policies, in some cases defying the taboo of buying government debt in the primary market — was possible mainly because they were implemented in response to common global shocks such as the gfc and covid - 19. abundant global liquidity and the fact that advanced economies themselves were breaking taboos on a much larger scale might have helped emes avoid being penalized by international capital markets, unlike in the past. in the future, when emes alone face the risk of falling into secular stagnation, i doubt whether the same result will hold. a similar magnitude of expansionary fiscal and monetary policies in emes as seen in the last few years in coping with covid - 19 would, in the absence of massive global liquidity, have different implications for exchange rates, capital flows and inflation expectations. what effective eme - specific unconventional polices could be designed for their own periods of low inflation and low growth is still an open question, and this will be my homework to get prepared for the future. this could also serve as an opportunity to discuss the topics of how qes can distort term premiums and other aspects of financial markets, and whether emes can look to other effective umps such as fx interventions and capital flow management measures to achieve their objectives. distinguished guests, central banks are like an organism that evolves over time. the more - 7 - than 300 years of central bank history have been an incessant process of evolution. we must not forget that the interpretation of central bank mandates and ways to achieve them have been constantly evolving. hopefully, this conference will be useful in sharing our thoughts on the challenges that lie ahead so that central banks can live up to social expectations during this great transformation to a post - pandemic world. i look forward to hearing a rich discussion from diverse perspectives today. once again, i wish all of you a fruitful and successful conference. thank you. 2 june 2022 governor rhee, chang yong - 8 - references carstens, a., 2022. “ the return of inflation, ” speech at the international center for monetary and banking studies, geneva, 5 april 2022. cour - thimann, p. & winkler, b., 2013. “ the ecb ’ s non - standard monetary policy measures : the role of institutional factors and financial structure, ” working paper series, no. 1528, european central bank. english, b., forbes, k., & ubide,

the korean economy. as we greet this new year, i want to wish you and your family all the very best of health and good luck. thank you. 4 / 5 bis - central bankers'speeches i would like to thank byungkuk kim, moonsun bae, and youngrae kim for their help in preparing this speech. ( this is an unofficial translation prepared by the bank's staff based on the original speech released on january 1, 2024. ) 1 " ultra - low fertility rate and super - aged society : causes, effects, and measures for extreme demographic structure " ( hwang, i. d. and 11 other authors, korea economic outlook, bank of korea, november 2023 ). 2 " causes, effects, and softlanding plans of household debt growth from a long - term structural perspective " ( lee, k. t. and kang, h. k., bok issue note, no. 2023 - 22, july 2023 ). 3 " map of major manufacturing industry production and supply chains in korea " ( regional economy research division, bank of korea, august 2023 ). 4 " interregional population migration and regional economies " ( chung, m. s., kim, u. j., lee, h. s., hong, s. j., and lee, d. y., bok issue note, no. 2023 - 29, november 2023 ). 5 / 5 bis - central bankers'speeches