It is also supporting structural adjustment indirectly through the strengthening of cooperative links among central banks worldwide. I am fully aware that there are critics overseas who rate Korea’s structural reform as far from satisfactory. However, as the experience of other countries attests, it is difficult to achieve satisfactory outcomes in a short time because restructuring by definition entails conflict and pain.
That confidence is manifest not only in the recovery of growth, but also in the relative stability of our financial markets and of the shekel, most evident during the last few weeks in which general concerns about emerging market countries have led to significant currency depreciations and sharp stock market declines in other countries. This is an impressive performance.