mexico, in turn, accounts for about one - eighth of the united states ’ foreign trade, ranking it – along with canada and china – among our three largest trading partners. not surprisingly, then, the growth of the mexican and u. s. economies are strongly related. i ’ d be remiss if i concluded without noting mexico ’ s tremendous economic strides during the past two decades. it has tamed the rampant inflation that prevailed before the 1990s, placed its budget on a sounder footing, and avoided the repeated financial crises to which it was once prone. great credit goes to the thoughtful policies designed by agustin and other economic leaders in mexico. because the prosperity of our countries is so closely linked, we in the united states benefit from their foresight and hard work. our economies continue to face challenges that require mutual cooperation. we are working together to promote international financial stability, both bilaterally and through international forums such as the group of twenty and the basel committee on banking supervision. in closing, i deeply appreciate receiving the chamber ’ s good neighbor award. agradezco profundamente su gentileza. bis central bankers ’ speeches

to maintaining the stability and continuity of system operations as well. we must also push ahead as planned with the construction of our next generation bok wire +, targeted to begin operation next year, bearing in mind that it will be the foundation of our nation ’ s payment and settlement system of the future. 6 / 8 dear fellow members of the bank of korea, i know very well that you are all committed to the tasks assigned to you, based on your pride and responsibility as central bankers. however, on this occasion i would like us to redouble our resolve amid the current challenging situations in korea and abroad. as i have stressed repeatedly, in order to fulfill our mandate in this rapidly changing environment, heightening our organizational efficiency and productivity is of the utmost importance. last year we collected suggestions from all staff about ways of realizing desired changes and innovation at the bank, and by reflecting your recommendations we have made relevant changes in our institutional arrangements. thanks to the efforts made throughout the bank, we have made some progress. but in order to keep this change and innovation going, our organizational culture needs to become more dynamic. nowadays the necessity of an organizational culture capable of responding to this rapidly changing environment is being stressed. there seems to be a growing awareness that complacency will undoubtedly lead us nowhere. management must take the lead, by initiating small but concrete actions to realize the needed changes. also, every staff member should spare no effort in thinking outside the box and giving an ear to diverse voices. 7 / 8 dear fellow members of the bank of korea, in this time of ever increasing uncertainty, we have an all the more grave responsibility to uphold, in that we must assess the situation clearly and precisely, and on the basis of our assessment implement the optimal policy. i would like to ask that you all maintain your utmost, devoted efforts in fulfilling our mandate, by pooling your energies and collective wisdom. in this way we can become a more trusted central bank that meets the public ’ s expectations. as we greet this new year, of the earth pig, i want to wish you all the very best of health and good fortune. thank you. january 2, 2019 governor juyeol lee 8 / 8