4  BIS central bankers’ speeches  Countries with current account deficits and excessive public debt must act. They must implement structural reforms and they must consolidate their budgets to get back onto a stable growth path.
Of course, adjustment is a huge challenge for the people in these countries but the status quo is clearly unsustainable, and doing nothing will lead to even sharper corrections. By contrast, taking up the challenge will open the doors to a more stable and more prosperous future. In my speech, I have focused on the member states.