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Eurozone current account surplus increases
Fri, 20 Jul 2012 11:00:19 GMT
Source: Dukascopy Bank SA
"We made our first steps toward integration—a banking union, fiscal union, budgetary union and further on political union"
- Pierre Moscovici, French Prime Minister
The Euro bloc's current account recorded a surplus of 10.9 billion euros in May. This reflected surpluses in the trade of goods, services and income from the previous month, whereas the deficit in current transfers rose slightly during the same period of time.
In addition, the ECB said that the Eurozone's external debt was as much as 11.4 trillion euros, making up 121% of the region's GDP, up by 72 billion euros from the end of 2011.
"We made our first steps toward integration—a banking union, fiscal union, budgetary union and further on political union," said French Finance Minister Pierre Moscovici.
"But I understand, of course, that everybody is looking at the implementation and wondering, is it fast enough?"
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