Farewell Ceremony on the 19th Ahead of Term Expiration on the 20th
"I tried using ChatGPT while contemplating my farewell speech, but I couldn't get even 10% of what I wanted. It made me realize that the position of a Monetary Policy Committee (MPC) member requires creative intellectual abilities that are difficult to replace with AI." (Seo Young-kyung, MPC member)
On the 19th, Seo Young-kyung, a member of the Bank of Korea's Monetary Policy Committee, made these remarks at her farewell ceremony held ahead of her term expiration on the 20th.
At 3 p.m. that day, Seo and Jo Yoon-je, also an MPC member, held their farewell ceremony at the multipurpose conference hall of the Bank of Korea's annex in Jung-gu, Seoul, officially concluding their terms. At the event, Jo apologized, saying, "I am sorry for the many harsh and nagging comments I have made," and added, "Nevertheless, I am grateful for your always preparing materials to the best of your ability and patiently explaining matters in detail when we had questions."
Before the farewell speeches of the two members, Jang Yong-sung, an MPC member who read the governor's remarks, said, "There were times when I entered meetings wondering, 'What question will Mr. Jo ask today?'" He added, "There are not many respected elders in our country, but I hope you will continue to serve as role models for juniors with your upright and steadfast scholar-like demeanor." He also said, "Ms. Seo has inspired many juniors by breaking through glass walls and prejudices," and expressed his gratitude, "I hope you will continue to contribute greatly to our society as you have done so far."
In her farewell speech, Seo said, "The first half of my four-year term was a period responding to an unprecedented pandemic crisis, and the latter half was a time wrestling with inflation that returned after several decades." She added, "The inflation that came as the pandemic subsided was a difficult challenge even for me, who has worked at the Bank of Korea for a long time."
She continued, "As structural changes in the Korean economy continue and uncertainties surrounding the domestic and international economic environment remain high, I expect monetary policy to face significant difficulties. As Keynes said, difficulties lie not in developing new ideas but in escaping old ones. If we continue to break away from past legacies and take on new challenges, we will be able to overcome these difficulties well."
Jo replaced his farewell speech with opening remarks at a casual meeting with reporters on the 16th. In his remarks, Jo said, "Looking back, the past four years were a time of trials and challenges for central banks due to the unprecedented pandemic crisis caused by COVID-19 and the global high inflation not seen in 30 years." He explained, "During the ultra-loose monetary policy and various liquidity and funding support processes caused by the pandemic, I believed that what needed to be protected from the central bank's perspective should be protected, and what needed to be responded to should be acted on quickly. I have presented opinions in that direction."
He expressed regret, saying, "The Bank of Korea implements monetary policy with price stability and financial stability as its main goals, but its policy tools are relatively limited compared to other major central banks." He pointed out, "We need to continue efforts to enhance the effectiveness of monetary policy by accumulating analysis and research results on how much impact the Bank of Korea's base rate decisions, lending systems, and forward guidance have through various transmission channels."
Both members will retire from the MPC on the 20th. The next MPC members recommended are Professor Lee Soo-hyung of Seoul National University's Graduate School of International Studies and Kim Jong-hwa, President of the Busan International Finance Center. Professor Lee, born in 1975, will succeed Seo Young-kyung, the only female MPC member. Mr. Kim, born in 1959, will succeed Jo Yoon-je. He served as deputy governor during former Governor Kim Choong-soo's tenure and, after leaving the Bank of Korea, worked as the head of the Korea Financial Telecommunications and Clearings Institute.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
