This edition of Cuba Economic Review continues our new series, Cuba: From Crisis to Transformation with guest contributor and economist Pavel Vidal taking over the In Deep section to explore the first stage of transformation: stabilization, emergency measures, and priority-setting. Vidal argues that Cuba’s current crisis is too deep for small fixes, yet reform must still move in a planned way to avoid even greater social costs.

Quick Takes examines further stress signals across the economy: changes in the public sector, the fall of the Cuban peso in both exchange markets, renewed short-term inflation, another hard blow to tourism, and the island’s water management crisis.

Recommended Reading features a TIME essay by yours truly on the need for broad national rebuilding, including economic reform, stronger institutions, outside support, and a new role for the diaspora.