With its third national election since the watershed political reforms of 1996, Mexico has successfully consolidated a democratic regime. As the first half of Vicente Fox’s administration has demonstrated, however, certain features of this system seriously impede effective governance. Chief among these features is the combination of presidential rule with a three-party system. Most of the institutional reforms currently under consideration, such as the reelection of federal deputies, are unlikely to solve the problems this system generates. In this challenging institutional context, more is demanded of Mexican political leaders than they have so far been able to deliver.