There is a need for us to review and discuss in earnest how our policy objectives and instruments should be changed to accommodate this new demand for an evolution of the Bank of Korea’s role. If social consensus on this is reached, even if it takes time, the Bank of Korea will develop into a more advanced central bank.
Next, we need to devote our utmost efforts to achieving a rebirth of the Bank of Korea as a central bank trusted by the Korean people. The essence of monetary policy lies in effectively managing the expectations of economic agents, and this is only achievable with the people’s belief in their central bank.