韩国银行行长申贤松就职演说

21April2026 ShinHyunSongGovernorBank of Korea (This is an unofficial translation prepared by the Bank’s staff based ontheoriginal speech released on21April 2026.) Distinguished colleagues of the Bank of Korea, Today, I stand before you, having been appointedGovernor of the Bank of Korea. Whileit is a profound privilege to have been given the opportunity to serve the Bank of Korea and Let me begin by expressing my deep gratitude to the former Governors, colleagues, andmembers of the Monetary Policy Board, who have devoted themselves to the development of Dear colleagues, The economic landscape we face now, both at home and abroad, is far from easy. In thewake of the conflict in the Middle East, rising oil prices have heightened both upward From a longer-term perspective, the global economic order is undergoing a period ofprofound transformation, driven by geopolitical tensions and the AI technological revolution.Trade tensions sparked by tariff policies are reshaping the trade structure, while tensions in Domestically, demographic change,deepening polarization, and issues regarding the realestate market and household debt are erodingthe engines of our growth. It remains difficult and evolve going forward. Dear colleagues, At such a time of transition, we must once again ask ourselves what role a central bank Looking back, the history of central banking has been one of continuous evolution inresponse to the changingneeds of the economic environment. Deposit banks that emerged inEuropean city-states in the seventeenth century served as anchors of trust in trade and moneyby issuing credible deposits and facilitating settlements amid a proliferation of metallic This evolution of central banking did not follow from established theory. Rather, it was aprocess in which experience led and theory followed. The challenges we face today are no It is in this spirit that I would like to outline four priorities for the coming four years. First, uncertainty surrounding the paths of inflation and growth has increased further,amid supply-side shocks stemming from conflict in the Middle East. In this environment, we At the same time, we will continue our efforts to enhance the effectiveness of monetarypolicy. We will reassess our policy instruments to better manage the trade-offs among policy way communication with markets and continue to explore our communication approaches Second, we must approach financial stability with a new lens. The boundaries between banks and non-banks, and between domestic and cross-borderactivities, are blurring rapidly. Financial markets are becoming more tightly interconnected Accordingly, we will strengthen our early warning capabilities by making more activeuse of movements in market-based price indicators, alongside conventional prudentialindicators. We also need to broaden the scope of our analysis in light of the expanding non- Third, preserving trust in money andensuring theintegrityof payment and settlementsystems is akeyresponsibility of central banks in today’s globalized and digital financial The internationalization of the Korean won is a key task in building a monetaryinfrastructure commensurate with the stature of our economy. In cooperation with thegovernment, we will pursue 24-hour foreign exchange market operations and establish We mustalsoprepare in advance for the design ofthe future monetary system inresponse to digital financial innovation. Through the second phase of Project Hangang, wewill expand the useof central bank digital currency (CBDC) and tokenized deposits, and In thisway, we will work with the government to ensure that the internationalization ofthe Korean won, payment and settlement innovation, and the macroprudential framework Fourth, the central bank must also play an active role in addressing the structural reform The various structuralissues I mentioned earlier are key variables shaping the conditionsforthe conduct ofmonetary policy. As the economic structure changes, the gap between From this perspective, I believe that structural factors are not separate from monetarypolicy but rather an integral part of its conduct. Going forward, the Bank of Korea will Dear colleagues, None of the four challenges I mentioned earlier will be easy to tackle. However, giventhe capabilities and experience that the Bank of Korea has built up, together with the must also evolve accordingly.Against this backdrop, I would like to highlighta fewpoints. First, I will devote my efforts to creating an environmentin which each and every one ofyou can fully realize your potential. As the standing of the Bank of Korea is elevated, it isalso necessary for each individual member of our organization to grow alongside it. Ratherthan being a large organization composedof relatively small individuals, I will strive to build Next, I hope that the various functions within the Bank of Korea will break downboundaries andoperate in an integrated manner. In today’s e