Our countries can be characterized as small, open and vulnerable countries – features which when defined are extremely  BIS central bankers’ speeches  1  challenging. This calls for deep reflection on what would be the viable responses to these circumstances. This is the time for a sober assessment of our situation, what I refer to as “objective realism”.
And, as a part of its efforts to pursue sustainable growth, it has agreed to develop ways to assist countries to deal with such problems. Notably, the Korean government has put forward the strengthening of the global financial safety net (GFSN) as a major item on the agenda for the G20 Seoul Summit to be held this November.