The European Central Bank’s latest analysis shows that in 2025 the euro area’s cross‑border assets and liabilities were about €36 trillion, with roughly one‑third of assets and two‑thirds of liabilities denominated in euro. The remaining shares were largely in US dollars. This means the euro area is net short in euro and net long in foreign currencies, especially the dollar, giving it a buffer against euro depreciation. The share of euro‑denominated cross‑border liabilities rose from 54 % in 2015 to 66 % in 2025, driven mainly by portfolio equity and foreign‑direct‑investment components. The growth in euro‑denominated liabilities was most pronounced in portfolio equity, where euro use increased by almost €5 trillion over the decade.
© European Central Bank, 2025.
Summary derived from the ECB website (https://www.ecb.europa.eu ).
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