The revaluation reserve for gold rose by € billion to € billion. The price of gold in US dollars as at the reporting date was down slightly on the previous year's price, but the stronger US dollar meant that the price of gold in euro was 6% up on the year.
Viewed over the long term, there is still a sustained marked increase in the revaluation reserve for gold. Compared with its starting balance at the launch of monetary union € billion), this revaluation reserve, with its current balance of € billion, is eight times as large as it was at the start of 1999.