A rising amount of FDI comes from the so-called BRIC group – including Brazil, Russia, India and China. In fact, contrary to what such protectionist thinking would suggest, EU integration and the adoption of the euro seem to make Europe fitter for globalisation. The single currency has supported the development and diversification of exports in the euro area countries, as mentioned earlier.
The euro has also made a significant contribution to the process of opening up euro area financial markets. On the assets side, stocks of euro area assets held abroad have increased from less than 87% of GDP in 1999 to over 124% in 2005. On the liabilities side, the increase was also very substantial, from around 92% of GDP to 137%.