Clearly, how well we take our responsibilities in this modern world has profound implications for participants in financial markets. We provide the backdrop against which individual market participants make their decisions. As a consequence, it is incumbent upon us to endeavor to produce the same non-inflationary environment as existed a century ago, if we seek maximum sustainable growth.
In this regard, central banks, as the guardians of the financial system, are called upon by society to undertake the task of analyzing and examining macro-prudential policies and regulations. In line with this trend, the Bank of Korea was given responsibility for financial stability under revised legislation this August, so that it is now better placed to exercise its financial stability function more actively.