the possibility of delays in our development as a result of homogeneous 2 / 3 bis central bankers'speeches thinking. and this is why we must carry out our duties with more adventurous attitudes, and also why increasing the diversity of our organizational composition is appropriate. in order to become a central bank trusted by the public, as is our vision, we must live up to the public ’ s high expectations not only in our policy operations but also from the perspective of our morality. our individual staff members will have to maintain their dignities as central bankers. slackness in complying with our principles and regulations in the execution of our duties is unacceptable. dear bank of korea executives and staff! let us all, as central bank employees, be resolute in our purpose of contributing to the development of our national economy, and while cooperating and communicating actively with each other exert ourselves to the utmost in fulfilling the responsibilities that we are entrusted with. thank you. 3 / 3 bis central bankers'speeches

juyeol lee : inaugural address inaugural address by mr juyeol lee, governor of the bank of korea, seoul, 2 april 2018. * * * ( the following is an unofficial english translation of the inaugural address of juyeol lee, the governor of the bank of korea. ) my dear fellow bank of korea staff! today i begin my second term as bank of korea governor. this is not only a great honor for me personally, but from the standpoint of our organization as well i think it has a very deep meaning in serving to honor the bank of korea ’ s neutrality and the autonomy of its monetary policy. at first i considered beginning my new term without holding any event at all, but for the purpose of reflecting together with you all on this meaning, and newly resolving ourselves for the work ahead of us, we are having this inaugural ceremony, even if it is only a simple one. first, let me express my heartfelt appreciation to our monetary policy board members, who have given their all in our establishment and operation of monetary policy even under the harsh conditions that we have faced over the past four years, and to our executives and staff, who have faithfully carried out the duties assigned to them under these conditions as well. my fellow bank of korea staff! recently our domestic economy, as well as economies overseas, have been growing solidly, and it is forecast that these trends will persist going forward as well. but i think that the uncertainties surrounding our economy now are greater than at any other time before. already this year financial markets worldwide have been shaken to considerable extents, in line with the monetary policy normalizations in major countries and the movements toward strengthened trade protectionism. in korea structural problems have also built up, owing to our low birthrate and population aging, income imbalances, dual labor market structure and accumulated household debt. all of these are factors that can undermine the stability of our real economy and financial system. in severe conditions like these, we will need to equip ourselves with strong senses of responsibility and mission, and ponder deeply the directions appropriate to our future policy operations. and as i begin my second term here today, i would like to talk from now on about the tasks that i plan to focus on pushing ahead with. first, while working to sustain the momentum of the economic recovery, we will also have to operate our monetary policy so as to ensure that financial system stability can be maintained. as we continue our monetary policy accommodation