02-03 April 2012 Balance of Payments Working Group

EU asymmetries: any progress?

Item 5 on the agenda

02-03 April 2012 Balance of Payments Working Group 2

Evolution of FDI (505 DI abroad stocks) greatest absolute PA UK<->LU in 2011

Evolution of FDI (505 DI abroad stocks) greatest absolute PA : UK<-> LU in 2010 in 2011

92

,85

9

13

0,7

90

12

9,4

26

43

3,6

88

48

7,4

07

41

9,2

19

92

,85

9

13

0,7

90

14

3,9

00

14

2,0

37

43

3,6

88

48

7,4

07

41

6,1

31

44

4,9

57

-36

7.0

4%

-27

2.6

6%

-18

9.1

8%

-21

3.2

7%

0

100,000

200,000

300,000

400,000

500,000

600,000

2006 2007 2008 2009

505 D

I ab

ro

ad

sto

cks

-400.00%

-350.00%

-300.00%

-250.00%

-200.00%

-150.00%

-100.00%

-50.00%

0.00%

UK 505 DI abroad 2010 555 Lu Inward DI (mio E) 2010 UK 505 DI abroad 2011

555 LU inward DI (mil E) 2011 relative asymmetries QR 2011 relative asymmetries wg 2011

-28

9,7

93

-302,9

20

02-03 April 2012 Balance of Payments Working Group 3

ITS greatest absolute PA remains LU<->DEEvolution of ITS (item 260 financial services) greatest absolute PA DE <-> LU in 2010 in 2011

5,7

11

5,3

34

4,7

59

747

584

485

5,2

31

4,4

43

4,5

03

746

585

574 8

16

5,7

11

-665.5

0%

-794.2

1%

-674.0

4%

-451.8

3%

-153.7

8%

-159.7

7%

-154.2

4%

-138.6

3%

0.0

1000.0

2000.0

3000.0

4000.0

5000.0

6000.0

2007 2008 2009 2010

260 F

inan

cia

l serv

ices

-900.00%

-800.00%

-700.00%

-600.00%

-500.00%

-400.00%

-300.00%

-200.00%

-100.00%

0.00%

rela

tive a

sym

metr

ies

LU credit 2010 DE debit 2010 LU credit 2011 DE debit 2011 relative asymmetry QR 2011 relative asymmetry wg 2011

02-03 April 2012 Balance of Payments Working Group 4

Direct investments outwards(510) vs inwards (560) Equity capital 2009

Item 510 vs 560 asymmetries reference year 2009 as resulting from 2011 and 2010 data sets

8148

-176

-419 -3122

16138

73

-2144

-319

3770

1675

-2737

-4202

-19

-89

17384

2006 38

-8524

692

972

185

-183

-23

149

1442

295

-44577

3278 -13

-61

-638

8686

63

-873

-17

5818

-1650

-102

-2418

-19

-115

18565

-378

22

1123

-572

981

504

-106 -3 76

1717

-3665

-51851-60000

-50000

-40000

-30000

-20000

-10000

0

10000

20000

30000

BE

BG CZ

DK

DE

EE IE EL

ES

FR IT

CY LV LT LU HU

MT

NL

AT

PL

PT

RO S

I

SK FI

SE

UK

2009 vint 2011 2009 vint 2010

02-03 April 2012 Balance of Payments Working Group 5

Direct investments inwards (560) vs outwards(510) Equity capital 2009

Item 560 vs 510 asymmetries reference year 2009 as resulting from 2011 and 2010 data sets

7834

150

-1143

2076

-8215

119

1716

-874

-1346

-1013

-1831

-2505

100 33

21191

-10621

-1923

11956

1433

849

-815

-687

16

325

-39

-3735

-25138

288

941

-836

590

-4872

148

3050

-1408 -5532

2853

1272

-1512

67

-44

42085

-11680

-389

3354

-2932

2089

-1141

-904

25

-471

570

-1982

-30065

-40000

-30000

-20000

-10000

0

10000

20000

30000

40000

50000B

E

BG CZ

DK

DE

EE IE EL

ES

FR IT

CY LV LT LU HU

MT

NL

AT

PL

PT

RO S

I

SK FI

SE

UK

2009 vint 2011 2009 vint 2010

02-03 March 2011 Balance of Payments Working Group 6

The BoP Working Group is kindly invited to comment on the persistent asymmetry