Tegelijkertijd liepook de netto kapitaalinvoer in obligaties ennotes in 2003 ietwat terug ten opzichte van eenjaar eerder. ###>Similarly, in thesecond half of 2003 euro area direct investmentabroad also started a gradual recovery in thelight of an improved global as well as domesticeconomicoutlook,whileforeigndirectinvestment in the euro area remained subdued.