As I was rereading the last exchanges, I realized that an important idea had been left out of our conversation. It is possible to think of moderation as expressing a genuine and firm commitment to an inclusive vision of a decent society, with its own values, rules, procedures, and institutions. It is this sense of moderation that I seek to outline in the following pages. Yet, before I attempt to describe the political vision and ethos of moderation, it is important to explore what kind of virtue the latter is, so that we can better understand its underlying philosophy and institutional implications that often go unnoticed.