ECB Annual Report 2007 Chart 36 Euro area direct and portfolio investment ( annual data

CHART VI Financing of euro area non financial sectors ( annual growth rates

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This slowdown stemmed largely from a decline in residential investment , while growth in private consumption was resilient . While household spending was negatively affected by the slowdown in the housing market and high energy prices , it was supported by robust labour income growth and C h a r t 2 M a i n d eve l o p m e n t s i n m a j o r industrialised economies euro area United States Japan United Kingdom

In view of the higher weight of food in their price index , inflationary pressures have been even more pronounced in emerging markets than in industrialised countries . Chart 2 Main developments in major industrialised economies euro area United States Japan United Kingdom

The rate of growth of MFI loans to non financial corporations generally increased further in Chart 20 Profit ratios of listed euro area non financial corporations ( quarterly data

Chart 57 Net errors and omissions of the euro area balance of payments ( cumulated sums

The latter refer to the items on the central bank balance sheet not under the central bank 's Chart 28

CHART VIII Euro area inflation ( Harmonised Index of Consumer Prices ) ( annual percentage change

35 Chart 8 Short term interest rates in the euro area market ( percentages per annum

CHART IV Euro area balance of payments current and capital accounts ( EUR billions

Chart 29 Euro area consumers qualitative inflation perceptions and expectations ( percentage balance

Chart C Extra euro area exports of goods by product ( volume indices September 2008 100

Accordingly , they are conducted as pure variable rate tenders with a pre announced allotment volume and following the multiple rate ( American ) auction procedure .

services income

Chart for Annex 1

The sectoral breakdown of value added highlights the prominent role of the services sector in the euro area ( see Chart A ) .

Chart 2.1 shows the differences in the age structure of the populations of the euro area and the United States .

ECB Annual Report 2009 Chart A World trade and activity and euro area exports of goods ( index September 2008 100

Chart 28 Liquidity factors and the use of standing facilities in the euro area in 2003 ( EUR billions )

Chart 2.7 shows the composition of the consolidated balance sheet of the euro area MFIs including the Eurosystem at the end of 2000 .

Mouse over the line chart to see the euro area inflation rate in the different months .

Chart 2.7 Composition of the consolidated balance sheet of euro area MFIs ( including the Eurosystem ) at end 2000 ( percentage shares in the balance sheet total )

Restrictions in services might therefore have limited the investment decisions of entrepreneurs , thereby affecting the efficient allocation of capital internationally and within the euro area .

The chart also provides further evidence that the overall decline in implied volatility over the past few years has not been restricted to the euro area .

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ECB Annual Report 2004 Chart 15 Housing market dynamics and loans in euro area countries ( average annual growth between 1998 and 2003

Chart 12 ( a ) Stock price indices in the euro area , the United States and Japan ( 1 January 1997 100

Chart A Components of M3 ( annual flows

Chart 8 Counterparts of M3 ( annual flows

CHARTS Chart 1 The ESCB and the Eurosystem Chart 2 The stability oriented monetary policy strategy of the ECB Chart 3 The organisational structure of the ECB 41 83 159

CHARTS Chart 1 The ESCB and the Eurosystem Chart 2 The stability oriented monetary policy strategy of the ECB Chart 3 The organisational structure of the ECB 41 83 157

Consequently , in the second half of 2006 the euro area break even inflation curve flattened considerably ( see Chart 13 ) . Euro area implied bond market volatility increased somewhat in May and June 2006 and then declined steadily in the second half of the year .

Chart 12 Long term real bond yields and break even inflation rates in the euro area ( percentages per annum

Chart 4 Table 6 Chart 5 Table 7

This lower level of net financial flows into the euro area was mainly a result of increased net outflows in direct investment ( see Chart 31 ) .

Other major channels of relevance for the euro area are the money and credit channel and the expectation channel ( see Chart A ) . 1 As regards the interest rate channel and the money and credit channel , the analyses conducted by the ECB and the Eurosystem have indicated a remarkable degree of convergence in the euro area since 1999 .

EURO AREA STOCK MARKETS CONTINUED TO SHOW STRONG GAINS IN 2004 In 2004 euro area stock prices continued the upward trend observed from early 2003 ( see Chart 13 ) .

EURO AREA STOCK PRICES CONTINUED TO INCREASE IN 2005 In 2005 euro area stock prices continued the upward trend which began in early 2003 ( see Chart 14 ) .

For the euro area , this has implied a relative shift from intra euro area trade partners and other industrial economies to emerging , lower cost countries as providers of manufacturing goods ( see Chart B ) .

CHART V Euro area balance of payments foreign direct investment ( FDI ) by main counterparts ( EUR billions

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( b ) See footnote to Chart 2 .

( f ) See footnote to Chart 2 .