Taken together, the share of emerging markets in euro area trade has grown from about one third, when the euro was introduced in 1999, to more than 40% today. Trade relations with Turkey have also strengthened over time, to surpass 2% of euro area trade in 2006. Perhaps less well known is the fact that the euro area is also very open financially.
Consider the international balance sheet of the euro area. Its assets and liabilities vis-à-vis non-residents account for over 120% and 130% of euro area GDP, respectively. This is more than in other large, mature economies, such as the United States, where the corresponding figures are 90% and 110% of GDP. Not only that: we are becoming increasingly open.