This study investigated how the speed-accuracy balance is modulated by changes in the time course of motor activation and inhibition of a primed response. Responses and event-related brain potentials were recorded in a paradigm in which the first stimulus indicated the correct response with 80% validity. The remaining 20% of the trials required no response (no-go) or a response opposite to the cued hand (change trials). Subjects were instructed either to balance speed and accuracy or to emphasize speed at the cost of accuracy. Analyses of error patterns, reaction time distributions and brain potentials show that subjects can modulate the amount of activation of the primed response. More surprisingly, the engagement of inhibition of the response also varied with the speed-accuracy instruction. The results are consistent with a model where the frontothalamic loop actively controls both the activation and the inhibition of responses, depending on the current task requirements.