The paper by Mussa, Swoboda, Zettelmeyer, and Jeanne is a very complete and up-to-date contribution to a major topic in international finance. It focuses principally on issues and policy measures at the international or systemic level. I will concentrate, instead, on issues and policy options as they appear from the perspective of an emerging market economy that is the recipient of a surge of capital inflows. But I would like to begin by offering two general comments on the paper.