But more will need to be done in Europe as well as in the United States to ensure that our economies are sufficiently resilient to respond effectively to all the shocks and adjustments that the future will surely bring. 3  Caroline Freund (2000), “Current Account Adjustment in Industrialized Countries,” Board of Governors of the Federal Reserve System, International Finance Discussion Paper No.
692, December. BIS Review 70/2004  3  Jean-Claude Trichet: Euro in wider circles Speech by Mr Jean-Claude Trichet, President of the European Central Bank, at the Conference “Goodbye Lisbon” organised by the European Banking Congress, Frankfurt, 19 November 2004.