one member was of the opinion that the bank of korea should on the one hand work to constantly refine its monetary policy instruments, by examining the side-effects arising from the prolongation of low interest rates, the controversies related to the stimulative effect of base rate adjustment and the effectiveness of the recently reorganized aggregate credit ceiling loan, while on the other hand also strengthen its efforts, as the central bank, to put forward policy alternatives for the sound development of the korean economy in view of the heightened concerns over entrenchment of a trend of low growth caused by the recent delay in economic recovery.