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In the context of financial sector reforms, for example, the underlying challenge is the proper mitigation of the additional risks that are injected into the financial system as markets develop and become more sophisticated. These risks consist of both financial risks borne by market participants as well as macroeconomic risks that may be associated with greater financial market volatility. Indeed, the inappropriate setting of priorities among the reform measures or an overly rapid pace of change can result in financial instability in the short run. More generally, initiatives in the areas of financial sector development, monetary policy regime, and capital account liberalization are all closely related and designing appropriate reforms in one area requires a careful consideration of how to proceed with the others. On this issue, suffice it to say that the consensus on the importance of structural reform efforts does not carry over with the same strength to the issue of the appropriate pace and sequencing of policy changes. Nonetheless, it should be stressed that a frequent outcome of the debate on this issue is excessive inertia in reaching an agreement and actually starting the process of change. The more protracted the transition period, the greater the eventual costs to the economy in terms of deferred benefits of stronger fundamentals. Finally, a recurrent theme that has been underlying much of the discussion in this lecture this evening is the intricacy of achieving monetary and financial stability while at the same time maintaining the delicate balance of short-run stabilization efforts and long-run structural reforms.