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média móvel de 12 meses )
this reduction in net outflows in 2001 resulted mainly from a switch in portfolio investment from large net outflows in 2000 ( euros 102.8 billion ) to net inflows in 2001 ( euros 40.9 billion ) , which was only partially compensated for by a shift of net direct investment from net inflows in 2000 ( euros 15.2 billion ) to net outflows in 2001 ( euros 93.9 billion ) . developments in 2001 must be seen against the background of a substantial decrease with respect to 2000 in merger and acquisition activity , often settled via distribution of shares , which had resulted in inflows of foreign direct investment and outflows of portfolio investment .