The financial openness of euro area is also confirmed by ratios of external assets and liabilities to GDP (respectively 135% and 145% in 2005) 3 , which exceed those of US.
Taken together, these stylised facts underscore that euro area countries are fully involved in the globalisation process so that we can easily conclude that we are not witnessing the creation of a “fortress Euro area”! 2  Stocks of FDIs outside euro area owned by euro area residents. 3  Net international investment position of the euro area was -10.1% of GDP in 2005.