*  *  *  The first generation of reforms in the financial sector of Pakistan is about to be completed successfully and we have to lay down the proposals for eliciting wide discussion on the second generation of reforms.
*  *  *  At first glance, the title of my lecture seems to be a “non-subject”, or at least a completely anachronistic subject: given an inflation rate of 1.1 percentage points in July, the absolute limit of under 2% set by the ECB Governing Council still looks far away.