AFTER a breakneck downhill run, the Northern political rollercoaster has hit the trough and survived without flying off the rails. It is now on the slow climb to the next dizzying peak.
The past week of brinkmanship and publicity seeking pyrotechnics has left all the players drained and exhausted but at least the immense head of steam that built up has been vented for the moment.
The pervading uncertainty and speculation about an IRA ceasefire, first in the run up to the elections and then in the precarious week before the convening of the multi party talks, has been dispelled.
It is clear that there will not now be an IRA decision on reinstatement of the ceasefire, at least until the talks process settles down and provides evidence that it can get to grips with some real political issues rather than interminably studying its own navel.
At the same time, however, the immediate peril of actual IRA attacks in Britain or the North also seems to have eased since last week. A defining moment has passed, and a de facto cessation may well hold for some time.
Sinn Fein still badly wants to be part of the negotiating process, but it probably suits the party to remain at a remove until the procedural and agenda issues are clarified and Senator Mitchell begins to demonstrate whether and how he can focus the participants on the real work ahead.
It was a close run contest during the week as to whether order or chaos would prevail. The hectic culmination of the elections left recriminations and bitter feelings rampant among unionists.
Then they suddenly seemed to bond for the big push to face down Mr Mitchell and block the two governments' blueprint for the peace talks. There was a critical 48 hour stand off before the unionist phalanx split, and Mr David Trimble galloped off to parley - if not yet to smoke the pipe of peace - with Mr Spring and the Irish Government team.
It is still by no means clear why the UUP leader decided to deal on Tuesday evening. The simplest explanation is that he did not want the entire process to disintegrate, with unpredictable but probably dire consequences for everybody. One of the UUP's talks team, Mr Reg Empey, put it bluntly: "We were in a meltdown situation."
But is also probable that Mr. Trimble was extremely uneasy at becoming locked further and farther into an alliance with the Rev Ian Paisley and Mr Robert McCartney, his deadly rivals for control of the hearts and minds of the unionist community.
THERE is no doubt that, had he remained in that unhappy union, those two forceful characters would have taken control, scuppered the peace talks without a qualm, and tainted the UUP leader with the label of extreme obduracy, inflexibility and intransigence.
Such a pose would have been out of keeping with image of reason and rational argument which Mr Trimble who, after all, is a law lecturer - seeks to portray to his party, to the British public and to the international community.
So he picked his moment - about 5.30 p.m. on Tuesday to go solo and assert his party's distinctive stance by approaching the Irish Ministers for direct talks. Although it was an Irish Government draft that produced the decisive compromise Possible Approaches document, it was very much facilitated by Mr Trimble's initiative and input.
Earlier, such a breakthrough had seemed extremely unlikely, particularly in view of the personalised comments on Mr Mitchell by some of Mr Trimble's lieutenants - notably Mr John Taylor's references to an "American Serb".
Mr Taylor could not resist reworking the analogy in the small hours of Wednesday, after the deal was almost done, when he remarked: "A Serb with no powers is acceptable".
At all events, Mr Mitchell gained the chair and disaster was averted. Mr Trimble has opted to confront head on the bluster, braggadocio and bullying of Dr Paisley and Mr McCartney, and it remains to be seen if he will keep his nerve.
Yesterday, in an article in the Belfast Newsletter, he provided more details of the decisive negotiations. He revealed that the crucial passage of the first Irish draft said: "The two governments with the assistance of the Chairmen will consult the parties."
That had been rejected, and the second Irish draft read: "The Chairmen, with the assistance of the two governments, will confer with the parties."
That was also unsatisfactory to the UUP, and the final draft said: "The Chairmen, the two governments and the parties will confer."
Therefore, in Mr Trimble's analysis, the crucial issues of procedures and agendas are all still there to be played for. "This was the first skirmish in a battle that may last many months," he observed.
The next critical phase will come to a head next Wednesday, when the full plenary session will hear the proposals arising from an intensive process of consultation and planning that is now under way.
There is no guarantee that it will be any easier or smoother than the tough transactions of the past week but Mr Mitchell is now in the chair and freed for the first time to use his considerable skills of diplomacy and mediation to brig the parties through.
FOR the present certain vital issues have been pushed to the background.
It is a cause of some astonishment and relief that the issue of decommissioning has hardly been voiced at Stormont this week. But, in the words of a certain absent luminary, "It hasn't gone away, you know".
In terms of winners and losers at the end of a dramatic week in Northern politics - if, indeed, that invidious concept must be adopted - a few conclusions are possible.
Mr Trimble emerged with new credibility and respect, at least among the uninvolved and the international community. Mr Mitchell's patience paid off. The Tanaiste, Mr Spring, confirmed his deep personal commitment to the peace process by cancelling his travel arrangements and staying with the gruelling late night negotiations to clinch the deal.
The two prime ministers launched the whole enterprise with impressive dignity and unflagging optimism in spite of the chaos and confusion that surrounded them. Their unity of purpose and vision on this joint venture continue to survive all stumbling blocks.
Mr Gerry Adams, as usual, won the superficial propaganda battle - the images of himself and Mr Martin McGuinness looking through the bars of Stormont's gates were flashed around the world, to the great irritation of Sir Patrick Mayhew. But Sinn Fein has yet to earn admission to the arena - for the moment it appears to regard the price as too high.
The future remains, as ever, fickle. But the forces for change and concord will continue to face the formidable opposition of Dr Paisley. He has vowed, ominously, to "dedicate my life as never before to overturn the dastardly deed that was done on us".