arrangement counterparts, to help them to cope with financial crises. second, the financial inclusion policy implemented around the world since the global financial crisis, and the support program for credit loan and support program for smallscale business owners, being carried out as parts of our bank intermediated lending support facilities, share the same goal, while the support program for trade financing and support program for high tech start - ups, for smes, are being used as credit policy tools. since the financial crisis there may be a risk of deterioration of the income distribution structure, which will ultimately affect economic stability, and it is therefore time for central banks to play a certain role in this regard. third, while carrying out its responsibility of promoting financial stability, the bank of korea has been strengthening its role of representing the national interest in the formulation of international norms. particularly, as long - and short - term liquidity regulations must be established during the course of finalizing basel iii over the next five years, which will greatly affect korea ’ s financial industry, we plan to participate more actively in this process. fourth, at the initiative of our regional branches, regular publication of the 「 golden book 」 has been launched, drawing much attention. the golden book project was carried out in the hope that the bok ’ s policy experiences will serve as triggers for regional economic development. while on the one hand striving to convey information on regional economic activities promptly, we also want the book to contribute to the formulation of regional economic development strategies, by providing in - depth analyses of a wide range of pressing issues in each region. at the initial stage of the project we consulted other central banks ’ reports such as the us fed ’ s 「 beige book 」, long well - known worldwide. we can, however, fairly say that we are blazing a new trail now, and that will before long bring the “ golden book ” international recognition as an unique bank of korea report. alongside the central bank ’ s conduct of monetary and credit policies, this is yet another unique way in which, given its 16 local branches, it can contribute to the national economy. in the course of overcoming the global financial crisis, the korean economy ’ s reliance on exports has intensified further still. the challenge facing us is to achieve growth based upon a balance between exports and domestic demand. in other words, we should focus on policies that further promote domestic consumption and investment. while maintaining price and financial stability, it is also desirable that monetary and credit policies be conducted

to ourselves than to others. only when we have created an environment in which we can compete against all comers from both within and outside the bis central bankers ’ speeches organization, based on open - mindedness and open practices, can we keep ourselves on a tight rein and hone our skills. we should constantly bear in mind the question, “ what does the bank of korea mean to me, and who am i to the bank of korea? ” if you get into the habit of asking yourself, “ what if this organization were to work well without me? ” as you go about your business, you will develop yourselves as time passes. the easy way means doing a familiar job, which will only result in following the same old path as in the past. long - term employees will of course have contributed more greatly to the development of the current organization than short - term employees. however, the future of the organization lies in its young employees, and therefore when institutional consideration is given to younger workers who will work for longer periods to encourage their further development, we can say that they are being treated with respect. we must all understand that this is also a precondition for securing higher quality minds, and that such efforts are a shortcut to establishing a virtuous circle ensuring that the organization develops another stage further as a result. when we come together like this, to choose the difficult path of reaching out to “ the future and to the world ”, glorious days will unfold before us. the future belongs to those who are prepared for it. the year 2014 is called the year of the blue horse. legend has it that it brings people fortune. and what greater fortune for us is there than national economic development and a flourishing bank of korea? i hope that 2014 will be a year in which the practice of sowing seeds continuously takes root, rather than that of trying to reap the harvest of those sown in the past many years. in this new year ahead of us, i wish the very best of good fortune and happiness to all members of the bok and their families. january 2, 2014 choongsoo kim governor the bank of korea bis central bankers ’ speeches