Algebra of convolution type operators with continuous data on Banach function spaces

We show that if the Hardy-Littlewood maximal operator is bounded on a reflexive Banach function space $X(\mathbb{R})$ and on its associate space $X'(\mathbb{R})$, then the space $X(\mathbb{R})$ has an unconditional wavelet basis. As a consequence of the existence of a Schauder basis in $X(\mathbb{R})$, we prove that the ideal of compact operators $\mathcal{K}(X(\mathbb{R}))$ on the space $X(\mathbb{R})$ is contained in the Banach algebra generated by all operators of multiplication $aI$ by functions $a\in C(\dot{\mathbb{R}})$, where $\dot{\mathbb{R}}=\mathbb{R}\cup\{\infty\}$, and by all Fourier convolution operators $W^0(b)$ with symbols $b\in C_X(\dot{\mathbb{R}})$, the Fourier multiplier analogue of $C(\dot{\mathbb{R}})$.
Comment: To appear in the "Proceedings of Function Spaces XII"