bank's financial stability role drawing on our experience of this financial crisis, and discussions concerning framework reform proposals and actual instances in major countries. in addition, the bank should endeavor to ensure that the general stance of emerging market countries, including korea, is fully reflected in the course of reaching a global consensus on financial stability. to this end, we have to participate actively in discussions at g - 20 meetings as well as in the financial stability board ( fsb ) and the basel committee on banking supervision ( bcbs ), both of which our nation joined in march. we have to do our best to set the inflation target, to be adopted for the period from next year onward, at an appropriate level. although inflation targeting per se is assessed to have contributed considerably to price stability, both domestically and internationally, the bank must also review any shortcomings in the system based on its past experiences. the bank should make improvements in its operation, if necessary. among the key projects we are now pursuing, i would like to mention two in particular. the running of the new bok - wire +, which went into operation this may, should be stable and seamless. and every effort must be made to ensure the trouble - free supply and circulation of the 50, 000 - won banknotes, to be introduced from june 23. the various other businesses we handle should also be carried out without the slightest slipup. settlement risk needs to be managed still more thoroughgoingly to cope with the expanded participation of non - bank financial institutions in the payment and settlement system. we must take great pains to ensure that the systems introduced for improving the efficiency of liquidity management, such as fungible issuance and prior fixed rate tenders for monetary stabilization bonds, achieve their desired results. in the management of the foreign reserves, we should do our utmost to upgrade risk management further and come up with ways to achieve stable returns in this period of low interest rates worldwide. my dear colleagues, the direction of financial and economic change at home and abroad remains very uncertain. as a result, the central bank's accurate assessment of the situation and selecting of timely and effective policy options are more important than ever for the national economy. carrying out this mission, the bank should arrange its organizational and personnel management in such a way as to maximize its potential. full consideration also needs to be given to a new organization in charge of activities related to the international financial institutions that the country has recently joined to ensure that it plays its role

to the full. the bank should also endeavor to improve internal management. given that the efficiency of the public sector is now subject to stricter external evaluation and that many people are suffering hardship due to the difficult economic situation, the bank has to redouble its efforts to get rid of any organizational shortcomings and save costs. fellow members of the bank of korea, the bank of korea has undertaken active policy initiatives in response to this global financial crisis. these actions have contributed greatly to moderating the economic difficulties. yet still the crisis is far from over and new policy tasks are expected to arise even after the crisis passes. therefore, we should stay vigilant and remember once again that it is our mission to maximize the potential of each and every member of staff in order to achieve the stability of the national economy and its development. through our unstinted efforts toward this, the economy will return to normal earlier and the public credibility of the bank of korea will be anchored still more firmly. on this special day on which we celebrate the 59th anniversary of our foundation, i once again appreciate your devoted commitment. i wish you and those you hold dear the best of health and the greatest of happiness. thank you.