and challenging environment, g - 20 countries have managed to make significant progress towards meeting their 2008 commitments. governor mark carney, in his capacity as the chair of the financial stability board ( fsb ) noted in an open letter to the g - 20 dated 2 september 2013, that major progress has been made in building stronger financial institutions and more robust markets through substantially strengthened international standards. however, work on this front is far from complete. governor carney stated that the g - 20 ’ s objective of strong, sustainable and balanced growth requires an open, integrated and efficient global financial system. clearly, one aspect of such a financial system is efficient and stable derivative markets that work for market participants in both the advanced economies and in emerging market and developing economies. this workshop is therefore of direct relevance to the global financial reform agenda. bis central bankers ’ speeches our challenge is to make sure that the reforms that are proposed at the global level for derivatives markets do not have adverse unintended consequences for emerging markets, and can be implemented in ways that ensure we remain active and attractive participants in global financial markets. a “ one - size - fits - all ” set of regulations without consideration of timing and scope may not be appropriate and reflective of where some economies are in terms of their financial market development. in order to meet these challenges, it is important that we understand the implications of the currently proposed otc derivative reforms and can act, collectively, in the appropriate global, regional and domestic forums to mitigate any adverse consequences and maximize their benefits for markets and our domestic and international stakeholders. the growing presence of emerging market and developing economies in the global regulatory reform process provides an opportunity to shape the outcomes of the process. 3. expanded role and responsibilities of emerging markets and developing economies the international financial standard - setting bodies were historically dominated by the advanced economies. today, emerging market and developing countries collectively account for about half of the global economy, it therefore is no longer feasible that they be excluded from important decisions that are made, which affect the management of the global economy and regulatory reform. as a result, following the crisis that started in 2007 the leaders of the g - 20 agreed to expand the membership of the international standard - setting bodies and to strengthen the mandate and capabilities of the financial stability forum, which was subsequently re - established as the fsb. this has helped these bodies to become more representative and will strengthen their role in developing and encouraging their members to implement policies in the interest of a stable global financial system.

seung park : phases of the bank of korea ’ s 50 - year history and the future course of change contribution by mr seung park, governor of the bank of korea, to the korea herald for its 50th anniversary, 15 august 2003. * * * from its foundation in june 1950, the bank of korea has, as the country ’ s central bank, devoted great efforts for more than 50 years to the growth and development of the national economy. no sooner had it been established in 1950 than the korean war broke out, causing it to throw its energies into the efficient financing of the war and to the subsequent post war reconstruction and the building of a modern financial system. it played a great part in facilitating korea ’ s successful economic development within a short space of time through its positive role in the carrying - out of a series of economic development plans from the early 1960s. then, from the 1980s, the central bank sought the construction of a stable foundation for the economy and committed itself wholeheartedly to equipping the country with a new financial system, including the interest rate liberalization, which would befit the new financial environments brought about by liberalization and globalization. in the period of economic modernization, the bank of korea ’ s efforts were aimed at underpinning the government ’ s economic policies in terms of finance. in this process, the bank could not give full attention to the orthodox central bank role of maintaining the soundness of the financial system and the stability of the value of money. following the currency crisis in 1997, as the korean economy began to lay more weight on the market principle and autonomy of economic agents, the central banking system was also required to be more advanced. in this context, the recent passage by the national assembly ( july 23, 2003 ; finance and economy committee ) of the draft revision of the bank of korea act, whose main purposes are to heighten the independence and efficiency of monetary and credit policies and strengthen it in the exercise of its functions, takes on great significance. provided the bill is accepted and brought into force, it will above all affect the composition of the monetary policy committee by empowering the central bank ’ s deputy governor, as is the case in advanced countries, to sit as an ex officio member, thereby heightening both the independence of the central bank and the linkages between policy decision - making and execution. furthermore, in view of the length of time required before changes in monetary policy are transmitted to prices, the efficiency of monetary