*  *  *  Opening remarks Ladies and gentlemen, Let me extend a hearty welcome to all central bankers gathered here from around the world to take part in the Bank of Korea’s “Central Banking Seminar”. I would like to express my special thanks as well to our keynote speaker, Professor Dr. Hermann Remsperger of the Executive Board of the Deutsche Bundesbank.
This seminar, now in its sixteenth year, is held to promote exchanges of experience and opinion among the staff of central banks of various countries. We hope as well that it will lead to a consensus among us on major monetary policy issues. At the present time, countries around the world face a very grave situation.