By Filippo Di Mauro, Robert Anderton
Even though nonetheless particularly closed, the euro region economic system is however topic to a wide variety of financial affects originating from open air its borders. This ebook goals to enhance our realizing of ways, and to what quantity, such exterior advancements have an effect on the euro zone. utilizing a wide variety of methodologies and strategies, the chapters examine many of the channels that attach the euro zone to its exterior surroundings; such a lot particularly exchange, capital flows and different foreign macroeconomic linkages. the result's that the interplay among the euro quarter and its 'external measurement' is proven to be extra advanced and vast than had formerly been inspiration. With contributions from either lecturers and pros, this quantity may be a useful resource of data for researchers and policy-makers focused on the interplay among nearby ecu integration and globalization.
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Extra resources for The External Dimension of the Euro Area: Assessing the Linkages
5. The evolution of net trade (Annual growth in percentages; net trade contribution in percentage points) Source: ECB computations based on Eurostat national accounts data. Note: Exports and imports cover goods and services and include intraeuro area trade. One possible implication of the trend increase in the internationalisation of production is that production off-shoring may have had a negative spillover on economic activity as it could have reduced the value added of export activities by increasing the reliance of euro area exporters on imported intermediate inputs.
21. Euro area oil balance in values and oil Brent prices (monthly data, oil deficit is cumulated over twelve months) 2001. In 2002, the oil price started to rise again, with a further rapid acceleration from 2004 onwards before reaching in excess of $60 per barrel at the beginning of 2006. 22. Oil imports and oil deficit as % of GDP (Average 2000–2005; seasonally adjusted; quarterly data) Source: Eurostat. Note: Latest observation refers to December 2005. United States, as well as fears of disruptions in oil production due to tensions in the Middle East.
1 The overall size of financial flows The financial account of the euro area balance of payments records flows of financial assets and liabilities with the rest of the world. 7), with each amounting to about half of the gross transactions. 3% of GDP) during 2002–2005. e. the combined sum of net direct and portfolio investment), while being a net importer over the period 2002– 2005. 2 2002–2005 Average annual values Source: Eurostat and ECB computations (extracted from the ECB Monthly Bulletin, May 2006).