You can recover the ability to reorder effects by using MTL-style type classes, so you could write that as M<T> where M: MonadState<S> + MonadError<E>, in rust-ish syntax. But that makes the number of trait/typeclass implementation for each transformer explode (given a trait and a type for each transformer, it's O(N^2)), whereas algebraic effect systems don't really have that issue. I also have a hunch that algebraic effects(or, well, delimited continuations in general) are probably easier to optimize than monad transformers, too.