the recent property market contraction, i think we will be able to weather the situation through appropriate policy responses given the overall soundness of domestic financial institutions. moreover, while there is much concern about the trade account deficit, this is mainly attributable to the increase in imports due to the surge in global commodity prices. in fact, korea's exports reached an all - time high last year. despite sluggish semiconductor exports due to the fall in unit prices, exports of other major items continued to grow last year. given this, korea's trade account is expected to improve rapidly should external conditions recover. while it is possible that the fragmentation of international trade and high interest rates could further weigh on the korean economy going forward, from a different perspective, they could also serve as an opportunity for us to address the structural issues that have been left untackled. in the course of responding to the restructuring of global supply chains, we need to reduce our heavy dependence on the chinese economy through, namely, market diversification. the high interest rate environment could also be a starting point for us to alleviate the high level of household indebtedness while improving the debt structure. the korean economy has been repeatedly seeing property - related finance emerge as a structural vulnerability, albeit in different forms. we should take this opportunity to bring good out of evil by fundamentally resolving the related issues. toward this goal, we will also need to look into the reasons why macroprudential regulations did not operate effectively as preemptive measures. 2 / 4 bis - central bankers'speeches the german philosopher hegel once said, " we learn from history that we do not learn from history. " let us not repeat the same mistake as pointed out by hegel. it is true that we are facing hardship both domestically and internationally. however, i believe we can produce a better outcome based on our actions. we have it in our dna to effectively overcome any crisis. we must turn these challenges into opportunities. my dear colleagues, in times of need, people look to experienced professionals. in flight, if visibility is poor due to worsening weather conditions and if the runway is so narrow that a soft landing seems unlikely, an experienced and reliable pilot will be needed more than ever. with a wealth of experience and a balanced perspective, the bank of korea should work hard to become one of the most trusted pilots to help our economy make a soft landing. to this end, it is necessary to more accurately judge and predict

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