Implicit Transfer to Selected Euro Area Countries
(Billions of euro, as of February 2013)
|Cost paid||Cost derived from market rates||Implicit transfer p.a.|
|EU arrangements 1/||5.8||20.5||20.1||31.0||14.7||14.3||25.2|
|(percent of euro area GDP)||0.3||0.8||0.7||1.1||0.5||0.5||0.8|
|Net total 3/||25.2||69.3||67.6||100.2||44.1||42.4||75.0|
|(percent of net contributors’ GDP)||0.4||1.1||1.1||1.6||0.7||0.7||1.2|
Includes EFSF, ESM, EFSM, and Greek Loan Facility.
Includes increase in Target2 and currency issuance above allocation since December 2007.
Totals net of the contributions by Greece, Ireland, Italy, Portugal and Spain.
Germany bond yield plus CDS spread. 10-year bond yield for Greece.
Estimates for 10-year yields, see Fiscal Monitor, October 2012, p. 40.