s role as its national economy ’ s lender of last resort is indispensable. in light of this, the bank of korea is moving to cooperate actively in the systems of international policy coordination, by strengthening our networks with other central banks. domestically, we find ourselves in a situation in which inflationary pressures have become very large, driven by global inflationary trends due to the excessive global liquidity and rapid growth in emerging economies, and by the continued growth of our domestic economy. it is high time now for us to seek ways of establishing a post - crisis paradigm so as to firmly anchor the foundation for price stability in the medium - and long - term, based upon thorough analysis of the currents of economic change both at home and abroad. bis central bankers ’ speeches going forward, we must be unremitting in our efforts to restore the robustness of the korean economy, so that it is not so greatly swayed by domestic or external shocks. i am firmly convinced that all amcham members gathered here today will also contribute much, in your own individual fields of expertise, as our partners for the stable growth of the korean economy. i should like to close by again expressing my gratitude to amcham for giving me this opportunity to address you. bis central bankers ’ speeches

autonomy and flexibility in the management of locally - hired human resources. consequently, many south korean companies are planning to set up in the kaesong industrial complex. whether they succeed or not will provide a touchstone for future investment in north korea and for economic cooperation between the two halves of the peninsula. when we look at the overall picture of the relationship between north and south korea, we can say that the thaw has now arrived, even though there remain some factors making for tension such as the north korean nuclear issue. the proportion of the population on both sides who went through the horrors of the korean war is declining rapidly and mutual hostility is easing. meanwhile, bilateral exchanges and cooperation are constantly expanding in the academic, cultural and sporting areas as well as the humanitarian dimension. it is absolutely essential to reach a peaceful solution to the north korean nuclear issue in order to sustain this desirable atmosphere and foster economic cooperation between the two koreas. it is indispensable also for the firmer assurance of security throughout the asian - pacific region. i would like to ask you as members of the fourth estate, to give your supportive cooperation so that progress can be made on the north korean nuclear issue. closing remarks as i have pointed out today, the korean economy faces many difficult problems. but as you have probably observed, koreans have a long tradition of uniting as one in their efforts to overcome adversity. korea brought about the “ miracle on the han river ”. it rose from the ashes of the korean war and utter destitution to become a member of the so - called rich countries ’ club of the oecd within less than half a century. korea also offers a successful example of what can be achieved under the imf ’ s structural adjustment program. through bold structural reform, it was able to overcome, in a prudent manner, the foreign currency crisis that broke out in 1997, again exhibiting a characteristic dynamism. for my part, i am convinced that korea will again move on from the present difficult situation, drawing on the strong foundation built by such historical experiences and the sense of self - confidence that they have provided. thank you for listening so attentively.