The conclusion draws comparisons between the 1920s and 1930s on the one hand, and the years after 1989 on the other. In both cases, Poland was reborn after years of bitter oppression. The national spirit was reasserted. The architects of the transformation were courageous and charismatic leaders, who gave a voice to a repressed and humiliated country: Marshal Piłsudski as the leader in a military struggle against the imperial systems that had ensnared Poland in the aftermath of the eighteenth-century partitions; and Lech Wałęsa as the voice of authenticity in a moral revolt of workers against a system that falsely claimed to represent them and their interests. In both cases an independent central bank appeared as part of the necessary institutional infrastructure of the political reform process. The search for monetary stability took longer in the 1990s, but when it was achieved, in the early 2000s, it proved more durable. Inflation had been a sign of the dysfunctionality of communist planning. Higher levels of inflation in the transformation and its aftermath allowed a new price and market structure to emerge. In both instances, Poland’s stability was buffeted by constant security threats.