their implications for policy. the resulting dispersion of messages has bothered market participants seeking clear, unambiguous guidance about the views of the central bank. the public should understand that the fomc members do not coordinate schedules and messages, and that members'views are likely to be especially diverse when, as in the current situation, circumstances are changing quickly and are subject to many different analyses. the diversity of views on the committee is one of its strengths and vital to arriving at sound decisions. as i noted in the introduction to this talk, sound decisions are the most important contributions we can make to further the accomplishment of our public policy objectives. i'm sure that the communications of the federal reserve, like all human endeavors, can be improved. we will be learning from our own experiences and those of our sister central banks, as well as from discussions such as this one organized by the national association for business economics.

by 10 or so of our staff continue to be available, and our global initiative program ( gip ), to which world - renowned figures are invited and which we attend together with staff from other central banks, is also being actively promoted. our overseas representative offices moreover deliver useful information to headquarters in a timely manner, and at our regional branches as well various high quality joint research is being conducted – all of which things were hard to foresee in the past and of which i am very proud. self - praise that others might not agree on should of course be cautioned against. the significances of the changes that i have mentioned could be found in the context of their being actual supporting evidence of your potentials coming to be recognized in communities at home and abroad. needless to say, these changes should be regarded as outcomes produced through the joining of all of our forces, to heighten our organizational strength, rather than through the efforts of only a few people. since last summer, and for the first time since the bank ’ s foundation, gatherings of all of our almost 200 team heads have been held twice. at these meetings changes in our roles in line with the revision of the bank of korea act were discussed, and medium - to long - term visions pledging the bank of korea ’ s development were established on our own and announced. last month an athletic meet was held that brought together all staff from our headquarters bis central bankers ’ speeches and 16 regional branches – also for the first time since our foundation. i believe that this was an opportunity for all of our members to meet one another and an occasion to confirm our being “ one family ”. the most prized reward of these gatherings was the instilling of a strong sense of belonging in all employees. in addition, we developed the administrative capacity to organize and run such large events, and together shared an awareness that there are always people serving and sacrificing for the sake of this whole organization – important rewards that i must say cannot be overlooked. we must renovate our thoughts and behavior, to bring ourselves closer to the international community while at the same time avoiding isolation from domestic society. the korean economy is no longer small in world society now. we need to develop our abilities to present to the world our ideas for world development and lead international society in the directions that we desire, rather than remaining at the level only of understanding the words that others speak. and our opinions should not be limited to those concerning the impacts of the international