Policy innovation poses a great challenge to governments to generate stable expectations about a new set of incentives. Drawing on the results of a survey conducted in mid-1999, this article explores the sources and characteristics of top leaders' perceptions about the programme of structural reforms implemented in Argentina during the last decade. In particular, it tries to assess and measure whether a reformist consensus between political and business leaders emerged around the privatisation and regulation policies, what the main issues around which that consensus revolves are, and to what extent it may translate into a source of stability and consolidation of reforms.