6 (1976): 1161–76. 8  BIS central bankers’ speeches  One of the most critical differences is the emphasis that is now put on clear communication and the increased awareness of the importance of transparency. The unwinding of UMP should be one of the best-telegraphed events in monetary history.
A second important factor working in our favour is the tight alignment of incentives on the part of countries that are exiting as well as those that are affected by the process. No one wants it to proceed in a disorderly manner, and no one should want the exit to occur too early or too late.