let us not be entrapped by outdated ideologies or theories but gather our wits for us to overcome new challenges with courage and wisdom. of course, we need to hold ourselves to stricter standards in order to exercise such leadership. no change enforced by others can ever be effective, but the initiative for the change needs to come from within. nowadays “ national dignity ” is at the center of public concerns. in order to elevate our nation ’ s dignity, a shift in the values of all members of our society is required. the leadership of our society, in particular, is expected to be bound by lofty moral obligations, such as “ noblesse oblige ”, and businesses are required to carry out faithfully their corporate social responsibilities. if we succeed in elevating the authority of the bank both nationally and internationally, that will be a way to contribute greatly to elevating the dignity of the entire nation. let us join hands to do our best and move forward with pride in being members of the central bank of the g20 chair country. may we together resolve to open a glorious new chapter in our history as the central bank of korea in this year that sees the 60th anniversary of its foundation. it may still be recognized in years yet to come as a central bank that paved the way for the long - term development of the nation. thank you.

their outcomes vary more often than not. further, a wellintended policy may even bring about bad results. this is because, at times, the thoughts and actions of economic agents are dictated merely by what is perceived to be real, rather than by reality itself. accordingly, we must always seek to appropriately bridge the gap between reality and their perception of it. this is exactly why the importance of communication is being emphasized. the central bank also performs the role of providing important information that the markets need, including of course information on monetary policy. such information must be provided in a timely manner, and the greatest care must be taken so as not to lead economic agents into confusion. fourthly, the bank of korea ’ s capacity as a central bank to carry out research and study must be heightened even further. the bank ’ s analytical capabilities should be enhanced, so that its research output is actively sought after in the formulation of not just our own monetary policy, but also the government ’ s policies. we must bear in mind that the quality of a country ’ s policy - making depends to a large degree upon the stature of its central bank as a storehouse of reliable information. my dear colleagues, korea is recognized as one of the economies that have been the fastest to recover from the global financial crisis among oecd member countries. let me emphasize once again that the bank of korea has made a great contribution to this achievement. although we are lucky to have staged such a rapid recovery, i would like to state clearly that we cannot as a result become self - complacent. we should never forget that the global financial crisis had the greatest impact, among all nations, on korea. we should also endeavor to fully fathom why korea was hit harder by the crisis than other economies were, and showed negative growth of over 20 %, on an annualized rate, just after the crisis erupted in the fourth quarter of 2008. what are the weak points of our economy? what do we know about them? other oecd countries are busy analyzing the damages inflicted on their growth potentials. what about our own growth potential – is it sound? although crises are invariably accompanied by pain, we can also learn a lesson from a crisis. as the saying goes, “ don ’ t waste a crisis ”. i would deem crises as providing their sufferers with very valuable lessons. from a historical perspective we should never overlook the fact that crises have a tendency to recur. if we go back