4  BIS central bankers’ speeches  It is of paramount importance that adjustment occurs; that countries – governments and opposition – unite behind the effort; and that contributing countries survey with great care the implementation of the programme. But if a country is still not delivering, I think all would agree that the second stage has to be different.
The most significant imbalance - a credit-funded boom in purchase of housing - began to unwind in about the most benign fashion one would dare imagine. One can only hope that 2005 turns out to be similarly uneventful, at home and abroad. No doubt there is something unexpected coming down the road. In time we shall see what it is.