why i speak from such a broad, big - picture perspective, when our core job as the central bank is to ensure price and financial stability. it can never be overemphasized that the greatest task for the bank of korea is to promote macroeconomic stability, thereby winning the public trust. however, when we think about the various medium - and long - term challenges confronting our economy, our responsibility cannot be confined to the boundaries of monetary policy alone. if our economy at the crossroads fails to overcome these challenges properly and becomes trapped in secular stagnation, getting out of it would be extremely difficult, to say the least. any policy instruments used to get the economy back on track would only have limited effectiveness, more so particularly in the case of monetary policy. we must find ways to resolve the challenges confronting our economy before it reaches that point. this cannot be done with monetary policy alone ; i say this because fiscal policy and restructuring must work in tandem as well. we at the bank of korea should also do our part in proposing the right way forward for our economy, by going beyond monetary and financial policy and studying the challenges we face. the more economic conditions deteriorate, the greater the inevitability of the central bank playing a larger role. the course ahead will not be easy, but i am confident we are capable of navigating it if we clear the following three hurdles standing in our way. 3 / 6 first, each of us should overcome the hurdles holding back the development of our expertise. what i liked the most working at the imf was that i could find an in - house expert on any issue. if i had a question, the answer was just one call away ; it was much faster to pick up a phone and obtain the information i needed than to dig through documents. when each individual shares their expertise in such a manner, i saw how the expertise of the organization itself also grows. as members of the bank of korea, let ’ s all work to become top players in our respective areas of expertise when it comes to the korean economy. our bank has over 2, 400 staff members contributing to our economy in their lines of work. if members of all departments, ranging from policy - related and managerial roles to those in the front office, take pride in their work and become experts within their domains, we can realize our endless potential through the synergies created by learning from each other. second, let ’ s overcome the hurdle hindering our

ewald nowotny : “ central bank policies – past challenges and future perspectives ” – session 1 speech by prof dr ewald nowotny, governor of the central bank of the republic of austria, at the ceremony to mark the 200th anniversary of the central bank of the republic of austria, vienna, 2 june 2016. * * * mr. president of the republic heinz fischer, prime minister christian kern, dear president mario draghi, ladies and gentlemen, it ’ s a great pleasure for me to welcome you today to the commemoration of the 200th anniversary of the oesterreichische nationalbank and we are very grateful and proud that such an eminent audience has followed our invitation to this celebratory event. in the two hundred years of its existence, the fate of the nationalbank has always been closely entwined with the fate of austria, for better and for worse. it is not by accident, that it was schumpeter, the great economist and short - term finance minister of the republic of austria, who said that the condition of the monetary system of a nation is a symptom of all its conditions, or in german, “ der zustand des geldwesens eines volkes ist ein symptom aller seiner zustande. ” if there is one lesson to be drawn from the eventful monetary history of austria, then it is that the greatest threat to financial and monetary stability has been, and continues to be, war. in fact, it was also war, which triggered the foundation of the nationalbank in 1816. when on june 1, 1816, emperor francis i signed the decrees establishing the privilegirte oesterreichische national - bank, he did so almost exactly one year after the conclusion of the congress of vienna, which marked the end of more than twenty years of war in europe. ultimately, the austrian empire emerged as one of the victorious powers, but the price of victory had been steep. a significant part of the war effort had been financed by issuing paper money, which resulted in high inflation. in addition, the austrian state had to declare default on its debt in 1811. as is always the case in periods of high inflation, the consequences for the population were disastrous. the agenda for the new bank can thus be summarized quite briefly : get the monetary system back in order. the most important ingredient for stability was the reestablishment of trust. the austrian people had lost their faith in