Statistics. Pocket Book

Transcription

1 Statistics Pocket Book August 2014

2 Statistics Pocket Book August 2014

3 European Central Bank, 2014 Address Kaiserstrasse Frankfurt am Main Germany Postal address Postfach Frankfurt am Main Germany Telephone Website ISSN (online) EU catalogue number QBXL14008ENN (online)

4 Contents General information Overview of major economic areas Structural indicators Main recent economic developments Population and the labour market in the euro area Population and the labour market Employment in terms of persons employed and hours worked Euro area macroeconomic indicators GDP and expenditure components Value added by economic activity Shortterm business indicators Opinion surveys (excluding pricerelated developments) Euro area external statistics Balance of payments Trade in goods with main partners Geographical breakdown of the balance of payments International investment position Geographical breakdown of the international investment position International reserves of the Eurosystem and the ECB Exchange rates Prices in the euro area HICP The impact of inflation on the purchasing power of money Industry, construction, residential property, export and import prices Pricerelated opinion surveys Other prices and costs Gross domestic product deflators Euro area accounts Euro area Households Nonfinancial corporations Euro area government finance General government revenue, expenditure, deficit/surplus and borrowing requirement General government debt Monetary policy Key ECB interest rates Eurosystem monetary policy operations allotted through tender procedures Monetary developments in the euro area Counterparts of euro area monetary aggregates Euro area investment fund shares issued by investment policy

5 Euro area financial vehicle corporations Euro area insurance corporations and pension funds Euro area minimum reserve statistics Assets of the banking system and selected nonbank financial intermediaries of the euro area 810 EU consolidated banking data Financial market developments Securities issued by euro area residents: outstanding amounts Debt securities issued by euro area residents: gross issues, redemptions and net issues 93 Eurodenominated debt securities issued by euro area residents: outstanding amounts and annual growth rates by sector of the issuer 94 Quoted shares issued by euro area residents: outstanding amounts and annual growth rates by sector of the issuer 95 Money market interest rates 96 Interest rates implied by 3month EURIBOR futures 97 Euro area yield curves 98 Spreads between swaps and government bond yields 99 Stock market indices 910 Euro area sectoral stock market indices 911 Euro area MFI interest rates on deposits 912 Euro area MFI interest rates on loans 10 Payment and settlement systems 101 Transactions involving nonmfis by type of payment instrument 102 Payments processed by selected interbank funds transfer systems in the EU Selected indicators for EU Member States Scoreboard for the surveillance of macroeconomic imbalances HICP GDP GDP per capita and gross value added by economic activity Unit labour costs Harmonised competitiveness indicators and real effective exchange rates based on consumer price indices 117 Population and employment 118 Unemployment 119 General government deficit/surplus 1110 General government debt 1111 General government expenditure 1112 Private sector debt 1113 Private sector credit flow 1114 Gross external debt by sector 1115 Harmonised longterm interest rates for convergence assessment purposes 1116 Relative importance of the main payment instruments

6 Country abbreviations BE BG CZ DK DE EE IE GR ES FR HR IT CY LV LT Belgium Bulgaria Czech Republic Denmark Germany Estonia Ireland Greece Spain France Croatia Italy Cyprus Latvia Lithuania LU HU MT NL AT PL PT RO SI SK FI SE UK JP US Luxembourg Hungary Malta Netherlands Austria Poland Portugal Romania Slovenia Slovakia Finland Sweden United Kingdom Japan United States Other abbreviations bop BIS cif CLS CPI DG ECFIN EER EONIA EU EURIBOR fob GDP HGDI HICP iip IMF IRF LIBOR MFI OECD PPP SDRs TARGET UMTS balance of payments Bank for International Settlements cost, insurance and freight at the importer s border Continuous Linked Settlement system consumer price index DirectorateGeneral for Economic and Financial Affairs, European Commission effective exchange rate euro overnight index average European Union euro interbank offered rate free on board at the exporter s border gross domestic product households gross disposable income Harmonised Index of Consumer Prices international investment position International Monetary Fund initial rate fixation London interbank offered rate monetary financial institution Organisation for Economic Cooperation and Development purchasing power parity special drawing rights TransEuropean Automated Realtime Gross settlement Express Transfer system Universal Mobile Telecommunications System Conventions used in the tables "" "" "" not applicable not available nil or negligible "billion" "trillion" (p) sa provisional seasonally adjusted 5 5

7 General information The Statistics Pocket Book is updated monthly In general, the cutoff date for the statistics included in the Pocket Book is the day preceding the Governing Council of the ECB s first meeting of the month For this issue, it was 6 August 2014 Euro area statistical series Unless otherwise indicated, all data series including observations for 2014 relate to the group of 18 countries that are members of the euro area (the Euro 18) for the whole time series For interest rates, monetary statistics, the HICP and reserve assets (and, for consistency reasons, the components and counterparts of M3 and the components of the HICP), euro area statistical series take into account the changing composition of the euro area The composition of the euro area has changed a number of times over the years When the euro was introduced in 1999, the euro area comprised the following 11 countries (the Euro 11): Belgium, Germany, Ireland, Spain, France, Italy, Luxembourg, the Netherlands, Austria, Portugal and Finland Greece then joined in 2001, forming the Euro 12 Slovenia joined in 2007, forming the Euro 13; Cyprus and Malta joined in 2008, forming the Euro 15; and Slovakia joined in 2009, forming the Euro 16 Estonia joined in, bringing the number of euro area countries to 17 Latvia joined in 2014, bringing the number of euro area countries to 18 From October, the euro area statistics also include the European Stability Mechanism, an international organisation resident in the euro area for statistical purposes Aggregated statistical series for fixed compositions of the euro area relate to a given fixed composition for the whole time series, regardless of the composition at the time to which the statistics relate Aggregated statistical series with a changing composition take into account the composition of the euro area at the time to which the statistics relate For the HICP, as well as statistics based on the balance sheet of the MFI sector ("monetary statistics"), rates of change are compiled from chainlinked indices, with the new composition introduced by the linking factor at the point of enlargement Thus, if a country joins the euro area in January of a given year, the factors contributing to the chainlinked indices relate to the previous composition of the euro area up to and including December of the previous year, and the enlarged composition of the euro area thereafter For further details on monetary statistics, refer to the "Manual on MFI balance sheet statistics", available in the "Statistics" section of the ECB s website The European Union, the United States, Japan and China Unless otherwise indicated, European Union aggregates refer to the latest EU composition The HICP for the European Union refers to the composition of the EU as at the time to which the data relate Data for China published in the Pocket Book refer to the mainland of China Online access to data and metadata For series included in the Statistics Pocket Book, methodologies and descriptions of metadata are available in the ECB s Statistical Data Warehouse (SDW), at The latest available data for the series published in the Pocket Book are presented in a "pagebypage" report in the "Reports" section of the SDW A "Data" icon under every page displays the underlying series These data can be downloaded in several userfriendly formats More information on this and related topics is available in the "Help" section of the SDW Further information All issues of the Pocket Book are available online in the "Publications" section of the ECB s website (wwwecbeuropaeu) A comprehensive and detailed glossary on the statistics can also be found on the website For additional information see the "Euro area statistics" section of the ECB s Monthly Bulletin and the "Statistics" section of the ECB s website, or contact statistics@ecbeuropaeu 6 6

8 1 Overview of major economic areas 11 Structural indicators 1) Unit Population, GDP and labour Total population millions Labour force participation rate % Age dependency ratio % GDP (PPP) EUR trillions GDP per capita (PPP) EUR thousands Labour productivity (PPP) (euro area = 100) Labour income share % Value added by economic activity Agriculture, fishing and forestry % of total Industry (incl construction) % of total Services % of total Saving and investment Gross saving % of GDP Gross fixed capital formation % of GDP Households HGDI per capita (PPP) EUR thousands Gross saving % of HGDI Financial assets held3) % of HGDI % of HGDI Gross debt outstanding3) Nonfinancial corporations Gross fixed capital formation % of GDP Financial assets held3) % of GDP % of GDP Gross debt outstanding3) Government Expenditure % of GDP Surplus (+) or deficit () % of GDP Gross debt outstanding3),4),5) % of GDP External Exports of goods and services % of GDP Imports of goods and services % of GDP Current account balance % of GDP Net bop direct and portfolio investment % of GDP Net iip3) % of GDP Gross external debt3) % of GDP Monetary and financial indicators3) Credit EUR trillions Outstanding debt securities5) EUR trillions Stock market capitalisation EUR trillions Euro area 2) EU United States *) 688*) 673*) Japan China , *) *) *) 238*) 750*) **) *) *) 76*) 5035*) 981*) *) *) 87*) 2110*) *) 227*) 26*) *) *) *) 210*) Sources: For the euro area and EU: ECB, Eurostat, national data and ECB calculations; for the United States, Japan and China: BIS, IMF and national sources *) figures, **) figures 1) Full definitions are available in the glossary on the ECB s website (wwwecbeuropaeu) 2) Data refer to the Euro 18 3) Figure as at yearend 4) Data for the United States and Japan are based on definitions similar to those used for the euro area and the EU Chinese data follow a different methodology and are not directly comparable 5) At nominal value 7 7

9 12 Main recent economic developments 1) (annual percentage changes, unless otherwise indicated) Real GDP ConBroad 3month GDP deflator sumer money 2) interbank (sa) prices deposit rate (% per annum) Euro area Q June July Q May June Q June July Q June July Q June July year Unit Unemploy Labour gov labour ment productbond costs (% of ivity yield (sa) labour (sa) (% per force; sa) annum) European Union United States Japan China Sources: BIS, Eurostat, IMF, OECD, national data and ECB calculations 1) Full definitions are available in the glossary on the ECB s website (wwwecbeuropaeu) 2) Euro area: M3 United States: M2 Japan: M2 + certificates of deposit 8 8

10 2 Population and the labour market in the euro area 21 Population and the labour market (quarterly data, seasonally and working dayadjusted; annual data, unadjusted) Population Labour Employment UnemployLabour (millions, force rates ment productivity annual partici(% of (% of per person averages) pation total labour employed rate 1) population) force) (annual (%) percentage changes) Q1 Q2 Q3 Q4 Q Hourly labour productivity (annual percentage changes) Sources: European Commission (Eurostat and DG ECFIN), national data and ECB calculations 1) Ratio of the labour force to the working age population (ie the population aged 15 to 64) Employment in terms of persons employed and hours worked (quarterly data, seasonally and working dayadjusted; annual data, unadjusted) Persons employed Hours worked Millions Annual percentage changes Total Employees Q4 Q1 Q2 Q3 Q Annual percentage changes Selfemployed Per person employed Total Employees Selfemployed Sources: European Commission (Eurostat and DG ECFIN), national data and ECB calculations

11 3 Euro area macroeconomic indicators 31 GDP and expenditure components (annual percentage changes in volume, unless otherwise indicated; quarterly data, seasonally and partly working dayadjusted; annual data, unadjusted) GDP (market prices) Total (quarter on quarter) Total Q2 Q3 Q4 Private Government Gross fixed consumption consumption capital formation Exports of goods and services 1) Imports of goods and services 1) , , , , ,4103 4,0792 Level data (EUR billions at current prices) and percentages of GDP Source: European Commission (Eurostat and DG ECFIN) 1) Includes intraeuro area trade and therefore differs from Tables 41 and Value added by economic activity (annual percentage changes in volume, unless otherwise indicated; quarterly data, seasonally and partly working dayadjusted; annual data, unadjusted) Gross value added (basic prices) Total Agriculture, Industry forestry (including and fishing construction) Q2 Q3 Q , , Trade, transport, accommodation and food services Finance Public admini Information, and real stration, edu communicaestate cation, health tion, business and social and other work services , , , , Level data (EUR billions at current prices) and percentages of gross value added Source: Eurostat 10 10

12 33 Shortterm business indicators (annual percentage changes, unless otherwise indicated) Industrial production Indicator on industrial Total excl construction Con Manu new orders struction facturing Period on period (sa) Q4 Q Apr May June Manu Retail trade New facturing turnover passenger turnover (constant car (nominal) prices) registrations Sources: Eurostat, ACEA (European Automobile Manufacturers Association), ECB experimental statistics based on national data and ECB calculations Opinion surveys (excluding pricerelated developments) (seasonally adjusted) European Commission Business and Consumer Surveys (percentage balances 1) ) Economic Manufacturing industry Services industries Retail sentiment trade indicator Indust Order Capa Services Capa confi(longterm rial books city conficity dence average confiutilisa dence utili indidence tion indisation cator =100) 3) indicator (%) 4) cator (%) 4) Q4 Q May June July Purchasing Managers Surveys (diffusion indices 2) ) Consu Purchasing Business mer Managers activity confi Index (PMI) for dence for manu services indifacturing cator Sources: European Commission Business and Consumer Surveys and Markit 1) Difference between the percentages of respondents giving positive and negative replies 2) Weighted sum of the percentages of survey respondents reporting an increase (weight: 10), no change (05) or a decrease (0) for each survey variable A value of 100 (0) indicates that all respondents reported an increase (decrease); a value of 50 indicates "no change" 3) Values above (below) 100 indicate above (below) average economic sentiment 4) The quarterly figures shown are averages of two successive surveys 11 11

13 4 Euro area external statistics 41 Balance of payments (EUR billions, not seasonally adjusted, unless otherwise indicated; net transactions) 2014 May Current and capital accounts May May Source: ECB Goods Income and (sa) services (sa) Current transfers (sa) Combined direct and portfolio investment Financial Other Reserve derivatives investment assets as a percentage of GDP 12month cumulated transactions 12month cumulated transactions as a percentage of GDP 42 Trade in goods with main partners (EUR billions, unless otherwise indicated; seasonally adjusted) Total Other EU Member States United Kingdom Other United States China Japan Other Other Asian countries countries Exports (fob) % of total in 2014 Apr May 100 1,8806 1, Imports (cif) % of total in Apr May 1,7941 1, Apr May Sources: Eurostat and ECB calculations Trade balance 12 12

14 43 Geographical breakdown of the balance of payments (EUR billions; not seasonally adjusted) Total Other EU Japan Switzer United China Member States land States UK Current account Goods Services Income Current transfers Capital account 3,2470 1,0225 1, Current account Goods Services Income Current transfers Capital account 3,0192 1, Current account Goods Services Income Current transfers Capital account Financial account Direct investment Abroad Equity/reinvested earnings Other capital In the euro area Equity/reinvested earnings Other capital Portfolio investment assets Equity Debt securities of which: Bonds and notes Other investment Assets of which: MFIs Liabilities of which: MFIs Credits Debits Net Source: ECB 13 13

15 44 International investment position (EUR billions, unless otherwise indicated; outstanding amounts at end of period) Total Total Direct as a % investment of GDP Portfolio investment Financial derivatives Other investment Q4 1,4544 1,2538 1,1527 1, Q4 18, , , , Net international investment position 1,2938 3, ,4915 3, ,4531 3, ,6011 3, Outstanding assets 5,7085 4,7384 2,2860 4,9273 6,1257 5,2548 2,3515 4,8975 6,3968 5,5560 1,6827 4,6725 6,4584 5,6473 1,6170 4,8477 Q4 19, , , , Outstanding liabilities 4,4146 7,7417 2,3408 4,6342 8,4236 2,3984 4,9437 8,8308 1,7221 4,8573 9,1097 1,7029 Source: ECB 5,2845 5,1165 4,5063 4,6481 Reserve assets Geographical breakdown of the international investment position (EUR billions; outstanding amounts at end of period) Total Other EU Member States Direct investment Abroad Equity/reinvested earnings Other capital In the euro area Equity/reinvested earnings Other capital Portfolio investment assets Equity Debt securities of which: Bonds and notes Other investment Assets of which: MFIs Liabilities of which: MFIs Source: ECB 1,4915 6,1257 4,5625 1,5631 4,6342 3,2317 1,4025 5,2548 1,9520 3,3028 2, ,8975 2,9669 5,1165 3, ,7245 1, ,3291 1, , ,2849 1, ,1945 1,5301 2,4421 1,6477 UK , , , ,8477 1,2932 1,8965 1,3091 Japan Switzerland United States China ,4349 1, , , ,

16 46 International reserves of the Eurosystem and the ECB (EUR billions, unless otherwise indicated; outstanding amounts at end of period) Reserve assets Total In EUR billions SDR Reserve Foreign holdings position exchange In fine in the claims troy IMF ounces (millions) Eurosystem Q May June Q May June Source: ECB Memo items Monetary gold Other Predetermined foreign shortterm currency net assets drains on foreign currency ECB 47 Exchange rates (period averages) Effective exchange rate of the euro (1999 Q1 = 100) EER20 Q June July Nominal % change versus previous month 2014 July July 10 % change versus previous year 2) 2) Bilateral exchange rates EER39 US dollar Japanese yen Real 1) Nominal Real 1) Sources: ECB and BIS 1) Real EERs are calculated using consumer price indices For more information on EERs, see the "Statistics" section of the ECB s website (wwwecbeuropaeu), under "Exchange rates" 2) A positive change denotes an appreciation of the euro 15 15

17 5 Prices in the euro area 51 HICP 1) (annual percentage changes, unless otherwise indicated) HICP Total Food Processed Unprocessed food food % of total May June July 3) 2014 Apr May June Nonenergy industrial goods Energy Services Housing 2) Monthonmonth percentage changes (seasonally adjusted, except energy) Sources: Eurostat and ECB calculations 1) Data refer to the changing composition of the euro area; for further information see page 6 The weights shown refer to the current year 2) Excluding owneroccupied housing 3) Estimate based on provisional national releases (which usually cover around 95% of the euro area), as well as early information on energy prices 52 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 Source: ECB calculations

18 53 Industry, construction, residential property, export and import prices (annual percentage changes) Industrial producer prices excluding construction Construc Residential tion property (input prices 1) Total Inter Capital Consumer Energy prices) mediate goods goods goods Q Q Apr 12 May 10 June Industrial producer export prices (fob) 2),3) Industrial import prices (cif) 2) Sources: Eurostat, ECB calculations and national data 1) Experimental data 2) These indices differ from the GDP deflators used for imports and exports (which are shown in Table 56), mainly because they exclude crossborder trade within the euro area and all services 3) Industrial producer export prices refer to direct transactions between domestic producers and nondomestic customers Exports by wholesalers and reexports are not covered 54 Pricerelated opinion surveys (seasonally adjusted) European Commission Business and Consumer Surveys (percentage balances 1) ) Selling price expectations (for next 3 months) Q4 Q May June July Manufacturing Retail trade Services Purchasing Managers Surveys (diffusion indices 2) ) Consumer Input prices Prices charged price trends (compared with previous month) over past 12 months Manufac Services Manufac Services turing turing Sources: European Commission Business and Consumer Surveys and Markit 1) Difference between the percentages of respondents giving positive and negative replies 2) See footnote 2 of Table

19 55 Other prices and costs (annual percentage changes, unless otherwise indicated) Whole economy (sa) Q4 Q May June July Unit Compen Hourly labour sation per compencosts employee sation Labour Negoticost ated index wages ) Nonenergy commodity prices ImportUseweighted 2) weighted 3) Oil prices (EUR per barrel) Sources: Eurostat and ECB calculations based on Thomson Reuters, European Commission (Eurostat and DG ECFIN), OECD and national data 1) Excluding agriculture, fishing and forestry Data are working dayadjusted 2) Weighted according to the structure of euro area imports in the period ) Weighted according to euro area domestic production plus imports minus exports in the period Experimental data 56 Gross domestic product deflators (annual percentage changes) GDP (market prices) Q2 Q3 Q4 Total Private consumption Government consumption Sources: Eurostat and ECB calculations 1) Includes intraeuro area trade Gross fixed capital formation Exports Imports of goods and of goods and services 1) services 1)

20 6 Euro area accounts 61 Euro area Nonfinancial accounts GDP ConsumpPrimary tion income of fixed receivable capital Net Primary national income income payable Annual percentage changes Q1 Q2 Q3 Q ) Net saving Net capital transfers Annual percentage changes Q1 Q2 Q3 Q Net Current disposable transfers income payable As a percentage of GDP Net disposable Final income consumption expenditure Current transfers receivable Net acquisition Gross of nonfixed financial capital assets formation 1) As a percentage of GDP Net lending/ borrowing Sources: ECB and Eurostat 1) Annual observations are identical to the quarterly observations for the fourth quarter of the year

21 62 Households 1) Income, saving and investment Gross Final disposable Compen Operating, Net consumpincome sation mixed and current tion of emploproperty transfers expendiyees income receivable ture Annual percentage changes Gross saving Gross fixed capital formation Changes in net worth 2) Q1 Q2 Q3 Q As a percentage of households gross disposable income; adjusted 3) Financial investment and financing (loans) Financial investment Currency and deposits Shortterm debt securities Longterm debt securities Shares Insurance and technical other reserves equity Loans taken From MFIs Annual growth rates Q1 Q2 Q3 Q Outstanding amounts as a percentage of households gross disposable income; adjusted 3) Sources: ECB and Eurostat 1) Households and nonprofit institutions serving households 2) Annual observations are identical to the quarterly observations for the fourth quarter of the year 3) Net adjustment for the change in the net equity of households in pension fund reserves (ie receivables minus payables), based on fourquarter cumulated transactions 20 20

22 63 Nonfinancial corporations Value added, entrepreneurial income, saving and investment Gross value added Net entrepreneurial income Q1 Q2 Q3 Q Net saving Net acquisition of nonfinancial assets Net Gross fixed Consumption lending/ capital of fixed borrowing formation capital Annual percentage changes 1) As a percentage of gross value added Financial investment and financing Financial investment Currency and deposits Financing Shares and other equity Total Debt Loans taken Annual growth rates From MFIs Shares and other equity Q1 Q2 Q3 Q Outstanding amounts as a percentage of gross value added Sources: ECB and Eurostat 1) Annual observations are identical to the quarterly observations for the fourth quarter of the year 21 21

23 7 Euro area government finance 71 General government revenue, expenditure, deficit/surplus and borrowing requirement (as a percentage of GDP; fourquarter moving sum for quarterly data) Total revenue Direct taxes Source: ECB Total expenditure Indirect Social taxes contributions Interest Deficit()/ Borrowing surplus(+) requirement General government debt (Outstanding amounts at nominal value at end of period; as a percentage of GDP) General government debt Source: ECB Total Currency and deposits Loans Shortterm securities Longterm securities

24 8 Monetary policy 81 Key ECB interest rates (levels in percentages per annum; changes in percentage points) With effect from: Deposit facility Main refinancing operations Marginal lending facility Fixed rate Variable rate tender tender procedures procedures Fixed rate Minimum bid rate May 31 Aug 18 Sep 9 Nov Dec Mar 6 June Dec Mar 15 June 9 Aug 11 Oct 13 Dec Mar 13 June July 8 Oct ) 12 Nov 10 Dec Jan 11 Mar 8 Apr 13 May 13 Apr 13 July 9 Nov 14 Dec 11 July 8 May 13 Nov June Level Change Level Level Change Level Change Source: ECB 1) On 8 October 2008 the ECB announced that, starting from the operation to be settled on 15 October 2008, the weekly main refinancing operations would be carried out through fixed rate tender procedures with full allotment at the interest rate on the main refinancing operations 23 23

25 82 Eurosystem monetary policy operations allotted through tender procedures (EUR millions; interest rates in percentages per annum) Date of Bids settlement (amount) Number Allotment of (amount) participants Fixed rate tender procedures Variable rate tender procedures Running for () days Fixed Minimum Marginal Weighted rate bid rate rate 1) average rate Main refinancing operations Apr 121, ,621 7 May 129, , , ,002 4 June 149, , , ,041 2 July 97, , , , ,304 6 Aug107, Nov 11 Dec Jan Feb Mar 27 9 Apr 2 May ) 11 June 26 3) 31 July 3) 5,926 10,143 20,914 7,092 4,955 6,480 6,297 7,522 11,617 28,023 13,193 32,335 10,949 9,970 10,386 6, , , , , , , , ,766 97, ,041 97,103 94,150 99,908 97, , , ,926 10,143 20,914 7,092 4,955 6,480 6,297 7,522 11,617 28,023 13,193 32,335 10,949 9,970 10,386 6, Longerterm refinancing operations 2) Source: ECB 1) In liquidityproviding (absorbing) operations, the marginal rate is the lowest (highest) rate at which bids were accepted 2) For the operations settled on 22 December and 1 March, after one year counterparties have the option to repay any part of the liquidity that they have been allotted in these operations, on any day that coincides with the settlement day of a main refinancing operation 3) In this longerterm refinancing operation, the rate at which all bids are satisfied is indexed to the average minimum bid rate in the main refinancing operations over the life of the operation 24 24

26 83 Monetary developments in the euro area Monetary aggregates and main components (annual percentage changes, 1) unless otherwise indicated; seasonally adjusted; end of period) Currency in Overnight circulation deposits M1 M2M1 2) M3M2 3) M3 Emoney 4) Feb Mar Apr May June June ,963 4,243 4,482 4, ,807 5,107 5,391 5,545 3,801 3,882 3,812 3, ,499 9,779 9,828 9,955 Outstanding amounts (EUR billions) Main components of the annual growth rate of M3 (contributions in percentage points; seasonally adjusted; end of period) Feb Mar Apr May June Currency in circulation Overnight deposits M1 M2M1 2) M3M2 3) M Source: ECB 1) Growth rates are adjusted for nontransactionrelated changes 2) Deposits with an agreed maturity of up to two years and deposits redeemable at notice of up to three months 3) Money market fund shares/units, debt securities issued with a maturity of up to two years and repurchase agreements 4) Not seasonally adjusted Growth rates not adjusted for nontransactionrelated changes 25 25

27 84 Counterparts of euro area monetary aggregates Main counterparts of M3 (annual percentage changes, 1) unless otherwise indicated; seasonally adjusted; end of period) Credit 2) To general government To other euro area residents Loans Longerterm financial liabilities Feb Mar Apr May June June 16,451 16,461 16,096 16,038 3,165 3,406 3,402 3,440 13,286 13,055 12,694 12,598 11,018 10,854 10,540 10,470 7,678 7,569 7,303 7,292 Outstanding amounts (EUR billions) Breakdown of the annual growth rate of M3 by counterpart (contributions in percentage points; seasonally adjusted; end of period) MFI assets Feb Mar Apr May June Credit to Credit general to other govern euro area ment residents Loans Minus Minus Net longer liabilities external term against assets financial central liabilities government Plus other M Source: ECB 1) Growth rates are adjusted for nontransactionrelated changes 2) MFI loans granted to nonmfis resident in the euro area and MFI holdings of securities issued by nonmfis in the euro area 26 26

28 85 Euro area investment fund shares issued by investment policy (EUR billions; outstanding amounts at end of period; transactions during period) Total Funds by investment policy Bond funds Equity funds Mixed Real estate funds funds Hedge funds Other funds Memo item: Money market funds Outstanding amounts 2014 May 7,804 2,644 2, Jan Feb Mar Apr May , Transactions 86 Euro area financial vehicle corporations (EUR billions; outstanding amounts at end of period; transactions during period) Total assets Deposits and loan claims Outstanding amounts 1, Q1 Q2 Q3 Q Liabilities Securitised loans Originated by euro area MFIs Securities other than shares Debt securities issued 1, , Transactions 87 Euro area insurance corporations and pension funds (EUR billions; outstanding amounts at end of period) Total financial assets Q2 Q3 Q4 7,730 7,822 7,921 8,181 Liabilities Securities Investment Insurance technical reserves other funds than Issued by shares Net equity of Net equity of Prepayments of shares euro area households households insurance General in life in pension premiums and government insurance fund reserves for reserves reserves outstand claims 3,098 3,114 3,186 3,282 1,431 1,433 1,509 1,583 1,908 1,984 2,027 2,098 3,518 3,559 3,601 3,667 2,220 2,197 2,238 2, Source: ECB 27 27

29 88 Euro area minimum reserve statistics (EUR billions; interest rates as percentages per annum) Reserve base as at/ maintenance period ending in: 2014 Feb Mar Apr May June July Aug Reserve base Reserve maintenance Total Liabilities to which a positive 1) reserve coefficient is applied Liabilities to which a 0% reserve coefficient is applied Required reserves Credit institutions current accounts Interest rate on minimum reserves 17,995 17,978 18,036 18,077 10,397 10,439 10,489 10,547 7,598 7,539 7,546 7, Source: ECB 1) A coefficient of 1% is applied as of the maintenance period beginning on 18 January A coefficient of 2% is applied to all previous maintenance periods 89 Assets of the banking system and selected nonbank financial intermediaries of the euro area (outstanding amounts in EUR billions, unless otherwise indicated; end of period) Q3 Q4 Source: ECB Credit institutions Eurosystem Money market funds Investment funds Financial vehicle corporations Insurance corporations and pension funds 31,772 29,614 30,528 29,614 29,743 5,288 4,073 4,303 4,073 3, ,182 7,942 7,779 7,942 8,359 2,062 1,915 1,960 1,915 1,882 7,772 8,075 7,975 8,075 8, EU consolidated banking data 1) (EUR billions, unless otherwise indicated; end of period) Foreigncontrolled subsidiaries and branches Domestic credit institutions 30 June Number Total assets 3,694 3,610 3,561 3,593 35,926 35,471 32,381 34,425 Return on Overall equity (%) solvency ratio (%) Number Total assets 1,046 1,032 1,027 1,018 8,978 8,141 7,087 7,499 Source: ECB 1) Data are fully consolidated on a crossborder and crosssector basis and refer to the changing composition of EU 28 28

30 9 Financial market developments 91 Securities issued by euro area residents: outstanding amounts (EUR billions, unless otherwise indicated; outstanding amounts at end of period; nominal or market values 1) ) Debt securities of Sep Oct Nov Dec 2014 Jan Feb Mar Apr May Equity securities which: 2) of which: Shortterm Longterm fixed rate Longterm variable rate issued in euro (%) 1,595 1,488 1,281 1,437 1,409 1,389 1,281 1,379 1,388 1,389 1,361 1,365 9,900 10,434 10,680 10,655 10,665 10,740 10,680 10,685 10,746 10,756 10,762 10,917 4,449 4,247 3,987 4,017 4,000 4,031 3,987 3,994 3,980 3,919 3,895 3, ,444 16,598 16,361 16,525 16,494 16,580 16,361 16,469 16,530 16,480 16,434 16,590 Quoted shares 3,882 4,504 5,568 5,137 5,411 5,502 5,568 5,485 5,758 5,809 5,842 5,941 Source: ECB 1) Nominal value for debt securities; market value for equity securities 2) "Shortterm", "longterm fixed rate" and "longterm variable rate" may not add up to the figures for total debt securities as the latter also includes longterm zero coupon bonds 92 Debt securities issued by euro area residents: gross issues, redemptions and net issues (EUR billions, unless otherwise indicated; transactions during period; nominal values) Gross issues Redemptions In euro (%) Sep Oct Nov Dec 2014 Jan Feb Mar Apr May 12,012 11,496 8, Net issues In euro (%) 11,416 11,449 9, Seasonally Nonseasonally adjusted adjusted 1) Source: ECB 1) As a full breakdown of net issues into gross issues and redemptions may not be available in all countries, the difference between aggregated gross issues and redemptions may deviate from the aggregated net issues 29 29

31 93 Eurodenominated 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 Nonincluding corporations financial the Euro other than corporasystem MFIs tions EUR Index: billions Dec 2008 = 100 1) Central government Other general government Dec 2014 Jan Feb Mar Apr May 14,673 14,465 14,465 14,497 14,557 14,526 14,479 14, May 14,673 14,465 14,593 4,488 4,014 3,886 2,631 2,540 2, ,149 6,444 6, Outstanding amounts per sector (EUR billions) Source: ECB 1) The index data and annual growth rates are shown as endofperiod values in order to ensure consistency with other information in this table 94 Quoted shares 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; market values) Total economy Dec 2014 Jan Feb Mar Apr May 2014 May EUR Index: billions Dec 2008 = 100 1) 4,504 5,568 5,568 5,485 5,758 5,809 5,842 5,941 4,504 5,568 5,941 MFIs Financial corporations other than MFIs Nonfinancial corporations ,744 4,533 4,813 Outstanding amounts per sector (EUR billions) Source: ECB 1) The index data and annual growth rates are shown as endofperiod values in order to ensure consistency with other information in this table 30 30

32 95 Money market interest rates (percentages per annum; period averages) Euro area EONIA EURIBOR 1 month July Aug Sep Oct Nov Dec 2014 Jan Feb Mar Apr May June July months Nominal months Real year United States Japan LIBOR LIBOR 3 months Nominal months Real Nominal Sources: ECB calculations based on underlying data provided by Thomson Reuters Real Interest rates implied by 3month EURIBOR futures (percentages per annum; period averages; by maturity date of futures contract) July Aug Sep Oct Nov Dec 2014 Jan Feb Mar Apr May June July Sep Dec Mar Jun Sep Sources: ECB calculations based on underlying data provided by Bloomberg Dec 2015 Mar