It has now been six years since the Asian crisis. For most of this period, Korea’s economy has grown rapidly, the result of favorable cyclical developments and deep structural reforms. But in 2003 this ascent was interrupted. The economy contracted during the first half of the year, after financial institutions reined in household credit and some long-standing structural problems re-emerged. While growth has now resumed, the sudden pause was a reminder that, despite the policy progress of the past half-decade, an unfinished reform agenda still remains. This Article IV consultation provides a timely opportunity to take stock, to see what has been accomplished since the crisis and what remains to be done.