And with the revision of the Act in 2011, the narrower range of the Bank of Korea’s mandate has been specifically stated as price stability, with consideration also to be given to financial stability. 15  In early 2013 I published a paper titled “Monetary Policy after the Global Financial Crisis” (The Korean Economic Forum, No. 1, Vol. 6, pp 23–55).
It was the first such attempt by a BOK governor, and I was trying to use it as an opportunity to explain the monetary policy issues that were being raised internationally at that time and to seek academic opinions on a new definition of central bank roles.