in fact related to the policy tasks i mentioned earlier as goals that should be taken up by central banks. there is still a lack of evidence to make the assessment that nominal gdp targeting is more appropriate than inflation targeting, but one thing that is certain is that it is probable that operating the central bank with a reliance on any one yardstick will be judged as perhaps not desirable. my dear fellow members of the bank of korea, resolution for 2013 : extending ourselves as a global bok to be a more competent central bank even though faced with countless challenges domestically, we must not be negligent in responding appropriately to changes in the external environment. as i explained at some length earlier, the various new policies attempted in several nations will inevitably bring about big changes in the existing order. the korean economy, whose degree of external dependence is high, falls under the direct sway of their influence. i would say that this is awakening us to the need to always stay on the alert and not bury ourselves in the past when the world outside is changing. i believe that our biggest challenge is how much we can contribute to directing these rapid changes in the global economy. regarding changes in the global economy, and even our own bis central bankers ’ speeches central bank functions, we have had a tendency to rely on theory and experience from the west. concerning the expression “ international perspective ” as well, the reality is that the definition we have of it is very passive, amounting to having the ability to identify changes in the international economic community and understand what effects they have on the korean economy. going a step beyond this, the notion of an international perspective that we must carry with us from this point on includes having knowledge and viewpoints on how the international community should change. without this shift in perception, we cannot say that we truly possess the ability to make decisions independently. what i am saying is that it is very urgent that we cultivate our capabilities and build up our capacity now for internalization of issues in the global economy. monetary policy is no panacea, but there is no denying that its content is changing very rapidly. simply put, i believe there is no proposition of greater priority to us than that of making a more competent central bank. propositions carved in stone can rarely exist, but i deem this to be our calling in this era. the aim of becoming a “ global bok ”, standing shoulder to shoulder with leading central banks around the world, is based on this proposition, which is also

propose evidence - based policies, and not those based on unrealistic arguments. bis central bankers ’ speeches fourth, we must not continue to take a passive attitude of obediently undertaking only our assigned tasks. we must have an enterprising spirit to voluntarily seek new tasks. the most you can do in carrying out assignments given by others is to get the answers right, however much you may know. this is because there is no involvement of the critical mind and so from here on, we must develop the insight to frame and present issues ourselves. in the social sciences, right answers may not even exist. however, provided that we have a properly working critical mind, i believe we may have the merit of at least heading in the right direction. fifth, working internally in isolation must not be our practice. in this global economic environment we must also develop a multi - tasking capacity, to carry out a variety of tasks comprehensively. positive results must flow from our enhancement of autonomy in line with the abolishing of job groups to this end. we must foster a spirit of mutual collaboration and cooperation with our colleagues and junior and senior staff members. the bank must become an organization in which diversity coexists. by devoting efforts to mutual cooperation and coordination between the human resource and management departments, between the departments doing research on and analyzing the markets, policy and institutions, among our regional branches and among our overseas offices, we must go about accomplishing our goal of maximizing the synergies therefrom. sixth, we must not define the bank of korea ’ s operations very narrowly, as in the past. the central bank must be an organization that contributes to the national economy, and it must establish close collaborative relationships with the various institutions in society. that is to say, under no circumstances must we be isolated from the outside world. we must operate with the awareness that information is to be shared and communication to be smooth. even more important, as a result of this drive to open our doors, is that staff working in the central bank develop as key human resources recognized as indispensible not only within the bank of korea but in society as well. seventh, we must not forget that all of our actions are the focus of attention at home and abroad. we must be role models for the nation in all our areas of operation. i will reflect the results of the survey of employee opinions on the various institutional changes pursued here over the last two years to transform the bank of