Economy · Euro area · Inflows
The money ladder of Euro area
Gross external liabilities (incl. equity)
47,552.4 bn
debt 20,577.9 bn · equity 23,139.9 bn · derivatives 3,834.6 bn · Q2 2026 · IMF IIPEquity liabilities (portfolio equity and direct investment equity) are marked to market: they rise with domestic stock prices, and a rise is not new borrowing. Debt = portfolio debt, other investment and direct investment debt. IMF IIP published 26 Oct 2026 (read 27 Oct 2026).
Net IIP (assets − liabilities)
+2,215.7 bn
49,768.1 bn assets − 47,552.4 bn liabilities · Q2 2026 · IMF IIPAssets less liabilities, both at market value: above zero the economy is a net creditor to the rest of the world. Equity liabilities move with domestic stock prices, so a stock rally lowers it without any new borrowing. IMF IIP published 26 Oct 2026 (read 27 Oct 2026).
The money ladder, Euro area, inflows, USD bn
Positions at the newest period all channels share · width is the position · residence basis
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GlobalIssuing central banks, total assets (own scale)
- Switzerland1,148.02026-07-31
- China7,285.22026-06-30
- Euro area6,739.22026-10-25
- UK1,080.82026-07-31
- Japan4,020.92026-07-31
- United States6,745.62026-10-28
Source: BIS CBTA; ECB ILM; Federal Reserve via FRED
CountryBorder (IIP), liabilities, Q2 2026
- Total47,552.4
- Portfolio22,540.5
- Direct11,167.1
- Other10,010.1
Source: IMF IIP
CountryMade here
- Central bank assets6,739.22026-10-25
- M112,869.42026-09-30
- Broad money18,726.62026-09-30
- M320,118.02026-09-30
- FX reserves2,155.52026-08-31
Source: BIS locational banking statistics (Q2 2026); ECB monetary aggregates (balance sheet items); ECB eurosystem weekly financial statement; IMF international Investment Position (Q2 2026); IMF international Reserves and Foreign Currency Liquidity. Calculations: datasteg money-flow, method 1.5, rules R1, R2, R4, R5, R6, R7. · Updated 2 Nov 2026