reduced, we need to devote more efforts to strengthening our communication with the market. bis central bankers ’ speeches we need to pay greater attention to financial stability this year. first, we should seek measures to ensure a soft - landing of the household debt problem, by cooperating closely with the government and the regulatory authorities. liquidity and fund flows through open market operations should be properly managed, to prevent companies from suffering having financing difficulties in the processes of restructuring. since it is likely that the high volatility in our financial and fx markets will continue this year, we have to thoroughly monitor international financial market conditions and capital flow trends, and if necessary implement our comprehensive contingency plan to ensure market stability, in a timely manner. meanwhile, as it and finance become integrated, fintech, big data and the uses of blockchain technology are becoming global trends. in line with this, we need to carefully examine how these changes will affect our policy environment, and in particular the stability of our payment and financial systems. we also need to conduct an in - depth study of how internet - only banks, whose launch is scheduled for this year, will evolve in the future, and what changes they will bring to the monetary policy transmission channels and bank management environment. dear fellow members of the bank of korea, as our economy remains in a difficult situation, and the economic and social environments change rapidly, there have been diverse and sometimes conflicting demands from various areas of society regarding the central bank ’ s role. in this situation, in order for the bank of korea to meet the nation ’ s expectations and fulfill the role entrusted to it, we need to make ground - breaking improvements in our ways of perceiving reality and carrying out our duties, as well as in our methods of policy operation. people tend to remain complacent in keeping to what they are used to and comfortable with, and it is thus very difficult to break from old mind - sets and practices. i am well aware that our bank of korea staff members have made enormous efforts to adapt to the changing external environment. however, there does remain much room for improvement still, and so we need to strengthen our dynamism for change. this can of course not be done in a day. we have to work continuously to improve the relevant systems for increasing our recruitment of external talent and promoting efficiency and competition in our personnel management. our society demands of us that we have much higher levels of integrity and stronger senses of vocation than is

economic threats as an oil price shock and financial market turbulence. i would like to call this “ global systemic risk ” as opposed to “ financial systemic risk. ” piling pelion on ossa, in addition to international financial instability, international social instability represents an issue that must be dealt at an early date in order to avoid a new type of crisis. with this problem of social instability very much in mind, particular emphasis was given to the “ development issue ” in the talks at last november ’ s g20 meetings in seoul. bis central bankers ’ speeches it follows on from this that discussions are required within the g 20 framework on surveillance and policy coordination with particular reference to “ global systemic risk ”. next, the institutions with a mandate for global surveillance ( such as the fsb and the imf ) can be readily identified. on the other hand, it is difficult to clearly delineate exactly those that are responsible for arbitrating conflicts between differing parties within the global policy coordination framework. to my mind, this underscores yet again the imperative for a further strengthening of the g20 ’ s role in international policy coordination. thank you for listening so attentively. bis central bankers ’ speeches