*  *  *  Dear fellow members of the Bank of Korea, We are all gathered here today to commemorate the 62nd anniversary of the Bank of Korea’s establishment.
I concur with Mr. Otieno that the Statutory Approach, such as the Sovereign Debt Restructuring Mechanism (SDRM) which was proposed for the IMF in 2001 has many advantages. The SFRM would have been a form of international bankruptcy regime.