industry will confront greater difficulties and the consumption recovery will be held back owing to the heightened containment measures put in place recently. economic agents ’ debt, which has increased further since the outbreak of the covid - 19 crisis, could make our economy more vulnerable. these changes in domestic and external conditions give us many tasks to solve indeed. first and foremost, we shall actively support those vulnerable sectors suffering from the pandemic so that they can overcome such hardship as quickly as possible, in a way that future side effects arising from the support are minimized. weak links in our economy, such as excessive debt, pose greater risks when the external environment worsens. in a situation like the 1 / 3 bis central bankers'speeches present when external uncertainties are high, we should identify our vulnerabilities objectively and address them properly. from the long - term perspective, we should also continue working to create an environment in which the korean economy can sustain stable growth. it is the creativity and investment from the private sector that serve as engines for higher productivity and larger growth potential. innovation should sprout and new technologies should be utilized in every part of society, thereby creating more jobs. in order to facilitate such an innovation - led ecosystem, we need to update legal and institutional frameworks at a quicker pace and provide decisive policy support for areas such as investment in basic r & d that are difficult for the private sector alone to take full charge of. digital transformation, the reorganization of global value chains, and the shift towards a low - carbon economy that we are facing now could be enormous challenges, but they could also be a springboard for further progress if the government and the private sector work closely together to cope with these challenges wisely. dear members of the bank of korea! let me talk now about the main tasks that the bank of korea will need to focus on this year. first, we will continue to appropriately adjust the degree of monetary policy accommodation in line with improvement in economic conditions. in this process, we must determine the timing of further adjustment of the degree of monetary accommodation by taking into account growth and inflation developments, financial imbalance conditions, and the impacts of changes in the monetary policies of major economies. in this respect, we should take an especially close look at the possibility of the inflation trend lasting longer than anticipated due to the interaction between recent rises in prices and inflation expectations. as for operation of lending facilities, we will maintain the targeted supports for vulnerable groups including small businesses and the

also the potential risks to financial stability. and when it comes to broadening access to ccps ( central counterparties ) in the market, there are still some obstacles, which need to be eliminated beforehand. although the fee models for ccps ( central counterparties ) have been improved upon, central clearing still seems to be uneconomical for smaller market participants, as ccps ’ participants have to meet very strict risk management requirements. therefore, we should do more to improve the attractiveness of the access models in general. talking about new risks that ccps ( central counterparties ) need to consider going forward, climate change risks have become increasingly important. while climate effects are becoming more and more visible, global efforts to tackle climate change risks are also on the rise. commodity ccps ( central counterparties ) have been primarily affected by recent developments like the spikes in energy prices and market volatility in the context of current tensions between russia and ukraine, which challenged ccps ( central counterparties ) ’ stress test models significantly. despite the high levels of market turmoil, ccps ’ risk models appear to have performed well on the whole. while this is welcome news, ccps ( central counterparties ) need to continuously review their model performance. given the potential impact of climate risks on financial markets and consequently on ccps ( central counterparties ), all ccps need to evaluate how to integrate climate change - related risk adequately into their risk models. by taking climate risks more into account, ccps ( central counterparties ) – in their capacity as intermediaries – could play a role in adequately mitigating the transfer of climate risks to financial markets. the journey has just begun : although a lot has been achieved, there is still a lack of uniform standards applicable worldwide. since climate change is a global issue, local standards and measurements need to be aligned around the world. it is up to governments and regulators to make sure that an assessment of climate risks takes place in an organised manner, and to provide the necessary framework. in order to do so, i see also ample scope for further analytical work. much remains to be done, but i am sure that together, we can shape the future of tomorrow. 3 farewell ladies and gentlemen, colleagues, thank you again for taking part in today ’ s conference and making it such a success. i am convinced that today ’ s conference has delivered what it set out to achieve.