Distinguished Guests, Ladies and Gentlemen: Based on the 2005 experiences in the economy and banking system, we can ask ourselves what lesson is there to be learned? There are four lessons: •  First, in the midst of a highly dynamic global economic, we must be able to recognize problems immediately and make adequate decisions quickly.
Our inability to make a timely policy responds to external developments, such as rising world oil prices and global imbalances, have often caused us to lose momentum, which brings a higher cost consequences to be borne by the economy. •  Second, the collapse of the mutual fund industry after such rapid growth has become a source of financial system instability.