Balance of payments and international investment position
Balance of payments
The euro area balance of payments summarises all the transactions between euro area residents and non-residents, on a monthly and quarterly basis. Transactions between euro area residents are excluded.
The balance of payments consists of:
the current account (including the accounts for goods and services trade as well as the primary and secondary income accounts)
- the capital account
the financial account (comprising direct investment, portfolio investment, financial derivatives, other investment and reserve assets)
The different accounts within the balance of payments are distinguished according to the nature of the economic resources (e.g. goods, services, income or financial resources) provided and received.
The balance of payments is based on a double-entry accounting system. Each transaction is recorded as consisting of two entries – a credit entry and a debit entry. The sum of the credit entries and the sum of the debit entries are the same.
International investment position
The international investment position shows the value of residents’ financial assets and liabilities vis-à-vis non-residents, including the same breakdowns as for the financial account, on a quarterly basis. The euro area international investment position shows the outstanding amount and composition of:
- euro area residents’ financial claims on non-residents
- euro area residents’ financial liabilities to non-residents
The difference between the assets and liabilities is the net international investment position and represents either a net claim on, or a net liability to, non-euro area residents.
The international accounts offer a full reconciliation of the changes of the international investment position into transactions, revaluations (price and exchange rate changes) and other volume changes.
Dashboard
Press releases
BoP and i.i.p. statistical press releases Release calendar for BoP. and i.i.p. statisticsData
Sources and methods
The concepts and definitions used for the balance of payments and international investment position are in line with the following international statistical standards:
IMF’s Balance of Payments and International Investment Position Manual, sixth edition (BPM6)
Additional methodological information
Estimation of euro currency in circulation outside the euro area, April 2017
Quality reports
The Quality Report on euro area and national balance of payments and international investment position statistics is published every two years. The report focuses on the collection, compilation and dissemination of the statistics.
- Euro area and national balance of payments and international investment position statistics – 2023 Quality Report
- Euro area and national balance of payments and international investment position statistics – 2021 Quality Report
Selected features
Monetary presentation
The monetary presentation of the balance of payments is a tool for assessing the impact of balance of payments transactions involving euro area non-monetary financial institutions (non-MFIs) on monetary developments.
The principle underlying this presentation is the link between the external counterpart of money (M3), as reflected in the balance sheet of the MFI sector, and the transactions of the MFI sector included in the balance of payments.
Occasional Paper No 238 of February 2020: Revisiting the monetary presentation of the euro area balance of paymentsSeasonal adjustment
Within the balance of payments, the current account components are seasonally adjusted on a monthly basis. Where appropriate, these data are also adjusted for working day effects, as well as for the impact of leap years and Easter.
Monthly seasonal adjustment of euro area balance of payments statisticsSpecial purpose entities (SPEs)
Special purpose entities (SPEs) have a significant impact on the cross-border positions and transactions of several euro area countries. As provided for in the amended Guideline ECB/2022/23, details on SPEs are disseminated as part of the quarterly balance of payments and international investment position statistics for the euro area and euro area countries.
The series present information on quarterly cross-border transactions and positions of SPEs in order to provide clearer insights into the role of SPEs in the different components of external accounts.
For further information regarding data on SPEs, see the “B.o.p. and i.i.p. e-book” For data on SPEs, see the ECB Data PortalGeographic details – focus on Russia
The balance of payments and international investment position statistics can support the analysis of the impact of the Russian invasion of Ukraine and of the subsequent sanctions against Russia. The “Focus on Russia” section on our dashboard provides such data for the euro area and its member countries.
International role of the euro
The international role of the euro report is published annually and reviews the use of the euro in global markets and by residents of countries outside the euro area. The statistical annex includes payment transactions for goods and services and financial market transactions with euro area residents or with other non-residents.
The international role of the euroLegal framework
External transactions and positionsSEE ALSO