Chang Yong Rhee: Opening address

Opening address by Mr Chang Yong Rhee, Governor of the Bank of Korea, at the Bank of Korea's International Conference 2022, Seoul, 2 June 2022.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Ladies and gentlemen,

I am truly delighted to welcome everyone participating in this year's Bank of Korea International Conference. It means a great deal to us to host this conference once again after being suspended because of COVID-19.

I would like to start with a few words of gratitude. First, I would like to express my sincere appreciation to our two keynote speakers, Professor Robert Townsend and Dr Hyun Song Shin, as well as to all of the moderators, speakers and discussants. As in past years, the organizers have brought together a very impressive list of participants who have made important contributions over the years helping the profession improve the art of monetary policymaking. I would particularly like to express my deepest gratitude to Professor Thomas Sargent for all of his guidance and support in organizing this year's conference. Most importantly, I want to assure him that we have all gone back and reread his JMCB paper published in 1971 on the "Accelerationist" controversy. Some might correctly argue that his work along with Milton Freedman's 1968 Presidential Address to the AEA should have provided ample analytical firepower and warning to prevent the Great Inflation of the 1970s. They can certainly help us avoid making a similar mistake today.