industries related with the fourth industrial revolution, we must collect the relevant base data and further study estimation methodologies. in this regard, the bank of korea has been reviewing whether the current gdp fully measures the digital economy and is preparing a work plan for possible improvement. next, we need to expand national accounts statistics to show the distributions of people's living standards, in addition to their averages. the oecd has made considerable progress in its research on distributional information of income and consumption by integrating macroeconomic indicators from national accounts with microdata from household surveys. i hope that progress will continue to be made in this area and that the oecd will soon provide feasible international guidelines. lastly, as countries try to estimate well - being indicators in various ways, we have to continue the research on how to increase the relevance of these indicators for policy makers. although quality of life measures have the advantage of showing various aspects of life, they have a number of weaknesses as policy tools. for example, it has been pointed out that the selection and weighting of relevant indicators can be subjective, and that the transmission mechanism between policy instruments and these indicators has not been sufficiently clarified yet. ladies and gentlemen! i have briefly laid out my views on the tasks of improving and supplementing gdp and well - being measures. to effectively address these challenges, continuous cooperation among academic institutions like the iariw, statistical agencies, and international organizations is essential. if this kind of multilateral cooperation can be achieved, i believe that the usefulness of gdp will be considerably increased and well - being could be measured in a more balanced way. i hope that this conference, through active and lively discussions, will lead to many creative and practical ideas on enhancing well - being measurement and the usefulness of gdp. thank you. april 26, 2017 governor juyeol lee

sustainable growth of our economy. the bank of korea should devote more efforts to finding solutions to many structural issues that have been insufficiently examined, all while dealing with inflation. the bank of korea will need to carefully examine the structural causes of and institutional remedies for past real estate price surges and pf insolvencies, as well as whether the current regulatory and supervisory framework is sufficient to address future digital - age bank runs. given the significance of non - bank financial institutions, it is imperative to explore ways to further enhance our liquidity support mechanism. moreover, we need to delve deeply into whether the capacity of the exchange rate to absorb external shocks is being adequately utilized in consideration of our heightened external soundness. this is not a task solely for the bank of korea. rather, it should be a collaborative effort involving the financial authorities. as we look ahead, it is crucial to maintain continuous structural reforms in the mid - to long - term. we will need to collaborate closely with the government and come up with effective policy alternatives to tackle challenges like the low birth rate, an aging population, regional concentration in the seoul metropolitan area, and the decline of rural regions. we, together with the government, should also be able to present viable alternatives regarding the direction and methods for strengthening our economic resilience in this changing landscape, including global supply chain restructuring and the climate crisis. i am extremely proud to acknowledge the significant social impact generated by the various reports you all prepared last year, which proposed policy suggestions across a diverse range of sectors. reports addressing the extreme demographic structure issues arising from the phenomenon of an ultra - low fertility rate, 1 a diagnosis of household debt from a long - term structural perspective, 2 a study of production and supply chain dynamics in major manufacturing industries across regions, 3 and balanced development focusing on hub cities 4 are all notable examples. several blogs addressing key current issues also garnered significant attention. moving forward, the bank of korea will actively propose policy alternatives to improve the structure of our economy based on such in - depth research. 3 / 5 bis - central bankers'speeches furthermore, we aim to step up our response to the accelerating digital transformation in finance and the economy. this year, we plan to run a pilot test involving approximately 100, 000 people who will engage in actual transactions to explore the introduction of a desirable central bank digital currency ( cbdc ). the insights we gain from this initiative are expected to set an example for central banks worldwide and to eleva