forward, the consumption and investment sentiments of economic agents may contract further. against this backdrop, in order to help restore our economy ’ s vitality it is important, along with our implementation of accommodative monetary and fiscal policies, that we carry out structural reforms consistently. in the absence of structural reform our macroeconomic policy will not generate the desired effects, and we will only find our policy space being exhausted. we should also devote great efforts to discovering and nurturing new growth engines, which can drive our economy going forward. we need to create new industries and new markets, by investing actively in and fostering digital innovation, the so - called “ 4th industrial revolution ”, which is progressing rapidly especially in some advanced countries. together with this, we should also work to expand employment. in the past, it was understood that the role of employment was limited to supporting the demand for labor following economic growth. however, as discussed during last month ’ s bank of korea international conference on employment and growth, attention is now focusing on the role of employment in leading growth. dear fellow members of the bank of korea, bis central bankers ’ speeches i would like to touch now on the tasks that we will need to focus on from the latter half of this year. moving forward we must maintain our accommodative monetary policy stance, with a focus on revival of the domestic economy. this will also work to lessen the negative short - term impacts of corporate restructuring on production, employment and the sentiments of economic agents. second, given the long period of monetary easing undertaken to this time, we will need to pay even more attention to financial stability. it is essential to keep a closer eye on developments related to household debt, which has been maintaining a trend of high growth recently, and to carry out macroprudential policies as necessary in a timely manner in consultation with the government and the supervisory authorities. with the prolongation of our low interest rate stance, economic agents ’ risk appetites are likely to grow, and imbalances in the financial system in consequence likely to build up. we should therefore devote more attention to these imbalances. we should also not spare efforts in examining the potential risks that can cause expansions in financial market volatility at home and abroad, such as the uncertainties surrounding the us fed ’ s monetary policy normalization process, and the potential for a resurfacing of financial and economic unrest in china. if a credit crunch or any other

processes, and what areas need supplementing, and if necessary streamline our organization structure accordingly. given its growing importance, our payment and settlement sector must be enhanced. we should also devote concerted efforts to bis central bankers ’ speeches strengthening our capacities for responding to cyber threats, which have been increasing recently. it is also important to improve our hr and wage systems in ways that heighten the expertise and diversity of our staff, and focus more on efficiency and competition. we plan to implement certain proposals that we have reviewed in this regard, after soliciting the opinions of staff. the bank of korea is currently pursuing construction of an integrated annex building and the remodeling of its headquarters building. we must devote our best efforts to ensure that our new buildings are safe and practical, while being dignified as well. dear fellow members of the bank of korea! i would like to urge each of you to continue devoting your very best efforts in carrying out the duties entrusted to you, with strong responsibility and pride as members of our nation ’ s central bank, as you have always done until now. please remember that, as i have emphasized many times, we are required to maintain much higher levels of morality than other people. in drawing my remarks to a close, i should like to express my gratitude to all of those who have participated in the preparation of this commemorative event, and i wish you all and all of those whom you hold dear the very best of good health and happiness. thank you. bis central bankers ’ speeches