 -5.3CY 0.0 -1.2 3.4 0.9 -6.0LU 0.0 1.4 3.7 3.0 -0.7

MT 0.0 -2.7 -2.3 -4.8 -3.8NL -0.3 0.5 0.2 0.6 -5.4AT -0.1 -1.5 -0.4 -0.5 -3.5PT -0.2 -4.1 -2.8 -2.9 -9.3SI 0.0 -1.3 0.0 -1.8 -5.8SK 0.0 -3.2 -1.8 -2.1 -7.9FI 0.0 4.0 5.2 4.2 -2.5

Euro area -6.3 -1.4 -0.7 -2.0 -6.3

BG 0.0 1.9 1.1 1.7 -4.7CZ -0.1 -2.6 -0.7 -2.7 -5.8DK -0.1 5.2 4.8 3.4 -2.7

EE 0.0 2.4 2.5 -2.8 -1.7LV 0.0 -0.5 -0.3 -4.2 -10.2LT 0.0 -0.4 -1.0 -3.3 -9.2HU 0.0 -9.3 -5.0 -3.7 -4.4PL -0.2 -3.6 -1.9 -3.7 -7.2RO -0.1 -2.2 -2.6 -5.7 -8.6SE 0.0 2.3 3.6 2.2 -0.9UK -1.5 -2.7 -2.7 -5.0 -11.4

EU -6.8 -1.4 -0.8 -2.5 -6.8

Sources: Euro area and EU data: ECB; countries deficits/surpluses: European Commission.Note: The euro area aggregates and shares refer to the Euro 16. The Greek data will be published

by the European Commission (Eurostat) by mid November 2010.


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11.9 General government debt(as a percentage of GDP, unless otherwise indicated)

Share 1)

(%; 2009) 2006 2007 2008 2009

BE 4.6 88.1 84.2 89.6 96.2DE 25.0 67.6 64.9 66.3 73.4IE 1.5 24.8 25.0 44.3 65.5GR - - - - -ES 7.9 39.6 36.1 39.8 53.2FR 21.2 63.7 63.8 67.5 78.1IT 24.9 106.6 103.6 106.3 116.0CY 0.1 64.6 58.3 48.3 58.0LU 0.1 6.7 6.7 13.6 14.5

MT 0.1 63.4 61.7 63.1 68.6NL 4.9 47.4 45.3 58.2 60.8AT 2.6 62.1 59.3 62.5 67.5PT 1.8 63.9 62.7 65.3 76.1SI 0.2 26.7 23.4 22.5 35.4SK 0.3 30.5 29.6 27.8 35.4FI 1.1 39.7 35.2 34.1 43.8

Euro area 100.0 68.4 66.1 69.8 79.2

BG 0.1 21.6 17.2 13.7 14.7CZ 0.6 29.4 29.0 30.0 35.3DK 1.1 32.1 27.4 34.2 41.4

EE 0.0 4.4 3.7 4.6 7.2LV 0.1 10.7 9.0 19.7 36.7LT 0.1 18.0 16.9 15.6 29.5HU 0.9 65.7 66.1 72.3 78.4PL 1.9 47.7 45.0 47.1 50.9RO 0.3 12.4 12.6 13.4 23.9SE 1.5 45.0 40.0 38.2 41.9UK 12.3 43.4 44.5 52.1 68.2

EU 100.0 61.8 59.8 64.4 74.2

Sources: Euro area and EU data: ECB; countries debt: European Commission.Note: The euro area aggregates and shares refer to the Euro 16. The Greek data will be published



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11.10 General government expenditure 1)(as a percentage of GDP, unless otherwise indicated)

Share 2)

(%; 2009) 1995 2000 2008 2009

BE 4.0 52.2 49.1 50.2 54.2DE 25.2 48.3 45.1 43.8 47.5IE 1.7 41.1 31.4 42.7 48.9GR - - - - -ES 10.6 44.4 39.1 41.3 45.8FR 23.4 54.4 51.6 52.8 56.0IT 17.4 52.5 46.2 48.8 51.9CY 0.2 33.1 37.0 42.5 45.8LU 0.4 39.7 37.6 36.9 42.2

MT 0.1 39.7 41.0 44.8 43.9NL 6.5 51.6 44.2 46.0 51.4AT 3.1 56.2 52.0 48.8 52.3PT 1.8 43.4 43.1 43.6 48.2SI 0.4 52.6 46.7 44.1 49.0SK 0.6 48.6 52.2 35.0 41.5FI 2.1 61.4 48.3 49.3 56.0

Euro area 100.0 52.9 46.2 46.9 50.8

BG 0.2 - 42.6 37.6 40.6CZ 1.1 54.5 41.8 42.9 45.9DK 2.2 59.3 53.6 51.8 58.5

EE 0.1 41.3 36.1 39.9 45.2LV 0.1 38.6 37.3 38.8 43.9LT 0.2 34.4 39.1 37.4 43.6HU 0.8 56.2 46.8 48.8 50.5PL 2.3 47.7 41.1 43.2 44.4RO 0.8 35.9 38.5 38.2 41.0SE 2.7 65.2 55.6 51.5 54.9UK 13.5 43.9 36.8 47.4 51.6

EU 100.0 51.7 45.1 46.9 50.7

Sources: Euro area data and EU expenditure: ECB; countries expenditure: European Commission.Note: The euro area aggregates and shares refer to the Euro 16. The Greek data will be published



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11.11 Harmonised long-term interest rates for convergence assessmentpurposes(percentages per annum; period averages; secondary market yields 1) )

2010 Apr. 2010 May 2010 June 2010 July 2010 Aug. 2010 Sep.

Euro area

BE 3.54 3.31 3.47 3.29 3.03 3.12DE 3.06 2.73 2.54 2.62 2.35 2.30IE 4.76 4.86 5.31 5.32 5.30 6.14GR 7.83 7.97 9.10 10.34 10.70 11.34ES 3.90 4.08 4.56 4.43 4.04 4.09FR 3.40 3.08 3.07 2.99 2.68 2.68IT 4.00 3.99 4.10 4.03 3.80 3.86

CY2)

4.60 4.60 4.60 4.60 4.60 4.60LU 3) 3.51 3.15 3.01 2.98 2.65 2.67MT 4.18 4.14 4.13 4.13 4.01 3.90NL 3.32 3.02 2.90 2.85 2.56 2.52AT 3.46 3.21 3.20 3.07 2.77 2.80PT 4.78 5.02 5.54 5.49 5.31 6.08SI 3.94 3.82 3.83 3.87 3.67 3.64SK 3.93 3.82 3.73 3.93 3.73 3.59FI 3.36 3.03 2.92 2.85 2.62 2.58

Non-euro area

BG 2) 5.94 6.13 6.21 6.05 5.99 5.90

CZ 3.84 4.10 4.26 3.97 3.56 3.34DK 3.34 2.93 2.70 2.72 2.45 2.40LV 10.13 10.13 10.12 10.00 10.00 9.97LT 2) 5.15 5.15 5.15 5.15 5.15 5.15HU 6.57 7.07 7.60 7.39 7.07 7.04PL 5.57 5.72 5.87 5.84 5.62 5.49RO 2) 6.97 7.27 7.10 7.18 7.15 7.14SE 3.14 2.73 2.61 2.70 2.45 2.53UK 3.96 3.60 3.14 2.97 2.68 2.84

Source: ECB.

11.12 MFI interest rate indicator for Estonia(covers mainly interest rates with fixation periods of up to one year)(percentages per annum; period averages)

2010 Apr. 2010 May 2010 June 2010 July 2010 Aug. 2010 Sep.

EE 1) 6.79 6.07 6.28 5.20 5.76 5.15

Source: ECB.


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Notes on the tables

Table 1.1

1) Euro area, EU and United States: annual averages. Japan: figure as at

1 October.

2) Ratio of the labour force to the working age population (i.e. thepopulation aged 15 to 64). United States: the proportion of the civiliannon-institutional population (i.e. the population aged 16 to 64) which iseither working or actively seeking work. Annual averages.

3) Population aged 14 and under or 65 and over as a percentage ofthe population aged 15 to 64. Euro area, EU and United States:annual averages. Japan: figure as at 1 October.

4) GDP per person employed.

5) Total employment compensation as a percentage of net domestic product. EU data are ECB calculations based on national data,excluding Romania.

6) Figure as at year-end.

7) United States: including sole proprietorships and partnerships.

8) The European definition is also applied to the United States and Japan.

9) Data apply the concepts and definitions used for Maastricht debt.General government debt consists of outstanding deposits, securitiesother than shares and loans. These are recorded at nominal valueand consolidated within the general government sector.

10) Euro area: based on extra-euro area transactions/positions. EU: basedon extra-EU transa

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ECB: STATISTICS Pocket Book -- November 2010

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