Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
No, the change in reserves comes from the addition of the current account balance (the one you've been looking at) and the capital account (or financial account) balance, i.e. the balance of investments, whether as sales/purchases of shares, bonds or investments in factories/material assets.

Germany has a large negative capital account balance because they invest a lot more outside of Germany than foreigners invest in Germany. France is the other way round, most years.

In the long run, we're all dead. John Maynard Keynes

by Jerome a Paris (etg@eurotrib.com) on Tue Jan 23rd, 2007 at 06:07:27 AM EST
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