Though we have made muchprogress in dealing with the financialcrisis and will weather the storm inthe end， there are many challenges inthe future. These challenges can beexpressed in various ways Excessesand imbalances accumulated over theprevious decades by households， firmsand financial institutions--notablythe expansion of debt， the build-up ofrisk and the increase in leverage. Howto restructure and strengthen the bal-ance sheets of households， financialinstitutions， firms and governmentsand to reduce the debt overhang maybe the most important and uncertaintask for all governments around theworld.