KEY INDICATORS FOR THE EURO AREA

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1 () This update: 1-Jun-13 Next update: - - Directorate A - Policy strategy and co-ordination LTA (1) 11 Q Q3 Q 13Q1 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun Output Economic Sentiment indicator Industrial confidence Services confidence Industrial production (excluding construction) Gross domestic product Labour productivity Private consumption Consumer confidence Retail confidence Private consumption Retail sales Investment Capacity utilisation level (%) Production expectations (manuf.) Gross fixed capital formation - equipment investment - construction investment Change in stocks contrib. to GDP (pp.) Labour market Employment expectations (manuf.) Employment expectations (services) Employment Employment () abs. ch. on prev. period Compensation of employees per head (nominal) Unemployment expectations Unemployment rate % of lab. force Unemployment () abs. ch. on prev. period 1, International transactions World trade Export order books Trade (merchandise) billion EUR Exports of goods and services Imports of goods and services Current-account billion EUR Direct investment billion EUR Portfolio investment billion EUR Prices Consumer inflation expectations Headline inflation (HICP) Core HICP Domestic producer prices Import prices level Oil (Brent) in USD level Oil (Brent) in EUR Non-energy commodity prices (EUR) Monetary and financial indicators Nominal interest rates (3 month) level Nominal interest rates (1 year) level ECB repo rate level Stock market (Eurostoxx) Money demand (M3) Loans to households Loans to non-financial corporations level Bilateral exchange rate EUR/USD Nominal effective exchange rate (1) LTA=Long-Term Average () Data available until the date of update

2 1. Output KEY INDICATORS FOR THE EURO AREA According to Eurostat's second estimate, in 13-Q1, GDP fell by.% quarter-on-quarter (q-o-q) in the euro area, after a contraction of.6% in -Q, confirming the Flash estimate of 1 May. Compared to -Q1, euro-area GDP fell by 1.1% in 13-Q1. The GDP breakdown shows that the GDP contraction in Q1 was mainly driven by falling investment, cutting.3 pp. off of GDP growth. In contrast, the contributions from household final consumption expenditure and changes in inventories were neutral. Overall, the contribution from total domestic demand (including inventory changes) was -.3 pp. while net foreign trade made a slightly positive contribution to GDP growth (.1 pp.). According to the Commission's spring 13 forecast, released on 3 May, euro-area real GDP is expected to contract by.% in 13, and to increase by 1.% in 1 on the back of rebuilding confidence, a more favourable external environment, and improved real disposable income growth. Concerning euro-area Member States, growth differences are set to remain pronounced. In May 13, the Commission's Economic Sentiment Indicatorpicked up again (by. points to 9.) but remains lower than in March. The recovery was driven by brightening sentiment in all business sectors except for construction and, to a lesser extent, by more optimistic consumers. The increase in industry confidence (. points) resulted from a much more positive assessment of the current level of overall order books and, to a lesser extent, the stocks of finished products, which outweighed deteriorating production expectations. Services confidence rallied (1. points) after the sharp drop registered in April. The surge in sentiment results from significantly improved assessments of the business situation and demand over the past three months, as well as improved demand expectations. In April 13, industrial production grew by.% month-on-month (m-o-m) in the euro area, the third monthly increase in a row. In April 13, production of capital of goods (.7% m-o-m) and non-durable consumer goods (.7% m-o-m) increased in the euro area. Production of intermediate goods remained stable, while energy production decreased by 1.% m-o-m. The sharpest drop was registered in durable consumer goods (-.7% m-o-m).. Private consumption In 13-Q1, private consumption slightly increased by.1% q-o-q (from a revised -.6% in the previous quarter). With respect to the same period of the previous year, private consumption was down by 1.% (from a revised -1.% in -Q). In May 13, consumer confidence increased slightly (. points) and for the sixth consecutive month. While consumers' expectations on their future financial situation brightened and unemployment fears declined, consumers were slightly grimmer about the future general economic situation. Their savings expectations remained unchanged. In April 13, the volume of retail trade fell by.% m-o-m in the euro area,. In March, retail trade decreased by a revised.% m-o-m. Confidence in the retail sector picked up (1.6 points), driven by sharply improved business expectations, a more positive assessment on current stocks and a better assessment of the present business situation. 3. Investment Gross fixed capital formation has now been declining for eight consecutive quarters. In 13-Q1, it fell by 1.6% (q-o-q). Both investment in equipment and in construction declined in 13-Q1 (-1.9% and -1.7% respectively). Compared to the same quarter of the previous year, investment was.% lower. The rate of capacity utilisation for the second quarter of 13 (data collected in April) stood unchanged at 77.%, remaining below its long-term average of 1.%.. Labour market In April 13, the euro area seasonally-adjusted unemployment rate reached.3% (from.1% in March), which is the highest level recorded since the series started in 199. In April the rate stood at 11.%. Eurostat estimates that million men and women in the euro area were unemployed in April 13. The aggregate number conceals sharp differences across Member States with the lowest rates recorded in Austria (.9%) and Germany (.%), and the highest rates in Greece (7.% in February) and Spain (6.%). In 13-Q1, seasonally-adjusted employment decreased by.% q-o-q in the euro area (from -.3% in -Q). According to the Commission's survey results, employment expectations improved in May, both in manufacturing and in services. Consumers' unemployment expectations decreased slightly in May after a sharp decrease in April.. International transactions In March 13, the world trade volume (goods) increased by.% m-o-m, following a revised 1.1% decrease in February. World trade had continued to rise

3 by.7% q-o-q in 13-Q1 (unchanged from -Q). In May 13, managers were slightly more optimistic about export order books in manufacturing, the level rose to -6.1 (from a revised -6.6 in April), although remaining below its long-term average (-1.6). The seasonally adjusted trade has been in surplus, for eighteen consecutive months, at 16.1 bn euro in April 13. In March 13, the seasonally adjusted current-account of the euro area also recorded a surplus, for the seventeenth month in a row (.9 bn.). This reflected surpluses for goods ( 1. billion), services ( 7.6 billion) and income (. billion), which were partly offset by a deficit for current transfers ( 7. billion). The financial account recorded net outflows of 6 billion in March 13, reflecting net outflows for direct investment ( 1. billion) and net inflows for portfolio investment (.3 billion). 6. Prices In May 13, the annual HICP inflation rate in the euro area increased to 1.%, from 1.% in April, according to Eurostat. The largest price preassures came from fruit and vegetables (.11 pp. each) and electricity (.9 pp.), and the biggest downward impacts from fuels for transport (-. pp.), telecommunications (-.1 pp.) and medical & paramedical services (-. pp.). Core inflation (all items excl. energy and unprocessed food) slightly increased to 1.3% in May (from 1.1% in April). The Commission's spring 13 forecast projects HICP inflation rates of 1.6% in 13 and 1.% in 1. In May 13, consumer price expectations slightly declined, falling further below their long-term average. In April 13, industrial producer prices fell by.6% (m-o-m) in the euro area (from -.% m-o-m in March). Oil prices remained under pressure in May, and were traded in the range of USD -1 per barrel. In May, brent oil prices were about 7% lower than a year ago. The recent decrease in oil prices was due to a combination of lower-than-expected demand prospects and seasonal factors, against a background of ample supply owing to the increase in US shale oil production. On 1 June, Brent crude traded at about 1.9 USD/bbl. (corresponding to 7.1 EUR/bbl.). 7. Monetary and financial indicators Money market interest rates were broadly stable in early 13. Throughout May and June, the 3-month Euribor stood at.%, after a stable rate of.1% in the months of April and March. At its meeting on 6 June, the ECB Governing Council decided that the policy interest rates on the main refinancing operations and the interest rates on the marginal lending facility and the 3 deposit facility will remain unchanged at.%, 1.% and.% respectively, after lowering them during the preceding meeting on May. In the euro area, sovereign bond spreads have widened in the last few weeks, as investors factored in the ECB s unchanged policy and reports that the ESM's ability to recapitalise euro area banks directly could be further limited and delayed. The strongest widening was in Portuguese bonds amid adverse economic developments. Spanish and Italian sovereign bond spreads also widened on concerns about raising public deficit targets. Greek bond spreads however fared well with a significant decline after Fitch upgraded Greece's credit ratings. On 1 June, the euro-area benchmark yield of ten-year bonds stood at 1.%. At current levels, sovereign yield spreads are still much lower than in mid-, in particular in Greece, Portugal, Spain, Italy and Ireland. The April 13 ECB Bank Lending Survey showed that the pace of credit tightening eased in 13-Q1. The net percentage of banks reporting tightening of lending standards declined for corporate loans, mortgages, and consumer credit. In April 13, monetary developments remained subdued with M3 slightly increasing at an annual rate of 3.% (from.6% in March). The annual growth rate of loans to the private sector was -.%, down from -.3% in the previous month (adjusted for loan sales and securitisation). Loans to non-financial corporations contracted by 3.% in April (from -.% in March). The growth rate of loans to households remained unchanged in April 13 at.% after three months in a row at.% m-o-m. In the US, at its May meeting the FOMC reiterated the highly accommodative stance of monetary policy (federal funds rate at to ¼%) with thresholds related to the unemployment rate remaining above 6½%, inflation projections not exceeding the % target by more than. pp., and longer-term inflation expectations continuing to be well anchored. On 1 June, the US 3-month Libor rate stood at.7%. Since April 13, the EUR/USD exchange rate has moved in a relatively narrow band between 1. and 1.3 USD, which is markedly below this year's high of Vis-à-vis the yen, the euro has been slowly depreciating since this years' high of 13.6 on May. On 1 June, the euro foreign exchange rate stood at 1.33 USD and.3 JPY. European stock markets rose sharply in April and May 13 reflecting, inter alia, strong corporate earnings results and expectations of an interest-rate cut by the ECB. In early June, European and US stock markets started showing downside momentum amid higher volatility.

4 1. OUTPUT GDP qoq % Q Q1 Q Q3 Q 13Q1 GDP and Economic Sentiment Indicator 13Q1 BE. DE.1 EE 1.7 IE -- EL -- ES -. FR -. IT -.6 CY -. LU -- MT. NL -.1 AT. PT -. SI -.7 SK. FI.3 EA -. Contributions to GDP growth pps. (qoq) Q Q1 Q Q3 Q 13Q1 inventories domestic demand net exports GDP growth (qoq %) Industrial and services confidence indicator Employment () GDP (lhs) economic sentiment (rhs) industrial confid. and long-term average (lhs) services confid. and long-term average (rhs) -1-3 Industrial production industrial production 3-month moving average Apr-13 BE -- DE 1. EE.7 IE. EL -. ES -1. FR -.1 IT -.6 CY -- LU -.7 MT -.7 NL. AT -- PT 1. SI -1.1 SK. FI -1. EA -.6 GDP growth divergence, euro area pps. standard deviation of qoq growth standard deviation of yoy growth - -

5 . PRIVATE CONSUMPTION Private consumption.3 qoq % Q Q1 Q Q3 Q 13Q1 13Q1 BE. DE. EE. IE -- EL -- ES -. FR -.1 IT -. CY. LU -- MT.9 NL. AT. PT -.7 SI. SK. FI.3 EA.1 Gross disposable income and its components pps Q Q1 Q Q3 Q labour income non-labour income social benefits - taxes & soc. contributions disposable income (qoq) Retail sales retail sales 3-month moving average Apr-13 BE -.9 DE -. EE 3. IE -. EL -- ES -6. FR. IT -- CY -- LU -- MT -- NL -. AT. PT -. SI -.9 SK 1.1 FI -.3 EA -1.1 Consumer confidence and private consumption private consumption (lhs) consumer confidence and long-term average (rhs) Households: real disposable income and consumption real disposable income private consumption Households: actual saving rate and expected savings pps. -3. household saving rate - difference to the same quarter of the previous year (lhs) expected savings (over next months) (rhs)

6 3. INVESTMENT Gross fixed capital formation qoq % Q Q1 Q Q3 Q 13Q1 Equipment and construction investment 13Q1 BE -1.3 DE -1. EE -11. IE -- EL -- ES -1.1 FR -.9 IT -3.3 CY 3. LU -- MT -6.9 NL.6 AT -. PT -. SI 1.1 SK -6.6 FI.6 EA -1.6 Gross fixed capital formation and corporate loans gross fixed capital formation (lhs) loans to non-financial corporations (rhs) Equipment investment and capacity utilisation level (%) equipment investment construction investment equipment investment (lhs) capacity utilisation in manufacturing (rhs) Equipment investment and production expectations Gross fixed capital formation and profit share % of GDP % of GDP equipment investment (lhs) production expectations in manufacturing (rhs) gross fixed capital formation (nominal) (rhs) profit share (nominal) (lhs) - 6 -

7 . LABOUR MARKET Employment Actual and structural unemployment rate qoq % % of labour force Q Q1 Q Q3 Q 13Q1 actual unemployment rate structural unemployment rate 13Q1 BE -.1 DE. EE.3 IE. EL -- ES -1.3 FR -.1 IT -1. CY -- LU.1 MT.3 NL -. AT.3 PT -. SI -.7 SK -. FI -. EA -. Apr-13 BE. DE. EE -- IE 13. EL -- ES 6. FR 11. IT. CY 1.6 LU.6 MT 6. NL 6. AT.9 PT 17. SI 1. SK 1. FI. EA. Employment and employment expectations employment (lhs) employment expectations (whole economy) (rhs) Unemployment rate and unemployment expectations % of labour force 7. unemployment rate (lhs) consumer unemployment expectations (rhs) Compensation per head and negotiated wages (nominal) compensation per employee negotiated wages Labour costs in the private business sector (nominal) total wage costs non-wage costs - 7 -

8 . INTERNATIONAL TRANSACTIONS Exports and imports of goods and services Exports and export order books. 1. qoq % Q Q1 Q Q3 Q 13Q1 exports imports -1 exports of goods and services (lhs) export order books and long-term average (rhs) -7 World trade world trade (goods) 3-month moving average Extra euro-area trade bn EUR extra-euro area trade 3-month moving average Extra- and intra-euro-area trade (of nominal values) extra-euro-area exports intra-euro-area-trade extra-euro-area imports Current-account bn EUR current account 3-month moving average - -

9 6. PRICES Harmonised index of consumer prices (HICP) HICP min HICP max HICP HICP flash Breakdown of core inflation HICP headline and core inflation May-13 core infl. BE 1.1. May-13 DE 1.6. BE 1.6 EE DE 1. IE. EE.1 3. EL -.3 IE.6 ES 1.. EL -1. FR.9. ES.1 IT FR.7 CY. 1. IT 1. LU 1. CY.3. MT. LU.3 NL 3.1. MT. AT. -. NL 3. PT.9-1. AT. SI 1.6 PT.9 SK 1. HICP SI 1. FI. SK 1. EA 1. core inflation (all items except energy and unprocessed food) FI. EA 1.3 Energy and unprocessed food yoy% non-energy industrial goods services processed food -16 energy unprocessed food Domestic producer prices and import prices Oil prices level domestic producer prices import prices oil prices and 3-month ma (USD/bl.) oil prices and 3-month ma (EUR/bl.) - 9 -

10 7. MONETARY AND FINANCIAL INDICATORS Nominal interest rates % p.a repo rate short-term long-term Loans to private sector and money supply loans to private sector M3 (centred ma) Real interest rates Euro vis-à-vis US dollar and JP yen % p.a.. 1. level level long term (1-year yield government bonds) short term (3-months EURIBOR) EUR/USD and 3-day ma (lhs) EUR/JPY and 3-day ma (rhs) 9 Stock market indices index, = Nominal effective exchange rates index, = Eurostoxx Dow Jones Nikkei Euro area United States Japan - 1 -

11 . PUBLIC FINANCES General government % of GDP Primary % of GDP General government expenditure and receipts % of GDP tax burden BE -3.9 DE. BE.6 EE -.3 DE 39. IE -7.6 Expenditures EE 33. EL -1. IE.6 ES -1.6 EL 33. FR -. 6 ES 3. IT -3. FR.9 CY -6.3 Receipts IT 3.7 LU -. CY 3. MT -3.3 LU 37. NL -.1 MT 33. Tax burden AT -. NL 3. PT -6. AT.6 SI -. PT SK -.3 SI FI -1.9 SK. EA -3.7 FI 3. EA.3 Cyclically adjusted % of GDP BE BE -3. DE.6 DE. -1. EE -.1 EE -.7 IE IE -7. EL. EL -. ES ES -. FR -.3 FR IT. IT -1.3 CY CY -6.3 LU -. LU.1 MT MT -3. NL -. NL AT.1 AT -.3 PT -.. PT -. SI -1.9 SI -.7 SK -.. SK -. FI FI -. EA -.6 EA -.6 Cyclically adjusted primary General government debt % of GDP % of GDP 3 BE.1 9 BE 99.6 DE.6 9 DE 1.9 EE -. 9 EE 1.1 IE -3. IE EL. 6 EL ES. ES. FR -1. FR 9. IT. IT 7. CY CY. LU. 76 LU. -1 MT MT 7.1 NL NL AT.3 7 AT 73. PT -. 6 PT 3.6 SI SI.1-3 SK SK FI FI 3. EA. EA 9.7 * Figures are from the Commission's spring 13 forecast

12 Indicators as from 11 refer to Belgium (BE), Germany (DE), Estonia (EE), Ireland (IE), Greece (GR), Spain (ES), France (FR), Italy (IT), Cyprus (CY), Luxembourg Euro area (LU), Malta (MT), the Netherlands (NL), Austria (AT), Portugal (PT), Slovenia (SI), Slovakia (SK) and Finland (FI). Indicator Note Source 1. Output Economic Sentiment Indicator The economic sentiment indicator is the weighted average (of the industrial confidence indicator (%), the services confidence indicator (3%), the consumer confidence indicator (%), the construction confidence indicator (%) and the retail trade confidence indicator (%)). Data are seasonally adjusted. Industrial confidence indicator The industrial confidence indicator is the arithmetic average of the s (%) referring to the questions on production expectations, order books and stocks (the latter with inverted sign) from the survey of manufacturing industry. The longterm average refers to the period as from publishing of the indicator up to now. Data are seasonally adjusted. Services confidence indicator The services confidence indicator is the arithmetic average of the s (%) referring to the questions on business situation and recent and expected evolution of demand from the survey of services. The long-term average refers to the period as from publishing of the indicator up to now. Data are seasonally adjusted. Industrial production Monthly Industry Production Index (1=1), NACE Rev., Total industry Eurostat (excluding construction). Mom % ch. and qoq% ch. are seasonally adjusted, yoy% ch. are working-day adjusted. Gross domestic product Gross domestic product at constant market prices (chain-linked volumes, Eurostat reference year ), EUR. Data are seasonally and working-day adjusted. Labour productivity Labour productivity defined as the difference between GDP growth and Eurostat employment growth. GDP divergence Standard deviation of GDP growth of the following countries: BE, DE, ES, FR, Eurostat IT, CY, LU, NL, AT, PT, SI, FI.. Private consumption Consumer confidence indicator The consumer confidence indicator is the arithmetic average of the s (%) referring to the questions on the financial situation of households, general economic situation, unemployment expectations (with inverted sign) and savings; all over next months. The long-term average refers to the period as from publishing of the indicator up to now. Data are seasonally adjusted. Retail confidence indicator The retail confidence indicator is the arithmetic average of the s (%) referring to the questions on the present and the future business situation and the volume of stocks (with inverted sign). The long-term average refers to the period from publishing of the indicator up to now. Data are seasonally adjusted. Private consumption Household & NPISH final consumption expenditure at constant market prices Eurostat (chain-linked volumes, reference year ), EUR. Data are seasonally and working-day adjusted. Retail sales Retail trade (NACE Rev. G7) excluding motor vehicles, motorcycles; Deflated Eurostat turnover, mom % ch. and qoq% ch. are seasonally adjusted, yoy% ch. are working-day adjusted. 3. Investment Capacity utilisation In percent of full capacity in the manufacturing sector. Data are seasonally adjusted (collected in January, April, July and October). Production expectations Production expectations in manufacturing sector. Data are seasonally adjusted. Gross fixed capital formation Gross fixed capital formation at constant market prices (chain-linked volumes, Eurostat reference year ), EUR. Data are seasonally and working-day adjusted. Equipment investment Gross fixed capital formation at constant market prices (chain-linked volumes, Eurostat reference year ), EUR, metal products, machinery and transport equipment. Data are seasonally and working-day adjusted. Construction investment Gross fixed capital formation at constant market prices (chain-linked volumes, Eurostat reference year ), EUR, construction work and housing. Data are seasonally and working-day adjusted. Change in stocks Changes in inventories and acquisitions less disposals of valuables (at prices of Eurostat previous year). Profit share Ratio of nominal gross operating surplus and gross mixed income to nominal GDP Eurostat

13 . Labour market Employment expectations (manufacturing) Managers' employment expectations over the next three months in the manufacturing sector. Data are seasonally adjusted. Employment expectations (services) Managers' employment expectations over the next three months in the services sector. Data are seasonally adjusted. Employment expectations (whole economy) Weighted average of managers' employment expectations over the next three months in the manufacturing (19%), services (6%), construction (6%) and retail sectors (1%). Weights in brackets according to value-added share on GDP of the respective sector. Data are seasonally adjusted. Employment Total domestic employment (number of persons). Data are seasonally and Eurostat working-day adjusted. Compensation of employees per head Nominal compensation of employees divided by the number of employees. Data are seasonally and working-day adjusted. Unemployment expectations Consumers' unemployment expectations over the next twelve months. Data are seasonally adjusted. Unemployment rate Harmonised unemployment rate (in percent of labour force), ILO definition. Data Eurostat are seasonally adjusted. Structural unemployment rate Non-accelerating inflation rate of unemployment. Data are seasonally adjusted. OECD Total labour costs Nominal wage- and non-wage costs less subsidies in the private business sector. Eurostat Data are seasonally and working-day adjusted. Wage costs Nominal wage and salary costs include direct remunerations, bonuses, and Eurostat allowances, payments to employees saving schemes, payments for days not worked and remunerations in kind. Data are seasonally and working-day adjusted. Non-wage costs Nominal non-wage costs include the employers social contributions plus Eurostat employment taxes less subsidies. Data are seasonally and working-day adjusted. Labour productivity Ratio between GDP and employment. Data are seasonally and working-day adjusted.. International transactions World trade Volume, =1, seasonally adjusted CPB Export order books Managers' export order expectations in the manufacturing sector. Data are seasonally adjusted. Extra-euro area exports Nominal extra-euro area exports of goods, fob. Data are seasonally adjusted. Eurostat Extra-euro area imports Nominal extra-euro area imports of goods, cif. Data are seasonally adjusted. Eurostat Extra-euro area trade Difference between extra-euro area exports and extra-euro area imports. Data are Eurostat seasonally adjusted. Intra-euro area trade Nominal intra-euro area trade in goods, fob. Data are seasonally adjusted. Eurostat Current-account Transactions in goods and services plus income and current transfers between ECB residents and non- residents of the euro area. Data are seasonally and working-day adjusted. Exports of goods and services Exports of goods and services at constant market prices (chain-linked volumes, Eurostat reference year ), EUR. Data are seasonally and working-day adjusted. Imports of goods and services Imports of goods and services at constant market prices (chain-linked volumes, Eurostat reference year ), EUR. Data are seasonally and working-day adjusted. Direct investment Nominal transactions/positions in assets abroad by euro-area residents less ECB nominal transactions/positions in euro-area assets by non-residents. To be regarded as a direct investment, ownership in an enterprise must be equivalent to more than 1% of the ordinary shares or voting power. Portfolio investment Nominal transactions/positions in securities (including equities) abroad by euroarea residents less nominal transactions/positions in euro-area securities (including equities) by non-residents. To be regarded as a portfolio investment, ownership in an enterprise must be equivalent to less than 1% of the ordinary shares or voting power. ECB 13

14 6. Prices HICP Harmonised index of consumer prices (index =1) Eurostat Core HICP HICP excluding energy and unprocessed food (index =1) Eurostat Producer prices Domestic producer price index, total industry excluding construction (index Eurostat 1=1) Selling price expectation Managers' selling-price expectations in the manufacturing sector. Data are seasonally adjusted. Import prices Unit value index of imports, Current Prices (index =1) Eurostat Oil prices Price of north sea Brent in USD/barrel and EUR/barrel ICE Non-energy commodity prices Market price for non-fuel commodities in EUR terms (index 1=1) HWWI 7. Monetary and financial indicators Nominal interest rate (3-month) 3-month EURIBOR interbank rate (36 days) ECB/Ec owin Nominal interest rate (1-year) 1-year interest rate on government bonds for euro area (based upon the 1-year German government bond) ECB/Ec owin ECB repo rate Minimum bid rate of main refinancing operations, end of period. ECB/Ec Money demand (M3) Loans to private sector Monetary aggregate including currency in circulating (banknotes and coins), operational deposits in central bank, money in current accounts, saving accounts, money market deposits, certificates of deposit, all other deposits and repurchase agreements. Data are seasonally adjusted. Loans by MFI (monetary and financial institutions) to euro area residents (excl government). Data are seasonally adjusted. Real long-term interest rates Nominal interest rate (1-year) deflated by HICP index Real short-term interest rates Nominal interest rate (3-month) deflated by HICP index Stock markets Eurostoxx, Dow Jones and Nikkei indices ( =1) Ecowin Exchange rates EUR/USD and EUR/JPY reference rates ECB Nominal effective exchange rate Graph Monthly Nominal Effective Exch. Rates vs. rest of IC36 (index = 1) Table - ECB Nominal effective exch. rate, euro area-17 countries vis-à-vis the / ECB EER- group of trading partners against Euro. Public finance General government Net lending (+) or net borrowing (-) of general government Primary government Net lending (+) or net borrowing (-) of general government minus interest payment Cyclically adjusted Net lending (+) or net borrowing (-) of general government corrected for the influence of the business cycle Cyclically adjusted primary Primary government corrected for the influence of the business cycle General government expenditures and receipts General government debt Nominal expenditures and receipts; tax burden includes taxes on production and imports (incl. taxed paid to EU), current taxes on income and wealth (direct taxes) and actual social contributions Cumulative sum of net lending (+) or net borrowing (-) positions of general government owin ECB ECB 1