to play a quasi - fiscal role and how we can justify that role, as well as how we can establish a principle for intervening in markets as a central bank, thereby bringing about social consensus. 5 / 7 dear members of the bank of korea! commemorating the 70th anniversary of the founding of the bank, we need to once again renew our mission and rekindle our passion for taking the lead in stabilizing and developing our national economy. a couple of days ago, we unveiled [UNK] bok 2030 [UNK], our mediumand long - term development strategy set up to ensure that we respond actively to the rapidly changing economic paradigm and to define our new role accordingly, with a vision looking into the next decade. it is intended to foster individual members of the bank to become top experts in their respective fields and enhance the organization ’ s flexibility and synergy, thereby maximizing the bank ’ s policy capacity. above all, we will need to upgrade our capacity for research, which is one of our key functions, to deal with the increasingly complicated financial and economic issues we face. we must also fundamentally change the way we work, by introducing the latest digital technology, innovating with respect to our administrative and personnel management systems, and redefining our culture, so that every employee will be able to grow together with the organization. 6 / 7 [UNK] bok 2030 [UNK] is very meaningful in that it reflects views collected from our own employees as well as advice from outside the organization, and in that young members and future leaders of our bank participated actively in the process. action plans will begin to be implemented step by step from the latter half of this year. all members of the bank of korea, including myself, will need to join in these efforts, so that this strategy is not just an empty slogan but brings about actual change and innovation to our bank. our economy is now facing a critical situation, which is why we all need to have a clear sense of duty. we must remain cool - headed in every judgment we make, and do the best we can in our jobs, so that the decisions we make today will later be regarded as successful in helping overcome this crisis and in preparing for the post - corona era. i would like to thank you once again for your hard work, and i wish you and your family good health and happiness. thank you. june 12, 2020 governor juyeol lee 7 / 7

seong - tae lee : increasing capital flows among countries and monetary policy effectiveness opening address by mr seong - tae lee, governor and chairman of the bank of korea, at the 15th central banking seminar, seoul, 18 september 2007. * * * opening remarks ladies and gentlemen, let me extend a warm welcome to all of you, central bankers gathered from around the world to attend the bank of korea's " central banking seminar ". i would especially like to express my deep gratitude to our keynote speaker dr. mark spiegel, vice president and director in the federal reserve bank of san francisco. this seminar, now in its 15th year, is held to allow the sharing of diverse experiences and ideas relevant to major monetary policy issues. at the same time, we hope it serves to broaden relationships among central bankers. the theme of this year's seminar, " increasing capital flows among countries and monetary policy ", is likely to be of great interest to us all. it is very closely related to the recent international financial market environment, in which price variables are showing heightened volatility triggered by the turmoil in the us sub - prime mortgage market. the impact of the increase in cross - border capital flows cross - border capital flows have increased very rapidly this decade, bolstered by the development of information and communication technology, the progress of financial innovation, and the integration of the global economy. the scale of cross - border capital transactions, including those in bonds and shares and direct investment, increased almost threefold between 2002 and 2005, from about 2 trillion us dollars to some 6 trillion us dollars. this expansion of international capital transactions has brought us a number of beneficial effects. first of all, it has acted to heighten the vitality of the global economy by allowing investors to disperse investment risk and borrowers to reduce their costs of capital. it has also helped bring about an upgrading of the financial markets of emerging market countries as well as developed countries, in conformity with global standards. the meltdown of the us sub - prime mortgage market is of course having a great impact on international financial markets. however, in contrast to the case during the asian currency crisis of the late 1990s, there are now no nations experiencing severe difficulties. this is one example of how the financial systems of almost all countries have been further strengthened. on the other hand, we must not be blind to the negative aspects of these expanding capital flows. the economies of countries around the world have become closely interlinked