##tated. the greatest assets of the central bank are its human resources. while strengthening staff competencies and international networks through the continued propulsion of secondments to foreign central banks and staff entry to international organizations, we intend to take to a further stage the “ global initiative program ” that started early this year. we will have to continually provide our staff of all ranks with wide - ranging training opportunities to build individual capacities. we must be resolute in our will to heighten still further the profile of the central bank in contributing to the national economy, all the more so in these times of change we now find ourselves in. internal reform is a task that cannot be hesitated over for even one moment in our quest to grow as a central bank with prestige and strong public credibility. we must ensure that the bank of korea is appreciated by the entire nation for the worth of its whole range of activities and organization, by contributing substantially to the development of regional communities through the operations of our regional branches, and aim to improve our organizational management, for example, by strengthening the functions of our overseas representative offices. my dear friends and colleagues of the bank of korea, we should not forget that, as the interest and anticipations of society in regard to the central bank are heightened, our duties become much greater. pushing the bounds of our capacities forever outward, we need to be conscious of our lofty mission and adopt an attitude of strict self - discipline. as i draw toward the end of my anniversary address today, i would once more like to emphasize that in order to play our part with excellence as a central bank and efficiently conduct policies in today ’ s global era, the bounds of our consciousness and our spheres of activities should no longer be restricted to korea alone but must extend to the world, and our ways of thinking and acting are necessarily inseparable from those of our society. i look forward to great efforts from each and every member of the bank in embarking on the drive to create a “ global bok ”, and i offer you my heartfelt encouragement. when we gather here in a year ’ s time to celebrate the 62nd anniversary of the bank ’ s foundation, may it be with a consciousness of dedication to being in the fore in developing the organization, so that we may take pride in having advanced the position of the bank of korea a stage further. on this occasion of the 61st anniversary, i thank you all again very sincerely for your endeavors, and i wish the best of health and

for international settlements ( bis ), the g20 meetings, the imf annual meetings, the basel committee on banking supervision ( bcbs ), the financial stability board ( fsb ) and the like may be seen as international forums that have taken on a pivotal role in the establishment of a new international economic order. and the fact that central bank governors take part in all of these meetings may serve as decisive evidence confirming the further enhancement of the role of central banks to a greater degree than ever before. in the process of overcoming the global financial crisis, the international financial community and academia have enthusiastically advocated central banks playing a more active role in safeguarding financial stability, in addition to fulfilling their basic mandate of price stability. this is based on the recognition that the central bank should not only play its traditional role as lender of last resort, through the supply of urgently needed liquidity in times of crisis, but also prevent financial system instability by means of the macro - prudential policies newly put forward to restrain the systemic risks seen to have been at the root of the global financial crisis. in fact, the us and the uk which were the epicenters of the global financial crisis are already reorganizing their relevant systems in this direction. another weighty duty that we must carry out as a top priority is timely improvement of the central bank ’ s method of conducting policies in line with the changing economic environment that we are currently addressing. in the current context, where the interconnectedness of the global economy has intensified greatly and the importance of a collective response to major international financial issues has been accentuated, a global perspective is required of us all – that will enable us in our policy operations to take into account not merely domestic economic conditions alone, but also broader matters including global economic trends and the changes in the policy of each country. major policy tasks for the bank of korea dear fellow members of the bank of korea, today, on the occasion of our anniversary, we cannot but rethink the question of what vision the bank of korea should hold in preparing for the future, given these conditions at home and abroad. if the central bank is to become a main axis in the running of the national economy, we should bear in mind that our ways of thinking and patterns of behavior are never to be isolated from social and economic norms and practices. we must keep an eye on changes in the markets at all times, and possess the ability to understand economic activities in every sector and not just in finance