The first casualty may well be further reform of Brazil's deficit-ridden state pensions system.
But, judging from the disapproving tone of Mr Donaldson's letter, the SEC may force even further reform.
Instead, judges last week in Colorado and Minnesota threw out the suits and therefore opened the door to further reform.
They include measures to re-target pay to reward contribution, increase local flexibility and make important structural changes to enable further reform.
However indefensible hereditary peers may be, the Lords will need further reform if it is to do its job without them.
Should Lula lose his appetite for further reform, then shares could slump.
Above all, though, the third conclusion is that German voters are at best divided over, and at worst hostile to, further reform.
The British still feel agriculture and its funding needs further reform, but they will not make agricultural funding an issue at this summit.
Mrs Clinton said a US ambassador would be identified, but the restoration of ties would be a lengthy process dependent on further reform.
We are also maintaining our current authorities to help ensure further reform and to retain the ability to reinstate selected sanctions if there is backsliding.
That would make it hard to tout any victory as a harbinger of further reform, not just of Germany's football association, but of the country as a whole.
If the section 1115 waiver is approved and the funds are invested in further reform, other states may indeed look to New York as a model for change.
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He also pledged to adopt further reform measures if necessary.
All this should bolster the case for further reform.
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The report will eventually go before a joint committee of both the Commons and Lords - though the government is thought unlikely to introduce further reform legislation before the next general election.
All the same, the process has introduced more transparency and discipline, and has helped to prepare the way for further reform: the privatisation of the whole post office, which is due to begin next year.
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The need for further reform is obvious.
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But that requires further reform.
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But at least Mr Putin seems to recognise the importance of further legal reform.
It is desirable to proceed further with reform of the RMB exchange rate regime and increase the RMB exchange rate flexibility.
The bundle of measures thrown to the financial wolves on Monday amounts to the end, for the time being at least, of all prospects of further economic reform.
This is a model for further entitlement reform today.
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With permission, Mr Speaker, I should like to make a statement about the Government's proposal to invite the House to agree further democratic reform including legislation - before the House rises for the summer - on the conduct of MPs.
That explains why his fellow leaders gave in so readily to the French president's insistence that the only way he could win his vote would be if they dropped talk of further economic reform, scrapped the services directive and made preservation of Europe's social model their priority.
But as the two primary faces of the Act go missing from the oversight of the various, complex rules the voices against financial reform have room to get louder and move for further weakening of a reform that has yet to fully bloom.
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Further ideas for reform are likely to arise as prosecutors get closer to Enron itself.
Bulgaria, which has gone further down the reform path, notably by introducing a currency board, is in better shape.
Further attempts to reform the CAP have run into opposition, particularly in France, despite criticism of the policy from the US and developing countries.
Mikhail Pashkin, who heads a Moscow police trade union, is now reviewing the personnel issue as part of a working group on further Interior Ministry reform.
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