The first observation is that the external assets and liabilities of the euro area, as a percentage of GDP, are very large and account for around 124% and 137%, respectively. By comparison, in the United States, the corresponding figures are substantially lower: 90% of GDP for assets and 110% for liabilities.
In Japan, foreign financial assets are likewise significantly lower than in the euro area (94% of GDP in 2005), and the difference is even greater for liabilities, which represent only 60% of GDP, i.e. less than half of the corresponding figure for the euro area. This highlights how the euro area is very outward-looking.