June 2021

Post n°218
Published on 06/02/2021

By Julia Schmidt and Olivier Sirello

Since the onset of the pandemic in 2020, euro area residents have sharply adjusted their international portfolio investments. Significant sales of foreign assets in March 2020 were followed by large purchases of foreign securities. At the same time, non-residents have purchased euro area debt securities, especially short-term debt.

Chart 1: The euro area has purchased US securities on a massive scale since the second quarter of 2020
Chart 1: The euro area has purchased US securities on a massive scale since the second quarter of 2020 Source: European Central Bank.