In May 2011 the seasonally adjusted current account of the euro area recorded a deficit of EUR 5.2 billion. In the financial account, combined direct and portfolio investment recorded net inflows of EUR 53 billion (non-seasonally adjusted). At the end of the first quarter of 2011 the international investment position of the euro area recorded net liabilities of EUR 1.2 trillion vis-à-vis the rest of the world (approximately 13% of euro area GDP). This represented an increase of EUR 36 billion in comparison with the revised data for the end of the fourth quarter of 2010. Balance of payments in May 2011 The seasonally a ... (full story)