I think it is a considerable step forward that the leaders have actually identified a number of sectors for early liberalization. It would be further progress towards liberalization even in the light of this financial crisis. And Korean APEC adviser Soogil Young says because of the crisis Korea can undertake difficult reforms, but there s no guarantee of success. We should be very cautious, careful, but nonetheless, you should have the hope. That s the reason why I am trying to be optimistic, but, you know, if you are overly optimistic, you lose discipline, you become complacent.
Economists call that moral hazard.
As the leaders return to their home countries, many of them will face hard questions. Basic among them is whether they can implement domestically tough reforms showcased at a very public international forum.