Notes: Financial centres refer to Belgium, Cyprus, Ireland, Luxembourg, Malta, Netherlands. Inverted values for liabilities. Four-quarter moving sums. The latest observation is for the second quarter of 2019. Data on bilateral FDI assets of US companies in the euro area offer insights on the changing nature of euro area FDI liabilities.
[10] Between 2003 and 2018, US FDI positions in the euro area increased by a factor of 4.5 (Chart 9). A striking pattern is that this increase was largely driven by US investment in holding companies in the euro area, which are often SPEs, while US FDI in other, more traditional sectors such as manufacturing, grew more modestly.