benefit from the dividends of our union day in, day out : peace, democracy and the preservation of economic wealth across the continent based on the four freedoms. in this respect, the eu and its institutions provide a forum where we can settle disagreements in a civilised manner and arrive at joint decisions. eu law protects our most fundamental principles and exercises significant normative power internationally. in material terms, the eu has facilitated a level of prosperity unprecedented in european history, if only because by ensuring peace it prevented the strife and destruction of the past. our economic union also brings very concrete benefits. the eu brings freedom – the freedom to study, travel, work, invest and do business across the continent. in opinion polls, this is considered the most positive result of the eu, alongside peace. moreover, the euro is a very tangible european public good that is perhaps the strongest guarantee that we will stand together even in times of crisis. support for the euro and emu is very high in the euro area, in fact much higher than support for the eu. the crisis tested our political commitment, and this commitment was reaffirmed. bis central bankers ’ speeches indeed, european integration has brought fundamental benefits. people believe in europe and european public goods when they are tangible and deliver results. however, we also need to fully acknowledge the shortcomings of the status quo. for many, europe is a proxy for globalisation, which has created prosperity as well as strong interconnections. our economies are so intertwined that they can only be disentangled with great difficulty. consider the complex discussions under way in the uk on how to separate from the eu. can borders protect us from capital flows, demographic ageing, secular trends in capital return, lower equilibrium interest rates or migration due to wars and human misery? for individuals it is increasingly difficult to distinguish origins at national, at european and at global level. the distortions and half - truths of the brexit debate has shown that, first, complexity, second, uncertainty about pensions, third, low growth, and fourth, income distribution, offer fertile ground for extremists. economically, the pace of recovery in the euro area remains unsatisfactory, with unemployment levels still too high. this is reflected in opinion polls on the economy and on the outlook for the months to come. it is clear that efforts to strengthen the recovery have to be undertaken. in the financial sector, remaining fragilities in the banking sector need to be

juyeol lee : 69th anniversary of the bank of korea speech by mr juyeol lee, governor of the bank of korea, at the commemorating ceremony of the bank of korea's 69th anniversary, seoul, 12 june 2019. * * * ( this is an unofficial translation prepared by the bank ’ s staffs based on original speech released on june 12, 2019. ) dear fellow members of the bank of korea family! today is the 69th anniversary of the bank of korea ’ s establishment. i wish to express my sincere gratitude to our predecessors who devoted themselves to the development of the bank of korea and our economy, and to the many people who have supported and encouraged the bank. i would like to say in addition how much i appreciate the efforts of all members of our staff, who are faithfully fulfilling the duties entrusted to them in their positions. economic growth has faltered this year, as the pace of increase in consumption has slowed amid declines in exports and investment. going forward, government expenditures are expected to expand and slumps in investment and exports to ease. however, it is judged that uncertainties surrounding the growth path have further increased. this stems from changes in the external environment. there is a higher possibility that global trade could shrink with the deepening trade dispute between the us and china. the recovery of the semiconductor industry could come later than expected. as korea depends heavily on exports led by specific industries, growth is bound to be influenced by how these uncertainty factors evolve. domestically, there are structural factors that limit the growth of the korean economy : a low birthrate and aging population, weakening competitiveness in core industries, and a dual labor market structure. the pace of increase in household debt has recently slowed somewhat, but considering its very high aggregate volume and remaining risk factors, we cannot let our guard down. under these circumstances, the policy authorities need to manage the macroeconomy so that growth momentum is sustained, while working on structural reforms from a medium - to longterm perspective to enhance growth potential. macroeconomic policy needs to be effectively pursued, while carefully judging policy capacity and impact. at the same time, we need to step up our efforts to improve economic fundamentals. we should consistently pursue the discovery of new growth engines, the revitalization of high value - added service industries, the improvement of labor market flexicurity, and the rationalization of regulations. this is a moment that calls for urgent resolve : if we don ’ t change because