However, most global trade, Asia's external debt, foreign-exchange liquidity and financial assets are still denominated in dollars.
The improvement in ratings is underpinned by emerging-market governments' strong external balance-sheets (record levels of foreign-exchange reserves and falling external debt ratios).
As for the corporate sector, the Central Bank of Russia has said that the deleveraging of 2009-10 has made Russia companies more resilient to external shocks that trigger higher foreign borrowing costs.
Protagonists in Greece's internal quarrels have long invoked external assistance, while furiously denouncing any foreign help given to their rivals.
External sources of credit would dry up because foreign investors, banks and companies would fear that their money would be trapped.
This suggests that most of the trade in foreign exchange is directed to settle external trade balances, rather than for speculative reasons.
The FRA has also had its remit extended from monitoring "foreign military threats" to all "external threats".
Although many big emerging markets have built up foreign-exchange reserves and cut their external debts, in eastern Europe reserves have been flat, external debts have risen and current- account deficits have grown considerably in the past decade.
Foreign central banks financed the remainder of our external deficit by also piling up dollar reserves.
Chinese oil companies already have interests in Niger, while Libya is looking for external partners as it opens up its energy sector to foreign investment.
That makes the economy more exposed to external shocks, such as swings in confidence among the foreign investors who fund the bulk of the deficit.
The former will be exercised principally on external objects, as war, peace, negotiation, and foreign commerce.
EU, which means that all members should apply common external tariffs on imports from third countries and adopt a common foreign-trade policy.
Respected former finance minister Manmohan Singh chairs Congress's new committee on economic affairs, former external-affairs minister Natwar Singh devises the party's foreign policy and so on.
Over the past few years, the dollar has been strong mainly because foreign investors have been happy to finance America's external deficit, thanks to rapid economic growth and high returns, especially in its equity market.
And by banishing residual fears that Brazil could face a shortfall in external financing this year, the agreement might help Brazilian firms to keep foreign credit lines open.
International equity investment managers long complained to me that the foreign exchange arrangements my public pension clients entered into with their custodians, which forced external money managers to settle such transactions with the custodian resulted in poor execution and diminished international equity performance.
FORBES: Pensions Demand Return of Global Custodian Bank Overcharges
There are external factors that will likely impact economic growth in Mexico, namely reductions in oil prices, manufacturing exports, foreign direct investment, remittances and tourism.
Mr Kirchner has hardly wooed external direct investors: his government is yet to lift the freeze imposed during the crisis on rates charged by most foreign-owned utility firms.
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