circulation. we are happy to say that our logistics strategy for the issue worked well. the new 50 - franc notes were available in the right place at the right time, right across the country. the decision to include the manufacturers of atms and other types of banknote - processing equipment early in the process paid off – the changeover was virtually seamless. the process of returning old 50 - franc notes has so far also gone as expected. so far, over two - thirds of the old ( eighthseries ) 50 - franc notes have been exchanged. so, all in all we are very pleased with the largely smooth issue of the first denomination in the new banknote series. we trust the process will be equally smooth for the second denomination, the 20 - franc note. i ’ d now like to introduce the ‘ protagonist ’ of today ’ s event in more detail. the main colour of the new 20 - franc note is red, as in the previous series, however the new note is slightly smaller than its predecessor. the innovative durasafe® substrate used in the rest of the series is of course also deployed in the 20 - franc note. it consists of two outer layers made of cotton paper and an inner layer of polymer core for additional strength. the inspiration behind the new banknote series is, as you know, ‘ the many facets of switzerland ’. each denomination depicts a typically swiss characteristic, which is then illustrated graphically using a key motif. specifically, the denominations profile our country ’ s organisational talent, creativity, wealth of experiences, humanitarian tradition, scientific expertise and communicative flair. the 20 - franc note focuses on switzerland ’ s creativity, highlighting the country ’ s vibrant cultural and artistic scene in a variety of areas. the key motif for the 20 - franc note is light. light makes visual perception of the natural world possible, but it also allows us to behold works fashioned by human hand ; it is thus closely connected with the theme of creativity. we introduced the core elements of the new series – hand, globe, real location and object – when we launched the 50 - franc note ; naturally, these feature prominently on the 20 - franc note, too. there are many additional design elements, such as line structures in the background and renderings on the security strip, all of which play on the note ’ s theme and key motif. everyone will interpret these design elements in their own way. but

juyeol lee : opening address – 2017 bank of korea international conference speech by mr juyeol lee, governor of the bank of korea, at the 2017 bank of korea international conference, seoul, 1 june 2017. * * * ladies and gentlemen, i am delighted to bid a warm welcome to you all, our participants in this bank of korea 2017 international conference. i wish to express my sincerest appreciation to our keynote speakers, professor thomas sargent of new york university and president john williams of the federal reserve bank of san francisco, as well as all of our moderators, presenters and discussants. special thanks to professor sargent also for his great help to us again this year in organizing the conference. it has been nearly a decade now since the global financial crisis. and looking back over these years, the global economy did not emerge from conditions of low growth and low inflation for a long time, even under the unprecedented accommodative fiscal and monetary policies carried out around the world. to make matters worse, financial imbalances increased, mainly in emes, as international capital flows into emes surged, against a backdrop of continuing low interest rates worldwide, and private debt levels in these countries soared. fortunately, the global economy seems to have regained some growth momentum, and the international financial markets are stable. however, trade protectionism and geopolitical risks are increasing in some parts of the world, and the normalization of monetary policy in the us is expected to continue. productivity growth has also not yet returned to its pre - crisis level. in view of all this, we cannot be sure that the current global economic recovery and financial stability will be sustained. and the structural problems that have built up since the pre - crisis period make it even more difficult to be confident. in this situation, i think we can take this year ’ s conference as a very meaningful opportunity to look into the challenges that lie ahead for us in the next decade, and to discuss ways of dealing with them. today, i would like to talk just a bit about some of the challenges that many countries face in common, and about possible policy responses to address them. first, income inequality has risen as an important global policy agenda. income gaps among the different social classes have been widening in many countries, and this could impair the virtuous circle by which economic growth leads to increases in employment and income, which then help growth to strengthen further. recently, globalization and technological innovation are being held responsible for