let us not be entrapped by outdated ideologies or theories but gather our wits for us to overcome new challenges with courage and wisdom. of course, we need to hold ourselves to stricter standards in order to exercise such leadership. no change enforced by others can ever be effective, but the initiative for the change needs to come from within. nowadays “ national dignity ” is at the center of public concerns. in order to elevate our nation ’ s dignity, a shift in the values of all members of our society is required. the leadership of our society, in particular, is expected to be bound by lofty moral obligations, such as “ noblesse oblige ”, and businesses are required to carry out faithfully their corporate social responsibilities. if we succeed in elevating the authority of the bank both nationally and internationally, that will be a way to contribute greatly to elevating the dignity of the entire nation. let us join hands to do our best and move forward with pride in being members of the central bank of the g20 chair country. may we together resolve to open a glorious new chapter in our history as the central bank of korea in this year that sees the 60th anniversary of its foundation. it may still be recognized in years yet to come as a central bank that paved the way for the long - term development of the nation. thank you.

factors such as government services, institutions, human capital, and natural environment, among others. the quality of less mobile factors of a region will determine the extent to which it can attract mobile factors for production such as physical capital and finance. in this respect, the recipe for success is very much the same between regional economic development within the national border and globalization beyond the national border. in a globalized world, economic success of an individual country would be determined largely by how much productive investment and finance it can attract. and the abundance or lack of its own mobile factors would be neither a constraint nor an advantage that a country would face in its economic development. likewise, regions within a country are competing with each other for investment resources available domestically or internationally, and their success depends on how attractive they bis central bankers ’ speeches are as the destination of investment. as such, the essence of such competition should focus on how to upgrade the quality of less mobile factors of each region. in this light, i should emphasize the leading role of local governments and also the central government in promoting regional economic development. to be specific, local governments should provide a clear vision and framework for sustainable development with detailed strategies to support business and human capital development. deregulations, supportive tax system, and administrative services would then be designed within the framework. the central government could incentivize regional development by delegating more authorities to local governments for their autonomy and, more importantly, by prioritizing the allocation of fiscal resources among local governments according at least in part to their supportive performance in regional economic development. it would be ideal if regional development strategies are closely nested with national development strategies in the first place. ladies and gentlemen, promoting economic development is always a highly complex task. it requires a myriad of inputs including knowledge, information, network, dedicated efforts of the people, and good luck as well. and we all know that economic development is an evolutionary process of learning and adaptation. today ’ s seminar is particularly meaningful in that we will learn from the rich experiences of our advanced peers, especially germany and japan. i believe that learning from others ’ experiences is as important and productive as learning by doing. and i am sure that this seminar will offer very useful guidance to our long journey to rebuild this region ’ s economy. i look forward to your active exchange of ideas and in - depth discussions. thank you once again for joining us today. bis central bankers ’ speeches