Net flows. Euro area balance of payments statistics are compiled by aggregating gross cross-border transactions of euro area residents vis-a-vis non-euro area residents as reported by the 11 participating countries. Transactions between residents of the participating Member States are not considered. For statistical purposes, the European Union institutions (but not the ECB itself) are treated as non-residents of the euro area. The concepts and definitions used in euro area balance of payments and international investment position statistics are based on current international and European standards, notably the 5th edition of the IMF Balance of Payments Manual and the operational methodological rules adopted by the ECB and by the European Commission (Eurostat); these have been widely harmonised among national compilers.