I think both of the papers on financial sector reform are very thought-provoking, but I propose to confine my comments to the paper by David Cole and Betty Slade since my own past research has focused on the problems of the less-developed countries rather than on the somewhat different problems of the formerly socialist economies. Cole and Slade advocate an evolutionary approach to financial sector reform based on their recognition that many developing countries, particularly in Africa, do not currently have in place full-fledged market-based financial systems.