Ito’s paper starts with the premise that the IMF’s programs for Asia have been a failure, without setting a benchmark for what a successful IMF program is. I would like to propose such a benchmark, the 1995 Mexican program that, to many analysts, was successful in confronting what has been called the first crisis of the twenty-first century. Table 1 summarizes the main macroeconomic aggregates in Mexico and Asia during the IMF programs.