There is always the possibility that the same or similar doubts will re-emerge over the next 18 months, but I am inclined to think that will not be the case. The reasons for my view are set out below.
If we look at the history of the current account since the early 1980s (Diagram 1), it is apparent that the deficit has varied between about 3 1/2 per cent and 6 1/2 per cent of GDP, with an average of 4 3/4 per cent.