On account of strong capital flows, there have been accretions to foreign exchange reserves, which, at US $ 271.2 billion as on November 16, 2007 are currently higher than the external debt $ 165.4 billion at end-June 2007).
The second approach would require it to apply national legislation indirectly by issuing instructions to national authorities – which, of course, then raises the question of who would be held responsible if such an instruction were to lead to a legal decision by the national competent authority?