Seoul: Outgoing Bank of Korea (BOK) Governor Rhee Chang-yong emphasized the need for the central bank to play a broader role in addressing long-term structural challenges beyond traditional monetary and fiscal policy during his farewell ceremony in Seoul. Rhee concluded his four-year tenure, paving the way for his successor, Shin Hyun-song, who will begin his term following parliamentary approval.

According to Yonhap News Agency, Rhee pointed out that the effectiveness of monetary and fiscal measures in fostering stability and growth has been diminishing due to structural economic changes. This has led to heightened public expectations based on previous successes, widening the gap between policy outcomes and public demands. He noted that while recent economic stability has been aided by the semiconductor boom, it underscores deeper structural issues like over-reliance on specific industries.

Rhee called for the BOK to extend its focus beyond monetary and financial policy, advocating for it to become a leading national think tank. The focus should be on addressing critical structural issues such as education, housing, regional development, youth employment, and elderly poverty.

Reflecting on his achievements, Rhee highlighted the BOK's proactive role in mitigating unexpected economic shocks. Key accomplishments under his leadership include reducing inflation to the 2 percent range ahead of other central banks, implementing Korea-style forward guidance, leading the BIS Committee on the Global Financial System, and publishing over 20 reports on structural reform.

Rhee stressed the importance of maintaining public trust in the central bank through demonstrated competence, urging future progress by setting higher goals. As for his future endeavors, Rhee plans to continue as an economic commentator and adviser but has no immediate plans to accept professorship offers. He clarified that media speculation about launching a YouTube channel was based on offhand comments, and he will choose communication platforms based on the message he wishes to convey.